Slide 1: Presentation Materials for FY2024 & Fourth Medium-term Business Plan
Presentation Materials for FY2024 & Fourth Medium-term Business Plan (FY2025-FY2027) April 23, 2025 TAKEUCHI MFG. CO., LTD. (Securities code: 6432) Note that the forward-looking statements in this document do not take into account the impact of the US tariff policies. © 2025 Takeuchi Manufacturing [
Slide 2: Agenda
▶ FY2024 Consolidated Results ▶ FY2025 Consolidated Forecast ▶ Review of the Third Medium-term Business Plan (FY2022 – FY2024) ▶ Framework of the Fourth Medium-term Business Plan (FY2025 – FY2027) ▶ Reference Materials 1 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 3: Summary of FY2024 Earnings Results
Summary of FY2024 Earnings Results (1) Sales volume was down in both North America and Europe ⚫ North America sales volume: down 5.1％ (H1: down 2.5％ / H2: down 7.8％ YoY） Housing markets remain in an adjustment phase due to elevated interest rates and home prices, and sales growth in North America ha
Slide 4: Consolidated Financial Highlights for FY2024
Consolidated Financial Highlights for FY2024 FY2023 FY2024 (Millions of yen) Sales Sales Full year 1st half 2nd half Full year Change (%) ratio ratio ■ Net sales 212,627 - 109,606 103,623 213,230 - +602 +0.3% ■ Operating profit 35,296 16.6% 24,867 12,274 37,142 17.4% +1,845 +5.2% ■ Ordinary profit 3
Slide 5: Quarterly Net Sales and Operating Profit
Quarterly Net Sales and Operating Profit (Millions of yen) 56,796 60,000 53,039 52,137 53,655 53,795 55,174 54,432 46,892 46,039 46,826 45,000 42,414 43,619 Net sales 30,000 15,000 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 15,000 13,746 11,121 Operating 8,542 8,426 8,652 9,674 8,947 10,000 7,268 profit
Slide 6: Sales by Region for FY2024
Sales by Region for FY2024 FY2023 FY2024 (Millions of yen) Full year Sales ratio 1st half 2nd half Full year Sales ratio Change (%) ■ Japan 2,109 1.0% 985 892 1,878 0.9% (231) (11.0)% ■ North America 115,164 54.2% 62,906 57,157 120,064 56.3% +4,899 +4.3% ■ Europe 89,448 42.1% 43,745 43,833 87,578 41
Slide 7: Geographic Segment Information and Results for FY2024
Geographic Segment Information and Results for FY2024 FY2023 FY2024 (Millions of yen) Full year Profit ratio 1st half 2nd half Full year Profit ratio Change (%) Japan Net sales 75,404 - 33,163 33,969 67,133 - (8,271) (11.0)％ Segment profit 30,724 40.7% 22,400 11,905 34,305 51.1% +3,581 +11.7％ US Net
Slide 8: Factors of Increase/Decrease in Operating Profit (FY2024 Full year)
Factors of Increase/Decrease in Operating Profit (FY2024 Full year) Exchange rates considering unrealized profits* USD 138.98 yen → 153.49 yen Increase in cost +3,563M Transportation costs: (795)M (Millions of yen) GBP 167.65 yen → 195.56 yen Decrease in cost (2,683)M Product warranty costs: +967M E
Slide 9: Consolidated Balance Sheets (As of February 28, 2025)
Consolidated Balance Sheets (As of February 28, 2025) As of Feb. 29, 2024 As of Feb. 28, 2025 Composition Composition (Millions of yen) Balance ratio Balance ratio Change (%) Cash and deposits 55,175 27.8% 46,482 21.3% (8,693) (15.8)% Notes and accounts receivable - trade 44,572 22.5% 45,586 20.9% +
Slide 10: Consolidated Statements of Cash Flows (FY2024, Results)
Consolidated Statements of Cash Flows (FY2024, Results) (Millions of yen) Cash and cash Cash and cash equivalents at end of (2,348 ) equivalents at end period +8,283 of period (14,583 ) +14 54,682 46,047 (8,634) million yen As of February 29, Operating CF Investment CF Financial CF Effect of exchang
Slide 11: Agenda
▶ FY2024 Consolidated Results ▶ FY2025 Consolidated Forecast ▶ Review of the Third Medium-term Business Plan (FY2022 – FY2024) ▶ Framework of the Fourth Medium-term Business Plan (FY2025 – FY2027) ▶ Reference Materials 10 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 12: Summary of FY2025 Earnings Forecasts (US tariff impact)
Summary of FY2025 Earnings Forecasts The consolidated earnings forecast for FY2025 does not take into account the impacts from the US tariff policies. If we assume the following, consolidated net sales and consolidated operating profit may fall short of the forecasts in this presentation by 24.0 bil
Slide 13: Summary of FY2025 Earnings Forecasts
Summary of FY2025 Earnings Forecasts (1) Europe sales are expected to slow, but North America will progress steadily, leading to increased sales volume ⚫ North America sales volume: up 14.5％ (H1: up 9.9％ / H2: up 19.4％ YoY) ➢ Although sales growth in North America has slowed, housing demand remains
Slide 14: Expected Consolidated Financial Highlights for FY2025
Expected Consolidated Financial Highlights for FY2025 FY2024 FY2025 (forecast) (Millions of yen) Full year Sales ratio 1st half 2nd half Full year Sales ratio Change (%) ■ Net sales 213,230 － 113,000 112,000 225,000 － ＋11,769 ＋5.5% ■ Operating profit 37,142 17.4% 22,600 19,400 42,000 18.7% ＋4,857 ＋1
Slide 15: Sales Forecast by Region for FY2025
Sales Forecast by Region for FY2025 FY2024 FY2025 (forecast) (Millions of yen) Full year Sales ratio 1st half 2nd half Full year Sales ratio Change (%) ■ Japan 1,878 0.9% 750 730 1,480 0.7% (398) (21.2)% ■ North America 120,064 56.3% 66,580 67,620 134,200 59.6% ＋14,135 ＋11.8% ■ Europe 87,578 41.1% 4
Slide 16: Factors of Increase/Decrease in Operating Profit (FY2025 Forecast)
Factors of Increase/Decrease in Operating Profit (FY2025 Full Year Forecast) Exchange rates considering unrealized profits* USD 153.49 yen → 146.97 yen Increase in cost +1,475M Taxes and dues: (186)M (Millions of yen) GBP 195.56 yen → 185.06 yen Decrease in cost (471)M Product warranty costs: (295)M
Slide 17: Capital Investment Plan
Capital Investment Plan ◇ FY2025 Capital Investment Plan Breakdown (Millions of yen) Capital investment Home Office ¥2.1 bn Maintenance and replacement of jigs, molds, and equipment Aoki Factory 10,000 Depreciation Sales & ¥1.5 bn Expansion of home office parts center 8,629 Marketing 8,070 R&D ¥0.2
Slide 18: Agenda
▶ FY2024 Consolidated Results ▶ FY2025 Consolidated Forecast ▶ Review of the Third Medium-term Business Plan (FY2022 – FY2024) ▶ Framework of the Fourth Medium-term Business Plan (FY2025 – FY2027) ▶ Reference Materials 17 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 19: Review of Third Medium-term Business Plan: Numerical Targets
Review of the Third Medium-term Business Plan: (1) Numerical Targets FY2024 ■ Net sales (bn yen, left) Net sales ＋52.7％ Rating ■ Operating profit (bn yen, right) CAGR ＋14.9％ MTP targets Results 〇 Operating profit ratio Average growth rate Net sales ¥240.0 bn ¥213.2 bn × 212.6 213.2 Operating profit
Slide 20: Production Capacity Expansion
Review of the Third Medium-term Business Plan: (2) Production Capacity Expansion ■ Track loaders ■ Excavators (compact/hydraulic) ■ Other 148% Track Loaders 1. Production of track loaders using the SKD method* began 138% at the US Factory in September 2022 * SKD＝Semi Knock Down method. A production
Slide 21: Net Sales, Orders Received, Order Backlogs
Review of the Third Medium-term Business Plan: (2) Net Sales, Orders Received, Order Backlogs ■ Net sales (bn yen) ■ Orders received (bn yen) ■ Order backlogs (bn yen) 92.9 87.3 105.0 86.0 105.1 130.8 63.4 107.4 97.3 66.6 109.6 65.4 116.7 103.6 74.2 113.1 178.6 190.7 172.8 133.8 12.8 months 128.8 11
Slide 22: Third Medium-term Business Plan: Key Measures
Review of the Third Medium-term Business Plan: (3) Key Measures Main Initiatives and Results 1 Investment in human capital (1) Increase headcount and hike wage (2) Training: stratified training companywide (career training, etc.) and department-specific specialized training (3) Benefits: employee do
Slide 23: Third Medium-term Business Plan: Key Measures
Review of the Third Medium-term Business Plan: (3) Key Measures Main Initiatives and Results 3 Production capacity expansion (1) Production capacity increased by 48% with the US and Aoki factories, combined with the existing Home Office Factory (2) Changed product mix in production from the second h
Slide 24: Agenda
▶ FY2024 Consolidated Results ▶ FY2025 Consolidated Forecast ▶ Review of the Third Medium-term Business Plan (FY2022 – FY2024) ▶ Framework of the Fourth Medium-term Business Plan (FY2025 – FY2027) ▶ Reference Materials 23 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 25: Medium- to Long-Term Outlook (Existing Solid Product Demand)
Medium- to Long-Term Outlook (Existing Solid Product Demand) Housing Electricity Gas Water & Communica- Transpor- Infrastructure is aging in many countries, Sewage tion networks tation and maintenance work is required. Infrastructure (Lifelines) ✓ US Faced the aging problem in the 1980s, as infrastr
Slide 26: Medium- to Long-Term Outlook (Projected Product Demand)
Medium- to Long-Term Outlook (Projected Product Demand) ➢ Green Transformation (GX) (Social and economic transformation toward decarbonization) ✓ From fossil fuel-derived energy to renewable energy (Innovation of power generation infrastructure) Increasing demand for infrastructure construction ✓ Ex
Slide 27: Purpose: Why are We in Business?
Purpose: Why are We in Business? ➢ Contribute to the wellbeing and the enrichment of quality of life around the world ✓ Develop and produce compact construction machinery essential to maintaining and improving people’s living environment and deliver them around the world ↑ Core competence ✓ Develop,
Slide 28: From World First to World Leader
Value: Values Shared by Our People Creation With deep sensitivity, we will develop products that meet or exceed needs. Corporate With dreams and youthful drive, we will take bold action toward Challenge Policies higher goals. Cooperation With a commitment to harmony and compassion, we will strive fo
Slide 29: Mission: Fourth Medium-term Business Plan (FY2025-FY2027)
Mission: Fourth Medium-term Business Plan (FY2025 – FY2027) Slogan and Basic Policy Building Excellence ✓ Through the steadfast commitment to High Quality, High Performance, and High Engagement, we will strive to achieve consolidated net sales of 300 billion yen. (increase consolidated sales volume
Slide 30: Equity Cost and ROE (Long-term View)
Equity Cost and ROE (Long-term View) ➢ We recognize our cost of equity as 10% (1) Survey method: Conducted interviews with institutional investors, and most responded “around 10%” (2) CAPM method: Risk free rate (1.1%)＋ beta value (1.33) x Market risk premium (6％) ≒ 9％ (3) Earnings yield method (inv
Slide 31: Management Issue and Key Measures
Management Issue and Key Measures Management issues Key measures See page Achieve consolidated net sales of 300 billion yen ⚫ Establish solid position in European and North P31 American markets (increase sales volume by 50%) ⚫ Expand sales in Oceania market P32 ⚫ Expand sales of aftermarket parts P3
Slide 32: Increase Sales in North America and Europe
Increase Sales in North America and Europe North American market situation (1) Growth continues, centered on track loaders, against the backdrop of robust public infrastructure investment, solid employment, and favorable personal consumption (2) In the United States, the housing shortage has become
Slide 33: Increase Sales in Oceania
Increase Sales in Oceania Key measures (grow sales in Australia) By adding Toyota Material Handling Australia (TMHA) as a distributor, we aim to expand sales of excavators and track loaders through synergies with existing distributors. * TMHA is a wholly owned subsidiary of Toyota Industries Corpora
Slide 34: Target Sales Volume (Consolidated Basis)
Target Sales Volume (Consolidated Basis) ■ Track loaders Ratio of sales volume ■ Excavators (compact/hydraulic) ■ Other 2.3% 24.2% 148% FY2021 FY2024 （Results） ＝100％ 129％ 73.5% 113% 107% 108% 207% 98% 100% 1.2% 178% 98% 85% 31.1% 115% FY2024 76% 100% （Results） 67.7% 117% 120% 122% 107% 100% 104% 106
Slide 35: Track Loader Features (Promising Sales Growth)
Track Loader Features（Promising Sales Growth） (1) Replacing arm attachments makes it possible to use track loaders not only at construction sites but also at multiple other job sites, tapping into a wide range of end users. (2) Track loaders are versatile and can be used in reconstruction work at di
Slide 36: Expand Aftermarket Parts Sales
Expand Aftermarket Parts Sales Key measures (1) Promoting the benefits of genuine parts (high quality and reliability) and promoting sales of secondary genuine parts (competitive pricing) (2) Extending the manufacturer's warranty period on the condition that genuine and secondary genuine parts are u
Slide 37: Reorganization of Production Models
Reorganization of Production Models * Production status as of February 2025 and production plan for each fiscal year (when current production capacity set to 100%) Current situation Current excavator production is 30% less than the capacity (excavators undergoing production +7% 107% adjustments) 100
Slide 38: New Track Loader Factory (next to Aoki Factory)
New Track Loader Factory (next to Aoki Factory) Production capacity: up 30% Aoki Factory Total for excavators and track loaders comparing Land area: 50,000㎡ production capacity in February 2025 Building footprint: 27,800㎡ Floor area: 31,600㎡ Total investment: 18.0 billion yen Total of land, building
Slide 39: New Track Loader Factory (Next to Aoki Factory)
New Track Loader Factory (Next to Aoki Factory) Capacity Fourth Medium-term Business Plan expansion 30％ 130% In order to seize business opportunities for track loaders, for which demand is expected to grow, we will reallocate excavator production capacity to loaders. Current Home Office Factory Aoki
Slide 40: Strengthen R&D capabilities and New Product Creation
Strengthen R&D capabilities and New Product Creation Electrification → Expand lineup of 1-tonne to 5-tonne battery-powered compact excavator 1 1.0-tonne class Testing prototype in the market Electrification of construction machinery market is moving at a much slower 2 2.0-tonne class Available speed
Slide 41: Promote Sustainable Management
Promote Sustainable Management Environmental ✓ Reducing greenhouse gas (GHG) emissions (1) GHG emissions from products: Develop environmentally friendly products (electrification and green fuels) (2) GHG emissions from factories: Promote energy-saving activities, install solar panels, and use green
Slide 42: Cash Allocation
Cash Allocation (allocation to growth investment, shareholder returns, and working capital) 41 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 43: Growth Investment (Capital Investment)
Growth Investment (Capital Investment) Production (including new factories) ¥26.0 bn Capital investment 25,000 24,324 Depreciation Sales and Marketing ¥1.6 bn R&D ¥3.5 bn Digital Infrastructure (IT and DX) ¥1.0 bn Aoki and new factories 20,000 ¥18,000 mn Human capital (employee dormitory) ¥0.2 bn Ca
Slide 44: Growth Investment (Human Capital)
Growth Investment (Human Capital) Basic Policy ✓ Human capital is the source of our corporate competitiveness, and investments in people are investments in our future ✓ Promote wellbeing management ✓ Business ¥10.8 bn Total Headcount ¥6.3bn expansion investment ✓ Ample (over 3 years) Wages ¥4.5bn pe
Slide 45: Cash Allocation
Cash Allocation Production (including new factories) ¥26.0 bn Three-year Cumulative Total (FY2025 to FY2027) Sales and Marketing ¥1.6 bn R&D ¥3.5 bn Use of borrowings Digital Infrastructure (IT and DX) ¥1.0 bn as needed Growth Human capital investment ├ Capex: Employee dormitory ¥0.2 bn ¥45.8 bn └ C
Slide 46: Shareholder Returns
Shareholder Returns Basic Policy We will prioritize allocation of cash flow to growth investment and, after securing working capital equivalent to 2 to 2.5 months of sales, we will allocate surplus funds to shareholder returns. (1) Aiming for a consolidated dividend payout ratio of 40%, we will grad
Slide 47: Agenda
▶ FY2024 Consolidated Results ▶ FY2025 Consolidated Forecast ▶ Review of the Third Medium-term Business Plan (FY2022 – FY2024) ▶ Framework of the Fourth Medium-term Business Plan (FY2025 – FY2027) ▶ Reference Materials 46 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 48: Corporate Profile
Corporate Profile Name TAKEUCHI MFG. CO., LTD. Main Products Toshiya Takeuchi Compact excavators and hydraulic Representative excavators President and Representative Director ̶ We developed and began production of the 205, Uwadaira, Sakaki-machi, world’s first compact excavator (September Home Offic
Slide 49: Business Performances
Business Performances Asia and Oceania have been adjusted for prior periods. Forecast (Millions of yen) FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Change Japan 2,508 2,832 2,036 2,109 1,878 1,480 (398) North America 52,248 68,706 98,506 115,164 120,064 134,200 +14,135 Europe 54,988 65,749 73,906 89,4
Slide 50: Track Loader Features
Track Loader Features Compact and hydraulic excavators are good for excavation. Track loaders excel at transporting earth and leveling land ✓ Takeuchi developed and began producing the world’s first track loader in September 1986 1. Faster than compact and hydraulic excavators Track loader 11.2 km/h
Slide 51: Track Loader Features: Attachments
Track Loader Features 3. Various operations are possible by changing the attachment → Capable of multiple uses ranging from construction and agriculture to forestry and landscaping Agriculture Transporting building materials (solar panels) Ground leveling Landscaping Forestry 50 © 2025 Takeuchi Manu
Slide 52: Track Loader Features: Post-disaster Reconstruction
Track Loader Features 4. Also useful for post-disaster reconstruction such as debris removal Noto Peninsula Earthquake reconstruction volunteers 51 © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
Slide 53: Product Lineup
Product Lineup 1 2 3 4 5 6 7 8 9 15 (tonnes) Compact excavators and ～ ～ hydraulic excavators Compact excavators Hydraulic excavators Battery operated TB20e Standard models TB219 TB2150 TB216 TB225 TB290 TB2150R [From now on] Priority will be Launched given to electrification of TB320 TB235-2 TB250-2
Slide 54: Market Outlook
Market Outlook 350 300 S&P/Case-Shiller Home Price Index <20-city composite Jan. 2000=100> 250 200 *seasonally adjusted 150 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan 2020 2021 2022 2023 2024 2025 (source) S&P 53 © 2025
Slide 55: Market Outlook
Market Outlook ̶ In In H2 of 2021, it recovered with the resumption of economic activity following the COVID-19 pandemic ̶ From H1 of 2022, it slowed down due to interest rate hikes in the US, but remained at a historically high level ̶ With high interest rates and house prices, the adjustment phase
Slide 56: Production Volume Trends
Production Volume Trends By Month By Fiscal Year Decrease in operating Decrease in Decrease in 125% days due to Golden operating days due operating days due Week holidays to summer vacation to year-end vacation 120% 112% 114% 112% 104% 109% 109% 100% 100% 103% 100% 96% 80% 92% 89% 89% 89% 96% March
Slide 57: TAKEUCHI MFG. CO., LTD.
TAKEUCHI MFG. CO., LTD. Corporate Planning Section and ESG Promotion Section, Business Management Dept. TEL: +81-(0)268-81-1200 FAX: +81-(0)268-81-1127 E-mail: ir@takeuchi-mfg.com Forecasts are based on information that was available when this document was prepared. The forecast is vulnerable to man
Slide 58: © 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.
© 2025 Takeuchi Manufacturing [JAPAN], Ltd. All Rights Reserved.