For the Fiscal Year Ended March 31, 2024

Annual Select® 2024

The Kodensha Co., Ltd.
5-11-10, Ginza, Chuo-ku, Tokyo(Securities Code: 1948)+81-3-3542-5111

Corporate Profile
In the fiscal year ended March 31, 2024, the lifting of various restrictions on movement associated with the
COVID-19 pandemic led to the normalization of social and economic activities, and there were otherpromising signs including rising wages and a positive cycle of economic growth. However, there were also
unpromising signs including heightening geopolitical risk created by the outbreak of conflict in the Middle
East as well as the impact of progressing yen depreciation, making the future outlook increasingly
uncertain. In the fiscal year ended March 31, 2024, the Company pursued a further recovery in our earnings
power as our top management priority, resulting in year-on-year increases in revenue and profit for thesecond straight year. Furthermore, in our Medium-term Management Plan announced this January (thetarget for the fiscal year ending March 31, 2028), to pursue thesustainability management listed as a new management policy, we havepresented strategies and policies aimed at realizing our vision bothinternally and externally. We have also added to our system of corporate
philosophy our “Corporate Message” describing the Company’s identityand our “Basic Approach” that acts as the starting point for all our actions
as a company. We have positioned the fiscal year ending March 31, 2025 as
an important year to properly launch our Medium-term Management Plan
while being closely aware of the impact of the start of the system capping
overtime work in the Japanese construction industry. Based on our new
system of corporate philosophy and management policy, we will work torealize growth investment aimed at enhancing our corporate value as well
as shareholder returns. We appreciate your continued support.

Yuji Kajikawa
Representative Director,
President and Executive
Officer

I.

Summary of Selected Financial Data (Consolidated)

Net sales

141st term

142nd term

143rd term

144th term

145th term

Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

35,65432,42429,15933,55734,868

2,600

1,311

535

856

1,292

1,737

885

310

556

899

1,389

1,503

273

573

2,131

17,557

18,664

18,544

18,725

20,45529,21629,23428,46031,57832,424

1,971.35

2,096.64

2,083.17

2,102.56

2,299.79

195.88

99.91

35.09

62.75

101.51

–

–

–

–

–

59.8

63.6

64.9

59.0

62.8

10.2

4.9

1.7

3.0

4.6

4.2

10.2

26.7

13.9

13.0

(204)

2,854

(589)

123

190

750

(2,958)

986

238

13

(446)

(417)

(534)

(411)

(418)

1,694

1,180

1,112

1,095

917

664

671

678

681

687

(Millions of yen)

Ordinary profit(Millions of yen)

Profit attributable to ownersof parent(Millions of yen)Comprehensive income(Millions of yen)

Net assets(Millions of yen)

Total assets(Millions of yen)

Net assets per share(Yen)

Basic earnings per share(Yen)

Diluted earnings per share(Yen)

Equity ratio(%)

Return on equity (ROE)(%)

Price earnings ratio (PER)(Times)Net cash provided by (usedin) operating activities(Millions of yen)

Net cash provided by (usedin) investing activities(Millions of yen)

Net cash provided by (usedin) financing activities(Millions of yen)

Cash and cash equivalents at
end of period(Millions of yen)

Number of employees(Persons)

Notes: 1. Diluted earnings per share is not presented because there were no potential shares.
2. Kodensha has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 30, 2018) and“Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30, March 30, 2018) fromthe beginning of the 142nd term.
3. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, released on March 31,2020) and “Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30, released on
March 26, 2021) from the beginning of the 143rd term.
4. On April 1, 2024, the Company implemented a five-for-one common share split. As such, net assets per share and basic earnings
per share have been calculated on the assumption that this split of shares was conducted at the beginning of the 141st term.

-1-II. Overview of Consolidated Business Results
The market environment surrounding the Company during the fiscal year ended March 31, 2024 wassteady against the backdrop of a continued recovery in private-sector construction investment, large-scale
redevelopment projects and renewal projects solidified, and sustained strength in the electric materials andpiping materials markets. As a result, the Company’s business results for the fiscal year ended March 31,
2024, were net sales of ¥34,868 million, operating profit of ¥1,156 million, ordinary profit of ¥1,292 million
and profit attributable to owners of parent of ¥899 million.

-2-III. Management Policy, Management Environment, and Issues to be
Addressed
We expect the market environment surrounding us to trend strongly overall due to positive factors
including public investment, and private-sector construction and capital investments continuing to follow a
track of recovery, and large-scale redevelopment projects and renewal projects solidified. However, we arealso aware that we cannot avoid prolonged negative factors including persistently high material andequipment costs accompanying stubborn yen depreciation and deterioration in the energy environment
originating in geopolitical factors. Furthermore, the overall construction industry faces the structuralproblem of a severe personnel shortage and the urgent issue of how to address the cap on overtime applied
from the fiscal year ending March 31, 2025.
Amid this business environment, the Company has positioned “carbon neutrality” and “the creation of asafe, secure, and comfortable society” as social issue focus areas. By mobilizing our company-wide
integrated strength (electrical facilities and product sales) and promoting cooperation with other companies,
we will propose and provide high value-added solutions and pursue sustainable growth to enhance ourcorporate value.
Furthermore, we have positioned the current fiscal year as “Phase 0 (Start-up Period)” aimed at the“recovery of results indicators to pre-COVID-19 levels” as outlined in our Medium-term Management Planannounced on January 31, 2024. Results for all numerical targets (outlook for the fiscal year ended March
31, 2024) including net sales, operating profit (margin), profit, and ROE have already exceeded target levels
established in the plan. We have positioned the period beginning from the fiscal year ending March 31, 2025
as Phase 1, and in the three-year period (from the fiscal year ending March 31, 2025 through the fiscal year
ending March 31, 2027), we plan to generate ¥3.0 billion or more in operating profit, to implement growthinvestment aimed at enhancing our corporate value, and to provide shareholder returns.
(1) Corporate philosophy, etc.
[Corporate philosophy]
Based on our high sense of ethics and spirit of compliance, in our everyday business activities, we
implement our corporate philosophy of “Contributing to the realization of an affluent human society through‘the joy of creativity.’” Furthermore, on April 1, 2024, we created a new corporate message of “Create thebright future” to express the Company’s identity and newly formulated our basic approach and management
policy that form the starting point of all our actions.
[Basic approach] We will value all our stakeholders starting with our work colleagues and continue to be a trusted
company.
 Each employee will work diligently to improve their technical capabilities and continue to challengethemselves to pursue technological innovation.
 We will constantly provide the highest quality through our cutting-edge knowledge and technicalcapabilities.
 We will prioritize the health and safety of all people while valuing diversity.
 In addition to working to protect the global environment, we will work to coexist in harmony withlocal communities.
 We will act with high ethical standards while responding to changes in laws and regulations and social
conventions.
(2) Management policies
In addition to enhancing its economic value by realizing sustainable growth as a corporate entity, theCompany will pursue sustainability management through the creation of social value by contributing to thesustainability of the natural environment and society as it works to enhance its corporate value with anawareness of all its stakeholders.
(3) Medium-term management strategy
The Group has always worked to create a strong management foundation and business foundation aimed
at realizing sustainable growth. Amid even more rapid changes in the market environment surrounding-3-

electrical facilities construction, as part of the heightened response to social responsibility demanded ofcompanies listed on the Standard Market of the Tokyo Stock Exchange, on January 31, 2024, we released
our new Medium-term Management Plan (the target for the fiscal year ending March 31, 2028). Our vision
for the fiscal year ending March 31, 2028 onward has been positioned as a management target. We havecreated medium-term management strategies and target indicators for management and are working toachieve them. The details of our present and future-focused key strategies and polices are as prescribed in
Medium-term Management Plan.
(4) Target indicators for management[Evaluation of management results]
In the Medium-term Management Plan released on January 31, 2024, the Company has positioned thecurrent fiscal year as “Phase 0 (Start-up Period)” and has decided to strive to realize a solid recovery in
profitability to pre-COVID-19 levels by achieving our full-year consolidated financial forecasts, as well as
to secure firm orders for large-scale construction projects scheduled for the fiscal year ending March 31,
2025 onward and to expand our customer base. In the current fiscal year, we have already achieved ourtargets for all our indicators including net sales, operating profit (margin), profit, and ROE. In Phase 1
covering the three years from the fiscal year ending March 31, 2025 through the fiscal year ending March
31, 2027, while generating ¥3.0 billion or more in operating profit and thus ensuring appropriate profits, wewill carry out upfront investment to realize our vision and provide shareholder returns.

-4-IV. Introduction of Four Business Domains
Kodensha Solutions Linking Information, Energy, and Time

(1) Interior wiring business
Design and installation of critical advanced electrical facilities
for diverse and various buildings, such as office buildings, andenergy conservation measures and renewal of aging facilities
through proposals and facilities inspections to meet various
needs
As Kodensha works to maintain, develop and improve the safety of an advanced
information society and implement other initiatives, and as more advanced anddiverse functionality is sought in electrical facilities in new building projects, a highlevel of technical capability and reliability is required in each step of planning, design,
and installation. In the design and construction of office buildings, hospitals, factories,
and public buildings and facilities, Kodensha will meet its customers’ demands byapplying its accumulated technical capabilities and knowledge of the latest facilities.

Yokohama Station Kita West
Exit Tsuruya District Type 1
Urban Redevelopment Project

Furthermore, Kodensha makes use of the engineering capabilities it hasdeveloped to date so that customers are able to extend the lives of buildings while
making effective use of them as assets. Kodensha provides solutions such as design
and installation of electrical infrastructure for buildings, as well as solutions forphysical deterioration, changes in needs, and equipment upgrades to moreenvironmental and energy-conserving electrical equipment, in order to support
building lifecycle management.

(2) Social infrastructure business
From cutting-edge large-scale plant engineering tocommunication network building

Asakusabashi Office Building
Project(provided by Koichi Torimura)

Kodensha delivers total engineering solutions focused on electric power andinstrumentation equipment used in large-scale social infrastructure facilities, such as
power plants and substations or water treatment facilities, and such other facilities as
expressway traffic control centers and large-scale video billboards. We have an
extensive track record in the field of control and management systems incorporating
the latest electronics technologies.

(3) Power transmission businessHighly public business specialized in installation, renovation,and maintenance, etc. of transmission line facilities that
contribute to stable supplies of electricity
Kodensha supports the stable supply of electric power, an important public need,by providing a wide range of services to electric power companies, including
installation of transmission lines and related land surveys, facility maintenance patrol
and repairs, and other civil engineering. Over the years, Kodensha’s successful
completion of numerous high-quality transmission line installations has enabled thecompany to establish a strong reputation for technological excellence with customers.
To fulfill our mission of supporting society through the stable supply of electricity, weconstantly seek to enhance our technological abilities in order to conduct our
installation work in a more efficient and less-costly manner and extend the useful lifeof the infrastructure installed.

-5-

Front Place Yotsuya

Tsukuba Line(4) Sales business
Using the strength of our cooperation with the construction
division, contribute to the world of industry through our sales
operations as a technology-oriented trading company andmember of the Mitsubishi Electric Corporation Group
Kodensha has been involved in sales since the very beginning of its history as asales agent of Mitsubishi Electric’s products, which dates back to 1926. Kodensha’s
diverse product line includes FA and control equipment, HVAC systems, andindustrial electromechanical equipment, which are sold in close cooperation with theconstruction division. Amid rapid changes in technological innovation, we provide alarge number of cutting-edge AI and IoT products that are adapted to a highlysophisticated information age. Furthermore, we not only sell components, but alsosystems that lead to solutions, and make sales proposals that meet various customer
needs, such as increasing productivity, conserving energy, enhancing security andimproving quality.

Commercial Lossnay

Initiatives on carbon neutrality and DX■ Initiatives on carbon neutrality
1) Support for improvement of electric power operations
In the course of our electrical maintenance work at customer plants, we are in close contact with thecustomer facilities’ power supply conditions, understand the structure of a stable power infrastructure, and are
involved in solving problems. We analyze data of electric power used in customer facilities in detail from all
angles, share issues with users in terms of reliability, aging, and electric power usage of infrastructure facilities,
and provide solutions that support improvements in electric power operations and promote optimization ofenergy conservation and BCP of facilities.
2) Strengthening technical capabilities related to renewable energy
Although we possess installation capabilities for renewable energy power plants and substations and private
distribution lines, to respond to the expected demands from society for even greater capacity, we are working tostrengthen our planning and design capabilities in addition to our existing installation capabilities.

■ Initiatives on DX
The Company is pursuing installation process innovation using BIM and IT tools to improve both
operational efficiency and productivity.
[Initiative items] (excerpts)
 Building installation process core systems centered on BIM and developing, introducing, and testing
automated tools (calculation, diagramming, and use of generative AI, etc.)
 Educating BIM personnel (using e-learning and educational videos) and building BIM operations andsupport system
 Evaluating through commercial use of generative AI and evaluating and testing robotics
 Testing and introducing databases and BI tools, streamlining routine tasks and improving productivity
using RPA

-6-

V. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims - operating
Accounts receivable from completed construction
contracts
Accounts receivable - trade
Contract assets
Costs on construction contracts in progress
Merchandise
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures,net
Land
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-7-

As of March 31, 2024

1,603
401
2,859

1,450
248
3,512

4,267

6,213

2,874
4,161
57
744
7,777
1,140
(3)
25,884

1,667
3,341
31
588
7,754
647
(3)
25,452

638

593

39

25

528
1,206
531

528
1,148
441

966
2,186
375
457
(30)
3,955
5,694
31,578

1,030
3,917
–
463
(29)
5,381
6,971
32,424

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Electronically recorded obligations - operating
Accounts payable for construction contracts
Accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Accrued consumption taxes
Contract liabilities
Provision for bonuses
Provision for warranties for completed construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-8-

As of March 31, 2024

3,038
4,119
2,317
560
16
245
9
548
579
1
293
613
12,342

3,135
3,233
915
560
7
257
999
369
613
0
467
837
11,397

13
135

5
100

46

50

–
315
510
12,853160
254
571
11,9681,520
1,070
15,826(67)
18,3501,520
1,070
16,335(76)
18,849

63
284
(70)
277
96
18,72531,578

118
356
1,029
1,505
100
20,45532,424

(2) Consolidated Statements of Income andConsolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Net sales of completed construction contracts
Net sales of goods
Total net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of goods soldTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit - merchandise
Total gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from buildings
Foreign exchange gains
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-9-

Fiscal year ended
March 31, 2024

25,5538,004
33,55725,7489,120
34,86821,395
6,787
28,183

21,038
7,713
28,752

4,158
1,216
5,374
4,692
682

4,709
1,406
6,115
4,959
1,156

22
37
116
24
13
17
232

19
38
116
2
14
14
206

7
42
8
58
856

7
56
6
70
1,292

–
–

36
36

–
–
856
272
14
286
569
13
556

11
11
1,316
386
26
412
904
5
899

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

Fiscal year ended
March 31, 2024
569

904

(17)
64
(43)
3
573

54
72
1,100
1,227
2,131

559

2,126

13

5

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

1,520

1,070

15,660(65)

18,185

Changes during period
Dividends of surplus

(389)

(389)

Profit attributable to ownersof parent

556

556

Purchase of treasury shares

(1)

(1)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

166

(1)

164

1,520

1,070

15,826(67)

18,350

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

81

Foreign currencytranslation
adjustment

Total
Remeasurements ofaccumulated otherdefined benefit
comprehensive
plansincome

219

(27)

274

Non-controllinginterests

85

Total net assets

18,544

Changes during period
Dividends of surplus(389)

Profit attributable to ownersof parent

556

Purchase of treasury shares(1)

Net changes in items otherthan shareholders’ equity

(17)

64

(43)

3

11

15

Total changes during period

(17)

64

(43)

3

11

180

Balance at end of period

63

284

(70)

277

96

18,725- 11 -

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

1,520

1,070

15,826(67)

18,350Changes during period
Dividends of surplus

(389)

(389)

Profit attributable to ownersof parent

899

899

Purchase of treasury shares

(9)

(9)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

509

(9)

499

1,520

1,070

16,335(76)

18,849

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

63

Foreign currencytranslation
adjustment

Total
Remeasurements ofaccumulated otherdefined benefit
comprehensive
plansincome

284

(70)

277

Non-controllinginterests

96

Total net assets

18,725

Changes during period
Dividends of surplus(389)

Profit attributable to ownersof parent

899

Purchase of treasury shares(9)

Net changes in items otherthan shareholders’ equity

54

72

1,100

1,227

3

1,230

Total changes during period

54

72

1,100

1,227

3

1,730

Balance at end of period

118

356

1,029

1,505

100

20,455- 12 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in provision for bonuses
Increase or decrease in retirement benefit asset andliability
Interest and dividend income
Insurance claim income
Interest expenses
Loss (gain) on sale of investment securities
Decrease (increase) in accounts receivable - trade, andcontract assets
Decrease (increase) in costs on construction contracts inprogress
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in contract liabilities
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from insurance income
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Long-term loan advances
Proceeds from collection of long-term loans receivable
Net decrease (increase) in short-term loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2024

856
190

1,316
210

63

174

75

33

(170)

(180)

(59)
(13)
7
–

(58)
(14)
7
(24)

(2,517)

(398)

(7)

25

(274)
2,341
415

155
(2,221)
(179)

(611)

611

(272)
(265)
115
19
(109)
59
(7)
13
(29)
196
123

990
(116)
222
(54)
499
58
(7)
14
(374)
–
190

(7)
(45)
–
(4,000)6,200(1,906)
(52)
50
238

(6)
(49)
41
(3,000)
4,000
(963)
(20)
12
13

(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from financing activities
Net decrease (increase) in treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 14 -

Fiscal year ended
March 31, 2024

(1)
(389)
(20)
(411)

(9)
(389)
(18)
(418)

32

36

(17)
1,112
1,095

(178)
1,095
917

VI. Corporate Data
Basic Information (as of March 31, 2024)
Trade name:
Established:
Listed market:
Listed:Business year:
Capital stock:
Number of employees:
Head office:Telephone:Overseas consolidated subsidiaries:

The Kodensha Co., Ltd.
June 25, 1917
The Standard Market of Tokyo Stock Exchange(Securities Code: 1948)
July 1962
From April 1 to March 31 of the following year
1,520 million yen
687 persons (Consolidated)
5-11-10, Ginza, Chuo-ku, Tokyo
+81-3-3542-5111
KODENSHA Engineering & Construction (Beijing)Co., Ltd.
KODENSHA Property Management (Beijing) Co.,Ltd.

Directors and Corporate Auditors (as of June 27, 2024)
Representative Director, President and Executive

Yuji Kajikawa

Officer
Representative Director and Senior Managing

Shoji Kanazawa

Executive Officer
Director and Managing Executive Officer

Katsuhide Yamana

Director and Managing Executive Officer

Ryuichi Takemura

Director and Managing Executive Officer

Shigeto Honda

Director

Junichi Kato

Director

Yoshio Murata

Director

Hiroyuki Harada

Director (Standing Audit and Supervisory

Yasushi Nagashima

Committee Member)
Director (Audit and Supervisory Committee

Tetsuya Azuma

Member)Director (Audit and Supervisory Committee

Masako Tomotsune

Member)Notes: 1. As a result of the resolution to amend the Articles of Incorporation at the Ordinary General Meeting of
Shareholders held on June 25, 2020, the Company transitioned to a company with an Audit and Supervisory
Committee on the same date.
2. Directors Junichi Kato and Yoshio Murata are Outside Directors of the Company.
3. Directors Tetsuya Azuma and Masako Tomotsune are Outside Directors who are Audit and Supervisory
Committee Members of the Company.

- 15 -

Stock Status (as of March 31, 2024)
Total number of shares authorized:
Total number of shares issued:
Number of shareholders:

4,000,000 shares
1,794,000 shares
1,907

Major shareholders
Number of shares held(Thousands)

Shareholder name
Mitsubishi Electric Corporation
Kodensha Employee Stock Ownership Plan
Mitsubishi Estate Co., Ltd.
Negurosu Denko Co., Ltd.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
HIKARI TSUSHIN, INC.

897
77
58
23
23
23
11

Share-holding ratio(excluding treasury
shares) (%)
50.7
4.4
3.3
1.3
1.3
1.3
0.7

Notes: 1. In addition to the above, Kodensha holds 23 thousand shares (1.3%) as treasury shares.
2. On April 1, 2024, the Company implemented a five-for-one common share split. The number of shares held
and the share-holding ratio prior to this split of shares are listed.

* Annual Select is an English-language disclosure format developed by ZAIHON, INC. to increase the level of convenience of investors outside Japan based on Japanese-language
statutory disclosure material, timely disclosure material prescribed by securities exchanges and voluntarily disclosed IR material. Annual Select is a registered trademark of
ZAIHON, INC. Reproduction or copying without prior permission is prohibited.
* While every best effort has been made to provide a translation meeting the quality standards required of professionals, the Company does not guarantee it is 100% accurate.
Therefore, please verify the original Japanese text for any final judgments made based on this information.

- 16 -