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©Hitachi, Ltd. 2025. All rights reserved Outline of Consolidated Financial Results for the Second Quarter Ended September 30, 2025 [Fiscal 2025] Hitachi, Ltd. Senior Vice President and Executive Officer, CFO Tomomi Kato October 30th, 2025
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©Hitachi, Ltd. 2025. All rights reserved 2 1. Key Messages 2. Q2 FY2025 Results 3. FY2025 Outlooks 4. Performance by Business Segment 5. Lumada Business Appendices Contents
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©Hitachi, Ltd. 2025. All rights reserved ✓Solid momentum continued, driven by strong Energy’s Power Grids business and solid DSS’s Japanese IT business, with higher revenue and profit ✓Adjusted EBITA reached a record high for Q2 ✓Core FCF significantly increased, driven by higher profits from Hitachi Energy and other businesses Adj. EBITA 324.2 bn yen +86.2 bn yen Revenue +8% [+8%] (*) 2,529.0 bn yen Net Income (Attributable to Hitachi, Ltd. Shareholders) 280.6 bn yen +163.7 bn yen Highlights of Hitachi Group’s Performance Adj. EBITA Margin 12.8% +2.6 pts Core FCF 200.1 bn yen +102.4 bn yen 3 1. Q2 FY2025 Results (*) [ ]: Estimated YoY changes excl. FX impact ROIC 11.5% +0.6 pts 2. FY2025 Outlooks ✓In addition to strong performance in Energy driven by the Power Grids business, Mobility and CI have also been revised upward. Overall upward revision for Hitachi Group: Revenue: +200.0 bn yen, Adjusted EBITA: +100.0 bn yen, Net Income: +40.0 bn yen, Core FCF: +160.0 bn yen ✓Even with increased strategic investments, revenue and profit growth is forecasted, driven by the business expansion in Energy, DSS, and Mobility Core FCF (excl. one-time factors) 136.9 bn yen +39.2 bn yen Revenue +5% [+7%] 10,300.0 bn yen Net Income (Attributable to Hitachi, Ltd. Shareholders) 750.0 bn yen +134.2 bn yen Adj. EBITA Margin 11.7% +0.6 pts Adj. EBITA 1,210.0 bn yen +126.4 bn yen Core FCF 800.0 bn yen +19.4 bn yen
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©Hitachi, Ltd. 2025. All rights reserved ✓ Q2 : Solid momentum continued in DSS’s Japanese IT business and Energy’s Power Grids business ✓ Full-year : In addition to upward revisions to Adj. EBITA in Energy and other sectors, business risks and tariff impacts, etc. previously factored into Corporate items & Elimination were partially revised Q2 FY2025 FY2025 Revenue YoY Adj. EBITA YoY Revenue YoY Adj. EBITA YoY DSS 708.8 bn yen +4% 109.9 bn yen +19.5 bn yen 2,950.0 bn yen +4% 437.0 bn yen +42.9 bn yen Japanese IT business remained solid on DX/modernization demand. In overseas IT business, storage business’s profitability improved via cost reduction Revenue was revised downward by 70.0 bn yen by restrained customer investments in overseas businesses, Adjusted EBITA was maintained by cost reductions Energy 750.8 bn yen +27% 94.2 bn yen +50.0 bn yen 2,970.0 bn yen +13% 368.0 bn yen +115.9 bn yen Power Grids business continued to show strong momentum, driven by robust demand for transmission upgrades and connections to renewable energy sources Upward Revision: Revenue +130.0 bn yen, Adj. EBITA +22.0 bn yen Mobility 300.2 bn yen +6% 19.0 bn yen 0.9 bn yen 1,260.0 bn yen +8% 103.0 bn yen +8.0 bn yen Despite solid revenue growth in Lumada businesses (including signaling systems), profitability stayed flat due to an increase in PMI-related costs Upward Revision: Revenue +60.0 bn yen, Adj. EBITA +5.0 bn yen CI 805.4 bn yen ±0% 99.9 bn yen +15.8 bn yen 3,240.0 bn yen (1)% 349.0 bn yen +3.6 bn yen Profitability increased due to strong demand of semiconductor manufacturing equipment, despite weak China new installation demand of elevator/escalator Upward Revision: Revenue +10.0 bn yen, Adj. EBITA +3.0 bn yen Corporate items & Elimination (167.6) bn yen (18.0) bn yen (7.6) bn yen (3.0) bn yen (615.0) bn yen +10.4 bn yen (54.0) bn yen (39.2) bn yen Some business risks and tariff impacts previously factored into 'Corporate items and Eliminations' were partially revised. Upward Revision: Revenue +60.0 bn yen, Adj. EBITA +65.0 bn yen Segment Highlights 4 Q2 Full-year Q2 Full-year Q2 Full-year Q2 Full-year Full-year
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©Hitachi, Ltd. 2025. All rights reserved 5 Q1→Q2 Performance Change Full-Year Outlook / Initiatives Front Business ✓ Solid momentum continued for Japanese DX/modernization projects • All businesses, incl. finance, utility, public sector, transportation, and defense, remained solid, posting record-high Q2 revenue and Adj. EBITA ✓ The decline from the Q1 FY24 high base (ATM renewals for new banknotes) was resolved Financial Institutions BU Revenue in Q1: 110.4 bn yen (YoY (12)%) → Q2: 141.3 bn yen (YoY+8%) ✓ Strong order momentum (Front Business orders Q2 YoY +13%) ✓ Improved SI productivity by leveraging Generative AI and Agentic AI ✓ Expansion of DX/modernization business and services business Storage Business ✓ Restrained investment from European/U.S. customers continued ✓ Profitability recovered due to improved gross margin through disciplined deal governance and cost reductions, including the optimization of back-office operations Storage Business Revenue Q1: 575 MUSD (YoY (14)%) → Q2: 612 MUSD (YoY (6)%) Adj. EBITA recovered from Q1 to Q2 *Profitability also improved year-on-year (+3 pts) ✓ Focusing resources on high-growth areas like block storage and AI infrastructure solution (e.g., Hitachi iQ) ✓ Improving profitability through operational enhancements and fundamental structural reforms ✓ Exploring partnerships to strengthen market competitiveness GlobalLogic ✓ Although investment from European/U.S. customers remained restrained, profit margins improved due to higher utilization rates ✓ Creating synergies with each business sector (e.g., expansion of DX projects in the transportation and retail/distribution areas in Japan) GlobalLogic Adj. EBITA margin Q1: 16.6% → Q2: 18.0% (QoQ +1.4 pts) ✓ Enhancing, Integrating, and Assetizing AI Technologies ✓ Creating synergies by supporting AI enhancement for other sectors ✓ Strengthening AI implementation capabilities by leveraging the customer base and partners DSS: Driving the Growth Strategy ✓DSS remained solid in Q2, with orders up +6% YoY, consistent with revenue and profit. (posted record-high revenue and profit) ✓The Japan business continued its solid sales momentum, driven mainly by DX/modernization projects ✓For the overseas business, although revenue was revised downward due to restrained customer investment, profitability improve d due to factors such as improved gross margin and cost reductions in the storage business Strengthening High-Value-Added Service Business with AIFull-Year Accelerating Cost Optimization and Business Structural ReformsFull-Year Continued Momentum in DX/modernizationFull-Year
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©Hitachi, Ltd. 2025. All rights reserved Enhancing, Integrating, and Assetizing AI Technologies Creating synergies by supporting AI enhancement for other sectors Strengthening AI implementation capabilities by leveraging the customer base and partners • Strengthening capabilities and acquiring AI talent (M&A + robust hiring) • Providing high-value-added services by integrating and assetizing AI technologies • Leveraging AI to drive the digitalization of business assets and services in each sector • Developing high-value-added AI solutions through co-creation with a high-quality customer base and business partners 66 GlobalLogic: Contribution to Lumada Business Expansion (*)Synergies: Synergy revenue booked by other BUs and Group companies, generated from co-creation projects with GlobalLogic. 1. Key Initiatives GlobalLogic enhances its AI capabilities and supports AI implementation both within and outside the Hitachi Group, thereby contributing to the expansion of the Lumada business 6 ✓ Energy : GlobalLogic is enhancing the cloud enablement and functional expansion of Hitachi Energy’s asset management software, including APM and EAM ✓ Mobility : Strengthening HMAX deployment, driven by acquisition of Omnicom and synergies with GlobalLogic ✓ CI : GlobalLogic is leveraging the extensive global experience and insights in agile development, supporting the transformation of HMAX for Building: BuilMirai into an 'as-a-Service' offering 3. Synergy and Stand-Alone Revenue Trends (the total is included in Lumada business revenue) 2. Acquisition of synvert Acquired synvert, a company with strengths in data advisory and data platform design/architecture. This integration with GlobalLogic's capabilities will strengthen solution development for Agentic AI and Physical AI. Contributing to global business expansion by accelerating HMAX rollout and other initiatives 430 492 504 507 496 503 126 406 413 482 462 550 Synergies (booked by other BUs & Group companies)* Q2FY24 Q2FY25Q2FY23 Total YoY+61% Total YoY+17% Stand-Alone YoY+2% ～ Q3FY24 Q4FY24 Q1FY25 ～ Synergy Examples Stand-Alone Data Value Chain Capabilities GlobalLogic synvert Post- Integration Data Advisory Data Platform Design/Architecture Data Insights and Products Data Management and Operations Units: MUSD
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©Hitachi, Ltd. 2025. All rights reserved 777 Progress on Initiatives to Enhance Enterprise Value 1 2 3 Progressing as planned toward 500.0 billion yen in shareholder returns ✓ Share buyback (planned amount): 300.0 billion yen (announced on April 28) is progressing as planned (progress rate: 57%, as of September 30) ✓ Interim dividend: 23 yen per share, unchanged from the plan announced on April 28 (+2 yen YoY) Completion of Capital Reorganization of HVAC Joint Venture ✓ Transferred the shares of the joint venture “JCH(*)” to Bosch, recording net gain on business reorganization and others, etc. of 154.9 billion yen (sales proceeds of 211.2 billion yen)in H1 FY2025 ✓ Acquired the Shimizu Factory, a key base for commercial air conditioning equipment. Going forward, we will leverage the factory’s cooling technologies, etc. to develop HMAX solutions that embody Lumada 3.0, and accelerate their deployment into growth markets such as green buildings and data centers Growth Investments for Lumada Expansion (Enhancing Digital Services / Accelerating Physical AI Implementation) ✓ Pursuing M&A to strengthen HMAX / Physical AI technologies Mobility : Omnicom (Railway Infrastructure Monitoring System) DSS : synvert (AI Services) Energy : Shermco(*) (Maintenance, repair, testing, commissioning, and design services for critical energy infrastructure) (*)JCH: Johnson Controls-Hitachi Air Conditioning Holding (UK) Ltd (*)A leading provider of electrical services in North America
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©Hitachi, Ltd. 2025. All rights reserved 8 Contents 1. Key Messages 2. Q2 FY2025 Results 3. FY2025 Outlooks 4. Performance by Business Segment 5. Lumada Business Appendices
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©Hitachi, Ltd. 2025. All rights reserved Billions of yen Consolidated Total Revenue 2,529.0 YoY [YoY excl. FX impact] +8% [+8%] Adj. EBITA 324.2 YoY +86.2 Adj. EBITA margin 12.8% YoY +2.6 pts Net income attributable to Hitachi, Ltd. Shareholders 280.6 YoY +163.7 Core FCF including one-time factors 200.1 YoY +102.4 ✓ Revenue and profit increased, driven by strong momentum primarily in the Japanese IT business —driven by demand for DX/modernization—and continued strength in the Power Grids business, fueled by robust demand for transmission upgrades and renewable energy connections ✓ Revenue increased (YoY +8% excl. FX impact) and Adj. EBITA (a record high for Q2) also increased by 86.2 billion yen, resulting in improved profitability ✓ Net Income rose sharply YoY, mainly driven by the transfer of shares in the HVAC joint venture JCH to Bosch ✓ Core FCF increased significantly, driven by profit growth at Hitachi Energy and others Q2 FY2025 Highlights 9 ◆Actual FX rate (Average) Q2 FY24 : 149 YEN/USD and 164 YEN/EURO Q2 FY25 : 147 YEN/USD and 172 YEN/EURO
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©Hitachi, Ltd. 2025. All rights reserved Breakdown of YoY Changes in Revenue, Adj. EBITA, and Core FCF in Q2 FY2025 10 (*) Pre-tax Q1 FY24 エナジー・ モビリティ・他 小計 為替影響 FY25 Revenue Billions of yen Adj. EBITA Core FCF [YoY +8%] Energy・ DSS・Others Subtotal Foreign Exchange Q2 FY25 2,334.5 +178.5 2,513.0 +16.0 2,529.0 FY24 Adj. EBITA 正味運転資金 CAPEX その他 FY25(*) Q1 FY24 エナジー・ モビリティ・他 戦略投資 小計 為替影響 米国関税影響 Q1 FY25 [YoY +8%] ⊕ Power Grids (Energy) ⊕ Industrial AI (CI) ⊕ Front Business (DSS) ⊖ Urban Systems (CI) ⊕ Power Grids (Energy) ⊕ Industrial AI (CI) ⊕ Front Business (DSS) ⊖ Urban Systems (CI) Lower management platform renewal cost originally incurred (Excluding the above impact: (8.9) billion yen) Net Working Capital OthersQ2 FY24 CAPEX Q2 FY25 97.6 +86.2 (24.8) 200.1 Q2 FY24 Energy・ DSS・Others Subtotal Foreign Exchange Q2 FY25Q2 FY24 The impact of U.S. tariffs 238.0 +87.6 +1.6 327.2 +0.5 (3.5) 324.2 [YoY +2.6 pts] Strategic Investment (130.9) +172.0 63.2 One-time factors (Special dividend regarding business reorganization) Adj. EBITA(*)
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©Hitachi, Ltd. 2025. All rights reserved Billions of yen Q2 FY2024 Q2 FY2025 YoY H1 FY2024 H1 FY2025 YoY Cash flows from operating activities 180.2 307.5 +127.3 323.3 749.6 +426.2 Cash flows from investing activities (77.4) 87.7 +165.2 (311.8) 13.3 +325.2 Core FCF 97.6 200.1 +102.4 168.6 551.5 +382.9 Summary of Consolidated Financial Position Summary of Consolidated Statement of Cash Flows Financial Position and Cash Flows 11 Billions of yen As of March 31, 2025 As of September 30, 2025 Difference from March 31, 2025 Total assets 13,284.8 13,887.1 +602.3 Cash and cash equivalents 866.2 1,278.9 +412.6 Trade receivables and contract assets 3,496.3 3,373.2 (123.1) Total liabilities 7,253.3 7,595.4 +342.0 Interest-bearing debt 1,206.1 1,208.4 +2.3 Total Hitachi, Ltd. shareholders’ equity 5,847.0 6,119.7 +272.6 Non-controlling interests 184.3 171.9 (12.3) Cash Conversion Cycle 48.3 days 36.0 days (12.3) days D/E ratio 0.20 times 0.19 times (0.01) pts
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©Hitachi, Ltd. 2025. All rights reserved Regional Revenues in Q2 FY2025 12 Billions of yen Japan North America Europe China ASEAN, India, other areas Other areas Overseas Revenue DSS 499.0 85.3 51.7 5.6 53.2 13.8 209.7 YoY +8% (7)% (7)% (31)% +8% ±0% (4)% Energy 52.9 214.8 233.3 51.0 58.7 139.9 697.8 YoY +4% +22% +50%(*) +7% +11% +28% +29% Mobility 16.5 29.6 186.5 2.4 23.8 41.1 283.7 YoY (18)% +15% +6% (38)% +9% +15% +8% CI 402.6 69.1 50.5 184.7 88.2 10.0 402.8 YoY +2% +1% (11)%(*) (10)% +24% +8% (2)% Consolidated Total 930.0 399.6 519.4 246.2 228.1 205.4 1,599.0 YoY +5% +10% +17% (8)% +13% +22% +11% Ratio 37% 16% 20% 10% 9% 8% 63% ✓ The business in Europe and North America expanded: Energy, driven by robust demand for transmission upgrades and connections to renewable energy sources, and Mobility, driven by robust performance of signaling systems projects ✓ The business in China declined: In CI, demand for new elevator and escalator installations declined (*) Energy Europe: Sales impacted by execution of large-scale projects, etc. (*) CI Europe: A decrease in semiconductor manufacturing equipment business
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©Hitachi, Ltd. 2025. All rights reserved (*) : Decline due to the absence of large-scale projects recorded in the previous year Billions of yen Q2 FY25 YoY H1 FY25 YoY DSS 686.2 +6% 1,606.9 +6% Front Business 283.9 +13% 765.5 +8% IT Services 276.7 +3% 597.9 +5% Services & Platforms 260.2 (3)% 495.9 (8)% Energy 1,065.1 +13% 2,086.0 (2)% Power Grids 1,007.9 +12% 1,975.0 ±0% Nuclear Energy 57.7 +18% 119.2 (30)% Mobility 238.5 (67)% 692.7 (24)% Q2 FY25 YoY H1 FY25 YoY CI 834.3 +2% 1,632.1 +3% Urban Systems 320.0 +1% 605.7 (2)% Building Systems 227.6 +2% 432.0 (2)% Industrial Products & Services 175.8 (6)%(*) 348.0 +2% Industrial AI 338.5 +8% 678.4 +8% Measurement & Analysis Systems (Hitachi High-Tech) 186.2 +3% 384.2 +9% Industrial Digital 102.6 +16% 204.0 +5% Orders Results by Business Segment in Q2 FY2025 13 Order backlog As of September 30, 2025 DSS : 1.8 tn yen (compared to the end of FY2024 +18%) Hitachi Energy : 7.3 tn yen (compared to the end of FY2024 +13%) 49.7 bn USD (compared to the end of FY2024 +14%) Mobility : 6.6 tn yen (compared to the end of FY2024 +6%) ✓ DSS ：Orders in Japan remained solid in Front Business and IT Services, supported by projects focused on DX/modernization. Overseas orders in Services and Platforms continued to be impacted by restrained investment from customers in Europe and the U.S., however, order profitability improved due to strictly selective order intake ✓ Energy ：Orders in the Power Grids business continued, supported by robust demand for transmission upgrades and grid connections to renewable energy sources ✓ Mobility ：Orders in the Railway business declined, reflecting the absence of last year’s large overseas railway vehicle maintenance project ✓ CI ：Orders increased, driven by factors such as the contribution from the acquisition of MA micro automation (a robotics SIer) and the booking of large-scale OT(*) projects in the steel area (*)OT:Operational Technology
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©Hitachi, Ltd. 2025. All rights reserved 14 Contents 1. Key Messages 2. Q2 FY2025 Results 3. FY2025 Outlooks 4. Performance by Business Segment 5. Lumada Business Appendices
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©Hitachi, Ltd. 2025. All rights reserved Consolidated Total Billions of yen Previous Forecast Present Forecast vs Previous Forecasts Revenue 10,100.0 10,300.0 +200.0 YoY +5 % Adj. EBITA 1,110.0 1,210.0 +100.0 YoY +126.4 Adj. EBITA margin 11.0 % 11.7 % +0.7 pts YoY +0.6 pts Net income attributable to Hitachi, Ltd. Shareholders 710.0 750.0 +40.0 YoY +134.2 EPS 155.39 yen 164.83 yen +9.44 yen Core FCF 640.0 800.0 +160.0 YoY +19.4 ROIC 11 % 11.5 % — YoY +0.6 pts ✓ In addition to strong performance in Energy driven by the Power Grids business, Mobility and CI have also been revised upward. Overall upward revision for Hitachi Group: Revenue: +200.0 bn yen, Adjusted EBITA: +100.0 bn yen, Net Income: +40.0 bn yen, Core FCF: +160.0 bn yen ✓ Even with increased strategic investments, revenue and profit growth is forecasted, supported by the business expansion in Energy, DSS, and Mobility FY2025 Highlights 15 (*) Impact of FX rate fluctuation by one-yen depreciation from assumed rate Assumed FX rate FX sensitivity(*) (Q3-Q4 FY2025) Revenue Adj. EBITA US $ 145 yen +7.0 bn yen +0.8 bn yen € 170 yen +4.0 bn yen +0.4 bn yen
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©Hitachi, Ltd. 2025. All rights reserved Breakdown of YoY Changes in Revenue and Adj. EBITA in FY2025 16 FY24 DSS・エナジー・ モビリティ・他 戦略投資 小計 為替影響 米国関税の 直接影響想定 リスク織り込み FY25 FY24 DSS・エナジー・ モビリティ・他 小計 為替影響 FY25 Revenue Adj. EBITA [YoY +7%] [YoY +5%] Foreign Exchange 9,783.3 +644.7 10,428.0 (128.0) 10,300.0 1,083.5 +200.5 (36.0) 1,248.0 (18.0) 1,210.0 Billions of yen FY24 Energy・ DSS・Others Subtotal FY25 FY24 Energy・ DSS・Others Strategic Investment Subtotal Foreign Exchange The impact risk of U.S. tariffs FY25 (20.0) Foreign Exchange
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©Hitachi, Ltd. 2025. All rights reserved Breakdown of YoY Changes in Net Income and Core FCF in FY2025 17 (*) Pre-tax FY24 Adj. EBITA 正味運転資金 CAPEX その他増減 FY25 FY24 調整後営業利益 空調事業合弁会社 の売却影響 為替影響 (含、営業外損益) 左記以外の 営業外損益等 米国関税の直接影響 想定リスク織り込み FY25 Core FCF Net Income (Attributable to Hitachi, Ltd. Shareholders) 615.7 +151.3 (117.4) +154.9 (34.5) (20.0) 750.0 780.5 +126.4 (118.3) +23.4 C. 680.0 FY24 Adj. Operating Income (excl. impact of tariffs) Gain on sale of Air conditioning JV (*) Exchange gain(loss) Non-operating income and expenses excl. left items, etc. The impact risk of U.S. tariffs FY25 Net Working Capital OthersFY24 Adj. EBITA (*) CAPEX FY25 ⊖ Reversal of gains from large asset sales in previous year ⊖ Increase in restructuring expense C. 260.0 +128.5 C. 120.0 800.0 C. 520.0 Advance received effect from large projects Billions of yen (*) (*)
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©Hitachi, Ltd. 2025. All rights reserved 18 Contents 1. Key Messages 2. Q2 FY2025 Results 3. FY2025 Outlooks 4. Performance by Business Segment 5. Lumada Business Appendices
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©Hitachi, Ltd. 2025. All rights reserved (*) [ ]: Estimated YoY changes excl. FX impact (*): Low-Single Digits (*): High-Single Digits Billions of yen Q2 FY2025 YoY FY2025 YoY vs Previous Forecasts Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Digital Systems & Services 708.8 109.9 +4% +19.5 2,950.0 437.0 +4% +42.9 (2)% ±0.0 15.5% [+5%] (*) +2.2 pts 14.8% [+6%] +0.9 pts +0.3 pts Front Business 314.2 47.3 +7% +14.7 1,295.0 172.5 +5% +19.3 ±0% ±0.0 15.0% +3.9 pts 13.3% +0.8 pts ±0.0 pts IT Services 274.1 36.1 +5% +2.5 1,111.0 141.0 +5% +8.4 ±0% ±0.0 13.2% +0.3 pts 12.7% +0.2 pts ±0.0 pts Services & Platforms 260.2 28.3 (3)% +6.2 1,070.0 124.0 (5)% +27.7 (6)% (7.0) 10.9% +2.6 pts 11.6% +3.0 pts +0.1 pts 19 DSS: Performance by Business Segment in FY2025 Sector total ： Revenue was revised downward by 70.0 billion yen due to continued restrained investment from European and U.S. customers Adj. EBITA remained unchanged, supported by the acceleration of cost reductions leveraging Agentic AI and the structural reform of the storage business Front Business ： Revenue and profit increased, driven by the solid execution of large-scale Japanese DX/modernization projects and the expansion of the Lumada business IT Services ：Revenue and profit increased, driven by the expansion of the Lumada business, such as cloud, security-related services, and managed services Services & Platforms ： In the overseas storage business, profitability increased by strengthening the business structure through fundamental structural reforms, despite a decrease in revenue resulting from thorough disciplined deal governance. GlobalLogic's revenue increased (YoY: HSD(*) on a USD basis), driven by synergies co-creation projects that create synergies with other sectors and accelerated AI service deployment, as well as the acquisition of synvert in Europe to strengthen its AI capabilities Sector total : Revenue and profit increased. Solid momentum in the Japan business continued. In the overseas business, profitability improved due to factors such as improved GM in the storage business and the promotion of cost reductions, despite continued restrained customer investment Front Business : Revenue and profit increased, driven by the solid performance of Japanese DX/modernization projects (in areas such as finance, utility, public sector, transportation, and defense) IT Services : Revenue and profit increased, driven by the expansion of the Lumada business, such as cloud, security-related services, and managed services Services & Platforms : In the overseas storage business, profit increased YoY due to improved GM and cost reductions, despite a decrease in revenue resulting from thorough disciplined deal governance. GlobalLogic's revenue increased (YoY: LSD(*) on a USD basis), driven mainly by co-creation projects that create synergies with other sectors, despite the continued impact of restrained investment from European and U.S. customers Q2 FY2025 FY2025
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©Hitachi, Ltd. 2025. All rights reserved Billions of yen Q2 FY2025 YoY FY2025 YoY vs Previous Forecasts Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Energy 750.8 94.2 +27% +50.0 2,970.0 368.0 +13% +115.9 +5% +22.0 12.6% [+25%] (*) +5.1 pts 12.4% [+17%] +2.8 pts +0.2 pts Power Grids 706.4 91.4 +29% +48.6 2,783.3 358.7 +15% +126.9 +5% +21.8 12.9% +5.1 pts 12.9% +3.3 pts +0.2 pts Nuclear Energy 44.1 - +1% - 186.5 - (9)% - ±0% - - - - - - Energy: Performance by Business Segment in FY2025 20 (*) [ ]: Estimated YoY changes excl. FX impact Sector total ： Upward revision: Revenue +130.0 bn yen and Adj. EBITA +22.0 bn yen Power Grids ： Demand for transmission upgrades and renewable energy connections continues to grow globally. Revenue is expected to increase with demand growth across the portfolio and solid execution, slightly dampened upon yen conversion. Profit is expected to increase, driven by revenue growth, improved margin profile, operational excellence, solid project execution, as well as lower IT platform renewal costs Hitachi Energy ： Revenue 19.0 BUSD (YoY: +3.3 BUSD / +21%) Adj. EBITA / margin 2.50 BUSD / 13.2% (YoY: +1.01 BUSD / +3.7 pts) Nuclear Energy ： Revenue is expected to decrease due to the absence of a large project recorded in the previous fiscal year and others, despite solid business performance driven by Japanese projects to comply with new regulatory requirements Power Grids (incl. Hitachi Energy) ： Revenue Revenue increased due to solid execution of strong order backlog as well as a favorite lifecycle mix of large-scale projects, etc. Profit Profit increased, driven by revenue growth,improved revenue profile, operational excellence, solid project execution, expansion of the Lumada business and lower IT platform renewal costs Hitachi Energy ：Revenue : 4.8 BUSD [YoY: +1.1 BUSD / +31%] Adj. EBITA / margin 0.63 BUSD / 13.2%[YoY: +0.33 BUSD / +5.0 pts] Nuclear Energy ： Revenue increased despite the impact of a certain large project, driven by the solid business performance of others including Japanese projects to comply with new regulatory requirements Q2 FY2025 FY2025
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©Hitachi, Ltd. 2025. All rights reserved Billions of yen Q2 FY2025 YoY FY2025 YoY vs Previous Forecasts Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Mobility 300.2 19.0 +6% +0.9 1,260.0 103.0 +8% +8.0 +5% +5.0 6.3% [+1%] (*) (0.1) pts 8.2% [+5%] +0.1 pts ±0.0 pts Mobility 300.2 22.6 +6% +3.2 1,260.0 115.9 +8% +13.1 +5% +6.0 (Exclude related cost)(*) 7.5% +0.7 pts 9.2% +0.4 pts ±0.0 pts Related cost(*) - (3.6) - (2.2) - (12.9) - (5.0) - (1.0) Mobility: Performance by Business Segment in FY2025 21 (*) [ ]: Estimated YoY changes excl. FX impact (*) Exclude related cost does not include related cost (*) Related cost includes PMI related costs associated with acquisition Sector total ： Upward revision driven by FX impact: Revenue +60.0 bn yen and Adj. EBITA +5.0 bn yen Mobility (excl. related cost) ： Revenue and profit are expected to increase, driven by the acquisition of Thales’ railway signaling business, the effects of FX impact and steady growth primarily in the signaling system business Former Thales’ railway signaling business (excl. Related cost) FY2025 forecast Revenue: 374.3 bn yen, Adj. EBITA: 43.8 bn yen Mobility (excl. related cost) ： Revenue and profit increased, driven by the effects of FX impact and the expansion of the Lumada business (including signaling systems) Q2 FY2025 FY2025
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©Hitachi, Ltd. 2025. All rights reserved (*) [ ]: Estimated YoY changes excl. FX impact 22 CI: Performance by Business Segment in FY2025 Sector total ： In Q2, revenue was flat due to weaker demand for new elevator and escalator installations in China and FX headwinds, despite solid performance in the semiconductor manufacturing equipment business. Profit increased, driven by Lumada business expansion. Full-year forecast revised upward: Revenue +10.0 bn yen and Adj. EBITA +3.0 bn yen due to Industrial AI and Industrial Products & Services. Full-year profit is expected to increase YoY, driven by service expansion and cost reductions in Industrial Products & Services and Industrial AI Building Systems ： In Q2, revenue and profit decreased due to weaker demand for new elevator and escalator installations in China and FX headwinds, despite the growth in the building services business and profitability initiatives such as cost reduction. Same trends are expected to continue in full-year Industrial Products & Services ： In Q2, revenue and profit increased due to higher sales of industrial products. Full-year profit is expected to increase, driven by service expansion and cost reductions Measurement & Analysis Systems ： In Q2, revenue and profit increased due to the front-loading of products in semiconductor manufacturing equipment business from the second half Full-year profit is expected to remain flat, as a result of increased strategic investments in Healthcare Solutions business Industrial Digital ： In Q2, revenue was flat due to the impact of last year’s large project, while profitability improved, driven by expansion of the digital solutions business (Lumada) in the industrial field. Full-year revenue and profit are expected to increase, driven by the expansion of the digital solutions business Billions of yen Q2 FY2025 YoY FY2025 YoY vs Previous Forecasts Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Connective Industries 805.4 99.9 ±0% +15.8 3,240.0 349.0 (1)% +3.6 +0% +3.0 12.4% [±0%] (*) +2.0 pts 10.8% [±0%] +0.3 pts +0.1 pts Urban Systems 305.6 32.5 (9)% (2.5) 1,205.0 118.5 (7)% (11.2) ±0% ±0.0 10.6% +0.2 pts 9.8% (0.2) pts ±0.0 pts Building Systems 213.2 26.2 (12)% (5.0) 847.0 97.4 (9)% (13.1) ±0% ±0.0 12.3% (0.6) pts 11.5% (0.4) pts ±0.0 pts Industrial Products & 149.9 14.5 +3% +1.7 649.0 73.6 +2% +8.8 +2% +0.4 Services 9.7% +0.9 pts 11.3% +1.1 pts (0.2) pts Industrial AI 356.9 55.1 +8% +17.1 1,425.0 167.5 +3% +8.4 ±0% +3.0 15.4% +3.9 pts 11.8% +0.3 pts +0.3 pts Measurement & Analysis Systems 211.9 35.2 +17% +14.7 790.0 91.0 +4% +3.0 ±0% +3.0 (Hitachi High-Tech) 16.6% +5.3 pts 11.5% (0.1) pts +0.4 pts Industrial Digital 102.1 14.8 +1% +1.8 410.0 50.0 +3% +2.4 ±0% ±0.0 14.5% +1.7 pts 12.2% +0.3 pts ±0.0 pts
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©Hitachi, Ltd. 2025. All rights reserved 23 Contents 1. Key Messages 2. Q2 FY2025 Results 3. FY2025 Outlooks 4. Performance by Business Segment 5. Lumada Business Appendices
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©Hitachi, Ltd. 2025. All rights reserved 380.0 588.0 1,616.0 2,170.0 340.0 467.0 1,405.0 1,830.0 24 Lumada business revenue by sector Q2 FY2025 YoY revenue ratio FY2025 YoY revenue ratio DSS 439.0 bn yen +44% 62% 1,700.0 bn yen +33% 58% Energy 175.0 bn yen +147% 23% 727.0 bn yen +162% 24% Mobility 100.0 bn yen +52% 33% 396.0 bn yen +14% 31% CI 341.0 bn yen +23% 42% 1,223.0 bn yen +10% 38% Lumada business revenue Billions of yen Digitalized Assets Digital Services Q2 FY2024 Q2FY2025 FY2024 FY2025 Hitachi Total Adjusted EBITA margin 10.2% 12.8% 11.1% 11.7% Lumada business revenue ratio 31% 42% 31% 39% Lumada business Adj. EBITA margin 15% 16% 4,000.0 (YoY +32%) 3,021.0 1,055.0 (YoY +47%)720.0 Lumada Business
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©Hitachi, Ltd. 2025. All rights reserved 252525 Expanding the AI Ecosystem: Strengthening Collaboration with Partners ✓ NVIDIA : Launching the 'NVIDIA AI Factory' as a development environment for Physical AI solutions to expand HMAX use cases ✓ Google Cloud : Applying Gemini Enterprise to the OT domain based on the strategic alliance, transforming frontline worker operations with no-code AI agent development ✓ OpenAI : Starting a strategic partnership to build next-generation AI infrastructure and leverage OpenAI technology Initiatives to Expand the Lumada Business Driving Solution Development: Accelerating Internal AI Deployment with the 'Customer Zero(*)' Approach Release Date October 7 : Developed a risk prediction support system to enhance worksite safety, leveraging the next-generation AI agent 'Naivy' The system integrates, searches, and visualizes knowledge, and reproduces the worksite in the metaverse. By analyzing past cases, it supports the visualization of hazardous areas and the examination of countermeasures, contributing to improved safety and efficiency October 10 : Developed the 'HMAX for Building : BuilMirai' AI Safety Solution AI trained using manuals and expert engineers’ procedures analyzes real-time video feeds from field engineers' wearable cameras. By providing task guidance and alerts for hazardous areas, it aims to achieve efficient safety management during building equipment maintenance October 14 : Developed Edge AI technology to enhance the field application of Lumada 3.0. Developed edge AI technology that analyzes diverse field data with 1/10th the power consumption of conventional systems. This enables real-time analysis even at sites with power and space constraints, contributing to stable equipment operation and advanced quality control through composite detection by analyzing images, sounds, vibrations, and more (*) A method of developing high-value-added solutions based on insights gained by deploying Hitachi's AI-powered products and services across various sites in DSS, Energy, Mobility, and CI, treating the company as "Customer Zero"
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©Hitachi, Ltd. 2025. All rights reserved 26 Contents 1. Key Messages 2. Q2 FY2025 Results 3. FY2025 Outlooks 4. Performance by Business Segment 5. Lumada Business Appendices
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©Hitachi, Ltd. 2025. All rights reserved Consolidated Total: Performance by Business Segment in FY2025 Billions of yen Q2 FY2025 YoY H1 FY2025 YoY FY2025 YoY vs Previous Forecasts Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Digital Systems & Services 708.8 109.9 +4% +19.5 1,326.2 176.3 +1% +7.2 2,950.0 437.0 +4% +42.9 (2)% ±0.0 15.5% [+5%] (*) +2.2 pts 13.3% [+3%] +0.4 pts 14.8% [+6%] +0.9 pts +0.3 pts Energy 750.8 94.2 +27% +50.0 1,418.3 172.7 +17% +64.5 2,970.0 368.0 +13% +115.9 +5% +22.0 12.6% [+25%] +5.1 pts 12.2% [+19%] +3.3 pts 12.4% [+17%] +2.8 pts +0.2 pts Mobility 300.2 19.0 +6% +0.9 585.7 40.7 +12% +5.8 1,260.0 103.0 +8% +8.0 +5% +5.0 6.3% [+1%] (0.1) pts 7.0% [+10%] +0.3 pts 8.2% [+5%] +0.1 pts ±0.0 pts Connective Industries 805.4 99.9 ±0% +15.8 1,516.8 168.2 (2)% +12.7 3,240.0 349.0 (1)% +3.6 +0% +3.0 12.4% [±0%] +2.0 pts 11.1% [(1)%] +1.0 pts 10.8% [±0%] +0.3 pts +0.1 pts Others 131.3 8.7 +7% +2.8 251.7 12.6 +6% +7.0 495.0 7.0 (1)% (4.9) +2% +5.0 6.7% [+7%] +1.9 pts 5.0% [+6%] +2.7 pts 1.4% [±0%] (1.0) pts +1.0 pts Corporate items & Elimination (167.6) (7.6) - (3.0) (311.5) (8.9) - +1.9 (615.0) (54.0) - (39.2) - +65.0 Consolidated Total 2,529.0 324.2 +8% +86.2 4,787.4 561.8 +5% +99.4 10,300.0 1,210.0 +5% +126.4 +2% +100.0 12.8% [+8%] +2.6 pts 11.7% [+6%] +1.5 pts 11.7% [+7%] +0.6 pts +0.7 pts (*) [ ]: Estimated YoY changes excl. FX impact For details of EBIT, EBITDA, etc. for each sector, refer to “Supplemental Material” for the relevant quarter 27
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©Hitachi, Ltd. 2025. All rights reserved Billions of yen Q2 FY24 Q2 FY25 YoY H1 FY24 H1 FY25 YoY FY24 FY25 YoY vs Previous Forecasts Revenue 2,334.5 2,529.0 +8% 4,545.9 4,787.4 +5% 9,783.3 10,300.0 +5% +2% Adj. Operating Income 207.1 297.0 +89.9 404.7 508.0 +103.3 971.6 1,103.0 +131.3 +98.0 Acquisition-related amortization to be added back +30.9 +27.2 (3.6) +57.6 +53.7 (3.8) +111.9 +107.0 (4.9) +2.0 Adjusted EBITA 238.0 324.2 +86.2 462.3 561.8 +99.4 1,083.5 1.210.0 +126.4 +100.0 Acquisition-related amortization (30.9) (27.2) +3.6 (57.6) (53.7) +3.8 (111.9) (107.0) +4.9 (2.0) Equity in earnings of affiliates (13.5) +5.3 +18.9 +4.6 +12.9 +8.2 +58.3 +38.0 (20.3) +3.0 Net gain on business reorganization and others +15.1 +94.7 +79.5 +32.1 +95.9 +63.8 +29.6 (21.0) (*) +31.3 (41.0)Structural reform expenses (*) (5.6) (4.2) +1.4 (7.7) (14.1) (6.4) (102.6) Others (12.9) +15.2 +28.1 +14.4 +79.0 +64.6 +20.7 EBIT 190.1 408.1 +218.0 448.3 681.8 +233.5 977.6 1,120.0 +142.3 +60.0 Interest (3.1) ±0.0 +3.1 (8.9) (1.7) +7.2 (14.8) (10.0) +4.8 +10.0 Income taxes (58.3) (114.9) (56.6) (123.9) (186.6) (62.6) (305.8) (320.0) (14.1) (25.0) [Effective income tax rate] [31.8%] [28.8%] Deduction for non-controlling interests (11.6) (12.4) (0.7) (23.1) (20.6) +2.4 (41.1) (40.0) +1.1 (5.0) Net income attributable to Hitachi, Ltd. Shareholders 116.9 280.6 +163.7 292.2 472.8 +180.5 615.7 750.0 +134.2 +40.0 (*) Structural reform expenses include impairment loss and special severance pay (*) Figures for FY2025 are the sum of “Net gain on business reorganization and others”, “Structural reform expenses” and “Others” For details of EBITDA, depreciation, amortization, amortization of intangible assets associated with acquisitions, etc., refer to “Supplemental Material” for the relevant quarter Summary of Consolidated Statement of Profit & Loss 28
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©Hitachi, Ltd. 2025. All rights reserved Topics (U.S. Reciprocal Tariff Impacts) 1. Q2 FY2025 (Actual) ✓ Direct and indirect impact amounts (after offsetting effects of countermeasures): Adj. EBITA (3.5) billion yen, Net Income (5.5) billion yen ✓ Hitachi Energy implemented efforts to mitigate the direct impact on performance through countermeasures such as price pass-through ✓ Direct impacts showed an improving trend compared to Q1. Indirect impacts continued due to restrained investment from some DSS customers 2. FY2025 (Outlooks) ✓ Partially revised the risks factored into the earnings forecast ✓ Estimated direct and indirect impacts (after offsetting effects of countermeasures): Adj. EBITA c. (20.0) billion yen (vs previous forecast +10.0 billion yen) Net Income c. (20.0) billion yen (vs previous forecast +15.0 billion yen) Main businesses with risks Risk Countermeasures in progress Measurement & Analysis Systems • Import of semiconductor manufacturing equipment from Japan • Customer investment restraint • Price pass- through • Utilization of co-creation hubs and capturing business opportunities in response to expanded investment toward the U.S. Industrial Products & Services • Import of a part of finished products and components for air compressors from China • Customer investment restraint • Review supply chain (Expansion of local production and procurement) Power Grids • Import of some components used for HVDC system and other components from Europe, Canada, and other regions • Flexible production system leveraging global footprints (The majority of key products for the U.S. market are manufactured domestically in the U.S.) Equity method affiliates (Astemo, Hitachi Construction Machinery, etc.) • Import of certain components from Mexico, Japan, and other regions - Estimated Risks: c. (20.0) bn yen in Adj. EBITA (illustrative) 29 Indirect Impact Direct Impact (Loss of sales opportunities, etc.) (Increase in tariff costs) Importing Countries U.S.Others
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©Hitachi, Ltd. 2025. All rights reserved Notes 30 Items Contents DSS / CI Digital Systems & Services / Connective Industries Adj. EBITA Adj. operating income plus acquisition-related amortization Acquisition-related amortization Amortization and depreciation of intangible assets and other assets allocated from goodwill recognized through fair-value evaluation of an acquired company’s assets and liabilities. This cost is a non-cash cost and is included in the purchase price for the company Adj. operating income Revenues less selling, general and administrative expenses as well as cost of sales EBIT Income before income taxes less interest income plus interest charges EBITDA Income before income taxes less interest income plus interest charges, depreciation and amortization ROIC (Return on Invested Capital) (NOPAT + equity in earnings (losses) of affiliates) / “Invested Capital” x 100 *Invested Capital = interest-bearing debt + total equity NOPAT (Net Operating Profit after Tax) = Adj. operating income x (1 – tax burden rate) Core free cash flows (Core FCF) Cash flows presented as free cash flows excluding cash flows from M&A and asset sales, etc. EPS (Earnings per share) (Basic) Earnings per share attributable to Hitachi, Ltd. shareholders. On July 1, 2024, Hitachi conducted a 5-for-1 split of its common share Weighted average number of shares to calculate (basic) earnings per share for FY2025 forecast is 4,550,101,597 Business restructuring Connective Industries Hitachi Global Life Solutions, Inc. transferred all of its shares in Johnson Controls-Hitachi Air Conditioning Holding (UK) Ltd., a joint venture with Johnson Controls International plc, to Robert Bosch GmbH on August 1st , 2025 (JST)
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©Hitachi, Ltd. 2025. All rights reserved Cautionary Statement 31 Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may identify “forward-looking statements.” Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the “forward-looking statements” and from historical trends. Certain “forward-looking statements” are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on “forward-looking statements,” as such statements speak only as of the date of this report. Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking statement” and from historical trends include, but are not limited to: ◼ economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, as well as levels of demand in the major industrial sectors Hitachi serves; ◼ exchange rate fluctuations of the yen against other currencies in which Hitachi makes significant sales or in which Hitachi’s assets and liabilities are denominated; ◼ uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing; ◼ uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds; ◼ fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components; ◼ credit conditions of Hitachi’s customers and suppliers; ◼ general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi conducts business, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract terms and conditions and labor relations; ◼ uncertainty as to Hitachi’s ability to response to tightening of regulations to prevent climate change; ◼ uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as Hitachi’s ability to protect its confidential information or that of its customers; ◼ uncertainty as to Hitachi’s ability to attract and retain skilled personnel; ◼ uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products; ◼ the possibility of disruption of Hitachi’s operations by natural disasters such as earthquakes and tsunamis, the spread of infectious diseases, and geopolitical and social instability such as terrorism and conflict; ◼ estimates, fluctuations in cost and cancellation of long-term projects for which Hitachi uses the percentage-of-completion method to recognize revenue from sales; ◼ increased commoditization of and intensifying price competition for products; ◼ fluctuations in demand of products, etc. and industry capacity; ◼ uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in demand of products, etc., exchange rates and/or price of raw materials or shortages of materials, parts and components; ◼ uncertainty as to the success of cost structure overhaul; ◼ uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation Business; ◼ uncertainty as to the success of acquisitions of other companies, joint ventures and strategic alliances and the possibility of incurring related expenses; ◼ uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness; ◼ the potential for significant losses on Hitachi’s investments in equity-method associates and joint ventures; ◼ uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity-method associates and joint ventures have become or may become parties; ◼ the possibility of incurring expenses resulting from any defects in products or services of Hitachi; ◼ uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property; and ◼ uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its employee benefit-related costs. The factors listed above are not all-inclusive and are in addition to other factors contained elsewhere in this report and in other materials published by Hitachi. * 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.