MODEC : 2025 Full-Year Financial Results

February 13, 2026

Company name: MODEC, INC.

Listing: Tokyo Stock Exchange Securities code: 6269

URL: https://http://www.modec.com

Representative: Hirohiko Miyata, Representative Director, President and Chief Executive Officer Inquiries: Daisuke Tachibana, General Manager of Accounting

Telephone: +81-3-5290-1200

Scheduled date of annual general meeting of shareholders: March 30, 2026 Scheduled date to commence dividend payments: March 31, 2026 Scheduled date to file annual securities report: March 26, 2026 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for institutional investors and analysts)

(US dollar amounts are rounded down to thousands.)

1. Consolidated financial results for the year ended December 31, 2025 (from January 1, 2025 to December 31, 2025)
   1. Consolidated operating results (Percentages indicate year-on-year changes.)

      	Revenue		Operating profit		Profit before tax		Profit
      Year ended	US$ thousand	%	US$ thousand	%	US$ thousand	%	US$ thousand	%
      December 31, 2025	4,581,232	9.4	437,607	35.5	508,317	65.1	410,675	56.0
      December 31, 2024	4,186,461	17.1	322,901	67.4	307,975	43.5	263,305	109.0

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      Year ended	US$ thousand	%	US$ thousand	%	US$	US$
      December 31, 2025	360,677	63.6	374,828	41.4	5.28	5.28
      December 31, 2024	220,404	128.3	265,162	154.6	3.23	3.23

      	Return on equity attributable to owners of parent	Ratio of profit before tax to total assets	Ratio of operating profit to revenue
      Year ended	%	%	%
      December 31, 2025	27.4	11.0	9.6
      December 31, 2024	20.3	7.3	7.7

      Reference: Share of profit of investments accounted for using equity method

      Year ended December 31, 2025: US$133,695 thousand; Year ended December 31, 2024: US$154,004 thousand

   2. Consolidated financial position

      	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets	Equity attributable to owners of parent per share
      As of	US$ thousand	US$ thousand	US$ thousand	%	US$
      December 31, 2025	4,762,572	1,474,043	1,452,809	30.5	21.26
      December 31, 2024	4,496,651	1,198,468	1,180,435	26.3	17.28

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of year
   Year ended	US$ thousand	US$ thousand	US$ thousand	US$ thousand
   December 31, 2025	244,035	5,535	(194,243)	1,326,950
   December 31, 2024	560,890	(122,581)	(186,267)	1,253,276

   Note: The original consolidated financial statements of MODEC, INC. and its subsidiaries (hereinafter "the Company") for the years ended December 31, 2025 and 2024 are presented in US dollars, which is the Company's functional currency.

   Therefore, the consolidated financial results above are also presented in US dollars.

   For convenience purposes the consolidated financial results converted to Japanese yen in expediential manner are presented on page 5 of this summary information.

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to equity attributable to owners of parent (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Year-end	Total
   	yen	yen	yen	yen	yen	million yen	%	%
   Year ended December 31, 2024	-	30.00	-	50.00	80.00	5,467	15.7	2.9
   Year ended December 31, 2025	-	60.00	-	80.00	140.00	9,568	16.9	4.2
   Year ending December 31, 2026 (Forecast)	-	100.00	-	100.00	200.00		23.6

3. Consolidated earnings forecast for 2026 (from January 1, 2026 to December 31, 2026)

(Percentages indicate year-on-year changes.)

Note: The consolidated earnings forecast of the Company is prepared in US dollars, which is the Company's functional currency. For convenience purposes the consolidated earnings forecast converted to Japanese yen in expediential manner is presented on page 6 of this summary information.

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

2. Changes in accounting policies and changes in accounting estimates

   1. Changes in accounting policies required by IFRS: None

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

   3. Changes in accounting estimates: None

3. Number of issued shares (ordinary shares)

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

      As of December 31, 2025	68,345,300 shares
      As of December 31, 2024	68,345,300 shares

   2. Number of treasury shares at the end of the year

      As of December 31, 2025	4,629 shares
      As of December 31, 2024	38,250 shares

   3. Average number of shares outstanding during the year

1. Non-consolidated financial results for the year ended December 31, 2025 (from January 1, 2025 to December 31, 2025)
   1. Non-consolidated operating results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit
      Year ended	million yen	%	million yen	%	million yen	%	million yen	%
      December 31, 2025	502,737	2.7	12,138	(45.2)	27,179	(24.1)	19,495	(27.7)
      December 31, 2024	489,648	20.5	22,161	269.0	35,818	446.3	26,966	724.9

      	Basic earnings per share	Diluted earnings per share
      Year ended December 31, 2025 December 31, 2024	yen 285.31 394.78	yen - -

   2. Non-consolidated financial position

      	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
      As of	million yen	million yen	%	yen
      December 31, 2025	332,921	75,522	22.7	1,105.09
      December 31, 2024	349,356	63,439	18.2	928.74

      Reference: Equity as of December 31, 2025: 75,522 million yen; as of December 31, 2024: 63,439 million yen Note: Non-consolidated financial results are based on Japan GAAP.

      • Consolidated financial results are exempt from audit conducted by certified public accountants or an audit corporation.

      • Notes for the proper use of earnings forecasts and other special matters

・Accompanying consolidated financial statements and selected notes are presented in US dollars, which is the Company's functional currency.

・The US dollar amounts in the first page of this summary information is not tagged to XBRL data.

・Earnings forecast and other forward-looking statements included in this material are based on information currently available to the Company and are based on assumptions deemed reasonable. They are not meant to be a guarantee of future performance or outcomes. Actual results may differ materially subject to various factors. Please refer to

Qualitative information on financial results on the second page of attached material for assumptions and conditions precedent of earnings forecast and notes for utilization.

・The Company will hold financial result briefing for institutional investors and analysts on February 16th, 2026. The material used for the financial result briefing will be posted on the Company's website immediately following the session.

(Yen amounts are rounded down to millions.)

1. Consolidated financial results for the year ended December 31, 2025 (from January 1, 2025 to December 31, 2025)
   1. Consolidated operating results

      (Percentages indicate year-on-year changes.)

      	Revenue		Operating profit		Profit before tax		Profit
      Year ended	million yen	%	million yen	%	million yen	%	million yen	%
      December 31, 2025	717,100	8.3	68,498	34.1	79,566	63.4	64,283	54.4
      December 31, 2024	662,088	30.6	51,066	86.6	48,706	60.0	41,641	133.1

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      Year ended	million yen	%	million yen	%	yen	yen
      December 31, 2025	56,456	62.0	58,671	39.9	826.25	826.25
      December 31, 2024	34,857	154.6	41,935	183.9	510.30	510.20

      	Return on equity attributable to owners of parent	Ratio of profit before tax to total assets	Ratio of operating profit to revenue
      Year ended	%	%	%
      December 31, 2025	27.3	10.9	9.6
      December 31, 2024	21.3	7.7	7.7

      Reference: Share of profit of investments accounted for using equity method

      Year ended December 31, 2025: 20,927 million yen; Year ended December 31, 2024: 24,355 million yen

   2. Consolidated financial position

      	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets	Equity attributable to owners of parent per share
      As of	million yen	million yen	million yen	%	yen
      December 31, 2025	745,485	230,731	227,408	30.5	3,327.57
      December 31, 2024	711,145	189,537	186,685	26.3	2,733.04

   3. Consolidated cash flows

Note: The amounts presented above are converted to Japanese yen in expediential manner from the consolidated financial results on page 1 and page 2 of this summary information using the following exchange rates:

December 31, 2025 at US$1.00 = 156.53 Japanese yen (TTM rate of Sumitomo Mitsui Banking Corporation as of December 30, 2025)

December 31, 2024 at US$1.00 = 158.15 Japanese yen (TTM rate of Sumitomo Mitsui Banking Corporation as of December 30, 2024)

The percentages indicating year-on-year changes for the consolidated operating results are calculated on Japanese yen basis presented above.