Air Water : (Corrections)Consolidated Financial Results for the Six Months Ended September 30, 2025(Under IFRS)

February 17 2026

AIR WATER INC.

Head Office: 12-8, Minami semba 2-chome,

Chuo-ku, Osaka, Japan

(Corrections) Regarding Revisions to the English Version of the "Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under IFRS) "

Although there are no changes to the figures in the financial statements, we have revised certain wording to align with the examples published by the Tokyo Stock Exchange and other stylistic standards. Accordingly, we are reissuing the full document. The revisions are as follows:

１．Added the following statement at the beginning of the document:

"Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail."

２．Unified the presentation of negative figures using parentheses "( )".

３．Adjusted the headings of each table to conform to the examples published by the Tokyo Stock Exchange.

４．Added the Japanese text that appears in the original document to section "4. Qualitative Information relating to Second Quarter Settlement of Accounts."

５．Clarified that the comparative figures in "5. Condensed Quarterly Consolidated Financial Statements" reflect the amounts after restatement.

６．Deleted the text in "(Basis of preparation) (1) Statement of Compliance with IFRS" to align with the Japanese version.

７．Standardized the term "million" to "million yen" and corrected several typographical errors.

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

February 13, 2026

for the Six Months Ended September 30, 2025 (Under IFRS)

AIR WATER INC.

Head Office: 12-8, Minami semba 2-chome,

Chuo-ku, Osaka, Japan (Note: All amounts are rounded down to the nearest million yen.)

1. Results for the six months ended September 30, 2025

   1. Consolidated operating results

      (% of change from previous year)

      	Revenue		Operating	profit	Profit before tax		Profit		Profit attributable to owners of parent		Total comprehensive income
      Six months ended September 30, 2025	Million yen 516,639	% 2.4	Million yen (5,447)	% -	Million yen (17,623)	% -	Million yen (21,580)	% -	Million yen (21,179)	% -	Million yen (16,315)	% -
      Six months ended September 30, 2024	504,608	6.5	27,612	0.1	26,792	(0.5)	17,345	1.5	17,175	4.1	11,902	(70.3)

      	Basic earnings per share	Diluted earnings per share
      Six months ended September 30, 2025	Yen (92.42)	Yen (92.42)
      Six months ended September 30, 2024	75.18	75.13

   2. Consolidated financial position

   	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets
   As of September 30, 2025	Million yen	Million yen	Million yen	%
   	1,153,403	459,455	444,749	38.56
   As of March 31, 2025	1,226,240	492,318	472,917	38.57

2. Cash Dividends

   	Dividend per share
   	First quarter-end	Second quarter-end	Third quarter- end	Fiscal year- end	Total
   Fiscal year ended March 31, 2025	Yen -	Yen 32.00	Yen -	Yen 43.00	Yen 75.00
   Fiscal year ending March 31, 2026	-	37.50
   Fiscal year ending March 31, 2026 (Forecasts)			-	37.50	75.00

   (Note) Changes in forecast of dividends for the fiscal year ending March 31, 2026, from the latest disclosure: No

3. Forecast of consolidated operating results for the fiscal year ending March 31, 2026

   (% of change from previous year)

   	Revenue		Operating profit		Profit before tax		Profit attributable to owners of parent		Basic earnings per share
   	Million yen	%	Million yen	%	Million yen	%	Million yen	% -	Yen
   The fiscal year	1,150,000	8.4	14,000	(77.2)	0	(100.0)	(10,000)		(43.63)

   (Note) Changes in forecast of consolidated operating results for the fiscal year ending March 31, 2026, from the latest disclosure: Yes

   Notes

   1. Significant changes in the scope of consolidation during the period : None

   2. Changes in accounting policies and changes in accounting estimates

      1. Changes in accounting policies required by IFRS: None

      2. Changes in accounting policies other than (a): None

      3. Changes in accounting estimates: None

   3. Number of shares outstanding (ordinary shares)

      1. Total number of shares outstanding (including treasury shares)

         As of September 30, 2025: 229,755,057 shares

         As of March 31, 2025: 229,755,057 shares

      2. Number of shares of treasury shares

         As of September 30, 2025: 538,051 shares

         As of March 31, 2025: 599,422 shares

      3. Average number of shares during the term

   Six months of the fiscal year ending March 31, 2026: 229,176,907 shares

   Six months of the fiscal year ended March 31, 2025: 228,463,198 shares

   • Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm : None

   • Explanations and other special notes concerning the appropriate use of business performance forecasts

   ・The forward-looking statements such as result forecasts included in this document are based on the information available to AIR WATER INC. (hereinafter "the Company") at the time of the announcement and on certain assumptions considered reasonable. Actual results may differ materially from the forecast depending on a range of factors. For matters relating to the forecasts, please, refer to "1-(3) Explanation of future prediction information such as forecast of consolidated operating results".

4. Qualitative Information relating to Second Quarter Settlement of Accounts

As stated in "(Restatement due to Correction of Prior-period Errors)" in the Notes to the Summary Interim Consolidated Financial Statements, the Company established a Special Investigation Committee and has been conducting an investigation following the discovery of inappropriate accounting practices related to inventories at a consolidated subsidiary. While the investigation by the Special Investigation Committee and the Company's own internal review are still ongoing, based on the report received on February 12, 2026, reflecting the status as of February 9, 2026, as well as the progress of the Company's internal review, the Company has restated its prior-year (summary interim) consolidated financial statements and related documents to correct the inappropriate accounting treatments identified in past periods.

The analytical figures presented below are based on the consolidated financial statements for the interim consolidated accounting period and the consolidated fiscal year of the 25th term, which reflect these restatements.

(1) Explanation of Operating Results

1. Operating results for the current period

   For the cumulative second quarter of the current consolidated fiscal year, the group's revenue was ¥516,639 million (102.4% that of the corresponding period of the previous year), operating loss was ¥5,447 million (operating profit of the corresponding period of the previous year was ¥27,612 million), and loss attributable to owners of parent was ¥21,179 million (profit attributable to owners of parent of the corresponding period of the previous year was ¥17,175 million).

   As announced in our disclosure dated October 9, 2025, titled "Notice Regarding the Establishment of a Special Investigating Committee," the Company has confirmed inappropriate accounting treatments related to inventories and other items.

   In response to these circumstances, the Company established a Special Investigating Committee composed of external experts and has been conducting an investigation.

   With respect to the impact of the inappropriate accounting on the results for the second quarter, the Company has identified the effects arising from the investigation conducted by the Special Investigating Committee, as well as those resulting from voluntary inspection procedures and the reassessment of internal controls(including a re-examination of financial figures and accounting treatments). The related one-time impacts have been reflected in quarterly profit.

   In addition, with respect to past investment projects, the Company has re-examined future profitability in detail, identified indicators of impairment at an early stage, and proceeded with reviews and revisions as necessary.

   For the second quarter, primarily in overseas operations, the Company assessed the recoverability of fixed assets, goodwill, and intangible assets, and has similarly reflected the impact of impairment losses in the financial results.

2. Consolidated results by segment for this period

Beginning the second quarter of the fiscal year under review, the Group has revised its segment classifications for certain businesses. The logistics business previously included in the Agriculture & Foods segment has been transferred to "Other Businesses."

The segment information for the second quarter of the previous consolidated fiscal year shown here was prepared based on the revised reporting segments.

（Million yen）

Revenue Operating profit

FY 2025.2Q YoY Growth FY2025.2Q YoY Growth

(Note) The adjustment to operating profit is due to costs incurred at the company's headquarters division which was not allocated to any reporting segment.

<Digital & Industry>

Revenue in this segment was ¥159,987 million (96.9% that of the corresponding period of the previous year), and operating loss was ¥16,708 million (operating profit of the corresponding period of the previous year was ¥13,833 million). In the Industrial Gas Unit, the management of the prices of industrial gases positively contributed to the results. In the Gas Products Unit, the amount of gas supplied decreased due to the suspension of some blast furnace operations at steel

on-site facilities.

In the Digital Unit, in response to the demand for semiconductors for generative AI applications, sales increased not only in gas supply for advanced semiconductors but also in products such as gas refining equipment and heat control devices for semiconductor manufacturing systems. In the Functional Materials field, performance proceeded steadily due to a recovery in sales of sealants and basic chemicals, as well as the effects of price management.

In the Global & Engineering Unit, the India business experienced temporary impacts due to long-term maintenance at blast furnaces at steel on-site facilities. In the North America business, conditions remained challenging, including a partial withdrawal from the cryogenic equipment business due to a sharp decline in hydrogen-related demand triggered by U.S. policy developments. In the high-output uninterruptible power source (UPS) business, although there was a decline in profit due to the absence of large-scale projects recorded in the previous fiscal year, performance remained steady, supported by the receipt of new orders.

In this segment, the Company has incorporated the impact of the withdrawal from the North American low-temperature equipment business, as well as impairment losses recorded in the India business and other operations.

As a result, revenue declined compared with the same period of the previous year, and operating profit fell significantly below the level of the same period of the previous year.

<Energy solutions>

Revenue in this segment was ¥39,819 million (103.7％), and operating loss was ¥353 million (operating profit of the corresponding period of the previous year was ¥2,111 million).

In the Energy Solutions Unit, for both LP gas and kerosene, sales the effects of revisions to selling prices and ancillary service fees, as well as an increase in sales volumes for household use, which is the core business.

The Green Innovation Unit remained solid by securing sales volumes and striving for a stable supply, despite the shortage of raw gas in the carbonic acid gas supply chain. In addition, sales volumes of hydrogen expanded, mainly for semiconductor-related applications.

In this segment, the Company has incorporated the impact of impairment losses related to green innovation-related