Osaki Electric Co., Ltd. · TSE:6644

Osaki Electric — H1 FY2026 Earnings Presentation

44 slides from Osaki Electric's earnings presentation, Nov 5, 2026

1. Slide 1: FY2026 H1 Financial Results Presentation Materials

   FY2026 H1 Financial Results Presentation Materials November 5, 2026 OSAKI ELECTRIC CO., LTD. TSE Prime Market Code: 6644 Copyright (C) 2026 OSAKI ELECTRIC CO., LTD. All Rights Reserved 1

2. Slide 2: Company Profile

   Company Profile Listed on the TSE Prime Market / Securities Code: 6644 ⚫ Produce and sell “electricity meters” (smart meters) in Japan and overseas that measure electricity consumption. Electric utilities in each country are our main customers ⚫ Hold one of the leading market shares in Japan’s smart

3. Slide 3: Agenda

   Agenda 1 FY2026 H1 Financial Summary P.4 2 FY2026 Financial Forecast [vs. Initial Forecast] P.15 3 FY2026 Financial Forecast [vs. Previous Fiscal Year] P.24 4 Shareholder Returns P.33 （Appendix is provided at the end of this presentation） Copyright (C) 2026 OSAKI ELECTRIC CO., LTD. All Rights Reserv

4. Slide 4: FY2026 H1 Financial Summary

   1 FY2026 H1 Financial Summary The following descriptions are used throughout this report Cumulative Q2 ＝ H1 Cumulative Q4 ＝ FY FY2026 Financial Forecast = Initial Forecast （Announced on May 12） = Revised Forecast FY2026 Revised Financial Forecast （Announced on November 5） Note: Segment and sub-segme

5. Slide 5: FY2026 H1 Financial Highlights

   Increased 1. FY2026 H1 Financial Highlights YoY Sales and Profit （Billion Yen） FY2025 FY2026 Net Sales Operating Profit Change （Billion Yen） H1 Actual H1 Actual 46.5 Net Sales 45.43 B JPY 46.50 B JPY +1.06 ＋2.3% ＋2.3％ ＋37.8％ 2.5 Operating 1.88 B JPY 2.59 B JPY Profit （4.1%） +0.71 ＋37.8％ （5.6%） Net P

6. Slide 6: FY2026 H1 Financial Results YoY (Consolidated)

   2. FY2026 H1 Financial Results YoY Increased Sales and (Consolidated) Profit （Million Yen） FY2025 FY2026 Change Key Factors Behind the Increase / Decrease H1 Actual H1 Actual Net Sales 45,429 46,496 1,067 +2.3% Smart Meters & Solutions in Japan 26,611 29,515 2,903 +10.9% Expanded shipments of second

7. Slide 7: Results by Segment: Japan YoY

   Increased 3. Results by Segment Japan YoY Sales and Profit （Million Yen） Smart Meters & FY2025 FY2026 Solutions in Japan Change Key Factors Behind the Increase / Decrease * Figures after consolidation adjustments H1 Actual H1 Actual Net Sales 26,611 29,515 2,903 +10.9% *Non-utility meter collectivel

8. Slide 8: Results by Segment: Overseas YoY

   Decreased 3. Results by Segment Overseas YoY Sales/Increased Profit （Million Yen） Smart Meters & FY2025 FY2026 Solutions Overseas Change Key Factors Behind the Increase / Decrease * Figures after consolidation adjustments H1 Actual H1 Actual Net Sales 18,636 16,833 ▲1,802 ▲9.7% Shipments of the next

9. Slide 9: Factors Affecting Operating Profit YoY (Consolidated)

   4. Factors Affecting Operating Profit YoY Increased Profit (Consolidated) (Excluding the real （Billion Yen） estate business) ＋0.69 ① Decrease in Revenue +2.15 ▲0.33 Japan (＋) Increased revenue of second- ▲1.16 generation smart meters (▲) Decreased revenue in the Solution Business Overseas (▲) Decrea

10. Slide 10: Japan Factors Affecting Operating Profit YoY

    Increased 4. Japan Factors Affecting Operating Profit YoY Profit +1.19 ▲0.27 （Billion Yen） ＋0.55 ▲1.07 ① Increase in Revenue (＋) Increased revenue of second-generation smart meters (＋) Increased revenue in the switchgear business (▲) Decreased revenue in the Solution Business 1.88 ② Profitability Im

11. Slide 11: Overseas Factors Affecting Operating Profit YoY

    Increased 4. Overseas Factors Affecting Operating Profit YoY Profit （Billion Yen） ＋0.14 ① Decrease in Revenue (▲) Decreased revenue in Oceania and the U.K. ② Profitability Improvement +0.96 ▲0.06 ▲0.09 +0.04 0.59 (＋) Improved profitability from the introduction of NEOS 0.45 ▲0.71 (＋) High-margin ord

12. Slide 12: Major Impact of Rising Raw Material/Component Prices

    5. Major Impact of Rising Raw Material/Component Prices Copper Petrochemical Products Printed circuit board Main Applications Main Applications Impact on Current-Year Results ● Smart meters (terminals) ● Smart meters (plastics for housings, terminals, ・ Global supply of circuit board materials has t

13. Slide 13: Capital Expenditures, Depreciation and R&D

    6. Capital Expenditures, Depreciation and R&D (H2/Full Year) （Million Yen） 5,889 4,700 H1 Comparison H1 Comparison H1 Comparison 3,900 3,400 2025 2026 2025 2026 3,018 2025 2026 2,846 2,052 1,631 1,689 1,549 1,670 1,332 FY2025 FY2026 FY2025 FY2025 FY2025 FY2025 FY2026 FY2025 FY2026 Actual Forecast Ac

14. Slide 14: Consolidated Balance Sheet

    7. Consolidated Balance Sheet Balance Sheet （Million Yen） End of End of Key Factors Behind the 【Assets】 Change FY2025 FY2026 H1 Increase/ Decrease ・ Cash decreased due to share repurchases, dividend payments, etc. ・ Accounts receivable decreased due to collections in Japan and Total Assets 99,821 96

15. Slide 15: FY2026 Financial Forecast [vs. Initial Forecast]

    2 FY2026 Financial Forecast [vs. Initial Forecast] Copyright (C) 2026 OSAKI ELECTRIC CO., LTD. All Rights Reserved 15

16. Slide 16: FY2026 Financial Forecast Highlights

    Decreased vs. Initial 1. FY2026 Financial Forecast Highlights Forecast Sales and Profit （Billion Yen） FY2026 FY2026 Net Sales Operating Profit Change （Billion Yen） Initial Forecast Revised Forecast ▲1.0％ ▲24.7％ 8.1 Net Sales 101.0 B JPY 100.0 B JPY ▲10 ▲1.0% 101.0 100.0 Operating 6.1 Profit （8.0%）8.

17. Slide 17: FY2026 Financial Forecast (Consolidated)

    Decreased vs. Initial 2. FY2026 Financial Forecast (Consolidated) Forecast Sales and Profit （Million Yen） FY2026 FY2026 FY2026 Initial Revised Change Net Sales H1 H2 Forecast Forecast Actual Forecast Japan (＋) Expanded shipments of second-generation smart meters Net Sales 101,000 100,000 ▲1,000 ▲1.0

18. Slide 18: Subsegments Forecasts: Japan

    Decreased vs. Initial 3. Subsegments Forecasts Japan Forecast Sales and Profit （Million Yen） Smart Meters & FY2026 FY2026 Key Factors Behind the Solutions in Japan Initial Revised Change Forecast Increase / Decrease * Figures after consolidation adjustments Forecast Net Sales 65,000 64,900 ▲100 ▲0.2

19. Slide 19: Subsegments Forecasts: Overseas

    Decreased vs. Initial 3. Subsegments Forecasts Overseas Forecast Sales and Profit （Million Yen） Smart Meters & FY2026 FY2026 Solutions Overseas Key Factors Behind the Initial Revised Change Forecast Increase / Decrease * Figures after consolidation adjustments Forecast Net Sales 35,700 34,800 ▲900 ▲

20. Slide 20: Strategy for Earnings Recovery in Oceania

    4. Strategy for Earnings Recovery in Oceania (Key Themes) ■ Further strengthening our high market share ● Expand value-added services for customers (outage management, power quality reporting, more frequent data transmission, etc.) ● Propose ways to optimize customers’ operating costs ● Strengthen o

21. Slide 21: Factors Affecting Operating Profit (Consolidated)

    5. Factors Affecting Operating Profit vs. Initial Decreased (Consolidated) Forecast Profit (Excluding the real （Billion Yen） estate business) ▲2.1 ① Decrease in Revenue Japan (▲) Decreased revenue in the Solution 8.0 ▲0.68 Overseas Business in Japan (▲) Decreased revenue in Oceania ▲0.21 +0.04 ▲1.27

22. Slide 22: Japan Factors Affecting Operating Profit vs. Initial Forecast

    vs. Initial Decreased 5. Japan Factors Affecting Operating Profit Forecast Profit （Billion Yen） ▲0.3 +0.67 ▲0.06 ① Decrease in Revenue ▲0.88 (＋) Expanded shipments of second-generation smart meters (▲) Delayed recovery in demand for non-utility meters, decreased revenue from smart locks (▲) Decrease

23. Slide 23: Overseas Factors Affecting Operating Profit vs. Initial Forecast

    vs. Initial Decreased 5. Overseas Factors Affecting Operating Profit Forecast Profit （Billion Yen） ▲1.8 ① Decrease in Revenue 2.8 ▲0.65 (▲) Decreased revenue in Oceania ・ Shifts in the timing of water meter shipments ・ Changes in some customers’ procurement policies and shifts in the timing of meter

24. Slide 24: FY2026 Financial Forecast [vs. Previous Fiscal Year]

    3 FY2026 Financial Forecast [vs. Previous Fiscal Year] Copyright (C) 2026 OSAKI ELECTRIC CO., LTD. All Rights Reserved 24

25. Slide 25: FY2026 Financial Forecast (Consolidated) YoY

    Decreased 1. FY2026 Financial Forecast (Consolidated) YoY Profit （Million Yen） FY2026 FY2025 Net Sales Actual Revised Change Forecast Japan (＋) Contribution from expanded shipments of second-generation smart meters Net Sales 100,900 100,000 ▲900 ▲0.9% and increased switchgear revenue, etc. Smart Met

26. Slide 26: Factors Affecting Operating Profit YoY (Consolidated)

    2. Factors Affecting Operating Profit YoY Decreased (Consolidated) Profit (Excluding the real （Billion Yen） estate business) ▲0.51 ① Decrease in Revenue (＋) Expanded shipments of second- +3.71 ▲1.35 Japan generation smart meters (＋) Increased revenue in the switchgear business (▲) Decreased revenue

27. Slide 27: Japan Factors Affecting Operating Profit YoY

    Increased 2. Japan Factors Affecting Operating Profit YoY Profit （Billion Yen） ＋0.23 ＋1.90 ▲0.89 ① Increase in Revenue (＋) Expanded shipments of second-generation smart meters (＋) Increased revenue in the switchgear business ▲2.11 (▲) Decreased revenue from non-utility meters and smart locks ② Profi

28. Slide 28: Overseas Factors Affecting Operating Profit YoY

    Decreased 2. Overseas Factors Affecting Operating Profit YoY Profit （Billion Yen） ▲0.74 ① Decrease in Revenue (▲) Decreased revenue in Oceania ・ Shifts in the timing of water meter shipments ・ Changes in some customers’ procurement policies, shifts in the timing of meter installation plans, etc. (▲)

29. Slide 29: H2 Sales Forecast by Subsegment ①

    3. H2 Sales Forecast by Subsegment ① Smart Meter Business in Japan Demand Trends for Smart Meters Demand is expected to increase further from FY2025 to FY2026, followed by a <Net Sales＞ （Billion Yen） smoothing of demand thereafter FY2026 FY2026 FY2026 FY2025 FY2026 FY2025 Smart Meter Sales Volume (I

30. Slide 30: H2 Sales Forecast by Subsegment ②

    3. H2 Sales Forecast by Subsegment ② Solution Business in Japan Switchgear Business in Japan <Net Sales＞ （Billion Yen） <Net Sales＞ （Billion Yen） FY2026 FY2026 FY2026 FY2026 FY2026 FY2026 FY2025 FY2026 FY2025 FY2025 FY2026 FY2025 Change H2 Change Initial Revised Change Change H2 Change Initial Revise

31. Slide 31: H2 Sales Forecast by Subsegment ③

    3. H2 Sales Forecast by Subsegment ③ Smart Meter Business Overseas (Oceania) Overview of the Australian Smart Meter Market <Net Sales＞ （Billion Yen） Market size and replacement demand FY2026 FY2026 FY2026 FY2025 FY2026 FY2025 H1 Actual H1 Actual Change H2 Actual H2 Change Initial Revised Change ・ Ap

32. Slide 32: H2 Sales Forecast by Subsegment ④

    3. H2 Sales Forecast by Subsegment ④ Smart Meter Business Overseas (Europe) Smart Meter Business Overseas (Asia) <Net Sales＞ （Billion Yen） <Net Sales＞ （Billion Yen） FY2026 FY2026 FY2026 FY2026 FY2026 FY2026 FY2026 FY2025 FY2025 FY2025 FY2026 FY2025 H1 Change H2 Change Initial Revised Change Change H

33. Slide 33: Shareholder Returns

    4 Shareholder Returns ● Maintaining the FY2025 level for FY2026 dividends ● Acquisition of treasury shares (disclosed on November 5) Copyright (C) 2026 OSAKI ELECTRIC CO., LTD. All Rights Reserved 33

34. Slide 34: Strengthening Shareholder Returns (Dividend Forecast and Share Repurchase)

    1. Strengthening Shareholder Returns (Dividend Forecast and Share Repurchase) Dividend Forecasts （FY2026) Share Repurchase FY2026 (Yen) FY2024 ‐ FY2025 FY2026 (Disclosure on November 5) End of Fiscal Total Approx. Second Quarter Year-End Annual Number of 2.46 million 1.5 million shares 2.0 million s

35. Slide 35: Review of Cash Allocation (FY2024 – FY2026)

    2. Review of Cash Allocation (FY2024 – FY2026) ● Revision of Cash Allocation Following the Share Repurchase (Changes from the previously announced figures are indicated within the red dashed box) The amounts in parentheses represent the increase/decrease from the figures announced in May 2026 Cash I

36. Slide 36: Appendix

    Appendix Copyright (C) 2026 OSAKI ELECTRIC CO., LTD. All Rights Reserved 36

37. Slide 37: Quarterly Net Sales and Operating Profit Trends

    1. Quarterly Net sales and Operating Profit Trends ● Net Sales: Customers’ capital investment tends to become more active toward the fiscal year-end, and net sales tend to increase in the H2 accordingly ● Operating Profit: Operating profit tends to show troughs in Q2 and Q4 due to the recording of h

38. Slide 38: Evaluation of Entry into the U.S. Market

    2. Evaluation of Entry into the U.S. Market Key Solutions Schedule ● NEOS Solution ・ Smart meters + upper-level systems 2025 2026 2027 2028 ・ “NEOS” compliant with U.S. standards Market Environment Establish and Commence Plan to Complete ● Growing demand for solutions for the measurement, launch loc

39. Slide 39: Overseas Manufacturing Strategy (Asset-Light Manufacturing Model)

    3. Overseas Manufacturing Strategy (Transition to an Asset-Light Manufacturing Model) ● Transfer production capabilities for key overseas markets to an EMS (Electronics Manufacturing Services) partner ● EDMI will focus management resources on its core competencies (including the development of produ

40. Slide 40: Expected External Environment and Risk/Opportunity Responses ①

    4. Expected External Environment and Risk/Opportunity Responses ① Expected External Major Expected Risks [R] Key Countermeasures Environment and Opportunities [O] ・ Diversification of suppliers, decentralization of procurement regions, and 【Short-term】 advance procurement of critical parts and mater

41. Slide 41: Expected External Environment and Risk/Opportunity Responses ②

    4. Expected External Environment and Risk/Opportunity Responses ② Expected External Major Expected Risks [R] Key Countermeasures Environment and Opportunities [O] 【O】 ・ Strengthen the corporate governance execution framework and 【Short-term】 Strengthening corporate governance capable of meeting init

42. Slide 42: Expected External Environment and Risk/Opportunity Responses ③

    4. Expected External Environment and Risk/Opportunity Responses ③ Expected External Major Expected Risks [R] Key Countermeasures Environment and Opportunities [O] 【Mid- to Long-term】 • Early identification of information and countermeasure planning 【R】 Postponement of investment in smart meters thro

43. Slide 43: Other IR materials

    5. Other IR materials Financial Results and Presentation Materials Sponsored Research This sponsored research has been prepared with the aim of Materials related to past financial results are available providing a more detailed understanding of our company Our Website Financial Results and Presentat

44. Slide 44: OSAKI ELECTRIC CO., LTD.

    OSAKI ELECTRIC CO., LTD. TSE Prime Market Code: 6644 ■ Figures in the document are for reference and include unaudited figures. ■ In preparing this document, the Company has relied upon and assumed the accuracy and completeness of all information available from third parties, but the Company makes n

Osaki Electric — H1 FY2026 Earnings Presentation on 6ix