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Overview

Land Transportation

NIPPON EXPRESS HOLDINGS,INC.

NIPPON EXPRESS HOLDINGS, INC. is a pure holding company established in January 2022, with its core operating subsidiary Nippon Express Co., Ltd. tracing its origins to 1937. The Group operates a comprehensive logistics business encompassing truck transportation, rail freight, air freight forwarding, ocean shipping, port transportation, and warehousing across Japan and internationally. In addition to its core Logistics segment, the Group operates specialized businesses including Security Transportation (cash logistics), Heavy Haulage & Construction (transportation and installation of heavy cargo), and Logistics Support Services (sales of logistics equipment, packaging materials, vehicles, and related financial and real estate services).

Activists: Elliott Investment Management L.P. 6.05%

Market Cap

¥1,396B

US$8.90B

¥2,037B

US$13.0B

Stock¥5,828▼-1.59%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

7.7

LTM EV/EBIT

29.8

LTM PER

75.4

LTM PBR

1.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+52.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Apr 28, 26Elliott Investment Management L.P. filed large shareholding report

2May 20, 26Elliott Investment Management L.P. changed stake (5.04%→6.05%)

3Aug 10, 26Q2 FY2026/12 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

49%

51%

EquityD/E 1.04xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 46.7%

as of 2026-06-30 · Source: Annual Securities Report

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

13.40%

Asahi Mutual Life Insurance Company

7.00%

NX Stock Ownership Association

4.60%

Custody Bank of Japan, Ltd. (Trust Account)

4.50%

BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

3.90%

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)

3.60%

Sompo Japan Insurance Inc.

2.80%

STATE STREET BANK AND TRUST COMPANY 510312 (Standing Proxy: Mizuho Bank, Ltd.)

2.70%

STATE STREET BANK AND TRUST COMPANY 510311 (Standing Proxy: Mizuho Bank, Ltd.)

2.30%

City Index Eleventh Co., Ltd.

1.90%

Management

11 officers

Mitsuru SAITO

Representative Director, Chairman

Apr 1978 Joined Nippon Express Co., Ltd. May 2009 Executive Officer, Nippon Express Co., Ltd.; General Manager, Tohoku Block, and Sendai Branch Manager, Nippon Express Co., Ltd. May 2012 Managing Executive Officer, Nippon Express Co., Ltd. Jun 2012 Director, Managing Executive Officer, Nippon Express Co., Ltd. May 2014 Representative Director, Executive Vice President, Nippon Express Co., Ltd.; Executive Vice President, Executive Officer, Nippon Express Co., Ltd. May 2017 Representative Director, President, Nippon Express Co., Ltd.; President, Executive Officer, Nippon Express Co., Ltd. Jan 2022 Representative Director, President, Nippon Express Holdings, Inc.; President, Executive Officer, Nippon Express Holdings, Inc. Jan 2024 Representative Director, Chairman, Nippon Express Holdings, Inc. (current)

1954-09-22

Satoshi HORIKIRI

Representative Director, President, Executive Officer, CEO

Apr 1983 Joined Nippon Express Co., Ltd. May 2015 Executive Officer, Nippon Express Co., Ltd.; General Manager, North Kanto and Shinetsu Block, and Gunma Branch Manager, Nippon Express Co., Ltd. May 2017 Executive Officer, Nippon Express Co., Ltd. Jun 2017 Director, Executive Officer, Nippon Express Co., Ltd. May 2018 Director, Managing Executive Officer, Nippon Express Co., Ltd. Apr 2019 / Jun 2019 Director, Senior Managing Executive Officer, Nippon Express Co., Ltd. Apr 2020 Executive Vice President, Executive Officer, Nippon Express Co., Ltd. Jun 2020 Representative Director, Executive Vice President, Nippon Express Co., Ltd.; Executive Vice President, Executive Officer, Nippon Express Co., Ltd. Jan 2022 Representative Director, Executive Vice President, Nippon Express Holdings, Inc.; Executive Vice President, Executive Officer, Nippon Express Holdings, Inc. Jan 2023 Executive Vice President, Executive Officer, Nippon Express Holdings, Inc.; Representative Director, President, Nippon Express Co., Ltd.; President, Executive Officer, Nippon Express Co., Ltd. Jan 2024 President, Executive Officer, Nippon Express Holdings, Inc. Mar 2024 Representative Director, President, Executive Officer, Nippon Express Holdings, Inc. (current)

1960-10-25

Mamoru AKAISHI

Director, Managing Executive Officer

Apr 1993 Joined Nippon Express Co., Ltd. Mar 2019 Senior General Manager, Business Development Department, Nippon Express Co., Ltd. Jan 2022 Executive Officer, Nippon Express Holdings, Inc. Mar 2023 Director, Executive Officer, Nippon Express Holdings, Inc. Jan 2026 Director, Managing Executive Officer, Nippon Express Holdings, Inc. (current)

1968-04-06

Sachiko ABE

Director, Executive Officer

Apr 1988 Joined Nippon Express Co., Ltd. Oct 2014 Senior General Manager, CSR Department, Nippon Express Co., Ltd. May 2018 Representative Director, President, Nippon Express Tokyo Distribution Service Co., Ltd. Jan 2022 Audit and Supervisory Board Member, Nippon Express Co., Ltd. Mar 2024 Director, Executive Officer, Nippon Express Holdings, Inc. (current)

1964-08-08

Yumiko ITO

Director

Apr 1984 Counsel, Legislation Bureau, House of Representatives Apr 1989 Registered as attorney-at-law; joined Sakawa Sogo Law Office Jul 1991 Joined Tanabe Sogo Law Office Apr 2001 Head of Legal and Patent Office, GE Yokogawa Medical Systems, Ltd. (now GE Healthcare Japan Corporation) May 2004 Staff Counsel, Legal and Intellectual Property, IBM Japan, Ltd. Mar 2007 Corporate Officer, General Manager, Legal and Policy Planning, Microsoft Co., Ltd. (now Microsoft Japan Co., Ltd.) Apr 2013 Executive Officer, Sharp Corporation Jun 2013 Director and Executive Officer, Sharp Corporation Apr 2014 Director and Managing Executive Officer, Sharp Corporation Jun 2016 Managing Executive Officer, Sharp Corporation Apr 2019 Opened Ito Law Office; Representative (current) Jun 2019 Outside Director, Kobe Steel, Ltd. (current) Jun 2019 Outside Audit and Supervisory Board Member, Santen Pharmaceutical Co., Ltd. Jul 2022 Trustee, Nihon University (current) Mar 2023 Director, Nippon Express Holdings, Inc. (current)

1959-03-13

Takashi NAKAMOTO

Director, Audit and Supervisory Committee Member

Apr 1986 Joined Nippon Express Co., Ltd. Jun 2011 Senior General Manager, Finance Department, Nippon Express Co., Ltd. Jul 2013 General Manager, Finance Department, NX America, Inc. (formerly Nippon Express U.S.A., Inc.) May 2017 Tottori Branch Manager, Nippon Express Co., Ltd. May 2018 Representative Director, President, NX Capital Co., Ltd. (formerly Nippon Express Capital Co., Ltd.) Apr 2019 General Manager, Finance and Planning Department, Nippon Express Co., Ltd. Jan 2022 General Manager, Internal Audit Office, Nippon Express Holdings, Inc. Mar 2024 Director (Audit and Supervisory Committee Member), Nippon Express Holdings, Inc. (current)

1962-06-28

Yojiro SHIBA

Director

Apr 1974 Joined Nippon Kogyo Bank, Ltd. (now Mizuho Bank, Ltd.) Mar 2003 Managing Executive Officer, Mizuho Bank, Ltd. May 2005 Managing Executive Officer, Oriental Land Co., Ltd. Apr 2009 Representative Director, Executive Vice President, Executive Officer, Oriental Land Co., Ltd. Jun 2013 Outside Director, AMUSE Inc. Jun 2015 Director, Vice Chairman, AMUSE Inc. Mar 2018 Outside Director, Bridgestone Corporation Apr 2019 Representative Director, President, Executive Officer, AMUSE Inc. Jun 2021 Director, Nippon Express Co., Ltd. Jan 2022 Director, Nippon Express Holdings, Inc. (current)

1950-08-07

Tsukiko TSUKAHARA

Director

Apr 1995 Joined Ministry of Transport (now Ministry of Land, Infrastructure, Transport and Tourism) Jun 2001 Specialist, Policy Evaluation Office, Policy Coordination Bureau, Ministry of Land, Infrastructure, Transport and Tourism Sep 2003 Joined Boston Consulting Group Jan 2009 Principal, Boston Consulting Group Jul 2015 Vice President, Catalyst Japan Research and Consulting K.K. Feb 2018 Established Kareidist Inc.; Representative Director (current) Apr 2020 Japan Co-Chair, G20 EMPOWER (current) Mar 2024 Director, Nippon Express Holdings, Inc. (current)

1972-08-31

Ryuji MASUNO

Director, Audit and Supervisory Committee Member

Apr 1977 Joined Ministry of Transport (now Ministry of Land, Infrastructure, Transport and Tourism) Aug 2005 Councillor, Minister's Secretariat (concurrently Railway Bureau), Ministry of Land, Infrastructure, Transport and Tourism Jul 2006 Deputy Director-General, Automobile Transport Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2007 Senior Councillor, Minister's Secretariat, Ministry of Land, Infrastructure, Transport and Tourism Jul 2009 Director-General, Automobile Transport Bureau, Ministry of Land, Infrastructure, Transport and Tourism Aug 2010 Councillor, Minister's Secretariat (Transport Safety Policy), Ministry of Land, Infrastructure, Transport and Tourism Sep 2011 Deputy Commissioner, Japan Coast Guard Aug 2013 Senior Official, Ministry of Land, Infrastructure, Transport and Tourism Sep 2014 Chairman, Japan Maritime Center (public interest foundation) Jun 2017 Chairman, Japan Trucking Association (public interest incorporated association) Aug 2023 Registered as attorney-at-law (Tokyo Bar Association) Mar 2024 Director (Audit and Supervisory Committee Member), Nippon Express Holdings, Inc. (current)

1953-10-30

Yoko KUDO

Director, Audit and Supervisory Committee Member

Apr 1982 Joined Taisei Fire and Marine Insurance Co., Ltd. (now Sompo Japan Inc.) Sep 1993 Joined PricewaterhouseCoopers, Los Angeles office Jan 1996 Registered as Certified Public Accountant, California Dec 1996 Joined Ernst & Young, Los Angeles office Apr 2005 Seconded to Shin Nihon & Co. (now EY Shin Nihon LLC) Jan 2006 Transferred to EY Shin Nihon LLC May 2006 Specialist Member (Principal), EY Shin Nihon LLC Jul 2012 Senior Principal, EY Shin Nihon LLC Jun 2016 Auditor, Japan Volleyball Association (public interest foundation) Jul 2020 Director, Non-Audit Services Review Department, Quality Control Division, EY Shin Nihon LLC Jun 2022 Outside Audit and Supervisory Board Member, SoftBank Corp. (current) Jun 2022 Outside Director, Chubu Electric Power Co., Inc. Jun 2023 Auditor, Japanese Olympic Committee (public interest foundation) (current) Jun 2023 Auditor, Tokyo 2025 World Athletics Championships Foundation (public interest foundation) (current) Apr 2025 Auditor, ASICS Foundation (general incorporated foundation) (current) Jun 2025 Director, Japan Volleyball Association (public interest foundation) (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), KPP Group Holdings, Inc. (current) Mar 2026 Director (Audit and Supervisory Committee Member), Nippon Express Holdings, Inc. (scheduled)

1961-11-30

Chie IKEGAWA

Director, Audit and Supervisory Committee Member

Apr 1989 Joined Procter & Gamble Far East, Inc. (now P&G Japan G.K.) Oct 2006 Joined Japan McDonald's Co., Ltd. Feb 2010 Director, CFO, General Manager, Finance and Accounting, Lenovo Japan K.K. (now Lenovo Japan G.K.) Oct 2011 Outside Audit and Supervisory Board Member, NEC Personal Computers, Ltd. Jan 2014 Executive Officer, General Manager, Management and Finance Division, CFO, Kellogg Japan G.K. Dec 2018 Vice President, Commercial Finance, Management Division, GM Seiyu G.K. (now Seiyu Co., Ltd.) Apr 2019 Established Strat Consulting Inc.; Representative Director (current) Nov 2019 Outside Director, Meikou Network Japan Co., Ltd. Jun 2020 Outside Director, Chair of Nomination and Compensation Committee, Will Group, Inc. Jun 2023 Outside Director (Audit and Supervisory Committee Member), Looop Inc. (current) May 2024 Outside Director, Ministop Co., Ltd. (current) Mar 2026 Director (Audit and Supervisory Committee Member), Nippon Express Holdings, Inc. (scheduled)

1966-02-04

Large Shareholding Reports

Nomura Asset Management Co., Ltd.

2026-07-07

6.27%→4.56%

Elliott Investment Management L.P.

2026-05-20

5.04%→6.05%

Elliott Investment Management L.P.

2026-04-28

5.04%

Nomura Asset Management Co., Ltd.

2025-11-10

6.06%→6.27%

Nomura Asset Management Co., Ltd.

2025-09-22

6.61%→6.06%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

3.16%→2.36%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-08-07

Semi-Annual Securities Report

Period: Jan 2026 – Dec 2026

NIPPON EXPRESS HOLDINGS,INC.

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NIPPON EXPRESS HOLDINGS,INC.

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