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Overview

Wholesale Trade

MACNICA HOLDINGS,INC.

Macnica Holdings is a leading Japanese electronics distributor operating through a group of 59 companies, with core businesses centered on the sale of semiconductors, electronic components, and network-related products. The group's principal subsidiary, Macnica, Inc., distributes integrated circuits and electronic devices to a broad range of industrial and technology markets across Asia and beyond. The group also operates in advanced areas including autonomous driving systems development through its subsidiary Navya Mobility SAS, and cybersecurity/network solutions through its network business segment.

Activists: Dalton Investments, Inc. 8.14%

Market Cap

¥727B

US$4.63B

¥776B

US$4.94B

Stock¥4,073▼-1.45%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

14.2

LTM EV/EBIT

15.2

LTM PER

21.6

LTM PBR

2.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+62.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 7, 25Dalton Investments, Inc. changed stake (5.01%→6.03%)

2Feb 16, 26Dalton Investments, Inc. changed stake (6.03%→7.16%)

3Feb 25, 26Rising performance expectations

4Mar 18, 26Dalton Investments, Inc. changed stake (7.16%→8.18%)

5Jul 15, 26Dalton Investments, Inc. changed stake (8.18%→9.18%)

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

74%

26%

EquityD/E 0.36xDebt

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

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

13.20%

Kamiyama Foundation (General Incorporated Foundation)

10.08%

Custody Bank of Japan, Ltd. (Trust Account)

7.78%

Seeds Technology Co., Ltd.

5.88%

Haruki KAMIYAMA

5.38%

JP MORGAN CHASE BANK 380055 (Standing Proxy: Mizuho Bank, Ltd.)

3.93%

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

1.70%

Yuko KAMIYAMA

1.65%

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

1.44%

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

1.38%

Management

11 officers

Kazumasa HARA

Representative Director, President

Sep 1995 Joined Macnica, Inc. Apr 2007 General Manager, First Sales Division, Textar Company, Macnica, Inc. Apr 2011 President, Textar Company, Macnica, Inc. Apr 2018 General Manager, Innovation Strategy Business Division, Macnica, Inc. Jun 2018 Director, Macnica, Inc. Jun 2019 Representative Director, President, the Company (current) Representative Director, President, Macnica, Inc. (current)

1971-10-18

Tetsunobu MIYOSHI

Representative Director, Vice President

Jul 1995 Joined Macnica, Inc. Apr 2007 General Manager, Product Sales Division, Ultima, Inc. (now Ultima Company, Macnica, Inc.) Jun 2009 Director, Ultima, Inc. Jun 2010 Vice President and Director, Ultima, Inc. Jun 2011 Representative Director, President, Ultima, Inc. Oct 2011 General Manager, Asia Pacific Business Division, Macnica, Inc.; President, MACNICA ASIA PACIFIC PTE LTD; President, MACNICA HONG KONG, LIMITED Apr 2015 General Manager, Global Business Development Office, Macnica, Inc.; CEO, MACNICA AMERICAS, INC. Jun 2018 Director, Macnica, Inc. Jun 2019 Representative Director, Vice President, the Company (current) Representative Director, Vice President, Macnica, Inc. (current)

1971-07-13

Makoto OKAWARA

Director

Apr 1987 Joined Mitsubishi Corporation Jun 2006 Seconded to Mitsubishi Corporation Finance Plc as Managing Director Apr 2010 General Manager, Investor Relations Department, Mitsubishi Corporation Jul 2011 Senior Vice President, New Industry Finance Business Group, Mitsubishi Corporation (U.S.A.) Jun 2017 General Manager, Finance Department, Mitsubishi Corporation Apr 2020 Executive Officer, General Manager, Finance Department, Mitsubishi Corporation Apr 2023 General Manager, Financial Division, Macnica, Inc. (current) Jun 2023 Managing Executive Officer, the Company (current) Jun 2024 Managing Director, Macnica, Inc. (current) Jun 2024 Director, the Company (current)

1963-10-03

Eiichi NISHIZAWA

Director

Apr 1982 Joined Toho Life Insurance Co., Ltd. (now Gibraltar Life Insurance Co., Ltd.) Dec 1999 Joined Fuji Electronics Co., Ltd. (now Macnica, Inc.) May 2001 General Manager, Corporate Planning Office, Fuji Electronics Co., Ltd. May 2006 Executive Officer, General Manager, Corporate Planning Office and General Affairs Department, Fuji Electronics Co., Ltd. May 2010 Senior Executive Officer, General Manager, Corporate Planning Department, Fuji Electronics Co., Ltd. May 2011 Director, General Manager, Accounting Department, Fuji Electronics Co., Ltd. May 2014 Managing Director, Fuji Electronics Co., Ltd. Apr 2015 Director, the Company (current) Jun 2017 Representative Director, Vice President, Fuji Electronics Co., Ltd. Jun 2019 Director, Vice President, Fuji Electronics Co., Ltd.

1957-03-26

Shinichiro OMORI

Director

Apr 1978 Joined Hitachi, Ltd. Apr 2016 Executive Officer, Senior Managing Executive, Hitachi, Ltd. (retired Mar 2019) Jun 2017 Outside Director, Hitachi Capital Corporation (now Mitsubishi HC Capital Inc.) (retired Jun 2019) Jun 2018 Director, Hitachi Chemical Co., Ltd. (now Resonac Holdings Corporation) (retired Jun 2018) Jun 2019 Director and Chairman, Hitachi Metals, Ltd. (now Proterial, Ltd.) (Chairman retired Mar 2020; Director retired Jun 2020) Jul 2020 Director and Chairman, Hitachi High-Tech Corporation (retired Mar 2021) Mar 2022 Outside Director, KOKUYO Co., Ltd. (current) Jun 2022 Director, the Company (current) Jun 2023 Outside Director, Kansai Paint Co., Ltd. (current)

1956-02-06

Tsunesaburo SUGAYA

Director

Apr 1988 Joined Motorola Japan Ltd. Jun 1999 Joined Jafco Co., Ltd. (now Jafco Group Co., Ltd.) Jan 2003 President & CEO, JAFCO America Ventures Inc. (now Icon Ventures) Mar 2008 Executive Officer, in charge of U.S. operations, Jafco Co., Ltd. Jun 2015 Outside Director, Plat Home Co., Ltd. (current) Jul 2015 Outside Director, I Peace Inc. (current) Dec 2015 Representative Director, Miyako Capital Co., Ltd. (current) Aug 2017 Outside Director, AerNos Inc. (retired Nov 2024) Jun 2019 Director, the Company (current) Oct 2022 Auditor, Artisan Networks Inc. (current)

1963-11-24

Yasuaki MORI

Director

Nov 1984 Joined Advanced Micro Devices, Inc. Apr 1997 General Manager, Marketing Department, Tokyo Branch, AMD Japan Ltd. Aug 1998 Director, Head of Sales and Marketing, AMD Japan Ltd. Nov 2000 President and Representative Director, Infineon Technologies Japan K.K. (retired Feb 2018) Oct 2018 Vice President, Sight Machine Inc. (retired Oct 2019); Advisor, Wibu-Systems A.G. (current); Advisor, Wibu-Systems K.K. (current) Oct 2019 Corporate Supervisor, AvioCast Inc. (retired Dec 2024) Mar 2020 Advisor, Osaro Inc. (retired Jun 2024) Nov 2022 Advisor, RGo Robotics Inc. (retired Mar 2026) Jun 2024 Director, the Company (current)

1961-10-12

Shinichi ABE

Director

May 1993 Joined Axiomatics Corporation Nov 1995 Joined Asahi Audit Corporation (now Azusa Audit LLC) Jan 1998 Joined J.D. Edwards Japan K.K. (now Oracle Corporation Japan) Nov 2003 Joined PeopleSoft Japan K.K. Apr 2005 Executive Officer, Overseas Business, Avalus Corporation Dec 2005 Director, Application Business Division, Oracle Information Systems Japan K.K. Aug 2006 Executive Officer, Global Strategic Accounts Sales Division, Application Business Group, Oracle Corporation Japan Feb 2011 Managing Director, Enterprise Division, Google K.K. (now Google LLC) Jan 2017 Representative, Google Cloud Japan LLC Apr 2020 Representative Director, President, M-Nes Inc. (current) Apr 2022 Outside Director, Sekisui House, Ltd. (current) Jun 2025 Director, the Company (current) May 2026 Director, General Incorporated Association Global Transformation Forum Japan (current)

1968-08-07

Shinichi ONODERA

Director, Full-time Audit and Supervisory Committee Member

Apr 1978 Joined Wacoal Corp. Dec 1987 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Apr 2010 Joined Fuji Electronics Co., Ltd. (now Macnica, Inc.) May 2010 Executive Officer, General Manager, General Affairs Department, Fuji Electronics Co., Ltd. May 2011 Executive Officer, Deputy in charge of Sales Promotion Division, Fuji Electronics Co., Ltd. May 2012 Director, Deputy General Manager, Sales Division, Fuji Electronics Co., Ltd. May 2014 Managing Director, Fuji Electronics Co., Ltd. Apr 2015 Director, the Company Jun 2017 Representative Director, President, Fuji Electronics Co., Ltd. Jun 2020 Full-time Auditor, the Company; Auditor, Macnica, Inc. (current); Auditor, Macnica Solutions, Inc. (current) Jun 2024 Director, Full-time Audit and Supervisory Committee Member, the Company (current)

1956-01-08

Satoshi MIWA

Director, Audit and Supervisory Committee Member

Feb 1992 Attorney, Haidian Law Office, China Apr 1998 Joined NEC Corporation, Legal Department Apr 2004 Section Manager, Legal Office, Nissan Motor Co., Ltd. Dec 2011 Chief, Legal Office, Nissan Motor Co., Ltd. Apr 2014 Deputy General Manager, Project Planning Department, Business Strategy Division, Nissan Motor Co., Ltd. Apr 2019 Deputy General Manager, Corporate Management Office, Nissan Motor Co., Ltd. Oct 2020 Chief Manager, Corporate Planning Office, Business Strategy Division, Hitachi Construction Machinery Co., Ltd. Jun 2022 Outside Director, Meiwa Sangyo Co., Ltd. (current) Jun 2023 Auditor, the Company Jun 2024 Director, Audit and Supervisory Committee Member, the Company (current)

1969-02-22

Yukie SUGITA

Director, Audit and Supervisory Committee Member

Oct 2001 Joined ShinNihon Audit Corporation (now EY ShinNihon LLC) (left Sep 2018) Apr 2005 Registered Certified Public Accountant Oct 2018 Established Sugita CPA Office; Representative (current) Nov 2019 Representative Director, Ayumu Advisory Co., Ltd. (current) Mar 2020 Outside Auditor, Nakano Refrigerators Co., Ltd. (retired Nov 2025) Aug 2021 Outside Director, Audit and Supervisory Committee Member, NEXT EDUCATION Co., Ltd. (retired Apr 2022) Jun 2022 Auditor, Saitama Housing Inspection Center, General Incorporated Foundation (current) Jun 2023 Auditor, the Company; Outside Director, Audit and Supervisory Committee Member, Sanei Corporation (current) Jun 2024 Director, Audit and Supervisory Committee Member, the Company (current)

1965-05-19

Large Shareholding Reports

Dalton Investments, Inc.

2026-10-15

9.18%→8.14%

Amova Asset Management Co., Ltd.

2026-10-06

4.47%→3.24%

Asset Management One Co., Ltd.

2026-09-07

5.06%→6.36%

Dalton Investments, Inc.

2026-07-15

8.18%→9.18%

Asset Management One Co., Ltd.

2026-07-07

5.06%

Columbia Management Investment Advisers, LLC

2026-05-21

4.73%

Columbia Management Investment Advisers, LLC

2026-04-21

4.91%→4.68%

Dalton Investments, Inc.

2026-03-18

7.16%→8.18%

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

Dalton Investments, Inc.

2026-03-18

7.16%→8.18%

Dalton Investments, Inc.

2026-03-18

7.16%→8.18%

Dalton Investments, Inc.

2026-02-16

6.03%→7.16%

Columbia Management Investment Advisers, LLC

2026-02-05

4.75%→4.91%

Dalton Investments, Inc.

2025-11-07

5.01%→6.03%

Amova Asset Management Co., Ltd.

2025-09-19

4.08%→4.47%

Disclosures

M&A / Other

2026-09-28

MACNICA HOLDINGS,INC.

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MACNICA HOLDINGS,INC.

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