Mitsubishi Logisnext : ”Financial Results for FY2023" has been posted.

FY2023 Financial Results

(April 1 ,2023 to March 31,2024)

Broad-line provider of logistics equipment headquartered

in Kyoto, Japan.

L o g i s n e x t s o l u t i o n s a r e s u p p o r t i n g l o g i s t i c a l

o p e r a t i o n s t h r o u g h o u t t h e w o r l d .

May 29, 2024

Mitsubishi Logisnext Co., Ltd.

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2023

Summary of Financial Results

Takatoshi Uno

Director, Senior Executive Officer

CFO

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

1. Key Points in FY2023 Results

Forklift

Market

Conditions

Status of

Mitsubishi

Logisnext

• The domestic market remained firm at pre-COVID-19 levels.
• Overseas, demand immediately decreased in reaction to the temporary special demand after COVID-19, but is currently recovering.
• Competition is intensifying due to the entry of Li-ion battery (LiB) equipped models from China.
• All numerical targets specified in the previous "LS23" medium-term management plan were achieved and net sales and profits reached record levels.
• Lengthening lead times were shortened to nearly appropriate levels through production improvements. The order backlog has not yet reached an appropriate level only in the U.S., where there was a 9-month backlog at the end of March 2024.

Performance

Overview

• Net sales increased by 14.0% YoY due to the expanded effects of price optimization in Japan and overseas and the contribution of the impact of yen depreciation.
• Operating profit before amortization of goodwill increased 111.5% YoY due to the contribution of accelerating shipments in the Americas and the expanded effects of price optimization in Japan and overseas.

Net Sales

701.7 B yen

YoY +14.0%

Operating Profit*

52.8 B yen

YoY +111.5%

Profit Attributable to Owners of Parent

27.5 B yen

YoY +298.0%

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

* Operating profit before amortization of goodwill 3

2. Review of the "LS23" Medium-Term Plan

"Logisnext Solutions 2023" Medium-Term Management Plan (abbreviated "LS23")

Build up Business	Accelerate Growth
Resilience	Strategy

Further Develop

Global and

Regional Branding Strategies

Net sales of 500 billion yen

Operating profit* of 30 billion yen and operating profit margin* of 6%

(*before amortization of goodwill)

Capital adequacy ratio of 20% or more

• Net sales already achieved in FY22.
• Operating profit, operating profit margin, and capital adequacy ratio achieved in FY23.

Unit: Hundred million yen		Already			7,017
			Achieved
			6,154			Achieved
	Net Sales					7.5%
	4,654				Achieved
						Achieved
		Operating		4.1%	22.0%
		Profit Margin
					528
		2.8%
Capital	15.6%	Operating Profit	15.9%	249
Adequacy
Ratio		130
	FY2021	FY2022	"LS23"	FY2023	4

3. Financial Highlights

		Unit: Hundred million yen
FY22	FY23	YoY Change

Net Sales	6,154.2	7,017.7	+863.4	+14.0％
Operating Profit	249.9	528.7	+278.8	+111.5％
(Before amortization of goodwill)	(4.1％)	(7.5％)
(Operating profit margin)
Amortization of	102.8	102.7	―	―
Goodwill
Operating Profit	147.0	426.0	+278.9	+189.6%
(Operating profit margin)	(2.4％)	(6.1％)
Ordinary Profit	116.4	374.7	+258.3	+221.8%
(Ordinary profit margin)	(1.9％)	(5.3％)
Profit Attributable to	69.1	275.2	+206.0	+298.0%
Owners of Parent
(1.1％)	(3.9％)
(Net income margin)
Capital Adequacy	15.9%	22.0%
Ratio
ROE	10.0%	28.6%
FX rates
USD	135.47 yen	144.62 yen
EUR	140.97 yen	156.80 yen
CNY	19.75 yen	20.14 yen
				5
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

4. Business Results by Segment

Net Sales

• Net sales increased by 14.0% YoY due to the expanded effects of price optimization in Japan and overseas.
• The impact of yen depreciation was also a tailwind.

Unit:	Japan Overseas	FY23 Sales by Region
Hundred million yen
		China&
8,000				Increased 7,017.7
		6,154.2	Europe Asia
7,000			+863.4
6,000				(+14.0％)	15.0％	5.2％	Japan
5,000					(16.8％)	(6.4％)	27.1％
			5,113.2
4,000			4,390.9			(28.7％)
3,000
2,000					Americas
1,000			1,763.2	1,904.4
			52.7％
0
		FY22	FY23		(48.1％)

() = the same period last year

Operating Profit*

• Operating profit increased by 111.5% YoY due to the expanded effects of price optimization, the settling of increase in marine transportation costs, and the impact of yen depreciation.

Unit:	Japan Overseas	FY23 Operating Profit by Segment
Hundred million yen

600			Increased	528.7	Japan
500
		+278.8
				18.7％
400			(+111.5％)
	249.9	429.7	(21.4％)
300
		Overseas
200		196.5
100				81.3%
	53.4		99.0	(78.6％)
0

* Operating profit before	FY22	FY23
amortization of goodwill		() = the same period last year
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.	6

5. Net Sales by Region (including FX impacts)

		Japan
(Unit: Hundred million yen)	Increased 1,904.4
2,000	1,763.2
	+141.1
1,500		(+8.0％)
		975.5
	960.0
1,000
500	803.2		928.8
0
	FY22		FY23
		1H	2H

			Europe
(Unit: Hundred million yen)		FX impact
			Increased	98.8
1,500
		+18.6	1,052.6
1,033.9	(+1.8％)
1,000

546.9543.1

500

486.9509.5

0

FY22

FY23

1H 2H

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

		Americas	FX impact
(Unit: Hundred million yen)				234.0
	Increased	3,698.6
4,000
2,960.7		+737.9
3,000	(+24.9％)
			1,887.7
2,000	1,652.3
1,000	1,308.4			1,810.9
0
	FY22			FY23
		1H	2H
		China & Asia	FX impact
(Unit: Hundred million yen)
		3.2
	396.2	Decreased	361.9
400
		-34.2
300	198.8		(-8.6％)
		173.5
200
100	197.3			188.4
0
	FY22			FY23
		1H	2H
				7

6. Net Sales - FY2022 vs FY2023

◼ Japan:	Net sales increased due to steady orders, the resolution of component shortages,
	and the effects of price optimization.

• Overseas: Net sales increased due to the expanded effects of price optimization in line with an increase in units sold in the Americas. In contrast, net sales decreased in Europe

and China & Asia regions due to worsening market conditions.

(Unit: Hundred million yen)

Americas

FX	Japan	+503.9	-80.1		-37.4
Europe
	China &
impacts	+141.1
				Asia

+336.0

7,017.7

6,154.2	Net Sales increased
	by 863 (+14.0%)

FY22

FY23

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

8

7. Operating Profit* - FY2022 vs FY2023

• Material costs remained high in Japan. Expenses increased due to inflationary effects, such as a rise in labor costs in response to wage increases.
• Operating profit* increased 111.5% YoY due to the effects of price optimization, the settling of increase in marine transportation costs, and the impact of yen depreciation.

* Operating profit before amortization of goodwill	(Unit: Hundred million yen)

FX Consolidation impacts, adjustments,

etc.etc.

Effects of

price optimization

Operating profit*

increased by 278 (+111.5%)

Amortization

of goodwill

			Sales increase
			and
		Decrease in mix optimization
-102.8			transport
Increase in		costs
	material costs
Amortization
of goodwill
	Increase in		Including:
	labor costs, etc.	Decrease in transport costs	+73.9
			Increase in volume	-1.5
FY22	FY22			FY23	FY23
(before amortization			(before amortization
of goodwill)			of goodwill)
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.				9

8. Consolidated Balance Sheet

• Net assets increased due to an increase in retained earnings from net profit and an increase in foreign currency translation adjustment. The capital adequacy ratio improved to 22.0%, achieving the "LS23" target.

4,754	5,314

Assets	2,645				2,908
Assets
			increased
	2,108	by 560	2,406
		FY22 End				FY23 End
		Non-current assets		Current assets

4,754	5,314

Liabilities/ AssetsNet				by 413	1,173
				Liabilities
				increased	4,141
	3,994	by 147
	Net assets
				increased
	760
	FY22 End				FY23 End
			Net assets		Liabilities

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

(Unit: Hundred million JPY)

Item	FY22 End	FY23 End	Change
Current assets	2,645	2,908	+262
Property, plant and equipment	1,489	1,791	+302
Intangible assets	411	338	-73
Inv estments and	208	276	+68
other assets
Total non-current assets	2,108	2,406	+297
Total assets	4,754	5,314	+560

Current assets: Increased

Due to exchange rate conversion effects, an increase in cash and deposits, an increase in inventory, etc.

Non-current assets: Increased

Due to exchange rate conversion effects, an increase in property, plant and equipment, etc.

Item	FY22 End	FY23 End	Change
Current liabilities	2,087	2,133	+46
Non-current liabilities	1,906	2,007	+100
Total liabilities	3,994	4,141	+147
Total net assets	760	1,173	+413
Total liabilities and net assets	4,754	5,314	+560

Liabilities: Increased

Due to exchange rate conversion effects, an increase in other financial liabilities, etc.

Net assets: Increased

Due to an increase in retained earnings and a larger foreign currency translation adjustment.

FY22 Q4-end rate: USD = 133.53 yen	EUR = 145.72 yen CNY = 19.42 yen 10
FY23 Q4-end rate: USD = 151.41 yen	EUR = 163.24 yen CNY = 20.83 yen