Financial · May 1, 2025

Consolidated Financial Results: Japan, Year Ended March 31, 2025

Summary

Nagase Brothers Inc. reported its consolidated financial results for the fiscal year ended March 31, 2025, reflecting a period of growth in top-line revenue alongside a contraction in bottom-line profitability. The company achieved net sales of 55,255 million yen, representing a 4.3% increase over the previous fiscal year. Operating profit also saw positive momentum, rising 7.2% to 4,864 million yen. However, profit attributable to owners of the parent declined by 24.8% to 1,956 million yen, and ordinary profit fell by 10.3% to 3,879 million yen, resulting in basic earnings per share of 74.33 yen. The company’s financial position strengthened during the period, with total assets reaching 90,107 million yen and net assets rising to 31,172 million yen. The equity-to-asset ratio improved to 34.6%, up from 32.6% in the prior year. Cash flow dynamics shifted significantly, with operating activities generating 8,183 million yen, while investing and financing activities saw outflows of 7,763 million yen and 8,314 million yen, respectively. The company maintained a consistent annual dividend of 100 yen per share, despite the decline in net income. Looking ahead to the fiscal year ending March 31, 2026, the company projects a robust recovery and expansion. Forecasts indicate a 17.2% increase in net sales to 64,764 million yen and a substantial 95.0% growth in profit attributable to owners of the parent, reaching 3,815 million yen. These projections are based on information available as of April 2025 and remain subject to change based on future market conditions. The reporting period covers the Japanese fiscal year, and the results were prepared in accordance with Japanese GAAP.

From the report

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. April 30, 2025 Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 (Under Japanese GAAP) Company name: Nagase Brothers Inc. Listing: Tokyo Stock Exchange Securities code: 9733 URL: https://www.toshin.com Representative: Akiyuki Nagase, President(CEO) Inquiries: Masao Utsumi, Managing Director, Division Head, General Affairs Division Telephone: +81‑0422‑45‑7011 Scheduled date of annual general meeting of shareholders: June 27, 2025 Scheduled date to commence dividend payments: June 30, 2025 Scheduled date to file annual securities report: June 26, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (Yen amounts are rounded down to millions, unless otherwise noted.) Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025) (1) Consolidated operating results (Percentages indicate year‑on‑year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % March 31, 2025 55,255 4.3 4,864 7.2 3,879 (10.3) 1,956 (24.8) March 31, 2024 52,986 1.2 4,538 (15.5) 4,323 (14.8) 2,602 (35.0) Note: Comprehensive income For the fiscal year ended March 31, 2025: ¥5,038 million [1.8%] For the fiscal year ended March 31, 2024: ¥4,951 million [(2.7%)]

lions of yen % March 31, 2025 55,255 4.3 4,864 7.2 3,879 (10.3) 1,956 (24.8) March 31, 2024 52,986 1.2 4,538 (15.5) 4,323 (14.8) 2,602 (35.0) Note: Comprehensive income For the fiscal year ended March 31, 2025: ¥5,038 million [1.8%] For the fiscal year ended March 31, 2024: ¥4,951 million [(2.7%)] Basic earnings Diluted earnings Return on equity Ratio of ordinary Ratio of operating per share per share profit to total assets profit to net sales Fiscal year ended Yen Yen % % % March 31, 2025 74.33 － 6.5 4.3 8.8 March 31, 2024 98.84 － 9.4 5.2 8.6 Reference: Share of profit (loss) of entities accounted for using equity method For the fiscal year ended March 31, 2025: (¥695 million) For the fiscal year ended March 31, 2024: (¥30 million) (2) Consolidated financial position Total assets Net assets Equity‑to‑asset ratio Net assets per share As of Millions of yen Millions of yen % Yen March 31, 2025 90,107 31,172 34.6 1,184.10 March 31, 2024 88,286 28,766 32.6 1,092.70 Reference: Equity As of March 31, 2025: ¥31,172 million As of March 31, 2024: ¥28,766 million

(3) Consolidated cash flows Cash flows from Cash flows from Cash flows from Cash and cash operating activities investing activities financing activities equivalents at end of period Fiscal year ended Millions of yen Millions of yen Millions of yen Millions of yen March 31, 2025 8,183 (7,763) (8,314) 15,932 March 31, 2024 4,067 (1,953) 4,750 23,827 2. Cash dividends Annual dividends per share Total cash Payout ratio Ratio of First Second Third Fiscal dividends (Consolidated) dividends to quarter‑end quarter‑end quarter‑end year‑end Total (Total) net assets (Consolidated) Yen Yen Yen Yen Yen Millions of yen % % Fiscal year ended ‑ 0.00 ‑ 100.00 100.00 2,632 101.2 9.5 March 31, 2024 Fiscal year ended ‑ 0.00 ‑ 100.00 100.00 2,632 134.5 8.8 March 31, 2025 Fiscal year ending March 31, 2026 ‑ 0.00 ‑ 100.00 100.00 69.0 (Forecast) 3.Forecast of consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year‑on‑year changes.) Net sales Operating profit Ordinary profit Profit attributable to Basic earnings owners of parent per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 64,764 17.2 6,526 34.1 6,373 64.3 3,815 95.0 144.91

* Notes (1) Significant changes in the scope of consolidation during the period: Yes Newly included: 1 company (ITOMAN SPORTS WELLNESS CO., LTD.) Excluded: 0 companies (2) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (3) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of March 31, 2025 30,445,227 shares As of March 31, 2024 30,445,227 shares (ii) Number of treasury shares at the end of the period As of March 31, 2025 4,119,141 shares As of March 31, 2024 4,119,141 shares (iii) Average number of shares outstanding during the period Fiscal year ended March 31, 2025 26,326,086 shares Fiscal year ended March 31, 2024 26,326,086 shares [Reference] Overview of non-consolidated financial results Non-consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025) (1) Non-consolidated operating results (Percentages indicate year‑on‑year changes.) Net sales Operating profit Ordinary profit Profit Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % March 31, 2025 28,364 0.9 1,149 1.3 3,683 22.6 2,608 2.1 March 31, 2024 28,109 (4.4) 1,134 (42.0) 3,005 (16.0) 2,553 (30.3) Basic earnings Diluted earnings per share per share Fiscal year ended Yen Yen March 31, 2025 99.07 ‑ March 31, 2024 96.99 ‑ (2) Non-consolidated financial position

of yen % March 31, 2025 28,364 0.9 1,149 1.3 3,683 22.6 2,608 2.1 March 31, 2024 28,109 (4.4) 1,134 (42.0) 3,005 (16.0) 2,553 (30.3) Basic earnings Diluted earnings per share per share Fiscal year ended Yen Yen March 31, 2025 99.07 ‑ March 31, 2024 96.99 ‑ (2) Non-consolidated financial position Total assets Net assets Equity‑to‑asset ratio Net assets per share As of Millions of yen Millions of yen % Yen March 31, 2025 74,994 26,929 35.9 1,022.94 March 31, 2024 74,417 23,864 32.1 906.51 Reference: Equity As of March 31, 2025 ¥26,929 million As of March 31, 2024: ¥23,864 million

2. Forecast of non-consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025) (Percentages indicate year‑on‑year changes.) Net sales Operating profit Profit attributable to Basic earnings owners of parent per share Millions of yen % Millions of yen % Millions of yen % yen Full year 31,379 10.6 4,811 30.6 3,900 49.5 148.14 * Financial results reports are exempt from audit conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters The earnings forecasts and other forward‑looking statements herein are based on certain information available to us as of the date of publication of this document and on certain assumptions deemed reasonable. As such, actual results may differ significantly from these forecasts due to a wide range of factors.

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Type: Financial

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