Presentation material for the financial results for the six months ended Feb. 28, 2026 （646kb)

NPC Incorporated (TSE Growth 6255) April 10, 2026

INDEX

1. ‌Business Results for 1st Half of FY2026

2. Company Actions

‌Business Results for 1st Half of FY2026

(Million yen)

Note: The numbers parenthesized represent minus figures.

Percentages at vs. (A) and (B) represent increase/decrease rate.

Sales

(Million Yen)

• Major components of sales

1,200

1,000

800

600

400

200

0

1,124

907

Forecast Result

machines

• First Solar: reallocation and upgrading of equipment

• R&D equipment for perovskite PV module

• Solar panel recycling machines

  Frame & J-Box Separator: Japan - 3 units, overseas - 1 unit

  Glass Separator: Japan - 2 units, overseas - 1 unit

• Equipment parts

• Reason of the differences between the initial forecast and the results

• Volume of equipment reallocation project for First Solar increased

• Sales of equipment parts exceeded our expectations

  Profits

  Profits at each level revised upward

  • While we had already expected at the beginning of the period to book sales of projects with high profit margins such as equipment upgrading, solar panel recycling machines and equipment parts, profits further increased due to an increase in sales of equipment reallocation and equipment parts, which are both high in profit margins

  • Profit margins expanded through cost reduction for projects including upgrading equipment

    Profits

  • Sales are expected to be concentrated in H2 as the Group is expecting to record sales from a large-scale project for a Japanese company in Q4

  • Although there are minor changes in the makeup of projects which sales are expected to be recorded, current outlook for the business

(Million yen)

Note:.Percentages at year-on-year ratio represent increase/decrease rate.

Breakdown of orders acquired

Order

Order Backlog

PV module manufacturing equipment

• First Solar: reallocation and upgrading of equipment

• First Solar: R&D equipment for perovskite PV modules

• Inkjet printing equipment for front-end manufacturing process

• U.S. company: equipment upgrading

• Japanese company: perovskite solar cells related project

  Solar panel recycling machines

• Frame & J-Box Separator: Japan - 2 units, overseas - 1 unit

• Glass Separator: Japan - 1 unit

• EVA Scraper: Japan - 2 units

  Automation machines

• Packaging equipment, custom VIP sealing machine (both for Japanese companies)

  Others

  -Equipment parts, solar power plant inspection service, plant factory business, etc.

  ‌Business Results for 1st Half of FY2026: Balance Sheet
  
  

  (Million yen)

  	2025.8	2026.2		2025.8	2026.2
  Assets	12,911	12,720	Liabilities	2,075	2,618
  Current assets	9,649	9,574	Current liabilities	1,972	2,502
  Cash and deposits	6,421	5,291	Accounts payable-trade /electronically recorded obligations- operating	1,063	1,023
  Notes and accounts receivable-trade /electronically recorded monetary claims-operating	1,962	514	Income taxes payable	263	27
  Work in progress	1,044	3,180	Advances received	287	1,148
  Raw materials and supplies	21	7	Provisions	122	117
  Other	199	581	Other	235	185
  Noncurrent assets	3,261	3,145	Noncurrent liabilities	103	116
  Buildings and structures (net)	1,313	1,235	Net assets	10,835	10,102
  Machinery and equipment (net)	33	35	Capital stock, capital surplus	5,566	5,567
  Land	1,548	1,548	Retained earnings	5,396	5,130
  Other	366	327	Treasury stock	△263	△745
  			Other	135	149

  • Work in progress is increasing towards expected sales recognition of large-scale project in Q4

  • Acquired own shares worth about 500 million yen (approx. 3.2% of the total number of issued shares)

  • Invest to achieve business growth in the medium term while securing working capital and reserve funds (expansion of business area through M&A, investment to human resources, strengthening purchasing and production, R&D of equipment including standardized products)

‌Market Environment and Company Actions

1. PV Market Environment

   Market environment of US solar power related market

   （TWh）

   6,500

   6,000

   5,500

   5,000

   4,500

   4,000

   Estimation of Power Demand in the US

   46％ increase

   
   
   

   11％ increase

   2024 2026 2028 2029 2030 2032 2034 2036

   Positive senario Negative Senario
   
   

   (Prepared by NPC based on data released by NREL)

   Breakdown of Newly Introduced Electric Generating Capacity (2025)

   Natural Gas 8%

   nd

   %

   Coal 0%

   Storage 25%

   Solar

   54%

   Wi 13

   (Prepared by NPC based on data released by SEIA)

   ⇒High chance of increase in demand for solar which could be installed quickly, along with the increase in electricity demand Positive market environment for our customers

   Solar related policies in China

   - In China, tax refund for export taxes on solar panels and related raw materials were completely abolished as of April 2026 (a de facto increase of tax burden)

   →price of solar panels from Chinese companies are expected to increase around 10~20%

   →rise in price could also happen even if the panels are manufactured overseas, due to rise in price of raw materials

   ⇒Positive effect to our customer manufacturers due to decline in competitiveness of Chinese manufacturers

   
   
   ‌PV Module Manufacturing Equipment:
2. Current Status of First Solar and Our Future Actions

   Financial results of FY2025 and forecast of First Solar

   	FY2025 (Results)	FY2026 (Forecast)
   Sales	$5.2B	$4.9B~5.2B
   Gross Profit	$2.1B	$2.4B~2.6B
   Operating Income	$1.6B	Not disclosed
   Capital Expenditures	$1.5B	$0.8B~1.0B
   Volume Sold	17.5GW	17.0~18.2GW

   -Order backlogs at 2025 4Q earnings call were 50.1GW

   （Reference：First Solar '25 4Q Earnings and 2026 Guidance Call）

   Capital investments and R&D of First Solar

   • Began operating Louisiana facility in November 2025

   • Preparing for operation of a new facility in South Carolina, such as reallocating equipment from Malaysia and Vietnam facilities and upgrading equipment, planning to begin operation by the end of 2026

   • CAPEX for 2026 is expected to decrease from the previous year since South Carolina facility is for finishing process and mainly requires reallocation of equipment for preparation

   • While the capital investment is moderate, First Solar will be focusing on technology development such as perovskite

     Our future actions

   • Equipment reallocation for South Carolina facility and upgrading projects of equipment including the ones in other facilities

   • Continue to work on projects related to perovskite solar cell manufacturing equipment

   
   
   ‌PV Module Manufacturing Equipment:
3. Perovskite PV module (Developments at Japanese Companies)

Developments at each company

Sekisui Chemical

- Film substrate

Mass production

• Preparing for operation of 100MW production facility in 2027

  R&D / demonstration experiment

  Panasonic (starting experimental sales in 2026)

  • Glass substrate, building material integral type

  • Started long-term demonstration experiment in March 2026, by installing the panel at its company building

    Aisin (begin sales in 2028, full-scale commercialization in 2030)

• Glass substrate that could be bent

• Conducting demonstration experiment with local governments

  Ricoh (begin mass production in 2030)

• Film substrate

• Conducting space demonstration by installing panels to HTV,

  in addition to demonstration experiments with local govenments

• Aim to reach production capacity of 300MW by FY2030

  Toshiba

• Tandem with crystalline silicon solar cells

• Aim to reach conversion rate of 30% and durability of 20 years by 2029

(Prepared by NPC based on information from each company's homepage, news articles, etc.)

Kaneka (begin sales in 2028)

• Tandem with crystalline silicon solar cells

• Panning to conduct demonstration of panels for buildings used at places such as rooftops and walls

  Choshu Industry (commercialize in 2030)

• Tandem with crystalline silicon solar cells

• Has started a production company to reach production capacity

  of 6MW per year

  EneCoat Technologies

• Film substrate

-Aim to provide panels that could generate electricity and could be installed

Sharp, Kuramoto, etc.

1. Perovskite PV module (Market Trends and Our Achievements)

   Market trends

   Japan

   • Prime Minister Takaichi has announced that the government will be supporting development of perovskite solar cells from the perspective of energy security and promotion of domestic industry

   • Subsidies provided from the government and local governments for development, production and installation

   • Demonstration experiment actively being conducted by local governments in cooperation with companies

     Overseas

   • Development is primarily focused on tandem panels, conducted by companies including startups

   • Development of both tandem panels and film substrate panels is conducted by companies and research institutions

     Our achievements and future actions

     Japan

   • Provided and expecting to record sales of equipment for multiple companies

   • Expecting to acquire orders of projects that could contribute to our business in and after the next fiscal year (already acquired orders for some of the projects)

     First Solar

   • Provided R&D equipment for the back-end process of perovskite tandem panels, acquired orders of equipment for the next step.

     Inkjet printing equipment

   • Acquired orders of inkjet printing equipment for the front-end process, remain committed to acquisition of additional orders

→Successfully entered the front-end process, continue to capture orders, including from Japanese companies

Expansion of market and NPC's business area through entering the front-end process

Global market size of perovskite solar cells

(Hundred million yen)

39,480

NPC's business area

1,476

General manufacturing processes of perovskite solar panels

Front-end

・Substrate cleaning/surface treatment

・Bottom electrode formation

・Deposition (vapor deposition, printing, etc.)

・Layer stacking

2025 2026E 2030E 2035E 2040E

(Prepared by NPC based on forecast by Fuji Keizai)

×

- Provide front-end equipment, characterized by higher unit price and larger market size, in expanding market of perovskite solar cells

Gosan's information and our initiatives

Partnership with Gosan Tech in the front-end (inkjet printing ) equipment

• Affinity between Gosan and our strengths

Credibility as a listed company

Track record in the PV industry

Knowledge about solar panel manufacturers

Production capability of

Matsuyama Factory

Synergy effects

1. Perovskite PV module (Entering the Front-end Process)

   Business flow and future pottential

   
   
   

   • Business flow

     • Future potential

PV manufacturers (including Japanese companies)

• Provide equipment with inkjet technique which is expected to be the mainstream that leads to future orders for mass production lines

  Others

• Could expect sales of consumables such as ink cartridges to be a stock business, as the equipment requires frequent replacement of consumables

• Addressing printing equipment for products other than perovskite solar cells

  
  
  ‌Solar Panel Recycling Machines:
  1. Market Trends and Our Initiatives

     Market trends and our initiatives

     Market trends in Japan regarding solar panel recycling

     • Movement towards legislation of recycling sola panels

• New proposal of the recycling system was announced by MOE and METI in January 2026

  →A law that mandates mega solar operators to submit a disposal plan for solar panels and recycle the panels

  ⇒The bill was approved by the Cabinet and expected to be submitted at the special session of the Diet which is now in session

• Mandatory recycling will be a business chance for NPC which provides equipment with a high recycling rate

  • Act Concerning Sophistication of Recycling Business, etc. to Promote Resource Circulation

• An act that enables companies to acquire special exceptions and permits for waste disposal on the condition that recycling businesses are conducted using sophisticated methods, has been executed since November 2025

• In terms of disposed solar panels, it is substantially compulsory to conduct a closed-loop recycling of cover glass

• To gain permit at the highest level, it is necessary to be able to stably supply recycling material consistently to the same recipient company

  →Our equipment (Hot knife, EVA scraper) has enabled realization of closed-loop recycling, and have secured recipient of separated glass by cooperating with AGC

  ⇒Companies that have installed our equipment are likely to be permitted, and multiple customers are already applying to be permitted

  • Progress of collaboration with AGC

• Purchasing and closed-loop recycling of cover glass separated using NPC's equipment

• Supporting development of logistics networks for efficient collection of cullet

done by AGC

⇒Successfully acquired orders for equipment including EVA scraper, companies interested in installing the equipment are increasing as well

1. Our Initiatives

Building solar panel recycling network

Kyocera Communication

Systems

Tokyo Century, etc.

Solar panel will be discarded from the solar power plants that they own or maintain

Inspection of power plants

Discarded panels

Process panels using NPC's technology

Hot knife separation method

Brush scraping method

Utilize the network that have been built through solar power plant inspection service and sales of solar panel recycling machines

Sales of equipment

Cover glass

AGC

Central Glass Products

→Recycle into sheet glass with closed-loop recycling

Aluminum frames

Shinsho Corporation, etc.

→Recycle into aluminum products

Cell sheets

DOWA ECO-SYSTEM, etc.

→Recycle metals such as silver and copper

Automation machines

• Automation machines

  • Sales inquiry about vacuum laminators are increasing from PV manufacturers and material manufacturers

  • Receiving repeat orders from Japanese-owned automobile components manufacturer in the US

  • Possibility of capital investment in the semi-conductor and electronic components industries, as it is expected that those industries will experience a recovery due to artificial intelligence related demands

• Automation Machines for Industrial Waste

• Enhancing sales efforts in Chugoku and Shikoku area by leveraging the track record of sales of artificial intelligence integrated robotic sorter to Matsuyama Youki in FY2025

＊Reasons we have started sales of automation machines for industrial waste

Size and shape of wastes are uneven, therefore treating processes vary between objects and companies

→It is difficult to automate and standardize equipment, and need to custom the equipment on a case-by-case basis

However…

Existing equipment manufacturers mainly provide standardized equipment

⇒Business chance for NPC which provides custom-made equipment

｜Robotic sorter provided to Matsuyama Youki

Install the equipment to existing conveyor

Business development in medium-term

Image of Sales in Medium-term

Reduce imbalance to a specific customer and become a company that is

"resilient to changes"

kite

Soar

First

現在 将 来

panel recycling machines

Change the sales composition while growing sales

(FS : Perovskite : Recycling machines : Others) = (4 : 3 : 2 : 1)

-Maintain business with First Solar which is our primary customer

• Grow sales in growing and untapped markets

  (Perovskite, Solar panel recycling, industrial waste management, etc.)

• Strengthen production system (acquiring and strengthening human resources, acquire

  outsourcing partners

  Progress status

  • Tail wind from the external environment

• Increase of Japanese manufacturers that engaged in the development of perovskite solar cells led by government support

• Movements towards legislation of recycling solar panels and use of NPC's original technology under the Act Concerning Sophistication of

  Recycling Business, etc. to Promote Resource Circulation

  • Initiatives in H1

• Addressing projects related to First Solar's optimization of production system (reallocation, upgrading), R&D, and new products

• Built a track record in front-end process of perovskite manufacturing

• Expansion of product line-up of solar panel recycling machines which are NPC's standardized products (EVA scraper, broken glass separator)

"We, through creation of products,

Contact:

IR Group, General Affairs Department, NPC Incorporated

aim to be a company needed by nature, society and people."