Mitsubishi Logisnext Co., Ltd.
Q2 Financial Results Briefing for FY2022
November 24, 2022

Event Summary[Company Name]

Mitsubishi Logisnext Co., Ltd.

[Company ID]

7105-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q2 Financial Results Briefing for FY2022[Fiscal Period]

FY2022 Q2[Date]

November 24, 2022

[Number of Pages]

32[Time]

15:30 – 16:21(Total: 51 minutes, Presentation: 47 minutes, Q&A: 4 minutes)[Venue]Webcast[Number of Speakers]

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Takashi Mikogami
Yuichi Mano
Takatoshi Uno

Representative Director and Chairman
Representative Director and President
Director, Executive Officer, CFO, Head ofCorporate Finance and Accounting
Headquarters

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Presentation
Moderator: Thank you for your patience. The time has arrived, so we will begin Mitsubishi Logisnext Co., Ltd.’sfinancial results briefing for Q2 of FY2022.
Thank you very much for taking time out of your busy schedule to attend our financial results briefing.
We apologize for the sudden decision to hold the event remotely via Zoom only, in light of the recent spreadof COVID-19, although we had originally planned to hold the event as a hybrid of on-site participation at thevenue in Marunouchi, Tokyo and Zoom streaming. We are sorry for the sudden change.
Today, we would like to present an overview of the financial results for Q2 of FY2022 and the progress of themedium-term management plan.
Now, I will introduce today's attendees. Mr. Takashi Mikogami, Representative Director and Chairman.
Mikogami: I’m Mikogami. Thank you.
Moderator: Mr. Yuichi Mano, Representative Director and President.
Mano: I’m Mano. Thank you.
Moderator: Mr. Takatoshi Uno, Director, Executive Officer, CFO, Head of Corporate Finance and Accounting
Headquarters.
Uno: I’m Uno. Thank you.
Moderator: As we proceed today, the overview of the financial results for Q2 of FY2022 will be presented by
Mr. Uno, CFO, Head of Corporate Finance and Accounting Headquarters, and an update on the progress ofthe mid-term management plan will be presented by Mr. Mano, Representative Director and President.
The presentation will last about 45 minutes, until about 4:15 PM. A Q&A session will follow for about 15
minutes. I will explain the method of questioning when we get to the Q&A session later. The scheduled end
time of today's briefing is 4:30 PM.
Today's materials are disclosed at the URL that we have provided to you by e-mail in advance. This financial
results briefing will proceed based on the slide presentation material.
Now, we will move on to an overview of the financial results for Q2 of FY2022. Mr. Uno, please go ahead.

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Uno: I’m Uno of Mitsubishi Logisnext. Thank you very much for joining us today at our financial results briefing
for Q2 of FY2022.
In the first half of today's presentation, I will provide a summary of the financial results.
First, please see page three. The economic market trends.
Concerns of recession are growing in the global economy due to monetary tightening in the US and Europe,
China's zero-COVID-19 policy, and Russia's invasion of Ukraine. In addition, the rising cost of materials andtransportation as well as supply chain disruptions continue to plague the industry.
Under these circumstances, in Japan, the forklift market has been firm, but overseas, while the Americas andAsia continue to do well, Europe and China are showing signs of a slowdown or even a clear slowdown.
In the Company, orders received were generally favorable, although the uptake of demand due to therebound from the pandemic, seen in the previous fiscal year, has slowed down. In Japan, however, H1 wasmarked by delays in production and shipments due to the impact of parts shortages.
Overseas, despite the impact of the lockdown in Shanghai at the beginning of the fiscal year, production andshipments have increased more steadily than in Japan, and we are seeing the effects of our aggressive sales
price revisions since last fiscal year.
Here is a summary of consolidated results under such circumstances. Due to increased production and sales
in the Americas and Europe, and strong performance by our US sales subsidiary, Equipment Depot or EQD, in
addition to the contribution of the yen's depreciation, net sales increased 29.4% YoY. This is the highest sales
in our company's history for H1.

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Operating profit before amortization of goodwill, etc. decreased by negative 1.4%, due to the sharp rise inmaterial and transportation costs, as well as a decrease in shipments due to parts shortages in Japan.

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Next, see the financial highlights on page four. Again, I would like to explain our key financial indicators.
The blue area shows the figures for H1 or Q2. Net sales were JPY279.6 billion, operating profit before
amortization of goodwill, etc. was JPY6.2 billion, and amortization of goodwill was JPY5.1 billion, resulting inan operating profit of JPY1.1 billion under the system accounting.
As I mentioned earlier, net sales were the highest ever for H1, but operating profit fell slightly short of theprevious year's level.
Amortization of goodwill has increased, but this is due to the amortization of goodwill assets recorded as
excess earning power overseas and the amortization of goodwill assets denominated in foreign currencies,
which have ballooned in translation due to the weak yen.
After operating profit, ordinary profit, and also after extraordinary items and tax expenses, profit attributableto owners of parent was negative JPY1.35 billion, unfortunately a net loss.
In H1, compared to the previous year, non-operating items included an increase in interest expenses, which
was offset by foreign exchange gains.
As for extraordinary losses, there was a loss on the sale of a sales subsidiary in Russia, and a manufacturingsubsidiary in Shanghai posted an extraordinary loss due to a lockdown for two months in April and May.
As for tax expenses, while the effective tax rate was relatively low in the previous fiscal year, it was slightly
higher in the current fiscal year, resulting in a net loss for H1.
The table below is the balance sheet, which we will explain again later on page nine.

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I will now explain in detail in the following documents up to the sales and operating profit.
Pages five and six explain the situation by segment and region. Please note that from this page onward,
operating profit before amortization of goodwill, etc. will be referred to as operating profit.
After recording the goodwill asset associated with the acquisition of former UniCarriers Corporation, we havedesignated a unique operating profit item, operating profit before amortization of goodwill, etc., as a key KPIfrom the standpoint of comparability with past results and the results of other companies.
Page five shows net sales and operating profit by segment.
As shown in the upper chart, net sales increased by 29.4%, while the domestic business, shown in blue,
decreased by 3.9%.
The increase in revenue from overseas operations, shown in beige, was a very significant 50.4%, or JPY66.8
billion in monetary terms.
While there are still some effects of parts shortages both in Japan and overseas, production and shipments inJapan in particular were not smooth in H1.
The very large increase in revenue from overseas operations was due not only to increased sales of newvehicles, but also to the strong rental business of EQD in the US, as well as the translation effect of yen
depreciation.
The bottom row is operating profit. Operating profit decreased by 1.4%. As in the case of net sales, profit
decreased in the domestic business and increased in the overseas business. In the previous fiscal year, the7overseas business was more severely impacted by the rising material and transportation costs than thedomestic business, but in the current fiscal year, the cost increase has already peaked out in the Americas andother regions.
As a result, the effects of the sales price revisions since last fiscal year are gradually being realized in H1.
On the other hand, in Japan, material and transportation costs have skyrocketed since H2 of the previous
fiscal year, and have continued to rise throughout H1. In addition, production and shipments were not smooth
due to the effects of parts shortages, which combined to cause a large decrease in profit.

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Please see page six. Page six shows YoY sales by region, and the bar graphs are divided into three-month
periods, with blue for Q1 and beige for Q2.
Significant revenue growth was achieved in each overseas region of the Americas, Europe, China, and Other
Asia. The exchange rate impact is described in the callouts. You can see that there was a remarkable increasein sales, in Americas in particular, including the impact of the depreciation of the yen against the US dollar.
Comparing Q1 and Q2, blue and beige, the Q1 figures are larger only for Europe. As you all know, this is dueto the summer vacation season in Europe, which significantly reduces socioeconomic activities, and this was
the case in the previous and current fiscal years.

9Please see page seven. The waterfall chart shows which regions experienced an increase in sales from last H1to this H1, excluding the impact of foreign exchange rates.
What I have explained on the previous pages is briefly described on this page seven. Please review it again
along with the figures.

10Now, turn to page eight. This section shows YoY changes in operating profit by factor.
If you look from left to right, the third item from the left is the actual operating profit before amortization of
goodwill, etc., for the previous fiscal year, which is JPY6.3 billion. Starting from this point, the increase in grossprofit due to the sales increase was JPY10.1 billion and the increase due to sales price improvement was JPY9.1
billion, which are the factors behind the JPY19.2 billion increase in profit.
Then, the three factors, YoY increases in material costs and transportation costs, as well as labor and otherexpenses, contributed to the JPY22.7 billion decrease in profit.
So far, the total profit has decreased by JPY3.5 billion. Operating profit decreased only slightly YoY because
we were able to take advantage of a favorable exchange rate environment of about JPY3 billion, including thestrong US dollar and weak yen.
The cost of the sales price revision is JPY9 billion, and the increase in material and transportation costs isnearly JPY20 billion, so the revision of the sales price has not been a sufficient contribution. I would like totouch on this later on page 12 while looking at other data.

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Page nine is the balance sheet. We will explain the major variations here. The upper row shows assets andthe lower row shows liabilities and net assets.
Last fiscal year, while sales were large and increasing since the pandemic, we were severely affected by the
supply chain disruption, resulting in a large increase in inventories, especially at our manufacturing sites
worldwide.
In this H1, inventories increased by JPY18.4 billion from the end of the previous fiscal year. But excluding theincrease due to foreign currency translation, inventories increased only slightly in Japan, where the impact ofparts shortages was particularly noticeable this fiscal year, and in the US, where a slight semiconductor
shortage occurred in H1.
The main reason for the increase in total assets is the revision of US GAAP. As with Japanese GAAP, operatinglease assets and liabilities were off-balance sheet under US GAAP, but they have been on-balanced from thisperiod. This has resulted in an expansion of the balance sheet by about JPY30 billion on both assets andliabilities/net assets sides.
In addition, the balance sheets of foreign subsidiaries have ballooned due to currency translation.
Net assets, or equity, increased by JPY10.1 billion, mainly due to foreign currency translation adjustments.
Foreign currency translation adjustments increased by JPY12.5 billion due to the weaker yen. As a result,despite the increase in total assets, the equity ratio increased slightly from 15.6% at the end of the previous
fiscal year to 15.8% at the end of the current fiscal year.

12See page 10. The cash flow situation.
Operating cash flow was JPY10.9 billion, a decrease of JPY1.26 billion YoY. We believe this is mainly due to anincrease in tax payments of about JPY2.9 billion.
Cash used in investing activities also significantly expanded YoY. Demand for rental forklifts has been growing
significantly amidst increased economic and social activities, particularly in the US, leading to increased
investment in forklifts for rental use.
In addition, there was an investment in the acquisition of a distributor in North America, which is included inother investing cash flow. These factors resulted in increased cash outflows.
As a result, free cash flow, which was positive JPY5.6 billion in the previous year, turned to negative JPY0.8
billion in the current period.

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Page 11 lists various key management financial indicators, including ROA, for your reference.

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Lastly, I would like to explain page 12. This chart shows quarterly sales and operating profit trends. Again, theblue shows the domestic business and the beige shows overseas.
While net sales have steadily increased each quarter since the previous fiscal year, regarding operating profit,in Q4 of last fiscal year and Q1 of this fiscal year, there was a large gap between the deteriorating material
and transportation costs and the delayed contribution of the sales price revisions to those costs.
However, especially overseas, production and shipments were relatively steady in Q1 and Q2, and the gap
between cost increases and the delayed contribution of the effects of sales price revisions narrowed sharply
in Q2, resulting in a large increase in operating profit.
Overseas, in the US and Europe, cost increases had already been occurring last year, and we have alreadyrevised our selling prices several times during the last fiscal year, which contributed to the increase in thecurrent fiscal year.
On the other hand, in Japan, material and transportation costs began to rise strongly in H2 of the last fiscal
year. We have taken action to revise the sales price for this, after carefully monitoring the trend. As a result,
there is currently a delay in the revision of selling prices in response to cost increases in Japan. This, combinedwith delays in production and shipments, resulted in weak operating profit in Q1 and Q2 in Japan.

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Lastly, on page 13, we have also included the stock price trend for your reference.
With this, I would like to conclude the overview of the financial results. Thank you very much.
Moderator: Thank you very much. We will move on to an explanation of the progress of the medium-term
management plan. President Mano, please go ahead.
Mano: I’m Mano, the President. Thank you very much for taking time out of your busy schedule to join us
today.
As Mr. Uno mentioned earlier, in H1, thanks to an increase in overseas sales volume and the impact of foreignexchange rates due to a weaker-than-expected yen, sales have been favorable.
On the other hand, despite the contribution of price revision effects and foreign exchange effects, operating
profit was significantly affected by the sharp rise in material and transportation costs that has continued since
the previous fiscal year and remained at the previous fiscal year's level.
Although the business environment continues to be uncertain and unpredictable, with monetary tighteningin Western countries and Russia's invasion of Ukraine, I would like to take this opportunity to explain the
progress of the medium-term management plan, including the annual forecast.

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On page 15, I would like to begin by explaining the forklift shipping trends worldwide.
The World Industrial Truck Statistics, or WITS, is based on a calendar year from January to December, withshipments data delayed six months up to March 2022 due to a change in the statistical disclosure policy ofthe member organizations this year.
The bar graph shows the number of shipments for the past five years in each region, and the pie chart in thecenter shows the number of shipments in 2021 as a percentage of shipments in each region.
For Japan and the Americas, statistical data for each region is disclosed, and the data for Japan from anorganization called JIVA and the data for the Americas from ITA are shown in light-colored bar graphs for theperiod from January to September 2022.
JIVA and ITA are based on different standards than WITS, so this information is only for reference purposes.
However, you can see that the market volume from January to September was almost the same level in Japanas the previous year, while the volume in the Americas was higher than the previous year, despite the growing
uncertainty in the global economy.

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Page 16. This is a quarterly chart of orders received in the global forklift market, excluding Class III selfpropelled electric small lifts. This number of orders received is also calculated on a calendar year basis.
As for the number of purchase orders in Q2 of 2022, while there was a YoY increase in Japan, the Americas
and Asia, there was a decrease in Europe and China.
Demand is stronger worldwide than in FY2019 before the pandemic, but demand is in a gradual decline due
to increasing concerns of a global economic slowdown caused by monetary tightening in Western countries,
China's zero-COVID-19 policy, and increased geopolitical risks from Russia's invasion of Ukraine.

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On page 17, the bar graph shows the number of orders received by the Company over the past three years,
with the index for H1 of FY2019 set at 1. The pie chart in the center shows the number of orders received in
H1 of FY2022 as a percentage of total orders by region.
In H1 of FY2022, orders received in the Americas and Europe are expected to decrease by 16% YoY, as theincrease in orders received during the economic recovery phase from the pandemic has settled down.

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Next, page 18. On page 18, I would like to explain the revision of the earnings forecast for this fiscal year.
On November 1, we revised upward our forecast announced on May 12 of this year. Due to higher sales
volume in the Americas, increased sales from favorable service and rental businesses, the effect of sales pricerevisions, and the impact of yen depreciation on foreign exchange rates, we revised our earnings forecast
upward, in light of our performance up to Q2, the current business environment and recent orders.
Net sales are expected to exceed the May forecast by about 13% to JPY610 billion. As for profits, while variable
costs are expected to deteriorate due to soaring material costs and other factors, as I mentioned earlier, theincrease in sales, the reaping of the effects of price revisions, and the depreciation of the yen will contributeto operating income of JPY11.5 billion, ordinary profit of JPY10 billion and profit attributable to owners ofparent of JPY3.5 billion, all of which are expected to exceed the May forecast.
Operating profit before amortization of goodwill, etc., which we have positioned as a key indicator, is
expected to be JPY21.5 billion, an increase of JPY4 billion from the previous forecast.
There is no change in the dividend, which is JPY9 per share.

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On page 19, a waterfall chart is presented by item, showing how operating profit increased from the initial
forecast to the revised forecast announced in November.
The reason for the upward revision is that the supply shortage of semiconductors and other electronic
components is finally coming out of its worst phase, and we expect production shipments to recover in H2.
This will result in increased sales. In addition, we anticipate that the sales price revision will have an effect,
and that the impact of exchange rates due to the weaker yen will also contribute.
While we expect material prices to continue to rise in Japan and Europe, we believe that transportation andother costs have peaked.
Although there are some concerns, such as increased geopolitical risks and the negative impact of inflation in
many countries on the economy, we expect operating profit before amortization of goodwill, etc., to increaseby JPY4 billion to JPY21.5 billion in FY2022, as the effects of price revisions and exchange rate fluctuations willoffset the impact of higher material and transportation costs.

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Page 20. I would like to explain the progress of our medium-term management plan, which we call LS23.
Under LS23, we have set forth three basic strategies. The first is to build up business resilience, the second isto accelerate growth strategy, and the third is to further develop our global and regional branding strategies.
In FY2022, we have been implementing the initiatives shown in the lower half of this slide as the growth andexpansion phase.
The first is the effort to strengthen our direct sales structure through Equipment Depot, which we call EQD, alogistics equipment sales company acquired in the US in FY2019.
Second, as an approach to the demand for automation, I will introduce examples of initiatives in Japan, Europe,and Asia.
Third, I would like to explain our other initiatives such as safety technology, ESG management, and therecently released integrated report.
The numerical targets for FY2023, the final year of LS23, are net sales of JPY500 billion and operating profit
before amortization of goodwill, etc. of JPY30 billion. Although we already expect to achieve sales ahead ofschedule, we will continue to aim to achieve the LS23 plan figures for operating profit as well.

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From the next page, let me explain in detail our efforts in H1.
Starting on page 21, I will explain how we are strengthening our direct sales system in the US. First, as apremise, I would like to explain the market trend in the US.
The graph on the top of the slide shows the market forecast for the rental market in the US. In the rental
market in the US, the pandemic caused a significant drop in 2020, but since then the market is recoveringstrongly as economic activity resumes.
Despite concerns about a recession due to the FRB raising interest rates, the market size in 2022 is expected
to be around USD42 billion, a record high, exceeding the pre-COVID-19 level of about USD39 billion in 2019.
With private investment on the rise, driven by such factors as the approximately USD1 trillion Bipartisan
Infrastructure Bill passed in 2021, rental demand is also increasing rapidly, and we expect the market tocontinue to expand in 2023 and beyond, although the growth rate will be slightly slower than before.
The graph at the bottom of the slide shows the market forecast for the logistics solutions business in the US.
In the US logistics solutions market, demand for automation of logistics is increasing rapidly due to the growthof e-commerce and labor shortages. We expect this market to grow every year from now on, with anestimated USD8 billion in 2022 and USD12 billion in 2026.

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Page 22. In this very strong US market, EQD has focused on further growth, acquiring companies, investing in
the rental business, and expanding its logistics solutions business sales.
First, in the area of corporate acquisitions, on June 1 of this year we acquired all shares of Norlift, an American
logistics equipment sales company located in the state of Oregon. On October 1, we integrated the business
into the EQD Group and started operation.
In addition to expanding its forklift lineup by strengthening its sales structure in the northwestern states ofOregon and Washington, the Company has also begun handling automated equipment such as unmanned
conveyor systems. We expect to expand our total solution offering by combining forklifts sales withwarehouse facilities and automated conveyor systems.
The second is investment in the rental business. The rental fleet is currently operating at a very high capacity
due to the growing demand for rentals from public and private investment, driven by the Bipartisan
Infrastructure Bill, which I explained earlier. We are currently working hard to order more vehicles andreplacement vehicles to avoid vehicle shortages.
Revenues have also been very strong since 2021.
Thirdly, in order to expand sales in the logistics solutions business, last year we established an entity called
EQ Solutions within EQD, and we are focusing on expanding our product lineup by increasing the number ofstaff and utilizing the products of our Finnish subsidiary, MLFI. We have received a steady stream of orders
for these products as well, and we intend to continue our sales promotion efforts.

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On page 23, we will look at EQD's performance.
Although the Company's performance declined significantly in FY2020 due to the reduced demand caused by
COVID-19, the Company subsequently expects to continue to increase sales and profits in each segment,
backed by strong orders received during the recovery phase from the pandemic and the expansion of therental and solutions markets.
Moreover, we have been working diligently on corporate acquisitions and other projects. EQD's market
coverage in the US has increased by 10% from 2019 to 35% of the current market.
In addition to strengthening our existing core businesses such as new car sales, after-sales service and leaserental, we will also focus on growth areas such as EQ Solutions, which we believe will continue to expand ourearnings and make a significant contribution to our group.

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Next, the key points of our growth strategy include automation, safety technology and decarbonization.
Among these, as our efforts to meet the demand for automation, I would like to introduce a Japanese casestudy here.
See page 24.
We have been working with Mitsubishi Heavy Industries, MHI, for some time on a logistics intelligence andautomation project, which we call ΣSynX, and as the first phase of this project, we have started a joint
demonstration of an automated picking solution for beverage warehouses.
This is a solution in which multiple AGF, Automated Guided Forklifts; AGV, Automated Guided Vehicles;
palletizers; etc. are efficiently linked by a proprietary optimization engine and an integrated control system,and the picking know-how is made intelligent and automated by this ΣSynX.
Recently, there is a manpower shortage among logistics operators, the need to free workers from heavy
workloads such as picking heavy items and to reduce human errors. We believe that we can contribute inthese areas.
This demonstration testing is being conducted at the Logi Q X Lab, a demonstration facility located within
Yokohama Hardtech Hub, a co-creation space operated by MHI in Honmoku, Yokohama. In October, westarted offering tours of our facilities for our clients, and we would like to invite anyone who is interested tovisit us.
Today, we have prepared a video of this picking solution for you to view.
[Video Begins]26Company Representative: In order to solve logistics issues, such as the shortage of human resources forlogistics operators, heavy muscle work due to heavy picking, and the burden of large construction costs in
automation, MHI has developed an automated picking solution that links AGF or Automated Guided Forklift,
AGV or Automated Guided Vehicles, and palletizers.
The automated picking solution is automated and intelligent with ΣSynX, currently under development by MHI,
and intelligently connects each piece of equipment through a proprietary optimization engine and an
integrated control system. For example, for a 22-box shipment order, instead of picking 22 times from a fullload of 27 boxes, it picks five times and the remaining 22 boxes on the pallet are considered finished goods,
thus shipping the pallets with the least number of moves.
In addition, to avoid congestion of AGVs when goods are concentrated in one location, they can be dispersed
to avoid traffic jams and transport more efficiently. If the palletizer is fully supplied with goods to be picked,
AGF prioritizes cleaning up pallets that have already been processed, and if there is likely to be a shortage ofgoods to be picked, it prioritizes pallet supply. By automatically prioritizing work based on the situation, it can
reduce idle time.
This automated picking solution is being tested at the Logi Q X Lab, a facility that began operations at the
Yokohama Hardtech Hub, a manufacturing co-creation space established in the Honmoku Plant of the
Yokohama Machinery Works.
MHI will provide not only automated picking solutions, but also optimal solutions to solve various issues atcustomers' logistics sites by leveraging the Group's comprehensive capabilities, such as truckreceiving/shipping and warehouse receiving/shipping using the new AGF concept.
[Video Ends]

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Mano: Next, page 25 introduces our efforts to meet the demand for automation in Europe and Asia.
In Europe, we opened an AGV demonstration center at MLFI in Finland to further contribute to solution
businesses such as Mixed Fleet, where unmanned forklift AGVs and manned forklifts can coexist.
This facility is not just a showroom, but a reproduction of an actual warehouse environment, where customers
can see both AGVs and forklifts are used to bring in goods, store them on shelves, and ship them.
The concrete demonstrations in this warehouse in particular have been very well received by the customers,
and for distant customers, we are also equipped with a virtual space on the Internet, which can be livestreamed.
In Asia, in September 2022, MLAP, a subsidiary in Singapore, signed a collaboration agreement with a local
company called xSquare for the development and sales of AGVs, and is jointly developing a simple, low-cost
AGV that will meet the growing demand for logistics solutions in the Asian market.
In the future, xSquare's logistics solutions will be deployed through MLAP's sales network.

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Page 26. Here I would like to explain the second point of our growth strategy, our safety technology initiatives.
With approximately 2,000 forklift accidents occurring annually in Japan alone, we believe that reducing therisk of accidents and improving safety is our mission as a manufacturer.
To address this issue, we installed OmniEye, an AI human detection and alarm system from LEGLAS, whichmonitors and detects people in various postures in 360 degrees around the forklift with a hemispheric camera
installed on the forklift. We offer this as a safety feature to our customers.
We have also developed and marketed the Good Running System, a system that absorbs vibrations andimpacts of running forklifts, reducing load damage, noise, and operator fatigue. Through this, we are working
to build a safety system that allows workers and forklifts to coexist in harmony.

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Third, we are working to achieve a decarbonized society.
On page 27, I will explain the development of fuel cell forklifts as part of our ESG management efforts toachieve carbon neutrality.
We have participated in an operational demonstration testing using fuel cell forklifts being conducted at the
Kanto General Center of Nihon Kensetsu Kogyo Co., Ltd.
Unlike engine forklifts, fuel cell forklifts emit zero exhaust gas, making them earth-friendly and carbon-neutral
for cargo handling operations.
We will continue to strive to improve our environmental performance in order to achieve carbon neutrality
in the future.

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Lastly, page 28. We will present here the Integrated Report issued in October of this year.
This Integrated Report is an expansion of the SDGs report that has been published since FY2020. In addition
to the status and outlook of SDGs and ESG management, it also includes information on our contribution tosolving issues faced by the global logistics industry as a comprehensive logistics equipment manufacturer with
global operations, and our contribution to social issues such as decarbonization.
In addition, we present the status of our business from various perspectives, including our medium-term
management plan, financial information, and non-financial information that will help us achieve these goals.
Moreover, I have posted a message from the President on the subject of our company's vision and the current
state of management that I would like to share with you. Furthermore, messages from the CFO and CTO on
the theme of strengthening our financial base and solving logistics issues through technological development
are newly posted.
This Mitsubishi Logisnext Integrated Report is available on our website, and we hope you will take a look at it.
Thank you.
So far, we have provided a summary of the financial results for Q2 of FY2022, and an explanation of the
progress of the medium-term management plan.
In a business environment where the future is difficult to predict, we are determined to grow Mitsubishi
Logisnext strongly, and we look forward to your continued guidance and encouragement in the future.
Thank you for your attention.

31Moderator: Thank you very much. With that, we will conclude our explanation of the materials.

Question & Answer
Moderator [M]: We will move on to the Q&A session. Now, if you have any questions, please do not hesitate
to contact me.
(No questions asked)
There being no further questions, we will now conclude the financial results briefing of Mitsubishi Logisnext.
[END]______________

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