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Overview

Information & Communication

ITFOR Inc.

ITFOR Inc. is a Japanese IT solutions provider offering software design, development, maintenance, system infrastructure, and BPO services across financial institutions, public agencies, and retail/EC sectors. Its core product portfolio includes loan processing and debt management systems for banks and consumer finance companies, tax collection support systems for municipalities, retail POS and core systems for department stores, contact center solutions, cashless payment terminals, and cybersecurity services. The company differentiates through deep domain expertise accumulated over many years of client engagement, enabling rapid response to regulatory changes and technology evolution.

Market Cap

US$268M

¥42.8B

US$160M

¥25.5B

StockUS$10.13(¥1,618)▲+2.41%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

5.5

LTM EV/EBIT

6.1

LTM PER

15.1

LTM PBR

2.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-12.7%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

99%

EquityD/E 0.01xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

System development and sales

Revenue

US$85.9M(¥13.7B)

Segment profit

US$12.2M(¥1.96B)14.3%

Recurring

Revenue

US$59.1M(¥9.43B)

Segment profit

US$11.9M(¥1.90B)20.2%

Adjustments

Revenue

-US$0.33M(¥-0.05B)

Segment profit

-US$0.01M(¥-0.00B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 42.4%

as of 2026-09-30 · Source: Annual Securities Report

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

13.14%

Hikari Tsushin KK Investment Limited Liability Partnership

6.46%

Custody Bank of Japan, Ltd. (Trust Account)

5.72%

Japan Custody Bank, Ltd. (re-trust by Sumitomo Mitsui Trust Bank, Limited – Brother Industries, Ltd. Retirement Benefit Trust Account)

5.28%

ITFOR Inc. Employee Stock Ownership Association

3.73%

Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

2.05%

The Bank of Yokohama, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)

1.86%

STATE STREET BANK AND TRUST COMPANY505004 (Standing Proxy: Mizuho Bank, Ltd.)

1.71%

Eiji MURAKAMI

1.34%

Takashi KUSUMOTO

1.14%

Management

9 officers

Tsunenori SATO

Representative Director, Chairman

Mar 1998 Joined the Company Jun 2008 Executive Officer, Deputy General Manager, Solution Systems Business Division Oct 2009 Executive Officer, General Manager, Solution Systems Business Division Jun 2011 Director, Executive Officer, General Manager, Solution Systems Business Division Apr 2013 Director, Executive Officer, General Manager, Financial Systems 1st Business Division Jun 2016 Director, Managing Executive Officer, General Manager, Financial Systems Business Division May 2017 Director, Managing Executive Officer, General Manager, Financial Systems Business Division Jun 2017 Representative Director, Managing Executive Officer, General Manager, Financial Systems Business Division Apr 2018 Representative Director, Managing Executive Officer, General Manager, Business Division and Financial Systems Business Division Jun 2018 Representative Director, Senior Managing Executive Officer, General Manager, Business Division and Financial Systems Business Division Apr 2019 Representative Director, President and Executive Officer, General Manager, Business Division Apr 2021 Representative Director, President Jun 2025 Representative Director, Chairman (current)

1964-12-14

Koji SAKATA

Representative Director, President

Apr 1987 Joined the Company Jun 2008 Executive Officer, General Manager, Software 1st Business Division Oct 2008 Executive Officer, General Manager, Software Development Division Jun 2013 Director, Executive Officer, General Manager, Technical Support Business Division Jun 2014 Director, Managing Executive Officer, General Manager, Technology Development Division and Technical Support Business Division Oct 2015 Director, Managing Executive Officer, General Manager, Technology Development Division Aug 2018 Director, Managing Executive Officer, General Manager, Public Systems Business Division and in charge of Technology Development Division Apr 2019 Director, Senior Managing Executive Officer, General Manager, Public Systems Business Division and General Manager, Software 4th Business Division Jun 2019 Director, Senior Managing Executive Officer, General Manager, Public Systems Business Division and General Manager, Software 3rd Business Division Apr 2020 Director, Senior Managing Executive Officer, General Manager, Technology Development Division and General Manager, Software 2nd Business Division Oct 2020 Representative Director, Senior Managing Executive Officer, General Manager, Technology Development Division and General Manager, Software 2nd Business Division Apr 2023 Representative Director, Senior Managing Executive Officer, General Manager, Technology Development Division and General Manager, Software 1st Business Division Apr 2024 Representative Director, Senior Managing Executive Officer, General Manager, Technology Development Division Apr 2025 Representative Director, Senior Managing Executive Officer, General Manager, Technology Division Jun 2025 Representative Director, President (current)

1966-01-26

Hirotaka OEDA

Director, Managing Executive Officer; General Manager, Business Division and General Manager, Financial Systems Business Division

Apr 1981 Joined the Company Jun 2004 Executive Officer, General Manager, West Japan Office Apr 2005 Executive Officer, General Manager, Solution Systems Business Division Jun 2006 Director, Executive Officer, General Manager, Solution Systems Business Division Jun 2007 Director, Managing Executive Officer, General Manager, Solution Systems Business Division Oct 2009 Director, Managing Executive Officer, General Manager, Business Division Apr 2015 Director, Managing Executive Officer, General Manager, Financial Systems 2nd Business Division Jun 2016 Director, Executive Officer, General Manager, 2nd Business Division, Financial Systems Business Division May 2017 Director, Executive Officer, General Manager, CTI and Infrastructure Systems Business Division Dec 2018 Director, Executive Officer, General Manager, CTI and Telecommunications Systems Business Division Apr 2020 Director, Executive Officer, General Manager, Telecommunications and Enterprise Systems Business Division Apr 2021 Director, Executive Officer, General Manager, Business Division and General Manager, Distribution and e-Commerce Systems Business Division Jun 2024 Director, Managing Executive Officer, General Manager, Business Division and General Manager, Distribution and e-Commerce Systems Business Division Apr 2025 Director, Managing Executive Officer, General Manager, Business Division and General Manager, Financial Systems Business Division (current)

1957-07-23

Katsuo NAKAYAMA

Director, Executive Officer; General Manager, Administration Division

Jun 2003 Part-time Audit & Supervisory Board Member of the Company Jun 2007 Outside Audit & Supervisory Board Member, NCD Co., Ltd. (formerly Nippon Computer Dynamics Co., Ltd.) Jun 2010 Director, Executive Officer, General Manager, Administration Division of the Company (current) Jun 2015 Outside Director (Audit and Supervisory Committee Member), NCD Co., Ltd. (current)

1965-05-09

Kazunori KONO

Director, Executive Officer; General Manager, Payment Business Division

Apr 1996 Joined the Company Oct 2010 General Manager, Network Solutions Business Division Jun 2011 Executive Officer, General Manager, Network Solutions Business Division Apr 2014 Executive Officer, Deputy General Manager, Business Division Apr 2022 Executive Officer, General Manager, Payment Business Department Apr 2023 Executive Officer, General Manager, Payment Business Division Jun 2024 Director, Executive Officer, General Manager, Payment Business Division (current)

1972-12-12

Waka ABE

Director

Mar 2004 Joined SK Electronics Co., Ltd. Apr 2013 Deputy General Manager, Management Strategy Office, SK Electronics Co., Ltd. Apr 2014 Joined Shashin Kagaku Co., Ltd. Jun 2014 Director, Shashin Kagaku Co., Ltd. Dec 2019 Director, SK Electronics Co., Ltd. in charge of Business Development Office Jun 2021 Outside Director of the Company (current) Apr 2022 Director, SK Electronics Co., Ltd. in charge of New Business Creation Office and Solution Business Division (current) Mar 2025 Outside Audit & Supervisory Board Member, Moniker Inc. (current)

1972-06-15

Masato MOTOYAMA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1981 Joined the Company Jun 2008 Executive Officer, Deputy General Manager, Business Division Jun 2011 Director, Executive Officer, Deputy General Manager, Business Division Jun 2013 Director, Executive Officer, General Manager, Business Development Department Jun 2016 Executive Officer, General Manager, Business Development Department and General Manager, Contact Center Services Department Jun 2017 General Manager, Business Development Department of the Company Apr 2018 Senior Specialist, Sales Department 1, CTI and Infrastructure Systems Business Division of the Company Apr 2021 Senior Specialist, Sales Promotion Department, Financial Systems Business Division of the Company Jun 2021 Director (Audit and Supervisory Committee Member) of the Company (current)

1958-02-24

Itsuko FUKUDA

Director (Audit and Supervisory Committee Member)

Apr 1984 Joined Toshiba Corporation Apr 2015 General Manager, Quality Assurance Department, Komukai Operations, Toshiba Corporation Jul 2017 General Manager, Quality Assurance Department, Komukai Operations, Toshiba Infrastructure Systems & Solutions Corporation Mar 2018 Joined Toshiba Electronic Systems Corporation Jun 2018 President and Representative Director, Toshiba Electronic Systems Corporation Oct 2019 President and Representative Director, Toshiba Electronic Systems Corporation Oct 2022 Director, General Manager, Systems Division and General Manager, Sales Division, Toshiba Denpa Technology Corporation Jun 2024 Outside Director, Shinko Industries Co., Ltd. (current) Jun 2024 Outside Director, Ichikawa Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1962-02-05

Hiroshi KANAZAWA

Director (Audit and Supervisory Committee Member)

Oct 2004 Joined Chuo Sogo Law Office Nov 2012 Joined Rodyk & Davidson LLP (now Dentons Rodyk) Aug 2013 Registered as Attorney at Law, State of New York Jan 2014 Assistant Manager, General Affairs Division, Supervisory Bureau, Financial Services Agency Jan 2016 Partner, Chuo Sogo Law Office (current) Jun 2018 Outside Audit & Supervisory Board Member, Toda Kogyo Corp. Jun 2018 Outside Audit & Supervisory Board Member, Rakuten General Insurance Co., Ltd. (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Toda Kogyo Corp. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1979-04-20

Large Shareholding Reports

Koutsushin Co., Ltd.

2025-09-26

6.53%→6.81%

Koutsushin Co., Ltd.

2025-09-12

5.46%→6.53%

Sumitomo Mitsui DS Asset Management Company, Limited

2025-08-06

7.24%→6.00%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-12

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

ITFOR Inc.

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ITFOR Inc.

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