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Overview

Construction

ASANUMA CORPORATION

Asanuma Corporation is a comprehensive general contractor engaged in architectural and civil engineering construction across Japan, with operations spanning public facilities, commercial buildings, infrastructure, and residential projects. The company also conducts real estate-related businesses and operates PFI (Private Finance Initiative) projects including crematoria, school lunch facilities, and waste disposal sites. Internationally, the group maintains a presence in Southeast Asia and Thailand through subsidiaries specializing in building painting, renovation, electrical works, building maintenance, and highway/bridge maintenance.

Activists: Strategic Capital, Inc. 5.57%

Market Cap

¥69.1B

US$439M

¥48.9B

US$311M

Stock¥856▼-0.12%

US$1 = ¥157.25 (2026-10-30)

LTM EV/EBITDA

5.6

LTM EV/EBIT

6.2

LTM PER

12.3

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-24.5%pt

Nov 4, 25 – Oct 30, 26StockTOPIX

1Aug 7, 26Q1 FY2027/03 earnings announced; Board approved share buyback and cancellation

MC → EV Bridge

AI Briefing

Asanuma: 130-year-old Prime-listed general contractor spanning architecture, civil engineering, real estate and PFI, with Southeast Asia footprint. FY26/3 revenue guided to ¥175B with OP margin steady at 4.1%, continuing a three-year recovery from FY24/3's margin dip. No tender offer in play; trades at ¥69.5B market cap against ¥48.5B equity and net cash position (EV ¥49.3B vs EBITDA ¥8.7B), ownership concentrated among trust banks and founder family.

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

77%

23%

EquityD/E 0.29xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 34.1%

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

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

12.16%

ASANUMA CORPORATION Stock Ownership Association

5.32%

Heiwa Corporation

3.96%

Custody Bank of Japan, Ltd. (Trust Account)

3.12%

Makoto ASANUMA

1.79%

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

1.75%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

1.56%

Morgan Stanley MUFG Securities Co., Ltd.

1.56%

The Nanto Bank,Ltd.

1.53%

Asanuma Corporation Treasury Stock Investment Association

1.38%

Management

12 officers

Makoto ASANUMA

Representative Director, President and Executive Officer

Apr 1996 Joined the Company Jun 2009 Deputy General Manager, Office of the President; General Manager, General Affairs Department Apr 2015 Executive Officer; General Manager, Renewal Division; General Manager, Renewal Sales Department, Tokyo Head Office Apr 2016 General Manager, Sales Promotion Office, Building Construction Division Apr 2018 Senior Vice President and Executive Officer; General Manager, Building Construction Division Jun 2018 Representative Director, President and Executive Officer (current) Oct 2018 Chairman of the Board, ASANUMA CONSTRUCTION LTD., INTERNATIONAL May 2021 President, ASANUMA CONSTRUCTION LTD., INTERNATIONAL (current) Apr 2022 Representative Director, Chairman, Asanuma Tatemono Co., Ltd. (current)

1972-04-18

Akihiro TOYODA

Representative Director, Senior Managing Executive Officer; General Manager, Strategic Planning Division; General Manager, Strategic Business Promotion Department

Apr 1981 Joined the Company Oct 2010 General Manager, Sales Department, Hiroshima Branch Apr 2013 Deputy Head, Osaka Head Office (Sales) Nov 2014 Deputy Head, Osaka Head Office (Sales); concurrently Building Construction Division Apr 2015 Executive Officer Apr 2019 Managing Executive Officer; Head, Osaka Head Office; Deputy General Manager, Building Construction Division Jun 2020 Director Apr 2024 Senior Managing Executive Officer (current); General Manager, Strategic Planning Division (current) Apr 2024 Director, Asanuma Tatemono Co., Ltd. (current) Jun 2024 Director, SINGAPORE PAINTS & CONTRACTOR PTE. LTD. (current) Jun 2024 Director, EVERGREEN ENGINEERING & CONSTRUCTION PTE. LTD. (current) Jun 2024 Representative Director (current) Apr 2026 General Manager, Strategic Business Promotion Department (current)

1959-02-15

Masahiro FUJISAWA

Director, Senior Managing Executive Officer; General Manager, Building Construction Division

Apr 1982 Joined the Company Oct 2011 General Manager, Sales Department No. 3, Tokyo Head Office Apr 2012 General Manager, Sales Departments No. 2 and No. 3, Tokyo Head Office Apr 2013 Deputy Head, Tokyo Head Office (Building Sales); concurrently Building Construction Division Apr 2016 Executive Officer Apr 2018 Deputy General Manager, Building Construction Division; General Manager, Sales Promotion Office, Building Construction Division Apr 2019 Managing Executive Officer; Head, Tokyo Head Office Jun 2020 Director (current) Mar 2023 General Manager, Building Construction Division (current) Apr 2024 Senior Managing Executive Officer (current)

1959-05-15

Itaru TERAI

Director, Managing Executive Officer; General Manager, Civil Engineering Division

Apr 1982 Joined the Company Oct 2012 General Manager, Civil Engineering Sales Department, Tokyo Head Office Apr 2015 General Manager, East Japan Department, Sales Department, Civil Engineering Division Apr 2020 Executive Officer; Deputy General Manager, Civil Engineering Division (East Japan); concurrently Deputy General Manager, Safety, Quality and Environment Division Apr 2024 Managing Executive Officer; General Manager, Civil Engineering Division (current) Jun 2024 Director (current)

1960-03-12

Yoshimichi YAGI

Director, Managing Executive Officer; General Manager, Administration Division

Apr 1984 Joined the Company Jun 2011 General Manager, Accounting Department Apr 2018 General Manager, Accounting Department; General Manager, Corporate Communications Department Oct 2018 Director, ASANUMA CONSTRUCTION LTD., INTERNATIONAL (current) Apr 2020 Executive Officer; Deputy General Manager, Office of the President; General Manager, Accounting Department and Corporate Communications Department Apr 2023 Deputy General Manager, Office of the President (Tokyo) Apr 2024 Managing Executive Officer; General Manager, Administration Division (current) Jun 2024 Director (current)

1960-10-25

Takuya MORIKAWA

Director

Apr 1982 Joined KOKUYO Co., Ltd. Jun 2005 Director, KOKUYO Co., Ltd.; Representative Director, President, KOKUYO S&T Co., Ltd. Apr 2015 Senior Executive Officer, KOKUYO Group Jan 2019 Vice President, KOKUYO Co., Ltd., in charge of special assignments Jun 2020 Director (current) Mar 2021 Advisor, KOKUYO Co., Ltd. Apr 2021 Representative Director, President, WAKI PRINTPIA Co., Ltd. Apr 2021 Advisor, NETSQUARE Co., Ltd. Jun 2022 Outside Director, ITOCHU ENEX Co., Ltd. (current) Mar 2024 Representative Director, President, NETSQUARE Co., Ltd. Nov 2024 Director and Executive Officer, Showa Notebook Co., Ltd. (current) [Significant Concurrent Positions] Outside Director, ITOCHU ENEX Co., Ltd.; Director and Executive Officer, Showa Notebook Co., Ltd.

1959-10-07

Seiya KINOSHITA

Director

Apr 1978 Joined the Ministry of Construction (now Ministry of Land, Infrastructure, Transport and Tourism) Jul 2008 Director-General, Kinki Regional Development Bureau, Ministry of Land, Infrastructure, Transport and Tourism Nov 2010 Professor, Disaster Information Research Center, Ehime University Apr 2014 Professor, College of Industrial Technology, Nihon University Apr 2016 Professor, College of Risk Management, Nihon University Apr 2024 Representative Director, Infrastructure Management Research Institute, General Incorporated Association (current) Jun 2024 Director (current) Oct 2024 Visiting Professor, Tokyo City University (current) [Significant Concurrent Positions] Visiting Professor, Tokyo City University; Representative Director, Infrastructure Management Research Institute, General Incorporated Association

1953-11-19

Yukiko SATOUCHI

Director

Dec 2008 Registered as attorney-at-law; joined Shirahama Law Office (currently Shirahama Law Office, Attorneys-at-Law) Jul 2016 Opened Satouchi Law Office (current) Apr 2019 Vice Chair, Committee on Gender Equality, Kyoto Bar Association (current) Oct 2020 Family Court Conciliation Officer, Kyoto Family Court Apr 2024 Member, Kyoto City Council for Gender Equality (current) Jun 2025 Director (current)

1980-08-29

Yuichi SASAKI

Full-time Audit & Supervisory Board Member

Apr 1983 Joined the Company Apr 2008 General Manager, Information Systems Office, Head Office Oct 2015 General Manager, Internal Audit Office and Compliance Office Apr 2018 General Manager, Compliance Office Jun 2019 Full-time Audit & Supervisory Board Member (current)

1961-02-07

Yoshiyuki NAKAGAWA

Audit & Supervisory Board Member

Apr 1976 Joined Matsushita Electric Industrial Co., Ltd. Sep 1990 Director and CFO, Singapore Matsushita Radio Equipment Co., Ltd. Jan 2001 General Accountant, China Huarun Matsushita Electronic Information Co., Ltd. Apr 2007 General Manager, Accounting Group, Corporate Headquarters, Panasonic Corporation Apr 2009 Executive Officer, Panasonic Corporation Apr 2011 Managing Director, Panasonic Corporation Apr 2014 Representative Director, President, SANYO Electric Co., Ltd. Apr 2018 Special Advisor, Hard Rock Industrial Co., Ltd. Jun 2020 Audit & Supervisory Board Member (current) Jun 2021 Outside Audit & Supervisory Board Member, Sohgo Security Services Co., Ltd. Jun 2022 Auditor, Konosuke Matsushita Memorial Foundation (current)

1954-02-14

Tomoko KIMURA

Audit & Supervisory Board Member

Oct 2001 Registered as attorney-at-law; joined Tajima Nobuyuki Law Office Jul 2008 Opened Tomoko Kimura Law Office (current) Apr 2011 Ordinary Member, Osaka Bar Association Oct 2015 Member, Minoh City Fairness Committee Jun 2021 Audit & Supervisory Board Member (current) Dec 2022 Member, Osaka Prefectural Public Safety Commission (current)

1969-10-30

Takahiro DAIKU

Audit & Supervisory Board Member

Apr 1991 Joined Arthur Andersen Mar 1994 Registered as Certified Public Accountant Jul 2001 Co-founder; Director and Co-Managing Partner, @Stream Consulting Co., Ltd. (now @Stream Co., Ltd.) Jul 2013 Representative Director, @Stream Co., Ltd. (current) Jun 2016 Outside Director, Dai-Ken Medical Instruments Co., Ltd. (current) Jul 2018 Chairman and Representative Partner, @Stream Partners LLC (current) Jun 2022 Audit & Supervisory Board Member (current)

1968-07-15

Large Shareholding Reports

Strategic Capital, Inc.

2022-05-23

5.57%→4.47%

Strategic Capital, Inc.

2022-05-23

6.89%→5.57%

Strategic Capital, Inc.

2022-04-26

7.91%→6.89%

Strategic Capital, Inc.

2022-04-01

8.97%→7.91%

Strategic Capital, Inc.

2022-01-12

9.08%→8.97%

Strategic Capital, Inc.

2021-11-29

11.42%→9.08%

Strategic Capital, Inc.

2021-11-10

10.30%→11.42%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-06

Q1 Earnings Flash

FY ending Mar 2027

ASANUMA CORPORATION

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ASANUMA CORPORATION

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