FY2025 Business and Financial Results

February 5, 2026

Mid-term Strategy from 2025 to 2027

Mid-term Strategy from 2025 to 2027

TODAY’S AGENDA

• Corporate outline

• Business results in FY2025Q4

• The new mid-term strategy, “Innovate100”

• Topics of THine Group’s technology and solutions

  Mid-term Strategy from 2025 to 2027

  TODAY’S AGENDA

• Corporate outline

• Business results in FY2025Q4

• The new mid-term strategy, “Innovate100”

• Topics of THine Group’s technology and solutions

  Provider of unique value to the world, de facto standard technology of high-speed interface, etc.

  • Company Name THine Electronics, Inc.

    (listed on Tokyo Stock Exchange, code: 6769)

    Tetsuya Iizuka

    Yoichiro Minami

  • Founder & CEO Tetsuya Iizuka, Ph.D

  • President & COO Yoichiro Minami

  • Capital 1,175 million yen

  • Founded May, 1991

  • Incorporated June, 1992

  • Business Area Planning, Designing and Sales of Mixed Signal LSI,

    Providing AI & IoT devices/Solutions,

    Planning, Designing and Sales of AI/Data Server

  • Employees 134, consolidated as of December 31, 2025

China

賽恩電子香港股份 有限公司

THine Electronics Hong Kong, Co., Ltd.

Established in Nov.2012

前海赛恩电子(深 圳)有限公司

THine Electronics Shenzhen, Co., Ltd. Established in May 2013上海分公司

Shanghai-Branch

Established in Oct.2013深圳泰晨訊科 技有限公司 (Shenzhen DynaCathay

Communication Technology Co.,Ltd.)

Acuired in Dec.,2018

Korea

THine Electronics Korea, Inc. Seoul, Korea

Established in Mar. 2010

Taiwan

哉英電子股份 有限公司

THine Electronics Taiwan, Inc.

Taipei, Taiwan

Established in Sep. 2000

United States

THine Solutions, Inc.

Santa Clara, CA USA

Established in Feb. 2018

Tokyo – Headquarters -

Tokyo, Japan

Start-up in May 1991

THine MobileTek, Inc.

Yokohama, Japan

Acquired in Dec., 2018

THine HyperData, Inc.

Yokohama, Japan

Establish in June 2024

Product and solution

Application market

LSI

Biz.

V-by-One® HS plus V-by-One® HS LVDS

Serial Transceiver IOHA:B

Optical Chipset (VCSEL driver, TIA)

• Camera solution: automotive cameras, security cameras, AR/VR, recognition camera, medical cameras, etc.

• Display solution: high-resolution displays such as 8K / 4K,

  gaming monitors with high refresh rate

• Drive recorders, automotive CID, exp. for EVs

• Mobile, PC, and single board computers

• OA (multi-function printers), amusement

• Industrial equipment such as inspection equipment for semiconductors and LCD displays

• AI optical computing for optical interconnect in networks of data centers

• Drive recorders with wireless modules

• AED monitoring modules

• IP transceivers

• Remote monitoring module for vending machines and elevators

• GPS tracker

• AI thermography with facial recognition

• IoT monitoring system

・AI servers and data servers for companies and AI research institutes though ODM/OEM

AI & IoT Biz.

5G/LTE/NB-IoT

＜AI&IoT devices and solution＞

IoT Gateway / Router AI & IoT Solution

＜AI Server＞

AI Server with NVIDIA H100 GPU

＜Data Server＞ General Server Smart NIC/Switch

THine

Group’s Business Area

Server

LSI AIOT AI•Data

Smart interface

Smart IoT Solution

Computing Resources

Hyper Automation

Mid-term Strategy from 2025 to 2027

TODAY’S AGENDA

• Corporate outline

• Business results in FY2025Q4

• The new mid-term strategy, “Innovate100”

• Topics of THine Group’s technology and solutions

  Consolidated financial results

  （yen in million）

  	FY2025 (12M)			FY2024 (12M)
  		Portion%	YoY		Portion%
  Revenues	4,639	100.0	100.5	4,614	100.0
  Gross Profit	2,285	49.3	90.4	2,528	54.8
  SG&A	2,628	56.7	105.1	2,500	54.2
  (R&D expenses)	1,321	28.5	114.5	1,154	25.0
  Operating Income	△342	△7.4	—	28	0.6
  (EBITDA)	△268	△5.8	—	125	2.7
  Ordinary Income	△403	△8.7	—	264	5.7
  (Reference purpose only） Ordinary Income without FX effects	△337	△7.3	—	32	0.7
  Net Income Attributable to Owners of the Parent	△334	△7.2	—	339	7.4

  Financial performance in FY2025 (12M) by region and s egment

  8%

  8%

  10%

  Increased

  by 0.5％

  14%

  3%

  3%

  2%

  3%

  68%

  72%

  ⮚

  Revenues by region

  4,000

  3,000

  Decreased

  By 2％

  Increased

  By 5％

  Revenue

  Gross Profit Operating Income EBITDA

  FY2024

  FY2025

  FY2024

  FY2025

  (unit: yen in million)

  yen in million

  3,000

  2,500

  2,000

  1,500

  1,000

  LSI Biz AIOT Biz

  2,000

  500

  1,000

  0

  FY2024 FY2025

  0

  △ 500

  LSI Biz in US kept healthy and domestic OA markets are on recovery trends, while the recovery of Amusement markets in Japan is expected in the next fiscal year or later, resulted in slight revenue decrease by 2%.

  • AIOT Biz has started the sales of wireless communication modules for smart meters in Q3. Wireless communication modules to AED

Japan Korea Taiwan China US

(Automated External Defibrillator), elevators, etc. were in a stable situation, resulted in revenue increase by 5%.

Financial performance in FY2025 (12M) LSI Bus iness by application markets

Revenues of LSI business by application

3,000

2,500

2,000

1,500

(unit: yen in million)

Industrial: increased by 1%

(73% of total)

Automotive:

decreased by 1%

Consumer: Steadily expanded the new standard of THine’s interface decreased by 17% technology “V-by-One® HS plus” for high-resolution 4K/8K

(11% of total) television and display markets.

(16% of total)

OA markets are on recovery trend but amusement markets are still affected by adjusting inventory level:

+14% increase in OA, △19% decrease in amusement, and

△4% in other industrial.

Continue to sell new products for EV markets. Shipment to US markets increased by 28% while that to China decreased by 4%.

1,000

500

0

FY2024 FY2025

(unit: yen in million)

13% Decreased

by 2％

15%

11%

16%

72%

73%

1,500

1,000

500

QTR Sales in LSI business

FY2024

FY2025

Industrial Automotive Consumer

0

1Q 2Q 3Q 4Q

Financial performance in FY2025 (12M) AIOT Bus iness by s egment

Revenues of AIOT business segments

2,000

1,500

1,000

(unit: yen in million)

Increased

by 5％

5% 12%

1%

10%

89%

83%

IoT products: increased by 12%

(89% of total)

Solution: decreased by 11%

Started the sales of wireless communication modules for smart meters in Q3 and those for monitoring of AED and elevators were in good situation as well as those in drive recorders, vending machines, etc. were in stable situation.

Developing new solution such as OEM routers and those for surveillance cameras, and other repeating customers’ purchase orders were decreased.

AI and more: Server company, THine HyperData Inc., was fully acquired decreased by 83% by THine, focusing on sales efforts.

500

0

FY2024 FY2025

(unit: yen in million)

1,500

1,000

500

QTR Sales in AIOT business

FY2024

FY2025

IoT products Solution AI and more 0

1Q 2Q 3Q 4Q

Reasons of changes in operating income

Revenues increased by 0.5% and gross profit decreased by 9.6%

Made intensive investment in research and development (R&D) with JPY1,321M, increased by 14.5%: DSP-free optical chipset for AI datacenters, developing new products of V-by-One® HS for displays and cameras for EV markets, new power management products, gateway products with voice communication, smart IoT router products, etc.

• Also continued government-contracted R&D project using 300GHz communication mostly at the cost of Japanese government, MIA

• The development project of DSP-free optical chipset is funded by Japanese government-based subsidy, NICT’s “Beyond 5G Fund” for three years, provided 622 million yen in governmental fiscal year 2025 and 2026.

in FY2024

28

in FY2025

+39

Operating income

Operating loss

Decrease in other SG&A

(unit: yen in million)

Intensive investment in R&D

R&D investment plan in FY2025:

totally JPY1,365M (increased by 18%)

R&D in FY2025

(Planned)

AIOT Biz

R&D in FY2025 (12M)

(actual)

JPY1,321M

compared to the plan: 96.8% compared to FY2024 114.5%

AIOT Biz 3%

LSI Biz 97%

4%

LSI Biz 96%

Focused development project of “Innovate100”

The world-first DSP-free optical chipset for AI datacenters

V-by-One®HS products for display panels and cameras of EVs New power management products

Modules for edge AI computing

Voice-communication-support gateway products Smart IoT router products

Smart module solutions with neural processing units for AI processing

High-speed wireless communication technology applicable to

1000Gbps data transmission (Beyond 5G), etc.

Outline of Balance Sheet as of the end of December, 2025

（unit: yen in million)

US-dollar-based cash as of the end of FY2025 is approximately US$8M.

Financial performance in FY2025 (12M)

Outline of Cash Flow Statements

（unit: yen in million）

Net loss before tax, increase in account receivables, inventories, etc.

sales of investment securities, etc.

subsidiary, etc.

payment of dividend for FY2024, share buyback, full acquisition of the server

Exchange rate

JPY158 as of the end of FY2024

JPY156 as of the end of FY2025

Mid-term Strategy from 2025 to 2027

TODAY’S AGENDA

• Corporate outline

• Business results in FY2025Q4

• The new mid-term strategy, “Innovate100”

• Topics of THine Group’s technology and solutions

  To increase the corporate value of THine

  • Making our best effort to achieve the revenues of JPY10Billion in the mid-term strategy “Innovate100”

    Innovate100

    （2025ー2027）

    5G&Beyond-NE

    （2022ー2024）

    FY2027 Revenues of JPY10Bn or more

    Assuming in the case of achieving the goal

    ROIC (return on invested capital) exceeds 10%

    （JPY in million)

    LSI Biz JPY5Bn

    Revenues Gross Profit

    AIOT Biz JPY5Bn

    ※including Server Biz

    10,000

    8,000

    6,000

    4,000

    Assumed THine’s performance under the mid-term strategy “Innovate100”

    2,000

    0

    FY2024 FY2025 FY2026 FY2027

    Outline of the next mid-term strategy, “Innovate100”

    • Basic strategy

      THine Group will contribute to accelerating implementation of AI use cases through its three business portfolio of LSI, AIOT, and Server, proposing low power solution for data center markets that shall increase power consumption enormously.

      THine Group will proactively cultivate collaboration opportunities with partners, including M&A deals.

    • Typical action items

      • Launching solution business with AI processors

      • Widely applying THine’s LSI solution for IoT wiring/wireless use cases

      • Promoting custom-based LSI business

      • Developing new DSP-less optical chipsets for AI data centers that can drastically reduce power and latency

      • Launching sensing solution business for infrastructure management

      • Providing wireless communication solution for smart meters that can be data source for AI-based sensing

      • Promoting smart-life related business with AI sensing

      • Widely applying server business, including AI servers

    • Enhancing synergy among THine Group’s 3 business of LSI, AIOT solution, and Servers

On July 1st, 2025, Cathay Tri-Tech., Inc., THine Group’s AIOT solution company, has changed its company name to

“THine MobileTek., Inc.”, enhancing THine Group’s synergy effects.

Forecast in FY2026

From this FY2025 THine Group has started its new mid-term strategy, “Innovate100,” aiming its goal of revenues in

FY2027 with 10 billion yen or more. The forecast in FY2026 is shown as follows:

（yen in million）

Forecast in FY2026 by region and segment

yen in million

LSI Biz AIOT Biz

7,000

6,000

Increase by 44％

（unit: yen in million）

5%

16%

3,500

3,000

2,500

Increase by 24％

Increase by 77％

Revenue Gross Profit

Operating Income EBITDA

5,000

4,000

3,000

2,000

8%

14%

3%

3%

72%

2%

3%

74%

2,000

1,500

1,000

500

0

△ 500

FY2025 FY2026 FY2025 FY2026

1,000

0

FY2025 FY2026

Japan Korea Taiwan China US

• LSI Biz’ forecast increases by 24%. Its OA markets are on a recovery trends and amusement markets are expected to recover in this fiscal year. US markets are in a health situation and China markets (automotive and industry) also expected to increase.

• AIOT Biz’ forecast increases by 77%, the smart-meter business is expected to contribute greatly in this fiscal year.

  Shareholder return policy

  • THine Group makes efforts to achieve the new mid-term strategy, “Innovate100” and to return profits to shareholders based on assuming THine’s future growth. Dividend for FY2025 is 15JPN per share ispaid as forecastedand the forecast of dividend for FY2026 is the same amount of 15JPN.

100.00%

90.00%

80.00%

70.00%

＜Trends of dividend s ince 2014＞

Adding 30th Anniversary Commemorative dividend

Increased ordinary dividend to 15JPY (2022)

Despite the loss, keeping ordinary dividend of 15JPY (2023 and 2025)

Forecast of ordinary dividend of 15JPY (2026)

JPY

20.00

18.00

16.00

14.00

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

9JPY ordinary dividend from FY2014~2020. Although THine resulted in total loss in FY’15, FY’16, and FY’20, also made stable dividend.

of 3JPY (2021)

12.00

10.00

8.00

6.00

4.00

2.00

0.00

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

dividend payout ratio dividend per share

Mid-term Strategy from 2025 to 2027

TODAY’S AGENDA

• Corporate outline

• Business results in FY2025Q4

• The new mid-term strategy, “Innovate100”

• Topics of THine Group’s technology and solutions

  Enhancing user experience – simplifying cable wiring solution for in-vehicle touch panels for EVs

  Start volume production shipping of new V-by-One®HS products for EVs and industrial equipment

  • Enabling to transmit and receive fullHD60fps images, controlling signals, and voice signals only with 1 chip

  • Capable to handle approximately +28% more data volume, compared to similar-class products in automotive industry

    THCV334-Q

    Image receiving board

    Application Processor

    Touch panel display unit (voice communication support)

    Supporting higher display resolution up to +28%

the world-fastest class SerDes support OpenLDI(LVDS)

Image transmitting board

(e.g. host processor board at ECU） THCV333-Q

Image data (LVDS)

Coax STP

Cable

Sound data controlling signals

1. Automotive in-vehicle touch panel display

   • Information display

   • Rear seat entertainment

   • Navigation

   • Display Audio

2. Industrial embedded touch panel display

   • HMI/programmable display

   • Vending machines with touch panel

   • Elevator interior panel

   • Traffic monitors

Enhancing user experience – solution for multi-displays

• Images from left/right-side mirrors can be displayed on left/right-side window displays, simplifying automotive systems.

• Achieves well-performing tach-panel responses, transmitting together with sound data through the same cables.

  Contribution to envolving medical cameras

  V-by-One®HS product supports 4K medical cameras

• Contributing to achieve 4K high-resolution endoscope cameras

• The world smallest V-by-One® HS product enables to transmit images from 4K cameras to operating equipment for several meters through just one cable

• THine’s image signal processor applicable simultaneously

• Contributing for users to apply AI-based machine learning with 4K images for higher detection rates for early-stage cancers

  Operating host board of an endoscope

  Camera part of an endoscope

  Transmitter LSI

  THCV243

  Receiver LSI

  THCV242A

  Image s ignal processor THP7312

  Ultra-small

  2x3mm

  long-distance data

  transmission by V-by-One®HS

  Application

  Processor

  Image Sensor

  Contribution to simplifying sensing & control systems

  Launching the industry-first unique serial transceiver that enables to achieve IoT platform

  THCS25x THCS25x

  IoT Platform Applied to Customer A

  DX-IoT Platform with THine

  Adding a camera sensor and an acceleration sensor

  Host PCB Function PCB for sensors,

  touch panels, etc.

  No need to re-design PCB

  Changing input pins of the camera sensor, removing the acceleration sensor, and adding pressure sensor, temperature sensor, and touch-panel sensor

  IoT Platform Applied to

  Customer B

  Contribution to use cases with contactless communication

  Collaboration with STMicroelectronics’s near field communication technology

• To support for new use cases in high-speed contact connectivity, combining THine’s high-speed interface technology and ST’s 60GHz RF millimeter-wave

• THine’s V-by-One® and other interface technologies, together with ST’s ST60A2 contactless 60GHz

  transceiver, enables high-speed data transmitting solutions of board-to-board contactless connections.

  Seamless device-to-device data transfer without cables and connectors

  (e.g., docking stations for PCs, game consoles)

  Test Pass Test Pass Testing Testing Before Test

  Final Test

  ST69A2

  60GHz RF millimeter-wave

Copyright © 2026 THine El

Non-contact Inspection JIG

ectronics, Inc. All Rights Reserved. 2 8

LSI事業

The new mid-term strategy, “Innovate100” from 2025 to 2027

Contribution to reducing power consumption in AI data centers

The world-first DSP-less optical chipset (ultra-low power and ultra-low latency) supporting VCSEL

• The world-first optical DSP-less technology, “ZERO EYE SKEW ” for 2TB/s PCI Express 7.0,

  saving power consumption by 73%, lowering latency by90%.

  Optical wiring

Current method

With DSP

High Power consumption High Latency

THine’s New method

Optical modules

Target of our project

DSP-less

Saving Power by 73%

Lowering Latency by 90%

Adopted “Beyond5G(6G)” NICT funds for 3 years

LSI Biz

The new mid-term strategy, “Innovate100” from 2025 to 2027

Innovating solution of beyond 5G and 8K, obtaining beyond growth advantages

R&D toward 1000Gbps ultra-high-speed data transmission

• Successfully developed the World-First Mixed-Signal Baseband Demodulator Technology

  Wide application

  • remote medical diagnosis,

  • eSports,

  • 8K TV, etc.