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1 Financial Results Briefing for 2Q of the Fiscal Year Ending March 31, 2026 (FY2025) November 7, 2025 (Securities code: 7721)
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©TOKYO KEIKI INC. All Rights Reserved 2 Key Takeaways FY2025 2Q Net sales and operating profit increased year-on-year due to increased net sales in the Defense & Communications Equipment Business. Net sales ¥24,425mn Up ¥3,843mn YOY Operating profit ¥722mn Up ¥827mn YOY Full-year forecast for FY2025 Revised the initial earnings forecast upward. Net sales ¥60,300 mn Up ¥700mn YOY Operating profit ¥4,000 mn Up ¥110mn YOY The order backlog reached a record high. FY2025 1Q ¥58,487 mn FY2025 2Q ¥61,885 mn
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©TOKYO KEIKI INC. All Rights Reserved 3 Contents 1. Summary of Financial Results for 2Q of FY2025 2. Full-year forecast for FY2025 3. Topics References ◼ Business Trends ◼ Our Businesses 1. Summary of Financial Results for 2Q of FY2025
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©TOKYO KEIKI INC. All Rights Reserved ◼ Net sales rose year on year, driven by strong growth in the Defense & Communications Equipment Business and higher revenue across all other segments, including the Marine Systems Business. ◼ Operating profit turned positive thanks to contributions from the Defense & Communications Equipment Business. 4 (Million yen) FY2024 2Q FY2025 2Q YoY Change Amount % Net sales 20,582 24,425 +3,843 +18.7% Operating profit (105) 722 +827 － Ordinary profit 28 825 +796 － Profit attributable to owners of parent 63 839 +776 － Exchange rate (JPY/USD) 153.98 145.60 Net Sales and P/L 1. Summary of Financial Results for 2Q of FY2025 Quarterly changes FY2024 FY2025 1Q 2Q 1Q 2Q Net sales 8,693 11,889 10,548 13,877 Operating profit (479) 374 (326) 1,048
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©TOKYO KEIKI INC. All Rights Reserved 5 (105) Operating profit +827 +951 * +338 * (320) ◼ Increase in net sales: Increases in personnel expenses and travel and transportation expenses within SG&A expenses were offset by increased net sales in the Marine Systems Business and the Defense & Communications Equipment Business. ◼ Impact of exchange rate: The yen strengthened to 145.60 yen per USD compared to 153.98 yen per USD in the same period last year. 1. Summary of Financial Results for 2Q of FY2025 Analysis of YoY Changes in Operating Profit (Million yen) *Estimated value FY2025 2Q FY2024 2Q Increase in net sales Increase in SG&A expenses Impact of exchange rate Increase in R&D cost Improvement in cost-of- sales ratio (52)* (89) +722
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©TOKYO KEIKI INC. All Rights Reserved 6 (Million yen) FY2024 2Q FY2025 2Q YoY Change Amount % Marine Systems Net Sales 5,940 6,265 +325 +5.5% Operating Profit 776 672 -104 -13.4% Hydraulics and Pneumatics Net Sales 5,352 5,587 +235 +4.4% Operating Profit 27 (10) -38 – Fluid Measurement Equipment Net Sales 1,663 1,753 +89 +5.4% Operating Profit (130) (157) -27 – Defense & Communications Equipment Net Sales 6,239 9,383 +3,144 +50.4% Operating Profit (738) 318 +1,056 – Others Net Sales 1,386 1,437 +51 +3.7% Operating Profit (16) (61) -45 – Total Net Sales 20,582 24,425 +3,843 +18.7% Operating Profit (105) 722 +827 – 1. Summary of Financial Results for 2Q of FY2025 *Segment sales and operating profit are presented on a pre-adjustment basis. Net Sales and Operating Profit (Loss) by Segment
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©TOKYO KEIKI INC. All Rights Reserved 7 ◼ Net sales increased year on year due to steady demand for equipment for new shipbuilding, as well as continued high demand for maintenance services following the previous period. ◼ Despite the increase in net sales, operating profit decreased year on year due to an increase in research and development expenses and the yen's appreciation. ◼ Net sales increased year on year due to steady sales in the construction machinery market and the machine tool market despite sluggish sales in the plastic processing machinery market. ◼ Although net sales increased, operating profit decreased year on year due to a higher cost rate resulting from changes in the product mix caused by factors such as a decrease in deliveries of hydraulic application equipment, as well as an increase in research and development expenses. 1. Summary of Financial Results for 2Q of FY2025 Marine Systems Hydraulics and Pneumatics (Million yen) 2Q Net sales 2Q Operating profit (Million yen) 2Q Net sales 2Q Operating profit *Segment sales and operating profit are presented on a pre-adjustment basis. Net Sales and Operating Profit (Loss) by Segment
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©TOKYO KEIKI INC. All Rights Reserved 8 ◼ Although the number of large-scale projects in the public-sector market decreased, net sales increased year on year, driven by strong performance of the new battery-powered flowmeters for the private- sector market and fire extinguishing systems for multistory parking garages. ◼ Although net sales increased, the operating loss increased as the cost of sales ratio rose owing to changes in the product mix. ◼ The segment tends to post operating loss in 2Q as sales are usually concentrated in 4Q due to the nature of the business. ◼ In the Defense Business, net sales significantly increased year on year, thanks to an increase in Japanese national defense budgets that led to a strong performance in deliveries of avionics equipment, naval onboard equipment, etc. ◼ An increase in net sales and an improvement in cost rate due to factors such as changes in the product mix led to a return to profitability. 1. Summary of Financial Results for 2Q of FY2025 (Million yen) 2Q Net sales 2Q Operating profit Fluid Measurement Equipment Defense & Communications Equipment *Segment sales and operating profit are presented on a pre-adjustment basis. (Million yen) 2Q Net sales 2Q Operating profit Net Sales and Operating Profit (Loss) by Segment
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©TOKYO KEIKI INC. All Rights Reserved 9 ◼ Net sales increased year on year, thanks to steady performance of the Railway Maintenance Business. ◼ Although net sales increased, operating loss expanded due to factors such as increased research and development expenses in the Railway Maintenance Business and changes in the product mix. 1. Summary of Financial Results for 2Q of FY2025 (Million yen) 2Q Net sales 2Q Operating profit Others (Inspection/Railroad) *Segment sales and operating profit are presented on a pre-adjustment basis. Net Sales and Operating Profit (Loss) by Segment
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©TOKYO KEIKI INC. All Rights Reserved 10 Orders Received Order Backlog (Million yen) FY2024 2Q FY2025 2Q YoY Change FY2024 2Q FY2025 2Q YoY Change Overview Amount % Amount % Marine Systems 6,670 7,215 +545 +8.2% 5,146 6,654 +1,508 +29.3% Both orders received and order backlog increased due to strong demand for new shipbuilding and continued high demand for maintenance services, consistent with the previous fiscal year. Hydraulics and Pneumatics 5,958 5,748 -210 -3.5% 4,004 3,551 -453 -11.3% Despite strong demand for the construction machinery market, both orders received and order backlog decreased due to sluggish performance in the industrial machinery market regarding demand for plastic processing machines and for the overseas market. Fluid Measurement Equipment 2,803 2,960 +157 +5.6% 2,660 3,124 +464 +17.4% Although large-scale projects decreased in the Fire extinguishing systems business, both orders received and order backlog increased due to strong demand in the Measuring instruments business. Defense & Communications Equipment 13,421 11,141 -2,280 -17.0% 40,833 45,003 +4,170 +10.2% In the Defense Business, orders received decreased due to a decline in orders related to F-15 equipment. Order backlog remains at a high level. Others 1,738 2,853 +1,115 +64.2% 2,106 3,553 +1,446 +68.7% In the Railway Maintenance Business, both orders received and order backlog increased, as equipment orders continued to rise following the first quarter, during which we secured orders for inspection cars and new products. Total 30,590 29,916 -673 -2.2% 54,750 61,885 +7,135 +13.0% Order backlog reached a record high. 1. Summary of Financial Results for 2Q of FY2025 Status of Orders Received
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©TOKYO KEIKI INC. All Rights Reserved 11 Contents 1. Summary of Financial Results for 2Q of FY2025 2. Full-year forecast for FY2025 3. Topics References ◼ Business Trends ◼ Our Businesses 2. Full-year Forecast for FY2025
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©TOKYO KEIKI INC. All Rights Reserved 12 Status of External Environmental Risks 2. Full-year Forecast for FY2025 Occurrences Business to be affected Impact and Responses Degree of Impact Policies of the U.S. administration • Higher tariffs • Direct sales to the U.S. ✓ Others (U.S. sales subsidiary) • Seek to optimize selling prices to secure profits despite a negligible amount of net sales in the U.S. The Group’s net sales to the U.S. for FY2024 amounted to ¥603 million. Low • Indirect impact ✓ All Business • Delays in obtaining parts due to the impact of the U.S.-China trade friction. • Strengthen the production system, including changing suppliers. Medium ✓ Marine Systems • Ocean freight movement has slowed down.(–). • Maintenance services to be affected by longer transportation distances due to changes in import and export countries (+). Unknown ✓ Hydraulics and Pneumatics • Sales of plastic processing machines decreased due to weak capital expenditures, particularly in the automotive industry. • Expand sales in other markets. Medium Exchange rate • Sharp currency fluctuations ✓ Marine Systems ✓ Hydraulics and Pneumatics • Revised the initial forecast of ¥140/USD to ¥150/USD for the second half. If the yen depreciates Marine Systems: foreign currency sales (+) Hydraulics and Pneumatics: components purchased from overseas (–) Medium Chinese economy • Economic stagnation impacting sales ✓ Marine Systems ✓ Hydraulics and Pneumatics • Impact on sales to the Chinese domestic coastal vessels. Expand sales of high value-added products. • Expand sales in other regions. Medium
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©TOKYO KEIKI INC. All Rights Reserved ◼ Revised upward the forecasts that were published on May 12, 2025, reflecting the better-than- expected performance in the first half and revisions to the second half outlook. ◼ The extraordinary losses planned at the beginning of the period for the headquarters' relocation have been revised from ¥890 million to ¥510 million. (Million yen) FY2024 Results FY2025 Forecast YoY Change Initial Forecast Amount % Forecast Amount % Net sales 57,650 60,300 +2,650 +4.6% 59,600 +700 +1.2％ Operating profit 4,856 4,000 -856 -17.6% 3,890 +110 +2.8％ Ordinary profit 5,001 4,060 -941 -18.8% 3,910 +150 +3.8% Profit attributable to owners of parent 3,797 2,860 -937 -24.7% 2,460 +400 +16.3% Operating profit margin 8.4% 6.6% -1.8pt 6.5% +0.1pt Exchange rate and exchange rate sensitivity Currency Exchange rate Sensitivity in 2H FY2024 Result FY2025 Basis Operating profitResult in 1H Forecast in 2H USD ¥152.64 ¥145.60 ¥150.00 ¥1 depreciation +¥9 million 13 ◼ Rate against the US dollar set at the beginning: ¥140 ◼ Rate against the US dollar set for the second half: ¥150 FY2025 Full-year Earnings Forecast 2. Full-year Forecast for FY2025
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©TOKYO KEIKI INC. All Rights Reserved 14 Earnings Forecast by Segment (Million yen) Forecast Initial Forecast (May 12) OutlookFY2024 Results FY2025 Forecast YoY Change Forecast Amount %Amount % Marine Systems Net Sales 12,529 13,500 +971 +7.8% 13,000 +500 +3.8% • Sales for new shipbuilding is expected to continue increasing. • R&D and investments in human resources will be continued for future growth. • The exchange rate forecast for the second half is revised to 150 yen per USD. Operating Profit 1,551 1,350 -201 -13.0% 1,120 +230 +20.5% Hydraulics and Pneumatics Net Sales 11,460 11,900 +440 +3.8% 11,900 0 - • Along with rising demand in the construction and specially- equipped vehicle market, demand for special-purpose plastic processing machinery and in overseas markets is also expected to increase. • The profit outlook was revised downward due to a higher expected cost ratio from product mix changes, including fewer large hydraulic system deliveries than in the previous fiscal year. Operating Profit 197 120 -77 -39.2% 240 -120 -50.0% Fluid Measurement Equipment Net Sales 5,019 5,200 +181 +3.6% 5,200 0 - • Demand for new installation of measuring instruments and fire extinguishing systems is expected to remain steady. • Demand for inspections of gas cylinder valves for fire extinguishing systems is expected to decrease as forecast at the beginning of the period. Operating Profit 789 610 -179 -22.7% 610 0 - Defense & Communications Equipment Net Sales 24,394 25,500 +1,106 +4.5% 25,300 +200 +0.8% • Net sales in the Defense Business remain at high levels. • The Communications Equipment Business will maintain its initial plan for the period, including delivery of mobile satellite communications antenna stabilizers, for which orders were received in the previous fiscal year. Operating Profit 1,635 1,520 -115 -7.1% 1,520 0 - Others Net Sales 4,247 4,200 -47 -1.1% 4,200 0 - • Sales of the Inspection systems will continue to expand. • Sales of ultrasonic rail inspection cars for the Railway Maintenance Business are underway as planned at the beginning of the period.Operating Profit 756 480 -276 -36.5% 480 0 - Total Net Sales 57,650 60,300 +2,650 +4.6% 59,600 +700 +1.2% • Both net sales and operating profit will be revised upward. Operating Profit 4,856 4,000 -856 -17.6% 3,890 +110 +2.8% *Segment sales and operating profit are presented on a pre-adjustment basis. 2. Full-year Forecasts for FY2025
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©TOKYO KEIKI INC. All Rights Reserved 15 Shareholder Returns Dividends trends Dividend payout ratio and DOE trends Basic Dividend Policy ⚫ To achieve TOKYO KEIKI Vision 2030 and enhance corporate value, we implement optimal shareholder returns policy, being mindful of our optimal capital structure—while prioritizing investment for growth and considering the balance with our financial foundation. ⚫ For annual dividends, we aim for stable and consistent shareholder returns, taking account of past dividend performance. Dividends FY under review (FY2025) ¥40.00 * Record high for three consecutive years since FY2000 Shareholder Benefits ⚫ Points are awarded based on the number of shares held by eligible shareholders. ⚫ These points can be exchanged for preferred products on our dedicated website for shareholders, “TOKYO KEIKI Premium Benefits Club.” ⚫ For details, please refer to our exclusive website for shareholders: https://tokyokeiki.premium-yutaiclub.jp/ Payout ratio DOE (Dividend on equity ratio) Annual dividends Commemorative dividends (Yen) (Plan) 2. Full-year Forecasts for FY2025
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©TOKYO KEIKI INC. All Rights Reserved 16 Contents 1. Summary of Financial Results for 2Q of FY2025 2. Full-year forecast for FY2025 3. Topics References ◼ Business Trends ◼ Our Businesses 3. Topics
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©TOKYO KEIKI INC. All Rights Reserved Metro Weather develops and manufactures Doppler LiDAR that use infrared lasers to perform real-time, high-precision, wide-area wind condition observations*. Looking ahead, Metro Weather aims to develop user interfaces and experiences (UX/UI) tailored t o specific needs that leverage this observed data, delivering integrated solutions across both defense and civilian sectors. Our company has a proven track record in developing and manufacturing defense equipment. With its robust production technologies and established sales infrastructure, it will support the incorporation of Metro Weather’s Doppler LiDAR technol ogy into defense platforms. Leveraging these strengths, the two companies will collaborate to advance the development and mass product ion of Doppler LiDAR based wind observation and object detection systems, aiming to contribute to the enhancement of Japan’s defe nse capabilities. *Wind condition observations: The process of measuring wind characteristics such as average wind speed, instantaneous wind speed, wind direction, and wind speed distribution. 17 1．Capital Investment in Metro Weather and Business alliance Doppler LiDAR during wind condition observation (Installed on the TOKYO KEIKI Headquarters rooftop and performed the test until the end of June 2025） About Metro Weather Co., Ltd. deep-tech startup from Kyoto University Established : May 13, 2015 Capital : ¥100,000,000 (excluding capital reserve) Nature of Business : Development, manufacture and sale of atmospheric observation devices using remote sensing technology Marketing and the provision of solutions combining meteorological information and IoT Provision of meteorological observation and prediction data, and information supporting disaster -prevention operations Our company and Metro Weather Co., Ltd. (Head Office: Uji City, Kyoto Prefecture; Representative Director, President: Junichi Furumoto; hereinafter “Metro Weather”) announced that it has made a capital investment in Metro Weather and entered into a business alliance to accelerate the development and mass production of Doppler LiDAR systems for defense applications. 3. Topics
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©TOKYO KEIKI INC. All Rights Reserved 18 3. Topics 2．Heiwajima Office Opening TOKYO KEIKI INC. will be relocating its headquarters to Haneda, Ohta-ku, Tokyo in March 2026, and will open a new Heiwajima Office in December 2025. The following departments and group companies will be relocated from our current headquarters to this new office, and are scheduled to commence operations on December 15. The earnings forecast for the fiscal year ending March 2026, announced on May 12, 2025, already includes the expenses related to the relocation of the headquarters, including the establishment of this new office. Building A Office Area Image (CG courtesy of Frontier Consulting Co., Ltd.) Heiwajima Office Overview Address Tokyo Ryutsu Center Building A, 6-1-1 Heiwajima, Ohta-ku,Tokyo143-0006, Japan Departments and group companies to be relocated ・Inspection Systems Company (Others Inspection systems business) ・TOKYO KEIKI RAIL TECHNO INC. (Others Railway Maintenance business) In addition, some parts of our service department and the prototype department are also scheduled to relocate. Business Start Date at the New Office December 15, 2025 Last Business Day at the Current Office December 12, 2025 Tokyo Ryutsu Center complete view Building A
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©TOKYO KEIKI INC. All Rights Reserved 19 Contents 1. Summary of Financial Results for 2Q of FY2025 2. Full-year forecast for FY2025 3. Topics References ◼ Business Trends ◼ Our Businesses References: Business Trends
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©TOKYO KEIKI INC. All Rights Reserved 20 (Million yen) FY2021-2Q FY2022-2Q FY2023-2Q FY2024-2Q FY2025-2Q YoY Change Amount % Net sales 18,380 18,592 19,200 20,582 24,425 +3,843 +18.7% Operating profit 26 (615) (399) (105) 722 +827 － Ordinary profit 235 (322) (259) 28 825 +796 － Profit attributable to owners of parent 229 (229) (237) 63 839 +776 － 2Q Full year References: Business Trends Changes in Net Sales and Operating Profit [Net sales] [Operating profit](Million yen) (Million yen)
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©TOKYO KEIKI INC. All Rights Reserved 21 (Million yen) FY2021-2Q FY2022-2Q FY2023-2Q FY2024-2Q FY2025-2Q YoY Change Amount % Marine Systems 4,223 4,398 5,407 5,940 6,265 +325 +5.5% Hydraulics & Pneumatics 5,523 5,686 5,567 5,352 5,587 +235 +4.4% Fluid Measurement Equipment 1,451 1,334 1,512 1,663 1,753 +89 +5.4% Defense & Communications Equipment 6,000 5,606 5,364 6,239 9,383 +3,144 +50.4% Others 1,182 1,566 1,350 1,386 1,437 +51 +3.7% Marine Systems Hydraulics and Pneumatics Fluid Measurement Equipment Defense & Communications Equipment Others References: Business Trends Changes in Net Sales by Segment (Million yen) *Segment sales are presented on a pre-adjustment basis. 2Q Full year
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©TOKYO KEIKI INC. All Rights Reserved 22 (Million yen) FY2021-2Q FY2022-2Q FY2023-2Q FY2024-2Q FY2025-2Q YoY Change Amount % Marine Systems 177 166 571 776 672 -104 -13.4% Hydraulics & Pneumatics (60) (140) (36) 27 (10) -38 － Fluid Measurement Equipment (78) (171) (124) (130) (157) -27 － Defense & Communications Equipment 69 (476) (727) (738) 318 +1,056 － Others (42) 57 (37) (16) (61) -45 － References: Business Trends Changes in Operating Profit by Segment 2Q Full year *Segment operating profits are presented on a pre-adjustment basis. Marine Systems Hydraulics and Pneumatics Fluid Measurement Equipment Defense & Communications Equipment Others (Million yen)
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©TOKYO KEIKI INC. All Rights Reserved Full year 41,510 44,296 47,166 57,650 60,300 (Forecast) 23 References: Business Trends Quarterly Changes in Net Sales FY2025FY2022 FY2024FY2023FY2021 (Million yen)
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©TOKYO KEIKI INC. All Rights Reserved Full year 1,635 1,312 2,768 4,856 4,000 (Forecast) 24 References: Business Trends Quarterly Changes in Operating Profit FY2025FY2022 FY2024FY2023FY2021 (Million yen)
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©TOKYO KEIKI INC. All Rights Reserved 25 FY2021 FY2022 FY2023 FY2024 FY2025 Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit 1Q 2,019 15 2,078 8 2,458 180 3,022 400 3,140 307 2Q 2,204 162 2,320 158 2,949 391 2,918 376 3,125 365 3Q 2,124 128 2,712 273 2,755 236 2,918 382 4Q 2,353 83 2,590 126 2,854 199 3,671 393 Full year 8,700 388 9,700 565 11,016 1,006 12,529 1,551 (Forecast) 13,500 (Forecast) 1,350 Quarterly Changes in Net Sales and Operating Profit by Segment [Marine Systems] References: Business Trends (Million yen) Net sales Operating profit FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 26 FY2021 FY2022 FY2023 FY2024 FY2025 Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit 1Q 2,835 (19) 2,819 (88) 2,644 (70) 2,515 (39) 2,653 (116) 2Q 2,688 (41) 2,867 (52) 2,923 34 2,837 66 2,934 106 3Q 3,002 41 2,840 (119) 2,930 114 3,024 152 4Q 3,001 (96) 3,132 (9) 3,178 195 3,084 18 Full year 11,526 (115) 11,658 (268) 11,675 273 11,460 197 (Forecast) 11,900 (Forecast) 120 References: Business Trends Quarterly Changes in Net Sales and Operating profit by Segment [Hydraulics and Pneumatics] (Million yen) Net sales Operating profit FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 27 FY2021 FY2022 FY2023 FY2024 FY2025 Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit 1Q 597 (130) 583 (142) 597 (132) 618 (174) 830 (146) 2Q 854 52 751 (29) 915 8 1,045 44 923 (11) 3Q 1,057 209 1,056 110 1,178 186 1,393 313 4Q 1,924 784 2,062 588 2,082 671 1,963 606 Full year 4,432 915 4,452 527 4,772 733 5,019 789 (Forecast) 5,200 (Forecast) 610 References: Business Trends Quarterly Changes in Net Sales and Operating profit by Segment [Fluid Measurement Equipment] (Million yen) Net sales Operating profit FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 28 FY2021 FY2022 FY2023 FY2024 FY2025 Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit 1Q 2,126 (266) 2,976 (175) 3,208 (329) 2,077 (472) 3,327 (254) 2Q 3,874 335 2,630 (301) 2,156 (398) 4,162 (266) 6,056 572 3Q 3,239 (64) 3,615 (258) 3,725 (136) 5,723 371 4Q 4,645 307 5,544 640 7,096 1,225 12,432 2,002 Full year 13,884 312 14,765 (94) 16,185 362 24,394 1,635 (Forecast) 25,500 (Forecast) 1,520 References: Business Trends Quarterly Changes in Net Sales and Operating profit by Segment [Defense & Communications Equipment] (Million yen) Net sales Operating profit FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 29 FY2021 FY2022 FY2023 FY2024 FY2025 Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit Net sales Operating profit 1Q 450 (101) 469 (111) 510 (111) 460 (170) 598 (99) 2Q 732 59 1,097 168 840 74 926 154 839 38 3Q 603 (30) 604 (37) 916 186 602 (28) 4Q 1,181 322 1,548 655 1,251 353 2,259 800 Full year 2,966 250 3,718 675 3,517 502 4,247 756 (Forecast) 4,200 (Forecast) 480 References: Business Trends Quarterly Changes in Net Sales and Operating profit by Segment [Others] (Million yen) Net sales Operating profit FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 30 FY2021 FY2022 FY2023 FY2024 FY2025 1Q 23,804 26,616 36,085 50,055 58,487 2Q 23,031 28,136 41,349 54,750 61,885 3Q 24,528 29,668 45,512 58,084 4Q 26,003 33,015 44,720 56,408 Quarterly Changes in Order Backlog References: Business Trends (Million yen) FY2021 FY2023 FY2025FY2024FY2022 26,00323,804 23,031 24,528 26,616 28,136 29,668 33,015 36,085 41,349 45,512 44,720 50,055 54,750 58,084 56,408 58,487 61,885
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©TOKYO KEIKI INC. All Rights Reserved 31 FY2021 FY2022 FY2023 FY2024 FY2025 Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog 1Q 2,489 2,747 2,231 3,502 2,540 4,246 3,271 4,665 3,392 5,957 2Q 2,380 2,923 2,679 3,860 2,752 4,050 3,399 5,146 3,822 6,654 3Q 2,386 3,185 2,770 3,919 2,896 4,190 3,035 5,263 4Q 2,516 3,348 2,836 4,164 3,080 4,416 4,112 5,705 Full year 9,772 3,348 10,516 4,164 11,268 4,416 13,817 5,705 Quarterly Changes in Order Backlog by Segment [Marine Systems] References: Business Trends Orders Received Order Backlog (Million yen) FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 32 FY2021 FY2022 FY2023 FY2024 FY2025 Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog 1Q 3,198 3,022 3,105 3,547 2,918 3,713 2,848 3,732 2,814 3,551 2Q 2,946 3,281 2,778 3,458 2,905 3,695 3,109 4,004 2,934 3,551 3Q 3,091 3,370 2,806 3,424 2,873 3,638 2,805 3,785 4Q 2,891 3,260 3,147 3,439 2,940 3,399 2,703 3,390 Full year 12,126 3,260 11,836 3,439 11,635 3,399 11,466 3,390 Quarterly Changes in Order Backlog by Segment [Hydraulics and Pneumatics] References: Business Trends Orders Received Order Backlog (Million yen) FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 33 FY2021 FY2022 FY2023 FY2024 FY2025 Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog 1Q 1,014 1,432 1,082 1,652 1,243 2,239 1,413 2,315 1,468 2,555 2Q 1,287 1,864 1,307 2,207 1,272 2,596 1,390 2,660 1,492 3,124 3Q 1,681 2,488 1,499 2,650 1,288 2,705 1,639 2,907 4Q 589 1,153 1,004 1,593 898 1,521 974 1,917 Full year 4,571 1,153 4,892 1,593 4,700 1,521 5,415 1,917 Quarterly Changes in Order Backlog by Segment [Fluid Measurement Equipment] References: Business Trends Orders Received Order Backlog (Million yen) FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 34 FY2021 FY2022 FY2023 FY2024 FY2025 Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog 1Q 1,737 15,182 2,297 16,096 4,449 23,510 5,522 37,096 3,082 43,000 2Q 2,140 13,448 3,260 16,726 7,244 28,598 7,899 40,833 8,059 45,003 3Q 3,563 13,773 4,386 17,497 7,681 32,555 8,702 43,812 4Q 7,647 16,775 10,316 22,269 8,192 33,651 11,865 43,246 Full year 15,088 16,775 20,259 22,269 27,566 33,651 33,988 43,246 Quarterly Changes in Order Backlog by Segment [Defense & Communications Equipment] References: Business Trends Orders Received Order Backlog (Million yen) FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 35 FY2021 FY2022 FY2023 FY2024 FY2025 Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog Orders Received Order Backlog 1Q 960 1,421 811 1,820 1,405 2,377 964 2,247 1,879 3,423 2Q 825 1,515 1,139 1,885 860 2,410 774 2,106 974 3,553 3Q 799 1,712 886 2,179 925 2,424 833 2,317 4Q 936 1,467 936 1,550 569 1,733 2,095 2,151 Full year 3,520 1,467 3,771 1,550 3,759 1,733 4,666 2,151 Quarterly Changes in Order Backlog by Segment (Others) References: Business Trends Orders Received Order Backlog (Million yen) FY2025FY2022 FY2024FY2023FY2021
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©TOKYO KEIKI INC. All Rights Reserved 36 (Million yen) FY2021 FY2022 FY2023 FY2024 FY2025 Marine Systems 1Q 2,747 3,502 4,246 4,665 5,957 2Q 2,923 3,860 4,050 5,146 6,654 3Q 3,185 3,919 4,190 5,263 4Q 3,348 4,164 4,416 5,705 Hydraulics and Pneumatics 1Q 3,022 3,547 3,713 3,732 3,551 2Q 3,281 3,458 3,695 4,004 3,551 3Q 3,370 3,424 3,638 3,785 4Q 3,260 3,439 3,399 3,390 Fluid Measurement Equipment 1Q 1,432 1,652 2,239 2,315 2,555 2Q 1,864 2,207 2,596 2,660 3,124 3Q 2,488 2,650 2,705 2,907 4Q 1,153 1,593 1,521 1,917 Defense & Communications Equipment 1Q 15,182 16,096 23,510 37,096 43,000 2Q 13,448 16,726 28,598 40,833 45,003 3Q 13,773 17,497 32,555 43,812 4Q 16,775 22,269 33,651 43,246 Others 1Q 1,421 1,820 2,377 2,247 3,423 2Q 1,515 1,885 2,410 2,106 3,553 3Q 1,712 2,179 2,424 2,317 4Q 1,467 1,550 1,733 2,151 Quarterly Changes in Order Backlog by Segment (Table) References: Business Trends
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©TOKYO KEIKI INC. All Rights Reserved 37 Condensed Balance Sheet (Million yen) As of March 31, 2025 As of Sep 30, 2025 Change Assets Current assets 56,190 53,009 -3,181 (Inventories) 23,970 27,488 +3,518 Non-current assets 20,307 22,587 +2,280 (Property, plant and equipment) 9,709 10,954 +1,245 Total assets 76,497 75,596 -901 Liabilities Current liabilities 24,060 24,866 +806 (Short-term borrowings) 10,417 12,389 +1,972 Non-current liabilities 11,430 9,345 -2,086 (Long-term borrowings) 9,062 6,900 -2,162 Total liabilities 35,490 34,210 -1,280 Net assets Shareholders’ equity 36,180 36,454 +274 Accumulated other comprehensive income 4,238 4,399 +161 Total net assets 41,007 41,385 +379 Total liabilities and net assets 76,497 75,596 -901 Equity ratio 52.8% 54.0% +1.2pt References: Business Trends
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©TOKYO KEIKI INC. All Rights Reserved 38 Contents 1. Summary of Financial Results for 2Q of FY2025 2. Full-year forecast for FY2025 3. Topics References ◼ Business Trends ◼ Our Businesses Reference: Our Businesses
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©TOKYO KEIKI INC. All Rights Reserved 39 Net sales ¥57,650 mn Hydraulics and Pneumatics 19.9% Marine Systems 21.7% Fluid Measurement Equipment 8.7% Others 7.4% Defense & Communications Equipment 42.3% Operating profit ¥4,856 mn Hydraulics and Pneumatics 4.0% Marine Systems 31.5% Fluid Measurement Equipment 16.0% Others 15.3% Defense & Communications Equipment 33.2% Principal Businesses of TOKYO KEIKI Group Segment (4+ Others) Business (11) Marine Systems Business ◼ Navigational equipment Hydraulics and Pneumatics Business ◼ Hydraulic and pneumatic equipment Fluid Measurement Equipment Business ◼ Measuring instruments ◼ Fire extinguishing systems Defense & Communications Equipment Business ◼ Defense equipment ◼ Marine traffic equipment ◼ Inertial sensor and applied equipment ◼ High-frequency application equipment (microwave applied equipment) ◼ Communication & control equipment Others ◼ Inspection systems ◼ Railway maintenance FY2024 TOKYO KEIKI Group’s businesses are divided into four segments and others, and there are 11 businesses within these segments. Reference: Our Businesses *Segment ratio of net Sales and operating profit sales are presented on a pre-adjustment basis
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©TOKYO KEIKI INC. All Rights Reserved 40 History of Creation of Core Technologies Microwave technology Gyro technology Hydraulics control technology Ultrasonic technology Inertial sensor application technology *Inertial sensor: Technologies based on gyro sensors and acceleration sensors, and combinations thereof. Hydraulic equipment The business of the TOKYO KEIKI Group goes back to the Meiji Era and the development of nautical instruments. Starting with gyro technology, a number of core technologies have emerged and have developed into current businesses. These core technologies are still a source of innovation by being shared among businesses when producing new products. Aircraft instrument From the achievements of nautical instruments such as compasses Nautical instruments (pressure gauges) Fire detectors and fire extinguishers Domestic production of various ship equipment From the experience in the aircraft equipment field Concluded a sales rights contract after World War II Concluded a manufacturing right agreement with U.S. company Sperry Concluded a sales rights contract with a U.S. company as ship equipment Concluded distribution agreements with an affiliate of Sperry Focused on the hydraulic pumps of Vickers (affiliated with Sperry) that had been incorporated in marine products Current businessCore technologies Air traffic control radar Ultrasonic flaw detector Marine gyrocompasses Marine radar From performance evaluations of marine radars Developed from image processing technology that had been researched for product inspection Navigational equipment Communication & control equipment Communication & control equipment Defense equipment Inertial sensor and applied equipment Defense equipment High-frequency application equipment Marine traffic equipment Measuring instruments Fire extinguishing systems Measuring instruments Railway maintenance Hydraulic and pneumatic equipment Inspection systems Reference: Our Businesses
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©TOKYO KEIKI INC. All Rights Reserved 41 Marine Systems Business Navigational equipment Contributing to safe navigation and energy-saving ship steering. Market share Navigational equipment Marine gyrocompasses and autopilots More than 60% of the global commercial vessels market More than 80% of the domestic coastal vessels market. ◼ Offering a complete lineup of essential marine systems for ships and supplying them globally. ◼ Pioneer in marine systems as the first in Japan to manufacture marine radars, gyrocompasses, and autopilots. ◼ As a leader in marine gyrocompasses and autopilots, we have also participated in the fully autonomous ship development project and the next-generation wind-powered vessel project, which contributes to reducing GHG emissions. Marine autopilots for steering systems, such as automatic rudders, etc. Marine gyrocompasses that indicate the direction of a ship’s heading Fiber Optic Gyrocompass (FOG) without moving parts for periodic replacement of the sensor Electronic Chart Display and Information Systems (ECDIS) that display navigational charts in real time "DFFAS Project for Realizing Fully Autonomous Ships" "Wind Challenger Project” Reference: Our Businesses
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©TOKYO KEIKI INC. All Rights Reserved 42 Hydraulic and pneumatic Equipment Supporting the manufacturing floor and frontline of infrastructure. Market share For industrial machinery Approx. 40% of the domestic market for plastic injection molding machines ◼ Providing energy-efficient and highly controllable hydraulic and pneumatic equipment for injection molding machines, machine tools, die-casting machines for automobile manufacturing, and other applications. For construction machinery ◼ Providing hydraulic products and electronic equipment that controls the drive primarily for specially-equipped vehicles such as cranes and aerial work platforms. Utilization of hydrogen energy ◼ Providing hydraulic-drive hydrogen compressors for hydrogen filling stations as well as split-module hydrogen compression packages. Solenoid directional valve for various hydraulic equipment Compact power unit widely used as a hydraulic power source for machine tools and general industrial machinery Programmable Logic Controller (PLC) for construction machinery Displays for construction machineryElectric direct control piston pumps for construction machinery Split module hydrogen compression packages Reference: Our Businesses Hydrogen compressors for hydrogen filling stations Direct drive pump control system for flow rate and pressure level control Hydraulics and Pneumatics Business
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©TOKYO KEIKI INC. All Rights Reserved Fluid Measurement Equipment Business Measuring instruments Protecting life and human life: Contributing to the safety of life through water resource management and river disaster prevention. Market share Flow monitoring Over 60% of the market for domestic water and sewerage systems and agricultural water. ◼ The first pioneer in the world to commercialize ultrasonic flowmeters. ◼ Our ultrasonic flowmeters are used to monitor flow rates in water and sewerage systems as well as agricultural water pipelines. Land disaster prevention ◼ Systems use microwave level gauges to protect lives from the spate of river and urban flooding. Fire extinguishing systems Protecting against fires: Gas-based fire extinguishing systems are widely used in facilities that are strictly prohibited from getting wet ◼ Miscellaneous gas-based fire extinguishing systems, developed from our (Japan’s first) inert gas fire extinguisher systems, contribute to safe living. Reference: Our Businesses A millimeter-wave radar level gauge featuring a narrow beam for enhanced measurement stability Ultrasonic flowmeters for monitoring water supply, agricultural water, and industrial water Crisis management water gauges that provide early detection of rising river levels Gas-based fire extinguishing systems are widely used in parking garages, museums, art museums, office buildings and factories with printing machinery, etc., where the use of water or foam-based fire extinguishers is not suitable. Flood-control level gauges that indicate the risk of urban flood damage caused by sewage overflowing from manholes 43 Easy-to-install, easy-to-setup Ultrasonic flowmeters
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©TOKYO KEIKI INC. All Rights Reserved 44 Defense & Communications Equipment Business Defense equipment Contributing to national defense: Our strength lies in microwave application technologies and inertial sensor technologies. Market share ◼ Developing, producing, and providing repairs and maintenance for defense avionics equipment and warship navigation systems. Marine traffic equipment Contributing to safe vessel navigation: Providing maritime monitoring systems that can be called a “marine traffic control tower”. Market share 100% share of VTS systems in Vessel Traffic Service Centers nationwide ◼ VTS*1 systems including the maritime surveillance radars and AIS*2 information management equipment, which are required for maritime traffic control operations on congested waterways. ◼ VTS radars to the gulf coasts and rivers in Europe as well. Reference: Our Businesses Radar warning receivers that instantly analyze radio waves around aircraft and warn pilot of threat radar signals Air data computer (ADC) that calculates the altitude and speed of the aircraft. This is mounted on Blue Impulse aircrafts Inertial navigation system using high-precision ring laser gyro, installed on submarines that cannot use any external signals such as GPS for azimuth measurement Photo courtesy of Satoshi Akatsuka, IKAROS PUBLICATIONS, LTD. VTS systems responsible for monitoring operations at Vessel Traffic Service Centers deployed in seven ports across Japan *1 VTS: Vessel Traffic Services *2 AIS: Automatic Identification System (System for exchanging information between vessels, as well as between vessels and navigation aid facilities Maritime surveillance radar installed at the Umihotaru Parking Area in Tokyo Bay
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©TOKYO KEIKI INC. All Rights Reserved 45 Inertial sensor and applied equipment Contributing to smart agriculture and disaster prevention systems through combining inertial sensors and control technologies. Market share Our share of accelerometers used in seismometers for the Japan Meteorological Agency is approx. 80%◼ Promoting smart agriculture with straight-line assistance for agricultural vehicles that integrates gyro technology, inertial sensors, and proprietary software technology. ◼ Contributing to national disaster prevention with accelerometers used in seismometers for the Japan Meteorological Agency. High-frequency application equipment Entering into advanced industries through contributing to semiconductor production equipment components and space business, making full use of microwave application technologies. ◼ Solid-state microwave power supplies used in semiconductor production equipment to achieve semiconductor miniaturization. ◼ Providing microwave amplifiers that amplify radar signals emitted from SAR satellites toward the earth’s surface. Communication & control equipment Improving broadcasting quality by utilizing technologies such as gyro sensors, accelerometers, and magnetic azimuth sensors. Antenna directioning systems are mounted on more than 90% of news helicopters owned by domestic TV stations◼ Achieving stable video transmission through attitude control equipment mounted on news helicopters and relay vehicles. ◼ Ensuring reliable transmission of aerial footage with antenna directioning systems mounted on news helicopters of domestic TV stations. Reference: Our Businesses Defense & Communications Equipment Business Straight-line assistance for agricultural vehicles to reduce the burden of working on the farm Solid-state microwave power supply used for next-generation semiconductor production equipment ©️Synspective Inc. Synthetic aperture radar (SAR) satellite with the microwave amplifier onboard Camera stabilizer installed on relay vehicles for marathons and news helicopters used by broadcasting stations Seismic accelerometer essential for measuring seismic magnitude Antenna directioning systems which continuously grasp the position and attitude directions of helicopters, control relay antennas toward receiving stations, and transmit video without interruption
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©TOKYO KEIKI INC. All Rights Reserved 46 Others (Inspection/Railroad) Printing inspection equipment Contributing to improving the quality of printing: Detecting printing defects and material surface problems through high-precision image processing technologies. Market share A domestic market leader for gravure printing inspection for flexible plastic materials Flexible plastic materials: packaging materials consisting of thin, flexible materials such as plastic films, paper, and aluminium foil ◼ Achieving high-speed and real-time image processing with in-house developed chips. ◼ Automatically detecting printing errors and foreign matter contamination at high speed to improve work efficiency and eliminate material waste. Railway maintenance Contributing to safe operations of railways: In addition to our core ultrasonic technology, we leverage image processing, gyro technology, and inertial sensor technology for railway maintenance. Market share Ultrasonic rail inspection cars for JR and private domestic railways over 70% ◼ Supporting railway maintenance work with maintenance equipment and maintenance services such as ultrasonic rail flaw detectors and switch profile gauges. Reference: Our Businesses Ultrasonic rail inspection car that performs non-destructive inspections using ultrasonic technology Track diagnosis support system that automatically inspects and determines the condition of multiple types of track materials Print quality inspection device that ensures print quality by detecting print defects Material inspection equipment that detects flaws and foreign matter contaminations in plain materials such as films, nonwoven fabrics, and metal foils Inertial Track Geometry Measurement System that measures rail distortion and other track conditions (Prototype shown in the photo)
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©TOKYO KEIKI INC. All Rights Reserved 47 TOKYO KEIKI INC. Corporate Communications Office TEL: 03-3730-7013 Inquiry form: https://www.tokyokeiki.jp/e/webform_tokyokeiki_e.html Web site : https://www.tokyokeiki.jp/e/ For inquiries regarding this document: Cautionary Note on forward-looking information The data and forecasts disclosed in this document are based on judgments and information available as of the date of publication. They are subject to change due to various factors and do not guarantee future performance or the achievement of the stated goals or forecasts. Additionally, the information contained herein may change in the future without notice. We assume no responsibility for any damages that may arise as a result of using this document. Cautionary Note The analyst report by Shared Research Inc. is available at the following links: Japanese https://sharedresearch.jp/ja/companies/7721 English https://sharedresearch.jp/en/companies/7721 Please note that this report may be removed without prior notice. Note: 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.