Takara Holdings Inc. · TSE:2531
Takara — Investor Presentation (May 2026)
71 slides from Takara's investor presentation, May 19, 2026
Slide 1: Medium-Term Management Plan for 2030 Briefing
Medium-Term Management Plan for 2030 Briefing May 19, 2026 Takara Holdings Inc. (2531)
Slide 2: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 2
Slide 3: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 3
Slide 4: Executive Summary: Review of Medium-Term Management Plan for 2025
1. Executive Summary: Review of Medium-Term Management Plan for 2025 (Previous Medium-Term Plan) ・ During the previous Medium-Term Plan, we positioned the three-year period as one of accelerated growth investments. We made a significant amount of investment, primarily in the bio business and the Jap
Slide 5: Executive Summary: Outline of Medium-Term Management Plan for 2030
1. Executive Summary: Outline of Medium-Term Management Plan for 2030 (New Medium-Term Plan) In the Medium-Term Management Plan for 2030, we will first accelerate our efforts on the following two points. ・ We will strengthen the management foundation to ensure appropriate investment at each business
Slide 6: Executive Summary: Outline of 2030 Plan and Financial Targets
1. Executive Summary: Outline of Medium-Term Management Plan for 2030 (New Medium-Term Plan) Build a global management foundation early to support the business portfolio strategy, thereby restoring the Group to a growth trajectory and establishing a path for long-term growth Overall Policy First hal
Slide 7: Basic Policy (2): Review of Group Governance and Management Structure
1. Executive Summary: Basic Policy (2) Review of Group Governance and Management Structure ・ Newly establish a meeting body to discuss our business portfolio strategy, such as policies for investment and allocation of corporate resources, under the leadership of Takara Holdings’ directors and execut
Slide 8: Reform the Profit Structure Following the Takara Bio Tender Offer
1. Executive Summary: Reform the Profit Structure Following the Takara Bio Tender Offer Takara Bio faces structural issues: the competitiveness and profitability of its reagents/instruments business have declined due to rapid changes in the life science research market and its operating environment,
Slide 9: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 9
Slide 10: Business Performance of Takara Holdings
2. Review of Medium-Term Management Plan for 2025 ■ Business Performance of Takara Holdings (Consolidated) (Millions of yen) FY2026 actual Vs. FY2023 actual Vs. Plan Net sales 394,316 +12.4% -6.1% Gross profit 127,696 +6.5% - Operating income 17,076 -55.0% -55.1% Ordinary income 16,861 -56.4% - Net
Slide 11: Net Sales and Operating Income by Business
2. Review of Medium-Term Management Plan for 2025 ■ Net Sales and Operating Income by Business (Millions of yen) FY2026 Vs. FY2023 Vs. Plan Notes (vs. Plan) actual actual Net sales 119,122 -3.1% -3.4% Despite falling short on net sales and facing unexpected cost increases, our price revision efforts
Slide 12: Investment Results by Business
2. Review of Medium-Term Management Plan for 2025 ■ Investment Results by Business (Millions of yen) Medium-Term FY2024-2026 Vs. target Notes (vs. target) Plan target actual Takara Group 87,700 102,902 +17.3% ー consolidated Renovation of plants was delayed due to difficulty in securing construction
Slide 13: ROIC
2. Review of Medium-Term Management Plan for 2025 ■ ROIC (%) Diff from FY2023 FY2026 actual Diff from target actual Takara Group 3.1 -5.8pt -4.4pt consolidated ◆ By business (reference figures) (*) Takara Shuzo 5.5 +0.5pt +1.0pt Takara Shuzo 6.3 -4.6pt -4.4pt Int’l Group Takara Bio -3.2 -21.1pt -11.
Slide 14: Cash Allocation
2. Review of Medium-Term Management Plan for 2025 Operating cash flows fell short of the target. However, we proceeded with the sale of cross-shareholdings and procured funds via borrowing. Capital investment came in below the target due to construction delays and other factors. Meanwhile, we carrie
Slide 15: Takara Bio Group: FY2026 Business
2. Review of Medium-Term Management Plan for 2025 <Takara Bio Group> Net sales fell short of the target, primarily in the reagents business and the CDMO business, due to deteriorating global life science market conditions and reduced orders following changes in development policies at major customer
Slide 16: Takara Bio Group: Net Sales
2. Review of Medium-Term Management Plan for 2025 <Takara Bio Group> <Main factors behind the decline in the reagents business> ・ A sharp reduction in U.S. research grants depressed activities at government research institutions and academia. ・ Despite our focus on promoting sales of spatial biology
Slide 17: Takara Bio Group: SG&A Expenses
2. Review of Medium-Term Management Plan for 2025 <Takara Bio Group> In SG&A expenses, we contained R&D costs by prioritizing and focusing on projects, coming in below the target. However, the SG&A ratio exceeded the target. Net sales did not grow as planned relative to the headcount and capital inv
Slide 18: Japanese Food Wholesale Business in overseas markets
2. Review of Medium-Term Management Plan for 2025 <Japanese Food Wholesale Business in overseas market > Global inflation and related factors caused net sales and gross profit at existing companies to fall short of the target. Overall gross profit was above the target as a result of implementing unp
Slide 19: Japanese Food Wholesale: SG&A Increase Factors
2. Review of Medium-Term Management Plan for 2025 <Japanese Food Wholesale Business in overseas market > The main factors of the increase in SG&A expenses include personnel costs, amortization of goodwill, transportation costs, and depreciation and amortization. Personnel costs in particular rose du
Slide 20: Takara Shuzo
2. Review of Medium-Term Management Plan for 2025 <Takara Shuzo> Net sales were below the plan, and unexpected cost increases further weighed on gross profit, which also fell short of the plan. However, through efficient management of SG&A expenses, among other measures, we achieved our operating in
Slide 21: Overseas Alcoholic Beverages Business: Washu Business
2. Review of Medium-Term Management Plan for 2025 <Overseas Alcoholic Beverages Business: Washu Business> At Takara Sake USA, we advanced product development tailored to local market needs. However, both sales growth and profits fell short of satisfactory levels. Export expansion has also fallen beh
Slide 22: Overseas Alcoholic Beverages Business: Whiskey Business
2. Review of Medium-Term Management Plan for 2025 <Overseas Alcoholic Beverages Business: Whiskey Business> Amid persistently sluggish global whiskey demand, Age International used the strong brand equity of Blanton’s to achieve growth well above the plan. As a result, overall results were also abov
Slide 23: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 23
Slide 24: Medium-Term Management Plan for 2030: Long-Term Vision 2050
3. Medium-Term Management Plan for 2030 Long-Term Vision 2050 24
Slide 25: The Role of Medium-Term Management Plan for 2030
3. Medium-Term Management Plan for 2030 The role of Medium-Term Management Plan for 2030 within Long-Term Vision 2050 Medium-Term Management Plan for 2030 establishes near term milestone targets for achieving the Long-Term Vision 2050 and outlines specific strategies and plans for meeting those targ
Slide 26: Outline of 2030 Plan (Partially Restated)
3. Outline of Medium-Term Management Plan for 2030 (Partially Restated) Build a global management foundation early to support the business portfolio strategy, thereby restoring the Group to a growth trajectory and establishing a path for long-term growth Overall Policy First half (two years) Second
Slide 27: Quantitative Targets
3. Medium-Term Management Plan for 2030 ■ Quantitative Targets First half Second half (Millions of yen) FY2026 actual FY2028 target FY2028 target FY2026 actual FY2031 plan vs. FY2028 vs. FY2031 (reference) target plan Net sales 394,316 429,000 493,000 or more +8.8% +14.9% Operating income 17,076 23,
Slide 28: Quantitative Targets by Business
3. Medium-Term Management Plan for 2030 ■ Quantitative Targets by Business (Millions of yen) Net sales Operating income FY2026 actual FY2028 target FY2026 actual FY2028 target FY2028 target FY2028 target FY2026 actual FY2031 plan vs. FY2028 vs. FY2031 FY2026 actual FY2031 plan vs. FY2028 vs. FY2031
Slide 29: Business Portfolio Strategy to Realize Long-Term Vision 2050
3. Medium-Term Management Plan for 2030: Basic Policy (1) Business Portfolio Strategy to Realize Long-Term Vision 2050 ■ Business Portfolio Strategy Concept Aligned with Long-Term Vision New business domains Generate value in new fields Alcoholic beverages and Life science industry support Japanese
Slide 30: Business Portfolio Classification: Core, Cash, Growth, Problem, Creation
3. Medium-Term Management Plan for 2030: Basic Policy (1) Business Portfolio Strategy to Realize Long-Term Vision 2050 Classify businesses into five categories—Core, Cash, Growth, Problem, and Creation—based on market stage, capital efficiency, and competitive advantages Businesses that grow net sal
Slide 31: Business Portfolio Strategy for Recovery to Growth Trajectory
3. Medium-Term Management Plan for 2030: Basic Policy (1) Business Portfolio Strategy to Realize Long-Term Vision 2050 ■ Business Portfolio Strategy for Recovery to Growth Trajectory As of March 31, 2026 Corporate Market Capital Competitive Positioning Direction of the business resource allocation s
Slide 32: Issues in Japanese Food, CDMO, and Gene Therapy
3. Medium-Term Management Plan for 2030: Basic Policy (1) Business Portfolio Strategy to Realize Long-Term Vision 2050 For businesses we have designated as “under review,” we will identify quantitative and qualitative issues and aim to reach a decision within two years. ■ Issues in Japanese Food, CD
Slide 33: Further Reinforcement of ROIC Discipline
3. Medium-Term Management Plan for 2030: Basic Policy (3) Further Reinforcement of ROIC Discipline We will utilize business-specific ROIC to improve Group-wide ROIC. ■ Utilize Business-Specific ROIC ・ Setting ROIC targets based on business-specific WACC as an internal benchmark ・ Setting hurdle rate
Slide 34: Cash Allocation
3. Medium-Term Management Plan for 2030: Cash Allocation Medium-Term Plan for Medium-Term Plan for Medium-Term Plan for 2025 period 2030 period 2030 period Three years Years 1-2 Years 3-5 Operating cash 62.6 billion yen 49.0 billion yen 109.0 billion yen Cash generation and financing flow Debt (incl
Slide 35: Main Investment Plans by Business
3. Medium-Term Management Plan for 2030: Investment Plans ■ Main Investment Plans by Business Medium-Term Plan for 2030 Main plans Five-year investment plan ・ Improving manufacturing efficiency through production base restructuring and related measures Takara Shuzo 35.2 billion yen ・ Upgrading the f
Slide 36: Policy on Shareholder Returns and Reduction of Cross-Shareholdings
3. Medium-Term Management Plan for 2030: Policy on Shareholder Returns and Reduction of Cross-Shareholdings Policy on Shareholder Returns <Medium-Term Management Plan for 2025> Conduct appropriate shareholder returns based on profit levels (dividend payout ratio of approximately 35%) <Medium-Term Ma
Slide 37: Reform of Profit Structure: Takara Bio Group
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Takara Bio Group We aim to achieve an early return to operating profitability through fundamental structural reform, and to rebuild a competitive and promising business model Business thro
Slide 38: Takara Bio Group: Factors for Changes in Operating Income
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Takara Bio Group ■ Factors for Changes in Operating Income (Millions of yen) Years 1-2 Years 3-5 5-year total Total 5,418 3,942 9,360 Structural 2,318 9 2,327 reforms Reduce fixed costs of
Slide 39: Reform of Profit Structure: Japanese Food Wholesale Overseas
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses -Japanese Food Wholesale Business in overseas market We will restore our operating income to sales ratio and capital efficiency by building and Business enhancing the profit management str
Slide 40: Japanese Food Wholesale: Strategic Initiatives and Key Measures
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses -Japanese Food Wholesale Business in overseas market ■ Main Strategic Initiatives and Key Measures Strategic Initiatives Key Measures • Reduce costs through operational improvements (1) Re
Slide 41: Reform of Profit Structure: Washu
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Washu For Washu’s sustainable growth, Takara Shuzo is reforming the profit structure to support sustainable long-term growth. The Washu business within the overseas alcoholic beverages bus
Slide 42: Reform of Profit Structure: Takara Shuzo
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Takara Shuzo FY2026 actual Takara Shuzo FY2026 actual FY2031 target vs. FY2031 target Operating 5,729 million yen 6,000 million yen +4.7% income Business We will expand Washu in the domest
Slide 43: Takara Shuzo: Priority Areas and Brands
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Takara Shuzo Setting indicators for and focusing on three priority areas—priority brands, food seasonings (dashi stock), and export products—to advance the global expansion of Washu and se
Slide 44: Overseas Alcoholic Beverages Business (Washu)
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Overseas Alcoholic Beverages Business (Washu) Overseas alcoholic FY2026 FY2026 actual FY2031 target actual vs. beverages business (Washu) FY2031 target Operating 601 million yen 1,445 mill
Slide 45: Overseas Alcoholic Beverages Business (Whiskey)
3. Medium-Term Management Plan for 2030: Basic Policy (4) Reform of the Profit Structure of Existing Businesses—Overseas Alcoholic Beverages Business (Whiskey) Overseas alcoholic FY2026 actual beverages business FY2026 actual FY2031 target vs. FY2031 (Whiskey) target Operating 11,951 million yen 13,
Slide 46: Establish a Growth Path by Leveraging Group Synergies
3. Medium-Term Management Plan for 2030: Basic Policy (5) Establish a Growth Path by Leveraging Group Synergies—Synergies To expand Washu and seasonings globally, we will combine the Takara Group’s diverse assets and pursue business growth through new approaches. We will establish scalable success m
Slide 47: Group Synergies: New Businesses
3. Medium-Term Management Plan for 2030: Basic Policy (5) Establish a Growth Path by Leveraging Group Synergies—New Businesses New businesses We will build a structure that promotes the creation of new businesses for the Takara Group, Business Policy including Takara Bio, thereby advancing the creat
Slide 48: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 48
Slide 49: Sustainability: Reducing CO₂ Emissions
4. Sustainability: Major Initiatives under Medium-Term Management Plan for 2025 ■ Reducing CO₂ Emissions Target Progress Major initiatives ・ Introduced an offsite PPA at Fiscal year ending March 31, Fiscal year ended Shirakabegura (Hyogo Prefecture) 2031 March 31, 2026 (February 2026) 46% reduction
Slide 50: Sustainability: Initiatives under Medium-Term Plan for 2030
4. Sustainability: Initiatives under Medium-Term Management Plan for 2030 We have established updated medium- to long-term targets to be achieved under the Medium- Term Management Plan for 2030. We will also advance the utilization of human capital. ■ Main New Initiatives Themes Medium- to long-term
Slide 51: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 51
Slide 52: Financial Results for the Fiscal Year Ended March 31, 2026
5. Financial Results for the Fiscal Year Ended March 31, 2026 ■ Takara Holdings (Consolidated) Results ■ Results by Business (Millions of yen) (Millions of yen) Vs. FY2025 FY2026 actual FY2026 actual Vs. FY2025 actual actual Net sales 394,316 +8.7% Net sales 119,122 -0.5% Takara Shuzo Operating 5,72
Slide 53: Financial Forecasts for the Fiscal Year Ending March 31, 2027
5. Financial Forecasts for the Fiscal Year Ending March 31, 2027 ■ Takara Holdings (Consolidated) ■ Financial Forecasts by Business Financial Forecasts (Millions of yen) (Millions of yen) FY2027 Vs. FY2026 FY2027 forecast Vs. FY2026 forecast actual actual Net sales 120,077 +0.8% Net sales 420,000 +6
Slide 54: Shareholder Returns: Dividends and Treasury Stock
5. Financial Forecasts for the Fiscal Year Ending March 31, 2027: Shareholder Returns Dividends are planned in line with the return policy set out in the Medium-Term Management Plan for 2030. We will use gains from the sale of cross-shareholdings completed in the prior fiscal year to fund treasury s
Slide 55: Reducing Cross-Shareholdings
5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027: Reducing Cross-Shareholdings We plan to sell approximately 6.8 billion yen of cross-shareholdings in FY2027, continuing on from FY2026. ■ Reduction Results for FY2026 Numb
Slide 56: Contents
Contents 1. Executive Summary 2. Review of Medium-Term Management Plan for 2025 3. Medium-Term Management Plan for 2030 4. Sustainability 5. Financial Results for the Fiscal Year Ended March 31, 2026 and Financial Forecasts for the Fiscal Year Ending March 31, 2027 Reference Materials 56
Slide 57: Reference Materials: Financial Results for FY2026
Reference Materials Takara Shuzo Takara Shuzo International Group total Profit and Loss Takara Shuzo International Group Statement/ Overseas alcoholic beverages business Analysis of Changes in Operating Income Takara Shuzo International Group Financial Results for Japanese food wholesale business in
Slide 58: Analysis of Changes in Operating Income: Takara Shuzo
Analysis of Changes in Operating Income for the Fiscal Year Ended March 31, 2026 (Takara Shuzo Financial Performance) <Year-on-year> ■ Takara Shuzo Financial Performance (Millions of yen) FY2025 actual FY2026 actual Vs. FY2025 actual Net sales 119,663 119,122 -0.5% Gross profit 29,919 30,174 +0.9% O
Slide 59: Analysis of Changes in Operating Income: Takara Shuzo International Group
Analysis of Changes in Operating Income for the Fiscal Year Ended March 31, 2026 (Takara Shuzo International Group Financial Performance) <Year-on-year> ■ Takara Shuzo International Group Financial Performance (Millions of yen) FY2025 actual FY2026 actual Vs. FY2025 actual Net sales 185,803 221,888
Slide 60: Operating Income Changes: International Group by Business
Analysis of Changes in Operating Income for the Fiscal Year Ended March 31, 2026 (Takara Shuzo International Group Financial Performance by Business) <Year-on-year> ■Overseas Alcoholic Beverages Business ■Japanese food wholesale business in overseas Financial Performance (Millions of yen) marketsFin
Slide 61: Analysis of Changes in Operating Income: Takara Bio Group
Analysis of Changes in Operating Income for the Fiscal Year Ended March 31, 2026 (Takara Bio Group Financial Performance) <Year-on-year> ■ Takara Bio Group Financial Performance (Millions of yen) FY2025 actual FY2026 actual Vs. FY2025 actual Net sales 45,039 40,318 -10.5% Gross profit 26,067 20,261
Slide 62: Consolidated Statements of Cash Flows
Takara Holdings (Consolidated) Financial Performance for the Fiscal Year Ended March 31, 2026 ■ Consolidated Statements of Cash Flows (Millions of yen) FY2025 actual FY2026 actual Change Cash flows from operating activities 16,155 17,318 1,162 Cash flows from investing activities -41,562 -15,341 26,
Slide 63: Consolidated Balance Sheets
Takara Holdings (Consolidated) Financial Performance for the Fiscal Year Ended March 31, 2026 ■ Consolidated Balance Sheets (Millions of yen) FY2025 FY2026 Change FY2025 FY2026 Change Current assets 245,433 249,314 +3,880 Current liabilities 73,419 82,037 +8,617 Notes and accounts Cash and deposits
Slide 64: Reference Materials: Financial Forecasts for FY2027
Reference Materials Takara Shuzo Takara Shuzo International Group total Profit and Loss Takara Shuzo International Group Statement/ Overseas alcoholic beverages business Analysis of Changes in Operating Income Takara Shuzo International Group Financial Forecasts Japanese Food Wholesale Business in f
Slide 65: Operating Income Changes Forecast: Takara Shuzo
Analysis of Changes in Operating Income for the Fiscal Year Ending March 31, 2027 (Takara Shuzo Financial Forecasts) ■ Takara Shuzo Financial Forecasts (Millions of yen) FY2026 actual FY2027 forecasts Vs. FY2026 actual Net sales 119,122 120,077 +0.8% Gross profit 30,174 30,395 +0.7% Operating income
Slide 66: Operating Income Changes Forecast: Takara Shuzo International Group
Analysis of Changes in Operating Income for the Fiscal Year Ending March 31, 2027 (Takara Shuzo International Group Financial Forecasts) ■ Takara Shuzo International Group Financial Forecasts (Millions of yen) FY2026 actual FY2027 forecasts Vs. FY2026 actual Net sales 221,888 242,600 +9.3% Gross pro
Slide 67: Operating Income Changes Forecast: International Group by Business
Analysis of Changes in Operating Income for the Fiscal Year Ending March 31, 2027 (Takara Shuzo International Group Financial Forecasts by Business) ■Overseas Alcoholic Beverages Business ■Japanese food wholesale business in overseas Financial Forecasts (Millions of yen) marketsFinancial Forecasts (
Slide 68: Operating Income Changes Forecast: Takara Bio Group
Analysis of Changes in Operating Income for the Fiscal Year Ending March 31, 2027 (Takara Bio Group Financial Forecasts) ■ Takara Bio Group Financial Forecasts (Millions of yen) FY2026 actual FY2027 forecasts Vs. FY2026 actual Net sales 40,318 44,000 +9.1% Gross profit 20,261 22,790 +12.5% Operating
Slide 69: Consolidated Statements of Cash Flows Forecast FY2027
Takara Holdings (Consolidated) Statements of Cash Flows for the Fiscal Year Ending March 31, 2027 ■ Consolidated Statements of Cash Flows (Millions of yen) FY2026 actual FY2027 forecasts Change Cash flows from operating activities 17,318 21,045 3,726 Cash flows from investing activities -15,341 -11,
Slide 70: Effect of Change in Exchange Rates for FY2027
Effect of Change in Exchange Rates for the Fiscal Year Ending March 31, 2027 ■ Exchange Rate Forecast for Main Exchange Rates (Compared to FY2026) FY2026 FY2027 Change actual forecasts USD/Yen 149.62 151.00 +1.38 GBP/Yen 197.38 199.00 +1.62 EUR/Yen 169.19 175.00 +5.81 CNY/Yen 20.81 21.20 +0.39 100KR
Slide 71: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation, other than those based on historical fact, concerning the current plans, prospects, strategies and expectations of the Company and its Group represent forecasts of future results. While such statements are based on the conclusions of manage