Strong Free Cash Flow GenerationSustained and improving free cash flow (¥6.27B in 2025) provides durable internal funding for capex, debt reduction, and dividends. Over the next 2–6 months this cash generation supports strategic flexibility and lowers refinancing risk versus peers with weaker cash conversion.
Recovered And Resilient ProfitabilityMargins have materially recovered since the loss-making period, indicating a resilient business model and pricing/operational leverage. Sustainable mid-teens gross and double-digit net margins underpin ongoing cash conversion and capacity to invest in growth or absorb cost pressures.
Balance-sheet Repair And Rebuilt Equity BaseThe company’s repaired equity base and materially lower leverage versus recent peaks reduce tail risk and improve financial optionality. A stronger capital structure enhances capacity to fund strategic initiatives, negotiate with lenders, and withstand industry cyclicality over the medium term.