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Overview

Textiles and Apparels

TSI HOLDINGS CO.,LTD.

TSI Holdings is a Japanese holding company operating primarily in the fashion and apparel sector, overseeing the planning, manufacturing, and retail sales of fashion and apparel products across multiple brands. The group also engages in ancillary businesses including sales agency services, staffing/personnel dispatch, synthetic resin product manufacturing, store design and supervision, food and beverage operations, and the procurement and sales of cosmetics, fragrances, and soaps. The company was established in 2011 through a joint share transfer between Tokyo Style Co., Ltd. and Sun-Ai International Co., Ltd., and is listed on the Tokyo Stock Exchange Prime Market.

Activists: Asset Value Investors Limited 0.26%

Market Cap

¥65.7B

US$419M

¥60.4B

US$385M

Stock¥1,169▲+0.09%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.5

LTM EV/EBIT

12.9

LTM PER

18.3

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-7.4%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 15, 26Q2 FY2027/02 earnings announced

MC → EV Bridge

AI Briefing

TSI Holdings runs a multi-brand Japanese apparel portfolio across 26 subsidiaries, spanning fashion retail plus staffing, store design and cosmetics ancillary lines. FY26/2 revenue ¥167B with OP margin improving to 2.6% (¥4.3B), a clear step-up from the prior three years' sub-1.5% margins. Market cap ¥67.5B against ¥91.7B equity and forward EBITDA ¥12.2B points to a turnaround narrative still being priced in by the market.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

64%

36%

EquityD/E 0.57xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 47.1%

as of 2026-08-31 · Source: Annual Securities Report

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

12.06%

Alpen Co.,Ltd.

6.31%

Nippon Life Insurance Company

6.10%

Mizuho Bank, Ltd.

4.88%

Custody Bank of Japan, Ltd. (Money Trust Taxable Account)

4.48%

Custody Bank of Japan, Ltd. (Trust Account)

3.52%

Sumitomo Mitsui Banking Corporation

3.20%

Fumihiko HASEGAWA

2.87%

Masahiko MIYAKE

1.84%

TORAY INDUSTRIES,INC.

1.80%

Management

8 officers

Tsuyoshi SHIMOJI

Representative Director, President and CEO

Jan 1997 Joined Ueno Shokai Co., Ltd. (now TSI Co., Ltd.) Nov 2004 Director, General Manager of Merchandising Department, same company Sep 2012 Director and Executive Officer, General Manager of Merchandising Headquarters, same company Nov 2016 Senior Managing Director and Executive Officer, General Manager of Merchandising Headquarters, same company Nov 2018 Representative Director and President, concurrently General Manager of Merchandising Headquarters, same company Jun 2019 Executive Officer, TSI Holdings Co., Ltd. Mar 2020 Executive Officer, General Manager of Fourth Business Company, TSI Holdings Co., Ltd. May 2020 Director, General Manager of Fourth Business Company, TSI Holdings Co., Ltd. Jul 2020 Director, General Manager of Sales Headquarters and General Manager of Fourth Business Company, TSI Holdings Co., Ltd. Mar 2021 Representative Director and President, TSI Holdings Co., Ltd.; Representative Director, TSI Co., Ltd. Mar 2025 Representative Director, President and CEO, TSI Holdings Co., Ltd.; Representative Director and CEO, TSI Co., Ltd. (current)

1964-12-28

Masanori MAEKAWA

Director, COO

Jul 1999 Joined Sanei International Co., Ltd. (now TSI Holdings Co., Ltd.) Sep 2001 General Manager, Natural Beauty Basic Business Division, First Business Group, same company Sep 2003 Executive Officer, General Manager of Fifth Company, same company Sep 2009 General Manager, Natural Beauty Basic Business Division, Store Business Headquarters, same company Sep 2010 Executive Officer, General Manager, Natural Beauty Basic Business Division, same company Nov 2010 Director and Executive Officer, same company Jul 2013 Executive Officer, TSI Holdings Co., Ltd. Mar 2014 Representative Director and President, Sanei B.D. Co., Ltd. (now TSI Co., Ltd.) Mar 2020 Executive Officer, General Manager of First Company, TSI Holdings Co., Ltd. Mar 2020 Representative Director and President, Nano Universe Co., Ltd. (now TSI Co., Ltd.) Mar 2021 Executive Officer, General Manager of SCM Department, TSI Holdings Co., Ltd.; Head of SCM Division, TSI Co., Ltd. May 2021 Director, General Manager of SCM Department, TSI Holdings Co., Ltd.; Director, Head of SCM Division, TSI Co., Ltd. Mar 2023 Director, General Manager of Platform Headquarters, TSI Holdings Co., Ltd.; Director, General Manager of Platform Headquarters, TSI Co., Ltd. Mar 2025 Director and COO, TSI Holdings Co., Ltd.; Director and COO, TSI Co., Ltd. Sep 2025 Non-Executive Director, Daytona International Co., Ltd. (current)

1964-03-11

Mitsuru NAITO

Director, CFO

Apr 2008 Branch Manager, Ichikawa Branch, Mizuho Bank, Ltd. Aug 2014 Joined TSI Holdings Co., Ltd.; General Manager of Management Department, TSI Groove and Sports Co., Ltd. (now TSI Co., Ltd.) May 2019 General Manager of Finance and Accounting Department, Administration Headquarters, TSI Holdings Co., Ltd. Jun 2019 Executive Officer, General Manager of Finance and Accounting Department, Administration Headquarters, TSI Holdings Co., Ltd. Jun 2020 Executive Officer, General Manager of Finance and Accounting Department, TSI Holdings Co., Ltd. Mar 2022 Executive Officer, General Manager of Corporate Department, TSI Holdings Co., Ltd.; Head of Corporate Division, TSI Co., Ltd. May 2022 Director, General Manager of Corporate Department, TSI Holdings Co., Ltd.; Director, Head of Corporate Division, TSI Co., Ltd. Mar 2023 Director, General Manager of Corporate Headquarters, TSI Holdings Co., Ltd.; Director, General Manager of Corporate Headquarters, TSI Co., Ltd. Mar 2025 Director and CFO, TSI Holdings Co., Ltd.; Director and CFO, TSI Co., Ltd. (current) Sep 2025 Non-Executive Director, Daytona International Co., Ltd. (current)

1962-01-04

Naoko ICHIKAWA

Outside Director

Apr 1981 Joined Korg Inc. Sep 1989 Joined Booz Allen Hamilton Japan K.K. (now PwC Consulting LLC), Principal Jan 1999 Joined GE Capital Edison Life Insurance Company (now Gibraltar Life Insurance Co., Ltd.) Dec 2004 Joined GE Capital Leasing Japan K.K. (now GE Japan Co., Ltd.), Executive Officer Apr 2007 Executive Officer and CMO, same company Apr 2009 Joined Novartis Pharma K.K., Senior Manager May 2010 General Manager, OTC Business Division, same company Jul 2012 Joined Innovation Network Corporation of Japan (now INCJ, Ltd.), Managing Director Jul 2017 Joined Mitsubishi Chemical Holdings Corporation (now Mitsubishi Chemical Group Corporation), Executive Officer and CMO May 2021 Outside Director, TSI Holdings Co., Ltd. (current) Apr 2023 Outside Director, Rakuten Securities Holdings, Inc. Mar 2025 Outside Director, Dentsu Group Inc. (current)

1958-02-05

Rumiko TANABE

Outside Director

Apr 1995 Registered as Certified Public Accountant Dec 2004 Controller, Head of Accounting and Finance Department, American Home Assurance Japan (AIG Group; now American Home Medical & Casualty Insurance Co., Ltd.) Oct 2014 Finance Department General Manager, HOYA Corporation Jul 2018 Senior Manager, Finance, Vision Care Company, HOYA Corporation Jun 2020 Outside Director (Audit and Supervisory Committee Member), Fast Fitness Japan, Inc. Jul 2020 Representative, Tanabe Certified Public Accountant Office (current) Sep 2020 Outside Audit & Supervisory Board Member, Techno Pro Holdings, Inc. Sep 2022 Outside Director (Audit and Supervisory Committee Member), Techno Pro Holdings, Inc. May 2023 Outside Audit & Supervisory Board Member, AEON Mall Co., Ltd. May 2023 Outside Audit & Supervisory Board Member, TSI Holdings Co., Ltd. May 2025 Outside Director, TSI Holdings Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), Fujikura Ltd. (current)

1969-12-05

Kazuhiro DODO

Full-time Audit & Supervisory Board Member

Aug 1987 Joined Sanei Co., Ltd. (now TSI Holdings Co., Ltd.) Sep 1998 General Manager of Personnel Department, Sanei International Co., Ltd. (now TSI Holdings Co., Ltd.) Sep 2000 General Manager of Personnel and General Affairs Department, same company Sep 2006 General Manager of Business Planning Department, Management Headquarters, same company Sep 2007 Director, General Manager of Planning and General Affairs Department, An Global Co., Ltd. (now TSI Co., Ltd.) Sep 2008 Director, General Manager of Sales Department and General Manager of Administration Department, same company Sep 2011 General Manager of President's Office, Sanei International Co., Ltd. (now TSI Holdings Co., Ltd.) Mar 2014 Director, General Manager of Management Department and General Manager of Sales Department, Sanei B.D. Co., Ltd. (now TSI Co., Ltd.) Jun 2017 General Manager of Business Planning Department, Administration Headquarters, TSI Holdings Co., Ltd. Jun 2018 Executive Officer, General Manager of Business Planning Department, Administration Headquarters, TSI Holdings Co., Ltd. Mar 2021 Executive Officer, General Manager of Corporate Department, TSI Holdings Co., Ltd.; Head of Corporate Division, TSI Co., Ltd. Mar 2022 Executive Officer, General Manager of Sustainable Value Department, TSI Holdings Co., Ltd.; Head of Sustainable Value Division, TSI Co., Ltd. Mar 2023 Executive Officer, attached to Corporate Headquarters, TSI Holdings Co., Ltd.; attached to Corporate Headquarters, TSI Co., Ltd. May 2023 Audit & Supervisory Board Member, TSI Holdings Co., Ltd. (current) May 2023 Audit & Supervisory Board Member, Allure Co., Ltd. (current) May 2023 Audit & Supervisory Board Member, Jack Co., Ltd. (current) Sep 2025 Audit & Supervisory Board Member, Daytona International Co., Ltd. (current)

1961-10-12

Fujiro OKADA

Outside Audit & Supervisory Board Member

Apr 1976 Joined NEC Corporation Apr 2006 Executive Officer and General Manager of Legal Department, same company Jun 2006 Outside Audit & Supervisory Board Member, Nippon Electric Glass Co., Ltd. Apr 2007 Executive Officer and General Manager of Risk & Compliance Division and Legal Department, NEC Corporation Apr 2010 Senior Managing Executive Officer, same company Jun 2013 Audit & Supervisory Board Member, same company Jun 2018 Outside Audit & Supervisory Board Member, Shoko Chukin Bank, Ltd. May 2022 Outside Audit & Supervisory Board Member, TSI Holdings Co., Ltd. (current)

1952-09-17

Shizuka SAWADA

Outside Audit & Supervisory Board Member

Apr 2001 Registered as Certified Public Accountant Jan 2004 Representative, Shizuka Sawada CPA Office (current) Jul 2011 Registered as Licensed Tax Accountant Mar 2012 Audit & Supervisory Board Member, Cross Marketing Inc. (now Cross Marketing Group Inc.) Dec 2012 Audit & Supervisory Board Member, Minna no Wedding Inc. (now Enimari Inc.) Jun 2016 Outside Audit & Supervisory Board Member, WILLGROUP, Inc. (current) Jun 2017 Audit & Supervisory Board Member, Netgenzaibank Co., Ltd. (now Force Startups Inc.) Feb 2022 Outside Audit & Supervisory Board Member, OPRO Inc. (current) May 2023 Outside Audit & Supervisory Board Member, TSI Holdings Co., Ltd. (current) Mar 2025 Outside Audit & Supervisory Board Member, CARTA HOLDINGS, Inc.

1971-02-11

Large Shareholding Reports

Sumitomo Mitsui Banking Corporation

2026-06-05

3.45%→3.45%

Annual report (as of 2026-08-31): 3.20%

Sumitomo Mitsui Banking Corporation

2026-05-12

3.45%

Annual report (as of 2026-08-31): 3.20%

Mizuho Trust & Banking Co., Ltd.

2026-04-03

0.56%→4.77%

Asset Value Investors Limited

2025-07-31

9.59%→0.26%

Asset Value Investors Limited

2025-06-19

8.55%→9.59%

Asset Value Investors Limited

2024-05-07

7.53%→8.55%

Asset Value Investors Limited

2023-08-28

6.46%→7.53%

Asset Value Investors Limited

2023-07-20

5.07%→6.46%

Asset Value Investors Limited

2023-03-01

5.07%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-14

Semi-Annual Securities Report

Period: Mar 2026 – Aug 2026

TSI HOLDINGS CO.,LTD.

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TSI HOLDINGS CO.,LTD.

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