Worth reading
63In focus
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
500
¥100 million (FY2028 operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedOperating profit-88.8%
基準 447Target50million
ROE+1.0pt
基準 8Target9％
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.
ROIC targetNot disclosed → Set for each company and segmentROIC is the percentage of profit generated from money invested in the business, including borrowings.
What happened to the previous planOperating income of ¥35 billion and ROE of at least 8.0% → Operating income of ¥44.7 billion and ROE of 8.0%（Operating income: +27.7%; ROE target achieved）+27.7%Calculated from the two disclosed figures
Total investment plan¥100 billion
Investment amount by sectorField Focus / Planned investment ¥70.0 billion, Field Growth / Planned investment ¥10 billion, Field Challenge / Planned investment ¥20 billion
Statements about the use of capital
Payout ratio / DOE policyThe basic policy is to increase dividends continuously, with a total payout ratio of 100% targeted during the Walk the Talk period. The applicable period is fiscal years 2026 to 2028.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 also flexibly repurchase its own shares. The amount, timing and conditions of the repurchases are Not disclosed.
Key initiatives
01Ensure the monetization of growth investments under ACE 2.0
02Create uniqueness through One NAGASE
03Continuously reorganize and improve unprofitable businesses
04Expand the portfolio through M&A
05Strengthen individual capabilities
06Promote diversity to accelerate behavioral change
07Pursue capital efficiency
08Advancement of Corporate Governance
09Strengthen the ability to respond to newly emerging risks
10Change the segment structure
11Clarify the business portfolio
12Pursue capital efficiency (deepen ROIC-based management)
13Pursue capital efficiency (cash allocation)
14Strengthening Corporate Governance
Segment targetSegment Materials / EBITDA ¥23.5 billion / Operating profit ¥22 billion / Timing FY2028, Segment Electronics / EBITDA ¥21.6 billion / Operating profit ¥17.0 billion / Timing FY2028, Segment Life Science / EBITDA ¥20 billion / Operating profit ¥11 billion / Timing FY2028
Non-financial targetsIndicator Scope 1 and 2 emissions / Target 32.7% reduction / Timing FY2028 / Notes Estimate based on SBT
Risks identified by the company
Highly uncertain external environment
Newly emerging risks
Reason for revision or withdrawal
In response to the growing changes in the external environment, the plan period was revised from the previous five years to two three-year periods, enabling the Company to flexibly review scenarios in a timely manner, make decisions quickly and translate them into firm action.
| Item | Details |
|---|---|
| Plan name | Walk the Talk 2028 |
| Plan period | Fiscal years 2026-2028 |
| Progress against the plan | Formulated |
| Operating profit target | 447 (ACE 2.0 actual result) → ¥50 billion or more（At least 11.9%） |
| ROE target | 8.0% (ACE 2.0 actual result) → At least 9.0%（12.5% or higher） |
| ROIC target | Not disclosed → Set for each company and segment |
| Payout ratio / DOE policy | The basic policy is to increase dividends continuously, with a total payout ratio of 100% targeted during the Walk the Talk period. The applicable period is fiscal years 2026 to 2028. |
| Treasury share acquisition policy | The Company will also flexibly repurchase its own shares. The amount, timing and conditions of the repurchases are Not disclosed. |
| Total investment plan | ¥100 billion |
| Investment amount by sector | Field Focus / Planned investment ¥70.0 billion, Field Growth / Planned investment ¥10 billion, Field Challenge / Planned investment ¥20 billion |
| Segment target | Segment Materials / EBITDA ¥23.5 billion / Operating profit ¥22 billion / Timing FY2028, Segment Electronics / EBITDA ¥21.6 billion / Operating profit ¥17.0 billion / Timing FY2028, Segment Life Science / EBITDA ¥20 billion / Operating profit ¥11 billion / Timing FY2028 |
| Non-financial targets | Indicator Scope 1 and 2 emissions / Target 32.7% reduction / Timing FY2028 / Notes Estimate based on SBT |
| Key initiatives | Ensure the monetization of growth investments under ACE 2.0, Create uniqueness through One NAGASE, Continuously reorganize and improve unprofitable businesses, Expand the portfolio through M&A, Strengthen individual capabilities, Promote diversity to accelerate behavioral change, Pursue capital efficiency, Advancement of Corporate Governance, Strengthen the ability to respond to newly emerging risks, Change the segment structure, Clarify the business portfolio, Pursue capital efficiency (deepen ROIC-based management), Pursue capital efficiency (cash allocation), Strengthening Corporate Governance |
| Results under the previous plan | Operating income of ¥35 billion and ROE of at least 8.0% → Operating income of ¥44.7 billion and ROE of 8.0%（Operating income: +27.7%; ROE target achieved） |
| Reason for revision or withdrawal | In response to the growing changes in the external environment, the plan period was revised from the previous five years to two three-year periods, enabling the Company to flexibly review scenarios in a timely manner, make decisions quickly and translate them into firm action. |
| Risks identified | Highly uncertain external environment, Newly emerging risks |
Items this document does not state (9)
Sales TargetOperating profit margin targetNet income targetCost of capitalSelf-assessment of PBR and share pricePlan assumptionsSize of the Target MarketDate of board resolutionPublication date
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.In response to the growing changes in the external environment, the plan period was revised from the previous five years to two three-year periods, enabling the Company to flexibly review scenarios in a timely manner, make decisions quickly and translate them into firm action. The change also reflects the Company's transition from structural reform to accelerating growth, based on the foundations built under ACE 2.0.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.