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Consolidated Financial Results for the Six Months Ended September 30, 2025 Briefing Materials October 29, 2025 [1] (Translation) Notice : This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
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2,039 2,277 1,742 1,957 2,341 2,243 1,242 24,712 24,342 21,755 22,972 23,371 23,377 22,478 18,000 22,000 26,000 0 1,000 2,000 3,000 4,000 5,000 22/1H 22/2H 23/1H 23/2H 24/1H 24/2H 25/1H (millions of yen/half year)(millions of yen/half year) Ordinary Profit Net Sales 8.25 9.35 8.01 8.52 10.02 9.59 5.53 0 5 10 15 22/1H 22/2H 23/1H 23/2H 24/1H 24/2H 25/1H (%) ROS 24/1H 25/1H Increase/ Decrease 23,371 22,478 ▲ 893 Japan 20,618 20,115 ▲ 503 Thailand 2,025 1,932 ▲ 93 China and South Korea 727 431 ▲ 296 2,318 1,194 ▲1,124 Japan 2,113 1,078 ▲1,035 Thailand 92 65 ▲ 27 China and South Korea 150 70 ▲ 80 2,341 1,242 ▲1,099 1,609 902 ▲ 707 Millions of yen/half year Profit attributable to owners of parent Net Sales Region Operating profitRegion※ Ordinary Profit [2] Summary（Year-on-year comparison） ★In Japan, sales and operating income decreased on a consolidated basis, despite steady sales of Metal Fibers, due to a significant decline in demand for Stainless Steel Super Fine Wire for photovoltaic , and lower sales of both Stainless Steel Wire and Metal Fibers overseas. Changes in Net Sales & Ordinary Profit(FY2025 2nd Quarter Results) ※Number before adjustment, e.g., before elimination of inter-segment transactions
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341 323 292 337 358 1,915 1,573 1,400 1,466 1,460 1,241 1,070 930 925 930 1,228 1,147 858 931 900 734 678 638 599 619 362 307 238 293 256 5,821 5,098 4,356 4,551 4,523 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 21 22 23 24 25/2Q※ (ton/month) Wire Meshes Springs (e.g. coil, leaf) Screws Bolts and Nuts Others Exports Sources：Japan Stainless Steel Association ※Results from April 2025 to August 2025 101.2 110.9 121.1 109.4 111.9 111.9 109.7 107.1 113.4 136.5 145.6 156.9 150.4 153.4 153.6 145.6 148.5 140.0 70 80 90 100 110 120 130 140 150 160 170 13 14 15 16 17 18 19 20 21 22 23 24/1Q 2Q 3Q 4Q 25/1Q 2Q 25/2H (Fore cast) (yen/$) Exchange Rate 6.5 7.6 4.7 4.6 5.1 5.9 6.4 6.8 9.3 11.6 8.7 8.3 7.4 7.3 7.1 6.9 6.8 6.8 659 843 569 503 571 660 697 728 1,060 1,586 1,264 1,308 1,108 1,113 1,084 1,002 1,010 952 600 800 1,000 1,200 1,400 1,600 1,800 0 5 10 15 13 14 15 16 17 18 19 20 21 22 23 24/1Q 2Q 3Q 4Q 25/1Q 2Q 25/2H (Fore cast) (yen/lb)($/lb) LME Nickel Price ($/lb) LME Nickel Price (yen/lb) [3] Changes in Industry Shipment Volume(Stainless Steel Wires) Changes in LME Nickel Price and Exchange Rate Market and Industry Data(Stainless Steel Wires) ★Continued gradual decline in LME nickel prices. ★Whole industry shipment total, at its lowest in fiscal 2023, remains sluggish. Summary
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24/1H 25/1H Increase/ Decrease 2,858 2,898 40 3,292 3,118 ▲ 174 Japan 2,927 2,777 ▲ 150 Thailand 337 322 ▲ 15 China and South Korea 27 17 ▲ 10 Sales Volume （ton/month） Net Sales （millions of yen/month） Region 3,412 2,955 2,587 2,717 2,858 2,829 2,898 3,394 3,359 3,103 3,273 3,292 3,188 3,118 2,000 2,500 3,000 3,500 4,000 2,500 3,000 3,500 4,000 22/1H 22/2H 23/1H 23/2H 24/1H 24/2H 25/1H (millions of yen/month)(ton/month) Sales Volume Net Sales Changes in Sales of Stainless Steel Wires (FY2025 2nd Quarter Results) [4] Summary(Year-on-year comparison) ★Significant drop in Super Fine Wire sales due to photovoltaic inventory adjustment in China. ★Increased volume for some High Function and Unique Products.
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24/1H 25/1H Increase/ Decrease 323 366 43 279 261 ▲ 18 603 628 25 Japan 508 574 66 Thailand - - - China and South Korea 93 53 ▲ 40 Net Sales （millions of yen/month） Semiconductor Gas Filter NASLON® Filter & Industrial Materials Total Region 291 315 223 273 279 347 261 432 382 298 281 323 359 366 723 697 522 554 603 707 628 0 100 200 300 400 500 600 700 800 22/1H 22/2H 23/1H 23/2H 24/1H 24/2H 25/1H (millions of yen/month) NASLON Filter&Industrial Materials Semiconductor Gas Filter ★Recovery trend for Semiconductor Gas Filter, with temporary demand for avoiding US tariffs contributing to an increase. ★Sharp decline in sales of NASLON® Filters for synthetic fibers, such as polyester and rayon, to China. [5] Changes in Sales of Metal Fibers(NASLON®) & Filters (FY2025 2nd Quarter Results) Summary(Year-on-year comparison)
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1,357 1,690 1,904 1,932 1,933 1,816 246 267 303 248 313 261 259 373 407 290 341 366 981 1,369 1,473 1,257 1,308 1,303 1,861 2,329 2,614 2,470 2,587 2,443 2,842 3,698 4,087 3,727 3,895 3,746 65.5% 63.0% 64.0% 66.3% 66.4% 65.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 0 1,000 2,000 3,000 4,000 5,000 6,000 20 21 22 23 24 25/1H (millions of yen/month) Stainless Steel Wires (General-purpose) Semiconductor Gas Filter NASLON Filter&Industrial Materials Stainless Steel Wires (High Function and Unique Products) High Function and Unique Products Ratio 24 25/1H Increase/ Decrease 2,587 2,443 ▲ 144 1,308 1,303 ▲ 5 66.4 65.2 ▲ 1.2 High Function and Unique Products （millions of yen/month） General-purpose （millions of yen/month） High Function and Unique Products Ratio（％） [6] Changes in Sales of High Function and Unique Products (FY2025 2nd Quarter Results) Summary(Period-on-period comparison) ★For Stainless Steel Wires, the decrease for Super Fine Wires has had a large impact, even though there was an increase in Spring Wires and some items for automobiles. ★Semiconductor Gas Filters saw a recovery trend, while NASLON® Filters decreased due to lack of large-scale projects in the second quarter. An example of High Function and Unique Products ★Stainless Steel Wires ・Spring wires Order made products that meet high strength, high heat resistance, and ultra-nonmagnetic performance requirement. Used in medical and precision electronic equipments and materials that support next-generation hydrogen society. ・Super Fine Wires Super fine wire stands for wires diameter below 100 μm. Essential for photovoltaic and electronic components manufacturing processes that requires high precision and fine technologies. ★NASLON® Filters The NASLON® Filter is a high-performance metal filter manufactured using proprietary NASLON® stainless steel fiber. It exhibits excellent mechanical strength and exceptional resistance to heat and corrosion. This filter is widely utilized in critical filtration processes for the production of high- quality films, resins, carbon fiber precursors, and other advanced materials. ★Semiconductor Gas Filter A metal membrane filter made based on NASLON®. It is used for gas filtration during the production of semiconductors, flat panel displays, etc., and is incorporated into semiconductor manufacturing equipment and other such equipment.
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2,341 659 ▲ 660 69 ▲ 1,116 ▲ 75 24 1,242 24/1H LME Nickel Price Sales Volume Cost Reductions/ Changes in Selling Prices Sales Mix Fixed Cost Non-operating Profit/Loss 25/1H (millions of yen/half year) [7] Changes in Ordinary Profit (y/y) Summary ★LME Nickel Price: Increased profits due to lower material purchase prices due to falling Nickel prices. ★Sales Volume: The sales volume of stainless steel wire increased slightly, but downtime costs stemming from the decline in super fine wire sales and other factors have increased. ★Sales Mix: Significantly reduced gross profits for Super Fine Wires, while the metal fiber division remained roughly the same as the same period from the previous year. ★Fixed costs: Increase in labor cost (base salaries and wages raise) 2,341 659 ▲ 660 69 ▲ 1,116 ▲ 75 24 1,242 24/1H LME Nickel Price Sales Volume Cost Reductions/ Changes in Selling Prices Sales Mix Fixed Cost Non-operating Profit/Loss 25/1H (millions of yen/half)
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0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 32,974 35,452 37,605 39,489 41,904 42,116 46,071 51,230 54,054 53,402 55,884 55,603 70.7% 68.2% 68.5% 72.8% 73.7% 74.5% 30,000 40,000 50,000 60,000 20 21 22 23 24 25/1H (millions of yen) Net Assets Total Assets Equity Ratio As of March 31, 2025 As of september 30,2025 Increase/ Decrease 38,121 36,996 ▲ 1,125 Cash and deposits 17,065 16,574 ▲ 491 Accounts receivable 9,769 8,817 ▲ 952 Inventory assets 10,947 11,250 303 17,763 18,606 843 Property,plant and equipment 15,745 16,589 844 Total Assets 55,884 55,603 ▲ 281 13,980 13,487 ▲ 493 Purchase receivables 6,479 6,690 211 Retirement benefit liability 4,212 4,286 74 41,904 42,116 212 Shareholders’ equity 39,393 39,465 72 Total liabilities and net assets 55,884 55,603 ▲ 281 Non-Current assets Liabilities Net assets millions of yen Current assets [8] Consolidated Financial Position Summary(Period-end comparison) ★In the midst of on-going infrastructure development and capital investment for Super Fine Wires as well as Super Fine Spring Wires.
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2,602 4,599 4,317 3,699 4,585 3,200 34,108 44,795 49,055 44,727 46,749 43,500 30,000 35,000 40,000 45,000 50,000 55,000 0 1,000 2,000 3,000 4,000 5,000 20 21 22 23 24 25 (Forecast) (millions of yen/year)(millions of yen/year) Ordinary Profit Net Sales 7.63 10.27 8.80 8.27 9.81 7.36 0 5 10 15 20 21 22 23 24 25 (Forecast) (%) [9] Changes in Net Sales & Ordinary Profit(Forecast for FY2025) Maintaining the business forecast announced on April 28, 2025.
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1,357 1,690 1,904 1,932 1,933 1,820 246 267 303 248 313 320 259 373 407 290 341 370 981 1,369 1,473 1,257 1,308 1,115 1,861 2,329 2,614 2,470 2,587 2,510 2,842 3,698 4,087 3,727 3,895 3,625 65.5% 63.0% 64.0% 66.3% 66.4% 69.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 0 1,000 2,000 3,000 4,000 5,000 20 21 22 23 24 25 (Forecast) (millions of yen/month) Stainless Steel Wires (General-purpose) Semiconductor Gas Filter NASLON Filter&Industrial Materials Stainless Steel Wires (High Function and Unique Products) High Function and Unique Products Ratio 246 267 303 248 313 320 259 373 407 290 341 370 505 640 710 538 655 690 0 100 200 300 400 500 600 700 800 20 21 22 23 24 25 (Forecast) (millions of yen/month) NASLON Filter&Industrial Materials Semiconductor Gas Filter 2,891 3,583 3,184 2,652 2,843 2,800 2,338 3,058 3,377 3,188 3,240 2,935 2,000 2,500 3,000 3,500 2,500 3,000 3,500 4,000 20 21 22 23 24 25 (Forecast) (millions of yen/month)(ton/month) Sales Volume Net Sales [10] Sales Forecast by Division and for High Function and Unique Products ＜Stainless Steel Wires＞ ＜Metal Fibers(NASLONⓇ) & Filters＞ ＜High Function and Unique Products＞ ★Pursuit of sales expansion of High Function and Unique Products aimed at sustainability growth areas.
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4,585 492 ▲423 190 ▲1,570 ▲202 128 3,200 24 LME Nickel Price Sales Volume Cost Reductions/ Changes in Selling Prices Sales Mix Fixed Cost Non-operating Profit/Loss 25(Forecast) (millions of yen/year) [11] Changes in Ordinary Profit (y/y) Summary ★LME Nickel Price: Increased profits due to lower material purchase prices due to falling Nickel prices. ★Sales Volume: Sales volume for Super Fine Wires and other Stainless Steel Wires decreased, resulting in increased downtime costs. ★Sales Mix: Significantly reduced gross profits for Super Fine Wires. Solid performance by metal fiber division. ★Fixed costs: Increase in labor cost (base salaries and wages raise) and decrease in selling 4,585 672 ▲753 190 ▲1,420 ▲202 128 3,200 24 LME Nickel Price Sales Volume Cost Reductions/ Changes in Selling Prices Sales Mix Fixed Cost Non-operating Profit/Loss 25(Forecast) (millions of yen/year)
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Interim Year-end Interim Year-end (Forecast) Ordinary Profit (millions of yen) 2,341 4,585 1,242 3,200 Profit attributable to owners of parent (millions of yen) 1,609 3,250 902 2,300 Dividend Per Share (yen/share) 28 56 16 42 Payout Ratio(%) 53.4% 52.8% 54.4% 56.0% FY2025FY2024 We will use a consolidated dividend payout ratio of around 50% as a guide according to the mid-term management policy for FY2026. [12] FY2025 Dividend Per Share
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(Notice) Figures such as the business forecasts described in this document are based on specific assumptions which are predictable under the present state. However, changes in circumstances could lead to different business outcomes, so blind reliance on this data as decision criterion is not recommended. Also predicted figures can be changed in the future without prior notice. All use of this document is at the volition and discretion of the user. Please be aware that our company shall not assume any responsibility for the results of using the information in this document. [13]