Overview
Retail Trade

H2O RETAILING CORPORATION

H2O Retailing Corporation is a leading Kansai-based retail holding company operating across four core segments: department stores, food supermarkets, commercial facilities, and other retail services. Its flagship subsidiary, Hankyu Hanshin Department Stores, Inc., operates premium department stores including Hankyu Umeda Main Store and Hanshin Umeda Main Store, while food subsidiaries such as Izumiya-Hankyu Oasis Co., Ltd. and Kansai Supermarket Co., Ltd. run an extensive network of food supermarkets across the Kansai region. The group also develops and manages commercial facilities and maintains operations in China (Suzhou and Ningbo).

Market Cap
¥321B
US$2.05B
EV
¥361B
US$2.30B
Stock¥2,832.5▲+0.11%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.1
x
LTM EV/EBIT
10.1
x
LTM PER
8.9
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+14.3%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 17, 25Disappointment after interim earnings release
MC → EV Bridge
321BUS$2.05BMarket Cap143BUS$910M+ Debt42.2BUS$269M− Cash75.8BUS$483M− Inv. Sec.14.8BUS$94.4M+ NCI361BUS$2.30BEV
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Performance & Balance
Revenue 5Y (¥B)
518US$3.31B'22/3628US$4.01B'23/3657US$4.19B'24/3682US$4.35B'25/3680US$4.34B'26/3
EBITDA 5Y (¥B)
18.6US$119M'22/330.5US$195M'23/346.2US$294M'24/358.3US$372M'25/357.2US$365M'26/3
Net Income 5Y (¥B)
9.87US$63.0M'22/316.4US$104M'23/321.9US$140M'24/334.8US$222M'25/330.0US$191M'26/3
Capital Structure
68%
32%
EquityD/E 0.47xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
139US$886M189US$1.20B'22/3160US$1.02B190US$1.21B'23/3172US$1.10B174US$1.11B'24/3153US$973M164US$1.05B'25/3153US$973M143US$912M'26/3
Shareholders
Top 10 hold 46.3%
1
Hanshin Electric Railway Co., Ltd.
12.83%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.30%
3
Hankyu Hanshin Holdings,Inc.
7.25%
4
KANSAI FOOD MARKET LTD. Business Partners' Stock Ownership Association
4.47%
5
Custody Bank of Japan, Ltd. (Trust Account)
2.88%
6
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
2.35%
7
Employee Stock Ownership Association
1.65%
8
ITOCHU-SHOKUHIN Co.,Ltd.
1.24%
9
KOKUBU GROUP CORP.
1.23%
10
Morgan Stanley MUFG Securities Co., Ltd.
1.10%
Management
9 officers
Naoya ARAKI
Representative Director, President and Chairman of the Board
Apr 1981 Joined Hankyu Department Stores Co., Ltd. Apr 2003 Same company, General Manager, Suburban Store Development Office Apr 2004 Same company, Executive Officer Oct 2008 Executive Officer, Hankyu Hanshin Department Stores Co., Ltd. Jun 2010 Same company, Director and Executive Officer Mar 2012 Same company, Representative Director, President Jun 2012 Representative Director, H2O Retailing Corporation Apr 2020 Representative Director, President, H2O Retailing Corporation (current) Apr 2020 Representative Director, Chairman, Hankyu Hanshin Department Stores Co., Ltd. (current)
1957-05-14
Toshihiko YAMAGUCHI
Representative Director, in charge of Department Store Business
Apr 1986 Joined Hankyu Department Stores Co., Ltd. Apr 2009 Store Manager, Kawanishi Hankyu, Hankyu Hanshin Department Stores Co., Ltd. Apr 2011 Same company, General Manager, Yurakucho Hankyu Sales Service Division Aug 2011 Same company, General Manager, Hankyu Men's Tokyo Sales Service Division Apr 2012 Same company, Store Manager, Hankyu Men's Tokyo Apr 2014 Same company, Executive Officer Apr 2018 Same company, Director and Executive Officer Apr 2020 Same company, Representative Director, President (current) Jun 2020 Representative Director, H2O Retailing Corporation (current), in charge of Department Store Business (current)
1963-08-21
Yasuo SHIMADA
Director
Apr 1988 Joined Hankyu Corporation Apr 2019 Same company, Director Apr 2021 Same company, Managing Director Apr 2022 Same company, Representative Director, President (current) Jun 2022 Representative Director, Executive Vice President, Hankyu Hanshin Holdings, Inc. Mar 2023 Representative Director, President, Hankyu Hanshin Holdings, Inc. Dec 2024 Representative Director, President, Group CEO, Hankyu Hanshin Holdings, Inc. (current) Jun 2025 Director, H2O Retailing Corporation (current)
1964-07-21
Manabu WATANABE
Director, in charge of Food Business
Apr 1991 Joined Sanyo Electric Co., Ltd. Jul 2011 Same company, Deputy General Manager, Management Planning Headquarters Apr 2015 Joined Sigmaxis, Inc. (now Sigmaxis Holdings, Inc.) Apr 2015 Representative Director and Vice President, Global Security Expert Co., Ltd. Apr 2018 Director, Management Planning Department (Director), Sigmaxis, Inc. (now Sigmaxis Holdings, Inc.) Oct 2019 Joined H2O Retailing Corporation, assigned to Vice President (with status of Room Manager) Apr 2020 Executive Officer, Head of Management Planning Office, H2O Retailing Corporation Dec 2021 Director, in charge of Finance and General Affairs Offices, Kansai Supermarket Co., Ltd. (now Jusan Food Market Co., Ltd.) Feb 2022 Same company, Director, Head of Management Planning Office, in charge of Finance and General Affairs Offices Apr 2022 Managing Executive Officer, H2O Retailing Corporation Apr 2026 Senior Managing Executive Officer, H2O Retailing Corporation (current), in charge of Food Business (current) Apr 2026 Representative Director, President, Kansai Food Market Co., Ltd. (current) Jun 2026 Director and Senior Managing Executive Officer, H2O Retailing Corporation
1968-05-01
Kenji GOTO
Director, Full-time Audit and Supervisory Committee Member
Apr 1984 Joined Hankyu Department Stores Co., Ltd. Apr 2004 Same company, General Manager, Accounting Office Apr 2005 Same company, General Manager, Finance Office Apr 2006 Same company, General Manager, Finance and Accounting Office Oct 2007 General Manager, Management Office, H2O Retailing Corporation Apr 2008 Store Manager, Takarazuka Hankyu, Hankyu Department Stores Co., Ltd. Oct 2009 Store Manager, Senri Hankyu, Hankyu Hanshin Department Stores Co., Ltd. Jun 2010 In charge of Finance Policy, H2O Retailing Corporation Apr 2011 General Manager, Business Efficiency Promotion Office, Hankyu Hanshin Department Stores Co., Ltd. Apr 2012 General Manager, Audit Operations, Audit and Supervisory Office, H2O Retailing Corporation Jun 2012 Audit and Supervisory Board Member, Hankyu Hanshin Department Stores Co., Ltd. (current) Jun 2023 Director (Full-time Audit and Supervisory Committee Member), H2O Retailing Corporation (current) Apr 2025 Audit and Supervisory Board Member, Kansai Food Market Co., Ltd. (current)
1961-09-12
Kenjiro NAKANO
Director, Audit and Supervisory Committee Member
Apr 1971 Joined Sumitomo Bank, Ltd. Apr 1998 Same company, Director Jun 2002 Managing Executive Officer, Sumitomo Mitsui Banking Corporation Jun 2004 Managing Director and Managing Executive Officer, Sumitomo Mitsui Banking Corporation Jun 2005 Senior Managing Director and Senior Managing Executive Officer, Sumitomo Mitsui Banking Corporation Apr 2006 Representative Director, Deputy President and Executive Officer, Sumitomo Mitsui Banking Corporation Apr 2008 Representative Director, Vice Chairman, Sumitomo Mitsui Banking Corporation Jun 2010 Representative Director, President, Keihanshin Real Estate Co., Ltd. (now Keihanshin Building Co., Ltd.) Jun 2013 Outside Director, Maruichi Steel Tube Ltd. Jun 2016 Director, Chairman, Keihanshin Building Co., Ltd. Jun 2016 Director (Audit and Supervisory Committee Member), H2O Retailing Corporation (current)
1947-08-13
Mayumi ISHIHARA
Director, Audit and Supervisory Committee Member
Apr 1997 Registered as an attorney, Osaka Bar Association Apr 1997 Joined Oebashi Law Office Jun 2013 Outside Audit and Supervisory Board Member, Morishita Jintan Co., Ltd. Feb 2016 Outside Director, Morito Co., Ltd. (current) Jun 2016 Director (Audit and Supervisory Committee Member), H2O Retailing Corporation (current) Jun 2018 Outside Director (Audit and Supervisory Committee Member), Morishita Jintan Co., Ltd. (current) Apr 2024 Outside Audit and Supervisory Board Member, Daido Group Holdings Co., Ltd. (current) Jan 2025 Joined Umeda Sogo Law Office
1963-05-03
Nobuko SEKIGUCHI
Director, Audit and Supervisory Committee Member
Nov 2005 Joined Capcom Co., Ltd. Oct 2007 Same company, General Manager, Accounting Department Apr 2011 Same company, Executive Officer, General Manager, Corporate Planning Apr 2016 Same company, Managing Executive Officer, Head of Corporate Planning and Human Resources Mar 2019 Left Capcom Co., Ltd. Jun 2019 Outside Director, Duskin Co., Ltd. Jun 2020 Director (Audit and Supervisory Committee Member), H2O Retailing Corporation (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Kobe Steel, Ltd. (current) Jun 2025 Outside Director, Duskin Co., Ltd. (current)
1968-07-03
Yasui HIROTOMI
Director, Audit and Supervisory Committee Member
Apr 1978 Joined Daiwa Bank, Ltd. (now Resona Bank, Limited) Oct 2003 Executive Officer, Daiwa Bank, Ltd. Jun 2005 Managing Executive Officer, Daiwa Bank, Ltd. Jun 2008 Director and Senior Managing Executive Officer, Daiwa Bank, Ltd. Jun 2009 Representative Director, Deputy President and Executive Officer, Daiwa Bank, Ltd. Apr 2014 Joined Kyoei Steel, Ltd. Jun 2014 Director, Executive Vice President, Executive Officer, Assistant to President, Kyoei Steel, Ltd. Jun 2017 Outside Director, Ichinen Holdings Co., Ltd. (current) Jun 2018 Representative Director, President, Kyoei Steel, Ltd. Jun 2025 Director, Senior Advisor, Kyoei Steel, Ltd. (current) Jan 2026 Outside Director, Hankyu Hanshin Department Stores Co., Ltd. Jun 2026 Director (Audit and Supervisory Committee Member), H2O Retailing Corporation
1954-06-15
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-04
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-04
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-01
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-05
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-05-16
Amended Securities Registration Statement
EDINET
2024-05-15
Securities Registration Statement
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-22
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-22
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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