Financial Results for the First Quarter
Fiscal Year Ending December 31, 2023

Investor Relations Presentation Materials

ISEKI & CO., LTD.
May 15, 2023

INDEX

1. Outline of Financial Results for the First Quarter
Fiscal Year Ending December 31, 2023
2. Domestic and Overseas Markets
3. Performance Forecast for the Fiscal Year Ending
December 31, 2023
4. Topics
Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

2

1. Outline of Financial Results for the First Quarter
Fiscal Year Ending December 31, 2023

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

3

Key Points<First Quarter Financial Results>
1Q Net Sales

Increase in sales and earnings(JPY bn, %)40.4

Domestic:

Sales increased by capturing the last-minute demand before the pricerevisions in April

Overseas:

Sales increased as a whole due to an increase in Europe, despite aslowdown in North America and Asia

Earnings:

33.3

45.8
38.7

31.9

Domestic

Overseas

Earnings increased due to higher gross profit from increased sales, as well as theeffect of price revisions

23.8%

21.6%

FY20191Q

FY2020
1Q

30.2%

41.4%

FY2021
1Q

FY2022
1Q

38.4%
FY2023
1Q

1Q Operating Income, Ratio
1.6

1.4

(JPY bn, %)<Full-year Forecast>(0.2)

No revision to the initial forecast

(0.7)

(1.1)
[Operating Margin]

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

(2.2)% (3.5)% 3.7% (0.6)%

3.7%

FY20191Q

FY2023
1Q

FY20201Q

FY2021
1Q

FY2022
1Q

4

Outline of Consolidated Business Performance(January 1, 2023 to March 31, 2023)(JPY bn, %)FY2019/12

FY2020/12

FY2021/12

FY2022/12

FY2023/12

1Q Actual

1Q Actual

1Q Actual

1Q Actual

1Q Actual

YoY
ChangeNet Sales

33.3

31.9

40.4

38.7

45.8

7.0

(Domestic)(Overseas)

25.3
7.9

25.0
6.8

28.2
12.2

22.7
16.0

28.2
17.6

5.5
1.5

Operating Income

(0.7)

(1.1)

1.4

(0.2)

1.6

1.9

Operating Margin(2.2)%(3.5)%

3.7%(0.6)%

3.7%

4.3%

Ordinary Income

(1.1)

(1.2)

2.1

0.0

1.3

1.2

Profit (Loss) Attributableto Owners of Parent

(0.4)

(0.4)

1.9

0.2

0.7

0.4

US$

110.5

109.6

104.4

114.8

132.3

17.5

Euro

126.3

120.8

126.8

130.1

141.9

11.8

Average
Exchange
Rate (JPY)

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

5

Domestic Sales
YoY
JPY5.5 billion
increase

Sales increased by capturing the last-minute demand before the price revisions
in April
FY2019/12

FY2020/12

FY2021/12

FY2022/12

FY2023/12

1Q Actual

1Q Actual

1Q Actual

1Q Actual

1Q Actual

Cultivating &Mowing
Machinery

6.7

5.7

6.6

5.8

7.0

1.2

Planting
Machinery

2.2

1.7

2.5

1.6

2.1

0.4

Harvesting &Processing
Machinery

2.7

2.0

2.4

2.0

3.9

1.8

Subtotal

11.7

9.5

11.6

9.6

13.1

3.4

holding exhibitions under “coexist with

Farming
Implements

4.8

4.1

5.9

4.0

4.7

0.6

COVID-19” trend, etc.)

Spare Parts

2.7

2.9

3.0

2.9

3.3

0.3

Repair Fees

1.0

1.1

1.1

1.1

1.1

0.0

Subtotal

8.6

8.2

10.2

8.1

9.2

1.1

sales and repair fee revenues) also

Total

20.4

17.8

21.8

17.7

22.3

4.5

grew, which are a pillar in reform ofConstruction of Facilities

0.5

2.6

1.4

0.7

1.2

0.5

revenue and cost structure

Others

4.4

4.6

5.0

4.2

4.6

0.3

25.3

25.0

28.2

22.7

28.2

5.5

Agricultural Machinery

Agricultural Machinery Related(JPY bn)

Total

YoY Change

Main factors of YoY changes✔

Sales of agricultural machinery andfarming implements increased bycapturing the last-minute demand (by✔

Maintenance revenues (spare parts

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

6

Overseas Sales
YoY
JPY1.5 billion
increase

Sales increased as a whole due to an increase in Europe, despite a slowdown inNorth America and Asia
FY2019/12

FY2020/12

FY2021/12

FY2022/12

FY2023/12

Main factors of YoY changes

YoY Change(JPY bn)
1Q Actual

1Q Actual

1Q Actual

1Q Actual

1Q ActualNorth
America

2.8

2.3

3.9

4.6

3.8

( 0.7 )

Europe

2.9

2.4

5.9

7.8

11.0

3.2

Asia

2.0

2.0

2.2

3.5

2.1

( 1.3 )

Others

0.0

0.0

0.0

0.1

0.5

0.4

Total sales

7.9

6.8

12.2

16.0

17.6

1.5

✔

North
America:

Adjustment phase continued incompact tractors market, which
led to decreased sales✔

Europe:Sales increased due to increased
shipments that addressedvigorous demand from retailers
before the planting season, as wellas ISEKI Germany becoming a
consolidated subsidiary in thesecond half of the previous fiscal
year

✔

Asia:

Absence of frontloaded shipments
associated with Stage 5 emission
standards in South Korea in theyear earlier

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

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Ordinary Income
YoY
JPY1.9 billion
increase

Income increased due to higher gross profit from increased sales, as well as the effect ofprice revisions[Breakdown of YoY Change]
FY2019/12

FY2020/12

FY2021/12

FY2022/12

FY2023/12

1Q Actual

1Q Actual

1Q Actual

1Q Actual

1Q Actual(JPY bn, %)YoYChangeIncrease in gross profit: ¥2.9 billion＋2.4

Net Sales

33.3

31.9

40.4

38.7

45.8

7.0

Gross Profit

9.6

9.0

11.7

10.8

13.7

2.9

*

(0.7)

0.8

0.2

0.2

(0.1)

1.6

(0.2)

Gross Profit
Margin

28.9%

28.2%

29.1%

27.9%

30.0%

2.1%

SG&A Expenses

10.3

10.1

10.3

11.0

12.0

1.0

Personnel
Expenses

6.1

6.0

6.0

6.4

6.7

0.3

Other Expenses

4.2

4.0

4.2

4.6

5.3

0.7

Operating Income

(0.7)

(1.1)

(1.4)

(0.2)

1.6

1.9

Net Sales

Cost of
Sales

SG&A
Expenses

Operating
Income(2.2)%(3.5)%

3.7%(0.6)%

3.7%

4.3%

0.8

(0.6)

(0.1)

0.1

OperatingMargin(0.9)*FY2022/12
1Q

Increasedgross
profitdue tohighersales

Impact ofsoaringrawmaterial
prices

Effect ofpricerevisions

Sales ofblueprints

Other (grossprofit)Increased
logistics
expenses

Increased
SG&A
expenses

FY2023/12
1Q*Including figures of ISEKI Germany that became a consolidated subsidiary[Effect of FOREX Fluctuations (JPY bn)]

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

8

Ordinary Income & Profit
Ordinary income
YoY
JPY1.2 billion
increase

Significant increase in profits year on year due to higher operating Income, despite the recordingof financial expenses for the origination of ESG finance, a decrease in foreign exchange gains
and expansion in share of loss of entities accounted for using equity method
FY2019/12

FY2020/12

FY2021/12

FY2022/12

FY2023/12

1Q Actual

1Q Actual

1Q Actual

1Q Actual

1Q Actual

Operating Income

(0.7)

(1.1)

1.4

(0.2)

1.6

1.9

Balance of Financial
IncomeOther Non-operating
Income

(0.1)

(0.1)

(0.1)

(0.1)

(0.5)

(0.4)

Foreign exchange gains

(0.1)

(0.1)

0.0

0.8

0.4

0.1

(0.2)

(0.1)

Ordinary Income

(1.1)

(1.2)

2.1

0.0

1.3

1.2

Share of loss of entities accounted forusing equity method

Extraordinary Income

0.0

0.1

0.0

0.0

0.0

0.0

Extraordinary Losses

0.0

0.0

0.0

0.0

0.0

0.0

Income Before Income
Taxes
Income Taxes Deferred
Profit (loss) Attributableto Owners of Parent

(1.1)

(1.1)

2.0

0.0

1.2

1.2

0.7

0.7

(0.1)

0.2

(0.5)

(0.8)

(0.4)

(0.4)

1.9

0.2

0.7

0.4

(JPY bn)

YoY Change

Other non-operating Income (YoY Change)

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

9Balance SheetYoY Change

Accounts receivable - trade： Increased due to higher sales in Japan and overseas
Inventories： Increased due to the consolidation of ISEKI Germany and those for North America andat sales companies in Japan
As of Mar.
31, 2022

As of Mar.
31, 2023

YoY
ChangeAs of Mar.
31, 2022

As of Mar.
31, 2023

YoY
ChangeCash & Deposits

10.4

9.2

(1.2)

Accounts Payable - Trade

41.4

45.1

3.6

Accounts Receivable - Trade

30.1

38.0

7.8

Interest-bearing Liabilities

67.9

80.3

12.4

Inventories

54.6

68.4

13.7

(Loans Payable)

60.8

73.3

12.5

(Merchandise & Finished Goods)

45.1

57.1

12.0

Other Liabilities

20.0

20.8

0.7

(Work in Progress)

8.2

9.7

1.5

Other Current Assets

3.5

5.9

2.4

Total Current Assets

98.7

121.6

22.8

Total Liabilities

129.4

146.3

16.8

Property, Plant and Equipment

84.6

83.8

(0.8)

Net Assets
66.2

72.7

6.5

Intangible Assets

2.3

2.4

0.0

Investments and Other Assets

9.8

11.1

1.3

17.3

21.1

3.8

Total Non-current Assets

96.8

97.4

0.5

Total Assets

195.6

219.1

23.4

195.6

219.1

23.4

(JPY bn)(Retained Earnings)

Total Liabilities and Net Assets

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

10

2. Domestic and Overseas Markets

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

11

Domestic Agricultural Machinery Market Trends
Domestic
Agricultural
Machinery
DemandAgricultural machinery demand will remain flat mainly due to soaring material costs,
despite rice prices bottoming out. Recent price revisions (in April by ISEKI and 1 othercompany) prompted the last-minute demand, which boosted the entire demand■ Agricultural machinery demand (shipments in the industry)(9 principal machinery, moving annual total)
Consumption tax
increase (Oct.)(JPY bn)

280

Over the counter price ofrice/60kg* (right axis)(JPY)

Acceptance of applications
for government subsidies forbusiness continuity

260

1st (Oct.)

2nd (Feb.)

240

220
200
Mar.

Jun.

Sep.

2018

Dec. Mar.

Jun.

Sep.

2019

Dec. Mar.

Jun.

Sep.

Dec. Mar.

2020

Jun.

Sep.

Dec. Mar.

2021

Jun.

Sep.

2022

Dec. Mar.
2023*9 principal machinery: Tractors, combine harvesters, rice transplanters, tillers, drying machines, rice huskers, binders, harvesters, treatment
Source: Estimated by ISEKI from statistics provided by the Japan Agricultural Machinery Manufacturers Association*Over the counter price of rice: The Ministry of Agriculture, Forestry and Fisheries conducts monthly surveys
among suppliers of a certain size or larger regarding over the counter prices and volumes and publishes theresults as one of the major indices of rice trading prices.

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

12

Domestic Market Trends (Situation of ISEKI)
January to March
1. Actual Sales by Domestic Distributors
Amount of agricultural machinery products (Jan. to Mar. 2023)
 Sales: YoY 139%, From year before last 114%

2. Retail and Service Activities
・Market thrived due to an increase in promotional events suchas exhibitions under “coexist with COVID-19” trend. Large
events were held nationwide.

・The last-minute demand before the price revision in April boosted
demandRevision of our agricultural machinery products prices: April 2023
(for the second time)・Started sales of automatic weed suppression robot “Aigamo Robot”(January)

Future Expansion, etc.
・Strengthen promotion of new mid-sized tractors for the largest
market segment
・From April onward, the Company is promoting demonstrations oftractors and rice transplanters, as well as other activities in
response to the current spring work season.
→The demonstrations is streamed on "Amoni."
・Propose environment-friendly smart agriculture
Work to expand sales and customers focusing on variable fertilizer
rice transplanters and Aigamo Robot
・Promotion of smart agriculture
Horizontally roll out initiatives whosebusiness benefits have been proven tobe high in demonstration projects✓Robot agricultural machinery✓Variable fertilizer rice transplanters✓Yield monitoring combine harvester, etc.
Human-monitored robot
rice transplanter

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

13

Promote Environment-Friendly Smart Agriculture
Collaborations with local governments■Signed an agreement with Kuroishi City (Aomori Pref.) March 2023
“Creating organic vegetable production areas for sustainable development”

Nara Mirai Design■Initiative based on collaboration between Nara Mirai Design Co., Ltd.
and ISEKI“Creating organic rice production areas in collaboration with neighboring farmers”
2022
・Demonstration of weed suppressing effect by 2 Aigamo
Robots (①② in the below picture, 0.5 ha）＜Collaborations with local governments and companies to date＞

・Tsukubamirai City (Ibaraki Pref.)from Mar. 2020

・Kisarazu City (Chiba Pref.) from Mar. 2021

2023
・Creation of organic rice production areas through a tieContribute to expansion of
up with neighboring farmers
Nara Mirai Design + 3 collaborative farmers
organic agriculture
・Acquisition of cultivation techniques based on
Increase our presence
soil diagnosis
・Organic rice cultivation using 13 Aigamo Robots (4.2 ha)・Yukimai Design Co., Ltd. (Tokyo Pref.) from Jun. 2021
・Nara Mirai Design Co., Ltd. (Nara Pref.) from Nov. 2021
・Niigata City (Niigata Pref) from Jan. 2022

Nara Mirai Design Co., Ltd.
Attendees of a “bird” releasing
ceremony・Three-way collaboration with Shimane Pref. and Hamada City from Feb. 2022

Mr. Kongo, Mayor of Uda City・Yamagata Design Co., Ltd. (Yamagata Pref.) from Feb. 2022

Mr. Hashimoto, President of The
Nanto Bank, Ltd.

・Five-way collaboration with Gonuemon Co., Ltd., TDK Corporation, Yukimai
Design Co., Ltd. and Nikaho City
from May 2022

Mr. Nawata, Senior General Division
Manager of ISEKI & CO., LTD.

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

14Market Trends (North America, Europe)

EuropeNorth America
1. Compact tractors market

1. Market trends<Market trends>(1,000 units)

250
230
210
190
170
150
130
110
90
70
50

216

91

95

96

104

2009

2010

2011

2012

145

156

170

179

235

192

114

124

132

2013

2014

2015 2016 2017 2018 2019 2020 2021 2022
(Source: Statistics provided by AEM, 2022 figure estimated by ISEKI)

・Jan.-Mar. 2023: YoY 80%

2. Situation of AGCO (OEM partner)
 Unit sales (Jan.-Mar. 2023) YoY 71%
Unit sales at AGCO decreased year on year due to difficulties inprocuring local parts in addition to the market adjustment phasefrom the second half of 2022

3. Status at ISEKI
・Order backlog from the previous year was eliminated. Aggressive
sales promotion measures were implemented by AGCO aiming to
improve our market share and expand sales

・Fears of economic recession caused by inflation across Europe
・ln the market of landscaping for professionals, product supply
delays mainly due to supply chain disruptions caused distribution
inventories to remain at a low level across the industry.

2. Local Sales
 Unit sales (Jan.-Mar. 2023)
・ Local distributors: YoY 85%
Supply of tractors recovered, while inventory shortage continued
for ride-on mower

3. Status at ISEKI
・Increase shipments to address vigorous demand before theplanting season and to satisfy local inventories
・Strengthen sales and service systems centered on ISEKI France
S.A.S. and ISEKI Germany, launch new products and implement
sales promotions
・Continue customer evaluations of electric mower

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

15

Market Trends (Asia)
East Asia

ASEAN

1. Market trends

1. Market trends<Thailand>
Rice prices rose, but due to soaring prices of materials such as
fertilizers, willingness to buy has not recovered for products for paddy
fields. Sales of those for dry fields were steady.
<Indonesia>
Government tenders in the first half of the year delayed due to a
bidding scheme change

2. Local Sales

 Unit sales (Jan.-Mar. 2023)
Thailand IST (tractor): YoY 96%

3. Status at ISEKI<Thailand>
・Aim to increase sales coverage ratio by expanding areas covered byexisting sales outlets and by exploring new outlets. Strengthen salesof products for dry fields through providing sales support to outlets<Indonesia>
・Aim to expand general sales (for paddy fields, palm, etc.), in
addition to increasing participation in tenders<China>Targets for cultivated area and production volume will be equal to or higher thanthose last year due to government food security policy. The year-earlier subsidy
level is also expected to be maintained. Demand is assumed to decrease year
on year in the industry as a whole, due to a reactionary decline from the lastminute demand seen before the effectuation of Stage 4 emission standards, but
the switch to high-performance agricultural machinery is advancing<South Korea>
Market will shrink due to sluggish rice prices, but a decrease in large-sizedmachinery is minimal

2. Local Sales
 Unit sales (Jan.-Mar. 2023)
・China (Dongfeng Iseki):
Rice transplanters (riding): YoY 80%; Tractors, combine harvesters: YoY 95%

3. Status at ISEKI<China><South Korea>

Launch products compliant to Stage 4 emission
standards in stages
Strengthen cooperation with local distributors toenhance sales and service systems for professionals,
such as high-performance agricultural machinery

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

16

3. Performance Forecast for the Fiscal Year Ending
December 31, 2023

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

17

Forecast of Consolidated Financial Results for the Fiscal YearEnding December 31, 2023
Increases in sales and profit in 1Q were within our initial expectation, causing no change tofinancial results forecasts.
Both sales and operating income increase YOY, year-end dividend of 30 yen

Consolidated
Financial Results
Forecasts(単位：億円)(JPY bn, %)FY2018/12

FY2019/12

FY2020/12

ActualActualActualActualRatio

ActualRatio

Forecast

Ratio

YoY
changeNet Sales

155.9

149.8

149.3

158.1

100.0

166.6

100.0

176.5

100.0

9.8

(Domestic)

122.8

117.7

115.9

117.3

74.2

112.6

67.6

121.5

68.8

8.8

(Overseas)

33.1

32.1

33.3

40.7

25.8

53.9

32.4

55.0

31.2

1.0

Operating Income

3.1

2.7

2.0

4.1

2.6

3.5

2.1

4.5

2.5

0.9

Ordinary Income

2.6

1.1

1.7

4.6

3.0

3.7

2.3

4.0

2.3

0.2

Profit (loss) Attributable to
Owners of Parent

1.0

0.7

(5.6)

3.1

2.0

4.1

2.5

2.6

1.5

(1.5)

US$

110.2

109.3

107.0

109.0

131.3

130.0

(1.3)

Euro

130.9

121.6

121.5

129.8

136.9

140.0

3.1

30

30

0

30

30

30

-

Average
Exchange
Rate (JPY)

Year-end Dividend (JPY)FY2021/12

FY2022/12

FY2023/12**FY2023/12 Forecast: announced on February 14, 2023
Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

18

4. Topics

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

19

Exhibited at G7 Agriculture Ministers' Meeting In Miyazaki■Exhibited our Ride-on electric mower and Aigamo Robot at G7 Agriculture
Ministers' Meeting in Miyazaki on April 22 and 23

Francesco Lollobrigida, Minister ofAgriculture, Food Sovereignty andForestry, Italy

Marie-Claude Bibeau, Minister ofAgriculture and Agri-Food,
CanadaDemonstration of Aigamo Robotat farm field

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

20

ESG Finance Scheme■Signed a “Positive Impact Financing" loan agreement＊March 2023

Signed “Mizuho Positive Impact Finance” loan agreement after going through qualitative andquantitative evaluation centered on our sustainability initiatives, especially activities that may give
impact to the achievement of SDGs targets, including themes of employment, resource efficiency andsafetyAmount of contract:¥13.0 billion＜Impact/KPI＞

Impact

KPI

Water (quality)/ Air / Soil

Reduction ratio in chemical substance use

Resource efficiency and safety

Reduction ratio in water use
Reduction ratio in total material input

ClimateReduction ratio in CO2 emissions
・Scope 1 and 2 (total amount)・Initiative for Scope 3

WastesReduction ratio in final amount of waste for
disposal

Food

Percentage of proposals for advanced
technology-related inventions

Impact

KPI

Employment

Percentage of paid leave taken
Percentage of mid-career hires inmanagement positions

Inclusive and healthy economy

Percentage of women in new hires
Percentage of women in management
positions

Education / Inclusive and healthy
economy / Food

Promotion of Dream Project to support female
farmers

Resource efficiency and safety /Climate / Air

Ratio of eco-product in domestic sales

Biodiversity and ecosystemservice / Food

Area of organic farming area (wet-land rice）

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

21

ESG
■DBJ Environmental Rating－acquired highest rating 17 times in a row
We received the highest rating as one of the “Companies doing environmentfriendly business activities progressively,” by the Development Bank of Japan Inc.
(DBJ)

■Certified as a “health & productivity management outstanding organization” (the large
enterprise category), continuing from the last year
* The Certified Health & Productivity Management Outstanding Organizations
Recognition Program
It is a program to reward outstanding large enterprises and SMEs that are implementing
health and productivity management based on initiatives to tackle health issues faced byregions and health promotion initiatives led by Nippon Kenko Kaigi.

■Stakeholder engagement

Face-to-face interactions to improve dialogue

・Shareholders: General shareholders’ meeting (Mar. 30), Quarterly briefing session (Feb. 20)
・Suppliers: IR information meetings for vendors (Mar. and Apr.: Purchasing, Factories in Matsuyama, Kumamoto and Niigata)・Employees: Internal IR information meetings (Mar. and Apr.: Tokyo, Tsukuba, Matsuyama, Kumamoto and Niigata)
Hold events for sales subsidiaries in January
Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

22

Framework for Increased Production at PT. ISEKI Indonesia■Production capacity will be increased from 18,000 units to 22,000 units＊ Completed the building in March and will start operation in June

New building of PT. ISEKI Indonesia

Internal view of the new building

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

23

New Product Release Exhibition[Concept]

Offer products and services that contribute to increasing
productivity of domestic agriculture, safety and comfortability, andreducing environmental burden◆Increase productivity of domestic agriculture Our initiatives for enlargement, cutting-edge technology andvegetable farming
 Data-linked products（variable fertilizer, etc.), and more◆Contribute to safety and comfortability, and reducing
environmental burden Reduce fuel consumption by increasing work efficiency (by making
work smarter) Effect of safety and comfortability performance of ride-on tractor,
and more

Release date

Friday, June 9, 2023
1:15pm – 3:00pm (to be confirmed)

Format・Physical event: Tsukubamirai City, Ibaraki Pref.
・Releases on the Company website and in the media

Revamped our mid-sized tractor for the largest
market segment! Release of “BF Series”

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

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Notes on the Future Forecast• The objective of this presentation document is to provide information and never intends to induce any action.
• The document was created by ISEKI with currently available information and it involves potential risks anduncertainties. The forecast may not be consistent with actual results depending on fluctuation of the economic
situation and market trends.
• In using this information, investors are expected to depend on their own judgment. ISEKI is not liable for any
losses incurred by investment decision made utilizing the business forecast or targets given in this document.

ISEKI Group joins the nationwide action called “COOL CHOICE”
run by the Ministry of the Environment Government of Japan,
which promotes to make ”smart choices” for the global warming.
As a proposal of “smart choices”, we develop and deliverenvironmental-friendly products like “eco products”.

Financial Results Briefing for the First Quarter of the Fiscal Year Ending December 31, 2023

25