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Securities code :4971 MEC COMPANY LTD. February 13, 2026 2030 Vision Phase 2 First Year Progress and Future Initiatives Medium-term Management Plan （2025 ｰ2027) Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
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Index 2 1. Quantitative and qualitative targets 2. Financial policies 3. Human resource development 4. Working toward a sustainable society １ 2030 Vision ２ Medium-term Management Plan: Phase 2 Revision of Quantitative Targets ３ Medium-term Management Plan: Phase 2
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Summary 3 Results for the first year of our 2030 Vision: Phase 2 exceeded initial expectations against the backdrop of a favorable market environment, including increasing demand related to generative AI. We have revised targets for FYE 12/2027, the final year of Phase 2, considering the market environment and trends in demand for high value-added products. Net sales ¥25 billion ⇒ ¥25 billion Core business ¥23.5 billion ⇒ ¥24.5 billion Application and expansion ¥1.5 billion ⇒ ¥０.5 billion Operating margin at least 20% ⇒ 26–30% ROE at least 10% ⇒ 13–16% To further enhance shareholder returns, we have changed our dividend policy in Phase 2 to “a consolidated payout ratio of 35% or higher and a consolidated DOE (Dividend on Equity) of 4.0% or higher." This revision of quantitative targets is made within the framework of the existing medium-term management plan and does not involve any change in our strategic policies.
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2030 Vision 4 １
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Philosophy System Diagram 5 Company motto Enjoy your work Management Philosophy: The MEC group will contribute to the creation of a prosperous and diverse society and sustainable environment, inspired by an unconventional approach based on the principles of “Visionary Technology”, “Reliable Quality” and “Meticulous Service”, thereby creating and fostering value at various interfaces through our global activities. Mission︓Transforming the world through interfaces. Vision ︓Becoming the world's best creator of interfaces and connecting them to the world. Goal ︓ Achieving our ideal potential. - To become a truly global company - To continue as an R&D-driven enterprise - To establish ourselves as a uniquely innovative AI company Creed - Always take on new challenges without fear - Continue innovating and improving with boundless curiosity - Work together in a spirit of cooperation and gratitude - Create a fun workplace focused on safety and health - Strive to be useful in society at large Management philosophy Mission Vision / Goal Fundamental values Create and Transform Change the concept of “Making” Change the concept of “Selling” and “Gaining” Valuing Connections Among People and Nurturing Unique, Irreplaceable Value Build external networks and internal harmony; it is people who cultivate value.
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Corporate Vision 6 Corporate image Become a truly global company that creates new value with visionary technology Continue to be an R&D-based company Present an image as a visionary AI company Strive to develop human resources capable of self-reliance, self- discipline, and solidarity Be enthusiastic and continuously challenge oneself Acquire fundamental digital literacy Strive to recruit excellent human resources according to their roles, assign them appropriately, and prepare an environment where they can fulfill their potential Human resource image Organizations
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The Sustainable Efforts 7 Provide products and technologies that contribute to solving social issues through our business activities. Research and development to open up the future Development of products that reduce environmental impact Proper procurement, production, and logistics Measures to address climate change Appropriate chemical substance management Promotion of resource recycling Quality assurance Occupational safety / Health management Work-life balance Career development Diversity Engagement Reinforcing corporate governance Reinforcing risk management Thorough compliance Information security Business activities Environmental Society and labor Governance
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2022–2024 2025–2027 2028–2030 2030 Vision Phase１ Phase2 Phase3 Positioning of this Medium-Term Management Plan 8 Seeking to achieve sustained growth and optimize corporate value over three three-year medium-term management plans toward our envisioned company image in 2030. In Phase 2 of the medium-term management plan, we will focus on building the foundations for growth. Promote and reinforce ESG management Reinforce core business ・ Deepen priority areas ・ Secure profitability and invest in growth Build the foundations for growth ・ Establish a position using new technology ・ Build business applying existing technologies Work toward further growth ・ Create new business Becoming the world's best creator of interfaces and connecting them to the world.
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Diversification of AI Application of artificial intelligence to information processing, DX, Robots Society in 2030 9 Rapid advances in digital technology will be achieved as a result of the communications and information revolution. Next-generation communications networks 5G/6G, Optical communications, Satellite communications Internet of Things (IoT) Everything is connected to the Internet Next-generation mobility Self-driving cars, Autonomous driving assistance systems
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Medium-term Management Plan: Phase 2 Revision of Quantitative Targets 10 ２
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Quantitative Targets and Results 11 We clarified our management targets regarding profitability and capital efficiency, considering the market environment in which our Group operates and trends in demand for our high value-added products. Net sales Operating margin ROE FYE 12/2025 Results FYE 12/2027 Revised Targets FYE 12/2027 Initial Targets ¥20.9 billion ¥25.0 billion Core business ¥24.5 billion Application and Expansion ¥0.5 billion 27.4 % 26–30 % 17.5 % 13–16 % ¥25.0 billion Core business ¥23.5 billion Application and Expansion ¥1.5 billion At least 20 % At least 10 %
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Medium-term Management Plan: Phase 2 12 ３
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Key Opportunities for the Company 13 Expanding demand for adhesion enhancement using ultra-fine and non-roughening technologies (Higher signal speeds, higher densities) Expanding markets in core businesses (Semiconductor and electronic substrate markets) Expanding Markets Required Technologies Next-generation communications networks (5G/6G, Optical communications, Satellite communications) Internet of Things (IoT) (Everything is connected to the Internet) Diversification of AI (DX, Edge AI, Robots, Healthcare, etc.) Next-generation mobility (Self-driving cars, Autonomous driving assistance systems) High-speed information processing Low power consumption Miniaturization Low signal loss Expanding needs for high-density integration
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Market Expansion in Core Businesses and Development of New Technology Fields Semiconductor packages (Expansion of core business) High-speed information and communications (Development of new technology fields) 14 Changes in application technology as a result of low signal loss and higher-density integration Changes in application technology as a result of low signal loss and higher-density integration Data centers, Communications infrastructure, Robots, PCs, Automotive components, etc. Examples of final products Data centers, Communications infrastructure, Robots, PCs, Automotive components, etc. Examples of final products
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Our Strength: Interlayer Adhesion Technology 15 The CZ series, our main products, is used as an adhesion promoter in the parts where copper contacts with resin. It is an indispensable technology in the process of improving adhesion between the copper and the build-up resin of package substrates. As package substrates become larger and adopt more layers ⇒ The amount of CZ series used increases Places where the CZ series is used Copper Solder masks Resin Package substrate PCB CZ-8101 1.0μm L/S=15/15μm Finely roughened L/S=3/3μm Super finely roughen + Organic adhesion promoter CZ-8401 + series （0.1μm + Chemical adhesion ） CZ-8201 0.5μm L/S=15/15μm Very finely roughened 0.0μm （Chemical adhesion ） L/S=3/3μm Flat organic adhesion promoter Reduced etching volume Semiconductor Under development
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Changes in Copper Adhesion Surface Technology Core Business: Package substrates Application and Expansion: PCBs (High-frequency substrates) Minimum Line Width [µm] Ethernet communication speed [bE]〜800G 1.6T〜 ~60 40 20 10 0 Fine roughening Growing demand for roughening technology and non-roughening technology (chemical adhesion) Demand for CZ-8101 is increasing in conjunction with expansion of related markets. Demand for CZ-8201 and 8401 is increasing due to the need for reduced etching (demand for low loss) AP, a non-roughening technology, is undergoing continuous evaluation and adoption and deepening of technology. Even in areas other than package substrates, the demand for low signal loss is becoming more evident. Expand the knowledge gained with package substrates to PCBs used in data centers and other applications using non- roughening technology. Against the backdrop of demand for low loss, demand for non-roughening technology will increase! No roughening (Low signal loss) No roughening (Low signal loss) Reduced etching volume Low signal loss Reduced etching volume CZ-8100 CZ-8101 CZ-8201 CZ-8401 × AP ＊ AP ＊ Roughening Fine roughening Ultra-fine roughening Ultra -fine roughening No roughening (low signal loss) AP ＊ No roughening (Low signal loss) Deployment of the same technologies on PCBs Reduced etching volume Low signal loss 16 ＊AP︓Adhesion Promotor (Chemical adhesion using non-roughening technologies, chemical adhesion enhancement against fine roughening）
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Core Business: Efforts in the Existing Field of Package Substrates Our products are expected to be used more due to the evolution of package substrates. Developments involving package substrates Package substrate Si Die Conventional package substrates One package, one semiconductor Package substrate Si Die Si Die Advanced package substrates Chiplet, 2.X/3D Enlarging a package to mount multiple semiconductors Examples of advanced package substrates Package substrate Si Die Si Die Package substrate Si/Organic (resin) interposer Si Die Si Die EMIB Embedded Multi-die Interconnect Bridge CoWoS Chip on Wafer on Substrate Si bridge Our efforts We offer products that solve issues related to advanced package substrates by leveraging our broad product lineup Corporate customers Our technical support team Understand issues through regular contact Recommend products that solve issues We recommend appropriate products to customers through technical support Package substrates become more Higher-density Larger-size More multi-layered Our CZ and AP series solve issues Chemical adhesion promoters CZ-8401 CZ-8201 CZ-8101 AP series Physical adhesion promoters 17
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Application and Expansion: Efforts Related to High-frequency PCBs Against the backdrop of advances in high-speed communications and in anticipation of growth in PCBs with high-frequency characteristics, we will promote product development to establish technological superiority in next-generation technologies. Developments involving high-frequency PCBs Current mainstream 800G Ethernet Gigabit 800G Expected full-scale launch in 2027 and beyond. 1.6T Ethernet Gigabit 1600G Current technologies Our goal Technological issues Due to the unevenness of the surface of copper resulting from roughening: Electric signal Transmission losses are large Roughening the copper surface Adhesion between copper and resin with organic coating × Adhesion between resin and copper solely with organic coating Our development direction • Reduce losses in the surface treatment • Increase versatility so that our products can be used for various substrates and processes We will improve our products based on feedback from OEMs and customers. Expected effects Due to the absence of unevenness of the copper surface resulting from roughening: Transmission losses are small Electric signal AP series Growing needs for faster data processing due to explosive growth of data traffic Aim to speed up electric signals and accelerate data processing. 18
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Application and Expansion: Efforts Related to Interposers 19 With the trend toward larger and denser designs in mind and in anticipation of structure change of interposers, we will promote product development to establish technological superiority in next- generation technologies. Developments involving interposers Our efforts Silicon interposers are currently the mainstream Silicon interposers Solder ball Chip Chip Package substrate We are promoting the development of products to be used for advanced interposers by leveraging our existing products Objective To accelerate the development of materials, equipment and design tools optimized for panel-level organic interposers through co- creation with participating companies MEC's role Contribute to higher-density integration with enhanced interlayer adhesion, etc. Participating companies 27 companies (As of September 3, 2025) We participate in JOINT3, a consortium for next- generation semiconductor packages Advancements have been made in the development of organic (resin) interposers to reduce manufacturing costs Substrates are becoming larger to improve processing power Expansion of a field to which our products, which realize greater adhesion between copper and resin, can make contributions “Warpage” occurs as interposers become more resin-based and larger. Our CZ and AP series solve issues Chemical adhesion promoters CZ-8401 AP series Physical adhesion promoters Other efforts toward potential opportunities to adopt our company's technology
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Strengthening Our Global Supply Capabilities 20 We are strengthening our stable supply structure in anticipation of growing demand for our products in the future. 6,650 7,200 8,100 10,600 0 2,000 4,000 6,000 8,000 10,000 12,000 Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2026 (plan) Production capacity Expansion of the Suzhou Factory An increase of up to approx. 30% Expansion of the Nagaoka Factory （t/month） * Provisional name 20 With increased production capacity, the factory can mass-produce AP series in addition to CZ series. Scheduled to begin operations in December 2026. The total investment amount is approximately 4.7 billion yen (including land). The maximum production capacity is planned to be 30,000 tons annually. This will also contribute to the stabilization of our supply chain amid growing geopolitical risks. We had built our production system from the viewpoint of individual production sites, but we will strengthen it from a global perspective to optimize it from the viewpoint of the MEC Group as a whole. Information sharing and cooperation Japan Amagasaki, Nagaoka and Kitakyushu China Suzhou and Zhuhai Europe Thailand （image） Taiwan 20 Outline of the Kitakyushu Factory * Strengthening our global production system December 2026 Launch of the Kitakyushu Factory* (plan)
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21 Characteristics Final products Sales outlook Adhesion promoter AP series (chemical adhesion promoter) A copper surface treatment agent that enhances adhesion between copper and resin without etching or surface roughening. It is used for package substrates and high-frequency PCBs because it reduces transmission losses. Data centers Communication base stations Self-driving cars Electric vehicles Robots PCs Smartphones Tablet PCs CZ series CZ-8401 A copper surface treatment agent that enhances adhesion between copper and resin by forming a unique uneven shape on the copper surface with a low etching amount. It is mainly an adhesion promoter for package substrates, and is also used for high-density PCBs. CZ-8201 CZ-8101 CZ-8100 V-Bond series A copper surface treatment agent that enhances adhesion between copper and resin by forming a unique uneven shape on the copper surface with etching. Adhesion promoter mainly for multilayer PCB. Not used for package substrates. Automobiles Smartphones Satellite communications Etching agent EXE series Fine wiring can be formed with the subtractive method. Etching agent mainly for COF substrates. Displays for TVs, smartphones, etc. SF series Etching agent with selectivity to copper. Tablet PCs Future Plans for Our Key Products
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① Quantitative and qualitative targets 22 ３ Medium-term Management Plan: Phase 2
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Phase 2 Targets 23 Reinforce relationships with customers Maintain market share for ultra-fine roughening adhesion treatment Create solutions in the non-roughening technology (chemical adhesion) area Develop environmentally-conscious products Qualitative Targets Maintain and bolster profitability in existing markets Develop business in areas where existing technologies can be applied and expanded Create new business Build structures for stable global supply Advance and strengthen ESG management Quantitative Targets ¥25 billion ¥24.5 billion ¥0.5 billion Consolidated sales 26–30 % Consolidated operating margin ROE FY2027 13–16% Application and Expansion Core business *We revised the targets on February 13, 2026.
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Phase 2 Road Map for Achieving Our 2030 Vision 24 To meet the strong demand driven by the growing semiconductor market, we will develop new technological fields and increase our production capacity, aiming to make a leap forward in the medium to long term. Reason why we revised our operating margin target • Growing generative AI-related demand is boosting demand for high value-added products. • Semiconductor-related demand is strong and projected to remain steady in the future. Increased expenses due to the launch of the Kitakyushu Factory * • Upfront expenses are expected to be incurred in FYE 12/2027 for trial operation and tasks associated with the launch. Aim to achieve further top-line growth and improved margin 25.0% 27.4% 28.9% -10% 20% 50% 0 50 100 150 200 250 Dec. 2024 Dec. 2025 Dec. 2026 Dec. 2027 Sales (Core business) Sales (Application and Expansion) Operating margin December 2026 Launch of the Kitakyushu Factory * (plan) ¥18.2 billion ¥20.9 billion ¥25.0 billion ¥22.5 billion (Results) (Results) (Forecast) (Plan) Results and plans of sales and operating margin * Provisional name Phase 1 Operating margin target was revised to 26–30 %
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② Financial policies 25 ３ Medium-term Management Plan: Phase 2
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Change of Our Shareholder Return Policy 26 We have changed our dividend policy to pay dividends more stably and enhance shareholder returns. We will continue to flexibly implement share buybacks considering the progress of the cash allocation and other relevant factors. Before the change After the change Maintain and increase the annual dividend per share Consolidated payout ratio target: 30% Consolidated payout ratio: 35% or higher and consolidated DOE (Dividend on Equity): 4.0% or higher Dividend per share and payout ratio DOE 3.1% 3.4% 3.2% 3.0% 3.5% 3.9% 3.5% 3.3% 6.2% 5.6% Share buybacks (¥ million) － 265 － － － － 900 － 1,292 － 22.00 26.00 26.00 26.00 35.00 45.00 45.00 45.00 96.00 96.00 26.9% 28.0% 39.9% 30.9% 22.5% 27.9% 36.8% 36.8% 35.3% 38.1% 0% 10% 20% 30% 40% 0 30 60 90 120 FY17.12 FY18.12 FY19.12 FY20.12 FY21.12 FY22.12 FY23.12 FY 24.12 FY25.12 FY26.12 （E） Dividend per share Payout ratio (yen)
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Basic Policy on Cash Allocation 27 The basic policy on cash allocation for 2030 Vision: Phase 2 (cumulative for 2025–2027) is as follows. Cash inflow/cash on hand (three-year total) Cash outflow (three-year total) Investment Over ¥8,000 million Investment allocation Capital investment for growth Investment for maintaining and renewing facilities Reinforcement of technical support and marketing structures M&A R&D ¥5,200 million R&D ¥5,200 million Shareholder returns Over ¥5,300– 5,400 million Dividends ¥5,300–¥5,400 million Share buybacks To be implemented flexibly (Share buybacks of ¥1,292 million completed in 2025) Amount to be determined as appropriate Operating cash flows ¥18,200– ¥18,800million (before R&D tax credits) External procurement Cash on hand *The size of each item is not an indicator of the amount. ¥4,000 million ¥4,000 million
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③ Human resource development 28 ３ Medium-term Management Plan: Phase 2
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Human Capital Policy 29 Realizing a corporate culture that allows employees to take on challenges We will foster a corporate culture in which human resources with diverse personalities and values can take on the challenge of “creation and transformation” through autonomous self-propulsion and solidarity. Supporting career and skill development We will provide the education and training opportunities necessary for the sustainable growth of each employee and support both career and skill development. Promoting diversity We will work to create a rewarding working environment by acquiring diverse human resources, building a personnel system that rewards individuals with fair evaluations, and enhancing our talent management system to realize effective human resource allocation. Improving employee engagement We will improve employee engagement by promoting the development of systems and changing attitudes to accommodate a diverse range of human resources, and by improving work-life balance. Building a favorable internal environment We will create a favorable internal environment in which all employees can maintain good physical and mental health and continue to work safely and energetically.
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Indicators 30 *Wage level of female employees, with male employees set at 100. At the MEC Group, the wage structure is set by position. There is no gender pay gap, and the wages of men and women in the same position is the same. The differences that exist are attributable to differences in the gender composition ratio for each position. Target (2030) At least 30 % Ratio of women in management positions At least 90 % Gender wage gap* At least 85 % Percentage of men taking childcare leave
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④ Working toward a sustainable society 31 ３ Medium-term Management Plan: Phase 2
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Indicators and Targets 32 Our Group has set the following two qualitative objectives for 2030 as a response to climate change issues related to environmental conservation. (base year: FY2017) Earnestly address global environmental issues for the sustainable growth of society Reduce energy use and work toward net zero emissions More specifically, we set the following CO 2 reduction target by 50 % by FY2030 Reduce actual total Scope 1 and 2 emissions in Japan
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Appendix 33
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MEC’s Value to Society We supply chemicals that enable higher-performance, smaller, and lighter electronic circuit boards, ultra-high-speed data transmission, and improved reliability, supporting a better quality of life. Improved performance of electronic circuit boards Higher performance Smaller size and lighter weight Faster data transmission Improved reliability Power saving Our technologies contribute to a wide range of electronic equipment MEC's solutions Improved adhesion Fine wiring formed Chemical treatment of the surface Displays Transportation equipment Robots Medical equipment PCs and smartphones Servers and supercomputers Communication base stations 34
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0 5,000 10,000 15,000 20,000 25,000 '70/3 '72/3 '74/3 '76/3 '78/3 '80/3 '82/3 '84/3 '86/3 '88/3 '90/3 '92/3 '94/3 '96/3 '98/3 '00/3 '02/3 '04/3 '06/3 '08/3 '10/3 '12/3 '14/3 '16/3 '17/12 '19/12 '21/12 '23/12 '25/12 MEC Sales Trend Since Foundation With expanding uses of electronic circuit boards, we have been growing by continuing to provide unique products and services that meet the market's needs. （Million yen） Spread of the internet Driven by chemicals for PKG substrates for PCs Spread of electronic equipment May ‘69 Started as a chemical technology consulting company in Kita-ku, Osaka Feb. ‘70 Started manufacturing chemicals for electronic Circuit boards Our products are used all over the world ‘95 start selling CZ series Financial crisis The collapse of IT bubble 5G/IoT/AI/ autonomous driving/ DX/GX '03 Listed on the Second Section of TSE '07 Listed on the First Section of TSE Driven by chemicals for smartphone boards and electronic parts '22 Transition on the Tokyo Stock Exchange Prime Market Net sales COVID-19 *FYE 12/2017 is a period of nine months from April 1 to December 31 of 2017 due to the change of the a ccounting period. The consolidated period for MEC is a period of nine months (from April 1 to December 31 of 2017) while that for consolidated subsidiaries is a period of twelve months (from January 1 to December 31 of 2017). '01 Listed on NASDAQ Japan (now Tokyo Stock Exchange) Electronic circuit boards mainly used for personal devices Uses of electronic circuit boards expanded to social infrastructure 35
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Roughen the surface, and physically boding Finely wiring formation Selective etching MEC’s Core Technologies Creating and fostering value at various interfaces with technologies for adhesion improvement, pattern formation and selective etching Non roughening the surface, and chemically bonding 36
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Dominant Global Market Share Achieved With Our Unique Technological Capabilities We have achieved a dominant market share in the global package substrate market with our super- roughening adhesion promoter, which improve adhesion between copper and resin. Our products are highly valued and supported by over 300 customers worldwide. We have been able to capture a large market share ahead of competitors because our products are recognized for their excellent adhesion and reliability. With a track record of over 30 years, there have been zero CZ-related errors. We continue to improve our products based on our understanding of customer needs and the market situation. Global market share in the interlayer adhesion improvement process 37 No. 1 worldwide (based on our survey)
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Creating and Fostering Value at Various Interfaces https://www.mec-co.com/ This presentation contains forecasts regarding the future as of February 13, 2026. The forward-looking and performance forecasts indicated are forecasts based on information currently available to us and include potential risks and uncertainties. Please be aware that actual business results may differ significantly from forecasts due to changes in various factors. MEC COMPANY LTD. Corporate Communication Office Email. mec_ir@mec-np.com