Hibiya Engineering : Earnings Announcement For the First Half of the Fiscal Year Ending March 31, 2026

‌Hibiya Engineering, Ltd.

(Stock code: 1982)

Earnings Presentation for the First Half of the Fiscal Year Ending March 31, 2026 November 11, 2025

• ‌Net sales and profit increased YoY.

• Orders received remained steady, with large projects secured in every category, including data centers/information, driven by ongoing strategic sales activities.

• Net sales increased YoY, due partly to steady progress of projects carried over from the previous fiscal year.

• Profit margin increased due to improvements in projected profit at the time of receiving orders, as well as in the profitability of construction projects completed, resulting in a YoY increase in each line-item profit.

  (Billion yen)

  	9/2023	9/2024	9/2025	YoY change	YoY change (%)
  Orders received	50.7	30.5	46.3	+15.7	+51.5%
  Net sales	33.0	37.6	40.5	+2.8	+7.7%
  Gross profit	4.9	7.3	8.1	+0.8	+11.3%
  Gross profit margin	14.9%	19.4%	20.1%	+0.7	-
  Operating profit	0.9	3.2	3.6	+0.3	+11.7%
  Ordinary profit	1.4	3.5	3.9	+0.4	+11.8%
  Profit attributable to owners of parent	0.9	2.5	2.8	+0.2	+10.1%

  3/2024 Result (full year)	3/2025 Result (full year)	3/2026 Forecast (full year) Announced on May 13, 2025
  105.5	93.6	95.5
  83.7	89.7	93.5
  14.9	17.2	17.6
  17.8%	19.2%	18.9%
  5.7	7.4	7.8
  6.4	8.1	8.4
  4.8	5.9	6.0

  Financial Highlights (Consolidated)

  
  
  

  • ‌To date, no change has been made to the forecast announced on May 13.

    • Strategic sales activities will continue to be implemented to ensure steady progress toward achieving the full-year

      forecast for orders received.

    • Sales performed well in the first half, but no revision is made to the net sales forecast. This is mainly due to the pull-forward impact of net sales recognized in the first half, and the risk of potential extensions of construction periods.

    • Profits were healthy in the first half, but forecasts are kept unrevised in consideration of risks in the second half.

(Billion yen)

Forecast for FY3/2026

• ‌ In terms of orders by customer, orders rose YoY, driven by strong demand for large projects across the private and public sectors.

• By category, orders increased YoY for large air conditioning as well as plumbing and sanitation projects.

  • Affected by the decline in orders due to the order cancellation pertaining to past fiscal year.

60.0

By Customer

(Billion yen)

60.0

By Category

(Billion yen)

50.0

40.0

30.0

20.0

10.0

50.0

40.0

30.0

20.0

10.0

0.0

9/2023 9/2024 9/2025

0.0

9/2023 9/2024 9/2025

NTT Group Public sector Private sector Other*

Air conditioning Plumbing and sanitation Electrical

*

Other

Orders Received (1): By Customer/Category (Consolidated)

Orders Received (2): By Facility Category (Non-consolidated)

• ‌ Orders received increased YoY, driven by large projects in office buildings, manufacturing/ distribution, and other categories.

• Further sales activities will focus primarily on data centers/information.

  Data centers/Information
  
  
  Office buildings
  
  
  Manufacturing/Distribution
  
  
  Education/Healthcare
  
  
  Hotels/Resorts
  
  
  Other
  
  

  50.0

  45.0

  40.0

  35.0

  30.0

  25.0

  20.0

  15.0

  10.0

  5.0

  0.0

  Trends in orders received (non-consolidated)

  14.2

  16.9

  5.0

  0.0

  1.7

  1.0

  0.3

  0.2

  4.8

  2.4

0.8

3.4

0.2

1.6

8.5

26.7 46.3

9/2023 9/2024 9/2025

(Billion yen)

Orders Received (3): New vs. Renovation Split (Non-consolidated)

26.7 46.3

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

9/2023 9/2024 9/2025

• ‌ Net sales by customer increased, driven by solid progress on construction projects carried over from the previous fiscal year in the private and public sectors.

• Net sales increased in a balanced manner across air conditioning, plumbing and sanitation, and electrical categories.

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

By Customer

(Billion yen)

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

By Category

(Billion yen)

0.0

9/2023 9/2024 9/2025

0.0

9/2023 9/2024 9/2025

NTT Group Public sector Private sector Other*

Air conditioning Plumbing and sanitation Electrical Other*

* Sales earned by consolidated subsidiaries

Net Sales (1): By Customer/Category (Consolidated)

Net Sales (2): By Facility Category (Non-consolidated)

• ‌Office buildings recorded significant YoY growth due to construction progress on multiple large projects.

• Education/Healthcare increased YoY due to construction progress on a large-scale hospital project.

• Other increased YoY due to construction progress on apartment buildings under large-scale redevelopment projects.

  Data centers/Information
  
  
  Office buildings
  
  
  Manufacturing/Distribution
  
  
  Education/Healthcare
  
  
  Hotels/Resorts
  
  
  Other
  
  

  40.0

  35.0

  30.0

  25.0

  20.0

  15.0

  10.0

  5.0

  0.0

  Trends in net sales (non-consolidated) 37.3

  16.2

  13.7

  1.1

  1.2

  1.9

  0.0

  2.9

  2.2

  2.6

  2.7

  1.0

2.5

9/2023 9/2024 9/2025

(Billion yen)

Net Sales (3): New vs. Renovation Split (Non-consolidated)

• ‌Both new construction and renovation expanded.

• The new construction ratio increased due to growth in new construction projects in the private sector.

  Renovation
  
  
  New construction
  
  

  40.0

  35.0

  30.0

  25.0

  20.0

  15.0

  Trends in new vs. renovation split (non-consolidated)

  37.3

  17.2

  (60.2%)

  *Including ¥0.44 bn for

  20.5

  (55.1%)

  *Including ¥0.83 bn for

  fit-out construction

  16.7

  (44.9%)

  11.3

  (39.8%)

for

*Inc

(Billion yen)

10.0

5.0

0.0

9/2023 9/2024 9/2025

5.9

9.0

17.7

18.5

4.0

17.7

20.7

3/2023 9/2023 3/2024 9/2024 3/2025 9/2025

NTT Group Public sector Private sector Other*

Projects Carried Over by Customer (Consolidated)

• • ‌ Projects carried over remained at a high level, with well-balanced mix across air conditioning, plumbing and sanitation, and electrical categories.

    100.0

    90.0

    80.0

    70.0

    60.0

    50.0

    59.9

    0.3

    9.9

    77.6

    0.4

    14.9

    20.5

    81.7

    0.2

    13.6

    22.6

    By Category
    
    
    

    74.6

    0.4

    13.4

    18.4

    85.6

    0.3

    13.8

    22.2

    0.6

    (Billion yen)

    91.3

    14.4

    29.1

    40.0 18.2

    30.0

    20.0

    10.0

    31.3

    41.7

    45.2

    42.3

    49.1

    47.1

    0.0

    3/2023 9/2023 3/2024 9/2024 3/2025 9/2025

    Air conditioning
    Plumbing and sanitation
    Electrical
    Other*
    
    

    Projects Carried Over by Category (Consolidated)

    
    
    

  • ‌ Construction projects scheduled for completion beyond the fiscal year after next rose significantly YoY, driven by higher orders for large private-sector projects.

    40.0

    35.0

    30.0

    25.0

    36.0 36.3

    15.4

    19.8

    By completion period
    
    
    

    35.7

    
    
    

    32.4

    (Billion yen)

    NTT Group

    Public sector
    Private sector
    
    

    20.0

    15.0

    10.0

    5.0

    0.0

    2.3

    13.9

    As of September 30, 2024

    6.0

    14.8

    As of September 30, 2025

    3.8

    22.9

    5.6

    As of September 30, 2024

    26.6

    3.8

    As of September 30, 2025

    5.2

    1.1

    5.8

    4.7

    As of September 30, 2024

    18.6

    16.0

    As of September 30, 2025

    2.0

    0.5

    To be completed within the current fiscal year

    To be completed in the next fiscal year

    To be completed in the fiscal year after next

    or thereafter

    To be completed in FY3/25 FY3/26 FY3/26 FY3/27

    FY3/27 FY3/28

    or beyond or beyond

    Projects Carried Over by Completion Period (Non-consolidated)

    
    
    

    Trends in Dividends per Share

    
    
    

  • ‌Dividends are maintained or increased in a stable and consistent manner in line with medium- to long-term profit growth.

    • The interim dividend stayed unchanged from the forecast at ¥50 per share, up ¥6 per share YoY.

    • Previous fiscal year: ¥44 for interim and ¥50 for year-end dividends, for an annual dividend of ¥94 --> Forecast for the current fiscal year: ¥50 for interim and year-end dividends each, for an annual dividend of ¥100

    110

    
    
    

    (Yen per share)

    Interim dividend
    Year-end dividend
    
    

    90

    70

    50

    30

    16

    -10

    2015/3

    2016/3

    2017/3

    10 16

    25

    20

    2018/3

    2019/3

    2020/3

    2021/3

    2022/3

    2023/3

    2024/3

    2025/3

    2026/3

    20 25

    40 40

    30

    40 40

    30

    50

    50

    40 42 43 43

    40 40 42 43 44 50

    FY	3/2015	3/2016	3/2017	3/2018	3/2019	3/2020	3/2021	3/2022	3/2023	3/2024	3/2025	3/2026
    Interim	16	20	25	30	40	40	40	40	42	43	44	50
    Year-end	16	20	25	30	40	40	40	42	43	43	50	50 (Forecast)
    Full-year	32	40	50	60	80	80	80	82	85	86	94	100 (Forecast)
    Payout ratio (consolidated)	36.5%	25.5%	28.0%	22.9%	71.9%	54.3%	62.1%	44.6%	42.4%	40.7%	35.5%	(36.7%)
    DOE	1.7%	2.1%	2.5%	2.7%	3.3%	3.3%	3.2%	3.2%	3.1%	3.0%	3.0%	-

    • ‌Regarding the share buyback as a means of capital allocation, we conduct share buybacks in a flexible and

      timely manner in view of investment opportunities, share price, and investment efficiency.

      • Share buybacks will be conducted flexibly and timely, up to an upper limit of 600,000 shares for ¥2.10 bn.

      • Result at the end of September: 409,700 shares for ¥1.49 bn purchased (with achievement rates of 68.28% in terms of the number of shares and 71.29% in terms of the buyback amount)

    
    
    
    
    
    

    495.1

    5,000

    Number of shares acquired
    
    

    (Thousands of shares)

    4,000

    500

    400

    300

    455.8

    440.2

    462.2

    4,529.988

    8

    4

    I

    378.9

    ncludes tender offer for

    ,493.98

    300.0

    592.3

    582.7

    527.7

    600.0

    (Upper limit)

    409.7

    bought back

    200

    (As of September 30, 2025)

    buybacks

    conducted

    No share

    100

    2015/3

    2016/3

    2017/3

    2018/3

    2019/3

    2020/3

    2021/3

    2022/3

    2023/3

    2024/3

    2025/3

    2026/3

    0

    FY	3/2015	3/2016	3/2017	3/2018	3/2019	3/2020	3/2021	3/2022	3/2023	3/2024	3/2025	3/2026
    Buyback amount (bn yen)	0.72	0.70	0.75	11.09	0.70	0.56	-	0.94	1.13	1.39	1.79	2.10 (Upper limit)

    Total return ratio (%)

    64.3

    40.7

    53.0

    23.2*

    98.1

    70.6

    62.6

    66.1

    66.6

    70.0

    65.9

    -

    Trends in Share Buyback

    
    
    

    ‌8th Medium-term Management Plan Initiatives

    
    
    

• ‌ The importance of cooling technologies and energy-saving measures in response to hyperscale data center expansion

• The expansion of hyperscale data centers is driving higher power consumption, which in turn increases exhaust heat.

• Traditional air cooling has reached its technical limits, and energy-saving measures require reconsideration.

Power consumption and cooling technologies for data-center servers by application

* Source: Prepared by Hibiya Engineering based on publicly available press materials

Increased per-rack heat generation due to ultra-high density

Future issues

Efficient cooling technologies

Increase in power consumption

[Next-generation cooling technologies]

Rear door coolers (a liquid cooling

method)

Technology that captures exhaust heat and cools with the cooling system installed on the rear of a server rack

Liquid-cooled servers (Cold Plate)

Technology that directly cools chips in servers

Immersion cooling (a liquid

cooling method)

Technology in which a server is immersed in special liquid to cool chips and peripherals

[Our initiatives]

• Acquire next-generation cooling technologies

  Verify next-generation cooling technologies at the Data Center Trial Field (DCTF)

• Integrate knowledge and business capabilities with alliance partners

  Drive open innovation and further business development through the DCTF

• Build a data-center construction track record and acquire expertise Implement strategic sales activities designated as priority initiatives and enhance productivity through DX

  © HIBIYA ENGINEERING, LTD. ALL RIGHTS RESERVED.

  Verifying immersion cooling at DCTF

  
  
  

  15

  Data Center Cooling Technologies and the Company's Initiatives

  
  
  
  
  
  

  • ‌Expanding our expertise in construction without interrupting business operations-developed delivering NTT telecommunications facilities-into public infrastructure projects

    • Delivering construction technologies that enable 24/7 facility

      operations without interruption

    • Conducting construction that balances safety and efficiency

    • Contributing to the decarbonization of aging facilities

    Value added provided by the Group

Case study

ZEB renovation project at the Koriyama Fire Department building

Construction that preserves continuous operation of critical

[Energy efficiency comparison]

social infrastructure facilities

Current value Designed value

advancement

• • The latest energy-saving technologies and ZEB renovations are applied to aging facilities, contributing to significant reductions in energy consumption and decarbonization.

    © HIBIYA ENGINEERING, LTD. ALL RIGHTS RESERVED.

    This project achieves a 66% reduction vs current energy use. The design delivers a further 43% reduction below the ZEB standard (ZEB Oriented) contributing to decarbonization and lower operating costs.

    16

    ZEB Renovations That Support Sustainable Social Infrastructure

    
    
    

    ‌Strategic Initiatives for DX Advancement

• Accelerating DX across the Company with generative AI adoption

  • Embedding generative AI awareness of both potential and applications through employee-participation internal events

  • Enhancing operational efficiency and productivity by equipping every employee to use

    generative AI

    Hibimaru Generative AI Adoption

    Mascot

    Generative AI event for employees

  • Conducted an internal contest leveraging AI image-generation tools

  • Conducted sessions with generative AI evangelists presenting business use cases and expertise, and sharing insights in panel discussions

    Accelerating operational efficiency

    Use cases and practical developments enabled by improved operational efficiency

    
    
    

    AI-enabled advanced hazard prediction and safety measures

    • Enter construction details and site conditions into the AI tool to automatically identify hazardous areas and recommend suitable safety measures

      Expected effects

      • Achieve greater operational efficiencyand

      productivity with enhanced safety standards

      < Specific use cases>

      and productivity

      Post-event Company-wide employee survey results

      Other: 3%

      Attach site photo(s) and enter the planned onsite work into the AI tool.

      Using hazard prediction parameters, the AI instantly evaluates work environment risks and work procedure risks, and automatically generates worker checklists.

  • Slips and falls on wet surfaces during rain

    Q: Did the event encourage you to try using generative AI?

    Already using: 26%

    Interested in using: 71％

  • Heatstroke due to high temperature and humidity

  • Collapse and falls of

scaffolding and temporary

structures 17

© HIBIYA ENGINEERING, LTD. ALL RIGHTS RESERVED.

• ‌Improving the value of human capital, strengthening the management foundations and sustainable growth

  Distinctive initiatives to

  foster a safety culture

  • Introduced live reenactments performed by professional actors at safety events to more realistically convey the importance of preventing potential accidents and improving onsite communication

  • Provided hands-on learning opportunities to identify hazardous points and practice safety measures through onstage simulations

  
  
  

  Initiatives for the Career

  Design Project for Women

  • Fostered a workplace where employees can continue their careers with confidence, proven by our 100% return-to-work rate after childcare leave

  • Improved flexible work and support systems that enable female employees raising children to return to the jobsite, supporting both childcare and career development

  Enhancement of recruitment with a focus on student touchpoints

  • Expanded capacity for the 5-day internship program, providing more opportunities to directly experience our business and work style

  • Increased Career Open House events to give more students opportunities to deepen their understanding of the industry through hands-on experience

  
  
  
• Strengthening efforts to maintain and improve safety and quality
  
  
  

  Internship in action

  © HIBIYA ENGINEERING, LTD. ALL RIGHTS RESERVED.

  Female employee working on-site

  Snapshot from safety event

  18

  Strengthening of Management Foundations and ESG Management

  
  
  

• ‌Secure capital efficiency that exceeds the cost of capital (cost of equity)

Improve ROE

• Implement the 8th Medium-term Management Plan steadily to consistently increase ROE

Recent trend in ROE

14%

12.3%

12%

Period of the 7th MTMP Target ROE: 6% or more

Period of the 8th MTMP Target ROE: 7% or more

10%

Period of the 6th MTMP Target ROE: 5% or more

8.5%

8.4％

(forecast)

8%

7.4% 7.3%

6%

6.1%

4.7%

7.1%

5.2%

4%

2%

3/2018 3/2019 3/2020 3/2021 3/2022 3/2023 3/2024 3/2025 3/2026

Including gain on sale of investment

securities (¥4.3 bn)

2018/3 2019/3 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 2026/3

Effectively utilize capital

• Invest in growth and formed alliances (Return exceeding cost of capital)

• Invest in human capital, technologies and DX

• Acquire treasury shares in a timely and flexible manner (improve capital efficiency)

Recent trends in share price and PBR

Strengthen IR activities

• Improve information disclosure

• Enhance dialogue with institutional investors

系列1

系列2

Share price (yen) 5,000

4,500

4,000

3,500

PBR (times)

1.32 1.40

1.30

0.98

0.97

3,000 0.84

2,500

2,000

1,500

0.77

0.81

0.76

0.78

0.70

1.20

1.10

1.00

0.90

0.80

0.70

0.60

Share price

PBR

3/2018 3/2019 3/2020 3/2021 3/2022 3/2023 3/2024 3/2025 9/2025 19

© HIBIYA ENGINEERING, LTD. ALL RIGHTS RESERVED.

Improvement of Capital Efficiency and Corporate Value

‌References

Tower, 3-5-27, Mita, Minato-ku, Tokyo

Established: 1966

Stock Listing: On the Prime Market of the Tokyo Stock Exchange (Stock code: 1982)

Share Capital: ¥5,753 million as of March 31, 2025

Net Sales: ¥89.7 billion (Consolidated) as of March 31, 2025

Number of Employees: 975 (Consolidated) as of March 31, 2025

Business Activities: Design and construction of air conditioning, plumbing and sanitation, electrical, telecommunications, and various other equipment and systems

Consolidated Subsidiaries: Hibiya Tsushou Co., Ltd. (Sales of facility equipment, maintenance of of equipment, etc.)

Nikkey Co., Ltd. (Manufacture of disaster prevention equipment, security

maintenance, etc.)

Corporate Overview

Air conditioning equipment

• Installation for offices, hotels, and other facilities, controlling indoor temperature and humidity to maintain a comfortable environment

• Installation for data centers, factories, and other

facilities, ensuring equipment and server functionality

• ‌ Design and construction of air conditioning, plumbing and sanitation, electrical, telecommunications, and various other equipment and systems

  If we think of a building as a

  Plumbing and sanitation facilities

  • Installation of water supply and drainage systems in wet areas (bathrooms, toilets, etc.), ensuring comfortable water use

  • Installation of fire protection systems, including sprinklers, fire pumps, and fire extinguishers

  Construction company Handles the structural framework and exterior walls, equivalent to the "skeleton" and

  "muscles"

human body:

Electrical equipment

• Installation for communications, control, and information networks, including lighting and power outlets in telecommunications buildings, offices, and other facilities

  Telecommunications equipment

• Establishment of security systems integrating access control, IP camera surveillance, and biometric authentication

We design, construct, and maintain various building facilities to give life to buildings

and support safe, secure, and comfortable social environments.

Business Activities

• ‌Deliver high-quality construction backed by extensive experience and expertise gained from various facility

  projects at NTT's telecommunications buildings

• Provide one-stop solutions that address customer needs at every phase of the building lifecycle, from new construction to renovations

• Serve as a comprehensive engineering company capable of executing facility construction projects across air conditioning, plumbing and sanitation, electrical, and telecommunications

• Operate a nationwide network to undertake equipment system installation for NTT Group's telecommunications

  buildings

  Advantages

Branches and sales offices (as of September 30, 2025)

Hokkaido Branch

Branches 10

Sales offices 13

Kyushu Branch Okinawa Branch

Hokuriku Branch

Kansai Branch Tohoku Branch

Head Office

Tokyo Main Office

Yokohama Branch

Tokai Branch

Shikoku Branch

• • Hibiya Tsushou Co., Ltd. (Sales of facility equipment, maintenance of equipment, etc.)

  • Nikkey Co., Ltd. (Manufacture of disaster prevention equipment, security maintenance, etc.)

    Company Highlights

    
    
    

• ‌ Continuing to focus on the DC field in line with the expansion of hyperscale DC construction

Trends in DC

Features of DC construction

• Driven by digitalization and generative AI, hyperscale DC construction is expanding in the Tokyo metropolitan area and the Kansai region, with strong construction demand expected to continue for the foreseeable future.

• Regional data center construction is underway.

  The Group's advantage

• Leveraging expertise and experience gained through

  the construction of telecommunications buildings.

• Compared to other property types such as offices and hotels, the share of facility work is higher, and the specifications are more clearly defined.

• Construction can be completed in a short period of time especially for the fitting out* process as specifications are mostly set at the outset.

• DX (use of BIM etc.) can improve installation efficiency (unit construction method or front-loading approach).

18,368

3/25

18,505

10,000

0

3/17

3/18

3/19

3/20

3/21

3/22

3/23

3/24

20,000

26,285

24,552

30,000

30,594

30,301

39,349

40,000

47,709

50,000

53,056

Orders received for

Data centers/Information

(Million yen)

60,000

* "Fitting out" refers to construction that makes the interior of a building usable, while "core and shell" refers to the basic structural construction.

Initiatives for Data Center (DC) Construction (1)

• ‌Promoting open innovation through the Data Center Trial Field

In November 2024, the Data Center Trial Field was established within the Noda Technical Research Center in partnership with NTT Data as a facility to verify next-generation cooling technologies for data centers and promote open innovation and collaboration.

Challenges faced by hyperscale DCs

• Improve cooling efficiency

• Reduce energy

• Improve reliability and maintainability

• Verifying efficient cooling technologies (water and liquid cooling) and energy-saving technologies to respond to the high heat generation and increased power consumption.

• Understanding the characteristics of heat sources and server cooling systems, and validating facility/equipment construction

• Promoting collaboration with diverse participants

Air conditioner manufacturers

Design and construction companies

Heat source equipment manufacturers

Immersion cooling manufacturers

IT vendors

Piping and materials manufacturers

9 participating companies (as of September 2025)

Deta center operators

Users

Academic and research institutes

Power supply manufacturers

Rack peripheral manufacturers

DCIM*

manufacturers

* Data Center Infrastructure Management

Initiatives for Data Center (DC) Construction (2)

• ‌Promoting front-loading to level workloads

• Realizing off-site construction by utilizing unit methods and DX measures tailored to the characteristics of each project

• Unifying data using BIM as a key tool to share information with stakeholders and reduce rework

  
  
  

  Construction contract period

  Pre-construction period Construction

  Front-loading

  Before initiatives

  Peak shift

  After initiatives Unit method

  Off-site construction (Prefabricated at off-site facilities)

  ←Workload

  Unit delivery

  Construction period→

  Efficient operation through DX (BIM utilization)

  • Smooth information sharing with customers and other stakeholders, and early confirmation of specifications

  • Streamlining of various specification reviews and flexible response to design changes

    © HIBIYA ENGINEERING, LTD. ALL RIGHTS RESERVED.

  • Smooth project management through centralization

    of information related to construction

  • Information sharing through construction management ICT tools

26

Initiatives to Improve Construction Efficiency

‌(Yen)

: EPS

: ROE

: Trend in the share price

(%)

280

260

5,000

4,500

9

8.5

8

7.4

7.1

7.3

265.0

4,420

7

6.1

211.0

6

200.4

5.2

5

184.0

4.7

3,125

2,975

4

2,163

147.4

3

1,942

2

1,888

1,938

128.9

1,834

1

240

4,000

220

3,500

200

3,000

180

2,500

160

140

120

2,000

1,500

100

111.3

1,000 0

3/2019 3/2020 3/2021 3/2022 3/2023 3/2024 3/2025 9/25

Trends in the EPS, ROE and Share Price