JVCKENWOOD : Notice of Convocation of the 18th Ordinary General Meeting of Shareholders

We would like to express our gratitude to all shareholders for their continued support of our company. The Company has formulated its new medium-term management plan, VISION 2030, starting in FY2026. Under VISION 2030, we aim to achieve sustainable value creation by further refining our business portfolio strategy and practicing management that is mindful of capital costs and stock price. Simultaneously, we will deepen our sustainability strategy to implement management that balances the resolution of social issues on a global scale with the enhancement of our corporate value.

Furthermore, regarding our shareholder return policy, we have set a new target for a total return ratio of 30% to 45%. We will continue to provide stable shareholder returns while flexibly acquiring treasury shares within the range of the total return ratio, taking into account our financial status.

Under the “VISION2030” initiative, and based on the Group’s corporate philosophy of providing “excitement and peace of mind to the people of the world,” we will improve medium to long-term corporate value in a rapidly changing business environment, and in addition, will aspire to become an excellent company that combines “strength” and “robustness,” in which we continue to anticipate change and will open up the future.

I look forward to your continued support in the future.

EGUCHI Shoichiro

Representative Director of the Board, Chairman and Chief Executive Officer (CEO)

Securities Code: 6632

Date issued: May 26, 2026 Start date of measures for electronic provision: May 20, 2026

3-12, Moriyacho, Kanagawa-ku, Yokohama-shi, Kanagawa

You are cordially advised that the 18th Ordinary General Meeting of Shareholders of JVCKENWOOD Corporation (the “Company”) will be held on Wednesday, June 24, 2026, as indicated below.

1. Date and Time: Wednesday, June 24, 2026 at 10 a.m. (JST)

   (Reception desk is scheduled to open at 9 a.m.)

2. Place: Grand Ballroom, 20th Floor, Hyatt Regency Yokohama

   280-2, Yamashita-cho, Naka-ku, Yokohama, Kanagawa Prefecture

3. Agenda:

   Matters to be Reported:

   1. Report on the Business Report and the Consolidated Financial Statements for the 18th Fiscal Year (From April 1, 2025 to March 31, 2026) and the Audit Reports on the Consolidated Financial Statements by the Accounting Auditor and the Audit & Supervisory Committee

   2. Report on the Non-consolidated Financial Statements for the 18th Fiscal Year (From April 1, 2025 to March 31, 2026)

Matters to be Resolved:

Proposal Election of Seven (7) Directors (Excluding Directors Who Are Audit & Supervisory Committee Members)

Measures for electronic provision shall be taken for information constituting reference documents for the general meeting of shareholders (matters for which measures for providing information in electronic format are to be taken) at the time of the convocation of the General Meeting of Shareholders, and these have been posted on the Company’s website.

https://www.jvckenwood.com/jp/ir/stock/stockholder.html (in Japanese)

* Matters subject to measures for electronic provision are posted on the Company’s website, the website for informational materials for the General Meeting of Shareholders, and the website of the Tokyo Stock Exchange (Listed Company Search). On the Listed Company Search, enter “JVCKENWOOD” in “Issue name (company name)” or the Company’s securities code “6632” in “Code,” search, then select “Basic information” and “Documents for public inspection / PR information” in that order, and check the materials from the “Notice of General Shareholders Meeting / Informational Materials for a General Shareholders Meeting” section in “Filed information available for public inspection.”

https://www.soukai-portal.net (in Japanese) https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)

*If revisions to the matters subject to measures for electronic provision arise, a notice of the revisions and the details of the matters before and after the revisions will be posted on each of websites above.

There are three methods of exercising your voting rights. Please exercise your voting rights after considering these methods.

1. Attending the meeting Date and time of the meeting

   Wednesday, June 24, 2026 at 10 a.m. (JST) (Reception desk is scheduled to open at 9 a.m.) Please submit the enclosed Voting Rights Exercise Form at the reception of the meeting.

2. Voting via postal mail

   Deadline for exercising voting rights

   To arrive by 4 p.m., Tuesday, June 23, 2026 (JST)

   Indicate whether you vote for or against the proposals in the enclosed Voting Rights Exercise Form and then return it by the deadline.

3. Voting via the Internet, etc. Deadline for exercising voting rights

To be completed by 4 p.m., Tuesday, June 23, 2026 (JST)

Access the voting website and indicate your approval or disapproval by the deadline.

• You may exercise your voting rights through a proxy who is another shareholder holding voting rights of the Company.

  However, in this case we will need to receive a form designating such person as your proxy.

• If you exercise your voting rights via both the online and the Voting Rights Exercise Form, only the online vote shall be counted. In addition, if you exercise your online votes more than once (including votes via a PC and via a smartphone), only the last vote shall be counted.

• If you exercise your voting rights via postal mail and there is no indication of approval or disapproval of a proposal, it will be treated as an indication of approval.

  Institutional investors can also exercise voting rights for this meeting electronically from the “Electronic Voting Platform” operated by ICJ, Inc.

1. Scanning the QR Code, “Smart Vote”

   Please note that exercising voting rights by using “Smart Vote” method is available only once.

   If you need to make a correction to the content of your vote after you have exercised your voting rights, please exercise your voting rights again following 2 below.

   *You can access the voting website by scanning the QR Code again.

You can simply exercise your voting rights via a smartphone without entering your voting code and password.

1 Please scan the QR Code printed on the lower right-hand side of the voting form.

2 General Meeting of Shareholders portal site home page will be displayed. Select “To Exercise Voting Rights” at the top of the web page.

3 Indicate your approval or disapproval by following the instructions on the screen.

*QR Code is a registered trademark of DENSO WAVE INCORPORATED.

In case you need instructions for how to operate your personal computer

smartphone in order

or to

exercise your voting rights via the Internet, please contact:

1. Entering Voting Code and Password

Online voting site: https://www.web54.net (in Japanese)

1. Access the voting website. Click “Next.”

2. Enter the voting code printed on the voting form. Enter the voting code Click “Login.”

3. Enter the password printed on the voting form. Enter the password. Enter the new password that you will actually use. Click “Register.”

4. Indicate your approval or disapproval by following the instructions on the screen.

Live Broadcast of the General Meeting of Shareholders

We will broadcast a live stream the Meeting via a dedicated website on the Internet (Japanese only) so that our shareholders are able to view the proceedings of the Meeting from any place.

Date and time of the live broadcast: How to access the dedicated website

Wednesday, June 24, 2026 at 10 a.m. (JST) (Log-in is available from 9:30 a.m.)

https://6632.ksoukai.jp (in Japanese)

How to log in the dedicated website

ID: Shareholder Number (9-digit code) indicated on the Voting Rights Exercise Form

Password: Postal code indicated on the Voting Rights Exercise Form (7-digit code with no hyphens)

Contact regarding the live broadcast of the meeting

Among matters subject to measures for electronic provision, the following matters are not provided in the paper-based documents delivered to shareholders who have made a request for delivery of such documents but posted on the Company’s website, the website for informational materials for the General Meeting of Shareholders, and the TSE website in accordance with laws and regulations and Article 16, paragraph 2 of the Company’s Articles of Incorporation. Please note that the Audit & Supervisory Committee Members and Accounting Auditor conducted an audit on the documents subject to auditing, including those shown below.

• “Major Businesses,” “Main Offices and Factories,” “State of Employees,” “State of Major Lenders,” “Other Important Status of the Corporate Group” and “Framework and Policies of the Company” of the Business Report

• “Consolidated statement of changes in equity” and “Notes to the consolidated financial statements” of the Consolidated Financial Statements

• The Non-consolidated Financial Statements (“Non-consolidated Balance Sheet,” “Non-consolidated Statement of Income,” “Non-consolidated statement of changes in shareholders’ equity” and “Notes to the non-consolidated financial statements”)

• The Audit Reports (“Accounting Auditor’s Report on Consolidated Financial Statements,” “Accounting Auditor’s Report on Non-consolidated Financial Statements” and “Audit & Supervisory Committee Member’s Report”)

All ten (10) Directors’ tenure of office (excluding Directors who are Audit & Supervisory Committee Members. The same shall apply hereinafter in this Proposal.) is to expire at the conclusion of this General Meeting of Shareholders.

To further promote agile management through the separation of supervision and execution, we propose to reduce the number of directors by three and elect seven (7) Directors, including four (4) external Directors to fill the quota of twelve (12) Directors prescribed in the Company’s Articles of Incorporation.

Mr. HIRAKO Yuji, Ms. ONITSUKA Hiromi, Mr. HIRANO Satoshi, and Ms. ORII Masako are candidates for external Directors.

The Company will strengthen the corporate governance by having an external Director serve as the Chairman of the Board of Directors.

The Audit & Supervisory Committee concluded that there are no particular matters to declare at the General Meeting of Shareholders as a result of its deliberation on this proposal.

Furthermore, if the four (4) candidates for external Directors are elected in the original form of the proposal, the Company plans to designate all of them as independent Directors as stipulated in the provisions of Tokyo Stock Exchange, Inc.

The candidates for Directors are as follows:

*1: Chief Executive Officer, *2: Chief Operating Officer, *3: Chief Financial Officer

(Reference) Skill matrix

Having formulated its medium-term management plan, VISION 2030 commencing in the FY2026, the Company has drawn up the following summary detailing the areas of expertise and skills expected of its Directors in order to solve the management issues it faces and achieve medium to long-term improvements in corporate value, as well as to ensure diversity and balance on its Board of Directors.

The reasons and standards for skills are as shown below.

*1: Information and Communication Technology

*2: Digital Transformation

Director of the Board

Mr. HIRAKO Yuji, Ms. ONITSUKA Hiromi, Mr. HIRANO Satoshi and Ms. ORII Masako are candidates for external Director prescribed under Article 2, paragraph 3, item 7 of the Regulations for Enforcement of the Companies Act.

Mr. HIRAKO Yuji is currently an external Director of the Company, and his tenure of office will be three (3) years at the conclusion of this Ordinary General Meeting of Shareholders.

Ms. ONITSUKA Hiromi is currently an external Director of the Company, and her tenure of office will be five

(5) years at the conclusion of this Ordinary General Meeting of Shareholders.

Mr. HIRANO Satoshi is currently an external Director of the Company, and his tenure of office will be two

(2) years at the conclusion of this Ordinary General Meeting of Shareholders.

The Company has concluded a liability limitation agreement regarding the indemnity liability provided under Article 423, paragraph 1 of the Companies Act with Mr. HIRAKO Yuji, Ms. ONITSUKA Hiromi, and Mr. HIRANO Satoshi. The indemnity liability shall be thereunder limited to 5 million yen or the minimum liability limitation provided by laws and regulations, whichever is higher, when the external Director has acted faithfully and without gross negligence. If they are elected, the Company shall extend this agreement with them.

If the election of Ms. ORII Masako is approved, the Company shall conclude a liability limitation agreement regarding the indemnity liability provided under Article 423, paragraph 1 of the Companies Act with her. The indemnity liability shall be thereunder limited to 5 million yen or the minimum liability limitation provided by laws and regulations, whichever the higher, when the external Director has acted faithfully and without gross negligence.

1. Kyushu Electric Power Company, Incorporated (“Kyushu Electric Power”), where Mr. HIRAKO Yuji concurrently holds office, had in the past and currently has business relations with the Company with regard to purchases. However, Kyushu Electric Power’s transactions with the Company in the past and in the consolidated fiscal year under review amounted to less than one (1) percent of the consolidated net sales of the Company or Kyushu Electric Power in each corresponding fiscal year, and do not fall under major transactions for either the Company or Kyushu Electric Power. In addition, no mutual relationship exists between Kyushu Electric Power and the Company, including donations, mutual dispatch of directors or shareholding. SMBC Nikko Securities Inc., where Mr. HIRAKO Yuji concurrently holds office, had in the past and currently has business relations with the Company with regard to payment of fees in securities transactions, etc. However, the transaction amounts for both the past and the current consolidated fiscal year represent less than one (1) percent of the consolidated net sales of the Company or SMBC Nikko Securities Inc., and do not fall under major transactions for either the Company or SMBC Nikko Securities Inc. Moreover, while SMBC Nikko Securities Inc. owns 314,753 shares of the Company (with an ownership ratio of less than 0.3%), this ownership is for purposes related to the securities operations of SMBC Nikko Securities Inc. and does not constitute a significant capital relationship, and no mutual relationship exists between SMBC Nikko Securities Inc. and the Company, including donations or mutual dispatch of directors. In addition, no mutual relationship exists between ANA Holdings Inc. and Seven Bank, Ltd., where Mr. HIRAKO concurrently serves, and the Company, such as business transactions including donations, mutual dispatch of directors or shareholding.

   In addition, Mr. HIRAKO has not been an operating officer or the like of the Company’s major business partners and major shareholders in the past other than that stated above.

   For these reasons, the Company regards him as independent.

   If Mr. HIRAKO Yuji is elected, the Company will designate him as an independent director as stipulated in the provisions of Tokyo Stock Exchange, Inc.

2. Tokyo Electron Device Limited (“Tokyo Electron”), where Ms. ONITSUKA Hiromi concurrently holds office, had in the past and currently has business relations with the Company with regard to purchases and sales. Tokyo Electron’s transactions with the Company in the consolidated fiscal year under review amounted to approximately 2.5 billion yen, which exceeded one (1) percent of Tokyo Electron’s consolidated net sales. Although Tokyo Electron’s transactions with the Company in the fiscal year ended March 31, 2025, amounted to approximately 4.0 billion yen, which exceeded one (1) percent of the consolidated net sales of the Company and Tokyo Electron, they do not fall under major transactions for the Company and Tokyo Electron. In addition, no other mutual relationship exists between Tokyo Electron and the Company, including donations, mutual dispatch of directors, or shareholding.

   Tokyo Shibaura Electric Co., Ltd. (currently TOSHIBA CORPORATION) (“TOSHIBA”), where Ms. ONITSUKA previously served as an executive, had in the past, business relations with the Company with regard to purchases (no business relations in the consolidated fiscal year under review). The amount of transactions between the Company and TOSHIBA in the consolidated fiscal year ended March 31, 2013

   amounted to approximately 4.0 billion yen, more than one (1) percent of the consolidated net sales of the Company and less than one (1) percent of the consolidated net sales of TOSHIBA, in each corresponding fiscal year. However, this does not fall under major transactions for either the Company or TOSHIBA. No other mutual relationship exists between TOSHIBA and the Company, including donations, mutual dispatch of directors, or shareholding. Ms. ONITSUKA resigned as an executive of TOSHIBA more than ten (10) years ago and currently has no relationship with the company. Regarding companies where Ms. ONITSUKA previously served as an executive, Yahoo Japan Corporation and Z Holdings Corporation (currently LY Corporation) and the Company had in the past and currently have business relations with regard to purchases; Toshiba Medical Systems Corporation (currently Canon Medical Systems Corporation) (“Toshiba Medical”) had in the past and currently have business relations with regard to sales. However, the transactions with the Company amounted to less than one (1) percent of the consolidated net sales of the Company or each of these companies and do not fall under major transactions for any of the companies. Moreover, no other mutual relationship exists between these companies and the Company, including donations, mutual dispatch of directors or shareholding. Ms. ONITSUKA resigned as an executive of Yahoo Japan Corporation (currently LY Corporation) two (2) years ago, resigned as an executive of Z Holdings Corporation (currently LY Corporation) five (5) years ago, and resigned as an executive of Toshiba Medical Systems Corporation (currently Canon Medical Systems Corporation) over ten (10) years ago, and currently has no relationship with any of these companies. No mutual relationship exists between eBook Initiative Japan Co., Ltd. (currently LINE Digital Frontier Corporation), where she previously served as an executive, and the Company, such as business transactions including donations, mutual dispatch of directors or shareholding.

   In addition, Ms. ONITSUKA has not been an operating officer or the like of the Company’s major business partners and major shareholders in the past other than that stated above.

   For these reasons, the Company regards her as independent.

   If Ms. ONITSUKA is elected, the Company will designate her as an independent director as stipulated in the provisions of Tokyo Stock Exchange, Inc.

3. No mutual relationship exists between SAXA, Inc., where Mr. HIRANO Satoshi concurrently holds office, and the Company, such as business transactions including donations, mutual dispatch of directors or shareholding.

   No mutual relationship exists between TOPCON CORPORATION or Topcon Positioning Systems, Inc., where he previously served as an executive, and the Company, such as business transactions including donations, mutual dispatch of directors or shareholding.

   In addition, Mr. HIRANO has not been an operating officer or the like of the Company’s major business partners and major shareholders in the past other than that stated above.

   For these reasons, the Company regards him as independent.

   If Mr. HIRANO Satoshi is elected, the Company will designate him as an independent director as stipulated in the provisions of Tokyo Stock Exchange, Inc.

4. No mutual relationship exists between OBAYASHI CORPORATION, or TOHO Co., Ltd., where Ms. ORII Masako concurrently holds office, and the Company, such as business transactions including donations, mutual dispatch of directors, or shareholding.

No mutual relationship exists between Suntory Holdings Limited (currently Suntory Holdings Limited), Suntory Holdings Limited, Suntory Wellness Ltd., or the Suntory Foundation for the Arts, where she previously served as an executive, and the Company, such as business transactions including donations, mutual dispatch of directors, or shareholding.

In addition, Ms. ORII has not been an operating officer or the like of the Company’s major business partners and major shareholders in the past other than that stated above.

For these reasons, the Company regards her as independent.

If Ms. ORII is elected, the Company will designate her as an independent director as stipulated in the provisions of Tokyo Stock Exchange, Inc.

In relation to a labor accident that occurred on October 4, 2024, at the “Construction of the Chuo Shinkansen Fourth Minami-Koma Tunnel (East Section) and Other Works,” a project carried out by a joint venture for which OBAYASHI CORPORATION (where Ms. ORII Masako serves as Outside Director) acts as the representative, it was found that employees of the company provided false explanations to the relevant Labor Standards Inspection Office. Consequently, on March 24, 2026, the company and two of its employees received summary orders from the Kajikazawa Summary Court to pay fines of 200,000 yen each for violations of the Industrial Safety and Health Act. Regarding the aforementioned incident at OBAYASHI CORPORATION,

Ms. ORII had regularly monitored and supervised the conduct of business operations by each Director and the operational status of the internal control system even prior to the occurrence of this matter through means such as listening to reports at Board of Directors’ meetings and expressing opinions thereon, in an effort to prevent violations of laws and regulations. Furthermore, since the discovery of this incident, she has fulfilled her responsibilities as an Outside Director by making recommendations for the implementation of effective measures to prevent recurrence.

Notes common to all of the seven (7) candidates above:

1. There are no conflicts of interest between each candidate and the Company.

2. The candidates for external Director will not receive and have not received in the past two (2) years a large amount of money or other assets (excluding the remuneration for Director, accounting advisor, audit & supervisory board member, executive officer or other similar position) from the Company or special related corporations of the Company.

3. The Company has taken out directors and officers liability insurance (D&O insurance), as stipulated in Article 430-3 of the Companies Act, with all Directors, Audit & Supervisory Board Members and Executive Officers of the Company and its subsidiaries as the insured to ensure that officers can fully perform their expected roles in the course of their duties and to allow the Company to obtain superior talent. Each of the candidates, excluding Ms. ORII Masako, is currently insured under such insurance policy as a Director of the Company, and if this proposal is approved as proposed and each candidate, including Ms. ORII Masako, is appointed as a director, each candidate will be insured under such insurance policy. The insurance policy covers damages that may arise due to the directors who are included as the insured being held liable for the execution of their duties or being subject to a claim related to the pursuit of such liability in a shareholder derivative lawsuit or third-party lawsuit. The full amount of the premiums, including those for special clauses, is paid by the Company; therefore, the insured does not bear the actual premiums. However, the policy does include certain exemption clauses, such as no compensation being given for liability attributable to acts in violation of laws or regulations that were carried out with full knowledge of their illegality. In addition, the insurance policy has a deductible and the damages up to the deductible will not be covered. The Company plans to renew this insurance policy in October 2026, which is during the term of office of each candidate.

The Company has evaluated and analyzed the effectiveness of the Board of Directors since 2016 in accordance with Article 17 of the JVCKENWOOD Corporate Governance Policy. An overview of the evaluation methodology and results for the current fiscal year, as well as initiatives for future improvement, are as follows:

1. Summary of the Method of Evaluation on Effectiveness

   To enhance the objectivity and effectiveness of the fiscal 2025 evaluation of the effectiveness of the Board of Directors, the Company utilized a third-party organization (legal counsel) to conduct the evaluation and analysis. Specifically, in addition to a self-evaluation questionnaire based on items developed by the Board Secretariat, the third-party organization conducted individual interviews with all directors, including Audit and Supervisory Committee members, between January and February 2026. Furthermore, related materials such as Board minutes from the past year were reviewed to perform a multifaceted analysis and evaluation, which included assessing progress and changes since the previous year’s evaluation.

2. Summary of the Result of Evaluation on Effectiveness

   As a result of this evaluation, it was concluded that the overall effectiveness of the Board of Directors remains at a high level, with recognized steady progress since the previous year in the following areas:

   1. Realization of even more open and uninhibited discussions following the transition to a Company with an Audit and Supervisory Committee

   2. Fair and active deliberations aimed at enhancing corporate value by Directors possessing diverse expertise

   3. Readiness to continuously work sincerely on the growth of governance and the evaluation of the effectiveness of the Board of Directors

Meanwhile, the following points were identified as areas for further analysis to continue enhancing the effectiveness of the Board of Directors:

1. Future Initiatives to Enhance the Effectiveness of the Board of Directors

   Following the third-party effectiveness evaluation, the Company’s Board of Directors received an assessment that its overall effectiveness remains at a high level, with steady progress confirmed in comparison to the previous fiscal year. In particular, the evaluation recognized the progress made in stimulating board discussions and strengthening oversight functions through the transition to a Company with an Audit and Supervisory Committee.

   On the other hand, the evaluation provided recommendations that for the future, it is crucial for the Board of Directors to further clarify its vision for monitoring-based governance and to focus on agenda setting prioritized for strategic discussions that contribute to mid-to-long-term corporate value enhancement. At the same time, we are encouraged to strive for efficient and highly effective proceedings while continuously reviewing the composition and skill sets of the Board to further deepen discussions on human resources and board succession planning.

   Taking into account these evaluation results and the upcoming revisions to the Corporate Governance Code, the Company will work on continuous improvements to enhance the effectiveness of the Board of Directors, aiming for the sustainable enhancement of corporate value.

   JVCKENWOOD Corporate Governance Policy is available on our website (https://www.jvckenwood.com/jp/corporate/governance/) (in Japanese).

   (Reference) Criteria for Judgment of IndependenceArticle 18 of JVCKENWOOD Corporate Governance Policy

   In general, to ensure the effectiveness of the supervisory function of the management based on experience, achievements, expertise, insights and other attributes, as well as independence from conflicts of interest with general shareholders, the Company shall elect candidates for external Directors by confirming their business backgrounds and ensuring that they are not principal shareholders of the Company or have never been engaged in business execution at the Company’s main business partners (with a transaction value of one (1) percent or more of the consolidated net sales of the Company), based on its criteria and policies for independence set out in accordance with the “Guidelines concerning Listed Company Compliance, etc.” (III 5. (3)-2) established by the Tokyo Stock Exchange, Inc.

   * III 5. (3)-2 of the “Guidelines concerning Listed Company Compliance, etc.” (revised July 22, 2025) of the Tokyo Stock Exchange, Inc.

   The status of a person(s) who is reported to Tokyo Stock Exchange, Inc. as being an independent director(s)/auditor(s) by the issuer of a listed domestic stock pursuant to the provisions of Rule 436-2 “Handling of the Securing of Independent Director(s)/Auditor(s)” of the Enforcement Rules for Securities Listing Regulations when such person falls under any of the following a. to d.;

   1. A person for which said company is a major client or a person who executes business for such person, or a major client of said company or a person who executes business for such client;

   2. A consultant, accounting professional or legal professional (in the case of a group such as a corporation or association, this shall refer to a person belonging to such group) who receives a large amount of money or other asset other than remuneration for directorship/auditorship from said company; or

   3. A person who has recently fallen under a. or the preceding b.

      c-2. A person who has fallen under the following (a) or (b) at any time within 10 years before taking office

      1. A person who executes business for a parent company of said company (including a director who does not execute business or an auditor in cases where said company designates its outside auditor as an independent director); or

      2. A person who executes business for a fellow subsidiary of said company.

   4. A close relative of a person referred to in any of the following (a) to (f) (excluding those of insignificance);

      1. A person referred to in a. to the preceding c-2.;

      2. Accounting advisor of said company (limited to cases where said company designates its outside auditor as an independent director; if such an accounting advisor is a juridical person, it shall include the employee who is to perform the duties of such an accounting advisor, the same shall apply hereinafter);

      3. A person who executes business for a subsidiary of said company (including a director who does not execute business or an accounting advisor in cases where said company designates its outside auditor as an independent auditor);

      4. A person who executes business for a parent company of said company (including a director who does not execute business or an auditor in cases where said company designates its outside auditor as an independent director); or

      5. A person who executes business for a fellow subsidiary of said company.

      6. A person who has recently fallen under (b) or (c), or a person who executed business for said company (in cases where an outside auditor is designated as an independent director, including a director who does not execute business).

The Group considers the enhancement of transparency and efficiency in management decision-making and the improvement of corporate value by strengthening corporate governance to be one of the most important management issues. To this end, we have adopted a system of separation of management and execution, invitation of independent External Officers, and establishment of an internal audit department to improve checking functions, and have made it a basic policy to enhance and strengthen corporate governance by promoting the development of a group-wide internal control system.

JVCKENWOOD Corporation has formulated its basic approach and policies on corporate governance based on each principle of the Corporate Governance Code as the JVCKENWOOD Corporate Governance Policy, which is posted on the Company’s website (https://www.jvckenwood.com/en/corporate/governance/).

The corporate governance structure of JVCKENWOOD Corporation is as follows. (Corporate Governance Structure Chart) (As of May 1, 2026)

BUSINESS REPORT

(From April 1, 2025 to March 31, 2026)

1. Course of Business and the ResultsRevenue

   Revenue for the fiscal year under review declined due to the significant impact of reduced production and sales which were driven by a shortage of components in the Communications Systems Business in the Safety & Security sector, particularly in the private sector market, as well as the impact of U.S. tariff measures on the media business within the Mobility & Telematics Services and Entertainment Solutions sectors, resulting in revenue of 356,865 million yen, a decrease of approximately 13.4 billion yen (a decrease of 3.6%) compared to the previous fiscal year.

   Business profit

   The Company regards business profit to be the amount obtained by deducting cost of sales as well as selling, general and administrative expenses from revenue.

   Business profit for the fiscal year under review, because of the decrease in revenue described above, was 20,880 million yen, a decrease of approximately 4.4 billion yen (a decrease of 17.5%) compared to the previous fiscal year.

   Operating profit

   Operating profit for the fiscal year under review was 20,540 million yen, a decrease of approximately 1.3 billion yen (a decrease of 5.7%) from the previous fiscal year, mainly due to the decline in business profit, notwithstanding a significant improvement in other income and expenses.

   Profit before income taxes

   Profit before income taxes for the fiscal year under review, primarily due to a decline in operating profit, was 21,660 million yen, a decrease of approximately 1.8 billion yen (a decrease of 7.8%) compared to the previous fiscal year.

   Profit attributable to owners of the parent company

   Profit attributable to owners of the parent company for the fiscal year under review decreased approximately 3.5 billion yen, or 17.2%, compared to the previous fiscal year to 16,787 million yen, reflecting a decrease in profit before income taxes.

   Mobility & Telematics Service Sector

   Revenue

   195,748 million yen (down 3.7% YoY)

   In the OEM Business, although sales by JVCKENWOOD Hong Kong Holdings Limited, which handles automotive-related components and contract manufacturing for electronic devices, declined due to the slowdown in the Chinese economy, overall performance remained on par with the previous fiscal year, driven by strong sales in the domestic accessories business and solid sales performance by ASK Industries S.p.A., a manufacturer of in-vehicle speakers and similar products.

   The Aftermarket Business saw a decrease in revenue compared to the previous fiscal year due to the impact of U.S. tariff measures.

   In the Telematics Service Business, sales of communication-type drive recorders for non-life insurance companies decreased, and revenue decreased compared to the previous fiscal year as a result.

   Business profit

   5,399 million yen (up 10.6% YoY)

   Although JVCKENWOOD Hong Kong Holdings Limited, which oversees our OEM Business, was impacted by the economic slowdown in China, the Mobility & Telematics Services sector as a whole achieved an increase in profits compared to the previous fiscal year. This result was driven by strong sales in our domestic accessories business, profit improvements resulting from price revisions within the Aftermarket Business despite a decline in revenue in that sector, and sector-wide initiatives to reduce fixed costs.

   Safety & Security Sector

   Revenue

   94,695 million yen (down 5.3% YoY)

   The Communications Systems Business, having faced reduced production and sales in the first quarter of the consolidated fiscal year due to parts supply shortages, began to recover from the second quarter of the consolidated fiscal year. However, during the second half of the fiscal year, it was impacted by lost sales opportunities in the private sector market resulting from delays in product delivery timing. Furthermore, in the public safety market, which was impacted by factors such as delays in budget execution resulting from the U.S. government shutdown, we were unable to fully recover the ground lost during the first quarter of the consolidated fiscal year under review, resulting in a revenue decline of approximately 5.0 billion yen compared to the previous fiscal year.

   In the Professional Systems Business, while sales of public and industrial systems by JVCKENWOOD Corporation remained robust, a decline in revenue within the healthcare sector resulted in a decrease of approximately 300 million yen compared to the previous fiscal year.

   Business profit

   12,736 million yen (down 31.4% YoY)

   Due to a decline in revenue within the Communications Systems Business, coupled with the recording of loss provisions associated with the withdrawal from the healthcare sector, the Safety & Security sector as a whole experienced a decline in profits compared to the previous fiscal year.

   Entertainment Solutions Sector

   Revenue

   56,819 million yen (down 1.9% YoY)

   The Media Business saw a decrease of approximately 4.3 billion yen compared to the previous fiscal year due to the impact of U.S. tariff measures.

   The Entertainment Business saw a substantial increase in revenue of approximately 3.2 billion yen compared to the previous fiscal year thanks to strong sales in the content business.

   Business profit

   2,517 million yen (up 36.2% YoY)

   Although the Media Business experienced a decline in revenue, the Entertainment Business achieved a substantial increase in revenue. As a result, the Entertainment Solutions sector as a whole posted an increase in profit compared to the previous fiscal year.

2. Policy on the Disposal of Surplus

   The Company considers a stable return of profits and the securing of management resources for future growth to be one of its most important managerial issues, and uses the total return ratio as an indicator of shareholder return, in comprehensive consideration of the Company’s profitability and financial position. In addition to dividends as a measure to return profits to shareholders, we will flexibly acquire treasury stock while maintaining a balance with capital utilization towards medium to long term profit growth and an effect of improving capital performance, and will perform a stable return of profits to shareholders at a target level of 30% to 40% of the total return ratio.

   The Company stipulates in its Articles of Incorporation that it can pay dividends from surplus on a record date it determines, in addition to two (2) record dates in a year: the record date for the year-end dividend (March 31) and that for the interim dividend (September 30).

   The Company stipulates in its Articles of Incorporation that matters, including dividends from surplus, set forth in each item of Article 459, paragraph 1 of the Companies Act shall be decided by resolutions of the Board of Directors, not those of general meeting of shareholders, unless otherwise provided by laws and regulations.

   In accordance with the aforementioned dividend policy, the Board of Directors decided at its meeting held on October 31, 2025 to pay an interim dividend of 6 yen per share (regular dividend), representing a 1-yen increase from the previous fiscal year’s interim dividend. With regard to a year-end dividend, based on the full-year business results, the Board of Directors resolved at its meeting held on May 13, 2026 to pay a dividend of 12 yen per share (regular dividend). Furthermore, regarding the acquisition of treasury shares, we acquired approximately 3.51 million shares (total acquisition cost of approximately 5.0 billion yen) in November 2025, concurrently with our fundraising, and approximately 2.43 million shares (total acquisition cost of approximately 3.0 billion yen) in March 2026. As a result, the total return ratio was approximately 33%*.

   *The acquisition of treasury shares in November 2025 is not included.

   For FY2026, the total return ratio target will be set at 30 - 45%, raising the upper limit by 5% from the previous range of 30 - 40%. While prioritizing stable dividends and continuous dividend increases as our fundamental policy, we intend to flexibly acquire treasury shares within the scope of our total return ratio, taking into account the balance between our financial position and growth investments.

   In FY2026, the Company will continue to work to improve both our results and financial conditions, and our annual dividend forecast is 20 yen per share (interim dividend: 10 yen, year-end dividend: 10 yen).

   Fiscal Year	Month/Year	Amount
   FY2023	Jun. 2023	Approx. 4.0 billion yen
   	Dec. 2023	Approx. 2.5 billion yen
   FY2024	Feb. 2025	Approx. 4.5 billion yen
   	Jun. 2025	Approx. 2.0 billion yen
   FY2025	Nov. 2025	Approx. 5.0 billion yen
   	Mar. 2026	Approx. 3.0 billion yen

3. Transition of Assets and Profit & Loss
   1. State of Assets and Profit & Loss (the Group) (IFRS)

      (Millions of yen)

      Items	15th Term (March 2023)	16th Term (March 2024)	17th Term (March 2025)	18th Term (March 2026)
      Revenue	336,910	359,459	370,308	356,865
      Business profit	15,836	19,710	25,307	20,880
      Operating profit	21,634	18,226	21,792	20,540
      Profit before income taxes	21,161	18,245	23,490	21,660
      Profit attributable to owners of the parent company	16,229	13,016	20,276	16,787
      Basic earnings per share (yen)	99.27	84.34	135.17	115.21
      Diluted earnings per share (yen)	99.10	83.84	134.07	111.62
      Total assets	299,355	316,819	313,336	347,605
      Total equity	103,731	121,220	131,399	149,698
      Equity attributable to owners of the parent company	98,807	114,801	125,103	143,834
      Equity attributable to owners of the parent company per share (yen)	604.39	761.35	845.07	1,017.71

      Note: “Basic earnings per share” and “Diluted earnings per share” are calculated based on the average number of outstanding shares in the fiscal year. The treasury stocks are excluded from the average number of outstanding shares in the fiscal year.

   2. State of Assets and Profit & Loss (the Company) (Japanese GAAP)

      (Millions of yen)

      Items	15th Term (March 2023)	16th Term (March 2024)	17th Term (March 2025)	18th Term (March 2026)
      Net sales	173,131	164,551	160,803	139,852
      Operating profit	4,715	1,743	6,937	1,435
      Ordinary income	6,968	9,399	14,704	5,317
      Net income (loss)	5,016	10,937	21,394	3,749
      Net income (loss) per share (yen)	30.68	70.87	142.63	25.73
      Diluted net income (loss) per share (yen)	—	—	—	24.84
      Total assets	222,118	223,791	212,124	233,497
      Net assets	79,452	81,827	93,966	87,522
      Net assets per share (yen)	486.00	542.67	634.74	619.27

4. Issues to be Addressed

1. Review of VISION 2025 medium-term management plan

   In VISION 2025, we have optimized our business portfolio and capital allocation based on a basic strategy of “Change for Growth,” and in addition, we have promoted sustainability management, and worked towards maximizing corporate value.

   As a result, we achieved our major management targets ahead of schedule in FY2024 and realized a PBR (Price-to-Book Ratio) of over 1.0x at an early stage.

   Meanwhile, the business environment surrounding the Company is undergoing significant changes, including increasingly sophisticated market demands, increased geopolitical risk, and uncertainties in global economic trends. Furthermore, to achieve further growth, we recognize that our primary challenges lie in the optimization of our business portfolio, the improvement of profitability, and the strengthening of our supply chain management (SCM) capabilities.

   Under these circumstances, we have formulated our new medium-term management plan, VISION 2030. Our goal is to lead the Group to the next stage by further refining our business portfolio strategy and evolving our management approach with a keen awareness of cost of capital and stock price.

   • Details of the medium-term management plan VISION 2030 are available on our website (https://www.jvckenwood.com/jp/corporate/policy/).

2. Overview of VISION 2030 medium-term management plan

Under VISION 2030, we have newly adopted the theme “Move Forward—Pursuit of sustainable value creation” and will pursue sustainable value creation in seeking to achieve our long-term vision: “A leap toward becoming an excellent company with strength and resilience.”

We will accelerate our pace of creating corporate value by enlisting a three-pronged approach of business portfolio strategy, financial strategy, and sustainability strategy, and strengthening our management base. By fiscal 2030, the final year of VISION 2030, we aim to achieve revenue of 410.0 billion yen or higher, core operating income margin of 9% or higher, ROE of 11% or higher, and ROIC of 10% or higher, while targeting a total payout ratio of approximately 30% to 45%, thereby pursuing sustainable growth.

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