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Financial Results Summary for the 2nd Quarter of the Fiscal Year Ending March 31, 2026 Nippon Soda Co., Ltd. November 13, 2025 1
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１ Financial Results for the 2nd Quarter of the Fiscal Year Ending March 31, 2026 ・Overview ・Performance by Segment ・Performance Summary of Chemical Materials ・Performance Summary of Agri Business ・Balance Sheet ・Statement of Cash Flows ２ Forecast of Financial Results for the Fiscal Year Ending March 31, 2026（announced on May 14, 2025） ・Overview ・Performance Forecast by Segment ３ Reference Materials ・Various Indicators ・Business Details ・Overview of Business Group 3 4 5 6 7 8 9 10 11 12 13 Contents 2 1 ２ ３
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32 35 40 48 33 34 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q （Billions of yen） 2025/3 2Q 2026/3 2Q Change (amount) Change(%) 1st half of forecast Net Sales 67.08 67.07 (0.01) (0.0%) 66.00 Operating profit 7.08 7.05 (0.02) (0.3%) 6.50 Share of profit of entities accounted for using equity method 0.87 2.31 1.44 166.3% 1.05 Ordinary profit 8.36 9.74 1.38 16.5% 7.60 Profit attributable to owners of parent 6.35 6.79 0.45 7.0% 5.10 Earnings per share (JPY/share) 115.2 124.1 8.9 7.7% 92.6 Exchange rate (JPY/USD) 151.6 145.8 (5.8) (3.8%) 140.0 Exchange rate (JPY/EUR) 168.0 169.2 1.2 0.7% 155.0 Overview （Billion of yen） 【Quarterly Net sales】 【Quarterly Operating profit】 3 【Operating profit difference (Y-on-Y)】 0.2 2.3 0.5 (3.0) 7.1Rate difference 0.3 Rate difference (0.4) 7.1 ・Sales improved in Agri Business, as distribution inventory has generally returned to appropriate levels. ・Plant construction work decreased in Engineering, and sales decreased in Eco Solutions. ・Share of profit of entities accounted for using equity method increased. （Billion of yen） （Billion of yen） Price difference Volume difference Material purchase price difference Others‘25/3 2Q ‘26/3 2Q 3.1 4.0 4.1 4.9 3.2 3.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ‘25/3 ‘26/3 ‘25/3 ‘26/3
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Performance by Segment ・Chemical Materials： Sales grew in pharmaceutical excipient NISSO HPC, active pharmaceutical ingredient and non-phenol color developer for thermal paper. Sales decreased in industrial chemicals and Eco-business. ・Agri Business： Sales improved as distribution inventory has generally returned to appropriate levels. Sales increased for the export of fungicide TOPSIN-M, MIGIWA, PYTHILOCK and insecticide MOSPILAN. Sales decreased for the export of acaricide DANYOTE. ・Trading & Logistics： Sales increased in resin materials. ・Engineering：Plant construction work decreased. ・Eco Solutions： Sales decreased in non-ferrous metals due to an decrease in zinc prices. 4 Net sales Operating profit (Billions of yen) 2025/3 2Q 2026/3 2Q Change (Amount) Change (%) 2025/3 2Q 2026/3 2Q Change (Amount) Change (%) Chemical Materials 17.75 17.94 0.20 1.1% 3.44 3.16 (0.28) (8.1%) Agri Business 16.73 19.25 2.52 15.1% 1.04 1.78 0.74 71.2% Trading & Logistics 20.88 21.18 0.29 1.4% 1.29 1.29 0.00 0.2% Engineering 7.06 4.39 （2.67) (37.8%) 0.93 0.71 (0.23) (24.3%) Eco Solutions 4.65 4.31 (0.35) (7.4%) 0.26 0.13 (0.13) (51.1%) Adjustments - - - - 0.11 (0.02) (0.13) - Total 67.08 67.07 (0.01) (0.0%) 7.08 7.05 (0.02) (0.3%) *Due to changes in profit management classification, a portion of the operating profit previously included in Chemical Materials and Adjustments is now recorded in Eco Solutions. Operating profit for the second quarter of fiscal year ended March 2025 is presented as a reference value after reclassification. *
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2.2 1.2 1.4 1.3 2.2 1.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q '24/3 2Q 価格差 数量差 材料価格差 その他 '25/3 2Q Performance Summary of Chemical Materials ‘25/3 2Q ‘26/3 2Q 5 3.4 1.0 0.8 0.4 (2.4) 3.2 Rate difference (0.2) Rate difference 0.1 (Billions of yen) 2025/3 2Q 2026/3 2Q Change (Amount) Main factors of change Net sales 17.75 17.94 0.20 Industrial chemicals 5.10 4.74 (0.36) Sodium cyanide↓, Phosphorus chloride↓, Caustic soda↓ Fine chemicals 4.74 4.81 0.08 Color developer for thermal paper↑ Specialty chemicals 3.70 3.73 0.02 NISSO-PB↑, VP-POLYMER↓ Eco-business 2.89 2.52 （0.37) HIDION↑, BISTRATOR↓, NISSO HI-CHLON↓ Pharmaceuticals & industrial fungicides 6.39 8.11 1.72 NISSO HPC↑, Active pharmaceutical ingredient↑ Subsidiaries sales, elimination of transactions (5.08) (5.97) (0.89) Operating profit 3.44 3.16 (0.28) 【Quarterly net sales】 【Quarterly operating profit】 【Operating profit difference (Y-on-Y)】 （Billions of yen） （Billions of yen） （Billions of yen） Price difference Volume difference Material purchase price difference Others 9 8 10 9 10 8 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ‘25/3 ‘26/3 ‘25/3 ‘26/3 ・Industrial chemicals：Sales decreased in phosphorus chloride and caustic soda. Production ofsodium cyanide was terminated. ・Fine chemicals：Sales increased in non-phenol color developer for thermal paper. ・Specialty chemicals：Sales increased in resin additive NISSO-PB. Sales decreased in photoresist material VP-POLYMER. ・Eco-business：Sales increased in heavy metal fixative HIDION. Sales decreased inphotocatalyst BISTRATOR. Production of water treatment agent NISSO HI-CHLON was terminated. ・Pharmaceuticals & industrial fungicides：Sales grew in pharmaceutical excipient NISSO HPC and active pharmaceutical ingredient. ・”Others” of Operating profit difference：Inventory valuation gains decreased. R&D expenses increased for new businesses. Depreciation increased due to completion of expanded production facility for semiconductor material VP-POLYMER.
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1.6 1.5 2.6 2.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 6 10 14 22 7 12 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ‘25/3 ‘26/3 ‘25/3 ‘26/3 (0.2)(0.5) '24/3 2Q 価格差 数量差 材料価格差 その他 '25/3 2Q Performance Summary of Agri Business ‘25/3 2Q ‘26/3 2Q 6 1.0 (0.8) 2.1 0.1 (0.7) 1.8 Rate difference (0.3) (Billions of yen) 2025/3 2Q 2026/3 2Q Change (Amount) Main factors of change Net sales 16.73 19.25 2.52 Fungicides 8.59 10.56 1.98 TOPSIN-M↑, MIGIWA↑, PYTHILOCK↑ Insecticides/acaricides 6.30 7.71 1.41 MOSPILAN↑, DANYOTE↓ Herbicides 1.02 1.44 0.43 NABU↑, CONCLUDE↑ Others (0.07) (0.00) 0.07 Subsidiaries sales, elimination of transactions 0.90 (0.46) (1.36) Operating profit 1.04 1.78 0.74 Overseas sales ratio 66.0％ 73.0％ 7.0% 【Quarterly net sales】 【Quarterly operating profit】 （Billions of yen） （Billions of yen） 【Operating profit difference (Y-on-Y)】 （Billions of yen） Price difference Volume difference Material purchase price difference Others Rate Difference 0.2 ・Sales improved as distribution inventory has generally returned to appropriate levels. ・Fungicides：Sales increased for the export of TOPSIN-M, MIGIWA and PYTHILOCK. ・Insecticides/acaricides：Sales increased for the export of insecticide MOSPILAN. Sales decreased for the export of acaricide DANYOTE. ・Herbicides：Sales increasedin NABU and CONCLUDE.
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Balance Sheet 7 ・Due to seasonal sales patterns, trade accounts receivable decreased and inventories increased. ・Due to higher market valuation of stocks held, investment securities increased. (Billions of yen) 2025/3 2025/9 Change Main factors of change Current assets 129.64 118.18 (11.46) Inventories 4.39 Trade accounts receivable (16.98) Non-current assets 158.45 170.38 11.92 Investment securities 9.28 Property, plant and equipment 3.91 Total assets 288.10 288.56 0.46 Current liabilities 61.91 50.46 (11.45) Provision for bonuses (3.99) Trade accounts payable (3.53) Non-current liabilities 38.08 44.55 6.47 Long-term borrowings 4.13 Deferred tax liability 2.37 Total liabilities 99.99 95.01 (4.98) Shareholders’ equity 175.37 175.13 (0.23) Retained earnings 2.38 (Net profit 6.79, Dividend (4.41)) Treasury stock (2.62) Accumulated other comprehensive income 11.42 17.12 5.70 Valuation difference on available-for-sale securities 4.07 Foreign currency translation adjustment 1.82 Non-controlling interests 1.32 1.29 (0.02) Total net assets 188.10 193.55 5.44 Total liabilities and assets 288.10 288.56 0.46 Net assets per share (yen/share) 3,391.1 3,542.7 151.5 Equity ratio 64.8% 66.6％ 1.8%
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117 124 138 145 156 △153 △104 △138 △116 △49 △36 21 1 29 107 2019/3 2020/3 2021/3 2022/3 2023/3 営業CF 投資CF フリーCF Statement of Cash Flows 8 【財務状況の推移】 （億円） (Billions of yen) 2025/3 2Q 2026/3 2Q Change (Amount) Main factors of change Cash flows from operating activities 13.83 12.61 (1.21) Cash flows from investing activities (7.15) (6.98) 0.17 Cash flows from financing activities (4.91) (5.56) (0.64) Increased in borrowings 3.12 Purchased treasury stock (2.66) Increased in dividend payment (1.10) Effect of exchange rate change on cash and cash equivalents (0.39) 0.59 0.98 Net increase (decrease) in cash and cash equivalents 1.38 0.67 (0.71) Cash and cash equivalents at end of period 23.57 22.30 (1.26) Free cash flow 6.68 5.63 (1.04)
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'24/3 実績 価格差 数量差 材料価格差 その他 '25/3 予想 7.9 8.1 10.0 11.9 16.9 13.9 16.1 13.2 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 146 145 139 153 173 154 155 148 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Assumed exchange rates: 1 USD = 140 JPY, 1 EUR = 155 JPY Foreign exchange impact (on operating profit basis): (1.72) Engineering: Expect a decrease in plant construction work. 9 13.9 1.0 0.4 1.2 (3.9) 12.6 Operating profit Difference: (1.3) 【Net sales】 （Billions of yen） Forecast 【Operating profit】 （Billions of yen） 【Operating profit difference (Y-on-Y) 】 （Billions of yen） Forecast ‘24/3 Results Price difference Volume difference Material purchase price difference Others ‘25/3 Forecast (Billions of yen) 2025/3 Results 2026/3 Forecast Change (Amount) Change (%) Net Sales 155.20 148.00 (7.20) (4.6％) Operating profit 16.06 13.20 (2.86) (17.8％) Share of profit (loss) of entities accounted for using equity method 2.70 3.60 0.90 33.2％ Ordinary profit 19.53 16.80 (2.73) (14.0％) Profit attributable to owners of parent 15.01 13.30 (1.71) (11.4％) Net income per share (JPY) 272.6 241.5 (31.1) (11.4％) Exchange rate (JPY/USD) 151.9 140.0 (11.9) (7.8％) Exchange rate (JPY/EUR) 164.7 155.0 (9.7) (5.9％) Overview of Performance Forecast (announced on May 14, 2025)
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・Assumed exchange rates: 1 USD = 140 JPY , 1 EUR = 155 JPY Foreign exchange impact by segment (on operating profit basis): Chemical Materials (0.77), Agri Business (0.95) ・Chemical Materials: Pharmaceutical excipient NISSO HPC, photoresist material VP-POLYMER, and resin additive NISSO-PB are expected to perform steadily. Depreciation expenses will increase due to the completion of expansion facilities for photoresist material VP-POLYMER. Research and development expenses for new businesses will increase. ・Agri Business: Sales to Europe will increase, but competition with generic agrochemicals will intensify, particularly in South America. ・Engineering: Expect a decrease in plant construction work. 10 Net sales Operating profit (Billions of yen) 2025/3 Results 2026/3 Forecast Change (Amount) Change (%) 2025/3 Results 2026/3 Forecast Change (Amount) Change (%) Chemical Materials 36.44 37.50 1.06 2.9％ 6.07 4.90 (1.17) (19.3％) Agri Business 53.59 50.00 (3.59) (6.7％) 5.12 4.10 (1.02) (19.8％) Trading & Logistics 42.82 43.20 0.38 0.9％ 2.42 2.20 (0.22) (9.0％) Engineering 13.14 7.80 (5.34) (40.6％) 2.37 1.62 (0.75) (31.6％) Eco Solutions 9.21 9.50 0.29 3.1％ 0.10 0.18 0.08 81.5％ Adjustments - - - (0.01) 0.20 0.21 - Total 155.20 148.00 (7.2) (4.6%) 16.06 13.20 (2.86) (17.8%) Performance Forecast by Segment (announced on May 14, 2025)
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5.8 5.8 6.3 6.4 6.6 7.0 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 7.7 8.6 9.1 7.8 7.8 8.4 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 7.7 13.1 13.3 7.5 10.3 12.4 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Forecast ※ Dividends are calculated based on the share split implemented on October 1, 2024. 11 ※1 ※2 Reference Materials: Various Indicators 【Capital investments】 （Billions of yen） Forecast ※1 Expanded production facility of pharmaceutical excipient NISSO HPC ※2 Mass production facility of new fungicide MIGIWA ※3 Expanded production facility of KrF photoresist material VP-POLYMER ※4 Temperature-controlled automated warehouse for pharmaceuticals （logistics) 【Depreciation】 （Billions of yen) Forecast 【R&D expenses】 （Billions of yen) Forecast 【Financial Position】 50 39 32 26 29 39 40 32 49 50 129 135 142 142 141 146 156 169 188 187 0.39 0.29 0.23 0.18 0.21 0.27 0.26 0.19 0.26 0.27 '16/3 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 Interest-bearing debt Equity capital D/E ratio (Times) D/E ratio＝ Interest-bearing debt / Equity capital＊ ＊Equity capital ＝ Net assets – Non-controlling interests 43.4 49.4 108.2 49.3 52.1 95.7 20.9 28.4 31.2 35.7 43.1 39.6 40.1 40.2 51.4 58.0 30 30 40 40 55 90 120 120 140 140 '17/3 '18/3 '19/3 '20/3 '21/3 '22/3 '23/3 '24/3 '25/3 '26/3 Total return ratio(%) Dividend ratio(%) Dividend per share(Yen) 【Shareholder Returns】 ※3 （Interest-bearing debt / Equity capital : Billions of yen） ※ ※4 ・Implementing purchase treasury stock 5 billion yen (or maximum of 2,500,000 shares) fromMay 2025 to January 2026 4.53% of total number of shares issued (excluding treasury stock)
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12 ※ Segment classification is revised from FY2024/3. The above sales results are calculated based on the new segment classification. Integrated Trading with Transportation & Warehousing which were the conventual segments, and Others was renamed to Eco Solutions, some products were transferred to Chemical Materials. Reference Materials: Business Details Net sales Main Products, etc.（Billions of yen） 2023/3 Results 2024/3 Results 2025/3 Results Chemical Materials 48.79 36.06 36.44 Industrial chemicals 11.94 11.31 10.45 Caustic soda, Liquid chlorine, Hydrochloric acid, Sodium cyanide, Potassium cyanide, Phosphorus oxychloride and Phosphorus trichloride Fine chemicals 10.74 9.23 10.77 Metallic sodium, Specialty isocyanates, Alcoholate, Organic titanate, Color developers for thermal paper and Secondary battery materials Specialty chemicals 7.05 6.49 7.32 NISSO-PB, VP-POLYMER, 1,2-SBS and TITABOND Eco-business 5.14 5.58 5.64 NISSO HI-CHLON, NISSO MELSAN, TAKE-ONE, HIDION, Slime removing agents and BISTRATOR Pharmaceuticals & industrial fungicides 11.15 11.53 13.06 NISSO HPC, Faropenem-sodium antibiotic, NISSO SSF, BESTCIDE, BIOCUT, MILLCUT and NISSOCOAT Subsidiaries sales, elimination of transactions 2.77 (8.08) (10.81) Agri Business 58.76 53.04 53.59 Fungicides 24.14 23.94 24.44 TOPSIN-M, BEFRAN, BELLKUTE, PYTHILOCK, TRIFMINE, PANCHO, MIGIWA, AGRI-MYCIN, AGROCARE (biological pesticide), MASTERPIECE (biological pesticide), FANTASISTA, MONSIEUR BORDEAUX and LABILITE Insecticides/ acaricides 24.21 22.52 17.36 MOSPILAN, NISSORUN, DANYOTE, ROMDAN, GREENGUARD, KOTETSU and PHOENIX Herbicides 3.30 3.18 3.46 NABU, TOPMERIT, CONCLUDE and ALPHARD Others (0.25) (0.40) (0.30) Smoking agents Subsidiaries sales, elimination of transactions 7.35 3.80 8.63 Trading & Logistics 43.63 40.90 42.82 Trading : Chemicals, functional products, synthetic resins, industrial devices and construction-related products Logistics : Warehousing and transportation services Engineering 13.08 16.34 13.14 Plant construction, and civil engineering and construction Eco Solutions 8.56 8.09 9.21 Waste treatment and resource recycling Total 172.81 154.43 155.20
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13 Consolidated subsidiaries (12) Company name Business activities Segment Nippon Soda Co., Ltd. Manufacturing, processing and marketing of industrial chemicals, synthetic resin and other plastic materials, dyes, pharmaceuticals, agrochemicals, veterinary pharmaceuticals, and various other kinds of chemical industrial products Chemical Materials and Agri Business Nisso Shoji Co., Ltd. Domestic sales, export and import of chemicals, functional products, synthetic resins, industrial devices and equipment, construction-related products, etc. Trading & Logistics Sanwa Soko Co, Ltd. Warehousing, transportation, packaging, customs brokerage, insurance agency services and leasing Trading & Logistics Sanso Unyu Co., Ltd Freight trucking and transportation business, cargo transportation handling business Trading & Logistics Nisso Metallochemical Co., Ltd. Manufacturing and sales of non-ferrous metals and industrial chemicals, and environmental development business Eco Solutions Nisso Engineering Co., Ltd. Integrated planning, design, construction management, sales and consulting for industrial and other types of facilities and equipment, machinery, piping, civil engineering, construction, etc. Engineering Nisso Kensetsu Co., Ltd. Design and construction of civil engineering and architectural works, land development, soil and rock mining, manufacturing and sales of concrete products Engineering Shinfuji Kaseiyaku Co., Ltd Manufacturing and sales of smoking agents for agrochemicals, pharmaceuticals and veterinary pharmaceuticals, and manufacturing, processing, sales, repackaging into smaller containers and packaging of other agrochemicals, pharmaceuticals and general industrial chemicals Agri Business Nisso Fine Co., Ltd. Manufacturing, sales and trial production of development products of industrial chemicals, chemical products, functional dyes, pharmaceuticals, agrochemicals and their intermediates, synthetic resin molded products, dehumidifying agents and household general goods Chemical Materials and Agri Business Nisso Green Co., Ltd. Sales of agrochemicals, agricultural materials and other products Agri Business NISSO AMERICA INC. Export/import and wholesale of products. Information research services related to the manufacture, sales, and technical information of products Chemical Materials and Agri Business NISSO CHEMICAL EUROPE GmbH Export/import and wholesale of products. Information research services related to the manufacture, sales, and technical information of products Chemical Materials and Agri Business Nisso Namhae Agro Co., Ltd. Manufacturing of active ingredients for agrochemicals Agri Business Equity-method affiliates（2） Novus International, Inc. Manufacturing and sales of feed additives IHARABRAS S/A. INDÚSTRIAS QUÍMICAS Export/import and wholesale sales of insecticides, fungicides, herbicides and other agrochemical products, and manufacturing and formulation of agrochemicals Reference Materials: Overview of the Business Group (As of April 1, 2025)
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14 The forward-looking statements, including plans, outlook and strategies contained in this material are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company, and these statements do not purport to be a promise by the Company to achieve such results. Actual business and other results may differ from the statements herein due to a number of factors. This document is not intended to solicit investment. Please make any investment decisions according to your own judgment. The monetary units in this table are billions of yen, rounded to the second decimal place. [Inquiries] Corporate Communications Section, General Affairs Department, Nippon Soda Co., Ltd. Email: info@nissogr.com