Interim report
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Consolidated Financial Summary for the Cumulative Second Quarter (First Half) of FY2026 (April 1, 2025 – September 30, 2025) This document is an English translation of the Japanese language version of the consolidated financial summary that TS TECH Co., Ltd. has produced as a reference purpose. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
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Consolidated Financial Summary for the Cumulative Second Quarter (First Half) of FY2026 (under IFRS) November 14, 2025 Company name: TS TECH CO., LTD. Stock exchange listing: Tokyo Stock Exchange Stock code: 7313 URL: https://www.tstech.co.jp/ Representative: Masanari Yasuda, President Contact: Mahoro Kurata, General Manager, Corporate Communication Department Tel. 048-462-1121 Scheduled date for filing semi-annual securities report: November 14, 2025 Scheduled date of commencement of dividend payment: November 28, 2025 Preparation of supplementary explanatory material: Yes Holding of financial results briefing: Yes (for institutional investors and analysts) (Amounts of less than one million yen are rounded down to the nearest million yen) 1. Consolidated Financial Results for the Cumulative Second Quarter (First Half) of FY2026 (April 1, 2025 – September 30, 2025) (1) Consolidated Financial Results (Cumulative Total) (%: year-on-year change) Revenue Operating income Income before tax Net income Income attributable to owners of parent Total comprehensive income Million yen % Million yen % Million yen % Million yen % Million yen % Million yen % First half of FY2026 207,135 (7.0) 2,703 (59.5) 4,854 (39.6) 2,521 (55.0) 1,280 (71.7) 5,387 － First half of FY2025 222,705 10.1 6,677 31.5 8,041 9.7 5,604 37.5 4,532 49.9 (3,159) － Basic earnings per share Diluted earnings per share Yen Yen First half of FY2026 10.77 – First half of FY2025 36.36 – (2) Consolidated Financial Position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets Equity attributable to owners of parent per share Million yen Million yen Million yen % Yen First half of FY2026 411,666 318,424 303,419 73.7 2,564.56 FY2025 432,366 325,686 306,302 70.8 2,568.48 2. Cash Dividends Annual cash dividends per share End of 1Q End of 2Q End of 3Q End of year Annual Yen Yen Yen Yen Yen FY2025 － 40.00 − 43.00 83.00 FY2026 － 44.00 FY2026 (forecast) − 46.00 90.00 (Note) Revision from the most recent announcement of cash dividends forecasts: No 3. Consolidated Forecasts for FY2026 (April 1, 2025 – March 31, 2026) (%: year-on-year change) Revenue Operating income Income before tax Net income Income attributable to owners of parent Basic earnings per share Million yen % Million yen % Million yen % Million yen % Million yen % Yen FY2026 420,000 (8.8) 12,000 (27.0) 15,500 (22.7) 9,500 (16.0) 7,000 (18.9) 59.25 (Note) Revision from the most recent announcement of consolidated financial forecasts: Yes
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* Notes (1) Significant changes in the scope of consolidation during the period: Yes Newly included 1 company CHONGQING TS AUTO PARTS CO., LTD. Excluded 1 company SUN CHEMICAL INDUSTRY CO.,LTD. (Note) For additional information, please refer to “2. Condensed Semi-annual Consolidated Financial Statements and Significant Notes Thereto (5) Notes Concerning Condensed Semi-annual Consolidated Financial Statements, Significant Changes in the scope of consolidation during the period” on page 13 of the attached document. (2) Changes in accounting policies and accounting estimates 1) Changes in accounting policies required by IFRS: None 2) Changes other than 1): None 3) Changes in accounting estimates: None (3) Number of shares issued (common stock) 1) Number of shares issued at the end of the term including treasury stock 1H of FY2026 124,000,000 shares FY2025 136,000,000 shares 2) Number of treasury stock at the end of the term 1H of FY2026 5,687,506 shares FY2025 16,745,436 shares 3) Average number of shares during the term (cumulative) 1H of FY2026 118,927,879 shares 1H of FY2025 124,642,184 shares * The Consolidated Financial Summary for the Cumulative Second Quarter (First Half) is exempt from review by certified public accountants and audit firms. * Explanation regarding the appropriate use of forecasts of financial results and other notes The consolidated forecasts are projections made by the company management on the basis of information available at the time of preparation. For that reason, they involve risks and uncertainties. Accordingly, we request that readers of this document avoid making investment decisions based exclusively on these forecasts. Please bear in mind the possibility that actual results may differ materially from these forecasts due to various important factor s. Readers are asked to proceed to “(3) Qualitative Information Concerning Consolidated Forecasts” on page 4 for assumptions and other information that form the premises for the operating results forecast. Presentation materials used at the briefing on November 14, 2025, can be obtained on the Company website at the following URL (https://www.tstech.co.jp) (IR information) https://www.tstech.co.jp/english/ir/
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- 1 - Table of Contents 1. Qualitative Information Concerning Results ......................................................................................................2 (1) Qualitative Information Concerning Consolidated Financial Results ........................................................2 (2) Qualitative Information Concerning Consolidated Financial Positions .....................................................4 (3) Qualitative Information Concerning Consolidated Forecasts .....................................................................4 2. Condensed Semi-annual Consolidated Financial Statements and Significant Notes Thereto ............................5 (1) Condensed Semi-annual Consolidated Statement of Financial Position ....................................................5 (2) Condensed Semi-annual Consolidated Statements of Income and Comprehensive Income ......................7 (3) Condensed Semi-annual Consolidated Statement of Changes in Equity....................................................9 (4) Condensed Semi-annual Consolidated Statement of Cash Flows ............................................................ 11 (5) Notes Concerning Condensed Semi-annual Consolidated Financial Statements ..................................... 13
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- 2 - 1. Qualitative Information Concerning Results (1) Qualitative Information Concerning Consolidated Financial Results Revenue for the first half of FY2026 (April 1, 2025 – September 30, 2025) was 207,135 million yen on consolidated basis, with a decrease of 15,569 million yen (7.0%) compared to the same period of the previous year. The decrease is mainly caused by the impact of foreign exchange rates (-7,195 million yen), and lower production for major customers mainly in Americas and Asia, despite an improvement in the model mix. In terms of the profit, operating income was 2,703 million yen, with a decrease of 3,973 million yen (59.5%) , including impact of foreign exchange rates (-609 million yen), compared to the same period of the previous year. The decrease is mainly caused by lower revenue and the impact of foreign exchange rates. despite the contribution from further efforts to reduce costs. In addition, income attributable to owners of parent was 1,280 million yen, with a decrease of 3,251 million yen (71.7%) compared to the same period of the previous year, including impact of foreign exchange rates (-532 million yen). * USD/JPY average exchange rate: 1H FY2025: ¥152.8 1H FY2026: ¥146.0 * CNY/JPY average exchange rate: 1H FY2025: ¥21.2 1H FY2026: ¥20.3 Operating performance by segment is as follows. (Japan) (Unit: Million yen) First half of FY2025 First half of FY2026 Difference Change Rate Revenue 50,065 52,238 2,173 4.3% Operating income 4,123 3,389 (733) (17.8%) Main factors for year-on-year change Revenue Revenue slightly increased by improvement in the model mix and the effect of higher production for major customers. Operating income Operating income decreased due to the absence of the previous term's one-time profit, as well as fluctuations in foreign exchange rates and higher expenses , despite the positive effect of higher revenue. (Americas) (Unit: Million yen) First half of FY2025 First half of FY2026 Difference Change Rate Revenue 132,018 121,668 (10,349) (7.8%) Operating income 3,048 610 (2,437) (80.0%) Main factors for year-on-year change Revenue Revenue decreased by the impact of foreign exchange rates and lower production for major customers, despite an improvement in the model mix. Operating income Operating income decreased due to lower revenue and higher expenses.
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- 3 - (China) (Unit: Million yen) First half of FY2025 First half of FY2026 Difference Change Rate Revenue 32,655 27,128 (5,526) (16.9%) Operating income 2,750 2,800 49 1.8% Main factors for year-on-year change Revenue Revenue decreased due to changes in the model mix and fluctuations in foreign exchange rates. Operating income Operating income was comparable by lower expenses, despite lower revenue. (Asia and Europe) (Unit: Million yen) First half of FY2025 First half of FY2026 Difference Change Rate Revenue 20,694 20,321 (372) (1.8%) Operating income(loss) 26 (586) (612) －% Main factors for year-on-year change Revenue Revenue was comparable by increase in new business* sales and improvement in the model mix, while a lower production for major customers. Operating income Operating income decreased due to lower revenue and higher expenses. *Sales to customers other than Honda Motor Co., Ltd. and its affiliates Sales by business segment are as follows: (Unit: Million yen) First half of FY2025 First half of FY2026 Difference Change Rate Sales ratio Sales ratio Motorcycles 3,866 1.7 ％ 4,159 2.0 ％ 293 7.6 ％ Automobiles 207,686 93.3 ％ 191,207 92.3 ％ (16,479) (7.9 ％) (Seats) 189,946 85.3 ％ 174,637 84.3 ％ (15,309) (8.1 ％) (Interior products) 17,740 8.0 ％ 16,570 8.0 ％ (1,170) (6.6 ％) Other businesses 11,152 5.0 ％ 11,768 5.7 ％ 616 5.5 ％ Total 222,705 100.0 ％ 207,135 100.0 ％ (15,569) (7.0 ％)
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- 4 - (2) Qualitative Information Concerning Consolidated Financial Positions (Assets) Assets at the end of the first half of FY2026 stood at 411,666 million yen, with a decrease of 20,700 million yen from at the end of the previous consolidated fiscal year. This change was due mainly to a decrease of cash and cash equivalents following the payment of dividends and acquisition of treasury stock and a decrease in trade and other receivables on fewer orders received from major customers. (Liabilities) Liabilities at the end of the first half of FY2026 was 93,242 million yen, with a decrease of 13,437 million yen from the end of the previous consolidated fiscal year. This change was mainly due to the impact of a decrease of trade and other payables on fewer orders from major customers. (Equity) Equity at the end of the first half of FY2026 was 318,424 million yen, with a decrease of 7,262 million yen from the end of the previous consolidated fiscal year. This change was attributable primarily to decrease retained earnings and non-controlling interests due to the payment of dividends. (3) Qualitative Information Concerning Consolidated Forecasts Taking into account consolidated operating results for the first half of FY2026 , foreign exchange rate trends, current trends in orders from major customers and other considerations, the Company has revised the consolidated forecasts announced May 14, 2025 as follows. The assumed average full-year exchange rates are USD/JPY: ¥147.0 and CNY/JPY: ¥20.6. Revisions to full-year consolidated forecasts for FY2026 (April 1, 2025 – March 31, 2026) Revenue Operating income Income before tax Net income Income attributable to owners of parent Basic earnings per share Previous forecasts (A) Million yen Million yen Million yen Million yen Million yen Yen 430,000 16,500 20,000 12,500 9,500 79.63 Revised forecasts (B) 420,000 12,000 15,500 9,500 7,000 59.25 Difference (B-A) (10,000) (4,500) (4,500) (3,000) (2,500) － Change in % (2.3) (27.3) (22.5) (24.0) (26.3) － (Reference) Results for the previous fiscal year (FY2025) 460,514 16,428 20,058 11,303 8,630 70.69
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- 5 - 2. Condensed Semi-annual Consolidated Financial Statements and Significant Notes Thereto (1) Condensed Semi-annual Consolidated Statement of Financial Position (Unit: Million yen) FY2025 (As of March 31, 2025) First half of FY2026 (As of September 30, 2025) Assets Current assets Cash and cash equivalents 111,543 93,092 Trade and other receivables 69,907 59,314 Other financial assets 22,249 9,401 Inventories 41,103 46,291 Income taxes receivables 3,952 2,027 Other current assets 6,277 15,724 Total current assets 255,033 225,851 Non-current assets Property, plant and equipment 93,780 98,023 Intangible assets 14,240 14,478 Investments accounted for using the equity method 19,565 19,349 Other financial assets 35,001 39,374 Defined benefit assets 9,572 9,675 Deferred tax assets 4,825 4,588 Other non-current assets 347 324 Total non-current assets 177,333 185,814 Total assets 432,366 411,666
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- 6 - (Unit: Million yen) FY2025 (As of March 31, 2025) First half of FY2026 (As of September 30, 2025) Liabilities and equity Current liabilities Trade and other payables 78,483 68,598 Other financial liabilities 1,069 1,242 Income tax payables 4,072 1,063 Provisions 893 644 Other current liabilities 6,617 6,397 Total current liabilities 91,135 77,946 Non-current liabilities Other financial liabilities 4,689 4,799 Defined benefit liabilities 2,132 2,275 Provisions 130 125 Deferred tax liabilities 7,305 6,834 Other non-current liabilities 1,286 1,261 Total non-current liabilities 15,544 15,296 Total liabilities 106,679 93,242 Equity Capital stock 4,700 4,700 Capital surplus 5,403 5,253 Treasury stock (26,999) (9,392) Retained earnings 268,654 245,467 Other components of equity 54,543 57,390 Total equity attributable to owners of parent 306,302 303,419 Non-controlling interests 19,383 15,004 Total equity 325,686 318,424 Total liabilities and equity 432,366 411,666
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- 7 - (2) Condensed Semi-annual Consolidated Statements of Income and Comprehensive Income Condensed Semi-annual Consolidated Statement of Income Consolidated First Half (Unit: Million yen) Consolidated first half of FY2025 (April 1, 2024 – September 30, 2024) Consolidated first half of FY2026 (April 1, 2025 – September 30, 2025) Revenue 222,705 207,135 Cost of sales (193,921) (182,608) Gross profit 28,783 24,526 Selling, general and administrative expenses (22,627) (22,125) Other income 722 532 Other expenses (201) (230) Operating income 6,677 2,703 Finance income 2,220 1,920 Finance costs (917) (122) Share of profit (loss) of investments accounted for using the equity method 61 352 Income before tax 8,041 4,854 Income tax expense (2,436) (2,333) Net income 5,604 2,521 Income attributable to Owners of parent 4,532 1,280 Non-controlling interests 1,072 1,240 Net income 5,604 2,521 Earnings per share Basic earnings per share (yen) 36.36 10.77 Diluted earnings per share (yen) － －
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- 8 - Condensed Semi-annual Consolidated Statement of Comprehensive Income Consolidated First Half (Unit: Million yen) Consolidated first half of FY2025 (April 1, 2024 – September 30, 2024) Consolidated first half of FY2026 (April 1, 2025 – September 30, 2025) Net income 5,604 2,521 Other comprehensive income Components that will not be reclassified subsequently to net profit or loss Remeasurements of defined benefits plans 1 (21) Financial assets measured at fair value through other comprehensive income (3,643) 2,138 Share of other comprehensive income of associates accounted for using the equity method (101) 108 Total components that will not be reclassified subsequently to net profit or loss (3,744) 2,226 Components that may be reclassified subsequently to net profit or loss Differences on translation from foreign operations (5,974) 1,088 Share of other comprehensive income of associates accounted for using the equity method 954 (449) Total components that may be reclassified subsequently to net profit or loss (5,019) 638 Other comprehensive income, net of tax (8,764) 2,865 Comprehensive income for the period (3,159) 5,387 Comprehensive income for the period attributable to Owners of parent (4,172) 4,127 Non-controlling interests 1,013 1,259 Comprehensive income for the period (3,159) 5,387
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- 9 - (3) Condensed Semi-annual Consolidated Statement of Changes in Equity Consolidated First Half of FY2025 (April 1, 2024 – September 30, 2024) (Unit: Million yen) Equity attributable to owners of parent Capital stock Capital surplus Treasury stock Retained earnings Other components of equity Balance at the beginning of the fiscal year 4,700 5,381 (12,434) 269,715 59,569 Comprehensive income Net income 4,532 Other comprehensive income (8,704) Total comprehensive income － － － 4,532 (8,704) Transactions with owners, etc. Dividends (4,846) Acquisition of treasury stock (35) (11,759) Disposal of treasury stock (38) 434 Cancellation of treasury shares Share-based payments 50 Other transfer of negative balance of capital surplus Others 0 0 Total transactions with owners, etc. － (23) (11,324) (4,846) － Balance at the end of the period 4,700 5,357 (23,758) 269,401 50,865 Total equity attributable to owners of parent Non- controlling interests Total equity Balance at the beginning of the fiscal year 326,932 21,771 348,703 Comprehensive income Net income 4,532 1,072 5,604 Other comprehensive income (8,704) (59) (8,764) Total comprehensive income (4,172) 1,013 (3,159) Transactions with owners, etc. Dividends (4,846) (5,048) (9,894) Acquisition of treasury stock (11,795) (11,795) Disposal of treasury stock 396 396 Cancellation of treasury shares － － Share-based payments 50 50 Other transfer of negative balance of capital surplus － － Others 0 0 Total transactions with owners, etc. (16,194) (5,048) (21,243) Balance at the end of the period 306,565 17,735 324,301
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- 10 - Consolidated First Half of FY2026 (April 1, 2025 – September 30, 2025) (Unit: Million yen) Equity attributable to owners of parent Capital stock Capital surplus Treasury stock Retained earnings Other components of equity Balance at the beginning of the fiscal year 4,700 5,403 (26,999) 268,654 54,543 Comprehensive income Net income 1,280 Other comprehensive income 2,847 Total comprehensive income － － － 1,280 2,847 Transactions with owners, etc. Dividends (5,127) Acquisition of treasury stock (0) (1,982) Disposal of treasury stock (204) 241 Cancellation of treasury shares (19,347) 19,347 Share-based payments 134 Other transfer of negative balance of capital surplus 19,268 (19,268) Others (71) Total transactions with owners, etc. － (149) 17,606 (24,468) － Balance at the end of the period 4,700 5,253 (9,392) 245,467 57,390 Total equity attributable to owners of parent Non- controlling interests Total equity Balance at the beginning of the fiscal year 306,302 19,383 325,686 Comprehensive income Net income 1,280 1,240 2,521 Other comprehensive income 2,847 18 2,865 Total comprehensive income 4,127 1,259 5,387 Transactions with owners, etc. Dividends (5,127) (5,669) (10,797) Acquisition of treasury stock (1,983) (1,983) Disposal of treasury stock 36 36 Cancellation of treasury shares － － Share-based payments 134 134 Other transfer of negative balance of capital surplus － － Others (71) 30 (40) Total transactions with owners, etc. (7,011) (5,638) (12,649) Balance at the end of the period 303,419 15,004 318,424
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- 11 - (4) Condensed Semi-annual Consolidated Statement of Cash Flows (Unit: Million yen) Consolidated first half of FY2025 (April 1, 2024 – September 30, 2024) Consolidated first half of FY2026 (April 1, 2025 – September 30, 2025) Cash flows from operating activities Income before tax 8,041 4,854 Depreciation and amortization 6,896 7,047 Loss (gain) on disposal of non-current assets (214) (14) Finance income and finance costs (1,701) (1,769) Share of profit of investments accounted for using the equity method (61) (352) Decrease (increase) in trade and other receivables 2,779 10,851 Decrease (increase) in lease receivables 781 754 Decrease (increase) in inventories (1,867) (5,050) Increase (decrease) in trade and other payables 5,248 (10,454) Increase or decrease in net defined benefit asset or liability 78 8 Increase (decrease) in provisions (31) (256) Others (1,046) 832 Subtotal 18,901 6,451 Interest income received 1,346 1,189 Dividend income received 669 743 Interest expenses paid (552) (122) Income taxes paid (4,081) (11,892) Cash flows from operating activities 16,283 (3,629) Cash flows from investing activities Payments into time deposits (15,149) (10,904) Proceeds from withdrawal of time deposits 8,992 24,560 Purchase of property, plant and equipment (7,565) (9,486) Proceeds from sales of property, plant and equipment 622 315 Purchase of intangible assets (3,495) (1,506) Purchase of equity instruments (4,103) (2,555) Net decrease (increase) in deposits for purchase of equity instruments - (816) Proceeds from sales of equity instruments 5 - Payments of loans receivable (80) (107) Collection of loans receivable 66 68 Others (1) (67) Cash flows from investing activities (20,709) (500)
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- 12 - (Unit: Million yen) Consolidated first half of FY2025 (April 1, 2024 – September 30, 2024) Consolidated first half of FY2026 (April 1, 2025 – September 30, 2025) Cash flows from financing activities Repayments of lease liabilities (821) (728) Purchase of treasury stock (11,759) (1,963) Net decrease (increase) in deposits for purchase of treasury stock (3,240) (1,036) Cash dividends paid (4,854) (5,127) Cash dividends paid to non-controlling interests (2,826) (5,861) Cash flows from financing activities (23,502) (14,717) Effect of exchange rate change on cash and cash equivalents (2,931) 305 Decrease in cash and cash equivalents (30,860) (18,542) Cash and cash equivalents at the beginning of the period 150,755 111,543 Increase in cash and cash equivalents attributable to newly consolidated subsidiary - 90 Cash and cash equivalents at the end of the period 119,895 93,092
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- 13 - (5) Notes Concerning Condensed Semi-annual Consolidated Financial Statements (Notes regarding the assumption of a going concern) There are no applicable issues. (Notes Concerning Segment Information) Information about revenue, profits, or losses for reportable segments Consolidated First Half of FY2025 (April 1, 2024 – September 30, 2024) (Unit: Million yen) Reportable segments Adjustments Amounts stated in consolidated F/S Japan Americas China Asia and Europe Total Revenue External revenue 40,279 131,535 31,402 19,488 222,705 - 222,705 Inter-segment transfer 9,785 483 1,252 1,205 12,727 (12,727) - Total 50,065 132,018 32,655 20,694 235,432 (12,727) 222,705 Segment profits 4,123 3,048 2,750 26 9,948 (3,271) 6,677 Finance income and finance costs - - - - - - 1,302 Share of profit of investments accounted for using the equity method - - - - - - 61 Income before tax - - - - - - 8,041 (Notes) 1. Adjustments of (3,271) million yen for segment profits include a deduction of (203) million yen for transactions among segments and operating expenses of (3,067) million yen associated with the administrative division at the parent company headquarters, which could not be allocated. 2. The profit of reportable segments is based on operating income as presented in the condensed semi-annual consolidated statement of profit or loss. Consolidated First Half of FY2026 (April 1, 2025 – September 30, 2025) (Unit: Million yen) Reportable segments Adjustments Amounts stated in consolidated F/S Japan Americas China Asia and Europe Total Revenue External revenue 41,126 121,349 25,942 18,716 207,135 - 207,135 Inter-segment transfer 11,111 318 1,185 1,605 14,221 (14,221) - Total 52,238 121,668 27,128 20,321 221,356 (14,221) 207,135 Segment profits (losses) 3,389 610 2,800 (586) 6,214 (3,511) 2,703 Finance income and finance costs - - - - - - 1,798 Share of loss of investments accounted for using the equity method - - - - - - 352 Income before tax - - - - - - 4,854 (Notes) 1. Adjustments of (3,511) million yen for segment profits include a deduction of (240) million yen for transactions among segments and operating expenses of (3,270) million yen associated with the administrative division at the parent company headquarters, which could not be allocated. 2. The profit of reportable segments is based on operating income as presented in the condensed semi-annual consolidated statement of profit or loss. (Significant changes in the scope of consolidation during the period) The Group merged its consolidated subsidiary SUN CHEMICAL INDUSTRY CO.,LTD. to TS PARTS & SERVICE CO., LTD. during the first half of the consolidated fiscal period. As a result, SUN CHEMICAL INDUSTRY CO.,LTD. has been excluded from the scope of consolidation effective this consolidated accounting period. The Group included CHONGQING TS AUTO PARTS CO., LTD. in the scope of consolidation from the first half of the consolidated fiscal period.