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Overview

Electric Power and Gas

TOHO GAS CO.,LTD.

Toho Gas is a regional gas utility primarily serving Aichi, Mie, and Gifu prefectures in the Chubu region of Japan, engaged in the manufacturing, distribution, and sale of city gas, LPG, and LNG. The company also operates electricity retail services and provides energy-related solutions including plant engineering, real estate, and LNG cold energy utilization. Through overseas subsidiaries in Australia and Canada, Toho Gas holds upstream natural gas development and investment interests to secure stable LNG supply.

Market Cap

¥430B

US$2.74B

¥319B

US$2.03B

Stock¥1,201▼-0.78%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

5.5

LTM EV/EBIT

16.3

LTM PER

17.7

LTM PBR

0.9

2026-08-25 closing price basis: ranked #24 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-48B).

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-14.4%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Mar 23, 26Market-wide correction decline (-6.0%)

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

76%

24%

EquityD/E 0.32xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 35.7%

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

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

10.69%

Nippon Life Insurance Company

6.05%

Sumitomo Mitsui Banking Corporation

3.63%

MUFG Bank, Ltd.

3.15%

Custody Bank of Japan, Ltd. (Trust Account)

3.02%

Sakuwa Investment Association

2.25%

Meiji Yasuda Life Insurance Company

2.02%

Stock Ownership Association

1.74%

KUBOTA CORPORATION

1.58%

The Ogaki Kyoritsu Bank,Ltd.

1.54%

Management

15 officers

Nobuyuki MASUDA

Representative Director, Chairman

Apr 1986 Joined the Company Jun 2008 General Manager, Engineering Department Oct 2009 General Manager, Production Planning Department Jun 2014 General Manager, Supply Management Department Jun 2015 Executive Officer, General Manager, Supply Management Department Jun 2017 Executive Officer, General Manager, Supply Division Jun 2018 Managing Executive Officer, General Manager, Technology Development Division and General Manager, Production Division Apr 2019 Managing Executive Officer, General Manager, R&D/Digital Division and General Manager, Production Division Jun 2019 Director, Managing Executive Officer, General Manager, R&D/Digital Division and General Manager, Production Division Jun 2020 Director, Senior Managing Executive Officer, General Manager, R&D/Digital Division Jun 2021 Representative Director, President, President Executive Officer Apr 2025 Representative Director, Chairman (current)

1961-09-22

Satoshi YAMAZAKI

Representative Director, President, President Executive Officer

Apr 1986 Joined the Company Jun 2010 General Manager, Western Branch Jun 2012 General Manager, Finance Department Jun 2016 General Manager, Planning Department Apr 2017 General Manager, Management Planning Department Jun 2017 Executive Officer, General Manager, Management Planning Department Apr 2019 Executive Officer, General Manager, Planning Department Jun 2020 Managing Executive Officer Jun 2021 Director, Managing Executive Officer Apr 2022 Director, Senior Managing Executive Officer Apr 2025 Representative Director, President, President Executive Officer (current)

1963-09-15

Shinsuke KAGAMIAJI

Representative Director, Executive Vice President

Apr 1988 Joined the Company Oct 2009 General Manager, Technology Department Jun 2014 General Manager, Production Planning Department Jun 2017 General Manager, Raw Materials Department Jun 2018 Executive Officer, General Manager, Raw Materials Department Jun 2020 Executive Officer, General Manager, Production Division Jun 2021 Managing Executive Officer, General Manager, Production Division Apr 2023 Managing Executive Officer, General Manager, Industrial Sales Division Jun 2023 Director, Managing Executive Officer, General Manager, Industrial Sales Division Apr 2024 Director, Senior Managing Executive Officer, General Manager, Sales Division Apr 2025 Representative Director, Executive Vice President, General Manager, Sales Division Apr 2026 Representative Director, Executive Vice President, General Manager, Production Division (current)

1963-07-08

Katsuhiko OZAWA

Director, Senior Managing Executive Officer

Apr 1989 Joined the Company Jun 2016 General Manager, Finance Department Jun 2020 Executive Officer, General Manager, Finance Department Apr 2023 Managing Executive Officer Jun 2024 Director, Managing Executive Officer Apr 2025 Director, Senior Managing Executive Officer Apr 2026 Director, Senior Managing Executive Officer, General Manager, Sales Division (current)

1966-02-16

Takeo HAIGO

Director, Senior Managing Executive Officer

Apr 1989 Joined the Company Jun 2016 General Manager, Mikawa Branch Jun 2018 General Manager, Human Resources Department Jun 2020 Executive Officer, General Manager, Human Resources Department Apr 2023 Managing Executive Officer, General Manager, R&D/Digital Division; President, Toho Gas Information System Co., Ltd. Apr 2024 Managing Executive Officer, General Manager, Innovation Promotion Division; President, Toho Gas Information System Co., Ltd. Apr 2025 Senior Managing Executive Officer Jun 2025 Director, Senior Managing Executive Officer (current)

1966-12-30

Tsutomu MAEDA

Director, Senior Managing Executive Officer

Apr 1991 Joined the Company Jun 2016 General Manager, Urban Energy Sales Department Jun 2020 Executive Officer, General Manager, Planning Department Apr 2023 Managing Executive Officer, General Manager, Production Division Apr 2025 Senior Managing Executive Officer, General Manager, Production Division Jun 2025 Director, Senior Managing Executive Officer, General Manager, Production Division Apr 2026 Director, Senior Managing Executive Officer (current)

1967-03-09

Takashi OSHIMA

Director

Jun 2014 President, NGK Insulators, Ltd. Apr 2021 Chairman, NGK Insulators, Ltd. (current) Jun 2021 Director of the Company (current)

1956-07-14

Keiko IKEDA

Director

Apr 1983 Registered as Attorney-at-Law Aug 1986 Established Ikeda Law Office (now Ikeda Sogo Law Office / Ikeda Patent Office) Jul 2000 Registered as Patent Attorney Apr 2017 President, Aichi Bar Association Apr 2018 Chairman, Chubu Federation of Bar Associations Jun 2020 Corporate Auditor of the Company Jun 2026 Director of the Company (current)

1956-08-20

Hidetaka TAKEUCHI

Full-time Corporate Auditor

Apr 1984 Joined the Company Jun 2012 General Manager, Eastern Branch Jun 2014 General Manager, Living Sales Department Jun 2016 General Manager, General Affairs Department May 2018 General Manager, General Affairs Department; President, Toho Gas Living Co., Ltd. Jun 2018 Executive Officer; President, Toho Gas Living Co., Ltd. Jun 2021 Managing Executive Officer Apr 2023 Senior Managing Executive Officer Jun 2023 Director, Senior Managing Executive Officer Apr 2024 Director Jun 2024 Full-time Corporate Auditor (current)

1962-02-19

Takashi SUZUKI

Full-time Corporate Auditor

Apr 1990 Joined the Company Apr 2018 General Manager, Business Development Department Jun 2020 General Manager, Internal Control Promotion Department Apr 2022 General Manager, Internal Audit Department Apr 2024 Project Leader, Finance Department Jun 2025 Full-time Corporate Auditor (current)

1967-08-01

Kenichi KAMIYAMA

Corporate Auditor

Aug 2008 Chief, Aichi Prefectural Police Headquarters Jan 2010 Vice Principal, National Police Academy, and Councillor, Criminal Affairs Bureau, National Police Agency Jan 2012 Director-General, Chubu Regional Police Bureau Apr 2013 Director-General, Kanto Regional Police Bureau Sep 2014 Advisor, Police Employees' Consumer Cooperative Dec 2014 Managing Director, Police Employees' Consumer Cooperative Jun 2017 Managing Director, Public Policy Research Council Foundation; Corporate Auditor of the Company (current) Jun 2024 Chairman, JP Ikigai Promotion Foundation (current)

1955-05-03

Yuta NAKANISHI

Director

Jan 2016 Head of Planning Office, New Business Planning Department, Toyota Motor Corporation; Representative, F-Grid Miyagi Ohira LLP Jan 2018 Head of Energy Business Office, New Business Planning Department, Toyota Motor Corporation Nov 2019 Assistant Manager, New Business Planning Department, Toyota Motor Corporation Jun 2020 Representative, Toyota Green Energy LLP Jan 2021 General Manager, New Business Planning Department, Toyota Motor Corporation Apr 2022 Head of Business Development Division and General Manager, New Business Planning Department, Toyota Motor Corporation (current) Jun 2024 Director of the Company (current)

1970-03-09

Yumiko MIWA

Director

Apr 2000 Associate Professor, Faculty of Commerce, Meiji University Oct 2005 Professor, Faculty of Commerce, Meiji University (current) Jun 2026 Director of the Company (current)

1965-10-12

Akihiko NAKAMURA

Corporate Auditor

Jun 2018 Director, Deputy President, Executive Officer, MUFG Bank, Ltd. Jun 2022 Senior Adviser, MUFG Bank, Ltd. Jun 2023 Corporate Auditor of the Company (current) Apr 2025 Adviser, MUFG Bank, Ltd. (current)

1959-11-21

Junko UEDA

Corporate Auditor

Apr 1998 Associate Professor, Faculty of Living Sciences, Sugiyama Jogakuen University Jul 2002 Professor, Department of Living Sciences, Sugiyama Jogakuen University Apr 2003 Professor, Faculty of Modern Management, Sugiyama Jogakuen University Apr 2007 Professor, Graduate School of Law, Shizuoka University Apr 2010 Professor, Graduate School of Law, Kyushu University Apr 2017 Professor, Graduate School of Law, Aichi University (current) Apr 2021 Dean, Graduate School of Law, Aichi University (current) Jun 2026 Corporate Auditor of the Company (current)

1959-08-14

Large Shareholding Reports

Nippon Life Insurance Company

2026-01-09

6.28%→5.61%

Annual report (as of 2026-03-31): 6.05%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

2.56%→2.54%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-07-27

Q1 Earnings Flash

FY ending Mar 2027

TOHO GAS CO.,LTD.

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TOHO GAS CO.,LTD.

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