Growth Strategy from the B/S Perspective

Market Valuation- Share Price Trends

Share Price Trends for the Past 10 years［Baseline October 1, 2013］
Oct 1, 2013
Closing price859yenSep.14, 2021
Closing price2,400yen(all-time high)Apr.30, 2024
Closing price
1,928yen

150%

100%

MIRAIT ONE
TOPIX

50%

0%

-50%
2013年10月
2014年10月
2015年10月
2016年10月
2017年10月
2019 Oct,2020年10月
2014 Oct,
2015 Oct,
2017 Oct,2018年10月
2018 Oct,2019年10月
2020 Oct,2021年10月
2022Oct,2023年10月
2023Oct,2013 Oct,
2016 Oct,
2021 Oct,2022年10月©2024 MIRAIT ONE Corporation All Rights Reserved |1Market Valuation- PBR Trends

PBR Trends for the Past 10 years（the company）［Oct 1, 2013－Apr 30, 2024］(bil. yen)

(Unit:x)

1.5300

市場評価 - PBR推移

250

1200

150

0.510050

PBR(left)

Net income(right)0
2013年10月

0
2014年10月

Oct, 2013 Oct, 20142015年10月

Oct, 20152016年10月

2017年10月

Oct, 2016 Oct, 20172018年10月

Oct, 20182019年10月

Oct, 20192020年10月

2021年10月

Oct, 2020 Oct, 2021

2022年10月

Oct, 2022

2023年10月

Oct, 2023©2024 MIRAIT ONE Corporation All Rights Reserved |2

To increase PBRPBR ＝ ROE × PER
Increase＜Consolidated＞＜Consolidated＞（High impact onROE improvement）

Net Income

Equity capital －＜Consolidated＞

strategy
MIRAIT ONE Group
Vision 2030

ＲＯＥ=10％+P/L

Dividends ・treasury shares

B/S

Financial strategy

strategy（shareholder returns）

From the next page©2024 MIRAIT ONE Corporation All Rights Reserved |3Basic Approach
Focusing on growth investments
while conducting proactive shareholder returns
GrowthInvestments

ShareholderReturns

Human Capital
Investment

Re-skilling

Health＆ProductivityManagement（Office reformsetc.）

Business Investment
OrganicDX
business Investment Ｍ&Ａ
investment

Stabledividend
growthLinkedCashAllocation

KPI
Total payout
ratio

Flexible sharebuybacks©2024 MIRAIT ONE Corporation All Rights Reserved |4Cash allocation plan （2023-2026）
Net Sales
EBITDA margin

2023

2026

520.0bil. yen

720.0bil. yen

6.6%

8.6%

（forecast）

Cash inflow（plan）

Cash application（2023-2026 Cumulative total）（unit：bil. yen）

CF creation

Utilize Interest
bearing debt

CF frombusinessprofit140.0

Shareholder
Returns

Human capital/
Ａ DX/
GrowthOrganic business growthbusinesses

Under utilized
real estate
Strategicshareholdings

10.0

GrowthInvestment

Externalborrowings

60.0~50.0＋

B

M&A

Net Sales 100.0bil. yen ±Ｍ＆Ａpromotion

100.0±Net Sales 100.0bil. yen ±※Kokusai Kogyo’s Net Sales
Shareholder※Kokusai Kogyo C
47.3bil. yen （FY 2023 Actual）
Returns
M&A
Strengthen
46.0bil. Yen(including fees)
shareholder returns（Nov. 2023）

60.0～©2024 MIRAIT ONE Corporation All Rights Reserved |5

Ａ
B Growth Investment
Human Capital Investment● MIRAI College（Web/in-person training facilities）● Health & Productivity Management
Investments （office reforms etc.）

Investment Size
（FY 2023－FY 2026）

50.0bil. yen＋

Organic business investment● MIRAI(Future) Domains businessproject● Green Energy business● Global business● Software business
DX Investment● Existing business efficiency

improvement（Value chain reforms）● Utilizing AI etc.
● Information system reform©2024 MIRAIT ONE Corporation All Rights Reserved |6

Ａ

Net sales

Business Growth through Human
Capital Investment
Net sales

520.0bil.yen

Human Capital
Growth Strategy

CDP Matching
MIRAI College※CDP：CareerDevelopment
Plan6,400
employees

Flexible HRsystem

720.0bil.yen
HealthManagement（office reforms）M&A, etc

100.0

JOB type/side-job Improved engagement
Vibrant office
Utilizing diverse
human resources

1,000employees＋
Mar.2024 result 300（2023 forecast 200）

Bil. yen＋

7,400
employees

Human capital
mobility

6,800
employees

FY2023（forecast）

5,800
employees

FY2026（plan）©2024 MIRAIT ONE Corporation All Rights Reserved |7

BB

Growth Investment（M＆A）
Promote M&A which accelerates growth of
MIRAI(future) Domains

MIRAI(future) Domains

１ Urban and regional

development /Corporate DX and GX

Investment size
（FY 2023 ー FY 2026）

100.0bil. yen＋（FY2023）

M&A 46.0bil. Yen（FY2021）SEIBU
CONSTRUCTION(including fees)

M&A

２ Green energybusiness３▶ Business synergies that will
cover and exceed the level ofgoodwill▶ EBITDA (amount, ratio)
also a KPI

４

Software business
Global business©2024 MIRAIT ONE Corporation All Rights Reserved |8C
B Shareholder return policy
Shareholder returns linked to the presence or absence ofmajor investments

So farEnhanced return

Stable dividend growth

Continue basicpolicy
Flexible share buybacks

Total return ratio：around 50% level▶ Considering cancellation oftreasury stock that has nointended use

Target range
Total return ratio：
50%～70％▶Actively cancel treasury stockthat has no intended use©2024 MIRAIT ONE Corporation All Rights Reserved |9Financial Medium-Term Plan

（FY2026）

FY2023

ＲＯＥ

5.0 ％

10 ％＋
FY2023@133yen @198yen

10 ％＋(per year)＋４８％

Shareholder returns
Dividend per share (Forecast)

Share repurchase

75 yen3.0 bil. yen※©2023 MIRAIT ONE Corporation All Rights Reserved | 10

Business portfolio and positioning of each domain
Strengthen our business portfolio with the aim ofbecoming “Beyond a Telecommunications Construction
Company” that contributes to society with full-value

Beyond a
Telecommunications
Construction Companylarge
Marketgrowthpotentialsmall

FY2026MIRAI DomainsExpansion

FY2026FY2022 Net sales
29％ ➡ 40％

FY2022Concentrating resources andconverting to the full-value model

Gross profit margin 12%
FY2022

FY2026Gross profit margin 13%

Further efficiency／DX
business profitabilitylarge©2024 MIRAIT ONE Corporation All Rights Reserved | 11