Progress Overview of FY2023–2025
Medium-term Management Plan
(2023 Medium-term Plan)

November 14, 2023
Nippon Light Metal Holdings Company, Ltd.

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Light
Metal
Holdings
Co., Ltd
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Table of Contents

1. Outlook of financial results for the fiscal
year ending March 31, 2024
2. Progress Overview of FY2023–2025
Medium-term Management Plan
(2023 Medium-term Plan)
3. Dialogue with Stakeholders

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1. Outlook of financial results for the fiscal year ending March 31, 2024

Forecasts of financial results for the full fiscal year
– compared with the previous fiscal year

Forecasts released on May 15, 2023, are left unchanged.
Although the timing of recovery in semiconductor-related demand and the outlook for automotiverelated demand in China are uncertain, the panel system division has remained a strong performer
and the recovery in sales of products for truck bodies and domestic automobiles is ongoing.
(Billions of yen)

Fiscal 2022
Results

Fiscal 2023
Forecasts

ChangeNet sales

517.0

550.0

Operating profit

7.5

17.0

Ordinary profit

8.9

16.0

Profit attributable toowners of parent

7.2

7.5

+33.0
(+6.4%)+9.5(+125.5%)+7.1(+80.6%)+0.3(+4.1%)

Dividends per share

50 yen50 yen±0 Recorded an extraordinary
loss of about 1.8 billion yen
for sediment control
measures for Amehata Damin the first half of the current
fiscal year
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31. Outlook of financial results for the fiscal year ending March 31, 2024

Recorded an extraordinary loss for sediment control measures for Amehata Dam
The Group revised the estimate of the provision for environmental measures and recorded an
extraordinary loss of 1.8 billion yen in the first half of the current fiscal year, as it was determined that
additional sediment removal processes would be required.
Step 1
Short-term plan
FY2020–2021[Resolution of flooding
and mudslide damage]
Master plan
Formulated in
April 2020

Progress
Cost changes fromthe plan formulated Movement and removal of 3 million
m3 of sediment from the dam lake
(Extraordinary loss of 11.0 billion
yen in FY2019)

 Completed within the
aforementioned provision asplannedStep 2Mid-term plan
FY2022–2024

Step 3Long-term plan
FY2025 onwards[Securing capacity in case of thelargest-ever inflow of sediment] [Maintaining safe conditions] Movement and removal of 3 to 4
million m3 of sediment from the dam
lake(Extraordinary loss of 16.2 billion
yen in FY2020)
 Made progress largely as planned,
but new processes required for
sediment removal

 Continue to implement andoperate sediment control
measures—(Extraordinary loss of 1.8 billion yen
in the second quarter of FY2023)

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1. Outlook of financial results for the fiscal year ending March 31, 2024

Progress of the Amehata Dam sediment control master plan
Progress made as planned with cooperation of the Ministry of Land, Infrastructure, Transport and Tourism,
Yamanashi Prefecture, Hayakawa Town, and other related parties.
After completion of the mid-term plan by the end of FY2024, we will shift to maintaining safe sediment conditions
from FY2025 onwards.
Investigation, design,
Roadmap of the AmehataRiverchannelAfter installation of atemporary embankment

Dam sediment control
master plan
Description

Honmuraarea

Securing the safety of the Honmura area
(Short-term plan: installation of temporary
embankments and securing river channel)

Riverbeds inshort-term plan
Riverbeds in
mid-term plan

Securing river channel to cope with the largest-eversediment inflow(Mid-term plan: continued excavation of river channel)

Enforcement

Short-term

FY2020

FY2021

Operation

Medium-term

FY2022

FY2023

FY2024

Continued excavation of river channel

Construction work in the inside ofthe dam lake and temporarystorage in the dam lake

Protection of existing structures and riverside roads,
construction of temporary storage areas, etc.

Increased sediment transportation
capacity

Aggregate resources
Amehata in-river routes
Hayakawa in-riverroutesSecuring disposal sites

Long-term
FY2025onwards

November2020
Construction
completed

Securing the river channel

Sediment
utilization

Maintenance oftemporary storage areas
Securing river
channelConstruction of a temporary
embankmentconsultation, and coordination

March2022
Reinforcementcompleted
Continued utilization of sedimentas aggregate resources
May 2022
Constructioncompleted
Construction in progress

Construction of embankments at candidate sites for
sediment disposal and investigation of new candidate sites

 Amount of sediment to be moved and removed: 3 million m3 completed in the short-term / 3–4 million m3
target in the medium-term
 Continued sediment control measures: Continued study and coordination with related agencies fortransition to a long-term plan, etc.
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Table of Contents

1. Outlook of financial results for the fiscal
year ending March 31, 2024
2. Progress Overview of FY2023–2025
Medium-term Management Plan
(2023 Medium-term Plan)
3. Dialogue with Stakeholders

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2. Progress Overview of 2023 Medium-term Plan

Basic Policies and Measures: Progress Overview
In the first half of FY23, the Group smoothly launched a promotion structure and began to initiate andimplement our measures.

Basic policy

1. Initiatives for
new Team
Nippon Light
Metal

MeasureObjective (background)

Optimal allocation of
Structural measures toresources and structuralraise Group’s corporate
reforms so that more Groupvalue
synergies can be created
Carbon neutral(risk side)

Bring greenhouse gases
down to net zero by
FY2050, down 30% in
FY2030 (compared to
FY2013)Top management will take
Promote management
the lead with a strong
reforms and reinforce
commitment tointernal control functions
implementing initiatives

2. Provide
Acquisition of growth
areas
products andbusinesses
that
Overseas strategy
contribute to
the creation
Carbon neutralof social(Opportunity side)value

・Autos: Rapid growth ineco-friendly cars
Expansion of overseas
auto market
・Semiconductors: return toproduction in Japan・High need amongcustomers to reduce CO2(Scope 3)

FY2023

FY2022

FY2024FY2025

Consolidation of auto parts business, newcompany
Group decarbonization strategy; formation of organization,
drafting and implementation of integrated strategy
Cut CO2, set KPI,

support for TCFD

Progress in H1 FY2023
Integration into Nikkeikin ALMO
completedApril: Green Growth Strategy
OfficeIntegration of functions for procurement, production andsale of aluminum ingot

June: Metal Division of Nippon
Light Metal launched

Measures to prevent reoccurrence (rebuilding Group
governance system, reinforcing internal
audit divisions, reforming corporate culture, etc.)

April: Business Transformation
Office launched

Special investigationcommittee, internal
investigation,
improvement activities

Lighter weight of auto parts, thermal
countermeasures for auto parts,
compatible with method-by-method
cross-organizational approach

Auto parts company Nikkeikin ALMOOctober: Transition to Nikkeikin
ALMO, new system started

US: mass production of auto underbody parts(trilateral system)

Nippon Light Metal Georgia
established and shifting to mass
production

US: Increased production for secondary alloys for auto
body structural materials

Continued to increase production
capacity

Auto parts
Two poles consisting ofJapan and China

India: two bases forsecondary alloys (minority)

Japan: thermal insulation panels, reinforce
engineering

India: third base for secondary alloys(majority)
Japan: increased production ofthermal insulation panels forsemiconductor clean rooms

New plant building completed
June: Started to construct Nikkei
Panel System’s Shimonoseki
second factory

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2. Progress Overview of 2023 Medium-term Plan

Consolidation of auto parts business
The Group's first company established from the perspective of market andcustomer needs
Contributing to the creation of value for auto parts by integrating the Group's
strengths (materials, manufacturing methods, processing technology,
development)

October 2023
Aluminum sheet andextrusions segment
Nikkeikin Aluminium Core Technology

Automotive and Device
Cooling Division

Fabricated products and others segment
Nippon Light Metal
Industrial Parts Division

Nippon Light Metal
Heat Exchanger Division
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2. Progress Overview of 2023 Medium-term Plan

Comprehensive Approach to Achieve Carbon Neutrality

Launched a system to formulate and implement an optimal decarbonization strategy
that can fully leverage the Group's strengths that lie in a diverse range of businesses,
from materials (primary alloy ingot) to processing[Nippon Light Metal Holdings] Main body for drafting the Group's
comprehensive decarbonization strategy

Green Growth Strategy Office
Reduction of Scope 1, 2
emissions

Reduction of Scope 3
emissions

Plan

Promotion ofhorizontal recycling

Execution[Nippon Light Metal]
Implementation organization for promoting
decarbonization in aluminum materials

Metal Division
Reduction of Scope 3
emissions

Promotion of horizontal
recycling

For details, refer to “Nippon Light Metal Group's Carbon Neutral Strategy” at:https://www.nikkeikinholdings.co.jp/common/file/pdf/p202311104hd.pdf
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92. Progress Overview of 2023 Medium-term Plan

Progress of Measures to Prevent Reoccurrence in the Group

Progress is on track as planned

1st: June 19, 2023
2nd: September 28, 2023
3rd: December 15, 2023 (planned)“Progress of measures to prevent reoccurrence in the Group” Company’s website URL:
https://www.nikkeikinholdings.co.jp/company/quality-control.html

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2. Progress Overview of 2023 Medium-term Plan

Overall View of Measures to Prevent Reoccurrence

We will accomplish the measures as planned during the period of the 2023
Medium-term Plan (by March 2026).

Pursue management reforms

Reinforce internal control functions（1）Rebuild Group’s governance system－Strengthen Group affiliation（1）Build and administer effective internal control
system under supervision of Board of Directors（2）Rebuild relationships between the Company andGroup companies（2）Reforms of corporate culture（3） Address management issues and risks within theGroup（4）Promote activities to strengthen compliance(4) Cross-sectoral response by sales, development,
manufacturing, quality assurance, and otherdivisions（3）Reinforce information reporting and affiliations（5）Reinforce internal audit division（6）Reforms to internal reporting system（7）Utilize external resources（5）Rebuild the quality assurance system（6）Constant verification（7）Reinforce supervision by Board of Directors
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2. Progress Overview of 2023 Medium-term Plan

Current Progress on Measures to Prevent Reoccurrence:
Pursue Management Reforms

Rebuild the quality assurance system

Launched the organization/system to ensurethat inappropriate behavior does not occur

 Reinforce quality assurance system
Make head of Quality Assurance Administration Department a full-time officer, develop
support system for head of Quality Assurance Administration Department (appoint an
external consultant) Strengthen quality audits
Develop quality audit system and rules, and conduct follow-up audits
 Reinforce and develop quality assurance system for the whole
Group
Grouping of Group companies and offices, information sharing
 Review and strengthen the structure of Quality Committee Set up Quality Assurance Personnel Meeting
Quality audits (Nikkei Panel System’s Shiga factory)
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2. Progress Overview of 2023 Medium-term Plan

Current Progress on Measures to Prevent Reoccurrence:
Reinforce internal control functions (1)Reforms of corporate culture

Aim to be a responsible corporate group throughactions based on the Principles of Conduct

 Formulate the Principle of Conduct
Project by young and mid-career
employees from 16 Group
companies
Sharing the experience of Nippon
Light Metal Group's unique identity
through “all-employee participation”
Codifying the values and culture to
be cherished
Activities to disseminate thevalues and culture

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2. Progress Overview of 2023 Medium-term Plan

Current Progress on Measures to Prevent Reoccurrence:
Reinforce internal control functions (2)Reforms of corporate culture

Thinking together as a team to create a new Team
Nippon Light Metal culture Site Manager Meeting and President's Workplace Tour
Site Manager Meeting
TargetPlant managers, branch managers,
sales office managers, department
heads

Scale ofmeetings

200 people/meeting x 2 times/month

Attendance

Total 1,995 people(actual results through October 2023)

President's Workplace Tour
TargetEmployees excluding site managers

Scale ofmeetings

20 people/meeting x 400 meetings =8,000 people

Actual results

Total 51 times, 923 participants(actual results through October 2023)

Group discussions on the Group’s management issues(dialogue with management)[Theme]• Initiatives to prevent reoccurrence of inappropriate behavior in theworkplaces where such inappropriate behavior has occurred• Status of the initiatives to prevent reoccurrence of inappropriate
behavior in each workplace• The “2024 Problem” in Logistics currently drawing concern in Japan• 2023 Medium-term Management
PlanGroup discussion at Site Manager Meeting
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Table of Contents

1. Outlook of financial results for the fiscal
year ending March 31, 2024
2. Progress Overview of FY2023–2025
Medium-term Management Plan
(2023 Medium-term Plan)
3. Dialogue with Stakeholders

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3. Dialogue with Stakeholders

Improvement of Dialogue with Shareholders and Investors

Enhance IR tools and increase the number of briefings to improve
communication and information disclosure
Key points for strengthening FY2022 initiatives
Increase
opportunities andfrequency of
dialogue

Immediacy offinancial results
briefings▶Increase thenumber of briefings
from twice a year
to six times a year

▶Holding briefings
on the day offinancial results
announcement

Analysts briefings
from a mediumto long-term
perspective▶Focus on theMedium-termManagement Plan
and non-financial
measures (twice a
year)

Clarification ofcontent

Disclosure of
dialogue content▶Clearly organizedand disclosed
financialstatements, theMedium-termManagement Plan,
progress highlights,
and quantitative
information▶Disclosure ofanalyst briefing
Q&A summaries
on the Company's
websiteExpansion ofEnglish-language
disclosure▶Expanded scope ofEnglish-language
disclosure to include
financial resultspresentation materials,
analyst briefing
materials, and Q&A
summaries, in addition
to the disclosure ofprevious financial
statements andintegrated reports

Dialogue topics of much interest in FY2022
Financial outlook on products for automobiles and truck bodies, the progress and expected timing of the Special
Investigation Committee's report on inappropriate behavior to quality standards, the Group's growth strategy and growth
drivers, the shareholder return policy
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3. Dialogue with Stakeholders

Results of Dialogues with Shareholders and Investors
We are also working to promote understanding of our business among many
institutional investors and analysts, both in Japan and overseas.

FY2022 major dialogues with shareholders and investors
Initiative
highlights
Analystbriefing

Time period

Domestic
institutional
investorcompany

Overseas
institutional
investorcompany

Securities
company

May

4

ー

6

November

4

1

7

Quarterly
Results
Briefing

July

3

ー

5

October31

8January

4

1

8

Results
forecast
Briefing on
revisions

September

3ー8

Individual
meeting

As needed

38 times

17 times

20 times

Initiatives to deepen understanding of the Group

Factory Tour

Business Briefing

In an effort to promote understanding of the Group's wide range ofbusiness areas, we held a business briefing and factory tour for thealuminum ingot and chemicals division (Chemicals Division, Nippon
Light Metal Co., Ltd.), a major division of the aluminum ingot andchemicals segment, at the Shimizu Plant (Shizuoka City, Shizuoka
Prefecture) of Nippon Light Metal Co. Ltd. in September 2023. The
business briefing was held in a hybrid format combining online
participation so that many investors, both in Japan and overseas, could
attend.

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3. Dialogue with Stakeholders“Nippon Light Metal Group Integrated Report 2023” has been released.
We will create opportunities for dialogue with the President and internaland external directors.

“Integrated Report 2023” is available on our website at:https://www.nikkeikinholdings.com/ir/ir-data/p3.html (English version to be released at a later date)
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Medium-term Management Plan (2023 Medium-term Plan)

Working to Achieve Financial Targets

The Group will steadily implement all measures to achieve
the target profits and dividends for fiscal 2025.
FY22
Actual

FY23
Forecast

2023
Mediumterm Plan
target
FY25

Net sales(Billions of yen)

600.0
Operating profit

Net sales

517.0

550.0

530.0

500.0

Operatingprofit

7.5

17.0

30.0

400.0

Ordinary
profit

8.9

16.0

30.0

300.0

Profit

7.2

7.5

20.0

200.0

Annualdividends

50 yen50 yen

100 yen

ROCE

3.2%

5.2%

10.3%

Total
dividend
payout ratio

43.0%

41.3%

31.0%

550

Net sales

517

Ordinary profit
60.0

530
50.0
40.0

24.5
20.6

26.3

29.5

31.1

30.0

30.0

23.5 24.0 22.9

20.0

16.0
12.7

100.0
0.0

6.9

8.9

10.0

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

FY25

0.0

Forecast 2023 Mediumterm Plan target

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チーム日軽金として、異次元の素材メーカーへ
Team NLM – Groundbreaking Innovator of Aluminum and Beyond20Supplemental materials

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Supplemental materials

Trends in overall demand for aluminum products in Japan(1,000 tons）
400
350
300

Source: Japan Aluminum Association

316

312

301

298

298

250
200
150
100
50
0

4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9FY2021
FY2022
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Supplemental materials

Elements and sensitivity
Fiscal2021
Results

Aluminum
ingot

378

Fiscal2022
Results

408

Fiscal2023
Forecasts

400

April–
September
Sensitivity to ordinary profit
2023
Results

382

Assuming a 10 yen/kg
increase-0.5 billion yen/year

141

Assuming 10 yen
appreciation-0.5 billion yen/year82

Assuming a USD10/BBL
increase-0.6 billion yen/year(yen/kg)

Exchange
rates

112

135

140

(JPY/USD)

Dubai crude(USD/BBL)

78

93

95

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Supplemental materials

Financial results for the first half of the fiscal year
– compared with the same period in the previous fiscal year

(Billions of yen)

April–
April–
September
September
2022 Results 2023 Results

Net sales

253.1

250.5

Operating profit

3.7

5.7

Ordinary profit

5.2

6.7

Profit attributableto owners of parent

3.8

2.1

ChangeYoY-2.6(-1.0%)+2.0(+55.3%)+1.5(+28.5%)-1.7(-43.6%)

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24Supplemental materials

Segment information for the first half of the fiscal year ending March 31, 2024
– compared with the same period in the previous fiscal year

(Billions of yen)
Operating profit

Net sales
April–September April–September
2022 Results
2023 Results

Aluminum ingot
and chemicals
Aluminum sheet
and extrusions
Fabricatedproducts andothers
Aluminum foil,
powder, andpasteManagement,
sharedTotal

April–September April–September
2022 Results
2023 Results

ChangeChange-3.8(-4.8%)

6.2

5.9

-8.3

(-15.0%)

0.4

-1.4

-1.8

+8.0

-1.8

0.1

+1.9

+1.5

(+2.9%)

0.6

2.9

+2.3

(+425.9%)

-

-

-1.7

-1.8

-0.1

250.5

-2.6

3.7

5.7

+2.0

79.1

75.3

55.5

47.2

68.8

76.8

49.7

51.2

253.1

(+11.6%)(-1.0%)-0.3(-5.9%)(-)(-)(+55.3%)Copyright Nippon Light Metal Holdings Co., Ltd.
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Supplemental materials

Segment information – compared with the previous fiscal year
(Billions of yen)
Operating profit

Net sales
Fiscal 2022
Results

Fiscal 2023
Forecast

Fiscal 2022
Results

Fiscal 2023
Forecast

Aluminum ingot
and chemicals
Aluminum sheet
and extrusions
Fabricatedproducts andothers
Aluminum foil,
powder, andpasteManagement,
shared

156.0

164.0

+8.0

(+5.1%)

10.2

10.5

107.4

108.0

+0.6

(+0.6%)

-0.6

0.5

+1.1

153.2

175.0

+21.8

0.1

6.0

+5.9

100.4

103.0

+2.6

(+2.6%)

1.5

4.0

+2.5

(+163.5%)

-

-

-

-3.7

-4.0

-0.3

Total

517.0

550.0

+33.0

7.5

17.0

+9.5

Change(+14.3%)(+6.4%)

Change+0.3(+2.9%)(-)(-)(+125.5%)

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Supplemental materials

Factors behind changes in ordinary profit for the first half of the fiscal year
ending March 31, 2024 – compared with the same period in the previous fiscal year
April–September
2022 Results+1.５ billion yen
+7.0

-1.2

-1.6

6.7

Other

Purchased
products

Sales price-0.8
New products-1.9

Sales volume

5.2

April–September
2023 Results

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Supplemental materials

Financial results of key companies for the first half of the fiscal year ending
March 31, 2024
(Billions of yen)

April–September 2022
Results
Nippon Light Metal(Non-consolidated)
Toyo Aluminium(Consolidated)
Nikkei MC Aluminum(Consolidated)
Nippon Fruehauf(Consolidated)
Nikkeikin Aluminium CoreTechnology (Consolidated)
Nikkei Panel System(Consolidated)

April–September 2023
Results

Net sales

OperatingprofitOrdinary
profitNet sales

OperatingprofitOrdinary
profit

78.4

3.3

7.6

71.2

2.0

5.5

49.9

0.1

1.0

51.4

2.8

3.4

52.9

1.3

1.5

49.5

1.1

1.3

25.6

-2.2

-2.2

32.5

-0.7

-0.7

26.4

-0.7

-0.4

24.6

-1.2

-1.1

14.0

1.3

1.3

15.3

1.9

1.9

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Supplemental materials

Factors behind changes in ordinary profit– compared with the previous fiscal year

Fiscal 2022
Results

Fiscal 2023
Forecast+7.1 billion yen
+12.3

-1.2

-5.4

Other

Purchased
products+0.5

Sales price+0.9

New products

8.9

Sales volume

16.0

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Supplemental materials

Financial results of key companies for the fiscal year ending March 31, 2024
(Billions of yen)

Fiscal 2022 Results
Nippon Light Metal(Parent)
Toyo Aluminium(Consolidated)
Nikkei MC Aluminium(Consolidated)
Nippon Fruehauf(Consolidated)
Nikkeikin Aluminium CoreTechnology (Consolidated)
Nikkei Panel System(Consolidated)

Fiscal 2023 Forecast (10/31)

Net sales

OperatingprofitOrdinary
profitNet sales

OperatingprofitOrdinary
profit

155.3

2.9

7.2

142.5

3.0

6.1

100.8

0.9

2.5

102.9

4.2

4.7

103.8

2.3

2.8

104.9

2.3

2.7

54.4

-5.4

-5.4

66.3

0

0

52.7

-1.3

-0.9

42.0

-0.4

-0.5

30.9

4.1

4.1

32.5

4.0

4.0

Financial forecasts for Nippon Light Metal (Parent) and Nikkeikin Aluminium Core Technology (Consolidated) reflect the structure after the establishment of
Nikkeikin ALMO Co., Ltd., on October 1, 2023.
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Supplemental materials

Dividends per share

100

80

80
60
40

30

40

50

60
50

30
FY12

40

90

50

50

Year-end

65

45

50

10

FY13

FY14

FY15

FY16

40

40

(Yen)

85

65

20
0

80

90

Interim

40

40

40

50
40
10

FY17

FY18

FY19

FY20

FY21

FY22

FY23

forecast

The Company carried out a share consolidation at a ratio of 1 share for every 10 shares of common stock on
October 1, 2020, and the dividend amount per share prior to FY2019 (fiscal year ended in March 2020)
takes into account the effect of this share consolidation.

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Notes on this document
1. This document is intended to provide information on future management strategies, and not to solicit the purchase or sale of the marketable securities issued by the Company.
2. The forward-looking statements, including future trends and earnings estimates, are not historical facts and involve risks and uncertainties, and therefore do not guarantee future performance. Actual
financial results may differ materially from the estimates due to various factors, including unpredictable changes in economic conditions. Significant factors that may affect actual financial results
include but are not limited to the economic climate surrounding the Group, social trends, and changes in the Group’s relative competitiveness in line with the demand trends for the products andservices provided by the Group.
3. The matters described in this document reflect the views of the Company at the time of its preparation and are subject to change without prior notice.
4. The Company shall assume no responsibility for any damage resulting from the use of this document.

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