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Overview

Glass and Ceramics Products

TAIHEIYO CEMENT CORPORATION

Taiheiyo Cement Corporation is Japan's largest cement manufacturer, producing and selling cement, ready-mixed concrete, and aggregates through an extensive domestic and international network. The company operates diversified businesses spanning resources (limestone and aggregates), environmental solutions (waste recycling and treatment), construction materials (precast concrete, building materials), and related services including engineering, real estate, and logistics. Its competitive strength lies in its vertically integrated supply chain, large-scale domestic cement plants, and a growing presence across Asia including the US, China, Vietnam, the Philippines, and Indonesia.

Market Cap

¥449B

US$2.87B

¥718B

US$4.58B

Stock¥4,124▲+1.70%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

4.9

LTM EV/EBIT

9.0

LTM PER

16.7

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.5%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Aug 6, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

55%

45%

EquityD/E 0.81xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 46.8%

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

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

16.40%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

7.46%

Custody Bank of Japan, Ltd. (Trust Account)

4.95%

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

3.80%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

3.42%

STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)

2.73%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Services Department)

2.59%

Aso Corporation

2.35%

BNYM AS AGT/CLTS 10 PERCENT (Standing Proxy: MUFG Bank, Ltd.)

1.61%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.45%

Management

14 officers

Masafumi FUSHIHARA

Director, Chairman of the Board

Apr 1978 Joined Taiheiyo Cement Apr 2007 General Manager, Business Promotion Department, Environment Business Company May 2009 General Manager, Sales Department, Environment Business Company Oct 2010 General Manager, Environment Business Division Apr 2012 Executive Officer, General Manager, Environment Business Division Apr 2015 Managing Executive Officer Jun 2015 Director, Managing Executive Officer Apr 2016 Director, Managing Executive Officer, General Manager, Cement Business Division Apr 2017 Director, Senior Managing Executive Officer, General Manager, Cement Business Division Apr 2018 Representative Director, President Apr 2024 Director, Chairman of the Board (current)

1954-05-18

Yoshifumi TAURA

Representative Director, President

Apr 1983 Joined Taiheiyo Cement Apr 2013 General Manager, Sales Department, Overseas Business Division Apr 2017 Executive Officer, General Manager, Sales Department, Overseas Business Division Apr 2019 Managing Executive Officer, General Manager, Overseas Business Division Jun 2019 Director, Managing Executive Officer, General Manager, Overseas Business Division Aug 2019 Director, Managing Executive Officer, General Manager, Overseas Business Division; Chairman, Taiheiyo Cement (China) Investment Co., Ltd. Jun 2020 Managing Executive Officer, General Manager, Overseas Business Division; Chairman, Taiheiyo Cement (China) Investment Co., Ltd. Apr 2022 Managing Executive Officer, General Manager, Overseas Business Division Apr 2023 Senior Managing Executive Officer, General Manager, Overseas Business Division Jun 2023 Director, Senior Managing Executive Officer, General Manager, Overseas Business Division Apr 2024 Representative Director, President (current)

1960-03-04

Hideaki ASAKURA

Representative Director, Vice President

Apr 1982 Joined Taiheiyo Cement Apr 2011 President, Gisons Cement Corporation Apr 2016 Executive Officer, President, Gisons Cement Corporation Apr 2018 Executive Officer, General Manager, Sales Department, Cement Business Division Apr 2019 Managing Executive Officer Jun 2019 Director, Managing Executive Officer Jun 2020 Managing Executive Officer Apr 2022 Senior Managing Executive Officer Jun 2022 Director, Senior Managing Executive Officer Apr 2024 Representative Director, Vice President (current)

1959-11-20

Shinji FUKAMI

Representative Director, Vice President

Apr 1986 Joined Taiheiyo Cement Apr 2015 General Manager, Planning Department, Overseas Business Division Apr 2018 General Manager, Environment Business Division Apr 2019 Executive Officer, General Manager, Environment Business Division Apr 2022 Managing Executive Officer Apr 2024 Senior Managing Executive Officer, General Manager, Overseas Business Division Jun 2024 Director, Senior Managing Executive Officer, General Manager, Overseas Business Division Apr 2025 Director, Vice President, General Manager, Global Business Division Apr 2026 Representative Director, Vice President, General Manager, Global Business Division (current)

1960-07-28

Naoyuki KIRA

Director, Senior Managing Executive Officer

Apr 1984 Joined Taiheiyo Cement Apr 2017 General Manager, Kansai-Shikoku Branch Apr 2019 Executive Officer, General Manager, Sales Department, Cement Business Division Apr 2023 Managing Executive Officer, General Manager, Cement Business Division; General Manager, Sales Department, Cement Business Division Apr 2024 Managing Executive Officer, General Manager, Cement Business Division Apr 2025 Senior Managing Executive Officer, General Manager, Cement Business Division Jun 2025 Director, Senior Managing Executive Officer, General Manager, Cement Business Division (current)

1961-12-24

Masahiro BAN

Director, Senior Managing Executive Officer

Apr 1986 Joined Taiheiyo Cement Apr 2019 General Manager, Accounting Department Apr 2022 Executive Officer, General Manager, Accounting Department Apr 2023 Managing Executive Officer Apr 2026 Senior Managing Executive Officer Jun 2026 Director, Senior Managing Executive Officer (current)

1962-07-09

Hideyuki FURIKAKU

Director

Apr 1977 Joined the Ministry of Finance Jul 2004 Deputy Commissioner, Financial Services Agency Jul 2010 Director-General, Policy Research Institute, Ministry of Finance Dec 2013 Retired from the Ministry of Finance Jun 2014 Managing Director, Trust Companies Association of Japan Jun 2021 Director, Taiheiyo Cement (current)

1954-08-03

Shingo TSUTSUMI

Director

Apr 1981 Joined Toyo Soda Manufacturing Co., Ltd. (now Tosoh Corporation) Jun 2017 Director, Senior Executive Officer, Tosoh Corporation Jun 2019 Director, Managing Executive Officer, Tosoh Corporation Jun 2020 President, Taiyo Vinyl Corporation Jun 2024 Director, Taiheiyo Cement (current)

1958-09-11

Wakako MITANI

Director

Apr 2000 Registered as attorney-at-law (Dai-Ichi Tokyo Bar Association) Jul 2001 Joined Tanabe Sogo Law Office Apr 2012 Partner, Tanabe Sogo Law Office Feb 2018 Audit & Supervisory Board Member, Taiheiyo Cement Apr 2023 Vice President, Dai-Ichi Tokyo Bar Association Jun 2023 Outside Audit & Supervisory Board Member, Seikagaku Corporation (current) Jun 2024 Outside Director, Waseda Academy Co., Ltd. (current) Sep 2024 Partner, Rodem Sogo Law Office (current) Jun 2026 Director, Taiheiyo Cement (current)

1974-01-04

Yusuke NEMOTO

Full-time Audit & Supervisory Board Member

Apr 1989 Joined Taiheiyo Cement Apr 2019 General Manager, Business Planning and Management Department Apr 2022 Executive Officer, General Manager, Human Resources Department Apr 2024 Managing Executive Officer Apr 2025 Advisor, Audit & Supervisory Board Office Jun 2025 Full-time Audit & Supervisory Board Member (current)

1963-12-31

Isao MATSUI

Full-time Audit & Supervisory Board Member

Apr 1985 Joined Taiheiyo Cement Apr 2015 General Manager, Building Materials Business Division Nov 2018 General Manager, Building Materials Business Division; General Manager, Business Planning and Management Department Apr 2019 General Manager, Building Materials Business Division Apr 2020 Executive Officer, General Manager, Building Materials Business Division Apr 2021 Executive Officer, President, Gisons Cement Corporation Apr 2022 Managing Executive Officer, Deputy General Manager, Overseas Business Division, President, Gisons Cement Corporation Apr 2023 Managing Executive Officer Apr 2024 Senior Managing Executive Officer Jun 2024 Director, Senior Managing Executive Officer Apr 2026 Director Jun 2026 Full-time Audit & Supervisory Board Member (current)

1961-05-24

Toshihito AOKI

Audit & Supervisory Board Member

Oct 1983 Joined Ota Tetsuzo Audit Office (now EY ShinNihon LLC) Aug 1987 Registered as Certified Public Accountant Jul 1999 Partner, Ota Showa & Co. (now EY ShinNihon LLC) Aug 2014 Retired from Shin Nihon LLC (now EY ShinNihon LLC) Jun 2023 Audit & Supervisory Board Member, Taiheiyo Cement (current)

1954-04-07

Yuko TOYODA

Director

Oct 2000 Registered as attorney-at-law, Nishimura & Partners (now Nishimura & Asahi) Jun 2002 Seconded to Civil Affairs Bureau, Ministry of Justice Apr 2006 Nishimura & Tokiwa Law Office (now Nishimura & Asahi) Apr 2011 Deputy General Manager, Group Legal Department, Nomura Holdings, Inc. Dec 2014 Head of Control Room, Compliance Department, Barclays Securities Japan Limited Sep 2015 Special Counsel, City-Yuwa Partners Jan 2023 Partner, City-Yuwa Partners (current) Mar 2023 Outside Director, Sumitomo Forestry Co., Ltd. (current) Jun 2026 Director, Taiheiyo Cement (current)

1970-08-21

Yoko KOBAYASHI

Audit & Supervisory Board Member

Apr 1978 Joined Nippon Telegraph and Telephone Public Corporation (now NTT, Inc.) Jun 2008 Director, Head of Channel Sales Division, Enterprise Business Division, NTT Communications Corporation (now NTT Docomo Business, Inc.) Jun 2010 President, NTT Com CHEO, Inc. (now NTT Docomo Business CHEO, Inc.) Jun 2014 Full-time Audit & Supervisory Board Member, NTT Communications Corporation (now NTT Docomo Business, Inc.) Jun 2018 Audit & Supervisory Board Member, NTT Communications Corporation (now NTT Docomo Business, Inc.); Outside Director (Audit and Supervisory Committee Member), Mitsubishi UFJ Trust and Banking Corporation Jun 2020 Outside Director, Obayashi Corporation Jun 2024 Outside Director, Seibu Holdings Inc. (current) Jun 2026 Audit & Supervisory Board Member, Taiheiyo Cement (current)

1955-05-24

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Nomura Asset Management Co., Ltd.

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5.13%

Nomura Asset Management Co., Ltd.

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4.88%→2.74%

Goldman Sachs International

2026-04-22

6.09%→2.24%

T. Rowe Price International Ltd.

2026-04-22

4.15%→4.15%

Nomura Asset Management Co., Ltd.

2026-04-20

4.88%

T. Rowe Price International Ltd.

2026-04-07

3.95%→4.15%

Goldman Sachs International

2026-04-07

4.53%→6.09%

Goldman Sachs International

2026-03-23

4.53%

Goldman Sachs International

2026-01-14

4.00%→2.24%

Goldman Sachs International

2025-10-22

4.00%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

2.87%→2.67%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

TAIHEIYO CEMENT CORPORATION

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TAIHEIYO CEMENT CORPORATION

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