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Overview

Nonferrous Metals

Toho Zinc Co.,Ltd.

Toho Zinc is a Japanese non-ferrous metals company engaged in zinc and lead smelting, environmental/recycling operations (primarily zinc oxide from electric arc furnace dust), and electronic components and functional materials manufacturing (including noise filters and electrolytic iron). The company also conducts non-ferrous metal resource exploration and development through its Australian subsidiary CBH Resources Ltd., though it has decided to exit the resources business as part of a business restructuring plan. Its electronic components, including noise filters, are processed primarily through contractors in China and Vietnam.

Market Cap

¥13.5B

US$85.8M

¥75.4B

US$480M

Stock¥740▼-1.46%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

8.6

LTM EV/EBIT

10.3

LTM PER

2.2

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-18.1%pt

Oct 23, 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

20%

80%

EquityD/E 4.08xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 64.7%

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

Advantage Partners VII Investment Limited Liability Partnership

22.78%

JBO (AP) VII, L.P. (Domestic Contact: Advantage Partners, Inc.)

10.61%

APCP VII, L.P. (Domestic Contact: Advantage Partners, Inc.)

10.47%

CJIP (AP) VII, L.P. (Domestic Contact: Advantage Partners, Inc.)

7.03%

Tatsumi Shokai Co., Ltd.

5.83%

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

2.97%

AP Reiwa F7-B, L.P. (Domestic Contact: Advantage Partners, Inc.)

1.95%

AP Reiwa F7-A, L.P. (Domestic Contact: Advantage Partners, Inc.)

1.36%

JPMorgan Securities Japan Co., Ltd.

1.02%

BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

0.70%

Management

9 officers

Yoshikazu SATO

Representative Director, President and Executive Officer, CRO and CLO

Apr 1990 Joined the Company Jun 2021 Executive Officer; General Manager, Metals & Recycling Business Division and General Manager, Recycling Sales Department Jun 2023 Executive Officer; General Manager, Metals & Recycling Business Division, General Manager, Metals Sales Department, General Manager, Osaka Sales Department and General Manager, Business Planning Department Feb 2024 Executive Officer, in charge of Structural Reform Jun 2024 Director and Managing Executive Officer, in charge of Structural Reform and General Manager, Corporate Planning Department May 2025 Director and Managing Executive Officer, CRO and General Manager, Corporate Planning Department and General Manager, Corporate Planning Office Apr 2026 Director and Managing Executive Officer, CRO and CLO Jun 2026 Representative Director, President and Executive Officer, CRO and CLO (current)

1967-01-17

Hiroshi WASHIZU

Director

Apr 1980 Joined Itochu Corporation Oct 2009 Executive Officer, General Manager for Central and South America, and President, Itochu do Brasil Apr 2013 Managing Executive Officer, Executive Vice President, Metals Company, and General Manager, Metals & Minerals Department, Itochu Corporation Jul 2015 Officer, Itochu Corporation (current) Dec 2015 Senior Managing Executive Officer, Yanase & Co., Ltd. Dec 2015 Director and Managing Executive Officer, Yanase & Co., Ltd. Jun 2017 Director and Senior Managing Executive Officer, Yanase & Co., Ltd. Jun 2022 Special Advisor, Yanase & Co., Ltd. Jun 2024 Outside Director of the Company (current)

1957-10-27

Toru INDO

Director

Apr 1996 Joined Tohmatsu & Co. (currently Deloitte Touche Tohmatsu LLC) Jan 2003 Joined PricewaterhouseCoopers Financial Advisory Services Co., Ltd. (currently PwC Advisory LLC) Mar 2005 Joined Advantage Partners, Inc. Jun 2018 Audit & Supervisory Board Member, WaveDash Inc. Mar 2021 Director, BeMechanics Co., Ltd. Apr 2021 Representative Director, Sustainable Battery Solutions Inc. (currently EnergyWith Inc.) Jun 2021 Representative Director, Sustainable Battery Holdings Inc. Dec 2021 Director, EnergyWith Inc. Oct 2022 Director, EnergyWith Inc. (current) Feb 2024 Representative Director, AP78 Inc. (currently Furukawa Battery Co., Ltd.) Oct 2024 Representative Director, AP81 Holdings Inc. (current) Feb 2025 Representative Director, AP83 Holdings Inc. (current) Mar 2025 Outside Director of the Company (current) Jul 2025 Director, Space Value Holdings Inc. (current) Aug 2025 Director, Act One Yamaichi Co., Ltd. (current) Director, Sustainable Battery Holdings Inc. (currently Enesolve Holdings Inc.) (current) Dec 2025 Director, Furukawa Battery Co., Ltd. Jun 2026 Director, Furukawa Battery Co., Ltd. (current)

1973-12-17

Kouji TANAKA

Director

Apr 2016 Joined McKinsey & Company Aug 2024 Joined Advantage Partners, Inc. Mar 2025 Outside Director of the Company (current) Jul 2025 Director, Space Value Holdings Inc. (current)

1987-09-28

Hiroyuki MIYAMOTO

Director

Apr 2013 Joined Mitsubishi Corporation Jul 2015 Joined Industrial Growth Platform, Inc. May 2022 Joined Advantage Partners, Inc. Dec 2022 Director, Ecolocity Inc. May 2023 Director, Ecolocity Inc. Mar 2025 Outside Director of the Company (current)

1989-12-30

Hiroyuki TSUBOI

Director

Apr 2020 Joined J.P. Morgan Securities Japan Co., Ltd. Dec 2023 Joined Advantage Partners, Inc. Jun 2026 Outside Director of the Company (current)

1995-11-01

Go AONO

Director, Audit and Supervisory Committee Member

Apr 1984 Joined The Dai-Ichi Kangyo Bank, Ltd. (currently Mizuho Bank, Ltd.) Apr 2013 Executive Officer, Head of ALM Department and Head of Funding & Securities Department, Mizuho Corporate Bank, Ltd. Jul 2013 Executive Officer, Head of ALM Department, Mizuho Bank, Ltd. Apr 2015 Deputy President Director, Mizuho Private Wealth Management Co., Ltd. Apr 2020 Officer, Mizuho Bank, Ltd. Jun 2020 Full-time Audit & Supervisory Board Member, Yanase & Co., Ltd. Jun 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1961-08-16

Yukiko NAKAGAWA

Director, Audit and Supervisory Committee Member

Apr 1988 Joined Mitsui Trust Bank, Limited (currently Sumitomo Mitsui Trust Bank, Limited) Sep 2014 General Manager, Human Resources Department, Mizkan Holdings Co., Ltd. Apr 2016 Professor, Graduate School of Business Design, Rikkyo University Jun 2018 Outside Director, Edion Corporation Mar 2019 Outside Director, Renesas Electronics Corporation Jun 2019 Outside Director, Nissin Foods Holdings Co., Ltd. Feb 2021 Outside Director, Iwaki & Co., Ltd. (currently Astena Holdings Co., Ltd.) Jun 2021 Outside Director of the Company Sep 2021 Outside Director, Macromill, Inc. Jun 2023 Director, Japan Corporate Officer Development Organization (current) Apr 2024 Specially Appointed Professor, Graduate School of Business Administration, Aoyama Gakuin University (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Jun 2025 Outside Director, Tohoku Shinsha Film Corporation (current)

1964-06-03

Shigeru IIZUKA

Director, Audit and Supervisory Committee Member

Apr 1985 Joined the Company Jun 2017 Executive Officer; General Manager, Technology Department, Development Department and Intellectual Property Department, Technology & Development Division Jun 2018 Executive Officer; Plant Manager, Kaishima Smelter Jun 2022 Managing Executive Officer; President and Representative Director, Toho Kaishima Smelting Co., Ltd. Jun 2023 Managing Executive Officer; General Manager, Electronic Materials Business Division; Plant Manager, Fujioka Plant; in charge of Functional Materials Business Division and Device Components Business Division Mar 2024 Managing Executive Officer; Deputy Head, Electronic Materials & Functional Materials Business Headquarters; Plant Manager, Fujioka Plant; in charge of Product Development Department, Device Components Business Division and General Manager, Systems Management Department Jun 2024 Director (Audit and Supervisory Committee Member) of the Company (current)

1962-12-02

Large Shareholding Reports

Apricus Partners LLC

2026-10-21

10.05%→11.70%

Apricus Partners Godo Kaisha

2026-09-10

11.09%→10.05%

Apricus Partners LLC

2026-08-27

14.59%→13.40%

Apricus Partners

2026-08-24

13.40%→12.37%

Apricus Partners LLC

2026-08-14

15.74%→14.59%

AP International VII GP, Inc.

2026-06-05

33.29%→34.39%

Apricus Partners LLC

2026-05-19

16.82%→15.74%

Apricus Partners LLC

2026-05-19

15.69%→15.74%

Apricus Partners LLC

2026-05-19

—

Apricus Partners LLC

2026-05-14

16.82%→15.69%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Apricus Partners LLC

2026-05-14

16.82%→15.69%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Apricus Partners LLC

2026-05-14

16.82%→15.69%

CJIP (AP) VII, Inc.

2026-05-13

7.06%→11.37%

AP International VII GP, Inc.

2026-05-13

22.90%→33.29%

CCM VII, Inc.

2026-05-13

10.53%→16.56%

JBO (AP) VII, Inc.

2026-05-13

10.66%→16.76%

Apricus Partners LLC

2026-04-30

18.06%→16.82%

Apricus Partners LLC

2026-04-17

19.07%→18.06%

Apricus Partners LLC

2026-04-08

20.28%→19.07%

Apricus Partners LLC

2026-03-26

21.30%→20.28%

Apricus Partners LLC

2026-03-17

21.30%

Apricus Partners LLC

2026-03-17

21.30%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-21

Large Shareholding Report

Toho Zinc Co.,Ltd.

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Toho Zinc Co.,Ltd.

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