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Overview

Electric Power and Gas

EF-ON INC.

EF-ON Inc. is a comprehensive energy service company (ESCO) that provides energy-saving support services to corporate clients, including energy audits, design and installation of energy-efficient systems, and CO2 reduction consulting. The company also develops, constructs, and operates woody biomass power plants under the FIT/FIP schemes through its Green Energy business segment, utilizing wood chips from sawmill waste and construction demolition materials as carbon-neutral fuel. Additionally, the company engages in retail electricity supply, providing low-environmental-impact power generated from its own biomass plants to end customers.

Market Cap

US$39.2M

¥6.26B

US$139M

¥22.2B

StockUS$1.85(¥296)▲+0.68%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

15.5

LTM EV/EBIT

LTM PER

5.4

LTM PBR

0.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-30.0%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Nov 6, 26Dividend forecast revised

MC → EV Bridge

AI Briefing

EF-ON runs ESCO energy-saving services plus five woody biomass FIT/FIP plants and retail power supply. FY26/6 revenue US$130M (¥20.7B) but OP margin compressed to 2.0%, down from 7.5% a year earlier, with forward EBITDA guided sharply above LTM levels. Top holder 日本テクノ holds 32.58%, leaving ownership concentration as a structural feature of the register.

Open EF-ON INC. in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

49%

51%

EquityD/E 1.02xDebt

Liquidity vs Debt 5Y (US$)▼ Net Debt

CashInv. Sec.Debt

Business Segments

2026/06 · US$ (¥B)

Green energy

Revenue

US$106M(¥16.9B)

Segment profit

US$4.52M(¥0.72B)4.3%

electricity retail business

Revenue

US$46.4M(¥7.41B)

Segment profit

-US$1.81M(¥-0.29B)-3.9%

Saving energy support service

Revenue

US$5.97M(¥0.95B)

Segment profit

US$0.43M(¥0.07B)7.2%

Adjustments

Revenue

-US$28.4M(¥-4.54B)

Segment profit

-US$0.51M(¥-0.08B)

Shareholders

Top 10 hold 56.3%

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

Nihon Techno Co., Ltd.

32.58%

UH6 Co., Ltd.

7.40%

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

5.92%

Custody Bank of Japan, Ltd. (Trust Account)

3.73%

SBI SECURITIES Co., Ltd.

1.34%

UH Partners 2 Investment Limited Partnership

1.22%

Hikari Tsushin KK Investment Limited Partnership

1.09%

Rakuten Securities, Inc. (Joint Account)

1.05%

HIKARI TSUSHIN,INC.

0.99%

CACEIS BANK,LUXEMBOURG BRANCH/UCITS-FULL TAX (Standing Proxy: Citibank, N.A., Tokyo Branch)

0.96%

Management

12 officers

Tomonori SHIMAZAKI

Representative Director, President

Sep 2002 Deputy Manager, Mitsubishi Securities Co., Ltd. Jun 2005 Joined the Company Sep 2006 Director, the Company May 2008 Representative Director, President, the Company (current)

1962-08-27

Hisashi KOIKE

Managing Director

May 2003 Deputy General Manager, Group Management Division, and Deputy Director, KMG Accounting Center, Kyoritsu Maintenance Co., Ltd. Mar 2006 Joined the Company Oct 2006 General Manager, Accounting Department, the Company Sep 2009 Director, General Manager, Finance and Accounting Department, the Company Mar 2011 Director, General Manager, Administration Division, the Company Sep 2011 Managing Director, General Manager, Administration Division, the Company Oct 2013 Managing Director, in charge of Administration Divisions, the Company (current)

1961-05-18

Kotaro FUJII

Managing Director

Sep 2013 Vice President and Director, Velia Laboratories Co., Ltd. May 2016 Joined the Company; seconded to F-Bios Co., Ltd. as General Manager, Bungo-Ono Plant Sep 2016 Director, the Company; General Manager, Bungo-Ono Plant, F-Bios Co., Ltd. Jul 2017 Director, the Company; General Manager, Hita Plant, F-Bios Sep 2019 Director, the Company; Executive Officer, F-Bios; Head, Mibu Power Plant Preparation Office Jan 2020 Director, the Company; Executive Officer, F-Bios; General Manager, Mibu Plant Jun 2020 Director, the Company; General Manager, Power Planning Department Jul 2020 Director, the Company; General Manager, Power Business Division Jun 2022 Director, the Company; General Manager, Power Business Division and Head, Sustainability Promotion Preparation Office Dec 2022 Director, the Company; General Manager, Power Business Division Sep 2025 Managing Director, the Company; in charge of Technology Division, Environment and Energy Department and Power Business Division; General Manager, Power Business Division (current)

1964-03-26

Hiroshi SUDO

Director

Sep 2013 Deputy General Manager, Forestry Department, Kyowa Mokuzai Co., Ltd. Nov 2016 Deputy Manager, Tokyo Sales Office, Kyowa Mokuzai Co., Ltd. Sep 2017 Joined F-Bios Co., Ltd. Oct 2017 Assistant Manager, Forestry Section, Forestry Department, F-Bios Oct 2019 General Manager, Forestry Business Division, F-Bios Jul 2020 Executive Officer, General Manager, Forestry Business Division, F-Bios Sep 2021 Director, the Company; Executive Officer, General Manager, Forestry Business Division, F-Bios Sep 2023 Director, the Company; Director, General Manager, Forestry Business Division, F-Bios Sep 2026 Director, the Company; Director, F-Bios; in charge of Lumber Business Division; General Manager, Forestry Business Division (current)

1974-08-26

Yasuyuki MATSUO

Director

Apr 1994 Joined Daiichi Denro Kogyo Co., Ltd. Jun 2006 Joined F-Bios Co., Ltd. Oct 2011 Manager, Facilities Group, Hita Plant, F-Bios Apr 2016 Manager, Facilities Group, Bungo-Ono Plant, F-Bios Sep 2019 Acting General Manager, Hita Plant, F-Bios Oct 2020 General Manager, Hita Plant, F-Bios Sep 2022 Director, the Company; Executive Officer, General Manager, Hita Plant, F-Bios Feb 2023 Director, the Company; Executive Officer, General Manager, Shingu Plant, F-Bios Sep 2023 Director, the Company; Director, General Manager, Shingu Plant, F-Bios (current)

1975-10-09

Yoshio KOSUGE

Director

Apr 1987 Joined Tochigi Sogo Bank, Ltd. May 1990 Joined Matsushita Electric Industrial Co., Ltd. Jan 2017 Executive Officer, General Manager, AS Support Co., Ltd. Sep 2018 Joined F-Bios Co., Ltd. Jul 2020 Manager, Fuel Business Division, F-Bios Jan 2022 Manager, Fuel Business Division and Acting General Manager, Shirakawa Plant, F-Bios Mar 2024 General Manager, Fuel Business Division and General Manager, Mibu Plant, F-Bios Jul 2025 General Manager, Fuel Business Division, F-Bios Sep 2025 Director, the Company; Director, General Manager, Fuel Business Division, F-Bios Oct 2025 Director, the Company; Executive Officer, General Manager, Fuel Business Division, F-Bios (current)

1968-11-27

Maiko SAKO

Director

Dec 2008 Registered as Attorney-at-Law Jan 2009 Joined Kasumigaseki Law & Accounting Office Oct 2013 Junior Partner, Kasumigaseki Law & Accounting Office Mar 2015 Junior Partner, Sakuradori Sogo Law Office Sep 2018 Director, the Company (current) Feb 2020 Partner, Sakuradori Sogo Law Office (current) Jun 2024 Outside Director, Techno Ryowa Ltd. (current)

1980-11-21

Eiko MATSUMURA

Director

Sep 2007 Joined Future Architect, Inc. May 2011 Representative Director, President, HEYDAY Inc. Apr 2014 Representative Director, President, Basket Co., Ltd. Aug 2015 Director, CTO/CDO and General Manager, EC Division, STRIPE INTERNATIONAL Co., Ltd. Nov 2017 Director, Smarbee Co., Ltd. Jul 2018 Director, Jigyoka Sozo Co., Ltd. (current) Nov 2018 Outside Director, Photream Inc. Oct 2020 COO, BRH Inc. Oct 2020 Fellow, Chiba Dojo Co., Ltd. Sep 2024 Director, the Company (current) Oct 2025 Director, @mark Inc. (current)

1983-05-29

Sou AOKI

Director

Apr 2007 Joined Recruit Co., Ltd. Jun 2016 Joined Gibraltar Life Insurance Co., Ltd. Feb 2018 Representative Director, President, Loveable Inc. (current) Oct 2019 Joined Surpass Inc., Director May 2024 Outside Director, Arbeit Times Inc. (current) Sep 2024 Director, the Company (current) Jun 2026 Outside Director, BTM Co., Ltd. (current)

1984-09-21

Shinichi YADA

Full-time Corporate Auditor

Jan 2006 Investigator, Corporate Banking Division, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) Dec 2008 Full-time Outside Corporate Auditor, Konaka Co., Ltd. Dec 2012 General Manager, Public Relations Division, Teikyo University Sep 2016 Director, the Company Oct 2017 General Manager, Personnel Division, Teikyo University Sep 2018 Full-time Corporate Auditor, the Company (current)

1960-09-07

Hidehito MOCHIZUKI

Corporate Auditor

Oct 1986 Joined Ota Showa Audit Corporation Jul 1990 Corporate Auditor, Muto Marketing Research Laboratory Co., Ltd. (current) Sep 1990 Director, Mochizuki Tax Accountant Office (current) Jul 1991 Director, Mochizuki Certified Public Accountant Office (current) May 1998 Corporate Auditor, Garage Film Co., Ltd. (current) Feb 2016 Director, WITHALS (general incorporated association) (current) Nov 2018 Director, Kajimakai Medical Corporation (current) Sep 2019 Corporate Auditor, the Company (current)

1960-10-02

Shuji MAKIURA

Corporate Auditor

Apr 1980 Joined Mitsubishi Heavy Industries, Ltd. Oct 2013 Director, Executive Vice President, MHI Plant Engineering Co., Ltd. (now Mitsubishi Heavy Industries Power Industries, Ltd.) Apr 2015 Director, President, Mitsubishi Hitachi Power Systems Engineering Co., Ltd. (now Mitsubishi Heavy Industries Power Industries, Ltd.) Apr 2016 Director, President, Mitsubishi Hitachi Power Systems Industries Co., Ltd. (now Mitsubishi Heavy Industries Power Industries, Ltd.) Jan 2022 Advisor, Mitsubishi Heavy Industries Power Industries, Ltd. Apr 2024 Corporate Auditor, the Company (current)

1955-04-03

Large Shareholding Reports

UH6 Co., Ltd.

2026-03-24

7.40%

Annual report (as of 2026-06-30): 7.40%

UH5 Co., Ltd.

2025-09-29

7.40%→7.40%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-11-05

Q1 Earnings Flash

FY ending Jun 2027

EF-ON INC.

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