NIDEC shareholders, Oasis Management and founder-linked companies

analysisNIDEC's annual securities report for the year ended 31 March 2026 lists Shigenobu Nagamori as the largest shareholder of record at 31 March 2026, with 98,948 thousand shares, or 8.61% of issued shares excluding treasury shares. The Bank of Kyoto followed with 49,596 thousand shares (4.32%), then a custody account of a US bank (3.93%) and SN Kosan GK with 40,491 thousand shares (3.52%). The other six of the ten largest holders were four foreign custody or institutional accounts and two Japanese financial institutions with 1.74% to 2.66% each; the ten together held 34.17%. By owner category, foreign corporations other than individuals held 50.91% of the shares. Share counts are rounded down to thousands. Because NIDEC states that it could not confirm, as of the record date, holdings reported in large-shareholding reports such as Oasis Management's, the list follows the shareholder register. ¹

analysisA year earlier, NIDEC's annual securities report for the year ended 31 March 2025 listed as major shareholders at 31 March 2025 the trust accounts of two Japanese trust banks, with 13.62% and 5.26% of issued shares excluding treasury shares, followed by Nagamori with 98,948 thousand shares (8.61%), The Bank of Kyoto with 49,596 thousand shares (4.32%) and SN Kosan GK with 40,491 thousand shares (3.52%). The ten largest holders together held 45.94%. These, too, are holders of record as listed in the shareholder register. ²

analysisOasis Management Company Ltd., a Cayman Islands corporation, has reported its NIDEC holding in large-shareholding filings. NIDEC's annual report for the year ended 31 March 2026 notes an Oasis report, made available for public inspection on 11 March 2026, stating that Oasis held 80,322,406 NIDEC shares (6.74%) as of 4 March 2026; according to a press report, this was the report in which Oasis's holding first exceeded 5%. NIDEC states that it could not confirm this holding as of the record date, so Oasis does not appear in its register-based list of major shareholders. A change report (No. 2), filed with the Director-General of the Kanto Local Finance Bureau on 16 September 2026 and published on EDINET, states that as of 9 September 2026 Oasis held 95,067,750 NIDEC shares, or 7.97%, up from 6.78% in its previous report. It lists purchases on and off the market from 24 July to 9 September 2026 and gives the acquisition funds as ¥216,543,925 thousand (about ¥216.5 billion) of fund money. ^{1 2 3}

analysisIn the same change report Oasis states that it holds the shares solely to profit from changes in share value or from dividends. To protect and enhance NIDEC's corporate and shareholder value, it says, it has made proposals to NIDEC on matters in the statutory categories of electing specific persons as officers, material changes in board composition, delisting of the shares, material changes in capital policy, and an acquisition of NIDEC shares by another party that would give it a majority of voting rights. Within 12 months it plans proposals in further categories, including disposal of important assets, appointment or removal of the representative director, business transfers and dividend policy. Depending on the share price being at a level it judges undervalued and on other conditions, it plans to increase its holding by more than 5 percentage points, in principle within three months. The filing names these categories but does not describe the content of the proposals. ³

analysisThe company-appointed Third-Party Committee addressed Nagamori's position as a shareholder in its report dated 27 February 2026. It states that Nagamori, who resigned as Chairman Emeritus and completely left NIDEC on 26 February 2026, still owned approximately 12% of NIDEC's shares directly and through his asset-management company, which the report does not name, and therefore still had strong influence; the possibility of his trying to influence NIDEC's operations could not be ruled out. This is an assessment, not a finding of wrongdoing, and the committee added that disposing of his shares or restricting his shareholder rights would be matters for Nagamori's own decision and beyond NIDEC's control. In interviews with the committee after becoming Chairman Emeritus, Nagamori repeatedly stated, 'I do not intend to rule from behind the scenes', and the committee said it believes it can trust this statement. At 31 March 2026 NIDEC's register listed him as the largest shareholder, with 98,948 thousand shares (8.61%) held in his own name. ^{1 2}

analysisSN Kosan GK and Minoreas Co., Ltd. share a registered address in Nakagyo-ku, Kyoto. The National Tax Agency's corporate-number register lists SN Kosan GK under corporate number 8130002016189, at the address given for SN Kosan in NIDEC's list of major shareholders, and records a change of trade name on 10 April 2019 from the former stock-company name SN Kosan Co., Ltd. The same register lists Minoreas Co., Ltd. under corporate number 2130001082824, designated on 21 August 2026, at the same address. ^{3 2 4}

analysisAccording to a Japanese weekly magazine report of 7 November 2025, SN Kosan GK is an asset-management company in which Shigenobu Nagamori serves as representative partner, one of the Nagamori family companies, and NIDEC's fifth-largest shareholder with 3.52%. The magazine said Nagamori was preparing to pass the family companies to a 'successor' and that whoever took over as SN Kosan's representative partner would gain considerable influence over NIDEC's management; a later report by the same magazine described SN Kosan as the Nagamori family's asset-management company. The magazine's account of SN Kosan's representative could not be checked against the commercial register, which was not retrieved, and business-data aggregator records name a different person as SN Kosan's representative. ^{5 6}

analysisAccording to a business-data aggregator citing the commercial register (extract obtained on 2 October 2026), Minoreas was incorporated on 31 July 2026 with share capital of ¥10 million, with Yoshihisa Kitao as representative director and Tomohiro Nagamori as a director. This is the aggregator's representation of the register; the extract itself was not retrieved. The representative director is matched to the former NIDEC executive of the same name on the basis of the name and a weekly magazine's statement that a former NIDEC executive became Minoreas's president, not an identifier. Holding a position in Minoreas says nothing about the NIDEC accounting or quality matters. ⁷

analysisA Japanese weekly magazine reported in October 2026 that Shigenobu Nagamori had set up Minoreas, incorporated on 31 July 2026 with its head office in the same building as SN Kosan, and that its registered purposes include management of subsidiaries and affiliates and work relating to mergers, acquisitions, business succession and corporate rehabilitation. Citing an unnamed person at a financial institution dealing with the Nagamori family, the magazine described Minoreas as a corporate-rehabilitation fund business that buys Kyoto small and medium-sized companies lacking successors, improves their profitability and aims to sell them, and said the family group had been renamed from 'SN Group' to 'Minoreas Group'. It said Nagamori's second son Tomohiro, who had also become a director, was involved in the launch, and that a former NIDEC executive had become Minoreas's president. The report does not state that Minoreas has any business dealings with NIDEC. Asked in writing by the magazine about the background of Minoreas's establishment, SN Kosan's office replied through an employee by telephone that it had been told to decline. ^{6 7}

analysisFerrotec's corporate website lists Tomohiro Nagamori as an outside director designated as an independent officer in its list of officers as of 26 June 2026. The link between this Ferrotec director and the Tomohiro Nagamori named as a Minoreas director and as the founder's son rests on the full name; an online encyclopedia states that the Ferrotec outside director, appointed in June 2025, is the son of NIDEC's founder Shigenobu Nagamori. ^{8 9}

analysisNIDEC's annual securities report for the year ended 31 March 2026 discloses consolidated sales of products and services to, and purchases from, five related parties, in millions of yen, for fiscal 2024 (restated) and fiscal 2025, the years ended 31 March 2025 and 2026: SN Kosan, the Nagamori Foundation (sales only), Nagamori Gakuen, the Nagamori Cultural Memorial Foundation and Green Kosan GK (purchases in fiscal 2024 only). The note links each to a major shareholder of NIDEC whom it does not name: SN Kosan as a company in which a major shareholder owns a majority of the voting rights, the foundations and the school corporation as bodies whose chair or representative director is a major shareholder, and Green Kosan as a company whose representative partner is a major shareholder. Terms were set by individual negotiation taking market prices into account; joint research costs paid to Nagamori Gakuen followed a joint research agreement, and the note does not say what part of the purchases from it they make up. The note uses SN Kosan's stock-company name, changed to SN Kosan GK in April 2019 according to the corporate-number register; the same report lists SN Kosan GK among NIDEC's major shareholders. ^{1 2}