Supplementary Materials for Financial Results for FY2025

‌Supplementary Materials for Financial Results for the Fiscal Year Ended March 31, 2026 (FY2025)

April 30, 2026 NANKAI Co., Ltd.

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

‌Contents

1. ‌Executive Summary

   Financial Results for FY2025	Operating revenue：264.7billion（FY2024 +3.9billion）Operating income ：39.9billion（FY2024 +5.2billion）
   Business Forecasts for FY2026	Operating revenue：287.5billion（FY2024 +22.7billion） Operating income ：400billion（Slight increase from FY2024）
   Operating revenue (Billion of yen) 287.5 266.7 264.7 FY2025 Forecasts at FY2025 FY2026 the beginning results Forecasts of the term	Operating income (Billion of yen) 39.9 40.0			Ordinary income (Billion of yen) 37.7 35.9			Profit attributable to owners of parent (Billion of yen) 25.1 23.8 effects of EXPO 2025 18.9 FY2025 Forecasts at FY2025 FY2026 the beginning results Forecasts of the term
   		effects of EXPO 2025
   					effects of EXPO 2025
   	32.6
   				29.6
   	FY2025 Forecasts at FY2025 FY2026 the beginning results Forecasts of the term			FY2025 Forecasts at FY2025 FY2026 the beginning results Forecasts of the term

   • We achieved all-time record highs in operating revenue and across all profit levels.

   • This was driven by an increase in passengers carried in the transportation business, which was mainly due to the positive impact of EXPO 2025 and growing demand from overseas tourists, as well as the performance of Meiko Bus and Tsutenkaku Kanko, which were acquired as subsidiaries in the previous fiscal year, contributing to the full-year results.

   • The annual dividend is 50 yen, and the dividend payout ratio is 22.0% (an increase of 10 yen from the previous period), Purchase of treasury shares 12.0billion.

   • Operating revenue and operating income reached record highs.

   • We aim to offset the impact of the end of EXPO 2025 and deteriorating Japan–China relations, while also achieving record-high profits through revisions to limited express fares in the railway business and income generated by Building 7 at the Kita Osaka Truck Terminal and by the purchase of revenue-generating properties in the real estate business.

   • The annual dividend is 55 yen, and the dividend payout ratio is 25.0% (an increase of 5 yen from the previous period).

2. ‌Summary of Financial Results for FY2025

   1. ‌Performance highlights (i)

      (Millions of yen)

      	FY2025 results (A)	FY2024* results (B)	Compared to FY2024 results		FY2025 forecasts (Announced October 2025) (C)	Compared to FY2025 forecasts
      			Change (A-B)	Percentage change		Change (A-C)	Percentage change
      Operating revenue	264,714 39,945 3,079 5,261 37,763 3,596 3,702 25,135	260,787	3,927	1.5%	271,400	−6,685	−2.5%
      Operating income		34,681	5,263	15.2%	38,500	1,445	3.8%
      Non-operating income		4,821	−1,741	−36.1%
      Non-operating expenses		3,903	1,358	34.8%
      Ordinary income		35,599	2,164	6.1%	35,900	1,863	5.2%
      Extraordinary income		10,744	−7,148	−66.5%
      Extraordinary losses		12,080	−8,377	−69.3%
      Profit attributable to owners of parent		22,548	2,587	11.5%	22,600	2,535	11.2%

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

      • Both revenue and income increased mainly due to the rise in passengers carried in the transportation business, driven by factors including the impact of EXPO 2025 and growing demand from overseas tourists, as well as increased condominium sales in the real estate business, and the full-year contribution from Meiko Bus and Tsutenkaku Kanko, acquired as subsidiaries in October 2024 and December 2024, respectively.

      • Ordinary income increased, driven by an increase in operating income, despite lower dividend income received from the special-purpose company due to a reactionary decrease from the previous period and higher interest expenses.

      •While revenue decreased mainly due to a decrease in the amount of completed construction contracts in the construction business and the postponement to the next fiscal period of condominium sales in the real estate sales business, income increased mainly due to improved profit ratios in the construction business and reduced expenses in the real estate business.

4

* The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025.

1. ‌Performance highlights (ii)

   (Millions of yen)

   	FY2025 results (A)	FY2024 *3 results (B)	Compared to FY2024 results		FY2025 forecasts (Announced October 2025) (C)	Compared to FY2025 forecasts
   			Change (A-B)	Percentage change		Change (A-C)	Percentage change
   Investment*1	99,105 28,387 68,672 457,450 417,973 6.1 times 7.8%	47,241	51,863	109.8%	123,300	−24,194	−19.6%
   Depreciation and amortization		28,288	99	0.4%	29,200	−812	−2.8%
   EBITDA*2		63,235	5,436	8.6%	67,800	872	1.3%
   Interest-bearing debt		432,950	24,500	5.7%	464,600	−7,149	−1.5%
   Net interest-bearing debt		390,101	27,872	7.1%	442,800	−24,826	−5.6%
   Ratio of net interest-bearing debt to EBITDA *2		6.2 times	−0.1 pt	—	6.5 times	−0.4 pt	—
   ROE		7.5%	0.3pt	—	7.2%	0.6pt	—

   Investment Increased mainly due to the construction of Building 7 at the Kita Osaka Truck Terminal, the purchase of revenue-generating properties, and the introduction of GRAN TENKU

   Investment Decreased mainly due to the uncompleted purchase of certain revenue-generating properties

*1 Including M&A and capital contributions

*2 Operating income + Depreciation and amortization + Amortization of goodwill 5

*3 The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025.

1. ‌Status of segment composition (as of March 31, 2026)

[Consolidated subsidiaries: 55, non-consolidated subsidiaries: 19, non-equity method affiliates: 5]

Change (from March 31, 2025) : Change of classification from non-consolidated subsidiaries to consolidated subsidiaries, 2 companies Decrease in a consolidated subsidiary, 1 company. Increase in non-consolidated subsidiaries, 3 companies. Change of classification from a non-equity method affiliate to a non-consolidated subsidiary, 1 company

* 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)

6

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

1. ‌Segment operating revenue and operating income (compared to FY2024)

1. Change of operating revenue

   (compared to FY2024)

   7,264

2. Change of operating income

(compared to FY2024)

441

1,345

(Millions of yen)

-1 39,945

-428

4,198

1,584

-7,045

695

1,981

278

4,590

264,714

1,646

-7,360

260,787

*

34,681

‌2. Segment operating revenue and operating income (compared to FY2024)

(Millions of yen)

‌2. Segment operating revenue and operating income

(compared to forecasts announced in October 2025)

1. Change of operating revenue

2. Change of operating income

(Millions of yen)

(compared to forecasts announced in October 2025) (compared to forecasts announced in October 2025)

Decline condominium sales

Decrease in completed construction contracts

Increase in profit margin

Increase in inter-segment transactions

Real estate leasing business +¥0.3 billion Real estate sales business +¥0.5 billion

Railway business +¥0.3 billion

9

‌2. Segment operating revenue and operating income

(compared to forecasts announced in October 2025)

10

(Millions of yen)

‌2. Segment information (Transportation)

11

(Millions of yen)

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

12

(Millions of yen, thousands of passengers)

‌2. Segment information (Real Estate)

13

(Millions of yen)

‌2. Segment information (Distribution)

14

(Millions of yen)

‌2. Segment information (Leisure and Services)

(Millions of yen)

• The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025.

1. ‌Segment information (Construction and Other)

   (Millions of yen)

   Construction FY2025 FY2024 results results			Change	Percentage change
   Operating revenue	46,985	54,030	−7,045	−13.0%
   Construction	47,004	54,045	−7,040	−13.0%
   Adjustment (intrasegment)	−19	−14	—	—
   Operating income	2,901	2,459	441	18.0%

   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.

(Millions of yen)

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

   17

   (Millions of yen)

   	FY2025 results		FY2024 results	Change	Remarks
   Non-operating income	3,079		4,821	−1,741
   	Interest income	69	32	36
   	Dividend income	1,780	3,796	−2,015	Previous term:A dividend from a special-purpose company, etc.
   	Miscellaneous income	1,230	992	238
   Non-operating expenses	5,261		3,903	1,358
   	Interest expenses	4,149	3,232	917
   	Miscellaneous expenses	1,112	671	440
   Extraordinary income	3,596		10,744	−7,148
   	Contribution received for construction	2,597	9,548	−6,951	Previous term:Continuous flyover roadway construction in Takaishi City, etc.
   	Subsidy income	685	336	348
   	Other	313	858	−545
   Extraordinary losses	3,702		12,080	−8,377
   	Tax purpose reduction entry of contribution for construction	2,468	9,541	−7,073	Previous term:Continuous flyover roadway construction in Takaishi City, etc.
   	Loss on tax purpose reduction entry of non-current assets	629	324	305
   	Loss on retirement of non-current assets	210	1,489	−1,278	Previous term:Loss on retirement of non-current assets in logistics facilities, etc.
   	Other	394	725	−330

2. ‌Status of assets, liabilities and net assets

   	As of March 31,2026	As of March 31,2025	Change
   Interest-bearing debt	457.4	432.9	24.5
   Net interest-bearing debt	417.9	390.1	27.8

   (Millions of yen)

   	As of March 31,2026	As of March* 31,2025	Change	Main reasons for changes
   	Current assets 132,987 120,200		12,787	・Increase in merchandise and finished goods +¥24.9 billion ・Decrease in notes and accounts receivable - trade, and contract assets −¥10.3 billion ・Increase in investment securities +¥28.7 billion ・Increase in buildings and structures stemming +¥25.0 billion ・Increase in construction in progress +¥7.3 billion 【The balance of interest-bearing debt】 (Billions of yen) ・An increase in other current liabilities due to an increase in accounts payable, etc +¥27.3 billion ・Profit attributable to owners of parent +¥25.1 billion ・Increase in Valuation difference on available-for-sale Securities +¥14.0 billion ・Cancellation of treasury shares −¥12.0 billion ・Dividend of surplus −¥5.2 billion
   	Non-current assets 932,112 860,814		71,298
   Total assets 1,065,100 981,014			84,086
   Total liabilities 711,015 651,149			59,865
   Net assets 354,085 329,865			24,220
   Total liabilities and net assets 1,065,100 981,014			84,086

   • Current assets

   • Non-current assets

   • Liabilities

   • Net assets

3. ‌Status of cash flows

   (Millions of yen)

   	FY2025 results	FY2024* results	Change	Main reasons for changes
   Cash flows from operating activities	47,535 −56,825 5,976 38,827	43,813	3,721	・Decrease (increase) in trade receivables +¥19.6 billion ・Decrease (increase) in inventories −¥16.5 billion ・Purchase of non-current assets −¥18.9 billion ・Purchase of investment securities −¥1.7 billion ・Proceeds from sale of non-current assets −¥1.2 billion ・Purchase of shares of subsidiaries resulting in change in scope of consolidation +¥5.3 billion ・Decrease (increase) in interest-bearing debt 〇FY2025 Borrowings +¥24.5 billion 〇FY2024 Borrowings +¥1.6 billion ・Purchase of treasury shares −¥12.2 billion
   Cash flows from investing activities		−39,299	−17,525
   Cash flows from financing activities		−4,785	10,761
   Cash and cash equivalents at end of period		42,131	−3,303

   • Cash flows from operating activities

   • Cash flows from investing activities

   • Cash flows from financing activities

4. ‌Investment and EBITDA by segment

(Millions of yen)

*1 Including M&A and capital contributions

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

1. ‌Business Forecasts for FY2026

1. ‌Performance highlights

   (Millions of yen)

   	FY2026 forecasts	FY2025 results	Change	Main reasons for changes
   Operating revenue	287,500 40,000 35,900 23,800 136,200 29,700 70,000 541,400 520,100 7.4 times 7.0%	264,714	22,785	Revenue will increase mainly due to revisions to limited express fares, the commencement of leasing of Building 7 at the Kita Osaka Truck Terminal, and an increase in proceeds from the sale of property, despite the diminished impact of EXPO 2025 and deteriorating Japan–China relations. Income will increase due to an increase in revenue Income will decrease mainly due to an increase in interest expenses, despite an increase in operating income. Increase mainly due to investments aimed at expanding earnings, including the purchase of revenue-generating properties and the Namba area development project, and railway-related investments that contribute to sustainable business operations, despite a reactionary decrease following the completion of Building 7 at the Kita Osaka Truck Terminal.
   Operating income		39,945	54
   Ordinary income		37,763	−1,863
   Profit attributable to owners of parent		25,135	−1,335
   Investment*1		99,105	37,094
   Depreciation and amortization		28,387	1,312
   EBITDA*2		68,672	1,327
   Interest-bearing debt		457,450	83,949
   Net interest-bearing debt		417,973	102,126
   Ratio of net interest-bearing debt to EBITDA*2		6.1 times	1.3 pt
   ＲＯＥ		7.8%	−0.8 pt

   • Operating revenue

   • Operating income

   • Ordinary income

   • Investment

   *1 Including M&A and capital contributions

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

2. ‌Segment operating revenue and operating income (compared to FY2025)

1. Change of operating revenue

   (compared to FY2025)

2. Change of operating income

(compared to FY2025)

(Millions of yen)

287,500

3,990

-5,150

17,214

935

An increase in construction

income in the building

management and maintenance business

264,714

Opening of Building 7 at the

Kita Osaka Truck Terminal. Increases in property sales and condominium sales.

-1,029

Completed construction revenue increased

7,014

-1,008

-189

1,652

83

Railway business

+¥0.3 billion Bus business

−¥1.5 billion

39,945

-135

Construction business

−¥0.4 billion

-401

49

40,000

-186

Real estate leasing business −¥0.1 billion

Real estate sales business +¥1.7 billion

−1,008

‌2. Segment operating revenue and operating income (compared to FY2025)

(Millions of yen)

‌2. Segment information (Transportation)

25

(Millions of yen)

‌2. Revenue from railway passengers and passengers carried

26

(Millions of yen, thousands of passengers)

‌2. Segment information (Real Estate)

27

(Millions of yen)

‌2. Segment information (Distribution)

FY2026 FY2025 Percentage

Distribution forecasts results Change change

Operating revenue 31,400 30,464 935 3.1%

Operating income 3,300 3,935 −635 −16.2%

Main

components

Management of Shopping

Centers

Station premises business Other distribution businesses Adjustment (intrasegment)

Management of Shopping Centers

Station premises business

28

(Millions of yen)

‌2. Segment information (Leisure and Services)

(Millions of yen)

1. ‌Segment information (Construction and Other)

   (Millions of yen)

   Construction		FY2026 FY2025 forecasts results		Change	Percentage change
   Operating revenue		54,000 54,000	46,985	7,014	14.9%
   	Construction		47,004	6,995	14.9%
   	Adjustment (intrasegment)	−0 2,500	−19	—	—
   Operating income			2,901	−401	−13.8%

   Revenue will increase but income will decrease due to rising construction costs and other factors, despite an increase in the amount of completed construction contracts.

(Millions of yen)

1. ‌Investment and EBITDA by segment

(Millions of yen)

*1 Including M&A and capital contributions

31

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

‌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 Co., Ltd.