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Overview

Retail Trade

KUSURI NO AOKI HOLDINGS CO.,LTD.

Kusuri no Aoki Holdings operates a large-format drugstore chain primarily across the Hokushinetsu region (Ishikawa, Toyama, Fukui, Niigata, and Nagano prefectures), where it holds the top market share with 388 stores as of May 2025, and has expanded to Tohoku, Kanto, Tokai, Kansai, and Shikoku with a total of over 1,000 stores nationwide. The company offers a broad merchandise mix spanning Health (OTC pharmaceuticals, supplements), Beauty (cosmetics, skincare), Life (daily necessities, baby and nursing care products), and Food (fresh, processed, and daily foods), complemented by in-store dispensing pharmacies (664 併設薬局 and 6 standalone dispensing pharmacies). Its competitive strengths lie in a dominant regional store-clustering strategy, an integrated food-and-drug format, and active M&A of local supermarket operators to deepen its neighborhood retail presence.

Activists: Oasis Management Company Ltd. 16.14%

Market Cap

¥411B

US$2.62B

¥483B

US$3.08B

Stock¥4,325▲+1.74%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

11.2

LTM EV/EBIT

17.1

LTM PER

21.7

LTM PBR

2.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-12.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jan 14, 26New year market rotation buying

2Feb 17, 26Profit-taking and market adjustment

3Feb 20, 26Oasis Management Company Ltd. changed stake (10.7%→14.02%)

4May 13, 26Oasis Management Company Ltd. changed stake (14.02%→14.05%)

5Aug 24, 26Oasis Management Company Ltd. changed stake (14.05%→15.1%)

MC → EV Bridge

AI Briefing

Dominant Hokushinetsu drugstore chain (1,000+ stores, 670 in-store pharmacies) scaling nationally via regional supermarket M&A. FY26/5 revenue ¥567B, OP ¥27.1B (4.8% margin), steady top-line growth but margin flat vs FY25/5's 5.3%. Activist Oasis holds 14.08% alongside strategic Aeon stake (10.23%); EV/EBITDA fwd ~10.4x reflects consolidation-driven growth story.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

50%

EquityD/E 0.99xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 64.4%

as of 2026-05-20 · Source: Annual Securities Report

OASIS FUNDAMENTAL VALUE II (HONG KONG) LIMITED (Standing Proxy: Citibank, N.A., Tokyo Branch)

14.08%

AEON CO.,LTD.

10.23%

Aoki Nikaido Ltd.

6.82%

Rinsen Shoin Ltd.

6.82%

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

5.41%

Tsuruha Holdings Inc.

5.11%

A870 Ltd.

4.38%

KS Aviation Ltd.

3.85%

HONJIN Ltd.

3.84%

STREAM Ltd.

3.84%

Management

14 officers

Hogaishi AOKI

Director and Senior Adviser

Jun 1976 Established Aoki Nikaido Pharmacy Co., Ltd., Auditor Mar 1981 Representative Director, Sanwa Yakusho Co., Ltd. Jan 1985 Established Kusuri no Aoki Co., Ltd., Representative Director, Executive Managing Director Jun 1999 Representative Director, Executive Vice President, Kusuri no Aoki Co., Ltd. Aug 2003 Representative Director, President, Kusuri no Aoki Co., Ltd. May 2012 Representative Director, President and Executive Officer, Kusuri no Aoki Co., Ltd. May 2014 Director and Senior Adviser, Kusuri no Aoki Co., Ltd. Nov 2016 Director and Senior Adviser, the Company (current)

1949-01-02

Hironori AOKI

Representative Director, President

Apr 1996 Joined Otsuka Pharmaceutical Co., Ltd. Feb 2003 Joined Kusuri no Aoki Co., Ltd. Apr 2006 General Manager, Administration Division, Kusuri no Aoki Co., Ltd. Jul 2006 Executive Officer, General Manager, Administration Division, Kusuri no Aoki Co., Ltd. May 2007 Executive Officer, General Manager, Human Resources and Education Division, Kusuri no Aoki Co., Ltd. Nov 2008 Executive Officer, General Manager, Dispensing Business Division, Kusuri no Aoki Co., Ltd. May 2010 Executive Officer, General Manager, Sales Division and Sales Promotion Office, Kusuri no Aoki Co., Ltd. Jun 2010 Representative Director, President, Aoki Nikaido Co., Ltd. Aug 2010 Representative Director, Executive Managing Director, General Manager, Sales Division and Sales Promotion Office, Kusuri no Aoki Co., Ltd. May 2012 Representative Director, Managing Executive Officer, General Manager, Sales Division, Kusuri no Aoki Co., Ltd. May 2014 Representative Director, President, Kusuri no Aoki Co., Ltd. (current) Nov 2016 Representative Director, President and Executive Officer, the Company Jun 2018 Representative Director, President, the Company (current)

1972-04-06

Hitoshi IIJIMA

Managing Director in charge of Sales and Management Strategy

May 2003 Joined Kusuri no Aoki Co., Ltd. May 2012 General Manager, Pharmacy Operations Department, Kusuri no Aoki Co., Ltd. May 2016 Large-Format Store Development in charge, attached to the President's Office, Kusuri no Aoki Co., Ltd. (Department Manager level) May 2017 General Manager, Store Support Department, Kusuri no Aoki Co., Ltd. Jun 2018 General Manager, Store Operations Division and General Manager, Pharmacy Business Division, Kusuri no Aoki Co., Ltd. May 2020 General Manager, Store Operations Division and General Manager, Drug Business Supervision, Kusuri no Aoki Co., Ltd. Aug 2020 Director, General Manager, Store Operations Division and General Manager, Drug Business Supervision, Kusuri no Aoki Co., Ltd. Aug 2020 Director in charge of Sales Division, the Company May 2021 Director in charge of Sales Division and General Manager, Kanto and Tohoku Regional Division, the Company May 2021 Director, General Manager, Store Operations Division, Kusuri no Aoki Co., Ltd. Jun 2022 Director, Japan Chain Drug Store Association (current) May 2024 Managing Director in charge of Sales and Management Strategy, the Company (current) May 2024 Managing Director, General Manager, Store Operations Division and in charge of Kanto and Tohoku Regional Development, Kusuri no Aoki Co., Ltd. May 2025 Managing Director, General Manager, Store Operations Division, Kusuri no Aoki Co., Ltd. (current)

1976-10-16

Ryoichi YAHATA

Director in charge of Administration

Apr 1989 Joined World Co., Ltd. Jul 2004 Joined Kusuri no Aoki Co., Ltd. May 2006 Executive Officer, General Manager, Management Planning Office, Kusuri no Aoki Co., Ltd. May 2010 Executive Officer, General Manager, Administration Division, Kusuri no Aoki Co., Ltd. May 2012 Managing Executive Officer, General Manager, Administration Division, Kusuri no Aoki Co., Ltd. May 2012 Director, A2 Logi Co., Ltd. May 2013 Managing Executive Officer, General Manager, Finance Planning and IR Office, Kusuri no Aoki Co., Ltd. May 2014 Managing Executive Officer, General Manager, Administration Division, Kusuri no Aoki Co., Ltd. Aug 2014 Director and Managing Executive Officer, General Manager, Administration Division, Kusuri no Aoki Co., Ltd. Aug 2016 Director, the Company Nov 2016 Director and Managing Executive Officer in charge of Group Administration, the Company Jun 2018 Director in charge of Administration and General Manager, Management Planning Office, the Company Jun 2018 Director, Kusuri no Aoki Co., Ltd. May 2020 Director in charge of Administration, the Company Jun 2020 Director, A2 Logi Co., Ltd., resigned May 2021 Director in charge of Administration and General Manager, Accounting Office, the Company May 2021 Director, General Manager, Accounting Department, Kusuri no Aoki Co., Ltd. May 2023 Director in charge of Administration, the Company (current) May 2023 Director, Kusuri no Aoki Co., Ltd. (current) Apr 2026 Director, A2 Logi Co., Ltd. (current)

1966-08-24

Yosuke ENOTO

Director

Apr 2004 Joined Kusuri no Aoki Co., Ltd. May 2017 General Manager, Internal Control Promotion Office, the Company May 2020 General Manager, Management Strategy Office, the Company Jun 2025 General Manager, Management Planning Division, the Company Aug 2026 Director and General Manager, Management Planning Division, the Company (current) Aug 2026 Director, Kusuri no Aoki Co., Ltd. (current)

1981-11-13

Yoshiko INOUE

Outside Director

Apr 1997 Joined Kao Corporation Feb 2000 Joined Johnson & Johnson K.K. Jul 2005 Joined Goldman Sachs Securities Co., Ltd. Jan 2008 Joined Medtronic Japan Co., Ltd. Oct 2014 Joined CooperVision Japan K.K. Oct 2015 Executive Officer, CooperVision Japan K.K. Oct 2018 Director, CooperVision Japan K.K. May 2019 Representative Director, President, CooperVision Japan K.K. Jun 2019 Director, Japan Contact Lens Association Aug 2021 Outside Director, the Company (current) Jun 2023 Executive Vice President and Director, Novo Nordisk Pharma, Ltd. Jan 2025 Representative Director, Executive Vice President, Teleflex Medical Japan K.K. (current)

1974-07-26

Hiroharu FUJII

Outside Director

Jul 2002 Joined Drug Store Mori (now Natural Holdings Co., Ltd.) Oct 2007 Joined Kusuri no Aoki Co., Ltd. May 2008 Joined Zagu Zagu Co., Ltd., Director Jun 2015 Representative Director, Taion 365 Co., Ltd. (current) Aug 2017 Representative Director, Taion Holdings Co., Ltd. (current) Oct 2017 Representative Director, Taion Scholarship Foundation (General Incorporated Association) (current) Aug 2023 Outside Director, the Company (current)

1977-04-13

Toshiaki TAKEUCHI

Outside Director

Apr 1981 Joined Kao Corporation Jun 2012 Executive Officer, Kao Corporation Mar 2014 Representative Director, Managing Executive Officer, Kao Corporation Mar 2014 Representative Director, President and Executive Officer, Kao Customer Marketing Co., Ltd. Jan 2016 Representative Director, Executive Managing Officer, Kao Corporation Jan 2016 Representative Director, President and Executive Officer, Kao Group Customer Marketing Co., Ltd. Mar 2023 Resigned as Representative Director, Executive Managing Officer, Kao Corporation Mar 2023 Resigned as Representative Director, President and Executive Officer, Kao Group Customer Marketing Co., Ltd. Apr 2024 Outside Director, Cross Plus Inc. (current) Aug 2024 Outside Director, the Company (current)

1959-03-22

Tsuyoshi YOSHIDA

Outside Director

Apr 1980 Joined Hokuriku Bank, Ltd. Jun 2016 Managing Executive Officer, General Manager, Ishikawa Regional Business Division, Hokuriku Bank, Ltd. Jun 2017 Managing Executive Officer, Deputy General Manager, Sales Promotion Division, and General Manager, Tokyo Regional Business Division, Hokuriku Bank, Ltd.; Director, Hokuhoku Financial Group, Inc. Jun 2019 Resigned as Director, Hokuhoku Financial Group, Inc.; Representative Director, Chairman, Hokuriku Card Co., Ltd. Jun 2022 Advisor, Hokuriku Card Co., Ltd. Jan 2023 Representative Director, President, With Consulting Co., Ltd. (current) Aug 2026 Outside Director, the Company (current)

1957-02-25

Minoru OZAWA

Outside Director

Apr 1984 Joined The Taiyo Kobe Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Apr 2001 Head of Trading Group, Market Trading Division (London), Sumitomo Mitsui Banking Corporation Jul 2003 Senior Deputy General Manager, Consulting Business Division, Sumitomo Mitsui Banking Corporation Jan 2004 Senior Private Banker, Private Banking Division, Sumitomo Mitsui Banking Corporation Nov 2007 Director, Desk Head, UBS Wealth Management (UBS AG Tokyo Branch) Jan 2011 Representative Director, President, Value Create Partners Co., Ltd. (current) Dec 2024 Outside Director, Fuji Seiyaku Kogyo Co., Ltd. (current) Aug 2026 Outside Director, the Company (current)

1962-01-23

Shinichi MORIOKA

Outside Director

Nov 2003 Registered as Attorney-at-Law Aug 2005 Joined Kenroku Law Office (now Kenroku Law Office, Attorneys at Law Corporation), where he remains (current) Aug 2026 Outside Director, the Company (current)

1977-03-18

Masahiro MIGAMORI

Full-time Corporate Auditor

Jul 2002 Joined Kusuri no Aoki Co., Ltd. Nov 2016 Regional Manager, Store Operations Department, Kusuri no Aoki Co., Ltd. May 2019 Seconded to UA Zensen Kusuri no Aoki Union as Full-time Committee Chair Nov 2023 Seconded to UA Zensen Kusuri no Aoki Union as Full-time Secretary General May 2024 Regional Manager, Store Operations Department, Kusuri no Aoki Co., Ltd. Aug 2024 Full-time Corporate Auditor, the Company (current) Aug 2024 Full-time Corporate Auditor, Kusuri no Aoki Co., Ltd. (current) Aug 2024 Full-time Corporate Auditor, Narux Co., Ltd. (current)

1968-09-07

Toshiaki KUWASHIMA

Outside Corporate Auditor

Apr 1974 Joined Mitsui & Co., Ltd. Jul 1984 Joined Kanakan Co., Ltd. Apr 1990 Director, Kanakan Co., Ltd. Feb 1994 Outside Director, Hokuriku Refrigeration Co., Ltd. Apr 2000 Representative Director, President, Kanakan Co., Ltd. Jun 2010 Joined Coca-Cola Customer Marketing Co., Ltd. Apr 2011 Executive Officer, General Manager, Trade Marketing Division, Coca-Cola Customer Marketing Co., Ltd. Jan 2012 Executive Officer, General Manager, Second Sales Division, Coca-Cola Customer Marketing Co., Ltd. Sep 2013 Joined Atom Unso Co., Ltd. (now Think Lane Co., Ltd.) Nov 2013 Director and Vice President, Atom Unso Co., Ltd. Aug 2014 Outside Corporate Auditor, Kusuri no Aoki Co., Ltd. Nov 2015 Director and CEO, K&Associates Co., Ltd. (current) Mar 2016 Outside Director, GRN Holdings Co., Ltd. (now GRN Co., Ltd.) (current) Nov 2016 Outside Corporate Auditor, the Company (current)

1952-01-23

Akiko NAKAMURA

Outside Corporate Auditor

Apr 1992 Registered as Attorney-at-Law Apr 1992 Joined Wakakusa Law Office Feb 1994 Joined Matsumoto Hirotake Law Office (now Akiko Nakamura Law Office) (current) Mar 2014 Outside Corporate Auditor, Hokkoku Shimbun Co., Ltd. (current) Aug 2014 Outside Corporate Auditor, Kusuri no Aoki Co., Ltd. Nov 2016 Outside Corporate Auditor, the Company (current) Apr 2019 Director, Ishikawa Seishi Gakuen Social Welfare Corporation (current) Jun 2022 Non-Standing Auditor, Ishikawa Prefecture Fisheries Cooperative (current) Jun 2024 Outside Corporate Auditor, Hokuriku Electric Power Company (current)

1959-12-30

Large Shareholding Reports

Oasis Management Company Ltd.

2026-09-16

15.10%→16.14%

Oasis Management Company Ltd.

2026-08-24

14.05%→15.10%

Oasis Management Company Ltd.

2026-05-13

14.02%→14.05%

GARDEN LLC

2026-04-08

3.82%

KS Aviation LLC

2026-04-08

3.48%→3.83%

Oasis Management Company Ltd.

2026-02-24

10.70%→14.02%

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

Oasis Management Company Ltd.

2026-02-20

10.70%→14.02%

AEON Co., Ltd.

2026-01-19

9.98%→10.17%

Annual report (as of 2026-05-20): 10.23%

Oasis Management Company Ltd.

2025-09-04

9.67%→10.70%

Oasis Management Company Ltd.

2024-05-21

6.83%→9.67%

Oasis Management Company Ltd.

2024-05-16

5.50%→6.83%

Oasis Management Company Ltd.

2023-05-18

5.50%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-01

Q1 Earnings Flash

FY ending May 2027

KUSURI NO AOKI HOLDINGS CO.,LTD.

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KUSURI NO AOKI HOLDINGS CO.,LTD.

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