Paramount Bed Holdings Co., Ltd.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024
May 21, 2024

Event Summary[Company Name]

Paramount Bed Holdings Co., Ltd.

[Company ID]

7817-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

[Fiscal Period]

FY2024 Annual[Date]

May 21, 2024

[Number of Pages]

34[Time]

16:00 - 16:59(Total: 59 minutes, Presentation: 36 minutes, Q&A: 23 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

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Tomohiko Kimura
Yuichi Naguchi

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President and Chief Executive Officer
General Manager of Budget Management
Department and IR Department

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Presentation
Moderator: Now that time has arrived, we will now begin the financial results briefing for Paramount Bed
Holdings Co., Ltd. for the fiscal year ended March 31, 2024. Thank you very much for joining us today.
There will be time for a question-and answer session after the presentation. Questions will be submitted via
the raise-your-hand function on the control panel, or the Q&A function.
Now I would like to introduce today's presenters. Mr. Tomohiko Kimura, President and Chief Executive Officer.
Mr. Yuichi Naguchi, General Manager of the Budget Management Department and IR Department
Now, Tomohiko Kimura, President and Chief Executive Officer, will report on the financial results for the fiscal
year ended March 31, 2024. President, please begin.

Kimura: I am Kimura of Paramount Bed Holdings. Thank you very much for joining our financial results briefing
today.
Today's main topics will include an overview of financial results for the fiscal year ended March 31, 2024, an
update on the medium-term management plan ending March 31, 2027, and a review of the dividend policy.
I will begin with the explanation of an overview of the financial results. First, net sales increased 7.1% fromthe previous fiscal year, and increased 1% from the budget, to JPY106.016 billion, exceeding JPY100 billion for
the first time since the Company's establishment.
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Operating profit was JPY13.818 billion, up 2.7% from the previous year and generally in line with the budget,marking the fourth consecutive year of growth in both sales and operating profit. Ordinary profit increased
12.6% from the previous year and was 9.8% over budget, to JPY15.920 billion, mainly due to foreign exchange
gains. Net profit attributable to shareholders of the parent company increased 15.3% from the previous year,
or 8.4% over budget, to JPY10.622 billion. As in the previous fiscal year, each of our profits reached a newrecord high.

Next, I will explain the factors behind the increase or decrease in operating profit.
Gross profit increased by JPY3.4 billion from the previous year due to the effect of increased sales, resulting
from the expansion of the recurring business and price revisions, despite the negative impact of foreignexchange rates.
On the other hand, SG&A expenses increased by approximately JPY3 billion, mainly due to personnel expenses
and the cost of introducing a new enterprise resource planning system. As a result, operating profit increasedby JPY400 million.

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The balance sheet is shown on page seven of the slide. Net assets increased by JPY7.727 billion.

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4Next, I will explain the performance of our three main businesses: medical care, nursing care, and healthpromotion. First, let me explain our medical care business, which is divided into domestic and overseas
operations. Domestic sales increased 8% from the previous year, up 5% over budget, to JPY31 billion.
Medical institutions in Japan are actively working to improve the working environment for healthcare
professionals by streamlining operations, digitizing operations, and shifting tasks. In this environment, therecurring revenue business, the smart bed systems, other products and services, which we have been focusing,
performed well. On-site staffing service contracts and smart bed system installations increased for 6 and 14
hospitals, respectively, and recurring transaction volume increased 23% from the previous fiscal year to JPY7.4
billion.

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5For overseas, in China, sales of high-functional types increased in addition to a reactionary increase from theend of the zero COVID-19 policy at the beginning of the year. As a result, net sales increased 13% from theprevious year to JPY9.6 billion. In India, one of our focus countries, domestic sales, including nonconsolidated
sales, expanded 22% to JPY1.7 billion.

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Next, I will explain the nursing care business, which is divided into two segments, nursing homes and homecare. In the nursing home market, sales increased 19% from the previous fiscal year, and was 14% over thebudget period, to JPY18.3 billion.
The nursing care industry is facing a serious labor shortage. Under such circumstances, local governments areactively promoting the introduction of devices to support monitoring and other activities. Sales of our
NEMURI-SCAN was also strong, with actual results up 28% from the previous year to 43,000 units. Since 3,000
units were sold to hospitals, the total annual sales volume for medical care and nursing care totaled 46,000
units.
Cumulative sales of NEMURI-SCAN for nursing care exceeded 187,000 units, and total sales, including thosefor hospitals, exceeded 200,000 units. In October last year, we began offering NEMURI-CONNECT, a newmonitoring support system that can manage sleep information detected by NEMURI-SCAN on the cloud. The
details of the system will be explained later, but as of the end of March, there were 177 facilities undercontract with NEMURI-CONNECT.

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In the home-use market, bed sales declined, partly because the mainstay beds, the Rakusho Plus series, thathave driven growth to date was sufficiently introduced in the home care market. However, product sales
remained at a high level as a result of efforts to strengthen sales of assistive products other than beds.
In the rental wholesale business, despite the impact of the return of beds rented out to temporary facilities
due to the change in the classification of COVID-19 to a category 5 infection, recurring transaction volume
increased 4% or JPY900 million from the previous period to JPY26.5 billion. In addition, the number of end
users renting assistive products from the Group grew steadily, increasing 8% to 553,000.

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Sales in the health promotion business decreased 12% from the previous year to JPY2.2 billion. The impact
was due to a change in consumption behavior, from the previous stay-home demand to going out andsightseeing, with COVID-19 having been reclassified to a category 5 infectious disease.
Another impact was due to the introduction of the new enterprise resource planning system last October,causing loss of opportunity due to the inability to ship some products. As I will explain later, we launched a
new model of Active Sleep this April. In conjunction with this, the Company plans to strengthen promotional
activities, such as revamping PR video content, to accelerate the speed of growth once again.

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9Next, I will explain our future strategies and outlook, focusing on the contents of our medium-term
management plan.
We announced the update of our medum-term management plan at the same time as our financial results
last week. The positioning of the plan is as shown. We have designated the period through the fiscal year
ended March 31, 2024 as Phase I, a period of strategic investment for medium- to long-term growth, and havefocused on various initiatives.

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We exceeded our performance targets for the Phase I period two years earlier, in the fiscal year ended March
31, 2022, and have continued to increase sales and profits since then, with sales and operating profit reachingrecord highs for the fourth consecutive fiscal year.

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The key measures of Phase II are as described.
First, expansion of the recurring revenue business. We aim to achieve sustainable and stable growth by
expanding the stock-type business. Second, the evolution of the health promotion business.This is a major
goal that will help us achieve our vision. Third, making great strides in our focus areas in Asia. We aim tobecome a globally active company by spreading the value that our group provides in Asia.

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These three priority measures were steadily expanded during the Phase I period, and we believe that we wereable to lay the foundation for the next phase of growth.
Next, I will explain the details of each of the priority initiatives.

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First, I would like to discuss the recurring revenue business in the medical care segment. The environment
surrounding hospital management in Japan is very difficult, because in addition to the reduction of COVID-19
countermeasure subsidies, a major challenge is to cope with the labor shortage associated with the reform of
the way doctors work that began in April 2024, and the burden of utility and material procurement costs isincreasing due to skyrocketing prices.
Over the years, we have focused on developing recurring revenue items that contribute to the operational
efficiency of nurses and other medical staff and improve the management of medical institutions. Today, weoffer three major value propositions, as shown in the slide.
The first is amenities. We provide rental ward equipment, TV, refrigerator, Wi-Fi environment, hospitalization
set, etc. In recent years, we have responded to the increasing need for people to bring their own smartphones
and tablet devices when they are hospitalized, while at the same time wanting to be as light as possible
without a change of clothes, toiletries, etc. We aim to provide a variety of services that can contribute toimproving hospital management, such as increasing patient satisfaction and reducing the burden of capital
investment.
The second is staffing, a service in which we station personnel with unique skills at hospitals to provide supportin various aspects so that healthcare professionals can concentrate on their respective specialized work. The
Company manages not only beds and other ward equipment, but also medical equipment, including products
from other companies, and provides nursing assistant services, general receptionist services, and concierge
services.
The third, digital sensing, utilizes NEMURI-SCAN and other products to help nurses and other healthcare
professionals improve work efficiency and medical safety. Our Smart Bed System, in particular, is a system

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14that can accurately and efficiently manage and share a variety of patient information by linking ICT devices,such as various sensors that measure vital signs, with electronic medical records through bedside terminals.
The system has been well received in line with efforts to reform the way doctors work, and has not only
already been introduced at 46 hospitals, but many business negotiations are underway for its future
introduction.
We believe that we can differentiate and offer these recurring businesses with a competitive edge because
our group has a high market share in hospital beds. By providing an optimal combination of services forindividual issues and needs, we aim to strengthen ongoing relationships with medical institutions and becomea true partner in hospital management.
In Phase II, the goal is to expand the number of resident services and contracted hospitals offering staffing,
and the number of hospitals with smart bed systems to more than 150, respectively. We will also aim to
expand the menu of contracts per hospital.

Next, I will explain the recurring business of the nursing care segment.
In the nursing care sector, labor shortages are also a major issue. Our NEMURI-SCAN has been evaluated as
effective in improving the operational efficiency at nursing care institutions, and has been expanded. We willcontinue to expand the use of this product, aiming for a cumulative total of more than 350,000 units.
In addition, as I mentioned earlier, last October we began offering NEMURI-CONNECT, a monitoring support
system that allows NEMURI-SCAN to be managed in the cloud. This system allows, for example, a corporationthat operates multiple facilities to view and analyze the status of residents at all facilities at once.

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Since it is expandable to work with a variety of sensors and systems, including those from other manufacturers,
it can also be used to centrally manage information such as weight, elimination, and room environment suchas temperature and humidity, in addition to sleep, heart rate, and respiration, which can be detected by
NEMURI-SCAN.
In addition, the plan is to also utilize AI to improve the quality and productivity of nursing care throughout thefacility. Our goal is to become a platform for nursing care DX, so to speak. We aim to have more than 2,500
facilities under contract for this NEMURI-CONNECT in three years.
With respect to recurring revenue business in home care, we will continue to expand our rental wholesale
business. In February, we announced the acquisition of the nursing care business division of SMFL Rental
Corporation, a rental wholesaler in the Kanto region. It is expected to be consolidated from July. We willcontinue to pursue this type of M&A. We also aim to increase the number of rental wholesale end users fromthe current 550,000 to over 700,000 in three years.

Next, I will explain the health promotion business.
In Japan, while people are becoming increasingly health-conscious, the amount of sleep they get is theshortest in the world, and the country is also known as a sleep-deprived nation. For these fields, we have been
providing products and services that utilize electric bed technology that supports a comfortable getting up
experience, and sensor technology that can detect sleep conditions, which we have cultivated in the medical
and nursing care fields.
I have always wanted to dispel the negative impression of electric beds as something to be used when one
becomes ill. There is evidence that angling the body when sleeping naturally lowers the diaphragm, making it

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easier to breathe and fall asleep. Our goal is to help people lead more lively and energetic lives through theuse of electric beds, and furthermore, to extend their healthy life expectancy.
Last year, we launched a new product in the INTIME series, an electric bed that empowers your life, and arepromoting it with a new concept. In April of this year, we fully remodeled the Active Sleep BED, an automatedbed for sleeping. Apart from the addition of a function that allows a more relaxed position on the bed, theautomatic operation function has also evolved.
A new promotional video was produced to coincide with this model change. The content is designed to makeelectric beds more accessible. The Company intends to promote the value of this bed and expand its businessby strengthening marketing activities, such as using TV media as well as social networking services, to increaseawareness.
We will also continue our efforts to create new businesses in this health segment field in cooperation with
the investees of the PARAMOUNT BED Healthcare Fund, a CVC fund launched in 2022, and others.
With sales of JPY5 billion in three years, we intend to grow this business into the third pillar, after medicalcare and nursing care.

Next, we are making great strides in our focus areas in Asia. We will focus on Indonesia, China, and India,
where the population is large and the number of hospital beds is expected to increase, and beds will become
more sophisticated in the future. To increase our share of sales of medical equipment, mainly beds for
hospitals, and ward equipment, we will accelerate product launches, ranging from localized models of older
models to flagship models with various functions.

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17During the three years of this Phase II, we will introduce twice as many bed models as during the four yearsof Phase I. Furthermore, we intend to conduct meticulous area management tailored to local needs.
In addition, we will also implement production and quality initiatives to support this strategy. Countries in thefocus area have been promoting preferential policies for their own industries in recent years. We believe thathaving production plants in each of these countries gives us an advantage, especially when compared to global
players.
Furthermore, in India, we are constructing a new plant that will double our production capacity and improve
our in-house production ratio to establish a highly cost-competitive production system, with the aim ofstarting operations by the end of this year.
In Indonesia and China, we are also implementing initiatives to improve quality and productivity from time totime, and plan to further enhance our overall strength. In the final year of the current phase, we aim to achieve
overseas sales of JPY15 billion.

Next, I will explain the numerical targets for Phase II.
We have set four management indicators: net sales, recurring transaction volume, operating profit, and
EBITDA.
First, regarding net sales and operating profit, we are aiming for net sales of JPY120 billion and operating
profit of JPY17 billion for the fiscal year ending March 31, 2027, in line with the targets disclosed in 2022. The
remaining two are newly added this time.

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Recurring transaction volume is the total amount of cash earned in the recurring business, one of the priority
measures in Phase II, and was adopted as an indicator of the status of this business. We will aim for JPY45
billion in three years.
In addition, the Group's business model continues to change, as the proportion of stock-oriented businesses
increases with the expansion of the recurring business.
In light of such changes, we have set EBITDA as an indicator for earning power as a result of past investments,and for earning resources for further growth investments in the future. This EBITDA figure is based on thesum of operating profit and depreciation. The budget for this fiscal year is JPY25 billion, up JPY1.5 billion fromthe previous year, and the target for the next three years is JPY29 billion. The plan is to keep the EBITDA
margin at 22% to 24%.

Sales targets for the three main businesses are shown on page 24.

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The next page summarizes the sales targets for our focus areas in Asia. India currently shows the value of sales
to the domestic market, including non-consolidated sales, but will be consolidated during Phase II.
Consolidated overseas sales are targeted at JPY15 billion, a 41% increase over the final year of Phase I.

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Next, I would like to focus on shareholder returns. As a company that continuously supports the medical andnursing care fields, our basic approach is to maintain a strong financial structure to prepare for futurecontingencies, while actively investing in our business and determining the size of dividends based on a return
policy that allows our shareholders to experience growth together with us.
Looking back at the past, as shown on this slide, we have paid progressive dividends for more than 10 years.
Going forward, as announced on May 13, we will review the level of the dividend amount.
Specifically, the Company had previously set DOE at 2.7% and payout ratio at 30%, but from this fiscal year,
the Company will aim for DOE of 4% and a payout ratio of 50%. As a result, the annual dividend for the current
fiscal year is expected to be JPY97 per share, an increase of JPY32 per share over the previous year.
We will also consider flexible additional returns as needed, from time to time, while comprehensively
considering changes in stock prices and market conditions.

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The following page summarizes the Phase II three-year cash allocation plan. For future growth, we willcontinue to invest in the transition to a stock-type business, and will also actively invest through CVC. The
Company intends to use cash on hand to cover any excess cash outflows.

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Next, I would like to provide details on our business forecast for the fiscal year ending March 31, 2025.
Consolidated net sales are expected to increase 5.6% from the previous year to JPY112 billion, and operating
profit is expected to increase 1.3% to JPY14 billion. On the other hand, ordinary profit is expected to decreaseby 8.9% to JPY14.5 billion because the budget does not incorporate the foreign exchange gains recorded in
the previous year. Net profit attributable to shareholders of the parent company is expected to decrease by
4.9% to JPY10.1 billion.
We expect to increase sales and operating profit for the full year, and plan to continue to achieve record highs.
For H1 of the current fiscal year, we forecast an increase in sales and a decrease in profit. This is due, first, toexpenses related to the new enterprise resource planning system, promotion costs for Active Sleep BED, costs
associated with the creation of a new brand message, and research and development costs at the beginningof the fiscal year.
In terms of sales, there is an uneven balance of projects compared to previous years, and while sales andprofits declined in Q1 compared to the previous year, we plan to increase sales and profits in the three monthsof Q2, which is the budgeted amount for H1 of the year.

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Next, I will explain the breakdown of changes in operating profit.
Gross profit is expected to increase by JPY3.3 billion due to increased sales and improved gross profit margin.
As for expenses, while costs related to the enterprise resource planning system introduced last year will
decrease for the full year, personnel expenses, expenses for consolidation of the nursing care business divisionof SMFL Rental, which will be acquired, and R&D expenses will increase.
Overall SG&A expenses are expected to increase by JPY3.1 billion, and operating profit is projected to increaseby JPY200 million from the previous year to JPY14 billion.

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24Capital investments, depreciation, and R&D expenses are as shown.
Capital investment is budgeted slightly higher this fiscal year due to the introduction of new product molds
and enterprise resource planning systems, as well as the timing of IT-related equipment upgrades.
Depreciation and amortization expense is primarily for assets used in the rental business in the medical andnursing care businesses. We plan to continue to increase in line with the expansion of the recurring business.

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As a final topic, I would like to explain the recently announced formulation of a new brand message.
For more than a decade, the Group has grown while making major investments in on-site staffing services in
the medical business, and rental wholesaling in the nursing care business. We have also focused on expanding
products and services that utilize IP and digital technologies, such as NEMURI-SCAN and Smart Bed System.
Today, consolidated net sales have grown to over JPY100 billion. Meanwhile, bed sales have dropped toaccount for about one-third of that total. Not only sell-out businesses, but also stock-type businesses are
growing.
Despite these significant changes in our business format, we feel that many people still think of our group asa manufacturer and distributor of medical and nursing care beds. In order to dispel this image in a positive
sense, and to further transform our business category and grow toward the future, we felt it was importantto gain a new understanding of the value of our group that we provide to stakeholders around the world.
That is the new brand message, WELL-BEING for all beings. The Group's vision of well-being is “to create asocial infrastructure that supports healthy days and better lives for all people, and to continue to be there foreach and every one of them during their lifetime”. We created a video that expresses the thoughts andworldview behind this brand message. Please watch.
[Video Begins]
Company Representative: Healthy days and better lives for all. This desire is the driving force of ourParamount Group. For those whose life begins today, for those who are enjoying their second life, for those
who work hard for someone else, for those who listen to someone else well, for those who are always positive,

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for those are who learning for the future, for those who work in teams, for those who work hard forthemselves, for those who live in this world. For you. For you. And for you.
The Paramount Group will be there for each and every life, and will gently support each happy day. We willcontinue to take on challenges today with the reliable technology and gentleness we have cultivated in the
medical and nursing care fields. In every life, in every day, in every moment, let’s realize well-being. WELLBEING for all beings.
Paramount Bed.
[Video Ends]
Kimura: As you can see, by replacing the "all beings" part of this message, we are expressing the diversity of
the Group's stakeholders. I believe that this is exactly the message that leads to Paramount's vision of smiles
for everyone. In response to social issues and customer needs that will continue to change and diversify inthe future, the Group will work together to continue to propose new solutions, aiming to further contributeto society and increase corporate value.
This concludes my explanation. Thank you.

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