Worth reading
29Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
—
Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Consideration of the need for and direction of a review and restructuring of the management strategyWhat happened to the previous planKey management targets of the 21st Mid-Term Management Strategy → Not achieved (continued shortfall)
Statements about the use of capital
Self-assessment of PBR and share pricePBR (price-to-book ratio) remaining below 1x for an extended periodPBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Reform of the corporate governance structure, executive framework and executive officer system
02More rigorous evaluation of executive officers, including the Representative Director, President, Executive Officer and CEO
03Introduction of a compensation incentive system linked to ROE
04Analysis of the earnings structure
05Management Strategy
06Business Portfolio
07Capital Policy
08Capital allocation
09Equity story (an explanation to the capital markets of the growth strategy and value creation)
Plan assumptionsA rolling approach that reviews the strategy with a five-year outlook in order to respond flexibly and nimbly to the rapidly changing operating environment
Risks identified by the company
Continued failure to achieve the financial targets of the mid-term management strategy, including the key management targets of the 21st Mid-Term Management Strategy
PBR (price-to-book ratio) remaining below 1x for an extended period
Capital profitability (ROE) remaining consistently below the cost of capital expected by shareholders
TSR (total shareholder return) remaining below TOPIX over the short, medium and long term
Low profitability in growth areas, including the workplace services business, and declining profitability in the office printing business, currently the company's main source of earnings
Reason for revision or withdrawal
To improve the effectiveness of the management strategy through a rolling approach, respond appropriately to changes in the operating environment and capital markets surrounding the company, and further accelerate initiatives to enhance corporate value. The company recognizes as key issues the continued shortfall against its financial targets, including the failure to achieve the key management targets of the 21st Mid-Term Management Strategy, the prolonged continuation of a PBR below 1x, the continued situation in which ROE remains below the cost of capital expected by shareholders, the situation in which TSR remains below TOPIX, low profitability in growth areas, and declining profitability in the office printing business.
| Item | Details |
|---|---|
| Plan name | Mid-Term Management Strategy ‘26 |
| Progress against the plan | Consideration of the need for and direction of a review and restructuring of the management strategy |
| Self-assessment of PBR and share price | PBR (price-to-book ratio) remaining below 1x for an extended period |
| Plan assumptions | A rolling approach that reviews the strategy with a five-year outlook in order to respond flexibly and nimbly to the rapidly changing operating environment |
| Key initiatives | Reform of the corporate governance structure, executive framework and executive officer system, More rigorous evaluation of executive officers, including the Representative Director, President, Executive Officer and CEO, Introduction of a compensation incentive system linked to ROE, Analysis of the earnings structure, Management Strategy, Business Portfolio, Capital Policy, Capital allocation, Equity story (an explanation to the capital markets of the growth strategy and value creation) |
| Results under the previous plan | Key management targets of the 21st Mid-Term Management Strategy → Not achieved (continued shortfall) |
| Reason for revision or withdrawal | To improve the effectiveness of the management strategy through a rolling approach, respond appropriately to changes in the operating environment and capital markets surrounding the company, and further accelerate initiatives to enhance corporate value. The company recognizes as key issues the continued shortfall against its financial targets, including the failure to achieve the key management targets of the 21st Mid-Term Management Strategy, the prolonged continuation of a PBR below 1x, the continued situation in which ROE remains below the cost of capital expected by shareholders, the situation in which TSR remains below TOPIX, low profitability in growth areas, and declining profitability in the office printing business. |
| Risks identified | Continued failure to achieve the financial targets of the mid-term management strategy, including the key management targets of the 21st Mid-Term Management Strategy, PBR (price-to-book ratio) remaining below 1x for an extended period, Capital profitability (ROE) remaining consistently below the cost of capital expected by shareholders, TSR (total shareholder return) remaining below TOPIX over the short, medium and long term, Low profitability in growth areas, including the workplace services business, and declining profitability in the office printing business, currently the company's main source of earnings |
| Date of board resolution | 6 October 2026 |
| Publication date | 6 October 2026 |
Items this document does not state (15)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsSize of the Target Market
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.To improve the effectiveness of the management strategy through a rolling approach, respond to changes in the operating environment and capital markets, and accelerate initiatives to enhance corporate value. The company will also objectively reassess key issues, including the continued shortfall against the financial targets of the mid-term management strategy, a PBR below 1x, ROE below the cost of capital, TSR below TOPIX, and low profitability in growth areas.
How to read this page
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