Interim report
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Note: This document has been translated from 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. October 15, 2026 CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll RRRRReeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee FFFFFiiiiissssscccccaaaaalllll YYYYYeeeeeaaaaarrrrr EEEEEnnnnndddddeeeeeddddd AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222266666 (((((UUUUUnnnnndddddeeeeerrrrr JJJJJaaaaapppppaaaaannnnneeeeessssseeeee GGGGGAAAAAAAAAAPPPPP))))) Company name: West Holdings Corporation Listing: Tokyo Stock Exchange Securities code: 1407 URL: https://www.west-gr.co.jp Representative: Eiichiro Egashira , Representative Director and President Inquiries: Kenji Araki , Representative Director and Senior Managing Director Telephone: +81-3-6812-2501 Scheduled date of annual general meeting of shareholders: November 25, 2026 Scheduled date to commence dividend payments: November 26, 2026 Scheduled date to file annual securities report: November 24, 2026 Preparation of supplementary material on financial results: None Holding of financial results briefing: Yes (Yen amounts are rounded down to millions, unless otherwise noted.) 11111..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee fffffiiiiissssscccccaaaaalllll yyyyyeeeeeaaaaarrrrr eeeeennnnndddddeeeeeddddd AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222266666 (((((fffffrrrrrooooommmmm SSSSSeeeeepppppttttteeeeemmmmmbbbbbeeeeerrrrr 11111,,,,, 22222000002222255555 tttttooooo AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222266666))))) (((((11111))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd ooooopppppeeeeerrrrraaaaatttttiiiiinnnnnggggg rrrrreeeeesssssuuuuullllltttttsssss (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % August 31, 2026 56,649 19.9 12,992 50.3 11,435 43.6 8,040 50.1 August 31, 2025 47,250 (6.2) 8,646 (18.4) 7,961 (20.0) 5,357 (20.7) Note: Comprehensive income For the fiscal year ended August 31, 2026: ¥ 9,160 million [ 60.8%] For the fiscal year ended August 31, 2025: ¥ 5,695 million [ (18.6) %] Basic earnings per share Diluted earnings per share Rate of return on equity Ordinary profit to total assets ratio Operating profit to net sales ratio Fiscal year ended Yen Yen % % % August 31, 2026 202.74 - 20.7 7.3 22.9 August 31, 2025 135.09 - 15.4 5.8 18.3 Reference: Share of profit (loss) of entities accounted for using equity method For the fiscal year ended August 31, 2026: ¥ (6) million For the fiscal year ended August 31, 2025: ¥ (6) million (((((22222))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll pppppooooosssssiiiiitttttiiiiiooooonnnnn Total assets Net assets Equity-to-asset ratio Net assets per share As of Millions of yen Millions of yen % Yen August 31, 2026 163,570 41,752 25.3 1,042.46 August 31, 2025 148,546 36,537 24.4 913.40 Reference: Equity As of August 31, 2026: ¥ 41,342 million As of August 31, 2025: ¥ 36,224 million (((((33333))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd cccccaaaaassssshhhhh ffffflllllooooowwwwwsssss Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Fiscal year ended Millions of yen Millions of yen Millions of yen Millions of yen August 31, 2026 7,234 (4,533) (1,021) 37,502 August 31, 2025 3,263 (5,459) 10,064 35,707
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22222..... CCCCCaaaaassssshhhhh dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss Annual dividends per share Total cash dividends (Total) Payout ratio (Consolidated) Ratio of dividends to net assets (Consolidated) First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Millions of yen % % Fiscal year ended - 0.00 - 65.00 65.00 2,577 48.1 7.4August 31, 2025 Fiscal year ended - 35.00 - 35.00 70.00 2,776 34.5 7.2August 31, 2026 Fiscal year ending August 31, 2027 (Forecast) - 35.00 - 35.00 70.00 29.6 Note: Breakdown of the year-end dividend for the fiscal year ended August 31, 2026 : Commemorative dividend - yen Special dividend - yen 33333..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuulllllttttt fffffooooorrrrreeeeecccccaaaaassssstttttsssss fffffooooorrrrr ttttthhhhheeeee fffffiiiiissssscccccaaaaalllll yyyyyeeeeeaaaaarrrrr eeeeennnnndddddiiiiinnnnnggggg AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222277777 (((((fffffrrrrrooooommmmm SSSSSeeeeepppppttttteeeeemmmmmbbbbbeeeeerrrrr 11111,,,,, 22222000002222266666 tttttooooo AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222277777))))) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 70,412 24.3 15,600 20.1 13,500 18.0 9,379 16.6 236.49 ***** NNNNNooooottttteeeeesssss (1) Significant changes in the scope of consolidation during the period: Yes Newly included: - companies( ) Excluded: 2 companies( WEST O&M,INC. and one other company ) (2) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (3) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of August 31, 2026 46,027,488 shares As of August 31, 2025 46,027,488 shares (ii) Number of treasury shares at the end of the period As of August 31, 2026 6,368,438 shares As of August 31, 2025 6,368,218 shares (iii) Average number of shares outstanding during the period Fiscal Year ended August 31, 2026 39,659,137 shares Fiscal Year ended August 31, 2025 39,659,506 shares
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[[[[[RRRRReeeeefffffeeeeerrrrreeeeennnnnccccceeeee]]]]] OOOOOvvvvveeeeerrrrrvvvvviiiiieeeeewwwww ooooofffff nnnnnooooonnnnn-----cccccooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuullllltttttsssss 11111..... NNNNNooooonnnnn-----cccccooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee fffffiiiiissssscccccaaaaalllll yyyyyeeeeeaaaaarrrrr eeeeennnnndddddeeeeeddddd AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222266666 (((((fffffrrrrrooooommmmm SSSSSeeeeepppppttttteeeeemmmmmbbbbbeeeeerrrrr 11111,,,,, 22222000002222255555 tttttooooo AAAAAuuuuuggggguuuuusssssttttt 3333311111,,,,, 22222000002222266666))))) (((((11111))))) NNNNNooooonnnnn-----cccccooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd ooooopppppeeeeerrrrraaaaatttttiiiiinnnnnggggg rrrrreeeeesssssuuuuullllltttttsssss (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % August 31, 2026 5,834 64.3 4,420 100.1 3,271 68.7 2,918 199.0 August 31, 2025 3,550 (1.4) 2,209 0.4 1,939 (11.5) 976 (36.0) Basic earnings per share Diluted earnings per share Fiscal year ended Yen Yen August 31, 2026 73.60 - August 31, 2025 24.62 - (((((22222))))) NNNNNooooonnnnn-----cccccooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll pppppooooosssssiiiiitttttiiiiiooooonnnnn Total assets Net assets Equity-to-asset ratio Net assets per share As of Millions of yen Millions of yen % Yen August 31, 2026 69,716 8,566 12.3 216.02 August 31, 2025 64,306 9,519 14.8 240.04 Reference: Equity As of August 31, 2026: ¥ 8,566 million As of August 31, 2025: ¥ 9,519 million * Financial results reports are exempt from audit conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters
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Consolidated Financial Statements and Primary Notes Consolidated Balance Sheet (Millions of yen) As of August 31, 2025 As of August 31, 2026 Assets Current assets Cash and deposits 35,564 37,359 Accounts receivable - trade 1,286 1,607 Contract assets - 199 Lease receivables 4,578 4,149 Accounts receivable from completed construction contracts 24,543 31,251 Merchandise 8,037 6,386 Real estate for sale 1,119 1,152 Costs on construction contracts in progress 6,126 5,515 Raw materials and supplies 11 14 Other 7,992 11,852 Allowance for doubtful accounts (90) (359) Total current assets 89,170 99,129 Non-current assets Property, plant and equipment Buildings and structures 2,713 2,697 Accumulated depreciation (1,538) (1,654) Buildings and structures, net 1,175 1,042 Machinery, equipment and vehicles 33,845 36,825 Accumulated depreciation (11,081) (13,267) Machinery, equipment and vehicles, net 22,764 23,558 Land 20,149 21,525 Other 3,317 5,159 Accumulated depreciation (2,640) (2,702) Other, net 676 2,456 Total property, plant and equipment 44,766 48,582 Intangible assets Goodwill 4,827 4,489 Other 294 284 Total intangible assets 5,122 4,774 Investments and other assets Investment securities 1,722 3,072 Long-term loans receivable 1,491 1,290 Deferred tax assets 1,787 1,524 Other 4,583 5,272 Allowance for doubtful accounts (98) (77) Total investments and other assets 9,487 11,083 Total non-current assets 59,376 64,440 Total assets 148,546 163,570
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(Millions of yen) As of August 31, 2025 As of August 31, 2026 Liabilities Current liabilities Accounts payable - trade 2,254 2,690 Accounts payable for construction contracts 2,662 2,984 Current portion of bonds payable 50 - Short-term borrowings 23,963 33,831 Income taxes payable 923 2,306 Provision for warranties for completed construction 229 371 Contract liabilities 6,793 6,168 Other 2,788 4,862 Total current liabilities 39,666 53,214 Non-current liabilities Long-term borrowings 70,108 64,434 Asset retirement obligations 1,090 1,046 Deferred tax liabilities 0 27 Other 1,142 3,093 Total non-current liabilities 72,342 68,602 Total liabilities 112,008 121,817 Net assets Shareholders' equity Share capital 2,020 2,020 Capital surplus 802 823 Retained earnings 39,130 43,205 Treasury shares (6,062) (6,063) Total shareholders' equity 35,890 39,985 Accumulated other comprehensive income Valuation difference on available-for-sale securities 182 782 Deferred gains or losses on hedges 111 460 Foreign currency translation adjustment 39 114 Total accumulated other comprehensive income 333 1,357 Non-controlling interests 313 409 Total net assets 36,537 41,752 Total liabilities and net assets 148,546 163,570
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Consolidated Statements of Income and Comprehensive Income Consolidated Statement of Income (Millions of yen) For the fiscal year ended August 31, 2025 For the fiscal year ended August 31, 2026 Net sales 47,250 56,649 Cost of sales 30,958 35,869 Gross profit 16,292 20,779 Selling, general and administrative expenses 7,645 7,787 Operating profit 8,646 12,992 Non-operating income Interest income 41 89 Dividend income 41 182 Foreign exchange gains 0 4 Insurance claim income 248 - Subsidy income - 38 Recoveries of written off receivables 61 - Consumption tax difference 24 20 Other 19 39 Total non-operating income 437 374 Non-operating expenses Interest expenses 1,090 1,494 Commission expenses 19 268 Other 12 167 Total non-operating expenses 1,122 1,931 Ordinary profit 7,961 11,435 Extraordinary income Gain on sale of non-current assets 1 11 Gain on sale of shares of subsidiaries and associates - 12 Total extraordinary income 1 24 Extraordinary losses Loss on sale of non-current assets 0 1 Impairment losses 30 55 Loss on retirement of non-current assets 17 34 Loss on valuation of investment securities 106 - Total extraordinary losses 155 91 Profit before distributions of profit or loss on silent partnerships and income taxes 7,807 11,368 Distributions of profit or loss on silent partnerships 40 38 Profit before income taxes 7,767 11,329 Income taxes - current 2,458 3,376 Income taxes for prior periods 173 - Income taxes - deferred (365) (139) Total income taxes 2,266 3,236 Profit 5,501 8,092 Profit attributable to non-controlling interests 144 52 Profit attributable to owners of parent 5,357 8,040
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Consolidated Statement of Comprehensive Income (Millions of yen) For the fiscal year ended August 31, 2025 For the fiscal year ended August 31, 2026 Profit 5,501 8,092 Other comprehensive income Valuation difference on available-for-sale securities 61 600 Deferred gains or losses on hedges 111 348 Foreign currency translation adjustment 20 118 Total other comprehensive income 194 1,067 Comprehensive income 5,695 9,160 Comprehensive income attributable to Comprehensive income attributable to owners of parent 5,544 9,063 Comprehensive income attributable to non-controlling interests 150 96
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Consolidated Statement of Changes in Equity For the fiscal year ended August 31, 2025 (Millions of yen) Shareholders' equity Accumulated other comprehensive income Non- controlling interests Total net assets Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity Valuation difference on available- for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Total accumulated other comprehensive income Balance at beginning of period 2,020 781 36,350 (6,062) 33,090 120 - 19 140 168 33,399 Changes during period Dividends of surplus (2,577) (2,577) (2,577) Profit attributable to owners of parent 5,357 5,357 5,357 Purchase of treasury shares (0) (0) (0) Restricted stock payment 20 20 20 Net changes in items other than shareholders' equity 61 111 19 193 145 338 Total changes during period - 20 2,779 (0) 2,799 61 111 19 193 145 3,138 Balance at end of period 2,020 802 39,130 (6,062) 35,890 182 111 39 333 313 36,537 For the fiscal year ended August 31, 2026 (Millions of yen) Shareholders' equity Accumulated other comprehensive income Non- controlling interests Total net assets Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity Valuation difference on available- for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Total accumulated other comprehensive income Balance at beginning of period 2,020 802 39,130 (6,062) 35,890 182 111 39 333 313 36,537 Changes during period Dividends of surplus (3,965) (3,965) (3,965) Profit attributable to owners of parent 8,040 8,040 8,040 Purchase of treasury shares (0) (0) (0) Restricted stock payment 20 20 20 Net changes in items other than shareholders' equity 600 348 74 1,023 96 1,119 Total changes during period - 20 4,074 (0) 4,095 600 348 74 1,023 96 5,214 Balance at end of period 2,020 823 43,205 (6,063) 39,985 782 460 114 1,357 409 41,752
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Consolidated Statement of Cash Flows (Millions of yen) For the fiscal year ended August 31, 2025 For the fiscal year ended August 31, 2026 Cash flows from operating activities Profit before income taxes 7,767 11,329 Depreciation 2,576 2,832 Impairment losses 30 55 Amortization of goodwill 147 338 Increase (decrease) in allowance for doubtful accounts (21) 247 Increase (decrease) in provision for warranties for completed construction 60 141 Interest and dividend income (82) (271) Interest expenses 1,090 1,494 Decrease (increase) in trade receivables (3,561) (6,603) Decrease (increase) in inventories (1,609) 1,427 Decrease (increase) in advance payments to suppliers 853 113 Increase (decrease) in trade payables 542 698 Loss (gain) on sale of shares of subsidiaries and associates - (12) Loss on retirement of non-current assets 17 34 Increase (decrease) in advances received on construction contracts in progress (119) 125 Decrease (increase) in accounts receivable - other 916 (293) Increase (decrease) in accounts payable - other (154) 476 Increase (decrease) in accrued consumption taxes 82 60 Increase (decrease) in advances received 1,678 1,784 Other, net (1,887) (3,602) Subtotal 8,327 10,375 Interest and dividends received 78 263 Interest paid (1,091) (1,501) Proceeds from insurance income 248 - Income taxes paid (4,124) (1,902) Income taxes for prior periods paid (173) - Net cash provided by (used in) operating activities 3,263 7,234
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(Millions of yen) For the fiscal year ended August 31, 2025 For the fiscal year ended August 31, 2026 Cash flows from investing activities Purchase of investment securities (1) (752) Purchase of property, plant and equipment (3,056) (3,789) Purchase of intangible assets (25) (178) Proceeds from refund of leasehold and guarantee deposits 20 15 Payments of leasehold and guarantee deposits (23) (47) Purchase of facility use rights (550) (330) Proceeds from collection of long-term loans receivable 777 693 Long-term loan advances (1,067) (506) Purchase of subsidiaries stocks and others resulting in change in scope of consolidation (1,942) - Other, net 411 362 Net cash provided by (used in) investing activities (5,459) (4,533) Cash flows from financing activities Increase (decrease) in short-term borrowings 427 8,400 Redemption of bonds (120) (50) Proceeds from long-term borrowings 32,856 18,849 Repayments of long-term borrowings (20,452) (23,916) Purchase of treasury shares (0) (0) Dividends paid (2,576) (3,962) Other, net (69) (341) Net cash provided by (used in) financing activities 10,064 (1,021) Effect of exchange rate change on cash and cash equivalents 19 115 Net increase (decrease) in cash and cash equivalents 7,888 1,795 Cash and cash equivalents at beginning of period 27,818 35,707 Cash and cash equivalents at end of period 35,707 37,502