FUJI ELECTRIC HLDS-UNSP ADR Business Summary

Fuji Electric Co., Ltd. (FELTY) operates a diversified industrial technology business model centered on power electronics and energy efficiency, generating revenue through the design, manufacturing, and servicing of power semiconductors, industrial infrastructure, and power generation systems. The company’s operations are categorized into four primary segments: Energy, which provides substation equipment and geothermal power solutions; Industry, focusing on factory automation and IT solutions; Semiconductors, specializing in high-performance power devices like IGBTs for electric vehicles and renewable energy; and Food and Beverage Distribution, which maintains a dominant share of the global vending machine market. Fuji Electric competes directly with global industrial giants such as Mitsubishi Electric, Hitachi Energy, and ABB, as well as semiconductor specialists like Infineon. Within this landscape, the company distinguishes itself through its niche leadership in geothermal turbines and its specialized focus on power semiconductors that facilitate the global transition to decarbonized infrastructure, with recent growth driven by surging demand for data center power systems. The leadership team is currently headed by Chairman and CEO Michihiro Kitazawa, who has overseen the company’s strategic shift toward energy-environment businesses for over a decade, and President and COO Shiro Kondo, an experienced executive who previously led the company’s power electronics and corporate planning divisions. The executive suite includes Senior Managing Executive Officers Masatsugu Tomotaka, who manages the Energy and Industry businesses, and Toru Hosen, who directs the critical Semiconductors Business Group. Founded in 1923 as a joint venture between Furukawa Electric and Siemens AG, the company maintains strong ties to the Furukawa Group and is supported by a board that includes independent directors from major Japanese financial and academic institutions. Notable institutional investors include The Master Trust Bank of Japan and Custody Bank of Japan, ensuring a stable capital structure as the company executes its 'To be enthusiastic, ambitious and sensitive 2026' medium-term management plan focused on high-margin growth in green transformation technologies.