Stock Status (31 March, 2024)

Company Outline (31 March, 2024)■Total number of shares authorized to be issued 

34,000,000■Total number of shares issued 

14,850,000■Number of shareholders 

13,580■Major shareholders
No. of Shares(’000)

Shareholder Name

Shareholding
Ratio(%)

Tokuzo Inoue

2,049

14.28

Gigapalace Inc.

1,472

10.26

UH PARTNERS 2, Inc.

1,379

9.61

HIKARI TSUUSHIN Inc.

1,185

8.26

The Icom Foundation

1,000

6.97

The Master Trust Bank of Japan, Ltd.
(Trust account)

655

4.57

JVCKENWOOD Corporation

445

3.10

434

3.03

3572.49343

2.39

Custody Bank of Japan, Ltd.
(Trust account)
Sumitomo Realty & Development
Co. Ltd.
Icom Employee Shareholding
Association* ICOM holds 497,623 shares of treasury shares but this is excluded from themajor shareholders listed above.
The shareholding ratio is calculated by excluding the number of treasury
stock from the total number of shares issued.

■Share Distribution by Shareholder
Foreign Corporations, etc.

672,419

Individuals and Others(incl. treasury stock)

5,400,140

Financial Instrument Firms

224,651

14,850,000
Financial Institutions

2,141,150
Others6,411,640

Company name

ICOM INCORPORATED

In Japanese

アイコム株式会社

Established

16 July, 1964

Capital7.812 billion yen

No. of shares issued

14,850,000

No. of employees

HQ: 630Offices■Headquarters (Hirano-ku, Osaka)■Regional offices●Hokkaido (Sapporo) ●Sendai●Tokyo (Edo-ku) ●Nagoya ●Osaka●Hiroshima ●Kyushu (Fukuoka)■Kinokawa office (Kinokawa, Wakayama)■Tokyo office (Chuo-ku)■Narayama R&D office (Nara)

Main subsidiaries

Group: 1,050

Icom America, Inc., Icom (Europe) GmbH,Icom (Australia) Pty., Ltd.

Directors (25 June, 2024)B u s i n e s s

R e p o r t

Full Year Report for Fiscal Year Ending March 2024

2023.4.1 ▶ 2024.3.31

Icom Incorporat e dFinancial Highlights

Chairman (Representative Director)

Tokuzo Inoue

President & CEO (Representative Director)

Hiroshi Nakaoka

Director

Yoshiki Enomoto

External Director

Haruyuki Yoshizawa

External Director

Akifumi Honda

External Director

Yoko MurakamiStanding Auditor

Takayuki Seto

Auditor: Part-time

Hiroshi Umemoto

Auditor: Part-time

Katsunori Sugimoto

Executive Officer

Shigeyoshi Tanabe

Executive Officer

Kenichi Noda

Executive OfficerMitsuhiro Nakatani

Executive Officer

Masahiro Hasegawa

Executive Officer

Aaron Camp

Executive Officer

Kazuo Tabe

Full year

Sales

37.117

Operating Income

3.415

billion yen

8.6％

YearonYear

34.17337.117

100

Fiscal Year

April 1st to 31st March
Year-end dividend

March 31st, each year

2.850

28.277

Interim dividend

September 30th, each year
June

Shareholder Registry Administrator
Account Management Institution forSpecial Accounts

Mitsubishi UFJ Trust and Banking Corporation

Contact information
for the same

Osaka Securities Agent Department, Mitsubishi UFJ Trust and Banking Corporation
3-6-3 Fushimi-cho, Chuo-ku, Osaka, 541-8502, Japan Telephone: 0120-094-777 (toll free)

Stock Exchange Listing (No.: 6820)

Tokyo Stock Exchange Prime market

Method of Public Notice

Public notices will be made electronically.
URL for public notices: https://www.icom.co.jp/(However, in the event of an accident or other unavoidable circumstances that preclude
electronic public notices, public notices will be posted in the Nihon Keizai Shimbun.)

1-1-32 Kami-minami, Hirano-ku, Osaka, 547-0003
https://www.icom.co.jp/

FY2022

FY2023

FY2024FY202215.92917.8125.458

FY2024FY2022Marine Radio

6.010

1.093

FY2023

FY2024FY2022

3.678

NetworkProducts

4.036
0.719

0.769

FY2022 FY2023 FY2024

FY2022 FY2023 FY2024

FY2023Half-year

FY2024

Billion yen

Others
8.337 8.540

0.715

2.887

12.606FY2022 FY2023 FY2024

2.574

Full year

Amateur Radio
5.816

3.461

1.574

FY2023billion yen

34.4％

YearonYear

3.262

Sales by Category
Land-mobile
Radio

35.4％

3.461

4.416

1.058

No. of Shares per Unit

Annual General Meeting

YearonYearbillion yen

3.415

Shareholder Note

Reference Date

4.416

19.8％

YearonYearNet-profit Attributable toOwners of the Parent

Ordinary Income

billion yen

Half-year Billion yen

6.247

FY2022 FY2023 FY2024

FY2022 FY2023 FY2024

To Our Shareholders
We would like to take this opportunity to thank you for your continued support.
Icom Inc. celebrated its 60th Anniversary in April of this year. We would like to express our sincere
gratitude to our shareholders for their support that has enabled us to reach this milestone.
As reported below, we were able to achieve record-high sales for fiscal year 60 (April 1, 2023 toMarch 31, 2024), but we do not intend to stop here, as we aim for the next stage of growth byproviding products that embody our management philosophy“A Fun Future and Enjoyable
Technology Created by Communication”utilizing the latest wireless technology.
We look forward to your continued guidance and encouragement for the future.

yen due to an increase in personnel expenses, the impact of yen depreciation, increased advertising activities, and amortization ofgoodwill, but operating income increased 19.8% to 3.415 billion yen due to increased sales, and foreign exchange gains of 659million yen were recorded. Ordinary income increased 35.4% to 4.416 billion yen and net income attributable to owners of theparent increased 34.4% to 3.461 billion yen.
The average exchange rates applied to the U.S. dollar and euro during the period were ¥143.14 and ¥154.28, respectively,representing a depreciation of 6.6% against the U.S. dollar and 10.2% against the euro compared with the same period last year.

Summary by Product Category

Summary of the fiscal year under review

As the second phase of sustainable management aimed at becoming a“100-year company,”
we have started enacting the“Medium-Term Business Plan 2026,”which ends in the fiscal year
ending March 31, 2026. In light of the current business performance trend, we have decided to raise
Hiroshi Nakaoka
the target for the second and third years.
President and CEO
During the consolidated fiscal year under review, the global economy saw an acceleration of thetrend toward normalization of economic activities after COVID, heightened geopolitical risks in various regions, as well as anincrease in capital investment demand in Japan due to the recovery of inbound demand and other factors. On the other hand, theoutlook remains uncertain due to rapid fluctuations in foreign exchange rates, continued price increases for raw materials, and risingtransportation costs caused by the weak yen.
In this economic environment, in the markets related to the Group, for the category of professional land mobile radio equipment,
demand expanded due to countermeasures against geopolitical risks as well as diversification of customer needs as a result of thedigitalization of radio equipment. For maritime radio equipment, leisure demand remained strong in North America and Europe, anddemand for radio equipment expanded in Asia and Oceania as economic activity in the region revived. For amateur radio, users'interest in our products has been growing as our various initiatives have led to new ways to enjoy our products. For aviation radio
equipment, in addition to a recovery in demand due to the revitalization of economic activity, new needs are appearing, such as
natural disaster response and the mandatory carrying of radio equipment for drone users in some markets.
In addition, the Group continued to strengthen cooperation with sales channels, promote sales of alternative products, and diversify
material procurement methods to meet customers' needs, and we continued to strive to ensure a stable supply of products.
As a result of these factors, sales reached a record high following on from the previous record fiscal year, due in part to thecontinued growth of our stock business, and the depreciation of the yen against the U.S. dollar compared to the assumption madeat the beginning of the fiscal year.
Consolidated net sales for the current fiscal year were 37.117 billion yen (up 8.6% year-on-year), and gross profit amounted to16.037 billion yen (up 12.3% year-on-year). Selling, general and administrative expenses increased 1.185 billion yen to 12.621 billion

The status by product category is as follows.

Sales Composition by Product Category

Land Mobile Radio
Sales increased in all regions due to increased demand as a countermeasureagainst geopolitical risks, growth in stock business continuing from theprevious fiscal year, and sales expansion taking advantage of opportunities
created by reduced supply from other companies.

Amateur RadioLand Mobile Radio
17.812 billion yen
48.0%

Network Products
715 million yen
1.9%

Sales increased due to stable production as the supply of production
materials began to stabilize, as well as the effect of new products launchedduring the fiscal year.

37.117

Marine Radiobillion yen

As the supply of production materials began to stabilize, shipments wereable to satisfy the recovery in demand associated with the revitalization of
economic activity overseas and other factors, resulting in an increase in sales.

Network Products
Although domestic sales exceeded the plan due to the introduction of newproducts such as IP fixed-line phones and access points, overseas sales
were sluggish, resulting in an overall decline in sales.

Company History and Consolidated Sales Trend

40,000Others
8.540 billion yen
23.0%

Marine Radio
4.036 billion yen
10.9%

Amateur Radio
6.010 billion yen
16.2%

July 2024(Sales: Million Yen)

30,00020,00010,0000

FY Mar1965

FY Mar1975

FY Mar1970

Business Expansion

AmateurLand Mobile（1964～）（1972～）

1964

FY Mar1980

MarineFDAM-1

IC-M25

Founding
first modelFirst marine product

FY Mar
1990

FY Mar1995

FY Mar2000

FY Mar2005

FY Mar2010

FY Mar2015

FY Mar
2020

FY Mar2025

Avionics（1975～）（1985～）

1975

1972

FY Mar
1985

IC-A2
1980

First avionicsproduct

2006

1997

1985

1988

IC-F3SFirst Japaneseradio productused by
U.S. DoD

2004

IC-M33
Industry's first
floating marine
radio2019

2015

2006

IP500H
Industry's first LTE
network basedtransceiver to havefull country
coverage

IC-105C

IC-2N

IC-780ID-1

IDASFirst land mobile product

The model that put Icomon the world map

First HF amateur product to utilize thebenchmark front display configuration

World's first product based on
JARL D-STAR digital standard

Industry's first digital narrow bandsystem for international markets

2016

IC-SAT100
Satellite PTTcompatibleproduct

2024

2023

IP-M60World's first
Marine + LTE
hybrid productIC-7300

IC-905

Industry's first amateur product toemploy direct sampling processing

Industry's first 144 MHz ～ 10 GHz
coverage amateur product