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Overview

Machinery

AIRMAN CORPORATION

AIRMAN Corporation (rebranded from Hokuetsu Industries in April 2025) manufactures and sells construction and industrial machinery, with core products including engine compressors, engine generators, motor compressors, aerial work platforms, and mini backhoes. The company serves construction, civil engineering, and industrial sectors through its building construction machinery and industrial machinery segments. Its competitive strengths lie in its broad product lineup spanning both engine-driven portable equipment and electric motor-driven stationary systems, supported by a global sales and service network.

Activists: VARECS Partners Limited 12.97%

Market Cap

¥64.5B

US$411M

¥54.4B

US$347M

Stock¥2,395▼-0.08%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

6.5

LTM EV/EBIT

7.6

LTM PER

11.5

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-1.2%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jul 30, 26Board approved share buyback; Q1 FY2027/03 earnings announced

2Aug 3, 26VARECS Partners Limited changed stake (13.85%→12.97%)

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

86%

EquityD/E 0.16xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 54.8%

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

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

9.38%

Biogreen Co., Ltd.

8.87%

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

7.80%

Chiyoda Sangyo Co., Ltd.

6.34%

Yoshitake SATO

5.24%

AIRMAN Stock Ownership Association

3.91%

CITCO TRUSTEES (CAYMAN)LIMITED SOLELY IN ITS CAPACITY AS TRUSTEE OF THE VPL1 TRUST (Standing Proxy: Tachibana Securities Co., Ltd.)

3.63%

Mizuho Bank, Ltd.

3.39%

The Daishi Hokuetsu Bank, Ltd.

3.38%

NORTHERN TRUST CO. (AVFC)RE NONTREATY CLIENTS ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.84%

Management

8 officers

Goichi SATO

Representative Director, President

Apr 1998 Joined the Company Mar 2013 Managing Director, ASC Co., Ltd. Mar 2014 Executive Officer of the Company; Representative Director, President, ASC Co., Ltd. Mar 2018 Executive Officer, General Manager, Administration Department Mar 2021 Executive Officer, General Manager, Administration Headquarters (concurrently) General Manager, Business Planning Group Jun 2021 Director, General Manager, Administration Headquarters (concurrently) General Manager, Business Planning Group Mar 2022 Director, General Manager, Administration Headquarters Feb 2024 Representative Director, President (current)

1971-05-30

Norimi NAGASAWA

Managing Director, in charge of Business Planning

Jun 1990 Joined the Company Mar 2019 General Manager, East Japan Sales Department Mar 2020 Executive Officer, General Manager, East Japan Sales Department Mar 2022 Executive Officer, General Manager, Sales Headquarters Jun 2023 Director, General Manager, Sales Headquarters Feb 2024 Managing Director, General Manager, Sales Headquarters Mar 2025 Managing Director, General Manager, Sales Headquarters (concurrently) General Manager, Direct Demand Department Mar 2026 Managing Director, in charge of Business Planning (current)

1967-06-10

Masaru KANEKO

Director, in charge of Sustainability Promotion

Apr 1994 Joined the Company Mar 2019 General Manager, Manufacturing Department (concurrently) General Manager, No. 1 Manufacturing Group Mar 2020 Executive Officer, General Manager, Manufacturing Department Mar 2022 Executive Officer, General Manager, Production Headquarters Jun 2022 Director, General Manager, Production Headquarters Oct 2023 Director, General Manager, Production Headquarters (concurrently) General Manager, Manufacturing Department Mar 2025 Director, General Manager, Production Headquarters Mar 2026 Director, in charge of Sustainability Promotion (current)

1968-05-11

Kazuo INADA

Outside Director

Apr 1987 Joined Mitsubishi Corporation Apr 2003 Vice President, Iran Mitsubishi Corporation Apr 2013 General Manager, Environmental Solutions Division, Mitsubishi Corporation Apr 2014 President, Iran Mitsubishi Corporation Apr 2018 Executive Officer, General Chief Representative for Turkey, Mitsubishi Corporation (concurrently) Assistant to the Head of Middle East and Central Asia Sep 2022 Senior Assessor, Mirai Jinji Kenkyusho, Human Link Inc. Jan 2025 Senior Advisor, Overseas Division, Regional Headquarters, Nihon Suido Consultants Co., Ltd. Jun 2025 Outside Director of the Company (current) Jan 2026 Executive Officer, General Manager, Overseas Division, Regional Headquarters, Nihon Suido Consultants Co., Ltd. (current)

1962-08-30

Junichi KANAI

Director, Full-time Audit and Supervisory Committee Member

Apr 1983 Joined the Company Mar 2008 General Manager, Technology Development Department (concurrently) General Manager, Product Development Group Mar 2010 Chief, Development Group, Development Department Mar 2014 General Manager, Manufacturing Department Mar 2017 General Manager, Quality Assurance Department Mar 2019 General Manager, Secretariat of the Audit and Supervisory Board Jun 2019 General Manager, Secretariat of the Audit and Supervisory Committee Mar 2020 General Manager, Internal Audit Office Mar 2021 Executive Officer, General Manager, Internal Audit Office Mar 2022 Executive Officer, General Manager, Secretariat of the Audit and Supervisory Committee Jun 2022 Director, Full-time Audit and Supervisory Committee Member (current)

1960-11-16

Kikatoshi SAITO

Outside Director, Audit and Supervisory Committee Member

Oct 1997 Joined KPMG Century Audit Corporation (now Deloitte Touche... placeholder)

1972-09-19

Yurika HIYAMA

Outside Director, Audit and Supervisory Committee Member

Apr 1992 Joined Hitachi, Ltd. May 1998 Joined Walt Disney Japan Ltd. Nov 2021 Registered as Small and Medium Enterprise Management Consultant Feb 2022 Joined Comrade Farm Japan Co., Ltd. Sep 2024 Joined M.I. Sogo Kenkyusho Co., Ltd. May 2025 Established FinMark Edge Co., Ltd.; Representative Director (current) Jun 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1970-01-15

Naoko WATANABE

Outside Director, Audit and Supervisory Committee Member

Dec 2008 Registered as Attorney-at-Law Dec 2008 Joined Toranomon Law Office Jul 2016 Left Toranomon Law Office Apr 2020 Rejoined Toranomon Law Office Jan 2024 Associate Attorney and Partner, TLEO Toranomon Law and Economics Office (current) Jun 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1981-06-25

Large Shareholding Reports

Valex Partners Co., Ltd.

2026-08-03

13.85%→12.97%

VARECS Partners Limited

2024-01-11

7.04%→13.85%

VARECS Partners Limited

2023-06-09

6.03%→7.04%

VARECS Partners Limited

2022-12-20

5.02%→6.03%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-08-03

Large Shareholding Report

AIRMAN CORPORATION

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AIRMAN CORPORATION

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