IR Presentation (Financial Results for FY2026/03)

‌6701.T

April 28, 2026 NEC Corporation

(https://www.nec.com/en/global/ir/)

‌Index

1. Financial Results for FY26/3

2. Financial Forecasts for FY27/3

3. Financial Results (Appendix)

4. Historical Data (Appendix)

* Net profit refers to net profit attributable to owners of the parent for the same period.

© NEC Corporation 2026 2

1. ‌Financial Results for FY26/3

   © NEC Corporation 2026 3

   ‌Key Takeaways

   ・Sales grew by 9% on a real basis* and profit margin reached double digits・Domestic IT and ANS (Aerospace / Defense) continued to perform strongly

   Revenue

   3,582.7 bil yen

   +4.7%

Increase year-end dividend by 6 yen Annual dividend per share to be 38 yen

* Excluding the impact of transfer of the sales function for corporate PCs and low-profit hardware projects, etc.

© NEC Corporation 2026 4

FY26/3

FY26/3

Results

‌YoY Change in Adjusted/Non-GAAP Operating Profit

-1.8

+19.8

+67.9

(Billions of Yen)

Improved marginal profit, profitability change, etc.

+85.9

24.1

Non-GAAP

Adjusted Items

IT Services

etc.

-10.4

Social

Infrastructure

Others

Increase in DX investment,

Non-GAAP

Adjusted Items

Structural Reform Expenses, etc.

Adj. OP FY25/3

Adjusted items are shown on page 24.

Non-GAAP OP FY25/3

Non-GAAP OP FY26/3

Adj. OP FY26/3

FY26/3

FY26/3

Results

‌IT Services

Domestic: Captured strong demand in the Public sector, achieving a significant revenue increase on a real basis* (+9%). In addition to this revenue growth, the profit margin improved by 3 pts due to the expansion of NEC BluStellar and the effects of structural reforms

International (DGDF)**: The improved profit of three European companies absorbed costs incurred by unprofitable projects***, and led to a substantial increase in profit

9 months Q4 Full Year

* Excluding the impact of transfer of the sales function for corporate PCs and low-profit hardware projects, etc. Breakdown figures in each segment are for reference only.

** Digital Government / Digital Finance

*** Occurred outside the three European companies.

FY26/3

Results

‌Domestic IT Services

NEC BluStellar: NEC BluStellar Scenarios in data-driven and modernization areas performed strongly, leading to significant increases in both revenue and profit

Base Business : Profitability significantly improved due to withdrawal from low profit businesses

9 months Q4 Full Year

(Billions of Yen)

Ratio of NEC BluStellar Revenue 26% 32% 24% 34% 25% 32%

FY26/3

Results

‌Domestic IT Services Booking Status (YoY)

Demand remained robust (on a real basis*, +2% in Q4 and +1% for the full year)

Q4

FY25/3

Domestic IT Services

Public Enterprise

Finance Manufacturing Retail / Services

Subsidiaries, etc.

Abeam Consulting

+4%

-3%

+7%

+5%

+3%

+6%

+5%

+12%

Q4

FY26/3

-2%

±0%

-1%

+5%

±0%

-7%

-4%

+11%

Notes

Decline in municipal government standardization and fire/disaster prevention projects; increase in central government agency projects.

+2% on a real basis*

+2% on a real basis*

Full Year

FY25/3

+11%

+24%

+1%

-9%

+10%

+6%

+8%

+13%

Full Year

FY26/3

-3%

±0%

-4%

+1%

-2%

-8%

-5%

+12%

* Excluding the impact of transfer of the sales function for corporate PCs and low-profit hardware projects, etc.

FY26/3

Results

‌Social Infrastructure

Telecom Services: Following the review of the base station business, a thorough asset clean-up was conducted

ANS*: Aerospace / Defense performed strongly. For the Submarine Systems business, despite

additional costs, business reforms progressed, leading to narrowed losses

9 months Q4 Full Year

* Aerospace and National Security Breakdown figures in each segment are for reference only.

FY26/3

Results

‌Free Cash Flows (FCF)

FCF expanded due to increased profits, sales of shares, etc.

Days at

67 Days

CCC*

* Cash Conversion Cycle

Year-End

Average Days

59 Days

60 Days

69 Days

Inventories continue to improve through input control Accounts receivable increased due to an increase in Q4 revenue

54 Days

49 Days

Cash flow from operating activities

YoY +94.1 bil yen

344.4

271.2

195.2

213.2

472.1

(Billions of Yen)

438.5

・Increase in adjusted operating profit +99.7 bil yen

・Increase in working capital Approx. -120.0bil yen due to sales growth

・Reversion of retirement benefit trust

Free cash flows

YoY +258.9 bil yen

＋140.0bil yen

Cash flow from investing activities

YoY +164.9 bil yen

FY24/3 FY25/3 FY26/3

・Sale of shares, including JAE

・Acquisition and disposal of real estate

Approx. +90.0 bil yen Approx. +70.0 bil yen

‌Low-profit Businesses

・The directions of all businesses were determined via thorough monitoring led by the CFO

・Business portfolio realignment through low-profitability management will continue

16

Businesses

650.0 bil yen

0.3 %

End of FY21/3

9

Businesses

550.0 bil yen

1 %

End of FY24/3

Businesses

460.0 bil yen

-4 %

End of FY25/3

Completed assessment of remaining 6 businesses: self-improvement/carve-out

Next Phase of Business Portfolio Management

In addition to traditional hurdle rate setting for business monitoring, a new performance evaluation system based on relative assessment will also be introduced to enhance profitability.

Direction of all businesses determined

End of FY26/3

FY22/3-24/3: 2 businesses

FY25/3 2 businesses

Prevent deterioration from high/medium-profitability categories

Figures in circles refer to # of target businesses monitored by the CFO, total Revenues and Adj. OP Margin of target businesses.

1. ‌Financial Forecasts for FY27/3

   © NEC Corporation 2026 14

   FY27/3

   Forecasts

   ‌FY27/3 Financial Forecasts

   From FY27/3, profit metrics will be unified on a Non-GAAP basis

   Considering component risks and macroeconomic uncertainties, an allowance of 100.0 billion yen for sales and 30.0 billion yen for Non-GAAP operating profit has been incorporated. This will be reviewed as needed as business progresses

   (Billions of Yen)	FY25/3 Results	FY26/3 Results	FY27/3 Forecasts		YoY
   Revenue	3,423.4	3,582.7	3,500.0	-2.3%
   Non-GAAP Operating Profit	311.3	397.2	420.0	+22.8
   % of Revenue	9.1%	11.1%	12.0%	+0.9%
   Non-GAAP Net Profit	225.7	279.8	285.0	+5.2
   % of Revenue	6.6%	7.8%	8.1%	+0.3%
   ROIC	6.6%	9.1%	9.2%	+0.1%
   Free Cash Flow	213.2	472.1	300.0	-172.1
   Dividend per Share (Yen)*	28	38	40	+2

   * Dividend per share calculated assuming that the share split had occurred at the beginning of FY25/3. This forecast excludes the results of CSG Corporation, which is planned for acquisition this fiscal year.

   FY27/3

   Forecasts

   ‌FY27/3 Financial Forecasts (By Segment)

   (Billions of Yen)			FY25/3 Results		FY26/3 Results		FY27/3 Forecasts		YoY
   		Revenue	2,459.8		2,508.9		2,385.0		-4.9%
   	IT Services	Non-GAAP OP	268.0		335.8		350.0		+14.2
   		% of revenue	10.9%		13.4%		14.7%		+1.3%

   	% of revenue	7.6%	8.9%	13.0%	+4.1%
   	Revenue	131.5	138.5	140.0	+1.1%
   Others	Non-GAAP OP	-3.6	-4.5	-3.0	+1.5
   	% of revenue	-2.8%	-3.2%	-2.1%	+1.1%
   Adjustments	Non-GAAP OP	-16.7	-17.6	-54.0	-36.4
   	Revenue	3,423.4	3,582.7	3,500.0	-2.3%
   Total	Non-GAAP OP	311.3	397.2	420.0	+22.8
   	% of revenue	9.1%	11.1%	12.0%	+0.9%

   Revenue	832.1	935.3	975.0	+4.2%
   Non-GAAP OP	63.7	83.4	127.0	+43.6

   Social Infrastructure

   FY27/3

   Forecasts

   ‌IT Services

   Domestic: Despite passing of the peak for some projects in the public sector, profitability will

   improve due to NEC BluStellar expansion

   International (DGDF): Continuous profitability improvements and the curbing of unprofitable projects will lead to increased profit

   (Billions of Yen)		FY25/3 Results	FY26/3 Results	FY27/3 Forecasts		YoY
   		Revenue	2,135.8	2,175.5	2,035.0	-6.5%
   	Domestic IT	Non-GAAP OP	243.9	302.2	312.0	+9.8
   		% of revenue	11.4%	13.9%	15.3%	+1.4%
   	International (DGDF)	Revenue	324.0	333.5	350.0	+5.0%
   		Non-GAAP OP	24.0	33.7	38.0	+4.3
   		% of revenue	7.4%	10.1%	10.9%	+0.8%
   	Revenue	2,459.8	2,508.9	2,385.0	-4.9%
   IT Services	Non-GAAP OP	268.0	335.8	350.0	+14.2
   	% of revenue	10.9%	13.4%	14.7%	+1.3%

   FY27/3

   Forecasts

   ‌Domestic IT

   Profit margins will be further improved through accelerating NEC BluStellar Scenario expansion leveraging AI and implementing thorough productivity improvements

   FY25/3

   Results

   FY26/3

   Results

   				FY27/3 Forecasts		YoY
   				2,035.0	-6.5%
   omestic IT	Non-GAAP OP	243.9	302.2	312.0	+9.8
   	% of revenue	11.4%	13.9%	15.3%	+1.4%
   	Revenue	542.4	705.0	840.0	+19.1%
   NEC BluStellar	Non-GAAP OP	66.3	102.0	143.0	+41.0
   	% of revenue	12.2%	14.5%	17.0%	+2.6%
   	Revenue	1,593.4	1,470.4	1,195.0	-18.7%
   Base Business	Non-GAAP OP	177.7	200.1	169.0	-31.1
   	% of revenue	11.1%	13.6%	14.1%	+0.5%

   (Billions of Yen)

   Revenue 2,135.8 2,175.5

   D

   Ratio of NEC BluStellar Revenue

   25% 32% 41%

   FY27/3

   Forecasts

   ‌Social Infrastructure

   Telecom Services: Profit will be increased by the effects of structural reforms in FY26/3

   ANS: Profit increase through further expansion of the defense business and turning the submarine system business profitable

   (Billions of Yen)				FY25/3 Results	FY26/3 Results	FY27/3 Forecasts		YoY
   			Revenue	411.8	390.5	355.0	-9.1%
   	Telecom Services		Non-GAAP OP	53.8	29.1	48.0	+18.9
   			% of revenue	13.1%	7.4%	13.5%	+6.1%
   		Aerospace/ Defense	Revenue	371.6	473.6	520.0	+9.8%
   			Non-GAAP OP % of revenue	43.2 11.6%	74.4 15.7%	77.0 14.8%	+2.6 -0.9%
   			Revenue	420.3	544.8	620.0	+13.8%
   	ANS		Non-GAAP OP	9.9	54.4	79.0	+24.6
   			% of revenue	2.4%	10.0%	12.7%	+2.8%
   Social Infrastructure			Revenue	832.1	935.3	975.0	+4.2%
   			Non-GAAP OP % of revenue	63.7 7.6%	83.4 8.9%	127.0 13.0%	+43.6 +4.1%

   ‌Changes to Segments

   Businesses in the Telecom Services domain will be reorganized into various segments

   FY26/3 FY27/3

   Social Infrastructure Aerospace / Defense Submarine Systems Network Infrastructure

   ANS

   Aerospace / Defense Submarine Systems

   Network Infrastructure business

   IT Services business

   Social Infrastructure

   Telecom Services

   IT Services

   Domestic

   International

   IT Services

   Domestic

   International (DGDF)

   Others

   Others

   ‌Upcoming Events

   May

   1 2 t h

   Tue

   J u n e 1 s t

   Mon

   4:30-6:00PM JST

   1:30-3:30PM

   JST

   Mid-Term Management Plan Briefing

   SPEAKER

   President and CEO Takayuki Morita

   Corporate Senior Executive Vice President and CFO Kunikazu Amemiya

   NEC IR Day 2026 (Q&A Sessions)

   SPEAKER

   IT Services

   Corporate Senior Executive Vice President and COO Osamu Fujikawa Corporate Executive Vice President Norihiko Kimura Corporate Executive Vice President and CAIO* Akio Yamada Social Infrastructure

   Corporate Executive Vice President and COO Hiroyuki Nagano

   * Chief AI Officer

   ‌

2. ‌Financial Results (Appendix)

   © NEC Corporation 2026 23

   FY26/3

   Results

   ‌Non-GAAP Operating Profit Adjustment Items

   9 months Q4 Full Year

   (Billions of Yen)	FY25/3	FY26/3	YoY		FY25/3 Results	FY26/3 Results	YoY		FY25/3 Results	FY26/3 Results	YoY
   	Results	Results
   	Operating Profit	126.2	185.2	+59.0	130.3	174.8	+44.4	256.5		359.9	+103.4
   	Adjusted Items	M&A Related Amortization of Intangible Assets	24.1	18.9	-5.1	6.6	5.5	-1.1	30.7	24.4	-6.2
   		M&A Related Expenses	0.0	1.9	+1.9	0.0	0.6	+0.6	0.0	2.5	+2.5
   	Adjusted Operating Profit	150.2	206.0	+55.8	136.9	180.8	+43.9	287.2		386.8	+99.7
   	Adjusted Items	Structural Reform Expenses and Impairment Losses	8.1	8.7	+0.6	11.4	5.6	-5.8	19.5	14.3	-5.2
   		Stock Compensation	0.7	1.5	+0.8	0.6	1.0	+0.4	1.3	2.5	+1.2
   		Other One-time Profits/Losses (Gain/Loss on sale of land, businesses, etc.)	3.3	-6.4	-9.7	0.1	0.0	-0.1	3.4	-6.4	-9.8
   	Non-GAAP Operating Profit	162.3	209.9	+47.5	149.0	187.4	+38.4	311.3		397.2	+85.9

   FY26/3

   Results

   ‌Non-GAAP Net Profit Adjustment Items

   9 months Q4 Full Year

   (Billions of Yen)	FY25/3	FY26/3	YoY		FY25/3 Results	FY26/3 Results	YoY		FY25/3 Results	FY26/3 Results	YoY
   	Results	Results
   	Net Profit	71.6	142.3	+70.7	103.6	128.0	+24.3	175.2		270.2	+95.0
   		M&A Related Amortization of	17.4	13.8	-3.6	4.8	4.0	-0.8	22.2	17.8	-4.4
   		Intangible Assets and M&A Related Expenses
   	Adjusted Items	Structural Reform Expenses and Impairment Losses	5.4	6.2	+0.8	8.4	4.2	-4.3	13.8	10.3	-3.4
   		Stock Compensation	0.5	1.1	+0.6	0.4	0.7	+0.3	0.9	1.7	+0.9
   		Other One-time Profits/Losses	13.6	-20.3	-33.9	0.1	-	-0.1	13.7	-20.3	-34.0
   		(Gain/Loss on sale of land, businesses, etc.)
   	Non-GAAP Net Profit	108.4	143.0	+34.6	117.3	136.8	+19.5	225.7		279.8	+54.1

   FY26/3

   Results

   ‌Financial Position Data

   (Billions of Yen)	As of March 31, 2025	As of March 31, 2026	Change from March 31, 2025
   Total Assets	4,315.4	4,466.8	+151.4
   Total Equity	2,071.5	2,281.9	+210.4
   Interest-bearing Debt	666.4	489.2	-177.2
   Equity Attributable to Owners of the Parent	1,952.0	2,196.6	+244.6
   % of Equity Attributable to Owners of the Parent	45.2%	49.2%	+3.9pt
   D/E Ratio (times)	0.34	0.22	+0.12pt
   Net D/E Ratio (times)	0.04	-0.08	+0.12pt
   Cash and Cash Equivalents	584.6	659.0	+74.4

   	FY25/3 Results	FY26/3 Results	YoY
   Cash Flows from Operating Activities	344.4	438.5	+94.1
   Cash Flows from Investing Activities	-131.2	33.7	+164.9
   Free Cash Flows	213.2	472.1	+258.9

   FY26/3

   Results

   ‌Status on the Sale of Investment Securities

   -Activities to reduce the number of shares held have been accelerated based on the zero cross-shareholdings policy effective from April 2020

   -Cumulative sales amounted to 174.3 billion yen, greatly contributing to free cash flows

   -The number of companies held (listed companies) reduced by 80% from the end of FY20/3

   * Excluding stocks contributed to the retirement benefit trust

   (Billions of Yen)

   Fair value

   115.8

   96.7

   77.4

   69.7

   Sales amount in FY26/3

   15.3 bil. yen

   Listed

   companies

   91.3

   72.6

   62.7 65.7

   Market

   fluctuation, etc.

   62.6

   54.5 40.2 44.0 48.6 43.4

   Non-listed companies

   (excluding alliance companies)

   24.5

   24.1

   22.9

   22.5 21.7 21.1 19.2

   Listed companies	108	63	52	33	27	24	18
   Non-listed companies	206	193	176	137	113	101	86

   Number of companies

   FY20/3 end FY21/3 end FY22/3 end FY23/3 end FY24/3 end

   FY25/3 end

   FY26/3 end

3. ‌Historical Data (Appendix)

© NEC Corporation 2026 28

‌Revenue Breakdown

‌Adjusted OP Breakdown

FY25/3

Results

FY26/3

Results

‌Cautionary Statement with Respect to Forward-Looking Statements

This material contains Forward-Looking Statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the NEC Group (the “Forward-Looking Statements"). The Forward-Looking Statements are made based on information currently available to the Company and certain assumptions considered reasonable as of the date of this material. These determinations and assumptions are inherently subjective and uncertain. These Forward-Looking Statements are not guarantees of future performance, and actual operating results may differ substantially due to a number of factors.

The factors that may influence the operating results include, but are not limited to, the following:

・occurrence of quality and safety problems concerning products and services;

・risks related to cybersecurity;

・difficulty attracting, hiring and retaining skilled personnel;

・failure to appropriately respond to human rights issues in the value chain, including employees;

・occurrence of serious misconduct such as bribery, fraudulent accounting, and violations of personal data protection laws and regulations;

・impact of climate change, natural disasters, and environmental issues;

・adverse changes in foreign currency exchange rates or interest rates, and other economic conditions;

・difficulty achieving acquisitions and business alliances;

・political and social environment in countries and regions in which the NEC Group operates;

・impact of technological innovation and risks related to Intellectual Property Rights;

・natural disasters, pandemics and other hazard risks; and

・occurrence of compliance issues related to violations of competition laws and export control laws.

The Forward-Looking Statements contained in this material are based on information that the Company possesses as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict these events or how they may affect the NEC Group. The Company does not intend to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise.

Note: In this presentation, the accounting periods of the fiscal years for March 31, 2024, 2025, and 2026 were referred as FY24/3, FY25/3, and FY26/3, respectively. Any other fiscal years would be referred similarly.