Summary of Financial Results for the Fiscal Year Ended August 31, 2025 （347kb)

October 9, 2025

(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

General meeting of shareholders: November 27, 2025

Filing date of securities report: November 28, 2025

Payment date of cash dividends: November 28, 2025 Supplementary materials prepared for quarterly financial results: Yes

Financial results meeting for institutional investors and securities analysts:

Yes

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

1. Consolidated Financial Results for the Fiscal Year Ended August 31, 2025 (September 1, 2024 through August 31, 2025)

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

      	Sales		Operating income		Ordinary income		Net income attributable to owners of the parent
      	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      Year ended August 31, 2025	9,272	(14.1)	1,920	(21.2)	1,922	(20.8)	1,325	(20.9)
      Year ended August 31, 2024	10,797	15.8	2,436	149.4	2,426	151.9	1,676	68.8

      	Earnings per share	Diluted earnings per share	Return on shareholders' equity	Ordinary income-to-equity ratio	Operating income-to-net sales ratio
      	Yen	Yen	%	%	%
      Year ended August 31, 2025	61.36	-	12.9	13.5	20.7
      Year ended August 31, 2024	77.81	-	18.9	16.7	22.6

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Million yen	Million yen	%	Yen
      As of August 31, 2025	12,911	10,835	83.9	501.05
      As of August 31, 2024	15,436	9,684	62.7	449.28

      [Reference] Shareholders' equity (million yen): August 31, 2025: 10,835 August 31, 2024: 9,684

   3. Consolidated cash flow position

      	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the period end
      	Million yen	Million yen	Million yen	Million yen
      As of August 31, 2025	1,477	(64)	(218)	6,421
      As of August 31, 2024	557	(89)	(134)	5,237

      [Note] The numbers parenthesized represent minus figures.

2. Dividends

   	Dividend per share					Dividend in total (full year)	Dividend payout ratio (consolidated)	Dividends on net assets (consolidated)
   	1Q-end	2Q-end	3Q-end	Year-end	Annual
   	Yen	Yen	Yen	Yen	Yen	Million yen	%	%
   Year ended August 31, 2024	-	0.00	-	10.00	10.00	215	12.9	2.4
   Year ended August 31, 2025	-	0.00	-	10.00	10.00	215	16.3	2.1
   Year ending August 31, 2026 (forecast)	-	0.00	-	10.00	10.00		45.9

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
   1st half ending February 28, 2026	907	(70.9)	(189)	-	(184)	-	(252)	-	(11.66)
   Year ending August 31, 2026	8,014	(13.6)	760	(60.4)	766	(60.1)	531	(59.9)	24.59

4. Others

1. Changes in significant subsidiaries during the period: None

2. Changes in accounting principles, procedures and presentation methods

   1. Changes in accounting policies arising from revision of accounting standards: Yes

   2. Other changes: None

   3. Changes in accounting estimates: None

   4. Restatement: None

3. Number of shares outstanding (common shares)

   1. Number of shares outstanding (including treasury stock) at the end of the period August 31, 2025: 22,052,426 shares

      August 31, 2024: 22,052,426 shares

   2. Number of treasury stock at the end of the period August 31, 2025: 426,820 shares

      August 31, 2024: 496,648 shares

   3. Average number of shares during the period

Fiscal year ended August 31, 2025: 21,603,018 shares

Fiscal year ended August 31, 2024: 21,546,537 shares

[Reference]

1. Non-Consolidated Financial Results for the Fiscal Year Ended August 31, 2025 (September 1, 2024 through August 31, 2025)

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

      	Sales		Operating income		Ordinary income		Net income
      	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      Year ended August 31, 2025	8,915	(15.8)	1,693	(26.7)	1,696	(27.0)	1,150	(27.2)
      Year ended August 31, 2024	10,590	14.9	2,311	157.9	2,322	160.8	1,581	68.9

      	Earnings per share	Diluted earnings per share
      	Yen	Yen
      Year ended August 31, 2025	53.25	-
      Year ended August 31, 2024	73.38	-

      [Note] The numbers parenthesized represent minus figures.

   2. Non-Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Million yen	Million yen	%	Yen
      Year ended August 31, 2025	12,288	10,164	82.7	470.02
      Year ended August 31, 2024	14,800	9,170	62.0	425.43

      [Reference] Shareholders' equity (million yen): August 31, 2025: 10,164 August 31, 2024: 9,170

2. Non-Consolidated Forecast for the Fiscal Year Ending August 31, 2026 (September 1, 2025 through August 31, 2026)

(Percentages represent year-on-year changes)

*This financial report is not subject to audit procedures.

*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) Future outlook on page 3 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 Fiscal Year Ended August 31, 2025

   2
   
   

   1. Description of operating results 2

   2. Future outlook 3

2. Consolidated Financial Statements for the Fiscal Year Ended August 31, 2025 (September 1, 2024

   through
   
   

   August 31, 2025)

   4
   
   

   1. Consolidated balance sheets 4

   2. Consolidated statement of income and consolidated statement of comprehensive income 6

      (Consolidated statement of income) 6

      (Consolidated statement of comprehensive income) 7

   3. Consolidated statement of cash flows 8

3. Other Information

   9
   
   

Production, Orders, and Sales 9

1. ‌Qualitative Information Concerning Financial Results for the Fiscal Year Ended August 31, 2025

   1. ‌Description of operating results

      During the fiscal year ended August 31, 2025, the Japanese economy experienced a gradual recovery, however, the future outlook remained uncertain because of various factors, such as US trade policy trends, inflation, Chinese economy and conflicts in the Middle East, etc.

      Regarding the US photovoltaic (PV) industry, which is our primary target, the installation of solar panels remained firm with the help of the political support of local governments. Meanwhile, in the Japanese PV industry, Japanese companies are starting to announce detailed plans about mass production of the perovskite PV module, a next generation PV module. The Japanese government and local governments have also announced about providing support from several aspects such as development, production, and installation, including large-scale subsidies decided upon. These government measures are reinforcing Japanese companies to be more active in this field.

      Efforts to deal with end-of-life solar panels are also underway both in Japan and abroad. In Japan, while it was announced that the contents of the legislative proposal about recycling solar panels will be revised, promotion of recycling by the government is likely to continue. For example, implementation of legislation to establish a framework for national certification of businesses with advanced recycling technologies, as well as provision of tax incentives for the capital investments for those businesses will be undertaken. As for the overseas market, there is an increasing awareness about the recycling of solar panels, mainly in Europe and Australia, where environmental awareness is high. In those countries, government support such as subsidies for installation of recycling equipment is in place. Under these circumstances, the number of companies that consider starting recycling businesses is increasing both domestically and internationally.

      Within these business environments, as for the PV module manufacturing equipment, the Group mainly booked sales of equipment for a new factory, R&D equipment for perovskite PV module, additional equipment for existing factories, and equipment upgrading modifications to the US PV module manufacturer, our primary customer. The Group also booked sales of perovskite PV module R&D equipment and crystalline silicon PV module manufacturing equipment to multiple existing domestic customers as well. In terms of automation machines other than for the PV industry, the Group mainly booked sales of the machines to domestic customer in the electronic components industry and Japanese-owned company in the US which is in the automobile components industry. As for the solar panel recycling machines, the Group booked sales of three frame & J-Box separators and a glass separator to Japanese companies, and two frame & J-box separators and a glass separator to overseas companies. In terms of equipment parts, though the sales in the second half of the year were below our expectations since the incoming orders decreased due to the increased US tariffs and changes in capital investment plans of our primary customer, the sales remained steady. As regards the environmental services, we mainly booked sales of solar panel inspection services and plant factory business.

      Given the above, the consolidated net sales were 9,272 million yen, 1,525 million yen decrease year on year. Although the sales of equipment parts were lower than expected, the net sales generally aligned with expectations. As for the profits, the operating income was 1,920 million yen, 515 million yen decrease year on year, and the ordinary income was 1,922 million yen, 504 million yen decrease year on year, coming in slightly above our target. This was because the gross profit exceeded our expectations due to a successful cost reduction in on-site operations, despite the sales of equipment parts, which are products with high profit margins, falling short of our targets. The net income attributable to the owners of the parent was 1,325 million yen, 350 million yen decrease year on year. The net income exceeded our expectations due to decrease in income tax caused by increase in ratio of foreign tax credits, and a change in category under tax effect accounting.

      It should be noted that as of September 1, 2024, the Environmental business was integrated into the Machinery business due to an organizational change. Therefore, there is a single reporting business segment starting from this first quarter.

   2. ‌Future outlook

   For the upcoming fiscal year, the Group is planning to book sales of the projects that the orders have already been received, and orders projected to be received during the fiscal year. The Group has already received orders for the perovskite PV module related manufacturing equipment from the US PV manufacturer, which is our major customer. We are aiming to acquire orders for additional equipment and upgrading of the equipment as well. Furthermore, we have also received a large-scale order for perovskite PV module manufacturing line from a domestic company. In terms of sales of equipment parts, order volume is anticipated to drop due to the situation of the US tariff and changes in capital investment plans of our major customer, however, it is expected that the sales will maintain a steady level. Additionally, the Group is planning to book sales of automation machines to a Japanese-owned company in the US and solar panel recycling machines to companies both in Japan and abroad. It should be noted that financial results for the fiscal year ending August 31, 2026, will be biased to the second half of the fiscal year, as the significant sales of perovskite PV module manufacturing line to a domestic company are expected in the second half of the fiscal year.

   In terms of profit, profit margins are expected to decline across the board compared to the previous fiscal year, and accordingly, the profits are expected to decline as well. This is because the sales are expected to decline from the previous fiscal year, and that the profit margin of the large-scale perovskite PV module manufacturing line for a domestic company, which accounts for a large portion of total sales, is expected to be lower than other projects. Profit margin of the aforementioned project is expected to be low, because it requires a substantial development cost due to being a new technology, and because there was competition against other companies. On the other hand, profit margins for other projects are expected to maintain an appropriate level as in the past.

   As a result of such businesses, the consolidated business forecast for the fiscal year 2026 will be: sales at 8,014 million yen, 1,257 million yen decrease year on year; operating income at 760 million yen, 1,160 million yen decrease year on year; ordinary income at 766 million yen, 1,155 million yen decrease year on year; and net income attributable to owners of the parent at 531 million yen, 793 million yen decrease year on year.

   The Group has been revising the medium-term management plan as needed; however, the Group opt not to announce it at this time. This is because we have determined that it is not possible to guarantee appropriateness and accuracy of medium-term target figures, due to uncertainties caused by the effect of the increased US tariffs on capital investment plans of our major customer, and difficulty predicting demands for perovskite PV module manufacturing equipment. Please refer to "Notice Concerning Withdrawal and Withholding of the Announcement of the Medium-Term Management Plan" released on October 9, 2025, for further details.

   Forward-looking statements in this report such as financial results and forecasts are based on the information available to the Group at the time when this report is prepared and the assumption that the forecasts are reasonable. The actual results may differ from the forecast due to various factors.

2. ‌Consolidated Financial Statements for the Fiscal Year Ended August 31, 2025 (September 1, 2024 through August 31, 2025)

   1. ‌Consolidated balance sheets

      (Thousand yen) As of August 31, 2024 As of August 31, 2025

      Assets

      Current assets

      Cash and deposits	5,237,825	6,421,790
      Notes receivable-trade	22,965	-
      Accounts receivable-trade	2,764,963	1,955,610
      Electronically recorded monetary claims-operating	5,325	6,658
      Work in process	3,759,722	1,044,419
      Raw materials and supplies	17,050	21,594
      Other	150,776	199,532
      Total current assets	11,958,629	9,649,605
      Noncurrent assets
      Property, plant and equipment
      Buildings and structures	3,872,687	3,852,717
      Accumulated depreciation	(2,358,456)	(2,505,730)
      Accumulated impairment loss	(41,215)	(33,142)
      Building and structures, net	1,473,015	1,313,844
      Machinery and equipment	253,042	184,739
      Accumulated depreciation	(145,110)	(147,847)
      Accumulated impairment loss	(69,799)	(3,810)
      Machinery and equipment, net	38,132	33,081
      Land	1,548,050	1,548,050
      Other	404,249	454,860
      Accumulated depreciation	(250,585)	(288,465)
      Accumulated impairment loss	(53,768)	(51,572)
      Other, net	99,894	114,823
      Total property, plant and equipment	3,159,092	3,009,799
      Intangible assets
      Other	48,396	25,504
      Total intangible assets	48,396	25,504
      Investments and other assets
      Distressed receivables	31	31
      Deferred tax assets	245,187	183,906
      Other	24,708	42,720
      Allowance for doubtful accounts	(31)	(31)
      Total investments and other assets	269,895	226,627
      Total noncurrent assets	3,477,384	3,261,932
      Total assets	15,436,013	12,911,537

      [Note] The numbers parenthesized represent minus figures.

      Liabilities

      Current liabilities

      (Thousand yen) As of August 31, 2024 As of August 31, 2025

      Accounts payable-trade	245,412	635,694
      Electronically recorded obligations-operating	2,294,927	427,815
      Income taxes payable	672,784	263,366
      Advances received	1,976,987	287,694
      Provision for bonuses	151,823	103,838
      Provision for product warranties	39,567	18,873
      Provision for loss on order received	1,847	-
      Other	287,310	235,394
      Total current liabilities	5,670,661	1,972,677
      Noncurrent liabilities
      Net defined benefit liability	80,277	97,354
      Other	555	5,890
      Total noncurrent liabilities	80,832	103,245
      Total liabilities	5,751,493	2,075,922

      Net assets Shareholders' equity

      Capital stock	2,812,461	2,812,461
      Capital surplus	2,738,335	2,754,504
      Retained earnings	4,286,752	5,396,677
      Treasury stock	(306,177)	(263,151)
      Total shareholders' equity	9,531,371	10,700,492
      Accumulated other comprehensive income Foreign currency translation adjustment	153,148	135,122
      Total accumulated other comprehensive income	153,148	135,122
      Total net assets	9,684,520	10,835,614
      Total liabilities and net assets	15,436,013	12,911,537

      [Note] The numbers parenthesized represent minus figures.

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

   ‌(Consolidated statement of income)
   		(Thousand yen)
   	Year ended August 31, 2024	Year ended August 31, 2025
   Net sales	10,797,611	9,272,037
   Cost of sales	7,217,804	6,170,851
   Gross profit	3,579,806	3,101,185
   Selling, general and administrative expenses	1,143,531	1,180,728
   Operating income	2,436,275	1,920,457
   Non-operating income
   Interest income	502	13,085
   Subsidy income	900	1,499
   Gain on sale of non-current assets	563	-
   Interest on tax refund	268	39
   Gain on sales of scraps	1,484	5,736
   Other	737	1,157
   Total non-operating income	4,456	21,519
   Non-operating expenses
   Foreign exchange losses	10,661	14,956
   Commission expenses	3,422	3,368
   Other	136	1,471
   Total non-operating expenses	14,220	19,796
   Ordinary income	2,426,511	1,922,181
   Income before income taxes and minority interests	2,426,511	1,922,181
   Income taxes-current	722,232	535,510
   Income taxes-deferred	27,830	61,187
   Total income taxes	750,063	596,697
   Income before minority interests	1,676,448	1,325,483
   Net income attributable to owners of the parent	1,676,448	1,325,483

   [Note] The numbers parenthesized represent minus figures.

   ‌(Consolidated statement of comprehensive income)
   		(Thousand yen)
   	Year ended August 31, 2024	Year ended August 31, 2025
   Income before minority interests	1,676,448	1,325,483
   Other comprehensive income
   Foreign currency translation adjustment	45,173	(18,026)
   Total other comprehensive income	45,173	(18,026)
   Comprehensive income	1,721,621	1,307,457
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	1,721,621	1,307,457
   Comprehensive income attributable to non-controlling interests	-	-

   [Note] The numbers parenthesized represent minus figures.

   ‌(3) Consolidated statement of cash flows
   		(Thousand yen)
   	Year ended August 31, 2024	Year ended August 31, 2025
   Cash flows from operating activities
   Income before income taxes and minority interests	2,426,511	1,922,181
   Depreciation	218,098	228,612
   Increase (decrease) in provision for bonuses	8,280	(47,984)
   Increase (decrease) in provision for product warranties	28,679	(20,694)
   Increase (decrease) in provision for loss on orders received	1,135	(1,847)
   Increase (decrease) in retirement benefit liability	11,310	17,077
   Interest and dividends income	(502)	(13,085)
   Decrease (increase) in trade receivables	(1,522,767)	822,832
   Decrease (increase) in inventories	(187,450)	2,710,561
   Increase (decrease) in trade payables	90,006	(1,470,447)
   Increase (decrease) in advances received	(497,925)	(1,686,647)
   Other, net	237,268	(9,603)
   Subtotal	812,645	2,450,954
   Interest and dividends received	502	13,085
   Income taxes refund (paid)	(255,316)	(986,226)
   Cash flows from operating activities	557,831	1,477,812
   Cash flows from investing activities
   Purchase of property, plant and equipment, and intangible assets	(90,419)	(64,634)
   Proceeds from sale of property, plant and equipment	620	-
   Other, net	278	-
   Cash flows from investing activities	(89,521)	(64,634)
   Cash flows from financing activities
   Dividends paid	(128,871)	(214,299)
   Other, net	(5,993)	(4,238)
   Cash flows from financing activities	(134,864)	(218,538)
   Effect of exchange rate change on cash and cash equivalents	24,187	(10,674)
   Net increase (decrease) in cash and cash equivalents	357,633	1,183,965
   Cash and cash equivalents at beginning of period	4,880,191	5,237,825
   Cash and cash equivalents at end of period	5,237,825	6,421,790

   [Note] The numbers parenthesized represent minus figures.

3. ‌Other Information

   ‌Production, Orders, and Sales

   1. Production

      Production amounts by business segment in the period are as follows:

      (Thousand yen)

      Segment	Fiscal Year Ended August 31, 2025	Year-on-year change (%)
      Machinery business	5,291,459	47.8

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

   2. Orders

      Orders received by business segment in the period are as follows:

      (Thousand yen)

      Segment	Orders received	Year-on-year change (%)	Order backlog	Year-on-year change (%)
      Machinery business	7,916,265	92.0	6,723,445	83.2

   3. Sales

Sales by business segment in the period are as follows:

(Thousand yen)

[Note] New product categories have been classified from the fiscal year ending August 31, 2025, and since it is practically difficult to trace back necessary financial information, only totals are shown for the year-on-year change.

As of September 1, 2024, Environmental business was integrated into Machinery business due to an organizational change.

Therefore, there is a single reporting business segment starting this fiscal year.

As for the year-on-year change, the segment total of each information for the fiscal year ended August 31, 2024, is used for the comparison to that for the fiscal year ended August 31, 2025.