Results Presentation for Fiscal Year
Ended August 31, 2022
October 27, 2022

Contents■ Company Profile■ Overview of Results in Fiscal Year

Ended August 31, 2022
■ Forecasts for Fiscal Year Ending

August 31, 2023, Medium-Term
Management Plan

© 2022 WEST HOLDINGS Co.
2

Purpose of the West Group■ Corporate Philosophy
All people working at the West Group must be well off andhappy.
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 theCompany 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 to contribute to achieving adecarbonized society that does not depend on fossil fuels."© 2022 WEST HOLDINGS Co.
3

History of the West Group
Holding company

Major operating subsidiaries[100%]- Operating solar power plants that it owns
- Planning, designing, selling and building mega solar
facilities for industrial use[100%]- System integration for smart grid products[100%]・ Management strategies for the Group・ Supervision of management of the Group・ Financial management for the Group- 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[100%]- Inspection of solar panels etc. using drones, cultivationof human resources that can use drones*: Percentages are West Holding's shareholding.

© 2022 WEST HOLDINGS Co.
4*

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
Construction materials trading
company
Nishi-Nihon Kanesho founded in
Hiroshima

1985

1993

1995

2005

2011

Japan's No. 1 in roofing tiles
installation

Evaluation of the seismic
capacity of concrete structuresand related repairs

Planning of houses and sale ofthemAll-electric homes, solar power
generation

Medium-sized solar power
facilities

Plans Honebuto Jutaku houses
and starts the sale of themForms an alliance with Yamada
Denki

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

Broadcasts TV commercials
nationwide, employing actress
Kiki Kirin

Creates renovation shops instoresRooftop tiles department
established
Receives an order for the
repairing of the rooftop tiles of
the tower of Hiroshima Castle
damaged by the Geiyo
earthquake in 2002

Starts evaluation of the seismic
capacity of buildings andrelated repairing
Buildings restoration work after
the Great Hanshin Awaji
Earthquake(Buildings restored)
Hyogo prefectural office building,
Kobe municipal government
office building,
Sogo department store, etc.

2012

2015

2016

2018

2020

Mega solar power

Energy Saving Business

Overseas (Asia) businessStarts emissions trading

Non-FIT power plants

West Esco service, an energy
saving service, starts

A subsidiary established in
ThailandDevelops the solar powerbusiness and the energy saving
business in ASEAN countries

Starts the planning,development and building ofmega solar plants

Participates in the J-Credit
Scheme2022

Starts development of non-FIT
power plants
Establishes West Green Power,
a company dealing in non-FIT
power sources

Starts operating under
the Sustainable
Standard
Starts providing a package ofservices including thevisualization of CO2
emissions, carport-type solar
power generators, and a selfwheeling system© 2022 WEST HOLDINGS Co.
5

The West Group's Strategy■ 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
General operating company
Electricity power
generation companies Renewable energy fund●●Developing
and selling
power plants

LeasinglandsTransferring
power plants
after the end of
FIT

Subleasing
land●

Securing construction sites

LandownersWest
Group(Agency)

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

Aug.
2022

Aug.
2023

Aug.
2024

Aug.
2025

Non-FITpower plants

18.2

288.2

738.2

1,278.2

Mega solar
power

461.0

468.5

469.0

471.7

Total

479.2

756.7

1,207.2

1,750.0(Selfconsumption)

104.5

239.8

435.9

671.2

O&M
Electricity
retailer

Electricity(West FIT)

(MW)

Total power capacity

Electricity(Green electricity
wholesaling)

Electricity
retailing
Consumers ofelectricity

Green electricity© 2022 WEST HOLDINGS Co.
6

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

Business Scheme
Generaloperatingcompany

Electricity
retailer
Green electricity
Information wholesaling

Local
governments
EPC

Selling green
electricity

111

Financial
institutions

85

Number of JAs

50

West Group
Contractor

Wholesale ofmaterials

Information
Selling non-FIT
power plants

Local
governments

Selling green
electricity

Placing orders

Partnerfinancial
institution

Consumers ofelectricity

EPC

Green
electricity

AgencyElectricity
power
generationcompanies© 2022 WEST HOLDINGS Co.
7

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

Recurring revenue businessElectricity PowerBusiness

Energy Saving
Business■ Green electricity
wholesaling■ West Esco

MaintenanceBusiness

Solar power for industry use■ Self-consumption

Non-FIT power plants■ Low-voltage/high-voltage power plants■ Revitalized mega solar power plants(Used as non-FIT power plants)■ Electricity
generation and
sale

■ O&M

➢ LED
➢ Air conditioning➢ ecoCloud(Refrigerators,
freezers thermal
management
system)Mega solar power■ Development, sale© 2022 WEST HOLDINGS Co.
8

The West Group's Track Record
Solar power generation— 66,284 sites/2,323,283kW

O&M number of contracts【High voltage/Special voltage 526 sites/560MW】

Mega solar

Float solar

Municipality solar

Industrial solar

309 sites
425,494kW

16 sites
21,425kW

751 sites
25,560kW

1,502,280kW

Residential solar

Solar with agriculture

West Thailand

West FIT“Electric Park” located
In WEST No.4 Building

12,519 sites

52,348 houses

86 sites

132 sites

123 sites

256,505kW

8,600kW

71,880kW

11,539kW* As of July 2022

First-grade electrical construction management
engineer:

WEST GROUP
qualified engineers list

17

Type-2 electrical engineer:

43 First-grade civil engineer:

8

Second-grade electrical construction management First-grade telecommunications constructionengineer:
4 management engineer:2

Type-1 chief electrical engineer:

2 First-class qualified senior architect:

4 First-grade plumbing management engineer:3Type-2 chief electrical engineer:

5 Second-class qualified architect:

5 Second-grade plumbing management engineer:

5Type-3 chief electrical engineer:

10First-grade architecture construction management
Chief water supply system construction engineer:engineer:
83Type-1 electrical engineer:

31

Second-grade architecture construction
management engineer:

2

Second-grade civil engineer:

Real estate Notary:© 2022 WEST HOLDINGS Co.
9

4

13

Contents■ Company Profile■ Overview of Results in Fiscal Year

Ended August 31, 2022
■ Forecasts for Fiscal Year Ending

August 31, 2023, Medium-Term
Management Plan

© 2022 WEST HOLDINGS Co.
10

Overview of Results in Fiscal Year Ended
August 31, 2022
Total sales at West Group

Aug. 2020

Aug. 2021

Results

Results

Aug. 2022
Initial plan

(Million yen)

Results

Year on year

61,94767,93891,25067,16998.9%

Renewable Energy Business

28,09431,54652,98135,972114.0%

Energy Saving Business

1,972

2,361

2,151

1,945

82.4%

Electricity Retailing Business

28,07727,80031,14524,844

89.4%

Electricity Generation and Sale Business

2,689

2,481

2,255

2,832

114.1%

Maintenance Business

1,113

1,463

1,514

1,700

116.2%

0

-

1,204

1

-

7,180

10,148

11,672

7,770

76.6%

11.59%

14.94%

12.79%

11.57%

77.4%

Ordinary profit

6,615

9,648

10,972

7,293

75.6%

Profit attributable to owners of parent

4,417

6,495

7,132

4,257

65.5%

Other
Operating profit(Operating profit margin)

Net sales in the past three years(Million yen)

80,00070,000Gross profit in the past three years
16,10018,00061,94767,93867,16916,00014,00060,00013,270(Million yen)
14,050Non-recurring revenue
business

12,000Recurring revenue
business

10,00050,0008,000

40,0006,000
30,0004,000

20,0002,000

Electricity retailing

Other

0
10,000-2,0000-4,000

2020

2021

2022

2020

2021

2022

© 2022 WEST HOLDINGS Co.
11

Operating Profit in the Fiscal Year Ended
August 31, 2022
(Million yen)

11,672-4,085-4,186

4,332

7,770

37
Other
adjustments

Downward swing of theelectricity retailing business

Delay in thecommencement of work Upward swing of MS
development andassociated with thesale and MS
application for subsidies forrevitalization
andsolar power for industry use
sale(self-consumption/EPC), etc.

Aug. 2022
Operating profit(forecast)Aug. 2022
Operating profit(result)© 2022 WEST HOLDINGS Co.
12

Renewable Energy Business:
Highlights by Segment
Mega solar
development andsale
Revitalization ofmega solar
facilities

Solar power forindustry use(Self-consumption)
Non-FIT power
plants(West FIT)

■ Strong results posted, as were posted last year
■ Sold 8 facilities with a capacity of 22.0 MW, with annual sales of 9,170
million yen■ Strong results posted, as were posted last year
■ Sold 34 facilities with a capacity of 36.3 MW, with annual sales of
11,836 million yen■ Orders continued to increase steadily since last year
■ Completion of some facilities was delayed due in part to the extensionof the application deadline for subsidies■ Focused efforts on securing a large number of construction sites andon applications for grid connections with power transmission anddistribution companies■ A large amount of sales was not achieved due to delays in the
responses of the power transmission and distribution companies
regarding grid connections© 2022 WEST HOLDINGS Co.
13

Energy Saving Business, Maintenance Business

Energy Saving■ Orders have been steady since the start of the service, which resulted in steady split sales
Trends in sales and asset balance since the start of the service(Million yen)

Fiscal year

Aug. 2018

Aug. 2019

Aug. 2020

Aug. 2021

Aug. 2022

Sales

1,232

1,641

1,972

2,289

1,945

Asset
balance

4,191

4,798

4,995

4,623

4,351

Maintenance (O&M)■ Synergy with the mega solar development and regeneration businesses contributed
significantly.
(Million yen)
(Photos of maintenance by the Company)

Aug. 2021

Aug. 2022

Sales

1,495

1,700

MW undercontract

591.0

645.0
© 2022 WEST HOLDINGS Co.
14

Electricity Power BusinessElectricity retailing
Surging energy prices

×Tight electricity supplydemand balance

Difficulty of
securing
powersources

Soaring
electricity
purchase
price

Posting ofoperatingloss■ Decided that West Electric Power Co., Inc. would withdraw from the electricity retailingbusiness on March 25, 2022.
■ Ended electricity supply in this business on June 30, 2022.
■ Posted extraordinary losses of approx. 1,500 million yen as losses on withdrawal from theelectricity retailing business.

Electricity Generation and Sale
■ An extra-high voltage (approx. 60 MW) mega solar power facility (FIT rate: 36 yen) wascompleted at the end of July 2022 and it began power generation in August 2022.
© 2022 WEST HOLDINGS Co.
15

Anamizu Mega Solarin Ishikawa Prefecture

Electricity Generationand Sale■ An extra-high voltage mega solar power
facility with a capacity of approx. 60 MW■ FIT certification obtained in 2014
(FIT rate: 36 yen)
■ Completed at the end of July 2022
■ Power generation began in August 2022
■ The site of a planned golf course
development was used.
© 2022 WEST HOLDINGS Co.
16

Contents■ Company Profile■ Overview of Results in Fiscal Year

Ended August 31, 2021
■ Forecasts for Fiscal Year Ending

August 31, 2023, Medium-Term
Management Plan

© 2022 WEST HOLDINGS Co.
17

Results Forecast for Fiscal Year Ending Aug. 2023
Aug. 2022

Aug. 2023(Million yen)

Results

Forecast

Year on year

AnnualTotal sales at West Group

1st half

2nd half

AnnualAnnual

67,16920,78940,48861,27691.2%

35,972

16,577

34,82451,401142.9%

10,761

9,100

11,60020,700192.4%

914

2,507

11,574

14,0811540.6%

858

3,399

10,38813,7871606.9%

9,170

975

1,262

2,237

24.4%

11,836

596

₋

596

5.0%

Electricity Power Business■ Green electricity wholesaling■ Electricity generation and sale
■ Electricity retailing
Energy Saving Business

27,855
177
2,832
24,844
1,945

1,959
178
1,781
1,064

3,398
475
2,923
1,064

5,357
653
4,704
2,128

19.2%
368.9%
166.1%
109.4%

Maintenance Business

1,700

845

859

1,704

100.2%

1
7,770
11.57%
7,293
4,257

3,033
14.59%
2,733
1,858

8,213
20.29%
7,913
5,281

11,24718.36%
10,6477,240

144.7%
158.7%
146.0%
170.1%

Renewable Energy Business■ Solar power contracts for industrial use(Self-consumption)■ Development of non-FIT power plants (West FIT)
■ Agencies engaged in the development of non-FIT
power plants (West FIT)
■ Mega solar development■ Revitalization of mega solar facilities

Other
Operating profit(Operating profit margin)
Ordinary profit
Profit attributable to owners of parent© 2022 WEST HOLDINGS Co.
18

Medium-Term Outlook(Million yen)

Plan
Aug. 2022
Total sales at West Group

Aug. 2023

Aug. 2024

Aug. 2025

67,16961,276

87,619103,847

35,97251,401

77,44293,657

10,761

20,70030,00036,000914

14,081

23,79528,566858

13,787

23,37727,995

9,170

2,237

270

1,096

11,836596--

Electricity Power Business

27,855

5,357

5,626

5,621

■ Green electricity wholesaling■ Electricity generation and sale
■ Electricity retailing
Energy Saving Business

177
2,832
24,844
1,945

653
4,704
2,128

942
4,684
2,092

942
4,679
2,032

Maintenance Business

1,700

1,704

1,773

1,851

1

686

686

686

7,770

11,247

18,77822,983

11.57%

18.36%

21.43%

22.13%

Ordinary profit

7,293

10,647

18,12822,233

Profit attributable to owners of parent

4,257

7,240

12,327

15,118

Total sales at West Group■ Solar power contracts for industrial use(Self-consumption)■ Development of non-FIT power plants (West FIT)
■ Agencies engaged in the development of non-FIT
power plants (West FIT)
■ Mega solar development■ Revitalization of mega solar facilities

Other
Operating profit(Operating profit margin)© 2022 WEST HOLDINGS Co.
19

The West Group's Strategy■ Full transition to non-FIT business■ The position of solar power plants in Japan is changing.

Increasing environmental awareness

Relevant West Group’s business

Four Demands(i) Self-consumption: Use of electricity from renewable energy power plants held by theGroup- Leading suppliers’ plants, large commercial facilities, logistics facilities(ii) Demand for green electricity: Use of green electricity without owning power plants- Osaka Gas, MC Retail Energy(iii) Investment in renewable energy power plants: Investment in renewable energy power
plants without using green electricity- JERA, Mirai Partners(iv) Energy saving: Reduction of power consumption itself

Solar power contracts
for industrial use
Green electricity
wholesaling
Development of nonFIT power plants



RE100



ESG investment

From solar power plants asinvestment products
to solar power plants for
decarbonization



2050 carbon neutrality

Paris Agreement

Positioning of solar power plants

Energy Saving
Business© 2022 WEST HOLDINGS Co.
20

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

93,657

Trends in Sales
77,44251,40135,972

33,833
27,88828,04527,80024,844

6,014

6,305

6,654

Aug. 2020

Aug. 2021

Nonrecurring

Recurring

Aug. 2022

9,189

Aug. 2023

9,491

Aug. 2024

9,504Aug. 2025

Electricity retailing(recurring)© 2022 WEST HOLDINGS Co.
21

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

Trendsin Gross Profit
30,00023,50225,00019,471

20,00015,00010,00012,068

11,595

10,725

9,095

5,000
0
-5,000

1,231

2,300

2,944

3,075

3,335

4,631

4,624

4,638

-1,635

Aug. 2020

Aug. 2021

Nonrecurring

Recurring

Aug. 2022

Aug. 2023

Aug. 2024

Aug. 2025

Electricity retailing(recurring)© 2022 WEST HOLDINGS Co.
22

Sales and Gross Profit
in West Group's Recurring Revenue BusinessComparison with results in fiscal year ended Aug. 2022
Already achieved net sales for 1.7 years and a gross profit for 3.6 years.
(Million yen)

Sales

Gross profit

Energy saving

13,615

6,807Electricity
Generation and Sale

76,44030,576

O&M

26,20015,196

Total

116,255

52,579© 2022 WEST HOLDINGS Co.

23

Solar Power Contracts for Industrial Use(Self-consumption)(Million yen)Aug. 2023

Aug. 2024

Aug. 2025

Partner banks

85

Priority banks

64

Sales

20,70030,00036,000Total numberof branches

7,446

Order backlog at
beginning of term

7,674

6,666

12,666

593,000
companies

New orders

19,69236,00039,000Total numberof majorcustomers

Order backlog at
end of term

6,666

12,666

15,666

Broke away from the FIT scheme in FY2021.
→ The solar power contracting business for industrial use began to

specialize in self-consumption in FY2022.

© 2022 WEST HOLDINGS Co.
24

Development of on-FIT ower lants (West FIT)
Green electricity

West FIT
Electricity power
generation companies

Electricity

JERA

Development,
SaleElectricity retailers
West
Group

Electricity

Development,
SaleOsaka Gas

MC Retail Energy

TEPCO Energy
Partner

Chugoku Electric
Power

SMFL MIRAI Partners

etc…
Electricity
retailingWest FIT
Agencies

Chugoku Electric Power

Consumers ofelectricity

etc…
West FIT plan

(Million yen, facility, MW)
Aug. 2023

Aug. 2024

Aug. 2025

West
Group

Agency

Total

West
Group

Agency

Total

West
Group

Agency

Total

Sales

14,081

13,787

27,86823,79523,37747,172

28,56627,99556,561

Number of facilities
developed and sold

1,500

1,500

3,000

2,500

2,500

5,000

3,000

3,000

6,000

Capacity of panels

135

135

270

225

225

450

270

270

540

© 2022 WEST HOLDINGS Co.
25

Electricity Business, Maintenance BusinessElectricity Generation and Sale
■ An extra-high voltage mega solar power facility with a capacity of approx. 60 MW wascompleted. Operation commenced in August 2022.
(Million yen)

Sales

Aug. 2023

Aug. 2024

Aug. 2025

4,704

4,684

4,679

Maintenance (O&M) Business■ The entire amount is allocated to newly developed non-FIT power plants.
(Million yen, MW)

Aug. 2023

Aug. 2024

Aug. 2025

Sales

1,704

1,773

1,851

MW undercontract

654.3

672.3

696.3
© 2022 WEST HOLDINGS Co.

26

West International (Thailand)(Million yen)

Number of facilities

Changes in orders

Solar
power

Other

‒

3

2017

1

18

2018

32

9

2019

16

4

2020

23

1

2021

38

1

2022

47

1

2023

57

‒

2024

70

‒

2025

85

‒

2016

Thailand has amarket which is
expected to grow
120% or more year
on year.

➢ In Thailand, the achievement of carbon
neutrality in 2050 and net zero emissions in
2065 have been set under the National Energy
Plan.
➢ It is expected that the growth of demand for the
introduction of solar power generation, fromboth Japanese and local companies, willcontinue to accelerate in Thailand.
➢ The West Group will further reinforce theconstruction management framework andcontinue to build and improve organizations toprovide a framework for high-precision
construction with safety-first principles and offer
Japan-quality O&M through cooperation withcompanies in Japan.

■ As of September 30, 2022, orders have been received for facilities with a capacity of

approx. 80 MW and 116 solar power generation facilities with a capacity of approx. 53 MW are operating.

DOWA THERMOTECH (THAILAND)
498.96 kW

FUJITSU GENERAL (THAILAND) Factory2
998.46 kW

G-TEKT (THAILAND)
842.40 kW

KAIHARA (THAILAND)
3,871.80 kW

NHK SPRING (THAILAND) Wellgrow Factory
3,013.20 kW

Showa Denko Materials (Thailand)
999.47 kW

Maintenance (module cleaning)

Maintenance (equipment inspection)© 2022 WEST HOLDINGS Co.
27

Energy Saving Business

Refrigerators, Freezers Thermal Management System Business■ A cloud-based equipment and temperature monitoring system, which is exclusively for freezers and refrigerators■ Patent applications were filed in Japan and overseas by three parties: the West Group, ETOS (manufacturer) and the University ofTokyo's Research Center for Advanced Science and Technology (RCAST).
■ A demonstration experiment, which was conducted in an RCAST clean room, demonstrated that the cost of electricity was reduced by 43%

following the introduction of the system.
■ The only single system that can provide benefits including reduction of electricity costs, CO2 emissions, and the cost of security services

Three features

Installation example: Distribution warehouse

Monitoring
equipment
andtemperature

Checking inside temperature anywhere, anytime, 24
hours a day

Demandmonitoring

Safe automatic control keeping temperature

Visualization

Making data visible and improving energy saving effectively

Number of control points: 4
Freezers and refrigerators: 4(Temperature range Refrigerators: 4ºC, Freezers: -23ºC)
Number of measurement points: 8
Demand: 1
Freezers and refrigerators: 4
Temperature sensors: 3

Freezing and refrigerating
equipment
Cloud service

Reduction of annual electricity costs
Reduction of CO2 equivalent emissions

1,066,000 yen
2.8 tons© 2022 WEST HOLDINGS Co.
28

[Appendix]

Business Alliance with Shell Japan■ Began to operate the self-wheeling service, which permits the electricity generated by solar power generation facilities installed on land or buildings to be
used in distant places.
■ Formed a business alliance with Shell Japan concerning the prediction of both the amount of electricity generated and the size of the electricity demand.
■ Accumulating data on power plants owned by the West Group and using AI to improve the accuracy of the prediction of the amount of electricity generated■ Promoting the carbon neutrality of consumers with services for the construction of power plants in remote areas and the prediction of the amount ofelectricity generated

Self-wheeling service

Using the power transmission and distribution network for the consumption of electricity generated
by in-house power generation equipment in other places

In-house power generationequipment owned by aconsumer

An office of the consumer
Electricity
supplyPower transmission and distribution
network owned by a general powertransmission and distribution company

Electricity
supplyA service predicting the amount of electricity
supplied and the size of the demand forelectricity

The West Group & Shell Japan© 2022 WEST HOLDINGS Co.
29

【Appendix】

WEST SUSTAINABLE STANDARD© 2022 WEST HOLDINGS Co.
30

Note
This material is prepared for providing information primarily about the Group and is not intended tosolicit 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. is provided 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 theinformation. 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 their implications may be significantly different from actual results, depending on energy policies,
laws and regulations, systems, market trends, the status of approvals and licenses needed for theGroup'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, inJapan 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.

© 2022 WEST HOLDINGS Co.
31

Inquiries about this materialWest Holdings Corporation
Main phone number: +81-3-6812-2501© 2022 WEST HOLDINGS Co.