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Business Results for FY2024 (April 1, 2024 – March 31, 2025) Komatsu Ltd. Participants April 28, 2025 Takuya Imayoshi Takeshi Horikoshi Kiyoshi Hishinuma President and Representative Director CEO Representative Director Senior Executive Officer CFO Executive Officer GM, Business Coordination Department
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2 Contents : Highlights, Segment Sales and Profits for FY2024 : Construction, Mining & Utility Equipment: Results for FY2024 : Retail Finance: Results for FY2024 : Industrial Machinery & Others: Segment Sales and Profit for FY2024 : Consolidated Balance Sheet and Free Cash Flows (FCF) : Review of Previous Mid-term Management Plan (FY2022 - FY2024) Ⅰ. Business Results for FY2024 <PP3-11> Ⅱ. Projection for FY2025 Business Results <PP12-33> PP13-14 P15 P16 PP17-18 P19 P20 PP21-25 PP26-28 P29 P30 PP4-5 PP6-7 P8 P9 P10 P11 : Projection for FY2025 ending March 31, 2026: Outline, Segment Sales and Profits : Structure of Komatsu’s Construction and Mining Business in the U.S. : Impact of Additional U.S. Tariffs Factored into Projection for FY2025 : Construction, Mining & Utility Equipment: Projection for Segment Sales and Profit for FY2025 : Retail Finance: Projection for FY2025 : Industrial Machinery & Others: Projection for Segment Sales and Profit for FY2025 : Construction, Mining & Utility Equipment: Demand for Seven Major Products (Global & Regional) : Construction, Mining & Utility Equipment: Mining (Price Trends, Demand, Projected Sales) : Construction, Mining & Utility Equipment: Projection for Sales of Equipment, Parts, and Service, etc. : Projection for Capital Expenditures, Depreciation, R&D Expenses and Fixed Costs Ⅲ. Strategic Growth Plan <PP34-51> PP35-51 : Strategic Growth Plan (FY2025 - FY2027)
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3 Ⅰ. Business Results for FY2024
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4 Changes (B-A) Billions of yen Change % Increase (Decrease) +6.2% +239.34,104.43,865.1Net sales +9.6% +57.9663.5605.7Segment profit -(7.9)(6.4)1.5Other operating income (Expenses) +8.2% +49.9657.1607.2Operating income -+0.3 pts.16.0%15.7%Income ratio -(20.8)(52.3)(31.5)Other income (Expenses) +5.1% +29.2604.8575.7Income before income taxes +11.7% +46.2439.6393.4Net income attributable to Komatsu Ltd. FY2023 Results (A) ¥144.3=USD1 ¥156.0=EUR1 ¥94.7=AUD1 +0.1 pt.14.2%14.1%ROE (0.02) pts.0.240.26Net D/E ratio +23 Yen190 Yen167 YenCash dividends per share 40.1%40.1%Consolidated payout ratio FY2024 Results (B) ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 ・Net sales increased by 6.2% from FY2023, to JPY4,104.4 billion. ・Operating income increased by 8.2% to JPY657.1 billion. Operating income ratio was 16.0%, up 0.3 points. ・Net income attributable to Komatsu Ltd. increased by 11.7% to JPY439.6 billion. Highlights of Business Results for FY2024
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5 Changes (B-A)FY2024 Results (B) FY2023 Results (A)Billions of yen Change % Increase (Decrease) +6.2% +239.34,104.43,865.1Net sales +5.1% [+5.5%]+183.1[+196.1]3,798.2[3,787.5]3,615.2[3,591.4]Construction, Mining & Utility Equipment +19.0% [+18.9%]+19.7[+15.3]123.2[96.2]103.5[80.9]Retail Finance +14.3% [+14.4%]+28.0[+27.9]223.6[220.7]195.6[192.8]Industrial Machinery & Others -+8.6(40.7)(49.2)Elimination +9.6% +57.9663.5605.7Segment profit +4.3% +24.9598.9574.0Construction, Mining & Utility Equipment +21.4% +5.229.424.2Retail Finance +166.5% +17.127.410.3Industrial Machinery & Others -+10.77.8(2.8)Corporate & elimination +0.5 pts. (0.1) pt. +0.5 pts. +7.0 pts. 15.7% 15.9% 23.4% 5.3% ・Construction, Mining & Utility Equipment: Sales increased by 5.1% from FY2023, to JPY3,798.2 billion. Segment profit increased by 4.3% to JPY598.9 billion. ・Retail Finance: Sales increased by 19.0% from FY2023, to JPY123.2 billion. Segment profit advanced by 21.4% to JPY29.4 billion. ・Industrial Machinery & Others: Sales increased by 14.3% from FY2023, to JPY223.6 billion. Segment profit increased approximately 2.7 times to JPY27.4 billion. % : Profit ratio [ ]: Sales after elimination of inter-segment transactionsReview of three business segments: ■ Construction, Mining & Utility Equipment: Sales increased, as the positive effects of the Japanese yen’s depreciation and improved selling prices outweighed the negative effects of decreased volume of sales. Segment profit increased, as the positive effects of the Japanese yen’s depreciation and improved selling prices outweighed the negative effects of decreased volume of sales and increased production costs and fixed costs. ■ Retail Finance: Both sales and segment profit increased, mainly due to a rise in the interest income ratio, and the positive effects of the Japanese yen’s depreciation and an increase of financing receivable. 16.2% 15.8% 23.9% 12.3% Segment Sales and Profits for FY2024 ■ Industrial Machinery & Others: Both sales and segment profit increased, mainly due to increased sales of large press machines and machine tools concerning presses, sheet-metal machines and machine tools for the automobile manufacturing industry and due to a recovery in maintenance revenues of the Excimer lasers with respect to the business with the semiconductor manufacturing industry.
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6 ※Excl. foreign exchange effects TotalJapan Oceania, Asia and CIS Europe, Africa and Middle EastThe Americas Billions of yen CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatin America North America 3,591.4340.266.770.2439.4369.3117.6219.6314.7660.7992.9FY2023 (a) 3,787.5329.661.580.2501.3458.7114.6221.1310.4683.61,026.4FY2024 (b) +196.1(10.6)(5.2)+10.0+61.9+89.4(3.0)+1.6(4.3)+22.9+33.5Changes (b-a) +21.6(10.6)(5.8)+5.9+39.7+68.0(8.3)(12.0)(17.5)(14.5)(23.2)Changes (b-a) ※ +89.4 [+24.2%] +1.6 [+0.7%] +33.5 [+3.4%] Included effects of Foreign exchange rates: +174.5 billions of yen +196.1 [+5.5%] FY2024 vs. FY2023 3,787.5 FY2024 Plus Minus Billions of yen 3,591.4 FY2023 +22.9 [+3.5%] +61.9 [+14.1%] +10.0 [+14.2%] (4.3) [(1.4)%] (3.0) [(2.5)%] (10.6) [(3.1)%] (5.2) [(7.7)%] North America 28% North America 27% Latin America 18% Latin America 18% Europe 9% Europe 8% Africa 6% Africa 6% Middle East 3% Middle East 3% Oceania 10% Oceania 12% Asia 12% Asia 13%China 2% China 2% CIS 2% CIS 2%Japan 9% Japan 9% 3,591.4 3,787.5 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY2023 FY2024 Billions of yen Construction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for FY2024 ・Sales to outside customers increased by 5.5% from FY2023, to JPY3,787.5 billion. ・In real terms excluding the effects of foreign exchange rates, sales increased mainly in Oceania and Asia, but decreased in North America, Latin America, Africa, etc.
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7 FY2024 ・Sales increased by JPY183.1 billion from FY2023, due to the positive effects of the Japanese yen’s depreciation and improved selling prices outweighed the negative effects of decreased volume of sales. ・Segment profit increased by JPY24.9 billion from FY2023, as the positive effects of the Japanese yen’s depreciation and improved selling prices outweighed the negative effects of decreased volume of sales and increased costs. ・Segment profit ratio was 15.8%, down 0.1 point from FY2023. Construction, Mining & Utility Equipment: Causes of Difference in Sales and Segment Profit for FY2024 3,615.2 3,798.2 3,000 3,200 3,400 3,600 3,800 4,000 Segment profit FY2023 vs. FY2024 Sales FY2023 vs. FY2024 Foreign exchange rates +176.5 Volume (93.7) Selling prices +88.8 Newly consolidated +11.5 Billions of yen Positive factor Negative factor ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 ¥144.3=USD1 ¥156.0=EUR1 ¥94.7=AUD1 FY2023 +183.1 billion yen 574.0 598.9 300 400 500 600 700 Segment profit ratio15.9％ 15.8％ Foreign exchange rates +48.0 Production costs (20.3) Volume, Product mix, etc. (49.7) Fixed costs (41.4) Newly consolidated (0.4) Selling prices +88.8 Billions of yen Positive factor Negative factor FY2023 FY2024 +24.9 billion yen
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8 ・Assets increased by JPY48.6 billion from the previous fiscal year-end, mainly due to an increase in new contracts. ・New contracts increased by JPY93.2 billion from FY2023, as mainly affected by Japanese yen’s depreciation. ・Both sales and segment profit increased by JPY19.7 billion and JPY5.2 billion from FY2023, respectively, mainly due to a rise in the interest income ratio, the positive effects of the Japanese yen’s depreciation and an increase of financing receivable. 1,035.8 1,082.5 4.24 4.51 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 0 200 400 600 800 1,000 1,200 1,400 1,600 Interest-bearing debt Net D/E ratio 0 200 400 600 800 1,000 1,200 1,400 1,600 North America Latin America Europe Africa Oceania Japan Others Mar.31, 2024 Mar.31, 2025 1,379.61,331.0 New Contracts FY2023 vs. FY2024 Revenues FY2023 vs. FY2024 Assets Mar.31, 2024 vs. Mar.31, 2025 Interest-bearing Debt Mar.31, 2024 vs. Mar.31, 2025 Mar.31, 2024 Mar.31, 2025 (Interest-bearing debt, net)) （1,016.0） （1,074.0） Billions of yen Billions of yen Retail Finance: Results for FY2024 0 200 400 600 800 1,000 1,200 1,400 1,600 North America Latin America Europe Africa Oceania Japan Others FY2023 1,021.9 1,115.1 Billions of yen FY2024 ¥151.4=USD1 ¥163.4=EUR1 ¥99.0=AUD1 ¥149.5=USD1 ¥162.1=EUR1 ¥94.0=AUD1 ¥151.4=USD1 ¥163.4=EUR1 ¥99.0=AUD1 ¥149.5=USD1 ¥162.1=EUR1 ¥94.0=AUD1 ¥144.3=USD1 ¥156.0=EUR1 ¥94.7=AUD1 ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 ¥144.3=USD1 ¥156.0=EUR1 ¥94.7=AUD1 ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 FY2023 FY2024 103.5 123.2 24.2 29.4 0 20 40 60 80 100 120 140 160 180 Sales Segment profit FY2024FY2023 2.2%2.0%ROA Billions of yen
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9 10.3 27.4 5.3% 12.3% -10 -5 0 5 10 15 0 10 20 30 40 50 FY2023 FY2024 （%）:Segment profit ratioChanges FY2024FY2023Billions of yen Change % Increase (Decrease) +14.9%+7.457.450.0Komatsu Industries Corp. +14.3%+6.047.941.9Komatsu NTC Ltd. +7.6%+4.259.855.6Gigaphoton Inc. +21.5%+10.458.548.1Others +14.3%+28.0223.6195.6Total 195.6 223.6 0 50 100 150 200 250 FY2023 FY2024 Sales FY2023 vs. FY2024 Segment profit FY2023 vs. FY2024 Breakdown of sales Billions of yen Billions of yen ・Sales increased by 14.3% from FY2023, to JPY223.6 billion. Segment profit increased approximately 2.7 times to JPY27.4 billion. ・Both sales and segment profit increased, mainly due to increased sales of large press machines and machine tools concerning presses, sheet-metal machines and machine tools for the automobile manufacturing industry and due to a recovery in maintenance revenues of the Excimer lasers with respect to the business with the semiconductor manufacturing industry. ・Segment profit ratio was 12.3%. Industrial Machinery & Others: Segment Sales and Profit for FY2024
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10 ・Total assets increased by JPY136.9 billion from the previous fiscal year-end, to JPY5,773.5 billion. Inventories decreased by JPY32.0 billion from the previous fiscal year-end, to JPY1,406.7 billion. ・Komatsu Ltd. shareholders’ equity ratio was 55.0%, up 1.2 points. ・FCF increased by JPY76.1 billion from FY2023, to JPY306.5 billion. Increase (Decrease) Mar. 31, 2025Mar. 31, 2024 Billions of yen (17.6)385.6403.2Cash & deposits (incl. time deposits) [a] +130.72,082.51,951.8Accounts receivable (incl. long-term trade receivables) (32.0)1,406.71,438.7Inventories +6.2914.3908.1Tangible fixed assets +49.6984.5934.9Other assets +136.95,773.55,636.7Total assets +14.6334.9320.3Accounts payable (48.8)1,150.61,199.4Interest-bearing debt [b] +24.6943.1918.5Other liabilities (9.5)2,428.72,438.2Total liabilities [+1.2 pts.][55.0%][53.8%][Shareholders’ equity ratio] +139.83,173.43,033.6Komatsu Ltd. shareholders’ equity +6.6171.5164.9Non-controlling interests +136.95,773.55,636.7Liabilities & Equity (31.2)765.0796.2Interest-bearing debt, net [b-a] 0.26 :Net D/E ratio ¥149.5=USD1 ¥162.1=EUR1 ¥94.0=AUD1 ¥151.4=USD1 ¥163.4=EUR1 ¥99.0=AUD1 Consolidated Balance Sheet and Free Cash Flows (FCF) Net D/E ratio (excl. the retail finance) Consolidated Balance Sheet 0.24 (0.08) (0.11) Increase (Decrease)FY2024FY2023Billions of yen +82.4517.1434.8Operating cash flow (6.3)(210.7)(204.4)Investing cash flow +76.1306.5230.4FCF FCF 206.5 434.8 517.1 (169.5) (204.4) (210.7) 37.0 230.4 306.5 FY2022 FY2023 FY2024 Operating cash flow Investing cash flow FCF
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11 ※ ※ ※ ＜Status of Achievements made in Management targets of the previous Mid-term management plan ＞ FY2024 ResultsIndexTargets 6.2% (Avg. for FY2022 to FY2024: 13.6%)Sales growth rate・Growth rate above the industry’s averageGrowth 16.0% (Avg. for FY2022 to FY2024: 15.2%)Operating income ratio・An industry’s top-level operating income ratioProfitability 14.2%ROE・ROE of 10% or higherEfficiency 0.24Net debt-to-equity ratio・Industry’s top-level financial position.Financial position 40.1% (FY2022: 40.3%, FY2023: 40.1%)Dividend payout ratio ・Keep a fair balance between investment for growth and shareholder return (incl. stock buyback), while placing main priority on investment. ・Set the goal of a consolidated payout ratio of 40% or higher. Shareholder return ※(23)% Reduction of environmental impact Reduction of CO2 emissions from product use・Reduction of environmental impact: CO2 emissions: Decrease by 50% in 2030 from 2010. Renewal energy use: Increase to 50% of total energy use in 2030. ESG ※(53)%Reduction of CO2 emissions from production ※31%Rate of renewable energy use DJBICI: Selected Evaluation by external organizations Selected for DJBICI (World & Asia Pacific) ・Evaluation by external organizations CDP Score climate change: A water security: ACDP A-list (Climate Changes and Water Security) 2.2% (FY2022: 2.6%, FY2023: 2.0%)ROA・ROA: 1.5-2.0% Retail Finance 4.51Net debt-to-equity ratio・5.0 or under for net debt-to-equity ratio Review of Previous Mid-term Management Plan (FY2022 - FY2024): Annual business results and Achievements of the Management targets ※ Outlook for results of FY2024 Operating Income （Billions of yen） Sales （Billions of yen） 15314413511210610911111110912111010083798593101 ・Sales, operating income and operating income ratio have reached record highs in FY2024 thanks to improved sales prices, the positive effects of foreign exchange rates, and the results of growth strategies and structural reforms. Management targets are largely achieved. 2,021.7 1,431.6 1,843.1 1,981.8 1,885.0 1,953.7 1,978.7 1,855.0 1,803.0 2,501.1 2,725.2 2,444.9 2,189.5 2,802.3 3,543.5 3,865.1 4,104.4 151.9 67.0 222.9 256.3 211.6 240.5 242.1 208.6 174.1 268.5 397.8 250.7 167.3 317.0 490.7 607.2 657.1 -150 0 150 300 450 600 750 900 1,050 1,200 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Operating income Operating income ratio 7.5% 4.7% 12.1% 12.9% 11.2% 12.3% 12.2% 11.2% 9.7% 10.7% 14.6% 10.3% 7.6% 11.3% 13.8% 15.7% 16.0% Exchange rates （USD/JPY）
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12 Ⅱ. Projection for FY2025 Business Results
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13 FY2025 Projection (B) ¥●=USD1 ¥●=EUR1 ¥●=AUD1 ¥●=USD1 ¥●=EUR1 ¥●=AUD1 ※ ・Net sales will decrease by 8.8% to JPY 3,745.0 billion from FY2024. ・Operating income will decrease by 27.3% to JPY478.0 billion. Operating income ratio will amount to 12.8%, down 3.2 points. ・Net income will decrease by 29.7% to JPY309.0 billion. (4.2) pts.※10.0%14.2%ROE +/-0 Yen190 Yen190 YenCash dividends per share ※56.7%40.1%Consolidated payout ratio Changes (B-A) Billions of yen Change % Increase (Decrease) (8.8)% (359.4)3,745.04,104.4Net sales (27.2)% (180.5)483.0663.5Segment profit -+1.4(5.0)(6.4)Other operating income (Expenses) (27.3)% (179.1)478.0657.1Operating income -(3.2) pts.12.8%16.0%Income ratio -+16.3(36.0)(52.3)Other income (Expenses) (26.9)% (162.8)442.0604.8Income before income taxes (29.7)% (130.6)309.0439.6Net income attributable to Komatsu Ltd. FY2024 Results (A) ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 FY2025 Projection (B) ¥135.0=USD1 ¥150.0=EUR1 ¥84.0=AUD1 Outline of Projection for FY2025 Foreign exchange sensitivity to net sales and operating income (change of JPY1/year) Operating incomeNet salesBillions of yen 4.315.0USD 0.52.6EUR 0.34.0AUD※Excl. share buyback effects
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14 ・Construction, Mining & Utility Equipment: Sales will decrease by 9.4% from FY2024, to JPY3,440.0 billion. Segment profit will decrease by 28.5% to JPY428.0 billion. ・Retail Finance: Sales will decrease by 12.8% to JPY107.5 billion. Segment profit will decrease by 18.4% to JPY24.0 billion. ・Industrial Machinery & Others: Sales will increase by 3.5% to JPY231.5 billion. Segment profit will increase by 13.2% to JPY31.0 billion. Projection for Segment Sales and Profits for FY2025 Changes (B-A)FY2025 Projection (B) FY2024 Results (A)Billions of yen Change % Increase (Decrease) (8.8)% (359.4)3,745.04,104.4Net sales (9.4)% [(9.4)%](358.2)[(357.5)]3,440.0[3,430.0]3,798.2[3,787.5]Construction, Mining & Utility Equipment (12.8)% [(12.2)%](15.7)[(11.7)]107.5[84.5]123.2[96.2]Retail Finance +3.5% [+4.4%]+7.9[+9.9]231.5[230.6]223.6[220.7]Industrial Machinery & Others -+6.7(34.0)(40.7)Elimination (27.2)% (180.5)483.0663.5Segment profit (28.5)% (170.9)428.0598.9Construction, Mining & Utility Equipment (18.4)% (5.4)24.029.4Retail Finance +13.2% +3.631.027.4Industrial Machinery & Others -(7.8)07.8Corporate & elimination (3.3) pts. (3.4) pts. (1.6) pts. +1.1 pts. 16.2% 15.8% 23.9% 12.3% % : Profit ratio [ ]: Sales after elimination of inter-segment transactionsReview of three business segments: ■ Construction, Mining & Utility Equipment: Sales will decrease, as the negative effects of Japanese yen’s appreciation and U.S. tariffs, etc. despite the positive effects of an increase of volume of sales and improved selling prices. Segment profit will decrease, as the negative impact of Japanese yen’s appreciation and an increase in costs of U.S. tariffs, etc. despite the positive effects of improved selling prices. ■ Retail Finance: Both sales and segment profit will decrease, mainly due to Japanese yen’s appreciation. ■ Industrial Machinery & Others: Concerning presses, sheet-metal machines and machine tools for the automobile manufacturing industry, sales will increase due to increased sales of large press machines and services. With respect to the business with the semiconductor manufacturing industry, both sales and segment profit will increase due to an increase of sales, primarily in maintenance, with a market recovery. 12.9% 12.4% 22.3% 13.4%
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15 Ratio of total import [Image of import to the U.S., local production and procurement structure] Approx. 50% [Import of finished products (equipment and parts)] Mainly CE Plants in Japan, Brazil, Thailand, etc. → U.S. subsidiaries → Mainly U.S. and Canadian distributors 100% imported from overseas Approx. 25% [Local production: CE] Mainly supply parts from various countries + U.S. procurement → U.S. subsidiaries → Mainly U.S. and Canadian distributors Approx. 25% [Local production: ME and parts] Mainly procured in the U.S. + parts from other countries → U.S. subsidiaries → Export to all over the world □ Export surplus of approx. 7,500MUSD in the past 10 years (~FY23) □ Continuous export surplus of approx. 1,000MUSD/year since the acquisition of Joy Global (now KMC) in 2017 Trade Balance (Export v.s. Import) □ Komatsu employs approx. 8,000 people, the distributors employ approx. 9,000 people, total 17,000 people (FY23) Employment □ Constant investment of 300MUSD/year, construction of KMC HQ and plant in Milwaukee in FY21 (photo: right) □ Acquired battery manufacturer American Battery Solutions, Inc. in FY23 (purchase price: approx. 37 billion yen)Capex and M&A Imported goods Mainly Europe, Canada, Latin America, China Made in the U.S. Imported goods Mainly Japan, China [Steel Prices SS400 equivalent (Komatsu’s survey)] Exchange rates are converted to yen at the rate of each month. NA EU BRA India JPN China ・ Approx. 50% of products sold in the U.S. are manufactured outside the U.S. and imported, mainly equipment and parts for construction. ・ The other 50% of products sold in the U.S. are manufactured locally. CE are mainly supplied to the U.S. and Canada, while ultra-large dump trucks for mining are manufactured exclusively in the U.S. and supplied worldwide. ・ Among locally manufactured products, CE has a high proportion of imported parts, while ME has a high proportion of U.S.-made parts. U.S. Outside the US （Canada, Australia, Chile, South Africa, Mexico, etc. ） KMC HQ and plant [Image of the composition of main destinations from the U.S. subsidiary] Structure of Komatsu’s Construction and Mining Business in the U.S. Made in the U.S.
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16 金額単位：億円 Impact of Additional U.S. Tariffs Factored into Projection for FY2025 ・The impact of additional U.S. tariffs factored into projection for FY2025 on sales and segment profit is as follows: Assumption: Tax rates based on the tariff policy announced by the US government as of April 24 (Japan time) will apply. ■Steel and aluminum China: +45%; Canada and Mexico: +50%; Others: +25% ■Other than steel and aluminum ※1 China: +145%; Canada and Mexico: +25%; Others: Tax rate for each country (however, a flat rate 10% is imposed for 90 days from April 9) ※1 The tax rate is basically the tariff rate for CE RemarksIncreased tariff costs Decline in demand(Billions of yen) ¥135.0=USD1 ProfitSalesAssumption ※2 Impact of increased tariff costs is (140.0) per year, which is calculated as (78.0) for FY2025 taking inventory into account (78.0) ※2 (15.0)(50.0) Estimating impact on demand based on a (1.1)% decline in nominal GDP growth rate due to tariff effects Construction, Mining & Utility Equipment -(0.3)(1.0) Incorporating a decrease in new initiatives corresponding to a decline in demand and sales of CE Retail Finance (0.5)(0.5)(1.0)Industrial Machinery & Others (78.5)(15.8)(52.0)Total
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17 Construction, Mining & Utility Equipment: Projection for Sales by Region (To Outside Customers) for FY2025 ※Excl. foreign exchange effects TotalJapan Oceania, Asia and CIS Europe, Africa and Middle EastThe Americas Billions of yen CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatin America North America 3,787.5329.661.580.2501.3458.7114.6221.1310.4683.61,026.4FY2024 (a) 3,430.0337.062.371.4432.6379.4108.0204.1287.0659.7888.4FY2025 (b) (Projection) (357.5)+7.4+0.8(8.8)(68.7)(79.4)(6.6)(17.0)(23.4)(23.9)(138.0)Changes (b-a) +54.5+7.4+2.3+1.9(11.0)(11.2)+2.4+6.3+14.5+62.3(20.5)Changes (b-a) ※ Included effects of Foreign exchange rates: (412.0) billions of yen (8.8) [(11.0)%] (357.5) [(9.4)%] FY2024 vs. FY2025 Plus Minus Billions of yen 3,430.0 FY2025 （Projection） (23.9) [(3.5)%] (138.0) [(13.4)%] (6.6) [(5.8)%] +0.8 [+1.3%] (23.4) [(7.5)%] (17.0) [(7.7)%] (79.4) [(17.3)%] +7.4 [+2.2%] 3,787.5 FY2024 (68.7) [(13.7)%] North America 27% North America 26% Latin America 18% Latin America 19% Europe 8% Europe 8% Africa 6% Africa 6% Middle East 3% Middle East 3% Oceania 12% Oceania 11% Asia 13% Asia 13% China 2% China 2% CIS 2% CIS 2% Japan 9% Japan 10% 3,787.5 3,430.0 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY2024 FY2025 (Projection) Billions of yen ・Sales to outside customers will decrease by 9.4% from FY2024, to JPY3,430.0 billion. ・Sales will decrease in almost all regions due to Japanese yen’s appreciation. Excluding the impact of foreign exchange fluctuations, sales will increase in real terms in the regions except in North America, Oceania and Asia, where there was a high volume of sales of mining equipment in FY2024.
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18 ・Sales will decrease by JPY358.2 billion from FY2024, as the negative effects of Japanese yen’s appreciation and a decrease of volume of sales despite the positive effects of improved selling prices. ・Segment profit will decrease by JPY170.9 billion from FY2024, as the negative effects of Japanese yen’s appreciation and an increase in costs of U.S. tariffs impact, etc. despite the positive effects of improved selling prices. ・Segment profit ratio will decrease to 12.4%, down 3.4 points from FY2024. Construction, Mining & Utility Equipment: Causes of Difference in Projected Sales & Segment Profit for FY2025 金額単位：億円 3,798,2 3,440.0 3,000 3,200 3,400 3,600 3,800 4,000 Segment profit FY2024 vs. FY2025 (Projection) Sales FY2024 vs. FY2025 (Projection) Segment profit ratio (358.2) billion yenFY2024 FY2025 （Projection） 15.8％ Foreign exchange rates (412.0) Volume (20.3) Selling prices +74.1 598.9 428.0 300 400 500 600 700 (170.9) billion yen Foreign exchange rates (133.0) Production costs (76.7) Volume, Product mix, etc. (4.3) Fixed costs (31.0) FY2024 ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 ¥135.0=USD1 ¥150.0=EUR1 ¥84.0=AUD1 Selling prices +74.1 Billions of yen Billions of yen Positive factor Negative factor Positive factor Negative factor 12.4％ FY2025 （Projection）
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19 ・Assets will decrease by JPY72.3 billion from the previous fiscal year-end, due to the Japanese yen’s appreciation despite a slight increase in real terms excluding foreign exchange rates. ・New contracts will decrease by JPY192.9 billion from FY2024, mainly due to the Japanese yen’s appreciation and the absence of large-scale projects like those seen in FY2024. ・Sales and segment profit will decrease by JPY15.7 billion and JPY 5.4 billion from FY2024, mainly due to the Japanese yen’s appreciation. Retail Finance: Projection for FY2025 New Contracts FY2024 vs. FY2025 (Projection) Revenues FY2024 vs. FY2025 (Projection) 123.2 107.5 29.4 24.0 0 20 40 60 80 100 120 140 160 180 Sales Segment profit FY2025 (Projection)FY2024 1.9%2.2%ROA 1,082.5 1,033.0 4.51 4.43 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Interest-bearing debt Net D/E ratio (Interest-bearing debt, net)) Billions of yen Billions of yen Mar.31, 2025 Mar.31, 2026 (Projection) FY2025 (Projection) FY2024 ¥149.5=USD1 ¥162.1=EUR1 ¥94.0=AUD1 ¥135.0=USD1 ¥150.0=EUR1 ¥84.0=AUD1 ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 ¥135.0=USD1 ¥150.0=EUR1 ¥84.0=AUD1 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 North America Latin America Europe Africa Oceania Japan Others Mar.31, 2025 1,307.3 1,379.6 Mar.31, 2026 (Projection) Assets Mar.31, 2025 vs. Mar.31, 2026 (Projection) （1,074.0） （1,024.0） 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 North America Latin America Europe Africa Oceania Japan Others 1,115.1 922.2 Billions of yen FY2024 FY2025 (Projection) ¥152.8=USD1 ¥163.5=EUR1 ¥99.5=AUD1 ¥135.0=USD1 ¥150.0=EUR1 ¥84.0=AUD1 Billions of yen ¥149.5=USD1 ¥162.1=EUR1 ¥94.0=AUD1 ¥135.0=USD1 ¥150.0=EUR1 ¥84.0=AUD1 Interest-bearing Debt Mar.31, 2025 vs. Mar.31, 2026 (Projection)
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20 ・Sales will increase by 3.5% from FY2024, to JPY231.5 billion, and segment profit will increase by 13.2% to JPY31.0 billion. ・Concerning presses, sheet-metal machines and machine tools for the automobile manufacturing industry, sales will increase due to increased sales of large press machines and services. With respect to the business with the semiconductor manufacturing industry, both sales and segment profit will increase due to an increase of sales, primarily in maintenance, with a market recovery. ・Segment profit ratio will be 13.4%. Industrial Machinery & Others: Projection for Segment Sales and Profit for FY2025 27.4 31.0 12.3% 13.4% -10 -5 0 5 10 15 0 10 20 30 40 FY2024 FY2025 （%）:Segment profit ratioChanges FY2025 (Projection)FY2024Billions of yen Change % Increase (Decrease) +15.4%+8.866.357.4Komatsu Industries Corp. (3.2)%(1.5)46.447.9Komatsu NTC Ltd. +13.8%+8.368.159.8Gigaphoton Inc. (13.1)%(7.7)50.858.5Others +3.5%+7.9231.5223.6Total 223.6 231.5 0 50 100 150 200 250 FY2024 FY2025 Billions of yen Billions of yen Sales FY2024 vs. FY2025 (Projection) Segment profit FY2024 vs. FY2025 (Projection) Breakdown of sales (Projection) (Projection)
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21 ・The definition of the demand volume for 7 major products has been revised. It is counted by adding the portions made by Chinese makers, which are equivalent to 7 major products, in China and other regions. ・In FY2024, global demand remained about flat from FY2023. In FY2025, global demand will decrease by between 0% and 5%, reflecting the impact of trade friction. Quarterly demand for 7 major products 100 97 127 119 102 91 91 89 +17% -3% +30% -6% -14% -10% +0% +7% -3% +2% +32% +1% -2% -5% -150% -135% -120% -105% -90% -75% -60% -45% -30% -15% 0% 15% 30% 45% 60% 75% 90% 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N.America Europe Southeast Asia Japan Others China Y-o-Y Change (%) Y-o-Y Change (%) (excl. China) Y-o-Y growth rate +13% +3% -10% -25% -24% -6% -11% -15% -7% -13% -10% -10% -4% -3% +3% +4% +62% +33% +25% +19% +1% +4% -4% +1% +8% -5% -3% -9% -9% -7% -0% -5% -160% -140% -120% -100% -80% -60% -40% -20% 0% 20% 40% 60% 0 30,000 60,000 90,000 120,000 150,000 180,000 210,000 240,000 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q N.America Europe Southeast Asia Japan Others China Y-o-Y Change (%) Y-o-Y Change (%) (excl. China) Y-o-Y growth rate FY24: +0% FY25 (Projection): +/-0%~(5)% 4Q: +4% [Source] Demand for 7 major products estimated by Komatsu Units Units Projection :FY18=100Index Annual demand for 7 major products Construction, Mining & Utility Equipment: Actual and Projected Demand for 7 Major Products
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22 ・In FY2024, demand decreased by 7% from FY2023. Concerning construction equipment, demand for rental and energy decreased, due to a decrease of the number of housing starts, etc. ・In FY2025, demand will decrease by between 5% and 10% from FY2024. Construction, Mining & Utility Equipment: Demand in Major Markets (1) North America Housing starts Demand for 7 major products and US housing starts Quarterly demand for 7 major products Breakdown of demand by segment (Unit basis) [Source] Demand for 7 major products estimated by Komatsu 100 100 96 90 -20,000 -10,000 0 10,000 20,000 30,000 -40% -20% 0% 20% 40% 60% FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Demand (Units) Y-o-Y Change (%) Y-o-Y Growth rate Units :FY21/4Q=100Index 4Q：(6)% 0% 20% 40% 60% 80% 100% FY18 FY19 FY20 FY21 FY22 FY23 FY24 Rental-Distributor (DORF) Rental-Regular Mining & Energy Road Construction Others (23)% Y-o-Y growth rate Rental +2% Road Construction Others (14)% Mining & Energy 0 20,000 40,000 60,000 80,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Canada the U.S. Projection FY24: (7)% FY25 (Projection): (5)%~(10)% 0 50 100 150 Units Housing starts in ten thousands
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23 ・In FY2024, demand decreased by 19% from FY2023. Demand for construction equipment decreased, centering on Germany, the United Kingdom and France, major European markets. ・In FY2025, demand will decrease by between 0% and 5% from FY2024. Construction, Mining & Utility Equipment: Demand in Major Markets (2) Europe 0 10,000 20,000 30,000 40,000 50,000 60,000 FY18 FY19 FY20 FY21 FY22 FY23 Southern Eastern Other Western Countries Northern The UK., France, and Germany ¥104.9/USD ¥123.4/EUR ¥15.7/AUD 100 115 99 82 (14,000) (7,000) 0 7,000 14,000 21,000 -40% -20% 0% 20% 40% 60% FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Demand (Units) Y-o-Y Change (%) 0 20,000 40,000 60,000 80,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 0 10,000 20,000 30,000 40,000 50,000 FY23 (Apr. - Feb.) FY24 (Apr. - Feb.) FY24: (19)% FY25 (Projection): +/-0%~(5)% Annual demand for 7 major products Quarterly demand for 7 major products Region demand for 7 major products （Excl. 6t class） [Source] Demand for 7 major products estimated by Komatsu Projection Units Y-o-Y Growth rate :FY21/4Q=100Index 4Q: (17)% Units UnitsUnits
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24 Quarterly demand for 7 major products ・In FY2024, demand increased by 2% from FY2023. In Indonesia, demand for construction equipment continued to recover, and that for mining equipment remained steady. ・In FY2025, demand will decrease by between 0% and 5% from FY2024. Construction, Mining & Utility Equipment: Demand in Major Markets (3) Southeast Asia 100 89 75 81 -8,000 -4,000 0 4,000 8,000 12,000 -80% -40% 0% 40% 80% 120% FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Indonesia Philippines and others Malaysia Thailand Y-o-Y Change (%) 0 1,000 2,000 3,000 4,000 5,000 6,000 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Forestry Agriculture Construction Mining ： ： ： Indonesia: Demand for construction & mining equipment by industrial sector [Source] Demand for 7 major products estimated by Komatsu :FY21/4Q=100Index 4Q：+9% UnitsY-o-Y Growth rate Units 4Q: +5% Apr. – Mar.: +3% Annual demand for 7 major products 0 10,000 20,000 30,000 40,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Indonesia the Philippines and others Malaysia Thailand Units Projection FY24: +2% FY25 (Projection): +/-0%~(5)%
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25 Quarterly demand for 7 major productsDemand for new equipment (7 major products) and Construction investment ・In FY2024, demand decreased by 7% from FY2023, mainly due to a decline in demand for rental. ・In FY2025, demand will decrease by between 0% and 5% from FY2024. Construction, Mining & Utility Equipment: Demand in Major Markets (4) Japan 0 10,000 20,000 30,000 40,000 0 20 40 60 80 100 120 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Private-sector building renovation Private-sector non-residential Private-sector residential Government Demand for new equipment FY24: (7)% FY25 (Projection): +/-0%~(5)% ¥104.9/USD ¥123.4/EUR ¥15.7/AUD 0 5,000 10,000 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Rental companies Regular customers 100 109 106 97 (6,000) (3,000) 0 3,000 6,000 9,000 12,000 -50% -25% 0% 25% 50% 75% 100% FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Demand (Units) Y-o-Y Change (%) 4Q：(9)% Units Quarterly demand for hydraulic excavators (Rental & Regular uses)Units [Sources] Construction investment by the Ministry of Land, Infrastructure, Transport & Tourism, and Research Institute of Construction and Economy Demand for 7 major products estimated by Komatsu Projection Y-o-Y Growth rate Y-o-Y growth rate Regular (20)% Rental (3)% Construction investment (Trillions of yen) Demand for new equipment (Units) :FY21/4Q=100Index
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26 ・Despite short-term high volatility, the prices of major minerals are expected to remain at high levels over the long term. ・Thermal coal prices fell due to China's warm winter, but are expected to recover due to electricity demand in summer. ・Metallurgical coal and iron ore prices are on a downward trend due to a decrease in demand in China. Despite they are expected to be in demand in other regions, volatility will be higher. ・Copper prices are expected to remain at high levels over the long term despite short-term high volatility due to the impact of U.S. tariff policies. Construction, Mining & Utility Equipment: Price Trends and Projection for Major Minerals 0 50 100 150 200 250 300 350 400 450 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Indonesia 4,200kcal Australia 6,000kcal 0 100 200 300 400 500 600 700 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 100 150 200 250 300 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (US$/mt) (US$/mt) (US$/mt) (US$/Ounce) (US$/mt) (US$/mt) Copper Thermal Coal [Source] Wood Mackenzie [Source] COMEX Gold [Source] World Bank Iron Ore [Sources] Thomson Reuters Datastream, World Bank Metallurgical Coal Nickel [Source] Wood Mackenzie [Source] World Bank
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27 ・In FY2024, global demand for mining equipment remained about flat from FY2023. ・In FY2025, global demand will decrease by between 0% and 5% from FY2024. Construction, Mining & Utility Equipment: Actual and Projected Demand for Mining Equipment +64% +29% -18% -14% +43% +24% +3% +0% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 150% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. America Latin America Europe, Africa and Middle East Oceania Asia CIS Japan and China Y-o-Y Change (%) +43% +35% +46% +45% +12% +38% +26% +21% +33% +12% -6% -19% -17% -3% +13% +11% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 500 1,000 1,500 2,000 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q N. America Latin America Europe, Africa and Middle East Oceania Asia CIS Japan and China Y-o-Y Change (%) ・Dump trucks: 75 tons (HD785) and larger ・Excavators: 200 tons (PC2000) and larger ・Bulldozers: 525HP (D375) and larger ・Motor graders: 280HP (GD825) and larger ・Wheel loaders (mechanical driven): 810HP (WA800) and larger [Source] Demand estimated by Komatsu Quarterly demand for mining equipment Projection Units 4Q: +11% Annual demand for mining equipment Y-o-Y Growth rate Units FY24: +0% FY25 (Projection): +/-0%~(5)% Y-o-Y Growth rate
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28 ・In FY2024, sales increased by 12% from FY2023, to JPY1,916.2 billion. ・In FY2025, sales will decrease by 10% from FY2024, to JPY1,727.9 billion. Construction, Mining & Utility Equipment: Actual and Projected Sales of Mining (To Outside Customers) Annual sales of Mining (incl. parts and service) Quarterly sales of Mining (incl. parts and service) Y-o-Y Growth rate 246.8 254.3 274.7 306.5 301.9 348.8 372.7 396.3 382.4 411.5 436.5 486.9 440.8 497.0 452.8 525.6 +45% +42% +37% +28% +22% +37% +36% +29% +27% +18% +17% +23% +15% +21% +4% +8% -450% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 100 200 300 400 500 600 700 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q N. America Latin America Europe, Africa and Middle East Oceania Asia CIS Japan and China Y-o-Y Change (%) 930.4 1,053.4 954.6 788.3 1,082.3 1,419.7 1,717.2 1,916.2 1,727.9 +115% +13% -9% -17% +37% +31% +21% +12% -10% -450% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 400 800 1,200 1,600 2,000 2,400 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. America Latin America Europe, Africa and Middle East Oceania Asia CIS Japan and China Y-o-Y Change (%) Y-o-Y Growth rate Billions of yen Y-o-Y Growth rate Billions of yen Projection
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29 Construction, Mining & Utility Equipment: Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) 578.3 602.6 586.3 528.2 596.9 717.3 833.1 890.9 814.1 576.8 627.5 587.5 507.9 650.3 877.8 975.4 1,051.4 987.0 1,112.7 1,236.6 1,032.2 925.1 1,311.6 1,691.6 1,782.9 1,845.1 1,628.9 51% 50% 53% 53% 49% 49% 50% 51% 53% -450% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 145.2 147.8 146.1 157.9 156.3 176.2 190.3 194.5 184.7 203.6 221.1 223.8 212.5 220.3 221.4 236.6 150.1 154.9 167.6 177.7 201.7 223.8 223.4 228.8 234.3 249.6 239.4 252.0 264.2 267.2 250.2 269.8 297.8 286.0 345.4 382.5 355.6 388.9 447.0 500.1 423.3 407.3 444.2 508.0 414.6 445.6 444.5 540.4 50% 51% 48% 47% 50% 51% 48% 46% 50% 53% 51% 48% 53% 52% 51% 48% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 200 400 600 800 1,000 1,200 1,400 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Annual sales Quarterly sales Billions of yen Billions of yen Aftermarket ratio Aftermarket ratio Service, etc.Parts Equipment Service, etc.Parts Equipment Projection ・ In FY2024, parts sales increased by 8% from FY2023, to JPY1,051.4 billion, accounting for 51% of the aftermarket, including service, etc. ・ In FY2025, parts sales will decrease by 6% from FY2024, to JPY987.0 billion, which will account for 53% of the aftermarket, including service, etc.
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30 ・CAPEX: Will remain about flat from FY2024, as effected by continuous investments mainly in production and sales bases and solutions business. ・R&D expenses: Will increase from FY2024, due to focused investments in priority areas, such as electrification and automation. ・Fixed costs: Will increase from FY2024, as affected by higher labor costs caused by wage hike, and investments in projects in the Strategic Growth Plan, more than offsetting the incorporated benefits of structural reforms. Projection for Capital Expenditures, Depreciation, R&D Expenses and Fixed Costs 94.1 101.1 108.0 9.3 9.4 11.0 2.7% 2.7% 3.2% 0 20 40 60 80 100 120 140 FY23 FY24 FY25 Billions of yen 金額単位：億円 0 200 400 600 800 FY23 FY24 FY25 Billions of yen 103.4 110.5 119.0 Projection Projection Capital investment* and Depreciation and amortization R&D Expenses Fixed costs* * FY23 and FY24 results are converted at the exchange rates of the FY25 projection. * Excl. investment in rental assets 91.1 106.5 104.2 9.6 6.9 6.817.3 19.2 25.0 100.4 106.1 111.7 0 20 40 60 80 100 120 0 50 100 150 FY23 FY24 FY25 Property, plant and equipment Other intangible assets Depreciation Projection Billions of yen 136.0 118.0 132.6 Industrial Machinery & Others Construction, Mining & Utility Equipment and Retail Finance
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31 ・ Komatsu participated in bauma 2025, the world’s leading construction machinery trade fair, taking place in Munich, Germany. Exhibited at bauma 2025
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32 Exhibited at bauma 2025 【Charging and energy storage solutions 】 Megawatt-level rapid charging vehicle 【Electric equipment】 Tethered ultra-large hydraulic excavator, PC7000 【New-generation construction equipment 】 Mid-sized hydraulic excavator, PC220LCi-12
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33 Exhibiting at Expo 2025 Osaka, Kansai, Japan ・ Komatsu is exhibiting "Underwater Construction of the Future" together with Asunaro Aoki Construction Co., Ltd. at Expo 2025 Osaka, Kansai, Japan, which began on April 13.
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34 Ⅲ. Strategic Growth Plan
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Strategic Growth Plan (FY2025 - FY2027) Driving value with ambition Takuya Imayoshi, President and CEO April 28, 2025
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36 Contents ● Role of Strategic Growth Plan and FY2022 - FY2024 Plan review ● Strategic Growth Plan 1. Refining our vision 2-1. Challenges: external environment 2-2. Challenges: materiality 2-3. Challenges: summary 3-1. The big picture 3-2. Priorities 3-3. Business portfolio 3-4. Management targets 4-1. Solving social issues 4-2. Solving social issues: with people, with business, with the planet
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37 Role of Strategic Growth Plan and FY2022 - FY2024 Plan review
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38 Role of Strategic Growth Plan The Strategic Growth Plan is part of our management strategy, providing a vision for the purpose and values of our corporate identity.
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39 FY2022 - FY2024 Plan review We are already achieving our vision to develop safe, highly productive, smart, and clean workplaces of the future by focusing on customer value (DANTOTSU Value) through products and solutions.
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40 Strategic Growth Plan
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41 1. Refining our vision Strategic Growth Plan refines our vision of becoming a collaborative partner committed to optimizing safe, productive, and clean workplaces.
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42 2-1. Challenges: external environment We projected the medium- to long-term future of our increasingly complex and uncertain external environment (political, economic, environmental, and technological change).
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43 2-1. Challenges: external environment We identified the implications for each business based on our medium- to long-term projections.
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44 2-2. Challenges: materiality We conducted a double materiality analysis from two perspectives: impacts on business and impacts on the environment, society.
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45 2-3. Challenges: summary Construction and mining equipment markets will remain volatile, but we expect moderate growth over the medium to long term. We formulated a three-year growth strategy toward FY2030, using backcasting from our vision and scenario planning to identify potential issues and response measures.
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46 3-1. The big picture We identified three growth strategy pillars for our Strategic Growth Plan titled Driving value with ambition. The key theme throughout this plan is ambition, one of our corporate values.
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47 3-2. Priorities The three pillars and priority initiatives supporting our growth strategy are as follows:
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48 3-3. Business portfolio We intend to grow our existing businesses through the Strategic Growth Plan, while exploring new business areas for long-term growth.
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49 3-4. Management targets The table below describes the management targets for the span of the Strategic Growth Plan. We added free cash flow (FCF) as a financial target to encourage profitability and aggressive investment in growth. We set a target D/E ratio for the retail finance business of 6 times or less by making use of leverage. We set targets in non-financial areas for 30 KPIs to indicate our overall contribution to solving social issues and reducing CO2 emissions.
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50 4-1. Solving social issues We aim to achieve sustainable growth by generating a positive cycle of solving social issues and improving profitability. We establish and track KPIs for activities that are particularly important from the perspective of materiality. We will provide more details in our annual integrated report.
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51 4-2. Solving social issues: with people, with business, with the planet
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52 Appendix
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53 ¥●=USD1 ¥●=EUR1 ¥●=AUD1 ¥146.9=USD1 ¥159.3=EUR1 ¥97.0=AUD1 ・Net sales increased by 7.2% from the corresponding period a year ago, to JPY1,147.1 billion. ・Operating income advanced by 24.3% to JPY191.1 billion. Operating income ratio was 16.7%, up 2.3 points. ・Net income attributable to Komatsu Ltd. advanced by 45.3% to JPY129.5 billion. <Appendix> Highlights for the Fourth Quarter (Jan. – Mar., 2025) of FY2024 Changes (B-A) Jan. – Mar., 2025 (B) Jan. – Mar., 2024 (A) Billions of yen Change % Increase (Decrease) +7.2% +77.01,147.11,070.1Net sales +26.8% +41.4195.9154.5Segment profit -(4.1)(4.8)(0.7)Other operating income (Expenses) +24.3% +37.3191.1153.8Operating income -+2.3 pts.16.7%14.4%Income ratio -(6.0)(14.4)(8.4)Other income (Expenses) +21.5% +31.3176.6145.4Income before income taxes +45.3% +40.4129.589.2Net income attributable to Komatsu Ltd. ¥146.9=USD1 ¥159.3=EUR1 ¥97.0=AUD1 ¥154.7=USD1 ¥159.4=EUR1 ¥95.7=AUD1
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54 ・Construction, Mining & Utility Equipment: Sales increased by 6.1% from the corresponding period a year ago, to JPY1,049.9 billion. Segment profit advanced by 20.7% toJPY173.9 billion. ・Retail Finance: Sales increased by 8.1% from the corresponding period a year ago, to JPY31.2 billion. Segment profit advanced by 37.4% to JPY7.6 billion. ・Industrial Machinery & Others: Sales increased by 19.9% from the corresponding period a year ago, to JPY76.9 billion. Segment profit increased approximately 2.7 times to JPY12.3 billion. <Appendix> Segment Sales and Profits for the Fourth Quarter (Jan. – Mar., 2025) of FY2024 Changes (B-A)Jan. – Mar., 2025 (B) Jan. – Mar., 2024 (A)Billions of yen Change % Increase (Decrease) +7.2% +77.01,147.11,070.1Net sales +6.1% [+6.4%]+60.5[+63.1]1,049.9[1,046.9]989.4[983.8]Construction, Mining & Utility Equipment +8.1% [+8.5%]+2.3[+1.9]31.2[24.6]28.9[22.7]Retail Finance +19.9% [+18.9%]+12.8[+12.0]76.9[75.6]64.1[63.6]Industrial Machinery & Others -+1.4(10.9)(12.2)Elimination +26.8% +41.4195.9154.5Segment profit +20.7% +29.8173.9144.1Construction, Mining & Utility Equipment +37.4% +2.17.65.5Retail Finance +167.8% +7.712.34.6Industrial Machinery & Others -+1.82.10.2Corporate & elimination +2.7 pts. +2.0 pts. +5.2 pts. +8.8 pts. 14.4% 14.6% 19.2% 7.2% % : Profit ratio [ ]: Sales after elimination of inter-segment transactions 17.1% 16.6% 24.4% 16.0%
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55 <Appendix> Construction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for the Fourth Quarter (Jan. – Mar., 2025) of FY2024 ※Excl. foreign exchange effects TotalJapan Oceania, Asia and CIS Europe, Africa and Middle EastThe Americas Billions of yen CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatin America North America 983.894.419.218.4112.2100.535.863.982.9180.4276.1Jan. – Mar., 2024 (a) 1,046.991.213.519.3157.9118.236.164.990.5184.9270.5Jan. – Mar., 2025 (b) +63.1(3.2)(5.8)+1.0+45.6+17.6+0.3+1.0+7.6+4.5(5.7)Changes (b-a) +30.0(3.2)(5.7)+0.3+38.7+18.3(1.2)(1.2)+7.2(4.2)(19.1)Changes (b-a) ※ +45.6 [+40.6%] (5.8) [(30.0)%] +17.6 [+17.5%] +1.0 [+1.6%] +7.6 [+9.2%] Included effects of Foreign exchange rates: +33.1 billions of yen +63.1 [+6.4%] Plus Minus Billions of yen +4.5 [+2.5%] (5.7) [(2.1)%] +0.3 [+0.9%] +1.0 [+5.4%] (3.2) [(3.3)%] 1,046.9 Jan. – Mar., ‘25 Jan. – Mar., 2025 vs. Jan. – Mar., 2024 983.8 Jan. – Mar., ‘24 North America 28% North America 26% Latin America 18% Latin America 18% Europe 8% Europe 9% Africa 6% Africa 6% Middle East 4% Middle East 3% Oceania 10% Oceania 11% Asia 11% Asia 15%China 2% China 2% CIS 2% CIS 1%Japan 10% Japan 9%983.8 1,046.9 0 100 200 300 400 500 600 700 800 900 1,000 1,100 Jan.-Mar., 2024 Jan.-Mar., 2025 Billions of yen ・Sales to outside customers increased by 6.4% from the corresponding period a year ago, to JPY1,046.9 billion.
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56 <Appendix> Quarterly Sales and Operating Income (7.4) (5.3) (4.7) (5.0) (6.0) (6.7) (8.2) (8.8) (10.7) (6.5) (19.9) (12.2) (10.5) (10.2) (9.1) (10.9) 594.3 591.0 660.2 718.9 715.3 790.9 863.4 926.9 846.9 860.7 918.2 989.4 894.3 935.9 918.2 1,049.9 20.5 16.5 17.6 17.3 19.9 21.6 22.1 22.1 22.9 24.6 27.2 28.9 30.5 31.3 30.2 31.2 40.8 40.9 50.2 56.5 34.5 49.2 43.1 64.1 40.5 44.6 46.5 64.1 45.5 51.2 49.9 76.9 0 200 400 600 800 1,000 1,200 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Industrial Machinery & Others Retail Finance Construction, Mining & Utility Equipment Elimination 899.6 923.4 972.0 1,070.1 959.8 1,008.2 989.2 1,147.1 920.5854.9 648.3 763.8 22/4Q22/3Q22/2Q22/1Q 132.4143.6136.1127.1 141.2144.0139.3136.9 90.493.893.992.0 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9 61.8 74.5 87.5 93.3 93.6 118.1 135.0 144.1 147.0 150.0 156.4 153.8 157.0 146.4 162.6 191.1 9.5% 11.6% 12.1% 11.8% 12.2% 13.8% 14.7% 14.3% 16.3% 16.2% 16.1% 14.4% 16.4% 14.5% 16.4% 16.7% 0 50 100 150 200 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Operating income Operating income ratio Quarterly Sales USD/JPY EUR/JPY AUD/JPY 643.1 723.3 787.6 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 1,004.2 Quarterly Operating Income Exchange rates Billions of yen Billions of yen 21/4Q21/3Q21/2Q21/1Q 115.3112.9110.3109.9 129.7129.7130.6131.7 82.782.381.484.5
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57 <Appendix> Construction, Mining & Utility Equipment: Quarterly Sales and Segment Profit 53.7 65.0 73.3 83.9 83.3 104.2 122.0 134.1 138.4 142.4 149.1 144.1 142.3 135.7 147.0 173.9 9.0% 11.0% 11.1% 11.7% 11.6% 13.2% 14.1% 14.5% 16.3% 16.5% 16.2% 14.6% 15.9% 14.5% 16.0% 16.6% 0 50 100 150 200 250 300 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Segment profit Segment profit ratio 594.3 591.0 660.2 718.9 715.3 790.9 863.4 926.9 846.9 860.7 918.2 989.4 894.3 935.9 918.2 1,049.9 0 200 400 600 800 1,000 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q 22/4Q22/3Q22/2Q22/1Q 132.4143.6136.1127.1 141.2144.0139.3136.9 90.493.893.992.0 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9 21/4Q21/3Q21/2Q21/1Q 115.3112.9110.3109.9 129.7129.7130.6131.7 82.782.381.484.5 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 Quarterly Sales Quarterly Segment Profit USD/JPY EUR/JPY AUD/JPY Exchange rates Billions of yen Billions of yen
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58 <Appendix> Construction, Mining & Utility Equipment: Quarterly Sales by Region (To Outside Customers) 134.8 127.3 159.0 169.7 184.1 196.8 227.1 257.0 232.5 226.9 257.3 276.1 261.5 235.9 258.5 270.5 93.7 98.0 98.4 105.7 120.0 137.2 146.6 141.3 146.8 170.3 163.2 180.4 165.7 172.0 160.9 184.9 60.1 56.3 54.7 68.2 66.1 68.6 81.5 97.7 80.5 77.9 73.5 82.9 73.6 77.2 69.1 90.5 30.8 37.4 30.8 36.7 39.0 40.2 48.7 49.1 45.8 53.3 56.7 63.9 54.3 54.3 47.7 64.9 11.3 9.3 12.9 20.4 20.1 20.3 20.8 25.2 20.9 25.1 35.8 35.8 27.7 24.5 26.2 36.1 71.3 61.0 64.3 66.8 69.0 76.2 82.7 88.2 91.7 84.8 92.3 100.5 103.1 131.2 106.2 118.2 51.2 60.3 84.0 99.9 91.4 123.0 119.6 127.6 109.9 114.1 103.2 112.2 98.0 120.6 124.8 157.9 31.7 18.4 21.0 25.2 19.2 20.0 23.4 17.1 15.4 16.9 19.6 18.4 22.6 19.2 19.1 19.3 44.1 48.5 47.3 44.6 38.1 32.6 24.2 25.3 25.7 11.3 10.5 19.2 14.2 17.3 16.6 13.5 63.9 72.2 86.6 80.9 66.7 73.9 86.1 95.1 73.0 80.0 92.8 94.4 70.6 80.8 87.0 91.2 0 100 200 300 400 500 600 700 800 900 1,000 1,100 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q 842.2 593.0 588.6 659.0 718.2 713.6 788.9 860.7 923.5 860.6 904.7 983.8 891.3 933.2 916.1 22/4Q22/3Q22/2Q22/1Q 132.4143.6136.1127.1 141.2144.0139.3136.9 90.493.893.992.0 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9 USD/JPY EUR/JPY AUD/JPY 21/4Q21/3Q21/2Q21/1Q 115.3112.9110.3109.9 129.7129.7130.6131.7 82.782.381.484.5 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 Exchange rates Africa Middle East Oceania Asia China CIS Latin America Europe North America Japan Billions of yen 1,046.9
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59 <Appendix> Retail Finance: Quarterly Sales and Segment Profit 3.2 4.6 5.4 3.9 7.7 7.1 6.4 6.0 6.3 6.6 5.7 5.5 7.6 7.2 7.0 7.6 15.7% 28.0% 30.9% 22.7% 38.7% 33.1% 29.0% 27.3% 27.7% 27.0% 21.0% 19.2% 25.1% 22.9% 23.1% 24.4% 0 5 10 15 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Segment profit Segment profit ratio 20.5 16.5 17.6 17.3 19.9 21.6 22.1 22.1 22.9 24.6 27.2 28.9 30.5 31.3 30.2 31.2 0 5 10 15 20 25 30 35 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q 22/4Q22/3Q22/2Q22/1Q 132.4143.6136.1127.1 141.2144.0139.3136.9 90.493.893.992.0 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9 21/4Q21/3Q21/2Q21/1Q 115.3112.9110.3109.9 129.7129.7130.6131.7 82.782.381.484.5 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 Quarterly Sales Quarterly Segment Profit USD/JPY EUR/JPY AUD/JPY Exchange rates Billions of yen Billions of yen
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60 <Appendix> Industrial Machinery & Others: Quarterly Sales and Segment Profit 4.2 4.4 6.5 7.5 3.5 7.5 4.7 6.9 1.9 2.5 1.3 4.6 5.0 2.8 7.3 12.3 10.3% 10.8% 12.9% 13.3% 10.2% 15.2% 10.8% 10.8% 4.8% 5.6% 2.7% 7.2% 11.0% 5.5% 14.5% 16.0% 0 5 10 15 20 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Segment profit Segment profit ratio 40.8 40.9 50.2 56.5 34.5 49.2 43.1 64.1 40.5 44.6 46.5 64.1 45.5 51.2 49.9 76.9 0 20 40 60 80 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q 22/4Q22/3Q22/2Q22/1Q 132.4143.6136.1127.1 141.2144.0139.3136.9 90.493.893.992.0 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9 21/4Q21/3Q21/2Q21/1Q 115.3112.9110.3109.9 129.7129.7130.6131.7 82.782.381.484.5 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 Quarterly Sales Quarterly Segment Profit USD/JPY EUR/JPY AUD/JPY Exchange rates Billions of yen Billions of yen
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61 <Appendix> Construction: Projection for Sales by Region (To Outside Customers) for FY2025 ※Excl. foreign exchange effects North America 31% North America 29% Latin America 9% Latin America 10% Europe 14% Europe 14% Africa 3% Africa 3% Middle East 4% Middle East 5% Oceania 6% Oceania 4% Asia 12% Asia 11% China 3% China 3% CIS 1% CIS 1% Japan 18% Japan 20% 1,871.2 1,702.1 0 250 500 750 1,000 1,250 1,500 1,750 2,000 FY2024 FY2025 (Projection) Billions of yen FY2024 vs. FY2025 Billions of yen 1,702.1 FY2025 （Projection） 1,871.2 FY2024 Included effects of Foreign exchange rates: (178.2) billions of yen (169.2) [(9.0)%](81.5) [(14.2)%] (7.9) [(4.6)%] (20.7) [(7.9)%] (4.2) [(7.0)%] (1.0) [(1.3)%] (29.2) [(28.1)%] (33.4) [(15.0)%] (4.2) [(8.0)%] +5.8 [+35.2%] +7.2 [+2.2%] Plus Minus TotalJapan Oceania, Asia and CIS Europe, Africa and Middle EastThe Americas Billions of yen CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatin America North America 1,871.2328.216.453.1222.6103.980.860.1261.9171.9572.3FY2024 (a) 1,702.1335.422.148.9189.274.779.855.9241.2164.0490.8FY2025 (b) (Projection) (169.2)+7.2+5.8(4.2)(33.4)(29.2)(1.0)(4.2)(20.7)(7.9)(81.5)Changes (b-a) +9.0+7.2+6.1+3.3(8.1)(15.3)+5.8+2.1+11.2+13.4(16.7)Changes (b-a) ※
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62 <Appendix> Mining: Projection for Sales by Region (To Outside Customers) for FY2025 ※Excl. foreign exchange effects TotalJapan Oceania, Asia and CIS Europe, Africa and Middle EastThe Americas Billions of yen. CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatin America North America 1,916.21.445.127.1278.7354.833.8161.048.5511.7454.1FY2024 (a) 1,727.91.640.222.5243.4304.728.2148.245.8495.7397.6FY2025 (b) (Projection) (188.3)+0.2(4.9)(4.6)(35.3)(50.1)(5.6)(12.8)(2.7)(16.0)(56.5)Changes (b-a) +45.5+0.2(3.8)(1.4)(2.9)+4.2(3.4)+4.3+3.3+48.8(3.8)Changes (b-a) ※ North America 24% North America 23% Latin America 27% Latin America 29% Europe 3% Europe 3% Africa 8% Africa 9% Middle East 2% Middle East 2% Oceania 19% Oceania 18% Asia 15% Asia 14% China 1% China 1% CIS 2% CIS 2% Japan 0% Japan 0% 1,916.2 1,727.9 0 250 500 750 1,000 1,250 1,500 1,750 2,000 FY2024 FY2025 (Projection) Billions of yen FY2024 vs. FY2025 Billions of yen 1,727.9 FY2025 （Projection） 1,916.2 FY2024 Included effects of Foreign exchange rates: (233.8) billions of yen Plus Minus (188.3) [(9.8)%] (56.5) [(12.4)%] (16.0) [(3.1)%] (2.7) [(5.6)%] (12.8) [(8.0)%] (5.6) [(16.6)%] (50.1) [(14.1)%] (35.3) [(12.7)%] (4.6) [(16.9)%] +0.2 [+14.3%] (4.9) [(11.0)%]
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63 Annual sales of Mining (incl. parts and service)Annual demand for mining equipment <Appendix> Construction, Mining & Utility Equipment: Actual and Projected Demand and Sales for Mining +52% -4% -51% -25% -13% -2% +64% +29% -18% -14% +43% +24% +3% +0% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. America Latin America Europe, Africa and Middle East Oceania Asia CIS Japan and China Y-o-Y Change (%) ・Dump trucks: 75 tons (HD785) and larger ・Excavators: 200 tons (PC2000) and larger ・Bulldozers: 525HP (D375) and larger ・Motor graders: 280HP (GD825) and larger ・Wheel loaders (mechanical driven): 810HP (WA800) and larger [Source] Demand estimated by Komatsu Y-o-Y Growth rate Units Projection 499.3 447.3 433.6 930.4 1,053.4 954.6 788.3 1,082.3 1,419.7 1,717.2 1,916.2 1,727.9 -1% -10% -3% +115% +13% -9% -17% +37% +31% +21% +12% -10% -450% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. America Latin America Europe, Africa and Middle East Oceania Asia CIS Japan and China Y-o-Y Change (%) Projection Y-o-Y Growth rate Billions of yen
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64 <Appendix> Construction: Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) 322.0 329.4 313.7 286.2 321.9 340.5 379.1 395.6 362.2 202.7 205.8 196.8 183.6 225.6 289.3 306.8 339.5 313.2 812.6 878.0 740.9 703.1 929.1 1,237.2 1,188.2 1,136.2 1,026.7 39% 38% 41% 40% 37% 34% 37% 39% 40% -450% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 500 1,000 1,500 2,000 2,500 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 81.9 80.4 77.9 81.6 77.8 83.5 87.5 91.7 83.3 89.5 101.3 105.1 93.5 97.4 99.8 104.9 53.1 54.2 58.3 60.0 68.5 74.0 73.1 73.7 73.6 79.3 77.7 76.1 84.3 85.1 85.7 84.4 211.2 199.7 248.1 270.1 265.5 282.6 327.4 361.8 303.0 280.3 289.2 315.7 272.7 253.7 277.7 332.0 39% 40% 35% 34% 36% 36% 33% 31% 34% 38% 38% 36% 39% 42% 40% 36% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 100 200 300 400 500 600 700 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Annual sales Quarterly salesBillions of yen Billions of yen Aftermarket ratio Aftermarket ratio Service, etc.Parts Equipment Service, etc.Parts Equipment Projection
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65 <Appendix> Mining: Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) 256.2 273.3 272.7 242.0 275.1 376.8 454.0 495.3 451.9 374.1 421.8 390.6 324.3 424.7 588.5 668.5 712.0 673.8300.1 358.5 291.3 221.9 382.5 454.4 594.7 709.0 602.2 68% 66% 69% 72% 65% 68% 65% 63% 65% -450% -400% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 500 1,000 1,500 2,000 2,500 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 63.2 67.3 68.2 76.3 78.5 92.7 102.8 102.8 101.4 114.1 119.8 118.7 119.0 122.9 121.6 131.7 97.0 100.7 109.3 117.7 133.2 149.8 150.3 155.2 160.7 170.3 161.6 175.9 179.9 182.1 164.5 185.5 86.6 86.3 97.2 112.4 90.1 106.3 119.6 138.4 120.3 127.1 155.0 192.3 141.9 192.0 166.8 208.4 65% 66% 65% 63% 70% 70% 68% 65% 69% 69% 64% 60% 68% 61% 63% 60% -350% -300% -250% -200% -150% -100% -50% 0% 50% 100% 0 100 200 300 400 500 600 700 FY21/1Q 2Q 3Q 4Q FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q Annual sales Quarterly salesBillions of yen Billions of yen Aftermarket ratio Aftermarket ratio Service, etc.Parts Equipment Service, etc.Parts Equipment Projection
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66 <Appendix> Komtrax: Average Operating Hours per Month -6% 3% -6% -2% -2% -6% -2% -1% -6% -7% 3% -14% 5% -8% -7% 0% -6% -7% 4% -11% -1% 4% -7% 8% -45% -30% -15% 0% 15% 0 50 100 150 200 250 Operating hours Y-o-Y Change (%) -6% -6% 2% 0% -3% -3% 1% -4% -7% 0% 2% -11% 13% -6% -7% 11% -1% -1% 6% 1% 6% 3% 0% 9% -45% -30% -15% 0% 15% 0 50 100 150 200 250 Operating hours Y-o-Y Change (%) Japan North America Indonesia Europe Y-o-Y growth rate -8% 21% 0% 8% 4% 2% 4% 3% -5% -8% -3% -6% -4% -3% -5% -1% -4% 0% 1% -2% 0% 2% 2% 0% -45% -30% -15% 0% 15% 0 50 100 150 200 250 Operating hours Y-o-Y Change (%) Y-o-Y growth rate Hours Hours Hours Hours -8% 0% -6% -2% -3%-1% -3% -3% -8% -6% -9% -6% 1% -1% -5% 1% -8% -3% -1%-3% 3% 1% 9% 2% -45% -30% -15% 0% 15% 0 50 100 150 200 250 Operating hours Y-o-Y Change (%) Y-o-Y growth rate Y-o-Y growth rate
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67 Komatsu America (Mining eqpt.) 730E, 830E, 860E 930E, 960E, 980E Avg. orders in value for 6 months / Avg. factory shipment in value for 6 months) <Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months) KMC (Mining eqpt.) < Surface > Rope Shovel Blasthole Drill Dragline, etc. < Underground > Continuous Miner Sheerer Load Haul Dump Jumbo Drill, etc. 0% 50% 100% 150% 200% 250% 300% Orders received / Sales index 0% 50% 100% 150% 200% 250%
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68 <Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months) Komatsu Germany (Mining eqpt.) PC3000, PC4000 PC5500, PC7000 PC8000, PC9000 HD785, HD1500 PC2000, PC3400 WA800 and larger D375A and larger GD825A and larger Komatsu Ltd. (Mining eqpt.) -100% -50% 0% 50% 100% 150% 200% 250% 300% 350% 400% Orders received / Sales index 0% 50% 100% 150% 200% 250% Avg. orders in value for 6 months / Avg. factory shipment in value for 6 months)
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69 Cautionary Statement The announcement set forth herein contains forward-looking statements which reflect management's current views with respect to certain future events, including expected financial position, operating results, and business strategies. These statements can be identified by the use of terms such as "will," "believes," "should," "projects" and similar terms and expressions that identify future events or expectations. Actual results may differ materially from those projected, and the events and results of such forward-looking assumptions cannot be assured. Factors that may cause actual results to differ materially from those predicted by such forward-looking statements include, but are not limited to, unanticipated changes in demand for the Company's principal products, owing to changes in the economic conditions in the Company’s principal markets; changes in exchange rates or the impact of increased competition; unanticipated cost or delays encountered in achieving the Company's objectives with respect to globalized product sourcing and new Information Technology tools; uncertainties as to the results of the Company's research and development efforts and its ability to access and protect certain intellectual property rights; and, the impact of regulatory changes and accounting principles and practices. Business Coordination Department, KOMATSU LTD. TEL: +81-3-6849-9725 FAX: +81-3-6849-9795 https://www.komatsu.jp/en Investor relations https://www.komatsu.jp/en/ir Strategic Growth Plan https://www.komatsu.jp/en/newsroom/2025/20250428_2 Komatsu Report (Integrated Report) https://www.komatsu.jp/en/ir/library/annual IR-Day https://www.komatsu.jp/en/ir/library/results/2024 IR Reference Information Links