Measures to Realize Management Conscious of Cost of Capital and Stock Price (Update)PDF

To Shareholders with Voting Rights:

Company Name MORITO CO., LTD.

January 14, 2026

Name of Takaki Ichitsubo, Representative Director, CEO Representative

(Securities Code: 9837, TSE Prime Market)

Head Office 4-2-4, Minami Honmachi, Chuo-ku, Osaka, Japan Inquiries Kiyomi Akui

Director, Managing Executive Officer, General Manager

of Corporate Management Department, and Division Manager of Corporate Administrative Division (TEL: 06-6252-3551)

MORITO CO., LTD. (the “Company”) hereby announces that, at a meeting held on January 14, 2026, the Board of Directors once more analyzed and reevaluated the current situation regarding the “Measures to Realize Management Conscious of Cost of Capital and Stock Price” announced on June 18, 2025, and updated its policies and initiatives for improvement as follows.

As shown in the table below, while the Company recognizes that both PBR and ROE are currently improving, PBR is still around 1 and ROE is still far from the level expected by investors. The Company will continue to make further efforts to realize management that is more conscious of the cost of capital and stock price, with priority being placed on improving corporate value through expanding business performance and capital policies.

*Please refer to the attached document for details of the “Measures to Realize Management Conscious of Cost of Capital and Stock Price” FY2026 update.

(Note) The performance forecasts and other forward-looking statements contained in this document are based on information currently available to the Company, and may differ from the actual results due to various factors moving forward.

Update for the Fiscal Year Ending November 2026

Where innovation is the norm

1. Analysis and Assessment of the Current Situation

   1. Our Cost of Equity

   2. PBR

   3. TSR and DOE

2. Future Initiatives

   1. Efforts to Improve PBR

   2. To improve ROE

• Track Record of IR Activities

• Status of Dialogue with Investors and Analysts

• Updates on IR Activities

Where innovation is the norm

1. Analysis and Assessment of the Current Situation
   1. Our Cost of Equity
      • Our Approach to Cost of Equity

Risk-free rate

10-year JGB 1.73%

β value TOPIX 24-month historical 0.79

Risk premium average 5.9%

Cost of equity 6.37%

Earnings yield Assumed growth rate of 0

PER average 15.6x

(2023/12 – 2025/11)

Cost of equity

6.41%

• Our cost of equity is approximately 6.37% based on CAPM calculations and 6.41% based on the

  earnings yield.

  Changes in ROE and Cost of Equity

  Changes in ROE and Cost of Equity

• We recognize that the CAPM calculation results indicate a lower cost of capital than investors anticipate, and we will strive to achieve a target ROE of 8% or higher with these findings in mind.

Where innovation is the norm

Changes in Historical Stock Price and PER

(Times)

• Through proactive efforts to improve ROE and strengthen engagement with shareholders, we worked to

  maintain and improve the PER. As a result, the PBR has gradually risen and now exceeds 1x.

  PBR = 1x

  PBR: It has improved significantly since 2023 and has now

  exceeded 1x

  ROE: It is steadily increasing every year. We are focusing on bringing it up above 8%.

  PER: It is stable at around 15x, but we plan to further

  improve it.

  (Times)

  (Times)

  PER=15x

• In order to increase the PBR well above 1x, we believe that it is necessary to maintain and improve the PER while further increasing the ROE.

PER = 15x

Where innovation is the norm