Responses to Achieve Management that Considers Capital Cost and Share Price

Management Current Situation Analysis and Response Update

Tsukishima Holdings held an extraordinary Board of Directors meeting on May 12, 2026, to analyze and evaluate the current management responses aimed at achieving management that considers capital cost and share price, announced on May 9, 2025, and has updated its content. The share price has outperformed TOPIX since April 2025, and the PBR has been improving, reaching 1.08 times (26.3 term). Return on Equity (ROE) increased to 17.7% (26.3 term), and improvements in total asset turnover and financial leverage are also in progress.

Promotion of Capital Policy and Growth Strategies

As part of promoting strategic investments, Tsukishima continues to expand its business portfolio through M&A. Out of over ¥12 billion planned sales of policy-driven shareholdings over four years, ¥9.3 billion has already been realized. Real estate sales and logistics facility disposals are also underway. The company conducted a share buyback of ¥13.2 billion (about 4.3 million shares) in the 26.3 term, cancelling 4 million shares. To strengthen shareholder returns, the DOE is set at a lower limit of 3.5%, with dividends planned at ¥85 in 26.3 term and ¥88 in 27.3 term. Additionally, DX and IT investments are promoted to improve operational efficiency and profitability.