Interim report
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Consolid ated Financial Results for the Three Months Ended June 30, 2026 ＜under IFRS＞ Au gust 4 , 202 6 Company name: NIPPON STEEL CORPORATION Stock listing: Tokyo Stock Exchange / Nagoya Stock Exchange / Fukuoka Stock Exchange / Sapporo Securities Exchange Code number: 5401 URL: https://www.nipponsteel.com/en/index.html Representative: Tadashi Imai, Representative Director, President and COO Contact: Akihiro Nakashima, General Manager, Head of Corporate Communications Div. Telephone: +81-3-6867-2135, 2141, 2146 Scheduled date to commence dividend payments: - Preparation of supplemental explanatory materials: Yes Holding of financial results meeting: Yes (for investment analysts) (All amounts have been truncated to the nearest millions of Japanese yen.) 1. Consolidated financial results for the three months ended June 30, 2026 ( from April 1, 2026 to June 30, 2026) (1) Consolidated operating results (cumulative) (Percentage figures are changes from the same period of the previous fiscal year. ) Revenue Business profit (*1) Operating profit Profit before income taxes Profit Three months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % June 30, 2026 2,821,196 40.4 145,511 58.1 145,511 － 1 13,899 － 8 4,288 － June 30, 2025 2,008,749 (8.3) 92,023 (61.2) (139,559) － (145,193) － (190,719) － Profit attributable to owners of the parent Total comprehensive income Basic earnings per share(*2) Diluted earnings per share(*2) Three months ended Millions of yen % Millions of yen % Yen Yen June 30, 2026 75,299 － 1 79,878 － 1 4.40 12.73 June 30, 2025 (195,833) － ( 281,044) － (3 7.47) (37.47) (*1) Business Profit on Consolidated Statements of Profit or Loss indicates the results of sustainable business activities, and is an important measure to compare and evaluate the Company’s consolidated performance continuously. It is defined as being deducted Cost of sales, Selling, general and administrative expenses and Other operating expenses from Revenue, and added Share of profit in investments accounted for using the equity method and Other operating income. Other operating income and expenses are composed mainly of Dividend income, Foreign exchange gains or losses, and Losses on disposal of fixed assets. (*2)The Company implemented a stock split at a ratio of five (5) shares for every one share effective October 1, 2025. Accordingly, basic earnings per share and diluted earnings per share are calculated as if the stock split had occurred at the beginning of the fiscal year ended March 31, 2026. (2) C onsolidated Financial Position Total assets Total equity Total equity attributable to owners of the parent Ratio of total equity attributable to owners of the parent to total assets As of Millions of yen Millions of yen Millions of yen % June 30, 2026 15,176,086 6,121,326 5,636,142 37.1 March 31, 2026 14,660,583 6,024,560 5,530,448 37.7 2. Dividends D ividends per share F irst quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026(*) － 60.00 － 1 2.00 － Fiscal year ending March 31, 2027 － Fiscal year ending March 31, 2027(Forecasts) 12.00 － 1 2.00 24.00 Note: Revisions to the forecast of cash dividends most recently announced: None *The Company implemented a stock split at a ratio of five (5) shares for every one share effective October 1, 2025. The dividend for the second quarter of the fiscal year ended March 31, 2026, with a record date of September 30, 2025, was applied to the Company's common shares before the stock split. Therefore, the dividend is stated as the amount before the stock split. The year-end dividend for the fiscal year ended March 31, 2026, with a record date of March 31, 2026, was applied to the Company's common shares after the stock split. Therefore, the dividend
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is stated as the amount after the stock split. Due to the impact of the stock split, the second quarter dividend and the year-end dividend cannot be simply added together, so the total annual dividend is stated as “–”. Note that if the stock split is considered, the total annual dividend for the fiscal year ended March 31, 2026, would be 24 yen per share. 3. Consolidated Financial Forecasts for Fiscal year ending March 31, 2027 (Percentage figures are changes from the same period of the previous fiscal year.) Revenue Business profit Profit attributable to owners of the parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Yen First half of Fiscal year ending March 31, 2027 5,600,000 20.8 260,000 14.3 120,000 － 23.00 Fiscal year ending March 31, 2027 11,200,000 11.3 630,000 22.5 290,000 － 55.00 Note: Revisions to the consolidated financial forecasts most recently announced: Yes For further details, please refer to “Results for the three months ended June 30, 2026” disclosed today. * Notes (1) Significant changes in the scope of consolidation during the period: None The changes in the scope of consolidation during the period are as follows; Number of newly consolidated: 2 Number of excluded from consolidation: 12 (2) Changes in accounting policies and changes in accounting estimates (a) Changes in accounting policies required by IFRS: None (b) Changes in accounting policies other than those in (a) above: None (c) Changes in accounting estimates: None (3) Number of shares outstanding (common shares) (a) Number of shares outstanding at the end of the period (including treasury stock) As of June 30, 2026 5,373,633,760 shares As of March 31, 2026 5,373,633,760 shares (b) Number of treasury stock at the end of the period As of June 30, 2026 147,347,113 shares As of March 31, 2026 147,339,771 shares (c) Weighted average number of shares outstanding Three months ended June 30, 2026 5,226,290,895 shares Three months ended June 30, 2025 5,226,056,240 shares (*1)The Company implemented a stock split at a ratio of five (5) shares for every one share effective October 1, 2025. Accordingl y, the weighted average number of shares outstanding is calculated as if the stock split had occurred at the beginning of the fiscal year end ed March 31, 2026. (*2) The Company has adopted a Performance-linked Stock Compensation System utilizing a trust. Shares of the Company held by the trust are included in treasury stock at the end of the period. (As of June 30, 2026: 3,130,300 shares, As of March 31, 2026: 3,130,300 shares) * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None * Explanation of the appropriate use of performance forecasts and other related items (Explanation of the appropriate use of performance forecasts) The forward-looking statements included in this report are based on the assumptions, forecasts, and plans of the Company as of the date on which this document is made public. The Company’s actual results may differ substantially from such statements due to various risks and uncertainties.
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Index of Attached Documents 1. Summary of Operating Results .................................................................................................................................... 2 2. Quarterly Condensed Consolidated Financial Statements and Major Notes ................................................................ 3 (1 ) Quarterly Condensed Consolidated Statements of Financial Position .................................................................... 3 (2 ) Quarterly Condensed Consolidated Statements of Profit or Loss and Quarterly Condensed Consolidated Statements of Comprehensive Income ........................................................... 5 (3 ) Quarterly Condensed Consolidated Statements of Changes in Equity .................................................................... 6 ( 4) Notes to the Quarterly Condensed Consolidated Financial Statements .................................................................. 8 ( Going Concern Assumption) ............................................................................................................................... 8 (C ash-Flows) ......................................................................................................................................................... 8 ( Segment Information) .......................................................................................................................................... 8 NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 1
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1. Summary of Operating Results For the Summary of Operating Results for the three months ended June 30, 2026, please refer to the supplementary explanation materials “Results for the three months ended June 30, 2026” disclosed on TDnet and “IR Briefing: Presentation” posted on the company’s website today. L ink to IR Briefing: https://www.nipponsteel.com/en/ir/library/settlement.html (This material is available on the company's website under “IR archive”- “Financial results.”) NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 2
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2.Quarterly Condensed Consolidated Financial Statements and Major Notes (1) Quarterly Condensed Consolidated Statements of Financial Position (Millions of Yen) ASSETS March 31, 2026 June 30, 2026 Current assets : Cash and cash equivalents 461,262 489,726 Trade and other receivables 1,768,226 1,830,920 Inventories 2,776,012 2,915,392 Other financial assets 54,705 59,403 Other current assets 229,363 236,040 Total current assets 5,289,570 5,531,483 Non-current assets : Property, plant and equipment 5,899,583 6,070,749 Right-of-use assets 139,478 160,737 Goodwill 259,746 262,975 Intangible assets 832,800 842,431 Investments accounted for using the equity method 1,465,536 1,493,113 Other financial assets 536,875 545,020 Defined benefit assets 162,276 184,275 Deferred tax assets 42,280 41,559 Other non-current assets 32,436 43,741 Total non-current assets 9,371,013 9,644,603 Total assets 14,660,583 15,176,086 The accompanying notes are integral parts of these statements. NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 3
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(Millions of Yen) LIABILITIES March 31, 2026 June 30, 2026 Current liabilities : Trade and other payables 2,340,108 2,349,467 Bonds, borrowings and lease liabilities 506,004 719,926 Other financial liabilities 5,493 6,417 Income taxes payable 39,285 35,789 Other current liabilities 81,792 121,292 Total current liabilities 2,972,686 3,232,893 Non-current liabilities : Bonds, borrowings and lease liabilities 4,668,249 4,795,813 Other financial liabilities 884 2,142 Defined benefit liabilities 160,207 160,821 Deferred tax liabilities 335,144 349,136 Other non-current liabilities 498,851 513,952 Total non-current liabilities 5,663,337 5,821,867 Total liabilities 8,636,023 9,054,760 EQUITY Common stock 569,519 569,519 Capital surplus 588,011 585,605 Retained earnings 3,752,153 3,787,504 Treasury stock (59,023) (59,027) Other components of equity 679,786 752,540 Total equity attributable to owners of the parent 5,530,448 5,636,142 Non-controlling interests 494,111 485,183 Total equity 6,024,560 6,121,326 Total liabilities and equity 14,660,583 15,176,086 The accompanying notes are integral parts of these statements. NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 4
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(2) Quarterly Condensed Consolidated Statements of Profit or Loss and Quarterly Condensed Consolidated Statements of Comprehensive Income Quarterly Condensed Consolidated Statements of Profit or Loss (Millions of Yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenue 2,008,749 2,821,196 Cost of sales (1,710,026) (2,432,291) Gross profit 298,723 388,904 Selling, general and administrative expenses (206,902) (284,489) Share of profit in investments accounted for using the equity method 27,420 19,124 Other operating income 18,471 40,742 Other operating expenses (45,688) (18,770) Business profit 92,023 145,511 Losses on reorganization (231,583) ― Operating profit (loss) (139,559) 145,511 Finance income 6,318 8,033 Finance costs (11,952) (39,645) Profit (loss) before income taxes (145,193) 113,899 Income tax expense (45,525) (29,611) Profit (loss) (190,719) 84,288 Profit (loss) attributable to : Owners of the parent (195,833) 75,299 Non-controlling interests 5,114 8,988 Earnings (loss) per share Basic earnings (loss) per share (Yen) (37.47) 14.40 Diluted earnings (loss) per share (Yen) (37.47) 12.73 The accompanying notes are integral parts of these statements. Quarterly Condensed Consolidated Statements of Comprehensive Income (Millions of Yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit (loss) (190,719) 84,288 Other comprehensive income Items that cannot be reclassified to profit or loss Changes in fair value of financial assets measured at fair value through other comprehensive income 13,749 16,893 Remeasurements of defined benefit plans 5,019 15,371 Share of other comprehensive income of investments accounted for using the equity method 1,117 1,293 Subtotal 19,886 33,557 Items that might be reclassified to profit or loss Changes in fair value of financial assets measured at fair value through other comprehensive income ― (199) Changes in fair value of cash flow hedges 21,794 2,708 Foreign exchange differences on translation of foreign operations (105,992) 57,406 Share of other comprehensive income of investments accounted for using the equity method (26,013) 2,117 Subtotal (110,211) 62,032 Total other comprehensive income, net of tax (90,325) 95,590 Total comprehensive income (281,044) 179,878 Comprehensive income attributable to: Owners of the parent (279,292) 170,919 Non-controlling interests (1,751) 8,959 The accompanying notes are integral parts of these statements. NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 5
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(3) Quarterly Condensed Consolidated Statements of Changes in Equity Three months ended June 30, 2025 (Millions of Yen) Common Capital Retained Treasury stock surplus earnings stock Balance as of March 31, 2025 569,519 578,457 3,819,934 (58,236) 164,118 ― Changes during the period Comprehensive income Profit (loss) (195,833) Other comprehensive income 14,743 4,693 Total comprehensive income ― ― (195,833) ― 14,743 4,693 Transactions with owners and others Cash dividends (83,703) Share-based payment transactions Purchases of treasury stock (8) Disposals of treasury stock 0 1 Changes in ownership interests in subsidiaries 2,216 Transfer from other components of equity to retained earnings 13,835 (9,141) (4,693) Transfer to non-financial assets Changes in scope of consolidation 191 ― 2,217 (69,868) 184 (9,141) (4,693) Balance as of June 30, 2025 569,519 580,674 3,554,233 (58,052) 169,719 ― Total Balance as of March 31, 2025 51,808 257,708 473,635 5,383,311 520,069 5,903,380 Changes during the period Comprehensive income Profit (loss) ― (195,833) 5,114 (190,719) Other comprehensive income 17,662 (120,559) (83,459) (83,459) (6,865) (90,325) Total comprehensive income 17,662 (120,559) (83,459) (279,292) (1,751) (281,044) Transactions with owners and others Cash dividends ― (83,703) (8,923) (92,627) Share-based payment transactions ― ― ― Purchases of treasury stock ― (8) (8) Disposals of treasury stock ― 1 1 Changes in ownership interests in subsidiaries ― 2,216 (14,155) (11,939) Transfer from other components of equity to retained earnings (13,835) ― ― Transfer to non-financial assets (35,102) (35,102) (35,102) (35,102) Changes in scope of consolidation ― 191 13,556 13,747 (35,102) ― (48,937) (116,404) (9,523) (125,927) Balance as of June 30, 2025 34,369 137,149 341,238 4,987,614 508,795 5,496,409 The accompanying notes are integral parts of these statements. Equity attributable to owners of the parent Other components of equity Changes in fair value of financial assets measured at fair value through other comprehensive income Remeasurements of defined benefit plans Subtotal transactions with owners and others Subtotal transactions with owners and others Equity attributable to owners of the parent Non-controlling interests Total equity Other components of equity Total equity attributable to owners of the parent Changes in fair value of cash flow hedges Foreign exchange differences on translation of foreign operations NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 6
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Three months ended June 30, 2026 (Millions of Yen) Common Capital Retained Treasury stock surplus earnings stock Balance as of March 31, 2026 569,519 588,011 3,752,153 (59,023) 222,097 ― Changes during the period Comprehensive income Profit (loss) 75,299 Other comprehensive income 17,860 15,329 Total comprehensive income ― ― 75,299 ― 17,860 15,329 Transactions with owners and others Cash dividends (62,814) Share-based payment transactions 88 Purchases of treasury stock (3) Disposals of treasury stock 0 0 Changes in ownership interests in subsidiaries (2,494) Transfer from other components of equity to retained earnings 22,865 (7,535) (15,329) Transfer to non-financial assets Changes in scope of consolidation (0) ― (2,405) (39,949) (4) (7,535) (15,329) Balance as of June 30, 2026 569,519 585,605 3,787,504 (59,027) 232,421 ― Total Balance as of March 31, 2026 24,632 433,056 679,786 5,530,448 494,111 6,024,560 Changes during the period Comprehensive income Profit (loss) ― 75,299 8,988 84,288 Other comprehensive income 19,038 43,391 95,619 95,619 (29) 95,590 Total comprehensive income 19,038 43,391 95,619 170,919 8,959 179,878 Transactions with owners and others Cash dividends ― (62,814) (7,160) (69,975) Share-based payment transactions ― 88 88 Purchases of treasury stock ― (3) (3) Disposals of treasury stock ― 0 0 Changes in ownership interests in subsidiaries ― (2,494) (10,794) (13,289) Transfer from other components of equity to retained earnings (22,865) ― ― Transfer to non-financial assets ― ― ― Changes in scope of consolidation ― (0) 67 67 ― ― (22,865) (65,224) (17,887) (83,112) Balance as of June 30, 2026 43,670 476,448 752,540 5,636,142 485,183 6,121,326 The accompanying notes are integral parts of these statements. Equity attributable to owners of the parent Other components of equity Changes in fair value of financial assets measured at fair value through other comprehensive income Remeasurements of defined benefit plans Subtotal transactions with owners and others Subtotal transactions with owners and others Equity attributable to owners of the parent Non-controlling interests Total equity Other components of equity Total equity attributable to owners of the parent Changes in fair value of cash flow hedges Foreign exchange differences on translation of foreign operations NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 7
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（4）Notes to the Quarterly Condensed Consolidated Financial Statements （Going Concern Assumption） N ot applicable （Cash-Flows） The Company has not prepared the Quarterly Condensed Consolidated Statements of Cash- Flows for the t hree months ended June 30, 2026. T he depreciation and amortization expenses for the t hree months ended June 30 of fiscal 2026 and fiscal 2025 are as follows. (Millions of Yen) T hree months ended June 30, 2025 Three months ended June 30, 2026 Depreciation and amortization 9 6,593 167,290 （Segment Information） Three months ended June 30, 2025 (Millions of Yen) Reportable segments Total Adjustments ConsolidatedSteelmaking and Steel Fabrication System Solutions Chemicals and Materials Engineering and Construction Revenue Revenue from external customers 1,811,239 60,774 58,039 78,696 2,008,749 － 2 ,008,749 Inter-segment revenue or transfers 11,819 22,167 4,963 10,323 49,273 (49,273) － Total 1,823,059 82,941 63,002 89,019 2,058,023 (49,273) 2,008,749 Segment profit <Business Profit> 85,245 8,743 3,185 5,450 102,624 (10,600) 92,023 Segment liabilities <Interest-bearing debt> Year ended March 31, 2026 5,139,779 15,508 10,919 8,058 5,174,266 (12) 5,174,253 Note: The adjustments of segment profit of ¥(10,600) million include the Compan y’s share of profit in investments of Nippon Steel Kowa Real Estate Co., Ltd., accounted for using the equity method of ¥3,006 million and elimination of inter-segment revenue or transfers of ¥(13,607) million. Three months ended June 30, 2026 (Millions of Yen) Reportable segments Total Adjustments ConsolidatedSteelmaking and Steel Fabrication System Solutions Chemicals and Materials Engineering and Construction Revenue Revenue from external customers 2,601,075 72,179 69,499 78,442 2,821,196 － 2 ,821,196 Inter-segment revenue or transfers 11,853 21,672 4,376 4,950 42,853 (42,853) － Total 2,612,928 93,851 73,875 83,393 2,864,049 (42,853) 2,821,196 Segment profit <Business Profit> 144,269 9,589 9,216 4,202 167,278 (21,767) 145,511 Segment liabilities <Interest-bearing debt> 5,485,415 14,892 7,448 7,995 5,515,752 (12) 5,515,740 Note: The adjustments of segment profit of ¥(21,767) million include the Company’s share of profit in investments of Nippon Steel Kowa Real Estate Co., Ltd., accounted for using the equity method of ¥21 million and elimination of inter-segment revenue or transfers of ¥(21,788) million. NIPPON STEEL CORPORATION (5401) Three months ended June 30, 2026 8