Interim report
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DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. February 9, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP) Company name: The Japan Steel Works, Ltd. Listing: Tokyo Stock Exchange Securities code: 5631 URL: https://www.jsw.co.jp/ Representative: Toshio Matsuo, Representative Director & President Inquiries: Kenji Terada, General Ma nager, General Affairs Department Telephone: +81-3-5745-2001 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: Yes Holding of financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 201,143 16.4 17,525 2.9 18,598 3.0 14,938 20.7 December 31, 2024 172,734 (0.7) 17,035 51.6 18,059 42.1 12,378 38.0 Note: Comprehensive income For the nine months ended December 31, 2025: ¥17,091 million [23.1%] For the nine months ended December 31, 2024: ¥13,879 million [20.3%] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 202.94 - December 31, 2024 168.18 - (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % December 31, 2025 412,750 204,869 49.3 March 31, 2025 398,122 195,101 48.5 Reference: Equity As of December 31, 2025: ¥203,504 million As of March 31, 2025: ¥193,220 million 2. Cash dividends Annual dividends per share First quarter-end Second quarte r-end Third quarte r-end Fiscal yea r-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 38.00 - 48.00 86.00 Fiscal year ending March 31, 2026 - 44.00 - Fiscal year ending March 31, 2026 (Forecast) 44.00 88.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year ending March 31, 2026 290,000 16.7 24,500 7.3 24,500 4.3 18,500 3.0 251.34 Note: Revisions to the earnings forecasts most recently announced: None
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Adoption of accounting treatment specif ic to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, change s in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policie s due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 74,415,909 shares As of March 31, 2025 74,408,985 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 805,115 shares As of March 31, 2025 804,900 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 73,607,738 shares Nine months ended December 31, 2024 73,600,735 shares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:None * Proper use of earnings foreca sts, and other special matters Forward-looking statements, such as earnings forecasts, contained in this material are forecasts judged by the Company based on information available at the time of publication, and are not intended to be a promise by the Company to realize them. Actual financial results, etc. may differ substantially due to various factors.
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Quarterly consolidated balance sheet (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 75,899 79,508 Notes and accounts receivable - trade 60,398 51,382 Electronically recorded monetary claims - operating 7,729 4,543 Merchandise and finished goods 5,894 5,272 Work in process 113,654 119,007 Raw materials and supplies 10,980 11,218 Other 21,276 27,868 Allowance for doubtful accounts (237) (222) Total current assets 295,595 298,579 Non-current assets Property, plant and equipment Buildings and structures, net 26,427 30,505 Machinery, equipment and vehicles, net 13,533 13,327 Other, net 15,661 23,092 Total property, plant and equipment 55,622 66,925 Intangible assets Other 2,240 3,562 Total intangible assets 2,240 3,562 Investments and other assets Investment securities 24,629 26,198 Other 20,348 17,794 Allowance for doubtful accounts (313) (311) Total investments and other assets 44,664 43,681 Total non-current assets 102,527 114,170 Total assets 398,122 412,750
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(Millions of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes and accounts payable - trade 29,545 22,849 Electronically recorded obligations - operating 29,647 19,541 Short-term borrowings 12,473 12,765 Current portion of long-term borrowings 10,299 299 Income taxes payable 4,604 1,140 Contract liabilities 56,596 53,843 Provision for loss on construction contracts 579 3,121 Provision for loss on wind power generator business 486 486 Provision for business restructure 1,455 1,455 Other provisions 337 359 Other 21,611 21,236 Total current liabilities 167,637 137,098 Non-current liabilities Long-term borrowings 19,440 56,116 Provisions 39 34 Retirement benefit liability 7,791 7,942 Asset retirement obligations 1,446 1,452 Other 6,664 5,236 Total non-current liabilities 35,383 70,781 Total liabilities 203,020 207,880 Net assets Shareholders' equity Share capital 19,837 19,865 Capital surplus 5,569 5,580 Retained earnings 154,059 162,225 Treasury shares (2,317) (2,320) Total shareholders' equity 177,149 185,351 Accumulated other comprehensive income Valuation difference on available-for-sale securities 7,845 11,264 Deferred gains or losses on hedges 7 (265) Foreign currency translation adjustment 3,117 2,411 Remeasurements of defined benefit plans 5,101 4,742 Total accumulated other comprehensive income 16,071 18,152 Non-controlling interests 1,881 1,365 Total net assets 195,101 204,869 Total liabilities and net assets 398,122 412,750
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Quarterly consolidated statement of income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Net sales 172,734 201,143 Cost of sales 127,736 154,841 Gross profit 44,997 46,302 Selling, general and administrative expenses 27,962 28,777 Operating profit 17,035 17,525 Non-operating income Interest income 78 130 Dividend income 702 787 Foreign exchange gains 69 361 Gain on non-current assets rent 193 186 Share of profit of entities accounted for using equity method 25 7 Miscellaneous income 350 545 Total non-operating income 1,419 2,017 Non-operating expenses Interest expenses 195 444 Commission expenses 2 221 Miscellaneous losses 198 279 Total non-operating expenses 395 944 Ordinary profit 18,059 18,598 Extraordinary income Gain on sale of non-current assets 16 12 Gain on sale of investment securities 196 2,578 Total extraordinary income 213 2,590 Extraordinary losses Loss on sale of non-current assets 230 - Loss on retirement of non-current assets 407 442 Loss on inappropriate conduct in quality inspections 535 - Total extraordinary losses 1,173 442 Profit before income taxes 17,098 20,745 Income taxes - current 4,149 4,708 Income taxes - deferred 432 985 Total income taxes 4,582 5,694 Profit 12,516 15,051 Profit attributable to non-controlling interests 138 113 Profit attributable to owners of parent 12,378 14,938
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Quarterly consolidated statement of comprehensive income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 12,516 15,051 Other comprehensive income Valuation difference on available-for-sale securities 447 3,419 Deferred gains or losses on hedges 895 (272) Foreign currency translation adjustment 308 (747) Remeasurements of defined benefit plans, net of tax (287) (358) Total other comprehensive income 1,363 2,039 Comprehensive income 13,879 17,091 Comprehensive income attributable to Comprehensive income attributable to owners of parent 13,705 17,019 Comprehensive income attributable to non-controlling interests 174 71