ASANUMA CORPORATION
Financial Results Briefing for the Fiscal Year Ended March 2023
May 18, 2023

Event Summary[Company Name]ASANUMA CORPORATION[Company ID]

1852-QCODE[Event Language]

JPN[Event Type]

Financial Results Briefing[Event Name]

Financial Results Briefing for the Fiscal Year Ended March 2023

[Fiscal Period]

FY2023 Full Year

[Date]

May 18, 2023

[Number of Pages]

22[Time]

11:00 – 11:41(Total: 41 minutes, Presentation: 39 minutes, Q&A: 2 minutes)[Venue]Seminar Room 2, Kabutocho Heiwa Building 2F, 3-3 Kabutocho Nihonbashi,
Chuo-ku, Tokyo 103-0026(hosted by Securities Analysts Association of Japan)[Venue Size]

145 m2[Participants]

4[Number of Speakers]

3
Makoto Asanuma
Morio Yamakoshi
Marika Asanuma

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Presentation
Moderator: Now that the time has arrived, we will now begin the financial results briefing for ASANUMACORPORATION for the fiscal year ended March 2023.
First, I would like to introduce three people from the Company: Makoto Asanuma, Representative Director
and CEO; Morio Yamakoshi, Representative Director and Senior Managing Officer; and Marika Asanuma,
Executive Officer and General Manager of the Corporate Communications Division.
Today, we will begin with a greeting from President Asanuma, followed by an explanation of the financial
results from Executive Officer and General Manager Asanuma. After the presentation, we will have a questionand-answer session.
Please go ahead.
Makoto Asanuma: I am Makoto Asanuma, Representative Director and CEO. Thank you for joining the briefing.
We will now hold a briefing on the financial results of ASANUMA for the fiscal year ended March 2023.
I would like to begin with greetings from me and a brief overview of the financial results.
In the fiscal year ended March 2023, while COVID-19 infections finally showed signs of being under control
and private-sector demand returned to normal, inflation and material prices soared due to the supply chain
disruption caused by Russia's invasion of Ukraine. However, we were able to minimize the impact on ourbusiness performance by focusing on profitability more than ever before in our order-taking activities.
In addition, there was a suspension of nominations last year due to the arrest of an employee. We apologize
again for any inconvenience caused.
Despite these hurdles and challenges, the strong performance of our Singapore subsidiary, in which we haveinvested, has contributed to our consolidated orders, sales, and profits all achieving the plan, and we plan topay dividends as planned.
The fiscal year ending March 2024 is the final year of the Three-Year Medium-Term Plan. We will continue torespond to changes in the severe external environment, and the entire company will work together topromote measures to achieve our performance targets.
Marika Asanuma, Executive Officer and General Manager of the Corporate Communications Division, will now
explain the details of our business performance.

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Marika Asanuma: I am Marika Asanuma from the Corporate Communications Division. Thank you for yourcooperation.
Today, I would like to explain the four items listed in the table of contents on page two.
The first is our business results and plans, the second is the progress of the Three-Year Medium-Term Plan,
the third is the details of our investments and shareholder returns, and the last is the topics that have been
covered in articles and other media during the fiscal year ended March 2023.

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First of all, I would like to explain section one, performance, results and plans.
Please see page four. On this page, you will find a table showing the transition of our business performancein the three fiscal years of the Three-Year Medium-Term Plan, which began in the fiscal year ended March
2022.
First, look at the middle of the middle row, red circle one. I would like to explain our results for H1 of the fiscal
year ended March 2023.
The first line shows orders received of JPY144,743 million and sales of JPY144,436 million. Four lines down,
we have an operating income of JPY5,691 million. And under that, net income for the period was JPY4.2 billion.
On a consolidated basis, on the right, it says "compared to the revised plan.” As you can see, orders, sales,and profits all achieved the plan.
There are two main reasons for this. We have a Singapore subsidiary, Evergreen Engineering & Construction
Pte. Ltd., which we acquired in January last year, and we received a large order for construction work there,
which progressed steadily and without problems, resulting in these results.
Another factor contributing to the achievement of the consolidated business plan was the large amount ofadditional work in our domestic civil engineering business.
In light of these business results, as explained earlier by the President, as you can see on the second line fromthe bottom for dividends, we plan to pay JPY191 as planned. As seen below that, the dividend payout ratio
will be 73.3%, remaining above 70% as in the previous fiscal year.
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Continuing on, please see red circle two on the right side. If you look at the revised plan for the fiscal year
ending March 2024, we have orders of JPY144.7 billion, sales of JPY141.8 billion, and, in the middle of thetable, operating income of JPY4.1 billion. And we plan a net income of JPY4.54 billion.
Also, if you look at the comparison to the medium-term plan on the right side, we have included the figurescompared to the medium-term plan. As you can see from the middle of this slide, operating income has beenrevised downward by about JPY2,633 million from the figure we initially announced in our medium-term plan.
The main reasons for the downward revision are two factors that were not anticipated at the time of themedium-term plan: material price hikes and wage increases.
However, although it has not yet been decided, we plan to post an extraordinary profit, so net income, thethird line from the bottom, will be in line with the medium-term plan. We plan to pay a dividend of JPY197.5
per share, in line with our medium-term plan as in the previous fiscal year.

Please continue to page five. I would like to explain our management indices.
First of all, I would like to explain the operating margin indicated by red circle one on the upper left. The
operating margin will be failed to achieve our medium-term plan for the three consecutive fiscal years due tofactors such as material price hikes and wage increases, as mentioned earlier.

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5Meanwhile, as shown by red circle two, ROE is expected to remain above the cost of shareholders' equity for
all three fiscal years, and as shown by red circle three, ROIC is expected to remain above WACC for all threefiscal years.
The cost of shareholders' equity and WACC for the fiscal year ended March 2023 were down slightly from theprevious year, but this was due to a decrease in beta.
Lastly, the P/B ratio on the bottom line, as indicated by circle four, stayed solidly above 1x for the fiscal year
ended March 2023, although just barely.

Please see page six. Here is a breakdown of the orders and their contents.
First of all, please see red circle one. As you can see from the rightmost column here, the figure is positive
compared to the previous term, so the private-sector construction sector has been performing well.
As indicated by red circle two, the second line, the rightmost line for public works, shows a minus figurecompared to the previous term. This is a decrease from the previous year due to the suspension of
nominations received last year.
On the other hand, the private sector, one line below, shows a YoY increase. As you can see here, the private
sector has made up for the negative YoY change for public works.

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Please continue to page seven. I would now like to explain the progress of our Three-Year Medium-Term Plan.
As I mentioned earlier, the Three-Year Medium-Term Plan started in the fiscal year ended March 2022, andthe fiscal year ended March 2023 is the second year of the plan. When we first launched the Three-Year
Medium-Term Plan, our basic policy was to cultivate ASANUMA's unique character and originality and to takeon the challenge of change.
We have identified these three changes, which are listed as Change 1, Change 2, and Change 3.
One is the medium- to long-term shrinking of domestic building investment and the aging of infrastructure
and building structures. The second is the decline in the production worker population, and the third is themomentum to increase corporate value through non-financial management activities. In response, we have
implemented a variety of measures, which I have described as countermeasures.
As I explained earlier, the fiscal year ended March 2023 is the second year of this medium-term plan, and I
would like to explain the status of implementation of these measures.

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Please see page eight. The first change is that we are focusing on the renovation business, which we refer toas the maintenance and repair business, in order to respond to the medium- to long-term shrinking ofdomestic construction investment and the aging of infrastructure, as I mentioned earlier.
As indicated in the top box at the top of the page, we have set a goal of achieving an operating income in thebuilding renovation business of 35% of consolidated operating income in the building renovation business by
the final year of the medium-term plan.
To achieve this goal, we have launched and are promoting the “ReQuality” brand, a simultaneous brand forthe building renovation business in Japan, as I will explain in more detail later, and overseas, as I mentioned
earlier, we have acquired a subsidiary in Singapore that is engaged in renovation-related business.
As for the current progress, as you can see on the bottom lines of the middle sections of the table, the shareof operating income in Japan and ASEAN countries reached 15.1% and 15.9% of consolidated operating
income, respectively, in the fiscal year ended March 2023. As you can see from the total results in the red
dotted box, we are up to 31.0%.
As I mentioned earlier, we have set a target of achieving 35% or more in the final year of the medium-term
plan, and we expect to achieve our goal of 35.2% on a planned basis.

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Please continue to page nine. In fact, one of our efforts to achieve this goal is to promote the “ReQuality”
brand, which we have launched as part of our domestic construction business promotion efforts.
The “ReQuality” brand concept is based on the concept of ‘circulation’ that is better for people and the planet
and is promoted through the use of proprietary technologies and ICT. We are strengthening our proposals tocustomers to create better spaces for work and living environments.
As you can see from the photos on the left, we have several branches throughout Japan, and we renovatedthe Nagoya branch, which is located in Nagoya. As a result, in July last year, we received the gold rank of WELL
certification, which evaluates buildings on the basis of health and comfort, as shown on the right side of thepage.
The original building was more than 30 years old, and this is the first building in Japan to obtain the gold rankof the WELL certification after renovation.
In addition, this renovation project has also received many other awards, one of which is shown in the lower
left-hand corner, underlined and in bold, the Good Design Best 100, which you may know. It also won at the
crQlr awards 2022 and an urbanism award.
And, below that, there is an overseas award, the Silver Award in the architecture category of the Sky DesignAwards. Other awards are also listed.
In addition, it has been featured in various articles and in architectural magazines in Japan and abroad.

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Please see page 10. Here I would like to explain the technological sophistication that we are pursuing as partof our efforts to strengthen our renovation business.
First, see the box on the left. We would like to introduce our proprietary technologies to extend the service
life of buildings.
As seen in parentheses, one of our seismic strengthening methods is CCB construction method. I am afraid it
is difficult to see the features in this photo, but this technology controls the location of cracks in the concreteand minimizes or prevents cracks from forming in various places if left unchecked.
This technique can be used when adding walls during renovation work to keep those walls clean.
As you can see from the two photos below, there is a method called PRS joint filling, which can be used aswell to prevent cracks and wrinkles in the wallpaper that is applied on top of a wall, thereby reducing the costof future repairs and extending the service life of the wall.
We are also the chairperson of the CCB Construction Method Association, and we have over 280 projects inwhich the CCB construction method has been proven to be effective in extending the service life of buildings,
including those constructed by other companies.
I will continue with the second technology. Please see the right side.
As you can see from the photo, special Anshin Blocks can be used to build earthquake-resistant walls.
Compared to the conventional method of directly pouring concrete, which is a common construction method,

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10this method reduces the space required for work and the noise generated by the construction. Therefore, it
is possible to do this kind of work while using the building.
In addition, waste materials are less than that of general concrete casting, and thus, a reduction inenvironmental impact can be expected.

Please continue to page 11. Here I would like to explain the third measure to strengthen our renovation
business, which is to strengthen our business in the ASEAN region.
First of all, as the blue-green band says, Singapore. In Singapore, we have two companies: SINGAPORE PAINTS& CONTRACTOR PTE. LTD., which became a subsidiary in 2018, and Evergreen Engineering & Construction Pte.
Ltd., which became a subsidiary in January of last year. Orders, sales, and profits are all growing steadily. In
particular, as mentioned at the beginning of this presentation, Evergreen, our second acquired subsidiary in
Singapore, is making a significant contribution to our consolidated performance.
Second, as seen in the blue-green band, Thailand. In Thailand, we established a subsidiaries in 2021, and incooperation with Toray Industries, Inc. and Toray International Inc., we are promoting the reinforcement ofbridges and other structures using carbon fiber sheets.
This project was selected for JICA's SDGs Business Support Program in 2021, and the project contract wascompleted in January of this year.

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11Currently, we are preparing to carry out reinforcement work for bridges and other structures under the
Department of Highways, Ministry of Transport of Thailand

Next, please see page 12. I would now like to explain the first pillar of our response to the second external
environmental change, the decrease in the production worker population, which is the strengthening ofcooperation with our partner companies.
As you can see from the first blue-green band, we have started to promote the Construction Career Upgrade
System (CCUS), which is a system for improving the treatment of construction technicians that is being
implemented throughout the construction industry, in order to improve the treatment of subcontractors andimprove business conditions. To further strengthen the promotion of the CCUS, we have started acommendation system for worksites and partners that have made excellent efforts in the CCUS.
As shown in the second row, we decided to make all payments to subcontractors in cash, instead of using bills,
from January 2021 to reduce the burden on subcontractors by making 0% of payments with promissory notes.
Please continue to the middle section, the utilization of a commendation system. We have our own award
system, ‘Asanuma Meister’, which we continue to implement, and we are also implementing a commendation
system based on productivity improvement measures developed in cooperation with our partner companies.
As described in the bottom section, we also held a training session to share information on safety with themembers of the Yayoi Association, which is composed of partner companies.

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12Collaboration with our partner companies is one of our most important policies and tasks, and we intend tofurther enhance it in the future.

Please continue to page 13. Here we will explain the promotion of digital transformation, which isindispensable to cope with the decline in the production worker population. We have established a DX (digitaltransformation) Promotion Committee to promote the use oref digital transformation to solve various issues.
The first main items listed are BIM and CIM, which are software that provides attribute information on threedimensional models of buildings and structures. By actively introducing such software, it is expected to
improve operational efficiency in various scenes, such as drawing and determining specifications, as well as
to enhance the sophistication of proposals to customers.
In order to further promote the use of BIM and CIM, we are strengthening BIM and CIM training for our
employees and are working to expand the use of BIM and CIM in order to win orders and expand their use in
the construction phase.
Secondly, as you can see from the middle section, there is the use of tablets. As you are aware, theconstruction industry has an enormous number of construction photos, and tablets are used to organize suchphotos on site and to confirm construction procedures from remote locations.
Third, at the bottom of the page, we are working on digitization of documents, such as contracts, purchaseorders, and invoices, not only for internal operations, but also for documents with external parties.

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Please continue to page 14. Here again, I would like to explain our digital transformation promotion efforts.
We are working not only to improve the efficiency of our operations and the sophistication of our proposals
to our customers, but also to take digital transformation to an even higher level. Here are some of the details.
First of all, as mentioned in the section on joint development with other companies, a consortium or groupwith several other general contractors have been established, and jointly develop and study digitaltransformation projects that would be difficult for a single company to undertake, including from a financial
standpoint.
As one of these efforts, in FY2022, we trialed an automatic transfer robot, which is a robot that automaticallytransfers materials at the construction sites. We are currently conducting trial runs together with othercompanies to promote the use of these robots at the site and to make sure that they can actually be used
onsite.
In addition to the use of robots, there are several projects under the umbrella of this consortium, including
the use of power suits, and we are also participating in several of these projects for further study.
Another initiative is the use of VR. We are also implementing initiatives to utilize the so-called virtual reality.
As you are aware, on site, or rather in the construction industry, the conditions of workplaces, safety
conditions, scaffolding, etc., change from moment to moment with each construction project or process. The
content can be reproduced virtually in advance, enabling safety training and construction procedures to bestudied in accordance with the progress of construction.
This will also improve safety awareness and is expected to reduce process rework in actual operations.
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A simplified version of this system is also available, which is used for training of inexperienced people, and as
shown in the photo below right, it is also used as part of off-campus learning for students.

Please continue to page 15. In this section, we explain the first of our non-financial management activities,
our decarbonization efforts.
Since 2010, we have been working on decarbonization initiatives under the name ‘Eco Friendly ASANUMA 21’.
Here are some of the initiatives that we are working on.
We have always set our own reduction targets for CO2 emitted from our business activities, so-called scope
one and scope two. Other than CO2 emitted by the company, there is CO2 emitted after the building isdelivered to the customer and during the actual use of the building, which is called Scope 3, Category 11. Thiswas found to account for a large proportion of the total. Therefore, we have also set a new reduction target
for scope three, category 11.
In order to reduce CO2 emissions in scope three, category 11, we need to consider this at the proposal stage
to our customers, so when we make proposals to our customers, we make proposals according to the building
use and characteristics. For example, we show environmentally friendly materials and introduce them to ourcustomers.
In addition to the above, as a main effort to reduce CO2 emissions in order to achieve our goals, we haveintroduced 100% renewable energy to all new construction sites since April of last year, as shown below on
the left.
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As shown in the table on the right, environmentally friendly concrete can reduce CO2 emissions by 60%, so
we are actively proposing this type of environmentally friendly concrete to our customers.

Please continue to page 16. Here I would like to explain the status of our efforts to promote sustainability as
the second pillar of our non-financial information management.
We have established a sustainability promotion committee under the executive committee, and I would liketo explain the main activities of this committee.
This committee promotes measures for environmental management. As we endorse the TCFD, we arepromoting TCFD-related activities to disclose our climate change initiatives.
Also, as noted in the middle section, we have also formulated a human rights policy, a procurement policy,
and a multi-stakeholder policy, which we disclose on our website, inform our employees, and ask our
subcontractors to thoroughly implement these policies as part of our efforts to expand the scope of ouractivities.
Under this, the Japan Business Federation and related ministries and agencies are promoting the Partnership
Building Declaration. We have also formulated and implemented this and are working with clients andbusinesses in the supply chain to build new partnerships.

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As for other initiatives, as described in the bottom section, we have set KPIs for sustainability management.
We are conducting studies to formulate policies for securing core human resources and diversity, humanresource development policies, and measures that take human rights into consideration, and so on.

The third non-financial management activity is corporate governance. I would like to explain how we arestrengthening our governance structure.
First of all, regarding the ratio of outside officers on the Board of Directors and Board of Corporate Auditors,
one-third of the Board of Directors and three-fourths or more of the Board of Corporate Auditors are fromoutside the Company.
The second initiative is to evaluate the effectiveness of the Board of Directors. This is done every year andwas continued last year, and the evaluation has been above average every term as well.
The third initiative is the operation of a nomination and compensation committee, which is chaired by anoutside director and the majority of its members are outside directors.
The fourth initiative is the executive compensation system, which incorporates a restricted stockcompensation system into the executive compensation system. The ratio of fixed remuneration to
performance-linked remuneration is approximately 7 to 3.

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The fifth initiative is to enhancement of IR. In addition to holding briefings for institutional investors, such as
the one you are attending today, we also hold briefings for individual investors and hold individual meetings
with institutional investors as needed to strengthen our IR activities.
Lastly, regarding stock holdings, we have established a criterion for judging the appropriateness of holding
listed stocks, which is to reduce holdings when the benefits of dividends and gross construction income areless than the cost of shareholders' equity. Based on this standard, the Board of Directors in each term confirms
and checks whether the standard is met, and as a result of this confirmation, the balance of listed shares asof the end of March 2023 was JPY3.91 billion. The consolidated net asset ratio is 8.8%, which is less than 10%.

I would like to continue with the third topic, investment and shareholder returns.
Please see page 19. I swould like to explain the investments and shareholder returns in the current three-year
medium-term plan. As stated in the first line of the top box, our basic policy is to allocate funds generated byprofits to investment and shareholder returns.
The first table shows actual and planned investments, and the second table shows actual and planned
dividend payout ratio. As you can see from the first table, the main investment activities are technology
development and ICT-related investments. We are investing funds to strengthen the renovation business as
explained earlier, to promote digital transformation, to invest in new business areas, and to strengthen
renovation in the ASEAN region.

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In November 2021, the first year of our medium-term plan, we finalized the amount of investment for M&A
in ASEAN, and accordingly, we reviewed our overall capital investment plan, including technology
development.
As a result, the originally planned total investment of JPY8 billion has been reduced to JPY6.3 billion, as shownon the right side. As you can see from the bottom line of the table, before and after the revision, with regard
to shareholder returns, the dividend payout ratio was revised upward from more than 50% to more than 70%.
We will continue to make investments steadily to strengthen the renovation business and to improve
productivity, and we also plan to pay dividends steadily.

Last but not least, I would like to explain the fourth topic, ‘Topics’, and the content of the most recently
featured article.
First, see the article on the left side of page 21. This is a part of the construction work to prepare for floodingof the Arakawa River. ICT construction was implemented for a part of the process to minimize the impact on
adjacent houses and facilities, as you can see from the photos, thereby improving efficiency and saving labor.
This was featured in the article as a good example.
As you can see from the small photo in the middle article, we welcomed students to the site for a site tour.
The article covers the event.

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On the right is an article on the "On-site Trainer," a hands-on educational system for learning construction
management at construction sites.
Incidentally, this system was originally developed independently by our company in 2017, and we have beenworking with other companies to develop a full-scale system from 2022 onward. The content of the system isdesigned to visually show accidents and defects that occur in the field and to allow the user to learn about
them in a quiz format.
That is all from me. Thank you for your attention.

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Question & Answer
Moderator [M]: Thank you. We are moving on to the question-and-answer session. If you have any questions,please raise your hand.
This IR meeting will be transcribed and published in full, including the question-and-answer session. Therefore,
if you wish to remain anonymous, you may omit your name when asking a question.
Please go ahead. Anyone? This is a great opportunity. Yes, this way. The very front.
Participant [Q]: Thank you for the detailed explanation. I would like to ask one question.
Regarding the maintenance and repair business mentioned earlier, specifically the renovation business plan,on page 8, we were told that the ratio of the domestic renovation business was 15.1% and that of the ASEAN
renovation business was 15.9%. When we divide this into the private sector and the public sector, what would
the two be like? Just your impression is OK, but please tell us what you think.
Company Representative [A]: In both domestic and ASEAN, 80% of the business is private sector, and 20%,
public sector.
Participant [Q]: Thank you. I would like to add one more question.
For example, what would it be like the margin of the private sector and the public sector?
Company Representative [A]: Whether it is the private or public sector, profits vary depending on theconstruction work, so there is no general rule that public sector work makes more money than the private
sector work, or private sector work makes more money than public sector work.
One thing that can be said is that the profit ratio in ASEAN is higher than the profit ratio in Japan for
construction renovation.
Participant [M]: Thank you.
Moderator [M]: Thank you. Next question, please. Anyone? There seem to be no further questions. If theCompany has anything to add, please go ahead. Anyone? Okay.
With that, I would like to conclude today's briefing. Thank you very much.
[END]______________
Document Notes
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TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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