Interim report
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Copyright (C) 2026 NS Solutions Corporation, All rights reserved. Consolidated Financial Results for the Six Months Ended September 30, 2026 (Under IFRS) November 2, 2026 Company name: NS Solutions Corporation Listing: Tokyo Stock Exchange, Nagoya Stock Exchange, and Fukuoka Stock Exchange Securities code: 2327 URL: https://www.nssol.nipponsteel.com Representative: Kazuhiko Tamaoki, Representative Director & President Inquiries: Hideki Miyake, Director, Accounting & Finance Department Telephone: +81–3–6899–6000 Scheduled date of filing semi-annual securities report: November 10, 2026 Scheduled date of commencing dividend payments: December 1, 2026 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for analysts) (Amounts of less than one million yen are rounded down.) 1. Consolidated Financial Results for the Six Months Ended September 30, 2026 (April 1, 2026 to September 30, 2026) (1) Consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.) Revenue Operating profit Profit before tax Profit attributable to owners of parent Six months ended Million yen % Million yen % Million yen % Million yen % September 30, 2026 198,978 11.6 23,209 27.0 23,728 25.9 14,857 23.7 September 30, 2025 178,375 13.9 18,272 0.8 18,848 3.8 12,007 (1.5) Total comprehensive income Basic earnings per share Diluted earnings per share Six months ended Million yen % Yen Yen September 30, 2026 15,790 28.3 81.19 – September 30, 2025 12,309 (54.2) 65.62 – (2) Consolidated Financial Position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of Million yen Million yen Million yen % September 30, 2026 433,850 295,659 285,988 65.9 March 31, 2026 417,584 288,808 279,203 66.9 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.
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Copyright (C) 2026 NS Solutions Corporation, All rights reserved. 2. Cash Dividends Annual dividends 1st quarter-end 2nd quarter-end 3rd quarter-end Year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026 – 40.00 – 45.00 85.00 Fiscal year ending March 31, 2027 – 44.50 Fiscal year ending March 31, 2027 (Forecast) – 44.50 89.00 (Note) Revision to the forecast for dividends announced most recently: Yes 3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2027 (April 1, 2026 to March 31, 2027) (% indicates changes from the previous corresponding period.) Revenue Operating profit Profit before tax Profit attributable to owners of parent Basic earnings per share Million yen % Million yen % Million yen % Million yen % Yen Full year 419,000 9.9 49,000 10.8 49,800 10.0 32,400 5.1 177.06 (Note) Revision to the financial results forecast announced most recently: Yes
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Copyright (C) 2026 NS Solutions Corporation, All rights reserved. * Notes: (1) Significant changes in the scope of consolidation during the period: None Newly included: None Excluded: None (2) Changes in accounting policies and changes in accounting estimates 1) Changes in accounting policies required by IFRS: None 2) Changes in accounting policies other than 1) above: None 3) Changes in accounting estimates: None (3) Total number of issued shares (common stock) 1) Total number of issued shares at the end of the period (including treasury shares): As of September 30, 2026: 183,002,000 shares As of March 31, 2026: 183,002,000 shares 2) Total number of treasury shares at the end of the period: As of September 30, 2026: 8,786 shares As of March 31, 2026: 20,595 shares 3) Average number of shares outstanding during the period: Six months ended September 30, 2026: 182,986,311 shares Six months ended September 30, 2025: 182,977,157 shares * This semi-annual consolidated financial results report is exempt from the review conducted by certified public accountants or an audit firm. * Explanation of the proper use of financial results forecast and other notes ⚫ The forecasts stated above are based on information available as of the date of publication of this document. Actual results may differ from these forecasts due to a wide range of factors hereafter.
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1 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. Table of Contents – Attachments 1. Qualitative Information on Semi-annual Financial Results ................................................................................ 2 (1) Operating Results ........................................................................................................................................... 2 (2) Financial Position ........................................................................................................................................... 3 (3) Consolidated Financial Results Forecast and Other Forward-looking Information ....................................... 5 2. Condensed Semi-annual Consolidated Financial Statements and Primary Notes .............................................. 6 (1) Condensed Semi-annual Consolidated Statements of Financial Position ...................................................... 6 (2) Condensed Semi-annual Consolidated Statements of Profit or Loss and Condensed Semi–annual Consolidated Statements of Comprehensive Income ..................................................................................... 8 (3) Condensed Semi-annual Consolidated Statements of Changes in Equity .................................................... 10 (4) Condensed Semi-annual Consolidated Statements of Cash Flows ............................................................... 12 (5) Notes to Condensed Semi-annual Consolidated Financial Statements ........................................................ 13 Going concern assumption ...................................................................................................................... 13 Segment information, etc. ....................................................................................................................... 13
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2 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. 1. Qualitative Information on Semi-annual Financial Results (1) Operating Results Analysis of operating results During the six months ended September 30, 2026, the Japanese economy continued its moderate recovery, and corporate earnings remained robust overall. Meanwhile, uncertainty regarding the future continued to prevail, due to instability in the global situation centered in the Middle East, as well as the effects of natural disasters and rising prices. In the business environment surrounding NS Solutions Corporation (hereinafter, the “Company,” and the Company and its subsidiaries are collectively referred to as the “Group”), demand for business transformation, productivity improvements, and the creation of new business value through the use of AI , particularly generative AI, remained at high levels. System investments by our client companies have also generally been robust. However, some companies are showing a tendency to be more selective with their investments due to factors such as uncertainty about the future. Based on the 2025–2027 Mid-term Business Plan (published in February 2025) to realize the NSSOL 2030 Vision (announced in April 2024 ), the Group is promoting various measures centering on four fundamental transformations—transforming our SI business model, transforming our customer approach, transforming technology and R&D, and transforming in-house operations and management. To advance these transformations, we are further strengthening our use of AI, and in September of this year, we entered into a strategic partnership agreement with Anthropic , PBC. By combining Anthropic ’s state-of- the-art AI technology with our business expertise and system development capabilities, we are working to create new value that supports our clients’ business transformation and enhanced competitiveness. At the same time, we are actively utilizing Anthropic’s AI technology within our Group to improve operational productivity, including the advancement of our development processes. Additionally, we developed and launched new solutions and services by converting our proprietary expertise and know-how into assets and incorporating AI. For example, we began to offer "NSRelato," a comprehensive CX (Customer Experience) and contact center support service that elevates customer interactions and improves operational productivity, and "Alli Coworker," a vibe coding platform that enables users to rapidly build business applications and AI agents using natural language prompts. Furthermore, by utilizing "Corepeak," our brand that supports corporate transformation, which was launched in April of this year, we are expanding our proposal activities grounded in transformation scenarios, enhancing industry-specific offerings, and rolling out key initiatives such as AI-Ready data foundations, while providing end-to-end support, from the formulation of corporate transformation strategies to implementation and adoption, to drive our clients’ efforts toward achieving transformation. In addition to these efforts, w e also pursued external growth strategies through M&As and other initiatives, resulting in B -Prost Co., Ltd., which is mainly engaged in the development of core systems for non –life insurance companies, becoming a group company in May of this year . We will pursue integrated business operations with the company as a member of the Group. In July, we entered into a capital and business alliance agreement with iAuto Co., Ltd., which is engaged in the development of intelligent systems for automobiles to create new value in the field of SDV (Software Defined Vehicles) / AIDV (AI Defined Vehicles). As a result of these efforts, revenue for the six months ended September 30, 2026 amounted to 198,978 million
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3 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. yen, an increase of 20,603 million yen compared to 178,375 million yen for the same period of the previous fiscal year. This was due mainly to strong performances in the Business Solutions and the Consulting & Digital Service fields, as well as the impact of consolidating INFOCOM CORPORATION in July 2025 . Operating profit came in at 23,209 million yen, an increase of 4,937 million yen compared to 18,272 million yen for the same period of the previous fiscal year. This was due to increased gross profit resulting from an improvement in profitability, in addition to higher revenue, despite increased selling, general and administrative expenses as a result of executing various measures under the Mid-term Business Plan. An overview of the six months ended September 30, 202 6 by service field (Business Solutions and Consulting & Digital Service) is as follows. Business Solutions Revenue for the six months ended September 30, 2026 amounted to 143,404 million yen, an increase of 8,332 million yen compared to 135,072 million yen for the same period of the previous fiscal year, partly due to the impact of consolidating INFOCOM CORPORATION in July 2025, in addition to strong performances in the Manufacturing and the Financial Services fields. Manufacturing, Nippon Steel Group field Revenue from this field increased year on year due to the steady performance of projects in the manufacturing field such as automobiles, chemical materials, food, and railways , in addition to the impact of consolidating INFOCOM CORPORATION in July 2025, despite a decrease in revenue from Nippon Steel Group field. Retail and Platform field Revenue from this field decreased year on year due to a decrease in sales, mainly in the retail and information services fields. Financial Services field Revenue from this field increased year on year due to revenue mainly at Group companies(including newly consolidated companies). Consulting & Digital Service Revenue for the six months ended September 30, 2026 amounted to 55,574 million yen, an increase of 12,271 million yen compared to 43,302 million yen for the same period of the previous fiscal year, due to a significant contribution from large-scale projects in the defense field. . (2) Financial Position 1) Analysis of financial position Total assets at the end of the six months ended September 30, 2026 amounted to 433,850 million yen, an increase of 16,265 million yen compared to 417,584 million yen at the end of the previous fiscal year. This was mainly due to increases of 18,569 million yen in cash and cash equivalents and 9,027 million yen in contract assets, partly offset by a decrease of 12,552 million yen in other current assets.
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4 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. Total liabilities at the end of the six months ended September 30, 2026 amounted to 138,190 million yen, an increase of 9,415 million yen compared to 128,775 million yen at the end of the previous fiscal year. This was mainly due to increases of 5,772 million yen in income taxes payable and 5,007 million yen in lease liabilities, partly offset by a decrease of 2,621 million yen in other current liabilities. Total equity at the end of the six months ended September 30, 2026 amounted to 295,659 million yen, an increase of 6,850 million yen compared to 288,808 million yen at the end of the previous fiscal year. The breakdown mainly includes 15,589 million yen of profit and 8,234 million yen of dividends paid. As a result, the ratio of equity attributable to owners of parent to total assets was 65.9%. 2) Cash flows Statements of cash flows Cash and cash equivalents at the end of the six months ended September 30, 2026 increased by 18,569 million yen from the end of the previous fiscal year to 127,368 million yen. Cash flows by activity type are as follows. i) Cash flows from operating activities Cash flows from operating activities for the six months ended September 30, 2026 resulted in an increase of 31,235 million yen in cash and cash equivalents, mainly attributable to profit before tax. Compared to the same period of the previous fiscal year, net cash inflow increased by 43,534 million yen, due mainly to an income taxes refund. ii) Cash flows from investing activities Cash flows from investing activities for the six months ended September 30, 2026 resulted in a decrease of 50 million yen in cash and cash equivalents, due to purchase of property, plant and equipment, and intangible assets, proceeds from sale and redemption of other financial assets, and other factors. Compared to the same period of the previous fiscal year, net cash outflow decreased by 56,665 million yen, due mainly to a decrease in payments for acquisition of shares of affiliated companies resulting in change in scope of consolidation. iii) Cash flows from financing activities Cash flows from financing activities for the six months ended September 30, 2026 resulted in a decrease of 12,632 million yen in cash and cash equivalents, due to dividends paid and other factors. Compared to the same period of the previous fiscal year, net cash outflow increased by 1,883 million yen, due mainly to an increase in dividends paid. Information on capital resources and liquidity of funds i) Basic policy The Group believes that it is important to continuously maintain and strengthen its competitiveness and increase its corporate value into the future. Therefore, we seek to maintain sufficient internal reserves to prepare for capital requirements for business growth and business risks such as wide-area disasters. The capital requirements include those for initiatives to achieve further profitability through business model transformation, focus on IT megatrends to achieve higher-than-market growth, make aggressive growth investments, pursue external growth through M&A, and enhance governance and shareholder value . At the same time, regarding profit distribution, our basic policy is to implement appropriate and stable distribution of dividends to shareholders.
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5 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. We aim for a consolidated dividend payout ratio of 50%, with a focus on returning profits to shareholders in line with consolidated performance. ii) Capital requirements and financing Major capital requirements of the Group include operating expenses such as material costs, outsourcing costs, labor costs, overhead costs, and selling, general and administrative expenses , as well as capital expenditures and investments for external growth. Those capital requirements are satisfied by own funds. As for working capital on hand, the Company concentrates surplus funds from subsidiaries in the Company for centralized management by implementing the cash management system (CMS) and also having certain of its domestic subsidiaries implement the same system. Note that the Company’s CMS is administered by Nippon Steel Corporation with 114,451 million yen deposited in the system as of September 30, 2026, being presented as part of cash and cash equivalents. For unexpected capital requirements, the Company has overdraft arrangements with major banks and Nippon Steel Corporation, its parent company, to prepare for liquidity risks. (3) Consolidated Financial Results Forecast and Other Forward-looking Information The following revisions have been made to the consolidated financial results forecast for the fiscal year ending March 31, 2027, announced on July 30, 2026, as profit is expected to increase compared to the most recent forecast. Revised forecast of the consolidated financial results for the full year of the fiscal year ending March 31, 2027 (April 1, 2026 to March 31, 2027) Revenue Operating profit Profit before tax Profit attributable to owners of parent Basic earnings per share Million yen Million yen Million yen Million yen Yen Previously announced forecast (A) 419,000 48,500 49,300 32,300 176.52 Revised forecast (B) 419,000 49,000 49,800 32,400 177.06 Differences (B−A) － 500 500 100 0.54 Change (%) － 1.0% 1.0% 0.3% 0.3% (Reference) Results of the previous fiscal year ended March 31, 2026 381,340 44,242 45,286 30,832 168.50 The forecasts stated above are based on information available as of the date of publication of this document. Actual results may differ from these forecasts due to a wide range of factors hereafter.
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6 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. 2. Condensed Semi-annual Consolidated Financial Statements and Primary Notes (1) Condensed Semi-annual Consolidated Statements of Financial Position (Millions of yen) As of March 31, 2026 As of September 30, 2026 Assets Current assets Cash and cash equivalents 108,798 127,368 Trade and other receivables 73,515 70,058 Contract assets 31,341 40,369 Inventories 32,973 35,565 Other financial assets 9,946 7,934 Other current assets 18,443 5,891 Assets held for sale – 423 Total current assets 275,018 287,610 Non-current assets Property, plant and equipment 16,235 16,056 Right-of-use assets 25,178 30,226 Goodwill 31,823 32,567 Intangible assets 32,580 33,133 Investments accounted for using equity method 223 240 Other financial assets 24,515 22,163 Retirement benefit asset 566 500 Deferred tax assets 11,134 11,156 Other non-current assets 306 194 Total non-current assets 142,565 146,239 Total assets 417,584 433,850
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7 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. (Millions of yen) As of March 31, 2026 As of September 30, 2026 Liabilities Current liabilities Trade and other payables 31,517 31,357 Contract liabilities 30,878 31,715 Lease liabilities 6,209 6,181 Other financial liabilities 740 750 Income taxes payable 3,370 9,142 Provisions 1,362 1,367 Other current liabilities 19,258 16,636 Total current liabilities 93,338 97,153 Non-current liabilities Lease liabilities 18,940 23,976 Other financial liabilities 102 47 Retirement benefit liability 4,784 4,945 Provisions 3,051 3,886 Deferred tax liabilities 7,232 6,931 Other non-current liabilities 1,325 1,249 Total non-current liabilities 35,437 41,037 Total liabilities 128,775 138,190 Equity Share capital 12,952 12,952 Capital surplus 3,653 3,601 Retained earnings 260,216 266,840 Treasury shares (47) (20) Other components of equity 2,427 2,613 Total equity attributable to owners of parent 279,203 285,988 Non-controlling interests 9,605 9,670 Total equity 288,808 295,659 Total liabilities and equity 417,584 433,850
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8 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. (2) Condensed Semi-annual Consolidated Statements of Profit or Loss and Condensed Semi-annual Consolidated Statements of Comprehensive Income Condensed Semi-annual Consolidated Statements of Profit or Loss Six months ended September 30, 2025 and 2026 (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2026 Revenue 178,375 198,978 Cost of sales (132,242) (145,104) Gross profit 46,132 53,873 Selling, general and administrative expenses (28,042) (30,819) Share of profit (loss) of investments accounted for using equity method 15 16 Other income 253 224 Other expenses (87) (86) Operating profit 18,272 23,209 Finance income 692 795 Finance costs (116) (275) Profit before tax 18,848 23,728 Income tax expense (6,232) (8,138) Profit 12,616 15,589 Profit attributable to Owners of parent 12,007 14,857 Non-controlling interests 608 732 Earnings per share Basic earnings per share (yen) 65.62 81.19
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9 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. Condensed Semi-annual Consolidated Statements of Comprehensive Income Six months ended September 30, 2025 and 2026 (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2026 Profit 12,616 15,589 Other comprehensive income, net of tax effect Items that will not be reclassified to profit or loss Remeasurement of net defined benefit liability (asset) 4 (0) Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income 107 56 Total of items that will not be reclassified to profit or loss 112 55 Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (419) 145 Total of items that may be reclassified to profit or loss (419) 145 Total other comprehensive income, net of tax effect (306) 200 Comprehensive income 12,309 15,790 Comprehensive income attributable to Owners of parent 11,709 15,044 Non-controlling interests 599 745
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10 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. (3) Condensed Semi-annual Consolidated Statements of Changes in Equity Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025) (Millions of yen) Equity attributable to owners of parent Share capital Capital surplus Retained earnings Treasury shares Other components of equity Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income Remeasurement of net defined benefit liability (asset) Balance at beginning of period 12,952 3,642 242,900 (63) 568 – Profit – – 12,007 – – – Other comprehensive income – – – – 107 4 Comprehensive income – – 12,007 – 107 4 Dividends of surplus – – (6,861) – – – Purchase of treasury shares – – – – – – Share-based payment transactions – (7) – 16 – – Transfer from other components of equity to retained earnings – – (3) – 7 (4) Change by business combination – – – – – – Total transactions with owners – (7) (6,865) 16 7 (4) Balance at end of period 12,952 3,635 248,042 (47) 684 – Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Exchange differences on translation of foreign operations Total Balance at beginning of period 1,173 1,741 261,173 8,641 269,815 Profit – – 12,007 608 12,616 Other comprehensive income (409) (297) (297) (9) (306) Comprehensive income (409) (297) 11,709 599 12,309 Dividends of surplus – – (6,861) (410) (7,271) Purchase of treasury shares – – – – – Share-based payment transactions – – 9 – 9 Transfer from other components of equity to retained earnings – 3 – – – Change by business combination – – – 78 78 Total transactions with owners – 3 (6,852) (331) (7,184) Balance at end of period 764 1,448 266,031 8,908 274,940
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11 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. Six months ended September 30, 2026 (April 1, 2026 to September 30, 2026) (Millions of yen) Equity attributable to owners of parent Share capital Capital surplus Retained earnings Treasury shares Other components of equity Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income Remeasurement of net defined benefit liability (asset) Balance at beginning of period 12,952 3,653 260,216 (47) 960 – Profit – – 14,857 – – – Other comprehensive income – – – – 56 (0) Comprehensive income – – 14,857 – 56 (0) Dividends of surplus – – (8,234) – – – Purchase of treasury shares – – – (0) – – Share-based payment transactions – (12) – 27 – – Transfer from other components of equity to retained earnings – – 1 – (2) 0 Change by business combination – – – – – – Changes in ownership interest in subsidiaries – (39) – – – – Total transactions with owners – (51) (8,232) 26 (2) 0 Balance at end of period 12,952 3,601 266,840 (20) 1,014 – Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Exchange differences on translation of foreign operations Total Balance at beginning of period 1,467 2,427 279,203 9,605 288,808 Profit – – 14,857 732 15,589 Other comprehensive income 131 187 187 13 200 Comprehensive income 131 187 15,044 745 15,790 Dividends of surplus – – (8,234) (512) (8,747) Purchase of treasury shares – – (0) – (0) Share-based payment transactions – – 15 – 15 Transfer from other components of equity to retained earnings – (1) – – – Change by business combination – – – (189) (189) Changes in ownership interest in subsidiaries – – (39) 22 (17) Total transactions with owners – (1) (8,259) (680) (8,939) Balance at end of period 1,599 2,613 285,988 9,670 295,659
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12 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. (4) Condensed Semi-annual Consolidated Statements of Cash Flows (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2026 Cash flows from operating activities Profit before tax 18,848 23,728 Depreciation and amortization 6,367 7,075 Impairment losses – 147 Interest income (573) (704) Dividend income (63) (91) Interest expenses 98 99 Share of loss (profit) of investments accounted for using equity method (15) (16) Decrease (increase) in trade and other receivables 10,315 3,659 Decrease (increase) in contract assets (8,253) (9,033) Decrease (increase) in inventories (882) (2,512) Increase (decrease) in trade and other payables (3,336) 1,036 Increase (decrease) in bonus payable 350 (1,144) Increase (decrease) in consumption tax payable etc. (838) (1,521) Other 495 642 Subtotal 22,512 21,364 Interest received 606 723 Dividends received 63 65 Interest paid (111) (99) Payment of settlement (5,000) – Income taxes refund (paid) (30,369) 9,180 Net cash provided by (used in) operating activities (12,299) 31,235 Cash flows from investing activities Payments into time deposits (495) (495) Proceeds from withdrawal of time deposits 400 537 Purchase of property, plant and equipment, and intangible assets (1,691) (4,391) Purchase of other financial assets (547) (760) Proceeds from sale and redemption of other financial assets 138 5,219 Payments for acquisition of shares of affiliated companies resulting in change in scope of consolidation (54,397) – Other (124) (160) Net cash provided by (used in) investing activities (56,716) (50) Cash flows from financing activities Repayments of lease liabilities (3,472) (3,485) Dividends paid (6,861) (8,234) Dividends paid to non-controlling interests (410) (512) Other (5) (400) Net cash provided by (used in) financing activities (10,749) (12,632) Effect of exchange rate changes on cash and cash equivalents (238) 17 Net increase (decrease) in cash and cash equivalents (80,003) 18,569 Cash and cash equivalents at beginning of period 192,931 108,798 Cash and cash equivalents at end of period 112,927 127,368
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13 Copyright (C) 2026 NS Solutions Corporation, All rights reserved. (5) Notes to Condensed Semi-annual Consolidated Financial Statements Going concern assumption Not applicable. Segment information, etc. A reportable segment is a component of the Group for which discrete financial information is available, and which is subject to regular review by the Board of Directors to make decisions about the allocation of management resources and assess its performance. The Company and its consolidated subsidiaries operate in a single business segment, which is the information services business. This segment provides comprehensive services such as information systems planning, software development, hardware and equipment selection, and system operation and maintenance. Consequently, no segmentation breakdown is available. Thus, segment information is omitted.