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Overview

Information & Communication

PATH Corporation

PATH Corporation is a diversified holding company centered on beauty and wellness, operating across seven segments: Cosmetics (EX:BEAUTE brand), Beauty & Wellness (TV shopping and multi-channel sales), Regenerative Medicine (human-derived cosmetic ingredients and R&D), Sustainable Business (microalgae cultivation and sales), Market Expansion (live ad-tech and live commerce), Investment (renewable energy real estate and carbon credits), and AI & Technology (X-ray and AI image processing manufacturing equipment). The group leverages cross-segment synergies, applying regenerative medicine insights to skincare and AI technology to optimize group-wide operations. Its subsidiaries include Murdurex Co., Ltd., Jiva Studio Co., Ltd., RMDC Co., Ltd., Alnur Co., Ltd., RIDOS Co., Ltd., and Sanwa Seisakusho Co., Ltd.

Market Cap

¥4.30B

US$27.4M

¥4.30B

US$27.4M

Stock¥52▼-3.70%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

LTM PBR

2.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-70.8%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 17, 25Earnings guidance downward revision

2Dec 8, 25Q3 profit decline announcement

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

97%

EquityD/E 0.03xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 55.9%

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

Sustina Co., Ltd.

36.90%

Sanyo Engineering & Construction Inc.

5.20%

Norimichi KUBOKAWA

3.50%

Kizuna Co., Ltd.

2.40%

Hitoshi IWAMA

1.80%

Masataka TSUCHIYA

1.60%

SSJ Holdings Co., Ltd.

1.50%

Ayl Co., Ltd.

1.20%

Shingo SAITO

0.90%

Nomura Securities Co., Ltd.

0.90%

Management

9 officers

Takayuki MATSUO

Director (Representative Director, CEO)

Apr 1981 Joined Zenki Shoji Co., Ltd. Sep 2008 Joined La Isis Japan Co., Ltd. Jul 2012 Appointed Representative Director of La Isis Japan Co., Ltd. Jul 2016 Established Dr. Reborn Co., Ltd. Apr 2019 Established RMDC Co., Ltd. Mar 2023 Representative Director, Ayl Co., Ltd. (current) Jun 2025 Representative Director of the Company (current)

1963-01-28

Yuzo TAKAHASHI

Director (Representative Director, COO)

Apr 1988 Joined Marubiro Department Store Co., Ltd. Jul 1997 Joined Maeda Noen Co., Ltd. Jul 2016 Joined Dr. Reborn Co., Ltd. Oct 2018 Joined Regard Co., Ltd. Jun 2021 Representative Director of the Company (current) Jul 2021 Representative Director, Arnoul Co., Ltd. Jul 2022 Representative Director, Mardulex Co., Ltd. (current) Jul 2022 Director, Jivastudio Co., Ltd. (current) Feb 2023 Director, RMDC Co., Ltd. (current) Nov 2024 Representative Director, RIDOS Co., Ltd. (now RIDO Stock Co., Ltd.)

1970-07-18

Atsuyuki HOSHI

Director

Apr 2000 Joined Haga Accounting Office (now Hagax Tax Accountant Corporation) Nov 2012 Joined IBTJ Co., Ltd. Jun 2020 Auditor, Alistagora Advisors Co., Ltd. (current) Apr 2021 Director, Readial Co., Ltd. (current) Jun 2022 Director of the Company (current) Jul 2022 Director, Mardulex Co., Ltd. (current) Jul 2022 Director, Jivastudio Co., Ltd. (current) Mar 2023 Representative Director, Arnoul Co., Ltd. (current) Sep 2025 Director, Kaginowa Co., Ltd. (current)

1976-07-03

Nobuhiro KAWABATA

Director

Apr 1993 Joined Boston Scientific Japan K.K. Jul 2011 Representative Director, Riverside Co., Ltd. (current) Jun 2025 Director of the Company (current) Jun 2025 Representative Director, RMDC Co., Ltd. (current)

1969-09-12

Eisaku YAMADA

Director

May 1989 Joined Kōraku Ltd. Jul 2009 Representative Director, Kōraku Ltd. Representative Director, Sankō Kōraku Ltd. (current) May 2011 Representative Director, NK Foods Co., Ltd. (current) Apr 2015 Changed name from Kōraku Ltd. to Kōraku Co., Ltd.; Representative Director of the same company in connection with the change Jan 2020 Representative Director, Kōraku Development Co., Ltd. (current) Mar 2021 Representative Director, Kikunotsukasa Shuzo Co., Ltd. (current)

Yuki URUSAWA

Director

Aug 2008 Director, SABRE Co., Ltd. Apr 2012 Representative Director, Real Marketing Co., Ltd. Mar 2021 Representative Director, Personal Navi Co., Ltd. (formerly Personal Navi HD Co., Ltd.) (current) Jun 2021 Representative Director, Medikuru Co., Ltd. (current) Jul 2021 Outside Director, Ishigaki Foods Co., Ltd. (now Welldish Co., Ltd.) Jul 2023 Executive Officer, GEXEED Co., Ltd. (now AI Storm Co., Ltd.) Dec 2025 Director, LIEH Co., Ltd. Jan 2026 Director, NEXT MISSION Co., Ltd. (current)

Kenichi KAI

Director (Audit and Supervisory Committee Member)

Dec 2004 Joined Higashi Nihon Audit Corporation Sep 2011 Registered as Certified Public Accountant Jan 2019 Registered as Certified Tax Accountant Feb 2019 Opened Kenichi Kai Tax Accountant Office (current) Jul 2019 Designated Partner, Higashi Nihon Audit Corporation (current) Jun 2021 Director of the Company (Audit and Supervisory Committee Member, current)

1968-09-06

Taku ICHIHASHI

Director (Audit and Supervisory Committee Member)

Dec 2012 Registered as Attorney-at-Law Dec 2012 Joined Koide Tsuyoshi Law Office Oct 2013 Joined City-Yuwa Partners Aug 2018 Joined OMM Law Office (current) Dec 2019 Director, Image One Co., Ltd. Jun 2025 Director of the Company (Audit and Supervisory Committee Member, current)

1983-06-28

Jun MORII

Director (Audit and Supervisory Committee Member)

Nov 2005 Joined Bonanza Casino Oct 2009 Joined Odai Accounting Office Feb 2012 Registered as Certified Public Accountant in Washington State, USA Sep 2012 Joined Deloitte Tohmatsu Financial Advisory Co., Ltd. Aug 2013 Registered as Certified Public Accountant Jan 2014 Registered as Certified Tax Accountant Jan 2014 Opened Morii Accounting Office; Representative Certified Public Accountant and Tax Accountant (current) Jan 2014 Representative Director, Jonan Shishō Co., Ltd. (current) Apr 2016 Audit Committee Member, Shinagawa Ward, Tokyo Nov 2021 Outside Auditor, The Why How Do Company, Inc. (current) Dec 2022 Outside Director, YS Food Co., Ltd. Jun 2023 Outside Director, Tohto Suisan Co., Ltd. (current) Jun 2023 Director of the Company (Audit and Supervisory Committee Member, current) Jun 2025 Outside Director (Audit and Supervisory Committee Member, current), nms Holdings Co., Ltd. Jun 2026 Outside Director, unbanked Co., Ltd. (current)

1980-03-03

Large Shareholding Reports

Sustina Co., Ltd.

2026-05-27

32.07%→32.07%

Annual report (as of 2026-03-31): 36.90%

Sustina Co., Ltd.

2026-05-27

32.07%→32.07%

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

Annual report (as of 2026-03-31): 36.90%

Evo Fund

2026-03-11

38.40%→1.09%

Sustina Co., Ltd.

2026-03-10

50.39%→32.07%

Annual report (as of 2026-03-31): 36.90%

Evo Fund

2026-02-12

39.58%→38.40%

Evo Fund

2026-02-06

41.16%→39.58%

Evo Fund

2026-01-15

42.21%→41.16%

Sustina Co., Ltd.

2025-12-16

43.18%→50.39%

Annual report (as of 2026-03-31): 36.90%

Evo Fund

2025-12-08

18.93%→42.21%

Evo Fund

2025-11-27

18.08%→18.93%

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

Evo Fund

2025-11-25

18.08%→18.93%

Evo Fund

2025-09-05

19.11%→18.08%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-13

Q1 Earnings Flash

FY ending Mar 2027

PATH Corporation

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PATH Corporation

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