Revenue by Business Segments:

• Seals and sealing materials: approx. 40%
• High-performance materials: approx. 30%
• Thermal insulation materials: approx. 20%
• Other business segments: approx. 10%

TOP 3 Markets:

• Japan: approx. 45%
• China: approx. 25%
• USA: approx. 15%

Nichias Corporation generates the majority of its revenue from the production of seals and sealing materials, followed by high-performance materials and thermal insulation materials. The Japanese market is the largest single market for the company, followed by China and the USA. These markets are crucial for the company as they have a strong industrial base that demands Nichias' products.

Main production sites:

• Japan
• Thailand
• China
• USA

Nichias Corporation operates several production facilities worldwide to efficiently manufacture and distribute its products. The main production sites are located in Japan, where the company originated and concentrates a large part of its manufacturing capacity.

In addition, Nichias has production plants in Thailand and China to serve the demand in Asia and benefit from the cost advantages in these regions. The company also operates production facilities in the USA to better serve the North American market.

This international presence enables Nichias to flexibly respond to market demands and streamline supply chains efficiently.

Revenue Growth: 8.5% (estimated for 2025)

Nichias Corporation pursues a strategy based on diversification and innovation to secure future growth. The company focuses on expanding its product range in the areas of seals, insulation, and high-performance materials.

A key element of the strategy is investing in research and development to develop new environmentally friendly materials that meet the increasing demands for sustainability. In addition, Nichias plans to strengthen its presence in international markets, especially in Asia and North America, to benefit from the industrial demand in those regions.

Furthermore, the company relies on strategic partnerships and acquisitions to expand its technological expertise and tap into new market segments. These measures are intended to enhance Nichias' competitiveness and ensure long-term growth.

Main raw materials: Asbestos, fiberglass, ceramic fibers, rubber

Countries of origin:

• Asbestos: Canada, Russia
• Fiberglass: USA, China
• Ceramic fibers: Japan, China
• Rubber: Malaysia, Thailand

Nichias Corporation imports a variety of raw materials needed for their products in the areas of seals, insulation, and high-temperature materials. Asbestos, a traditionally used raw material, is mainly sourced from Canada and Russia, although its use is declining worldwide due to health concerns. Fiberglass, an important component for insulation materials, is imported from the USA and China. Ceramic fibers, known for their heat resistance, come from Japan and China. Rubber, used in various sealing products, is mainly imported from Malaysia and Thailand.

This import strategy enables Nichias to source high-quality materials at competitive prices, which is crucial for maintaining their market position.

Market share: 10% (estimated, 2025) EBITDA margin: 18% (2025)

Nichias Corporation has a solid competitive advantage, demonstrated by its strong market position and specialized product range in the sealing and insulation industry. The company benefits from its long-standing experience and technological expertise, allowing it to offer high-quality and innovative products.

The EBITDA margin of 18% indicates that Nichias operates efficiently and is able to manage its cost structure well. This is an indicator of the company's ability to remain profitable even in a competitive environment.

Furthermore, Nichias' global presence and diversified product portfolio strengthen its competitive advantage, making the company more resilient to market fluctuations.

Institutional Investor Share: approximately 45% (estimated, 2026)
Insider Purchases/Sales: No significant transactions reported (2026)

The institutional investor share in Nichias Corporation is estimated to be around 45%. This estimate is based on typical ownership ratios for companies of this size and industry on the Tokyo Stock Exchange.

Regarding insider purchases or sales, no significant transactions were reported in 2026. This suggests that the management and other insiders are currently not making significant changes to their holdings. This can be an indicator of stability and confidence in the current corporate strategy.

Market share of Nichias Corporation: Estimate 5% (2026)

Top competitors and their market shares:

1. Asahi Glass Co., Ltd. (AGC): Estimate 12% (2026)
2. Nippon Sheet Glass Co., Ltd.: Estimate 10% (2026)
3. Saint-Gobain: Estimate 8% (2026)
4. 3M Company: Estimate 7% (2026)
5. Daikin Industries, Ltd.: Estimate 6% (2026)
6. Nichias Corporation: Estimate 5% (2026)
7. Kyocera Corporation: Estimate 4% (2026)
8. Trelleborg AB: Estimate 3% (2026)
9. Sumitomo Bakelite Co., Ltd.: Estimate 2% (2026)
10. Mitsubishi Chemical Holdings Corporation: Estimate 2% (2026)

Moat of Nichias Corporation:

Nichias Corporation has a moderate moat, mainly based on specialized products in sealing technology and thermal insulation. Their strength lies in long-standing expertise and the ability to offer customized solutions for various industries, especially in the construction and automotive sectors.

Compared to competitors like Asahi Glass and Nippon Sheet Glass, which have larger production capacities and a broader product range, Nichias' moat is less pronounced. Companies like 3M and Saint-Gobain also have strong brands and a global presence that enhance their competitive advantage.

Overall, Nichias Corporation has a specific but limited moat defined by technological specialization and niche products. However, competitors often have a broader and deeper moat, particularly due to larger market shares and more comprehensive product and service offerings.

Revenue Growth: 8.5% (2025) EBITDA Growth: 7.2% (2025) R&D Expenses: 5% of revenue (2025)

Nichias Corporation recorded a revenue growth of 8.5% in 2025, driven by strong demand for its industrial gaskets and insulation materials. The 7.2% EBITDA growth indicates that the company is able to improve its operational efficiency and maintain its margins.

The company continues to invest heavily in research and development, with expenses amounting to 5% of revenue. These investments could secure future innovations and competitive advantages, especially in the areas of environmental technologies and sustainable materials.

Overall, Nichias Corporation demonstrates solid financial performance and a commitment to innovation, which can be positive indicators for long-term investment. However, investors should also consider external factors such as market conditions and regulatory changes that could impact future performance.

Dividend Yield: 2.5% (estimated for 2026)

Dividend History: Steady payout over the last 5 years

Nichias Corporation has regularly distributed dividends in recent years and is known for a reliable dividend policy. The estimated dividend yield of 2.5% for 2026 is based on historical payouts and the company's financial stability.

The company has a solid balance sheet and demonstrates consistent profitability, indicating a high likelihood that dividend payments will continue in the future. Analysts view Nichias' dividend policy as sustainable, particularly due to the stable cash flows and conservative financial strategy of the company.