Worth reading
84Important
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
600
¥ hundred millionWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedOperating profit-97.0%
基準 2,025Target60hundred million
Operating profit margin-2,020.0pt
基準 2,025Target5%
ROE-2,017.0pt
基準 2,025Target8%
ROIC-2,021.0pt
基準 2,025Target4%
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 planRevenue of at least ¥1.2 trillion, operating profit of ¥40 billion at an early stage, stable EBITDA of at least ¥100 billion, net debt-to-equity ratio in the 1.7x range, net interest-bearing debt of ¥710 billion, ROE of at least 5.0% → Revenue of ¥1.1926 trillion, operating profit of ¥25.2 billion, EBITDA of ¥92 billion, net debt-to-equity ratio of 1.74x, net interest-bearing debt of ¥675.2 billion, ROE of 2.4%-4.9%Calculated from the two disclosed figures
Total investment planApproximately ¥350 billion (investment and financing, fiscal 2026 through fiscal 2030)
Investment amount by sectorField Restructuring Costs / Amount Approximately 400, Field GHG reduction / Amount Approximately 450, Field Forestry-related / Amount Approximately 200, Field High-efficiency black liquor recovery boiler at the Ishinomaki Mill / Amount ¥555 hundred million
Statements about the use of capital
Payout ratio / DOE policyNo numerical targets have been disclosed for the payout ratio or DOE. Shareholder returns during the plan period are expected to be at least approximately ¥10 billion, and the Company plans to enhance shareholder returns in line with its earnings power. Period covered: fiscal 2026 through fiscal 2030The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity: approximately 7%–10%. WACC for fiscal 2025: 2.1%. WACC is calculated using the cost of debt and the cost of equity. The cost of equity is stated as 7% based on CAPM.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 presents trends in ROE, PBR and ROIC and an outlook for future improvement. PBR was 0.28x in fiscal 2021, 0.30x in fiscal 2022, 0.29x in fiscal 2023, 0.24x in fiscal 2024 and 0.30x in fiscal 2025. The Company plans to increase corporate value by reducing its cost of capital and improving capital efficiency.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Balance-sheet optimization
02Streamlining assets
03Reduction of Interest-Bearing Debt
04Implementing structural reforms
05Consolidating graphic paper production sites
06Reviewing unprofitable businesses (reforming Opal and restructuring other low-profit businesses)
07Improving Profitability
08Expanding forest and wood-related businesses through the green strategy
09Downstream strategy for the packaging business (promoting collaboration between base paper and processing)
10Strengthening the earnings power of lifestyle-related businesses
11Expanding new biomass materials businesses
Plan assumptionsDomestic demand for graphic paper is assumed to decline by at least 30% over the five years through fiscal 2030, Cost increases from fiscal 2026 onward will be offset through price revisions
Segment targetSegment Timber, building materials, and civil engineering-related / FY2025 actual Operating profit of ¥10 billion, margin of 5.8% / FY2030 target Operating profit of ¥15 billion, margin of 6%, Segment Life-related / FY2025 actual Operating profit of ¥7.2 billion / FY2030 target Operating profit of at least ¥30 billion, Segment Packaging processing / FY2025 actual Margin of 4.3% / FY2030 target Margin of 5%, Segment Household paper and healthcare / FY2025 actual Margin of 3.7% / FY2030 target Margin of 5%, Segment Chemicals / FY2025 actual Margin of 8.5% / FY2030 target Margin of 10%, Segment Opal / FY2025 actual Margin of ▲4.8% / FY2030 target Margin of 5%, Segment Paper and paperboard / FY2025 actual Operating profit of ¥600 million / FY2030 target Operating profit of ¥10 billion, Segment Energy / FY2025 actual Operating profit of ¥3.3 billion / FY2030 target Operating profit of ¥2 billion, Segment Other (including logistics) / FY2025 actual Operating profit of ¥4.1 billion / FY2030 target Operating profit of ¥3 billion, Segment Revenue ratio of wood, building materials and civil engineering/construction plus lifestyle-related businesses / FY2025 actual 46.8% / FY2030 target 55.0%
Non-financial targetsIndicator GHG emissions (Scope 1 + Scope 2) / Target value 54% reduction from fiscal 2013 / Timing FY2030, Indicator GHG emissions (Scope 1 + Scope 2) / Target value 60% reduction from fiscal 2013 / Timing FY2035, Indicator GHG emissions (Scope 1 + Scope 2) / Target value 65% reduction from fiscal 2013 / Timing FY2040, Indicator Domestic timber log volume handled / Target value 1.30 million m³ (1.00 million m³ in 2025) / Timing 2030, Indicator Elite tree seedling production / Target value 10 million seedlings (4.6 million in 2025) / Timing 2030, Indicator AMCEL productivity / Target value 30% improvement from fiscal 2013 / Timing By 2030, Indicator Differentiated container ratio / Target value 30% (20% in 2025) / Timing 2030, Indicator Overseas revenue ratio of the paper carton business / Target value 4% (1% in 2025) / Timing 2030, Indicator Overseas revenue ratio of the paper carton business / Target value 12% / Timing 2035, Indicator Overseas revenue ratio of the household paper and healthcare business / Target value 7% (3% in 2025) / Timing 2030, Indicator E-commerce revenue ratio / Target value 15% (10% in 2025) / Timing 2030, Indicator Cattle feed sales volume / Target value 10,000 BDt/year / Timing 2030, Indicator Cattle feed sales volume / Target value 50,000 BDt/year / Timing 2035, Indicator Torula Plus® sales volume / Target value 400 t/year / Timing 2030, Indicator Torula Plus® sales volume / Target value 550 t/year / Timing 2035, Indicator Carboxymethylated CNF sales volume / Target value 75 t/year / Timing 2030, Indicator Carboxymethylated CNF sales volume / Target value 100 t/year / Timing 2035, Indicator Biocomposite sales volume / Target value 400 t/year / Timing 2030, Indicator Cellulose sales volume / Target value 1,600 t/year / Timing 2035, Indicator Specialty modified lignin sales volume / Target value 230 t/year / Timing 2030, Indicator Specialty modified lignin sales volume / Target value 1,000 t/year / Timing 2035, Indicator Bioethanol sales volume / Target value 1,000 kL/year / Timing 2030, Indicator Bioethanol sales volume / Target value Several tens of thousands of kL/year / Timing 2035, Indicator Biocarbon sales volume / Target value 250,000 t/year / Timing 2035, Indicator CNF-reinforced resin production volume / Target value 600 t/year / Timing 2035
Size of the Target MarketTrends in the overall Australian market (A$ million) are presented. Source: IBIS World 2025. The Company explains that demand in the Australian market is expected to increase.
Risks identified by the company
Weak performance in the overseas business and low profitability at Opal and other businesses
Declining demand for graphic paper
Increases in raw material, fuel and fixed costs
Challenges in stable operations
Extraordinary losses associated with structural reforms
The plan's targets and initiatives are not guaranteed or assured
Reason for revision or withdrawal
This reflects the results and challenges of Medium-Term Management Plan 2025 and various views expressed by shareholders and investors. Under the previous plan, overseas business performance remained weak, leaving challenges in earnings power and capital efficiency.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | Five years from fiscal 2026 through fiscal 2030 |
| Progress against the plan | Formulated |
| Operating profit target | Fiscal 2025 actual: 252 → At least ¥60.0 billion（At least 138.1%） |
| Operating profit margin target | Fiscal 2025 actual: 2.1 → 5% or more（At least 138.1%） |
| ROE target | Fiscal 2025 actual: 2.4 → 8% or higher（At least 233.3%） |
| ROIC target | Fiscal 2025 actual: 2.3 → 4% or higher（At least 73.9%） |
| Payout ratio / DOE policy | No numerical targets have been disclosed for the payout ratio or DOE. Shareholder returns during the plan period are expected to be at least approximately ¥10 billion, and the Company plans to enhance shareholder returns in line with its earnings power. Period covered: fiscal 2026 through fiscal 2030 |
| Cost of capital | Cost of equity: approximately 7%–10%. WACC for fiscal 2025: 2.1%. WACC is calculated using the cost of debt and the cost of equity. The cost of equity is stated as 7% based on CAPM. |
| Self-assessment of PBR and share price | The Company presents trends in ROE, PBR and ROIC and an outlook for future improvement. PBR was 0.28x in fiscal 2021, 0.30x in fiscal 2022, 0.29x in fiscal 2023, 0.24x in fiscal 2024 and 0.30x in fiscal 2025. The Company plans to increase corporate value by reducing its cost of capital and improving capital efficiency. |
| Total investment plan | Approximately ¥350 billion (investment and financing, fiscal 2026 through fiscal 2030) |
| Investment amount by sector | Field Restructuring Costs / Amount Approximately 400, Field GHG reduction / Amount Approximately 450, Field Forestry-related / Amount Approximately 200, Field High-efficiency black liquor recovery boiler at the Ishinomaki Mill / Amount ¥555 hundred million |
| Segment target | Segment Timber, building materials, and civil engineering-related / FY2025 actual Operating profit of ¥10 billion, margin of 5.8% / FY2030 target Operating profit of ¥15 billion, margin of 6%, Segment Life-related / FY2025 actual Operating profit of ¥7.2 billion / FY2030 target Operating profit of at least ¥30 billion, Segment Packaging processing / FY2025 actual Margin of 4.3% / FY2030 target Margin of 5%, Segment Household paper and healthcare / FY2025 actual Margin of 3.7% / FY2030 target Margin of 5%, Segment Chemicals / FY2025 actual Margin of 8.5% / FY2030 target Margin of 10%, Segment Opal / FY2025 actual Margin of ▲4.8% / FY2030 target Margin of 5%, Segment Paper and paperboard / FY2025 actual Operating profit of ¥600 million / FY2030 target Operating profit of ¥10 billion, Segment Energy / FY2025 actual Operating profit of ¥3.3 billion / FY2030 target Operating profit of ¥2 billion, Segment Other (including logistics) / FY2025 actual Operating profit of ¥4.1 billion / FY2030 target Operating profit of ¥3 billion, Segment Revenue ratio of wood, building materials and civil engineering/construction plus lifestyle-related businesses / FY2025 actual 46.8% / FY2030 target 55.0% |
| Non-financial targets | Indicator GHG emissions (Scope 1 + Scope 2) / Target value 54% reduction from fiscal 2013 / Timing FY2030, Indicator GHG emissions (Scope 1 + Scope 2) / Target value 60% reduction from fiscal 2013 / Timing FY2035, Indicator GHG emissions (Scope 1 + Scope 2) / Target value 65% reduction from fiscal 2013 / Timing FY2040, Indicator Domestic timber log volume handled / Target value 1.30 million m³ (1.00 million m³ in 2025) / Timing 2030, Indicator Elite tree seedling production / Target value 10 million seedlings (4.6 million in 2025) / Timing 2030, Indicator AMCEL productivity / Target value 30% improvement from fiscal 2013 / Timing By 2030, Indicator Differentiated container ratio / Target value 30% (20% in 2025) / Timing 2030, Indicator Overseas revenue ratio of the paper carton business / Target value 4% (1% in 2025) / Timing 2030, Indicator Overseas revenue ratio of the paper carton business / Target value 12% / Timing 2035, Indicator Overseas revenue ratio of the household paper and healthcare business / Target value 7% (3% in 2025) / Timing 2030, Indicator E-commerce revenue ratio / Target value 15% (10% in 2025) / Timing 2030, Indicator Cattle feed sales volume / Target value 10,000 BDt/year / Timing 2030, Indicator Cattle feed sales volume / Target value 50,000 BDt/year / Timing 2035, Indicator Torula Plus® sales volume / Target value 400 t/year / Timing 2030, Indicator Torula Plus® sales volume / Target value 550 t/year / Timing 2035, Indicator Carboxymethylated CNF sales volume / Target value 75 t/year / Timing 2030, Indicator Carboxymethylated CNF sales volume / Target value 100 t/year / Timing 2035, Indicator Biocomposite sales volume / Target value 400 t/year / Timing 2030, Indicator Cellulose sales volume / Target value 1,600 t/year / Timing 2035, Indicator Specialty modified lignin sales volume / Target value 230 t/year / Timing 2030, Indicator Specialty modified lignin sales volume / Target value 1,000 t/year / Timing 2035, Indicator Bioethanol sales volume / Target value 1,000 kL/year / Timing 2030, Indicator Bioethanol sales volume / Target value Several tens of thousands of kL/year / Timing 2035, Indicator Biocarbon sales volume / Target value 250,000 t/year / Timing 2035, Indicator CNF-reinforced resin production volume / Target value 600 t/year / Timing 2035 |
| Plan assumptions | Domestic demand for graphic paper is assumed to decline by at least 30% over the five years through fiscal 2030, Cost increases from fiscal 2026 onward will be offset through price revisions |
| Key initiatives | Balance-sheet optimization, Streamlining assets, Reduction of Interest-Bearing Debt, Implementing structural reforms, Consolidating graphic paper production sites, Reviewing unprofitable businesses (reforming Opal and restructuring other low-profit businesses), Improving Profitability, Expanding forest and wood-related businesses through the green strategy, Downstream strategy for the packaging business (promoting collaboration between base paper and processing), Strengthening the earnings power of lifestyle-related businesses, Expanding new biomass materials businesses |
| Results under the previous plan | Revenue of at least ¥1.2 trillion, operating profit of ¥40 billion at an early stage, stable EBITDA of at least ¥100 billion, net debt-to-equity ratio in the 1.7x range, net interest-bearing debt of ¥710 billion, ROE of at least 5.0% → Revenue of ¥1.1926 trillion, operating profit of ¥25.2 billion, EBITDA of ¥92 billion, net debt-to-equity ratio of 1.74x, net interest-bearing debt of ¥675.2 billion, ROE of 2.4% |
| Reason for revision or withdrawal | This reflects the results and challenges of Medium-Term Management Plan 2025 and various views expressed by shareholders and investors. Under the previous plan, overseas business performance remained weak, leaving challenges in earnings power and capital efficiency. |
| Size of the Target Market | Trends in the overall Australian market (A$ million) are presented. Source: IBIS World 2025. The Company explains that demand in the Australian market is expected to increase. |
| Risks identified | Weak performance in the overseas business and low profitability at Opal and other businesses, Declining demand for graphic paper, Increases in raw material, fuel and fixed costs, Challenges in stable operations, Extraordinary losses associated with structural reforms, The plan's targets and initiatives are not guaranteed or assured |
| Date of board resolution | 28 May 2026 |
| Publication date | 28 May 2026 |
Items this document does not state (3)
Sales TargetNet income targetTreasury share acquisition policy
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.This reflects the results and challenges of Medium-Term Management Plan 2025 and feedback from shareholders and investors. Under the previous plan, the overall earnings target was not achieved because of weak performance in the overseas business, leaving challenges in earnings power and capital efficiency. The Company therefore plans to optimize its balance sheet, implement structural reforms, and improve profitability.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.