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< Caution > This document is a translation of the original Japanese document and is only for reference purposes . In the event of any discrepancy between this translated document and the original Japanese document , the latter shall prevail . jes pan elevator service Earnings Supplement for the First Quarter of the Fiscal Year Ending March 2027 August 6 , 2026 japan elevator service jes Japan Elevator Service Holdings Co. , Ltd. ( TSE Prime Market : 6544 ) Copyright © japan elevator service holdings all rights reserved
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Contents Copyright © japan elevator service holdings all rights reserved 2 Three Months Results for the Fiscal Year Ending March 20271 Forecasts for the Fiscal Year Ending March 20272
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Copyright © japan elevator service holdings all rights reserved 3 Three Months Results for FY Mar 2027 ◼ The number of domestic maintenance contracts exceeded 130,000 units ◼ Modernization segment saw significant growth in both volume and price, driven by large-scale projects, escalators, and a new installation project ◼ Although modernization accounted for nearly 40% of sales, the company maintained high profit margins thanks to continued increases in unit prices and improvements in productivity ◼ As is usual for the first quarter, progress is on track with full-year earnings forecasts
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(units, person) FY ended FY ended FY ended FY ended 3 months ended March 2023 March 2024 March 2025 March 2026 June 2026 Actual Actual Actual Actual Actual (Change YtD) Maintenance contracts 88,630 100,230 113,520 126,840 131,150 + 4,310 Modernization (cumulative) 1,530 1,930 2,230 2,620 700 + 80 Parking equipment (No. of pallets) 22,050 24,660 26,740 27,650 28,790 + 1,140 No. of offices 132 138 148 155 158 + 3 No. of employees 1,766 1,868 2,028 2,286 2,443 + 157 Technical personnel 1,096 1,159 1,271 1,452 1,578 + 126 Sales personnel 218 248 272 305 315 + 10 Operational KPI Summary Copyright © japan elevator service holdings all rights reserved 4 Continued strengthening of business structure begins to show results ⚫ The number of domestic maintenance contracts has exceeded 130,000 units. Net increase of 4,310 units matched that of the same period last year. Despite some volatility due to a concentration of expiring tender contracts, the number of new contracts exceeded the previous year’s level thanks to strengthened sales efforts ⚫ The number of modernization shipments increased from 620 units to 700 units compared to the same period last year. Large-scale projects, escalators, and a new installation project also contributed, leading to a significant increase in the average unit price ⚫ On June 1, the Miyazaki service office was opened, bringing the total number of locations to 158. We now have presence in all prefectures ⚫ The number of employees increased by 157 from the end of the previous fiscal year. In addition to recruiting new graduates, the company continued to actively hire mid-career personnel, strengthening the organization as a whole to support business expansion, including both technical and sales personnel
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(millions of yen, %) Amount % of sales Amount % of sales Amount % Maintenance & Repair 8,315 61.9 9,186 58.2 870 10.5 Modernization 4,791 35.7 6,246 39.6 1,454 30.4 Other 326 2.4 345 2.2 19 6.0 Total 13,433 100.0 15,778 100.0 2,345 17.5 3 months ended 3 months ended YoY changeJune 2025 June 2026 Three Months Results for FY Mar 2027 (Sales by Business) Copyright © japan elevator service holdings all rights reserved 5 While modernization saw significant sales growth driven by increases in both volume and unit price, overall progress is in line with the usual trend ⚫ Net sales from maintenance and repair services showed stable growth in line with the increase in the number of maintenance contracts ⚫ Modernization saw growth in both the number of units and the average unit price, and net sales rising significantly by 30.4% YoY ⚫ In other sales overseas operations returned to an upward trend 0 2 4 6 8 10 12 14 16 18 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q March 2024 March 2025 March 2026 March 2027 (billion yen) Quarterly Sales Trends Maintenance Repair Modernization Other
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(millions of yen, yen, %) Amount % of sales Amount % of sales Amount % Net sales 13,433 100.0 15,778 100.0 2,345 17.5 Operating profit 2,505 18.6 3,044 19.3 538 21.5 Ordinary profit 2,513 18.7 3,024 19.2 511 20.3 Profit attributable to owners of parent 1,608 12.0 1,924 12.2 315 19.6 (Depreciation) 355 2.6 426 2.7 71 20.0 (Amortization of goodwill) 67 0.5 69 0.4 2 3.3 OP before amortization 2,572 19.1 3,113 19.7 541 21.0 EPS 9.03 -- 10.76 -- 1.73 19.2 3 months ended 3 months ended YoY changeJune 2025 June 2026 Three Months Results for FY Mar 2027 (Overview) Copyright © japan elevator service holdings all rights reserved 6 Steady progress toward full-year earnings forecasts ⚫ Although modernization accounting for nearly 40% of sales, the gross profit margin remained at a high level, driven by a significant increase in unit prices for modernization and continued productivity gains resulting from an increase in the number of maintenance contracts numbers ⚫ Efforts to control SG&A spending also proved effective, with the SG&A ratio falling to 19.5%. Operating profits increased by 21.5% YoY, outpacing the sales growth. The operating profit margin before goodwill amortization improved by 0.6 percentage points YoY to 19.7% * The Company conducted a two for one stock split of ordinary shares on October 1, 2025. Earnings per share is calculated assuming that the stock split was conducted at the beginning of the previous fiscal year. *
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（millions of yen） End of June 2026 Cash and cash equivalents 4,171 4,445 + 273 Property, plant and equipment 11,997 12,007 + 10 Intangible assets 4,240 4,136 - 103 Borrowings 2,982 5,938 + 2,956 Net assets 24,994 23,182 - 1,811 Total assets 40,126 39,106 - 1,020 ChangeFiscal Year ended March 2026 Three Months Results for FY Mar 2027 (Balance Sheet) Copyright © japan elevator service holdings all rights reserved 7 ⚫ Despite the dividend payment of 3.7 billion yen the financial foundation was strengthened further, as evidenced by the continued increase in cash and deposits ⚫ There was also an improvement in inventory turnover periods
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Copyright © japan elevator service holdings all rights reserved 8 Forecasts for FY Mar 2027 ◼ Full-year forecast remains unchanged as the first quarter showed steady progress toward achieving it ◼ The Company expects another record- high revenue driven by the expansion of maintenance and repair operations resulting from an increase in the number of maintenance contracts, as well as an increase in modernization shipments ◼ The Company anticipates continued improvement in profit margins through enhanced productivity and control of SG&A expenses
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Forecasts for the Fiscal Year Ending March 2027 (Summary) Copyright © japan elevator service holdings all rights reserved 9 The first quarter saw steady progress, and the full-year earnings forecast remains unchanged ⚫ In maintenance and repair, net growth in maintenance contracts is expected to continue. In modernization, growth in shipments and unit prices is expected ⚫ In addition to productivity improvements due to the increase in the number of contracts, the company expects to continue to control SG&A expenses and achieve an operating profit margin before amortization of over 20%. As a result, both sales and profits are expected to reach new highs (millions of yen, %) Amount % of sales Amount % of sales YoY Maintenance & repair services 34,499 59.9 37,800 58.2 109.6 Modernization services 21,801 37.8 25,900 39.8 118.8 Other 1,300 2.3 1,300 2.0 99.9 Net Sales 57,601 100.0 65,000 100.0 112.8 Amount % of sales Amount % of sales YoY Net sales 57,601 65,000 112.8 Operating profit 11,010 19.1 13,000 20.0 118.1 Ordinary profit 11,006 19.1 13,000 20.0 118.1 Profit attributable to owners of parent 7,319 12.7 8,200 12.6 112.0 (Depreciation) 1,587 2.8 1,800 2.8 113.4 (Amortization of goodwill) 291 0.5 277 0.4 95.1 OP before amortization 11,301 19.6 13,277 20.4 117.5 March 2026 March 2026 Forecast Forecast March 2027 March 2027
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Capital Expenditures and Depreciation Forecasts Copyright © japan elevator service holdings all rights reserved 10 FY2026 (Actual) FY2027 (Forecast) Items C a p i t a l Expenditure 1.94 1.90 Investments related to PRIME, a remote inspection service, etc. Depreciation 1.58 1.80 2.84 3.65 2.39 1.70 1.94 1.90 0.92 1.20 1.40 1.56 1.58 1.80 0.00 1.00 2.00 3.00 4.00 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 CAPEX Depreciation (Billions of yen) Capital Expenditures and Depreciation (Billions of yen) (Forecast)
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Copyright © japan elevator service holdings all rights reserved 11 References
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Medium-Term Plan: VISION2027 Copyright © japan elevator service holdings all rights reserved 12 • Grow maintenance and repair services sales driven by expanded domestic market share (organic & M&A) • Tap demand for modernization through increase in number of elevators under contract => Net sales of 60 billion yen • Improve profitability by enhancing business productivity and operational efficiency through human resource development and the use of digital technology => Operating margin of 20% (before amortization) ◼ Basic Strategy ◼ Growth Strategy • As a company qualified for the TSE Prime Market, we aim to achieve sustainable growth and increase corporate value, adapting to changes in the social environment, by addressing not only business growth but also social and global environmental issues from a medium- to long-term perspective Profitability Shareholder returnsESG Operational growth Reduce environmental burden Diversify staff Enhance governance Net Sales Over 60 billion yen Operating profit margin 20% Raise corporate value through growth, prosper together with all stakeholders ◼Key Indicators • Growth and profitability metrics to be met by FY2027/3 • OP Margin excludes goodwill amortization Dividend payout ratio 40% or more
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VISION2027: Profitability Scenario to Achieve Mid-term Plan Copyright © japan elevator service holdings all rights reserved 13 Reconciliation of 60 billion yen in Net Sales and Operating Margin of 20% with Growing Maintenance Contracts Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 1. Achieve net sales of 60 billion yen by expanding the market and increasing share in Japan ⚫ Increase contribution from high margin maintenance sales Improve margins in newly expanded areas with low market share by increasing the number of maintenance contracts ⚫ Reduction in CoGS ratio Despite our continued effort to increase the number of technical personnel, costs should be under controll since we are hiring new graduates and training them Improve the number of units managed by technical personnel Curbing material costs by utilizing refurbished products ⚫ Reduction in SG&A ratio Reduce administrative costs by optimizing staffing and utilizing IT systems ⚫ As of March 31, 2026, our domestic maintenance market share will be approximately 11% (our estimate) ⚫ There is ample room to expand market share, especially in newly penetrated areas, by leveraging our high-quality, reasonably priced services, and we will expand our maintenance sales system and personnel to capture new customers ⚫ Sales expansion by capturing modernization demand due to increase in number of units 2. Improve operating profit margins through higher productivity Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 (2) CoGS ratio reduction (3) SG&A ratio reduction (1) Sales expansion Increased number of maintenance contracts should improve profit step by step and lead to operating profit margin of 20% Profitability improvement
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VISION2027: Plan Progress ～ Investment Domestic M&A and Capital Expenditures have Peaked, Positive FCF Trend Expected ⚫ Capital expenditures peaked in FY2023, and after the completion of the JIK in FY2024, CAPEX shall be limited to installation of PRIME terminal as contract increases, system investments and R&D ⚫ M&A for the development of the base network for nationwide expansion is almost completed. Going forward, small-scale investments are expected to focus on expanding market share in specific regions and business succession issues. EBITDA and free cash flow expected to trend upward in parallel going forward (Note) Corporate investment represents capital spending for the acquisition of subsidiaries. Investment trends 14 Copyright © japan elevator service holdings all rights reserved M&A for the development of the base network for nationwide expansion 0 1 2 3 4 5 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 (billions of yen) Corporate investment CAPEX JIC Construction JIL Construction Construction of JIK PRIME PHS outage support
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VISION2027: Cash Flow Management 15 Copyright © japan elevator service holdings all rights reserved Investment in continuing business Investment in human resources, digital promotion, R&D, etc. Investment in inorganic growth Continue domestic M&A Prepare for full-scale expansion overseas Shareholder returns Dividend payout ratio 40% or more Sharing profit growth with shareholder Sharing free cash flow with stakeholders for sustainable growth ⚫ Capital investment peaked in FY 2023 and then begin to decline ⚫ Free cash flow should be on an upward trend due to business expansion as number of maintenance contracts increases and improve profitability ⚫ Dividend payout ratio should be at 51.2% for FY 2026 ⚫ Forecasted dividend is 21 yen, an increase of 5.5 yen YoY ⚫ Sharing profit growth with shareholder through dividends ⚫ Aiming for net cash for the time being ⚫ Continue bolt-on acquisition in Japan taking advantage of share expansion and succession issues ⚫ Recognize current overseas business as a period of know- how accumulation ⚫ Enhance risk tolerance through domestic business expansion and prepare for full-scale expansion in the future ⚫ Continue to invest in improving service quality, the source of our competitive edge ⚫ Characteristically, profitability should improve along with top-line growth ⚫ Accelerate investment in human resources once OP margin exceeded 20% EBITDA FCF Forecast Cash flow management -2 0 2 4 6 8 10 12 14 16 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 ¥Bn EBITDA FCF
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9,200 11,500 13,700 15,700 18,000 20,000 22,700 25,600 28,700 32,200 35,800 38,800 43,400 48,800 54,800 67,500 79,000 88,630 100,230 113,520 126,840 131,150 Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Jun 2026 Copyright © japan elevator service holdings all rights reserved 16Growth in Domestic Maintenance Contracts 131,150 elevators under maintenance contracts at the end of June 2026 Release of “PRIME” remote inspection system Listed TSE 1st section Listed TSE Mothers 14% CAGR (annualized)
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Growth in Net Sales Copyright © japan elevator service holdings all rights reserved 10.4 11.8 13.5 15.3 17.9 21.3 24.5 29.7 34.9 42.2 49.3 57.6 65.0 Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 Maintenance & repair Modernization Other 17% CAGR (annualized) 59.9% 37.8% 2.3% Net sales of 57.6B for the FY Mar 2026 Maintenance & repair Modernization Other (Note: Due to a change in the fiscal year end, the fiscal year ended March 31, 2014 is a six-month period. The above figures are annualized. 17 (Forecast)
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▶Japan Elevator Service Tokai Co., Ltd. ▶Japan Elevator Service Jyosai Co., Ltd. ▶Nagano Elevator Co., Ltd. ▶Naka Elevator Co., Ltd. ▶Joshin Building Service Co., Ltd. (Building maintenance) ▶Japan Elevator Service Chushikoku Co., Ltd. ▶Miyoshi Elevator Co., Ltd. ▶Ehime Elevator Service Co., Ltd. Expanding Presence Copyright © japan elevator service holdings all rights reserved 18 As of August 1, 2026 158 offices Chugoku / Shikoku Kyushu/Okinawa Kansai Tokai / Koshinetsu Hokkaido Tohoku M&A M&A Kanto ▶Japan Elevator Service Holdings Co., Ltd. ▶Japan Elevator Service Jyonan Co., Ltd. ▶Japan Elevator Service Jyosai Co., Ltd. ▶Japan Elevator Service Kanagawa Co., Ltd. ▶Japan Elevator Parts Co., Ltd. ▶Japan Parking Service Co., Ltd. ▶Tokyo Elevator Co., Ltd. ▶Kanto Elevator System Co., Ltd. ▶Elevator Media Co., Ltd. (LiftSPOT) M&A M&A M&A Hokuriku ▶Japan Elevator Service Kansai Co., Ltd. ▶NS Elevator Co., Ltd. ▶Japan Elevator Service Kyushu Co., Ltd. ▶Eledoc Okinawa Co., Ltd. ▶SG Elevator Co., Ltd. (Equity method affiliate) Areas covered by JES Group (Note) Cosmo Japan Co., Ltd., which became a subsidiary on October 2, 2020, was merged into Japan Elevator Service Jyosai Co., Ltd. on September 1, 2022. Kansai Elevator Corporation, which became a subsidiary on November 11, 2020, was merged into Japan Elevator Service Kansai Co., Ltd. as of May 1, 2023. Seiko Elevator Co., Ltd., which became a subsidiary on May 20, 2020, was merged into Japan Elevator Service Jyonan Co., Ltd. on July 1, 2023. Ikuta Building Maintenance Co., Ltd., which became a subsidiary on October 3, 2022, was merged into Shikoku Elevator Service Co., Ltd. on September 1, 2023. Toyota Facility Service Co., Ltd., which became a subsidiary on May 13, 2021, was merged into Japan Elevator Service Jyosai Co., Ltd. on December 1, 2023. Emic Co., Ltd., which became a subsidiary on September 1. 2023 was merged into Japan Elevator Service Hokkaido Co., Ltd. On April 1, 2024. Showa Yusoki Tohoku Co., Ltd., which became a subsidiary on October 1, 2024, was change its name to Japan Elevator Service Tohoku Co., Ltd. on July 1, 2025, and merged with Tohoku Regional Head Office of Japan Elevator Service Jyosai Co., Ltd. Shikoku Shoukouki Service Co., Ltd. which became a subsidiary on August 10, 2021 and Shikoku Elevator Service Co., Ltd. which became a subsidiary on October1, 2021 were merged with Japan Elevator Service Chushikoku Co., Ltd. on October 1, 2025. ▶Hokuriku Shisetsu Co., Ltd. (Equity method affiliate) ▶Japan Elevator Service Hokkaido Co., Ltd. ▶EVOTECH Co., Ltd. M&A ▶Japan Elevator Service Tohoku Co., Ltd. ▶Tohoku Elevator ServiceCo., Ltd. (Equity method affiliate) M&A M&A M&A M&A
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Financial Highlights (1/2) Copyright © japan elevator service holdings all rights reserved 19 13,544 15,326 17,900 21,339 24,521 29,751 34,907 42,216 49,375 57,601 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 271 848 1,265 1,700 2,362 2,726 3,153 4,515 5,530 7,319 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 611 1,351 2,034 2,717 3,612 4,113 5,010 6,821 8,624 11,010 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 527 1,339 2,001 2,703 3,715 4,225 5,100 6,851 8,621 11,006 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Net sales Ordinary profit (Millions of yen) (Millions of yen) Operating profit Profit attributable to owners of parent (Millions of yen) (Millions of yen)
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Financial Highlights (2/2) Copyright © japan elevator service holdings all rights reserved 20 2.12 5.29 7.87 10.51 13.76 15.36 17.74 25.35 31.05 41.05 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 12.84 17.56 24.21 31.67 57.98 65.71 75.87 92.83 112.07 137.54 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Net assets per share (Yen) Earnings per share (Yen) Net assets / Total assets 20 28 39 51 105 117 136 167 203 249 78 106 114 142 204 253 290 325 354 401 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Net assets Total assets (100 million yen) Stock splits history: two-for-one effective on October 1, 2017 two-for-one effective on October 1, 2018 two-for-one effective on January 1, 2021 two-for-one effective on October 1, 2025
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Copyright © japan elevator service holdings all rights reserved 21Disclaimer and Caution Concerning Forward-looking Statements Disclaimer ⚫ Japan Elevator Service Holdings (the “Company”) has prepared these materials for your reference, so that you may understand the current status of the Company. ⚫ While these materials have been prepared based on generally-known economic and social conditions and certain assumptions that we have determined to be reasonable, the information contained herein is subject to change without prior notice for reasons such as changes in the business environment. Caution concerning forward-looking statements ⚫ The data and information in this presentation contains forward-looking statements. These statements are based on certain assumptions underlying current expectations, forecasts, and risks, and carry with them uncertainties which could cause actual results to substantially differ from the projected figures. ⚫ These risks and uncertainties include general industry and market conditions, as well as general domestic and international economic conditions, such as changes in interest rates and exchange rates. ⚫ The Company has no obligation to revise the forward-looking statements contained in this presentation at a later date, even if new information and/or future events emerge.