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Overview

Chemicals

Central Glass Co.,Ltd.

Central Glass is a diversified manufacturer operating across two core segments: specialty chemicals and glass products. The chemicals segment encompasses fluorine-based materials including process gases and wet materials for semiconductor manufacturing, lithium-ion battery electrolytes for electric vehicles, inhalation anesthetic active pharmaceutical ingredients, agrochemical intermediates, insulation blowing agents, and coated fertilizers. The glass segment supplies architectural and residential glass, automotive glass (in partnership with France's Saint-Gobain Group), and glass fiber products serving automotive, electronics, and construction industries.

Activists: Former Murakami Fund group (City Index Eleventh, Reno, Minamiaoyama Real Estate) 0.00%

Market Cap

¥110B

US$699M

¥93.5B

US$594M

Stock¥4,435▼-1.55%

US$1 = ¥157.25 (2026-10-30)

LTM EV/EBITDA

4.6

LTM EV/EBIT

7.2

LTM PER

9.6

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+17.3%pt

Nov 4, 25 – Oct 30, 26StockTOPIX

1Mar 4, 26Market-wide: TOPIX also fell 3.7%

2Aug 10, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

AI Briefing

Dual-engine play: specialty fluorine chemicals (semis, EV batteries, pharma) meets legacy glass (construction, auto with Saint-Gobain). FY26/3 revenue ¥144B flat yoy, OP margin compressing to 6.9% from 9.9% in FY23/3 — profitability under pressure. EV/EBITDA LTM ~4.7x on ¥96.1B EV; no tender offer in data — standalone name trading at a modest multiple amid margin erosion.

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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 42.9%

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

Custody Bank of Japan, Ltd. (Trust Account)

13.64%

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

12.30%

The Yamaguchi Bank, Ltd.

2.53%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

2.25%

CG Business Partners' Stock Ownership Association

2.19%

Stock Ownership Association

2.18%

STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)

2.14%

DFA INTL SMALL CAP VALUE PORTFOLIO (Standing Proxy: Citibank, N.A., Tokyo Branch)

2.13%

Master Trust Bank of Japan, Ltd. (Retirement Benefit Trust Account — The Yamaguchi Bank, Ltd.)

1.77%

THE BANK OF NEW YORK MELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)

1.75%

Management

10 officers

Kazuhiko MAEDA

Representative Director, President and Executive Officer

Apr 1984 Joined the Company Jun 2006 General Manager, Chemicals Business Planning Office Oct 2009 General Manager, Chemicals Business Planning Department Oct 2012 General Manager, Energy Materials Sales Department Jun 2014 Executive Officer, General Manager, Energy Materials Sales Department Jun 2015 Director, Managing Executive Officer Jun 2021 Representative Director, Senior Managing Executive Officer Jun 2022 Representative Director, Vice President Executive Officer Jun 2023 Representative Director, President and Executive Officer (current)

1959-11-25

Tetsuo KANAI

Representative Director, Senior Managing Executive Officer

Apr 1988 Joined the Company Nov 2014 General Manager, Automotive Materials Department Apr 2018 Representative Director, Central Saint-Gobain Investment K.K. (concurrent) Sep 2019 CEO, Carlex Glass America, LLC and Chairman of the Board, Carlex Glass Luxembourg S.A. (concurrent) Apr 2021 General Manager, Management Planning Office Jun 2022 Executive Officer, General Manager, Management Planning Office Jun 2023 Managing Executive Officer Jun 2024 Director, Managing Executive Officer Jun 2025 Representative Director, Senior Managing Executive Officer (current)

1964-10-16

Akio ISHII

Director, Senior Managing Executive Officer

Apr 1986 Joined the Company Sep 2016 General Manager, Chemical Research Laboratory Jun 2019 Executive Officer, General Manager, Chemical Research Laboratory Jun 2021 Managing Executive Officer, General Manager, Chemical Research Laboratory Jul 2022 Managing Executive Officer Jun 2023 Director, Managing Executive Officer Jun 2024 Director, Senior Managing Executive Officer (current)

1962-03-23

Masaya KAWADA

Director

Apr 1975 Joined Nisshinbo Industries, Inc. (now Nisshinbo Holdings Inc.) Jun 2006 Executive Officer, General Manager, Human Resources Division, Nisshinbo Industries, Inc. Jun 2007 Director and Executive Officer, Nisshinbo Industries, Inc. Apr 2009 President and Representative Director, Nisshinbo Brake Inc. Jun 2010 Managing Executive Officer and Director, Nisshinbo Holdings Inc. Jun 2011 President and Representative Director, Nisshinbo Chemical Inc. Jun 2012 Senior Managing Executive Officer and Director, Nisshinbo Holdings Inc.; President and Representative Director, Nisshinbo Mechatronics Inc. Jun 2013 President and Representative Director, Nisshinbo Holdings Inc. Jun 2019 Chairman and Representative Director, Nisshinbo Holdings Inc. Jun 2021 Outside Director of the Company (current) Mar 2022 Chairman of the Board, Nisshinbo Holdings Inc. Jun 2026 Outside Director, Tobu Railway Co., Ltd. (scheduled)

1952-04-20

Shiori ISHIHARA

Director

Apr 2010 Joined the Bank of Japan Dec 2014 Registered as attorney-at-law (Second Tokyo Bar Association); joined Asahi Law Offices Apr 2017 Joined Freeman Kokusai Law Offices Sep 2019 Joined Smith, Gambrell & Russell, LLP (United States) Sep 2020 Re-registered as attorney-at-law (Second Tokyo Bar Association); rejoined Asahi Law Offices (current) Oct 2021 Registered as attorney in New York State, United States Jan 2023 Partner, Asahi Law Offices (current) Jun 2024 Outside Director of the Company (current)

1986-09-13

Yoshimitsu TERUI

Director

Apr 1979 Joined the Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Jul 2008 Senior Technical Councilor, Minister's Secretariat, METI Jan 2011 Director-General, Kanto Bureau of Economy, Trade and Industry Apr 2012 Deputy Director-General for Regional Economy, METI Jun 2013 Retired from METI Aug 2013 Chairman, Telemetering Promotion Council (NPO) (current) Jun 2014 Director, Japan Union of Scientists and Engineers (current); Outside Director, UBE Corporation (formerly Ube Industries, Ltd.) Mar 2016 Outside Director, Bridgestone Corporation Jun 2016 Outside Director, Organo Corporation Jun 2020 Managing Director, Chemical Research Evaluation Organization (current); Director, Food Contact Materials Safety Center (concurrent) (current) Jun 2025 Outside Director of the Company (current)

1953-07-27

Masanori MURATA

Director (Audit and Supervisory Committee Member)

Apr 1988 Joined the Company Jun 2018 General Manager, Internal Audit Department Jun 2022 Full-time Corporate Auditor Jun 2025 Director (Audit and Supervisory Committee Member) (current)

1964-05-22

Toshihide NISHIMURA

Outside Director (Audit and Supervisory Committee Member)

Apr 1979 Joined Onoda Cement Co., Ltd. (now Taiheiyo Cement Corporation) Apr 2012 Executive Officer, General Manager, Related Business Division, Taiheiyo Cement Corporation Apr 2015 Managing Executive Officer, Taiheiyo Cement Corporation Jun 2015 Director, Managing Executive Officer, Taiheiyo Cement Corporation Jun 2016 Outside Audit & Supervisory Board Member, Nihon Concrete Industries Co., Ltd. Apr 2017 Director, Taiheiyo Cement Corporation Jun 2017 Full-time Corporate Auditor, Taiheiyo Cement Corporation Jun 2021 Outside Corporate Auditor of the Company Jun 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1955-01-13

Toshifumi MIKAYAMA

Director (Audit and Supervisory Committee Member)

Apr 1983 Joined Kirin Brewery Company, Limited (now Kirin Holdings Company, Limited) Jul 2007 Director and Executive Officer, General Manager, Research Division, Kirin Pharma Company, Limited Oct 2008 Executive Officer, General Manager, Research Division, Kyowa Hakko Kirin Co., Ltd. (now Kyowa Kirin Co., Ltd.) Apr 2010 Executive Officer, General Manager, Corporate Planning Department, Kyowa Kirin Co., Ltd. Mar 2012 Managing Executive Officer, General Manager, Overseas Business Division, Kyowa Kirin Co., Ltd. Mar 2014 Director and Managing Executive Officer, General Manager, Overseas Business Division, Kyowa Kirin Co., Ltd. Mar 2018 Director and Senior Managing Executive Officer, Overall Overseas Business, Kyowa Kirin Co., Ltd. Mar 2021 Director and Vice President, Overall Overseas Business, Kyowa Kirin Co., Ltd. Jun 2023 Outside Audit & Supervisory Board Member of the Company Jul 2024 Board Member, WinHealth International Company Limited (current); Outside Director, Kuraray Co., Ltd. (current) Mar 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1957-07-18

Masako GOTO

Director (Audit and Supervisory Committee Member)

Oct 2000 Joined Audit Corporation Ota Showa & Century (now EY ShinNihon LLC) Apr 2004 Registered as Certified Public Accountant Oct 2007 Manager, ShinNihon LLC (now EY ShinNihon LLC) Aug 2017 Vice Chair, Public Relations Committee, Japanese Institute of Certified Public Accountants Oct 2017 Senior Manager, ShinNihon LLC (now EY ShinNihon LLC) Jun 2023 Representative, Masako Goto CPA Office (current); Outside Audit & Supervisory Board Member of the Company Jun 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Sep 2025 Outside Director (Audit and Supervisory Committee Member), Medias Holdings Co., Ltd. (current)

1978-02-21

Large Shareholding Reports

Asset Management One Co., Ltd.

2026-04-07

3.83%→3.80%

Asset Management One Co., Ltd.

2025-10-07

3.19%→3.83%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

2.64%→2.88%

―

2022-11-29

9.04%→0.00%

―

2022-11-04

9.29%→9.29%

―

2022-09-28

9.29%→9.29%

―

2022-07-26

9.29%→9.29%

―

2022-06-29

9.29%→9.29%

―

2022-05-27

9.29%→9.29%

Silchester International Investors LLP

2022-05-24

6.31%→0.00%

―

2022-04-15

9.29%→9.29%

―

2022-03-11

9.29%→9.29%

―

2021-12-24

9.29%→9.29%

―

2021-10-19

9.29%→9.29%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-10

Q1 Earnings Flash

FY ending Mar 2027

Central Glass Co.,Ltd.

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Central Glass Co.,Ltd.

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