Worth reading
73In 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
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Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+10.9%
基準 40,594Target45,000million
Operating profit+38.3%
基準 2,025Target2,800million
Operating profit margin+2.0pt
基準 2,025Target2,027%
Net income for the current fiscal year+6.7%
基準 2,025Target2,160million
ROE+2.0pt
基準 2,025Target2,027%
ROIC+2.0pt
基準 2,025Target2,027%
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 planNot disclosed → Fiscal 2025 actual: revenue of ¥40,594 million and operating income of ¥1,733 million
Total investment planGrowth investment allocation: ¥10.5 billion (FY23–27)
Investment amount by sectorField Growth investment allocation (FY23–27) / Amount ¥10.5 billion, Field FY25 growth investment / Amount ¥1.58 billion
Statements about the use of capital
Payout ratio / DOE policyThe company aims for a payout ratio of at least 30% and seeks to increase its total payout ratio through progressive dividends and flexible share repurchases. Applicable period: no explicit link to the plan period.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 intends to conduct flexible share repurchases. No specific details were provided regarding the repurchase limit, timing or conditions.
Self-assessment of PBR and share priceThe company disclosed the trend in its PBR, which was 0.44x in fiscal 2025. It recognizes the return level expected by shareholders as approximately 9%.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of the circular-economy business
02Building a resilient earnings base
03Developing an organization that supports growth
04Progress in executing growth investments
05Initiatives to strengthen the management foundation
Plan assumptionsAgainst the backdrop of mandatory compliance with energy-saving standards, the company will expand its production capacity for フェノバボード insulation products. Numerical assumptions regarding exchange rates, market growth rates and raw material prices were not disclosed.
Non-financial targetsIndicator name CO2 emissions / Target value 38% reduction from fiscal 2019 / Timing FY30, Indicator name Industrial waste / Target value 50% reduction from fiscal 2019 / Timing FY30, Indicator name Percentage of women among managers / Target value 20% / Timing FY30
Risks identified by the company
Actual results may differ significantly due to various factors
Reason for revision or withdrawal
As the targets for CO2 emissions and industrial waste are expected to be achieved, they were revised and new targets were set.
| Item | Details |
|---|---|
| Plan name | 7th Medium-Term Management Plan, “Pushing Technology Forward, Exciting the Future” |
| Plan period | Fiscal 2023–2027 (5 years) |
| Progress against the plan | Partially revised |
| Sales Target | Fiscal 2025 actual: ¥40,594 million → Fiscal 2027 plan: ¥45,000 million（+10.9%） |
| Operating profit target | Fiscal 2025 actual: ¥1,733 million → Fiscal 2027 plan: ¥2,800 million（+61.6%） |
| Operating profit margin target | Fiscal 2025 actual: 4.3% → Fiscal 2027 plan: 6.2%（+44.2%） |
| Net income target | Fiscal 2025 actual: ¥1,680 million → Fiscal 2027 plan: ¥2,160 million（+28.6%） |
| ROE target | Fiscal 2025 actual: 4.4% → Fiscal 2027 plan: 6.0% or higher（+36.4%） |
| ROIC target | Fiscal 2025 actual: 3.4% → Fiscal 2027 plan: 5.9%（+73.5%） |
| Payout ratio / DOE policy | The company aims for a payout ratio of at least 30% and seeks to increase its total payout ratio through progressive dividends and flexible share repurchases. Applicable period: no explicit link to the plan period. |
| Treasury share acquisition policy | The company intends to conduct flexible share repurchases. No specific details were provided regarding the repurchase limit, timing or conditions. |
| Self-assessment of PBR and share price | The company disclosed the trend in its PBR, which was 0.44x in fiscal 2025. It recognizes the return level expected by shareholders as approximately 9%. |
| Total investment plan | Growth investment allocation: ¥10.5 billion (FY23–27) |
| Investment amount by sector | Field Growth investment allocation (FY23–27) / Amount ¥10.5 billion, Field FY25 growth investment / Amount ¥1.58 billion |
| Non-financial targets | Indicator name CO2 emissions / Target value 38% reduction from fiscal 2019 / Timing FY30, Indicator name Industrial waste / Target value 50% reduction from fiscal 2019 / Timing FY30, Indicator name Percentage of women among managers / Target value 20% / Timing FY30 |
| Plan assumptions | Against the backdrop of mandatory compliance with energy-saving standards, the company will expand its production capacity for フェノバボード insulation products. Numerical assumptions regarding exchange rates, market growth rates and raw material prices were not disclosed. |
| Key initiatives | Expansion of the circular-economy business, Building a resilient earnings base, Developing an organization that supports growth, Progress in executing growth investments, Initiatives to strengthen the management foundation |
| Results under the previous plan | Not disclosed → Fiscal 2025 actual: revenue of ¥40,594 million and operating income of ¥1,733 million |
| Reason for revision or withdrawal | As the targets for CO2 emissions and industrial waste are expected to be achieved, they were revised and new targets were set. |
| Risks identified | Actual results may differ significantly due to various factors |
| Publication date | 15 May 2026 |
Items this document does not state (4)
Cost of capitalSegment targetSize of the Target MarketDate 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 plan was not achieved in fiscal 2025 because the growth rate fell short of expectations. At the same time, ROE improved due to progress in passing through higher prices and expansion in high-margin growth areas. As the targets for CO2 emissions and industrial waste are expected to be achieved, the company revised its non-financial KPIs and set new targets.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.