FY2023 Q1
Financial Results(April 1 to June 30, 2023)

Aug. 10, 2023

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

1. FY2023 Q1 Summary
Economic Market Trends◼ The global economy has seen inflation persist despite the continuing monetary tightening by central banks invarious countries to control inflation and, with Russia’s prolonged aggression in Ukraine showing no end insight, its growth is slowing. Although the increase in transport costs has subsided, inflation is driving not only
higher labor costs but also higher costs in a wide range of areas including fuel and components costs, whichis having a growing impact.
◼ The domestic market for material handling equipment remained firm at pre-COVID-19 levels. Overseas
demand in the Americas 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’s economy has stagnated, in part due tothe impacts of inflation. Although demand is trending downward, it is remaining at pre-COVID-19 levels. Asia
has weakened slightly because of inflation and increasing interest rates. China is showing signs of recovery
due to the lifting of the zero-COVID policy but behind market expectations.
◼ At Mitsubishi Logisnext, the problem of 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 onachieving production improvements by eliminating components shortages in Japan and overseas,
accelerating shipments.

Summary of FY2023 Q1 Results◼

Net sales increased by 22.8% YoY due to an increase in units sold mainly in Japan and the Americas, as wellas the effects of price optimization.

◼

Operating profit before amortization of goodwill increased 1,077.3% YoY despite inflationary cost increases
because net sales increased contribute to the acceleration of shipments and the effects of price optimization.

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

2

2. Financial Highlights
Unit: Hundred million JPY

Profit and Loss
Statement
Net Sales

FY2022 Q1

FY2023 Q1

1,352.9
10.8

YoY Change

1,661.2+308.3+22.8％+1,077.3％（0.8％）（7.7％）

128.2+117.4Amortization ofGoodwill

26.8

25.0―

―

Operating Profit

-15.9

103.2

―

（6.2％）+119.2

―

-14.7

96.2

―

（5.8％）+111.0

―

-15.3

66.0

+81.4

―

Operating Profit(Before amortization of goodwill)(Operating profit margin)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable toOwners of Parent―(Net income margin)（4.0％）FY2022 Q1 actual FX rates: USD=JPY129.57 EUR=JPY138.12 CNY=JPY19.58
FY2022 Q4 actual FX rates: USD=JPY135.47 EUR=JPY140.97 CNY=JPY19.75
FY2023 Q1 actual FX rates: USD=JPY137.37 EUR=JPY149.47 CNY=JPY19.56

Balance SheetFY2022 Q4

FY2023 Q1

YoY Change

Total Assets

4,754.3

5,087.6+333.3+7.0％

Total Liabilities

3,994.0

4,188.9+194.8

+4.9％

760.2

898.7

+138.4+18.2％Net Assets© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

33. Business Results by Segment

Net Sales◼ Net sales increased by 22.8% YoY, due to an increase in units sold in Japan and theAmericas, the contribution of the effects of price optimization and the tailwind fromthe impact of yen depreciation.
Unit:
Hundred million JPY

Japan

Increased 1,661.2

2,000
1,500
1,000

FY2023 Q1 Sales by Region

Overseas

1,352.9+308.3(+22.8％)1,214.2

962.8

5000390.1

447.0

FY2022 Q1

FY2023 Q1China&Europe Asia
Japan
15.5％ 5.4％
（6.9％） 26.9％（18.7％）（28.8％）

Americas52.2％（45.6％）

Operating Profit*() = previous year◼ Operating profit increased by 1,077.3% YoY. In Japan, export business contributed dueto the impact of yen depreciation despite higher costs, while overseas businesses
contributed significantly due to the increase in units sold in the Americas, the effects ofprice optimization, and the yen depreciation.
JapanUnit:
Hundred million JPY

150.0

Overseas

Increased

128.2

FY2023 Q1 Operating Profit by Segment+117.4(+1,077.3％)

100.0

Japan
23.2％

98.5
50.0
0.0

10.8
7.9
2.8

29.7

FY2022 Q1

FY2023 Q1(26.6％)

Overseas
76.8%(73.4％)() = previous year

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

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

500400390.1

Increased+56.8（+14.6％）

Americas(Unit: Hundred million JPY)

447.0

Increased

1,000+250.4（+40.6％）

800

300

600

200

400

100

2000866.9616.40
FY2022 Q1

FY2023 Q1

FY2022 Q1Europe(Unit: Hundred million JPY)300

FX impact
49.2

253.4

250

Increased+3.5（+1.4％）

FX impact
16.5

256.9

China & Asia
(Unit: Hundred million JPY)

100

92.9

FX impact
0.4

Decreased 90.3
-2.5（-2.7％）

80

200

FY2023 Q160150
40100502000
FY2022 Q1

FY2023 Q1© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2022 Q1

FY2023 Q1

55. Net Sales – FY2022 Q1 vs FY2023 Q1◼ 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 an increase in units sold in the Americas, continued
strong performance of EQD*, the effect of price optimization, and the impact of yen
depreciation. Sales in Europe and Asia decreased excluding FX impacts.
(Unit: Hundred million JPY)

Americas
FXimpacts+66.1

JapanEuropeChina &Asia-12.9-2.9+201.2+56.8

1,661.2
1,352.9

FY2022 Q1

Increased +308(+22.8%)FY2023 Q1* Equipment Depot, Inc.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

66. Operating Profit – FY2022 Q1 vs FY2023 Q1◼ Material cost increases have passed the peak in the Americas, but continue to increase inJapan. Labor costs also remain high due to inflation.
◼ Operating profit before amortization of goodwill increased 1,077.3% YoY due to higher sales,
the effects of price optimization, and reduction of transport costs.

U.S. tariffs

FXeffects

Effects ofprice optimization

Consolidation
adjustments,etc.

(Unit: Hundred million JPY)
Amortizationof goodwill

Operating profit(before amortization of goodwill)

increased by 117 (+1,077.3%)

Profit increase
due to sales
increase / Mix
Amortizationof goodwill

Materialcosts
increase-26.8
FY2022 Q1Labor costs
increase, etc.
Transportcosts

FY2022 Q1(before amortizationof goodwill)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Including:Transport cost decrease +28.1
Volume increase-5.1

FY2023 Q1

FY2023 Q1(before amortizationof goodwill)

77. Consolidated Balance Sheet◼ Net assets increased due to an increase in retained earnings and in foreign currency translation
adjustment. The capital adequacy ratio improved from 15.9 to 17.6%.
5,087

4,754

Item

AssetsCurrent assets

2,859

2,645

Assetsincreasedby 333

2,108

Property, plant and equipment
Intangible assets
Inv estments andother assets

Total non-current assets

2,228

Total assets

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

(Unit: Hundred million JPY)
FY2023
ChangeQ12,859+214
1,592+103408-3
226+182,228+119
5,087
+333

Current assets: Increased
FY2022 4Q

FY2023 Q1

Non-current assets

Current assets

Increased due to exchange rate conversion effects andinventories, etc.

Non-current assets: Increased
Increased due to exchange rate conversion effects andlease assets, etc.

5,087

Liabilities/
Net Assets

4,754

Current liabilities

Liabilities
increasedby 194

3,994

Non-current liabilities

Total liabilities

4,188

Net assets
increasedby 138760
FY2022 4Q

Net assets

Item

Total net assets
Total liabilities and net assets

FY2022
Q42,087
1,906
3,994760
4,754

FY2023
Q1
2,131
2,057
4,188
898
5,087

Change+44+150+194+138+333

Liabilities: increased

898
FY2023 Q1

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

Increased due to exchange rate conversion effects andLong-term borrowings, etc.

Net assets: Increased
Increased due to an increase in retained earnings and in foreign
currency translation adjustment

88. Cash Flow
◼ C/F from operating activities increased 7.9 B JPY YoY due to an increase in profit before income taxes
despite rise in working capital such as inventories.
◼ C/F from investing activities remained slightly -0.4 B JPY YoY due to the acquisition of a subsidiary inthe Americas in the same period of the last year, despite a decrease in collection of short-term loan
receivables and an increase in CAPEX.
◼ Free C/F increased 7.5 B JPY YoY due to improved C/F from operating activities.
Amortization Otherofoperating
Depreciation goodwill
C/F
expenses(Unit: Hundred million JPY)

+18.7

Profit before +63.2
income taxes-84.4Acquisition ofproperty, plantand equipment-120.9 Sales of+97.8

132.4

Cash
Increased dividend
FX
other financial payment
Other Short-term
Otherimpacts, etc.
transactions
investing borrowings
Financial C/F
repayment Increased
Decreased C/F＋8.2 216.1
-9.4
-6.0
short-termlong-termloanborrowings+44.5-0.3

property, plant+69.1
and equipment

-45.6

+43.5

+5.2

End ofFY2022

Cash and cash equivalents increased 83.6
C/F from operating activities
9.5 B JPY
(1.5 B JPY in the same period
last year)

C/F from investing activities-4.6 B JPY(-4.2 B JPY in the same periodlast year)

End of
FY2023 Q1

C/F from financing activities
2.6 B JPY
(4.0 B JPY in the same periodlast year)

Free C/F 4.8 B JPY(-2.6 B JPY in the same period last year)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

9

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

Operating profit margin

Total asset turnover

Financial
Soundness

Profitability

Return-on-equity (ROE)

Asset Efficiency

PerformanceIndicator

Net income margin

Receivable turnover
Inventory turnoverCapital 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 Q1*¹

Before amortizationof goodw ill *2

Before amortizationof goodw ill *2

1.6%

3.3%

5.4%

10.0%

12.6%

32.1%

2.4%

4.1%

6.2%

1.1%

2.7%

4.0%

6.4%

Each indicator improved as aresult of a recovery in
23.8% performance due to asignificant increase in sales, the
7.7% effects of price optimization,and the impact of JPY
depreciation.

5.4%

1.4 times

1.4 times

6.8 times

6.9 times

4.7 times

4.2 times

15.9%

17.6%

3.0 times

2.7 times

64.82 JPY

155.12 JPY 247.84 JPY 609.04 JPY

14.5 times
1.3 times

6.1 times

5.4 times
1.6 times

Comments

2.2 times Stock prices:
End of FY2022:
941 JPY
End of FY2023 Q1: 1,330 JPY*1 P/L items are calculated on an annualized basis*2 For reference purposes© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

10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

413.1

467.9

492.0

447.0

Q2Q3Q4Q15000

FY2022

Operating Profit** Operating profit before
amortization of goodwill

120

90.3

100

51.2

600

Q3

Q4

Overseas

97.4

80

20Q4

128.2

140

40Q3

FY2023Japan

Unit: Hundred million JPY

Q2

10.8
7.9
2.8
Q1

98.5
66.0

77.5

24.3

19.8

29.7

Q3

Q4

Q1

45.0
6.2

Q2

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

Q2

FY202311

Reference: Quarterly Financial Results (By Category)
Product sales

Unit: Hundred million JPY

Net Sales/
Japan

600
500
400300

390.1

413.1

12.4
20.2

10.2
21.3

158.8

168.2

198.4

213.2

Q1

Q2Services

Lease/rental

467.9

492.0

11.8
23.5

12.2
23.1

173.4

177.6

259.1

279.0

247.3

Q3Q4

Q1

447.0

13.4
21.4
164.7

200
1000

FY2022
Product sales

Unit: Hundred million JPY

1,400
1,200

Net Sales/Overseas

Other

1,000
800

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

Q2

Q3

Q4

Q3

Q4

FY2023Services

1,252.5

Lease/rental

39.4
84.4
270.5

1,214.2
34.2
97.1
269.4

858.1

813.3

Q4

Q1

Other

600

400
2000619.6

639.5

Q1Q2

748.6

Q3FY2022© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Q2FY2023
12

Reference: Forklift Market Trends – Shipments◼ During January to June 2023, shipments in Japan (JIVA statistics) remained at the same level
as the previous year, while demand in the Americas (ITA statistics) continued to exceed theprevious year levels because the material handling equipment market remained strong despite
the economic slowdowns.

Japan(1,000 units)

100
80
60

88

88

91

1822252540

22222320(1,000 units)

93 (JIVA)

100%

83

2123262323
213332847760%
21JIVA200

191720%23 2121

CY2019 CY2020

CY2021

CY2022

CY2023

00%

100

79797
628
463
115
109120119

CY2019

169

177

198
243

167
181

170
94

CY2020

187

205

40%

737284 6286

CY2019 CY2020 CY2021

CY2022

CY2023

65

60% 500
400
40% 300

129200142

100

141

CY2019APAC Japan
8.0％ 4.6％

In CY2022

20%

CY2022

2,006
thousand units(Electric forklifts:
Europe70.6%) (incl. Middle East& Africa)

33.5％

100%

485
137

80%
161

210

60%

154

147

157

154

126

143

161

CY2020CY2021

CY2022114
108

40%20%0180
160
140
120100806040200Note: Calculated in 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 Japan values and ITA data for the Americas.
Other regions are blank after CY2023, 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.

1190%

APAC

(1,000 units)

Americas
Global Market 18.8％

671

700

531

0%

China
35.1％

615

600

20%

00%
CY2021

87

7280%
60%

98

66

ITA

83

151
186

88

97 73

63100%

703

7180%

266

72

China

(1,000 units)(1,000 units)

100% 800

97 (ITA)

90

77

40%

22

900
800
700
600
500
400
300
200
1000300300(incl. Middle East & Africa)

377

400

80%

2422Europe

Americas112272729

133
98
27
2335

163

100%

4180%

4560%

3435

2430

2429

CY2019CY2020CY2021

40%

4020%
370%
CY2022Market units
Percent electric forklifts

13Reference: Forklift Market Trends – Orders (Quarterly)◼ Orders in all regions 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

358

350

30300
250

-16.1％
YoY

317
31260

12202788825555

63

67

67

74

76

100
50

26

120

200
150

251

28

103
83

300

105

84

20

23

222118CY2022 Q1

CY2022 Q2CY2022 Q3

CY2022 Q4

CY2023 Q1JapanAmericas

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.

14

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.

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