FY2023 Q2
Financial Results(April 1 to September 30, 2023)

Comprehensive Manufacturer of Logistical Equipment,
Headquartered in Nagaokakyo, Kyoto.

N o v. 3 0 , 2 0 2 3
MITSUBISHI LOGISNEXT© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2023 Q2
Summary of Financial Results(April 1 to September 30, 2023)

Takatoshi Uno
Director, Executive Officer
CFO© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

1. FY2023 Q2 Summary
Economic Market Trends◼

The global economy has seen central banks in various countries maintain their monetary tightening measures in
response to a persistently high level of inflation, although the increase in prices has been slowing, and with Russia’s
prolonged aggression in Ukraine showing no end in sight, economic growth is slowing down at a faster pace. Although
the increase in transport costs caused by the rapid recovery phase out of the COVID-19 pandemic has subsided,
inflation is driving not only higher labor costs but also higher costs in a wide range of areas including fuel andcomponents. In Japan and overseas, this is having a growing impact.

◼

The domestic market for material handling equipment remained firm at pre-COVID-19 levels. Overseas demand in theAmericas has continued to exceed pre-COVID-19 levels, as it did in the previous fiscal year, due to stable logistics
needs despite economic slowdowns. Europe has been affected by inflation, which has shrunk from a temporary
rebound in demand, and economic stagnation has become prolonged. Asia has weakened slightly because of inflationand increasing interest rates. On the other hand, China was showing signs of recovery due to the lifting of the zero
COVID policy, but its economy then slowed due to deterioration in the real estate market and the market for material
handling equipment has not yet recovered to expected levels.

◼

The longer lead times due to delays in the supply of various components is gradually abating but high costs persist. The
Group as a whole secured sufficient orders and worked on achieving production improvements by eliminating thecomponents shortages in Japan and overseas, accelerating shipments. As a result, the effects of price optimization
have effectively expanded.

Summary of FY2023 Q2 Results◼

Net sales increased by 23.0% YoY due to an increase in units sold mainly in Japan and the Americas, the effects ofprice optimization, and the impact of yen depreciation.

◼

Operating profit before amortization of goodwill increased 347.3% YoY despite cost increases because the contributionof the acceleration of shipments mostly in the Americas was at a pace exceeding the plan and due to the expanded
effect of price optimization.

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

3

2. Financial Highlights
Unit: Hundred million JPY

Profit and Loss
Statement

FY2022 Q2*FY2023 Q2

YoY Change

2,795.9

3,437.7+641.7+23.0％

62.1（2.2％）

278.1（8.1％）+215.9+347.3％

Amortization of
Goodwill

52.5

50.7

―

―

Operating Profit

9.6（0.3%）

227.3（6.6％）+217.7+2,259.3%

9.0

210.6

+201.5+2,214.7%

165.6+179.8―Net Sales
Operating Profit(Before amortization of goodwill)(Operating profit margin)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable to
Owners of Parent（0.3%）-14.2―(Net income margin)（6.1％）（4.8％）* At the end of the fiscal year ended March 31, 2023, we finalized the provisional
accounting treatment related with past M&A in United States, and the figures(goodwill, etc.) for the six months ended September 30, 2023 reflect the details of
the finalization of the provisional accounting treatment

FY2022 Q2 actual FX rates: USD=JPY133.97 EUR=JPY138.73 CNY=JPY19.88
FY2022 Q4 actual FX rates: USD=JPY135.47 EUR=JPY140.97 CNY=JPY19.75
FY2023 Q2 actual FX rates: USD=JPY141.00 EUR=JPY153.39 CNY=JPY19.75

Balance SheetFY2023 Q2

FY2022 Q4

YoY Change

Total Assets

4,754.3

5,198.9+444.6+9.4％

Total Liabilities

3,994.0

4,164.9+170.8

+4.3％

760.2

1,034.0+273.7+36.0％Net Assets© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

4

3. Business Results by Segment

Net Sales◼ Net sales increased by 23.0% YoY, due to an increase in units sold in Japan and theAmericas, the contribution from the effects of price optimization, and the tailwind fromthe impact of yen depreciation.
Unit:
Hundred million JPY

Japan

Increased 3,437.7

4,000
3,000
2,000

FY2023 Q2 Sales by Region

Overseas+641.7（+23.0％）2,795.9

2,508.8

1,992.7

1,000
0

803.2

928.8

FY2022 Q2FY2023 Q2

Asia&
Europe China
14.8％ 5.5％ Japan
（7.1％）（17.4％）
27.0％（28.7％）

Americas52.7％（46.8％）

Operating Profit*() = previous year

◼ Operating profit increased by 347.3% YoY. Japan benefited from the impact of yen
depreciation and the settling of increase in marine transportation costs, while overseas
businesses benefited from the acceleration of shipments mostly in the Americas at apace exceeding the plan and the expanded effects of price optimization.
Unit:
Hundred million JPY

Japan

300

Overseas278.1

FY2023 Q2 Operating Profit by Segment

Increased+215.9（+347.3％）

200

Japan
20.0％

222.5

100

62.1

0

53.0
9.1

55.5

FY2022 Q2FY2023 Q2(14.7％)

Overseas80.0%(85.3％)() = previous year

* Operating profit before amortization of goodwill© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

54. Net Sales by Region (including FX impacts)
Japan(Unit: Hundred million JPY)

Increased

1,000

803.2

800
600

+125.6（+15.6％）

Americas
928.8
481.8

413.1

400

390.1

447.0

FY2022 Q2FY2023 Q2200(Unit: Hundred million JPY)

Increased

2,000
1,500

1,308.4

1,000

691.9

866.9

616.4
0

Q1

FY2022 Q2

Q2

486.9

Increased+22.5（+4.6％）FY2023 Q2

Q1

Europe(Unit: Hundred million JPY)

400

1,810.9
944.0

500

0

600

+502.5（+38.4％）

FX impact
90.3

FX impact
43.3

509.5

China & Asia

233.5

253.4

256.9

FX impact
0.8(Unit: Hundred million JPY)

200
150

252.5

Q2

197.3 Decreased 188.4
104.4

-8.9
（-4.5％）

98.0

100

200
0

50

92.9

90.3

FY2022 Q2FY2023 Q20
FY2022 Q2FY2023 Q2

Q1

Q2© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Q1

Q2

6

5. Net Sales – FY2022 Q2 vs FY2023 Q2◼ Japan:Net sales increased as components shortages have been abating and the effects ofprice optimization are also starting to contribute.

◼ Overseas: Net sales increased due to the expanded effects of price optimization as units soldin the Americas increased at a pace exceeding the plan, and due to the impact ofyen depreciation. Sales in Europe and China & Asia regions decreased.
(Unit: Hundred million JPY)

Americas

FX
impacts+134.4

Japan

EuropeChina &
Asia

-20.7

-9.7

+412.2+125.6

3,437.7
2,795.9

Net sales increasedby 641 (+23.0%)

FY2022 Q2© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2023 Q2
7

6. Operating Profit – FY2022 Q2 vs FY2023 Q2◼ Material costs increased mainly in Japan due to the yen depreciation. Labor costs also remainhigh due to inflation.
◼ Operating profit before amortization of goodwill increased 347.3% YoY due to higher sales, theeffects of price optimization, and the settling of increase in marine transportation costs.
(Unit: Hundred million JPY)

U.S. tariffs
Effects ofprice optimization

Consolidation
adjustments,
FX
etc.
impacts

Amortizationof goodwill

Operating profit(before amortization of goodwill)

increased by 215 (+347.3%)

Amortizationof goodwill-52.5

FY2022 Q2Profit increase
due to sales
increase / Mix

Material
costs
increase

Labor costs
increase, etc. Transport
costs
decrease

FY2022 Q2(before amortizationof goodwill)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Including:Transport cost decrease +47.6
Volume increase-8.2

FY2023 Q2

FY2023 Q2(before amortizationof goodwill)87. Consolidated Balance Sheet◼ Net assets increased due to an increase in retained earnings from higher profit and the foreign
currency translation adjustment. The capital adequacy ratio improved from 15.9% to 19.8%.
5,198

4,754

Item

AssetsCurrent assets

2,645
2,108

2,902

Property, plant and equipment
Intangible assets

Assetsincreasedby 444Inv estments andother assets

Total non-current assets

2,296

Total assets

FY2022
Q4
2,645
1,489
411
208
2,108
4,754

(Unit: Hundred million JPY)
FY2023
Change
Q2
2,902
+256
1,660
+171
388
-22
247
+39
2,296
+187
5,198
+444

Current assets: Increased
FY2022 Q4

FY2023 Q2

Non-current assets

Current assets

Increased due to exchange rate conversion effects, cash anddeposits, and inventories, etc.

Non-current assets: Increased
Increased due to exchange rate conversion effects, and property,
plant and equipment, etc.

5,198

Liabilities/
Net Assets

4,754

3,994
760

Current liabilities

Liabilities
increasedby 170Non-current liabilities

4,164

Net assets
increasedby 273

FY2022 Q4
Net assets

Item

Total liabilities
Total net assets
Total liabilities and net assets

1,034

Liabilities: increased

FY2023 Q2

Net assets: Increased

Liabilities© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2022
Q4
2,087
1,906
3,994
760
4,754

FY2023
Q2
2,135
2,029
4,164
1,034
5,198

Change
+48
+122
+170
+273
+444

Increased due to exchange rate conversion effects, etc.
Increased due to an increase in retained earnings and the foreign
currency translation adjustment

98. Cash Flow
◼ C/F from operating activities increased 19.8 B JPY YoY due to an increase in profit before
income taxes despite rise in working capital.
◼ C/F from investing activities decreased 13.0 B JPY YoY due to a shift from collection of shortterm loans to deposits in FY2023 (impact: 12.5 B JPY) and an increase in acquisition ofproperty, plant and equipment.
◼ Free C/F increased 6.7 B JPY YoY due to improved C/F from operating activities (+19.2 B JPY
YoY if the above short-term loan impact is factored in).
AmortizationofDepreciation goodwill
expenses(Unit: Hundred million JPY)

Fund allowance due tosales and leaseback
13.0 B JPY

Acquisition ofproperty, plantand equipment

Profit before
income taxes
Other
operating
C/F

Increased Other Increased
short-term investing short-termborrowings
loans
C/F

132.4

End of
FY2022

Sales ofproperty, plantand equipment

Increasedother financialtransactions

Decreased
long-term
borrowings

C/F from investing activities-27.1 B JPY(-14.0 B JPY in the same
period last year)

180.0

Cash
dividend Other
payment financial
C/F

Cash and cash equivalents increased 47.6
C/F from operating activities
22.9 B JPY(3.1 B JPY in the same
period last year)

FX
effects,etc.

End of
FY2023 Q2

C/F from financing activities
8.1 B JPY
(13.7 B JPY in the same
period last year)

Free C/F -4.2 B JPY(-10.9 B JPY in the same period last year)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

10Reference: Key Performance Indicators
Return-on-assets (ROA)

Operating profit margin

Total asset turnover

Financial
Soundness

Profitability

Return-on-equity (ROE)

Asset Efficiency

Performance

Indicator

Net income margin

Receivable turnover
Inventory turnover
Capital adequacy ratio
D/E ratio

Shares

Earnings per share
Price earnings ratio(PER)
Price book value ratio(PBR)

FormulaNet income
Total assets
Net income
Shareholders' equity
Operating profit
Sales
Net income
Sales
Sales
Total assets
Sales
Accounts receivable
Cost of sales
Inventories
Shareholders' equity
Total assets
Interest-bearing debt
Shareholders' equity
Net income
Shares outstanding
Stock priceEarnings per share
Stock priceBook value per share

FY2022 Q4

FY2023 Q2*¹

Before amortizationof goodw ill *2

Before amortizationof goodw ill *2

1.6%

6.7%

10.0%

37.2%

2.4%

4.1%

6.6%

1.1%

2.7%

4.8%

1.4 times

1.4 times

6.8 times

7.1 times

4.7 times

4.4 times

15.9%

19.8%

3.0 times

2.4 times

64.82 JPY

310.62 JPY

14.5 times

4.4 times

1.3 times

1.4 times

Comments

Each indicator improved as aresult of a recovery inperformance due to asignificant increase in sales, the
8.1% effects of price optimization,and the impact of JPY
depreciation.

6.2%

Stock prices:
End of FY2022:
941 JPY
End of FY2023 Q2: 1,366 JPY*1 P/L items are calculated on an annualized basis*2 For reference purposes© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

11

Reference: Quarterly Financial Results by Segment
Japan

Unit: Hundred million JPY

Net Sales

2,000

1,500

1,000

1,352.9

1,442.9962.8

1,029.8

390.1
Q1

1,613.6

1,744.6

Overseas

1,661.2

1,145.6

1,252.5

1,214.2

1,294.5

413.1

467.9

492.0

447.0

481.8

Q2

Q3

Q4

Q1

Q2

500

0

FY2022

Operating Profit*

150

Q4

Overseas

Q3

Q4

149.8

128.2
90.3

100

51.2
50

0

Q3

FY2023Japan

Unit: Hundred million JPY* Operating profit before
amortization of goodwill

1,776.4

10.8
7.9
2.8
Q1

97.4
98.5

124.0

66.0

77.5

24.3

19.8

29.7

25.8

Q3

Q4

Q1

Q2

45.0
6.2
Q2

FY2022© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY202312

Reference: Quarterly Financial Results by Category
Product sales

Unit: Hundred million JPY

Net Sales/
Japan

600
500
400
300

390.1

413.1

12.4
20.2

10.2
21.3

158.8

168.2

198.4

213.2

Q1

Q2

Services

Lease/rental

467.9

492.0

11.8
23.5

12.2
23.1

173.4

177.6

259.1

279.0

247.3

271.7

Q3

Q4

Q1

Q2

481.8

447.0

12.4
23.0

13.4
21.4

174.6

164.7

200
100
0

FY2022
Product sales

Unit: Hundred million JPY

1,500

Net Sales/
Overseas

Other

1,000

962.8
23.7
84.2
235.2

1,029.8

1,145.6

35.2
95.1
259.9

38.9
100.5
257.6

500

0

Services

1,252.5

Lease/rental

1,214.2

39.4
84.4
270.5

34.2
97.1
269.4

Q3

Q4

Other

1,294.5
26.9
106.4
280.2

639.5

748.6

858.1

813.3

880.8

Q1

Q2

Q3

Q4

Q1

Q2

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Q4

FY2023619.6

FY2022Q3

FY202313

Reference: Stock Price Trends
In 2023
Year high value: 1,478 JPY (Nov. 8)
Year low value:
635 JPY (Jan. 16)

Closing priceon Nov. 28(as of Nov. 28, 2023)

1,322 JPY

1800

45,000

Nikkei Average

Mitsubishi Logisnext (JPY)

1400

1200

600

35,00030,000April 2013
Established “Mitsubishi
Nichiyu Forklift Co., Ltd”

1000

800

40,000

October 2017
Established“Mitsubishi Logisnext Co., Ltd”

Mitsubishi Logisnext
stock price

25,000November 2012
Announced merger with theforklift truck business of
Mitsubishi Heavy
Industries, Ltd.

20,000400

July 2015
Announced acquisition of
UniCarriers Corporation
shares200

May 2017
Announced
integration with
UniCarriers
Corporation

After January
2020
COVID-19
pandemic

10,0005,000

0
Jan 2008

15,0000
Jan 2010

Jan 2012

Jan 2014© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Jan 2016

Jan 2018

Jan 2020

Jan 2022

14

Nikkei 225 (JPY)1600

Progress of
Medium-Term Management Plan

Yuichi Mano
President© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

15

1. Forklift Market Trends – Shipments◼ During January to September 2023, shipments in Japan (JIVA statistics) showed aslowdown compared to the previous year, while in the Americas (ITA statistics)
continued strong despite the economic slowdowns.
Japan(1,000 units)(1,000 units)

100

88

88

91

93

80

18

22

25

26

60

25

40

21

22

22

23

23
21

23

JIVA
83

80% 300

23
JIVA

21

17

19

0

60%

200

CY2019 CY2020

CY2021

797
628
463
115
109
120

119

CY2022

17

100

23 21
CY2023

79

0%

169

100%

703

80%

151
186
177

198
243

60%

167

40%

181

170
94

187

205

204

20%
0%

284

90

77
71

88

72

63

72

73

72

800
97 ITA
266

97 73
98

66

ITA

84
87

65
84 62

102 86

CY2022

CY2023

080% 700600
60% 50040%

APACJapan
6.8％ 4.2％
Americas
18.9％

400
300

20% 200
100
0%

CY2019 CY2020 CY2021

531
129
119
142
141

671

100%
80%

485

161

137

60%

154

147

157

154

143

161

114
108

210

40%
20%

126

174

0%
CY2019 CY2020 CY2021 CY2022 CY2023

APAC(1,000 units)

539

32.3％

Note: Calculated for the CY from January to December due to changes in statistical disclosure policy of WITS member organizations.
Due to the above delay in the disclosure of WITS statistics, JIVA data was used to calculate values for Japan and ITA data for the Americas.
Other regions are blank after CY2023 Q2, because national statistical data has not been published.
Due to different standards for JIVA and WITS, some models are not included. ITA does not include sales volumes of Chinese and Korean manufacturers.

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

615

0

180
160
Global Market
140
in CY2023 (Jan.- Mar.)
120
100
China
80
37.8％ thousand units
60(Electric forklifts: Europe
40
68.8%) (incl. Middle East 20& Africa)
0

CY2019 CY2020 CY2021 CY2022 CY2023(incl. Middle East & Africa)

100%

333

83

China

(1,000 units)

900
800
700
600
500
400
300
200
100
0

23 21

22

77

40%
20%

24

300

(1,000 units)377

100% 4002022EuropeAmericas

133
112
27
27
29
30

98

35

27

34

23

35

24

24

29

163

100%

41

80%

45

60%
40%

40

20%
37

36

0%

CY2019 CY2020 CY2021 CY2022 CY2023

Market units
Percent electric forklifts

162. Forklift Market Trends – Orders (Quarterly)◼ Orders in all regions except China decreased YoY due to the global economic
slowdowns, but demand is still higher than pre-COVID-19 levels.

Purchase Orders (excl. Class III*)(Unit: 1,000 units)

400.0
350.0

358
317

30

300.0
250.0

31
122
103

200.0
150.0

83

50.0
0.0

300
260
28

251

105

84

270

26

26

27
120

104

88

82

55

55

63

67

67

74

61

76

100.0

-22.7％
YoY

60

20

23

22

21

18

19

CY2022 Q1

CY2022 Q2CY2022 Q3

CY2022 Q4

CY2023 Q1

CY2023 Q2Japan

Americas

Europe (incl. Middle East & Africa)

China

APAC

*Class III: Self-propelled electric small lifts
Note: Due to changes in the statistical disclosure policy of WITS member organizations,the figures are based on the calendar year from January to December.

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

17

3. Mitsubishi Logisnext Order Results◼ Orders in Japan remained relatively firm. Orders in other regions decreased YoY
due to the global economic slowdowns, but still exceeded pre-COVID-19 levels in
the Americas.
Japan
1.6

2.5

Oct. - Dec.

2.0

1.0
0.8

1.0

1.0

0.9

1.0

0.9

0.6
0.4

(incl. Middle East & Africa)

3.0

1.4
1.2

EuropeAmericas

1.9

1.9

1.5
1.0

Jan. - Sep.

1.0

0.5

0.2
0.0

1.1
0.8

0.0
CY2019CY2020CY2021

CY2022

CY2023

CY2019CY2020CY2021

CY2022APAC
China 12％
2％

China
1.6
1.4

Orders(incl. Middle East In CY2023& Africa)(Jan.-Sep.)

1.2

Europe

1.0
0.8

1.0

0.9

1.0
0.8

0.6

0.6

0.4

18％

0.2
0.0
CY2019CY2020CY2021

CY2022

CY2023

Americas
39％

1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0

CY2023

1.3
1.0

1.0
0.8

CY20190.7

CY2020CY2021

CY2022

CY2023

APAC
Japan
29％

1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0

1.1

1.0

1.1
0.8

0.6

CY2019CY2020CY2021

CY2022

CY2023

Note: Assuming CY2019 (Jan.-Sep.) = 1. Even if the same number is indicated, the graph may have different heights due to decimal differences.

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

18

4. Mitsubishi Logisnext Business Performance Trends
and Our Position in the Industry◼ We expect to achieve business performance at record high in FY2023, having recovered from a
temporary decline due to COVID-19.
◼ In the industry, we have gradually expanded our business performance and presence since theacquisition of UniCarriers Corporation.
Mitsubishi Logisnext
Our Position in the Industry
Business Performance Trends
Bubble size:
FY2019Operating profit*
Rapid recovery in sales andUnit: Hundred million JPY

4.4%

4,654
3,914
4.1%

12%
10%

(Profit ratio)

Established“Mitsubishi
Logisnext Co., Ltd”
4,483 4,489
4,330
4.9%

profits due to the abatementof components shortages
6,900
7.2%
COVID-19
6,154
pandemic

Jungheinrich

8%

KION

6%
4%

(FY19)

Toyota Industries

Mitsubishi 4,489
Logisnext 4.1%

(Materials handling2%

equipment)

0%

4.1%

0

5,000

10,00015,000(Sales)

2.8%
219

181

249
109

130

Sales
Operating profit (before amortization of goodwill)
Profit ratio© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY202212%Jungheinrich

10%(Profit ratio)

191

500

2.8%

20,00025,000
Unit: Hundred million JPY(FY23)
6,900
7.2%

8%
6%
4%

(FY22)

2%

Mitsubishi 6,154
Logisnext 4.1%

0%
0

5,000

10,000Toyota Industries(Materials handling

KION
15,000equipment)

20,00025,000(Sales)
Unit: Hundred million JPY* Compiled from information disclosed by each company.
Our operating profit before amortization of goodwill is treated as 19
operating profit.

5. Progress of Medium-Term Management Plan
“Logisnext SolutionS 2023” (”LS23”)
Build up BusinessResilience

Accelerate Growth
Strategy

Further Develop
Global andRegional Branding Strategies

 Sales: 500 B JPY
 Operating profit*: 30 B JPY with 6% profit
 Capital adequacy ratio: >20％
◼ Sales“LS23” target sales of 500 B JPY（Revised forecast）
exceeded in FY2022.
7.2%
In FY2023, 690 B JPY estimated(Revised forecast)from promoting shipments in theAmericas.

Unit: Hundred million JPY

6,900

Sales
achieved

6,154
Sales

20%

4,654

◼ Operating profit, Profit ratio“LS23” targets are expected to(Revised forecast)be exceeded due to sales
3,437
increase, contribution of price(1H
optimization, and FX impacts.

500

4.1%

Profit ratio
2.8%
Capitaladequacy
ratio

15.6%

15.9%

278

249

Operating profit
130
FY2021

results)“LS23”FY2022(1H
results)

FY2023
Forecast© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

◼ Capital adequacy ratio“LS23” target of 20% is
expected to be achieved due tothe contribution of FX impacts
and an increase in retained
earnings from higher profit.
20

6. FY2023 Forecast◼ Although the market environment is expected to deteriorate due to concern about the global
economic slowdowns, we will significantly exceed the initial forecast due to the effects of priceoptimization at pace to exceed the plan, as well as the contribution of the yen depreciation.
◼ Sales and all profit categories are expected to reach record highs.
FY2023 Initial Forecast(Published in May. 2023)

FY2023 Revised Forecast(Published in Nov. 2023)

Units Sold

115,000 units

115,000 units

Net Sales

6,300.0

6,900.0+600.0

+9.5%

500.0

+150.0+42.9%(Unit: Hundred million JPY)

Operating Profit(Before amortization of goodwill, etc.)

350.0

ChangeCompared to Initial Forecasts－－（5.6％）（7.2％）

Amortization of
Goodwill, etc.

100.0

100.0

Operating Profit

250.0（4.0％）

400.0（5.8％）+150.0+60.0%

230.0

360.0

+130.0+56.5%(Operating profit margin)(Operating profit margin)

Ordinary Profit－－(Ordinary profit margin)（3.7％）（5.2％）

Profit Attributable to
Owners of Parent(Net income margin)

130.0（2.1％）

230.0（3.3％）+100.0+76.9%

Dividend per Share

16 JPY

19 JPY+3 JPY－© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2023 initial plan FX rates: USD=JPY130 EUR=JPY140 CNY=JPY20.0
FY2023 2nd-half plan FX rates: USD=JPY140 EUR=JPY150 CNY=JPY19.7

21

7. Operating Profit*1 – Initial vs Revised Forecasts for FY2023◼ Operating profit is expected to increase by 15 B JPY from the initial forecast to 50 B JPY due toeffects of price optimization in Japan, accelerated reaping of price optimization by promoting
shipments in the Americas, improved transportation costs, and yen depreciation.
Unit: Hundred million JPY
FX
impacts

Transport
costs
decrease

Material
costs
increase

350.0

Labor costs
decrease, etc.

Consolidation
adjustments,
etc.

U.S. tariffs

Sales increaseand effects of
price
optimization
One-time expenses
for MLSE*2
plant closure

500.0

Operating profit*1
increase by 15 (+42.9%)

FY2023 Initial Forecast(Published in May. 2023)*1 Operating profit before amortization of goodwill*2 MLSE: Mitsubishi Logisnext Europe AB (Sweden)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2023 Revised Forecast(Published in Nov. 2023)

22

8. Details of "LS23" Initiative◼ In FY2023, as the completion and evolution phase, we will improve our profitability
in various ways.
◼ Providing reliable and safe logistic solutions and promoting automation initiatives.
FY2021

FY2022

FY2023

Start-up and foundationbuilding phase

Growth andexpansion phase

Completion andevolution phase

Strengthening Profitability
and Corporate Resilience

Logistic Solutions
Business Initiatives

Improving“Logisnext” Brand•

Improved business performancein the Americas••

Started construction of a newelectric forklift plant in theAmericas••

Reorganized plants in Europe•

Responded to demand forelectric forklifts in Europe•© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Established new organization to
oversee logistic solutions
business•

Promoted brand through new
initiatives

Established a new 50-50 joint
venture with Jungheinrich inNorth America•

Published integrated report andestablished “Long-TermBusiness Vision 2035”

Collaborated with Mitsubishi
Heavy Industries23

9. Strengthening Profitability– Improved Business Performance in the Americas◼ Orders are weak due to the economic downturn, but remain at pre-COVID-19 levels.
◼ We expect to increase business performance in FY2023 by continuing to promote production
since FY2022.

Fiscal Year Trends in the Americas (2019 - 2023)(1,000 units)

Americas Forklift Market (Orders) *

600
492

500
400

306

Sales and Operating Profit Trends of MLA *1

495

Sales

306

300

Operating profit

200
FY2019 FY2020 FY2021 FY2022 FY2023

100

Forecast

0
CY2019CY2020CY2021

CY2022* Research by Mitsubishi Logisnext••

CY2023
Forecast

Sales and Operating Profit Trends of EQD *2

Orders, which expanded during the recovery phase fromCOVID-19, are settling down.
Business performance has been recovering since FY2022,
due to the effects of price optimization and promoting
production.

Sales
Operating profit
FY2019 FY2020 FY2021 FY2022 FY2023*1 MLA: Mitsubishi Logisnext Americas Inc.
*2 EQD: Equipment Depot, Inc.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Forecast

24

10. Strengthening Profitability– Started Construction of a New Electric Forklift Plant in the Americas◼ Construction of a new electric forklift plant has started at MLA's Houston plant to meet thedemand for decarbonization and electrification.
◼ Production efficiency will be improved through consolidation of production and construction ofa new plant to expand sales of electric forklifts in the Americas market.
(1,000 units)

8,000Electric Forklift Production Volume andProduction Capacity at Houston plant (Forecast)Started operation of new plant

6,000
4,000
2,000
0
FY2022

FY2023

FY2024FY2025

FY2026FY2027(results)
Production volume

Production capacity•

Production volume in FY2023 will increase 74% YoY. It is also
expected to increase significantly in FY2024 and beyond.

•Planning to increase production capacity from FY2024 to meet
future demand growth.

•

Groundbreaking ceremony for
new electric forklift plant

Reach truck
Order picking truck

Standing counterbalanced truck

New plant scheduled to start operation in 2024.
Target Models© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

25

11. Strengthening Corporate Resilience– Reorganized Plants in Europe◼ As a measure to promote management efficiency, we have decided to discontinue productionat MLSE*2, a wholly owned subsidiary of MLE*1, our wholly owned consolidated subsidiary in
the Netherlands, and consolidate production mainly at MLFI*3.
◼ The discontinuation and consolidation of the production are expected to be completed by theend of December 2024.

Purpose of Consolidating Production at MLFI

Europe Network
Consolidation of
the production

MLFI Change
MLSP＊4

Execute and realize fixed cost reductions andproduction efficiency improvements
Strengthen corporate resilience to environmental
changes

Discontinuation of
the production

MLSE• MLFI is the core plant with the largest production
capacity of the three European plants.
• The close location to MLSE and the similarity ofmodels produced enable the consolidation of
production.

Manufacturing*1 MLE: Mitsubishi Logisnext Europe B.V.
*3 MLFI: Mitsubishi Logisnext Europe Oy© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

*2 MLSE: Mitsubishi Logisnext Europe AB*4 MLSP: Mitsubishi Logisnext Europe S.A.
26

12. Strengthening Profitability– Responded to Demand for Electric Forklifts in Europe◼ Strong sales of "EDiA XL" medium-sized electric forklifts launched in Europe in Apr. 2021.

◼ Aiming to meet the accelerating demand for electric forklifts and contribute to a decarbonizedsociety by further expanding sales of the EDiA XL model, which can also satisfy demand for
replacing engine powered forklifts.

Keypoints➢ Contributing to a decarbonized society
The EDiA XL was launched in April 2021. Sales
volume in FY2022 increased by about 3 times
YoY and sales are favorable in Europe.
➢ Satisfying demand for alternatives to engine
forklifts
Equipped with "Auto Boost" software that
temporarily boosts driving forces when climbing
hills or accelerating. Also Suitable for powerdemanding environments and as a replacement
for engine forklifts.
➢ Design Award Received
The EDiA XL won the 2023 Red Dot DesignAward, an international design award from
Germany, especially due to its modern designand excellent performance.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

“Red Dot Design Award” Received

Applicable SDG items
Affordable andclean energy

Climate action27

13. Logistic Solutions Business Initiatives– Established a New Organization◼ While the logistic solutions market is expanding, competition is intensifying due to theparticipation of start-up companies.

◼ “Logisnext Solutions Preparation Office (LogSol Preparatory Office)” was newly established on
October 1, 2023, to prepare for launching a new organization and oversee the logistic solutions
business in order to expand and strengthen the sales and profitability of the Logistic solutions
business.
Automated Material handlingequipment Market Growth
CY2026

CY2022

Challenges for the Logistics Solution Business
The divisions related to the logistics solution business were spreadamong several divisions and offices, making it difficult to grasp the overallbusiness.

CAGR 12%(Forecast)

43.6
$B

Status of Mitsubishi Logisnext

76.8$B
Established “Logisnext Solutions Preparation Office”
on Oct. 1, 2023

Markets & Markets 2026 forecast•

Competition is intensifying andtechnological advancements areaccelerating due to the participation ofstart-up companies both domestically andglobally.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

➢

Establish a system for effectively
provide automated andautonomous equipment, systems,
and services developed andmarketed by Mitsubishi Logisnext
to meet global demand forautomated material handlingequipment.
28

14. Logistic Solutions Business Initiatives– Established a New Company◼ Jungheinrich and MLAG*1, which have a cooperative relationship in North America, establishedRocrich AGV Solutions LCC. (Rocrich) as a 50-50 joint venture. The company began operationsin September 2023.
◼ Considering the growing demand for automation, the joint venture provides logistics solutions
utilizing the technologies of both companies and our sales network.

About Rocrich

U.S. AGV Market Forecast
（$B）

0.6

0.7

0.8

0.9

1.0

1.2

•

Comprehensive handling of both Jungheinrich and Rocla*2 brands,
offering a wide range of AGF and AGV products, from standard to special
specifications.

•Plans to strengthen responsiveness by increasing sales force

Organization for the Americas

Revenue Outlook at Rocrich＊3
AT Kearney

Products by Rocrich50%
investment

50%
investment*1 MLAG: Mitsubishi Logisnext Americas Group Inc.
*2 Rocla: Mitsubishi Logisnext Group's own brand*3 JH: Jungheinrich© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

2023

2024

2025

2026

2027

29

15. Logistic Solutions Business Initiatives– Collaborated with MHI◼ Mitsubishi Heavy Industries and Mitsubishi Logisnext jointly exhibited logistics operations withnew unmanned forklifts at the 3rd INNOVATION EXPO 2023 (Sep. 13-15).
◼ Aiming for "future logistics in harmony with humans and machines,"we offered new logistics
solutions with high productivity and safety that can be flexibly harmonized at logistics sites.

Demonstration at INNOVATION EXPO
DECCO
• DECCO is a next-generation
AGF concept car equipped with
ΣSynX*, which is under joint
development by MHI and
Mitsubishi Logisnext.
• This enables safe AI-based
interpersonal communication
and a compact body that canturn on the spot.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

AGF-XIntelligent Logistics Solutions for the Future
Envisioned by the MHI Group• AGF-X is an autonomous unmanned
forklift under joint development with
MHI based on our existing models.
• Equipped with a LiDARSLAM* guidance system and ΣSynX
functionality, it enables flexible andefficient operation and smooth cargohandling like a skilled operator.

* “ΣSynX” (Sigma Synx) is Mitsubishi Heavy
Industries' concept for automation and intelligence inlogistics equipment.
* SLAM is a generic term for technology thatsimultaneously maps a moving object's environment
and localizes the object on the map.
LiDAR is a SLAM technology that mainly
uses a laser sensor (distance sensor).
30

16. Improving “Logisnext” Brand– Promoted brand through new initiatives◼ We are improving the Logisnext brand through new initiatives such as "sports sponsorship" and"social contribution activities" implemented from FY2023. We are using social media topromote the brand to a wide range of demographics.

5. Promoting social contribution
・Cleanup activities in the community・Support for next generation robot engineers

1. Improving employee engagement
・Fan Club Tour for supporting Ayaka Furue
・Watched basketball game as a group

Improving“Logisnext” Brand

4. Promoting the regional
cooperation
・Donation balls to neighboring
elementary schools
・Kyoto city bus advertising

3. Recruiting and developing
the next generation

・Online factory tour of Mitsubishi Minatomirai
Industrial Museum
・Production of supplementary textbooks,
work notebooks, etc.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

２. Raising stakeholder
awareness
・Corporate signage at
Kyoto Station
・Support for various sports
projects
31

17. Improving “Logisnext” Brand– Published integrated report and established “Long-Term Business Vision 2035”◼ We published “Mitsubishi Logisnext Integrated Report 2023” and established “Long-Term Business
Vision 2035” to indicate the company's long-term vision with an aim of achieving sales of 1 trillion JPY.
◼ To realize this vision, we have clearly stated “Our Purpose”, which indicates our reasons for existencein the logistics industry and beyond, and our “The Values We Support” as guidelines for fostering a
new corporate culture.

Changes in the Market Environment
Surrounding Logistics
Issues in the Logistics Industry:⚫ Ensure on-site safety⚫ Automation and autonomy to compensate for labor
shortages⚫ Decarbonization through climate change
countermeasures➢ Problem-solving will become even more
important in 2035
➢ Meanwhile, certain operational needs for manned
forklifts are also expected to continue

Our forecast of future market trends:⚫

Needs will expand for linking equipment andfacilities used for automation and autonomy withforklifts operated by humans⚫

Importance of ensuring reliability and safety, which
is prerequisite for cooperation among devices andbetween people and devices© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Established “Long-Term Business Vision 2035”
１．Decarbonization of forklifts and other industrial vehicles in order toprovide safer and more secure vehicles
２．Provision of automated and autonomous vehicles to fulfill thesecond pillar of our business, which is to meet the twin needs of“connectivity” and “automation and autonomous operation.” We
will also provide solutions to link these technologies andimplement them in a safe and secure manner.

Business scale as of 2035: Sales of 1 trillion JPY
Our Purpose

The Values We Support

We positively impact the lives ofpeople around the world bydemonstrating a pioneering spirit
and using emerging technologies todeliver safe, automated anddecarbonized logistics solutions.

Employee satisfaction: Each
employee can think independently,
attempt new challenges and take therisk of making mistakes without
fear of failure, while growing
day to day.

32

Disclaimer:⚫ This material is prepared for the sole purpose of providing investors with information and
not intended for solicitation of any buying or selling.
⚫ Forward-looking statements in this material are intended as targets or forecasts,
with no commitment or guarantee as to their accuracy.
⚫ Note that actual future business results of Mitsubishi Logisnext may differ from our current forecast.
⚫ Statements concerning the business results are based on various data that we believe
to be reliable, but we do not guarantee the correctness or completeness of such data.
⚫ This material is provided based on the premise that each investor should rely on their own judgment
and responsibility for its use, whatever the purpose of its use may be.
Mitsubishi Logisnext shall not be liable whatsoever, regardless of the results from using this material.

Please direct inquiries regarding this material to the following:
Mr. Kariya or Ms. Mitsuyuki
Corporate Strategy and Planning Office
Mitsubishi Logisnext Co., Ltd.
1-1, 2-chome, Higashikotari, Nagaokakyo-shi, Kyoto 617-8585
TEL: 075-956-4419 FAX: 075-955-8993
URL: www.logisnext.com© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

33

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.