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Overview

Metal Products

NORITZ CORPORATION

Noritz Corporation is a leading Japanese manufacturer of water heating and HVAC equipment, offering a broad product lineup including gas and oil water heaters, hybrid hot water systems, heat pump water heaters (EcoCute), solar energy systems, built-in kitchen appliances (cooktops, range hoods), and radiant floor and room heating systems. The company serves residential and light commercial markets primarily in Japan, with additional manufacturing and sales operations in China, North America, Australia, and Hong Kong. Noritz differentiates itself through energy-efficient product innovation, a nationwide after-sales service network in Japan, and a diversified global group structure encompassing 29 subsidiaries and 5 affiliates.

Activists: Dalton Investments, Inc. 2.92%, Nippon Active Value Fund PLC (NAVF) 4.93%

Market Cap

¥103B

US$657M

¥49.9B

US$318M

Stock¥2,257▲+0.00%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

3.8

LTM EV/EBIT

10.0

LTM PER

14.4

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.4%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 20, 25Nippon Active Value Fund PLC (NAVF) changed stake (1.03%→2.06%)

2Apr 8, 26Nippon Active Value Fund PLC (NAVF) changed stake (3.09%→3.35%)

3May 27, 26Nippon Active Value Fund PLC (NAVF) changed stake (3.35%→3.98%)

4Jul 7, 26Nippon Active Value Fund PLC (NAVF) changed stake (3.98%→4.75%)

5Aug 24, 26Nippon Active Value Fund PLC (NAVF) changed stake (2.91%→3.79%)

MC → EV Bridge

AI Briefing

Noritz: leading Japanese water heater/HVAC maker with FY25/12 revenue ¥202B but thin 2.1% OP margin, still below FY22 profitability. Margins have eroded since 2022 (6.9B→2.4B→4.3B OP) despite flat top line, with activist holder Nippon Active Value Fund sitting at #3 (4.90%). EV/EBITDA near 3.6x looks undemanding given ¥30.1B net cash cushion, but structural margin recovery remains unproven; no tender offer in play per public data.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

94%

EquityD/E 0.07xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 43.6%

as of 2026-06-30 · Source: Annual Securities Report

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

11.69%

NORITZ CORPORATION Business Partners' Stock Ownership Association

4.94%

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

4.90%

Sumitomo Mitsui Banking Corporation

3.79%

The Dai-ichi Life Insurance Company, Limited

3.52%

CHOFU SEISAKUSHO CO.,LTD.

3.32%

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

3.12%

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

3.02%

NORITZ CORPORATION Employee Stock Ownership Association

2.79%

NORITZ CORPORATION Stock Ownership Association

2.53%

Management

8 officers

Satoru HARAMAKI

Representative Director, Chairman

Apr 1983 Joined NORITZ CORPORATION Feb 2009 Representative Director, President, Shinwa Kogyo Co., Ltd. Jan 2011 Executive Officer, Deputy General Manager, R&D Division, NORITZ CORPORATION Sep 2014 Managing Executive Officer, General Manager, R&D Division, NORITZ CORPORATION Mar 2015 Director and Managing Executive Officer, General Manager, R&D Division, NORITZ CORPORATION Jan 2019 Director and Senior Managing Executive Officer, General Manager, Domestic Business Division, NORITZ CORPORATION Oct 2020 Representative Director, President, NORITZ CORPORATION Jul 2025 Representative Director, Chairman, NORITZ CORPORATION (current)

1959-04-16

Masayuki TAKENAKA

Representative Director, President

Jan 1992 Joined NORITZ CORPORATION Mar 2004 Director, General Manager, Corporate Planning and Administration Division, Herman Co., Ltd. Jun 2011 Managing Director, General Manager, Administration Division, Herman Co., Ltd. Jan 2012 General Manager, General Affairs Department, Administration Division, NORITZ CORPORATION Oct 2013 Representative Director, President, Escore Hearts Co., Ltd. Apr 2016 Executive Officer, NORITZ CORPORATION Jan 2017 Senior Executive Officer, General Manager, Administration Division, NORITZ CORPORATION Mar 2017 Director and Managing Executive Officer, General Manager, Administration Division, NORITZ CORPORATION Jan 2019 Director and Managing Executive Officer, General Manager, Management Administration Division, NORITZ CORPORATION Oct 2020 Director and Managing Executive Officer, General Manager, Corporate Planning and Administration Division, NORITZ CORPORATION Mar 2021 Director and Senior Managing Executive Officer, General Manager, Corporate Planning and Administration Division, NORITZ CORPORATION Jul 2023 Director and Senior Managing Executive Officer, General Manager, Domestic Business Headquarters, NORITZ CORPORATION Jul 2025 Representative Director, President, NORITZ CORPORATION (current)

1963-09-24

Atsushi YOSHIMOTO

Director and Senior Managing Executive Officer, General Manager, Products Headquarters

Apr 1989 Joined NORITZ CORPORATION Jul 2009 General Manager, New Energy Business Promotion Department, Products Business Division, NORITZ CORPORATION Jan 2017 General Manager, Heat Storage System Product Development Department, R&D Division, NORITZ CORPORATION Jan 2019 Executive Officer, Deputy General Manager, R&D Division, NORITZ CORPORATION Oct 2021 Managing Executive Officer, General Manager, R&D Division, NORITZ CORPORATION Jan 2025 Managing Executive Officer, Deputy General Manager, Products Headquarters, NORITZ CORPORATION Mar 2025 Director and Senior Managing Executive Officer, General Manager, Products Headquarters, NORITZ CORPORATION (current)

1965-10-21

Hidenori IKEDA

Director and Senior Managing Executive Officer, General Manager, Domestic Business Headquarters

Apr 1996 Joined NORITZ CORPORATION Mar 2015 Head of Hot Water Planning Office, Marketing Headquarters, NORITZ CORPORATION Jan 2016 Representative Director, President, Herman Co., Ltd. Sep 2017 Head of Corporate Planning Office, NORITZ CORPORATION Jan 2018 Executive Officer, Head of Corporate Planning Office, NORITZ CORPORATION Jan 2019 Executive Officer, General Manager, Corporate Planning Division, NORITZ CORPORATION Oct 2020 Managing Executive Officer, General Manager, Global Headquarters, NORITZ CORPORATION Jan 2021 Chairperson, NORITZ USA CORPORATION; Director, NORITZ AUSTRALIA PTY LTD; Chairman, Noritz (China) Investment Co., Ltd.; Chairman, Noritz Hong Kong Co., Ltd.; Chairman, Sakura (Cayman) Co., Ltd.; Chairman, Sakura China Holdings (H.K.) Co., Ltd. Mar 2022 Director and Managing Executive Officer, General Manager, Global Headquarters, NORITZ CORPORATION Jul 2023 Director and Managing Executive Officer, General Manager, Overseas Business Headquarters, NORITZ CORPORATION Jan 2024 Chairman, Foshan Shunying Kitchen Products Co., Ltd. Jul 2025 Director and Senior Managing Executive Officer, General Manager, Domestic Business Headquarters, NORITZ CORPORATION (current)

1971-07-18

Izumi NODA

Outside Director

May 2000 Joined BeWith Co., Ltd. Jan 2016 General Manager, Operations Division and Lifestyle Services Division, BeWith Co., Ltd. Jun 2016 Executive Officer, General Manager, Operations Division and Lifestyle Services Division, BeWith Co., Ltd. Jun 2017 Executive Officer, General Manager, Operations Division and General Manager, Human Resource Development Department, BeWith Co., Ltd. Jun 2018 Chief Human Officer (CHO) and Chief Operational Risk Officer (CORO), General Manager, Human Resource Development Department and General Manager, Business Audit Department, BeWith Co., Ltd. Dec 2019 CHO, General Manager, Human Resource Development Department, BeWith Co., Ltd. Dec 2021 CHO, General Manager, Human Resources Department, BeWith Co., Ltd. Sep 2024 Fellow (Expert Executive), BeWith Co., Ltd. (current) Mar 2025 Outside Director, NORITZ CORPORATION (current)

1965-05-18

Naoki HIRANO

Director, Full-time Audit and Supervisory Committee Member

Apr 1988 Joined NORITZ CORPORATION Jan 2016 General Manager, Sales Planning Department, Sales Division, Domestic Business Division, NORITZ CORPORATION Nov 2017 Representative Director, President, Kantō Sangyo Co., Ltd. Jul 2019 Head of Customer Office, Service Business Development Department, Sales Division, Domestic Business Division, NORITZ CORPORATION Jul 2020 Head of Customer Office, Service Business Development Department, Marketing Department, Domestic Business Division, NORITZ CORPORATION Oct 2020 Head of Customer Office, Service Business Division, Marketing Headquarters, NORITZ CORPORATION Jan 2021 Representative Director, President, Noritz Living Create Co., Ltd. Apr 2023 Adviser, Noritz Living Create Co., Ltd. Jul 2023 Head of Audit and Supervisory Committee Office, NORITZ CORPORATION Mar 2024 Director, Full-time Audit and Supervisory Committee Member, NORITZ CORPORATION (current)

1965-01-11

Yasuhiro TANI

Lead Outside Director, Audit and Supervisory Committee Member

Oct 1981 Joined Asahi & Co. (now Azsa LLC) Apr 1985 Registered as Certified Public Accountant Apr 1986 Representative, Tani Certified Public Accountant Office (current) May 2003 Registered as Certified Tax Accountant Sep 2004 Visiting Professor, Graduate School, Central University of Finance and Economics, Beijing Apr 2006 Professor, Globis University (current) Jun 2018 Outside Audit and Supervisory Board Member, World Mode Holdings Co., Ltd. Jun 2020 Outside Audit and Supervisory Board Member, ROHTO Pharmaceutical Co., Ltd. (current) Mar 2021 Outside Director, Audit and Supervisory Committee Member, NORITZ CORPORATION Jun 2024 Outside Director, Audit and Supervisory Committee Member, Fuji Oil Holdings Inc. (now Fuji Oil Co., Ltd.) (current) Jul 2025 Lead Outside Director, Audit and Supervisory Committee Member, NORITZ CORPORATION (current)

1956-10-11

Mina ITO

Outside Director, Audit and Supervisory Committee Member

Jun 1996 Joined Baker & McKenzie Jan 2004 Partner, Baker & McKenzie Jan 2020 Special Advisor, Baker & McKenzie May 2020 Established ZENMONDO Co., Ltd.; Representative Director, CEO (current) Jun 2020 Outside Audit and Supervisory Board Member, Ceboon Co., Ltd. Jun 2021 Outside Director, Audit and Supervisory Committee Member, Kokusai Kami Pulp Shoji Co., Ltd. (now KPP Group Holdings Co., Ltd.) Jun 2022 Outside Director, KPP Group Holdings Co., Ltd. (current) Apr 2024 Outside Director, Daido Group Holdings Inc. (current) May 2024 Head, Mina Arai-Ito Foreign Lawyer Office (current) Mar 2025 Outside Director, Audit and Supervisory Committee Member, NORITZ CORPORATION (current)

1967-03-02

Large Shareholding Reports

NIPPON ACTIVE VALUE FUND PLC

2026-08-24

4.75%→4.93%

NIPPON ACTIVE VALUE FUND PLC

2026-07-31

—

NIPPON ACTIVE VALUE FUND PLC

2026-07-07

3.98%→4.75%

NIPPON ACTIVE VALUE FUND PLC

2026-05-27

3.35%→3.98%

NIPPON ACTIVE VALUE FUND PLC

2026-04-08

3.09%→3.35%

NIPPON ACTIVE VALUE FUND PLC

2025-11-20

3.09%→3.09%

NIPPON ACTIVE VALUE FUND PLC

2025-08-14

3.09%→3.09%

NIPPON ACTIVE VALUE FUND PLC

2025-01-10

3.09%→3.09%

NIPPON ACTIVE VALUE FUND PLC

2024-08-29

3.09%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-08-24

Large Shareholding Report

NORITZ CORPORATION

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NORITZ CORPORATION

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