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For Website TOSHIZAK * Summary of Business Performance The Second Quarter of 2026 - Aiming to be the world's No.1 brand connecting the five continents - HOSHIZAKI ( 6465 ) August 6 , 2026
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Table of Contents 1 Financial Results for FY 2026 2Q0１ Key Factors of Financial Results for FY 2026 2Q02 Business Forecast for FY 202603 Topics04 Appendix05
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2 Financial Results for FY 2026 2Q0１ Key Factors of Financial Results for FY 2026 2Q02 Business Forecast for FY 202603 Topics04 Appendix05
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英訳時期中平均は手入力必要→ FY2025 6 months FY2026 6 months FY2025 End of June FY2026 End of June US dollar 148.4 158.2 156.5 162.3 Pound 192.6 212.7 211.4 215.0 Euro 162.2 184.5 184.3 185.3 Singapore dollar 112.1 123.8 121.7 125.5 Chinese yuan 20.4 23.0 22.3 23.8 Indian rupee 1.73 1.71 1.76 1.73 Brazillian real 25.8 30.7 28.4 31.3 Viet Nam Dong 0.0059 0.0063 0.0062 0.0064 Philippine Peso 2.62 2.65 2.67 2.67 Turkish lira 3.63 3.48 3.65 3.48 End of PeriodAverage of Period Foreign Exchange Rates 3 *Due to the application of hyperinflationary accounting, the Turkish lira uses the period-end exchange rate instead of the average rate during the period for income statement items.
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Summary of Financial Results for FY 2026 2Q 4 ■ Financial Summary (Consolidated) ■ Breakdown (Japan / Overseas) [Reference] Sales ⚫ Japan: Domestic sales increased due to further sales expansion not only in the food and beverage market but also in the non - food and beverage market (Distribution and sales, accommodation facilities, agriculture, forestry and fisheries, etc.), where strong demand has continued recently, and strong sales of maintenance and repairs for customers. ⚫ Overseas: Overseas sales increased mainly due to increased sales of key products in each area. ⚫ Americas SCC, which was acquired in the previous fiscal year, also contributed to earnings. Adjusted operating income ⚫ Adjusted operating income increased mainly in Japan and Asia due to increased sales and improved profit margins. ⚫ Americas SCC, which was acquired in the previous fiscal year, also contributed to business performance. Metric Results YoY Change Sales 273.6 billion yen +14.7% Adjusted operating income 39.3 billion yen +16.1% Adjusted operating income margin 14.4% +0.2Pt Ordinary Income 34.0 billion yen +6.9% Profit Attributable to owners of Parent 22.2 billion yen +1.6% ■ Key Factors for Changes Metric Results YoY Change Japan Sales 122.6 billion yen +6.2% Adjusted operating income 19.5 billion yen +11.1% Adjusted operating income margin 16.0% +0.7Pt Overseas Sales 150.9 billion yen +22.7% Adjusted operating income 19.6 billion yen +25.7% Adjusted operating income margin 13.0% +0.3Pt Overseas sales ratio 55.2% +3.6Pt * Adjusted operating income = Operating income + Amortization of investment differences related to business combination (goodwill and intangible assets) + Impact of hyperinflation accounting Amortization of investment differences related to business combination (goodwill and intangible assets): -4.6 billion yen in 2Q FY2026, -1.6 billion yen in 2Q FY2025. Impact of hyperinflation accounting at Ozti in Turkey: -2.1 billion yen in 2Q FY2026, -1.8 billion yen in 2Q FY2025. Both net sales and adjusted operating income increased year on year to record highs. Efforts to improve profit margins in Japan and other Asian markets made a significant contribution, and the adjusted operating margin, which indicates our company's profitability, also improved. To enhance corporate value, we are also steadily promoting initiatives to strengthen the foundation for future growth.
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Amount Percentage Amount Percentage Change (%) (%) +5,443 116.1Adjusted operating income 33,886 14.2 39,330 14.4 6 months results FY 2025 FY 2026 6 months results Percentage (%)(Millions of yen) (Millions of yen) (Millions of yen) Year-on-year 100.0 +35,118 114.7Sales 238,528 100.0 273,646 +23,036 115.6 Gross profit 90,999 38.2 103,080 Cost of sales 147,529 61.8 170,566 62.3 Operating income 30,480 12.8 32,705 25.7 +9,856 116.3 Selling, general and administrative expenses 60,518 25.4 70,374 12.0 +2,224 107.3 Profit attributable to owners of parent 21,952 9.2 22,297 Ordinary income 31,854 13.4 34,053 8.1 +345 101.6 12.4 +2,199 106.9 37.7 +12,081 113.3 Consolidated Business Performance 5 * Adjusted operating income = Operating income + Amortization of investment differences related to business combination (goodwill and intangible assets) + Impact of hyperinflation accounting * Consolidated statements of income for the cumulative period of the second quarter of 2025 have been revised due to the finalization of the initial provisional accounting treatment for the business combination with ARICO acquired in February 2025.
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16.0% (+0.7pt) 13.0% (+0.3pt) Americas 10.3% (+0.3pt) Europe 11.9% (+0.5pt) Asia 18.1% (+0.3pt) 14.4% (+0.2pt)Consolidated 33,886 39,330 +16.1% Segment Previous Year Current Year YoY Change Margin (YoY Change) 5,728 7,636 +33.3% 3,051 3,525 +15.5% 6,877 8,523 +23.9% Japan 17,647 19,598 +11.1% Overseas 15,657 19,684 +25.7% Sales and Adjusted Operating Income by Reporting Segment (Year-on-Year Comparison) 6 ■ Sales by Reporting Segment (YoY Change / Composition) ■ Adjusted Operating Income and Margin by Reporting Segment (YoY Change) * 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.) * “Consolidated” figures are not a simple total of each segment but include consolidation adjustments such as the elimination of intercompany transactions. * Adjusted operating income = Operating income + Amortization of investment differences related to business combination (goodwill and intangible assets) + Impact of hyperinflation accounting (Millions of yen) (Millions of yen) 44.8% (-3.6pt) 55.2% (+3.6pt) Americas 27.1% (+3.0pt) Europe 10.9% (-0.4pt) Asia 17.2% (+1.0pt) 100%Consolidated 238,528 273,646 +14.7% Overseas 123,007 150,987 +22.7% 57,458 74,156 +29.1% 26,833 29,709 +10.7% 38,715 47,120 +21.7% Segment Previous Year Current Year YoY Change Composition (YoY Change) Japan 115,520 122,659 +6.2%
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Factors for Change in Consolidated Sales (By area from previous year) 7 (Millions of yen) 238,528 273,646 Japan +7,139 Americas +11,929 Europe +908 Asia +7,850 Foreign Exchange Effects +7,292 220,000 237,500 255,000 272,500 290,000 FY2025 6 months Results FY2026 6 months Results
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238,528 273,646 Dispensers -333 Non Hoshizaki Products -634 Ice Machines +5,526 Refrigerators +22,501 Dish Washers +904 Other Products etc +2,359 Maintenance and Repair +4,795 230,000 242,500 255,000 267,500 280,000 FY2025 6 months Results FY2026 6 months Results Factors for Change in Consolidated Sales by Product Groups 8 (Millions of yen) Ice Machines Refrigerators Dishwashers Dispensers Other Products etc Maintenance and Repair Non- Hoshizaki Total Amount Japan +845 +1,568 +436 -19 +1,398 +2,507 +403 +7,139 Percent to total change +11.8% +22.0% +6.1% ▲0.3 % +19.6% +35.1% +5.6% +100.0% Overseas +4,681 +20,932 +468 -315 +961 +2,288 -1,037 +27,979 Percent to total change +16.7% +74.8% +1.7% -1.1 % +3.4% +8.2% -3.7 % +100.0% Americas +1,628 +13,656 +410 -569 +53 +1,542 -21 +16,698 Percent to total change +9.7% +81.8% +2.5% -3.4 % +0.3% +9.2% -0.1 % +100.0% Europe +1,862 +872 -23 +0 -104 +270 +0 +2,876 Percent to total change +64.7% +30.3% -0.8 % +0.0% -3.6 % +9.4% +0.0% +100.0% Asia +1,192 +6,404 +81 +255 +1,013 +475 -1,015 +8,405 Percent to total change +14.2% +76.2% +1.0% +3.0% +12.0% +5.7% -12.1 % +100.0% Consolidated +5,526 +22,501 +904 -333 +2,359 +4,795 -634 +35,118 Percent to total change +15.7% +64.1% +2.6% ▲0.9 % +6.7% +13.7% ▲1.8 % +100.0%
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30,670 +2,359 (107.7%) 33,030 0 10,000 20,000 30,000 40,000 FY2025 6 months Results FY2026 6 months Results 34,570 +4,795 (113.9%) 39,365 0 12,000 24,000 36,000 48,000 FY2025 6 months Results FY2026 6 months Results 20,526 -333 (98.4%) 20,193 0 7,000 14,000 21,000 28,000 FY2025 6 months Results FY2026 6 months Results 17,870 +904 (105.1%) 18,774 0 6,000 12,000 18,000 24,000 FY2025 6 months Results FY2026 6 months Results 64,574 +22,501 (134.8%) 87,075 0 25,000 50,000 75,000 100,000 FY2025 6 months Results FY2026 6 months Results 45,405 +5,526 (112.2%) 50,932 0 15,000 30,000 45,000 60,000 FY2025 6 months Results FY2026 6 months Results Year-on-year Comparison of Sales by Product Groups (Japan and Overseas) 9 Ice Machines Refrigerators Dishwashers Dispensers Maintenance and Repair Other Products Asia Europe Americas Japan (Millions of yen) *The figures in parentheses indicate the ratio of the previous year.
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Overseas FY 2025 FY 2026 6 months 6 months Percentage Percentage Change Ice Machines 28.4% 26.3% -2.2 % Refrigerators 29.2% 37.6% +8.5% Dishwashers 6.6% 5.7% -0.9 % Dispensers 14.1% 11.3% -2.8 % Other Products etc 9.5% 8.4% -1.1 % Maintenance and Repair 7.9% 7.9% +0.1% Non Hoshizaki Products 4.3% 2.8% -1.5 % Japan FY 2025 FY 2026 6 months 6 months Percentage Percentage Change Ice Machines 9.0% 9.2% +0.2% Refrigerators 24.8% 24.7% -0.2 % Dishwashers 8.5% 8.3% -0.1 % Dispensers 2.7% 2.6% -0.2 % Other Products etc 16.4% 16.6% +0.2% Maintenance and Repair 21.5% 22.3% +0.8% Non Hoshizaki Products 17.0% 16.3% -0.7 % Japan Ice Machines 9.2% Refrigerators 24.7% Dishwashers 8.3% Dispensers 2.6% Other Products etc 16.6% Maintenance and Repair 22.3% Non Hoshizaki Products 16.3% Overseas Ice Machines 26.3% Refrigerators 37.6% Dishwashers 5.7% Dispensers 11.3% Other Products etc 8.4% Maintenance and Repair 7.9% Non Hoshizaki Products 2.8% Composition Ratio of Sales by Product Groups (Japan and Overseas) 10
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30,480 33,886 39,330 32,705 Gross Profit Ratio -1,254 (38.6%→38.8%) Selling, General and Administrative Expenses -4,155 Adjustment -346 Hyperinflationary accounting effect -2,056 Amortization of goodwill and intangible assets -4,567 Amortization of goodwill and intangible assets +1,627 Hyperinflationary accounting effect +1,778 Sales +10,797 Foreign Exchange +401 24,000 31,000 38,000 45,000 52,000 FY2025 6 months Results 25年 第2四半期 調整後営業利益(実績) 26年 第2四半期 調整後営業利益(実績) FY2026 6 months Results Factors for Change in Consolidated Operating Income (year on year) 11 (Millions of yen) FY2026 Adjusted operating income (6 months Results) FY2025 Operating income (6 months Results) FY2026 Operating income (6 months Results) FY2025 Adjusted operating income (6 months Results)
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30,480 33,886 39,330 32,705 Adjustment -336 Hyperinflationary accounting effect -2,056 Amortization of goodwill and intangible assets -4,567 Amortization of goodwill and intangible assets +1,627 Hyperinflationary accounting effect +1,778 Japan +1,950 Americas +1,636 Europe +342 Asia +1,646 Foreign Exchange +401 30,000 33,000 36,000 39,000 42,000 FY2025 6 months Results 25年 第2四半期 調整後営業利益(実績) 26年 第2四半期 調整後営業利益(実績) FY2026 6 months Results Factors for Change in Consolidated Operating Income (by area from the previous year) 12 (Millions of yen) FY2025 Operating income (6 months Results) FY2026 Operating income (6 months Results) FY2025 Adjusted operating income (6 months Results) FY2026 Adjusted operating income (6 months Results)
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30,480 (12.8%) 32,705 (12.0%) 606 3,514 775 788 246 265 32,108 (13.5%) 37,273 (13.6%) 0 11,250 22,500 33,750 45,000 FY2025 6 months Results FY2026 6 months Results 606 3,514 775 788 246 265 1,627 4,567 0 1,250 2,500 3,750 5,000 FY2025 6 months Results FY2026 6 months Results Impact of Goodwill Amortization 13 Amortization of Goodwill Amortization of Goodwill + Operating Income Amortization of tangible asset Amortization of intangible asset Amortization of goodwill Operating income *Amortization of goodwill represents the amortization of investment differences related to business combinations. *Percentages in parentheses indicate sales ratio. (Millions of yen)
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Amount Amount Change (Millions of yen) (Millions of yen) (Millions of yen) Current assets 342,313 59.5 351,318 59.0 +9,004 (Cash and cash equivalents) 177,089 30.8 169,412 28.5 -7,677 (Notes and accounts receivable-trade) 76,736 13.3 88,921 14.9 +12,185 (Inventory) 80,935 14.1 83,592 14.0 +2,656 Non-current assets 233,332 40.5 243,891 41.0 +10,558 Total assets 575,646 100.0 595,210 100.0 +19,563 Current liabilities 135,598 23.6 154,133 25.9 +18,534 (Notes and accounts payable-trade) 36,255 6.3 37,438 6.3 +1,183 Non-current liabilities 26,133 4.5 20,400 3.4 -5,732 Total liabilities 161,731 28.1 174,533 29.3 +12,802 Total net assets 413,914 71.9 420,676 70.7 +6,761 Total liabilities and net assets 575,646 100.0 595,210 100.0 +19,563 177,089 169,412 -7,677Cash and deposits As of December 31, 2025 As of June 30, 2026 Percentage (%) Percentage (%) Consolidated Balance Sheet 14
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575,646 595,210 0 175,000 350,000 525,000 700,000 As of December 31 2025 As of June 30 2026 413,914 420,676 68.2% 67.0% 0.0% 25.0% 50.0% 75.0% 100.0% 0 120,000 240,000 360,000 480,000 As of December 31 2025 As of June 30 2026 Comparison of Consolidated Total Assets and Net Assets 15 Total Assets Net Assets （Millions of yen） （Millions of yen） Shareholder equity ratio
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16 Financial Results for FY 2026 2Q0１ Key Factors of Financial Results for FY 2026 2Q02 Business Forecast for FY 202603 Topics04 Appendix05
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Japan : Number of Major Restaurant Chains (Year-on-year Change) 17 The total number of stores at major domestic chains has been on a year-on-year decline since 20. However, it has remained above 100% since 25. 95.0 97.5 100.0 102.5 105.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 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. 100.9% 101.2% 101.3% 101.2% 101.5% 101.5% Number of Restaurants Year-on-year
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Japan : Sales of Major Restaurant Chains (Year-on-year Change) 18 Supported by continued inbound demand, sales in the foodservice industry remained at a high level. Sales at existing stores in June increased to 103.3% year on year. 40.0 70.0 100.0 130.0 160.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 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. 108.5% 106.6% 105.7% 108.0% 109.8% 103.3% Sales Year-on-year
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Japan : Sales by Type of Business in Major Restaurant Chains (Year-on-year Change) 19 Excluding Pub/Bar, sales increased by more than 100% year-on-year. 40.0 100.0 160.0 220.0 280.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. （％） Cafe Casual restaurant Fast-food Dinner restaurant Pub/Bar (Source: Japan Food Service Association “Trend Survey on the Food-Service Industry Annual Data”) Jan. Feb. Mar. Apr. May Jun. 109.1% 107.3% 106.4% 109.6% 109.8% 105.1% 108.1% 106.3% 104.9% 106.5% 110.4% 100.5% 104.1% 103.7% 104.8% 103.1% 105.3% 99.9% 107.9% 102.5% 104.8% 105.8% 110.6% 103.9% 109.3% 107.0% 105.3% 104.2% 109.3% 100.6% Fast-Food Casual Restaurant Pub/Bar Dinner Restaurant Café Each type of business Sales
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Japan : Year-on-Year Change in Sales 20 Sales increased to 105.1% year on year, driven by efforts to capture growing capital investment demand supported by continued inbound demand, as well as expansion into non-foodservice markets in addition to the foodservice market. 105.1 105.9 102.9 105.6 102.3 107.2 105.1 70.0 85.0 100.0 115.0 130.0 FY2025 1Q Results ('25/1-3) FY2025 2Q Results ('25/4-6) FY2025 3Q Results ('25/7-9) FY2025 4Q Results ('25/10-12) FY2026 1Q Results ('26/1-3) FY2026 2Q Results ('26/4-6) （％） YoY FY 2025 FY 2026 change 6 months Results Japan 104.3% 106.2%
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Americas 108.3 119.4 115.9 111.6 Americas 123.8 114.9 Europe 109.3 95.1 137.5 95.8 Europe 108.0 99.0 Asia 134.6 151.4 120.5 105.2 Asia 116.7 125.2 30.0 70.0 110.0 150.0 190.0 FY2025 1Q Results ('25/1-3) FY2025 2Q Results ('25/4-6) FY2025 3Q Results ('25/7-9) FY2025 4Q Results ('25/10-12) FY2026 1Q Results ('26/1-3) FY2026 2Q Results ('26/4-6) Overseas : *Year-on-Year Change in Sales by Areas on Local Currency Basis 21 （％） *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.) YoY Change FY2025 6 months Result FY2026 6 months Result Japan 114.2% 120.8% Europe 107.1% 103.4% Asia 123.7% 120.3%
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22 Financial Results for FY 2026 2Q0１ Key Factors of Financial Results for FY 2026 2Q02 Business Forecast for FY 202603 Topics04 Appendix05
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Summary of Business Forecast in FY 2026 (Adjusted operating income) 23 No revisions have been made to the full-year earnings forecast in the first quarter. (Announced on February 13, 2026) * Adjusted operating income = Operating income + Amortization of investment differences related to business combination (goodwill and intangible assets) + Impact of hyperinflation accounting * With respect to the business combinations with TECHNOLUX and HKR EQUIPMENT, which were acquired in May 2024, the initial provisional accounting treatment has been finalized. As a result, the consolidated statement of profit or loss for the fiscal year ended December 2024 has been revised. FY 2024 FY 2025 results results Amount Amount Amount Change Percentage (%) 445,495 485,890 520,000 +34,110 107.0 51,050 51,932 55,600 +3,668 107.1 (11.5% ) (10.7% ) (10.7% ) +0.0% - -3,341 -4,669 -8,641 ▲3,972 - -3,508 -4,493 -3,959 +534 - 57,901 61,094 68,200 +7,106 111.6 (13.0% ) (12.6% ) (13.1% ) +0.5% - Amortization of Goodwill and Intangible Assets, etc. Impact of Inflation Accounting (Millions of yen) FY 2026 Forecasts Feb. 13th, 2026 Year-on-year (Adjusted operating income margin) Sales Operating income (Operating income margin) Adjusted operating income (Millions of yen) (Millions of yen) (Millions of yen)
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Summary of Business Forecast in FY 2026 24 ◼ Ordinary income: 59.0 billion yen (increase by 4.8%) ◼ Sales: 520 billion yen (increase by 7.0% year-on-year) Japan: Sales 236.1 billion yen (increase by 4.1%) Overseas: Sales 283.9 billion yen (increase by 9.6%) Overseas sales ratio: 54.6% (increase by 1.3pt) In Japan, In addition to firm service consumption, we expect strong inbound demand, particularly in South Korea, Taiwan, Europe, the United States and Australia, and forecast full-year sales of 104.1% year-on-year. In overseas markets, Although the impact of macroeconomic trends and the competitive environment will remain severe, demand is expected to remain firm, particularly for key products (ice machines, refrigerators, and dispensers). In addition, by promoting the creation of synergies through strengthening cooperation among Group companies and aiming for sustainable growth, we forecast full-year net sales of 109.6% year-on-year. Exchange rates (average of the period) assumption: 150 yen per US dollar, 170 yen per Euro, 1.75 yen per Indian Rupee ◼ Profit attributable to owners of parent: 38.2 billion yen (increase by 0.1%) The effective tax rate is expected to rise due to the tax impact of amortization of goodwill, pushing down net income. ◼ Adjusted operating income : 68.2 billion yen (increase 11.6%) Adjusted operating income margin : 13.1% (increase 0.5pt) Japan: 32.0 billion yen (increase 5.3%) Adjusted operating income margin: 13.6% (increase 0.1pt) Overseas: 36.2 billion yen (increase 18.4%) Adjusted operating income margin: 12.7% (increase 1.0pt) Operating Income: 55.6 billion yen (increase 7.1%) Operating income margin : 10.7% (flat year-on-year) Although the company expects higher labor costs and price competition to have an impact, it expects higher profits by improving productivity and improving its cost structure. No revisions have been made to the full-year earnings forecast in the first quarter. (Announced on February 13, 2026)
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Business Forecast for FY 2026 25 (Announced on February 13, 2026) No revisions have been made to the full-year earnings forecast in the first quarter. * Adjusted operating income = Operating income + Amortization of investment differences related to business combination (goodwill and intangible assets) + Impact of hyperinflation accounting Amount Percentage Amount Percentage Amount Percentage Change Percentage (%) (%) (%) (%) 7,106 111.6 Adjusted operating income 57,901 13.0 61,094 12.6 68,200 13.1 FY 2024 FY2025 FY 2026 Forecasts Results Results Feb. 13th, 2026 (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) Year-on-year 100.0 34,109 107.0Sales 445,495 100.0 485,890 100.0 520,000 62.3 19,351 106.4Cost of sales 279,046 62.6 304,449 62.7 323,800 37.7 14,759 108.1Gross profit 166,449 37.4 181,441 37.3 196,200 27.0 11,091 108.6 Selling, general and administrative expenses 115,398 25.9 129,508 26.7 140,600 59,000 10.7 3,668 107.1Operating income 51,050 11.5 51,932 10.7 55,600 7.3 51 100.1 Profit attributable to owners of parent 36,936 8.3 38,148 7.9 38,200 11.3 2,694 104.8Ordinary income 57,394 12.9 56,305 11.6
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26 Financial Results for FY 2026 2Q0１ Key Factors of Financial Results for FY 2026 2Q02 Business Forecast for FY 202603 Topics04 Appendix05
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Strategic Alliance to Improve Corporate Value 27 About JAC JAC entered into a strategic alliance agreement with Japan Activation Capital Co., Ltd. ("JAC") on June 16, 2026 for the enhancement of JAC's corporate value. As a result, JAC holds approximately 2.7% of our company shares. It is a listed stock fund that supports the growth of companies from a medium- to long-term perspective based on a relationship of trust with the management of investee companies. JAC will make maximum use of its resources, know-how, and network, position the acceleration of overseas growth as an important issue in addition to stable growth in Japan, and strive to create intra-group synergies, steadily implement area strategies, and strengthen its overseas management base, thereby continuously improving corporate value. purpose of the alliance Details of the alliance 1. Collaboration in profitability, capital efficiency and growth strategies 3. Collaboration in Capital Policy ⚫ Further accelerate the promotion of structural reforms by maximizing JAC's knowledge on the implementation of growth strategies and the strengthening of management structures. ⚫ Steadily improve profitability and capital efficiency by improving the accuracy of growth investments and enhancing cash allocation. 2. Collaboration in M&A ⚫ Accelerate the creation and acquisition of promising investment opportunities based on disciplined capital allocation by utilizing JAC's expertise in M & A sourcing network and M & A and PMI implementation in Japan and overseas. ⚫ Promote sustainable earnings growth and increase corporate value by enhancing PMI and maximizing synergies. ⚫ Utilizing JAC's knowledge of capital markets and investor networks to further enhance dialogue with capital markets and advance capital policy and cash allocation strategies. ⚫ Realization of a virtuous cycle of increased capital efficiency and corporate value.
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28 Financial Results for FY 2026 2Q0１ Key Factors of Financial Results for FY 2026 2Q02 Business Forecast for FY 202603 Topics04 Appendix05
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Company Profile 29 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, 2025) Consolidated business performance Sales : 485,890 million yen Operating income : 51,932 million yen Profit attributable to owners of parent : 38,148 million yen *Fiscal Year ended December 31, 2025 Net income is attributable to shareholders of the parent company. Number of consolidated group companies* 62 companies (20 companies in Japan, 20 companies in Americas, 22 companies in Europe and Asia) Number of employees* 1,162 persons (HOSHIZAKI CORPORATION), 16,926 persons (Group total) Number of sales offices in Japan* 427 places (Including Service Centers) *As of June 30, 2026
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Ice Machines 18.7% Refrigerators 28.1% Dishwashers 7.2% Dispensers 8.5% Others 12.7% Maintenance and Repair 14.6% Non Hoshizaki Products 10.2% Under-Counter Refrigerator Steam Convection Oven Dough Conditioner Hot & Cold Meal Serving Cart Cube Ice Maker Ice Dispenser Vacuum Packing Machine Main Product Group and Sales Breakdown 30 Dispenser Draft Beer Dispenser Cold Water Dispenser Refrigerator Dishwasher Rack Conveyor Dishwasher Other Products etc Dispensers Dishwashers Refrigerators Ice machines Sales for FY 2025 485,890 Million Yen
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0 15,000 30,000 45,000 60,000 0 130,000 260,000 390,000 520,000 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 2025 Number of consolidated group companies. 4 companies → 27 companies ★ Long-term Business Performance Consolidated Basis 31 February 2006: Acquired Lancer Corporation September 2008: Acquired Gram Commercial A/S January 2013: Acquired Western Refrigeration Private Limited Acquired assets of Jackson MSC LLC. July 2013: Acquired Acos Macom Industria e Comercio Ltda June 2015: Acquired Zhejiang Iceshare Refrigerating Appliance Co.,LTD July 2022: Acquisition of Brema December 2022: Acquisition of NAOMI December 2022: Acquisition of Royal Kitchen March 2024: Consolidated subsidiaries of Ozti May 2024: Acquisition of TLX, HKRPH January 2025: Acquisition of CMI business February 2025: Acquired assets of Arico April 2025: Acquisition of Living Technology business June 2025: Acquisition of SCC Operating income (Right axis)Sales (Left axis)(Millions of Yen) Recorded a record sales and operating income (Millions of Yen)
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Approach to Business Strategies for Japan and Overseas 32 We will maximize growth, profitability, and capital efficiency by implementing strategies tailored to the characteristics of each region. Japan Americas Europe Asia Growth in mature markets driven by sales and service networks, and strengthening our stable earnings base Pursuit of growth and profitability centered on collaboration among group companies Combination of a defensive revenue base (ice makers) and growth engine (commercial refrigerators) Emphasis on assured sustainable growth in the growth market Opportunities⚫ Expanding into high-value-added segments in non-foodservice markets ⚫ Continuous expansion driven by replacement and maintenance services ⚫ Grow commercial refrigerators, Structural Concepts Corporation (SCC), and Fogel ⚫ Expand convenience store and retail markets ⚫ Expand market share for commercial refrigerators ⚫ Expand into neighboring regions with Türkiye (Ozti) as the base ⚫ High growth potential driven by India ⚫ Local production and local sales model in Southeast Asia Market characteristtis ⚫ Labor shortages, population decline ⚫ Centered on replacement and maintenance demand ⚫ The largest-scale market with stable growth ⚫ High unit prices ⚫ Mature market (Western Europe) ⚫ Increasingly stringent environmental regulations and growing quality requirement ⚫ High growth rate but wide regional disparities ⚫ Importance placed on identifying the rise in demand Competitive environment ⚫ High market share and a nationwide sales and service network ⚫ Competition based on service quality and reliability ⚫ Strong brands and product lineup ⚫ Group synergies as the source of our competitiveness ⚫ Technology- and price range- based competition ⚫ Efficient market actions through division of roles ⚫ Price competition with local manufacturers ⚫ Competition centered on differentiation and added values Environment Intense Mild Intense Mild Intense Mild Europe Intense Mild Türkiye Intense Mild Other Intense Mild India
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Strategic Direction of the Japan Business toward 2029 33 In our domestic business, we aim to achieve sustainable growth and improved profitability by leveraging our strengths in direct sales and services to enhance our ability to solve customer challenges in both the restaurant and non-restaurant markets. Basic policy for Japan 2029 performance targets for domestic business ■ 2029 net sales target ■ 2029 operating profit target * Operating profit ratio Net sales(billion yen) Operating profit (billion yen)Growth strategy ⚫ Strengthen solution-oriented proposals to address customer challenges in restaurant and non- restaurant markets and leverage our direct sales and service networks Improve profitability ⚫ Enhance business operations driven by sales and service ⚫ Structurally reform of administrative and indirect departments (fixed cost reduction) Increase capital efficiency ⚫ Maintain optimal inventory levels through integrated manufacturing and sales operations ⚫ Generate advances received by expanding full-service leases and maintenance contracts Priority L e ve l High 202.0 217.5 226.7 0.0 75.0 150.0 225.0 300.0 2023 2024 2025 2029 (target) 23.8 28.7 30.4 11.8% 13.2% 13.4% 0.0% 4.5% 9.0% 13.5% 18.0% 0.0 15.0 30.0 45.0 60.0 2023 2024 2025 2029 (target) *Calculated by deducting amortization of investment differences arising from business combinations (goodwill, intangible assets, etc.). 15% Priority Level: Focus on key strategic themes to achieve growth toward 2029 Sales CAGR （2025→2029） +4〜5%
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Strategic Direction of the Americas Business toward 2029 34 Under a market environment characterized by stable growth, we will balance growth and profitability by expanding our refrigerator business through group collaboration, starting from our core ice maker operations. By leveraging group synergies and optimizing our cost structure, we will build a business that is resilient to changes in the external environment. Basic policy for the Americas 2029 performance targets for the Americas business Growth strategy ⚫ Establish a stable business foundation centered on ice makers, and build growth drivers led by the commercial refrigerator ⚫ Expand customer value and maximize business value through a multi-brand strategy ⚫ Strengthen sales channel infrastructure to address a diverse range of customers and business sectors Improve profitability ⚫ Optimize cost structures through collaboration ⚫ Improve gross profit margin by optimizing products, customers, and cost structure ⚫ Reinforce profit structure by controlling SG&A expenses Increase Capital efficiency ⚫ Optimize investment allocation and investment judgment taking into account growth areas ⚫ Strengthen the management of accounts receivable ⚫ Reduce inventory by improving production, sales, and inventories (PSI) management and shortening lead times ⚫ Invest in new product launches that capture market needs ⚫ Realize post-acquisition synergies with a focus on goodwill Priority Level: Focus on key strategic themes to achieve growth toward 2029 Priority L e ve l High 96.9 107.7 121.2 0.0 60.0 120.0 180.0 240.0 2023 2024 2025 2029 (target) 10.2 11.3 11.0 10.5% 10.5% 9.1% 0.0% 4.5% 9.0% 13.5% 18.0% 0.0 15.0 30.0 45.0 60.0 2023 2024 2025 2029 (target) 13% Sales CAGR （2025→2029） +13％ excl. Fogel +6％ or more High *Calculated by deducting amortization of investment differences arising from business combinations (goodwill, intangible assets, etc.). ■ 2029 net sales target ■ 2029 operating profit target * Operating profit ratio Net sales(billion yen) Operating profit (billion yen)
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Strategic Direction of the Europe Business toward 2029 35 We will expand our market share by positioning commercial refrigerators as a growth pillar, while leveraging the market shareand profit foundation established with ice makers. Concurrently, by positioning Ozti in Türkiye as a core operating company and utilizing it for business development in Europe and neighboring regions, we will achieve both business expansion and profitability improvements. Basic policy for Europe 2029 performance targets for European business Growth strategy ⚫ Expand market share in refrigerators while maintaining ice makers as our core business ⚫ Expand sales by acquiring large and major customers and cultivating deeper relationship ⚫ Grow in Europe and neighboring regions leveraging the geographical advantage of Ozti Improve profitability ⚫ Generate cost-reduction synergies through collaboration among group companies ⚫ Improve product mix, price-tier composition, and cost structures by expanding sales of high-value-added ice maker models ⚫ Strengthen management foundation through introduction of ERP and structural reforms Increase Capital efficiency ⚫ Optimize investment allocation and investment judgment taking into account growth areas ⚫ Strengthen the management of accounts receivable ⚫ Optimize inventory levels by improving business operations ⚫ Invest in equipment to improve production efficiency and increase capacity ⚫ Invest in new product launches that capture market needs Priority L e ve l High 25.9 53.0 57.6 0.0 30.0 60.0 90.0 120.0 2023 2024 2025 2029 (target) 3.4 6.2 5.1 13.0% 11.7% 8.9% 0.0% 4.5% 9.0% 13.5% 18.0% 0.0 7.5 15.0 22.5 30.0 2023 2024 2025 2029 (target) 13% Sales CAGR （2025→2029） +3％ *Adjusted operating profit is calculated by subtracting the amortization of investment differences related to business combination (goodwill, intangible assets. Etc.) and the impact of hyperinflation accounting from operating profit.Priority Level: Focus on key strategic themes to achieve growth toward 2029 ■ 2029 net sales target ■ 2029 operating profit target * Operating profit ratio Net sales(billion yen) Operating profit (billion yen)
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Strategic Direction of the Asia Business toward 2029 36 As a core segment with high market potential driven by macroeconomic and demographic trends, this region will lead the group’s mid-to-long-term growth. We will focus on Western in India as our primary driver, aim for stable growth through a "local production for local consumption" model in Southeast Asia, and pursue profitability-oriented growth through structural reforms in China and East Asia. Basic policy for Asia 2029 performance targets for Asian business*1 Growth strategy ⚫ Expand the business in the high-growth market with Western at the center ⚫ Establish a local production for local consumption model in Southeast Asia ⚫ Selective growth focused on high-price range products and key customers in China and East Asia Improve profitability ⚫ Improve gross profit margin by increasing the ratio of premium and energy-saving products ⚫ Strengthen cost competitiveness by enhancing local production and procurement ⚫ Strengthen group-wide cost competitiveness by leveraging Western’s procurement scale Increase Capital efficiency ⚫ Prioritize investments in high-growth regions and businesses to ensure strategic resource allocation ⚫ Implement rigorous management focused on inventory levels and supply chain stability Priority L e ve l High 48.8 67.3 80.3 0.0 40.0 80.0 120.0 160.0 2023 2024 2025 2029 (target) 7.9 11.5 14.4 16.3% 17.2% 18.0% 0.0% 5.0% 10.0% 15.0% 20.0% 0.0 10.0 20.0 30.0 40.0 2023 2024 2025 2029 (target) Sales CAGR （2025→2029） +8％ 15% or more *1 The targets are set based on the achievable growth by closely monitoring the demand trends in each region *2 Calculated by deducting amortization of investment differences arising from business combinations (goodwill, intangible assets, etc.).Priority Level: Focus on key strategic themes to achieve growth toward 2029 ■ 2029 net sales target ■ 2029 operating profit target *2 Operating profit ratio Net sales(billion yen) Operating profit (billion yen)
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Shareholder Returns Strategic investment Financial discipline Item Definition Financial reserve in case of emergency Funds for retaining human resources during emergencies ➢ Funds to maintain the workforce and ensure business continuity for a certain period, even in the event of a certain level of decline in consolidated net sales. Working capital Working capital necessary for business activities ➢ Calculated as fund that is worth two months of consolidated net sales Shareholder returns Dividends Payout ratio of 40% or more Acquisition of treasury shares Consider flexible and agile share buybacks, while comprehensively taking into account growth and strategic investments as well as the achievement of an optimal cash position. Strategic investment Capital expenditure Growth investment and foundation strengthening based on area strategies Capacity expansion, R&D, maintenance and replacement, human capital, IT infrastructure, ESG investment M&A High-quality projects with expected investment returns, based on synergies and profitability Capital Strategy 37 We will pursue a capital strategy that balances capital efficiency and financial soundness by prioritizing the allocation of management resources to growth strategies, while effectively utilizing cash for initiatives including shareholder returns. While making necessary investment and stable dividend payment, and within the scope of financial discipline, we will continuously manage and control equity to reach the optimum level in line with the ROE target of 14% and ROIC target of 14%. 2026 plan 2029 target Term-end cash 150.0 billion yen Term-end cash 150.0 billion yen Acquisition of treasury shares 30.0 billion yen Operating cash flow 180.0 billion yen Dividends 65.0 billion yen Acquisition of treasury shares M&A investment Capital expenditure 50.0 billion yen Cash allocation Financial policy Minimum required cash level: 150.0 billion yen or less 180.0 billion yen 65.0 billion yen
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0.0% 50.0% 100.0% 150.0% 200.0% 250.0% 300.0% 350.0% 400.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2021 2022 2023 2024 2025 2026 2027 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 2021 2022 2023 2024 2025 2026 2027 消費者物価指数 Application of Accounting Methods in Hyperinflationary Economies 38 The effects of price increases are reflected in the financial statements when the three-year cumulative inflation rate is close to or above 100%. As of the end of June 2026, cumulative inflation since the end of March 2023 reached +193%, and hyperinflation accounting continues to be applied. CPI* Due to the hyperinflationary economy of Turkey, "hyperinflationary accounting" is applied to our overseas subsidiary, Ozti. The term "inflation accounting" is used hereafter in this document. The adoption of inflation accounting, which reflects the effects of price increases in the financial statements, had an impact on our earnings. Application standard for inflation accounting +193%1,351 3,960 Hyperinflationary accounting will be discontinued once the cumulative inflation rate falls below the 100% threshold. As of the end of June 2026, the application is expected to be lifted around FY2027. * The vertical axis shows the consumer price index at each point in time. Evolution of the inflation rate commencement of inflation accounting closing of inflation accounting
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Impact of Inflation Accounting on the Company 39 Net sales of Ozti for the fiscal year ended June 2026 increased by 0.5 billion yen compared to before the adoption of inflation accounting due to the impact of inflation accounting. Operating income was affected by -2.1 billion yen. 0.8 billion yen was recorded in non-operating income. Monetary asset (Cash and accounts receivable) Monetary liability (Accounts Payable and Borrowings) Non-monetary assets (Inventories and fixed assets) Capital P/L Sales Cost of sales SG & A expenses Amortization of goodwill, etc. Operating income Sales *1 Cost of sales *2 *3 *3 SG & A expenses *1 When monthly sales are adjusted for inflation, sales increase. If the rate of decline in the exchange rate at the end of the period is greater than the rate of growth in the consumer price index, it will have a negative impact. *2 Cost of sales increased due to adjustment for inflation in accordance with acquisition timing. *3 Amortization of fixed assets and goodwill increased due to retroactive adjustments for inflation. Amortization of goodwill, etc. Operating income Before Adoption of Inflation Accounting After Adoption of Inflation Accounting In inflation accounting, year-end rates are used to convert income statements into yen. B/S Inflation correction Inflation correction Gain on net monetary position +0.8 billion yen (non-operating income) The difference between credits and debits resulting from inflationary adjustments of non-monetary assets, liabilities, net assets and income statement items is adjusted as "loss (gain) on net monetary position" in non-operating income.
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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/ 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. Disclaimer 40