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Overview

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Nippi,Incorporated

Nippi is a protein technology company specializing in collagen and gelatin-derived products, operating across six business segments: collagen casings, gelatin/collagen peptides, cosmetics and health foods, leather-related products, real estate leasing, and food/other products. The company leverages its proprietary collagen research expertise to serve diverse markets including food processing, life sciences (iPS cell culture media, medical-grade collagen), cosmetics, and automotive leather. Key competitive strengths include deep R&D capabilities in biochemistry and cell biology through its Biomatrix Research Institute, and a vertically integrated global supply chain spanning Japan, China, North America, and Southeast Asia.

Market Cap

¥31.8B

US$203M

¥30.5B

US$195M

Stock¥11,350▼-0.96%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.3

LTM EV/EBIT

7.6

LTM PER

12.6

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-34.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Apr 1, 26Fiscal year-end profit taking

2Aug 10, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

78%

22%

EquityD/E 0.28xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 42.7%

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

REGAL CORPORATION

12.70%

TAISEI CORPORATION

7.95%

Chuo Tatemono Co., Ltd.

4.16%

Tokyo Tatemono Co.,Ltd.

3.57%

Takuro ISHIBASHI

3.39%

Seigo NAITO

3.04%

Mizuho Bank, Ltd.

2.49%

Mizuho Trust & Banking Co., Ltd.

2.14%

Tokushu Tokai Paper Co.,Ltd.

1.79%

Lacto Japan Co.,Ltd.

1.50%

Management

10 officers

Yuko ITO

Representative Director, President

Sep 2004 Joined the Company Oct 2014 Director, Okura Foods Co., Ltd. Jul 2015 Executive Officer, the Company Jun 2017 Director, Nippi Collagen Cosmetics Co., Ltd. (current) Jun 2019 Managing Director, Nippi Collagen Cosmetics Co., Ltd. May 2021 Director, Matrixome Corporation Jun 2021 Director, the Company; General Manager, Management Planning Office Jun 2021 Representative Director, President, Nippi Collagen Cosmetics Co., Ltd. Apr 2023 Representative Director, President, the Company (current) Jun 2023 Chairperson, Japan Leather Research Institute (current)

1969-08-19

Yukihiro FUKASAWA

Director; in charge of Gelatin Business Division and Collagen Business Division; General Manager, Collagen Business Division; General Manager, Cosmetics Manufacturing and Development Department

Apr 1985 Joined the Company Apr 1985 Seconded to Nippi Collagen Industrial Ltd. Jun 2014 Director, Nippi Collagen Industrial Ltd. Jul 2014 Plant Manager, Shibakawa Plant, Nippi Collagen Industrial Ltd. (merged into the Company) Jul 2019 Executive Officer, the Company Jun 2021 Director, the Company (current) Jul 2023 In charge of Collagen Business Division, the Company (current) Sep 2024 General Manager, Collagen Casing Sales Department, the Company (current) Jun 2025 President and Director, NIPPI COLLAGEN NA INC.(current) Nov 2025 Representative Director, Nippi Leather Co., Ltd. (current) May 2026 General Manager, Cosmetics Manufacturing and Development Department, the Company (current) Jun 2026 In charge of Gelatin Business, the Company (current)

1961-04-22

Satoshi NOMURA

Director; in charge of Bio & Chemicals Business Division and Biomatrix Research Institute; Assistant in charge of Collagen Business Division; General Manager, Bio & Chemicals Business Division

Apr 1985 Joined the Company Apr 1985 Seconded to Nippi Collagen Industrial Ltd. Jun 2019 General Manager, Bio & Chemicals Sales Department and General Manager, Manufacturing Department, the Company Jul 2019 Executive Officer, the Company Jul 2021 Senior Executive Officer, the Company Jun 2023 Director, the Company (current); in charge of Bio & Chemicals Business Division (current) Jul 2023 In charge of Biomatrix Research Institute, the Company (current) Jun 2025 In charge of Gelatin Business, the Company; Representative Director, President, Nippi Collagen Cosmetics Co., Ltd. (current) Jan 2026 Assistant in charge of Collagen Business Division, the Company (current)

1962-05-19

Noriaki KODAMA

Director; in charge of General Affairs Department, Labor and Personnel Department, and Leather Business Division; Assistant in charge of Biomatrix Research Institute

Sep 1997 Joined the Company Jan 1999 Seconded to Nippi Collagen Industrial Ltd. Apr 2016 General Manager, Administration Department, Nippi Collagen Industrial Ltd. (merged into the Company) Jun 2017 Plant Manager, Fujinomiya Plant, Nippi Collagen Industrial Ltd. (merged into the Company) Jul 2021 Executive Officer, the Company Jun 2025 Director, the Company (current); in charge of General Affairs and Labor and Personnel Departments (current) Jan 2026 Assistant in charge of Biomatrix Research Institute, the Company (current) Jun 2026 In charge of Leather Business Division, the Company (current)

1965-03-25

Kanta MIYAWAKI

Director (Non-Executive); Assistant in charge of Corporate Public Relations Office; Assistant General Manager, Management Planning Office

Apr 1988 Joined Okura Shoji Co., Ltd. Nov 2000 Joined Nagase & Co., Ltd. Sep 2018 Joined the Company Jun 2021 General Manager, Labor and Personnel Department, the Company Jul 2021 Executive Officer, the Company Apr 2023 General Manager, Management Planning Office, the Company Jun 2023 Director, the Company (current); in charge of General Affairs and Labor and Personnel Departments; General Manager, Intellectual Property Management Jun 2026 Assistant in charge of Corporate Public Relations Office, the Company (current); Assistant General Manager, Management Planning Office (current)

1964-05-30

Hideaki FUKUDA

Director; in charge of Finance and Accounting Department, Corporate Public Relations Office, and Affiliated Companies; General Manager, Management Planning Office

Apr 1984 Joined Okura Shoji Co., Ltd. Feb 1999 Joined Nippon Kodak K.K. Nov 2005 Joined Roper Japan Co., Ltd. Mar 2011 Joined Misumi Corporation May 2016 Joined Bushu Pharmaceuticals Ltd. Apr 2020 Joined Okura Cultural Foundation (public interest foundation) Jun 2023 Audit & Supervisory Board Member, the Company Jun 2025 Audit & Supervisory Board Member, Nippi Fujita Co., Ltd. (current); Audit & Supervisory Board Member, Nippi Collagen Cosmetics Co., Ltd. (current) Jun 2026 Director, the Company (current); in charge of Finance and Accounting Department, Corporate Public Relations Office, and Affiliated Companies (current); General Manager, Management Planning Office (current)

1960-04-04

Takashi SHOJI

Director

Apr 1981 Joined Kokusai Denshin Denwa Co., Ltd. (KDD) Oct 2010 Executive Officer, KDDI Corporation Apr 2014 Managing Executive Officer, KDDI Corporation Jun 2016 Director and Managing Executive Officer, KDDI Corporation Jun 2018 Director and Senior Managing Executive Officer, KDDI Corporation Jun 2020 Representative Director and Executive Vice President, KDDI Corporation Jun 2022 Chairman, Representative Director, KDDI Evolva Inc. Sep 2023 Chairman, Director, Altius Ring Co., Ltd. Jun 2025 Director, the Company (current)

1958-09-26

Masanobu KASAI

Full-time Audit & Supervisory Board Member

Apr 1989 Joined Tosoh Corporation Jun 2015 Executive Officer (Director), Tosoh Corporation; President and Director, Tosoh Europe N.V. Jun 2016 Executive Officer, Tosoh Corporation Jun 2022 Senior Managing Director, Manac Chemical Partners Co., Ltd. Jun 2026 Audit & Supervisory Board Member, the Company (current)

1961-09-11

Yoshihiko OKURA

Audit & Supervisory Board Member

Apr 1962 Joined Okura Shoji Co., Ltd. Jun 1990 Director, Okura Shoji Co., Ltd. Jun 1994 Managing Director, Okura Shoji Co., Ltd. Jun 1995 Director, Chuo Tatemono Co., Ltd. Jun 1996 Senior Managing Director, Okura Shoji Co., Ltd. Jun 1998 Representative Director, President, Okura Shoji Co., Ltd. Jun 2000 Audit & Supervisory Board Member, Legal Corporation Co., Ltd. Jun 2000 Director, Nishidozaki Kaihatsu Co., Ltd. Jun 2001 Audit & Supervisory Board Member, the Company (current) Jun 2001 Director, Hotel Okura Co., Ltd. Jun 2002 Representative Director, President, Chuo Tatemono Co., Ltd. Apr 2007 Audit & Supervisory Board Member, Tokushu Tokai Holdings Co., Ltd. (now Tokushu Tokai Paper Co., Ltd.) Jun 2010 Chairman, Director, Hotel Okura Co., Ltd. (current) Apr 2017 Representative Director, Chairman, Chuo Tatemono Co., Ltd. (current)

1939-04-22

Katsuyuki KANAI

Audit & Supervisory Board Member

Apr 1974 Joined Taisei Corporation Apr 2012 Executive Officer, Taisei Corporation Apr 2014 Managing Executive Officer, Taisei Corporation Apr 2016 Senior Managing Executive Officer, Taisei Corporation Apr 2020 Executive Vice President, Taisei Corporation Apr 2022 Advisor, Taisei Corporation Apr 2023 Representative Director, Machi Support Co., Ltd. (current) Apr 2023 Advisor, Shinjuku Fukutoshin Area Environment Improvement Committee (general incorporated association); Advisor, Kawaguchi Station East Exit Third District Redevelopment Building Management Association (current) Jun 2024 Audit & Supervisory Board Member, the Company (current)

1951-07-31

Large Shareholding Reports

Mizuho Trust & Banking Co., Ltd.

2026-10-07

4.50%→3.38%

Annual report (as of 2026-03-31): 2.14%

Taisei Corporation

2026-10-05

9.28%→7.66%

Annual report (as of 2026-03-31): 7.95%

Legal Corporation Co., Ltd.

2026-09-24

12.31%→11.31%

Annual report (as of 2026-03-31): 12.70%

Mizuho Trust & Banking Co., Ltd.

2026-07-07

4.50%

Annual report (as of 2026-03-31): 2.14%

Legal Corporation Co., Ltd.

2026-07-06

12.31%→12.31%

Annual report (as of 2026-03-31): 12.70%

Legal Corporation Co., Ltd.

2026-03-12

12.38%→12.31%

Annual report (as of 2026-03-31): 12.70%

Regal Corporation Co., Ltd. (Representative Director, President: Motokazu AONO)

2026-03-12

—

Legal Corporation Co., Ltd. Representative Director, President Motokazu AONO

2026-03-12

—

Legal Corporation Co., Ltd.

2026-03-12

12.38%→12.31%

Annual report (as of 2026-03-31): 12.70%

Legal Corporation Co., Ltd. Representative Director, President Motokazu AONO

2026-03-12

—

Mizuho Bank, Ltd.

2026-03-06

2.42%→2.42%

Annual report (as of 2026-03-31): 2.49%

Legal Corporation Co., Ltd.

2026-02-18

13.38%→12.38%

Annual report (as of 2026-03-31): 12.70%

Mizuho Trust & Banking Co., Ltd.

2025-12-05

4.07%→3.03%

Annual report (as of 2026-03-31): 2.14%

Legal Corporation Co., Ltd.

2025-11-21

14.38%→13.38%

Annual report (as of 2026-03-31): 12.70%

Mizuho Trust & Banking Co., Ltd.

2025-09-05

4.07%

Annual report (as of 2026-03-31): 2.14%

Legal Corporation Co., Ltd.

2025-08-26

14.38%→14.38%

Annual report (as of 2026-03-31): 12.70%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-07

Large Shareholding Report

Nippi,Incorporated

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