〔Updated〕 Consolidated Financial Resultsfor the First Six Months of the Fiscal Year Ending March 31, 2026

October 31, 2025

Company name: MEISEI INDUSTRIAL CO., LTD.

Listing: Tokyo Stock Exchange, Prime Securities code: 1976

URL: https://www.meisei-kogyo.co.jp/en/ Representative: Tetsuji Yanase, Representative Director, President

Inquiries: Atsuo Tanaka, Executive Officer, General Manager of Finance Division TEL: +81-6-6447-0275

Scheduled date to file semi-annual securities report: November 11, 2025 Scheduled date to commence dividend payments: November 21, 2025 Preparation of supplementary material on financial results: None

Holding of financial results presentation meeting: None

(Note: Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated Financial Results for the First Six Months of the Fiscal Year Ending March 31, 2026 (from April 1, 2025 to September 30, 2025)

   1. Consolidated operating results

      (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Six months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      September 30, 2025	28,300	(10.4)	2,799	(28.7)	3,123	(26.6)	1,900	(35.4)
      September 30, 2024	31,576	18.8	3,925	44.2	4,257	44.9	2,941	32.0

      Note: Comprehensive income

      Six months ended September 30, 2025: ¥2,394 million [(44.9%)]

      Six months ended September 30, 2024: ¥4,346 million [46.5%]

      	Net income per share	Diluted net income per share
      Six months ended	Yen	Yen
      September 30, 2025	39.92	—
      September 30, 2024	60.25	—

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
   As of	Millions of yen	Millions of yen	%	Yen
   September 30, 2025	85,450	69,653	80.9	1,451.67
   March 31, 2025	88,583	69,206	77.4	1,440.69

   Reference: Shareholders’ equity

   As of September 30, 2025: ¥69,102 million

   As of March 31, 2025: ¥68,570 million

2. Cash Dividends

   	Cash dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Annual
   Fiscal year ended/ending	Yen	Yen	Yen	Yen	Yen
   March 31, 2025	-	21.00	-	39.00	60.00
   March 31, 2026	-	20.00
   March 31, 2026 (Forecast)			-	40.00	60.00

   Note: Revisions to the cash dividend forecasts most recently announced: None

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

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

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

2. Application of special accounting for preparing consolidated interim financial statements: None

3. Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements after error corrections

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

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

   3. Changes in accounting estimates: None

   4. Restatements of prior period financial statements after error corrections: None

4. Number of issued shares (common shares)

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

      As of September 30, 2025	55,117,218 shares
      As of March 31, 2025	55,117,218 shares

   2. Number of treasury shares at end of period

      As of September 30, 2025	7,514,988 shares
      As of March 31, 2025	7,521,865 shares

   3. Average number of outstanding shares during period

Note: The figures stated for the number of treasury shares at end of period include shares of the Company that are held by a trust established to distribute shares to officers (Officers’ Share Distribution Trust). The calculation used to calculate the average number of outstanding shares during period excludes treasury shares, which include shares of the Company held by the Officers’ Share Distribution Trust.

• The first six months (semi-annual) financial results are not subject to review by a certified public accountant or auditing firm.

• Proper use of earnings forecasts and other special notes (Caution regarding forward-looking statements)

The forward-looking statements, including earnings forecasts, contained in these materials are based on

information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport to be a promise by the Company to realize such statements. Actual business and other results may differ substantially due to various factors.

Please refer to “1. Overview of Results of Operations, (3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements” on page 3 for forecast assumptions and notes of caution for usage.

Contents of Attachments

1. Overview of Results of Operations 2

   1. Results of Operations 2

   2. Financial Position 2

   3. Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements 3

2. Consolidated Interim Financial Statements and Notes 4

   1. Consolidated Interim Balance Sheets 4

   2. Consolidated Interim Statements of Income and Consolidated Interim Statements of

      Comprehensive Income 6

      Consolidated Interim Statements of Income (cumulative) 6

      Consolidated Interim Statements of Comprehensive Income (cumulative) 7

   3. Consolidated Interim Statements of Cash Flows 8

   4. Notes to Consolidated Interim Financial Statements 10

      Going Concern Assumption 10

      Significant Changes in Shareholders’ Equity 10

      Segment Information 10

      Revenue Recognition 11

3. Supplementary Information 11

   1. Status of Orders Received, Net Sales and Balance of Orders 11

1. Overview of Results of Operations
   1. Results of Operations

      In the first half of the current fiscal year, the Japanese economy continued to show a moderate recovery. However, uncertainties persisted due to factors such as the impact of U.S. tariff policies and rising prices driven by surging resource costs.

      Orders received by the Meisei Industrial Group increased 0.9% from the same period of the previous fiscal year to 33,134 million yen. This was the result of an increase in orders in Japan in the construction business. Net sales decreased 10.4% to 28,300 million yen due to a decline in ongoing large-scale projects both in the construction business and the boiler business. Due to lower sales and higher labor and other costs, operating profit decreased 28.7% to 2,799 million yen, ordinary profit decreased 26.6% to 3,123 million yen, and profit attributable to owners of parent was down 35.4% to 1,900 million yen.

      Business segment performance was as follows.

      1. Construction Business

         Net sales decreased 10.8% to 25,083 million yen due to a lower volume of large-scale maintenance work. Segment profit was down 25.4% to 2,760 million yen due to lower sales and higher labor cost.

      2. Boiler Business

      Net sales decreased 7.0% to 3,216 million yen primarily due to a decrease in large-scale projects. As for profitability, the segment posted a loss of 8 million yen, (compared with a profit of 218 million yen in the same period of the previous fiscal year), reflecting higher costs associated with the start-up of the new plant and additional expenses incurred on certain projects.

   2. Financial Position

      Assets

      At the end of the second quarter of the current fiscal year, current assets totaled 57,331 million yen, a decrease of 3,904 million yen from the end of the previous fiscal year. The main factors include an increase of 2,312 million yen in cash and deposits and a decrease of 6,204 million yen in notes receivable, accounts receivable from completed construction contracts and other. Non-current assets totaled 28,118 million yen, an increase of 771 million yen from the end of the previous fiscal year. The main factors include an increase of 1,077 million yen in investment securities and a decrease of 299 million yen in property, plant and equipment.

      As a result, total assets decreased 3,133 million yen to 85,450 million yen.

      Liabilities

      At the end of the second quarter of the current fiscal year, current liabilities totaled 11,353 million yen, a decrease of 3,277 million yen from the end of the previous fiscal year. The main factors include increases of 706 million yen in contract liabilities and 600 million yen in current portion of long-term borrowings, and decreases of 2,986 million yen in notes payable, accounts payable for construction contracts and other, and 907 million yen in income taxes payable. Non-current liabilities totaled 4,443 million yen, a decrease of 302 million yen from the end of the previous fiscal year. The main factors include an increase of 307 million yen in deferred tax liabilities and a decrease of 600 million yen in long-term borrowings.

      As a result, total liabilities decreased 3,580 million yen to 15,797 million yen.

      Net assets

      At the end of the second quarter of the current fiscal year, net assets totaled 69,653 million yen, an increase of 446 million yen from the end of the previous fiscal year. This was mainly due to an increase of 1,900 million yen in profit attributable to owners of parent and 768 million yen in valuation difference on available-for-sale securities, and decreases of 1,861 million yen due to dividends of surplus and 273 million yen in foreign currency translation adjustment.

      Consequently, the capital adequacy ratio was 80.9% (compared with 77.4% at the end of the previous fiscal year).

   3. Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements

   In consideration of the consolidated results for the second quarter (interim) of the fiscal year ending on March 31, 2026, the Company has revied its consolidated forecasts that were announced on May 9, 2025 as follows.

   	Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent	Net income per share
   Previous forecast (A)	Millions of yen	Millions of yen	Millions of yen	Millions of yen	Yen
   	60,000	7,750	8,000	6,200	130.26
   Revised forecast (B)	59,000	6,500	6,900	5,400	113.45
   Change (B-A)	(1,000)	(1,250)	(1,100)	(800)	-
   Change (%)	(1.7)	(16.1)	(13.8)	(12.9)	-
   Reference: Fiscal year ended March 31, 2025	66,283	10,613	11,235	8,454	174.68

   The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and actual results may differ due to various factors. We will make an announcement promptly if there is a need to revise this forecast.

2. Consolidated Interim Financial Statements and Notes
   1. Consolidated Interim Balance Sheets

      		(Millions of yen)
      As of March 31, 2025		As of September 30, 2025
      Assets
      Current assets
      Cash and deposits	33,258	35,571
      Notes receivable, accounts receivable from completed construction contracts and other	25,697	19,492
      Securities	399	399
      Costs on construction contracts in progress	647	868
      Merchandise and finished goods	461	403
      Raw materials and supplies	144	195
      Other	633	404
      Allowance for doubtful accounts	(4)	(4)
      Total current assets	61,236	57,331
      Non-current assets
      Property, plant and equipment
      Buildings and structures	12,246	12,341
      Machinery and vehicles	6,280	6,351
      Land	10,986	10,825
      Other	2,803	2,835
      Accumulated depreciation	(14,103)	(14,438)
      Total property, plant and equipment	18,214	17,914
      Intangible assets	188	168
      Investments and other assets
      Investment securities	6,297	7,374
      Investment property	1,638	1,616
      Retirement benefit asset	467	488
      Deferred tax assets	41	20
      Other	545	581
      Allowance for doubtful accounts	(46)	(45)
      Total investments and other assets	8,944	10,035
      Total non-current assets	27,347	28,118
      Total assets	88,583	85,450

      		(Millions of yen)
      As of March 31, 2025		As of September 30, 2025
      Liabilities
      Current liabilities
      Notes payable, accounts payable for construction contracts and other	8,563	5,577
      Accounts payable - trade	227	204
      Current portion of long-term borrowings	100	700
      Income taxes payable	1,920	1,012
      Contract liabilities	488	1,194
      Provision for bonuses	540	622
      Provision for bonuses for directors (and other officers)	65	—
      Provision for warranties for completed construction	109	70
      Provision for loss on construction contracts	1	1
      Other	2,615	1,971
      Total current liabilities	14,631	11,353
      Non-current liabilities
      Long-term borrowings	700	100
      Retirement benefit liability	157	159
      Provision for retirement benefits for directors (and other officers)	126	126
      Provision for share awards for directors (and other officers)	65	74
      Deferred tax liabilities	3,025	3,333
      Deferred tax liabilities for land revaluation	498	498
      Asset retirement obligations	12	12
      Other	159	138
      Total non-current liabilities	4,745	4,443
      Total liabilities	19,377	15,797
      Net assets
      Shareholders' equity
      Share capital	6,889	6,889
      Capital surplus	999	1,005
      Retained earnings	60,358	60,397
      Treasury shares	(4,996)	(4,992)
      Total shareholders' equity	63,251	63,299
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	2,797	3,565
      Revaluation reserve for land	944	944
      Foreign currency translation adjustment	1,332	1,059
      Remeasurements of defined benefit plans	244	233
      Total accumulated other comprehensive income	5,319	5,803
      Non-controlling interests	636	550
      Total net assets	69,206	69,653
      Total liabilities and net assets	88,583	85,450

   2. Consolidated Interim Statements of Income and Consolidated Interim Statements of Comprehensive IncomeConsolidated Interim Statements of Income (cumulative)

      (Millions of yen)
      Six months ended September 30, 2024	Six months ended September 30, 2025
      Net sales of completed construction contracts	31,576	28,300
      Cost of sales of completed construction contracts	25,206	22,786
      Gross profit on completed construction contracts	6,370	5,513
      Selling, general and administrative expenses	2,444	2,714
      Operating profit	3,925	2,799
      Non-operating income
      Interest income	60	55
      Dividend income	133	133
      Rental income from real estate	116	117
      Foreign exchange gains	—	9
      Gain on investments in investment partnerships	72	51
      Reversal of allowance for doubtful accounts	28	0
      Other	48	55
      Total non-operating income	460	422
      Non-operating expenses
      Interest expenses	2	3
      Foreign exchange losses	27	—
      Rental costs on real estate	70	69
      Other	29	25
      Total non-operating expenses	129	98
      Ordinary profit	4,257	3,123
      Extraordinary income
      Gain on sale of investment securities	29	—
      Subsidy income	—	47
      Total extraordinary income	29	47
      Extraordinary losses
      Impairment losses	—	161
      Total extraordinary losses	—	161
      Profit before income taxes	4,287	3,010
      Income taxes - current	1,204	1,118
      Income taxes - deferred	89	(18)
      Total income taxes	1,294	1,100
      Profit	2,993	1,910
      Profit attributable to non-controlling interests	52	10
      Profit attributable to owners of parent	2,941	1,900

      Consolidated Interim Statements of Comprehensive Income (cumulative)

      (Millions of yen)
      Six months ended September 30, 2024	Six months ended September 30, 2025
      Profit	2,993	1,910
      Other comprehensive income
      Valuation difference on available-for-sale securities	976	768
      Foreign currency translation adjustment	391	(273)
      Remeasurements of defined benefit plans, net of tax	(15)	(10)
      Total other comprehensive income	1,352	484
      Comprehensive income	4,346	2,394
      Comprehensive income attributable to
      Comprehensive income attributable to owners of parent	4,294	2,384
      Comprehensive income attributable to non- controlling interests	52	10

   3. Consolidated Interim Statements of Cash Flows

      		(Millions of yen)
      Six months ended September 30, 2024		Six months ended September 30, 2025
      Cash flows from operating activities
      Profit before income taxes	4,287	3,010
      Depreciation	318	470
      Amortization of goodwill	12	12
      Impairment losses	—	161
      Subsidy income	—	(47)
      Increase (decrease) in allowance for doubtful accounts	(67)	(0)
      Increase (decrease) in provision for loss on construction contracts	2	(0)
      Increase (decrease) in provision for retirement benefits for directors (and other officers)	(28)	(0)
      Increase (decrease) in provision for share awards for directors (and other officers)	(35)	9
      Increase (decrease) in other provisions	(48)	(23)
      Decrease (increase) in retirement benefit asset	(66)	(20)
      Increase (decrease) in retirement benefit liability	(20)	(14)
      Interest and dividend income	(194)	(188)
      Interest expenses	2	3
      Foreign exchange losses (gains)	71	(20)
      Loss (gain) on sale of investment securities	(29)	—
      Decrease (increase) in trade receivables	1,470	6,204
      Decrease (increase) in costs on construction contracts in progress	(214)	(220)
      Decrease (increase) in inventories	25	5
      Increase (decrease) in contract liabilities	(624)	706
      Increase (decrease) in trade payables	(1,599)	(3,016)
      Other, net	(697)	(757)
      Subtotal	2,562	6,274
      Subsidies received	—	47
      Interest and dividends received	196	189
      Interest paid	(2)	(3)
      Income taxes paid	(1,204)	(1,888)
      Net cash provided by (used in) operating activities	1,551	4,619
      Cash flows from investing activities
      Payments into time deposits	(84)	(84)
      Proceeds from withdrawal of time deposits	84	84
      Purchase of investment securities	(42)	(14)
      Proceeds from sale and redemption of investment securities	8	—
      Purchase of property, plant and equipment	(1,870)	(224)
      Proceeds from sale of property, plant and equipment	5	1
      Proceeds from distributions from investment partnerships	120	105
      Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation	5	—
      Payments for acquisition of businesses	(130)	—
      Other, net	562	51
      Net cash provided by (used in) investing activities	(1,340)	(79)

      		(Millions of yen)
      Six months ended September 30, 2024		Six months ended September 30, 2025
      Cash flows from financing activities
      Proceeds from long-term borrowings	700	100
      Repayments of long-term borrowings	(700)	(100)
      Purchase of treasury shares	(0)	(0)
      Proceeds from disposal of treasury shares	46	5
      Dividends paid	(2,002)	(1,858)
      Dividends paid to non-controlling interests	(10)	(86)
      Net cash provided by (used in) financing activities	(1,966)	(1,939)
      Effect of exchange rate change on cash and cash equivalents	325	(291)
      Net increase (decrease) in cash and cash equivalents	(1,430)	2,308
      Cash and cash equivalents at beginning of period	31,371	33,449
      Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation	24	—
      Cash and cash equivalents at end of period	29,965	35,758

   4. Notes to Consolidated Interim Financial StatementsGoing Concern Assumption

      Not applicable.

      Significant Changes in Shareholders’ Equity

      Not applicable.

      Segment Information

      1. Six months ended September 30, 2024 (from April 1, 2024 to September 30, 2024)

         Information on net sales and profit or loss on each reportable segment, and information on disaggregation of revenue

         (Millions of yen)

         	Construction	Boiler	Total	Adjustment (Note 1)	Amounts on the consolidated interim statements of income (Note 2)
         Net sales:
         Japan	25,152	3,394	28,546	—	28,546
         Asia	2,963	66	3,030	—	3,030
         Other	—	—	—	—	—
         Revenue from contracts with customers	28,116	3,460	31,576	—	31,576
         Sales to external customers	28,116	3,460	31,576	—	31,576
         Intersegment sales or transfers	6	104	111	(111)	—
         Total	28,122	3,565	31,688	(111)	31,576
         Segment profit	3,701	218	3,919	6	3,925

         Notes: 1. Adjustment for segment profit represents eliminations of intersegment sales or transfers.

         2. Segment profit is adjusted to be consistent with operating profit in the consolidated interim statements of income.

      2. Six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)

         1. Information on net sales and profit or loss on each reportable segment, and information on disaggregation of revenue

            (Millions of yen)

            	Construction	Boiler	Total	Adjustment (Note 1)	Amounts on the consolidated interim statements of income (Note 2)
            Net sales:
            Japan	23,105	3,196	26,302	—	26,302
            Asia	1,977	19	1,996	—	1,996
            Other	—	0	0	—	0
            Revenue from contracts with customers	25,083	3,216	28,300	—	28,300
            Sales to external customers	25,083	3,216	28,300	—	28,300
            Intersegment sales or transfers	19	98	118	(118)	—
            Total	25,103	3,315	28,418	(118)	28,300
            Segment profit (loss)	2,760	(8)	2,751	47	2,799

            Notes: 1. Adjustment for segment profit (loss) represents eliminations of intersegment sales or transfers.

         2. Segment profit (loss) is adjusted to be consistent with operating profit in the consolidated interim statements of income.

      2. Information on impairment loss on non-current assets or goodwill, etc. by reportable segment

      Impairment loss on non-current assets has been recorded in the Boiler Business segment. The amount of the impairment loss recorded for the six months ended September 30, 2025 was 161 million yen.

      Revenue Recognition

      Information on revenue from contracts with customers broken down is described in Segment Information.

3. Supplementary Information

1. Status of Orders Received, Net Sales and Balance of Orders
   1. Orders received

      Segment	Six months ended September 30, 2024		Six months ended September 30, 2025		Increase (decrease)	Fiscal year ended March 31, 2025
      	Millions of yen	%	Millions of yen	%	Millions of yen	Millions of yen	%
      Construction	29,506	89.9	30,102	90.9	596	56,778	91.2
      Boiler	3,319	10.1	3,031	9.1	(287)	5,493	8.8
      Total	32,825	100.0	33,134	100.0	308	62,271	100.0

   2. Net sales

      Segment	Six months ended September 30, 2024		Six months ended September 30, 2025		Increase (decrease)	Fiscal year ended March 31, 2025
      	Millions of yen	%	Millions of yen	%	Millions of yen	Millions of yen	%
      Construction	28,116	89.0	25,083	88.6	(3,033)	58,944	88.9
      Boiler	3,460	11.0	3,216	11.4	(243)	7,338	11.1
      Total	31,576	100.0	28,300	100.0	(3,276)	66,283	100.0

   3. Balance of orders