#Merger

Kyokuto Kaihatsu Kogyo Co., Ltd. announced the completion of the absorption-type merger of Kyokuto Kaihatsu Parking Co., Ltd. effective April 1, 2026.

Daido Steel Co., Ltd. will absorb its wholly owned subsidiary Daido IT Solutions Co., Ltd. as of January 1, 2027, aiming to promote DX and strengthen IT strategic planning capabilities.

Following the merger with Fukubu Bank, Ltd. effective May 2, 2026, executive personnel changes were decided, including the appointment of Mr. Tsuyoshi Nakamura from Fukubu Bank as an executive officer of Fukui Bank.

Nomura Research Institute, Ltd. will absorb its wholly owned subsidiary NRI Social Information Systems Co., Ltd. as of May 1, 2026, aiming to consolidate management resources and accelerate decision-making. The impact of the merger on consolidated financial results is expected to be minimal.

On May 1, 2026, an absorption-type company split and absorption-type merger will be conducted between consolidated subsidiaries to mutually succeed part of the pharmacy business, and Sakura Pharmacy Co., Ltd. will be absorbed by Kraft Co., Ltd.

Nishi-Nippon Railroad Co., Ltd. announced that it will absorb its wholly owned subsidiary, Nishi-Nippon Engineering Co., Ltd., effective April 1, 2027, with no issuance of new shares or cash payments related to the merger, and only minimal impact expected on consolidated performance.

Fujita Kanko Inc. will absorb its consolidated subsidiaries WHG West Japan Co., Ltd. and WHG Kansai Co., Ltd. through an absorption merger effective July 1, 2026, aiming to strengthen organizational capabilities. No stock allocation will occur in conjunction with the merger.

Yamato Corporation will absorb its consolidated subsidiary, Yamato Maintenance Co., Ltd., effective October 21, 2026, aiming to improve management efficiency. There will be no allocation of shares due to the merger, and the impact on consolidated earnings is expected to be minimal.

As of April 1, 2026, consolidated subsidiary Nisseki Glass Industry Co., Ltd. and sub-subsidiary Shinsei Glass Co., Ltd. will merge to pursue operational efficiencies and strengthen business foundations.

An absorption-type merger will be implemented on April 1, 2026, with Carrit’s consolidated subsidiary, Sogo Sekkei Co., Ltd. as the surviving company and SD Network Co., Ltd. as the dissolved company. There will be no capital increase or new share issuance accompanying the merger.

Gunze Limited will absorb its wholly-owned subsidiary SEESAY Co., Ltd. as of April 1, 2026, aiming to streamline group management. The impact of the merger on consolidated performance is expected to be minimal.

Scheduled absorption merger of wholly owned subsidiary Japan Steel Works M&E Co., Ltd. as of April 1, 2026. No share allotment will occur in connection with the merger, and the impact on consolidated earnings is expected to be minimal.