Brother (6448): Major shareholders 2026: ten names, trust rows, denominator

（６）【大株主の状況】, the state of major shareholders, is item (6) of １【株式等の状況】 in 第４【提出会社の状況】 of the annual securities report of Brother Industries Ltd. for its 134th fiscal year, April 2025 to March 2026, filed on EDINET on June 22, 2026. It occupies pages 64 and 65 of 212 and is dated 2026年３月31日現在, as at March 31, 2026. The table has four columns: 氏名又は名称, name; 住所, address; 所有株式数（千株）, shares held in thousands; and 発行済株式（自己株式を除く。）の総数に対する所有株式数の割合(％), the holding as a percentage of issued shares excluding treasury shares. It lists ten names and a 計 row that prints 95,402 thousand shares and 38.22％. Note 1 reads 株式数は、千株未満を切り捨てて表示しております。所有株式数の割合は、小数点以下第３位を四捨五入しております — share counts are truncated below a thousand, and the percentages are rounded at the third decimal place — so the printed 計 is the total this piece uses, and the rows are added by this desk only as a check, described below.

The column heading settles what the percentages are percentages of. The denominator is 発行済株式（自己株式を除く。）の総数, the total of issued shares excluding treasury shares, and note 3 under the table gives the treasury figure: 上記のほか、当社が自己株式として8,124千株を保有しておりますが、当該株式については、会社法第308条第２項の規定により議決権を有しておりません — apart from the above, the company holds 8,124 thousand shares as treasury shares, which carry no voting rights under Article 308, paragraph 2 of the Companies Act. The same note adds that this treasury figure does not include the company's shares held by the 役員報酬ＢＩＰ信託, the officers' remuneration BIP trust. The issued total at March 31, 2026 is 257,755,930 shares, printed in ②【発行済株式】 on page 53 and again in （７）【議決権の状況】 on page 66, where 完全議決権株式（自己株式等） is 8,124,900 shares, 完全議決権株式（その他） is 249,447,200 shares with 2,494,462 voting rights, and 単元未満株式 is 183,830 shares. Page 53 also prints a second issued total, 250,448,530 shares as at the filing date, June 22, 2026, and note 2 on page 63 explains it: 2026年６月１日付で自己株式を消却したことにより、発行済株式総数が7,307,400株減少しております, the cancellation of treasury shares on June 1, 2026 reduced the issued total by 7,307,400 shares.

The first two rows are the two names that carry （信託口）, trust account, in the name cell. 日本マスタートラスト信託銀行株式会社（信託口）, at 東京都港区赤坂一丁目８番１号 赤坂インターシティAIR, holds 35,144 thousand shares, 14.08％; 株式会社日本カストディ銀行（信託口）, at 東京都中央区晴海一丁目８番12号, holds 13,375 thousand shares, 5.36％. Note 2 under the table names these two together with four foreign names and says of all six: 所有株式は、すべて当該各社の信託業務に係る株式であります — the shares held are all shares relating to the trust business of each of those companies. Six of the ten rows, then, are marked by the report itself as trust-business holdings; the table does not say whose assets sit behind them, and this piece does not either.

The four foreign names in note 2 each print a 常任代理人, a standing proxy in Japan, in parentheses beneath the name: 株式会社みずほ銀行決済営業部, the settlement business department of Mizuho Bank, at 東京都港区港南二丁目15番１号 品川インターシティＡ棟, in every one of the four. STATE STREET BANK AND TRUST COMPANY 505001, at ONE CONGRESS STREET, SUITE １, BOSTON, MASSACHUSETTS, is the third row at 12,952 thousand shares, 5.19％. STATE STREET BANK AND TRUST COMPANY 505103, at the same Boston address, is the eighth row at 4,105 thousand shares, 1.64％. JP MORGAN CHASE BANK 385781, at 25 BANK STREET, CANARY WHARF, LONDON, E14 5JP, UNITED KINGDOM, is the ninth at 3,435 thousand shares, 1.38％. THE BANK OF NEW YORK MELLON 140044, at 240 GREENWICH STREET, NEW YORK, NY 10286, U.S.A., is the tenth at 3,318 thousand shares, 1.33％. The six-digit numbers are part of the printed name; the report treats 505001 and 505103 as two names.

The other four rows are a life insurer, a bank, an employee shareholding association and a second life insurer. 日本生命保険相互会社, at 東京都千代田区丸の内一丁目６番６号 日本生命証券管理部内, is the fourth row at 8,848 thousand shares, 3.54％, with 日本マスタートラスト信託銀行株式会社 printed as its standing proxy. 株式会社三井住友銀行, Sumitomo Mitsui Banking Corporation, at 東京都千代田区丸の内一丁目１番２号, is fifth at 4,973 thousand shares, 1.99％. ブラザーグループ従業員持株会, the Brother group employee shareholding association, is sixth at 4,750 thousand shares, 1.90％, and its address, 愛知県名古屋市瑞穂区苗代町15番１号, is the one the cover page prints as the company's head office. 住友生命保険相互会社, at 東京都中央区八重洲二丁目２番１号, is seventh at 4,499 thousand shares, 1.80％, with 株式会社日本カストディ銀行 as its standing proxy. Counted by this desk, six of the ten rows carry a 常任代理人 line: the four foreign names, 日本生命保険相互会社 and 住友生命保険相互会社.

The report for the 133rd fiscal year, April 2024 to March 2025, filed June 23, 2025, prints the same item on pages 67 and 68 of 207, dated 2025年３月31日現在, with the same four columns, ten names and a 計 row of 103,170 thousand shares and 40.26％. Its note 1 is the same truncation and rounding sentence. Its note 2 names five holders, not six, as trust-business holdings: the two （信託口） rows, STATE STREET BANK AND TRUST COMPANY 505001, STATE STREET BANK AND TRUST COMPANY 505103 and JP MORGAN CHASE BANK 385781. Its note 3 gives treasury shares as 1,482 thousand, against the 8,124 thousand a year later, with the same sentence on Article 308, paragraph 2 and the same exclusion of the BIP trust's shares.

Nine names appear in both tables. Set row against row, 日本マスタートラスト信託銀行株式会社（信託口） goes from 40,138 thousand shares to 35,144 thousand; 株式会社日本カストディ銀行（信託口） from 15,048 thousand to 13,375 thousand; STATE STREET BANK AND TRUST COMPANY 505001 from 12,060 thousand to 12,952 thousand; 日本生命保険相互会社 prints 8,848 thousand in both years; 株式会社三井住友銀行 from 5,398 thousand to 4,973 thousand; ブラザーグループ従業員持株会 from 4,695 thousand to 4,750 thousand; 住友生命保険相互会社 prints 4,499 thousand in both years; STATE STREET BANK AND TRUST COMPANY 505103 from 4,111 thousand to 4,105 thousand; and JP MORGAN CHASE BANK 385781 from 3,306 thousand to 3,435 thousand. Counted by this desk over the nine, the printed share count is higher in the 2026 table in three rows, lower in four and the same in two.

The tenth name differs. In the 2025 table the sixth row is JPモルガン証券株式会社, at 東京都千代田区丸の内二丁目７番３号 東京ビルディング, with 5,063 thousand shares and 1.98％, and no standing proxy and no mention in note 2; it is not among the ten names printed in the 2026 table. In the 2026 table the tenth row is THE BANK OF NEW YORK MELLON 140044, with 3,318 thousand shares and 1.33％, a name that is not among the ten printed in the 2025 table, and the sixth name added to note 2. The item prints the ten largest registered holders at each date; beyond its row and, for THE BANK OF NEW YORK MELLON 140044, its place in note 2, it prints nothing about either name, and this piece adds nothing. The order of the nine names common to both tables is otherwise unchanged.

The percentage column moves in a different pattern from the share column. 日本生命保険相互会社's 8,848 thousand shares are printed against 3.45％ in 2025 and 3.54％ in 2026; 住友生命保険相互会社's 4,499 thousand shares against 1.76％ and 1.80％. The column's own heading makes the denominator issued shares less treasury shares, and note 3 of each table gives treasury shares as 1,482 thousand at March 31, 2025 and 8,124 thousand at March 31, 2026, while the issued total printed in （７）【議決権の状況】 is 257,755,930 shares at both dates. Counted by this desk over the nine common names, the printed percentage is higher in 2026 in six rows and lower in three: the three lower are 日本マスタートラスト信託銀行株式会社（信託口）, 15.66％ to 14.08％; 株式会社日本カストディ銀行（信託口）, 5.87％ to 5.36％; and 株式会社三井住友銀行, 2.11％ to 1.99％. The 計 row goes from 40.26％ to 38.22％.

Where the treasury shares came from is in ２【自己株式の取得等の状況】 on page 68 of the 2026 report. （２）【取締役会決議による取得の状況】 prints against 取締役会（2025年５月９日）での決議状況 11,000,000 shares and 20,000,000,000 yen (US$122.1 million) over an acquisition period of 2025年５月12日 to 2026年４月30日; 当事業年度における取得自己株式, shares acquired during the fiscal year, of 6,667,000 shares for 18,063,827,419 yen (US$110.3 million); a remaining balance of 4,333,000 shares and 1,936,172,581 yen (US$11.8 million); and 未行使割合 at the fiscal year-end of 39.39％ by shares and 9.68％ by value. The same table prints 640,400 shares for 1,935,779,450 yen (US$11.8 million) as 当期間における取得自己株式, acquisitions in the period after the year-end, and an unexercised share at the filing date of 33.57％ by shares and 0.00％ by value. A second block prints a resolution of 2026年５月８日 at 10,000,000 shares and 20,000,000,000 yen (US$122.1 million) over 2026年５月11日 to 2027年４月30日, with 514,200 shares for 1,817,354,000 yen (US$11.1 million) acquired in the period after the year-end. （３） adds 763 shares for 1,986,011 yen (US$12,125) bought during the year on 単元未満株式の買取請求, requests to purchase shares of less than one unit; its note 2 says the BIP trust's purchases are not included.

（４）【取得自己株式の処理状況及び保有状況】 on page 69 prints 保有自己株式数, treasury shares held, of 8,124,966 at the fiscal year-end and 1,912,949 for 当期間, and in the row 消却の処分を行った取得自己株式 prints 7,307,400 shares against 19,417,515,576 yen (US$118.5 million) in the 処分価額の総額 column for the period after the year-end; among the disposal rows in the 当事業年度 columns the one that prints a figure is （新株予約権の権利行使）, the exercise of share acquisition rights, at 24,900 shares. Note 3 says the BIP trust's shares are in neither the processed nor the held figures. The treasury figure also appears in ②【自己株式等】 on page 66, where (自己保有株式) ブラザー工業㈱ prints 8,124,900 shares under 自己名義所有株式数 and 3.15％ of the issued total, against 1,482,100 shares and 0.58％ on page 69 of the 2025 report; note 1 there reads 上記のほか、株主名簿上は当社名義ですが、実質的に所有していない株式が1,000株あります, 1,000 shares stand in the company's name on the register but are not substantively owned. Note 1 to （５）【所有者別状況】 on page 63 prints the same point as two figures, 8,125,966 shares by the register and 8,124,966 substantively held, which this desk reads as 1,000 shares apart.

The 役員報酬ＢＩＰ信託 that the notes keep separating from treasury shares is described in the consolidated notes on page 168 under ２.役員報酬ＢＩＰ信託を用いた業績連動型株式報酬制度: 当社グループは中長期的な企業価値向上に資するため、取締役等（社外取締役等を除く。）に対する役員報酬ＢＩＰ(Board Incentive Plan)信託を用いた株式報酬制度 … を導入しております, a share remuneration scheme for directors and others, excluding outside directors, in which the company contributes trust money, the company's shares are acquired through the trust, and shares are delivered as remuneration according to position and the achievement of the medium-term strategy's targets. Page 154, in the consolidated note on treasury shares, prints the trust's holding at the consolidated year-end as 374,638 shares, with an increase of 152,400 shares during the year by additional contribution of trust money and purchase of shares resolved by the board on 2025年８月６日, and a decrease of 28,227 shares by delivery to directors and others. In the shareholder tables the trust's shares sit on the other side of the line from treasury: note 3 to （７）①【発行済株式】 on page 66 counts 374,600 of them, with 3,746 voting rights, inside 完全議決権株式（その他）, and note 3 to （５）【所有者別状況】 on page 63 places 3,746 units and 38 shares in the 金融機関 column and the 単元未満株式の状況 column. The 2025 report prints 250,400 shares and 2,504 voting rights on page 69, and 2,504 units and 65 shares on page 66.

（５）【所有者別状況】, ownership by category, on page 63 counts holders and units, 単元 of 100 shares, rather than names. At March 31, 2026 it prints 15,255 holders. 金融機関, financial institutions, 59 holders with 810,638 units, 31.47％ of units; 金融商品取引業者, financial instruments business operators, 38 holders with 147,216 units, 5.72％; その他の法人, other corporations, 253 holders with 229,402 units, 8.91％; 外国法人等 個人以外, foreign entities other than individuals, 501 holders with 903,362 units, 35.07％; 外国法人等 個人, foreign individuals, 24 holders with 197 units, 0.01％; 個人その他, individuals and others, 14,380 holders with 484,906 units, 18.83％; 単元未満株式の状況 of 183,830 shares. Note 1 places the treasury shares in 個人その他, 81,259 units and 66 shares; note 2 places 29 units and 50 shares in the name of 証券保管振替機構 in その他の法人 and the fractional column.

The 2025 table on page 66 of the earlier report prints 13,064 holders; 金融機関 57 holders with 880,314 units, 34.17％; 金融商品取引業者 36 holders with 153,352 units, 5.95％; その他の法人 230 holders with 225,105 units, 8.74％; 外国法人等 個人以外 509 holders with 903,276 units, 35.07％; 外国法人等 個人 15 holders with 144 units, 0.01％; 個人その他 12,217 holders with 413,798 units, 16.06％; and 157,030 fractional shares, with the treasury shares in 個人その他 at 14,831 units and 3 shares. Of the six category percentages, four are printed differently in the two years and two the same: 外国法人等 個人以外 at 35.07％ and 外国法人等 個人 at 0.01％ in both. The notes place the treasury units in 個人その他 and the BIP trust's units in 金融機関 in both years; the report prints the figures and the notes and does not say which movements are which, and neither does this piece.

Notes 4 and 5, on page 65, print two large shareholding reports whose holders are not in the table. Note 4: a 大量保有報告書 made public on 2025年５月20日 in which ブラックロック・ジャパン株式会社 and seven joint holders report 13,052,231 shares and a 株券等保有割合 of 5.06％, across eight rows from ブラックロック・ジャパン株式会社 at 5,290,100 shares to ブラックロック・インベストメント・マネジメント（ユーケー）リミテッド at 311,734. Note 5: a report made public on 2026年３月30日, which the note's second sentence calls a 変更報告書, in which 株式会社三菱ＵＦＪ銀行, MUFG Bank, and five joint holders report 13,442,886 shares and 5.22％, across six rows, the first 株式会社三菱ＵＦＪ銀行 at 3,374,224 shares and the largest 三菱ＵＦＪ信託銀行株式会社 at 5,975,355. Each note gives the same reason for leaving the holders out: 当社として2026年３月31日現在における実質所有株式数の確認ができておりませんので、上記大株主の状況には含めておりません — the company has not been able to confirm the number of shares substantively held at March 31, 2026, so they are not included in the table above. The 株券等保有割合 column is the ratio those reports print on their own basis, not the table's percentage of issued shares less treasury.

The 2025 report carries the same two groups the other way round, on page 68: note 4, a 変更報告書 of 2024年７月29日 for 株式会社三菱ＵＦＪ銀行 and two joint holders at 15,159,279 shares and 5.88％ across three rows; note 5, a 変更報告書 of 2025年３月６日 for ブラックロック・ジャパン株式会社 and five joint holders at 12,105,406 shares and 4.70％ across six rows, with the same sentence about confirmation as at March 31, 2025. What the item answers, then, is who is on the register in the ten largest lines at a fixed date, which of those lines the company marks as trust business, what the percentages are divided by, and which two large-holding filings sit outside the table; the reader who wants the holders behind the six trust-business rows, or the reason a name entered or left, has to go beyond this item, and this piece does not.