• Recovery phase and preparation for Vision 2030 – Toyobo now approaches the completion of its current medium-term plan (FY3/23–FY3/26). Performance is expected to fall short of initial targets, primarily due to upfront growth investments and delays in portfolio restructuring. However, recovery has become visible from Q1–2 FY3/26, with Businesses requiring improvement (namely Textiles, Pharmaceuticals, Airbag Fabrics, Packaging Films, and Nonwoven Materials) returning to positive OP, alongside a turnaround in free cash flow. With six action plans in place to strengthen profitability and capex expected to normalize, we expect earnings and free cash flow to continue improving from FY3/26 onward, supporting Toyobo’s progression toward its Vision 2030 targets (OP margin of 8.3% and ROE of 8.0%).
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