Hitachi, Ltd. · TSE:6501

Hitachi — Q2 2026 Earnings Presentation

42 slides from Hitachi's earnings presentation, Oct 28, 2026

1. Slide 1: Outline of Consolidated Financial Results for the Second Quarter Ended September 30, 2026

   Outline of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 [Fiscal 2026] Hitachi, Ltd. Senior Vice President and Executive Officer, CFO Tomomi Kato October 28, 2026 ©Hitachi, Ltd. 2026. All rights reserved

2. Slide 2: Contents

   Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 2 ©Hitachi, Ltd. 2026. All rights reserved

3. Slide 3: Performance Highlights

   Performance Highlights ✓ Revenue increased +15% YoY, reflecting robust growth, partly supported by FX impacts Q2 FY2026 ✓ All four sectors, Energy, DSS, CI, and Mobility, continued to deliver YoY revenue and profit growth, following Q1 Actual ✓ Achieved record-high Q2 revenue and Adj. EBITA Revenue

4. Slide 4: Segment Highlights in H1 FY2026 Actual and Full-Year Forecast

   Segment Highlights in H1 FY2026 Actual and Full-Year Forecast FY2026 Q2 Actual H1 Actual Full-Year Forecast (Billions of Adj. EBITA Adj. EBITA Adj. EBITA H1 Highlights and Revision to FY2026 Full-Year Guidance Revenue Revenue Revenue yen) Orders Margin Orders Margin Margin (YoY) (YoY) (YoY) (YoY) (Y

5. Slide 5: Segment Highlights in H1 FY2026 Actual and Full-Year Forecast (Normalized Basis)

   Segment Highlights in H1 FY2026 Actual and Full-Year Forecast (Normalized Basis(*)) ✓ On a normalized basis, the full-year forecast (YoY) is revenue +11% and Adj. EBITA margin +120 bps, up +2% and +20 bps, respectively, from the previous forecast ➢ For details, see pp.33–34 FY2026 (YoY) H1 Actual (Y

6. Slide 6: H1 FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA

   H1 FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA ➢ See p.33 for details of one-off factors in H1 FY2026 Billions of yen YoY +17% YoY +10% +305.0 5,614.0 +489.0 5,276.4 +65.6 (33.0) Revenue 4,787.4 H1 FY2025 Volume, etc. Subtotal Middle East One-off Factors (*) FX Impact H1 FY2026 Impact

7. Slide 7: FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA

   FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA ➢ See p.34 for details of one-off factors in FY2026 Billions of yen YoY +11% YoY +13% +1,201.7 11,788.4 +372.0 12,000.0 +15.6 10,586.7 (133.0) (43.0) Revenue FY2025 Volume, etc. Subtotal Business Middle East One-Off FX Impact FY2026 Reorganiz

8. Slide 8: H1 FY2026 Breakdown of YoY Changes in Net Income and Core FCF

   H1 FY2026 Breakdown of YoY Changes in Net Income and Core FCF Billions of yen +135.2 472.8 +22.9 416.6 (155.3) Net Income (59.0) (Attributable to ⊖ Larger FX effect from Hitachi, Ltd. ⊖ Gain on sale of remeasurement of Shareholders) air conditioning JV in foreign currency balances the previous year

9. Slide 9: FY2026 Breakdown of YoY Changes in Net Income and Core FCF

   FY2026 Breakdown of YoY Changes in Net Income and Core FCF Billions of yen +250.7 +11.7 920.0 802.3 (144.7) Net Income ⊖ High base effect from the previous year of (Attributable to Net gain (loss) on business reorganization and others Hitachi, Ltd. ⊖ Decrease in Equity in earnings of affiliates Shar

10. Slide 10: Contents

    Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 10 ©Hitachi, Ltd. 2026. All rights reserved

11. Slide 11: Portfolio Transformation and Capital Allocation

    Portfolio Transformation and Capital Allocation ✓ Steady progress in portfolio transformation. Cash generated is flexibly allocated to growth investments and shareholder returns ✓ Interim dividend increased to 32 yen per share from the previous forecast of 28 yen. Total interim dividends(*1) increas

12. Slide 12: DSS: IT Services in Japan / Overseas

    DSS: IT Services in Japan / Overseas ✓ Domestic IT services: Growth driven by AX/modernization in the Financial and Social Infrastructure fields. Full-year orders expected to increase +8% YoY, driven by AX projects ✓ Domestic IT services: Business momentum remains solid. Despite one-off factors in Q

13. Slide 13: Contents

    Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 13 ©Hitachi, Ltd. 2026. All rights reserved

14. Slide 14: Q2 FY2026 Highlights

    Q2 FY2026 Highlights ✓ All four sectors delivered higher revenue and profit, with revenue up +15% YoY; both revenue and Adj. EBITA reached record highs for Q2 ✓ Both quarterly net income and Core FCF improved YoY, excluding the impact of business portfolio restructuring in the previous year period ✓

15. Slide 15: Q2 FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA

    Q2 FY2026 Breakdown of YoY Changes in Revenue and Adj. EBITA ➢ See p.33 for details of one-off factors in H1 FY2026 Billions of yen YoY +15% YoY +10% +123.0 2,904.4 +254.3 2,783.3 +15.1 2,529.0 (17.0) Revenue Q2 FY2025 Volume, etc. Subtotal Middle East One-off Factors(*) FX Impact Q2 FY2026 Impact Y

16. Slide 16: Q2 FY2026 Breakdown of YoY Changes in Net Income and Core FCF

    Q2 FY2026 Breakdown of YoY Changes in Net Income and Core FCF Billions of yen +51.9 280.6 +26.1 227.1 (94.5) Net Income (37.0) (Attributable to Hitachi, Ltd. ⊖ Gain on sale of ⊖ Larger FX effect from Shareholders) Air conditioning JV remeasurement of in the previous year foreign currency balances Ne

17. Slide 17: Financial Position and Cash Flows

    Financial Position and Cash Flows Summary of Consolidated Financial Position As of As of Difference from Billions of yen March 31, 2026 September 30, 2026 March 31, 2026 Total assets 15,041.2 15,187.7 +146.4 Cash and cash equivalents(*) 1,323.4 1,511.0 +187.5 Trade receivables and contract assets 4,

18. Slide 18: Regional Revenue in Q2 FY2026

    Regional Revenue in Q2 FY2026 Expanded across all regions, led by North America and Europe ✓ DSS : Expanded across all regions, (+) Strong domestic IT business and storage business in regions including Asia including Japan, Asia, and Europe and Europe ✓ Energy : Expanded in most regions with (+) Sol

19. Slide 19: Order Results by Business Segment in Q2/H1 FY2026

    Order Results by Business Segment in Q2/H1 FY2026 Key Drivers of Order in Q2 FY2026 ✓ DSS (+) Solid domestic AX/modernization projects ✓ Mobility (+) Large projects in Rail Vehicles business and Rail Control (+) Higher sales of block storage across all regions, business in Europe including Asia and

20. Slide 20: Contents

    Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 20 ©Hitachi, Ltd. 2026. All rights reserved

21. Slide 21: FY2026 Highlights

    FY2026 Highlights ✓ Raised net income forecast to 920.0 bn yen (+20.0 bn yen vs. previous forecast) ✓ Raised revenue forecast by +300.0 bn yen, mainly driven by DSS and CI, and Adj. EBITA forecast by +40.0 bn yen, mainly driven by Energy and CI ✓ Raised interim dividend from 28 yen to 32 yen per sha

22. Slide 22: Contents

    Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 22 ©Hitachi, Ltd. 2026. All rights reserved

23. Slide 23: DSS: Performance by Business Segment

    Hitachi Integrated Report 2026 (DSS Business Strategy) Hitachi Integrated Report 2026 (DSS Business Strategy) DSS: Performance by Business Segment Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Billions of yen Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EB

24. Slide 24: Energy: Performance by Business Segment

    Hitachi Integrated Report 2026 (Energy Business Strategy) Hitachi Integrated Report 2026 (Energy Business Strategy) Energy: Performance by Business Segment Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Billions of yen Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenu

25. Slide 25: Mobility: Performance by Business Segment

    Hitachi Integrated Report 2026 (Mobility Business Strategy) Hitachi Integrated Report 2026 (Mobility Business Strategy) Mobility: Performance by Business Segment Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Billions of yen Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA

26. Slide 26: CI: Performance by Business Segment

    Hitachi Integrated Report 2026 (CI Business Strategy) Hitachi Integrated Report 2026 (CI Business Strategy) CI: Performance by Business Segment Q2 FY2026 YoY FY2026 YoY vs Previous Forecast Billions of yen Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA Revenue Adj. EBITA

27. Slide 27: Contents

    Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 27 ©Hitachi, Ltd. 2026. All rights reserved

28. Slide 28: Lumada Business Expansion: Accelerating HMAX Scale-up

    Lumada Business Expansion: Accelerating HMAX Scale-up ✓ H1 Lumada revenue increased +31% YoY across all sectors; HMAX revenue progress is at 47% ✓ Full-year revenue forecasts for Lumada and HMAX were revised upward, leading the increase in the Hitachi Group's full-year guidance H1 FY2026 FY2026 Luma

29. Slide 29: Expansion of HMAX Solutions

    Expansion of HMAX Solutions ✓ Expanding cross-domain Foundry Solutions in addition to Domain-Specific Solutions, moving into the execution phase across sectors ✓ Capture growing demand in the Physical AI market with HMAX as a key driver, accelerating the growth of the highly profitable Lumada busine

30. Slide 30: Contents

    Contents 1. Highlights 2. Topics 3. Q2 FY2026 Results 4. FY2026 Forecast 5. Performance by Business Segment 6. Lumada Business Appendices 30 ©Hitachi, Ltd. 2026. All rights reserved

31. Slide 31: Consolidated Total: Performance by Business Segment

    Consolidated Total: Performance by Business Segment vs Previous Q2 FY2026 YoY H1 FY2026 YoY FY2026 YoY Forecast Adj. Adj. Adj. Adj. Adj. Adj. Adj. Revenue Revenue Revenue Revenue Revenue Revenue Revenue Billions of yen EBITA EBITA EBITA EBITA EBITA EBITA EBITA DSS 814.1 125.9 +10% +7.8 1,533.1 211.5

32. Slide 32: Summary of Consolidated Statement of Profit & Loss

    Summary of Consolidated Statement of Profit & Loss vs Previous Q2 FY25 Q2 FY26 YoY H1 FY25 H1 FY26 YoY FY25 FY26 YoY Billions of yen Forecast Revenue 2,529.0 2,904.4 +15% 4,787.4 5,614.0 +17% 10,586.7 12,000.0 +13% +3% Adj. Operating Income 297.0 348.9 +51.9 508.0 643.2 +135.2 1,199.2 1,450.0 +250.7

33. Slide 33: H1 FY2026 Actual: YoY Variance Analysis

    H1 FY2026 Actual: YoY Variance Analysis H1 FY2026 Actual H1 Q1 Q2 Billions of yen Actual YoY Actual YoY Actual YoY Special Normalized Special Normalized Special Normalized Items Basis(*) Items Basis Items Basis Revenue Consolidated Total(*) 5,614.0 +826.6 +337.6 +489.0 2,709.5 +451.2 +216.5 +234.7 2

34. Slide 34: FY2026 H2/Full-year Forecast: YoY Variance Analysis

    FY2026 H2/Full-year Forecast: YoY Variance Analysis FY2026 Forecast H1 H2 Full-Year Billions of yen Actual YoY Forecast YoY Forecast YoY Special Normalized Special Normalized Special Normalized Items Basis(*) Items Basis Items Basis Revenue Consolidated Total(*) 5,614.0 +826.6 +337.6 +489.0 6,385.9

35. Slide 35: Our Ambition / Lumada and HMAX

    Our Ambition / Lumada and HMAX Our Ambition: Aspirations of Inspire 2027 “Contribute to a harmonized society by True One Hitachi and grow To be a global leader sustainably” ✓ “Lumada,” which leverages Hitachi's unique strength in combining in continuously transforming social IT, OT, and products, he

36. Slide 36: Lumada Business Growth Model

    Lumada Business Growth Model ✓ Hitachi’s strength in physical-digital integration forged in the mission-critical social infrastructure business ✓ Lumada growth model evolved through co-creation with customers and partners ✓ Driving Lumada business growth by scaling “HMAX” recurring Digital Services

37. Slide 37: HMAX by Hitachi: Next-generation Solution Suite

    HMAX by Hitachi: Next-generation Solution Suite Innovating Social Infrastructure Enabled by AI ✓ HMAX is a recurring service included in Lumada Digital Services ✓ We provide high-value-added services by combining AI and frontline / on-site data with our 110 years of domain expertise in developing an

38. Slide 38: HMAX solution expansion

    HMAX solution expansion ✓ Continue to expand Domain-Specific Solutions and supporting Foundry Solutions, accelerating the deployment of Physical AI through a diverse range of solutions Digital Digital Services HMAX Domain-Specific Solutions New New HMAX HMAX HMAX Mobility HMAX Energy HMAX Industry H

39. Slide 39: Hitachi Energy Investor Day

    Hitachi Energy Investor Day Event Overview Timetable (GMT) The name, order and time of each session may be subject to change. Date and Time Tuesday, November 3, 2026 17:00-17:20 Powering growth: Strategic outlook Andreas Schierenbeck 5:00-7:30pm GMT: Chief Executive Officer, Hitachi Energy Presentat

40. Slide 40: Notes

    Notes Items Contents Adj. EBITA Adj. operating income plus amortization of intangible assets, etc. recognized upon business combinations Amortization of intangible Amortization and depreciation of intangible assets and other assets allocated from goodwill recognized through fair-value assets, etc. r

41. Slide 41: Cautionary Statement

    Cautionary Statement Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial

42. Slide 42: Hitachi

    HITACHI

Hitachi — Q2 2026 Earnings Presentation on 6ix