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Overview

Chemicals

WAVELOCK HOLDINGS CO.,LTD.

Wavelock Holdings is a holding company operating through two core business segments: Material Solution and Advanced Technology. The Material Solution segment manufactures and sells composite materials—including synthetic resin sheets, films, meshes, and nets—targeting construction, agriculture, housing, industrial, and food packaging markets through subsidiaries such as Innovex Co., Ltd. The Advanced Technology segment produces metallic decorative films using special vapor-deposited metals for automotive exteriors, consumer electronics, and medical applications, with operations spanning Japan, South Korea, the United States, and Germany.

Market Cap

¥8.93B

US$56.8M

¥10.2B

US$65.0M

Stock¥1,057▲+0.00%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

7.6

LTM EV/EBIT

22.7

LTM PER

29.6

LTM PBR

0.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+22.5%pt

Oct 23, 25 – Jul 8, 26StockTOPIX

1Nov 5, 25Acquisition premium continues after TOB announcement

2Nov 6, 25Continued rise following TOB announcement

3Nov 11, 25Price adjustment towards TOB offer price

4Nov 12, 25Former Murakami Fund group (City Index Eleventh, Reno, Mi… filed large shareholding report

5Nov 13, 25Former Murakami Fund group (City Index Eleventh, Reno, Minamiao… changed stake (0.0%→0.0%)

MC → EV Bridge

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Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

72%

28%

EquityD/E 0.39xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 58.3%

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

ATRA Co., Ltd.

9.79%

City Index First Co., Ltd.

9.66%

Aya NOMURA (Standing Proxy: Mita Securities Co., Ltd.)

9.66%

Reno Co., Ltd.

8.94%

Ueda Yagi Tanshi Co., Ltd.

5.40%

INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)

4.53%

Rakuten Securities, Inc. (Joint Account)

3.81%

Tokai Tokyo Securities Co., Ltd.

2.95%

SBI SECURITIES Co., Ltd.

2.05%

Nomura Securities Co., Ltd.

1.54%

Management

5 officers

Tomonori ISHIHARA

Representative Director, Executive Officer, President

Apr 1989 Joined Recruit Co., Ltd. Apr 2005 General Manager, Accounting Department, Recruit Co., Ltd. Apr 2006 General Manager, Finance Department, Recruit Co., Ltd. Apr 2008 Company Partner, Business Management Office, Recruit Co., Ltd. Jul 2009 Executive Officer, General Manager of Administration Division, the Company Apr 2010 Audit & Supervisory Board Member, Wavelock Advanced Technology Co., Ltd. May 2010 Director, Chuo Plastic Industry Cooperative (current) Jun 2010 Director and Executive Officer, General Manager of Administration Division, the Company Jun 2010 Audit & Supervisory Board Member, Nihon Wavelock Co., Ltd. Jun 2010 Audit & Supervisory Board Member, Daio Kasei Co., Ltd. Jun 2010 Audit & Supervisory Board Member, Wavelock Interior Co., Ltd. (now Clearnate Co., Ltd.) Jun 2010 Audit & Supervisory Board Member, Shine Techno Co., Ltd. Jul 2010 Director and Executive Officer, General Manager of Administration Division, in charge of Facilities, General Manager of General Affairs Department and Human Resources Department, the Company Apr 2011 Director and Executive Officer, General Manager of Administration Division, General Manager of General Affairs Department and Human Resources Department, the Company Jun 2011 Director, Nihon Wavelock Co., Ltd. Jun 2011 Director, Daio Kasei Co., Ltd. Jun 2011 Director, Wavelock Interior Co., Ltd. (now Clearnate Co., Ltd.) Jun 2011 Director, Wavelock Advanced Technology Co., Ltd. Jun 2011 Director, Shine Techno Co., Ltd. Mar 2012 Director, Wavelock Korea Co., Ltd. Oct 2012 Director and Executive Officer, General Manager of Administration Division, in charge of IPO Preparation Office, the Company Feb 2013 Director, Innovex Co., Ltd. Jun 2014 Audit & Supervisory Board Member, Shine Techno Co., Ltd. Apr 2017 Director and Executive Officer, General Manager of Administration Division, the Company Sep 2018 Outside Director (Audit and Supervisory Committee Member), Enfactory Co., Ltd. Feb 2019 Director, Shine Techno Co., Ltd. Sep 2020 Outside Audit & Supervisory Board Member, Enfactory Co., Ltd. Apr 2021 Representative Director, Executive Officer, President, the Company (current) Mar 2022 Director, Innovex Co., Ltd. Apr 2022 Director, Wavelock Advanced Technology Co., Ltd. (current) Jun 2023 Outside Director, RPY Higashi Pla Co., Ltd. (current) Apr 2025 Representative Director, Executive Officer, President, Innovex Co., Ltd. (current) Chairman, Dalian Jiaou Agricultural Technology Co., Ltd. (current) Director, Wavelock International (Thailand) Co., Ltd. (current)

1965-08-11

Kotaro SHIMADA

Director, Executive Officer

Mar 1998 Representative Director, Grand Prix Race Wear Japan Co., Ltd. May 2003 Joined Petrolub International K.K. (now BP Castrol K.K.) Aug 2006 Joined Nihon Wavelock Co., Ltd. (now Wavelock Holdings Co., Ltd.) Oct 2008 Group Leader, FLG Group, Converting Business Division, and General Manager, Sales Department, Nihon Wavelock Co., Ltd. Apr 2010 Director and Executive Officer, Wavelock Advanced Technology Co., Ltd. (transferred) Jun 2011 Director, Shine Techno Co., Ltd. Mar 2012 Director, Wavelock Korea Co., Ltd. Apr 2012 Director and Executive Officer, Wavelock Advanced Technology Co., Ltd. Apr 2016 Representative Director, Executive Officer, President, Wavelock Advanced Technology Co., Ltd. (current) Jun 2018 President, Wavelock Advanced Technology Inc. Mar 2019 President, Wavelock Advanced Technology GmbH (current) Jun 2019 Director, Innovex Co., Ltd. Jun 2020 Director, Wavelock Korea Co., Ltd. (current) Jun 2020 Director, Wavelock International (Thailand) Co., Ltd. (current) Apr 2021 Executive Officer, the Company Jan 2024 Director, Wavelock Advanced Technology Inc. (current) Apr 2024 Director, Innovex Co., Ltd. (current) Jan 2025 Director, Wavelock Advanced Technology India Private Limited (current) Jun 2026 Director and Executive Officer, the Company (current)

1974-10-10

Hiroshi YAMAKI

Director (Full-time Audit and Supervisory Committee Member)

Apr 1981 Joined Mitsui & Co., Ltd. Oct 1995 Chairman of the Board, Rich Mount, Inc. Oct 1999 General Manager, Sales Division, GE Plastics Japan Ltd. May 2001 President, GE Polymerland Japan G.K. Dec 2003 Executive Officer in charge of passenger car tires, Nihon Michelin Tire Co., Ltd. Jun 2007 Vice President, Underwriters Laboratories Inc. (now UL LLC) Jun 2007 President, UL Japan, Inc. Jan 2010 Senior Executive Vice President and BU President, Underwriters Laboratories Inc. (now UL LLC) Nov 2016 Representative Director, Isenote Co., Ltd. (current) Jun 2018 Director, the Company Jun 2024 Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1957-09-18

Kuniaki HAGIWARA

Director (Audit and Supervisory Committee Member)

Mar 1976 Joined Hagiwara Industries Co., Ltd. Dec 1976 Director, Hagiwara Industries Co., Ltd. Dec 1979 Managing Director, Hagiwara Industries Co., Ltd. Dec 1984 President and Representative Director, Hagiwara Industries Co., Ltd. Jan 2010 Representative Director, President and Executive Officer, Hagiwara Industries Co., Ltd. Jan 2016 Chairman and Representative Director, Hagiwara Industries Co., Ltd. Mar 2016 Outside Director, Trusco Nakayama Corporation Jun 2018 President and Representative Director, Toyo Heisei Polymer Co., Ltd. Jun 2020 Director, the Company Oct 2021 Chairman of the Board, Toyo Heisei Polymer Co., Ltd. Jan 2022 Chairman of the Board, Hagiwara Industries Co., Ltd. Dec 2022 Senior Advisor, Toyo Heisei Polymer Co., Ltd. Jan 2023 Senior Advisor, Hagiwara Industries Co., Ltd. (current) Jun 2024 Director (Audit and Supervisory Committee Member), the Company (current) Apr 2025 Chairman, Toyo Heisei Polymer Co., Ltd. (current)

1953-08-19

Mika HARASAWA

Director (Audit and Supervisory Committee Member)

Apr 1995 Registered as attorney-at-law (Second Tokyo Bar Association) Jun 2006 Outside Audit & Supervisory Board Member, Tokyo Steel Manufacturing Co., Ltd. Apr 2014 Part-time Lecturer, Keio University Law School Apr 2014 Member, Operating Committee, Second Tokyo Bar Association Support Center for the Elderly and Persons with Disabilities (current) Jun 2015 Outside Director (Audit and Supervisory Committee Member), Tokyo Steel Manufacturing Co., Ltd. Apr 2016 Outside Audit & Supervisory Board Member, Subaru Kogyo Co., Ltd. Jul 2016 Member, Bidding and Contract Committee, Japan Broadcasting Corporation (NHK) Apr 2017 Outside Director (Audit and Supervisory Committee Member), Subaru Kogyo Co., Ltd. (current) Jun 2025 Director (Audit and Supervisory Committee Member), the Company (current)

1969-07-11

Large Shareholding Reports

Snowball Capital Co., Ltd.

2026-07-10

6.01%→7.37%

Snowball Capital Co., Ltd.

2026-07-06

6.01%

Aya NOMURA

2025-12-25

7.47%→7.47%

Aya NOMURA

2025-11-20

7.47%→7.47%

Aya NOMURA

2025-11-19

7.47%→7.47%

Aya NOMURA

2025-11-18

7.47%→7.47%

Aya NOMURA

2025-11-17

7.47%→7.47%

Aya NOMURA

2025-11-14

7.47%→7.47%

Aya NOMURA

2025-11-13

7.47%→7.47%

Aya NOMURA

2025-11-12

7.47%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-07-10

Large Shareholding Report

WAVELOCK HOLDINGS CO.,LTD.

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WAVELOCK HOLDINGS CO.,LTD.

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