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Presentation for Investors 2Q FY2025 (April 1, 2025 - September 30, 2025) Financial Results Presented by DAIMON Hideki Director, Senior Executive Vice President & CFO November 10, 2025 Translation of presentation materials for the conference call held on November 10, 2025
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2 01 1H FY2025 Financial Results P3 02 FY2025 Outlook P8 03 Segment Performance P18 04 ESG Topics P46 05 Appendix P51 C o n t e n t s
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3 01 1H FY2025 Financial Results P3C o n t e n t s
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4 1H FY2025 Financial Summary 1H vs. 1H FY2024 ◼ Sales up ¥11.9 billion (+10%) ◼ OP up ¥1.3 billion (+4%) ◼ Net Income up ¥2.3 billion (+11%) 1H vs. 1H Outlook as of May 2025 ◼ Sales above target ¥8.2 billion ◼ OP above target ¥1.3 billion ◼ Net Income above target ¥2.2 billion Shareholder Returns ◼ Dividend 1H ¥70/share (same as 1H FY2024) ◼ Share Repurchase 1H a ¥6.5 billion completed （1,434 thousand shares） Revision of Outlook ◼ Revised upward FY2025 Outlook announced in May 2025 (see p9）
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5 1H FY2025 Financial Summary YOY Change (¥billion) 1. Net Income = Profit Attributable to Owners of Parent 2. EBITDA = Operating Profit + Depreciation and amortization FY2024 Actual FY2025 Actual YOY Change 1Q 2Q 1H 1Q 2Q 1H 1Q 2Q 1H Sales 58.7 59.5 118.2 69.9 60.2 130.1 +11.2 +0.7 +11.9 (+10%) Operating Profit 14.4 13.9 28.3 18.1 11.5 29.6 +3.7 -2.4 +1.3 (+4%) Non-Operating Income/Expenses 1.6 -2.0 -0.4 0.0 +0.2 +0.2 -1.6 +2.2 +0.6 Foreign exchange Gains/Losses 1.3 -2.1 -0.8 -0.7 +0.3 -0.4 -2.0 +2.4 +0.4 Ordinary Income 16.0 11.9 27.9 18.1 11.7 29.8 +2.1 -0.2 +1.9 (+7%) Extraordinary Income/Losses 0.0 0.8 0.8 0.0 0.0 0.0 0.0 -0.8 -0.8 Net Income1 11.6 8.9 20.5 13.9 8.9 22.8 +2.3 0.0 +2.3 (+11%) EBITDA2 18.0 16.5 34.5 21.4 15.2 36.6 +3.4 -1.3 +2.1 EPS (¥/share) 83.78 65.00 148.78 102.20 66.25 168.45 +18.42 +1.25 +19.67 Dividend (¥/share) - - 70 - - 70 - - 0 Total amount of Dividend - - 9.6 - - 9.4 - - -0.2 OP Margin 24.6% 23.4% 24.0% 25.9% 19.1% 22.8% +1.3pt -4.3pt -1.2pt FX Rate (¥/$) 156 150 153 145 147 146 - - -
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6 1H FY2025 Financial Summary Compared to Outlook (¥billion) 1. Net Income = Profit Attributable to Owners of Parent 2. EBITDA = Operating Profit + Depreciation and amortization FY2025 Outlook as of May 2025 FY2025 Actual vs. Outlook 1Q 2Q 1H 1Q 2Q 1H 1Q 2Q 1H Sales 65.0 56.9 121.9 69.9 60.2 130.1 +4.9 +3.3 +8.2 (+7%) Operating Profit 17.1 11.2 28.3 18.1 11.5 29.6 +1.0 +0.3 +1.3 (+5%) Non-Operating Income/Expenses -0.6 -0.6 -1.2 0.0 +0.2 +0.2 +0.6 +0.8 +1.4 Foreign exchange Gains/Losses -1.4 0.0 -1.4 -0.7 +0.3 -0.4 +0.7 +0.3 +1.0 Ordinary Income 16.5 10.6 27.1 18.1 11.7 29.8 +1.6 +1.1 +2.7 (+10%) Extraordinary Income/Losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Income1 12.2 8.4 20.6 13.9 8.9 22.8 +1.7 +0.5 +2.2 (+11%) EBITDA2 - - 35.3 21.4 15.2 36.6 - - +1.3 EPS (¥/share) - - 152.52 102.20 66.25 168.45 - - +15.93 Dividend (¥/share) - - 70 - - 70 - - 0 Total amount of Dividend - - 9.5 - - 9.4 - - -0.1 OP Margin 26.3% 19.7% 23.2% 25.9% 19.1% 22.8% -0.4pt -0.6pt -0.4pt FX Rate (¥/$) 145 145 145 145 147 146 - - -
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7 Analysis of Changes in OP FY2025 Actual FY2024 Actual YOY Change Outlook as of May 2025 vs. Outlook 29.6billion +1.3 billion（+4%） +1.3billion 1H Chemicals vs. Outlook -0.3 billion YOY Change +0.2 billion OP increase due to sales increase in Fine Chemicals and Basic Chemicals OP decrease due to sales decrease in Basic Chemicals despite sales increase in Fine Chemicals Agro OP decrease due to fixed cost etc.1 up despite sales increase in LEIMAY, ALTAIR and etc. OP increase due to sales increase in LEIMAY, ALTAIR and etc.vs. Outlook +0.3 billion YOY Change -2.4 billion Healthcare OP decrease due to sales decrease in Custom Chemicals OP increase due to sales increase in Custom Chemicalsvs. Outlook +0.2 billion YOY Change -0.6 billion 28.3billion （¥） Performance Materials OP increase due to sales increase in Semis Materials, Display Materials and Inorganic Materials OP increase due to sales increase in Semis Materials, Display Materials and Inorganic Materials vs. Outlook +1.1 billion YOY Change +2.9 billion 28.3 billion 1. Fixed cost etc.: including inventory adjustment cost
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8 02 FY2025 Outlook P8 C o n t e n t s
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9 Summary of FY2025 Outlook Full-Year vs. FY2024 ◼ Sales up ¥20.8 billion (+8%) ◼ OP up ¥2.2 billion (+4%), Net Income up ¥1.0 billion (+2%) ◼ EPS Outlook +5%, ROE Outlook for FY2025 18.5% Dividend ¥180/share (Full-Year) 1H ¥70/share, 2H ¥110/share (Dividend Payout Ratio : 54.8%) 【vs. FY2024】 up ¥6/share 【vs. Outlook as of May 2025】 】 up ¥4/share Share Repurchase ¥10.5 billion ¥1.5 billion (Announced in March 2025, Completed in April 2025) ¥9.0 billion (Announced in May 2025, Completed a ¥5.0 billion until August 2025, Planned a ¥4.0 billion until March 2026) (FY2024 actual: ¥11.5 billion, 2.3 million shares) Share Cancellation Cancelled 1 million shares in November 2025 Total Payout Ratio Outlook 78.8% Mid-Term Plan Target Total Payout Ratio Target: 75% or more, Dividend Payout Ratio Target: 55% or more ▍FY2025 Full-Year Outlook Full-Year vs. Outlook as of May 2025 ◼ Sales above target ¥10.0 billion ◼ OP above target ¥1.4 billion, Net Income above target ¥0.9 billion ▍Shareholders Return (Full-Year Outlook) ◼ Annual dividend: ¥180/share (up ¥4/share from May 2025) ◼ ¥10.5 billion share repurchase planned (Completed a ¥6.5 billion, Planned a ¥4.0 billion until March 2026) 2H vs. 2H FY2024 ◼ Sales up ¥8.9 billion (+7%) ◼ OP up ¥0.9 billion (+3%) ◼ Net Income down ¥1.3 billion (-6%) (Foreign exchange gains/losses (Non-Operating Income/Expenses) down ¥2.2 billion1) OP was revised upward to ¥59.0 billion (record-high) from the outlook of ¥57.6 billion announced in May 2025 2H vs. Outlook as of May 2025 ◼ Sales above target ¥1.8 billion ◼ OP above target ¥0.1 billion, ◼ Net Income below target ¥1.3 billion (Foreign exchange gains/losses (Non-Operating Income/Expenses) below ¥1.6 billion1) 1. See p13, p14
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10 FY2025 Outlook Summary YOY Change (¥billion) 1. Net Income = Profit Attributable to Owners of Parent 2. EBITDA = Operating Profit + Depreciation and amortization FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 3Q 4Q 2H Total 1H Actual 3Q 4Q 2H Total 1H 3Q 4Q 2H Total Sales 118.2 56.6 76.6 133.2 251.4 130.1 59.5 82.6 142.1 272.2 +11.9 (+10%) +2.9 +6.0 +8.9 (+7%) +20.8 (+8%) Operating Profit 28.3 12.8 15.7 28.5 56.8 29.6 12.0 17.4 29.4 59.0 +1.3 (+4%) -0.8 +1.7 +0.9 (+3%) +2.2 (+4%) Non-Operating Income/Expenses -0.4 2.6 -1.0 1.6 1.2 0.2 -0.6 0.4 -0.2 0.0 +0.6 -3.2 +1.4 -1.8 -1.2 Foreign exchange Gains/Losses -0.8 1.8 -1.2 0.6 -0.2 -0.4 -0.8 -0.8 -1.6 -2.0 +0.4 -2.6 +0.4 -2.2 -1.8 Ordinary Income 27.9 15.4 14.7 30.1 58.0 29.8 11.4 17.8 29.2 59.0 +1.9 (+7%) -4.0 +3.1 -0.9 (-3%) +1.0 (+2%) Extraordinary Income/Losses 0.8 0.0 0.7 0.7 1.5 0.0 0.0 0.0 0.0 0.0 -0.8 0.0 -0.7 -0.7 -1.5 Net Income1 20.5 11.2 11.3 22.5 43.0 22.8 8.3 12.9 21.2 44.0 +2.3 (+11%) -2.9 +1.6 -1.3 (-6%) +1.0 (+2%) EBITDA2 34.5 16.7 20.0 36.7 71.2 36.6 - - 38.3 74.9 +2.1 - - +1.6 +3.7 EPS (¥/share) 148.78 81.49 82.99 164.48 313.26 168.45 - - 159.77 328.22 +19.67 - - -4.71 +14.96 (+5%) Dividend (¥/share) 70 - - 104 174 70 - - 110 180 0 - - +6 +6 Dividend Payout Ratio (%) - - - - 55.5% - - - - 54.8% - - - - -0.7pt Total amount of Dividend 9.6 - - 14.2 23.8 9.4 - - 14.8 24.2 -0.2 - - +0.6 +0.4 OP Margin 24.0% 22.5% 20.6% 21.4% 22.6% 22.8% 20.2% 21.1% 20.7% 21.7% -1.2pt -2.3pt +0.5pt -0.7pt -0.9pt ROE - - - - 18.7% - - - - 18.5% - - - - -0.2pt FX Rate (¥/$) 153 152 153 152 153 146 145 145 145 146 - - - - -
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11 FY2025 Outlook Summary Compared to Outlook as of May 2025 （¥billion） FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 121.9 140.3 262.2 130.1 142.1 272.2 +8.2 (+7%) +1.8 (+1%) +10.0 (+4%) Operating Profit 28.3 29.3 57.6 29.6 29.4 59.0 +1.3 (+5%) +0.1 (0%) +1.4 (+2%) Non-Operating Income/Expenses -1.2 0.9 -0.3 0.2 -0.2 0.0 +1.4 -1.1 +0.3 Foreign exchange Gains/Losses -1.4 0.0 -1.4 -0.4 -1.6 -2.0 +1.0 -1.6 -0.6 Ordinary Income 27.1 30.2 57.3 29.8 29.2 59.0 +2.7 (+10%) -1.0 (-3%) +1.7 (+3%) Extraordinary Income/Losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Income1 20.6 22.5 43.1 22.8 21.2 44.0 +2.2 (+11%) -1.3 (-6%) +0.9 (+2%) EBITDA2 35.3 38.0 73.3 36.6 38.3 74.9 +1.3 +0.3 +1.6 EPS (¥/share) 152.52 166.91 319.43 168.45 159.77 328.22 +15.93 -7.14 +8.79 Dividend (¥/share) 70 106 176 70 110 180 0 +4 +4 Dividend Payout Ratio (%) - - 55.1% - - 54.8% - - -0.3pt Total amount of Dividend 9.5 14.2 23.7 9.4 14.8 24.2 -0.1 +0.6 +0.5 OP Margin 23.2% 20.9% 22.0% 22.8% 20.7% 21.7% -0.4pt -0.2pt -0.3pt ROE - - 18.1% - - 18.5% - - +0.4pt FX Rate (¥/$) 145 145 145 146 145 146 - - - 1. Net Income = Profit Attributable to Owners of Parent 2. EBITDA = Operating Profit + Depreciation and amortization
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12 増 減 Analysis of Changes in OP 59.0billion 56.8billion OP slightly decrease due to fixed cost etc.1 up despite sales increase in Semis Materials and Inorganic Materials OP increase due to sales increase in Basic Chemicals OP increase due to sales increase in Fluralaner, GRACIA and VERDAD etc. Chemicals Performance Materials Agro Healthcare FY2025 Outlook as of Nov 2025 FY2024 Actual YOY Change Outlook as of May 2025 vs. Outlook 29.4 billion +0.9 billion（+3%） +1.4billion YOY Change +0.2 billion YOY Change -0.1 billion YOY Change +2.5 billion YOY Change +0.2billion 2H Full- Year Chemicals vs. Outlook -0.4 billion YOY Change +0.4 billion OP decrease due to sales decrease in Basic Chemicals despite sales increase in Fine Chemicals OP increase due to sales increase in Basic Chemicals and Fine Chemicals Agro OP slightly increase due to sales increase in Fluralaner, VERDAD, ALTAIR and GRACIA etc. despite fixed cost etc. up vs. Outlook +0.7 billion YOY Change +0.1 billion Healthcare OP decrease due to sales decrease in Custom Chemicals vs. Outlook +0.1 billion YOY Change -0.4 billion 28.5 billion （¥） FY2025 Outlook as of Nov 2025 FY2024 Actual YOY Change +2.2billion（+4%） Performance Materials OP increase due to sales increase in Semis Materials, Inorganic Materials and Display Materials OP increase due to sales increase in Semis Materials and Inorganic Materialsvs. Outlook +1.2 billion YOY Change +2.8 billion 57.6billion OP increase due to sales increase in in LEIMAY, VERDAD and ALTAIR etc. 1. Fixed cost etc.: including inventory adjustment cost OP increase due to fixed cost etc. down despite sales slightly decrease in LIVALO and Custom Chemicals OP slightly increase due to sales increase in LIVALO
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13 Breakdown of Non-Operating Income/Expenses and Extraordinary Income/Losses YoY Change FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 2H Total 1H Actual 2H Total 1H 2H Total Interest income, dividend income 0.59 1.35 1.94 1.17 1.20 2.37 +0.58 -0.15 +0.43 Equity in earnings of affiliates 0.14 0.92 1.06 0.16 0.86 1.02 +0.02 -0.06 -0.04 Foreign exchange gains/losses1 -0.83 0.68 -0.15 -0.45 -1.52 -1.97 +0.38 -2.20 -1.82 Interest expense -0.35 -0.30 -0.65 -0.22 -0.29 -0.51 +0.13 +0.01 +0.14 Loss on disposal of non- current assets, others 0.05 -1.06 -1.01 -0.46 -0.50 -0.96 -0.51 +0.56 +0.05 Non-Operating Income/Expenses -0.40 1.59 1.19 0.20 -0.25 -0.05 +0.60 -1.84 -1.24 Extraordinary Income 0.82 4.51 5.33 0.00 0.00 0.00 -0.82 -4.51 -5.33 Extraordinary Losses 0.00 -3.88 -3.88 0.00 0.00 0.00 0.00 +3.88 +3.88 Extraordinary Income/Losses 0.82 0.63 1.45 0.00 0.00 0.00 -0.82 -0.63 -1.45 1. FX Rate（¥/$）: 2024/3 151.40, 2024/9 142.82, 2025/3 149.53, 2025/6 144.82, 2025/9 148.89 （¥billion）
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14 FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Interest income, dividend income 0.75 1.16 1.91 1.17 1.20 2.37 +0.42 +0.04 +0.46 Equity in earnings of affiliates 0.37 0.73 1.10 0.16 0.86 1.02 -0.21 +0.13 -0.08 Foreign exchange gains/losses1 -1.40 0.00 -1.40 -0.45 -1.52 -1.97 +0.95 -1.52 -0.57 Interest expense -0.32 -0.29 -0.61 -0.22 -0.29 -0.51 +0.10 0.00 +0.10 Loss on disposal of non- current assets, others -0.57 -0.76 -1.33 -0.46 -0.50 -0.96 +0.11 +0.26 +0.37 Non-Operating Income/Expenses -1.17 +0.84 -0.33 0.20 -0.25 -0.05 +1.37 -1.09 +0.28 Extraordinary Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extraordinary Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extraordinary Income/Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 （¥billion） Breakdown of Non-Operating Income/Expenses and Extraordinary Income/Loss Compared to Outlook as of May 2025 1. FX Rate（¥/$）: 2024/3 151.40, 2024/9 142.82, 2025/3 149.53, 2025/6 144.82, 2025/9 148.89
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15 Cash Flows Free cash flow in FY2025 Outlook is ¥40.1 billion, a decrease of ¥1.5 billion from FY2024 1. Including amortization of goodwill 2. Including intangible assets FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H Total 1H Actual Total Total CF from operating activities 46.2 59.2 48.7 61.9 +2.7 Income before income taxes & non-controlling interests 28.8 59.5 29.8 59.0 -0.5 Extraordinary loss (income) -0.8 -1.5 0.0 0.0 +1.5 Depreciation & amortization1 6.2 14.4 7.0 15.9 +1.5 Income taxes paid -5.8 -12.6 -9.5 -17.8 -5.2 Working capital, others 17.8 -0.6 21.4 4.8 +5.4 CF from investing activities -7.1 -17.6 -8.1 -21.8 -4.2 Purchase of PPE2 -9.5 -17.6 -9.1 -21.5 -3.9 Purchase and sales of investment securities -0.1 -0.2 -0.1 -0.2 0.0 Others 2.5 0.2 1.1 -0.1 -0.3 Free cash flow 39.1 41.6 40.6 40.1 -1.5 CF from financing activities -31.1 -35.7 -35.0 -35.9 -0.2 Payout to shareholders (dividend) -13.0 -22.7 -14.3 -23.6 -0.9 Payout to shareholders (share repurchase) -5.0 -11.5 -6.5 -10.5 +1.0 Borrowings -13.0 -1.5 -14.2 -1.8 -0.3 Others 0.0 0.0 0.0 0.0 0.0 Effect of exchange rate change on cash & cash equivalents -0.3 -1.1 1.2 0.0 +1.1 Change in cash & cash equivalents 7.8 4.8 6.8 4.2 -0.6 Cash & cash equivalents at end of period 30.5 27.5 34.3 31.7 +4.2 FY2025 Total Outlook as of May 2025 55.2 57.3 0.0 15.7 -16.7 -1.1 -21.3 -21.5 -0.2 0.4 33.9 -31.7 -34.1 2.4 0.0 0.0 2.2 29.7 （¥billion）
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16 Balance Sheets 2024/9 2025/3 2025/9 vs. 2025/3 Liabilities 79.8 94.6 80.9 -13.7 Accounts payable 17.6 19.9 20.6 +0.7 Borrowings, Bonds & CP 28.4 40.5 26.1 -14.4 Others 33.8 34.2 34.2 0.0 Net assets 231.6 236.2 241.3 +5.1 Shareholders' equity1 216.5 222.9 225.1 +2.2 Valuation difference on available-for-sale securities 8.0 7.0 8.6 +1.6 Foreign currency translation adjustment 3.1 1.8 2.9 +1.1 Non-controlling interests 3.0 2.9 3.3 +0.4 Remeasurements of defined benefit plans 1.0 1.6 1.4 -0.2 Total liabilities & net assets 311.4 330.8 322.2 -8.6 ▍Breakdown of Investment Securities 1. Change in shareholders’ equity +2.2 = Net Income 22.8 – Dividend and others 20.6 2. Net D/E Ratio = (Borrowings + Bonds + CP - Cash) / Shareholders' equity 3. 2025/3 15.6 + Acquisition 0.0 + Sales and valuation difference +2.3 = 2025/9 17.9 4. Strategic shareholdings on net assets = strategic shareholdings (Non-consolidated basis, Listed shares + Unlisted shares) / Net assets (Consolidated basis) 2024/9 2025/3 2025/9 vs. 2025/3 2018/3 Listed shares3 (Number of stocks held, Non-consolidated basis) 16.9 (24) 15.6 (24) 17.9 (24) +2.3 (0) 30.0 (55) Unlisted shares 2.1 2.3 2.3 0.0 1.7 Subsidiaries/Associate shares 6.4 6.5 6.3 -0.2 6.8 Total 25.4 24.4 26.5 +2.1 38.5 2024/9 2025/3 2025/9 vs. 2025/3 Current assets 190.2 210.4 196.9 -13.5 Cash 30.4 27.5 34.3 +6.8 Accounts receivable 69.0 89.1 73.9 -15.2 Inventories 81.4 80.1 79.6 -0.5 Others 9.4 13.7 9.1 -4.6 Fixed assets 121.2 120.4 125.3 +4.9 Total PPE 77.3 72.4 75.8 +3.4 Intangible assets 10.6 13.5 12.8 -0.7 Investment securities 25.4 24.4 26.5 +2.1 Others 7.9 10.1 10.2 +0.1 Total assets 311.4 330.8 322.2 -8.6 （¥billion） Equity Ratio 73.4% 70.5% 73.9% Net D/E Ratio2 -0.01 0.06 -0.04 Strategic shareholdings on net assets4 7.5% 6.9% 7.6% 17.0% Reference
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17 Capex, Depreciation, R&D expenses by Segment Capex1・7 Depreciation2・7 R&D expenses7・8 2021 2022 2023 2024 2025E as of May 2025 2025E as of Nov 2025 2021 2022 2023 2024 2025E as of May 2025 2025E as of Nov 2025 2021 2022 2023 2024 2025E as of May 2025 2025E as of Nov 2025 Chemicals3 4.3 2.8 4.6 5.2 5.5 4.0 2.5 2.5 2.7 2.9 3.1 2.9 0.3 0.3 0.3 0.3 0.3 0.3 Performance M. 4 5.4 9.0 9.1 4.4 8.8 11.7 3.9 4.6 6.0 6.5 6.6 6.5 7.0 7.6 8.2 8.3 10.1 10.4 NCK4 1.3 5.0 5.7 0.5 0.4 0.9 0.5 0.7 2.3 3.1 1.9 2.1 0.5 0.5 0.8 0.7 0.6 0.7 Agrochemicals5 1.7 5.9 5.1 3.8 2.4 1.9 2.7 2.8 3.4 2.9 3.9 3.9 4.2 4.3 4.3 4.5 5.0 4.9 Healthcare6 0.7 0.5 0.5 0.4 0.7 0.8 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.4 0.4 0.6 0.7 0.6 Trading 0.0 0.1 0.0 0.3 0.4 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Others 0.3 1.1 0.9 3.5 3.7 3.0 0.6 0.7 1.2 1.6 2.0 2.0 3.9 4.2 4.1 5.4 6.3 5.9 Total 12.4 19.4 20.2 17.6 21.5 21.5 10.2 11.0 13.8 14.4 16.2 15.9 16.0 16.8 17.3 19.1 22.4 22.1 （¥billion） Capex and Depreciation increased in recent years due to manufacturing capacity expansion (mainly overseas) in core growth businesses. R&D expenses increased in Performance Materials, especially Semis Materials, and Agrochemicals. 1. Capex: Cash flows basis 2. Depreciation Method Domestic: Display Materials and Semis Materials: 4 year declining balance method (50% of initial capex amount in the 1st year) Other products : 8 year declining balance method (25% of initial capex amount in the 1st year) International: NCK: 6 year declining balance method (33% of initial capex amount in the 1st year), NBR: 10 year straight-line method 3. Capex FY2024: including production facilities at Toyama plant (¥1.0 billion), FY2025E (as of May): including production facilities at Toyama plant (¥0.9 billion), 4. Capex FY2022: including NCK Semis new plant (¥4.6 billion), FY2023: including NCK Semis new plant (¥4.7 billion), FY2025E (as of May): including Semis research facilities and equipment (¥3.2 billion), FY2025E (as of Nov): including Semis research facilities and equipment (¥4.0 billion), Semis supply chain enhancement (¥1.5 billion) 5. Capex FY2022: including NBR 1st phase construction (¥4.3 billion), FY2023: including production facilities at Onoda plant (¥2.6 billion), FY2024: including production facilities at Onoda plant (¥1.8 billion), a temporary factor (decrease in amortization expense of ¥1.1 billion) 6. Organizational changes were implemented in April 2022. Included in Healthcare in FY2021 and Others since FY2022 7. Capex, Depreciation, R&D expenses: A change in the segment classification for expenses of DX and Planning & Development division was implemented in FY2025 (see p63), FY2024 Actual was restated based on the new method 8. R&D expenses: A change in the calculation method for partial expenses of Planning & Development Division was implemented in FY2025, FY2024 Actual was restated
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18 FY2025 Outlook P8 03 Segment Performance P18 C o n t e n t s
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19 Performance Materials 52.8 58.8 63.0 65.5 71.6 81.7 82.6 84.6 100.1 109.7 12.5 14.2 15.0 17.0 22.4 27.6 25.4 22.5 29.3 32.1 23.7% 24.1% 23.8% 26.0% 31.3% 33.8% 30.8% 26.6% 29.3% 29.3% 0% 5% 10% 15% 20% 25% 30% 35% 40% -5.0 5.0 15.0 25.0 35.0 45.0 55.0 65.0 75.0 85.0 95.0 105.0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Sales OP OP Margin Overview ▍ Performance Materials – Recent Financial Performance2・3 （¥billion） ▍ FY2025 Outlook by Segment (¥billion)1 OP Agrochemicals 95.9 272.2 Performance Materials 109.7 Chemicals 39.6Healthcare 5.3 Others 21.7 59.0 Agrochemicals 26.0 Chemicals 0.8 Healthcare 1.5 Others -1.4 Performance Materials 32.1 Sales 1. Outlook as of Nov 2025 2. FY2025- : New OP Method adopted. FY2024 Actual have been restated based on the new method (see p63). 3. Organizational changes in Healthcare and Planning and Development division were implemented in April 2022. Figures for FY2020 and before are based on the pre-restructuring organization, while figures after FY2020 reflect the post-restructuring structure. Reference Presentation for R&D of Performance Materials (June 21, 2022） 1
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20 Performance Materials Analysis of Changes in OP ◼ Despite negative factors such as price down and higher fixed costs associated with Semis growth investments in FY2025, profit is expected to increase, driven by volume growth across all subsegments, particularly in Semis. 29 -1.8 -4.2 32 FY2024 Actual Volume Price & others Fixed cost & others FY2025 Outlook 22.5 29.3 +30% 30.9 +7% 2 ▍Analysis of Changes in OP （¥billion） (+4.4) +8.8 29.3 (-3.1) The figures in parentheses indicate the increase or decrease in Semis Materials 1 (+0.7) 32.1 +9% Fixed cost: -3.4 (mainly R&D expenses, etc.) Inventory adjustment cost: -0.8 (including a temporary factor of -0.7 for Semis supply chain enhancement) Double-digit sales growth in Photo IPS, Semis Materials, and SNOWTEX (polishing) 3 1. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63). 2. Fixed cost & others: including inventory adjustment cost 3. Outlook as of Nov 2025
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21 Performance Materials Sales Growth Rate of Main Products 1. EUV materials: Both Under Layer and Si-HM for EUV Main Products FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 YOY Change YOY Change 1Q 2Q 1H 2H Total 1Q Actual 2Q Actual 1H Actual 2H Total Total Display Materials +10% +1% +6% +1% +3% +8% +5% +7% -3% +2% Total Semis Materials +10% +7% +9% +9% +9% +14% +21% +18% +15% +16% ARC® +3% 0% +2% +3% +2% +8% +14% +11% +10% +11% Multi layer process materials +14% +15% +14% +12% +13% +22% +45% +34% +19% +26% EUV materials1 +17% +3% +10% +11% +10% +20% +9% +14% +43% +28% Total Inorganic Materials +7% +6% +7% +3% +5% +4% +13% +8% +7% +7% Total Segment +9% +5% +7% +5% +6% +10% +14% +12% +7% +10% ◼ DP Materials: 【1H】 Sales YOY +7％, Sales above target 【Full-Year Outlook】 Sales YOY +2％ ◼ Semis Materials: 【1H】 Sales YOY +18%, Sales above target 【Full-Year Outlook】 Sales YOY +16％ ◼ Inorganic Materials: 【1H】 Sales YOY +8%, Sales above target 【Full-Year Outlook】 Sales YOY +7％
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22 Performance Materials FY2025 YOY Change FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 48.6 51.5 100.1 54.4 55.3 109.7 +5.8 +3.8 +9.6 OP 14.5 14.8 29.3 17.4 14.7 32.1 +2.9 -0.1 +2.8 Fixed cost & others 【1H】 up ¥1.0 billion: including fixed cost up ¥0.8 billion and inventory adjustment cost up ¥0.2 billion 【2H】 up ¥3.2 billion: including fixed cost up ¥2.6 billion and inventory adjustment cost up ¥0.6 billion 【Total】 up ¥4.2 billion: including fixed cost up ¥3.4 billion and inventory adjustment cost up ¥0.8 billion (¥billion) 【1H】【Total】 Sales & OP up 【2H】 Sales & OP down 【1H】【2H】【Total】 Sales & OP up Mainly advanced materials up ARC® 【Total】 Sales up in SNOWTEX (polishing), Oilfield materials Inorganic Materials Semis Materials Display Materials 【1H】 【Total】 Sales & OP up 【2H】 Sales up, OP down Photo IPS 【1H】 【2H】 【Total】 Sales up (large monitor up) Rubbing IPS 【1H】 【Total】 Sales down 【2H】 Sales flat VA Multi layer process materials EUV materials 【1H】 【2H】【Total】 Sales down 【1H】【2H】【Total】 Sales up Fixed cost & others 【1H】 up ¥0.8 billion 【2H】 up ¥2.3 billion: including fixed cost up ¥1.7 billion and inventory adjustment cost up ¥0.6 billion 【Total】 up ¥3.1 billion: including fixed cost up ¥2.5 billion and inventory adjustment cost up ¥0.6 billion 【1H】【2H】【Total】 Sales up 【1H】【2H】【Total】 Sales up 3D packaging process materials 【1H】【2H】【Total】 Sales up 1. FY2024 Actual have been restated based on the new method (see p63)
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23 Performance Materials FY2025 Compared to Outlook FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 52.0 54.0 106.0 54.4 55.3 109.7 +2.4 +1.3 +3.7 OP 16.3 14.6 30.9 17.4 14.7 32.1 +1.1 +0.1 +1.2 Fixed cost & others 【1H】 more than outlook ¥0.5 billion: including fixed cost less than outlook ¥0.1 billion and inventory adjustment cost more than outlook ¥0.6 billion 【Total】 more than outlook ¥1.9 billion: including fixed cost more than outlook ¥0.5 billion and inventory adjustment cost more than outlook ¥1.4 billion (¥billion) Display Materials 【1H】 Sales & OP above target 【Total】 Sales below target, OP above target Photo IPS 【1H】【Total】 Sales above target Rubbing IPS 【1H】【Total】 Sales in line with target VA 【1H】【Total】 Sales below target 【1H】【Total】 Sales & OP above target Mainly advanced materials up ARC® 【Total】 Sales above target in SNOWTEX (especially polishing) Inorganic Materials Semis Materials 【1H】【Total】 Sales & OP above target Multi layer process materials EUV materials 【1H】【Total】 Sales above target Fixed cost & others 【1H】 more than outlook ¥ 0.8 billion 【Total】 more than outlook ¥2.0 billion: including fixed cost ¥0.8 billion (mainly due to NCK) and inventory adjustment cost ¥1.2 billion (including a temporary factor of ¥0.7 billion for Semis supply chain enhancement) 【1H】【Total】 Sales above target 【1H】【Total】 Sales above target 3D packaging process materials 【1H】【Total】 Sales below target
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24 Performance Materials 2023 2025 2030 39% 61% 46% 54% FY2023 FY2025 FY2030 +7% Market:CAGR 2023-2030 Our sales:CAGR 2023-2030 +7% +12% 43% 57% 64% 36% +12% ◼ Our Semis materials sales growth rate is expected to be +12% (2023-2030 CAGR), exceeding the market growth rate of +7%. ◼ Particularly for AI server applications, etc., our sales are expected to grow significantly in leading-edge and advanced generations. The number of material layers tends to increase as technology generations advance. (Sales composition ratio for leading-edge and advanced applications) ARC® FY2023 around 35% → FY2030 around 50% (CAGR +12-13%) Multi layer process materials FY2023 around 40% → FY2030 around 70% (CAGR +24-25%) ▍ Our stronger sales growth compared to the market ARC®, Multi layer process materials, EUV materials, etc. (Front-End Process) 3D packaging process materials, etc. (Back-End Process) ▍ Growth forecast for the Semis market [Vertical axis] Number of wafers (million units) * Converted to 12-inch wafer equivalents (Source: TechInsights Inc.) ■Leading-edge ■Advanced ■Legacy (distribution） (distribution） 【Leading-edge】 Logic：2nm and beyond, DRAM：Early 10nm generation and beyond, NAND ：State-of-the-art as of 2025 【Advanced】 Logic：7nm – 3nm, DRAM：Mid-10nm generation, NAND ：128 layers and above, but below leading-edge 【Legacy】 All other generations ・Market +7% (2023-2030 CAGR) Leading-edge & advanced: +13%, Legacy: CAGR +3% ▍ Growth outlook for our sales of Semis [Vertical axis] Sales (billion yen) (distribution） (distribution） Actual Outlook Image ・Total Semis sales +12% (2023-2030 CAGR) Leading-edge & advanced +17-18% , Legacy +4-5% Growth Outlook for our Semis Materials ■Leading-edge ■Advanced ■Legacy
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25 Agrochemicals 52.0 58.1 62.7 64.0 63.8 65.8 81.6 82.1 86.2 95.9 13.2 16.4 18.4 19.3 18.2 18.1 23.1 23.4 25.9 26.0 25.4% 28.2% 29.3% 30.2% 28.5% 27.5% 28.3% 28.5% 30.0% 27.1% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Sales OP OP Margin Overview ▍ Agrochemicals – Recent Financial Performance2・3 （¥billion） ▍ FY2025 Outlook by Segment (¥billion)1 OP Agrochemicals 95.9 272.2 Performance Materials 109.7 Chemicals 39.6Healthcare 5.3 Others 21.7 59.0 Agrochemicals 26.0 Chemicals 0.8 Healthcare 1.5 Others -1.4 Performance Materials 32.1 Sales 1. Outlook as of Nov 2025 2. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63). 3. Organizational changes in Healthcare and Planning and Development division were implemented in April 2022. Figures for FY2020 and before are based on the pre-restructuring organization, while figures after FY2020 reflect the post-restructuring structure. 1
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26 Agrochemicals 26 +7.2 -2.8 -4.3 26 FY2024 Actual Volume Price & others Fixed cost & others FY2025 Outlook 25.9 29.0 (+29%) 26.0 3 Analysis of Changes in OP ◼ In FY2025, while overall volumes of major products are expected to increase, higher fixed costs & others are expected to result in only a slight increase in OP ◼ The breakdown of ¥4.3 billion increase in fixed costs & others is as follows: ⚫ Fixed cost ¥2.7 billion: rebound from temporary decrease in amortization expense of ¥1.1 billion in FY2024 and higher R&D expenses associated with new products development in FY2025 ⚫ Inventory adjustment cost ¥1.6 billion: rebound from inventory valuation gains due to rising costs in FY2024 and Increase in carryover fixed costs due to higher shipments in FY2025 1. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63). 2. Fixed cost & others: including inventory adjustment cost 3. Outlook as of Nov 2025 ▍Analysis of Changes in OP （¥billion） 1 Fixed costs -2.7, Inventory adjustment cost -1.6 2
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27 Agrochemicals 1. ROUNDUP AL for general household account for 31% of total ROUNDUP sales (1H FY2025 Actual) 2. VERDAD was launched in 4Q FY2024 3. Total segment sales YOY include discount ▍GRACIA Sales Reference Sales Growth Rate of Main Products （before discount） ROUNDUP Business Briefing （January 22, 2020） Aiming at ¥10.0 billion Main Products （Agro: in order of FY2024 Sales amount） Types FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 YOY Change YOY Change 1H 2H Total 1H Actual 2H Total ROUNDUP1 Herbicide +8% +9% +8% +2% +9% +6% ALTAIR Herbicide +15% +2% +5% +51% 0% +12% GRACIA Insecticide -27% +68% +14% -17% +51% +12% LEIMAY Fungicide 0% -5% -3% +49% -14% +14% TARGA Herbicide +15% -13% -3% +45% -13% +8% PERMIT Herbicide +2% -8% -5% 0% -10% -7% DITHANE Fungicide +15% +3% +6% +25% +5% +11% VERDAD2 Herbicide - +178% +201% - +314% +417% Fluralaner Animal Health products +5% +25% +12% 0% +32% +12% Total Segment3 - -1% +13% +7% +8% +14% +11% Animal Health Agro Agrochemicals Business Briefing （September 28, 2022） FY2018 Actual FY2019 Actual FY2020 Actual FY2021 Actual FY2022 Actual FY2023 Actual FY2024 Actual FY2025 Outlook FY20XX Aiming at ¥12.5 billion ◼ 【1H】 Sales YOY +8％, Sales above target 【Full-Year Outlook】 Sales YOY +11% ◼ Initial peak sales target of ¥10.0 billion was achieved in FY2024 ◼ Sales target was revised upward to ¥12.5 billion in May 2025 as of Nov 2025
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28 Agrochemicals （¥billion） FY2025 YOY Change Fixed cost & others 【1H】 up ¥2.9 billion: including fixed cost up ¥1.6 billion and inventory adjustment cost up ¥1.3 billion 【2H】 up ¥1.4 billion: including fixed cost up ¥1.1 billion and inventory adjustment cost up ¥0.3 billion 【Total】 up ¥4.3 billion : including fixed cost up ¥2.7 billion and inventory adjustment cost up ¥1.6 billion 1. FY2024 Actual have been restated based on the new method (see p63) 【1H】 Sales up, OP down ROUNDUP FluralanerALTAIR TARGA LEIMAY Sales up (export: sales up due to increased demand in Europe) 【2H】 Sales & OP up ROUNDUP GRACIA VERDAD Fluralaner 【Total】 Sales & OP up ROUNDUP GRACIA ALTAIR Fluralaner LEIMAY Sales up (ML: volume up due to completion of distribution inventory adjustment) Sales up (domestic: increased demand due to a surge in rice prices) Sales up (export: sales up due to increased demand in Europe) Sales flat (API: sales up due to partial shipment shifted from FY2024, royalties: down, affected by JPY appreciation and decrease in certain royalty rates) Sales up (ML: volume up due to completion of distribution inventory adjustment) Sales up (domestic: sales expansion, export: sales expansion in Asia) Sales up (domestic: launched in 4Q FY2024, sales expansion in FY2025) Sales up (API: sales up, royalties: down due to decrease in certain royalty rates) Sales up (ML: volume up due to completion of distribution inventory adjustment) Sales up (domestic: increased demand due to a surge in rice prices) Sales up (domestic: sales expansion, export: sales expansion in Asia) FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 39.2 47.0 86.2 42.3 53.6 95.9 +3.1 +6.6 +9.7 OP 14.4 11.5 25.9 12.0 14.0 26.0 -2.4 +2.5 +0.1 Sales up (export: sales up due to increased demand in Europe) VERDAD Sales up (domestic: launched in 4Q FY2024, sales expansion in FY2025) Sales up (API: sales up due to partial shipment shifted from FY2024, royalties: down, affected by JPY appreciation and decrease in certain royalty rates)
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29 Agrochemicals （¥billion） FY2025 Compared to Outlook FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 38.7 53.3 92.0 42.3 53.6 95.9 +3.6 +0.3 +3.9 OP 11.7 13.6 25.3 12.0 14.0 26.0 +0.3 +0.4 +0.7 【1H】 Sales & OP above target ROUNDUP Fluralaner TARGA LEIMAY ALTAIR Sales above target (export: sales up due to increased demand in Europe) Sales below target (AL: volume down due to unfavorable weather) Sales above target (domestic: increased demand due to a surge in rice prices) Sales above target （export: sales up due to increased demand in Europe） Sales below target (API: sales below target, royalties: sales below target) 【Total】 Sales & OP above target ROUNDUP TARGA ALTAIR Sales above target (export: sales up due to increased demand in Europe) Sales below target (AL: volume down due to unfavorable weather) Sales above target (domestic: increased demand due to a surge in rice prices) Fluralaner LEIMAY Sales above target (export: sales up due to increased demand in Europe) Sales in line with target (API: sales above target, royalties: sales below target) VERDAD Sales above target (domestic: launched in 4Q FY2024, sales expansion in FY2025)
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30 Agrochemicals Main Products Existing productsNew products ・Pipeline Launch Products Application Product development type Notes 2002 ROUNDUP Herbicide Acquired Acquired domestic business from Monsanto, continuing to grow 2008 LEIMAY Fungicide In-house 2008 STARMITE Insecticide In-house 2009 PULSOR (THIFLUZAMIDE) Fungicide Acquired Acquired world business from Dow 2010 ROUNDUP AL Herbicide In-house For general household shower-type herbicide market, launched ROUNDUP ALⅡ in FY2016 and ALⅢ in FY2017 2011 ALTAIR Herbicide In-house For paddy rice. Launched in Korea in FY2011 and in Japan in FY2012 2013 Fluralaner Animal health product In-house Started to be supplied to MAH1 as the API of BRAVECTO® 2014 BRAVECTO®2 Veterinary medical product for companion animals - Launched in several countries in EU in April 2014, in USA in June 2014 and in Japan in July 2015 2017 TRANSFORM / EXCEED / VIRESCO Insecticide Licensed-in Licensed from Dow 2018 GRACIA Insecticide In-house Effective against a wide range of serious pests, having less negative impact on honeybees. Launched in Korea in FY2018, in Japan in FY2019, and In India and Indonesia in FY2021. Expanding sales countries (expected peak sales ¥12.5 billion) 2019 QUINTEC (QUINOXYFEN) Fungicide Acquired Acquired world business from Corteva. Protective fungicide highly effective in controlling powdery mildew in fruits and vegetables 2020 DITHANE (MANCOZEB) Fungicide Acquired Acquired Japan and Korea business from Corteva in December 2020. Protective fungicide with significant efficacy against various plant diseases in fruits and vegetables 2024 VERDAD (DIMESULFAZET) (NC-653) Herbicide In-house For paddy rice. Effective against resistant weeds, having excellent safety to rice (expected peak sales ¥6.0 billion) 2027 PREXIO (FENMEZODITIAZ) NC-520 Insecticide Joint development Insecticide for paddy rice co-developed with BASF. Highly effective against planthoppers (expected peak sales ¥2.5 billion including mixture products) 2027 NC-656 (IPTRIAZOPYRID) Herbicide In-house Our first foliar application rice herbicide with excellent efficacy against resistant grass weeds (expected peak sales ¥10.0 billion) Expected peak sales of new products ¥36.0 billion 1. MAH: MSD Animal Health, the global animal health business unit of Merck 2. BRAVECTO®: the product name developed by MAH, containing the active substance Fluralaner
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31 Agrochemicals Agrochemicals Product Portfolio Expand product portfolio through sales expansion of existing products, launching in-house developed products, acquisition and introduction of pesticides ▍Nissan Chemical Sales Distribution▍Nissan Chemical Sales Trend FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Outlook Fungicide & Insecticide others Fungicide Insecticide Herbicide Herbicide 41% Herbicide 59% Insecticide 29% Insecticide 21% Fungicide 27% Fungicide 18% 0% 25% 50% 75% 100% Total Global Market (CY2023) Nissan Chemical (FY2024) Fungicide & Insecticide others 3% Fungicide & Insecticide others 2% No.1 in the domestic agrochemicals sales ranking (Oct 2022- Sep 2023) In Agrochemical sales(excluding Fluralaner), domestic sales are higher than export sales. Distribution by Region ▍Export ratio of agrochemicals business (FY2024 Actual)1・2 Asia 56%Europe/ Africa 28% North/Central/ South America 16% Export Sales 37% Domestic Sales 63% 1. Sales before discount 2. Excluding Fluralaner as of Nov 2025
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32 Agrochemicals API of Animal Health Product Fluralaner ◼ Developed and launched by MAH１ ◼ Veterinary medical products providing 12 weeks2 of continuous protection for dogs and cats against fleas and ticks with immediate effect, nearly 3 times longer than any monthly products in the market. ◼ Chewable tablet for dogs launched in: ⚫ April 2014 EU, thereafter, USA, Japan, etc. ⚫ July 2020 monthly chews for puppies in USA ◼ Spot-on solution for dogs and cats launched in: ⚫ July 2016 EU, thereafter, USA, Japan, etc. ◼ Injectable solution for dogs (BRAVECTO® Quantum) ⚫ Providing 12 months3 of continuous protection ⚫ Launched in Australia in June 2024, and thereafter, in Europe, etc. ⚫ Launched in USA in August 2025 ◼ Poultry medicine against red mite (administered via drinking water) ⚫ Launched in EU in 2017, thereafter, Korea, Middle East and Japan. ◼ Cattle medicine ⚫ Launched in Brazil in 2022, thereafter Mexico ◼ Sheep medicine ⚫ Launched in Australia and New Zealand in 2023 ◼ BRAVECTO® Plus ⚫ spot-on solution for cats ⚫ Launched in EU in July 2018, thereafter, USA, Japan, etc. ◼ BRAVECTO® TriUNO ⚫ Three-in-one chewable tablet for dogs ⚫ Providing 1 month of continuous protection ⚫ Approved in EU countries and Latin America in October 2024 ◼ Invented by Nissan Chemical and supplied to MAH1 as the active pharmaceutical ingredient of BRAVECTO® and EXZOLT® ◼ Currently, BRAVECTO® series and EXZOLT® are available in more than 100 countries ◼ Compound patent ⚫ Fluralaner’s compound patent expires in March 2025, but many countries have the patent term extension system • Some EU countries including UK, France, and Germany – already extended to February 2029 • USA - extended to June 2027 IV. EXZOLT® I. Fluralaner 1. MAH: MSD Animal Health, the global animal health business unit of Merck 2. 8 weeks for Rhipicephalus sanguineus ticks 3. 11 months for Rhipicephalus sanguineus ticks II. BRAVECTO® for Ecto III. BRAVECTO® for Endecto I. Fluralaner II. BRAVECTO® for external parasites (Ecto) III. BRAVECTO® for both internal and external parasites (Endecto) IV. EXZOLT® ◼ BRAVECTO® series and EXZOLT®, which contain the active pharmaceutical ingredient of Fluralaner invented by Nissan Chemical, are currently available in more than 100 countries. ◼ BRAVECTO® 's greatest feature is its effectiveness, which lasts up to 12 weeks (competing products last up to about 1 month) ◼ Long-term supply agreement with MAH1 for Fluralaner extended, joint R&D to create new animal health products (News release on April 11, 2025)
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33 Agrochemicals Sales Trend of Fluralaner ▍Nissan Chemical’s Revenues are Consisted from Following Two Factors ・Sales of Fluralaner to MAH1 as API2 of BRAVECTO® and EXZOLT® products ・Running royalties received from MAH ▍FY2021 - FY2025 Sales Trend (including royalties) ◼ Large sales increase in FY2022 due to shipments shifted from FY2021 to FY2022 and JPY depreciation. Actual exchange rate is ¥136/$. ◼ Actual exchange rate for FY2023 is ¥145/$. ◼ Actual exchange rate for FY2024 is ¥153/$. ◼ FY2025 outlook is +12% YOY, with API sales increase by +47% due to shipments shifted from FY2024. Assumed exchange rate for 2H FY2025 is ¥145/$. ▍BRAVECTO® series R&D MAH is developing new internal and external parasiticides for pets with Fluralaner as the API, and expanding the number of the countries for existing products. ▍FY2024 - FY2025 Quarterly Sales (including royalties) 1. MAH: MSD Animal Health, the global animal health business unit of Merck 2. API: Active Pharmaceutical Ingredient FY2021 Actual FY2022 Actual FY2023 Actual FY2024 Actual FY2025 Outlook Our Fluralaner sales tend to be larger in 1H due to MAH’s BRAVECTO® and EXOLT® sales trend. FY2024 FY2025 Outlook 4Q 3Q 2Q 1Q as of Nov 2025 as of Nov 2025 +12% (API sales +47%, including partial shipment shifted from FY2024）
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34 Chemicals Overview 34.8 34.9 35.7 34.3 31.9 37.6 39.0 35.6 37.8 39.6 3.8 3.4 3.0 1.3 1.5 3.8 1.4 0.0 0.4 0.8 10.9% 9.7% 8.4% 3.8% 4.7% 10.1% 3.6% 0.1% 1.1% 2.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Sales OP OP margin ▍ FY2025 Outlook by Segment (¥billion)1 ▍ Chemicals – Recent Financial Performance2･3 OP Agrochemicals 95.9 272.2 Performance Materials 109.7 Chemicals 39.6Healthcare 5.3 Others 21.7 59.0 Agrochemicals 26.0 Chemicals 0.8 Healthcare 1.5 Others -1.4 Performance Materials 32.1 Sales （¥billion） 1. Outlook as of Nov 2025 2. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63). 3. Organizational changes in Healthcare and Planning and Development division were implemented in April 2022. Figures for FY2020 and before are based on the pre-restructuring organization, while figures after FY2020 reflect the post-restructuring structure 1
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35 Chemicals FY2025 YOY Change （¥billion） FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 17.9 19.9 37.8 18.8 20.8 39.6 +0.9 +0.9 +1.8 Fine Chemicals 6.3 6.6 12.9 6.8 6.6 13.4 +0.5 0.0 +0.5 Basic Chemicals 11.6 13.3 24.9 12.0 14.2 26.2 +0.4 +0.9 +1.3 OP -0.3 0.7 0.4 -0.1 0.9 0.8 +0.2 +0.2 +0.4 【1H】Sales & OP up 【2H】Sales & OP up 【Total】 Sales & OP up In Fine Chemicals, sales up in FINEOXOCOL and environmental related products In Basic Chemicals, sales up in high purity sulfuric acid (demand increase for semiconductors) and urea/AdBlue® In Fine Chemicals, sales flat In Basic Chemicals, sales up in high purity sulfuric acid (demand increase for semiconductors) In Fine Chemicals, sales up in environmental related products and FINEOXOCOL In Basic Chemicals, sales up in high purity sulfuric acid (demand increase for semiconductors) and urea/AdBlue®. 1. FY2024 Actual have been restated based on the new method (see p63)
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36 Chemicals FY2025 Compared to Outlook （¥billion） FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 19.1 21.0 40.1 18.8 20.8 39.6 -0.3 -0.2 -0.5 Fine Chemicals 6.4 6.6 13.0 6.8 6.6 13.4 +0.4 0.0 +0.4 Basic Chemicals 12.7 14.4 27.1 12.0 14.2 26.2 -0.7 -0.2 -0.9 OP 0.2 1.0 1.2 -0.1 0.9 0.8 -0.3 -0.1 -0.4 【1H】 Sales & OP below target 【Total】 Sales & OP below target In Fine Chemicals, sales above target in FINEOXOCOL and environmental related products In Basic Chemicals, sales below target in Nitric acid products (plant temporary shutdown due to mechanical trouble in April) In Fine Chemicals, sales above target in FINEOXOCOL and environmental related products In Basic Chemicals, sales below target in Nitric acid products (plant temporary shutdown due to mechanical trouble in April)
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37 Chemicals Flow Chart of Selected Basic and Fine Chemicals Products sulfur urea melamine cyanurate isocyanuric acid environmental related product nitric acid TEPIC high purity sulfuric acid AdBlue®ammonia high purity ammonia chlorine sulfuric acid (Semiconductor cleaners) Domestic largest manufacturer (agent used for sterilizing, disinfectant for swimming pool and septic tanks, etc.) (general applications: painting electronic materials: solder resist, LED sealants) (flame retardant)（agent used for gallium nitride； LED materials） (solution of urea in demineralised water for diesel vehicles) production terminated in June 2022 purchase melamine from outside （adhesive agent） HI-LITE environmental related products natural gas After Aug 2016 naphtha (nitric acid, nitrous acid and nitrate of soda: metal dissolution, surface treatment, antifoam agent, etc.) Before Aug 2016 Purchased materials Basic Chemicals Fine Chemicals ◼ Core products are ammonia related products and sulfuric acid related products ◼ FY2023 ammonia domestic production capacity share 11% ◼ Focus on high value-added products, such as high purity sulfuric acid and TEPIC, instead of pursuing scale melamine
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38 Healthcare 8.0 7.5 7.0 7.0 6.7 6.6 6.7 6.3 6.0 5.3 1.7 1.2 1.0 0.9 0.4 2.8 3.0 2.8 1.9 1.5 21.3% 16.0% 14.3% 12.9% 6.0% 42.4% 44.8% 44.4% 31.7% 28.3% 0% 10% 20% 30% 40% 50% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Sales OP OP Margin ▍ Healthcare – Recent Financial Performance2・3 （¥billion） ▍ FY2025 Outlook by Segment (¥billion)1 OP Agrochemicals 95.9 272.2 Performance Materials 109.7 Chemicals 39.6Healthcare 5.3 Others 21.7 59.0 Agrochemicals 26.0 Chemicals 0.8 Healthcare 1.5 Others -1.4 Performance Materials 32.1 Sales Overview 1. Outlook as of Nov 2025 2. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63). 3. Organizational changes in Healthcare and Planning and Development division were implemented in April 2022. Figures for FY2020 and before are based on the pre-restructuring organization, while figures after FY2020 reflect the post-restructuring structure. 1
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39 Healthcare LIVALO and Custom Chemicals ▍ LIVALO Anti-hyperlipidemia drug launched by Kowa in 2003. Currently sold in more than 30 countries. (Nissan provides API) 1. August 2013, domestic compound patent expired. LIVALO sales (domestic and export total) peaked in FY2012. 2. November 2023, generic drug makers entered the market in USA 3. October 2024, Elective Care Scheme for long list products was started in Japan FY2021 Actual FY2022 Actual F2023 Actual2 FY2024 Actual3 FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 API Sales YoY Change -17% 0% -5% -18% -13% -2% Domestic YoY Change +30% -17% -3% -36% -74% -77% Export YoY Change -28% +7% -6% -12% +2% +15% Change from FY20121 -78% -78% -79% -83% -85% -83% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 2.3 2.4 2.5 2.6 2.9 3.8 4.2 4.3 4.0 4.2 3.4 3.4 ▍Custom Chemicals ◼ Custom Chemicals Sales Trend (FY2014-FY2025) （¥billion） Maxacalcitol Eldecalcitol 2016 Psoriasis vulgaris / Secondary hyperparathyroidism Launch API Indication 2017 Osteoporosis ◼ Solution proposal business and joint development business for new drug pharmaceutical ingredients and intermediates from pre-clinical to commercial production stages ◼ In recent years, focusing on new business mainly for high potent and high value-added GE API ◼ High value-added GE API ◼ API Sales Growth Rate
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40 Healthcare （¥billion） FY2025 YOY Change 1. Figures are rounded to the nearest 100 million yen. Accordingly, some discrepancies may occur among totals. 2. FY2024 Actual have been restated based on the new method (see p63). 【2H】 Sales down, OP up OP up due to fixed cost & others down 【Total】 Sales & OP down FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 3.3 2.7 6.0 2.8 2.5 5.3 -0.5 -0.2 -0.7 Healthcare 0.8 1.0 1.8 1.0 0.9 1.9 +0.2 -0.1 +0.1 Custom Chemicals 2.5 1.7 4.2 1.9 1.5 3.4 -0.6 -0.2 -0.8 OP 1.3 0.6 1.9 0.7 0.8 1.5 -0.6 +0.2 -0.4 Healthcare 0.2 0.2 0.4 0.2 0.2 0.4 0.0 0.0 0.0 Custom Chemicals 1.1 0.5 1.6 0.5 0.6 1.1 -0.6 +0.1 -0.5 【1H】 Sales & OP down Custom Chemicals sales down (customer inventory adjustment) Custom Chemicals sales down (customer inventory adjustment)
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41 Healthcare FY2025 Compared to Outlook （¥billion） FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Sales 2.6 2.6 5.2 2.8 2.5 5.3 +0.2 -0.1 +0.1 Healthcare 0.9 0.9 1.8 1.0 0.9 1.9 +0.1 0.0 +0.1 Custom Chemicals 1.7 1.7 3.4 1.9 1.5 3.4 +0.2 -0.2 0.0 OP 0.5 0.9 1.4 0.7 0.8 1.5 +0.2 -0.1 +0.1 Healthcare 0.1 0.2 0.3 0.2 0.2 0.4 +0.1 0.0 +0.1 Custom Chemicals 0.3 0.8 1.1 0.5 0.6 1.1 +0.2 -0.2 0.0 Healthcare sales above target (LIVALO export above target), Custom Chemicals sales above target (partial shipment shifted from 2H) 【1H】 Sales & OP above target 【Total】 Sales & OP above target Healthcare sales above target (LIVALO export above target) 1. Figures are rounded to the nearest 100 million yen. Accordingly, some discrepancies may occur among totals.
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42 1H FY2025 Financial Results YOY Change by Segment （¥billion） FY2024 Actual FY2025 Actual YOY Change 1Q 2Q 1H 1Q 2Q 1H 1Q 2Q 1H Chemicals Sales 8.9 9.0 17.9 9.3 9.5 18.8 +0.4 +0.5 +0.9 (+5%) OP 0.7 -1.0 -0.3 0.7 -0.8 -0.1 0.0 +0.2 +0.2 (-) Performance Materials Sales 23.5 25.1 48.6 25.9 28.5 54.4 +2.4 +3.4 +5.8 (+12%) OP 7.1 7.4 14.5 8.2 9.2 17.4 +1.1 +1.8 +2.9 (+20%) Agrochemicals Sales 20.4 18.8 39.2 26.6 15.7 42.3 +6.2 -3.1 +3.1 (+8%) OP 7.0 7.4 14.4 8.6 3.4 12.0 +1.6 -4.0 -2.4 (-17%) Healthcare Sales 1.5 1.8 3.3 1.6 1.2 2.8 +0.1 -0.6 -0.5 (-14%) OP 0.6 0.7 1.3 0.5 0.2 0.7 -0.1 -0.5 -0.6 (-46%) Trading, Others, Adjustment Sales 4.4 4.8 9.2 6.5 5.3 11.8 +2.1 +0.5 +2.6 OP -1.0 -0.6 -1.6 0.1 -0.5 -0.4 +1.1 +0.1 +1.2 Total Sales 58.7 59.5 118.2 69.9 60.2 130.1 +11.2 +0.7 +11.9 (+10%) OP 14.4 13.9 28.3 18.1 11.5 29.6 +3.7 -2.4 +1.3 (+4%) 1. Including inter-segment sales/transfers 2. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (added as consolidated subsidiaries from FY2024), Nihon Hiryo, and others Adjustment: Planning & Development Division and others (see p61, p62 for breakdown) 3. FY2024 Actual have been restated based on the new method (see p63)
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43 1H FY2025 Financial Results Compared to Outlook by Segment （¥billion） FY2025 Outlook as of May 2025 FY2025 Actual vs. Outlook as of May 2025 1Q 2Q 1H 1Q 2Q 1H 1Q 2Q 1H Chemicals Sales 9.4 9.7 19.1 9.3 9.5 18.8 -0.1 -0.2 -0.3 (-1%) OP 0.8 -0.6 0.2 0.7 -0.8 -0.1 -0.1 -0.2 -0.3 (-) Performance Materials Sales 25.7 26.3 52.0 25.9 28.5 54.4 +0.2 +2.2 +2.4 (+5%) OP 8.3 8.0 16.3 8.2 9.2 17.4 -0.1 +1.2 +1.1 (+7%) Agrochemicals Sales 23.2 15.5 38.7 26.6 15.7 42.3 +3.4 +0.2 +3.6 (+9%) OP 7.6 4.1 11.7 8.6 3.4 12.0 +1.0 -0.7 +.3 (+2%) Healthcare Sales 1.5 1.1 2.6 1.6 1.2 2.8 +0.1 +0.1 +0.2 (+9%) OP 0.4 0.1 0.5 0.5 0.2 0.7 +0.1 +0.1 +0.2 (+39%) Trading, Others, Adjustment Sales 5.2 4.3 9.5 6.5 5.3 11.8 +1.3 +1.0 +2.3 OP 0.0 -0.4 -0.4 0.1 -0.5 -0.4 +0.1 -0.1 0.0 Total Sales 65.0 56.9 121.9 69.9 60.2 130.1 +4.9 +3.3 +8.2 (+7%) OP 17.1 11.2 28.3 18.1 11.5 29.6 +1.0 +0.3 +1.3 (+5%) 1. Including inter-segment sales/transfers 2. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (added as consolidated subsidiaries from FY2024), Nihon Hiryo, and others Adjustment: Planning & Development Division and others (see p61, p62 for breakdown)
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44 FY2025 Financial Outlook YOY Change by Segment 1. Including inter-segment sales/transfers 2. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (added as consolidated subsidiaries from FY2024), Nihon Hiryo, and others Adjustment: Planning & Development Division and others (see p61, p62 for breakdown) 3. Sales and OP for Planning & Development Division in FY2024 Actual and FY2025 Outlook are disclosed on p52 4. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63). （¥billion） FY2024 Actual FY2025 Outlook as of Nov 2025 YOY Change 1H 3Q 4Q 2H Total 1H Actual 3Q 4Q 2H Total 1H 3Q 4Q 2H Total Chemicals Sales 17.9 10.2 9.7 19.9 37.8 18.8 10.3 10.5 20.8 39.6 +0.9 (5%) +0.1 +0.8 +0.9 (+4%) +1.8 (+5%) OP -0.3 0.5 0.2 0.7 0.4 -0.1 0.3 0.6 0.9 0.8 +0.2 (-) -0.2 +0.4 +0.2 (-) +0.4 (-) Performance Materials Sales 48.6 25.6 25.9 51.5 100.1 54.4 27.4 27.9 55.3 109.7 +5.8 (+12%) +1.8 +2.0 +3.8 (+7%) +9.6 (+10%) OP 14.5 8.0 6.8 14.8 29.3 17.4 8.1 6.6 14.7 32.1 +2.9 (+20%) +0.1 -0.2 -0.1 (0%) +2.8 (+9%) Agrochemicals Sales 39.2 14.6 32.4 47.0 86.2 42.3 16.8 36.8 53.6 95.9 +3.1 (+8%) +2.2 +4.4 +6.6 (+14%) +9.7 (+11%) OP 14.4 3.8 7.7 11.5 25.9 12.0 4.2 9.8 14.0 26.0 -2.4 (-17%) +0.4 +2.1 +2.5 (+22%) +0.1 (0%) Healthcare Sales 3.3 1.1 1.6 2.7 6.0 2.8 1.0 1.5 2.5 5.3 -0.5 (-14%) -0.1 -0.1 -0.2 (-9%) -0.7 (-12%) OP 1.3 0.4 0.2 0.6 1.9 0.7 0.2 0.6 0.8 1.5 -0.6 (-46%) -0.2 +0.4 +0.2 (+23%) -0.4 (-23%) Trading, Others, Adjustment Sales 9.2 5.1 7.0 12.1 21.3 11.8 4.0 5.9 9.9 21.7 +2.6 -1.1 -1.1 -2.2 +0.4 OP -1.6 0.1 0.8 0.9 -0.7 -0.4 -0.8 -0.2 -1.0 -1.4 +1.2 -0.9 -1.0 -1.9 -0.7 Total Sales 118.2 56.6 76.6 133.2 251.4 130.1 59.5 82.6 142.1 272.2 +11.9 (+10%) +2.9 +6.0 +8.9 (+7%) +20.8 (+8%) OP 28.3 12.8 15.7 28.5 56.8 29.6 12.0 17.4 29.4 59.0 +1.3 (+4%) -0.8 +1.7 +0.9 (+3%) +2.2 (+4%)
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45 FY2025 Financial Outlook Compared to Outlook by Segment （¥billion） FY2025 Outlook as of May 2025 FY2025 Outlook as of Nov 2025 vs. Outlook as of May 2025 1H 2H Total 1H Actual 2H Total 1H 2H Total Chemicals Sales 19.1 21.0 40.1 18.8 20.8 39.6 -0.3 (-1%) -0.2 (-1%) -0.5 (-1%) OP 0.2 1.0 1.2 -0.1 0.9 0.8 -0.3 (-) -0.1 (-) -0.4 (-) Performance Materials Sales 52.0 54.0 106.0 54.4 55.3 109.7 +2.4 (+5%) +1.3 (+2%) +3.7 (+3%) OP 16.3 14.6 30.9 17.4 14.7 32.1 +1.1 (+7%) +0.1 (+1%) +1.2 (+4%) Agrochemicals Sales 38.7 53.3 92.0 42.3 53.6 95.9 +3.6 (+9%) +0.3 (+1%) +3.9 (+4%) OP 11.7 13.6 25.3 12.0 14.0 26.0 +0.3 (+2%) +0.4 (+3%) +0.7 (+3%) Healthcare Sales 2.6 2.6 5.2 2.8 2.5 5.3 +0.2 (+9%) -0.1 (-5%) +0.1 (+2%) OP 0.5 0.9 1.4 0.7 0.8 1.5 +0.2 (+39%) -0.1 (-11%) +0.1 (+7%) Trading, Others, Adjustment Sales 9.5 9.4 18.9 11.8 9.9 21.7 +2.3 +0.5 +2.8 OP -0.4 -0.8 -1.2 -0.4 -1.0 -1.4 0.0 -0.2 -0.2 Total Sales 121.9 140.3 262.2 130.1 142.1 272.2 +8.2 (+7%) +1.8 (+1%) +10.0 (+4%) OP 28.3 29.3 57.6 29.6 29.4 59.0 +1.3 (+5%) +0.1 (0%) +1.4 (+2%) 1. Including inter-segment sales/transfers 2. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (added as consolidated subsidiaries from FY2024), Nihon Hiryo, and others Adjustment: Planning & Development Division and others (see p61, p62 for breakdown) 3. Sales and OP for Planning & Development Division in FY2024 Actual and FY2025 Outlook are disclosed on p52
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46 FY2025 Outlook P8 04 ESG Topics P46 C o n t e n t s
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47 June 2025 Updated and disclosed “Corporate Governance Report " Two female Outside Directors appointed (re-elected), as a result, the Board of Directors includes 4 Outside Directors out of 10 One female Outside Audit & Supervisory Board Member appointed (newly elected), as a result, the Board of Audit & Supervisory includes 3 Outside Directors out of 4 Announced incorporating ESG indicators into the officers’ remuneration system (65% base remuneration, 28% performance-related remuneration, 7% remuneration in stock. Out of the 28% performance-related remuneration, 90% is profit-linked and 10% is ESG-linked.) ESG E (Environment） S （Social） G (Governance） Announced its Diversity Statement and Diversity VisionApril 2021 October 2025 June 2022 Reduced GHG emissions by melamine production stop (26,000 tons, equivalent to about 7% of FY2018) Established Nomination and Remuneration Advisory Committee as an optional advisory body of the Board of DirectorsApril 2019 June 2019 Introduced a performance-linked stock compensation plan called a Board Benefit Trust for Board of Directors, etc. Published “Integrated Report 2025 ” Decided to work on realization of carbon neutrality by 2050 Established new long-term target for reducing greenhouse gas (GHG) emissions(see p50)May 2022 June 2022 June 2022 Established Climate Change Committee June 2025
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48 ESG Index and Third-party Recognition Certified Health & Productivity Management Organization (White 500) S&P/JPX Carbon Efficient Index Participation in External Initiatives Dow Jones Sustainability Asia Pacific Index “Childcare Support Company” Kurumin FTSE MSCI ◼ December 2024 Selected as a constituent for 7 consecutive years ◼ June 2025 Selected as a constituent for 7 consecutive years ◼ June 2025: Selected as a constituent of FTSE4Good Index Series, FTSE Blossom Japan Index for 6 consecutive years ◼ June 2025: Selected as a constituent of FTSE Blossom Japan Sector Relative Index for 4 consecutive years 1. FTSE Russell confirms that Nissan Chemical has been independently assessed according to the index criteria, and has satisfied the requirements to become a constituent of the FTSE Blossom Japan Sector Relative Index. The FTSE Blossom Japan Sector Relative Index is used by a wide variety of market participants to create and assess responsible investment funds and other products. ◼ May 2025: Upgraded from A to AA (MSCI ESG Rating) ◼ June 2025: Selected as a constituent of MSCI Nihonkabu ESG Select Leaders Index for 2 consecutive years 2. THE INCLUSION OF NISSAN CHEMICAL CORPORATION IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF NISSAN CHEMICAL CORPORATION BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES. ◼ March 2025: Acquired for 9 consecutive years ◼ January 2023 Acquired for 2 consecutive years Morningstar ◼ December 2024: Selected as a constituent of Japan ex-REIT Gender Diversity Tilt Index for 2 consecutive years
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49 Specified materiality that we should engage to realize corporate image of 2027. Aim to have sustainable growth with society by promoting initiatives. Provision of New Value for Helping to Enrich People’s Lives Strengthening of Nissan Chemical’s Business Base Continuous Improvement of Responsible Care Activities 1 2 3 Nissan Chemical Sustainable Agenda1 Rate of total sales of products and services that contribute to solving social issues in consolidated net sales 60% or more 1. A plan to pursue “what we can do for the future of the globe and human ”by providing products and services that contribute to solving social issues GHG Emission Target Reduced by 30% or more compared to FY2018 Our Materiality Strengthening of Corporate Governance, Risk Management and Compliance Promote Diversity Proportion of female researchers 18% or more Materiality (revised in Vista2027 Stage II) (No change from the May 2025 announcement) Personnel retention and trainings Positive response rate in survey of employee attitude 65% or more (revised upward from maintain at least 55%)
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50 ◼ Focus on improving production technology and adopting renewable energy etc., in addition to conventional efforts, to achieve carbon neutrality by 2050 ◼ GHG emissions target for FY2027: Reduce by at least 30% compared to FY2018 (SCOPE1+2, non-consolidated basis) Reduction of GHG Emissions 363 327 318 345 328 285 278 0 100 200 300 400 FY2018 Actual FY2019 Actual FY2020 Actual FY2021 Actual FY2022 Actual FY2023 Actual FY2024 Actual FY2027 Target (Thousands of tons of -CO2e) ◼ Zero N2O emissions from nitric acid plants (Planned investment of ¥830 million, variable cost of ¥70 million/year) ◼ Melamine production shutdown ◼ Converting fuels at Onoda Plant ◼ Promoting reduction of GHG emissions through full-scale introduction of ICP ◼ Reduction of CFC equipment ◼ Upgrade to energy-efficient equipment Initiatives in Medium-Term Plan Vista2027 (FY2022-2027) △30% FY 2019 2020 2021 2022 2023 2024 Nissan Chemical (consolidated basis) 346 337 364 346 305 315 Average of 4 major general chemical manufacturers (consolidated basis) 9,275 8,928 9,226 8,390 7,803 7,691 ▍Comparison of GHG emissions with general chemical manufacturers （Thousands of tons -CO2e）
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51 FY2025 Outlook P8 05 Appendix P51 C o n t e n t s
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52 Medium-Term Plan Vista2027 Stage II (FY2025-2027) （announced in May 2025) （¥billion） 1. Net Income = Profit Attributable to Owners of Parent 2. EBITDA = Operating Profit + Depreciation and amortization 3. Net D/E Ratio = (Borrowings + Bonds + CP – Cash) / Shareholders’ equity 4. The figures of Planning and Development Division are internal figures of Trading, Others, Adjustment 5. The figures in Medium-Term Plan don’t include the impact of future strategic investments (M&A) 6. FY2025- : New OP method adopted FY2024 Actual have been restated based on the new method (see p63) ▍PL ▍Segment FY2024 Actual FY2025 Outlook as of Nov 2025 FY2027 Mid-Term Plan FY2027 previous Mid-Term Plan Sales 251.4 277.2 293.0 285.0 Operating Profit 56.8 59.0 65.0 67.0 Ordinary Income 58.0 59.0 65.5 68.0 Net Income1 43.0 44.0 48.0 50.0 EBITDA2 71.2 74.9 83.4 - EPS(¥/share) 313.26 328.22 366.28 371.67 Equity Ratio 70.5% - 71.9% - Net D/E Ratio3 0.06 - 0.05 - （Financial Target） FY2024 Actual FY2025～FY2027 Mid-Term Plan FY2027 previous Mid-Term Plan OP Margin 22.6% 20% or more 20% or more ROE 18.7% 18% or more 18% or more Dividend Payout Ratio 55.5% 55% or more 55% or more Total Payout Ratio 82.0% 75% or more 75% or more FX Rate （¥/$） 153 FY2025：146 FY2026～2027：140 FY2024 Actual FY2025 Outlook as of Nov 2025 FY2027 Mid-Term Plan FY2027 previous Mid-Term Plan Chemicals Sales 37.8 39.6 43.7 40.1 OP 0.4 0.8 2.4 3.9 Performance Materials Sales 100.1 109.7 122.4 117.2 OP 29.3 32.1 34.2 38.0 Agrochemicals Sales 86.2 95.9 97.5 82.3 OP 25.9 26.0 25.9 21.0 Healthcare Sales 6.0 5.3 6.4 11.5 OP 1.9 1.5 2.4 4.3 Trading, Others, Adjustment Sales 21.3 21.7 23.0 33.9 OP -0.7 -1.4 0.1 -0.2 Planning and Development4 Sales 0.3 0.1 1.1 4.4 OP -4.9 -5.6 -5.0 -4.7 Total Sales 251.4 272.2 293.0 285.0 OP 56.8 59.0 65.0 67.0 （¥billion）
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53 ROE Trend (Fiscal Year) (¥billion) 1. as of Nov 2025 1 ◼ Position ROE as the most important financial indicator for a long time ◼ Medium-Term Plan FY2025-2027 Target: 18% or more ◼ FY2024 Actual: 18.7% 15.5 10.1 12.8 13.0 11.0 13.9 16.7 18.2 22.4 24.0 27.1 29.4 30.8 33.5 38.8.041.1 38.0 43.0 44.0 15.6% 10.3% 12.6%11.9% 9.5% 11.4% 12.7% 12.7% 14.6%15.1% 16.1%16.6%16.9%17.5% 19.2% 19.4% 17.1% 18.7%18.5% 0% 5% 10% 15% 20% 0.0 10.0 20.0 30.0 40.0 50.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Net Income (left axis) ROE (right axis)
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54 4.1 4.1 4.3 4.9 5.7 6.8 7.9 10.2 12.1 13.1 15.0 17.3 23.1 22.8 23.8 24.2 2.8 0.0 5.0 5.0 6.0 9.0 9.0 9.0 9.0 10.0 10.0 12.0 9.0 10.0 11.5 10.5 53% 37% 67% 59% 64% 71% 70% 71% 72% 75% 75% 76% 78% 86% 82% 79% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Share Repurchase Amount (composition of Net Income) (left axis) Total Dividend Amount (composition of Net Income) (left axis) Total Payout Ratio (right axis) （21%） （36%） （30%） （32%） （40%） （37%） （33%） （30%） （32%） （30%） （32%） （37%） （31%） （29%） （32%） （31%） （33%） (38%） （42%） （43%） （45%） （22%） （56%） （31%） Shareholders Return Policy - Total Payout Ratio ◼ Medium-Term Plan FY2025-2027 Target: 75% or more ◼ FY2024 Actual: 82.0% (Fiscal Year) (¥billion) （45%） （60%） （26%） （24%） （55%） （56%） （26%） 1. as of Nov 2025 1
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55 Shareholders Return Policy – Dividend Payout Ratio ◼ Increase Dividend Payout Ratio Target to 55% from 45% in Medium-Term Plan (announced in May 2022) ◼ Current Medium-Term Plan (FY2025-2027) target: 55% or more ◼ Stable and continuous dividend policy ◼ Maintained Dividend at the same amount (¥164/share) despite FY2023 Profit down from FY2022 ◼ Dividend for FY2024 (¥174/share), FY2025 Outlook (¥180/share), increase for 2 consecutive years (¥/share) (Fiscal Year) 75.94 64.52 83.74 102.11 113.99 143.37 156.97 180.30 197.67 210.09 231.73 271.88 291.36 272.82 313.26 328.22 24 24 26 30 36 44 52 68 82 90 104 122 164 164 174 180 31.6% 37.2% 31.0% 29.4% 31.6% 30.7% 33.1% 37.7% 41.5% 42.8% 44.9% 44.9% 56.3% 60.1% 55.5% 54.8% 0% 20% 40% 60% 0 100 200 300 400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E EPS (left axis) Dividend/Share (left axis) Dividend Payout Ratio (right axis) 1 1. as of Nov 2025
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56 Shareholders Return Policy - Share Repurchase Fiscal Year 2006 2007 2008 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Shares purchased (thousand shares)1 3,500 3,399 7,355 2,167 6,372 3,263 2,764 3,333 2,621 2,292 1,682 2,138 1,829 2,033 1,356 1,665 2,335 50,104 Purchase costs (¥billion)1 4.7 5.0 8.0 2.8 5.0 5.0 6.0 9.0 9.0 9.0 9.0 10.0 10.0 12.0 9.0 10.0 11.5 135.0 Shares cancelled (thousand shares) 3,000 3,635 7,000 3,000 6,000 4,000 3,000 2,000 2,000 3,000 2,000 3,000 1,000 2,000 1,700 2,500 2,000 50,835 Shares issued at FY end (million shares) 185 181 174 171 165 161 158 156 154 151 149 146 145 143 141 139 137 - Treasury shares at FY end (thousand shares)2 1,367 1,233 1,660 885 1,258 522 287 1,621 2,242 1,535 1,218 523 1,352 1,384 1,029 187 518 - Total payout ratio(%) (dividend + share repurchase) 60 56 118 53 67 59 64 71 70 71 72 75 75 76 78 86 82 - Fiscal Year 2020 2021 2022 2023 2024 20254 1H 2H Total 1H 2H Total 1H 2H Total 1H 2H Total 1H 2H Total Total Shares purchased (thousand shares)1 1,334 495 1,829 1,262 771 2,033 683 673 1,356 805 860 1,665 1,061 1,274 2,335 up to 2,865 Purchase costs (¥billion)1 7.0 3.0 10.0 7.0 5.0 12.0 5.0 4.0 9.0 5.0 5.0 10.0 5.0 6.5 11.5 up to 10.5 Shares cancelled (thousand shares) 3 1,000 0 1,000 2,000 0 2,000 1,700 0 1,700 1,500 1,000 2,500 1,000 1,000 2,000 1,000 ◼ Started share repurchase in FY2006 only to enhance ROE ◼ Repurchased ¥135.0 billion, 50.10 million shares (26.7% of shares issued) in total from FY2006 to FY2024 ◼ Cancelled all repurchased shares. Continue to strengthen shareholders return through share repurchase ◼ Completed a ¥1.5 billion share repurchase in April 2025, announced a ¥9.0 billion share repurchase in May 2025 (purchase period: May 2025 - March 2026) ▍FY2006 - 2024 Shareholders Return (no share repurchase in FY2009 and FY2011) ▍FY2020 - 2025 Share Repurchase and Cancel Program 1. Excluding share acquisitions for performance-based compensation 2. Including share acquisitions for performance-based compensation 3. The Date of Cancellation in FY2025 is November 10 4. In FY2025, out of ¥10.5 billion share repurchase, a ¥1.5 billion was completed in April and a ¥5.0 billion was completed until August. ▍Cash Management Policy (Non-consolidated basis) Level of Target Cash Balance= Minimum required level + 1/3 of annual scheduled long-term borrowings repayment + 1/3 of short-term borrowings outstanding + Contingent risk reserves
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57 R&D Expenses Trend 12.6 13.6 13.7 14.2 15.0 15.8 16.1 17.2 17.8 17.2 16.5 16.0 16.8 17.3 19.1 22.1 8.2% 9.2% 8.9% 8.7% 8.7% 8.9% 8.9% 8.9% 8.7% 8.3% 7.9% 7.7% 7.4% 7.6% 7.6% 8.1% 0% 2% 4% 6% 8% 10% 0.0 10.0 20.0 30.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E R&D expenses(left axis) R&D expenses/sales(right axis) ◼ R&D expenses increased in Performance Materials, especially Semis, and Agrochemicals ◼ Maintain about 7-9% R&D expenses/sales in recent years (¥billion) (Fiscal Year) 1. as of Nov 2025 1 ◼ ◼ 2. A change in the calculation method for partial expenses of Planning & Development Division was implemented in FY2025, FY2024 Actual was restated
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58 R&D Investment Philosophy FY2024 Actual Segments Sales (¥billion) OP (¥billion) OP Margin R&D expenses (¥billion) R&D Expenses/Sales Chemicals 37.8 0.4 1.1% 0.3 0.8% Performance Materials 100.1 29.3 29.3% 8.3 8.3% Agrochemicals 86.2 25.9 30.0% 4.5 5.2% Healthcare 6.0 1.9 31.7% 0.6 10.0% Others1 - - - 5.4 - Total (including Others1) 251.4 56.8 22.6% 19.1 7.6% ▍R&D Expenses by Segment ◼ Achieve high OP margin despite aggressive investment in R&D ◼ About 40% of professional staff engaged in R&D 1. Including Planning and Development Div. ▍Professional Staff Distribution ▍Researchers R&D 470 Others 835 Chemicals 5 Performance Materials 210 Agrochemicals 105 Healthcare 20 Planning and Development Div. and Others 130 Total:1,305 （as of Sep 2025） Total:470 （as of Sep 2025） 2. The stuff number indicated is round number ▍Professional Staff Distribution ▍Researchers
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59 Long-term Financial Performance Trend 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Sales 174.4 169.2 160.2 149.0 154.2 148.6 153.8 163.7 171.2 176.9 180.3 193.4 204.9 206.8 209.1 208.0 228.1 226.7 251.4 272.2 Operating Profit 20.8 24.8 17.4 19.2 19.8 15.5 19.5 22.2 25.3 28.6 31.4 35.0 37.1 38.6 42.5 51.0 52.3 48.2 56.8 59.0 Ordinary Income 21.2 24.4 16.9 19.2 19.4 15.9 20.5 23.7 26.4 29.5 31.7 36.2 39.1 40.0 43.9 53.7 55.8 51.6 58.0 59.0 Net Income 14.0 15.5 10.1 12.8 13.0 11.0 13.9 16.7 18.2 22.4 24.0 27.1 29.4 30.8 33.5 38.8 41.1 38.0 43.0 44.0 EBITDA 30.5 34.5 27.6 30.1 30.3 25.9 29.1 30.8 33.8 38.3 40.3 45.5 48.0 49.2 53.0 61.2 63.3 62.0 71.2 74.9 OP Margin 12.0% 14.6% 10.9% 12.8% 12.9% 10.4% 12.7% 13.6% 14.8% 16.2% 17.4% 18.1% 18.1% 18.7% 20.3% 24.5% 22.9% 21.3% 22.6% 21.7% ROE 14.7% 15.6% 10.3% 12.6% 11.9% 9.5% 11.4% 12.7% 12.7% 14.6% 15.1% 16.1% 16.6% 16.9% 17.5% 19.2% 19.4% 17.1% 18.7% 18.5% EPS (¥/share) 75.43 85.15 57.26 74.00 75.94 64.52 83.74 102.11 113.99 143.37 156.97 180.30 197.67 210.09 231.73 271.88 291.36 272.82 313.26 328.22 Dividend (¥/share) 20 20 22 24 24 24 26 30 36 44 52 68 82 90 104 122 164 164 174 180 Dividend Payout Ratio 26.5% 23.5% 38.4% 32.4% 31.6% 37.2% 31.0% 29.4% 31.6% 30.7% 33.1% 37.7% 41.5% 42.8% 44.9% 44.9% 56.3% 60.1% 55.5% 54.8% Share Repurchase 4.7 5.0 8.0 ‐ 2.8 - 5.0 5.0 6.0 9.0 9.0 9.0 9.0 10.0 10.0 12.0 9.0 10.0 11.5 - Total Assets 177.3 172.7 172.3 181.4 183.4 190.1 199.2 208.0 223.9 228.2 231.7 246.0 247.0 249.5 265.5 279.7 298.7 323.5 330.8 - Net Assets 99.3 101.2 96.8 107.7 112.4 119.6 126.7 137.8 151.3 156.9 163.7 176.4 182.1 185.5 200.6 208.0 221.5 230.9 236.2 - Cash 11.0 7.6 9.7 14.8 21.1 27.9 31.9 30.8 31.3 35.3 35.7 37.7 36.2 30.6 32.4 34.7 29.6 22.7 27.5 - Liabilities with Interest 32.4 34.4 45.5 42.1 39.9 38.9 38.1 36.1 35.1 33.1 30.8 28.6 26.6 24.6 22.7 22.7 27.3 41.0 40.5 - Equity Ratio 55.3% 58.0% 55.5% 58.7% 60.7% 62.4% 63.0% 65.7% 66.9% 68.1% 69.9% 71.0% 73.0% 73.7% 74.9% 73.6% 73.1% 70.3% 70.5% - Capex 7.7 13.8 10.7 14.4 8.7 8.9 8.1 9.1 8.7 9.5 13.5 14.4 9.9 15.5 14.3 12.4 19.4 20.2 17.6 21.5 Depreciation 9.7 9.7 10.2 11.0 10.4 10.5 9.5 8.5 8.5 9.7 8.9 10.5 10.9 10.5 10.4 10.2 11.0 13.8 14.4 15.9 R&D Expenses 9.9 12.5 13.7 13.1 12.6 13.6 13.7 14.2 15.0 15.8 16.1 17.2 17.8 17.2 16.5 16.0 16.8 17.3 19.1 22.1 R&D Expenses/Sales 5.7% 7.4% 8.6% 8.8% 8.2% 9.2% 8.9% 8.7% 8.7% 8.9% 8.9% 8.9% 8.7% 8.3% 7.9% 7.7% 7.4% 7.6% 7.6% 8.1% (¥billion) 1. FY2021- : Including effects of changes in accounting policies 2. FY2024- : R&D expenses include some costs of the Planning & Development division 3. Capex: Cash flows basis 4. FY2025E: Outlook as of Nov 2025
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60 Sales and OP Trend by Segment 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Chemicals 35.5 34.3 34.3 34.8 34.9 35.7 34.3 31.9 37.6 39.0 35.6 37.8 39.6 Performance Materials 42.8 49.4 51.8 52.8 58.8 63.0 65.5 71.6 81.7 82.6 84.6 100.1 109.7 Agrochemicals 39.1 45.7 47.5 52.0 58.1 62.7 64.0 63.8 65.8 81.6 82.1 86.2 95.9 Healthcare 11.6 8.8 8.7 8.0 7.5 7.0 7.0 6.7 6.6 6.7 6.3 6.0 5.3 Trading 50.7 54.4 55.6 55.2 59.5 67.9 67.9 69.8 80.4 99.1 103.8 117.2 121.6 Others 21.4 20.9 20.9 24.0 21.5 24.6 22.4 23.8 23.6 26.4 30.1 29.2 31.8 Adjustment -37.4 -42.3 -41.9 -46.5 -46.9 -56.0 -54.3 -58.5 -87.7 -107.3 -115.8 -125.1 -133.7 Total 163.7 171.2 176.9 180.3 193.4 204.9 206.8 209.1 208.0 228.1 226.7 251.4 272.2 Chemicals 1.9 1.9 3.9 3.8 3.4 3.0 1.3 1.5 3.8 1.4 0.0 0.4 0.8 33.5 Performance Materials 8.8 12.0 12.0 12.5 14.2 15.0 17.0 22.4 27.6 25.4 22.5 29.3 32.1 65.9 Agrochemicals 6.2 9.2 10.8 13.2 16.4 18.4 19.3 18.2 18.1 23.1 23.4 25.9 26.0 115.2 Healthcare 4.9 2.3 2.0 1.7 1.2 1.0 0.9 0.4 2.8 3.0 2.8 1.9 1.5 8.5 Trading 1.5 1.7 1.8 1.7 1.8 2.0 2.1 2.5 2.9 3.7 3.7 4.1 3.6 44.7 Others 0.8 0.6 0.5 1.0 0.6 0.9 0.7 0.8 0.7 0.9 0.6 0.6 1.5 20.6 Adjustment -1.9 -2.4 -2.4 -2.5 -2.6 -3.2 -2.7 -3.3 -4.9 -5.2 -4.8 -5.4 -6.5 42.4 Total 22.2 25.3 28.6 31.4 35.0 37.1 38.6 42.5 51.0 52.3 48.2 56.8 59.0 330.8 Chemicals 5.4% 5.5% 11.4% 10.9% 9.7% 8.4% 3.8% 4.7% 10.1% 3.6% 0.1% 1.1% 2.0％ 1.2％ Performance Materials 20.6% 24.3% 23.2% 23.7% 24.1% 23.8% 26.0% 31.3% 33.8% 30.8% 26.6% 29.3% 29.3% 44.5% Agrochemicals 15.9% 20.1% 22.7% 25.4% 28.2% 29.3% 30.2% 28.5% 27.5% 28.3% 28.5% 30.0% 27.1% 22.5% Healthcare 42.2% 26.1% 23.0% 21.3% 16.0% 14.3% 12.9% 6.0% 42.4% 44.8% 44.4% 31.7% 28.3% 22.4% Trading 3.0% 3.1% 3.2% 3.1% 3.0% 2.9% 3.1% 3.6% 3.6% 3.7% 3.6% 3.5% 3.0% 9.2% Others 3.7% 2.9% 2.4% 4.2% 2.8% 3.7% 3.1% 3.4% 3.0% 3.4% 2.0% 2.1% 4.7% 2.9% Total 13.6% 14.8% 16.2% 17.4% 18.1% 18.1% 18.7% 20.3% 24.5% 22.9% 21.3% 22.6% 21.7% 17.2% ▍OP (B) ▍OP Margin (B)/(A) ▍Sales (A) ▍Segment Assets (FY2024)(D) ▍ROA(FY2024) (B)/(D) 1. Including inter-segment sales/transfers 3. FY2021: Including Sales decrease due to changes in accounting policies 4. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (Added as a consolidated subsidiary from FY2024), Nihon Hiryo Adjustment: Planning & Development Division and others 6. Organizational changes in Healthcare and Planning and Development division were implemented in April 2022. Figures for FY2020 and before are based on the pre-restructuring organization, while figures after FY2020 reflect the post-restructuring structure. 7. FY2025E: Outlook as of Nov 2025 2. FY2019- : Consolidation items (such as unrealized gain on inventories) were included in each segment until FY2018, but are included in “Adjustment” from FY2019 5. FY2025- : New OP method adopted FY2024 Actual have been restated based on the new method (see p63) (¥billion)
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61 1. Including inter-segment sales/transfers 2. In the Healthcare segment, figures are rounded to the nearest 100 million yen. Accordingly, some discrepancies may occur among totals. 3. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (Added as a consolidated subsidiary from FY2024), Nihon Hiryo Adjustment: Planning & Development Division and others Quarterly Sales Trend by Segment (FY2022 - FY2025 Outlook) (¥billion) FY2022 Actual FY2023 Actual FY2024 Actual FY2025 Outlook as of Nov 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q Actual 2Q Actual 3Q 4Q Total Chemicals 10.4 9.4 10.1 9.1 39.0 9.1 8.8 9.6 8.1 35.6 8.9 9.0 10.2 9.7 37.8 9.3 9.5 10.3 10.5 39.6 Fine Chemicals 4.2 3.5 3.3 2.8 13.8 3.0 3.0 3.0 2.6 11.6 3.1 3.2 3.4 3.2 12.9 3.4 3.4 3.1 3.5 13.4 Basic Chemicals 6.2 5.9 6.8 6.3 25.2 6.1 5.8 6.6 5.5 24.0 5.8 5.8 6.8 6.5 24.9 5.9 6.1 7.2 7.0 26.2 Performance Materials 21.8 20.2 20.6 20.0 82.6 20.8 19.7 21.4 22.7 84.6 23.5 25.1 25.6 25.9 100.1 25.9 28.5 27.4 27.9 109.7 Agrochemicals 19.7 16.0 13.1 32.8 81.6 18.8 16.5 13.2 33.6 82.1 20.4 18.8 14.6 32.4 86.2 26.6 15.7 16.8 36.8 95.9 Healthcare 1.7 1.5 1.6 1.9 6.7 2.0 1.5 1.3 1.5 6.3 1.5 1.8 1.1 1.6 6.0 1.6 1.2 1.0 1.5 5.3 Healthcare 0.8 0.6 0.4 0.6 2.4 0.6 0.7 0.6 0.4 2.3 0.3 0.5 0.5 0.5 1.8 0.5 0.5 0.4 0.5 1.9 Custom Chemicals 0.8 1.0 1.2 1.3 4.3 1.3 0.9 0.7 1.0 4.0 1.2 1.3 0.6 1.1 4.2 1.1 0.8 0.5 1.0 3.4 Trading 23.7 24.0 27.0 24.4 99.1 24.3 24.5 28.3 26.7 103.8 27.5 28.8 30.8 30.1 117.2 30.0 28.8 31.1 31.7 121.6 Others 6.5 5.9 6.7 7.3 26.4 6.4 5.9 6.0 11.8 30.1 6.3 5.7 8.8 8.4 29.2 7.9 6.9 7.5 9.5 31.8 Adjustment -25.5 -25.8 -29.4 -26.6 -107.3 -26.5 -26.1 -30.2 -33.0 -115.8 -29.4 -29.7 -34.5 -31.5 -125.1 -31.4 -30.4 -34.6 -35.3 -131.7 Total 58.3 51.2 49.7 68.9 228.1 54.9 50.8 49.6 71.4 226.7 58.7 59.5 56.6 76.6 251.4 69.9 60.2 59.5 82.6 272.2 FY2025 Outlook as of May 2025 1Q 2Q 2H Total 9.4 9.7 21.0 40.1 3.1 3.3 6.6 13.0 6.3 6.4 14.4 27.1 25.7 26.3 54.0 106.0 23.2 15.5 53.3 92.0 1.5 1.1 2.6 5.2 0.5 0.4 0.9 1.8 1.1 0.6 1.7 3.4 28.3 28.3 64.4 121.0 7.7 6.9 16.9 31.5 -30.8 -30.9 -71.9 -133.6 65.0 56.9 140.3 262.2
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62 Quarterly OP Trend by Segment (FY2022 - FY2025 Outlook) (¥billion) FY2022 Actual FY2023 Actual FY2024 Actual FY2025 Outlook as of Nov 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q Actual 2Q Actual 3Q 4Q Total Chemicals 1.7 -0.6 0.4 -0.1 1.4 0.9 -1.0 0.4 -0.3 0.0 0.7 -1.0 0.5 0.2 0.4 0.7 -0.8 0.3 0.6 0.8 Performance Materials 7.9 6.0 6.9 4.6 25.4 6.5 4.6 6.3 5.1 22.5 7.1 7.4 8.0 6.8 29.3 8.2 9.2 8.1 6.6 32.1 Agrochemicals 6.8 5.3 3.1 7.9 23.1 6.6 5.0 2.9 8.9 23.4 7.0 7.4 3.8 7.7 25.9 8.6 3.4 4.2 9.8 26.0 Healthcare 0.8 0.7 0.6 0.9 3.0 1.1 0.7 0.5 0.5 2.8 0.6 0.7 0.4 0.2 1.9 0.5 0.2 0.2 0.6 1.5 Healthcare 0.4 0.2 0.1 0.2 0.9 0.3 0.3 0.2 0.2 0.9 0.0 0.2 0.1 0.1 0.4 0.1 0.1 0.1 0.1 0.4 Custom Chemicals 0.4 0.5 0.6 0.7 2.1 0.8 0.4 0.3 0.4 1.9 0.6 0.5 0.3 0.2 1.6 0.4 0.1 0.2 0.4 1.1 Trading 1.0 0.9 1.0 0.8 3.7 0.9 0.9 1.0 0.9 3.7 1.0 1.0 1.1 1.0 4.1 1.1 0.9 0.8 0.8 3.6 Others 0.1 0.0 0.2 0.6 0.9 0.2 0.0 -0.3 0.7 0.6 0.1 -0.1 0.1 0.5 0.6 0.5 0.3 0.0 0.7 1.5 Adjustment -1.0 -1.4 -1.6 -1.2 -5.2 -1.2 -1.1 -1.5 -1.0 -4.8 -2.1 -1.5 -1.1 -0.7 -5.4 -1.5 -1.7 -1.6 -1.7 -6.5 Total 17.3 10.9 10.6 13.5 52.3 15.0 9.1 9.3 14.8 48.2 14.4 13.9 12.8 15.7 56.8 18.1 11.5 12.0 17.4 59.0 FY2025 Outlook as of May 2025 1Q 2Q 2H Total 0.8 -0.6 1.0 1.2 8.3 8.0 14.6 30.9 7.6 4.1 13.6 25.3 0.4 0.1 0.9 1.4 0.1 0.0 0.2 0.3 0.3 0.0 0.8 1.1 0.8 0.8 1.8 3.4 0.3 0.2 0.7 1.2 -1.1 -1.4 -3.3 -5.8 17.1 11.2 29.3 57.6 1. In the Healthcare segment, figures are rounded to the nearest 100 million yen. Accordingly, some discrepancies may occur among totals. 2. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (Added as a consolidated subsidiary from FY2024), Nihon Hiryo Adjustment: Planning & Development Division and others 3. FY2025- : New OP method adopted. FY2024 Actual have been restated based on the new method (see p63).
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63 FY2024 Actual (old method basis) FY2024 Actual (new method basis) Change 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Chemicals 0.7 -1.1 0.5 0.1 0.2 0.7 -1.0 0.5 0.2 0.4 0.0 +0.1 0.0 +0.1 +0.2 Performance Materials 7.0 7.4 7.9 6.7 29.0 7.1 7.4 8.0 6.8 29.3 +0.1 0.0 +0.1 +0.1 +0.3 Agrochemicals 6.9 7.3 3.7 7.7 25.6 7.0 7.4 3.8 7.7 25.9 +0.1 +0.1 +0.1 0.0 +0.3 Healthcare 0.6 0.7 0.3 0.3 1.9 0.6 0.7 0.4 0.2 1.9 0.0 0.0 +0.1 -0.1 0.0 Healthcare 0.0 0.1 0.1 0.2 0.4 0.0 0.2 0.1 0.1 0.4 0.0 +0.1 0.0 -0.1 0.0 Custom Chemicals 0.6 0.5 0.2 0.2 1.5 0.6 0.5 0.3 0.2 1.6 0.0 0.0 +0.1 0.0 +0.1 Trading 1.0 1.0 1.1 1.0 4.1 1.0 1.0 1.1 1.0 4.1 0.0 0.0 0.0 0.0 0.0 Others 0.1 -0.1 0.1 0.5 0.6 0.1 -0.1 0.1 0.5 0.6 0.0 0.0 0.0 0.0 0.0 Adjustment -1.9 -1.3 -0.8 -0.6 -4.6 -2.1 -1.5 -1.1 -0.7 -5.4 -0.2 -0.2 -0.3 -0.1 -0.8 Total 14.4 13.9 12.8 15.7 56.8 14.4 13.9 12.8 15.7 56.8 0.0 0.0 0.0 0.0 0.0 1. In the Healthcare segment, figures are rounded to the nearest 100 million yen. Accordingly, some discrepancies may occur among totals. 2. Trading: Nissei Corporation, Others: Nissan Butsuryu, Nissan Green & Landscape, Nissan Engineering, NC Tokyo Bay, Nippon Polytech (Added as a consolidated subsidiary from FY2024), Nihon Hiryo Adjustment: Planning & Development Division and others Changes in calculation methods of OP by segment ◼ From FY2025, OP by segment is calculated using a new method ◼ In the new method, some costs and others of DX and the Planning & Development division, which were previously allocated to each segment, are excluded from the segments and included in “Adjustment” ◼ The FY2024 Actual have been restated based on the new method, and the impact of this change is outlined below (¥billion)
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64 Segment Products Main Applications Chemicals Fine Chemicals TEPIC epoxy compound for LED sealants, solder resist, painting Melamine cyanurate flame retardant Environmental related products agent used for sterilizing, disinfectant for swimming pool and septic tanks, etc. FINEOXOCOL cosmetics, lubricants, adhesive Basic Chemicals Melamine (sales ended in December 2022) adhesive agent AdBlue® solution of urea in demineralised water for diesel vehicles to reduce NOx High purity sulfuric acid agents used for cleaning semiconductors Ammonia, Sulfuric acid, Nitric acid, Urea Performance Materials Display Materials SUNEVER LCD alignment coating (Main Mode) VA (Vertical Alignment) TV IPS (In-Plane Switching) Smartphone, Tablet, PC, Monitor, Automobile Semis Materials ARC®(ArF, KrF) bottom anti-reflective coating for semiconductors OptiStack® multi layer process material for semiconductors (Si -HM/SOC) EUV materials EUV process materials (Under Layer/Si-HM) 3D packaging process materials temporary adhesive materials Inorganic Materials SNOWTEX water dispersed colloidal silica sol for polishing silicon wafers, special steel sheets Organo/Monomer Sol film coating, antistatic interference shielding, electronic printing materials, resin additive Oilfield materials for enhancing oil recovery Agrochemicals Herbicide TARGA soybean, rapeseed, sugarbeet PERMIT corn, sugarcane, rice ROUNDUP non-selective herbicide for orchard, noncrop land ALTAIR rice VERDAD rice Insecticide GRACIA vegetables, tea, fruits Fungicide LEIMAY potato, vegetables, grape DITHANE (MANCOZEB) fruits, vegetables Animal health product Fluralaner active substance of BRAVECTO ® (veterinary medical product for dogs and cats) and EXZOLT ® (for poultry, cattle, and sheep) Healthcare LIVALO API anti-cholesterol drug Custom Chemicals custom manufacturing and solution proposal business for pharmaceutical companies 1. AdBlue® is a registered trademark of German Automobile Industry Association (Verband der Automobilindustrie). 2. ARC® and OptiStack® are registered trade mark of Brewer Science, Inc. 3. BRAVECTO® and EXZOLT® are registered trade mark of MAH. Main Products by Segment
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65 Disclaimer and Copyright The forward looking statements in this material are based on information available at the time of preparation of the material. Although they reflect our current expectations, these statements are not guarantees of future performance, but include a number of risks and uncertainties. Actual results may largely differ from these statements due to various factors which may be beyond company control. No information in this material is provided as an offer to buy or sell the shares of the company. We urge users of the material to make investment decision based upon own judgment. All rights reserved to Nissan Chemical Corporation.