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Overview

Land Transportation

Nagoya Railroad Co., Ltd.

Nagoya Railroad (Meitetsu) is a major regional transportation conglomerate headquartered in Nagoya, operating an extensive railway and bus network across the Chubu region of Japan, including the flagship Meitetsu railway lines connecting Nagoya with surrounding prefectures such as Aichi, Gifu, and Mie. Beyond its core transportation business, the group operates diversified businesses spanning real estate development and leasing, hotels and leisure facilities, department stores and retail, logistics (truck and ferry), and aviation-related services. The group's competitive strength lies in its integrated urban-regional transport infrastructure centered on Nagoya, combined with a broad ecosystem of affiliated businesses serving daily life needs of Chubu region residents.

Market Cap

¥365B

US$2.33B

¥878B

US$5.60B

Stock¥1,862▲+0.16%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

10.6

LTM EV/EBIT

23.6

LTM PER

12.7

LTM PBR

0.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-13.1%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

41%

59%

EquityD/E 1.42xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 23.3%

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

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

10.18%

Custody Bank of Japan, Ltd. (Trust Account)

2.35%

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

1.82%

Nippon Life Insurance Company

1.80%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.50%

State Street Bank and Trust Company 505223 (Standing Proxy: Mizuho Bank, Ltd., Settlement & Clearing Department)

1.36%

MUFG Bank, Ltd.

1.25%

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

1.10%

Tokio Marine & Nichido Fire Insurance Co., Ltd.

1.02%

Mitsui Sumitomo Insurance Company, Limited

0.94%

Management

15 officers

Takashi ANDO

Representative Director, Chairman

Apr 1978 Joined the Company Jun 2008 Director, the Company Jul 2008 General Manager, General Affairs Department, the Company Jun 2010 General Manager, Human Resources Department, the Company Jun 2011 Managing Director, the Company Jun 2013 Representative Director, Senior Managing Director, the Company Jul 2013 General Manager, Real Estate Business Headquarters, the Company Jun 2015 Representative Director, President, the Company Jun 2019 Representative Director, President, President Executive Officer, the Company Jun 2021 Representative Director, Chairman, the Company (current)

1955-02-27

Hiroki TAKASAKI

Representative Director, President, President Executive Officer

Apr 1983 Joined the Company Jun 2012 Director, the Company Jul 2012 Deputy General Manager, Real Estate Business Headquarters, the Company Jun 2015 Managing Director, the Company Jul 2015 General Manager, Real Estate Business Headquarters, the Company Jun 2018 Senior Managing Director, the Company Jun 2019 Director, Senior Managing Executive Officer, the Company Jun 2020 Representative Director, Executive Vice President Executive Officer, the Company Jun 2021 Representative Director, President, President Executive Officer, the Company (current)

1960-07-17

Michio IWAKIRI

Director, Executive Vice President Executive Officer, General Manager, Regional Revitalization Promotion Headquarters

Sep 2007 Joined the Company Jun 2013 Director, Nohi Bus Co., Ltd. Jun 2017 Director, the Company Jun 2019 Director, Managing Executive Officer, the Company Apr 2022 Senior Managing Executive Officer, the Company Jun 2022 Director, Senior Managing Executive Officer, the Company Apr 2024 Representative Director, President, Meitetsu Tourist Service Co., Ltd. (current) Apr 2025 Group Executive Officer, the Company Apr 2026 Executive Vice President Executive Officer, the Company Jun 2026 Director, Executive Vice President Executive Officer, the Company (current) Jun 2026 General Manager, Regional Revitalization Promotion Headquarters, the Company (current)

1963-04-08

Koji SAKANO

Director, Senior Managing Executive Officer, General Manager, Railway Business Headquarters

Apr 1985 Joined Ministry of Transport (now Ministry of Land, Infrastructure, Transport and Tourism) Jul 2017 Director-General, Kinki Regional Transport Bureau, Ministry of Land, Infrastructure, Transport and Tourism Dec 2018 Joined the Company Jun 2019 Executive Officer, the Company Jun 2020 Managing Executive Officer, the Company Apr 2022 Deputy General Manager, Railway Business Headquarters, the Company Apr 2023 Senior Managing Executive Officer, the Company Apr 2024 General Manager, Railway Business Headquarters, the Company (current) Jun 2024 Director, Senior Managing Executive Officer, the Company (current)

1963-03-18

Satoshi KATO

Director, Senior Managing Executive Officer

Apr 1991 Joined the Company Jun 2014 Director, Miyagi Kotsu Co., Ltd. Jul 2017 General Manager, General Affairs Department, the Company Jun 2020 Executive Officer, the Company Apr 2022 Managing Executive Officer, the Company Apr 2022 General Manager, Human Resources Department, the Company Jun 2023 Director, Managing Executive Officer, the Company Apr 2026 Director, Senior Managing Executive Officer, the Company (current)

1969-01-04

Takeshi SUZUKI

Director, Senior Managing Executive Officer

Apr 1992 Joined the Company Jul 2016 Project Manager, Business Project, Corporate Strategy Department, the Company Jul 2020 General Manager, Corporate Strategy Department, the Company Jun 2021 Executive Officer, the Company Apr 2023 Managing Executive Officer, the Company Apr 2026 Senior Managing Executive Officer, the Company Jun 2026 Director, Senior Managing Executive Officer, the Company (current)

1969-12-25

Hiroyasu NAITO

Director

Apr 1983 Joined Rinnai Corporation Jun 1991 Director, Rinnai Corporation Jun 2003 Managing Director, Rinnai Corporation Jun 2005 Director, Managing Executive Officer, Rinnai Corporation Nov 2005 Representative Director, President, President Executive Officer, Rinnai Corporation (current) Jun 2020 Director, the Company (current)

1955-04-20

Akihiko MURAKAMI

Director

Apr 1982 Joined Toyota Motor Corporation (then Toyota Motor Co., Ltd.) Apr 2012 Managing Officer, Toyota Motor Corporation Apr 2014 Managing Executive Officer, Fuji Heavy Industries Ltd. (now SUBARU Corporation) Apr 2015 Senior Managing Executive Officer, Fuji Heavy Industries Ltd. Apr 2017 Senior Managing Officer, Toyota Motor Corporation Jan 2019 Executive Officer, Toyota Motor Corporation Jun 2022 Chairman, Toyota Tsusho Corporation (current) Jun 2023 Director, the Company (current) Apr 2025 Representative Member, Chubu Keizai Doyukai (current)

1959-05-09

Munenori ADACHI

Full-time Standing Audit & Supervisory Board Member

Apr 1987 Joined the Company Jun 2013 Director, Chuo Alps Kanko Co., Ltd. Jun 2017 Director, the Company Jun 2017 Deputy General Manager, Railway Business Headquarters, and General Manager, Civil Engineering Department, the Company Jul 2018 Deputy General Manager, Railway Business Headquarters, and General Manager, Safety Management Division, the Company Jun 2019 Director, Managing Executive Officer, the Company Jun 2020 Managing Executive Officer, the Company Jun 2021 Senior Managing Director, Hokuriku Meitetsu Development Co., Ltd. Jun 2022 Representative Director, President, Hokuriku Meitetsu Development Co., Ltd. Jun 2025 Full-time Standing Audit & Supervisory Board Member, the Company (current)

1964-02-18

Yukinaga FURUHASHI

Full-time Standing Audit & Supervisory Board Member

Apr 1989 Joined the Company Jun 2013 Director, Shinshu Meitetsu Transport Co., Ltd. Jul 2015 Manager, Finance Department, the Company Jul 2017 General Manager, Finance Department, the Company Jun 2019 Executive Officer, the Company Apr 2022 Managing Executive Officer, the Company Apr 2022 General Manager, Group Business Division, the Company Jun 2022 Director, Managing Executive Officer, the Company Jun 2025 Director, Managing Executive Officer, Meitetsu NX Transport Co., Ltd. Jun 2026 Full-time Standing Audit & Supervisory Board Member, the Company (current)

1964-10-20

Etsuko TAKAMURA

Director

Apr 1982 Joined Japan Airlines Co., Ltd. Jun 2010 Director, JAL Card, Inc. Jun 2011 Managing Director, JAL Card, Inc. Jun 2017 Representative Director, President, JAL Mileage Bank Co., Ltd. Jun 2019 Managing Director, JAL Foundation Jan 2021 Managing Director, Chorus Co., Ltd. (now PLUS Co., Ltd.) Jun 2023 Director, Japan Post Co., Ltd. (current) Jun 2024 Director, the Company (current)

1960-02-21

Hiroko OKUMURA

Director

Apr 1985 Joined Chase Manhattan Bank Feb 1991 Joined Swiss Union Bank May 1994 Joined UBS Securities, Director Sep 1998 Joined Dresdner Kleinwort Securities, Managing Director Dec 2015 Registered as Attorney-at-Law Jan 2016 Attorney-at-Law, Baba & Sawada Law Office (current) Jun 2024 Audit & Supervisory Board Member, Hokuriku Bank, Ltd. Jun 2025 Director (Audit and Supervisory Committee Member), Hokuhoku Financial Group, Inc. (current) Jun 2025 Director, the Company (current)

1961-07-25

Hiroshi MUTO

Audit & Supervisory Board Member

Apr 1979 Joined Ministry of Transport (now Ministry of Land, Infrastructure, Transport and Tourism) Jul 2008 Director-General, Aviation Bureau Supervision Department, Ministry of Land, Infrastructure, Transport and Tourism Jul 2009 Deputy Director-General, Japan Tourism Agency, Ministry of Land, Infrastructure, Transport and Tourism Sep 2012 Director-General, Road Transport Bureau, Ministry of Land, Infrastructure, Transport and Tourism Aug 2013 Director-General, Secretariat, Ministry of Land, Infrastructure, Transport and Tourism Jul 2014 Deputy Minister for Land, Infrastructure, Transport and Tourism Jun 2016 Vice Minister, Ministry of Land, Infrastructure, Transport and Tourism Jul 2017 Adviser, Ministry of Land, Infrastructure, Transport and Tourism Jan 2018 Adviser, Mizuho Bank, Ltd. Jul 2018 Adviser, Mitsui Sumitomo Insurance Company, Limited (current) Jun 2022 Audit & Supervisory Board Member, the Company (current)

1956-02-23

Akihisa MIZUNO

Audit & Supervisory Board Member

Apr 1978 Joined Chubu Electric Power Co., Inc. Jun 2008 Director, Senior Managing Executive Officer, Chubu Electric Power Co., Inc. Jun 2009 Representative Director, Executive Vice President Executive Officer, Chubu Electric Power Co., Inc. Jun 2010 Representative Director, President, President Executive Officer, Chubu Electric Power Co., Inc. Jun 2015 Representative Director, Chairman, Chubu Electric Power Co., Inc. Apr 2020 Director, Senior Adviser, Chubu Electric Power Co., Inc. Jun 2020 Senior Adviser, Chubu Electric Power Co., Inc. (current) Jun 2024 Audit & Supervisory Board Member, the Company (current)

1953-06-13

Tsuyoshi OGASAWARA

Audit & Supervisory Board Member

Apr 1977 Joined Tokai Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2008 Managing Director, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) May 2011 Senior Managing Director, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jun 2012 Representative Director, Deputy President, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jun 2016 Senior Adviser, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jun 2018 Adviser, MUFG Bank, Ltd. (current) Jun 2024 Audit & Supervisory Board Member, the Company (current)

1953-08-01

Large Shareholding Reports

Nomura Asset Management Co., Ltd.

2026-10-07

3.24%→3.65%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-10-06

2.48%→2.49%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-09-24

2.71%→2.48%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-07-06

2.70%→2.71%

Nomura Asset Management Co., Ltd.

2026-05-22

3.31%→3.24%

Nomura Asset Management Co., Ltd.

2026-04-22

3.13%→3.31%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-04-21

2.69%→2.70%

Nomura Asset Management Co., Ltd.

2026-04-07

3.43%→3.13%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-03-19

3.09%→2.69%

Nomura Asset Management Co., Ltd.

2026-02-20

3.43%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-10-21

3.11%→3.09%

Mitsubishi UFJ Trust and Banking Corporation

2025-10-20

2.17%→2.16%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-10-06

3.15%→3.11%

Mitsubishi UFJ Trust and Banking Corporation

2025-10-06

2.17%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

3.16%→3.15%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-07

Large Shareholding Report

Nagoya Railroad Co., Ltd.

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Nagoya Railroad Co., Ltd.

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