Interim report
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Note: T his d ocument h as b een tran slated fro m a p art o f th e Jap anese o riginal fo r referen ce p urposes o nly. In th e ev ent o f an y discrepancy between this translated document and the Japanese original, the original shall prevail. August 3, 2026 C C C C Co o o o on n n n ns s s s so o o o ol l l l li i i i id d d d da a a a at t t t te e e e ed d d d d F F F F Fi i i i in n n n na a a a an n n n nc c c c ci i i i ia a a a al l l l l R R R R Re e e e es s s s su u u u ul l l l lt t t t ts s s s s f f f f fo o o o or r r r r t t t t th h h h he e e e e T T T T Th h h h hr r r r re e e e ee e e e e M M M M Mo o o o on n n n nt t t t th h h h hs s s s s E E E E En n n n nd d d d de e e e ed d d d d J J J J Ju u u u un n n n ne e e e e 3 3 3 3 30 0 0 0 0, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 26 6 6 6 6 ( ( ( ( (U U U U Un n n n nd d d d de e e e er r r r r J J J J Ja a a a ap p p p pa a a a an n n n ne e e e es s s s se e e e e G G G G GA A A A AA A A A AP P P P P) ) ) ) ) Company name: NSW In c. Listing: T okyo Stock Exchange Securities code: 9 739 URL: h ttps://www.nsw.co.jp/ Representative: Daisu ke Takemura President (Representative Director) Inquiries: Yu zuru Suka Executive Vice President Corporate Officer and Member of the Board Telephone: +81-3-3770-1111 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: No ne Holding of financial results briefing: No ne (Yen amounts are rounded down to millions, unless otherwise noted.) 1 1 1 1 1. . . . . C C C C Co o o o on n n n ns s s s so o o o ol l l l li i i i id d d d da a a a at t t t te e e e ed d d d d f f f f fi i i i in n n n na a a a an n n n nc c c c ci i i i ia a a a al l l l l r r r r re e e e es s s s su u u u ul l l l lt t t t ts s s s s f f f f fo o o o or r r r r t t t t th h h h he e e e e t t t t th h h h hr r r r re e e e ee e e e e m m m m mo o o o on n n n nt t t t th h h h hs s s s s e e e e en n n n nd d d d de e e e ed d d d d J J J J Ju u u u un n n n ne e e e e 3 3 3 3 30 0 0 0 0, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 26 6 6 6 6 ( ( ( ( (f f f f fr r r r ro o o o om m m m m A A A A Ap p p p pr r r r ri i i i il l l l l 1 1 1 1 1, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 26 6 6 6 6 t t t t to o o o o J J J J Ju u u u un n n n ne e e e e 3 3 3 3 30 0 0 0 0, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 26 6 6 6 6) ) ) ) ) ( ( ( ( (1 1 1 1 1) ) ) ) ) C C C C Co o o o on n n n ns s s s so o o o ol l l l li i i i id d d d da a a a at t t t te e e e ed d d d d o o o o op p p p pe e e e er r r r ra a a a at t t t ti i i i in n n n ng g g g g r r r r re e e e es s s s su u u u ul l l l lt t t t ts s s s s ( ( ( ( (c c c c cu u u u um m m m mu u u u ul l l l la a a a at t t t ti i i i iv v v v ve e e e e) ) ) ) )(Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Three months ended Millions of yen % Millio ns of yen % Millio ns of yen % Millio ns of yen % June 30, 2026 11,951 4 .4 8 50 (1 .6) 8 69 (3 .1) 5 77 (4 .5) June 30, 2025 11,446 4 .2 8 63 (1 0.3) 8 96 (8 .2) 6 05 (8 .6) Note: Comprehensive income Fo r the three months ended June 30, 2026: ¥ 581 million [ (3 .1) %] For the three months ended June 30, 2025: ¥ 599 million [ (1 5.0) %] Basic earnings per share Diluted earnings per share Three months ended Yen Yen June 30, 2026 38.78 - June 30, 2025 40.61 - ( ( ( ( (2 2 2 2 2) ) ) ) ) C C C C Co o o o on n n n ns s s s so o o o ol l l l li i i i id d d d da a a a at t t t te e e e ed d d d d f f f f fi i i i in n n n na a a a an n n n nc c c c ci i i i ia a a a al l l l l p p p p po o o o os s s s si i i i it t t t ti i i i io o o o on n n n n Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % June 30, 2026 47,760 37,206 77.9 March 31, 2026 49,289 37,891 76.9 Reference: Equity As of June 30, 2026: ¥ 3 7,206 million As of March 31, 2026: ¥ 3 7,891 million
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2 2 2 2 2. . . . . C C C C Ca a a a as s s s sh h h h h d d d d di i i i iv v v v vi i i i id d d d de e e e en n n n nd d d d ds s s s s Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 40.00 - 85.00 125.00March 31, 2026 Fiscal year ending -March 31, 2027 Fiscal year ending March 31, 2027 (Forecast) 60.00 - 65.00 125.00 Note: Revisions to the forecast of cash dividends most recently announced: No ne Note: Breakdown of the first quarter dividend for the fiscal year ending March 31, 2027 : Commemorative dividend - y en Special dividend - y en 3 3 3 3 3. . . . . C C C C Co o o o on n n n ns s s s so o o o ol l l l li i i i id d d d da a a a at t t t te e e e ed d d d d f f f f fi i i i in n n n na a a a an n n n nc c c c ci i i i ia a a a al l l l l r r r r re e e e es s s s su u u u ul l l l lt t t t t f f f f fo o o o or r r r re e e e ec c c c ca a a a as s s s st t t t ts s s s s f f f f fo o o o or r r r r t t t t th h h h he e e e e f f f f fi i i i is s s s sc c c c ca a a a al l l l l y y y y ye e e e ea a a a ar r r r r e e e e en n n n nd d d d di i i i in n n n ng g g g g M M M M Ma a a a ar r r r rc c c c ch h h h h 3 3 3 3 31 1 1 1 1, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 27 7 7 7 7 ( ( ( ( (f f f f fr r r r ro o o o om m m m m A A A A Ap p p p pr r r r ri i i i il l l l l 1 1 1 1 1, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 26 6 6 6 6 t t t t to o o o o M M M M Ma a a a ar r r r rc c c c ch h h h h 3 3 3 3 31 1 1 1 1, , , , , 2 2 2 2 20 0 0 0 02 2 2 2 27 7 7 7 7) ) ) ) ) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millio ns of yen % Millio ns of yen % Millio ns of yen % Yen Full year 54,000 3 .0 5 ,400 2 .1 5 ,450 (1 .5) 3 ,750 1 .1 2 51.69 Note: Revisions to the financial result forecast most recently announced: No ne * * * * * N N N N No o o o ot t t t te e e e es s s s s (1) Significant changes in the scope of consolidation during the period: None Newly included: - co mpanies( ) Excluded: - co mpanies( ) (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: No ne (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Ch anges in accounting policies due to revisions to accounting standards and other regulations: No ne (ii) Ch anges in accounting policies due to other reasons: No ne (iii) Ch anges in accounting estimates: No ne (iv) Restatemen t: No ne (4) Number of issued shares (common shares) (i) T otal number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 14,900,000 sh ares As of March 31, 2026 14,900,000 sh ares (ii) Nu mber of treasury shares at the end of the period As of June 30, 2026 623 sh ares As of March 31, 2026 623 sh ares (iii) Av erage number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 14,899,377 sh ares Three months ended June 30, 2025 14,899,377 sh ares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No ne * Proper use of earnings forecasts, and other special matters ※The consolidated financial results forecasts are based on information currently available to T he Company and on certain assumption deemed to b e reaso nable. As a resu lt o f v arious facter th at may arise in th e fu ture,actual resu lts may d effer fro m th e Co mpany's forecast.
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Quarterly Consolidated Financial Statements and Primary Notes Quarterly Consolidated Balance Sheet (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 19,650 16,767 Accounts receivable - trade, and contract assets 15,105 11,624 Electronically recorded monetary claims - operating 235 326 Merchandise 915 894 Work in process 1,292 1,828 Supplies 1 1 Other 752 1,153 Allowance for doubtful accounts (42) (42) Total current assets 37,911 32,554 Non-current assets Property, plant and equipment Buildings and structures, net 1,981 1,980 Tools, furniture and fixtures, net 407 386 Land 3,493 3,493 Other, net 105 114 Total property, plant and equipment 5,987 5,975 Intangible assets Software 20 23 Software in progress 398 418 Goodwill 32 29 Other 20 22 Total intangible assets 471 493 Investments and other assets Investment securities 2,000 6,000 Deferred tax assets 1,380 1,166 Other 1,551 1,583 Allowance for doubtful accounts (12) (12) Total investments and other assets 4,918 8,737 Total non-current assets 11,377 15,206 Total assets 49,289 47,760 1
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(Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Accounts payable - trade 3,688 3,282 Income taxes payable 674 144 Accrued consumption taxes 461 511 Provision for bonuses 1,203 590 Provision for loss on construction contracts 49 25 Provision for product warranties 12 10 Other 2,244 2,898 Total current liabilities 8,334 7,461 Non-current liabilities Provision for retirement benefits for directors (and other officers) 2 2 Retirement benefit liability 2,687 2,705 Other 374 384 Total non-current liabilities 3,063 3,092 Total liabilities 11,397 10,553 Net assets Shareholders' equity Share capital 5,500 5,500 Capital surplus 86 86 Retained earnings 32,258 31,570 Treasury shares (1) (1) Total shareholders' equity 37,843 37,155 Accumulated other comprehensive income Foreign currency translation adjustment 51 54 Remeasurements of defined benefit plans (3) (2) Total accumulated other comprehensive income 47 51 Total net assets 37,891 37,206 Total liabilities and net assets 49,289 47,760 2
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Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income For the Three-Month Period (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Net sales 11,446 11,951 Cost of sales 9,371 9,806 Gross profit 2,075 2,144 Selling, general and administrative expenses Remuneration for directors (and other officers) 57 58 Corporate officer' compensations 57 66 Salaries and bonuses 431 456 Retirement benefit expenses 15 15 Welfare expenses 82 90 Communication and transportation expenses 55 64 Outsourcing expenses 113 123 Rent expenses 110 71 Advertising expenses 25 109 Other 261 237 Total selling, general and administrative expenses 1,211 1,294 Operating profit 863 850 Non-operating income Interest income 13 20 Foreign exchange gains 12 2 Other 8 4 Total non-operating income 34 27 Non-operating expenses Loss on cancellation of membership - 8 Other 1 0 Total non-operating expenses 1 8 Ordinary profit 896 869 Extraordinary income Gain on sale of non-current assets - 3 Total extraordinary income - 3 Extraordinary losses Loss on retirement of non-current assets 6 0 Loss on sale of non-current assets - 3 Total extraordinary losses 6 3 Profit before income taxes 890 868 Income taxes - current 51 76 Income taxes - deferred 233 213 Total income taxes 285 290 Profit 605 577 Profit attributable to owners of parent 605 577 3
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Quarterly Consolidated Statement of Comprehensive Income For the Three-Month Period (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Profit 605 577 Other comprehensive income Foreign currency translation adjustment (6) 2 Remeasurements of defined benefit plans, net of tax 1 0 Total other comprehensive income (5) 3 Comprehensive income 599 581 Comprehensive income attributable to Comprehensive income attributable to owners of parent 599 581 4
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Quarterly Consolidated Statement of Cash Flows (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Cash flows from operating activities Profit before income taxes 890 868 Depreciation 118 113 Amortization of goodwill 3 3 Increase (decrease) in provision for bonuses (744) (613) Increase (decrease) in provision for loss on construction contracts 65 (24) Increase (decrease) in retirement benefit liability 9 19 Interest and dividend income (13) (20) Decrease (increase) in trade receivables 2,535 3,390 Decrease (increase) in inventories (659) (511) Increase (decrease) in trade payables (171) (405) Increase (decrease) in advances received 150 105 Increase (decrease) in accrued consumption taxes (23) 49 Decrease (increase) in prepaid expenses (658) (626) Increase (decrease) in accounts payable - other (28) (82) Increase (decrease) in accrued expenses 144 162 Increase (decrease) in income taxes payable - factor based tax (89) (73) Increase (decrease) in deposits received 490 495 Decrease (increase) in other assets (2) (11) Other, net 4 13 Subtotal 2,020 2,851 Interest and dividends received 15 34 Income taxes paid (1,049) (533) Net cash provided by (used in) operating activities 986 2,351 Cash flows from investing activities Purchase of property, plant and equipment (56) (56) Purchase of intangible assets (24) (31) Payments for asset retirement obligations (13) - Purchase of investment securities (1,000) (4,000) Payments of leasehold and guarantee deposits (4) (0) Purchase of long-term prepaid expenses (37) (27) Other, net (0) 5 Net cash provided by (used in) investing activities (1,135) (4,110) Cash flows from financing activities Dividends paid (660) (1,118) Other, net - (9) Net cash provided by (used in) financing activities (660) (1,127) Effect of exchange rate change on cash and cash equivalents (6) 2 Net increase (decrease) in cash and cash equivalents (816) (2,883) Cash and cash equivalents at beginning of period 19,666 19,550 Cash and cash equivalents at end of period 18,849 16,667 5