Worth reading
78Important
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
3000
¥100 million (total investment for fiscal 2026 through fiscal 2028, including M&A)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+14.6%
基準 8,116Target9,300100 million (fiscal 2025 actual to fiscal 2028 plan)
Operating profit+106.7%
基準 329Target680100 million (fiscal 2025 actual to fiscal 2028 plan)
Operating profit margin+3.2pt
基準 4.1Target7.3% (fiscal 2025 actual to fiscal 2028 plan)
Net income for the current fiscal year+51.6%
基準 310Target470100 million (fiscal 2025 actual to fiscal 2028 plan)
ROE+3.6pt
基準 6.4Target10% (fiscal 2025 actual to fiscal 2028 plan)
ROIC+3.0pt
基準 4Target7% (fiscal 2025 actual to fiscal 2028 plan)
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 planFiscal 2025 plan: net sales of ¥800 billion, operating income of ¥34 billion, operating margin of 4.3%, net income of ¥31.5 billion, ROE of 6.5% and ROIC of 4.3% → Fiscal 2025 actual: net sales of ¥811.6 billion, operating income of ¥32.9 billion, operating margin of 4.1%, net income of ¥31 billion, ROE of 6.4% and ROIC of 4.0%（Achievement rates of 101.5% for net sales, 96.7% for operating income, 95.3% for operating margin, 98.3% for net income, 98.4% for ROE and 93.0% for ROIC）0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥300 billion (fiscal 2026 through fiscal 2028, including M&A)
Investment amount by sectorField Capital Expenditure / Amount Approximately ¥210 billion, Field Growth Investment / Amount Approximately ¥160 billion, Field Investment to strengthen the operating base / Amount Approximately ¥50 billion, Field M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyProgressive dividends will continue through fiscal 2028, with a consolidated payout ratio of at least 40% as a guideline. For fiscal 2026, the payout ratio will be raised from 30% to 40%. The numerical DOE target is Not disclosed.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 policyThe company will continue to conduct flexible share repurchases. For fiscal 2026, it has already decided to repurchase and cancel 1.4 million shares, with a maximum acquisition amount of ¥7 billion. Cash allocation for fiscal 2026 through fiscal 2028 includes planned share repurchases of approximately ¥45 billion.
Cost of capitalWACC：5.1%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR was 0.58x based on fiscal 2025 actual results, and the target is to reach 1x in fiscal 2028.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01R2B+P strategy
02Focus resource allocation on "life sciences," which improves the global environment and human health
03Promote the adoption of biodegradable plastics
04Expand applications and geographic coverage
05Produce Green Planet using CO2 directly as a raw material
06Develop perovskite solar cell technology
07Promote diversity
08Human Capital Development
09Promote wellness
10Develop an overall optimization strategy through the Global Center × achieve local optimization through Local adaptability
11Use AI and DX to shift company-wide resources to value-creation areas and reform working practices
12Build a two-axis platform structure centered on Japan and Asia
13Expand business globally through R2B activities
14Advance unique polymerization and modification technologies to create new markets
15Expand business domains and achieve substantial growth
16Shift to a portfolio that anticipates changes in industrial structures
17Innovate production technologies and develop unique high-performance fiber technologies
18Aim to become a prominent solutions provider in the growth areas of the continually advancing electronics industry
19Leverage broad-ranging technologies and reliability to help solve society's energy challenges
20Expand globally through the development of world-class medical technologies
21Connect Open Innovation technologies with unique Kaneka technologies to create scalable niche-core businesses in the expanding pharmaceutical market
22Build a global brand centered on reduced-form Q10
23Develop technologies and create a leading company in the lactic acid bacteria business
24Transform into a food business that maximizes brand value
25Build an integrated organic farming and dairy model (dairy products)
Plan assumptions¥150 per dollar, ¥170 per euro and domestic naphtha at ¥120,000/KL. The company assumes that conditions will remain fluid and uncertain in fiscal 2026 against the backdrop of the situation in the Middle East, incorporating temporary demand adjustments and spread fluctuations.
Segment targetSegment Material / Net Sales FY2025 actual 3,272 / Fiscal 2026 Plan 3,260 / Fiscal 2028 plan 3,480 / Operating profit FY2025 actual 249 / Fiscal 2026 Plan 242 / Fiscal 2028 plan 310, Segment Quality of Life / Net Sales FY2025 actual 1,943 / Fiscal 2026 Plan 1,970 / Fiscal 2028 plan 2,280 / Operating profit FY2025 actual 180 / Fiscal 2026 Plan 192 / Fiscal 2028 plan 272, Segment Health Care / Net Sales FY2025 actual 830 / Fiscal 2026 Plan 890 / Fiscal 2028 plan 1,380 / Operating profit FY2025 actual 148 / Fiscal 2026 Plan 181 / Fiscal 2028 plan 310, Segment Nutrition / Net Sales FY2025 actual 2,060 / Fiscal 2026 Plan 2,070 / Fiscal 2028 plan 2,150 / Operating profit FY2025 actual 137 / Fiscal 2026 Plan 140 / Fiscal 2028 plan 183, Segment Other / Net Sales FY2025 actual 11 / Fiscal 2026 Plan 10 / Fiscal 2028 plan 10 / Operating profit FY2025 actual 6 / Fiscal 2026 Plan 5 / Fiscal 2028 plan 5, Segment Adjustments / Net Sales Not disclosed / Operating profit FY2025 actual -391 / Fiscal 2026 Plan -400 / Fiscal 2028 plan -400, Segment Total / Net Sales FY2025 actual 8,116 / Fiscal 2026 Plan 8,200 / Fiscal 2028 plan 9,300 / Operating profit FY2025 actual 329 / Fiscal 2026 Plan 360 / Fiscal 2028 plan 680
Non-financial targetsIndicator New products as a percentage of revenue / Target value 45% / Timing 2028, Indicator New products as a percentage of revenue / Target value 50% / Timing 2030, Indicator Sales mix of new products in advanced fields / Target value At least 75% (76% in the chart) / Timing 2030, Indicator Green Planet demonstration plant for direct conversion of CO2 into raw materials / Target value Aim to launch operations / Timing FY2030, Indicator Perovskite Solar Cells / Target value Product sales scheduled to begin / Timing FY2028, Indicator Male employee childcare leave uptake (at least two consecutive weeks) / Target value Maintain at least 30% / Timing Ongoing target, Indicator Overseas revenue ratio / Target value 50% / Timing FY2028, Indicator Sales mix of non-PVC applications / Target value 30% / Timing FY2028, Indicator Medical overseas sales ratio / Target value Over 50% / Timing FY2028, Indicator High-frequency polyimide film sales volume / Target value Increase by at least fourfold / Timing FY2028, Indicator Number of dairy products / Target value At least twice the FY2025 level / Timing FY2028
Size of the Target MarketThe biopharmaceutical market is expected to achieve a CAGR of at least 10% from 2025 through 2031. The market size in monetary terms is Not disclosed. Source: Company estimate based on Frost & Sullivan and other sources.
Risks identified by the company
Fluid and uncertain conditions arising from the situation in the Middle East
Temporary demand adjustments
Spread fluctuations
Changes in future economic conditions
The possibility that future results may differ materially from the outlook and forecasts presented in the materials
| Item | Details |
|---|---|
| Plan name | "3-Year Initiative" 2026 Plan |
| Plan period | Fiscal 2026 through fiscal 2028 (first year: fiscal year ending March 2027) |
| Progress against the plan | Formulated |
| Sales Target | ¥8,116 100 million (fiscal 2025 actual to fiscal 2028 plan) → ¥9,300 100 million (fiscal 2025 actual to fiscal 2028 plan)（+14.6%） |
| Operating profit target | ¥329 100 million (fiscal 2025 actual to fiscal 2028 plan) → ¥680 100 million (fiscal 2025 actual to fiscal 2028 plan)（+106.7%） |
| Operating profit margin target | 4.1 % (fiscal 2025 actual to fiscal 2028 plan) → 7.3 % (fiscal 2025 actual to fiscal 2028 plan)（+78.0%） |
| Net income target | ¥310 100 million (fiscal 2025 actual to fiscal 2028 plan) → ¥470 100 million (fiscal 2025 actual to fiscal 2028 plan)（+51.6%） |
| ROE target | 6.4 % (fiscal 2025 actual to fiscal 2028 plan) → 10 % (fiscal 2025 actual to fiscal 2028 plan)（+56.3%） |
| ROIC target | 4 % (fiscal 2025 actual to fiscal 2028 plan) → 7 % (fiscal 2025 actual to fiscal 2028 plan)（+75.0%） |
| Payout ratio / DOE policy | Progressive dividends will continue through fiscal 2028, with a consolidated payout ratio of at least 40% as a guideline. For fiscal 2026, the payout ratio will be raised from 30% to 40%. The numerical DOE target is Not disclosed. |
| Treasury share acquisition policy | The company will continue to conduct flexible share repurchases. For fiscal 2026, it has already decided to repurchase and cancel 1.4 million shares, with a maximum acquisition amount of ¥7 billion. Cash allocation for fiscal 2026 through fiscal 2028 includes planned share repurchases of approximately ¥45 billion. |
| Cost of capital | WACC：5.1% |
| Self-assessment of PBR and share price | PBR was 0.58x based on fiscal 2025 actual results, and the target is to reach 1x in fiscal 2028. |
| Total investment plan | Approximately ¥300 billion (fiscal 2026 through fiscal 2028, including M&A) |
| Investment amount by sector | Field Capital Expenditure / Amount Approximately ¥210 billion, Field Growth Investment / Amount Approximately ¥160 billion, Field Investment to strengthen the operating base / Amount Approximately ¥50 billion, Field M&A / Amount Not disclosed |
| Segment target | Segment Material / Net Sales FY2025 actual 3,272 / Fiscal 2026 Plan 3,260 / Fiscal 2028 plan 3,480 / Operating profit FY2025 actual 249 / Fiscal 2026 Plan 242 / Fiscal 2028 plan 310, Segment Quality of Life / Net Sales FY2025 actual 1,943 / Fiscal 2026 Plan 1,970 / Fiscal 2028 plan 2,280 / Operating profit FY2025 actual 180 / Fiscal 2026 Plan 192 / Fiscal 2028 plan 272, Segment Health Care / Net Sales FY2025 actual 830 / Fiscal 2026 Plan 890 / Fiscal 2028 plan 1,380 / Operating profit FY2025 actual 148 / Fiscal 2026 Plan 181 / Fiscal 2028 plan 310, Segment Nutrition / Net Sales FY2025 actual 2,060 / Fiscal 2026 Plan 2,070 / Fiscal 2028 plan 2,150 / Operating profit FY2025 actual 137 / Fiscal 2026 Plan 140 / Fiscal 2028 plan 183, Segment Other / Net Sales FY2025 actual 11 / Fiscal 2026 Plan 10 / Fiscal 2028 plan 10 / Operating profit FY2025 actual 6 / Fiscal 2026 Plan 5 / Fiscal 2028 plan 5, Segment Adjustments / Net Sales Not disclosed / Operating profit FY2025 actual -391 / Fiscal 2026 Plan -400 / Fiscal 2028 plan -400, Segment Total / Net Sales FY2025 actual 8,116 / Fiscal 2026 Plan 8,200 / Fiscal 2028 plan 9,300 / Operating profit FY2025 actual 329 / Fiscal 2026 Plan 360 / Fiscal 2028 plan 680 |
| Non-financial targets | Indicator New products as a percentage of revenue / Target value 45% / Timing 2028, Indicator New products as a percentage of revenue / Target value 50% / Timing 2030, Indicator Sales mix of new products in advanced fields / Target value At least 75% (76% in the chart) / Timing 2030, Indicator Green Planet demonstration plant for direct conversion of CO2 into raw materials / Target value Aim to launch operations / Timing FY2030, Indicator Perovskite Solar Cells / Target value Product sales scheduled to begin / Timing FY2028, Indicator Male employee childcare leave uptake (at least two consecutive weeks) / Target value Maintain at least 30% / Timing Ongoing target, Indicator Overseas revenue ratio / Target value 50% / Timing FY2028, Indicator Sales mix of non-PVC applications / Target value 30% / Timing FY2028, Indicator Medical overseas sales ratio / Target value Over 50% / Timing FY2028, Indicator High-frequency polyimide film sales volume / Target value Increase by at least fourfold / Timing FY2028, Indicator Number of dairy products / Target value At least twice the FY2025 level / Timing FY2028 |
| Plan assumptions | ¥150 per dollar, ¥170 per euro and domestic naphtha at ¥120,000/KL. The company assumes that conditions will remain fluid and uncertain in fiscal 2026 against the backdrop of the situation in the Middle East, incorporating temporary demand adjustments and spread fluctuations. |
| Key initiatives | R2B+P strategy, Focus resource allocation on "life sciences," which improves the global environment and human health, Promote the adoption of biodegradable plastics, Expand applications and geographic coverage, Produce Green Planet using CO2 directly as a raw material, Develop perovskite solar cell technology, Promote diversity, Human Capital Development, Promote wellness, Develop an overall optimization strategy through the Global Center × achieve local optimization through Local adaptability, Use AI and DX to shift company-wide resources to value-creation areas and reform working practices, Build a two-axis platform structure centered on Japan and Asia, Expand business globally through R2B activities, Advance unique polymerization and modification technologies to create new markets, Expand business domains and achieve substantial growth, Shift to a portfolio that anticipates changes in industrial structures, Innovate production technologies and develop unique high-performance fiber technologies, Aim to become a prominent solutions provider in the growth areas of the continually advancing electronics industry, Leverage broad-ranging technologies and reliability to help solve society's energy challenges, Expand globally through the development of world-class medical technologies, Connect Open Innovation technologies with unique Kaneka technologies to create scalable niche-core businesses in the expanding pharmaceutical market, Build a global brand centered on reduced-form Q10, Develop technologies and create a leading company in the lactic acid bacteria business, Transform into a food business that maximizes brand value, Build an integrated organic farming and dairy model (dairy products) |
| Results under the previous plan | Fiscal 2025 plan: net sales of ¥800 billion, operating income of ¥34 billion, operating margin of 4.3%, net income of ¥31.5 billion, ROE of 6.5% and ROIC of 4.3% → Fiscal 2025 actual: net sales of ¥811.6 billion, operating income of ¥32.9 billion, operating margin of 4.1%, net income of ¥31 billion, ROE of 6.4% and ROIC of 4.0%（Achievement rates of 101.5% for net sales, 96.7% for operating income, 95.3% for operating margin, 98.3% for net income, 98.4% for ROE and 93.0% for ROIC） |
| Size of the Target Market | The biopharmaceutical market is expected to achieve a CAGR of at least 10% from 2025 through 2031. The market size in monetary terms is Not disclosed. Source: Company estimate based on Frost & Sullivan and other sources. |
| Risks identified | Fluid and uncertain conditions arising from the situation in the Middle East, Temporary demand adjustments, Spread fluctuations, Changes in future economic conditions, The possibility that future results may differ materially from the outlook and forecasts presented in the materials |
| Publication date | 29 May 2026 |
Items this document does not state (2)
Reason for revision or withdrawalDate 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 assumes that conditions will remain fluid and uncertain in fiscal 2026 against the backdrop of the situation in the Middle East, incorporating temporary demand adjustments and spread fluctuations. Against this backdrop, it will focus on allocating resources to advanced businesses and high-value-added products.
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