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Financial Results Presentation First Quarter of Fiscal Year Ending May 2027 SEIWA HOLDINGS Co., Ltd. Stock Code: 523A | TSE Growth Market, NSE Next Market
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2Copyright © SEIWA HOLDINGS Key Takeaways: 1Q FY2027/5 Results 2 ■ Five M&A transactions executed in FY2027/5 (four in 1Q, one in September) Notably, the addition of Daiei Parker marks our entry into the new field of defense-related applications ■ All five deals acquired at EV/EBITDA of 5x or less, within our investment discipline ２ M&A ■ 1Q revenue: JPY 2,100 million (+11.6% YoY); adjusted operating profit: JPY 330 million (+10.1% YoY) ■ Existing businesses grew revenue and profit organically, in line with plan; new M&A to contribute mainly from 2Q ■ Full-year forecast revised upward: revenue JPY 11,000 million (+12.2% vs. initial); adjusted operating profit JPY 2,000 million (+11.1%) Reflects three companies acquired after the initial forecast: Daiei Parker, Hoan Doro Kikaku and Eishin Denki (see p. 8) １ Results ３ Investment Capacity ■ Investment discipline: EV/EBITDA multiple of around 5x or less ■ Leverage capped at Net Debt/EBITDA of 3-4x; investment capacity of JPY 3,765-6,115 million at end-Aug 2026
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Copyright © SEIWA HOLDINGS Table of Contents 3 01. About Us 02. Forecast Revision for FY2027/5 03. 1Q FY2027/5 Results 04. M&A Strategy 05. Appendix
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01. About Us Copyright © SEIWA HOLDINGS 4
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5Copyright © SEIWA HOLDINGS SEIWA HOLDINGS' Business Model 5 A serial acquirer solving manufacturing succession issues through its own platform STEP 01 Acquire SME manufacturers lacking successors via M&A Current Owner SEIWA HD Transfer of management control SEIWA Group STEP 02 Support growth through the SEIWA Platform STEP 03 Reinvest generated cash flow into the next M&A Reinvest
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6Copyright © SEIWA HOLDINGS 6 I worked part-time at a small factory run by my father. As I worked with craftsmen who were involved in manufacturing, I was impressed with how “they were supporting Japan” and decided to join the company. There were many challenges: we had only one client, were in excess debt, and faced heavy workloads. In addition, employees looked only to my father, the founder, and I was largely ignored. He worked hard and gradually earned their trust and recognition. As our company made progress in stabilizing and diversifying the business, we began to recognize that ”business succession” had become a pressing social issue, prompting me to think that maybe our journey could serve as a key. Driven by this conviction, we took active steps to address the importance of succession in the manufacturing sector. During our work on succession initiatives, we received feedback such as: “I never imagined I would be able to continue working at this company that I love and still receive bonuses.” "If I hadn't joined the SEIWA Group, I believe my company would have faced dire circumstances." These remarks revealed the deep passion each owner had towards their business and their employees, and the workers’ sincere loyalty to their workplace. This experience has reinforced our commitment to carrying the torch forward, and have been dedicated to making business succession our mission. We contribute to society and our business partners by becoming a “model for small and medium-sized enterprises in the manufacturing industry.” Why we pursue this business?
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02. Revision of Forecast for the Fiscal Year Ending May 2027 Copyright © SEIWA HOLDINGS 7
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8Copyright © SEIWA HOLDINGS Revision of FY2027/5 Full-Year Forecast 8 (Unit: JPY M) Previous Forecast (A) (Jul 15, 2026) Revised Forecast (B) (YoY) Change (B-A) (% change) (Reference) FY2026/5 (Actual) Revenue 9,800 11,000 (YoY +37.3%) +1,200 (+12.2%) 8,011 Adjusted operating profit(1) 1,800 2,000 (YoY +39.8%) +200 (+11.1%) 1,430 Adjusted EBITDA(1) 2,100 2,350 (YoY +34.7%) +250 (+11.9%) 1,744 Adjusted profit for the period(1) 1,221 1,350 (YoY +27.5%) +129 (+10.6%) 1,059(4) (1) Adjusted performance measures are calculated based on the revised adjustment methodology. Adjusted operating profit: operating profit adjusted for amortization of intangible assets arising from business combinations, M&A acquisition-related costs and one-time items. Adjusted EBITDA: adjusted operating profit plus depreciation. Adjusted profit for the period: profit for the period adjusted for amortization of intangible assets arising from business combinations (after tax effect), M&A acquisition-related costs and one-time items. (2) The previous forecast included the two transactions already executed when it was announced (the plating business of Mitaka Kinzoku Kogyo and Oba Toso Kogyosho). The revised forecast reflects the three companies acquired since then (Daiei Parker, Hoan Doro Kikaku and Eishin Denki) and does not include the impact of M&A transactions notyet announced as of the date of this presentation. (3) The purchase price allocation (PPA) for newly consolidated subsidiaries has not been completed; amortization of intangible assets is based on provisional amounts. (4) Corrected from the previously disclosed JPY 968 million (reflecting the JPY 91 million tax effect on the gain on bargain purchase arising from a business acquisition). Existing businesses on plan; forecast raised for Daiei Parker, Hoan Doro Kikaku and Eishin Denki
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03. First Quarter Results for the Fiscal Year Ending May 2027 Copyright © SEIWA HOLDINGS 9
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10Copyright © SEIWA HOLDINGS 1Q FY2027/5 Consolidated Results Highlights 10 (Unit: JPY M) 1Q FY2026/5 (Reference)(2) 1Q FY2027/5 (Actual) Change (% change) Initial Forecast (Progress rate)(3) Revised Forecast Drivers of YoY Change Revenue 1,881 2,100 +218 (+11.6%) 9,800 (21.4%) 11,000 Growth at existing companies (semiconductor demand, etc.) Addition of newly consolidated subsidiaries Adjusted operating profit(1) 300 330 +30 (+10.1%) 1,800 (18.4%) 2,000 Higher revenue at existing companies; cost reduction New subsidiaries to contribute from 2Q Adjusted EBITDA(1) 377 411 +33 (+9.0%) 2,100 (19.6%) 2,350 Due to higher adjusted operating profit Adjusted profit for the period(1) 251 274 +23 (+9.3%) 1,221 (22.5%) 1,350 Higher adjusted operating profit; lower interest expense Reported Figures (IFRS) Operating profit 409 151 ▲257 (▲62.9%) － － Higher M&A acquisition-related costs (14 → 226) Lower gain on bargain purchase (168 → 90) Profit for the period 279 106 ▲173 (▲62.0%) － － Due to the above impact on operating profit (1) Adjusted performance measures are calculated based on the revised adjustment methodology (see the notes on p. 8 for definitions). (2) As quarterly results were not disclosed for 1Q FY2026/5, the figures are presented as reference for comparison. They have not been reviewed by the audit firm, and adjusted measures have been recalculated based on the revised adjustment methodology. (3) Progress rate is against the initial forecast announced on July 15, 2026. As the newly consolidated subsidiaries covered by the upward revision have only just been consolidated, their contribution to 1Q results is minimal. (4) The purchase price allocation (PPA) for newly consolidated subsidiaries has not been completed; figures are based on provisional accounting. Adjusted measures grew steadily YoY; existing businesses in line with plan
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11Copyright © SEIWA HOLDINGS Reconciliation of Adjusted Measures (1Q) 11 Adjusted operating profit excluding one-time items: JPY 330 million (+30 YoY) (Unit: JPY M) FY2026/5 1Q (Reference)(2) FY2027/5 1Q Actual Change Operating profit 409 151 ▲257 Amortization of intangible assets from M&A +29 +30 +0 M&A acquisition-related costs +14 +226 +211 One-time items (gain on bargain purchase, listing costs, etc.)(1) ▲153 ▲77 +75 Adjusted operating profit 300 330 +30 Depreciation +77 +80 +3 Adjusted EBITDA 377 411 +33 Profit for the period 279 106 ▲173 Amortization of intangible assets from M&A (after tax) +19 +19 +0 M&A acquisition-related costs +14 +226 +211 One-time items (gain on bargain purchase, listing costs, etc.)(1) ▲153 ▲77 +75 Tax effect on one-time items(3) +91 － ▲91 Adjusted profit for the period 251 274 +23 (1) Breakdown of one-time items: 1Q FY2026/5: gain on bargain purchase ▲168, listing-related costs +15. 1Q FY2027/5: gain on bargain purchase ▲90, one-time costs associated with the business acquisition +12. (2) 1Q FY2026/5 figures are for reference, as quarterly results were not disclosed (not reviewed by the audit firm). Figures are rounded down to the nearest million yen, so totals may not add up. (3) Tax effect on the gain on bargain purchase arising from a business acquisition in 1Q FY2026/5.
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12Copyright © SEIWA HOLDINGS Consolidated Performance Trends 12 Growth through M&A and organic growth; record high planned for FY2027/5 7,276 7,769 8,011 Forecast 11,000 1Q 2,100 (million JPY) 584 887 1,430 Forecast 2,000 1Q 330 Adjusted operating profit(1) (million JPY) Revenue 826 1,151 1,744 Forecast 2,350 1Q 411 (million JPY) Adjusted EBITDA(2) 360 477 1,059 Forecast 1,350 1Q 274 (million JPY) Adjusted profit for the period(3) (1) Adjusted operating profit: operating profit adjusted for amortization of intangible assets, M&A acquisition-related costs and one-time items. (2) Adjusted EBITDA: (1) plus depreciation. (3) Adjusted profit for the period: profit for the period adjusted for amortization of intangible assets (after tax effect), M&A acquisition-related costs and one-time items. (4) All periods are calculated based on the revised adjustment methodology. For FY2027/5, the light bar shows the full-year forecast (revised) and the dark bar shows 1Q actual. (5) Adjusted profit for FY2026/5 has been corrected from the previously disclosed JPY 968 million (reflecting the JPY 91 million tax effect on the gain on bargain purchase arising from a business acquisition).
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13Copyright © SEIWA HOLDINGS Balance Sheet Supporting Continuous M&A 13 Cash-funded M&A; Net Debt/EBITDA 1.4x; up to JPY 6,115M of capacity (Unit: JPY M) FY2026/5 FY2027/5 1Q Change Remarks Current assets 8,207 7,253 ▲954 Decrease in cash and deposits Cash and cash equivalents(1) 6,170 3,774 ▲2,395 Payment of M&A consideration Non-current assets 6,512 9,588 +3,075 Increase in goodwill, intangible assets, etc. from M&A of which, goodwill 1,464 2,778 +1,314 Increase from new consolidation (provisional) of which, intangible assets 1,297 2,062 +764 Customer-related assets, etc. recognized (provisional) Total assets 14,719 16,841 +2,121 Increase due to the above Current liabilities 3,601 5,143 +1,542 Increase in short-term borrowings Short-term interest-bearing debt(2) 2,014 3,249 +1,235 JPY 1,300M raised as working capital Non-current liabilities 4,852 5,325 +473 Increase in deferred tax liabilities, etc. Interest-bearing debt(2) 3,936 3,809 ▲127 Scheduled repayment of long-term borrowings Total liabilities 8,453 10,469 +2,016 Increase in short-term borrowings Net assets 6,266 6,372 +105 Recognition of quarterly profit Net Debt ▲219 3,284 +3,503 Decrease in cash; increase in short-term borrowings Adjusted EBITDA 1,744 2,350 +605 1Q: full-year forecast (revised) Net Debt/EBITDA ▲0.1x 1.4x - Upper limit guideline: 3-4x M&A investment capacity(5) － 3,765-6,115 － Adjusted EBITDA × 3-4x − Net Debt Equity ratio(4) 42.6% 37.8% ▲4.7pt Lower due to increase in total assets (1) Cash and cash equivalents under IFRS. (2) Borrowings + bonds + lease liabilities. (3) FY2026/5: actual (revised methodolo gy); 1Q FY2027/5: full-year forecast (revised). (4) Ratio of equity attributable to owners of the parent. (5) M&A investment capacity = Adjusted EBITDA × 3-4x − Net Debt.
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04. M&A Strategy Copyright © SEIWA HOLDINGS 14
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15Copyright © SEIWA HOLDINGS 15 History of Business Succession Manufacturing-focused business succession platform: 21 M&A transactions to date Dec 1995 Established Seiwa Welding Ltd. (the Company's predecessor) Jun 2019 Toei Coating Co., Ltd. Oct 2019 Kasuka Co., Ltd. Jul 2020 Kohsei Sangyo Co., Ltd.; Brenz Co., Ltd. Oct 2020 Sanyo Denko Co., Ltd. Jan 2021 Established Seiwa Holdings Co., Ltd. Mar 2021 Mie Kogyo Co., Ltd. Jun 2021 Hirano Manufacturing Co., Ltd. Sep 2021 Tama Kako Co., Ltd. Feb 2022 Kaken Geneqs Co., Ltd. Mar 2022 JOB Co., Ltd. Apr 2022 Nihon Keiki Co., Ltd. Jun 2022 Kaishin Inc.; Nihon Kogyo Co., Ltd. Jul 2023 Kanaya Toso Co., Ltd. Nov 2024 Fuji Mekki Kogyosho Co., Ltd. Jun 2025 Cationic coating business of Katsuyama Toso Kogyosho Co., Ltd. Jun 2026 Plating business of Mitaka Kinzoku Kogyo; Oba Toso Kogyosho Co., Ltd. Aug 2026 Daiei Parker Co., Ltd.; Hoan Doro Kikaku, Incorporated Sep 2026 Eishin Denki Co., Ltd.
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16Copyright © SEIWA HOLDINGS 16 M&A Investment Criteria Criteria Target Investment Status Financial Discipline ■ Conduct EV/EBITDA valuations, primarily targeting companies with multiples of around 5x or less ■ Large number of investment targets, mainly companies with EBITDA of 100–300 million JPY ■ Manufacturers with competitive advantages in niche areas and strong affinity with our core focus fields (top M&A priority) ■ Companies with manufacturing support functions, such as manufacturing-focused staffing, systems, rental and installation services ■ Also targeting fund-owned deals with justifiable valuations (succession issues → fund → SEIWA) ■ Fuji Mekki Kogyosho, acquired in November 2024, has steadily improved its operating profit ■ Five M&A transactions executed in FY2027/5; all acquired at EV/EBITDA of 5x or less ■ Financial discipline maintained with Net Debt/EBITDA capped at 3–4x. ■ Current investment capacity stands at JPY 3,765-6,115 million (as of end-Aug 2026) Fundamental Investment Policy Up to JPY 6,115M of capacity; near-term M&A fundable with cash and debt capacity
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17Copyright © SEIWA HOLDINGS 17 Our Positioning in M&A Differentiated long-term ownership model without an exit assumption Investable Companies Mid- to Long-term Outlook Synergistic Growth Business Succession Know-how SEIWA HOLDINGS 〇 〇 〇 〇 Many niche SMEs capable of high profitability Mid- to long-term investment capability Proprietary platform Group synergies Extensive experience with SMEs in manufacturing industries Large Manufacturers △ △ △ △ Businesses must meet certain financial criteria, and focused on parent company Investors’ priorities shift due to deteriorating performance and changes in business strategy Synergistic benefits possible if aligned with parent company Rare to find companies with strong M&A track record Investment Funds × △ × 〇 Businesses must meet certain financial criteria; and unfamiliar with niche markets, making it difficult to target Despite management expertise, mid- to long-term support limited due to M&A or IPO exit focus Growth through internal means Extensive M&A track record with capacity to assess value and execute M&A
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Our Competitive Advantages in M&A Our strategy focuses on continuously executing synergy-driven acquisitions in specialized manufacturing niches, giving us a competitive advantage in both deal sourcing and post-merger integration (PMI). Why sellers choose us as their M&A partner Why our PMI success rate is high Our CEO Nomiyama is a second-generation business owner who has personally led the turnaround and growth of his family business, so he can build strong relationships built on trust with sellers from a business owner's perspective. Because we operate on a long-term ownership model, sellers feel reassured and comfortable entrusting us with their business. We have extensive experience acquiring similar businesses, making it easy for sellers to envision the post-M&A synergies. PMI is driven by team members who deeply understand manufacturing operations, with a proven track record of delivering sustainable growth. Know-how accumulated through M&A of similar businesses makes it easy to deliver integration synergies. By leveraging the Seiwa Platform, we can rapidly enhance the value of acquired companies after acquisition. 6
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19Copyright © SEIWA HOLDINGS M&A Track Record in FY2027/5 19 Five deals in growth niches: defense, semiconductors, disaster prevention & safety All five deals acquired at EV/EBITDA of 5x or less (1) For details of each transaction, please refer to the following pages and our timely disclosures. (2) ④ Hoan Doro Kikaku was completed on August 31, 2026 and ⑤ Eishin Denki on September 1, 2026; their contribution to 1Q profit and loss is limited. Target Structure Closing Date Business Key Rationale ① Mitaka Kinzoku Kogyo (Plating business) Business acquisition (by Fuji Mekki Kogyosho) Jun 19, 2026 Metal surface treatment (plating) Expansion of production capacity Meeting semiconductor-related demand ② Oba Toso Kogyosho Share acquisition (100%) Jun 30, 2026 Metal-product coating & assembly (cationic electrodeposition coating, etc.) Coverage across Kanto and Chubu Expansion of sales area ③ Daiei Parker Share acquisition (100%) Aug 5, 2026 Chemical conversion coating for aluminum alloy products (defense-related applications) Complementary surface treatment technologies Joint purchasing and joint delivery ④ Hoan Doro Kikaku Share acquisition (100%) Aug 31, 2026 Road safety products, including "Postflex" delineators Affinity with Seiwa Welding's road- related materials Expansion in the traffic safety domain ⑤ Eishin Denki Share acquisition (100%) Sep 1, 2026 Specialty wire harness processing Integrated offering with Sanyo Denko's wire manufacturing Expansion of sales base in the Kanto area
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20Copyright © SEIWA HOLDINGS FY2027/5 M&A Case ①: Mitaka Kinzoku Kogyo 20 Fuji Mekki Kogyosho (subsidiary) acquired the plating business of Mitaka Kinzoku Kogyo Added capacity strengthens production to meet semiconductor-related demand Details: Timely disclosure dated June 3, 2026 https://ssl4.eir-parts.net/doc/523A/tdnet/2830393/00.pdf Company Fuji Mekki Kogyosho Co., Ltd. Founded January 1955 Capital JPY 10M Plants (Japan) Head office plant (Inuyama City) / Kakamigahara plant Employees 61 (as of end-May 2025) Business Murata Machinery / CKD / Asuka / Nabeya Bi-tech KaishaMajor Customers Licenses Chief poisonous & deleterious substances handler Class-II pollution control manager (water quality) Metal surface treatment (plating) Acquirer: Fuji Mekki Kogyosho Rationale: Expansion of Production Capacity
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21Copyright © SEIWA HOLDINGS Acquired Oba Toso Kogyosho, a metal-product coating and assembly specialist with integrated in-house coating capabilities, incl. cationic electrodeposition FY2027/5 M&A Case ②: Oba Toso Kogyosho 21Details: Timely disclosure dated June 24, 2026 https://ssl4.eir-parts.net/doc/523A/tdnet/2839962/00.pdf Company Oba Toso Kogyosho Co., Ltd. Founded August 1958 Capital JPY 12M Plant 173-1 Kamiyamanashi, Fukuroi City, Shizuoka Employees 64 (as of end-July 2025) Business Metal-product coating & assembly (cationic electrodeposition, powder, etc.) Oba Toso Kogyosho, which coats and assembles parts for home appliances and vehicles, became a subsidiary Products Parts for home appliances, motorcycles and automobiles Oba Toso Kogyosho is located midway between Kanto and Chubu. Joining the Group facilitates coverage across both regions and is expected to expand our sales area Company Overview Business & Market Environment Synergies with the Group
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22Copyright © SEIWA HOLDINGS Acquired Daiei Parker, a specialist in chemical conversion coating of aluminum alloys, mainly for defense-related applications, which are important for economic security FY2027/5 M&A Case ③: Daiei Parker 22Details: Timely disclosure dated August 5, 2026 https://ssl4.eir-parts.net/doc/523A/tdnet/2863436/00.pdf Daiei Parker, a specialist in chemical conversion coating of aluminum alloys for defense use, became a subsidiary Company Daiei Parker Co., Ltd. Founded April 1981 Capital JPY 20M Location 3-8-8 Kitamikata, Takatsu-ku, Kawasaki, Kanagawa Business Surface treatment and finishing (chemical conversion coating of aluminum) Products Defense-related products, etc. Chemical conversion coated products (aluminum alloy products for defense-related applications) Group surface treatment sites in the Kanto area and Daiei Parker's location Sharing of production know-how, lower material costs through joint purchasing, and lower logistics costs through joint delivery are expected Company Overview Business & Market Environment Synergies with the Group
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23Copyright © SEIWA HOLDINGS Acquired Hoan Doro Kikaku, holder of exclusive domestic sales rights for "Postflex" delineators, which broadly covers the traffic safety domain FY2027/5 M&A Case ④: Hoan Doro Kikaku 23Details: Timely disclosure dated July 31, 2026 https://ssl4.eir-parts.net/doc/523A/tdnet/2859935/00.pdf A road safety products manufacturer whose flagship product is the "Postflex" delineator Company Hoan Doro Kikaku, Incorporated Founded Sep 1974 (incorporated Mar 2020) Capital JPY 20M Location 1-12-10 Tsurugamine-honcho, Asahi-ku, Yokohama, Kanagawa Employees 35 (as of end-July 2025) Business Manufacture & sale of Postflex; sale & lease of road safety products Customers Over 1,200 nationwide, incl. MLIT, local governments and contractors Source: Prepared by the Company based on the Cabinet Secretariat's "First Medium-Term Plan for National Resilience Implementation" (project scale for each plan period) Flagship product: "Postflex" delineator Seiwa Welding Co., Ltd., our founding business, manufactures road- related materials such as large road guide sign poles, offering strong affinity with Hoan Doro Kikaku's products Company Overview Business & Market Environment Synergies with the Group
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24Copyright © SEIWA HOLDINGS Acquired Eishin Denki, a provider of specialty wire harness processing for equipment and measuring instruments, including semiconductor manufacturing equipment FY2027/5 M&A Case ⑤: Eishin Denki 24Details: Timely disclosure dated August 27, 2026 https://ssl4.eir-parts.net/doc/523A/tdnet/2878504/00.pdf Eishin Denki, a specialty wire harness processor for semiconductor measuring instruments, became a subsidiary Company Eishin Denki Co., Ltd. Founded April 1988 Capital JPY 12M Head Office 7-13-1 Minoridai, Matsudo City, Chiba Plant Minoridai, Yabashira and Tokiwadaira plants Employees 95 Business Processing & sale of wires and cables; electronic parts wholesale Products Wire harnesses, various electronic devices, etc. Sanyo Denko and Eishin Denki's three plants are within 20 km Processing wires manufactured by Sanyo Denko at Eishin Denki enables more flexible responses in both specifications and lead times Company Overview Business & Market Environment Synergies with the Group
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05. Appendix Copyright © SEIWA HOLDINGS 25
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26Copyright © SEIWA HOLDINGS Business closures and owner age continue to rise, while businesses capable of absorbing them remain far short Succession Issues: Aging Owners & Lack of Successors 26 *1 Source: TOKYO SHOKO RESEARCH, LTD., "2025 Survey on Suspended and Dissolved Companies" (Jan. 9, 2026), "2025 Survey on the Age of Company Presidents" (Mar. 5, 2026) *2 Source: RECOF Data Co., Ltd., "Monthly Business Succession M&A Report"; total number of business succession M&A cases between Jan.–Dec. 2024 Closures/dissolutions and average age of owners *1 Closures/dissolutions vs. succession M&A deals 57,471 50,407 56,053 58,478 62,695 67,210 62.5 62.8 63.0 63.4 63.6 63.8 60 61 62 63 64 65 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2020 2021 2022 2023 2024 2025 Number of closures or dissolutions Avg. age of business owners (Cases) (Age) (Year) # of companies closed/dissolved in 2024
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27Copyright © SEIWA HOLDINGS 27 TAM of 132 Trillion JPY for SMEs in the manufacturing industry considering business succession Target Market Strategy SMEs (Mfg.) considering business succession 1.7% of all SMEs (Mfg.) *3 SMEs (Mfg.) considering Business succession + Business handover 2.0% of all SMEs (Mfg.) + Alternative approaches 2.1% of all SMEs (Mfg.) *3 SMEs (Mfg.) Market Size 335,819 companies 19,498 companies 5,729 companies SAM 7.7 T JPY Serviceable Available Market SOM 2.2 T JPY Serviceable Obtainable Market TAM 132 T JPY Total Addressable Market Our Target Market Source: Small and Medium-sized Enterprise Agency, “Basic Survey on SMEs, 2024 Final Report (FY 2023)”. (All numbers are rounded to the nearest one decimal point.) *1. Net sales of 392.5M JPY in FY 2023 are from Table 3-2, “Net Sales per SME (by Industry Category).” Ordinary income of 20.5M JPY in FY 2023 is from Table 3-4, “Ordinary Income per SME (by Industry Category).” *2. TAM is calculated by multiplying net sales of 392.5M JPY by 335,819 companies (Table 5 -2), expressed in Trillion JPY. SAM is calculated by summing up (5.806%) categories 3 (2.001%), 5 (1.706%), and 8 (2.099%) from the following eight categories—1. family succession, 2. internal succession, 3. handover to another company, 4. ha ndover to an individual, 5. alternative succession, 6. will not continue, 7. not yet considered succession, and 8. other—which is applied to derive 19,498 companies, which are multiplied by 392.5M JPY and expresse d in Trillion JPY. SOM is calculated by applying category 5. (1.706%) resulting in 5,729 companies, which are multiplied by 392.5M JPY and expressed in Trillion JPY. *3. The percentages stated in *2 above are rounded to one decimal place. 5,729 companies Considering business succession Target Companies *2 19,498 companies Anticipated business succession 335,819 companies SMEs(Mfg.) Avg. sales per SME (Mfg.) Approx. 393 M JPY )SME Financial Profile *1 Avg. Ordinary Profit per SME (Mfg.) Approx. 21 M JPY
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28Copyright © SEIWA HOLDINGS 0 5 10 15 20 25 08091011121314151617181920212223 Reasons to Focus on Manufacturing Industries 28 Limited open innovation*3 initiatives vs. large enterprises High entry barriers make it challenging for new competitors Profits per company top all industries Strong profits, minimal competition, and further growth opportunities through innovation % Ordinary profit per SME *1 Manufacturing startup and closure rates *2 Status of open innovation initiatives *4 (million JPY) Manufacturing Information and Communications Transport and Postal Avg. for ALL industries Construction Service Retail Construction Manufacturing Info & Com. Transport and Postal Wholesale Retail Service Real Estate and Goods Leasing Accommodation and Food Services Lifestyle and Leisure 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Closure Startup Avg. Starup Rate 3.9% Avg. Closure Rate 3.9% 69.4 8.1 22.5 19.4 14.2 66.4 0 10 20 30 40 50 60 70 80 取り組んでいる 取り組んでいないが検討中 取り組んでいない 大企業（n=124） 中小企業（n=2,684）■ Large Enterprises (n=124) ■ SMEs (n=2,684) Being implemented Not implemented, but under consideration Not addressed *1. Source: Small and Medium Enterprise Agency, “Basic Survey on SMEs, 2024 Final Report (FY2023)”. Survey covers 110,000 companies selected by the Ministry of Internal Affairs and Communications in: construction, manufacturing, info & comms (internet services, media, publishing), retail, and other services, within specified capital/employee limits. *2. Source: Ministry of Health, Labour and Welfare, “Employment Insurance Program Annual Report FY2023 (Full Version)”. The start-up rate is calculated by dividing the number of newly covered establishments by the number of covered establishments at month-end, and the closure rate is calculated by dividing the number of closed establishments by the number of covered establishments at month-end. *3. Open Innovation: An innovation approach that leverages internal and external ideas, skills, and technologies to create new products, services, businesses, or business models. *4. Source: Mitsubishi UFJ Research and Consulting Co., Ltd., “FY2023 Survey on the State of Manufacturing Base Technologies (Report on Challenges Facing Japan’s Manufacturing Industry and Policy Directions)”.
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29Copyright © SEIWA HOLDINGS 29 Consolidated figures for SEIWA HOLDINGS Group Index Manufacturing Avg(1) FY2024/5 FY2025/5 FY2026/5 Gross Profit Margin 19.5% 29.9% 30.4% 35.6% Operating Profit Margin 5.2% 12.0% 10.2%(2) 16.4%(2) (1)Source: Calculated by the Company based on revenue, cost of sales and operating profit of the manufacturing industry in the Ministry of Economy, Trade and Industry's "2024 Basic Survey on Corporate Activities (FY2023 results)" (2)For comparison with general companies, the operating profit margin of SEIWA HOLDINGS is calculated by adding back amortization of intangible assets and acquisition-related costs, and deducting other income and other expenses. Profit Margins vs. Manufacturing Industry Average Gross and operating profit margins exceed the manufacturing industry average
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30Copyright © SEIWA HOLDINGS Revenue breakdown of group companies based on the Japan Standard Industrial Classification (JSIC) Overview of Our Key Product Lines 30 1. Metal Products 2. Transport Equipment Mfg. 3. Industrial Machinery 37% * 14% 13% Primarily cation painting and electroplating (Left: cation-coated door / Right: electroplated metal products) Ship generators and liquid level gauges (Left: generator frame, Right: liquid level gauge) Note: right gauge scaled for scale Produce niche, specialized machinery Semi- conductors Automotive Machine Tools Shipbuilding Plant / Industrial Facilities Semi- conductors Automotive Medical Primary Client of the Target Businesses *Note: These ratios represent the revenue composition of the Group for the fiscal year ended May 2026, classified according to the JSIC.
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31Copyright © SEIWA HOLDINGS Company Overview 31 Company SEIWA HOLDINGS Co., Ltd. Representative Yuta Nomiyama Location 1-8-11 Nishiki, Naka Ward, Nagoya City, Aichi Pref., Japan Date of Establishment January 4, 2021 Business Promotion of business succession in the manufacturing sector, and Group management through platformization Employees 436 (entire group) *As of the end of August 2026 List of Our Group Companies Location Company Name Business Tokyo Tama Kako Co., Ltd. Cationic Electrodeposition Coating Kanagawa Hoan Doro Kikaku, Incorporated Manufacturing and Sales of Road Safety Products Daiei Parker Co., Ltd. Chemical Conversion Coating Saitama Sanyo Denko Co., Ltd. Manufacturing of Special Electric Wires and Cables Chiba Mie Kogyo Co., Ltd. Manufacturing of Rubber Molding Machines Kohsei Sangyo Co., Ltd. Sales of Civil Engineering and Bridge Products; Metal Processing Kaken Geneqs Co., Ltd. Manufacturing of Gas Injection Equipment Eishin Denki Co., Ltd. Wire Harness Processing Gunma Kanaya Toso Co., Ltd. Cationic Electrodeposition Coating Shizuoka Oba Toso Kogyosho Co., Ltd. Cationic Electrodeposition Coating Aichi JOB Co., Ltd. Civil Engineering, Paving, and Painting Fuji Mekki Kogyosho Co., Ltd. Plating Processes Gifu Hirano Manufacturing Co., Ltd. Manufacturing of Marine Generator Frames Toei Coating Co., Ltd. Electrogalvanizing Mie Seiwa Welding Co., Ltd. Manufacturing of Civil Engineering and Bridge Products Nihon Kogyo Co., Ltd. Civil Engineering Shiga Kaishin Inc. Manufacturing of Transparent Plastic Cases Osaka Nihon Keiki Co., Ltd. Manufacturing of Liquid Level Gauges
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32Copyright © SEIWA HOLDINGS Management Team 32 Expertise in SME operations, production management, and business administration Director, VP Yuta Nomiyama Background: SEIWA Welding / SEIWA HOLDINGS Background: Okaya & CO., LTD. / Deloitte Tohmatsu Consulting Over 8 years of experience in accounting and financial operations at Okaya, with expertise in taxation, disclosure documentation, capital raising, and IR. At Deloitte, led organizational and finance sector restructuring projects, and enhanced management accounting systems. Currently serves as President of Sanyo Denko Co., Ltd. in the SEIWA Group. Michinari Ikawa Representative Director Outside Director, Audit Committee Outside Director, Audit Committee Director, Full-time Audit Committee Tetsuya Kimura Yuri Hayashi Yusuke Miyake Inherited struggling company and orchestrated various reforms. Recognized the undervaluation of highly skilled craftsmen and resolved to create the “world’s most comfortable factory.” Devised “network concept of local factories” to support businesses facing challenges due to lack of successors by acquiring such companies. Author of Textbook for Business Succession to Prevent Killing the Company (Kizuna Publishing). Following a 21-year tenure at Toyota Motors, transitioned to Asahi Tekko in 2013. Established i Smart Technologies to implement IoT-driven DX and share Asahi Tekko’s expertise to other companies. Became a partner at Nakamura & Hayashi Law Office in 2018 after registering with the Aichi Bar Association in 2007. Experienced and expert in corporate legal affairs. Background: President and CEO, Asahi Tekko Co., Ltd. President and CEO, i Smart Technologies Co., Ltd. Background: KPMG AZSA LLC Provided accounting and audit services for publicly listed companies during 8 years at KPMG AZSA LLC. Joined the group in July 2022 and was appointed full-time auditor in August 2022. Background: Partner at Nakamura & Hayashi Law Office
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33Copyright © SEIWA HOLDINGS Consolidate functions difficult for SMEs to manage independently, and provide business support Schematic Diagram of SEIWA Platform 33 Join the group SEIWA Platform provides functions that are difficult for individual SME manufacturers SME manufacturers facing succession challenges Utilize management resources SME MANUFACTURING ASSISTANCE PLATFORM Manufacturing Development Management Sales Procurement Recruitment & Training Strengthen competitiveness Optimize EfficiencyShort Time until implementation Long Low-cost Operation Growth through business support Efficient and simplified business processing Monitoring of essential issues and optimization Monitoring System Consolidated Back Office Data driven, swift and accurate decision making Improve existing products & services and analyze value proposition Define internal resources and confirm competitive positioning Fundamental reform of business modelManagement Business ModelRedefine customers, increase customer value Analyze and refine product strengths Note: “Monitoring of essential issues” refers to the ongoing review of the following four management areas: Safety: Items monitored for business continuity using a group-wide standard format Labor: Labor practices reviewed with monthly oversight by HQ Quality: Stable supply ensured through complaint checklists and other tools Budget: Timely monthly reviews with management guidance Drives low-cost operations and business growth by consolidating management and strategy at the HD Purpose
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34Copyright © SEIWA HOLDINGS Core Strategy to Enhance Profitability 34 SALES: Restructure revenue model ■ Integrate niche, high-pricing-power companies with technology, equipment, or patents into the group ■ Identify unprofitable products through detailed cost analysis ■ Redefine target customers and value propositions Develop products and business models with strong pricing power to secure fair profits PROCUREMENT: Enhance direct cost ratio ■ Utilize in-house procurement to cut outsourcing costs and boost profits through internal production ■ Exercise volume discounts on purchases within shared industries ■ Share supplier and customer information to secure lowest-cost suppliers Aim to procure appropriate quality at the lowest prices MANUFACTURING: Process reforms ■ Analyze manufacturing processes and eliminate unnecessary tasks, then visualize and improve ■ Assess site operations to optimize staffing, reassign team members, and develop multi-skilled engineers ■ Reduce labor costs through machinery and automation Redefine manufacturing from the ground up to achieve greater efficiency ADMIN COSTS: Reduce SG&A ratio ■ Use group-wide price benchmarking to secure lowest costs for common purchases, leases, and insurance ■ Cut management costs by developing managers to oversee multiple companies ■ Improve efficiency by consolidating HR, general affairs and accounting functions The SEIWA Platform enables as much support as necessary Copyright © SEIWA HOLDINGS
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35Copyright © SEIWA HOLDINGS Examples of Revenue Growth 35 Highlights • Built competitive advantage by focusing on key areas • Enabled highly replicable PMI* by sharing know- how and reducing costs through joint procurement • Selected appropriate plants according to factory line characteristics and customer proximity Highlights • Increased sales by 21 million JPY by establishing a group-wide joint manufacturing system (FY May 2025) • By standardizing suppliers, the material cost ratio of Group Company A was reduced by 7.2% compared to FY2024 (May 2025 results) • Introduced robots via existing suppliers using group automation know-how, boosting productivity of target SKUs by 2.1 times (7 to 15 units/day) Highlights • Conducted defect rate analysis and sorted products inline, reducing 2 operator-days • Improved efficiency by creating a dedicated preprocessing line to eliminate nighttime operations • Appointed 2 in-house members capable of operating multiple lines, eliminating 2 operator- days • Automated the line, reducing 1 operator-day Boost Profits by Optimizing Procurement ※Image of robotization Occupancy of Cation ED in Kanto Area Ongoing PMI Projects Gunma Saitama Tokyo KanagawaGroup Companies Customers Competitors Company C Company B *PMI: Abbreviation for Post-Merger Integration, referring to the integration activities carried out after an M&A deal is completed Company A
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36Copyright © SEIWA HOLDINGS Use business succession checklist to drive deals around the following key items Business Succession Procedure 36 M＆A Due Diligence PMI ■ Target ”manufacturing" and related businesses ■ Target businesses with competitive advantages (technology, equipment, patents, location, etc.) ■ Target companies with an EV/EBITDA multiple of 5x or less ■ Ensure values and outlook align with the owner’s ■ Fits our target market ■ Assess roles of owner and key personnel, and identify future management team ■ Review average salaries, vacation days, management positions, and dependency on specific employees ■ Conduct market analysis of the target business (proprietary method) ■ Assess whether the business can operate on its own ■ Evaluate the source and sustainability of competitive advantages ■ Assess future investment requirements and withdrawal cost ■ Implement safety measures and create safer working environments aiming for zero accidents ■ Select successors using a tailored process ■ Execute back-office tasks efficiently with minimal staff using shared formats ■ Utilize the proprietary platform for problem-solving and growth support ■ Dispatch management
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37Copyright © SEIWA HOLDINGS Present Future Plan Building a Scalable Structure for Long-Term Growth System to Sustain High-Quality Management ソーシング体制Group Management Structure (Operations) Corporate Management System 2. Group Management Talent Pool 1. Leadership of Core Group Companies Automation Specialist in Leading Mfg. Company 13 years leading “Special Projects” in production technology; recipient of President’s Technology Award Strengthen management structure by expanding roles based on ability, irrespective of age or tenure 3. Mid- to Long-Term Development of In-House Talent Serial M&A Manufacturing Director with Extensive Management Experience Supported company growth from inception; former CEO of multiple group companies; key contributor to group management structure Expert in Launching Overseas Factories for Prime Mfg. Company Established Vietnam factory; recipient of Best Supplier Award 37 Proactive Promotion Proactive Promotion Management Highlights and Future Leadership Pipeline B2C Manufacturing Director with High-Value Brands Contributed to company growth from inception by building the organization, assisting sales, and establishing back-office operations PMI Managers Admin Staff STZ Promoted personnel
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38Copyright © SEIWA HOLDINGS Original HR Optimization System 38 Improved PMI Success Rate Via Selection Table ■ Owner Type Matrix ■Key Personnel Matrix ■ Successor Skills Table High Owner Loyalty High Tolerance to Change Low Owner Loyalty Low Tolerance to Change Key Point: Optimized system ensures better HR alignment 1. Assess PMI challenges during due diligence and consider proceeding accordingly 2. Select personnel with higher success rate based on established patterns 3. Monitor progress continuously and implement appropriate counter measures HR Optimization System Manu- facturing Hiring of Suitable Management
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39Copyright © SEIWA HOLDINGS Exit Criteria 39 Method Criteria Action and Considerations Absorption The Board of Directors concludes that an internal group merger will resolve structural issues and provide greater economic rationality than a sale ■ Divest non-core businesses and consolidate plants as needed ■ Establish a structure post-merger that maximizes contributions to group profits Sale The Board of Directors finds selling of the business more economical than business continuity ■ If layoffs are required by the buyer, retain employment within the group wherever possible Closing of business The Board of Directors determines that liquidation is more economically reasonable than a merger or sale, or that both senarios are unfeasible ■ Produce inventory with consideration for productivity of key customers and suppliers (as much as possible) ■ Inform customers of withdrawal and propose alternative procurement options at least 6 months in advance. Aim to retain employment within the group and assist other employees with reemployment Note: The same criteria apply to restructuring projects after initial planned deficit period ends. Exit Triggers Exit Method Operating loss of 100 M JPY or more, with limited prospect for recovery 1 OP loss in 2 out of 3 years, after CaPex 3 Losses in 2 consecutive years or losses in 2 of last 3 years 2 High likelihood of deteriorating business environment 4 Changes in key markets 5
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40Copyright © SEIWA HOLDINGS Following Items are Listed as Risk Factors for Our Managing Group Business Risks and Corresponding Response Policies 40 Management Risk Occurrence Impact Company’s Response Policies 1 Failure to meet post-succession plan Low Large ■Utilize checklists and know-how during investment ■ Address unexpected situations by enhancing and leveraging SEIWA Platform 2 Investment-related troubles, reputational damage Low Large ■ Appoint external experts and outside directors with strong expertise in relevant fields ■Strengthen legal compliance items during DD 3 Risk of losing key management and technical personnel Low Large ■Encourage mutual understanding through dialogue ■ Foster consensus around target goals, evaluation method and management approaches 4 Risk of goodwill impairment Moderate Large ■ Conduct thorough hearings with engineers and industry stakeholders during DD ■ Utilize SEIWA Platform compensate for weaknesses and ensure reliable business plans Business Risk Occurrence Impact Company’s Response Policies 1 Quality issues, market recalls, etc. Low Large ■ Strict adherence to standard operating procedures ■ Formalize customer contracts and mutual specification approvals 2 Loss of competitive edge from new services and products by competitors Low Large ■Management takes lead role in conducting customer hearings ■ Implement product development tailored to the market 3 Marketability decline due to environmental trends Moderate Large ■ Develop environmentally friendly products
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41Copyright © SEIWA HOLDINGS 2 1 Vision of Future Growth 41 Three Essential Pillars Evolution of SEIWA Platform 3 Embedding Management Processes Growth through M&As 2022 2026 • Instill a management approach focused on profitability • Enhance competitiveness through standardized, group-wide KPIs *Note: The figures shown are illustrative and may differ from actual results Enhance profitability through disciplined management • Establish an in-house sourcing team • Foster seller confidence through M&As in similar industries M&A of blue-chip companies • Streamline back-office operations for rapid, efficient management • Form professional business support teams 3 Evolution of SP to facilitate high growth
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Disclaimer ◆ Purpose of this presentation This presentation contains forward-looking statements based on management's current expectations and assumptions. These statements involve known and unknown risks and uncertainties, and actual results may differ materially due to various factors, including economic conditions, market developments, and other factors. ◆ Information from External Sources The information contained in this presentation is subject to change without prior notice. Information about companies and markets other than our own has been obtained from publicly available sources, and the Company makes no representation or warranty regarding the accuracy or completeness of such information. ◆ Forward-Looking Statements This presentation contains forward-looking statements based on management's current expectations and assumptions. These statements involve known and unknown risks and uncertainties, and actual results may differ materially due to various factors, including economic conditions, market developments, and other factors. ◆ No Obligation to Update The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable laws and regulations. 10