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Overview

MUSCAT GROUP Inc.

MUSCAT GROUP is a brand produce company that leverages its proprietary community data platform 'CCXcloud' to develop and grow consumer-facing brands across beauty, lifestyle, and related categories. The company operates two core segments: Brand Produce (directly managing community brands such as oral beauty brand 'MiiS' and cosmetics brand 'Fujiko' via subsidiary kanarabo) and Brand Partner (providing B2B marketing solutions including SNS operation, influencer PR, digital advertising, and data analytics tools to corporate clients). The group pursues brand portfolio expansion through M&A, OEM/ODM capabilities, and data-driven marketing, with a strategic focus on identifying latent consumer needs via SNS and community behavioral data.

Market Cap

¥2.19B

US$13.9M

¥4.88B

US$31.1M

Stock¥630▼-0.63%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

LTM PBR

2.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-54.2%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

21%

79%

EquityD/E 3.79xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 63.7%

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

Ryo OKUBO

30.90%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

11.90%

SBI SECURITIES Co., Ltd.

5.70%

Rakuten Securities, Inc.

2.80%

MARUI GROUP CO.,LTD.

2.70%

GMO MakeShop Co., Ltd.

2.50%

Yuhei MORIOKA

2.10%

GMO Venture Tsushin Startup Support Co., Ltd.

2.10%

Kubotayasu Co., Ltd.

1.50%

Significant Entrepreneurs Fund Investment Limited Partnership

1.50%

Management

7 officers

Ryo OKUBO

Representative Director

Apr 2012 Joined Goldman Sachs Securities Co., Ltd. Sep 2014 Established Momentum Inc.; appointed Representative Director Apr 2016 Established Ricecurry Seisakusho Inc. (now the Company) Jul 2016 Appointed Representative Director of the Company (current) Dec 2017 Established Markdobai Inc. (now the Company); appointed Representative Director Jul 2022 Appointed Representative Director of RiLi Inc. (now WinC Inc.) (current) Jul 2025 Appointed Director of Ricecurry Plus Inc. (current) Dec 2025 Appointed Director of Kanalabo Inc. (current)

1989-04-23

Yosuke OMINAMI

Director, Head of Corporate Planning Division

Apr 2008 Joined CARTA HOLDINGS, Inc. (formerly ECnavi Inc.) Apr 2011 Seconded to freenote Inc. as Representative Director Jan 2015 Seconded to CARTA MARKETING FIRM, Inc. (formerly Zucks Inc.) as Deputy Head, Ad Network Business Division Oct 2019 Appointed Director of WinC Inc. (formerly RiLi Inc.) (current) Sep 2022 Appointed Senior Executive Officer, Head of Corporate Division and General Manager, Corporate Planning Department of the Company Mar 2023 Appointed Director, Head of Corporate Division and General Manager, Corporate Planning Department of the Company Oct 2024 Appointed Representative Director of Matsumura Shoten Co., Ltd. (current) Nov 2024 Appointed Director, Head of Business Strategy Division and General Manager, Corporate Planning Department, Business Strategy Division of the Company Jun 2025 Appointed Director of WinC Inc. (current) Jul 2025 Appointed Director, Head of Corporate Planning Division of the Company (current)

1986-02-04

Toshiei MURAYAMA

Director (Non-Executive)

Nov 1988 Joined CS First Boston Securities Co. (now Credit Suisse Securities (Japan) Ltd.) Mar 1993 Joined Goldman Sachs Securities Co., Ltd., Tokyo Branch (now Goldman Sachs Securities Co., Ltd.) Nov 2001 Appointed Managing Director of the same company Jun 2016 Appointed Director of Renova, Inc. Oct 2016 Established MURAYAMA LLC; appointed Representative Member (current) Jun 2017 Appointed Director of Catitas Co., Ltd. Jun 2019 Appointed Director of Shinsei Bank, Limited (now SBI Shinsei Bank, Limited) Jun 2020 Appointed Director of Maeda Corporation (current) Jul 2021 Appointed Director of the Company (current) Aug 2021 Appointed Representative Director of theAstate Inc. Oct 2021 Appointed Director of Infroneer Holdings Inc. (current) Feb 2024 Appointed Auditor of Yamano Gakuen Educational Corporation (current) Jun 2024 Appointed Director and Audit and Supervisory Committee Member of True Data Inc. (current) Apr 2025 Appointed External Director of National Institutes of Biomedical Innovation, Health and Nutrition (current) Jun 2025 Appointed Non-Executive Director of Orion Breweries, Ltd. (current)

1960-05-01

Tsuyoshi MATSUKUMA

Audit & Supervisory Board Member (Non-Executive)

Oct 1995 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Jan 1999 Joined Sparx Asset Management Co., Ltd. Jul 2015 Established Ridish Inc.; appointed Representative Director (current) Apr 2019 Appointed Audit & Supervisory Board Member of the Company (current) Jun 2024 Established Square Capital Co., Ltd.; appointed Representative Director (current)

1970-03-19

Shoko TAKAHASHI

Director (Non-Executive)

Jun 2013 Established GeneQuest Inc.; appointed Representative Director Apr 2018 Appointed Executive Officer of Euglena Co., Ltd. Jul 2021 Appointed Project Professor (Visiting), Tohoku University (current) Jun 2022 Appointed Director of Tohoku University Venture Partners Co., Ltd. (current) Jun 2023 Appointed Senior Specialist of Euglena Co., Ltd. Jun 2023 Appointed Director of the Company (current) Jun 2023 Appointed Representative Director of Tazu Inc. (current) Dec 2024 Appointed Director of IMV Inc. (current)

1988-02-09

Shunji KAMEZAWA

Full-time Audit & Supervisory Board Member

Apr 1980 Joined Yasuda Fire & Marine Insurance Co., Ltd. (now Sompo Japan Insurance Inc.) Aug 1990 Joined Cosmo Credit Cooperative Oct 1992 Joined Yamagata Co., Ltd. Jul 2014 Joined Swallow Management Co., Ltd. (now Swallow Logistics Co., Ltd.); appointed Managing Executive Officer Nov 2015 Appointed President and Director of the same company Oct 2018 Appointed Full-time Audit & Supervisory Board Member of Izumi Construction Co., Ltd. Feb 2022 Appointed Full-time Audit & Supervisory Board Member of the Company (current) Jul 2022 Appointed Audit & Supervisory Board Member of WinC Inc. (formerly RiLi Inc.) (current) Oct 2024 Appointed Audit & Supervisory Board Member of Matsumura Shoten Co., Ltd. (current) Jul 2025 Appointed Audit & Supervisory Board Member of Ricecurry Plus Inc. (current) Dec 2025 Appointed Audit & Supervisory Board Member of Kanalabo Inc. (current)

1957-06-23

Hiroyuki YAMADA

Audit & Supervisory Board Member (Non-Executive)

Jul 2013 Appointed Audit & Supervisory Board Member of Fringe81 Inc. (now Unipos Inc.) Sep 2013 Appointed Audit & Supervisory Board Member of Cocone Inc. (now GMO Cybersecurity by Ierae, Inc.) (current) Oct 2014 Appointed Audit & Supervisory Board Member of Raksul Inc. Jan 2016 Appointed Audit & Supervisory Board Member of Chatwork Inc. Aug 2016 Appointed Director and Audit and Supervisory Committee Member of Sansan, Inc. Jul 2017 Appointed Audit & Supervisory Board Member of Secual Inc. (current) Dec 2018 Appointed Audit & Supervisory Board Member of Karadanote Inc. Apr 2019 Appointed Director and Audit and Supervisory Committee Member of QD Laser, Inc. Sep 2019 Established Accela Inc.; appointed Representative Director (current) Jan 2020 Established Axella Certified Public Accountants Office; appointed Representative (current) Mar 2020 Appointed Audit & Supervisory Board Member of Cake.jp Inc. (current) Mar 2021 Appointed Audit & Supervisory Board Member of Inclow Inc. (current) Jun 2021 Appointed Audit & Supervisory Board Member of the Company (current) Jul 2021 Appointed Audit & Supervisory Board Member of ACALL Inc. (now Acall Inc.) Jun 2022 Appointed Director and Audit and Supervisory Committee Member of Kaonavi, Inc. Jun 2025 Appointed Audit & Supervisory Board Member of ACES Inc. (current) Jun 2025 Appointed Audit & Supervisory Board Member of Litopla Inc. (current) Sep 2025 Appointed Audit & Supervisory Board Member of Mediplus Pharmaceutical Co., Ltd. (current)

1964-10-20

Large Shareholding Reports

ULTIMATE CLASSIC INVESTMENT LLC

2026-09-14

10.94%→11.19%

ULTIMATE CLASSIC INVESTMENT LLC

2026-09-14

11.26%→12.27%

ＵＬＴＩＭＡＴＥ　ＣＬＡＳＳＩＣ　ＩＮＶＥＳＴＭＥＮＴ　ＬＬＣ

2026-04-06

11.03%→10.94%

ＵＬＴＩＭＡＴＥ　ＣＬＡＳＳＩＣ　ＩＮＶＥＳＴＭＥＮＴ　ＬＬＣ

2026-04-03

11.03%

Ryo OKUBO

2025-08-14

36.84%

Annual report (as of 2026-03-31): 30.90%

Ryo OKUBO

2025-08-14

36.84%→37.46%

Annual report (as of 2026-03-31): 30.90%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-09-14

Large Shareholding Report

MUSCAT GROUP Inc.

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MUSCAT GROUP Inc.

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