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FY2026 2Q Financial Results Material

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TAIKI-SHA LTD.

Financial Results Material

The Second Quarter of FY2026 November 10,2026

Table of Contents

  1. Financial Highlight, Revision of Earnings Forecast for FY2026

  2. Financial Summary

  3. Financial Summary by Segment

  4. Financial Statement

  5. Progress of Medium-Term Business Plan

    FY2025 FY2027

  6. Shareholder Returns

  7. Appendix

P.03

P.06 P.11

P.26 P.30

P.38 P.41

Table of Contents

  1. Financial Highlight, Revision of Earnings Forecast for FY2026

  2. Financial Summary

  3. Financial Summary by Segment

  4. Financial Statement

  5. Progress of Medium-Term Business Plan

    FY2025 FY2027

  6. Shareholder Returns

  7. Appendix

P.03

P.06 P.11

P.26 P.30

P.38 P.41

Amid a favorable business environment, both orders received and net sales remained strong, reaching record highs

Ordinary income decreased year on year due to losses associated with construction delays overseas

Business environment Overseas

Business environment Japan

Despite a slowdown in EV-related investment, capital investment by manufacturers remained steady.

Capital investment in electronic components, semiconductor-related operations and data centers continued, while urban redevelopment demand remained robust.

Orders received

¥184.5 bn

Net sales of completed construction contracts

¥132.6 bn

Ordinary income

¥9.7 bn

Profit attributable to owners of parent

¥6.1 bn

+1.7% YoY +1.7% YoY -11.7% YoY -17.8% YoY

Orders received are expected to increase, reflecting several medium- and large-scale projects anticipated in Japan in the Green Technology System Business

Net sales are expected to increase, partly due to additional orders received also contributing in the current fiscal year

Profits are expected to increase in Green Technology but decrease in Paint Finishing due to for delay penalties and reduced prospects for profitability improvements

JPY bn

FY2026 Revised Forecasts

Total

FY2026 Original Difference Forecasts

Orders received

350.0

330.5 19.5

Net sales of completed construction contracts

312.0

307.0 5.0

Operating income

23.8

23.8 -

Ordinary income

25.0

25.0 -

Profit attributable to owners of parent

18.0

18.0 -

Table of Contents

  1. Financial Highlight, Revision of Earnings Forecast for FY2026

  2. Financial Summary

  3. Financial Summary by Segment

  4. Financial Statement

  5. Progress of Medium-Term Business Plan

    FY2025 FY2027

  6. Shareholder Returns

  7. Appendix

P.03

P.06 P.11

P.26 P.30

P.38 P.41

Both orders received and net sales reached record highs High profitability was also maintained in terms of ordinary income

JPY bn

2Q FY2025

Results

2Q FY2026

Results

YoY Cange

Orders received

181.4

184.5

3.0

Net sales of completed

construction contracts

130.4

132.6

2.1

Ordinary income

11.0

9.7

-1.2

Profit attributable to owners of parent

Ratio

8.5%

7.3%

-1.1pt

Ratio

EPS

5.7%

116.46yen

4.6%

97.44yen

-1.1pt

-19.02yen

-1.3

6.1

7.4

2Q FY2025

2Q FY2026

Yen

US$

149.00

158.31

THB

4.45

4.92

CNY

20.54

23.02

INR

1.70

1.68

▍Exchange rate of main overseas affiliates ▍Exchange rate impact

Impact of exchange rate difference between and

Net sales JPY4.2 billion /Ordinary income JPY0.1 billion

Despite an increase in net sales, ordinary income decreased

due to higher SG&A expenses and a decline in the gross profit ratio on completed construction contracts

▍Breakdown of fluctuation in Ordinary Income YoY change

JPY bn Increase

Decrease

Total amount

11.0

0.38

-0.73

0.22

9.7

-1.17

2Q FY2025 Increase of Net sales

Decline in Gross profit on completed construction contracts

Increase of Selling, general and administrative expenses

Non-operating income and expenses

2Q FY2026

Upwardly revised forecasts for orders received and net sales

▍Earnings Forecast

FY2025

Results

1H

2H

Total

JPY Bn

construction contracts

owners of parent

Total

2H

1H

Results

FY2026

Forecasts

FY2026

Original forecasts

Total

vs.

Forecast Total

Orders received 181.4

170.3

351.7

184.5

165.4

350.0

330.5

19.5

Net sales of completed 130.4

155.6

286.1

132.6

179.3

312.0

307.0

5.0

Operating income 10.4

12.8

23.3

8.9

14.8

23.8

23.8

-

Ordinary income 11.0

13.7

24.7

9.7

15.2

25.0

25.0

-

Profit attributable to 7.4

8.1

15.5

6.1

11.8

18.0

18.0

-

ROE

10.1%

11.0%

11.0%

-

▍Exchange rate of main overseas affiliates ▍Impact of exchange rate fluctuations

Yen

Results

Assumptions

US$ THB CNY INR

FY2025

150.42

4.57

20.94

1.71

FY2026

148.00

4.92

20.80

1.68

Impact of 1% change in all exchange rates on the FY2026 forecast

Net sales: JPY1.6 billion Ordinary income: JPY 0.07 billion

Despite a decline in profitability in Paint Finishing and an overall increase in SG&A expenses, a profit increase is expected year on year due to an increase in net sales

▍Breakdown of fluctuation in Ordinary Income YoY change

JPY bn Increase

Decrease

Total amount

4.79

-2.25

24.7

-2.06

25.0

-0.26

FY2025 Increase of

Net sales

Decline in Gross profit on completed construction contracts

Increase of Selling, general and administrative expenses

Non-operating income and expenses

FY2026

Forecasts

Table of Contents

  1. Financial Highlight, Revision of Earnings Forecast for FY2026

  2. Financial Summary

  3. Financial Summary by Segment

  4. Financial Statement

  5. Progress of Medium-Term Business Plan

    FY2025 FY2027

  6. Shareholder Returns

  7. Appendix

P.03

P.06 P.11

P.26 P.30

P.38 P.41

Increased in Green Technology, particularly in industrial HVAC, and decreased in Paint Finishing

JPY bn

2Q FY2025

Results

2Q FY2026

Results

YoY Change

Orders received

181.4

184.5

3.0

Japan

77.3

122.3

44.9

Overseas

104.0

62.1

-41.8

Green Technology

100.6

139.0

38.3

Building HVAC

32.1

31.3

-0.8

Industrial HVAC

68.4

107.7

39.2

Paint Finishing

79.9

44.3

-35.5

Other

0.8

1.1

0.2

Orders received for industrial HVAC in Japan increased year on year, driven by electronic components and semiconductors

(JPY bn)

2Q FY2025

Results

2Q FY2026

Results

YoY Change

Orders received

100.6

139.0

38.3

Building HVAC

32.1

31.3

-0.8

Industrial HVAC

68.4

107.7

39.2

Japan

36.0

80.9

44.8

Overseas

32.4

26.7

-5.6

Overseas ratio

32.2%

19.3%

-13.0pt

▍Trend *

80.9

26.7

(JPY bn)

Building HVAC

Industrial HVAC Japan

Industrial HVAC Overseas

83.3

+38.1%

100.6

18.3

35.4

29.5

32.4

139.0

32.1

36.0

31.3

2Q FY2024

2Q FY2025

2Q FY2026

Orders received decreased year on year due to the absence of large overseas projects

(JPY bn)

2Q FY2025

Results

2Q FY2026

Results

YoY Change

Orders received

79.9

44.3

-35.5

Japan

8.3

8.9

0.6

Overseas

71.5

35.3

-36.1

Overseas ratio

89.6%

79.8%

-9.8pt

▍Trend

79.9

44.8

71.5

44.3

11.8

-44.5%

35.3

33.0

(JPY bn)

Paint Finishing(Japan)

Paint Finishing Overseas

8.3 8.9

2Q FY2024

2Q FY2025

2Q FY2026

▍Orders received

(JPY bn)

2Q FY2025

2Q FY2026

74.9

Orders for data center projects received in the Paint Finishing as well as the Green Technology

30.5

19.0

12.2

41.4

40.9

6.8

0.6

7.5

13.3

1.0

7.5

23.7

21.1

36.0

28.9

Semiconductors

Electronic components

Mobility

Batteries

Biopharmaceuticals

Data Centers

Other Industrial HVAC

General buildings, etc.

* Mobility: automobiles, 2-wheelers, railroads, aircraft, others

184.5 bn

2QFY2025 2Q FY2026

181.4 bn

Orders received rose,

(JPY bn)

2Q FY2025

FY2025

2Q FY2026

Change

A

B

C

C

A

Orders received

181.4

351.7

184.5

3.0

Net sales of

completed

130.4

286.1

132.6

2.1

construction contracts

resulting in record-high construction carried-forward

Construction

carried-forward

288.5

304.4

365.9

77.3

Green Technology

165.9

185.9

232.4

66.4

Building HVAC

69.8

86.9

94.6

24.8

Industrial HVAC

96.1

99.0

137.8

41.6

Paint Finishing

121.7

118.1

132.0

10.2

Other

0.8

0.3

1.4

0.6

▍Breakdown of Construction Carried-Forward

JPY bn Building HVAC Industrial HVAC Japan Industrial HVAC Overseas Paint Finishing Japan Paint Finishing Overseas

69.8

105.8

0.8

288.5

98.2

0.3

304.4

22.3

109.6

47.2

90.6

94.6

19.8

52.7

46.2

86.9

15.8

47.0

49.1

2Q FY2025

FY2025 2Q FY2026

Other

1.4

365.9

Increased in Green Technology and decreased in Paint Finishing

(JPY bn)

2Q FY2025

Results

2Q FY2026

Results

YoY Change

Net sales of completed

construction contracts

130.4

132.6

2.1

Japan

70.8

66.6

-4.2

Overseas

59.5

66.0

6.4

Green Technology

86.2

94.4

8.2

Building HVAC

18.0

23.1

5.1

Industrial HVAC

68.1

71.2

3.0

Paint Finishing

43.4

37.4

-5.9

Other

0.8

0.7

-0.0

Ordinary income

11.0

9.7

-1.2

Ratio

8.5%

7.3%

-1.1pt

Green Technology

9.7

10.8

1.0

Ratio

11.4%

11.5%

0.1pt

Paint Finishing

0.7

-1.4

-2.1

Ratio

1.7%

-3.8%

-5.6pt

Other

-0.0

-0.1

-0.1

Ratio

-9.5%

-24.6%

-15.1pt

Net sales increased for both building HVAC and industrial HVAC Ordinary income reached a record-high for the second quarter

(JPY bn)

2Q FY2025

Results

2Q FY2026

Results

YoY Change

Net sales of completed

construction contracts

86.2

94.4

8.2

Building HVAC

18.0

23.1

5.1

Industrial HVAC

68.1

71.2

3.0

Japan

41.2

36.2

-5.0

Overseas

26.9

35.0

8.1

Overseas ratio

31.2%

37.1%

5.9pt

Ordinary income

9.7

10.8

1.0

Ratio

11.4%

11.5%

0.1pt

▍Trend*

(JPY bn)

Building HVAC

Industrial HVAC Japan

Industrial HVAC Overseas

Ordinary income

4.2

16.2

25.6

27.8

69.7

+9.6%

18.0

9.7

41.2

26.9

23.1

10.8

36.2

35.0

86.2 94.4

2Q FY2024

2Q FY2025

2Q FY2026

* Figures for FY2024 are those before the segment classification change.

Sales declined in Japan and overseas

amid a transition period between large-scale projects

Profit declined due to lower sales and lower profitability in overseas projects

(JPY bn)

2Q FY2025

Results

2Q FY2026

Results

YoY Change

Net sales of completed construction

contracts

43.4

37.4

-5.9

Japan

10.8

6.4

-4.3

Overseas

32.5

30.9

-1.6

Overseas ratio

75.1%

82.8%

7.7pt

Ordinary income

0.7

-1.4

-2.1

Ratio

1.7%

-3.8%

-5.6pt

▍Trend

(JPY bn)

Paint Finishing(Japan) Paint Finishing(Overseas Ordinary income

-13.8%

0.7

10.8

32.5

14.1

1.9

30.7

44.8 43.4

-1.4

6.4

37.4

30.9

2Q FY2024

2Q FY2025

2Q FY2026

FY2026 Earnings Forecast Orders received by Segment

Orders received expected to increase in Green Technology, and decrease in Paint Finishing

FY2025

Results

FY2026

New Forecasts

(JPY bn)

1H

2H

Total

1H

Results

2H

Total*

Orders received

181.4

170.3

351.7

184.5

165.4

350.0

Japan

77.3

88.8

166.2

122.3

69.5

191.9

Overseas

104.0

81.4

185.4

62.1

95.9

158.1

Green Technology

100.6

113.8

214.5

139.0

111.4

250.5

Building HVAC

32.1

44.9

77.1

31.3

22.6

54.0

Industrial HVAC

68.4

68.8

137.3

107.7

88.7

196.5

Paint Finishing

79.9

55.2

135.1

44.3

52.6

97.0

Other

0.8

1.1

2.0

1.1

1.3

2.5

FY2026

Original forecasts

Total

vs.

Forecast

Total

330.5

19.5

172.4

19.5

158.1

-

231.0

19.5

47.0

7.0

184.0

12.5

97.0

-

2.5

-

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