Worth reading
80Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
800
¥100 million (increase in business income target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+15.4%
基準 26,000Target30,000100 million
Operating profit+53.3%
基準 1,500Target2,300100 million (business profit)
Operating profit margin+2.2pt
基準 5.8Target8% (business profit margin)
ROE+3.0pt
基準 5Target8%
ROIC+2.0pt
基準 5Target7%
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 planAP-G 2025 fiscal 2025 target: revenue of ¥2,800 billion and business income of ¥180 billion → Fiscal 2025 forecast: revenue of ¥2,600 billion and business income of ¥150 billion（Revenue: approximately negative 7.1%; business income: approximately negative 16.7%）-7.1%Calculated from the two disclosed figures
Total investment planTotal investment cash flow of ¥650–750 billion plus additional investment over the 3 years from fiscal 2026 to fiscal 2028
Investment amount by sectorField Capital expenditure / Amount ¥400–500 billion, Field Research and development costs / Amount ¥250 billion, Field Strategic Investment / Amount +α (additional growth investments, including M&A)
Statements about the use of capital
Payout ratio / DOE policyThe basic policy is to pay stable and consistent dividends and pursue progressive dividends driven by earnings growth. The target is a DOE of at least 3% for fiscal 2028. The applicable period is the period covered by IGNITION 2028.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyToray will flexibly repurchase its own shares while taking into account both the strengthening of its financial position and the optimization of its capital structure. The repurchase limit, specific timing and terms are not disclosed.
Key initiatives
01Ensure the realization of benefits from capital expenditures (enhance competitiveness and clarify risks and opportunities)
02Maximize profits from existing production facilities (improve the product mix, enhance productivity, etc.)
03Increase the value added of existing products (create innovation)
04Growth strategies with a long-term perspective toward 2035
05Pursue fundamental competitiveness (value added/cost) and “winning formulas”
06Respond to fundamental changes in external and market conditions
07Taking business synergies into account, decide whether to generate returns commensurate with invested capital or to downsize, consolidate, integrate or withdraw
08Validate and review business models
09Continuously create highly profitable businesses
10Build barriers to entry that are sources of competitiveness
11Advance research and technology development strategies linked to business strategies
12Increase contribution margin through the creation of new products and new value
13Advance the D Project
14Pursue next-generation markets
Plan assumptionsFiscal 2028 foreign exchange assumption: ¥150/US$, Fiscal 2028 crude oil price assumption: US$72.5/bbl
Segment targetSegment Fibers / Revenue Fiscal 2025 forecast: ¥1,045 billion; fiscal 2028 target: ¥1,180 billion / Business profit Fiscal 2025 forecast: ¥70 billion; fiscal 2028 target: ¥82 billion, Segment Performance chemicals / Revenue Fiscal 2025 forecast: ¥901 billion; fiscal 2028 target: ¥970 billion / Business profit Fiscal 2025 forecast: ¥61 billion; fiscal 2028 target: ¥93 billion, Segment Carbon fiber composite materials / Revenue Fiscal 2025 forecast: ¥302 billion; fiscal 2028 target: ¥430 billion / Business profit Fiscal 2025 forecast: ¥20 billion; fiscal 2028 target: ¥47 billion, Segment Water treatment and healthcare / Revenue Fiscal 2025 forecast: ¥184 billion; fiscal 2028 target: ¥220 billion / Business profit Fiscal 2025 forecast: ¥17 billion; fiscal 2028 target: ¥26 billion, Segment Other / Revenue Fiscal 2025 forecast: ¥168 billion; fiscal 2028 target: ¥200 billion / Business profit Fiscal 2025 forecast: ¥14.5 billion; fiscal 2028 target: ¥18 billion, Segment Adjustments / Business profit Fiscal 2025 forecast: negative ¥32.5 billion; fiscal 2028 target: negative ¥36 billion
Non-financial targetsIndicator GHG emissions reduction (versus fiscal 2013) / Target value 20% reduction / Timing FY2030, Indicator GHG emissions reduction (versus fiscal 2013) / Target value 35% reduction / Timing FY2035, Indicator EX score (engagement score) / Target value At least 70 / Timing FY2030, Indicator EX score (engagement score) / Target value At least 70 / Timing FY2035, Indicator Use of recycled and other renewable resources in core polymers / Target value 20％ / Timing FY2030, Indicator Use of recycled and other renewable resources in core polymers / Target value 30％ / Timing FY2035
Risks identified by the company
Tighter regulation and increasing protectionism; heightened geopolitical risks
Multipolarization of the global economy; supply chain restructuring
Transformation of industrial structures driven by AI and semiconductors
Growing demands for decarbonization and resource recycling
Increasing uncertainty in corporate activities due to widening economic disparities and other factors
Greater emphasis by capital markets on corporate value and asset efficiency
Accelerating restructuring of the chemical industry
Geopolitical risks and supply chains
Governance and risk management
Social issues, including the environment, human rights and sustainability
Reason for revision or withdrawal
The review was based on the results and issues of the medium-term management task pursued to date, “Project AP-G 2025,” as well as the long-term management policy. In addition, in response to changes in the business environment, AP-G 2025 is expected to fall short of its targets, mainly because volumes will not be achieved due to delays in business expansion resulting from the impact of tariffs under the Trump administration and other factors.
| Item | Details |
|---|---|
| Plan name | TORAY VISION 2050、TORAY Challenges 2035、IGNITION 2028 |
| Plan period | TORAY VISION 2050: 2050; TORAY Challenges 2035: through 2035; IGNITION 2028: April 2026 to March 2029 |
| Progress against the plan | Formulated |
| Sales Target | ¥26,000 100 million → ¥30,000 100 million（Approximately 15.4%） |
| Operating profit target | ¥1,500 100 million (business profit) → ¥2,300 100 million (business profit)（Approximately 53.3%） |
| Operating profit margin target | 5.8 % (business profit margin) → 8 % (business profit margin)（Approximately 37.9%） |
| ROE target | Approximately 5% → Approximately 8%（Approximately 60%） |
| ROIC target | Approximately 5% → Approximately 7%（Approximately 40%） |
| Payout ratio / DOE policy | The basic policy is to pay stable and consistent dividends and pursue progressive dividends driven by earnings growth. The target is a DOE of at least 3% for fiscal 2028. The applicable period is the period covered by IGNITION 2028. |
| Treasury share acquisition policy | Toray will flexibly repurchase its own shares while taking into account both the strengthening of its financial position and the optimization of its capital structure. The repurchase limit, specific timing and terms are not disclosed. |
| Total investment plan | Total investment cash flow of ¥650–750 billion plus additional investment over the 3 years from fiscal 2026 to fiscal 2028 |
| Investment amount by sector | Field Capital expenditure / Amount ¥400–500 billion, Field Research and development costs / Amount ¥250 billion, Field Strategic Investment / Amount +α (additional growth investments, including M&A) |
| Segment target | Segment Fibers / Revenue Fiscal 2025 forecast: ¥1,045 billion; fiscal 2028 target: ¥1,180 billion / Business profit Fiscal 2025 forecast: ¥70 billion; fiscal 2028 target: ¥82 billion, Segment Performance chemicals / Revenue Fiscal 2025 forecast: ¥901 billion; fiscal 2028 target: ¥970 billion / Business profit Fiscal 2025 forecast: ¥61 billion; fiscal 2028 target: ¥93 billion, Segment Carbon fiber composite materials / Revenue Fiscal 2025 forecast: ¥302 billion; fiscal 2028 target: ¥430 billion / Business profit Fiscal 2025 forecast: ¥20 billion; fiscal 2028 target: ¥47 billion, Segment Water treatment and healthcare / Revenue Fiscal 2025 forecast: ¥184 billion; fiscal 2028 target: ¥220 billion / Business profit Fiscal 2025 forecast: ¥17 billion; fiscal 2028 target: ¥26 billion, Segment Other / Revenue Fiscal 2025 forecast: ¥168 billion; fiscal 2028 target: ¥200 billion / Business profit Fiscal 2025 forecast: ¥14.5 billion; fiscal 2028 target: ¥18 billion, Segment Adjustments / Business profit Fiscal 2025 forecast: negative ¥32.5 billion; fiscal 2028 target: negative ¥36 billion |
| Non-financial targets | Indicator GHG emissions reduction (versus fiscal 2013) / Target value 20% reduction / Timing FY2030, Indicator GHG emissions reduction (versus fiscal 2013) / Target value 35% reduction / Timing FY2035, Indicator EX score (engagement score) / Target value At least 70 / Timing FY2030, Indicator EX score (engagement score) / Target value At least 70 / Timing FY2035, Indicator Use of recycled and other renewable resources in core polymers / Target value 20％ / Timing FY2030, Indicator Use of recycled and other renewable resources in core polymers / Target value 30％ / Timing FY2035 |
| Plan assumptions | Fiscal 2028 foreign exchange assumption: ¥150/US$, Fiscal 2028 crude oil price assumption: US$72.5/bbl |
| Key initiatives | Ensure the realization of benefits from capital expenditures (enhance competitiveness and clarify risks and opportunities), Maximize profits from existing production facilities (improve the product mix, enhance productivity, etc.), Increase the value added of existing products (create innovation), Growth strategies with a long-term perspective toward 2035, Pursue fundamental competitiveness (value added/cost) and “winning formulas”, Respond to fundamental changes in external and market conditions, Taking business synergies into account, decide whether to generate returns commensurate with invested capital or to downsize, consolidate, integrate or withdraw, Validate and review business models, Continuously create highly profitable businesses, Build barriers to entry that are sources of competitiveness, Advance research and technology development strategies linked to business strategies, Increase contribution margin through the creation of new products and new value, Advance the D Project, Pursue next-generation markets |
| Results under the previous plan | AP-G 2025 fiscal 2025 target: revenue of ¥2,800 billion and business income of ¥180 billion → Fiscal 2025 forecast: revenue of ¥2,600 billion and business income of ¥150 billion（Revenue: approximately negative 7.1%; business income: approximately negative 16.7%） |
| Reason for revision or withdrawal | The review was based on the results and issues of the medium-term management task pursued to date, “Project AP-G 2025,” as well as the long-term management policy. In addition, in response to changes in the business environment, AP-G 2025 is expected to fall short of its targets, mainly because volumes will not be achieved due to delays in business expansion resulting from the impact of tariffs under the Trump administration and other factors. |
| Risks identified | Tighter regulation and increasing protectionism; heightened geopolitical risks, Multipolarization of the global economy; supply chain restructuring, Transformation of industrial structures driven by AI and semiconductors, Growing demands for decarbonization and resource recycling, Increasing uncertainty in corporate activities due to widening economic disparities and other factors, Greater emphasis by capital markets on corporate value and asset efficiency, Accelerating restructuring of the chemical industry, Geopolitical risks and supply chains, Governance and risk management, Social issues, including the environment, human rights and sustainability |
| Publication date | 25 March 2026 |
Items this document does not state (5)
Net income targetCost of capitalSelf-assessment of PBR and share priceSize 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.Based on the results and issues of the previous medium-term management task, “Project AP-G 2025,” the major changes expected in the business environment and trends over the next 10 years and their long-term impact on the Toray Group, and the long-term management policy.
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