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Overview

Oil and Coal Products

NICHIREKI GROUP CO.,LTD.

Nichireki Group is a holding company whose subsidiaries provide a comprehensive range of products, technologies, and construction services related to road pavement across Japan and overseas. Core operations include the manufacture and sale of asphalt emulsions and modified asphalt products (asphalt applied processing products segment) through subsidiary Nichireki Co., Ltd., as well as pavement and waterproofing contracting works through subsidiary Nichirei Road Co., Ltd. and 34 other subsidiaries (road pavement segment). The group differentiates itself through proprietary high-durability and low-carbon pavement technologies such as StabiCement RC, ThermoTec UII heat-shielding pavement, and Super Shinayaka Fault long-life asphalt mixtures.

Activists: Symphony Financial Partners (Singapore) Pte. Ltd. 16.31%

Market Cap

¥61.9B

US$394M

¥48.7B

US$310M

Stock¥2,174▲+0.32%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

5.3

LTM EV/EBIT

7.6

LTM PER

13.7

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-37.2%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

Nichireki Group: holding company for asphalt materials and road pavement contracting, leveraging proprietary low-carbon, high-durability technologies across 38 subsidiaries. FY26/3 revenue ¥75.9B with OP margin compressed to 7.8%, down from 9.7% in FY23/3, as profitability erodes despite stable top line. Fragmented, activist-flavored register (Duet-linked Maples Trustee at 10.4%, SFP Value Realization at 5.6%) signals latent shareholder pressure on a company trading at EV of ¥48.7B against ¥79.1B equity book.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

81%

19%

EquityD/E 0.24xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 44.0%

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

MAPLES TRUSTEE SERVICES (CAYMAN) LIMITED (ACTING IN ITS CAPACITY AS TRUSTEE OF DUET)/GZ-1 (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

10.39%

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

8.64%

THE SFP VALUE REALIZATION MASTER FUND LTD. (Standing Proxy: Tachibana Securities Co., Ltd.)

5.61%

Mizuho Bank, Ltd.

3.90%

ITOCHU ENEX CO.,LTD.

3.15%

Sumitomo Mitsui Trust Bank, Limited

3.10%

NICHIREKI GROUP CO.,LTD. Business Partners' Stock Ownership Association

2.99%

Ikeda 20th Century Art Museum Public Interest Foundation

2.21%

JP MORGAN CHASE BANK 385642 (Standing Proxy: Mizuho Bank, Ltd.)

2.15%

Custody Bank of Japan, Ltd. (Trust Account)

1.88%

Management

13 officers

Manabu OBATA

Representative Director, President

Apr 1982 Joined the Company Jun 2005 Executive Officer Jun 2011 Senior Executive Officer Jun 2013 Director, Managing Executive Officer Jun 2015 Representative Director, President and Executive Officer Jun 2020 Representative Director, President (current)

1956-12-25

Yuji KAWAGUCHI

Representative Director, Vice President

Apr 1980 Joined the Company Jun 2007 Executive Officer Jun 2013 Director, Managing Executive Officer Jun 2018 Director, Senior Managing Executive Officer Jun 2020 Senior Managing Director Jun 2022 Representative Director, Vice President (current)

1958-03-16

Shokichi HANYU

Senior Managing Director

Apr 1982 Joined the Company Jun 2011 Executive Officer Jun 2013 Director, Senior Executive Officer Jun 2015 Director, Managing Executive Officer Jun 2020 Managing Director Jun 2024 Senior Managing Director (current)

1958-10-09

Hiroyuki TOTSUKA

Senior Managing Director

Apr 1985 Joined the Company Apr 2014 Executive Officer Apr 2017 Senior Executive Officer Jun 2023 Managing Director Jun 2025 Senior Managing Director (current)

1962-01-27

Atsushi YAMAMOTO

Managing Director

Mar 2020 Joined the Company Apr 2020 Senior Executive Officer Jun 2021 Director Jun 2025 Managing Director (current)

1966-07-31

Tatsuya ITO

Managing Director

Apr 1986 Joined the Company Apr 2015 Executive Officer Apr 2020 Senior Executive Officer Jun 2022 Director Jun 2025 Managing Director (current)

1963-05-15

Osamu KOBAYASHI

Director

Mar 1983 Registered as Certified Public Accountant Jun 1983 Registered as Licensed Tax Accountant Aug 1996 Principal, Kobayashi Accounting Office (current) Jun 2004 Audit & Supervisory Board Member of the Company Jun 2015 Director of the Company (current)

1956-05-20

Haruko SHIBUMURA

Director

Apr 1994 Registered as Attorney-at-law (Second Tokyo Bar Association) Apr 1994 Joined Honma Godo Law Office Apr 1999 Partner Attorney, same firm (current) Jun 2015 Audit & Supervisory Board Member of the Company Jun 2018 Outside Director, Tamura Corporation (current) Jun 2019 Director of the Company (current) Jun 2024 Outside Director, Yokogawa Bridge Holdings Corp. (current) Mar 2026 Outside Director, BroadBand Tower, Inc. (current)

1964-12-06

Takuya JOSHO

Director

Oct 2001 Registered as Attorney-at-law (Tokyo Bar Association) Oct 2001 Joined Okuno & Partners Apr 2011 Partner Attorney, same firm (current) Jul 2013 Councillor (Adjudicator), Financial Services Agency (current) Mar 2019 Director and Attorney-at-law, Lisa Corporate Restructuring & Debt Collection Co., Ltd. (current) Jun 2019 Audit & Supervisory Board Member of the Company Jun 2021 Director of the Company (current)

1974-09-23

Mieko FUKUDA

Director

Apr 2001 Registered as Certified Management Consultant (Central Branch, Tokyo Certified Management Consultants Association) Apr 2021 Principal, Fukuda Research Institute (current) Jun 2021 Director of the Company (current)

1965-04-01

Masaaki NOHARA

Director, Audit and Supervisory Committee Member

Apr 1985 Joined the Company Apr 2014 General Manager, General Affairs Department Apr 2018 Executive Officer Jun 2019 Full-time Audit & Supervisory Board Member Jun 2024 Director, Audit and Supervisory Committee Member (current)

1961-04-24

Tsutomu KANIYA

Director, Audit and Supervisory Committee Member

Aug 1996 Joined Nobuyoshi Nakamura Tax Accountant Office May 2000 Registered as Licensed Tax Accountant May 2000 Principal, Tsutomu Kaniya Tax Accountant Office (current) Jun 2015 Audit & Supervisory Board Member of the Company Jun 2024 Director, Audit and Supervisory Committee Member of the Company (current)

1963-09-01

Noriko KAWATE

Director, Audit and Supervisory Committee Member

Jul 2001 Registered as Certified Public Accountant Nov 2004 Registered as Licensed Tax Accountant Feb 2008 Representative Director, Clear Consulting Co., Ltd. (current) Jun 2021 Outside Audit & Supervisory Board Member, Sumitomo Bakelite Co., Ltd. (current) Jun 2021 Audit & Supervisory Board Member of the Company Jun 2024 Director, Audit and Supervisory Committee Member of the Company (current)

1976-02-22

Large Shareholding Reports

Mizuho Bank, Ltd.

2026-10-07

3.50%→2.55%

Annual report (as of 2026-03-31): 3.90%

Sumitomo Mitsui Trust Bank, Limited

2026-05-21

3.47%→2.60%

Annual report (as of 2026-03-31): 3.10%

Symphony Financial Partners (Singapore) Pte. Ltd.

2025-10-17

15.78%→16.31%