Financial Report for the Half-year Ended September 30, 2023
November 22, 2023

Contents
1. Summary of Financial Results HY September 2023

2. Topics
3. Future Outlook©2023

ICOM INCORPORATED21.Summary of Financial Results HY September 2023

©2023

⚫

Financial Highlights HY September 2023⚫

Sales Composition by Product Category⚫

Sales Increase /Decrease by Product Category⚫

Sales Increase /Decrease by Region⚫

Sales Composition by Region⚫

Factors of Increase /Decrease in Operating IncomeICOM INCORPORATED3

Financial Highlights HY September 2023

Sales:18,099(Million yen)

(YoY: +10.7%)

R&D Expense:1,932(Million yen)

(Ratio to Sales: 10.7%)©2023

ICOM INCORPORATED

Op. Profit:1,601(Million yen)

(YoY: +88.3%)

Robot Production:137,146（Units）(YoY: +53.5%)
4

Financial Highlights HY September 2023
◼ Sales

Sales reached a record high due to the improvement in the difficulty of procuring
electronic components, the normalization of economic activities, and the depreciation ofthe yen due to the interest rate policy of the U.S. and other countries.

Land Mobile Radio: 21.9% Increase YoY

Amateur Radio: 10.3% Increase YoY

Sales increased significantly due to a continued increasein global awareness of crisis management and thenormalization of economic activities worldwide.

In addition to being able to satisfy the continued strong
demand for amateur radio products, the Company also
benefited from sales of new products launched during theperiod.

Marine Radio: 8.4% Increase YoY

Others: 5.5% Decrease YoY

Sales increased due to active demand for leisure use inEurope and the U.S., and an improvement inprocurement of electronic components.

Sales decreased due to the impact of a one time large
tender project for aeronautical radio communicationequipment for government agencies from the previous
fiscal year.

©2023

ICOM INCORPORATED

5

Financial Highlights HY September 2023
◼ Operating Profit
Despite the impact of soaring prices of electronic components, as well as increased
costs at overseas subsidiaries due to the weak yen, the Company recorded a significant
year-on-year increase in sales, resulting in an increase in profit.

◼ Ordinary Income
Foreign exchange gains (the yen depreciated 6.7% against the U.S. dollar and 10.0%
against the euro year on year) lead to increased profit.

©2023

ICOM INCORPORATED

HY September 2023

HY September 2024

Sales

16.356 bil Yen

18.099 bil yen

Operating
Income850 mil yen

1.601 bil yen

Operating
Income Ratio

5.2%

8.8%

Ordinary
Income1.582 bil yen

2.478 bil yen
6

Sales Composition by Product Category
Others 16%
Navigation 1.2%
Avionics 5.0%

Network 1.9%

Sales
18.099Land Mobile 48.1%

Billion Yen
Marine 11.0%

Amateur 16.7%©2023

ICOM INCORPORATED

7

Sales Increase /Decrease by Product Category◼ Land Mobile Radio: Revenues increased due to continued to a continued increase in global awarenessof crisis management and the normalization of economic activities worldwide.

◼ Amateur Radio: Supply of product for strong demand and release of new products.

◼ Marine Radio: Sales increased due to higher leisure use demand and improved product supply.
◼ Others: Decrease due to effect of large on time delivery aviation tender project the year before.
(Million Yen)

OthersAmateurMarineLand Mobile

HY September 2022
©2023

ICOM INCORPORATED

HY September 2023
8Sales Increase /Decrease by Region◼ Japan: Increase in revenue due to delivery of a large tender project.

Market environment improvement on top of measures taken for alignment with the economic situation.

◼ International: Revenues increased in all regions due to the normalization of economic activities andheightened awareness of crisis management.

(Million Yen)

18,09916,356

Japan
Americas

HY September 2022
©2023

ICOM INCORPORATEDEMEA

Asia/Oceania

HY September 2023
9Sales Composition by Region
EMEA
RATIO

JAPAN

18.3%

RATIO

(YOY: +24.1%)

28.3%(YOY: -5.7%)

AMERICAS
RATIO

37.2%

(YOY: +10.4%)Amateur
9.7%
Amateur
23%

Options
18%
Marine19%

ASIA/OCEANIALand Mobile
40%

RATIO

Options
33.7%

16.2%

(YOY: +35.92%)

Options
20%
Land Mobile
56.3%

Marine12%

Amateur
16%17.1%

Land Mobile
52%

Marine0.3%
Options
24%

Amateur
24%27.0%

Marine18%
Land Mobile
34%

©2023

ICOM INCORPORATED

10Factors of Increase/Decrease in Operating Income
Sales increased significantly due to the normalization of economic activities worldwide and the improvement inthe procurement of electronic parts. In addition, the weaker-than-expected yen exchange rate resulted inrecord-high sales and operating income that exceeded initial forecasts. However, SG&A expenses increased due
to an increase in labor costs resulting from the weaker yen and the amortization of goodwill from the acquisitionof Macrotechnos Co. Ltd.

PersonnelExpenses(Million Yen)

Fees &Advertising Commissions

Goodwill
Amortization Others

1,601

ProfitChange850
Sales Increase(FOREX/Sales)

Op. Profit Ratio

5.2%
HY September 2022
©2023

ICOM INCORPORATED

Operating Profit +7.51 Million Yen

Op. Profit Ratio
8.8%
HY September 2023
112. Topics©2023

ICOM INCORPORATED12Stock Business Remains Strong■ Sales of IP200H (hybrid wireless LAN transceiver and IP radio)in addition to conventional IP radio contributed to sales.
➔With the spread of wireless LAN facilities in schools
and nursing care facilities, the use of wireless LANs
as extensions to phone systems indoors and as transceivers for simultaneous communication outdoors has
been accepted➔The new "IP210H" was launched, integrating feedback
from users. We are aiming for further market expansion.

■（Mil yen）

Stock Business Trend

3,000

Target: Over 7.0%

■ 1st half
■ Full Year
□ Mid-term Plan
2,500

2,000

Stock Business
RatioStock Business
Ratio

7.4%

7.8%

IP210H

Commercialization of various hybrid transceivers forfurther sales expansion→The "IP700 Series" combines IP radio with commercial"Digital Convenience Radio" and "General BusinessRadio" in Japan, and "NXDN" and IP hybrid radio inoverseas markets.

1,500

1,000

5000
FY March FY March FY March FY March FY March
2022

2023

2024

2025

2026

IP700
©2023

ICOM INCORPORATED

13Significant Contribution of Satellite Radio■ The IC-SAT100 series of satellite radios, that waslaunched worldwide in July 2019, has surpassed
30,000 cumulative unit sales in shipments during
the second quarter of this fiscal year.
*Total sales exceeded 10,000 units for shipments in July 2021, andreached 30,000 units in the following two years.

■ Strong sales in EMEA region■ For the "PTT" service by Iridium, the satellite
network operator, the IC-SAT100 series accounts
for half of the total number of service subscribers*.
■ We expect continued strong demandfor our satellite PTT products, as there
are currently no competing products inthe market.
* Matt Desch, Iridium CEO, at the March 2023 IPC event©2023

ICOM INCORPORATED

14

Other Topics

NEW■ Environmental Conservation Initiatives
Icom has endorsed the TCFD (Task Force on Climate-related Financial Disclosure), joined theConsortium, and submitted a response to the CDP (Carbon Disclosure Project).

■ Acquisition of shares of software development company MacroTechnos Co. Ltd.
MacroTechnos is engaged mainly in contracted development of embedded software and technical support,
and has a proven track record and advanced technology in the development of software for audio
equipment and other mass-produced products of manufacturers. By making MacroTechnos a subsidiary, wewill accelerate the speed of development and further improve the product development capability of ourgroup, which is one of our strengths.

■ "Osaka-Kansai Expo" in 2025 as an "Operational Participation Supplier".
IMV Corporation (Head office: Osaka; President: Junpei Kojima) to provide satellitecapable earthquake monitoring equipment on loan for installation at the Osaka/Kansai Expo site.

■ IC-M510 receives the U.S. NMEA Award* for the second year in a row. This is the 10 thconsecutive year that Icom's international VHF transceiver has received the NMEA award.
This is given by the National Marine Electronics Association (NMEA), the leading
U.S. marine electronics industry association, to the best marine electronics
product in terms of innovation, benefits to boaters, and practicality.
©2023

ICOM INCORPORATED

15

Other Topics

要修
正■ Launching the Industry‘s First VHF/UHF/SHF Multi-bander "IC-905”
This is a new product that challenged Icom‘s engineers developmentof new technology, and as a top amateur radio manufacturer, we
are always aiming to attract new users by proposing new, enjoyable and stimulating demand for our products.
This is the first product of its kind in the amateur radio industry, amass-produced product for the SHF frequency band. Operation in thegigahertz band requires extreme frequency stability.
This product achieves this by using the GPS (GNSS) signal as thereference system.
SHF frequency bands will be used by amateur radio operators aroundthe world in the future, which will have a positive impact on theallocation of frequency resources for amateur use.

©2023

ICOM INCORPORATED

16

2. Future Outlook©2023

ICOM INCORPORATED⚫

FY March 2024 Earnings Forecast⚫

FY March 2024 Dividend Forecast

17FY March 2024 Earnings Forecast
FY March 2024 Consolidated Earnings Forecast

36,200 Million Yen

3,030 Million Yen
Net Income Attributable to Owners of the Parent 2,910 Million Yen

SalesInvestment Plan

Depreciation & Amortization

R&D Expense

2,265 Million Yen

1,249 Million Yen

3,856 Million Yen

847 Million Yen

855 Million Yen

3,862 Million Yen

34,1732,850
28,277
2,574

36,200
3,030
2,910

1,093
FY March 2022

Sales (Million Yen)
©2023

FY March 2023

Operating Profit (Million Yen)

ICOM INCORPORATED

Operating Profit Ratio

Capital InvestmentFY March 2023 Results

1,058

8.4%
Net Income Ratio 8.0%

Operating Profit

FY March 2024

Net Income (Million Yen)

⚫ Assumed Exchange Rate
Exchange RateFY March 2024
Full Year Assumption

FY March 2023
Actual Results

USD

137.00 Yen

134.29 Yen

EURO

148.00 Yen

139.96 Yen

Note: Revised from the May 11, 2023 announcement (USD: 128 yen, EURO:138 yen), based on the assumption that the actual results will remain at thesame level as the first half of the current fiscal year (cumulative).

18

FY March 2024 Dividend Forecast
Mid-term

End of Year

Full YearDividend Payout Ratio

FY March 2022 Result

25 Yen25 Yen50 Yen65.6%

FY March 2023 Result

25 Yen47 Yen72 Yen40.1%

FY March 2024 Plan

25 Yen57 Yen82 Yen40.0%* Dividend Reduction Planned
However, in accordance with our shareholder return policy, we will continue to pay a minimum annual dividend of 50 yen per shareor a consolidated dividend payout ratio of 40%, whichever is higher. If the Company achieves higher-than-expected profits, it willconsider further shareholder returns as appropriate.
82Annual■EoY■Interim（Yen）

7250475725©2023

ICOM INCORPORATED

252525FY March 2022 Result

FY March 2023 Result

FY March 2024 Plan19

●Icom Incorporated, Icom and the ICOM logo are registered trademarks of Icom Incorporated.
●All other company names and/or product names are trademarks and/or registered trademarks of their respective owners.
There are statements contained in this document that are deemed forward-looking statements regarding future business outlook ofthe Company. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actualresults to differ materially. These statements are made as of the date of publication of this document, and the Company assumes noobligation to update or release forward-looking statements in the event that subsequent changes in economic or market conditions affect
the Company's performance.
Risks and uncertainties that could affect actual results include, but are not limited to;（1）Economic conditions in major markets (e.g., Japan, the Americas, Europe, and Asia) and sudden changes in product supply and demand.
（2）Change in trade regulations, laws, and regulations in domestic and major overseas markets.
（3）Significant fluctuations in the exchange rate of the U.S. dollar, euro, or other currencies against the yen.
（4）Significant market fluctuations in capital markets.
（5）Changes in social infrastructure due to rapid technological change, etc.
However, there may also be other factors than the above that may affect business performance.

Contact:
Icom Incorporated
Office of the CEO
Tel: +81 (0)6-6793-5301

Email: BMD＠icom.co.jp
URL:https://www.icomjapan.com/