Summary of Financial Results for the First Quarter of Fiscal Year Ending August 31, 2026 （258kb)

January 13, 2026

(All financial information has been prepared in accordance with the Generally Accepted Accounting Principles in Japan)

Company name: NPC Incorporated Listing: Growth of TSE

Stock code: 6255 URL: https://www.npcgroup.net/eng/ Representative: Masafumi Ito, President & CEO

Contact: General Affairs Department Tel: +81-(0)3-6240-1206

Payment date of cash dividends: -

Supplementary materials prepared for quarterly financial results: None

Financial results meeting for institutional investors and securities analysts:

None

(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months Ended November 30, 2025 (September 1, 2025 through November 30, 2025)

   1. Consolidated results of operations (Percentages represent year-on-year changes)

      	Sales		Operating income (loss)		Ordinary income (loss)		Net income (loss) attributable to owners of the parent
      	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      3 months ended November 30, 2025	368	(76.8)	(88)	-	(94)	-	(140)	-
      3 months ended November 30, 2024	1,588	145.8	373	797.1	355	777.1	254	727.7

      	Earnings per share	Diluted earnings per share
      	Yen	Yen
      3 months ended November 30, 2025	(6.52)	-
      3 months ended November 30, 2024	11.78	-

      [Note] The numbers parenthesized represent minus figures.

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio
      	Million yen	Million yen	%
      As of November 30, 2025	13,364	10,199	76.3
      As of August 31, 2025	12,911	10,835	83.9

      [Reference] Shareholders' equity (million yen): November 30, 2025: 10,199 August 31, 2025: 10,835

2. Dividends

   	Dividend per share
   	1Q-end	2Q-end	3Q-end	Year-end	Annual
   	Yen	Yen	Yen	Yen	Yen
   Year ended August 31, 2025	-	0.00	-	10.00	10.00
   Year ending August 31, 2026	-
   Year ending August 31, 2026 (forecast)		0.00	-	10.00	10.00

   [Note] Revision of dividend forecast during the period: None

3. Consolidated Forecast for the Fiscal Year ending August 31, 2026 (September 1, 2025 through August 31, 2026)

   (Percentages represent year-on-year changes)

   	Sales		Operating income		Ordinary income		Net income attributable to owners of the parent		Earnings per share
   	Million yen	%	Million yen	%	Million yen	%	Million yen	%	Yen
   First half of FY2026	907	(70.9)	(189)	-	(184)	-	(252)	-	(11.66)
   Full year of FY2026	8,014	(13.6)	760	(60.4)	766	(60.1)	531	(59.9)	24.59

   [Notes] Revision of consolidated forecast during the period: None The numbers parenthesized represent minus figures.

4. Others

1. Changes in significant subsidiaries during the period: None

2. Adoption of accounting methods specific to preparation of quarterly consolidated financial statements: None

3. Changes in accounting principles, procedures and presentation methods

   1. Changes in accounting policies arising from revision of accounting standards: None

   2. Other changes: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of shares outstanding (common shares)

   1. Number of shares outstanding (including treasury stock) at the end of the period November 30, 2025: 22,052,426 shares

      August 31, 2025: 22,052,426 shares

   2. Number of treasury stock at the end of the period November 30, 2025: 846,820 shares

      August 31, 2025: 426,820 shares

   3. Average number of shares during the period

Three months ended November 30, 2025: 21,481,671shares Three months ended November 30, 2024: 21,562,317 shares

*Review of the attached quarterly financial statements by certified public accountants or auditing firms: None

*Appropriate use of the forecast of financial results and other matters:

Forward-looking statements in this report such as financial results forecasts are based on the information available to NPC Incorporated ("the Company") at the time when this report is prepared and the assumption that the forecasts are reasonable. The actual results may significantly differ from the forecast due to various factors. Please refer to the 1. (2) Description of outlook, including consolidated earnings forecast on page 2 for conditions of assumptions for the forecast and notes concerning appropriate use of the forecast.

*In this quarterly financial report, unless expressly stated or the context otherwise requires, the terms "the Group," "we," and "our"

refer to NPC Incorporated and its consolidated subsidiaries.

* This document has been translated from a part of 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.

1. Qualitative Information Concerning Financial Results for the First Quarter Ended November 30, 2025

   2
   
   

   1. Description of operating results 2

   2. Description of outlook, including consolidated earnings forecast 2

2. Consolidated Financial Statements for the First Quarter Ended November 30, 2025

   (September 1, 2025 through
   
   

   November 30, 2025)

   3
   
   

   1. Consolidated balance sheets 3

   2. Consolidated statement of income and consolidated statement of comprehensive income 5

   (Consolidated statement of income) 5

   (Consolidated statement of comprehensive income) 6

3. Other Information

   7
   
   

(1) Production, Orders, and Sales 7

1. ‌Qualitative Information Concerning Financial Results for the First Quarter Ended November 30, 2025

   1. ‌Description of operating results

      During the first three months ended November 30, 2025, the Japanese economy experienced a gradual recovery. However, attention should be paid to downside risks to the economy, such as US trade policy, inflation and fluctuations in financial and capital markets.

      Regarding the US photovoltaic (PV) industry, which is our primary target, installation of solar panels remained steady due to reasons such as an increase in electricity demand driven by data centers and support from local governments. Meanwhile, in the Japanese PV industry, the Japanese government is taking a proactive stance towards adoption of perovskite PV modules, which is a next generation PV module, to foster it to strengthen energy security and domestic industry. The government has been providing support to projects of companies and local governments that focus on scaling up production or building supply chains.

      Efforts to deal with end-of-life solar panels are also underway both in Japan and abroad. In Japan, it can be inferred that the government is aiming to promote recycling of solar panels, from the comment by prime minister Takaichi that the government will aim to submit a bill about recycling of solar panels during the ordinary session of the Diet next fiscal year. As for the overseas market, there is an increasing awareness of recycling of solar panels mainly in Europe and Australia, where environmental awareness is high. In addition, subsidies for introducing recycling facilities are also being provided in both in Japan and overseas, contributing to number of companies that consider starting recycling business to increase.

      Within these business environments, as for the PV module manufacturing equipment, the Group mainly booked sales of upgrading of the equipment of the US PV module manufacturer, which is our primary customer. Sales of equipment parts to the aforementioned company were generally in line with expectation. As for the solar panel recycling machines, we booked sales of a frame & J-box separator and a glass separator to an overseas company.

      Given the above, the consolidated net sales were 368 million yen, 1,219 million yen decrease year on year. It should be noted that sales are expected to be biased to the second half of the fiscal year, therefore the sales of the first quarter were in line with expectations. As for the profits, while the profit margin was high, since we could not fully absorb the fixed costs such as SG&A expenses due to low sales, the operating loss was 88 million yen, while the operating profit in the corresponding period of the last fiscal year was 373 million yen. The ordinary loss was 94 million yen, while the ordinary profit in the corresponding period of the last fiscal year was 355 million yen. The net loss attributable to the owners of parent was 140 million yen, while the net profit attributable to the owners of parent in the corresponding period of the last fiscal year was 254 million yen.

   2. ‌Description of outlook, including consolidated earnings forecast

   The business forecasts for the first half and the full year are the same as the forecasts in the "Summary of Financial Results for the Fiscal Year Ended August 31, 2025", announced on October 9, 2025, as the sales of large-scale project for a Japanese company are planned to be booked in the second half of the fiscal year.

2. ‌Consolidated Financial Statements for the First Quarter Ended November 30, 2025 (September 1, 2025 through November 30, 2025)

   1. ‌Consolidated balance sheets

      (Thousand yen) As of August 31, 2025 As of November 30, 2025

      Assets

      Current assets

      Cash and deposits	6,421,790	7,097,808
      Notes and accounts receivable-trade and contract assets	1,955,610	138,377
      Electronically recorded monetary claims-operating	6,658	2,656
      Work in process	1,044,419	2,388,829
      Raw materials and supplies	21,594	6,134
      Other	199,532	517,231
      Total current assets	9,649,605	10,151,037
      Noncurrent assets
      Property, plant and equipment Buildings and structures	3,852,717	3,852,717
      Accumulated depreciation	(2,505,730)	(2,545,063)
      Accumulated impairment loss	(33,142)	(33,142)
      Building and structures, net	1,313,844	1,274,511
      Machinery and equipment	184,739	189,874
      Accumulated depreciation	(147,847)	(149,244)
      Accumulated impairment loss	(3,810)	(3,810)
      Machinery and equipment, net	33,081	36,820
      Land	1,548,050	1,548,050
      Other	454,860	452,990
      Accumulated depreciation	(288,465)	(296,300)
      Accumulated impairment loss	(51,572)	(51,572)
      Other, net	114,823	105,117
      Total property, plant and equipment	3,009,799	2,964,499
      Intangible assets
      Other	25,504	51,927
      Total intangible assets	25,504	51,927
      Investments and other assets Distressed receivables	31	31
      Deferred tax assets	183,906	158,442
      Other	42,720	38,384
      Allowance for doubtful accounts	(31)	(31)
      Total investments and other assets	226,627	196,827
      Total noncurrent assets	3,261,932	3,213,254
      Total assets	12,911,537	13,364,292

      [Note] The numbers parenthesized represent minus figures.

      Liabilities

      Current liabilities

      (Thousand yen) As of August 31, 2025 As of November 30, 2025

      Accounts payable-trade	635,694	714,091
      Electronically recorded obligations-operating	427,815	1,005,687
      Income taxes payable	263,366	234,405
      Advances received	287,694	730,340
      Provision for bonuses	103,838	25,131
      Provision for product warranties	18,873	18,873
      Other	235,394	323,572
      Total current liabilities	1,972,677	3,052,101
      Noncurrent liabilities
      Net defined benefit liability	97,354	107,329
      Other	5,890	5,745
      Total noncurrent liabilities	103,245	113,074
      Total liabilities	2,075,922	3,165,176

      Net assets Shareholders' equity

      Capital stock	2,812,461	2,812,461
      Capital surplus	2,754,504	2,754,504
      Retained earnings	5,396,677	5,040,420
      Treasury stock	(263,151)	(562,417)
      Total shareholders' equity	10,700,492	10,044,969
      Accumulated other comprehensive income Foreign currency translation adjustment	135,122	154,146
      Total accumulated other comprehensive income	135,122	154,146
      Total net assets	10,835,614	10,199,116
      Total liabilities and net assets	12,911,537	13,364,292

      [Note] The numbers parenthesized represent minus figures.

   2. ‌Consolidated statement of income and consolidated statement of comprehensive income

   ‌(Consolidated statement of income)
   		(Thousand yen)
   	Three months ended November 30, 2024	Three months ended November 30, 2025
   Net sales	1,588,368	368,568
   Cost of sales	956,637	196,743
   Gross profit	631,731	171,824
   Selling, general and administrative expenses	258,476	260,696
   Operating profit (loss)	373,254	(88,871)
   Non-operating income
   Interest income	195	4,836
   Gain on sale of non-current assets	-	1,454
   Interest on tax refund	22	23
   Subsidies for employment adjustment	348	-
   Other	63	807
   Total non-operating income	629	7,121
   Non-operating expenses
   Commission expenses	667	1,766
   Foreign exchange losses	17,321	11,127
   Other	0	4
   Total non-operating expenses	17,989	12,898
   Ordinary profit (loss)	355,895	(94,648)
   Profit (loss) before income taxes	355,895	(94,648)
   Income taxes-current	77,845	19,827
   Income taxes-deferred	24,033	25,524
   Total income taxes	101,878	45,352
   Profit (loss)	254,016	(140,000)
   Net profit (loss) attributable to owners of parent	254,016	(140,000)

   [Note] The numbers parenthesized represent minus figures.

   ‌(Consolidated statement of comprehensive income)
   		(Thousand yen)
   	Three months ended November 30, 2024	Three months ended November 30, 2025
   Income before minority interests	254,016	(140,000)
   Other comprehensive income
   Foreign currency translation adjustment	(3,597)	19,024
   Total other comprehensive income	(3,597)	19,024
   Comprehensive income	250,419	(120,976)
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	250,419	(120,976)
   Comprehensive income attributable to non-controlling interests	-	-

   [Note] The numbers parenthesized represent minus figures.

3. ‌Other Information

1. ‌Production, Orders, and Sales

   1. Production

      The Group operates in a single segment of Machinery business, and production amounts in the period are as follows:

      (Thousand yen)

      Segment	Three Months Ended November 30, 2025	Year-on-year change (%)
      Machinery business	2,666,139	188.2

      [Note] The above amounts are calculated based on selling prices.

   2. Orders

      The Group operates in a single segment of Machinery business, and orders received in the period are as follows:

      (Thousand yen)

      Segment	Orders received	Year-on-year change (%)	Order backlog	Year-on-year change (%)
      Machinery business	2,431,757	453.7	8,786,635	125.0

   3. Sales

The Group operates in a single segment of Machinery business, and sales by business segment in the period are as follows:

(Thousand yen)