Margin Recovery And Sustained ProfitabilityA clear rebound from the 2024 loss into mid-single-digit net margins and ~12% operating margin by 2026 indicates structural cost control, pricing power, and better mix toward higher‑value gelatin/collagen grades, supporting durable earnings power over the next 2–6 months.
Meaningful Deleveraging And Stronger Balance SheetProgressive reduction in leverage to 0.25 D/E and growing equity improves financial flexibility, lowers refinancing risk, and enables reinvestment or dividend capacity—strengthening the company's resilience to raw material swings and funding needs over the medium term.
Improved Cash Generation And Positive Free Cash FlowTransition from negative OCF to positive operating and free cash flow (~¥4.5B in 2026) demonstrates the business now converts earnings into cash, enhancing funding for capex, working capital and shareholder returns while reducing dependency on external financing.