May 13, 2026
To Whom It May Concern:
Company name: Mitsui Matsushima Holdings Co., Ltd.
Representative: Taishi Yoshioka, Representative Director and President (Stock Code: 1518, Prime Market of the Tokyo Stock Exchange and Fukuoka Stock Exchange)
Contact: Mikiko Abe, Senior Executive Officer in Charge of Business Planning Dept.
(Tel: +81-92-771-2171)
Notice Regarding the Formulation of the Medium-Term Management Plan
Mitsui Matsushima Holdings Co., Ltd. (the "Company") has formulated a medium-term management plan with the fiscal year ending March 2030 as its final year and hereby announces an outline of the plan as set forth below. For further details, please refer to the attached material.
Background and Vision of the Medium-Term Management Plan
For more than a decade, the Mitsui Matsushima Group has promoted M&A activities focused on market-leading niche companies primarily in the manufacturing sector and has successfully established a stable business portfolio to replace its founding coal business.
Building on this, in May 2024, the Company announced its three-year "Management Strategy 2024," covering up to the fiscal year ending March 2027, which set forth aggressive M&A investments and shareholder returns. As these initiatives were steadily executed, the Group achieved, one year ahead of schedule, the establishment of an earnings base targeted at net profit of 5 billion yen or more.
Following this, starting in the current fiscal year, the Company formulated a new "Medium-Term Management Plan 2030" and established the following numerical target and shareholder return policy.
Numerical Target
Net profit of 10 billion yen or more (fiscal year ending March 2030)
Shareholder Return Policy
The Company adopts progressive dividends as its basic policy and aims to achieve a sustainable increase in annual dividends per share through profit growth.
In addition, the Company targets a dividend payout ratio of approximately 40% (assuming an annual dividend per share of 100 yen or more) for the fiscal year ending March 2030.
While placing emphasis on investment discipline and capital efficiency, the Group will continue to pursue M&A of market-leading niche companies with reliable technological capabilities and aims to become a corporate group that protects and nurtures Japanese manufacturing for the next 100 years.
Medium-Term Management Plan 2030 -Toward a Corporate Group That Protects and Nurtures Japanese Manufacturing
Mitsui Matsushima Holdings Co., Ltd.
Review of "Management Strategy 2024" Transformation of the Business Portfolio through M&A
During the period of the previous medium-term management plan, through active M&A
investments in market-leading niche companies primarily in the manufacturing sector, the Group established a stable business portfolio to replace its coal business (coal business concluded in the fiscal year ended March 2024).
From the fiscal year ending March 2025, under "Management Strategy 2024," the Group further strengthened its earnings base through M&A investments and increased profitability across group companies.
200億円
40 billion yen
Previous Medium-Term Management Plan
(2019-2024)
Management Strategy 2024
(2025-2027)
150億円
30 billion yen
EBITDA Trends
Coal business EBITDA Non-coal business EBITDA
100億円
10 billion yen
50億円
5 billion yen
0億円
0 billion yen
19/3 20/3 21/3 22/3 23/3 24/3 25/3 26/3 27/3
* EBITDA = Ordinary profit + Interest expenses + Depreciation + Amortization of goodwill
(forecast)
3
Early Achievement of "Management Strategy 2024"Through steady implementation of M&A investments and capital policies, "Management Strategy 2024" announced in May 2024 was achieved one year ahead of schedule.
Management Strategy 2024
We set our sights toward PBR 1x or above, and ROE of 8% or above, as we put forth our management strategy for the next three years, as follows:
Build an earnings structure through M&A so that we can continuously post net
income of 5 billion yen or more by the fiscal year ending March 2027.
⇒ In both the fiscal years ended March 2025 and March 2026, net profit exceeded 5 billion yen.
We will actively allocate our net cash and deposits (21.6 billion yen* as of the end
of FY2023) to M&A or shareholder returns (acquisition of own shares / dividends) over the next three years to maximize our equity value per share.
⇒ By March 2026, M&A investments of 14 billion yen and shareholder returns of
Toward a new stage of growth
Toward a new stage of growth
24.7 billion yen were implemented.
Medium-Term Management Plan 2030
Medium-Term Management Plan 2030 (Overview)
By promoting M&A of market-leading niche companies with distinctive and reliable technological capabilities, the Group aims to become a collective of professional enterprises that protects and nurtures Japanese manufacturing for the next 100 years.
New medium-
term plan (2026-2030)
Through M&A investments and active shareholder returns, the Group established an earnings base with net profit exceeding 5 billion yen while also achieving a PBR above 1.
Toward a corporate group that protects and nurtures Japanese manufacturing for the next 100 years
Management Strategy 2024
(2024-2025)
Amid the withdrawal from the founding coal production business, the business portfolio was transformed through 10 M&A transactions.
Previous medium-term plan (2018-2023)
Medium-Term Management Plan 2030 (Financial Target/Growth Strategy)
Financial Target
Consolidated net profit of 10 billion yen or more
(fiscal year ending March 2030)
Growth Strategy
① Continuous growth through M&A based on the investment policy of "niche, stability, and clarity"
Driving group-wide growth with a focus on asset efficiency and PMI efficiency
② Diversification of revenue sources through investments in listed shares
Contributing to stable profits through long-term net investments in undervalued shares (aiming for performance exceeding TOPIX)
* Since the establishment in August 2024, the pre-tax IRR including unrealized gains has reached 48%.
③ Steady earnings growth across group companies
Realizing sustainable growth of existing businesses through a combination of organic growth via operational improvements and roll-up growth through M&A
The Company plans to invest approximately JPY 40 billion in the growth strategies outlined in
(1) through (3) above.
[Net profit growth outlook]
FY ending March 2026
6.7 billion yen
FY ending March 2027
7.1 billion yen
FY ending March 2030
10 billion yen
Existing group companies New M&A/listed share investments 7
In-House M&A Professional Team Driving the Growth Strategy
Under the leadership of a management team with extensive experience in M&A, the Company has established an in-house FA (Financial Advisor) team comprising professionals from operating companies with diverse professional backgrounds.
Through a track record of more than 10 M&A transactions, the team has accumulated extensive know-how and networks.
(Capable of handling a wide range of M&A transactions, including business succession, fund exits, and corporate carve-outs)
Growth of group companies
Listed share investments
New M&A
Growth Strategy
Sourcing of acquisition targets
Deal-screening capabilities
Swift decision-making
In-house FA team
Post-acquisition operational improvement
Intra-group synergies
Receiving more than 150 deal
opportunities annually through an extensive industry network
Possessing the capability to make swift investment decisions through
deal-screening capabilities built on an M&A track record
Accumulating extensive know-how through a track record of more than 10 M&A transactions
Accumulating know-how in cost management and manufacturing process control, primarily in the manufacturing sector
Sharing improvement methods and best practices across the Group, including corporate functions
8
Medium-Term Management Plan 2030 (Shareholder Returns)
Shareholder Return Policy
The Company adopts progressive dividends as its basic policy and aims to achieve a sustainable increase in annual dividends per share through profit growth driven by M&A and other initiatives.
(billion yen)
100
10.0
Transfer of interests in Liddell Coal Mine
2.7 billion yen
50
5.0
Net profit
8.6 billion yen
Net profit
6.7 billion yen
Net profit
7.1 billion yen
Total dividends
Net profit
10.0 billion yen or more
Total dividends
4.0 billion yen or more
(100 yen or
Net income excluding the above
5.9 billion yen
Total dividends
1.5billion yen (26 yen/share)
Total dividends
2.5 billion yen
(64 yen/share)
2.9 billion yen
(74 yen/share)
Continuing progressive dividends
more/share)
0
FY ending March 2025
FY ending March FY ending March 2026 2027
FY ending March 2030
Final year of the medium-term plan
Net profit
Total
dividends
Dividend payout ratio of 40% (approx.)
* Dividends per share are calculated based on the number of dividend-eligible shares outstanding as of the end of the fiscal year ending March 2026. 9