Komori
Management planning4011Headwaters Co.,LtdInformation and Communications, Services and Others

Matters Concerning the Business Plan and Growth Potential

The target timelines for the short term and medium to long term were each extended to 2027 and 2030, respectively, and the growth strategy was updated to include support for AI agents, X-Tech FDE, PMI and an AI data platform. Following the merger, the Company aims to achieve annual revenue of ¥10 billion or more from 2029 onward and list on the TSE Prime Market, while operating profit for FY2025 fell below plan.

Worth reading
60In 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
100
¥10 billion or more (post-merger forecast, from 2029 onward)
Wording
Avoiding a definitive answer
How definitive the wording is.

Items stated in the management plan

Partially revised
Medium- to Long-Term Management PlanPlan period Short term (through 2027), medium to long term (through 2030)
Publication date 31 March 2026
Net SalesNot disclosed → ¥10 billion or more (post-merger forecast, from 2029 onward)
Only the target level is shown because the current level for comparison was not provided.
What happened to the previous planNot disclosed → Revenue: ¥3,900,040 thousand; operating profit: ¥229,250 thousand; profit attributable to owners of the parent: ¥57,656 thousand(Annual budget achievement rate: revenue 97.3%, operating profit 69.9%, profit attributable to owners of the parent 24.3%)
Key initiatives
01Expansion of Existing Businesses
02Accelerating the adoption of AI
03Diversification of Revenue Sources
04Utilization of external resources
05Support for AI agents
06Advancing PMI (business integration)
07Alliance Strategy
08Utilization of X-Tech FDE
09Increasing customer lifetime value
10Licensing
11AI data platform
12Addressing advanced technologies
13Data integration and enhancement through the capital and business alliance with JDSC
14Strengthening the industry-specific AI and BPO businesses and expanding joint ventures
15Pursuing discontinuous growth through new M&A and partnerships
16Customer acquisition and deepening of customer relationships through the loyal-client strategy
Plan assumptionsIndicator Global AI agent market / Assumptions $5.1 billion in FY2024, $47.1 billion in FY2030, CAGR of 44.8% / Source MarketsandMarkets「AI Agents Market – Global Forecast to 2030」, Indicator Domestic AI agent market / Assumptions ¥37.5 billion in FY2026, ¥360 billion in FY2033, CAGR of 46.3% / Source Grand View Research「Japan AI Agents Market Size & Outlook, 2030」, Indicator Embodied AI market / Assumptions $4.4 billion in 2025, $23.0 billion in 2030, CAGR of 39.0% / Source MarketsandMarkets「Embodied AI Market – Global Forecast to 2030」, Indicator Government AI strategy / Assumptions AI and semiconductor budget of approximately ¥1.2 trillion / Source Ministry of Economy, Trade and Industry, “FY2026 Budget Proposal”
Non-financial targetsIndicator Annual hiring (net increase in employees) / Target value Net increase of 80 employees / Timing FY2025
Size of the Target MarketMarket Global AI agent market / Dimensions $5.1 billion in FY2024 → $47.1 billion in FY2030 / Growth rate CAGR44.8% / Source MarketsandMarkets「AI Agents Market – Global Forecast to 2030」, Market Domestic AI agent market / Dimensions ¥37.5 billion in FY2026 → ¥360 billion in FY2033 / Growth rate CAGR46.3% / Source Grand View Research「Japan AI Agents Market Size & Outlook, 2030」, Market Embodied AI market / Dimensions $4.4 billion in 2025 → $23.0 billion in 2030 / Growth rate CAGR39.0% / Source MarketsandMarkets「Embodied AI Market – Global Forecast to 2030」
Risks identified by the company
Item Business fit of advanced technologies / Likelihood of materialization High / Impact if the risk materializes Low
Item Improvement in LTV and profitability / Likelihood of materialization Medium / Impact if the risk materializes High
Item Securing and Developing Human Resources / Likelihood of materialization Medium / Impact if the risk materializes Medium
Item Advancing PMI (business integration) / Likelihood of materialization High / Impact if the risk materializes Medium
Item Removed from the previous plan: increase in development hours / Reason The Company established a structure to reduce development hours through the introduction of AI agents and AI-driven development, lowering the significance of this matter as a risk.
Item Integrated and reorganized from the previous plan: response to new technologies / Reason The matter was integrated and reorganized under “Business fit of advanced technologies” and revised to provide a description that more accurately reflects actual conditions.
Reason for revision or withdrawal

The center of demand shifted as generative AI and AI agents were rapidly put into practical use. Management integration with BBD Initiative is planned. Centered on X-Tech FDE, the Company reorganized and enhanced its traditional customer-accompaniment approach. As the model for implementing AI functions in SaaS became more feasible, the revenue structure was updated. The Company determined that industry-specific AI agents and SaaS have strong growth potential. Priority was given to incorporating and realizing the effects of PMI integration in stages, and the launch periods for the AI data platform and licensing businesses were set appropriately.

Items stated in the management plan
ItemDetails
Plan nameMedium- to Long-Term Management Plan
Plan periodShort term (through 2027), medium to long term (through 2030)
Progress against the planPartially revised
Sales TargetNot disclosed → ¥10 billion or more (post-merger forecast, from 2029 onward)
Non-financial targetsIndicator Annual hiring (net increase in employees) / Target value Net increase of 80 employees / Timing FY2025
Plan assumptionsIndicator Global AI agent market / Assumptions $5.1 billion in FY2024, $47.1 billion in FY2030, CAGR of 44.8% / Source MarketsandMarkets「AI Agents Market – Global Forecast to 2030」, Indicator Domestic AI agent market / Assumptions ¥37.5 billion in FY2026, ¥360 billion in FY2033, CAGR of 46.3% / Source Grand View Research「Japan AI Agents Market Size & Outlook, 2030」, Indicator Embodied AI market / Assumptions $4.4 billion in 2025, $23.0 billion in 2030, CAGR of 39.0% / Source MarketsandMarkets「Embodied AI Market – Global Forecast to 2030」, Indicator Government AI strategy / Assumptions AI and semiconductor budget of approximately ¥1.2 trillion / Source Ministry of Economy, Trade and Industry, “FY2026 Budget Proposal”
Key initiativesExpansion of Existing Businesses, Accelerating the adoption of AI, Diversification of Revenue Sources, Utilization of external resources, Support for AI agents, Advancing PMI (business integration), Alliance Strategy, Utilization of X-Tech FDE, Increasing customer lifetime value, Licensing, AI data platform, Addressing advanced technologies, Data integration and enhancement through the capital and business alliance with JDSC, Strengthening the industry-specific AI and BPO businesses and expanding joint ventures, Pursuing discontinuous growth through new M&A and partnerships, Customer acquisition and deepening of customer relationships through the loyal-client strategy
Results under the previous planNot disclosed → Revenue: ¥3,900,040 thousand; operating profit: ¥229,250 thousand; profit attributable to owners of the parent: ¥57,656 thousand(Annual budget achievement rate: revenue 97.3%, operating profit 69.9%, profit attributable to owners of the parent 24.3%)
Reason for revision or withdrawalThe center of demand shifted as generative AI and AI agents were rapidly put into practical use. Management integration with BBD Initiative is planned. Centered on X-Tech FDE, the Company reorganized and enhanced its traditional customer-accompaniment approach. As the model for implementing AI functions in SaaS became more feasible, the revenue structure was updated. The Company determined that industry-specific AI agents and SaaS have strong growth potential. Priority was given to incorporating and realizing the effects of PMI integration in stages, and the launch periods for the AI data platform and licensing businesses were set appropriately.
Size of the Target MarketMarket Global AI agent market / Dimensions $5.1 billion in FY2024 → $47.1 billion in FY2030 / Growth rate CAGR44.8% / Source MarketsandMarkets「AI Agents Market – Global Forecast to 2030」, Market Domestic AI agent market / Dimensions ¥37.5 billion in FY2026 → ¥360 billion in FY2033 / Growth rate CAGR46.3% / Source Grand View Research「Japan AI Agents Market Size & Outlook, 2030」, Market Embodied AI market / Dimensions $4.4 billion in 2025 → $23.0 billion in 2030 / Growth rate CAGR39.0% / Source MarketsandMarkets「Embodied AI Market – Global Forecast to 2030」
Risks identifiedItem Business fit of advanced technologies / Likelihood of materialization High / Impact if the risk materializes Low, Item Improvement in LTV and profitability / Likelihood of materialization Medium / Impact if the risk materializes High, Item Securing and Developing Human Resources / Likelihood of materialization Medium / Impact if the risk materializes Medium, Item Advancing PMI (business integration) / Likelihood of materialization High / Impact if the risk materializes Medium, Item Removed from the previous plan: increase in development hours / Reason The Company established a structure to reduce development hours through the introduction of AI agents and AI-driven development, lowering the significance of this matter as a risk., Item Integrated and reorganized from the previous plan: response to new technologies / Reason The matter was integrated and reorganized under “Business fit of advanced technologies” and revised to provide a description that more accurately reflects actual conditions.
Publication date31 March 2026
Items this document does not state (13)
Operating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetDate 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 center of demand shifted as generative AI and AI agents were rapidly put into practical use, prompting an update toward AI-agent support and AI-driven development. The measures and planning period were also reviewed in light of the planned management integration with BBD Initiative, the reorganization of the customer-accompaniment approach centered on X-Tech FDE, the increasing feasibility of implementing AI functions in SaaS, and the growth potential of industry-specific AI agents and SaaS.

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Matters Concerning the Business Plan and Growth Potential | Headwaters Co.,Ltd (4011) timely disclosure | Komori