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Overview

INGS inc.

INGS Co., Ltd. operates ramen restaurants under multiple proprietary brands, with its flagship brand 'Ramen Hayashida' anchoring a portfolio of 9 self-developed ramen concepts across urban, suburban, and roadside formats primarily in the Greater Tokyo area and select Kansai locations. The company also operates restaurant businesses under the 'CONA' and 'Yamai no Joe' brands, offering both direct-operated stores and franchise/license models. In addition, INGS generates revenue through a produce division that supplies ramen ingredients and operational know-how to third-party partner stores.

Market Cap

¥6.13B

US$39.1M

¥5.92B

US$37.8M

Stock¥2,427▼-1.78%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.4

LTM EV/EBIT

9.6

LTM PER

15.7

LTM PBR

2.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-38.2%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

60%

40%

EquityD/E 0.66xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 85.1%

as of 2026-02-28 · Source: Annual Securities Report

MAcompany Co., Ltd.

39.66%

Seiki AOYAGI

18.32%

Naoto KOJIMA

9.64%

Tsuyoshi WATANABE

4.26%

Nomura Trust and Banking Co., Ltd. (Investment Trust Account)

4.07%

Nomura Securities Co., Ltd.

3.28%

Mitsubishi UFJ eSmart Securities Co., Ltd.

2.74%

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

1.15%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

1.07%

Kanno Seimenjo Co., Ltd.

0.92%

Management

10 officers

Seiki AOYAGI

Representative Director, President

Mar 2009 Founded INGS Co., Ltd., assumed office as Representative Director, President (current) Oct 2018 Assumed office as Representative Director, President of Candy BOX Co., Ltd., a subsidiary of the Company Apr 2019 Founded MAcompany Co., Ltd., assumed office as Representative Director (current)

1984-04-13

So MOCHIGI

Director, General Manager of Restaurant Business Division

Apr 2007 Joined Daikokuya Co., Ltd. Apr 2009 Joined the Company Mar 2019 Assumed office as Director, General Manager of Restaurant Business Division of the Company (current) Dec 2020 Assumed office as Director of Candy BOX Co., Ltd., a subsidiary of the Company

1984-07-28

Kazuhiro TSUKAMOTO

Director, General Manager of Ramen Business Division

Apr 2007 Joined Toei Jutaku Co., Ltd. Apr 2012 Joined Estine Co., Ltd. Feb 2014 Joined Humentouch Co., Ltd. Jun 2014 Joined the Company Mar 2019 Assumed office as Director, General Manager of Ramen Business Division of the Company (current)

1984-06-08

Takeaki ISHII

Director, General Manager of General Affairs Department

Apr 2007 Joined Otsuka Corporation Dec 2009 Joined Ecology Home Co., Ltd. Sep 2017 Joined the Company Sep 2020 Assumed office as Director, General Manager of Administration Department of the Company Aug 2021 Assumed office as Director, General Manager of General Affairs Department of the Company (current) Sep 2022 Assumed office as Director of I-Prospa Co., Ltd. (current)

1984-04-13

Isamu ISONO

Director, General Manager of Human Resources Department

Apr 2010 Joined Arrows Co., Ltd. Dec 2011 Joined YS NET Co., Ltd. Apr 2013 Joined the Company Sep 2017 Joined Prudential Life Insurance Company, Ltd. Oct 2018 Joined the Company Sep 2020 Assumed office as Director, General Manager of Human Resources Department of the Company (current)

1988-03-14

Ken SUZUKI

Director, General Manager of Management Administration Department

Apr 2008 Joined Daiwa Securities SMBC Co., Ltd. (now Daiwa Securities Co. Ltd.) Jun 2016 Joined J Will Advance Co., Ltd. (now J Will Asset Management Co., Ltd.) Mar 2021 Joined the Company Sep 2021 Assumed office as Director, General Manager of Management Administration Department of the Company (current)

1986-02-11

Ayaka OMORI

Outside Director

Oct 2006 Registered as an attorney-at-law Oct 2006 Joined Miyake, Imai & Ikeda Law Office Oct 2008 Joined Wizards General Law Office Jun 2009 Assumed office as Outside Audit & Supervisory Board Member of Cruise Co., Ltd. Sep 2011 Joined Hamada Law Office Jan 2012 Assumed office as Auditor of Japan Mathematical Certification Association (public interest incorporated foundation) (current) Dec 2019 Assumed office as Outside Audit & Supervisory Board Member of Sumasapo Co., Ltd. (current) Apr 2021 Assumed office as Director of the Company (current) Apr 2024 Established Omori Law Office, assumed office as Head of Office (current)

1978-09-28

Sadao SAIKAWA

Full-time Audit & Supervisory Board Member

Apr 1976 Joined Kyowa Bank, Ltd. (now Resona Bank, Limited.) Mar 2003 Assumed office as General Manager of General Affairs Department, Resona Bank, Limited. Apr 2004 Joined Nihon Denshi Keisan Co., Ltd. Apr 2005 Assumed office as Executive Officer, Deputy General Manager of Administration Division, Nihon Denshi Keisan Co., Ltd. Oct 2011 Assumed office as Executive Officer, General Manager of Administration Division, Nihon Denshi Keisan Co., Ltd. May 2012 Assumed office as Audit & Supervisory Board Member of Aoki Asunaro Construction Co., Ltd. Sep 2020 Assumed office as Full-time Audit & Supervisory Board Member of the Company (current)

1952-09-27

Atsushi TAKAHASHI

Audit & Supervisory Board Member (Non-Standing)

Oct 2000 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Jun 2004 Registered as a Certified Public Accountant Jul 2014 Became Partner of Deloitte Touche Tohmatsu LLC Aug 2020 Assumed office as Representative Partner of Partners SG Audit Corporation (now Partners Sogo Audit LLC) Apr 2021 Assumed office as Audit & Supervisory Board Member of the Company (current) Jun 2021 Assumed office as Director of Denki Kogyo Co., Ltd. (current) Sep 2021 Assumed office as Director of Atsumaru Co., Ltd. (current) Dec 2022 Assumed office as Chief Executive Officer and Partner of Partners Sogo Audit LLC (current)

1976-10-13

Eri FUJIWARA

Audit & Supervisory Board Member (Non-Standing)

Mar 1987 Joined Chugai Pharmaceutical Co., Ltd. Apr 2000 Joined Nomura Securities Co., Ltd. Jun 2003 Established Social Insurance and Labor Consultant & FP Office Aug 2004 Established Aoba Social Insurance Labor Consultant Corporation, assumed office as Representative Partner (current) Jun 2015 Assumed office as Director of Matsuya Foods Co., Ltd. (now Matsuya Foods Holdings Co., Ltd.) (current) Mar 2024 Assumed office as Audit & Supervisory Board Member of the Company (current) Mar 2025 Assumed office as Audit & Supervisory Board Member of PEGASUS HOLDINGS Co., Ltd. (current)

1961-08-07

Large Shareholding Reports

MAcompany Co., Ltd.

2026-08-31

39.61%→39.60%

Annual report (as of 2026-02-28): 39.66%

MAcompany Co., Ltd.

2026-07-02

39.61%→39.61%

Annual report (as of 2026-02-28): 39.66%

MAcompany Co., Ltd.

2026-06-09

39.72%→39.61%

Annual report (as of 2026-02-28): 39.66%

MAcompany Co., Ltd.

2025-11-10

39.72%→39.72%

Annual report (as of 2026-02-28): 39.66%

MAcompany Co., Ltd.

2025-11-10

39.72%→39.72%

Annual report (as of 2026-02-28): 39.66%

MAcompany Co., Ltd.

2025-10-27

39.72%→39.72%

Annual report (as of 2026-02-28): 39.66%

Masaki AOYAGI

2025-10-27

19.54%→18.35%

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

Annual report (as of 2026-02-28): 18.32%

MAcompany Co., Ltd.

2025-08-07

39.71%

Annual report (as of 2026-02-28): 39.66%

MAcompany Co., Ltd.

2025-08-07

41.12%→39.72%

Annual report (as of 2026-02-28): 39.66%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-15

Full-Year Earnings Flash

FY ending Aug 2026

INGS inc.

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