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Overview

Services

Nalnet Communications Inc.

Narunet Communications is a BPO (Business Process Outsourcing) company specializing in automotive-related services, operating under the management philosophy 'Mobility's Transformer.' The company primarily provides vehicle management and maintenance management outsourcing services to auto leasing companies and other automotive-related enterprises, serving both corporate and individual end-users. Its core service segments include maintenance outsourcing (inspection, vehicle testing, repairs), My Car Lease Support (MLS) for personal-use leased vehicles, and broader BPO services such as data management, tire storage management, and vehicle tax administration.

Market Cap

¥4.69B

US$29.9M

¥5.11B

US$32.6M

Stock¥879▲+0.57%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

4.1

LTM EV/EBIT

5.6

LTM PER

8.4

LTM PBR

1.2

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-28.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 17, 25Q2 results: op. profit +146% YoY, full-year guidance raised, dividend maintained

2Mar 2, 26Rise on earnings announcement

3Aug 13, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

76%

24%

EquityD/E 0.31xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 66.2%

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

Mobility & Maintenance Japan Co., Ltd.

35.62%

YELLOW HAT LTD.

20.01%

Daiwa Securities Co. Ltd.

2.03%

Ueda Yagi Tanshi Co., Ltd.

1.85%

Takao TANIGUCHI

1.20%

JIA No. 1 Investment Limited Partnership

1.16%

Aigin Venture Fund No. 2 Investment Limited Partnership

1.16%

Rakuten Securities, Inc.

1.13%

Kazutaka OHARA

1.05%

SBI SECURITIES Co., Ltd.

1.03%

Management

11 officers

Daisuke HIGASHIMURA

Managing Director

Oct 2010 Managing Director, Global Wise Co., Ltd. Oct 2012 Representative Director, Global Wise Co., Ltd. Nov 2014 Director, PharmaBio Co., Ltd. Jul 2016 Director, Global Cast Co., Ltd. May 2022 Joined the Company Jun 2022 Director of the Company Jun 2024 Managing Director of the Company (current)

1972-04-22

Masatsugu HATTORI

Director

Apr 1986 Joined Maruman Securities Co., Ltd. (now Tokai Tokyo Securities Co., Ltd.) Apr 1990 Joined Nihon Auto Lease Co., Ltd. (formerly Naru Net Communications) Apr 2015 Executive Officer and General Manager, Leasing Sales Department, Nihon Auto Lease Co., Ltd. Jan 2017 General Manager, Administration Division, Nihon Auto Lease Co., Ltd. Apr 2021 Executive Officer in charge of Sales Promotion Division, Nihon Auto Lease Co., Ltd. Apr 2022 Executive Officer of the Company in charge of Sales Promotion Department and Mobility Sales Department Dec 2022 Director of the Company Jun 2024 Director in charge of Sales Strategy of the Company (current)

1962-11-20

Ken NAGAJI

Director

Apr 2004 Joined Aichi Chuo Mitsubishi Motors Sales Co., Ltd. (now Nishinihon Mitsubishi Motors Sales Co., Ltd.) Apr 2005 Joined Naru Net Communications Co., Ltd. Apr 2016 General Manager, East Japan Sales Department, Naru Net Communications Co., Ltd. Apr 2017 General Manager, Maintenance Service Department, Naru Net Communications Co., Ltd. Apr 2021 Executive Officer and General Manager, MT Promotion Department, Naru Net Communications Co., Ltd. Apr 2022 Executive Officer and General Manager, Corporate Planning Department of the Company Jun 2023 Director of the Company Apr 2025 Director and General Manager, Business Division of the Company (current)

1981-05-06

Hiroshi HANAI

Director

Apr 1980 Joined Nippon Credit Bank, Ltd. (now Aozora Bank, Ltd.) Oct 2005 Vice President and Director, Daimler Financial Services Japan Ltd. (now Daimler Truck Financial Services Asia Co., Ltd.) Apr 2011 Representative Director and President, Mercedes-Benz Finance Co., Ltd.; Representative Director and President, Daimler Insurance Services Japan Co., Ltd. (now Mercedes-Benz Finance Co., Ltd.) Jun 2019 Outside Corporate Auditor of the Company Jun 2021 Outside Corporate Auditor, Muroo Co., Ltd. (current) Jun 2022 Outside Director of the Company (current)

1957-09-10

Junichi YOKOYAMA

Director

Apr 1980 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Apr 2013 Executive Officer, Nikko Business Systems Co., Ltd. Apr 2015 Director, Nikko Business Systems Co., Ltd. Jun 2023 Outside Director of the Company (current)

1957-09-08

Yasuhiro OKURA

Full-time Corporate Auditor

Mar 1981 Joined Pokka Lemon Co., Ltd. (now Pokka Sapporo Food & Beverage Ltd.) Mar 2014 Corporate Auditor, Pokka Sapporo Food & Beverage Ltd. Mar 2016 Corporate Auditor, Sapporo Breweries Ltd. Mar 2020 Corporate Auditor, Pokka Sapporo Food & Beverage Ltd. Dec 2020 Corporate Auditor, Sapporo Breweries Ltd. (concurrently) Jun 2022 Outside Full-time Corporate Auditor of the Company (current)

1958-07-30

Tomoka NOMURA

Corporate Auditor

Oct 2004 Registered with Nagoya Bar Association (now Aichi Bar Association) Oct 2004 Joined Ayunokaze Law Office Oct 2020 Mediation Officer, Nagoya Family Court Dec 2022 Outside Corporate Auditor of the Company (current) May 2023 Outside Corporate Auditor, Aoki Super Co., Ltd. (current) Mar 2024 Outside Director, Audit and Supervisory Committee Member, Hokuto Corporation (current) Jan 2025 Associate Attorney, Ayunokaze Law Office (current)

1976-04-03

Ritsuko YAMADA

Corporate Auditor

Oct 2002 Joined Tohmatsu Audit Corporation (now Deloitte Tohmatsu LLC) Feb 2016 Established Ritsuko Yamada CPA Office; Office Head (current) Joined Nanjo Accounting Office Feb 2017 Established Mirai-z Tax Corporation; Partner (current) Jun 2017 Auditor, Suzuka City Cultural Promotion Foundation May 2022 Outside Corporate Auditor, Rise Consulting Group, Inc. (current) Jun 2023 Outside Corporate Auditor of the Company (current) Jul 2023 Audit Committee Member, Suzuka City (current) May 2025 Outside Corporate Auditor, Kaburaya Group Co., Ltd. Jul 2025 Outside Director, Audit and Supervisory Committee Member, Kaburaya Group Co., Ltd. (current)

1981-03-09

Shinjiro TANAKA

Representative Director, President

Apr 1985 Joined ITOCHU Corporation Apr 2009 General Manager, Living Materials & Chemicals Division, ITOCHU International Inc. (New York); seconded as Chairman, President & Director, Primesource Building Products; seconded as Chairman & Director, ITOCHU Building Products May 2015 Seconded as Chairman, Master-Halco, Inc. (New York) Apr 2017 General Manager, Housing Division, ITOCHU International Inc. (New York) Apr 2018 Executive Officer, ITOCHU Corporation Mar 2019 Seconded as CEO, ETEL (Letchworth, UK) Apr 2022 Managing Officer, ITOCHU Corporation; seconded as Chairman, ETEL (Letchworth, UK) May 2024 Representative Director and President, WECARS Co., Ltd. Jun 2025 President and Director, WECARS Co., Ltd. Apr 2026 Adviser of the Company Jun 2026 Representative Director and President of the Company (assumed office)

1963-03-13

Akihiro KATO

Director

Apr 2000 Joined ITOCHU Corporation May 2014 Seconded to European Tyre Enterprise Limited (UK) as Corporate Planning Manager Feb 2016 Seconded to Kwik-Fit Netherland B.V. (Netherlands) as Director Apr 2018 Acting Section Manager, Fourth Section, Third Living Materials Division, Living Materials Division, ITOCHU Corporation Apr 2019 Acting Section Manager, Supply Chain Network Section, Logistics Materials Department, Living Materials Division, ITOCHU Corporation Jun 2024 Director of the Company Apr 2025 Director and General Manager, Administration Division of the Company (current)

1977-10-05

Yasuhiro ODA

Director

Apr 1996 Joined Itochu Enex Co., Ltd. Jun 2015 Seconded to Kyushu Energy Co., Ltd. as General Manager, Retail Business Division, Second Sales Division Apr 2017 Seconded to Tohoku Tank Shokai Co., Ltd. as Representative Director and President Oct 2018 Seconded to Enex Auto Co., Ltd. as Representative Director and President Jul 2020 President, ENEXFLEET Vietnam Company Limited Apr 2022 Seconded to Enex Denryoku Co., Ltd. Apr 2024 Sales Branch Manager, Kanto/Hokuriku Sales Branch, Itochu Enex Co., Ltd. Apr 2025 Area Manager, Kanto/Hokuriku Sales Branch, Itochu Enex Co., Ltd. Apr 2026 General Manager, Sales Division of the Company Jun 2026 Director and General Manager, Sales Division of the Company (assumed office)

1973-02-19

Large Shareholding Reports

Mobility&Maintenance Japan Inc.

2026-08-26

35.62%→35.62%

Annual report (as of 2026-03-31): 35.62%

Yellow Hat Ltd.

2026-01-21

19.42%→20.02%