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Overview

Construction

TOA ROAD CORPORATION

Toa Road Corporation is a Japan-based general contractor specializing in pavement and civil engineering works, including road paving, landscaping, sports facility construction, ground improvement, river improvement, and specialized dredging. The company also manufactures and sells construction materials such as asphalt emulsions, modified asphalt, asphalt mixtures, and recycled aggregates through its materials and environment segment. Additionally, the group provides environmental services including construction waste intermediate processing and contaminated soil investigation and remediation.

Activists: Strategic Capital, Inc. —

Market Cap

¥72.5B

US$462M

¥57.6B

US$367M

Stock¥1,570▼-0.38%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

7.1

LTM EV/EBIT

9.6

LTM PER

21.0

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.8%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 7, 25Strategic Capital, Inc. changed stake (6.02%→5.02%)

2Dec 3, 25Strategic Capital, Inc. changed stake (5.02%→3.97%)

MC → EV Bridge

AI Briefing

Toa Road: 90-year pavement specialist, Japan's first asphalt emulsion maker, vertically integrated from materials to environmental remediation. FY26/3 revenue ¥121B, OP ¥5.8B (4.8% margin) — margin recovery after FY25/3 dip despite softer top line. No tender offer in play; bank-heavy register (Yokohama Bank, SMBC) and modest EV/EBITDA of ~7x point to latent re-rating or consolidation interest in fragmented road-construction sector.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

97%

EquityD/E 0.03xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 37.8%

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

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

8.27%

The Bank of Yokohama, Ltd.

4.95%

TOA ROAD CORPORATION Employee Stock Ownership Association

4.86%

Sumitomo Mitsui Banking Corporation

4.48%

TOA ROAD CORPORATION Business Partners' Stock Ownership Association

4.05%

Resona Bank, Limited

2.60%

Sompo Japan Insurance Inc.

2.60%

WATANABE SATO CO.,LTD.

2.16%

Custody Bank of Japan, Ltd. (Trust Account)

2.16%

MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

1.63%

Management

10 officers

Kyoichi MORISHITA

Representative Director, President and Executive Officer

Apr 1981 Joined the Company Apr 2005 General Manager, Construction Department, Tohoku Branch Apr 2009 Executive Officer, General Manager, Chugoku Branch Apr 2012 Executive Officer, General Manager, Construction Department, Engineering Division Jun 2013 Director, Executive Officer, General Manager, Engineering Division Apr 2014 Director, Executive Officer, General Manager, Engineering Division and General Manager, Building Department Apr 2015 Director, Executive Officer, General Manager, Engineering Division, General Manager, Building Department and General Manager, Civil Engineering Department Apr 2016 Director, Managing Executive Officer, General Manager, Planning and Sales Division, General Manager, Engineering Division and General Manager, Building Department May 2016 Director, Managing Executive Officer, General Manager, Planning and Sales Division, General Manager, Engineering Division, General Manager, Building Department and General Manager, Products Business Division Apr 2017 Director, Managing Executive Officer, General Manager, Technology Division and General Manager, Related Business Division Jun 2017 Representative Director, President and Executive Officer (current)

1956-09-22

Satoru HORINOUCHI

Representative Director, Executive Officer, Executive Vice President, General Manager, Construction Business Division

Apr 1983 Joined the Company Apr 2016 Executive Officer, General Manager, Construction Department, Engineering Division Jun 2016 Director, Executive Officer, General Manager, Engineering Division, General Manager, Construction Department and General Manager, Building Department Apr 2017 Director, Executive Officer, General Manager, Engineering Division and General Manager, Building Department Jun 2017 Director, Executive Officer, General Manager, Engineering Division, General Manager, Building Department and General Manager, Technology Division Apr 2018 Director, Managing Executive Officer, General Manager, Technology Division and General Manager, Related Business Division Jun 2018 Representative Director, Managing Executive Officer, General Manager, Technology Division and General Manager, Related Business Division Apr 2019 Representative Director, Senior Managing Executive Officer, General Manager, Products Business Division, General Manager, Technology Division and General Manager, Related Business Division Apr 2020 Representative Director, Senior Managing Executive Officer, General Manager, Sales Division and General Manager, Related Business Division Apr 2021 Representative Director, Senior Managing Executive Officer, General Manager, Construction Business Division Apr 2023 Representative Director, Executive Officer, Executive Vice President, General Manager, Construction Business Division (current)

1959-07-05

Naoki NAKAMURA

Director, Managing Executive Officer, General Manager, Administration Division

Apr 1986 Joined the Company Apr 2011 General Manager, Administration Department, Tohoku Branch Apr 2014 General Manager, Administration Department, Kanto Branch Apr 2016 General Manager, Accounting Department, Administration Division Apr 2020 General Manager, Accounting Department, Administration Division and General Manager, Finance Department Apr 2021 Executive Officer, Deputy General Manager, Administration Division Apr 2022 Executive Officer, General Manager, Administration Department, Administration Division Apr 2024 Executive Officer, General Manager, Administration Division Jun 2024 Director, Executive Officer, General Manager, Administration Division Apr 2025 Director, Managing Executive Officer, General Manager, Administration Division (current)

1964-02-28

Satoshi KAJIOKA

Director, Managing Executive Officer, Deputy General Manager, Construction Business Division

Apr 1986 Joined the Company Apr 2011 General Manager, Sales Department, Hokuriku Branch Apr 2014 General Manager, Sales Department, Kyushu Branch Apr 2020 General Manager, Hokuriku Regional Branch Office Apr 2021 Executive Officer, General Manager, Hokuriku Regional Branch Office Apr 2022 Executive Officer, General Manager, Kansai Branch Apr 2025 Managing Executive Officer, General Manager, Corporate Planning Office Apr 2026 Managing Executive Officer, Deputy General Manager, Construction Business Division, General Manager, Construction Department and General Manager, Machinery Department (current)

1965-06-06

Masatake KUSUMI

Director

Apr 1991 Joined Fujita Corporation Sep 2001 Joined Ga Sho Co., Ltd. Dec 2006 Joined Shin Nihon Audit Corporation (currently EY ShinNihon LLC) Aug 2010 Registered as Certified Public Accountant Aug 2016 Representative, Masatake Kusumi Certified Public Accountant Office (current) May 2017 Audit & Supervisory Board Member, Nissan Satio Hirosaki Co., Ltd. (current) Dec 2017 Outside Director (Audit and Supervisory Committee Member), E-Guardian Inc. (current) Jun 2020 Director of the Company (current)

1968-02-17

Yuko TAHARA

Director

Apr 1996 Assistant Professor, Graduate School of Arts and Sciences and College of Arts and Sciences, The University of Tokyo Apr 2002 Associate Professor, Faculty of Economics, Kokugakuin University Apr 2008 Professor, Faculty of Economics, Kokugakuin University (current) Jun 2021 Director of the Company (current)

1967-05-21

Yuichiro ICHIKAWA

Director

Apr 1977 Joined Japan Drilling Co., Ltd. Jul 2004 Director, General Manager, Operations Department, Japan Drilling Co., Ltd. Jun 2005 Managing Director, General Manager, Operations Department, Japan Drilling Co., Ltd. Jul 2006 Representative Director, Senior Managing Director, Japan Drilling Co., Ltd. Jun 2007 Representative Director, Senior Managing Executive Officer, Japan Drilling Co., Ltd. Jun 2013 Representative Director, President, Japan Drilling Co., Ltd. Jun 2018 Advisor, Japan Drilling Co., Ltd. Feb 2019 Retired from Japan Drilling Co., Ltd. Aug 2019 Management Advisor, Reverse Co., Ltd. (retired Mar 2024) Nov 2021 Management Advisor, Fukuda Honten Co., Ltd. (retired Mar 2024) Jun 2024 Director of the Company (current)

1954-11-17

Tsutomu OKAWA

Standing Audit & Supervisory Board Member

Apr 1990 Joined the Company Apr 2012 Manager, Administration Section, Hokuriku Branch Apr 2014 Manager, General Affairs Section, Administration Division Apr 2016 General Manager, Administration Department, General Manager, General Affairs Department and General Manager, Public Relations Office, Administration Division Apr 2019 General Manager, General Affairs Department and General Manager, Public Relations Office, Administration Division Jun 2026 Appointed Audit & Supervisory Board Member

1967-11-07

Shinichi MORI

Audit & Supervisory Board Member

Apr 1978 Joined The Bank of Yokohama, Ltd. Apr 2004 Branch Manager, Tsurumi Branch, The Bank of Yokohama, Ltd. Aug 2006 General Manager, Internal Audit Department, The Bank of Yokohama, Ltd. Jun 2007 Standing Audit & Supervisory Board Member, The Bank of Yokohama, Ltd. Jun 2010 Audit & Supervisory Board Member, Keihin Co., Ltd. (current) Jun 2011 Retired as Standing Audit & Supervisory Board Member, The Bank of Yokohama, Ltd. Jun 2011 Audit & Supervisory Board Member of the Company (current)

1955-03-26

Koji FUJITA

Audit & Supervisory Board Member

Apr 1996 Registered as Attorney at Law (Daiichi Tokyo Bar Association) Jun 2004 Audit & Supervisory Board Member, Daimonji Yoshiten Co., Ltd. (current) Jun 2017 Audit & Supervisory Board Member, Mikuriido Co., Ltd. (current) Jun 2019 Audit & Supervisory Board Member of the Company (current)

1964-01-22

Large Shareholding Reports

Strategic Capital Co., Ltd.

2026-09-11

5.02%→3.97%