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Overview

Wholesale Trade

BEAUTY GARAGE Inc.

Beauty Garage operates Japan's largest B2B e-commerce platform for professional beauty salon supplies, 'BEAUTY GARAGE Online Shop,' serving approximately 700,000 registered salon business members with over 3.2 million SKUs including beauty equipment, cosmetics, and original brand products sourced directly from domestic and overseas manufacturers. The company eliminates traditional intermediary distribution layers by selling directly to hair salons, esthetic salons, nail salons, and eyelash salons through its online platform, physical showrooms in major cities nationwide, and a corporate sales force. Beyond product distribution, the company provides a comprehensive one-stop suite of salon business support services including store design and construction, real estate brokerage, lease financing, IT system implementation, insurance, and web services.

Activists: VIS Advisors, LP 9.36%

Market Cap

¥20.1B

US$128M

¥19.5B

US$124M

Stock¥1,599▲+2.70%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

9.3

LTM EV/EBIT

10.9

LTM PER

19.6

LTM PBR

2.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.3%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Dec 10, 25Entry into aesthetic medicine via Aruku acquisition

2Feb 25, 26VIS Advisors, LP changed stake (8.33%→9.36%)

3Mar 11, 26Launch of electric barber chair 'COLTRANE'

4Jun 10, 26Full-year FY2026/04 earnings announced

MC → EV Bridge

AI Briefing

Beauty Garage runs Japan's largest B2B salon supplies marketplace, ~700K registered members, 3.2M SKUs, bypassing dealer distribution with a one-stop salon support ecosystem. FY26/4 revenue ¥38.2B (+13% YoY) but OP margin compressed to 4.0% from 5.7% in FY24/4, signaling growth outpacing profitability. Founder-chair holds 23.3%, co-founder another 8.2%, tight insider control at ¥19.5B cap and 9x EBITDA LTM; no tender offer in play.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

75%

25%

EquityD/E 0.33xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 64.2%

as of 2026-04-30 · Source: Annual Securities Report

Hideki NOMURA

23.34%

Shuichi KUDA

8.21%

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

6.91%

SIX SIS LTD. (Standing Proxy: MUFG Bank, Ltd.)

5.19%

TAKUMI CAPITAL MANAGEMENT MASTER FUND LP (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

4.78%

Takahisa NOMURA

4.14%

Yoshiaki KABASHIMA

3.44%

Custody Bank of Japan, Ltd. (Trust Account)

3.26%

GOLDMAN,SACHS & CO.REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

2.74%

Satoshi TAKAHASHI

2.23%

Management

9 officers

Hideki NOMURA

Representative Director, Chairman and CEO

Apr 1990 Joined Chuo Senko Co., Ltd. Jan 2001 Joined McCann Erickson Japan Inc. Jan 2003 Founded WASABI Inc. (now BG Navi Inc.), Representative Director Apr 2003 Founded the Company, Representative Director, CEO Nov 2014 Director, Eyelash Garage Co., Ltd. (current) Jul 2017 Director, BG Partners Co., Ltd. (current) Dec 2017 Director, BEAUTY GARAGE SINGAPORE PTE. LTD. (current) Dec 2018 Representative Director, BG Ventures Co., Ltd. (current) Sep 2021 Director, BG Reuse Co., Ltd. (current) Nov 2021 Director, Gym Garage Co., Ltd. (current) Apr 2024 Director, Hair Mode Co., Ltd. (current) Sep 2024 Director, BEAUTY GARAGE ASIA SDN. BHD. (current) Jul 2025 Representative Director, Chairman and CEO of the Company (current) Jan 2026 Outside Director, Usuge no Madoguchi Co., Ltd. (current) Feb 2026 Director, Medical Garage Co., Ltd. (current) Jun 2026 Outside Director, Livias Inc. (current)

1967-05-22

Yoshiaki KABASHIMA

Representative Director, President and COO

Apr 1997 Joined Chuo Senko Co., Ltd. Apr 2003 Joined WASABI Inc. (now BG Navi Inc.) Jun 2003 Director of the Company Apr 2007 Director, Tough Design Product Co., Ltd. Jan 2017 Representative Director, BG Partners Co., Ltd. (current) Mar 2023 Statutory Auditor, Eyelash Garage Co., Ltd. Jul 2025 Representative Director, President and COO of the Company (current)

1974-01-07

Shuichi KUDA

Director, Co-Founder

Mar 1989 Joined Hair & Make SNIP Nov 1990 Joined Soubidou Co., Ltd. Aug 1993 Joined Dragon Kids Co., Ltd. Feb 1999 Founded Shuwork Products Co., Ltd., Representative Director Apr 2003 Founded the Company, Representative Director, COO Jul 2017 Director, Tough Design Product Co., Ltd. (current) Dec 2017 Director, BEAUTY GARAGE SINGAPORE PTE. LTD. (current) Jul 2019 Director, BG Ventures Co., Ltd. (current) Oct 2020 Representative Director, Wa Raku Co., Ltd. Jul 2022 Director, Co-Founder of the Company (current) Jun 2023 Director, Spa Garage Co., Ltd. (current)

1969-10-07

Takahisa NOMURA

Director

Apr 1993 Joined Yoshida Senden Co., Ltd. Mar 2001 Founded Tough Design Product Co., Ltd., Representative Director (current) Jan 2003 Director, WASABI Inc. (now BG Navi Inc.) Apr 2003 Director of the Company (current) Nov 2017 Representative Director, Adachi Seisakusho Co., Ltd. (current) May 2026 Director, BG Build Co., Ltd. (current)

1972-06-28

Kiyoshi KATO

Director

Apr 1989 Joined Suzuki Florist Co., Ltd. Apr 1991 Joined M Company Co., Ltd. (now Zeeks Co., Ltd.) Nov 2003 Joined the Company Feb 2009 Executive Officer of the Company Jul 2018 Director of the Company (current) Sep 2021 Statutory Auditor, BG Reuse Co., Ltd. (current)

1967-02-09

Koichiro MATSUNAMI

Director, Audit and Supervisory Committee Member

Apr 1997 Joined Matsumoto Co., Ltd. Feb 2002 Joined Restaurant Express Co., Ltd. (now Ride On Express Co., Ltd.) May 2007 Joined Start Line Co., Ltd. Dec 2009 Joined the Company May 2010 Head of Internal Audit Office (now Business Audit Office) of the Company Nov 2017 Director, Adachi Seisakusho Co., Ltd. Jul 2022 Director, Audit and Supervisory Committee Member of the Company (current) Jul 2022 Statutory Auditor, Adachi Seisakusho Co., Ltd. (current) Apr 2024 Statutory Auditor, Hair Mode Co., Ltd. (current) Mar 2026 Outside Statutory Auditor, Miletos Co., Ltd. (current) Jul 2026 Statutory Auditor, Medical Garage Co., Ltd. (current)

1974-08-10

Daisuke OGATA

Director, Audit and Supervisory Committee Member

Sep 1985 Joined Chishima Business Corporation Mar 1989 Joined Wing Corporation Feb 1993 Joined Kyusai Aojiru Co., Ltd. (now Kyusai Co., Ltd.) Jan 2000 Representative Director and President, Tamanetwork Co., Ltd. (now Radish Boy Co., Ltd.) Jun 2013 Chairman, Tamanetwork Co., Ltd. Jan 2014 Advisor, Tamanetwork Co., Ltd. Jan 2014 Director, Meistavelk Co., Ltd. (now Meistavelk Holdings Co., Ltd.) (current) Sep 2014 Visiting Professor, Taisho University Jul 2015 Outside Director of the Company Jun 2016 Director, Carrot & Vegetable Co., Ltd. (current) Jul 2016 Outside Director, Audit and Supervisory Committee Member of the Company (current) Jan 2017 Statutory Auditor, BG Partners Co., Ltd. (current) Jun 2021 Director, Winds Japan Holdings Co., Ltd. (current) Jul 2022 Statutory Auditor, Tough Design Product Co., Ltd. (current)

1960-06-09

Kumiko UCHIDA

Director, Audit and Supervisory Committee Member

Apr 2000 Registered as attorney-at-law (Daini Tokyo Bar Association) Apr 2000 Joined Torikai Sogo Law Office Apr 2006 Lecturer, Graduate School of Law, Aoyama Gakuin University Jan 2008 Partner, Torikai Sogo Law Office Apr 2011 Outside Statutory Auditor, Misawa Co., Ltd. Jan 2016 Founding Partner, Wadakuramon Law Office (current) May 2016 Outside Director, Treasure Factory Co., Ltd. (current) Jul 2016 Outside Director, Audit and Supervisory Committee Member of the Company (current) Dec 2016 Outside Statutory Auditor, Intertrade Co., Ltd. (current) Apr 2017 Outside Director, Audit and Supervisory Committee Member, Misawa Co., Ltd. (current) Mar 2019 Outside Director, Audit and Supervisory Committee Member, Pixta Inc. (current)

1970-03-01

Akira NOJIMA

Director, Audit and Supervisory Committee Member

Apr 1988 Joined Recruit Co., Ltd. Apr 2013 Visiting Professor, Hollywood University Graduate School (Professor, current) Jan 2015 Founded Notrack Co., Ltd., Representative Director (current) Jan 2015 Advisor, NPO Japan Beauty Coordinator Association (Special Advisor, current) Jan 2018 Vice Chairman, General Incorporated Association Japan Cosmetic Certification Association (Vice Representative Director, current) Jan 2020 Outside Director, Medilom Co., Ltd. (current) Apr 2021 Outside Statutory Auditor, GO TODAY SHAiRE SALON Co., Ltd. (current) Jul 2022 Director, Audit and Supervisory Committee Member of the Company (current) Sep 2022 Outside Director, Atelier MH Co., Ltd. (now M.H.Plus Co., Ltd.) (current) Mar 2023 Outside Director, SOEASY Co., Ltd. (current) May 2026 Statutory Auditor, BG Build Co., Ltd. (current)

1964-05-23

Large Shareholding Reports

Sumitomo Mitsui DS Asset Management Company, Limited

2026-03-23

5.44%→6.29%

VIS Advisors,LP

2026-02-25

8.33%→9.36%

Sumitomo Mitsui DS Asset Management Company, Limited

2025-11-21

4.33%→5.44%

Sumitomo Mitsui DS Asset Management Company, Limited

2025-10-22

4.33%

VIS Advisors,LP

2025-01-29

7.30%→8.33%

VIS Advisors,LP

2025-01-29

7.30%→8.33%

VIS Advisors,LP

2024-08-20

6.25%→7.30%

VIS Advisors,LP

2022-10-12

5.23%→6.25%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-09-09

Q1 Earnings Flash

FY ending Apr 2027

BEAUTY GARAGE Inc.

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BEAUTY GARAGE Inc.

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