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Overview

Information & Communication

INES Corporation

INES Corporation is a comprehensive IT services company providing end-to-end solutions encompassing information processing, communications services, software development, and system integration. The company serves both public sector (local governments) and private sector clients, offering services spanning from planning and development of information systems and networks through to post-launch operation, maintenance, and managed services including cloud-based outsourcing. INES benefits from a strategic business and capital alliance with Mitsubishi Research Institute, Inc., enabling joint development of solutions and co-bidding activities across public and private domains.

Activists: Asset Value Investors Limited 10.07%, Effissimo Capital Management Pte. Ltd. 15.76%

Market Cap

¥49.6B

US$316M

¥29.9B

US$191M

Stock¥2,383▼-1.73%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

13.0

LTM EV/EBIT

195.7

LTM PER

LTM PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-3.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 29, 25FY2026 operating profit forecast cut from 4.1B to 1.5B yen

2Nov 19, 25Effissimo Capital Management Pte. Ltd. changed stake (11.29%→12.35%)

3Dec 12, 25Asset Value Investors Limited filed large shareholding report

4Jan 23, 26Asset Value Investors Limited changed stake (5.02%→6.02%)

5Feb 20, 26Effissimo Capital Management Pte. Ltd. changed stake (12.35%→13.4%)

MC → EV Bridge

AI Briefing

INES: Tokyo-based IT services integrator spanning public-sector systems, software dev and cloud/BPO, allied with Mitsubishi Research Institute (19.5% holder) FY26/3 swung to an operating loss (¥-0.6B, -1.8% margin) on revenue ¥36.6B, down from ¥40.6B in FY25/3 — a clear profitability inflection Activist-flavored register (AVI Japan Opportunity Trust at 6.12%, Goldman Sachs at 9.15%) alongside depressed margins sets up a classic unlock-value watchlist name, though no tender offer or strategic process is in public data

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

91%

EquityD/E 0.10xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 60.1%

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

Mitsubishi Research Institute,Inc.

19.47%

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

9.15%

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

8.81%

AVI JAPAN OPPORTUNITY TRUST PLC (Standing Proxy: Mizuho Bank, Ltd.)

6.12%

INES Corporation Employee Stock Ownership Association

4.24%

BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

3.60%

Custody Bank of Japan, Ltd. (Trust Account)

2.66%

MUFG Bank, Ltd.

2.47%

LIM JAPAN EVENT MASTER FUND (Standing Proxy: Tachibana Securities Co., Ltd.)

1.85%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

1.68%

Management

10 officers

Shuji HATTORI

Representative Director, President

Apr 1988 Joined the Company Oct 2006 Nagoya Branch Manager Apr 2012 General Manager, Public Sales Division, Sales Coordination Headquarters Oct 2013 General Manager, First Operation Services Division, Operation Services Business Division Apr 2017 Division Head in charge of Business Strategy Headquarters Apr 2019 Deputy General Manager, Public Solutions Division, Executive Officer Apr 2021 Managing Executive Officer Jun 2023 Director, Managing Executive Officer Apr 2024 Representative Director, President (current)

1965-08-16

Kanako MURAKAMI

Director

Oct 2001 Joined Nozomi Sogo Law Offices Nov 2012 Member, Tokyo Metropolitan Sanitation and Environmental Hygiene Council Jun 2020 Outside Audit & Supervisory Board Member, Shinsei Trust & Banking Co., Ltd. (now SBI Shinsei Trust Bank Co., Ltd.) (current) Apr 2021 Partner, Nozomi Sogo Law Offices (current) Apr 2022 Councillor, Second Tokyo Bar Association Jun 2022 Director, the Company (current) Apr 2023 Standing Director, Japan Federation of Bar Associations Nov 2025 Outside Director (Audit and Supervisory Committee Member), Koshidaka Holdings Co., Ltd. (current)

1978-03-13

Nobuyuki SATO

Director

Apr 1992 Part-time Lecturer, Faculty of Law, Chuo University Apr 1995 Lecturer, Faculty of Economics, Kushiro Public University of Economics Apr 1997 Associate Professor, Faculty of Economics, Kushiro Public University of Economics Apr 2001 Professor, Faculty of Policy Studies, Shobi Gakuen University Apr 2006 Professor, Graduate School of Law, Chuo University (current) Jan 2011 Vice President, Chuo University (resigned Nov 2014) Jul 2020 Vice President, Chuo University (current) Apr 2021 Director, Center for Education Research and Development, Chuo University (current) Jun 2022 Director, the Company (current)

1962-08-06

Takashi MORISAKI

Director

Apr 1978 Joined The Mitsubishi Bank, Ltd. (now Mitsubishi UFJ Bank, Ltd.) Apr 2008 Managing Executive Officer, Mitsubishi UFJ Financial Group, Inc.; Managing Executive Officer, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now Mitsubishi UFJ Bank, Ltd.) May 2010 Managing Executive Officer, Head of Asia Division, the same bank May 2012 Senior Managing Executive Officer, Head of Markets Division, the same bank Jun 2012 Senior Managing Director, Head of Markets Division, the same bank Jul 2012 Managing Executive Officer, Head of Global Markets Business, Mitsubishi UFJ Financial Group, Inc. May 2014 Deputy President, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Oct 2016 Vice President Executive Officer, Mitsubishi Research Institute, Inc. Dec 2016 President and Representative Director, Mitsubishi Research Institute, Inc. Dec 2021 Chairman of the Board, Mitsubishi Research Institute, Inc. (current) Jun 2023 Director, the Company (current)

1955-01-01

Shigetomo OZAWA

Director

Apr 2004 Assistant, Human Sciences Research Center, Waseda University Apr 2005 Full-time Lecturer, Early Childhood Education Course, Yasuda Women's Junior College Apr 2006 Lecturer, Center for Higher Education Development, Oita University Oct 2007 Associate Professor, Center for Higher Education Development, Oita University Apr 2010 Associate Professor, Faculty of Human Sciences, Waseda University Apr 2021 Professor, Faculty of Human Sciences, Waseda University (current) Jun 2025 Director, the Company (current)

1975-04-19

Sachiko TSUTSUI

Director

Feb 1989 Marketing Manager, X/Open Company Limited Aug 1996 Principal Analyst/Consultant, Gartner Group Japan K.K. (now Gartner Japan) Feb 2001 Securities Analyst, ABN AMRO Securities Dec 2001 Vice President, Investment Banking Division, UFJ Capital Markets Securities Co., Ltd. (now Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.) Aug 2008 Division Head, Corporate Strategy Headquarters, Hitachi, Ltd. Jun 2023 Outside Director, Tachi-S Co., Ltd. (current) Jun 2025 Director, the Company (current)

1962-05-01

Satoshi NUMASAKI

Director

Nov 2010 Joined the Company Apr 2021 General Manager, Human Resources Department, Corporate Staff Headquarters Apr 2022 Deputy General Manager, Corporate Staff Headquarters Apr 2024 Executive Officer, General Manager, Corporate Staff Headquarters May 2026 Managing Executive Officer (current)

Koji TAKADA

Director (Audit and Supervisory Committee Member)

Apr 1990 Joined the Company Oct 2011 General Manager, Chubu Branch Apr 2015 Deputy General Manager, Branch Coordination Headquarters Apr 2017 Division Head in charge of Business Strategy Headquarters Apr 2020 Executive Officer, General Manager, Management Planning Headquarters; concurrently General Manager, Corporate Management Headquarters Apr 2021 Executive Officer, General Manager, Finance and Social Solutions Headquarters Apr 2023 Executive Officer, General Manager, Business Planning Headquarters Jun 2024 Director, Executive Officer Apr 2025 Director Jun 2025 Director (Audit and Supervisory Committee Member) (current)

1967-12-11

Katsutoshi HAYAFUNE

Director (Audit and Supervisory Committee Member)

Oct 1992 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Sep 2000 Joined The Tokyo-Mitsubishi Bank, Ltd. (now Mitsubishi UFJ Bank, Ltd.) Apr 2002 Joined Tohmatsu & Co., Financial Industry Group Jun 2007 Partner, Financial Advisory Services, Tohmatsu & Co. Jul 2012 Transferred to Deloitte Tohmatsu Financial Advisory Co., Ltd. (now Godo Kaisha Deloitte Tohmatsu) as Partner Oct 2019 Representative Member, ykr Accounting Advisory LLC (current) Jun 2023 Director (Audit and Supervisory Committee Member), the Company (current)

1971-05-21

Kentaro IWAO

Director (Audit and Supervisory Committee Member)

Sep 1987 Joined Aoyama Audit Corporation Jul 2000 Partner, Chuo Aoyama Audit Corporation Jul 2005 Representative Partner, Chuo Aoyama Audit Corporation Sep 2006 Representative Partner, Arata Audit Corporation (now PricewaterhouseCoopers Japan LLC) Jul 2022 Representative Partner, Seimei Audit Corporation Jun 2025 Director (Audit and Supervisory Committee Member) (current)

1962-05-13

Large Shareholding Reports

Asset Value Investors Limited

2026-10-13

9.05%→10.07%

Asset Value Investors Limited

2026-07-23

8.05%→9.05%

Effissimo Capital Management Pte. Ltd.

2026-06-17

14.74%→15.76%

Asset Value Investors Limited

2026-05-25

7.03%→8.05%

Effissimo Capital Management Pte. Ltd.

2026-04-23

13.72%→14.74%

Asset Value Investors Limited

2026-03-25

6.02%→7.03%

Effissimo Capital Management Pte. Ltd.

2026-03-03

13.40%→13.72%

Effissimo Capital Management Pte. Ltd.

2026-02-20

12.35%→13.40%

Asset Value Investors Limited

2026-01-23

5.02%→6.02%

Asset Value Investors Limited

2025-12-12

5.02%

Effissimo Capital Management Pte. Ltd.

2025-11-19

11.29%→12.35%

Effissimo Capital Management Pte. Ltd.

2025-08-15

10.27%→11.29%

Effissimo Capital Management Pte. Ltd.

2025-06-23

9.23%→10.27%

Effissimo Capital Management Pte. Ltd.

2024-12-19

8.13%→9.23%

Effissimo Capital Management Pte. Ltd.

2024-04-04

7.15%→8.13%

Effissimo Capital Management Pte. Ltd.

2023-12-06

6.35%→7.15%

Effissimo Capital Management Pte. Ltd.

2023-10-05

6.30%→6.35%

Effissimo Capital Management Pte. Ltd.

2023-08-21

6.30%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-13

Large Shareholding Report

INES Corporation

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