Presentation Materialfor the year ended Dec. 31, 2023

Disclaimer
The information presented in these materials contains forward-looking statements about
future business performance. These statements by definition involve risks and uncertainties
and are not intended to guarantee future performance. Actual results in the future may differ
from expectations and the projections presented in these materials due to changes in theglobal economy and fluctuations in foreign currency exchange rates and so on.

2

3

4

M of JPY

FY2023

FY2022

ActualActualYoY Comparison
AmountRatio

FY2023 ForecastRevisionon Nov. 10vs. Forecast

Ratio to net sales

MarginRatio to net sales

Ratio to net sales

Ratio to net sales
JPY5M of JPY

36,000+ 18.1%

31,000+ 19.3%

26,000+ 65.4%21,00016,000+ 22.6%

11,0006,000

FY2022
ActualFY2023
Actual6

36,000+6.6 %
31,000+24.0 %

26,000+29.2 %

+24.9 %
21,000+28.0 %
16,000+22.6 %
11,0006,000

7FY2022 Average

FY2023 Average

USD

→

EUR

→

7,500

7,000+863

6,500-33-451-454-13

6,000-520

+892
5,500

5,000

4,500

4,000

3,500

3,000FY2022
EBITDA

AdjustedEBITDA

FY2023
EBITDA8M of JPY

8,300

7,800

+2.8 %
7,300+22.3 %

6,800

6,300

-6.4 %
5,800

5,300

4,800

+1.6 %
4,300

3,800

3,300

FY2022
ActualFY2023
Actual9interest income
Foreign exchange gain

Share of loss of entities accounted
for using equity method

591
2,088

100

Gain on sales of investment securities 201
Gain on step acquisitions

Expense on scrapping fixed assets

500

2,500

4,500

6,500

8,500

10,50012,50014,50016,50018,50011,497100

20,50010M of JPY+38,076

Buildings and structures+2,959

Cash and deposits-3,274Inventories+7,457

Goodwill+20,452

Merchandise and finished goods +4,976
Work in process+994
Raw materials and supplies+1,486+15,898

Deferred tax liabilities+4,022+11,187

Short-term borrowing+11,738+22,178

Foreign currency translation reserve+2,536Loans payable

Retained earnings+18,718+8.0 pt-3.7 pt+1,926

New factory “M1”

2,934

+880
11

M of JPY
40,00035,00030,00025,00020,00015,000

Profit before
income taxes+28,808

Depreciation+2,929Gain on stepAcquisitions-11,497

Income taxes
paid-5,990Purchase of non-current
assets-5,952
Purchase of investments
in subsidiaries resulting
in change in scope ofconsolidation -15,107

10,0005,000Dividends paid

-4,082

Purchase oftreasury shares-2,999

Short-termborrowing+11,100

Free cash flows

0

Cash and cash
equivalents at beginningof period2023/01

Cash and cash
equivalents at end ofperiod2023/12

12

13

14

M of JPY

15

M of JPY

+312

+0.6%

-574

-1.6%

-1.4 pt—-1,164-6.6%-2.3 pt—-1,368-9.2%-2.6 pt—-4,054-22.5%-7.5 pt—-2,130-17.7%-4.0 pt

—

-5.54

—

-2.27—

16

M of JPY

48,00043,000+30.8%

38,000+5.9%
33,000-4.8%

28,00023,000+24.7%
18,00013,0008,000

FY2023
ActualFY2024
Forecast
17

FY2023 Average

FY2024 Average

USD

→

EUR

→

7,000+384

6,500

-303

-175

6,000+1,409

5,500-1,289+425

-455

5,000

4,500

4,000

3,500

3,000

FY2023
EBITDA

Adjusted
EBITDAFY2024
EBITDA18

Changes in reporting segments

Dental Business

SurgicalBusinessIndustrialBusiness19

20

21

22

M of JPY❚❚

20,00018,00016,00014,00012,00010,000

➀

8,000

6,000

4,000

2,000

023

❚

❚

80

70

70
60
60
5050

40

40

30
30
20
20
100

1024

25

26

27

28

29

30

Outline of PPA
JAEGERDCI

REFINE

Acquisition completed in Dec. 2022

Acquisition completed in Aug. 2023

Acquisition completed in Nov. 2023

Before PPA completion

Before PPA completion

Before PPA completion

Goodwill: 2,706 M of JPY

Goodwill: 31,009 M of JPY

Goodwill:PA2,425 M of JPY(1 EUR = 137.90 JPY)

(1 USD = 149.58 JPY)

(1 RMB = 20.46 JPY)
FY2024Q1

Amortization period: 10 years

Amortization period: 10-20 years

After PPA completion

After PPA completion(1 EUR = 150.00 JPY)

(1 USD = 135.00 JPY)

Amortization
period(Years)Balance at
beginningof FY2024(M of JPY)

Amortization
expense(annual)(M of JPY)

Property,plant andequipment

5-27

653

60

Intangible
assets

12-15

740

56

Goodwill

101,342

149

Total

266

Amortization
period(Years)Amortization period:

10 years

PPA is not completed

Balance at
beginningof FY2024(M of JPY)

Amortization
expense(annual)(M of JPY)Intangible
assets15-20

13,656859

Goodwill

16

17,769

1,128

Total

1,988

Scheduled to be completed by
the end of FY2024 Q131

32

B of JPY

Sales increased in all regions thanks to weaker JPY and M&A
Excluding effects of exchange rates and acquisitions, net sales remained thesame level as the previous FY*Dental Business includes DCI.

*Industrial Business includes JAEGER.
YoY

DentalSurgical IndustrialJapan

9.4 +6.6 %YoY

DentalSurgical Industrial

H1

5.1 +15.9 %YoY

DentalSurgical Industrial

H2

4.3 -2.7 %Europe19.1 +24.0 %H1

9.5 +24.0 %H2

9.5 +24.1 %YoY

DentalSurgical Industrial

YoY

DentalSurgical Industrial

H1

4.5 -16.3 %YoY

DentalSurgical Industrial

H2

9.1 +77.7 %*Dental Business includes REFINE.
YoY

Asia

8.8 +24.9 %H1

4.4 +29.0 %H2

4.3 +21.0 %

YoY

YoY

YoY

DentalSurgical Industrial

YoY

DentalSurgical Industrial

YoY

DentalSurgical Industrial

N. America 13.7 +29.2 %S. America, Middle East, Russia, Australia, etc.
YoY

DentalSurgical Industrial

YoY

DentalSurgical Industrial

YoY

DentalSurgical Industrial

DentalSurgical Industrial

Others

8.4 +28.0 %DentalSurgical Industrial

H1

4.4 +33.5 %DentalSurgical Industrial

H2

4.0 +22.3 %© 2024 NAKANISHI INC.

33

© 2024 NAKANISHI INC.

34

❚%

© 2024 NAKANISHI INC.

35

© 2024 NAKANISHI INC.

36

M1

© 2024 NAKANISHI INC.

37

© 2024 NAKANISHI INC.

38

JapanSep. 29-Oct. 1, 2023

Measures for
FY2024

Overview of
FY2023

Measures for
FY2024

World Dental Show

EuropeNov. 15-17, 2023

Overview of
FY2023

Swedish Dental Expo

© 2024 NAKANISHI INC.

39

NorthAmerica

Nov. 26-29, 2023

Measures for
FY2024

Overview of
FY2023 (Oct.-Dec.)

Measures for
FY2024

GreaterNew York 2023

DCI

Nov. 26-29, 2023

Overview of
FY2023

GreaterNew York 2023

© 2024 NAKANISHI INC.

40

Asia

Overview of
FY2023

Jun. 9-12, 2023

Measures for
FY2024Sino-Dental 2023

© 2024 NAKANISHI INC.

41

Others

Overview of
FY2023

Measures for
FY2024

MiddleEast

Jan. 25-28, 2023

CIOSP2023 (Brazil)

South
America

RussiaAustralia
Feb. 7-9, 2023 AEEDC Dubai 2023 (UAE)© 2024 NAKANISHI INC.

42

© 2024 NAKANISHI INC.

43

Training course in progress”Primado2” held in the right hand

© 2024 NAKANISHI INC.

44

YoY
YoY
YoY

YoY

YoY
YoY
YoY
YoY
© 2024 NAKANISHI INC.

45

© 2024 NAKANISHI INC.

46

47

48

49

50

❙❙

51

52

53

54

55

56

57

Collaboration with surgical support robot manufacturers
Existing(Dealer)

NAKANISHI

MedicalInstitution

SurgicalBusiness

New focus(Dealer)58

59

60