Lion : Summary of Consolidated Financial Statements for the First Nine Months of Fiscal 2025

November 7, 2025

Company name: Lion Corporation

Listed stock exchanges: Tokyo Stock Exchange

Code: 4912

URL: https://www.lion.co.jp/en/

Representative: Masayuki Takemori, Representative Director, President and Executive Officer Contact: Akihiko Takeo, Executive Officer, Director of Finance Department

Telephone: +81-3-6739-3711

Start date of payment of dividend: -

Supplementary materials prepared for financial results: Yes

Earning announcement for financial results: Yes (for institutional investors, analysts, etc.)

Figures in this and subsequent tables are truncated at the nearest million.

1. Consolidated Results for the Nine Months Ended September 30, 2025 (January 1, 2025 - September 30, 2025)

   1. Consolidated Results (cumulative)

      (Percentage figures denote year-on-year change)

      	Net sales		Operating profit		Profit before tax
      	Millions of yen 304,945 301,159	%	Millions of yen 27,829 17,109	%	Millions of yen 29,797 19,581	%
      Nine months ended September 30, 2025		1.3		62.7		52.2
      Nine months ended September 30, 2024		1.7		36.7		37.8

      	Profit for the period		Profit for the period attributable to owners of the parent		Total comprehensive income for the period
      	Millions of yen 23,210 14,587	%	Millions of yen 20,813 12,664	%	Millions of yen 22,437 20,624	%
      Nine months ended September 30, 2025		59.1		64.3		8.8
      Nine months ended September 30, 2024		42.9		43.1		1.3

      Note: Core operating income for the nine months ended September 30, 2025 was ¥22,320 million (up 19.9% year on year). Core operating income for the nine months ended September 30, 2024 was

      ¥18,623 (up 47.8% year on year).

      Core operating income is an earnings indicator the Company uses to measure regular business performance by subtracting selling, general and administrative expenses from gross profit.

      	Basic earnings per share		Diluted earnings per share
      	Yen		Yen
      Nine months ended September 30, 2025		75.25		75.18
      Nine months ended September 30, 2024		45.67		45.61

   2. Consolidated Financial Position

   	Total assets	Total equity	Equity attributable to owners of the parent	Ratio of equity attributable to owners of the parent to total assets
   September 30, 2025 December 31, 2024	Millions of yen 480,310 497,167	Millions of yen 328,969 315,694	Millions of yen 305,923 293,717	% 63.7 59.1

2. Dividends

   	Cash dividends per share
   	First Quarter-End	Second Quarter-End	Third Quarter-End	Year-End	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal 2024	-	13.00	-	14.00	27.00
   Fiscal 2025	-	15.00
   Fiscal 2025 (forecast)			-	15.00	30.00

   Note: Changes from the most recently published forecast of dividends: No

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2025 (January 1, 2025 - December 31, 2025)

(Percentage figures denote year-on-year change)

Notes: 1. Core operating income forecast: Fiscal 2025: ¥30,000 million

2. Changes from the most recently published financial results forecast: No

1. Significant Change in Scope of Consolidation during Period: Yes

   Newly included: 3 companies (Company name) Merap Lion Holding Limited Liability Company

   Merap Group Corporation

   Phanam Pharmaceutical Corporation

   Excluded: - company (Company name)

2. Changes in accounting principles, procedures and presentation methods in connection with the preparation of quarterly consolidated financial statements:

   1. Changes in accounting standards required under IFRS: No

   2. Other changes: No

   3. Changes in accounting estimates: No

3. Number of outstanding shares (common stock)

   1. Number of outstanding shares on balance sheet dates (including treasury stocks): As of September 30, 2025: 279,782,746 shares

      As of December 31, 2024: 284,432,746 shares

   2. Number of treasury stocks on balance sheet date:

      As of September 30, 2025: 3,129,986 shares

      As of December 31, 2024: 8,045,423 shares

   3. Average number of shares outstanding over period

Nine months ended September 30, 2025: 276,576,129 shares

Nine months ended September 30, 2024: 277,276,331 shares

• This report is not subject to review by a certified public accountant or external auditor.

• Appropriate use of results forecasts; other special items

The forecasts and projected operating results contained in this report are based on information available at the time of preparation and thus involve inherent risks and uncertainties, including those related to economic conditions, the competitive environment and exchange rate fluctuations. Accordingly, readers are cautioned that actual results may differ materially from those projected as a result of a variety of factors. For information on forecasts of operating results, see I. Qualitative Information Concerning the Results of Operations for the First Nine Months of the Current Fiscal Year (3) Forecast of Consolidated Financial Results on page 10.

Lion Corporation (Code 4912): Consolidated Financial Statements for the Nine Months Ended September 30, 2025

Contents

1. Qualitative Information Concerning the Results of Operations for the First Nine Months of

   the Current Fiscal Year 2

   1. Consolidated Performance 2

   2. Financial Status 10

   3. Forecast of Consolidated Financial Results 10

2. Condensed Interim Consolidated Financial Statements and Notes 11

   1. Condensed Interim Consolidated Statement of Financial Position 11

   2. Condensed Interim Consolidated Statement of Income and

      Statement of Comprehensive Income 13

   3. Condensed Interim Consolidated Statement of Changes in Equity 15

   4. Condensed Interim Consolidated Statement of Cash Flows 17

   5. Notes to Condensed Interim Consolidated Financial Statements 19

Notes relating to the assumption of a going concern 19

Segment Information 19

1

Lion Corporation (Code 4912): Consolidated Financial Statements for the Nine Months Ended September 30, 2025

Consolidated results for the first nine months of fiscal 2025 (January 1, 2025-September 30, 2025) are as follows. Net sales amounted to ¥304,945 million, a year-on-year increase of 1.3% (or a 0.8% increase at constant currency excluding exchange rate fluctuations). Core operating income came to ¥22,320 million, up 19.9% compared with the previous fiscal year, and operating profit to ¥27,829 million, up 62.7% year on year. Profit for the period attributable to owners of the parent totaled ¥20,813 million, up 64.3% compared with the previous fiscal year.

The Lion Group is advancing measures in line with the basic policies of the medium-term management plan, Vision2030 2nd STAGE, introduced in 2025. These policies include strengthening business portfolio management, strengthening the management base and generating dynamism.

In Japan, we are striving to shift toward high added-value products in our businesses with the launch of a new high-end toothpaste in the oral healthcare category, as well as a new household cleaner that proposes a new habit in the living care category. Simultaneously, Lion is also implementing reforms to our profit structure, including the transfer of our food preparation product brand, scheduled for completion on October 31, 2025. The Company is continuing to pursue the top-priority material issue of expanding its oral healthcare business overseas, primarily in key countries. For example, with an eye to securing sustainable growth, the Company acquired all shares of an equity-method affiliate in Vietnam, turning it into a wholly owned subsidiary, and is currently constructing to build a factory in Bangladesh in preparation for a full-scale business launch.

(Millions of yen)

Notes: Core operating income is an earnings indicator the Company uses to measure regular business performance by subtracting selling, general and administrative expenses from gross profit.

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