This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. February 6, 2024
Mitsubishi Logisnext Co., Ltd. Tokyo Stock Exchange 7105 Securities code: URL: https://www.logisnext.com/en/ Representative: Yuichi Mano, Representative Director and President Inquiries: Hiroki Mochizuki, Division Head, General Manager, Corporate Finance and Accounting Division, Corporate Finance and Accounting Headquarters Telephone: +81-75-951-7171 Scheduled date to file quarterly securities report: February 13, 2024 Scheduled date to commence dividend payments: Preparation of supplementary material on quarterly financial results:  None Holding of quarterly financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2023 (April 1, 2023 to December 31, 2023)
For the nine months ended December 31, 2023: ¥43,641 million [186.1%] For the nine months ended December 31, 2022: ¥15,254 million [52.1%] Mitsubishi Logisnext Co., Ltd. (the "Company") uses operating profit before amortization of goodwill as a key management indicator. At the end of the fiscal year ended March 31, 2023, the Company finalized the provisional accounting treatment for Note: the business combination, and the figures for the nine months ended December 31, 2022 reflect the details of the finalization of the provisional accounting treatment.
Regarding revisions to the forecast of cash dividends, please refer to the "Notice Concerning Revisions to Full-Year Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 and Revisions to the Forecasts of Cash Dividends" (in Japanese only) announced today (February 6, 2024).
3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (April 1, 2023 to March
31, 2024)

Revisions to the earnings forecasts most recently announced: Yes Note: Regarding revisions to the consolidated earnings forecasts, please refer to the "Notice Concerning Revisions to Full- Year Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 and Revisions to the Forecasts of Cash Dividends" (in Japanese only) announced today (February 6, 2024). Operating profit before amortization of goodwill ¥55,000 million  [120.0%] Reference:
*  Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): Yes Excluded: 1 company (Mitsubishi Logisnext Americas (Marengo) Inc.) (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement Changes in accounting policies due to revisions to accounting standards and other regulations: (i) None Changes in accounting policies due to other reasons: None (11) (iii)  Changes in accounting estimates: None (iv)  Restatement: None (4) Number of issued shares (common stock)
(iii)  Average number of shares outstanding during the period (cumulative from the beginning of the
*  Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
*  Proper use of earnings forecasts, and other special matters
Caution regarding forward-looking statements
The forward-looking statements, including the financial forecasts shown in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may differ materially from these forecasts due to various factors. For matters related to the earnings forecasts, please see "1. Qualitative information regarding financial results for the first nine months, (3) Explanation of consolidated earnings forecasts and other forward-looking statements" on page 4 of the attached material.
Attached Material

1. Qualitative information regarding financial results for the first nine months
(1) Explanation of operating results
The global economy in the nine months ended December 31, 2023 has seen price levels remain high despite a slowdown in inflation and central banks in various countries maintaining their monetary tightening measures, but is beginning to shift to a phase in which interest rates are expected to be lowered. In addition, Russia's prolonged aggression in Ukraine has continued for two years and military clashes between Israel and Hamas have erupted, leaving the global economy in an uncertain situation, with slowing and stagnant growth. Although the increase in transport costs caused by the rapid recovery phase out of the COVID-19 pandemic has subsided since the beginning of the period under review, inflation is driving not only higher labor costs but also higher costs in a wide range of areas including fuel and components. In Japan and overseas, this is having a growing impact. Against this backdrop, the domestic market for forklifts and other material handling equipment remained firm at pre-COVID-19 levels. Overseas, though temporary special demand following COVID-19 has leveled off in the Americas, the market has remained firm based on stable logistics needs. On the other hand, despite the easing of inflationary pressures in Europe due in part to the weakening corporate attitude toward passing on prices, the economy has not yet recovered, and after shrinking following the post-COVID-19 rebound demand, the economy has stagnated. In Asia, as in the Americas, while special demand following COVID-19 has subsided, demand for material handling equipment remains firm. However, in China, despite a temporary recovery trend due to the lifting of the zero-COVID-19 policy, the economy has slowed due in part to the deterioration of the real estate market, and the future of the market for material handling equipment is a concern. At the Company, the major challenge of longer lead times due to delays in the supply of various components is gradually abating but high costs persist. Despite these circumstances, the Group as a whole secured sufficient orders. In addition, the Group worked on accelerating shipments by achieving production improvements through the elimination of the components shortages in Japan and overseas. As a result, the effects of price optimization have effectively expanded, and the economic impact of the yen depreciation has acted as a tailwind so far. However, as high levels of inflation continue amid concerns about the future appreciation of the yen, aggression in Ukraine and deteriorating conditions in the Middle East remain unresolved, and the outlook for the global economy, which is becoming increasingly uncertain, remains unclear and unpredictable. Under these circumstances, net sales for the period under review totaled ¥520,955 million (up 18.1% year on year). Shipments greatly exceeded those of the previous fiscal year, mainly in the Americas, due to production streamlining, and this, together with the effect of price optimization, contributed to an increase in net sales. Consequently, operating profit was ¥35,972 million (up 384.1% year on year), ordinary profit was ¥32,848 million (up 441.3% year on year), and, with the decrease in tax expenses due to the reversal of valuation allowance, profit attributable to owners of parent was ¥24,589 million (up 790.2% year on year). Operating profit before amortization of goodwill was ¥43,641 million (up 186.1% year on year), and the operating profit margin was 8.4% (up 4.9 percentage points year on year).
Operating results by segment are as follows.
Japan
Net sales in Japan were ¥141,525 million (up 11.3% year on year) as orders remained steady, components shortages have been abating, and the effects of price optimization are also starting to contribute. Segment profit was ¥5,789 million (compared to a loss of ¥270 million in the same period of the previous fiscal year) due to the increase in net sales, the settling of increase in marine transportation costs and the impact of yen depreciation in the export business despite the persistent high-cost environment.
Segment profit before amortization of goodwill was ¥9,420 million (up 181.0% year on year).
Overseas
Net sales in Overseas were ¥379,429 million (up 20.9% year on year) due to the expanded effects of price optimization in line with an increase in units sold in the Americas, and the tailwind from the economic impact of yen depreciation. Segment profit was ¥30,182 million (up 291.9% year on year) due largely to the increase in net sales. Segment profit before amortization of goodwill was ¥34,221 million (up 187.5% year on year). Especially in the same period of the previous fiscal year in Overseas, price optimization in the first half of the period had not been able to cover the higher costs in the inflationary environment post-COVID- 19. Since then, the gradual elimination of components shortages has led to increased production, accelerated shipments, and net sales and segment profit in Overseas increased significantly.

(2)  Explanation of financial position
As of December 31, 2023, total assets were ¥509,936 million, an increase of ¥34,503 million from the end of the previous fiscal year. Current assets increased by ¥21,225 million due to the impact of yen depreciation and an increase in inventories. Non-current assets increased by ¥13,278 million due to the impact of yen depreciation and an increase in machinery, equipment and vehicles. Total liabilities were ¥403,871 million, an increase of ¥4,466 million from the end of the previous fiscal year, due to an increase in foreign exchange translated amounts mainly from the impact of yen depreciation. Net assets, excluding share acquisition rights and non-controlling interests, were ¥105,460 million, an increase of ¥30,004 million from the end of the previous fiscal year. The main factors were an increase in retained earnings from profit attributable to owners of parent and an increase in foreign currency translation adjustment.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
Regarding our consolidated earnings forecasts, based on our performance through the nine months ended December 31, 2023, we have revised our full-year earnings forecasts and our forecasts of cash dividends. For details, please refer to the "Notice Concerning Revisions to Full-Year Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 and Revisions to the Forecasts of Cash Dividends" (in Japanese only) announced today (February 6, 2024).

(2)  Quarterly consolidated statement of income and quarterly consolidated statement of
comprehensive income

(3) Notes to quarterly consolidated financial statements Notes on premise of going concern Not applicable. Notes on significant changes in the amount of shareholders' equity Not applicable.
Segment information
Nine months ended December 31, 2022 I. 1. Information on the amounts of net sales and profit or loss by reportable segment
Total segment profit (loss) is consistent with operating profit on the quarterly consolidated statement of 2. income. 3. The difference between segment profit (loss) and operating profit before amortization of goodwill, which the Company uses as a key management indicator, is depreciation and amortization of identifiable assets (valuation difference) and amortization of goodwill acquired on the date of business combination.
2. Information on impairment losses of non-current assets or goodwill, etc. by reportable segment There are no material matters to report.
II.   Nine months ended December 31, 2023
1. Information on the amounts of net sales and profit or loss by reportable segment
2. Total segment profit is consistent with operating profit on the quarterly consolidated statement of income. 3. The difference between segment profit and operating profit before amortization of goodwill, which the Company uses as a key management indicator, is depreciation and amortization of identifiable assets (valuation difference) and amortization of goodwill acquired on the date of business combination.
2. Information on impairment losses of non-current assets or goodwill, etc. by reportable segment There are no material matters to report.
3. Other
1. Financial highlights

2. Segment information

Fiscal year ended March 31, 2023
Fiscal year ending March 31, 2024
* Operating profit represents operating profit before amortization of goodwill
Fiscal year ended March 31, 2023

3. Units sold of forklifts