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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. MITSUI KINZOKU (Mitsui Kinzoku Company, Limited TSE5706) FY2025 Q2 Results & FY2025 Forecast November 11, 2025
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 2025 2024 Difference 2025 2025 Difference Results Results （25-24） Forecast Forecast （Nov 11） （Aug 8） 364.3 348.1 16.2 715.0 665.0 50.0 4.6% 7.5% 39.8 38.8 0.9 78.0 46.0 32.0 2.4% 69.6% 39.1 38.4 0.8 77.0 44.0 33.0 2.0% 75.0% 19.0 37.0 -18.0 43.0 17.0 26.0 -48.6% 152.9% Operating Income Ordinary Income Net income attributable to owners of parent 1st half Results Forecast Net Sales ・ FY2025 1st half YoY : The sales volume of MicroThin and Electrolytic Copper Foil VSP for AI servers increased compared to the previous year. Although there were unfavorable inventory effects and other factors in the metal segment, Sales, operating profit, and ordinary profit all increased slightly. Additionally, net income decreased due to the extraordinary losses related to the divestiture of Mitsui Kinzoku ACT. ・ As for the FY2025 forecast, we expect sales and profits to increase compared to the previous forecast. In the Engineered Materials, demand for key products such as MicroThin and Electrolytic Copper Foil VSP for AI servers remains solid. And in the metal segment, we expect improve dearnings due to higher metal prices and a weaker yen, as well as favorable inventory effects associated with these factors. Results of FY2025 1st half (Unit: Billion yen) 1
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 633.3 652.0 646.7 712.3 715.0 364.3 22/3 23/3 24/3 25/3 26/3 25/9 60.7 12.5 31.7 74.7 78.0 39.8 66.0 19.9 44.5 76.4 77.0 39.1 52.1 8.5 26.0 64.7 43.0 19.0 22/3 23/3 24/3 25/3 26/3 25/9 Sales and Earnings Operating Income Ordinary Income Net Income attributable to owners of parent Sales Forecast as of Nov 11 Dividend per share ¥110 ¥140 ¥140 ¥180 ¥210 <Interim Dividend> ( - ) ( - ) (¥70) (¥90) (¥100) DOE 2.6% 3.3% 3.1% 3.0% 3.4% *1 Including the 150th Anniversary commemorative dividend of 15 yen. *2 Excluding the 150th Anniversary commemorative dividend of 15 yen. (Unit : Billion yen) *1 *1 *2 2
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. FY2025 Operating Income Forecast For FY2025, operating income for the full year is expected to be 78.0 billion yen, and it is expected to increase by 32.0 billion yen compared to the previous forecast. Operating Income Forecast for FY2025 (Aug 8th) Operating Income Forecast for FY2025 (Nov 11th) （Unit： Billion yen） 46.0 78.0 24.5 Forecast for FY2025 1st half Forecast for FY2025 2nd half Forecast for FY2025 on Aug 8 FY2025 1st half Forecast for FY2025 2nd half Forecast for FY2025 on Nov 11 See page 21 for details See page 4 for details See page 5 for details Profit increase by 32.0 billion Profit increase by 16.7 billion Profit increase by 15.3 billion 21.5 39.8 38.2 3
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. FY2025 1st half Operating Income 39.8 + 4.8 + 4.8 Inventory factors + 1.6 + 1.5 + 2.6 24.5 ■Main factor ■Main factor ■Main factor ・ Other Subsidiaries +0.6 ・ Consolidated adjustment etc. +2.0 Corporate & others ・ Engineered Materials -0.1 ・ Metals +4.9 Profit increase by 15.3 billion ■Main factor ・ LME/Forex +0.2 ・ Operating variance in zinc smelting operations -0.7 ・ Lead raw material mix variance +3.9 ・ Copper smelting +0.6 ・ Mineral Resources Div. +0.4 PGM price difference on Catalysts Engineered Materials Metals Operating Income Forecast for FY2025 1st half on Aug 8th Operating Income for FY2025 1st half (Unit : Billion yen) ・ Copper foil +1.1 ・ Engineered Powders +0.4 4
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. FY2025 2nd half Operating Income Forecast 38.2+ 5.9 + 6.0 0 + 3.9 + 0.9 21.5 Operating Income Forecast for FY2025 2nd half on Aug 8thth Operating Income Forecast for FY2025 2nd half on Nov 11th Profit increase by 16.7 billion Inventory factors Corporate & others Engineered Materials Metals ■Main factor ・ Copper foil +4.5 ・ Catalysts +0.8 ・ Headquarters -1.1 ■Main factor ・ Subsidiaries -0.4 ・ Business Creation +2.0 ・ Consolidated adjustment etc. -0.7 ■Main factor ・ LME/Forex +1.3 ・ Energy cost increase (including cokes) +0.9 ・ Zinc and Lead smelting costs +0.7 ・ Copper smelting +0.2 ・ Precious metals recycling +0.8 ・ Mineral Resources Div. +1.3 (Unit : Billion yen) PGM price difference on Catalysts ■Main factor ・ Engineered Materials +0.1 ・ Metals +5.9 5
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. FY2025 2nd half Operating Income Forecast + 1.9 - 2.0 - 1.539.8 Operating Income for FY2025 1st half Operating Income Forecast for FY2025 2nd half on Nov 11th Profit decrease by 1.6 billionInventory factors Corporate & others Engineered Materials Metals ■Main factor ・ Copper foil +0.8 ・ Catalysts -0.8 ・ Headquarters -1.2 ■Main factor ・ ACT +0.8 ・ Subsidiaries +2.0 ・ Business Creation +1.3 ・ Consolidated adjustment etc. -2.1 ■Main factor ・ LME/Forex +1.4 ・ Zinc raw material mix variance +0.9 ・ Lead raw material mix variance -3.9 ・ Copper smelting -1.0 ・ Mineral Resources Div. +0.6 (Unit : Billion yen) PGM price difference on Catalysts ■Main factor ・ Engineered Materials -0.1 ・ Metals +2.0 - 2.0 + 2.0 38.2 6
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Statements of income (Unit : Billion yen) 2025 2024 Difference 2025 2024 Difference 2025 2024 Difference Results Results （25-24） Forecast Results （25-24） Forecast Results （25-24） 364.3 348.1 16.2 350.7 364.2 -13.5 715.0 712.3 2.7 4.6% -3.7% 0.4% 284.5 272.8 11.7 - - - - - - 4.3% 79.8 75.3 4.5 - - - - - - 6.0% 40.1 36.5 3.6 - - - - - - 9.8% 39.8 38.8 0.9 38.2 35.9 2.3 78.0 74.7 3.3 2.4% 6.4% 4.4% -0.6 -0.4 -0.2 -0.4 2.1 -2.5 -1.0 1.7 -2.7 39.1 38.4 0.8 37.9 38.0 -0.2 77.0 76.4 0.6 2.0% -0.4% 0.8% -16.3 9.3 -25.6 -2.4 -5.0 2.6 -18.6 4.4 -23.0 22.8 47.7 -24.9 35.5 33.0 2.5 58.4 80.8 -22.4 -52.1% 7.5% -27.7% 3.8 10.7 -6.9 11.6 5.4 6.1 15.4 16.1 -0.8 19.0 37.0 -18.0 24.0 27.6 -3.7 43.0 64.7 -21.7 -48.6% -13.3% -33.5% 2nd half FY Non-operating income/expenses 1st half Results Net Sales Cost of sales Gross Profit SG&A expenses Operating Income Ordinary Income Extraordinary profit/losses- net Net Income before income taxes Income taxes & minority interests Net income attributable to owners of parent 7
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Segment Information by Business Unit (Unit : Billion yen) 8 2025 2024 Difference 2025 2024 Difference 2025 2024 Difference ■Sales Results Results （25-24） Forecast Results （25-24） Forecast Results （25-24） 150.5 124.0 26.5 146.5 122.1 24.4 297.0 246.2 50.8 21.3% 19.9% 20.7% 161.2 155.2 6.0 190.8 169.7 21.0 352.0 325.0 27.0 3.9% 12.4% 8.3% 112.0 112.9 -0.9 71.2 118.8 -47.7 183.2 231.8 -48.5 -0.8% -40.1% -20.9% Adjustment -59.5 -44.1 -15.4 -57.8 -46.5 -11.3 -117.2 -90.6 -26.7 Consolidated 364.3 348.1 16.2 350.7 364.2 -13.5 715.0 712.3 2.7 4.6% -3.7% 0.4% Engineered Materials Metals Corporate FY1st half Results 2nd half
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Segment Information by Business Unit (Unit : Billion yen) 9 2025 2024 Difference 2025 2024 Difference 2025 2024 Difference ■Operating income Results Results （25-24） Forecast Results （25-24） Forecast Results （25-24） 28.0 22.1 5.9 24.5 19.7 4.8 52.5 41.8 10.7 26.6% 24.4% 25.6% 17.7 22.7 -4.9 17.8 19.1 -1.3 35.5 41.8 -6.3 -21.7% -7.0% -15.0% -1.5 -0.2 -1.3 1.4 0.9 0.4 -0.1 0.7 -0.9 48.8% -3.6 -3.2 -0.5 -2.3 -3.2 0.9 -5.9 -6.3 0.4 Adjustment -0.9 -2.6 1.7 -3.1 -0.6 -2.5 -4.0 -3.2 -0.7 Consolidated 39.8 38.8 0.9 38.2 35.9 2.3 78.0 74.7 3.3 2.4% 6.4% 4.4% ■Ordinary Income 26.5 19.7 6.8 24.0 20.7 3.4 50.5 40.3 10.2 34.5% 16.4% 25.2% 18.4 24.3 -5.9 17.6 20.2 -2.7 36.0 44.5 -8.5 -24.1% -13.1% -19.1% -0.8 0.6 -1.3 1.9 1.8 0.1 1.2 2.4 -1.2 4.8% -51.9% -3.8 -3.2 -0.6 -2.3 -3.2 0.9 -6.0 -6.4 0.3 Adjustment -1.2 -3.0 1.7 -3.4 -1.5 -1.9 -4.6 -4.5 -0.1 Consolidated 39.1 38.4 0.8 37.9 38.0 -0.2 77.0 76.4 0.6 2.0% -0.4% 0.8% Business Creation Engineered Materials Metals Corporate Business Creation 1st half Results 2nd half FY Engineered Materials Metals Corporate
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Variance analysis of operating income (Unit : Billion yen) 25Q1-2 24Q1-2 Diff. Volume LME/Forex Inventory Factor/ PGM price difference Margin/ Cost Total Engineered materials 28.0 22.1 5.9 5.6 0.3 -0.9 0.9 5.9 Metals 17.7 22.7 -4.9 -0.1 -1.2 -5.0 1.4 -4.9 Corporate -1.5 -0.2 -1.3 0.5 0.1 - -1.9 -1.3 Business Creation -3.6 -3.2 -0.5 - - - -0.5 -0.5 Adjustment -0.9 -2.6 1.7 - -1.7 - 3.5 1.7 Total 39.8 38.8 0.9 6.0 -2.5 -5.9 3.4 0.9 Operating Income Details 10
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Non-operating income/expenses and Extraordinary income/losses (Unit : Billion yen) 11 2025 2024 Difference 2025 2024 Difference 2025 2024 Difference Results Results （25-24） Forecast Results （25-24） Forecast Results （25-24） Interest income - net -0.9 -1.1 0.2 -0.9 -0.8 -0.0 -1.7 -1.9 0.2 Dividend income - net 0.5 0.5 0.0 0.0 0.1 -0.1 0.5 0.6 -0.1 Equity in gains/losses 1.4 2.8 -1.4 0.7 1.8 -1.1 2.1 4.6 -2.5 Forex Exchange gain or loss -1.8 -3.1 1.2 0.0 0.7 -0.7 -1.8 -2.4 0.6 Others 0.2 0.5 -0.2 -0.2 0.3 -0.6 -0.0 0.8 -0.8 Non-operating income/expenses - net -0.6 -0.4 -0.2 -0.4 2.1 -2.5 -1.0 1.7 -2.7 Loss on sale & disposal of Fixed Asset -0.8 -0.9 0.1 -2.2 -2.0 -0.1 -2.9 -2.9 -0.1 Impairment losses 0.0 -1.1 1.1 0.0 -1.7 1.7 0.0 -2.8 2.8 PL on sale of Investment Securities 0.2 9.4 -9.2 0.0 0.0 0.0 0.2 9.4 -9.2 PL on sale of shares of subsidiaries and associates 2.1 2.2 -0.1 -18.8 0.0 -18.8 -16.7 2.2 -18.9 Provision of allowance for doubtful accounts 1.2 -0.0 1.2 0.0 -0.5 0.5 1.2 -0.5 1.7 Provision for other reserves -18.8 0.0 -18.8 18.8 0.0 18.8 0.0 0.0 0.0 Others -0.2 -0.2 0.0 -0.2 -0.7 0.5 -0.4 -1.0 0.6 Extraordinary income/losses - net -16.3 9.3 -25.6 -2.4 -5.0 2.6 -18.6 4.4 -23.0 FY1st half Results 2nd half
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Trends of products ※ Index : The sales volume in 2023 Q1 scaled at 100 ( except Copper Foil and Zinc ) 12 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 1st Half 2nd Half Forecast Year Forecast 1st Half Forecast 2nd Half Forecast Year Forecast Copper foil Volume of Sales t / Month 1,300 1,490 1,600 1,550 1,490 1,680 1,650 1,680 1,600 1,650 1,750 1,980 1,860 1,930 1,900 1,850 1,840 1,840 VSP™ Volume of Sales t / Month 200 250 280 280 250 240 390 420 430 370 510 560 540 620 580 550 600 580 MicroThin™ Total (a+b) Volume of Sales Index 100 98 98 105 100 114 121 102 94 108 143 159 151 145 148 149 131 140 MicroThin™ for HDI (a) Volume of Sales 22 24 21 18 21 27 24 22 20 23 24 30 27 26 26 26 23 25 MicroThin™ for PKG (b) Volume of Sales 78 74 77 87 79 87 97 80 74 85 119 129 124 119 122 123 108 115 Catalysts for motorcycle Volume of Sales Index 100 100 100 100 100 107 107 101 99 103 104 110 107 96 102 106 98 102 India Volume of Sales Index 100 103 104 101 102 114 114 99 94 105 99 112 106 96 101 102 93 98 Indonesia Volume of Sales Index 100 108 106 126 110 98 121 108 115 111 102 121 111 109 110 112 114 113 Others Volume of Sales Index 100 92 92 89 93 99 88 102 101 97 114 103 109 92 101 108 102 105 Catalysts for automobile Volume of Sales Index 100 115 116 110 110 101 98 101 96 99 95 95 95 98 97 96 91 94 MH alloy Volume of Sales Index 100 90 100 99 97 111 113 127 113 116 108 97 103 89 96 102 82 92 Protective Coating Materials for Semiconductor Production Equipment Volume of Sales Index 100 67 68 68 76 99 100 125 129 114 130 124 127 136 131 134 132 133 Zinc Volume of Production k-t 44 60 54 58 216 56 47 56 58 216 53 52 105 101 206 108 108 216 Side door Latches Volume of Sales Index 100 107 116 101 106 94 96 100 95 96 94 96 95 - 95 95 - 95 Japan Volume of Sales Index 100 117 127 102 112 91 104 114 103 103 96 94 95 - 95 99 - 99 China Volume of Sales Index 100 101 118 84 101 72 73 85 59 73 62 75 69 - 69 63 - 63 Other Asia Volume of Sales Index 100 124 126 113 116 95 109 101 95 100 98 101 100 - 100 104 - 104 America & Europe Volume of Sales Index 100 99 102 105 102 108 98 98 110 104 109 107 108 - 108 107 - 107 2023 2024 2025 Forecast (Nov 11) 2025 Forecast (Aug 8)
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Inventory Factors and PGM price difference on Catalysts (Unit : Billion yen) ■Inventory Factors Q1 Q2 1st Half Q3 Q4 2nd Half Year Q1 Q2 1st Half 2nd Half Forecast Year Forecast 1st Half Forecast 2nd Half Forecast Year Forecast Engineered materials 0.8 1.7 2.5 0.3 0.3 0.6 3.1 0.2 0.1 0.3 0.2 0.5 0.4 0.1 0.5 Metals 7.3 0.4 7.7 4.1 0.8 4.9 12.6 -2.3 5.0 2.7 4.7 7.4 -2.2 -1.2 -3.4 Corporate 0.7 0.3 1.0 - - - 1.0 -0.1 0.2 0.1 - 0.1 - 0.1 0.1 Consolidated 8.8 2.4 11.2 4.4 1.1 5.5 16.7 -2.2 5.3 3.1 4.9 8.0 -1.8 -1.0 -2.8 ■PGM price difference on Catalysts Engineered materials 0.5 0.2 0.7 - 0.6 0.6 1.3 0.6 1.4 2.0 - 2.0 0.4 - 0.4 ■Inventory Factors + PGM price difference on Catalysts Engineered materials 1.3 1.9 3.2 0.3 0.9 1.2 4.4 0.8 1.5 2.3 0.2 2.5 0.8 0.1 0.9 Metals 7.3 0.4 7.7 4.1 0.8 4.9 12.6 -2.3 5.0 2.7 4.7 7.4 -2.2 -1.2 -3.4 Corporate 0.7 0.3 1.0 - - - 1.0 -0.1 0.2 0.1 - 0.1 - 0.1 0.1 Consolidated 9.3 2.6 11.9 4.4 1.7 6.1 18.0 -1.6 6.7 5.1 4.9 10.0 -1.4 -1.0 -2.4 2024 2025 Forecast (Nov 11) 2025 Forecast (Aug 8) 13
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Difference Analysis of Ordinary income ［FY2024 1st Half→FY2025 1st Half + 6.8］ Copper foil +7.5 (MicroThin and VSP volume of sales increases, others) Catalysts +2.2 (PGM price difference improvement, others) PVD Materials -2.0 (Inventory factors, others) ［FY2024→FY2025 Forecast + 10.2］ Copper foil +14.8 (MicroThin and VSP volume of sales increases, others) Catalysts +1.4 (PGM price difference improvement, others) Engineered Powders and Rare Materials *1 -1.1 (Volume of sales decreases, others) PVD Materials -2.3 (Inventory factors, others) Headquarters -1.9 (Due to the reorganization, others) *1 Due to the transfer of some products from Engineered Powders to Rare Materials as part of the organizational restructuring in April 2025, we are comparing the combined ordinary income. *2 In October 2025, the HRDP was transferred from the Business Creation Div. to Engineered Materials Div. Performance by Segment – Engineered Materials ※Ordinary income : Ordinary income excluding inventory factors and PGM price difference on Catalysts. (Unit : Billion yen) 14 *2 25/1H 24/1H Diff. 25/2H 24/2H Diff. FY2025 FY2024 Diff. Results Results （25-24） Forecast Results （25-24） Forecast Results （25-24） ■Sales 150.5 124.0 26.5 146.5 122.1 24.4 297.0 246.2 50.8 ■Operating income 28.0 22.1 5.9 24.5 19.7 4.8 52.5 41.8 10.7 ■Ordinary income 26.5 19.7 6.8 24.0 20.7 3.4 50.5 40.3 10.2 ※Ordinary income 24.2 16.5 7.7 23.8 19.5 4.4 48.0 35.9 12.1
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Difference Analysis of Ordinary income Performance by Segment – Metals ※Ordinary income : Ordinary income excluding inventory factors. Full open basis Zinc ± 100$/t 1.6 1.4 Lead ± 100$/t 0.2 0.2 US$ (yen/$) ± 1yen/$ 0.5 0.4 Zinc TC FY2025 80 $/t Sensitivity to ordinary income (for FY2025） Including forward contract FY2024 165 $/t (Unit : Billion yen) 15 -1.2 -1.0 -1.8 -2.7 -5.0 -5.2 -0.8 -2.1 2.2 3.5 (1.0) (1.0) 0.7 -1.0 -5.9 -8.5 FY2024 1H→ FY2025 1H FY2024→ FY2025 Forecast LME/Forex T/C Inventory Factors Equity profit/loss Total Energy cost (Cokes, included in the number avobe) Others * *Detail of Others FY2024 1H→ FY2025 1H Lead raw material mix variance +2.6, Copper smelting tolling terms variance -0.9, Mineral Resource Div. -1.7 FY2024→ FY2025 Forecast Operating variance in zinc smelting operations -1.7, Operating variance in lead smelting operations -0.9, Lead raw material mix variance +1.6, Copper smelting tolling terms variance -2.3, Fixed cost increase in Copper (including large scale maintenance +2.4) +1.7, precious metals recycling -1.0, Mineral Resource Div. -1.3 25/1H 24/1H Diff. 25/2H 24/2H Diff. FY2025 FY2024 Diff. Results Results （25-24） Forecast Results （25-24） Forecast Results （25-24） ■Sales 161.2 155.2 6.0 190.8 169.7 21.0 352.0 325.0 27.0 ■Operating income 17.7 22.7 -4.9 17.8 19.1 -1.3 35.5 41.8 -6.3 ■Ordinary income 18.4 24.3 -5.9 17.6 20.2 -2.7 36.0 44.5 -8.5 ※Ordinary income 15.7 16.6 -0.9 12.9 15.3 -2.5 28.6 31.9 -3.3
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 3.5 7.3 0.5 7.6 17.1 2.8 13.3 13.7 4.1 4.9 2.6 1.6 2.1 4.3 1.5 33.2 31.0 15.2 2024 2025 2025 1H Others Engineered Materials Metals Corporate Business Creation Depreciation 10.5 2.8 3.3 2.8 3.5 6.8 8.1 7.5 6.9 8.7 11.9 11.8 12.8 6.1 5.7 4.6 4.8 1.4 1.5 1.8 1.3 1.6 2.0 3.5 2.1 33.2 33.6 34.4 33.2 2021 2022 2023 2024 Others Engineered Materials Metals Mobility Corporate Business Creation Depreciation 32.5 32.0 31.427.5 CAPEX and Depreciation 45.031.4 (Unit : Billion yen) Old Organization Current Organization CAPEX Depreciation (Forecast as of Nov 11) 16
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 637.9 631.9 640.6 657.9 663.5 610.0 239.7 253.4 278.5 331.5 343.5 352.4 225.1 219.2 200.7 166.1 140.3 120.0 195.5 192.4 168.2 121.6 100.4 74.9 '22/3 '23/3 '24/3 '25/3 '25/9 '26/3 D/E Ratio 0.94 0.87 0.72 0.50 0.41 0.34 D/E Ratio (net)* 0.82 0.76 0.60 0.37 0.29 0.21 Equity Ratio 37.6% 40.1% 43.5% 50.4% 51.8% 57.8% * Net debt balance/Equity Capital (Forecast as of Nov 11) Financial Position at Term End Balance of Debt with Interest Balance of Debt with Interest (net) Total asset Equity capital (Unit : Billion yen) 17
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 2022 2023 2025 (Forecast as of Nov 11) 2024 2025 1H Cash Flows -20.975.3 -34.9 40.443.0 11.4 -31.6 76.7 55.8 Including +13.3 billion in proceeds from the sale of ACT. 90.0 -44.0 46.0 -6.632.0 25.3 (Unit : Billion yen) 18
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Appendix
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Metal Prices and FOREX Q1 Q2 1st Half Q3 Q4 2nd Half Year Q1 Q2 1st Half 2nd Half Fore cast Year Fore cast 1st Half Fore cast 2nd Half Fore cast Year Fore cast Zinc ($ / t) 2,833 2,779 2,806 3,048 2,838 2,943 2,874 2,641 2,824 2,733 3,000 2,866 2,720 2,800 2,760 Zinc (Actual) ($ / t) 2,831 2,780 2,805 3,028 2,872 2,950 2,878 2,693 2,851 2,772 2,998 2,884 2,762 2,826 2,793 Lead ($ / t) 2,166 2,041 2,104 2,006 1,970 1,988 2,046 1,947 1,965 1,956 2,000 1,978 1,973 2,000 1,987 Copper (￠ / lb) 442 417 430 416 424 420 425 432 444 438 454 446 438 445 441 Indium ($ / Kg) 324 370 347 341 353 347 347 376 355 366 350 358 368 360 364 Palladium ($ / oz) 972 970 971 1,011 961 986 979 990 1,171 1,081 1,100 1,090 970 950 960 Rhodium ($ / oz) 4,706 4,693 4,700 4,651 4,931 4,791 4,745 5,453 6,770 6,112 6,500 6,306 5,227 5,000 5,113 Yen/US$ (yen / $) 155.9 149.4 152.6 152.4 152.6 152.5 152.6 144.6 147.5 146.0 150.0 148.0 144.8 145.0 144.9 Yen/US$ (Actual) (yen / $) 152.9 147.5 150.2 150.2 150.8 150.5 150.4 144.9 147.3 146.1 149.1 147.6 145.1 144.9 145.0 2024 2025 Forecast (Nov 11) 2025 Forecast (Aug 8) 20
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. PGM price difference on Catalysts FY2025 Operating Income Forecast Profit increase by 32.0 billion 78.0 + 10.7 + 10.8 + 1.6 + 5.4 + 3.5 46.0 Inventory factors Corporate & others Engineered Materials Metals ■Main factor ・ Copper foil +5.6 ・ Catalysts +1.0 ・ Headquarters -1.1 ■Main factor ・ Metal +10.8 ■Main factor ・ Business Creation +2.0 ・ Consolidated adjustment etc. +1.5 Operating Income Forecast for FY2025 on Aug 8th Operating Income Forecast for FY2025 on Nov 11th (Unit : Billion yen) ■Main factor ・ LME/Forex +1.5 ・ Energy cost increase (including cokes) +1.1 ・ Lead raw material mix variance +4.0 ・ Copper smelting +0.9 ・ Precious metals recycling +1.2 ・ Mineral Resources Div. +1.7 21
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 27.4 10.2 13.8 22.4 23.2 7.8 6.0 29.1 7.5 6.5 13.0 14.8 1.3 -1.0 1.5 0.9 -5.7 -6.6 -6.3 -6.3 2.7 4.5 -3.2 Adjustment Business Creation Corporate Mobility Metals Engineered Materials Total 37.4 50.0 44.6 29.2 28.1 17.4 0.7 -0.1 -0.3-6.3 -5.9 -7.9 -3.2 -4.0 -5.3 Adjustment Business Creation Corporate Metals Engineered Materials Total 2022 results 53.7 2021 results 19.6 32.5 2023 results 57.7 2024 results 68.1 57.7 2024 results 2025 Forecasts (Nov 11) Financial Performance (Operating income) Trends in Financial Performance (excludes inventory factor and PGM price difference on Catalysts from Operating income) (Unit : Billion yen) Old Organization Current Organization 48.5 2025 Forecasts (Aug 8) 22
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. 35.9 48.0 42.1 31.9 28.6 16.9 1.4 1.1 0.7 -6.4 -6.0 -7.9 -4.5 -4.6 -5.4 Adjustment Business Creation Corporate Metals Engineered Materials Total 46.4 28.0 11.0 14.8 22.1 25.3 12.8 15.7 31.9 8.4 6.3 14.1 13.4 2.5 0.4 3.0 1.9 -5.8 -6.6 -6.5 -6.4 -0.8 2.8 4.0 -4.5 Adjustment Business Creation Corporate Mobility Metals 57.6 26.7 45.1 58.4 67.0 58.4 Financial Performance (Ordinary income) Trends in Financial Performance (excludes inventory factor and PGM price difference on Catalysts from Ordinary income) 2022 results 2021 results 2023 results 2024 results 2025 Forecasts (Nov 11) 2024 results (Unit : Billion yen) Old Organization Current Organization 2025 Forecasts (Aug 8) 23
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Sales and Incomes (Unit : Billion yen) 24 Q2 Diff. Q2 Diff. ■Sales YonY QonQ Engineered Materials 61.0 63.0 61.8 60.4 246.2 71.3 79.2 150.5 146.5 297.0 16.2 8.0 Metals 73.2 82.1 79.7 90.1 325.0 74.0 87.2 161.2 190.8 352.0 5.1 13.1 Corporate 55.3 57.6 57.9 61.0 231.8 53.7 58.3 112.0 71.2 183.2 0.7 4.6 Adjustment -19.6 -24.4 -21.6 -24.9 -90.6 -30.0 -29.5 -59.5 -57.8 -117.2 -5.0 0.6 Consolidated 169.9 178.3 177.8 186.5 712.3 169.0 195.3 364.3 350.7 715.0 17.0 26.2 ■Operating income Engineered Materials 11.0 11.1 9.7 9.9 41.8 12.9 15.2 28.0 24.5 52.5 4.0 2.3 Metals 17.9 4.8 9.1 10.0 41.8 2.9 14.8 17.7 17.8 35.5 10.1 11.9 Corporate -0.7 0.6 0.4 0.5 0.7 -1.1 -0.4 -1.5 1.4 -0.1 -0.9 0.7 Business Creation -1.5 -1.6 -1.7 -1.5 -6.3 -1.1 -2.6 -3.6 -2.3 -5.9 -0.9 -1.5 Adjustment -3.2 0.5 -0.1 -0.5 -3.2 -2.2 1.3 -0.9 -3.1 -4.0 0.8 3.5 Consolidated 23.5 15.3 17.4 18.5 74.7 11.4 28.3 39.8 38.2 78.0 13.0 16.9 ■Ordinary income Engineered Materials 11.7 8.0 11.8 8.9 40.3 10.5 16.0 26.5 24.0 50.5 7.9 5.5 Metals 19.5 4.8 10.3 10.0 44.5 3.3 15.1 18.4 17.6 36.0 10.3 11.8 Corporate -0.1 0.6 0.9 0.9 2.4 -0.5 -0.2 -0.8 1.9 1.2 -0.9 0.3 Business Creation -1.5 -1.7 -1.7 -1.4 -6.4 -1.1 -2.7 -3.8 -2.3 -6.0 -1.0 -1.6 Adjustment -3.4 0.4 -0.5 -1.0 -4.5 -2.2 1.0 -1.2 -3.4 -4.6 0.6 3.2 Consolidated 26.2 12.2 20.7 17.3 76.4 10.0 29.1 39.1 37.9 77.0 16.9 19.1 ■Net income attributable to owners of parent 22.1 14.9 15.1 12.5 64.7 -6.0 25.0 19.0 24.0 43.0 10.1 31.0 FY2024 '25/Q1 FY2025 Forecast'24/Q1 '24/Q2 '24/Q3 '24/Q4 '25/Q2 25/1H Results 25/2H Forecast
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Operating incomes and ordinary incomes excluding inventory factors and PGM price difference on Catalysts (Unit : Billion yen) 25 Q2 Diff. Q2 Diff. ■Operating income YonY QonQ Engineered Materials 9.7 9.2 9.4 9.0 37.4 12.1 13.7 25.7 24.3 50.0 4.4 1.6 Metals 10.6 4.4 5.0 9.2 29.2 5.2 9.8 15.0 13.1 28.1 5.5 4.6 Corporate -0.7 0.6 0.4 0.5 0.7 -1.1 -0.4 -1.5 1.4 -0.1 -0.9 0.7 Business Creation -1.5 -1.6 -1.7 -1.5 -6.3 -1.1 -2.6 -3.6 -2.3 -5.9 -0.9 -1.5 Adjustment -3.2 0.5 -0.1 -0.5 -3.2 -2.2 1.3 -0.9 -3.1 -4.0 0.8 3.5 Consolidated 14.9 13.0 13.0 16.8 57.7 12.9 21.8 34.8 33.3 68.1 8.8 8.9 ■Ordinary income Engineered Materials 10.4 6.1 11.5 8.0 35.9 9.7 14.5 24.2 23.8 48.0 8.3 4.8 Metals 12.2 4.4 6.2 9.2 31.9 5.6 10.1 15.7 12.9 28.6 5.7 4.5 Corporate -0.8 0.3 0.9 0.9 1.4 -0.4 -0.4 -0.9 1.9 1.1 -0.8 0.0 Business Creation -1.5 -1.7 -1.7 -1.4 -6.4 -1.1 -2.7 -3.8 -2.3 -6.0 -1.0 -1.6 Adjustment -3.4 0.4 -0.5 -1.0 -4.5 -2.2 1.0 -1.2 -3.4 -4.6 0.6 3.2 Consolidated 16.9 9.6 16.3 15.6 58.4 11.6 22.4 34.0 33.0 67.0 12.8 10.8 25/1H Results 25/2H Forecast FY2025 Forecast'24/Q1 '24/Q2 '24/Q3 '24/Q4 FY2024 '25/Q1 '25/Q2
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Sales (Unit : Billion yen) 26 Q1 Q2 Q3 Q4 FY2024 Q1 Q2 Engineered Copper Foil 23.3 25.1 22.2 22.5 93.2 29.9 34.1 Materials Catalysts 23.0 23.0 23.5 23.2 92.7 26.2 28.7 Engineered Powders 8.4 8.9 9.3 8.2 34.9 7.1 8.5 Others 6.2 6.0 6.7 6.4 25.4 8.1 7.9 61.0 63.0 61.8 60.4 246.2 71.3 79.2 Metals Lead & Zinc 51.4 58.2 54.9 65.7 230.2 48.0 60.1 Copper & Precious Metals 17.8 17.6 19.9 20.2 75.5 21.0 22.7 Others 3.9 6.2 4.9 4.2 19.2 5.0 4.3 73.2 82.1 79.7 90.1 325.0 74.0 87.2 Corporate Door Latches for automobiles 23.2 24.2 24.7 23.8 95.8 24.6 26.7 Business Reconstruction Office products 26.9 26.5 26.0 27.5 107.0 23.3 24.7 Engineering business, Others 5.1 6.9 7.2 9.7 28.9 5.9 7.0 55.3 57.6 57.9 61.0 231.8 53.7 58.3 Adjustment -19.6 -24.4 -21.6 -24.9 -90.6 -30.0 -29.5 Consolidated 169.9 178.3 177.8 186.5 712.3 169.0 195.3 2024 2025
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. List of transient factors and Non-operating income/expenses Forex Exchange gain or loss FY2025 Forecast Transient factors (Reference) FY2024 Transient factors (Reference) FY2024 Non-operating income/expenses Forex Exchange gain or loss FY2025 Non-operating income/expenses Forex Exchange gain or loss (Unit : Billion yen) Metals Large scale maintenance for copper smelting 0.0 0.0 0.0 -2.4 0.0 -2.4 -2.4 Subtotal 0.0 0.0 0.0 -2.4 0.0 -2.4 -2.4 Total 0.0 0.0 0.0 -2.4 0.0 -2.4 -2.4 Q4Q1 Q2 FY2024 1st half Q3 FY2024 2nd half FY2024 Copper Foil 0.4 -2.0 -1.6 1.3 -0.2 1.1 -0.5 Catalysts 0.3 -1.0 -0.7 0.5 -0.7 -0.2 -0.9 Others 0.5 -1.3 -0.8 0.6 -0.8 -0.2 -1.0 Consolidated 1.2 -4.3 -3.1 2.4 -1.7 0.7 -2.4 FY2024 Engineered Materials Q1 Q2 FY2024 1st half Q3 Q4 FY2024 2nd half 27 Q3 Q4 FY2025 2nd half FY2025 FY2025 1st half FY2025 2nd half FY2025 Forecast Forecast Forecast Forecast(Nov 11) Forecast(Aug 8) Forecast(Aug 8) Forecast(Aug 8) Metals Lead raw material mix variance 0.0 3.9 3.9 0.0 0.0 0.0 3.9 0.0 0.0 0.0 Subtotal 0.0 3.9 3.9 0.0 0.0 0.0 3.9 0.0 0.0 0.0 Corporate Loss on sale of shares of ACT Corporation -19.7 0.9 -18.8 0.0 0.0 0.0 -18.8 -19.7 0.0 -19.7 Subtotal -19.7 0.9 -18.8 0.0 0.0 0.0 -18.8 -19.7 0.0 -19.7 Total -19.7 4.8 -14.9 0.0 0.0 0.0 -14.9 -19.7 0.0 -19.7 * extraordinary income and losses Q2 FY2025 1st halfQ1 Q3 Q4 FY2025 2nd half FY2025 FY2025 1st half FY2025 2nd half FY2025 Forecast Forecast Forecast Forecast(Nov 11) Forecast(Aug 8) Forecast(Aug 8) Forecast(Aug 8) Copper Foil -1.7 0.6 -1.1 0.0 0.0 0.0 -1.1 -1.7 0.0 -1.7 Catalysts -0.6 -0.1 -0.7 0.0 0.0 0.0 -0.7 -0.6 0.0 -0.6 Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Consolidated -2.3 0.5 -1.8 0.0 0.0 0.0 -1.8 -2.3 0.0 -2.3 Q2 FY2025 1st halfQ1 Engineered Materials
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Sales Performance and Forecast for VSP Sales volume in fiscal 2025 is expected to exceed the plan for fiscal 2027, the final year of the 2025 Mid-Term Management Plan, and we will assess future demand growth in our review of CAGR. 10%10%10%15% 50% 60% 460 85% 510 550 600 200 210 170 220 250 370 0 200 400 600 800 FY19FY20FY21FY22FY23FY24 FY25 FY26 FY27 FY30 Sales performance and forecast (Nov 11) H-VLP1 or lower H-VLP2 or higher (high-grade VSP) FY25 Sales are expanding, mainly in the HVLP3 and higher categories, and production capacity is being increased to accommodate this. Total production at Taiwan and Malaysia bases: 720 tons/month at the ending of FY2025 (580 tons/month at the beginning of FY2025) We have decided to expand to 1,200 tons/month to ensure we can meet increasing demand. Going forward, we will increase the proportion of HVLP4 and higher categories, our strong product. Nov. 2025 Current Mar. 2026 Sep. 2026 Sep. 2027 Sep. 2028 Taiwan 560 600 720 760 860 Malaysia 60 120 120 240 340 Total 620 720 840 1,000 1,200 ■VSP production capacity transition (Unit: tons per month) *News release dated November 11, 2025 VSP Electro-Deposited Copper Foil for High-Frequency Circuit Boards Production Capacity Enhanced Prospects and PlansResults 580 (FY25~ Dotted bar graph: 25-27Medium Term Business Plan) Sales volume (tons/month) 28
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Electro-Deposited Copper Foil for High-Frequency Circuit Boards VSPTM／MLS®-G Owing to growing demand for generative AI, etc., there have been increases in data traffic and expanding demand for higher speed communication. Recently, we have been in the process of full mass production and sales of copper foil of category HVLP4 (SI2-VSP), and we have started mass production of copper foil of category HVLP5 (SI3-VSP). 29
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Main Applications Automotive parts ・Door locks for automobiles Performance by Segment – MITSUI KINZOKU ACT (Corporate) Difference Analysis of Ordinary income ［ FY2024 1st Half→FY2025 1st Half - 0.4］ ACT -0.4 (Cost up, others) ACT：Difference Analysis of Ordinary income FY2024 1H→ FY2025 1H Sales volume 0.2 Cost down -0.3 Others * -0.3 Total -0.4 * Detail of Others FY2024 1H→ FY2025 1H Price difference in materials such as steel +0.3 Forex exchange +0.4 Freight Charge -0.2 Miscellaneous income -0.3 Additional cost -0.5 (Unit : Billion yen) 30 (Reference)(Reference)(Reference) 25/1H 24/1H Diff. FY2025 FY2024 Diff. Results Results （25-24） Forecast Results （25-24） ■Sales 51.2 47.4 3.8 51.2 95.8 -44.6 ■Operating income -0.8 0.0 -0.9 -0.8 1.0 -1.8 ■Ordinary income -0.8 -0.5 -0.4 -0.8 0.7 -1.6 The transfer of all shares of MITSUI KINZOKU ACT was completed on Nov 4, 2025.
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Business Creation Business Creation Sector Engeneered Materials Sector Copper Foil Engineered Powders (Battery Materials, Engineered Powders) Ceramics PVD Materials Nippon Yttrium Metals Sector Lead & Zinc (Chemicals) Copper & Precious Metals Mineral Resources Mobility Sector Catalysts Mitsui Kinzoku ACT Mitsui Kinzoku Die-Casting Technology Kyusyu Precision Equipment and Components Business Reconstruction Office Mitsui Kinzoku Perlite, Powdertech Mesalite Other Affiliated Companies MESCO, others Mobility Engeneered Materials Metals Corporate Old Organization Current Organization Changes of Company Organization (After April 1st, 2025) Business Creation Business Creation Sector Engeneered Materials Sector Copper Foil Catalysts Engineered Powders (Battery Materials, Engineered Powders) Rare Material Ceramics PVD Materials Metals Sector Lead (Chemicals), Mesalite Zinc (Chemicals) Copper & Precious Metals Mineral Resources Business Reconstruction Office Mitsui Kinzoku ACT Mitsui Kinzoku Die-Casting Technology Kyusyu Precision Equipment and Components Mitsui Kinzoku Perlite, Powdertech Other Affiliated Companies MESCO, others Corporate Engeneered Materials Metals (Rare Metal Business) * * The transfer of all shares of MITSUI KINZOKU ACT was completed on Nov 4, 2025. 31
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Copyright © Mitsui Kinzoku Co., Ltd. or its affiliates All Rights Reserved. Caution Concerning Forward-looking Statements Statements contained in these materials regarding forecasts of future events are qualified by various risks, both existing and unknown, and uncertainties, which may have a material impact on the actual business conditions and operational activities. Consequently, please be aware that actual performance may differ substantially from forecasts and business plans indicated herein because of various unforeseeable factors. Mitsui Mining & Smelting Co., Ltd. cannot guarantee the validity of the targets, assumptions, expectations, predictions, plans, assessments and other information contained in this material, and the Company also cannot guarantee that its actual business performance will be consistent with the forecasts presented within. Regarding latent risks which might impact forecast results and other uncertainties, some items are included in the “Business and Other Risks” section of our financial statements or our website. However, please recognize that these are just a summary rather than a comprehensive list of all possible items relating to latent risks and uncertainties. This material was compiled with the aim of furthering the understanding of our shareholders and other investors with regard to the Company’s management policy and other details. This material is not for the purpose of soliciting investment through the purchase or sale of stocks. Accordingly, you are advised not to make your investment decision solely on the basis of the material presented herein. 32