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Under supervision (confirmation) · Designated 2026-09-01 JPX notice

Overview

Information & Communication

eSOL Co.,Ltd.

eSOL is a full-stack embedded software company providing real-time operating systems (RTOS), hypervisors, development tools, middleware, and engineering services to customers in the automotive, industrial, medical, and consumer electronics sectors. The company's flagship products include the eMCOS® RTOS and eT-Kernel™, which are deployed in mission-critical systems such as Software Defined Vehicles (SDV), aerospace, and robotics applications. eSOL differentiates itself as one of the few vendors globally capable of delivering end-to-end embedded software solutions—from OS/platform layers through middleware and application layers—combined with proprietary IP and active participation in international standardization bodies such as AUTOSAR and SOAFEE.

K.K. BCJ-110 completed a tender offer for the company at ¥820 per share (announced 2026-09-01). (Completed)

Market Cap

¥16.0B

US$102M

¥11.9B

US$76.1M

Stock¥811▲+0.00%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

12.0

LTM EV/EBIT

13.7

LTM PER

21.7

LTM PBR

2.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+14.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Feb 13, 26FY results: Operating profit ¥820M (-26.8% YoY)

MC → EV Bridge

AI Briefing

eSOL: full-stack embedded software platform (RTOS/eMCOS, hypervisors, tools) riding Software Defined Vehicle and cyber-physical systems demand across automotive, industrial and medical OEMs. FY24/12 revenue ¥11.9B swung to OP profitability (9.3% margin); FY25/12 revenue grew to ¥12.1B but OP margin eased to 6.7%, signaling margin discipline questions post-turnaround. Trading at ¥16.0B market cap / ¥12.0B EV (~10x EBITDA LTM), with net cash balance sheet and standardization clout (AUTOSAR, SOAFEE) underpinning a niche strategic asset narrative; no tender offer in play per available data.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

99%

EquityD/E 0.01xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 44.6%

as of 2026-06-30 · Source: Annual Securities Report

eSOL Co.,Ltd. Employee Stock Ownership Association

10.35%

KAM Co., Ltd.

7.15%

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

6.25%

BOB Co., Ltd.

6.09%

AVAL DATA CORPORATION

4.06%

Mitsunobu YAMADA

2.68%

Fumio NAKAMURA

2.22%

Nomura Trust and Banking Co., Ltd. (Trust Account 2052251)

2.03%

Kiyotoshi KASAYA

1.92%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

1.87%

Management

8 officers

Masaki GONDO

Representative Director, President, CEO and CTO

Sep 1996 Joined Elg Inc. (now the Company) Jan 2010 General Manager, Technology Strategy Office Jan 2012 General Manager, Technology Division Mar 2017 Director, General Manager, Technology Division Jan 2022 Director, General Manager, Software Business Division Mar 2022 Senior Managing Director, General Manager, Software Business Division Jan 2025 Senior Managing Director, CTO; in charge of Embedded Software Business and Quality Control Division Mar 2025 Representative Director, President, CEO and CTO; in charge of Embedded Software Business, President's Office, Internal Control Office and Quality Control Division Jan 2026 Representative Director, President, CEO and CTO; in charge of Embedded Software Business, President's Office, Internal Control Office, Corporate Communications Office and Quality Control Division (current)

1970-10-10

Tomoyuki UDA

Managing Director, CBO, General Manager, Business Management Division

Aug 1994 Joined AI Corporation Aug 1997 Joined Lantronix, Inc. Feb 2003 Joined the Company Jan 2004 CEO, eSOL, Inc. Mar 2011 Joined Dassault Systèmes K.K. Jul 2012 Joined eTAS K.K. Jan 2017 Joined Visteon Japan Ltd. Jul 2019 Joined ANSYS Japan K.K. Jul 2023 Executive Officer, Deputy General Manager, Business Management Division, Software Business Division Mar 2024 Director, Deputy General Manager, Business Management Division, Software Business Division Jan 2025 Director, CBO and General Manager, Business Management Division Jan 2026 Representative, eSOL Europe S.A.S. (current) Mar 2026 Managing Director, CBO and General Manager, Business Management Division (current); Director, eSOL Trinity K.K. (current) Significant concurrent positions: Representative, eSOL Europe S.A.S. (current); Director, eSOL Trinity K.K. (current)

1967-06-29

Nobuyuki KAMIYAMA

Director

Jul 1999 Representative Director, eSIM K.K. Apr 2001 Joined Elg Inc. (now the Company) Apr 2001 General Manager, Embedded Products Division Jun 2001 Director, General Manager, Embedded Products Division Mar 2008 Managing Director Mar 2015 Representative Director and President, eSOL Trinity K.K. (current) Jan 2017 General Manager, Embedded Products Division Mar 2018 Representative, eSOL Europe S.A.S. Jan 2022 Managing Director, General Manager, Business Management Division, Software Business Division Jan 2025 Managing Director, in charge of General Administration Division and Corporate Communications Office Jan 2026 Managing Director, in charge of Administration Division; Director, Kyoto Microcomputer K.K. (current) Mar 2026 Director, in charge of Administration Division (current) Significant concurrent positions: Representative Director and President, eSOL Trinity K.K. (current); Director, Kyoto Microcomputer K.K. (current)

1963-01-20

Akihiko TSUKUDA

Director, General Manager, Engineering Division

Mar 2000 Joined the Company Mar 2020 General Manager, Industrial Technology Division, Solution Engineering Business Division Jan 2022 Deputy General Manager, Business Management Division, Software Business Division Jan 2025 General Manager, Engineering Division Mar 2026 Director, General Manager, Engineering Division (current)

1977-11-25

Nobuhide NAKAIDO

Director

Apr 1971 Joined Sumitomo Corporation Apr 2005 Representative Director, Executive Vice President and Executive Officer, Sumitomo Corporation Jun 2009 Representative Director, Chairman and President, Sumitomo Information Systems Co., Ltd. (now SCSK Corporation) Oct 2011 Representative Director and President, SCSK Corporation Jun 2013 Representative Director and Chairman, SCSK Corporation Apr 2013 Director and Senior Advisor, SCSK Corporation Mar 2019 Director, the Company (current) Significant concurrent positions: Outside Director, Ichigo Inc. (current); Chairman, Japan CHRO Association (current); Outside Director, SOURCENEXT CORPORATION (current); Outside Director, JAC Recruitment Co., Ltd. (current)

1946-11-01

Kenichiro TAKANO

Director (Full-time Audit and Supervisory Committee Member)

Sep 1983 Joined Elg Inc. (now the Company) Mar 2002 General Manager, Technology Department, Solution Engineering Business Division Jan 2005 General Manager, First Technology Department, Solution Engineering Business Division Mar 2013 General Manager, Technology Management Department, Solution Engineering Business Division Jan 2022 Business Support Department, Engineering Division, Software Business Division Mar 2024 Director (Full-time Audit and Supervisory Committee Member) (current)

1963-05-03

Hiroyuki WAKABAYASHI

Director (Audit and Supervisory Committee Member)

Apr 1979 Joined DENSO Corporation Jun 2006 Managing Officer, DENSO Corporation Jun 2013 Senior Managing Director, DENSO Corporation Jun 2014 Director and Senior Managing Officer, DENSO Corporation Jun 2015 Senior Managing Officer, DENSO Corporation Jun 2016 Director and Senior Managing Officer, DENSO Corporation Apr 2017 Representative Director and Executive Vice President, DENSO Corporation Jun 2024 Outside Director, Sumitomo Bakelite Co., Ltd. (current) Mar 2026 Director (Audit and Supervisory Committee Member) (current) Significant concurrent positions: Outside Director, Sumitomo Bakelite Co., Ltd. (current)

1956-01-15

Yuzaburo HIDAKA

Director (Audit and Supervisory Committee Member)

Oct 1987 Joined Eiwa Audit Corporation (now Azusa Audit LLC) Sep 2001 Managing Director, BearingPoint Japan, Ltd. (now PwC Consulting LLC) Sep 2006 Representative Director, ISI Co., Ltd. (current) Apr 2017 Managing Director, Business Innovation Division, TIS Inc. Apr 2021 Director, DIGITAL LIFE Inc. Apr 2022 Director, Akarie Inc. Apr 2024 Corporate Auditor, Ownership Co., Ltd. (current) Mar 2026 Director (Audit and Supervisory Committee Member) (current) Significant concurrent positions: Representative Director, ISI Co., Ltd. (current); Board Member, Japan CHRO Association (current); Corporate Auditor, Ownership Co., Ltd. (current)

1962-04-29

Large Shareholding Reports

NOMURA INTERNATIONAL PLC

2026-10-22

4.11%

KAM Co., Ltd.

2026-09-08

6.57%→7.05%

Annual report (as of 2026-06-30): 7.15%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

eSOL Co.,Ltd.

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eSOL Co.,Ltd.

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