Supplementary Materials for Financial Results for the second quarter of the FY2025

‌Supplementary Materials for Financial Results for the First Half of Fiscal Year Ending

March 31, 2026 (FY2025)

October 31, 2025

Nankai Electric Railway Co., Ltd.

(Tokyo Stock Exchange, Prime Market, Securities Code: 9044 https://www.nankai.co.jp/en/company.html)

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‌Contents

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1. ‌ Summary of Financial Results for the First Half of FY2025

   1. ‌Performance highlights

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      (Millions of yen)

      	FY2025 1H results (A)	FY2024 1H results (B)	Compared to FY2024 1H results		Previous forecast for FY2025 1H (Announced April 2025) (C)	Compared to the forecasts at the beginning of FY2025 1H
      			Change (A-B)	Percentage change		Change (A-C)	Percentage change
      Operating revenue	126,516 21,683 1,372 2,314 20,741 401 325 14,084	123,579	2,937	2.4%	124,600	1,916	1.5%
      Operating income		18,256	3,427	18.8%	17,000	4,683	27.6%
      Non-operating income		3,395	−2,023	−59.6%
      Non-operating expenses		1,828	485	26.6%
      Ordinary income		19,822	918	4.6%	15,700	5,041	32.1%
      Extraordinary income		8,980	−8,578	−95.5%
      Extraordinary losses		10,389	−10,064	−96.9%
      Profit attributable to owners of parent		12,550	1,534	12.2%	11,100	2,984	26.9%

      【Operating revenue and profits at each stage reached record highs】

      • Due to the effects of EXPO 2025 and increased inbound demand, there was a rise in the passengers carried in the transportation business as well as the contribution made by Meiko Bus (made a subsidiary in October 2024) and Tsutenkaku Kanko (made a subsidiary in December 2024, the last fiscal year), which resulted in higher revenue and income.

      • Although there was a reaction to the decline in the dividends received from a special-purpose company in the same period of the previous year, operating income increased, contributing to an increase in ordinary income.

      •Revenue increased, mainly in the transportation and distribution businesses, due to factors such as the effects of EXPO 2025 and growing demand from overseas tourists. Income also rose, supported by higher revenue and a reduction in various expenses.

1. ‌Status of segment composition (as of September 30, 2025)

[Consolidated subsidiaries: 53, non-consolidated subsidiaries: 20, non-equity method affiliates: 6]

Change (from March 31, 2025)：Decrease in consolidated subsidiaries, 1 company. Increase in non-consolidated subsidiaries, 3 companies.

* Nankai Electric Railway Co., Ltd. (the Company) is included in duplicate in the Transportation, Real Estate, Distribution, and Leisure and Services segments.

[ Operating revenue ] [ Operating income ]

(Billions of yen) (Billions of yen)

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* Percentage share: Ratio to operating revenue, including that from intersegment transactions

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(ii) Change of operating income (compared to FY 2024 1H)

(i) Change of operating revenue (compared to FY 2024 1H)

(Millions of yen)

‌2. Segment operating revenue and operating income(compared to FY 2024 1H)

‌2. Segment operating revenue and operating income(compared to FY 2024 1H)

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(Millions of yen)

‌2. Segment information (Transportation)

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(Millions of yen)

‌2. Revenue from railway passengers and passengers carried (Including figures for the Semboku Line)

All lines（Existing lines + Airport line ） FY2025 1H results FY2024 1H results Change Percentage change

Non-commuter passes 22,593 21,277 1,315 6.2%

Commuter passes 12,675 12,814 −139 −1.1%

Total 35,268 34,092 1,176 3.5%

Non-commuter passes 53,690 50,834 2,856 5.6%

Commuter passes 72,719 70,452 2,267 3.2%

Total 126,409 121,286 5,123 4.2%

Passenger Passengers revenue carried

Existing lines FY2025 1H results FY2024 1H results Change Percentage change

Non-commuter passes 15,993 15,357 636 4.1%

Commuter passes 11,835 12,046 −211 −1.8%

Total 27,829 27,404 424 1.6%

Non-commuter passes 45,952 43,977 1,975 4.5%

Commuter passes 70,102 68,075 2,027 3.0%

Total 116,054 112,052 4,002 3.6%

Passenger Passengers revenue carried

Airport line FY2025 1H results FY2024 1H results Change Percentage change

Non-commuter passes 6,599 5,919 679 11.5%

Commuter passes 839 767 71 9.3%

Total 7,439 6,687 751 11.2%

Non-commuter passes 7,738 6,857 881 12.8%

Commuter passes 2,617 2,377 240 10.1%

Total 10,355 9,234 1,121 12.1%

Passenger Passengers revenue carried

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(Millions of yen, thousands of passengers)

‌2. Segment information (Real Estate)

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(Millions of yen)

‌2. Segment information (Distribution)

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(Millions of yen)

‌2. Segment information (Leisure and Services)

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(Millions of yen)

1. ‌Segment information (Construction and Other)

   (Millions of yen)

   Construction FY2025 1H FY2024 1H results results			Change	Percentage change
   Operating revenue	22,607	23,259	−651	−2.8%
   Construction	22,613	23,259	−645	−2.8%
   Adjustment (intrasegment)	−5	−0	—	—
   Operating income	1,090	637	453	71.2%

   While revenue decreased due to factors such as a decline in the amount of completed construction contracts, income increased due to factors including improved profit ratios.

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(Millions of yen)

1. ‌Non-operating income and expenses and extraordinary income and losses

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   (Millions of yen)

   		FY2025 1H results	FY2024 1H results	Change	Remarks
   Non-operating income		1,372	3,395	−2,023
   	Interest income	32	13	19
   	Dividend income	833	3,094	−2,261	Same period of the previous year:A dividend from a special-purpose company, etc.
   	Miscellaneous income	506	287	218
   Non-operating expenses		2,314	1,828	485
   	Interest expenses	1,963	1,584	379
   	Miscellaneous expenses	350	244	106
   Extraordinary income		401	8,980	−8,578
   	Contribution received for construction	289	8,894	−8,604	Same period of the previous year:Continuous flyover roadway construction in Takaishi City, etc.
   	Other	111	85	26
   Extraordinary losses		325	10,389	−10,064
   	Tax purpose reduction entry of contribution for construction	280	8,890	−8,610	Same period of the previous year:Continuous flyover roadway construction in Takaishi City, etc.
   	Other	44	1,498	−1,454	Same period of the previous year:Loss on retirement of non-current assets in logistics facilities, etc.

2. ‌Status of assets, liabilities and net assets

   	As of September 30,2025	As of March 31,2025	Change
   Interest-bearing debt	449.6	432.9	16.6
   Net interest-bearing debt	423.9	390.1	33.8

   (Millions of yen)

   	As of September 30,2025	As of March * 31,2025	Change	Main reasons for changes
   	Current assets 109,973 120,200		−10,226	・Decrease in cash and deposits −¥17.1 billion ・Decrease in notes and accounts receivable - trade, and contract assets −¥11.0 billion ・Increase in merchandise and finished goods +¥15.1 billion ・Increase in construction in progress +¥19.3 billion ・Increase in investment securities due to rising market value +¥11.8 billion 【The balance of interest-bearing debt】 (Billions of yen) ・Decrease in notes and accounts payable-trade – ¥8.7 billion ・Profit attributable to owners of parent +¥14.0 billion ・Increase in Valuation difference on available-for-sale Securities +¥6.2 billion ・Increase due to purchase of treasury shares −¥8.7 billion ・Dividend of surplus −¥2.5 billion
   	Non-current assets 891,125 860,814		30,310
   Total assets 1,001,098 981,014			20,084
   Total liabilities 662,192 651,149			11,042
   Net assets 338,906 329,865			9,041
   Total liabilities 1,001,098 981,014 and net assets			20,084

   • Current assets

   • Non-current assets

   • Liabilities

   • Net assets

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   * The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025. Figures for FY2024 results also reflect these details.

3. ‌Status of cash flows

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(Millions of yen)

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1. ‌Business Forecasts for FY2025

1. ‌Performance highlights

   (Millions of yen)

   	FY2025 forecasts	Forecasts at the beginning of the term (Announced April 2025)	Change	Main reasons for changes	*2 FY2024 results	Change
   Operating revenue	271,400	266,700	4,700	Revenue increased as factors such as the number of passengers carried on the railway airport line and buses, sales at shopping centers, and room rates at hotel properties all exceeded initial assumptions, driven by higher demand from overseas tourists and the effects of EXPO 2025. In addition to higher revenue, income increased, reflecting the declining trend in fuel costs and other related expenses. Decrease due to close examination of construction plans and estimates	260,787	10,612
   Operating income	38,500	32,600	5,900		34,681	3,818
   Ordinary income	35,900	29,600	6,300		35,599	300
   Profit attributable to owners of parent	22,600	18,900	3,700		22,548	51
   Investment	123,300	127,100	−3,800		47,241	76,058
   Depreciation and amortization	29,200	30,000	−800		28,288	911
   EBITDA*1	67,800	62,700	5,100		63,235	4,564
   Interest-bearing debt	464,600	473,600	−9,000		432,950	31,649
   Net interest-bearing debt	442,800	454,900	−12,100		390,101	52,698
   Ratio of interest-bearing	6.9 times	7.6 times	−0.7 pt		6.8 times	0.1pt
   debt to EBITDA*1
   Ratio of net interest-bearing	6.5 times	7.3 times	−0.8 pt		6.2 times	0.3pt
   debt to EBITDA*1
   ＲＯＥ	7.2%	6.0%	1.2pt		7.5%	− 0.3pt

   • Operating revenue

   • Operating income

   • Investment

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   *1 Operating income + Depreciation and amortization + Amortization of goodwill

   *2 The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025. Figures for FY2024 results also reflect these details.

2. ‌Segment operating revenue and operating income

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(Millions of yen)

‌2. Segment operating revenue and operating income

(Millions of yen)

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* The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025. Figures for FY2024 results also reflect these details.

‌2. Revenue from railway passengers and passengers carried(Including figures for the Semboku Line)

(Announced April 2025)

(Announced April 2025)

(Announced April 2025)

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(Millions of yen, thousands of passengers)

‌2. Segment operating revenue and operating income (Reference)

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(Millions of yen)

‌3. Investment and EBITDA by segment

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(Millions of yen)

‌Cautionary note on forward-looking statements :

The forward-looking statements in this presentation, including financial forecasts, are based on information currently available to the Company and certain assumptions deemed reasonable. Therefore, actual results may differ from these forecasts due to various factors.

Note :

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Nankai Electric Railway Co., Ltd.