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Overview

Retail Trade

and ST HD Co.,Ltd.

Adastria is a leading Japanese multi-brand apparel and lifestyle retailer operating over 1,550 stores across Japan and Asia. The company develops, manufactures, and sells casual fashion and lifestyle products under more than 30 brands—including Global Work, Lowrys Farm, niko and..., and Velvet by Graham & Spencer—through physical stores, e-commerce, and its own EC mall platform. Leveraging strong partnerships with Asian production factories and end-to-end in-house capabilities from material development to logistics, Adastria also operates a food & beverage business (Zettone) and pursues regional revitalization through dining concepts such as Aloha Table.

Market Cap

¥147B

US$937M

¥129B

US$822M

Stock¥3,170▲+2.76%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

3.9

LTM EV/EBIT

6.7

LTM PER

15.5

LTM PBR

1.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.4%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

92%

EquityD/E 0.08xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 59.9%

as of 2026-08-31 · Source: Annual Securities Report

Fukuzo Co., Ltd.

36.62%

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

7.11%

Toshima Co., Ltd.

4.27%

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

3.53%

Michio FUKUDA

2.02%

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

1.46%

Custody Bank of Japan, Ltd. (Trust Account)

1.46%

and ST HD Co.,Ltd. Employee Stock Ownership Association

1.24%

STATE STREET BANK AND TRUSTCOMPANY 505044 (Standing Proxy: Mizuho Bank, Ltd.)

1.08%

STATE STREET BANK AND TRUSTCOMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

1.06%

Management

8 officers

Yasuo FUKUDA

Representative Director, President

Mar 2004 Joined IMS Co., Ltd. Apr 2005 Joined Point Co., Ltd. (now the Company) Mar 2014 Manager, Overseas Business Division, Adastria Holdings Co., Ltd. (now the Company) May 2014 Chairman, Adastria Asia Co., Ltd. Mar 2016 Head of Communication Design Division, Adastria Co., Ltd. (now the Company) Mar 2017 Head of Corporate Planning Division, Adastria Co., Ltd. May 2017 Director, Head of Corporate Planning Division, Adastria Co., Ltd. Mar 2018 Director, Adastria Co., Ltd.; Chairman, Management Board, Velvet, LLC May 2018 Director, Adastria General Support Co., Ltd. (now WeOur Co., Ltd.) May 2019 Director, Adastria Logistics Co., Ltd. (now AND ST Logistics Co., Ltd.) Nov 2021 Representative Director, ADOORLINK Co., Ltd. Feb 2022 Management Board, Velvet, LLC May 2024 Senior Managing Director, Adastria Co., Ltd. (now the Company) Sep 2025 Director, AND ST Co., Ltd. (current); Director, Adastria Co., Ltd.; Director, Element Rule Co., Ltd. (current) Mar 2026 Representative Director, President, the Company (current); Representative Director, Chairman, Adastria Co., Ltd. (current)

1978-04-11

Yoshiteru KITAMURA

Senior Managing Director

Apr 1999 Joined Five Foxes Co., Ltd. Feb 2007 Joined Drop Co., Ltd. (now the Company) Sep 2010 General Manager, Studio Clip Business Division, Trinity Arts Co., Ltd. (now the Company) Mar 2012 General Manager, NICO AND... Business Division, Trinity Arts Co., Ltd. Mar 2013 Executive Officer, Head of Sales Division, Trinity Arts Co., Ltd. May 2014 Director, Head of Sales Division, Trinity Arts Co., Ltd. Mar 2015 Executive Officer, Head of Sales Division No. 2, Adastria Holdings Co., Ltd. (now the Company) Apr 2016 Representative Director, Adastria Korea Co., Ltd. Mar 2018 Senior Executive Officer, Head of Sales Division, Adastria Co., Ltd. (now the Company); Director, Adastria Asia Co., Ltd. (current); Director, Fangzhen (Shanghai) Trading Co., Ltd. (now Nikoan (Shanghai) Trading Co., Ltd.) (current); Director, Boyinte Co., Ltd. (now Adastria Taiwan Co., Ltd.) (current) May 2019 Director, Adastria Co., Ltd. (now the Company) Aug 2019 Director, Adastria (Shanghai) Trading Co., Ltd. (current) May 2021 Managing Director, Adastria Co., Ltd. (now the Company) Feb 2022 Director, Sai-ace International Logistics (Shanghai) Co., Ltd. (current); Chairman, Management Board, Velvet, LLC Jan 2023 Director, Adastria (Thailand) Co., Ltd. (current) Apr 2024 Director, Adastria Philippines Inc. (current) May 2024 Senior Managing Director, Adastria Co., Ltd. (now the Company) Jul 2024 Director, Today's Special Co., Ltd. (now the Company) Mar 2025 Director, Karrimor International Ltd. (current) Apr 2025 Representative Director, President, Adastria Co., Ltd. (current) Aug 2025 Director, Jiu En Jiu Trading (Shanghai) Co., Ltd. (current) Sep 2025 Group Executive Officer, the Company Jan 2026 Director, Adastria (Malaysia) Sdn. Bhd. (current) May 2026 Senior Managing Director, Group Executive Officer, the Company (current)

1976-01-25

Masatake HAYASHI

Director

Apr 1991 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Aug 2006 Joined Point Co., Ltd. (now the Company); General Manager, Accounting Division Mar 2008 Executive Officer, General Manager, Corporate Planning Office, Point Co., Ltd. Jun 2010 Executive Officer, General Manager, Planning Division, Point Co., Ltd. Feb 2012 Executive Officer, Head of Lowry's Sales Division, Point Co., Ltd. Mar 2012 Managing Executive Officer, General Manager, Lowry's Sales Division, Point Co., Ltd. Sep 2013 Managing Executive Officer, Head of Administration Division, Point Co., Ltd. (now the Company) Mar 2014 Director, Head of Administration Division, Point Co., Ltd. Nov 2014 Director, General Manager, Sales Promotion Division, Point Co., Ltd. Mar 2015 Senior Executive Officer, Head of Administration Division, concurrently General Manager, Corporate Planning Division and General Manager, Finance Division, Adastria Holdings Co., Ltd. (now the Company) May 2015 Representative Director, President, Adastria General Support Co., Ltd. (now WeOur Co., Ltd.) Mar 2016 Senior Executive Officer, Head of Strategy Development Division, Adastria Co., Ltd. (now the Company) Mar 2018 Senior Executive Officer, Head of Development Division, Adastria Co., Ltd. Mar 2020 Senior Executive Officer, Head of Logistics Division, Adastria Co., Ltd.; Representative Director, Chairman, Adastria Logistics Co., Ltd. (now AND ST Logistics Co., Ltd.) Feb 2022 Director, Sai-ace International Logistics (Shanghai) Co., Ltd. Sep 2025 Group Executive Officer, Head of Corporate Planning Division, the Company; Director, Chairman, Adastria Logistics Co., Ltd. (now AND ST Logistics Co., Ltd.) Apr 2026 Director, AND ST Logistics Co., Ltd. (current) May 2026 Director, Group Executive Officer, Head of Corporate Planning Division, the Company (current)

1967-05-10

Yoichi ENDO

Director, Full-time Audit and Supervisory Committee Member

Nov 1985 Joined Fukudaya Yofuku-ten Co., Ltd. (now the Company) May 2001 Director, Point Co., Ltd. (now the Company) Mar 2010 Representative Director, Point Co., Ltd. Sep 2013 Representative Director, President, Adastria Holdings Co., Ltd. (now the Company) Aug 2015 Representative Director, Office Endo Co., Ltd. (current) Mar 2016 Outside Director, Look Inc. (now Look Holdings Inc.) Apr 2018 Senior Managing Director, Coen Co., Ltd. Apr 2019 Executive Officer, United Arrows Ltd.; Director, Coen Co., Ltd. Apr 2020 Senior Executive Officer, United Arrows Ltd. May 2024 Director, Full-time Audit and Supervisory Committee Member, Adastria Co., Ltd. (now the Company) (current) Mar 2025 Audit & Supervisory Board Member, WeOur Co., Ltd. Apr 2025 Audit & Supervisory Board Member, Adastria Co., Ltd. (current) May 2026 Audit & Supervisory Board Member, AND ST Co., Ltd. (current)

1961-03-28

Tatsuhiro MATSUOKA

Outside Director

Apr 1998 Joined Nihon Advance Technology Co., Ltd. (now Mitsubishi Electric Software Corporation) Apr 2001 Joined Asahi Arthur Andersen Co., Ltd. (now PwC Consulting LLC) Aug 2002 Transferred to KPMG Consulting Co., Ltd. (now PwC Consulting LLC) Oct 2008 Joined Sigmaxyz Inc. (now Sigmaxyz Holdings Inc.) Nov 2014 Managing Director, Information, Communications and Media Industries, Sigmaxyz Inc. Apr 2015 Managing Director, Digital Force, Sigmaxyz Inc. Apr 2017 Research Support Advisor, Artificial Intelligence Research Center, National Institute of Advanced Industrial Science and Technology (AIST) (current) Apr 2019 Managing Executive Officer, Digital Sherpa, Chief Information Security Officer (CISO), Sigmaxyz Inc. (now Sigmaxyz Holdings Inc.) Apr 2020 Managing Executive Officer, Industry Sherpa, CISO, Sigmaxyz Inc. Oct 2021 Managing Executive Officer, Client Division, Sigmaxyz Inc. May 2022 Outside Director, Adastria Co., Ltd. (now the Company) (current) Oct 2022 Managing Executive Officer, Rise Consulting Group Co., Ltd. Apr 2023 Managing Executive Officer, Chief Innovation Officer (CIO), CISO, Rise Consulting Group Co., Ltd. May 2025 Representative Director, President and COO, Rise Consulting Group Co., Ltd. (current)

1972-08-06

Etsuko SHAKESPEARE

Director

Apr 1990 Joined Dentsu Inc. (now Dentsu Group Inc.) Mar 1998 Joined Boots Company Japan Jan 2001 Marketing Head, Boots Taiwan Branch Sep 2001 Senior Strategic Planning Director, J. Walter Thompson Apr 2002 Joined Walt Disney Japan Ltd. Oct 2006 Marketing Executive Director, Television Division, Walt Disney Japan Ltd. Oct 2007 CMO, Vice President, Walt Disney Japan Ltd. Nov 2017 Vice President and General Manager, Music, Live Entertainment and Credit Card Alliance, Walt Disney Japan Ltd. Apr 2020 Executive Officer, Media Partnership Business Division, Google LLC Apr 2021 Executive Officer, Agency Partnership Sales Division, Google LLC May 2024 Executive Officer, Director, Advertising Sales, Branding and Agency Partnership, Google LLC May 2025 Outside Director, Adastria Co., Ltd. (now the Company) (current) Dec 2025 Executive Officer, Director, Google LLC May 2026 Designated Member, EG Globe Partners LLC (current)

1967-06-20

Kazuhiko EBIHARA

Director, Audit and Supervisory Committee Member

Jul 1983 Joined Boston Consulting Group K.K. (now Boston Consulting Group LLC) Jun 1986 Joined Goldman, Sachs & Co. (now The Goldman Sachs Group, Inc.) Oct 1988 Joined Goldman Sachs Securities Co., Ltd. (now Goldman Sachs Japan Co., Ltd.) Sep 2002 Joined J.P. Morgan Securities Japan Co., Ltd. Dec 2006 Director, Synergy Co., Ltd. May 2016 Outside Audit & Supervisory Board Member, Adastria Co., Ltd. (now the Company) May 2024 Outside Director, Audit and Supervisory Committee Member, Adastria Co., Ltd. (now the Company) (current) Apr 2025 Audit & Supervisory Board Member, Adastria Co., Ltd. (current)

1958-03-05

Kyoko MOTEGI

Director, Audit and Supervisory Committee Member

Jan 2011 Registered as attorney-at-law (Daiichi Tokyo Bar Association); joined Tokyo Sanno Law Office Sep 2015 Joined Hayabusa Asuka Law Office May 2018 Joined Southgate Law Office, Foreign Law Joint Enterprise (current) Feb 2021 Seconded to Gleiss Lutz (Germany) Dec 2022 Registered as attorney in California May 2023 Outside Audit & Supervisory Board Member, Adastria Co., Ltd. (now the Company) May 2024 Outside Director, Audit and Supervisory Committee Member, Adastria Co., Ltd. (now the Company) (current)

1984-02-01

Large Shareholding Reports

Wellington Management Company LLP

2026-09-04

3.41%→3.29%

Wellington Management Japan Pte Ltd

2026-02-18

3.70%→3.63%

Amova Asset Management Co., Ltd.

2026-02-05

4.22%→3.58%

Wellington Management Japan Pte Ltd

2026-01-06

3.70%

Amova Asset Management Co., Ltd.

2025-09-19

4.29%→4.22%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-15

Semi-Annual Securities Report

Period: Mar 2026 – Feb 2027

and ST HD Co.,Ltd.

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