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Overview

Machinery

Kanadevia Corporation

Kanadevia Corporation is an integrated engineering and plant company engaged in the design, procurement, construction, operation, and maintenance of environmental facilities (waste-to-energy, water/sludge treatment, desalination plants), precision machinery (semiconductor, food, pharmaceutical), and infrastructure products (bridges, floodgates, shield boring machines). The company also provides decarbonization solutions including marine engines, clean energy systems, electrolysis/Power-to-Gas, and wind power generation. With operations spanning environmental plant EPC to advanced machinery and low-carbon technologies, Kanadevia serves municipalities, industrial clients, and energy markets globally.

Activists: Oasis Management Company Ltd. 5.44%

Market Cap

¥173B

US$1.10B

¥202B

US$1.29B

Stock¥1,029▼-1.63%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.8

LTM EV/EBIT

14.2

LTM PER

11.6

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-33.6%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 7, 25Additional fraud cases discovered, investor confidence lost

2May 12, 26Oasis Management Company Ltd. filed large shareholding report

MC → EV Bridge

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Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

59%

41%

EquityD/E 0.70xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 41.4%

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

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

17.26%

Custody Bank of Japan, Ltd. (Trust Account)

5.33%

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

3.30%

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

3.19%

MUFG Bank, Ltd.

3.14%

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

2.38%

HSBC-FUND SERVICES HSBC - 006 MF EFM (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.84%

HSBC BANK PLC A/C M AND G(ACS)VALUE PARTNERSCHINA EQUITY FUND (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.83%

Kanadevia Corporation Employee Stock Ownership Association

1.56%

THE BANK OF NEW YORK MELLON 140042 (Standing Proxy: Mizuho Bank, Ltd.)

1.56%

Management

13 officers

Michi KUWAHARA

Representative Director, President and Group CEO

Apr 1986 Joined the Company Apr 2015 General Manager, Corporate Planning Department Jan 2018 General Manager, Corporate Planning Department; Chairman of the Board, Kanadevia Inova AG Apr 2018 Executive Officer Apr 2018 Assistant to General Manager, Environmental Solutions Division; Chairman of the Board, Kanadevia Inova AG Apr 2020 Managing Executive Officer Jul 2020 General Manager, Business Management Division and General Manager, Planning and Administration Division Apr 2021 General Manager, Planning and Administration Division Jun 2021 Director Jun 2021 General Manager, Planning and Administration Division; in charge of Business Management Division, Quality Assurance Office and Yumeshima Area Development Promotion Office Apr 2022 Managing Director Apr 2022 General Manager, Environmental Solutions Division; in charge of Procurement Division Jun 2023 General Manager, Environmental Solutions Division; in charge of Procurement Division and Building Supervision Office Apr 2024 Representative Director, President and COO Apr 2025 Representative Director, President and CEO Apr 2026 Representative Director, President and Group CEO (current)

1963-06-18

Hitoshi OGI

Representative Director, Senior Managing Executive Officer; in charge of Sales and Sales Planning Department

Apr 1983 Joined the Company Apr 2015 Executive Officer Apr 2015 General Manager, Environmental Business Sales Division, Environmental Solutions Division Apr 2019 Managing Executive Officer Apr 2021 Senior Managing Executive Officer (current) Apr 2021 General Manager, Environmental Solutions Division Apr 2022 In charge of Sales, Sales Planning Department and Yumeshima Area Development Promotion Office Jun 2025 Director Apr 2026 In charge of Sales and Sales Planning Department (current) Jun 2026 Representative Director (current)

1960-07-10

Munenobu HASHIZUME

Director, Managing Executive Officer; General Manager, ICT Promotion Division

Apr 1988 Joined Nippon Telegraph and Telephone Corporation Jul 1988 Joined NTT Data Communications Systems Corporation (now NTT DATA Group Corporation) Jun 2013 President and Representative Director, NTT Data Terras Corporation (now KNT-CT IT Solutions Corporation) Jun 2016 General Manager, Project Promotion Division, Public and Social Infrastructure Business Promotion Department, NTT DATA Corporation (now NTT DATA Group Corporation) Jul 2018 Joined the Company Apr 2019 General Manager, ICT Promotion Division; General Manager, Advanced Information Technology Center Apr 2020 Executive Officer Apr 2021 General Manager, ICT Promotion Division (current) Apr 2022 Managing Executive Officer (current) Jun 2024 Director (current)

1964-06-29

Yuichi OKURA

Full-time Audit & Supervisory Board Member

Apr 1982 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2010 Executive Officer, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) May 2012 Managing Executive Officer, the same bank Jun 2016 President and Representative Director, M&U Frontier Debt Collection Co., Ltd. Jul 2021 Joined the Company Jul 2021 Senior Managing Executive Officer Jul 2021 General Manager, Overseas Division Oct 2024 Chairman of the Board, NAC International Inc. Apr 2025 Advisor Jun 2025 Full-time Audit & Supervisory Board Member (current)

1958-06-13

Yasuhiko YASUDA

Full-time Audit & Supervisory Board Member

Apr 1985 Joined the Company Apr 2017 Executive Officer Apr 2018 General Manager, Industrial Equipment Business Unit, Machinery Business Division Apr 2021 General Manager, Technology Research Institute, Development Division; General Manager, PtG Business Promotion Office Apr 2022 General Manager, Technology Research Institute, Development Division Apr 2024 Managing Executive Officer Apr 2024 General Manager, Development Division; General Manager, Technology Research Institute Apr 2025 Advisor Jun 2025 Full-time Audit & Supervisory Board Member (current)

1960-08-22

Koichiro OSHIMA

Representative Director, Senior Managing Executive Officer; General Manager, Corporate Planning and Management Division; Group CFO; General Manager, Quality Misconduct Prevention Office

Apr 1989 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2016 Executive Officer, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) Jun 2018 Executive Officer, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Jun 2018 Executive Officer, Mitsubishi UFJ Securities Holdings Co., Ltd. Jul 2018 Executive Officer, Mitsubishi UFJ Financial Group, Inc. Apr 2020 Managing Executive Officer, Mitsubishi UFJ Financial Group, Inc. Apr 2020 Managing Executive Officer, MUFG Bank, Ltd. Apr 2020 Managing Executive Officer, Mitsubishi UFJ Securities Holdings Co., Ltd. Jun 2020 Outside Director, Hitachi Capital Corporation (now Mitsubishi HC Capital Inc.) Apr 2025 Joined the Company Apr 2025 Senior Managing Executive Officer (current) Apr 2025 General Manager, Overseas Division Apr 2026 General Manager, Corporate Planning and Management Division; Group CFO; General Manager, Quality Misconduct Prevention Office (current) Jun 2026 Representative Director (current)

1966-04-05

Nobuyuki SAKATA

Outside Director

Apr 1979 Joined Sumitomo Chemical Co., Ltd. Apr 2011 Executive Officer, Sumitomo Chemical Co., Ltd.; General Manager, Bioenvironmental Science Research Laboratory Apr 2013 Executive Officer in charge of Intellectual Property Department, Sumitomo Chemical Co., Ltd. Apr 2016 Advisor, Sumitomo Chemical Co., Ltd. Apr 2016 Vice President and Director, Sumika Technology Information Center Co., Ltd. Jun 2017 President and Representative Director, Sumika Technology Information Center Co., Ltd. May 2018 Managing Director, Japan Chemical Industry Association (in charge of chemical substance management and international affairs) Jun 2020 Outside Director, Nomura Research Institute, Ltd. Jun 2023 Outside Director, Ikedasenshu Holdings Co., Ltd. Jun 2025 Joined the Company as Outside Director (current) Jun 2025 Outside Director, Ikedasenshu Holdings Co., Ltd. (current) Jun 2025 Non-executive Director (part-time), The Ikedasenshu Bank, Ltd. (current)

1957-03-31

Tetsuya SHOJI

Outside Director

Apr 1977 Joined Nippon Telegraph and Telephone Public Corporation Jun 2006 Director, General Manager, Personnel Department, West Japan Telegraph and Telephone Corporation (now NTT West Corporation) Jun 2009 Director, General Manager, General Affairs Department, Nippon Telegraph and Telephone Corporation (now NTT, Inc.) Jun 2012 Executive Vice President and Representative Director, NTT Communications Corporation (now NTT Docomo Business, Inc.) Jun 2015 President and Representative Director, NTT Communications Corporation Jun 2020 Dec 2020 Advisor, NTT Communications Corporation (current) Dec 2020 Outside Director, Circlace Inc. Mar 2021 Outside Director, Sapporo Holdings Limited Jun 2021 Outside Director, Mitsubishi Logistics Corporation (current) Jun 2021 Outside Director, Japan Tobacco Inc. (current) Mar 2022 Joined the Company as Outside Director (current)

1954-02-28

Akiko HORIGUCHI

Outside Director

Apr 1985 Joined Oki Electric Industry Co., Ltd. Apr 2011 General Manager, Public Relations Department, Oki Electric Industry Co., Ltd. Apr 2015 General Manager, Human Resources Department, Oki Electric Industry Co., Ltd. Apr 2015 Director, Oki Consulting Solutions Co., Ltd. Apr 2017 Executive Officer, General Manager, Human Resources Department, Management Division, Oki Electric Industry Co., Ltd. Apr 2017 Director, OKI Pro Serve Co., Ltd. Jun 2018 Director, 21st Century Job Foundation Apr 2019 Executive Officer, Management Division, Oki Electric Industry Co., Ltd. Apr 2019 President and Representative Director, Oki Workwell Co., Ltd. (current) Apr 2020 Apr 2023 Jun 2026 Apr 2026 Executive Officer, Corporate Division, Oki Electric Industry Co., Ltd. Jun 2026 Outside Director, the Company (current) Apr 2026 Advisor, Oki Workwell Co., Ltd. (current)

1962-12-29

Maki MIYAZAKI

Outside Director

Apr 1992 Registered as attorney-at-law Apr 1992 Joined Yoshimoto, Kogo & Mori Law Office (now Yoshimoto, Ota & Miyazaki Law Office) Sep 1996 Joined Kelley Drye & Warren LLP Oct 1997 Registered as attorney-at-law, State of New York, USA May 1999 Returned to Yoshimoto & Ota Law Office (now Yoshimoto, Ota & Miyazaki Law Office) Jan 2003 Partner, Yoshimoto & Ota Law Office (now Yoshimoto, Ota & Miyazaki Law Office) Jan 2007 Representative Attorney, Yoshimoto, Ota & Miyazaki Law Office (current) Jun 2024 Outside Director, the Company (current)

1964-02-01

Hideki MIYAZAKI

Outside Director

Apr 1980 Joined Nomura Securities Co., Ltd. Jul 2005 Japan Tobacco Inc. Jun 2008 Executive Officer, Chief Financial Officer, Japan Tobacco Inc. Jun 2010 Managing Executive Officer, Chief Financial Officer, Japan Tobacco Inc. Jun 2012 Vice President and Director, Japan Tobacco Inc. Jan 2018 Director, Japan Tobacco Inc. Mar 2018 Joined JSR Corporation Jun 2018 Director, Managing Executive Officer, CFO, JSR Corporation Jun 2025 Outside Director (Audit and Supervisory Committee Member), Mizuho Securities Co., Ltd. (current) Jun 2025 Outside Director, Nippon Sheet Glass Company, Limited (current) Jun 2026 Outside Director, the Company (current)

1958-01-22

Koji INADA

Outside Audit & Supervisory Board Member

Apr 1984 Joined The Kansai Electric Power Co., Inc. Jun 2010 Deputy General Manager, Management Reform and IT Division, the same company Jun 2013 Deputy General Manager, General Planning Division, the same company Jun 2015 Deputy Manager, General Secretariat, General Planning Division, the same company Jun 2016 Managing Executive Officer, the same company Jun 2018 Director, Managing Executive Officer, the same company Jun 2019 Jun 2019 Jun 2020 Jun 2024 Jun 2024 Representative Director, Executive Vice President and Executive Officer, the same company Jun 2019 Outside Director, Toyo Tech Co., Ltd. (current) Jun 2020 Director, Representative Executive Vice President, The Kansai Electric Power Co., Inc. Jun 2024 Outside Audit & Supervisory Board Member, the Company (current) Jun 2024 Advisor, The Kansai Electric Power Co., Inc. (current)

1960-03-09

Hirofumi YASUHARA

Outside Audit & Supervisory Board Member

Apr 1979 Joined Matsushita Electric Industrial Co., Ltd. (now Panasonic Holdings Corporation) Sep 1996 Director and CFO, Matsushita Battery Industrial Co., Ltd. of America (now Panasonic Energy of North America, Inc.) Jun 2008 Director and Executive Officer, Panahome Corporation (now Panasonic Homes Co., Ltd.) Jun 2012 Representative Director, Panahome Corporation Jun 2015 Standing Audit & Supervisory Board Member, Panasonic Corporation (now Panasonic Holdings Corporation) Jun 2019 Outside Audit & Supervisory Board Member, Santen Pharmaceutical Co., Ltd. Mar 2020 Outside Audit & Supervisory Board Member, Sumitomo Rubber Industries, Ltd. (current) Jun 2020 Jun 2023 Outside Audit & Supervisory Board Member, the Company (current) Jun 2023 Outside Director, Sumitomo Densetsu Co., Ltd. (current)

1956-08-28

Large Shareholding Reports

MUFG Bank, Ltd.

2026-10-19

3.11%→3.11%

Annual report (as of 2026-03-31): 3.14%

Nomura Asset Management Co., Ltd.

2026-10-07

4.44%→3.14%

Asset Management One Co., Ltd.

2026-09-07

5.03%→3.72%

Nomura Asset Management Co., Ltd.

2026-07-23

4.45%→4.44%

Asset Management One Co., Ltd.

2026-07-07

6.09%→5.03%

Marathon Asset Management Limited

2026-07-06

5.11%

M&G Investment Management Limited

2026-06-22

9.25%→7.83%

Nomura Asset Management Co., Ltd.

2026-06-05

4.41%→4.45%

Oasis Management Company Ltd.

2026-05-12

5.44%

Nomura Asset Management Co., Ltd.

2026-04-07

4.40%→4.41%

Asset Management One Co., Ltd.

2025-12-05

4.95%→6.09%

Nomura Asset Management Co., Ltd.

2025-12-04

4.33%→4.40%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

3.43%→2.79%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-19

Large Shareholding Report

Kanadevia Corporation

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Kanadevia Corporation

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