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Overview

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ARTNATURE INC.

Art Nature is a Japan-based manufacturer and retailer specializing in custom-made wigs, hairpieces, and hair extension products for both men and women. The company operates 282 domestic salons offering made-to-order wigs crafted using proprietary 3D head-measurement technology, with manufacturing outsourced to group subsidiaries in the Philippines and Malaysia. In addition to its core custom wig business, the company offers ready-made wigs through its 'Julia Augee' and 'NAO-ART' retail chains, medical wigs under the ANCS brand, and is expanding into adjacent areas including hair care products and medical-related support services.

Market Cap

US$156M

¥24.9B

US$28.3M

¥4.52B

StockUS$4.77(¥762)▼-1.42%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

1.1

LTM EV/EBIT

1.7

LTM PER

16.0

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.2%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B) · Segment profit (gross profit)

Men's business

Revenue

US$146M(¥23.3B)

Segment profit

US$92.5M(¥14.8B)63.5%

Lady's business

Revenue

US$84.7M(¥13.5B)

Segment profit

US$55.0M(¥8.78B)64.9%

Ladies' ready-made wig business

Revenue

US$39.0M(¥6.23B)

Segment profit

US$31.4M(¥5.02B)80.6%

Other

Revenue

US$27.7M(¥4.43B)

Segment profit

US$9.23M(¥1.47B)33.3%

Adjustments

Revenue

-US$17.8M(¥-2.85B)

Segment profit

-US$1.60M(¥-0.26B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 68.3%

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

Yoshitaka IGARASHI

18.61%

I Corporation Co., Ltd.

9.94%

Takeshi TSUKAMOTO

7.68%

UHPartners 2 Investment Limited Liability Partnership

7.53%

Hikari Tsushin KK Investment Limited Liability Partnership

6.32%

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

6.13%

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

4.82%

Keisuke IGARASHI (Managed Trust Trustee: SMBC Trust Bank Ltd.)

2.98%

ARTNATURE INC. Employee Stock Ownership Association

2.40%

Custody Bank of Japan, Ltd. (Trust Account E)

1.84%

Management

12 officers

Yoshitaka IGARASHI

Representative Director, Chairman and President

Apr 1967: Joined the wig business operated by Saburo AKUTSU, founder of the Company (predecessor of the Company) Jun 1967: Joined upon establishment of the Company Apr 2000: Representative Director, President of the Company Sep 2002: Chairman, Euro Tech Co. (currently AN Philippines Inc.) Jul 2007: Representative Director, Chairman and President of the Company Dec 2007: Chairman, ANLP Co. (current) Dec 2012: Chairman, ANSG Co. (current) Apr 2013: Chairman, ANMP Co. (current) Nov 2014: Chairman, ANMY Co. (current) Aug 2015: Representative Director, Chairman, President and Senior Executive Officer and General Manager, Advertising Division of the Company; Chairman, ANTH Co. (current) Apr 2016: Representative Director, Chairman and President of the Company (current) Jan 2024: Chairman, ANBD Co. (current)

1941-08-01

Keisuke IGARASHI

Managing Director

Dec 1998: Joined Art Nature Inc. Apr 2000: Representative Director, President, I Corporation Co., Ltd. (current) Oct 2007: General Manager, Advertising Division of the Company Apr 2008: Executive Officer and General Manager, Advertising Division of the Company Jun 2008: Director and General Manager, Advertising Division of the Company May 2009: Director, Senior Executive Officer and General Manager, Advertising Division of the Company Oct 2010: Director, Senior Executive Officer, General Manager, Advertising Division and Head of Channel Development Office of the Company Mar 2011: Director, BL Co. Apr 2012: Managing Director of the Company Apr 2013: Managing Director, Senior Executive Officer and General Manager, Advertising Division of the Company Aug 2015: Managing Director of the Company (current)

1971-12-08

Sayuri SHIGEMATSU

Director, Senior Executive Officer and General Manager, Ladies Sales Division

Nov 1994: Joined Art Nature Inc. Apr 2008: General Manager, Ladies Planning Division of the Company Apr 2010: Executive Officer, Deputy General Manager, JO Sales Division and General Manager, JO Planning Division of the Company Nov 2014: Director, Art Mikawaya Co. (current) Apr 2017: Executive Officer, Deputy General Manager, Sales Division and General Manager, Julia Auger Planning Division of the Company Jun 2018: Executive Officer, Deputy General Manager, Sales Division and General Manager, Julia Auger Sales Department of the Company Sep 2022: Director, NAO-ART Co. (current) Apr 2023: Senior Executive Officer, Deputy General Manager, Sales Division of the Company Feb 2024: Senior Executive Officer and General Manager, Ladies Sales Division of the Company Jun 2024: Director, Senior Executive Officer and General Manager, Ladies Sales Division of the Company (current)

1964-03-11

Takafumi KIYONAGA

Director

Apr 1995: Registered as an attorney-at-law Apr 1995: Joined Yada Law Office (currently Nozomi Sogo Law Office) (current) Feb 2017: Corporate Auditor, Kachi Systems Products Co. (current) Jun 2022: Director of the Company (current)

1967-10-19

Toshio HONDA

Director

Apr 1988: Joined Fuji Bank (currently Mizuho Bank) Apr 2012: Kagoshima Branch Manager, Mizuho Bank Jun 2016: Joined the Company; Officer, Human Resources Department Oct 2016: General Manager, Management Planning Division of the Company Apr 2019: Executive Officer and General Manager, Management Planning Division of the Company Apr 2021: Senior Executive Officer and General Manager, Management Planning Division of the Company (current)

Kimio YANAGISAWA

Director

Apr 1989: Joined Fuji Bank (currently Mizuho Bank) Dec 2009: Seconded to the Company; Deputy General Manager, Sales Planning Division May 2015: Tama Branch Manager, Mizuho Bank May 2018: Joined the Company; Officer, Sales Planning Division Jun 2018: General Manager, Sales Planning Division of the Company Apr 2021: Executive Officer and General Manager, Sales Planning Division of the Company Apr 2025: Senior Executive Officer, Deputy General Manager, Men's Sales Division, Deputy General Manager, Ladies Sales Division and General Manager, Sales Planning Division of the Company Apr 2026: Senior Executive Officer and General Manager, Men's Sales Division; Deputy General Manager, Ladies Sales Division of the Company (current)

Atsuo ISHIKI

Director

Apr 1997: Joined Art Nature Inc. Oct 2010: General Manager, Information Development Office of the Company Apr 2011: General Manager, Men's Planning Division of the Company Dec 2014: General Manager, Product Development Division of the Company Apr 2019: Executive Officer and General Manager, Product Development Division of the Company May 2021: Executive Officer, Deputy General Manager, Production Division and General Manager, Production Planning Division of the Company Apr 2023: Senior Executive Officer, Deputy General Manager, Production Division and General Manager, Production Planning Division of the Company Apr 2026: Senior Executive Officer and General Manager, Production Division of the Company (current)

Yuko UTSUNOMIYA

Director

Apr 1979: Joined Takashimaya Co., Ltd. Mar 2007: Representative Director, President, Takasaki Takashimaya Co., Ltd. Feb 2012: General Manager, Sales Division, JR Tokai Takashimaya Co., Ltd. May 2012: Managing Director and General Manager, Sales Division, JR Tokai Takashimaya Co., Ltd. Mar 2016: Managing Director, Tojin Development Co., Ltd. Mar 2018: Senior Managing Director, Tojin Development Co., Ltd. Mar 2021: Vice President (Representative Director), Tojin Development Co., Ltd. Mar 2022: Managing Executive Officer, Deputy General Manager, Sales Division and General Manager, MD Division, Takashimaya Co., Ltd. May 2022: Managing Director, Deputy General Manager, Sales Division and General Manager, MD Division, Takashimaya Co., Ltd. Mar 2023: Managing Director and General Manager, Planning and Promotion Division, Takashimaya Co., Ltd. May 2025: Adviser, Takashimaya Co., Ltd. Mar 2026: Director, Arai Kogei Foundation (general incorporated association) (current)

Noriko KOMIYAMA

Director

Oct 2002: Joined Shin Nihon & Co. (currently EY Shin Nihon LLC) Dec 2010: Registered as a Certified Public Accountant Dec 2010: Opened Noriko Komiyama CPA Office (current) Oct 2011: Director, Yotsuya Plain Center Co. (current)

Satoshi HIYAMA

Corporate Auditor

Aug 2004: Registered as an attorney-at-law Aug 2004: Joined Anderson Mori & Tomotsune Oct 2006: Joined Sudo & Takai Law Office Oct 2015: Partner, Kikkawa Law Office Jun 2016: Alternate Corporate Auditor, Kenedix Retail REIT Investment Corporation Jul 2017: Partner, Kikkawa Sogo Law Office Mar 2018: Alternate Corporate Auditor, DIC Corporation (current) Jun 2018: Corporate Auditor of the Company (current) May 2020: Representative Partner, Hiyama & Saga Law Office (current)

1972-10-15

Katsuya MURATA

Corporate Auditor

Nov 1988: Joined Art Nature Kansai Inc. Mar 2006: General Manager, Information Systems Division of the Company Apr 2008: Executive Officer and General Manager, Information Systems Division of the Company May 2009: Executive Officer, Deputy General Manager, Administration Division and General Manager, Information Systems Division of the Company Apr 2012: Senior Executive Officer, Deputy General Manager, Administration Division and General Manager, Information Systems Division of the Company Apr 2016: Senior Executive Officer and General Manager, Administration Division and General Manager, Information Systems Division of the Company Apr 2026: Officer, Administration Division of the Company (current)

Yoshiaki HONBO

Corporate Auditor

Oct 1994: Joined Ota Showa & Co. (currently EY Shin Nihon LLC) Apr 1998: Registered as a Certified Public Accountant Jul 2006: Joined Ernst & Young Transaction Advisory Services Co., Ltd. (currently EY Strategy and Consulting Co., Ltd.) Jan 2010: Opened Honbo CPA Office (current) Oct 2010: Registered as a tax accountant Oct 2010: Opened Yoshiaki Honbo Tax Accountant Office (current) Jul 2016: Established Honbo Office LLC; Representative Member (current) Jul 2016: Member, Seisen Audit Corporation (current) Jun 2020: Alternate Corporate Auditor of the Company

Large Shareholding Reports

FMR Investment Management (UK) Limited

2026-07-23

5.26%→4.72%

FMR LLC

2026-06-08

6.38%→5.26%

Fidelity Management & Research Company LLC

2026-06-08

5.80%→4.89%

UH Partners 2 Co., Ltd.

2026-03-10

7.27%→7.27%

UH Partners 2 Co., Ltd.

2025-09-26

6.82%→7.27%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-13

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

ARTNATURE INC.

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