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Overview

Electric Appliances

SANYO DENKI CO.,LTD.

Sanyo Denki designs, manufactures, and sells cooling fans (San Ace brand), uninterruptible power supplies (SANUPS brand), servo systems (SANMOTION brand including servo motors, servo amplifiers, and motion controllers), and power conditioners for renewable energy applications. The company serves industrial markets including factory automation, data centers, and energy infrastructure. Its product portfolio is organized under three business divisions: San Ace Company (cooling fans), Electronics Company (power supplies and servo amplifiers), and Motion Company (servo and stepping motors).

Activists: Strategic Capital, Inc. —

Market Cap

¥173B

US$1.10B

¥142B

US$903M

Stock¥4,865▼-2.41%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

7.6

LTM EV/EBIT

10.6

LTM PER

16.3

LTM PBR

1.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+11.8%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 31, 25Strong interim results, upward revision

2Jan 20, 26Strategic Capital, Inc. changed stake (15.24%→15.47%)

3Feb 6, 26Strategic Capital, Inc. changed stake (15.47%→15.89%)

4Feb 16, 26Strategic Capital, Inc. changed stake (15.89%→15.89%)

5Jun 1, 26Strategic Capital, Inc. changed stake (15.89%→14.84%)

MC → EV Bridge

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Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

96%

EquityD/E 0.04xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 55.6%

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

Kyodo Kogyo Co., Ltd.

15.59%

INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST (Standing Proxy: Tachibana Securities Co., Ltd.)

9.63%

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

8.52%

INTERTRUST TRUSTEES (CAYMAN) LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP (Standing Proxy: Mizuho Bank, Ltd.)

8.50%

Custody Bank of Japan, Ltd. (Trust Account)

2.81%

Sanyo Kaihatsu Co., Ltd.

2.69%

Nippon Life Insurance Company

2.52%

Mizuho Bank, Ltd.

1.92%

GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.78%

Hachijuni Nagano Bank,Ltd.

1.65%

Management

11 officers

Shigeo YAMAMOTO

Representative Director, Chairman and Executive Officer

Apr 1983 Joined the Company Jun 1987 Director of the Company Jun 1991 Managing Director of the Company Jun 1994 Representative Director, President of the Company Jun 1999 Representative Director of the Company (current) President and Executive Officer of the Company Jun 2020 Chairman and Executive Officer of the Company (current)

1950-12-01

Nobumasa KODAMA

Representative Director, President and Executive Officer

Apr 1978 Joined the Company Apr 2002 General Manager, Cooling System Business Division of the Company Jun 2002 Executive Officer of the Company Jul 2003 Managing Executive Officer of the Company; General Manager, Servo System Business Division Jun 2004 Director of the Company May 2006 General Manager, Power System Business Division of the Company Apr 2014 Senior Managing Executive Officer of the Company Apr 2018 Representative Director of the Company (current) Executive Vice President and Executive Officer of the Company Jun 2020 President and Executive Officer of the Company (current)

1954-12-22

Chihiro NAKAYAMA

Director, Senior Managing Executive Officer

Apr 1988 Joined the Company Apr 2008 General Manager, Production Department, Cooling System Business Division of the Company Apr 2010 General Manager, Production Department, Power System Business Division of the Company Apr 2016 Executive Officer of the Company; General Manager, Cooling System Business Division Jan 2018 Deputy General Manager, Power System Business Division of the Company Oct 2018 Managing Executive Officer of the Company Jun 2019 Director of the Company (current) Apr 2020 Senior Managing Executive Officer of the Company (current) Responsibilities: Finance; Turning Time into Power Initiative

1965-09-04

Yoshimasa MATSUMOTO

Director, Senior Managing Executive Officer

Apr 1983 Joined the Company Apr 2000 General Manager, Overseas Sales Department of the Company Apr 2004 Executive Officer of the Company Feb 2009 General Manager, Sales Headquarters of the Company Apr 2009 Managing Executive Officer of the Company Jun 2011 Director of the Company (current) Nov 2018 Managing Executive Officer of the Company Apr 2023 Senior Managing Executive Officer of the Company (current) Responsibilities: Overall Supervision of Sales Division; Group Companies

1960-01-12

Shin KURIHARA

Director

Apr 1978 Joined Toyo Radiator Co., Ltd. (now Tilad Inc.) May 1985 Joined Diesel Kiki Co., Ltd. (now Valeo Japan Co., Ltd.) May 2007 Executive Officer, Syscom Corporation (now KOMUKO Co., Ltd.) Dec 2010 Plant Manager, TI Automotive Japan Co., Ltd. Aug 2020 Representative Director, President of the same company Jun 2021 Outside Director of the Company (current)

1954-07-18

Yudai MIYAKE

Director

Oct 2006 Registered as Attorney-at-Law (Tokyo Bar Association) Oct 2006 Joined Miyake Law Office (now Miyake Karino Law Office) (current) Jun 2023 Outside Director of the Company (current) Jun 2024 Outside Audit & Supervisory Board Member, Iino Kaiun Kaisha, Ltd. (current)

1974-06-24

Noriko MIYAGI

Director

Apr 1985 Joined Kyowa Bank, Ltd. (now Resona Bank, Ltd.) Apr 2012 General Manager, Hongo/Myogadani Area Sales Department II, Resona Bank, Ltd. Apr 2013 General Manager, Myogadani Branch, Resona Bank, Ltd. Oct 2013 Head of Diversity Promotion Office, Human Resources Service Department, Resona Holdings, Inc. Apr 2015 General Manager, Human Resources Development Department, Resona Bank, Ltd. Apr 2016 Full-time Audit & Supervisory Board Member, Saitama Resona Bank, Ltd. Jun 2019 Director, Audit and Supervisory Committee Member, Saitama Resona Bank, Ltd. Apr 2021 Senior Managing Director, Resona Business Service Co., Ltd. Jun 2021 Outside Audit & Supervisory Board Member of the Company Apr 2022 Full-time Outside Audit & Supervisory Board Member of the Company Jun 2022 Outside Audit & Supervisory Board Member, Japan Finance Corporation (current) Jun 2025 Outside Director of the Company (current) Outside Director, Audit and Supervisory Committee Member, BML, Inc. (current)

1962-06-28

Akira TSUKADA

Full-time Audit & Supervisory Board Member

May 2001 Joined the Company Apr 2005 General Manager, Finance Department of the Company Apr 2007 Executive Officer in charge of Finance; General Manager, Finance Division I of the Company Apr 2012 Officer of the Company Jul 2012 General Manager, Public Relations Department of the Company Apr 2021 General Manager, Finance Division I of the Company Apr 2024 Officer of the Company Jun 2024 Full-time Audit & Supervisory Board Member of the Company (current)

1957-12-21

Masafumi KOBAYASHI

Full-time Audit & Supervisory Board Member

Apr 1980 Joined NEC Corporation Apr 2004 General Manager, Materials Department, Saitama NEC Corporation Apr 2008 General Manager, Materials Department, Planning Division, Mobile Terminal Business Unit, NEC Corporation Apr 2010 Senior Manager, Solution Materials Department, NEC Corporation Jun 2011 Audit & Supervisory Board Member, NEC Purchasing Service Co., Ltd. (now NEC Business Intelligence, Ltd.) Apr 2014 Audit & Supervisory Board Member, NEC Management Partner, Ltd. (now NEC Business Intelligence, Ltd.) Jun 2023 Outside Full-time Audit & Supervisory Board Member of the Company (current)

1957-01-21

Takafumi YAMADA

Audit & Supervisory Board Member

Apr 1980 Joined Kyowa Bank, Ltd. (now Resona Bank, Ltd.) Oct 2007 Joined Maezawa Kasei Kogyo Co., Ltd. Oct 2007 Assistant General Manager, Management Support, General Affairs Department, Maezawa Kasei Kogyo Co., Ltd. Jan 2008 Audit & Supervisory Board Member, Kyowa Seikei Co., Ltd. (now Niigata Seikei Co., Ltd.) Apr 2008 General Manager, Business Planning Department, Maezawa Kasei Kogyo Co., Ltd. Jun 2010 Executive Officer; General Manager, Business Planning Department, Administration Division, Maezawa Kasei Kogyo Co., Ltd. Jun 2015 Executive Officer; General Manager, Accounting Department, Administration Division, Maezawa Kasei Kogyo Co., Ltd. Jun 2017 Full-time Audit & Supervisory Board Member, Maezawa Kasei Kogyo Co., Ltd. Jun 2024 Outside Audit & Supervisory Board Member of the Company (current)

1957-01-11

Nobuko FURUSAWA

Audit & Supervisory Board Member

Apr 2001 Joined Katorek Co., Ltd. Dec 2003 Joined Tajiri Accounting Office (now Tajiri Accounting Certified Tax Accountant Corporation) Mar 2016 Registered as Certified Tax Accountant Jan 2021 Deputy Head, Tajiri Accounting Office (current) Jun 2025 Outside Audit & Supervisory Board Member of the Company (current)

1978-05-28

Large Shareholding Reports

Strategic Capital Corporation

2026-10-16

13.75%→13.18%