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Overview

Wholesale Trade

KPP GROUP HOLDINGS CO.,LTD.

KPP Group Holdings is a leading global paper and pulp trading company that procures paper, paperboard, pulp, and recovered paper from major manufacturers such as Oji Paper and Nippon Paper, and distributes these products to customers across Japan and internationally. The group operates through three core geographic segments: Northeast Asia, Europe/Americas (primarily through Antalis S.A.S.), and Asia-Pacific (primarily through Spicers Limited), covering a broad range of paper and related materials. In addition to its core trading business, the group engages in real estate leasing and paper product processing.

Activists: Former Murakami Fund group (City Index Eleventh, Reno, Minamiaoyama Real Estate) 5.04%

Market Cap

¥71.5B

US$455M

¥199B

US$1.27B

Stock¥1,147▲+0.09%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

8.6

LTM EV/EBIT

20.0

LTM PER

13.4

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+21.7%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1May 21, 26Former Murakami Fund group (City Index Eleventh, Reno, Mi… filed large shareholding report

2Jun 19, 26Board approved share buyback

MC → EV Bridge

AI Briefing

KPP Group Holdings: global paper/pulp trading network spanning ~100 subsidiaries including Antalis and Spicers, intermediating between major manufacturers and end customers worldwide. FY26/3 revenue ¥650B but operating margin compressed to 1.5% (OP ¥10.1B), extending a four-year profitability slide from 3.1% in FY23/3. Oji Holdings sits atop the register at 15.22%; at ¥71.4B market cap against ¥199B EV and ¥159B debt load, thin trading margins keep leverage and strategic optionality in focus.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

36%

64%

EquityD/E 1.77xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 41.8%

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

Oji Holdings Corporation

15.22%

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

5.19%

株式会社日本カストディ銀行（りそな銀行再信託分・北越コーポレーション株式会社退職給付信託口）

3.58%

KPP GROUP HOLDINGS CO.,LTD. Employee Stock Ownership Association

3.34%

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

3.27%

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

3.13%

日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・７６２６２口）

2.99%

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

1.94%

MUFG Bank, Ltd.

1.70%

Mitsubishi UFJ Trust and Banking Corporation

1.41%

Management

10 officers

Madoka TANABE

Representative Director, Chairman

Apr 1971: Joined former Daido Yoshi-ten Co., Ltd. Jun 2004: Director, KPP Group Holdings Jun 2006: Managing Director, KPP Group Holdings Jun 2008: Senior Managing Director, KPP Group Holdings Jun 2012: Representative Director, Vice President, KPP Group Holdings Jun 2013: Representative Director, President, KPP Group Holdings Jun 2015: Representative Director, President and Executive Officer, CEO, KPP Group Holdings Jun 2020: Representative Director, Chairman and CEO, KPP Group Holdings Oct 2022: Chairman, Kokusai Pulp & Paper Trading Co., Ltd. Jun 2024: Director, Kokusai Pulp & Paper Trading Co., Ltd. (current) Jun 2025: Representative Director, Chairman, KPP Group Holdings (current)

1949-03-19

Yasuyuki SAKATA

Representative Director, President and CEO

Apr 1982: Joined Tokyo Bank, Ltd. (now MUFG Bank, Ltd.) Jul 2011: Joined Nidec Corporation Jul 2017: Joined KPP Group Holdings Apr 2020: Executive Officer, Head of Business Strategy Office, KPP Group Holdings Apr 2021: Senior Executive Officer, Deputy CEO and CFO, Antalis S.A.S. Apr 2022: Managing Executive Officer, KPP Group Holdings Apr 2023: Managing Executive Officer in charge of administration, Kokusai Pulp & Paper Trading Co., Ltd. Jun 2023: Vice President and Director in charge of administration, KPP Group Holdings; Vice President and Executive Officer, Kokusai Pulp & Paper Trading Co., Ltd. Jun 2024: Representative Director, President and COO, KPP Group Holdings; Director, Kokusai Pulp & Paper Trading Co., Ltd. (current) Jun 2025: Representative Director, President and CEO, KPP Group Holdings (current)

1957-11-15

David MARTIN

Director

Sep 1993: Market Manager, Avery Dennison Jan 1997: Director, Sales & Marketing, Australia/New Zealand, Avery Dennison Mar 2000: Plant Manager, Peachtree City Facility, USA, Avery Dennison Jan 2002: Vice President & General Manager, Premium Packaging & Pharmaceutical Division, North America, Avery Dennison May 2005: Vice President of Sales, North America, Avery Dennison Jan 2006: Vice President & General Manager, Australia & New Zealand, Avery Dennison May 2012: Vice President & General Manager, ASEAN, Australia & New Zealand, Avery Dennison Jul 2016: Chief Executive Officer, Spicers Limited (current) Jun 2024: Director, KPP Group Holdings (current)

1964-06-18

Hervé PONSIN

Director

Sep 1986: Renault Automation Germany Jan 1988: Senior Consultant, Arthur Andersen & Cie May 1990: Marketing Manager, Large Accounts, Apple France May 1992: European Marketing Director, Large Accounts BU, Apple Europe Feb 1994: Marketing Director, Arjomari Diffusion Jan 1999: Managing Director, Arjomari Diffusion Jan 2000: European BU Director, Print Services, Antalis Mar 2001: Marketing and Purchasing Director, Antalis Group Jun 2002: Managing Director, Western Europe, Antalis Apr 2007: Executive Vice President, Antalis Jun 2009: Chief Operating Officer, Antalis Jun 2017: Chief Executive Officer, Antalis (current) Jun 2024: Director, KPP Group Holdings (current)

1964-02-26

Hideomi KOMAI

Director

Apr 1985: Joined former Daiei Shiko Tsusho Co., Ltd. Apr 2017: Executive Officer, Head of Corporate Planning Division, KPP Group Holdings Apr 2018: Executive Officer, Head of Corporate Planning Division and Head of IT Division, KPP Group Holdings Jun 2018: Senior Executive Officer, Head of Corporate Planning Division and Head of IT Division, KPP Group Holdings Apr 2019: Senior Executive Officer, Head of Corporate Planning Division, KPP Group Holdings Apr 2021: Senior Executive Officer, Head of Human Resources Division, KPP Group Holdings Oct 2022: Senior Executive Officer, Head of Human Resources Division, KPP Group Holdings; Senior Executive Officer, Head of Human Resources Division, Kokusai Pulp & Paper Trading Co., Ltd. Apr 2024: Managing Executive Officer, Head of Administration Division, Kokusai Pulp & Paper Trading Co., Ltd. Jun 2024: Director and Managing Executive Officer, Head of Administration Division, Kokusai Pulp & Paper Trading Co., Ltd. Jun 2025: Director, KPP Group Holdings (current); Representative Director, President and Executive Officer, Kokusai Pulp & Paper Trading Co., Ltd. (current)

1962-02-05

Tatsushi YANO

Outside Director

Apr 1974: Joined Tomen Corporation Jun 2003: Executive Officer, General Manager North America, Tomen Corporation Apr 2006: Executive Director (transferred), Sanyo Chemical Industries, Ltd. Jun 2006: Director and Executive Officer, Sanyo Chemical Industries, Ltd. Jun 2010: Director and Managing Executive Officer, Sanyo Chemical Industries, Ltd. Jun 2012: Director and Senior Managing Executive Officer, Sanyo Chemical Industries, Ltd. Jun 2016: Advisor, Sanyo Chemical Industries, Ltd. Jun 2018: Retired from Sanyo Chemical Industries, Ltd. Jun 2019: Outside Director, KPP Group Holdings (current) Nov 2019: Outside Director, Manny Co., Ltd.

1951-06-21

Mina ITO

Outside Director

Jun 1996: Joined Baker & McKenzie Jan 2004: Partner, Baker & McKenzie Jan 2020: Special Counsel, Baker & McKenzie May 2020: Established ZENMONDO Inc., Representative Director (current) Jun 2020: Outside Audit & Supervisory Board Member, Seabon Corporation Jun 2021: Outside Director, Audit and Supervisory Committee Member, KPP Group Holdings Jun 2022: Outside Director, KPP Group Holdings (current) Apr 2024: Outside Director, Daido Group Holdings Co., Ltd. (current) May 2024: Established Mina Arai-Ito Foreign Lawyer Office, Director (current) Mar 2025: Outside Director, Audit and Supervisory Committee Member, Noritz Corporation (current)

1967-03-02

Naoki NAKAGAWA

Director, Full-time Audit and Supervisory Committee Member

Apr 1987: Joined Dai-Ichi Kangyo Bank, Ltd. (now Mizuho Bank, Ltd.) Jun 2017: Seconded to KPP Group Holdings Jun 2018: Transferred to KPP Group Holdings Apr 2021: General Manager, Internal Audit Office, KPP Group Holdings Oct 2022: General Manager, Internal Audit Office, Kokusai Pulp & Paper Trading Co., Ltd. Apr 2024: General Manager, Group Internal Audit Office, KPP Group Holdings Jun 2025: Director, Audit and Supervisory Committee Member, KPP Group Holdings (current)

1963-06-13

Shoko KATAOKA

Director, Audit and Supervisory Committee Member

Apr 1998: Joined Kitano Koichi Law Office Apr 2000: Co-founded DoSOLO! Law Office (joint management) Oct 2001: Legal Department, Matsushita Electric Industrial Co., Ltd. (now Panasonic Holdings Corporation) Nov 2007: Legal Department Leader, Fast Retailing Co., Ltd. Nov 2012: General Manager, Legal Department, Universal Studios Japan (now Universal Studios Japan G.K.) Jan 2018: Legal and Internal Control Manager, Coach A Co., Ltd. Dec 2019: Outside Director, D.I. System Co., Ltd. Mar 2020: Director, Audit and Supervisory Committee Member, Coach A Co., Ltd. Aug 2021: Outside Audit & Supervisory Board Member, Prime Road Co., Ltd. (current) Jun 2022: Director, Audit and Supervisory Committee Member, KPP Group Holdings (current) Dec 2023: Outside Director, Audit and Supervisory Committee Member, D.I. System Co., Ltd. (current)

1968-06-26

Yoko KUDO

Outside Director, Audit and Supervisory Committee Member

Apr 1982: Joined Taisei Fire & Marine Insurance Co., Ltd. (now Sompo Japan Inc.) Sep 1993: Joined Price Waterhouse (now PricewaterhouseCoopers) Jan 1996: Registered as Certified Public Accountant, California, USA Dec 1996: Joined Ernst & Young Apr 2005: Seconded to Shin Nihon & Co. (now EY Shin Nihon LLC) Jan 2006: Transferred to Shin Nihon & Co. May 2006: Designated Partner (Principal), Shin Nihon & Co. Jul 2012: Designated Partner (Senior Principal), Shin Nihon & Co. Jun 2016: Auditor, Japan Volleyball Association (public interest foundation) Jul 2020: Director, Non-Audit Services Review Department, Quality Control Division, Shin Nihon & Co. Jun 2022: Outside Audit & Supervisory Board Member, SoftBank Corp. (current); Outside Director, Chubu Electric Power Co., Inc. Jun 2023: Auditor, Japanese Olympic Committee (public interest foundation) (current); 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); Outside Director, Audit and Supervisory Committee Member, KPP Group Holdings (current) Mar 2026: Outside Director, Audit and Supervisory Committee Member, NIPPON EXPRESS HOLDINGS, INC. (current)

1961-11-30

Large Shareholding Reports

Oji Holdings Corporation

2026-08-26

14.22%→13.20%

Annual report (as of 2026-03-31): 15.22%

Oji Holdings Corporation

2026-07-17

15.23%→14.22%

Annual report (as of 2026-03-31): 15.22%

Aya NOMURA

2026-05-21

5.04%

Oji Holdings Corporation

2026-01-13

16.25%→15.23%

Annual report (as of 2026-03-31): 15.22%

Oji Holdings Corporation

2026-01-13

16.25%→15.23%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-03-31): 15.22%

Oji Holdings Corporation

2025-12-02

17.27%→16.25%

Annual report (as of 2026-03-31): 15.22%

Disclosures

M&A / Other

2026-10-02

KPP GROUP HOLDINGS CO.,LTD.

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KPP GROUP HOLDINGS CO.,LTD.

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