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Overview

Wholesale Trade

Rasa Corporation

Rasa Shoji is a diversified trading and engineering company operating across six business segments: resources & metal materials (zircon sand and mineral imports), industrial & construction machinery (pumps and construction equipment sales/maintenance), environmental equipment (high-pressure pump systems and granulated slag manufacturing facilities), chemical products (synthetic resins and chemicals), plant & facility construction (piping and mechanical engineering works), and real estate leasing. The company serves a broad range of industries including steel, semiconductors, automotive, petrochemical, and environmental sectors. Key competitive strengths include long-standing exclusive agency agreements with leading global manufacturers such as Iluka Resources (Australia) for zircon sand and Putzmeister (Germany) for high-pressure pumps, as well as proprietary technology in water-granulated slag processing systems ("Rasa System") with both domestic and international installations.

Market Cap

¥21.8B

US$139M

¥13.5B

US$85.8M

Stock¥2,070▲+0.53%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

4.2

LTM EV/EBIT

4.4

LTM PER

9.0

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+1.1%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Mar 4, 26Market-wide: Stock market correction (TOPIX-3.7%)

2Aug 10, 26Q1 FY2027/03 earnings announced; Board approved share buyback

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

91%

EquityD/E 0.10xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 34.8%

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

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

11.67%

Custody Bank of Japan, Ltd. (Trust Account)

5.78%

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

4.51%

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

3.23%

Taiheiyo Kiko Co., Ltd.

1.88%

OG Corporation

1.78%

Rasa Corporation Employee Stock Ownership Association

1.63%

Pacific Sowa Co., Ltd.

1.62%

STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 (Standing Proxy: Mizuho Bank, Ltd.)

1.58%

Shuichi IMURA

1.07%

Management

11 officers

Kunio AOI

Representative Director, President

Mar 2008 Joined the Company Dec 2014 General Manager, Operations Department Apr 2018 Executive Officer, General Manager, Operations Department Apr 2019 Executive Officer, General Manager, Materials Sales Division Jun 2019 Director, General Manager, Materials Sales Division May 2021 Director (part-time), Izumi Co., Ltd. May 2022 Representative Director, President, Izumi Co., Ltd. (retired Apr 2024 upon merger into the Company, effective Apr 1, 2024) Jun 2023 Managing Director, General Manager, Materials Sales Division Jun 2024 Senior Managing Director, General Manager, Materials Sales Division Jun 2025 Representative Director, President (current) May 2026 Representative Director, Rasa Real Estate Co., Ltd. (current) Jun 2026 Director (part-time), Asahi Tech Co., Ltd. (current)

1970-07-28

Hiroyuki KAWAUCHI

Managing Director, General Manager, Materials Sales Division

Apr 1997 Joined the Company Apr 2015 General Manager, Industrial Machinery Department II Apr 2018 Executive Officer, General Manager, Industrial Machinery Department II Aug 2018 Executive Officer, Deputy General Manager, Machinery Sales Division, and General Manager, Industrial Machinery Department II Apr 2020 Executive Officer, Deputy General Manager, Machinery Sales Division, and Manager, Sapporo Branch May 2020 Director (part-time), Izumi Co., Ltd. May 2021 Director (part-time), Izumi Co., Ltd. (retired) Apr 2022 Executive Officer, Deputy General Manager, Materials Sales Division, and General Manager, Materials Department Jun 2022 Director, Deputy General Manager, Materials Sales Division, and General Manager, Materials Department Apr 2024 Director, Deputy General Manager, Materials Sales Division Jun 2025 Managing Director, General Manager, Materials Sales Division (current)

1965-10-23

Kazuharu SAKURAGI

Managing Director, General Manager, Administration Division

Apr 1986 Joined Mitsui Trust Bank, Limited (now Sumitomo Mitsui Trust Bank, Limited) Feb 2008 Branch Manager, Kumamoto Branch, Chuo Mitsui Trust and Banking Company, Limited (now Sumitomo Mitsui Trust Bank, Limited) Apr 2011 Deputy General Manager, Human Resources Department, Chuo Mitsui Trust and Banking Company, Limited Apr 2012 Manager, Human Resources Department, Sumitomo Mitsui Trust Bank, Limited Apr 2019 Joined the Company; General Manager, Management Planning Office Oct 2019 General Manager, General Affairs and Human Resources Planning Department Apr 2020 General Manager, General Affairs Department May 2021 Statutory Auditor (part-time), Izumi Co., Ltd. (retired Apr 2024 upon merger into the Company, effective Apr 1, 2024); Representative Director, Rasa Real Estate Co., Ltd. (current) Oct 2021 Executive Officer, General Manager, General Affairs Department Jun 2022 Director, General Manager, Administration Division and General Affairs Department Oct 2023 Director, General Manager, Administration Division May 2024 Director (part-time), Asahi Tech Co., Ltd. (current) Jun 2024 Managing Director, General Manager, Administration Division (current)

1963-10-16

Masami KURAMOCHI

Director, General Manager, Machinery Sales Division

Jul 1992 Joined the Company Apr 2011 General Manager, Environmental Sales Department Apr 2018 General Manager, Industrial Machinery Department I Apr 2019 Executive Officer, Deputy General Manager, Machinery Sales Division, and General Manager, Machinery Technology Department Apr 2023 Executive Officer, Deputy General Manager, Machinery Sales Division Jun 2023 Director, Deputy General Manager, Machinery Sales Division Director (part-time), Taiheiyo Kiko Co., Ltd. (current) Jun 2024 Director, General Manager, Machinery Sales Division (current)

1968-11-15

Yoko OUCHI

Director, Deputy General Manager, Administration Division

Oct 2003 Registered as attorney-at-law; joined a law office in Tokyo Nov 2015 Joined the Company Apr 2019 Manager in charge, Human Resources Planning Department, and Chief, Corporate Legal Affairs Section Apr 2020 Department Manager attached to Administration Division, and Department Manager in charge, General Affairs Department May 2020 Director (part-time), Asahi Tech Co., Ltd. Jun 2020 Director, Deputy General Manager, Administration Division Jul 2021 Director, Deputy General Manager, Administration Division, and General Manager, Management Planning Office Apr 2024 Director, Deputy General Manager, Administration Division (current) May 2024 Director (part-time), Asahi Tech Co., Ltd. (retired)

1976-07-23

Ichiro HAYAKAWA

Director, Deputy General Manager, Administration Division

Apr 1992 Joined the Company Apr 2015 Manager, Sapporo Branch Apr 2017 General Manager, Industrial Machinery Department III Apr 2018 Executive Officer, General Manager, Industrial Machinery Department III Apr 2019 Executive Officer, General Manager, Fukuoka Branch Apr 2021 Executive Officer (treatment), seconded to Asahi Tech Co., Ltd. May 2021 Managing Director, Asahi Tech Co., Ltd. Sep 2021 Representative Director, President, Asahi Tech Co., Ltd. Jun 2025 Director, Deputy General Manager, Administration Division (current) Jun 2026 Retired as Representative Director, President, Asahi Tech Co., Ltd.

1969-10-28

Tadashi ASAKURA

Director (Audit and Supervisory Committee Member)

Aug 1992 Joined the Company Apr 2009 General Manager, Industrial Machinery Department I Apr 2010 General Manager, Operations and Development Department Apr 2012 Manager, Osaka Branch Apr 2015 Deputy General Manager, Machinery Sales Division, and Manager, Osaka Branch May 2017 Assistant to General Manager, Machinery Sales Division Apr 2018 Manager, Sapporo Branch Apr 2019 Department Manager attached to Administration Division Jun 2019 Director (Audit and Supervisory Committee Member) (current) Jun 2026 Statutory Auditor (part-time), Asahi Tech Co., Ltd. (current)

1962-08-01

Hiroshi YAMAGUCHI

Director

Jun 1986 Joined Shinwa Kogyo Co., Ltd. (now Shintec Co., Ltd.) Mar 1990 General Manager, Sales Department, Shinwa Kogyo Co., Ltd. Apr 1992 Director, Shinwa Kogyo Co., Ltd. Apr 1996 Managing Director, Shinwa Kogyo Co., Ltd. Apr 2001 Representative Director, President, Shinwa Kogyo Co., Ltd. (current) Jun 2021 Director, the Company (current)

1960-03-06

Eriko KAWAJIRI

Director

Oct 2003 Judge Assistant, Tokyo District Court Apr 2008 Public Prosecutor Jul 2011 Judge Assistant, Tokyo District Court; Judge, Tokyo Summary Court Apr 2012 Judge Assistant, Morioka District and Family Court; Branch Chief, Miyako Branch; Judge, Morioka Summary Court Oct 2013 Judge, Morioka District and Family Court; Branch Chief, Miyako Branch; Judge, Morioka Summary Court May 2015 Registered as attorney-at-law; joined Hello Law Office (current) Jul 2019 Outside Director, Gigworks Advalue Co., Ltd. (current) Jun 2020 Outside Director, HCS Holdings Co., Ltd. (retired Dec 2023) Jun 2023 Outside Director, Asahi Diamond Industrial Co., Ltd. (current) Jun 2023 Director, the Company (current) Apr 2024 Outside Director, Kyutech ARISE Co., Ltd. (current)

1975-08-18

Masanori NAGATO

Director (Audit and Supervisory Committee Member)

Apr 1981 Joined Rasa Industries, Ltd. Apr 1996 Senior Staff, Management Planning Office, Rasa Industries, Ltd. Dec 2005 Deputy Manager, Hauzukatsuka Plant, Machinery Division, Rasa Industries, Ltd. Feb 2006 Plant Manager, Hauzukatsuka Plant, Machinery Division, Rasa Industries, Ltd. Jun 2009 Deputy General Manager, Accounting Department, Rasa Industries, Ltd. May 2010 Deputy General Manager, Finance Department, Rasa Industries, Ltd. Jun 2011 Director, General Manager, Finance Department, in charge of IR, Rasa Industries, Ltd. Jun 2013 Director, General Manager, Accounting Department, in charge of IR, Rasa Industries, Ltd. Jun 2016 Representative Director and Managing Director, General Manager, Accounting Department, in charge of IR, Rasa Industries, Ltd. Jun 2017 Representative Director and Managing Director, General Manager, Accounting Department, Rasa Industries, Ltd. Jun 2019 Representative Director and Senior Managing Director, General Manager, Accounting Department, Rasa Industries, Ltd. Jun 2020 Retired as Representative Director and Senior Managing Director, Rasa Industries, Ltd. Jun 2021 Director (Audit and Supervisory Committee Member), the Company (current)

1955-02-08

Toshiyuki TATSUTA

Director (Audit and Supervisory Committee Member)

Apr 1985 Joined Mitsui Bank, Limited (now Sumitomo Mitsui Banking Corporation) Apr 2010 General Manager, Koishikawa Corporate Sales Department, Sumitomo Mitsui Banking Corporation Apr 2012 General Manager, Seoul Branch, Sumitomo Mitsui Banking Corporation Apr 2014 Executive Officer, General Manager, Seoul Branch, Sumitomo Mitsui Banking Corporation Jul 2014 President, Sumitomo Mitsui Banking (China) Co., Ltd. Apr 2017 Executive Officer, Sumitomo Mitsui Banking Corporation Jun 2017 Representative Director, President, SMBC Finance Service Co., Ltd. Jun 2020 Representative Director, Vice President, Muromachi Create Co., Ltd.; Representative Director, Vice President, Muromachi Real Estate Co., Ltd. Jun 2021 Representative Director, President, Muromachi Create Co., Ltd.; Representative Director, President, Muromachi Real Estate Co., Ltd. Apr 2022 Representative Director, President, Muromachi Real Estate Create Co., Ltd. Jun 2023 Substitute Director (Audit and Supervisory Committee Member), the Company Jun 2024 Representative Director, Chairman, Muromachi Real Estate Create Co., Ltd. (retired Jun 2025) Jun 2025 Director (Audit and Supervisory Committee Member), the Company (current)

1961-08-02

Large Shareholding Reports

FIAM LLC

2026-10-22

3.88%→4.23%

FIAM LLC

2026-06-22

2.62%→3.88%

FMR LLC

2026-06-09

—

FIAM LLC

2026-06-09

2.62%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-23

Forecast Revision

Rasa Corporation

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Rasa Corporation

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