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Overview

Services

QB Net Holdings Co.,Ltd.

QB Net Holdings is a holding company operating the 'QB HOUSE' chain of hair-cut-only salons in Japan and internationally, offering quick, affordable, and efficient haircut services that eliminate unnecessary steps such as shampooing and shaving. The company operates multiple brands including QB HOUSE, QB PREMIUM, and FaSS, through a combination of company-owned stores and franchise arrangements. As of June 2025, the group operates 724 stores across Japan, Singapore, Hong Kong, Taiwan, the United States, Canada, Vietnam, and Malaysia.

Activists: TriVista Capital, Inc. 19.66%

Market Cap

¥16.8B

US$107M

¥28.3B

US$180M

Stock¥1,241▲+1.89%

US$1 = ¥157.25 (2026-10-30)

LTM EV/EBITDA

5.1

LTM EV/EBIT

19.0

LTM PER

20.9

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-29.3%pt

Nov 4, 25 – Oct 30, 26StockTOPIX

MC → EV Bridge

AI Briefing

QB Net Holdings runs Japan's dominant no-frills haircut chain, QB HOUSE, 724 stores across 8 countries. FY26/6 guidance: revenue ¥27.2B but operating margin compressing to 5.5% from 9.4% three years ago. EV/EBITDA ~5.2x on ¥5.5B LTM EBITDA; margin erosion trend warrants scrutiny despite franchise scale and overseas growth.

Open QB Net Holdings Co., Ltd. in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

49%

51%

EquityD/E 1.05xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 49.5%

as of 2026-06-30 · Source: Annual Securities Report

TVC MATSU FUND (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

11.07%

Custody Bank of Japan, Ltd. (Trust Account)

9.21%

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

7.30%

TRIVISTA MASTER FUND (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

6.62%

Integral Corporation

4.37%

Kz Group Co., Ltd.

4.07%

Yasuo KITANO

2.48%

BRIDGESTREAM LIMITED (Standing Proxy: Tachibana Securities Co., Ltd.)

1.64%

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

1.52%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

1.26%

Management

8 officers

Yasuo KITANO

Representative Director, President

Feb 2005 Joined QB NET Co., Ltd. Sep 2005 Director, General Manager of Management Planning Office, QB NET Co., Ltd. Mar 2006 Director, General Manager of Administration Division, QB NET Co., Ltd. Sep 2008 Senior Managing Director, General Manager of Management Planning Office and Administration Division, QB NET Co., Ltd. Oct 2009 Representative Director, President, QB NET Co., Ltd. QB NET INTERNATIONAL HOLDINGS PTE. LTD., Director, CEO QB NET INTERNATIONAL PTE. LTD., Director, CEO Jun 2011 QB House (Hong Kong) Limited, Director, CEO Feb 2012 Taiwa Jieli Co., Ltd., Director Sep 2016 the Company, Representative Director, President (current) QB HOUSE USA INC., Director Apr 2023 QB HOUSE CANADA INC., Director Sep 2024 QB NET INTERNATIONAL HOLDINGS PTE. LTD., Director (current) Sep 2025 QB NET Co., Ltd., Representative Director, President and General Manager of Sales Division (current)

1969-06-26

Katsuyoshi KABEYA

Director, General Manager of Administration Division

Oct 2009 Joined QB NET Co., Ltd. Oct 2012 General Manager, Management Administration Department, QB NET Co., Ltd. Jul 2016 General Manager, Management Administration Department, the Company Dec 2019 General Manager, Administration Division, the Company Nov 2022 Deputy General Manager, Administration Division, the Company; Deputy General Manager, Administration Division, QB NET Co., Ltd. Sep 2023 Director, General Manager of Administration Division, the Company (current) Director, General Manager of Administration Division, QB NET Co., Ltd. (current) Director, QB NET INTERNATIONAL HOLDINGS PTE. LTD. (current) Sep 2024 Director, QB NET INTERNATIONAL PTE. LTD. (current) Director, QB House (Hong Kong) Limited (current) Director, Taiwa Jieli Co., Ltd. (current) Director, QB HOUSE USA INC. (current) Director, QB HOUSE CANADA INC. (current) Nov 2024 Director, QB HOUSE VIETNAM COMPANY LIMITED (current) Director, QB HOUSE MALAYSIA SDN. BHD. (current)

1967-07-30

Yuki YAMAMOTO

Director, General Manager of Overseas Business Division

Nov 1995 Joined Ryohin Keikaku Co., Ltd. Feb 2000 Area Manager, Sales Department, Ryohin Keikaku Co., Ltd. Sep 2003 Section Manager, Clothing and Miscellaneous Goods MD Planning, Ryohin Keikaku Co., Ltd. Feb 2006 General Manager, Customer Relations Office, Ryohin Keikaku Co., Ltd. Feb 2007 Store Manager, MUJI Yurakucho Store, Ryohin Keikaku Co., Ltd. Sep 2008 General Manager, Sales Department, Ryohin Keikaku Co., Ltd. Feb 2010 General Manager, China, Overseas Business Division, Ryohin Keikaku Co., Ltd.; Chief Sales Officer, MUJI (Shanghai) Commercial Co., Ltd. Feb 2012 Executive Officer, Overseas Business Division (Korea), Ryohin Keikaku Co., Ltd.; President, MUJI Korea Co., Ltd. May 2015 Director, General Manager, Southwest Asia and Oceania Business Division, Ryohin Keikaku Co., Ltd. May 2019 Senior Executive Officer, General Manager, India Business Division, and General Manager, India, Singapore and Malaysia, Overseas Business Division, Ryohin Keikaku Co., Ltd. Oct 2023 Joined the Company as Executive Officer, Deputy General Manager, Overseas Business Division Sep 2024 Director, QB NET INTERNATIONAL HOLDINGS PTE. LTD. (current) Director, QB NET INTERNATIONAL PTE. LTD. (current) Director, QB House (Hong Kong) Limited (current) Director, QB HOUSE USA INC. Director, QB HOUSE CANADA INC. Nov 2024 Director, QB HOUSE VIETNAM COMPANY LIMITED (current) Director, QB HOUSE MALAYSIA SDN. BHD. (current) Sep 2025 Director, General Manager of Overseas Business Division, the Company (current) Jan 2026 Chairman, Taiwa Jieli Co., Ltd. (current) Feb 2026 Director/Secretary, QB HOUSE USA INC. (current) Director/Treasurer, QB HOUSE CANADA INC. (current)

1972-01-17

Takayoshi ETO

Director, General Manager of Quality Management Division

Apr 1994 Joined HEADS Co., Ltd. Apr 1997 Manager, HEADS Co., Ltd. May 2006 Joined QB NET Co., Ltd. Sep 2007 Training Manager, QB NET Co., Ltd. May 2009 Area Manager, QB NET Co., Ltd. Oct 2012 General Manager, Training and Education Department, QB NET Co., Ltd. Jul 2016 General Manager, Business Promotion Office, QB NET Co., Ltd. Nov 2023 Executive Officer, General Manager of Business Promotion Division, QB NET Co., Ltd.; Executive Officer, General Manager of Quality Management Division, the Company Sep 2025 Director, General Manager of Quality Management Division, the Company (current) Director, General Manager of Business Promotion Division, QB NET Co., Ltd. (current)

1975-08-18

Tadao KIKUCHI

Director, Audit and Supervisory Committee Member

Apr 1988 Joined The Nippon Credit Bank, Ltd. (now Aozora Bank, Ltd.) Feb 2000 Joined Deutsche Securities Inc., Tokyo Branch Apr 2004 Joined Royal Co., Ltd. (now Royal Holdings Co., Ltd.) Mar 2010 Representative Director, President, Royal Co., Ltd. Mar 2016 Representative Director, Chairman and CEO, Royal Holdings Co., Ltd. Feb 2018 Outside Director, the Company Mar 2019 Representative Director, Chairman, Royal Holdings Co., Ltd. Apr 2020 Special Professor, Graduate School of Management, Kyoto University Sep 2021 Outside Director (Audit and Supervisory Committee Member), the Company (current) Apr 2024 Vice Chairman, Japan Association of Corporate Executives (Keizai Doyukai) (current) Visiting Professor, Graduate School of Management, Kyoto University (current) Mar 2026 Director, Chairman, Royal Holdings Co., Ltd. (current) Jun 2026 Outside Director, Sony Financial Group Inc. (current)

1965-12-04

Keiko TOYA

Director, Audit and Supervisory Committee Member

Apr 1988 Joined Saitama Bank, Ltd. (now Resona Bank, Ltd.) Jul 1999 Representative Director, Marketing Excellence Co., Ltd. Apr 2002 Associate Professor, Graduate School of Business Design, Rikkyo University Jun 2004 Doctor of Business Administration, University of Tsukuba Apr 2006 Full-time Lecturer, Faculty of Business Administration, Toyo University Jul 2006 Managing Director, Marketing Excellence Co., Ltd. (current) Apr 2007 Associate Professor, Graduate School of Business, Doshisha University Apr 2014 Full Professor, Graduate School of Global Business, Meiji University (current) Jun 2019 Outside Director, Yuasa Trading Co., Ltd. (now YUASA Co., Ltd.) Jun 2021 Outside Director, Shin Nippon Biomedical Laboratories, Ltd. (current) Sep 2021 Outside Director (Audit and Supervisory Committee Member), the Company (current) Visiting Professor, Center for Wellbeing, Welfare and Happiness (CWWH), Stockholm School of Economics (current) Apr 2024 Outside Director (Audit and Supervisory Committee Member), Higo Bank, Ltd. (current)

1964-02-26

Naoko HARIMA

Director, Audit and Supervisory Committee Member

Oct 2003 Joined Asahi Audit Corporation (now Azusa Audit LLC) Jul 2007 Registered as Certified Public Accountant Apr 2008 Established Naoko Harima CPA Office, Representative (current) Joined Japan Hotel and Resort Co., Ltd. (now Japan Hotel REIT Advisors Co., Ltd.) Jul 2017 Full-time Outside Corporate Auditor, Japan Environmental Planning Co., Ltd. (now JEPLAN, Inc.) Jan 2018 Outside Corporate Auditor, Kinopharma Inc. Jun 2018 Outside Director, Atsugi Co., Ltd. Jan 2019 Outside Corporate Auditor, BizReach, Inc. Feb 2020 Outside Director (Audit and Supervisory Committee Member), Visional, Inc. (current) Corporate Auditor, BizReach, Inc. (current) May 2023 Outside Director (Audit and Supervisory Committee Member), Francfranc Corporation Sep 2023 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), Paramount Bed Holdings Co., Ltd. (current) Sep 2025 Corporate Auditor, QB NET Co., Ltd. (current) Outside Director (Audit and Supervisory Committee Member), LOGIZARD Co., Ltd. (current)

1980-10-27

Tomonori OKADA

Director, Audit and Supervisory Committee Member

Dec 2012 Registered with Tokyo Bar Association; joined Shinginza Law Office Mar 2016 Joined City Law Office Jun 2022 Auditor, ILC General Incorporated Association (current) Oct 2022 Dispute Resolution Committee Member, Sonpo ADR Center, General Insurance Association of Japan (current) Jan 2024 Partner, TXL Law Corporation (formerly Rex Law Office) (current) Sep 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1986-09-21

Large Shareholding Reports

SMBC Nikko Securities Inc.

2026-07-23

3.52%→1.91%

Portfolia Co., Ltd.

2026-04-07

7.33%→7.60%

TriVista Capital Inc.

2022-06-16

19.08%→19.66%

TriVista Capital Inc.

2022-06-09

18.00%→19.08%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-09-24

Annual Securities Report

Period: Jul 2025 – Jun 2026

QB Net Holdings Co.,Ltd.

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QB Net Holdings Co.,Ltd.

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