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Overview

Chemicals

ADJUVANT HOLDINGS CO.,LTD.

Adjuvant Holdings is a pure holding company overseeing a group of cosmetics businesses focused on hair care and skin care products designed to support natural, healthy beauty. The group's core subsidiary, Adjuvant Cosme Japan, develops and sells salon-use cosmetics—including shampoos, treatments, scalp care, skincare, and color products—to hair salons, esthetic salons, nail salons, and beauty clinics primarily through a distributor and direct-to-salon channel, supported by counseling seminars and training programs. Products are formulated with a proprietary balance of sugars and minerals found in bodily fluids, minimizing allergens and irritants to meet growing consumer demand for safe, natural beauty solutions; the group also addresses direct-to-consumer channels via EC for hair growth products and operates in Hong Kong through ADJUVANT GLOBAL COMPANY LIMITED.

Market Cap

¥5.96B

US$38.0M

¥3.52B

US$22.5M

Stock¥745▲+1.09%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

12.7

LTM EV/EBIT

18.4

LTM PER

37.7

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.1%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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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 51.8%

as of 2026-03-20 · Source: Annual Securities Report

T.N Solution Co., Ltd.

11.94%

Masaki TANAKA

11.76%

Bonny Co., Ltd.

11.56%

Yutaka NAKAMURA

9.82%

Junko TANAKA

2.97%

Yoshihiko MIYAZAWA

1.29%

Ishida Link Co., Ltd.

0.75%

Chie ISHIDA

0.75%

ADJUVANT HOLDINGS CO.,LTD. Employee Stock Ownership Association

0.70%

Shinya MORIUCHI

0.29%

Management

9 officers

Yutaka NAKAMURA

Representative Director, Chairman and President

Apr 1990 Mizufurenddo Co., Ltd. (now the Company) established; Director Apr 1991 Act Kikaku Co., Ltd. (now the Company), Representative Director and President Sep 2014 ADJUVANT HONG KONG COMPANY LIMITED (now ADJUVANT GLOBAL COMPANY LIMITED), Director Jun 2016 Representative Director and Chairman, the Company Jan 2021 Representative Director, Chairman and President, the Company Mar 2021 ADJUVANT HONG KONG COMPANY LIMITED (now ADJUVANT GLOBAL COMPANY LIMITED), Chairman of the Board Apr 2021 Adjuvant Cosmejapan Co., Ltd. (preparatory company, now Adjuvant Cosmejapan Co., Ltd.) established; Representative Director (current) Mar 2024 Representative Director, Chairman and President, the Company; in charge of Administration Division and Business Support Division Mar 2025 Representative Director, Chairman and President, the Company (current)

1946-07-28

Junko TANAKA

Senior Managing Director

Apr 1990 Mizufurenddo Co., Ltd. (now the Company) established; Representative Director and President Apr 1991 Act Kikaku Co., Ltd. (now the Company), Senior Managing Director Jul 2011 Senior Managing Director, the Company; in charge of Business Planning Section Mar 2016 Senior Managing Director, the Company Mar 2020 Senior Managing Director, the Company; General Manager, Product Development Division Apr 2021 Adjuvant Cosmejapan Co., Ltd. (preparatory company, now Adjuvant Cosmejapan Co., Ltd.) established; Representative Director Sep 2021 Senior Managing Director, the Company (current) Mar 2026 Representative Director, Adjuvant Cosmejapan Co., Ltd.; General Manager, Product Development Division (current)

1950-04-18

Takeshi FUJIWARA

Director

Jan 1997 Joined Adjuvant Co., Ltd. (now the Company) Mar 2014 General Manager, Business Planning Department and Manager, Business Planning Section, the Company Mar 2019 General Manager, Western Japan Sales Department and Manager, Kobe Sales Office, the Company Mar 2020 General Manager, Western Japan Sales Department; Manager, Kobe Sales Office and Okayama Sales Office, the Company Mar 2021 Executive Officer; General Manager, Sales Division; Manager, Kobe Sales Office and Okayama Sales Office, the Company Sep 2021 Executive Officer, General Manager, Sales Division, Adjuvant Cosmejapan Co., Ltd. Mar 2023 Director, General Manager, Sales Division, Adjuvant Cosmejapan Co., Ltd. Jun 2023 Director, the Company (current) Apr 2025 Chairman of the Board, ADJUVANT GLOBAL COMPANY LIMITED (current) Mar 2026 Director, General Manager, Overseas Business Division, Adjuvant Cosmejapan Co., Ltd. (current)

1971-11-15

Hirokazu OSHIMA

Director

Oct 2005 Joined Adjuvant Cosmejapan Co., Ltd. (now the Company) Mar 2019 General Manager, East Japan Sales Department, the Company Mar 2020 General Manager, East Japan Sales Department; Manager, Tokyo Sales Office, the Company Mar 2021 Executive Officer; General Manager, Sales Division; Manager, Tokyo Sales Office, the Company Sep 2021 Executive Officer, General Manager, Sales Division, Adjuvant Cosmejapan Co., Ltd. Mar 2022 Executive Officer, Deputy General Manager, Sales Division, Adjuvant Cosmejapan Co., Ltd. Mar 2023 Director, Deputy General Manager, Sales Division, Adjuvant Cosmejapan Co., Ltd. Jun 2023 Director, the Company (current) Mar 2024 Director, Deputy General Manager, Product Development Division, Adjuvant Cosmejapan Co., Ltd. Mar 2025 Director, General Manager, Product Development Division, Adjuvant Cosmejapan Co., Ltd. Mar 2026 Director, General Manager, Sales Division, Adjuvant Cosmejapan Co., Ltd. (current)

1976-08-02

Masaki TANAKA

Director

Sep 2004 Joined Adjuvant Cosmejapan Co., Ltd. (now the Company) Apr 2021 2C Co., Ltd. established; Director Mar 2023 Director, Adjuvant Cosmejapan Co., Ltd.; in charge of Planning and Analysis Group Jun 2024 Director, the Company (current) Mar 2025 Director, Adjuvant Cosmejapan Co., Ltd.; General Manager, Planning and Analysis Department (now General Manager, Salon Support Department) (current)

1979-11-27

Takuya NAKAMURA

Director

Apr 2009 Joined Resona Bank, Limited Oct 2013 Joined Recruit Career Co., Ltd. Apr 2017 Established Takuya Nakamura Office; Representative May 2021 Registered as Small and Medium Enterprise Management Consultant Mar 2024 Joined the Company Mar 2025 General Manager, Management Division, the Company Jun 2025 Director, General Manager, Management Division, the Company (current)

1985-04-06

Shinya KIDA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1980 Joined Nichimo Co., Ltd. Dec 2003 Executive Officer, General Manager, Accounting and Finance Department, Nichimo Co., Ltd. Dec 2005 Managing Executive Officer, General Manager, Accounting and Finance Department and Head of IR Office, Nichimo Co., Ltd. Dec 2006 Director and Executive Officer, General Manager, Accounting and Finance Department and Head of IR Office, Nichimo Co., Ltd. Apr 2017 Executive Officer, General Manager, Accounting Department, Administration Division, Towa Pharmaceutical Co., Ltd. Apr 2023 Executive Officer, General Manager, Administration Division; in charge of Accounting and Finance Division, Towa Pharmaceutical Co., Ltd. Jun 2024 Executive Fellow, Human Resources Training Center, Towa Pharmaceutical Co., Ltd. Jun 2025 Outside Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1958-01-19

Junji MIMURA

Director (Audit and Supervisory Committee Member)

Oct 2002 Joined Shin Nihon Audit Corporation (now EY ShinNihon LLC) May 2006 Registered as Certified Public Accountant Feb 2012 Established Mimura CPA Office; Representative (current) Feb 2012 Outside Audit & Supervisory Board Member, Kowa Seisakusho Co., Ltd. Jun 2012 Outside Audit & Supervisory Board Member, the Company Aug 2013 Established Reraise Partners Co., Ltd.; Representative Director (current) Jun 2015 Outside Director, the Company Jun 2015 Outside Audit & Supervisory Board Member, Towa Pharmaceutical Co., Ltd. May 2017 Outside Audit & Supervisory Board Member, AIT Co., Ltd. Jun 2021 Outside Director (Audit and Supervisory Committee Member), the Company (current) Feb 2022 Outside Director (Audit and Supervisory Committee Member), ASAHI EITO Holdings Co., Ltd.

1978-04-28

Kohiro NAKAMURA

Director (Audit and Supervisory Committee Member)

Dec 2007 Registered as Attorney-at-law; joined Kitahama Law Office, Foreign Law Joint Enterprise Nov 2009 - Apr 2011 Concurrently engaged in intellectual property work at Sekisui Chemical Co., Ltd. May 2013 Registered as Attorney in the State of New York, USA Apr 2014 Joined Lexia Patent Law Office as Partner Attorney (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1980-05-21

Large Shareholding Reports

No filings

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-21

Q2 Earnings Flash

FY ending Mar 2027

ADJUVANT HOLDINGS CO.,LTD.

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ADJUVANT HOLDINGS CO.,LTD.

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