JSP : Consolidated Financial Results Ended December 31 2025

February 10, 2026

Company name: JSP Corporation

Name of representative: Tomohiko Okubo, President &

Representative Director (Securities code: 7942

Listing: Tokyo Stock Exchange)

Inquiries: Ryoji Suzuki, General Manager, Accounting Department, Finance & Accounting Division (Telephone: +81-3-6212-6306)

JSP Corporation (the "Company") hereby announces that the interim review of the Company's quarterly consolidated financial statements, which the Company disclosed on January 30, 2026 in the Company's "Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP)", has been completed by an independent auditor.

There are no changes to the quarterly consolidated financial statements announced on January 30, 2026. Note that the English translation of the interim review report is not included in this document.

February 10, 2026

Company name: JSP Corporation Listing: Tokyo Stock Exchange

Securities code: 7942

URL: https://www.co-jsp.co.jp

Representative: Tomohiko Okubo, President & Representative Director

Inquiries: Ryoji Suzuki, General Manager, Accounting Department, Finance & Accounting Division Telephone: +81-3-6212-6306

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: None

Holding of financial results briefing: None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	108,640	0.3	6,108	6.4	6,530	1.3	5,634	14.8
      December 31, 2024	108,290	5.7	5,739	(10.7)	6,450	(5.9)	4,906	(8.9)

      Note: Comprehensive income For the nine months ended December 31, 2025:	¥4,828 million	[5.2%]
      For the nine months ended December 31, 2024:	¥4,589 million	[(59.8)%]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	215.00	-
      December 31, 2024	187.23	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
   As of	Millions of yen	Millions of yen	%	Yen
   December 31, 2025	160,534	108,552	64.7	3,960.60
   March 31, 2025	153,936	105,855	65.6	3,855.23

   Reference: Equity

   As of December 31, 2025: ¥103,795 million

   As of March 31, 2025: ¥101,035 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	40.00	-	40.00	80.00
   Fiscal year ending March 31, 2026	-	40.00	-
   Fiscal year ending March 31, 2026 (Forecast)				50.00	90.00

   Note: Revisions to the forecast of cash dividends most recently announced: Yes

   For details, please refer to the "Notice Regarding Revisions to Consolidated Financial Forecasts and Year-End Dividend Forecast for the Fiscal Year Ending March 31, 2026" announced on January 30, 2026.

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the earnings forecasts most recently announced: Yes

For details, please refer to the "Notice Regarding Revisions to Consolidated Financial Forecasts and Year-End Dividend Forecast for the Fiscal Year Ending March 31, 2026" announced on January 30, 2026.

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

2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes

   Note: For details, please refer to "2. Quarterly Consolidated Financial Statements and significant notes (4) Notes on the quarterly consolidated financial statements (Notes on accounting treatment specific to the preparation of quarterly consolidated financial statements)" on page 11 of the attached materials.

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of December 31, 2025	31,413,473 shares
      As of March 31, 2025	31,413,473 shares

   2. Number of treasury shares at the end of the period

      As of December 31, 2025	5,206,322 shares
      As of March 31, 2025	5,206,193 shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary)

• Proper use of earnings forecasts, and other special matters

The forward-looking statements, including forecasts of financial results, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ from the results anticipated in the statements due to various factors. For the conditions on which earnings forecasts are predicated and precautions for using earnings forecasts, please refer to "1. Overview of operating results and others (3) Explanation of consolidated earnings forecasts and other forward-looking information" on page 4 of the attached materials.

Index

1. Overview of operating results and others 2

   1. Overview of operating results for the period 2

   2. Overview of financial position for the period 3

   3. Explanation of consolidated earnings forecasts and other forward-looking information 4

2. Quarterly consolidated financial statements and significant notes 5

   1. Quarterly consolidated balance sheets 5

   2. Quarterly consolidated statements of income and consolidated statements of comprehensive income 7

   3. Quarterly consolidated statements of cash flows 9

   4. Notes on quarterly consolidated financial statements 11

Basis for preparation of quarterly consolidated financial statements 11

Notes on accounting treatment specific to the preparation of quarterly consolidated financial statements 11

Notes on segment information, etc 11

Notes on substantial changes in amounts of shareholders' equity 12

Notes on premise of going concern 12

Notes on quarterly consolidated statements of income 12

1. ‌Overview of operating results and others
   1. ‌Overview of operating results for the period

      The global economy during the nine months ended December 31, 2025 remained uncertain due to trade policy trends in North America and the prolonged crisis in Ukraine. There was a modest upturn in the Japanese economy through a recovery of personal consumption, an increase in capital investment, and other factors. However, ongoing rising commodity prices and fluctuations in financial and capital markets, as well as concerns about risks of an economic downturn due to the impact of North American trade policies, led to a pause in improvements in business performance and the employment and income environment.

      The domestic foamed plastic industry faced severe business conditions due to a declining demand in the food tray category, the continued standstill in demand recovery for the fishery field, as well as the impact of price hikes.

      Under these circumstances, the Group has entered the second year of the new Medium-term Business Plan, "Change for Growth 2026," and is further promoting the three basic concepts of "Make the entire JSP Group more profitable," "Contribute to society by supplying foamed plastic products," and "Strengthen the management base." We are working to further enhance our corporate value by improving capital profitability, concentrating management resources in growth fields, and engaging in sustainability management with initiatives such as environmentally friendly products and plastic resource recycling.

      In the Group's operating results, although sales volume and net sales remained at the same level as the same period of the previous fiscal year, operating profit increased compared to the same period of the previous fiscal year due to solid sales of value-added products. Extraordinary income was primarily due to the transition of the certain retirement benefit plan.

      As a result of the above, net sales for the nine months ended December 31, 2025 were ¥108,640 million (up 0.3% year on year). In terms of profits, operating profit was ¥6,108 million (up 6.4% year on year), ordinary profit was ¥6,530 million (up 1.3% year on year), and profit attributable to owners of parent was ¥5,634 million (up 14.8% year on year).

      Operating results by segment are as follows. (Extrusion Business)

      Net sales of living material products, mainly STYRENEPAPER, a foamed polystyrene sheet used in food containers, decreased due to lower sales volume in the food tray field, despite sales volume of MIRABOARD, a display material for advertising, remaining at the same level as the same period of the previous fiscal year.

      Net sales of industrial material products, mainly MIRAMAT, a foamed polyethylene sheet used for industrial packaging materials and flat panel displays, increased. This was due to solid performance in general packaging materials, despite decreased sales volumes of value-added products and general-purpose products.

      Net sales of construction and civil engineering materials, mainly MIRAFOAM, an extruded board made of foamed polystyrene, increased due to a rise in the ratio of sales volume of value-added products such as MIRAFOAM LAMBDA and pre-cut products as well as higher sales volume in civil engineering applications, although the sales volume of products in the building and housing fields remained at the same level as the same period of the previous fiscal year.

      Net sales for the Extrusion Business overall remained at the same level as the same period of the previous fiscal year, resulting in increased profit, due to solid sales of general packaging materials and value-added products for the building construction and housing markets, despite a decrease in sales volume.

      As a result of the above, net sales for the Extrusion Business were ¥37,536 million (up 0.2% year on year) and operating profit was ¥1,770 million (up 15.7% year on year).

      (Bead Business)

      Net sales of advanced material products, which are centered on expanded polypropylene ARPRO and manufactured and sold all over the world, remained at the same level as the same period of the previous fiscal year. This was because sales volume in the automotive field remained at the same level as the same period of the previous fiscal year, while sales volume in the non-automotive field increased.

      Looking at sales volume by region, in Japan, sales volume in the automotive field remained at the same level as the same period of the previous fiscal year, while sales volume in the non-automotive field decreased. In North America, sales volume in the automotive field remained at the same level as the same period of the previous fiscal year, while sales volume decreased in certain non-automotive fields, including reusable containers. In South America, sales volume increased in the automotive field. In Europe, although sales volume for HVAC was delayed in its recovery, sales volume in the automotive field remained at the same level as the same period of the previous fiscal year. In China and in Taiwan, sales volume increased in the packaging materials field. In Southeast Asia, sales volume increased in the automotive field.

      Sales volume of the expandable bead products, which are centered on expandable polystyrene STYRODIA, decreased due to the impact of demand in fields such as fishery, resulting in a decline in net sales.

      Net sales for the Bead Business overall remained at the same level as the same period of the previous fiscal year, while sales volume increased. Profit remained at the same level as the same period of the previous fiscal year, due to fixed cost reduction efforts, despite the impact of increased labor costs.

      As a result of the above, net sales for the Bead Business were ¥71,104 million (up 0.4% year on year) and operating profit was ¥5,017 million (down 0.6% year on year).

   2. ‌Overview of financial position for the period

      Total assets as of December 31, 2025 increased ¥6,598 million from the end of the previous fiscal year to ¥160,534 million. Current assets increased ¥2,819 million to ¥81,514 million. The main factor for the increase was an increase of ¥4,966 million in notes and accounts receivable - trade, despite a decrease of ¥3,036 million in cash and deposits. Non-current assets increased ¥3,778 million to

      ¥79,020 million.

      Total liabilities as of December 31, 2025 increased ¥3,900 million from the end of the previous fiscal year to ¥51,981 million. Current liabilities increased ¥4,087 million to ¥38,081 million. The main factors for the increase were increases of ¥1,356 million in notes and accounts payable - trade and

      ¥1,962 million in short-term borrowings. Non-current liabilities decreased ¥186 million to ¥13,900 million.

      As a result of the above, total net assets as of December 31, 2025 were ¥108,552 million and equity-to-asset ratio stood at 64.7%, down 0.9 percentage points from the end of the previous fiscal year.

      A summary of cash flows and their factors are as follows.

      Net cash provided by operating activities was ¥9,448 million (an increase of ¥3,241 million from the same period of the previous fiscal year), reflecting factors increasing cash including profit before income taxes of ¥7,136 million, depreciation of ¥5,972 million, a decrease in inventories of ¥2,760 million, and an increase in trade payables of ¥1,555 million, and factors decreasing cash including an increase in trade receivables of ¥6,797 million and income taxes paid of ¥1,219 million.

      Net cash used in investing activities was ¥6,223 million (a decrease of ¥552 million from the same period of the previous fiscal year), mainly reflecting net decrease in time deposits of ¥1,835 million and purchase of non-current assets of ¥7,568 million.

      Net cash used in financing activities was ¥1,888 million (a decrease of ¥6 million from the same period of the previous fiscal year), mainly reflecting net increase in short-term borrowings of ¥1,806 million, proceeds from long-term borrowings of ¥3,500 million, repayments of long-term borrowings of ¥4,392 million, and dividends paid of ¥2,096 million.

      As a result of the above, cash and cash equivalents as of December 31, 2025, increased ¥1,604 million from the end of the previous fiscal year to ¥13,532 million.

   3. ‌Explanation of consolidated earnings forecasts and other forward-looking information

   The Company has revised the consolidated earnings forecasts for the fiscal year ending March 31, 2026 announced on July 31, 2025. For details, please refer to the "Notice Regarding Revisions to Consolidated Financial Forecasts and Year-End Dividend Forecast for the Fiscal Year Ending March 31, 2026" announced on January 30, 2026.

2. ‌Quarterly consolidated financial statements and significant notes

1. ‌Quarterly consolidated balance sheets

   		(Millions of yen)
   As of March 31, 2025		As of December 31, 2025
   Assets
   Current assets
   Cash and deposits	17,421	14,385
   Notes and accounts receivable - trade	30,655	35,621
   Electronically recorded monetary claims - operating	6,409	8,248
   Securities	43	2,232
   Merchandise and finished goods	9,899	8,539
   Work in process	2,097	1,844
   Raw materials and supplies	9,015	7,767
   Other	3,203	2,927
   Allowance for doubtful accounts	(51)	(53)
   Total current assets	78,694	81,514
   Non-current assets
   Property, plant and equipment
   Buildings and structures, net	22,995	23,632
   Machinery, equipment and vehicles, net	21,542	22,333
   Land	15,599	16,147
   Other, net	8,567	9,282
   Total property, plant and equipment	68,704	71,396
   Intangible assets	1,193	1,721
   Investments and other assets
   Investment securities	1,728	1,786
   Retirement benefit asset	1,162	1,299
   Other	2,460	2,824
   Allowance for doubtful accounts	(8)	(8)
   Total investments and other assets	5,343	5,902
   Total non-current assets	75,241	79,020
   Total assets	153,936	160,534

   		(Millions of yen)
   As of March 31, 2025		As of December 31, 2025
   Liabilities
   Current liabilities
   Notes and accounts payable - trade	9,953	11,309
   Electronically recorded obligations - operating	1,019	1,227
   Short-term borrowings	7,566	9,529
   Current portion of long-term borrowings	5,522	5,650
   Income taxes payable	590	651
   Provision for bonuses	1,605	949
   Other	7,734	8,763
   Total current liabilities	33,993	38,081
   Non-current liabilities
   Long-term borrowings	8,940	8,064
   Retirement benefit liability	1,040	1,348
   Asset retirement obligations	301	303
   Other	3,805	4,183
   Total non-current liabilities	14,087	13,900
   Total liabilities	48,080	51,981
   Net assets
   Shareholders' equity
   Share capital	10,128	10,128
   Capital surplus	13,405	13,390
   Retained earnings	72,492	76,030
   Treasury shares	(7,370)	(7,370)
   Total shareholders' equity	88,656	92,179
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	496	535
   Foreign currency translation adjustment	11,409	10,780
   Remeasurements of defined benefit plans	472	300
   Total accumulated other comprehensive income	12,378	11,616
   Non-controlling interests	4,820	4,756
   Total net assets	105,855	108,552
   Total liabilities and net assets	153,936	160,534

2. ‌Quarterly consolidated statements of income and consolidated statements of comprehensive income Quarterly consolidated statements of income

   		(Millions of yen)
   Nine months ended December 31, 2024		Nine months ended December 31, 2025
   Net sales	108,290	108,640
   Cost of sales	80,458	79,942
   Gross profit	27,831	28,697
   Selling, general and administrative expenses	22,091	22,588
   Operating profit	5,739	6,108
   Non-operating income
   Interest income	406	339
   Foreign exchange gains	101	51
   Share of profit of entities accounted for using equity method	5	-
   Gain on valuation of derivatives	55	74
   Other	338	276
   Total non-operating income	907	741
   Non-operating expenses
   Interest expenses	153	253
   Share of loss of entities accounted for using equity method	-	18
   Other	43	46
   Total non-operating expenses	196	319
   Ordinary profit	6,450	6,530
   Extraordinary income
   Gain on sale of non-current assets	63	41
   Gain on sale of investment securities	-	22
   Insurance claim income	-	97
   Gain on recovery of money transfer scam at subsidiary	8	-
   Gain on cancellation of leases	-	0
   Gain on revision of retirement benefit plan	-	* 394
   Gain on step acquisitions	-	118
   Total extraordinary income	71	675
   Extraordinary losses
   Loss on sale of non-current assets	7	6
   Loss on retirement of non-current assets	67	61
   Loss on valuation of investment securities	-	1
   Total extraordinary losses	75	69
   Profit before income taxes	6,446	7,136
   Income taxes	1,489	1,469
   Profit	4,956	5,667
   Profit attributable to non-controlling interests	49	32
   Profit attributable to owners of parent	4,906	5,634

   Quarterly consolidated statements of comprehensive income

   		(Millions of yen)
   Nine months ended December 31, 2024		Nine months ended December 31, 2025
   Profit	4,956	5,667
   Other comprehensive income
   Valuation difference on available-for-sale securities	5	40
   Foreign currency translation adjustment	(287)	(707)
   Remeasurements of defined benefit plans, net of tax	(84)	(172)
   Share of other comprehensive income of entities accounted for using equity method	(0)	0
   Total other comprehensive income	(367)	(838)
   Comprehensive income	4,589	4,828
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	4,550	4,872
   Comprehensive income attributable to non-controlling interests	38	(44)

3. ‌Quarterly consolidated statements of cash flows

   		(Millions of yen)
   Nine months ended December 31, 2024		Nine months ended December 31, 2025
   Cash flows from operating activities
   Profit before income taxes	6,446	7,136
   Depreciation	5,829	5,972
   Increase (decrease) in allowance for doubtful accounts	1	(0)
   Loss (gain) on sale and retirement of non-current assets	12	26
   Loss (gain) on sale of investment securities	-	(22)
   Loss (gain) on valuation of investment securities	-	1
   Interest and dividend income	(441)	(373)
   Interest expenses	153	253
   Foreign exchange losses (gains)	(37)	48
   Share of loss (profit) of entities accounted for using equity method	(5)	18
   Insurance claim income	-	(97)
   Gain on recovery of money transfer scam at subsidiary	(8)	-
   Gain on revision of retirement benefit plan	-	(394)
   Loss (gain) on step acquisitions	-	(118)
   Decrease (increase) in trade receivables	(2,965)	(6,797)
   Decrease (increase) in inventories	(753)	2,760
   Increase (decrease) in trade payables	210	1,555
   Other, net	(893)	508
   Subtotal	7,548	10,477
   Interest and dividends received	436	345
   Interest paid	(152)	(253)
   Insurance claim income	-	97
   Gain on recovery of money transfer scam at subsidiary	8	-
   Income taxes paid	(1,633)	(1,219)
   Net cash provided by (used in) operating activities	6,206	9,448
   Cash flows from investing activities
   Purchase of non-current assets	(6,173)	(7,568)
   Proceeds from sale of non-current assets	277	52
   Payments for retirement of non-current assets	(30)	(41)
   Purchase of investment securities	(7)	(7)
   Proceeds from sale of investment securities	-	32
   Net decrease (increase) in time deposits	(146)	1,835
   Purchase of investments in capital of associates	(370)	-
   Purchase of investments in capital of subsidiaries resulting in change in scope of consolidation	-	(526)
   Other, net	(324)	(0)
   Net cash provided by (used in) investing activities	(6,776)	(6,223)

   		(Millions of yen)
   Nine months ended December 31, 2024		Nine months ended December 31, 2025
   Cash flows from financing activities
   Net increase (decrease) in short-term borrowings	2,300	1,806
   Proceeds from long-term borrowings	3,000	3,500
   Repayments of long-term borrowings	(4,528)	(4,392)
   Purchase of treasury shares	(0)	(0)
   Purchase of investments in capital of subsidiaries without change in scope of consolidation	-	(248)
   Dividends paid	(2,096)	(2,096)
   Dividends paid to non-controlling interests	(219)	(33)
   Repayments of lease liabilities	(349)	(423)
   Net cash provided by (used in) financing activities	(1,895)	(1,888)
   Effect of exchange rate change on cash and cash equivalents	(307)	268
   Net increase (decrease) in cash and cash equivalents	(2,772)	1,604
   Cash and cash equivalents at beginning of period	14,653	11,927
   Cash and cash equivalents at end of period	11,880	13,532

4. ‌Notes on quarterly consolidated financial statements

The quarterly consolidated financial statements are prepared in accordance with Article 4, paragraph 1 of the Standard for Preparation of the Quarterly Financial Statements established by Tokyo Stock Exchange, Inc. and the accounting standards for quarterly consolidated financial statements generally accepted in Japan (provided, however, the Company applies the practice of omitting the descriptions provided for in Article 4, paragraph 2 of the aforementioned Standard for Preparation of the Quarterly Financial Statements).

Calculation of tax expense

The method primarily adopted for calculating tax expense involves reasonably estimating the effective tax rate after applying tax effect accounting to the profit before income taxes for the fiscal year, and multiplying the profit before income taxes for the first nine months of the fiscal year by this estimated effective tax rate.

Information on net sales and profit (loss) for each reportable segment Nine months ended December 31, 2024

Notes: 1. Adjustments to segment profit of ¥(839) million are corporate expenses of ¥(848) million not allocated to any reporting segment and intersegment eliminations of ¥9 million. Corporate expenses are mainly R&D expenses and common expenses not attributable to the reportable segments.

2. Segment profit is adjusted to operating profit in the quarterly consolidated statements of income.

Nine months ended December 31, 2025

Notes: 1. Adjustments to segment profit of ¥(679) million are corporate expenses of ¥(685) million not allocated to any reporting segment and intersegment eliminations of ¥5 million. Corporate expenses are mainly R&D expenses and common expenses not attributable to the reportable segments.

2. Segment profit is adjusted to operating profit in the quarterly consolidated statements of income.

Not applicable.

Not applicable.

* Details of Gain on revision of retirement benefit plan are as follows.

Nine months ended December 31, 2025

This arose from the transition of a portion of our defined benefit corporate pension plan to a defined contribution pension plan, effective April 1, 2025.