Nihon Kohden CorporationTSE: 6849

Consolidated Financial Highlights presentation for the 3rd Quarter of the Fiscal Year Ending March 31, 2026

· Issued by Nihon Kohden Corporation
Consolidated Financial Highlights for the Third Quarter of FY2025 ending March 31, 2026 Consolidated Financial Results for FY2025 3Q Forecast for FY2025 Toward Enhancing Corporate Value over the Medium- to Long-term

(Securities Code: 6849)

February 5, 2026



  1. Executive Summary

    FY2025 3Q YTD

    Increased sales / Decreased income YoY

    Overall sales +3.5%; Domestic sales -0.9%, Overseas sales +11.3%, Operating income -16.5%

    • Sales:

      Domestic sales decreased mainly in the public hospital market, as capital expenditure in medical institutions was more cautious than expected in 3Q. Sales of AEDs also decreased due to inventory adjustment at distributors

      Overseas sales achieved double-digit growth thanks to favorable sales in North America, Europe, and Asia & Other. Sales also increased favorably on a local currency basis excluding the impact of the consolidation of Ad-Tech

    • Operating income decreased as domestic sales decreased and SG&A expenses increased due to wage increases and R&D investment

    • Net income Extra payments for early retirements of ¥2.4 bn were recorded as extraordinary losses

      FY2025 Forecast

    • Sales: Revised downward by ¥5 bn to ¥235 bn

      Domestic sales are revised downward by ¥5 bn. Aiming to secure 4Q sales at the same level as FY24 4Q by focusing on consumables and services business as well as delivery and installation of IT system solutions toward the end of the fiscal year Overseas sales are reaffirmed on a yen basis and revised downward on a local currency basis in North America / Asia & Other

    • Operating income is revised downward by ¥4 bn to ¥20 bn, reflecting lower-than-expected sales and gross margin.

      Aiming to secure gross margin of 52% or more by focusing on selling in-house products as well as restraining the increase of SG&A expenses in 4Q

      © Copyright NIHON KOHDEN CORPORATION All Rights Reserved 1



  2. Consolidated Operating Results for the 3rd Quarter of FY2025

+13% on a local currency basis (+7% on a local currency basis excluding impact of consolidation of Ad-Tech)



(Amounts of less than ¥1 million are rounded down)

FY2024

3Q YTD

FY2025

3Q YTD

YoY (%)

Net sales

158,476

164,013

3.5

Domestic sales

101,153

100,192

- 0.9

Overseas sales

57,323

63,820

11.3

Gross profit

(Gross margin)

82,431

52.0%

85,086

51.9%

3.2

SG&A expenses

(SG&A ratio)

71,496

45.1%

75,952

46.3%

6.2

Operating income

(Operating margin)

10,935

6.9%

9,134

5.6%

- 16.5

Ordinary income

13,506

11,882

- 12.0

Income attributable to

owners of parent

8,137

6,408

- 21.2

FY2024

3Q

FY2025

3Q

YoY (%)

55,692

55,892

0.4

34,909

33,312

- 4.6

20,782

22,580

8.7

30,525

54.8%

28,287

50.6%

- 7.3

24,704

44.3%

25,895

46.3%

4.8

5,820

10.5%

2,392

4.3%

- 58.9

11,366

5,150

- 54.7

7,674

1,884

- 75.4

Foreign exchange gains:

¥2.0 bn → ¥2.4 bn

Extraordinary losses: Extra payments for early retirements ¥2.4 bn



Average exchange rate (yen) 1 USD/1 EUR

152.0/164.7 148.6/170.9 149.4/162.0 152.2/178.1

© Copyright NIHON KOHDEN CORPORATION All Rights Reserved 2



  1. Breakdown of Operating Income for FY2025 3Q YTD

    Improved excluding currency effect

    (Amounts of less than ¥1 million are rounded down)

    Impact of Ad-Tech:

    Change in gross margin

    +613

    approx. 70% Impact of

    FY24 3Q YTD

    10,935

    Increase in gross profit from sales increase

    +3,138

    Main reasons for gross margin changes

    FY23 50.1%FY24 52.0%FY25 51.9%

    Ad-Tech: more than 40%

    Increase in SG&A*

    -5,002

    Currency effect

    -550

    FY25 3Q YTD

    9,134

    • Increase in cost including tariff impact

    • Increase in inventory devaluation

      -0.7 pt

      -0.3 pt

      Items of increase/decrease in SG&A expenses*

      Benefit from

    • Unfavorable product mix

    • Higher selling prices of in-house products

    • Higher gross margin of IT systems and services in Japan

    -0.3 pt

    +0.7 pt

    +0.2 pt

    • Salaries

    • Amortization of goodwill

    • Depreciation

    • R&D expenses

    • Legal welfare expenses

      +¥1.59 bn

      +¥0.69 bn

      +¥0.56 bn

      +¥0.32 bn

      +¥0.22 bn

      the reform of the profit structure

      Approx. 2.0%pt

      *Increase in SG&A indicates the amount as a factor of increase/decrease of operating income excluding the currency effect.

      Items of increase/decrease in SG&A expenses indicate major components of increased/decreased SG&A expenses on a yen basis.

      © Copyright NIHON KOHDEN CORPORATION All Rights Reserved 3



  2. Breakdown of Operating Income for FY2025 3Q

FY24 3Q

5,820

FY24 FY25 1Q 47.3 52.6％



2Q 53.1 52.5％

3Q 54.8 50.6％

Decrease in gross profit from actual decrease in sales

(Amounts of less than ¥1 million are rounded down)

FY23 3Q

-277

Decreased domestic sales

Deterioration in gross margin

-2,234

Increase in SG&A*

-944

Impact of Ad-Tech: less than 80%

1Q +¥2.2 bn YoY

2Q +¥1.7 bn YoY

3Q +¥0.9 bn YoY

Currency effect

3,023

Main reasons for gross margin changes

FY23 49.9%FY24 54.8%FY25 50.6%

  • Increase in cost including

    +27

    Items of increase/decrease

    FY25 3Q

    2,392

    tariff impact

    -1.5 pt

    in SG&A expenses*

    • Increase in inventory devaluation

    • Unfavorable product mix

    • Higher selling prices of in-house products

-1.4 pt

-0.9 pt

+0.5 pt

  • Salaries

  • Depreciation

  • Amortization of goodwill

+¥0.37 bn

+¥0.25 bn

+¥0.22 bn

*Increase in SG&A indicates the amount as a factor of increase/decrease of operating income excluding the currency effect.

Items of increase/decrease in SG&A expenses indicate major components of increased/decreased SG&A expenses on a yen basis.

© Copyright NIHON KOHDEN CORPORATION All Rights Reserved 4



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