Slide 1: Business Results for Three and Six Months ended September 30, 2025
Business Results for Three and Six Months ended September 30, 2025 October 29, 2025 Komatsu Ltd. Participants Takuya Imayoshi President and Representative Director CEO Takeshi Horikoshi Representative Director Senior Executive Officer CFO Kiyoshi Hishinuma Executive Officer GM, Business Coordination
Slide 2: Contents
Contents Ⅰ. Business Results for Three and Six Months ended September 30, 2025 <PP3-13> PP4-6 : Highlights, Segment Sales and Profits for the Second 3-Month Period of FY2025 PP7-8 : Highlights, Segment Sales and Profits for the First 6-Month Period of FY2025 PP9-10 : Construction, Mining & Utility E
Slide 3: Ⅰ. Business Results for Three and Six Months ended September 30, 2025
Ⅰ. Business Results for Three and Six Months ended September 30, 2025 3
Slide 4: Highlights for the Second 3-Month Period (Jul. - Sep. 2025) of FY2025
Highlights for the Second 3-Month Period (Jul. - Sep. 2025) of FY2025 ・Net sales decreased by 2.6% year on year to JPY982.1 billion. ・Operating income decreased by 6.7% to JPY136.7 billion. Operating income ratio was 13.9%, down 0.6 points. ・Net income attributable to Komatsu Ltd. decreased by 8.1%
Slide 5: Segment Sales and Profits for the Second 3-Month Period of FY2025
Segment Sales and Profits for the Second 3-Month Period (Jul. - Sep. 2025) of FY2025 ・Construction, Mining & Utility Equipment: Sales decreased by 4.1% year on year to JPY897.3 billion. Segment profit decreased by 11.8% to JPY119.7 billion. ・Retail Finance: Sales decreased by 2.5% year on year to JP
Slide 6: Equipment: Sales by Region for the Second 3-Month Period of FY2025
Construction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for the Second 3-Month Period (Jul. - Sep. 2025) of FY2025 ・Sales to outside customers decreased by 4.1% year on year to JPY895.0 billion. Excluding the impact of foreign exchange rates, sales decreased by 1.6% year on
Slide 7: Highlights for the First 6-Month Period (Apr. - Sep. 2025) of FY2025
Highlights for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 ・Net sales decreased by 3.9% year on year to JPY1,891.6 billion. ・Operating income decreased by 8.7% to JPY277.1 billion. Operating income ratio was 14.6%, down 0.8 points. ・Net income attributable to Komatsu Ltd. decreased by 12.9
Slide 8: Segment Sales and Profits for the First 6-Month Period of FY2025
Segment Sales and Profits for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 ・Construction, Mining & Utility Equipment: Sales decreased by 4.8% year on year to JPY1,742.2 billion. Segment profit decreased by 13.0% to JPY242.0 billion. ・Retail Finance: Sales decreased by 1.3% year on year to J
Slide 9: Equipment: Sales by Region for the First 6-Month Period of FY2025
Construction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 ・Sales to outside customers decreased by 4.8% year on year to JPY1,737.2 billion. ・Sales increased in Europe, Africa, and the Middle East, but decreased in Asia,
Slide 10: Equipment: Causes of Difference in Sales and Segment Profit, First 6 Months
Construction, Mining & Utility Equipment: Causes of Difference in Sales and Segment Profit for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 ・Sales decreased by JPY88.0 billion year on year due to the negative effects of foreign exchange rates and decreased volume of sales, which outweighed
Slide 11: Retail Finance: Assets, New Contracts and Revenues for the First 6-Month Period
Retail Finance: Assets, New Contracts and Revenues for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 ・Assets increased by JPY50.8 billion from the previous fiscal year-end, due to new investments exceeding recoveries. ・New contracts decreased by JPY31.4 billion year on year mainly due to for
Slide 12: Industrial Machinery & Others: Segment Sales and Profit for the First 6-Month Period
Industrial Machinery & Others: Segment Sales and Profit for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 ・Sales increased by 10.5% year on year to JPY106.9 billion. Segment profit increased to JPY16.6 billion, approximately 2.1 times year on year. ・Both sales and segment profit increased, m
Slide 13: Consolidated Balance Sheet and Free Cash Flows (FCF)
Consolidated Balance Sheet and Free Cash Flows (FCF) ・Total assets increased by JPY149.0 billion from the previous fiscal year-end, to JPY5,922.5 billion mainly due to an increase in inventories. Inventories increased by JPY172.7 billion from the previous fiscal year-end, to JPY1,579.4 billion. ・Kom
Slide 14: Ⅱ. Projection for FY2025 Business Results
Ⅱ. Projection for FY2025 Business Results 14
Slide 15: Outline of Projection for FY2025
Outline of Projection for FY2025 ・Net sales will decrease by 5.3% to JPY3,888.0 billion from FY2024 (Revised upward by JPY143.0 billion from the April 2025 projection). ・Operating income will decrease by 23.9% to JPY500.0 billion. Operating income ratio will amount to 12.9%, down 3.1 points (Revised
Slide 16: Latest Estimate of the Impact of Additional U.S. Tariffs
Latest Estimate of the Impact of Additional U.S. Tariffs ・Based on the U.S. tariff policies and rates that have been disclosed as of October 24, the latest forecast for tariff costs in FY2025 is as follows. (This does not take into account the impact of the additional tariff policy on China, etc ann
Slide 17: Projection of Segment Sales and Profits for FY2025
Projection of Segment Sales and Profits for FY2025 ・Construction, Mining & Utility Equipment: Sales will decrease by 6.0% from FY2024, to JPY3,571.0 billion. Segment profit will decrease by 26.4% to JPY441.0 billion. ・Retail Finance: Sales will decrease by 5.0% to JPY117.0 billion. Segment profit wi
Slide 18: Equipment: Projection for FY2025 Sales by Region
Construction, Mining & Utility Equipment: Projection for FY2025 Sales by Region (To Outside Customers) ・Sales to outside customers will decrease by 6.0% from FY2024, to JPY3,559.6 billion. Excluding the impact of foreign exchange rates, sales decreased by 1.0% from FY2024. ・In Asia, Indonesia's coal
Slide 19: Causes of Difference in Projected Sales and Segment Profit
Construction, Mining & Utility Equipment: Causes of Difference in Projected Sales and Segment Profit for FY2025 ・Sales will decrease by JPY227.2 billion from FY2024, despite the positive effects of improved selling prices, due to the negative effects foreign exchange rates and decreased volume of sa
Slide 20: Retail Finance: Projection for FY2025
Retail Finance: Projection for FY2025 ・Assets will increase by JPY42.2 billion from the previous fiscal year-end, due to new investments exceeding recoveries. ・New contracts will decrease by JPY45.7 billion from FY2024, mainly due to foreign exchange rates. ・Sales will decrease by JPY6.2 billion fro
Slide 21: Industrial Machinery & Others: Projection for FY2025
Industrial Machinery & Others: Projection for FY2025 ・Sales will increase by 6.0% from FY2024 to JPY23.7 billion. Segment profit will increase by 20.5% to JPY33.0 billion. ・Both sales and segment profit will increase, mainly due to increasing sales of large press for the automotive industry and high
Slide 22: Equipment: Actual and Projected Demand for Major Products
Construction, Mining & Utility Equipment: Actual and Projected Demand for 7 Major Products ・In 2Q FY2025, global demand increased by 1% year on year. ・In FY2025, full-year demand will decrease by between 0% and 5% from FY2024. (Unchanged from the April 2025 projection) Annual demand for 7 major prod
Slide 23: Equipment: Demand in Major Markets (1) North America
Construction, Mining & Utility Equipment: Demand in Major Markets (1) North America ・In 2Q FY2025, demand increased by 5% year on year. The impact of U.S. tariff policies on demand is unclear, and rental demand shows signs of reversal. ・In FY2025, full-year demand will decrease by between 0% and 5%
Slide 24: Equipment: Demand in Major Markets (2) Europe
Construction, Mining & Utility Equipment: Demand in Major Markets (2) Europe ・In 2Q FY2025, demand increased by 1% year on year. Demand has generally bottomed out due to interest rate cuts and fiscal expansion measures. ・In FY2025, full-year demand will remain about flat from FY2024. (Changed from t
Slide 25: Equipment: Demand in Major Markets (3) Southeast Asia
Construction, Mining & Utility Equipment: Demand in Major Markets (3) Southeast Asia ・In 2Q FY2025, demand decreased by 4% year on year. Demand for both mining and construction equipment has declined in Indonesia. ・In FY2025, full-year demand will decrease by between 5% and 10% from FY2024 (Changed
Slide 26: Equipment: Demand in Major Markets (4) Japan
Construction, Mining & Utility Equipment: Demand in Major Markets (4) Japan ・In 2Q FY2025, demand decreased by 19% year on year. Demand for rental and regular customer remains sluggish. ・In FY2025, full-year demand will decrease by between 10% and 15% from FY2024 (Changed from the April 2025 project
Slide 27: Equipment: Price Trends and Projection for Major Minerals
Construction, Mining & Utility Equipment: Price Trends and Projection for Major Minerals ・As for thermal coal, low-grade coal is on a downward trend due to increased domestic coal supply in China, while high-grade coal is projected to remain stable. ・For metallurgical coal and iron ore, stable deman
Slide 28: Equipment: Actual and Projected Demand for Mining Equipment
Construction, Mining & Utility Equipment: Actual and Projected Demand for Mining Equipment ・In 2Q FY2025, demand for mining equipment decreased by 13% year on year. Demand has decreased due to the decline in Indonesian coal prices. ・In FY2025, full-year demand will decrease by between 10% and 15% fr
Slide 29: Equipment: Actual and Projected Sales of Mining
Construction, Mining & Utility Equipment: Actual and Projected Sales of Mining (To Outside Customers) ・In 2Q FY2025, sales decreased by 7.1% year on year to JPY461.9 billion. ・In FY2025, full-year sales will decrease by 7.5% from FY2024, to JPY1,773.2 billion (Changed from the April 2025 projection)
Slide 30: Equipment: Projection for Sales of Equipment, Parts and Service, etc.
Construction, Mining & Utility Equipment: Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) ・ In 2Q FY2025, parts sales decreased by 2.5% year on year to JPY260.6 billion, accounting for 53% of the aftermarket, including service, etc. ・ In FY2025, full-year sales of p
Slide 31: Appendix
Appendix KOMATSU 31
Slide 32: Quarterly Sales and Operating Income
<Appendix> Quarterly Sales and Operating Income Industrial Machinery & Others Billions Retail Finance Quarterly Sales of yen Construction, Mining & Utility Equipment Elimination 1,147.1 1,200 1,070.1 1,004.2 972.0 959.8 1,008.2 989.2 76.9 982.1 920.5 899.6 923.4 64.1 909.5 1,000 854.9 64.1 46.5 51.2
Slide 33: Equipment: Quarterly Sales and Segment Profit
<Appendix> Construction, Mining & Utility Equipment: Quarterly Sales and Segment Profit Billions of yen Quarterly Sales 1,000 800 600 989.4 1,049.9 926.9 918.2 894.3 935.9 918.2 897.3 400 863.4 846.9 860.7 844.9 790.9 715.3 200 0 FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q Ex
Slide 34: Equipment: Quarterly Sales by Region
<Appendix> Construction, Mining & Utility Equipment: Quarterly Sales by Region (To Outside Customers) Billions of yen 1,100 1,046.9 983.8 1,000 91.2 923.5 933.2 Japan 904.7 916.1 13.5 895.0 94.4 891.3 19.3 860.7 860.6 900 842.2 80.8 842.3 95.1 19.2 87.0 CIS 788.9 92.8 18.4 70.6 73.4 17.3 157.4 86.1
Slide 35: Retail Finance: Quarterly Sales and Segment Profit
<Appendix> Retail Finance: Quarterly Sales and Segment Profit Billions of yen Quarterly Sales 35 30 25 20 15 30.5 31.3 30.2 31.2 30.4 30.5 27.2 28.9 22.9 24.6 10 19.9 21.6 22.1 22.1 5 0 FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q Exchange rates 22/1Q 22/2Q 22/3Q 22/4Q 23/1Q 2
Slide 36: Industrial Machinery & Others: Quarterly Sales and Segment Profit
<Appendix> Industrial Machinery & Others: Quarterly Sales and Segment Profit Billions of yen Quarterly Sales 80 60 40 76.9 64.1 64.1 63.5 49.2 46.5 51.2 49.9 20 43.1 40.5 44.6 45.5 43.5 34.5 0 FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q Exchange rates 22/1Q 22/2Q 22/3Q 22/4Q
Slide 37: Construction: Projection for Sales by Region, First 6-Month Period
<Appendix> Construction: Projection for Sales by Region (To Outside Customers) for the First 6-Month Period (Apr. - Sep. 2025) of FY2025 Billions of yen Plus 1,000 Billions Minus Excl. foreign of yen exchange effects +1.4 +13.2 900 886.7 870.3 +17.9 [+5.5%] [+1.5 %] Apr. - Sep. 24 [+14.5%] 886.7 800
Slide 38: Mining: Projection for Sales by Region, First 6-Month Period
<Appendix> Mining: Projection for Sales by Region (To Outside Customers) for the First 6- Month Period (Apr. - Sep. 2025) of FY2025 Plus Minus Billions Billions of yen of yen Excl. foreign 1,000 937.8 exchange effects Japan 0% Apr. - Sep. 24 (27.9) [(3.0) %] CIS 2% 866.9 900 China 2% Japan 0% 937.8
Slide 39: Construction: Projection for Sales by Region FY2025
<Appendix> Construction: Projection for Sales by Region (To Outside Customers) FY2025 Billions of yen 2,000 Plus Excl. foreign 1,871.3 Billions Minus exchange effects 1,786.4 of yen (6.1) [(0.3) %] 1,750 1,702.1 +12.9 +0.0 Japan 18% 16.4 FY2024 [+4.9%] [+0.0%] [+2.9%] Japan 17% 1,871.2 CIS 1% (2.0)
Slide 40: Mining: Projection for Sales by Region for FY2025
<Appendix> Mining: Projection for Sales by Region (To Outside Customers) for FY2025 Billions Plus of yen Billions Minus Excl. foreign 2,000 1,916.2 of yen exchange effects Japan 0% +10.8 +2.0 (31.3) CIS 2% 1,773.2 +52.2 +0.4 [+6.7%] [+5.9%] [(1.6) %] China 1% Japan 0% 1,727.9 FY2024 [+10.2%] [+0.8%]
Slide 41: Equipment: Actual and Projected Demand and Sales for Mining
<Appendix> Construction, Mining & Utility Equipment: Actual and Projected Demand and Sales for Mining Annual demand for mining equipment Annual sales of Mining (incl. parts and service) N. America Latin America N. America Latin America Europe, Africa and Middle East Oceania Europe, Africa and Middle
Slide 42: Construction: Projection for Sales of Equipment, Parts and Service, etc.
<Appendix> Construction: Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) Annual sales Billions Quarterly sales Billions of yen Aftermarket of yen Aftermarket ratio ratio 700 2,500 100% 100% 39% 38% 41% 40% 37% 39% 39% 40% 39% 40% 38% 38% 36% 39% 42% 40% 36% 41% 40%
Slide 43: Mining: Projection for Sales of Equipment, Parts and Service, etc.
<Appendix> Mining: Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) Billions Annual sales Billions Quarterly sales Aftermarket of yen of yen ratio Aftermarket ratio 700 2,500 100% 100% 65% 66% 65% 70% 70% 68% 65% 69% 69% 64% 68% 68% 66% 68% 66% 69% 72% 68% 65% 65% 65
Slide 44: Komtrax: Average Operating Hours per Month
<Appendix> Komtrax: Average Operating Hours per Month Japan Europe Y-o-Y Hours Operating hours Y-o-Y Change (%) Y-o-Y Hours growth rate growth rate 250 250 Operating hours Y-o-Y Change (%) 13% 11% 9% 15% 7% 15% 200 6% 7% 200 3% 6% 3% 3% 1% 1% 3% 1% 0% 2% 1% 0% 1% 1% 1% 0% 0% 150 150 -1% -1% -4% -1%
Slide 45: Book-to-Bill Ratio for Mining Equipment (6 Months)
<Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months) Avg. orders in value for 6 months / Avg. factory shipment in value for 6 months) 300% Orders received / Sales index Komatsu America (Mining eqpt.) 250% 200% 730E, 830E, 860E 930E, 960E, 980E 150% 100% 50% 0% 250% KMC (Mining eqpt.) 200% <
Slide 46: Book-to-Bill Ratio for Mining Equipment (6 Months)
<Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months) Avg. orders in value for 6 months / Avg. factory shipment in value for 6 months) 400% Komatsu Germany Orders received / Sales index 350% (Mining eqpt.) 300% PC3000, PC4000 250% PC5500, PC7000 200% PC8000, PC9000 150% 100% 50% 0% -50% -100
Slide 47: New training center in Côte d’Ivoire
New training center in Côte d’Ivoire - Aiming to evolve into a West Africa’s core facility- ・ Komatsu will establish a new training center in Côte d’Ivoire for construction equipment mechanics and operators. ・ Scheduled for completion in 2026. Komatsu aims to expand its functions to include equipmen
Slide 48: Step-change capabilities through software-defined vehicle and autonomy platform
- Step-change capabilities through software-defined vehicle and autonomy platform - Komatsu and Applied Intuition announce transformational collaboration to accelerate mining innovation ・ Komatsu and U.S.-based Applied Intuition will co-develop a unified software-defined vehicle (“SDV”) and autonomy
Slide 49: TIER IV, Komatsu and EARTHBRAIN begin collaboration on autonomous technology
TIER IV, Komatsu and EARTHBRAIN begin collaboration toward practical use of autonomous technology for construction equipment ・ Komatsu and its subsidiary, EARTHBRAIN Ltd., have entered into a collaboration with TIER IV Inc., a pioneer in open-source software for autonomous driving, to develop autono
Slide 50: Komatsu issued “Komatsu Report 2025”
Komatsu issued “Komatsu Report 2025” ・Komatsu issued the integrated report, Komatsu Report 2025, in September. ・This report introduces our management policies and corporate activities aimed at sustainable enhancement of corporate value over the medium-to-long term, with a focus on the new three-year
Slide 51: IR Reference Information Links
IR Reference Information Links Investor relations https://www.komatsu.jp/en/ir Strategic Growth Plan https://www.komatsu.jp/en/newsroom/2025/20250428_2 Komatsu Report (Integrated Report) https://www.komatsu.jp/en/ir/library/annual IR-Day https://www.komatsu.jp/en/ir/library/results/2024 Cautionary S