Message from the President
(To Shareholders and Investors)

We would like to sincerely thank our shareholders and investors for their unwavering support.

We hereby announce that, effective May 27, 2025, Tetsuya Naruse has been appointed President & CEO, and Norihiro Ozawa has been named Executive Vice President & CFO. Under our business philosophy, “For the People,” we will carry forward our desire to provide value by delivering food from person to person. Building on the “redefinition of the restaurant industry” we have proclaimed over the past decade, we will take a leap forward to the next stage of growth.

We have formulated our Medium-term Management Plan, which covers the five-year period from FY2025 to FY2029. We will realize this plan—the themes of which are “Transformation and Sustainable Growth”— by not simply relying on practices we have employed in the past but by challenging ourselves and constantly changing while retaining our founding spirit. As management indicators, we aim to achieve net sales of 300.0 billion yen and operating income of 15.0 billion yen in FY2029. And, while maintaining financial soundness with a debt-to-equity ratio of no higher than 0.90, we aim to improve capital efficiency to an ROIC of 7.0%. As key strategies to achieve these goals, we will undertake “transformation” in our existing segments—the Yoshinoya, Hanamaru, and overseas businesses—with the aims of quantitative expansion and enhanced profitability. At the same time, we will pursue “sustainable growth” through aggressive development and inorganic investments centered on the ramen noodle business, which we have positioned as a new pillar.

The plan calls for estimated investment of 130.0 billion yen over the five-year period, with 10.0 billion yen allocated to infrastructure investment in existing businesses, 80.0 billion yen to growth investment in those same businesses, and 40.0 billion yen to inorganic investment. We will enhance the profitability of our existing businesses, continuously generate stable free cash flow, improve our cash conversion cycle, and strategically utilize leverage financing to secure the necessary funding. As for shareholder returns, we plan to gradually boost shareholder dividends in line with improved business performance.

We ask our shareholders and investors to watch our Group’s “transformation” and “sustainable growth,” and we sincerely appreciate their continued long-term support.