Worth reading
74In 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
-70
¥100 million (versus the initial FY2026 revenue forecast)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales0.0%
基準 2,026Target2,026Hundreds of millions of yen
Operating profit0.0%
基準 2,026Target2,026Hundreds of millions of yen
Operating profit margin0.0pt
基準 2,026Target2,026% / percentage points
ROE0.0pt
基準 2,026Target2,026% / percentage points
ROIC0.0pt
基準 2,026Target2,026% / percentage points
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.
Total investment planApproximately ¥35 billion (growth investments during the MEX26 period, more than twice the amount under the previous medium-term plan)
Investment amount by sectorField Energy segment / Amount More than ¥20 billion, Field Other segments / Amount More than ¥10 billion, Field Strategic R&D, human resources and DX / Amount More than ¥5 billion, Field Primary batteries for medical devices / Amount Approximately ¥5.0 billion, Field Heat-resistant coin-type lithium batteries / Amount Approximately ¥500 million, Field Murata Manufacturing's primary battery business / Amount Approximately ¥8 billion, Field Semiconductor DMS / Amount Approximately ¥2 billion, Field Tapes for construction and building materials / Amount Approximately ¥2.2 billion
Statements about the use of capital
Payout ratio / DOE policyTotal payout ratio of at least 100% over the three-year MEX26 period. Combine regular dividends with share repurchases.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 policyShare repurchases will be considered flexibly in light of the earnings outlook and other factors. The company conducted a ¥13.2 billion share repurchase in November 2025 and plans to cancel the 6,292 thousand shares acquired on 29 May 2026.
Self-assessment of PBR and share priceAim to achieve a PBR above 1.0x at an early stage. Current PBR: not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Invest actively in growth areas, with ¥35 billion, more than twice the amount under MEX23
02Achieve a total payout ratio of at least 100% and improve capital efficiency
03Continue to allocate resources selectively while expanding the business in the 3 priority areas
04Focus on commercializing all-solid-state batteries while launching subsequent development themes
05Strengthen technical sales talent and expand sales through a global sales organization
06Focus on improving operational efficiency and developing human resources through the standardization of core systems
07Pursue a front-runner strategy in the small battery field
08Accelerate social implementation by providing power modules integrating all-solid-state batteries and peripheral circuits
Plan assumptionsSurging silver prices, a raw material for small batteries, A delay in the market recovery for semiconductor-related products, Impact of U.S. tariffs, In FY2026, offset higher costs through price pass-through and cost-reduction measures, while creating synergies with the primary battery business acquired from Murata Manufacturing
Segment targetSegment Energy segment / Indicator Net sales / Target At least ¥53 billion / Timing Next medium-term management plan
Size of the Target MarketThe small battery market was approximately ¥280 billion in 2020, approximately ¥340 billion in 2023, and is expected to reach approximately ¥550 billion in 2030. CAGR: 6–7%. Source: company estimates.
Risks identified by the company
Surging silver prices
A delay in the market recovery for semiconductor-related products
Impact of U.S. tariffs
The possibility of results differing from forecasts
Reason for revision or withdrawal
FY2025 revenue and profit declined year on year due to surging silver prices, a delay in the market recovery for semiconductor-related products, and the impact of U.S. tariffs. Operating cash flow is expected to fall short of the plan due to changes in the business environment.
| Item | Details |
|---|---|
| Plan name | MEX26 Medium-Term Management Plan |
| Plan period | FY2024-FY2026 |
| Progress against the plan | Annual update |
| Sales Target | ¥150 billion (initial FY2026 plan) → ¥143 billion (FY2026 forecast)（Approximately ▲4.7% (calculated)） |
| Operating profit target | ¥12 billion (initial FY2026 plan) → ¥10 billion (FY2026 forecast)（Approximately ▲16.7% (calculated)） |
| Operating profit margin target | 8.0% (initial FY2026 plan) → 7.0% (FY2026 forecast) |
| ROE target | 10.0% (initial FY2026 plan) → 7.5% (FY2026 forecast)（Approximately ▲25.0% (calculated)） |
| ROIC target | 7.5% (initial FY2026 plan) → 5.5% (FY2026 forecast)（Approximately ▲26.7% (calculated)） |
| Payout ratio / DOE policy | Total payout ratio of at least 100% over the three-year MEX26 period. Combine regular dividends with share repurchases. |
| Treasury share acquisition policy | Share repurchases will be considered flexibly in light of the earnings outlook and other factors. The company conducted a ¥13.2 billion share repurchase in November 2025 and plans to cancel the 6,292 thousand shares acquired on 29 May 2026. |
| Self-assessment of PBR and share price | Aim to achieve a PBR above 1.0x at an early stage. Current PBR: not disclosed. |
| Total investment plan | Approximately ¥35 billion (growth investments during the MEX26 period, more than twice the amount under the previous medium-term plan) |
| Investment amount by sector | Field Energy segment / Amount More than ¥20 billion, Field Other segments / Amount More than ¥10 billion, Field Strategic R&D, human resources and DX / Amount More than ¥5 billion, Field Primary batteries for medical devices / Amount Approximately ¥5.0 billion, Field Heat-resistant coin-type lithium batteries / Amount Approximately ¥500 million, Field Murata Manufacturing's primary battery business / Amount Approximately ¥8 billion, Field Semiconductor DMS / Amount Approximately ¥2 billion, Field Tapes for construction and building materials / Amount Approximately ¥2.2 billion |
| Segment target | Segment Energy segment / Indicator Net sales / Target At least ¥53 billion / Timing Next medium-term management plan |
| Plan assumptions | Surging silver prices, a raw material for small batteries, A delay in the market recovery for semiconductor-related products, Impact of U.S. tariffs, In FY2026, offset higher costs through price pass-through and cost-reduction measures, while creating synergies with the primary battery business acquired from Murata Manufacturing |
| Key initiatives | Invest actively in growth areas, with ¥35 billion, more than twice the amount under MEX23, Achieve a total payout ratio of at least 100% and improve capital efficiency, Continue to allocate resources selectively while expanding the business in the 3 priority areas, Focus on commercializing all-solid-state batteries while launching subsequent development themes, Strengthen technical sales talent and expand sales through a global sales organization, Focus on improving operational efficiency and developing human resources through the standardization of core systems, Pursue a front-runner strategy in the small battery field, Accelerate social implementation by providing power modules integrating all-solid-state batteries and peripheral circuits |
| Reason for revision or withdrawal | FY2025 revenue and profit declined year on year due to surging silver prices, a delay in the market recovery for semiconductor-related products, and the impact of U.S. tariffs. Operating cash flow is expected to fall short of the plan due to changes in the business environment. |
| Size of the Target Market | The small battery market was approximately ¥280 billion in 2020, approximately ¥340 billion in 2023, and is expected to reach approximately ¥550 billion in 2030. CAGR: 6–7%. Source: company estimates. |
| Risks identified | Surging silver prices, A delay in the market recovery for semiconductor-related products, Impact of U.S. tariffs, The possibility of results differing from forecasts |
| Date of board resolution | 27 April 2026 |
| Publication date | 27 April 2026 |
Items this document does not state (4)
Net income targetCost of capitalNon-financial targetsResults under the previous plan
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.FY2025 revenue and profit declined year on year due to surging silver prices, a delay in the market recovery for semiconductor-related products, and the impact of U.S. tariffs. Operating cash flow is also expected to fall short of the plan due to changes in the business environment.
How to read this page
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