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Overview

Real Estate

TOSEI CORPORATION

TOSEI Corporation is a diversified real estate company headquartered in Tokyo, specializing in six core segments: real estate revitalization (acquiring and value-adding deteriorated office buildings, commercial facilities, and apartments for resale), real estate development (new construction of offices, hotels, condominiums, logistics facilities, and detached housing primarily in the Tokyo metropolitan area), and real estate leasing. The company also operates real estate fund and consulting services—including asset management for the listed TOSEI REIT Investment Corporation—property management services (building maintenance, property management, and condominium management), and a hotel business under its proprietary 'TOSEI HOTEL COCONE' brand. Its competitive strengths lie in its vertically integrated platform spanning acquisition, development, asset management, and operations, supported by diverse acquisition methods including real estate M&A and debt acquisition.

Activists: Dalton Investments, Inc. 6.07%

Market Cap

¥173B

US$1.10B

¥318B

US$2.02B

Stock¥1,778▼-0.06%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

12.0

LTM EV/EBIT

12.7

LTM PER

11.1

LTM PBR

1.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-15.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 27, 25Profit-taking adjustment decline

2Mar 5, 26Earnings expectations boost

3Jul 13, 26Dalton Investments, Inc. changed stake (5.0%→6.07%)

MC → EV Bridge

AI Briefing

TOSEI runs a vertically integrated Tokyo real estate platform—revitalization, development, leasing, fund/REIT management, PM, and hotels. FY25/11 revenue ¥94.7B with OP margin expanding to 23.6%, continuing a multi-year profitability climb. Concentrated ownership (Nagoya Railroad, founder Yamaguchi, Zeus Capital) and EV/EBITDA near 12x reflect a cycle-tested, insider-anchored real estate M&A operator.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

37%

63%

EquityD/E 1.68xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 62.7%

as of 2026-05-31 · Source: Annual Securities Report

Nagoya Railroad Co., Ltd.

15.46%

Zeus Capital Y.K.

12.37%

Seiichiro YAMAGUCHI

11.13%

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

8.79%

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

3.94%

Custody Bank of Japan, Ltd. (Trust Account)

3.27%

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

2.30%

Kiraboshi Capital Tokyo Sparkle Investment Limited Partnership

2.06%

CACEIS BANK,LUXEMBOURG BRANCH / AIF CLIENTS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.87%

HOST-PLUS PTY LIMITED-HOSTPLUS POOLED SUPERANNUATION TRUSTHOSKING PARTNERS LLP (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.53%

Management

13 officers

Seiichiro YAMAGUCHI

Representative Director, President and Executive Officer

Apr 1983 Joined Mitsui Fudosan Sales Co., Ltd. (now Mitsui Fudosan Realty Co., Ltd.) Apr 1986 Joined Tosei Shoji Co., Ltd. Aug 1990 Director, the Company Jun 1994 Representative Director, President, the Company (current) Dec 1995 Representative Director, Palms Kanri Co., Ltd. (now Tosei Community Co., Ltd.) Jul 2004 Executive Officer, President, the Company (current)

1961-01-05

Noboru HIRANO

Director, Senior Managing Executive Officer, General Manager of Administration Division

Apr 1982 Joined Kokubu Corporation Apr 1991 Joined Tosei Shoji Co., Ltd. May 1995 Director, Tosei Shoji Co., Ltd. Mar 2001 Finance Manager, Accounting Department, the Company Oct 2002 Managing Director, the Company Jul 2004 Director, Managing Executive Officer, the Company Mar 2005 Audit & Supervisory Board Member, Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) Apr 2005 Audit & Supervisory Board Member, Tosei Community Co., Ltd. Sep 2005 Representative Director, Tosei REIT Advisors Co., Ltd. (now Tosei Asset Advisors Co., Ltd.) Feb 2006 Director, Senior Managing Executive Officer, General Manager of Administration Division, the Company (current) Dec 2007 Representative Director, Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) Jan 2013 Director, Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) Feb 2013 Director, Tosei Community Co., Ltd. Feb 2016 Director, Tosei Asset Advisors Co., Ltd. (current) Feb 2020 Representative Director, Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) (current) Feb 2024 Director, Tosei Hotel Management Co., Ltd. (current)

1959-10-17

Hideki NAKANISHI

Director, Senior Managing Executive Officer, General Manager of Business Division, in charge of Asset Solutions 2nd Headquarters, Asset Solutions 3rd Headquarters and Asset Solutions 5th Headquarters

Apr 1990 Joined Yasuda Trust & Banking Co., Ltd. (now Mizuho Trust & Banking Co., Ltd.) Apr 2006 Joined the Company Mar 2013 Executive Officer, the Company Feb 2016 Director, Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) Mar 2017 Managing Executive Officer, the Company Feb 2018 Director, Managing Executive Officer, the Company Dec 2018 Director, Managing Executive Officer, Deputy General Manager of Business Division, the Company Mar 2021 Director, Senior Managing Executive Officer, General Manager of Business Division, the Company Dec 2025 Director, Senior Managing Executive Officer, General Manager of Business Division, in charge of Asset Solutions 2nd, 3rd and 5th Headquarters, the Company (current)

1967-06-17

Shunsuke YAMAGUCHI

Director, Managing Executive Officer, Deputy General Manager of Administration Division, in charge of General Affairs Headquarters and Human Resources Headquarters

Apr 1988 Joined Tokyu Construction Co., Ltd. Aug 2007 Joined the Company Apr 2008 Director, Tosei Asset Advisors Co., Ltd. Dec 2012 Director, NAI Tosei Japan Co., Ltd. Mar 2013 Executive Officer, the Company Feb 2018 Audit & Supervisory Board Member, Tosei Asset Advisors Co., Ltd. Feb 2020 Director, Executive Officer, the Company Feb 2023 Director, Tosei Hotel Management Co., Ltd. Mar 2023 Director, Managing Executive Officer, Deputy General Manager of Administration Division, the Company Dec 2023 Director, Managing Executive Officer, Deputy General Manager of Administration Division, in charge of General Affairs Headquarters and Human Resources Headquarters, the Company (current) Feb 2024 Director, Tosei Community Co., Ltd. (current) Feb 2024 Director, Tosei Logi Management Co., Ltd. (current)

1964-07-26

Hiroyasu YONEDA

Director, Managing Executive Officer, Deputy General Manager of Administration Division, in charge of Finance Headquarters and M&A/Group Strategy Headquarters

Apr 1993 Joined Chiba Sogo Co., Ltd. (now Sogo & Seibu Co., Ltd.) Aug 2006 Joined Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) Oct 2006 Director, Tosei Revival Investment Co., Ltd. (now Tosei Logi Management Co., Ltd.) Apr 2008 Joined the Company Dec 2017 Representative Director, Masuda Kenzai-ten Co., Ltd. Mar 2018 Representative Director, Sankyo Shoji Co., Ltd. Feb 2019 Director, Tosei Community Co., Ltd. (current) Feb 2019 Managing Director, Tosei Singapore Pte. Ltd. (current) Mar 2020 Executive Officer, the Company Sep 2021 Director, Princess Square Co., Ltd. (current) Mar 2022 Representative Director, Isogo Asset Management Co., Ltd. (current) Jan 2023 Representative Director, Shibaura Residential Co., Ltd. (current) Mar 2023 Managing Executive Officer, the Company Mar 2023 Representative Director, Usui Kigata Kogyo Co., Ltd. (current) Jun 2023 Representative Director, Tosei R Co., Ltd. (current) Jul 2023 Representative Director, Tosei Proptech Co., Ltd. Feb 2024 Director, Managing Executive Officer, the Company Mar 2024 Director, Managing Executive Officer, Deputy General Manager of Administration Division, in charge of Finance Headquarters and M&A/Group Strategy Headquarters, the Company (current) Jun 2024 Director, Tosei Proptech Co., Ltd. Nov 2024 Representative Director, Tosei Proptech Co., Ltd. (current)

1970-08-19

Shigehiro TAKAMI

Director, Executive Officer, in charge of Business Alliance Promotion, attached to Business Division

Apr 1993 Joined Nagoya Railroad Co., Ltd. Jun 2001 Seconded to Meitetsu Ikoma Asset Management Co., Ltd. Jul 2003 Seconded to Ikoma TBM Co., Ltd. Jul 2005 Building Business Division, Nagoya Railroad Co., Ltd. Jul 2009 Seconded to Meitetsu Real Estate Co., Ltd. (now Meitetsu Urban Development Co., Ltd.) Jul 2019 General Manager, Management Strategy Department, Nagoya Railroad Co., Ltd. Jul 2020 General Manager, Management Strategy Department, in charge of Business Projects, Nagoya Railroad Co., Ltd. Jul 2021 General Manager, Development Department, Development Section Manager, Nagoya Railroad Co., Ltd. Apr 2022 Executive Officer, Meitetsu Urban Development Co., Ltd., and General Manager, Urban Development Department, Nagoya Railroad Co., Ltd. Apr 2023 Executive Officer, Meitetsu Urban Development Co., Ltd. Jul 2024 Advisor, the Company Feb 2025 Director, Executive Officer, in charge of Business Alliance Promotion, Business Division, the Company (current)

1968-07-17

Kenichi SHOTOKU

Director

Oct 1995 Joined Asahi Audit Corporation (now Azusa Audit LLC) Sep 1999 Seconded to Arthur Andersen, Kuala Lumpur Office Sep 2002 Joined ESC International Accounting Office (now SCS International Consulting Co., Ltd.) Nov 2003 Representative Director, SCS International Consulting Co., Ltd. (current) Sep 2005 Director, Orid Co., Ltd. Dec 2010 Outside Audit & Supervisory Board Member, Roki Techno Co., Ltd. Feb 2012 Director, the Company (current) Jan 2013 Outside Audit & Supervisory Board Member, Roki Group Holdings Co., Ltd. Oct 2025 Outside Audit & Supervisory Board Member, Roki Techno Co., Ltd. (current)

1971-01-20

Hiroyuki KOBAYASHI

Director

Apr 1987 Joined Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Apr 2002 Seconded to Mizuho Securities Co., Ltd. Apr 2003 General Manager, Advisory Department No. 4, Mizuho Securities Co., Ltd. Jul 2005 Joined Sophia Co., Ltd. Apr 2006 Director, Vice President, Sophia Co., Ltd. Dec 2006 Joined Mizuho Securities Co., Ltd. Jun 2008 Deputy General Manager, Corporate Planning Department, Mizuho Securities Co., Ltd. Dec 2011 General Manager, Corporate Communications Department, Mizuho Securities Co., Ltd. Apr 2014 Senior Corporate Officer, Domestic Sales Division, Mizuho Securities Co., Ltd. Apr 2015 General Manager, Wealth Management Division, Retail & Corporate Business Division, Mizuho Securities Co., Ltd. Apr 2017 Representative Director, President, Social Capital Management Co., Ltd. (current) Feb 2018 Director, the Company (current) Apr 2018 Director, Vice President, Presk Co., Ltd. (current) Jun 2019 Outside Audit & Supervisory Board Member, Toto Suisan Co., Ltd. Aug 2019 Director, Seiwa Kogyo Co., Ltd. (now Seiwa Holdings Co., Ltd.) Dec 2020 Representative Director, WATASU Co., Ltd. (now Kidventure Co., Ltd.) Jun 2022 Outside Audit & Supervisory Board Member, Taiheiyo Construction Industry Co., Ltd. (current) Jun 2022 Outside Audit & Supervisory Board Member, Taiheiyo Remicon Co., Ltd. (current)

1965-03-03

Mai ISHIWATARI

Director

Apr 2002 Registered as attorney-at-law (Daini Tokyo Bar Association) Oct 2002 Atsumi Masako Law Office Jul 2004 Yamada Hideo Law Office (now Yamada & Ozaki Law Office) Jun 2006 Authense Law Office Jan 2008 Polaris Law Office Jan 2012 Foreign Attorney, Rajah & Tann LLP, Singapore Apr 2014 Joined cocone Co., Ltd. (now cocone ONE Co., Ltd.) Oct 2014 Supervisory Officer, Kenedix Retail REIT Investment Corporation Dec 2014 Partner Attorney, Shiroyama Tower Law Office (current) Mar 2017 Director, cocone ONE Co., Ltd. (current) Jan 2021 Outside Director, Kakao Japan Corp. (now Kakao Piccoma Corp.) (current) May 2021 Director, cocone Co., Ltd. Feb 2024 Director, the Company (current) Mar 2024 Representative Director, Cocone Business Partners Co., Ltd. Nov 2025 Representative Director, cocone ONE Co., Ltd. (current)

1977-01-26

Hitoshi YAGI

Full-time Audit & Supervisory Board Member

Apr 1982 Joined Nippon Credit Bank, Ltd. (now Aozora Bank, Ltd.) Apr 1999 Head, Real Estate Research Office, Business Planning Department II, Nippon Credit Bank, Ltd. Aug 2000 Chief Researcher, Real Estate Finance Group, Investment Banking Department, Nippon Credit Bank, Ltd. Aug 2004 Deputy General Manager, Sales Department V, Nippon Credit Bank, Ltd. Aug 2009 Deputy General Manager, Human Resources Department, Nippon Credit Bank, Ltd. Oct 2011 Deputy General Manager, Internal Audit Department, Nippon Credit Bank, Ltd. Feb 2019 Full-time Audit & Supervisory Board Member, the Company (current) Feb 2020 Audit & Supervisory Board Member, Tosei Hotel Management Co., Ltd. (current) Feb 2020 Audit & Supervisory Board Member, Tosei Hotel Service Co., Ltd.

1958-10-02

Toshinori KURODA

Full-time Audit & Supervisory Board Member

Apr 1982 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) May 1989 Obtained MBA, Purdue University, USA Nov 1991 Stationed at Sanwa Business Credit Corporation, Chicago, USA Aug 1995 Stationed at California Sanwa Bank, Los Angeles, USA Oct 2002 Deputy General Manager, Public Sector Department, UFJ Bank Ltd. (now MUFG Bank, Ltd.) May 2007 Deputy Manager, Business Audit Office, Internal Audit Department, Mitsubishi Tokyo UFJ Bank, Ltd. (now MUFG Bank, Ltd.) May 2012 Joined Mitsubishi UFJ NICOS Co., Ltd. Oct 2012 General Manager, Compliance Division, Mitsubishi UFJ NICOS Co., Ltd. Apr 2017 Senior Manager, Internal Audit Department, Mitsubishi UFJ NICOS Co., Ltd. Feb 2021 Full-time Audit & Supervisory Board Member, the Company (current) Feb 2022 Audit & Supervisory Board Member, Tosei Community Co., Ltd. Feb 2023 Audit & Supervisory Board Member, Tosei Logi Management Co., Ltd. Feb 2024 Audit & Supervisory Board Member, Tosei Community Co., Ltd. (current)

1960-01-09

Tatsuki NAGANO

Audit & Supervisory Board Member

Apr 1983 Joined Chuo Trust & Banking Co., Ltd. (now Sumitomo Mitsui Trust Bank, Limited) Jul 1995 Head, General Planning Department and Financial Planning Office, head office, Chuo Trust & Banking Co., Ltd. Jul 2000 Managing Director, RG Asset Management Company Limited Jul 2004 Director, Reference Group Holdings Limited Aug 2004 Representative Director, RG Asset Management Services Co., Ltd. Feb 2012 Audit & Supervisory Board Member, the Company (current) Apr 2013 Director, RG Asset Management Services Limited (BVI) Apr 2013 Director and Managing Partner, RG Asset Management Services Limited (Hong Kong) Jun 2014 Outside Director, System Location Co., Ltd. Feb 2016 Managing Director, Head of Administration Division, All Nippon Asset Management Co., Ltd. Jun 2019 Representative Director, Executive Vice President, All Nippon Asset Management Co., Ltd. Jun 2021 Representative Director, President, All Nippon Asset Management Co., Ltd. (current)

1959-04-16

Satoshi IKEDA

Audit & Supervisory Board Member

Apr 1989 Joined Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Apr 2002 Transferred to Mizuho Bank, Ltd. Sep 2010 Passed the National Bar Examination Oct 2012 Resigned from Mizuho Bank, Ltd. Nov 2012 Trainee, Legal Training and Research Institute of the Supreme Court of Japan Dec 2013 Associate Attorney, Motosugi Law Office Sep 2014 Established KOWA Law Office (current) Aug 2017 Audit & Supervisory Board Member, KJG Holdings Co., Ltd. (current) Oct 2018 Representative Director, Ikeda Business Consulting Co., Ltd. Aug 2019 Audit & Supervisory Board Member, Kowa Johoki Co., Ltd. (current) Oct 2019 Director, Ikeda Business Consulting Co., Ltd. (current) Apr 2023 Audit & Supervisory Board Member, Kyoei Information Systems Co., Ltd. (current) Nov 2023 Audit & Supervisory Board Member, Lemon Gasui Co., Ltd. (current) Feb 2025 Audit & Supervisory Board Member, the Company (current)

1965-04-30

Large Shareholding Reports

Dalton Investments, Inc.

2026-07-13

5.00%→6.07%

Grantham, Mayo, Van Otterloo & Co. LLC

2026-04-06

5.07%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-05

Q3 Earnings Flash

FY ending Nov 2026

TOSEI CORPORATION

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TOSEI CORPORATION

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