Nippon Sanso : Q3 FYE2026 Consolidated Financial Results Earnings Announcement

About this update from Nippon Sanso Holdings Corporation

Q3 FYE2026 Consolidated Financial Results Earnings Announcement (Fiscal year ended March, 2026) NIPPON SANSO Holdings February 4, 2026 Contents Business overview Q3 FYE2026 Business performance -1. Q3 performance -2. Nine months performance FYE2026 Full-term Forecast Appendix Important Notice For the purpose of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by NIPPON SANSO Holdings Corporation ("NSHD") regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. This presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient) on the condition that it is for use be the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restriction may constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, "NSHD" is sometimes used for convenience where references are made to NSHD and its subsidiaries in general. Likewise, the words "the Company", "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. Forward-Looking Statements This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding NSHD's future business, future position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as "targets", "plans", "believes", "hopes", "continues", "expects", "aims", "intends", "ensures", "will", "may", "should", "would", "could", "anticipates", "estimates", "projects" or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding NSHD's global business, including general economic conditions here and abroad; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries in which NSHD operates, or on other facets of its business; the timing and impact of PMI (post-merger integration) efforts with acquired companies; the ability to divest assets that are not core to NSHD's operations and the timing of any such divestment(s); and other factors identified in NSHD's most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, available on NSHD's website. NSHD dose not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of NSHD in this presentation may not be indicative of, and are not an estimate, forecast, guarantee or projection of NSHD's future results. Certain Non-IFRS Financial Measures This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with International Financial Reporting Standards ("IFRS"), such as Core Operating Income, Debt, Net Debt, Adjusted net D/E ratio, Free Cash Flow and ROCE after Tax. NSHD's management and executive officers evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS measures, management and executive officers intends to provide investors with additional information to further analyze NSHD's performance, core results and underlying trends. NSHD's non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measure, which are on the part of our slide deck. Financial information NSHD's financial statements are prepared in accordance with international Financial Reporting Standards ("IFRS"). Notes Analysis of Operating Results (Reasons for change in Revenue and Segment Operating Income) In the supplementary materials to the financial statements of NSHD, starting from the fiscal year ending March 31, 2022, NSHD will describe the status of the business results of NSHD group on a quarterly consolidated accounting period basis, as well as its recognition and analysis of the status of the business results of NSHD group from management's perspective. Please note that Segment Operating Income is based on Core Operating Income. The following table shows Revenue, Operating income, and the effect of Forex rate changes on Revenue and Operating Income. The impact of Forex rate fluctuation is calculated by applying the average rate for the period under review to the period under review (the current period and the previous period). These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information for investors to understand the business conditions of the Group. ＜Forex rates＞ Average Forex rates Unit：JPY Currency USD EUR SGD AUD CNY Q1 1st Half 9M Full-term （Apr.-Jun.） （Apr.-Sep.） （Apr.-Dec.） （Apr.-Mar.） 158.24 170.08 116.65 104.66 21.76 152.45 165.83 114.37 101.80 21.20 153.03 165.09 114.58 100.91 21.25 152.57 163.66 113.98 99.27 21.12 FYE2025 FYE2026 FYE2026 Q1 （Apr.-Jun.） 1st Half （Apr.-Sep.） 9M Full-term （Apr.-Dec.） （Apr.-Mar.） 143.75 165.13 111.40 92.68 19.94 146.07 168.68 113.23 94.69 20.34 149.30 172.93 115.61 97.38 20.91 (Updated) FYE2026 Full-term Assumption （Apr.-Mar.） (Announced on Feb 4, 2026) 150.00 170.00 115.61 100.00 20.91 (Previous) Full-term Assumption （Apr.-Mar.） (Announced on May 12, 2025) 141.00 162.00 114.37 90.00 21.20 （Reference） Currency sensitivity as rough indication Impact amount per 1 JPY Unit：¥ bn. (Full-term basis) Currency Revenue Core Operating Income USD ±2.3 ±0.40 EUR ±2.0 ±0.35 1. Business Overview Business Overview Review of Q3 Business Overview Overall volumes declined slightly Electronics market showing recovery, supported by rising semiconductor demand for generative AI and data-center applications Continued strong profitability through disciplined pricing and productivity measures Performance Highlights U.S.: Signs of volume recovery, disciplined pricing and cost controls lifted core operating income margin to 15.1%, an improvement from the previous quarter In Q3, all segments met the medium-term management plan target (segment EBITDA margin ≧ 17%) for the first time Investment Status Capital expenditures through Q3 totaled ¥78.4 billion, while investments and loans amounted to ¥77.6 billion, primarily related to the Australian acquisition Topics "Advanced Electronics Materials Development Building" to be constructed at Tsukuba Laboratory (completion in 2027) New medium-term management plan presentation to be held March 30 (hybrid format: physical + online) Business Overview Key CAPEX for our sustainable growth Significant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026. 3% 1% 26% 23% FYE2026 (as of the end of Q3) Approx. ¥150.0 bn ~ 38% with Sustainable Traits 6% 10% 32% "Others" include projects which are not assignable because the facilities relate to a wide range of customers and no one specific market (e.g.) · New or expanded production base for Bulk business · Liquid CO2 and Dryice production related Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others "CAPEX with Sustainable Traits" includes projects that contribute to our group and the customers' efforts to become carbon neutrality. (e.g.) ・Modernizing our plants to state-of-the-art equipment ・Hydrogen production related (including HyCO Plant) *Note that the above is an aggregation of investments that have been approved by the Board of Directors of each our group company, but have not yet been placed in service. The size of each project is over approx. ¥500mn., $4mn. or €4mn. 2. Q3 FYE2026 Business performance -1. Q3 performance Q3 FYE2026 Business performance -1. Q3 performance ％ Change exc. FX +2.0% Consolidated results ・ Revenue increased 5.7% due to foreign currency, price management and acquisitions; core operating income increased 12.3% year-on-year ・ Core operating income increased in all industrial gas segments despite soft volumes ・ Efforts remain in price management and productivity initiatives FYE2025 Q3 （Unit: ￥ bn.） (Oct. - Dec.) Revenue 328.2 YoY FYE2026 Q3 (Oct. - Dec.) 346.8 10.0 36.7 35.7 10.3% 1.0 Difference ％ Change +18.6 +5.7% Revenue Analysis Core operating income 46.2 51.9 +5.7 +12.3% +7.6% YoY Core OI margin 14.1% 15.0% % Change Non-recurring profit and loss -0.0 -0.0 -0.0 Revenue Growth +5.7% Operating income（IFRS） 46.2 51.9 +5.7 +12.2% FX +3.7% OI margin 14.1% 15.0% Price +1.8% EBITDA margin 23.0% 24.5% Finance costs -5.1 -5.1 -0.0 Income before income taxes 41.1 46.7 +5.6 +13.7% Income tax expenses 12.1 Net income 28.9 (Attribution of net income) Net income attributable to owners of the parent 28.2 NI margin 8.6% Net income attributable to non-controlling interests 0.7 -2.1 Pass-through & Surcharge -1.0% Volume / Mix -1.8% Others +2.9% Price Management status: Increase Pass-thru ＆ Surcharge: Slight decrease with lower power costs Volume / Mix: Decrease Others: Equipment and installation projects in Japan; business acquisitions in Europe and Australia, etc. +7.8 +26.7% +7.5 +26.3% +0.3 2. Q3 FYE2026 Business performance -1. Q3 performance Japan YoY FYE2025 FYE2026 （Unit: ￥ bn.） Q3 Q3 Difference % Change Revenue (Oct.- Dec.) 100.8 (Oct.- Dec.) 100.6 -0.2 -0.2% Segment income 12.2 12.6 +0.4 +3.4% Segment OI margin 12.2% 12.6% EBITDA margin 16.7% 17.4% % Change exc. FX -0.3% +3.1% YoY Factors for increase/decrease in this quarterly period and other comment Industrial gas-related sales declined due to decreased gas shipment volumes despite price management Equipment and installation sales decreased in electronics-related business but increased in industrial gas-related business Segment income increased due to price management 2. Q3 FYE2026 Business performance -1. Q3 performance United States YoY FYE2025 FYE2026 （Unit: ￥ bn.） Q3 Q3 Difference % Change Revenue (Oct.- Dec.) 90.5 (Oct.- Dec.) 92.6 +2.1 +2.3% Segment income 13.5 13.9 +0.4 +2.6% Segment OI margin 15.0% 15.1% EBITDA margin 27.2% 28.0% % Change exc. FX +1.3% +2.1% YoY Factors for increase/decrease in this quarterly period and other comment Industrial gas-related sales increased mainly due to price management effects, despite a decrease in product shipment volumes Equipment and installation sales increased Segment income increased, driven by price management effects and productivity improvement initiatives 2. Q3 FYE2026 Business performance -1. Q3 performance Europe YoY FYE2025 FYE2026 （Unit: ￥ bn.） Q3 Q3 Difference % Change Revenue (Oct.- Dec.) 83.3 (Oct.- Dec.) 90.2 +6.9 +8.3% Segment income 15.4 18.5 +3.1 +20.4% Segment OI margin 18.5% 20.6% EBITDA margin 30.7% 33.5% % Change exc. FX -2.3% +8.6% YoY Factors for increase/decrease in this quarterly period and other comment Industrial gas-related sales increased due to FX impact and price management despite decreased gas shipment volumes Equipment and installation sales increased from the acquired Italian plant engineering company Segment income increased due to FX impact, price management effects and productivity improvement initiatives 2. Q3 FYE2026 Business performance -1. Q3 performance Asia & Oceania YoY FYE2025 FYE2026 （Unit: ￥ bn.） Q3 Q3 Difference % Change Revenue (Oct.- Dec.) 45.2 (Oct.- Dec.) 55.5 +10.3 +22.7% Segment income 4.0 5.9 +1.9 +47.2% Segment OI margin 8.9% 10.7% EBITDA margin 15.5% 17.9% % Change exc. FX +18.1% +40.5% YoY Factors for increase/decrease in this quarterly period and other comment Industrial gas-related sales increased due to contributions from the Australian LP gas sales business acquired in the previous fiscal year and the industrial gas business in the Oceania region acquired in the current fiscal year Electronics-related sales increased as equipment and installation performed steadily Segment income increased mainly due to contributions from acquired businesses 2. Q3 FYE2026 Business performance -1. Q3 performance Thermos YoY FYE2025 FYE2026 （Unit: ￥ bn.） Q3 Q3 Difference % Change Revenue (Oct.- Dec.) 8.0 (Oct.- Dec.) 7.6 -0.4 -5.1% Segment income 1.6 1.3 -0.3 -17.6% Segment OI margin 20.3% 17.6% EBITDA margin 25.6% 23.2% % Change exc. FX -5.2% -19.2% YoY Factors for increase/decrease in this quarterly period and other comment Sales in both Japan and Korea decreased Segment income decreased due to higher procurement costs, despite an increase in Japan 2. Q3 FYE2026 Business performance -2. Nine months performance 2. Q3 FYE2026 Business performance -2. Nine months performance ％ Change exc. FX +2.3% Consolidated results ・ Revenue increased 2.7% mainly due to price management and acquisitions; core operating income increased 4.6% year-on-year ・ Core operating income increased in all regions except for the United States; focusing on price management, productivity, and cost reduction efforts ・ Efforts remain in price management and productivity initiatives FYE2025 9M （Unit: ￥ bn.） (Apr. - Dec.) Revenue 971.2 YoY FYE2026 9M (Apr. - Dec.) 997.7 34.0 95.9 93.1 9.3% 2.8 Difference ％ Change +26.5 +2.7% Revenue Analysis Core operating income 139.7 146.2 +6.5 +4.6% +3.8% YoY Core OI margin 14.4% 14.7% % Change Non-recurring profit and loss -11.0 -0.1 +10.9 Revenue Growth +2.7% Operating income（IFRS） 128.7 146.1 +17.4 +13.5% FX +0.4% OI margin 13.3% 14.6% Price +1.9% EBITDA margin 23.3% 24.0% Finance costs -15.8 -16.0 -0.2 Income before income taxes 112.9 130.0 +17.1 +15.2% Income tax expenses 33.1 Net income 79.7 (Attribution of net income) Net income attributable to owners of the parent 77.4 NI margin 8.0% Net income attributable to non-controlling interests 2.2 +0.9 Pass-through & Surcharge -0.9% Volume / Mix -1.5% Others +2.9% Price Management status: Increase Pass-thru ＆ Surcharge: Slight decrease with lower power costs Volume / Mix: Decrease Others: Equipment and installation projects in Japan; business acquisitions in Europe and Australia, etc. +16.2 +20.4% +15.7 +20.2% +0.6 2. Q3 FYE2026 Business performance -2. Nine months performance Japan By Industry Cumulative period basis FYE2025 （Unit: ￥ bn.） 9M (Apr. - Dec.) Revenue 295.7 YoY FYE2026 9M (Apr. - Dec.) 295.3 39.1 13.2% 18.1% Segment OI margin 11.6% EBITDA margin 16.2% 2% 10% 5% 5% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others 26% 22% 30% % Change exc. FX -0.1% +14.1% Difference % Change -0.4 -0.1% Segment income 34.2 +4.9 +14.1% By Product Cumulative period basis 41% Gases Equipment and installation, other 59% Topics September 2025: Announced that Taiyo Nippon Sanso Corporation will change its name to Nippon Sanso Corporation effective April 1, 2026 December 2025: Announced the construction of the Advanced Electronics Materials Development Building at Tsukuba Laboratory (scheduled for completion in 2027) 2. Q3 FYE2026 Business performance -2. Nine months performance United States By Industry 10% 8% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others 41% 14% 5% 13% 9% Cumulative period basis % Change exc. FX +0.6% -9.8% YoY FYE2025 FYE2026 （Unit: ￥ bn.） 9M 9M Difference % Change Revenue (Apr. - Dec.) 270.1 (Apr. - Dec.) 265.2 -4.9 -1.8% Segment income 42.1 37.0 -5.1 -12.1% Segment OI margin 15.6% 14.0% EBITDA margin 27.7% 26.9% By Product 22% Gases Equipment and installation, other 78% Cumulative period basis Topics August 2025: Announced the construction of a new air separation unit in Las Vegas (scheduled for completion in 2027) September 2025: Announced that Matheson Tri-Gas, Inc. will change its name to Nippon Sanso Matheson, Inc. effective April 1, 2026 Oxygen on-site project for DAC processes in the U.S. completed and HyCO project in India is progressing smoothly toward completion 2. Q3 FYE2026 Business performance -2. Nine months performance Europe By Industry Cumulative period basis FYE2025 （Unit: ￥ bn.） 9M (Apr. - Dec.) Revenue 248.8 YoY FYE2026 9M (Apr. - Dec.) 258.2 51.2 19.9% 32.6% Segment OI margin 19.0% EBITDA margin 31.2% 18% 19% 14% 29% 16% 1% 3% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others % Change exc. FX -1.0% +3.4% Difference % Change +9.4 +3.8% Segment income 47.2 +4.0 +8.4% By Product Cumulative period basis 14% Gases Equipment and installation, other 86% Topics September 2025: Announced the construction of a new air separation unit in Norway (scheduled to commence operations in 2027) September 2025: Announced that Nippon Gases Euro-Holding S.L.U. will change its name to Nippon Sanso Euro-Holding S.L.U. effective April 1, 2026 2. Q3 FYE2026 Business performance -2. Nine months performance Asia & Oceania By Industry Cumulative period basis FYE2025 （Unit: ￥ bn.） 9M (Apr. - Dec.) Revenue 131.8 YoY FYE2026 9M (Apr. - Dec.) 154.0 14.8 9.7% 16.6% Segment OI margin 9.8% EBITDA margin 16.4% 2% 2% 24% Steel & Metals Automobiles & Other transportation Electronics 38% Food & Beverage Healthcare Chemicals & Energy Others 28% 4% 2% % Change exc. FX +18.1% +17.0% Difference % Change +22.2 +16.9% Segment income 12.8 +2.0 +15.7% By Product Cumulative period basis 14% Gases Equipment and installation, other 86% Topics July 2025: Completed an agreement for the 100% acquisition of the Coregas Group, which operates industrial gas businesses in Australia and New Zealand 2. Q3 FYE2026 Business performance -2. Nine months performance Thermos By Region 16% Japan Asia 84% Cumulative period basis % Change exc. FX +1.2% +11.4% YoY FYE2025 FYE2026 （Unit: ￥ bn.） 9M 9M Difference % Change Revenue (Apr. - Dec.) 24.5 (Apr. - Dec.) 24.7 +0.2 +0.9% Segment income 4.3 4.8 +0.5 +10.8% Segment OI margin 17.8% 19.6% EBITDA margin 23.0% 24.6% "Percentages may not add up to 100% due to rounding." Topics August-September 2025: Released new products (Expanded lineup of portable vacuum-insulated mugs, etc.) November-December 2025: Released new products (Expanded lineup of lunch boxes, etc.) 3. FYE2026 Full-term Forecast 3. FYE2026 Full-term Forecast Consolidated Difference YoY FYE2026 Full-term forecast (Announced on February 4, 2026) FYE2025 Full-term forecast （Unit: ￥ bn.） ％ Change FYE2026 ％ Change exc. FX Full-term forecast (Announced on May 12, 2025) Revenue 1,308.0 1,330.0 +22.0 +1.7% +1.1% 1,290.0 Core operating income 189.1 196.0 +6.9 +3.6% +2.7% 191.0 Core OI margin 14.5% 14.7% 14.8% Non-recurring profit and loss -23.2 -1.7 +21.5 0.0 Operating income（IFRS） 165.9 194.3 +28.4 +17.1% 191.0 OI margin 12.7% 14.6% 14.8% EBITDA margin 23.3% 24.2% 24.1% Finance costs -20.6 -21.8 -1.2 -22.5 Income before income taxes 145.2 172.5 +27.3 +18.7% 168.5 Income tax expenses 43.3 45.5 +2.2 49.0 Net income 101.9 127.0 +25.1 +24.6% 119.5 (Attribution of net income) Net income attributable to owners of the parent 98.7 123.5 +24.8 +25.0% 116.0 NI margin 7.6% 9.3% 9.0% Net income attributable to non-controlling interests 3.1 3.5 +0.4 3.5 Forex （Unit: JPY） USD 152.57 150.00 141.00 (average rate during the period) EUR 163.66 170.00 162.00 AUD 99.27 100.00 90.00 Appendix NIPPON SANSO Holdings Group Summary https://www.nipponsanso-hd.co.jp/en/ir/ Corporate Information （As of March 31, 2025） Corporate Philosophy Company Name Nippon Sanso Holdings Corporation Founded October 30, 1910 Headquarters 1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan TEL 81-3-5788-8500 President CEO Representative Toshihiko Hamada Common stock 37.3 billion yen Group Philosophy Group Vision Proactive. Innovative. Collaborative. Making life better through gas technology. Number of shares 433,092,837 Number of shareholders 12,904 Listed stock exchanges Tokyo Stock Exchange Prime Market Ticker 4091.T Distribution by share holders (%) We aim to create social value through innovative gas solutions that increase industrial productivity, enhance human well-being and contribute to a more sustainable future. Main Core business Stock information （As of March 31, 2025） Industrial Gas business Electronics business Thermos business Other Japanese Corporations Foreign Institutions and Individuals 8.6% 21.6% 14.6% 4.6% 50.6% Mitsubishi Chemical Group Japanese Financial Institutions Japanese Individuals and others Revenue / Employee personnel by Segment （As of Match 31, 2025） 3% 13% 31% ¥1,308.0 bn. 25% 28% 7% 1% 22% 30% FYE2026 Financial Forecast（IFRS) Net income attributable to 19,754 people Revenue ¥1,330.0 bn. Operating income ¥194.3 bn. owners of the parent ¥123.5 bn. EPS ¥285.31 17% 23% Japan US Europe Asia & Oceania Thermos Corporate Our Medium-term management plan Summary https://www.nipponsanso-hd.co.jp/en/ir/management/plan.html Overview Capital allocation Plan Name NS Vision 2026 Slogan Enabling the Future Period 4 years from April 2022 to March 2026 Released date May 11, 2022 Cash-in (the total for 4 years) ［Operating Cash flow] 730.0 bn. Cash-out 433.0 bn. ［Investment as a whole] Composition ratio by Business Financial target （Final fiscal year in the plan: FYE2026） Revenue 975.0-1,000.0 bn. Core Operating Income 125.0-135.0 bn. EBITDA margin Group: ≥24 % Japan, the U.S., EU, A&O, Thermos: ≥17-33% Adjusted net D/E ratio ≤0.7 times ROCE after Tax ≥6 % （Note）Forex rate (Assumption) : USD 115 EUR 125 24% 27% 24% 14% 2% 9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Japan US Europe Asia & Oceania Thermos Strategic (beyond regions) Composition ratio by Initiative 45% 37% 12% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Base/Underlying Growth initiatives Strategic initiatives M&A Non-Financial target ＜Environment＞ Focused fields Reduction rate of GHG emissions FYE2026: 18 % (Base year: FYE2019) FYE2031: 32 % GHG reduced emissions through environmental product offer FYE2026:Lower GHG emissions through environmental product offerings and applications ＞NSHD Group GHG emission ＜Safety Management＞ Lost Time Injury Rate FYE2026: ≤1.6 ＜Compliance＞ Rate of receiving compliance training FYE2026: 100 % ＜HR＞ Rate of female employees FYE2026: ≥22 % FYE2031: 25 % Rate of female management posts FYE2026: ≥18 % FYE2031: 22 % 27 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results Non-recurring items Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances), losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets). Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring items in the Company. FYE2026 9M 146.2 YoY Difference +6.5 -0.1 +10.9 146.1 +17.4 FYE2025 9M （Unit: ￥ bn.） Core operating income 139.7 Non-recurring profit and loss -11.0 Operating income（IFRS） 128.7 FYE2026 9M result Items （Unit：￥ bn.） FYE2025 9M result Item Amount Item Amount Impairment loss related to non-recoverable portion of a Others hydrogen construction project (US) -10.8 Loss associated with liquidation of business (Asia & Oceania) -0.2 Others -0.0 -0.1 Total -11.0 Total -0.1 FYE2026 9M 215.18 68.9 ー ー ー ー ー 156.1 93.5 31.2 0.64 939.3 806.4 Key performance indicators Item Unit FYE2025 9M FYE2025 Full-term Basic earnings per share JPY 178.99 228.20 Overseas sales ratio ％ 68.0 67.2 ROE ％ ー 10.4 ROCE ％ ー 10.1 ROCE after Tax ％ ー 7.2 Annual dividends per share JPY ー 51 Dividend payout ratio ％ ー 22.3 CAPEX (fund basis) & Investments and loans bn. 122.9 153.3 Depreciation and amortization bn. 86.7 116.1 Free cash flow bn. 32.6 92.2 Adjusted net D/E ratio Times 0.76 0.71 Interest-bearing liabilities bn. 946.7 902.6 Net interest-bearing liabilities bn. 823.0 758.1 (Reference) Preconditions, Definition & Calculations of our KPIs Glossary Preconditions and Definitions in this Presentation Core operating income Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring factors (non-recurring items*). *Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances), losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets). Interest-bearing debt Bonds and borrowings as presented in the statement of financial position, plus lease liabilities included in other financial liabilities. *Includes Hybrid finance. Hybrid finance A form of debt financing that has features resembling equity, such as voluntary deferral of interest, extremely long-term redemption periods and subordination during liquidation or bankruptcy procedures. This kind of financing does not cause stock dilution, and a certain ratio of the funds procured in this way can be recognized as equity credit by rating agencies provided that certain conditions are met. Equity-type debt The amount of debt procured by hybrid finance that has been recognize as equity credit by rating agencies. In this fund procurement, rating agencies have recognized equity credit for 50% of the procured amount. Indicator Calculations used in this presentation EBITDA margin （Core operating income＋Depreciation and amortization）／Revenue ROE Profit attributable to ownwers of parent／Total equity attributablle to ownwers of parent* ROCE Core operating income／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed] ROCE after Tax Core operating income after Tax（+Dividend received）［NOPAT] ((Core operating－Investment income/loss from Equity in earnings (losses) of affiliated companies included in Core operating income)×(1－effective tax rate)＋Investment income/loss from Equity in earnings (losses) of affiliated companies included in Core operating income＋Dividend received))／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed] Adjusted net D/E ratio ((Interest-bearing debt - equity-type debt) - cash and cash equivalents)／(equity attributable to owners of the parent + equity-type debt)* * The average of the amounts at the end of the comparative fiscal years of the previous and current fiscal years is used.

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