Message to Our Shareholders

To our shareholders, thank you for your continued support of the IINO Group.

In April 2026, we launched our new five-year Medium-Term Management Plan, "Transformation for a Sustainable Future." The plan is built around the theme of transformation to achieve a sustainable future by balancing capital efficiency with growth investment. Guided by our long-term vision, IINO VISION--to become an independent global corporate group that continues to evolve through innovative thinking in response to the changing needs of society--we will pursue disciplined management while making growth investments with a strong focus on capital efficiency to further enhance corporate value.

The plan represents the first five-year phase of our long-term roadmap, developed by backcasting from our 2050 Long-Term Vision and 2035 Mid-Term Vision. While our previous plan focused on taking on new challenges to build the foundation for a sustainable future, this plan marks the next stage of our evolution. The title, "Transformation," reflects our commitment to advancing to the next phase by achieving both capital efficiency and sustainable growth through disciplined investment.

To execute this plan, we will focus on three key strategies: Business Strategy, Financial Capital Strategy, and Decarbonization Strategy. Supported by the stronger financial base established under the previous plan, we intend to invest approximately 200.0 billion yen over the next five years, primarily in growth businesses, new business opportunities, and our core businesses, while rebalancing our business portfolio.

These investments will be made under a disciplined financial framework. By utilizing financial leverage while taking into account the value of our real estate assets, we aim to generate returns that exceed our cost of capital and improve capital efficiency. At the same time, we will further enhance shareholder returns by maintaining a dividend payout ratio of 40% as our basic policy, introducing a minimum annual dividend, and implementing flexible share repurchases.

We remain committed to meeting the expectations of our shareholders through disciplined execution of our strategy and sustainable growth. We sincerely appreciate your continued trust and support.