Worth reading
64In 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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+14.6%
基準 8,289Target9,500million
ROE+3.0pt
基準 2,026Target2,029%
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. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNet sales 12,000, ordinary profit 880, ROA 8.4%, ROE 8.0% (medium-term management targets and initial plan) → Net sales 8,289, ordinary profit 214, ROA 2.5%, ROE 2.0% (actual for the fiscal year ended April 2026)（Net sales ▲30.9%, ordinary profit ▲75.7% (calculated)）-30.9%Calculated from the two disclosed figures
Investment amount by sectorField Investment in production facilities / Amount Not disclosed, Field M&A and business alliances / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed, Field Workplace Environment / Amount Not disclosed, Field New Core System / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFor fiscal years 2026 through 2028, the Company plans to pay stable and consistent dividends, with a dividend-on-equity ratio (DOE) of at least 2.0% and dividends of at least ¥23.0 per share.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe Company recognizes improving its share price and addressing the PBR below 1x as urgent issues.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen the business of “protecting people and the environment” and contribute to the realization of a safe society
02Enhance the アゼアス brand and improve the ability to solve customer challenges through DX
03Build an attractive corporate group and become a company chosen by stakeholders
04Chemical substance measures
05Heat mitigation
06Develop new applications for protective clothing
07Healthcare products business
08Strengthen the functions of the アゼアス Design Center Akita
09Overseas Subsidiary
10Investment in production facilities
11M&A and business alliances
12Investment in Human Resources
13Workplace Environment
14New Core System
15Measures to improve the share price
Plan assumptionsSupply chain disruptions caused by instability in the Middle East, Impact of U.S. tariff policy, Population decline and declining birth rate, Abnormal weather, including extremely hot summers and unusually warm winters, Self-management of chemical substances (April 2024), Mandatory heatstroke prevention measures (June 2025), Increase in domestic semiconductor capital investment, Continued yen depreciation, resulting in higher procurement costs, Aging infrastructure, Expansion of new industries, including AI-related data centers, wind power generation and EVs
Risks identified by the company
Geopolitical risk
Threats to human life and human rights arising from international conflicts
Extreme weather events, including extremely hot weather and torrential rain
Disasters such as earthquakes
Declining birth rate and a shrinking population
Stricter regulations in the occupational safety sector
Supply chain disruptions caused by instability in the Middle East
Impact of U.S. tariff policy
Higher procurement costs resulting from continued yen depreciation
Aging infrastructure
Reason for revision or withdrawal
Under the previous medium-term management plan, “Next Stage Execution Plan 2023,” the Company identified its failure to contribute to business performance growth as a key issue. As a recovery in business performance has not yet been achieved, the Company plans to pursue a recovery through increased investment in the safety business and measures to drive sales growth and improve profitability.
| Item | Details |
|---|---|
| Plan name | Next Stage Execution Plan 2026 |
| Plan period | 1 May 2026 to 30 April 2029 |
| Progress against the plan | Formulated |
| Sales Target | 8,289 (actual for the fiscal year ended April 2026) → 9,500 (target for the fiscal year ending April 2029)（+14.6% (calculated)） |
| ROE target | 2.0% (actual for the fiscal year ended April 2026) → 4.8% (target for the fiscal year ending April 2029)（+140.0% (calculated)） |
| Payout ratio / DOE policy | For fiscal years 2026 through 2028, the Company plans to pay stable and consistent dividends, with a dividend-on-equity ratio (DOE) of at least 2.0% and dividends of at least ¥23.0 per share. |
| Self-assessment of PBR and share price | The Company recognizes improving its share price and addressing the PBR below 1x as urgent issues. |
| Investment amount by sector | Field Investment in production facilities / Amount Not disclosed, Field M&A and business alliances / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed, Field Workplace Environment / Amount Not disclosed, Field New Core System / Amount Not disclosed |
| Plan assumptions | Supply chain disruptions caused by instability in the Middle East, Impact of U.S. tariff policy, Population decline and declining birth rate, Abnormal weather, including extremely hot summers and unusually warm winters, Self-management of chemical substances (April 2024), Mandatory heatstroke prevention measures (June 2025), Increase in domestic semiconductor capital investment, Continued yen depreciation, resulting in higher procurement costs, Aging infrastructure, Expansion of new industries, including AI-related data centers, wind power generation and EVs |
| Key initiatives | Strengthen the business of “protecting people and the environment” and contribute to the realization of a safe society, Enhance the アゼアス brand and improve the ability to solve customer challenges through DX, Build an attractive corporate group and become a company chosen by stakeholders, Chemical substance measures, Heat mitigation, Develop new applications for protective clothing, Healthcare products business, Strengthen the functions of the アゼアス Design Center Akita, Overseas Subsidiary, Investment in production facilities, M&A and business alliances, Investment in Human Resources, Workplace Environment, New Core System, Measures to improve the share price |
| Results under the previous plan | Net sales 12,000, ordinary profit 880, ROA 8.4%, ROE 8.0% (medium-term management targets and initial plan) → Net sales 8,289, ordinary profit 214, ROA 2.5%, ROE 2.0% (actual for the fiscal year ended April 2026)（Net sales ▲30.9%, ordinary profit ▲75.7% (calculated)） |
| Reason for revision or withdrawal | Under the previous medium-term management plan, “Next Stage Execution Plan 2023,” the Company identified its failure to contribute to business performance growth as a key issue. As a recovery in business performance has not yet been achieved, the Company plans to pursue a recovery through increased investment in the safety business and measures to drive sales growth and improve profitability. |
| Risks identified | Geopolitical risk, Threats to human life and human rights arising from international conflicts, Extreme weather events, including extremely hot weather and torrential rain, Disasters such as earthquakes, Declining birth rate and a shrinking population, Stricter regulations in the occupational safety sector, Supply chain disruptions caused by instability in the Middle East, Impact of U.S. tariff policy, Higher procurement costs resulting from continued yen depreciation, Aging infrastructure |
| Publication date | 27 July 2026 |
Items this document does not state (11)
Operating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planSegment targetNon-financial targetsSize 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.The Company identified as a key issue the fact that the previous medium-term management plan did not contribute to business performance growth and failed to achieve a recovery in results. It intends to meet the expectations of society and customers by investing in the safety business and strengthening its manufacturing capabilities.
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