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Overview

Chemicals

Denka Company Limited

Denka is a diversified Japanese specialty chemicals company operating across four business segments: Electronics & Advanced Products (conductive additives for lithium-ion batteries, heat dissipation materials, functional ceramics for 5G/xEV/renewable energy), Life Innovation (influenza vaccines, rapid antigen diagnostic kits for COVID-19 and other pathogens), Elastomer & Infrastructure Solutions (functional elastomers, specialty concrete admixtures, agricultural corrugated pipes, and fertilizers leveraging its carbide chemistry heritage), and Polymer Solutions (styrenic functional resins, food packaging sheets, synthetic fibers for wigs/hairpieces, and polyvinyl alcohol). The company targets automotive, electronics, food packaging, healthcare, and infrastructure markets globally. Denka's competitive strengths lie in its vertically integrated carbide-based chemistry platform, proprietary materials technologies, and diversified product portfolio spanning advanced electronics materials to life sciences.

Market Cap

¥258B

US$1.64B

¥444B

US$2.83B

Stock¥2,988.5▲+2.61%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.9

LTM EV/EBIT

11.9

LTM PER

19.0

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+6.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 10, 25H1 FY2026/3 interim earnings announcement

2Feb 27, 26Chemical sector reassessment buying

3Mar 12, 26Continued profit-taking sales

4Aug 7, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

AI Briefing

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

56%

44%

EquityD/E 0.78xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 50.6%

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

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

18.27%

Custody Bank of Japan, Ltd. (Trust Account)

12.85%

Mizuho Trust & Banking Co., Ltd. (Retirement Benefit Trust, Mizuho Bank, Ltd. Account; Re-trustee: Custody Bank of Japan, Ltd.)

3.73%

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

3.10%

Taiju Life Insurance Company Limited (Standing Proxy: Custody Bank of Japan, Ltd.)

2.76%

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

2.52%

Custody Bank of Japan, Ltd. (Trust Account 4)

2.27%

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

1.84%

Denka Company Limited Employee Stock Ownership Association

1.83%

JPMorgan Securities Japan Co., Ltd.

1.47%

Management

9 officers

Toshio IMAI

Representative Director, Chairman

Apr 1982 Joined the Company Oct 2006 General Manager, Styrene Business Division Jun 2011 General Manager, Corporate Planning Office Apr 2013 Executive Officer; Assistant General Manager, Elastomers & Functional Resins Division Apr 2015 General Manager, Elastomers & Functional Resins Division Apr 2017 Managing Executive Officer Apr 2019 General Manager, Denka Value-Up Promotion Office Jun 2019 Director and Managing Executive Officer Apr 2020 Director and Senior Managing Executive Officer Apr 2021 Representative Director and President; President and Executive Officer Apr 2025 Representative Director, Chairman (current)

1959-01-25

Fumio ISHIDA

Representative Director, President

Apr 1985 Joined the Company Apr 2009 General Manager, Functional Films Department, Electronic Materials Division, Electronic Materials Business Unit Oct 2011 General Manager, Advanced Filler Department, Electronic Materials Division Oct 2013 General Manager, Advanced Functional Materials Department, Electronics & Advanced Products Division Apr 2017 Assistant General Manager, Electronics & Advanced Products Division Apr 2019 Executive Officer; General Manager, Electronics & Advanced Products Division Apr 2023 Managing Executive Officer Jun 2023 Director and Managing Executive Officer Apr 2025 Representative Director and President; President and Executive Officer (current)

1962-03-07

Rimiru HAYASHIDA

Director; Chief Financial Officer (CFO), in charge of Finance & Strategy; Chief Supply Chain Officer (CSCO), in charge of Supply Chain; in charge of Accounting, Finance & Strategy, Corporate Communications, Procurement and Logistics Divisions

Apr 1985 Joined the Company Apr 2009 General Manager, Accounting Department Apr 2017 Executive Officer; General Manager, Accounting Department Apr 2021 Executive Officer Apr 2023 Managing Executive Officer Jun 2024 CFO, in charge of Finance & Strategy Apr 2025 Senior Managing Executive Officer Jun 2025 Director and Senior Managing Executive Officer (current)

1961-07-14

Masanobu KOSAKA

Director; Chief Technology Officer (CTO), in charge of Production Technology and New Business Development Divisions; in charge of Technology Planning, Sustainability Promotion and Digital Strategy Departments

Apr 1985 Joined the Company Oct 2015 Deputy General Manager, Aoumi Plant Nov 2015 Vice President, Denka Performance Elastomer LLC Jun 2019 Deputy Plant Manager, Aoumi Plant Apr 2021 Executive Officer; Plant Manager, Aoumi Plant Apr 2023 Executive Officer Apr 2025 Managing Executive Officer Jun 2025 Director and Managing Executive Officer (current)

1963-01-02

Rumiko NAKATA

Outside Director

Apr 1979 Joined Esso Sekiyu K.K. (until Apr 1992) Apr 1996 Joined Sangyo Shakai Kenkyu Center Co., Ltd. (until May 2000) Jun 2000 Joined Pfizer Japan Inc. Feb 2007 General Manager, Medical Development HR (Public Relations) Department, Pfizer Japan Inc. May 2010 General Manager, Business Partner HR Group, Pfizer Japan Inc. Dec 2011 Executive Officer; General Manager, HR & General Affairs Division, Pfizer Japan Inc. Jan 2014 Director and Executive Officer, Pfizer Japan Inc. (until Feb 2018) Mar 2018 Executive Officer in charge of Diversity Promotion, Mitsubishi Chemical Corporation Apr 2019 Managing Executive Officer in charge of HR Department, Mitsubishi Chemical Corporation Apr 2020 Director and Managing Executive Officer in charge of General Affairs, Public Relations and HR Departments, Mitsubishi Chemical Corporation Apr 2021 Director and Managing Executive Officer in charge of Resources, Mitsubishi Chemical Corporation Apr 2022 Director, Mitsubishi Chemical Corporation (until Jun 2022) Mar 2023 Outside Director, Kyowa Kirin Co., Ltd. (current) Jun 2024 Outside Director, Denka Company Limited (current)

1956-04-06

Mizuhiro UCHIDA

Director, Full-time Audit and Supervisory Committee Member

Apr 1984 Joined the Company Apr 2008 General Manager, Business Planning Department, Resin Processing Division, Resin Processing Business Unit Apr 2010 General Manager, Procurement Department Apr 2014 Deputy General Manager, Chiba Plant Jul 2017 General Manager, Internal Audit Office Apr 2021 General Manager, Internal Control Department Apr 2023 Attached to Audit and Supervisory Committee Office Jun 2023 Director, Full-time Audit and Supervisory Committee Member (current)

1961-09-24

Toshio KINOSHITA

Director, Audit and Supervisory Committee Member

Jul 1983 Registered as Certified Public Accountant Jul 1989 Partner, Coopers & Lybrand, USA (now PricewaterhouseCoopers) (until Jun 1998) Jun 1994 Representative Partner, Chuo Audit Corporation (until Jul 2005) Jul 1998 North America Managing Partner, PricewaterhouseCoopers New York Office, USA (until Jun 2005) Jul 2005 International Director, Tokyo Office, Chuo Aoyama Audit Corporation (until Jun 2007) Jul 2007 Managing Director, Japanese Institute of Certified Public Accountants (until Jul 2013) Jul 2013 Director, Japanese Institute of Certified Public Accountants (until Jul 2016) Jun 2014 Outside Audit & Supervisory Board Member, Panasonic Corporation (now Panasonic Holdings Corporation) (until Jun 2022) Jul 2014 Representative Director, Global Professional Partners Co., Ltd. (until Dec 2024) Aug 2014 Outside Audit & Supervisory Board Member, Weathernews Inc. (until Aug 2018) Mar 2015 Outside Director, Asatsu-DK Inc. (until Dec 2018) Jun 2015 Outside Audit & Supervisory Board Member, Denka Company Limited Jun 2015 Outside Director, Tachi-S Co., Ltd. (current) Jul 2015 Outside Director, Mizuho Bank, Ltd. (until Sep 2019) Jan 2018 Outside Director, Sleepo Group Co., Ltd. (now GigWorks Inc.) (until Jan 2022) Jun 2019 Outside Director, Audit and Supervisory Committee Member, Denka Company Limited (current) Jan 2025 Chairman of the Board, Global Professional Partners Co., Ltd. (current)

1949-04-12

Akio YAMAMOTO

Director, Audit and Supervisory Committee Member

Apr 1974 Joined Mitsui & Co., Ltd. Apr 1999 President, Benelux Mitsui & Co. Apr 2004 Deputy General Manager, Synthetic Resins & Inorganic Chemicals Division, Mitsui & Co., Ltd. Apr 2007 Executive Officer, Mitsui & Co., Ltd. (until Mar 2010); President, Mitsui & Co. (Thailand) Ltd. Apr 2009 Representative Director and President, Mitsui & Co. Plastics Trading Ltd. (now Mitsui & Co. Plastics Ltd.) (until Jun 2014) Jun 2014 Advisor, Mitsui & Co. Plastics Trading Ltd. (until Jun 2015) Jun 2015 Outside Director, Denka Company Limited Jun 2021 Outside Director, Audit and Supervisory Committee Member, Denka Company Limited (current)

1951-12-02

Miyuki MATOBA

Director, Audit and Supervisory Committee Member

Apr 2000 Registered as Attorney-at-Law (Tokyo Bar Association) Apr 2013 Managing Director, Japan Federation of Bar Associations (until Mar 2014) Oct 2015 Senior Leader, Business Support Division, MOS Food Services, Inc. Apr 2018 Leader, Risk & Compliance Group, MOS Food Services, Inc. (until Mar 2019) Apr 2019 General Manager, Risk & Compliance Office, MOS Food Services, Inc. (until Mar 2025) Sep 2020 Intellectual Property & Legal Affairs Department, General Affairs Division, Nitto Kohki Co., Ltd. Apr 2021 General Manager, Intellectual Property & Legal Affairs Department, General Affairs Division, and Compliance Officer, Nitto Kohki Co., Ltd. Jun 2021 Outside Director, Audit and Supervisory Committee Member, Denka Company Limited (current) Apr 2025 Vice President, Tokyo Bar Association (until Mar 2026) Apr 2026 General Manager, Management Division (Attached), Nitto Kohki Co., Ltd. (current)

1973-08-15

Large Shareholding Reports

Asset Management One Co., Ltd.

2026-10-22

5.61%→4.47%

Nomura Asset Management Co., Ltd.

2026-10-07

11.05%→10.37%

Asset Management One Co., Ltd.

2026-09-10

6.66%→5.61%

Amova Asset Management Co., Ltd.

2026-08-06

6.87%→7.28%

Nomura Asset Management Co., Ltd.

2026-07-03

12.83%→11.05%

Nomura Asset Management Co., Ltd.

2026-07-03

11.72%→12.83%

Asset Management One Co., Ltd.

2026-06-26

5.60%→6.66%

Nomura Asset Management Co., Ltd.

2026-06-05

10.53%→11.72%

Asset Management One Co., Ltd.

2026-04-22

3.64%→5.60%

Nomura Asset Management Co., Ltd.

2026-04-03

9.98%→10.53%

Amova Asset Management Co., Ltd.

2026-03-19

5.78%→6.87%

Nomura Asset Management Co., Ltd.

2026-03-18

7.51%→9.98%

Nomura Asset Management Co., Ltd.

2026-03-05

6.31%→7.51%

Asset Management One Co., Ltd.

2025-12-05

2.57%→3.64%

Amova Asset Management Co., Ltd.

2025-10-21

5.75%→5.78%

Nomura Asset Management Co., Ltd.

2025-10-06

6.16%→6.31%

Nomura Asset Management Co., Ltd.

2025-09-19

5.93%→6.16%

Amova Asset Management Co., Ltd.

2025-09-19

5.20%→5.75%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

Denka Company Limited

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Denka Company Limited

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