September 30, 2025
Based on the "Reform Action Plan" announced in May 2025, the Fuji Media Holdings Group has been taking proactive steps to enhance awareness of human rights and compliance, and strengthen its governance structure. At the same time, it has been undertaking concrete considerations for further growth while implementing initiatives for business reform and capital optimization. To further advance the "Reform Action Plan," the Group has clarified its future directions and updated the Plan by expanding the scale and scope of its initiatives. When announcing the second quarter financial results in November, the Group will publish a revised "Reform Action Plan," a plan reflecting the results of further deliberations. We will press ahead with our reform initiatives, aiming to publish the next "Medium-Term Group Vision" in May 2026. Contents
- Reform Action Plan Progress Report
- September Update: Executive Summary
- Future Direction of the Group
- Future Direction of the Group's Business Portfolio
- Approach to Achieving ROE of 8%
- Capital Allocation Measures Update
After the establishment of a new management structure at the Ordinary General Meeting of Shareholders held on June 25, 2025, the Company promptly initiated deliberations toward updating the "Reform Action Plan" and has pursued these discussions thoroughly.
May 2025
Announcement of
Plan
Announced the "Reform Action Plan" as a new management guideline preceding the next Medium-Term Group Vision and replacing the former Medium-Term Group Vision 2023
Aim to evolve into a new growth-oriented enterprise as one unified Group, balancing social responsibility and earnings
growth
May-Jun. 2025
Dialogue
Jun. 25, 2025
Ordinary General Meeting
of Shareholders
Jun.-Sep. 2025
Dialogue and deliberation
Explained the Reform Action Plan to shareholders and investors (4G meetings with 5G companies)
Board of Directors Restructured (Independent outside directors: minority → majority, Female representation: from13.3％
→45.5%）
Appointed external experts with deep expertise in key business areas such as human rights, sustainability, digital and AI, real estate, global operations, and personnel and human resource development
Launched and implemented efforts to detail and refine the "Reform Action Plan" under the new management structure
(with deliberations involving the Board and independent outside directors)
Conducted proactive and extensive dialogues with shareholders and investors (44 meetings with 4G companies)
Announcement of Reform Action Plan September Update
1. Reform Action Plan Progress Report (Dialogue and Deliberations to Date)
Human Capital-Driven Management
Capital Optimization for Value Creation
Enhanced human rights and compliance awareness and strengthen structure
Revised the Fuji Media Holdings Group Human Rights Policy to enhance human rights and compliance awareness and strengthen governance structure, after deliberations by Fuji TV's Sustainability Management Committee, Group companies, and the Group Human Rights Committee.
Began operation of FMH Group Whistleblowing Hotline for officers and employees of group companies, as well as stakeholders such as business partners, to directly report to and consult with external lawyers about violations.
Decided on the framework for performance-linked compensation, including non-
Creating value through cash generation and growth
investment
Implemented systematic divestment of strategic shareholdings; Of the total target of more than 100 billion yen by FY2027, we achieved a reduction of around 50 billion yen over the past six months (19.5 billion yen in the 1st quarter and 29.9 billion yen in the 2nd quarter). The ratio of strategic shareholdings to net assets stands at around 22%, down from 26.6% in March 2025.
Began concrete deliberations on the timing and scale of share buybacks,
following the recovery of advertising revenue.
financial criteria such as the promotion of human capital-driven management.
Proactive Business Transformation
Transition to Governance-Focused Management
Implemented organizational reforms of Fuji TV and partial reorganization of the Group
Undertook fundamental reforms of Fuji TV's organization with the objectives of maximizing investment efficiency of individual content, creating high-performing IP and maximizing LTV, strengthening content sales in Japan and overseas and expanding global market sales channels, and accelerating the use of generative AI, realization of DX, and operational process reforms.
FUJIMIC and FCX decided to merge with the objectives of providing high-quality services, responding to diversifying customer needs, and creating new business opportunities. The aim is to improve the Group's profitability.
Built robust risk management structure by strengthening management function
Introduced mandatory retirement age and term limits for officers and abolished Executive Managing Advisor / Advisor system.
The ratio of female directors rose to 45.5%. The average age lowered significantly
to 57 years, and the ratio of female officers and executives rose to 24.6%.
Established a Nomination and Compensation Committee in June. We linked executive compensation to non-financial criteria such as promotion of human capital-driven management and raised the stock remuneration ratio.
Established Risk Policy Committee; Four committee members, including external experts, oversee critical management risks such as human rights risks with aims of enhancing corporate value and regaining trust of society and stakeholders.
1. Reform Action Plan Progress Report
Future Direction of the Group
Through the creation of highly engaging and original content and experience spaces, the Group will contribute to
the creation of a society where everyone can experience joy and a sense of connection.
To achieve this, we will clearly indicate our implementation processes from the perspectives of consumers and users and clarify our focus areas and approaches, including IP creation and acquisition, MsA, functional integration and business restructuring, asset sales, new business development, and growth investments.
Future Direction of the Group's Business Portfolio
Our business domains will be organized into two segments: "stable and profitable segments" that generate
consistent earnings and "new and growth driver segments" that, while more volatile, are expected to deliver high profitability and significant growth.
We will aim to achieve high profitability and growth while ensuring risk control across the entire Group.
Approach to
Achieving ROE of 8%
We will reorganize and streamline low-profit businesses and divisions and consider the restructuring and sale of owned assets based on profitability and capital efficiency.
Using funds generated through these measures, we will undertake bolder proactive investments in high-growth business areas and reductions of equity capital. We aim to achieve an ROE of 8% in the future by attaining approximately 75 billion yen in operating profit and around 650 billion yen in shareholders' equity.
Capital Allocation Update
Strategic Shareholdings: Execute sales of strategic shareholdings totaling over 100 billion yen at the earliest timing possible by FY2027 and will continue reducing these holdings thereafter
Business and Assets: Restructure and divest selective assets to transform revenue model and raise profitability
Growth Investments: Consider growth investments totaling 250 billion yen over five years and establishing a cumulative investment quota of 400 billion yen over the long term
Share Buybacks: Raise our share buyback target from over 100 billion yen to 250 billion yen by FY2029
2. September Update: Executive Summary