UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2021

Commission File Number 000-12713

NEC Corporation

(Translation of registrant’s name into English)

7-1, Shiba 5-chome

Minato-ku, Tokyo 108-8001

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date:		May 12, 2021

NEC Corporation

By:		/s/ Naoko Taniguchi
Name:		Naoko Taniguchi
Title:		General Manager, Legal Division

Mid-term Management Plan 2025 May 12, 2021 NEC Corporation http://www.nec.com/en/global/ir © NEC Corporation 2021Mid-term Management Plan 2025 May 12, 2021 NEC Corporation http://www.nec.com/en/global/ir © NEC Corporation 2021

1. Purpose management 2. Mid-term Management Targets 3. Strategies Business Strategies Financial Strategies 4. Culture 5. Summary1. Purpose management 2. Mid-term Management Targets 3. Strategies Business Strategies Financial Strategies 4. Culture 5. Summary

Purpose Seize the Future Together We are fulfilling our Purpose by connecting digital technologies and human hopes to implement a vision of a brighter future world. Strategy Culture 5 © © N NE EC C C C o orrp po orraatt io ion n 2 2 00 22 11Purpose Seize the Future Together We are fulfilling our Purpose by connecting digital technologies and human hopes to implement a vision of a brighter future world. Strategy Culture 5 © © N NE EC C C C o orrp po orraatt io ion n 2 2 00 22 11

NEC 2030VISION Life Bringing people together and filling each day with inspiration Nurturing prosperous cities with inclusive and harmonious societies Society Creating sustainable societies by shaping new industries and workstyles Sharing hopes that transcend time, space, and generational boundaries Environment Living harmoniously with the earth to secure the future 6 © NEC Corporation 2021NEC 2030VISION Life Bringing people together and filling each day with inspiration Nurturing prosperous cities with inclusive and harmonious societies Society Creating sustainable societies by shaping new industries and workstyles Sharing hopes that transcend time, space, and generational boundaries Environment Living harmoniously with the earth to secure the future 6 © NEC Corporation 2021

NEC 2030VISION Environment Living harmoniously with the earth to secure the future Realization of a decarbonized society Implementation of global warming countermeasures Guaranteeing food and water security 7 © NEC Corporation 2021NEC 2030VISION Environment Living harmoniously with the earth to secure the future Realization of a decarbonized society Implementation of global warming countermeasures Guaranteeing food and water security 7 © NEC Corporation 2021

NEC 2030VISION Nurturing prosperous cities with inclusive and harmonious societies Society Creating sustainable societies by shaping new industries and workstyles Sharing hopes that transcend time, space, and generational boundaries Democratization of data use / Cities without traffic congestion and accidents Government services from the consumer‘s perspective / Social stability Free and equal communication services / Safe and secure cyberspace 8 © NEC Corporation 2021NEC 2030VISION Nurturing prosperous cities with inclusive and harmonious societies Society Creating sustainable societies by shaping new industries and workstyles Sharing hopes that transcend time, space, and generational boundaries Democratization of data use / Cities without traffic congestion and accidents Government services from the consumer‘s perspective / Social stability Free and equal communication services / Safe and secure cyberspace 8 © NEC Corporation 2021

NEC 2030VISION Life Bringing people together and filling each day with inspiration Fostering mental and physical well-being and long life Improvement of lifestyle Free and open learning opportunities 9 © NEC Corporation 2021NEC 2030VISION Life Bringing people together and filling each day with inspiration Fostering mental and physical well-being and long life Improvement of lifestyle Free and open learning opportunities 9 © NEC Corporation 2021

1. Purpose management 2. Mid-term Management Targets Purpose 3. Strategies Business Strategies Financial Strategies Strategy Culture 4. Culture 5. Summary1. Purpose management 2. Mid-term Management Targets Purpose 3. Strategies Business Strategies Financial Strategies Strategy Culture 4. Culture 5. Summary

NEC’s current situation: Looking Back on 2020 Mid-term Management Plan Achieved 6.0% OP ratio by improving our execution capability and ensuring profitability that enabled continuing investments in our growth Global growth and further improving the profitability of our business in Japan Reform of profit structure ■ Implementation of career transition support measures 2,994.0 ■ Energy business scale-down, joint venture for display business 2,844.4 Revenue ■ NEC Platforms production structure optimization, Tsukuba Research （Billions of Yen） Laboratories sell off 6.0% Achievement of growth ■ Acquisition of KMD, Avaloq 2.5% ■ Strategic alliance with NTT, Rakuten Adjusted ■ DX business creation, establishment of digital platforms/offerings OP ratio Restructuring of execution capabilities ■ Establishment of dotData, NEC X; entry to drug discovery business FY2017 FY2020 ■ NEC Way revision, corporate officer contract agreement, appointment of persons from outside 12 © NEC Corporation 2021NEC’s current situation: Looking Back on 2020 Mid-term Management Plan Achieved 6.0% OP ratio by improving our execution capability and ensuring profitability that enabled continuing investments in our growth Global growth and further improving the profitability of our business in Japan Reform of profit structure ■ Implementation of career transition support measures 2,994.0 ■ Energy business scale-down, joint venture for display business 2,844.4 Revenue ■ NEC Platforms production structure optimization, Tsukuba Research （Billions of Yen） Laboratories sell off 6.0% Achievement of growth ■ Acquisition of KMD, Avaloq 2.5% ■ Strategic alliance with NTT, Rakuten Adjusted ■ DX business creation, establishment of digital platforms/offerings OP ratio Restructuring of execution capabilities ■ Establishment of dotData, NEC X; entry to drug discovery business FY2017 FY2020 ■ NEC Way revision, corporate officer contract agreement, appointment of persons from outside 12 © NEC Corporation 2021

Mid-term Management Targets (1/2) Purpose Strategy Culture EBITDA Growth rate: 9% Annual average 50% Engagement score (FY2020-25) (FY2025) Accelerate global growth and business Transformation to a company that transformation in Japan by leveraging pursues innovation and brings together strengths in technology diverse human resources under the NEC Way (common values) Maximizing long-term profit and “Employer of Choice” Optimizing short-term profit 13 © NEC Corporation 2021Mid-term Management Targets (1/2) Purpose Strategy Culture EBITDA Growth rate: 9% Annual average 50% Engagement score (FY2020-25) (FY2025) Accelerate global growth and business Transformation to a company that transformation in Japan by leveraging pursues innovation and brings together strengths in technology diverse human resources under the NEC Way (common values) Maximizing long-term profit and “Employer of Choice” Optimizing short-term profit 13 © NEC Corporation 2021

Mid-term Management Targets (2/2) (Billions of Yen) FY2020 Results FY2025 Targets Revenue 2,994.0 3,500.0 (Growth rate from FY2020) - 3.2% Adjusted Operating Profit 178.2 300.0 (Revenue %) 6.0% 8.6% Adjusted Net profit 149.6 185.0 (Revenue %) 5.0% 5.3% *1 EBITDA 295.8 450.0 (Revenue %) 9.9% 12.9% *2 ROIC 4.7% 6.5% *1：EBITDA=Gross Proﬁt ― SGA expenses ＋ Depreciation/amortization *2：ROIC＝(Unadjusted operating income ― Deemed corporate tax <30.5%>）÷（Term-end interest-bearing debt ＋ Term-end net assets <Including minority interest>） 14 © NEC Corporation 2021Mid-term Management Targets (2/2) (Billions of Yen) FY2020 Results FY2025 Targets Revenue 2,994.0 3,500.0 (Growth rate from FY2020) - 3.2% Adjusted Operating Profit 178.2 300.0 (Revenue %) 6.0% 8.6% Adjusted Net profit 149.6 185.0 (Revenue %) 5.0% 5.3% *1 EBITDA 295.8 450.0 (Revenue %) 9.9% 12.9% *2 ROIC 4.7% 6.5% *1：EBITDA=Gross Proﬁt ― SGA expenses ＋ Depreciation/amortization *2：ROIC＝(Unadjusted operating income ― Deemed corporate tax <30.5%>）÷（Term-end interest-bearing debt ＋ Term-end net assets <Including minority interest>） 14 © NEC Corporation 2021

NEC’s Growth Model Achieve growth by providing customer value through NEC technology, focusing on our two global business pillars of DG/DX and 5G, and transforming our IT business in Japan Biometrics DIGITAL GOVERNMENT CORE DX AI DIGITAL FINANCE 5G/TOMS Cloud IT SERVICES & + + M M& &A A Security GLOBAL 5G PRODUCTS R R D D & & Strong Focus Transformation Public & Communication Infrastructure 16 © NEC Corporation 2021NEC’s Growth Model Achieve growth by providing customer value through NEC technology, focusing on our two global business pillars of DG/DX and 5G, and transforming our IT business in Japan Biometrics DIGITAL GOVERNMENT CORE DX AI DIGITAL FINANCE 5G/TOMS Cloud IT SERVICES & + + M M& &A A Security GLOBAL 5G PRODUCTS R R D D & & Strong Focus Transformation Public & Communication Infrastructure 16 © NEC Corporation 2021

Achieve earnings growth through both growth businesses and base businesses Revenue Adjusted Operating Profit 3,500.0 billion Yen 300.0 billion Yen *3 Compared to FY2020 +506.0 billion Yen) (Compared to FY2020 +147.3 billion Yen) *1*2 Component ratio OP ratio Growth business of growth business 8.6％ Component ratio DG / DF 32.9% of growth business Global 5G Growth business 12.7％ Core DX Future growth business OP ratio *3 5.1％ *1 Base business Base business FY2020 FY2025 FY2020 FY2025 *4 Others *1 Growth business, base business, and others are different from the current business segments. *2 DG/DF (Digital Government/Digital Finance)...Page19, Global 5G...Page 20 *3 Excluding Other income/loss in the statement of profit or loss Core DX...Page 23-25, Future Growth Businesses...Page 28-30 *4 Including risks 17 © NEC Corporation 2021Achieve earnings growth through both growth businesses and base businesses Revenue Adjusted Operating Profit 3,500.0 billion Yen 300.0 billion Yen *3 Compared to FY2020 +506.0 billion Yen) (Compared to FY2020 +147.3 billion Yen) *1*2 Component ratio OP ratio Growth business of growth business 8.6％ Component ratio DG / DF 32.9% of growth business Global 5G Growth business 12.7％ Core DX Future growth business OP ratio *3 5.1％ *1 Base business Base business FY2020 FY2025 FY2020 FY2025 *4 Others *1 Growth business, base business, and others are different from the current business segments. *2 DG/DF (Digital Government/Digital Finance)...Page19, Global 5G...Page 20 *3 Excluding Other income/loss in the statement of profit or loss Core DX...Page 23-25, Future Growth Businesses...Page 28-30 *4 Including risks 17 © NEC Corporation 2021

EBITDA Growth Drivers EBITDA Growth Rate 450.0 Annual (Billions of Yen) Average 減価 Depreciation/ EBITDA 9% 償却費・ amortization, 償却費 etc. *3 300.0 295.8 *1 Others Core DX コアDX Growth business Adjusted Depreciation/ E EB BIIT TD DA A 減価 Global５G Global５G Operating *2 amortization, 償却費・ Profit DG/DF 2025年度 DG/DF etc. 152.7 償却費調整後営業利益 Adjusted 2020年度 Op 調 er整 ati後 ng Base business 営 P業 rof利 it 益 FY2020 FY2025 *1 “Depreciation/amortization, etc.” is Depreciation/amortization - adjustment (difference between Adjusted Operating Profit and Operating Profit) *2 FY2020 figures exclude Other income/loss in the income statement *3 “Others” include future growth businesses(Page28-30), R&D cost increase, risks, etc. 18 © NEC Corporation 2021EBITDA Growth Drivers EBITDA Growth Rate 450.0 Annual (Billions of Yen) Average 減価 Depreciation/ EBITDA 9% 償却費・ amortization, 償却費 etc. *3 300.0 295.8 *1 Others Core DX コアDX Growth business Adjusted Depreciation/ E EB BIIT TD DA A 減価 Global５G Global５G Operating *2 amortization, 償却費・ Profit DG/DF 2025年度 DG/DF etc. 152.7 償却費調整後営業利益 Adjusted 2020年度 Op 調 er整 ati後 ng Base business 営 P業 rof利 it 益 FY2020 FY2025 *1 “Depreciation/amortization, etc.” is Depreciation/amortization - adjustment (difference between Adjusted Operating Profit and Operating Profit) *2 FY2020 figures exclude Other income/loss in the income statement *3 “Others” include future growth businesses(Page28-30), R&D cost increase, risks, etc. 18 © NEC Corporation 2021

Growth Digital Government/ Digital Finance *1 Transform into a top-class Vertical SaaS vendor in the global DG/DF market *1 SaaS for specific industry Mid-term targets Acquired companies’ assets NEC’s assets Technology Engineering SaaS Platform Software (Billions of Yen) 300.0 (Biometrics/AI) capability Stabilization by remodeling business foundations, including Revenue 210.0 three recently acquired companies 193.1 CAGR *2 4% ■ Ensure organic growth in the European market + Cross-selling/Bolt-on M&A 125.1 20% EBITDA■ Expand footprint in APAC market margin ■ Streamline operations by leveraging offshore development in India, etc. 17% 12% Earnest pursuit of business synergy and creation of new 4% Adjusted growth areas OP ratio ■ Further capitalize on digital ID to expand in the government and (Total) (Acquired (Total) (Acquired finance segments companies) companies) ■ Acquire new business opportunities from customers in different FY2020 FY2025 industries *2 CAGR is pro forma based 19 © NEC Corporation 2021Growth Digital Government/ Digital Finance *1 Transform into a top-class Vertical SaaS vendor in the global DG/DF market *1 SaaS for specific industry Mid-term targets Acquired companies’ assets NEC’s assets Technology Engineering SaaS Platform Software (Billions of Yen) 300.0 (Biometrics/AI) capability Stabilization by remodeling business foundations, including Revenue 210.0 three recently acquired companies 193.1 CAGR *2 4% ■ Ensure organic growth in the European market + Cross-selling/Bolt-on M&A 125.1 20% EBITDA■ Expand footprint in APAC market margin ■ Streamline operations by leveraging offshore development in India, etc. 17% 12% Earnest pursuit of business synergy and creation of new 4% Adjusted growth areas OP ratio ■ Further capitalize on digital ID to expand in the government and (Total) (Acquired (Total) (Acquired finance segments companies) companies) ■ Acquire new business opportunities from customers in different FY2020 FY2025 industries *2 CAGR is pro forma based 19 © NEC Corporation 2021

Growth Global 5G Business Aim for 20% market share in the Open-RAN market in 2030, including expansion in the Japanese market from primarily a base station hardware provider to a full software and hardware solution provider. Mid-term targets Establishment of Open-RAN vendor position in overseas market ~ 2022 *1 (Billions of Yen) ■ Globally deploy world-first commercial achievements from alliances with NTT 190.0 and Rakuten *3 *4 ■ RU reduces TCO significantly through small size, light weight, and low power consumption Phase 1 ■ Communication quality achieved through superior full digital Revenue beamforming technology and digital coordination technology between CAGR distributed antenna elements Adjusted 10% 35% Expansion of SW/service business segments and acquisition of OP ratio *1 ~ 2025 41.7 profit sources *5 ■ Shift profit focus from HW to SW licensing by incorporating E2E Open-RAN *6 *7 solutions , BSS and applications FY2020 FY2025 ■ Private 5G aims to improve profits by providing service-based solutions to Phase 2 *1 Netcracker is not included achieve high profits and recurring revenue *2 *2 Excluding strategic expenses, Profit -31% *3 RU: Radio Unit *4 TCO: Total Cost of Ownership *5 E2E: End to End ratio above segment(Network *6 RU, CU/DU, Core, Orchestration/Operation Support Systems *7 BSS: Business Support Systems Services) level 20 © NEC Corporation 2021Growth Global 5G Business Aim for 20% market share in the Open-RAN market in 2030, including expansion in the Japanese market from primarily a base station hardware provider to a full software and hardware solution provider. Mid-term targets Establishment of Open-RAN vendor position in overseas market ~ 2022 *1 (Billions of Yen) ■ Globally deploy world-first commercial achievements from alliances with NTT 190.0 and Rakuten *3 *4 ■ RU reduces TCO significantly through small size, light weight, and low power consumption Phase 1 ■ Communication quality achieved through superior full digital Revenue beamforming technology and digital coordination technology between CAGR distributed antenna elements Adjusted 10% 35% Expansion of SW/service business segments and acquisition of OP ratio *1 ~ 2025 41.7 profit sources *5 ■ Shift profit focus from HW to SW licensing by incorporating E2E Open-RAN *6 *7 solutions , BSS and applications FY2020 FY2025 ■ Private 5G aims to improve profits by providing service-based solutions to Phase 2 *1 Netcracker is not included achieve high profits and recurring revenue *2 *2 Excluding strategic expenses, Profit -31% *3 RU: Radio Unit *4 TCO: Total Cost of Ownership *5 E2E: End to End ratio above segment(Network *6 RU, CU/DU, Core, Orchestration/Operation Support Systems *7 BSS: Business Support Systems Services) level 20 © NEC Corporation 2021

Growth M&A Accomplishments and Future Direction *1 Continue to pursue M&A focused on areas of growth and aiming to generate global synergies M&A accomplishments before FY2010 (≥10B JPY) Recent M&A accomplishments (≥10B JPY) *2 *3 Year / Amount IRR Year / Amount EBITDA margin 20% 30.0% FY2005 FY2017 10% 20.0% 30.0B JPY 475M GBP 10.0% 0% 0.0% (a) (b) FY2017 FY2020 30.0% 20% FY2008 FY2018 20.0% 10% *4 10.0% 430M USD 8.0B DKK 0% 0.0% FY2018 FY2020 (a) (b) *1 Other than above 4 companies, 3 M&As were implemented from FY2005 (CSG, 2012, 227.5M AUD; A123, 2014, 100M USD; Avaloq, 2020, 2.05B CHF) *2 Year refers to first FY; amount refers to total *3 Reference value (a) excludes corporate value; reference value (b) includes corporate value (Computed from time of acquisition to present) *4 430M USD for Netcracker is only for its stock acquisition cost. IRR is computed by including loan from NEC to NC. 21 © NEC Corporation 2021Growth M&A Accomplishments and Future Direction *1 Continue to pursue M&A focused on areas of growth and aiming to generate global synergies M&A accomplishments before FY2010 (≥10B JPY) Recent M&A accomplishments (≥10B JPY) *2 *3 Year / Amount IRR Year / Amount EBITDA margin 20% 30.0% FY2005 FY2017 10% 20.0% 30.0B JPY 475M GBP 10.0% 0% 0.0% (a) (b) FY2017 FY2020 30.0% 20% FY2008 FY2018 20.0% 10% *4 10.0% 430M USD 8.0B DKK 0% 0.0% FY2018 FY2020 (a) (b) *1 Other than above 4 companies, 3 M&As were implemented from FY2005 (CSG, 2012, 227.5M AUD; A123, 2014, 100M USD; Avaloq, 2020, 2.05B CHF) *2 Year refers to first FY; amount refers to total *3 Reference value (a) excludes corporate value; reference value (b) includes corporate value (Computed from time of acquisition to present) *4 430M USD for Netcracker is only for its stock acquisition cost. IRR is computed by including loan from NEC to NC. 21 © NEC Corporation 2021

Base Growth Japan IT Business/ Social Infrastructure Business ■ Transformation(DX) of Japan IT Business ■ Maintain and develop Social Infrastructure Business ■ Improve profitability of Base Businesses Adjusted Japan IT High, medium Social Infrastructure Core DX OP ratio profit Business Business Business FY2025 15.0% FY2025 Growth Core DX Business High, medium Low profit profit Business Business FY2020 FY2025 Transformation 5.0% Low profit High, medium profits Business Base FY2020 0 Low profits 1,000 2,000 3,000 Revenue Core DX FY2020 (Billions of Yen) -5.0% *The size of the bubble is the amount of adjusted operating income 22 © NEC Corporation 2021Base Growth Japan IT Business/ Social Infrastructure Business ■ Transformation(DX) of Japan IT Business ■ Maintain and develop Social Infrastructure Business ■ Improve profitability of Base Businesses Adjusted Japan IT High, medium Social Infrastructure Core DX OP ratio profit Business Business Business FY2025 15.0% FY2025 Growth Core DX Business High, medium Low profit profit Business Business FY2020 FY2025 Transformation 5.0% Low profit High, medium profits Business Base FY2020 0 Low profits 1,000 2,000 3,000 Revenue Core DX FY2020 (Billions of Yen) -5.0% *The size of the bubble is the amount of adjusted operating income 22 © NEC Corporation 2021

I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r Base Growth ■ Transformation of IT Business (DX) in Japan From Customized Vertical to Cross Industry solutions: Transform base business by leveraging Core DX Business Improve Japan IT business OP ratio from 8% to 13％ (FY2020→2025) Customized Vertical Solutions Cross Industry Solutions 4 New business opportunities (Social, enterprise transformation) Digital Infrastructure- Smart Cities collaborative mobility government Core DX Business • Individual SI 1 From consulting to delivery Transformation • NEC products 2 ICT Common Infrastructure Technologies and Offerings • Other company products * 3 Hybrid IT (Cloud/DC /On-Premises) • Technology * DC: Data Center Assets acquired by Engineering M&A R&D Inbound capability NPS/KMD/Avaloq 23 © NEC Corporation 2021I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r I In nd du us st tr ry y/ / c cu us st to om me er r Base Growth ■ Transformation of IT Business (DX) in Japan From Customized Vertical to Cross Industry solutions: Transform base business by leveraging Core DX Business Improve Japan IT business OP ratio from 8% to 13％ (FY2020→2025) Customized Vertical Solutions Cross Industry Solutions 4 New business opportunities (Social, enterprise transformation) Digital Infrastructure- Smart Cities collaborative mobility government Core DX Business • Individual SI 1 From consulting to delivery Transformation • NEC products 2 ICT Common Infrastructure Technologies and Offerings • Other company products * 3 Hybrid IT (Cloud/DC /On-Premises) • Technology * DC: Data Center Assets acquired by Engineering M&A R&D Inbound capability NPS/KMD/Avaloq 23 © NEC Corporation 2021

Base Growth ■ Transformation of IT Business (DX) in Japan Expand our value proposition through a comprehensive Core DX approach encompassing consulting to delivery 1 Business ■ Expanding value through the combination of ABeam's approximately 5,000 consultants and delivery capabilities Mid-term targets ■ Strengthen and expand internal consulting and DX human resources, (Billions of Yen) 570.0 including ABeam ■ Reach out to CxOs and end-user departments of customers Price strategy and gross profit improvement through Revenue *1 CAGR common ICT platform technologies and offerings 2 32% 13% Adjusted 141.0 OP ratio■ Create platforms (common ICT infrastructures) from NEC’s strong technologies that deliver both cost efficient and high margin solutions ■ Improve profitability by developing offerings and pricing based on value provision FY2020 FY2025 *1: Offering: Standardize the product and service configuration, overall price, contract, delivery, operation and maintenance services, proposal methods, etc. -3% necessary to solve customer’s issues 24 © NEC Corporation 2021Base Growth ■ Transformation of IT Business (DX) in Japan Expand our value proposition through a comprehensive Core DX approach encompassing consulting to delivery 1 Business ■ Expanding value through the combination of ABeam's approximately 5,000 consultants and delivery capabilities Mid-term targets ■ Strengthen and expand internal consulting and DX human resources, (Billions of Yen) 570.0 including ABeam ■ Reach out to CxOs and end-user departments of customers Price strategy and gross profit improvement through Revenue *1 CAGR common ICT platform technologies and offerings 2 32% 13% Adjusted 141.0 OP ratio■ Create platforms (common ICT infrastructures) from NEC’s strong technologies that deliver both cost efficient and high margin solutions ■ Improve profitability by developing offerings and pricing based on value provision FY2020 FY2025 *1: Offering: Standardize the product and service configuration, overall price, contract, delivery, operation and maintenance services, proposal methods, etc. -3% necessary to solve customer’s issues 24 © NEC Corporation 2021

Base Growth ■ Transformation of Japan IT Business (DX) Strengthen competitiveness through hybrid IT Core DX (cloud / DC/ On-Premises) alliances and in-house optimization 3 Business ■ Combine mega-cloud and NEC's cloud through global strategic collaboration with AWS (Amazon)/Azure (Microsoft) to strengthen multi-cloud provision Mid-term targets capability (Billions of Yen) 570.0 ■ Provide highly secure cloud through company-owned DC/cloud for digital government New business opportunities(Social, enterprise transformation) Revenue Expand the DX domain by leveraging the implementation 4 * CAGR capabilities of technology/policy linkage/E2E 32% 12% Adjusted ■ Digital government: Steady promotion of DX in national and local governments, 141.0 OP ratio accelerated by the creation of the Japan Digital Agency Expanding the provision of services from the citizen's perspective ■ Smart Cities: Data-driven based city management transformation FY2020 FY2025 ■ Infrastructure-collaborative mobility: Government policy coordination, roads with 5G-capable traffic signal management, and become a core of smart -3% cities * End to End 25 © NEC Corporation 2021Base Growth ■ Transformation of Japan IT Business (DX) Strengthen competitiveness through hybrid IT Core DX (cloud / DC/ On-Premises) alliances and in-house optimization 3 Business ■ Combine mega-cloud and NEC's cloud through global strategic collaboration with AWS (Amazon)/Azure (Microsoft) to strengthen multi-cloud provision Mid-term targets capability (Billions of Yen) 570.0 ■ Provide highly secure cloud through company-owned DC/cloud for digital government New business opportunities(Social, enterprise transformation) Revenue Expand the DX domain by leveraging the implementation 4 * CAGR capabilities of technology/policy linkage/E2E 32% 12% Adjusted ■ Digital government: Steady promotion of DX in national and local governments, 141.0 OP ratio accelerated by the creation of the Japan Digital Agency Expanding the provision of services from the citizen's perspective ■ Smart Cities: Data-driven based city management transformation FY2020 FY2025 ■ Infrastructure-collaborative mobility: Government policy coordination, roads with 5G-capable traffic signal management, and become a core of smart -3% cities * End to End 25 © NEC Corporation 2021

Base ■ Maintenance and Development of Social Infrastructure Business Maintain and develop deep domain knowledge based on long-term customer relationships and provide a full layer of value in sensing/NW/IT Co-create future concepts for customers based on domain knowledge of public infrastructure, space, defense, network, and other segments, and provide solutions over the long term as a partner in protecting the safety and security of social infrastructure Construct and operate mission-critical infrastructure by combining highly functional and absolutely reliable technologies that can withstand harsh environments Ensure continued technological capability and deploy strengths in cutting-edge technologies and development. Carry out role in continually creating sources of competitiveness. Network Security Robotics Highly efficient, highly available, Secure communication Highly accurate and stable and flexible communications technologies underpinning social operation and control infrastructures technologies Software-defined Laser Quantum Privacy-Preserving Drone/unmanned Air traffic radio communication Cryptography Data-Analytics aircraft control control 26 © NEC Corporation 2021Base ■ Maintenance and Development of Social Infrastructure Business Maintain and develop deep domain knowledge based on long-term customer relationships and provide a full layer of value in sensing/NW/IT Co-create future concepts for customers based on domain knowledge of public infrastructure, space, defense, network, and other segments, and provide solutions over the long term as a partner in protecting the safety and security of social infrastructure Construct and operate mission-critical infrastructure by combining highly functional and absolutely reliable technologies that can withstand harsh environments Ensure continued technological capability and deploy strengths in cutting-edge technologies and development. Carry out role in continually creating sources of competitiveness. Network Security Robotics Highly efficient, highly available, Secure communication Highly accurate and stable and flexible communications technologies underpinning social operation and control infrastructures technologies Software-defined Laser Quantum Privacy-Preserving Drone/unmanned Air traffic radio communication Cryptography Data-Analytics aircraft control control 26 © NEC Corporation 2021

Base ■ Improve Profitability of Base Business Maintain profitability above our competitors for our high- and medium-profit base businesses Improve profitability by establishing a monitoring system for low-profit businesses Adjusted Low-profit business monitoring system OP ratio High, medium profit Business FY2020 2H: 15.0% FY2025 ■ Setting hurdle rate S St tr ra at te eg gy y f fo or rm mu ul la at ti io on n ■ Formulation of turnaround plan Low profit 10.0% ■ Implementation of investments to carry Business High, medium FY2025 out plans I Im mp pl le em me en n profit Business ■ Review of business portfolio t ta at ti io on n,, FY2020 e ev va al lu ua at ti io on n 5.0% ■ Exit/resource allocation from under- Low profit performing business to key segments Business FY2020 R Re ea ap pi in ng g End of FY2025 o of f r re es su ul lt ts s 1,000 2,000 3,000 0 ■ Achievement of target levels Revenue (Billions of Yen) *The size of the bubble is the amount of adjusted operating income 27 © NEC Corporation 2021Base ■ Improve Profitability of Base Business Maintain profitability above our competitors for our high- and medium-profit base businesses Improve profitability by establishing a monitoring system for low-profit businesses Adjusted Low-profit business monitoring system OP ratio High, medium profit Business FY2020 2H: 15.0% FY2025 ■ Setting hurdle rate S St tr ra at te eg gy y f fo or rm mu ul la at ti io on n ■ Formulation of turnaround plan Low profit 10.0% ■ Implementation of investments to carry Business High, medium FY2025 out plans I Im mp pl le em me en n profit Business ■ Review of business portfolio t ta at ti io on n,, FY2020 e ev va al lu ua at ti io on n 5.0% ■ Exit/resource allocation from under- Low profit performing business to key segments Business FY2020 R Re ea ap pi in ng g End of FY2025 o of f r re es su ul lt ts s 1,000 2,000 3,000 0 ■ Achievement of target levels Revenue (Billions of Yen) *The size of the bubble is the amount of adjusted operating income 27 © NEC Corporation 2021

Growth Creation of future growth businesses Create growth businesses that will realize the NEC 2030VISION with strong technologies and inbound innovation Accelerate business development through fusion of R&D and NEC 2030VISION business development Disruptive technologies Unique technologies that could disrupt current business models (Privacy- Life Preserving Data-Analytics) Defense technologies (Quantum Cryptography, Laser communication, etc.) Inbound Innovation Society Overseas business models and industry-specific knowhow Collaboration with advanced customers, research institutions, and venture capital New business development knowhow Environment dotData, AI-based drug discovery, and other new business development achievements *1 Business development methods utilizing internal and external capital *1 Carve-out, M&A, spin-in/spin-out, crowdfunding,. Exploration of Implementation areas 28 © NEC Corporation 2021Growth Creation of future growth businesses Create growth businesses that will realize the NEC 2030VISION with strong technologies and inbound innovation Accelerate business development through fusion of R&D and NEC 2030VISION business development Disruptive technologies Unique technologies that could disrupt current business models (Privacy- Life Preserving Data-Analytics) Defense technologies (Quantum Cryptography, Laser communication, etc.) Inbound Innovation Society Overseas business models and industry-specific knowhow Collaboration with advanced customers, research institutions, and venture capital New business development knowhow Environment dotData, AI-based drug discovery, and other new business development achievements *1 Business development methods utilizing internal and external capital *1 Carve-out, M&A, spin-in/spin-out, crowdfunding,. Exploration of Implementation areas 28 © NEC Corporation 2021

Bringing people together and filling each day with inspiration Future Growth Aimed at Social Value Creation: Healthcare and Life Science Leverage AI and other strong technologies to expand our healthcare and life science business segment including advanced personalized therapies, integrated hospital services, and life support solutions *1 FY2030 NEC Healthcare Business Value: 500.0 billion Yen Living life to the fullest AI-based analysis of Deliver healthcare Electronic medical endoscopic images records and tailored to people’s Sales launch in ・Overcome diseases ・Lack for want ordering system Japan and Europe health conditions ・Prevent illness ・Mental and physical wellness Monitoring and Visualization of provision of advice health conditions Draw close to each based on gait Healthcare industry and disease risks conditions from person’s daily life from minimal blood insoles equipped *2 with gait analysis protein 33.0 trillion Yen Support personalized Start of clinical trials *2 SOURCE: Future Direction of the Next Generation Healthcare Design of vaccines on personalized against novel Industry Council (published by the Ministry of Economy, healthcare with neoantigen vaccines in coronavirus Trade and Industry, 2018) 2019 Market size is an estimate of the Japan market in 2025 science *1 Calculated using both the comparable company method and the DCF method based on a target for 2030 (sales revenue of 100.0 billion yen). 29 © NEC Corporation 2021Bringing people together and filling each day with inspiration Future Growth Aimed at Social Value Creation: Healthcare and Life Science Leverage AI and other strong technologies to expand our healthcare and life science business segment including advanced personalized therapies, integrated hospital services, and life support solutions *1 FY2030 NEC Healthcare Business Value: 500.0 billion Yen Living life to the fullest AI-based analysis of Deliver healthcare Electronic medical endoscopic images records and tailored to people’s Sales launch in ・Overcome diseases ・Lack for want ordering system Japan and Europe health conditions ・Prevent illness ・Mental and physical wellness Monitoring and Visualization of provision of advice health conditions Draw close to each based on gait Healthcare industry and disease risks conditions from person’s daily life from minimal blood insoles equipped *2 with gait analysis protein 33.0 trillion Yen Support personalized Start of clinical trials *2 SOURCE: Future Direction of the Next Generation Healthcare Design of vaccines on personalized against novel Industry Council (published by the Ministry of Economy, healthcare with neoantigen vaccines in coronavirus Trade and Industry, 2018) 2019 Market size is an estimate of the Japan market in 2025 science *1 Calculated using both the comparable company method and the DCF method based on a target for 2030 (sales revenue of 100.0 billion yen). 29 © NEC Corporation 2021

Living harmoniously with the earth to secure the future Future Growth Aimed at Social Value Creation: Carbon-Neutrality-Related Business Foreseen expansion in power demands due to uptake of EV/all-electric housing towards achieving carbon neutrality; Realize efficiency and optimization by market-matching of surplus power generated from renewable energy Contribution to Resource aggregation business Expansion of business FY2025 Business Scale 12.0 billion Yen decarbonized society Power companies NEC HQ De-carbonization ・Uptake of renewable energy （Distributors） management solutions ・Improvement of resource Self-consignment Adjusting Surplus productivity of industrial sector Price capacity Power supply Circular economy CO2 reduction economic Regulated supply and demand market Energy management * Price effect: 90.0 trillion Yen Aggregation （To open in FY2021） service NEC business * Source: From Green Growth Strategy for Carbon Neutrality Locations NEC Group in 2050 (Ministry of Economy, Trade and Industry, published Surplus companies in 2020) power supply Market size is an estimate of the Japan market in 2030 30 © NEC Corporation 2021Living harmoniously with the earth to secure the future Future Growth Aimed at Social Value Creation: Carbon-Neutrality-Related Business Foreseen expansion in power demands due to uptake of EV/all-electric housing towards achieving carbon neutrality; Realize efficiency and optimization by market-matching of surplus power generated from renewable energy Contribution to Resource aggregation business Expansion of business FY2025 Business Scale 12.0 billion Yen decarbonized society Power companies NEC HQ De-carbonization ・Uptake of renewable energy （Distributors） management solutions ・Improvement of resource Self-consignment Adjusting Surplus productivity of industrial sector Price capacity Power supply Circular economy CO2 reduction economic Regulated supply and demand market Energy management * Price effect: 90.0 trillion Yen Aggregation （To open in FY2021） service NEC business * Source: From Green Growth Strategy for Carbon Neutrality Locations NEC Group in 2050 (Ministry of Economy, Trade and Industry, published Surplus companies in 2020) power supply Market size is an estimate of the Japan market in 2030 30 © NEC Corporation 2021

Financial Strategy (“Maximizing long-term profit” and “Optimizing short-term profit”) Use continuously generated cash flow to fund sustainable growth and enhance corporate value through optimal capital allocation and by building robust financial and non-financial measurement methodologies Shift from P/L management to management that also emphasizes capital efficiency ・Achieve investment returns beyond the market expectations (capital cost) Augment growth ・Continue activities to improve capital efficiency, such as CCC compression and reduction strategies of cross-shareholdings Capital allocation focusing on business growth Building of robust financial and non-financial measurement Respond to changing methodologies aimed at sustainable growth business environments ・Maintain investment capability to respond to global competitors without missing out on ・Reinforce non-financial measurement methodologies to underpin sustainable growth of opportunities the company and society 32 © NEC Corporation 2021Financial Strategy (“Maximizing long-term profit” and “Optimizing short-term profit”) Use continuously generated cash flow to fund sustainable growth and enhance corporate value through optimal capital allocation and by building robust financial and non-financial measurement methodologies Shift from P/L management to management that also emphasizes capital efficiency ・Achieve investment returns beyond the market expectations (capital cost) Augment growth ・Continue activities to improve capital efficiency, such as CCC compression and reduction strategies of cross-shareholdings Capital allocation focusing on business growth Building of robust financial and non-financial measurement Respond to changing methodologies aimed at sustainable growth business environments ・Maintain investment capability to respond to global competitors without missing out on ・Reinforce non-financial measurement methodologies to underpin sustainable growth of opportunities the company and society 32 © NEC Corporation 2021

Profit Cycle and Capital Allocation Balance business growth in response to market expectations with maintenance and improvement of financial soundness, and enhance corporate value through cycling of profits Continue stable, long-term dividends Sustained EBITDA growth (CAGR ９%) Shareholder returns - Ensure returns from (Average payout ratio ca. 30%) proactive expense management Financial soundness Increase rating level Operating CF Manage CCC along with growth Underpin stable growth Base 1.3 trillion ・Improve profitability of base business investments * Yen ・Business infrastructure development / human resource investment Investment pool that takes capital Growth Optimization of portfolio assets efficiency into consideration including sale of cross-shareholdings Investment CF investments ・Digital government / Digital finance (in principle, to zero) Financial CF ・Global 5G Use of leverage within the scope ・Japan IT business (core DX) , etc. of maintaining financial Revenues Expenditures soundness * FY2021-2025 total 33 © NEC Corporation 2021Profit Cycle and Capital Allocation Balance business growth in response to market expectations with maintenance and improvement of financial soundness, and enhance corporate value through cycling of profits Continue stable, long-term dividends Sustained EBITDA growth (CAGR ９%) Shareholder returns - Ensure returns from (Average payout ratio ca. 30%) proactive expense management Financial soundness Increase rating level Operating CF Manage CCC along with growth Underpin stable growth Base 1.3 trillion ・Improve profitability of base business investments * Yen ・Business infrastructure development / human resource investment Investment pool that takes capital Growth Optimization of portfolio assets efficiency into consideration including sale of cross-shareholdings Investment CF investments ・Digital government / Digital finance (in principle, to zero) Financial CF ・Global 5G Use of leverage within the scope ・Japan IT business (core DX) , etc. of maintaining financial Revenues Expenditures soundness * FY2021-2025 total 33 © NEC Corporation 2021

Reform profit structure by aggressively investing strategic expenses Measure and manage cost-effectiveness of proactive investments of strategic funds in growth strategies and management foundation reforms to achieve substantial progress in FY2025 Strategic expense Quantitative Strategic expenses and expected FY2025 Mid-term Management increase FY2021 effects FY2025 Expected effects effects (Compared to FY2020) (Billions of Yen) (Billions of Yen) Plan Period Scenario Development DG/DF：Restructuring of business foundation 9.5 expenses including 3 acquired companies Net Adjusted OP Adjusted Operating Profit Growth 5G：Service domain expansion/Open-RAN 120.0 Global 300.0 billion Yen business market formation structure 7.5 increase reinforcement Core DX：Business model transformation/ Common ICT platform development Capturing of replacement demand from Base business 5.0 - existing customers *Without Infrastructure: Business infrastructure Net Adjusted OP Business process/IT establishment development/ Human 8.0 20.0 Human resources: DX personnel reinforcement, resource investment increase FY2020 FY2022 FY2025 training of next-generation leaders ▼▼▼ SGA reduction Selection and concentration of overseas Seed-sowing 2.0 Structural reforms Harvesting phase base functions 1.5 /year phase Also, additional CapEx investments of 12.5 billion Yen for the above * Without finding new customers/opportunities (“seed-sowing”) 32.0 (Levels are tentative) 34 © NEC Corporation 2021Reform profit structure by aggressively investing strategic expenses Measure and manage cost-effectiveness of proactive investments of strategic funds in growth strategies and management foundation reforms to achieve substantial progress in FY2025 Strategic expense Quantitative Strategic expenses and expected FY2025 Mid-term Management increase FY2021 effects FY2025 Expected effects effects (Compared to FY2020) (Billions of Yen) (Billions of Yen) Plan Period Scenario Development DG/DF：Restructuring of business foundation 9.5 expenses including 3 acquired companies Net Adjusted OP Adjusted Operating Profit Growth 5G：Service domain expansion/Open-RAN 120.0 Global 300.0 billion Yen business market formation structure 7.5 increase reinforcement Core DX：Business model transformation/ Common ICT platform development Capturing of replacement demand from Base business 5.0 - existing customers *Without Infrastructure: Business infrastructure Net Adjusted OP Business process/IT establishment development/ Human 8.0 20.0 Human resources: DX personnel reinforcement, resource investment increase FY2020 FY2022 FY2025 training of next-generation leaders ▼▼▼ SGA reduction Selection and concentration of overseas Seed-sowing 2.0 Structural reforms Harvesting phase base functions 1.5 /year phase Also, additional CapEx investments of 12.5 billion Yen for the above * Without finding new customers/opportunities (“seed-sowing”) 32.0 (Levels are tentative) 34 © NEC Corporation 2021

Reinforce non-financial measurement methodologies to underpin sustainable growth of company and society Continuously incorporate ESG indexes as indicators of risk minimization and value maximization initiatives Key Theme (Materiality) Main initiatives FY2025 KPI *2 1. Acceleration of environmental 1. 33.6％ reduction management towards achievement of (Compared to FY2017) Climate change *1 SBT 1.5 degrees by 2030 (De-carbonization) E 2. Contribution to CO2 reduction through customer DX 1. Doubling of internationally 1. Development of human resources in advanced Security certified personnel security to handle social infrastructure 2. Incorporated initiatives AI & human rights 2. AI provision and utilization prioritizing respect S based on the AI and Human for human rights Diverse human resources Rights Principles 1. Further improvement of transparency of 2. Suppliers agreeing to Corporate governance corporate governance *3 procurement guidelines: 75% Supply chain sustainability 2. Strengthening of collaboration with suppliers 3. No. of serious incidents: 0 from a human rights/environmental perspective G Compliance 3. Eradication of serious compliance incidents *1 Science-based target *2 Scope 1, 2 *3 Ratio based on procurement amount 35 © NEC Corporation 2021Reinforce non-financial measurement methodologies to underpin sustainable growth of company and society Continuously incorporate ESG indexes as indicators of risk minimization and value maximization initiatives Key Theme (Materiality) Main initiatives FY2025 KPI *2 1. Acceleration of environmental 1. 33.6％ reduction management towards achievement of (Compared to FY2017) Climate change *1 SBT 1.5 degrees by 2030 (De-carbonization) E 2. Contribution to CO2 reduction through customer DX 1. Doubling of internationally 1. Development of human resources in advanced Security certified personnel security to handle social infrastructure 2. Incorporated initiatives AI & human rights 2. AI provision and utilization prioritizing respect S based on the AI and Human for human rights Diverse human resources Rights Principles 1. Further improvement of transparency of 2. Suppliers agreeing to Corporate governance corporate governance *3 procurement guidelines: 75% Supply chain sustainability 2. Strengthening of collaboration with suppliers 3. No. of serious incidents: 0 from a human rights/environmental perspective G Compliance 3. Eradication of serious compliance incidents *1 Science-based target *2 Scope 1, 2 *3 Ratio based on procurement amount 35 © NEC Corporation 2021

Transformation of Culture and how we work Transformation to a company that pursues innovation and brings together diverse and talented people under the NEC Way (common values) “Employer of Choice” Engagement Score 50% * (FY2020 25%) FY2025 Target Transformation Establishment of Creating a shared vision for of people and business 1 2 3 a brighter future culture infrastructure *Based on the Kincentric Survey of a 50% score which is a Tier 1 Level and in the Global top 25 Percentile 37 © NEC Corporation 2021Transformation of Culture and how we work Transformation to a company that pursues innovation and brings together diverse and talented people under the NEC Way (common values) “Employer of Choice” Engagement Score 50% * (FY2020 25%) FY2025 Target Transformation Establishment of Creating a shared vision for of people and business 1 2 3 a brighter future culture infrastructure *Based on the Kincentric Survey of a 50% score which is a Tier 1 Level and in the Global top 25 Percentile 37 © NEC Corporation 2021

Transformation Bolster diversity as the source of innovation and of People and implement workstyle reforms supporting diverse 1 Culture talents A Ac ct ti iv ve e p pa ar rt ti ic ci ip pa at ti io on n o of f d di iv ve er rs se e t ta al le en nt ts s R Re ef fo or rm m o of f w wo or rk ks st ty yl le e m mi in nd ds se et t Transforming Office Space to Communication/collaboration Space 20%* 20%* Location-free Office Women/ Women Productivity improvement Communication hub Non- Japanese managers Officers NEC Digital Workplace Co-creation Space FY2025 Target Creation of innovations * Target values are for NEC HQ alone R Ri ig gh ht t p pe er rs so on n,, r ri ig gh ht t t ti im mi in ng g,, r ri ig gh ht t r ro ol le e T Ta al le en nt t m ma an na ag ge em me en nt t Leadership development, Functional Excellence talent development (esp. DX) 38 © NEC Corporation 2021Transformation Bolster diversity as the source of innovation and of People and implement workstyle reforms supporting diverse 1 Culture talents A Ac ct ti iv ve e p pa ar rt ti ic ci ip pa at ti io on n o of f d di iv ve er rs se e t ta al le en nt ts s R Re ef fo or rm m o of f w wo or rk ks st ty yl le e m mi in nd ds se et t Transforming Office Space to Communication/collaboration Space 20%* 20%* Location-free Office Women/ Women Productivity improvement Communication hub Non- Japanese managers Officers NEC Digital Workplace Co-creation Space FY2025 Target Creation of innovations * Target values are for NEC HQ alone R Ri ig gh ht t p pe er rs so on n,, r ri ig gh ht t t ti im mi in ng g,, r ri ig gh ht t r ro ol le e T Ta al le en nt t m ma an na ag ge em me en nt t Leadership development, Functional Excellence talent development (esp. DX) 38 © NEC Corporation 2021

Create a Transformation Office directly under the CEO that Establishment of establishes a new foundation for how we work and generates Business competitiveness 2 Infrastructure Reforms in 3 domains: business process, systems, and IT M Ma aj jo or r i in ni it ti ia at ti iv ve es s t to o d da at te e I In ni it ti ia at ti iv ve es s u un nd de er r t th he e n ne ew w M MT TP P ・Start of work-from-home (IT+ systems) 2000～ Cloud transition of company-wide mission- ・Unification of in-house mission- critical systems critical systems (HR, procurement, etc.） 2008～・Shift to shared services for corporate Integrated redesign of processes, systems, staff operations and IT 2014～・Simplification and digitalization of approval process Enhancement of data-driven management 2015～ (AI utilization, data structure optimization) ・Smart Work (IT+ systems) 2019～ 39 © NEC Corporation 2021Create a Transformation Office directly under the CEO that Establishment of establishes a new foundation for how we work and generates Business competitiveness 2 Infrastructure Reforms in 3 domains: business process, systems, and IT M Ma aj jo or r i in ni it ti ia at ti iv ve es s t to o d da at te e I In ni it ti ia at ti iv ve es s u un nd de er r t th he e n ne ew w M MT TP P ・Start of work-from-home (IT+ systems) 2000～ Cloud transition of company-wide mission- ・Unification of in-house mission- critical systems critical systems (HR, procurement, etc.） 2008～・Shift to shared services for corporate Integrated redesign of processes, systems, staff operations and IT 2014～・Simplification and digitalization of approval process Enhancement of data-driven management 2015～ (AI utilization, data structure optimization) ・Smart Work (IT+ systems) 2019～ 39 © NEC Corporation 2021

Creating shared vision for brighter Dissemination of the future vision for society as a future with our market leader and creation of new customer value 3 customers F Fu ul ll l- -s sc ca al le e l la au un nc ch h o of f T Th ho ou ug gh ht t L Le ea ad de er rs sh hi ip p a ac ct ti iv vi it ti ie es s Refine our future vision based on social/market insights Dissemination of social system innovations Strengthen general research capability and collaborate with other thought leaders 40 © NEC Corporation 2021Creating shared vision for brighter Dissemination of the future vision for society as a future with our market leader and creation of new customer value 3 customers F Fu ul ll l- -s sc ca al le e l la au un nc ch h o of f T Th ho ou ug gh ht t L Le ea ad de er rs sh hi ip p a ac ct ti iv vi it ti ie es s Refine our future vision based on social/market insights Dissemination of social system innovations Strengthen general research capability and collaborate with other thought leaders 40 © NEC Corporation 2021

Purpose Strategy Culture EBITDA Growth Rate Annual Average: 9% Engagement Score: 50% NEC’s Growth Model Transformation of people and culture Maximizing long-term profit“ Establishment of business infrastructure and Optimizing short-term profit Creating shared vision for brighter future with Non-financial measurement methodologies to customers underpin sustainable growth 42 © NEC Corporation 2021Purpose Strategy Culture EBITDA Growth Rate Annual Average: 9% Engagement Score: 50% NEC’s Growth Model Transformation of people and culture Maximizing long-term profit“ Establishment of business infrastructure and Optimizing short-term profit Creating shared vision for brighter future with Non-financial measurement methodologies to customers underpin sustainable growth 42 © NEC Corporation 2021

Cautionary Statement with Respect to Forward-Looking Statements <Cautionary Statement with Respect to financial statements as of and for the fiscal year ended March 31, 2021 Statements> As of the date of this material, audit on our financial statements as of and for the fiscal year ended March 31, 2021 in accordance with the Financial Instruments and Exchange Act has not been completed, and the financial information as of and for such fiscal year included herein is so unaudited. <Cautionary Statement with Respect to Forward-Looking Statements> This material contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the NEC Group (the forward-looking statements ). The forward-looking statements are made based on information currently available to the Company and certain assumptions considered reasonable as of the date of this material. These determinations and assumptions are inherently subjective and uncertain. These forward-looking statements are not guarantees of future performance, and actual operating results may differ substantially due to a number of factors. The factors that may influence the operating results include, but are not limited to, the following: ・ adverse economic conditions in Japan or internationally; ・ foreign currency exchange and interest rate risks; ・ changes in the markets in which the NEC Group operates; ・ the recent outbreak of the novel coronavirus; ・ potential inability to achieve the goals in the NEC Group's medium-term management plan; ・ fluctuations in the NEC Group's revenue and profitability from period to period; ・ difficulty achieving the benefits expected from acquisitions, business combinations and reorganizations; ・ potential deterioration in the NEC Group's relationships with strategic partners or problems relating to their products or services; ・ difficulty achieving the NEC Group's growth strategies outside Japan; ・ potential inability to keep pace with rapid technological advancements in the NEC Group's industry and to commercialize new technologies; ・ intense competition in the markets in which the NEC Group operates; ・ risks relating to the NEC Group's concentrated customer base; ・ difficulties with respect to new businesses; ・ potential failures in the products and services the NEC Group provides; ・ potential failure to procure components, equipment or other supplies; ・ difficulties protecting the NEC Group's intellectual property rights; ・ potential inability to obtain certain intellectual property licenses; ・ the NEC Group's customers may encounter financial difficulties; ・ difficulty attracting, hiring and retaining skilled personnel; ・ difficulty obtaining additional financing to meet the NEC Group's funding needs; ・ potential failure of internal controls; ・ potentially costly and time-consuming legal proceedings; ・ risks related to regulatory change and uncertainty; ・ risks related to environmental laws and regulations; ・ information security and data protection concerns and restrictions; ・ potential changes in effective tax rates or deferred tax assets, or adverse tax examinations; ・ risks related to corporate governance and social responsibility requirements; ・ risks related to natural disasters, public health issues, armed hostilities and terrorism; ・ risks related to the NEC Group's pension assets and defined benefit obligations; and ・ risks related to impairment losses with regard to goodwill. The forward-looking statements contained in this material are based on information that NEC possesses as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for NEC to predict the occurrence of these events or how they may affect the NEC Group. NEC does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Note: In this presentation, the accounting periods of the fiscal years for March 31, 2021 and 2026 were referred to FY2020 , FY2025 respectively. Any other fiscal years would be referred similarly. 43 © NEC Corporation 2021Cautionary Statement with Respect to Forward-Looking Statements <Cautionary Statement with Respect to financial statements as of and for the fiscal year ended March 31, 2021 Statements> As of the date of this material, audit on our financial statements as of and for the fiscal year ended March 31, 2021 in accordance with the Financial Instruments and Exchange Act has not been completed, and the financial information as of and for such fiscal year included herein is so unaudited. <Cautionary Statement with Respect to Forward-Looking Statements> This material contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the NEC Group (the forward-looking statements ). The forward-looking statements are made based on information currently available to the Company and certain assumptions considered reasonable as of the date of this material. These determinations and assumptions are inherently subjective and uncertain. These forward-looking statements are not guarantees of future performance, and actual operating results may differ substantially due to a number of factors. The factors that may influence the operating results include, but are not limited to, the following: ・ adverse economic conditions in Japan or internationally; ・ foreign currency exchange and interest rate risks; ・ changes in the markets in which the NEC Group operates; ・ the recent outbreak of the novel coronavirus; ・ potential inability to achieve the goals in the NEC Group's medium-term management plan; ・ fluctuations in the NEC Group's revenue and profitability from period to period; ・ difficulty achieving the benefits expected from acquisitions, business combinations and reorganizations; ・ potential deterioration in the NEC Group's relationships with strategic partners or problems relating to their products or services; ・ difficulty achieving the NEC Group's growth strategies outside Japan; ・ potential inability to keep pace with rapid technological advancements in the NEC Group's industry and to commercialize new technologies; ・ intense competition in the markets in which the NEC Group operates; ・ risks relating to the NEC Group's concentrated customer base; ・ difficulties with respect to new businesses; ・ potential failures in the products and services the NEC Group provides; ・ potential failure to procure components, equipment or other supplies; ・ difficulties protecting the NEC Group's intellectual property rights; ・ potential inability to obtain certain intellectual property licenses; ・ the NEC Group's customers may encounter financial difficulties; ・ difficulty attracting, hiring and retaining skilled personnel; ・ difficulty obtaining additional financing to meet the NEC Group's funding needs; ・ potential failure of internal controls; ・ potentially costly and time-consuming legal proceedings; ・ risks related to regulatory change and uncertainty; ・ risks related to environmental laws and regulations; ・ information security and data protection concerns and restrictions; ・ potential changes in effective tax rates or deferred tax assets, or adverse tax examinations; ・ risks related to corporate governance and social responsibility requirements; ・ risks related to natural disasters, public health issues, armed hostilities and terrorism; ・ risks related to the NEC Group's pension assets and defined benefit obligations; and ・ risks related to impairment losses with regard to goodwill. The forward-looking statements contained in this material are based on information that NEC possesses as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for NEC to predict the occurrence of these events or how they may affect the NEC Group. NEC does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Note: In this presentation, the accounting periods of the fiscal years for March 31, 2021 and 2026 were referred to FY2020 , FY2025 respectively. Any other fiscal years would be referred similarly. 43 © NEC Corporation 2021

AppendixAppendix

Growth Business Reference Information: Segment Information u Relationship of targets and growth businesses in FY2020 by segment Public Network Global Public Enterprise Others Infrastructure Solutions Services Business About About About About CAGR from FY2020 to FY2025 Flat 0%~1% 1%~5% 3%~8% 4%~6% FY2025 Targets: About About About About About Estimated Adjusted OP ratio 10% 10% 13% 10% 11% Digital Government/ X X X X Digital Finance Global 5G X IT business transformation X X X X in Japan Future growth business X creation 46 © NEC Corporation 2021Growth Business Reference Information: Segment Information u Relationship of targets and growth businesses in FY2020 by segment Public Network Global Public Enterprise Others Infrastructure Solutions Services Business About About About About CAGR from FY2020 to FY2025 Flat 0%~1% 1%~5% 3%~8% 4%~6% FY2025 Targets: About About About About About Estimated Adjusted OP ratio 10% 10% 13% 10% 11% Digital Government/ X X X X Digital Finance Global 5G X IT business transformation X X X X in Japan Future growth business X creation 46 © NEC Corporation 2021

Results of stockholder returns: NEC’s stock price vs TOPIX NEC TOPIX 250 NEC：+106% 200 150 TOPIX：+5% 100 50 0 47 © NEC Corporation 2021Results of stockholder returns: NEC’s stock price vs TOPIX NEC TOPIX 250 NEC：+106% 200 150 TOPIX：+5% 100 50 0 47 © NEC Corporation 2021

Track Record of Business Portfolio Transformation n Acquisition of key segments 2018/2 2019/2 2019/7 2020/12 n Northgaten KMDn Oncolmmunityn Avaloq Public Services 2018 2019 2020 2019/3 2019/4 2020/6 n Lithium-ion Battery Businessn Lighting Business p Storage Battery (NEC Energy Devices, Ltd.) (NEC Lighting, Ltd.) Business (NEC Energy Solutions Inc.) 2020/6 n Optical Business (Showa Optronics Co., Ltd.) n Sale/withdrawal of underperforming business (Completed) 2020/11 n Display Business p Sale/withdrawal of underperforming (NEC Display Solutions, Ltd.) business (Planned) 48 © NEC Corporation 2021Track Record of Business Portfolio Transformation n Acquisition of key segments 2018/2 2019/2 2019/7 2020/12 n Northgaten KMDn Oncolmmunityn Avaloq Public Services 2018 2019 2020 2019/3 2019/4 2020/6 n Lithium-ion Battery Businessn Lighting Business p Storage Battery (NEC Energy Devices, Ltd.) (NEC Lighting, Ltd.) Business (NEC Energy Solutions Inc.) 2020/6 n Optical Business (Showa Optronics Co., Ltd.) n Sale/withdrawal of underperforming business (Completed) 2020/11 n Display Business p Sale/withdrawal of underperforming (NEC Display Solutions, Ltd.) business (Planned) 48 © NEC Corporation 2021

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