Dialog with Shareholders and investors

Policy for Promoting Constructive Dialog with Shareholders and Investors

Through two-way communication with shareholders and investors, the company strives to ensure that information concerning our management condition and operating policies is conveyed accurately and in a timely manner, and that corporate value is maximized.
We strive to promote constructive dialogue by responding sincerely to shareholder queries made at the General Meeting of Shareholders or directed to our website. Such responses are made under the supervision of the Board of Directors members responsible for the Administration Division and the Public Relations Office respectively. We also ensure that both departments collaborate closely with relevant departments (such as the Corporate Planning Division, the Accounting Division, and the Legal Office) as required.
We also value opportunities for direct dialogue with institutional investors, holding a wide range of meetings, including financial results briefings and international IR meetings with senior management presence (the President, Board of Directors, etc.). We report the results of such meetings to the Board of Directors regularly, provide feedback to management, and strive to enhance management efficiency and transparency.

Status of Dialogue with Shareholders and investors
IR Activities		No. of participants
IR Activities		FY2023	FY2024	FY2025
Financial results briefings	Full-year	34	41	51
Financial results briefings	Interim	28	51	51
IR meetings（total）		104	213	191

Principal dialogue themes and shareholder/investor concerns
Management strategy, growth potential	Economic outlook, market environment Medium- to long-term direction Target profit levels M&A outlook Growth investment (capital and human capital investment)
Construction Related Business	Domestic construction demand Current situation by region Rental pricing trends Sales environment for used construction equipment
Financial and capital policies	Cost of capital, PBR, ROE Stance on shareholder returns Equity Ratio
Governance, other	Carbon-neutral efforts Employee engagement, diversity promotion Affiliated company trends

Actions taken in response to dialogue

・Enhancement of IR presentations
・With respect to enhancing PBR, disclosure of awareness of challenges and measures taken in response
・Disclosure of cash allocation policy
・Disclosure of corporate governance-related information
・Disclosure of skill selection reasons for Board of Directors skills matrix
etc.