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Overview

Wholesale Trade

MEDIPAL HOLDINGS CORPORATION

Medipal Holdings Corporation is a leading Japanese wholesale distribution holding company operating across three core segments: ethical pharmaceuticals, medical devices, and clinical diagnostics (via subsidiaries such as Mediceo and Evars); cosmetics, daily commodities, and OTC pharmaceuticals (via PALTAC); and veterinary medicines and food processing ingredients (via MP Agro and MP Gokyo Food & Chemical). The group provides comprehensive supply chain solutions to hospitals, pharmacies, and retailers across Japan, complemented by value-added services including logistics, medical staffing, preventive medicine, and microbiome testing. Its scale, multi-segment diversification, and broad subsidiary network underpin a strong market position in Japan's healthcare and consumer goods distribution landscape.

Activists: Silchester International Investors LLP 11.96%

Market Cap

¥656B

US$4.18B

¥319B

US$2.03B

Stock¥3,206▲+1.14%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

4.5

LTM EV/EBIT

3.4

LTM PER

14.1

LTM PBR

1.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+3.0%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Aug 6, 26Silchester International Investors LLP changed stake (11.71%→11.73%)

2Sep 2, 26Silchester International Investors LLP changed stake (11.73%→11.96%)

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

99%

EquityD/E 0.01xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 39.3%

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

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

14.73%

NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

4.95%

Custody Bank of Japan, Ltd. (Trust Account)

4.23%

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

2.85%

NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.83%

KOBAYASHI PHARMACEUTICAL CO.,LTD.

2.48%

NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.11%

Employee Stock Ownership Association

1.85%

NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.69%

JP MORGAN CHASE BANK 380684 (Standing Proxy: Mizuho Bank, Ltd.)

1.53%

Management

17 officers

Shuichi WATANABE

Representative Director, President; in charge of Group Compliance (Nomination Committee Member, Nomination and Compensation Committee)

Aug 1979 Joined Kuraya Yakuhin Co., Ltd. (now Medipal Holdings) Dec 1990 Director, Kuraya Yakuhin Co., Ltd. Dec 1994 Managing Director, Kuraya Yakuhin Co., Ltd. Apr 2000 Director, Kuraya Sanseido Co., Ltd. (now Medipal Holdings) Apr 2004 Representative Director, President, Kuraya Sanseido Spin-off Preparation Co., Ltd. (now Mediceo Co., Ltd.) Jun 2007 Managing Director, Mediceo Palta Holdings Co., Ltd. (now Medipal Holdings) Jun 2008 Senior Managing Director, Medipal Holdings Apr 2011 Representative Director, Executive Vice President, Medipal Holdings Apr 2012 Representative Director, President, Medipal Holdings (current) Apr [year not stated in source] Representative Director, Chairman, Mediceo Co., Ltd. Jun 2020 In charge of Group Compliance, Medipal Holdings (current) Apr 2022 Director and Advisor, Mediceo Co., Ltd. (current)

1952-04-11

Yasuhiro NAGAFUKU

Representative Director, Executive Vice President

Apr 1977 Joined Sanseido Co., Ltd. (now Medipal Holdings) Jul 2004 Executive Officer, Kuraya Sanseido Co., Ltd. (now Medipal Holdings) Jun 2007 Director, Mediceo Palta Holdings Co., Ltd. (now Medipal Holdings) Oct 2009 Director, Mediceo Co., Ltd. Jun 2010 Managing Director, Mediceo Co., Ltd. Apr 2012 Representative Director, President, Mediceo Co., Ltd. Jun 2012 In charge of Pharmaceutical Business, Medipal Holdings Jun 2016 Senior Managing Director, Medipal Holdings Jun 2019 Director and Executive Vice President, Medipal Holdings Apr 2022 Representative Director, Chairman, Mediceo Co., Ltd. (current) Mar 2023 Outside Director and Chairman, Nichi-Iko Pharmaceutical Co., Ltd. (current) May 2025 Representative Director, Executive Vice President, Medipal Holdings (current)

1954-12-08

Toshihide YODA

Senior Managing Director; in charge of IR and Head of Business Development Division (Compensation Committee Member, Nomination and Compensation Committee)

Apr 1985 Joined Nihon Kangyo Kakumaru Securities Co., Ltd. May 1989 Joined UBS Securities Co., Ltd. Jul 1996 Joined ING Barings Securities Co., Ltd. Dec 2000 Joined Lehman Brothers Securities Co., Ltd. Oct 2008 Joined Barclays Capital Securities Ltd. Oct 2008 Managing Director, Barclays Capital Securities Ltd. Jun 2010 Director, Medipal Holdings Apr 2012 Managing Director, Medipal Holdings Apr 2012 In charge of IR and Head of Business Development Division, Medipal Holdings May 2016 Director, SPLine Co., Ltd. May 2016 Director, Medie Co., Ltd. Jun 2016 Director, Mediceo Co., Ltd. Feb 2018 Director, JCR USA, Inc. (current) Jun 2018 Senior Managing Director, Medipal Holdings (current) Jun 2018 Outside Director, JCR Pharmaceuticals Co., Ltd. (current) Jan 2020 General Manager, Investment Department, Business Development Division, Medipal Holdings May 2021 Director, Falfield Co., Ltd. Jun 2022 Head of Business Development Division, Medipal Holdings (current) Jun 2023 In charge of IR, Medipal Holdings (current)

1963-01-08

Shinjiro WATANABE

Director; in charge of Systems and DX, General Manager of Corporate Planning Division, and Chairman of CSR Committee

Sep 2008 Joined Atle Co., Ltd. Jun 2009 Director, Atle Co., Ltd. Apr 2013 Representative Director, President, Atle Co., Ltd. (current) Jun 2013 Director, Medipal Holdings (current) Jun 2016 In charge of IT Business, Medipal Holdings Apr 2018 In charge of Systems, Medipal Holdings Oct 2018 General Manager, Systems Division, Medipal Holdings Oct 2021 In charge of Systems, Medipal Holdings Jun 2025 In charge of Systems and DX, Medipal Holdings (current) Dec 2025 Director, MTI Healthcare Holdings Co., Ltd. (current) Apr 2026 General Manager, Corporate Planning Division and Chairman of CSR Committee, Medipal Holdings (current)

1972-10-28

Kuniaki IMAGAWA

Director; in charge of Pharmaceutical Business

Apr 1984 Joined Kuraya Yakuhin Co., Ltd. (now Medipal Holdings) Oct 2004 Senior Manager, Sales Strategy Department, Mediceo Holdings Co., Ltd. (now Medipal Holdings) Oct 2005 General Manager, Sales Strategy Department, Mediceo Palta Holdings Co., Ltd. (now Medipal Holdings) Jul 2008 Executive Officer, Medipal Holdings Oct 2009 Executive Officer and General Manager, Solutions Department, Mediceo Co., Ltd. Apr 2010 Deputy General Manager, Sales Strategy Division, Mediceo Co., Ltd. Apr 2011 General Manager, Sales Strategy Department, Mediceo Co., Ltd. Apr 2012 General Manager, Strategy Division, Mediceo Co., Ltd. Jun 2012 Director, Mediceo Co., Ltd. Oct 2012 Deputy General Manager, Business Development Division, Medipal Holdings Oct 2015 General Manager, Pharmacy Strategy Department, Business Development Division, Medipal Holdings Apr 2017 Deputy General Manager, Tokyo Branch, and General Manager, Tokyo Wholesale Sales Department, Mediceo Co., Ltd. Apr 2019 Branch Manager, Tokyo Branch, Mediceo Co., Ltd. Apr 2022 Representative Director, President, Mediceo Co., Ltd. (current) Jun 2022 Director, Medipal Holdings (current) Jun 2024 Deputy in charge of Pharmaceutical Business, Medipal Holdings Apr 2026 In charge of Pharmaceutical Business, Medipal Holdings (current)

1961-09-10

Takuya YOSHIDA

Director; in charge of Cosmetics and Daily Goods, and OTC Business

Apr 1995 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2000 Joined Shinwa Palta Co., Ltd. (now PALTAC Corporation) Apr 2016 Executive Officer and General Manager, Kinki Branch, PALTAC Corporation Apr 2019 Managing Executive Officer and General Manager, Merchandise Division, PALTAC Corporation Oct 2020 Managing Executive Officer and General Manager, Tokyo Branch, PALTAC Corporation Apr 2021 Senior Managing Executive Officer and General Manager, Tokyo Branch, PALTAC Corporation Apr 2023 Vice President Executive Officer and COO, PALTAC Corporation Jun 2023 Representative Director, President, PALTAC Corporation (current) Jun 2025 Director, Medipal Holdings (current) Jun 2025 In charge of Cosmetics and Daily Goods, and OTC Business, Medipal Holdings (current)

1972-11-23

Hidemitsu WAKITA

Director; in charge of Agro and Food Business

Apr 1986 Joined Dainippon Pharmaceutical Co., Ltd. (now Sumitomo Pharma Co., Ltd.) Apr 2015 Executive Officer and General Manager, Business Development Department, DSP Gokyo Food & Chemical Co., Ltd. (now MP Gokyo Food & Chemical Co., Ltd.) Apr 2016 Executive Officer and General Manager, Management Administration Division, Gokyo Food & Chemical Jun 2017 Director and Executive Officer, General Manager, Management Administration Division, Gokyo Food & Chemical Jun 2023 Representative Director, President, MP Gokyo Food & Chemical Co., Ltd. (current) Jun 2025 Director, MP Agro Co., Ltd. (current) Jun 2025 Director, Medipal Holdings (current) Jun 2025 In charge of Agro and Food Business, Medipal Holdings (current)

1963-03-07

Toshio ASANO

Outside Director (Chairman, Nomination and Compensation Committee)

Apr 1975 Joined Asahi Kasei Corporation Oct 2003 Executive Officer, Asahi Kasei Pharma Corporation Apr 2008 Director and Managing Executive Officer, Asahi Kasei Pharma Corporation Apr 2010 Representative Director and President, Asahi Kasei Pharma Corporation Apr 2011 Executive Officer, Asahi Kasei Corporation Apr 2014 President and Executive Officer, Asahi Kasei Corporation Jun 2014 Representative Director, President, Asahi Kasei Corporation Apr 2016 Director, Asahi Kasei Corporation Jun 2016 Senior Advisor, Asahi Kasei Corporation Aug 2016 Advisor, Medipal Holdings Jun 2017 Outside Director, Medipal Holdings (current) Jun 2019 Outside Director, Daicel Corporation (current) Jun 2019 Outside Director, Tokyo Century Corporation (current) Jun 2021 Chairman, Japanese Foundation for Cancer Research (current) Jun 2022 Senior Advisor, Asahi Kasei Corporation Jun 2024 Special Advisor, Asahi Kasei Corporation (current)

1952-12-04

Kuniko MASAKO

Outside Director (Nomination and Compensation Committee Member)

Apr 1977 Joined Mochida Pharmaceutical Co., Ltd. Jul 1986 Joined Johnson & Johnson K.K. Sep 2002 Joined Terumo Corporation Jun 2004 Executive Officer, Terumo Corporation Jun 2007 Senior Executive Officer, Terumo Corporation Jun 2010 Director and Senior Executive Officer, Terumo Corporation Apr 2017 Director and Advisor, Terumo Corporation Jun 2017 Advisor, Terumo Corporation Jun 2018 Outside Director, Medipal Holdings (current) Jun 2018 Outside Director, Nichirei Corporation Mar 2019 Outside Director, DIC Corporation Apr 2019 Professor, Graduate School of Health Innovation, Kanagawa Prefectural University of Health and Welfare Apr 2024 Senior Fellow, Kanagawa Prefectural University of Health and Welfare (current)

1954-01-08

Hiroshi IWAMOTO

Outside Director (Nomination and Compensation Committee Member)

Apr 1981 Joined Dai-Ichi Kangyo Bank, Ltd. (now Mizuho Bank, Ltd.) Oct 2004 Senior Executive Researcher and Deputy General Manager, Research Division, Chief Economist, Mizuho Research Institute Ltd. Jun 2009 Managing Executive Officer and Deputy General Manager, Research Division, Mizuho Research Institute Ltd. Apr 2010 Managing Executive Officer and General Manager, Planning and Administration Division, Mizuho Research Institute Ltd. Apr 2010 Lecturer, Musashino Academia Musicae Apr 2017 Senior Managing Executive Officer and General Manager, Planning and Administration Division, Mizuho Research Institute Ltd. May 2019 Advisor, Chuo Fudosan Co., Ltd. (now Chuo Nippon Tochi Tatemono Co., Ltd.) Jun 2019 Outside Audit & Supervisory Board Member, Morinaga & Co., Ltd. Jun 2021 Outside Director, Medipal Holdings (current) Mar 2024 Outside Audit & Supervisory Board Member, Hakuyosha Co., Ltd. (current)

1959-02-20

Hiroshi YARIMIZU

Director

Oct 1990 Joined Chuo Audit Corporation, Fukuoka Office Mar 1994 Registered as Certified Public Accountant Jul 2004 Joined Atle Co., Ltd. Oct 2004 Director, Atle Co., Ltd. (current) Jan 2007 Chief Executive Officer, Business Reform and IT Strategy Committee, Mediceo Palta Holdings Co., Ltd. (now Medipal Holdings) Jun 2009 Representative Director, Atle Co., Ltd. Jun 2011 Representative Managing Director, Atle Co., Ltd. Apr 2013 Representative Director and Executive Vice President, Atle Co., Ltd. Oct 2014 Chief Executive Officer, Medipal Holdings (current) Oct 2014 General Manager, Finance and Accounting Department, Management Division, Medipal Holdings Apr 2017 In charge of Group Accounting, Medipal Holdings Jun 2018 General Manager, Corporate Planning and Public Relations Department, Management Division, Medipal Holdings Nov 2018 Audit & Supervisory Board Member, Karada Medica Co., Ltd. (now MTI Healthcare Holdings Co., Ltd.) (current) Apr 2021 General Manager, Corporate Planning Department, Management Division, Medipal Holdings Jul 2022 In charge of Financial Strategy and Deputy General Manager, Management Division, Medipal Holdings Jun 2023 Audit & Supervisory Board Member, Toshichi Co., Ltd. (current) Apr 2024 In charge of Financial Strategy, Deputy General Manager, Management Division, and General Manager, Finance and Accounting Department, Medipal Holdings Jun 2026 In charge of Financial Strategy, Medipal Holdings (current)

Chiko NAKAI

Director

Apr 1997 Joined Legal Training and Research Institute of the Supreme Court of Japan Apr 1999 Completed Legal Training and Research Institute of the Supreme Court of Japan; joined Kazuo Kitamura Law Office Nov 2002 Joined Makoto Nakamachi Law Office Nov 2002 Member, Keiei Hoso Kaigi Jan 2012 Partner, Makoto Nakamachi Law Office (current) Apr 2016 Visiting Associate Professor, Law School, Graduate School of Law and Politics, The University of Tokyo May 2019 Outside Director, Welcia Holdings Co., Ltd. May 2023 Standing Director, Keiei Hoso Kaigi (current)

Toshio HIRASAWA

Full-time Audit & Supervisory Board Member

Apr 1974 Joined Hongo Yakuhin Co., Ltd. (now Medipal Holdings) Jul 2004 Executive Officer, Kuraya Sanseido Co., Ltd. (now Medipal Holdings) Apr 2012 Senior Executive Officer, Medipal Holdings Apr 2012 In charge of Group Accounting and General Manager, Finance and Accounting Department, Medipal Holdings Jun 2013 Audit & Supervisory Board Member, MP Agro Co., Ltd. Oct 2014 In charge of Group Accounting, Medipal Holdings Jan 2015 Audit & Supervisory Board Member, Sakurai Tsusho Co., Ltd. (now MP Gokyo Food & Chemical Co., Ltd.) Jun 2015 Full-time Audit & Supervisory Board Member, Medipal Holdings (current) Jun 2017 Audit & Supervisory Board Member, Mediceo Co., Ltd. (current) Jun 2020 Audit & Supervisory Board Member, Evals Co., Ltd.

1950-09-24

Kazuo HASHIDA

Full-time Audit & Supervisory Board Member

Apr 1983 Joined Sanseido Co., Ltd. (now Medipal Holdings) Apr 2007 General Manager, Accounting Department, Kuraya Sanseido Co., Ltd. (now Mediceo Co., Ltd.) Apr 2012 Deputy General Manager, Finance and Accounting Department, Medipal Holdings Apr 2017 General Manager, Finance and Accounting Department, Medipal Holdings Jul 2017 Executive Officer, Medipal Holdings Apr 2023 In charge of Finance and Accounting, Medipal Holdings Jun 2023 Audit & Supervisory Board Member, Medipal Foods Co., Ltd. (now MP Gokyo Food & Chemical Co., Ltd.) Jun 2023 Audit & Supervisory Board Member, Astec Co., Ltd. (current) Jun 2023 Full-time Audit & Supervisory Board Member, Medipal Holdings (current) Jun 2024 Audit & Supervisory Board Member, MP Agro Co., Ltd. (current)

1959-10-27

Yoko SANUKI

Outside Audit & Supervisory Board Member

Apr 1981 Registered as Attorney-at-law Dec 1996 Outside Audit & Supervisory Board Member, Kuraya Yakuhin Co., Ltd. (now Medipal Holdings) Nov 2001 Head, NS Sogo Law Office (current) Jun 2003 Outside Audit & Supervisory Board Member, Kuraya Sanseido Co., Ltd. (now Medipal Holdings) Jun 2007 Outside Audit & Supervisory Board Member, Meiji Dairies Corporation Apr 2009 Outside Director, Meiji Holdings Co., Ltd. Jun 2011 Outside Director, Resona Bank, Ltd. Jun 2012 Outside Director, Resona Holdings, Inc. Jun 2015 Outside Director and Chair of Audit Committee, Resona Holdings, Inc. Jun 2019 Outside Audit & Supervisory Board Member, Medipal Holdings (current) Jun 2022 Outside Director, Sanken Electric Co., Ltd. Jun 2025 Auditor, Japanese Foundation for Cancer Research (current)

1949-04-03

Hatsuyoshi ICHINO

Outside Audit & Supervisory Board Member

Mar 1987 Registered as Certified Tax Accountant Apr 1991 Opened Hatsuyoshi Ichino Tax Accountant Office Apr 1995 Full-time Lecturer, Faculty of Commerce, Aichi Gakuin University Apr 2000 Associate Professor, Faculty of Commerce, Aichi Gakuin University Oct 2006 Professor, Faculty of Commerce, Aichi Gakuin University Apr 2010 Part-time Lecturer, Tax Specialist Course, Local Autonomy College, Ministry of Internal Affairs and Communications (current) Apr 2011 Professor, Graduate School of International Management, Aoyama Gakuin University (current) Jun 2018 Certified Tax Accountant, Canon Tax Corporation (current) Jun 2023 Outside Audit & Supervisory Board Member, Medipal Holdings (current)

1959-02-10

Masayuki MITSUIE

Outside Audit & Supervisory Board Member

Apr 1982 Joined Mitsubishi Chemical Industries Ltd. (now Mitsubishi Chemical Group Corporation) Jun 2009 Director and Managing Executive Officer, General Manager, Product Strategy Division, Tanabe Mitsubishi Pharma Corporation Apr 2012 Director and Senior Managing Executive Officer, General Manager, Development Division, Tanabe Mitsubishi Pharma Corporation Apr 2014 Representative Director and Senior Managing Executive Officer, Tanabe Mitsubishi Pharma Corporation Jun 2014 Representative Director, President and Chief Executive Officer, Tanabe Mitsubishi Pharma Corporation Apr 2020 Director, Tanabe Mitsubishi Pharma Corporation Jun 2020 Senior Advisor, Tanabe Mitsubishi Pharma Corporation Jul 2022 Advisor, Medipal Holdings Jun 2023 Outside Director, Sawai Group Holdings Co., Ltd. (current) Jun 2025 Outside Audit & Supervisory Board Member, Medipal Holdings (current) Jun 2025 Outside Audit & Supervisory Board Member, JCR Pharmaceuticals Co., Ltd. (current)

1954-10-30

Large Shareholding Reports