The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

The company's core purpose is to "make the world more sustainable by building trust in society through innovation". Guided by its 2030 Vision, Fujitsu aims to become a "technology company that realizes net positive outcomes through digital services". By accelerating its business model transformation, Fujitsu continues to leverage advanced technologies, such as artificial intelligence and quantum computing, to solve major societal and environmental challenges, ultimately contributing to a more sustainable and prosperous future.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

The company primarily operates three core business segments: the Yakiniku (grilled meat) business, featuring brands like "Amiyaki Tei" and "Yakiniku Suehirokan"; the Yakitori (grilled chicken) business, including "Ganso Yakitoriya Minoji"; and the Restaurant business, which offers steak and hamburgers through brands like "Kando no Niku to Kome".

To ensure freshness and cost-effectiveness, AMIYAKI TEI utilizes central kitchens in Aichi and Kanagawa prefectures to process and deliver fresh ingredients to its branches daily. Furthermore, the company has actively expanded its market presence and brand portfolio through strategic M&A, successfully acquiring companies such as Suehiro Restaurant System and New Look.

The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

According to the latest financial results for the fiscal year ending February 2026, YASKAWA achieved a consolidated revenue of 542.12 billion yen, representing a 0.8% year-on-year increase. This growth was driven by steadily converting new orders into sales. However, despite the increased value-added from higher sales, operating profit decreased by 5.7% year-on-year to 47.30 billion yen due to adverse foreign exchange impacts and rising overhead costs. Guided by its "technology-oriented" philosophy, YASKAWA continues to leverage its century-long expertise in motor control to provide innovative automation solutions that support and enhance the global manufacturing industry.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

In recent years, the company has aggressively pursued a "Food & Drug" strategy by introducing fresh foods to its stores, offering customers a convenient one-stop shopping experience. Additionally, it focuses on increasing the ratio of stores with dispensing pharmacies to serve as trusted community healthcare hubs.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

Since developing the world's first practical gastrocamera in 1950, the company has become a dominant force in the medical field, commanding approximately a 70% global market share in gastrointestinal endoscopes. Operating primarily through its Endoscopic Solutions and Therapeutic Solutions divisions, Olympus provides innovative medical devices centered on "Early Detection" and "Minimally Invasive Therapy". These technologies help improve patients' quality of life while reducing overall healthcare costs. With over 29,000 employees globally across 40 countries or regions, Olympus continues to leverage its advanced technologies to shape the future of healthcare.

The audio and written content provided in this podcast are for informational and general reference purposes only and are intended to introduce publicly available information and basic business conditions of major listed companies in Japan. They do not constitute investment advice, investment recommendations, investment solicitations, or a basis for any investment decision. Investing involves risks, and all investment decisions should be made at the listener’s own discretion and responsibility.

In recent years, the company has actively diversified beyond traditional maritime transport into a broad range of social infrastructure fields, including offshore businesses, comprehensive logistics, cruises, ferries, coastal RoRo ships, and real estate. The company celebrated its 140th anniversary in 2024.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

Nintendo primarily operates in the home entertainment field, focusing on the development, manufacture, and sales of dedicated video game platforms, such as the Nintendo Switch hardware and software, along with character merchandise and playing cards. Furthermore, the company actively expands its rich intellectual property (IP) into various areas, including visual content and mobile applications.

Driven by its core purpose of "putting smiles on the faces of everyone Nintendo touches," Nintendo is committed to creating and delivering unique and original entertainment experiences to consumers worldwide.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

A defining characteristic of ROHM is its Integrated Device Manufacturer (IDM) system. This vertically integrated production model encompasses everything from research and development to manufacturing and sales within the group, allowing the company to maintain strict traceability, ensure a stable supply, and achieve the highest levels of product quality.

Guided by its foundational corporate objective of "Quality First," ROHM is dedicated to contributing to the advancement of culture through the continuous supply of excellent products. Today, the company heavily focuses on the power and analog semiconductor fields. By providing innovative technologies that promote energy savings and miniaturization, ROHM aims to solve critical social challenges, particularly in the rapidly evolving automotive and industrial equipment markets.

On March 6, 2026, it was reported that Denso Corporation is considering a TOB (tender offer bid) for ROHM Co., Ltd..

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

The company's core services include "Money Forward ME," a personal financial management application that helps users visualize and manage their personal assets, and "Money Forward Cloud," a comprehensive back-office SaaS solution designed to streamline operations and improve productivity for corporate clients.

As of November 2025, Money Forward has 2,597 consolidated employees. The company continues to expand its business domains and enhance its service value through active M&A strategies, the integration of AI technologies, and the expansion of its global development bases in countries like Vietnam and India.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

The company's core operations include the development, manufacturing, and retail of “stretch blow molding machines” used to make PET and other plastic containers, along with molds, ancillary equipment, and parts, as well as providing after-sales services. As of September 30, 2025, the company has 2,177 consolidated employees.

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The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

Automotive Battery Business:

Primarily manufactures lead-acid batteries for automobiles and motorcycles. In addition to its solid foundation in the domestic Japanese market, the company performs strongly in aftermarket sales in ASEAN countries (such as Thailand and Vietnam) and in Europe. This segment serves as a stable cash-generating “anchor” for the company.

Industrial Battery and Power Supply Business:

Provides backup batteries and power supply systems for social infrastructure. With the expansion of data centers, the renewal of aging infrastructure, and increasing demand for grid integration of renewable energy sources (such as solar and wind power), this segment has significant growth potential.

Onboard Lithium-Ion Battery Business:

This is the company’s high-growth business for the future. GS Yuasa has established a deep strategic partnership with Honda and formed a joint venture dedicated to the research, development, and production of high-capacity, high-output lithium-ion batteries for hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).

Specialty Batteries and Other Businesses:

Leveraging its irreplaceable proprietary technologies, the company supplies specialized batteries for advanced fields such as aviation, aerospace (including the International Space Station and artificial satellites), as well as national defense, including deep-sea, aviation, and defense applications.

• Company Name: Mitsui Kinzoku Company, Limited (formerly Mitsui Mining & Smelting Co., Ltd.)
• Established: May 1, 1950
• Headquarters: Gate City Ohsaki West Tower, 1-11-1 Osaki, Shinagawa-ku, Tokyo, Japan
• Representative: Takeshi Nou, President and Representative Director
• Capital: 42,289 million yen
• Number of Employees: 12,097 (Consolidated), 2,473 (Non-consolidated)

[Core Businesses] As a comprehensive materials manufacturer with a strong foundation in non-ferrous metals, the company primarily operates in the following segments:

• Engineered Materials Business: Development and provision of high-value-added advanced materials, including ultra-thin copper foil for semiconductor package substrates, battery materials for hybrid vehicles, exhaust gas purification catalysts, functional powders for electronic materials, and ceramic products.
• Metals Business: Smelting of non-ferrous metals such as zinc, lead, copper, gold, and silver, alongside an advanced resource recycling business (recovering valuable metals) that leverages its extensive smelting network. (Note: The automotive parts business, primarily automotive door locks handled by Mitsui Kinzoku ACT, was completely sold off in November 2025 as part of portfolio optimization.)

[Corporate Purpose] "By combining an exploratory spirit and diverse technologies, we bring smiles to the Earth." Drawing on its long-cultivated "exploratory spirit" and "fusion of diverse technologies," the company aims to realize a sustainable society by developing materials with a low environmental impact and contributing to a circular economy.

The audio and written content of this podcast are intended to help listeners understand the general business conditions and publicly available information of major listed companies in Japan. They do not constitute investment advice, investment recommendations, or investment solicitations.

The company engages in the research, development, production, and sales of inorganic and organic chemicals, petrochemical products, synthetic resins, functional materials, and pharmaceuticals. Its business covers a wide range of areas from basic chemicals to high-performance materials. Its products are widely used in agriculture, pharmaceuticals, electronics, construction, and environmental industries.

The company emphasizes proprietary technological development and has maintained strong competitiveness in specific chemical sectors for many years.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

According to its latest financial results, Casio is currently in a recovery phase following structural reforms. In the fiscal year ending March 2026, supported by a rebound in the watch business, both revenue and profits have shown a clear recovery, with profitability demonstrating a V-shaped rebound. The financial structure is extremely solid, with ample equity capital and an almost net-cash position, providing strong downside protection. Growth is mainly driven by the premiumization of G-SHOCK and expansion in emerging markets, while the development of a second earnings pillar remains a work in progress.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

The cornerstone of Nittetsu Mining’s earnings is its non-metallic minerals business, centered on limestone. Limestone is indispensable to steel and cement production, ensuring steady, long-term demand. The company holds more than 40% of Japan’s steelmaking limestone market, supported by the Torigatayama Mine, the country’s largest limestone operation with a long mine life and stable profitability.

Growth is driven by the metallic minerals business, particularly copper. Global copper demand is expected to rise significantly due to electric vehicles, renewable energy, and power grid expansion. Nittetsu Mining operates the Atacama Mine in Chile and is developing the Arqueros Mine, scheduled to begin operations in fiscal 2026. Once operational, Arqueros is expected to increase copper-equivalent production to over 50,000 tons annually, nearly four times fiscal 2023 levels.

In addition, the company operates machinery and environmental, real estate, and renewable energy businesses that leverage mining expertise to diversify earnings. Supported by a strong balance sheet and disciplined capital management, Nittetsu Mining offers investors a combination of stability, growth, and long-term exposure to the global energy transition.

This podcast is for informational purposes only and does not constitute investment advice. Listeners should make investment decisions at their own discretion and risk.

The core of its business is instant noodles, with strong brand power both in Japan and overseas, led by Cup Noodles. The Group has also expanded into frozen and chilled foods, confectionery, and beverages, while strengthening overseas operations as its next growth driver.

In addition, under “EARTH FOOD CHALLENGE 2030,” the Group is promoting initiatives such as CO₂ reduction and the adoption of environmentally friendly packaging. By emphasizing food safety, health-conscious products, and human resource development, it aims for sustainable growth.

Below is the outlook for the second half and full fiscal year ending March 2026 (as of the second quarter):

• Second-half performance outlook: Traditionally, Nissin’s results have been stronger in the first half and weaker in the second half; however, for the current fiscal year, profitability is expected to remain solid in the second half. Specifically, performance is projected to progress steadily in the third quarter and recover significantly in the fourth quarter.
• Downward revision of full-year forecasts: Based on first-half results and the second-half outlook, full-year forecasts have been revised downward as follows:
• Revenue: ¥792.0 billion (down 2.2% from the initial forecast)
• Core operating profit of existing businesses: ¥68.5 billion (down 18.1% from the initial forecast)
• Net profit: ¥43.0 billion (down 18.9% from the initial forecast; improved from the previously expected 23.2% decline)

The group distinguishes itself through a global strategic alliance with Morgan Stanley and a robust business platform in Asia, anchored by partner banks such as Krungsri in Thailand and Bank Danamon in Indonesia.

Under its corporate purpose, "Committed to empowering a brighter future," MUFG is currently pursuing a profound transformation to become a digital-driven and agile organization. The group integrates business growth with the resolution of environmental and social issues, such as its commitment to achieving carbon neutrality, thereby striving to enhance corporate value sustainably.

While the company upholds the management philosophy of “Rigorousness and Transparency,” an internal audit revealed long-standing regulatory noncompliance, exposing a gap between corporate ideals and organizational culture.

At the same time, FANUC’s average annual salary of around ¥12.5 million is exceptional for the manufacturing sector, highlighting its strategic investment in top-tier talent to sustain cutting-edge technology.

The company has also strengthened employee-centric policies, including generous benefits, health management, and diversity initiatives.

The coexistence of its traditional “narrow path” philosophy and bold innovations such as digital twins encapsulates both the company’s strengths and its challenges.

Today, the Namura Shipbuilding Group operates across four core business segments: new shipbuilding, ship repair, steel structures and machinery, and supporting services. New shipbuilding remains the group’s central pillar, with a strong focus on high-value-added and environmentally friendly vessels, including advanced LPG and ammonia carriers designed to meet increasingly strict international regulations. Ship repair provides stable earnings through maintenance of commercial and government vessels, while steel structures and machinery extend the group’s engineering expertise into infrastructure and industrial markets.

The company’s strategic vision emphasizes sustainable growth through reinforcement of its core shipbuilding business, maximization of group synergies among its major subsidiaries, and a strong commitment to ESG principles. Initiatives such as smart factory development, green ship technologies, and structured human capital development underpin this strategy.

At the same time, Namura Shipbuilding faces a wide range of risks, including global economic volatility, intense international competition, environmental regulation pressures, foreign exchange fluctuations, long-term contract profitability, material procurement challenges, workforce succession, quality assurance, compliance, and crisis management. By proactively addressing these risks, the company aims to maintain resilience and long-term value creation in a rapidly changing global environment.

Shipbuilding is the core business, generating the vast majority of revenue. The company adopts a diversified “product mix” strategy, constructing product and chemical tankers, LPG carriers, car carriers, RORO ships, container vessels, ferries, and specialized ships such as patrol and training vessels. This breadth allows flexibility in responding to customer needs and market fluctuations. Supporting land-based, energy, and service businesses are operated through its consolidated subsidiary, Naikai Engineering.

Guided by a customer-first philosophy, Naikai Zosen prioritizes the development of environmentally compliant vessels, cost competitiveness, human resource development, and robust governance. These strategies drove a major financial turnaround, resulting in consolidated net income of ¥2.25 billion in the fiscal year ended March 31, 2024, and full compliance with Tokyo Stock Exchange Standard Market requirements.

The company actively manages key risks, including raw material price volatility, global competition, exchange rate exposure, talent succession, and geopolitical supply chain instability, aiming to ensure sustainable growth and long-term corporate value.

Itochu’s activities are guided by the long-standing philosophy of “Sampo Yoshi”—good for the seller, good for the buyer, and good for society. This principle shapes its approach to sustainability, infrastructure development, renewable energy, circular resource use, and consumer-focused innovation. By aligning profitability with social value, Itochu positions itself as a modern merchant company that addresses complex global needs while supporting a more sustainable and resilient economy.

1. Introduction: The Isuzu Philosophy

Established in 1937, Isuzu Motors is a global company built on the corporate philosophy of supporting "transportation" (「運ぶ」を支え) as a trusted partner to enrich lives around the world.

2. Core Business: Powering Global Logistics and Mobility

Isuzu's business is centered on producing vehicles and powertrains that are essential to global commerce and daily life.

• Commercial Vehicles (CVs): As a leader in trucks and buses, Isuzu manufactures the backbone of global logistics. Its key product lines include the heavy-duty Giga, medium-duty Forward, light-duty Elf, and the Erga series of city buses.

• Light Commercial Vehicles (LCVs): The company is renowned for its globally successful D-MAX, a one-ton pickup truck. Produced in Thailand, the D-MAX is sold in approximately 120 countries and is valued for its durability in both commercial and passenger applications.

• Powertrains & Engines: A core component of Isuzu's business is its world-class diesel engine technology, which powers its own vehicles and is supplied to other global partners.

This focused product portfolio serves as the foundation for Isuzu's expansive international network.

3. Global Footprint and Market Leadership

Isuzu operates an extensive sales and service network in over 150 countries. The company holds a strong market position and commands leading share in key regions, including ASEAN, North America, and Australia.

4. A Balanced View: Overcoming Challenges

Isuzu's current global standing is built on a foundation of proven resilience, having overcome significant historical difficulties, including navigating major operating losses and restructuring in the early 2000s. Today, the company actively manages ongoing business risks to ensure stability and growth. Key challenges include:

• Market Volatility: The business is exposed to foreign exchange fluctuations and economic slowdowns, particularly in emerging markets.

• Customer Dependency: A portion of Isuzu's sales relies on large corporate customers, whose own production and sales volumes can impact Isuzu's performance.

This disciplined approach to risk management enables Isuzu to confidently invest in its forward-looking strategy.

5. The Road Ahead: Driving the Future of "Transportation"

Isuzu is transforming into a "commercial mobility solutions company" to meet the needs of the next generation. The company is committed to developing new technologies to solve pressing social challenges, from carbon neutrality to logistics labor shortages. This is demonstrated by the development and launch of electric vehicles like the Elf EV and Erga EV, as well as a focused pursuit of autonomous driving solutions to create a safer and more efficient future.

Kao operates five core business segments: Hygiene & Living Care, Health & Beauty Care, Life Care, Cosmetics, and Chemicals. The company owns globally recognized brands such as Attack, Bioré, Merries, Curél, KANEBO, and MOLTON BROWN, several of which generate annual sales exceeding ¥100 billion. This diversified portfolio supports stable cash flows while enabling selective expansion in premium and high-growth categories.

Under its medium-term plan, K27, Kao is implementing the Global Sharp Top strategy, focusing resources on achieving leadership in specific high-value segments rather than competing broadly. Asia—particularly China and Indonesia—is positioned as the primary growth engine, while structural reforms aim to improve profitability in Europe and the Americas.

Kao’s long-term competitive advantage lies in its Essential Research philosophy, which has produced innovations such as Bio IOS sustainable surfactants, Fine Fiber Technology, and RNA Monitoring, opening pathways into personalized wellness and precision life care. Combined with its ESG-driven Kirei Lifestyle Plan, disciplined EVA® and ROIC management, and a multi-decade record of dividend growth, Kao represents a durable, long-term investment opportunity.

Aisin’s core automotive business spans powertrain, driving safety, and body systems, delivering products such as eAxles, hybrid transmissions, regenerative braking, automated parking, and power sliding doors that support vehicle electrification, accident reduction, and improved user experience. At the same time, the company applies its technologies beyond automobiles to create social value, including home fuel cell systems that promote decarbonization, on-demand shared mobility services that support aging communities, and real-time voice-to-text solutions that break communication barriers.

Looking ahead, Aisin’s strategy focuses on three key pillars: electrification, carbon neutrality, and software-driven digital transformation. By advancing electric drive technologies, pursuing ambitious carbon reduction goals across products and production, and leveraging digital tools and data-driven services, Aisin is shaping a sustainable future of mobility. Supported by a diverse, purpose-driven workforce and a strong global presence, Aisin continues to create value for society worldwide.

Kajima positions itself as a technology-oriented company (技術立社), focusing on advancing construction solutions, including the automated construction system A4CSEL and promoting "Kajima Smart Production".

The group has maintained robust financial performance, achieving consolidated revenue of ¥2,665.1 billion and net income attributable to owners of parent of ¥115.0 billion in the fiscal year ended March 2024 (FY2024). This solid foundation allowed the company to consistently maintain consolidated net income above ¥100 billion.

Kajima is committed to continuous growth, evidenced by its aggressive investment plan and successful capital management, reaching a Return on Equity (ROE) of 10.2% in FY2024. For the fiscal year ending March 2025 (FY2025), the company anticipates continued positive momentum, forecasting consolidated net income to reach ¥120 billion.

Canon’s Printing and Imaging groups are expanding in commercial presses, cloud services, mirrorless cameras, and fast-growing network camera markets. The Medical Group aims for profitability improvements and leadership in CT and next-generation Photon Counting CT. The Industrial Group is scaling semiconductor lithography capacity and commercializing nanoimprint lithography for advanced chips.

Canon continues heavy R&D investment (8%+ of revenue), leading in U.S. patents and developing technologies such as NIL, PCCT, advanced materials, AI-based design, and simulation platforms. Guided by its Kyosei philosophy, Canon is advancing ESG goals, including SBTi-certified net-zero CO2 by 2050. Strengthened governance, global risk management, and workforce development support its long-term transformation into a diversified industrial technology leader.

A key driver is the SPEEDIO line of compact machining centers, which has shifted from serving volatile smartphone production to powering the automotive industry’s EV transition. These machines manufacture critical components such as inverter housings and motor cases. Brother’s industrial footprint expanded further with its £1 billion acquisition of Domino Printing Sciences, whose coding and marking systems print expiration dates and lot numbers on countless packaged goods worldwide. Despite goodwill impairments driven by macroeconomic factors, Domino remains a stable, recurring-revenue business.

The pandemic brought sharp contrasts: sewing machine sales surged, while Brother’s karaoke operations collapsed, leading to a full business exit in 2025.

Brother’s medium-term plan, CS B2027, accelerates its shift toward industrial solutions. The company is expanding machinery capacity in China and India, pushing automation technologies, and even acquiring Germany’s Busche automotive sewing machine division to strengthen non-apparel industrial applications.

Though printing remains a cash cow, Brother’s future lies increasingly in factory-floor technologies, marking a bold reinvention of its century-old identity.

Advantest: The Invisible Gatekeeper Fueling the AI Boom—Dominance, Geopolitics, and the Cost of Chip Quality

Kawasaki Heavy Industries is far more than a motorcycle maker—it’s a vast conglomerate spanning railways, submarines, aerospace, and robotics. During the pandemic, while its aerospace division suffered heavy losses, the motorcycle business provided crucial stability. After major setbacks in its U.S. rail operations, the company is rebuilding and now betting big on a national-scale hydrogen energy supply chain. Its “hinotori” surgical robot is rapidly expanding, but recent scandals in submarine repair and marine engine divisions exposed deep-rooted compliance issues. Kawasaki now stands at a crossroads, repairing its past while betting boldly on its future.

Centering on its “Three Core Businesses: Mineral Resources, Smelting & Refining, and Materials,” SMM leverages the strengths of its vertically integrated RSM model to tackle technological challenges in battery materials and to solidify its position as a global leader in nickel for EV batteries.

On the financial side, the company maintains a sound and stable financial base, actively returns profits to shareholders, and adheres strictly to International Financial Reporting Standards (IFRS).

From a management perspective, SMM aims to realize its long-term vision for 2030, strengthen corporate governance, and remains firmly committed to sustainability initiatives, including the Sustainable Development Goals (SDGs) and the reduction of greenhouse gas (GHG) emissions.

In addition, SMM is actively acquiring and divesting overseas mining interests, achieving a record-high copper output at its Iyo (Toyo) Smelter & Refinery, and expanding its presence in the semiconductor materials sector through the acquisition of a silicon carbide (SiC) wafer development company.

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