Notice: This document has been translated from Japanese original for reference purpose only.
In the event any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.
June 21, 2023
Company nameT O K Y O R A D I AT O R M F G . C o ., L t d .

Represe nta tive

Hisao Ochiai, President & CEO（Securities Code: 7235)

I n q u i r i e s

Kazuhiko Yano, Executive Corporate Officer(TEL 0466-87-1231)

Notice regarding the progress of the Mid-Term Business Plan "TRS Vision-2025"

Our Mid-Term Business Plan "TRS Vision-2025" (FY2021-FY2025) has been announced onMay 31, 2021.
1. Background of the Mid-Term Business Plan
In May 2021, we formulated a five-year Mid-Term Business Plan, "TRS Vision-2025", inorder to respond to changes in the automotive industry, which is said to occur only once
every 100 years, and to further enhance our corporate value.
We have set "the industry's top level in manufacturing capabilities in 2030" as our visionof what we want to be in 10 years. And what we should be in 5 years, we haveformulated the vision of the Mid-Term Business Plan as "Change", "Respond", and"Enhance".
To realize this vision, we have formulated five strategies: "Product Strategy," "GlobalStrategy," and "Growth Strategy" as business strategies, "Smart Factory Strategy" as
production infrastructure strategy, and "Human Resource Strategy" as organizational
infrastructure strategy.
2. Progress of Mid-Term Business Plan
We are pleased to announce our progress on the five strategies in our Mid-Term BusinessPlan, as shown in Attachment 1 and Attachment 2.

(Attachment 1)
The progress of the five strategies set forth in the Mid-Term Business Plan is as follows.
1. "Product Strategy"
We have been developing new products with improved performance and quality and costcompetitiveness.
These activities have resulted in the launch of a new radiator in fiscal year 2023 and a
new EGR cooler in fiscal year 2024.
The new intercooler was successfully launched in overseas markets in fiscal year 2022.
2. "Global Strategy"
We are continuing our efforts to improve the utilization ratio of our overseas bases toachieve the target of 85% in FY2025.
The ratio of overseas sales in the business plan for FY2023 is 26%, compared with thetarget of 30% or more in FY2025.
3. “Growth Strategy”
We had planned to develop and start mass production of new products for New Energy
Vehicles in FY2025, However, due to faster market trends which require us to respond toearth-conscious vehicles, we have begun to market radiators newly developed for FCV(Fuel Cell Vehicles) to overseas customers in FY 2022.
In Japan, we plan to launch radiators for electric vehicles in FY 2023.
4. “Smart Factory Strategy”
We are promoting factory improvements that achieve both competitiveness and energy
saving including CO2 reduction.
Through setting up new production lines, we have adopted a large number of quality
assurance items that do not rely on human operators.
We are promoting the adoption of automatic monitoring systems, etc. that make full useof IoT.
5. “Human Resources Strategy”
We are conducting engagement surveys, including at overseas subsidiaries, toquantitatively grasp the actual situation and implement measures to improveengagement.
In addition, based on the vision of the Mid-Term Business Plan, we are reviewing the "TRSWAY," our action guideline, and are promoting them continuously to all employees.

"Mid-Term Business Plan Numerical Targets"
We have announced that we aim to achieve consolidated net sales of 33 billion yen and an
operating profit of 2.7% in FY2023.
Due to the effect of the depreciation of the yen, etc., sales are progressing steadily towardachieving consolidated net sales of 33.5 billion yen. And we will continue to steadily
implement the five strategies set forth in the "TRS Vision-2025" Mid-Term Business Plan,
toward achieving operating profit of 5% in FY 2025, the final year of our Mid-TermBusiness Plan.
E.O.M.

(Attachment 2)(Summary Report of our progress as of June 2023)

TOKYO RADIATOR MFG. CO., LTD.
Mid-Term Business PlanTRS Vision-2025
FY2021～FY2025
2021 June
Securities Code：7235© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

"TRS Vision-2025" Vision and “Five Strategies”<Target for 2030>“Top-level manufacturing ability in the industry”

TRS will Change, Respond, Enhance
1.Productsstrategy

2.Global strategy

3.Growthstrategy

Business strategy

4.Smart Factory strategy
Production strategy

5.Human Resource strategy
Organization strategy
2© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Products Strategy
Evolution ofour products

EGR Cooler

Cooling Module
for construction machinery

New Inter Cooler
Heat Exchanger
for EVSCR Tank
Oil pan

FY23

New Radiator

SCR Tank
EGR cooler

New EGR Cooler
Products Strategy

FY25

Cooling Module
for large trucks

Progress 100%
0%

Fuel tank
Oil cooler
Oil pan【Further evolution of our products】
 Formulating and executing product strategies by ”Product directors“ assigned toeach product category
 Enhance product competitiveness and expanding sales through collaboration
among TRS and overseas entities.

3©©TOKYO
TOKYORADIATOR
RADIATORMFG.CO.,LTD.2021.
MFG.CO.,LTD.2021.All
Allrights
rightsreservedreserved

“TRS Vision-2025” Global Strategy
Global businessexpansions
Oversea sales ratio
above 30%
Overseas production rate
85% or more

FY2025

FY2530%FY23

New Markets
approach
Global BCP
establishment

Overseas
海外

Domestic
国内

FY2020Progress 100%

Overseas
海外

Domestic
国内

0%【Enhance overseas business】
By taking a full advantage of our overseas production capacity,improving the competitiveness of the existing markets

Entering into new markets
4© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Growth Strategy
New products
launch
Products portfoliotransformation

FY25

Mass productions
FY23

Development ofPrototypes
Collaborations withcustomers and othercompanies

Strategy planning,
Basic development

EV・FCV
Progress 100%0%【New products development for new era of mobility】
 Toward realization of carbon-neutral society,we will develop heat exchanger products for NEV,
as pillars of businesses for next generation *NEV：New Energy Vehicle
5© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Smart Factory Strategy
Fascinating
Factory
Realization ofZero-line

Realization ofinnovative lines

FY25

FY23

Introduction of newwarehouse management

Visualization byIOT introduction
Process guarantees
without workers
Clean and clear
factories

Progress 100%0%【”Zero Line” : fully prevent incidents, breakdowns, defects, inventories, and wastes】
 Smart Logistics（Rectification and synchronization of information and goods）
 Smart Technology（IOT and technology innovation）
 Smart “Genba”（Strong shop floor management)by above, enhance manufacturing abilities

6© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

”TRS Vision-2025” Human Resource Strategy
High Engagement
FY25
Enhancing engagement
FY23

Evolution ofaction guidelines
Actions for enhancing
Introduction of newengagement survey

Progress 100%0%【Enhance Engagement】
 Sharing the vision of our Mid-Term Business Plan with all group
employees, and enhance employee engagement
to achieve our goals
7© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

『TRS Vision‐2025』Targets
FY25
Sales：33.5 Billion Yen(OP：5%)

Sales（billion Yen）

400
40300
30270235

5.0%

2.6%2.7%

2002010010335

330

318

6.0%
4.0%
2.0%

0.5%

0.0%

-0.3%

00

-2.0%
FY20

FY21

FY22

FY23

FY25

営業利益率
Operating Profit

売上高SalesFY20~22：Sales results

FY24

FY23：BPOperatingProfit（％）

FY25：Mid-Term Business Plan

＊Sales:ASBJ Statement No. 29 Accounting Standard for Revenue Recognition

8© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved