P.25 Medium-Term Management Plan 2026

25 01. Value Creation Stories for the Future

Medium-Term Management Plan 2026: ❷ Business portfolio transformation Targeting ROE of approx. 13% in FY2026

Expect ¥1.1 trillion in cash in from asset replacement over three years; new investments expected to contribute approx. ¥91.0 billion to FY2026 profit

FY2024–2026: Revised plan FY2026 Plan FY2024–2025 Results

Cash In

FY2024–2025 Results Asset replacement

• Cross-shareholdings
• T-Gaia
• Midas (U.S. tire sales & marketing business)
• North American melon production and sales business
• Sekal AS and others p58 Cross Shareholdings

Cash Out

FY2024–2025 Results New investments in “Steady business growth” and “Value creation” (approx. ¥1.5 trillion) *2

• Investment in the manufacturing business for the foundation of offshore wind power generation
• Investment in Belgian construction and mining equipment distributor
• Investment in Net One Systems by SCSK
• Full acquisition of SCSK (tender offer portion), and others Including the acquisition of a U.S. aircraft leasing company and the squeeze-out of the remaining SCSK shares to complete full acquisition (both scheduled for FY2026), earnings contribution is expected to be approximately ¥91.0 billion*3 in FY2026.

*1 Cash flow earnings = [Gross profit + Selling, general and administrative expenses (excluding provision for doubtful receivables) + Interest expense, net of interest income + Dividends] × (1 – Tax rate) + Dividend from investments accounted for using the equity method (excluding dividends associated with asset replacement) + Depreciation + Lease liability payments *2 FY2024–2025 results: The difference from approximately ¥1.9 trillion is attributable to investments in sustaining CAPEX, Restructuring/Nurture *3 Excludes earnings contribution from properties and interest expense on investments

Accelerating business portfolio transformation (SHIFT 2023 vs. Medium-Term Management Plan 2026)

New investments

• SHIFT2023 result ¥1.2 trillion
• Medium-Term Management Plan 2026 (revised) ¥3.0 trillion

Asset replacement

• SHIFT2023 result ¥0.6 trillion
• Medium-Term Management Plan 2026 (revised) ¥1.1 trillion