Letter Sent to Yakult Honsha

September 11, 2026

Dalton Investments has sent a letter to the Corporate Value Enhancement Committee of Yakult Honsha Co., Ltd. (“Yakult”).

Yakult has established a Corporate Value Enhancement Committee and is currently undertaking a fundamental review of its business strategy, capital policy and governance.

In the letter, Dalton sets out specific recommendations aimed at sustainable long-term corporate value creation at Yakult. The recommendations focus primarily on strengthening capital-allocation discipline through ROIC-based management, while also addressing growth investment and the optimization of the Company’s business and asset portfolio, defining the balance sheet based on the Company’s capital requirements, strengthening governance, and expanding dialogue with the capital markets.

The full letter is available here.

The supporting materials are available here.