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Displayed only when the document provides numerical figures.Wording
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How definitive the wording is.Items stated in the management plan
Partially revisedOperating profit margin+10.0pt
基準 2,025Target2,035%
ROE+10.0pt
基準 2,025Target2,035%
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).
What happened to the previous planNot disclosed → Actual for the fiscal year ended November 2025: net sales of ¥17,551 million, operating margin of 0.1%, ROE of (26.2)%, and net loss of ¥2,594 million
Investment amount by sectorField Growth Investment / Amount Not disclosed, Field Human Capital Investment / Amount Not disclosed, Field Improving the capital efficiency of existing facilities / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyDividends will be based on ¥7 per share and a consolidated payout ratio of 30%, subject to revision as necessary after taking into account changes in business performance and the business environment, as well as investments for growth and other factors. The applicable period is the period ahead that aligns with the Medium-Term Management Plan 2026-2028.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalThe trend in the cost of equity is presented in a chart, with the latest figure at 6.4%. CAPM is used for the calculation, with the risk premium fixed at 6%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe company formulated a plan to improve PBR and analyzed trends in PBR, the year-end share price, and book value per share. The PBR trend chart includes figures such as 0.46.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Thoroughly improving the earnings structure, including the pursuit and expansion of value-added offerings
02Selective investment and concentration of resources to maximize capital efficiency
03Realising human capital management
04Continuing to promote dialogue with investors
05Deepening relationships with existing customers by strengthening collaboration within and across businesses
06Fundamentally reviewing production costs
07Exploring business models, including expanding the customer base
08Selective investment and concentration of resources to ensure their effective use
09Flexible dividend policy that balances growth investment to realize the medium- to long-term vision with shareholder returns
10Placing personnel in positions suited to their capabilities, where they can perform to their full potential, and fostering career plans
11Transforming the アルテック corporate culture and enhancing corporate value
12Expanding ongoing external disclosure
13Promoting sustainability and strengthening the response to regulations
Plan assumptionsThe trading business requires a certain level of financial strength, given the need to procure products from overseas manufacturers and manage foreign exchange risk. As the trading business is a flow business, expanding the business and developing stock businesses are necessary to improve earnings. The cost of equity is calculated using CAPM. For the fiscal year ended November 2024 and earlier, the average Japanese 10-year government bond yield over the preceding 10 years was used as the risk-free rate, while from the fiscal year ended November 2025 onward, the Japanese 10-year government bond yield as of the most recent financial results date is used. The adjusted beta is based on two years of weekly adjusted closing prices relative to the TOPIX, and the risk premium is fixed at 6%.
Risks identified by the company
Risk of securing overseas commercial rights and procuring products in the trading business
Foreign exchange risk in the trading business
Difficulty in securing stable sales in a flow business
Changes in the market environment
Future business risks
Potential risks and uncertainties
Reason for revision or withdrawal
To achieve steady growth amid an increasingly uncertain environment, taking the current situation, including business performance, into account. In order to realize the medium- to long-term vision, to work backward from the strategies and measures required and thoroughly rebuild the foundations for creating long-term value.
| Item | Details |
|---|---|
| Plan name | Plan for PBR Improvement 2026-2028 |
| Plan period | 2026-2028 |
| Progress against the plan | Partially revised |
| Operating profit margin target | Actual for the fiscal year ended November 2025: 0.1% → Target for the fiscal year ending November 2028: 3.0% or higher (target for the fiscal year ending November 2035: 5.0% or higher) |
| ROE target | Actual for the fiscal year ended November 2025: (26.2)% → Target for the fiscal year ending November 2028: 5.0% or higher (target for the fiscal year ending November 2035: 8.0% or higher) |
| Payout ratio / DOE policy | Dividends will be based on ¥7 per share and a consolidated payout ratio of 30%, subject to revision as necessary after taking into account changes in business performance and the business environment, as well as investments for growth and other factors. The applicable period is the period ahead that aligns with the Medium-Term Management Plan 2026-2028. |
| Cost of capital | The trend in the cost of equity is presented in a chart, with the latest figure at 6.4%. CAPM is used for the calculation, with the risk premium fixed at 6%. |
| Self-assessment of PBR and share price | The company formulated a plan to improve PBR and analyzed trends in PBR, the year-end share price, and book value per share. The PBR trend chart includes figures such as 0.46. |
| Investment amount by sector | Field Growth Investment / Amount Not disclosed, Field Human Capital Investment / Amount Not disclosed, Field Improving the capital efficiency of existing facilities / Amount Not disclosed |
| Plan assumptions | The trading business requires a certain level of financial strength, given the need to procure products from overseas manufacturers and manage foreign exchange risk. As the trading business is a flow business, expanding the business and developing stock businesses are necessary to improve earnings. The cost of equity is calculated using CAPM. For the fiscal year ended November 2024 and earlier, the average Japanese 10-year government bond yield over the preceding 10 years was used as the risk-free rate, while from the fiscal year ended November 2025 onward, the Japanese 10-year government bond yield as of the most recent financial results date is used. The adjusted beta is based on two years of weekly adjusted closing prices relative to the TOPIX, and the risk premium is fixed at 6%. |
| Key initiatives | Thoroughly improving the earnings structure, including the pursuit and expansion of value-added offerings, Selective investment and concentration of resources to maximize capital efficiency, Realising human capital management, Continuing to promote dialogue with investors, Deepening relationships with existing customers by strengthening collaboration within and across businesses, Fundamentally reviewing production costs, Exploring business models, including expanding the customer base, Selective investment and concentration of resources to ensure their effective use, Flexible dividend policy that balances growth investment to realize the medium- to long-term vision with shareholder returns, Placing personnel in positions suited to their capabilities, where they can perform to their full potential, and fostering career plans, Transforming the アルテック corporate culture and enhancing corporate value, Expanding ongoing external disclosure, Promoting sustainability and strengthening the response to regulations |
| Results under the previous plan | Not disclosed → Actual for the fiscal year ended November 2025: net sales of ¥17,551 million, operating margin of 0.1%, ROE of (26.2)%, and net loss of ¥2,594 million |
| Reason for revision or withdrawal | To achieve steady growth amid an increasingly uncertain environment, taking the current situation, including business performance, into account. In order to realize the medium- to long-term vision, to work backward from the strategies and measures required and thoroughly rebuild the foundations for creating long-term value. |
| Risks identified | Risk of securing overseas commercial rights and procuring products in the trading business, Foreign exchange risk in the trading business, Difficulty in securing stable sales in a flow business, Changes in the market environment, Future business risks, Potential risks and uncertainties |
| Date of board resolution | 26 March 2026 |
| Publication date | 26 March 2026 |
Items this document does not state (9)
Sales TargetOperating profit targetNet income targetROIC targetTreasury share acquisition policyTotal investment planSegment 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 achieve steady growth amid an increasingly uncertain environment, taking the current situation, including business performance, into account. In addition, to thoroughly rebuild the foundations for creating long-term value by implementing the necessary measures to realize the medium- to long-term vision.
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