Our Creations Inspire Creativity
Reinforcing the Group’s management foundation for adapting to changes
Ceaseless evolution
In appreciation of the ongoing support of the shareholders of the PILOT Group’s business activities, we are pleased to present our 2025 business report in English.
The fiscal year under review was a year in which the global economic outlook remained uncertain and we had to flexibly adapt our business operations in response to dramatically fluctuating conditions in each region and market.
In this environment, the Group launched its 2025–2027 Medium-Term Management Plan (the “Medium-Term Management Plan”) and worked on various measures in line with the theme of “reinforcing the Group’s management foundation for adapting to changes.”
However, net sales for the fiscal year under review fell below the initial forecast due to significant changes in market conditions, including declining demand caused by progressing inflation in various regions, economic stagnation, and rising inventory levels in some regions, which we were unable to fully capture. Additionally, mainly due to the failure to achieve the net sales target, operating margin and ROE were also below targets.
As management, we sincerely acknowledge the inability to achieve sufficient results against the target set for the first year of the Medium-Term Management Plan. Meanwhile, this outcome has become a stark reminder of the importance of management foundations for perceiving changes in markets and customers more quickly and reflecting these changes in business operations and decision-making.
The Group will continue to focus on global growth in our mainstay business, writing instruments, while also working on the creation of new businesses to support future growth. To reinforce our management foundation, we will steadily advance operational reforms from the viewpoint of total optimization, strengthen the Group’s management structure, drive human resource development, and reform the global supply chain, among other initiatives.
Based on the PILOT Group’s Purpose “Our Creations Inspire Creativity,” we will work together as a group to meet the expectations of shareholders through steadily implementing each of the measures set out in the Medium-Term Management Plan and improving our corporate value in the medium to long term.
In closing, we sincerely ask our shareholders for your continued support.
March 2026
Fumio Fujisaki
Representative Director & President
PILOT Corporation