Medium-Term Management Plan
(FY2023 to FY2025)

May 15,2023
SANIX INCORPORATED
Copyright© SANIX INCORPORATEDCorporate philosophy
Clean and Comfortable Environment
for the Next Generation
With calls for the creation of a sustainable society on a global scale, efforts
to address the global environment are becoming an increasingly importantand urgent issue.

Based on the corporate philosophy of "Clean and Comfortable
Environment for the Next Generation," Sanix Group moves forward toward
the early realization of a society in which passing on"a comfortable living environment to the next generation,""energy with low environmental impact,""recycling resources instead of abandoning“
are common values.

Copyright© SANIX INCORPORATED

1

The Value Sanix Provides
Increasingly complex
social issues
Intensifying natural disasters,
infectious diseases

Sustainable society

Global warming『Clean and Comfortable
Environment for the
Next Generation』

Depletion of resources

Solving social issues
through business activities

Residential
Environment area

Safe and secure lifestyle
Decarbonized society
Sustainable production
and consumption

a comfortable living environment
to the next generation⚫ Maintenance for detached houses⚫ Residential solar power installation⚫ Maintenance for apartment complexes⚫ Hygiene management

Energy area

energy with low environmental impact⚫ Installation of photovoltaic power generationequipment for self-consumption for corporateclients⚫ Maintenance of existing photovoltaic power
equipment/plants⚫ Development for photovoltaic power generation ⚫ Retail sales of electric power
for energy companies

Resource
Circulation Area

recycling resources instead of abandoning⚫ Recycling of waste plastics⚫ Power generation from waste plastic fuel⚫ Purification of waste liquid and production ofrecycled fuel⚫ Final disposal of industrial waste

Copyright© SANIX INCORPORATED

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Environmental Analysis
and Identification of materiality
Business environment

Material issues

Residential
Environmentarea✓ Government policy on the revitalization of the existing
housing market✓ Government policy oriented toward improving the quality of
housing stock from the perspective of decarbonization(e.g., mandatory installation of photovoltaic power
equipment, popularization of ZEH homes, etc.)✓ Growing awareness of, and need for, hygiene in housing
during the COVID-19 pandemic✓ Accelerate measures to address aging buildings andcondominiums✓ Establishment of a system for providing services that
contribute to reducing the environmental burden andimproving the environmental value of housing, such asenergy conservation in housing✓ Promotion of effective use of existing housing resources,
such as the lengthening of the service life of houses,
buildings, condominiums, etc., and remodeling

Energy area

✓ Growing trend toward carbon neutrality in local
communities and businesses✓ Full-scale use of renewable energy in response to risingenergy prices, tight power supply and demand, andgrowing environmental awareness✓ Promotion of development of power sources capable ofmeeting renewable energy needs✓ Establishment of photovoltaic power generation as a stable
power source to become a sustainable social infrastructure

Resource
Circulation Area

✓ Growing global awareness of issues related to plastic
waste✓ Advocating the transition to a circular economy for society
as a whole✓ Stronger calls for companies to properly dispose of waste
and promote recycling✓ Development of new recycling methods✓ Reviewing of the entire lifecycle of plastics and building a
recycling system that contributes to the transition to acircular economy✓ Sophistication of demands for corporate governance✓ Stronger requirements for ESG indicators and nonfinancial information disclosure✓ Strengthening of financial base
✓ Response to governance structure requirements✓ Securing and development of human resources forplanning and development in each area

Sanix Group

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3

Long-Term Vision/ Medium-Term Management Plan
Rapid growth period

Long-Term
Vision2030

Growth acceleration period

Medium-Term
Management Plan
FY2023 to FY2025【FY2025】

Medium-Term
Management Plan
FY2019 to FY2022

Net sales
53 Billion
Operating Income
3 Billion
EBITDA
5 Billion
ROE
15％(or more)
Equity ratio
30％(or more)【FY2030】
Net sales
100 Billion
Operating Income
Margin10％(or more)ROE
17％(or more)
ROIC
15％(or more)【FY2022】Net sales
46.2 Billion
Operating Income 1.7 Billion
ROE
24.8％
Equity ratio
18.0％

Creation of new businesses⚫
Expansion ofstrategic
investments

Execution ofstrategic
investments

Expansion of business opportunities⚫

Activation of investments for decarbonization⚫

Obligation to improve the environmental value of residential housing⚫

Transition to a resource-recycling economy

Creation of more new businesses inthe environment, energy, andrecycling fields

Creation of new businesses

Full-scale launch of start-up
business⚫

⚫

Creation of new businesses in theenvironment, energy, and recycling
sectors

Copyright© SANIX INCORPORATEDMoving onto a stable trajectory oflaunching businesses and growing
them into business pillars

4Strategic Investment Approach⚫ Set strategic investment frameworks and invest in growth, using EBITDA generated by
the entire business as a source of funds.
⚫ Accelerate future growth through strategic investments, further expand the strategic
investment framework, and resume dividend payments as soon as possible.
A strategic investment framework is set
up by excluding from EBITDA generated
by operations base investments (renewalof facilities and infrastructure of existing
businesses, etc.) and cash to maintainfinancial soundness.

A strategic
investment
framework

EBITDA
generatedfrom
operations

Investment forbusiness foundation

Further expansion ofstrategic investment
framework

A strategic
investment
framework
Accelerating
growth throughstrategic
investments

EBITDA
increase due
to businessgrowthEnsuring financial
soundness

Copyright© SANIX INCORPORATED

Shareholder
returns
Early resumption ofdividends

Investment forbusiness foundation
Ensuring financial
soundness5Medium-Term Management Plan summary
FY2025 forecasts

FY2025 forecasts

Net sales53

CAGR(2023→2026）

5%

FY2022 Results

46.2

BillionBillionFY2025 forecasts

EBITDA

Operating Income

3

CAGR(2023→2026）

20%

FY2022 Results

1.7

BillionBillionFY2025 forecasts

5

CAGR(2023→2026）

11%

FY2022 Results

3.6

BillionEquity ratio

30＋12 Points

BillionFY2022 Results

18.0

％

(or more)％

1. Increase earnings strength through steady growth in existing businesses and securea stable financial base.
2. Establish a strategic investment framework while ensuring financial
soundness and initiating aggressive growth investments for future growth.
3. Pave the way for an early resumption of dividend payments byaccumulating stable profits.
Copyright© SANIX INCORPORATED

6

Resource Allocation⚫ The earning power of the entire business will increase during the plan period and three-year
accumulated EBITDA is expected to be 14.7 billion yen.
⚫ The portion excluding debt repayment and facility renewal are considered to be the within thelimit for strategic investment and funds are allocated for growth.

Total EBITDA for
FY2023-FY2025
allocation of¥14.7 billion

Set up a strategic investment
framework of 4.8 billion yen
over 3 years.
Capital expenditures(existing expansion, new)・Entry into the material recycling business・Expansion and construction of waste-to-fuelfacilities

Total EBITDA for
FY2023-FY2025¥14.7 billion
Total EBITDA for
FY2020-FY2022¥5.9 billion

Allowance forstrategic
investment¥4.8 billion
Investment in facility
renewal¥4.7 billion

・Improvement of power generation performance atTomakomai Power Plant

R&D investment
・Solar cell module recycling demonstration

Investment in human capital・Securing of highly specialized human resources
・Active recruitment and training of humanresources

Debt repayment¥5.2 billion

M&A, alliances, etc.
・Acceleration of growth (area and service
expansion)・Synergy creation

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①Investment for Growth
Expansion of Business Areas
Waste plastic processing businessStart full-scale material recycling and expand the business domain.
Intangible aspects

Tangible aspects

Establish a resource recycling network througha waste management system.

Introduce material recycling facilities.

⚫ Start sales of SANIX system for waste generators and SANIX system Pro forcollection and transportation companies.
⚫ By expanding and upgrading the system, build a waste recycling network in the
future and improve the recycling rate of society as a whole.

⚫ Install new processing facilities for hard plastics and develop recycling into raw
materials and recycled products based on collaboration with recycling
companies, etc.
⚫ Aim to incorporate waste plastics from municipalities for container andpackaging recycling in the future.

New initiatives

Waste plastic

Society
General wastes

Households
Localgovernments
Aim for future uptake

Industrial wastes

Material recycling
Optimal circulation
network utilizing
the system

Chemical recycling

Companies
PlantsThermal recycling
Recycled raw materials
and products
Regenerative fuelStart converting
waste plastics into
raw materials

Cooperating businesses
and recycling operators

Our current
main markets• Material recycling : Recycling by reusing as raw materials for products• Chemical recycling : Chemically decomposing for reuse (oiling, gasification, etc.)• Thermal recycling : Using as an energy source, such as conversion to fuel or heat

Copyright© SANIX INCORPORATED

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②Investment for Growth
Enhancement and Streamlining of Existing Facilities
Waste liquid treatment businesspower generation business

Doubling of recycled oil production line
+ conversion of sludge into fuelFacility renewal+ power generation capacity improvement
Power generation flow with waste plastic fuelpayout tankboilers

supply facilities
filterCrushing equipment

Industrial waste as raw material

air-cooled condenser

recycled fuel (Recycled Oil Bio)turbines⚫ Expand the production line for Recycled Oil Bio, a
recycled fuel derived from organic waste liquids that is delivered
to the Hibiki Plant, which purifies and treats waste liquids.
✓ Inquiries for using an alternative fuel to fossil fuels are strong,so plan to double the number of production lines from thecurrent one to two by the end of FY2023.
Production capacity 2,160t / year

4,320t / year

⚫ In addition, a new line to convert sludge contained inorganic liquid waste into solid fuel is expected to start
operation in FY2025.
⚫ Reduce sludge disposal costs and generate new revenue fromfuel sales.

⚫ Large-scale investments have been initiated to ensure stable
operation and efficiency in the future, focusing on the main
facilities of the Tomakomai Power Plant, which has been in
operation for about 20 years since October 2003, (see details,
P.18)✓ Boiler equipment: Replace piping inside the boiler sequentiallyover a period of about 5 years starting in the FY2024.
✓ Turbines & generators: Renew turbines and generators to be
implemented in FY2025. Expect to improve power
generation capacity by about 8% through optimal design.

※Recycled Oil Bio is a fuel made from recycled waste that has been recognized for its high environmental
value and certified as a Kitakyushu Eco-Premium in 2021 and the 15th Fukuoka Prefecture Recycled Product.

Copyright© SANIX INCORPORATED

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③Investment for Growth
Research and Development for Commercialization
Research and development of new businessStart demonstration recycling of used photovoltaic panels
Assuming that a large amount of used solar panels will be generated in the 2030s, establish a technology verification linewith the aim of commercializing a solar panel reuse and recycling business by leveraging our knowledge of solar panelsand our strength in industrial waste disposal networks.

Panel disposal forecast in Japan

Huge amount of solar panel shipments accumulated in the

Panel recycling image

photovoltaic power generation business

170～280

In the 2030s,

thousand t⚫ End of FIT period⚫ Panel life

• Residential: Approx. 20,000

Removal• Business use: Approx. 29,000

Aluminum frame
Metal recycling• Cumulative total 1.4 GW• Cumulative shipments of approximately 5 million panels

Panel disposals are
expected to increase
sharply due to factors
such asWiring
Metal recycling

Utilize our nationwide network of industrial
waste treatment and recycling sites.

Splinters of glass
Glass detachment

Glass fiber, roadbed

22 thousand tmaterials, etc.

Pulverizing
6 thousand t

3 thousand t

Cell sheet
Extraction of silver
and other metals by

FY2020

FY2025

FY2030refining

FY2036※Source: Processed data from NEDO estimates

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Projections(Consolidated)(Billions of Yen)FY2022 Results

FY2023 Plan

FY2024 Plan

FY2025 Plan

46.2

48.0

50.0

53.0

Operating Income

1.7

3.2

3.2

3.0

EBITDA※

3.6

4.8

4.9

5.0

ROE

24.8%

35.0%

24.0%

16.0%

ROIC

8.4％

14.0%

12.0%

10.0%

Equity ratio

18.0％

22.0%

27.0%

30.0%

Net Sales※ EBITDA is operating Income + depreciation.

Consolidated Net Sales and Operating Income（Billions of Yen)

60.0

2.4%
50.0

6.7%
5.3%
52.5

50.7

4.7%
49.4

6.4%

3.9%
50.9
46.2

50.0

48.0

ROIC and Equity ratio
5.8%
53.0

8%
6%

2%
-2%

-5.1%

-4%

30.0

-6%
FY2018FY2019FY2020

FY2021

FY2022

Results

Net Sales(Excluding PPS)FY2023

FY2024FY2025Plan

Net Sales(PPS)

30%

4%
0%

40.0

40%

20%
10%
0%
FY2018-10%FY2019FY2020

FY2021

FY2022

FY2023Results

FY2024FY2025

Plan-20%

Operating Income Margin

Copyright© SANIX INCORPORATED

Equity ratio

ROIC

11

Strategies by Business Segment＜Residential Environment Area＞
Strengthen corporate sales (cultivation of business partners) system• Expand new customer channels and improve sales productivity through expansion of business partners.

• Increase sales capabilities and service quality through enhanced retention and development of human resources.
(Billions of Yen)

Net sales
FY2022

15,748 Million

FY2022 Results

FY2023 Plan

FY2024 Plan

FY2025 Plan

Net Sales

15.7

17.3

18.3

19.3

ＨＳ

11.4

12.8

13.4

14.0

ＥＳ

2.5

2.6

2.8

3.0

ＳＥ

1.7

1.9

2.1

2.3

1.4

2.2

2.3

2.5

Operating Income
25,00025

20,00020

15,00015

10,000

10

5,000

5

0

0
FY2021

FY2022

FY2023

FY2024ES

HS

Net sales are expected to rise 3.6 billion yen from FY2022, to 19.3 billion yen.

⚫

Operating income is expected to be 2.5 billion yen, reflecting improved profitability thanks to theincreased productivity, although personnel and other expenses will rise with the headcount increase.

⚫

The headcount is expected to increase by approximately 170 to over 1,200 over the next three years.
Affiliated JA＊

Number of Affiliates

600
400

53
116

200

361

FY2025

Plan
SE

⚫

0

FY2017FY2018FY2019Operating Income Margin

FY2020

FY2021

FY202253 JA
Alliance forcollective housing

116 Corporation
Alliance forindividual customers

Results
Alliance for individual customers

Alliance for collective housing

Affiliated JA

361 Corporation＊Japan Agricultural Cooperatives

Copyright© SANIX INCORPORATED

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Strategies by Business Segment＜Residential Environment Area＞＜Our strengths＞＜External environment＞⚫

Stable revenue base based on ongoing business
relationships with customers⚫

⚫

Human resources with both high sales capabilities
and construction skills

Government policy that forms high-quality housing stock and emphasizes
the use of housing stock, including home renovation and existing home
distribution⚫

Expansion of demand for housing maintenance and hygienic environments
generated by the COVID-19 pandemic⚫

Growing need for photovoltaic power generation for residential housing due
to the steep rise in electricity fees and growing environmental awareness⚫

Sales network rooted in local communities

Improvement ofcorporate marketing

Housing Policy Trends
Total number of housing units: approx. 62 million,of which wooden single-family houses: approx. 29 million (including vacant houses)⚫ With the number of new housing starts expected to shrink against the backdrop of a declining population andother factors, the Company has shifted to a policy of improving the quality of existing housing and emphasizing
the use of existing housing.

In addition to strengthening the sales style ofindividual visits, the corporate sales system
will be expanded to broaden the scope ofsales and respond to diverse needs.

⚫ In addition, the policy is to promote energy conservation from the perspective of decarbonization.

Use of existing houses
Average number of years from the80%(Year) time of construction to thedestruction of houses

80

60%

Extending life

60

Renovation

40%

40
20

Remodeling investment as apercentage of housing investment

38.2

55.9

73.2

0

20%
0%

JPN

USA

UK

26.7
%

JPN

55.7

53.0

%

%

UK

FRA

Source: Processed data from statistical data from Ministry of Land, Infrastructure,
Transport and Tourism.

Promotion of
decarbonization(Energy conservation)⚫ Photovoltaic power generation⚫ Storage batteries⚫ Improved thermal insulation
performance(Windows, insulation, etc.)
Market revitalization for both newand existing buildings given a trend
toward mandatory construction andexpansion of support (subsidy)
programs, etc.

Copyright© SANIX INCORPORATEDPartnercompanies/
organizations<Partnership examples>･JA, Co-op and otherorganizations
・Real estate managementcompany・House builders, construction
companies, etc.

Introductions, etc.
Expand improve sales
Tie-ups
productivity through expansionof business partners.

Sanix

individual sales

Customers

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Strategies by Business Segment＜Energy Area＞
Full transition to non-FIT model• Reinforcement and area expansion of the system for proposing photovoltaic power for self- consumption to companies andmunicipalities that are strengthening their decarbonization efforts.
• Promote the development of photovoltaic power plants as a renewable energy source for energy providers supplying
renewable electricity.
(Billions of Yen)

Net sales
FY2022
14,007 Million

FY2022 Results

FY2023 Plan

FY2024 Plan

FY2025 Plan

Net Sales

14.0

12.4

14.6

16.5

ＰＶ

8.6

10.1

12.2

14.0

ＰＰＳ

5.3

2.3

2.4

2.5

0.2

0.1

0.4

0.9

Operating Income

-20

5,000

-30

0

-40

Results
PV

PPS

Net sales are expected to be 16.5 billion yen due to growth in the PV business on the back ofgrowing decarbonization needs.

⚫

The PPS business has completed business structure reform and has almost halved the sales scale.

⚫

The operating profit margin will gradually improve, despite the significant impact of material cost
hikes through FY2023.
Solar Power Generation System
in Mitsui Shopping Park LaLaport Fukuoka (part of the system)

Carport-type photovoltaic
power generation

FY2025

10,000

FY2024-10

FY202315,000

FY20220

FY2021

20,000

21/3期

10

20/3期

25,000⚫

Plan
Operating Income Margin

System total capacity: 148.00 kW

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Strategies by Business Segment＜Energy Area＞＜Our strengths＞＜External environment＞⚫

Ability to provide seamless services from the development,
manufacturing, sale, and construction of photovoltaic power
generation systems to their maintenance.

⚫

An increase in the impact of installing photovoltaic power
generation equipment due to a steep rise in electricity expenses
and a decrease in the cost of this equipment.

⚫

Ability to propose optimal self-consumption plans leveraging
our knowledge of electricity.

⚫

Growing demand for renewable energy sources from electricutilities, etc., as demand for renewable energy sources rises⚫

High-quality construction performed by many qualified
engineers.

⚫

Corporate efforts to reduce GHG emissions and local activities toachieve zero-carbon cities are in full swing.

⚫

Track record of approx. 29,000 solar power plant for businessuse construction projects.

New dissemination model that does not rely on the FIT system

Conventional model based on FIT system
Request for
construction

Sanix
Power plants⚫ On-site PV model (roof-mounted)
Investors who expect toreceive revenues from thesale of electricity

Sanix

Request for
construction
Power plants

Businesses expecting
cost savings(self-consumption/PPA)FIT-Price
FY2012

40Yen/kWh

FY2013

36Yen/kWh～～

10Yen/kWhMore than 10 kW andless than 50 kW
More than 50kW

10Yen/kWh
9.5Yen/kWh

More than 10 kW andless than 50 kW
More than 50kW

11Yen/kWh
FY2022

FY2023※Accelerated adoption due to the diffusion of a PPA model

Full transition to with no initial cost
non-FIT model ⚫ Off-site PV model (Land installation)

Sanix

Tie-ups(power source
development)※Attractiveness of FIT declines significantly as unit purchase price declines

Power plants

Suppliers of renewableelectricity(Power plant owned)

The demographics of those seeking
photovoltaic power generation are changing.
Emergence of renewable electricity needs<Examples>⚫ Municipalities that have "declaredvirtually zero carbon dioxide emissions
by 2050⚫ Companies that promotedecarbonization management, such as
RE100 participating companies

Electricity
supply withrenewableenergyvalue

Customers seeking
renewable electricity(RE100 member companies,
large corporations, etc.)※Demand for renewable electricity is emerging and the introduction of photovoltaic power plants
as a power source is accelerating.

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Strategies by Business Segment＜Resource Circulation Area＞
Execute strategic investments to expand business areas and advance and diversify recycling
technologies.
• Invest in the start of material recycling in waste plastic processing and in the expansion of the fuel conversion business in
waste liquid processing.
• Continue systematic investment in facility renewal to establish a sustainable business foundation.
(Billions of Yen)

Net sales
16,518 Million

25,00025

20,00020

15,00015

10,000

10

5,000

5

FY2021 FY2022 FY2023 FY2024 FY2025
Plan
ERD

FY2023 Plan

FY2024 Plan

FY2025 Plan

16.5

18.1

17.0

17.0

Plastic fuel

10.3

10.4

10.7

10.9

Power Plant

3.1

4.8

3.4

3.0

Waste liquid
treatment

2.0

2.1

2.3

2.5

Landfill

1.0

0.6

0.6

0.6

3.1

3.6

2.9

2.1

Net sales

FY20220

FY2022 Results

Operating Income⚫

Sales increase significantly in the first year due to an increase in the unit price of electricity sold at
power plants, but in the second and third years, the number of operating days declined as full-scale
renewal work begins.

⚫

The volume of plastic processing orders is gradually increasing with new orders.

⚫

In liquid waste treatment, expect to increase production of Recycled Oil Bio from the second year
and start selling sludge fuel from the third year.

⚫

In terms of overall operating income, the transition is affected by the unit price of electricity sold bypower plants and operating conditions.

0Operating Income Margin

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Strategies by Business Segment＜Resource Circulation Area＞＜Our strengths＞＜External environment＞⚫

Characteristic resource-recycling power generation modelthat uses only waste plastics as fuel (Non-fossil powersource)⚫

Increasing demand for resource recycling throughout the supply chain,and expanding efforts to increase the recycling ratio, especiallyamong large companies⚫

A nationwide network of 15 intermediate waste plastic
processing plants to collect waste plastics⚫

Demand for the establishment of appropriate regional resource
circulation systems.

⚫

High rate of conversion to fuel and recycling technologies
backed by an established track record.

⚫

Demand for waste-derived recycled fuels is growing due to corporate
GHG emissions reductions and soaring fossil fuel prices.

Trends in wastes and resource
recycling policies
Policies toward a circular economy in which resources are
circulated instead of discarded are strengthened. In
particular, the recycling of plastic resources will bepromoted.
⚫ Establishing comprehensive strategy for plastic
material recycling⚫ Law Concerning the Promotion of Resource Recyclingof Plastics (New Plastics Law) comes into effect.
✓ Effectively utilize used plastics through 100%
reuse and recycling, etc. by the year 2035

Waste plastic emission trends

Starting material recycling initiatives

Waste plastic emissions are gradually decreasing while theeffective utilization rate is increasing (2020 - COVID 19 impact)
900
100

Aiming to respond to market needs and expand target areas
by upgrading recycling
Material 68

800

Chemical 27
80

700
600

60
2016 2017 2018 2019 2020 2021

Generalwaste
plastics

Thermal 255

419
Landfill/incineration 61

Plastic emissions (10,000 tons)

Aiming to expand
the scope of therecycling by
upgrading therecycling process

Effective utilization rate (%)✓ Double the use of recycled plastics by the year
2030
Measures will be taken to promote plastic resource
recycling efforts by all entities (from product design totreatment of discharged plastic), and waste generators will
be required to actively reduce discharges and to work on
recycling plastics.

※10,000 tons

2016
Plastic
emissions

2017

2018

2019

2020

860

863

861

850

822

824

Industria
l wastesplastics

81

82

84

85

86

87

405

(10,000 tons)

Effective
utilization rate

Material 106

2021

Chemical 1

Thermal 253(%)※Source: Processed data from materials provided by the
Plastic Waste Management Institute.

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Our current mainmarkets

Landfill/incineration 45※Source: Processed data from materials provided by the
Plastic Waste Management Institute.

17

Strategies by Business Segment＜Resource Circulation Area＞
Tomakomai Power Plant's renewal and operation plan⚫

During Medium-term Management Plan, Tomakomai Power Plant has been in operation for 20 years since 2003.

⚫

Implement large-scale facility upgrades of core turbines and boilers for future stable operation.

⚫

In the renewal of turbines and generators, aim to improve power output by redesigning them to match fuel characteristics.

⚫

Operating days are expected to be about 85% in FY2024 and about 75% in FY2025 compared to a typical year.
Electricity
generation

Annual power generation at Tomakomai Power Plant

Decrease inoperation due torenewal investment

Renewal of turbines and generators
turbines

generators

FY2019Legallyrequiredinspections
Investment forboiler renewal
Renewal of
turbines

FY2020

FY2021
1.5
months

FY2022

FY2023

FY2024

1.5
monthsApproximate duration of
power generation outage

Improvement of power generation efficiency by modifying
and replacing the turbine and generator design to matchthe characteristics of the waste plastic fuel currently inuse. Increase of power output by about 8% on average.

FY2025
1.5
months2 months

2 months

Implement in FY2025 (Suspension period: 4 months).

2 months

4 months
Simultaneous implementation

Copyright© SANIX INCORPORATED

Boiler renewal
Replace aging piping inside the boiler in different
occasions for about 5 years.
Start from FY2024 (Suspension period: 2 months/year)

18Strategies by Business Segment＜Resource Circulation Area＞
Main Investment Schedule
Investment Details
Plastic fuelWaste liquid
treatment

Material recycling
Introduce equipment

FY2023

FY2024FY2025
Started introduction in FY2023

Introduce and start operation at each plant

Expansion of
Recycled Oil Bio
Production Line

Introduce while evaluating the businessand regional characteristics of eachplant

Scheduled to be completed at the endof the FY2023

Start of operation

Installation of new
sludge-to-fuel line

Start of operation

Scheduled to be completed at the endof the FY2023

Renewal of boiler
sectionrenewalStarting from FY2024, internal piping
renewal work will be started in different
occasions for about 5 years (2 months
for each).

renewalPower Plant
Renewal of turbinesand generators

Landfill

Final disposal site
Extension work

new business

Establish a new
demonstration line
for recycling usedsolar panels.

renewalOutputincrease

Construction work

Start of demonstration

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Turbine and generator replacementfrom March to June 2025 (4 months)
Scheduled to begin operating in July
2025
Construction of the next disposal site inpreparation for the completion ofreclamation at the disposal site currently
in operation, to be completed in FY2025

Start demonstration in FY2024

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Medium-Term Management Plan(Summary)(Billions of Yen)
(Consolidated)

FY2022 Results

FY2023 Plan

FY2024 Plan

FY2025 Plan

Net Sales

46.2

48.0

50.0

53.0

Residential Environment

15.7

17.3

18.3

19.3

Energy

14.0

12.4

14.6

16.5

Resource Circulation

16.5

18.1

17.0

17.0

Operating Income

1.7

3.2

3.2

3.0

Residential Environment

1.4

2.2

2.3

2.5

Energy

0.2

0.1

0.4

0.9

Resource Circulation

3.1

3.6

2.9

2.1

(3.0)

(2.7)

(2.6)

(2.5)

18.0％

22.0％

27.0％

30.0％

Group

Equity ratio

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【Disclaimer】
This document aims only to provide information that may be used as a reference when making
investment decisions. It is not intended to solicit any purchase or sale of the Company’s stock.
Investors should make their own investment decisions.

【Note on Forward-looking Statements】
This document includes forecasts and outlooks for the future which are based on the information
currently available to SANIX Incorporated. Readers of this document should understand that theforecasts and outlooks indicated in this document may change due to changes in economic trends,
environment-related policies, foreign exchange rates, etc.

Copyright© SANIX INCORPORATED

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