Toray Industries (3402) Investor Day 2026 Part 1 summary

Corporate strategy and financial targets

• IGNITION 2028 targets FY2028 revenue of ¥3.0T and core operating income of ¥230B, versus FY2025 actuals of ¥2,585.1B and ¥141.9B.

• ROIC target rises to 7% by FY2028, from 5% in FY2025; the longer-term ambition is ROIC of ~10% around 2035.

• Priorities are monetizing invested capital, completing structural reforms more reliably, and strengthening growth strategy and management foundations.

• Darwin Project reforms continue; measures include consolidation, downsizing or withdrawal of businesses with limited profit-improvement prospects, with ~¥40B expected structural-reform effect under IGNITION 2028.

Innovation and pricing

• Intensifying competition and commoditization make product capabilities alone insufficient; plans combine R&D and sales and marketing to translate technology into customer value.

• The Winning Formula strategy pairs product capabilities with customer alignment, global supply, development speed and supply-chain optimization to build barriers to entry and sustain profitability.

• Strategic pricing Phase 1 delivered cumulative results of ~¥35B in FY2023–25, mainly from price corrections; Phase 2 targets ¥27B in FY2026–28.

• Phase 2 emphasizes new products and customer-value measurement; strategic pricing is expected to contribute ~¥20B of core operating income within its ¥27B total impact.

• Growth investments target AI data centers and semiconductors, opto-electronic integration, separation membranes, aerospace, space and defense, and hydrogen-related markets.

Segment plans and targets

• FY2028 core operating income targets: Fibers & Textiles ¥82B, Performance Chemicals ¥93B, Carbon Fiber Composite Materials ¥47B, Water Treatment & Healthcare ¥26B, and Engineering business ¥16B.

• Performance Chemicals plans focus on high-value resins, fine chemicals and films, xEVs, semiconductors, electronic components, and AI data-center materials.

• Carbon-fiber plans target aerospace, defense and renewable energy growth, while restructuring large-tow carbon fiber and expanding high-value intermediate materials and applications.