GS Yuasa : Consolidated Earnings Report for the Nine Months ended December 31, 2025 (Japanese GAAP)

February 4, 2026

Stock listing: Tokyo Stock Exchange Securities code: 6674 URL: https://www.gs-yuasa.com/en/

Representative: Takashi Abe, President and CEO

Information contact: Hiroaki Matsushima

Director and CFO

Tel: +81-75-312-1211

Scheduled dates

Scheduled date to commence dividend payments: -

Supplementary materials to earnings report available: Yes

Earnings presentation held: Yes (targeted at institutional investors and analysts)

(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months ended December 31, 2025 (April 1, 2025 to December 31, 2025)

   1. Consolidated Operating Results (Percentages indicate year-on-year changes)

      	Net sales		Operating	profit	Ordinary	profit	Profit attributable to owners of parent
      	million yen	%	million yen	%	million yen	%	million yen	%
      Nine Months ended December 31, 2025	432,983	1.4	37,971	19.5	36,784	28.1	22,071	20.0
      Nine Months ended December 31, 2024	426,815	3.7	31,775	8.2	28,720	(0.8)	18,394	3.7

      Note: Comprehensive income: Nine Months ended December 31, 2025: ¥37,486 million, 44.5%

      Nine Months ended December 31, 2024: ¥25,942 million, (14.8)%

      	Basic earnings per share	Diluted earnings per share
      	yen	yen
      Nine Months ended December 31, 2025	220.03	-
      Nine Months ended December 31, 2024	183.39	-

      Reference: Operating profit before amortization of goodwill:

      Nine Months ended December 31, 2025: ¥38,556 million, 19.3%

      Nine Months ended December 31, 2024: ¥32,329 million, 8.4%

      The Company uses "operating profit before amortization of goodwill" as an important indicator for

      management.

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   	million yen	million yen	%
   As of December 31, 2025	716,337	415,687	51.5
   As of March 31, 2025	693,738	390,987	50.0

   Reference: Total equity: As of December 31, 2025: ¥368,799 million

   As of March 31, 2025: ¥347,046 million

2. Dividends

   	Dividend per share
   	End-Q1	End-Q2	End-Q3	Year-end	Total
   	yen	yen	yen	yen	yen
   Year ended March 31, 2025	-	20.00	-	55.00	75.00
   Year ending March 31, 2026	-	30.00	-
   Year ending March 31, 2026 (forecast)				60.00	90.00

   Note: The latest dividends forecast has been revised.

   For details, please refer to the "Notice Regarding Upward Revision to Dividends Forecast" released today

   (February 4, 2026).

3. Earnings Forecast for the Year ending March 31, 2026 (April 1, 2025 to March 31, 2026)

   (Percentages indicate year-on-year changes)

   	Net sales		Operating	profit	Ordinary	profit	Profit attributable to owners of parent		Basic earnings per share
   	million yen	%	million yen	%	million yen	%	million yen	%	yen
   Year ending March 31, 2026	600,000	3.4	53,500	6.9	51,500	11.1	36,000	18.4	358.88

   Note: The latest earnings forecast has been revised.

   For details, please see (3) Note on Consolidated Earnings Forecast and Other Forward-looking Statements on page 5.

   *Notes

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

   2. Use of accounting procedures specific to preparation of quarterly consolidated financial statements: Yes

   3. Changes in accounting policy, changes in accounting estimates, and retrospective restatement

      1. Changes in accordance with revisions to accounting and other standards: None

      2. Changes other than 1) above: None

      3. Changes in accounting estimates: None

      4. Retrospective restatement: None

   4. Number of shares issued (common stock)

      As of

      December 31, 2025

      As of March 31, 2025

      1. Number of shares issued (including treasury shares)

         100,446,442 100,446,442

      2. Number of treasury shares 126,223 144,588

         Nine Months ended Nine Months ended December 31, 2025 December 31, 2024

      3. Average number of shares outstanding during

   the period (cumulative from the beginning of the fiscal year)

   100,310,764 100,302,586

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

   *Appropriate Use of Earnings Forecast and Other Important Information

   The above forecasts are based on the assumptions of management in light of information available as of the release date of this report. GS Yuasa Corporation makes no assurances as to the actual results, which may differ from forecasts due to various factors such as changes in the business environment.

4. Qualitative Information on Operating Results, etc.

   1. Operating Results

      1. Overview

         In the first nine months of the fiscal year ending March 31, 2026, the global economy as a whole has been slowly recovering, but the outlook remained uncertain due to the impact of U.S. tariff policies, geopolitical risks, and fluctuations in financial markets.

         In this economic environment, the GS Yuasa Group's consolidated net sales for the first nine months of the fiscal year ending March 31, 2026 totaled ¥432,983 million, up ¥6,168 million or 1.4%, from the same period of the previous fiscal year. This increase in Group sales reflects an increase in sales of industrial batteries and power supplies, automotive batteries-Japan, and automotive lithium-ion batteries. In line with this, operating profit came to ¥37,971 million (operating profit before amortization of goodwill came to ¥38,556 million), up ¥6,196 million or 19.5% from the same period of the previous fiscal year. Ordinary profit came to ¥36,784 million, up ¥8,064 million or 28.1% from the same period of the previous fiscal year, mainly due to an increase in profit at operating profit level and the impact of a reversal from foreign exchange losses to foreign exchange gains. Profit attributable to owners of parent came to ¥22,071 million, up ¥3,676 million or 20.0% from the same period of the previous fiscal year, mainly due to an increase in gain on sale of non-current assets, despite an increase in income taxes.

      2. Business Segment Results (Automotive Batteries)

      Net sales in Japan for the first nine months of the fiscal year ending March 31, 2026 totaled ¥77,980 million, a year-on-year increase of ¥4,823 million or 6.6%, due to the increase in sales volume, and the measures to revise sales prices. Domestic automotive batteries segment profit (before goodwill amortization) came to ¥7,926 million, up ¥883 million or 12.5% from the same period of the previous fiscal year.

      Overseas net sales totaled ¥194,715 million, a year-on-year decrease of ¥4,604 million or 2.3%, due to the decrease in sales volume and the effect of yen appreciation on foreign exchange rate at the Turkey site, despite the increase in sales volume in Southeast Asia and Europe. Overseas automotive batteries segment profit (before goodwill amortization) came to ¥16,119 million, up

      ¥1,869 million or 13.1% from the same period of the previous fiscal year due to efforts in revisions of sales prices and the impact of subsidies under US inflation Reduction Act of 2022(IRA).

      As a result of the above factors, the automotive batteries segment's combined net sales in Japan and overseas in the first nine months of the fiscal year ending March 31, 2026 totaled ¥272,695 million, a year-on-year increase of ¥219 million or 0.1%. Overall automotive batteries segment profit (before goodwill amortization) came to ¥24,046 million, up ¥2,753 million or 12.9% from the same period of the previous fiscal year.

      (Industrial Batteries and Power Supplies)

      As a result of large orders received for emergency power supply systems and increased demand for lithium-ion batteries for energy storage systems, net sales in the industrial batteries and power supplies segment totaled ¥82,407 million, a year-on-year increase of ¥5,256 million or 6.8%. In line with this, segment profit (before goodwill amortization) came to ¥10,224 million, up ¥75 million or 0.7% from the same period of the previous fiscal year.

      (Automotive Lithium-ion Batteries)

      Net sales in the automotive lithium-ion batteries segment totaled ¥61,640 million, a year-on-year increase of ¥1,217 million or 2.0%, due to an increase in sales volume of lithium-ion batteries for plug-in hybrid vehicles, lithium-ion batteries for hybrid vehicles, etc. Segment profit (before goodwill amortization) came to ¥2,683 million, an increase of ¥3,842 million from the same period of the

      previous fiscal year, which had been affected by lower sales prices, etc. due to falling raw material market prices.

      (Other)

      Net sales in the other segment totaled ¥16,239 million, a year-on-year decrease of ¥524 million or 3.1%, which had been affected by lower sales prices, etc. due to falling raw material market of lithium-ion batteries for submarines. Segment profit after adjustments for corporate expenses, etc. (before goodwill amortization) came to ¥1,601 million, down ¥444 million or 21.7% from the same period of the previous fiscal year.

   2. Financial Condition

      Total assets amounted to ¥716,337 million, an increase of ¥22,599 million from the end of the previous fiscal year. This mainly reflects increases in inventories, machinery, equipment and vehicles, and construction in progress, despite a decrease in cash and deposits.

      Liabilities decreased to ¥300,650 million, down ¥2,100 million from the end of the previous fiscal year. This mainly reflects a decrease in borrowings, despite increases in trade payables and commercial papers.

      Net assets totaled ¥415,687 million, an increase of ¥24,699 million from the end of the previous fiscal year. This mainly reflects an increase due to the recording of profit attributable to owners of parent and an increase in the foreign currency translation adjustment due to forex rate fluctuations, which outweighed outflows from dividends paid.

   3. Note on Consolidated Earnings Forecast and Other Forward-looking Statements We revised the consolidated earnings forecast that was announced on May 13, 2025.

   (Revision to consolidated earnings forecast for full year (April 1, 2025 - March 31, 2026))

   	Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent	Basic earnings per share
   	million yen	million yen	million yen	million yen	yen
   Previous forecast (A)	600,000	51,000	49,000	33,000	328.99
   Revised forecast (B)	600,000	53,500	51,500	36,000	358.88
   Change (B-A)	-	2,500	2,500	3,000	-
   Change (%)	-	4.9	5.1	9.1	-
   (Reference: Results for the fiscal year ended March 31, 2025)	580,340	50,028	46,345	30,416	303.25

   Operating profit is expected to exceed the previous forecast despite factors such as the timing impact of regular projects for industrial batteries and power supplies, due to the influence of subsidies under US inflation Reduction Act of 2022(IRA) for automotive batteries overseas and efforts to correct sales prices for automotive lithium-ion batteries. Ordinary profit is expected to exceed the previous forecast due to improvements at the operating profit level. Profit attributable to owners of parent is expected to exceed the previous forecast due to improvements at the ordinary profit level, as well as the impact of selling cross-shareholdings.

   The year-end dividend forecast has been revised to ¥60 per share, an increase of ¥10 from the previous forecast of ¥50, to reflect the revision to the earnings forecast. For details, please refer to the "Notice Regarding Upward Revision to Dividends Forecast" released today (February 4, 2026).

5. Consolidated Financial Statements and Notes
   1. Consolidated Balance Sheets

      As of

      (Millions of yen) As of

      March 31, 2025 December 31, 2025

      Amount Amount

      Assets Current assets

      Cash and deposits 60,788 32,877

      Notes and accounts receivable - trade, and contract assets

      101,946 102,546

      Electronically recorded monetary claims -operating	10,812	9,726
      Merchandise and finished goods	67,704	82,037
      Work in process	24,863	28,362
      Raw materials and supplies	32,170	36,944
      Other	22,490	18,494
      Allowance for doubtful accounts	(557)	(525)
      Total current assets	320,219	310,465
      Non-current assets
      Property, plant and equipment
      Buildings and structures, net	68,403	68,727
      Machinery, equipment and vehicles, net	47,940	60,589
      Land	38,325	39,867
      Leased assets, net	348	405
      Right-of-use assets, net	7,640	8,951
      Construction in progress	49,508	60,203
      Other, net	7,469	8,358
      Total property, plant and equipment	219,636	247,104
      Intangible assets
      Goodwill	813	558
      Leased assets	486	333
      Other	3,497	3,374
      Total intangible assets	4,797	4,267
      Investments and other assets
      Investment securities	78,432	81,857
      Retirement benefit asset	58,972	59,819
      Deferred tax assets	3,279	3,675
      Lease receivables	2,488	2,972
      Other	6,253	6,517
      Allowance for doubtful accounts	(342)	(341)
      Total investments and other assets	149,084	154,501
      Total non-current assets	373,519	405,872
      Total assets	693,738	716,337

      As of

      (Millions of yen) As of

      Liabilities Current liabilities

      March 31, 2025 December 31, 2025

      Amount Amount

      Notes and accounts payable - trade 51,705 46,806

      Electronically recorded obligations - operating	22,023	32,796
      Short-term borrowings	44,255	37,874
      Commercial papers	-	6,500
      Accounts payable - other	16,244	10,744
      Income taxes payable	8,903	7,548
      Notes payable - facilities	22	-

      Electronically recorded obligations -facilities

      4,944 2,363

      Provision for bonuses for directors (and other officers)	269	-
      Other	37,904	45,411
      Total current liabilities	186,273	190,045
      Non-current liabilities
      Bonds payable	20,000	20,000
      Long-term borrowings	41,400	32,750
      Lease liabilities	9,377	10,986
      Deferred tax liabilities	31,507	32,163
      Deferred tax liabilities for land revaluation	800	800
      Provision for retirement benefits for directors (and other officers)	37	39
      Retirement benefit liability	5,429	5,791
      Other	7,925	8,073
      Total non-current liabilities	116,478	110,605
      Total liabilities	302,751	300,650
      Net assets Shareholders' equity
      Share capital	52,841	52,841
      Capital surplus	73,450	73,307
      Retained earnings	153,468	167,002
      Treasury shares	(375)	(327)
      Total shareholders' equity	279,384	292,824
      Accumulated other comprehensive income Valuation difference on available-for-sale securities	18,975	21,040
      Deferred gains or losses on hedges	(257)	(69)
      Revaluation reserve for land	1,771	1,771
      Foreign currency translation adjustment	25,809	33,542
      Remeasurements of defined benefit plans	21,361	19,689
      Total accumulated other comprehensive income	67,661	75,975
      Non-controlling interests	43,940	46,887
      Total net assets	390,987	415,687
      Total liabilities and net assets	693,738	716,337

   2. Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income

      Nine months ended December 31, 2024

      (Millions of yen) Nine months ended December 31, 2025

      	Amount	Amount
      Net sales	426,815	432,983
      Cost of sales	327,241	324,943
      Gross profit	99,574	108,039
      Selling, general and administrative expenses	67,798	70,067
      Operating profit	31,775	37,971
      Non-operating income
      Interest and dividend income	1,354	1,302
      Share of profit of entities accounted for using equity method	1,651	755
      Foreign exchange gains	-	184
      Gain on net monetary position	1,722	1,922
      Other	451	1,012
      Total non-operating income	5,179	5,177
      Non-operating expenses
      Interest expenses	3,563	4,760
      Foreign exchange losses	2,321	-
      Loss on sale of receivables	1,115	726
      Other	1,234	877
      Total non-operating expenses	8,235	6,364
      Ordinary profit	28,720	36,784
      Extraordinary income
      Gain on sale of non-current assets	15	1,573
      Gain on sale of investment securities	-	106
      Gain on receipt of national subsidies	62	255
      Insurance claim income	-	352
      Reversal of special suspense account for tax	313	80

      purpose reduction entry

      Gain on transfer of investments in capital of subsidiaries and associates

      691 -

      Total extraordinary income 1,084 2,368

      Nine months ended December 31, 2024

      Nine months ended December 31, 2025

      Amount Amount

      Extraordinary losses

      Loss on retirement of non-current assets 213 153

      Loss on sale of non-current assets 0 31

      Provision for special suspense account for tax purpose reduction entry Environmental expenses	53 -	210 543
      Loss on change in equity	7	151
      Total extraordinary losses	548	1,161
      Profit before income taxes	29,255	37,992
      Income taxes	8,321	12,165
      Profit	20,934	25,826

      Loss on tax purpose reduction entry of non-current assets

      273 71

      Profit attributable to non-controlling interests

      2,540 3,755

      Profit attributable to owners of parent 18,394 22,071 Consolidated Statements of Comprehensive Income

      Nine months ended December 31, 2024

      (Millions of yen) Nine months ended December 31, 2025

      Amount Amount

      Profit 20,934 25,826 Other comprehensive income

      Valuation difference on available-for-sale securities	(243)	1,857
      Deferred gains or losses on hedges	532	294
      Foreign currency translation adjustment	6,586	10,848

      Remeasurements of defined benefit plans, net of tax

      (1,647) (1,672)

      Share of other comprehensive income of entities accounted for using equity method	(219)	331
      Total other comprehensive income	5,008	11,659
      Comprehensive income	25,942	37,486
      Comprehensive income attributable to

      Comprehensive income attributable to owners of parent

      Comprehensive income attributable to non-controlling interests

      20,443 30,385

      5,499 7,100

   3. Notes on the Consolidated Financial Statements

      (Use of accounting procedures specific to preparation of quarterly consolidated financial statements)

      (Tax expense calculation)

      The Company calculates tax expenses by rationally estimating its effective tax rate after application of tax effect accounting to profit before income taxes for the current fiscal year, which includes the third quarter ended December 31, 2025, and multiplying profit before income taxes by said estimated effective tax rate. However, in cases where calculations using said estimated effective tax rate yield a result that is notably lacking rationality, tax expenses are calculated using the statutory effective tax rate.

      (Notes on segment and other information) Segment information

      1. Nine months ended December 31, 2024 (April 1 to December 31, 2024)

         1. Net sales and profit/loss by reportable segment

            Reportable segment Automotive Batteries Industrial

            Batteries

            Automotive

            (Millions of yen)

            Other

            Japan Overseas			Subtotal	and Power Supplies	Lithium-ion Batteries	Total	(note)
            Net sales Revenues from external 73,156 199,320			272,476	77,151	60,423	410,050	16,764	426,815
            Transactions with other 1,206 2,685			3,891	12,907	6,781	23,580	(23,580)	-
            Total	74,362	202,005	276,368	90,058	67,204	433,631	(6,815)	426,815
            Segment profit (loss)	7,042	14,249	21,292	10,149	(1,158)	30,282	2,046	32,329

            Total

            customers segments

            Notes: 1. "Other" comprises a) businesses that are not included in any of the reportable segments such as

            special batteries business and b) segment profit adjustment. Adjustment for segment profit (loss) was

            ¥(1,468) million, which includes ¥(415) million elimination of inter-segment transactions and ¥(1,052) million of unallocated corporate expenses. The main component of these unallocated corporate expenses is general and administrative expenses that are not attributable to reportable segments.

         2. The difference between the total segment profit (loss) in the table above and operating profit of

            ¥31,775 million on the consolidated statements of income represents amortization of goodwill and other intangible assets of ¥553 million. These goodwill and other intangible assets include identifiable assets acquired on the effective date of business combination.

      2. Nine months ended December 31, 2025 (April 1 to December 31, 2025)

         1. Net sales and profit/loss by reportable segment

            Reportable segment Automotive Batteries Industrial

            Batteries

            Automotive

            (Millions of yen)

            Other

            Japan Overseas			Subtotal	and Power Supplies	Lithium-ion Batteries	Total	(note)
            Net sales Revenues from external 77,980 194,715			272,695	82,407	61,640	416,743	16,239	432,983
            Transactions with other 1,233 2,436			3,670	10,904	8,657	23,232	(23,232)	-
            Total	79,213	197,152	276,365	93,312	70,298	439,976	(6,992)	432,983
            Segment profit	7,926	16,119	24,046	10,224	2,683	36,954	1,601	38,556

            Total

            customers segments

            Notes: 1. "Other" comprises a) businesses that are not included in any of the reportable segments such as

            special batteries business and b) segment profit adjustment. Adjustment for segment profit was

            ¥(1,582) million, which includes ¥(300) million elimination of inter-segment transactions and ¥(1,282) million of unallocated corporate expenses. The main component of these unallocated corporate expenses is general and administrative expenses that are not attributable to reportable segments.

         2. The difference between the total segment profit in the table above and operating profit of ¥37,971 million on the consolidated statements of income represents amortization of goodwill and other intangible assets of ¥584 million. These goodwill and other intangible assets include identifiable assets acquired on the effective date of business combination.

   (Note on significant change in shareholders' equity)

   Not applicable

   (Note on the going-concern assumption)

   Not applicable

   (Note on statements of cash flows)

   Quarterly consolidated statements of cash flows have not been prepared for the first nine months of the fiscal year ending March 31, 2026. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the first nine months of the respective fiscal years are as follows.

   Nine months ended December 31, 2024

   (Millions of yen)

   Nine months ended December 31, 2025

   (April 1 to December 31, 2024) (April 1 to December 31, 2025)

   Depreciation	18,572	18,468
   Amortization of goodwill	314	335

   (Additional information)

   (Accounting procedures in hyperinflationary economies)

   During the fiscal year ended March 31, 2023, since the cumulative three-year inflation rate in Turkey exceeded 100%, the GS Yuasa Group determined that its subsidiary in Turkey, whose functional currency is the Turkish lira, is operating in a hyperinflationary economy. Therefore, the GS Yuasa Group has made accounting adjustments to the financial statements of its Turkish subsidiary in accordance with the requirements set forth in IAS 29 "Financial Reporting in Hyperinflationary Economies" from the first quarter of the fiscal year ended March 31, 2023. IAS 29 requires that the financial statements of subsidiaries in a hyperinflationary economy be restated by applying the unit of measurement as of the end of the reporting period before inclusion in the consolidated financial statements. The Group uses conversion factors calculated from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TURKSTAT) for the purpose of adjusting the financial statements of its subsidiary in Turkey.

   For the subsidiary in Turkey, non-monetary items such as property, plant, and equipment presented at cost are adjusted using conversion factors based on the acquisition date or the reevaluation date. Monetary and non-monetary items presented at current cost are not adjusted, since they are considered to be presented in the unit of measurement as of the end of the reporting period. The effect of inflation on net monetary items is presented in non-operating income/loss in the consolidated statements of income. The financial statements of the Turkish subsidiary are translated into Japanese yen at the spot rate prevailing on the last day of the quarter and reflected in the consolidated financial statements of the GS Yuasa Group.

6. Supplementary Information

Quarterly profit/loss

Fiscal year ending March 31, 2026 (April 1, 2025 to March 31, 2026) (Millions of yen)

Fiscal year ended March 31, 2025 (April 1, 2024 to March 31, 2025) (Millions of yen)

Q1 Q2

Q3 Q4

Q2 YTD

Q3 YTD

Full year

(Apr. - Jun.) (Jul. - Sep.) (Oct. - Dec.)(Jan. - Mar.) (Apr. - Sep.)(Apr. - Dec.)

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024) (Millions of yen)

Q1 Q2

Q3 Q4

Q2 YTD

Q3 YTD

Full year

(Apr. - Jun.) (Jul. - Sep.) (Oct. - Dec.) (Jan. - Mar.) (Apr. - Sep.)(Apr. - Dec.)

Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023) (Millions of yen)

Q1 Q2

Q3 Q4

Q2 YTD

Q3 YTD

Full year

(Apr. - Jun.) (Jul. - Sep.) (Oct. - Dec.)(Jan. - Mar.) (Apr. - Sep.)(Apr. - Dec.)

Fiscal year ended March 31, 2022 (April 1, 2021 to March 31, 2022) (Millions of yen)