Kioxia (285A): Policy shareholdings 2026: five issuers, book value, purpose

（５）【株式の保有状況】, the state of shareholdings, is item (5) of ４【コーポレート・ガバナンスの状況等】 in 第４【提出会社の状況】 of the annual securities report of Kioxia Holdings Corporation for its 8th fiscal year, April 2025 to March 2026, filed on EDINET on June 24, 2026. It occupies pages 96 to 98 of 185. The first thing the item tells a reader is whose shares it is counting. Part ② ｂ opens: 当社及び連結子会社のうち、投資株式の貸借対照表計上額が最も大きい会社であるキオクシア株式会社について以下のとおりです。なお、当社については、対象となる株式はありません — the figures that follow are for キオクシア株式会社, the company among the filer and its consolidated subsidiaries with the largest balance-sheet amount of investment shares, and for the filer itself there are no shares in scope. A note under the table, repeated under the tables of parts ② ｃ and ③, adds 日本基準に基づく金額を記載しております, that the amounts are on Japanese GAAP, while the consolidated statements that begin on page 102 are, as page 102 states, prepared under IFRS.

Part ①, 投資株式の区分の基準及び考え方, is one sentence: 当社グループは、専ら株式の価値の変動又は株式に係る配当によって利益を得ることを目的として保有する株式を「純投資目的である投資株式」として区分し、それ以外の目的で保有する株式を「純投資目的以外の目的である投資株式」として区分しています — the group classifies shares held solely to profit from changes in their value or from the dividends on them as investment shares held for pure investment, and shares held for any other purpose as investment shares held for purposes other than pure investment. The 2025 report, for the 7th fiscal year, filed June 26, 2025, prints the same sentence on page 105; with spaces removed the two are identical, at 117 characters.

Part ② ａ, headed 保有方針及び保有の合理性を検証する方法並びに個別銘柄の保有の適否に関する取締役会等における検証の内容, is also one sentence: 保有先企業との間における事業上の提携又はそれに類する関係、信頼関係の構築・維持強化の必要性や事業上の取引状況等に基づき保有意義や経済合理性の検証を取締役会等において行い、その検証結果や、市場環境、経営・財務戦略等を踏まえ、必要と判断する場合に限り、保有することとしております — on the basis of any business alliance or similar relationship with the investee, the need to build, maintain and strengthen a relationship of trust, and the state of business dealings, the board of directors or a similar body verifies the significance and the economic rationality of holding, and in light of those results, market conditions and management and financial strategy, the company holds shares only where it judges them necessary. Page 105 of the 2025 report prints the same 138 characters. What the sentence names is the body that does the verifying, the grounds it uses and the condition on which shares are held.

Part ② ｂ, 銘柄数及び貸借対照表計上額, is a table of two rows on page 96. 非上場株式, unlisted shares: 6 銘柄 at a 貸借対照表計上額の合計額 of 3,086 million yen (US$18.8 million). 非上場株式以外の株式, shares other than unlisted: 5 銘柄 at 155,282 million yen (US$948.0 million). Two smaller tables follow. The one for issuers whose share count increased during the year has four columns, 銘柄数, 株式数の増加に係る取得価額の合計額, and 株式数の増加の理由, and prints for 非上場株式 2 銘柄, 510 million yen (US$3.1 million) and the reason 事業上の関係維持・強化のため, to maintain and strengthen business relationships, with dashes in the row for listed shares. The one for issuers whose share count decreased has two value columns, 銘柄数 and 株式数の減少に係る売却価額の合計額, and prints dashes in both rows. Its note 1 reads 上記には、既存株式の保有区分変更による減少は含めておりません — a decrease that comes from changing the holding classification of existing shares is not included — and both small tables carry a note excluding changes from 株式の併合、株式の分割、株式移転、株式交換、合併等.

The 2025 report's part ② ｂ, on page 105, printed 5 unlisted issuers at 2,461 million yen (US$15.0 million) and 6 listed issuers at 51,085 million yen (US$311.9 million), and dashes in every cell of both small tables. Set the two years side by side and the listed line goes from 6 issuers and 51,085 million yen (US$311.9 million) to 5 and 155,282 million yen (US$948.0 million), and the unlisted line from 5 and 2,461 million yen (US$15.0 million) to 6 and 3,086 million yen (US$18.8 million). The increase table's 2 銘柄 counts issuers whose share count rose, which on the table's own heading can include an addition to an existing holding, so the 5, the 2 and the 6 are three printed values and this desk does not reconcile them.

Part ② ｃ, headed 特定投資株式及びみなし保有株式の銘柄ごとの株式数、貸借対照表計上額等に関する情報, carries one table, 特定投資株式, on page 97. Its columns are 銘柄, the issuer; 株式数（株） and 貸借対照表計上額（千円） for 当事業年度 and for 前事業年度; a column headed 保有目的、業務提携等の概要、定量的な保有効果及び株式数が増加した理由; and 当社の株式の保有の有無, whether the issuer holds the company's shares. The unit is 千円, thousand yen, where part ② ｂ is in 百万円, and a reader moving between the two has to shift three places. The table has five rows and the last column reads 無 in all five. Note 1 repeats that the amounts are on Japanese GAAP; note 2 reads 定量的な保有効果については、測定が困難であるため記載を省略しております, the quantitative effect of holding is omitted because it is difficult to measure, and refers the reader to part ② ａ for the method of verification. みなし保有株式, deemed holdings, reads 該当事項はありません.

The first row is Phison Electronics Corp., at 19,821,112 shares in both columns and a carrying amount of 148,361,023 thousand yen (US$905.7 million) for 当事業年度 against 47,020,831 thousand yen (US$287.1 million) for 前事業年度. Its purpose cell reads: フラッシュメモリ、メモリカード製品、同社製品等の取引を行っており、事業上の関係を勘案し、同社との良好な関係の維持、強化を図るため、継続して保有しています — the company transacts in flash memory, memory card products, the issuer's products and so on, and taking the business relationship into account continues to hold the shares in order to maintain and strengthen its good relationship with the issuer. In this row, as in the other four, the share count printed for 当事業年度 is the one printed for 前事業年度; what differs between the two columns is the amount, which here is higher in the later column.

The next three rows share the same closing clause, 事業上の関係を勘案し、同社との良好な関係の維持、強化を図るため、継続して保有しています, and differ in the opening clause that names the dealing. Powertech Technology Inc., at 4,294,149 shares and 4,006,999 thousand yen (US$24.5 million) against 2,362,727 thousand yen (US$14.4 million), opens フラッシュメモリの組立、テスト委託等の取引を行っており, dealings such as the outsourced assembly and testing of flash memory. ㈱フィックスターズ, Fixstars Corporation, at 500,000 shares and 597,500 thousand yen (US$3.6 million) against 810,000 thousand yen (US$4.9 million), opens 製品開発に関連して取引を行っており, dealings related to product development. Solid State System Co., Ltd., at 3,375,480 shares and 273,718 thousand yen (US$1.7 million) against 383,623 thousand yen (US$2.3 million), opens フラッシュメモリ関連製品用に同社製品の取引を行っており, dealings in the issuer's products for use in flash-memory-related products. With spaces removed, each of these three cells and the Phison cell is identical to the cell printed for the same issuer in the 2025 report.

The fifth row is Sandisk Corporation, at 20,101 shares in both columns and 2,041,823 thousand yen (US$12.5 million) against 143,092 thousand yen (US$0.87 million). Its cell reads: フラッシュメモリの開発及び製造に関する提携を行っており、事業上の関係を勘案し、同社との良好な関係の維持、強化を図るため、保有しています — the company has an alliance on the development and manufacture of flash memory and, taking the business relationship into account, holds the shares to maintain and strengthen its good relationship with the issuer. The verb is 保有しています, holds, where the other four cells read 継続して保有しています, continues to hold. In the 2025 report, on page 106, the same row's cell opened with one more sentence, 2025年２月のWestern Digitalグループのフラッシュメモリ事業分社に伴う現物配当により株式を取得しました — the shares were acquired through a dividend in kind on the February 2025 spin-off of the Western Digital group's flash memory business — and its 前事業年度 cells were a hyphen. The 2026 cell drops that opening sentence and keeps the rest.

The 2025 table had six rows, and Western Digital Corporation was the fifth, between Solid State System Co., Ltd. and Sandisk Corporation, at 60,303 shares in both columns and 364,537 thousand yen (US$2.2 million) for 当事業年度 against 623,064 thousand yen (US$3.8 million) for 前事業年度, 無 in the last column, and a cell that reads: フラッシュメモリの開発及び製造に関する提携を行っていたため、事業上の関係を勘案し、同社との良好な関係の維持、強化を図るため、株式を取得し、その後も継続して保有しています。2025年２月のWestern Digitalグループのフラッシュメモリ事業分社に伴い、同社はHDD専業メーカーとなったため、本書提出日現在は同社との取引はありません（注３） — because of an alliance on the development and manufacture of flash memory the company acquired the shares to maintain and strengthen the good relationship, and has held them since; with the February 2025 spin-off of the Western Digital group's flash memory business the issuer became a manufacturer of HDDs only, and as of the filing date there are no transactions with it. Note 3 under that table reads 2025年５月29日開催の取締役会においてWestern Digital Corporation株式の保有目的を純投資目的に変更しました: at a board meeting held May 29, 2025 the holding purpose of the Western Digital Corporation shares was changed to pure investment.

That change is where the row went. Part ⑤ of the 2026 report, on page 98, headed 当事業年度の前４事業年度及び当事業年度に投資株式の保有目的を純投資目的以外の目的から純投資目的に変更したもの, prints two rows with the columns 銘柄, 株式数（株）, 貸借対照表計上額（百万円）, 変更した事業年度 and 変更の理由及び変更後の保有又は売却に関する方針. Western Digital Corporation: 60,303 shares, 2,608 million yen (US$15.9 million), 2026年３月期, and the reason 2025年２月のWestern Digitalグループのフラッシュメモリ事業分社に伴い、同社はHDD専業メーカーとなったため、戦略的な保有意義が薄れたと判断しました。このため、保有目的を純投資目的に変更し、今後適切な時期の売却を検討いたします — the issuer became an HDD-only manufacturer, the company judged that the strategic significance of holding had faded, changed the purpose to pure investment and will consider a sale at an appropriate time. CapsoVision, Inc.: 3,446,925 shares, 4,017 million yen (US$24.5 million), 2025年３月期, and the reason 当社製品の医療分野への販路拡大を目的として関係構築を図るべく同社株式を保有しておりましたが、市場環境が当初想定から大幅に変化したことから、戦略的な保有意義が薄れたと判断しました。このため、保有目的を純投資目的に変更し、今後適切な時期の売却を検討いたします — the shares were held to build a relationship for expanding sales of the company's products into the medical field, the market environment changed greatly from the initial assumption, and the same change of purpose follows. The 2025 report's part ⑤, on page 107, printed CapsoVision, Inc. alone, at 11,478,261 shares and 104 million yen (US$0.63 million); the two reports print different share counts and amounts for that row, and this piece records both without explaining them. Part ④, changes in the other direction, reads 該当事項はありません in both years.

Part ③, 保有目的が純投資目的である投資株式, opens with the same sentence about キオクシア株式会社 and prints, on pages 97 and 98, 非上場株式 at 2 銘柄 and 24 million yen (US$0.15 million) for 当事業年度 against 3 and 126 million yen (US$0.77 million) for 前事業年度, and 非上場株式以外の株式 at 3 銘柄 and 7,172 million yen (US$43.8 million) against 1 and 542 million yen (US$3.3 million). The second table prints, for listed shares in the current year, 受取配当金の合計額 of 4 million yen (US$0.02 million), a dash for 売却損益の合計額, and 評価損益の合計額 of 6,691 million yen (US$40.8 million); the unlisted row reads dash, dash and （注２）, and note 2 says that because unlisted shares have no market price the valuation gain or loss is not stated. The 2025 report's part ③, on page 107, printed 3 unlisted issuers at 126 million yen (US$0.77 million) against 2 and 22 million yen (US$0.13 million), 1 listed issuer at 542 million yen (US$3.3 million) against 1 and 347 million yen (US$2.1 million), dashes for dividends and sales, and a valuation gain of 380 million yen (US$2.3 million).

Two additions are this desk's checks and not figures. The five 当事業年度 cells on page 97 add to 155,281,063 thousand yen (US$948.0 million), which is 937 thousand yen (US$5.72 thousand) below the 155,282 million yen (US$948.0 million) printed in part ② ｂ; the table is in thousands and the total in millions, and the comparison of printed values at two unit scales is a check, not a finding about either total. The six 当事業年度 cells of the 2025 table add to 51,084,810 thousand yen (US$311.9 million), against the 51,085 million yen (US$311.9 million) printed in the 2025 part ② ｂ. And the five 前事業年度 cells of the 2026 table are, issuer for issuer, the 当事業年度 cells of the 2025 table for those five issuers; the remaining 2025 cell, Western Digital Corporation's 364,537 thousand yen (US$2.2 million), has no row in the 2026 table and the issuer appears in part ⑤ instead.

The consolidated notes carry the same names on a different basis. Page 111 states the accounting policy: shares held mainly to maintain or strengthen the trading relationship with the investee are designated, irrevocably at initial recognition, as その他の包括利益を通じて公正価値で測定する金融資産, financial assets measured at fair value through other comprehensive income. Note 9 on page 119 prints 資本性金融商品 of 174,964 million yen (US$1,068.2 million) at March 31, 2026 against 57,003 million yen (US$348.0 million) a year earlier. Note (8) on page 158 lists them by name: PHISON ELECTRONICS CORP. 148,368 million yen (US$905.8 million) against 47,023 million yen (US$287.1 million), Powertech Technology Inc. 7,418 million yen (US$45.3 million) against 4,374 million yen (US$26.7 million), その他 19,178 million yen (US$117.1 million) against 5,606 million yen (US$34.2 million), and the same totals. The fair-value hierarchy on page 157 puts 165,972 million yen (US$1,013.3 million) of the equity instruments in レベル１ and 8,992 million yen (US$54.9 million) in レベル３ at March 31, 2026, against 53,747 million yen (US$328.1 million) and 3,256 million yen (US$19.9 million); the level-3 roll-forward on page 158 prints 購入, purchases, of 510 million yen (US$3.1 million) for the year, the same number as the unlisted acquisitions in part ② ｂ, though level 3 holds both equity and debt instruments and the piece says only that the same number appears. These are group figures under IFRS and the tables in part (5) are one subsidiary's under Japanese GAAP; for Phison the two print 148,368 million yen (US$905.8 million) and 148,361,023 thousand yen (US$905.7 million), for Powertech 7,418 million yen (US$45.3 million) and 4,006,999 thousand yen (US$24.5 million), and the piece does not reconcile them.

What those holdings did to the group's other comprehensive income is on page 147. その他の包括利益を通じて公正価値で測定する金融資産の純変動 prints a 当期発生額 of 117,422 million yen (US$716.9 million), a tax effect of △37,113 million yen (−US$226.6 million) and 80,309 million yen (US$490.3 million) after tax for the year to March 2026, against △23,618 million yen (−US$144.2 million), 6,639 million yen (US$40.5 million) and △16,979 million yen (−US$103.7 million) the year before; the same after-tax lines appear on the statement of comprehensive income on page 106. The deferred tax liability on page 124 in the row その他の包括利益を通じて公正価値で測定される資本性金融商品 moves from 9,238 million yen (US$56.4 million) to 46,332 million yen (US$282.9 million). Dividends recognised on equity instruments held at the year-end are 2,753 million yen (US$16.8 million) on page 159 against 2,458 million yen (US$15.0 million), the figure that also appears under 受取配当金 in note 25 on page 146. And the sensitivity on page 156, the effect on pre-tax other comprehensive income of a 10 percent fall in the market price of listed shares held at the year-end, prints △16,597 million yen (−US$101.3 million) against △5,375 million yen (−US$32.8 million).

The report's own account of the Sandisk and Western Digital names is in two other places. Note 1 to the history on page 6 reads that the company began collaborating with SanDisk Corporation in 2000, that the latter became SanDisk Limited Liability Company after its integration into the Western Digital group, that in February 2025 the Western Digital group's flash memory business was spun off and listed on Nasdaq as Sandisk Corporation, and that the assets and contracts of the flash memory business, including the contracts with the company and the interests in the manufacturing joint ventures, passed to the Sandisk group. Note 31 on page 162 lists three 共同支配事業, joint operations, フラッシュパートナーズ㈲, フラッシュアライアンス㈲ and フラッシュフォワード合同会社, each at 50.1 percent of voting rights, with a note that they were established together with Sandisk Corporation and that the two groups hold equal decision-making rights; the corresponding note in the 2025 report, on page 165, named 米国法人SanDisk Limited Liability Company. The 20,101 shares on page 97 are a separate line from those joint-venture interests, which sit in note 31 and not in part (5).

For a reader who needs one of these numbers, the report prints it in a fixed place. The sentence naming キオクシア株式会社 as the company reported on, and the count of issuers and total carrying amount for listed and unlisted holdings, are in part ② ｂ on page 96: 5 and 155,282 million yen (US$948.0 million), 6 and 3,086 million yen (US$18.8 million), on Japanese GAAP. The share count, the two carrying amounts in thousand yen, the purpose cell and the 無 for each listed issuer are in the table on page 97. The pure-investment counts, amounts, dividends and valuation gain are in part ③ on pages 97 and 98, and the two holdings moved out of the policy category, with the year of the change and the printed reason, are in part ⑤ on page 98. The group's IFRS figures for the same names are in note (8) on page 158, with the hierarchy on page 157, the other comprehensive income on page 147 and the deferred tax on page 124. The 2025 report prints the item on pages 105 to 107 and its note (8) on page 162.