February 3, 2026
© FUJI MEDIA HOLDINGS, INC. All Rights Reserved.
Commencement of Review of Outside Capital Introduction to the Urban Development, Hotels & Resorts Segment
1．1-3Q FY3/26
Commencement of Review of Outside Capital Introduction to the Urban Development, Hotels & Resorts Segment
In the Reform Action Plan update announced in November 2025, the Company stated that it would proceed with business and asset restructuring as part of effective asset utilization, with certain actions planned to be completed by FY2026.
However, in light of the circumstances described below, the Company has been decided to commence a review of the introduction of outside
To date
capital to the Urban Development, Hotels & Resorts Segment.
To date, the Company has sought to enhance capital efficiency through growth investments and shareholder returns using cash generated from business and asset restructuring, whilepursuing growth with disciplined asset managementthrough strengthened collaboration between the IP and entertainment-related businesses of the Media & Content Segment and the Urban Development, Hotels & Resorts Segment.
The Company concluded that introducing outside capital to the Urban Development, Hotels & Resorts Segment,and executing off-balance-sheet structuring represents the most appropriate course of action to support the segment's further development.
Given that the Urban Development, Hotels & Resorts Segment has historically conducted its business based on asset ownership,
including rental properties, the Company has found it difficult to formulate concrete plans for profit growth while controlli ng asset scale;
Selling large-scale rental properties to improve capital efficiency would require partial repayment of borrowings within the segment and subsequently reduce financing capacity, making it difficult to secure sufficient funds for growth investments;
The Media & Content Segment, which seeks to accelerate development into new business domains in response to changes in the business environment, requires investment at a scale not seen before and may compete with the Urban Development, Hotels & Resorts Segment for capital within the Group going forward; and
In light of the interests of stakeholders-including business partners, customers, and employees-of the Urban Development, Hotels &
Resorts Segment, it is appropriate to create an environment in which the segment can achieve maximum growth.
Result of consideration
By introducing outside capital to the Urban Development, Hotels & Resorts
The Company will be able to pursue the growth of both the Media & Content Segment and the Urban Development, Hotels & Resorts Segment in parallel, while simultaneously enhancing shareholder returns at an earlier stage as part of efforts to improve capital efficiency.
In light of the decision to consider the introduction of outside capital into the Urban Development, Hotels & Resorts Segment, the capital policy plans previously announced under the Reform Action Plan will be re-examined, and the result of the review will be presented by May of this year.
Key Updates on Reform Action Plan
1．1-3Q FY3/26
Key Updates on
Reform Action Plan
Based on the Reform Action Plan announced on November 10, 2025, the Company provides updates on the following:
Set a dividend per share of 200 yen for the two fiscal
years from FY3/27 to FY3/28
For FY3/26, taking in to account an interim dividend has already been paid, set the annual dividend at 125 yen per share (including interim dividend of 25 yen)
Cancel the previously announced share buybacks totaling 50.0 billion yen. Repurchase own shares through off-auction own-share repurchase transactions (ToSTNeT-3), with an upper limit of 235.0 billion yen
* If neither the upper limit on the total number of shares to be acquired (71.0 million shares) nor the upper limit on the total acquisition price (235.0 billion yen), as resolved by the Board of Directors, is reached, the Company plans to acquire the remaining shares after separately considering the timing and scale of such acquisition.
Commence a review of the introduction of outside capital to the Urban Development, Hotels & Resorts Business
Details regarding the method, scale, and timing of the introduction are currently being considered. We will disclose relevant information in a timely and appropriate manner once matters requiring disclosure have been determined.
(Cash utilization)
Buybacks
structurin
(1) business and asset restructuring, (2) share buybacks, and (3) dividends.
November 10, 2025 announcements
Items Announced in this update
Utilizaatisosneotfsowned (Cash generation) | Business and asset re g | Promptly initiate business and asset restructuring, with certain measures to be implemented by FY2026 (Including business restructuring and sale of certain assets) |
Shareholder returns | Share | Decided to commence share buybacks of 50.0 billion yen over the next year (250.0 billion yen by FY2029) |
Dividends |
|
These updates are intended to facilitate the early achievement of the Reform Action Plan target of
"ROE of 5% or more by FY2030."
Target ROE of 8% through a review of the appropriate scale of shareholders' equity
and expanding growth investment in Media & Content
Through large-scale share buybacks, reduce shareholders' equity at the end of FY2025 by 250.0 billion yen compared with the beginning of FY2025; maintain shareholders' equity at an appropriate level through dividends and share buybacks,
while building up profits through expanded growth investments in the Media & Content Segment, to achieve ROE target of 8%
FY2023 FY2024
FY2025
FY2030 FY2033
Results to date
Forecast
Target (previous)
R O E
5-6%
8%
4.4% (2.4)%
236
▲274
300±α
450±α
8,579
8,181
33.5
18.2
(7.2)
Around 45.0
15.7
Around 30.0
24.4
23.6
19.5
857.9
Shareholders'
equity
(4.0)
818.1
Control at certain level
(Previous target)
(Previous target)
(27.4)
Operating profit*
Media & Content Urban Development, Hotels & Resorts
Concrete plans will be announced in next Medium-Term Group Vision
*Total operating profit includes other businesses and adjustments.
Approach to Achieving ROE of 8%1．1-3Q FY3/26
ROE 8% Targets
ROE
Target: 5-6% in FY2030 and 8% in FY2033
Cash Generation
Utilization of owned assets | Strategic shareholdings | To date
100.0 billion yen as soon as possible by FY2027 and continue reducing these shareholdings thereafter | |
Businesses/ assets | To date
Updated
| ||
Existing cash, deposits and marketable securities | To date
| ||
Utilization of interest-bearing debt | |||
Operating cash flow | |||
Growth
investments
(Human capital investments/ DX investments/ Business investments)
Cash Utilization
To date
Emphasize expansion of growth areas, strengthening of existing businesses, and development of new businesses with a focus on capital cost
Promote the retention and development of diverse human resources, and drive digital transformation
With plan to invest 250.0 billion yen over five years, consider further growth investments totaling 400.0 billion yen over the long term
Updated
The financial flexibility generated through the introduction of outside capital to the Urban Development, Hotels & Resorts segment will also be allocated to growth
investments in the Media & Content Segment
To date
Initiated buybacks totaling 50.0 billion yen over one year from November 11, 2025
To date
Operate and utilize assets while considering mid- to longterm financial soundness, optimal capital structure, and capital cost
Expand utilization of interest-bearing debt
Set target debt-to-equity ratio of 50% or more
Updated
Consider financing share repurchases through borrowings
To date
Secure stable operating cash flow through the recovery of Fuji TV's advertising revenue and improved profitability of existing businesses
Updated
Some improvement in cash flow, driven in part by
recovery in Fuji TV's advertising revenue
Share buybacks
Shareholder returns
Dividends
Increase FY2029 share buyback target to over 250.0 billion yen
Updated
Resolved to conduct share buybacks through off-auction own share repurchase trading system (ToSTNeT-3), with an upper limit of 235.0 billion yen from February 5 to February 10, 2026
To date
Aim to maintain stable dividends with a consolidated payout ratio target of 50%
Established a minimum annual dividend of 50 yen per
share
Updated
Set the annual dividend of 125 yen for FY3/26, and dividends of 200 yen per share for the two years from FY3/27 through FY3/28
1．1-3Q FY3/26
Capital Allocation
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