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Overview

Machinery

NTN CORPORATION

NTN Corporation is a leading manufacturer and distributor of bearings and CVJ (constant velocity joint) axle products, serving aftermarket, industrial machinery, and automotive markets globally. The company operates through a geographically segmented structure covering Japan, the Americas, Europe, and Asia, with manufacturing conducted both domestically and through overseas affiliates. NTN's group companies handle local business strategy and planning independently within each regional segment.

Market Cap

¥211B

US$1.34B

¥393B

US$2.51B

Stock¥354.2▼-1.34%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

5.4

LTM EV/EBIT

11.7

LTM PER

15.5

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.2%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Mar 3, 26Profit-taking in machinery stocks

2Mar 4, 26Machinery sector-wide correction selling

3Mar 9, 26Impact of Nomura Asset holding ratio change

MC → EV Bridge

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Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

48%

52%

EquityD/E 1.07xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 39.9%

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

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

13.85%

Custody Bank of Japan, Ltd. (Trust Account)

4.84%

Meiji Yasuda Life Insurance Company

3.57%

Nomura Trust and Banking Co., Ltd. (Investment Trust Account)

3.17%

NTN Kyoeikai

2.92%

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

2.81%

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

2.60%

NTN Employee Stock Ownership Association

2.23%

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

2.06%

MUFG Bank, Ltd.

1.89%

Management

12 officers

Eiichi UKAI

Director, Member of Nomination Committee, Member of Remuneration Committee

Apr 1980 Joined NTN Corporation Apr 2001 General Manager, Quality Assurance Department, Okayama Works Feb 2003 General Manager, Quality Assurance Department, Iwata Works Jan 2005 General Manager, Quality Control Department Feb 2006 General Manager, Quality Assurance Department, Takarazuka Works Jan 2007 Deputy Works Manager, Takarazuka Works, concurrently General Manager, Quality Assurance Department Feb 2009 General Manager, Quality Control Department Apr 2011 Executive Officer Apr 2014 Managing Executive Officer Jun 2017 Director (current) Jun 2019 Managing Executive Officer Apr 2021 President and Executive Officer (current)

1957-02-01

Masaaki YAMAMOTO

Director, Member of Remuneration Committee

Apr 1986 Joined NTN Corporation Oct 2007 General Manager, Accounting Department, Finance Division Apr 2011 General Manager, Management Accounting Department, Corporate Strategy Division Dec 2013 General Manager, Management Accounting Department, Finance Division, concurrently General Manager, Subsidiary Management Department Aug 2014 Deputy General Manager, China Region; Director, NTN (China) Investment Co., Ltd. Apr 2015 Executive Officer Jun 2019 Executive Officer (current) Jun 2022 Director (current)

1961-03-17

Shunpei KINOSHITA

Director

Apr 1988 Joined NTN Corporation Mar 2009 General Manager, S.N.R. Roulements (now NTN Europe S.A.) Nov 2013 Vice President, NTN Transmissions Europe Oct 2014 Deputy General Manager, Finance Division Apr 2018 Deputy General Manager, NTN (China) Investment Co., Ltd. Apr 2021 Deputy General Manager, Corporate Strategy Division, concurrently General Manager, Corporate Planning Department Apr 2022 Executive Officer (current) Jun 2023 Director (current)

1962-01-13

Koji TAKAHASHI

Director

Apr 1983 Joined NTN Corporation Feb 2010 General Manager, IR and PR Department, Corporate Strategy Division Apr 2015 Deputy General Manager, Corporate Strategy Division, concurrently General Manager, PR and IR Department, concurrently General Manager, Information Systems Planning Department Apr 2016 Deputy General Manager, Corporate Strategy Division, concurrently General Manager, Information Systems Planning Department Apr 2020 General Manager, Information Systems Planning Department Apr 2022 Executive Officer (current) Jun 2025 Director (current)

1960-10-21

Akiyuki MINAMI

Director

Apr 1983 Joined NTN Corporation Aug 2005 General Manager, Planning and Administration Department, Production Engineering Research Laboratory Jan 2008 Director, Production Engineering Research Laboratory, concurrently General Manager, Planning and Administration Department Oct 2011 President, NTN Precision Machinery (Nanjing) Co., Ltd. Apr 2015 General Manager, Production Strategy Department Apr 2017 Executive Officer Apr 2020 Executive Officer (current) Jun 2026 Director (current)

1960-05-18

Etsu HARIMA

Director, Member of Nomination Committee, Member of Audit Committee

Apr 1983 Joined NTN Corporation Apr 2007 General Manager, Quality Control Department Feb 2009 General Manager, Quality Assurance Department, Iwata Works Oct 2010 Deputy Works Manager, Okayama Works, concurrently General Manager, Quality Assurance Department Jun 2011 Deputy General Manager, Automotive Business Division, concurrently Works Manager, Okayama Works Jul 2011 Deputy General Manager, Automotive Business Division, concurrently Works Manager, Okayama Works; President, NTN Akaiwa Manufacturing Co., Ltd. Oct 2011 Executive Officer Apr 2021 Executive Officer Mar 2025 Executive Officer (retired) Jun 2025 Director (current)

1959-04-03

Akira MURAKOSHI

Director, Chairman of the Board of Directors, Chairman of Nomination Committee, Member of Remuneration Committee

Apr 1982 Joined Mitsubishi Corporation Apr 2012 Executive Officer, Mitsubishi Corporation Apr 2017 Managing Executive Officer, Mitsubishi Corporation Jun 2017 Director and Managing Executive Officer, Mitsubishi Corporation Apr 2021 Representative Director and Managing Executive Officer, Mitsubishi Corporation Apr 2022 Director, Mitsubishi Corporation (retired Jun 2022) Jun 2022 Outside Director, NTN Corporation (current) Jun 2023 Full-time Audit & Supervisory Board Member, Mitsubishi Corporation Jun 2024 Director and Full-time Audit and Supervisory Committee Member, Mitsubishi Corporation (retiring Jun 2026)

1958-06-27

Yasuo KITANI

Director, Member of Nomination Committee, Chairman of Audit Committee

Apr 1986 Joined The Sanwa Bank, Limited (now MUFG Bank, Ltd.) Jun 2012 Executive Officer, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) (retired May 2015) Jul 2013 Executive Officer, Mitsubishi UFJ Financial Group, Inc. (retired May 2015) Jun 2015 Managing Executive Officer, Mitsubishi UFJ NICOS Co., Ltd. (retired Jun 2019) Jun 2019 Representative Director and President, T&T AD Inc. (retired Jun 2023) Jun 2023 Outside Director, NTN Corporation (current)

1962-07-28

Tatsuhiko TOSHITA

Director, Member of Audit Committee, Chairman of Remuneration Committee

Apr 1980 Joined Itochu Corporation Apr 2010 Executive Officer, Itochu Marubeni Steel Corporation Apr 2013 Director and Managing Executive Officer, Itochu Marubeni Steel Corporation Apr 2016 Director and Senior Managing Executive Officer, Itochu Marubeni Steel Corporation Apr 2017 Representative Director and Executive Vice President, Itochu Marubeni Steel Corporation Apr 2020 Representative Director and President, Itochu Marubeni Steel Corporation Apr 2023 Senior Adviser, Itochu Marubeni Steel Corporation (retired Mar 2024) Jun 2024 Outside Director, NTN Corporation (current) Outside Director, Nippon Seikan K.K. (current)

1956-01-14

Hiromi WADA

Director, Member of Remuneration Committee

Apr 1983 Joined Matsushita Electric Industrial Co., Ltd. (now Panasonic Holdings Corporation) Apr 2010 Executive Officer, Panasonic Corporation (now Panasonic Holdings Corporation) Mar 2016 Board Member, The Linux Foundation (non-profit standardization organization) Aug 2020 Adviser, Automotive Company, Panasonic Corporation (now Panasonic Automotive Systems Co., Ltd.) Jun 2021 Outside Director, Imasen Electric Industrial Co., Ltd. (retired Jun 2024) Jun 2021 Outside Director, Sakai Chemical Industry Co., Ltd. (retired Jun 2025) Jun 2022 Representative Director, i-Golf Studio Co., Ltd. (now HIROZ Inc.) (current) Oct 2022 Part-time Adviser, Panasonic Automotive Systems Co., Ltd. (scheduled to retire Jun 2026) Mar 2023 Outside Director, Shimano Inc. (current) Jun 2025 Outside Director, NTN Corporation (current) Outside Director, TS TECH Co., Ltd. (current)

1960-07-24

Ryo KAWAKAMI

Director, Member of Nomination Committee, Member of Audit Committee

Apr 1999 Registered as attorney (Osaka Bar Association); joined Osaka Nishi Sogo Law Office (now Osaka Nishi Sogo Law Office LPC) Apr 2011 Specially Appointed Professor, Osaka University Graduate School of Law and Social Order Jun 2015 Outside Audit & Supervisory Board Member, NTN Corporation Jun 2019 Outside Director, NTN Corporation (current) Apr 2020 Professor, Osaka University Graduate School of Law and Social Order (retired Mar 2023) Apr 2024 Managing Partner, Osaka Nishi Sogo Law Office LPC (current) Jun 2025 Outside Audit & Supervisory Board Member, Sansei Technologies, Inc. (current)

1967-10-01

Ayako MIURA

Director, Member of Audit Committee, Member of Remuneration Committee

Dec 2009 Registered as attorney (Osaka Bar Association) Jan 2010 Joined Shiono Takashi Law Office (now Shiono Miura Law Office) Apr 2016 Part-time Lecturer, Osaka University Graduate School of Law and Social Order Oct 2023 Family Mediation Officer, Osaka Family Court (current) Apr 2025 Visiting Professor, Osaka University Graduate School of Law and Social Order (current) May 2025 Partner Attorney, Shiono Miura Law Office (current) Jun 2026 Outside Director, NTN Corporation (current)

1980-09-14

Large Shareholding Reports