Overview
Construction

INFRONEER Holdings Inc.

Infroneer Holdings is a Japanese infrastructure holding company operating across construction (building and civil engineering), pavement, machinery, and infrastructure operations segments. Its key subsidiaries include Maeda Corporation (building/civil engineering), Maeda Road Construction (pavement and asphalt), Maeda Seisakusho (construction machinery), and Nippon Wind Development (renewable energy). The group also pursues concession-based infrastructure operations including airports, roads, and industrial water facilities, alongside renewable energy development under a PPP/PFI-oriented business model.

Market Cap
¥571B
US$3.64B
EV
¥855B
US$5.45B
Stock¥2,257.5▲+0.92%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.5
x
LTM EV/EBIT
9.9
x
LTM PER
3.9
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+12.2%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Apr 1, 26Joint venture with Accenture announced (81% stake)
2Oct 5, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
571BUS$3.64BMarket Cap611BUS$3.90B+ Debt356BUS$2.27B− Cash0.02BUS$0.13M− Inv. Sec.28.4BUS$181M+ NCI855BUS$5.45BEV
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Performance & Balance
Revenue 5Y (¥B)
683US$4.36B'22/3710US$4.53B'23/3793US$5.06B'24/3848US$5.41B'25/31,125US$7.17B'26/3
EBITDA 5Y (¥B)
62.4US$398M'22/374.6US$475M'23/384.6US$540M'24/382.5US$526M'25/3120US$768M'26/3
Net Income 5Y (¥B)
26.7US$170M'22/335.9US$229M'23/332.6US$208M'24/332.4US$207M'25/376.6US$488M'26/3
Capital Structure
52%
48%
EquityD/E 0.93xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
198US$1.26B183US$1.17B'22/392.0US$587M190US$1.21B'23/3113US$723M504US$3.22B'24/3120US$762M419US$2.67B'25/3361US$2.30B613US$3.91B'26/3
Shareholders
Top 10 hold 36.0%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.01%
2
Hikarigaoka Kosan Co., Ltd.
9.49%
3
Custody Bank of Japan, Ltd. (Trust Account)
4.58%
4
INFRONEER Holdings Inc. Employee Stock Ownership Association
3.44%
5
Custody Bank of Japan, Ltd. (Money Trust Taxable Account)
1.87%
6
Sumitomo Realty & Development Co.,Ltd.
1.22%
7
STATE STREETBANK AND TRUSTCOMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
1.21%
8
Sumitomo Mitsui Banking Corporation
1.09%
9
MAEDA CORPORATION Business Partners' Stock Ownership Association
1.06%
10
Kyoei Fire & Marine Insurance Co., Ltd.
1.01%
Management
7 officers
Kazunari KIBE
Director, Member of Nomination Committee and Compensation Committee
Apr 1986 Joined Maeda Corporation Jan 2007 General Manager, Corporate Planning Department, Management Administration Division, Maeda Corporation Apr 2009 Deputy General Manager, Management Administration Division, Maeda Corporation Jan 2010 Executive Officer, Deputy General Manager of Civil Engineering Division, in charge of Corporate Planning, Maeda Corporation Apr 2013 General Manager, Business Strategy Office, Maeda Corporation Apr 2014 Managing Executive Officer, Maeda Corporation Apr 2016 General Manager, Business Strategy Division, Maeda Corporation Jun 2016 Director, Maeda Corporation Apr 2020 Senior Managing Executive Officer, General Manager, Management Innovation Division, Maeda Corporation Jun 2020 In charge of CSR and Environment, Maeda Corporation May 2021 In charge of CSV Strategy and Head of Technology and Information, Maeda Corporation Oct 2021 Representative Director, Vice President, in charge of Information, Maeda Corporation Oct 2021 Director, the Company; Representative Executive Officer, President and CEO (current)
1961-04-25
Keiichiro HASHIMOTO
Outside Director, Chairman of the Board of Directors, Chair of Audit Committee, Member of Nomination Committee
Apr 1974 Joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2001 General Manager, International Banking Division, The Mitsubishi Bank, Ltd. Jun 2003 Director and Executive Vice President, Chief Financial Officer (CFO), Mitsubishi Motors Corporation Jun 2005 Senior Managing Director, Sega Sammy Holdings Inc. Jun 2010 Chairman and President, Metropolitan Expressway Company Limited Jun 2015 Audit & Supervisory Board Member, The Higashi-Nippon Bank, Limited Apr 2016 Audit & Supervisory Board Member, Concordia Financial Group, Ltd. (now Yokohama Financial Group, Inc.) Apr 2019 Vice Chairman and Managing Director, Japan Association of Corporate Executives Oct 2019 Outside Director, CO2 Shigen-ka Kenkyusho Co., Ltd. (current) Jun 2020 Outside Director, FANCL Corporation Jun 2020 Audit & Supervisory Board Member, Maeda Road Construction Co., Ltd. Jun 2021 Non-Executive Director, Maeda Road Construction Co., Ltd. (current) Oct 2021 Outside Director, the Company (current) Jun 2024 Non-Executive Director, Japan Wind Development Co., Ltd. (current) Aug 2024 Representative Director, Chairman and President, TKX Corporation (current)
1951-10-20
Seiichiro YONEKURA
Outside Director, Member of Nomination Committee and Compensation Committee
Jun 1990 PhD, Harvard University Graduate School Apr 1997 Professor, Institute of Innovation Research, Hitotsubashi University May 2003 Co-President, Group Strategy Office, Sony Corporation (now Sony Group Corporation) Apr 2008 Director, Institute of Innovation Research, Hitotsubashi University Apr 2015 Outside Director, Kyoiku to Tankyu Sha Co., Ltd. (current) Apr 2017 Professor, Graduate School of Innovation Management, Hosei University Dec 2019 Representative Director, Creative Response Social Innovation School (General Incorporated Association) (current) Oct 2021 Outside Director, the Company (current) Apr 2023 Outside Director, Fast Beauty Co., Ltd. (current) Jun 2023 Chairman, Japan Facility Management Association (current) Apr 2024 Specially Appointed Professor, Kyoto Tachibana University (current) Oct 2024 Dean, Graduate School of Management, Prefectural University of Hiroshima (current)
1953-05-07
Koichi MORIYA
Outside Director, Chairman of Nomination Committee, Member of Audit Committee
Apr 1981 Joined Pioneer Corporation Jun 2013 Executive Officer, Director and General Manager, Pioneer China Holdings Jun 2017 Director and Managing Executive Officer (in charge of Human Resources, General Affairs, Information Systems, Legal and Risk Management, Environment, CSR, Public Relations and IR, and Audit), Pioneer Corporation Jun 2018 Representative Director, President and Executive Officer, Pioneer Corporation Jan 2020 Director, Pioneer Corporation Jun 2020 Non-Executive Director, Maeda Road Construction Co., Ltd. (current) Jun 2021 Outside Director, Cool Japan Fund Inc. (current) Jun 2021 Vice Chairman, Overseas Demand Development Committee, Cool Japan Fund Inc. Oct 2021 Outside Director, the Company (current) Jun 2023 Chairman, Overseas Demand Development Committee, Cool Japan Fund Inc. (current)
1957-08-13
Toshiei MURAYAMA
Outside Director, Member of Nomination Committee and Compensation Committee
Nov 1988 Joined CS First Boston Securities (now UBS Securities Japan Co., Ltd.) Mar 1993 Joined Goldman Sachs Securities Co., Ltd., Tokyo Branch (now Goldman Sachs Japan Co., Ltd.) Nov 2001 Managing Director, Goldman Sachs Securities Co., Ltd. Apr 2017 Representative Director and Chairman, ComTech Co., Ltd. Jun 2017 Outside Director, Katitas Co., Ltd. Jun 2019 Outside Director, Shinsei Bank, Limited (now SBI Shinsei Bank, Limited) Jun 2020 Non-Executive Director, Maeda Corporation (current) Jul 2021 Outside Director, Rice Curry Co., Ltd. (now MUSCAT GROUP Co., Ltd.) (current) Aug 2021 Representative Director, theAstate Co., Ltd. Oct 2021 Outside Director, the Company (current) Feb 2024 Auditor, Yamano Gakuen School Corporation (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), True Data Inc. (current) Apr 2025 External Director, Japan Institute for Health Security (current) Jun 2025 Outside Director, Orion Breweries, Ltd. (current)
1960-05-01
Atsushi TAKAGI
Outside Director, Chairman of Compensation Committee, Member of Audit Committee
Apr 1991 Joined Nomura Research Institute, Ltd. Sep 1997 Joined Morgan Stanley Japan Ltd. (now Morgan Stanley MUFG Securities Co., Ltd.) Dec 2004 Managing Director, Morgan Stanley Japan Ltd. Oct 2015 Deputy Head, Research Division, Morgan Stanley MUFG Securities Co., Ltd. Nov 2019 Representative Director, Infrastructure Research & Advisors Inc. (current) Jun 2020 Non-Executive Director, Maeda Corporation (current) Oct 2021 Outside Director, the Company (current) Jun 2022 Outside Director, Takasago Thermal Engineering Co., Ltd. (current)
1967-10-03
Hikaru OGUCHI
Outside Director, Member of Compensation Committee, Member of Audit Committee
Mar 1998 Registered with Dai-Ichi Tokyo Bar Association Dec 2004 Legal Advisor, JICA Lao Legal System Development Project Dec 2005 Registered as Attorney in New York State, USA May 2006 Advisor, JICA Vietnam Technical Assistance Seminar (Competition Law) Jul 2006 Deputy Director, Policy Division, International Cooperation Bureau, Ministry of Foreign Affairs (term-limited public official) Apr 2007 Part-time Lecturer, Faculty of Law, The University of Tokyo Oct 2010 Representative, Ho Chi Minh City Office, Nishimura & Asahi Jan 2011 Partner, Nishimura & Asahi (current) Sep 2012 Representative, Hanoi Office, Nishimura & Asahi Jun 2015 Outside Audit & Supervisory Board Member, Infoteria Corporation (now Asteria Corporation) Jan 2016 Managing Partner, Vietnam Office, Nishimura & Asahi May 2018 Outside Audit & Supervisory Board Member, DCM Holdings Co., Ltd. Sep 2018 Part-time Lecturer, Faculty of International Social Sciences, Gakushuin University May 2022 Outside Director (Audit and Supervisory Committee Member), DCM Holdings Co., Ltd. Jun 2025 Outside Director, the Company (current)
1972-05-19
Large Shareholding Reports
Nomura Securities Co., Ltd.
2026-09-04
4.49%→3.92%
Mizuho Trust & Banking Co., Ltd.
2026-06-17
4.79%→6.70%
Mizuho Trust & Banking Co., Ltd.
2026-06-05
2.63%→4.79%
Asset Management One Co., Ltd.
2026-05-22
3.81%→3.81%
Nomura Securities Co., Ltd.
2026-05-21
4.39%→4.49%
Nomura Securities Co., Ltd.
2026-04-21
4.38%→4.39%
Asset Management One Co., Ltd.
2026-04-07
4.25%→3.81%
Asset Management One Co., Ltd.
2026-02-20
3.30%→4.25%
Nomura Securities Co., Ltd.
2026-02-03
4.49%→4.38%
Asset Management One Co., Ltd.
2025-10-07
3.30%
Asset Management One Co., Ltd.
2025-09-05
2.83%→2.68%
Nomura Securities Co., Ltd.
2025-09-04
5.38%→4.49%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-10-21
Amended Securities Registration Statement
EDINETAmended
2026-10-21
Amended Securities Registration Statement
EDINETAmended
2026-10-14
Amended Securities Registration Statement
EDINET
2026-10-02
Securities Registration Statement
EDINET
2026-10-02
Securities Registration Statement
EDINET
2026-09-04
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-06-16
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-05-22
Large Shareholding Report
EDINET
2026-05-21
Large Shareholding Report
EDINET
2026-05-13
Securities Registration Statement
EDINET
2026-04-21
Large Shareholding Report
EDINET
2026-04-07
Large Shareholding Report
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-02-03
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-09-05
Large Shareholding Report
EDINET
2025-09-04
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
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