Restoring Corporate Value Growth through the ReGrowth2016 Plan

「2029年3月期を最終年度とする3ヶ年計画「中期経営計画2026」に基づき、断熱材事業、ナノマテリアル事業に加え、第三の事業とすべくCMC（セラミックマトリックス複合材）のマーケティングを進め、機能性材料メーカーの確立を図ってまいります。」

「To respond to recent changes in economic conditions and the business environment, the Group rolled forward the Medium-Term Management Plan 2025 and announced the Medium-Term Management Plan 2026 dated 14 May 2026. The Group will evaluate and revise the progress of each business plan, promote CMC (ceramic matrix composites) marketing with the aim of making it a third business alongside the insulation materials and nanomaterials businesses, and establish itself as a functional materials manufacturer. By growing each business, the Group aims to maximize profits, maintain ROE of at least 8% and PBR of at least 1x, and achieve PBR of at least 2x.」

「The Group is working to implement the first-year plan of the three-year Medium-Term Management Plan 2025, whose final fiscal year is the fiscal year ending March 2028. In the domestic insulation materials business, orders for construction projects increased, the company expanded sales to steel manufacturers, and the new sales channel developed last year is beginning to gain traction. Although the consolidated subsidiary's sales and profits both declined due to price competition in the Chinese market and higher raw material costs, it is working to develop and manufacture higher-value-added products and expand distribution channels for new products. The nanomaterials business has progressed to the stage of obtaining production and ordering plans. The Business Planning Office, which handles CMC (ceramic matrix composites), is analyzing and accumulating data while pursuing marketing activities through contact with companies in the defense-related industries.」

「To respond to recent changes in economic conditions and the business environment, the Group rolled forward the Medium-Term Management Plan 2024 and announced the Medium-Term Management Plan 2025 dated 14 May 2025. The Group will evaluate and revise the progress of each business plan, promote CMC (ceramic matrix composites) marketing with the aim of making it a third business, alongside the insulation materials and nanomaterials businesses, and establish itself as a functional materials manufacturer. By growing each business, the Group aims to maximize profits, maintain ROE of at least 8% and PBR of at least 1x through the fiscal year ending March 2028, and achieve PBR of at least 2x.」

「The Group is working to implement the first-year plan of the three-year Medium-Term Management Plan 2024, whose final fiscal year is the fiscal year ending March 2027. With the basic policy of accelerating business structure reform and transforming itself into a functional materials manufacturer, the Group is pursuing a growth strategy centered on M&A, the launch of new products, and entry into new fields, with the aim of expanding sales and profits and sustainably increasing corporate value.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2023, accelerating business structure reform and working to implement the plan in its first year with the aim of transforming itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2023, accelerating business structure reform and working to implement the plan in its first year with the aim of transforming itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2023, accelerating business structure reform and working to implement the plan in its first year with the aim of transforming itself into a functional materials manufacturer.」

「To respond to recent changes in economic conditions and the business environment, the Group rolled forward the Medium-Term Management Plan 2022 dated 13 May 2022 and formulated the Medium-Term Management Plan 2023 dated 12 May 2023. The Group will evaluate and revise the progress of each business plan, accelerate business structure reform by leveraging the growth of its nanomaterials business and further growth of its insulation materials business, and seek to transform itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2022, accelerating business structure reform and working to implement the plan in its first year with the aim of transforming itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2022, accelerating business structure reform and working to implement the plan in its first year with the aim of transforming itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2022, accelerating business structure reform and working to implement the plan in its first year with the aim of transforming itself into a functional materials manufacturer.」

「To respond to recent changes in economic conditions and the business environment, the Group rolled forward the Medium-Term Management Plan 2021 dated 14 May 2021 and formulated the Medium-Term Management Plan 2022 dated 13 May 2022. The Group will evaluate and revise the progress of each business plan, accelerate business structure reform by leveraging the growth of its nanomaterials business and further growth of its insulation materials business, and seek to transform itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2021, whose final fiscal year is the fiscal year ending March 2024, accelerating business structure reform and seeking to transform itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2021, whose final fiscal year is the fiscal year ending March 2024, accelerating business structure reform and seeking to transform itself into a functional materials manufacturer.」

「The Group is pursuing initiatives to achieve the Medium-Term Management Plan 2021, whose final fiscal year is the fiscal year ending March 2024, accelerating business structure reform and seeking to transform itself into a functional materials manufacturer.」

「The Group will roll forward the Medium-Term Management Plan 2020 (Fly for the bright future), formulate and implement the Medium-Term Management Plan 2021. In reviewing the plan, the Group will respond to recent changes in economic conditions and the business environment, evaluate and revise the progress of each business plan, accelerate business structure reform by leveraging the growth of its nanomaterials business and further growth of its insulation materials business, and seek to transform itself into a functional materials manufacturer.」

「In this environment, the Group implemented the measures under the Medium-Term Management Plan 2020 (Fly for the bright future), announced on 14 May 2020, and continued efforts to strengthen its management structure and establish new growth drivers.」

「In this environment, the Group implemented the measures under the Medium-Term Management Plan 2020 (Fly for the bright future), announced on 14 May 2020, and continued efforts to strengthen its management structure and establish new growth drivers.」

「In this environment, the Group implemented the measures under the Medium-Term Management Plan 2020 (Fly for the bright future), announced on 14 May 2020, and continued efforts to strengthen its management structure and establish new growth drivers.」

「The Group will roll forward the Medium-Term Management Plan 2019 (Fly for the bright future), formulate and implement the Medium-Term Management Plan 2020 (Fly for the bright future). In reviewing the plan, the Group will evaluate and revise the progress of its business plan in light of recent changes in economic conditions and the business environment, further advance business structure reform, and continue efforts to strengthen its management structure and establish new growth drivers to enhance corporate value.」

「In this environment, the Group announced the 14 May 2019 notice titled "Implementation of the Medium-Term Management Plan 2019 (Fly for the bright future)" and continued efforts to strengthen its management structure and establish new growth drivers.」

「In this environment, the Group announced the 14 May 2019 notice titled "Implementation of the Medium-Term Management Plan 2019 (Fly for the bright future)" and continued efforts to strengthen its management structure and establish new growth drivers.」

「In this environment, the Group announced the 14 May 2019 notice titled "Implementation of the Medium-Term Management Plan 2019 (Fly for the bright future)" and continued efforts to strengthen its management structure and establish new growth drivers.」

「The Group will roll forward the Medium-Term Management Plan 2018 (Fly for the bright future), formulate and implement the Medium-Term Management Plan 2019 (Fly for the bright future). In reviewing the plan, the Group will evaluate and revise the progress of its business plan in light of recent changes in economic conditions and the business environment, further advance business structure reform, and continue efforts to strengthen its management structure and establish new growth drivers to enhance corporate value.」

「Following the transfer of the web business on 30 September 2018, the Group excluded the web business plan figures from the third quarter of the 39th fiscal year onward and reviewed the plan for the 39th fiscal year in light of the progress of its other businesses. However, there has been no change in the initiative to achieve a consolidated operating profit margin of 12% in the 41st fiscal year, which is the core of the plan.」

「Following the transfer of the web business on 30 September 2018, the Group excluded the web business plan figures from the third quarter of the 39th fiscal year onward and reviewed the plan for the 39th fiscal year in light of the progress of its other businesses. However, there has been no change in the initiative to achieve a consolidated operating profit margin of 12% in the 41st fiscal year, which is the core of the plan.」

「To respond to recent changes in economic conditions and the business environment, the Group formulated a medium-term management plan covering the fiscal years ending March 2019 (the 39th fiscal year) through March 2021 (the 41st fiscal year). Under the Medium-Term Management Plan 2018 (Fly for the bright future), the Group intends to implement the following measures to accelerate the securing of profits and the restoration of growth.」

「In this environment, as announced in the 12 May 2017 notice titled "Implementation of the ReGrowth2017 Plan," the Group continued to reform its business structure with the aim of promptly developing new revenue-generating businesses and continued efforts to strengthen its management structure and establish new growth drivers to restore growth in corporate value.」

「Based on the ReGrowth plan, the company proceeded with its review and entered the web business sector through the acquisition of a business, as announced in the 29 May 2017 notice titled "Notice Regarding the Execution of an Agreement for the Acquisition of the Business of Iekare, a Comprehensive Real Estate Comparison Website Operated by Global Search Co., Ltd.," with the aim of commercializing a new business in a market expected to grow.」

「In this environment, as announced in the 12 May 2017 notice titled "Implementation of the ReGrowth2017 Plan," the Group continued to reform its business structure with the aim of promptly developing new revenue-generating businesses and continued efforts to strengthen its management structure and establish new growth drivers to restore growth in corporate value.」

「The Group will roll forward its medium-term plan, formulate and implement the ReGrowth2017 plan. In reviewing the plan, the Group will evaluate and revise the progress of each business plan in light of the increasingly uncertain economic environment, further advance business structure reform with the aim of promptly developing new revenue-generating businesses, and continue to pursue its basic policy of strengthening its management structure and establishing new growth drivers to restore growth in corporate value, as it did last fiscal year.」

「Under these conditions, as announced in “Implementation of the ReGrowth2016 Plan” dated 13 May 2016, the group continued to pursue structural business reforms by assessing and revising progress under each business plan, while seeking to rapidly develop new revenue-generating businesses. To restore growth in corporate value, the group also continued its efforts to strengthen its management structure and establish new growth drivers.」

「Under these conditions, as announced in “Implementation of the ReGrowth2016 Plan” dated 13 May 2016, the group continued to pursue structural business reforms by assessing and revising progress under each business plan, while seeking to rapidly develop new revenue-generating businesses. To restore growth in corporate value, the group also continued its efforts to strengthen its management structure and establish new growth drivers.」

「Under these conditions, as announced in “Implementation of the ReGrowth2016 Plan” dated 13 May 2016, the group continued to pursue structural business reforms by assessing and revising progress under each business plan, while seeking to rapidly develop new revenue-generating businesses. To restore growth in corporate value, the group also continued its efforts to strengthen its management structure and establish new growth drivers.」

「To further increase our corporate value, we announced the formulation of the ReGrowth2016 plan on 13 May 2016. In FY2016, we intend to expand sales through proactive investment in the archive and insulation materials businesses, where future growth is expected, and to accelerate the company’s re-growth by expanding the business scope and operations of the industrial solutions business. We will work diligently to secure and enhance our corporate value.」