Worth reading
70In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
50000
¥ million (net sales plan for the fiscal year ending March 2028)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+9.7%
基準 45,586Target50,000million
Operating profit+0.1%
基準 2,026Target2,028million
Net income for the current fiscal year+0.1%
基準 2,026Target2,028million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit margin2.9% (actual for the fiscal year ended March 2026) → Not disclosed
ROICNot disclosed → At least 5.0%
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planROA 5.0%, EBITDA margin 6.0%, net debt-to-equity ratio of 0.7 or lower during the plan period, CO2 emissions of 20,600 t-CO2 → Actual for the fiscal year ended March 2026: ROA 4.7%, EBITDA margin 4.8%, net debt-to-equity ratio of 0.4. FY2025 CO2 emissions: 17,178 t-CO2-16.6%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe Company aims for a dividend payout ratio of at least 30%. This is included as a KPI for the medium-term management plan. DOE: not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalWACC: 3%. The Company aims to maintain ROIC at a level that consistently exceeds WACC.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe Company aims to achieve a PBR of 1.0x. Its assessment of the current PBR and share price levels: not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Enhancement of shareholder returns
02Improve profitability (ROIC)
03Strengthen the selective concentration of businesses
04Increase investment in human capital
05Foster a culture of continuous learning
06Develop next-generation leaders
07Improving employee engagement
08Functional materials: value creation model centered on scientific evidence
09Care food: growth support model based on problem-solving product development
10Meat: growth model that balances brand value and profitability
11Processed products (livestock and marine products): revitalization model through a transformation of the earnings structure
12Compound feed (marine products and livestock): growth support model centered on technological proposals
13Marine products (yellowtail and eel): final products from local farms
Segment targetSegment name Food segment / Sales Target Fiscal year ending March 2027 21,974 / Fiscal year ending March 2028 22,049 / Operating profit target Fiscal year ending March 2027 816 / Fiscal year ending March 2028 834, Segment name Feed segment / Sales Target Fiscal year ending March 2027 26,520 / Fiscal year ending March 2028 27,945 / Operating profit target Fiscal year ending March 2027 1,312 / Fiscal year ending March 2028 1,416, Segment name Other segments / Sales Target Fiscal year ending March 2027 5 / Fiscal year ending March 2028 4 / Operating profit target Fiscal year ending March 2027 2 / Fiscal year ending March 2028 2
Non-financial targetsIndicator name Training programs involving all employees / Target value 330 people / Timing Final year of the medium-term management plan, Indicator name Management-Level Training / Target value 330 people / Timing Final year of the medium-term management plan, Indicator name Open-enrollment qualification advancement training / Target value 120 people / Timing Final year of the medium-term management plan, Indicator name Junior Board / Target value Cumulative total of 21 people / Timing Final year of the medium-term management plan, Indicator name Open-enrollment management training / Target value Cumulative total of 30 people / Timing Final year of the medium-term management plan, Indicator name Employee engagement survey (overall average score) / Target value Score of 3.85 out of 5 / Timing Final year of the medium-term management plan, Indicator name Promotion of parental leave for men (take-up rate) / Target value 100% / Timing Final year of the medium-term management plan, Indicator name Greenhouse Gas Emissions / Target value 20,600t-CO2 / Timing FY2025 target, Indicator name Greenhouse Gas Emissions / Target value 22,100 t-CO2 (at least 35% reduction from FY2013) / Timing FY2030 target
Risks identified by the company
Potential risks and uncertainties
Changes in various factors
Reason for revision or withdrawal
Following the strengthening of its financial position through the previous fiscal year, the Company will shift from the current fiscal year toward management with a stronger focus on the cost of capital and accelerate the selective concentration of its business portfolio.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan — Challenge 2028 — |
| Plan period | Fiscal year ending March 2027 to fiscal year ending March 2028 |
| Progress against the plan | Formulated |
| Sales Target | 45,586 (actual for the fiscal year ended March 2026) → 50,000 (plan for the fiscal year ending March 2028)（+9.7%） |
| Operating profit target | 1,316 (actual for the fiscal year ended March 2026) → 1,050 (plan for the fiscal year ending March 2028)（-20.2%） |
| Operating profit margin target | 2.9% (actual for the fiscal year ended March 2026) → Not disclosed |
| Net income target | 1,275 (actual for the fiscal year ended March 2026) → 1,250 (plan for the fiscal year ending March 2028)（-2.0%） |
| ROIC target | Not disclosed → At least 5.0% |
| Payout ratio / DOE policy | The Company aims for a dividend payout ratio of at least 30%. This is included as a KPI for the medium-term management plan. DOE: not disclosed. |
| Cost of capital | WACC: 3%. The Company aims to maintain ROIC at a level that consistently exceeds WACC. |
| Self-assessment of PBR and share price | The Company aims to achieve a PBR of 1.0x. Its assessment of the current PBR and share price levels: not disclosed. |
| Segment target | Segment name Food segment / Sales Target Fiscal year ending March 2027 21,974 / Fiscal year ending March 2028 22,049 / Operating profit target Fiscal year ending March 2027 816 / Fiscal year ending March 2028 834, Segment name Feed segment / Sales Target Fiscal year ending March 2027 26,520 / Fiscal year ending March 2028 27,945 / Operating profit target Fiscal year ending March 2027 1,312 / Fiscal year ending March 2028 1,416, Segment name Other segments / Sales Target Fiscal year ending March 2027 5 / Fiscal year ending March 2028 4 / Operating profit target Fiscal year ending March 2027 2 / Fiscal year ending March 2028 2 |
| Non-financial targets | Indicator name Training programs involving all employees / Target value 330 people / Timing Final year of the medium-term management plan, Indicator name Management-Level Training / Target value 330 people / Timing Final year of the medium-term management plan, Indicator name Open-enrollment qualification advancement training / Target value 120 people / Timing Final year of the medium-term management plan, Indicator name Junior Board / Target value Cumulative total of 21 people / Timing Final year of the medium-term management plan, Indicator name Open-enrollment management training / Target value Cumulative total of 30 people / Timing Final year of the medium-term management plan, Indicator name Employee engagement survey (overall average score) / Target value Score of 3.85 out of 5 / Timing Final year of the medium-term management plan, Indicator name Promotion of parental leave for men (take-up rate) / Target value 100% / Timing Final year of the medium-term management plan, Indicator name Greenhouse Gas Emissions / Target value 20,600t-CO2 / Timing FY2025 target, Indicator name Greenhouse Gas Emissions / Target value 22,100 t-CO2 (at least 35% reduction from FY2013) / Timing FY2030 target |
| Key initiatives | Enhancement of shareholder returns, Improve profitability (ROIC), Strengthen the selective concentration of businesses, Increase investment in human capital, Foster a culture of continuous learning, Develop next-generation leaders, Improving employee engagement, Functional materials: value creation model centered on scientific evidence, Care food: growth support model based on problem-solving product development, Meat: growth model that balances brand value and profitability, Processed products (livestock and marine products): revitalization model through a transformation of the earnings structure, Compound feed (marine products and livestock): growth support model centered on technological proposals, Marine products (yellowtail and eel): final products from local farms |
| Results under the previous plan | ROA 5.0%, EBITDA margin 6.0%, net debt-to-equity ratio of 0.7 or lower during the plan period, CO2 emissions of 20,600 t-CO2 → Actual for the fiscal year ended March 2026: ROA 4.7%, EBITDA margin 4.8%, net debt-to-equity ratio of 0.4. FY2025 CO2 emissions: 17,178 t-CO2 |
| Reason for revision or withdrawal | Following the strengthening of its financial position through the previous fiscal year, the Company will shift from the current fiscal year toward management with a stronger focus on the cost of capital and accelerate the selective concentration of its business portfolio. |
| Risks identified | Potential risks and uncertainties, Changes in various factors |
| Publication date | 15 May 2026 |
Items this document does not state (7)
ROE targetTreasury share acquisition policyTotal investment planInvestment amount by sectorPlan assumptionsSize of the Target MarketDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Following the strengthening of its financial position through the previous fiscal year, the Company will shift from the current fiscal year toward management with a stronger focus on the cost of capital and accelerate the selective concentration of its business portfolio. It also aims to enhance non-financial value through the dissemination and establishment of its principles of conduct, thereby contributing to the improvement of corporate value over the medium to long term.
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