beluuga.ai

Overview

Construction

Fudo Tetra Corporation

Fudo Tetra Corporation is a specialized civil engineering and ground improvement contractor operating across three core segments: civil engineering (earthworks and infrastructure construction), ground improvement (soil stabilization and foundation reinforcement works), and block business (rental of steel molds for wave-dissipating and foundation-fixing concrete blocks, including the iconic Tetrapod). The company serves public infrastructure clients including national and local governments, leveraging proprietary ground improvement technologies and decades of construction expertise. Its competitive strengths include integrated capabilities spanning design, construction, and geotechnical testing, supported by both domestic operations and overseas subsidiaries in the United States.

Activists: Effissimo Capital Management Pte. Ltd. 27.28%

Market Cap

¥41.1B

US$262M

¥37.6B

US$239M

Stock¥2,711▼-0.84%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

3.8

LTM EV/EBIT

5.9

LTM PER

9.2

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-26.2%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 29, 25Earnings release with downward guidance revision

2Feb 6, 26Effissimo large shareholding report (27.28%)

3Feb 26, 26Effissimo Capital Management Pte. Ltd. changed stake (27.28%→27.28%)

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

81%

19%

EquityD/E 0.23xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 49.3%

as of 2026-03-31 · Source: Annual Securities Report

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

15.26%

The Master Trust Bank of Japan, Ltd. (Trust Account)

9.02%

MLI FOR SEGREGATED PB CLIENT (Standing Proxy: BofA Securities Japan Co., Ltd.)

5.23%

CGML PB CLIENT ACCOUNT/COLLATERAL (Standing Proxy: Citibank, N.A., Tokyo Branch)

4.14%

JPMSPLC CLIENT ASSETS SK JPY (Standing Proxy: Citibank, N.A., Tokyo Branch)

3.53%

Fudo Tetra Corporation Stock Ownership Association

2.93%

Custody Bank of Japan, Ltd. (Trust Account)

2.71%

NIPPON STEEL CORPORATION

2.66%

Nittetsu Mining Co.,Ltd.

2.23%

ECM MF (Standing Proxy: Tachibana Securities Co., Ltd.)

1.59%

Management

11 officers

Shinya OKUDA

Representative Director, President

Mar 1980 Joined the Company Oct 2007 Deputy General Manager, Tokyo Head Office, and General Manager, First Sales Department Jun 2008 Executive Officer May 2009 General Manager, Ground Improvement Business Division, Construction Division Jun 2010 Managing Executive Officer Apr 2011 General Manager, Ground Improvement Business Headquarters Jun 2011 Director Jun 2015 Representative Director, Executive Vice President Apr 2018 Representative Director, President (current)

1955-01-09

Atsushi OHBAYASHI

Representative Director, Executive Vice President

Mar 1984 Joined the Company Jun 2008 General Manager, Second Sales Department, Tokyo Head Office May 2009 General Manager, Technology Department, Ground Improvement Business Division, Construction Division Apr 2016 Executive Officer; Deputy General Manager, Ground Improvement Business Headquarters, and General Manager, Technology Department Apr 2018 Managing Executive Officer; General Manager, Ground Improvement Business Headquarters Jun 2018 Director Apr 2024 Executive Vice President (current) May 2025 In charge of Civil Engineering Business, Ground Improvement Business, and Block Environment Business Jun 2026 Representative Director (current)

1961-03-24

Takashi SATO

Director, Executive Vice President (General Manager, Civil Engineering Business Headquarters)

Mar 1989 Joined the Company Jan 2008 Manager, Sales Department, Chubu Branch Apr 2014 General Manager, First Sales Department, Chubu Branch Apr 2020 Executive Officer; Deputy Branch Manager, Kyushu Branch Apr 2021 Executive Officer; Branch Manager, Kyushu Branch Apr 2024 Managing Executive Officer; Branch Manager, Kyushu Branch Apr 2025 Managing Executive Officer; General Manager, Civil Engineering Business Headquarters (current) Apr 2026 Executive Vice President (current) Jun 2026 Director (scheduled to assume office)

1966-01-24

Kumiko MIURA

Director, Audit and Supervisory Committee Member (Full-time)

Mar 1984 Joined the Company Apr 2016 General Manager, Administration Department, Ground Improvement Business Headquarters Apr 2020 Executive Officer; Deputy General Manager, Ground Improvement Business Headquarters, and General Manager, Administration Department Apr 2024 Assigned to the President's Office Jun 2024 Director, Audit and Supervisory Committee Member (current)

1962-01-19

Mari OSAWA

Director

Apr 1998 Professor, Institute of Social Science, University of Tokyo (now National University Corporation University of Tokyo) Apr 2015 Director, Institute of Social Science, National University Corporation University of Tokyo Apr 2018 Executive Officer and Vice President, National University Corporation University of Tokyo Jun 2019 Professor Emeritus, National University Corporation University of Tokyo (current) Jun 2020 Director of the Company (current)

1953-04-04

Tomohiro KAWAMURA

Director

Apr 1989 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jan 2000 Joined Sanwa Research Institute Co., Ltd. (now Mitsubishi UFJ Research and Consulting Co., Ltd.) Jan 2007 Head of Innovation Support Office, Mitsubishi UFJ Research and Consulting Co., Ltd. Apr 2017 General Manager, Management Consulting Division I, Mitsubishi UFJ Research and Consulting Co., Ltd. Jul 2018 Representative Partner, TK Partners LLC (current) Jul 2021 Outside Director, Tasuki Consulting Co., Ltd. Jun 2023 Outside Director, IA Group Corporation (current) Nov 2024 Representative Director, Life Capsule Co., Ltd. (current) Jun 2025 Director of the Company (current)

1966-06-06

Kiyoyuki KURODA

Director, Audit and Supervisory Committee Member

Apr 1996 Registered as attorney-at-law; joined Miyake & Partners (now Miyake & Partners Law Firm) May 2002 Partner, Miyake & Partners Nov 2005 Outside Audit & Supervisory Board Member, WDB Co., Ltd. (now WDB Holdings Co., Ltd.) Jun 2009 Outside Director, WDB Co., Ltd. (now WDB Holdings Co., Ltd.) (current) Jun 2018 Director, Audit and Supervisory Committee Member of the Company (current) May 2019 Member (Representative), Miyake & Partners Law Firm (current)

1970-01-12

Masaharu SUZUKI

Director, Audit and Supervisory Committee Member

Nov 1976 Joined Tohmatsu Aoki & Co. (now Deloitte Touche Tohmatsu LLC) Mar 1980 Registered as Certified Public Accountant Jul 1990 Partner, Audit Corporation Tohmatsu (now Deloitte Touche Tohmatsu LLC) Jul 2001 Managing Director, Japanese Institute of Certified Public Accountants Jul 2013 Vice President, Japanese Institute of Certified Public Accountants Jan 2020 Representative, Masaharu Suzuki CPA Office (current) Mar 2022 Outside Audit & Supervisory Board Member, Kitoku Shinryo Co., Ltd. (current) Jun 2022 Director, Audit and Supervisory Committee Member of the Company (current)

1954-12-06

Kiyoshi MAEDA

Director, Audit and Supervisory Committee Member

Apr 1977 Joined Mitsubishi Corporation Apr 2005 General Manager, Strategic Planning Office, Materials Division, Mitsubishi Corporation Jun 2008 Executive Officer; General Manager, Forestry Department, Mitsubishi Paper Mills Limited Jun 2010 Senior Executive Officer; General Manager, Materials Department and Forestry Department, Mitsubishi Paper Mills Limited Jun 2013 Senior Executive Officer; General Manager, President's Office, Mitsubishi Paper Mills Limited Jun 2015 Managing Executive Officer, Mitsubishi Paper Mills Limited Jun 2016 Senior Managing Executive Officer, Mitsubishi Paper Mills Limited Apr 2020 Professor, Faculty of Economics, Teikyo University Jun 2024 Director, Audit and Supervisory Committee Member of the Company (current)

1954-07-09

Torayoshi INOUE

Director, Audit and Supervisory Committee Member

Dec 1985 Registered as Certified Public Accountant Oct 1995 National Partner, Arthur Andersen Oct 1997 Worldwide Partner, Arthur Andersen Jul 1999 Representative Partner, Asahi & Co. (now Ernst & Young ShinNihon LLC) Jul 2008 Principal, Torayoshi Inoue CPA Office (current) Jun 2010 Representative Director, President, Accounting Advisory Co., Ltd. (current) Jun 2011 Outside Audit & Supervisory Board Member, Pioneer Corporation Sep 2011 Supervisory Director, GLP J-REIT Mar 2016 Outside Audit & Supervisory Board Member, Kao Corporation Jun 2016 Outside Audit & Supervisory Board Member, Aozora Bank, Ltd. (current) Jun 2024 Outside Audit & Supervisory Board Member, Hokuetsu Corporation (current) Jun 2026 Director, Audit and Supervisory Committee Member of the Company (scheduled to assume office)

1956-09-06

Manabu ADACHI

Director, Audit and Supervisory Committee Member

Oct 2004 Registered as attorney-at-law; joined Tokyo Fuji Law Office Apr 2012 Partner, Tokyo Fuji Law Office (current) Apr 2019 Member of the Board of Councilors, Japan Turnaround Professionals Association (current) May 2026 Temporary Director (Director, Audit and Supervisory Committee Member), First Corporation Co., Ltd. (current) Jun 2026 Director, Audit and Supervisory Committee Member of the Company (scheduled to assume office)

1977-03-10

Large Shareholding Reports