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Overview

Construction

OTEC CORPORATION

Autec Corporation operates two core business segments: the Environmental Systems Business, which provides design, construction, and maintenance of automatic control systems (instrumentation/BAS) and radiant heating/cooling systems for new and existing buildings, along with sales of automatic control equipment and environment-related devices; and the Pipe & Mechanical Materials Business, which sells sanitary ware, residential equipment, HVAC equipment, industrial machinery, pipe fittings, valves, and steel pipes. The company acts as a specialty distributor and contractor, leveraging longstanding dealer agreements with Azbil Corporation (formerly Yamatake Honeywell) for HVAC and process control products. Its nationwide presence is supported by a network of regional subsidiaries and subcontracting entities across Hokkaido, Tohoku, Kanto, Chubu, and Kyushu.

Market Cap

US$215M

¥34.4B

US$92.8M

¥14.8B

StockUS$13.90(¥2,220)▼-1.38%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

2.8

LTM EV/EBIT

3.0

LTM PER

9.9

LTM PBR

1.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.7%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Aug 10, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

93%

EquityD/E 0.08xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

Environmental system business

Revenue

US$136M(¥21.8B)

Segment profit

US$38.0M(¥6.08B)27.9%

Plumbing sanitary equipment business

Revenue

US$75.2M(¥12.0B)

Segment profit

-US$0.51M(¥-0.08B)-0.7%

Adjustments

Revenue

-US$0.35M(¥-0.06B)

Segment profit

-US$5.70M(¥-0.91B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 61.1%

as of 2026-09-30 · Source: Annual Securities Report

Nippon Tsugite Co., Ltd.

19.25%

UH Partners 2 Investment Limited Partnership

7.48%

Hikari Tsushin KK Investment Limited Partnership

6.54%

OTEC CORPORATION Employee Stock Ownership Association

5.96%

AUTEC Kyoeikai

5.70%

Azbil Corporation

4.79%

UH Partners 3 Investment Limited Partnership

3.74%

FM Valve Works Co., Ltd.

2.72%

Mizuho Bank, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)

2.58%

MUFG Bank, Ltd.

2.29%

Management

8 officers

Shinichi ICHIHARA

Representative Director, President

Apr 1980 Joined Oishi Shoji Co., Ltd. (now the Company) Apr 1998 Manager, Higashi-Kanto Branch, Systems Business Division Apr 2007 Manager, Tokyo Branch, Systems Business Division Jun 2011 Director, Manager, Tokyo Branch, Systems Business Division Apr 2014 Director, General Manager, Administration Division Jun 2015 Managing Director, General Manager, Administration Division and General Manager, OA Information Department Apr 2017 Managing Director, General Manager, Administration Division Jun 2017 Representative Director, President (current)

1961-04-12

Susumu ANNO

Managing Director, in charge of Administration

Apr 1990 Joined The Hokkaido Takushoku Bank, Ltd. Apr 1998 Joined the Company Apr 2008 General Manager, Accounting Department Feb 2013 Audit & Supervisory Board Member, Sanyu Shokai Co., Ltd. (current) Aug 2016 Audit & Supervisory Board Member, Furuno Denki Kogyo Co., Ltd. (current) Apr 2017 Audit & Supervisory Board Member, Daiwa Valve Co., Ltd. (current) May 2017 Audit & Supervisory Board Member, Doto Autec Co., Ltd. (current) May 2017 Audit & Supervisory Board Member, Kyushu Autec Co., Ltd. (current) Jun 2017 General Manager, Administration Division and General Manager, Accounting Department Jul 2018 Executive Officer, General Manager, Administration Division and General Manager, Accounting Department May 2020 Audit & Supervisory Board Member, Autec Environment Co., Ltd. (current) Jun 2020 Director, General Manager, Administration Division and General Manager, Accounting Department Mar 2021 Audit & Supervisory Board Member, Inter Central Co., Ltd. (current) Apr 2021 Director, General Manager, Administration Division Apr 2026 Director, in charge of Administration Jun 2026 Managing Director, in charge of Administration (current)

1966-10-16

Shinji MATSUO

Managing Director, General Supervisor of Environmental Systems Business Division and Piping & Plumbing Equipment Business Division

Apr 1987 Joined the Company Apr 2017 General Manager, Tohoku Branch, Systems Business Division Apr 2021 General Manager, Tokyo Branch, Environmental Systems Business Division Apr 2023 Executive Officer, Deputy General Manager, Environmental Systems Business Division Apr 2024 Executive Officer, General Manager, Environmental Systems Business Division May 2024 Director, Autec Service Hokkaido Co., Ltd. May 2024 Director, Autec Service Kita-Kanto Co., Ltd. Jun 2024 Director, General Manager, Environmental Systems Business Division Apr 2026 Director, General Supervisor of Environmental Systems Business Division and Piping & Plumbing Equipment Business Division Apr 2026 Director, K.T.S. Co., Ltd. (current) May 2026 Director, Autec Service Tohoku Co., Ltd. (current) May 2026 Director, Furuno Denki Kogyo Co., Ltd. (current) May 2026 Director, Inter Central Co., Ltd. (current) Jun 2026 Managing Director, General Supervisor of Environmental Systems Business Division and Piping & Plumbing Equipment Business Division (current)

1964-06-03

Haruhito ITO

Director, General Manager, Piping & Plumbing Equipment Business Division

Apr 1988 Joined the Company Apr 2008 General Manager, Sapporo Branch, Piping Materials Business Division Apr 2016 General Manager, Tokyo Branch, Piping Materials Business Division Apr 2019 General Manager, Piping & Plumbing Equipment Business Division May 2020 Director, Sanyu Shokai Co., Ltd. May 2020 Director, Doto Autec Co., Ltd. (current) Apr 2023 Executive Officer, General Manager, Piping & Plumbing Equipment Business Division May 2024 Representative Director, President, Sanyu Shokai Co., Ltd. (current) Jun 2024 Director, General Manager, Piping & Plumbing Equipment Business Division (current) May 2026 Director, Kyushu Autec Co., Ltd. (current)

1964-04-28

Takashi MURASE

Director, General Manager, Environmental Systems Business Division

Apr 1995 Joined the Company Apr 2020 General Manager, Chubu Branch, Environmental Systems Business Division Apr 2023 General Manager, Tokyo Branch, Environmental Systems Business Division Apr 2025 Executive Officer, Deputy General Manager, Environmental Systems Business Division Apr 2026 Executive Officer, General Manager, Environmental Systems Business Division Apr 2026 Director, K.T.S. Co., Ltd. (current) May 2026 Director, Autec Service Kita-Kanto Co., Ltd. (current) May 2026 Director, Autec Environment Co., Ltd. (current) Jun 2026 Director, General Manager, Environmental Systems Business Division (current)

1971-12-31

Hiromasa KIJIMA

Director, Full-time Audit and Supervisory Committee Member

Apr 1985 Joined Kawasaki Steel Corporation (now JFE Steel Corporation) Apr 2012 General Manager, Electrical Steel Sheet Sales Department, JFE Steel Corporation Apr 2013 General Manager, General Affairs Department, West Japan Works, JFE Steel Corporation Apr 2016 General Manager, Human Resources Department, JFE Joint Corporation (now Nippon Tsugite Co., Ltd.) Apr 2017 Director (in charge of Human Resources, General Affairs, Accounting, Planning and Process Departments), Nippon Tsugite Co., Ltd. May 2023 Representative Director, President, Nippon Tsugite Co., Ltd. Apr 2025 Senior Advisor, Nippon Tsugite Co., Ltd. Jun 2026 Director, Full-time Audit and Supervisory Committee Member, the Company (current)

1961-07-07

Masahiro SAKAI

Director, Audit and Supervisory Committee Member

Apr 1992 Joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2000 Joined Yashu Sogo Kosan Co., Ltd. Nov 2008 Representative Director, Yashu Sogo Kosan Co., Ltd. (current) Aug 2009 Representative Director, Seven Seas Investment Co., Ltd. (current) Dec 2016 Registered as attorney-at-law Feb 2017 Opened Kaji-Sakai Law Office; Co-Representative Partner of the office (current) Jun 2022 Director, Audit and Supervisory Committee Member, the Company (current)

1968-09-18

Noriko KOIKE

Director, Audit and Supervisory Committee Member

Mar 1985 Joined Sanrio Co., Ltd. Oct 1989 Joined Aoyama Audit Corporation (now PricewaterhouseCoopers Japan LLC) Apr 1993 Registered as Certified Public Accountant Sep 1994 Joined Yamada & Partners Accounting Office (now Yamada & Partners Certified Tax Accountant Corporation) Jan 1997 Opened Koike Certified Public Accountant Office; Representative of the office (current) Jun 2015 Outside Audit & Supervisory Board Member, The Higashi-Nippon Bank, Limited Jun 2020 Outside Audit & Supervisory Board Member, Matsumotokiyoshi Holdings Co., Ltd. (now Matsukiyo Cocokara & Company, Ltd.) (current) Mar 2023 Outside Audit & Supervisory Board Member, Hulic Co., Ltd. (current) Jun 2024 Director, Audit and Supervisory Committee Member, the Company (current)

1962-09-17

Large Shareholding Reports

Azbil Corporation

2026-11-02

18.35%

Annual report (as of 2026-09-30): 4.79%

Hikari Tsushin, Inc.

2026-11-02

7.00%→7.00%

Koutsushin Co., Ltd.

2026-09-15

7.00%→7.00%

Nippon Tsugite Co., Ltd.

2025-10-03

18.35%→18.35%

Annual report (as of 2026-09-30): 19.25%

Nippon Tsugite Co., Ltd.

2025-10-03

18.35%→18.35%

Annual report (as of 2026-09-30): 19.25%

Nihon Kokan Tsugite Co., Ltd.

2025-10-03

18.35%→18.35%

Nihon Kokan Tsugite Co., Ltd.

2025-10-01

18.35%

Koutsushin Co., Ltd.

2025-09-26

6.93%→7.00%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-10

Semi-Annual Securities Report

Period: Apr 2026 – Sep 2026

OTEC CORPORATION

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