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Overview

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NIPPN CORPORATION

NIPPN Corporation is a leading Japanese flour milling and food products company that manufactures and sells wheat flour, premix products, frozen foods, and pasta across domestic and international markets. The company operates through three core segments: flour milling (wheat flour, bran, buckwheat flour), food products (household flour, premix, frozen foods, pasta under the 'Oh My' brand), and other businesses including pet food, health foods, food plant engineering, and restaurant operations. With manufacturing and sales operations spanning Thailand, China, the United States, Indonesia, and Vietnam, NIPPN leverages its deep grain processing expertise and broad distribution network to serve both B2B and consumer markets.

Activists: Strategic Capital, Inc. —

Market Cap

¥239B

US$1.52B

¥164B

US$1.05B

Stock¥2,891▲+0.84%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

5.0

LTM EV/EBIT

7.5

LTM PER

11.2

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+4.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jun 25, 26Strategic Capital, Inc. filed large shareholding report

2Jul 8, 26Strategic Capital, Inc. changed stake (5.09%→6.09%)

3Jul 27, 26Strategic Capital, Inc. changed stake (6.09%→7.09%)

MC → EV Bridge

AI Briefing

NIPPN: legacy flour miller (est. 1896) diversifying into branded foods (Oh My pasta, frozen) and overseas ops across Thailand, China, US, Indonesia, Vietnam. FY26/3 revenue ¥418B, OP ¥22.1B (5.3% margin), steady margin expansion since FY23/3's 3.4%; EBITDA fwd ¥31.5B. Market cap ¥235B vs EV ¥161B reflects large net cash position; fragmented shareholder base with no dominant holder, top being trust banks at ~11%.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

78%

22%

EquityD/E 0.28xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 37.5%

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

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

11.00%

NIPPN CORPORATION Business Partners' Stock Ownership Association

5.30%

Taiju Life Insurance Company Limited

4.20%

Custody Bank of Japan, Ltd. (Trust Account)

4.10%

DUSKIN CO.,LTD.

3.00%

MITSUI & CO.,LTD.

2.30%

Sanuki Maruichi Seimen Co., Ltd.

2.10%

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

2.10%

TOYO SUISAN KAISHA,LTD.

2.00%

ITOCHU Corporation

1.40%

Management

12 officers

Toshiya MAETSURU

Representative Director, Chairman

Apr 1983 Joined the Company Jun 2011 Factory Manager, Fukuoka Plant Jun 2013 General Manager, Production & Technology Department Jun 2014 Executive Officer, General Manager, Production & Technology Department Jun 2015 Director, Executive Officer, Deputy Head of Production & Technology Division, General Manager, Production & Technology Department Jun 2017 Director, Managing Executive Officer, Head of Production & Technology Division, General Manager, Production & Technology Department Dec 2019 Director, Managing Executive Officer, Head of Production & Technology Division, Chairman of Product Development Committee Apr 2020 Director, Senior Managing Executive Officer, Head of Production & Technology Division, Chairman of Product Development Committee Jun 2020 Representative Director, President, President Executive Officer Jun 2026 Representative Director, Chairman (current)

1961-01-07

Toru OTAO

Representative Director, President, President Executive Officer

Apr 1987 Joined the Company Jun 2013 General Manager, Secretariat, General Affairs Department Jul 2017 Deputy General Manager, General Affairs Department, General Manager, Secretariat, General Affairs Department Feb 2020 General Manager, Accounting & Finance Department Jun 2022 Executive Officer, General Manager, Accounting & Finance Department Jun 2024 Director, Executive Officer Jun 2025 Director, Managing Executive Officer Jun 2026 Representative Director, President, President Executive Officer (current)

1963-11-26

Hiroaki KAWASAKI

Director, Senior Managing Executive Officer; in charge of Distribution Business Department, Food Business Department, and Overseas Business Division

Apr 1986 Joined the Company Jun 2015 Factory Manager, Otaru Plant Jun 2017 General Manager, Food Business Department, Food Business Division Jun 2019 Officer, Head of Food Business Division, General Manager, Food Business Department Jun 2020 Executive Officer, Deputy Head of Food Business Division, General Manager, Food Business Department Jun 2021 Senior Executive Officer, Head of Food Business Division, General Manager, Food Business Department, General Manager, Frozen Food Business Department Jan 2022 Senior Executive Officer, Head of Food Business Division, General Manager, Food Business Department Apr 2022 Senior Executive Officer, Head of Food Business Division Jun 2022 Director, Managing Executive Officer, Head of Food Business Division Jun 2024 Director, Senior Managing Executive Officer (current)

1961-10-04

Koji KOURA

Director, Managing Executive Officer; in charge of CSR, General Affairs Department, Human Resources & Labor Department, Accounting & Finance Department, Sustainability Promotion Department, Public Relations Department, and Audit Management Department

Apr 1987 Joined the Company Jul 2017 Deputy General Manager, Human Resources & Labor Department Jun 2018 General Manager, Human Resources & Labor Department Jun 2020 Executive Officer, General Manager, Human Resources & Labor Department Jun 2023 Director, Executive Officer Jun 2024 Director, Managing Executive Officer (current)

1963-11-27

Naoki ABE

Director, Managing Executive Officer; in charge of Corporate Planning Department, Quality Assurance Department, Raw Materials Procurement Department, E-Commerce Business Office, Prepared Food Business Division, and Healthcare Business Department

Apr 1988 Joined the Company Jun 2018 General Manager, Production & Technology Department, Production & Technology Division Jun 2020 Deputy Head of Production & Technology Division, General Manager, Production & Technology Department Jun 2022 Executive Officer, Deputy Head of Production & Technology Division, General Manager, Production & Technology No. 1 Department Jun 2024 Director, Executive Officer, Head of Production & Technology Division Jun 2025 Director, Managing Executive Officer (current)

1964-08-08

Takahiro SATO

Director, Managing Executive Officer; in charge of Marketing Division and Household Food Business Division; Head of Flour Milling Business Division

Apr 1989 Joined the Company Jun 2014 General Manager, Flour Milling Sales Department, Tokyo Branch Jul 2015 General Manager, Sales Department, Tokyo Branch Jun 2018 Branch Manager, Nagoya Branch Jun 2020 Branch Manager, Osaka Branch Jun 2023 Executive Officer, Branch Manager, Tokyo No. 1 Branch Jun 2025 Senior Executive Officer, Head of Flour Milling Business Division, General Manager, Flour Milling Sales Department Jun 2026 Director, Managing Executive Officer (current)

1964-09-26

Takaaki AONUMA

Director (Audit and Supervisory Committee Member)

Apr 1982 Joined the Company Mar 2014 General Manager, Related Business Division Jun 2015 Officer, General Manager, Related Business Division Jun 2016 Executive Officer, General Manager, Related Business Division Jun 2017 Executive Officer, General Manager, Accounting & Finance Department Jun 2019 Director, Executive Officer, General Manager, Accounting & Finance Department Feb 2020 Director, Executive Officer Jun 2020 Director, Managing Executive Officer Jun 2023 Director, Senior Managing Executive Officer Jun 2024 Director (Audit and Supervisory Committee Member) (current)

1959-12-16

Kazuhiko YOSHIDA

Director (Audit and Supervisory Committee Member)

Apr 1990 Registered as Attorney-at-Law Apr 1990 Joined Nakamura Godo Tokkyo Law Office Mar 1993 Registered as Patent Attorney May 1998 Registered as Attorney-at-Law in New York State, USA Jan 2001 Partner, Nakamura Godo Tokkyo Law Office Jan 2017 Managing Partner, Nakamura Godo Tokkyo Law Office (current) Jun 2017 Audit & Supervisory Board Member, the Company Jun 2020 Director (Audit and Supervisory Committee Member) (current)

1963-11-07

Hitomi KUMAGAI

Director

Apr 1990 Assistant, Faculty of Agriculture and Veterinary Medicine, Nihon University (now College of Bioresource Sciences) Apr 1994 Full-time Lecturer, Faculty of Agriculture and Veterinary Medicine, Nihon University (now College of Bioresource Sciences) Apr 2002 Associate Professor, College of Bioresource Sciences, Nihon University Mar 2011 Professor, College of Bioresource Sciences, Nihon University Jun 2022 Director, the Company (current) Apr 2025 Specially Appointed Professor, College of Bioresource Sciences, Nihon University (current)

1959-10-15

Mika TAKAOKA

Director

Apr 2001 Associate Professor, Institute of Economic Research, Osaka City University (now Osaka Metropolitan University) Apr 2002 Associate Professor, Faculty of Economics, Rikkyo University Apr 2006 Associate Professor, Faculty of Business Administration, Rikkyo University Apr 2007 Associate Professor, Faculty of Business Administration, Rikkyo University Apr 2009 Professor, Faculty of Business Administration, Rikkyo University (current) Jun 2015 Outside Director, Kyodo Printing Co., Ltd. (current) Jun 2018 Outside Director, SG Holdings Co., Ltd. (current) Jun 2024 Director, the Company (current)

1968-06-19

Yoshiki ANDO

Director

Apr 1986 Joined Mitsui Petrochemical Industries, Ltd. (now Mitsui Chemicals, Inc.) Apr 2005 General Manager, Feedstocks & Business Planning, Mitsui Chemicals Asia Pacific (Singapore) Apr 2016 Executive Officer, General Manager, Human Resources Department, Mitsui Chemicals, Inc. Apr 2019 Managing Executive Officer, in charge of Human Resources, Global Talent, Affiliate Support, and Overseas Regional Holding Company Departments, Mitsui Chemicals, Inc. Apr 2021 Senior Managing Executive Officer, in charge of Human Resources, Global Talent, Affiliate Support, and Overseas Regional Holding Company Departments, Mitsui Chemicals, Inc. Jun 2022 Director, Senior Managing Executive Officer, CHRO, in charge of Human Resources, Global Talent, Affiliate Support, and Overseas Regional Holding Company Departments, Mitsui Chemicals, Inc. Apr 2025 Director, Senior Managing Executive Officer, CHRO, in charge of Regional Strategy Promotion and Overseas Regional Holding Company Departments, Mitsui Chemicals, Inc. Apr 2026 Director and Counselor, Mitsui Chemicals, Inc. Jun 2026 Counselor, Mitsui Chemicals, Inc. (current) Jun 2026 Director, the Company (current)

1964-01-03

Ryoko HAYAMA

Director (Audit and Supervisory Committee Member)

Apr 1983 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Sep 1984 Joined Surugadai Gakuen (school corporation) Oct 1990 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Mar 1994 Registered as Certified Public Accountant (current) Jan 2007 Joined Shin Nihon & Co. (now EY ShinNihon LLC) Jan 2015 Representative, Ryoko Hayama CPA Office (current) Aug 2016 Senior Researcher, Japanese Institute of Certified Public Accountants May 2023 Outside Audit & Supervisory Board Member, Bell System24 Holdings, Inc. (current) May 2024 Audit & Supervisory Board Member, Sugi Holdings Co., Ltd. (current) Jun 2024 Director (Audit and Supervisory Committee Member), the Company (current) Jun 2025 Outside Director, Fidea Holdings Co., Ltd. (current)

1959-10-07

Large Shareholding Reports

Strategic Capital Co., Ltd.

2026-09-14

6.09%→7.09%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Inc.

2026-09-14

5.09%→6.09%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-09-11

5.09%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Strategic Capital Co., Ltd.

2026-07-27

6.09%→7.09%

Strategic Capital Co., Ltd.

2026-07-08

5.09%→6.09%

Strategic Capital Co., Ltd.

2026-06-25

5.09%

Taiju Life Insurance Company Limited

2025-12-22

4.44%→4.13%

Annual report (as of 2026-03-31): 4.20%

Nomura Asset Management Co., Ltd.

2025-12-17

3.38%→3.43%

Nomura Asset Management Co., Ltd.

2025-11-10

3.38%

Nomura Asset Management Co., Ltd.

2025-09-19

3.43%→3.39%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-08-06

2.58%→1.73%

Disclosures

No disclosures

Primary Source Filings

EDINETAmended

2026-09-14

Change Report

NIPPN CORPORATION

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NIPPN CORPORATION

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