Overview
Services

INCLUSIVE Holdings Inc.

INCLUSIVE Holdings operates across four business segments: Media & Content (digital media operation, newsletter services, ad monetization), Planning & Produce (branding, consulting, regional revitalization, and space design for corporations and municipalities), Food-related Business (restaurant and EC operations leveraging the historic Shimogamo Saryo brand, founded 1856), and Other/Space (satellite data-driven DX services for local government agriculture, tourism, and disaster prevention via subsidiary LAND INSIGHT). The company's competitive strengths lie in its cross-domain planning capabilities that convert latent regional assets into marketable brands, and its integrated one-stop offering spanning strategy, creative, PR, and digital execution. Its mid-to-long-term vision centers on creating self-sustaining regional economies by connecting brand creation, experience design, and administrative digitalization.

Market Cap
¥3.07B
US$19.6M
EV
¥2.26B
US$14.4M
Stock¥305▼-1.61%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
2.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-52.0%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.07BUS$19.6MMarket Cap0.70BUS$4.47M+ Debt1.70BUS$10.9M− Cash0.01BUS$0.04M− Inv. Sec.0.21BUS$1.32M+ NCI2.26BUS$14.4MEV
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Performance & Balance
Revenue 5Y (¥B)
1.74US$11.1M'22/34.80US$30.6M'23/35.36US$34.2M'24/34.90US$31.2M'25/34.57US$29.1M'26/3
EBITDA 5Y (¥B)
-0.01-US$0.05M'22/3-0.22-US$1.42M'23/30.05US$0.31M'24/3-0.23-US$1.46M'25/3-0.36-US$2.30M'26/3
Net Income 5Y (¥B)
-0.12-US$0.73M'22/3-0.87-US$5.55M'23/30.31US$2.00M'24/3-1.07-US$6.84M'25/3-0.17-US$1.10M'26/3
Capital Structure
68%
32%
EquityD/E 0.48xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.49US$9.48M0.61US$3.92M'22/31.97US$12.5M1.00US$6.37M'23/32.42US$15.5M0.78US$4.98M'24/32.34US$14.9M0.69US$4.40M'25/31.87US$11.9M0.62US$3.94M'26/3
Shareholders
Top 10 hold 61.1%
1
Makoto FUJITA
41.28%
2
Takafumi HORIE
5.43%
3
Interstellar Technologies Inc.
3.97%
4
Rakuten Securities, Inc.
2.13%
5
Hakuhodo DY ONE Co., Ltd.
1.88%
6
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
1.84%
7
Archetype Group Co., Ltd.
1.79%
8
Masaya SEGA
0.95%
9
JPMorgan Securities Japan Co., Ltd.
0.93%
10
SBI SECURITIES Co., Ltd.
0.87%
Management
12 officers
Makoto FUJITA
Representative Director, Chairman
Apr 1997 Joined Chuo Senko Co., Ltd. Oct 2001 Joined Exside Inc. Oct 2002 Joined Atom Shockwave Co., Ltd. Apr 2005 Joined Livedoor Co., Ltd. Apr 2007 Established the Company; assumed office as Representative Director, President Apr 2022 Assumed office as Representative Director, OGS Inc. Apr 2022 Assumed office as Representative Director, INCLUSIVE SPACE CONSULTING Co., Ltd. (now LAND INSIGHT Co., Ltd.) Jun 2022 Assumed office as Director, Orange Inc. (now Orange & Partners Inc.) (current) Apr 2024 Assumed office as Chairman of the Board, Shimogamo Ryotei Co., Ltd. Feb 2026 Elected Member of the House of Representatives (current) Feb 2026 Assumed office as Representative Director, Chairman of the Company (current)
1973-04-20
Tomoki HAGIO
Director
Apr 1998 Joined Fujitsu Support and Service Co., Ltd. (now Fujitsu FSAS Inc.) Jun 2000 Joined Red Rice Medium Co., Ltd. (now Red Rice Co., Ltd.) Jun 2006 Assumed office as Director, Red Rice Medium Co., Ltd. Feb 2007 Joined Orange & Partners Inc. Feb 2010 Assumed office as Director, Orange & Partners Inc. (current) Jun 2025 Assumed office as Director of the Company (current) Aug 2025 Assumed office as Representative Director, Executive Vice President, Orange & Partners Inc. (current)
1978-02-23
Miki KIMURA
Representative Director, President
Apr 1997 Joined Nippon Shuppan Hanbai Inc. Apr 2003 Joined Mainichi Newspapers Co., Ltd. Apr 2005 Joined Livedoor Co., Ltd. Sep 2006 Joined Rakuten, Inc. (now Rakuten Group, Inc.) Jan 2009 Assumed office as Representative Director, President, Keiba Mall Co., Ltd. Apr 2012 Assumed office as Executive Officer, Rakuten, Inc. Sep 2014 Assumed office as Representative Director, President, K-Dreams Co., Ltd. Apr 2022 Assumed office as Senior Executive Officer, Rakuten Group, Inc. Nov 2024 Established Renovate Partners Inc.; assumed office as Representative Director (current) Feb 2025 Assumed office as Director, SO SLEEPY Inc. (current) Jun 2025 Assumed office as Representative Director, Executive Vice President of the Company Oct 2025 Assumed office as Representative Director, Executive Vice President, INCLUSIVE Split Preparation Co., Ltd. (now INCLUSIVE Inc.) Feb 2026 Assumed office as Representative Director, President of the Company (current) Feb 2026 Assumed office as Representative Director, President, INCLUSIVE Inc. (current)
1973-06-21
Satoshi SHODA
Director
Sep 2007 Joined OPT Inc. (now Digital Holdings Inc.) Sep 2012 Joined Apparel Web Inc. as Head of Administration Division Jun 2015 Assumed office as Director and CFO, Apparel Web Inc. Nov 2018 Joined Money Forward, Inc. as Deputy Head of Administration Division Dec 2018 Assumed office as Director, Money Forward Kessai Inc. Aug 2021 Joined GMO Commerce, Inc. as Head of Corporate Division Jul 2023 Joined the Company; General Manager, Corporate Planning Department (current) Aug 2023 Assumed office as Director, Orange Inc. (now Orange & Partners Inc.) (current) Oct 2023 Head of Administration Division (now Group Administration Division) of the Company (current) Mar 2024 Assumed office as Director of the Company (current) Aug 2025 Assumed office as Director, Shimogamo Ryotei Co., Ltd. (current) Aug 2025 Assumed office as Director, George Creative Company Co., Ltd. (current) Oct 2025 Assumed office as Director, INCLUSIVE Split Preparation Co., Ltd. (now INCLUSIVE Inc.) (current)
1972-05-09
Takuyu NOGUCHI
Director
Apr 1995 Joined Hirose Co., Ltd. Jul 2003 Joined Japan International Cooperation Agency (predecessor of JICA) Sep 2007 Joined eager Inc. Sep 2010 Joined Japan Ceremony Co., Ltd. Jun 2012 Joined Orange Inc. (now Orange & Partners Inc.) Jul 2013 Assumed office as Director, Shimogamo Ryotei Co., Ltd. Jun 2025 Assumed office as Director of the Company (current) Feb 2026 Assumed office as Representative Director, President, Shimogamo Ryotei Co., Ltd. (current)
1973-02-02
Ryota KAKURA
Director
Jul 2008 Joined NetPriceDotCom Co., Ltd. (now BEENOS Inc.) as Head of Finance and Accounting and Head of Corporate Planning Office Feb 2014 Joined CyberAgent, Inc. as Head of Internal Audit Office Aug 2018 Joined Mercari, Inc. as Corporate Planning Manager Apr 2019 Joined Merpay Inc. as Financial Management Manager Oct 2022 Joined Excite Holdings Co., Ltd. as Head of Management Administration Office May 2024 Joined the Company Aug 2025 Assumed office as Director, Shimogamo Ryotei Co., Ltd. (current) Jun 2026 Assumed office as Director of the Company (current)
1978-12-15
Makoto SHIONO
Outside Director
Apr 1998 Joined Citibank N.A. Oct 1999 Joined Goldman Sachs Securities Co., Ltd. Aug 2000 Assumed office as CFO, EC-watch.com Co., Ltd. Sep 2001 Joined Bain & Company, Inc. Apr 2003 Joined Livedoor Co., Ltd. May 2008 Completed Master of Laws program, University of Washington School of Law Jul 2008 Joined Industrial Growth Platforms, Inc. (IGPI) Jan 2012 Assumed office as Partner and Managing Director, IGPI Jun 2017 Assumed office as Representative Director and CIO, JBIC IG Partners Co., Ltd. Jun 2022 Assumed office as Outside Director of the Company (current) Jun 2024 Assumed office as Executive Officer, JBIC IG Partners Co., Ltd. (current) Jun 2024 Assumed office as Outside Director, Septeni Holdings Co., Ltd. (current) Oct 2024 Assumed office as Director, CLO and Managing Director, IGPI; Partner, IGPI Group (current) Dec 2025 Assumed office as Representative Director and CEO, IGPI (current)
1975-11-12
Ayako NAGAYA
Outside Director
Apr 1995 Joined Recruit Co., Ltd. Apr 2002 Joined Branding Co., Ltd. Apr 2005 Assumed office as Producer, Tokyo Girls Collection Apr 2009 Assumed office as Representative Director, President, F1 Media Inc. (now W TOKYO Inc.) Apr 2012 Assumed office as Executive Officer, Yoshimoto Kogyo Co., Ltd. May 2016 Established an Inc.; assumed office as Representative Director (current) Apr 2018 Assumed office as Visiting Professor, Faculty of Business Administration, Rikkyo University (current) Jul 2018 Assumed office as Outside Director of the Company Apr 2019 Assumed office as Director, Nighttime Economy Promotion Council (current) Jun 2025 Assumed office as Outside Director of the Company (current)
1972-02-13
Miho SUZUKI
Outside Director
Apr 2006 Joined Nippon Television Network Corporation Oct 2015 Established Maggie's Tokyo (now certified NPO Maggie's Tokyo); assumed office as Co-Representative Director (current) Jun 2019 Assumed office as Member of the Steering Committee, Pharmaceuticals and Medical Devices Agency (PMDA) (current) Jun 2022 Assumed office as Director, Non-profit Organization Evaluation Center (current) Nov 2023 Assumed office as Member, NHK Kanto Regional Broadcast Program Deliberation Committee, Japan Broadcasting Corporation (current) Jun 2024 Assumed office as Chief Communication Officer, Smart Opinion Inc. (current) Jun 2025 Assumed office as Outside Director of the Company (current) Jun 2026 Assumed office as Outside Director, Zest Inc. (current)
1983-10-16
Masuaki KOIZUMI
Full-time Audit and Supervisory Board Member
Apr 1977 Joined Toyota Motor Sales Co., Ltd. (now Toyota Motor Corporation) Jun 2011 Joined CMC Co., Ltd. Dec 2011 Assumed office as Full-time Audit and Supervisory Board Member, CMC Co., Ltd. Mar 2015 Assumed office as Audit and Supervisory Board Member (part-time), Tenda Holdings Co., Ltd. Sep 2015 Assumed office as Full-time Audit and Supervisory Board Member of the Company (current)
1951-05-20
Mirai MURAKAMI
Audit and Supervisory Board Member
Oct 2000 Joined Chuo Aoyama Audit Corporation Nov 2006 Joined UBS Securities Co., Ltd. Nov 2009 Joined KPMG Healthcare Japan Nov 2012 Joined Uzabase, Inc. Apr 2019 Assumed office as Representative Director, somebuddy Inc. (current) May 2019 Assumed office as Outside Director, Bridge C Capital Co., Ltd. (now CREAL Inc.) (current) Jul 2019 Assumed office as Audit and Supervisory Board Member (part-time) of the Company (current) Dec 2020 Assumed office as Director, Audit and Supervisory Committee Member (part-time), Euglena Co., Ltd. (current) Jun 2025 Assumed office as Outside Director, Audit and Supervisory Committee Member, Lancers, Inc. (current)
1977-06-19
Shiho EGAMI
Audit and Supervisory Board Member
Dec 2007 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Nov 2014 Joined Deloitte & Touche LLP Aug 2018 Joined Hatra Pte Ltd Mar 2020 Assumed office as Director, Hatra Pte Ltd Jan 2023 Assumed office as Director, Will Design Lab Pte Ltd (current) Jan 2025 Assumed office as Auditor, Grameen Japan (current) Jun 2026 Assumed office as Audit and Supervisory Board Member (part-time) of the Company (current)
1980-07-06
Large Shareholding Reports
SBI Securities Co., Ltd.
2025-12-04
5.02%
Annual report (as of 2026-03-31): 0.87%
SBI Securities Co., Ltd.
2025-09-22
5.10%→3.07%
Annual report (as of 2026-03-31): 0.87%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-13
Q1 Earnings Flash
FY ending May 2027
EDINET
2026-06-26
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-04
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-22
Large Shareholding Report
TDnet
2025-08-13
Q1 Earnings Flash
FY ending Mar 2026
EDINETAmended
2025-06-30
Amended Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2025-06-30
Amended Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2025-06-30
Amended Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINETAmended
2025-06-30
Amended Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2025-06-30
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2025-06-30
Amended Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2025-06-30
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-13
Q1 Earnings Flash
FY ending Mar 2025
EDINETAmended
2024-07-01
Amended Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINETAmended
2024-07-01
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2024-07-01
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-02-14
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2023-07-10
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-06-28
Annual Securities Report
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