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Overview

Electric Power and Gas

HOKURIKU GAS CO.,LTD.

Hokuriku Gas Co., Ltd. is the leading city gas utility in Niigata Prefecture, engaged in the manufacture, supply, and sale of city gas, as well as contracted gas installation work and gas appliance sales. The company also operates LPG sales, gas facility engineering and maintenance, residential equipment installation, civil and pipe construction, and solar power generation through its group companies. It serves over 400,000 city gas customers across Niigata Prefecture, having steadily expanded its supply area by acquiring gas businesses from multiple municipalities.

Market Cap

US$122M

¥19.4B

US$47.7M

¥7.62B

StockUS$26.05(¥4,160)▲+0.97%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

0.8

LTM EV/EBIT

2.2

LTM PER

6.4

LTM PBR

0.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-0.8%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Feb 12, 26Strong Q3 earnings results

MC → EV Bridge

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

City gas

Revenue

US$380M(¥60.6B)

Segment profit

US$21.5M(¥3.43B)5.7%

Pluming segments

Revenue

US$14.6M(¥2.33B)

Segment profit

US$0.50M(¥0.08B)3.4%

LPG segments

Revenue

US$13.6M(¥2.18B)

Segment profit

US$0.41M(¥0.07B)3.0%

Living service segments

Revenue

US$13.1M(¥2.09B)

Segment profit

US$0.78M(¥0.12B)6.0%

engineering segments

Revenue

US$8.53M(¥1.36B)

Segment profit

US$0.47M(¥0.08B)5.5%

Solar power segments

Revenue

US$0.44M(¥0.07B)

Segment profit

US$0.35M(¥0.06B)80.4%

Adjustments

Revenue

-US$26.6M(¥-4.24B)

Segment profit

-US$0.20M(¥-0.03B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 54.6%

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

Atsui Sangyo Co., Ltd.

11.30%

Hokuriku Gas Scholarship Foundation (public interest foundation)

9.61%

Atsui Scholarship Foundation (public interest foundation)

7.12%

UH Partners 2 Investment Limited Partnership

5.94%

Niigata Hume Pipe Co., Ltd.

5.57%

Hikari Tsushin KK Investment Limited Partnership

5.31%

Atsui Collection Foundation (public interest foundation)

3.20%

Sanjo Shinkin Bank

2.51%

Atsui Co., Ltd.

2.23%

The Daishi Hokuetsu Bank, Ltd.

1.85%

Management

12 officers

Eiichi ATSUI

Representative Director, Chairman

Jun 1983 Director, the Company Jun 1985 Representative Director, President, Atsui Sangyo Co., Ltd. Jun 1988 Representative Director, Vice President, the Company Jun 1994 (details not stated in source) Jun 2011 (details not stated in source) Apr 2017 Representative Director, President, the Company Chairman and Representative Director, Atsui Sangyo Co., Ltd. (current) Representative Director, Chairman, the Company (current)

1942-12-22

Kazutomo ATSUI

Representative Director, President

Jun 2004 Managing Director, Atsui Sangyo Co., Ltd. Jun 2006 Director, the Company Jun 2011 President and Representative Director, Atsui Sangyo Co., Ltd. (current) Jun 2012 (details not stated in source) Apr 2017 Representative Director, Vice President, the Company Representative Director, President, the Company (current)

1971-10-27

Yusuke KOMATA

Representative Director, Managing Director

Mar 1988 Joined the Company Jun 2020 Director, General Manager, Supply Department, the Company Jun 2021 Director, General Manager, ICT Promotion Department, the Company Jun 2022 Representative Director, President, Kambara Gas Co., Ltd. Jun 2022 Resigned as Director, the Company Jun 2024 Resigned as Representative Director, President, Kambara Gas Co., Ltd. Jun 2024 Managing Director, the Company Jun 2025 Representative Director, Managing Director, the Company (current)

1966-02-04

Takayuki SHIMIZU

Managing Director

Mar 1988 Joined the Company Jun 2015 General Manager, Nagaoka Branch, the Company Jun 2018 General Manager, General Affairs Department, the Company Jun 2019 Director, General Manager, General Affairs Department, the Company Jun 2020 Director, General Manager, Sales Department, the Company Jun 2025 Managing Director, the Company (current)

1966-02-21

Eisuke KARAHASHI

Director, General Manager, Supply Department

Mar 1996 Joined the Company Jun 2021 General Manager, Kashiwazaki Branch and Kashiwazaki Supply Center, the Company Jun 2024 Director, General Manager, Supply Department, the Company (current)

1972-01-24

Koichi KOBAYASHI

Director

May 1991 Representative Director, President, Kobayashi Oil Co., Ltd. Jun 1996 Director, the Company (current) Mar 1999 Representative Director, Chairman, Niigata Energy Co., Ltd. Apr 2018 Representative Director, Niigata Energy Co., Ltd. (current) May 2021 Chairman and Director, Kobayashi Oil Co., Ltd. (current)

1943-07-12

Toshiya NIINO

Full-time Corporate Auditor

Mar 1993 Joined the Company Jul 2022 General Manager, Accounting Department, the Company Jun 2026 Full-time Corporate Auditor, the Company (current)

1969-09-11

Hiromichi ADACHI

Director

Jun 2012 Director, Atsui Sangyo Co., Ltd. Jun 2014 Managing Director, Atsui Sangyo Co., Ltd. Jun 2018 Director, Atsui Sangyo Co., Ltd. Jun 2018 Representative Director, President, Hokuei Construction Co., Ltd. Jun 2021 Resigned as Representative Director, President, Hokuei Construction Co., Ltd. Jun 2021 Resigned as Director, Atsui Sangyo Co., Ltd. Jun 2023 Director, the Company (current)

1956-05-07

Katsuhiro TSURUMAKI

Director

May 1974 Registered as attorney-at-law (current) Jun 2007 Corporate Auditor, the Company Jun 2016 Director, the Company (current)

1944-08-26

Michio UEGURI

Director

Jun 2018 Managing Director, The Dai-Shi Bank, Ltd. (now The Dai-Shi Hokuetsu Bank, Ltd.) Jan 2021 Managing Director, The Dai-Shi Hokuetsu Bank, Ltd. Apr 2021 Representative Director, President, Dai-Shi Hokuetsu Financial Group, Inc. (current) Apr 2021 Director and President, The Dai-Shi Hokuetsu Bank, Ltd. (current) Jun 2022 Director, the Company (current)

1962-12-24

Seiichi NISHIGATA

Corporate Auditor

Jun 2005 Full-time Executive Director, Sanjo Shinkin Bank Jun 2010 President, Sanjo Shinkin Bank Jun 2013 Corporate Auditor, the Company (current) Jun 2023 Chairman, Sanjo Shinkin Bank (current)

1954-01-14

Yasuhiro SHIMAGAKI

Corporate Auditor

Jun 2011 Director, Atsui Sangyo Co., Ltd. Jun 2017 Full-time Corporate Auditor, Atsui Sangyo Co., Ltd. Jun 2017 Corporate Auditor, Hokuei Construction Co., Ltd. Jun 2022 Resigned as Full-time Corporate Auditor, Atsui Sangyo Co., Ltd. Jun 2022 Resigned as Corporate Auditor, Hokuei Construction Co., Ltd. Jun 2023 Corporate Auditor, the Company (current)

1957-07-26

Large Shareholding Reports

Hikari Tsushin, Inc.

2026-09-15

6.19%→6.19%

Hokuriku Gas Scholarship Foundation

2026-05-20

8.62%→12.27%

Annual report (as of 2026-03-31): 9.61%

Atsui Sangyo Co., Ltd.

2026-05-18

11.06%→12.65%

Annual report (as of 2026-03-31): 11.30%

Atsui Sangyo Co., Ltd.

2026-05-12

10.57%→11.06%

Annual report (as of 2026-03-31): 11.30%

Koutsushin Co., Ltd.

2025-09-29

6.19%→6.19%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-13

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

HOKURIKU GAS CO.,LTD.

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HOKURIKU GAS CO.,LTD.

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