Yakult Honsha (2267) Investor presentation summary

Value creation and FY2030 targets

• Shift from a product-centered model to customer- and health-needs-led growth; expand touchpoints and DX, and redirect capital from non-operating assets to growth investment.

• FY2030 targets: net sales ¥700.0B, operating profit ¥75.0B, operating margin 10.7%, and ROE above 10%; FY2025 actual ROE was 7.5%.

• Planned FY2025–FY2030 sales CAGR is 7.6% and operating profit CAGR is 10.7%; overseas food and beverages target ¥365.0B sales and ¥58.0B operating profit in FY2030.

Food and beverages in Japan

• FY2030 targets: net sales ¥285.0B, operating profit ¥35.0B, and operating margin 12.3%; priorities include product growth, pricing measures, cost reduction, and supply-chain efficiency.

• Raise new-product launches to 10+ annually from an average of 6 over the past five years; expand into gut-health-related domains and higher-value-added products.

• Evolve home delivery into a relationship-based service model, using customer relationships to create community services and increase household lifetime value; pilot initiatives cover subsidiaries representing 45% of the market.

• Integrate customer information across home delivery, retail, and e-commerce to improve retention, cross-selling, customer acquisition, and spending per customer.

• Consolidate 11 dairy product plants into 9, shift to planned production, optimize delivery routes, and establish a production structure centered on the new Chiba plant.

Food and beverages overseas

• FY2030 targets: net sales ¥365.0B and operating profit ¥58.0B; planned FY2025–FY2030 CAGRs are 8.7% and 9.8%, respectively.

• In the US, the second plant is planned to raise daily capacity from 0.90M to 1.78M bottles; sales target rises from 0.73M to 1.50M+ bottles/day, with stores increasing from 20,000 to 40,000+.

• Focus growth investments on the US, India, and Vietnam; strengthen earnings in Indonesia, China, and Mexico; pursue transformation and selective investment in Europe and other mature markets.

• Expand into new markets, develop higher-value products and channels, and pursue health-platform and B2B opportunities, including contract manufacturing using fermentation technologies.