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Fiscal Year Ending January 2027 2nd Quarter (February - July 2026) Earnings Results Presentation W-SCOPE Corporation 11 September 2026
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Index 1. Q2 results for the fiscal year ending January 2027 2. Outlook for the fiscal year ending January 2027 3. Group business overview 4. Corporate profile APPENDIX： Financial results for WCP In the presentation, the following abbreviations are used for company names. ・ W-SCOPE Corporation (our company) ：WS ・ W-SCOPE KOREA CO., LTD. (consolidated subsidiary) : WSK ・ W-SCOPE CHUNGJU PLANT CO., LTD. (equity method affiliate) : WCP
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1. Q2 results for the fiscal year ending January 2027
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Summary of FY Jan.27 Q2 Earnings Results 4 Sales FY Jan. 27 Q2 vs FY Jan. 26 Q2 YoY 1,928 Mil JPY +477 Mil JPY 132.9％ • Separator Business: Sales rose to 1,131 million yen (+133.5% YoY), driven by an increase in shipments for consumer applications. • IEM Business: Net sales reached 796 million yen (+132.1% YoY), supported by steady orders from existing projects. OP FY Jan. 27 Q2 vs FY Jan. 26 Q2 YoY -1,388 Mil JPY +1,480 Mil JPY ― • An increase of 929 million yen driven by cost reduction efforts, primarily in manufacturing costs. • Separator business continued to see marginal profit fall below fixed costs due to sluggish sales volume. RP FY Jan. 27 Q2 vs FY Jan. 26 Q2 YoY -3,091 Mil JPY +2,321 Mil JPY ― • Non-operating Income: Recorded R&D-related subsidies of 84 million yen and foreign exchange gains of 42 million yen. • Non-operating Expenses: Recorded equity method investment loss of 1,694 million yen (YoY improvement of 732 million yen, driven by profits recovery at WCP) and interest expenses of 146 million yen. NI FY Jan. 27 Q2 vs FY Jan. 26 Q2 YoY -3,104 Mil JPY +2,325 Mil JPY ― • No extraordinary items were recorded.
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5 (Mil.JPY) FY Jan. 26 Q2 (’25 2~’25 7) FY Jan. 26 Q3 (’25 2~’25 10) FY Jan. 26 Q4 (’25 2~’26 1) FY Jan. 27 Q1 (’26 2~’26 4) FY Jan. 27 Q2 (’26 2~’26 7) Actual Actual Actual Actual Actual YoY Sales 1,450 2,694 3,630 1,386 1,928 133.0% OP 2,868 -4,333 -4,919 -364 -1,388 ― % (OPM, %) ― ― ― ― ― EBITDA -2,075 -3,140 -3,386 -12 -638 ― % RP -5,412 -8,576 -11,412 -2,028 -3,091 ― % NP -5,429 -8,604 -12,465 -2,033 -3,104 ― % NP attributed to the parent’s shareholders -5,429 -8,604 -12,465 -2,033 -3,104 ― % Depreciation 793 1,193 1,533 352 750 94.6% R&D 320 458 669 134 282 88.1% CAPEX 764 1,082 1,135 93 169 22.1% Exchange rate AR:¥/$ 148.39 148.05 149.58 157.04 158.27 106.7% AR:¥/1,000KRW 103.9 104.8 105.2 107.2 106.7 102.7% AR:KRW/$ 1,427.94 1,412.79 1,422.22 1,465.16 1,483.85 103.9% No. of employees 282 280 274 271 248 87.9% Consolidated Financial Summary *Consolidated financial statements include WSK. Operating results of WCP is recorded as equity method investment loss/income in non-operating loss/income after Q3 of FY Jan. 25. * YoY(%) = FY Jan. 27 Q2 Actual / FY Jan. 26 Q2 Actual, rounded to thefirst decimal place. The applied exchange rate is the average value between January 2026 to June 2026.
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7 7 7 5 6 1 1 1 2 1 2 2 2 2 2 45 43 41 40 39 0 10 20 30 40 50 60 2026_1 Q2 2026_1 Q3 2026_1 Q4 2027_1 Q1 2027_1 Q2 Payables Short-term Debt Long-term Debt Other Liabilities Net Assets 1 1 1 1 1 0 1 1 13 12 12 11 11 39 40 38 (Investment securities 34) 36 (Investment securities 33) 36 (Investment securities 34) 0 10 20 30 40 50 60 2026_1 Q2 2026_1 Q3 2026_1 Q4 2027_1 Q1 2027_1 Q2 Cash & Cash Equivalents Sales Receivables Inventories Tangible Fixed Assets Other Assets 6 ASSETS LIABILITIES & EQUITY(Bil.JPY) (Bil. JPY) BS Summary
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-28.68 2.49 4.17 2.28 -0.50 0.63 0.43 4.48 -0.22 0.02 1.68 0 -5 -10 -15 -20 -25 -30 -35 7 -13.88 Waterfall chart – YoY change in OP FY Jan. 26 Q2: JPY -2,868 million FY Jan. 27 Q2: JPY -1,388 million YoY Changes in Sales: JPY +477 million OP: JPY +1,480 million FY Jan. 26 Q2 FY Jan. 27 Q2 (100mil. JPY) Increase Decrease Increase in sales volume Change in sales mix(incl. IEM) Decrease in COGS due to the change in inventories Increasein costs of raw materials Decrease in personnel cost Decrease in depreciation cost Reversal of inventory valuation loss Increase in energy cost Decrease in freight costs Decrease in other manufacturing costs (incl. IEM)
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-3.64 -0.45 -0.26 -7.99 0.25 0.27 -0.44 0.11 0.12 0.01 1.79 0 -2 -4 -6 -8 -10 -12 -14 8 -10.23 Waterfall chart – QoQ change in OP FY Jan. 27 Q1: JPY -364 million FY Jan. 27 Q2: JPY -1,023 million QoQ Changes in Sales: JPY -845 million OP: JPY -658 million Increase Decrease(100mil. JPY) FY Jan. 27 Q1 (for three months) FY Jan. 27 Q2 (for three months) Decrease in sales volume Change in sales mix(incl. IEM) Increase in COGS due to the change in inventories Decreasein costs of raw materials Decrease in personnel cost Increase in depreciation cost Reduction in inventory valuation losses Decrease in energy cost Decrease in freight costs Decrease in other manufacturing costs (incl. IEM)
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9 0 100 200 300 400 500 600 700 800 900 FY26_1 Q1 FY26_1 Q2 FY26_1 Q3 FY26_1 Q4 FY27_1 Q1 FY27_1 Q2 Automotive/EV Consumer IEM Separator IEM TotalEV ESS Other Consumer WS+WSK Amounts (Mil. JPY) 114 ― 1,016 796 1,928 % of total 6.0% ― 52.7% 41.3% 100% WCP Amounts (Mil. JPY) 6,488 850 1,102 ― 8,440 % of total 76.9% 10.1% 13.0% ― 100% Sales by Application in FY Jan. 27 Q1 * Figures of less than one million are rounded down. Quarterly Sales by Application (WS+WSK) (Mil.JPY)
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2.Outlook for the fiscal year ending Jan. 2027
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1. Sales 2. Operating Profit 3. Recurring Profit *H1 financial results include a 200 million yen loss on valuation of WCP convertible bonds, reflecting WCP's share price appreciation (vs. 930 million yen in Q1). (JPY in billions) H1 Forecasts H1 Actual vs forecasts Outlook Separator 2.05 1.13 55.2% • Approx. 90% of separator sales were derived from non-ESS consumer applications, with EV and ESS contribution expected from H2. • IEM shipments paused in Q2 following front- loaded Q1 demand, with deliveries set to resume in Q3. IEM 0.95 0.79 83.8% Total 3.00 1.92 64.3% (JPY in billions) H1 Forecasts H1 Actual vs forecasts Outlook -1.20 -1.38 ― • Separator shipments remained soft through Q2, while IEM tracked in line with forecasts. • H1 and full-year results are expected to remain on track, bolstered by cost reduction efforts. (JPY in billions) H1 Forecasts H1 Actual vs forecasts Outlook Recurring Profit -2.90 -3.09 ― • WCP’s H1 performance tracked in line with forecasts. • H2 ESS shipments are forecast to outperform initial targets. • Geopolitical risks in Iran present upward pressure on manufacturing costs. of which: loss on equity- method investment -1.65 -1.69 ※ 11 H1 Progress vs Forecasts
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3. Group business overview
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Separator business H1 sales recovered YoY but missed initial targets due to client ESS production delays; recovery is expected in H2. European EV demand remains in a gradual recovery phase. In the U.S., clients continue reallocating manufacturing capacity toward ESS, driving volume growth from H2 onward. Demand for consumer applications—including power tools, E-bikes, and drones—remains solid. IEM business Executing customer and application diversification. Business models vary, including standalone IEM, BPED modules, and turnkey system orders. New industrial wastewater projects expected from next fiscal year will aid chemical recovery/reuse and pollution mitigation. Ongoing initiatives for semiconductors and next-generation storage batteries. Business Environment and Ongoing Challenges Prolonged economic stagnation due to the conflict in Ukraine. Potential raw material cost inflation from elevated crude oil prices linked to Middle East tensions 13 Review of Group Operations and Business Environment
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Summary of New Initiatives • Separators: While the recovery of the European EV market remains slow, we continue to focus on cultivating demand for projects within the U.S. and Asian regions. • IEM: Making steady progress in expanding customers and projects, ranging from standalone membrane sales to assembly equipment sales. Customer Type Region Status Estimated Full-Scale Supply Start Separator A ESS Asia/US Full-scale production started Delayed in some projects Supply volume expected to increase from FY27 Jan. H2 B ESS Asia/US Continuing full-scale trial production and sales. FY27 Jan. Q3 C EV Asia/US Ongoing customer assessment of product samples. FY28 Jan. H2 D EV US Ongoing customer assessment of product samples. FY28 Jan. H1 E EV US Ongoing customer assessment of product samples. FY28 Jan. H2 IEM F Desalination Asia Delay in project start caused by client circumstances. Confirming customer status (Not factored into full year forecasts) G Water Treatment Asia Ongoing customer assessment of product samples. FY28 Jan. H Wastewater Asia Awaiting evaluation of pilot samples. FY28 Jan. I Wastewater Asia Delivered prototype equipment; awaiting customer evaluation. FY28 Jan. J Next-Gen Batteries Asia Ongoing customer assessment of product samples. FY28 Jan. 14
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4. Corporate Profile (Appendix) Financial Statements for WCP
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16 Company Name W-SCOPE Corporation Representative Won-Kun CHOI, President and CEO HQ Address Gotanda Sakura Building 8F, 1-22-6 Higashi Gotanda, Shinagawa-ku, Tokyo Founded / Listed in Oct 2005 / Dec 2011 Listing Market TSE Prime Market（6619 JP） Business Membrane film specialist manufacturer →develop, manufacture and sell separators, a core material in replacement Li-ion battery Key Financial Data (FY Jan. 2025) Sales:¥3,630mil, OP:¥-4,919mil, EBITDA:¥-3,386mil No. of Employees XXX (as of the end of July 2026, excluding WCP) Corporate Profile
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17 W-SCOPE CHUNGJU PLANT CO., LTD. (WCP) Listed in KOSDAQ since Sept 2022 (393890） • Production and sale of separator films for consumer and electric vehicle (EV) applications using membrane deposition production lines (separator film production lines) and coating production lines (lines for coating the surface of separator films). • Intends to increase ownership ratio which diluted with KOSDAQ IPO. W-SCOPE HONGKONG CO., LIMITED W-SCOPE HUNGARY PLANT Ltd. Group supervision, financing, product sales and material and technology development. W-SCOPE Corporation 100% 35.52% (incl. indirect shareholdings) 100% 100% W-SCOPE KOREA CO.,LTD. (WSK) • Production and sale of separator films for consumer and electric vehicle (EV) applications using membrane deposition production lines (separator film production lines) and coating production lines (lines for coating the surface of separator films). • Research, development, production and sales of ion exchange membranes (IEM). Corporate Structure Sales Subsidiary
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18 Profit and Loss Statement for W-SCOPE CHUNGJU PLANT CO., LTD. (consolidated, K-IFRS, in Mil.KRW) FY Dec. 2024 FY Dec. 2025 FY Dec. 2026 Full Year Full Year H1 Sales 322,073 110,812 79,105 Operating income/loss -70,938 -127,642 -36,011 Net income/loss -72,205 -162,065 -47,600 EPS (KRW) -2,142 -4,789 -1,407 Balance Sheet for W-SCOPE CHUNGJU PLANT CO., LTD. (consolidated, K-IFRS, in Mil. KRW) As of the end of Dec. 2024 As of the end of Dec. 2025 As of the end of Jun. 2026 Current assets 246,942 136,812 160,795 Cash and cash equivalents 59,727 26,994 30,916 Sales receivables & other receivables 141,827 85,246 82,749 Other financial assets - 2,978 14,098 Current non-financial assets 3,121 696 1,014 Inventories 41,595 20,872 32,000 Current tax assets 669 25 15 Non-current assets 1,563,248 1,808,623 1,794,813 Other financial assets 227 586 - Other non-current receivables 252 221 143 Tangible fixed assets 1,542,554 1,786,666 1,774,079 Intangible fixed assets 3,304 4,841 4,298 Patent rights 1,837 1,424 1,448 Deferred tax assets 15,071 14,8884 14,843 Total assets 1,810,190 1,945,436 1,955,609 Current liabilities 332,580 376,305 432,011 Non-current liabilities 508,968 674,652 620,808 Total liabilities 841,548 1,050,958 1,052,820 Capital stock 16,921 16,921 16,921 Capital surplus 875,113 875,113 875,113 Adjustment of capital -3,693 -3,693 -3,693 AOCI 52,970 141,998 197,277 Retained earnings (losses) 27,330 -135,861 -182,829 Total shareholders’ equity 968,642 894,477 902,788 Total liabilities & shareholders’ equity 1,810,190 1,945,436 1,955,609 * Figures of less than one million are rounded down. (Appendix) Financial Statements for WCP * Figures of less than one million are rounded down.
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19 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY26_1 Q1 FY26_1 Q2 FY26_1 Q3 FY26_1 Q4 FY27_1 Q1 FY27_1 Q2 Automotive/EV Consumer ESS Other Consumer Quarterly Sales by Application (WCP) (Mil.JPY)
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20 Disclaimer This presentation includes predictions and forecast of W-Scope Corporation’s business and market trends in which it operates. These predictions and forecast are made based on currently available information. Therefore, the actual result may differ due to various factors. W-Scope Corporation makes no representations or guarantees regarding predictions and forecast in this presentation. Investment decision should be made using investors’ own judgement.