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To Shareholders and Investors,

Firstly, I want to extend our heartfelt gratitude to all of our shareholders.
With regard to the results of the consolidated fiscal year ended March 31, 2025, net sales amounted to ¥339.005 billion (an increase of 4.4% compared to the previous fiscal year).
Factors of the increase in net sales include the fact that there was an increase in the selling prices of construction materials, and sales were strong in ODA (Official Development Assistance) business, the spice business, and the educational information market (schools). Also, there was a temporary surge in demand related to POS systems for accommodating the new banknotes in Japan.
Operating income amounted to ¥31.508 billion (an increase of 21.5% compared to the previous fiscal year).
Factors contributing to the increase include the fact that (1) there was progress in passing on the rising costs of construction materials, (2) there was strong performance in large-scale renovations of high-rise condominiums in the gondola business, (3) there was a significant increase in sales in the ODA business, along with improved profit margins through selection and concentration, and (4) there were strong sales in the spice business.
Factors contributing to decreases include the fact that (1) there was intensified price competition at gas stations, and (2) there was a decline in profits in the fuel wholesale business and gasket business due to lower sales volumes.
With regard to non-operating income and expenses, our ordinary income was ¥33.621 billion (an increase of 13.1% compared to the previous fiscal year) due to a decline in foreign exchange gains.
As a result, the profit attributable to owners of parent amounted to ¥19.022 billion (an increase of 4.7% compared to the previous fiscal year).
Return on invested capital (ROIC; calculated as net income of \19.0 billion divided by invested capital (IC) of \72.0 billion) was 26 percent. In contrast, the average annual growth rate of IC (capital used in business operations: \72.0 billion, calculated as net assets plus interest-bearing debt minus cash and deposits) was only up by 0.6 percent over the past ten years. This suggests that our businesses face greater challenges in terms of growth than efficiency.
In response to the challenge of achieving sustainable growth, we are working to visualize our businesses and continuously implement a PDCA cycle. Although these are difficult initiatives, we remain committed to firmly establishing the initiatives and will continue our efforts with persistence and determination. Furthermore, we will support the growth of newly acquired businesses by conducting the same activities.
Our overseas business accounted for 13% of total invested capital (\72.0 billion). Together with our domestic operations, we will continue to strengthen our overseas businesses, which generate foreign currency earnings. We will also work to increase our share overseas.
The year-end dividend for the fiscal year under review is \33. Combined with the interim dividend of \33 per share, the annual dividend is \66 per share. Compared to the annual dividend of ¥55 in the previous period, the dividend is up ¥11.
We look forward to the coming year and your continuing support.
IC:Invested Capital
ROIC:Return on Invested Capital
PDCA:Plan Do Check Action
June, 2025
CEO/President, Akira Mitani
