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Overview

Chemicals

TOSOH CORPORATION

Tosoh Corporation is a comprehensive chemical company operating across eight core business segments: Chlor-Alkali (chlorine and caustic soda), Polyurethanes, Cement, Olefins, Polymers (including polyvinyl chloride and polyethylene resins), Organic Chemicals, Bioscience, and Advanced Materials. The company serves diverse end markets including automotive, electronics, environment/energy, food, housing, and medical/pharmaceutical sectors. Tosoh differentiates itself through vertically integrated production, proprietary materials innovation (e.g., CO2 capture amines, semiconductor ruthenium wiring materials, high-durability polyurethane resins), and a broad product portfolio spanning commodity chemicals to high-performance specialty materials.

Activists: Silchester International Investors LLP 5.98%

Market Cap

¥786B

US$5.00B

¥883B

US$5.62B

Stock¥2,551.5▲+0.65%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

5.5

LTM EV/EBIT

7.2

LTM PER

14.4

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Feb 5, 26Q3 guidance cut, earnings downside revision

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

74%

26%

EquityD/E 0.34xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 38.9%

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

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

16.24%

Custody Bank of Japan, Ltd. (Trust Account)

6.75%

NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

2.67%

Mizuho Bank, Ltd.

2.29%

Nippon Life Insurance Company

2.17%

Sumitomo Mitsui Trust Bank, Limited

1.92%

Tosoh Kyowakai

1.86%

Mitsui Sumitomo Insurance Company, Limited

1.78%

The Yamaguchi Bank, Ltd.

1.61%

NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

1.60%

Management

13 officers

Mamoru KUWATA

Representative Director, President and Executive Officer

Apr 1984 Joined the Company Jun 2007 General Manager, Isocyanate Raw Materials Production Department, Nanyo Works Nov 2009 General Manager, Functional Materials Production Department, Yokkaichi Works Jun 2013 Managing Officer; General Manager, Production Engineering Department and General Manager, Facilities Management Center Jun 2016 Executive Officer Jun 2017 Senior Executive Officer; General Manager, Polymer Business Division Jun 2018 Works Manager, Yokkaichi Works Jun 2020 Director, Managing Executive Officer; Head of Chlor-Alkali Sector; General Manager, Purchasing and Logistics Department Dec 2020 General Manager, Cement Business Office Jun 2021 Head of Functional Products Sector Mar 2022 Representative Director, President and Executive Officer (current)

1960-09-28

Takafumi KIUCHI

Representative Director, Managing Executive Officer; General Manager, Chain Business Headquarters; Team Leader, TVP Project Team

Apr 1988 Joined the Company Jun 2021 Executive Officer; General Manager, Urethane Business Division Jun 2022 Chief Representative, China Jun 2023 Senior Executive Officer Jun 2024 Head of Chlor-Alkali Sector; Team Leader, TVP Project Team (current) Jun 2025 Managing Executive Officer Jun 2026 Representative Director, Managing Executive Officer (current); General Manager, Chain Business Headquarters (current)

1964-05-27

Akihiro YOSHIMIZU

Director, Managing Executive Officer; General Manager, Technology Headquarters

Apr 1986 Joined the Company Jun 2012 General Manager, Soda Production Department, Nanyo Works Jun 2017 Executive Officer; General Manager, Production Engineering Department and General Manager, Facilities Management Center Jun 2020 Senior Executive Officer; Works Manager, Yokkaichi Works Jun 2023 Director, Managing Executive Officer (current); Works Manager, Nanyo Works Jun 2024 Head of Engineering Sector Jun 2025 General Manager, Technology Headquarters (current)

1964-03-25

Nobukatsu DAIDO

Director, Managing Executive Officer; General Manager, Advanced Business Headquarters

Apr 1988 Joined the Company Jun 2019 Executive Officer; General Manager, High-Performance Materials Business Division Jun 2022 Senior Executive Officer; Head of Functional Products Sector Jun 2023 Managing Executive Officer Jun 2025 Director, Managing Executive Officer (current) Jun 2026 General Manager, Advanced Business Headquarters (current)

1965-12-27

Hiroshi HORIYA

Director, Senior Executive Officer; General Manager, Corporate Planning and Consolidated Management Department

Apr 1993 Joined the Company Jun 2023 General Manager, Corporate Planning and Consolidated Management Department (current) Jun 2025 Executive Officer Jun 2026 Director, Senior Executive Officer (current)

1969-05-13

Yoshihiro HONBO

Outside Director

Apr 1979 Joined Mitsui & Co., Ltd. Apr 2010 Executive Officer, Mitsui & Co., Ltd. Apr 2012 Managing Executive Officer, Mitsui & Co., Ltd. Apr 2014 Senior Managing Executive Officer, Mitsui & Co., Ltd. Jun 2014 Representative Director, Senior Managing Executive Officer, Mitsui & Co., Ltd. Apr 2017 Representative Director, Executive Vice President Executive Officer, Mitsui & Co., Ltd. Apr 2018 Director, Mitsui & Co., Ltd. Jun 2018 Advisor, Mitsui & Co., Ltd. Apr 2019 Executive Vice President Executive Officer, Valqua, Ltd. Jun 2019 Representative Director, President and COO, Valqua, Ltd. Jun 2020 Outside Director of the Company (current) Jun 2024 Director, Vice Chairman, Valqua, Ltd. Mar 2025 Outside Director, Mitsubishi Pencil Co., Ltd. (current) Significant concurrent position: Outside Director, Mitsubishi Pencil Co., Ltd.

1957-03-19

Mariko HIDAKA

Outside Director

Apr 1984 Joined Chuo Accounting Office Audit Corporation Apr 1987 Registered as Certified Public Accountant Jul 2000 Partner, Chuo Audit Corporation Jan 2004 Expert Member, Private Finance Initiative Promotion Committee, Cabinet Office Jul 2006 Senior Partner, Chuo Aoyama Audit Corporation Aug 2007 Senior Partner, Shin Nihon Audit Corporation (later EY ShinNihon LLC) Jun 2020 Outside Director of the Company (current) Aug 2020 Representative, Hidaka Certified Public Accountant Office (current) Jun 2021 Outside Director (Audit and Supervisory Committee Member), Kyokuto Boeki Kaisha, Ltd. (current) Significant concurrent positions: Representative, Hidaka Certified Public Accountant Office; Outside Director (Audit and Supervisory Committee Member), Kyokuto Boeki Kaisha, Ltd.

1961-05-04

Yukimasa NAKANO

Outside Director

Apr 1982 Joined Onoda Cement Co., Ltd. Apr 2016 Branch Manager, Kyushu Branch, Taiheiyo Cement Corporation Apr 2017 Executive Officer, Taiheiyo Cement Corporation Apr 2020 Managing Executive Officer, Taiheiyo Cement Corporation Apr 2022 Senior Managing Executive Officer, Taiheiyo Cement Corporation Jun 2022 Director, Senior Managing Executive Officer, Taiheiyo Cement Corporation Apr 2023 Director, Taiheiyo Cement Corporation Jun 2023 Outside Director of the Company (current)

1957-05-07

Yukiko HASHIDERA

Outside Director

Apr 1989 Joined Ueno Pharmaceutical Co., Ltd. Apr 2001 Joined R-Tech Ueno, Ltd. Apr 2006 Representative Director, President, R-Tech Ueno, Ltd. Mar 2018 Representative Director, President, Phoenixy Co., Ltd. (current) Mar 2024 Outside Director, NISSHA Co., Ltd. (current) Jun 2024 Outside Director of the Company (current) Significant concurrent positions: Representative Director, President, Phoenixy Co., Ltd.; Outside Director, NISSHA Co., Ltd.

1966-11-19

Kei YONEZAWA

Standing Audit and Supervisory Board Member

Apr 1986 Joined the Company Jun 2017 Executive Officer; General Manager, Finance Department Jun 2018 General Manager, Management Administration Office Jun 2020 Senior Executive Officer; Chief Representative, China Jun 2022 Director, Managing Executive Officer Jun 2023 Standing Audit and Supervisory Board Member (current) Significant concurrent position: Outside Director (Audit and Supervisory Committee Member), Ronseal Kogyo Co., Ltd.

1962-05-24

Naofumi SHINBU

Standing Audit and Supervisory Board Member (Outside)

Apr 1986 Joined Industrial Bank of Japan, Ltd. Apr 2010 General Manager, Human Resources Department, Mizuho Securities Co., Ltd. Apr 2015 Executive Officer, Mizuho Securities Co., Ltd. Apr 2017 Managing Executive Officer, Mizuho Securities Co., Ltd. Apr 2018 Managing Executive Officer, Mizuho Financial Group, Inc.; Managing Executive Officer, Mizuho Securities Co., Ltd. Apr 2020 Director, Senior Managing Executive Officer, Nihon Toshi Kankyo Kenkyusho Co., Ltd. Jul 2021 Representative Director, Senior Managing Executive Officer, Nihon Toshi Kankyo Kenkyusho Co., Ltd. Apr 2025 Advisor, Nihon Toshi Kankyo Kenkyusho Co., Ltd. Jun 2025 Standing Audit and Supervisory Board Member (Outside) (current)

1962-11-08

Naoyoshi YAMADA

Audit and Supervisory Board Member (Outside)

Apr 1982 Joined Ministry of International Trade and Industry Apr 2012 Director-General, Tohoku Bureau of Economy, Trade and Industry Oct 2013 Joined Hitachi Construction Machinery Co., Ltd. Apr 2016 Executive Officer, Hitachi Construction Machinery Co., Ltd. Apr 2017 Managing Executive Officer, Hitachi Construction Machinery Co., Ltd. Apr 2019 Senior Managing Executive Officer, Hitachi Construction Machinery Co., Ltd. Apr 2022 Executive Vice President Executive Officer, Hitachi Construction Machinery Co., Ltd. Apr 2025 Senior Executive, Hitachi Construction Machinery Co., Ltd. Apr 2026 Special Advisor, Hitachi Construction Machinery Co., Ltd. (current) Jun 2026 Audit and Supervisory Board Member (Outside) of the Company (current)

1958-01-21

Yuko KAWAI

Audit and Supervisory Board Member (Outside)

Oct 2006 Registered as attorney-at-law Oct 2006 Joined Nishimura Tokiwa Law Office (now Nishimura & Asahi) Feb 2014 Registered as attorney in the State of New York Jan 2019 Partner, Nishimura & Asahi (current) Jul 2020 Member, Study Group on Open Data Promotion in Public Transportation, Ministry of Land, Infrastructure, Transport and Tourism Oct 2022 Member, Regional Public Transportation Subcommittee, Transport Policy Council, Ministry of Land, Infrastructure, Transport and Tourism (current) Apr 2023 Member, Aviation Subcommittee, Transport Policy Council, Ministry of Land, Infrastructure, Transport and Tourism (current) Jun 2026 Audit and Supervisory Board Member (Outside) of the Company (current) Significant concurrent position: Partner, Nishimura & Asahi

1977-06-14

Large Shareholding Reports