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©Hitachi, Ltd. 2026. All rights reserved Outline of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 [Fiscal 2026] Hitachi, Ltd. Senior Vice President and Executive Officer, CFO Tomomi Kato October 28, 2026
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©Hitachi, Ltd. 2026. All rights reserved 2 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices Contents
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©Hitachi, Ltd. 2026. All rights reserved 3 Q2 FY2026 Actual ✓ Revenue increased +15% YoY, reflecting robust growth, partly supported by FX impacts ✓ All four sectors, Energy, DSS, CI, and Mobility, continued to deliver YoY revenue and profit growth, following Q1 ✓ Achieved record-high Q2 revenue and Adj. EBITA Revenue +15% [+10%](*1) 2,904.4 bn yen Adj. EBITA Margin 12.9% YoY +10 bps Adj. EBITA 376.1 bn yen YoY +51.8 bn yen Net Income (Attributable to Hitachi, Ltd. shareholders) 227.1 bn yen YoY (53.4) bn yen(*2) Core FCF 166.5 bn yen YoY (33.6) bn yen(*3) FY2026 Forecast ✓ Raised net income forecast to 920.0 bn yen (+20.0 bn yen vs. previous forecast) ✓ Raised revenue forecast by +300.0 bn yen, mainly driven by DSS and CI, and Adj. EBITA forecast by +40.0 bn yen, mainly driven by Energy and CI ✓ Continue CAPEX investment, particularly in Energy, and corporate growth strategic investments(*4) to accelerate AI adoption in H2 ✓ Continue monitoring the impact of geopolitical risks and higher interest rates on orders and customer demand Adj. EBITA Margin 13.0% YoY +60 bps Adj. EBITA 1,560.0 bn yen YoY +248.5 bn yen Net Income (Attributable to Hitachi, Ltd. shareholders) 920.0 bn yen YoY +117.6 bn yen ROIC 13.5%Core FCF 920.0 bn yen YoY (250.2) bn yen(*5) Revenue +13% [+10%] 12,000.0 bn yen Raised Raised Raised Raised Raised Performance Highlights (*1)Estimated YoY changes excl. FX impact (*2)Includes (91.7) bn yen impact from the previous year sale of air conditioning JV; excluding this impact, YoY +38.3 bn yen (see p.16) (*3)Includes (63.2) bn yen impact from the previous year special dividend associated with the business restructuring; excludi ng this impact, +29.6 bn yen YoY (see p.16) (*4)Lumada/HMAX development, R&D for ultra-long-term themes, pipeline development through group-wide global sales expansion, and human capital investment for AI talent cultivation and acquisition (*5)Includes approx. (340.0) bn yen impact from large advances received; excluding this impact, YoY +90.0 bn yen (see p.9)
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©Hitachi, Ltd. 2026. All rights reserved 4 Segment Highlights in H1 FY2026 Actual and Full-Year Forecast FY2026 H1 Highlights and Revision to FY2026 Full-Year Guidance(Billions of yen) Q2 Actual H1 Actual Full-Year Forecast Orders Revenue (YoY) Adj. EBITA Margin (YoY) Orders Revenue (YoY) Adj. EBITA Margin (YoY) Revenue (YoY) Adj. EBITA Margin (YoY) DSS 815.0 +14% 814.1 +10% 15.5% (40) bps 1,822.0 +10% 1,533.1 +10% 13.8% +20bps 3,290.0 +7% 15.4% (10)bps ⚫H1Orders/Revenue : Solid domestic AX/modernization businesses (financial and public, etc.) ⚫H1 Profit : Driven by revenue growth and AI-driven productivity improvements. Excluding (9.0) bn yen negative impact from one-off factors, including cost increases in certain domestic projects in Q2, Adj. EBITA margin +80 bps YoY ⚫Guidance Revision: Revenue +70.0 bn yen, Adj. EBITA unchanged. Adj. EBITA margin: (10) bps YoY (+20 bps excluding the above one-off factors) Energy 1,566.2 +47% 960.4 +28% 15.2% +260 bps 3,472.5 +66% 1,872.3 +32% 14.7% +250 bps 4,060.0 +26% 15.0% +210bps ⚫H1 Orders/Revenue: Order growth was driven by several large HVDC project awards in Europe, data center orders, and continued solid demand for transmission equipment ⚫H1Profit : Volume leverage, improved revenue profile, operational excellence, solid project execution, and favorable mix. Results influenced by translation to yen ⚫Guidance Revision: Adj. EBITA +33.0 bn yen, Adj. EBITA margin +80 bps Mobility 404.1 +69% 348.5 +16% 7.3% +100 bps 973.1 +40% 692.9 +18% 8.1% +110bps 1,450.0 +10% 9.4% +120bps ⚫H1 Orders : Large projects in Rail Vehicles business and Rail Control business in Europe ⚫H1 Revenue : FX effects, progress of Rail Vehicles projects in Europe, and growth of Thales GTS business ⚫H1 Profit : Improved profitability of Thales GTS business and FX effects CI 1,007.6 +26% 825.5 +9% 11.5% (60) bps 1,945.8 +26% 1,586.6 +11% 11.2% +40 bps 3,300.0 +7% 11.8% +80bps ⚫H1 Orders : Increased, driven by semiconductor manufacturing, measurement and inspection equipment ⚫H1 Revenue : Increased, driven by the expansion of the Building Service business, higher sales of semiconductor manufacturing, measurement and inspection equipment, new energy-efficiency standard-compliant distribution transformers, and an FX tailwind ⚫H1 Profit : Increased, driven by higher sales of semiconductor manufacturing, measurement and inspection equipment, and distribution transformers, despite the high base effect from high-margin projects in the environment business in the previous year ⚫Guidance Revision: Revenue +50.0 bn yen, Adj. EBITA +5.0 bn yen Corporate, Elimination and Others - (44.2) - - (71.2) - (100.0) - Consolidated Total - - 2,904.4 +15% 12.9% +10 bps - - 5,614.0 +17% 12.5% +80bps 12,000.0 +13% 13.0% +60bps ⚫ Guidance Revision: Revenue +300.0 bn yen, Adj. EBITA +40.0 bn yen
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©Hitachi, Ltd. 2026. All rights reserved 5 FY2026 (YoY) Full-Year Highlights(Billions of yen) H1 Actual (YoY) H2 Forecast (YoY) FY Forecast (YoY) Revenue Adj. EBITA Margin Revenue Adj. EBITA Margin Revenue Adj. EBITA Margin DSS +83.6 +6% +60 bps +155.7 +9% +20 bps +239.4 +8% +40 bps ⚫ Revenue: Driven by solid AX/modernization businesses, expanded AX-related services ⚫ Profit: Increased on revenue growth and AI-driven productivity improvements Energy +308.1 +22% +220 bps +359.6 +20% +220 bps +667.7 +21% +220 bps ⚫ Revenue: Continued solid execution of strong order backlog, additional capacity, ongoing productivity improvements, and data center business growth ⚫ Profit: Volume leverage, improved revenue profile, operational excellence, solid project execution, and favorable mix Mobility +19.2 +3% (20) bps +24.4 +3% +90 bps +43.7 +3% +50 bps ⚫ Revenue: Expanded, driven by progress in Rail Vehicles and Rail Control projects, including HMAX, in regions including Europe, Japan, and Asia, as well as the acquisition effect of Clever Devices ⚫ Profit: Improved profitability driven by higher sales, favorable business mix, and cost reductions in Rail Vehicles business and Rail Control business CI +81.2 +6% +10 bps +118.5 +7% +90 bps +199.7 +7% +50 bps ⚫ Revenue: Expansion of Facilities business. Higher sales of semiconductor manufacturing, measurement and inspection equipment backed by AI-related demand ⚫ Profit: Expansion of the service business including Lumada business Consolidated Total +489.0 +10% +110 bps +712.5 +12% +130 bps +1,201.7 +11% +120 bps Order backlog expanded steadily across all sectors - DSS : 2.0 tn yen (+12% vs end-FY2025) - Hitachi Energy : 10.5 tn yen (+14% vs end-FY2025) - Mobility : 7.3 tn yen (+3% vs end-FY2025) ✓ On a normalized basis, the full-year forecast (YoY) is revenue +11% and Adj. EBITA margin +120 bps, up +2% and +20 bps, respectively, from the previous forecast (*)Normalized Basis: Excludes the impacts of FX fluctuations, business reorganization, and one-off factors, including large one-off projects, timing shifts in large projects recognition, etc. ➢ For details, see pp.33–34 Segment Highlights in H1 FY2026 Actual and Full-Year Forecast (Normalized Basis(*))
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©Hitachi, Ltd. 2026. All rights reserved 6 Billions of yen (*)Impact of one-off large projects, timing shifts in large projects recognition, etc. Revenue Adj. EBITA YoY +10% YoY +110 bps [12.8%] YoY +80 bps [12.5%] YoY +17% ➢ See p.33 for details of one-off factors in H1 FY2026 4,787.4 5,276.4 5,614.0 +489.0 (33.0) +65.6 +305.0 H1 FY2025 Volume, etc. Subtotal Middle East Impact One-off Factors FX Impact H1 FY2026(*) 561.8 675.0 (20.1) 699.6 +113.2 (13.0) +19.2 +38.5 H1 FY2025 Volume, etc. Subtotal Middle East Impact One-off Factors FX Impact H1 FY2026(*)Corporate growth strategic investments [11.7%] H1 FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA
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©Hitachi, Ltd. 2026. All rights reserved 7 Billions of yen (*)Impact of one-off large projects, timing shifts in large projects recognition, etc. FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA ➢ See p.34 for details of one-off factors in FY2026 Revenue 10,586.7 11,788.4 12,000.0 +1,201.7 (133.0) (43.0) +15.6 +372.0 FY2025 Volume, etc. Subtotal Middle East Impact One-Off Factors FX Impact FY2026Business Reorganization YoY +11% YoY +13% (*) Adj. EBITA 1,311.4 1,600.7 (47.0) 1,560.0 +289.3 (5.0) (23.0) (9.7) +44.0 FY2025 Volume, etc. Subtotal Middle East Impact One-Off Factors FX Impact FY2026Business Reorganization Corporate growth strategic investments YoY +60 bps [13.0%] YoY +120 bps [13.6%] [12.4%] (*)
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©Hitachi, Ltd. 2026. All rights reserved Net Income (Attributable to Hitachi, Ltd. Shareholders) 8 H1 FY2026 Breakdown of YoY Changes in Net Income and Core FCF Core FCF Billions of yen 472.8 416.6 +135.2 (155.3) (59.0) +22.9 H1 FY2025 FX Gain/Loss H1 FY2026Adj. Operating income(*) Net gain (loss) on business reorganization and Dividends Received (*) Non-operating income and expenses excl. left Items, Income taxes, etc. ⊖ Gain on sale of air conditioning JV in the previous year ⊖ Larger FX effect from remeasurement of foreign currency balances (*) 330.0 531.5 +137.8 +311.5 (69.2) (178.6) H1 FY2025 Adj. EBITA CAPEX Others H1 FY2026 ⊖ One-off factors (Special dividend regarding business reorganization in the previous year) (63.2) Net Working Capital Advances received effect from large projects C. 220.0 c. 330.0 551.5 (*)Pre-tax
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©Hitachi, Ltd. 2026. All rights reserved 9 FY2026 Breakdown of YoY Changes in Net Income and Core FCF Billions of yen Net Income (Attributable to Hitachi, Ltd. Shareholders) Core FCF (*)Pre-tax 802.3 920.0 +250.7 (144.7) +11.7 FY2025 Income taxes and others FY2026 ⊖ High base effect from the previous year of Net gain (loss) on business reorganization and others ⊖ Decrease in Equity in earnings of affiliates ⊕ High base effect from the previous year of structural reform expense Adj. Operating income(*) 920.0 +248.5 +291.2 (172.1) (277.6) FY2025 Adj. EBITA CAPEX Others FY2026Net Working Capital ⊖ One-off factors (Special dividend regarding business reorganization in the previous year) (63.2) Advances received effect from large projects c. 830.0 C. 340.0 1,170.2 Non-operating income and expenses excl. Interest(*)
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©Hitachi, Ltd. 2026. All rights reserved 10 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices Contents
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©Hitachi, Ltd. 2026. All rights reserved Portfolio Transformation and Capital Allocation ✓ Steady progress in portfolio transformation. Cash generated is flexibly allocated to growth investments and shareholder returns ✓ Interim dividend increased to 32 yen per share from the previous forecast of 28 yen. Total interim dividends(*1) increased to 142.6 bn yen, up +38.2 bn yen (+36%) YoY and +14.0 bn yen vs. previous forecast ✓ Share buybacks(*2) totaled 290.3 bn yen in H1, representing 52% progress Portfolio Transformation Sale of a portion of Astemo shares (Closed on Oct. 1, 2026) Sale of Hitachi Construction Machinery shares (Closed on Aug. 21, 2026) Conversion of Hitachi Channel Solutions' ATM business into a Joint Venture (OH Channel Innovations launched on Oct. 1, 2026) Establishment of a new home appliance company and transfer of its shares (KADENOVA to be launched during FY2026) Corporate Corporate DSS CI (*1)Dividends paid during the period (*2)Cash outflows during the period (*3)Includes approx. (340.0) bn yen impact from large advances received; excluding this impact, YoY +90.0 bn yen (see p.9) (*4)Lumada/HMAX development, R&D for ultra-long-term themes, pipeline development through group-wide global sales expansion, and human capital investment for AI talent cultivation and acquisition 11 Progress on Capital Allocation Cash In Allocation -88%Total Payout Ratio +118.7 +257.0 +59.0 +198.0 Total Shareholder Returns Dividends(*1) Share Buybacks(*2) 264.0 550.0 814.0142.3 411.7 0 121.4 142.3 290.3 +20.7 +139.5 Investment in organic growth +47.0 136.1 267.3 670.0CAPEX Corporate Growth Strategic Investments(*4) 35.0 59.8 160.0 +69.2 +20.1 +172.1 YoY Core FCF Q2 H1 FY2026 Forecast 166.5 531.5 920.0 YoY (20.0) (250.2) -CF from Asset Sales, etc 121.2 231.8 -(9.7) (Bn yen) Investment in inorganic growth 77.5 86.0 -+55.9 -Investing CF Operating CF Financing CF Investing CF Investing CF Operating CF -CAPEX (*3)
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©Hitachi, Ltd. 2026. All rights reserved ✓ Domestic IT services: Growth driven by AX/modernization in the Financial and Social Infrastructure fields. Full-year orders expected to increase +8% YoY, driven by AX projects ✓ Domestic IT services: Business momentum remains solid. Despite one-off factors in Q2, the full-year revenue forecast was raised, while Adj. EBITA margin is expected to remain at the previous forecast level ✓ Overseas IT services: Renewed growth strategy under the new Hitachi Digital structure, driving transformation to expand the business and improve profitability DSS: IT Services in Japan / Overseas Domestic IT Services: Combined total of SI & Services and Engineering & Services businesses in Japan (after intercompany elimination) Domestic IT services Revenue / Adj. EBITA margin Overseas IT Services Hitachi Digital (GL+HDS)(*) Stand-alone / Synergies(*) Revenue H1 Full-Year H1 Revenue (Bn yen) Adj. EBITA (%) Revenue (M USD) 1,239 1,239 1,961 2,860 3,200 4,098 H1 FY2025 H1 FY2026 996.0 1,066.0 16.3% 16.4% H1 FY2025 H1 FY2026 2,211.0 2,350.0 18.4% 18.4% FY2025 FY2026 Financial Social Infrastructure Industrial Financial Social Infrastructure(*) Industrial (*) Social Infrastructure: Public, Energy, and Rail (*)GL + and HDS contribution to the Lumada business. Synergies represent revenue recorded in each sector Stand-alone (GL+HDS) Synergies YoY +28% +46% YoY +7% +19% +10% (2)%39% 40% 21% 23% 41% 36% 37% 43% 20% 36% 43% 21% YoY +6% +10% +8% +3% Excl. one-off factors 18.8%Excl. one-off factors 17.2% 12 (*)GL: GlobalLogic、HDS: Hitachi Digital Services
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©Hitachi, Ltd. 2026. All rights reserved 13 Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices
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©Hitachi, Ltd. 2026. All rights reserved 14 ✓ All four sectors delivered higher revenue and profit, with revenue up +15% YoY; both revenue and Adj. EBITA reached record highs for Q2 ✓ Both quarterly net income and Core FCF improved YoY, excluding the impact of business portfolio restructuring in the previous year period ✓ Steady execution of inorganic growth investments, with the acquisitions of Clever Devices in Mobility and Canduct Group in Energy completed Actual FX rate (Average) - Q2 FY2025: 147 yen/USD and 172 yen/EURO - Q2 FY2026:159 yen/USD and 183 yen/EURO Actual Revenue YoY [YoY excl. FX impact] Adj. EBITA YoY Adj. EBITA Margin YoY Net income Attributable to Hitachi, Ltd. Shareholders YoY Core FCF YoY Consolidated Total 2,904.4 +15% [+10%] 376.1 +51.8 12.9% +10 bps 227.1 (53.4)(*) 166.5 (33.6)(*) Billions of yen (*) Includes (91.7) bn yen impact from the previous year sale of air conditioning JV; excluding this impact, YoY +38.3 bn yen (see p.16) Q2 FY2026 Highlights (*) Includes (63.2) bn yen impact from the previous year special dividend associated with the business restructuring; excluding this impact, YoY +29.6 bn yen (see p.16)
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©Hitachi, Ltd. 2026. All rights reserved 324.2 385.3 (12.3) 376.1 +61.1 (6.0) (5.9) +15.0 Q2 FY2025 Volume, etc. Subtotal Middle East Impact One-off Factors FX Impact Q2 FY2026 2,529.0 2,783.3 2,904.4 +254.3 (17.0) +15.1 +123.0 Q2 FY2025 Volume, etc. Subtotal Middle East Impact One-off Factors FX Impact Q2 FY2026 15 Billions of yen (*)Impact of one-off large projects, timing shifts in large projects recognition, etc. Revenue Adj. EBITA YoY +10% YoY +100 bps [13.8%] YoY +10 bps [12.9%] YoY +15% ➢ See p.33 for details of one-off factors in H1 FY2026 (*) (*)Corporate growth strategic investments [12.8%] Q2 FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA
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©Hitachi, Ltd. 2026. All rights reserved 16 Q2 FY2026 Breakdown of YoY Changes in Net Income and Core FCF Billions of yen Net Income (Attributable to Hitachi, Ltd. Shareholders) Core FCF (*)Pre-tax 280.6 227.1 +51.9 (94.5) (37.0) +26.1 Q2 FY2025 FX Gain/Loss Q2 FY2026Adj. Operating Income(*) Net gain (loss) on business reorganization and others (*) (*) 166.5200.1 +51.8 +97.6 (28.7) (154.3) Q2 FY2025 Adj. EBITA CAPEX Others Q2 FY2026Net Working Capital ⊖ One-off factors (Special dividend regarding business reorganization in the previous year) (63.2) Non-operating income and expenses excl. left Items, Income taxes, etc. ⊖ Gain on sale of Air conditioning JV in the previous year ⊖ Larger FX effect from remeasurement of foreign currency balances
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©Hitachi, Ltd. 2026. All rights reserved Billions of yen Q2 FY2025 Q2 FY2026 YoY H1 FY2025 H1 FY2026 YoY Cash flows from operating activities 307.5 302.7 (4.8) 749.6 798.8 +49.2 Cash flows from investing activities 87.7 (92.4) (180.2) 13.3 (121.5) (134.9) Of which, CAPEX (107.3) (136.1) (28.7) (198.0) (267.3) (69.2) Core FCF 200.1 166.5 (33.6) 551.5 531.5 (20.0) Summary of Consolidated Financial Position Summary of Consolidated Statement of Cash Flows 17 Billions of yen As of March 31, 2026 As of September 30, 2026 Difference from March 31, 2026 Total assets 15,041.2 15,187.7 +146.4 Cash and cash equivalents(*) 1,323.4 1,511.0 +187.5 Trade receivables and contract assets 4,004.8 3,729.6 (275.2) Total liabilities 8,268.6 8,464.8 +196.1 Interest-bearing debt 1,009.0 1,028.9 +19.9 Contract liabilities (Advances received)(*) 3,054.6 3,290.4 +235.8 Total Hitachi, Ltd. shareholders’ equity 6,568.3 6,525.3 (42.9) Non-controlling interests 204.2 197.5 (6.7) Cash Conversion Cycle 36.6 days 21.2 days (15.4) days D/E ratio 0.15 times 0.15 times ±0.00 pts Financial Position and Cash Flows (*)Large advances received are recognized as cash and cash equivalents, as well as in contract liabilities
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©Hitachi, Ltd. 2026. All rights reserved 18 Billions of yen Japan North America Europe China Asia (excl. Japan, China, and the Middle East) Other areas(*) Overseas Total DSS 568.7 88.8 64.7 7.3 68.2 16.1 245.3 YoY +7% +4% +25% +27% +27% +17% +16% Energy 72.5 320.6 267.7 69.5 81.0 148.9 887.9 YoY +37% +49% +15% +36% +38% +6% +27% Mobility 24.6 31.3 212.9 6.5 26.7 46.3 323.9 YoY +49% +6% +14% +161% +12% +13% +14% CI 380.9 75.3 53.5 203.3 101.2 11.1 444.5 YoY +7% +9% +6% +10% +15% +11% +11% Consolidated Total 1,001.6 516.0 593.6 288.0 282.0 222.9 1,902.7 YoY +8% +29% +14% +17% +24% +9% +19% Ratio 34% 18% 20% 10% 10% 8% 66% Expanded across all regions, led by North America and Europe ✓ DSS : Expanded across all regions, including Japan, Asia, and Europe (+) Strong domestic IT business and storage business in regions including Asia and Europe ✓ Energy : Expanded in most regions with notable strength in North America (+) Solid execution of strong order backlog from both systems and products businesses (*)Other areas: The Middle East, Central and South America, Africa, and Oceania Regional Revenue in Q2 FY2026
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©Hitachi, Ltd. 2026. All rights reserved (*)SI & Services: YoY +10% excl. the high-base effect of large-scale projects in the public sector and others in the previous year (*)Nuclear Energy: High-base effect from a large-scale project in the previous year Billions of yen Q2 FY2026 YoY H1 FY2026 YoY DSS 815.0 +14% 1,822.0 +10% SI & Services 373.4 +16% 893.8 +6% (*) Engineering & Services 455.8 +5% 949.1 +6% IT Products 160.8 +38% 288.4 +32% Energy 1,566.2 +47% 3,472.5 +66% Power Grids 1,507.4 +50% 3,379.0 +71% Nuclear Energy 59.0 +2% 93.9 (21)% (*) Mobility 404.1 +69% 973.1 +40% Q2 FY2026 YoY H1 FY2026 YoY CI 1,007.6 +26% 1,945.8 +26% Industrial Solutions 480.3 +42% 925.3 +36% Measurement & Analysis Systems 329.6 +77% 636.1 +66% Industrial Products 161.1 +8% 316.2 +8% Urban Solutions & Services 404.0 +17% 782.2 +18% Building Systems 269.0 +18% 507.2 +17% 19 Order Backlog (as of September 30, 2026) DSS : 2.0 tn yen (+12% vs. end-FY2025) Hitachi Energy : 10.5 tn yen (+14% vs. end-FY2025) 66.9 bn USD (+16% vs. end-FY2025) Mobility : 7.3 tn yen (+3% vs. end-FY2025) ✓ DSS (+) (+) Solid domestic AX/modernization projects Higher sales of block storage across all regions, including Asia and Europe ✓ Mobility (+) Large projects in Rail Vehicles business and Rail Control business in Europe ✓ Energy (+) Driven by large HVDC project awards in Europe and data center orders ✓ CI (+) Increase in semiconductor manufacturing, measurement and inspection equipment backed by AI-related demand (Measurement & Analysis Systems) Key Drivers of Order in Q2 FY2026 Order Results by Business Segment in Q2/H1 FY2026
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©Hitachi, Ltd. 2026. All rights reserved 20 Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices
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©Hitachi, Ltd. 2026. All rights reserved 21 ✓ Raised net income forecast to 920.0 bn yen (+20.0 bn yen vs. previous forecast) ✓ Raised revenue forecast by +300.0 bn yen, mainly driven by DSS and CI, and Adj. EBITA forecast by +40.0 bn yen, mainly driven by Energy and CI ✓ Raised interim dividend from 28 yen to 32 yen per share, with total shareholder returns expected to reach 814.0 bn yen (+14.0 bn yen vs. previous forecast). Share buybacks were 52% complete as of the end of H1 Forecast FX sensitivity Assumed FX rate USD EURO 160 yen 185 yen Revenue Adj. EBITA +8.0 bn yen +5.0 bn yen +1.1 bn yen +0.5 bn yen FX Sensitivity(*) (H2 FY2026) Shareholder Return Dividends(*) YoY Share Buybacks(*) YoY 264.0 +59.0 550.0 +198.0 Full-Year H2 FY2026 (Forecast) 142.6 +38.2 259.7 +79.2 Total Shareholder Returns 814.0 402.3 (Billions of yen) Revenue YoY Adj. EBITA YoY Adj. EBITA Margin YoY Net income attributable to Hitachi, Ltd. Shareholders YoY Core FCF YoY PreviousBillions of yen Basic EPS(*) ROIC 11,700.0 1,520.0 13.0% 900.0 900.0 201.14 yen 13% Present 12,000.0 +13% 1,560.0 +248.5 13.0% +60 bps 920.0 +117.6 920.0 (250.2)(*) 206.41 yen 13.5% vs Previous +300.0 +40.0 ±0 bps +20.0 +20.0 +5.27 yen - Consolidated Total (*)Basic Earnings Per Share attributable to Hitachi, Ltd. shareholders. Weighted average number of shares to calculate basic earnings per share is 4,457,049,954 (*)Core FCF YoY (250.2) includes approx. (340.0) bn yen impact from large advances received; excluding this impact, YoY +90.0 bn yen (see p.9) (*)Impact of FX rate fluctuation by one-yen depreciation from assumed rate (*)Dividends to be paid during the period (*)Cash outflow during the period (maximum number of shares to be acquired: 160 million, approved by the Board of Directors on April 27, 2026) YoY +29.65 yen / +16% FY2026 Highlights
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©Hitachi, Ltd. 2026. All rights reserved 22 Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices
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©Hitachi, Ltd. 2026. All rights reserved Q2 FY2026 Key Performance Drivers (YoY) FY2026 Key Performance Drivers (YoY) SI & Services Revenue (+)Solid domestic AX/modernization business (financial and public) Revenue (+)Solid domestic AX/modernization business Profit (+) (-) Revenue growth and AI-driven productivity improvements Cost increases in certain projects and other factors Profit (+) (-) Revenue growth and AI-driven productivity improvements Strengthening the FDE team, investments in HMAX expansion, and other factors Engineering & Services Revenue (+) Expansion of cloud, security, and AX-related services GL + HDS: Expansion of co-creation projects generating synergies with other sectors Revenue (+) Expansion of cloud, security, and AX-related services Hitachi Digital (*4): (+)Expansion of co-creation projects generating synergies with other sectors (-)Strategic exit from non-focus projects (Hitachi Digital stand-alone, USD basis YoY: (LSD)) Profit (+)Revenue growth and AI-driven productivity improvements Profit (+) (-) Revenue growth and AI-driven productivity improvements Hitachi Digital: Investments to realign the GTM(*5) strategy with the new growth strategy and strengthen service lines IT Products Revenue (+)Revenue growth driven mainly by block storage Revenue (+) Higher sales of block storage supporting next-generation AI workloads, expansion of pipeline, and driving partnering for greater market competitiveness Profit (+)Revenue growth, mainly in block storage, and operational improvements Profit (+) Expansion of block storage sales and ongoing operational improvements 23 Billions of yen Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA DSS 814.1 125.9 +10% +7.8 3,290.0 508.0 +7%(*1) +30.8 +2% ±0.0 15.5% [+7%](*2) (40) bps(*3) 15.4% [+6%] (10) bps (40) bps SI & Services 387.5 55.3 +9% (1.5) 1,600.0 239.0 +9% +12.9 +2% ±0.0 14.3% (160) bps 14.9% (40) bps (40) bps Engineering & Services 437.6 67.1 +5% +5.0 1,752.0 257.0 +3% +9.7 (2)% (8.0) 15.3% +40 bps 14.7% +10 bps (10) bps IT Products 159.0 10.5 +36% +5.2 532.0 30.0 +9%(*1) +17.4 +7% +1.5 6.6% +210 bps 5.6% +300 bps (10) bps (*2)[]: Estimated YoY changes excl. FX impact (*1)The ATM business included in IT Products was deconsolidated on October 1, 2026. Excluding the impact of the ATM business deconsolidation, DSS YoY +8%, IT Products YoY +23% DSS: Performance by Business Segment Hitachi Integrated Report 2026 (DSS Business Strategy) Hitachi Integrated Report 2026 (DSS Business Strategy) (*3)Cost increases in certain domestic projects (*4)GL+HDS (*5)Go-to-Market (*3)
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©Hitachi, Ltd. 2026. All rights reserved 24 Billions of yen Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Energy 960.4 145.8 +28% +51.5 4,060.0 609.0 +26% +192.9 ±0% +33.0 15.2% [+20%] (*) +260 bps 15.0% [+21%] +210 bps +80 bps Power Grids 893.7 138.8 +27% +47.5 3,781.5 583.5 +26% +187.0 ±0% +33.0 15.5% +260 bps 15.4% +220 bps +80 bps Nuclear Energy 65.3 - +48% - 260.0 - +23% - +3% - - - - - - (+) Power Grids (incl. Hitachi Energy) Nuclear Energy Revenue By region Hitachi Energy Revenue Adj. EBITA Adj. EBITA Margin 5.60 BUSD 0.89 BUSD 15.9% (YoY: +0.83 BUSD / +17%) (YoY: +0.26 BUSD) (YoY: +270 bps) By business Revenue Profit (+) Continued solid execution of strong order backlog, particularly in large-scale projects and product businesses, productivity improvements and data center business growth. Results influenced by translation to yen Volume leverage, improved revenue profile, operational excellence, solid project execution, favorable mix, and expansion of Lumada business Expanded in most regions, primarily driven by North America Expected to remain strong in Europe and North AmericaRevenue (+) (+) Robust business performance of Japanese projects across multiple plants, including maintenance and projects to comply with new regulatory requirements 23.65 BUSD 15.7% (YoY: +3.88 BUSD / +20%) (YoY: +1.08 BUSD, vs Previous Forecast: +0.23 BUSD) (YoY: +240 bps, vs Previous Forecast: +90 bps) Continued solid execution of strong order backlog, additional capacity, ongoing productivity improvement and data center business growth. Results influenced by translation to yen (+) FY2026 Key Performance Drivers (YoY) Volume leverage, improved revenue profile, operational excellence, solid project execution, favorable mix, and expansion of Lumada business (+) Robust business performance of Japanese projects across multiple plants to comply with new regulatory requirements(+) (+) Q2 FY2026 Key Performance Drivers (YoY) (*)[]: Estimated YoY changes excl. FX impact Energy: Performance by Business Segment Hitachi Integrated Report 2026 (Energy Business Strategy) Hitachi Integrated Report 2026 (Energy Business Strategy) 3.72 BUSD
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©Hitachi, Ltd. 2026. All rights reserved (+) Revenue : 426.7 bn yen Adj. EBITA : 56.0 bn yen Adj. EBITA Margin : 13.1% Billions of yen Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Mobility 348.5 25.4 +16% +6.3 1,450.0 136.0 +10% +27.8 ±0% ±0.0 7.3% [+10%] (*) +100 bps 9.4% [+5%] +120 bps ±0 bps Mobility (excl. related cost) 348.5 26.4 +16% +3.8 1,450.0 142.3 +10% +20.6 ±0% ±0.0 7.6% +10 bps 9.8% +60 bps ±0 bps Related cost(*) - (1.0) - +2.5 - (6.3) - +7.2 - ±0.0 25 Mobility (excl. related cost) By region By business Revenue Profit Revenue Former Thales GTS business (excl. related cost) (+) (+) (+) (+) (+)FX effects, solid Rail Vehicles business, Rail Control business, and Impact of Clever Devices acquisition Reduction of Thales GTS acquisition related costs, FX effects, and growth in Rail Vehicles business and Rail Control business Expanded primarily in Europe Revenue : 108.5 bn yen Adj. EBITA : 12.8 bn yen Adj. EBITA Margin : 11.8% Q2 FY2026 Key Performance Drivers (YoY) Solid Rail Vehicles business and impact of Clever Devices acquisition FY2026 Key Performance Drivers (YoY) (+) Profitability improvements by the expansion of Rail Control business (including Lumada business) resulting in favorable business mix. Cost reduction (+) Expanded across all regions, primarily in Europe and North America (*)[]: Estimated YoY changes excl. FX impact (*)Related cost includes PMI related costs associated with acquisition Mobility: Performance by Business Segment Hitachi Integrated Report 2026 (Mobility Business Strategy) Hitachi Integrated Report 2026 (Mobility Business Strategy)
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©Hitachi, Ltd. 2026. All rights reserved Q2 FY2026 Key Performance Drivers (YoY) FY2026 Key Performance Drivers (YoY) Industrial Solutions Revenue (+) Expansion of Measurement & Analysis Systems (semiconductor manufacturing, measurement and inspection equipment) Revenue (+) Expansion of Measurement & Analysis Systems (semiconductor manufacturing, measurement and inspection equipment) Profit (-) Profit decrease due to the high base effect from high-margin projects in the environment business in the previous year and an increase in strategic investments in Measurement & Analysis Systems Profit (+) Profit increase driven by higher revenue Industrial Products Revenue (+) Expansion of sales of new energy-efficiency standard-compliant distribution transformers and increased sales of other industrial equipment Revenue (+) Higher sales of new energy-efficiency standard-compliant distribution transformers and UPS (Uninterruptible Power Supply) including for data centers Profit (+) Improved product mix of distribution transformers (higher sales of equipment compliant with new energy-efficiency standards), cost reductions Profit (+) Improvement in the product mix of distribution transformers(Sales expansion of new energy efficiency standard-compliant equipment), cost reduction Urban Solutions & Services Revenue (+) Expansion of building services business (China), FX effects Revenue (+) (-) Expansion of building services business (China and Japan), commercial air conditioning business and FX effects Impact of the capital reorganization of home appliance business Profit (+) Expansion of building services business (China), FX effects Profit (+) (-) Expansion of building services business (China and Japan), FX effects Impact of the capital reorganization of home appliance business, weaker demand for new elevator and escalator installations (China) 26 Billions of yen Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA CI 825.5 94.9 +9% +3.2 3,300.0 390.0 +7%(*) +49.6 +2% +5.0 11.5% [+5%](*) (60) bps 11.8% [+4%] +80 bps ±0 bps Industrial Solutions 368.3 49.5 +3% (5.6) 1,564.0 209.3 +10% +28.5 ±0% +2.0 13.4% (200) bps 13.4% +70 bps +10 bps Measurement & Analysis Systems 223.8 34.1 +6% (1.1) 900.0 124.0 +10% +21.4 ±0% +2.0 15.2% (140) bps 13.8% +130 bps +20 bps Industrial Products 145.9 16.9 +19% +6.2 579.7 72.3 +8% +12.8 ±0% ±0.0 11.6% +290 bps 12.5% +150 bps ±0 bps Urban Solutions & Services 361.4 37.8 +9% +1.4 1,342.9 155.1 +1%(*) +16.1 +4% +5.5 10.5% (40) bps 11.6% +120 bps ±0 bps Building Systems 239.1 28.6 +12% +2.4 920.0 116.0 +8% +10.7 ±0% ±0.0 12.0% (30) bps 12.6% +30 bps ±0 bps (*)[]: Estimated YoY changes excl. FX impact (*)The home appliance business included in Urban Solutions & Services is scheduled to be deconsolidated within FY2026. Excluding the impact of the deconsolidation of the home appliances business, CI revenue is expected to increase YoY +10% and Urban Solutions & Services BU revenue YoY +8% CI: Performance by Business Segment Hitachi Integrated Report 2026 (CI Business Strategy) Hitachi Integrated Report 2026 (CI Business Strategy)
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©Hitachi, Ltd. 2026. All rights reserved 27 Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices
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©Hitachi, Ltd. 2026. All rights reserved 28 ✓ H1 Lumada revenue increased +31% YoY across all sectors; HMAX revenue progress is at 47% ✓ Full-year revenue forecasts for Lumada and HMAX were revised upward, leading the increase in the Hitachi Group's full-year guidance H1 FY2026 FY2026 (*)Calculated based on revenue excluding certain restructuring businesses Lumada business revenue Lumada business revenue Revenue (bn yen) Adj. EBITA Margin Revenue Ratio(*)YoY Lumada Digital Services HMAX Digitalized Assets 21% 22% 14% 20% 4% 24% +31% +70% +21% 17%44%+25% 2,380.0 510.0 2,820.0 5,200.0 Revenue (bn yen) Revenue ratio(*) Progress Rate Lumada Digital Services HMAX Digitalized Assets 21% 4% 24% 47% 47% 46% 44%47% 1,129.0 238.0 1,299.0 2,428.0 Lumada business – Revenue by SectorLumada business – Revenue by Sector YoY Revenue ratio(*) Revenue (bn yen) DSS Energy Mobility CI 1,096.0 +27% 73% 448.0 +33% 24% 239.0 +22% 34% 744.0 +35% 50% YoY Revenue ratio(*) Revenue (bn yen) DSS Energy Mobility CI 2,280.0 965.0 499.0 1,494.0 +22% +22% +13% +21% 70% 24% 34% 47% Revenue Revenue Ratio(*) Adj. EBITA Margin 44% 17%5,200.0 bn yen (YoY +25%) Lumada HMAX Revenue Adj. EBITA Margin 510.0 bn yen 22% (YoY +70%) Revenue Revenue Ratio(*) 44%2,428.0 bn yen Lumada HMAX Revenue 238.0 bn yen (YoY +31%) (Progress Rate: 47%) Raised Raised Lumada Business Expansion: Accelerating HMAX Scale-up
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©Hitachi, Ltd. 2026. All rights reserved Expansion of HMAX Solutions Key Press Releases on HMAX Solutions ✓ Expanding cross-domain Foundry Solutions in addition to Domain-Specific Solutions, moving into the execution phase across sectors ✓ Capture growing demand in the Physical AI market with HMAX as a key driver, accelerating the growth of the highly profitable Lumada business ➢ See pp.35–38 for an overview of HMAX and the latest solutions. Recent Partnerships / Use Cases Hitachi launches new platform and operations management solutions, including HMAX Data Fabric Hitachi launches HMAX Cyber, an operational resilience service supporting business continuity in the AI era Hitachi launches HMAX Data Center, a suite of solutions for integrated data center infrastructure operations URL URL URL URL URL URL URL URL Hitachi Rail launches ‘Enhanced by HMAX’, committing to embed technology in all new rolling stock from 2027 Hitachi and FANUC Enter Strategic Partnership toward Joint Commercialization of Physical AI Implementation Hitachi enters strategic co-creation partnership with Agile Robots to develop the intelligence for AI robotics URL URL URL URL Cross- domain Cross- domain Domain- specific Mobility CI CI 29
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©Hitachi, Ltd. 2026. All rights reserved 30 Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices
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©Hitachi, Ltd. 2026. All rights reserved Billions of yen Q2 FY2026 YoY H1 FY2026 YoY FY2026 YoY vs Previous Forecast Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA DSS 814.1 125.9 +10% +7.8 1,533.1 211.5 +10% +21.9 3,290.0 508.0 +7% +30.8 +2% ±0.0 15.5% [+7%](*) (40) bps 13.8% [+7%] +20 bps 15.4% [+6%] (10) bps (40) bps Energy 960.4 145.8 +28% +51.5 1,872.3 274.8 +32% +102.1 4,060.0 609.0 +26% +192.9 ±0% +33.0 15.2% [+20%] +260 bps 14.7% [+22%] +250 bps 15.0% [+21%] +210 bps +80 bps Mobility 348.5 25.4 +16% +6.3 692.9 55.8 +18% +15.1 1,450.0 136.0 +10% +27.8 ±0% ±0.0 7.3% [+10%] +100 bps 8.1% [+9%] +110 bps 9.4% [+5%] +120 bps ±0 bps CI 825.5 94.9 +9% +3.2 1,586.6 178.4 +11% +23.3 3,300.0 390.0 +7% +49.6 +2% +5.0 11.5% [+5%] (60) bps 11.2% [+6%] +40 bps 11.8% [+4%] +80 bps ±0 bps Others 133.2 9.5 +1% +0.7 256.6 14.0 +2% +1.4 500.0 15.0 (6)% (7.9) ±0% +4.0 7.2% [+1%] +50 bps 5.5% [+1%] +50 bps 3.0% [(6)%] (130) bps +80 bps Corporate items & Elimination (177.4) (25.5) - (17.9) (327.8) (35.1) - (26.1) (600.0) (98.0) - (44.8) - (2.0) Consolidated Total 2,904.4 376.1 +15% +51.8 5,614.0 699.6 +17% +137.8 12,000.0 1,560.0 +13% +248.5 +3% +40.0 12.9% [+10%] +10 bps 12.5% [+11%] +80 bps 13.0% [+10%] +60 bps ±0 bps (*)[ ]: Estimated YoY changes excl. FX impacts For details of EBIT, EBITDA, etc. for each sector, refer to “Supplemental Material” for the relevant quarter 31 Consolidated Total: Performance by Business Segment
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©Hitachi, Ltd. 2026. All rights reserved Billions of yen Q2 FY25 Q2 FY26 YoY H1 FY25 H1 FY26 YoY FY25 FY26 YoY vs Previous Forecast Revenue 2,529.0 2,904.4 +15% 4,787.4 5,614.0 +17% 10,586.7 12,000.0 +13% +3% Adj. Operating Income 297.0 348.9 +51.9 508.0 643.2 +135.2 1,199.2 1,450.0 +250.7 +42.0 Amortization of intangible assets, etc. recognized upon business combinations to be added back +27.2 +27.1 (0.1) +53.7 +56.3 +2.6 +112.1 +110.0 (2.1) (2.0) Adjusted EBITA 324.2 376.1 +51.8 561.8 699.6 +137.8 1,311.4 1,560.0 +248.5 +40.0 Amortization of intangible assets, etc. recognized upon business combinations (27.2) (27.1) +0.1 (53.7) (56.3) (2.6) (112.1) (110.0) +2.1 +2.0 Equity in earnings of affiliates +5.3 (0.2) (5.6) +12.9 +2.6 (10.3) +44.1 +10.0 (34.1) +5.0 Net gain on business reorganization and others +94.7 +0.1 (94.5) +95.9 (0.2) (96.2) +131.8 (80.0) (*) (110.6) (17.0)Structural reform expenses(*) (4.2) (7.4) (3.2) (14.1) (16.7) (2.5) (167.6) Others +15.2 (8.0) (23.3) +79.0 (1.4) (80.5) +66.4 EBIT 408.1 333.3 (74.7) 681.8 627.4 (54.4) 1,274.0 1,380.0 +105.9 +30.0 Interest ±0.0 +1.4 +1.4 (1.7) +2.4 +4.1 (0.9) (10.0) (9.0) +5.0 Income taxes (114.9) (92.6) +22.3 (186.6) (184.6) +1.9 (421.6) (385.0) +36.6 (10.0) [Effective income tax rate] [33.1%] [28.1%] Deduction for non-controlling interests (12.4) (14.9) (2.4) (20.6) (28.6) (7.9) (49.0) (65.0) (15.9) (5.0) Net income attributable to Hitachi, Ltd. shareholders 280.6 227.1 (53.4) 472.8 416.6 (56.2) 802.3 920.0 +117.6 +20.0 (*)Structural reform expenses include impairment loss and special severance pay (*)Figures for FY2026 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 32 Summary of Consolidated Statement of Profit & Loss
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©Hitachi, Ltd. 2026. All rights reserved 33 H1 FY2026 Actual H1 Q1 Q2 Billions of yen Actual YoY Actual YoY Actual YoY Special Items Normalized Basis(*) Special Items Normalized Basis Special Items Normalized Basis Revenue Consolidated Total(*) 5,614.0 +826.6 +337.6 +489.0 2,709.5 +451.2 +216.5 +234.7 2,904.4 +375.3 +121.1 +254.3 +17% +10% +20% +10% +15% +10% DSS 1,533.1 +143.4 +59.7 +83.6 719.0 +72.2 +42.5 +29.7 814.1 +71.1 +17.2 +53.8 +10% +6% +11% +5% +10% +7% Energy 1,872.3 +453.9 +145.8 +308.1 911.9 +244.3 +85.4 +158.9 960.4 +209.6 +60.4 +149.1 +32% +22% +37% +24% +28% +20% Mobility 692.9 +107.2 +87.9 +19.2 344.4 +59.0 +52.1 +6.8 348.5 +48.2 +35.8 +12.3 +18% +3% +21% +2% +16% +4% CI 1,586.6 +156.5 +75.2 +81.2 761.0 +89.5 +51.5 +38.0 825.5 +67.0 +23.7 +43.2 +11% +6% +13% +6% +9% +6% Adj. EBITA Consolidated Total 699.6 +137.8 +24.6 +113.2 323.5 +86.0 +34.2 +51.8 376.1 +51.8 (9.2) +61.1 DSS 211.5 +21.9 +2.3 +19.6 85.5 +14.1 +9.5 +4.5 125.9 +7.8 (7.1) +15.0 Energy 274.8 +102.1 +26.9 +75.2 129.0 +50.5 +16.8 +33.7 145.8 +51.5 +10.0 +41.4 Mobility 55.8 +15.1 +14.5 +0.5 30.4 +8.7 +8.6 ±0.0 25.4 +6.3 +5.9 +0.4 CI 178.4 +23.3 +13.7 +9.6 83.4 +20.1 +13.7 +6.4 94.9 +3.2 ±0.0 +3.2 Adj. EBITA Margin Consolidated Total 12.5% +80 bps - +110 bps 11.9% +140 bps - +110 bps 12.9% +10 bps - +100 bps DSS 13.8% +20 bps +60 bps 11.9% +80 bps +10 bps 15.5% (40) bps +80 bps Energy 14.7% +250 bps +220 bps 14.2% +240 bps +180 bps 15.2% +260 bps +250 bps Mobility 8.1% +110 bps (20) bps 8.8% +120 bps (10) bps 7.3% +100 bps (10) bps CI 11.2% +40 bps +10 bps 11.0% +160 bps +40 bps 11.5% (60) bps (30) bps (*)Consolidated Total: Includes the figures other than 4 sectors, such as corporate strategic investments (*)Normalized Basis: Excludes the impacts of FX fluctuations, business reorganization, and one-off factors, including large one-off projects, timing shifts in large projects recognition, etc. H1 FY2026 Actual: YoY Variance Analysis
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©Hitachi, Ltd. 2026. All rights reserved 34 FY2026 Forecast H1 H2 Full-Year Billions of yen Actual YoY Forecast YoY Forecast YoY Special Items Normalized Basis(*) Special Items Normalized Basis Special Items Normalized Basis Revenue Consolidated Total(*) 5,614.0 +826.6 +337.6 +489.0 6,385.9 +586.5 (125.9) +712.5 12,000.0 +1,413.2 +211.6 +1,201.7 +17% +10% +10% +12% +13% +11% DSS 1,533.1 +143.4 +59.7 +83.6 1,756.8 +78.2 (77.5) +155.7 3,290.0 +221.6 (17.7) +239.4 +10% +6% +5% +9% +7% +8% Energy 1,872.3 +453.9 +145.8 +308.1 2,187.6 +386.0 +26.4 +359.6 4,060.0 +840.0 +172.2 +667.7 +32% +22% +21% +20% +26% +21% Mobility 692.9 +107.2 +87.9 +19.2 757.0 +21.1 (3.3) +24.4 1,450.0 +128.4 +84.6 +43.7 +18% +3% +3% +3% +10% +3% CI 1,586.6 +156.5 +75.2 +81.2 1,713.3 +57.4 (61.0) +118.5 3,300.0 +213.9 +14.2 +199.7 +11% +6% +4% +7% +7% +7% Adj. EBITA Consolidated Total 699.6 +137.8 +24.6 +113.2 860.3 +110.7 (65.4) +176.1 1,560.0 +248.5 (40.7) +289.3 DSS 211.5 +21.9 +2.3 +19.6 296.4 +8.9 (20.9) +29.9 508.0 +30.8 (18.6) +49.5 Energy 274.8 +102.1 +26.9 +75.2 334.1 +90.8 (4.6) +95.4 609.0 +192.9 +22.2 +170.7 Mobility 55.8 +15.1 +14.5 +0.5 80.1 +12.7 +3.1 +9.6 136.0 +27.8 +17.7 +10.1 CI 178.4 +23.3 +13.7 +9.6 211.5 +26.2 (2.3) +28.6 390.0 +49.6 +11.3 +38.2 Adj. EBITA Margin Consolidated Total 12.5% +80 bps - +110 bps 13.5% +60 bps - +130 bps 13.0% +60 bps - +120 bps DSS 13.8% +20 bps +60 bps 16.9% (20) bps +20 bps 15.4% (10) bps +40 bps Energy 14.7% +250 bps +220 bps 15.3% +180 bps +220 bps 15.0% +210 bps +220 bps Mobility 8.1% +110 bps (20) bps 10.6% +140 bps +90 bps 9.4% +120 bps +50 bps CI 11.2% +40 bps +10 bps 12.3% +110 bps +90 bps 11.8% +80 bps +50 bps (*)Consolidated Total: Includes the figures other than 4 sectors, such as corporate strategic investments (*)Normalized Basis: Excludes the impacts of FX fluctuations, business reorganization, and one-off factors, including large one-off projects, timing shifts in large projects recognition, etc. FY2026 H2/Full-year Forecast: YoY Variance Analysis
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©Hitachi, Ltd. 2026. All rights reserved 35 Aspirations of Inspire 2027 “Contribute to a harmonized society by True One Hitachi and grow sustainably” ✓ “Lumada,” which leverages Hitachi's unique strength in combining IT, OT, and products, helps solve social issues and achieve sustainable growth as a global leader in continuously transforming social infrastructure through digital DSS Energy Mobility CI Lumada Business HMAX Digital Services Digitalized Assets Business Structure to Achieve Our Ambition HMAX ✓ A suite of next-generation solutions that brings the power of AI to social infrastructure ✓ To be classified as an “HMAX Service,” a solution must meet these three criteria: 1) HMAX uses data from Digitalized Assets (e.g. Infrastructure, factories, etc.) 2) HMAX uses AI as an enabler and is enhanced by domain knowledge 3) HMAX is “recurring” Digital Services Lumada (since 2016) ✓ Lumada is the collective term for Hitachi's advanced digital technologies—solutions, services, and technologies—designed to extract value from customer data and accelerate digital innovation ✓ Positioning Hitachi’s broad installed base of products and systems as "Digitalized Assets" that generate data and operational expertise, we provide "Digital Services" that transform collected data into value To be a global leader in continuously transforming social infrastructure through digital Our Ambition: Our Ambition / Lumada and HMAX
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©Hitachi, Ltd. 2026. All rights reserved Hitachi’s installed base 110+ years of track record supporting social infrastructure Digitalized Assets Data-generating, strong products and systems Digital Services Highly reliable, data-driven, and innovative solutions Customer’s broader asset portfolio Domain Knowledge × LUMADA 3.0 HMAX Recurring Digital Services HMAX HMAX drives the scale of digital services, continuously enhances asset value Lumada 3.0 ✓ Hitachi’s strength in physical-digital integration forged in the mission-critical social infrastructure business ✓ Lumada growth model evolved through co-creation with customers and partners ✓ Driving Lumada business growth by scaling “HMAX” recurring Digital Services across customer assets Lumada BusinessTAM Digital Physical (*)Lumada 3.0: An evolution of Lumada, leveraging AI enhanced with Hitachi's domain knowledge Lumada Business Growth Model 36 Mobility Energy Industry Digital
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©Hitachi, Ltd. 2026. All rights reserved ✓ HMAX is a recurring service included in Lumada Digital Services ✓ We provide high-value-added services by combining AI and frontline / on-site data with our 110 years of domain expertise in developing and operating mission-critical social infrastructure ✓ A common three-layer architecture enables broad scaling, beyond our own installed base Lumada BusinessTAM Digitalized Assets Domain knowledge Installed Base HMAX Digital Services × AI • Manufacturing and maintenance of power transmission and distribution equipment (transformers, switchgear) • Integration of large-scale power transmission and distribution systems (HVDC, etc.) × HMAX Energy Supports securely extending asset life, increasing operational efficiency, and strengthening grid reliability for power infrastructure 240 BUSD Installed base of power transmission and distribution equipment up to 60% reduction In revenue loss from equipment downtime HMAX Mobility Optimizing asset lifecycle and operational efficiency through optimal parts replacement, maintenance crew dispatch, cost reduction, and work-style reform up to 15% reduction in maintenance costs HMAX Industry Driving innovation for frontline workers and improving well-being through equipment failure diagnostics, predictive maintenance, line optimization, etc. Rapid diagnostics/recommendation by AI agent 90%+ accuracy within 10 seconds × × • Manufacturing and O&M of rail vehicles • Manufacturing and O&M of signaling systems • Traffic management systems • Manufacturing and maintenance of products supporting foundations of social infra. and manufacturing (measuring/analytical instruments, compressors, air conditioning) • Field engineering for mission-critical infrastructure, buildings, etc. Rail vehicles and signaling systems > 30,000 km Elevators, air compressors, and marking systems ・・・ ・・・ ・・・ ・・・ Lumada Growth Model Value Proposition of HMAX Active installed base of air compressors > 200K units Installed base of elevators and escalators > 1,950K units Rail vehicles in operation around the globe > 16,000 Railways installed with our signaling systems HMAX by Hitachi: Next-generation Solution Suite Innovating Social Infrastructure Enabled by AI 37
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©Hitachi, Ltd. 2026. All rights reserved HMAX solution expansion Digital Services TAM Hitachi’s installed base Customer’s broader asset portfolio Lumada Business Digitalized Assets HMAX Foundry Solutions HMAX Domain-Specific Solutions HMAX Mobility HMAX Energy HMAX Industry HMAX Finance Physical AI FDE IT, OT, and product experts provide end-to-end support, from identifying management challenges to AI implementation and operatio ns. Engineers with deep domain knowledge drive customer co-creation, creating value and accumulating knowledge and expertise. Combining the use of frontier AI with Hitachi’s practical expertise in defending social infrastructure to provide comprehensive support from vulnerability visualization to rapid recovery HMAX Data Fabric Turn frontline knowledge into digital assets that AI can utilize Operational Rules Know-how and Tacit Knowledge Safe and Secure AI Use of Accumulated Knowledge Value Creation through the Circulation of Knowledge New Digital Physical New Enable stable and optimized AI operations while reducing AI-specific risks HMAX AI Operations New HMAX Cyber HMAX Data Center NewHMAX Public Services New ✓ Continue to expand Domain-Specific Solutions and supporting Foundry Solutions, accelerating the deployment of Physical AI through a diverse range of solutions 38
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©Hitachi, Ltd. 2026. All rights reserved Hitachi Energy Investor Day Event Overview Timetable (GMT) The name, order and time of each session may be subject to change. 17:00-17:20 Powering growth: Strategic outlook Andreas Schierenbeck Chief Executive Officer, Hitachi Energy 17:20-17:40 AI-powered transformation Urs Dogwiler Chief Transformation Officer, Chief Lumada Business Officer, Global Head of Operations, Supply Chain Management, Quality, HSE, Digital, and Common Shared Services, Hitachi Energy 17:40-18:00 Technology & innovation Gerhard Salge Chief Technology Officer, Hitachi Energy 18:00-18:20 Financial performance & outlook Ismo Haka Chief Financial Officer, Hitachi Energy 18:40-19:30 Q&A session Above four speakers, moderated by Luis Ramos Chief Communications & Government Relations Officer Date and Time Tuesday, November 3, 2026 5:00-7:30pm GMT: Presentations and Q&A session (12:00 to 2:30pm EST / 2:00-4:30am on November 4 JST) The presentation materials will be available on the Hitachi IR website. *The presentation materials are scheduled to be released on November 2, 2026. 39
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©Hitachi, Ltd. 2026. All rights reserved 40 Items Contents Adj. EBITA Adj. operating income plus amortization of intangible assets, etc. recognized upon business combinations Amortization of intangible assets, etc. recognized upon business combinations 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 Revenue 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. DSS / CI Digital Systems & Services / Connective Industries Notes
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©Hitachi, Ltd. 2026. All rights reserved 41 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 document. 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 respond 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 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 document 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. Cautionary Statement