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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. FY2026 Q2 Financial Results and Progress of the 2025–2027 Mid-Term Plan November 2, 2026 NS Solutions Corporation Kazuhiko Tamaoki, President & CEO Securities code: 2327 (TSE Prime, NSE, FSE)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. EXECUTIVE SUMMARY Record 1H revenue and profit; FY OP forecast raised to ¥49.0bn FY2026 1H Results Revenue ¥199.0bn YoY +12% +¥20.6bn OP ¥23.2bn YoY +27% +¥4.9bn Profit attributable to owners of parent* ¥14.9bn YoY +24% +¥2.8bn Robust demand delivered record first-half revenue, operating profit and net profit FY2026 Forecast (revised up) Revenue ¥419.0bn YoY +10% +¥37.7bn / vs. prev. ±0 OP ¥49.0bn YoY +11% +¥4.8bn / vs. prev. +¥0.5bn Profit attributable to owners of parent* ¥32.4bn YoY +5% +¥1.6bn / vs. prev. +¥0.1bn * Profit attributable to owners of parent (same below) Transformation Highlights Shift to TAM business model TAM models expected to account for c.50% of FY2026 revenue COREPEAK© launched Our offering brand, targeting about ¥10bn of new business in its first year Strategic partnership with Anthropic A first for a Japanese user- affiliated SIer; AI-native transformation starting at Nippon Steel's plants 2
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 01 FY2026 1H Results 1H: Record revenue and profit 3
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 1. FY2026 1H Results Record first-half revenue and profit, with gross profit ratio up 1.2pt vs. prev. Prev. Outlook % Change FY2026 1H FY2025 1H -1.0 200.0 +12% +20.6 199.0 178.4 Revenue -0.6 54.5 +17% +7.7 53.9 46.1 Gross profit -0.2pt 27.3% +1.2pt 27.1% 25.9% Gross profit ratio -2.3 33.0 +10% +2.8 30.7 27.9 SG&A +1.7 21.5 +27% +4.9 23.2 18.3 OP +0.9pt 10.8% +1.4pt 11.7% 10.2% Operating profit ratio +1.8 21.9 +26% +4.9 23.7 18.8 Pre-tax profit +1.6 13.3 +24% +2.8 14.9 12.0 Profit attrib. to owners of parent* Revenue ¥199.0bn (+12%) Domestic IT demand remains broadly strong GP ratio 27.1% (+1.2pt) More high-margin projects plus the Infocom timing effect SG&A +¥2.8bn Infocom timing effect, security investment and management system renewal OP ¥23.2bn (+27%) A first-half record 4Unit: ¥bn *Prev. Outlook: 1H consolidated forecast announced on July 30, 2026 (Q1 results)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 2. OP Bridge (1H) Revenue growth and margin gains (+¥7.7bn) outweighed higher SG&A (-¥2.8bn): OP +¥4.9bn GP from revenue growth +5.3 Infocom effect (volume) GP ratio improvement +2.4 Margin gains (public sector, TAM ratio) Higher SG&A -2.8 Infocom effect -2.2 Management system renewal -1.3 Other (incl. lower legacy system costs) +0.7 5Unit: ¥bn 18.3 +5.3 +2.4 -2.8 23.2 FY2025 1H actual GP increase from revenue growth GP ratio improvement Increase in SG&A FY2026 1H actual vs. prev. Outlook +¥1.7bn (21.5→23.2) Volume -0.3 Revenue ¥1.0bn below prev. Outlook Margin -0.3 Margin +0.7, reclass to COGS -1.0* SG&A +2.3 Timing shift to 2H +1.0, other +0.3, reclass to COGS +1.0* *Reclassification from SG&A to COGS (no impact on OP) Infocom effect (incl. PPA & acquisition costs) FY2025 1H → FY2026 1H, ¥bn Revenue 7.0 → 13.2 +6.3 Gross profit 3.2 → 6.1 +2.9 GP ratio 45.9%→46.0% SG&A 3.6 → 5.7 +2.2 Incl. PPA & acquisition costs OP ▲0.4 → +0.4 +0.7 Excl. PPA: 0.8→1.2 (+0.3) +1.7 Prior-year loss projects eliminated +0.6 Other +3.6 +0.6 Infocom effect (mix) +1.2
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 3. Revenue / OP by Segment (1H) Growth led by Manufacturing & Nippon Steel Group and C&DS 6Unit: ¥bn Rev. % Change FY2026 1H FY2025 1H OP ratio OP Revenue OP ratio OP Revenue OP ratio OP Revenue +7% -0.5pt +0.3 +9.4 10.8% 16.0 148.2 11.3% 15.7 138.8 Business Solutions +13% -1.2pt +0.2 +9.4 11.3% 9.5 84.3 12.4% 9.3 74.9 Manufacturing, Nippon Steel Group -3% -0.9pt -0.4 -1.1 8.6% 3.0 35.0 9.5% 3.4 36.1 Retail and Service, Digital Platformer +4% +1.7pt +0.6 +1.0 12.3% 3.5 28.8 10.6% 3.0 27.8 Financial Service +14% +6.3pt +5.5 +9.8 10.9% 8.7 79.3 4.6% 3.2 69.5 Consulting & Digital Service －-0.9 +1.4 － -1.5 -28.5 － -0.6 -29.9 Other / Adjustments +12% +1.4pt +4.9 +20.6 11.7% 23.2 199.0 10.2% 18.3 178.4 Total -7% -2.7 32.7 35.4 (Ref.) Sales to Nippon Steel Corp. *OP ratio = OP ÷ revenue. Group companies are included in each segment (Infocom consolidated from FY2025 Q2)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 4. Business Solutions Manufacturing & Nippon Steel Group led: revenue +¥9.4bn (+7%), OP +¥0.3bn 7Unit: ¥bn Revenue (¥bn) 74.9 85.2 84.3 36.1 41.6 35.0 27.8 28.9 28.8 138.8 155.6 148.2 1H 2H 1H FY2025 FY2026 Mfg, NSC Group Retail/Service, Digital Platformer Financial Service OP (¥bn) and OP ratio (%) 9.3 11.2 9.4 3.4 5.6 3.1 3.0 3.1 3.5 15.7 19.9 16.0 11.3% 12.8% 10.8% 1H 2H 1H FY2025 FY2026 Mfg, NSC Group Retail/Service, Digital Platformer Financial Service OP ratio Drivers (1H, YoY) Mfg, NSC Group +13% Rev. 84.3 (+9.4) OP 9.5 (+0.2) Margin 11.3% (-1.2pt) Revenue: Infocom consolidation +4.9; manufacturing (auto, chemicals, machinery, food, rail) +3.7; steel -2.4 OP: Flat YoY; gains from Infocom and manufacturing offset higher SG&A (PPA) and lower steel sales Retail/Service, Digital Platformer -3% Rev. 35.0 (-1.1) OP 3.0 (-0.4) Margin 8.6% (-0.9pt) Revenue: Infocom (healthcare) +1.4, offset by retail -1.4 and information services -1.0 OP: Lower on reduced revenue and Infocom-related SG&A (PPA) Financial Service +4% Rev. 28.8 (+1.0) OP 3.5 (+0.6) Margin 12.3% (+1.7pt) Revenue: Growth driven by group companies, including a newly consolidated subsidiary OP: Higher on revenue growth and better margins; the largest margin gain in the segment *Figures are YoY changes (¥bn) Revenue (YoY)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 5. Consulting & Digital Service A large public-sector project lifted revenue ¥9.8bn (+14%) and OP ¥5.5bn 8Unit: ¥bn Revenue (¥bn) 10.6 15.3 19.5 58.9 58.6 59.8 69.5 73.9 79.3 1H 2H 1H FY2025 FY2026 Public sector & education IT infrastructure & solutions OP (¥bn) and OP ratio (%) 3.2 7.1 8.7 4.6% 9.6% 10.9% 1H 2H 1H FY2025 FY2026 OP ratio Drivers (1H, YoY) C&DS total +14% Rev. 79.3 (+9.8) OP 8.7 (+5.5) Margin 10.9% (+6.3pt) Revenue: Up mainly on the large public-sector project (+11.1) OP: Sharply higher on the large public-sector project and others Public sector & education Revenue: Large public-sector project +11.1 IT infrastructure & solutions Revenue: Products +1.3, telecom +1.1, public cloud +0.5; internal -2.3 *Figures are YoY changes (¥bn) Revenue (YoY)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 6. Orders (1H) 1H orders ¥212.8bn (+14%); c.20% underlying growth excl. Infocom backlog effect ¥186.4bn → ¥212.8bn +26.4 / +14% 81.2 92.5 41.2 33.0 29.0 32.7 35.1 54.6 186.4 212.8 FY2025 1H FY2026 1H 9Unit: ¥bn *Infocom backlog take-in: Infocom's order backlog (¥17.5bn) recognized as orders at consolidation ■ Mfg, NSC Group ■ Retail/Service, Digital PF ■ Financial Service ■ C&DS +14% Mfg, NSC Group 92.5 (+11.3) • Manufacturing up sharply • Steel flat YoY • Reflects last year's Infocom backlog take-in* -20% Retail/Service, Digital PF 33.0 (-8.2) • Parent decline mainly reflects order timing • Reflects last year's Infocom backlog take-in* +13% Financial Service 32.7 (+3.7) • Growth at both parent and group companies +56% C&DS 54.6 (+19.5) • Sharp increase, mainly public sector • Group companies also up *( ) = YoY change, ¥bn
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 7. Order Backlog Backlog ¥212.8bn at Sep-end (+18%), covering 56% of 2H revenue Outlook (+2pt) ¥181.1bn → ¥212.8bn +31.7 / +18% Backlog by segment (¥bn) 66.5 82.9 27.0 23.8 18.9 21.3 68.7 84.7 181.1 212.8 Sep 2025 Sep 2026 10 Unit: ¥bn ■ Mfg, NSC Group ■ Retail/Service, Digital PF ■ Financial Service ■ C&DS By segment (Sep-end backlog, YoY) ■ Mfg, NSC Group 82.9 (+16.4 / +25%) Manufacturing up sharply; steel and group companies also higher ■ Retail/Service, Digital PF 23.8 (-3.2 / -12%) Lower at both parent and group companies ■ Financial Service 21.3 (+2.5 / +13%) Higher at both parent and group companies ■ C&DS 84.7 (+16.0 / +23%) Sharp increase, mainly public sector Coverage of 2H revenue FY2026 2H (revenue Outlook ¥220.0bn) 123.3 96.7 56% FY2025 2H (actual ¥203.0bn) 110.0 93.0 54% ■ From Sep-end backlog □ New orders to be booked Coverage up 2pt YoY
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 8. Consolidated Balance Sheet Balance sheet expanded with revenue: total assets ¥433.9bn, up ¥16.3bn from March 11 Unit: ¥bn Change Sep 2026 Mar 2026 +18.6 127.4 108.8 Cash & equivalents +5.6 110.4 104.9 Receivables & contract assets +1.3 65.7 64.4 Goodwill & intangibles -9.2 130.3 139.5 Other assets +16.3 433.9 417.6 Total assets +5.0 30.2 25.2 Lease liabilities +4.4 108.0 103.6 Other liabilities +9.4 138.2 128.8 Total liabilities +6.9 295.7 288.8 Total equity +16.3 433.9 417.6 Total liabilities & equity Summary BS (¥bn) Mar 2026 → Sep 2026 *Receivables & contract assets = trade and other receivables + contract assets. Goodwill & intangibles = goodwill + intangible assets Key 1H changes (vs. Mar-end) Cash & equivalents +¥18.6bn Operating CF +31.2 (incl. tax refund +9.2), investing CF -0.1 Financing CF -12.6 (year-end dividend -8.2, lease repayments -3.5) Receivables & contract assets +¥5.6bn Contract assets +9.0 (work in progress ahead of 2H revenue) Receivables -3.5 Other assets -¥9.2bn Refund of tax receivable (12.7) recorded at Mar-end, etc. Lease liabilities +¥5.0bn Matches increase in right-of-use assets (offices, etc.) +5.0 Total equity +¥6.9bn Interim profit +14.9, year-end dividend paid -8.2
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 9. Consolidated Cash Flow Operating cash flow of ¥31.2bn; ¥127.4bn cash reserved for M&A and growth investment Change FY2026 1H FY2025 1H +43.5 31.2 -12.3 Operating CF +56.7 -0.1 -56.7 Investing CF +100.2 31.2 -69.0 Free CF -1.9 -12.6 -10.7 Financing CF +14.4 127.4 112.9 Cash & equivalents, end of period Operating CF: Higher profit and no repeat of last year's c.¥30bn tax payment; c.¥9bn tax refund received this year Investing CF: Roughly neutral this year (capex/software -4.4, securities redeemed +5.2), versus last year's c.¥55bn Infocom acquisition Financing CF: Year-end dividend at 50% payout (-8.2) and lease repayments (-3.5) Disciplined allocation: growth investment (5% of revenue), M&A (incl. debt), 50% payout FY2026 1H change in cash & equivalents 12 Unit: ¥bn 108.8 +31.2 -0.1 -12.6 127.4 Opening cash Operating CF Investing CF Financing CF Clo sing cash
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 02 FY2026 Forecast FY OP guidance raised to ¥49.0bn 13
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 10. FY2026 Guidance (revised up) Full-year OP raised to ¥49.0bn; annual dividend ¥89.0, +¥2.0 vs. previous Outlook Revenue ¥419.0bn YoY +10% +¥37.7bn / vs. prev. ±0 OP ¥49.0bn YoY +11% +¥4.8bn / vs. prev. +¥0.5bn Profit attributable to owners of parent* ¥32.4bn YoY +5% +¥1.6bn / vs. prev. +¥0.1bn * Profit attributable to owners of parent Dividends: FY2025 and FY2026 Outlook YoY FY2026 Outlook FY2025 +1.6 32.4 30.8 Profit attrib. to owners of parent (¥bn) +8.6 177.1 168.5 EPS (¥) +4.5 44.5 40.0 Interim dividend (¥) -0.5 44.5 45.0 Year-end dividend (¥) +4.0 89.0 85.0 Annual dividend (¥) 50.3% 50.4% Dividend payout ratio Annual dividend ¥89.0: +¥4.0 YoY, +¥2.0 vs. prev. Outlook; dividend payout ratio 50.3% 14 12.5 15 17.5 20 36.5 40 44.5 13.75 18 20 22.5 37.5 45 44.5 26.25 33 37.5 42.5 74 85 89 28.3% 30.2% 31.2% 32.1% 50.1% 50.4% 50.3% FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 est. Interim Year-end Dividend history (DPS: ¥, payout: %) *FY2023 and earlier restated for the 2-for-1 stock split on July 1, 2024. Payout target raised from 30% to 50% from FY2024
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 11. FY2026 by Half (1H actual, 2H Outlook) 47% of full-year revenue and OP delivered in 1H; FY OP raised from ¥48.5bn to ¥49.0bn YoY (upper: %, lower: change) FY2026 (Outlook revised up) FY2025 actual FY 2H 1H FY Outlook 2H Outlook 1H actual FY 2H 1H +10% +37.7 +8% +17.1 +12% +20.6 419.0 220.0 199.0 381.3 203.0 178.4 Revenue +11% +11.2 +6% +3.5 +17% +7.7 113.0 59.1 53.9 101.8 55.7 46.1 Gross profit +0.3pt -0.6pt +1.2pt 27.0% 26.9% 27.1% 26.7% 27.4% 25.9% Gro ss profit ratio +11% +6.4 +12% +3.6 +10% +2.8 64.0 33.3 30.7 57.6 29.7 27.9 SG&A +11% +4.8 -1% -0.2 +27% +4.9 49.0 25.8 23.2 44.2 26.0 18.3 OP +0.1pt -1.1pt +1.4pt 11.7% 11.7% 11.7% 11.6% 12.8% 10.2% Ope rating profit ratio +10% +4.5 -1% -0.4 +26% +4.9 49.8 26.1 23.7 45.3 26.4 18.8 Pre-tax profit +5% +1.6 -7% -1.3 +24% +2.8 32.4 17.5 14.9 30.8 18.8 12.0 Profit attrib. to owners of parent* 1H progress: revenue 47%, OP 47%, net profit 46% *Earnings are typically weighted to the second half 15 Unit: ¥bn
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 12. FY2026 OP Bridge (revised up) FY2026 OP Outlook ¥49.0bn, up ¥4.8bn from FY2025 and ¥0.5bn above the previous Outlook GP from revenue growth +10.1 Infocom effect (volume) +2.9 Other +7.2 GP ratio improvement +1.1 Higher SG&A -6.4 Infocom effect -2.1 Management system renewal -2.6 16 Unit: ¥bn 44.2 +10.1 +1.1 -6.4 49.0 FY2025 actual GP increase from revenue growth GP ratio improvement Increase in SG&A FY2026 Outlook vs. prev. Outlook (Jul 30) +0.5 (48.5→49.0) Margin -2.0 Margin gain +1.0, new initiatives & AI licenses -1.0 Reclass to COGS -2.0* SG&A +2.5 Reclass to COGS +2.0*, other +0.5 Volume: revenue Outlook unchanged at ¥419.0bn *Reclassification from SG&A to COGS (no impact on OP) Other -1.1 Security enhancement -0.7 Infocom effect (mix) +0.6 Prior-year loss projects eliminated +0.6 AI and own-asset investment -1.0 Other +0.9
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 03 Progress of the 2025–2027 Mid-Term Plan Midpoint status, gaps and path to targets 17
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 14. 2025–2027 Mid-Term Plan (MTP) Overview First three years of Vision 2030: four transformations toward ¥100bn OP NSSOL Vision 2030 "Social Value Producer with Digital" FY2027 Targets FY2025 actual FY2027 target KPI ¥381.3bn ¥450.0bn Revenue ¥44.2bn ¥60.0bn OP 11.6% 13% OP ratio 11.4% c.13% ROE c.38% c.75% TAM ratio Source: 2025–2027 MTP (Feb 2025), FY2025 results pre sentation (Apr 2026) Four Transformations ① Revenue model Shift to TAM revenue model ② Customer approach Offering-led support from concept through implementation ③ Technology Higher productivity through AI-driven development ④ Operations Consolidated, standardized back office Growth Investment & Shareholder Returns M&A ¥150bn over 3 years Growth investment (excl. M&A) c.5% of revenue Shareholder returns 50% dividend payout ratio 18
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 15. MTP Progress Summary OP and ROE must accelerate: margins and external growth are the priorities Revenue On track 338.3 → 450.0 ¥bn FY24 → FY27 target FY26 est. 419.0 Progress 72% OP Accelerate 38.5 → 60.0 ¥bn FY24 → FY27 target FY26 est. 49.0 Progress 49% ROE Accelerate 10.9% → c.13% FY24 → FY27 target FY26 est. c.11% Progress 19% TAM ratio In progress 5% → c.75% FY24 → FY27 target FY26 est. c.51% Progress 66% By fiscal year TAM ratio ROE OP Revenue c.5% 10.9% 38.5 338.3 FY24 actual c.38% 11.4% 44.2 381.3 FY25 actual c.45% 10.5%* 23.2 199.0 FY26 1H actual c.51% c.11% 49.0 419.0 FY26 est. c.75% c.13% 60.0 450.0 FY27 target Where we are Record profit and higher ROE in FY25; the four transformations are in execution and employee mindsets are shifting Gap OP must rise a further ¥11.0bn beyond the FY26 estimate Path Organic: lift margins to clear a higher cost of capital; external: accelerate M&A 19 Unit: ¥bn *ROE annualized from 1H net profit (¥14.9bn×2 ÷ average equity), for reference
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 16. Path to ¥60bn OP Target and Progress From ¥38.5bn (FY2024) to ¥60.0bn: +¥14.5bn organic and +¥7.0bn external growth Challenges: margins, external growth, recovering front-loaded SG&A Plan vs. FY2026 est. FY2026 est. 49.0 = organic 46.5 + external 2.5 Revenue growth Plan +15.5 FY26 est. +11.8 76% Capture IT demand / expand customer base Margin gains Plan +10.0 FY26 est. +5.0 50% Better pricing and mix; shift to TAM SG&A increase Plan -11.0 FY26 est. -8.8 80% Growth investment, talent and management infrastructure External growth (M&A) Plan +7.0 FY26 est. +2.5 36% Infocom contribution (after PPA) Organic progress 55% (38.5 → FY26 est. 46.5 / target 53.0) 20 Unit: ¥bn 38.5 15.5 10.0 11.0 7.0 60.0 FY2024 actual Revenue growth Margin gains SG&A increase External growth (M&A) FY2027 target MTP OP growth drivers (plan restated to FY2024 actual)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 17. Acceleration Items: GP Ratio Improvement 21 Margins first: four levers to convert transformation into profit 01 Raise TAM ratio Issue Ratio is rising but not yet showing in margins Actions • Set GP ratio targets by model (T/A/M) • Lower costs through asset reuse; convert COREPEAK into projects 02 Shift to value- based pricing Issue Man-month-based pricing persists Actions • Accelerate contracts on lead projects • Standardize outcome- based, fixed-price and subscription contracts 03 Issue Actions 04 Productivity gains with AI Issue Slow uptake in small projects; behind plan Actions • Embed Claude Code etc. in standard processes • Contracts keeping efficiency gains; rollout company-wide (FY27 +20%) Curb unprofitable projects Risk that loss-making projects offset gains • Tighter risk review at proposal and upstream gates • Standardized estimates with variance control
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 18. Revenue Model × Customer Approach: Reinforcing Each Other COREPEAK drives T-model growth, and field feedback creates new A and M models ② Customer approach transformation COREPEAK© Company-wide offering brand Frames management issues as transformation scenarios and combines offering blocks (solution assets) to deliver from concept to implementation ① Revenue model transformation T SI Transformation Next-gen SI model A Asset Driven Asset-based model M Multi Company Platform Platform model TAM ratio: FY24 5% → FY25 38% → FY26 est. 50% → FY27 75% Embed TAM in offering blocks Feedback from practice creates new TAM Social Value Producer with Digital More T-model Upstream engagement lets us lead how systems are built and shift to high-productivity SI with GenAI Create A and M models FDEs embedded with customers bring back insights; common issues emerge and become assets and platforms Higher COREPEAK value Stronger assets expand the offering blocks and raise the value of each proposal: a virtuous cycle company-wide Revenue target from COREPEAK FY26 ¥10bn → FY27 10% of revenue Key A/M-model products are listed in the Appendix. FDE = Forward Deployed Engineer: embedded with the customer from concept through implementation to feeding insights back 22 FDE Drives the cycle Forward Deployed Engineer
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 19. Investment, Implementation and Monetization: Where We Are FY2026 1H: Investment continues while AI and Infocom start to pay off Investment Capital deployed | INPUT (cumulative) Equity & M&A (cumulative) ¥60.0bn Infocom 55.0, B-Prost, etc. Growth investment (cumulative) ¥23.8bn FY25 14.7 + 1H 9.1 Human capital investment (cumulative) ¥7.1bn FY25 4.7 + 1H 2.4 Cash deployed ¥65.5bn Mar25 192.9 → Sep26 127.4 Total investment (cumulative) ¥90.9bn M&A + growth + talent Implementation Leading KPI (Aug 2026) Hours saved (company-wide, per month) 235K hrs/month c.1.9x prior survey Same, in man-months 1,470 man-months /month (prior 774) GenAI use in development / near-daily users Over 50% / 64.5% dev projects / all staff AI agents 2,107 users 32% of employees Productivity cases 36% / 45% requirements / build Monetization Financial outcome (FY26 1H) Infocom OP ¥1.2bn FY26 1H (FY25: 3.3) Consolidated contribution +¥0.4bn After PPA (FY25: +1.0) TAM ratio 45 % FY26 1H (FY25: 38%) OP ¥23.2bn FY26 1H +27%, record high Next harvest ¥60.0bn FY27 OP target 23
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 20. Growth Investment & M&A: Track Record and Next Steps 24 Disciplined execution of growth investment and M&A to build value ¥150bn 3-year M&A budget Executed ¥60bn (Infocom ¥55bn, B-Prost) Remaining ¥90bn by Mar 2028 Apr 2024 – Sep 2026: steady execution of external growth and alliances Apr 2024 Acquired OSP Solutions (now NS Solutions Okinawa) Sep 2024 Sold all Recruit Holdings shares (c.¥74.3bn) to fund growth and M&A Jan 2025 Acquired WCS ABYAKTA NAWASENA (Indonesia); entered local market FY2025 Acquired Infocom (c.¥55bn); 100-day PMI; accretive in year one Aug 2025– 4 capital & business alliances: Intelligent Force, Delivery Consulting, N.Avenue, cBioinformatics May 2026 Acquired B-Prost; strengthens core systems for P&C insurers Sep 2026 Strategic partnership with Anthropic: AI agent platform and legacy modernization Oct 2026 – Mar 2027: what we will do • Shortlist candidates in priority areas and close deals • Realize Infocom synergies • Acquire global capabilities • Continue alliances with startups Execution Policy 1 Deliver within the MTP period Deploy the ¥150bn M&A budget and growth investment (5% of revenue) in priority areas 2 Long-term returns and MTP targets Pursue Vision 2030 returns while meeting ¥60bn OP and c.13% ROE 3 Capital efficiency with a sound balance sheet Deploy cash for growth, reducing it to ¥90bn; use debt where appropriate; maintain 50% payout First half of MTP
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 21. Cash Allocation: MTP Policy and Progress Cash allocated to growth, M&A and returns as planned; cash to fall to c.¥90bn 2025–2027 MTP cash allocation policy (3 years) Opening cash (Mar 2025) 192.9 Operating CF, etc. 127.0 Debt 44.0 Cash In Closing cash (Mar 2028) 90.0 Shareholder returns 48.0 Growth investment (incl. human capital) 69.0 M&A 1,500 Cash Out → Use leverage, step up M&A and growth investment, maintain stable returns (50% payout), optimize working capital (2.4 months of sales) Progress vs. plan (FY2025 + FY2026 1H) 18 of 36 mo nths elapsed Operating CF, etc. 47.6 / 127.0 FY25 8.5 (incl. -36.0 tax on share sale) + FY26 1H 39.1 Equity & M&A 60.0 / 150.0 FY25 58.0 (Infocom, etc.) + B-Prost, etc. Growth investment (incl. human capital) 30.9 / 69.0 FY25 19.4 + FY26 1H 11.5; 3.9% → 5% of revenue Shareholder returns 22.4 / 48.0 FY25 14.2 + FY26 1H 8.2 (year-end dividend); 50% payout Debt 0 / 44.0 Credit rating obtained from R&I (Oct); ready for large deals ▲ 50% of period elapsed Cash ¥192.9bn (Mar 25) → ¥127.4bn (Sep 26) → ¥90.0bn (Mar 28 target; 2.4 months of sales) Addressing a higher cost of capital Reflected in hurdle rates; margin and capital-efficiency gains to deliver returns above the cost of capital 25 Unit: ¥bn
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. (Ref.) Business Characteristics and Cash Conversion Cycle (CCC) Large development projects lengthen our CCC; appropriate cash is c.2.4 months of sales Large system development (manufacturing) Custom / project-based ① Req. ② Design ③ Build ④ Test ⑤ Accept ⑥ Invoice ⑦ Pay 6–18 months from start to payment: long cash lead time Characteristics • Mainly large, long projects • Complex requirements, customization • Many approval steps Financial impact • Higher contract assets / unbilled receivables • Longer DSO • Longer CCC Managed services / subscription Recurring = A and M models Service delivery Monthly invoice Payment Service delivery Monthly invoice Payment Repeats monthly: short billing and collection Characteristics • Continuous service • Mainly monthly/fixed fees • Regular, short billing/collection Financial impact • Shorter DSO • Higher contract liabilities (deferred revenue) • Shorter CCC Peer trends (examples) vs. NSSOL (FY2027 target) NSSOL Peer D Peer C Peer B Peer A Manufacturing-centric, many large developments Similar mix to NSSOL High service ratio Mainly services / recurring Mainly financial & securities Customer / sales mix c.68 days = c.2.27 months c.5.05 months c.1.89 months c.1.30 months c.1.95 months CCC (months of sales) 26
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 22. Key Initiatives for the Remaining 18 Months 27 Six initiatives tracked against half-year milestones, with leading KPIs for early course correction FY26 2H FY27 Core business Win projects, fix pricing Expand value-based contracts Maximize profit Expand TAM Expand target projects Margin gains Embed profit contribution Company-wide productivity Realize AI gains Accelerate AI-driven dev Become AI-native Infocom Resolve PMI issues Expand synergies Accelerate profit contribution M&A Execute deals Pieces for next MTP Capital allocation Execute investment & returns Achieve target capital structure Each initiative managed as a set: impact × owner × leading KPI × decision deadline Progress management Per initiative Impact (¥) Owner Leading KPI Decision Monitoring and review cycle Mo. KPI monitoring Compiled by Strategy Execution Mgmt Center Qtr Reviewed by Management Committee and Board Check progress and issues, decide actions Half Milestone assessment Confirm half-year milestones Half Disclosed at results briefings Explain progress with results, KPIs and cases ↺ Feed review results back into each initiative
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 23. Strategic Partnership with Anthropic Winning on the shop floor, not on scale: Anthropic's AI × NSSOL's domain knowledge and delivery Client Zero: Nippon Steel × Claude Large SIers lead on the scale of company-wide rollouts NSSOL (Sep 2026): first strategic partnership among Japan's user-affiliated SIers We differentiate on the steel IT/OT shop floor 01 AI agent platform AI agents link scattered data and processes and make tacit knowledge explicit 02 Legacy modernization End-to-end legacy assessment and migration with Claude Code; headless ERP to follow 03 Nippon Steel as the field Nippon Steel as Client Zero: AI proven on a demanding IT/OT shop floor Next steps • Expand from manufacturing to finance, retail/services and the public sector • Joint marketing with Anthropic in Japan and overseas From manufacturing to finance, retail and the public sector: making AI an active participant in running the business 28
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 24. Turning the AI Era into Growth: NSSOL's Strengths and Role 29 AI threatens man-month SI, but for us it is a tailwind that accelerates transformation Competitive edge in the AI era = three capabilities combined Understand the business Make business goals, rules and constraints readable by AI Redesign the business Redefine the roles of people, AI and systems Embed AI Deploy AI safely under governance and security Born of three capabilities combined Our edge in the AI era Only people can decide what to entrust to AI and what humans must own 1 AI breaks the man-month model, but off-the-shelf AI tools alone create no value 2 What's needed are AI-ready platforms, guardrails and integration with operations: this is the SIer's role 3 Domain knowledge from Nippon Steel's mission- critical operations is the context asset that lets AI judge correctly From the steel shop floor to many industries
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 25. Platform for Humans and AI to Run the Business Together 30 Manufacturing case: shared meaning across data so people and AI agents decide together Knowledge integration platform Field meaning and rules for AI Data sources Plant, business and external data AI Ready Knowledge base Links structured data and field knowledge Human & AI Discussion & decisions OT data (equipment, sensors) PLC/DCS Sensors Process data Business system data Documents & files • Procedures, manuals • Reports, drawings • Excel, CSV External & open data • Regulations • Vendor info • Market data Structured data platform Integrate, analyze, apply AI Data and knowledge delivered via AI agents Equipment data platform OT data in equipment context Semantics layer: one shared meaning across all platforms for AI agents Integration Quality Change Terms Know-how Memory Templates Auto-generation Orchestrator • ERP, PLM/BOM • MES, CMMS Semantics Ontology Inventory Agent Prod. Agent Procure Agent Planning Agent Sales rep P&L manager Discussion timeline
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 26. Rising Cyber Attacks and NSSOL's Response: NSSIRIUS 31 Assume breach: a dedicated Security Account Manager (SAM) works alongside customers to minimize attack impact Three strengths others lack Why NSSOL: an SIer's full capabilities 01 Dedicated SAM A CISSP-certified Security Account Manager dedicated to each customer, from everyday readiness to command support in a crisis 02 03 AI × integrated logs Logs from multiple sensors are correlated, including with AI, to catch early signs of dormant attacks and act before damage is done 01 Whole-system view Experience building and running core systems lets us see the whole system; AI expertise is growing through the Anthropic partnership 02 App development expertise Today's attacks often require application fixes such as PHP vulnerabilities; our deep pool of developers takes countermeasures through to implementation 03 Client Zero know-how Over 30 years in security; practical know-how from supporting and running security for our own group flows into the service What NSSIRIUS is Incident response retainer service launched in November 2025. Supports the customer's CSIRT end to end: proactive (risk assessment, vulnerability scans, training, threat hunting) and reactive (first response, analysis, recovery, prevention). More than products or SOC monitoring: the capability to decide, explain and recover in a crisis. Responding to cyber attacks now takes the full range of capabilities NSSIRIUS plus our capabilities as an SIer: end-to-end support for customers' cyber defense Retainer contract Prepaid annual credits mean no time lost on quotes, orders or staffing in a crisis; unused credits fund assessments and training
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. Appendix Quarterly results, revenue mix, GP ratio trend, one-off items, key news 32
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 27. Quarterly Consolidated Results Q2 revenue ¥105.3bn and OP ¥14.0bn; OP ratio a healthy 13.3% FY2026 FY2025 2Q 1Q 4Q 3Q 2Q 1Q 105.3 93.7 105.9 97.0 95.7 82.7 Revenue 29.1 24.8 28.7 27.0 25.1 21.0 Gross profit 27.6% 26.5% 27.1% 27.8% 26.3% 25.4% Gross profit ratio 15.1 15.6 15.5 14.2 15.4 12.5 SG&A 14.0 9.2 13.3 12.7 9.8 8.5 OP 13.3% 9.9% 12.5% 13.1% 10.2% 10.3% Operating profit ratio 14.2 9.5 13.5 13.0 10.0 8.8 Pre-tax profit 9.6 5.2 9.7 9.1 6.9 5.1 Profit attrib. to owners of parent* 33 Unit: ¥bn
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 28. Quarterly Revenue / OP by Segment Q2 revenue ¥105.3bn (+10%), OP ¥14.0bn (+43%), OP ratio 13.3% 34 Unit: ¥bn OP ratio OP Revenue FY2026 FY2025 FY2026 FY2025 FY2026 FY2025 2Q 1Q 4Q 3Q 2Q 1Q 2Q 1Q 4Q 3Q 2Q 1Q 2Q 1Q 4Q 3Q 2Q 1Q 11.3% 10.3% 12.5% 13.1% 11.7% 10.9% 8.5 7.5 10.1 9.7 8.8 6.9 75.5 72.7 81.1 74.6 75.3 63.5 Business Solutions 11.4%11.1% 12.2% 14.1% 12.7% 12.1% 4.9 4.6 5.5 5.7 5.3 4.0 42.8 41.5 45.0 40.2 41.4 33.5 Manufacturing, Nippon Steel Group 9.6%7.6% 14.6% 12.4% 9.8% 9.2% 1.7 1.3 3.0 2.6 1.9 1.5 17.6 17.4 20.8 20.8 19.4 16.6 Retail and Service, Digital Platformer 13.1% 11.5% 10.5% 10.8% 11.2% 10.1% 2.0 1.6 1.6 1.5 1.6 1.3 15.1 13.7 15.3 13.6 14.4 13.4 Financial Service 14.4% 7.1% 10.2% 9.0% 2.9% 6.1% 6.0 2.6 3.9 3.2 0.9 2.3 41.7 37.6 38.3 35.6 32.4 37.1 Consulting & Digital Service 14.5 5.0 7.8 7.5 6.3 4.3 Public sector & education 27.2 32.6 30.5 28.1 26.1 32.8 IT infrastructure & solutions －－ － － － －-0.6 -0.9 -0.8 -0.2 0.1 -0.7 -11.9 -16.6 -13.4 -13.2 -12.0 -18.0 Other / Adjustments 13.3% 9.9% 12.5% 13.1% 10.2% 10.3% 14.0 9.2 13.3 12.7 9.8 8.5 105.3 93.7 105.9 97.0 95.7 82.7 Total 16.1 16.6 17.8 17.3 17.6 17.8 (Ref.) Sales to Nippon Steel Corp. *OP ratio = OP ÷ revenue. Group companies are included in each segment (Infocom consolidated from FY2025 Q2). Public sector & education / IT infrastructure not shown (data unavailable)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 29. Revenue Mix (Non-consolidated) 1H mix: public sector & universities 13.1%, hardware 11.2%, manufacturing 37.4% Revenue by industry Non-consolidated (external) FY2025 1H ¥145.7bn / FY2026 1H ¥154.6bn (NSC within manufacturing: 23.4% / 20.3%) 40.0% 37.4% 25.8% 23.8% 15.7% 14.6% 7.6% 13.1% 8.0% 7.8% 2.8% 3.3% FY2025 1H FY2026 1H Other Public utilities Public sector & universities Financial Service Retail & services Manufacturing Revenue by product/service Non-consolidated (external) FY2025 1H ¥145.7bn / FY2026 1H ¥154.6bn 48.4% 47.7% 43.5% 41.1% 8.2% 11.2% FY2025 1H FY2026 1H Hardware Operations & maintenance Build & development 35
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 30. GP Ratio Trend (Quarterly) GP ratio on a long-term uptrend: 27.1% in FY26 1H (+1.2pt YoY), 27.6% in Q2 21.6% 20.5% 20.7% 19.9% 22.7% 21.4% 23.5% 22.0% 22.7% 22.5% 22.4% 22.7% 23.4% 22.7% 23.2% 23.1% 24.4% 24.6% 25.0% 22.8% 25.4% 26.3% 27.8% 27.1% 26.5% 27.6% 18% 20% 22% 24% 26% 28% 30% 1Q FY20 2Q 3Q 4Q 1Q FY21 2Q 3Q 4Q 1Q FY22 2Q 3Q 4Q 1Q FY23 2Q 3Q 4Q 1Q FY24 2Q 3Q 4Q 1Q FY25 2Q 3Q 4Q 1Q FY26 2Q FY2020 under J-GAAP 36
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 31. Balance Sheet Trend (Mar 2020 – Sep 2026) Proceeds from cross-shareholding sales redirected to growth, M&A and shareholder returns Total assets by component and total equity (¥bn) *Equity figures in table at right 58.0 78.6 95.7 101.3 104.0 192.9 108.8 127.4 33.0 59.7 60.4 38.7 60.0 3.7 4.9 5.6 149.4 133.9 169.7 179.9 210.6 224.7 303.9 300.9 Mar '20 Mar '21 Mar '22 Mar '23 Mar '24 Mar '25 Mar '26 Sep '26※ Other assets (receivables, contract assets, PP&E, intangibles, goodwill, etc.) Cross-shareholdings Cash & equivalents Total equity Apr 2022 Announced policy to sell listed cross- shareholdings Apr 2024 Payout raised to 50%; stock split Sep 2024 Sold all Recruit HD shares (c.¥74.3bn) Feb 2025 MTP: reduce cash by c.¥100bn to 2.4 months of sales FY2025 c.¥58bn invested incl. Infocom acquisition FY2026– Continue allocation using remaining M&A budget and debt Change in BS quality MTP target Mar 2026 Mar 2025 Mar 2020 Only with a concrete alliance 2.1% 1.6% 26% Cross- shareholdings / net assets (parent) 2.4 3.4 6.8 2.5 Cash (months of sales) Grows with earnings 288.8 269.8 155.4 Total equity (¥bn) Financial management policy Maintain a sound balance sheet Preserve creditworthiness and investment capacity Use debt for large investments Combine cash with debt to lift capital efficiency Maintain 50% dividend payout Dividends rise with profit; keep ROE above the cost of capital 37 Unit: ¥bn *Cross-shareholdings (listed and unlisted) and the ratio to net assets are on a parent-company basis per the Annual Securities Report (Sep 2026: consolidated BS note)
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 32. Quarterly One-off Items and Large Projects One-off items and large projects to consider in quarterly comparisons FY2026 FY2025 2Q 1Q 4Q 3Q 2Q 1Q 105.3 93.7 105.9 97.0 95.7 82.7 Revenue G 9.4 (+Q1 1.7 = 1H 11.1) Ⓢ New consol. 6.4 Ⓢ New consol. 8.8 Ⓢ New consol. 6.8 Ⓢ New consol. 7.0 Large projects 14.0 9.2 13.3 12.7 9.8 8.5 OP Acquisition costs -0.7 One-off 105.6 107.2 112.4 108.5 111.2 75.2 Orders G6.5 G 6.4 Ⓑ O 15.2 Ⓢ New consol. 7.5 Ⓢ New consol. 11.8 Ⓒ G 26.8 Ⓢ New consol. 3.8 Ⓢ New consol. 24.8 Large projects Ⓑ: Business Solutions, Ⓒ: Consulting & Digital Service, Ⓢ: subsidiaries, O: Oracle, G: public sector 38 Unit: ¥bn
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 33. Key News and Press Releases May–Oct 2026: 30 releases, mainly AI, financial DX and industry platforms 39 Oct 29 Obtained an issuer rating of A (stable) from R&I Oct 29 Basic agreement with Helpfeel on a strategic alliance for CX transformation in the AI era Oct 22 Gunma Bank and Daishi Hokuetsu Bank jointly adopt BM4I Service Platform Oct 21 Mishima Shinkin Bank first shinkin bank to adopt FINCHUB e-contract service Oct 15 Began selling Rockwell Automation's cloud MES "PLEX" Oct 13 Joined Japan Digital Decentralized Financial Service Association (JDFA) Oct 1 Launched AI solution linking Box and Databricks for enterprise data Oct 1 Published Integrated Report 2026 Sep 28 NSSOL signs strategic partnership with Anthropic Sep 28 Received Appian INNOVATION AWARD Sep 24 Launched identity platform solution using Auth0 Sep 17 Started BM4I Service Platform implementation for Yokohama Financial Group Sep 10 Linked HULFT Square and CONTRACT CROSS to digitalize e-contract operations Aug 25 Launched NSRelato, CX and contact center enhancement service Aug 18 Launched wisepot, lifecycle platform for optimization models Aug 10 Built new sales support system for Chiba Bank Aug 7 Saitama University renews academic affairs system with CampusSquare on OCI Aug 6 Began selling Alli Coworker vibe-coding platform Jul 9 Started joint PoC of next-gen digital asset execution platform Jul 9 NSSOL and Dentsu Soken to collaborate on next-gen IT infrastructure Jul 2 Crypto asset index NADA: test calculation and user recruitment begin Jul 1 Introduced AI-driven development to NS DevCompass Jun 30 Launched AI Agents × Financial Transactions working group (DID/VC consortium) Jun 30 Crypto Asset Index Council publishes report toward domestic crypto ETFs Jun 25 Launched NS Eclipa, industry-specific e-commerce platform May 29 Acquisition of B-Prost Co., Ltd. May 25 Supported Sony Life's implementation of SimCorp One May 13 Strategic partnership with Teciem to expand capital-market solutions in APAC May 12 Rolling out data environment linking Data Synchronicity Platform and Geminant May 7 Agreement with Matsumoto City on research for Kamikochi management framework *Press releases listed on this page are available in Japanese only.
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 34. Synergies with Nippon Steel Group and Sales to Nippon Steel Corp. Stable revenue base; extending All-NSSOL offerings and AI results across the group Sales to Nippon Steel Corp. (¥bn) 55.3 57.9 62.5 65.3 70.6 68.0 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Outlook Synergies through the mid-term growth story • Proactively propose All-NSSOL offerings for the Nippon Steel Group's digital transformation • Develop IT/OT solutions with Nippon Steel Texeng • Turn technology proven at steelworks into assets for external and overseas customers Parent-subsidiary listing: benefits and independence • Stable c.¥70bn/year customer and proving ground for advanced IT/OT solutions • c.80% of revenue from customers outside Nippon Steel; independent, IT-savvy management • Material related-party transactions reviewed by a committee of independent outside directors to prevent conflicts of interest 40 Unit: ¥bn
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 35. Key A- and M-Model Products and Services Domain knowledge turned into assets and platforms in each business area and deployed across customers 41 Key A/M-model products and services (bold: product names) Business area BPMS (business process mgmt) / Advanced document mgmt (Box) / Geminant (digital twin PF) / NS Devia (AI-driven development) / CONTRACT CROSS (e-contract) / ConSeek (management control PF) / Oracle Alloy (cloud) / NSSIRIUS (cybersecurity) / emerald SaaS (next-gen operations) Cross-industry PPPlan (food industry SCM) / PPCV (image AI) / NSLOGIX (logistics data-sharing PF) / Hakobini (collaborative delivery PF) Manufacturing PPMP (production mgmt package) deployed as a platform for materials industries Steel fitAI (retail store AI) / COCOTRA (inbound travel) / NS Eclipa (industry e-commerce PF) Retail BM4I (IFRS financial instruments accounting) / Enesage (energy trading mgmt) / Web3 financial data PF / VIGILO MRM (model risk mgmt) Financial Service absonne (managed cloud) / NS DevCompass (AI-driven development) / Knowledge integration PF (Data Synchronicity) / OptiMagic (optimization support) C&DS ¥ Target GP ratio (MTP): T 27%→30%, A 30%→40%, M 20%→30% (FY2027→FY2030) / c.35 services running on Nestorium
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 36. Technology Platform and Internal Transformation 2x development productivity with the right AI tool per phase; leaner back office to curb SG&A Source: Integrated Report 2026 p.11, FY2025 results presentation 42 ③ Technology acquisition & application: standard platform Concept Req. Design Build Test Migr. Ops NSDevia Dev AI agents (Jitera, Autify), AI requirements builder, coding agents Curatis Test automation NSSOLAS Secure GenAI services (review, vulnerability checks, PM support) Nestorium Standard IT service PF: security, cloud integration, SBOM mgmt. c.35 services running ④ Internal operations & management Back-office productivity (revenue / back-office headcount) Base FY2024 base +15% FY2025 actual +30% FY2026 target • Consolidated back-office functions company-wide in Ap r 2025; standardized processes • Centralized OA management as a service (NSSOLVIT) • AI applied to legal, sales, purchasing, finance and HR; 76% active AI users • Fit to Standard: FieldGlass live (Jul 2025), SAP S /4HANA (planned Apr 2028) • Leaner back office despite revenue growth, curbing S G&A GenAI adoption today Conventional → AI-assisted → AI-driven development: 2x productivity as the norm Used in over 50% of dev projects Efficiency: 10%–45% on new development Cases: requirements +36%, build +45% Conventional People do all work manually (paid by man- month) AI-assisted AI assists, people lead (over 50% adoption) AI-driven AI agents lead; people judge and review Integrated Report 2026 Highlights
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 37. Sustainability: Materiality, KPIs and Ratings The TAM model is sustainability in practice; five materialities managed with KPIs Target FY2025 actual Key KPI Materiality FY26: T 121.0 / A 87.0 / M 3.0 (¥bn) T ¥68.0bn (met) / A ¥57.0bn (met) / M ¥3.5bn (missed) T / A / M model revenue ① Solving social issues through IT 0 0 (met) Major incidents in IT service projects ② Stable IT services as social infrastructure Improve YoY / 10%+ by FY2030 / sustain 90%+ 57% (up YoY) / 8.2% / 110% Engagement / female managers / male parental leave ③ A workplace where diverse talent thrives Halve by FY2030, carbon neutral by FY2050 / 740 (2030) 14,526 t-CO ₂ (-64% vs. 2015) / 830 t-CO ₂ per ¥bn GHG Scope 1+2 / Scope 3 intensity ④ Lower environmental impact Continue / 100% Effectiveness confirmed (incl. third-party review) / 100% Board effectiveness review / compliance e-learning completion ⑤ Governance and compliance as a trusted member of society Human capital • 10,276 employees (Mar 2026, consolidated) • New Business Architect role; skill portfolio measured annually • Vision awareness/empathy 63.3%, growth motivation 66% Governance • 6 of 11 directors independent; 2 women • ROE-linked restricted stock and materiality assessment in executive pay • No listed cross-shareholdings in principle (under 1% of net assets) External ratings • First Human Capital Management Quality award (Silver) • First White 500 certification; Platinum Kurumin Plus, Eruboshi, PRIDE Index Gold • FTSE4Good / FTSE Blossom Japan constituent Source: Integrated Report 2026 pp.27–31 (materiality & KPIs), pp.32–44 (human capital), pp.47–53 (governance), pp.77–78 (non-financial data) 43 Related SDGs SDG icons used under UN guidelines; mapping to materiality based on NSSOL sustainability disclosures Integrated Report 2026 Highlights
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 38. Information Security Management From departmental to company-wide control: security as a management foundation for the AI era Governance & structure • Information Security Committee (management-level) sets policy; annual report to the Board • Company-wide Information Security Division oversees; SIRT monitors and responds • PDCA and OODA linked; audited by Internal Control & Audit Dept. Rules, drills, incident response • NIST CSF 2.0 as the core, referencing ISO/IEC 27001 • Annual training for all staff and contractors, phishing drills, executive-level response drills • Response HQ led by the President; five principles of action AI-era risks and value • "Security first" becoming the standard across industries • Security for AI / AI for Security: supporting governance for the AI era • Client Zero know-how turned into services (NSSIRIUS, etc.) Security is the foundation of business continuity and trust, not a defensive cost: toward the most trusted SIer Source: Integrated Report 2026 p.4, p.49, pp.55–60 44 Company-wide structure linking governance (PDCA) with daily operations (OODA) Board of Directors Annual report & advice Information Security Committee Management-level / sets policy Information Security Division Company-wide / overall responsibility Strategy Dept. | PDCA Assess → act → monitor → correct SIRT | OODA Observe → orient → decide → act NSSOL Group units [Common] user responsibility [Individual] custodial responsibility Internal Control & Audit: audits appropriateness and efficiency of decisions and responses Three assets protected × frameworks Customer systems & data Safety of our services Group information assets GOVERN IDENTIFY PROTECT DETECT RESPOND RECOVER NIST CSF 2.0 (primary) + ISO/IEC 27001 (information assets) Integrated Report 2026 Highlights
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 39. Global and External Growth Strategy Overseas revenue above ¥15bn, entry into Indonesia's local market, and disciplined M&A Global: overseas revenue ¥12bn → ¥15bn+ → ¥25bn (FY27) • ERP solutions for manufacturing, steel and retail are solid; Dynamics 365 deployed in China, Thailand and Indonesia • Acquired WCS ABYAKTA NAWASENA (Indonesia); entered the local market • India task force (Jan 2026) to tap engineering talent • Acquire technology and delivery capacity through M&A and alliances • Overseas mix: packages 47%, custom 28%, infrastructure 25% External growth: ¥150bn → c.¥47bn revenue / c.¥7bn OP • Infocom: 100-day PMI complete, synergies ramping this year, GRANDIT being AI-enabled • External growth working groups with each business unit to acquire missing pieces • Returns above the cost of capital as the benchmark, with ongoing post-deal monitoring Purpose Type Target Date Strengthen offerings and upstream consulting Invest. Intelligent Force 2025.08 Strengthen data consulting and implementation Invest. Delivery Consulting 2025.09 Co-create business in crypto assets Invest. N.Avenue 2025.11 Co-create business in cancer genomic medicine Invest. cBioinformatics 2026.03 Strengthen core systems for P&C insurers Acq. B-Prost 2026.05 Source: Integrated Report 2026 p.12, p.7, p.74 45 Global talent: overseas engineers × Japanese domain knowledge India Task force from Jan 2026 Indonesia WCS / NSIDN: local market Thailand, China, Singapore 3 local subsidiaries US, UK NSSOL USA / ITC Europe Talent & delivery AI & ERP skills Know-how, quality, standard PF NSSOL (Japan) Nippon Steel know-how Quality delivery Standard PF & AI tools Target: overseas revenue ¥25bn (FY27) Integrated Report 2026 Highlights
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 40. Value Creation Process Create social value and reinvest economic value in people, technology and business: our growth story Source: Integrated Report 2026 pp.23–24, pp.6–7 46 Purpose Envision the future together and open new possibilities for society with technology and passion NSSOL Vision 2030 Social Value Producer with Digital Materiality 1 Solving social issues through IT 2 Stable IT services as social infrastructure 3 A workplace where diverse talent thrives 4 Lower environmental impact 5 Governance and compliance as a trusted member of society External environment Inputs Business model Outcomes Social, economic and technological change IT megatrends GenAI changing system development and operations Growth of corporate digital business Cross-industry platforms take off Human capital Intellectual capital Technology capital Social capital Financial capital Natural capital NSSOL Vision 2030 Social Value Producer with Digital 2025–2027 MTP: Four Transformations ① Revenue model ② Customer approach ③ Technology acquisition & application ④ Internal operations & management T model Next-gen SI A model Asset-based M model Platform COREPEAK © Transformation scenarios × offering blocks Strengths built as an SIer Domain knowledge × technology AI-era strength: business design capability Understand × redesign the business × embed AI in operations Social value New possibilities for society Higher resource efficiency Customer value Discover customers' potential and realize it Economic value (Vision 2030) Revenue ¥500bn / OP ¥100bn OP ratio 20% / ROE c.15% Accumulated NSSOL value added (FY25 ¥154.6bn) Reinvest economic value in people, technology and business to create greater social value Integrated Report 2026 Highlights
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 41. Growth Investment toward Vision 2030 Pro㉀t growth and next growth base in parallel: invest → implement → monetize 47 2025–2027 Invest & build 2027–2030 Implement & commercialize Early 2030s Monetize & recover M&A ¥150bn over 3 years | Infocom, etc. Acquire & PMI Acquire businesses & capabilities Investment / PMI Expand synergies Profit contribution / deals Payback IRR／ROIC Growth investment c.5% of revenue | AI & IT platforms Build technology & platforms AI, internal IT, PoC Productize & deploy Commercialize / orders / reuse Revenue model shift Revenue / GP / productivity Human capital investment Shift to social-value-creating talent Hire, develop, reward Build capability & capacity Talent / skills Redeploy & upskill Advanced talent ratio / utilization Sustainable growth Value added per employee Investment | INPUT Implementation | LEADING KPI Monetization | FINANCIAL OUTCOME Source: 2025–2027 MTP; Integrated Report 2026 pp.9–1 2, 19–22. Integrated Report 2026 Highlights
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 42. NSSOL GenAI Results: Progress since Q1 48 From "using AI" to "scaling results": hours saved c.1.9x, AI agents in daily use, Anthropic partnership Internal practice SI projects & development Recent releases & cases Hours saved (company-wide, per month) 123,900 hours 235,236 hours 774 → 1,470 man-months equivalent Near-daily users 48 % 64.5 % 2–3+ days/week: 73% → 84% AI agents 2,107 users (32% of employees) • Company-wide survey Aug 2026: 6,624 responses (87%) • NSSOLAS Dify expansion, Copilot Studio rollout, company-wide training GenAI adoption rate Over 50% sustained; moving to AI-driven dev Tools used in development Sharp rise in Claude / Claude Code use Third after M365 Copilot and NSSOLAS; Anthropic partnership in Sep Productivity cases Requirements +36%, build +45% • NSDevia AI-driven dev platform rolled out company-w ide (design/test documentation) • Embedding "2x productivity as the norm" in standar d processes 2026/9 Strategic partnership with Anthropic First among Japan's user-affiliated SIers; AI agent platform and legacy modernization with the steel shop floor as Client Zero 2026/8 Alli Coworker vibe-coding PF launched Extending AI-driven development to customers' in- house teams 2026/6 AI Agents × Financial Transactions working group launched DID/VC consortium; joint research on AI agents in financial transactions Internal practice × SI delivery × customer transformation: know-how honed in-house flows into customer transformation and our own productivity (T-model) Source: NSSOL AI SURVEY 2026 (Aug 2026, 6,624 responses); hours-saved calculation differs from the prior survey due to finer response options
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 43. Transformation Progress: COREPEAK, AI, Operations Offerings, AI and operations transformations raise confidence in the ¥60bn OP target Offering brand c.¥10bn FY2026 new business target • Rolled out in Apr 2026 • Transformation scenarios × offering blocks, from concept to implementation • Toward c.¥10bn of new business this year AI-driven Technology acquisition & application +20% FY2027 dev productivity target • Proven productivity gains from AI-driven development • Rolling out with the Anthropic partnership • Faster adoption in small projects toward +20% in FY27 Internal operations Internal operations & management +30% FY2026 back-office target • Consolidate and standardize back-office functions • Redesign processes through management system renewal • FY2025 SG&A up ¥14.4bn, mainly Infocom (+¥9.9bn) and front-loaded MTP initiatives Source: FY2025 results presentation (Apr 2026); COREPEAK launch press release (Apr 8, 2026) 49
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Copyright ©2026 NS Solutions Corporation. All Rights Reserved. Copyright © 2026 NS Solutions Corporation. All Rights Reserved. This document is not a disclosure document under the Financial Instruments and Exchange Act, and its accuracy and completeness are not guaranteed. Forward- looking statements are based on information available at the time of disclosure and involve uncertainties. Please do not make investment decisions based solely on this document. NS Solutions assumes no responsibility for any damage arising from its use. This document includes registered trademarks, service names and product names of NS Solutions and other companies. 50 Starting with business transformation, toward a sustainable future
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Copyright © 2026 NS Solutions Corporation. All Rights Reserved. 44. Glossary: IT Terms and NSSOL Abbreviations 51 Meaning Term T (SI Transformation), A (Asset Driven), M (Multi Company Platform): NSSOL's three non-conventional revenue models TAM Next-gen SI with GenAI built in; high-productivity custom development and operations T model Asset-based model: NSSOL's own assets (products, templates) deployed across customers A model Platform model: platforms shared by multiple companies, operated by NSSOL M model Company-wide offering brand launched Apr 2026; transformation scenarios × offering blocks COREPEAK Reusable solution asset combined to deliver from concept to implementation Offering block Nippon Steel and NSSOL as the first users of our own solutions before offering them to customers Client Zero Forward Deployed Engineer: works inside customer operations from concept through implementation, and feeds insights back to create new assets FDE Understanding, redesigning and embedding AI in business operations; NSSOL's AI-era strength Business design capability Structured domain knowledge (goals, criteria, constraints) that lets AI judge correctly Context asset NSSOL's standard IT service platform (c.35 services)Nestorium NSSOL incident response retainer service (launched Nov 2025) NSSIRIUS NSSOL AI-driven development platform / development support service NSDevia / NS DevCompass NSSOL's internal GenAI service NSSOLAS Nippon Steel Corporation (parent) / Infocom (consolidated from FY2025 Q2) NSC / IFC Business Solutions / Consulting & Digital Service (reporting segments) BS / C&DS Platformer (customer segment) or platform PF Meaning Term Mid-Term Plan (2025–2027) MTP Operating profit / gross profit / selling, general and administrative expenses OP / GP / SG&A Forecast / estimate Outlook / est. Year on year YoY Post-merger integration PMI Purchase price allocation (amortization of acquired intangibles) PPA Cash conversion cycle / days sales outstanding CCC / DSO System integrator SIer Information technology / operational technology (plant and equipment systems) IT / OT Enterprise resource planning / manufacturing executio n / product lifecycle / maintenance management systems ERP / MES / PLM / CMMS ERP core without a fixed UI, accessed via APIs and AI agents Headless ERP Generative AI / large language model GenAI / LLM AI that plans and executes tasks autonomously using tools and data AI agent Building applications by natural-language instructions to AI Vibe coding Formal definitions of concepts and their relationships so systems share the same meaning Ontology / semantics Security information and event management / extended detection and response / Security Account Manager SIEM / XDR / SAM US cybersecurity framework / observe-orient-decide-act / plan-do-check-act NIST CSF / OODA / PDCA Decentralized identifiers / verifiable credentials (digital identity standards) DID / VC National Police Agency (Japan) NPA Billion yen; all amounts in this document are shown in ¥bn (1 billion yen = 10 oku-yen) ¥bn