Semiannual Securities Report for the first half of the 136th business term (From January 1, 2025 to June 30, 2025)

[Translation]

Semiannual Securities Report

(The First Half of the 136thBusiness Term) From January 1, 2025 to June 30, 2025

2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, JAPAN

Kubota Corporation

TABLE OF CONTENTS

1. Overview of the Company ……………………………………………………………………………………………….. 1

   1. Key Financial Data ………………………………………………………………………………………………….. 1

   2. Description of Business …………………………………………………………………………………………….. 1

2. Business Overview ………………………………………………………………………………………………………... 2

   1. Risk Factors …………………………………………………………………………………………………………. 2

   2. Analysis of Consolidated Financial Position, Results of Operations, and Cash Flows by Management … 2

   3. Material Contracts …………………………………………………………………………………………………... 3

3. Information on Kubota Corporation ……………………………………………………………………………………. 4

   1. Information on the Shares of Kubota Corporation ………………………………………………………………. 4

   2. Changes in Directors and Senior Management ………………………………………………………………….. 8

4. Financial Information ……………………………………………………………………………………………………... 9

   1. Condensed Consolidated Financial Statements ……………………………………………………………….... 9

   2. Other 26

COVER

[Document Filed] Semiannual Securities Report ("Hanki Hokokusho")

[Applicable Law] Item 1 of the table in Article 24-5, Paragraph 1 of the Financial Instruments and

Exchange Act of Japan

[Filed to] Director, Kanto Local Finance Bureau

[Filing Date] August 8, 2025

[Fiscal Year] The First Half of the 136thBusiness Term (from January 1, 2025 to June 30, 2025)

[Company Name] Kabushiki Kaisha Kubota [Company Name in English] Kubota Corporation

[Title and Name of Representative] Yuichi Kitao, President and Representative Director [Address of Head Office] 2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, JAPAN [Phone Number] +81-6-6648-2111

[Contact Person] Kaori Sato, General Manager of Accounting Dept.

[Contact Address] Kubota Corporation, Tokyo Head Office

1-3, Kyobashi 2-chome, Chuo-ku, Tokyo, JAPAN

[Phone Number] +81-3-3245-3111

[Contact Person] Koji Motomochi, General Manager of Tokyo Administration Dept.

[Place Where Available for Public Inspection]

Kubota Corporation, Tokyo Head Office

(1-3, Kyobashi 2-chome, Chuo-ku, Tokyo, JAPAN)

Tokyo Stock Exchange, Inc.

(2-1, Nihombashi Kabuto-cho, Chuo-ku, Tokyo, JAPAN)

This is an English translation of the Semiannual Securities Report filed with the Director of the Kanto Local Finance Bureau via Electronic Disclosure for Investors' NETwork pursuant to the Financial Instruments and Exchange Act of Japan.

The translation of the Confirmation Letter for the original Semiannual Securities Report is included at the end of this document.

For the purposes of this Semiannual Securities Report, the "Company" refers to Kubota Corporation and its subsidiaries, unless context indicates otherwise.

References in this document to the Financial Instruments and Exchange Act of Japan are to the Financial Instruments and Exchange Act of Japan and other laws and regulations amending and/or supplementing the Financial Instruments and Exchange Act of Japan.

1. Overview of the Company

   1. Key Financial Data

      (Unit: millions of yen, except earnings per share)

      Six months ended June 30, 2025

      Six months ended June 30, 2024

      Year ended December 31, 2024

      Revenue	¥	1,454,933	¥	1,579,599	¥	3,016,281
      Profit before income taxes		151,451		216,727		335,297
      Profit attributable to owners of the parent		92,479		150,804		230,437
      Comprehensive income attributable to owners of the parent		(28,628)		369,364		409,490
      Equity attributable to owners of the parent		2,400,442		2,517,259		2,477,314
      Total assets		5,665,540		6,080,813		6,018,665
      Earnings per share attributable to owners of the parent: Basic		80.60		128.33		197.61
      Diluted		-		-		-
      Ratio of equity attributable to owners of the parent to total assets (%)		42.4		41.4		41.2
      Net cash provided by operating activities		142,791		129,374		282,084
      Net cash used in investing activities		(79,955)		(125,844)		(208,879)
      Net cash (used in) provided by financing activities		(142,864)		46,823		(26,276)
      Cash and cash equivalents, at the end of the period		200,859		286,983		295,130

      (Notes)

      1. The condensed consolidated financial statements and the consolidated financial statements are prepared in accordance with IFRS Accounting Standards.

      2. The nonconsolidated key financial data is not presented since the Company prepares the condensed consolidated financial statements.

      3. Amounts less than presentation units are rounded to the nearest unit.

      4. Earnings per share attributable to owners of the parent-Diluted is not stated since Kubota Corporation did not have potentially dilutive common shares that were outstanding.

   2. Description of Business

      There were no material changes in the Company's business nor were there any material changes in associates during the six months ended June 30, 2025.

2. Business Overview

1. Risk Factors

   For the six months ended June 30, 2025, there were no major risks that the management recognizes as having the potential to materially affect the consolidated financial position, results of operations, and cash flows (hereinafter, "results of operations") presented in "2. Business Overview" or "4. Financial Information."

   There were no material changes in the information described in the Risk Factors section of the Annual Securities Report for the year ended December 31, 2024.

2. Analysis of Consolidated Financial Position, Results of Operations, and Cash Flows by Management Effective from the beginning of this current consolidated fiscal year, the Company changed the business reporting structure due to the organizational reform, which was implemented on January 1, 2025. Consequently, certain corporate expenses that were formerly included in the "Adjustment" have been included in each reportable segment. To reflect this change in this Earnings release, year-on-year comparisons are calculated based on the figures after the reclassification.

   1. Analysis of Results of Operations

      For the six months ended June 30, 2025, revenue of the Company decreased by ¥124.7 billion [7.9%] from the same period in the prior year to ¥1,454.9 billion.

      Domestic revenue increased by ¥26.6 billion [8.7%] from the same period in the prior year to ¥332.3 billion because of increased revenue from Farm & Industrial Machinery and Water & Environment.

      Overseas revenue decreased by ¥151.3 billion [11.9%] from the same period in the prior year to ¥1,122.6 billion because of decreased revenue from Farm & Industrial Machinery.

      Operating profit decreased by ¥64.3 billion [31.0%] from the same period in the prior year to ¥143.0 billion mainly due to decreased sales in mostly North America of Farm & Industrial Machinery and an increase in net foreign exchange losses. Profit before income taxes decreased by ¥65.3 billion [30.1%] from the same period in the prior year to ¥151.5 billion. Profit for the period decreased by ¥46.7 billion [28.5%] to ¥117.4 billion, reflecting income tax expenses of ¥34.8 billion and share of profits of investments accounted for using the equity method of ¥0.7 billion. Profit attributable to owners of the parent decreased by ¥58.3 billion [38.7%] from the same period in the prior year to ¥92.5 billion.

      Revenue from external customers and operating profit by each reportable segment were as follows:

      1. Farm & Industrial Machinery

         Farm & Industrial Machinery is composed of farm equipment, agricultural-related products, engines, and construction machinery.

         Revenue in this segment decreased by 9.7% from the same period in the prior year to ¥1,267.4 billion, which accounted for 87.1% of consolidated revenue.

         Domestic revenue increased by 12.1% from the same period in the prior year to ¥174.1 billion mainly due to increased sales of farm equipment and agricultural-related products.

         Overseas revenue decreased by 12.4% from the same period in the prior year to ¥1,093.3 billion. In North America, the sales of construction machinery decreased because of a backlash of the inventory replenishment in the previous year and the sales of tractor also decreased due to a slowdown in both the residential and the agriculture market. In Europe, although the sales decreased due to the market shrinkage, the degree of the shrinkage is easing and the construction machinery market has begun to bottom out. In Thailand, the sales decreased due to the shrinkage of the dryland market caused by the crop price decline although the sales in the rice market were steady. In India, the sales of tractor increased thanks to the sufficient crop yields and water storage.

         Operating profit in this segment decreased by 27.6% from the same period in the prior year to ¥148.3 billion mainly due to the losses caused by sales decrease mainly in North America and an increase in net foreign exchange losses.

      2. Water & Environment

         Water & Environment is composed of pipe system business (ductile iron pipes, plastic pipes, and other products), industrial products business (reformer and cracking tubes, spiral-welded steel pipes, air-conditioning equipment and other products), and environment business (environmental control plants, pumps, and other products).

         Revenue in this segment increased by 7.2% from the same period in the prior year to ¥179.6 billion, which accounted for 12.3% of consolidated revenue.

         Domestic revenue increased by 5.9% from the same period in the prior year to ¥150.3 billion due to increased sales mainly in environment business and industrial products business.

         Overseas revenue increased by 14.0% from the same period in the prior year to ¥29.3 billion due to increased sales in industrial products business mainly.

         Operating profit in this segment increased by 78.8% from the same period in the prior year to ¥19.2 billion due to sales price increase and sales increase.

      3. Other

      Other is mainly composed of a variety of other services.

      Revenue in this segment decreased by 7.0% from the same period in the prior year to ¥8.0 billion and accounted for 0.6% of consolidated revenue.

      Operating profit in this segment decreased by 38.5% from the same period in the prior year to ¥0.6 billion.

   2. Analysis of Financial Position

      Total assets as of June 30, 2025, were ¥5,665.5 billion, a decrease of ¥353.1 billion from the prior fiscal year-end. Assets decreased due to a decrease in cash and cash equivalents mainly.

      Total liabilities also decreased from the prior fiscal year-end due to a decrease in bonds and borrowings mainly. Equity decreased due to a decrease in other components of equity because of the fluctuations mainly in foreign exchange rates.

      The ratio of equity attributable to owners of the parent to total assets stood at 42.4%, 1.2 percentage points higher than the prior fiscal year-end.

   3. Analysis of Cash Flows

      Net cash provided by operating activities during the six months ended June 30, 2025, was ¥142.8 billion, an increase of

      ¥13.4 billion in net cash inflow compared with the same period in the prior year. This increase resulted mainly from a decrease in working capital and finance receivables, although the profit for the period decreased.

      Net cash used in investing activities was ¥80.0 billion, a decrease of ¥45.9 billion in net cash outflow compared with the same period in the prior year. This resulted from a decrease in expenditures related to acquisition and sales of property, plant, and equipment, a decrease in the expenditure for acquisition of intangible assets and so forth.

      Net cash used by financing activities was ¥142.9 billion, a decrease of ¥189.7 billion in net cash inflow compared with the same period in the prior year mostly due to an increase in repayments of bonds and borrowings and a decrease in funding.

      As a result of the above and after taking into account the effects of exchange rate changes, cash and cash equivalents as of June 30, 2024, were ¥200.9 billion, a decrease of ¥94.3 billion from the beginning of the current period.

   4. Issues to Address on Business and Finance

      There were no material changes with respect to issues to be addressed in the six months ended June 30, 2025, and no additional issues arose during the period.

   5. Research and Development

      The Company's research and development expenses for the six months ended June 30, 2025, were ¥52.8 billion.

      There were no material changes in the Company's research and development activities during the six months ended June 30, 2025.

3. Material Contracts

There were no material contracts which were decided or entered into during the six months ended June 30, 2025.

1. Information on Kubota Corporation

1. Information on the Shares of Kubota Corporation

   1. Total Number of Shares

      1. Total Number of Shares

         Class Total number of shares authorized to be issued (shares)

         Common shares 1,874,700,000

         Total 1,874,700,000

      2. Issued Shares

      Class

      Number of shares issued as of end of period (shares) (June 30, 2025)

      Number of shares issued as of filing date

      (shares) (August 8, 2025)

      Stock exchange on which Kubota

      Corporation is listed Description

      The number of shares

      Tokyo Stock Exchange per one unit of shares

      Common shares	1,150,896,846	1,150,896,846	(the Prime Market)		is 100 shares.
      Total	1,150,896,846	1,150,896,846		-		-

   2. Information on Share Acquisition Rights

      1. Details of Stock Option Plan Not applicable.

      2. Details of Other Stock Acquisition Rights Not applicable.

   3. Information on Moving Strike Convertible Bonds Not applicable.

   4. Changes in the Total Number of Issued Shares, the Amount of Common Shares, and Other

   	Changes in the	Balance of the
   	total number of issued shares	total number of issued shares	Changes in common		Balance of common		Changes in		Balance of
   	(thousands	(thousands	shares		shares		capital reserve		capital reserve
   Date	of shares)	of shares)	(millions of yen)		(millions of yen)		(millions of yen)		(millions of yen)
   From：January 1, 2025
   To： June 30, 2025	-	1,150,896	¥	-	¥	84,130	¥	-	¥	73,117

   (5) Major Shareholders
   			(As of June 30, 2025)
   			Ownership percentage
   Name	Address	Share ownership (thousands of shares)	to the total number of issued shares (%)
   The Master Trust Bank of Japan, Ltd. (Trust account)	8-1, Akasaka 1-chome, Minato-ku Tokyo, JAPAN	168,432	14.80
   Custody Bank of Japan, Ltd. (Trust account)	8-12, Harumi 1-chome, Chuo-ku, Tokyo, JAPAN	65,378	5.74
   Nippon Life Insurance Company	6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, JAPAN	62,542	5.49
   Meiji Yasuda Life Insurance Company	1-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, JAPAN	59,929	5.26
   Sumitomo Mitsui Banking Corporation	1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo, JAPAN	25,252	2.22
   Mizuho Bank, Ltd.	5-5, Otemachi 1-chome, Chiyoda-ku, Tokyo, JAPAN	22,096	1.94
   STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing proxy: Mizuho Bank, Ltd.)	1776 Heritage Drive, North Quincy, Massachusetts, 02171, USA (15-1, Konan 2-chome, Minato-ku, Tokyo, JAPAN)	20,744	1.82
   STATE STREET BANK AND TRUST COMPANY 505001 (Standing proxy: Mizuho Bank, Ltd.)	One Congress Street, Suite 1, Boston, Massachusetts, USA (15-1, Konan 2-chome, Minato-ku, Tokyo, JAPAN)	17,894	1.57
   STATE STREET BANK AND TRUST COMPANY 505103 (Standing proxy: Mizuho Bank, Ltd.)	One Congress Street, Suite 1, Boston, Massachusetts, USA (15-1, Konan 2-chome, Minato-ku, Tokyo, JAPAN)	17,432	1.53
   MOXLEY & CO LLC (Standing proxy: Mizuho Bank, Ltd.)	270 Park Ave., New York, NY 10017, USA (15-1, Konan 2-chome, Minato-ku, Tokyo, JAPAN)	15,895	1.40
   Total	-	475,598	41.78

   (Notes)

   1. Treasury shares, which are deducted when calculating the ownership percentage to the total number of issued shares, do not include 1,009 thousand shares of Kubota Corporation held by the trust in connection with the stock compensation plan.

   2. The shares held by The Master Trust Bank of Japan, Ltd. (Trust account) and Custody Bank of Japan, Ltd. (Trust account) are invested as their fiduciary services.

   3. The change report pertaining to the large shareholding report by Mizuho Bank, Ltd. dated April 22, 2022, is available for public inspection. However, the information in the report is not stated in the preceding table, except for Mizuho Bank, Ltd., since Kubota Corporation has not confirmed the actual status of shareholdings as of June 30, 2025. A summary of the report as of April 15, 2022, is as follows:

      Name	Share ownership (thousands of shares)	Ownership percentage to the total number of issued shares (%)
      Mizuho Bank, Ltd.	31,506	2.62
      Mizuho Securities Co., Ltd.	2,014	0.17
      Asset Management One Co., Ltd.	31,855	2.65
      Total	65,376	5.45

   4. The change report pertaining to the large shareholding report by BlackRock Japan Co., Ltd. dated November 4, 2022, is available for public inspection. However, the information in the report is not stated in the preceding table since Kubota Corporation has not confirmed the actual status of shareholdings as of June 30, 2025. A summary of the report as of October 31, 2022, is as follows:

      Name	Share ownership (thousands of shares)	Ownership percentage to the total number of issued shares (%)
      BlackRock Japan Co., Ltd.	20,655	1.73
      Aperio Group, LLC	1,371	0.12
      BlackRock (Netherlands) B.V.	2,885	0.24
      BlackRock Fund Managers Ltd.	3,705	0.31
      BlackRock Asset Management Ireland Ltd.	10,445	0.88
      BlackRock Fund Advisors	17,612	1.48
      BlackRock Institutional Trust Company, N.A.	13,938	1.17
      BlackRock Investment Management (UK) Ltd.	1,900	0.16
      Total	72,515	6.09

   5. The change report pertaining to the large shareholding report by Massachusetts Financial Services Company dated December 22, 2022, is available for public inspection. However, the information in the report is not stated in the preceding table since Kubota Corporation has not confirmed the actual status of shareholdings as of June 30, 2025. A summary of the report as of December 15, 2022, is as follows:

      Ownership percentage

      Name

      Share ownership (thousands of shares)

      to the total number of issued shares (%)

      Massachusetts Financial Services Company 44,811 3.76

      MFS Investment Management K.K. 1,570 0.13

      Total 46,382 3.89

   6. The change report pertaining to the large shareholding report by Nomura Securities Co., Ltd. dated April 18, 2025, is available for public inspection. However, the information in the reports is not stated in the preceding table since Kubota Corporation has not confirmed the actual status of shareholdings as of June 30, 2025. A summary of the report as of April 15, 2025, is as follows:

      Name	Share ownership (thousands of shares)	Ownership percentage to the total number of issued shares (%)
      Nomura Securities Co., Ltd.	213	0.02
      Nomura International PLC.	2,096	0.18
      Nomura Asset Management Co., Ltd.	47,655	4.14
      Total	49,965	4.34

   7. The change report pertaining to the large shareholding report by Mitsubishi UFJ Financial Group, Inc. dated May 8, 2025, is available for public inspection. However, the information in the reports is not stated in the preceding table, except for MUFG Bank, Ltd., since Kubota Corporation has not confirmed the actual status of shareholdings as of June 30, 2025. A summary of the report as of April 28, 2025, is as follows:

      Name	Share ownership (thousands of shares)	Ownership percentage to the total number of issued shares (%)
      MUFG Bank, Ltd.	14,607	1.27
      Mitsubishi UFJ Trust and Banking Corporation	23,747	2.06
      Mitsubishi UFJ Asset Management Co., Ltd.	11,675	1.01
      Total	50,030	4.35

   8. The change report pertaining to the large shareholding report by Sumitomo Mitsui Trust Bank, Ltd. dated June 19, 2025, is available for public inspection. However, the information in the reports is not stated in the preceding table since Kubota Corporation has not confirmed the actual status of shareholdings as of June 30, 2025. A summary of the report as of June 13, 2025, is as follows:

   Name	Share ownership (thousands of shares)	Ownership percentage to the total number of issued shares (%)
   Sumitomo Mitsui Trust Bank, Ltd.	13,726	1.19
   Sumitomo Mitsui Trust Asset Management Co., Ltd.	31,690	2.75
   Nikko Asset Management Co., Ltd.	26,561	2.31
   Total	71,977	6.25

   1. Information on Voting Rights

   1. Issued Shares

      (As of June 30, 2025)

      Classification

      Number of shares

      (shares)

      Number of

      voting rights Description

      Shares without voting rights － － －

      Shares with restricted voting rights (treasury shares, etc.)

      Shares with restricted voting rights (others)

      Shares with full voting rights

      (Treasury shares)

      － － －

      － － －

      (treasury shares, etc.)

      Common shares: 12,485,000

      － －

      (Crossholding shares)

      	Common shares:	718,400
      Shares with full voting rights (others)	Common shares:	1,136,788,300	11,367,883	-
      Shares less than one unit	Common shares:	905,146	-	Shares less than one unit
      				(100 shares)
      Number of issued shares		1,150,896,846	-	-
      Total number of voting rights		-	11,367,883	-

      (Note)

      The Shares with full voting rights (others) includes 1,000 shares (10 voting rights) registered in the name of Japan Securities Depository Center, Incorporated, and 1,009,197 shares (10,091 voting rights) held by the trust in connection with the stock compensation plan.

   2. Treasury Shares

   (As of June 30, 2025)

   			Number of		Ownership
   		Number of	shares held		percentage
   		shares held	under		to the total
   		under own	the names	Total	number of
   		name	of others	shares held	issued shares
   Name of shareholder	Address	(shares)	(shares)	(shares)	(%)
   (Treasury shares)
   Kubota Corporation	2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, JAPAN	12,485,000	-	12,485,000	1.08
   (Crossholding shares)
   Akita Kubota Corporation	295-38, Terauchikamiyashiki, Akita-shi, Akita, JAPAN	41,400	-	41,400	0.00
   Minami Tohoku Kubota Corporation	2-4, Araihigashi 1-chome, Wakabayashi-ku, Sendai-shi, Miyagi, JAPAN	102,000	-	102,000	0.01
   Hokuriku Kinki Kubota Corporation	956-1, Shimokashiwanomachi, Hakusan-shi, Ishikawa, JAPAN	9,000	-	9,000	0.00
   Fukuoka Kyushu Kubota Corporation	11-36, Noma 1-chome, Minami-ku, Fukuoka, JAPAN	566,000	-	566,000	0.05
   Total crossholding shares	-	718,400	-	718,400	0.06
   Total	-	13,203,400	-	13,203,400	1.15

   (Note)

   Treasury shares do not include shares of Kubota Corporation held by the trust in connection with the stock compensation plan.

2. Changes in Directors and Senior Management

There were no changes in Directors and senior management during the period from the filing date of the Annual Securities Report for the year ended December 31, 2024, to June 30, 2025.

(Reference Information)

Kubota Corporation has adopted the Senior Executive Officer and Executive Officer System. The change in Senior Executive Officers and Executive Officers who do not concurrently serve as Directors during the period from the filing date of the Annual Securities Report for the year ended December 31, 2024, to June 30, 2025, is as follows:

(Unit: millions of yen)

Total current liabilities 1,527,520 1,775,358

Equity attributable to owners of the parent:

See notes to condensed consolidated financial statements.

1. Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive Income

   Condensed Consolidated Statement of Profit or Loss

   (Unit: millions of yen, except earnings per share)

   	Notes		2025	%		2024	%
   Revenue	11	¥	1,454,933	100.0	¥	1,579,599	100.0
   Cost of sales			(1,006,570)			(1,088,251)
   Selling, general, and administrative expenses			(295,162)			(287,029)
   Other income			20,808			11,547
   Other expenses			(30,981)			(8,522)
   Operating profit			143,028	9.8		207,344	13.1
   Finance income			13,409			12,575
   Finance costs			(4,986)			(3,192)
   Profit before income taxes			151,451	10.4		216,727	13.7
   Income tax expenses			(34,801)			(53,368)
   Share of profits of investments accounted for using the
   equity method			730			699
   Profit for the period	¥		117,380	8.1	¥	164,058	10.4

   Profit attributable to:

   Owners of the parent	¥	92,479	6.4	¥	150,804	9.5
   Noncontrolling interests	¥	24,901	1.7	¥	13,254	0.9

   Earnings per share attributable to owners of the parent:	12
   Basic		¥	80.60	¥	128.33
   Diluted		¥	-	¥	-

   Condensed Consolidated Statement of Comprehensive Income

   (Unit: millions of yen)

   Notes 2025 2024

   Profit for the period ¥ 117,380 ¥ 164,058 Other comprehensive income, net of income tax:

   Items that will not be reclassified subsequently to profit or loss:

   Remeasurement of defined benefit pension plans 205 (14)

   Net change in fair value of financial assets measured at

   fair value through other comprehensive income 928 15,672

   Items that may be reclassified subsequently to profit or loss:

   Exchange rate differences on translating foreign

   operations		(137,520)		222,453
   Total other comprehensive income, net of income tax		(136,387)		238,111
   Comprehensive income for the period	¥	(19,007)	¥	402,169
   Comprehensive income attributable to: Owners of the parent	¥	(28,628)	¥	369,364
   Noncontrolling interests	¥	9,621	¥	32,805

   See notes to condensed consolidated financial statements.

2. Condensed Consolidated Statement of Changes in Equity

   Equity attributable to owners of the parent

   Other

   Total equity attributable

   (Unit: millions of yen)

   Notes

   Share capital

   Share premium

   Retained earnings

   components

   of equity

   Treasury shares

   to owners of the parent

   Noncontrolling

   interests

   Total equity

   Balance as of January 1, 2025

   ¥ 84,130 ¥ 96,646 ¥ 1,832,348 ¥ 466,937 ¥ (2,747) ¥ 2,477,314 ¥ 262,452 ¥ 2,739,766

   Profit for the period 92,479 92,479 24,901 117,380

   Total other comprehensive income, net of income tax

   (121,107) (121,107) (15,280) (136,387)

   Comprehensive income for the period

   Transfer to retained earnings

   92,479 (121,107) (28,628) 9,621 (19,007)

   364 (364) － －

   Dividends paid 13 (28,744) (28,744) (19,332) (48,076)

   Purchases and sales of treasury shares

   Share-based payment transactions

   Changes in ownership interests in subsidiaries

   Balance as of June 30, 2025

   (19,745) (19,745) (19,745)

   5 5 5

   224 16 240 (280) (40)

   ¥ 84,130 ¥ 96,875 ¥ 1,896,447 ¥ 345,482 ¥ (22,492) ¥ 2,400,442 ¥ 252,461 ¥ 2,652,903

   Balance as of January 1, 2024 Profit for the period		¥	84,130	¥	97,377	¥ 1,693,681 150,804	¥	303,794	¥	(3,209)	¥	2,175,773 150,804	¥	240,294 13,254	¥	2,416,067 164,058
   Total other comprehensive income, net of income tax								218,560				218,560		19,551		238,111
   Comprehensive income for the period						150,804		218,560				369,364		32,805		402,169
   Transfer to retained earnings						1		(1)				-				-
   Dividends paid	13					(28,207)						(28,207)		(5,532)		(33,739)
   Purchases and sales of treasury shares										459		459				459
   Share-based payment transactions					93							93				93
   Changes in ownership interests in subsidiaries					(217)			(6)				(223)		592		369
   Balance as of June 30, 2024		¥	84,130	¥	97,253	¥ 1,816,279	¥	522,347	¥	(2,750)	¥	2,517,259	¥	268,159	¥	2,785,418

   See notes to condensed consolidated financial statements.

3. Condensed Consolidated Statement of Cash Flows

(Unit: millions of yen)

See notes to condensed consolidated financial statements.

Notes to Condensed Consolidated Financial Statements

Kubota Corporation and Its Subsidiaries

1. REPORTING ENTITY

   Kubota Corporation (the "Parent Company") is an entity located in Japan. The Parent Company and its subsidiaries (the "Company") are manufacturing and sales companies, with a comprehensive range of products related to farm equipment, engines, construction machinery, pipe system, industrial products, environment and other.

   The Company's products are manufactured not only in Japan, but also in overseas countries, including the United States, France, Germany, China, Thailand, and India, and sold in Japan, North America, Europe, Asia, and other area.

2. BASIS OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   Compliance with IFRS Accounting Standards

   The condensed consolidated financial statements of the Company are prepared in accordance with International Accounting Standard 34 pursuant to the Article 312 of the Ordinance on Terminology, Forms, and Preparation Methods of Consolidated Financial Statements (the "Ordinance"), since the Company meets the requirements for a Specified Company under Designated International Financial Reporting Standards as prescribed in Article 1-2 of the Ordinance. The condensed consolidated financial statements do not contain all the information and disclosures required for a complete set of financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024.

   Functional Currency and Presentation Currency

   The condensed consolidated financial statements of the Company are presented in Japanese yen, the functional currency of the Parent Company, and figures are rounded to the nearest million yen.

   Significant Accounting Judgments, Estimates, and Assumptions

   The condensed consolidated financial statements of the Company are prepared by using judgments, estimates, and assumptions relating to the application of accounting policies and reporting of assets, liabilities, revenue, and expenses. Actual results could differ from those accounting estimates and assumptions.

   The estimates and assumptions are continually reviewed. The effects of a change in accounting estimates, if any, are recognized in the reporting period in which the change is made and in future periods.

   Significant accounting judgments, estimates, and assumptions used in the condensed consolidated financial statements are consistent with those used in the consolidated financial statements for the previous fiscal year.

   Changes in Presentation

   Condensed Consolidated Statement of Cash Flows

   "Dividends paid to noncontrolling interests" previously included in "Other, net" in cash flows from financing activities is presented separately from the year ended December 31, 2024, as the amount became material. To reflect this change in presentation, the comparative information has been retrospectively adjusted. As a result, net cash outflow of ¥5,819 million presented as "Other, net" in cash flows from financing activities in the year ended June 30, 2024, is separately presented as net cash outflow of ¥5,532 million for "Dividends paid to noncontrolling interests" and net cash outflow of ¥287 million for "Other, net."

3. MATERIAL ACCOUNTING POLICIES

   The accounting policies applied on the condensed consolidated financial statements are consistent with those applied on the consolidated financial statements for the year ended December 31, 2024.

   Income taxes for the condensed consolidated financial statements are calculated based on the estimated annual effective tax rate.

4. SEGMENT INFORMATION

The Company provides a wide variety of products and services across its three reportable segments: Farm & Industrial Machinery, Water & Environment, and Other. Farm & Industrial Machinery mainly manufactures and sells farm equipment, agricultural-related products, engines, and construction machinery. Water & Environment mainly manufactures and sells products related to pipe systems (ductile iron pipes, plastic pipes, and other products), industrial products (reformer and cracking tubes, spiral welded steel pipes, air-conditioning equipment, and other products), and environment (environmental control plants, pumps, and other products). Other segment mainly offers a variety of services.

These three reportable segments represent the Company's organizational structure, which is principally based on the nature of products and services, and the financial information by reportable segment is reviewed periodically by the chief operating decision-maker in determining allocation of resources and evaluating performance. The accounting policies for the reportable segments are consistent with the accounting policies used in the Company's condensed consolidated financial statements.

Information by reportable segment is summarized as follows:

(Unit: millions of yen)

Farm &

(Notes)

1. Adjustments include items, such as the elimination of intersegment transfers and corporate expenses, which are not allocated to any particular reportable segment. The corporate expenses included in Adjustments consist mainly of administration department expenses and foreign exchange gains or losses incurred by the Parent Company.

2. The aggregated amounts of operating profit are equal to those presented in the condensed consolidated statement of profit or loss. Refer to the condensed consolidated statement of profit or loss for the reconciliation of operating profit to profit before income taxes.

3. Intersegment transfers are recorded at values that approximate market prices.

4. Beginning with this period, in conformity with the change in the business reporting structure of the Company, certain corporate expenses that were formerly included in the "Adjustments" have been included in each reportable segment. To reflect this change in presentation, the comparative information has been retrospectively adjusted.

(Note)

Restricted cash are deposits pledged as collateral that are restricted from withdrawal, advances received for public works that are restricted from usage, and the portion of the proceeds from the sale of Railway Equipment Business Division (hereinafter, "RED") of Escorts Kubota Limited (hereinafter, "EKL") held in an escrow account.

1. ASSETS HELD FOR SALE

   Assets held for sale and liabilities directly associated with assets held for sale are composed of the following:

   (Unit: millions of yen)

   		June 30, 2025	December	31, 2024
   Assets held for sale:
   Trade receivables	¥	-	¥	2,591
   Inventories		-		2,495
   Property, plant, and equipment		-		2,644
   Goodwill		-		13,949
   Intangible assets		-		1,313
   Others		-		432
   Total	¥	-	¥	23,424
   Liabilities directly associated with assets held for sale:
   Trade payables	¥	-	¥	1,288
   Deferred tax liabilities		-		309
   Others		-		422
   Total	¥	-	¥	2,019

   In the year ended December 31, 2024, the Company decided to divest RED of EKL, belonging to Farm & Industrial Machinery. Accordingly, assets belonging to RED and liabilities directly associated with such assets have been classified as held for sale as of December 31, 2024. The divestment was completed on June 1, 2025, and the gain of ¥7,665 million on the transaction is included in other income in the condensed consolidated statement of profit or loss.

2. OTHER FINANCIAL LIABILITIES

   Other financial liabilities are composed of the following:

   (Unit: millions of yen)

   		June 30, 2025	December	31, 2024
   Financial liabilities measured at amortized cost:
   Lease liabilities	¥	56,129	¥	64,725
   Notes and accounts payable for capital expenditures		16,323		28,906
   Deposits from Group financing		33,770		27,680
   Others		22,307		23,503

   Financial liabilities measured at fair value through profit or loss:

   Derivatives		5,819		10,140
   Total	¥	134,348	¥	154,954
   Current liabilities		93,774		105,653
   Noncurrent liabilities		40,574		49,301

3. OTHER LIABILITIES

   Other liabilities are composed of the following:

   (Unit: millions of yen)

   		June 30, 2025	December 31, 2024
   Employment benefit obligation	¥	65,968	¥ 65,711
   Accrued expenses		53,294	63,254
   Refund liabilities		107,261	115,484
   Others		45,676	46,298
   Total	¥	272,199	¥ 290,747
   Current liabilities		264,992	282,910
   Noncurrent liabilities		7,207	7,837

4. BONDS

   The details of outstanding bonds are as follows:

   Six months ended June 30, 2025

   Name	Issue Date	Face value (millions of USD)	Coupon rate (%)	Maturity date
   Due 2028 USD Unsecured Bonds	May 28, 2025	500	4.791	May 28, 2028
   Six months ended June 30, 2024
   Name	Issue Date	Face value (millions of yen)	Coupon rate (%)	Maturity date
   Due 2027 USD Unsecured Bonds	May 29, 2024	500	5.333	May 29, 2027

5. REVENUE

   The following table presents the Company's revenue recognized from contracts with customers and other sources of revenue by product group and location:

   (Unit: millions of yen)

   Six months ended June 30, 2025	Japan	North America	Europe	Asia outside Japan	Other area	Total
   Farm equipment and engines	¥ 156,362	¥ 315,580	¥ 111,278	¥ 285,282	¥ 27,324	¥ 895,826
   Construction machinery	16,265	169,216	55,076	23,498	8,247	272,302
   Farm & Industrial Machinery	172,627	484,796	166,354	308,780	35,571	1,168,128
   Pipe system	59,889	84	-	1,254	287	61,514
   Industrial products	23,368	7,376	1,075	9,799	510	42,128
   Environment	66,995	3,327	424	3,567	1,624	75,937
   Water & Environment	150,252	10,787	1,499	14,620	2,421	179,579
   Other	8,002	-	-	2	-	8,004
   Revenue recognized from:
   Contracts with customers	330,881	495,583	167,853	323,402	37,992	1,355,711
   Other sources of revenue	1,445	75,688	-	20,638	1,451	99,222
   Total	¥ 332,326	¥ 571,271	¥ 167,853	¥ 344,040	¥ 39,443	¥ 1,454,933
   (Unit: millions of yen)
   Six months ended June 30, 2024	Japan	North America	Europe	Asia outside Japan	Other area	Total
   Farm equipment and engines	¥ 136,611	¥ 385,076	¥ 124,519	¥ 286,015	¥ 34,727	¥ 966,948
   Construction machinery	17,266	232,867	57,565	25,155	12,405	345,258
   Farm & Industrial Machinery	153,877	617,943	182,084	311,170	47,132	1,312,206
   Pipe system	59,498	92	-	1,821	-	61,411
   Industrial products	20,096	4,989	1,018	6,720	2,835	35,658
   Environment	62,281	645	686	5,024	1,887	70,523
   Water & Environment	141,875	5,726	1,704	13,565	4,722	167,592
   Other	8,604	-	-	2	-	8,606
   Revenue recognized from:
   Contracts with customers	304,356	623,669	183,788	324,737	51,854	1,488,404
   Other sources of revenue	1,347	69,245	-	19,191	1,412	91,195
   Total	¥ 305,703	¥ 692,914	¥ 183,788	¥ 343,928	¥ 53,266	¥ 1,579,599

   Interest revenue calculated using effective interest rate method and insurance revenue, which are included in revenue recognized from other sources of revenue, amounted to ¥76,894 million and ¥17,980 million, respectively, for the six months ended June 30, 2025, and ¥69,828 million and ¥16,992 million, respectively, for the six months ended June 30, 2024.

6. EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE PARENT

   The numerator and denominator used to calculate basic earnings per share attributable to owners of the parent are presented in the following table.

   Shares of Kubota Corporation held by the trust in connection with the stock compensation plan are deducted from the

   weighted average number of common shares issued as treasury shares.

   Six months ended June 30: 2025 2024

   (Unit: millions of yen)

   Profit attributable to owners of the parent ¥ 92,479 ¥ 150,804

   (thousands of shares)

   Weighted-average number of common shares issued 1,147,390 1,175,082

   Earnings per share attributable to owners of the parent-Diluted is not stated since Kubota Corporation did not have potentially dilutive common shares that were outstanding.

7. DIVIDENDS

   Dividends paid are as follows:

   Six months ended June 30, 2025

   Date of resolution Class of shares

   Dividends (millions of yen)

   Dividends per common share

   (yen) Record date Effective date

   The Board of Directors on February 13, 2025

   (Note)

   Common

   shares ¥ 28,772 ¥ 25.00 December 31, 2024 March 24, 2025

   The total amount of dividends includes dividends of ¥28 million for shares of Kubota Corporation held by the trust in connection with the stock compensation plan.

   Six months ended June 30, 2024

   Date of resolution Class of shares

   Dividends (millions of yen)

   Dividends per common share

   (yen) Record date Effective date

   The Board of Directors on February 14, 2024

   (Note)

   Common

   shares ¥ 28,239 ¥ 24.00 December 31, 2023 March 25, 2024

   The total amount of dividends includes dividends of ¥32 million for shares of Kubota Corporation held by the trust in connection with the stock compensation plan.

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

   Fair value measurements are classified into the following three levels by inputs used for measurements: Level 1 - Quoted prices in active markets for identical assets or liabilities

   Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly

   Level 3 - Unobservable inputs for the assets or liabilities. These are measured using the entity's own assumptions and inputs that are reasonably available or inputs many market participants use with reasonable confidence

   Financial instruments measured at fair value

   The following table presents fair values of financial instruments measured at fair value:

   (Unit: millions of yen)

   June 30, 2025

   Level 1			Level 2		Level 3		Total
   Financial assets:
   Financial assets measured at fair value through other comprehensive income:
   Equity financial assets	¥	70,643	¥	-	¥	8,691	¥	79,334
   Financial assets measured at fair value through profit or loss:
   Debt financial assets		66,260		-		8,845		75,105
   Derivatives:
   Foreign exchange contracts		-		420		-		420
   Cross-currency interest rate swap contracts		-		407		-		407
   Total	¥	136,903	¥	827	¥	17,536	¥	155,266

   Financial liabilities:

   Financial liabilities measured at fair value through profit or loss:

   Derivatives:

   Foreign exchange contracts	¥	-	¥	207	¥	-	¥	207
   Interest swap contracts		-		142		-		142
   Cross-currency interest rate swap contracts		-		5,470		-		5,470
   Total	¥	-	¥	5,819	¥	-	¥	5,819

   (Unit: millions of yen)

   December 31, 2024

   Level 1 Level 2 Level 3 Total

   Financial assets:
   Financial assets measured at fair value through other comprehensive income:
   Equity financial assets	¥	67,845	¥	-	¥	8,012	¥	75,857
   Financial assets measured at fair value through profit or loss:
   Debt financial assets		41,822		-		9,079		50,901
   Derivatives:
   Foreign exchange contracts		-		259		-		259
   Interest swap contracts		-		41		-		41
   Cross-currency interest rate swap contracts		-		175		-		175
   Total	¥	109,667	¥	475	¥	17,091	¥	127,233

   Financial liabilities:

   Financial liabilities measured at fair value through profit or loss:

   Derivatives:

   Foreign exchange contracts	¥	-	¥	4,043	¥	-	¥	4,043
   Cross-currency interest rate swap contracts		-		6,097		-		6,097
   Total	¥	-	¥	10,140	¥	-	¥	10,140

   Debt financial assets and equity financial assets classified as Level 1 are measured at fair value using quoted prices for identical assets in active markets.

   Derivatives are classified as Level 2 since they are measured at fair value using observable market inputs obtained from major international financial institutions.

   Equity financial assets and debt financial assets classified as Level 3 are unlisted equity securities, which are measured by the comparable company comparison method, using the earnings before interest and tax (EBIT) ratio (from 6.2 to 13.5) as a multiple, and by other method. As the EBIT ratio increases (decreases), the fair value increase (decrease).

   Transfers between levels are recognized at the end of the reporting period when such transfers occur. There were no significant transfers between levels of financial instruments held at the end of each reporting period.

   The following table presents reconciliation of financial instruments classified as Level 3:

   (Unit: millions of yen)

   Six months ended June 30:		2025		2024
   Balance at the beginning of the period	¥	17,091	¥	17,035
   Gains or losses Profit or loss (Note 1)		(403)		481
   Other comprehensive income (Note 2)		(887)		1,204
   Purchases		1,735		1,607
   Sales		-		(41)
   Balance at the end of the period	¥	17,536	¥	20,286

   (Notes)

   1. Gains or losses are recognized as finance income or finance costs in the condensed consolidated statement of profit or loss. Of the gains or losses recognized in profit or loss, the amounts related to financial instruments held as of June 30, 2025 and 2024, were ¥(403) million and

      ¥481 million, respectively.

   2. Gains or losses are recognized as net change in fair value of financial assets measured at fair value through other comprehensive income in the condensed consolidated statement of comprehensive income.

   Financial instruments measured at amortized cost

   The following table summarizes the carrying amount and fair value of financial instruments measured at amortized cost:

   (Unit: millions of yen)

   June 30, 2025 December 31, 2024

   		Carrying amount		Fair value		Carrying amount		Fair value
   Finance receivables:
   Retail finance receivables	¥	1,559,736	¥	1,466,317	¥	1,682,775	¥	1,561,848
   Finance lease receivables		479,221		566,345		509,728		587,353
   Long-term trade accounts receivable		70,882		73,445		64,318		67,365
   Debt financial assets		58,239		58,907		61,750		62,031
   Written put option liabilities over noncontrolling interests		3,983		3,983		3,866		3,866
   Bonds and borrowings		2,083,797		2,059,824		2,278,077		2,242,051

   The fair value of finance receivables, long-term trade accounts receivable, and bonds and borrowings are stated at the present value of future cash flows discounted by the current market interest rate and classified as Level 2. Long-term trade accounts receivables above include the current portion included in trade receivables in the condensed consolidated statement of financial position.

   The fair value of debt financial assets is measured using quoted prices for identical assets in active markets and classified as Level 1.

   The fair value of written put option liabilities over noncontrolling interests is the present value of estimated future cash flows discounted using a discount rate that takes into account inherent risks and classified as Level 3.

   The carrying amounts of cash and cash equivalents, trade receivables (excluding the current portion of long-term trade accounts receivable), other financial assets (excluding debt financial assets measured at fair value, equity financial assets, and derivatives), trade payables, and other financial liabilities (excluding lease liabilities, derivatives, and written put option liabilities over noncontrolling interests) approximate their fair values due to their short-term maturity.

9. COMMITMENTS AND CONTINGENT LIABILITIES

   Commitments

   Commitments for acquisition of property, plant, and equipment amounted to ¥74,943 million and ¥78,275 million as of June 30, 2025, and December 31, 2024, respectively.

   Legal Proceedings

   Since May 2007, 69 asbestos-related lawsuits have been filed against the Company, the Japanese government, and other asbestos-related companies.

   Of these lawsuits, two were withdrawn, and all claims against the Company were rejected and finalized for eight lawsuits consolidating 25 cases.

   42 lawsuits related to 207 construction workers who suffer from asbestos-related diseases are still ongoing, and the total claim for all the remaining lawsuits aggregated to ¥6,103 million. Of these ongoing lawsuits, six first instance judgments have been rendered in 19 lawsuits, and the Company was ordered to pay compensation damages of ¥2 million in one judgment and the other five judgments were decided in favor of the Company. All lawsuits included in these six judgments are being heard on the second instance. The court in the second instance rendered a judgment to support the opinion of the first instance for lawsuits included in one of the five judgments that were decided in favor of the Company. This lawsuit has been appealed to a higher court.

   The Company continues to review the status of lawsuits, including consultation with a third-party legal counsel regarding the progress of lawsuits and the likely final outcome. However, the Company believes that it is currently unable to predict the ultimate outcome of lawsuits.

   The Company does not have any cost-sharing arrangements with other potentially responsible parties, including the Japanese government.

   Matters Related to the Health Hazards of Asbestos

   The Company's plant in Amagasaki, Hyogo Prefecture, Japan, previously produced asbestos-related products. The Company decided to make voluntary consolation payments in June 2005 and established a relief payment program in April 2006 as a voluntary consolation payment to patients of asbestos-related diseases near the plant. With regard to the current and former employees who suffered and are suffering from asbestos-related diseases, the Company provides compensation, which is not required by law, but is made in accordance with the Company's internal policies.

   In an effort to estimate future asbestos-related expenditures, the Company has considered all available data, including a time series data of historical claims and payments, the incidence rate of asbestos-related disease, and other public information related to asbestos-related disease. However, since the health hazards of asbestos tend to have a longer incubation period, reliable statistics to estimate the incidence rate of asbestos-related disease are not available to the Company. Furthermore, there are no cases where final conclusions are made to the cause and the incidence rate of asbestos-related health hazard at other asbestos-related companies. Hence, the Company believes there is no information to determine the range of the final possible outcome in the future. For these reasons, the Company believes it is not possible to reliably estimate the amount of its ultimate liability, and the Company does not accrue on this contingency.

   The Law for the Relief of Patients Suffering from Asbestos-Related Diseases (the "New Asbestos Law") was established by the Japanese government in March 2006. The purpose of this law is to provide prompt relief to persons who sustain asbestos-related diseases but are not relieved by compensation for accidents under workmen's compensation insurance. Contributions under this law are made by the Japanese government, local authorities and business entities.

   Contributions by business entities commenced from the year ended March 31, 2008, and these include special contributions by business entities which operated a business closely to asbestos.

   The Company accrues asbestos-related expenses when the Company receives claims on voluntary consolation payment, relief payment, compensation for current and former employees, and the special contribution in accordance with the New Asbestos Law. The accrued balances for asbestos-related expenses are ¥165 million and ¥136 million as of June 30, 2025, and December 31, 2024, respectively. The asbestos-related expenses recognized for the six months ended June 30, 2025 and 2024, were ¥268 million and ¥462 million, respectively.

10. SUBSEQUENT EVENTS

    Not applicable.

11. APPROVAL OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The condensed consolidated financial statements were approved on August 8, 2025, by Yuichi Kitao, President and Representative Director of the Parent Company, and Hideo Takigawa, Managing Executive Officer, General Manager of Control Headquarters of the Parent Company.

2. Other

On February 13, 2025, the Board of Directors of the Parent Company has resolved the year-end dividend for the 135thbusiness term and paid as follows:

(Note)

The total amount of dividends includes dividends of ¥28 million for shares of Kubota Corporation held by the trust in connection with the stock compensation plan.

On August 5, 2025, the Board of Directors of the Parent Company has resolved the interim dividend for the first half of the 136thbusiness term as follows:

(Note)

The total amount of dividends includes dividends of ¥25 million for shares of Kubota Corporation held by the trust in connection with the stock compensation plan.

COVER

[Document Filed] Confirmation Letter

[Applicable Law] Article 24-5-2, Paragraph 1 of the Financial Instruments and Exchange Act of

Japan

[Filed to] Director, Kanto Local Finance Bureau

[Filing Date] August 8, 2025

[Company Name] Kabushiki Kaisha Kubota [Company Name in English] Kubota Corporation

[Title and Name of Representative] Yuichi Kitao, President and Representative Director

[Title and Name of CFO] Hideo Takigawa, Managing Executive Officer,

General Manager of Control Headquarters

[Address of Head Office] 2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, JAPAN

[Place Where Available for Public Inspection]

Kubota Corporation, Tokyo Head Office

(1-3, Kyobashi 2-chome, Chuo-ku, Tokyo, JAPAN)

Tokyo Stock Exchange, Inc.

(2-1, Nihombashi Kabuto-cho, Chuo-ku, Tokyo, JAPAN)