5411 Q3 2026 Earnings Presentation

Page 1

Financial Results for Third Quater of Fiscal Year 2025 ending March 31, 2026 February 5, 2026 Securities Code： 5411.TJFE Holdings, Inc. JFE Group

Page 2

2Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Table of Contents 4．Dividend s 1．Financial Highlights 3．Financial Forecast for Fiscal year 2025 (April 1, 2025 to March 31, 2026) 5．Topics Appendix (1): Eighth Medium-Term Business Plan Related Data Appendix (2): Financial data, Profit/Loss Analysis, etc. Appendix (3): Business Environmental Indicators, etc. Appendix (4): Published Materials (Links) This presentation material is for the purpose of publicizing the status of our company's financial results for the Third quarter of FY2025. It is not a disclosure material under the Financial Instruments and Exchange Act and does not guarantee the accuracy or completeness of the information. It does not constitute a solicitation to invest in securities in Japan, the United States or any other countries. The forecasts presented are based on information received at the time of the briefing and include uncertainties. Therefore, please refrain from making investment decisions based solely on this document. Our company shall not be liable for any damages arising as a result of the use of this document. 2．Financial Results for Third Quarter of Fiscal Year 2025 (April 1, 2025 to December 31, 2025)

Page 3

3Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Financial Highlights  The business environment surrounding our company remains severe. This includes the sluggish steel market due to China's overproduction and increased exports, as well as the impact of protectionist policies in various countries, including the United States. (Crude steel production volume: Approx. 21.50 million tonnes (as previously))  The annual dividend for FY2025 is expected to be 80 yen per share based on the 8 th Medium- term Business Plan (as previously announced).  The annual forecast for business profit, segment profit, and profit attributable to owners of parent is expected to remain as previously announced . However, the business profit excluding inventory valuation, etc. is expected to be ¥170.0 billion, down ¥20.0 billion from the previous forecast.  The cost of steel products is surging sharply due to factors including yen depreciation and the continued, significant rise in coking coal spot prices following the Australian cyclone in middle of January.

Page 4

4Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Financial Highlights Change Apr-Dec FY2024 vs Apr-Dec FY2025 Change from the previous forecast Results for 3Q of FY2025 Business Profit [Excluding Inventory Valuation etc.] 97.4 [143.4] (23.3) [(64.3)] － Segment Profit [Excluding Inventory Valuation etc.] 79.2 [125.2] (26.0) [(67.0)] － Change FY2024 vs FY2025 Change from the previous forecast Forecast of FY2025 Business Profit [Excluding Inventory Valuation etc.] 140.0 [170.0] 4.7 [(66.3)] ±0.0 [(20.0)] Segment Profit [Excluding Inventory Valuation etc.] 110.0 [140.0] (4.5) [(75.5)] ±0.0 [(20.0)] Profit attributable to owners of parent 75.0 (16.8) ±0.0 Dividend 80 yen (Interim dividend 40 yen) (20 yen) As previously announced Crude Steel Production (Standalone): Approx. 21.50 million mt* Exchange rate: Approx. ¥150/US$ (4Q: Approx. ¥156/US$) (billions of yen, unless otherwise stated) (billions of yen, unless otherwise stated) *mt : metric tons

Page 5

Page 6

6Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Financial Results for 3Q of Fiscal Year 2025 Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.  Business profit for 3Q of FY2025 was ¥97.4bn. (decreased by ¥ 23.3bn. year -on-year) * Business profit (exc luding Inventory Valuation etc.) for 3Q of FY2025 was ¥143.4bn. (decreased by ¥ 64.3bn. year -on-year) FY2024 actual FY2025 actual Change (FY2024 vs FY2025) (billions of yen) 1H Oct to Dec Total from Apr to Dec 1H Oct to Dec Total from Apr to Dec Total from Apr to Dec Revenue 2,450.7 1,224.6 3,675.4 2,232.6 1,147.6 3,380.2 (295.2) Business Profit [Excluding Inventory Valuation etc.] 81.8 [134.8] 38.8 [72.8] 120.7 [207.7] 45.7 [93.7] 51.7 [49.7] 97.4 [143.4] (23.3) [(64.3)] Finance Income/Costs (9.8) (5.6) (15.5) (11.5) (6.7) (18.2) (2.7) Segment Profit [Excluding Inventory Valuation etc.] 72.0 [125.0] 33.1 [67.1] 105.2 [192.2] 34.1 [82.1] 45.1 [43.1] 79.2 [125.2] (26.0) [(67.0)] Exceptional Items (12.1) 48.5 36.4 0 0 0 (364) Profit before Tax 59.9 81.7 141.7 34.1 45.1 79.2 (62.5) Tax Expense and Profit (Loss) Attributable to Non-Controlling Interests (17.4) (24.1) (41.6) (7.4) (10.9) (18.3) 23.3 Profit Attributable to Owners of Parent 42.4 57.6 100.1 26.6 34.2 60.8 (39.3)

Page 7

7Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. FY2024 Actual FY2025 Actual Change (FY2024 vs FY2025) (billions of yen) 1H Oct to Dec Total from April to Dec 1H Oct to Dec Total from Apr to Dec Total from Apr to Dec Steel Business 1,729.3 828.9 2,558.2 1,537.4 773.8 2,311.2 (247.0) Engineering Business 269.5 152.4 421.9 287.0 148.3 435.3 13.4 Trading Business 715.5 366.0 1,081.6 647.5 345.9 993.4 (88.2) Adjustments (263.5) (122.8) (386.4) (239.4) (120.3) (359.7) 26.7 Revenue 2,450.7 1,224.6 3,675.4 2,232.6 1,147.6 3,380.2 (295.2) Business Profit (A） [Excluding Inventory Valuation etc.] 81.8 [134.8] 38.8 [72.8] 120.7 [207.7] 45.7 [93.7] 51.7 [49.7] 97.4 [143.4] (23.3) [(64.3)] Finance Income/Cost（B） (9.8) (5.6) (15.5) (11.5) (6.7) (18.2) (2.7) Steel Business [Excluding Inventory Valuation etc.] 34.5 [87.5] 10.4 [44.4] 44.9 [131.9] (5.3) [42.7] 28.6 [26.6] 23.3 [69.3] (21.6) [(62.6)] Engineering Business 8.9 6.6 15.5 12.6 4.1 16.7 1.2 Trading Business 22.4 13.6 36.0 21.9 10.7 32.6 (3.4) Adjustments 6.2 2.4 8.6 4.8 1.6 6.4 (2.2) Segment Profit(A+B) [Excluding Inventory Valuation etc.] 72.0 [125.0] 33.1 [67.1] 105.2 [192.2] 34.1 [82.1] 45.1 [43.1] 79.2 [125.2] (26.0) [(67.0)] Financial Results for 3Q of Fiscal Year 2025 (by Segment) Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Page 8

8Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel 1) Cost +18.0 • Operational improvement, etc. 2) Volume and Mix (8.0) • Crude steel production (16.56 million mt →16.12 million mt) 3) Spreads* (62.0) • Deterioration in domestic and overseas steel market conditions • Deterioration in export profitability due to yen appreciation compared with the previous fiscal year • Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact） 4) Inventory valuation, etc. +41.0 • Inventory valuation -18.0 (-30.0 → -48.0) • Carry over +58.0 (-60.0 → - 2.0) • Foreign exchange valuation + 1.0 (+ 3.0 → + 4.0) 5) Others (10.6) • Group Companies +21.0 • Others - 31.6 (Depreciation, interest expense, and construction timing differences, etc. ） JFE Steel’s Segment Profit Analysis (April to December FY2024 vs April to December FY2025) Breakdown *Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.) Unit Apr to Dec FY2024 Apr to Dec FY2025 Crude Steel (Standalone) million mt 16.56 16.12 Shipment (Standalone) million mt 14.53 14.25 Average Sales Price 000yen /tonne 132.5 119.8 Exchange Rate ¥/US$ 152.3 148.5 (billions of yen) Apr to Dec FY2024 Apr to Dec FY2025 Change Segment Profit 44.9 23.3 (21.6) ＊Excluding Inventory Valuation, etc. 131.9 69.3 (62.6)

Page 9

9Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Shoji JFE EngineeringSegment Profit Analysis (April to December FY2024 vs April to December FY 2025) (billions of yen) FY2024 Actual FY 2025 Actual Change (vs FY2024) 1H Oct to Dec Apr to Dec 1H Oct to Dec Apr to Dec 1H Oct to Dec Apr to Dec Revenue 715.5 366.0 1,081.6 647.5 345.9 993.4 (68.0) (20.1) (88.2) Segment profit 22.4 13.6 36.0 21.9 10.7 32.6 (0.5) (2.9) (3.4) (billions of yen) FY2024 Actual FY 2025 Actual Change (vs FY2024) 1H Oct to Dec Apr to Dec 1H Oct to Dec Apr to Dec 1H Oct to Dec Apr to Dec Orders received 246.0 100.3 346.3 363.0 213.3 576.3 117.0 113.0 230.0 Revenue 269.5 152.4 421.9 287.0 148.3 435.3 17.5 (4.1) 13.4 Segment profit 8.9 6.6 15.5 12.6 4.1 16.7 3.7 (2.5) 1.2 ■Engineering Business ■Trading Business  Revenue and profit declined in the October –December quarter of FY2025 due to differences in project composition. However, due to the consistent execution of secured projects, cumulative revenue and profit for the first three quarters increased compared to last year’s figures for the same period.  Due to declining steel market conditions domestically and internationally, as well as a decrease in sales volume, revenue and profit have decreased compared to last year's figures for the same period.

Page 10

Page 11

11Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. FY2024 Actual FY2025 Forecast (Previous) FY2025 Forecast (Updated) Change (FY2024 vs FY2025) Change （Previous vs Updated） 1H (Actual) 2H Full yearOct-Dec (Actual) Jan-Mar(billions of yen) Full year Full year Full year Full year Revenue 4,859.6 4,600.0 2,232.6 1,147.6 1,219.8 2,367.4 4,600.0 (259.6) 0.0 Business Profit [Excluding Inventory Valuation etc.] 135.3 [236.3] 140.0 [190.0] 45.7 [93.7] 51.7 [49.6] 42.6 [26.6] 94.3 [76.3] 140.0 [170.0] 4.7 [(66.3)] 0.0 [(20.0)] Finance Income/Costs (20.7) (30.0) (11.5) (6.7) (11.8) (18.5) (30.0) (9.3) 0.0 Segment Profit [Excluding Inventory Valuation etc.] 114.5 [215.5] 110.0 [160.0] 34.1 [82.1] 45.1 [43.1] 30.8 [14.8] 75.9 [57.9] 110.0 [140.0] (4.5) [(75.5)] 0.0 [(20.0)] Exceptional Items 29.7 0.0 0.0 0.0 0.0 0.0 0.0 (29.7) 0.0 Profit before Tax 144.3 110.0 34.1 45.1 30.8 75.9 110.0 (34.3) 0.0 Tax Expense and Profit (Loss) Attributable to Non- Controlling Interests (52.4) (35.0) (7.4) (10.9) (16.7) (27.6) (35.0) 17.4 0.0 Profit Attributable to Owners of Parent 91.8 75.0 26.6 34.2 14.2 48.4 75.0 (16.8) 0.0 Financial Forecast for Fiscal Year 2025  Business profit and Profit Attributable to Owners of Parent for FY2025 are expected as previously announced. * Business profit (excluding Inventory Valuation, etc.) for FY2025 is ¥170.0bn. (decreased by ¥20.0bn. from the previous forecast) Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Page 12

12Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. FY2024 Actual FY2025 Forecast (Previous) FY2025 Forecast (Updated) Change (FY2024 vs FY2025) Change （Previous vs Updated） 1H (Actual) 2H Full year （billions of yen） Full year Full year Oct-Dec (Actual) Jan-Mar Full year Full year Steel Business 3,365.1 3,080.0 1,537.4 773.8 788.8 1,562.6 3,100.0 (265.1) 20.0 Engineering Business 569.8 600.0 287.0 148.3 164.7 313.0 600.0 30.2 0.0 Trading Business 1,438.5 1,350.0 647.5 345.9 356.6 702.5 1,350.0 (88.5) 0.0 Adjustments (513.9) (430.0) (239.4) (120.3) (90.3) (210.6) (450.0) 63.9 (20.0) Revenue 4,859.6 4,600.0 2,232.6 1,147.6 1,219.8 2,367.4 4,600.0 (259.6) 0.0 Business Profit (A） [Excluding Inventory Valuation etc.] 135.3 [236.3] 140.0 [190.0] 45.7 [93.7] 51.7 [49.7] 42.6 [26.6] 94.3 [76.3] 140.0 [170.0] 4.7 [(66.3)] 0.0 [(20.0)] Finance Income/Cost（B） (20.7) (30.0) (11.5) (6.7) (11.8) (18.5) (30.0) (9.3) 0.0 Steel Business [Excluding Inventory Valuation etc.] 36.3 [137.3] 40.0 [90.0] (5.3) [42.7] 28.6 [26.6] 16.7 [0.7] 45.3 [27.3] 40.0 [70.0] 3.7 [(67.3)] 0.0 [(20.0)] Engineering Business 19.3 20.0 12.6 4.1 3.3 7.4 20.0 0.7 0.0 Trading Business 47.9 45.0 21.9 10.7 12.4 23.1 45.0 (2.9) 0.0 Adjustments 10.8 5.0 4.8 1.6 (1.4) 0.2 5.0 (5.8) 0.0 Segment Profit(A+B) [Excluding Inventory Valuation etc.] 114.5 [215.5] 110.0 [160.0] 34.1 [82.1] 45.1 [43.1] 30.8 [14.8] 75.9 [57.9] 110.0 [140.0] (4.5) [(75.5)] 0.0 [(20.0)] Financial Forecast for Fiscal Year 2025 (by Segment) Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Page 13

Page 14

14Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel Outlook for Domestic Auto Production (annual basis) Business Environment （Domestic） 754 810 868 847 500 800 FY21 FY22 FY23 FY24 FY25 Unit: 10,000 Autom otive • U.S. tariff policy continues to pose a risk to vehicles bound for export. While the impact on exports of finished vehicles and their production has been limited thus far, continued monitoring is necessary. • Domestic sales lack significant momentum, and current expectations show no major change from the sales volume projected at the beginning of FY2025. Ship- buildin g • The demand environment remains firm, with domestic shipbuilders securing a backlog of orders exceeding three years. • Prolonged lead times due to labor shortages and working-hour regulations continue. • Moves toward capital alliances and collaborations to strengthen competitiveness in Japan’s shipbuilding industry are becoming more active, requiring attention to future trends in investment and production efficiency. Other manufa cturing (Construction machinery) • Concerns are intensifying with the addition of construction machinery to steel-derived product tariffs in August 2025. • The environment of sluggish global demand and uncertainty resulting from the impact of tariffs persists. (Industrial machinery) It is crucial to closely monitor trends and the effects of U.S. automobile tariffs and reciprocal tariffs. Constr uction • In addition to the impact of labor shortages, rising material costs and higher interest rates continue to weigh heavily on construction investment and housing sentiment, resulting in overall sluggish demand. Civil engine ering • Due to increasing costs and labor shortages, actual activity levels and steel demand are expected to decrease compared with last year. Source: Ministry of Economy, Trade and Industry, “Outlook for Steel Consumption” 23 December. 2025. (The bars for FY2025, 1Q and after are estimates.) Estimating that it will remain at the same level as in FY2024 0 2 4 6 8 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY21 FY22 FY23 FY24 FY25 Construction Manufacturing YoY: -0.3% YoY: -4.2% Unit: million mt Outlook for Domestic Ordinary Steel Consumption (quarter basis) Trend by sector  Amid population decline and economic slowdown, steel demand continues to decline, creating a challenging environment. Manufacturing: U.S. tariff policies and protectionist movements are risk factors that warrant close monitoring. Construction: Continues sluggishness persists due to rising construction costs and labor shortages.

Page 15

15Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel 82 93 84 77 88 91 86 74 85 90 79 79 86 85 77 70 2 4 6 8 10 12 14 60 70 80 90 100 110 120 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 2022 2023 2024 2025 Crude steel production (left axis) Steel export (right axis) Trend by sector Business Environment （Overseas ） Steel sheet • Domestic demand in China remains sluggish, with high production and increased exports, while capacity expansion continues in ASEAN and South Asia, leading to weak market conditions across Asia. • Japan is also subject to Section 232 tariffs, anti-dumping (AD), and safeguard (SG) measures, limiting upward flexibility in sales. In addition, tariff policies in various countries have triggered the distribution of low-priced Chinese materials to third countries and a decline in market conditions, indicating that a challenging environment is likely to persist. Automotive • A series of U.S. tariff measures has caused significant disruptions to supply chains, creating an uncertain outlook. • In the ASEAN region, prolonged impacts from high interest rates and stricter loan assessments have delayed recovery, while sluggish domestic sales continue. Ship- building • Chinese and South Korean shipbuilders are also increasing new orders and maintaining stable backlogs. • Global shipbuilding demand is expected to remain strong in the future. Energy • Concerns over recession risks associated with the easing of OPEC production cuts and U.S. tariff measures may partially lead to project delays and inventory reductions, particularly for commodity products. • Geopolitical risks in oil-producing countries, such as Venezuela and Iran, also require close monitoring. • Against sluggish global economic growth and heightened geopolitical tensions, the demand for stable energy supplies remains strong, with robust demand expected in the medium term.  Weak domestic demand in China, combined with high production and increased exports, continues to create a challenging supply -demand environment , particularly across Asia. Real GDP Growth Forecast in 2025 Data: IMF World Economic Outlook Update Nov. 2025 and Jan. 2026 *ASEAN5： Thailand, Malaysia, Indonesia, Philippine, and Singapore China's crude steel production and steel export Crude steel Production (million mt/ month)) 2024 2025 (updated) 2025 (previous) U.S. 2.8% 2.1% 2.0% China 5.0% 5.0% 4.8% India 6.5% 6.5% 6.6% ASEAN-5* 4.6% 4.2% 4.2% World 3.3% 3.3% 3.2% Steel export (million mt/ month) Crude steel production (million mt) Steel export (million mt) Ratio 2022 1,010 70 7% 2023 1,020 90 9% 2024 1,000 110 11% 2025 960 120 12%

Page 16

16Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel 0 2,000 4,000 6,000 8,000 10,000 12,000 0 30,000 60,000 90,000 120,000 150,000 0 300 600 900 1,200 1,500 India: Steel Market PriceChina: Steel Market Price U.S: Steel Market Price Business Environment （Overseas ） Secular Stagnation （CNY/ｔ）（INR/ｔ）（US$/ｔ） HRC Price Approx. USD570 Approx. USD470 Approx. USD1050 * HRC Price：Average price in 5 cities in China  Trend in steel marke t price by country (HRC price) Recovered following the reimposition of safeguard measures in Dec. Impact of Import Tariffs/Demand recovery

Page 17

17Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel $100 $150 $200 $250 $300 $350 $400 Term-cntract FOB $50 $75 $100 $125 $150 $175 $200 Term contract FOB Raw Materials’ Market Trends Iron Ore（Iron Ore Fines from Australia） Coking Coal（Hard Coking Coal from Australia） (US$/WMT)(US$/DMT) Term-contract FOB (US$/DMT) Apr-Jun Jul-Sep Oct-Dec Jan-Mar FY2023 112 107 103 113 FY2024 121 101 92 89 FY2025 97 91 88 94 Term-contract FOB (US$/WMT) Apr-Jun Jul-Sep Oct-Dec Jan-Mar FY2023 283 240 327 325 FY2024 251 230 198 194 FY2025 183 181 192 - Current level: Around $ 100 Current level: Around $25 0  Iron ore: The contract price for the Jan– Mar period settled at $94 (Previous quarter+$6 ).  Coking coal: Due to the impact of the Australian cyclone in mid- January, the current supply and demand situation has rapidly tightened .

Page 18

18Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE SteelCrude Steel Production 25.88 24.10 23.45 21.95 Approx. 21.50 Approx. 21.50 19 FY2021 FY2022 FY2023 FY2024 FY2025 FY2025 (Previous forecast) Number of blast furnaces 87 (Since 2H of FY2023 ） Standalone crude steel production＜Annual＞ Unit: million mt  The estimated standalone crude steel production for FY2025 is approximately 21.50 million tonnes (as previously announced). Banking of No.3 BF at Kurashiki （Since July 2025） 1H: 10.80 2H: Approx. 10.70 (3Q: 5.32, 4Q: Approx. 540)

Page 19

19Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel Ratio of High -Value -Added Products Market Environment, etc.(*)  We will enhance profit per ton of product by expanding sales of such products as plates and seamless pipes for new energy (replaced exported commodity products), plates for offshore wind power generation, high- strength steel for automobiles, and highly functional electrical steel sheets utilizing the Company’s technological capabilities.  While some areas of the current market environment lack momentum, solid demand is expected in the medium to long term. Type Market Environment Major Capital Investment Electrical Steel Sheet (Current) The NOES market has deteriorated due to delays in automotive electrification and intensifying global competition. The GOES market has remained steady, with transformer manufacturers continuing full production. September 2024 Phase I of the NOES capacity expansion at Kurashiki (2X the previous capacity) FY2026 Phase II of the NOES capacity expansion at Kurashiki (3X the previous capacity) (Medium to long term) The trend towards automotive electrification remains unchanged in the medium to long term. Driven by rising global electricity demand, transformer manufacturers’ demand remains firm, and GOES is expected to stay strong. High-tensile steel for automobiles (Current) No significant change in domestic sales trends. We are continuing to closely monitor the impact of tariffs. October 2028 Construction of CGL for manufacturing ultra-high strength steel at Fukuyama (Medium to long term) Globally, automobile sales remain strong, and demand for ultra-high-strength steel is expected to continue to grow. Plates for offshore wind power generation (Current) The domestic offshore wind power project has commenced and is supplying the Kasaoka Monopile Manufacturing Factory. We have also received many inquiries from overseas projects in Europe and Asia. June 2021 Construction of a new continuous caster at Kurashiki (Medium to long term) Positioned as a key energy source for carbon neutrality, steady demand is expected to continue. Steel for New energy (Current) A recovery in gas demand is expected to remain strong, driven by the expansion of U.S. LNG export facilities and rising electricity demand. (Medium to long term) Demand for stable energy supply remains unchanged. In the future, demand for seamless pipes in areas such as CCS is anticipated to increase. Expanding sales of High- Value -Added Products 48% 54% 60% FY24 Actual FY25 KPI FY27 8th MTBP Target (*) High value-added products: Products with a technological edge which are recognized by customers as having added value and earning power exceeding that of commodity products (definition by the Company) Planned Planned

Page 20

20Copyright © 2026 JFE Holdings Inc. All Rights Reserved. JFE Steel Unit FY2024 FY2025 FY2025 Previous Forecast (Full Year)1H 2H Full year 1H 2H Full year3Q 4Q 3Q 4Q Revenue billions of yen 1,729.3 828.9 806.9 1,635.8 3,365.1 1,537.4 773.8 788.8 1,562.6 3,100.0 3,080.0 Segment Profit billions of yen 34.5 10.4 (8.6) 1.8 36.3 (5.3) 28.6 16.7 45.3 40.0 40.0 Excluding InventoryValuation etc.* billions of yen 87.5 44.4 5.4 49.8 137.3 42.7 26.6 0.7 27.3 70.0 90.0 Crude Steel (Standalone) million mt 11.03 5.53 5.39 10.91 21.95 10.80 5.32 Approx. 5.40 Approx. 10.70 Approx. 21.50 Approx. 21.50 Crude Steel (Consolidated) million mt 11.69 5.83 5.67 11.50 23.20 11.42 5.59 Approx. 5.70 Approx. 11.30 Approx. 22.70 Shipment (Standalone) million mt 9.66 4.87 4.84 9.71 19.36 9.53 4.72 Approx. 4.80 Approx. 9.50 Approx. 19.00 Export Ratio on Value Basis （Standalone） % 42.4 40.0 41.9 40.9 41.7 41.3 41.1 Approx. 41 Approx. 41 Approx. 41 Average Sales Price (Standalone) 000 yen /tonne 135.2 127.0 124.0 125.5 130.3 119.8 120.0 Approx. 121 Approx. 121 Approx. 120 Exchange Rate ¥/US$ 153.9 149.0 154.1 151.6 152.7 146.2 153.2 Approx. 156 Approx. 154 Approx. 150 Approx. 148 Exchange Rate (End of Term) ¥/US$ 142.7 158.2 149.5 149.5 149.5 148.9 156.6 Approx. 155 Approx. 155 Approx. 155 Approx. 150 ＊Excluding inventory valuation, carry over and foreign exchange valuation from segment profit Financial Forecast for Fiscal Year 2025

Page 21

21Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 1) Cost ±0.0 2) Volume and Mix ±0.0 • Crude Steel Production: Approx. 21.50 million mt→Approx. 21.50 million mt 3) Spreads* (25.0) • Surge in main raw materials prices 4) Inventory valuation, etc. +20.0 • Inventory valuation + 2.0 (-47.0 → -45.0) • Carry over +13.0 (- 1.0 → +12.0) • Foreign exchange valuation + 5.0 (- 2.0 → + 3.0) 5) Others +5.0 • Group Companies +2.0 Breakdown Unit FY2025 Previous FY2025 Updated Crude Steel (Standalone) million mt Approx. 21.50 Approx. 21.50 Shipment (Standalone) million mt - Approx. 19.00 Average Sales Price 000 yen /tonne - Approx. 120 Exchange Rate ¥/US$ Approx. 148 Approx. 150 （billions of yen） FY2025 Previous FY2025 Updated Change Segment Profit 40.0 40.0 ±0 ＊Excluding Inventory Valuation, etc. 90.0 70.0 (20.0) JFE Steel’s Segment Profit Analysis (FY2025 (Previous Forecast) vs FY2025 (Updated Forecast)) *Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

Page 22

22Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 1) Cost +27.0 • Operational improvement, etc. 2) Volume and Mix (9.0) • Crude Steel Production: 21.95 million mt→Approx. 21.50 million mt • Expansion of high-value-added products (Electrical steel, plates for wind power applications, etc.) 3) Spreads* (78.0) • Deterioration in domestic and overseas steel market conditions • Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact） • Deterioration in export profitability due to yen appreciation compared with the previous fiscal year 4) Inventory valuation, etc. +71.0 • Inventory valuation -12.0 (-33.0 → -45.0) • Carry over +78.0 (-66.0 → +12.0) • Foreign exchange valuation + 5.0 (- 2.0 → + 3.0) 5) Others (7.3) • Group Companies +28.0 • Others -35.3（Depreciation, interest expense, and construction timing differences, etc. ） Breakdown Unit FY2024 Actual FY2025 Forecast Crude Steel (Standalone) million mt 21.95 Approx. 21.50 Shipment (Standalone) million mt 19.36 Approx. 19.00 Average Sales Price 000 yen /tonne 130.3 Approx. 120 Exchange Rate ¥/US$ 152.7 Approx. 150 （billions of yen） FY2024 Actual FY2025 Forecast Change Segment Profit 36.3 40.0 +3.7 ＊Excluding Inventory Valuation, etc. 137.3 70.0 (67.3) JFE Steel’s Segment Profit Analysis (FY2024 (Actual) vs. FY2025 (Forecast)) *Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

Page 23

23Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 1) Cost +10.0 • Operational improvement, etc. 2) Volume and Mix +2.0 • Crude Steel Production: 10.80 million mt→Approx. 10.70 million mt • Expansion of high-value-added products (Electrical steel, plates for wind power applications, etc.) 3) Spreads* (35.0) • Deterioration in domestic and overseas steel market conditions • Surge in main raw materials prices • Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact） • Improvement in export profitability due to yen depreciation 4) Inventory valuation, etc. +66.0 • Inventory valuation +39.0 (-42.0→ - 3.0) • Carry over +18.0 (- 3.0→ +15.0) • Foreign exchange valuation + 9.0 (- 3.0→ + 6.0) 5) Others +7.6 • Group Companies +8.0 Breakdown Unit FY2025 1H Actual FY2025 2H Forecast Crude Steel (Standalone) million mt 10.80 Approx. 10.70 Shipment (Standalone) million mt 9.53 Approx. 9.50 Average Sales Price 000 yen /tonne 119.8 Approx. 121 Exchange Rate ¥/US$ 146.2 Approx. 154 （billions of yen） FY2025 1H Actual FY2025 2H Forecast Change Segment Profit (5.3) 45.3 +50.6 ＊Excluding Inventory Valuation, etc. 42.7 27.3 (15.4) JFE Steel’s Segment Profit Analysis (FY2025 1H (Actual) vs. FY2025 2H (Forecast)) *Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.)

Page 24

Page 25

25Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Engineering (billions of yen) FY2024 Actual FY2025 Forecast (previous) FY2025 Forecast (Updated) Change (vs FY2024) Change (vs previous forecast) 1H 2H Full year Full year 1H 2H Full year 1H 2H Full year Full year Orders 246.0 333.5 579.5 700.0 363.0 387.0 750.0 117.0 53.5 170.5 50.0 Revenue 269.5 300.3 569.8 600.0 287.0 313.0 600.0 17.5 12.7 30.2 0.0 Segment profit 8.9 10.4 19.3 20.0 12.6 7.4 20.0 3.7 (3.0) 0.7 0.0 JFE Engineering Financial Forecast for Fiscal Year 2025  Current Business Environment/Overview of Financial Status  Financial Forecast  Full year segment profit is expected to be ¥20.0bn. (as previously announced ).  We expect to expand orders in the Waste to Resource and Carbon-Neutral (CN) fields (offshore wind and LNG, etc.). (Compared to previous fore cast: WtR +¥35.0b n, CN +¥10.0bn.)  The business of manufacturing monopiles for offshore wind power generation secured its first order in December 2025. The order was for the “Offshore Wind Power Generation Project off the coasts of Oga City, Katagami City, and Akita City in Akita Prefecture.” Production is expected to begin at the Kasaoka Monopile Manufacturing Factory in FY2025. (For details, see P.33.)

Page 26

Page 27

27Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Shoji (billions of yen) FY2024 Actual FY2025 Forecast (previous) FY2025 Forecast (Updated) Change (vs FY024) Change (vs previous forecast) 1H 2H Full year Full year 1H 2H Full year 1H 2H Full year Full year Revenue 715.5 723.0 1,438.5 1,350.0 647.5 702.5 1,350.0 (68.0) (20.5) (88.5) 0.0 Segment profit 22.4 25.5 47.9 45.0 21.9 23.1 45.0 (0.5) (2.4) (2.9) 0.0 JFE Shoji Financial Forecast for Fiscal Year 2025  Current Business Environment/Overview of Financial Status  Financial Forecast  Due to the continued sluggishness of domestic construction demand and a decline in export transactions caused by trade policy impacts, as well as a downturn in domestic and international market conditions, the annual segment profit is expected to be ¥45.0bn. (as previously announced ).

Page 28

Page 29

29Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 45 20 60 50 50 50 40 50 10 80 30 50 50 （40） FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 Year-end divident Interim divident Dividends Dividend payout ratio of around 30% Sixth Medium-term Business Plan Seventh Medium-term Business Plan Eighth Medium-term Business Plan Set a minimum of ¥80/share Our indicator  The year -end dividend for FY2025 is expected to be 40 yen per share.  The annual dividend for FY2025 is expected to be 80 yen per share. (based on the Eighth Medium -term Business Plan(*)) 33.5% N/A N/A 28.0% 28.5%Pay-out ratio 30.9% 69.2% 67.8% Dividend per share（yen/share） Forecast ¥80 (*) Dividend payout ratio of approximately 30%, with a minimum dividend of 80 yen

Page 30

Page 31

31Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Participating in the Operation of an Integrated Steel Plant in India Operating JFE’s 3rd integrated steelworks in India following East and West Japan Works  In Dec 2025, we have agreed with India's JSW Steel to establish a JV (50:50) for an integrated steelworks  Our company will contribute a total investment of INR 157.5bn (approximately ¥270.0bn) in two installments (March and June of 2026).  We established the India Integrated Steel Plant Project Promotion Team on January 1st and commenced concrete deliberations onpost- acquisition organizational structure, expansion policies, and other matters. Overview and crude steel production capacity of BPSL Location of BPSL BPSL Sambalpur Steelworks JSW Dolvi steelworks JSW Vijayanagar steelworks BPSL Chandigarh works BPSL Kolkata works BPSL Netrabandha Mine (Scheduled to commence operations in 2026) Name: Netrabandha Pahar Iron ore Block Location: Koira, Odisha state Area: 1.4 ㎞２2021 2023 2024 2030 Future （million mt） 2.8 4.5 10 15 3.5 Restructuring and upgrades by JSW JFE:JSW 50:50 Joint venture (2025) Apr-Sep 2025 Results×2 EBITDA: Approx. ¥50.0bn. Crude Steel Production: Approx. 3.5MTPA  Brownfield project expandable to 10 million tonnes It has the potential to expand to 15 million tonnes.  Located in India’s largest iron ore producing region (eastern India) and owns mines, ensuring strong cost competitiveness

Page 32

32Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. 4.5X 4.8X (7.0) (5.0) (3.0) (1.0) 1.0 3.0 5.0 7.0 9.0 0 200 400 600 800 1,000 1,200 FY2024 FY2025 （Forecast） Consolidated Statement of Cash flow, Debt/EBITDA multiple 410.0  Following the initial investment of 25% in BPSL, the interest -bearing debt outstanding is projected to be ¥1,980.0bn. at the end of FY2025.  Debt/EBITDA multiple has temporarily increased (4.8x) due to front -loaded growth investments.  Efforts are continuing to achieve the medium -term financial targets for FY2027. ■EBITDA（Left Axis） Progress of Debt/EBITDA multiple ●Debt/EBITDA multiple（billions of yen） Interest- bearing debt outstanding ¥1,766.4 billion ¥1,980.0 billion D/E Ratio 54.3% 62.0% 392.9 Consolidated Cash Flow Forecast for FY2025 Depreciation and Amortization 270.0 Increase in Interest- bearing Debt 213.6 Net Profit 75.0 Asset Compression 20.0 Dividend Payment 57.0 Cash-in Cash-out Others* 41.6 ※ EBITDA＝Business profit＋Depreciation and Amortization ※ Debt/EBITDA multiple＝Interest-bearing debt outstanding/EBITDA CAPEX & Investments 48.0 Financial Targets (2027) • Debt/EBITDA about 3X • D/E Ratio about 60% （billions of yen） *Working Capital, Change in lease liabilities, Share of profit (loss) of entities accounted for using equity method, etc.

Page 33

33Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Engineering The first order of domestic monopile production received for offshore wind power generation project Project area Off Oga City, Katagami City, and Akita City, Akita Prefecture (Round 2) Scope of work Manufacturing and transportation of 21 monopiles and transition pieces Construction period January 2026 - March 2027 Scale [Monopiles (maximum)] Weight: Approx. 2,000 tonnes; Diameter: 10.5 m; Plate thickness: 100 mm; Length: Approx. 80 m [Transition Pieces (maximum)] Weight: Approx. 500 tonnes; Diameter: 9.6 m; Plate thickness: 100 mm; Length: Approx. 26 m Steel weight Approx. 43,000 tonnes ■Overview Monopile (Foundation structure) Transition piece (Connecting pipe to tower) Wind turbine Blade Tower Approx. 80m Approx. 26m  Received an order for the manufacturing and transportation of monopile- type foundations for the offshore wind power project. （(News Release dated Dec. 26, 2025)  Japan's first project to adopt domestically manufactured monopiles  JFE Steel West Japan Works, Kurashiki District supplied large and heavy steel plates ( J-TerraPlateTM)

Page 34

34Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Engineering Estimation of progress for domestic offshore wind power generation projects  We aim to reach full production in FY2026 by receiving more orders for ongoing “Round” projects. Project FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 R1 Off Choshi Noshiro, Mitane, Oga Yuri-honjo R2 Katagami (Akita) Happo–noshiro (Akita) Murakami, Tainai (Niigata) Saikai, Enoshima (Nagasaki) R3 South Aomori Yuza (Yamagata) R4 (Hokkaido: 2 sea areas) Re-tender expected    Commercial operation schedule    Offshore foundation construction plan Reference) Kasaoka Monopile Factory production capacity: Approx. 80,000–100,000 tonnes/year Foundation demand forecast (figures in 10,000 tonnes) 4 5 8 6 8 6 Awaiting tender (already designated as promotion areas) Our estimate: 370,000 tonnes over 3 years An order received this time *our estimation Manufacturing and transportation of 21 monopiles and transition pieces

Page 35

35Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Group’s Offshore Wind Power Business model  With JFE Engineering at the core, we will leverage the group's strengths to develop offshore wind power projects . ▲Kasaoka Monopile Factory ▲Monopile ▲Transition pieces Monopile dedicated transport vessel secured. Each operating company’s strength and group-wide collaboration Materials • Capable of manufacturing extra-large heavy plates “J-TerraPlate®”, among the largest in Asia (2 hundred thousand (HT) tonnes or higher/year) • Only a limited number of manufacturers worldwide can supply large quantity of extra-large heavy plates. These plates have already been used in projects in Europe and Asia, and they have now been chosen for this domestic project. • As an industry leader, we developed steel plates with a maximum thickness of 130 mm for domestic use, which contributed to the introduction of large wind turbines. (News Release dated Dec 17, 2025) Foundation structures • Only factory in Japan that manufactures monopiles (Production capability: 0.8 to 1.0 HT tonnes) • Manufactures monopiles and transition pieces. Transportation • Maritime transport contract executed with MOL Drybulk. Operation & maintenance (O&M) • Established comprehensive service framework up to O&M. SCM construction • Established JFE Shoji Akita Offshore Materials, LTD (Manufactures and sells erosion prevention agent) Reheating furnace for extra-heavy slab Kurashiki new continuous casting machine Extra heavy slab Extra-large heavy plates JFE：up to 37 tonnes (Among the largest in Asia) Extra heavy slab Plate mill Accelerated cooling machine (Conventional weight: Around 20 to 25 tonnes) 素材笠岡モノパイル製作所保守・運営輸送1 2 3 4据え付けゼネコン等Materials Foundation structures Transportation Installation Operation & maintenance General contractors and others - Supply extra-large heavy plates - Supply other steel plates and steel pipe productsJFE Shoji JFE Steel JFE Engineering JFE Group companies - Conduct O&M. - Supply components and provide services JFE Shoji JFE Steel JFE Engineering JFE Group companies JFE Shoji - Manufacture foundation structures - Transport with dedicated vessels

Page 36

36Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. DX Report Issued  On February 4, we published our “DX Report 2025,” which details our digital transformation (DX) initiatives. Contents of 2025 DX REPORT ▽Download: The English edition is scheduled for release in March. １. On the publication of “DX REPORT 2025” ２. JFE Group’s Initiatives Using DX to Address Social Issues ３. Initiatives Carried out at Operating Companies ４. JFE Group’s Cyber Security ～ To achieve the 8th Medium term Business Plan, we will advance a DX strategy that establishes a robust revenue base as a leader in DX promotion. ～ • Moving away from huge host computers • Responding to decrease in working-age population and reducing environmental impact • Development of DX human resources Aim to achieve “Intelligent Steelworks” by DX and other topics Development of a High-Strength Bolt Automatic Tightening Robot System and other topics Logistic DX solution “Jiot” and other topics Zero Trust Security Initiatives, Strengthen the Global Framework JFE Shoji JFE Engineering JFE Steel Selected as DX Stock, the only company in the steel industry https://www.jfe- holdings.co.jp/en/common/pdf/investor/library/dxreport/2025/all.pdf

Page 37

Page 38

38Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Medium- Term Major Earnings Targets and Performance Overview Eighth Medium-term Business Plan FY2027 FY2025 Forecast FY2026 FY2027 Groupwide Consolidated business profit ¥400.0 billion ¥170.0 billion (*) ーー ROE 10% or more 3.0% ーー Debt/EBITDA About 3x 4.8x ーー D/E About 60％ 62.0% ーー Operating companies Steel business Segment profit ¥260.0 billion ¥70.0 billion (*) ーー Engineering business Segment profit ¥42.0 billion ¥20.0 billion ーー Trading business Segment profit ¥60.0 billion ¥45.0 billion ーー Shareholder Returns Dividend Policy Dividend payout ratio of around 30%, with a minimum of ¥80/share ¥80/share ーー *Excluding inventory valuation differences, etc. in the steel business

Page 39

39Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Event To FY2024 FY2025 FY2026 FY2027 FY2028 FY2028 FY2029 From FY2030 From FY2036 Steel business Rebuilding production structure Strategy of high value- added products Overseas J2ES/J2ES Nashik BPSL Engineering business Trading business Keihin district land utilization Event Map Kurashiki #2Fukuyama #4 Shutdown Shutdown Shift to Innovative EAF Temporary shutdown (Restart in 2028) Kurashiki #3 Kurashiki new continuous casting machine (7CC) Kurashiki: Capacity expansion of NOES production facilities (2nd period) Kurashiki: Capacity expansion of NOES production facilities (1st period) Fukuyama CGL Begin production of monopile Sell advanced logistics zoneSold Minami-watarida/Ohgimachi Demolition Complete production Capacity expansion +200,000 mt (350,000 mt in total) Announced acquisition (4.50 million mt) Toward 10.00 million mt structure Announced acquisition of J2ES Nashik (50,000 mt) J2ES begins operation 100,000 mt (150,000 mt in total) Business use (data center etc.) Acquired STUDCO and CEMCO Implement ultra- innovative technology Design and construction to expand manufacturing facility Construction to expand manufacturing capacity ¥329.4bn (1/3 is subsidy) ¥53.0bn ¥46.0bn¥49.0bn ¥70.0bn ¥290bn (including capacity expansion) Approx. ¥270.0bn *NOES: Non-oriented electrical steel sheet

Page 40

Page 41

41Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 1) Cost +1.0 2) Volume and Mix (7.0) • Crude Steel Production 5.52 million mt → 5.32 million mt 3) Spreads* (3.0) 4) Inventory valuation, etc. +21.0 • Inventory valuation +13.0 (-19.0 → -6.0) • Carry over + 3.0 (- 2.0 → +1.0) • Foreign exchange valuation + 5.0 (+ 2.0 → +7.0) 5) Others +9.8 • Group companies +4.0 JFE Steel’s Segment Profit Analysis (Jul to Sep FY2025 vs Oct to Dec FY2025) Breakdown *Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.) Unit Jul to Sep FY2025 Oct to Dec FY2025 Crude Steel (Standalone) million mt 5.52 5.32 Shipment (Standalone) million mt 4.82 4.72 Average Sales Price 000 yen /tonne 119.2 120.0 Exchange Rate ¥/US$ 147.0 153.2 （billions of yen） Jul to Sep FY2025 Actual Oct to Dec FY2025 Actual Change Segment Profit 6.8 28.6 +21.8 ＊Excluding Inventory Valuation, etc. 25.8 26.6 +0.8

Page 42

42Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 1) Cost +6.0 2) Volume and Mix +4.0 • Crude Steel Production: Approx. 5.32 million mt → Approx. 5.40 million mt 3) Spreads* (22.0) • Surge in main raw materials prices • Impact of raw material price fluctuations and timing differences in adjustments for selling prices（negative impact） • Improvement in export profitability due to yen depreciation 4) Inventory valuation, etc. +14.0 • Inventory valuation + 9.0 (- 6.0 → + 3.0) • Carry over +13.0 (+1.0 → +14.0) • Foreign exchange valuation - 8.0 (+7.0 → - 1.0) 5) Others (13.9) • Group companies -4.0 • Others -9.9 (Timing differences in expense occurrence, Depreciation) JFE Steel’s Segment Profit Analysis (Oct to Dec FY2025 vs Jan to Mar FY2025) Breakdown *Spreads including various prices (metals, energy, materials, logistics, labor costs, foreign exchange effects, etc.) Unit Oct to Dec FY2025 Jan to Mar FY2025 Crude Steel (Standalone) million mt 5.32 Approx. 5.40 Shipment (Standalone) million mt 4.71 Approx. 4.80 Average Sales Price 000 yen /tonne 120.0 Approx. 121 Exchange Rate ¥/US$ 153.2 Approx. 156 （billions of yen） Oct to Dec FY2025 Actual Jan to Mar FY2025 Forecast Change Segment Profit 28.6 16.7 (11.9) ＊Excluding Inventory Valuation, etc. 26.6 0.7 (25.9)

Page 43

43Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Key Financial Data Fiscal Year FY2016 FY2017 FY2018 (billions of yen, %, times) Ordinaly income 84.7 216.3 221.1 EBITDA (*1) 279.9 388.8 405.9 ROS (*2) 2.6% 5.9% 5.6％ ROE (*3) 3.7% 7.6% 8.3％ ROA (*4) 2.3% 5.2% 5.1％ Debt outstanding 1,375 1,331 1,450 Debt/EBITDA multiple (*5) 4.9x 3.4x 3.6x D/E ratio (*6) 51.4% 58.1% 62.0％ Profit attributable to owners of parent (yen/share) 118 251 285 Dividend (yen/share) 30 80 95 Pay-out Ratio 25.5% 31.9% 33.3％ Fiscal Year FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 (billions of yen, %, times) Business profit 232.0 37.8 (12.9) 416.4 235.8 298.2 135.3 EBITDA (*1) 428.2 269.4 223.4 668.7 505.4 572.3 392.9 ROS (*2) 6.0% 1.0% (0.4%) 9.5% 4.5% 5.8% 2.8% ROE (*3) 8.6％ (11.1%) (1.3%) 15.7% 7.9% 8.6% 3.7% ROA (*4) 5.0％ 0.8% (0.3%) 8.4% 4.4% 5.3% 2.4% Interest-bearing debt outstanding 1,524 1,814 1,806 1,849 1,863 1,830 1,766 Debt/EBITDA multiple (*5) 3.6x 6.7x 8.1x 2.8x 3.7x 3.2x 4.5x D/E ratio (*6) 68.2％ 96.4% 93.2% 80.8% 67.8% 58.0% 54.3% Profit attributable to owners of parent (yen/share) 284 (343) (38) 500 281 323 144 Dividend (yen/share) 95 20 10 140 80 100 100 Pay-out Ratio 33.5％－－ 28.0% 28.5% 30.9% 69.2% J-GAAP IFRS ＊1 EBITDA = Business profit + Depreciation and Amortization ＊2 ROS = Business profit / Revenue ＊3 ROE = Profit attributable to owners of parent company / Equity ＊4 ROA = Business profit / Total assets ＊5 Debt/EBITDA multiple = Interest-bearing debt outstanding / EBITDA ＊6 D/E ratio = Interest-bearing debt outstanding / Equity attributable to owners of parent For debt having a capital component, a portion of its issue price is deemed to be capital, as assessed by rating agencies. 【IFRS】

Page 44

44Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. FY2024 FY2025 (Actual) (billions of yen) 1Q 2Q 1H 3Q 4Q 2H Full year 1Q 2Q 1H 3Q 4Q 2H Full year Steel Business 860.6 868.7 1,729.3 828.9 806.9 1,635.8 3,365.1 761.2 776.2 1,537.4 773.8 - - - Engineering Business 123.8 145.7 269.5 152.4 147.9 300.3 569.8 135.3 151.7 287.0 148.3 - - - Trading Business 358.3 357.2 715.5 366.0 357.0 723.0 1,438.5 338.7 308.8 647.5 345.9 - - - Adjustments (131.6) (131.9) (263.5) (122.8) (127.5) (250.3) (513.9) (120.0) (119.4) (239.4) (120.3) - - - Revenue 1,211.1 1,239.6 2,450.7 1,224.6 1,184.2 2,408.8 4,859.6 1,115.3 1,117.3 2,232.6 1,147.6 - - - Business Profit (A） [Excluding Inventory Valuation etc.] 56.9 [61.9] 24.9 [72.9] 81.8 [134.8] 38.8 [72.8] 14.6 [28.6] 53.4 [101.4] 135.3 [236.3] 16.2 [45.2] 29.5 [48.5] 45.7 [93.7] 51.7 [49.7] - - - Finance Income/Cost（B） (5.1) (4.7) (9.8) (5.6) (5.3) (10.9) (20.7) (5.8) (5.7) (11.5) (6.7) - - - Steel Business [Excluding Inventory Valuation etc.] 31.5 [36.5] 3.0 [51.0] 34.5 [87.5] 10.4 [44.4] (8.6) [5.4] 1.8 [49.8] 36.3 [137.3] (12.1) [16.9] 6.8 [25.8] (5.3) [42.7] 28.6 [26.6] - - - Engineering Business 4.0 4.9 8.9 6.6 3.8 10.4 19.3 5.7 6.9 12.6 4.1 - - - Trading Business 11.5 10.9 22.4 13.6 11.9 25.5 47.9 12.6 9.3 21.9 10.7 - - - Adjustments 4.7 1.5 6.2 2.4 2.2 4.6 10.8 4.1 0.7 4.8 1.6 - - - Segment Profit(A+B) [Excluding Inventory Valuation etc.] 51.7 [56.7] 20.3 [68.3] 72.0 [125.0] 33.1 [67.1] 9.4 [23.4] 42.5 [90.5] 114.5 [215.5] 10.3 [39.3] 23.8 [42.8] 34.1 [82.1] 45.1 [43.1] - - - Exceptional Items (12.2) 0.1 (12.1) 48.5 (6.7) 41.8 29.7 0 0 0 0 - - - Profit before Tax 39.5 20.4 59.9 81.7 2.6 84.3 144.3 10.3 23.8 34.1 45.1 - - - Tax Expense and Profit (Loss) Attributable to Non-Controlling Interests (12.0) (5.4) (17.4) (24.1) (10.8) (34.9) (52.4) (3.2) (4.2) (7.4) (10.9) - - - Profit Attributable to Owners of Parent 27.5 14.9 42.4 57.6 (8.3) 49.3 91.8 7.1 19.5 26.6 34.2 - - - Financial Trend (Quarterly) Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Page 45

45Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 (billions of yen) Full year Full year Full year Full year Full year Full year Full year Steel Business 2,830.6 2,681.3 2,255.2 3,173.4 3,881.1 3,716.0 3,365.1 Engineering Business 485.8 512.2 485.7 508.2 512.5 539.9 569.8 Trading Business 1,125.8 1,084.1 932.5 1,231.7 1,514.1 1,476.4 1,438.5 Adjustments (568.6) (548.0) (446.1) (548.3) (638.9) (557.8) (513.9) Revenue 3,873.6 3,729.7 3,227.2 4,365.1 5,268.7 5,174.6 4,859.6 Business Profit (A） [Excluding Inventory Valuation etc.] 232.0 [195.0] 37.8 [67.8] (12.9) [21.1] 416.4 [222.4] 235.8 [162.8] 298.2 [296.2] 135.3 [236.3] Finance Income/Cost（B） (12.5) (12.5) (12.4) (11.6) (14.8) (18.6) (20.7) Steel Business [Excluding Inventory Valuation etc.] 161.3 [124.3] (8.7) [21.3] (65.4) [(31.4)] 323.7 [129.7] 146.8 [73.8] 202.7 [200.7] 36.3 [137.3] Engineering Business 20.1 23.1 24.0 26.0 13.4 24.3 19.3 Trading Business 35.7 27.0 20.0 55.9 65.1 48.9 47.9 Adjustments 2.3 (15.9) (4.1) (0.9) (4.3) 3.5 10.8 Segment Profit(A+B) [Excluding Inventory Valuation etc.] 219.5 [182.5] 25.3 [55.3] (25.4) [8.6] 404.8 [210.8] 221.0 [148.0] 279.6 [277.6] 114.5 [215.5] Exceptional Items (10.2) (238.8) 20.4 (16.2) (10.7) (11.2) 29.7 Profit before Tax 209.3 (213.4) (4.9) 388.5 210.2 268.3 144.3 Tax Expense and Profit (Loss) Attributable to Non-Controlling Interests (45.8) 15.7 (16.9) (100.4) (47.6) (70.9) (52.4) Profit Attributable to Owners of Parent 163.5 (197.7) (21.8) 288.0 162.6 197.4 91.8 Financial Trend (By year) Business profit is profit before tax excluding financial income and one-time items of a materially significant value. Segment profit is profit including financial income in business profit.

Page 46

46Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel ＊Excluding inventory valuation, carry over and foreign exchange valuation from segment profit Unit FY2023 FY2024 FY2025 1Q 2Q 3Q 4Q Full year 1Q 2Q 3Q 4Q Full year 1Q 2Q 3Q 4Q Full year Revenue billions of yen 917.2 948.6 915.6 934.6 3,716.0 860.6 868.7 828.9 806.9 3,365.1 761.2 776.2 773.8 ーー Segment Profit billions of yen 68.1 54.7 48.2 31.7 202.7 31.5 3.0 10.4 (8.6) 36.3 (12.1) 6.8 28.6 ーー Excluding InventoryValuation etc.* billions of yen 59.1 64.7 49.2 27.7 200.7 36.5 51.0 44.4 5.4 137.3 16.9 25.8 26.6 ーーーーーー Crude Steel (Standalone) million mt 6.05 6.11 5.62 5.67 23.45 5.48 5.55 5.53 5.39 21.95 5.28 5.52 5.32 ーー Crude Steel (Consolidated) million mt 6.38 6.47 5.95 6.01 24.80 5.80 5.89 5.83 5.67 23.20 5.61 5.81 5.59 ーー Shipment (Standalone) million mt 5.23 5.42 5.08 5.04 20.77 4.70 4.96 4.87 4.84 19.36 4.71 4.82 4.72 ーー Export Ratio on Value Basis （Standalone） % 44.2 44.2 41.6 41.3 42.9 40.6 44.2 40.0 41.9 41.7 39.9 42.8 41.1 ーー Average Sales Price (Standalone) 000 yen /tonne 128.5 130.1 132.5 135.2 131.5 139.2 131.5 127.0 124.0 130.3 120.4 119.2 120.0 ーー Exchange Rate ¥/US$ 135.8 144.1 148.7 146.7 143.8 155.0 152.8 149.0 154.1 152.7 145.3 147.0 153.2 ーー Exchange Rate (End of Term) ¥/US$ 145.0 149.6 141.8 151.4 151.4 161.1 142.7 158.2 149.5 149.5 144.8 148.9 156.6 ーー Financial Results by Quarter Fiscal Year 2025

Page 47

Page 48

48Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel [Domestic Market Environment] Combined Inventories of HR, CR and Coated Steel Sheet 0 1 2 3 4 5 0 1,000 2,000 3,000 4,000 5,000 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2021 2022 2023 2024 2025 INVENTORIES Maker Whole Saler Coil Center Inventory Ratio (Right Axis) (month)(000 mt) Nov. 2025 Oct. 2025 Nov. 2024MoM YoY Inventories (000 mt) 3,929 -8 (-0.2%) +11 (+0.3%) 3,936 3,917 Inventory ratio (month) 3.02 +0.16 +0.05 2.86 2.97

Page 49

49Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 0.5 1.0 1.5 2.0 2.5 3.0 3.5 200 250 300 350 400 450 500 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2021 2022 2023 2024 2025 Inventories of plate (plate shear) Inventory ratio (right axis) (month)(000 mt) (month)(000 mt) 1.5 2.0 2.5 3.0 3.5 4.0 0 50 100 150 200 250 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2021 2022 2023 2024 2025 Inventories of wide flange shapes Shipment Inventory ratio (right axis) Nov. 2025 Oct. 2025 Nov. 2024MoM YoY Inventories (000 mt) 190.5 +1.9 (+1.0%) -14.9 (-7.3%) 188.6 205.4 Inventory ratio (month) 3.0 +0.3 -0.1 2.6 3.0 Nov. 2025 Oct. 2025 Nov. 2024MoM YoY Inventories (000 mt) 339 +1 (+0.1%) -25 (-6.9%) 338 364 Inventory ratio (month) 2.6 +0.2 -0.1 2.4 2.7 [Domestic Market Environment] Inventories of Plate (Plate Shear) and Wide Flange Shapes

Page 50

50Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel ［Domestic Market Environment ］ Trend of Imported Steel (Ordinary Steel) 0 50 100 150 200 250 300 350 400 450 500 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2021 2022 2023 2024 2025 Imported Steel S. Korea China Taiwan Others (000 mt) Oct. 2025 Sep. 2025 Oct. 2024MoM YoY Imported steel (000 mt) 374 -28 (-6.9%) -78 (-17.3%) 401 452

Page 51

51Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel Data: The Japan Iron and Steel Federation Import Steel from S. Korea (000 yen / tonne) 40 50 60 70 80 90 100 110 120 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2017 2018 2019 2020 2021 2022 2023 2024 2025 Imported Steel Price [Domestic Market Environment] Price Trend of Imported Steel

Page 52

52Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 0 20 40 60 80 100 120 0 2 4 6 8 10 12 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2021 2022 2023 2024 2025 Export (left axis) Import (left axis) Crude steel production (right axis)(million mt) (million mt) 25年12月単月 25年10月 -25年12月累計前月比前年10-12月比粗鋼生産（百万t） 68.2 -2.4% 210.1 -11.5% 鋼材輸出（百万t） 11.3 +13.2% 31.6 +1.5% [Overseas Market Environment] Crude Steel & I/Export, China Dec.2025 (monthly) Apr. 2025 to Dec. MoM YoY Crude steel (million mt) 68.2 -2.4% 696.3 -6.5% Export (million mt) 11.3 +13.2% 91.6 +7.4%

Page 53

53Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel -300.0% -250.0% -200.0% -150.0% -100.0% -50.0% 0.0% 50.0% 100.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 2021 2022 2023 2024 2025 CHANGE (YOY) INVENTORIES Bar Rod and Wire Plate HR CR Change (Right Axis) (million mt) Dec. 2025 Nov. 2025 Dec. 2024MoM YoY Inventories (million mt) 8.8 -1.3 (-13.0%) +1.2 (+15.4%) 10.1 7.6 [Overseas Market Environment] Inventories in China by Product

Page 54

54Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 0 100 200 300 400 500 600 700 800 900 1,000 0 100 200 300 400 500 600 700 800 900 1,000 Metal Spread = HRC Price – Raw Materials Cost • HRC Price: Chinese Spot basis Raw Materials Cost: Calculated from market price of Iron Ore and Hard Coking Coal （US$/tonne) （US$/tonne) HRC Price Metal Spread [Overseas Market Environment] Metal Spread Trend (Chine Spot Basis)

Page 55

55Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 600 1,000 1,400 1,800 2,200 2,600 Jan.2021 Apr.2021 Jul.2021 Oct.2021 Jan.2022 Apr.2022 Jul.2022 Oct.2022 Jan.2023 Apr.2023 Jul.2023 Oct.2023 Jan.2024 Apr.2024 Jul.2024 Oct.2024 Jan.2025 Apr.2025 Jul.2025 Oct.2025 Jan.2026 0 5 10 15 20 25 30 35 40 Jan.2021 Apr.2021 Jul.2021 Oct.2021 Jan.2022 Apr.2022 Jul.2022 Oct.2022 Jan.2023 Apr.2023 Jul.2023 Oct.2023 Jan.2024 Apr.2024 Jul.2024 Oct.2024 Jan.2025 Apr.2025 Jul.2025 Oct.2025 Jan.2026 FeCr Zn FeMn Mo (￠/lb) (US$/tonne) (US$/lb) (US$/tonne) 60 80 100 120 140 160 180 200 220 240 Jan.2021 Apr.2021 Jul.2021 Oct.2021 Jan.2022 Apr.2022 Jul.2022 Oct.2022 Jan.2023 Apr.2023 Jul.2023 Oct.2023 Jan.2024 Apr.2024 Jul.2024 Oct.2024 Jan.2025 Apr.2025 Jul.2025 Oct.2025 Jan.2026 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Jan.2021 Apr.2021 Jul.2021 Oct.2021 Jan.2022 Apr.2022 Jul.2022 Oct.2022 Jan.2023 Apr.2023 Jul.2023 Oct.2023 Jan.2024 Apr.2024 Jul.2024 Oct.2024 Jan.2025 Apr.2025 Jul.2025 Oct.2025 Jan.2026 [Raw Materials] Trend of Sub Materials’ Market Price

Page 56

56Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel 0 200 400 600 800 1000 1200 10 30 50 70 90 110 130 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 WTI crude oil (left axis) Bunker (Japan VLSFO (right axis) Bunker (Japan 380CST) (right axis) Crude Oil, Bunker Scrap Spot Bulker (Crude oil: US$/bbl) (Bunker: US$/tonne) (yen/tonne) (US$/B) LNG(yen/tonne) 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 [Raw Materials] Trend of Sub Materials’ Market Price

Page 57

57Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel  Started supply of GX steel "JGreeX TM " that significantly reduces GHG emissions in manufacturing processes compared to conventional steel products from the first half of FY2023.  In FY2024, adoption of " JGreeX TM " expanded across all fields due to GX steel demand stimulation. Orders of JGreeX TM Green Transition/Transformation Steel (GX Steel) Field Domestic/ Overseas Products Customer Use Automobiles Domestic Automotive steel sheet Isuzu Motors, Toyota Motor, Nissan Motor Automobiles Ship building Domestic Plates Higaki Shipbuilding, Onomichi Dockyard, Imabari Shipbuilding Dry bulk carriers Domestic Plates Tsuneishi Shipbuilding Hydrogen-fueled Tugboats Domestic Plates Namikata Shipyard Coastal general cargo ship Domestic Plates KOIKE SHIPBUILDING & SHIPPING self propelling grab hopper barge Construction Domestic Plates, Shapes, Pipes Kumagai Gumi, Sumitomo Corporation Office Building Domestic Pipes YASHIMANADA Roll column Domestic Shapes Tomakomai Kuribayashi Transportation Warehouse Domestic Pipes JFE Shoji Pipe & Fitting Corporation Wholesale of pipes Domestic Wire rod Nippon Fastener Corporation High strength bolt Domestic Shapes MITSUWA TEKKEN Factory building Overseas Hot rolled sheets SUNSCO Warehouse Bridge Domestic Plates Yokogawa Bridge (Okayama city) Bridge Domestic Plates JFE Engineering (Yokoyama city) Bridge Ship building, Construction, Offshore structure Overseas Plates Hock Seng Hoe Wholesale of plates Electric power Overseas Electrical sheets European transformer manufacturer Transformer Overseas Electrical sheets Eaton Corporation Transformer Domestic Electrical sheets AICHI ELECTRIC Industrial Transformer Office equipment Domestic Bars Suzutoyo Seiko Resource-recycling Containers Can Domestic Tin MoNo Factory Pinback Buttons Industrial machinery Domestic Cold rolled sheets Yamaha Motor Surface mounting machines Domestic Plates Takasago Metal Works Overhead Crane ：New project in 3Q FY2025

Page 58

58Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Steel Efforts to Create a Green Transition/Transformation Steel (GX Steel) Market  In the summary report of the “Study Group on Green Steel for Green Transformation (GX)”, green steel for GX promotion was clearl y defined and explicitly designated as a priority target for preferential government procurement and purchase support .  Following the report, the “Product -specific Carbon Footprint Calculation Guidelines for Steel Products," the "GX Steel Guidelines," and the "Carbon Footprint Calculation Guidelines for Non- Fossil Powered Steel" were formulated and publicly released on October 28.  Participated as an observer in the “Study Group on Green Iron Information Transmission in the Supply Chain,” which is organiz ing requirements for a data linkage platform for GX steel distribution to enable visualization of GX value based on consumer needs. FY2024 FY2025 FY2026 FY2027 FY2030 International standardization Regulations/ Systems (Domestic) Emissions trading system Priority procurement/ Purchase support Act on Promoting Green Procurement (public procurement) CEV subsidy Cabinet decision (January)★ Systematization (January)★ Expansion to public works under consideration April～ Start of goods procurement April～ Start of operation GX value visualization Product-specific CFP calculation guidelines for steel products Regulatory measures Promotion of GX product procurement for Scope 3 high - emission businesses GX Promotion Act revision★ worldsteel Guidelines reflecting emission reductions* GHG Protocol revision Arrangement in ISO, etc. （FY2028） Study Group on Green Steel for Green Transformation (GX) Summary (January) ★ (Europe) CBAM full application GX Steel Guidelines reflecting emission reductions* Green Steel Guidelines Version 3.0 Guidelines (certificate method) formulation (worldsteel) COP30 ☆ (November) * The concept of allocating emissions within the range based on actual reduction amounts. ☆ (Oct 28) ☆ ☆ ( Oct 28)

Page 59

59Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. JFE Engineering Business Field FY 2024 Actual FY 2025 Forecast Change Main orders received in FY2025 First-Half ★ … New projects received in 3Q of FY2025 FY2025 Forecast (Previous) Orders Waste to Resource 271.2 335.0 63.8 Construction works of domestic waste treatment facilities [Niigata, Osaka, Hiroshima, ★Aichi, ★Oita] Improvement works of domestic waste treatment facilities [Okinawa, ★Hyogo] Demolition works of domestic waste treatment facility [★Hiroshima] 300.0 Carbon Neutral 179.1 290.0 110.9 Construction works of domestic LNG related facilities [Hokkaido, Chiba, ★Hyogo] Manufacturing and transportation of foundation of offshore wind power generation (monopile) [★Akita] 280.0 Core Infra- structure 129.2 125.0 (4.2) Construction works of bridge (Harbor road [Kanagawa]) Construction works of overseas sewage Treatment Plant [★Indonesia] 120.0 Total 579.5 750.0 170.5 700.0 Order Backlog 994.4 1,140.0 145.6 1,090.0 JFE Engineering Orders by Business Field (billions of yen) * Starting from fiscal year 2025, the first year of our Eighth Medium -term Business Plan, we have consolidated our engineering business fields from four to three. In line with this change, energy -related products have been reclassified from Core Infrastructure to Carbon Neutral. * The results for fiscal year 2024 are presented based on the figures after this consolidation.

Page 60

Page 61

61Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. Links of Published Materials Release Materials （Japanese） Materials （English） Long-term vision “JFE Vision 2035”/ Eighth Medium-term Business Plan (FY2025-FY2027) 8th May 2025 Japanese English JFE Group Environmental Management Strategy 29th May 2025 Japanese English JFE Steel Corporation Overseas Business Strategy 8th August 2025 Japanese English JFE GROUP REPORT 2025 26th September 2025 Japanese English JFE Group Sustainability Report 2025 26th September 2025 Japanese English JFE Engineering Business Briefing 25th November 2025 Japanese English Integrated Steel Plant Joint Venture with JSW Steel in India 4th December 2025 Japanese English DX Repost 2025 4th February 2026 Japanese English(*) * The English edition is scheduled for release in March.

Page 62

Copyright © 2026 JFE Holdings, Inc. All Rights Reserved. This presentation material is not a disclosure material under the Financial Instruments and Exchange Act and does not guarantee the accuracy or completeness of the information. The forecasts presented are based on information received at the time of the briefing and include uncertainties. Therefore, please refrain from making investment decisions based solely on this document. Our company shall not be liable for any damages arising as a result of the use of this document.

Slides