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Overview

Retail Trade

SALA CORPORATION

SALA Corporation is a diversified holding company headquartered in Toyohashi, Aichi Prefecture, operating primarily across six business segments: Energy & Solutions (city gas, LPG, petroleum products, and electricity supply), Engineering & Maintenance (civil/building construction and equipment maintenance), and Housing (custom homes, renovation, and real estate). The group also operates Car Life Support (imported automobile sales and servicing), Animal Healthcare (veterinary pharmaceuticals and livestock equipment), and Property (real estate leasing, hotel, and food & beverage) businesses. The company serves customers primarily in the Tokai and surrounding regions of Japan through a group of 48 subsidiaries and 14 affiliates.

Market Cap

US$461M

¥73.6B

US$650M

¥104B

StockUS$7.26(¥1,160)▲+0.87%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

6.2

LTM EV/EBIT

11.0

LTM PER

10.3

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.9%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

AI Briefing

SALA is a Tokai-region holding company spanning energy distribution, construction/maintenance, and housing across 48 subsidiaries and 14 affiliates. FY25/11 revenue US$1.58B (¥252B) with OP US$46.3M (¥7.4B) (2.9% margin), a step up in profitability after three years of flattish operating margins around 2.5-2.9%. Shareholder base is fragmented among trust banks and an employee stock ownership plan, with no single strategic holder evident in the top five.

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

57%

43%

EquityD/E 0.75xDebt

Liquidity vs Debt 5Y (US$)▼ Net Debt

CashInv. Sec.Debt

Business Segments

2025/11 · US$ (¥B)

Energy and solutions segments

Revenue

US$776M(¥124B)

Segment profit

US$26.8M(¥4.29B)3.5%

Housing segments

Revenue

US$282M(¥45.0B)

Segment profit

US$5.71M(¥0.91B)2.0%

Engineering and maintenance segments

Revenue

US$251M(¥40.1B)

Segment profit

US$21.6M(¥3.45B)8.6%

Animal health care segments

Revenue

US$147M(¥23.4B)

Segment profit

-US$3.54M(¥-0.57B)-2.4%

Car life supports segments

Revenue

US$112M(¥18.0B)

Segment profit

-US$3.94M(¥-0.63B)-3.5%

Property segments

Revenue

US$49.4M(¥7.89B)

Segment profit

US$2.54M(¥0.41B)5.1%

Other

Revenue

US$22.4M(¥3.58B)

Segment profit

US$0.28M(¥0.04B)1.2%

Adjustments

Revenue

-US$64.5M(¥-10.3B)

Segment profit

-US$3.29M(¥-0.53B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 34.8%

as of 2026-05-31 · Source: Annual Securities Report

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

8.09%

SALA CORPORATION Employee Stock Ownership Association

7.47%

Custody Bank of Japan, Ltd. (Trust Account)

4.12%

SARA Energy Kyoei-kai

3.44%

Sumitomo Mitsui Trust Bank, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)

2.17%

Goro JINNO

2.13%

UH Partners 2 Investment Limited Partnership

1.96%

MUFG Bank, Ltd.

1.92%

Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

1.84%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

1.66%

Management

10 officers

Goro JINNO

Representative Director, President and Group Representative, CEO

Aug 2000 Representative Director, President, Gastec Service Co., Ltd. (now SARA Energy Co., Ltd.) May 2002 Representative Director, President, the Company Mar 2006 Representative Director, Chubu Gas Co., Ltd. (now SARA Energy Co., Ltd.) Mar 2012 Representative Director, President, Chubu Gas Co., Ltd. (now SARA Energy Co., Ltd.) Feb 2018 Representative Director, Chairman, Chubu Gas Co., Ltd. (now SARA Energy Co., Ltd.) (current) Feb 2020 Representative Director, President and Group Representative, CEO, the Company (current) Feb 2021 Director, Chairman, SARA Housing Co., Ltd. (current)

1960-08-29

Takayuki WATARAI

Representative Director, Managing Director

Feb 2018 Executive Officer, General Manager of Corporate Planning Department, E&S Headquarters, Gastec Service Co., Ltd. (now SARA Energy Co., Ltd.) Feb 2021 Director, in charge of Planning Division and General Manager of Corporate Planning Department, SARA Energy Co., Ltd. Dec 2021 Director, General Manager of Business Process Reform Project, SARA Energy Co., Ltd. (current) Feb 2022 Director, General Manager of Management Strategy Headquarters and General Manager of Business Planning Department, the Company Feb 2023 Managing Director, General Manager of Management Strategy Headquarters and General Manager of Innovation Promotion Department, the Company Feb 2024 Managing Director, General Manager of Management Strategy Headquarters, the Company Feb 2026 Representative Director, Managing Director, General Manager of Management Strategy Headquarters, the Company (scheduled)

1972-12-12

Keitaro SUZUKI

Director

Mar 2012 Director, Hamamatsu Branch Manager, Iwata Sales Office Manager, Chubu Gas Co., Ltd. (now SARA Energy Co., Ltd.) Mar 2015 Managing Director, in charge of Planning and Management Divisions, General Manager of Management Department, Hamamatsu Branch Manager, Chubu Gas Co., Ltd. (now SARA Energy Co., Ltd.) Feb 2018 Managing Director, in charge of Planning Division, E&S Headquarters, Gastec Service Co., Ltd. (now SARA Energy Co., Ltd.) Dec 2019 Managing Director, in charge of Lifestyle SALA Promotion Division, SARA Energy Co., Ltd. Feb 2022 Senior Managing Director, Assistant to the President, in charge of Sales Management, SARA Energy Co., Ltd. Feb 2023 Representative Director, President, SARA Energy Co., Ltd. (current) Feb 2023 Director, Executive Officer, Segment Leader of Energy & Solutions, the Company (current)

1964-10-12

Shoko OTSUJI

Director

Apr 1994 Joined Chubu Gas Co., Ltd. (now SARA Energy Co., Ltd.) Jan 2013 Manager, Human Resources Strategy Group, Human Resources Strategy Department, the Company Dec 2016 General Manager, Human Resources Strategy Department and Manager, Human Resources Strategy Group, the Company Dec 2019 General Manager, Human Resources Strategy Department, the Company Feb 2021 Executive Officer, General Manager, Human Resources Strategy Department, the Company Feb 2024 Director, General Manager of Administration Division, the Company (current)

1972-01-03

Yoshio ICHIYANAGI

Director

Jul 2000 Representative Director, Ichiyanagi Associates Co., Ltd. (current) Feb 2003 Outside Audit & Supervisory Board Member, the Company Feb 2006 Outside Director, the Company (current)

1946-01-03

Kazutaka OKUBO

Director

Jul 2012 Senior Partner, Shin Nihon LLC (now EY ShinNihon LLC) Feb 2016 Managing Executive Director, ERM Division Head, Shin Nihon LLC Jun 2019 Representative Director, President, Okubo Associates Co., Ltd. (current) Feb 2020 Outside Director, the Company (current)

1973-03-22

Yuki TAKEGAWA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1991 Joined Gastec Service Co., Ltd. (now SARA Energy Co., Ltd.) Dec 2009 Manager, General Affairs Group, General Affairs Department, the Company Dec 2018 General Manager, General Affairs Department and Manager, General Affairs Group, the Company Dec 2021 General Manager, General Affairs Department, the Company Dec 2022 General Manager, Internal Audit Department, the Company Feb 2024 Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1966-05-20

Shingo AKAMA

Director

Apr 1988 Joined Sumitomo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Mar 2015 General Manager, Nagoya Corporate Business Department, SMBC Nikko Securities Inc. Mar 2019 Executive Director, General Manager, Nagoya Corporate Business Department, SMBC Nikko Securities Inc. Apr 2020 Joined Chubu Gas Real Estate Co., Ltd. (now SARA Real Estate Co., Ltd.) as Full-time Advisor Jul 2020 Senior Managing Director, Assistant to the President, General Manager of Development Division, SARA Real Estate Co., Ltd. Feb 2022 Representative Director, President, SARA Real Estate Co., Ltd. (current) Feb 2022 Executive Officer, Segment Leader of Property, the Company Feb 2026 Director, Segment Leader of Property, the Company (scheduled)

1965-03-01

Tetsuo AGATA

Director (Audit and Supervisory Committee Member)

Jun 2004 Executive Officer, Toyota Motor Corporation Jun 2008 Managing Director, Toyota Motor Corporation Jun 2011 Vice President and Director, Toyota Industries Corporation Jun 2013 Representative Director, President, JTEKT Corporation Feb 2022 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1953-04-26

Miyuki TANI

Director (Audit and Supervisory Committee Member)

Jul 2004 General Manager, UCJ Debt Collection Co., Ltd. Jan 2006 Representative Director, President, Unified Capital Japan Co., Ltd. Nov 2008 Chief Financial Officer, Asia Pacific, Panorama Hospitality Co., Ltd. Nov 2011 Executive Director, Morgan Stanley Capital Co., Ltd. Oct 2015 Representative Director, President, Grand Hotel Operations Co., Ltd. Jun 2016 Audit & Supervisory Board Member, M S Japan REIT Holdings Co., Ltd. Apr 2020 Director, Japan-US Council Japan Foundation (current) Jun 2024 Representative Director, PEREGRINE CONSULTING Co., Ltd. (current) Feb 2026 Outside Director (Audit and Supervisory Committee Member), the Company (scheduled)

1967-11-04

Large Shareholding Reports

UH Partners 2 Co., Ltd.

2026-11-11

1.91%→2.68%

Sumitomo Mitsui Trust Bank, Limited

2026-11-06

2.14%

Koutsushin Co., Ltd.

2026-05-29

2.10%

MUFG Bank, Ltd.

2026-03-30

3.93%→2.22%

Annual report (as of 2026-05-31): 1.92%

Sumitomo Mitsui Trust Bank, Limited

2026-03-19

4.42%→2.50%

Sumitomo Mitsui Trust Bank, Limited

2025-11-07

4.42%→4.42%

MUFG Bank, Ltd.

2025-09-30

3.93%→3.93%

Annual report (as of 2026-05-31): 1.92%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-11

Large Shareholding Report

SALA CORPORATION

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