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Overview

Electric Appliances

Maxell,Ltd.

Maxell, Ltd. is a Japanese manufacturer operating across four business segments: Energy (lithium-ion batteries, coin-type lithium rechargeable batteries, primary lithium batteries, and electrode products), Functional Materials (adhesive tapes, functional materials, and industrial rubber products), Optical & Systems (optical components, precision electroforming parts, semiconductor-related embedded systems, and RFID systems), and Value Co-Creation (health and beauty appliances, audio equipment, and optical discs). The company leverages its proprietary analog core technologies as a competitive foundation, concentrating growth investment in these areas to enhance capital efficiency. Maxell serves both consumer and B2B/industrial markets globally through a network of subsidiaries across Asia, the Americas, and Europe.

Activists: Taiyo Pacific Partners, L.P. 0.00%

Market Cap

¥91.0B

US$581M

¥94.9B

US$605M

Stock¥2,470▼-1.63%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.7

LTM EV/EBIT

10.5

LTM PER

10.0

LTM PBR

1.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-8.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 27, 25Strong interim earnings buying

2Nov 27, 25Taiyo Pacific Partners, L.P. changed stake (13.11%→0.0%)

3Feb 2, 26Q3 earnings disappointment

4Aug 3, 26Q1 earnings: Sales +24.4% YoY, operating profit +44.8%, net profit +50.5%

MC → EV Bridge

AI Briefing

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

70%

30%

EquityD/E 0.44xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 52.5%

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

The Master Trust Bank of Japan, Ltd.

15.63%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

10.66%

Custody Bank of Japan, Ltd.

6.87%

Nichia Corporation

5.43%

ZEON CORPORATION

3.56%

THE BANK OF NEW YORK MELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)

2.60%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

2.54%

STATE STREET BANK AND TRUST COMPANY 505301 (Standing Proxy: Mizuho Bank, Ltd.)

2.24%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.62%

iShares Core MSCI EAFE ETF (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.37%

Management

7 officers

Keiji NAKAMURA

Representative Director, President

Apr 1990 Joined the Company Jan 2013 Deputy General Manager, Energy Business Division, the Company Jul 2014 Executive Officer, the Company Oct 2017 Executive Officer, Maxell, Ltd. Apr 2018 Representative Director, President, Maxell, Ltd. Jun 2018 Director, the Company Jun 2020 Representative Director, President, the Company Apr 2024 Representative Director, President and Executive Officer, the Company (current)

1966-08-20

Naoto SUGIMUNE

Director

Mar 1999 Joined the Company Apr 2014 General Manager, Procurement Department, Energy Business Division, the Company Apr 2018 Deputy General Manager, Battery Division, Energy Business Division, Maxell, Ltd. Apr 2019 General Manager, Battery Business Division, Energy Business Division, Maxell, Ltd. Apr 2021 Representative Director, President, Maxell Izumi Ltd. Apr 2023 Representative Director, President, Maxell Izumi Ltd.; General Manager, Life Solutions Business Division, the Company Apr 2025 Executive Officer, the Company Apr 2026 Managing Executive Officer, the Company Jun 2026 Director, Managing Executive Officer, the Company (current)

1975-10-12

Noritoshi MASUDA

Director

Apr 1987 Joined the Company Oct 2017 General Manager, Finance Department, the Company; Division General Manager in charge of Maxell, Ltd.; General Manager, Accounting Department, Maxell, Ltd. Apr 2019 Executive Officer and General Manager, Finance Department, the Company; Director and General Manager, Accounting Department, Maxell, Ltd. Jun 2019 Director and General Manager, Finance Department, the Company Oct 2019 Director, the Company; Director, Maxell, Ltd. Apr 2024 Director, Managing Executive Officer, the Company (current)

1964-09-22

Kazuhiro AIGAMI

Director, Audit and Supervisory Committee Member

Apr 1981 Joined Cemedine Co., Ltd. Apr 1990 Joined Kenwood Corporation Apr 2007 General Manager, Communications Business Division, Kenwood Corporation Jun 2007 Managing Executive Officer, Kenwood Corporation Jun 2008 Director, Kenwood Corporation Jun 2009 Representative Director, President, Kenwood Corporation; Director, JVC KENWOOD Holdings, Inc. Oct 2011 Director, JVCKENWOOD Corporation May 2014 Representative Director, JVCKENWOOD Corporation Oct 2014 Representative Director, JVCKENWOOD Corporation; Director and President, JVCKENWOOD USA Corporation Jun 2016 Representative Director, Executive Vice President, JVCKENWOOD Corporation Mar 2021 Retired from JVCKENWOOD Corporation Jun 2022 Director, Audit and Supervisory Committee Member, the Company (current) Jun 2025 Outside Director, Nihon Dempa Kogyo Co., Ltd. (current)

1957-10-27

Kazuyoshi HATA

Director, Audit and Supervisory Committee Member

Apr 1981 Joined Minolta Camera Co., Ltd. Apr 2009 Executive Officer and General Manager, Corporate Strategy Division, Konica Minolta Holdings, Inc. (currently Konica Minolta, Inc.) Apr 2011 Managing Director and General Manager, Corporate Planning and Administration Division, Konica Minolta MG, Inc. Apr 2013 Executive Officer and President, Healthcare Company, Konica Minolta, Inc. Apr 2016 Executive Officer in charge of Alliances, Konica Minolta, Inc. Apr 2018 Managing Executive Officer, General Manager, Corporate Strategy Division, Kansai Branch Manager, in charge of PR and IR, Konica Minolta, Inc. Apr 2020 Advisor, Konica Minolta, Inc. Jun 2020 Retired from Konica Minolta, Inc. Jun 2022 Director, Audit and Supervisory Committee Member, the Company (current)

1959-03-28

Yukiko MURASE

Director

Apr 1995 Joined Nichiha Corporation Sep 2008 Registered as attorney-at-law; joined Seiwa Meitetsu Law Office Nov 2015 Outside Audit & Supervisory Board Member, Bunkyodo Group Holdings Co., Ltd. (current) Sep 2018 Joined Kudanzaka Law Office (current) Jun 2019 Outside Audit & Supervisory Board Member, Nichias Corporation (current) Jun 2020 Director, the Company (current) Mar 2021 Outside Director, Roland Corporation Jun 2024 Outside Director, Nippon Chuzo K.K. (current)

1972-08-03

Nobuko AOKI

Director, Audit and Supervisory Committee Member

Apr 1987 Joined The Bank of Tokyo, Ltd. (currently MUFG Bank, Ltd.) Jul 1995 Joined Inter-American Development Bank Jul 1996 Joined Congré Inc. Apr 2002 Joined IBM Japan, Ltd. Jun 2015 Manager, Systems and Hardware Business Management, IBM Japan, Ltd. Jun 2018 Manager, Global Technology Services Business Management, IBM Japan, Ltd. Sep 2021 Managing Executive Officer in charge of Finance and Administration, Kyndryl Japan Feb 2022 Director and Managing Executive Officer in charge of Finance and Administration, Kyndryl Japan K.K. Jun 2025 Full-time Audit & Supervisory Board Member, IBM Japan, Ltd. (current) Jun 2025 Audit & Supervisory Board Member, Kobelco Systems Co., Ltd. (current) Jun 2026 Director, Audit and Supervisory Committee Member, the Company (current)

1964-04-13

Large Shareholding Reports

Goldman Sachs International

2026-09-25

2.97%→1.21%

Grantham, Mayo, Van Otterloo & Co. LLC

2026-06-17

10.51%→11.60%

Grantham, Mayo, Van Otterloo & Co. LLC

2026-06-05

9.15%→10.51%

Grantham, Mayo, Van Otterloo & Co. LLC

2026-04-08

8.10%→9.15%

Taiyo Pacific Partners L.P.

2025-11-27

13.11%→0.00%

Amova Asset Management Co., Ltd.

2025-09-19

4.08%→3.88%

Taiyo Pacific Partners L.P.

2025-04-04

12.10%→13.11%

Taiyo Pacific Partners L.P.

2024-12-23

10.97%→12.10%

Taiyo Pacific Partners L.P.

2022-04-15

10.97%

Taiyo Pacific Partners L.P.

2022-01-05

6.16%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-09-25

Large Shareholding Report

Maxell,Ltd.

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Maxell,Ltd.

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