Interim report
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Consolidated Financial Results for the Nine-Month Period Ended December 31, 2025 (Japanese GAAP) Fiscal 2026 (Year ending March 31, 2026) โThird Quarterโ means the nine months from April 1 to December 31 . All financial information has been prepared in accordance with accounting principles generally accepted in Japan. โJR Eastโ refers to East Japan Railway Company on a consolidated basis, or if the context so requires, on a non -consolidated basis. English translation from the original Japanese-language document. February 2, 2026 East Japan Railway Company Stock E xchange Listing Tokyo Securities Code 9020 URL https://www.jreast.co.jp/e Representative KISE Yoichi , President and CEO Contact Person SHIOHARA Satoshi , General Manager, Corporate Communications Department (Tel. +81 -3-5334-1300) Scheduled Date of Dividend Payment Commencement Not applicable Preparation of Supplementary Explanations of Quarterly Financial Results : Yes Quarterly Financial Results Presentation to Be Held : Yes 1. Consolidated Results for the Nine-Month Period Ended December 31, 2025 (April 1, 2025๏ผDecember 31, 2025) (Amounts less than one million yen, except for per share amounts, are omitted.) (1) Consolidated financial results (Percentages represent percentage changes as compared with the corresponding period in the previous fiscal year. ) Operating revenues Operating income Ordinary income Profit attributable to owners of parent Millions of yen % Millions of yen % Millions of yen % Millions of yen % Fiscal 2026, 3rd Quarter 2,240,022 5.4 349,614 (0.8) 302,008 (2.2) 219,436 1.3 Fiscal 2025, 3rd Quarter 2,126,070 6.2 352,553 18.1 308,941 19.0 216,631 17.0 Note: Comprehensive income โ Fiscal 2026, 3rd Quarter: 243,440 million yen 18.0% , Fiscal 2025, 3rd Quarter: 206,287 million yen (3.6%) Earnings per share โBasic Earnings per share โDiluted Yen Yen Fiscal 2026, 3rd Quarter 194.22 ๏ผ Fiscal 2025, 3rd Quarter 191.49 ๏ผ (2) Consolidated financial position Total assets Net assets Equity ratio Millions of yen Millions of yen % Fiscal 2026, 3rd Quarter 10,425,711 3,030,842 28.9 Fiscal 2025 10,174,224 2,872,216 28.1 Reference: Shareholdersโ equity โ Fiscal 2026, 3rd Quarter: 3,017,190 million yen, Fiscal 2025: 2,859,544 million yen 2. Dividends (Year Ended March 31, 2025 and Year Ending March 31, 2026) Annual dividends 1st quarter end 2nd quarter end 3rd quarter end Year end Total Yen Yen Yen Yen Yen Fiscal 2025 ๏ผ 26.00 ๏ผ 34.00 60.00 Fiscal 2026 ๏ผ 35.00 ๏ผ (Forecast) Fiscal 2026 35.00 70.00 Note: Revisions to the most recently disclosed dividend forecasts: No
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3. Forecasts for Fiscal 2026 (Year Ending March 31, 2026) (Percentages represent percentage changes as compared with the corresponding period in the previous fiscal year.) Operating revenues Operating income Ordinary income Profit attributable to owners of parent Earnings per share๏ผ Basic Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal 2026 3,058,000 5.9 405,000 7.5 341,000 6.0 237,000 5.7 209.98 Note: Revisions to the most recently disclosed earnings forecast s: No โป Notes (1) Significant changes in the scope of consolidation during the period: No Newly consolidated ๏ผ excluded ๏ผ (2) Application of special accounting treatment in preparing the interim consolidated financial statements: No (3) Changes in accounting policies, changes in accounting estimates and restatement of revisions i Changes in accounting policies with revision of accounting standards : No ii Changes in accounting policies other than the above : No iii Changes in accounting estimates : No iv Restatement of revisions : No (4) Number of issued shares (common stock) i Issued shares at period-end (including treasury stock) 3rd Quarter, Fiscal 2026 1,134,412,200 shares Fiscal 2025 1,134,412,200 shares ii Treasury stock at period-end 3rd Quarter, Fiscal 2026 5,757,773 shares Fiscal 2025 3,125,979 shares iii Average number of shares during period 3rd Quarter, Fiscal 2026 1,129,831,732 shares 3rd Quarter, Fiscal 2025 1,131,310,819 shares โป Review of the Japanese-language originals of the attached interim consolidated financial statements by certified public accountants or an audit firm: Yes (voluntary) โป Explanation of appropriate use of forecasts of business results; other important items The forecasts of business results and other forward-looking statements in this document are based on information currently available and certain assumptions that JR East deemed reasonable as of the date of this document. Actual results may differ from such forward- looking statements for a variety of reasons. JR East is scheduled to hold an analystsโ conference on February 2, 2026, to present its Third Quarter Financial Results for Fiscal 2026. Regarding the presentation materials of such conference, please refer to JR Eastโs website.
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1 Contents of Attachments 1. Operating Results Overview .......................................................................... 2 2. Interim Consolidated Financial Statements and Main Notes ................................. 3 (1) Interim Consolidated Balance Sheets ...................................................................................................... 3 (2) Interim Consolidated Statements of Income and Comprehensive Income .............................................. 5 (3) Notes to Interim Consolidated Financial Statements ............................................................................... 7 (Notes on Going Concern Assumption).................................................................................................. 7 (Notes on Interim Consolidated Statement of Cash Flows) ................................................................... 7 (Notes on Segment Information, etc.) .................................................................................................... 7 (Notes on Significant Changes in the Value of Shareholdersโ Equity) ................................................... 7 (Additional Information) .......................................................................................................................... 8 ๏ผปIndependent Auditorโs Report on Review๏ผฝ .......................................................... 9
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2 1. Operating Results Overview For the nine months ended December 31, 2025, operating revenues increased by 5.4% from the nine months ended December 31, 202 4 to ยฅ2,240.0 billion, due mainly to revenue increases in all segments, which were attributable to increases in the use of railways and the sales of EKINAKA stores (stores inside railway stations) , as well as the opening of TAKANAWA GATEWAY CITY. Operating income decreased by 0.8% from the nine months ended December 31, 2024 to ยฅ349.6 billion, due mainly to increases in personnel expenses and JR East maintenance expenses and a decrease in profit on real estate sales. Ordinary income decreased by 2.2% from the nine months ended December 31, 2024 to ยฅ302.0 billion. On the other hand, profit attributable to owners of parent increased by 1.3% from the nine months ended December 31, 2024 to ยฅ219.4 billion, due mainly to an increase in gains on sales of investments in securities. For details, please refer to โFY202 6.3 Third Quarter Financial Results Explanatory Materialsโ (Supplementary Explanations of Quarterly Financial Results) released on February 2, 2026. Supplementary Explanations of Quarterly Financial Results has been posted on JR Eastโs website and disclosed on TDnet today.
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3 2. Interim Consolidated Financial Statements and Main Notes (1) Interim Consolidated Balance Sheets EAST JAPAN RAILWAY COMPANY AND SUBSIDIARIES Millions of Yen Fiscal 2025 (As of March 31, 2025) Fiscal 2026, 3rd Quarter (As of December 31, 2025) ASSETS Current Assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ01,250,033 ยฅ01,343,072 Cash and time deposits ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 233,663 214,739 Notes, accounts receivable-trade and contract assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 684,893 743,670 Fares receivable ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 77,836 68,031 Securities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 10 โ Real estate for sale ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 68,596 80,294 Inventories ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 115,251 162,714 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 72,486 76,410 Allowance for doubtful accounts ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (2,704) (2,787) Fixed Assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 8,924,190 9,082,638 Property, plant and equipment, net of accumulated depreciation ยทยทยทยทยทยท 7,792,162 7,962,256 Buildings and structures (net) ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 4,116,551 4,157,931 Machinery, rolling stock and vehicles (net) ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 739,325 733,199 Landยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 2,216,525 2,276,580 Construction in progress ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 645,968 723,317 Other (net) ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 73,790 71,227 Intangible assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 209,477 200,106 Investments and other assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 922,550 920,276 Investments in securities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 506,182 573,251 Long-term loans receivable ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 2,271 2,280 Deferred tax assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 306,915 240,844 Net defined benefit assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,838 2,030 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 107,572 104,061 Allowance for doubtful accounts ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (2,229) (2,192) Total Assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ10,174,224 ยฅ10,425,711 Note: Amounts less than one million yen are omitted.
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4 Millions of Yen Fiscal 2025, (As of March 31, 2025) Fiscal 2026, 3rd Quarter (As of December 31, 2025) LIABILITIES Current Liabilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ01,741,990 ยฅ01,530,013 Notes and accounts payable-trade ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 53,738 47,658 Short-term loans and current portion of long-term loansยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 141,711 171,994 Current portion of bonds ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 207,545 94,999 Current portion of long-term liabilities incurred for purchase of railway facilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 4,563 4,716 Payables ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 617,665 442,029 Accrued consumption taxes ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 24,002 32,720 Accrued income taxes ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 27,020 24,889 Fare deposits received with regard to railway connecting services ยทยทยทยทยทยทยทยทยทยท 48,420 47,002 Prepaid railway fares received ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 90,958 98,033 Allowance for bonuses to employees ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 75,832 39,200 Allowance for disaster-damage losses ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 589 187 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 449,942 526,579 Long-Term Liabilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 5,560,017 5,864,855 Bonds ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 3,038,828 3,249,589 Long-term loans ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,260,561 1,293,907 Long-term liabilities incurred for purchase of railway facilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยท 302,140 299,731 Deferred tax liabilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,989 2,378 Provision for large-scale renovation of Shinkansen infrastructure ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 216,000 234,000 Allowance for disaster-damage losses ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 3,000 3,000 Net defined benefit liabilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 432,908 446,983 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 304,589 335,264 Total Liabilities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ07,302,007 ยฅ07,394,868 NET ASSETS Shareholdersโ Equity ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ02,739,570 ยฅ02,873,556 Common stock ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 200,000 200,000 Capital surplus ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 93,747 92,820 Retained earnings ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 2,451,848 2,595,133 Treasury stock, at cost ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (6,025) (14,397) Accumulated Other Comprehensive Income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 119,973 143,634 Net unrealized holding gains (losses) on securities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 96,650 124,327 Net deferred gains (losses) on derivatives under hedge accounting ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 3,134 361 Revaluation reserve for land ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (1) (1) Foreign currency translation adjustments ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 182 589 Remeasurements of defined benefit plans ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 20,006 18,356 Non-Controlling Interests ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 12,672 13,651 Total Net Assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 2,872,216 3,030,842 Total Liabilities and Net Assets ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ10,174,224 ยฅ10,425,711 Note: Amounts less than one million yen are omitted.
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5 (2) Interim Consolidated Statements of Income and Comprehensive Income EAST JAPAN RAILWAY COMPANY AND SUBSIDIARIES (i) Interim Consolidated Statements of Income Millions of Yen Fiscal 2025, 3rd Quarter (Nine months ended December 31, 2024) Fiscal 2026, 3rd Quarter (Nine months ended December 31, 2025) Operating Revenues ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ2,126,070 ยฅ2,240,022 Operating Expenses ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,773,517 1,890,408 Transportation, other services and cost of sales ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,300,544 1,375,436 Selling, general and administrative expenses ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 472,972 514,971 Operating Income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 352,553 349,614 Non-Operating Income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 17,257 19,715 Interest income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 86 331 Dividend incomeยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 6,074 6,199 Equity in net income of affiliated companies ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 6,719 7,378 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 4,376 5,805 Non-Operating Expenses ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 60,869 67,320 Interest expense ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 55,546 61,433 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 5,323 5,887 Ordinary Income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 308,941 302,008 Extraordinary Gainsยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 23,372 33,097 Gains on sales of investments in securities ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 13,342 26,852 Construction grants received ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 8,761 5,494 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,268 750 Extraordinary Losses 21,478 24,831 Losses on reduction entry for construction grants ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 8,672 5,027 Other ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 12,805 19,804 Income before Income Taxes 310,835 310,274 Income Taxes ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 93,107 90,275 Current ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 16,361 32,263 Deferred ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 76,745 58,012 Profit ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 217,728 219,998 Profit Attributable to Non-Controlling Interests ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,096 562 Profit Attributable to Owners of Parent ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ0,216,631 ยฅ0,219,436 Note: Amounts less than one million yen are omitted.
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6 (ii) Interim Consolidated Statements of Comprehensive Income Millions of Yen Fiscal 2025, 3rd Quarter (Nine months ended December 31, 2024) Fiscal 2026, 3rd Quarter (Nine months ended December 31, 2025) Profit ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ217,728 ยฅ219,998 Other Comprehensive Income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (11,440) 23,442 Net unrealized holding gains (losses) on securities ยทยทยทยทยทยทยทยทยทยทยทยทยทยท (7,531) 23,386 Net deferred gains (losses) on derivatives under hedge accounting ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 298 (3,125) Foreign currency translation adjustments ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 59 399 Remeasurements of defined benefit plansยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (3,590) (1,406) Share of other comprehensive income of associates accounted for using equity method ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท (676) 4,188 Comprehensive Income ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ206,287 ยฅ243,440 Comprehensive Income attributable to Comprehensive income attributable to owners of the parent ยฅ205,172 ยฅ242,883 Comprehensive income attributable to non-controlling Interests ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ001,115 ยฅ001,557 Note: Amounts less than one million yen are omitted.
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7 (3) Notes to Interim Consolidated Financial Statements (Notes on Going Concern Assumption) None (Notes on Interim Consolidated Statement of Cash Flows) The interim consolidated statement of cash flows for the nine months ended December 31, 2025 has not been prepared. The amount of depreciation for the nine months ended December 31, 2024 and December 31, 2025 (including amortization of intangible assets other than goodwill) is as follows: (Notes on Segment Information, etc.) (Information related to amounts of operating revenues, income, and loss of each reportable segment) Millions of Yen Fiscal 2025, 3rd Quarter (Nine months ended December 31, 2024) Transportation Retail & Services Real Estate & Hotels Others (Note 1) Total Adjustment (Note 2) Interim Consolidated Statements of Income (Note 3) Operating Revenues Outside customers ยทยทยทยทยทยท ยฅ1,451,928 ยฅ292,647 ยฅ312,723 ยฅ068,771 ยฅ2,126,070 ยฅ(000,0 โ ยฅ2,126,070) Inside group ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 44,062 27,770 20,635 125,309 217,778 (217,778) โ Total ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,495,991 320,417 333,358 194,081 2,343,849 (217,778) 2,126,070 Segment income ยทยทยทยทยทยทยทยทยทยทยทยท ยฅ0,208,484 ยฅ044,934 ยฅ086,886 ยฅ011,684 ยฅ0,351,989 ยฅ(000,564 ยฅ0,352,553 Notes: 1. โOthersโ represents categories of business that are not included in reportable segments and includes IT & Suica business including credit card business, information processing and certain other businesses. 2. The adjustment to segment income in the amount of ยฅ564 million includes an elimination of unrealized holding gains (losses) on fixed assets and inventory assets in the amount of ยฅ880 million and an elimination for intersegment transactions in the amount of ยฅ(306) million. 3. Segment income is adjusted to ensure consistency with the operating income set forth in the interim consolidated statements of income. Millions of Yen Fiscal 2026, 3rd Quarter (Nine months ended December 31, 2025) Transportation Retail & Services Real Estate & Hotels Others (Note 1) Total Adjustment (Note 2) Interim Consolidated Statements of Income (Note 3) Operating Revenues Outside customers ยทยทยทยทยทยท ยฅ1,522,354 ยฅ309,048 ยฅ333,541 ยฅ075,077 ยฅ2,240,022 ยฅ(000,0 โ ยฅ2,240,022) Inside group ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 52,176 33,493 21,310 137,510 244,489 ยฅ(244,489) โ Total ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท 1,574,530 342,542 354,851 212,588 2,484,512 ยฅ(244,489) 2,240,022 Segment income ยทยทยทยทยทยทยทยทยทยทยท ยฅ0,208,819 ยฅ049,263 ยฅ076,607 ยฅ015,795 ยฅ0,350,485 ยฅ((((0(871) ยฅ0,349,614 Notes: 1. โOthersโ represents categories of business that are not included in reportable segments and includes IT & Suica business including credit card business, information processing and certain other businesses. 2. The adjustment to segment income in the amount of ยฅ(871) million includes an elimination of unrealized holding gains (losses) on fixed a ssets and inventory assets in the amount of ยฅ(467) million and an elimination for intersegment transactions in the amount of ยฅ(398) million. 3. Segment income is adjusted to ensure con sistency with the operating income set forth in the interim consolidated statements of income. (Notes on Significant Changes in the Value of Shareholdersโ Equity) None Millions of Yen Fiscal 2025, 3rd Quarter (Nine months ended December 31, 2024) Fiscal 2026, 3rd Quarter (Nine months ended December 31, 2025) Depreciation ยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยทยท ยฅ299,707 ยฅ315,762 Note: Goodwill amortization is omitted as its amounts are quantitatively immaterial.
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8 (Additional Information) (Revision of Retirement Benefit Plans) The Company plans to conduct a revision of the current retirement benefit plan to take effect on April 1, 2026, whereby it will transition from a lump-sum retirement benefit plan to a defined contribution retirement benefit plan. For the accounting treatment associated with this revision, the Company plans to apply โAccounting for Transfer between Retirement Benefit Plansโ (ASBJ Guidance No. 1, December 16, 2016) and โPractical Solution on Accounting for Transfer between Retirement Benefit Plansโ (ASBJ PITF No. 2, February 7, 2007). The Company is still in the process of assessing the effects of this application.
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9 Independent Auditorโs Report on Review of Interim Consolidated Financial Statements To the Board of Directors of East Japan Railway Company: Conclusion We have reviewed the accompanying interim consolidated financial statements of East Japan Railway Company (โthe Companyโ) and its consolidated subsidiaries (collectively referred to as โthe Groupโ), which comprise the interim consolidated balance sheet as at December 31, 2025, the interim consolidated statements of income and comprehensive income for the three-month and nine-month periods then ended, and the related notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements are not prepared, in all material respects, in accordance with Article 4(1) of Standard for Preparation of Interim Financial Statements of Tokyo Stock Exchange, Inc. (โthe Standardโ) (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan. Basis for Conclusion We conducted our review in accordance with interim review standards generally accepted in Japan. Our responsibilities under those standards are further described in the Auditorโs Responsibilities for the Review of the Interim Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements in Japan (including those that are relevant to audits of the financial statements of public interest entities), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Responsibilities of Management and the Audit and Supervisory Committee for the Interim Consolidated Financial Statements Management is responsible for the preparation and presentation of the interim consolidated financial statements in accordance with Article 4(1) of Standard for Preparation of Interim Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan, and for such internal control as management determines is necessary to enable the preparation of the interim consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the interim consolidated financial statements, management is responsible for assessing the Groupโs ability to continue as a going concern, disclosing, as applicable, matters related to going concern in accordance with Article 4(1) of Standard for Preparation of Interim Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The audit and supervisory committee is responsible for overseeing the directorsโ performance of their duties with regard to the design, implementation and maintenance of the Groupโs financial reporting process. Auditorโs Responsibilities for the Review of the Interim Consolidated Financial Statements Our responsibility is to express a conclusion on these interim consolidated financial statements based on our review in our report on the review of interim consolidated financial statements. As part of our review in accordance with interim review standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the review. We also:
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10 ๏ Make inquiries, primarily of management and persons responsible for financial and accounting matters, and apply analytical and other review procedures. An interim review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in Japan. ๏ Conclude, based on the evidence obtained, that nothing has come to our attention that causes us to believe that the interim consolidated financial statements are not prepared in accordance with Article 4(1) of Standard for Preparation of Interim Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan, if a material uncertainty relating to events or conditions comes to our attention that may cast significant doubt on the Groupโs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report on the review of interim consolidated financial statements to the related disclosures in the interim consolidated financial statements or, if such disclosures are inadequate, to express a qualified conclusion or an adverse conclusion. Our conclusions are based on the evidence obtained up to the date of our report on the review of interim consolidated financial statements; however, future events or conditions may cause the Group to cease to continue as a going concern. ๏ Evaluate that nothing has come to our attention that causes us to believe that the presentation and disclosures in the interim consolidated financial statements are not prepared in accordance with Article 4(1) of Standard for Preparation of Interim Financial Statements of Tokyo Stock Exchange, Inc. (applying the omissions prescribed in Article 4(2) of the Standard) and accounting principles generally accepted in Japan. ๏ Obtain sufficient appropriate evidence regarding the financial information of the entities or business activities within the Group as a basis for forming a conclusion on the interim consolidated financial statements. We are responsible for the direction, supervision and review of the interim review on the interim consolidated financial statements. We remain solely responsible for our review conclusion. We communicate with the audit and supervisory committee regarding, the planned scope and timing of the review, significant review findings that we identify during our review. We also provide the audit and supervisory committee with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. Interest required to be disclosed by the Certified Public Accountants Act of Japan We do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan. Notes to the Reader of Independent Auditorโs Report on Review: The Independent Auditorโs Report herein is the English translation of the Independent Auditorโs Report on Review for the conveniences of the reader.
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11 Kazuhiko Azami Designated Engagement Partner Certified Public Accountant Taro Nakamura Designated Engagement Partner Certified Public Accountant Naoki Saito Designated Engagement Partner Certified Public Accountant KPMG AZSA LLC Tokyo Office, Japan February 2, 2026