Kawasaki Heavy Industries : Report of Earnings and Financial Statements for the Nine Months Ended December 31, 2025 (Consolidate...

Listed company’s name: Kawasaki Heavy Industries, Ltd.

Listed on: TSE (Prime Market), and NSE (Premier Market)

February 9, 2026

Stock code: 7012

URL: https://global.kawasaki.com

Representative: Yasuhiko Hashimoto, President and Chief Executive Officer

Contact: Takashi Torii, Executive Officer, Group Manager, Corporate Communication Group Department

Tel: +81 3-3435-2130

Scheduled dates:

Commencement of dividend payments: Preparation of supplementary materials on financial results:

-

Yes

Holding of financial results presentation: Yes (for institutional investors, analysts and the press)

(Amounts in millions of yen rounded down to the nearest millions of yen)

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

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

      	Revenue		Business Profit		Profit before tax		Profit
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      Nine months ended December 31, 2025	1,561,403	10.9	82,437	4.3	88,872	37.9	70,131	51.6
      Nine months ended December 31, 2024	1,407,362	14.5	79,039	—	64,462	—	46,268	—

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      	Millions of yen	%	Millions of yen	%
      Nine months ended December 31, 2025	65,853	49.1	91,836	73.0	393.97	-
      Nine months ended December 31, 2024	44,163	—	53,097	562.9	263.64	-

   2. Financial Condition

   	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets
   	Millions of yen	Millions of yen	Millions of yen	%
   As of December 31, 2025	3,286,731	875,107	807,694	24.6
   As of March 31, 2025	3,016,951	725,064	702,915	23.3

2. Dividends

   Record date or term	Dividend per share
   	1Q	2Q	3Q	Year-end	Total
   	yen	yen	yen	yen	yen
   Year ended March 31, 2025	-	70.0	-	80.0	150.0
   Year ending March 31, 2026	-	75.0
   Year ending March 31, 2026 (forecast)			-	91.0	166.0

   Note: Revisions to the most recently announced dividend forecast: Yes

   In the Company’s articles of incorporation, the dates of record are set as the last day of the fiscal second quarter and the last day of the fiscal year.

3. Forecast of Consolidated Earnings for the Fiscal Year Ending March 31, 2026 (April 1, 2025 - March 31, 2026)

(Percentages indicate year-on-year changes.)

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

Notes

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

2. Changes in accounting policies and changes in accounting estimates

   1. Changes in accounting policies required by IFRS: None

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

   3. Changes in accounting estimates: None

3. Number of shares issued and outstanding (common shares)

1. Number of shares issued as of period-end (including treasury shares)

   December 31, 2025:

   March 31, 2025:

   167,921,800 shares

   167,921,800 shares

2. Number of shares held in treasury as of period-end

   December 31, 2025:

   March 31, 2025:

   752,850 shares

   785,225 shares

3. Average number of shares during respective periods

December 31, 2025:

December 31, 2024:

167,150,862 shares

167,509,334 shares

• Review of the accompanying quarterly consolidated financial statements by a certified public accountant or an auditing firm: None

• Appropriate Use of Financial Forecasts and Other Important Matters

Forward-Looking Statements

These materials contain various forward-looking statements and other forecasts regarding performance and other matters. Such statements are based on information available at the time of their preparation, and do not mean that the Company promises to achieve these figures. Actual results may differ from those expressed or implied by forward-looking statements due to a range of factors.

How to Obtain Supplementary Material on Financial Results and Details of the Financial Results

The Company plans to conduct a presentation for institutional investors, analysts and the press on Monday, February 9, 2026, and to post the presentation material on financial results to be used for the presentation on TDnet and the Company’s website simultaneously with the announcement of financial results.

1. Qualitative Information about Financial Statements 2

2. Condensed Quarterly Consolidated Financial Statements and Notes 3

   1. Condensed Quarterly Consolidated Statement of Financial Position 3

   2. Condensed Quarterly Consolidated Statement of Profit and Loss and

      4

      Condensed Quarterly Consolidated Statement of Comprehensive Income

   3. Condensed Quarterly Consolidated Statement of Changes in Equity 6

   4. Condensed Quarterly Consolidated Statement of Cash Flow 8

   5. Notes Concerning Condensed Quarterly Consolidated Financial Statements 9

      (Note on the going-concern assumption) 9

      (Segment information) 9

      (Material subsequent events) 10

3. Other 11

1

1. Qualitative Information about Financial Statements

   The overview of the consolidated operating results, consolidated financial position, and consolidated earnings is provided in the "Financial Results for Third Quarter FY2025" made available today (February 9, 2026) on our Company's official website (https://global.kawasaki.com).

   2

   (Consolidated)
2. Condensed Quarterly Consolidated Financial Statements and Notes

Assets

Current assets

(Millions of yen)

As of As of

March 31, 2025 December 31, 2025

Liabilities and equity Liabilities

Current liabilities

3