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Summary of Business Performance The Third Quarter of 2025 ～ Aiming to be the world's No.1 brand connecting the five continents ～ HOSHIZAKI CORPORATION Stock code: 6465 Tokyo Stock Exchange : Prime Market Nagoya Stock Exchange : Premier Market November 7, 2025 For Website
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1 :P.02-14 :P.15-20 :P.21-23 :P.24-27 Table of Contents Ⅰ. Financial Results for FY 2025 3Q Ⅱ. Key Factors of Financial Results for FY 2025 3Q Ⅲ. Business Forecast for FY 2025 Ⅳ. Company Profile and Overview of Business
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Ⅰ. Financial Results for FY 2025 3Q
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3 Foreign Exchange Rates 英訳時期中平均は手入力必要→ FY2024 3 months FY2025 3 months FY2024 End of December FY2025 End of September US dollar 151.3 148.1 158.1 148.8 Pound 193.2 194.7 199.0 199.8 Euro 164.5 165.5 164.9 174.4 Singapore dollar 113.1 113.0 116.5 115.3 Chinese yuan 20.9 20.5 21.6 20.8 Indian rupee 1.82 1.72 1.86 1.69 Brazillian real 28.9 26.2 25.5 27.9 Viet Nam Dong 0.0062 0.0059 0.0065 0.0059 Philippine Peso 2.67 2.62 2.76 2.59 Turkish lira 4.18 3.58 4.48 3.58 End of PeriodAverage of Period
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4 Summary of Financial Results for the First Quarter of 2021Summary of Financial Results for FY 2024 1QSummary of Financial Results for FY 2025 3Q ■ ■ Sales : 365.4 billion yen (increased 10.3% year-on-year) □ Japan : 176.0 billion yen (increased 4.8%) □ Overseas : 189.4 billion yen (increased 16.0%) Overseas sales ratio : 51.8% (increased 2.5pt) *Calculated based on reporting segments: "Americas" and "Europe" and "Asia“ □ □ ■ Ordinary Income : 49.1 billion yen (increased 4.1%) □ Foreign exchange losses of 0.4 billion yen from deposits in foreign currencies were recorded as non-operating expense. (1.1 billion yen of foreign exchange gains were recorded in the previous fiscal year.) ■ Profit Attributable to Owners of Parent : 33.6 billion yen (increased 10.8%) Japan : Revenue increased by focusing on expanding sales to non-restaurant and beverage markets such as the food and beverage market, distribution and sales, and processing and sales. Overseas : Net sales increased mainly due to the contribution of newly consolidated subsidiaries (Two Philippine companies, ARICO), as well as strong performance of the dispenser business in the Americas and the refrigerator business in the Americas and India. ■ Operating Income : 46.2 billion yen (increased 8.7%) Operating income margin : 12.7% (decreased 0.2pt) □ Japan : 27.2 billion yen (increased 6.1%) Operating income margin ：15.5% (increased 0.2pt) □ Overseas : 21.6 billion yen (increased 12.1%) Operating income margin ：11.5% (decreased 0.4pt) *Calculated based on reporting segments: "Americas" and "Europe" and "Asia" □ Sales and operating income reached record highs. Exceeded previous year and internal plans. Although operating profit increased mainly due to increased sales, the operating margin declined due to the following factors. Costs of acquiring Structural Concepts (SCC): 0.5 billion yen Increase in the impact of inflationary accounting at Ozti in Turkey: 0.5 billion yen (3.0 billion for the current term and 2.5 billion for the previous term) Operating margin excluding SCC acquisition costs and increase in inflation accounting. Consolidated operating margin: 13.0% (increased 0.1pt) Overseas operating margin: 12.0% (increased 0.2pt) □
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Amount Percentage Amount Percentage Change (%) (%) 9 months results FY 2024 FY 2025 Percentage (%)(Millions of yen) (Millions of yen) (Millions of yen) Year-on-year 100.0 +34,161 110.3 Sales 331,263 100.0 365,425 109.7 61.9 +21,892 110.7 Gross profit 127,131 38.4 139,400 Cost of sales 204,131 61.6 226,024 Operating income 42,572 12.9 46,294 25.5 +8,547 110.1 Selling, general and administrative expenses 84,559 25.5 93,105 Profit attributable to owners of parent 30,369 9.2 33,664 Ordinary income 47,189 14.2 49,126 9 months results 9.2 +3,294 110.8 13.4 +1,937 104.1 12.7 +3,722 108.7 38.1 +12,269 連結損益計算書 5 Consolidated Business Performance
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6 （Millions of yen) Factors for Change in Consolidated Sales （Japan and Overseas） 331,263 365,425 Foreign Exchange Effects -4,540 Japan +8,094 Overseas +30,607 300,000 320,000 340,000 360,000 380,000 FY2024 9 months Results FY2025 9 months Results
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7 Japan 167,930 (50.7%) Japan 176,025 (48.2%) Americas 80,423 (24.3%) Americas 89,885 (24.6%) Europe 38,157(11.5%) Europe 42,459(11.6%) Asia 44,751(13.5%) Asia 57,055(15.6%) Consolidated 331,263 Consolidated 365,425 0 100,000 200,000 300,000 400,000 FY2024 9 months Results FY2025 9 months Results (Millions of yen) Year-on-year Comparison of Sales by Reporting Segments *Figures in parenthesis indicate component percentages. *Classified according to the location of the head offices. (e.g. Lancer Europe is included in “Americas”) (This is a classification for internal management control, and we use the same classification for reporting segments in the quarterly report.)
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331,263 365,425 Ice Machines +3,085 Refrigerators +13,058 Dish Washers +2,951 Dispensers +3,987 Other Products etc +2,995 Maintenance and Repair +4,449 Non Hoshizaki Products +3,636 300,000 318,750 337,500 356,250 375,000 FY2024 9 months Results FY2025 9 months Results 8 Factors for Change in Consolidated Sales by Product GroupsFactors for Change in Consolidated Sales by Product Groups (Millions of yen)
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連結営業利益増減要因 9 Factors for Change in Consolidated Operating Income 42,572 46,294 Gross Profit Ratio -937 (38.4%→38.1%) Selling, General and Administrative Expenses -9,411 Foreign Exchange -698 Adjustment -85 Sales +14,853 40,000 46,250 52,500 58,750 65,000 FY2024 9 months Results FY2025 9 months Results （Millions of yen） *The figures in parentheses indicate the ratio of sales to total sales.
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10 Factors for Change in Consolidated Operating Income by Japan and Overseas 42,572 46,294 Amortization of goodwill -698 Consolidation Adjustments (including amortization of goodwill) -178 Japan +1,559 Overseas +3,040 35,000 38,750 42,500 46,250 50,000 FY2024 9 months Results FY2025 9 months Results （Millions of yen）
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11 Impact of Goodwill Amortization Amortization of intangible asset Amortization of goodwill Operating income Amortization of Goodwill + Operating Income Amortization of Goodwill Impact of Goodwill Amortization 42,572 (12.9%) 46,294 (12.7%) 853 1,0971,340 1,35244,766 (13.5%) 48,744 (13.3%) 0 15,000 30,000 45,000 60,000 FY2024 9 months Results FY2025 9 months Results 853 1,097 1,340 1,352 2,194 2,449 0 750 1,500 2,250 3,000 FY2024 9 months Results FY2025 9 months Results （Millions of yen） （Millions of yen） *Percentages in parentheses indicate sales ratio. Amortization of intangible asset Amortization of goodwill Operating income
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12 Breakdown of Foreign Exchange Gain and Loss 1,575 (141.8→ 142.7) -442 1,133 -381 (158.1→ 144.8) -59 -440 ▲2,000 0 2,000 4,000 6,000 USD Others (Settlement, etc.) Total -2.000 （Millions of yen） Left ： FY2024 9 months Results Right ： FY2025 9 months Results *The figures in parentheses show the movement of the exchange rate from the end of the previous FY to the end of the current period.
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連結貸借対照表 13 Consolidated Balance SheetConsolidated Balance Sheet Amount Amount Change (Millions of yen) (Millions of yen) (Millions of yen) Current assets 390,307 71.3 333,074 59.6 -57,233 (Cash and cash equivalents) 240,055 43.8 167,537 30.0 -72,517 (Notes and accounts receivable-trade) 70,253 12.8 82,962 14.8 +12,709 (Inventory) 69,165 12.6 77,230 13.8 +8,065 Non-current assets 157,331 28.7 225,819 40.4 +68,488 Total assets 547,638 100.0 558,894 100.0 +11,255 Current liabilities 129,923 23.7 141,994 25.4 +12,071 (Notes and accounts payable-trade) 36,252 6.6 39,348 7.0 +3,095 Non-current liabilities 34,900 6.4 28,261 5.1 -6,639 Total liabilities 164,823 30.1 170,256 30.5 +5,432 Total net assets 382,815 69.9 388,637 69.5 +5,822 Total liabilities and net assets 547,638 100.0 558,894 100.0 +11,255 239,035 167,537 -71,497Cash and deposits As of December 31, 2024 As of September 30, 2025 Percentage (%) Percentage (%)
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547,638 558,894 0 175,000 350,000 525,000 700,000 As of December 31 2024 As of September 30 2025 382,815 388,637 66.4% 66.0% 0.0% 25.0% 50.0% 75.0% 100.0% 0 120,000 240,000 360,000 480,000 As of December 31 2024 As of September 30 2025 14 Total Assets Net Assets Comparison of Consolidated Total Assets and Net Assets (millions of yen) (millions of yen) Shareholder equity ratio
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Ⅱ. Key Factors of Financial Results for FY 2025 3Q
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国内：大手チェーン店 全店店舗数 前期比/前年同月比 16 出典：日本フードサービス協会「外食産業市場動向調査 年間データ」 （％） Japan : Number of Major Restaurant Chains (Year-on-year Change) The total number of stores of major domestic chain stores has been declining year on year since 2020, but has remained above 100% since November 2024. 95.0 97.5 100.0 102.5 105.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. (Source: Japan Food Service Association “Trend Survey on the Food-Service Industry Annual Data”) Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. 100.4% 100.5% 100.4% 100.5% 100.7% 100.7% 100.8% 100.7% 100.8% Number of Restaurants Year-on-year
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国内：大手チェーン店 全店売上高 前期比/前年同月比 17 出典：日本フードサービス協会「外食産業市場動向調査 年間データ」 （％） Japan : Sales of Major Restaurant Chains (Year-on-year Change) Sales in the restaurant industry have been at high levels, partly due to continued inbound demand. Total store sales in September were 104.8% year-on-year. 1月 2月 3月 4月 5月 6月 7月 8月 9月 107.7% 106.0% 107.0% 106.0% 110.8% 106.0% 108.7% 108.4% 104.8%前年同月比 売上高 40.0 70.0 100.0 130.0 160.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. (Source: Japan Food Service Association “Trend Survey on the Food-Service Industry Annual Data”) Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. 107.7% 106.0% 107.0% 106.0% 110.8% 106.0% 108.7% 108.4% 104.8% Sales Year-on-year
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Japan : Sales by Type of Business in Major Restaurant Chains (Year-on-year Change) 18 出典：日本フードサービス協会「外食産業市場動向調査 年間データ」 （％） Sales in all business categories increased at a rate of 100% or more year on year, but the rate of growth in nighttime establishments such as pubs and bars was stagnant. (Source: Japan Food Service Association “Trend Survey on the Food-Service Industry Annual Data”) Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. 108.1% 105.9% 107.5% 104.4% 111.8% 106.9% 109.7% 107.4% 106.1% 107.2% 106.5% 107.0% 108.4% 110.4% 104.6% 107.6% 109.8% 102.5% 104.7% 102.7% 100.8% 103.7% 104.8% 102.3% 103.7% 109.1% 100.9% 105.0% 106.3% 107.0% 107.7% 108.0% 101.6% 105.3% 110.8% 103.9% 109.8% 107.2% 108.2% 111.2% 109.7% 112.0% 111.6% 110.9% 107.9% Fast-Food Casual Restaurant Pub/Bar Dinner Restaurant Café Each type of business Sales 40.0 100.0 160.0 220.0 280.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Pub/Bar Dinner restaurant Casual restaurant Cafe Fast-food
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102.9 105.6 107.6 110.7 105.5 106.9 105.9 102.9 105.6 70.0 85.0 100.0 115.0 130.0 FY2024 1Q Results ('24/1-3) FY2024 2Q Results ('24/4-6) FY2024 3Q Results ('24/7-9) FY2024 4Q Results ('24/10-12) FY2025 1Q Results ('25/1-3) FY2025 2Q Results ('25/4-6) FY2025 3Q Results ('25/7-9) 国内：売上高前年同期比推移 19 （％） Japan : Year-on-Year Change in Sales Sales increased 105.6% year on year as a result of responding to increasing demand for capital investment due to continued inbound travel and focusing on expanding sales in the non-restaurant and beverage market in addition to the food and beverage market. YoY FY 2024 FY 2025 change Results Results Japan 107.7% 104.8%
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海外：エリア別 ※ 売上高前年同期比（円貨ベース）推移 Americ as 100.3 99.2 104.7 109.4 108.3 119.4 Americas 115.9 Europe 196.1 231.5 189.9 297.5 109.3 95.1 Europe 137.5Asia 123.0 104.6 144.6 153.5 134.6 151.5 Asia 120.5 30.0 100.0 170.0 240.0 310.0 FY2024 1Q Results ('24/1-3) FY2024 2Q Results ('24/4-6) FY2024 3Q Results ('24/7-9) FY2024 4Q Results ('24/10-12) FY2025 1Q Results ('25/1-3) FY2025 2Q Results ('25/4-6) FY2025 3Q Results ('25/7-9) 20 （％） Overseas : *Year-on-Year Change in Sales by Areas on Local Currency Basis *Head Office Area Category (Example: Lancer Europe is included in the Americas. It is an internal business management category, which is the same as the disclosure category of annual securities reports.)
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Ⅲ . Business Forecast for FY 2025
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Summary of Business Forecast in FY 2025 （Officially announce 2025.02.13） 22 Ordinary income: 55.9 billion yen (decrease by 3.3%) Not included foreign exchange gains or losses on deposits in foreign currencies. (Foreign exchange gains of 1.9 billion yen were recorded in the previous fiscal year.) Sales: 460 billion yen (increase by 3.3% year-on-year) Japan: Sales 222.7 billion yen (increase by 2.4%) Overseas: Sales 237.3 billion yen (increase by 4.1%) Overseas sales ratio: 51.6% (increase by 0.2pt) In Japan, service consumption and inbound demand are expected to continue to increase despite concerns about the effects of the global economic stagnation, rising prices, and continuing labor shortages. By deepening the restaurant market and strategically developing markets other than restaurants, full-year sales are assumed to be 102.4% year-on-year. In overseas markets, although the business environment in each region is becoming more severe due to concerns about macroeconomic effects and intensified price competition with competitors, the full-year sales are assumed to be 104.1% year-on-year in view of continued demand and the contribution of the two new consolidated companies. Exchange rates (average of the period) assumption: 148 yen per US dollar, 160 yen per Euro, 1.80 yen per Indian Rupee Operating Income: 53.5 billion yen (increase by 3.9%) Although an increase in personnel costs due to continued wage increases and a decline in profit margins due to intensified price competition are expected, we plan to increase profits by promoting cost-cutting activities. Contributions from the two newly consolidated companies are expected to be minimal, taking into account amortization of goodwill and other factors. Profit attributable to owners of parent: 38.3 billion yen (increase by 3.0%) No revisions to full-year earnings forecast for Q3
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Amount Percentage Amount Percentage Amount Percentage Change Percentage (%) (%) (%) (%) 8.3 1,130 103.0 Profit attributable to owners of parent 32,835 8.8 37,170 8.3 38,300 12.2 -1,923 96.7Ordinary income 50,322 13.5 57,823 13.0 55,900 11.6 2,021 103.9Operating income 43,520 11.7 51,479 11.6 53,500 26.2 5,430 104.7 Selling, general and administrative expenses 92,541 24.8 114,969 25.8 120,400 37.8 7,451 104.5Gross profit 136,062 36.4 166,449 37.4 173,900 62.2 7,054 102.5Cost of sales 237,501 63.6 279,046 62.6 286,100 100.0 14,505 103.3Sales 373,563 100.0 445,495 100.0 460,000 (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) Year-on-year FY 2023 FY2024 FY 2025 Forecasts Results Results Feb. 13th, 2025 Business Forecast for FY 2025 （Officially announce 2025.02.13） 23 No revisions to full-year earnings forecast for Q3
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Ⅳ. Company Profile and Overview of Business
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Company Profile 25 Company name : HOSHIZAKI CORPORATION Head Office : 3-16 Minamiyakata, Sakae-cho, Toyoake-shi, Aichi Representative : Yasuhiro Kobayashi, Representative Director, President & CEO Establishment : February 1947 Business : Research and development, manufacturing, sales, maintenances and service of commercial kitchen appliances & equipment. Capital stock : 8,138 million yen (As of December 31, 2024) Consolidated business performance : Sales : 445,495 million yen (Fiscal Year ended December 31, 2024) Operating income : 51,479 million yen Profit attributable to owners of parent : 37,170 million yen (*Net income is attributable to shareholders of the parent company.) Number of consolidated group companies : 63 companies (20 companies in Japan, 20 companies in Americas, 23 companies in Europe and Asia) (As of September 30, 2025 *Including HOSHIZAKI CORPORATION) Number of employees : 1,165 persons (HOSHIZAKI CORPORATION) 17,017 persons (Group total) (As of September 30, 2025) Number of sales offices in Japan : 428 places *Including Service Centers (As of September 30, 2025)
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Ice Machines 19.5% Refrigerators 26.4% Dishwashers 6.8%Dispensers 8.7% Others 13.3% Maintenance and Repair 15.0% Non Hoshizaki Products 10.3% Main Product Group and Sales Breakdown 26 Refrigerators Refrigerator Dishwashers Dishwasher Rack Conveyor Dishwasher Other Products etc Ice machines Draft Beer DispenserDispenser Dispensers Sales for FY 2024 445,495 Million Yen Under-Counter Refrigerator Steam Convection Oven Dough Conditioner Hot & Cold Meal Serving Cart Cold Water Dispenser Cube Ice Maker Ice Dispenser Vacuum Packing Machine
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0 15,000 30,000 45,000 60,000 0 120,000 240,000 360,000 480,000 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Long-term Business Performance Consolidated Basis 27 ★ (Millions of Yen) ● ■ : Sales (Left axis) : Operating income (Right axis) (Millions of Yen) Recorded a record sales and operating income. Number of consolidated group companies. 4 companies 27 companies Acquired Lancer Corporation in February 2006. Acquired Gram Commercial A/S in September 2008. Acquired Western Refrigeration Private Limited in January 2013 and acquired assets of Jackson MSC LLC. Acquired Acos Macom Industria e Comercio Ltda in July 2013. Acquired Zhejiang Iceshare Refrigerating Appliance Co.,LTD in June 2015. July 2022 Acquisition of Brema October 2022 Acquisition of NAOMI December 2022 Acquisition of Royal Kitchen March 2024 Consolidated subsidiaries of Ozti May 2024 Acquisition of TLX,HKRPH
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Notes on the Appropriate Use of this Document This document includes the forward-looking statements and data concerning business performances, strategies, and business plans of HOSHIZAKI CORPORATION (“the Company”). The forward-looking statements and data in this document are not historical facts, but the Company’s forecast based on currently available information. Because potential risks and uncertain factors, such as economic trends, competition with other companies, are included in this document, please be noted that actual business performance, business development, and financial situation of the Company may differ significantly from the forecast due to various factors, such as future economic trends, competition in the industry, market demand, other economic, social, and political situations. This presentation is an English translation of the material initially written in Japanese, which should be considered to be the primary version. If you have any inquiries concerning this document and our IR activities, please contact as below: HOSHIZAKI CORPORATION Corporate Planning & Strategy Dept. TEL (0562) 96-1320 URL http://www.hoshizaki.co.jp/ 28