Nsk Ltd. · TSE:6471
Nsk — H1 FY2025 Earnings Presentation
31 slides from Nsk's earnings presentation, Nov 5, 2025
Slide 1: Consolidated Business Results for the First Half ended September 30, 2025
FINANCIAL CONFERENCE Consolidated Business Results for the First Half ended September 30, 2025 Cautionary Statements with Respect to Forward-Looking Statements Statements made in this report with respect to plans, strategies and future performance that are not historical fact November 5, 2025 are fo
Slide 2: Contents
Contents 1. Consolidated Business Results for the First Half ended September 30, 2025 2. Consolidated Business Forecast for the Year Ending March 31, 2026 3. Mid-Term Management Plan (MTP2026) FY2025 Initiatives (Supplementary Information) Copyright NSK Ltd. All Rights Reserved.
Slide 3: Consolidated Business Results for the First Half Ended September 30, 2025
Consolidated Business Results for the First Half Ended September 30, 2025 The Steering Business was consolidated as a subsidiary on September 1, 2025, with financial results disclosed as an independent segment starting with the results for the fiscal year ending March 31, 2026 (FY2025). Accordingly,
Slide 4: Key Points – Consolidated Business Results for FY2025 H1
Key Points – Consolidated Business Results for FY2025 H1 ✓ Sales and profits increased YoY ✓ Completed consolidation of Steering Business subsidiary on September 1. (Non-recurring gains/losses have occurred) FY2025 (Billions of yen) YoY Impact of Steering Business Consolidation H1 Result Sales 412.3
Slide 5: Summary – Consolidated Business Results for FY2025 H1
Summary – Consolidated Business Results for FY2025 H1 ✓ Profits increased YoY even excluding forex impact and the impact of Steering Business consolidation. (Steering Business sales YoY +¥15.2 billion / Operating income +¥3.8 billion.) ✓ Progress exceeds our May forecast. FY2024 FY2025 Increase/ FY2
Slide 6: Reference: Breakdown by Segment – FY2025 H1 Results
Reference: Breakdown by Segment – Consolidated Business Results for FY2025 H1 *For FY24 and FY25 through August, equity method investment gains/losses for the Steering Business have been reclassified from the Automotive Business to the Steering Business. FY2024 FY2025 YOY FY2025 (Billions of yen) H1
Slide 7: Operating Income: Factors Behind Change (FY2024 H1 to FY2025 H1)
Operating Income: Factors Behind Change (FY2024 H1 ⇒ FY2025 H1) (Billions of yen) Steering Business Excluding Steering Business YoY＋3.0 Profitability＋2.0 One-Time Structural Expenses Inflation/ reforms Labor cost results Forex increase/ Volume/ Impact of Profitability impact MIX Structural reforms c
Slide 8: Industrial Machinery Business
Industrial Machinery Business FY25 H1 Result: Sales up +2.7% excluding forex impact. Gradual recovery. ・ Industrial Bearings: Increased mainly in machine tools in China. ・ Precision Products: Increased sales in the Americas for semiconductor manufacturing equipment. ・ Recorded one-time expenses for
Slide 9: Automotive Business
Automotive Business FY25 H1 Result: Sales and profits up YoY. Sales up +3.2% excluding forex impact. ・ Successful sales expansion in China and the Americas contributed to year-on-year growth. Sales declined in Europe. ・ Recorded one-time expenses: FY2025 Q1: ¥0.1 bn (unrelated to structural reforms)
Slide 10: FY2025 H1 Sales by Customer Region
FY2025 H1 Sales by Customer Region Japan: Automotive and Industrial flat Americas: Continued robust demand (Billions of yen) Europe: Continued stagnation in both Industrial and Automotive China: Economic stimulus drove higher sales ■■Industrial Machinery ■■Automotive China ■■Other Europe 85.1 89.3 7
Slide 11: Consolidated Business Forecast for the Year Ending March 31, 2026
Consolidated Business Forecast for the Year Ending March 31, 2026 Copyright NSK Ltd. All Rights Reserved.
Slide 12: Business Environment Outlook for Full Year Forecast
Business Environment Outlook for Full Year Forecast ✓ Sales volume is expected to remain flat year-on-year as per previous assumption. ✓ Quick response to U.S. tariff policies. Structural reforms progressing according to plan. ✓ Monitoring supply chain risks stemming from rare earth export restricti
Slide 13: Consolidated Business Forecast for the Year Ending March 31, 2026 (FY2025)
Consolidated Business Forecast for the Year Ending March 31, 2026 (FY2025) ✓ Revised forecast to reflect Steering Business consolidation and changes in the business environment. (H2 Forex Rate Assumption: USD ¥140, EUR ¥160, CNY ¥20) ✓ Tariff impact factored into forecast with a timing gap in transf
Slide 14: Reference: Breakdown by Segment – Forecast for FY2025
Reference: Breakdown by Segment – Consolidated Business Forecast for FY2025 FY2025 Vs. May Forecast FY2024 YoY Forecast Revised Increase/ Full year Increase/ (Billions of yen) Difference Difference as of May Forecast Decrease Actual Decrease Sales Total 760.0 885.0 +125.0 +16.4% 796.7 88.3 +11.1% Ex
Slide 15: Breakdown by Segment – Trend in Major Sectors
Breakdown by Segment – Consolidated Business Forecast for FY2025 Trend in Major Sectors (NSK forecast) Industrial Machinery Business FY25 H1 FY25 H2 FY2025 FY2025 FY2025 FY2025 Increase/ vs FY24 H2 vs FY25 H1 Forecast Revised H1 H2 Decrease Difference (Billions of yen) as of May Forecast Forecast Fo
Slide 16: Operating Income: Factors Behind Change (FY2024 Result to FY2025 Forecast)
Operating Income: Factors Behind Change (FY2024 Result ⇒ FY2025 Full Year Forecast) ✓ Structural reforms progressing largely as planned ✓ Progress as planned in transfer of US tariff costs to sales prices. ✓ Weaker yen than May forecast assumption. Structural reforms costs FY2024 -4.6 Forex Rate Ass
Slide 17: Mid-Term Management Plan (MTP2026) Initiatives FY2025 Plans and Progress
Mid-Term Management Plan (MTP2026) Initiatives FY2025 Plans and Progress Copyright NSK Ltd. All Rights Reserved.
Slide 18: Progress in Structural Reforms
Progress in Structural Reforms ✓ Continuing structural reforms centered on Europe. Aiming to enhance profitability. FY2024 Result FY2025 FY2026 FY2027 One-time expenses ¥4.6 bn ¥6.5 bn ¥1.5 bn ¥1.0 bn Realized Impact VS. FY2023 ¥1.1 bn ¥5.5 bn ¥9.0 bn ¥11.0 bn Currently reviewing goals as we create
Slide 19: Key Initiatives for the Second Half of FY2025
Key Initiatives for the Second Half of FY2025 ✓ Completion of structural reforms centered on Europe ✓ Continue response to U.S. Tariff Policies ✓ Search for strategic partners in the Steering Business ✓ Improve profitability through portfolio transformation ・Sales expansion initiatives for Aftermark
Slide 20: Consolidation of the Steering Business as a Subsidiary
the Consolidation of the Steering Business as a Subsidiary ✓ Improved profitability through structural reforms and initiatives as an equity-method affiliate with JIS. ✓ Reverted to consolidated subsidiary in FY2025. Aim to continue improvement of sales and profitability growth and search for strateg
Slide 21: Bearings & Beyond Initiative(1)
Bearings & Beyond Initiative(1) ✓ Strategic Investment in AI Robotics Company RT Corporation Integrate advanced AI and robotics technologies with tribology, analytical techniques, and product engineering to develop and deliver high value-added robotic products and services. Address social challenges
Slide 22: Bearings & Beyond Initiative(2)
Bearings & Beyond Initiative(2) ✓ Sales expansion of ball screws for electric brake ✓ Strengthening Local Production Capabilities in systems India’s Growth Market FY2025 Expansion of plant facilities (scheduled for completion in August 2026) Targeting orders of 10 million units, primarily for electr
Slide 23: NSK Exhibiting at Leading Trade Shows
NSK Exhibiting at Leading Trade Shows ✓ Japan Mobility Show 2025 (Oct 30 – Nov 9, 2025) Proposing new solutions for “Driving” “Turning” and “Stopping” made possible by NSK Core Technologies. Pamphlet on near-future mobility technology ✓ International Robot Exhibition iREX2025 (Dec 3-6, 2025) Securit
Slide 24: (Supplementary Information)
(Supplementary Information) Copyright NSK Ltd. All Rights Reserved.
Slide 25: Carbon Neutral Initiatives
Carbon Neutral Initiatives ✓ Solid progress toward FY2035 Scope1+2 neutrality goals Further Strengthening of Carbon Neutral Activities Industry-first disclosure of Commitment Letter to Initiate SBTi Promoting energy conservation and Carbon Footprint of Product Target Validation Process technological
Slide 26: Financial Results by Business Segment (FY2025 H1)
Supplementary Information : Financial Results by Business Segment (FY2025 H1) *Equity method investment gains/losses related to the Steering business for FY24 and FY25 through August have been reclassified and presented under the Steering Business segment. FY2024 FY2025 YOY FY2025 Full Increase/ Dif
Slide 27: Sales by Customer Location
Supplementary Information: Sales by Customer Location FY2024 FY2025 YOY (Billions of Increase/ Q1 Q2 H1 Q3 Q4 Full year Q1 Q2 H1 Difference yen) Decrease Sales 200.5 197.1 397.6 199.3 199.7 796.7 195.8 216.5 412.3 +14.6 +3.7% Japan 64.1 65.8 129.9 66.3 65.1 261.3 62.5 68.9 131.3 +1.4 +1.1% Non-Japan
Slide 28: Consolidated Balance Sheet
Supplementary Information: Consolidated Balance Sheet End of End of Ex. Rate FY2024 FY2025 Q2 Due in part to the consolidation of the Steering Business as a 1USD 149.5 148.9 subsidiary on September 1, 2025, assets and liabilities have 1EUR 162.0 174.5 increased from the previous fiscal year-end bala
Slide 29: Inventories/Interest-Bearing Debt
Supplementary Information: Inventories/ Interest-Bearing Dept End of End of Ex. Rate FY2024 FY2025 Q2 Due in part to the consolidation of the Steering Business as a 1USD 149.5 148.9 subsidiary on September 1, 2025, assets, inventory, and interest- 1EUR 162.0 174.5 bearing debt have increased from th
Slide 30: Capital Expenditures, Depreciation and Amortization, R&D Expenses
Supplementary Information : Capital Expenditures, Depreciation and Amortization, R&D Expenses Due to the consolidation of the Steering Business as a subsidiary on September 1, 2025, we are revising our full-year forecasts for capital expenditures and other items. FY24 FY25 FY25 Revised Original Full
Slide 31: Mission Statement NSK Vision 2026
Mission Statement NSK contributes to a safer, smoother society and helps protect the global environment through its innovative technology integrating Motion & ControlTM. As a truly international enterprise, we are working across national boundaries to improve relationships between people throughout