(Securities code: 9070 TSE Prime Market)

May 29, 20240

1

The 22nd Medium-Term Business
Plan Summary and the 23rd MediumTerm Business Plan Overview

2

FY2024 Consolidated Financial
Results

3

FY2025 Full-Year Consolidated
Business Performance Forecast

Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

1

1

The 22nd Medium-Term Business
Plan Summary and the 23rd MediumTerm Business Plan Overview

2

FY2024 Consolidated Financial
Results

3

FY2025 Full-Year Consolidated
Business Performance Forecast

Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

2

TONAMI HOLDINGS Group Vision
We will practice the philosophy of “management with the spiritof harmony,” and fulfill our corporate social responsibility (CSR)
based on our basic management policy.
The basic management policy of TONAMI HOLDINGSGroup is to develop our business through provision of safe,
reliable, and prompt services to our customers, and tocontinue to pay appropriate and stable dividends to ourshareholders.
Based on this policy, we believe that the Group’s mission isto ensure profitability, constantly strive to enhance its
corporate value, and appropriately share the results with

Basic
management
policySustainability- Sustainable society -Contribute to society
through logistics andwork to develop ourbusiness

Managementwith thespirit ofharmony
Thinking of others, their
desires and feelings, andknowing them lead to therealization of the spirit ofharmony

our shareholders, customers, business partners,

employees, and society, which will lead to sustainability ofsociety as a whole.

VISIONBusiness scale: 200.0 billion
yen
Operating profit ratio: 7.0%

Managementtargets

PBR > 1.0x
ROE > 8.0%
Dividend payout ratio > 30.0%

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3

The 22nd Medium-Term Business Plan Summary(1) Basic policy and strategic priority initiatives
Further promote streamlined operations through DX to improve productivity in the new social structure, and continue
medium- to long-term growth by strengthening the bonds between logistics services and transportation services

1

Keishin Warehouse Co., Ltd. opened Minoh Branch

October 2021

Tonami Transportation Co., Ltd. opened Kasukabe Logistics Center

April 2023

Tonami Transportation Co., Ltd. opened new Amagasaki Plant

July 2023

Tonami Transportation Co., Ltd. opened Akiruno Branch

Recruit and retain a diverse workforce, establish personnel
systems that match the business structure and regional
characteristics
May 2023

Tonami Transportation Co., Ltd. created driver-targeted recruitment
videosGrow business through M&As and business restructuring
April 2021

Made Takaoka Transportation Co., Ltd. a consolidated subsidiary

March 2022

Made Sunrise Transport Co., Ltd. a consolidated subsidiary

July 2023

Made Winroader Co., Ltd. a consolidated subsidiary

October 2023

Made Marushima-Unsou Co., Ltd. a consolidated subsidiary

October 2023

Made Yamaichi-translogi Co., Ltd. a consolidated subsidiary4

Improve operational efficiency through TDX and advance logistics
transportation

5

April 2021

Strengthened the Group’s information strategy system
From KSR Co., Ltd. to Tonami System Solutions Co., Ltd.

May 2022

Completed installation of communication-type digital tachographs in pickup
and delivery vehicles (Tonami Transportation Co., Ltd.,Tonami
transportation Shinetsu Co., Ltd., and Tonami Transportation Chugoku Co.,Ltd.)

Improve transportation and delivery productivity throughcollaboration
January 2022

Tonami Transportation Co., Ltd. started collaboration with Nohhi Logistics
Co., Ltd.

June 2022

Tonami Transportation Co., Ltd. and Daiichi Freight System, Inc. started
collaboration

February 2024

Tonami Transportation Co., Ltd. started joint transportation and delivery
services with Seino Transportation Co., Ltd.

Improve management quality

Transform business foundation

November 2023 Made Yamasho-unyu Co., Ltd. a subsidiary

Form capitalBusiness growth2

October 2021

3
Recruit talent

Strengthen the bonds between transportation services andlogistics services, and develop new logistics centers

Improve our capital adequacy ratio and implement stable capital
policyReturn stable profits to shareholders while paying attention to cash flow levels and otherfactors based on the premise of maintaining financial soundness while securing resources
for growth investments in preparation for future business development

Improve management quality, growth assessment, and social
awareness
March 2022

Installed two EV trucks at Toyama Branch of Tonami
Transportation Co., Ltd.

August 2022

Demonstrated the use of “renewable diesel” in the mainlinetransportation of Tonami Transportation Co., Ltd.

February 2023

Disclosed information based on the TCFD recommendations

May 2023

Launched a service in which users can calculate CO2 emissions on
the website of Tonami Transportation Co., Ltd.

August 2023

“Verification project for the feasibility of converting existing
medium-sized heavy-duty vehicles to hydrogen engines”: launcheddemonstration driving tests for cargo transportation in Toyama
Prefecture (Tonami Transportation Co., Ltd.)

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4

The 22nd Medium-Term Business Plan Summary
Business growth

Made four logistics companies our subsidiaries
We acquired shares of the following four companies and made them our group operating subsidiaries in FY2024.
We will work to further enhance our corporate value by improving productivity through promoting collaboration in management
resources including the utilization of the Group’s infrastructure, and sharing information systems.

1. Winroader Co., Ltd.
Location

Representative
Business

Overview

LOG-PORT103
1-13-2 Onta-cho Higashimurayama-shi,
Tokyo
President and representative director
Tetsuo Takee
General motor truck transportation
business, warehousing business
Providing community-based logistics
services through a truck transport andwarehousing business in the Tama areaof western Tokyo.

2. Marushima-Unsou Co., Ltd.
Location
Representative
Business

Overview

300-3 Kansa-cho Tenri-shi, Nara
Prefecture
President and representative director
Hiroshi Okada
General motor truck transportation
business, warehousing business
Operating a truck transport andwarehousing business, with its head
office in Tenri City, Nara Prefecture,having established a system for smalland medium-lot consolidation services.
Speedy delivery to Kansai and Kanto
area is its strength.

3. Yamaichi-translogi Co., Ltd.
Location
Representative
Business

Overview

260-1 Yodabashi-cho Fuji-shi, Shizuoka Prefecture
President and representative director
Masafumi Entani
General motor truck transportation business,warehousing business
Operating a truck transport and warehousing business,with its head office in Fuji City, Shizuoka Prefecture,mainly handling logistics related to paper
manufacturing, Fuji City’s main industry. Also
operating an automobile maintenance business,
focusing on truck maintenance, for subsidiaries.

4. Yamasho-unyu Co., Ltd.
Location
Representative

3-11-41 Shinyamashita Naka-ku, Yokohama-shi,
Kanagawa Prefecture
President and representative director
Toru NakayaBusiness

General motor truck transportation business

Overview

Operating a marine container transport business in
Yokohama City, Kanagawa Prefecture, mainly
handling logistics in the Kanto area, starting from theport of Yokohama. As a marine container transport
base for the Group’s international forwarding business,
strengthening its ability to offer comprehensive
logistics proposals is expected to expand its business.

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5

The 22nd Medium-Term Business Plan Summary
Transform business foundation

Tonami Transportation Co., Ltd. and Seino Transportation Co., Ltd. started joint
transportation and delivery services in areas where they have strengths- Started operations in Kanazawa City, Ishikawa Prefecture and Okazaki City, Aichi Prefecture In February 2024, Tonami Transportation Co., Ltd. and Seino Transportation Co., Ltd. started joint delivery services that maximize the regional
characteristics of both companies, aiming to establish and maintain a sustainable transportation network for the future.
With addressing future driver shortages due to the 2024 problem and a declining workforce becoming an issue, we will jointly conduct delivery
services in areas where both companies have regional strengths as one solution to the issue, and improve truck loading rates, reduce thenumber of trucks, and reduce labor and environmental impact as a result thereof, thereby aiming to continue to provide sustainable delivery

services.

1. Joint delivery areas and bases
Joint delivery areas (target areas)(1)(2)

Kanazawa City, Ishikawa Prefecture(Kamiaraya district, Kamino district, Midori
district, etc.)
Okazaki City, Aichi Prefecture(Arai district, Nakajima district, etc.)

Bases
Seino Transportation Tonami Transportation
Kanazawa Branch

Kanazawa Branch

Okazaki Branch

Okazaki Sales Office

2. Operation scheme

To January 31, 2024

From February 1, 2024

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6

The 22nd Medium-Term Business Plan Summary(2) Consolidated business performance(JPY m)160,000

10,0009,000
140,000

7,906

8,189
8,000

120,000

7,146
7,369
6,455

7,000

6,000

5,774
80,0005,000

135,361

134,695

ProfitOperating revenue

100,000

6,795

7,381

142,072

141,920

4,000

60,0003,000
40,000Operating revenue

Operating profit

Ordinary profit

2,000

20,0001,000

00FY2021 Results(Previous Medium-TermBusiness Plan)

FY2022 Results(First year)

FY2023 Results(2nd year)

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FY2024 Results(Final year)7Management Environment☑Concerns about price competition under further
decline in the logistics industry, amid declining
domestic logistics volume and economic
deterioration becoming more apparent☑Economic and security uncertainties, such as
invasion into Ukraine and escalation of thesituation in the Middle East

Globalsituation☑Shrinking trade in the U.S.-China confrontationand its impact on the domestic economy,
especially on soaring fuel prices and theexchange rate

Logistics
industry☑Securing business areas by competitors
through M&As

☑Logistics growth stagnates under Japan’s low
economic growth ⇒ shrinking market size

Domestic
economy☑Sluggish consumption resulting from soaring
raw material prices and weak wage growth, andsluggish domestic consumption (weak housing
start rate and long-term population decline)

Business
environment☑Improvement of PBR and ROE, focus on thecorporate governance code

☑Productivity improvement and overhead cost
reduction as a precondition for business growth☑Decrease in special transport volume and shift
to logistics business☑Declining population, low birthrate and aging
population, difficulty in securing personnel (especiallyin recruiting drivers)☑Increases in production price index and energy
costs, and response to a declining workforce

Expectationfrominvestors☑Restructuring of manufacturer supply chain(return of manufacturing to Japan andrestructuring of logistics)

Workingenvironment☑Commitment (contribution as a company listedon the prime market)☑Chronic shortage of human resources for drivers,
and labor☑Addressing the 2024 problem (working hours, wage
issues), labor regulations spur staff shortages☑Minimum wage increase☑Significant improvements in the active participation of
women, working conditions, and forms of employment

Socialenvironment☑SDGs initiatives, an increase in expenses toaddress decarbonization

Technologicalinnovation☑Development of information and communication
technology, progress in the development of newtechnologies such as IoT, AI, and automateddriving☑Promotion of DX, including AI utilization todramatically improve operational efficiency

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8

The 23rd Medium-Term Business Plan
SloganGO! NEXT! PLAN 2026
Basic policy
Enhance the value of our social presence with “management with the spirit of harmony” toimprove satisfaction of all stakeholders. In order to achieve our management targets, aggressively
invest management resources in profitable growth businesses, and invest in new businesscreation following the special loading forwarding business and logistics business, thereby
achieving continuous development for the future.

Management targets(FY2027)

Operating revenue: 180.0 billion yen Operating profit: 9.5 billion yen (Operating profit ratio: 5.3%)

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The 23rd Medium-Term Business Plan

Management withthe spirit ofharmony
Philosophy concept

Tonami’s unity isdemonstrated as acomprehensive
strength

Know oneself
andrecognize one’s role
Customers
Partnercompaniesrelated

Business
partners

What is the other party’s problem orneed? And what can we do to elevate theother?
The spirit of harmony begins to emerge

Industry
groupManagementwith the spirit of」harmony

Employees

Harmony and courtesy

when we think and know the wishes,
desires, and feelings of others.
We achieve this through logistics for our

Relevant
authorities

customers and through education forour employees.
This is the philosophy of “Managementwith the spirit of harmony.”

Identify with oneself
and other
organizational activities
with respect

Investors
Harmony
withsociety

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Relationship withothersMutual cooperation tocomplement
supervisors andnurture subordinates

10The 23rd Medium-Term Business Plan
Roadmap
VISION Operating revenue: 200.0 billion yen (Operating profit ratio: 7.0%)

Final year
Operating revenue: 180.0 billion yen
Operating profit: 9.5 billion yen
1
Improvemanagement
efficiency

FY2027

2
Expandbusiness andoperations

Aggressively invest in
highly profitablebusinesses andrestructure business toan appropriate size

Invest in existing
businesses andM&As

FY20263
Improve productivity
through technologicalinnovation
Improve productivity andquality of work throughTDX promotion

4
Appoint andsecure humanresources

5
Provide value
to customers
Provide logistics
services that meetcustomerrequirements

Development toincrease engagement
and proper assignmentof personnel

FY2025

6
Contribute to
the social
environment

7
Improvemanagement
quality

Address the SDGs
and green logistics

Strengthen safety
management andcompliance

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11

The 23rd Medium-Term Business Plan - Management Strategy Changes in PBR and ROE
Assessment of current status withrespect to management targets

ROE

PBR
1.00x

8.0%

6.8%

0.90x

6.2%

6.3%

6.4%

6.3%
0.71x

0.80x

6.5%

6.4%

7.0%

5.9%
6.0%

☑ Our PBR is below our management target ofover 1.0x, which is assessed to be due to our
failure to fully demonstrate our growth strategy
policy and that we have not sufficiently
demonstrated a management policy that is
conscious of cost of capital and stock price.

0.70x☑ Our ROE is below our management target ofover 8.0%, which is assessed to be largely due
to low operating profit ratio.

0.20x

4.9%

0.85x
5.0%

0.60x

5.0%

0.65x
4.0%

0.56x
0.40x
0.30x

0.63x

0.59x

0.50x

0.49x

0.50x
3.0%

0.39x

0.38x

2.0%

PBR

0.10x

ROE

1.0%

0.00x

0.0%
FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023In light of the current PBR and ROE, we will steadily implement
measures to achieve our management targets of ＰＢＲ of over 1.0x andROE of over 8.0%
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12

The 23rd Medium-Term Business Plan - Management Strategy Policies to improve ourmanagement targets☑ As a policy for improving operating profit, firstly we will work to increase management efficiency,
and along with that, we will strongly promote TDX (Tonami Digital Transformation) to improve
productivity through technological innovation and also promote consolidation of groupcompanies.
☑ We will actively communicate our growth strategy through financial results briefing sessions
and meetings with investors to improve the Company’s evaluation by the market. Furthermore,
we will promote our fundamental initiatives including growth investments and business portfolio
reviews, with full awareness of cost of capital and return on capital.
We will proceed with reducing cross-shareholdings, aiming at a ratio of less than 10.0% of net
asset by the end of March 2027.
In order to return profits to shareholders, we will increase dividends to achieve a dividend
payout ratio of 30.0% in the future.
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13

The 23rd Medium-Term Business Plan - Strategic Priority Strategic System(1) Improve management
efficiency

1. Aggressively invest in highly profitable businesses
2. Improve capital efficiency by restructuring business to an appropriate size(2) Expand business andoperations

1. Invest in existing businesses
2. M&As(3) Improve productivity
through technologicalinnovation

1. Improve productivity and quality of work through TDX promotion
2. Improve productivity by consolidating databases and standard functions
3. Optimize information equipment and infrastructure(4) Appoint and secure humanresources

1. Development to improve engagement
2. Proper assignment of personnel(5) Provide value tocustomers(6) Contribute to the social
environment(7) Improve management
quality

3. Promote collaboration with partnercompanies and business and capital alliances
4. Create new businesses as a third pillar

3. Human resource development
4. Reform of HR system and recruitment

1. Provide logistics services that meet customer requirements
2. Improve logistics quality

1. Address the SDGs and green logistics

1. Strengthen safety management
2. Compliance

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14

The 23rd Medium-Term Business Plan - Strategic Priority -(1) Improve management efficiency
Aggressively invest in highly profitable businesses andimprove capital efficiency by restructuring business to an
appropriate size, thereby accelerating corporate growth☑ Aggressively invest in highly profitable businesses☑ Improve capital efficiency by restructuring business to an
appropriate size(2) Expand business and operations
Work to expand business and operations through investment
in existing businesses and M&As
☑ Invest in existing businesses☑ M&As☑ Promote collaboration with partner companies and business andcapital alliances☑ Create new businesses as a third pillar

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15

The 23rd Medium-Term Business Plan - Strategic Priority (3) Improve productivity throughtechnological innovation
Aim to improve productivity and quality of work by TDX
promotion and consolidation of databases and standard functions☑ Improve productivity and quality of work through TDX promotion☑ Improve productivity by consolidating databases and standard functions☑ Optimize information equipment and infrastructure(4) Appoint and secure human resources
Aim to appoint and secure human resources by improving
engagement through the development of work environment andcareer paths and by reforming HR and recruitment system☑ Development to improve engagement☑ Proper assignment of personnel☑ Human resource development☑ Reform of HR system and recruitment

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16

The 23rd Medium-Term Business Plan - Strategic Priority (5) Provide value to customers
Provide valuable services by proposing logistics services thatmeet customer requirements and improving logistics quality☑ Provide logistics services that meet customer requirements☑ Improve logistics quality(6) Contribute to the social environment
Contribute to the regional and social environment by addressing
the SDGs and green logistics☑ Address the SDGs and green logistics(7) Improve management quality
Work to improve management quality throughstrengthened safety management and compliance☑ Strengthen safety management☑ Compliance

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17

The 23rd Medium-Term Business Plan - Numerical Targets (1) Consolidated performance targets(JPY m)The 22nd MediumTerm Business Plan
(Final year)

The 23rd Medium-Term Business Plan
(Final year)
Comparison with FY2024

FY2024
forecast

FY2027
goals

ChangeRatio

Operating revenue

143,000

180,000+37,000

125.9%

Operating profit

6,200

9,500

+3,300153.2%

4.3%

5.3%

+1.0%

－

6,900

9,900

+3,000143.5%

Ordinary profit ratio

4.8%

5.5%

+0.7%

－

Net income (after tax)

4,600

6,700

+2,100145.7%

Profit ratio

3.2%

3.7%

+0.5%

－

Operating profit ratio

Ordinary profit

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18

The 23rd Medium-Term Business Plan - Numerical Targets (2) Investment plan

Items
Land

Sites for new facilities

Facilities

New plants, new warehouses, expansion, etc.

Vehicles

Vehicle replacement, etc.

Others

Machinery and equipment, tools, apparatus,
fixtures, etc.

Lease assets

Systems investment, etc.

Three-year total:

30.0 billion yen

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19

1

The 22nd Medium-Term Business
Plan Summary and the 23rd MediumTerm Business Plan Overview

2

FY2024 Consolidated Financial
Results

3

FY2025 Full-Year Consolidated
Business Performance Forecast

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20

FY2024 Consolidated Financial Results Summary

Consolidated business performance in FY2024 resulted in an increase inoperating revenue and a decrease in operating profit
Operating revenue
Amounted to 142.0 billion yen, an increase of approximately 0.15 billion yen or 0.1% from theprevious year
Operating revenue increased owing to further strengthening of the logistics business foundation by making
four companies our subsidiaries, in addition to new opening of Amagasaki and Akiruno branches at Tonami
Transportation.

Operating profit
Amounted to 5.7 billion yen, a decrease of approximately 1.6 billion yen or 21.8% from theprevious year
Operating profit decreased partly due to soaring outsourcing expenses and fuel prices, and an increase inpersonnel expenses while we worked on cost control including productivity improvement throughstreamlined operations.

Ordinary profit
Amounted to 6.7 billion yen, a decrease of approximately 1.39 billion yen or 17.0% fromthe previous year

Net income (after tax)
Amounted to 4.0 billion yen, a decrease of approximately 1.33 billion yen or 24.7% fromthe previous year
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21

Overview of FY2024 Consolidated Financial Results(JPY m)

FY2020

FY2021

FY2022

FY2023

Percentagechange frompreviousyear

FY2024

Operating revenue

138,167

134,695

135,361

141,920

142,072+0.1%

Operating profit

6,824

6,455

7,369

7,381

5,774

-21.8%

4.9

4.8

5.4

5.2

4.1

-1.1P

7,329

7,146

7,906

8,189

6,795

-17.0%

5.3

5.3

5.8

5.8

4.8

-1.0P

4,125

4,660

5,110

5,391

4,061

-24.7%

3.0

3.5

3.8

3.8

2.9

-0.9P

Operating profit ratio
Ordinary profit
Ordinary profit ratio
Net income (after tax)
Profit ratio[Operating revenue]
138,167

FY2020134,695

FY2021

135,361

FY2022

141,920(JPY m)142,072
6,824

FY2023

FY2024(JPY m)[Operating profit]

FY2020

7,369

7,381

6,455

FY2021

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5,774

FY2022

FY2023

FY202422

FY2024 Financial Results by Segment
Logistics business increased by 0.2% from the previous year, and the information
processing business rose by 3.8% from the previous year
(JPY m)
FY2024FY2023Operatingrevenue

Ratio

Operatingrevenue

ChangeRatio

AmountPercentage

133,54594.1%

133,762

94.2%

217

0.2%

Motor truck transportation
business and consigned
freight forwarding business[93,326][65.8%][93,529][65.9%][203][0.2%]

Warehousing business[34,509][24.3%][35,420][24.9%][910][2.6%]

Harbor transport business[5,709][4.0%][4,812][3.4%][-896][-15.7%]

Information processing
business

3,198

2.3%

3,318

2.3%

120

3.8%

Sales business

3,145

2.2%

3,050

2.1%

-95

-3.0%

Others

2,030

1.4%

1,941

1.4%

-89

-4.4%

141,920100.0%

142,072

100.0%

152

0.1%

Logistics businessTotal operating revenue

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23

FY2024 Financial Results by Segment
Information processing(JPY m)4,000

Logistics(JPY m)

800

3,064

126,778 123,750 127,691
7,000

120,000

6,483

3,318

2,733

600

536

517

2,000

394

700

500
400

444

300

350

1,000

Operating profit

8,000

Operating revenue

133,545 133,762

140,000

3,198

3,162

3,000

200
100

100,000

6,455

6,263

6,000

0

0
FY2020

5,891

5,128

FY2021

FY2022

Operating revenue

FY2023

FY2024

Operating profit

Sales

5,000
80,0004,000

40,000
2,000

6,000

4,000

221

286

6,048
243

261
3,025

3,145

247

300

3,050

200

2,000

100

0

0
FY202020,000Operating profit

3,000

400

6,620
Operating revenue

60,000Operating profit

Operating revenue

8,000

1,000

FY2021

FY2022

Operating revenue

FY2023

FY2024

Operating profit

Others00
FY2020

FY2021

FY2022

2,000

1,704

1,734

1,911

2,030

600

1,941

500
400

1,500

404

1,000

294

500

120

284

300
200

182

Operating profit

Operating profit

2,500

FY2024

Operating revenue

Operating revenue

FY2023100

00FY2020

FY2021

FY2022

Operating revenue

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FY2023

FY2024

Operating profit

24

FY2024 Factors for Changes in Operating Revenue

Operating revenue increased by approximately 0.15 billion yen or
0.1% from the previous year
(JPY m)Warehousingbusiness

Harbortransport
business

+910

-896

143,000
Tonami
Tonami Transportation Transportation
Co., Ltd.
Co., Ltd.
Charter revenue
small-lotrevenue decrease and subsidiaries’
decreased
revenue-229

142,000

M&A

Information
processing
business

Salesbusiness

+120

-95

-89

+2,097141,000-1,665
Operatingrevenue

Operatingrevenue

140,000

Others142,072

141,920+203
Motor truck transportation business andconsigned freight forwarding business

139,000+217
Logistics business

138,000
0

FY20242024年3月期

2023年3月期
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25

FY2024 Status of Special Loading Forwarding Business(Tonami Transportation Co., Ltd.)

Unit price per ton for small-lot shipments increased by 2.0% from theprevious year
Small-lot shipping
volumes(thousand tons)

Small-lot shipping volumes and unit price per ton for small-lot shipments YoY change

YoY change

2,500

120.0%

2,212

2,153

2,139

2,038

2,101

2,000
110.0%

103.7%

1,500

101.9%
102.0%
100.2%

99.2%

100.0%

1,000

90.0%
500

0

80.0%
FY2020

FY2021

Small-lot shipping volumes

FY2022

FY2023

FY2024

Unit price per ton for small-lot shipments YoY change

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26

FY2024 Status of Warehousing business

Warehousing business revenue increased by 2.6% from the previous year,
buoyed by an expansion of storage area
Area
(Thousand m2)

Warehousing business revenue and storage area

Revenue (JPY m)
40,0001,000

35,00033,27534,50935,42030,01930,000900

27,763889

25,000820

20,00015,000

831

846
800

748

10,000

700

5,000

0

600
FY2020

FY2021

FY2022

Warehousing business revenue

FY2023

FY2024Storage area

(Note) Of the 889 thousand m 2 of storage area in FY2024, 418 thousand m 2 is from in-house warehouses.

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27

FY2024 Factors for Changes in Operating Profit

Operating profit decreased by approximately 1.6 billion yen or 21.8%
from the previous year
(JPY m)Increase inoperatingrevenue

8,000

+152

7,000

Personnel
expenses-1,079Fuel
expenses

-325
6,000

Vehiclecontracting fees,
Transportationconsignment fees
Warehouseusage fees

+1,130-590

Others

Product
purchases-1,169

+274

5,000

4,000

OperatingprofitOperatingprofit

7,381
3,000

5,774

2,000

1,000

0
2023年3月期

2024年3月期

FY2024FY2023Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

28

FY2024 Operating Expenses (Personnel & Fuel Expenses)

Labor andpersonnel
expenses(JPY m)50,000[Labor and personnel expenses]
Operatingrevenue ratio
35.0%

43,26642,44643,453

43,780[Fuel expenses]

Fuel expenses(JPY m)

5,994

6,000

5.0%

5,523

44,813

5,232
5,000

40,000Operatingrevenue ratio

33.0%

4.2%

4,739

3.9%

4.0%

3.9%
32.1%

31.5%
30,000

31.5%

4,000

3.4% 3,909

31.0%

31.3%

3.0%

2.9%

30.8%
3,000

20,000

29.0%

2.0%
2,000

10,000

27.0%

1.0%
1,000

0

25.0%
FY2020

FY2021

FY2022

Labor and personnel expenses

FY2023

FY2024

Operating revenue ratio

00.0%
FY2020

FY2021

Fuel expenses

Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

FY2022

FY2023

FY2024

Operating revenue ratio

29

FY2024 Status of External Consignment

External consignment expenses as a percentage of operating
revenue decreased 0.9% from the previous year
External consignment
expenses (JPY m)External consignment expenses and operating revenue ratio

Operating revenue
ratio

60,00051,88250,00047,62546,87050,75247,645
38.8%

37.9%

40,000

37.6%

40.0%

38.0%

37.9%

37.3%

30,00036.0%
20,00034.0%
10,0000

32.0%

FY2020

FY2021

FY2022

FY2023

FY2024External consignment expenses
Operating revenue ratio(Note) External consignment expenses are vehicle contracting fees and transportation consignment fees, and operating revenue ratio is the ratio of logistics business to revenue.

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30

Overview of Consolidated Balance Sheets

Total assets increased by 6.73 billion yen from the previous year
(JPY m, %)FY2020Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Total net assets
Total liabilities and net
assetsCapital adequacy ratio

FY2021

162,51161,732
107,511
169,244
37,228
39,114
76,34392,901
169,244

-412
7,145
6,733
1,881
-188
1,694
5,040
6,733

53.7

54.5

0.8

54,17496,602
150,777
36,392
37,17073,563
77,21457,81896,444
154,263
34,25239,09073,34280,92062,144
100,366
162,51135,34739,302
74,64987,861

145,531

150,777

154,263

48.9

51.0

52.1

51.0

169,244

162,511

154,26352.1

Changes fromprevious year

FY2024FY202358,48087,051
145,531
38,19336,11274,306
71,225

150,777

145,531

FY2022(JPY m, %)

54.5

53.7

Total assets

48.9

71,225

FY202077,21480,92092,90187,861

Net assets
Capitaladequacy
ratio

FY2021

FY2022

FY2023

FY2024

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31

Overview of Capital Investment & Depreciation
Capital investment totaled approximately 6.4 billion yen, and is expected to total
approximately 11.5 billion yen in the current fiscal year
(JPY m)Capital investment / Depreciation

Capital investment(JPY m)

11,500

6,500

10,000

6,000

8,000
6,000

Depreciation(JPY m)

5,796

6,451
5,500

5,071

5,500
5,264

4,000
2,000

4,894

5,000

4,994
4,500

0

4,000
FY2022 (results)

FY2023 (results)
Capital investment

FY2024 (results)

FY2025 (forecast)Depreciation

Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

32

Shareholder Returns
Basic Policy on Dividends
Return stable profits to shareholders while paying attention to cash flow levels
and other factors based on the premise of maintaining financial soundness andalso securing resources for growth investments in preparation for futurebusiness development.

Per share dividends (Year-end)

Dividends (Yen)200

Per share dividends (Interim)

Dividend payout ratio

31.2

Dividend payout
ratio (%)
35.0

30.2
30.0

23.5

150

25.0

21.3

20.0
100

60

80

70

80

15.0

10.0

50

5.0

60

60

70

80

FY2022

FY2023

FY2024FY2025 forecast0

0.0

Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

33

1

The 22nd Medium-Term Business
Plan Summary and the 23rd MediumTerm Business Plan Overview

2

FY2024 Consolidated Financial
Results

3

FY2025 Full-Year Consolidated
Business Performance Forecast

Copyright © 2024 TONAMI HOLDINGS CO.,LTD. All Rights Reserved.

34

Overview of FY2025 Full-Year Consolidated Business Performance Forecast
Operating revenue is forecast to increase by 9.8% from the previous year,
and operating profit to rise by 17.7% from the previous year
(JPY m)

FY2025
forecast

FY2024
results

Percentagechange fromprevious year

Change fromprevious year

Operating revenue

142,072

156,000

13,928

9.8%

Operating profit

5,774

6,800

1,026

17.7%

4.1

4.4%

-

-

6,795

7,200

405

6.0%

4.8

4.6%

-

-

4,061

4,800

739

18.2%

2.9

3.1%

-

-

Operating profit ratio
Ordinary profit

Ordinary profit ratio
Net income (after tax)
Profit ratio

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35

ESG Initiatives
The Tonami Holdings Group’s sustainability initiatives are as follows:
TopicsKey issues

Relevant SDGs

Installation of environmentally friendly
trucksCarbon neutrality initiatives

Environment
Environmental management
Promote recycling

Communication with local communities

SocialCreate a comfortable workplace
Diversity and inclusion
Ensure safety in transportation

SafetyImprove logistics quality
Strengthen corporate governance

Governance
Promote compliance

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36

Thank you for your attention.

[Contact][URL]

Corporate Planning Group

Tel: 0766-32-1073
E-mail: kikaku@tonami.co.jp
https://www.tonamiholdings.co.jp/■Disclaimer in relation to these materials• This material was prepared to facilitate a better understanding of Tonami Holdings Co., Ltd. (the “Company”), and are notintended for the purpose of soliciting investments in the Company. Individuals are advised to exercise their own
independent judgment when making decisions concerning investment.
• These materials contain forward-looking information concerning performance forecasts and other future projections andstrategies that have been prepared based on information available at the time of publication of this material and certain
assumptions that the Company believes to be reasonable. Actual results may differ substantially from these performance
forecasts due to various factors, including potential risks and uncertainties.
• The Company assumes no responsibility for any possible impact or damage arising from the use of information containedin this material.
• Please do not copy, reproduce, or reprint this material for any purpose without explicit permission.

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37