Financial Results Briefing FYE2026/03 (FY2025) Q2

(Tokyo Stock Exchange : 6331)

FYE 2026/03 (FY2025) Q2

Nov. 11, 2025

Contents

Ⅰ. Summary/Business Overview

Q2

Results

Full-year

Forecasts

Orders

received

23,644 Mil yen (YoY -33 %）

Net sales

36,123 Mil yen (YoY +36 %）

Last FC： 37,500 Mil yen （vs. FC： -1,376 Mil yen）

Operating

income

3,681 Mil yen (YoY +65 %）

Last FC： 3,000 Mil yen （vs. FC： ＋681 Mil yen）

• Financial Summary for FYE 2026/03 Q2 results and Full-year forecasts

（QoQ↓） QoQ Decline

Order backlog remains at a high level （91,272 mil yen as of the end of Sep. 2025)

[vs.FC↓] Delays in progress for some large-scale construction projects

（QoQ↑） Progress of large-scale construction projects;

Positive sales trend for Oil purifiers and its components, and ship equipment compliant with environmental regulations in Industrial Machinery Business

[vs.FC↑] Improvements in construction projects cost completed in the 1st half

（QoQ↑） Increase in gross profit due to the increase in net sales

The full-year forecast announced at the beginning of the period (May 15, 2025) was revised on October 31, 2025.

Orders

received

69,500 Mil yen (YoY +7 %）

Net sales

Operating

income

Annual

dividend

＋6 Yen）

Last FC： 80 Yen/share （vs. FC：

86 Yen/share (YoY +16 Yen）

8,550 Mil yen (YoY +50 %）

88,500 Mil yen (YoY +50 %）

[vs.FC→] Adjustments exist for each reportable segment, but there are no adjustments to the total figures

（YoY↑） Expect to continuously acquire high level of orders mainly in GX Business and marine machinery field

[vs.FC↑] Steady revenue recognition across all the businesses, including GX business

（YoY↑） Contribution of the large-scale construction orders acquired in previous years, and the positive trend for ship equipment and components

[vs.FC↑] Gross profit will be increase due to the increase in net sales; Improvements in construction projects cost completed in the 1st half

（YoY↑） Gross profit will be increase due to the increase in net sales

[vs.FC↑] Increased dividend in line with the projected increase in net profit attributable to parent company shareholders

（YoY↑） The dividend payout ratio is 35% (YoY: up 2.3 points)

Ⅰ. Summary/Business Overview

Ⅰ. Summary/Business Overview

By Segment

Newly setting up business segment, to

realize our management vision for 2050

• Sustainable recycling society: such as Effective use of biogas

• Clean energy ：such as effective use of hydrogen

• Saving labor and energy

• Developing next-generation technologies

Sales composition FY２０２５（Forecast）

Sales composition FY２０２５（Forecast）

Sales composition FY２０２５（Forecast）

Engineering Business

Industrial Machinery Business

Green Transformation Business

A wide range of Manufacturing Machines lineup, using our core technology of "Separation and Filtration"

• The top market share established in the Oil Purifiers products (SJ series)

• Centrifuges, filters and agitators which meet various needs of our customers

Plants Construction

in a Wide Range of Industries

• The foundation of industries including chemicals, electronic materials, semiconductor materials, fine chemicals.

• Lifeline infrastructure including LNG, city gas, petrochemicals and sewage systems.

• Our know-how on high-purity and compact hydrogen generators

By Region

• Since the 1970s, we have accumulated a track record in plant construction, mainly in Southeast Asia, along with the overseas expansion of our client companies.

  Others Approx. 5 ％

  Sales Breakdown

  Asia

  Refer to Appendix,

  Management Vision for 2050

  Japan

  Approx. 85 ％

• Overseas sales ratio ranges from 10% to 30% along with the

amounts of orders of large overseas projects.

Approx. 10 ％

Ⅱ. FYE 2026/03 Q2 Financial Results

• 35.7%↑ in net sales： Steady progress of large-scale construction projects secured in previous years, Positive sales trend for ship equipment and components

• 65.4%↑ in operating income： SG&A increased, but absorbed by increase in gross profit due to the increase in net sales

（Unit： Millions of yen）

＊The Company carried out a three-for-one stock split of its common shares on April 1, 2025. Therefore, earnings per share for the current period have been calculated assuming this stock split occurred at the beginning of the previous consolidated fiscal year.

＊At the end of the previous consolidated fiscal year, the provisional accounting treatment for the business combination was finalized, and the figures for the interim period of the fiscal year ending March 31, 2025 are shown after reflecting the significant revision of the initial allocation of the acquisition cost due to the finalization of the provisional accounting treatment.

Ⅱ. FYE 2026/03 Q2 Financial Results

YoY:

＋1192.5%

898

45,766

53,746

6 months:

-14.8%

69

15,631

19,667

＋25.8%

YoY:

11,688

-53.4%

25,101

YoY:

Order received Segment net sales Segment profit Order backlog

FYE2025/03 FYE2026/03 FYE2025/03 FYE2026/03 FYE2025/03 FYE2026/03 End of End of (FY2024) FY2025 (FY2024) FY2025 (FY2024) FY2025 Mar. 2025 Sep. 2025

Q2 results Q2 results Q2 results Q2 results Q2 results Q2 results results results

Ⅱ. FYE 2026/03 Q2 Financial Results

Order received Segment net sales Segment profit Order backlog

10,380

9,447

＋9.9%

YoY:

8,633

9,989

＋15.7%

YoY:

2,072

2,757

＋33.1%

YoY:

10,542

10,152

＋3.8%

6 months:

Ⅱ. FYE 2026/03 Q2 Financial Results

Order received Segment net sales Segment profit Order backlog

1,576

YoY:

＋197.3%

2,358

6,465

＋174.1%

YoY:

24

84

YoY:

-70.9%

-12.3%

39,852

34,963

6 months:

Ⅱ. FYE 2026/03 Q2 Financial Results

• 17.4%↑ in the value terms： While estimation cost decreased, labor costs, R&D expenses, advertising expenses and sales commissions increased

• 1.7point↓ in net sales ratio： Sales SG&A ratio is decreased to 11.6% from 13.3%, due to increase in net sales

  （Unit： Millions of yen）

  	FYE2025/03-Q2 (FY2024-Q2)		FYE2026/03-Q2 (FY2025-Q2)
  	Results	Ratio to sales	Results	Ratio to sales	YoY change
  					Inc/Dec amount	Inc/Dec ratio
  Salaries & bonuses	1,264	4.7%	1,476	4.1%	＋212	＋16.8%
  Estimation cost	421	1.6%	395	1.1%	▲26	▲6.3%
  R&D expenses	200	0.8%	323	0.9%	＋122	＋61.0%
  Advertising expenses	67	0.3%	191	0.5%	＋124	＋183.8%
  Sales commission	129	0.5%	166	0.5%	＋37	＋28.6%
  Depreciation	122	0.5%	125	0.3%	＋2	＋2.3%
  Other costs	1,346	5.1%	1,493	4.1%	＋147	＋10.9%
  Total SG&A	3,553	13.3%	4,173	11.6%	＋619	＋17.4%

  Ⅱ. FYE 2026/03 Q2 Financial Results

  Selling, General and Administrative Expenses
  
  
  

• Total assets slightly increased： While accounts receivable and similar items decreased due to progress in collection, cash and deposits increased

• Liabilities slightly decreased： Accounts payable and similar obligations increased, but contract liabilities and similar obligations decreased

  
  
  

• Equity ratio increased： increased to 59.4% from the end of the previous fiscal year, due to an increase in net assets. (57.8% at the end of the previous fiscal year)

  6 months
  Current assets	▲649
  Cash and bank deposits Accounts receivable	＋2,815 ▲4,810
  Tangible/Intangible assets	＋132
  Tangible assets Intangible assets	＋213 ▲80
  Investments & other assets	＋1,502
  Current liabilities	▲332
  Notes and accounts payable - trade	＋917
  Electronically recorded obligations	▲278
  Current portion of long-term borrowings	＋500
  Contract liabilities	▲694
  Accrued bonuses	▲261
  Non-current liabilities	▲356
  Long-term debt	▲500
  Net assets	＋1,673
  Retained earnings	＋1,381

  End of Mar. 2025 End of Sep. 2025

  （Unit： Millions of yen）

  Total assets 66,174

  Total assets 67,160

  Current assets 50,839	Current liabilities 21,813
  	Non-current liabilities 6,133
  	Net assets 38,227 s s
  angible/Intangible asset 7,589
  nvestments & other asset 7,745

  T

  T

  Net assets

  angible/Intangible asset

  7,722

  Current assets

  50,189

  Non-current liabilities

  5,777

  Current liabilities

  21,481

  39,900

  s

  I Investments & other assets

  9,248

  Ⅱ. FYE 2026/03 Q2 Financial Results

  Consolidated Balance Sheets
  
  
  

• Operation cash flow is positive： In addition to increased profits, progress was made in collecting accounts receivable

• Investing cash flow is negative： For the acquisition of fixed assets, investment securities, etc.

• Free cash flow is negative： Improved operating cash flow resulted in a positive outcome

  （Unit： Millions of yen）

  15,182

  13,446

  13,638

  10,822

  ＋5,869

  ＋1,472

  ▲977

  ＋4,327

  ▲668

  ▲2,449

  ▲1,541 ▲1,488

  FYE2025/03 (FY2024) -Q2

  FYE2026/03 (FY2025) -Q2

  
  
  

  20,000

  Cash and cash equivalents at beginning of period
  
  
  Cash flows from operating activities
  
  
  Cash flows from investing activities
  
  
  Cash flows from financing activities
  
  
  Cash and cash equivalents at end of period
  
  
  FCF
  
  

  15,000

  10,000

  5,000

  0

  -5,000

  -10,000

  Ⅱ. FYE 2026/03 Q2 Financial Results

  Consolidated Statements of Cash Flows
  
  
  
  
  
  

  Ⅲ． FYE 2026/03 Full Year Performance Forecasts

  
  
  

• 49.5%↑ in net sales： Contribution of the high-level order backlogs and the positive trend for ship equipment and components

• 50.1%↑ in operating income： Increase in gross profit due to the increase in net sales

• 19.9%↑ in net profit: The net profit growth rate is expected to be lower than the operating income growth rate, due to a decrease in extraordinary gains recorded in the previous fiscal year

（Unit： Millions of yen）

Ⅲ. FYE 2026/03 Full Year Performance Forecasts

Orders received(Mil yen) Net sales(Mil yen) Opereation income(Mil yen) Dividend per Share(Yen)

No revision

69,500

69,500

vs. Orig.

＋4.7%

84,500

88,500

vs. Orig.

＋14.0%

7,500

600

8,550

650

vs. Orig.

＋7.5%

80

86

Original Revision Original Revision Original Revision Original Revision

Ⅲ. FYE 2026/03 Full Year Performance Forecasts

Order received Segment net sales Segment profit Order backlog

53,746

YoY:

-27.0%

36,539

39,246

32,000

2,300

46,246

2,700

YoY:

＋66.6%

46,500

YoY:

＋27.3%

-19.6%

39,782

YoY:

Ⅲ. FYE 2026/03 Full Year Performance Forecasts

Order received Segment net sales Segment profit Order backlog

4,096

19,500

20,000

4,600

9,652

10,652

10,152

1 year:

＋4.9%

5,200

YoY:

＋26.9%

17,750

20,500

YoY:

＋15.5%

21,000

＋4.8%

20,035

YoY:

Ⅲ. FYE 2026/03 Full Year Performance Forecasts

Order received Segment net sales Segment profit Order backlog

Profitable

5,109

4,912

12,000

19,000

32,

34,852

39,852

1 year:

-12.5%

650

Become

21,500

YoY:

＋337.7%

16,500

YoY:

＋222.9%

Ⅲ. FYE 2026/03 Full Year Performance Forecasts

Ⅳ. Progress of Medium-Term Management Plan

• The 2025 - 2027 medium-term management plan period is positioned as the "3 years for a leap forward", to facilitate the growth of our GX business, achieve higher sales, toward the realization of our management vision.

Preparation phase the previous medium-term management plan

period(~FY2024)

Growth phase

Medium-term management period (FY2025 to 2027)

Where we aim to be

FY2035

The Company supports the sustainable development of society as a professional in the areas of realizing a sustainable recycling society, clean energy, and saving labor and energy, which are the core of the GX business.

Our visions

Business portfolio

Strategic business fields

Industrial

Actively allocate resources and speed up product development to commercialize the business as soon as possible

Develop technologies and markets to lay a solid

GX

Industrial

Taking advantage of market growth, the business will grow to the point where its sales make up more than 50%

Expand our operation into peripheral

/new markets and ensure

GX

Industrial

Engineering

machinery

foundation for these businesses

Engineering

machinery

differentiation to maintain business scale while improving profitability

Engineering

machinery

Financial results and targets (final fiscal year)

• Sales: 59.2 billion yen

• Operating income ratio: 9.6%

• ROE: 13.4％

• PBR: 0.81

  • Sales: 90 billion yen

    3 years for a leap forward

- From GX: 23 billion yen

• Sales: 100 billion yen

  - From GX: 50 to 60 billion yen

• Operating income ratio:

• ROE: Further improvement

• PBR:

  Ⅳ. Progress of Medium-Term Management Plan

  The Medium-Term Management Plan on Our Road Map
  
  
  

  • Based on the high-level of order backlog carried over from the preceding medium-term management plan, we aim to increase net sales exceeding 80 billion yen in FY2025, and then achieve net sales of 90 billion yen, 9% or higher operating income ratio, and 12% or higher ROE in FY2027.

    
    
    

    Business Scale Targets over this Medium-term Management Period Targets for Profitability Indicators over this Medium-term Management Period

    (Unit: 0.1 billion yen)

    Orders received

    Order backlog

    Net sales

    (Unit: 0.1 billion yen)

    ROE
    
    

    Operating income ratio

    Operating income

    Sales CAGR

    9.2%

    1,037

    887

    845

    Sales CAGR

    15.0%

    917

    910 927

    900

    9.7%

    6.1%

    13.4%

    
    
    

    9.6%

    13.5% 12.2% 12.6%

    8.9% 9.7% 9.3%

    84

    467

    419

    454

    649

    592

    695

    800

    770

    75 75

    56

    27

    FY2021	FY2024	FY2025	FY2026	FY2027	FY2021	FY2024	FY2025	FY2026	FY2027
    Results	Results	Plan	Plan	Plan	Results	Results	Plan	Plan	Plan

    This Medium-term Management Period This Medium-term Management Period

    During this medium-term management period, we aim to accelerate the net sales growth ratio, and further raise the profit ratio.

    Ⅳ. Progress of Medium-Term Management Plan

    Planned Figures in the Medium-Term Management Plan
    
    
    

  • We will evolve our business portfolio and establish management, conscious of the capital costs and our stock prices, which will be supported by a stronger and sustainable management foundation.

Achieve the sales of 90 billion yen, 9% or higher operating income ratio, PBR above 1.0 times, and

12% or higher ROE

Expand the lines of our products and services for our GX businesses mostly in the areas of realizing a sustainable recycling society and clean energy, thereby serving as a partner in customers' efforts toward decarbonization.

Goals

Key Point 1

Evolution of our business portfolio

Key Point 2

Establishment of management

conscious of capital costs and our stock prices

Establishing the GX business

Boosting the competitiveness of our fundamental businesses

Implementing our business expansion strategies

Making growth investments

Enhancing capital efficiency

Increasing shareholder return / Publishing information that boosts growth expectations

Business and financial strategies

Stronger management base

Ⅳ. Progress of Medium-Term Management Plan

Ⅳ. Progress of Medium-Term Management Plan

Provided data from: Chitose Laboratory Corporation／the

facility of NEDO （New Energy and industrial Technology Development Organization）

contributing to the creation of a sustainable society

2

1

Sustainable recycling society

Clean

ener2gy

Continuing the development of

algae cultivation/separation/extraction technologies which we have been engaged in for many years

3

Saving

labor and energy

4

Developing next-generation

technologies

A picture of

Extraction equipment

Filtration

and Separation technology

Overseas Our EPC knowledge

know-how related to

algae

An Order Acquired for a Complete Set of Extraction Equipment for One of the World's Largest Microalgae Production Facilities

Evolution of our business portfolio

Ⅳ. Progress of Medium-Term Management Plan

Evolution of our business portfolio

SAF Production GX

Marine Oil Purifiers

Remove impurities from fuel oil and lubricating oil used in ship engines

Top market share of oil purifiers (domestic: approx. 90%, global: approx.

40%)

Technology

Separation of impurities for the production of SAF (Sustainable Aviation Fuel) from waste cooking oil

【proposition】

Delivered for the first large-scale SAF production demonstration project in Japan

(Production volume: 30,000 kiloliters/year)

Algae Concentration GX

As a process for ＊utilizing algae, we concentrate it suspended in the culture medium. Our company is also developing and validating technologies for algae cultivation and component extraction.

＊Oils extracted from algae that absorb CO₂ and grow are expected to find industrial applications as a new biomass resource to

replace fossil fuels.

Mitsubishi Selfjector

（SJ series）

Extraction of necessary components

Land Use Centrifuges

Classification of functional material microparticles

• Separation in the chemical/pharmaceutic al/food industries

• Oil recovery from animal fats

• Concentration of metal powders, pigments, resins, etc.

Topics Major achievements and progresses

Main reporting segments

Hydrogen generator

HyGeia-A : Small-Scale On-Site Hydrogen Generator

Shipment of ｔhe on-site hydrogen generator "HyGeia" series remains steady

➤ For the use in the semiconductor, electronic materials, and carbon neutral fields.

Oil purifier

Oil purifier, Mitsubishi Selfjector (SJ) series

Strong orders received

➤ High demand for new buildings against a backdrop of demand for ships operating at reduced speed for decarbonization, and demand for dual fuel-fired ships fueled by LNG, methanol, and heavy oil

In the medium to long term, a continued demand of oil purifiers for processing fuel oil is expected

➤ Although there is a trend toward the widespread use of engines that are compatible with decarbonized fuels (ammonia, hydrogen, etc.) partially observed, dual-fuel engines are expected to be the mainstream for the time being, and demand for processing fuel oil is also expected to continue

Aiming to expand market share in China while maintaining the top share in Japan

The ceremony was held for Mitsubishi Oil Purifier 120,000th Unit Production Commemorative

Ⅳ. Progress of Medium-Term Management Plan

Challenge

1

Challenge

2

⇒Collaborating with

Kawasaki City, local businesses, and residents

⇒Adopting a market-in approach and based on the concept of "business design", we tackle technology development

and market expansion

MKK PROJECT by Mitsubishi Kakoki

Promoting understanding of carbon neutral society

Experience the use of hydrogen as a clean energy through food

⇒Promoting

＊Utilizing hydrogen as fuel

for cooking equipment to reduce CO2 emissions

decarbonization as an accessible experience for general public

Started

in July 2025

Based in Kawasaki city, this project will create new business models and elevate MKK into global brands

We aim to introduce clean energy technologies to DeNA's new Kawasaki Arena PJ

Please refer to MKK PROJECT website ： https://www.kakoki.co.jp/mkkpj/

Ⅳ. Progress of Medium-Term Management Plan

Costs

The shortage of

human resources

Challenge

1

There is a limitation for MKK alone to work on such projects

Challenge

2

Product-out approaches take precedence, without sufficient demand

creation, that often causes a low business profitability

Increasing shareholder return

Following the revision of the earnings forecast, increase dividends for the FYE 2026/03

➤ Expect an upward revision to net income attributable to shareholders of the parent company.

➤ In accordance with the shareholder return policy outlined in the Mid-Term Management Plan, we have decided to increase the dividend for the FYE 2026/03, as shown in the table below.

Increase the

dividend per share

40.0%

40.0%

35.0%

32.7%

100

86

90

70

80

4.8%

5.0%

4.4%

4.6%

DOE:

minimum

3.5%

Dividend payout ratio (Consolidated)

DOE

(Consolidated)

Dividend per share (Unit: yen)

【Rev.】 Interim: ¥40 ＋ Final: ¥46 = Annual: ¥86

【Orig.】 Interim: ¥40 ＋ Final: ¥40 = Annual: ¥80

FYE2025/03 FYE2026/03 FYE2027/03 FYE2028/03

Current Mid-Term Management Plan

Execution of stock split

Purpose： Increase liquidity of shares

➤ Aim to improve stock liquidity by lowering the minimum purchase amount and increasing the number of shares traded in the stock market.

➤ Respect the request from the stock exchange to reduce the minimum investment unit

Ⅳ. Progress of Medium-Term Management Plan

• Making its debut at an IR fair to raise awareness among individual investors

• To promote understanding of our business, we participated in a television program featuring our company.

  Topics Contents

  First-time exhibitor at the "Nikkei/TSE IR Fair 2025" @ Tokyo Big Sight

  ⚫

  Strengthening Outreach

  to Individual Investors

  Established contact with approximately 300 individual investors

  (including large-scale briefing sessions)

  • It provided a valuable opportunity for mutual understanding by allowing us to hear the unfiltered voices of individual investors.

  Investors understanding

  Leading to enhanced engagement

  Grasp individual investors' information needs

  and utilize them for future approaches

  Purpose

TV TOKYO Corporation "Unknown Gulliver: Excellent Company Files"

featured our company

⚫

Enhancing our company's visibility

＋

Enhancing Corporate Value

⚫

The program, which introduces hidden Japanese companies with

outstanding technology, featured our oil purifier "SJ Series" and "HyGeia Series"

Promote our business activities and growth strategy widely

• Increased recognition

from individual investors and our corporate value

• Increase in inquiries related

to the introduced technology

※Used with permission from Trasco Nakayama Co., Ltd. Unauthorized reproduction or modification is prohibited.

Ⅳ. Progress of Medium-Term Management Plan

Communications That Heighten Growth Expectations

• To realize our management vision and current mid-term management plan, we will strengthen our GX human resources, ensure technology succession, and enhance employee engagement.

Topics Contents

Hire and Train

Human Resources

in alignment with our business strategies

Number of Employees

(Consolidated)

1,017

1,046

1,200

Ensure greater

employee engagement

【Hire and Train Human Resources】

• Number of employees as of Sep. 30: 1,046

• Monitoring of indicators related to human resource development, such as growth rates, has commenced.

• Promoting the implementation of the internal job posting system

FY2024

（final year of the Mid-Term Plan)

FY2025

(present)

FY2027

(last year of the current Mid-Term

【Ensure greater employee engagement】

• Town Hall Meeting

Progress of Personnel Planning

Plan)

Reorganize the Head Office/Kawasaki Works as the manufacturing hub for our company

Advanced and optimized manufacturing, development, and supply chain management

⇒As the manufacturing hub for our group, it will support the

expansion of our GX business.

【Progress of the Plan】

Demolition work on the old factory is progressing smoothly

Restructuring of

Head office / Kawasaki Works

Ⅳ. Progress of Medium-Term Management Plan

Advancing Human Capital Strategy and Manufacturing Strategy