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© DENSO CORPORATION All Rights Reserved. DENSO CORPORATION February 3rd, 2026 FY2026 3rd Quarter Financial Results (2025/4-2025/12)
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© DENSO CORPORATION All Rights Reserved. Overview of FY2026 3rd Quarter Financial Results 1. Even with the yen appreciating compared to the previous year, revenue for the current fiscal year increased compared to last, driven by higher vehicle sales in North America, Japan, and Asia, as well as price reflection. However, operating profit declined year-over-year due to rising parts costs, tariff impacts, quality-related provisions, and R&D expenditures, despite the positive impact from business improvement and production volume. 2. In this fiscal year, we forecast 7,420.0 billion yen in revenue and 535.0 billion yen in operating profit. Our revenue forecast reflects weaker yen and cost recovery. Operating profit incorporates the rising parts costs, tariff impacts, quality-related provisions, and R&D expenditures. FY2026 3rd Quarter Financial Results / 3rd February 2026 1/10
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© DENSO CORPORATION All Rights Reserved. FY2026 3rd Quarter Consolidated Financial Results (2025/4-2025/12) *Profit attributable to owners of the parent company Unit : Billions of Yen ( ): Ratio to Revenue FY2026 3rd Quarter Financial Results / 3rd February 2026 2/10 5,288.4 5,495.5 +207.1 +3.9% (7.6%) 401.6 (6.8%) 375.9 -25.7 -6.4% (8.5%) 447.9 (8.0%) 437.8 -10.1 -2.3% (5.9%) 312.7 (5.0%) 273.7 -39.1 -12.5% Foreign Exchange Rate -3.9 JPY ー +7.0 JPY ー -0.3 JPY ー Domestic Vehicle Production 6.17Mil 6.07Mil -0.10Mil -1.6% Overseas Vehicle Production of Japanese Manufacturers 12.34Mil 12.59Mil +0.25Mil +2.0% Operating Profit 2024/4-2024/12 2025/4-2025/12 Change Revenue JPY 148.7/USD JPY 164.8/EUR JPY 171.8/EUR JPY 21.1/CNY JPY 20.8/CNY Profit Before Income Taxes Profit * Precondition JPY 152.6/USD
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© DENSO CORPORATION All Rights Reserved. After-market, Non-Automotive Business etc. FY2026 3rd Quarter Consolidated Revenue (By Customer) Unit: Billions of Yen ( ): vs 24/12 (9 months basis) [ ]: vs 24/12 (9 months basis) excluding FX diff. After-market, Non-Automotive Business etc. FY2026 3rd Quarter Financial Results / 3rd February 2026 3/10 346.4 307.5 201.1 221.9 144.5 194.2 168.9 164.2 127.9 144.9 131.4 127.0 90.4 85.577.2 62.954.2 62.468.5 53.1 515.8 543.6 1,926.3 1,967.2 24/12 25/12 [+4.9%](+3.9%)5,495.5⇒5,288.4Revenue [+6.6%](+5.6%)3,065.2⇒2,902.9・Toyota group [+3.0%](+2.1%)1,967.2⇒1,926.3・Other OEMs [+4.8%](+5.4%) Others (VWG, Mitsubishi, BMW, John Deere, etc.) [△18.5%](△22.4%)Hyundai/Kia [+12.6%](+15.0%)Isuzu [△17.5%](△18.6%)Nissan [△5.8%](△5.4%)Mazda [△0.7%](△3.3)GM [+16.7%](+13.3%)Suzuki [△2.9%](△2.8%)Stellantis [+36.2%](+34.4%)FORD [+11.4%](+10.3%)SUBARU [△9.5%](△11.2%)Honda 2,902.9 54.9% 1,926.3 36.4% 459.2 8.7% 24/12 Toyota Group Other OEMs Bill 5,288.4 3,065.2 55.8% 1,967.2 35.8% 463.1 8.4% (+0.8%) Other OEMs Bill (+5.6%)(+2.1%) (+3.9%) [+6.6%][+3.0%] [+1.7%] [+4.9%] Toyota Group25/12 5,495.5
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© DENSO CORPORATION All Rights Reserved. FY2026 3rd Quarter Consolidated Revenue (By Product) Unit: Billions of Yen ( ): vs 24/12 (9 months basis) [ ]: vs 24/12 (9 months basis) excluding FX diff. FY2026 3rd Quarter Financial Results / 3rd February 2026 4/10 1,471.0 1,581.4 1,279.2 1,298.4 1,073.2 1,074.1 1,001.8 1,050.8 290.9 283.784.4 101.187.9 106.1 24/12 25/12 5,288.4 5,495.5 [+4.9%](+3.9%) Non-Automotive Other Automotive [-1.5%](-2.5%)Advanced Devices [+5.8%](+4.9%)Electrification Systems [+0.8%](+0.1%)Powertrain Systems [+2.4%](+1.5%)Thermal Systems [+8.4%](+7.5%)Mobility Electronics
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© DENSO CORPORATION All Rights Reserved. Change in FY2026 3rd Quarter Consolidated Operating Profit Fixed cost Parts & material cost etc. F/X rate Production volume Unit: Billions of Yen Tariffs Reduction of tariff costs & reflection of tariffs in price Quality FY2026 3rd Quarter Financial Results / 3rd February 2026 5/10 401.6 375.9 -57.5 -5.5 -42.0 -37.0 -13.0 +143.0 +30.3 -63.0 +19.0 Operating Profit Investment for human resources (Wage increase) *including suppliers Improvement & Business agility enhancement Operating Profit Parts & material cost ：-30.0 Raw material cost ： -9.0 Logistics cost ： -3.0 Improvement ： +95.5 Biz. Agility ： +47.5 25/1224/12
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© DENSO CORPORATION All Rights Reserved. FY2026 3rd Quarter Consolidated Geographical Segments by Company Location *Local currency basis excludes FX difference (152.6JPY/USD, 164.8JPY/EUR, 21.1JPY/CNY) Revenue Operating Profit Unit: Billions of Yen ( ): Ratio to Revenue Change from previous fiscal year 3,121.8 1,366.4 536.7 1,462.8 89.8 3,225.1 1,513.9 540.8 1,487.6 101.1 Japan North America Europe Asia Others 24/12 25/12 +12.5%+1.7%+0.8%+10.8%+3.3% +8.5%+16.5%+231.9%+6.3%-34.2% FY2026 3rd Quarter Financial Results / 3rd February 2026 6/10 177.7 72.5 4.9 125.9 18.6 117.0 77.1 16.3 146.6 20.2 Japan North America Europe Asia Others 24/12 25/12 (5.7%) (3.6%) (5.3%) (5.1%) (0.9%) (3.0%) (8.6%) (9.9%) (20.7%)(20.0%)
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© DENSO CORPORATION All Rights Reserved. 258.9 254.8 278.8 276.8 264.6 249.7 265.6 270.2 272.3 269.0 364.3 385.6 403.9 451.1 518.8 353.9 366.8 394.6 371.1 350.0 335.4 353.3 361.7 362.3 365.0 497.6 521.6 550.9 619.4 680.0 6.4% 5.7% 5.5% 5.2% 4.7% 6.1% 5.5% 5.1% 5.1% 4.9% 9.0% 8.1% 7.7% 8.6% 9.2% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 22/3 23/3 24/3 25/3 26/3 22/3 23/3 24/ 3 25/3 26/3 22/3 23/3 24/3 25/3 26/3 Trend of Capital Expenditures, Depreciation and R&D Expenditures CAPEX Depreciation R&D (including asset accrual) 26/3F25/324/323/322/3 26/3F25/324/323/322/3 26/3F25/324/323/322/3 ↑ 4Q ↓ 1~3Q <120.0><175.0> <80.0><76.0><68.0> Unit : Billions of Yen : Ratio to Revenue < >: Costs to be paid in one lump sum by the customer FY2026 3rd Quarter Financial Results / 3rd February 2026 7/10
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© DENSO CORPORATION All Rights Reserved. *1 Profit attributable to owners of the parent company *2 Foreign exchange rate of forecast for the 4th quarter: JPY 155.0/USD, 180.0/EUR, 22.0/CNY Unit : Billions of Yen ( ): Ratio to Revenue FY2026 3rd Quarter Financial Results / 3rd February 2026 FY2026 Financial Forecast 8/10 7,240.0 7,420.0 +180.0 +2.5% 7,161.8 +258.2 +3.6% (9.0%) 651.0 (7.2%) 535.0 -116.0 -17.8% (7.2%) 519.0 +16.0 +3.1% (9.9%) 714.0 (8.1%) 604.0 -110.0 -15.4% (8.1%) 578.0 +26.0 +4.5% (6.9%) 497.0 (5.7%) 420.0 -77.0 -15.5% (5.9%) 419.1 +0.9 +0.2% 9.8% 8.1% − -1.7pt 8.0% ー +0.1pt Foreign Exchange Rate +4.8 JPY − +2.3 JPY − +4.9 JPY − +10.2 JPY − +1.0 JPY − － − Domestic Vehicle Production 8.17Mil 8.25Mil +0.08Mil +1.0% 8.23Mil +0.02Mil +0.3% Overseas Vehicle Production of Japanese Manufacturers 17.05Mil 16.73Mil -0.32Mil -1.9% 16.42Mil +0.31Mil +1.9% Precondition Previous Forecast 2026/3 Forecast Change from previous forecast 2025/3 Actual Change from Mar. 2025 Revenue Operating Profit Profit before Income Taxes Profit *1 Return on Equity JPY 145.5/USD JPY 150.3/USD JPY 152.6/USD JPY 169.0/EUR JPY 173.9/EUR JPY 163.7/EUR JPY 20.1/CNY JPY 21.1/CNY JPY 21.1/CNY *2 *2 *2
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© DENSO CORPORATION All Rights Reserved. 519.0 535.0-10.0 -75.0 -49.5 -8.5 -10.0 +170.0 +3.0 +16.0 -91.5 +71.5 Change in FY2026 Forecast Operating Profit Operating Profit Fixed cost Investment for human resources (Wage increase) *including suppliers Quality F/X rate Production volume Improvement & Business agility enhancement Operating Profit Parts & material etc. Tariffs (-40.5)(-41.0) Parts & material cost ：-52.0 Raw material cost ：-18.5 Logistics cost ： -4.5 Improvement ： +99.0 Biz. Agility ： +71.0 Reduction of tariff costs & reflection of tariffs in price Unit: Billions of Yen ( ): Diff. from previous forecast 26/3(F)25/3 FY2026 3rd Quarter Financial Results / 3rd February 2026 9/10 Structural reforms (-20.0) (-10.0) (-7.5) (+23.0) (+38.5) (-58.5) (-116.0)
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© DENSO CORPORATION All Rights Reserved. 5,515.5 6,401.3 7,144.7 7,161.8 7,420.0 341.2 426.1 380.6 519.0 535.0 22/3 23/3 24/3 25/3 26/3 Revenue Operating Profit 6.4% 7.3% 6.3% 8.0% 8.1% 5.3% 6.1% 5.5% 7.1% 7.1% 22/3 23/3 24/3 25/3 26/3 ROE ROIC 6.2% 6.7% 5.3% 7.2% 7.2% : 7.3% WACC Shareholder’s equity cost : 7.8% Major Financial Indicator Revenue/Operating Profit/ Operating Profit Margin ROE・ROIC (F) (F) [Ref.] Calculation formula of ROIC ・ Invested capital is calculated by averaging results or forecast at the end of the previous fiscal year and the current fiscal year. ・ Invested capital＝Profit attributable to owners of the parent company＋Interest-bearing debt ・ ROIC＝Profit attributable to owners of the parent company / Invested Capital Operating Profit Margin (Unit : Billions of Yen) FY2026 3rd Quarter Financial Results / 3rd February 2026 10/10