Investor Relations

During the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026), although the announcement of reciprocal tariffs by the United States in April 2025 caused the Nikkei Stock Average to plummet momentarily, interest rate reductions and reduced tariff risks led to the stock market reaching a record high, and it has remained strong, driven by rising expectations regarding market structure reforms by the Tokyo Stock Exchange and improvements to capital efficiency. Despite increasing uncertainty in the Middle East, particularly the rising geopolitical risks surrounding Iran, Japanese stocks have maintained relative resilience. Moreover, the historic victory of the Takaichi administration has led to a rapid increase in expectations for structural reforms of the Japanese economy, and the inflow of foreign investment money into the Japanese stock market has accelerated even further. Amid these changes, activists targeting Japanese companies further intensified their activities. Battles to take the upper hand in capital policies and corporate restructurings have become more intense than ever, with activists issuing shareholder proposals, conducting public campaigns, and intervening in tender offers (TOBs).

As shown in the Group’s key concept, the Power of Equity®, it is becoming increasingly evident that pressure from shareholders is significantly affecting corporate sustainability and structure. In this environment, there are an increasing number of situations where the strengths of the Group, as a fully independent advisor not belonging to any financial group, can be put to good use, such as our quick and effective contingency responses, our unmatched database using data-oriented approach, and our group of professionals well versed in Proxy, TOBs, and M&As. We believe that clients are again strongly recognizing the need for the unique and highly specialized consulting services provided by the Group.

To continue contributing to the sound development of capital markets centered on the power of equity, based on proxy advisory services in which we do not take the activist side, we will support sustainable growth and corporate value improvements of listed companies as a specialist organization offering both independent equity consulting and financial advisory services.

We are sincerely grateful for the continued generous support of our shareholders.