ASAHI INTECC CO.,LTD.

Business Overview

Two-Business Structure: Medical and Device Divisions

ASAHI INTECC CO., LTD. (Asahi Intecc) operated through 2 businesses—the Medical Division and the Device Division—throughout the five-year period. The Medical Division is the Group's core business and develops, manufactures, and sells minimally invasive treatment products, mainly guidewires and catheters used for intravascular treatment. In Japan, sales are mainly made directly, while overseas sales are generally conducted through distributors; the company mainly uses direct sales in the United States, France, Germany, and Italy. (Annual Securities Reports, 2022–2026)

The Device Division develops and manufactures components such as wires used in medical and industrial equipment and sells them to manufacturers in Japan and overseas. Both divisions are supported by 4 core technologies—wire drawing, wire forming, coating, and torque technology—and the Group maintained an integrated development and manufacturing structure from materials through finished products throughout the five-year period. (Annual Securities Reports, 2022–2026)

Expansion of the Group Structure

In the fiscal year ended June 30, 2022 (FY2022), the Group consisted of Asahi Intecc and 18 consolidated subsidiaries. During that year, ASAHI SURGICAL ROBOTICS CO., LTD., which develops laparoscopic surgical-assistance robots; KARDIA S.R.L.; Pathways Medical Corporation, which develops membrane electrical conduction technology; and Rev. 1 Engineering, Inc., which provides contract design and development services for medical devices, were included in the consolidated Group. The Medical Division also had development functions across multiple locations in Japan and overseas, in addition to manufacturing and sales. (Annual Securities Report, 2022)

The 2-business structure remained unchanged thereafter, although the composition of Group companies changed. In July 2023, Asahi Intecc absorbed TOYOFLEX CO., LTD., which had operated in the Device Division, and the number of consolidated subsidiaries stood at 17 in FY2024. Meanwhile, non-consolidated subsidiaries and affiliates came to include LAKE R&D Inc., which is involved in the gastrointestinal field; Magnaire Co., Ltd., which handles products such as guidewires using GSR sensors; and ELDORET HOSPITAL-ASAHI INTECC HEART CENTRE, which operates a hospital specializing in catheter examinations and treatment in Kenya. (Annual Securities Reports, 2023–2024)

New Manufacturing Bases in China and the Device Division

In FY2025, Asahi Intecc established Asahi Intecc Medical Device (Nanning) Co., Ltd. in China, bringing the number of consolidated subsidiaries to 18. The company is positioned as a manufacturing and development base for the Medical Division. As of FY2025, its factory was under construction, with production scheduled to begin in December 2030. Asahi Intecc also acquired Nitta Mold Co., Ltd., which manufactures molds and performs injection molding, together with its Thai subsidiary NITTA M&T (THAILAND) CO., LTD. Both companies were listed as non-consolidated subsidiaries in FY2025. (Annual Securities Report, 2025)

In FY2026, Nitta Mold Co., Ltd. and NITTA M&T (THAILAND) CO., LTD. became consolidated subsidiaries, increasing the number of consolidated subsidiaries to 20. Both companies were incorporated into the Device Division as manufacturing and sales companies. Asahi Intecc Medical Device (Nanning) Co., Ltd. continued to be positioned as a manufacturing and development base for the Medical Division. (Annual Securities Report, 2026)

Over the five-year period, the basic division between the Medical Division and the Device Division was maintained. At the same time, the Medical Division added development, sales, and overseas manufacturing bases, while the Device Division underwent Group-company integration and added new consolidated manufacturing companies. Functions and locations within the Group therefore changed while the existing 2-business structure remained in place.

Business Environment and Strategy

Management Policy and Business Environment

Throughout the five-year period, Asahi Intecc maintained its basic direction as an R&D-oriented company that expands its business globally through proprietary technologies and products, centered on minimally invasive treatment. At the same time, its medium- to long-term growth targets and management plans were substantially updated in the latter half of the period.

In FY2022, under the medium-term management plan “ASAHI Going Beyond 1000,” covering the period through FY2026, Asahi Intecc set out 4 basic growth strategies: strategically developing global markets and expanding affected and treatment areas; creating new businesses in global niche markets; developing R&D and production systems optimized for global expansion; and establishing a management foundation for sustainable growth. The plan used an operating profit margin of 20% and an EBITDA margin of 30% as benchmarks, while also emphasizing return on invested capital (ROIC) in addition to return on equity (ROE) for capital efficiency. (Annual Securities Reports, 2022–2024)

During this period, the company continued to strengthen product competitiveness in its core cardiovascular field while expanding into non-cardiovascular areas such as peripheral, abdominal, and neurovascular treatment, as well as gastrointestinal treatment and robotics. On the sales side, it expanded markets in Japan, the United States, Europe, China, and emerging economies. On the production side, it diversified overseas manufacturing centered on Thailand, Vietnam, and the Philippines and developed alternative production systems. (Annual Securities Reports, 2022–2024)

In FY2025, the company presented a new medium-term management plan, “Building the Future 2030,” covering FY2026–FY2030. As its “Vision for 2035,” it set the goal of contributing to longer healthy life expectancy and becoming a global niche-top company capable of comprehensively resolving clinical challenges in minimally invasive treatment. The targets for FY2035 were consolidated revenue of JPY 300.0 billion and an operating profit margin of 30%. For FY2030, which serves as a preparatory period, the targets were consolidated revenue of JPY 180.0 billion and an operating profit margin of 28%. (Annual Securities Report, 2025)

Under the new plan, the company aimed to maintain competitiveness in the cardiovascular field, strengthen its product portfolio in non-cardiovascular areas, and enter new businesses and higher-value-added therapeutic devices. At the same time, it expected full-scale revenue contributions from new businesses from fiscal 2031 onward and planned to support growth during the plan period by strengthening the profitability of existing businesses. (Annual Securities Report, 2025)

In FY2026, the numerical targets were revised based on first-year performance and the outlook for future growth. The target for FY2030 was raised to consolidated revenue of JPY 212.5 billion and an operating profit margin of 32.0%, while the long-term target for FY2035 was raised to consolidated revenue of JPY 330.0 billion and an operating profit margin of 33%. Capital-efficiency targets for FY2030 were also set at ROE of at least 20.0% and ROIC of at least 19.0%. (Annual Securities Report, 2026)

Across the five years, the direction of expanding global markets and treatment areas and strengthening R&D and production systems remained unchanged. In the latter half of the period, however, the medium- to long-term targets became more specific, shifting from the stage of seeking revenue above JPY 100.0 billion toward expansion of the business portfolio and profitability with 2035 in view, and the numerical targets were raised.

Sustainability Policy and Initiatives

Sustainability initiatives were already presented in FY2022 as part of establishing a management foundation for sustainable growth. The company identified 7 material issues: innovation, reduction of environmental impact, supply chain management, provision of safe and reliable products, a global human-resources platform, risk management, and corporate governance. (Annual Securities Report, 2022)

From FY2023 onward, “Sustainability Policy and Initiatives” became a separate disclosure item, with more specific information on governance, risk management, climate change, and human capital. For climate change, the company analyzed transition risks such as tighter regulation and carbon costs, as well as physical risks to production sites and supply chains from flooding and typhoons, in line with the TCFD framework. (Annual Securities Reports, 2023–2025)

In FY2026, ESG was positioned as one of the measures for strengthening the management foundation under “Building the Future 2030,” and the company disclosed a structure under which the Board of Directors oversees material sustainability matters. For climate change, it also analyzed financial impacts under multiple scenarios and provided more specific disclosure of risks and responses related to flooding at manufacturing sites and supply-chain disruptions. (Annual Securities Report, 2026)

The basic structure of the 7 material issues was maintained. Over the five years, the main change was not the launch of sustainability initiatives themselves, but the increased specificity of disclosure regarding their connection to management strategy, analysis of risks and opportunities, and Board oversight.

Business Risks

Asahi Intecc's major risks relate both to the nature of the medical-device business and to its business structure, which has a high proportion of overseas sales and production. In the medical-device field, recurring risks include laws and approval systems in Japan, the United States, Europe, China, and other regions; healthcare-system reforms; quality control; dependence on core products; responses to technological innovation; and uncertainty in R&D and new businesses. Intellectual property, dependence on specific suppliers, foreign-exchange fluctuations, overseas operations and production, and natural disasters have also remained recurring risks. (Annual Securities Reports, 2022–2026)

In FY2022, the company separately identified risks from COVID-19, including lower numbers of catheter-treatment cases and effects on production plants. At the time, case volumes were recovering and no major problems had occurred in plant operations or product supply, but the possibility of lower case volumes and reduced plant operations due to renewed spread of infections continued to be recognized. (Annual Securities Report, 2022)

As overseas operations expanded, the scope of risk disclosure also broadened. In FY2026, overseas sales accounted for 85.7% of consolidated revenue, while Medical Division sales to China accounted for 25.7%. For China, the company cited policy and regulatory uncertainties including preferences for domestically produced products, volume-based procurement, and U.S.-China relations. PCI guidewires, the company's core product, accounted for 48.4% of consolidated revenue, and dependence on a specific product continued to be recognized as a risk. (Annual Securities Report, 2026)

The disclosures also became more specific regarding geopolitical events such as war and terrorism, disruptions to international logistics, trade policies including tariffs, import/export restrictions and economic sanctions, and raw-material prices and supply constraints. Infectious-disease disclosures also shifted from references specifically to COVID-19 toward broader risks from epidemics and infectious diseases affecting treatment cases, production, and supply chains. (Annual Securities Reports, 2022 and 2026)

For risk management, the company maintains an enterprise-wide structure centered on the Board of Directors, combining day-to-day risk management in each division with verification and confirmation by administrative functions. For significant management risks, including climate change, the company has disclosed a framework under which the Board evaluates risks and considers responses and preventive measures. (Annual Securities Reports, 2023–2026)

Management's Analysis of Financial Condition and Results

In explaining operating results over the five years, the company cited case volumes in Japan and overseas, market share, sales of new products, and foreign-exchange movements as major factors affecting performance.

In the first half of the period, case volumes recovered in regions affected by COVID-19, while sales expanded not only for the company's core PCI guidewires and catheter products but also in non-cardiovascular areas such as peripheral, abdominal, and neurovascular treatment. Sales growth continued thereafter, particularly in overseas markets, and foreign-exchange movements were repeatedly cited as a factor increasing revenue when translated into yen. (Annual Securities Reports, 2022–2025)

For FY2026, the company explained that overseas sales increased in both cardiovascular and non-cardiovascular areas of the Medical Division. In the Device Division, higher sales of medical and industrial components, together with the consolidation of Nitta Mold Co., Ltd., contributed to revenue growth. The company also stated that productivity improvements progressed beyond expectations, which was one factor behind the revision of the medium-term management plan targets. (Annual Securities Report, 2026)

The company's explanations indicate that revenue growth over the five years extended across multiple areas, including the existing cardiovascular business, non-cardiovascular fields, overseas markets, and the Device Division, rather than being attributable to a single product or region.

Significant Agreements

Across the five Annual Securities Reports, no matters were repeatedly identified as “Significant Agreements” that would materially change the business structure. (Annual Securities Reports, 2022–2026)

Research and Development Activities

Asahi Intecc positions R&D as an important management priority and continued R&D based on its 4 core technologies: wire drawing, wire forming, coating, and torque technology. (Annual Securities Reports, 2022–2026)

R&D expenses increased for 5 consecutive fiscal years, from JPY 8.9 billion in FY2022 to JPY 9.7 billion in FY2023, JPY 11.7 billion in FY2024, JPY 12.2 billion in FY2025, and JPY 13.4 billion in FY2026. (Annual Securities Reports, 2022–2026)

R&D was centered on the Medical Division. In addition to improving guidewires and catheters in the core cardiovascular field, the company expanded product development into non-cardiovascular areas including peripheral vascular, neurovascular, and gastrointestinal treatment. The Tokyo R&D Center also conducted research on software and sensor technologies, broadening the scope of R&D beyond conventional wire and catheter products to related technologies. (Annual Securities Reports, 2022–2026)

The R&D network also expanded. In addition to R&D functions in Seto, Shizuoka, Tokyo, and other locations in Japan, the United States developed a system for directly incorporating physicians' needs into prototyping, while Thailand established an R&D structure for improving existing products. Alongside higher R&D expenses, both the targeted treatment areas and R&D locations expanded. (Annual Securities Reports, 2022–2026)

Financial Overview

Financial Position

Total assets increased from JPY 155.1 billion in FY2022 to JPY 218.3 billion in FY2026. Net assets also increased from JPY 121.1 billion to JPY 174.4 billion over the same period. (Annual Securities Reports, 2022 and 2026)

In FY2022, ASAHI SURGICAL ROBOTICS CO., LTD., KARDIA S.R.L., Pathways Medical Corporation, Rev. 1 Engineering, Inc., and other companies were added to the scope of consolidation. At year-end, goodwill increased from JPY 2.5 billion at the end of the previous fiscal year to JPY 8.2 billion, while other intangible fixed assets increased from JPY 3.7 billion to JPY 11.2 billion. The company also spent JPY 6.9 billion on purchases of shares of subsidiaries resulting in changes in the scope of consolidation. (Annual Securities Report, 2022)

Goodwill subsequently declined through amortization. In FY2025, however, the company recorded impairment losses for ASAHI SURGICAL ROBOTICS CO., LTD., Pathways Medical Corporation, Rev. 1 Engineering, Inc., and ASAHI Medical Technologies, Inc., stating that declining profitability and other factors meant that recovery of the investments was no longer expected. As a result, goodwill decreased from JPY 6.9 billion at the end of FY2024 to JPY 110 million at the end of FY2025, while other intangible fixed assets decreased from JPY 10.0 billion to JPY 5.5 billion. (Annual Securities Report, 2025)

Cash and deposits increased from JPY 32.3 billion at June 30, 2022 to JPY 64.3 billion at June 30, 2026. (Annual Securities Reports, 2022 and 2026)

Trends in Profit and Loss

Revenue increased from JPY 77.7 billion in FY2022 to JPY 145.4 billion in FY2026, while operating profit increased from JPY 15.2 billion to JPY 45.2 billion. Both increased for 5 consecutive fiscal years. (Annual Securities Reports, 2022–2026)

Net Income Attributable to Owners of the Parent increased from JPY 10.9 billion in FY2022 to JPY 15.8 billion in FY2024, then decreased to JPY 12.7 billion in FY2025. Although operating profit increased that year, the company recorded extraordinary losses including JPY 9.2 billion of impairment losses and JPY 1.1 billion of valuation losses on investment securities, bringing total extraordinary losses to JPY 11.0 billion. (Annual Securities Reports, 2022–2025)

In FY2026, the company recorded JPY 1.5 billion of gains on sales of investment securities, while also recording JPY 1.1 billion of impairment losses involving different assets from the previous year. Against operating profit of JPY 45.2 billion, Net Income Attributable to Owners of the Parent was JPY 32.1 billion, up from the previous fiscal year. (Annual Securities Report, 2026)

Accordingly, the five-year profit-and-loss trend was characterized by continued increases in revenue and operating profit, while final profit in FY2025 was materially affected by impairment losses related to past investments.

Cash Flows

Cash Flows from Operating Activities remained positive in all 5 fiscal years. They increased from JPY 17.3 billion in FY2022 to JPY 40.5 billion in FY2025 and were JPY 40.1 billion in FY2026. (Annual Securities Reports, 2022–2026)

Cash Flows from Investing Activities were negative in all 5 fiscal years. Purchases of property, plant and equipment continued throughout the period, and in FY2022 the company also spent JPY 6.9 billion on purchases of shares of subsidiaries resulting in changes in the scope of consolidation. The largest net investing outflow during the five years occurred in FY2024, when purchases of property, plant and equipment totaled JPY 9.9 billion and purchases of investment securities totaled JPY 8.3 billion, resulting in Cash Flows from Investing Activities of -JPY 21.2 billion. (Annual Securities Reports, 2022 and 2024)

Cash Flows from Financing Activities were a net inflow of JPY 11.4 billion in FY2022, including JPY 12.4 billion of proceeds from share issuance through the exercise of stock acquisition rights. From FY2023 onward, financing cash flows were net outflows. In FY2026, the company recorded a net outflow of JPY 20.0 billion, including JPY 10.6 billion for share repurchases, JPY 6.5 billion for dividends, and JPY 2.4 billion for repayments of long-term borrowings. (Annual Securities Reports, 2022–2026)

The company continued to allocate cash generated from operating activities to capital expenditure, investment securities, and other investments, while cash outflows for dividends and share repurchases also increased in the latter half of the period. Cash and cash equivalents at year-end increased from JPY 32.3 billion in FY2022 to JPY 64.3 billion in FY2026. (Annual Securities Reports, 2022–2026)

Major Changes Identified in the Notes

The most significant note-related item over the five years was the impairment loss in FY2025. The company recorded impairment losses of JPY 2.0 billion for ASAHI SURGICAL ROBOTICS CO., LTD., JPY 3.6 billion for Pathways Medical Corporation, JPY 1.6 billion for Rev. 1 Engineering, Inc., and JPY 2.0 billion for ASAHI Medical Technologies, Inc., totaling JPY 9.2 billion. (Annual Securities Report, 2025)

For these 4 companies, Asahi Intecc stated that it impaired goodwill, other intangible fixed assets, and other assets because recovery of the investment amounts was no longer expected due to declining profitability and other factors, taking into account the business environment and future business plans. Of the 4 companies subject to impairment, ASAHI SURGICAL ROBOTICS CO., LTD., Pathways Medical Corporation, and Rev. 1 Engineering, Inc. had entered the scope of consolidation in FY2022. (Annual Securities Reports, 2022 and 2025)

In FY2026, the company recorded an impairment loss of JPY 1.1 billion on other investments and other assets following a review of the sales and development plans for joint product development with MagneDesign Corporation. The affected assets differed from those of the previous year, but revisions to business plans for some R&D and new-area investments were again reflected in the financial figures. (Annual Securities Report, 2026)

Dividend Policy

Dividend Payout Guideline Raised from 30% to 35%

Asahi Intecc regards returning a portion of the results generated by its business activities to shareholders as an important management priority. Its basic policy is to continue stable dividends from a long-term perspective while considering consolidated performance and other factors. The company generally pays a year-end dividend once a year and plans to use retained earnings for R&D, capital expenditure, and other funding needed for future growth. (Annual Securities Reports, 2022–2026)

For dividend levels, the company used a consolidated dividend payout ratio of 30.0% as a guideline in FY2022 and FY2023, then raised the guideline to 35.0% from FY2024. The basic policy of continuing stable dividends and considering factors including the earnings outlook and retained-earnings levels was maintained. (Annual Securities Reports, 2022–2026)

Annual Dividend per Share Increased

The annual dividend per share increased from ¥11.99 in FY2022 to ¥14.48 in FY2023, ¥20.37 in FY2024, and ¥24.23 in FY2025. (Annual Securities Reports, 2022–2025)

In FY2025, Net Income Attributable to Owners of the Parent decreased due to impairment losses and other extraordinary losses, but the company maintained its initially forecast dividend of ¥24.23 per share. As a result, the consolidated dividend payout ratio was 51.6%, above the usual guideline of 35.0%. (Annual Securities Report, 2025)

For FY2026, the company planned an annual dividend of ¥48.24 per share, consisting of an ordinary dividend of ¥42.21 per share and a 50th-anniversary commemorative dividend of ¥6.03 per share. The ordinary dividend corresponded to a consolidated dividend payout ratio of 35.0%, while the ratio including the commemorative dividend was expected to be 40.0%. (Annual Securities Report, 2026)

* Planned as of the filing date of the Annual Securities Report. The annual dividend of ¥48.24 per share consists of an ordinary dividend of ¥42.21 and a 50th-anniversary commemorative dividend of ¥6.03. The consolidated dividend payout ratio of 40.0% is the planned ratio including the commemorative dividend.

Over the five years, the company maintained its basic policy of stable dividends while raising its consolidated dividend payout ratio guideline from 30.0% to 35.0%, and the dividend per share also increased. In FY2025, it maintained the initially forecast dividend despite the decline in net income caused by extraordinary losses. In FY2026, it planned a 50th-anniversary commemorative dividend in addition to the ordinary dividend.

Share Repurchases

In addition to dividends, in May 2025 the Board of Directors resolved to repurchase up to 8.8 million shares for a total purchase price of up to JPY 15.0 billion. During FY2025, the company repurchased 1,956,700 shares for JPY 4.4 billion. In FY2026, it repurchased 4,344,600 shares for JPY 10.6 billion under the same resolution. (Annual Securities Reports, 2025 and 2026)

In the first half of the five-year period, shareholder returns were described mainly in terms of dividends. In the latter half, the company not only increased dividends but also carried out large-scale share repurchases.

Key Financial Indicators

Asahi Intecc's major consolidated financial indicators over the five-year period were as follows.

(Annual Securities Report, 2026)

Revenue and Asset Scale Expanded

Revenue increased for 5 consecutive fiscal years, from JPY 77.7 billion in FY2022 to JPY 145.4 billion in FY2026. Total assets also increased from JPY 155.1 billion to JPY 218.3 billion. Net assets increased from JPY 121.1 billion to JPY 174.4 billion, while the equity ratio remained in the 76%–79% range throughout the five-year period. (Annual Securities Report, 2026)

Final Profit Temporarily Declined in 2025

Net Income Attributable to Owners of the Parent was:

JPY 10.9 billion → JPY 13.1 billion → JPY 15.8 billion → JPY 12.7 billion → JPY 32.1 billion

(Annual Securities Report, 2026)

In FY2025, the company recorded JPY 9.2 billion of impairment losses. As a result, final profit decreased despite an increase in operating profit. (Annual Securities Report, 2025)

In FY2026, Net Income Attributable to Owners of the Parent increased to JPY 32.1 billion, while Return on Equity (ROE) rose to 19.8%. Earnings per Share (EPS) was:

¥40.01 → ¥48.25 → ¥58.20 → ¥46.92 → ¥120.59

Like net income, EPS decreased in FY2025 and then increased in FY2026. (Annual Securities Report, 2026)

Operating Cash Flow Remained Positive

Operating Cash Flow remained positive in all 5 fiscal years. It increased from JPY 17.3 billion in FY2022 to JPY 34.7 billion in FY2024 and JPY 40.5 billion in FY2025. It was JPY 40.1 billion in FY2026. (Annual Securities Report, 2026)

In FY2025, final profit decreased from the previous year while Operating Cash Flow reached its highest level of the five-year period, so the movements in profit and cash generation from operating activities did not move in the same direction that year. (Annual Securities Report, 2026)

Investing Cash Flow Remained Negative

Investing Cash Flow was negative in all 5 fiscal years. (Annual Securities Report, 2026)

Purchases of property, plant and equipment continued throughout the period. In FY2022, the company also spent JPY 6.9 billion on purchases of shares of subsidiaries resulting in changes in the scope of consolidation. (Annual Securities Reports, 2022–2026)

The largest investing outflow over the five years was JPY 21.2 billion in FY2024. The main factors included JPY 9.9 billion of purchases of property, plant and equipment and JPY 8.3 billion of purchases of investment securities. (Annual Securities Report, 2024)

Capital expenditure and purchases of investment securities continued thereafter, but cash inflows from sales of investment securities and other sources also occurred. As a result, the net investing outflow narrowed in FY2025 and FY2026. (Annual Securities Reports, 2025 and 2026)

Meanwhile, cash and cash equivalents at year-end increased from JPY 32.3 billion in FY2022 to JPY 64.3 billion in FY2026. (Annual Securities Report, 2026)

Five-Year Review

Throughout the five-year period, Asahi Intecc maintained its 2-business structure of the Medical Division and Device Division while expanding into overseas markets and non-cardiovascular treatment areas. The Group also changed its development, manufacturing, and sales companies and locations.

Management policy shifted from “ASAHI Going Beyond 1000” to “Building the Future 2030.” The direction of expanding global markets and treatment areas and strengthening R&D and production systems remained common to both plans, while the latter half of the period brought more specific targets for revenue, operating profit margin, ROE, and ROIC for 2030 and 2035, together with upward revisions to those targets.

Financially, revenue and operating profit increased for 5 consecutive fiscal years, while total assets, net assets, and cash and cash equivalents also increased. In FY2025, final profit temporarily decreased due to JPY 9.2 billion of impairment losses. Cash Flows from Operating Activities remained positive in all 5 fiscal years, while Cash Flows from Investing Activities were negative throughout the period, reflecting continued capital expenditure and purchases of investment securities.

For shareholder returns, the company maintained its basic policy of stable dividends while raising its consolidated dividend payout ratio guideline from 30.0% to 35.0%. In the latter half of the period, it increased dividends and also carried out share repurchases. For FY2026, it planned a 50th-anniversary commemorative dividend in addition to the ordinary dividend.

Over the five years, the company expanded its business fields and overseas operations while maintaining its existing 2-business structure and continuing R&D and capital investment. At the same time, it recorded impairment losses on some past investments. In the latter half of the period, the medium-term management plan and shareholder-return policy were updated, and numerical targets for business scale, profitability, capital efficiency, and shareholder returns were raised.

Source: ASAHI INTECC CO., LTD. Annual Securities Reports, 2022–2026.