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©2026 NTN Corporation Consolidated Financial Results for the Third Quarter of FY2025 NTN Corporation February 3, 2026
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©2026 NTN Corporation 2 FY2025 Q1-3 Forecast for FY2025 Full Year Key Point of Financial Results No change from the previous announcement (For reference) Net Sales : ¥805.0 billion, Operating income : ¥26.0 billion, Operating margin 3.2% Net Sales ： ¥603.3 billion, ¥(12.2) billion YoY incl. Aftermarket ¥106.6 billion, +¥2.2 billion YoY Operating income ：¥19.3 billion, +¥5.1 billion YoY Operating margin ：3.2%, +0.9pt YoY Bearing and others Net sales ¥251.8 billion, Operating income ¥6.7 billion, Operating margin 2.7% Sales increased YoY while operating income decreased • Sales for the industrial machinery and aftermarket increased due to higher demand, but sales for the automobile decreased due to lower demand mainly in Japan • Selling price improvements and variable cost reduction progressed, but could not offset the adverse impact of scale decline including inventory valuation, leading to lower profits CVJ/Axle Net sales ¥351.5 billion, Operating income ¥12.6billion, Operating margin 3.6% Sales decreased YoY while operating income increased • Sales decreased due to lower demand mainly in Americas, Europe and China, as well as the impact of the semiconductor supply shortage • Despite the decline in scale, profit increased due to cost reductions and progress in passing U.S tariffs on selling prices Progress in Structural Reform (Q1-3) 2.2 (billion yen)Extraordinary loss FY2025(Q1-Q3)Results 2.9 FY2025(Q4)Forecast FY2024 Results : ¥18.9 billion Effect of structural reform FY2025 Plan : ¥10.0 billion FY2025 Q1-3 Results : ¥3.3 billion 5.0 (Compared to FY2023) 2.1 FY2024 FY2025
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©2026 NTN Corporation 3 1. Key Financial Indicators of FY2025 Q3 Q1-3 Full Year Q3 Q1-3 Full Year Results Results Results Results Results Forecast (billion yen) ① ② (Latest) Total Volume Forex 201.6 615.5 825.6 201.1 603.3 805.0 (12.2) (11.6) (0.5) 4.3 14.2 23.0 6.4 19.3 26.0 5.1 5.1 (0.0) 2.1% 2.3% 2.8% 3.2% 3.2% 3.2% (0.9pt) 2.3 5.8 10.5 5.3 14.0 13.0 8.2 8.2 0.0 (5.0) (5.6) (19.1) (2.5) (2.9) (8.0) 2.7 2.7 (0.0) (6.1) (8.3) (23.8) 0.6 3.7 (4.0) 12.0 12.0 0.0 266.7 266.7 244.4 260.7 260.7 230.0 16.3 1.3 15.0 2.9 5.7 19.7 (1.6) 12.6 20.0 7.0 - - 1USD ¥152.3 ¥152.4 ¥152.4 ¥154.1 ¥148.7 ¥147.8 (¥3.7) 1EURO ¥162.5 ¥164.7 ¥163.6 ¥179.3 ¥171.8 ¥171.3 ¥7.1 ¥11.00 (Interim \5.5 / Year-end \5.5) FY2024 FY2025 Diff. FY2025 Annual Dividend Net sales Operating income Operating margin Ordinary income ②-① Extraordinary income (loss) Profit (loss) attributable to owners of parent Inventories FCF Exchange rate * * Increase/decrease from the end of Mar. 2025
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©2026 NTN Corporation 四半期 半期 通期 FY2024 Q1-3 [Results] Operating income 14.2 FY2025 Q1-3 [Results] Operating income 19.3 Decrease in variable costs +8.2 Sales price level +3.4 +5.1 Negative factors (10.8) Positive factors 15.9 Structural reform effects +2.2 Decrease in personnel costs and expenses +2.2 Scale effects, etc. (9.5) Exchange rate (0.0) Tariff impacts (1.2) 4 Cost reduction +9.7 Cost increase, etc. (1.5) 2. Analysis of Operating Income [ FY2024 Q1-3 Results vs FY2025 Q1-3 Results ] Forex Sales price Passing on tariffs Volume Net Sales 615.5 603.3 (12.2) (0.5) 3.4 4.6 (19.7) Diff.FY2024 Q1-3 Results FY2025 Q1-3 Results Personnel costs (1.1) Expenses etc. +3.3 Payment amount basis (7.1) Inventories +1.2 Cost impact (5.9) Passing-on to selling price +4.6 P&L impact (1.2) *All figures in billion yen
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©2026 NTN Corporation 5 3. Net Sales by Company Location (Excluding intragroup sales) *From FY2024Q2, sales by region have been changed to sales by company location. Q3 Q1-3 Full Year Full Year Results Results Results Forecast ① ② (Latest) Total Volume Forex Japan 55.2 159.7 215.2 53.5 158.9 216.0 (0.8) (0.8) (0.0) Americas 62.6 202.4 269.5 61.5 193.9 260.5 (8.5) (3.6) (5.0) Europe 43.9 136.3 186.3 47.3 137.7 183.0 1.4 (4.8) 6.2 Asia and others 39.9 117.1 154.5 38.9 112.9 145.5 (4.2) (2.5) (1.7) Total 201.6 615.5 825.6 201.1 603.3 805.0 (12.2) (11.6) (0.5) (billion yen) FY2024 FY2025 Diff. Q3 Results Q1-3 Results ②-①
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©2026 NTN Corporation 6 4. Net Sales and Operating Income by Business Segment ＜Net Sales by Business Segment＞ (For reference) FY2025 ① ② (Latest) Total Volume Forex (Previous) Bearing and others 82.8 250.9 340.7 84.2 251.8 340.0 0.9 0.4 0.5 340.0 CVJ/Axle 118.8 364.6 484.9 116.9 351.5 465.0 (13.1) (12.1) (1.0) 465.0 Total 201.6 615.5 825.6 201.1 603.3 805.0 (12.2) (11.6) (0.5) 805.0 ＜Operating Income by Business Segment＞ Diff. FY2025 ① ② (Latest) (Previous) Bearing and others 2.9 9.5 13.7 2.2 6.7 9.0 (2.8) 11.0 CVJ/Axle 1.4 4.7 9.3 4.3 12.6 17.0 7.8 15.0 Total 4.3 14.2 23.0 6.4 19.3 26.0 5.1 26.0 Full Year Forecast Full Year Forecast (billion yen) FY2024 FY2025 Q3 Results Q1-3 Results Full Year Results (billion yen) FY2024 FY2025 Diff. Q3 Results Q1-3 Results Q3 Results Q1-3 Results ②-① Q3 Results Q1-3 Results Full Year Forecast Full Year Results Full Year Forecast ②-①
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©2026 NTN Corporation 7 5. Financial Results by Business Segment (Quarterly Trend) 1065.912 0 363 0 0 0 0 0 3.3 3.3 2.9 4.2 2.3 2.3 2.2 1.2 2.1 1.4 4.6 4.7 3.6 4.3 4.5 5.4 4.3 8.7 7.0 5.9 6.4 1.0% 1.7% 1.2% 3.8% 4.1% 3.0% 3.6%3.9% 4.0% 3.4% 4.7% 2.7% 2.7% 2.6% -3 0 3 6 9 12 15 18 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 （billion yen） 84.3 83.8 82.8 89.8 83.0 84.7 84.2 126.5 119.3 118.8 120.3 116.1 118.5 116.9 210.8 203.1 201.6 210.1 199.0 203.2 201.1 0 50 100 150 200 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 （billion yen） Net Sales Bearing and others CVJ/Axle Operating Income/ Operating Margin Bearing and others CVJ/Axle FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 35.4 34.5 34.4 36.6 33.9 36.5 36.3 Incl. for Aftermarket
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©2026 NTN Corporation 8 6-1. Net Sales and Operating Income by Company Location 《 Japan 》 《 Americas 》 86.8 89.0 92.0 86.7 83.7 89.1 88.6 0 20 40 60 80 100 120 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 75.1 66.6 62.8 67.3 64.6 68.3 61.8 0 20 40 60 80 100 120 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 3.0 2.0 3.9 2.3 0.5 1.4 4.2 3.5% 2.2% 4.2% 2.6% 0.6% 1.6% 4.7% 0 2 4 6 8 10 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 0.6 (1.6) (0.9) 1.5 1.6 1.4 0.3 0.8% (2.4%) (1.5%) 2.3% 2.5% 2.0% 0.5% -5 -3 0 3 5 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 Net Sales Net Sales Operating Income Operating Income （billion yen） （billion yen）
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©2026 NTN Corporation 9 6-2. Net Sales and Operating Income by Company Location 期間が上にずれる場合は、軸の書式設定→ラベル→ラベルの位置→下端/左端 第2軸の消し方：軸の書式設定→ラベル→なし 《 Europe 》 《 Asia and others 》 《 欧州 》 50.6 44.4 45.0 50.6 47.3 45.2 48.2 0 20 40 60 80 100 120 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 41.5 43.4 43.3 40.4 39.6 41.6 42.0 0 20 40 60 80 100 120 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 (1.3) (1.6) (1.7) 0.4 (0.3) (0.9) (1.1)(2.6% ) (3.5% ) (3.8% ) 0.8% (0.7% ) (1.9% ) (2.3%)-5 -3 0 3 5 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 3.5 3.9 3.9 3.5 3.8 4.4 4.4 8.5% 9.0% 8.9% 8.6% 9.7% 10.7% 10.5% 0 5 10 FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 Q3 Net Sales Net Sales Operating Income Operating Income （billion yen）（billion yen）
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©2026 NTN Corporation 10 7. Inventories Mar. 2024 Jun. 2024 Sep. 2024 Dec. 2024 Mar. 2025 Jun. 2025 Sep. 2025 Dec. 2025 Mar. 2026 （billion yen） Results Results Results Results Results Results Results Results Forecast(Latest) 264.8 273.9 255.3 266.7 244.4 243.9 246.0 260.7 230.0 76.6 78.9 78.2 78.2 76.0 77.2 74.7 75.7 72.0 188.2 195.0 177.1 188.5 168.3 166.8 171.3 185.0 158.0 3.2 3.1 3.2 3.1 3.4 3.3 3.3 3.1 3.5 Inventory turnover ratio [times] Inventories [Japan] [Overseas] 188.2 195.0 177.1 188.5 168.3 166.8 171.3 185.0 158.0 76.6 78.9 78.2 78.2 76.0 77.2 74.7 75.7 72.0 264.8 273.9 255.3 266.7 244.4 243.9 246.0 260.7 230.0 3.2 3.1 3.2 3.1 3.4 3.3 3.3 3.1 3.5 0 50 100 150 200 250 300 350 Mar. 2024 Jun. 2024 Sep. 2024 Dec. 2024 Mar. 2025 Jun. 2025 Sep. 2025 Dec. 2025 Mar. 2026 Inventories(billion yen) Japan Overseas Inventory turnover ratio
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©2026 NTN Corporation 11 8. Capital Expenditures and Depreciation FY2025 Diff. FY2025 （billion yen） Q1-3 Results① Full Year Results Q1-3 Results② ②-① Full Year Forecast Capital expenditure 15.7 32.2 21.1 5.4 32.0 [Japan] 7.0 15.1 7.7 0.8 14.0 [Overseas] 8.8 17.1 13.4 4.6 18.0 FY2025 Diff. FY2025 （billion yen） Q1-3 Results① Full Year Results Q1-3 Results② ②-① Full Year Forecast Depreciation 31.9 42.4 30.1 (1.8) 39.0 [Japan] 12.3 16.5 12.2 (0.1) 17.0 [Overseas] 19.6 25.8 17.9 (1.7) 22.0 FY2024 FY2024 3.0 6.62.1 4.0 5.1 10.6 FY2024 Q1 3.3 6.4 3.0 4.16.3 10.5 FY2024 Q2 2.4 6.51.9 4.2 4.3 10.7 FY2024 Q3 8.3 6.3 8.1 4.2 16.4 10.5 FY2024 Q4 0 60 120 180 1 3.6 5.8 1.5 4.1 5.0 9.9 FY2025 Q1 5.1 5.9 2.9 4.1 8.0 10.0 FY2025 Q2 4.7 6.2 3.4 4.0 8.1 10.2 FY2025 Q3 *In addition, capital expenditure for intangible fixed assets (FY2025 Q1-3 Results : ¥1.9 billion, FY2025 Full Year Forecast : ¥5.0 billion) Depreciation （Overseas） Investment Depreciation （Japan） （billion yen） Investment (Japan)
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©2026 NTN Corporation 12 9. Interest - Bearing Debt (For reference) Mar. 2024 Jun. 2024 Sep. 2024 Dec. 2024 Mar. 2025 Jun. 2025 Sep. 2025 Dec. 2025 Mar. 2026 Mar. 2026 （billion yen） Results Results Results Results Results Results Results Results Forecast Forecast(Previous) 362.1 380.7 372.0 366.3 354.0 356.9 354.5 343.4 320.0 340.0 300.5 312.5 316.6 308.7 293.6 303.2 299.4 280.4 270.0 290.0 61.5 68.2 55.4 57.6 60.4 53.7 55.1 63.0 50.0 50.0 234.8 243.2 234.7 238.1 226.3 220.1 218.0 201.3 194.5 214.5 Interest-bearing debt [Japan] [Overseas] Net Interest-bearing debt 61.5 68.2 55.4 57.6 60.4 53.7 55.1 63.0 50.0 50.0 300.5 312.5 316.6 308.7 293.6 303.2 299.4 280.4 270.0 290.0 362.1 380.7 372.0 366.3 354.0 356.9 354.5 343.4 320.0 340.0 0.9 0.9 0.9 0.9 1.0 1.0 0.9 0.7 0.8 1.0 0.7 0.7 0.8 0.8 0.8 0.8 0.7 0.6 0.7 0.8 -4.0 -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 0 100 200 300 400 500 600 Mar. 2024 Jun. 2024 Sep. 2024 Dec. 2024 Mar. 2025 Jun. 2025 Sep. 2025 Dec. 2025 Mar. 2026 Mar. 2026 Interest-bearing debt (billion yen) Japan Overseas Net D/E ratio Net D/E ratio(adjusted)* *Adjustment for the equity-recognized portion (50%) of the hybrid financing.
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©2026 NTN Corporation 13 10. Cash Flows FY2025 FY2025 (billion yen) Q1-3 Results① Full Year Results Q1-3 Results① Full Year Forecast Ⅰ．Cash flow from operating activities Ⅱ．Cash flow from investing activities Ⅲ．Cash flow from financing activities Ⅳ．Effect of exchanging rate translation on cash and cash equivalents Ⅴ．Net increase in cash and cash equivalents 13.4 (6.0)0.4 14.30.9 (0.5)2.8 (18.7) (5.5) 4.5 (3.0)7.2 (7.6) 19.7 (38.0)(16.2) 2.0 (23.0) Ⅰ+Ⅱ．Free cash flow 5.7 (26.0) (23.0) (6.8) 7.0 20.012.6 45.6 FY2024 ②-① 21.9 58.035.6 13.8 21.9 45.6 35.6 58.0 (16.2) (26.0) (23.0) (38.0) 5.7 19.7 12.6 20.0 (50) (30) (10) 10 30 50 70 FY2024 Q1-3 Results FY2024 Full year Results FY2025 Q1-3 Results FY2025 Full year Forecast Operating CF Investing CF FCF
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©2026 NTN Corporation • This presentation and comments made in this conference or during the following Q&A session include forward-looking statements about future performance and future business strategies, all of which are based on decisions of the management of the Company currently available. • These statements represent the best judgment of the management of the Company based on the information currently available. However, there can be no assurance that future results will meet any expectation, estimate or projection conveyed by these statements or comments. Actual results may differ materially from Management projections depending on various factors such as changes in product demand, exchange rates and interest rates, and contingent liabilities.