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Overview

Fishery, Agriculture and Forestry

Maruha Nichiro Corporation

Maruha Nichiro Corporation is one of Japan's largest integrated seafood and food companies, operating across three core segments: Marine Resources (fishing, aquaculture of yellowtail, amberjack, and tuna, and North American/European seafood processing and sales), Food Distribution (domestic and international seafood trading, foodservice ingredient supply, and livestock/agricultural products), and Processed Foods (frozen foods, canned goods, fish sausage, fish paste products, pet food, desserts, seasonings, freeze-dried products, and fine chemicals for household and commercial markets). The company operates globally with subsidiaries across Japan, North America, Europe, and Asia, leveraging an extensive procurement and distribution network backed by proprietary fishing and aquaculture operations.

Market Cap

¥182B

US$1.16B

¥466B

US$2.97B

Stock¥1,215.5▲+0.62%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

9.9

LTM EV/EBIT

14.9

LTM PER

9.5

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-14.9%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

Maruha Nichiro: integrated seafood/food conglomerate spanning marine resources, food distribution, and processed foods across Japan, N. America, Europe, Asia. FY26/3 revenue ¥1,106B with steady OP margin ~2.8%, EBITDA LTM ¥46.9B against EV ¥464B reflecting ¥337B debt load. No tender offer in data; fragmented ownership (top holder 12.3%, trust/custodian banks dominate) leaves no clear strategic blocking stake.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

42%

58%

EquityD/E 1.37xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 40.6%

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

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

12.34%

Daido Tsusho Co., Ltd.

9.76%

Custody Bank of Japan, Ltd. (Trust Account)

6.27%

STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)

2.85%

The Norinchukin Bank

1.84%

OUG Holdings Inc.

1.67%

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

1.66%

Mizuho Bank, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)

1.58%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

1.46%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.21%

Management

11 officers

Ken IKEMI

Representative Director, Chairman

Apr 1981 Joined the Company Apr 2008 General Manager, Overseas Department, Maruha Nichiro Foods, Inc. Apr 2009 Executive General Manager, Overseas Business Department, Maruha Nichiro Holdings, Inc. Apr 2011 Executive Officer, Maruha Nichiro Holdings, Inc. Apr 2014 Executive Officer, the Company Jun 2014 Director, the Company Apr 2017 Managing Executive Officer, the Company Jun 2017 Director, the Company (current) Apr 2026 Senior Managing Executive Officer, the Company Representative Director, President, the Company Representative Director, Chairman, the Company (current)

1957-12-22

Daisuke YASUDA

Representative Director, President and Executive Officer

Apr 1985 Joined the Company Apr 2014 General Manager, Marine Products Division I, the Company Apr 2020 Executive Officer, the Company Apr 2022 Managing Executive Officer, the Company Apr 2025 Senior Managing Executive Officer, the Company Jun 2025 Director, the Company Apr 2026 Representative Director, President and Executive Officer, the Company (current)

1961-09-02

Satoshi KOKAJI

Director, Senior Managing Executive Officer

Apr 2003 Joined Nichiro Corporation Apr 2013 General Manager, Product Technology and Development Department, Maruha Nichiro Foods, Inc. Apr 2014 General Manager, Product Technology and Development Department, the Company Apr 2019 Executive Officer, the Company Apr 2022 Managing Executive Officer, the Company Apr 2025 Senior Managing Executive Officer, the Company (current) Jun 2025 Director, the Company (current)

1961-05-30

Hitotaka KOZEKI

Director, Managing Executive Officer

Apr 1991 Joined Taiyo Seafoods Co., Ltd. Apr 2021 General Manager, Business Planning Department, the Company Apr 2023 Executive Officer, the Company Apr 2025 Managing Executive Officer, the Company (current) Jun 2026 Director, the Company (current)

1966-06-06

Katsue OKUDA

Non-Executive Director

Apr 1986 Joined Mitsubishi Trust and Banking Corporation Sep 1997 Joined Ogata Real Estate Appraisal Office Co., Ltd. Apr 2009 Director, Ogata Real Estate Appraisal Office Co., Ltd. Civil Mediation Commissioner, Tokyo District Court (current) Part-time Lecturer, Graduate School of Global Business, Meiji University Professional Graduate School (concurrent) Nov 2012 External Member, Investment Committee, Aeon REIT Management Co., Ltd. (current) Nov 2017 Representative Director, Kudan Ogata Holdings Co., Ltd. Mar 2018 Executive Officer, Kenedix Residential Next Investment Corporation Jun 2018 Outside Audit & Supervisory Board Member, Celespo Co., Ltd. Jul 2018 Representative Director, Kudan Urban Appraisal Co., Ltd. Jun 2021 Outside Audit & Supervisory Board Member, the Company Oct 2021 Outside Director, CRE, Inc. Jun 2022 Outside Director, Celespo Co., Ltd. (current) Dec 2022 Representative Director, Kudan Ogata Sogo Kantei Co., Ltd. (current) Jun 2023 Outside Director, the Company (current)

1963-12-28

Yoshiko TONOIKE

Non-Executive Director

Apr 1997 Appointed Public Prosecutor Jun 2021 Lecturer, Meiji University Institute of Legal Studies Nov 2021 Outside Director, Daido Tsusho Co., Ltd. Jun 2023 Registered as Attorney-at-Law Oct 2023 Joined Nagi & Kitazawa Law Office as Visiting Attorney Apr 2026 Outside Director, the Company (current) Partner Attorney-at-Law, Nagi & Kitazawa Law Office (current) Refugee Examination Counsellor, Immigration Services Agency (current)

1971-01-26

Nobuhiko TAKAMATSU

Non-Executive Director

Apr 1979 Joined Nippon Steel Corporation Apr 2008 General Manager, Intellectual Property Department, Nippon Steel Corporation Apr 2011 Executive Officer, Nippon Steel Corporation Apr 2012 Advisor, Nippon Steel Corporation Aug 2014 Executive Officer, USIMINAS Apr 2016 Senior Executive Vice President, USIMINAS Managing Executive Officer, Nippon Steel & Sumitomo Metal Corporation (now Nippon Steel Corporation) Director, USIMINAS Apr 2017 Advisor, Nippon Steel & Sumitomo Metal Corporation (now Nippon Steel Corporation) Apr 2017 Senior Managing Executive Officer, Topy Industries, Ltd., Assistant to the President Jun 2017 Representative Director, President, Topy Industries, Ltd. Jun 2023 Director, Chairman, Topy Industries, Ltd. Apr 2024 Director, Senior Advisor, Topy Industries, Ltd. Jun 2024 Senior Advisor, Topy Industries, Ltd. Jun 2024 Outside Director, the Company (current)

1955-06-02

Taiichi OHNO

Full-Time Director, Audit and Supervisory Committee Member

Apr 1986 Joined Mitsubishi Trust and Banking Corporation Mar 2009 General Manager, Loan Business Department, Mitsubishi UFJ Trust and Banking Corporation Jun 2011 General Manager, Credit Examination Department, Mitsubishi UFJ Trust and Banking Corporation Jun 2012 Executive Officer and General Manager, Sales Department I, Mitsubishi UFJ Trust and Banking Corporation Jun 2015 Managing Executive Officer, Mitsubishi UFJ Trust and Banking Corporation Apr 2021 Senior Managing Executive Officer, Mitsubishi UFJ Trust and Banking Corporation Apr 2022 Advisor, Mitsubishi UFJ Trust and Banking Corporation Jun 2022 Outside Audit & Supervisory Board Member, the Company Jun 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current)

1963-01-05

Yoshio KIMURA

Full-Time Director, Audit and Supervisory Committee Member

Apr 1989 Joined The Norinchukin Bank Jul 2009 General Manager, Naha Branch, The Norinchukin Bank Jul 2011 General Manager, Public Relations and Planning Office, The Norinchukin Bank Jul 2014 Deputy General Manager, General Planning Department, The Norinchukin Bank Jun 2015 General Manager, JA Bank Division, The Norinchukin Bank Jul 2017 Executive Officer, The Norinchukin Bank Apr 2021 Standing Advisor, The Norinchukin Bank Jun 2021 Outside Audit & Supervisory Board Member, Maruha Nichiro Logistics Co., Ltd. Jun 2023 Outside Audit & Supervisory Board Member, the Company Jun 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current)

1966-04-26

Mutsumi YAMAZAKI

Full-Time Director, Audit and Supervisory Committee Member

Apr 1988 Joined the Company Apr 2020 Executive General Manager, North America Business Division I, the Company Apr 2022 Executive General Manager, North America Business Division, the Company Apr 2023 Executive General Manager, Business Management Department, the Company Apr 2024 Executive General Manager, Accounting Department, the Company Jun 2024 Audit & Supervisory Board Member, the Company Jun 2025 Director, Audit and Supervisory Committee Member, the Company (current)

1964-05-29

Bradley EDMISTER

Non-Executive Director

Sep 1999 Joined Sullivan & Cromwell LLP Feb 2000 Admitted to the New York State Bar Apr 2007 Joined Milbank, Tweed, Hadley & McCloy LLP Apr 2008 Lecturer, Keio University Law School Graduate School (current) Oct 2009 Joined Ropes & Gray LLP as Partner Sep 2011 Joined Morgan, Lewis & Bockius LLP as Partner Feb 2023 Joined Hogan Lovells LLP as Partner Jun 2023 Outside Director, the Company (current) Mar 2025 Joined Venable LLP as Partner (current)

1974-03-07

Large Shareholding Reports

Asset Management One Co., Ltd.

2026-07-23

1.85%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-04

Q1 Earnings Flash

FY ending Mar 2027

Maruha Nichiro Corporation

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Maruha Nichiro Corporation

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