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Overview

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FCE Inc.

FuelCell Energy is an American clean technology and manufacturing company specializing in large-scale, continuous, low-carbon distributed power generation using fuel cell technology. The company offers a comprehensive portfolio of solutions including power generation systems, combined heat and power (CHP) systems, microgrids, biogas energy systems, carbon capture, solid oxide electrolysis for hydrogen production, and distributed hydrogen systems. Its solutions serve utilities, industrial customers, data centers, campuses, and communities worldwide, with over 50 years of fuel cell innovation and 188 modules currently in operation globally.

Market Cap

¥12.5B

US$79.4M

¥7.91B

US$50.5M

Stock¥564▼-1.23%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

6.7

LTM EV/EBIT

7.3

LTM PER

15.3

LTM PBR

2.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-42.7%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Feb 12, 26Q3 earnings miss on revenue

2Feb 13, 26Guidance cut and dividend reduction

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

95%

EquityD/E 0.05xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 70.8%

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

Dukere Co., Ltd.

34.04%

Link and Motivation Inc.

20.49%

LAVA International Co., Ltd.

4.24%

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

3.28%

Haruhiko SATO

2.76%

Multimedia Network Co., Ltd.

1.51%

Nomura Trust and Banking Co., Ltd. (Investment Trust Account)

1.29%

NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)

1.16%

PKSHA Technology Inc.

1.13%

Yutaka KOBAYASHI

0.92%

Management

10 officers

Junetsu ISHIKAWA

Representative Director, President

Apr 1988 Iijima Kogyo Co., Ltd. (now Akatsuki Iijima Kogyo Co., Ltd.) Joined Jan 1997 Venture Link Co., Ltd. (now C&I Holdings Co., Ltd.) Joined Jun 2000 Same company, Executive Officer, General Manager, SV Department, Sales Promotion Headquarters Mar 2004 FC Education Co., Ltd. (now FCE Education Co., Ltd.) Director Jul 2008 Venture Link Co., Ltd. Senior Managing Executive Officer, General Manager, Education Business Headquarters, concurrently General Manager, Human Resources Development Headquarters and Business Development Headquarters Mar 2009 FC Education Co., Ltd. Representative Director, Chairman Mar 2011 C&I Holdings Co., Ltd. Vice President Director Apr 2017 The Company Representative Director, President (current)

1967-03-12

Yukihiro ONOUE

Director

Apr 2002 Venture Link Co., Ltd. Joined Oct 2011 FC Education Co., Ltd. Transferred Mar 2016 Same company, Director, General Manager, Cram School Business Division Oct 2018 FCE Education Co., Ltd. Representative Director, President Dec 2019 The Company Director (current) Jan 2024 Nihon Cosmotopia Co., Ltd. Representative Director, President (current) Jul 2024 The Company, General Manager, Education Business Headquarters (current) Oct 2025 The Company, General Manager, AI Solutions Business Headquarters (current)

1980-01-14

Junichiro NAGATA

Director

Apr 2002 Venture Link Co., Ltd. Joined Oct 2011 FC Education Co., Ltd. Transferred Oct 2015 AI inside Marketing Co., Ltd. Representative Director Dec 2019 The Company Director (current) Aug 2024 The Company, General Manager, Process & Technology Business Headquarters (current) Oct 2025 The Company, General Manager, Marketing Headquarters (current)

1978-07-03

Hirokazu KATO

Director

Dec 2008 Arata Audit Corporation (now PricewaterhouseCoopers Japan LLC) Joined Feb 2012 Long Black Partners Co., Ltd. Joined Jan 2015 Renesas Electronics Corporation Joined Jun 2020 The Company Joined Aug 2020 The Company Director (current) Dec 2020 The Company, General Manager, Finance & Accounting Department Apr 2023 The Company, General Manager, Finance & Accounting Department; General Manager, Management Promotion Department (now General Manager, Corporate Creation Department) (current) Jan 2024 The Company, General Manager, Corporate Headquarters (current)

1982-04-07

Masanori SHINBO

Director

Apr 1973 Sumitomo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Joined Jan 1992 Seconded to Sumitomo Bank New York Trust Company, President Sep 1997 Seconded to Sumitomo Finance Asia, President Sep 2006 Japan Research Institute Information Service Co., Ltd. Managing Director Apr 2007 Same company, Senior Managing Director Jul 2012 Elpower Co., Ltd. Director, Managing Executive Officer Sep 2018 The Company Director (current)

1949-11-18

Akira TSUDA

Director

Apr 1968 Nomura Securities Co., Ltd. Joined Dec 1987 Same company, Director Jun 1996 Same company, Representative Director, Senior Managing Director Apr 1999 Nihon Godo Finance Co., Ltd. (now Jafco Group Co., Ltd.) Representative Director, Vice President Director May 2002 Nomura Investor Relations Co., Ltd. Chairman Director Jun 2005 Japan Venture Capital Co., Ltd. Representative Director, President Jun 2005 Hitachi Capital Corporation (now Mitsubishi HC Capital Inc.) Outside Director Jun 2005 Hitachi Capital (UK) PLC Outside Director Aug 2009 Takara Printing Co., Ltd. (now TAKARA & COMPANY Ltd.) Director Jun 2015 Torishima Pump Mfg. Co., Ltd. Director (Audit and Supervisory Committee Member) Apr 2017 Caregiver Japan Co., Ltd. Outside Director (current) Apr 2018 Japan Compliance Promotion Association Chairman (current) Jun 2019 PASS Co., Ltd. Outside Director Dec 2019 Takara Printing Co., Ltd. Director, Executive Officer Dec 2019 The Company Director (current) Apr 2021 TradFit Co., Ltd. Outside Director (current) Jun 2021 The Hokkaido Bank? Kitanippon Bank, Ltd. Director (Audit and Supervisory Committee Member) (current)

1944-06-15

Sukeo SHIBANO

Director

Sep 2002 Completed Legal Training and Research Institute of the Supreme Court Oct 2002 Registered as Attorney-at-Law Oct 2002 Joined TMI Associates Sep 2010 Worked at Morgan, Lewis & Bockius LLP Jul 2011 Returned to TMI Associates Jan 2014 Partner Attorney-at-Law, TMI Associates (current) Mar 2021 The Company Director (current)

1975-10-16

Shinichi SUDO

Full-time Audit & Supervisory Board Member

Sep 2002 Culture Convenience Club Co., Ltd. Joined Jun 2006 Same company, Executive Officer Aug 2013 Premium Agency Co., Ltd. (now Flame Hearts Co., Ltd.) Director Jan 2016 J-Rex Corporation Co., Ltd. Director Oct 2016 First Pacific Capital Co., Ltd. Joined May 2019 The Company Full-time Audit & Supervisory Board Member (current)

1960-10-25

Takatatsu DOI

Audit & Supervisory Board Member

Oct 2003 Chuo Aoyama Audit Corporation Joined Jul 2006 Ernst & Young Financial Services Co., Ltd. Joined May 2007 Registered as Certified Public Accountant Oct 2007 Arata Audit Corporation (now PricewaterhouseCoopers Japan LLC) Joined Jul 2012 Takatatsu Doi Certified Public Accountant and Tax Accountant Office Established Oct 2015 T&T Consulting Co., Ltd. (now Alpha Consulting Co., Ltd.) Representative Director (current) Jan 2018 T&T Tax Accounting Corporation (now Alpha Tax Corporation) Representative Partner (current) Apr 2019 Exclusive Consulting Co., Ltd. Representative Director (current) Jul 2019 Alpha Holdings Co., Ltd. Representative Director, President (current) Dec 2025 The Company Audit & Supervisory Board Member (current)

1973-11-23

Shiori MORI

Audit & Supervisory Board Member

Jan 2015 Registered as Attorney-at-Law (Tokyo Bar Association) Jan 2015 Joined Baba Sawada Law Office Nov 2017 Joined K&L Gates Gaikokuho Joint Enterprise Law Office Oct 2018 Joined Integral Law Office (current) Mar 2024 Vision Inc. Outside Director (current) Aug 2024 LiME Inc. Outside Audit & Supervisory Board Member (current) Sep 2024 Usonar Inc. Outside Director (current) Mar 2025 Amiya Inc. Outside Audit & Supervisory Board Member (current) Aug 2025 Warrantly Technology Inc. Outside Audit & Supervisory Board Member (current) Dec 2025 The Company Audit & Supervisory Board Member (current)

1989-03-29

Large Shareholding Reports

Takahiko SUMI

2026-06-19

6.02%→7.36%

LAVA International

2026-06-19

6.64%→7.70%