FY2023 Q3
Financial Results(April 1 to December 31, 2023)

Feb. 13, 2024

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

1. FY2023 Q3 Summary
Economic Market Trends◼

The global economy has seen price levels remain high despite a slowdown in inflation and central banks in various
countries maintaining their monetary tightening measures, but it is beginning to shift to a phase in which interest rates
are expected to be lowered. In addition, Russia’s prolonged aggression in Ukraine has continued for two years andmilitary clashes between Israel and Hamas have erupted, leaving the global economy in an uncertain situation, withslowing and stagnant growth. Although the increase in transport costs caused by the rapid recovery phase out of theCOVID-19 pandemic has subsided since the beginning of the period under review, inflation is driving higher labor costs
and higher costs in a wide range of areas. 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, thoughtemporary special demand following COVID-19 has leveled off in the Americas, the market has remained firm based onstable logistics needs. In Europe, despite the easing of inflationary pressures, the economy has not yet recovered, andafter shrinking following the post-COVID-19 rebound demand, the economy has stagnated. In Asia, as in the Americas,
while special demand following COVID-19 has subsided, demand for material handling equipment remains firm.
However, in China, despite a temporary recovery trend due to the lifting of the zero-COVID-19 policy, the economy hasslowed due in part to the deterioration of the real estate market, and the future of the market for material handlingequipment is a concern.

◼

The longer lead times due to delays in the supply of various components is gradually abating but high costs persist. TheGroup as a whole secured sufficient orders and worked on accelerating shipments by achieving production
improvements through the elimination of the components shortages in Japan and overseas. As a result, the effects ofprice optimization have effectively expanded, and the economic impact of the yen depreciation has acted as a tailwind
so far.

Summary of FY2023 Q3 Results◼

Net sales increased by 18.1% YoY due to an increase in units sold over the previous year, mainly in the Americas, theeffects of price optimization, and the impact of yen depreciation.

◼

Operating profit before amortization of goodwill increased 186.1% YoY despite the persistent high-cost environment,
due to the contribution of accelerating shipments in the Americas and the expanded effects of price optimization in
Japan and overseas.

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

2

2. Financial HighlightsUnit: Hundred million JPY

Profit and Loss
Statement

FY2022 Q3(*)

FY2023 Q3YoY Change

4,409.5

5,209.5+799.9+18.1%

152.5

436.4

(Operating profit margin)(3.5%)(8.4%)+283.8+186.1%

Amortization ofGoodwill

78.2

76.6

―

―

Operating Profit

74.3

359.7

(Operating profit margin)(1.7%)(6.9%)+285.4+384.1%

Ordinary Profit

60.6

328.4

(Ordinary profit margin)(1.4%)(6.3%)+267.8+441.3%

Profit Attributable toOwners of Parent

27.6

245.8

(0.6%)(4.7%)+218.2+790.2%Net Sales
Operating Profit(Before amortization of goodwill)(Net income margin)* At the end of the fiscal year ended March 31, 2023, we finalized the provisional
accounting treatment related with past M&A activity in United States. The figures(goodwill, etc.) for the six months ended December 31, 2023 reflect the detailed
finalization of the provisional accounting treatment.

FY2022 Q3 actual FX rates: USD=JPY136.51 EUR=JPY140.59 CNY=JPY19.88
FY2023 Q3 actual FX rates: USD=JPY143.29 EUR=JPY155.29 CNY=JPY19.98

Balance SheetFY2023 Q3

FY2022 Q4Change

Total Assets4,754.3

5,099.3+345.0+7.3%

Total Liabilities

3,994.0

4,038.7

+44.6

+1.1%

760.2

1,060.6+300.3+39.5%Net Assets© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

End of FY2022 Q4 FX rates: USD=JPY133.53 EUR=JPY145.72 CNY=JPY19.42
End of FY2023 Q3 FX rates: USD=JPY141.83 EUR=JPY157.12 CNY=JPY19.93

3

3. Business Results by Segment

Net Sales◼ Net sales increased by 18.1% YoY due to an increase in units sold mainly in theAmericas, the contribution from the effects of price optimization, and the tailwind
from the economic impact of yen depreciation.
Unit:
Hundred million JPY

Japan

6,000
5,000

4,409.5

Increased 5,209.5+799.9(+18.1％)

4,000
3,000

FY2023 Q3 Sales by Region

Overseas3,794.2

3,138.3

2,000

1,000
0

1,271.2

1,415.2

FY2022 Q3

FY2023 Q3China&Asia
Europe 5.3％
14.8％（6.7％）Japan
27.2％（17.0％）（28.8％）

Americas52.7％（47.5％）

Operating Profit*() = the same period last year◼ Operating profit increased by 186.1% YoY due to the expanded effects of priceoptimization, the settling of increase in marine transportation costs, and the impact ofyen depreciation.
Unit:
Hundred million JPY

Japan

500

Overseas

Increased

400

FY2023 Q3 Operating Profit by Segment

436.4
Japan
21.6％

+283.8(+186.1％)

300
200

152.5

100

119.0

033.5
FY2022 Q3* Operating profit before amortization of goodwill© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

(22.0％)

342.2

94.2

Overseas
78.4%(78.0％)FY2023 Q3() = the same period last year4

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

1,500

1,271.2

Increased 1,415.2+144.0(+11.3％)467.9

1,000Americas

486.3(Unit: Hundred million JPY)

FX impact
129.9

Increased 2,745.3

3,000+652.5(+31.2％)

2,092.7934.4

2,000784.3
500803.2

928.8

FY2022 Q3

FY2023 Q31,00000
Q1 + Q2

FY2022 Q3

Q3

800
600

Increased+20.5(+2.7％)

751.0

FX impact
66.2

771.6

264.0

262.0

486.9

509.5

400200

FY2023 Q3Q1 + Q2

Europe(Unit: Hundred million JPY)

1,000

1,810.9

1,308.40Q3

China & Asia

FX impact
1.7(Unit: Hundred million JPY)

294.5
300

97.2

Decreased 277.3-17.2(-5.8％)

200100

88.9

197.3

188.4

FY2022 Q3

FY2023 Q30
FY2022 Q3

Q1 + Q2

FY2023 Q3

Q3© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Q1 + Q2

Q35

5. Net Sales – FY2022 Q3 vs FY2023 Q3◼ 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 contribution of accelerating shipments in theAmericas, the expanded effects of price optimization, and the impact of yen
depreciation. However, net sales in Europe and China & Asia regions decreased.
(Unit: Hundred million JPY)

FXimpacts+197.8Americas

EuropeChina &Asia+522.6

-45.6

-18.9

Japan+144.0

5,209.5

4,409.5

Net Sales increased
by 799 (+18.1%)

FY2022 Q3© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2023 Q36

6. Operating Profit – FY2022 Q3 vs FY2023 Q3◼ Material costs remain high in Japan but are improving in Europe and the Americas. Labor costs
also remain high due to inflation.
◼ Operating profit before amortization of goodwill increased 186.1% YoY due to higher sales, theeffects of price optimization, and the settling of increase in marine transportation costs.

Effects ofU.S. tariffs
price optimization

FX
impacts,etc.

(Unit: Hundred million JPY)

Operating profit

Amortizationof goodwill(before amortization of goodwill)

increased by 283 (+186.1%)
Sales increase
andmix optimization-78.2

Increase inmaterial costs

Decrease intransportcosts

Amortizationof goodwill
Increase inlabor costs, etc.

FY2022 Q3

FY2022 Q3(before amortizationof goodwill)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Including:
Decrease in transport costs
Increase in volume+69.8-5.3

FY2023 Q3

FY2023 Q3(before amortizationof goodwill)77. Consolidated Balance Sheet◼ Net assets increased due to an increase in retained earnings from net profit and an increase inforeign currency translation adjustment. The capital adequacy ratio improved from 15.9% to20.7%.
5,099

4,754

Item

AssetsCurrent assets

2,645
2,108

2,857
Assetsincreasedby 345

Property, plant and equipment
Intangible assetsInv estments andother assets

Total non-current assets

2,241

Total assets

FY2022
Q42,645
1,489
411
208
2,108
4,754

(Unit: Hundred million JPY)
FY2023
ChangeQ32,857+212
1,649+160
350-60241+332,241+132
5,099+345

Current assets: Increased
FY2022 Q4

FY2023 Q3

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.

5,099

Liabilities/
Net Assets

4,754

3,994760

Current liabilities

Liabilities
increasedby 44

Non-current liabilities

4,038

Net assets
increasedby 300

FY2022 Q4Net assets

Item

Total liabilities
Total net assets
Total liabilities and net assets

1,060
FY2023 Q3Liabilities© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

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

FY2023
Q3
2,016
2,022
4,038
1,060
5,099

Change-70+115+44+300+345

Liabilities: increased
Exchange rate conversion effects and decrease in accounts
payable, etc.

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

88. Cash Flow
◼ C/F from operating activities increased 41.4 B JPY (3.4 B → 44.9 B) YoY due to an increase inprofit before income taxes.
◼ C/F from investing activities decreased 20.5 B JPY (-23.5 B → -44.0 B) YoY due to a shift fromcollection of short-term loans to deposits in FY2023 (impact: -13.3 B JPY) and an increase inacquisition of property, plant and equipment.
◼ Free C/F increased 20.9 B JPY (-20.1 B → 0.8 B) YoY due to improved C/F from operating
activities (+34.3 B JPY YoY if the above short-term loan impact is factored in).
AmortizationofDepreciation goodwill
expensesProfit before
income taxes

Otheroperating
C/F
Sales ofproperty, plantand equipment

132.4
Acquisition ofproperty, plantand equipment

End ofFY2022
Cash(Unit: Hundred million JPY)

Fund procurementby sales and leaseback
176.5

Increase inother financialtransactions

Increase in
Other Decrease in Decrease inshort-terminvesting short-term long-termloans
C/F borrowings borrowings

C/F from investing activities-44.0 B JPY(-23.5 B JPY in the same
period last year)

218.2

Cash
Other
dividend financial
payment
C/F

Cash and cash equivalents increased 85.7
C/F from operating activities
44.9 B JPY(3.4 B JPY in the same
period last year)

FX
effects,etc.

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

End ofFY2023 Q3
CashFree C/F 0.8 B JPY(-20.1 B JPY in the same period last year)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

99. Upward Revision of FY2023 Forecast◼ Net sales are expected to be in line with the forecast announced in November 2023.
◼ Profits are expected to exceed the previous forecast in all profit categories, due to accelerated
shipments in the Americas, mitigation of cost increases in Japan and overseas, and theexpanded effects of price optimization, despite deteriorating market conditions in Europe andother regions.
FY2023 Forecast(Published in Nov. 2023)

FY2023 Revised Forecast(Published in Feb. 2024)

Units Sold115,000 units

115,000 units－－

Net Sales

6,900.0

6,900.0－－(Unit: Hundred million JPY)

Operating Profit

500.0

550.0

(Operating profit margin)(7.2%)(8.0%)

Amortization ofGoodwill

100.0

100.0

Operating Profit

400.0

450.0

(Operating profit margin)(5.8%)(6.5%)

Ordinary Profit

360.0

400.0

(Ordinary profit margin)(5.2%)(5.8%)

Profit Attributable toOwners of Parent(Net income margin)

230.0

290.0

(3.3%)(4.2%)

Dividend per Share

19 JPY

20 JPY(Before amortization of goodwill)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

ChangeCompared to Previous Forecasts+50.0－+10.0%－+50.0+12.5%+40.0+11.1%+60.0+26.1%+1 JPY－FY2023 initial plan FX rates: USD=JPY130.00 EUR=JPY140.00 CNY=JPY20.00
FY2023 Q3 actual FX rates: USD=JPY143.29 EUR=JPY155.29 CNY=JPY19.98 10
FY2023 Q4 plan FX rates: USD=JPY140.00 EUR=JPY150.00 CNY=JPY19.70

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

Operating profit margin

Total asset turnover

FinancialSoundness

Profitability

Return-on-equity (ROE)

Asset Efficiency

PerformanceIndicator

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 Q3*¹

Before amortizationof goodw ill *2

Before amortizationof goodw ill *2

1.6%

6.7%

10.0%

36.2%

2.4%

4.1%

6.9%

1.1%

2.7%

4.7%

1.4 times

1.4 times

6.8 times

7.5 times

4.7 times

4.4 times

15.9%

20.7%

3.0 times

2.3 times

64.82 JPY

307.45 JPY

14.5 times

4.5 times

1.3 times

1.4 times

Comments

Each indicator improved as aresult of a recovery inperformance due to asignificant increase in sales, the
8.4% effects of price optimization,and the impact of JPY
depreciation.

6.1%

Stock prices:
End of FY2022:
941 JPY
End of FY2023 Q3: 1,382 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

Overseas1,776.4

1,771.8

1,214.2

1,294.5

1,285.4

1,744.6

1,661.2

1,145.6

1,252.5

1,613.6

1,352.9

1,442.9962.8

1,029.8

390.1

413.1

467.9

492.0

447.0

481.8

486.3

Q1Q2Q3Q4Q1Q2Q35000FY2022

Operating Profit** Operating profit before
amortization of goodwill

FY2023Japan

Unit: Hundred million JPY

150

Overseas

149.8

158.2

128.2

90.3

100

51.2
500

Q4

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.

119.6

38.6
Q3

Q4

FY202312

Reference: Quarterly Financial Results by Category
Product sales

Unit: Hundred million JPY

Net Sales inJapan

600
500
400
300

390.1
12.4
20.2

413.1
10.2
21.3

158.8

168.2

198.4

213.2

Q1Q2

467.9
11.8
23.5

Services

492.0
12.2
23.1

Lease/rental

447.0

13.4
21.4

481.8

486.3

12.4
23.0

11.1
24.6

174.6

183.3

173.4

177.6

259.1

279.0

247.3

271.7

267.3

Q3

Q4

Q1

Q2

Q3

164.7

200
1000

FY2022
Product sales

Unit: Hundred million JPY

1,500

Net Sales
Overseas

Other

1,000

1,145.6
38.9
100.5
257.6

0

FY2023Services

Lease/rental

1,252.5
39.4
84.4
270.5

1,214.2
34.2
97.1
269.4

Other

1,294.5
26.9
106.4
280.2

1,285.4
31.1
106.5283.3

962.8
23.7
84.2
235.2

1,029.8
35.2
95.1
259.9

619.6

639.5

748.6

858.1

813.3

880.8

864.4

Q1Q2

Q3

Q4

Q1

Q2Q3500

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

Q4

Q4

FY202313

Reference: Forklift Market Trends – Shipments◼ From January to December 2023, shipments in Japan (JIVA statistics) slowed compared to theprevious year, but continued strong in the Americas (ITA statistics) despite economicslowdowns.

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

100

88

80

18939188JIVA
83

2625

22

100%400
JIVA
74

2360

2540

21

222223

23
2123

1821
19

1720 17

20
080%

24

CY2019 CY2020

CY2021

797
628
463
115
109
120

119

CY2022

200
40%

100

23 21
CY2023

77
79

72
72

0%

0

169

100%

703

80%

151
186
177

198
243

60%

167
181

198

170
94

187

205

204

40%

20%
0%

333
284

90

77
71
63
73

88
83
72

CY2019 CY2020 CY2021

China(1,000 units)

900
800
700
600
500
400
300
200
100
0

23 21

22300
300

60%

20%
22Europe

Americas(1,000 units)

377

ITA
335

97 ITA

78

266

97 73
98

66

84
112

87

65
84 62

102 86CY2022

CY2023APAC Japan
7.2% 3.9%
Americas19.8%

100%80%

800
600

531

60% 500
400
40% 300

129200142

100141

20%0%

119

671

100%
80%

485

161

137

60%

154

147

157

154

168

143

161

174

114
108

210

40%
20%

126

00%
CY2019 CY2020 CY2021 CY2022 CY2023

APAC(1,000 units)

1,077

31.8%

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 Q3, 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

700

180160Global Market
140in CY2023 Jan.- Jun.
120100China
80
37.3% thousand units
60(Electric forklifts: Europe4070.3%) (incl. Middle East 20& Africa)
0

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

133
112
27272930

9835273423352424

29

163

100%

4180%

4560%

4041

37

36

40%

20%
0%

CY2019 CY2020 CY2021 CY2022 CY2023

Market units
Percent electric forklifts

14Reference: Forklift Market Trends – Orders (Quarterly)◼ Orders in all regions except China decreased YoY due to the global economic slowdowns, but
the extent of the decline is gradually moderating.

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

400.0

358

350.0

30

317

300.0

250.0

31122

300

260
28

103
830.0

105

270

26

262788825555

6376

100.0
50.0

251

246
27120

200.0
150.0

-5.0％
YoY10460

10053846767

74614920232221181917

CY2022/1Q

CY2022/2Q

CY2022/3Q

CY2022/4Q

CY2023/1Q

CY2023/2Q

CY2023/3Q

JapanAmericas

Europe (incl. Middle East & Africa)

China

APAC

*Class III: Self-propelled electric small trucks
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.

15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.

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