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Overview

Construction

YAMATO CORPORATION

Yamato Co., Ltd. is a general construction company headquartered in Maebashi, Gunma Prefecture, primarily engaged in the design, supervision, and construction of building and civil engineering works, HVAC and sanitation systems, electrical and telecommunications installations, water treatment plants, and refrigeration/cold storage facilities. The company serves a broad range of clients through its integrated capabilities spanning new construction, repair, maintenance, and facility management services. Its group structure includes 11 subsidiaries covering specialized functions such as electrical equipment installation, steel fabrication, interior construction, hydroelectric power generation, and roadside commercial facility operations.

Activists: UGS Asset Management, Inc. 0.00%

Market Cap

¥47.6B

US$304M

¥20.5B

US$130M

Stock¥2,126▼-1.30%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

3.4

LTM EV/EBIT

3.8

LTM PER

10.4

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.9%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

Gunma-based general contractor spanning HVAC, civil, electrical and water treatment via 11 subsidiaries, serving Kanto/Tohoku public and private clients. FY26/3 revenue ¥54.3B with OP margin expanding to 9.9%, up from 4.6% in FY23/3 — steady margin re-rating on improving project mix. Net cash position (¥12.5B cash vs ¥1.1B debt) and EV/EBITDA LTM near 3.5x suggest the market has yet to fully price in the profitability turnaround.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

97%

EquityD/E 0.03xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 42.7%

as of 2026-03-20 · Source: Annual Securities Report

YAMATO CORPORATION Employee Stock Ownership Association

6.50%

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

5.78%

The Gunma Bank,Ltd.

4.92%

THE TOWA BANK,LTD.

4.78%

Sanko Kucho Co., Ltd.

4.47%

Midori Kyoeikai

4.39%

The Daishi Hokuetsu Bank, Ltd.

3.90%

Nihon Kanzai Center Co., Ltd.

2.98%

The Bank of Yokohama, Ltd.

2.65%

Iwase Sangyo Co., Ltd.

2.32%

Management

13 officers

Yutaka MACHIDA

Representative Director, President and Executive Officer, Chief Executive Officer (CEO)

Mar 1975 Joined the Company Jun 2005 Executive Officer, Tochigi Branch Manager Jun 2009 Director Mar 2011 Managing Executive Officer Jun 2013 Senior Managing Executive Officer, General Manager, Business Division Jun 2015 Vice President and Director Jun 2016 Representative Director, President and Executive Officer; Chief Operating Officer (current) Dec 2016 Representative Director, President, Saei Yamato Co., Ltd. (current) May 2017 Representative Director, President, Saitama Yamato Co., Ltd. (current) Apr 2018 Representative Director, Road Station Maebashi Kamitake Co., Ltd. (current) Mar 2026 Representative Director, President and Executive Officer, Chief Executive Officer (CEO) (current)

1952-06-11

Makoto YOSHII

Director, Executive Vice President and Executive Officer, in charge of Business Division and Group Companies

Mar 1972 Joined the Company Mar 2002 General Manager, Environmental Business Division Jun 2005 Director (current) Mar 2006 Executive Officer Mar 2011 Managing Executive Officer Mar 2015 General Manager, Planning and Sales Division Jun 2015 Senior Managing Executive Officer Mar 2019 General Manager, Business Division Mar 2021 Executive Vice President and Executive Officer (current) Mar 2022 Representative Director, President, Otsuka Seisakusho Co., Ltd. (current) Mar 2022 Representative Director, President, Hakojima Yusui Hatsuden PFI Co., Ltd. (current) Mar 2026 In charge of Business Division and Group Companies (current)

1950-01-19

Satoshi KATANUMA

Director, Senior Managing Executive Officer, General Manager, Metropolitan Area Business Division

Feb 1987 Joined the Company Mar 2015 Executive Officer, General Manager, Refrigeration and Air-Conditioning Department Jun 2015 Director (current) Jun 2019 Managing Executive Officer Jun 2022 Senior Managing Executive Officer (current) Mar 2023 Deputy General Manager, Business Division Sep 2023 General Manager, Tokyo Branch; in charge of Yokohama and Chiba Branches Jun 2024 General Manager, Metropolitan Area Business Division (current); concurrently General Manager, Tokyo Branch

1961-12-09

Tetsuo KIMURA

Director, Senior Managing Executive Officer, in charge of Design Division, Technology Division and Procurement Division

Apr 1987 Joined the Company Mar 2012 General Manager, Design Department Mar 2015 Executive Officer, General Manager, Technology Division Jun 2019 Managing Executive Officer Jun 2022 Senior Managing Executive Officer (current) Mar 2023 General Manager, Design Division; concurrently General Manager, Technology Division; in charge of Procurement Department Jun 2023 Director (current) Mar 2026 In charge of Design Division, Technology Division and Procurement Division (current)

1956-02-14

Kuniaki SATO

Director, Senior Managing Executive Officer, General Manager, Business Division; General Manager, Refrigeration and Air-Conditioning Department

Apr 1988 Joined the Company Mar 2014 General Manager, Refrigeration and Air-Conditioning Sales Division Mar 2020 Executive Officer, General Manager, Refrigeration and Air-Conditioning Department (current) Mar 2023 Managing Executive Officer Jun 2023 Director (current) Mar 2025 Deputy General Manager, Business Division Apr 2025 Senior Managing Executive Officer (current) Mar 2026 General Manager, Business Division (current)

1964-06-17

Masahiro FUJII

Director, Managing Executive Officer, General Manager, Administration Division

Apr 1987 Joined The Gunma Bank, Ltd. Feb 2006 Branch Manager, Hosen Branch, The Gunma Bank, Ltd. Jun 2011 Branch Manager, Takasaki Kita Branch, The Gunma Bank, Ltd. Feb 2014 Deputy General Manager, Head Office Sales Department, The Gunma Bank, Ltd. Oct 2016 Branch Manager, Tomioka Branch, The Gunma Bank, Ltd. Oct 2018 General Manager, Operations Center, The Gunma Bank, Ltd. May 2019 Joined the Company as Adviser Jun 2019 Director (current), Executive Officer, General Manager, Administration Division (current) Apr 2025 Managing Executive Officer (current)

1964-03-12

Hiroyasu TORII

Director, Managing Executive Officer, General Manager, Engineering Business Division; Project Leader for Corporate Collaboration

May 2001 Joined the Company Mar 2015 Executive Officer, General Manager, Planning and Promotion Department Jun 2019 Director (current) Mar 2023 General Manager, Engineering Business Division (current) Mar 2026 Managing Executive Officer (current); Project Leader for Corporate Collaboration (current)

1969-09-20

Tetsuhiro ISHIDA

Director

Apr 1973 Joined Gunma Prefectural Government Apr 2008 General Manager, Planning Department, Gunma Prefectural Government Apr 2009 Joined FM Gunma Co., Ltd. Jun 2009 Senior Managing Director, FM Gunma Co., Ltd. Jun 2010 Representative Director, President, FM Gunma Co., Ltd. Jun 2015 Director (current) Jun 2018 Chairman, Director, FM Gunma Co., Ltd. Jun 2021 Senior Adviser, FM Gunma Co., Ltd.

1950-03-29

Eiichi KAWAMOTO

Director

Apr 1965 Joined Obayashi Corporation Jun 1967 Director, Kawamoto Kogyo Co., Ltd. Nov 1968 Representative Director, President, Kawamoto Kogyo Co., Ltd. Nov 2004 Chairman, Tatebayashi Chamber of Commerce and Industry Jun 2019 Director (current) Nov 2019 Adviser, Tatebayashi Chamber of Commerce and Industry (current) Apr 2022 Representative Director, Chairman, Kawamoto Kogyo Co., Ltd. Dec 2024 Director, Chairman, Kawamoto Kogyo Co., Ltd. (current)

1942-07-26

Sachiyo EGASHIRA

Director

Apr 2003 Assistant Professor, National Institute of Technology, Hiroshima National College of Maritime Technology Apr 2006 Associate Professor, Ohara Graduate School Apr 2014 Associate Professor, Faculty of Business Administration, Kanto Gakuin University Apr 2016 Horikawa Tax Accountant Office (current) Oct 2017 Professor, Department of Business Administration, Faculty of Business Administration, Kanto Gakuin University (current) Jun 2019 Registered Certified Public Tax Accountant Apr 2021 Vice President and Dean of Academic Affairs (concurrently), Kanto Gakuin University (current) Jun 2025 Director (current)

1970-04-03

Toshiaki SAITO

Full-time Audit & Supervisory Board Member

Apr 1981 Joined the Company Mar 2005 General Manager, Hot Spring Business Division Mar 2007 Executive Officer Jun 2015 Director Jun 2023 Adviser, in charge of Hot Spring Business Jun 2024 Full-time Audit & Supervisory Board Member (current)

1955-08-24

Yuji KANAI

Audit & Supervisory Board Member

Apr 1979 Joined The Gunma Bank, Ltd. Jun 2011 Executive Officer, General Manager, Credit Examination Department, The Gunma Bank, Ltd. Jun 2014 Director, General Manager, Corporate Planning Department (concurrently), The Gunma Bank, Ltd. Jun 2016 Managing Director, The Gunma Bank, Ltd. Jun 2019 Representative Director, President, GunGin Securities Co., Ltd. Jun 2020 Audit & Supervisory Board Member (current)

1956-12-05

Atsushi MOCHIZUKI

Audit & Supervisory Board Member

Apr 1981 Joined The Bank of Yokohama, Ltd. Apr 2008 Executive Officer, The Bank of Yokohama, Ltd. Jun 2010 Director, Executive Officer, The Bank of Yokohama, Ltd. Apr 2013 Managing Director, Executive Officer, The Bank of Yokohama, Ltd. Apr 2015 Representative Director, Managing Executive Officer, The Bank of Yokohama, Ltd. Jun 2016 Representative Director, Deputy President, The Bank of Yokohama, Ltd. Jun 2017 Chairman, Representative Director, Hamagin Finance Co., Ltd. Jun 2021 Non-Executive Director, Private Finance Initiative Promotion Organization, Ltd. (current) Jun 2022 Non-Executive Director, S.O.C. Co., Ltd. (current) Jun 2023 Audit & Supervisory Board Member (current)

1958-01-13

Large Shareholding Reports

fundnote Co., Ltd.

2026-07-07

7.75%→8.77%

fundnote Co., Ltd.

2026-05-22

6.41%→7.75%

fundnote Co., Ltd.

2026-05-12

5.10%→6.41%

fundnote Co., Ltd.

2026-01-13

5.10%

fundnote Co., Ltd.

2026-01-09

5.10%

UGS Asset Management Co., Ltd.

2025-07-30

9.19%→0.00%

UGS Asset Management Co.,Ltd.

2024-11-21

8.17%→9.19%

UGS Asset Management Co.,Ltd.

2024-10-15

7.11%→8.17%

UGS Asset Management Co.,Ltd.

2024-08-09

6.05%→7.11%

UGS Asset Management Co.,Ltd.

2024-06-25

5.04%→6.05%

UGS Asset Management Co.,Ltd.

2024-01-24

5.04%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-03

Q1 Earnings Flash

FY ending Mar 2027

YAMATO CORPORATION

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YAMATO CORPORATION

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