Slide 1: First Quarter of FY2025 Financial Results
First Quarter of FY2025 Financial Results Kioxia Holdings Corporation August 8, 2025 © 2025 KIOXIA Holdings Corporation. All Rights Reserved.
Slide 2: Disclaimer
Disclaimer Forward-looking statements included in this presentation are prepared based on our expectations and projections in light of the information currently available to us, which involve various risks and uncertainties (including, but not limited to, economic trends, market demand and the highl
Slide 3: Hideki Hanazawa, Chief Financial Officer
花澤 秀樹 Hideki Hanazawa 専務執行役員（財務統括責任者） Senior Managing Executive Officer (Chief Financial Officer) © 2025 KIOXIA Holdings Corporation. All Rights Reserved. 3
Slide 4: Junichiro Yaguchi, Chief Strategy Officer
矢口 潤一郎 Junichiro Yaguchi 常務執行役員（戦略統括責任者） Managing Executive Officer （Chief Strategy Officer） © 2025 KIOXIA Holdings Corporation. All Rights Reserved. 4
Slide 5: Three Months Ended June 30, 2025 Results
Quarterly Three Months Ended June 30, 2025 Results Q1 exceeded the upper end of guidance with clear signs of recovery since Q3 FY24 FY2025 Q1 (Bn Yen) Guidance disclosed on May 15 Results Revenue 295.0 ~ 325.0 342.8 ASP4 (QoQ (1.2)%) (QoQ) High single-digit % Non-GAAP increase 13.0 ~ 35.0 45.2 Opera
Slide 6: Sales Results by Application
Quarterly Sales Results by Application AI server demand for data centers remains strong PC and smartphone customers completed their inventory normalization ⚫ QoQ sales remained flat 23% Smart Devices1 79.0 Bn Yen ⚫ Improved sales with customer inventory normalization, offset by QoQ: (0.7)%, YoY: (48
Slide 7: Cash Flow
Quarterly Cash Flow Continued disciplined capital investment; positive free cash flow for six consecutive quarters (Bn Yen) Operating cash flow FCF: 27.0 Bn Yen ⚫ Q1 results exceeded Q4 when excluding seasonal expenditures of about 60 billion yen 61.1 ✓ Preferred shares dividend: 23.8 billion yen 0.
Slide 8: Balance Sheet
Quarterly Balance Sheet Continued to strengthen balance sheet to optimize for growth Assets Liabilities and Equity (Bn Yen) (Bn Yen) 2,919.7 2,894.0 2,919.7 2,894.0 167.9 178.4 Cash and cash equivalents 238.6 504.0 527.9 Trade and other payables 211.5 Trade and other receivables 352.9 371.9 Inventor
Slide 9: Market Outlook and FY2025 Q2 Guidance
Market Outlook and FY2025 Q2 Guidance © 2025 KIOXIA Holdings Corporation. All Rights Reserved. 9
Slide 10: Market Outlook
Market Outlook ✓ Bit growth rate for the NAND market in CY2025 is expected to be in the low 10% range ✓ Inventory levels for smartphone and PC customers have normalized, leading to growth • Smartphone demand drivers: New model launches stimulating NAND growth • PC demand drivers: Increased momentum
Slide 11: FY2025 Q2 Guidance
FY2025 Q2 Guidance FY2025 FY2025 (Bn Yen) Q1 Results Q2 Guidance Revenue 342.8 420.0 ~ 470.0 Non-GAAP 45.2 49.0 ~ 83.0 Operating Profit Non-GAAP 17.0 ~ 41.0 18.5 Net Income1 Including one-off refinancing impact of about (10.0) Bn Yen Exchange Rate (Yen) USD / JPY 145 145 1. Non-GAAP profit attributa
Slide 12: Summary
Summary ✓ Q1 exceeded the upper end of guidance with clear signs of recovery from Q3 FY24 ✓ Improved cash flow generation, with free cash flow remaining positive for six consecutive quarters ✓ Completed refinancing in July to strengthen balance sheet ✓ Substantial QoQ growth in revenue and profit is
Slide 13: Notes Issuance and Refinancing
Notes Issuance and Refinancing © 2024 © 2025 KIOXIA KIOXIA Corporation. All Rights Reserved. Holdings 13
Slide 14: Refinancing objectives and effects
Refinancing objectives ✓ Raised capital through the capital markets (Notes issued on July 24) Background ✓ Reduced cost of capital and objectives ✓ Improved loan conditions of new senior loan (Loan disbursed on July 25) ✓ Extended maturity with moderate annual repayment schedule Conditions ✓ Both ne
Slide 15: Details of Refinancing and Effects
Details of Refinancing and Effects Before Refinancing After Refinancing Non-convertible Preferred Shares Senior Unsecured Notes Amount JPY 323.0 bn1 USD 2.2Bn / JPY 326.7 bn1,4 (as of June 30, 2025) (USD 1.1Bn 5 Year Notes + USD 1.1Bn 8 Year Notes) Dividend / 7.20% ~ 9.80%2 3.2934% (JPY swapped rate
Slide 16: Extending maturity with annual moderate repayment schedule
Extending maturity with annual moderate repayment schedule Repayment schedule1 (unit: bn JPY) 482.5 323.0 Before 140.0 140.0 Refinancing 124.5 140.0 140.0 35.0 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Existing bank loan (amortized) Existing bank loan (bullet) DBJ non-convertible preferred shares
Slide 17: KIOXIA
KIOXIA
Slide 18: Appendix
Appendix
Slide 19: Highlights of Recent Achievements
Highlights of Recent Achievements • Introduced the industry's first 245.76 TB model KIOXIA LC9 Series Gen AI eSSD • The industry’s highest capacity 8TB product 32-layer 8th-gen BiCS FLASH 2Tb QLC • NVMe 2.0 and PCIe® 5.0 • Won “Best of Show Award” at FMS: the Future of Memory and Storage • 9th gen B
Slide 20: Sales by Application
Sales by Application Sales Results 千 (Bn Yen) 480.9 1,706.5 450.0 428.5 54.1 214.2 Others1 54.2 53.6 347.1 342.8 Smart 152.6 501.1 117.1 1,076.6 Devices2 52.3 46.3 151.9 185.9 79.6 79.0 374.3 991.1 SSD & 274.2 278.7 223.1 Storage3 215.2 217.4 516.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2023 FY2024 FY2024 FY2025
Slide 21: Key Financial Covenants Comparison of Old and New Senior Loan
Key Financial Covenants Comparison of Old and New Senior Loan Old Senior Secured Loan New Senior Unsecured Loan Frequency Strike Out (SO)2 Threshold / Definition Frequency Strike Out (SO)2 Threshold / Definition Consolidated ✓ Annual ✓ 2SO ✓ Negative ✓ Annual ✓ 2SO ✓ Negative Net Income Consolidated
Slide 22: Supplemental Financial Data
Supplemental Financial Data
Slide 23: Summary of Key Financials – Quarterly (Non-GAAP)
Summary of Key Financials – Quarterly (Non-GAAP) FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 428.5 480.9 450.0 347.1 1,706.5 342.8 342.8 YoY Growth Rate 71% 99% 72% 8% 59% (20)% - Non-GAAP COGS (excl. R&D)2 251.9 264.4 277.6 261.4 1,055.4 249.0 249.0 % of Revenue 59% 55% 62%
Slide 24: Summary of Key Financials – Quarterly (Non-GAAP)
Summary of Key Financials – Quarterly (Non-GAAP) FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Non-GAAP D&A2 78.2 78.9 76.8 77.2 311.0 79.7 79.7 % of Revenue 18% 16% 17% 22% 18% 23% 23% Non-GAAP EBITDA2, 3 204.4 245.2 199.8 114.7 764.1 124.9 124.9 Margin 48% 51% 44% 33% 45% 36% 36% Ca
Slide 25: Summary of Key Financials – Quarterly (IFRS Base)
Summary of Key Financials – Quarterly (IFRS Base) FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 428.5 480.9 450.0 347.1 1,706.5 342.8 342.8 YoY Growth Rate 71% 99% 72% 8% 59% (20)% - IFRS COGS 271.9 284.5 297.6 283.1 1,137.0 271.6 271.6 % of Revenue 63% 59% 66% 82% 67% 79% 79%
Slide 26: Summary of Key Financials – B/S Data
Summary of Key Financials – B/S Data (JPY Bn) FY20241 FY2025 Q11 Total Assets 2,919.7 2,894.0 Cash and Cash Equivalents 167.9 178.4 Trade and Other Receivables 238.6 211.5 Inventories 352.9 371.9 Property, Plant and Equipment 1,100.2 1,071.0 Right-of-use Assets 197.1 200.6 Goodwill 395.3 395.6 Intan
Slide 27: Summary of Key Financials – CF Data
Summary of Key Financials – CF Data FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Net Cash provided by (used in) 95.1 146.7 130.7 103.9 476.4 61.1 61.1 Operating Activities Profit (Loss) before Tax 99.7 149.2 106.7 15.1 370.7 27.3 27.3 Depreciation and Amortization 78.5 79.2 77.1 77.5
Slide 28: Non-GAAP Measure Reconciliation - Quarterly (1/4)
Non-GAAP Measure Reconciliation - Quarterly (1/4) FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS Gross Profit (Loss) 156.6 196.5 152.4 64.0 569.4 71.2 71.2 PPA Impact on COGS2 0.3 0.3 0.3 0.3 1.1 0.3 0.3 Non-GAAP Gross Profit (Loss) 156.9 196.7 152.7 64.3 570.5 71.5 71.5 R&D (with
Slide 29: Non-GAAP Measure Reconciliation - Quarterly (2/4)
Non-GAAP Measure Reconciliation - Quarterly (2/4) FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS Net Income (Loss) 69.8 106.2 76.1 20.3 272.3 18.3 18.3 Total Adjustment before Tax (a) 0.3 0.3 0.3 0.3 1.3 0.3 0.3 Tax effect (b) (0.1) (0.1) (0.1) (0.1) (0.4) (0.1) (0.1) Tax reform (
Slide 30: Non-GAAP Measure Reconciliation - Quarterly (3/4)
Non-GAAP Measure Reconciliation - Quarterly (3/4) FY20241 FY20251 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS COGS 271.9 284.5 297.6 283.1 1,137.0 271.6 271.6 PPA Impact on COGS2 0.3 0.3 0.3 0.3 1.1 0.3 0.3 Non-GAAP COGS 271.6 284.2 297.3 282.8 1,135.9 271.3 271.3 R&D (within COGS) 19.7 19.7 1
Slide 31: Non-GAAP Measure Reconciliation - Quarterly (4/4)
Non-GAAP Measure Reconciliation - Quarterly (4/4) 1 1 FY2024 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1-Q4 Q1 Q2 Q3 Q4 Q1-Q4 Total R&D 32.2 33.4 32.9 34.3 132.8 34.5 34.5 R&D (within COGS) 19.7 19.7 19.7 21.4 80.5 22.3 22.3 R&D (within SG&A) 12.5 13.7 13.3 12.9 52.3 12.2 12.2 IFRS D&A 78.5 79.2 77.1 77.5 312.3