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Overview

Foods

Premium Water Holdings,Inc.

Premium Water Holdings is a holding company operating Japan's home and office water delivery business, offering natural mineral water manufactured from eight water sources across Japan and delivered directly to customers via a proprietary one-way (non-return) bottle system using shrinkable PET bottles. The group's core subsidiary, Premium Water Co., Ltd., acquires customers through demonstration sales, web, and telemarketing channels, and provides water servers on a rental basis alongside bottled water subscriptions. The company manufactures 100% of its PET bottles in-house, sourcing groundwater from company-owned wells, and distributes nationwide without the need for empty bottle retrieval, creating a cost- and logistics-efficient model.

Market Cap

US$706M

¥113B

US$988M

¥158B

StockUS$23.11(¥3,690)▲+0.27%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

6.0

LTM EV/EBIT

12.2

LTM PER

12.2

LTM PBR

3.2

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-5.4%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

AI Briefing

Premium Water Holdings runs Japan's nationwide subscription water delivery business via a proprietary one-way PET bottle model sourced from eight domestic wells. FY26/3 revenue US$503M (¥80.3B) with OP margin expanding to 15.7%, continuing a steady profitability climb since FY23/3. Ownership is concentrated, with HCMA Alpha and Hikari Tsushin together holding roughly 70% of shares, leaving a thin public float.

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

30%

70%

EquityD/E 2.29xDebt

Liquidity vs Debt 5Y (US$)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 88.2%

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

HCMA Alpha Co., Ltd.

40.23%

HIKARI TSUSHIN,INC.

29.46%

Custody Bank of Japan, Ltd. (Trust Account)

8.88%

Yohei HAGIO

3.66%

Akihiko KANEMOTO

1.62%

Takahiro IMAIZUMI

1.15%

Masahiro KINOSHITA

1.07%

Premium Water Holdings,Inc. Employee Stock Ownership Association

0.79%

Japan Technology Venture Partners I No.6 Investment Limited Partnership

0.72%

Custody Bank of Japan, Ltd. (Trust Account E)

0.65%

Management

15 officers

Yohei HAGIO

Representative Director, Chairman

Apr 2004 Joined FLC Co., Ltd.; Division Head Apr 2005 Director, FLC Co., Ltd. Nov 2010 Representative Director, Premium Water Co., Ltd. Feb 2014 Representative Director, FLC Co., Ltd. Jun 2015 Director, the Company Jun 2016 Representative Director, President, the Company Apr 2017 Representative Director, President, Premium Water Co., Ltd. Mar 2018 Representative Director, PW Resource Co., Ltd. Jun 2018 Director, Premium Water Co., Ltd.; Director, FLC Premium Co., Ltd. (current: Renxa Co., Ltd.) Jun 2019 Outside Director, K.F.G. Co., Ltd. Nov 2022 Director, Last One Mile Co., Ltd. Oct 2023 Representative Director, President, DREAMBEER Co., Ltd. (current) Jun 2024 Representative Director, Chairman, the Company (current)

1978-05-17

Akihiko KANEMOTO

Representative Director, President

Aug 2006 Representative Director, FLC Foods Co., Ltd. (current: KB Foods Co., Ltd.) Sep 2012 Director, FLC Co., Ltd. Dec 2013 Director, Senior Executive Officer, Premium Water Co., Ltd. Jun 2016 Senior Executive Officer, the Company Apr 2017 Director, Vice President, Premium Water Co., Ltd. Jun 2017 Director, Vice President, the Company Feb 2018 Director, Mevias Co., Ltd. (current: Global One Co., Ltd.) (current) Jun 2018 Representative Director, President, Premium Water Co., Ltd. (current); Director, FLC Premium Co., Ltd. (current: Renxa Co., Ltd.) Jun 2024 Representative Director, President, the Company (current)

1973-02-12

Takahiro IMAIZUMI

Senior Managing Director

Apr 1994 Joined UDK Co., Ltd. Dec 2006 Representative Director, President, LUXURY Co., Ltd. Mar 2012 Director, Vice President, FLC Promotion Co., Ltd. (current: Renxa Co., Ltd.) Mar 2013 Executive Officer, FLC Co., Ltd. Mar 2014 Senior Executive Officer, FLC Co., Ltd.; Director, FLC Promotion Co., Ltd. (current: Renxa Co., Ltd.) Jun 2016 Senior Executive Officer, the Company Jun 2017 Director, the Company Jun 2018 Managing Director, the Company; Director, Premium Water Co., Ltd. Jun 2020 Senior Managing Director, the Company (current) Mar 2024 Director, DREAMBEER Co., Ltd. (current) Apr 2024 Representative Director, Chairman, LUXURY Co., Ltd. Dec 2025 Representative Director, President, Water Off Grid Co., Ltd. (current)

1972-09-27

Nariaki NAGANO

Director, CFO

Apr 2003 Joined Koutsu Co., Ltd. Apr 2008 Deputy General Manager, Finance Department, Management Division, Koutsu Co., Ltd. Dec 2014 Representative Director, Keio Zu Holdings Co., Ltd. Oct 2015 Executive Officer, General Manager, Management Division, the Company Apr 2016 Representative Director, Water Direct Spin-off Preparation Co., Ltd. (current: Premium Water Co., Ltd.) Jun 2016 Representative Director, CFO, the Company Jun 2017 Representative Director, CDO, the Company; Director, Premium Water Co., Ltd. (current) Mar 2018 Representative Director, PW Resource Co., Ltd. (current) Apr 2019 Representative Director, CDO, CFO and CIO, the Company Oct 2019 Representative Director, President, And Water Co., Ltd. (current: Life Select Co., Ltd.) Oct 2020 Representative Director, President, Premium Water Co., Ltd. (current: Premium Water Products Co., Ltd.) Oct 2023 Executive Officer, Last One Mile Co., Ltd.; Director, DREAMBEER Co., Ltd. (current) Jan 2024 Director, INEST Co., Ltd. (current) Jun 2024 Director, CFO, the Company (current); Representative Director, President, DREAMBEER Marketing Co., Ltd. (current: Water Off Grid Co., Ltd.) Oct 2024 Director, Premium Water Products Co., Ltd. Nov 2024 Director, Last One Mile Co., Ltd. (current) Dec 2025 Director, Water Off Grid Co., Ltd. (current)

1978-02-15

Michio TAKEI

Director

Apr 1982 Joined Rohm Fuji Co., Ltd. Aug 2003 Director, Plant Manager, Iwatani Logistics Co., Ltd. Jan 2007 Joined the Company Jun 2010 Representative Director, President, Fuji Water Co., Ltd. (current) Jun 2011 Director, Executive Officer, General Manager, Production and Development, the Company Dec 2013 Director, Executive Officer, General Manager, Operations, the Company Jun 2015 Managing Executive Officer, General Manager, Production and Development, the Company Jun 2016 Senior Executive Officer, the Company Jul 2016 Director, General Manager, Production and Development, Water Direct Co., Ltd. (current: Premium Water Co., Ltd.) Jun 2017 Director, the Company (current) May 2021 Director, Vice President, Premium Water Chubu Co., Ltd. (current: Premium Water Products Co., Ltd.) Jul 2021 Director, Premium Water Co., Ltd. Feb 2022 Representative Director, President, Premium Water Fuji Co., Ltd. (current: Premium Water Products Co., Ltd.); Representative Director, President, Premium Water Asago Co., Ltd. (current: Premium Water Products Co., Ltd.) Oct 2024 Representative Director, President, Premium Water Products Co., Ltd. Jun 2025 Director, Premium Water Products Co., Ltd. (current) Dec 2025 Director, Water Off Grid Co., Ltd. (current)

1963-04-13

Toshiaki SHIMIZU

Director

Nov 1999 Joined Nihon Optical Co., Ltd. Dec 2009 Joined Keiyu Hospitality Management Co., Ltd. Sep 2014 General Manager, Finance and Accounting Department, Management Division, FLC Co., Ltd. Jan 2017 Deputy General Manager, Management Division, and General Manager, Finance and Accounting Department, the Company Jul 2017 Executive Officer, Deputy General Manager, Management Division, and General Manager, Finance and Accounting Department, the Company Feb 2018 Audit & Supervisory Board Member, Mevias Co., Ltd. (current: Global One Co., Ltd.) (current) Jun 2019 Director, FLC Premium Co., Ltd. (current: Renxa Co., Ltd.); Director, Premium Water Co., Ltd. (current); Director, LUXURY Co., Ltd. Apr 2020 Executive Officer, General Manager, Management Division, the Company Jun 2020 Senior Executive Officer, General Manager, Management Division, the Company Nov 2023 Director, Last One Mile Co., Ltd. Mar 2025 Representative Director, President, Premium Business Support Co., Ltd. (current) Jun 2025 Director, the Company (current) Oct 2025 Director, T's Agency Holdings Co., Ltd. (current)

1971-12-03

Seiichiro TANIGUCHI

Director

Apr 1999 Joined Koutsu Co., Ltd. Apr 2007 General Manager, SHOP Kansai Group, SHOP Business Division, Koutsu Co., Ltd. Jul 2010 Representative Director, J Communication Co., Ltd. Sep 2016 Director, Best Life Solutions Co., Ltd. Nov 2016 Transferred to the Company Apr 2018 Executive Officer, General Manager, Business Development Division, Premium Water Co., Ltd. Apr 2019 Director, Mevias Co., Ltd. (current: Global One Co., Ltd.) (current) May 2019 Executive Officer, the Company Jun 2019 Director, Premium Water Co., Ltd. Jun 2021 Managing Director, Premium Water Co., Ltd. Jun 2022 Senior Executive Officer, the Company Jun 2025 Director, the Company (current); Director, Vice President, Premium Water Co., Ltd. (current)

1976-07-24

Hideaki WADA

Director

Apr 1997 Joined Koutsu Co., Ltd. Jun 2004 Director, Koutsu Co., Ltd. Sep 2005 General Manager, Network Business Division, Koutsu Co., Ltd. Apr 2007 Managing Director, Koutsu Co., Ltd. Jun 2009 Managing Executive Officer, General Manager, Information and Communications Business Division (current: General Manager, Sales Division), Koutsu Co., Ltd. Apr 2012 Representative Director, Hello Communications Inc. Jun 2012 Managing Director, Koutsu Co., Ltd. Apr 2013 Representative Director, Telecom Service Co., Ltd. Jun 2015 Director, the Company (current) Jun 2017 Vice President, Director, Koutsu Co., Ltd. Jun 2018 Director, FT Group Co., Ltd. Feb 2019 Director, Actcall Co., Ltd. Jun 2019 Representative Director, President, Koutsu Co., Ltd. Jun 2020 Director, Koutsu Co., Ltd. Mar 2021 Representative Director, Koutsu Alpha Co., Ltd. (current: HCMA Alpha Co., Ltd.) Dec 2022 Outside Director, M.T.I. Co., Ltd. (current) Sep 2023 Representative Director, HCMA Alpha Co., Ltd. (current) Jun 2024 Representative Director, Core Consulting Group Co., Ltd. Apr 2026 Representative Director, COO, Koutsu Co., Ltd. (current); Director, Koutsu Investment Management Co., Ltd. (current)

1973-12-13

Kazutaka MURAGUCHI

Director

Apr 1984 Joined Japan Associated Finance Co., Ltd. (current: JAFCO Group Co., Ltd.) Jul 1998 Established Nihon Technology Venture Partners Co., Ltd.; Representative Director (current) Mar 2006 General Partner, Nihon Technology Venture Partners I6 Investment Limited Partnership (current) Mar 2007 Director, the Company Jun 2012 Outside Director, Platt Home Co., Ltd. Mar 2015 Representative Director, Chairman, the Company Jun 2015 Director, the Company (current) Sep 2017 Director, Broadband Tower, Inc. Nov 2018 Outside Director, JESCO Holdings Co., Ltd. (current) Nov 2019 Outside Director, Pi Photonics Co., Ltd. (current) Jun 2021 Outside Director, I.P.S. Inc. (current); Outside Director, LAC Co., Ltd.; Outside Director, Ishin Co., Ltd.

1958-11-20

Natsuko KAWAHARA

Director (Note 1)

Apr 1996 Joined Asahi Kasei Corporation Jun 2006 Joined L'Oréal Japan Co., Ltd. Jan 2007 General Manager, L'Oréal Paris Division, Consumer Products Division, L'Oréal Japan Co., Ltd. Aug 2010 General Manager, Professional Cosmetics Division, Professional Products Division, L'Oréal Japan Co., Ltd. Apr 2012 General Manager, L'Oréal Professionnel Division, Professional Products Division, L'Oréal Japan Co., Ltd. Jul 2015 Representative Director, President, Saphir Japan Co., Ltd. Nov 2017 Representative Director, President, Stokke Co., Ltd. Jun 2021 Outside Director, the Company (current) Nov 2023 Executive Officer, Mash Style Lab, Inc. (current) Sep 2025 Head of U.S. Region, Mash Holdings Co., Ltd. (current)

1973-04-24

Tsuguo KATO

Director, Full-time Audit and Supervisory Committee Member

Apr 1972 Joined Kyowa Bank, Ltd. (current: Resona Bank, Ltd.) Feb 1976 Joined Seiyu Bussan Co., Ltd. Feb 1983 Representative Director, Interior Justice Co., Ltd. Sep 2000 Joined Ryowa Estate Co., Ltd. (current: Crease Lent Co., Ltd.) Jun 2001 Director, General Manager, Business Administration Department, Ryowa Estate Co., Ltd. Jul 2006 Joined Ryowa Life Create Co., Ltd. (current: Crease Life Co., Ltd.); Executive Officer, General Manager, Accounting Department Aug 2008 Executive Officer, General Manager, Group Business Department, Ryowa Life Create Co., Ltd. Apr 2010 General Manager, Management Division, the Company Jun 2010 Audit & Supervisory Board Member, Fuji Water Co., Ltd. Oct 2010 General Manager, Administration Department, the Company Dec 2010 Full-time Audit & Supervisory Board Member, the Company Jan 2014 Audit & Supervisory Board Member, Ideal Life Co., Ltd. Jun 2019 Director, Full-time Audit and Supervisory Committee Member, the Company (current)

1950-02-17

Ryo SHIBATA

Director, Audit and Supervisory Committee Member

Aug 2014 Joined Koutsu Co., Ltd. Feb 2019 Director, Audit and Supervisory Committee Member, Actcall Co., Ltd. Apr 2020 General Manager, Finance Planning Department, Finance Division, Koutsu Co., Ltd. Apr 2021 Director, Audit and Supervisory Committee Member, Chic Holdings Co., Ltd.; Director, Core Consulting Group Co., Ltd. Jun 2021 Audit & Supervisory Board Member, DREAMBEER Co., Ltd. (current) Jul 2022 Audit & Supervisory Board Member, Chic Holdings Co., Ltd. (current) Oct 2022 Director, Audit and Supervisory Committee Member, INEST Co., Ltd. (current) Jul 2023 Director, Audit and Supervisory Committee Member, Zappallas, Inc. (current) Jan 2025 Audit & Supervisory Board Member, FUJI PREMIUM BREWING Co., Ltd. (current) Apr 2025 General Manager, Finance Planning Department, Koutsu Co., Ltd.; in charge of Finance, M&A Division (current) Jun 2025 Director, Audit and Supervisory Committee Member, the Company (current)

1988-04-26

Kunimi TAKAHASHI

Director, Audit and Supervisory Committee Member (Note 1)

Apr 1974 Joined Nippon Shinpan Co., Ltd. Jan 1992 Joined Sanki Co., Ltd.; General Manager, Retail Business Division Apr 1994 Joined Nihon Kensetsu Co., Ltd.; General Manager, Sales Department Jan 1996 Managing Director, Nihon Interlife Co., Ltd. Sep 2000 Adviser, Shiseido Investment Co., Ltd. Apr 2001 Established N.I.S. Co., Ltd.; Representative Director (current) May 2001 Adviser, S.P. Network Co., Ltd. May 2007 Audit & Supervisory Board Member, FLC Co., Ltd. Apr 2016 Outside Director, Cyber Area Research Co., Ltd. (current: Geolocation Technology Co., Ltd.) Jun 2016 Outside Audit & Supervisory Board Member, the Company Jun 2019 Director, Audit and Supervisory Committee Member, the Company (current)

1948-06-01

Masayuki UCHIDA

Director, Audit and Supervisory Committee Member (Note 1)

Apr 1988 Registered with Sendai Bar Association Apr 1991 Representative, Uchida Masayuki Law Office (current: Uchida & Goto Law Office) (current) Apr 1998 Delegate, Japan Federation of Bar Associations Apr 2005 Vice President, Sendai Bar Association Apr 2006 Auditor, Sendai Bar Association Apr 2011 Chairman, Standing Council, Sendai Bar Association Jan 2012 Outside Audit & Supervisory Board Member, Keio Zu Holdings Co., Ltd. Apr 2013 President, Sendai Bar Association Apr 2014 Vice President, Japan Federation of Bar Associations Apr 2016 Audit & Supervisory Board Member, Keio Zu Holdings Co., Ltd. Jun 2016 Outside Audit & Supervisory Board Member, the Company Jun 2019 Director, Audit and Supervisory Committee Member, the Company (current)

1957-03-21

Michio ARITA

Director, Audit and Supervisory Committee Member (Note 1)

Apr 1988 Joined Fuji Photo Film Co., Ltd. Aug 1990 Joined Mitsubishi Research Institute, Inc. Dec 1999 Representative Director, Healthcare Net Inc. Apr 2012 Representative Director, President, Experian Japan Co., Ltd. Nov 2012 Representative Director, CEO, Experian Japan Co., Ltd. (current: Cheetah Digital Co., Ltd.) Apr 2013 Outside Director, LTV Co., Ltd. (current) Apr 2017 Representative Director, Fun To Create Co., Ltd. (current) Jun 2017 Outside Director, the Company Aug 2017 Representative Director, M&M Consulting Co., Ltd. (current) Jun 2018 Representative Director, President, Dentas Co., Ltd. Jan 2019 Representative Director, President, F Solutions Co., Ltd. Jun 2019 Outside Director, Audit and Supervisory Committee Member, the Company (current) Jun 2020 Chairman, Dentas Co., Ltd. Jun 2021 Director, Ionic Co., Ltd.

1962-06-14

Large Shareholding Reports

HCMA Alpha Co., Ltd.

2026-05-13

30.97%→40.02%