Financial Results Briefing for the Fiscal Year Ended March 2025（May 28,2025）

Financial Results Briefing for the Fiscal Year Ended March 2025 May 28, 2025

(Total: 50 minutes, Presentation: 40 minutes, Q&A: 10 minutes)

Makoto Asanuma Representative President, CEO

Marika Asanuma Executive Officer, Corporate Strategy and Planning Headquarters, General Manager of Corporate Communications Division

Akihiro Toyota Representative Director, Senior Managing Officer, Officer in charge of Corporate Strategy and Planning Headquarters

To begin, I would like to introduce today's attendees. Mr. Makoto Asanuma, Representative President, CEO.

I will now inform you of today's proceedings. First, Makoto Asanuma, Representative President, CEO, will give an opening address, followed by Marika Asanuma, Executive Officer, Corporate Strategy and Planning Headquarters, General Manager of Corporate Communications Division, will then provide an overview of the financial results for the fiscal year ended March 31, 2025, and an outlook for the fiscal year ending March 31, 2026. A question-and-answer session will follow.

After the briefing session, a questionnaire entry screen will open on the right side of the screen. We would appreciate your filling out this form as it will be used as a reference for future IR activities.

Let us begin with a briefing. President Asanuma, thank you for your time.

In the construction industry, the Group's main business field, both public and private construction investment have been firm, and although the growth rate in FY2025 will be lower than the previous year, overall construction investment is expected to continue to be firm. However, we believe that we need to pay close attention to the impact of US policy trends and other factors.

Regarding the Group's performance under these circumstances, orders received were up 1.8% from the previous fiscal year and 28.0% from the plan. In particular, we continued to receive a large number of inquiries for factory and warehouse projects in the construction business, resulting in a significant increase from the planned figures.

Net sales increased both from the previous year and from the plan due to steady progress in construction work on hand. Regarding profits, the gross profit margin improved significantly as a result of selective ordering, taking into consideration the cost of materials and labor at the time the order was received, as well as the human resources for the construction system. As a result, the results were significantly higher

than the previous year, up 27.2%, and the plan, up 11.8%. The entire company will continue to work together to improve our business performance.

One year has passed since the start of the Mid-term Three-Year Plan in FY2024. We have identified six themes that we will focus on over the next three years and have set KPIs for each of them. We are steadily implementing measures for each theme and are making steady progress toward achieving our KPIs. Details will be explained later.

Marika Asanuma, Executive Officer, Corporate Strategy and Planning Headquarters, General Manager of Corporate Communications Division, will now explain the contents of the presentation.

First, performance and finance. See page four. First, I would like to show you the full picture in terms of the consolidated contents for FY2024.

The right side shows the results for FY 2024. The first line, orders received, the second line, sales, and the third line and below, profits, all showed increases over the previous year and over the plan.

As a result, the dividend shown below is planned to be JPY41 for FY2024, an increase of JPY6 from the beginning of the fiscal year.

The ROE and ROIC in the middle row are 10.1% and 7.1%, respectively, which are higher than the 5.5% cost of shareholders' equity and 4.1% cost of capital, respectively.

Continuing on page five and beyond, I would like to take a deeper look at the P/L, B/S, and cash flow of the FY2024 results.

First, page five is the P/L. The second green area from the left shows the actual results for FY2024, the two to the right show the percentage change from the previous fiscal year, and the far right shows the percentage change from the plan.

The first line shows sales of JPY167,005 million, up 9.4% from the previous year, and the rightmost line shows an increase of 8.7% from the plan. This is due to the steady progress of construction work.

The second line shows gross profit of JPY17,991 million, up 27.2% from the previous year and 11.8% from the plan. The gross profit margin was 10.8%, a significant improvement of 1.5 percentage points from the previous year.

The reason for this is that we have focused on selective ordering, which is a particular focus of ours. In other words, when we receive an order, we will make a proposal with a price that includes the appropriate cost of materials and labor, and we will also make sure that our employees and subcontractors have the necessary systems in place to handle the construction work, even though I think that nowadays, there is a shortage of manpower throughout society as a whole. We consider such points to be important when accepting orders. By strengthening such selective ordering, we have improved our profit margin.

The third line shows SG&A expenses for FY2024, which were JPY11,124 million, up 10.2% from the previous year and 9.4% from the plan. The main reason for the increase was an increased compensation due to a 3% or more base salary increase for the fourth consecutive fiscal year, in line with recent trends, as well as a provision for doubtful accounts due to a pending case. As a result, SG&A expenses increased.

Based on the above, operating income is JPY6,867 million, an increase of 69.3% from the previous year and 15.8% from the plan. The ratio is 4.1%, which is an increase compared to the previous year and to the plan.

The non-operating income below, was JPY399 million in FY2024, a decrease from the previous year. The main factor here was a decrease in foreign exchange gains compared to the previous year due to the impact of foreign exchange rates.

Non-operating expenses were JPY722 million, an increase from the previous year. As I will explain in more detail later, due to the increase in the amount of construction completed and the increase in the size of construction projects, the amount of replacement during the period became very large, and the borrowing to support the increase in the amount of replacement increased. Accompanying the increase, interest expense also increased. In addition, the main reason for the increase is that we are also refinancing our borrowings, which has led to increased commission expenses.

As a result, ordinary income was JPY6,545 million in FY2024, an increase both from the previous year and from the plan. As for the ratio of ordinary income, it is 3.9%.

Finally, net income attributable to shareholders of the parent company was JPY4,692 million, up both from the previous year and from the plan. The profit margin was 2.8%, a slight decrease from the previous year. The reason for this is that in FY2023, we sold the land we originally owned, which generated a large extraordinary profit. In FY2024, there are no specific one-time factors, but we were able to record a net income similar to that of FY2023.

See page six. Here we will explain the contents of the B/S. First of all, the left-hand side of the Assets section shows the increase/decrease compared to the previous fiscal year. First, current assets increased by JPY14.434 billion. The main breakdown was a JPY3.801 billion increase in cash and deposits, and a JPY8.810 billion increase in notes receivable and other receivables.

The main reason for the JPY446 million decrease in fixed assets is a decrease in investment securities, due to mark-to-market valuation.

Next, on the right side of the balance sheet, current liabilities increased by JPY7.704 billion. The main breakdown is as follows: unpaid construction costs, or accounts payable, which increased by JPY3.279 billion, and advances received on uncompleted construction, commonly known as advance payments, increased by JPY4.371 billion.

As you can see from the accounts receivable and accounts payable mentioned earlier in the assets section, advances have increased on an end-of-year basis as well as on a period-to-period basis. Short-term borrowing, the second component of current liabilities, decreased JPY2.18 billion, while bonds payable and long-term borrowing, which is components of long-term liabilities, increased JPY8.753 billion, resulting in a net increase in borrowings of approximately JPY6.6 billion.

Lastly, net assets, shown in yellow, are negative JPY2,567 million. The main breakdown is as follows: capital surplus was minus JPY1,980 million. We originally owned 80% of a Singapore subsidiary, ENGINEERING ＆ CONSTRUCTION PTE. LTD., a renewal-related subsidiary, and in FY2024 we acquired remained 20% of this subsidiary, making it a wholly owned subsidiary. This 20% acquisition resulted in a negative capital surplus.

In addition, the amount of retained earnings increases only JPY207 million, which would normally increase if profits were generated, but in FY2024, the interim dividend system was introduced. In addition to the year-end dividend for the previous fiscal year, we also paid an interim dividend for the fiscal year 2024. Due to this increase, retained earnings remained largely unchanged from the previous fiscal year, increasing by about JPY200 million.

As a result, total assets increased by approximately JPY1.4 billion. As I mentioned earlier, net assets have decreased, and total assets have increased. As you can see in the equity ratio on the lower left, the equity ratio decreased to 39.7%, but we believe it is still at a satisfactory level.

Please continue to page seven. Next, I would like to briefly explain the contents of the cash flow, as it duplicates the previous explanation.

The leftmost column shows cash and deposits at the end of March 2024, which amounted to JPY13,031 million, and the rightmost column shows cash and deposits at the end of March 2025, which amounted to JPY16,833 million. Cash and deposits have accumulated roughly JPY3.8 billion.

As for the main breakdown, operating cash flow, as I mentioned earlier, is JPY8,509 million out in accounts receivable, plus JPY3,127 million in accounts payable, plus JPY4,351 million in advances received on uncompleted construction contracts, and the replacement is in progress, but profit before income taxes on the leftmost is JPY6,442 million, resulting in an operating cash flow of JPY5,184 million.

The investment cash flow in the middle, negative JPY785 million, is mainly due to the acquisition of software.

As for the financial cash flow on the right side, as I mentioned earlier, there was a positive JPY6,556 million due to an increase in borrowings, and as I mentioned earlier, the acquisition of 20% of the Singapore subsidiary resulted in a decrease of JPY2,765 million in subsidiary stock. Dividend payments, including interim dividends, totaled minus JPY4,471 million, resulting in cash and cash equivalents of JPY16.8 billion at the end of March 2025.

See page eight. From here, we will present our business results from various perspectives. On page eight, I will briefly explain the details of our business performance by business segment.

The first table on the left side shows the parent company's non-consolidated construction business. The green area shows the results for FY2024. As for the Building Construction in the parent company on a non-consolidated basis, the amount of completed construction contracts increased 10% from the previous fiscal year, and the ratio of profit on completed construction contracts was 9.6%, up 2.4 percentage points from the previous fiscal year. The reason is, as I mentioned earlier, to strengthen selective ordering.

Orders received in FY2024 were minus 1.6%, almost unchanged from the previous year, but the amount of construction work carried forward for the next fiscal year, so-called backlog of orders, was JPY153,185 million, an increase of 6.6% from the previous year. Furthermore, not only compared to the previous fiscal year, but also looking at the trends from FY2022, amount of construction work carried forward is steadily increasing.

As for civil engineering in the parent company on a non-consolidated basis, the results for FY2024 show a YoY increase in the amount of completed construction work and a slight decline in the profit margin on

completed construction work, but I think it is almost on par with the previous year. Another thing, the second line from the bottom of the civil engineering section, the orders received increased from the previous fiscal year. Also, as with construction, amount of construction work carried forward has been steadily increasing as you can see the changes from FY2022.

I am showing the performance details of two overseas consolidated subsidiaries and a Singapore subsidiary on the right side, both of which exceeded the plan in terms of sales and profit.

Please continue to page nine. This section shows orders received on a non-consolidated basis by customer and by customer.

We are receiving work from both government and private sector clients for both construction and civil engineering. Compared to the previous fiscal year, we are seeing an increase in work from government clients. In particular, among government clients, we are receiving a lot of work from central government clients, rather than from so-called local public entities.

Please continue to page 10. We show here the type of work for non-consolidated order.

On the left is construction, and as in the previous two fiscal years, we continue to receive a large number of factory and warehouse projects.

The right side is civil engineering. In the field of civil engineering, we have received a wide variety of work of various types, but this year we received many orders for work related to water supply and sewage systems.

Please continue to page 11. I would now like to go a little further and explain the figures of the Mid-term Three-Year Plan.

The rightmost table shows the plan for FY2026, the final year of the current Mid-term Three-Year Plan, and the leftmost green shows the figures for the final year of the previous Mid-term Three-Year Plan and the actual results.

The final year of the current Mid-term Three-Year Plan on the far right, we plan to achieve sales of JPY151 billion in FY2026. As I mentioned earlier, amount of construction work carried forward from both building construction and civil engineering is increasing steadily but taking into account the balance between manpower and the increasing economic uncertainty, our plan for FY2026, the final year of the Mid-term Three-Year Plan, remains unchanged from FY2023, with a slight decrease.

On the other hand, gross profit is JPY17.2 billion, with a profit margin of 11.4% and operating income of JPY6.4 billion, or 4.2%, and is planned to increase compared to FY2023. This is because we are strengthening selective order acceptance year by year, and we believe that we will be able to see the effects of this. In addition, we are firmly strengthening high-margin areas such as the renewal business, and we are also implementing productivity improvement measures, including DX, and based on these measures, we plan to steadily increase our profit margin.

We will explain the details of the dividend later, but we are planning to increase the dividend every fiscal year through FY2026.

As you can see on the second column from the right, for the current FY2025, we are planning for net sales of JPY170 billion, gross profit of JPY18.32 billion, a gross profit margin of 10.8%, operating income of JPY7,030

million, and an operating income margin of 4.1%. Although we have only just started, we are off to a good start.

See page 12. The figure here is the capital allocation in the Mid-term Three-Year Plan, which shows what money will be invested from the so-called cash generated on the business.

We have set the cash generated by the business at JPY18 to JPY20 billion, of which we will invest JPY7 billion in investments and JPY11 to JPY12 billion in shareholder returns.

As shown in the gray table on the right, we are investing mainly in three areas: strengthening the renewal business, DX-related investments, and technological enhancements.

See page 13. In this section, we will explain the details of shareholder returns. As you can see in the graph, the light green is the original plan. For example, if the Mid-term Three-Year Plan has a dividend figure as a plan, that is the figure. The initial plan is written in light green. And the dark green on the right side of each fiscal year is the actual results. This actual value, as well as the light green for FY2025 plan and the light green for FY2026 plan, are connected to the dividend amount in the figure written in the white circle.

As you can see from these figures, we are planning to increase dividends for the ninth consecutive fiscal year. We are committed to shareholder returns as one of our most important policies, and in the Mid-term Three-Year Plan, we plan to maintain a dividend payout ratio of 70%, as we did in the previous Mid-term Three-Year Plan, and we plan to increase the dividend for the ninth consecutive year, as we have also achieved solid profits in our business performance.

That concludes the explanation regarding the financials.

See page 14. From here, I would like to explain the details of the initiatives of our Mid-term Three-Year Plan.

See page 15. Before I explain the details of the initiatives in our Mid-term Three-Year Plan, I would like to explain some of the topics that have become our main focus in FY2024.

As you are aware, the Osaka-Kansai Expo opened on April 13 of this year. Asanuma was in charge of the construction of the Netherlands Pavilion for the Kingdom of the Netherlands. Construction progressed smoothly and was successfully completed, and the opening of the exhibition was held on April 13.

The Osaka-Kansai Expo is an event that naturally attracts attention not only from Japan but from all over the world, and we would like to promote our technology, know-how, and passion for construction to the world. We have also released a special website describing the real story of the construction of the Netherlands Pavilion, and have also made a video showing how the pavilion was constructed.

We have received a very positive response both internally and externally, and we are using this as our PR.

The Netherlands Pavilion is based on the concept of circular economy, and one of its initiatives is that when we constructed the Netherlands Pavilion, we built a new building on the premise that it would be moved to another location.

The method is that each component of the building is numbered, and when a building is moved to a new location, it is reconstructed according to the number. The building is designed and tailored in such a way.

As of May 20, we have issued a press release announcing that a basic agreement has been concluded with Pasona Group to relocate the building to a new location. We will work out the details in the future, but the circular economy concept, including the relocation, is very much in line with our philosophy of the GOOD CYCLE PROJECT that we are promoting, which is to promote initiatives that are environmentally friendly and

contribute to human health. We are now in the process of discussing with related parties to make this project a reality.

Starting on page 16, I will explain the specifics of our Mid-term Three-Year Plan. We have selected six themes that we will focus on during the three years of this Mid-term Three-Year Plan.

See page 17. For each of these six themes, we have established KPIs to check the degree of achievement of the theme. We have set a target for the end of FY2026, but as of FY2024, we are making very good progress.

For example, strengthening the domestic core business, the first one. We are trying to do our best in domestic construction and civil engineering, and we are getting very close to our target in terms of customer satisfaction score, which is based on the scores obtained from customer questionnaires and performance sheets.

In the third area of acquiring, retaining, and developing human resources, the score is based on the engagement items in the stress checks that we conduct. This also showed a YoY increase, with respondents indicating that they are truly glad to be working at their current company. I think we are making steady progress in this area as well.

See page 18. Let me briefly touch on the details of our efforts in line with the theme.

The first one is to strengthen the core domestic business. As I mentioned earlier, this includes domestic construction, civil engineering, and excludes renewal projects. We have decided to strengthen this area once again. The main initiative, as mentioned several times earlier, is to strengthen our selective order acceptance.

In addition, front-loading enhancements. This is not to say that we will only be in charge of construction as a construction company, but we will focus on strengthening our proposal capabilities by delving deeper into the upstream process. We have also implemented thorough enhancements in this area.

Specifically, we are developing environmentally friendly technologies that are unique to our company, and since most of the employees are engineers, they can understand these technologies when they see them, however, we organized the contents such as by creating menus, so that it is easy to understand for our customers, and also easy for sales staff to propose to customers. We have been also fostering such internal awareness, and we have also implemented initiatives that will contribute to improving our ability to make proposals.

In civil engineering, we have also strengthened our ability to make proposals by creating a nationwide headquarters for technical design and engineering work, and by strengthening our organization in this area.

As I have already mentioned, the profit margin has been rising steadily.

We will continue to focus on these two points during the remaining two years of our Mid-term Three-Year Plan, as we must firmly strengthen them.

See page 19. This is the second theme. Regarding the strengthening of the renewal business, let me first briefly touch on the performance of the renewal business.

The left side shows the domestic renewal, and if you look at the operating income ratio at the bottom of the table, you will see that it increased by 3.9 percentage points over the previous fiscal year. Although we have received some large projects, I believe that it is the efforts of our in-house sales staff and others that have enabled us to increase our profit margin to this level.

We would like to introduce a few details of our efforts. When we launched the renewal project, the first thing we did was to completely renovate our Nagoya branch, which has its own building, by incorporating a lot of technologies that contribute to environmental friendliness and human health.

We have received awards both in Japan and abroad, and we have had about 1,800 visitors and received very high evaluations. Some customers may find it difficult to visit us in Nagoya, so we are now working to renew the entrances to our seven branches nationwide in this way. As a first step, we are renovating the entrance of the Hiroshima branch to incorporate soil and wood-related technologies, although we cannot renovate it as much as the Nagoya branch.

See page 20. In the upper row, we have actually proposed renewal proposals that incorporate these technologies and have been adopted by our clients.

As I mentioned earlier, our Nagoya branch has received numerous awards both in Japan and abroad. One of these initiatives was recognized with an award from the Japan Institute of Architects, which led to an invitation to exhibit our work at an exhibition in Sri Lanka, where we are now promoting our initiatives to the world.

We continue to believe that renewal is truly a winning strategy for our company, and we are determined to strengthen our efforts in this area.

See page 21. The third theme here is the acquisition, retention, and development of human resources. After all, the acquisition of human resources is an urgent issue for our company as well. Although we are not yet at the stage where the problem has become apparent, competition for human resources is intensifying.

One of the measures we implemented in the current fiscal year was the relaunch of our recruiting website. In fact, the concept of our recruiting website was a bit edgy and adventurous for our company, and we decided to completely renew and reopen it in order to make it as appealing to students as possible.

The title is "Numaru, Asanuma". As you may know, if you speak Japanese, "Numaru" is a slang term mainly used by younger generations to mean "to be absorbed in" or "to be enthusiastic about." We have combined this word with "Asanuma," the name of our company, to create "Numaru Asanuma." In short, we have reopened with a new title that expresses "to be absorbed in Asanuma Corporation".

The content of the website is a little heartwarming episode about why employees are absorbed in their jobs.

Incidentally, as noted in small print, as of the end of March 2024, our company boasts the longest average length of service among the 23 major general contractors. So, we have many long-term employees, and we reveal the secret of why they stay with us in the episodes described on this website .

Other measures include the introduction of a scholarship conversion support system, whereby the company pays for a portion of an employee's scholarship, and the enhancement of training programs. We have heard that job hunters nowadays place a great deal of importance on the quality of training programs, so we are looking for ways to extend and enhance our new employee training program, and also to establish new training programs to promote career development. We are also implementing these areas.

See page 22. The fourth theme is DX promotion. We have established a company-wide committee called the DX Promotion Committee under the Management Committee, but as a reflection of the previous Mid-term Three-Year Plan, we found that it was limited to sharing information on DX measures implemented by each department.

Therefore, we have begun to make the DX Promotion Committee function properly in the current Mid-term Three-Year Plan and to make it function as a department to promote DX.

This is not the first step, but as a first step also, we have obtained certification as a DX-certified business operator as stipulated by the Ministry of Economy, Trade and Industry. In order to obtain this certification, we learned what DX is and what we have to do in this acquisition, and we would like to further accelerate DX along this line.

Other individual DX measures are being addressed as described.

See page 23. Here is the fifth, the content of strengthening governance, compliance, and risk management.

First of all, for governance, as you have already noted, we introduced an interim dividend system and implemented a stock split. Also, this may be a little unusual, but the third point is the revision of the policy for determining executive compensation. We have introduced operating income, ROE, and ROIC among the indicators for determining factors for executive compensation. This has put in place a firm structure to ensure that the board members are aware of these figures.

Fourth, to strengthen communication with shareholders and investors, we had been holding only face-to-face investor briefings, however, we have decided to discontinue such meetings, and instead, as was the case today, we now hold live or on-demand investor briefings. We are also increasing the number of briefings for individual investors, and we are making more and more changes to deliver information to a wider range of investors through online and radio broadcasts, etc. We are taking on new challenges and responding to them.

Since strengthening compliance is an extremely important item, we continue to strengthen training and reinforce it through e-learning.

In the area of risk management, we are strengthening IT security, which has become increasingly important in recent years. Specifically, a security officer is appointed in each department, and when a security incident occurs in each department, it is quickly communicated to the security officer so that it can be brought up in the IT department. We have such a framework in place.

See end, page 24. This is the sixth theme. As for our environmental and social contributions, we are preparing to obtain SBT certification in our Mid-term Three-Year Plan. As a first step, we have submitted a commitment letter to the SBT Initiative. In addition, CDP continues to receive a B-score rating.

The middle part of the below shows 100% renewable energy electricity, which we have been using for temporary electricity at all of our sites, and now we are introducing it at three of our own buildings as well.

We would like to contribute to the environment and society by providing SBT certification for these areas.

This is my explanation of the above. Thank you for your attention. We appreciate any questions or comments you may have.

Thank you very much. Let us begin with the first question.

One of the impacts is that I believe US tariffs have created a situation that is very difficult to predict. This is expected to cause disruption to global supply chains, which in turn will lead to higher material prices.

If material prices rise sharply, we believe there is a risk that our business performance will be affected in this area, as it accounts for the majority of our cost of goods.

The other point is in terms of our customers and business owners. Some of our customers are automakers or related to automakers, so if their business plans are affected, it could naturally affect our order-taking activities. We consider these to be risks.

This is my answer to your question.

In that way, we have been and are still conducting PR, which is one of the major aspects of branding, through these activities.

In addition, we intend to implement advertising. However, since we have almost no experience in advertising, we are not planning to launch TV commercials out of the blue, but rather in what we call a "small, medium, and large" format.

We have not yet obtained formal approval, but we are planning, for example, web advertising. These can be done for relatively small amounts of money and can be targeted to customers, and also the analysis based on the data can also be used. We would also like to advertise in stages in the form of small, medium, and large.

Naturally, we have budgeted for advertising expenses, but since we do not specifically disclose this information, we will refrain from providing a response.

This is my answer to your question.

However, I believe there are not many general contractors who view renewal as a core business like we do. I believe that many other companies are in the business of building new construction and renewal when the time comes to do so.

As for our competitive advantage, we are a medium-sized general contractor, and the size of a renewal project is roughly one-fifth the size of a new construction project, or one-fifth the size of a single project. Therefore, there aren't many renovation projects that fit the size of projects that major general contractors are trying to get, so conversely, this means that our mid-sized companies are in a good position to target renovation projects.

In addition, as I mentioned earlier, we are developing and launching proprietary technologies that are environmentally friendly and that contribute to human health.

Furthermore, we have a technical research center in Osaka, in the Kansai region, which is not so common among general contractors, but we have such strengths. Taking this into consideration, we will work hard to ensure that we are not outdone by other companies in the renewal process.

This is my answer to your question.

However, there is a possibility that tariffs will be imposed on aluminum ingot imports, but since there are little imports of aluminum from the US, the impact is expected to be minimal.

As for the percentage of the total, steel frames account for about 10% of the Steal-Structure properties, and aluminum sashes for 2% to 3%.

Thank you very much. Since your question seems to end here, we will end the question-and-answer session here.

This concludes the live webcast of Asanuma Corporation's financial results briefing for the fiscal year ending March 31, 2025. After the event, a questionnaire screen will appear, and we ask for your cooperation.

Thank you very much for watching today. [END]

Document Notes

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