Cresco (4674) AGM 2025 summary

Opening remarks and agenda

• Chair Hiroshi Tominaga opened the meeting; proceedings covered audit and business reports, next-year outlook and targets, resolutions, questions, and voting. Questions on reports and resolutions were handled together before voting.

• A shareholder-only livestream covered the full meeting, including Q&A; online viewers could not ask questions, submit motions, or vote.

Financial performance review

• FY2024 consolidated revenue was ¥58.7bn, operating margin 10.2%, and ROE 15.1%; ROE exceeded the three-year target while operating margin progress lagged.

• FY2025 targets: revenue ¥64bn, operating profit ¥7bn, operating margin 10.9%, ROE at least 15%, ordinary profit ¥7.1bn, and net income ¥4.9bn.

• FY2026 mid-term targets are revenue ¥70bn, operating profit ¥8bn, operating margin 11.5%, and ROE 15%; the longer-term ambition is ¥100bn revenue by 2030.

Board and executive committee updates

• Six directors outside the audit committee faced election at term expiry; five were nominated for reappointment and Takayuki Teramura was nominated as a new director, with one director retiring.

• All three audit committee directors were nominated for reappointment; Michiho Tachi was nominated as an alternate audit committee director.

• Kazuo Sugiyama retired as director; the FY38 board lineup included the newly nominated Teramura and reappointed directors.