Results Presentation for Fiscal Year
Ended August 31, 2023 October 25, 2023

© 2023 WEST HOLDINGS Co.

Contents

1. Company Profile

2. Overview of Results in Fiscal Year
Ended August 31, 2023
3. Forecasts for Fiscal Year Ending
August 31, 2024, Medium-Term
Management Plan

2

© 2023 WEST HOLDINGS Co.

Purpose of the West Group

Corporate Philosophy
All people working at the West Group must be well off and happy.
To that end, the Group will always be changing, believing in infinite
possibilities. The Group will promote employees’ happiness and seek
the development and prosperity of the Company through work that will
satisfy customers.
The West Group will continue to create new businesses through constant change and creation,
based on its corporate philosophy, which has not changed since its founding.

VISION“We will promote renewable energy, primarily solar power generation, and energy saving tocontribute to achieving a decarbonized society that does not depend on fossil fuels.”3© 2023 WEST HOLDINGS Co.

Composition of West Group
Holding company

Major operating subsidiaries[100%] *· Cultivating the solar power generation system markets forresidential use and public and industrial use· Solar power generation business (with owned solar power plants)· Planning, design, sale and construction of power plants forindustrial use and non-FIT power plants· Design and construction of energy-saving facilities· Planning, design, sale and construction of power storage facilities[100%]· Development and distribution of solar power generation systems· Management strategies for the Group· Supervision of management of the Group· Financial management for the Group[100%]· Improving the operation of solar power plants (operation)
Maintenance, management and monitoring of solar power plants(maintenance)[49%]· Energy solutions and services in ASEAN countries,
primarily Thailand[100%]· Purchase and wholesale of renewable energy*: Percentages are West Holding’s shareholding.

4© 2023 WEST HOLDINGS Co.

History of the West Group
The West Group makes changes promptly in response to the changes of the times.
The West Group always “creates changes.”

1981

1985

1993

1995

2005

2011

Construction materials
trading company

Japan’s No. 1 in roofing
tiles installation

Evaluation of the seismic
capacity of concrete
structures and related repairs

Planning of houses andsale of themAll-electric homes, solar
power generation

Medium-sized solar power
facilities

Nishi-Nihon Kanesho
founded in Hiroshima

Rooftop tiles department
established
Receives an order for the
repairing of the rooftop tilesof the tower of Hiroshima
Castle damaged by theGeiyo earthquake in 2002

Starts evaluation of the seismic
capacity of buildings and related
repairing
Buildings restoration work after
the Great Hanshin Awaji
Earthquake(Buildings restored)
Hyogo Prefectural Government
Building, Kobe City Hall, the Sogo
department store and others

Plans Honebuto Jutaku
houses and starts the sale ofthem
Broadcasts TV commercials
nationwide, employing
actress Kiki Kirin

Forms an alliance with
Yamada Denki
Creates renovation shops
in stores

Starts the planning,development and building of
high-voltage solar power
plants

2012

2015

2016

2018

2020

2022

Mega solar power

Energy Saving Business

Overseas (Asia) businessStarts emissions trading

Non-FIT power plants

Starts operating under the
Sustainable Standard

Starts the planning,development andbuilding of mega solar
plantsWest Esco service, anenergy saving service,
startsA subsidiaryestablished in Thailand
Develops the solar
power business and theenergy saving businessin ASEAN countries

Participates in the J-Credit
SchemeStarts development of non-FIT
power plants
Establishes West Green Power,
a company dealing in non-FIT
power sources

5

Starts providing a package ofservices including the visualizationof CO2 emissions, carport-typesolar power generators, and a selfwheeling system© 2023 WEST HOLDINGS Co.

Future of the West Group
Aiming to become Japan’s largest fabless renewable energy power company
Securing renewable energy power sources without increasing assets
Pursuing non-recurring revenue and recurring revenue at the sametime

Non-recurring

Recurring

Recurring

Non-FIT power
plantsO&M

Green electricity
wholesaling

Mega solar/non-FIT power plants
Electricity power
generation companies●●

Securing construction sites
where grid connection ispossible

Developing
and selling
power plants
Leasing lands

Transferring
power plants
after the end of
FIT
Subleasing
land●Land owners
PurchasinglandWest Group

•
•
•
•

Development by community-based agencies
Information from local governments
Information from partner financial institutions
Using 284,000 ha of desolate farmland

Total effective power capacity(Agency)

General operating company

Renewable energy fund

Aug.
2023

Aug.
2024

Aug.
2025

Aug.
2026

Non-FIT power
plants

118.2

407.2

764.2

1161.2Mega solar
power

469.4

469.4

469.4

469.4

Total

587.6

876.6

1233.61630.6(Selfconsumption)

209.5

332.8

473.3

619.6

O&M
Electricity retailer

Electricity(West FIT)

Electricity
retailing

Electricity(Green electricity
wholesaling)

Consumer ofelectricity

Green electricity
6(MW)© 2023 WEST HOLDINGS Co.

Position of the West Group
Business Scheme
Renewable energy platformer
Cooperating with a large number of financial institutions and other organizations

Generaloperatingcompany

Electricity retailer

Information

Selling green
electricity

Green electricity
wholesaling
Selling green
electricity

Local
governments
EPC

Local governments

111
Local
governments

West Group
Placing orders

Information

Partner financial
institution

Consumer ofelectricity

Contractor

Financial
institutions

88

AgencyNumber of JAs

50 JA

Wholesale ofmaterials

Selling non-FIT
EPC
power plants

Greenelectricity

Electricity power
generationcompanies

7© 2023 WEST HOLDINGS Co.

Overview of Segments
Integration of planning, construction, cooperation, O&M, and renewal
Comprehensive cross-selling proposals to customers
Non-recurring revenue business

Renewable Energy BusinessSolar power forindustry use■ Self-consumption

Non-FIT power plants

Recurring revenue businessElectricity PowerBusiness

Energy Saving
Business

MaintenanceBusiness■ Green electricity
wholesaling■ West Esco

■Ｏ＆Ｍ

■ Electricity
generation and sale

■ Low-voltage/high-voltage power
plants■ Revitalized mega solar power
plants(Used as non-FIT power plants)- LED- Air conditioning- ecoCloud(Refrigerators, freezers
thermal management
system)Mega solar power■ Development, sale8

© 2023 WEST HOLDINGS Co.

The West Group’s Track Record* As of August 2023

Solar power generation — 68,659
locations/2,527,139 kW

Number of O&M contracts — High-voltage/extrahigh voltage: 451 locations/622 MW

Mega solar power

Floating solar

Municipality solar

Industrial solar

318 locations
451,523kW

16 locations
21,425kW

751 locations
25,560kW

13,482 locations
1,617,840kW

Residential solar
power plants

Solar power sharing(with solar power-based
agricultural business)

West International(Thailand)West FIT

53,280 locations
261,072kW

87 locations
8,700kW

Qualified people
from the WestGroup

155 locations
87,710kW

WEST No. 4 Building includes the Electric
Park, where a power conditioner, cubicle
and other devices are on display.

570 locations
53,409kWFirst-grade electrical construction
management engineer:
Second-grade electrical construction
management engineer:

22 Type-2 electrical engineer:
6First-grade telecommunications
construction management engineer:

Type-1 chief electrical engineer:

2 First-class qualified senior architect:

Type-2 chief electrical engineer:

8 Second-class qualified architect:

Type-3 chief electrical engineer:24

Type-1 electrical engineer:First-grade architecture construction
management engineer:
Second-grade architecture
46
construction management engineer:

949 First-grade civil engineer:

7

1 Second-grade civil engineer:

3First-grade plumbing management
engineer:
Second-grade plumbing management
7
engineer:
Chief water supply system
5
construction engineer:
3

1 Real estate notary:

3
5
3
14

© 2023 WEST HOLDINGS Co.

Contents

1. Company Profile

2. Overview of Results in Fiscal Year
Ended August 31, 2023
3. Forecasts for Fiscal Year Ending
August 31, 2024, Medium-Term
Management Plan

10

© 2023 WEST HOLDINGS Co.

Overview of Results in Fiscal Year Ended
August 31, 2023
Aug. 2021

Aug. 2022

Results

Results

Total sales at West Group(Million yen)Aug. 2023
Initial plan

Results

Year on year

67,93867,16961,27643,734

65.1%

Renewable Energy Business

31,54635,972

51,94532,487

90.3%

Energy Saving Business

2,361

1,945

2,128

2,133

109.7%

Electricity Retailing Business

27,80024,844

Green electricity wholesaling
Electricity Generation and Sale
Business
Maintenance Business

-

Other

-

-

-

-

177

653

462

261.0%

2,481

2,832

4,704

4,268

150.7%

1,463

1,700

1,704

1,860

109.4%

1

142

864

-

Operating profit

10,1487,770

11,2478,499

109.4%(Operating profit margin)

14.94%

11.57%

18.36%

19.43%

168.0%

Ordinary profit

9,648

7,293

10,647

7,972

109.3%

Profit attributable to owners of parent

6,495

4,257

7,240

6,016

141.3%Net sales in the past three years
80,00067,938(Million yen)

67,16960,00043,73440,00020,000
0

2021

2022

2023

Gross profit in the past three years
18,00016,00014,00012,00010,000
8,000
6,000
4,000
2,000
0
-2,000-4,000

16,10014,050(Million yen)
15,356

Non-recurring
revenue business
Recurring
revenue businessElectricity
retailing
Other

2021

11

2022

2023

© 2023 WEST HOLDINGS Co.

Operating Profit in the Fiscal Year Ended
August 31, 2023

11,247(Million yen)

-2,926
Performance poorer
than expected in the
Non-FIT Power
Plants Development
Business

Sale of electricity
suspended in theElectricity Generationand Sale Business due
to an accident on atransmission line due
to a heavy snowfall-436

Increase in
SG&A expenses

Profit higher
than forecast in
Greater
MS revitalization performanceand in the MS than forecasted
development in the Thailandand salebusinessbusiness

359

Profit higher thanforecast in the
MaintenanceBusiness andother factors

254

8,499

307

-306

Aug. 2023
Operating profit(forecast)Aug. 2023
Operating profit(result)
12© 2023 WEST HOLDINGS Co.

Renewable Energy Business
Segment Highlights (1)Solar Power for Industrial Use (Self-consumption)■ Net sales of approx. 18 billion posted, up 80% year on year, after
receiving more orders and increasing construction capacity■ Full-scale launch of the West Sustainable Standard to successfully
reduce construction costs and significantly help improve the profit margin

Non-FIT Power Plants (West FIT)
■ Delays in the increase of monthly projects following more time than expected being
needed for the acquisition of permits and authorizations for development and forcompliance with new regulations and statutory obligations despite a steady increasein orders received and the stock of development projects■ Net sales finally reached the planned pace of growth, since they stood at 340 million
yen in Q1, at 1,320 million yen in Q2, at 1,010 million yen in Q3 and at 7,780 million
yen in Q4. However, the recovery from the delay in the first half was not achieved.

13© 2023 WEST HOLDINGS Co.

Renewable Energy Business
Segment Highlights (2)Mega solar power■ Development and sale: Net sales of 2,300 million yen (from 3 projects with 5.3 MW)■ Revitalization: Net sales of 880 million yen (from 5 projects with 3.2 MW)Electricity Generation and Sale
■ Reaching completion last year, the Anamizu Mega Solar power plant aided the massive
increase in net sales from the previous fiscal year despite electricity sales being suspended
for two months due to an accident on a transmission line caused by a heavy snowfall.

West Thailand■ Net sales of 1,500 million yen was posted, nearly three times the forecast, after anincrease in orders gained and a rise in the share of the EPC projects from the portfolio in
the past where a majority of projects were PPA projects.

14© 2023 WEST HOLDINGS Co.

Energy Saving Business,
Maintenance Business
Energy Saving■ Stable net sales were recorded after maintaining balanced West Esco assets,such as LEDs and air conditioning equipment.

(Million yen)

Fiscal year

Aug. 2019

Aug. 2020

Aug. 2021

Aug. 2022

Aug. 2023

Sales

1,641

1,972

2,289

1,945

2,133

Asset balance

4,798

4,995

4,623

4,351

4,266

Maintenance (O&M)■ Contract power capacity steadily increased following the growth of projects for industrial use
covering the decrease in projects for mega solar facilities and the rise in West FIT projects.
(Million yen)

Fiscal year

Aug. 2022

Aug. 2023

Sales

1,700

1,818

MW undercontract

824.3

1,076.4
15(Photos of maintenance by the Company)© 2023 WEST HOLDINGS Co.

Contents

1. Company Profile

2. Overview of Results in Fiscal Year
Ended August 31, 2023
3. Forecasts for Fiscal Year Ending
August 31, 2024, Medium-Term
Management Plan

16

© 2023 WEST HOLDINGS Co.

Results Forecast for Fiscal Year Ending
Aug. 2024
Aug. 2023

Aug. 2024(Million yen)

Results

Forecast

Year on year

AnnualTotal sales at West Group

1st half

2nd half

AnnualAnnual

43,734

26,15038,50564,655147.8%

32,48721,04732,09553,142163.6%■ Solar power contracts for industrial use(Self-consumption)

18,588

8,987

12,51321,500115.7%■ Development of non-FIT power plants(West FIT)

10,47012,06019,582

31,642302.2%■ Mega solar development

2,548

-

-

-

-

881

-

-

-

-

Renewable Energy Business■ Revitalization of mega solar facilities
Electricity Power Business

4,730

2,129

3,371

5,500

116.3%■ Green electricity wholesaling

462

360

540

900

194.8%■ Electricity generation and sale

4,268

1,769

2831

4,600

107.8%

Energy Saving Business

2,133

1,052

1,048

2,100

98.5%

Maintenance Business

1,860

900

930

1,830

98.4%

West Thailand

1,660

972

1,011

1,983

119.5%

Other

864

50

50

100

-

Operating profit

8,499

3,894

7,789

11,683137.5%

19.43%

14.89%

20.23%

18.07%

93.0%

Ordinary profit

7,972

3,564

7,419

10,983137.8%

Profit attributable to owners of parent

6,016

2,380

5,058

7,438

123.6%(Operating profit margin)17© 2023 WEST HOLDINGS Co.

Three-Year Business Plan
(Million yen)

Plan
Aug. 2023
Total sales at West Group

Aug. 2024

Aug. 2025

Aug. 2026

43,73464,65578,921

88,93632,48753,142

67,04876,748■ Solar power contracts for industrial use (Self-consumption)

18,58821,50024,50027,000■ Development of non-FIT power plants (West FIT)

10,47031,642

42,54849,748■ Mega solar development

2,548

-

-

-

881

-

-

-

4,730

5,500

5,500

5,500

■ Green electricity wholesaling

462

900

900

900

■ Electricity generation and sale

4,268

4,600

4,600

4,600

Energy Saving Business

2,133

2,100

2,100

2,100

Maintenance Business

1,860

1,830

1,880

1,950

West Thailand

1,660

1,983

2,293

2,538

Other

864

100

100

100

Operating profit

8,499

11,683

14,772

17,70619.43%

18.07%

18.72%

19.91%

Ordinary profit

7,972

10,983

13,972

16,806

Profit attributable to owners of parent

6,016

7,438

9,471

11,398Renewable Energy Business■ Revitalization of mega solar facilities
Electricity Power Business(Operating profit margin)18© 2023 WEST HOLDINGS Co.

The West Group’s Strategy (1)The position of solar power plants has changed.
Increasing demand

Investmenttype products

Facilities for contributing

to the environment andachieving decarbonization(1) Self-consumption(2) Green electricity(3) Ownership of power
plantsWest responds to different types of demand.

Solar power contracts
for industrial use(1) Self-consumption

Owning power plants and consuming electricity from them (large suppliers’ factories, large stores and logistical facilities)(2) Green electricity

Green electricity wholesaling

Merely using green electricity without owning power plants (Osaka Gas and MC Retail Energy)

Development of
non-FIT power plants(3) Ownership of power plants

Owning renewable energy power plants to contribute to the environment and comply with regulations without using
green electricity (JERA and SMFL MIRAI Partners)
19© 2023 WEST HOLDINGS Co.

The West Group’s Strategy (2)West’s construction structure based on
its experience and achievements

Enormous demandand orders

Social demand in terms of
the environment and safety

Expand steady and reliable construction capabilities
Development of
non-FIT power plants- Establish a management structure for smoothly implementing
numerous, broadly varied and complicated applications and proceduresfor permits and authorizations- Perform construction safely and efficiently in accordance with standards- Form a network of qualified personnel capable of fulfilling the newly
introduced pre-use self-inspection obligation

Solar power contracts
for industrial use(Self-consumption)- Implement difficult construction projects on the roofs of factories
and stores where the situation varies from site to site
- Secure and develop constructors with advanced building skills andincrease and train internal construction employees20© 2023 WEST HOLDINGS Co.

Trends in Recurring and Non-Recurring
Revenue
Trends in Sales(Million yen)

79,38669,441
55,22535,672

33,83334,98527,80024,844

6,305

6,654

Aug. 2021

Aug. 2022

Nonrecurring

Recurring

8,749

Aug. 2023

9,430

Aug. 2024

9,550

9,480

Aug. 2025

Aug. 2026

Electricity retailing(recurring)21© 2023 WEST HOLDINGS Co.

Trends in Recurring and Non-Recurring
Revenue
Trends in Gross Profit(Million yen)

22,206
18,792
15,223
11,595

10,725

11,111

2,300

4,245

4,480

4,460

4,500

3,335

3,075

-1,635

Aug. 2021

Aug. 2022

Nonrecurring

Recurring

Aug. 2023

Aug. 2024

Aug. 2025

Aug. 2026

Electricity retailing(recurring)22© 2023 WEST HOLDINGS Co.

Solar power contracts for industrial use(Self-consumption)(Million yen)

Fiscal year

Aug. 2024

Sales

21,500Aug. 2025

Aug. 2026

24,50025,500Order backlog at
beginning of term

5,964

9,464

10,964

New orders

25,00026,00027,000Order backlog at
end of term

9,464

10,964

12,464

Partner banks

88

Priority banks

58

Total number ofbranches
Total number ofmajor customers

7,182
638,000
companies

Continuously specialize in self-consumption
General projects:

Push ahead strongly with the West Sustainable Standard

Large projects:

Intensively served by the Special Construction Dept.
(newly established)23© 2023 WEST HOLDINGS Co.

Development of Non-FIT Power Plants(West FIT)
West FIT

Green electricity

Electricity power
generation companies
JERA

Electricity retailers

Electricity

MC Retail Energy

TEPCO Energy
Partner

Chugoku Electric
PowerElectricity

West
Group

SMFL MIRAI Partners

Osaka Gas

etc…
Electricity
retailing

Chugoku Electric Power

Development,
Sale

Consumer of electricity

etc…
West FIT plan

(Million yen, MW)

Aug. 2023
Sales
Capacity of panels

Aug. 2024

Aug. 2025

Aug. 2026

10,47031,642

42,54849,748

100

289

357

397

24

© 2023 WEST HOLDINGS Co.

[Appendix]

West International (Thailand)

2018

2019

2020

2021

2022

2023

32

16

23

38

41

33

6.48 MW

7.01 MW9.80 MW

27.98 MW32.47 MW20.95 MWWest International Thailand fully launched its solar power generation
business in 2018. Each year, it received orders for power plants
ranging from small ones with capacities less than 100 kW to large
ones with capacities greater than 4.5 MW. As of the end of August
2023, it had received orders for 183 plants with a total capacity of
104.69 MW, including operating facilities at 120 companies with a
total capacity of 87.71 MW.
* The Company is the largest Japanese solar power generation
business company.

Actual cumulative total
Number of orders received

Power capacity of facilities
orderedNumber of companies withfacilities in operation

Power capacity of facilities
in operation

183

104.69 MW

120 companies

87.71 MW

Meeting demand not only for rooftop installation
but also for ground installation* According to the research conducted by West International Thailand on the numberof orders received

The PPA scheme is the mainstream method of introducing solar
power systems in Thailand. Given that Board of Investment (BOI)
privileges for foreign countries continue, there is greater demandthan ever for Engineering, Procurement and Construction (EPC)
contracts for self-investment.
Greater hopes are laid on government support under Thailand’s
National Energy Plan (which has the goal of achieving carbon
neutrality in 2050). Demand for the introduction of solar power
facilities is unlikely to fade in the future.
As a member of the West Group, it makes the most of the expertise
cultivated in Japan in the strengthening of its highly accurate
construction system and its after-construction maintenance systemwith safety as its top priority, in an aim to provide more companies
with solar power systems with Japanese quality.

◎

Bangkok Office

Full-scale start of inspections using drones

November 2023 Monitoring center and showroom
will open.

In November 2023, it will expand the Bangkok Office and launch a
power plant monitoring center that will serve as a showroom.
Solar power plants in Thailand are monitored in Thailand. Local
weather information is incorporated into the screen and used for
emergency response and other actions.
The showroom will display real solar panels, other main devices anddrones used for maintenance. They can rarely be seen at a shortdistance.

Conceptual image25© 2023 WEST HOLDINGS Co.

[Appendix]

Business Alliance with PowerXin the Storage Battery Domain

PowerX and the West Group form business alliance.
The business alliance was announced on the Company’s website on August 2, 2023.
■ The West Group will develop power storage facilities with a capacity of 200 MWh by 2025.
Equipment for the power storage facilities will be supplied by PowerX.
■ PowerX will operate the power storage facilities developed.
Phase 1: Transactions in the power wholesale market
Phase 2: Storage and discharge (sale) of power generated from renewable energy power sources■ The West Group will develop non-FIT power sources with a capacity of 30 MW by 2025.
Power generated at power plants developed will be· Supplied under the corporate PPA scheme to consumers at PowerX.
· Coordinated with the electricity in the power storage facilities.
■ PowerX and the West Group reciprocally refer customers to each other.
· The West Group will refer customer with needs for power storage facilities.
· PowerX will refer customers with needs for solar power plants.
(Reference)
In 2022, the West Group signed a business alliance agreement with Osaka Gas for thedevelopment and operation of large power storage facilities.

26© 2023 WEST HOLDINGS Co.

[Appendix]

West Sustainable Standard

27© 2023 WEST HOLDINGS Co.

NoteThis material is prepared for providing information primarily about the Group and is not intended to solicit
investment, in Japan or overseas, in shares or other securities issued by West Holdings Corporation.
The information included in this material about the industry, market trends, or economic conditions, etc. isprovided based on information available at the time of publication of this material. West Holdings
Corporation does not guarantee the veracity, accuracy, rationality, or completeness of the information. The
Company does not assume any responsibility for updating the information.
The forward-looking statements included in this material, such as plans, projections, estimates, predictions,and forecasts, are nothing more than judgments or ideas of the Company at the time of publication. The
Group’s operating results, financial position and other results included in this material and theirimplications may be significantly different from actual results, depending on energy policies, laws andregulations, systems, market trends, the status of approvals and licenses needed for the Group’s
operations, the success or failure of acquisition or development of land or power generation facilities, etc.,
and changes in weather, climate and the environment, etc., among other factors, in Japan and overseas.
In principle, the amounts included in this material are consolidated amounts and rounded down to thenearest million yen. As a result, the sum of amounts may be different from the “total” amount.

28© 2023 WEST HOLDINGS Co.

Inquiries about this materialWest Holdings Corporation
Main phone number: +81-3-6812-2501© 2023 WEST HOLDINGS Co.