The environment encompassing Warabeya Nichiyo Group is undergoing significant changes, including social demands for food safety, a declining birthrate, aging population, and other demographic shifts, and diversifying lifestyles.
We will therefore build a management foundation and strengthen our earnings structure in a way that can address any environment, while aspiring to a corporate group that better enhances corporate value and achieves sustainable growth.
Five-Year Medium-term Management Plan
Targets for the final fiscal year of the Medium-term Management Plan(fiscal year ending February 2028)
Net sales
250
billion yen
Operating profit
10
billion yen
Initiatives for Sustainable Growth
- Improve profits in the domestic Food Production Business and pursue consumer demand
- Expand the overseas Food Production Business
- Improve the profitability of group-related businesses

The Company aims to increase earnings in the domestic Food Production Business by realizing an appropriate sales portfolio. Doing so will rely on our efforts to develop attractive products achieved by precisely capturing the needs of consumers, and on our efforts to improve production systems with an eye to the future of ever-changing demand.
- Develop products that precisely capture consumer needs
- Restructure production systems with an eye to the future
- Review the sales portfolio
- 拡大
- Ratio of Bento Meal Box Sales Accounted for by Chilled Items (company results)
The demand for bento meal boxes in Japan is shifting from room-temperature bento meal boxes controlled at about 20°C to refrigerated chilled bento meal boxes. Handled under strict temperature control, chilled bento meal boxes have a long shelf-life, thereby extending the time during which they are available for sale. As a result, chilled bento meal boxes also help reduce lost sales opportunities at stores and reduce food loss, which is expected to further drive demand for these upwards.

In anticipation of future demand for chilled bento meal boxes, a new plant started operations in Isesaki City, Gunma Prefecture in March 2025.
- 拡大
- Net Sales Composition by Product Type
(fiscal year ended February 2024)
Although the Group offers a diverse range of products, onigiri rice balls, bento meal boxes, and other items classified as cooked rice products still account for the majority of sales.
We will therefore meet the increasingly diverse needs of our customers by transforming our sales portfolio (product sales mix) into one that differs from today through an effort to create new value in a way that leverages our Product Development and broad product lineup.

The Group's first domestic plant began operation specializing in cooked noodles and one dedicated to baked bread in spring 2024.
The photo is Iruma plant that manufacture cooked noodles.
The Company will build a global business foundation by combining the know-how we have accumulated over more than 40 years as part of our overseas business with our three strengths as a leading company on the Japanese ready-to-eat meals market, namely Product Development, Production Technology, and Quality Control & Hygiene Management.
- Leverage our many years of know-how accumulated overseas
- 拡大
- US Business Net Sales
In the Overseas Business, in addition to increased sales at existing plants owing to market growth and the contribution of the Virginia Plant, which started operations in 2023, net sales for the fiscal year ending February 2024 were 16.6 billion yen, significantly exceeding the first half of the fiscal year. Going forward, we expect the Overseas Business to continue to grow at a high rate by the year-round operation and continued growth of the Virginia Plant, as well as the impact of the Ohio Plant, which is scheduled to start operating in September 2025.

The Virginia Plant manufacturing bread products and other items to 1,350 locations.
Delivery area: Virginia, Pennsylvania, Maryland, Delaware, North Carolina, and Washington, D.C.
The Group's related businesses are primarily centered on the Food Materials Business, which procures, processes, and sells carefully selected ingredients from Japan and abroad, and the Logistics Business, which focuses on the delivery and sorting of foods that require appropriate temperature control. Along with more efficiently leveraging management resources and improving profitability through concentration on core competencies, we aim to expand these businesses through new initiatives.
- Increase profitability through concentration on core competencies
- Expand business through new initiatives
- P/B ratios remain below 1× (As of June 2024)
- Cost of shareholders’ equity is estimated to be around 6%
Recognized discrepancy between the Company’s CAPM-based cost of capital and market expectations (Mainly due to liquidity risk premium)
- Achieve earnings growth through aggressive growth investments
- Promote management conscious of cost of capital and stock price
Target ROE of 10% or more (FY2/2028)
Initiatives to improve PBR
Profitability improvement |
Domestic |
Improve production efficiency by consolidating manufacturing, mechanization, etc. through plant reorganization |
Building a sales portfolio by entering new categories |
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Strengthening the business foundation of Group Business |
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Overseas |
Establishment of a new base in North America, where market growth continues |
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Continued growth in existing areas, leveraging expertise in Japan |
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Financial strategy |
Active use of interest-bearing debt |
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Stable and continuous shareholder returns through dividends |
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IR |
Active and attentive dialogue with shareholders and investors |
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Sustainability |
Initiatives related to strengthening governance, as well as environment and human capital |