1H upside supported by industrial business gains, raised FY9/26 guidance

Research evidence excerpt

1H upside supported by industrial business gains, raised FY9/26 guidance

ect security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or

views expressed in this research report.

Registration of non-US analysts: Masahiro Nakanomyo is employed by Jefferies Japan Company Limited, a non-US affiliate of Jefferies LLC and is not

registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore

may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held

by a research analyst.

Registration of non-US analysts: Hisako Furusumi is employed by Jefferies Japan Company Limited, a non-US affiliate of Jefferies LLC and is not

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives

compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,

but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are

published at irregular intervals as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published May 14, 2026 8:54 A.M.

Recommendation Distributed May 14, 2026 8:54 A.M.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.