Slides
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Daiseki Co.,Ltd.
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Contents 1 Note : This document has been translated from a part of 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.Forward-Looking Statements : This document contains forward-looking statements, business plan projections andjudgments based on information available to management at the time of writing. Due to the existence of a variety ofrisk factors and uncertainties, these statements and projections may differ from actual results. 1．Progress of VISION2030, etc. 22．Consolidated Financial Results for the First Half 5 3．Group Companies Financial Results for the First Half 183.1 Daiseki (Non-consolidated) 193.2 Daiseki Eco.Solution (Consolidated) 303.3 Daiseki MCR 363.4 System Kikou 394．Daiseki Group Corporate Profile 41
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1．Progress of VISION2030, etc. 2
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（１） Daiseki’s strengthsTransactions with 7,509 large-scale factories and other facilities (*1) nationwide (including 6,536 factories) (*1) factories and other facilities ： includes facilities functioning as factories, such as business offices, R&D centers, and worksReceive a variety of wastewater and have accumulated expertise in blending themAlready developed various sales channels for recycled productsMuch of the wastewater Daiseki handles is difficult to treat, leaving incineration as the main alternative ⇒ We are cost-competitiveWastewater from the semiconductor and electronics industry is one of our primary targets, and a significant increase in intake volume is expected due to growing domestic production in Japan.（Recycling is a growth industry）（Our wastewater intake volume from the semiconductor and electronics industry accounts for 18.7％ of the total）（２）Strategies leveraging Daiseki's strengths (M&A targets)Cross-selling of various products by leveraging our customer base across 7,509 factories and other facilities nationwide （Expanding into a factory problem-solving business）Cross-selling with Daiseki Eco. Solution and System Kikou and others has already yielded resultsExpanding Works（facilities）into regions with relatively low market share (Hokkaido and Tohoku)Seizing opportunities in the 'recycling premium' trend driven by decarbonization and economic security in Japan（３）Progress of VISION2030（Aiming for 25 billion yen in operating profit）Deepening of existing business is progressing smoothly, FY February 2031 operating profit forecast: approx. 21 billion yen（FY February 2027 forecast 16.8 billion yen, FY February 2029 forecast 19.0 billion yen）Evolving of new businesses are Economies of scale create high barriers to entry, enabling us to steadily expand our market share 1.1 Progress of VISION 2030 and Future Strategies 3 ⑤M＆A④MOF(＊3)③Mineral oil regeneration, etc. (＊2)②Sugimoto Trading Company①Waste plastic business Currently considering 3 M&A dealsFY Feb2031FY Feb2027billion yen FY Feb2031FY Feb2028billion yen FY Feb2031FY Feb2027billion yen beyondFY Feb2031billion yen 0.50.07Net sales0.80.3Net sales2.82.2Net sales2.11.7Net sales 0.20.03Operating profit0.20.02Operating profit0.40.3Operating profit1.10.4Operating profit (＊2) Mineral oil regenerationRegenerating mineral oils (such as quenching, hydraulic, and cutting oils) degraded through use by removing contaminants and degradation products(＊3) MOFMetal-organic frameworks (MOFs), also known as porous coordination polymers (PCPs), are porous materials formed by the interlocking of metal ions and organic ligands in a jungle-gym-like structure. Since MOFs allow for the flexible design of pore size and surface properties by varying the combination of metal ions and organic ligands, they can selectively adsorb and separate specific substances from a mixture of gases （METI's decision to grant 2.9 billion yen subsidy）
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（４）Obtaining 30％ domestic market share in the core business (Daiseki's wastewater treatment business)Domestic market share 28.3％ (as of August 31,2026) （Business relationships with 7,509 of the 26,523 factories and other facilities in Japan with 100 or more employees)*Conventional factory count method ： 25.6％ （6,536 / 25,550）, +171 factories since the end of August 2025（５）Toward ROE of 15％Acquired treasury shares a total of 800,000 shares for 2.94billion yen in the FY ended February 2026Year-end dividend for the FY ended February 2026 raised by 4 yen (payout ratio: 39.3％ vs. 37.2％ in the FY ended February 2025), further 10 yen increase expected for the FY ending February 2027The TOB of Daiseki Eco. Solution is expected to drive ROE to approximately 13％ for the FY ending February 2027ROE is estimated to reach the 14％ level if bank borrowings are utilized to fund the M&A deal currently under consideration（６）Human capital Health management Certificated as a Health and Productivity Management Organization in 2022,2023,2024,2025 and 2026Turnover rate non-consolidated 2.1％, consolidated 3.4％（７）Target （８）Shareholder engagement FY February 2031(VISION2030)FY February 2029PlanFY February 2027PlanFY February 2026ActualFY February 2018Actual 150.0 billion yen83.0 billion yen74.2 billion yen71.8 billion yen49.1 billion yenConsolidated net sales 25.0 billion yen19.0 billion yen16.8 billion yen14.5 billion yen8.7 billion yenConsolidated operating profit 15.0％13.0％13.1％11.0％9.9％ROE FY February 2025 2HFY February 2026 1HFY February 2026 2HFY February 2027 1H 705661591-on-1 meetings with Japanese institutional investors523943461-on-1 meetings with overseas institutional investors5(41)5(59)2(7)3(43)Small meetings (number of participating companies)2(6)02(8)7(11)Factory tours(number of participating companies)7.53％5.78％5.87％6.03％Cost of shareholders’ capital（Risk-free rate （30-year government bond yield））4
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2．Consolidated Financial Results for the First Half Ended August 31, 2026(March 1,2026 - August 31,2026) 5
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FY Feb 2027FY Feb 2027FYFeb 2026 1HResultsProgress RateFull YearForecastvs.ForecastYoY1HActual1HForecast1H Actual 50.5％74,2000.8％3.8％37,49237,17736,117Net sales 50.2％25,700［34.6％］1.0％8.3％12,914［34.4％］12,774［34.3％］11,924［33.0％］Gross profit［ratio to Net sales］ 49.6％16,800［22.6％］0.2％12.0％8,345［22.2％］8,322［22.3％］7,450［20.6％］Operating profit［ratio to Net sales］ 50.9％17,000［22.9％］2.4％13.4％8,657［23.0％］8,451［22.7％］7,629［21.1％］Ordinary profit［ratio to Net sales］ 51.8％11,200［15.0％］4.4％23.1％5,805［15.4％］5,558［14.9％］4,712［13.0％］Profit attributable toowners of parent ［ratio to Net sales］ 8088.88065.1WTI crude oil price（USD/barrel） 157159.7157146.1Exchange rate（USD/JPY) 1,9101,9071,9101,969LME lead price（USD/ton) 2.1 Consolidated Financial Results （Millions of yen） 6 Achieved record highs in both net sales and profits for the first half
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2.2 Summary 1．Consolidated results①Daiseki Eco. Solution and Daiseki MCR exceeded the forecasts, and including Daiseki, profits increased YoY, resulting in record highs for both net sales and profits. 2．Group companies results➀Although Daiseki’s operating profit fell short of the forecast due to an increase in SG&A expenses, net sales increased 5.4％ and operating profit increased 11.5％ YoY driven by an increase in wastewater from the semiconductor, electronics and other industries.②Daiseki Eco. Solution maintained a high consulting sales ratio with direct orders from clients at 52.7％, which improved profit margins, and both net sales and profits significantly exceeded the forecasts.③Daiseki MCR’s gross profit margin improved due to the impact of price revisions, and both net sales and profits exceeded the forecasts.④System Kikou fell significantly short of the forecasts in both net sales and profits as national oil reserve tank cleaning projects were pushed back due to the situation in the Middle East. (make up for the delay from 3Q onward) ３．Others①Published our Integrated Report 2026 at the end of July 2026.（English version at the end of September）The themes for this period are “Deepening and Evolution” and “Challenge First”.②Increased female directors by 1 in May 2026. (2 out of 7 members, or 28.5％)③METI decided to grant a ¥2.9 billion subsidy for Daiseki Eco. Solution’s new business, the Plastic Resource Recycling Project in Shizuoka City, in September 2026. 7
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2.3 Results by Company 8 FY Feb 2027FY Feb 2026 YoY％ to Consolidated1H Actual％ to Consolidated1H Actual 3.8％100.0％37,492100.0％36,117Consolidated Net sales 5.4％56.7％21,26855.8％20,178Daisekiby company 6.4％32.5％12,19431.7％11,458Daiseki Eco. Solution(consolidated) 9.9％1.5％5981.5％544Hokuriku Daiseki -3.1％6.1％2,3186.6％2,394Daiseki MCR -22.4％4.7％1,7986.4％2,318System Kikou --1.8％-686-2.1％-777Eliminations 12.0％100.0％8,345100.0％7,450Consolidated Operating profit 11.5％73.4％6,12673.7％5,493Daisekiby company 28.8％19.3％1,61416.8％1,253Daiseki Eco. Solution(consolidated) 7.0％0.8％670.8％63Hokuriku Daiseki 30.8％3.3％2752.8％210Daiseki MCR -46.4％3.0％2546.3％475System Kikou -0.0％6-0.6％-46Eliminations (Millions of yen)
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2.4 Consolidated Net Sales 13,750 17,874 16,703 17,912 18,275 14,619 17,892 16,088 18,205 19,21615,653 17,848 17,240 18,357 18,91814,549 15,601 17,271 17,371 18,105 2.9% 18.1% -2.7% 6.7% 3.2% -10% 0% 10% 20% 0 25,000 50,000 75,000 FY Feb2023 FY Feb2024 FY Feb2025 FY Feb2026 FY Feb20271Q2Q3Q4QYoY 1H 28,369 1H32,7911H 35,766 1H 37,4921H36,117 58,572 69,216 67,304 71,845 9 (Millions of yen) (full year forecast) 74,200（full year forecast）
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2.5 Consolidated Profits(1H) 9,666 11,59011,27311,92412,914 6,2457,7537,3277,4508,345 6,484 7,9167,7157,6298,657 4,3314,7814,8814,7125,805 -3.2% 19.9% -2.7% 5.7%8.3% -8.5% 24.1% -5.4% 1.6% 12.0% -6.0% 22.0% -2.5% -1.1% 13.4% 0.3%10.3%2.0%-3.4% 23.1% -15% 0% 15% 30% 45% 0 3,500 7,000 10,500 14,000 FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027YoY Gross Profit Operating Profit Ordinary ProfitProfit Attributable to Owners of Parent(Millions of yen) 10
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2.6 Quarterly Results 2,4412,2702,3492,092 2,7832,775 2,9412,7012,8712,934 1,500 2,500 3,500 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 3,9163,7133,9403,314 4,293 4,158 4,3594,1904,2674,390 3,000 4,000 5,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 3,8303,6193,8573,280 4,2044,1184,4424,0364,1514,194 3,000 4,000 5,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 17,91218,20518,35717,371 18,506 18,671 18,91818,10518,27519,216 15,000 17,500 20,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) 11 （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Profit Attributable to Owners of Parent
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2.7 Quarterly YoY Change -9.1 3.5 -2.4 3.7 13.9 22.2 25.1 29.0 17.6 29.2 -30 0 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual -7.2 6.2 2.3 1.4 9.6 11.9 10.6 26.4 8.9 18.2 -30 0 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual -1.9 5.7 1.5 2.7 9.7 13.7 15.1 23.0 8.3 15.8 -30 0 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual 7.2 13.1 6.4 0.5 3.3 2.5 3.0 4.2 2.0 5.5 -30 0 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual (％) (％) (％) (％) （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Profit Attributable to Owners of Parent 12
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0.0 2.8 2.5 5.2 -1.2 2.9 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast 2.8 Quarterly Achievement Rate -2.3 -9.1 -9.6 -9.0 3.1 5.7 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast -4.4 -2.2 -6.1 -10.4 -0.6 5.5 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast -6.5 -4.7 -5.9 -11.3 -1.2 1.8 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast (％) (％) (％) (％) 13 （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Profit Attributable to Owners of Parent
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2.9 Consolidated Balance Sheets 40,781 44,722 46,650 36,576 40,005 45,139 47,913 52,403 54,100 54,493 506 2,193 1,955 1,774 1,700 13,717 13,811 12,625 12,725 13,132 0 50,000 100,000 150,000 End Feb2023End Feb2024End Feb2025End Feb2026End Aug2026Investments and other assetsIntangible assetsProperty,plant and equipmentCurrent assets 13,431 14,296 13,993 15,987 16,208 2,287 4,909 5,791 5,785 5,319 84,426 89,434 93,850 83,403 87,803 0 50,000 100,000 150,000 End Feb2023End Feb2024End Feb2025End Feb2026End Aug2026 Net assetsNon-current liabilitiesCurrent liabilities 100,145113,635108,641105,176109,332 （1）Assets （2）Liabilities and Net Assets(Millions of yen) (Millions of yen) 14
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2.10 Consolidated Cash Flows 3,104 2,953 3,339 3,577 1,892 4,902 2,415 2,725 2,950 0 6,130 6,153 8,248 6,008 2,193 0 5,000 10,000 15,000 FY Feb2023FY Feb2024FY Feb2025FY Feb2026FY Feb2027 1HPurchase of property,plant and equipmentPurchase of treasury sharesDividends paid 14,137 FYFeb20271HFYFeb2026FYFeb2025FYFeb2024FYFeb2023 6,42510,98413,82513,7929,919Cash flows fromoperating activities -2,088-4,071-7,280-8,252-8,300Cash flows from investing activities -2,774-18,733-5,321-4,144-8,031Cash flows from financing activities 1,562-11,8201,2241,396-6,412Increase in cash and cash equivalents 19,86318,30130,12228,89827,502Cash and cash equivalents at end of period 4,087 14,313 11,521 15,236 （1）Cash Flows (Millions of yen)（2）Capex and Shareholder Returns (Millions of yen) ✓【Use for】 Accelerate growth through active capital investment Continuous expansion of shareholder returns （Cash flow basis） 15
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2.11 Shareholder Information 5,4745,9945,6885,6706,1206,415 4,0704,5444,2764,2114,4804,571 0 2,000 4,000 6,000 8,000 EndFeb2024EndAug2024EndFeb2025EndAug2025EndFeb2026EndAug2026 Number of shareholdersOwned more 1 trading unit 15.0 15.5 15.3 15.3 16.4 15.9 25.1 27.3 29.4 29.5 32.3 32.4 12.412.512.512.513.313.3 4036.135.3 33.433.534.0 2.9 2.5 1.6 1.3 2.8 2.8 4.35.85.77.21.41.4 0% 25% 50% 75% 100% EndFeb2024EndAug2024EndFeb2025EndAug2025EndFeb2026EndAug2026Treasury stockSecurities companiesForeign holdersOther Japnese compamiesFinancial institutionsIndividuals and other （1）Number of Shareholders （2）Shareholding Ratio by Type of Owners (People) 16
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30 30 33 36 43 30 36 39 40 43 34.4 34.1 37.2 39.3 36.3 20 30 40 50 0 30 60 90 FYFeb2023FYFeb2024FYFeb2025FYFeb2026FYFeb2027Interim DividendYear-end DividendPayout Ratio Dividend PolicyGradually raise the dividend payout ratio through gradual dividend increases, aiming for 40％.The TOB of Daiseki Eco. Solution is expected to drive ROE to approximately 13％ for the FY ending February 2027, targeting ROE of 15％ or higher by the FY ending February 2031. 2.12 Shareholder Returns （％）（Yen） （％） 76 60 66 72 Include commemorative dividend¥2 （1）Dividends and Dividend Payout Ratio Forecast （2）Purchase of Treasury Shares （3）ROE(Consolidated） 11.3 12.0 11.2 11.0 13.1 5 10 15 FYFeb2023FYFeb2024FYFeb2025FYFeb2026FYFeb2027 FY February 2024JPY1,199mn300,000sharesApril25-July12,2023JPY1,212mn300,000sharesOctober3,2023FY February 2025JPY1,823mn500,000sharesApril5,2024 JPY900mn300,000sharesApril23-May2,2024FY February 2026JPY2,947mn800,000sharesApril9-May23,2025 Forecast 86 17
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3．Group Companies Financial Results for the First Half Ended August 31, 2026(March 1,2026 - August 31,2026) 18
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3.1 ①Daiseki(Non-consolidated) FY Feb 2027FY Feb 2027FYFeb 2026 1HResults Progress RateFull Year Forecastvs. ForecastYoY1H Actual1H Forecast1H Actual 50.0％42,500-0.1％5.4％21,26821,29620,178Net sales 50.7％17,900［42.1％］0.4％9.1％9,087［42.7％］9,043［42.4％］8,326［41.2％］Gross profit［ratio to Net sales］ 49.4％12,400［29.1％］-2.4％11.5％6,126［28.8％］6,280［29.4％］5,493［27.2％］Operating profit［ratio to Net sales］ 51.5％12,700［29.8％］-0.1％4.2％6,552［30.8％］6,560［30.8％］6,285［31.1％］Ordinary profit［ratio to Net sales］ 52.9％8,700［20.4％］1.8％2.0％4,603［21.6％］4,520［21.2％］4,512［22.3％］Net income［ratio to Net sales］ （Millions of yen） Daiseki（Non-consolidated) Summary①Although operating profit fell short of the forecast by 2.4％ due to an increase in SG&A expenses of 128 million yen YoY, mainly in labor, commission, and R&D costs, both net sales and profits achieved record highs, driven by mainly increased wastewater intake volume (+2.7％ YoY in 2Q, +1.1％ YoY in 1H), from the semiconductor and electronics industry.②Due to an increase in wastewater volume from the semiconductor and electronics industry, supplemental fuel shipment volume increased by 3％YoY, and the gross profit margin also improved.③Wastewater volume is expected to increase from the second half onward, driven by production expansion among semiconductor and electronics related companies. Achieved record highs in both net sales and profits for the first half 19
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②Net Sales 8,833 9,235 9,877 10,139 10,591 8,548 9,140 9,461 10,039 10,676 8,520 9,610 9,942 10,349 10,8468,109 9,168 9,201 9,873 10,358 3.4% 9.2% 3.5% 4.9% 5.1% 0% 5% 10% 15% 0 15,000 30,000 45,000 FY Feb2023 FY Feb2024 FY Feb2025 FY Feb2026 FY Feb20271Q2Q3Q4QYoY 1H 17,382 1H19,3381H 18,376 1H 21,2681H20,178 40,402 34,013 37,155 38,483 20 (Millions of yen) 42,500（full year forecast） (full year forecast)
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③Profits(1H) 7,3467,5908,1298,3269,087 5,2225,3365,6215,4936,1265,4965,4666,0506,2856,552 3,8303,8074,2134,5124,6036.2% 3.3% 7.1% 2.4% 9.1%7.0% 2.1% 5.3% -2.2% 11.5%10.4% -0.5% 10.6% 3.8% 4.2% 11.0% -0.6% 10.6% 7.0% 2.0% -10% 0% 10% 20% 30% 0 2,500 5,000 7,500 10,000 FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027FY Feb 2023FY Feb 2024FY Feb 2025FY Feb 2026FY Feb 2027YoY 21 Gross Profit Operating ProfitOrdinary ProfitNet Income(Millions of yen)
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④Quarterly Results 2,754 1,757 2,267 1,9062,370 2,150 2,1602,0202,5442,059 1,000 2,000 3,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 3,662 2,622 3,296 2,8453,440 3,120 3,2202,9203,5423,009 2,000 3,000 4,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 2,9222,5703,1502,8133,170 3,1103,2102,9103,1812,944 2,000 3,000 4,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 10,13910,03910,3499,873 10,68610,61010,84610,35810,59110,676 9,000 10,000 11,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Net Income 22 (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen)
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⑤Quarterly YoY Change 16.3 -4.8 8.6 15.8 -13.9 22.3 -4.7 5.9 -7.6 17.1 -15 0 15 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual 8.5 -1.9 10.1 22.0 -6.0 18.9 -2.3 2.6 -3.2 14.7 -15 0 15 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual -2.8 -1.6 9.5 24.4 8.4 20.9 1.8 3.4 8.8 14.5 -15 0 15 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual 2.6 6.1 4.0 7.3 5.3 5.6 4.7 4.9 4.4 6.3 -15 0 15 30 1Q 2Q 3Q 4QFY Feb2026Actual vs. FY Feb2025ActualFY Feb2027Forecast vs. FY Feb2026ActualFY Feb2027Actual vs. FY Feb2026Actual 23 (％) (％) (％) (％) （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Net Income
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⑥Quarterly Achievement Rate -1.0 -12.5 3.0 1.6 2.9 -3.5 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast -1.6 -12.1 3.0 0.3 7.3 -4.2 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast -2.5 -14.3 1.6 0.4 0.3 -5.3 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast -0.5 -2.5 -0.4 -2.2 -0.8 0.6 -20 0 20 1Q 2Q 3Q 4QFY Feb2026 Actual vs. ForecastFY Feb2027 Actual vs. Forecast 24 (％) (％) (％) (％) （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Net Income
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⑦Ratio to Net Sales（1H） （％） 42.241.342.0 41.2 42.7 30.0 29.0 29.0 27.2 28.8 31.6 29.7 31.2 31.1 30.8 22.0 20.7 21.7 22.3 21.6 18.3 18.1 16.8 17.0 16.6 12.2 12.2 12.9 14.0 13.9 10 20 30 40 50 FYFeb2023FYFeb2024FYFeb2025FYFeb2026FYFeb2027Gross profitOperating profitOrdinary profitNet incomeOutsourcing costSG&A expenses FYFeb2027 FYFeb2026 FYFeb2025 FYFeb2024 FYFeb2023 765 (3.6%)723 (3.5%)699 (3.6%)641 (3.4%)575 (3.3%)Material cost 3,539 (16.6%)3,434 (17.0%)3,259 (16.8%)3,327 (18.1%)3,182 (18.3%)Outsourcing cost 2.5% 5.6% 2.5% 5.8% 2.7% 6.2% 2.3% 5.6% 2.4% 6.3%2.2% 5.8% 2.3% 6.2% 1.9% 7.5% 3.1% 5.6%2.3% 7.1% Incineration LandfillWork etc.Recycling etc. 2,670 (12.5%)2,622 (12.9%)2,405 (12.4%)2,271 (12.3%)2,197 (12.6%)Labor Cost 5,367 (25.2%)5,130 (25.4%)4,842 (25.0%)4,515 (24.5%)4,055 (23.3%)Operational expense 1,005 (4.7%) 2,241 (10.5%) 979 (4.8%) 2,132 (10.5%) 901 (4.6%) 2,050 (10.6%) 681 (3.7%) 2,029 (11.0%) 504 (2.9%) 1,908 (10.9%) DepreciationTransportation cost FYFeb2027 FYFeb2026 FYFeb2025 FYFeb2024 FYFeb2023 1,431 (6.7%)1,376 (6.8%)1,265 (6.5%)1,145 (6.2%)1,088 (6.2%)Labor cost 73 (0.3%) 54 (0.2%) 38 (0.1%) 37 (0.2%) 34 (0.1%) Depreciation 491 (2.3%)466 (2.3%)401 (2.0%)336 (1.8%)335 (1.9%)Transportation cost 175 (0.8%)196 (0.9%)160 (0.8%)151 (0.8%)152 (0.8%)Taxes and public dues Ratio to Net Sales Breakdown of Manufacturing Cost (Ratio to Net sales)(Millions of yen) Breakdown of SG&A Expenses (Ratio to Net sales)(Millions of yen) 25
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3,3663,328 3,1823,118 3,270 3,073 3,257 3,387 3,297 3,388 2,880 2,933 3,4343,360 3,3433,310 3,459 3,2683,383 3,647 3,318 3,598 3,090 3,184 3,629 3,5853,4723,5723,580 3,458 3,6133,645 3,588 3,674 3,303 3,381 3,6083,620 3,362 3,6453,694 3,336 2,800 3,000 3,200 3,400 3,600 3,800 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan FebFY Feb2025FY Feb2026FY Feb2027ForecastFY Feb2027 44.7 41.9 41.9 41.2 41.5 40.7 41.0 42.5 42.0 41.6 39.6 36.3 42.5 41.5 41.1 40.8 41.7 39.5 43.4 44.1 42.4 44.2 41.2 40.9 45.7 43.6 41.4 42.0 42.8 40.2 36 38 40 42 44 46 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan FebFY Feb2025FY Feb2026FY Feb2027 (％) ⑧Monthly Trends （1）Net Sales （2）Gross Profit Margin(Millions of yen) *Sales decreased in January and February due to seasonal factors 26
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(Millions of yen) 19,338 19,144 20,178 20,223 21,268 2,185 2,254 2,378 2,377 2,374 0 5,000 10,000 15,000 20,000 25,000 1H 2H 1H 2H 1H 2HNet salesOf which, sales of recycled fuels ⑨Sales of Recycled Fuels 11.5 11.7 11.1 910111213 FYFeb2025 FYFeb2026 FYFeb2027Ratio of recycled fuel sales to net sales 6.6 6.5 6.0 4.8 5.1 5.134567 FYFeb2025 FYFeb2026 FYFeb2027Ratio of recycled heavy oil sales to net salesRatio of supplemental fuel sales to net sales （2）Ratio of Recycled Fuel Sales to Net Sales （3）Ratio of Recycled Heavy Oil and Supplemental Fuel Sales to Net Sales (％) (％) （1）Sales of Recycled Fuels Supplemental fuel ： Manufacture coal substitute fuels by using waste animal oils, vegetable oils, solvent oils, and paste-like combustibles as raw materials that are difficult to recycle into recycled heavy oil FY Feb 2026FY Feb 2025 FY Feb 2027 Recycled heavy oil ： Manufacture recycled heavy oil by removing moisture and contaminants from waste mineral oils and from cracked oil separated and recovered through our oily wastewater treatment 1H 1H Full Year Full YearFull Year Full Year 27
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2,7152,6532,6982,5252,7372,6782,7632,5502,7142,7582,8202,703 1,1561,0981,1731,0641,1581,2871,4091,2091,4301,4531,3301,2251,4341,3711,4251,2851,4521,4631,6241,5241,6431,6241,6781,6171,9051,8351,8521,9062,0291,9671,8911,9041,9041,9882,0752,052 2,0431,8772,0481,8292,0802,0011,9911,9872,1462,0692,1652,024436405504396441412438470500522507482184219238192239227229226250258271255 0 2,500 5,000 7,500 10,000 12,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QNagoyaHokurikuKansaiKyushuKantoChibaHiroshima ⑩Sales by Works （％） 27.5 26.5 25.7 11.6 12.5 13.5 14.3 15.0 15.3 19.4 19.2 18.3 20.2 19.9 19.8 4.5 4.3 4.8 2.1 2.2 2.3 0255075100 FY Feb2025FY Feb2026FY Feb2027 10,594 10,729 5,473 4,493 5,065 2,883 5,517 6,065 3,268 7,500 7,791 3,893 7,798 8,062 4,216 1,743 1,764 1,023 835 923 509 0 15,000 30,000 45,000 FY Feb2025FY Feb2026FY Feb2027 40,40238,483 21,268 9,877 9,87310,34910,0399,4619,9429,20110,139 10,59110,67610,846 10,358 28 （１）Quarterly （2）Total （3）Composition Ratio (Millions of yen） (Millions of yen） FY Feb 2025 FY Feb 2027FY Feb 2026 Forecast Forecast 1HFull Year Full Year 1HFull Year Full Year
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5075100125150175M-08S-08M-09S-09M-10S-10M-11S-11M-12S-12M-13S-13M-14S-14M-15S-15M-16S-16M-17S-17M-18S-18M-19S-19M-20S-20M-21S-21M-22S-22M-23S-23M-24S-24M-25S-25M-26鉱工業生産指数月次売上高 ⑪【Track Record】Expand business by increasing market share （土壌売上高を除く） （Ref : Sales Share by Major Industry） 29 vs. FY Feb 2026 1HFY Feb 2027 1H＋0.5pp18.7％Semiconductor and electronics ＋0.7pp18.5％Chemicals and pharmaceuticals－3.0pp13.4％Automotive 5,703 5,857 5,879 2,371 2,412 2,487 6,701 6,921 3,215 3,290 773 8570 4,000 8,000 FY Feb2025 FY Feb2026 FY Feb20271HOf which, sales over 1 million yen(1H)FullYearOf which, sales over 1 million yen(full year)New(full year) （1）Market Share 28.3％(as of August 31,2026)7,509number of factories and other facilitieswith transactions26,523number of factories and other facilities in Japan with 100 or more employees *Conventional factory count method ：25.6％（6,536/25,550) The number of transactions with factories increasedby 171 compared with the end of August 2025(the next update is scheduled for the end of February 2027) （2）Indices of Industrial Production vs. Sales【2008.3=100】 Financial crisis Declared the first state of emergency on April 7th,2020 -Indices of industrial production-Monthly sales（except for soil contamination treatment sales） （3）Number of Active Customer Accounts
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3.2 ①Daiseki Eco. Solution(Consolidated) Daiseki Eco. Solution Summary ①Both net sales and profits exceeded the forecasts and progressed smoothly primarily due to large-scale factory projects in the Kanto region continuing from the previous period and newly received orders for large-scale factory projects in the Chubu region this period.②Consulting sales ratio ： 1H 52.7％（1Q 54.4％, 2Q 51.2％）③METI decided to grant a ¥2.9 billion subsidy for a new business, the Plastic Resource Recycling Project in Shizuoka City. （Disclosed on September 15, 2026） FY Feb 2027FY Feb 2027FYFeb 2026 1HResults Progress RateFull Year Forecastvs. ForecastYoY1H Actual1H Forecast1H Actual 54.5％22,35410.7％6.4％12,19411,01311,458Net sales 52.0％5,472［24.4％］7.4％15.1％2,845［23.3％］2,648［24.0％］2,471［21.5％］Gross profit［ratio to Net sales］ 53.8％3,000［13.4％］15.2％28.8％1,614［13.2％］1,400［12.7％］1,253［10.9％］Operating profit［ratio to Net sales］ 58.6％2,980［13.3％］25.4％34.1％1,747［14.3％］1,392［12.6％］1,302［11.3％］Ordinary profit［ratio to Net sales］ 61.6％1,796［8.0％］33.8％40.1％1,107［9.0％］827［7.5％］790［6.8％］Profit attributable toowners of parent ［ratio to Net sales］ （Millions of yen） 30
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②Quarterly Results 427 362 348 32325 501 493 475436671 0 600 1,200 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 699 602 600 199588 803 809 7776981,048 0 600 1,200 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 690 562 590 204598 801 818 780702 911 0 600 1,200 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 5,891 5,5665,5325,1545,259 5,7545,7045,6355,7296,464 4,000 6,000 8,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 31 (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Profit Attributable to Owners of Parent
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2,6982,4721,4986867305341,4131,3011,0898511,1421,2231,3971,6791,1451,162 1,9221,8721,9841,6971,6391,3091,4351,8111,4522,1261,7691,3871,9402,2121,3961,329 982817654 649746820 8831,0981,476835678799785885 831807 211577 443 24326190 96148391368415317242249 745744 433367 431 422442436 435402428434468426440444547553 208181 194 182181177 195185198174196186193185204197 488 513 503514550 531543559508537505531562587594 181214 222 187228240 276276293264320309201244248248 0 2,500 5,000 7,500 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QNagoyaTokyoWestern JapanGifuGreen Arrows CentralGreen Arrows KyushuSugomoto Trading CompanyOther ③Sales by Division 6,6416,991 5,942 4,7474,1604,574 5,2685,7685,8915,5665,5325,154 5,6356,4645,7045,729 32 FY Feb 2024 FY Feb 2025 FY Feb 2026 FY Feb 2027 (Millions of yen） Forecast Forecast Soil business Resource recycling business＊Reflects the results of Sugimoto Trading Company since 2Q of FY February 2024
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④Daiseki Collaboration Sales and Consulting Sales 2221543801521841414924253154242583623315283.5%2.4%6.4%3.1%3.8%3.4% 9.3%7.3%5.3%7.5%4.7%7.1%5.8%8.2% 0% 5% 10% 15% 0 200 400 600 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QSales from collaboration with DaisekiConsolidated net sales ratio 2,3091,9911,8561,2671,6901,4911,2271,8121,9382,1112,2812,0712,3762,574 39.7%34.7%40.5%38.7%50.0%54.1%32.1%41.6%43.9%50.5%56.9%55.5%54.4%51.2% 0% 20% 40% 60% 0 1,000 2,000 3,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QConsulting salesSoil business sales ratio33 （1）Daiseki Collaboration Sales and Sales Ratio （2）Consulting Sales and Sales Ratio (Millions of yen） (Millions of yen） FY Feb 2024 FY Feb 2025 FY Feb 2026 FY Feb 2027 FY Feb 2024 FY Feb 2025 FY Feb 2026 FY Feb 2027 Consulting sales: Sales from soil treatment, surveys, and construction work contracted from manufacturers, landowners, and others
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104116 533742 3671635651626173 617979816356 1642 69667069646583 5744 6058 42 21 252930352721 49417177724850 69736645817267879384 5539 4350 53 4555 80 435653 475428 7559 27381310193936482822280 40 80 120 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QNagoya RCYatomi RCYokohama Namamugi RCYokohama Ebisu RCOsaka RCGifu RC 300314243178184154192213225217226198226245 6376845460203154636673525469 0100200300400 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QSoil treatmentOf which,Purification treatment ⑤Soil Treatment Volume and Operating Rate （％) 34 （1）Soil Treatment Volume （2）Operating Rate by Recycling Center （Thousands of tons）FY Feb 2024 FY Feb 2025 FY Feb 2026 FY Feb 2027 FY Feb 2024 FY Feb 2025 FY Feb 2026 FY Feb 2027 *The soil treatment volume includes industrial waste treatment
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167143159154158139145146163160174165167179 119104111105104102113104115101113105110106 0 50 100 150 200 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Green Arrows CentralGreen Arrows Kyushu ⑥Waste Plasterboard Processing Volume 35 （hundred tons)FY Feb 2024 FY Feb 2025 FY Feb 2026 FY Feb 2027
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FY Feb 2027FY Feb 2027FYFeb 2026 1HResults Progress RateFull Year Forecastvs. ForecastYoY1H Actual1H Forecast1H Actual 50.7％4,5673.6％-3.1％2,3182,2382,394Net sales 52.5％763［16.7％］47.9％24.2％401［17.2％］271［12.1％］322［13.4％］Gross profit［ratio to Net sales］ 53.9％511［11.1％］88.6％30.8％275［11.8％］146［6.5％］210［8.7％］Operating profit［ratio to Net sales］ 54.3％515［11.2％］89.0％30.4％279［12.0％］148 ［6.6％］214［8.9％］Ordinary profit［ratio to Net sales］ 50.6％315［6.8％］115.4％18.0％159［6.8％］74［3.3％］135［5.6％］Net income［ratio to Net sales］ 3.3 ①Daiseki MCR Daiseki MCR Summary①Due to the yen trading slightly weaker than planned and the impact of price revisions implemented this fiscal year, both net sales andprofits exceeded the forecasts.②If lead prices remain firm from 3Q onward, performance is expected to continue trending above the forecasts. （Millions of yen） 36
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164 46 155 182 161 -15 188 177166 108 -200 0 200 400 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual ②Quarterly Results 103 31 105 120 106 -32 147 94113 45 -2000200400 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 165 48 157 183 162 -14 189 178172 106 -2000200400 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 1,1691,2241,1961,1391,1001,1381,1941,1351,046 1,272 900 1,100 1,300 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual regular repairs in August(3weeks) 37 （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Net Income (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen)
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100125150175 1,5002,0002,5003,000 1,965 2,368 2,151 1,976 1,849 2,249 2,125 2,125 2,047 1,966 1,907108.3 111.3 110.4 109.0 105.9 111.5 134.1 143.2 152.5 149.9 159.7 9,050 9,844 9,980 12,719 12,945 13,329 13,008 14,251 11,801 14,189 13,859 8,946 10,190 10,174 12,635 13,705 12,441 12,772 12,503 13,307 13,292 13,268 8,000 12,000 16,000 FY Feb2017FY Feb2018FY Feb2019FYFeb2020FY Feb2021FYFeb2022FY Feb2023FYFeb2024FYFeb2025FYFeb2026FYFeb2027Production volumeSales volume (USD/ton) (USD/JPY) (ton) 38 ③LME Lead Price and Exchange Rate/Daiseki MCR Production and Sales Volume（1）LME Lead Price and Exchange Rate （USD/JPY) Feb2017 Feb2018 Feb2019 Feb2020 Feb2021 Feb2022 Feb2023 Feb2024 Feb2025 Feb2026 Feb2027_1H LME Lead Price(USD/ton)Exchange Rate(USD/JPY) (*)Assumptions FY Feb 2027plan LME lead price：1,910USD/ton, Exchange rate：1USD/157JPYLME lead price (left axis)Exchange rate (right axis) （2）Daiseki MCR Production and Sales Volume ForecastFYFeb2027_1H Act6,506t6,802t FY
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3.4 ①System Kikou System Kikou Summary①Both net sales and profits fell significantly short of the forecasts continuing from 1Q as national oil reserve tank cleaning projects were pushed back due to the situation in the Middle East.②Completions of delayed projects are concentrated in 3Q, so we expect to make up for most of the shortfall during 3Q, and even post a slight surplus against the full-year forecasts in 4Q. FY Feb 2027FY Feb 2027FYFeb 2026 1HResults Progress RateFull Year Forecastvs. ForecastYoY1H Actual1H Forecast1H Actual 36.4％4,935-34.5％-22.4％1,7982,7482,318Net sales 36.0％1,221［24.7％］-35.3％-35.5％439［24.4％］680［24.7％］682［29.4％］Gross profit［ratio to Net sales］ 30.6％830［16.8％］-47.1％-46.4％254［14.1％］482［17.5％］475［20.5％］Operating profit［ratio to Net sales］ 31.1％830［16.8％］-46.3％-45.8％258［14.3％］482［17.5％］477［20.5％］Ordinary profit［ratio to Net sales］ 34.7％542［10.9％］-40.1％-39.5％188［10.4％］315［11.4％］311［13.4％］Net income［ratio to Net sales］ （Millions of yen） 39
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②Quarterly Results 14 296 161 82 182 133 133 9459 129 0 250 500 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 38 438 247 128 279 203 204 14475 1820 250 500 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 38 437 244 118 279 203 204 14474 1800 250 500 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 773 1,5441,3021,1601,525 1,2231,2219669078915001,0001,5002,000 1Q 2Q 3Q 4QFY Feb2026 ActualFY Feb2027 ForecastFY Feb2027 Actual 40 （2）Operating Profit（1）Net Sales （3）Ordinary Profit （4）Net Income (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen)
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4．Daiseki Group Corporate Profile 41
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System Kikou Co.,Ltd.Head Office Minato-ku TokyoMain Business Cleaning and treatment of tanks Green Arrows Kyushu Co.,Ltd.Head Office Kasuya-Gun FukuokaMain Business Recycling of waste plasterboardin the Kyushu areaHolding ratio of Daiseki Eco.Solution 58.0％ 4.1 Daiseki Group Corporate Profile (As of August 31,2026) Daiseki Co.,Ltd.Listed Market Prime(TSE),Premier(NSE)Code 9793Head Office Minato-ku Nagoya-CityMain Business Intermediate treatment ofindustrial wasteHokuriku Daiseki Co.,Ltd.Head Office Kanazawa-City IshikawaMain Business Manufacturing of lubricating oil and sales of petroleum products Daiseki Eco. Solution Co.,Ltd.Head Office Mizuho-ku Nagoya-CityMain Business Soil-related consulting, surveys,analyses and processing Daiseki MCR Co.,Ltd.Head Office Utsunomiya-City TochigiMain Business Refinement of lead, recycling of used batteries Green Arrows Central Co.,Ltd.Head Office Tokai-City AichiMain Business Recycling of waste plasterboardin the Chubu areaHolding ratio of Daiseki Eco.Solution 54.0％ Sugimoto Trading Company Co.,Ltd. Head Office Hikone-City Shiga Main Business General waste collection and transportation, recycling of waste plastics,collection and recycling of waste paperDaiseki’s scope of consolidation Daiseki Eco.Solution’s scope of consolidation42
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4.2 Network①Daiseki (As of August 31,2026) 43 Kyushu Works・2FactoriesChiba Works・1Fatory Kanto Works・3Factories Daiseki Head OfficeNagoya Works・4FactoriesMiyazaki Branch Office Shizuoka Branch Office Tokyo Sales Department Tohoku Branch OfficeKansai Works・4Factories Hokuriku Works・1Factofry Hiroshima Works・1Factory
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Tomakomai Office Kansai Branch Office･Osaka Recycling Center・Osaka Office Tokyo Head Office Green Arrows CentralGreen Arrows KyushuKyushu Office Yatomi Recycling Center・Nagoya Transshipment Center Daiseki MCR Head Office Chiba OfficeSystem Kikou Head Office Yokohama Namamugi Recycling Center・Yokohama Ebisu Recycling Center Daiseki Eco.Solution Head Office･Nagoya Recycling Center・Bioenergy CenterChubu OfficeYokkaichi Equipment Center Kansai Office Tohoku Office ②Daiseki Group (As of August 31,2026) Sugimoto Trading Company Daiseki Eco.Solution Co.,Ltd.Hokuriku Daiseki Co.,Ltd.Daiseki MCR Co.,Ltd.System Kikou Co.,Ltd.Green Arrows Central Co.,Ltd.Green Arrows Kyushu Co.,Ltd.Sugimoto Trading Company Co.,Ltd. Gifu Recycling Center Green Arrows Central Shizuoka Factory Hokuriku Daiseki 44