Slides
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Results Presentation for Nine Months Ended September 30, 2025 EBARA (6361) November 13, 2025
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Table of Contents Key Points of Results P3 1. FY25 1-3Q Summary of Results ・Consolidated P5 ・Segment P6 ・Breakdown of Changes in Operating Profit P7 ・Revenue by Region P8 2. FY25 1-3Q Results by Segment ・Building Service & Industrial P10 ・Energy P11 ・Infrastructure P12 ・Environmental Solutions P13 ・Precision Machinery P14 3. FY25 Forecast ・Business Environment Overview by Segment P18 ・Consolidated P19 ・Segment P20 ・Breakdown of Changes in Operating Profit P21 4. Topics ・EBARA Group Medium-Term Investment Strategy P23 ・Vision for EBARA’s Business Portfolio in 2035 P24 ・Building Service & Industrial M&A Strategy P25 5. Appendix ・Consolidated Forecast P28 ・Orders P29 ・Revenue P30 ・Operating Profit P31 ・Backlog of Orders P32 ・Revenue by Region P33 ・Service & Support (S&S) Revenue P34 ・Balance Sheet P35 ・Cash Flows P36 ・CAPEX, Depreciation and Amortization, R&D Expenses P37 ・ESG Topics P38 Copyright(c) Ebara Corporation, All rights reserved2 ◼ Abbreviations: FY (Fiscal year, e.g., FY25: fiscal year ending December 31, 2025)/ Q1: first quarter figures/Q1-2, Q1-3, Q1-4: cumulative total of each quarter indicated ◼ Figures in this document are based on IFRS
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Key Points of Results FY25 1-3Q Results （YoY comparison) FY25 Forecast FY25 Forecast Topics FY25 1-3Q Results ◼ The full-year consolidated forecast has been revised upward for orders, revenue, operating profit, and profit attributable to owners of parent. Orders have been revised upward for Environmental Solutions and Infrastructure and downward for Precision Machinery and Building Service & Industrial ◼ Limited impact from US tariff policies on overall performance, essentially unchanged from 2Q Copyright(c) Ebara Corporation, All rights reserved3 ◼ Orders, revenue, operating profit, and profit attributable to owners of parent all reached record highs for 3Q ◼ Despite signs of a slowdown in China, revenue increased in all segments. Operating profit increased overall, due to both contributions from the Environmental Solutions, Energy, and Infrastructure segments, and the absence of the goodwill impairment loss recorded last year by Building Service & Industrial +5% change or more -5% change or more → less than ±5% change *Plan disclosed Aug/14/25 Others ◼ As of October 31, 2025, EBARA has repurchased ¥10.2 billion of treasury shares under the previously announced ¥20 billion share buyback program (August 20 to December 23, 2025) Results YoY Current Plan YoY Change vs. Prior Plan* ¥36.5 B. ¥83.4 B. ¥4.0 B. +5.7% +9.7% +0.4% ¥59.2 B. ¥60.3 B. ¥27.0 B. +9.8% +7.0% +3.0% ¥9.7 B. ¥12.0 B. ¥7.5 B. +16.2% +12.3% +7.3% ¥3.6 B. ¥2.5 B. ¥1.6 B. +8.9% +3.6% +2.2% →¥74.0 B.↗ →Profit Attributable to Owners of Parent ¥44.6 B. Profit Attributable to Owners of Parent +0.6pts ↗ Orders ¥680.1 B. ¥663.5 B. ¥69.5 B. 10.5% Revenue Operating Profit → → ↗ ↗ +0.6pts +0.5pts ↗ ↗ OP Ratio ¥944.0 B. ¥927.0 B. ¥110.0 B. 11.9%OP Ratio ↗ ↗ Orders Revenue Operating Profit
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1. FY25 1-3Q Summary of Results 2. FY25 1-3Q Results by Segment 3. FY25 Forecast 4. Topics 5. Appendix Copyright(c) Ebara Corporation, All rights reserved4
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Consolidated 1. FY25 1-3Q Summary of Results Copyright(c) Ebara Corporation, All rights reserved5 *1 Figures reflect the 5-for-1 stock split executed July 1, 2024. *2 Exchange rates are simple averages of the average rate of each quarter. (billions of yen) Change Change % a b b-a (b-a)/a Orders 643.6 680.1 +36.5 +5.7% Revenue 604.3 663.5 +59.2 +9.8% Operating Profit 59.8 69.5 +9.7 +16.2% OP Ratio 9.9% 10.5% +0.6pts Basic Earnings per Share (Yen) 41.0 44.6 +3.6 +8.9% EPS (JPY)*¹ 88.87 96.76 +7.90 +8.9% Exchange Rate*² Vs. USD (JPY) 151.14 148.18 -2.96 Vs. EUR (JPY) 164.22 165.50 +1.28 Vs. CNY (JPY) 20.99 20.53 -0.46 FY25 1-3Q Results YoYFY24 1-3Q Results
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Segment Copyright(c) Ebara Corporation, All rights reserved6 1. FY25 1-3Q Summary of Results (billions of yen) Change Change % a b b-a (b-a)/a Orders 643.6 680.1 +36.5 +5.7% Revenue 604.3 663.5 +59.2 +9.8% Operating Profit 59.8 69.5 +9.7 +16.2% OP Ratio 9.9% 10.5% +0.6pts Orders 184.5 188.3 +3.7 +2.0% Revenue 172.7 173.4 +0.6 +0.4% Operating Profit 5.5 10.5 +5.0 +90.9% OP Ratio 3.2% 6.1% +2.9pts Orders 166.2 150.9 -15.2 -9.2% Revenue 145.1 159.3 +14.1 +9.8% Operating Profit 15.3 17.0 +1.7 +11.4% OP Ratio 10.6% 10.7% +0.1pts Orders 44.7 45.6 +0.8 +1.9% Revenue 34.7 41.7 +7.0 +20.2% Operating Profit 2.3 3.6 +1.3 +55.9% OP Ratio 6.8% 8.8% +2.0pts Orders 63.1 93.3 +30.2 +47.8% Revenue 59.2 64.8 +5.6 +9.5% Operating Profit 5.1 7.2 +2.0 +40.5% OP Ratio 8.7% 11.2% +2.5pts Orders 184.0 201.0 +17.0 +9.3% Revenue 191.5 223.3 +31.7 +16.6% Operating Profit 33.6 32.8 -0.7 -2.2% OP Ratio 17.6% 14.7% -2.9pts Orders 0.8 0.8 -0.0 Revenue 0.8 0.9 +0.0 Operating Profit -2.2 -1.9 +0.2 OP Ratio -258.5% -206.8% +51.7pts FY25 1-3Q Results YoY Total FY24 1-3Q Results Building Service & Industrial Environmental Solutions Infrastructure Energy Precision Machinery Others, Adjustment
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Breakdown of Changes in Operating Profit Copyright(c) Ebara Corporation, All rights reserved7 Revenue growth outpaced increases in fixed costs, resulting in higher operating profit 1. FY25 1-3Q Summary of Results (billions of yen) • Absence of Vansan’s goodwill impairment loss recorded FY24 3Q (+) • Absence of one-time gain from land sales in Energy last year (-) • One-time provision for doubtful accounts recorded in Building Service & Industrial (-) • Increased labor costs due to base pay raises, etc. (-) • Increased depreciation costs (-) Increased in Precision Machinery, Energy, Infrastructure, and Environmental Solutions (+)
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Revenue by Region 8 “Revenue by Region” indicates revenue on the basis of the geographical location where the goods are sold Copyright(c) Ebara Corporation, All rights reserved 1. FY25 1-3Q Summary of Results (billions of yen) 224.0 439.5 114.7 131.5 89.6 41.7 37.5 24.3 207.5 396.7 131.6 84.4 87.8 40.0 28.8 23.8 +7.9% +10.8% -12.8% +55.8% +2.0% +4.2% +30.2% +1.8% Japan Overseas China Taiwan, South Korea, and other Asia North America Europe Middle East Others Upper bar: FY25 1-3Q Lower bar: FY24 1-3Q □ YoY Japan 34% China 17% Taiwan, South Korea, and other Asia 20% North America 14% Europe 6% Middle East 6% Others 4% FY25 1-3Q Revenue Composition Domestic 34% Overseas 66%
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1. FY25 1-3Q Summary of Results 2. FY25 1-3Q Results by Segment 3. FY25 Forecast 4. Topics 5. Appendix Copyright(c) Ebara Corporation, All rights reserved9
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137.4 35.3 135.9 37.5 Product S&S FY25 S&S Ratio 22% FY24 S&S Ratio 20% 71.0 46.6 14.2 18.6 5.2 16.8 73.9 42.6 13.2 19.7 7.0 16.6 Japan Asia North America Europe Middle East Other FY25 Domestic 43%, Overseas 57% FY24 Domestic 41%, Overseas 59% 7.8% 6.8% 3.2% 4.3% 7.7% 6.0% 6.1% 7.0% 1Q 1-2Q 1-3Q 1-4Q 4.3 7.8 5.5 10.3 4.3 6.8 10.5 17.0 1Q 1-2Q 1-3Q 1-4Q 56.5 114.7 172.7 238.1 56.3 113.8 173.4 242.0 1Q 1-2Q 1-3Q 1-4Q 58.1 123.6 184.5 244.4 59.7 125.5 188.3 250.0 1Q 1-2Q 1-3Q 1-4Q FY24 FY25 Building Service & Industrial 2. FY25 1-3Q Results by Segment Copyright(c) Ebara Corporation, All rights reserved10 ◼ GDP growth is showing signs of recovery in the Middle East, Japan, and Europe; however, other regions remain sluggish ◼ China’s building equipment market remains sluggish due to restrained real estate investment Product & S&S Revenue Revenue by Region Results (Billions of yen) Operating Profit OP Ratio Key Changes (vs. FY24 1-3Q) Breakdown of Changes in Operating Profit (Billions of yen) Orders Revenue Operating Profit ◼ Strong S&S performance in Japan, product orders increased as well ◼ Continued solid performance in North America for data center-related products ◼ In China, both the building equipment and industrial equipment markets remain sluggish ◼ Increased due to strong S&S performance in Japan ◼ Continued solid performance in North America for data center-related products ◼ Overseas markets faced headwinds from China’s slowdown and currency effects, but demand in the Middle East and Europe remained solid ◼ Higher S&S revenue in Japan offset decline in China (+) ◼ Higher labor costs (-) ◼ One-time provision for doubtful accounts due to U.S. customer bankruptcy (Others) in FY25 2Q (-) ◼ Absence of goodwill impairment from Turkish subsidiary Vansan recorded FY24 3Q (Others) (+) Market Environment Orders Revenue
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8.4% 8.1% 10.6% 13.3% 4.1% 10.2% 10.7% 12.0% 1Q 1-2Q 1-3Q 1-4Q 3.6 7.5 15.3 28.0 1.9 11.1 17.0 24.5 1Q 1-2Q 1-3Q 1-4Q 43.5 92.6 145.1 210.4 48.6 109.0 159.3 205.0 1Q 1-2Q 1-3Q 1-4Q 54.5 95.5 166.2 222.7 42.3 86.9 150.9 210.0 1Q 1-2Q 1-3Q 1-4Q FY24 FY25 Energy Copyright(c) Ebara Corporation, All rights reserved11 ◼ Products: Declined YoY due to fewer petrochemical projects. Demand from China’s Oil & Gas sector declined, however power- related demand remained solid ◼ S&S: Declined YoY due to lower field service and parts sales 2. FY25 1-3Q Results by Segment Product & S&S Revenue Revenue by Region Results (Billions of yen) Orders Operating Profit Key Changes (vs. FY24 1-3Q) Breakdown of Changes in Operating Profit (Billions of yen) Orders Revenue Market Environment ◼ Project activity remains steady in North America and Asia, with a trend of recovery in investment sentiment among previously cautious customers ◼ Signs of softening in China’s Oil & Gas market ◼ Products: Increased in North America ◼ S&S: Increased in North America, the Middle East, and Asia Operating Profit ◼ Revenue increased (+) ◼ Higher labor costs (-) ◼ Absence of the one-time gain from land sales recorded in the previous year (-) Revenue OP Ratio 75.4 69.776.8 82.5 Product S&S FY25 S&S Ratio 52% FY24 S&S Ratio 48% 8.7 54.0 44.8 8.5 22.0 6.96.8 56.4 48.7 10.9 28.6 7.6 Japan Asia North America Europe Middle East Other FY25 Domestic 4%, Overseas 96% FY24 Domestic 6%, Overseas 94%
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29.6 3.5 0.6 0.8 0.0 34.2 5.9 0.6 0.9 0.0 Japan Asia North America Middle East Other FY25 Domestic 82%, Overseas 18% FY24 Domestic 85%, Overseas 15% 17.0 17.7 21.3 20.4 Product S&S FY25 S&S Ratio 49% FY24 S&S Ratio 51% 20.6% 11.9% 6.8% 7.2% 26.0% 17.2% 8.8% 8.6% 1Q 1-2Q 1-3Q 1-4Q 3.5 3.0 2.3 3.6 5.5 5.6 3.6 5.0 1Q 1-2Q 1-3Q 1-4Q 17.2 25.8 34.7 51.1 21.5 32.6 41.7 58.0 1Q 1-2Q 1-3Q 1-4Q 18.9 28.7 44.7 60.5 20.0 31.1 45.6 61.0 1Q 1-2Q 1-3Q 1-4Q FY24 FY25 Infrastructure Copyright(c) Ebara Corporation, All rights reserved12 ◼ Increased due to steady demand in the Japanese public sector ◼ Secured major water infrastructure projects in South and North America 2. FY25 1-3Q Results by Segment Product & S&S Revenue Revenue by Region Results (Billions of yen) Orders Revenue Operating Profit OP Ratio Key Changes (vs. FY24 1-3Q) Breakdown of Changes in Operating Profit (Billions of yen) Orders Revenue Market Environment ◼ Increased as backlogged public sector orders and overseas orders were steadily fulfilled ◼ Domestic public pump market remains steady ◼ Investment in advanced disaster prevention, and aging measures in line with the "Five-Year Acceleration of National Land Resilience Measures” remains steady Operating Profit ◼ Revenue increased (+) ◼ Profitability improved due to more completed projects (+) ◼ Increased labor and system implementation costs (-)
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Environmental Solutions Copyright(c) Ebara Corporation, All rights reserved13 ◼ Secured three large-scale projects 2. FY25 1-3Q Results by Segment EPC & O&M Revenue Revenue by Region Results (Billions of yen) Orders Revenue Operating Profit OP Ratio Key Changes (vs. FY24 1-3Q) Breakdown of Changes in Operating Profit (Billions of yen) Orders Revenue Market Environment ◼ Demand in Japan for new construction of waste treatment plants for public use remains stable ◼ Increased orders for both Engineering, Procurement, and Construction (EPC) and Operation & Maintenance (O&M) Operating Profit ◼ Revenue increased (+) ◼ EPC and O&M profitability improved (+) 5.2 35.2 63.1 71.5 3.3 65.8 93.3 120.0 1Q 1-2Q 1-3Q 1-4Q FY24 FY25 20.8 38.3 59.2 87.4 23.4 42.0 64.8 100.0 1Q 1-2Q 1-3Q 1-4Q 3.0 3.6 5.1 8.4 3.0 4.4 7.2 12.0 1Q 1-2Q 1-3Q 1-4Q 14.8% 9.4% 8.7% 9.7% 12.9% 10.5% 11.2% 12.0% 1Q 1-2Q 1-3Q 1-4Q 14.4 44.8 15.0 49.8 EPC O&M FY25 O&M Ratio 77% FY24 O&M Ratio 76% 58.0 1.2 64.2 0.5 Japan Asia FY25 Domestic 99%, Overseas 1% FY24 Domestic 98%, Overseas 2% FY24 1-3Q FY25 1-3Q ・Waste treatment plant lifespan extending renovation PJ: 2 ・Waste treatment plant lifespan extending renovation PJ: 2 ・Lifespan extending renovation PJ and Long-term O&M contract : 1
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Precision Machinery Copyright(c) Ebara Corporation, All rights reserved14 ◼ Increased for both products and S&S, due to the recovery in demand for CMP and Components 2. FY25 1-3Q Results by Segment Product & S&S Revenue Revenue by Region Results (Billions of yen) Orders Revenue Operating Profit OP Ratio Key Changes (vs. FY24 1-3Q) Breakdown of Changes in Operating Profit (Billions of yen) Orders Revenue Market Environment ◼ Demand related to generative AI continues to grow, and customer factory utilization rates are showing signs of recovery. However, the full-scale resumption of capacity investment is lagging initial expectations ◼ The China market has moderated from previous high growth but continues to maintain a solid scale ◼ Solid growth in products and S&S for both CMP and Components Operating Profit ◼ Revenue increased (+) ◼ Profitability declined due to project mix and lower S&S ratio (-) ◼ Higher labor and R&D costs (-) 54.3 115.9 184.0 260.0 73.9 141.3 201.0 300.0 1Q 1-2Q 1-3Q 1-4Q FY24 FY25 55.3 122.2 191.5 278.3 62.4 150.5 223.3 320.0 1Q 1-2Q 1-3Q 1-4Q 5.4 19.2 33.6 50.1 8.2 23.4 32.8 54.5 1Q 1-2Q 1-3Q 1-4Q 9.9% 15.8% 17.6% 18.0% 13.2% 15.6% 14.7% 17.0% 1Q 1-2Q 1-3Q 1-4Q 130.8 60.7 153.8 69.5 Product S&S FY25 O&M Ratio 31% FY24 O&M Ratio 32% 39.2 110.5 28.1 12.8 0.6 43.6 140.7 26.8 11 0.9 Japan Asia North America Europe Other FY25 Domestic 20%, Overseas 80% FY24 Domestic 21%, Overseas 79%
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Precision Machinery Quarterly Trends Copyright(c) Ebara Corporation, All rights reserved15 2. FY25 1-3Q Results by Segment Revenue (Billions of yen) Orders (Billions of yen) Precision Machinery Precision Machinery Components Components CMP Systems CMP Systems 54.3 61.5 68.1 76.0 73.9 67.3 59.7 98.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QPlan FY24 FY25 22.4 30.6 24.0 25.8 29.0 26.1 24.4 30.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QPlan FY24 FY25 28.6 28.3 40.3 45.6 41.8 37.9 33.1 64.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QPlan FY24 FY25 55.3 66.9 69.3 86.7 62.4 88.1 72.7 96.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QPlan FY24 FY25 24.8 25.7 27.6 31.8 26.0 28.8 27.1 28.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QPlan FY24 FY25 29.5 39.2 39.7 48.7 33.2 54.1 42.8 64.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QPlan FY24 FY25 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4Q 4Q 4Q 4Q 4Q
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Copyright(c) Ebara Corporation, All rights reserved16 Precision Machinery Quarterly Product Revenue Trends by Application *Memory and non-memory classifications are based on internal definitions Revenue (Billions of yen) 2. FY25 1-3Q Results by Segment 85% 83% 83% 77% 71% 72% 94% 86% 84% 84% 72% 15% 17% 17% 23% 29% 28% 6% 14% 16% 16% 28% 40.7 43.7 49.0 42.2 37.5 45.5 47.7 62.6 41.1 64.5 48.2 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY23 FY24 FY25 Memory Non-Memory
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1. FY25 1-3Q Summary of Results 2. FY25 1-3Q Results by Segment 3. FY25 Forecast 4. Topics 5. Appendix Copyright(c) Ebara Corporation, All rights reserved17
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Segment Primary Target Markets Market and Regional Trends EBARA’s Market Outlook FY25 (1-year period*) Building Service & Industrial Building and industrial equipment • Europe: Capital investment will remain sluggish due to rising construction and labor costs • China: Building equipment and industrial markets will remain sluggish • United States: Although tariff policies may have some impact, we anticipate increased demand from data centers Overseas Growth in 2％-range • Building Equipment Market: Continued project delays due to persistently high construction costs and labor shortages • Industrial Market: Demand for capital investment will remain steady Japan Remain stable Energy Oil and gas Power facilities New energy • Products: Although petrochemical demand has stayed firm in North America, Asia, and the Middle East, China shows signs of slowing. LNG demand, especially in North America, is expected to grow as investment sentiment improves • Service: Maintenance demand is expected to return to normal levels • Decarbonization-related Markets: Demand is expected to grow, especially in ammonia and CCUS • Power Market: Increasing number of ammonia conversion project plans, mainly in Japan and across Asia Global LNG: Growth in 5％-range Ethylene: Growth in 4%-range Infrastructure Water-related infrastructure Ventilation • Stable outlook due to the national land resiliency plan and other factors Japan Remain stable • Steady growth in water demand, particularly in Asia, driven by population increases • Demand for river drainage pumps will remain consistent due to increasing flood damage around the world caused by extreme weather/global warming Overseas Growth in 4%-range Environmental Solutions Solid waste treatment • Demand for new construction for public waste treatment facilities will remain roughly in line with typical annual levels • Rising demand for life extension projects for aging plants Japan Remain stable Precision Machinery Semiconductor manufacturing • Overall, the expansion trend is expected to continue, driven primarily by generative AI-related demand • Customer investments vary depending on device type and business conditions Global Wafer Fab Equipment (WFE): Growth in 4%-range Business Environment Overview by Segment *As of November 2025 18 Copyright(c) Ebara Corporation, All rights reserved 3. FY25 Forecast
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Consolidated 3. FY25 Forecast Copyright(c) Ebara Corporation, All rights reserved19 *1 Figures reflect the 5-for-1 stock split executed July 1, 2024. *² Exchange Rate: FY24 exchange rates are based on the simple average of quarterly in-period average rates. FY25 Plan (announced Nov/13/25), figures reflect the assumed exchange rate for 4Q. Full-year consolidated forecast revised upward (billions of yen) FY24 Results FY25 Prior Plan FY25 Plan Announced date (m/d/y) Aug/14/25 Nov/13/25 Change Change % Change Change % a b c c-a (c-a)/a c-b (c-b)/b Orders 860.5 940.0 944.0 +83.4 +9.7% +4.0 +0.4% Revenue 866.6 900.0 927.0 +60.3 +7.0% +27.0 +3.0% Operating Profit 97.9 102.5 110.0 +12.0 +12.3% +7.5 +7.3% OP Ratio 11.3% 11.4% 11.9% +0.6pts - +0.5pts - Profit Attributable to Owners of Parent 71.4 72.4 74.0 +2.5 +3.6% +1.6 +2.2% ROIC 12.2% 11.6% 12.4% +0.2pts +0.8pts ROE 16.2% 15.1% 15.4% -0.8pts +0.3pts EPS (JPY)*¹ 154.62 156.72 160.25 +5.63 +1.4% +3.53 +2.2% Annual Dividend per share (JPY)*¹ 55.0 56.0 56.0 +1.0 - Exchange Rate*² Vs. USD (JPY) 151.41 145.00 145.00 - Vs. EUR (JPY) 163.80 160.00 160.00 - Vs. CNY (JPY) 21.04 20.00 20.00 - 1-4Q Change vs. Prior PlanYoY
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Segment Copyright(c) Ebara Corporation, All rights reserved20 3. FY25 Forecast (billions of yen) FY24 Results FY25 Prior Plan FY25 Plan Announced date (m/d/y) Aug/14/25 Nov/13/25 Change Change % Change Change % a b c c-a (c-a)/a c-b (c-b)/b Orders 860.5 940.0 944.0 +83.4 +9.7% +4.0 +0.4% Revenue 866.6 900.0 927.0 +60.3 +7.0% +27.0 +3.0% Operating Profit 97.9 102.5 110.0 +12.0 +12.3% +7.5 +7.3% OP Ratio 11.3% 11.4% 11.9% +0.6pts +0.5pts Orders 244.4 255.0 250.0 +5.5 +2.3% -5.0 -2.0% Revenue 238.1 242.0 242.0 +3.8 +1.6% - - Operating Profit 10.3 17.0 17.0 +6.6 +64.4% - - OP Ratio 4.3% 7.0% 7.0% +2.7pts - Orders 222.7 210.0 210.0 -12.7 -5.7% - - Revenue 210.4 205.0 205.0 -5.4 -2.6% - - Operating Profit 28.0 24.5 24.5 -3.5 -12.5% - - OP Ratio 13.3% 12.0% 12.0% -1.3pts - Orders 60.5 56.0 61.0 +0.4 +0.7% +5.0 +8.9% Revenue 51.1 58.0 58.0 +6.8 +13.5% - - Operating Profit 3.6 5.0 5.0 +1.3 +35.2% - - OP Ratio 7.2% 8.6% 8.6% +1.4pts - Orders 71.5 97.0 120.0 +48.4 +67.6% +23.0 +23.7% Revenue 87.4 93.0 100.0 +12.5 +14.4% +7.0 +7.5% Operating Profit 8.4 7.5 12.0 +3.5 +42.1% +4.5 +60.0% OP Ratio 9.7% 8.1% 12.0% +2.3pts +3.9pts Orders 260.0 320.0 300.0 +39.9 +15.4% -20.0 -6.3% Revenue 278.3 300.0 320.0 +41.6 +15.0% +20.0 +6.7% Operating Profit 50.1 51.0 54.5 +4.3 +8.7% +3.5 +6.9% OP Ratio 18.0% 17.0% 17.0% -1.0pts - Orders 1.2 2.0 3.0 +1.7 +145.9% +1.0 Revenue 1.1 2.0 2.0 +0.8 +79.2% - Operating Profit -2.6 -2.5 -3.0 -0.3 - -0.5 OP Ratio -239.5% -125.0% -150.0% +89.5pts -25.0pts Building Service & Industrial Change from prior planYoY Energy Others, Adjustment Infrastructure Environmental Solutions Precision Machinery 1-4Q Total
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Breakdown of Changes in Operating Profit Copyright(c) Ebara Corporation, All rights reserved21 Raised operating profit forecast to ¥110.0 billion, driven by increased profits in Environmental Solutions and Precision Machinery 3. FY25 Forecast *Europe, the Middle East, Africa 1. Absence of last year’s impairment loss on goodwill related to Vansan (+) 2. Revenue Growth (+) • Strong performance in domestic building equipment market and S&S • Strong performance in Americas (for data centers), EMEA* also solid 3. Provision for doubtful accounts related to a specific customer (-) 1. Improved profitability due to increased S&S ratio (+) 2. Revenue decline (-) and increased fixed costs (-) 3. Last year included gains from the sale of land and pension assets (-) 1. Revenue growth (+) • Continued strong demand related to generative AI 2. Increased fixed costs (-) • Relocation costs for the R&D building and depreciation Higher CMP revenue and fixed costs savings led to an upward revision (+) (billions of yen) Increased R&D costs, etc., and depreciation for the chemical recycling pilot plant (-) Higher revenue and reversal of contingency reserves boosted profitability (+)
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1. FY25 1-3Q Summary of Results 2. FY25 1-3Q Results by Segment 3. FY25 Forecast 4. Topics 5. Appendix Copyright(c) Ebara Corporation, All rights reserved22
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23 Copyright(c) Ebara Corporation, All rights reserved ◼ Under E-Plan 2025, in Precision Machinery (PM), which is expected to see the most significant growth among our growth businesses, we are actively expanding production capacity, advancing R&D for next-generation semiconductor manufacturing, and making proactive upfront investments in equipment ◼ In Energy, we are enhancing the capacity of S&S bases and optimizing their placement. For new energy, we are developing and commercializing H₂ compressors and ammonia canned motor pumps ◼ In Building Service & Industrial (BS&I), we are pursuing M&A and investments in solution businesses aimed at improving product value, profitability, and operational efficiency 営業利益 設備投資 Cash Generation (FY23-25 3-year cumulative*1) Cash Allocation (FY23-25 3-year cumulative*1) CF from operating activities *2 315.0 Debt utilization Shareholder returns Sale/reduction of assets, etc. Increased cash on hand FY23-25 3-Year Cumulative Plan Infrastructure investment 85.0 Growth investment 185.0 Of which, R&D expenses 6 5.0 ◼ Construction of a new production building in Kumamoto (K3) ◼ Construction of a new development building (V8) ◼ Projects related to the second plant in Taiwan ◼ Growth investments such as in EBARA Maintenance Cloud, etc. ◼ Expansion of production bases in Italy ◼ Acquisition of a pump sales company in Uruguay and an immersible pump business in Germany BS&I Energy Infra. ES PM Others PM BS&I Energy Infra. ES Others EBARA Group Medium-Term Investment Strategy 4. Topics *1 FY25 figures are estimates *2 Before deduction of R&D expenses ◼ Development and commercialization of products for new energy ◼ Establishment of S&S base in Saudi Arabia ◼ Relocation & expansion of Indonesian S&S base ◼ Expansion of the flagship S&S base in Houston ◼ Hydrogen-related ◼ ERP ◼ Other new businesses
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Copyright(c) Ebara Corporation, All rights reserved24 Vision for EBARA’s Business Portfolio in 2035 4. Topics Vision In the growing global market, become a Group built on three solid pillars that ensure: 1. Scale 2. Profitability 3. Efficiency Global business segments Three Pillar Businesses Japan-based business segments Established Businesses Environmental SolutionsInfrastructure Precision Machinery BS&I Energy ES ES Infra. Infra. Energy Energy BS&I BS&I PM PM FY25 ¥900.0 B. FY35 Revenue Composition Image ◼ EBARA envisions its business portfolio in 2035 as being made up of three robust pillars that ensure scale, profitability, and efficiency, driving EBARA’s next stage of evolution as a Global Excellent Company while continuously adapting to emerging challenges and needs ◼ We aim to develop the Building Service & Industrial segment into a solid third pillar by pursuing M&A focused on improving profitability and operational efficiency Business Portfolio Driving the Next Stage of Evolution as a Global Excellent Company • Explosive market growth • Advances in cutting-edge semiconductor manufacturing tech. • Volatility unique to the semiconductor market • Expansion of production capacity with a view to future growth • Accelerating high-value product development to align with semiconductor evolution • Market growth driven by population increase and demand for energy and petrochemicals • Decarbonization • Energy supply instability due to geopolitical risks • Energy-saving and labor-saving needs • Stability linked to economic growth • Development of energy-saving solutions • Profitability improvement via M&A and energy- saving solutions Build on Japan’s position as a leading country in addressing emerging global challenges, leveraging accumulated expertise to deliver essential infrastructure solutions worldwide Market Characteristics New Businesses • Expansion of production capacity • Development of products, solutions, and new technologies to address energy transformation EBARA’s Strategic Initiatives ９ １
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25 Copyright(c) Ebara Corporation, All rights reserved *1 A casting technology that enables mass production of castings by injecting molten metal into a mold at high speed and high pressure *2 An electric motor powered by three alternating currents Acquisition of Mitsubishi Electric’s Three-Phase Motor Business On November 12, 2025, EBARA and Mitsubishi Electric announced an agreement to transfer the three-phase and Interior Permanent Magnet (IPM) motor businesses operated domestically by Mitsubishi Electric’s FA Systems Division, as well as the motor, pump, and die casting*1 businesses operated by Mitsubishi Electric’s Thai subsidiary, Mitsubishi Electric Automation (Thailand) Co., Ltd. to EBARA Businesses Subject to Transfer Design, manufacture, sales and service of three-phase motors*2, IPM motors, pumps and die-casting Expected Completion Date In 2026 Objective ◼ By acquiring design and development capabilities and technical expertise in motors, we will deliver significant energy-saving solutions that integrate our products with motor and rotational control technologies ◼ By securing and expanding production systems in Japan and Thailand, we will accelerate growth in the global market Building Service & Industrial M&A Strategy 4. Topics
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Building Service & Industrial M&A Strategy 4. Topics 26 Copyright(c) Ebara Corporation, All rights reserved *IVM: Intelligent Variable-speed Permanent Magnet Motor Value Chain ◼ As global demand for energy-saving industrial machinery continues to rise, we are strengthening and accelerating our ability to propose energy-saving solutions by reinforcing both ends of the value chain, the high-value-added areas of the smile curve Sales & ServicesEquipment Manufacturing & Assembly Unit ProductsCore ComponentsProduct Development & Design Value Creation & Profitability ◼ Motor design and development, acquisition of technical expertise ◼ Fundamental enhancement of product cost competitiveness • Acquisition of core component technologies ◼ Strengthening supply chain resilience • In-house production of key components through vertical integration Three-Phase Motor Business EBARA Products ✕ Three-Phase Motors 3. Solution Synergy2. Cost Synergy1. Development Synergy ◼ Integrating our products with motor and rotational control technologies to deliver significant energy-saving solutions • Providing energy-saving solutions (e.g., pumps equipped with IVM*) • Strengthening proposal capabilities, including after-sales service for motors and pumps (Motor Image) Pump (Model FSDV) equipped with our IVM*
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1. FY25 1-3Q Summary of Results 2. FY25 1-3Q Results by Segment 3. FY25 Forecast 4. Topics 5. Appendix Copyright(c) Ebara Corporation, All rights reserved27
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Consolidated Forecast（FY25 3-4Q） Copyright(c) Ebara Corporation, All rights reserved28 5. Appendix (billions of yen) 1-2Q 3-4Q 1-2Q 3-4Q 1-2Q 3-4Q Plan Announced date (m/d/y) Nov/13/25 Orders 367.6 452.9 399.6 460.9 451.3 492.6 Revenue 363.8 395.5 394.5 472.1 448.7 478.2 Operating Profit 33.7 52.3 39.9 58.0 50.0 59.9 OP Ratio 9.3% 13.2% 10.1% 12.3% 11.2% 12.5% Orders 111.0 110.3 123.6 120.8 125.5 124.4 Revenue 106.5 115.6 114.7 123.4 113.8 128.1 Operating Profit 6.7 9.0 7.8 2.5 6.8 10.1 OP Ratio 6.3% 7.8% 6.8% 2.0% 6.0% 7.9% Orders 101.4 121.3 95.5 127.2 86.9 123.0 Revenue 79.4 87.8 92.6 117.8 109.0 95.9 Operating Profit 7.3 15.0 7.5 20.5 11.1 13.3 OP Ratio 9.2% 17.1% 8.1% 17.4% 10.2% 13.9% Orders 25.2 31.4 28.7 31.8 31.1 29.8 Revenue 29.2 20.9 25.8 25.3 32.6 25.3 Operating Profit 4.4 0.2 3.0 0.6 5.6 -0.6 OP Ratio 15.0% 1.0% 11.9% 2.4% 17.2% -2.4% Orders 49.2 51.6 35.2 36.3 65.8 54.1 Revenue 30.9 40.6 38.3 49.1 42.0 57.9 Operating Profit 2.6 4.3 3.6 4.8 4.4 7.5 OP Ratio 8.5% 10.6% 9.4% 9.8% 10.5% 13.1% Orders 79.9 137.8 115.9 144.1 141.3 158.6 Revenue 116.9 130.0 122.2 156.1 150.5 169.4 Operating Profit 12.6 25.6 19.2 30.9 23.4 31.0 OP Ratio 10.8% 19.7% 15.8% 19.8% 15.6% 18.3% Orders 0.5 0.6 0.5 0.7 0.5 2.4 Revenue 0.6 0.5 0.5 0.6 0.5 1.4 Operating Profit 0.0 -1.8 -1.3 -1.3 -1.4 -1.5 OP Ratio 9.1% -360.2% -227.6% -216.7% -252.1% -108.1% Building Service & Industrial FY23 FY25FY24 Others, Adjustment Infrastructure Environmental Solutions Precision Machinery Total Energy
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Orders Copyright(c) Ebara Corporation, All rights reserved29 5. Appendix (billions of yen) 1-4Q Plan Announced date (m/d/y) Nov/13/25 Total 191.6 399.6 643.6 860.5 199.8 451.3 680.1 944.0 Building Service & Industrial 58.1 123.6 184.5 244.4 59.7 125.5 188.3 250.0 Energy 54.5 95.5 166.2 222.7 42.3 86.9 150.9 210.0 Infrastructure 18.9 28.7 44.7 60.5 20.0 31.1 45.6 61.0 Environmental Solutions 5.2 35.2 63.1 71.5 3.3 65.8 93.3 120.0 Precision Machinery 54.3 115.9 184.0 260.0 73.9 141.3 201.0 300.0 Components 22.4 53.1 77.1 102.9 29.0 55.1 79.6 110.0 CMP Systems 28.6 56.9 97.3 143.0 41.8 79.7 112.8 177.0 Others 3.3 5.8 9.5 14.0 3.1 6.3 8.5 13.0 Others 0.2 0.5 0.8 1.2 0.2 0.5 0.8 3.0 1-3Q FY24 FY25 1-2Q1Q1Q 1-2Q 1-3Q 1-4Q
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Revenue Copyright(c) Ebara Corporation, All rights reserved30 5. Appendix (billions of yen) 1-4Q Plan Announced date (m/d/y) Nov/13/25 Total 193.8 394.5 604.3 866.6 212.6 448.7 663.5 927.0 Building Service & Industrial 56.5 114.7 172.7 238.1 56.3 113.8 173.4 242.0 Energy 43.5 92.6 145.1 210.4 48.6 109.0 159.3 205.0 Infrastructure 17.2 25.8 34.7 51.1 21.5 32.6 41.7 58.0 Environmental Solutions 20.8 38.3 59.2 87.4 23.4 42.0 64.8 100.0 Precision Machinery 55.3 122.2 191.5 278.3 62.4 150.5 223.3 320.0 Components 24.8 50.6 78.2 110.0 26.0 54.8 82.0 111.0 CMP Systems 29.5 68.8 108.5 157.3 33.2 87.3 130.2 195.0 Others 0.8 2.8 4.8 10.9 3.1 8.2 10.9 14.0 Others 0.2 0.5 0.8 1.1 0.3 0.5 0.9 2.0 1-3Q FY25 1-2Q1Q FY24 1Q 1-2Q 1-3Q 1-4Q
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Operating Profit Copyright(c) Ebara Corporation, All rights reserved31 5. Appendix (billions of yen) 1-4Q Plan Announced date (m/d/y) Nov/13/25 Total 19.2 39.9 59.8 97.9 22.6 50.0 69.5 110.0 Building Service & Industrial 4.3 7.8 5.5 10.3 4.3 6.8 10.5 17.0 Energy 3.6 7.5 15.3 28.0 1.9 11.1 17.0 24.5 Infrastructure 3.5 3.0 2.3 3.6 5.5 5.6 3.6 5.0 Environmental Solutions 3.0 3.6 5.1 8.4 3.0 4.4 7.2 12.0 Precision Machinery 5.4 19.2 33.6 50.1 8.2 23.4 32.8 54.5 Others, Adjustment -0.8 -1.3 -2.2 -2.6 -0.6 -1.4 -1.9 -3.0 1-3Q FY25FY24 1-2Q1Q1Q 1-2Q 1-3Q 1-4Q
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Backlog of Orders Copyright(c) Ebara Corporation, All rights reserved32 5. Appendix (billions of yen) 1-4Q Plan Announced date (m/d/y) Nov/13/25 Total 909.1 938.0 938.7 917.1 886.8 900.5 919.6 934.1 Building Service & Industrial 65.0 73.2 72.4 68.7 69.9 76.4 80.8 76.7 Energy 232.9 235.3 232.3 239.0 222.0 200.8 220.8 244.0 Infrastructure 69.6 70.8 77.4 76.9 75.0 74.8 80.7 79.9 Environmental Solutions 332.1 357.2 363.8 344.4 324.1 370.7 372.0 364.4 Precision Machinery 209.4 201.3 192.6 187.9 195.5 177.5 165.1 167.9 Others 0.0 0.0 0.0 0.1 0.1 0.1 0.0 1.1 FY25 1Q 2Q1Q 3Q4Q FY24 2Q 3Q
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Revenue by Region Copyright(c) Ebara Corporation, All rights reserved33 5. Appendix (billions of yen) 1Q 1-2Q 1-3Q 1-4Q 1Q 1-2Q 1-3Q Building Service & Industrial 56.5 114.7 172.7 238.1 56.3 113.8 173.4 Japan 26.1 48.7 71.0 100.4 27.0 50.0 73.9 Asia (excl. Japan) 12.8 29.7 46.6 63.8 11.6 26.8 42.6 North America 4.0 8.8 14.2 18.5 4.5 8.5 13.2 Europe 6.0 12.7 18.6 24.4 5.9 13.0 19.7 Middle East 2.3 3.8 5.2 7.3 2.0 4.8 7.0 Others 5.2 10.8 16.8 23.4 5.0 10.4 16.6 Energy 43.5 92.6 145.1 210.4 48.6 109.0 159.3 Japan 2.3 4.8 8.7 11.4 1.9 4.9 6.8 Asia (excl. Japan) 14.4 32.6 54.0 76.3 16.5 37.7 56.4 North America 12.3 29.6 44.8 66.5 14.8 32.8 48.7 Europe 2.3 4.6 8.5 10.1 2.4 7.3 10.9 Middle East 10.3 16.5 22.0 36.1 10.0 20.6 28.6 Others 1.8 4.4 6.9 9.8 2.6 5.3 7.6 Infrastructure 17.2 25.8 34.7 51.1 21.5 32.6 41.7 Japan 16.2 23.3 29.6 42.1 20.0 28.0 34.2 Asia (excl. Japan) 0.7 2.0 3.5 6.7 0.9 3.4 5.9 North America 0.0 0.0 0.6 1.0 0.1 0.3 0.6 Middle East 0.1 0.2 0.8 1.1 0.3 0.7 0.9 Others - - 0.0 0.0 - 0.0 0.0 Environmental Solutions 20.8 38.3 59.2 87.4 23.4 42.0 64.8 Japan 20.8 38.0 58.0 83.7 23.3 41.8 64.2 Asia (excl. Japan) 0.0 0.2 1.2 3.6 0.1 0.2 0.5 Precision Machinery 55.3 122.2 191.5 278.3 62.4 150.5 223.3 Japan 14.0 29.5 39.2 51.7 11.3 27.4 43.6 Asia (excl. Japan) 29.1 66.9 110.5 168.7 35.2 93.1 140.7 North America 8.3 18.3 28.1 37.4 10.8 21.2 26.8 Europe 3.4 6.9 12.8 19.4 4.4 7.1 11.0 Others 0.2 0.4 0.6 0.9 0.5 1.4 0.9 FY25FY24
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Service & Support (S&S) Revenue Copyright(c) Ebara Corporation, All rights reserved34 5. Appendix (billions of yen) 1Q 1-2Q 1-3Q 1-4Q 1Q 1-2Q 1-3Q S&S Revenue 13.0 24.3 35.3 50.2 13.5 25.8 37.5 S&S Ratio 23% 21% 20% 21% 24% 23% 22% S&S Revenue 22.1 44.2 69.7 100.9 24.3 55.1 82.5 S&S Ratio 51% 48% 48% 48% 50% 51% 52% S&S Revenue 10.0 14.3 17.7 24.7 11.8 17.1 20.4 S&S Ratio 58% 55% 51% 48% 55% 53% 49% O&M Revenue 17.2 30.5 44.8 63.8 18.1 32.1 49.8 O&M Ratio 83% 80% 76% 73% 77% 76% 77% S&S Revenue 17.7 39.1 60.7 84.8 21.2 44.9 69.5 S&S Ratio 32% 32% 32% 31% 34% 30% 31% FY25FY24 Building Service & Industrial Precision Machinery Energy Infrastructure Environmental Solutions
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Balance Sheet Copyright(c) Ebara Corporation, All rights reserved35 5. Appendix (billions of yen) FY24 3Q FY24 4Q FY25 3Q Change Change a b c c-a c-b Total Assets 948.4 1,005.0 1,048.2 +99.8 +43.2 Current Assets 667.0 705.3 703.1 +36.1 -2.1 Cash and cash equivalents 183.7 171.0 173.9 -9.7 +2.9 Trade receivables 238.5 287.9 261.4 +22.9 -26.4 Inventories 206.3 205.9 220.2 +13.8 +14.2 Other Current Assets 38.4 40.3 47.5 +9.1 +7.1 Non-current Assets 281.4 299.7 345.0 +63.6 +45.3 Total Liabilities 506.5 519.7 555.8 +49.3 +36.1 Trade payables 128.7 144.9 132.0 +3.2 -12.9 Interest-bearing debt 149.2 150.4 207.1 +57.8 +56.7 Other Liabilities 228.5 224.3 216.7 -11.7 -7.6 Total Equity 441.9 485.3 492.3 +50.4 +7.0 Total equity attributable to owners of parent 430.8 473.2 479.8 +49.0 +6.6 Other Equity 11.0 12.0 12.4 +1.3 +0.4 Equity Ratio 45.4% 47.1% 45.8% +0.4pts -1.3pts Debt-to-Equity Ratio 0.35 0.32 0.43 +0.08 +0.11
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Cash Flows Copyright(c) Ebara Corporation, All rights reserved36 5. Appendix (billions of yen) FY24 FY25 Change FY24 FY25 Plan FY25 Plan YoY Change vs. Prior Plan Announced date (m/d/y) Aug/14/25 Nov/13/25 Change Change a b b-a c d e e-c e-d CF from operating activities 92.6 44.1 -48.5 100.9 80.0 70.0 -30.9 -10.0 CF from investing activities -30.7 -60.5 -29.7 -48.5 -100.0 -90.0 -41.4 +10.0 FCF 61.8 -16.4 -78.2 52.3 -20.0 -20.0 -72.3 - CF from financing activities -26.5 18.1 +44.6 -31.9 -31.0 -31.0 +0.9 - 1-3Q 1-4Q
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CAPEX, Depreciation and Amortization, R&D Expenses Copyright(c) Ebara Corporation, All rights reserved37 5. Appendix (billions of yen) FY24 FY25 Change FY24 FY25 Plan YoY Announced date (m/d/y) Nov/13/25 Change a b b-a c d d-c CAPEX 42.0 77.2 +35.2 58.6 122.0 +63.3 Building Service & Industrial 5.8 11.5 +5.6 8.8 16.0 +7.1 Energy 5.4 10.1 +4.7 7.6 15.0 +7.3 Infrastructure 1.3 0.7 -0.6 1.3 3.0 +1.6 Environmental Solutions 2.5 1.7 -0.8 4.2 2.0 -2.2 Precision Machinery 15.4 29.8 +14.4 19.9 50.0 +30.0 Others 11.3 23.1 +11.8 16.4 36.0 +19.5 D&A 22.2 24.9 +2.6 30.0 34.0 +3.9 Building Service & Industrial 5.9 5.5 -0.3 7.9 7.0 -0.9 Energy 3.9 3.9 +0.0 5.1 5.0 -0.1 Infrastructure 0.6 0.8 +0.1 0.9 1.0 +0.0 Environmental Solutions 0.6 0.8 +0.1 0.8 2.0 +1.1 Precision Machinery 6.2 7.1 +0.9 8.3 10.0 +1.6 Others 4.9 6.5 +1.6 6.6 9.0 +2.3 R&D 14.4 16.1 +1.7 20.5 26.0 +5.4 Building Service & Industrial 3.6 3.8 +0.1 5.2 6.0 +0.7 Energy 1.7 1.7 -0.0 2.7 3.0 +0.2 Infrastructure 0.4 0.5 +0.0 0.7 1.0 +0.2 Environmental Solutions 1.3 1.5 +0.2 1.8 2.0 +0.1 Precision Machinery 7.1 8.5 +1.3 9.9 14.0 +4.0 1-4Q1-3Q
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ESG Topics Copyright(c) Ebara Corporation, All rights reserved38 5. Appendix Date of News Release ESG EBARA Hosts ESG Small Meeting 2025 2025/10 E Environment EBARA Environmental Plant Updates ISMS Certification (ISO/IEC 27001) for Remote Monitoring Operations at Waste Incineration Facilities 2025/10 EBARA Environmental Plant Collaborates on the Ministry of the Environment’s Demonstration Project for Collecting Used Lithium- Ion Batteries – Achieving Safe Collection Through IoT Technology 2025/10 S Social EBARA Announces the Recipient of the 3rd IUVSTA EBARA Award 2025/10 External Evaluations EBARA Recognized for ESG Website Excellence in the Gomez ESG Web Awards 2025 2025/10 Others EBARA was Included in the MSCI All Country World Index 2025/11 EBARA Receives the “IR Grand Prize” at the Japan Investor Relations Association’s “IR Excellence Awards 2025” Announcement by the Japan Investor Relations Association
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Copyright(c) Ebara Corporation, All rights reserved39 Disclaimer This release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which are valid only as of the date thereof. EBARA undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date thereof or to reflect the occurrence of unanticipated events. This document has been translated from 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. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.