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Under supervision (confirmation) · Designated 2026-08-05 JPX notice

Overview

Information & Communication

CE Holdings Co.,Ltd.

CE Holdings Co., Ltd. is a healthcare IT holding company focused on the development and sale of electronic medical record (EMR) systems, centered on its proprietary 'MI・RA・Is Series' package products primarily targeting small-to-medium-sized hospitals in Japan. The group also provides contracted development and operation management of medical information systems, as well as a patient-facing smartphone service 'Doctor Connect' that facilitates information sharing between patients and physicians. In addition, the group operates a Marketing Solutions business offering digital marketing support—including website rebuilding, web advertising, and digital signage—to corporate and public-sector clients.

Market Cap

¥27.2B

US$173M

¥22.6B

US$144M

Stock¥1,633▲+0.06%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

10.4

LTM EV/EBIT

14.0

LTM PER

17.2

LTM PBR

3.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+25.2%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 23, 25H1 earnings with full-year guidance upgrade

2Jan 9, 26Axium Capital Pte. Ltd. changed stake (6.9%→8.44%)

3Feb 6, 26Axium Capital Pte. Ltd. changed stake (8.44%→10.54%)

4Mar 30, 26Axium Capital Pte. Ltd. changed stake (10.54%→11.55%)

5May 22, 26Axium Capital Pte. Ltd. changed stake (11.55%→11.59%)

MC → EV Bridge

AI Briefing

CE Holdings: proprietary MI・RA・Is EMR systems for small-to-mid Japanese hospitals, plus Doctor Connect and digital marketing. FY25/9 revenue ¥15.8B, OP ¥1.4B (8.9% margin) — steady growth on MI・RA・Is V upgrade cycle. Market cap ¥27.2B vs EV ¥22.6B; fragmented shareholder base with no single controlling holder, NEC among top-5.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

89%

EquityD/E 0.13xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 60.9%

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

Yoshiaki SUGIMOTO

9.89%

BRIDGESTREAM LIMITED, AS TRUSTEE OF AXC STRATEGIC OPPORTUNITIES (Standing Proxy: Tachibana Securities Co., Ltd.)

7.59%

NEC Corporation

7.20%

UH Partners 3 Investment Limited Partnership

6.94%

UH Partners 2 Investment Limited Partnership

6.86%

HIKARI TSUSHIN,INC.

6.47%

SIL Investment Limited Partnership

5.81%

Bridgestream Limited, as Trustee of AXC Strategic Opportunities (Standing Proxy: Tachibana Securities Co., Ltd.)

4.21%

EM Systems Co., Ltd.

4.20%

SBI SECURITIES Co., Ltd.

1.72%

Management

10 officers

Yoshiaki SUGIMOTO

Representative Director, Chairman and CEO (Chief Executive Officer)

Mar 1990 Representative Director, Honest Co., Ltd.; concurrently Sapporo Branch Manager Mar 1996 Representative Director, President, the Company Jul 2003 Representative Director, Chairman and CEO, the Company Jul 2004 Representative Director, Chairman, the Company Dec 2004 Director, Chairman, the Company Dec 2010 Representative Director, President, the Company Apr 2013 Representative Director, President, CSI Co., Ltd. Dec 2016 Representative Director, Chairman, CSI Co., Ltd. Dec 2021 Representative Director, Chairman and CIO (Chief Investment Officer), the Company Dec 2021 Director, Management Advisor, CSI Co., Ltd. Dec 2022 Director, Management Counselor, CSI Co., Ltd. Dec 2024 Representative Director, Chairman and CEO, the Company (current) Director, Chairman, CSI Co., Ltd. (current)

1950-06-17

Masanori NIIZATO

Representative Director, President and COO (Chief Operating Officer)

Apr 1982 Joined NEC Corporation Apr 2001 Head of Sales Department 1, Medical Solutions Business Unit, NEC Corporation Apr 2005 General Manager, Medical Solutions Business Unit, NEC Corporation Jan 2008 Joined Itec Co., Ltd. Apr 2010 General Manager, Corporate Planning Department, Itec Co., Ltd. Apr 2014 Senior General Manager, Corporate Planning Department, Itec Co., Ltd. Mar 2017 Director, in charge of Eastern Japan System Sales, CSI Co., Ltd. Jul 2018 Managing Director, in charge of System Sales, CSI Co., Ltd. Dec 2019 Senior Managing Director, CSI Co., Ltd. Nov 2021 Director, MCS Co., Ltd. Dec 2021 Representative Director, President, CSI Co., Ltd. (current) Dec 2023 Director, Vice President and COO, the Company Nov 2024 Representative Director, President, MCS Co., Ltd. (current) Dec 2024 Representative Director, President and COO, the Company (current)

1959-08-24

Yoshitaka MATSUZAWA

Senior Managing Director, CRO (Chief Risk Officer)

Apr 1997 Joined Japan Care Service Co., Ltd. Aug 2000 Joined the Company Jul 2004 General Manager, Administration Department, Administration Division, the Company Dec 2008 Director, General Manager, Administration Division, the Company Dec 2014 Managing Director, in charge of Administration, the Company Mar 2015 Director, MCS Co., Ltd. (current) Dec 2020 Senior Managing Director, the Company Oct 2021 Director, Digital Solutions Co., Ltd. Dec 2021 Senior Managing Director, CRO, the Company (current) Feb 2022 Director, Sankaku Company Co., Ltd. (current) Oct 2023 Representative Director, President, Mocosuku Co., Ltd. Dec 2023 Senior Managing Director, Digital Solutions Co., Ltd. Dec 2024 Director, Digital Solutions Co., Ltd. (current) Dec 2025 Director, Mocosuku Co., Ltd. (current)

1957-06-06

Keiichi HAGA

Managing Director, CSO (Chief Strategy Officer)

Apr 1989 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Oct 1998 Joined CyberTrust Co., Ltd. Dec 2000 Joined Nihon VeriSign K.K. (now DigiCert Japan G.K.) May 2005 Joined B.U.G Co., Ltd. (now DMG MORI Digital Co., Ltd.) Dec 2008 Executive Officer, General Manager, Administration Division, B.U.G Co., Ltd. May 2015 Joined CSI Co., Ltd. Oct 2015 General Manager, Corporate Planning Office, the Company Oct 2016 Executive Officer, General Manager, Corporate Planning Office, the Company Dec 2017 Director, General Manager, Corporate Planning Office, the Company Aug 2020 Director, General Manager, Corporate Management and Business Planning Office, the Company Dec 2020 Managing Director, General Manager, Corporate Management and Business Planning Office, the Company Dec 2021 Managing Director, General Manager, Corporate Management and Business Planning Office, CSO, the Company Feb 2022 Director, CSI Co., Ltd. (current) Feb 2022 Managing Director, Sankaku Company Co., Ltd. Apr 2024 Managing Director, in charge of Corporate Management and Business Planning, CSO, the Company; Representative Director, Sankaku Company Co., Ltd. May 2024 Representative Director, CEO in charge of Strategy Projects, Sankaku Company Co., Ltd. Jun 2025 Representative Director, Chairman and President, Sankaku Company Co., Ltd. Jul 2025 Representative Director, Chairman, Sankaku Company Co., Ltd. (current) Dec 2025 Managing Director, CSO, the Company (current)

1966-06-23

Tsunehito TAGUCHI

Director, CFO (Chief Financial Officer)

Apr 1989 Joined NEC Corporation Sep 2009 Joined Lals Corporation Oct 2012 Seconded to Arcs Co., Ltd., Finance and Accounting Group Oct 2015 Joined CSI Co., Ltd. Jan 2018 Deputy General Manager, Administration Division, CSI Co., Ltd. Jan 2018 Administration Manager, the Company Jan 2019 Executive Officer, Administration Manager, CSI Co., Ltd. Jan 2019 Executive Officer, Administration Manager, the Company Dec 2019 Director, Administration Manager, CSI Co., Ltd. Dec 2020 Director, in charge of Administration, the Company Dec 2020 Director, in charge of Administration, CSI Co., Ltd. (current) Dec 2020 Director, Micron Co., Ltd. (current) Oct 2021 Director, Digital Solutions Co., Ltd. (current) Dec 2021 Director, in charge of Administration, CFO, the Company Feb 2022 Director, Sankaku Company Co., Ltd. (current) Oct 2023 Director, Mocosuku Co., Ltd. (current) Dec 2025 Director, CFO, the Company (current)

1967-01-20

Kaoru FUJIMOTO

Director, CHRO (Chief Human Resources Officer)

Nov 2004 Joined Career Bank Co., Ltd. Sep 2009 Joined Novelo Co., Ltd. May 2014 Joined CSI Co., Ltd. Apr 2020 Group Manager, General Affairs Group, CSI Co., Ltd. Oct 2021 Executive Officer, Group Manager, General Affairs Group, CSI Co., Ltd. Dec 2022 Director, in charge of General Affairs Group and Human Resources Group, CSI Co., Ltd. Oct 2024 Director, in charge of General Affairs and Human Resources Groups, CSI Co., Ltd. (current) Director, Mocosuku Co., Ltd. (current) Dec 2024 Director, the Company Dec 2025 CHRO (Chief Human Resources Officer), the Company (current)

1970-05-27

Hidenori ASAMI

Outside Director

Apr 1991 Joined Kita-Kanto NEC Software, Ltd. Apr 2009 Group Manager, Kita-Kanto Branch, NEC Software, Ltd. Apr 2015 Deputy Branch Manager, Niigata Branch, NEC Solution Innovators, Ltd. Apr 2016 Deputy General Manager, First Medical Solutions Business Division, NEC Solution Innovators, Ltd. Apr 2018 General Manager, First Medical Solutions Business Division, NEC Solution Innovators, Ltd. Apr 2020 Deputy General Manager, Medical Solutions Business Division, NEC Corporation Apr 2021 General Manager, Medical Solutions Business Division, NEC Corporation Apr 2023 General Manager, Medical Solutions Division, Social Public Solutions Business Division, NEC Corporation (current) Dec 2025 Outside Director, the Company (current)

1968-12-09

Joji DEHARA

Director, Full-time Audit and Supervisory Committee Member

Apr 1976 Joined Nitto Denchi Co., Ltd. (now Nitto Denko Base Materials Co., Ltd.) Nov 1983 Joined Toppan Moore Co., Ltd. (now TOPPAN Edge Inc.) Apr 2008 Manager, Market Development Department, East Japan Business Division, Toppan Moore Co., Ltd. Apr 2009 General Manager, Hokkaido Sales Headquarters, East Japan Business Division, Toppan Moore Co., Ltd. Apr 2016 Director, Hokkaido Toppan Forms Co., Ltd. (now Toppan Communication Products Co., Ltd.) May 2016 Director, in charge of Administration Division, Hokkaido Toppan Forms Co., Ltd. May 2019 Managing Director, Hokkaido Toppan Forms Co., Ltd. May 2021 Representative Director, President, Hokkaido Toppan Forms Co., Ltd. May 2022 Non-executive Advisor, Hokkaido Toppan Forms Co., Ltd. Sep 2024 Audit and Supervisory Board Member, CSI Co., Ltd. Dec 2024 Director, Full-time Audit and Supervisory Committee Member, the Company (current)

1956-08-15

Shuji YOSHIDA

Director, Audit and Supervisory Committee Member

Apr 1997 Joined Chuo Audit Corporation Apr 2000 Registered as Certified Public Accountant Jul 2007 Joined ShinNihon Audit Corporation (now EY ShinNihon LLC) Sep 2013 Established Shuji Yoshida Certified Public Accountant Office (current) Nov 2013 Outside Audit and Supervisory Board Member, Fusion Co., Ltd. (current) Sep 2015 Director, Hove Co., Ltd. Dec 2015 Director, Audit and Supervisory Committee Member, the Company (current) May 2016 Director, Hokuyu Lucky Co., Ltd. (current) Sep 2022 Audit and Supervisory Board Member, Hove Co., Ltd. (current)

1973-08-03

Mika HOSHIKA

Director, Audit and Supervisory Committee Member

Dec 2010 Registered as Attorney-at-Law Dec 2010 Joined Yoneya & Hayashi Law Office May 2015 Established Sapporo Sosei Law Office (current) Dec 2023 Director, Audit and Supervisory Committee Member, the Company (current)

1982-10-14

Large Shareholding Reports

SK-03 Co., Ltd.

2026-10-01

44.75%→53.26%

SK-03 Corporation

2026-10-01

44.75%→53.26%

SK-03 Co., Ltd.

2026-09-30

44.75%→44.75%

Axium Capital Pte. Ltd.

2026-09-29

14.28%→0.00%

SK-03

2026-09-29

53.26%

SK-03 Co., Ltd.

2026-09-29

53.26%

SK-03 Co., Ltd.

2026-09-28

44.75%

SK-03 Co., Ltd.

2026-09-25

44.75%

NEC Corporation

2026-09-18

8.15%→7.04%

Axium Capital Pte. Ltd.

2026-08-19

14.02%→14.28%

Axium Capital Pte. Ltd.

2026-08-18

12.92%→14.02%

Axium Capital Pte. Ltd.

2026-08-14

11.59%→12.92%

Axium Capital Pte. Ltd.

2026-05-22

11.55%→11.59%

Axium Capital Pte. Ltd.

2026-03-30

11.55%→11.55%

Axium Capital Pte. Ltd.

2026-03-30

10.54%→11.55%

Axium Capital Pte. Ltd.

2026-02-06

8.44%→10.54%

Axium Capital Pte. Ltd.

2026-01-09

6.90%→8.44%

Axium Capital Pte. Ltd.

2025-10-22

6.90%

UH Partners 3 Co., Ltd.

2025-09-29

7.45%→6.79%

Milestone Capital Management Co., Ltd.

2025-08-20

9.39%→1.60%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-01

Large Shareholding Report

CE Holdings Co.,Ltd.

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CE Holdings Co.,Ltd.

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