Interim report
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(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.) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2026 [J-GAAP] August 8, 2025 Company Name: Dai Nippon Printing Co., Ltd. Stock exchange listing: Tokyo Stock code: 7912 URL: https://www.global.dnp Representative: Yoshinari Kitajima, President Contact person: Naoki Wakabayashi, General Manager, IR and Public Relations Division Telephone: +81-3-6735-0124 Dividend payment date: – Preparation of quarterly earnings presentation material: Yes Holding of quarterly results briefing: No (Amounts under one million yen have been rounded down.) 1. Consolidated financial results for the first three months ended June 30, 2025 (April 1, 2025 – June 30, 2025) (1) Consolidated financial results (Percentages show change from corresponding year-ago period.) Net Sales Operating Income Ordinary Income Net Income Attributable to Parent Company Shareholders Million yen % Million yen % Million yen % Million yen % Three months ended June 30, 2025 366,140 2.7 22,978 24.6 28,227 10.2 45,348 (28.4) Three months ended June 30, 2024 356,654 3.3 18,444 38.9 25,608 32.1 63,293 9.0 Note: Comprehensive income: For the first three months ended June 30, 2025: ¥17,403 million (-58.6%) For the first three months ended June 30, 2024: ¥42,007 million (21.4%) Net Income per Share Diluted Net Income per Share Yen Yen Three months ended June 30, 2025 100.80 100.78 Three months ended June 30, 2024 133.68 133.67 * The Company conducted a 2-for-1 stock split of shares of common stock, effective October 1, 2024. Accordingly, net income per share and diluted net income per share are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year. (2) Consolidated financial position Total Assets Net Assets Equity Ratio Million yen Million yen % As of June 30, 2025 1,963,169 1,206,323 57.7 As of March 31, 2025 1,917,838 1,208,778 59.2 Note: Stockholders’ equity: As of June 30, 2025: ¥1,133,724 million As of March 31, 2025: ¥1,135,847 million
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2. Dividends Annual Dividends (Yen) First Quarter-end Second Quarter-end Third Quarter-end Year-end Total Year ended March 31, 2025 – 32.00 – 22.00 – Year ending March 31, 2026 – Year ending March 31, 2026 (Forecasts) 18.00 – 22.00 40.00 Note: Revisions to the most recently announced dividend forecasts during the period: No * The Company conducted a 2-for-1 stock split of shares of common stock, effective October 1, 2024. Accordingly, the year-end dividend per share for the fiscal year ended March 31, 2025 is stated after taking into account the effect of this stock split, and the total annual dividend per share is “–.” Without considering the stock split, the year-end dividend per share for the fiscal year ended March 31, 2025 would be 44.00 yen and the total annual dividend per share for the fiscal year ended March 31, 2025 would be 76.00 yen. 3. Consolidated earnings forecasts for the year ending March 31, 2026 (April 1, 2025 – March 31, 2026) (Percentages show change from corresponding year-ago period.) Net Sales Operating Income Ordinary Income Net Income Attributable to Parent Company Shareholders Net Income per Share Full year Million yen % Million yen % Million yen % Million yen % Yen 1,500,000 2.9 94,000 0.4 105,000 (9.4) 90,000 (18.7) 204.24 Note: Revisions to the most recently announced earnings forecasts during the period: No Other information (1) Significant changes in scope of consolidation during the first quarter: No (2) Application of accounting procedures peculiar to quarterly consolidated financial statement preparation: No (3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions 1) Changes in accounting policies with revision of accounting standards: No 2) Changes in accounting policies other than the 1) above: No 3) Changes in accounting estimates: No 4) Restatement of revisions: No (4) Number of common shares issued and outstanding 1) Number of common shares outstanding at end of each period (including treasury shares) As of June 30, 2025 524,480,692 shares As of March 31, 2025 524,480,692 shares 2) Number of treasury shares at end of each period As of June 30, 2025 77,100,570 shares As of March 31, 2025 72,810,712 shares 3) Average number of shares outstanding during the period (cumulative from the start of the fiscal year) Three months ended June 30, 2025 449,903,272 shares Three months ended June 30, 2024 473,482,840 shares * The Company conducted a 2-for-1 stock split of shares of common stock, effective October 1, 2024. Accordingly, average number of shares outstanding during the period is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.
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* Review of the accompanying quarterly consolidated financial statements by a certified public accountant or an auditing firm: Yes (optional) * Explanation regarding appropriate use of earnings forecasts and other special notes 1. Forward-looking statements in this report, including earnings forecasts, are based on assumptions about economic conditions, market trends, and other factors at the time the report was published. Actual results may differ significantly due to a variety of factors. For information about earnings forecasts, see the section titled, “1. Overview of operating results, etc. (3) Explanation of the consolidated earnings forecasts and other projections,” on page 4. 2. Supplementary briefing materials for financial results will be posted on TDnet and the Company’s website.
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- 1 - Contents 1. Overview of operating results, etc. ............................... ................................ ......................... . 2 (1) Overview of operating results ............................... ................................ ........................... . 2 (2) Overview of financial position ............................... ................................ ........................... . 4 (3) Explanation of the consolidated earnings forecasts and other projections ....................... . 4 2. Quarterly consolidated financial statements and notes ............................... .......................... . 5 (1) Quarterly consolidated balance sheets ............................... ................................ .............. 5 (2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ............................... ................................ ................................ ..... 7 (3) Notes regarding quarterly consolidated financial statements ............................... ............. 9 [Notes on premise of a going concern] ............................... ................................ .............. 9 [Consolidated balance sheets] ............................... ................................ .......................... . 9 [Consolidated statements of cash flows] ............................... ................................ ............ 9 [Shareholders’ equity, etc.] ............................... ................................ ................................ . 9 [Segment information, etc.] ............................... ................................ ............................. . 10 [Revenue recognition] ............................... ................................ ................................ ..... 10 [Per share information] ............................... ................................ ................................ .... 11 3. Other ............................... ................................ ................................ ................................ .... 11 Independent Auditor’s Interim Review Report ............................... ................................ ........... 12
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- 2 - 1. Overview of operating results, etc. (1) Overview of operating results The environment surrounding the DNP Group during the first three months of the fiscal year ending March 31, 2026 showed signs of gradual economic recovery due to such factors as a pickup in personal consumption resulting from improvement in the domestic employment/ income situation and growth in inbound tourism-related demand. However, the economic outlook remains difficult to predict, largely because of prolonged geopolitical risks including policy developments in the U.S. and other countries and regions, rapid fluctuations in stock prices and currency rates, persistently high costs for raw materials and fuel, and rising domestic prices. In addition, the business environment is becoming increasingly complex and diverse, and competition is intensifying as companies are required to address environmental and human rights issues while advanced technologies like generative AI (artificial intelligence) continue to evolve. The DNP Group does not merely respond to the rapid changes and risks in environmental, social, and economic conditions, but also takes the initiative to instigate change based on a long- term perspective, and to engage in business activities aimed at creating a better future. Furthermore, we strive to expand our business domains and improve performance by combining our unique strengths in “P&I” (printing and information) while increasing collaboration with diverse external partners. The year ending March 2026 is the final year of our current Medium-Term Management Plan, which covers the three years from April 2023 to March 2026. By continuing to implement concrete initiatives based on business strategies, financial strategies and non-financial strategies, we intend to keep our focus on the continuous generation of business value and shareholder value. In terms of business strategies, we are building a business portfolio that allows us to leverage our strengths over the medium to long term, while we also accelerate the creation of new value, with a focus on businesses with high market growth potential and high profitability. Regarding financial strategies, we appropriately allocate the cash flow that we generate, between investment in further business growth and shareholder returns. As for non-financial strategies, we are strengthening the business base that supports DNP’s sustainable growth, mainly by expanding human capital, enhancing intellectual capital, and addressing environmental concerns. In addition, we will continue to monitor changes in the business environment and engage the entire DNP Group in thorough implementation of business continuity management (BCM). As a result of the above, consolidated net sales for the first three months grew 2.7% year on year to ¥366.1 billion, consolidated operating income grew 24.6% to ¥22.9 billion, consolidated ordinary income grew 10.2% to ¥28.2 billion, and net income attributable to parent company shareholders fell 28.4% to ¥45.3 billion due partly to the recording of extraordinary gains on the sale of investment securities. Smart Communication In Imaging Communications, in addition to strong sales of photo printing materials in the US market, ink ribbons for ID cards performed well in various countries and regions, supported by market recovery. The result was year-on-year growth in sales. Regarding information security including smart cards, despite a year-on-year decline in sales of dual-interface cards that support both contact and contactless standards on a single IC chip, we received enough large-scale business process outsourcing (BPO) projects to result in increased sales in this sector relative to the previous year. In addition, in July 2025 we acquired
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- 3 - shares of Rubicon SEZC and made it a consolidated subsidiary. Under the Laxton brand, Rubicon provides authentication services for government IDs, primarily in Africa, by registering and verifying personal information. In marketing, we sought to provide value by combining our strength in digital technologies with the expertise and knowledge of marketing measures that we have cultivated over many years. Nevertheless, sales fell below the previous year, largely due to the impact of the shrinking market for paper media. Our Publishing business enjoyed solid sales of library management services, but declined year on year due to shrinkage in the market for magazines and other media. In Content & XR Communication, the Content business focused on creating new value in a variety of ways, including touring events, and the sale of merchandise utilizing popular intellectual property (IP) both in Japan and overseas, as well as overseas development of IP that originated in Japan. Our XR Communication business began providing an AI chat service, called AI Staff Service Plus, as part of DNP’s Metaverse City Hall. The idea is to help local governments by reducing employees’ need to answer inquiries, and help residents by minimizing the time they spend waiting for information. As a result of the above, overall segment sales grew 0.9% year on year to ¥176.2 billion, and operating income grew 3.3% to ¥5.9 billion thanks to business structural reforms including optimization of human capital and fixed assets, despite the impact of revenue decline due to shrinking paper media markets. Life & Healthcare In Mobility and High-Performance Industrial Supplies, sales of battery pouches for lithium-ion batteries were supported by brisk demand for IT products, with sales growth especially strong for pouches used in new smartphone and tablet models. Sales of pouches for automotive use increased from the previous year, aided by the recovery that began in October 2024 and by the capture of demand connected to battery manufacturers’ new factory startups. Although our photovoltaic cell-related business was affected by currency fluctuations, growing worldwide demand led to continued growth in sales, particularly of encapsulants. Among decorative films for automotive use, sales of interior-use films were solid. In January 2025, DNP made HK Holding Co., Ltd. its consolidated subsidiary by acquiring all of its shares. HIKARI METAL INDUSTRY CO., LTD. (formerly a wholly owned subsidiary of HK Holding Co., Ltd., now called DNP Hikari Kinzoku Co., Ltd.*), boasts a variety of molding manufacturing technologies and deals mainly in unique automobile parts and decorative parts for industrial equipment. In February 2025, we acquired all shares in Resonac Packaging Corporation (now DNP High-Performance Materials Hikone Co., Ltd.), making it a consolidated subsidiary. The company handles rechargeable battery exterior materials and other packaging materials. By combining each company’s strengths, we will exercise the “All DNP” spirit to further enhance our abilities to respond to customers and to compete. Our Packaging business enjoyed solid sales of paper cups and microwaveable packaging materials, but sales of aseptic PET bottle filling systems decreased, resulting in a year-on-year decline in overall Packaging sales. The Living Spaces business was affected by continued shrinkage in the market for single- family homes in Japan, but thanks to the capture of special demand related to revisions of the Building Standards Act and Building Energy Conservation Act, sales were similar to the previous year’s results. DNP’s Medical and Healthcare business enjoyed strong sales in medical packaging products and domestic pharmaceutical manufacturing, with overall sales exceeding those of the previous year.
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- 4 - DNP’s Beverages business increased its sales relative to the previous year. In addition to strong sales through vending machines, convenience stores and online channels, price revisions in major sales channels also helped to boost sales. As a result of the above, overall segment sales grew 3.0% year on year to ¥127.1 billion. Thanks to business structural reforms including cost reductions such as fixed cost compression and fixed asset optimization, operating income grew 99.1% to ¥9.5 billion. * DNP Hikari Kinzoku Co., Ltd. merged with HK Holding Co., Ltd. effective July 1, 2025, with DNP Hikari Kinzoku Co., Ltd. as the surviving company and HK Holding Co., Ltd. as the dissolving company. Electronics Our Digital Interface business saw overall sales increase from the previous year. Sales of metal masks used in the manufacture of organic light-emitting diode (OLED) displays grew due to expanded adoption of OLED displays in smartphones, and we received more orders for large metal masks compatible with 8th generation (G8) glass substrates, which we began producing in May 2024 at our Kurosaki Plant in Fukuoka Prefecture. Optical films also enjoyed steady sales thanks to expanded shipment volume resulting from larger LCD TV panels. As TV sizes increase, we aim to improve production efficiency of corresponding optical films by introducing 2,500mm- wide coating equipment at our Mihara Plant in Hiroshima Prefecture from September 2025. Our semiconductor business saw a market recovery, and overall performance was little changed from the previous year. We worked on developing cutting-edge technologies such as extreme ultra-violet (EUV) photomasks, and nanoimprinting. As a result of the above, overall segment sales grew 7.7% year on year to ¥63.4 billion, and operating income grew 1.9% to ¥13.9 billion due to increased sales in focus businesses, primarily digital interface-related sales. (2) Overview of financial position Total assets at the end of the first quarter increased by ¥45.3 billion from the end of the previous fiscal year to ¥1,963.1 billion, due mainly to increases in cash and time deposits, marketable securities, and decreases in notes, trade receivables, and contract assets, and investment securities. Total liabilities increased by ¥47.7 billion from the end of the previous fiscal year to ¥756.8 billion, due mainly to an increase in bonds, and decreases in income taxes payable and reserve for bonuses. Net assets decreased by ¥2.4 billion from the end of the previous fiscal year to ¥1,206.3 billion, due mainly to an increase in net income, and decreases in dividends from surplus, repurchase of treasury stock, and a decline in valuation difference on available-for-sale securities. (3) Explanation of the consolidated earnings forecasts and other projections Our earnings forecasts for the fiscal year ending March 2026 are unchanged from the forecasts announced on May 13, 2025.
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- 5 - 2. Quarterly consolidated financial statements and notes (1) Quarterly consolidated balance sheets (Million yen) As of March 31, 2025 As of June 30, 2025 ASSETS Current assets Cash and time deposits 254,995 305,047 Notes, trade receivables, and contract assets 341,575 317,840 Marketable securities – 50,000 Merchandise and finished products 86,298 89,946 Work in progress 37,733 42,269 Raw materials and supplies 41,695 40,506 Other 62,872 51,540 Allowance for doubtful accounts (478) (476) Total current assets 824,692 896,675 Fixed assets Property, plant and equipment Buildings and structures, net 151,499 150,839 Machinery and equipment, net 61,072 61,207 Land 141,787 141,754 Construction in progress 17,607 20,074 Other, net 33,829 34,689 Total property, plant and equipment 405,795 408,566 Intangible fixed assets Other 46,393 47,626 Total intangible fixed assets 46,393 47,626 Investments and other assets Investment securities 393,125 359,655 Net defined benefit asset 194,597 196,748 Other 55,622 56,169 Allowance for doubtful accounts (2,388) (2,272) Total investments and other assets 640,956 610,301 Total fixed assets 1,093,145 1,066,493 TOTAL ASSETS 1,917,838 1,963,169
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- 6 - (Million yen) As of March 31, 2025 As of June 30, 2025 LIABILITIES Current liabilities Notes and trade payables 215,474 224,898 Short-term bank loans 31,747 26,364 Income taxes payable 52,956 12,583 Reserve for bonuses 21,748 8,935 Other 113,854 112,093 Total current liabilities 435,780 384,875 Long-term liabilities Bonds 100,000 200,000 Long-term debt 24,441 24,462 Net defined benefit liability 54,607 54,648 Deferred tax liabilities 73,003 72,111 Other 21,226 20,747 Total long-term liabilities 273,278 371,969 TOTAL LIABILITIES 709,059 756,845 NET ASSETS Stockholders’ equity Common stock 114,464 114,464 Capital surplus 145,034 145,036 Retained earnings 824,329 859,728 Treasury stock (135,347) (144,476) Total stockholders’ equity 948,481 974,752 Accumulated other comprehensive income Valuation difference on available-for-sale securities 106,681 87,001 Net deferred losses on hedges (16) (11) Foreign currency translation adjustments 30,309 24,060 Remeasurements of defined benefit plans 50,391 47,920 Total accumulated other comprehensive income 187,366 158,971 Non-controlling interests 72,930 72,599 TOTAL NET ASSETS 1,208,778 1,206,323 TOTAL LIABILITIES AND NET ASSETS 1,917,838 1,963,169
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- 7 - (2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income Quarterly consolidated statements of income First three months of the fiscal years (Million yen) Three months ended June 30, 2024 Three months ended June 30, 2025 Net sales 356,654 366,140 Cost of sales 277,185 278,432 Gross profit 79,469 87,707 Selling, general and administrative expenses 61,024 64,729 Operating income 18,444 22,978 Non-operating income Interest and dividend income 2,624 2,439 Equity in earnings of affiliates 3,875 5,171 Other 2,025 1,024 Total non-operating income 8,526 8,635 Non-operating expense Interest expense 235 533 Foreign exchange losses – 1,339 Other 1,127 1,512 Total non-operating expenses 1,362 3,385 Ordinary income 25,608 28,227 Extraordinary gains Gain on sale of fixed assets 10,487 21 Gain on sale of investment securities 58,699 37,266 Other 22 – Total extraordinary gains 69,209 37,288 Extraordinary losses Loss on sale or disposal of fixed assets 328 158 Loss on devaluation of investment securities 0 117 Other 167 47 Total extraordinary losses 496 323 Income before income taxes and non-controlling interests 94,322 65,192 Current income taxes 23,023 11,255 Deferred income taxes 7,136 8,130 Total income taxes 30,160 19,386 Net income 64,161 45,805 Net income attributable to non-controlling shareholders 868 457 Net income attributable to parent company shareholders 63,293 45,348
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- 8 - Quarterly consolidated statements of comprehensive income First three months of the fiscal years (Million yen) Three months ended June 30, 2024 Three months ended June 30, 2025 Net income 64,161 45,805 Other comprehensive income Valuation difference on available-for-sale securities (26,142) (19,044) Net deferred gains (losses) on hedges (8) 0 Foreign currency translation adjustments 4,808 (4,053) Remeasurements of defined benefit plans (3,932) (2,408) Share of other comprehensive income (loss) of affiliates accounted for using equity method 3,120 (2,896) Total other comprehensive income (22,153) (28,402) Comprehensive income 42,007 17,403 Attributable to： Parent company shareholders 41,132 16,953 Non-controlling shareholders 875 450
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- 9 - (3) Notes regarding quarterly consolidated financial statements [Notes on premise of a going concern] None [Consolidated balance sheets] As of March 31, 2025 As of June 30, 2025 Discounts on notes receivables ¥– million ¥50 million [Consolidated statements of cash flows] We did not prepare a quarterly consolidated statement of cash flows for the first three months of the fiscal year through March 2026. However, depreciation and amortization (including amortization related to intangible fixed assets excluding goodwill) and amortization of goodwill for the first three months of the fiscal year through March 2026 are as follows: Three months ended June 30, 2024 Three months ended June 30, 2025 Depreciation and amortization ¥12,689 million ¥11,304 million Amortization of goodwill ¥162 million ¥184 million [Shareholders’ equity, etc.] I. First three months of previous fiscal year (April 1, 2024 - June 30, 2024) 1. Dividends paid Resolution Stock type Total dividends (Million yen) Dividend per share (Yen) Dividend record date Effective date Source of dividends General meeting of shareholders on June 27, 2024 Common stock 7,667 32 March 31, 2024 June 28, 2024 Retained earnings 2. Dividends for which the record date falls within the first three months of the fiscal year through March 2025, but the effective date is after the end of that same first three months None 3. Significant changes in shareholders’ equity Treasury stock increased by ¥24,699 million during the first three months of the fiscal year through March 2025, due mainly to share repurchases based on a resolution passed by the Board of Directors on March 8, 2024. II. First three months of current fiscal year (April 1, 2025 - June 30, 2025) 1. Dividends paid Resolution Stock type Total dividends (Million yen) Dividend per share (Yen) Dividend record date Effective date Source of dividends General meeting of shareholders on June 27, 2025 Common stock 9,937 22 March 31, 2025 June 30, 2025 Retained earnings 2. Dividends for which the record date falls within the first three months of the fiscal year through March 2026, but the effective date is after the end of that same first three months None
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- 10 - 3. Significant changes in shareholders’ equity Treasury stock increased by ¥9,129 million during the first three months of the fiscal year through March 2026, due mainly to share repurchases based on a resolution passed by the Board of Directors on November 29, 2024 and May 13, 2025. [Segment information, etc.] (Segment information) I. First three months of previous fiscal year (April 1, 2024 – June 30, 2024) Information on sales and income/loss by reporting segment and income analysis information (Million yen) Reporting segment Adjustment Note 1 Amounts reported on quarterly consolidated statements of incomeNote 2 Smart Communication Life & Healthcare Electronics Total Net salesNote3 Outside customers 174,247 123,500 58,906 356,654 – 356,654 Inter-segment 442 50 – 493 (493) – Total 174,690 123,550 58,906 357,147 (493) 356,654 Segment income 5,805 4,786 13,699 24,291 (5,846) 18,444 Notes: 1. Segment income is adjusted for costs related to basic research not assignable to a reporting segment or costs of research shared by different segments. 2. Segment income is adjusted to reflect operating income as reported on the quarterly consolidated statements of income. 3. Sales include revenues generated from contracts with customers as well as other revenues, but because almost all revenues are generated from contracts with customers, the other revenues are insignificant and are therefore not displayed separately. II. First three months of current fiscal year (April 1, 2025 – June 30, 2025) Information on sales and income/loss by reporting segment and income analysis information (Million yen) Reporting segment Adjustment Note 1 Amounts reported on quarterly consolidated statements of incomeNote 2 Smart Communication Life & Healthcare Electronics Total Net salesNote3 Outside customers 175,548 127,124 63,467 366,140 – 366,140 Inter-segment 747 72 – 819 (819) – Total 176,295 127,196 63,467 366,959 (819) 366,140 Segment income 5,996 9,528 13,961 29,486 (6,508) 22,978 Notes: 1. Segment income is adjusted for costs related to basic research not assignable to a reporting segment or costs of research shared by different segments. 2. Segment income is adjusted to reflect operating income as reported on the quarterly consolidated statements of income. 3. Sales include revenues generated from contracts with customers as well as other revenues, but because almost all revenues are generated from contracts with customers, the other revenues are insignificant and are therefore not displayed separately. [Revenue recognition] Information that breaks down revenues from contracts with customers is presented in the section “Net sales” in “(3) Notes regarding quarterly consolidated financial statements [Segment information, etc.] (Segment information).”
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- 11 - [Per share information] Net income per share and basis for calculating net income per share and diluted net income per share and basis for calculating diluted net income per share are as follows. Three months ended June 30, 2024 (April 1, 2024 – June 30, 2024) Three months ended June 30, 2025 (April 1, 2025 – June 30, 2025) (1) Net income per share (Yen) 133.68 100.80 (Basis of calculation) Net income attributable to parent company shareholders (Million yen) 63,293 45,348 Amounts not attributable to common shareholders (Million yen) – – Net income attributable to parent company common shareholders (Million yen) 63,293 45,348 Average number of common shares outstanding during the first three months (Thousand shares) 473,482 449,903 (2) Diluted net income per share (Yen) 133.67 100.78 (Basis of calculation) Adjustments to net income attributable to parent company shareholders (Million yen) (3) (5) Of which, impact of dilutive stock of consolidated subsidiaries and affiliates (Million yen) (3) (5) Increase in common stock (Thousand shares) – – * The Company conducted a 2-for-1 stock split of shares of common stock, effective October 1, 2024. Accordingly, net income per share and diluted net income per share are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year. 3. Other None
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- 12 - (TRANSLATION) Independent Auditor’s Interim Review Report on Quarterly Consolidated Financial Statements August 8, 2025 To the Board of Directors of Dai Nippon Printing Co., Ltd. ARK LLC Tokyo office Designated Engagement Partner Operating Partner Certified Public Accountant Hiroki Ebisawa Designated Engagement Partner Operating Partner Certified Public Accountant Yoshimichi Nagasaki Designated Engagement Partner Operating Partner Certified Public Accountant Takashi Kuwata Auditor’s Conclusion We have conducted an interim review of the quarterly consolidated financial statements of Dai Nippon Printing Co., Ltd., i.e., the quarterly consolidated balance sheets, quarterly consolidated statements of income, quarterly consolidated statement of comprehensive income and related notes, for the first quarter consolidated accounting period (April 1, 2025 to June 30, 2025) of the consolidated fiscal year from April 1, 2025 to March 31, 2026, and the first quarterly consolidated cumulative period (April 1, 2025 to June 30, 2025) which are listed in the “Attachments” to the quarterly financial results summary. In our interim review, we found that the quarterly consolidated financial statements referred to above were prepared in accordance with Article 4 (1) of Standards for Preparation of Quarterly Financial Statements of the Tokyo Stock Exchange, Inc. and accounting principles generally accepted in Japan for quarterly financial statements. We found nothing that causes us to believe that the quarterly financial statements do not represent appropriately, in all material respects, the financial position of Dai Nippon Printing Co., Ltd. and its consolidated subsidiaries as of June 30, 2025 and the operating results for the first quarterly consolidated cumulative period, which ended on that date. Basis for Auditor’s Conclusion We conducted our review in accordance with review standards for interim financial statements generally accepted in Japan. Our responsibilities under those standards are described in “Auditor’s Responsibilities for Interim Review of Quarterly Consolidated Financial Statements.” Our audit firm is independent of the Company and its consolidated subsidiaries in accordance with the provisions of professional ethics in Japan, including provisions applicable to the auditing of financial statements of entities with a high degree of social impact, and has fulfilled its other ethical responsibilities as an auditor. We believe that we have obtained evidence to provide a basis for our conclusion. Responsibilities of Management, Statutory Auditors, and the Board of Statutory Auditors for Quarterly Consolidated Financial Statements Management is responsible for the preparation and appropriate presentation of quarterly consolidated financial statements in accordance with Article 4 (1) of Tokyo Stock Exchange, Inc.’s Standards for Preparation of Quarterly Financial Statements and accounting principles generally accepted in Japan for quarterly financial statements. This includes establishing and implementing internal controls that management deems necessary to prepare and appropriately publicize quarterly consolidated financial statements that are free of material misstatements due to fraud or error. In preparing the quarterly consolidated financial statements, management is responsible for assessing whether or not to prepare the statements based on the assumption that the Group can continue as a going concern and for disclosing, as required by Article 4 (1) of Tokyo Stock Exchange, Inc.’s Standards for Preparation of Quarterly Financial Statements and accounting principles generally accepted in Japan for quarterly financial statements, any issues related to continuity as a going concern that are required to be disclosed.
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- 13 - (TRANSLATION) Statutory Auditors and the Board of Statutory Auditors are responsible for monitoring Directors’ performance of their duties as they design and implement the Group’s financial reporting processes. Auditor’s Responsibilities for Interim Review of Quarterly Consolidated Financial Statements The auditor is responsible for issuing an interim review report that states a conclusion concerning the quarterly consolidated financial statements from an independent point of view, based on the interim review of quarterly consolidated financial statements conducted by the auditor. The auditor shall exercise professional judgment and maintain professional skepticism throughout the interim review process in accordance with interim review standards generally accepted in Japan and shall carry out the following: • Make inquiries, primarily of management and others responsible for financial and accounting matters, and apply analytical and other interim review procedures. In accordance with auditing standards generally accepted in Japan, an interim review is substantially more limited in scope compared to auditing of financial statements for a full fiscal year. • If the auditor determines that there is significant uncertainty regarding events or circumstances that may raise significant doubts regarding the going concern assumption, the auditor shall state a conclusion, based on the evidence obtained, as to whether or not there are any matters that lead the auditor to believe that the quarterly consolidated financial statements are not presented appropriately in accordance with Article 4 (1) of Tokyo Stock Exchange, Inc.’s Standards for Preparation of Quarterly Financial Statements and accounting principles generally accepted in Japan for quarterly financial statements. Additionally, if the auditor concludes that a material uncertainty exists, the auditor is required to draw attention in its interim review report to the related disclosures in the quarterly consolidated financial statements or, if such disclosures are inadequate, to express a qualified conclusion or adverse conclusion. The auditor’s conclusions are based on the evidence obtained up to the date of its interim review report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate whether there are any matters that lead us to believe that the presentation and notes of the quarterly consolidated financial statements are not in accordance with Article 4 (1) of Tokyo Stock Exchange, Inc.’s Standards for Preparation of Quarterly Financial Statements and accounting principles generally accepted in Japan for quarterly financial statements, and evaluate whether there are any matters that lead us to believe that the presentation, structure or content of the quarterly consolidated financial statements, including their related notes, do not appropriately represent the underlying transactions and accounting events. • Obtain evidence that shows financial information related to the Company and its consolidated subsidiaries as a basis for expressing a conclusion regarding the quarterly consolidated financial statements. The auditor bears responsibility for the direction, oversight, and inspection of the interim review of quarterly consolidated financial statements and is solely responsible for its conclusion. The auditor communicates with the Statutory Auditors and with the Board of Statutory Auditors regarding the planned scope and timing of the interim review as well as significant review findings. The auditor shall report to the Statutory Auditors and the Board of Statutory Auditors affirming its compliance with professional ethics regulations related to independence, informing of any matters that can be reasonably considered to affect the auditor's independence, and reporting in cases where measures have been taken to remove impediments or safeguards have been applied in order to reduce impediments to an acceptable level. Conflict of Interest Neither the auditing firm nor its executive officers have any interest in the Company or its consolidated subsidiaries that is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan. Note: This is an English translation of the independent accountant’s interim review report as originally issued in Japanese for the conveniences of readers.