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Overview

Foods

MEGMILK SNOW BRAND Co.,Ltd.

Megmilk Snow Brand is Japan's leading dairy company, offering a comprehensive portfolio of dairy products including cheese, butter, powdered milk, functional foods, beverages (milk, fruit juices), yogurt, and desserts under the iconic 'Snow Brand' umbrella. The company also operates feed and seed businesses through subsidiaries such as Snow Brand Seed Co., Ltd. The group leverages longstanding brand equity, proprietary technologies (e.g., patented low-temperature degassing process), and functional food innovations to maintain a dominant position in the Japanese dairy market.

Market Cap

¥216B

US$1.38B

¥221B

US$1.41B

Stock¥3,595▲+0.70%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.1

LTM EV/EBIT

11.8

LTM PER

5.6

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+0.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

84%

EquityD/E 0.19xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 52.4%

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

National Federation of Agricultural Cooperative Associations

15.20%

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

12.92%

The Norinchukin Bank

7.44%

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

4.52%

Custody Bank of Japan, Ltd. (Trust Account)

3.70%

MEGMILK SNOW BRAND Co.,Ltd. Employee Stock Ownership Association

2.19%

HOKUREN Federation of Agricultural Cooperatives

1.76%

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

1.66%

Zenrakuren (National Federation of Dairy Cooperative Associations)

1.65%

NIPPON ACCESS, INC.

1.37%

Management

11 officers

Masatoshi SATO

Representative Director, President

Apr 1985 Joined Snow Brand Milk Products Co., Ltd. Oct 2008 Deputy General Manager, Business Planning Department, Nihon Milk Community Co., Ltd. Oct 2009 Branch Manager, Sendai Branch, Nihon Milk Community Co., Ltd. Apr 2011 Branch Manager, Tokyo Metropolitan Area West Branch, the Company Apr 2013 Deputy General Manager, General Planning Office, the Company Jun 2014 General Manager, Central Region Branch Division, the Company Apr 2017 General Manager, Secretarial Office, the Company Apr 2019 General Manager, Dairy and Food Products Division, the Company Jun 2020 Managing Executive Officer, the Company Apr 2022 President and Executive Officer (CEO), the Company Jun 2022 Representative Director, President, the Company (current)

1963-01-18

Seiju TODAKA

Representative Director, Vice President

Apr 1987 Joined Norinchukin Bank May 2007 General Manager, Matsuyama Branch, Norinchukin Bank Jul 2009 Deputy General Manager, JA Bank Management Guidance Department, Norinchukin Bank Jul 2010 Deputy General Manager, JA Bank General Administration Department, Norinchukin Bank Jun 2011 General Manager, JA Bank General Administration Department, Norinchukin Bank Jun 2014 General Manager, Osaka Branch, Norinchukin Bank Jul 2017 Managing Executive Officer, Norinchukin Bank Apr 2020 Managing Executive Officer, Mitsubishi UFJ NICOS Co., Ltd. Apr 2022 Managing Executive Officer, the Company Jun 2024 Representative Director, Vice President, the Company (current)

1964-09-17

Sadaharu IWAHASHI

Director, Senior Managing Executive Officer

Apr 1987 Joined Snow Brand Milk Products Co., Ltd. Mar 2014 General Manager, Osaka Branch, the Company Apr 2016 General Manager, Affiliated Companies Division, the Company Jun 2020 General Manager, Dairy and Food Products Division, the Company Apr 2021 Managing Executive Officer, the Company Jun 2022 Director, Managing Executive Officer, the Company (current) Jun 2026 Director, Senior Managing Executive Officer, the Company

1964-03-01

Satoshi INABA

Director, Managing Executive Officer

Apr 1987 Joined Snow Brand Milk Products Co., Ltd. Oct 2009 Deputy General Manager, Secretarial Office, the Company Apr 2011 General Manager, Secretarial Office, the Company Jun 2013 Deputy General Manager, Research and Development Department, the Company Jun 2015 General Manager, General Planning Office, the Company Jun 2018 Representative Director, President, Snow Brand Bean Stalk Co., Ltd. Jun 2020 Managing Executive Officer, the Company Jun 2021 Director, Managing Executive Officer, the Company (current)

1963-12-20

Seiki HORI

Director, Managing Executive Officer

Apr 1989 Joined Snow Brand Milk Products Co., Ltd. Oct 2014 Manager in charge, Kansai Sales Division, the Company Jun 2016 Manager in charge, Finance Department, the Company Jun 2017 General Manager, Finance Department, the Company Apr 2021 Managing Executive Officer, the Company (current) Jun 2026 Director, Managing Executive Officer, the Company

1964-08-11

Toshiyuki HOSOYA

Director, Executive Officer

Apr 1991 Joined Snow Brand Milk Products Co., Ltd. Apr 2020 Deputy General Manager, Production Technology Department, the Company Apr 2022 General Manager, Sapporo Plant, the Company Apr 2024 General Manager, Production Department, the Company Apr 2026 Executive Officer, the Company (current) Jun 2026 Director, Executive Officer, the Company

1967-06-24

Kumiko BANDO

Director (Note 1)

Apr 1977 Joined Ministry of Education, Culture, Sports, Science and Technology (MEXT) Apr 1998 Vice Governor, Akita Prefecture Jul 2006 Director-General, Gender Equality Bureau, Cabinet Office Jul 2009 Director-General, Lifelong Learning Policy Bureau, MEXT Jan 2012 Director-General, Higher Education Bureau, MEXT Jul 2013 Senior Official, MEXT Aug 2014 Commissioner, Consumer Affairs Agency Oct 2017 Director, Japan Legal Support Center Apr 2018 Chairperson, Japan Legal Support Center May 2018 Director, National Hospital Organization Apr 2022 Standing Councillor, Japanese Red Cross Society (current) Jun 2022 Director, the Company (current)

1954-04-25

Masahiro SHINADA

Director (Note 1)

Apr 1988 Joined Matsushita Electric Industrial Co., Ltd. (now Panasonic Corporation) Jun 2001 Team Leader, DSC Team, Product Department, Panasonic Marketing Division, Matsushita Electric Industrial Co., Ltd. Oct 2008 Team Leader, TV Team, Product Department, Panasonic Marketing Division, Panasonic Corporation Apr 2012 General Supervisor, TV Product Planning, Global Marketing Division, Panasonic Corporation Mar 2013 Executive Vice President, Panasonic do Brasil Ltda. (seconded); President, Panasonic Marketing Brasil Ltda. (seconded) Apr 2015 General Manager, TV Business Division, Appliances Company, Panasonic Corporation Apr 2017 Executive Officer and Vice President, Eco Solutions Company; General Manager, Energy Systems Business Division, Panasonic Corporation Apr 2019 Managing Executive Officer and President, Appliances Company, Panasonic Corporation Apr 2021 Senior Managing Executive Officer and President, Appliances Company, Panasonic Corporation Oct 2021 General Manager, Lifestyle Business Division, Panasonic Corporation Apr 2022 Representative Director, President and Executive Officer, CEO, Panasonic Corporation Apr 2026 Advisor, Panasonic Holdings Corporation (current) Jun 2026 Director, the Company

1965-10-25

Takashi NAITO

Director, Audit and Supervisory Committee Member

Apr 1991 Joined Snow Brand Milk Products Co., Ltd. Apr 2018 Manager in charge, Internal Audit Department, the Company Jun 2020 Deputy General Manager, Affiliated Companies Division, the Company Apr 2023 General Manager, Affiliated Companies Division, the Company (current) Jun 2026 Director, Audit and Supervisory Committee Member, the Company

1967-10-09

Tomohiko MANABE

Director, Audit and Supervisory Committee Member (Note 1)

Oct 1991 Joined Ota Showa Audit Corporation (now EY ShinNihon LLC) May 2007 Partner, ShinNihon LLC (now EY ShinNihon LLC) Jul 2010 Partner, Takano Certified Public Tax Accountant Firm Jul 2013 Senior Partner, Takano Certified Public Tax Accountant Firm May 2015 Outside Director, Freund Sangyo Co., Ltd. Jun 2015 Outside Audit & Supervisory Board Member, Nippon Shuppan Hanbai Inc. (now Nippan Group Holdings Inc.) Jun 2017 Outside Audit & Supervisory Board Member, Shuppan Kyodo Ryutsu Co., Ltd. Mar 2019 Auditor, Humans Data Co., Ltd. (current) Jun 2019 Councillor, Chubu Scholarship Foundation Sep 2020 Representative Partner, Takano Certified Public Tax Accountant Firm (current) Jun 2024 Outside Director, Audit and Supervisory Committee Member, the Company (current)

1963-10-03

Kyoko UEMURA

Director, Audit and Supervisory Committee Member (Note 1)

Apr 1994 Assistant Judge, Osaka District Court Apr 2002 Assistant Judge, Numazu Branch, Shizuoka Family Court Apr 2004 Judge, Numazu Branch, Shizuoka Family Court Apr 2005 Judge, Yokohama District Court Apr 2008 Registered as Attorney-at-Law, Dai-ichi Tokyo Bar Association Apr 2009 Outside Audit & Supervisory Board Member, Yahoo Japan Corporation (now LY Corporation) Jun 2017 Outside Audit & Supervisory Board Member, MS&AD Insurance Group Holdings, Inc. Jun 2018 Outside Director, SoftBank Corp. Oct 2018 Partner, Fukayama Kogane Law and Accounting Office Aug 2024 Partner, Fukayama Uemura Law Office (current) Jun 2025 Chairperson, Subcommittee on Employment Environment and Equal Opportunity, Labour Policy Council (current) Apr 2026 Auditor, Showa Women's University (current) Jun 2026 Outside Audit & Supervisory Board Member, Taisei Corporation (scheduled) Jun 2026 Outside Director, Audit and Supervisory Committee Member, the Company

1961-07-22

Large Shareholding Reports

Marathon Asset Management Limited

2026-04-06

5.03%→6.06%

Norinchukin Bank

2026-01-23

7.95%→6.40%

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

Annual report (as of 2026-03-31): 7.44%

Norinchukin Bank

2026-01-22

7.95%→6.40%

Annual report (as of 2026-03-31): 7.44%

Marathon Asset Management Limited

2025-08-07

5.03%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-07

Q1 Earnings Flash

FY ending Mar 2027

MEGMILK SNOW BRAND Co.,Ltd.

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MEGMILK SNOW BRAND Co.,Ltd.

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