Slide 1: First Quarter of FY2026 Financial Results
First Quarter of FY2026 Financial Results Kioxia Holdings Corporation July 31, 2026 © 2026 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: Today's Agenda
Today’s Agenda ‒ NAND Market Overview 1 ‒ Enhancement of Production Capability to Support Growing Demand in the AI Era 2 ‒ FY2026 Q1 Results ‒ Q2 Guidance © 2026 KIOXIA Holdings Corporation. All Rights Reserved. 3
Slide 4: Overview of the NAND Market and Enhancement of Our Production Capability
Overview of the NAND Market and Enhancement of Our Production Capability
Slide 5: NAND Market Outlook
NAND Market Outlook NAND market growth continues to be fueled by AI-driven demand in DC/Enterprise DC/Enterprise Smartphone/PC NAND Market Outlook Agentic AI applications are emerging Smartphones CY26: Bit growth rate in high-teens % as a primary growth catalyst • Units: down for low-priced mo
Slide 6: Enhancement of Production Capability to Support Growing Demand in the AI Era
Enhancement of Production Capability to Support Growing Demand in the AI Era Ongoing Expansion of Manufacturing Infrastructure for AI Demand Improved Productivity Drive Migration Multi-site Production JV Partnership Through AI Through Investment System Y7 Y4 K1 Y3 N-Y2 Y5 K2 Y1 Y6 Yokkaichi Plant Ki
Slide 7: FY2026 Q1 Results and FY2026 Q2 Guidance
FY2026 Q1 Results and FY2026 Q2 Guidance
Slide 8: Financial Highlights (Three Months Ended June 30, 2026)
Quarterly Financial Highlights (Three Months Ended June 30, 2026) Adjusted Non-GAAP Core FCF Revenue Non-GAAP Net Cash⁴ Operating Profit1 (Operating Cash Flow – Net CAPEX³) Gross Profit¹ Record High Record High Record High Record High Achieved a Net QoQ x1.8 QoQ x2.1 QoQ x2.2 QoQ x3.4 Cash Position
Slide 9: Three Months Ended June 30, 2026 Results
Quarterly Three Months Ended June 30, 2026 Results Exceeded all guidance and surpassed record highs across all metrics. QoQ revenue up ~1.8x; operating profit nearly doubled. Q4 Q1 Results Guidance Results Bn Yen Announced on May 15 Revenue 1,002.9 1,750.0 1,767.1 QoQ +76.2%, YoY +415.5% ASP4 （QoQ）
Slide 10: Sales Results by Application (Q1 Results)
Quarterly Sales Results by Application (Q1 Results) All application segments significantly surpassed previous record sales revenue The 8th generation BiCS FLASH production ratio grew to over 50% 30% Smart Devices1 525.7 Bn Yen Sales prices significantly increased QoQ: +55.8%, YoY:+565.1% Smart A
Slide 11: Sales by Application (Quarterly/Yearly)
Quarterly/Yearly Sales by Application (Quarterly/Yearly) Q1 revenue increased significantly QoQ with all segments reaching record highs 2,337.6 Sales Results Quarterly Yearly 215.0 Others1 (Bn Yen) 1,767.1 66.7 760.0 Smart 525.7 Devices2 1,002.9 65.2 337.3 SSD & 543.6 1,174.7 1,362.6 Storage3 448.3
Slide 12: Cash Flow (Q1 Results)
Quarterly Cash Flow (Q1 Results) Operating and core free cash flow reached record highs (Bn Yen) Operating cash flow Core FCF: 827.2 Bn Yen Primarily driven by increase in selling prices and the 866.3 increase in sales of d/e SSDs Expansion of 8th generation BiCS FLASH production -39.1 Cash fl
Slide 13: Balance Sheet
Quarterly Balance Sheet Equity ratio surpassed 50% on strong profit generation Assets Liabilities and Equity 4,730.5 (Bn Yen) 4,730.5 (Bn Yen) 706.8 791.0 Cash and cash equivalents Trade and other payables 3,690.1 3,690.1 634.6 Bonds and borrowings 470.7 1,151.6 594.9 Trade and other receivables 203
Slide 14: Enhancing Financial Structure: Timeline of Net Debt-to-Equity Ratio
Quarterly Enhancing Financial Structure: Timeline of Net Debt-to-Equity Ratio Achieved a net cash position driven by record-high core free cash flow, providing a strong foundation for future investment and shareholder returns （Bn Yen） 2,404.3 Net D/E ratio1 120% FY2026 Q1: (8)% 107% (FY2025 Q4: 39%)
Slide 15: FY2026 Q2 Guidance
Quarterly FY2026 Q2 Guidance (Three Month Ended September 30, 2026) FY2026 FY2026 (Bn Yen) Q1 Results Q2 Guidance QoQ Revenue 1,767.1 2,390.0 +35.2% Non-GAAP 1,326.2 1,900.0 +43.3% Operating Profit Margin 75.0% Margin 79.5% Non-GAAP 1,291.5 1,880.0 +45.6% Profit Before Tax Margin 73.1% Margin 78.7%
Slide 16: Continued value creation driven by our strategic priorities
Continued value creation driven by our strategic priorities 1 Stock Split Purpose: To create a more attractive investment environment and expand our investor base Split Ratio: the Company’s common stock will be split at a ratio of 3 to 1 Record Date: September 30, 2026 Effective Date: Octobe
Slide 17: Key Takeaways
Key Takeaways Accelerated growth driven by AI demand 1 Q1 delivered record sales revenue and operating profit, with the trend continued into Q2 The widespread adoption of agentic AI is fueling robust NAND demand growth – still in its early stages We are on track toward our 50% LTA volume cover
Slide 18: KIOXIA
KIOXIA
Slide 19: Supplemental Financial Data
Supplemental Financial Data
Slide 20: Consolidated Profit or Loss (Non-GAAP)
Consolidated Profit or Loss (Non-GAAP) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 342.8 448.3 543.6 1,002.9 1,767.1 2,337.6 Growth Rate1 (1)% 31% 21% 84% 76% 37% Non-GAAP COGS (excl. R&D)2 249.0 302.8 345.6 337.1 361.6 1,234.4 % of Revenue 73% 68% 64% 34% 20% 53% Adjusted No
Slide 21: Consolidated Profit or Loss (Non-GAAP, JV-related Adjusted)
Consolidated Profit or Loss (Non-GAAP, JV-related Adjusted) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 342.8 448.3 543.6 1,002.9 1,767.1 2,337.6 JV related 42.5 43.0 51.4 56.5 59.1 193.4 Compensation attributable to the contract extension - - - 3.4 5.2 3.4 Revenue (excl. JV
Slide 22: Sales by Application
Sales by Application FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 342.8 448.3 543.6 1,002.9 1,767.1 2,337.6 Growth Rate1 (1)% 31% 21% 84% 76% 37% Smart Devices 79.0 157.3 186.3 337.3 525.7 760.0 % of Revenue 23% 35% 34% 34% 30% 33% SSD & Storage 217.4 244.6 300.4 600.3 1,174.7
Slide 23: Consolidated Profit or Loss (IFRS)
Consolidated Profit or Loss (IFRS) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Revenue 342.8 448.3 543.6 1,002.9 1,767.1 2,337.6 Growth Rate1 (1)% 31% 21% 84% 76% 37% IFRS COGS 271.6 326.2 367.0 359.9 387.1 1,324.7 % of Revenue 79% 73% 68% 36% 22% 57% IFRS Gross Profit (Loss) 71.2 12
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet FY2025 FY2026 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total Assets 2,894.0 2,982.2 3,194.8 3,690.1 4,730.5 Cash and Cash Equivalents 178.4 235.5 281.5 470.7 791.0 Trade and Other Receivables 211.5 236.4 347.8 660.6 1,151.6 Inventories 371.9 361.6 353.5 412.6 438.1 Property, Plant
Slide 25: Consolidated Cash Flow
Consolidated Cash Flow FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Net Cash provided by (used in) 61.1 114.0 147.0 294.4 866.3 616.5 Operating Activities Profit (Loss) before Tax 27.3 56.7 121.7 578.3 1,234.7 784.1 Depreciation and Amortization 80.0 78.9 77.6 76.4 76.1 312.8 Change i
Slide 26: Non-GAAP Measure Reconciliation - Quarterly (1/4)
Non-GAAP Measure Reconciliation - Quarterly (1/4) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS Gross Profit (Loss) 71.2 122.1 176.6 642.9 1,380.1 1,012.9 PPA Impact on COGS1 0.3 0.3 0.3 0.3 0.2 1.0 Non-GAAP Gross Profit (Loss) 71.5 122.4 176.9 643.2 1,380.2 1,013.9 R&D (within CO
Slide 27: Non-GAAP Measure Reconciliation - Quarterly (2/4)
Non-GAAP Measure Reconciliation - Quarterly (2/4) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS Net Income (Loss) 18.3 40.7 87.8 407.7 842.2 554.5 Non-GAAP OP Adj (a) 0.3 1.2 1.9 2.3 56.2 5.8 Non-GAAP Finance Profit/Loss Adj (b) 0.0 0.0 0.0 0.0 0.6 0.0 Tax effect (c) (0.1) (0.2) (
Slide 28: Non-GAAP Measure Reconciliation - Quarterly (3/4)
Non-GAAP Measure Reconciliation - Quarterly (3/4) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 IFRS COGS 271.6 326.2 367.0 359.9 387.1 1,324.7 PPA Impact on COGS1 0.3 0.3 0.3 0.3 0.2 1.0 Non-GAAP COGS 271.3 326.0 366.7 359.7 386.9 1,323.7 R&D (within COGS) 22.3 23.2 21.2 22.6 25.3 89.
Slide 29: Non-GAAP Measure Reconciliation - Quarterly (4/4)
Non-GAAP Measure Reconciliation - Quarterly (4/4) FY2025 FY2026 FY2025 (JPY Bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1-Q4 Total R&D 34.5 35.7 34.3 36.6 39.4 141.1 R&D (within COGS) 22.3 23.2 21.2 22.6 25.3 89.2 R&D (within SG&A) 12.2 12.6 13.1 14.0 14.1 51.8 IFRS D&A 80.0 78.9 77.6 76.4 76.1 312.8 PPA Impact on