Slides
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November 28, 2025 Financial Results Briefing for the Six Months Ended September 30, 2025 MIYAJI ENGINEERING GROUP, INC.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. P. 2I. Financial Results for Q2 of FY2025 P. 13II. Forecast for FY2025 P. 15III. Medium-Term Business Plan Progress P. 34IV. Action to Implement Management that is Conscious of Cost of Capital and Stock Price P.40Appendix – Company Profile Contents 1
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I. Financial Results for Q2 of FY2025 MIYAJI ENGINEERING GROUP, INC.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 3 During the six months ended September 30, 2025, the Japanese economy gradually recovered amid signs of a pick-up in consumer spending and improvement in the employment environment, although the impact from the U.S. trade policies was seen mainly in the automotive industry. Regarding public works-related expenses, an additional ¥2.4 trillion was included in the supplementary budget in FY2024. Therefore, public investment is expected to remain firm in the current fiscal year due to the execution of related budgets. In the mainstay bridge business segment, order volume for large-scale renovation and maintenance-related projects is expected to be ¥190.0 billion (based on our estimate), about the same volume of orders as in the previous fiscal year. However, orders for new construction-related projects are expected to be ¥220.0 billion (based on our estimate), a year-on-year decrease of 13%. With regard to large-scale renovation and maintenance-related projects, there are ongoing moves to scale back or postpone new construction contracts due to the need for major additional budgets in existing construction contracts. I. Financial Results for Q2 of FY2025 Key Topics for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 4 In this environment, orders received amounted to ¥23,909 million (up 19.4% year on year), mainly due to the absence of orders received for large projects in the same period of the previous fiscal year. Net sales amounted to ¥28,307 million (down 21.6% year on year), mainly due to the absence of intensive construction work related to large-scale renovation and maintenance-related projects that occurred in the same period of the previous fiscal year. Due to the same reasons as net sales, operating profit was ¥2,847 million (down 36.4% year on year), ordinary profit was ¥2,996 million (down 35.2% year on year), and profit attributable to owners of parent was ¥1,801 million (down 20.0% year on year). Certain consolidated subsidiaries have changed the attribution method of the estimated amount of retirement benefits and the accounting method of unrecognized actuarial differences from the beginning of the six months ended September 30, 2025. These changes were applied retroactively, and relevant figures for results for the six months ended September 30, 2024 and the previous fiscal year were restated accordingly. I. Financial Results for Q2 of FY2025 Key Topics for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. (Million yen) FY2025 Q2FY2024 Q2 YoY changeResultsInitial forecastYoY changeResults -21.6%28,30729,00013.9%36,100Net sales -36.4%2,8472,20051.6%4,474Operating profit -35.2%2,9962,30049.7%4,626Ordinary profit -20.0%1,8011,30026.8%2,252Profit attributable to owners of parent 19.4%23,909—-41.6%20,022Orders received 8.4%108,098—-3.4%99,702Order backlog Financial Results Summary for Q2 of FY2025 5 Although orders received increased, mainly reflecting the absence of large projects seen in the same period of the previous fiscal year, net sales and profit both declined year on year due to factors including the absence of intensive construction work related to large-scale renovation and maintenance-related projects. I. Financial Results for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Main Projects Sold (1) 6 New construction-related projects Construction (Phase II) of Kawasaki Harbor Road Higashi-Ogishima Mizue-cho Line main bridge superstructure Kanto Reginal Development Bureau Design and construction work of Daini-Keihan Expressway Kadoma East viaduct (superstructure of steel bridge) West Nippon Expressway Company Construction work of the Metropolitan area center communication Expressway, Goka viaduct (Steel Superstructure) East Nippon Expressway Company Limited I. Financial Results for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Main Projects Sold (2) 7 Large-scale renovation and maintenance-related projects Large-scale replacement construction of Kireuriwari Bridge Hanshin Expressway Company Limited Sasebo Viaduct widening construction on the Sasebo Road West Nippon Expressway Company Limited Construction work of Somagawa Bridge West Nippon Expressway Company Limited I. Financial Results for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Main Projects Sold (3) 8 Railroad-related and special buildings projects Construction of Kuma River Fourth Bridge Kumagawa Railroad Co., Ltd. (Main contractor) JV of Kyutetsu Corporation Co., Ltd. and Hayamizu Construction Co., Ltd. Transfer overpass bridge construction segment of Hokkaido Shinkansen Sapporo Station Hokkaido Railway Company (Main contractor) Sakken Kogyo Co., Ltd. Temporary assembly of truss bridge (in Chiba Works) I. Financial Results for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Overview of Main Construction Project Orders 9 The Group’s main construction project orders Construction work of the Sendaimiyagi Dramp bridge in Tohoku Expressway East Nippon Expressway Company Limited Yokohama Port Shin-Honmoku area seawall (wave protection) construction work MLIT Kanto Reginal Development Bureau (Rendering) Floor slab replacement works of Takadagawa Bridge on Chuo Expressway Central Nippon Expressway Company Limited Akita Port access road improvement work Akita Regional Development Bureau, Akita Prefecture (Source: Akita Prefecture) I. Financial Results for Q2 of FY2025 To Akita Port To Akita Kita IC Shinkansen Shin-Meishin Expressway Takatsuki base of operations new construction work (Main contractor) MEIKO CONSTRUCTION CO., LTD. (Primary Subcontractor) NIPPON SHARYO, LTD.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Results by Segment (1) (Million yen) FY2025 Q2FY2024 Q2FY2023 Q2 YoY changeResultsYoY changeResultsResults -21.6%28,30713.9%36,10031,694Net sales -2.8%20,2289.6%20,80918,991MEC -47.1%8,08220.2%15,29212,720MMB 223.5%939.5%22Other -36.4%2,84751.6%4,4742,951Operating profit 14.1%2,11418.5%1,8531,564MEC -71.7%74289.6%2,6241,384MMB -0.7%2,04372.6%2,0571,192Other 19.4%23,909-41.6%20,02234,287Orders received -5.7%14,772-21.3%15,66719,916MEC 109.7%9,127-69.7%4,35214,369MMB 223.5%939.5%22Other 8.4%108,098-3.4%99,702103,250Order backlog 0.5%57,747-1.3%57,45358,187MEC 19.2%50,309-6.2%42,20845,018MMB -----Other Although MIYAJI ENGINEERING’s results were almost flat year on year, orders received remained sluggish under harsh conditions. MM BRIDGE saw significant decreases in revenue and profit year on year. Orders received increased due to the absence of large projects in the same period of the previous fiscal year. 10 I. Financial Results for Q2 of FY2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. MM BRIDGEMIYAJI ENGINEERING Results by Segment (2) Future initiativesFuture initiatives Orders received for new construction included Akita Port access road improvement work in Akita Prefecture and Shinkansen Shin-Meishin Expressway Takatsuki base of operations new construction work for NIPPON SHARYO, LTD. Despite a decline in new construction- related projects and trends toward downsizing or postponement of large-scale renewal and maintenance-related projects, orders reached ¥16.28 billion, exceeding the same period of the previous fiscal year. Net sales reached ¥20.45 billion thanks to steady progress on projects such as the Construction work of the Metropolitan area center communication Expressway, Goka viaduct (Steel Superstructure) for East Nippon Expressway, the Ebie area steel girder and steel pier project for Hanshin Expressway, and the Construction work of Kasaoka-Bypass Shin-Kounoshimaohashi upper steel for the Chugoku Regional Development Bureau. In terms of profit, operating profit was ¥2.11 billion due to design changes and other factors. Although there were delays in receiving orders for target projects, orders received reached ¥9.13 billion, which doubled from the sluggish performance in the same period of the previous fiscal year, mainly due to an order for Construction work of the Sendaimiyagi Dramp bridge in Tohoku Expressway for East Nippon Expressway. On the other hand, net sales fell sharply to ¥8.08 billion year on year, despite steady progress on projects such as Sasebo Viaduct and Somagawa Bridge for West Nippon Expressway, mainly because large-scale renovation projects that had been driving performance were completed, causing volume to decline. In addition to the decline in net sales, operating profit decreased significantly year on year to ¥0.74 billion due to a lack of positive factors, unlike the same period of the previous fiscal year when there was a major design change. Expanding orders and promoting DX The business environment has deteriorated rapidly due to the downsizing and review of operations, and orders for large-scale renovation and maintenance-related work, our traditional strengths, remain stagnant. We expect it will take two to three years before market conditions recover. We will prepare for the next stage by downsizing ongoing projects, expanding into building construction, improving productivity through the promotion of digital transformation, and solidifying our corporate structure. A wide range from large-scale bridge projects and new construction projects to maintenance business There are concerns that Japan’s social infrastructure will deteriorate rapidly in the coming years, making it an urgent task to implement national resilience measures through renewal and maintenance. We believe that we can help address the challenges facing Japan by leveraging our technical capabilities based on our extensive experience. We will pursue balanced business development in a wide range of projects, including not only in new bridge construction but also in urban redevelopment and maintenance projects. To this end, we will secure and train human resources, further enhance our technical capabilities, and work to improve production efficiency through digital transformation, technological development, and carbon neutrality. 11 I. Financial Results for Q2 of FY2025 34.1 36.1 40.5 44.8 20.4 3.26 3.09 4.45 4.00 2.11 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 FY2021 FY2022 FY2023 FY2024 FY2025 Q2 (Billion yen) Net sales/Operating profit Net sales Operating profit 24.8 25.9 29.6 30.2 8.0 2.54 2.01 3.42 5.15 0.74 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 FY2021 FY2022 FY2023 FY2024 FY2025 Q2 (Billion yen) Net sales/Operating profit Net sales Operating profit
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Balance Sheet and Cash Flows 12 The equity-to-asset ratio increased to 51.7% from 45.0% on March 31, 2025 Cash flows from operating activities turned negative due to a decrease in trade payables and other factors. Cash and cash equivalents decreased significantly, due in part to the repayment of short-term borrowings. I. Financial Results for Q2 of FY2025 (Million yen)Main cash flow statement items FY2025 Q2FY2024 Q2FY2023 Q2 (3,484)(7,276)2,132Cash flows from operating activities (1,131)(1,698)(377)Cash flows from investing activities (6,160)(879)(727)Cash flows from financing activities (10,775)(9,854)1,027Net increase (decrease) in cash and cash equivalents 5,7269,26014,643Cash and cash equivalents at end of period (Million yen)Main balance sheet items September 30, 2025March 31, 2025September 30, 2024 80,60690,59774,498Total assets 55,93166,74451,602Current assets 24,67523,85322,895Non-current assets 15,36515,48414,576Property, plant and equipment 397439404Intangible assets 8,9117,9287,915Investments and other assets 31,70842,02428,393Total liabilities 26,66537,42924,146Current liabilities 5,0424,5944,247Non-current liabilities 48,89848,57346,104Total net assets 33,90433,56132,090Shareholders’ equity 7,7447,1626,812Accumulated other comprehensive income 7,2497,8497,202Non-controlling interests
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II. Forecast for FY2025 MIYAJI ENGINEERING GROUP, INC.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. (Million yen) FY2025FY2024 YoY changeRevised forecastInitial forecastYoY changeResults -22.4%58,00058,0007.7%74,725Net sales -48.7%4,7004,00015.8%9,157Operating profit -49.4%4,8004,10019.9%9,485Ordinary profit -38.2%3,0002,50011.4%4,851Profit attributable to owners of parent -97.597.5-97.5Annual dividend per share (yen) *1 -7.3%6.1%-12.0%Return on equity (ROE) -23.0%55,00068,000-15.4%71,441Orders received -2.7%109,496122,496-2.8%112,496Order backlog 14 Net sales are expected to reach the initial forecast as a result of steady progress in existing projects. Profits are expected to exceed the initial forecast thanks to design changes exceeding initial assumptions. No revision to dividend forecast. *1 The Company conducted a two-for-one stock split of its common shares on October 1, 2024. Annual dividend per share reflects this stock split. Forecast for FY2025 II. Forecast for FY2025
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III. Medium-Term Business Plan Progress MIYAJI ENGINEERING GROUP, INC.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 16 While public investment is expected to remain robust in monetary terms, orders for new construction-related projects in terms of volume are likely to remain sluggish due to factors such as rising prices. In particular, the unexpected drop in the volume of new construction-related orders placed by the national and local governments, which are easy to predict the timing of production after orders are received and contribute significantly to leveling factory capacity utilization, is expected to continue for some time. In large-scale renovation and maintenance-related projects, there has also been a move to reduce the scale of or postpone construction work, even for projects that have already started detailed design based on technical proposals and negotiation methods, resulting in a significant decrease in the scale of orders received assumed when preferential negotiation rights were acquired. Medium-Term Business Plan: Outlook for Business Environment (1/5) III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 17 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Changes in the order volume for steel bridges (t) (based on orders received by Japan Bridge Association member companies) 国土交通省 都道府県 市町村 その他 高速道路会社 鉄道橋 その他の鋼橋 国土交通省 合計 1995 900,000 t 2024 130,000 t * The order volume has decreased significantly over the past 30 years The Ministry of Land, Infrastructure, Transport and Tourism Prefecture Municipality Other Expressway management companyRailway bridges Other steel bridges Source: Japan Bridge Association (t) Medium-Term Business Plan: Outlook for Business Environment (2/5) III. Medium-Term Business Plan Progress The Ministry of Land, Infrastructure, Transport and Tourism Total
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 0 500 1000 1500 2000 2500 2018年度 2019年度 2020年度 2021年度 2022年度 2023年度 2024年度 2024年度 新設 大規模更新・保全 鉄道 FRP・その他 大空間・特殊建築物 沿岸構造物 太陽光発電 (Billion yen) Order Backlog Trends Left: Order backlog Right: Order backlog (includes estimated project scale for which preferential negotiation rights were acquired through technical proposal negotiations) 18 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2024 [As of May 2025] [As of today] Medium-Term Business Plan: Outlook for Business Environment (3/5) III. Medium-Term Business Plan Progress 250.0 200.0 150.0 100.0 50.0 0.0
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 19 Given the growing number of areas requiring renovation and maintenance work, orders for large- scale expressway renovation projects (¥7 trillion) are expected to recover gradually. Although they are delayed compared to the initial assumptions, difficult, large-scale projects, such as the continuous cable-stayed bridge on the western extension of the Wangan (Osaka Bay) Route of the Hanshin Expressway and Meishin Wangan Route Access Bridge, are also progressing smoothly. A medium-term increase in orders volume, measured by weight, is expected from the promotion of large-scale projects such as the New Omiya-Ageo Road, East Saitama Road, and the Tokyo Bay Shore Road extension between Hakkeijima and Natsushima, where many orders for steel bridge superstructure are expected to be placed, as well as from the onshore viaducts of the western extension of the Wangan (Osaka Bay) Route of the Hanshin Expressway. There are many plans for railroad-related and buildings with large interior spaces and special building projects, including redevelopment projects, which are highly difficult to construct, continuous grade separation projects, and medium- and large-scale redevelopment projects in urban areas. We believe that this is a business environment in which the Group can make major advances in the medium term. Medium-Term Business Plan: Outlook for Business Environment (4/5) III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 20 The stretches of expressways in use for more than 40 years will continue to increase, reaching roughly 6,000 km, 1.5 times the 2023 figure, by 2033. This means that the market for large-scale renovation and maintenance-related projects is expected to recover moderately. Quoted from: “Renovation Plans for East, Central, and West Japan Expressways,” public data announced by East Nippon Expressway Company Limited, Central Nippon Expressway Company Limited, and West Nippon Expressway Company Limited, January 16, 2024 Medium-Term Business Plan: Outlook for Business Environment (5/5) III. Medium-Term Business Plan Progress Number of years used At present (as of December 31, 2023) Number of years used 10 years later (as of December 31, 2033) Less than 30 years From 30 years to 39 years From 40 years to 49 years More than 50 years December 2023 (At present) December 2033 (10 years later) Approx. 40% Approx. 60%
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 21 Due to the loss of large projects and the downsizing or postponements of contract timing for projects currently in detailed design under technical proposals and negotiation methods, the sales and profit forecast for the fiscal year ending March 31, 2027 has been revised downward. The current difficult conditions are expected to continue through the first half of the next Medium- Term Business Plan period. However, the review of the market environment outlook and various measures are expected to help recover corporate value and further improve the Company’s performance in the second half of the next Medium-Term Business Plan period. From the perspective of sustainable growth of the Group, the dividend amount for the fiscal year ending March 31, 2027 will be considered together with the shareholder return policy in the next Medium-Term Business Plan. III. Medium-Term Business Plan Progress Progress and Review of Quantitative Targets (1/2)
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 22 (Million yen) FY2026FY2025FY2024FY2023FY2022 Current target Target As of November 2024 review Revised forecast Initial forecastResultsResultsResults 57,00068,00058,00058,00074,72569,36560,279Net sales 1,5006,0004,7004,0009,1577,9045,127Operating profit 1,6006,1004,8004,1009,4857,9085,373Ordinary profit 1,3004,0003,0002,5004,8514,3543,077Profit attributable to owners of parent Under consideration97.597.597.597.59635Annual dividend per share (yen) *1 55%55%51.4%50.8%45.0%54.0%56.3%Equity-to-asset ratio 3.2%10%7.3%6.1%12.0%11.5%8.9%Return on equity (ROE) 2.1%10%5.6%4.8%11.5%11.5%8.6%Return on assets (ROA) III. Medium-Term Business Plan Progress Progress and Review of Quantitative Targets (2/2) *1 The Company conducted a two-for-one stock split of its common shares on October 1, 2023, and October 1, 2024. Annual dividen d per share reflects this stock split.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 23 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2029 FY2031 Results of net sales (left axis) Operating profit (right axis) MM BRIDGE CO., LTD. joins the group Under consideration Net sales： ¥57.0 billion Operating profit：¥1.5 billion Net Sales and Operating Profit: Results and Plan III. Medium-Term Business Plan Progress Results Forecast Plan Current Medium- Term Business Plan Next Medium-Term Business Plan (Billion yen) (Billion yen) Plan for net sales (left axis)
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 55 10 10 15 15 20 35 35 91 97.5 97.5 5 5 5 0 50 100 150 0 20 40 60 80 100 120 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2029 FY2031 24 Shareholder returns for FY2026 and beyond are under review (Yen)(%) Under consideration Dividends: Results and Plan III. Medium-Term Business Plan Progress * The Company conducted a two-for-one stock split of its common shares on October 1, 2023, and October 1, 2024. Dividend per sh are reflects this stock split. Results Forecast Plan Current Medium- Term Business Plan Next Medium-Term Business Plan Ordinary dividend per share (right axis) * Dividend payout ratio (left axis) Commemorative dividend per share (right axis) * MM BRIDGE CO., LTD. joins the group
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Future Plans with a View to the Next Medium-Term Business Plan 25 We will further strengthen our business management control system as a Group and strive to firmly establish a stable profitable structure even under the drastically changing business environment. MIYAJI ENGINEERING CO., LTD. and MM BRIDGE CO., LTD. will work as one team to achieve sustainable growth and business development of the Group. We will conduct optimized management that appropriately allocates available resources on new construction-related, large-scale renovation and maintenance- related, and private-sector projects, aligning with shifts and trends in the domestic steel bridge market. We will secure and train human resources, promote the career advancement of women, and carry out work style reforms to ensure sustainable growth. Specific details of the next Medium-Term Business Plan (FY2027 to FY2031), which will underpin the Group’s sustainable growth, will be announced during the current Medium-Term Business Plan period. III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 26 Progress statusProgress evaluationKey strategy Projects where we can fully leverage MEG’s strengths, including both the quality and volume of its management resources Although detailed designs for the major project of constructing a new bridge in the western extension of the Wangan (Osaka Bay) Route of the Hanshin Expressway is underway, the project is running slightly behind schedule due to reasons including the budget. △1) Participate in new, large-scale bridge projects In many projects where we have obtained preferential negotiation rights under technical proposals and negotiation methods and are proceeding with detailed design, there is a trend to reduce or postpone the scale of construction work, making the future outlook difficult to predict. △ 2) Expand scale of activities in large- scale expressway renovation projects We are currently carefully considering technical proposals for some specific projects in the area of high-difficulty construction in private-sector projects (railroads, buildings with large interior spaces and special buildings, and coastal structures), where our advanced technical capabilities have been evaluated highly. 〇3) Work on high-difficulty private sector construction projects We are engaging in joint development with ICT companies, DX companies, and manufacturers, implementing operation improvements.○4) Enhance technology development We have completed the renewal work of the Kurihashi Equipment Center, completed land development for the Hyogo Equipment Center relocation site, completed the detailed design of the new office building at the Chiba Works and are preparing for the start of construction. ○ 5) Engage in capital investment aimed at growing business and improving efficiency We have secured preferential negotiation rights for large-scale renovation and maintenance- related projects through an industry spanning JV with a general contractor. We are continuing to respond to bids for multiple projects by an industry spanning JV. ○6) Strengthen alliances We are steadily expanding sales of the products we have developed, such as FRP Inspection Access Way, as set forth in our business plans.○7) Expand sales of products developed in-house We published Integrated Report 2025 with enhanced disclosure of non-financial information on September 30, 2025. We received a B- score in CDP’s Climate Change Report 2024. ○8) Implement ESG measures Status of Key Strategies III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 27 Progress Status of Measures III. Medium-Term Business Plan Progress Large-scale renovation and maintenance-related projects completed in FY2025 or currently in progress, acquired through an industry-spanning JV with general contractors, etc. Tohoku Expressway Tone River Bridge seismic reinforcement work East Nippon Expressway Company Limited JV of MMB and TEKKEN CORPORATION Superstructure, bridge pier, and foundation construction at a connection to a tunnel on the Inner Circular Route 6 (Nihonbashi area) Mukojima Line Metropolitan Expressway Co., Ltd. Industry-spanning JV of JFE, MMB, Kajima, and TOA Metropolitan Expressway Route 1 (Haneda Line) (Higashi Shinagawa/Samezu reclaimed land area) renewal project Metropolitan Expressway Co., Ltd. Industry-spanning JV of OBAYASHI, SHIMIZU, Sumitomo Mitsui, TOA, Asunaro Aoki, KAWADA, Tokyo Tekkotsu, MMB, and MIYAJI Sasebo Viaduct widening construction on the Sasebo Road West Nippon Expressway Company Limited JV of MMB, The Takigami Steel Construction, and Fuji P.S Floor slab replacement works of Nakano Bridge on Chuo Expressway (FY2023) Central Nippon Expressway Company Limited JV of Fuji P.S. and MIYAJI ENGINEERING Reconstruction Project (Construction) of City Expressway Route 1 and Others of Shinsuzaki Section JV of OBAYASHI, DAIHO, YAHAGI, KAWADA, MMB, MIYAJI, The Takigami Steel Construction, and KOMAIHALTEC
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 28 Leveraging accumulated working capital Enhancing capital efficiency (controlling the rise in equity-to-asset ratio) Plan to pay a dividend of ¥97.5 per share for FY2025 Dividends for FY2026 are currently under review Total for FY2022 to FY2026 EBITDA* Approx. ¥35.0 billion [Approx. ¥29.0 billion] * Earnings Before Interest Taxes Depreciation and Amortization (Note) Numbers in [ ] are cumulative result totals from FY2022 to FY2025 Q2 Shareholder returns Approx. ¥10.2 billion + FY2026 under review [Approx. ¥8.7 billion] Growth investments Approx. ¥18.0 billion [Approx. ¥6.8 billion] Decreased operating capital Approx. ¥3.2 billion + Decreased FY2026 shareholder returns [Approx. ¥4.8 billion] Tax payments Approx. ¥10.0 billion [Approx. ¥8.6 billion] Our basic policy is to pursue a balanced capital policy, which includes implementing agile shareholder returns while also paying attention to capital efficiency, and pursuing investment for sustainable growth and a certain expansion of capital. Investment in equipment center to enhance ability to handle big projects and large-scale renovation projects Updating plant facilities and investing in new office building construction to increase competitiveness and improve workplace environment Accelerating carbon neutrality efforts Continuing systematic investment Capital Strategy III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 FY2022 FY2023 FY2024 FY2025 Q2 FY2025 FY2026 29 Details on investmentsCumulative total Investment forecast for next five years Completed rebuilding of painting plant Completed installation of 50 t large gantry crane in temporary assembly yard Planning successive renovations of other facilities ¥0.02 billion¥0.15 billionYard improvement and space optimization Production capacity efficiency improvement and optimization ¥1.17 billion¥1.30 billionRebuilding of painting plant ¥1.44 billion¥2.50 billion Update and repair of plant equipment, seismic reinforcement of buildings Schedule is slightly delayed due to rising prices and other factors －¥6.00 billionNew office building construction Completed rebuilding of storage warehouse and new office building of Kurihashi Equipment Center ¥0.94 billion¥1.05 billionEquipment Center renovations Carrying out rolling updates of facilities such as yard gantry cranes ¥2.02 billion¥1.70 billionEquipment Center equipment replacement High possibility of carryover because no alternative site has been found －¥1.05 billionAdditional revisions to Kurihashi Equipment Center storage yard Site development has been completed and preparations are underway for the start of construction ¥0.41 billion¥1.25 billion Additional relocation and expansion of Hyogo Equipment Center Installing solar power generation equipment in equipment centers ¥0.13 billion¥0.90 billion Additional specific initiatives for achieving carbon neutrality by 2050 Carbon neutrality- related investment Currently developing new technologies at a rate of 10 technologies per year Actively working to increase operational efficiency by utilizing DX ¥0.69 billion¥1.10 billion New business development Business portfolio expansion and optimization Technology development Reinforce comprehensive engineering functions Making preparations to positively consider projects that contribute to sustained growth －¥1.0 to ¥3.0 billion expectedM&As ¥18.0 to ¥20.0 billion expectedTotal growth investment Planned investment amounts Investment amount results Investment Strategy III. Medium-Term Business Plan Progress Total investment amount trend (Billion yen) Results Plan
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 30 MIYAJI ENGINEERING CO., LTD. Hyogo Equipment Center After land development (area outlined in red) Rendering of the new office building at the Chiba Works New launching device Renovation of Kurihashi Equipment Center Investment Strategy III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 31 Group Initiatives for Tackling Societal Issues Personnel Development and Diversity Promotion Initiatives to acquire and retain Eruboshi certification Initiatives to acquire and retain Kurumin certification Initiatives for passing on technologies, skills, and corporate culture Creating workplace environments that produce innovation Responding to Natural Disasters as a Team of Steel Structure Specialists Emergency restoration of Tohoku Shinkansen viaducts after Great East Japan Earthquake and Fukushima Offshore Earthquake Kumamoto Earthquake: Iidamaru Gokai-Yagura Turret collapse prevention measures Daiichi- Shirakawa Bridge: Removal and restoration using cable cranes Typhoon Hagibis: Emergency restoration of Hino Bridge July 2020 Torrential Rain: Bridge restoration work in the Kuma River Basin, Kumamoto Environmental Initiatives Solar power generation equipment operational at former Matsumoto Works site Solar power generation equipment installation completed at Kurihashi Equipment Center GHG emissions (Scope 1, 2, and 3) disclosed Coral reef conservation activities using cathodic protection technology for coastal structures (biodiversity initiative) Enhancement of Dialogue with Shareholders and Investors April 2024 IR Office renamed to Sustainable Management Promotion Office Expanded opportunities for IR and SR meetings, including financial results briefings Disclosed initiatives aimed at implementing management that is conscious of cost of capital and stock price Creation and Improvement of Corporate Governance System June 2021 Transitioned to a Company with an Audit and Supervisory Committee; established Nomination and Compensation Committee June 2022 Transitioned to a seven-member Board of Directors (a majority of four Outside Directors) June 2023 Appointed one female Director (Outside Director) June 2025 Increased the number of female Directors from one to two (Outside Directors) Received a B- score in the climate change area and a C score in the water security area in CDP’s Climate Change Report 2024 Initiatives for Tackling Societal Issues (1) III. Medium-Term Business Plan Progress Biosphere Society Economy
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 32 Publication of MIYAJI ENGINEERING GROUP Integrated Report 2025 Published Integrated Report 2025 on September 30, 2025 Disclosed the formulated human rights policy and human rights risk map identifying the likelihood of occurrence and severity of various human rights risks. Improved disclosure of sustainability information, strengthened governance structure, accelerated technology development and promotion of digital transformation, supported advancements of diverse human resources, and further enhanced social responsibility and transparency. As the first step in supply chain management, we conducted questionnaires and interviews regarding the supply chain and disclosed a human rights risk map identifying the likelihood of occurrence and severity. Initiatives for Tackling Societal Issues (2) III. Medium-Term Business Plan Progress
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 33 Activities of the Kyueikai Held the 2nd general meeting of the Kyueikai on October 10, 2025 1. Sharing the Vision 3. Transparency in transactions and supply chain management • MEG conducted education (video viewing) on transparency in transactions for member companies to improve reliability across the entire supply chain. • Provided learning opportunities for fair trade and governance enhancement. Viewing an educational video on transparency in transactions • The Chairman and Advisor of the Kyueikai (President of MEG) explained the future vision to “thrive and grow together” with partner companies and the importance of sustainability management. 2. Promotion of safety, health, and compliance • Lecture by Director of the Kyueikai (MEG Director) on strengthening safety, health, and compliance • In addition to sharing safety and quality rules, the lecture emphasized the importance of everyone understanding why it matters for building a foundation for a sustainable future. Efforts in Supply Chain Management Initiatives for Tackling Societal Issues (3) III. Medium-Term Business Plan Progress
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IV. Action to Implement Management that is Conscious of Cost of Capital and Stock Price MIYAJI ENGINEERING GROUP, INC.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Action to Implement Management that is Conscious of Cost of Capital and Stock Price (1) 35 IV. Action to Implement Management that is Conscious of Cost of Capital and Stock Price Evaluation of the current situation (as of the disclosure of August 7, 2025) FY2024 ROE: 12.0% ⇒ Exceeded our 10% target under the Medium-Term Business Plan due to the impact of our revised dividend policy with an equity-to-asset ratio of 55% and strong business performance PBR at the end of March 2025: 1.16 times ⇒ As a result of our efforts to gain market recognition for our “Action to Implement Management that is Conscious of Cost of Capital and Stock Price,” which we announced on August 7, 2024, we exceeded our target of 1.0 (Million yen) FY2025 forecastFY2024FY2023FY2022FY2021FY2020 58,00074,72569,36560,27958,00255,268Net sales 4,7009,1577,9045,1275,8105,501Operating profit 3,0004,8514,3543,0773,4063,808Profit attributable to owners of parent Target 55%45.0%54.0%56.3%54.0%49.6%Equity-to-asset ratio Target 10%12.0%11.5%8.9%10.7%13.5%ROE －1,535.651,469.701,304.491,226.241,107.44Net assets per share (yen)* －1,784.02,192.5935.0865.0592.25Year-end stock price (yen)* －1.161.490.720.710.53PBR (times) * The Company conducted a two-for-one stock split of its common s hares on October 1, 2023, and October 1, 2024. Net assets per share and year-end stock price have been revised after reflecting the stock split.
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 0 250,000 500,000 750,000 1,000,000 1,250,000 1,500,000 1,750,000 2,000,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2023年3月 2023年5月 2023年7月 2023年9月 2023年11月 2024年1月 2024年3月 2024年5月 2024年7 月 2024年9月 2024年11月 Volume (right axis) Stock price (left axis) March 2023 June 2023 September 2023 December 2023 June 2024 September 2024 0 Stock Trends 36 Stock price and volume (Yen) (Shares) 5/15 Release of financial results for FY2022 8/9 Release of financial results for FY2023 Q1 “Share Split, and the Partial Amendment to the Articles of Incorporation and the Revision (Increase) of Dividend Forecasts associated with the Share Split” and “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” 2/9 Upward revision of financial results forecast, release of dividend increase 8/7 Release of financial results for FY2024 Q1 “Notice on the Share Split, and the Partial Amendment to the Articles of Incorporation and the Revision of Dividend Forecasts Associated with the Share Split,” “Action to Implement Management that is Conscious of Cost of Capital and Stock Price,” and “Notice Concerning Acquisition of Treasury Shares” 5/14 Release of financial results for FY2023, release of dividend increase IV. Action to Implement Management that is Conscious of Cost of Capital and Stock Price End of March 2025: PBR 1.17 11/8 Release of financial results for FY2024 Q2, downward revision of financial results forecast End of September 2025: PBR 1.32 5/14 Release of financial results for FY2024 8/7 Release of financial results for FY2025 Q1, “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” (Note) The Company conducted a two-for-one st ock split of its common shares on October 1, 2023, and October 1, 2024. Stock price and volume have been revised after reflecting the stock split. End of March 2023: PBR 0.72 End of September 2023: PBR 1.11 End of March 2024: PBR 1.50 End of September 2024: PBR 1.26 March 2024 December 2024 March 2025 June 2025 September 2025
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Measures to be adopted We will work to achieve a 10% ROE and medium- to long-term sustainable growth and the enhancement of corporate value, with the aim of achieving sustainable growth and the enhancement of corporate value over the medium to long term. The market environment is undergoing a significant shift, with the volume of new construction orders decreasing due to factors such as rising prices, while additional budgets for existing contracts are increasing and the scale of new contracts is shrinking. In large-scale, technically difficult projects, construction timing has been delayed due to detailed design and third-party consultations, and the performance forecast for 2026 and 2027 has been revised in light of these factors. To achieve sustainable growth, we will appropriately allocate management resources to core construction fields, strengthen technology development, promotion of digital transformation, human resource development, and work-style reform, and aim to exceed the revised Medium-Term Business Plan. (1) Achievement of the Medium-Term Business Plan (FY2022 to FY2026) Led by the Sustainable Management Promotion Office, we actively engaged in dialogue with shareholders and investors. We held 2 financial results briefings, 59 SR/IR interviews (one-on-one), and 6 plant tours in FY2024 to promote understanding. To strengthen the dissemination of information to overseas investors, we launched an English website and began publishing disclosure materials in English from FY2023, and plan to continue such efforts in the future. We continued active dialogue in FY2025, and published the Integrated Report 2025 on September 30, 2025. (2) Implementation of active IR activities 37 Action to Implement Management that is Conscious of Cost of Capital and Stock Price (2) IV. Action to Implement Management that is Conscious of Cost of Capital and Stock Price
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 38 Measures to be adopted On August 8, 2024, we acquired treasury stock (350,000 shares, approx. 2.6%) as part of our flexible capital policy. There are plans to consider effective use of treasury stock, including a review of the executive compensation system. (3) Buy-back of shares A two-for-one share split was implemented on October 1, 2023 and October 1, 2024, bringing the total number of shares outstanding to 27,677,816. The share split lowered the investment unit, significantly increased the number of shareholders (from 3,554 at March 31, 2023 to 31,222 at March 31, 2025), and improved liquidity. (4) Implementation of a share split Our basic policy is to maintain and expand shareholder returns, aiming to maintain or increase dividends and achieve ROE of 10%, while also emphasizing capital efficiency, appropriate control of equity levels, and investment for sustainable growth. The required equity is set at approximately 7 months of monthly sales (60% of annual net sale), and we target an equity-to-asset ratio of 55%. The shareholder returns policy for the fiscal year ending March 31, 2026 is to target a total return ratio of 60%, with a minimum return of ¥97.50 per share. (5) Revision of the dividend policy (implementation of capital efficiency- conscious, flexible shareholder returns) We hold cross-shareholdings for purposes including maintaining business relationships, and we annually review business performance, stock price, and other factors from a variety of perspectives, and reduce holdings when the rationale weakens. Our policy is to reduce the book-value ratio of cross-shareholdings to 10% or less of consolidated net assets during the Medium-Term Business Plan period. In FY2024, we partially sold 2 stocks, and reduced holdings in 9 stocks over the past 5 years. As of March 31, 2025, the ratio was 13.9%, and we aim to achieve the target through systematic sales over the next two years (6) Reduction of cross- shareholdings Action to Implement Management that is Conscious of Cost of Capital and Stock Price (3) IV. Action to Implement Management that is Conscious of Cost of Capital and Stock Price
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. 39 Important notes regarding forward-looking statements The information presented in this document is intended to serve solely as reference information for investors. It is not intended as solicitation. Forward-looking statements within this document are based on targets and forecasts, and do not represent guarantees or assurances. Please be aware that future business performance may differ from our current future forecasts. Investor relations inquiries Hiraoka, Endo and Setoi Group Planning and Administration Division MIYAJI ENGINEERING GROUP, INC. 9-19 Nihonbashi-Tomizawa-cho, Chuo-ku, Tokyo 103-0006, Japan TEL: +81-3-5649-0111 E-mail: meg.IR@miyaji-eng.co.jp
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Appendix – Company Profile
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. ＜MEG’s Management Philosophy＞ Contributing to the enrichment of our nation and the creation of a brighter society through the construction, maintenance, and repair of societal infrastructure such as bridges, buildings, and coastal structures About MEG (1/3) 41 Appendix 2 – Company Profile
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Our Group business companies MIYAJI ENGINEERING and MM BRIDGE both primarily focus on the manufacturing and construction of bridges as contracted by government agencies such as the Ministry of Land, Infrastructure, Transport and Tourism and expressway management companies. Our industry is one of engaging in business based on orders placed by clients, and the volume of orders placed is directly impacted by the amounts budgeted by government offices for road infrastructure investment. Public works projects are decided on through bidding, so it is not possible to systematically receive orders. Normalizing order volume and conducting production systematically is difficult, so there can be profit/loss peaks and valleys. About MEG (2/3) 42 Appendix 2 – Company Profile
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. About MEG (3/3) 43 Our main business segment, the new bridge segment, Began with the construction of the Metropolitan Expressway Edobashi Bridge Junction, which contributed significantly to the advancement of bridge technologies during Japan’s period of rapid economic growth. We have a track record of design and construction technologies used in long-span bridges such as the Kanmon Bridge connecting Honshu and Kyushu; the Akashi-Kaikyo Bridges and other many Honshu-Shikoku Bridges; the Kesennuma Bay Crossing Bridge, which is a symbol of the recovery from the Great East Japan Earthquake; the Tokyo Gate Bridge, Rainbow Bridge, and Yokohama Bay Bridge, which offer spectacular night views of Tokyo Bay; and other famous bridges. In the area of highly difficult bridge construction, such as the construction of bridges used by the Shinkansen and other rail lines, we have established a stellar reputation and earned the solid trust of our customers through our safe site construction, backed by the advanced technical capabilities we have refined over the years and the technical strengths of our teams of specialized engineers. The construction of special buildings and the design and manufacturing technologies used for special coastal steel structures require advanced technical capabilities backed by experience. Few companies outside our Group have these capabilities. Appendix 2 – Company Profile
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Company Profile 44 Appendix 2 – Company Profile 株式会社エム・ジー・コーポレーション Ownership: 100% (consolidated) Ownership: 100% (non-consolidated) Design, manufacture, and erection of steel structures; sale of bolts and welding materials, etc.; personnel dispatching, and other business operations （MEC） （MMB） Ownership: 51% (consolidated) Design, manufacture, installation, sale, and repair of bridges and coastal structures, etc. Design, manufacture, erection, installation, maintenance and repair of bridges, steel frameworks, and other steel structures; design and manufacture of pre-stressed concrete; construction and project management of civil engineering works; and assembly of steel frameworks, steel towers, and structures with large interior spaces MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING CO., LTD. (MEC) MM BRIDGE CO., LTD. (MMB) MG Corporation Inc. 9-19 Nihonbashi-Tomizawa-cho, Chuo-ku, TokyoHead office Masahiro Ikeura, President and Representative DirectorRepresentative September 1908Founded ¥3.0 billionCapital ¥74.7 billion (FY2024)Consolidated net sales
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Head Office MIYAJI ENGINEERING CO., LTD. Head Office MM BRIDGE CO., LTD. East Japan Branch MIYAJI ENGINEERING CO., LTD. Sendai Sales Office MM BRIDGE CO., LTD. Tohoku Sales Office MIYAJI ENGINEERING CO., LTD. Sapporo Sales Office 45 MIYAJI ENGINEERING CO., LTD. Chiba Works MM BRIDGE CO., LTD. Ichihara Works MG Corporation Inc. Head Office MIYAJI ENGINEERING CO., LTD. Nagoya Sales Office MM BRIDGE CO., LTD. Chubu Sales Office MIYAJI ENGINEERING CO., LTD. Fukuoka Sales Office MM BRIDGE CO., LTD. Kyushu Sales Office MM BRIDGE CO., LTD. Nagasaki Office MM BRIDGE CO., LTD. Toyama Office MM BRIDGE CO., LTD. Hiroshima Equipment Center MM BRIDGE CO., LTD. Nasu Equipment Center Business Offices and Business Sites MIYAJI ENGINEERING CO., LTD. Hyogo Equipment Center MIYAJI ENGINEERING CO., LTD. Kurihashi Equipment Center MM BRIDGE CO., LTD. Head Office MIYAJI ENGINEERING CO., LTD. Hiroshima Sales Office MIYAJI ENGINEERING CO., LTD. Matsumoto Power Plant MIYAJI ENGINEERING CO., LTD. Kansai Branch MM BRIDGE CO., LTD. West Japan Branch MIYAJI ENGINEERING CO., LTD. Okinawa Sales Office MM BRIDGE CO., LTD. Yokohama Sales Office Appendix 2 – Company Profile
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Major Past Projects (long-span bridges and highway bridges) 46 We have accrued sophisticated technical capabilities through our long track record of experience with high difficulty projects Kanmon Bridge (1,068 m) Metropolitan Expressway Edobashi Junction Minato Bridge 1970s and earlier 1980s and 1990s 2000s onward Tatara Bridge (1,480m) Akashi-Kaikyo Bridge (3,991 m) Tokyo Gate Bridge (2,618 m) Erected using the pioneering successive rigid coupling technique The world’s largest suspension bridge at the time of its construction Japan’s second-largest truss bridge Japan’s largest cable-stayed bridge Kesennuma Bay Crossing Bridge (1,344m) The most difficult part of the construction of the Metropolitan Expressway Japan’s largest truss bridge A symbol of Japan’s recovery from the Great East Japan Earthquake Ariake Chikugo River Bridge The first bridge of its type in Japan Japan Society of Civil Engineers “Tanaka Award” Japan Society of Civil Engineers “Tanaka Award” Japan Society of Civil Engineers “Tanaka Award” Appendix 2 – Company Profile Japan Society of Civil Engineers “Tanaka Award” Japan Society of Civil Engineers “Tanaka Award” Japan Society of Civil Engineers “Tanaka Award” Japan Society of Civil Engineers “Tanaka Award”
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Major Past Projects (Railroads, structure with large interior spaces and coastal structures) 47 We have taken part in numerous railway bridge construction projects requiring high-level construction technologies. We have also accumulated expertise regarding structures with large interior spaces by participating in many projects such as the construction of Tokyo Tower Tokaido Shinkansen Minowa OverpassTokaido Shinkansen Egawa Bridge Bridges (railway bridges) Sagami Jukan Expressway No. 16 Bridge near the Tokaido Shinkansen 50K900 point 1970s and earlier 1980s and 1990s 2000s onward Structures with large interior spaces Tokyo Tower (333m) Kobe Port Tower (108 m) Tokyo Bay Umi-no-Mori Tunnel immersed tube tunnel Minami Honmoku steel caisson Coastal structures Vantelin Dome Nagoya Daiwa House PREMIST Dome Tokyo Skytree (634 m) Tokyo Aquatics Center IV. Appendix
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Our Group’s Strengths Our comprehensive capabilities, among the highest in the industry, enable us to take part in large-scale, difficult projects Strategic and special material holdings Can be used in steep mountainous or other areas that are not conducive to ordinary Our external network of specialists provides us with the resources we need to handle challenging construction projects Manufacturing capabilities provided by our in-house plants Design and Manufacturing Planning and Installation The strengths made possible by the quantity and quality of our management resources We can manufacture large blocks for use in long-span sea-spanning bridges We have one of the highest production capacities of any domestic plant in the industry Reliable technologies backed by our experience with numerous projects Human resources that we can invest in large-scale projects Some of the industry’s finest launching girder Cable crane used to erect Japan's largest arch bridge 千葉工場全景 千葉工場 移動式塗装工場 48 E.g.) Cable crane Coordination with advanced technical groups Our strengths lie not only in the equipment we own but also the number and skills of the MEG personnel that operate it Coordinating with associations of special scaffolding personnel with advanced technical capabilities is essential for making projects successes Industry-leading detailed design capabilities and technical development strengths We collaborate with ICT companies to develop three CIM systems: Click3D, CIM-GIRDER, and CIM-SLAB Appendix 2 – Company Profile
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Major Structures that MEG Has Helped Construct - I 49 Honshu-Shikoku Bridges Shimotsui-Seto Bridge Kita Bisan-Seto Bridge and Minami Bisan-Seto Bridge Second Kurushima- Kaikyo Bridge Tatara Bridge Akashi-Kaikyo Bridge Ohnaruto Bridge Appendix 2 – Company Profile Tatara Bridge Shimotsui-Seto Bridge Akashi-Kaikyo Bridge Ohnaruto Bridge Second Kurushima- Kaikyo Bridge Kita Bisan-Seto Bridge and Minami Bisan-Seto Bridge Yoshima Bridge Hakata- Ohshima Bridge Bannosu Viaduct Hitsuishijima Bridge Hiroshima Prefecture Okayama Prefecture Hyogo Prefecture Tokushima Prefecture Kagawa Prefecture Ehime Prefecture Innoshima Bridge Shin-Onomichi Bridge Ikuchi Bridge Ohmishima Bridge First Kurushima- Kaikyo Bridge Third Kurushima- Kaikyo Bridge Iwakurojima Bridge
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Tokyo Skytree Tokyo Tower Fukuoka Tower Oita Global TowerKobe Port Tower Art Tower Mito Major Structures that MEG Has Helped Construct - II Towers 50 IV. Appendix
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Daiwa House PREMIST Dome Tokyo Aquatics Centre CRASUS Dome Oita Q&A Staudium Miyagi Nipro Hachiko Dome Es Con Field Hokkaido Nissan Stadium Major Structures that MEG Has Helped Construct - III Domes 51 MIZUHO PayPay Dome Fukuoka Vantelin Dome Nagoya IV. Appendix
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Industry-leading comprehensive bridge construction and engineering company Results by Business Segment (1) 52 We provide integrated design, manufacturing, construction planning, and construction for steel bridges, including long-span bridges, structures with large internal spaces, such as towers and domes, and coastal structures. Design, manufacturing, construction planning, and engineering of new bridges, including large-scale projects New construction Bridges Large-scale renovation projects that use the latest technologies to restore the structures of expressways to a level of performance and functionality equivalent to or exceeding those of the expressways when they were newly constructed. Design, manufacturing, construction planning, and engineering for existing bridge repairs, widening, post-disaster restoration, removal, replacement, etc. Large-scale renovation and maintenance Design, manufacturing, construction planning, and engineering for railway bridges spanning rivers and roads, and bridges over railways, which require advanced technical capabilities Railroads Sale and operation contracting related to products developed in-house and patented technologies such as inspection Access Way and panels made with FRP FRP, other Construction planning and engineering for high-rise towers such as Tokyo Skytree and domes such as Es Con Field Hokkaido Buildings with large interior spaces and special buildings Design and manufacturing of immersed steel tube tunnels, caissons, jackets, floating breakwaters, and other structures that require specialized design technology capabilities Coastal structures Solar power generation using the grounds of a former factory Solar power generation FY2024 sales composition by business segment I. Financial Results for FY2024 New construction 48.4% Large-scale renovation and maintenance 26.4% Railroads 19.4% FRP, other 1.3% Building with large interior spaces and special buildings 2.7% Coastal structures 1.7% Solar power generation 0.1% Bridges 95%
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Net sales trends Results by Business Segment (2) 53 I. Financial Results for FY2024 Orders received trends (Million yen) (Million yen) 23,943 33,667 25,339 13,811 20,322 27,192 36,190 8,604 7,326 8,375 23,320 21,837 19,742 19,746 12,582 17,299 18,317 15,076 12,876 13,241 14,461 1,000 770 784 986 977 958 962 5,047 4,260 2,264 1,903 1,744 1,339 2,016 777 411 83 2,798 2,416 6,809 1,299 106 105 102 104 103 80 48 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 New construction Large-scale renovation and maintenance Railroads FRP, other Buildiing with large interior spaces and special buildings Coastal structures Solar power generation 74,725 52,062 63,841 55,268 58,002 60,279 29,969 24,259 17,432 28,279 24,235 34,309 45,376 3,975 12,100 35,981 16,546 14,489 33,051 6,707 14,395 14,716 11,628 13,949 16,475 14,122 16,428 1,269 658 861 1,076 801 1,285 776 2,902 1,885 2,273 2,398 1,792 1,589 1,444 405 29 2,415 1,618 8,752 47 659 106 105 102 104 103 80 48 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 71,441 53,025 53,755 70,695 63,974 66,650 84,486 69,365
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Copyright© 2025 MIYAJI ENGINEERING GROUP, INC. MIYAJI ENGINEERING GROUP, INC. Initiatives during FY2024 (April 1, 2024 to March 31, 2025) Japanese institutional investors, etc.: 20 SR meetings, 20 IR meetings, 2 financial results briefings, 6 plant tours Overseas institutional investors, etc.: 5 SR meetings, 14 IR meetings Overview of shareholder and investor engagements Shigetoshi Aota, President and Representative Director Akinobu Endo, Operating Officer and General Manager, Planning and Administration Division Terutaka Hiraoka, General Manager, Sustainable Management Promotion Office (Note) All titles of the corresponding individuals are as of March 31, 2025. Main participants in shareholder and investor engagements Matters understood through explanations to shareholders (1) Targets, etc. revised at the financial results briefing held in November 2024 based on plans and results of business strategies and growth investments, etc., in the Medium-Term Business Plan (FY2022 to FY2026), and the business environment (2) Approach to and status of implementation of capital policy bas ed on the action to implement management that is conscious of cost of capital and stock price (FY2024) (3) Value creation process in line with our history and the platform to achieve this based on our Integrated Report 2023 (published on May 22, 2023) and Integrated Report 2024 (published on September 30, 2024) Matters obtained and incorporated in management through dialogue with shareholders (1) Expansion of content of Integrated Report 2024 (published in September 2024) (2) Initiatives for information disclosure in English (simultaneous Japanese and English disclosure) (implemented from April 2024) (3) Appointment of female Directors (planned to increase the num ber from the current one of seven to two of seven in June 2025) (4) Expansion of capital policy (disclosed dividend amounts during the period of the Medium-Term Business Plan in November 2024) (5) Implementation of a share split (implemented in October 2024) (6) Reduction of cross-shareholdi ngs (reduced two stocks in FY2024) (7) Enhancement of content of Director skill matrix (implemented from FY2023) (8) Adoption of electronic voting system and electronic platform fo r exercising of voting rights at general meeting of shareholders (implemented from FY2023 Annual General Meeting of Shareholders) (9) Expansion of evaluation of effectiveness of the Board of Directors (expanded disclosure planned for the Securities Report for FY 2024) Status of Dialogue with Shareholders and Investors 54 III. Medium-Term Business Plan Progress