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IWATSUKA CONFECTIONERY CO.,LTD.

Iwatsuka Confectionery is a leading Japanese rice cracker (beika) manufacturer headquartered in Nagaoka, Niigata Prefecture, producing and selling a wide range of rice-based snack products including senbei and arare using both uruchimai (non-glutinous) and mochigome (glutinous) rice. The company operates multiple specialized manufacturing facilities across Japan and distributes through retail channels as well as direct-to-consumer mail-order platforms. Iwatsuka has a long-standing strategic relationship with the Want Want Group (Taiwan/China), one of Asia's largest rice snack producers, reflecting the company's role as a technology and know-how provider in the broader Asian rice snack market.

Market Cap

¥30.8B

US$196M

¥-21.9B

-US$140M

Stock¥3,005▼-0.17%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

17.4

LTM PBR

0.5

2026-08-25 closing price basis: ranked #8 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-214B).

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.5%pt

Oct 23, 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

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 34.9%

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

Iwatsuka Seika Kyoei-kai

6.23%

The Daishi Hokuetsu Bank, Ltd.

5.00%

Masao MAKI

3.92%

LEADING GUIDE HONG KONG LIMITED (Standing Proxy: Citibank, N.A., Tokyo Branch)

3.82%

Kiku MAKI

3.15%

Keiko HIRAISHI

2.97%

Daiyon Hokuetsu JCB Card Co., Ltd.

2.52%

Daiyon Hokuetsu Securities Co., Ltd.

2.52%

NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.42%

Uonuma Unyu Co., Ltd.

2.38%

Management

9 officers

Haruo MAKI

Representative Director, Chairman

Dec 1976 Joined the Company Dec 1983 Director, General Manager of Sales Division Dec 1986 Managing Director, General Manager of Sales Division Feb 1988 Director, Niigata Ajinoren Honpo Co., Ltd. (current) Mar 1992 Senior Managing Director, General Manager of Sales Division Oct 1993 Senior Managing Director, General Manager of Manufacturing Division Feb 1994 Senior Managing Director, General Manager of Accounting Department Apr 1994 Director, Echigo Sho Co., Ltd. Jul 1994 Senior Managing Director, General Manager of Administration Department Feb 1997 Director, Zuika Co., Ltd. (current) Jun 1998 Representative Director, President Jul 2003 Director, Want Want Japan Co., Ltd. (current) Jun 2006 Outside Corporate Auditor, Kibun Foods Inc. Jun 2009 Director, Satoyama Genki Farm Co., Ltd. (current) Jul 2015 Representative Director, Tanabe Kashiho Co., Ltd. Jun 2017 Director, Tanabe Kashiho Co., Ltd. (current) Nov 2018 CEO, IWATSUKA USA Inc. (current) Jun 2023 Representative Director, Chairman and CEO of the Company Jun 2026 Representative Director, Chairman of the Company (current)

1951-05-26

Daisuke MAKI

Representative Director, President

May 2006 Joined the Company Mar 2011 Director, Want Want Japan Co., Ltd. Jan 2012 Director, General Manager of Sales Division, Want Want Japan Co., Ltd. Feb 2013 Director, Want Want Japan Co., Ltd. (current) Jun 2013 General Manager of Business Planning Office, the Company Jun 2013 Director, General Manager of Business Planning Office, the Company Jun 2013 Director, Zuika Co., Ltd. (current) Jun 2013 Director, Niigata Ajinoren Honpo Co., Ltd. (current) Jun 2013 Director, Echigo Sho Co., Ltd. Jun 2013 Director, Satoyama Genki Farm Co., Ltd. (current) Feb 2015 Director, General Manager of Business Planning Division and General Manager of Business Planning Office, the Company Jul 2015 Director, Tanabe Kashiho Co., Ltd. (current) Apr 2016 Managing Director, General Manager of Manufacturing Division and General Manager of IPS Promotion Office, the Company Jan 2021 Managing Director, General Manager of Management Division, the Company Jul 2021 Senior Managing Director, General Manager of Management Division, the Company Jun 2023 Representative Director, President, COO and General Manager of Management Division, the Company Apr 2024 Representative Director, President and COO, the Company Jun 2026 Representative Director, President of the Company (current)

1979-08-14

Haruhito KOBAYASHI

Managing Director, in charge of Purchasing and Production Control

Apr 1990 Joined the Company Dec 2000 General Manager of Purchasing Department, the Company Feb 2002 General Manager of Production Control Department, the Company Jan 2005 General Manager of Internal Audit Office, the Company Mar 2006 General Manager of Sales Control Department, the Company Jul 2012 General Manager of Production Management Department, the Company Jun 2014 Executive Officer, Deputy General Manager of Manufacturing Division and General Manager of Purchasing Department, the Company Apr 2015 Executive Officer, General Manager of Purchasing Department, the Company Jun 2015 Director, General Manager of Purchasing Department, the Company Jun 2015 Director, Zuika Co., Ltd. (current) Jun 2015 Director, Niigata Ajinoren Honpo Co., Ltd. (current) Jun 2015 Director, Echigo Sho Co., Ltd. Jun 2015 Director, Satoyama Genki Farm Co., Ltd. (current) Jun 2023 Director, in charge of Purchasing and Production Control, the Company Apr 2024 Managing Director, in charge of Purchasing and Production Control, the Company (current) Jun 2024 Director, Tanabe Kashiho Co., Ltd. (current)

1961-02-06

Hideyuki AOYAMA

Director, General Manager of Marketing Division

Apr 1998 Joined the Company Feb 2011 General Manager of Wide-Area Distribution Department, the Company Jun 2015 Executive Officer, General Manager of West Japan Sales Department, the Company Aug 2019 Executive Officer, Deputy General Manager of Marketing Division, the Company Apr 2024 Executive Officer, General Manager of Marketing Division, the Company Apr 2024 Representative Director, President, Want Want Japan Co., Ltd. Jun 2024 Director, General Manager of Marketing Division, the Company (current) Jun 2024 Director, Zuika Co., Ltd. (current) Jun 2024 Director, Niigata Ajinoren Honpo Co., Ltd. (current) Jun 2024 Director, Satoyama Genki Farm Co., Ltd. (current) Jan 2026 Director, Want Want Japan Co., Ltd. Jun 2026 Corporate Auditor, Want Want Japan Co., Ltd. (current)

1971-09-26

Kazuhiko WAKATSUKI

Director, General Manager of Manufacturing Division

Apr 1988 Joined the Company Jan 2006 General Manager of IPS Promotion Office, the Company Jul 2011 General Manager of Kansai Sales Department, the Company Feb 2013 General Manager of Product Planning Department, the Company Apr 2015 General Manager of No. 2 Manufacturing Department, the Company Jan 2021 Deputy General Manager of Manufacturing Division and General Manager of IPS Promotion Office, the Company Jul 2021 Executive Officer, Deputy General Manager of Manufacturing Division, the Company Apr 2024 Executive Officer, General Manager of Manufacturing Division, the Company Jun 2024 Director, General Manager of Manufacturing Division, the Company (current) Jun 2024 Director, Zuika Co., Ltd. (current) Jun 2024 Director, Niigata Ajinoren Honpo Co., Ltd. (current) Jun 2024 Director, Satoyama Genki Farm Co., Ltd. (current)

1969-11-29

Masanobu TAKEBE

Director, General Manager of Management Division

Apr 1991 Joined the Company Jan 2008 General Manager of Administration Department, the Company Jan 2012 General Manager of Wide-Area Distribution Department, the Company Feb 2013 General Manager of Administration Department, the Company Apr 2015 General Manager of Quality Assurance Department, the Company Jan 2018 General Manager of General Affairs Department, the Company Jul 2021 Executive Officer, General Manager of Management Department, the Company Jun 2026 Director, General Manager of Management Division, the Company (nominee) Jun 2026 Director, Zuika Co., Ltd. (scheduled) Jun 2026 Director, Niigata Ajinoren Honpo Co., Ltd. (scheduled) Jun 2026 Director, Satoyama Genki Farm Co., Ltd. (scheduled) Jun 2026 Director, Tanabe Kashiho Co., Ltd. (scheduled)

1970-06-11

Ryuji TAKAHASHI

Director (Audit and Supervisory Committee Member)

Apr 1984 Joined Hokuetsu Bank, Ltd. (now Daishi Hokuetsu Bank, Ltd.) Jun 2017 Director, General Manager of Loan Department, Hokuetsu Bank, Ltd. Jun 2019 Director, General Manager of Head Office Sales Department, Hokuetsu Bank, Ltd. Jan 2021 Managing Executive Officer, General Manager of Nagaoka Head Office Sales Department, Daishi Hokuetsu Bank, Ltd. Jun 2021 Representative Director, President, Hokuetsu Lease Co., Ltd. Oct 2021 Representative Director, Executive Vice President, Daishi Hokuetsu Lease Co., Ltd. Jun 2023 Director (Audit and Supervisory Committee Member), the Company (current) Jun 2024 Corporate Auditor, Zuika Co., Ltd. (current) Jun 2024 Corporate Auditor, Niigata Ajinoren Honpo Co., Ltd. (current) Jun 2024 Corporate Auditor, Satoyama Genki Farm Co., Ltd. (current) Jun 2024 Corporate Auditor, Tanabe Kashiho Co., Ltd. (current)

1961-10-27

Yutaka ISHIKAWA

Director (Audit and Supervisory Committee Member)

Apr 1977 Joined Hokuetsu Bank, Ltd. (now Daishi Hokuetsu Bank, Ltd.) Jun 2008 General Manager of Audit Department, Hokuetsu Bank, Ltd. Apr 2010 General Manager of Personnel Department, Hokuetsu Bank, Ltd. Jun 2012 Representative Director, President, Hokuetsu Credit Guarantee Co., Ltd. Jun 2015 Director (Audit and Supervisory Committee Member), the Company (current) Jun 2015 Corporate Auditor, Zuika Co., Ltd. Jun 2015 Corporate Auditor, Niigata Ajinoren Honpo Co., Ltd. Jun 2015 Corporate Auditor, Echigo Sho Co., Ltd. Jun 2015 Corporate Auditor, Satoyama Genki Farm Co., Ltd. Jul 2015 Corporate Auditor, Tanabe Kashiho Co., Ltd.

1954-02-10

Kazuo FUKAI

Director (Audit and Supervisory Committee Member)

Apr 1970 Joined Kanto-Shinetsu Regional Taxation Bureau Jul 1991 Senior Investigating Officer, Tatebayashi Tax Office Jul 1994 National Tax Examiner, Kanto-Shinetsu National Tax Tribunal Jul 1999 Chief Officer, Kanto-Shinetsu Regional Taxation Bureau Mar 2001 Head of General Affairs Section, Numata Tax Office Jul 2009 Special Investigating Officer, Niigata Tax Office Aug 2012 Registered as Certified Public Tax Accountant Jun 2015 Director (Audit and Supervisory Committee Member), the Company (current) Apr 2017 Vice Chairman, Nagaoka Branch, Kanto-Shinetsu Tax Accountants' Association Apr 2019 Director, Kanto-Shinetsu Tax Accountants' Association

1952-01-10

Large Shareholding Reports

No filings

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-10

Q1 Earnings Flash

FY ending Mar 2027

IWATSUKA CONFECTIONERY CO.,LTD.

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IWATSUKA CONFECTIONERY CO.,LTD.

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