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Message from the President

Let me begin my message by expressing my deepest gratitude to all stakeholders who have been steadfast in their support for Mandom Corporation.

The Mandom Group launched its 14th Mid-Term Management Plan (MP-14) in April 2024. MP-14 is positioned as a phase to build a foundation for growth for the next 100 years, starting with the next Mid-Term Management Plan (MP-15), and the entire company is working on it.
As one specific initiative, we adopted the CxO system to promote the group management structure and established a system that enables each CxO to think and act in a holistically optimal manner in order to maximize the consolidated group earnings.
In addition, we are launching a company-wide project to improve profitability through a fundamental review of the value chain, starting in Japan in January 2024. We are in the process of taking a scalpel to every part of the value chain, from appropriate product pricing, profitability, and raw material suppliers to the internal meeting system, and are working as one with all employees under the Zero-based thinking approach. Through these various efforts, we will improve profitability and use the resources we generate to make up-front investments that will lead to increased corporate value and returns to our shareholders.

Financial Results for the Fiscal Year Ending March, 2025
Sales for the previous fiscal year (ending March, 2025) totaled \76,183 million (up 4.0% year on year). This was mainly due to strong sales in Japan, despite a decrease in sales in Indonesia. Operating income was \1,028 million (down 49.1% year on year). This was mainly due to a decrease in sales and an increase in the cost of sales ratio in Indonesia, as well as an increase in selling and administrative expenses, despite an increase in net sales. As a result, ordinary income was \2,180 million (down 26.8% year on year), and net income attributable to owners of the parent was \1,859 million (down 28.5% year on year). With regard to operating results by segment (sales to external customers are sales to external customers), sales in Japan amounted to \40,354 million (up 6.2% year on year). This was mainly due to strong sales of the GATSBY brand in the men's business. In terms of profit, operating income was \1,606 million (up 172.2% year on year), mainly due to an increase in gross profit despite an increase in selling and administrative expenses. Sales in Indonesia amounted to \13,430 million (down 8.7% year on year). This was mainly due to a decrease in sales of the PIXY in the women's business and GATSBY brands. In terms of profit, an operating loss of \1,810 million was recorded, compared with an operating loss of \25 million in the previous year, mainly due to an increase in the cost of sales ratio. Sales in the overseas and others segment were \22,398 million (up 9.2% year on year). This was mainly due to an increase in the yen equivalent value of sales resulting from the weaker yen. In terms of profit, operating income was \1,324 million (down 6.5% year on year) due to an increase in various expenses, including selling, general and administrative expenses and personnel expenses.
For the current fiscal year (ending March, 2026), in Japan, we will nurture brands and expand sales through selective and focused marketing investments. We will also continue to improve profitability from various angles through Zero-based thinking and seek new growth engines by pursuing new business possibilities through M&A and business alliances. In Indonesia, we aim to significantly expand sales by implementing focused marketing investments in hair styling and women's cosmetics. In addition, we will work to optimize our workforce and, as in Japan, initiate activities to improve profitability and lead to a recovery in profits. In overseas and others, we will maintain a high sales growth rate by expanding sales through new products that can realize unique value propositions and by implementing sales strategies that leverage the strengths of our brands.

Finally, I would like to thank you all for your continued understanding and support.

May 2025
Ken Nishimura
Representative Director and President Executive Officer