Cresco (4674) AGM 2024 summary

Opening remarks and agenda

• President and CEO Hiroshi Tominaga chaired the meeting; resolutions were prioritized, followed by questions on both reports and resolutions, then voting under a consolidated deliberation format.

Financial performance review

• FY2024 revenue was ¥52.7bn and operating profit ¥5.1bn, meeting the FY2023 plan’s ¥50bn and ¥5bn targets; operating margin was 9.7% versus 10% targeted, and ROE was 14.3% versus at least 15%.

• FY2024 revenue rose 32.9% from ¥39.7bn in FY2021, and operating profit increased 47.0% from ¥3.4bn.

• FY2025 forecast: revenue ¥58.5bn (+10.9% YoY), operating profit ¥5.9bn (+15.2%), ordinary profit ¥6.0bn (+6.0%) and net profit attributable to parent shareholders ¥4.0bn (+7.3%).

Board and executive committee updates

• The proposal sought election of six directors excluding audit and supervisory committee members; all seven incumbents’ terms expired, with one retiring and six to be elected.

• The FY2025 board lineup lists Hiroyuki Nemoto, Hiroshi Tominaga, Kazuo Sugiyama, Junichi Fukui, Yukie Sato and Miyuki Sano as reappointed; Kogawa Noriyuki retired as a director and senior executive officer.

• Three audit and supervisory committee directors were listed for reappointment: Satoshi Takaishi, Haruo Sato and Masayuki Maekawa.