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Overview

Glass and Ceramics Products

NORITAKE CO.,LIMITED

Noritake Co., Limited operates four core business segments: Industrial Abrasives (grinding wheels, diamond tools, and coated abrasives), Ceramic Materials (electronic pastes, thick-film circuit substrates, and fluorescent display tubes), Engineering (industrial furnaces, static mixers, and water purification systems), and Tableware (fine porcelain dinnerware). The company serves a broad range of industries including electronics/semiconductors, automotive, and manufacturing, as well as consumer markets through its premium tableware brand. Noritake's competitive strengths lie in its deep ceramics and materials technology expertise, vertically integrated manufacturing, and a diversified product portfolio spanning industrial and consumer applications.

Activists: Strategic Capital, Inc. —

Market Cap

¥174B

US$1.11B

¥105B

US$668M

Stock¥3,165▼-1.71%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

5.6

LTM EV/EBIT

8.0

LTM PER

11.1

LTM PBR

1.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+9.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 27, 25Strategic Capital, Inc. changed stake (7.13%→8.17%)

2Jan 14, 26Strategic Capital, Inc. changed stake (8.17%→9.22%)

3Feb 6, 26Strategic Capital, Inc. changed stake (9.22%→9.38%)

4Feb 18, 26Strategic Capital, Inc. changed stake (9.38%→9.38%)

5Mar 3, 26Strategic Capital, Inc. changed stake (9.38%→8.2%)

MC → EV Bridge

AI Briefing

Noritake: century-old ceramics/materials play spanning abrasives, electronic pastes, engineering and tableware, serving semiconductor, auto and industrial end-markets. FY26/3 revenue ¥143B with OP margin steady at 7.8%, a gradual recovery off FY25/3's ¥138B/7.4% dip. EV/EBITDA near 6x on ¥18.7B LTM EBITDA with a net cash balance sheet (¥17.5B cash vs ¥17.5B debt) — diversified industrial compounder, not a re-rating story in public data.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

91%

EquityD/E 0.10xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 44.6%

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

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

9.67%

Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

9.22%

INTERTRUST TRUSTEES (CAYMAN) LIMITED SOLELY IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Services Department)

6.88%

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

5.76%

Custody Bank of Japan, Ltd. (Trust Account)

3.17%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

2.74%

TOTO LTD.

1.90%

日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・７５９４７口）

1.82%

INTERTRUST TRUSTEES (CAYMAN) LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST (Standing Proxy: Tachibana Securities Co., Ltd.)

1.79%

GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.61%

Management

9 officers

Hiroshi KATO

Representative Director, Chairman

Apr 1979 Joined the Company Apr 2010 Appointed General Manager, Finance Department Jun 2010 Appointed Executive Officer Jun 2011 Appointed Director and Executive Officer Jun 2014 Appointed Director and Managing Executive Officer Jun 2017 Appointed Representative Director, Executive Vice President and Executive Officer Jun 2018 Appointed Representative Director, President and Executive Officer Apr 2024 Appointed Representative Director, Chairman (current)

1957-01-29

Akira HIGASHIYAMA

Representative Director, President and Executive Officer; in charge of R&D Center and Intellectual Property Planning Department

Apr 1986 Joined the Company Jun 2014 Appointed Executive Officer Jun 2014 Appointed General Manager, Engineering Business Division Jun 2017 Appointed Managing Executive Officer Jun 2018 Appointed Director and Managing Executive Officer Jun 2019 Appointed Director and Senior Managing Executive Officer Jun 2022 Appointed Representative Director, Executive Vice President and Executive Officer Apr 2024 Appointed Representative Director, President and Executive Officer (current) Responsible for R&D Center and Intellectual Property Planning Department (current)

1960-06-17

Makoto OKABE

Director, Executive Vice President and Executive Officer; in charge of Corporate Services Division, Human Capital Management Department and Corporate Planning Office; President, Noritake U.S.A., Inc.; Chairman, Noritake Lanka Porcelain (Private) Limited

Apr 1983 Joined Mitsubishi Corporation Jun 2020 Appointed Managing Executive Officer Jun 2020 Appointed Deputy General Manager, Sales Division, Industrial Materials Business Unit Apr 2022 Appointed President, Noritake Co., Inc. (now Noritake U.S.A., Inc.) (current) Appointed Chairman, Noritake Lanka Porcelain (Private) Limited (current) Jun 2023 Appointed Director and Senior Managing Executive Officer (current) Apr 2026 Responsible for Corporate Services Division, Human Capital Management Department and Corporate Planning Office (current) Jun 2026 Appointed Director, Executive Vice President and Executive Officer

1960-08-29

Takahiro FUJIOKA

Director

Apr 1979 Joined Toyota Motor Co., Ltd. (now Toyota Motor Corporation) Jun 2006 Appointed Managing Officer, Toyota Motor Corporation May 2011 Appointed Full-time Advisor, Aichi Steel Corporation Jun 2011 Appointed Representative Director and President, Aichi Steel Corporation Jun 2023 Appointed Representative Director and Chairman, Aichi Steel Corporation (current) Jun 2024 Appointed Director (current)

1954-08-31

Eiko FUNEHIKI

Director

Apr 1986 Joined Fujitsu Tokai Systems Engineering Ltd. (now Fujitsu Limited) Dec 1988 Joined Tokai Research Institute, Ltd. (now Mitsubishi UFJ Research & Consulting Co., Ltd.) Jun 2018 Appointed Executive Officer, Mitsubishi UFJ Research & Consulting Co., Ltd. (current) Jun 2025 Appointed Outside Director, Aisan Industry Co., Ltd. (current) Jun 2025 Appointed Director (current)

1963-08-03

Tsuki YUIMI

Director

Jan 2008 Appointed Associate Professor, Graduate School of Science, The University of Tokyo Oct 2008 Appointed Associate Professor, Institute for Molecular Science, National Institutes of Natural Sciences Apr 2013 Appointed Professor, Research Center for Materials Science, Nagoya University, Tokai National Higher Education and Research System (current) Jun 2025 Appointed Director (current)

1979-03-03

Hiroko FUMA

Director, Full-time Audit and Supervisory Committee Member

Apr 1986 Joined the Company Feb 2015 Appointed General Manager, Corporate Planning Office Jun 2018 Appointed Executive Officer Jun 2019 Appointed Director and Executive Officer Jun 2022 Appointed Director and Managing Executive Officer Apr 2024 Responsible for General Affairs Department, Legal Department, Secretariat and Internal Audit Office Jun 2025 Appointed Director, Audit and Supervisory Committee Member (current)

1963-09-12

Takashi MORISAKI

Director, Audit and Supervisory Committee Member

Apr 1978 Joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2008 Appointed Managing Executive Officer, Mitsubishi UFJ Financial Group, Inc. Apr 2008 Appointed Managing Executive Officer, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) May 2010 Appointed Managing Executive Officer and Head of Asia Division, the Bank May 2012 Appointed Senior Managing Executive Officer and Head of Markets Division, the Bank Jun 2012 Appointed Senior Managing Director and Head of Markets Division, the Bank Jul 2012 Appointed Managing Executive Officer, Head of Markets and Connected Business Division, Mitsubishi UFJ Financial Group, Inc. May 2014 Appointed Managing Executive Officer, Head of Markets and Connected Business Division, Mitsubishi UFJ Financial Group, Inc. Jun 2016 Appointed Deputy President, The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Advisor to the Bank Sep 2016 Appointed Full-time Advisor, Mitsubishi Research Institute, Inc. Oct 2016 Appointed Senior Managing Executive Officer, Mitsubishi Research Institute, Inc. Dec 2016 Appointed President and Representative Director, Mitsubishi Research Institute, Inc. Jun 2021 Appointed Corporate Auditor, Mitsubishi Research Institute, Inc. Dec 2021 Appointed Chairman and Director, Mitsubishi Research Institute, Inc. (current) Jun 2023 Appointed Outside Director, Ines Corporation (current) Jun 2023 Appointed Director, Audit and Supervisory Committee Member (current)

1955-01-01

Chika MATSUMOTO

Director, Audit and Supervisory Committee Member

Apr 1983 Joined Brother Industries, Ltd. Oct 1990 Joined Chuo Shinko Audit Corporation Aug 2007 Appointed Partner, Azusa Audit LLC Jul 2013 Appointed Director (Riji), Azusa Audit LLC Jul 2017 Appointed Member, Management Monitoring Committee, Azusa Audit LLC Jul 2020 Appointed Head of Nagoya Office, Azusa Audit LLC Jun 2023 Appointed Outside Corporate Auditor, Brother Industries, Ltd. (current) Jun 2023 Appointed Outside Corporate Auditor, Hino Motors, Ltd. (current) Jun 2025 Appointed Director, Audit and Supervisory Committee Member (current)

1961-02-22

Large Shareholding Reports

Strategic Capital Co., Ltd.

2026-10-07

6.47%→5.22%