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Overview

Precision Instruments

A&D HOLON Holdings Company,Limited

A&D HOLON Holdings is a Japan-based holding company operating through its group of 20+ subsidiaries across three core segments: semiconductor-related equipment, measurement & weighing instruments, and medical & healthcare devices. Its semiconductor business supplies photomask circuit dimension measurement and defect review/analysis systems, as well as A/D-D/A converters and electron guns for semiconductor manufacturing equipment. Its measurement and medical segments offer a broad range of products including electronic balances, material testing machines, environmental measurement instruments, blood pressure monitors, and vital signs monitors, serving industrial, healthcare, and research markets globally.

Activists: Strategic Capital, Inc. —

Market Cap

¥80.0B

US$510M

¥77.8B

US$496M

Stock¥2,922▼-0.71%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

7.4

LTM EV/EBIT

9.1

LTM PER

14.4

LTM PBR

1.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+26.4%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Feb 13, 26Strategic Capital, Inc. filed large shareholding report

2Feb 18, 26Strategic Capital, Inc. changed stake (5.24%→6.36%)

3Feb 25, 26Strategic Capital, Inc. changed stake (6.36%→7.26%)

4Mar 5, 26Strategic Capital shareholding change

5Mar 12, 26Strategic Capital, Inc. changed stake (7.26%→8.27%)

MC → EV Bridge

AI Briefing

A&D HOLON Holdings: precision measurement group spanning semiconductor equipment, industrial instruments, and medical devices across 20+ global subsidiaries. FY26/3 revenue ¥69.3B with OP margin steady at 13.3%, continuing multi-year growth and margin expansion since FY23/3. Positioned on DX, carbon neutrality and health-longevity themes; market reads a diversified, steadily compounding measurement platform rather than a single-segment story.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

80%

20%

EquityD/E 0.26xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 44.1%

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

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

14.42%

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

7.84%

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

4.07%

Custody Bank of Japan, Ltd. (Trust Account)

4.02%

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

2.53%

A&D HOLON Holdings Company,Limited Employee Stock Ownership Association

2.45%

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

2.35%

Saitama Resona Bank, Limited

2.19%

MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

2.15%

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

2.04%

Management

10 officers

Yasunobu MORISHIMA

Representative Director, Executive Officer, President

Apr 1970 Joined Takeda Riken Industry Co., Ltd. (now Advantest Corporation) May 1977 Joined the Company Jul 1984 General Manager, Domestic Sales Department, the Company Jul 1988 Director, the Company Feb 1990 Deputy General Manager, Sales Division, the Company Jun 1997 General Manager, Sales Division, the Company Jun 2006 Managing Executive Officer, the Company Jun 2016 Representative Director, the Company (current) Jun 2016 Senior Managing Executive Officer, the Company Jul 2016 Executive Officer, President, the Company (current) Apr 2022 Representative Director, A&D Co., Ltd. (current)

1947-09-01

Hao ZHANG

Director, Executive Officer, Executive Vice President

Apr 1997 Joined Holon Co., Ltd. May 2009 General Manager, China and Taiwan Business Promotion Office, Holon Co., Ltd. Jun 2011 Director, General Manager, Sales Department, Holon Co., Ltd. Jun 2013 Director, General Manager, Sales Division, Holon Co., Ltd. Jun 2016 Managing Director, in charge of Sales, Holon Co., Ltd. Apr 2018 Representative Director, President, Holon Co., Ltd. (current) Jun 2021 Director, the Company (current) Jun 2022 Executive Vice President, Executive Officer, the Company (current)

1960-07-21

Koji TAKAHASHI

Director, Managing Executive Officer

Apr 1984 Joined The Ashikaga Bank, Ltd. Apr 2015 Joined the Company May 2015 General Manager, Management Planning Department, Administration Division, the Company Apr 2017 General Manager, Corporate Strategy Office, the Company Jun 2019 Executive Officer, the Company Jun 2021 Senior Executive Officer, the Company Jun 2022 Director, the Company (current) Jun 2022 Director, A&D Co., Ltd. (current) Apr 2023 General Manager, Administration Division; in charge of Corporate Strategy Office, the Company Apr 2024 In charge of Corporate Planning, General Affairs, Accounting; General Manager, Business Management Department, the Company (current) Jun 2025 Managing Executive Officer, the Company (current)

1960-07-27

Yasuhiro OSHO

Director

Apr 1985 Professor, School of Science and Engineering, Waseda University May 2017 Professor Emeritus, School of Science and Engineering, Waseda University (current) Jun 2018 Director, the Company (current)

1946-12-07

Fumiaki SHIGEMITSU

Director

Apr 1982 Joined Toshiba Corporation Jul 2008 Outside Director, Advanced Mask Inspection Technology Inc. Jan 2010 Joined NuFlare Technology, Inc. Jul 2011 President and Representative Director, NuFlare Technology, Inc. May 2013 Auditor, Semiconductor Equipment Association of Japan (SEAJ) Jul 2017 Full-time Audit & Supervisory Board Member, Toshiba Device & Storage Corporation Jun 2022 Director, the Company (current) Jun 2022 Audit & Supervisory Board Member, Holon Co., Ltd. (current)

1957-10-27

Kazuko RUDY

Director

Sep 1972 Accounting Audit Office, University of Chicago Aug 1976 PR Manager, Estée Lauder Co., Ltd. Nov 1978 Marketing Manager, Estée Lauder Co., Ltd. Mar 1980 General Manager, Direct Marketing Division, Time-Life Books, Time Inc. Dec 1983 Representative Director, Witton Acton Co., Ltd. (formerly Witton Acton Ltd.) (current) Jun 2011 Vice President, Japan Direct Marketing Association Apr 2013 Professor, Graduate School of Management, Ritsumeikan University May 2014 Outside Audit & Supervisory Board Member, Seven & i Holdings Co., Ltd. Jun 2015 Outside Director, Toppan Forms Co., Ltd. Apr 2016 Visiting Professor, Graduate School of Management, Ritsumeikan University May 2019 Outside Director, Seven & i Holdings Co., Ltd. Jun 2023 Director, the Company (current)

1948-10-10

Kunio KAMIDE

Director

Apr 1973 Joined JEOL Ltd. Dec 1998 General Manager, Semiconductor & Electronics Sales Division, Semiconductor Business Unit, JEOL Ltd. Apr 2001 Director, Semiconductor & Electronics Sales Division, Semiconductor Business Unit, JEOL Ltd. Jun 2006 Executive Officer, JEOL Ltd. Jun 2011 Advisor (semiconductor-related), JEOL Ltd. (current); Chairman, JEOL Taiwan Co., Ltd. (Taiwan) and Chairman, JEOL Semiconductor Trading Co., Ltd. (China) Jun 2019 Advisor, JEOL Taiwan Co., Ltd. (Taiwan) (current) Sep 2021 Outside Director, Lasertec Corporation Jun 2025 Director, the Company (current)

1949-06-28

Katsuya IWANAGA

Full-time Audit & Supervisory Board Member

Apr 1988 Joined Kyowa Bank, Ltd. (now Resona Bank, Limited) Apr 2019 Executive Officer, Minato Bank, Ltd. Oct 2020 Executive Officer, Kansai Mirai Bank, Ltd. Oct 2020 Executive Officer, Kansai Mirai Financial Group, Inc. (now Resona Holdings, Inc.) Apr 2024 Managing Director, Resona Payment Service Co., Ltd. Apr 2026 Advisor, A&D Co., Ltd. Jun 2026 Full-time Audit & Supervisory Board Member, the Company (current) Jun 2026 Audit & Supervisory Board Member, A&D Co., Ltd. (current) Jun 2026 Audit & Supervisory Board Member, Holon Co., Ltd. (current)

1965-11-18

Naoki KONDO

Audit & Supervisory Board Member

Oct 2000 Registered as attorney-at-law; joined Tokiwa Sogo Law Office Mar 2004 Joined Ohebashi Law Office Mar 2009 Registered as attorney in the State of New York Jul 2009 Assistant to Counsel, Trade Organization Division, Trade Policy Bureau, Ministry of Economy, Trade and Industry Dec 2012 Joined Ohebashi Law Office Jan 2016 Partner, Ohebashi Law Office (current) Mar 2021 Audit & Supervisory Board Member, Ibis Co., Ltd. Oct 2021 Director (Audit and Supervisory Committee Member), Ibis Co., Ltd. (current) Jun 2023 Director (Audit and Supervisory Committee Member), Tokuyama Corporation (current) Sep 2023 Audit & Supervisory Board Member, the Company (current)

1973-12-04

Shigeo KOBAYASHI

Audit & Supervisory Board Member

Oct 1978 Joined Coopers & Lybrand Apr 1982 Registered as Certified Public Accountant Sep 1990 Representative Partner, Chuo Shinko Audit Corporation Aug 2007 Partner, KPMG Azsa LLC (formerly Azsa Audit Corporation) (left Jun 2019) Jul 2019 Shigeo Kobayashi Certified Public Accountant Office (current) Jun 2020 Outside Audit & Supervisory Board Member, Taikisha Ltd. Nov 2024 Partner, Zeros Audit LLC (current) Jun 2025 Audit & Supervisory Board Member, the Company (current)

1956-08-05

Large Shareholding Reports

Strategic Capital Co., Ltd.

2026-10-21

13.99%→15.01%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-10-20

9.34%→10.57%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-10-20

10.57%→11.87%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-10-19

7.26%→8.27%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-10-19

6.36%→7.26%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-10-16

16.72%→17.83%

Strategic Capital Co., Ltd.

2026-10-16

5.24%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Inc.

2026-09-03

15.72%→16.72%

Strategic Capital Inc.

2026-08-03

15.01%→15.72%

Strategic Capital Co., Ltd.

2026-07-06

13.99%→15.01%

Strategic Capital Co., Ltd.

2026-06-16

12.91%→13.99%

Strategic Capital Co., Ltd.

2026-05-27

11.87%→12.91%

Strategic Capital Co., Ltd.

2026-05-21

10.57%→11.87%

Strategic Capital Co., Ltd.

2026-04-06

9.34%→10.57%

Strategic Capital Co., Ltd.

2026-03-24

8.27%→9.34%

Nomura Asset Management Co., Ltd.

2026-03-23

8.00%→6.79%

Strategic Capital Co., Ltd.

2026-03-12

7.26%→8.27%

Strategic Capital Co., Ltd.

2026-02-25

6.36%→7.26%

Strategic Capital Co., Ltd.

2026-02-18

5.24%→6.36%

Strategic Capital Co., Ltd.

2026-02-13

5.24%

Nomura Asset Management Co., Ltd.

2025-12-04

7.01%→8.00%

Resona Asset Management Co., Ltd.

2025-10-22

5.58%→4.14%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

3.39%

Capital Research and Management Company

2025-08-22

5.29%→2.93%

Capital Research and Management Company

2025-08-07

6.41%→5.29%

Disclosures

No disclosures

Primary Source Filings

EDINETAmended

2026-10-21

Change Report

A&D HOLON Holdings Company,Limited

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A&D HOLON Holdings Company,Limited

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