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Overview

Pharmaceutical

EIKEN CHEMICAL CO.,LTD.

Eiken Chemical is a Japanese manufacturer and seller of in vitro diagnostic reagents and test kits for clinical laboratory testing, as well as food and environmental testing applications. The company is known for its proprietary LAMP (Loop-mediated Isothermal Amplification) nucleic acid amplification technology and offers a broad portfolio of products targeting hospitals, clinical laboratories, and public health institutions. Eiken Chemical serves both domestic and international markets through its manufacturing and distribution network, including operations in China.

Activists: Dalton Investments, Inc. 17.92%, Nippon Active Value Fund PLC (NAVF) 9.46%, Asset Value Investors Limited 7.37%

Market Cap

¥79.7B

US$508M

¥76.3B

US$486M

Stock¥2,419▼-0.62%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

14.2

LTM EV/EBIT

27.4

LTM PER

22.4

LTM PBR

1.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-20.4%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 13, 25Dalton Investments, Inc. changed stake (17.16%→17.7%)

2Nov 21, 25Dalton Investments, Inc. changed stake (17.7%→19.75%)

3Dec 3, 25Asset Value Investors Limited changed stake (6.01%→7.79%)

4Feb 2, 26Progress in privatization proposal talks with Dalton

5Feb 20, 26Dalton announces privatization proposal

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

86%

EquityD/E 0.17xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 56.8%

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

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

12.70%

NIPPON ACTIVE VALUE FUND PLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

9.92%

AVI JAPAN OPPORTUNITY TRUST PLC (Standing Proxy: Mizuho Bank, Ltd.)

6.83%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

6.64%

THE BANK OF NEW YORK - JASDECTREATY ACCOUNT (Standing Proxy: Mizuho Bank, Ltd.)

4.44%

Custody Bank of Japan, Ltd. (Trust Account)

3.84%

NAVF SELECT LLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

3.79%

The Dai-ichi Life Insurance Company, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)

3.34%

GOLDMAN,SACHS & CO.REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

2.79%

CACEIS BANK, LUXEMBOURG BRANCH /AIF CLIENTS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.51%

Management

10 officers

Tsugunobu NOTOMI

Director

Apr 1981 Joined the Company May 2001 General Manager, DUG Unit Technology Development Department Oct 2005 Deputy General Manager, Biochemistry Research Institute, Research and Development Division Apr 2009 General Manager, Biochemistry Research Institute, Research and Development Division Apr 2009 Executive Officer Apr 2011 General Manager, Second Biochemistry Research Institute, Research and Development Division Apr 2018 General Manager, Research and Development Division Jun 2018 Appointed Director (current) Jun 2018 Managing Executive Officer Apr 2020 General Manager, Research and Development Division and General Manager, Production Division Jun 2020 Senior Managing Executive Officer Jun 2021 Representative Executive Officer and President Jun 2025 Representative Executive Officer and Chairman (current)

1958-05-07

Yuji SEGAWA

Director

Apr 1990 Joined Sony Corporation Jul 2013 Joined the Company Jun 2014 General Manager, Second Department, Second Biochemistry Research Institute, Research and Development Division Apr 2020 General Manager, Applied Technology Research Institute, Research and Development Division Apr 2022 Appointed Executive Officer Apr 2023 General Manager, Marketing Office, Sales Division Apr 2025 General Manager, Corporate Strategy Office Jun 2025 Appointed Director (current) Jun 2025 Representative Executive Officer and President (current) Apr 2026 CEO and COO (current)

1965-11-07

Yoshi MORI

Director

May 1995 Joined the Company Apr 2015 General Manager, First Department, Second Biochemistry Research Institute, Research and Development Division Apr 2018 General Manager, Second Biochemistry Research Institute and General Manager, First Department, Research and Development Division Apr 2020 General Manager, Second Biochemistry Research Institute and General Manager, Second Department, Research and Development Division Apr 2021 Appointed Executive Officer Apr 2021 General Manager, Second Biochemistry Research Institute, Research and Development Division Apr 2022 General Manager, Overseas Business Office, Sales Division Apr 2023 General Manager, Overseas Planning and Sales Office, Sales Division Jun 2023 General Manager, Overseas Planning and Sales Office and General Manager, China Business Office, Sales Division Jun 2023 Chairman, Eiken Biotechnology (China) Co., Ltd. Apr 2024 General Manager, Overseas Planning and Sales Office, Sales Division Apr 2025 General Manager, Research and Development Division Jun 2025 Senior Managing Executive Officer (current) Jun 2025 Appointed Director (current) Apr 2026 CTO (current) Apr 2026 General Manager, Research and Development Headquarters (current)

1967-07-19

Kiyoshi ISHII

Director

Apr 1977 Joined Ishikawajima-Harima Heavy Industries Co., Ltd. (now IHI Corporation) Apr 2005 Director, General Manager, Defense Systems Division, Aerospace Business Unit Apr 2007 Executive Officer, Deputy General Manager, Aerospace Business Unit and General Manager, Defense Systems Division Apr 2008 Managing Director, IHI Aerospace Co., Ltd. (now IHI Aerospace Co., Ltd.) Jun 2008 President and Representative Director, IHI Aerospace Co., Ltd. Jun 2012 Chairman and Representative Director (part-time), IHI Aerospace Co., Ltd. Jun 2012 President, Representative Director and Chief Operating Officer, Meisei Electric Co., Ltd. Jun 2013 Director (part-time), IHI Aerospace Co., Ltd. Jun 2016 Advisor, Meisei Electric Co., Ltd. Jul 2018 Advisor, IHI Corporation Jun 2019 Appointed Director (current) Feb 2020 Outside Director, Kyowa Seiki Co., Ltd. (current)

1952-10-24

Kiyomi NAKAMURA

Director

Apr 1998 Registered as attorney-at-law Apr 1998 Joined Ono Takao Law Office (now Ono Sogo Law Office) Jan 2008 Partner, Ishimoto Tetsutoshi Law Office Jun 2019 Appointed Director (current) Jun 2020 Outside Director, Nippon Beet Sugar Manufacturing Co., Ltd. (current) May 2022 Partner, HORIZON LAW OFFICE (current)

1968-10-31

Akira FUJIYOSHI

Director

Apr 1976 Joined Eisai Co., Ltd.; assigned to Research and Development Division Aug 1988 Seconded to Eisai America, Inc. Apr 1997 Seconded to Eisai Research Institute of Boston, Inc. Apr 2000 General Manager, Planning Group, R&D Planning Department Jul 2003 General Manager, IR Group, Public Relations Department Jun 2006 Executive Officer, in charge of Corporate Communications and IR Jun 2009 Director, Audit Committee Jun 2014 Advisor Mar 2017 Outside Director and Audit and Supervisory Committee Member, Senba Co., Ltd. Oct 2019 Outside Audit & Supervisory Board Member, Heartseed Inc. (current) Jun 2020 Appointed Director (current)

1954-03-19

Naoki MATSUTAKE

Director

Apr 1987 Registered as certified public accountant Mar 1993 Representative Director, Kazu Corporation (current) Jun 2003 Audit & Supervisory Board Member, BP Castrol K.K. Mar 2016 Outside Director and Audit and Supervisory Committee Member, BP Castrol K.K. Jun 2023 Appointed Director (current) Jun 2025 Outside Audit & Supervisory Board Member, Mamiya-OP Co., Ltd. (current)

1958-06-30

Rie UEKI

Director

1988 Passed the 82nd National Medical Licensing Examination Jun 1996 Head of Dermatology, Koshigaya Municipal Hospital, Koshigaya, Saitama (public service) Dec 2018 Professor, Juntendo University School of Medicine (Dermatology, Juntendo Tokyo Koto Geriatric Medical Center) Apr 2024 Vice Director and Head of Clinical Department, Juntendo Tokyo Koto Geriatric Medical Center, Juntendo University Hospital (current) Jun 2025 Appointed Director (current)

1963-12-24

Yuta KINOSE

Director

Apr 2005 Joined Nomura Research Institute, Ltd. Oct 2006 Joined J-WILL PARTNERS Co., Ltd. Aug 2011 Joined Kizuna Capital Partners Co., Ltd. May 2014 President and Representative Director, Kizuna Capital Partners Co., Ltd. May 2017 President and Representative Director, Continental Investment Group Co., Ltd. (current) Jun 2024 Outside Director, Hogy Medical Co., Ltd. Jun 2025 Appointed Director (current)

1980-10-14

Tatsuki TODA

Director

Apr 1995 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jan 2006 Joined S.O.W Co., Ltd. Feb 2012 President and Representative Director, S.O.W With Co., Ltd. Mar 2013 General Manager, Administration Department, Community Net Co., Ltd. Jun 2014 Senior Managing Director, Community Net Co., Ltd. Jan 2016 Financial Executive Officer, Hirakawa Shoji Co., Ltd. (current) Jun 2025 Appointed Director (current)

1971-07-09

Large Shareholding Reports

Nomura Asset Management Co., Ltd.

2026-10-22

2.61%→2.60%

Nomura Asset Management Co., Ltd.

2026-10-06

2.61%

Dalton Investments, Inc.

2026-07-31

19.75%→17.92%

Dalton Investments, Inc.

2026-07-24

19.75%→17.92%

Dalton Investments, Inc.

2026-06-30

19.75%→19.75%

Dalton Investments, Inc.

2026-06-19

19.75%→19.75%

Dalton Investments, Inc.

2026-04-08

19.75%→19.75%

Asset Value Investors Limited

2025-12-05

6.01%→7.37%

Asset Value Investors Limited

2025-12-03

6.01%→7.79%

Dalton Investments, Inc.

2025-11-21

17.70%→19.75%

Dalton Investments, Inc.

2025-11-13

17.16%→17.70%

Amova Asset Management Co., Ltd.

2025-09-19

2.68%→2.28%

Asset Value Investors Limited

2025-09-16

5.01%→6.01%

Dalton Investments, Inc.

2025-07-17

16.15%→17.16%

Dalton Investments, Inc.

2025-06-03

15.28%→16.15%

Dalton Investments, Inc.

2025-03-03

14.21%→15.28%

Dalton Investments, Inc.

2025-02-10

13.19%→14.21%

Dalton Investments, Inc.

2025-01-10

13.10%→13.19%

Dalton Investments, Inc.

2024-12-20

12.07%→13.10%

Dalton Investments, Inc.

2024-11-28

12.07%→12.07%

Dalton Investments, Inc.

2024-11-14

10.85%→12.07%

Dalton Investments, Inc.

2024-10-25

10.15%→10.85%

Dalton Investments, Inc.

2024-10-01

9.47%→10.15%

Dalton Investments, Inc.

2024-08-28

8.70%→9.47%

Dalton Investments, Inc.

2024-08-14

8.00%→8.70%

Dalton Investments, Inc.

2024-08-02

7.41%→8.00%

Dalton Investments, Inc.

2024-07-26

6.80%→7.41%

Dalton Investments, Inc.

2024-07-05

5.49%→6.80%

Dalton Investments, Inc.

2024-05-16

4.29%→5.49%

NIPPON ACTIVE VALUE FUND PLC

2024-04-26

4.89%→4.94%

NIPPON ACTIVE VALUE FUND PLC

2024-04-09

4.84%→4.89%

NIPPON ACTIVE VALUE FUND PLC

2024-03-26

4.50%→4.84%

Asset Value Investors Limited

2024-03-11

5.01%

NIPPON ACTIVE VALUE FUND PLC

2024-02-08

4.50%→4.50%

NIPPON ACTIVE VALUE FUND PLC

2024-02-06

3.61%→4.50%

NIPPON ACTIVE VALUE FUND PLC

2024-01-11

2.99%→3.61%

NIPPON ACTIVE VALUE FUND PLC

2023-12-05

2.99%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

EIKEN CHEMICAL CO.,LTD.

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EIKEN CHEMICAL CO.,LTD.

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