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Overview

Electric Power and Gas

grems,Inc.

Grimms Co., Ltd. is an energy solutions provider serving both corporate and residential customers across Japan, offering energy cost reduction consulting, solar power systems (commercial and residential), storage batteries, and various energy-saving equipment such as LED lighting and commercial air conditioners. The company also operates a retail electricity business, procuring power through JEPX and direct contracts with generators for supply to low- and high-voltage customers, and develops renewable energy assets including company-owned solar power plants. Its competitive strengths lie in an integrated service model covering consulting, equipment sales, installation coordination, financing arrangement, and ongoing energy management.

Market Cap

US$384M

¥61.3B

US$301M

¥48.1B

StockUS$16.60(¥2,651)▼-0.04%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

5.8

LTM EV/EBIT

6.0

LTM PER

11.2

LTM PBR

2.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-3.4%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Nov 5, 26Q2 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

87%

EquityD/E 0.15xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

Retail electricity project

Revenue

US$120M(¥19.2B)

Segment profit

US$18.1M(¥2.89B)15.0%

Energy Solutions Business

Revenue

US$92.0M(¥14.7B)

Segment profit

US$31.5M(¥5.03B)34.2%

Adjustments

Revenue

US$0.00M(¥0.00B)

Segment profit

-US$4.80M(¥-0.77B)

Shareholders

Top 10 hold 76.1%

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

Masaomi TANAKA

46.66%

ENERES Co.,Ltd.

7.35%

Hikari Tsushin KK Investment Limited Liability Partnership (Unlimited Liability Partner: Hikari Tsushin, Inc.)

5.75%

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

5.64%

Custody Bank of Japan, Ltd. (Trust Account)

3.15%

Shinichi NASU

2.95%

Mikiyuki MIURA

1.47%

BBH(LUX) FOR FIDELITY FUNDS-PACIFIC POOL (Standing Proxy: MUFG Bank, Ltd.)

1.22%

HIKARI TSUSHIN,INC.

1.03%

SMBC Trust Bank Ltd. (Trustee of Specified Securities Trust)

0.91%

Management

7 officers

Masaomi TANAKA

Representative Director, President

Oct 1999 Joined TeleWave Inc. (now iFLAG Inc.) Apr 2003 Director, TeleWave Links Inc. (now iFLAG Inc.) Jun 2004 Director, TeleWave Inc. (now iFLAG Inc.) Jul 2005 Representative Director, President of the Company (current)

1978-10-21

Shinichi NASU

Representative Director, Vice President

Oct 1999 Joined TeleWave Inc. (now iFLAG Inc.) Oct 2003 Joined Entrepreneur Inc. Nov 2004 Director, Entrepreneur Inc. Jul 2006 Director of the Company Apr 2007 Managing Director of the Company; General Manager, Sales Division Apr 2011 Representative Director, President, Grimms Solar Inc.; Representative Director, President, GR Consulting Inc. Dec 2012 Representative Director, President, GF Raitec Inc. (now Grimms Power Inc.) Jun 2013 Representative Director, Vice President of the Company (current)

1975-11-23

Mikiyuki MIURA

Director

Apr 1995 Joined Can System Co., Ltd. Sep 1997 Joined TeleWave Inc. (now iFLAG Inc.) Jan 2003 Joined Koji Dot Net Inc. (now Entrepreneur Inc.) Jul 2005 Audit & Supervisory Board Member of the Company Aug 2005 General Manager, Operations Division of the Company Apr 2007 Deputy General Manager, Sales Division of the Company Jun 2009 Director of the Company (current) Apr 2012 Director, Grimms Solar Inc.; Director, GR Consulting Inc. Dec 2012 Director, GF Raitec Inc. (now Grimms Power Inc.) Apr 2013 Representative Director, President, GR Consulting Inc. Feb 2016 Representative Director, President, Grimms Power Inc. Apr 2019 Director, Grimms Power Inc. (current) Apr 2021 Director, GR Consulting Inc. (current)

1974-04-19

Kenji ZENMURA

Director, Audit and Supervisory Committee Member

Apr 1978 Joined Okura Shoji Co., Ltd. (now Okura Co., Ltd.) Mar 1979 Joined Daizo Shoji Co., Ltd. Mar 1982 Joined Acom Co., Ltd. Feb 1998 Joined Kid Inc. Apr 1999 Director, Kid Inc. Nov 2000 Director, Success Inc. Aug 2004 Managing Director, Success Inc. Nov 2005 Joined G-Mode Co., Ltd.; General Manager, Administration Division Jun 2006 Director, G-Mode Co., Ltd. Jan 2007 Director, G-Mode Co., Ltd.; General Manager, Corporate Planning Office Apr 2008 Director, G-Mode Co., Ltd.; General Manager, Administration Division Mar 2010 Director, Aplix Corporation Oct 2012 Joined the Company; General Manager, Administration Management Division Jun 2013 Director of the Company Jun 2015 Director, GF Raitec Inc. (now Grimms Power Inc.) Jun 2026 Director (Audit and Supervisory Committee Member) of the Company (current)

1959-02-24

Chieko EDA

Director

Sep 1985 Joined Milbank, Tweed, Hadley & McCloy LLP (now Milbank LLP) Jun 1986 Registered as Attorney, State of New York, USA Jun 1990 Registered as Attorney, State of California, USA Oct 1995 Joined Morrison & Foerster LLP Sep 1998 Joined Sherman & Sterling (Foreign Law Joint Enterprise) Jul 2003 Japan Representative, Johnson & Johnson Law Department (Headquarters Legal Division) Mar 2009 Representative Director, Johnson & Johnson K.K.; Director, Janssen Pharmaceutical K.K. Jan 2018 Director, GSTV Inc. Jan 2020 Advisor to the Company Jun 2020 Director of the Company (current) Mar 2022 Audit & Supervisory Board Member, Seijo Ishii Co., Ltd. May 2022 Director (Audit and Supervisory Committee Member), Seijo Ishii Co., Ltd.

1950-11-21

Shinichi WAKAO

Director, Audit and Supervisory Committee Member

Apr 1984 Joined Marui Co., Ltd. (now Marui Group Co., Ltd.) Oct 1988 Joined Asahi Shinwa Accounting Firm (now Azusa Audit LLC) May 2009 Representative Partner, Asahi Audit Corporation (now Azusa Audit LLC) Jul 2010 Partner, Azusa Audit LLC Dec 2015 Member of the Certified Public Accountant Examination Committee (Auditing) Dec 2021 Member of the Certified Public Accountant Examination Committee (Auditing) (current) Jul 2024 Director, Shinichi Wakao CPA Office (current) Apr 2025 Advisor to the Company Jun 2025 Director (Audit and Supervisory Committee Member) of the Company (current)

1962-01-12

Ryota YAMAZAKI

Director, Audit and Supervisory Committee Member

Oct 2000 Registered as Attorney; joined Mori Sogo Law Office (now Mori Hamada & Matsumoto) Jan 2009 Partner, Mori Hamada & Matsumoto (current) Nov 2021 Outside Director (Audit and Supervisory Committee Member), Tetsujinka Holdings Co., Ltd. (current) Jun 2026 Director (Audit and Supervisory Committee Member) of the Company (current)

1975-12-19

Large Shareholding Reports

Hikari Tsushin, Inc.

2026-11-10

7.18%→7.28%

Annual report (as of 2026-03-31): 1.03%

Koutsushin Co., Ltd.

2026-06-19

6.17%→7.18%

Annual report (as of 2026-03-31): 1.03%

Koutsushin Co., Ltd.

2025-11-17

5.10%→6.17%

Annual report (as of 2026-03-31): 1.03%

Amova Asset Management Co., Ltd.

2025-10-21

2.06%→2.07%

Koutsushin Co., Ltd.

2025-09-26

5.03%→5.10%

Annual report (as of 2026-03-31): 1.03%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

3.44%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-13

Semi-Annual Securities Report

Period: Apr 2026 – Sep 2026

grems,Inc.

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