Slides
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Business Results for Three and Nine Months ended December 31, 2025January 30, 2026 Komatsu Ltd. ParticipantsTakeshi HorikoshiKiyoshi HishinumaRepresentative DirectorSenior Executive OfficerCFOExecutive OfficerGM, Business Coordination Department
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2 Contents Ⅰ. Business Results for Three and Nine Months ended December 31, 2025 <PP3-13> Ⅱ. Projection for FY2025 Business Results <PP14-24>Appendix <PP25-41>: Highlights, Segment Sales and Profits for the Third 3-Month Period of FY2025: Highlights, Segment Sales and Profits for the First Nine Months of FY2025: Construction, Mining & Utility Equipment: Results for the First Nine Months of FY2025: Retail Finance: Assets, New Contracts and Revenues for the First Nine Months of FY2025: Industrial Machinery & Others: Sales and Segment Profit for the First Nine Months of FY2025: Consolidated Balance Sheet and Free Cash Flows (FCF)PP4-6PP7-8 PP9-10P11P12P13PP15PP16-20 PP21-23P24: Projection for FY2025: Construction, Mining & Utility Equipment: Actual and Projected Demand for Seven Major Products: Construction, Mining & Utility Equipment: Mining Equipment (Market trend, Demand, Projected sales): Construction, Mining & Utility Equipment: Projected Sales of Equipment, Parts, and Service, etc.P26PP27-31PP32-38P39PP40-41: The Estimate of the Impact of Additional U.S. Tariffs: Quarterly Results: Construction & Mining Equipment: Projected Sales of Equipment, Parts and Service, etc.: Komtrax: Average Operating Hours per Month: Book-to-Bill Ratio [Orders Received / Sales (6 Months)]
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3 Ⅰ. Business Results for Three and Nine Months ended December 31, 2025
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4 Changes (B-A)Billions of yenChange% Increase(Decrease)+3.5% +34.71,023.9989.2Net sales(13.1)% (21.5)142.2163.7Segment profits -+0.8(0.3)(1.1)Other operating income (Expenses)(12.7)% (20.7)142.0162.6Operating income-(2.5) pts.13.9%16.4%Income ratio -+7.7(5.4)(13.1)Other income (Expenses)(8.7)% (13.0)136.5149.5Income before income taxes(13.1)% (14.2)94.1108.3Net income attributable to Komatsu Ltd. Oct. - Dec. 2024(A) Oct. - Dec. 2025(B) ¥152.8=USD1¥177.5=EUR1¥100.2=AUD1 ・Net sales increased by 3.5% year on year to JPY1,023.9 billion.・Operating income decreased by 12.7% to JPY142.0 billion. Operating income ratio was 13.9%, down 2.5 points.・Net income attributable to Komatsu Ltd. decreased by 13.1% to JPY94.1 billion.Highlights for the Third 3-Month Period (Oct. - Dec. 2025) of FY2025¥148.8=USD1¥161.4=EUR1¥99.0=AUD1
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5 Changes (B-A)Oct. - Dec. 2025(B)Oct. - Dec. 2024(A)Billions of yenChange %Increase(Decrease)+3.5% +34.71,023.9989.2Net sales+3.0% [+3.0%]+27.6[+27.1]945.8[943.2]918.2[916.1]Construction, Mining & Utility Equipment+6.2% [+7.4%]+1.9[+1.8]32.1[25.6]30.2[23.8]Retail Finance+11.8% [+11.8%]+5.9[+5.8]55.8[55.1]49.9[49.3]Industrial Machinery & Others-(0.7)(9.8)(9.1)Elimination(13.1)% (21.5)142.2163.7Segment profits(17.9)% (26.3)120.7147.0Construction, Mining & Utility Equipment+29.9% +2.19.17.0Retail Finance+47.7% +3.510.77.3Industrial Machinery & Others-(0.7)1.82.5Corporate & elimination(2.7) pts. (3.2) pts. +5.2 pts. +4.7 pts. 16.6% 16.0% 23.1% 14.5% ・Construction, Mining & Utility Equipment: Sales increased by 3.0% year on year to JPY945.8 billion. Segment profit decreased by 17.9% to JPY120.7 billion.・Retail Finance: Sales increased by 6.2% year on year to JPY32.1 billion. Segment profit increased by 29.9% to JPY9.1 billion.・Industrial Machinery & Others: Sales increased by 11.8% year on year to JPY55.8 billion. Segment profit increased by 47.7% to JPY10.7 billion.%: Profit ratio[ ]: Sales to outside customers13.9% 12.8% 28.3% 19.2% Segment Sales and Profits for the Third 3-Month Period (Oct. - Dec. 2025) of FY2025 Review of three business segments:■Construction, Mining & Utility Equipment: Sales increased, due to the positive effects of the Japanese yen’s depreciation and improved selling prices outweighed the negative effects of decreased volume of sales. Segment profit decreased as affected by the negative effects of decreased volume of sales and higher costs, which outweighed the positive effects of the Japanese yen’s depreciation and improved selling prices. ■Retail Finance: Both sales and segment profit increased, mainly due to the Japanese yen’s depreciation and an increase in outstanding receivables.■Industrial Machinery & Others: Both sales and segment profit increased, mainly due to increased sales of large press for the automotive industry and higher-margin excimer laser maintenance for the semiconductor industry.
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6 ※Excl. foreign exchange effectsTotalJapanOceania, Asia and CIS Europe, Africaand Middle EastThe AmericasBillions of yenCISChinaAsiaOceaniaMiddle EastAfricaEuropeLatinAmericaNorth America916.187.016.619.1124.2106.926.247.769.1160.9258.5Oct. - Dec.2024(a)943.280.916.518.670.1114.927.562.284.4203.8264.4Oct. - Dec. 2025(b)+27.1(6.1)(0.1)(0.5)(54.0)+8.0+1.3+14.5+15.3+42.9+5.9Changes (b-a)(1.3)(6.1)(1.1)(1.0)(55.2)+6.4+0.5+11.1+8.5+37.2(1.5)Changes (b-a)※ 916.1(¥148.8=USD1)Oct. - Dec. 24PlusMinusBillions of yen943.2(¥152.8 =USD1)Oct. - Dec. 25NorthAmerica 28%NorthAmerica 28%LatinAmerica 18%LatinAmerica 22%Europe 8%Europe 9%Africa 5%Africa 7%Middle East 3%Middle East 3%Oceania 12%Oceania 12%Asia 14%Asia 7%China2%China2%CIS 2%CIS 2%Japan 9%Japan 9%916.1943.2 01002003004005006007008009001,000 Oct. - Dec. 2024 Oct. - Dec. 2025 Billions of yenConstruction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for the Third 3-Month Period (Oct. - Dec. 2025) of FY2025 ・Sales to outside customers increased by 3.0% year on year to JPY943.2 billion. ・In Asia, sales declined due to continued weak demand mainly in Indonesia, but increased in Latin America, Europe and Africa. Excluding the impact of foreign exchange rates, sales remained about flat year on year. +1.3[+4.9%] +27.1[+3.0%]+5.9[+2.3%](0.1)[(0.4)%](6.1)[(7.0)%]+15.3[+22.1%]+14.5[+30.4%](54.0)[(43.5)%]+42.9[+26.6%]+8.0[+7.5%](0.5)[(2.6)%]Excl. foreign exchange effects(1.3) [(0.1) %]
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7 Changes (B-A)Billions of yenChange% Increase(Decrease)(1.4)% (41.8)2,915.52,957.3Net sales(10.2)% (47.8)419.9467.6Segment profits -+0.7(0.9)(1.6)Other operating income (Expenses)(10.1)% (47.0)419.0466.1Operating income-(1.4) pts.14.4%15.8%Income ratio -+13.8(24.1)(37.9)Other income (Expenses)(7.8)% (33.3)394.9428.2Income before income taxes(13.0)% (40.3)269.8310.1Net income attributable to Komatsu Ltd.Apr. - Dec. 2024(A) Apr. - Dec. 2025(B) ¥148.5=USD1¥170.4=EUR1¥96.3=AUD1 ・Net sales decreased by 1.4% year on year to JPY2,915.5 billion.・Operating income decreased by 10.1% to JPY419.0 billion. Operating income ratio was 14.4%, down 1.4 points.・Net income attributable to Komatsu Ltd. decreased by 13.0% to JPY269.8 billion.Highlights for Nine Months (Apr. - Dec. 2025) of FY2025¥152.2=USD1¥164.8=EUR1¥100.8=AUD1
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8 Changes (B-A)Apr. - Dec. 2025(B)Apr. - Dec. 2024(A)Billions of yenChange %Increase(Decrease)(1.4)% (41.8)2,915.52,957.3Net sales(2.2)% [(2.2)%](60.4)[(60.1)]2,688.0[2,680.5]2,748.4[2,740.6]Construction, Mining & Utility Equipment+1.1% [+3.2%]+1.0[+2.3]93.1[73.9]92.0[71.6]Retail Finance+10.9% [+11.0%]+16.1[+16.0]162.7[161.1]146.7[145.1]Industrial Machinery & Others-+1.5(28.3)(29.8)Elimination(10.2)% (47.8)419.9467.6Segment profits(14.7)% (62.3)362.6425.0Construction, Mining & Utility Equipment+19.1% +4.226.021.8Retail Finance+81.1% +12.227.315.1Industrial Machinery & Others-(1.8)4.05.8Corporate & elimination(1.4) pts. (2.0) pts. +4.2 pts. +6.5 pts. 15.8% 15.5% 23.7% 10.3% ・Construction, Mining & Utility Equipment: Sales decreased by 2.2% year on year to JPY2,688.0 billion. Segment profit decreased by 14.7% to JPY362.6 billion.・Retail Finance: Sales increased by 1.1% year on year to JPY93.1 billion. Segment profit increased by 19.1% to JPY26.0 billion.・Industrial Machinery & Others: Sales increased by 10.9% year on year to JPY162.7 billion. Segment profit increased by 81.1% to JPY27.3 billion.14.4% 13.5% 27.9% 16.8% Segment Sales and Profits for the First Nine Months (Apr. - Dec. 2025) of FY2025 Review of three business segments:■Construction, Mining & Utility Equipment: Sales decreased due to the negative effects of the appreciation of the yen and decreased volume of sales, which outweighed the positive effects of improved selling prices. Segment profit decreased due to the negative effects of the appreciation of the yen, decreased volume of sales, and higher costs, which outweighed the positive effects of improved selling prices. ■Retail Finance: Sales increased, mainly due to an increase in outstanding receivables. Segment profits increased, mainly due to lower funding costs.■Industrial Machinery & Others: Both sales and segment profit increased, mainly due to increased sales of large press for the automotive industry and higher-margin excimer laser maintenance for the semiconductor industry.%: Profit ratio[ ]: Sales to outside customers
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9 ※Excl. foreign exchange effectsTotalJapanOceania, Asia and CIS Europe, Africaand Middle EastThe AmericasBillions of yenCISChinaAsiaOceaniaMiddle EastAfricaEuropeLatinAmericaNorth America2,740.6238.448.160.8341.9342.178.5156.3219.9498.7755.9Apr. - Dec.2024(a)2,680.5222.544.055.6241.7335.990.6178.4244.6543.4723.9Apr. - Dec. 2025(b)(60.1)(15.9)(4.1)(5.2)(100.2)(6.2)+12.1+22.1+24.7+44.7(32.0)Changes (b-a)(16.0)(15.9)(3.4)(4.0)(93.9)+8.0+13.8+21.7+18.4+55.5(16.2)Changes (b-a)※ 2,740.6(¥152.2=USD1)Apr. - Dec. 24PlusMinusBillions of yen2,680.5(¥148.5 =USD1)Apr. - Dec. 25NorthAmerica 28%NorthAmerica 27%LatinAmerica 18%LatinAmerica 20%Europe 8%Europe 9%Africa 6%Africa 7%Middle East 3%Middle East 3%Oceania 12%Oceania 13%Asia 12%Asia 9%China2%China2%CIS 2%CIS 2%Japan 9%Japan 8%2,740.62,680.5 05001,0001,5002,0002,5003,000 Apr. - Dec. 2024 Apr. - Dec. 2025 Billions of yenConstruction, Mining & Utility Equipment: Sales by Region (To Outside Customers) for the First Nine Months (Apr. - Dec. 2025) of FY2025 ・Sales to outside customers decreased by 2.2% year on year to JPY2,680.5 billion. ・Sales decreased in Asia, North America, and Japan, but increased in Latin America, Europe, and Africa. As a result, sales decreased by 0.6% year on year in real terms, excluding the impact of foreign exchange rates. +12.1[+15.4%] (60.1)[(2.2) %](32.0)[(4.2)%](4.1)[(8.5)%](15.9)[(6.7)%]+24.7[+11.2%]+22.1[+14.1%](100.2)[(29.3)%]+44.7[+9.0%](6.2)[(1.8)%](5.2)[(8.6)%]Excl. foreign exchange effects(16.0) [(0.6) %]
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10 425.0362.601002003004005006002,748.42,688.02,2002,4002,6002,8003,000 ・Sales decreased by JPY60.4 billion year on year due to the negative effects of the appreciation of the yen and decreased volume of sales, which outweighed the positive effects of improved selling prices.・Segment profit decreased by JPY62.3 billion year on year due to the negative effects of the appreciation of the yen, decreased volume of sales, and higher costs, which outweighed the positive effects of improved selling prices.・Segment profit ratio was 13.5%, down 2.0 points year on year.Construction, Mining & Utility Equipment: Causes of Difference in Sales and Segment Profit for the First Nine Months (Apr. - Dec. 2025) of FY2025Segment profitApr. - Dec. 2024 vs. Apr. - Dec. 2025SalesApr. - Dec. 2024 vs. Apr. - Dec. 2025Foreign exchange rates(44.0)Volume(73.7)Sellingprices+57.4Billions of yenPositive factorNegative factor¥148.5=USD1¥170.4=EUR1¥96.3=AUD1¥152.2=USD1¥164.8=EUR1¥100.8=AUD1Apr. - Dec. 2024(60.4) billion yenSegment profit ratio15.5％ 13.5％ Foreign exchange rates(14.5)Productioncosts(38.6)Volume,Product mix, etc.(52.1)Fixedcosts(14.5)Sellingprices+57.4Billions of yenPositive factorNegative factor(62.3) billion yenApr. - Dec. 2025Apr. - Dec. 2024Apr. - Dec. 2025
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11 92.093.121.826.0020406080100120140SalesSegment profit ・Assets increased by JPY148.0 billion from the previous fiscal year-end, due to an increase in new contracts and the impact of the Japanese yen’s depreciation at the end of this 9-month period compared to the previous fiscal year-end.・New contracts increased by JPY32.5 billion year on year mainly due to increased finance penetration.・Sales increased by JPY1.0 billion year on year mainly due to an increase in outstanding receivables.Segment profit increased by JPY4.2 billion year on year mainly due to lower funding costs.1,082.51,187.64.51 4.37 -6-5-4-3-2-10123456702004006008001,0001,2001,4001,6001,800Interest-bearing debtNet D/E ratio1,379.61,527.602004006008001,0001,2001,4001,6001,8002,000North AmericaLatin AmericaEuropeAfricaOceaniaJapanMar.31, 2025 Dec.31, 2025 New ContractsApr. - Dec. 2024 vs. Apr. - Dec. 2025RevenuesApr. - Dec. 2024 vs. Apr. - Dec. 2025AssetsMar.31, 2025 vs. Dec.31, 2025Interest-bearing DebtMar.31, 2025 vs. Dec.31, 2025 Mar.31, 2025 Dec.31, 2025(Interest-bearing debt, net) （1,074.0） （1,176.2） Billionsof yenBillionsof yenRetail Finance: Assets, New Contracts and Revenues for the First Nine Months (Apr. - Dec. 2025) of FY2025821.5854.002004006008001,0001,200North AmericaLatin AmericaEuropeAfricaOceaniaJapanApr. - Dec. 2024Billionsof yenApr. - Dec. 2025¥157.3=USD1¥184.1=EUR1¥105.0=AUD1¥152.2=USD1¥164.8=EUR1¥100.8=AUD1¥148.5=USD1¥170.4=EUR1¥96.3=AUD1Apr. - Dec. 2024Apr. - Dec. 2025Dec. 31, 2025Dec. 31, 20242.3%2.1%ROABillionsof yen¥149.5=USD1¥162.1=EUR1¥94.0=AUD1¥149.5=USD1¥162.1=EUR1¥94.0=AUD1¥157.3=USD1¥184.1=EUR1¥105.0=AUD1¥152.2=USD1¥164.8=EUR1¥100.8=AUD1¥148.5=USD1¥170.4=EUR1¥96.3=AUD1
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12 15.1 27.3 10.3%16.8%-10-5051015200153045Apr. - Dec. 2024 Apr. - Dec. 2025（%）:Segment profit ratioChangesApr. - Dec. 2025Apr. - Dec. 2024Billions of yenChange%Increase(Decrease)+22.0%+8.547.238.7KomatsuIndustries Corp.+23.2%+7.439.331.9Komatsu NTC Ltd.+15.7%+6.849.943.1Gigaphoton Inc.(20.0)%(6.6)26.433.0Others+10.9%+16.1162.7146.7Total146.7162.7050100150200Apr. - Dec. 2024 Apr. - Dec. 2025SalesApr. - Dec. 2024 vs Apr. - Dec. 2025Segment profitApr. - Dec. 2024 vs Apr. - Dec. 2025Breakdown of salesBillions of yenBillions of yen ・Sales increased by 10.9% year on year to JPY162.7 billion. Segment profit increased by 81.1% to JPY27.3 billion.・Both sales and segment profit increased, mainly due to increased sales of large press for the automotive industry and higher-margin maintenance for the semiconductor industry.・Segment profit ratio was 16.8%, up 6.5 points year on year.Industrial Machinery & Others: Segment Sales and Profit for the First Nine Months (Apr. - Dec. 2025) of FY2025
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13 ・Total assets increased by JPY534.4 billion from the previous fiscal year-end, to JPY6,307.9 billion mainly due to the impact of the Japanese yen’s depreciation at the end of this 9-month period compared to the previous fiscal year-end. ・Inventories increased by JPY282.9 billion from the previous fiscal year-end, to JPY1,689.6 billion. Komatsu Ltd. shareholders’ equity ratio was 53.3%, down 1.7 points from the previous fiscal year-end.・FCF for the first nine months ended December of FY2025, amounted to a positive JPY115.7 billion.Increase(Decrease)Dec. 31, 2025Mar. 31, 2025Billions of yen+43.2428.7385.6Cash & deposits (incl. time deposits) [a]+89.32,171.82,082.5Accounts receivable(incl. long-term trade receivables)+282.91,689.61,406.7Inventories+54.3968.6914.3Tangible fixed assets+64.71,049.2984.5Other assets+534.46,307.95,773.5Total assets(34.6)300.4334.9Accounts payable+297.51,448.11,150.6Interest-bearing debt [b]+70.71,013.8943.1Other liabilities+333.62,762.22,428.7Total liabilities[(1.7) pts.][53.3%][55.0%][Shareholders’ equity ratio]+185.93,359.33,173.4Komatsu Ltd. shareholders’ equity+14.9186.3171.5Non-controlling interests+534.46,307.95,773.5Liabilities & Equity+254.31,019.3765.0Interest-bearing debt, net [b-a]0.24:Net D/E ratio¥149.5=USD1¥162.1=EUR1¥94.0=AUD1¥157.3=USD1¥184.1=EUR1¥105.0=AUD1Consolidated Balance Sheet and Free Cash Flows (FCF) Net D/E ratio (excl. the retail finance) Consolidated Balance Sheet 0.30(0.11)(0.05) FCFFY2025(Projection)FY2025Apr. – Dec.FY2024Billions of yen+410.0+256.0517.2Operating CF(100.0)(166.7)(121.6)Working Capital+510.0+422.8+638.8Other(170.0)(140.4)(210.7)Investing CF+240.0115.7306.5FCF
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14 Ⅱ. Projection for FY2025 Business Results
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15 FY2025 Projection(B) ¥●=USD1¥●=EUR1¥●=AUD1¥●=USD1¥●=EUR1¥●=AUD1※ ・We have not changed our projection of full-year results for FY2025, which we announced in October 2025. (3.9) pts.10.3%14.2%ROE+/-0 Yen190 Yen190 YenCash dividends per share54.0%40.1%Consolidated payout ratio Changes (B-A)FY2025 Projection(B) (Current)FY2024 Results(A) Billions of yenChange% Increase(Decrease)(5.3)% (216.4)3,888.04,104.4Net sales(23.9)% (158.5)505.0663.5Segment profits -+1.4(5.0)(6.4)Other operating income (Expenses)(23.9)% (157.1)500.0657.1Operating income-(3.1) pts.12.9%16.0%Income ratio -+16.3(36.0)(52.3)Other income (Expenses)(23.3)% (140.8)464.0604.8Income before income taxes(27.2)% (119.6)320.0439.6Net income attributable to Komatsu Ltd.¥152.8=USD1¥163.5=EUR1¥99.5=AUD1¥143.2=USD1¥164.9=EUR1¥92.7=AUD1Outline of Projection for FY2025 Foreign exchange sensitivity to net sales and operating income (change of JPY1/year)Operating incomeNet salesBillionsof yen4.814.9USD0.52.6EUR0.34.3AUD ※ ※Reassessed preconditions of foreign exchange rates in the second half period: USD1=JPY140, EUR1=JPY163, and AUD1=JPY91
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16 ・In 3Q FY2025, global demand increased by 3% year on year.・In FY2025, full-year demand will decrease by between 0% and 5% from FY2024. (Unchanged from the October 2025 projection)Quarterly demand for 7 major products100971271201039293+17%-3%+30%-6%-14%-10%+0%+7%-3%+2%+34%+1%-3%-5%-150%-135%-120%-105%-90%-75%-60%-45%-30%-15%0%15%30%45%60%75%90% 0100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,0001,100,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N.AmericaEuropeSoutheast AsiaJapanOthersChinaY-o-Y Change (%)Y-o-Y Change (%) (excl. China)Y-o-Ygrowthrate+13%+4%-10%-24%-23%-5%-11%-14%-7%-13%-10%-10%-4%-4%+2%+7%+3%+9%+3%+64%+34%+27%+21%+1%+5%-4%+1%+8%-5%-4%-10%-9%-8%-1%0%+3%+9%+3%-160%-140%-120%-100%-80%-60%-40%-20%0%20%40%60%030,00060,00090,000120,000150,000180,000210,000240,000FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3Q N.AmericaEuropeSoutheast AsiaJapanOthersChinaY-o-Y Change (%)Y-o-Y Change (%) (excl. China)Y-o-YgrowthrateFY24: +0%FY25 (Oct. Projection): +/-0%~(5)% (Unchanged)3Q: +3%Apr. - Dec. : +5%[Source] Demand for 7 major products estimated by Komatsu UnitsUnits Oct.Projection :FY18=100IndexAnnual demand for 7 major productsConstruction, Mining & Utility Equipment: Actual and Projected Demand for 7 Major Products
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17 020,00040,00060,00080,000100,000120,000FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Canadathe U.S.050100150 ・In 3Q FY2025, demand increased by 1% year on year. Demand for infrastructure and energy remained steady.・In FY2025, full-year demand will decrease by between 0% and 5% from FY2024 (Unchanged from the October 2025 projection).Construction, Mining & Utility Equipment: Demand in Major Markets (1) North AmericaHousing startsDemand for 7 major products and US housing starts [Source] Demand for 7 major products estimated by Komatsu0%20%40%60%80%100%FY18FY19FY20FY21FY22FY23FY24FY24Apr.-Dec.FY25Apr.-Dec.Rental-Distributor(DORF)Rental-RegularMining & EnergyRoadConstructionOthers(1)%Y-o-Y growth rateRental+1%RoadConstructionOthers+17%Mining & EnergyOct.Projection FY24: (7)%FY25 (Oct. projection) : +/-0%~(5)% (Unchanged)UnitsHousing starts in ten thousandsQuarterly demand for 7 major productsBreakdown of demand by segment (Unit basis)100 101 106 106 106 -20,000-10,000010,00020,00030,000-40%-20%0%20%40%60%FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3Q3QDemand (Units)Y-o-Y Change (%)Y-o-YGrowth rateUnits:FY21/3Q=100Index3Q: +1%Apr. - Dec. : +1%
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18 ・In 3Q FY2025, demand increased by 7% year on year. In addition to improved economic sentiment, demand has been picking up slightly supported by infrastructure investment plans in each country.・In FY2025, full-year demand will remain about flat from FY2024 (Unchanged from the October 2025 projection).Construction, Mining & Utility Equipment: Demand in Major Markets (2) Europe 010,00020,00030,00040,00050,00060,000FY18FY19FY20FY21FY22FY23FY24SouthernEasternOther Western CountriesNorthernThe UK., France, and Germany ¥104.9/USD¥123.4/EUR¥15.7/AUD 100 104 97 80 86 (14,000)(7,000)07,00014,00021,000-40%-20%0%20%40%60%FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QDemand (Units)Y-o-Y Change (%) 010,00020,00030,00040,00050,00060,00070,00080,00090,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY2505,00010,00015,00020,00025,00030,000FY24(Apr. -Nov..)FY25(Apr. -Nov.) FY24: (16)%FY25 (Oct. projection) : +/-0% (Unchanged)Annual demand for 7 major productsQuarterly demand for 7 major productsRegion demand for 7 major products （Excl. 6t class） [Source] Demand for 7 major products estimated by KomatsuOct.Projection UnitsY-o-YGrowth rate:FY21/3Q=100IndexUnitsUnitsUnits3Q: +7%Apr. - Dec. : +7%
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19 010,00020,00030,00040,00050,000 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY25 IndonesiaPhilippines andothersMalaysiaThailandUnitsQuarterly demand for 7 major products ・In 3Q FY2025, demand decreased by 6% year on year. Demand for both mining and construction equipment remains sluggish in Indonesia.・In FY2025, full-year demand will decrease by between 0% and 5% from FY2024 (Changed from the October 2025 projection). Construction, Mining & Utility Equipment: Demand in Major Markets (3) Southeast Asia100 94 88 95 89 -10,000-5,00005,00010,00015,000-80%-40%0%40%80%120%FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QIndonesiaPhilippines and othersMalaysiaThailandY-o-Y Change (%) 02,0004,0006,0008,000FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QForestryAgricultureConstructionMining ：： ： Indonesia: Demand for construction & mining equipment by industrial sector[Source] Demand for 7 major products estimated by Komatsu:FY21/3Q=100IndexUnitsY-o-YGrowthrateUnitsAnnual demand for 7 major products Current Oct.Projection FY24: +1% FY25 (Oct. projection) : (5)%~(10)%FY25 (Current) : +/-0%~(5)%3Q: (6)%Apr.- Dec. : +8%3Q: (9)%Apr. - Dec. : +5%
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20 Demand for new equipment (7 major products) and Construction investment ・In 3Q FY2025, demand decreased by 14% year on year. Demand for rental and regular customer remains sluggish. ・In FY2025, full-year demand will decrease by between 10% and 15% from FY2024 (Unchanged from the October 2025 projection). Construction, Mining & Utility Equipment: Demand in Major Markets (4) Japan (30,000)(20,000)(10,000)010,00020,00030,00040,00050,000020406080100120FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Private-sector building renovationPrivate-sector non-residentialPrivate-sector residentialGovernmentDemand for new equipmentFY24: (8)%FY25 (Oct. projection) : (10)%~(15)% (Unchanged)05,00010,000FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QRental companiesRegular customersQuarterly demand for hydraulic excavators (Rental & Regular uses)Units [Sources] Construction investment by the Ministry of Land, Infrastructure, Transport & Tourism, and Research Institute of Construction and Economy Demand for 7 major products estimated by Komatsu Oct.ProjectionY-o-Ygrowth rateRegular(20)%Rental(7)% Construction investment (Trillions of yen) Demand for new equipment (Units) Quarterly demand for 7 major products100 91 97 85 73 (6,000)(3,000)03,0006,0009,00012,000-50%-25%0%25%50%75%100%FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QDemand (Units) 3QY-o-Y Change (%)UnitsY-o-YGrowthrate:FY21/3Q=100Index3Q: (14)%Apr. - Dec. : (16)%
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21 0501001502002503002017 2018 2019 2020 2021 2022 2023 2024 20250501001502002503003504004502017 2018 2019 2020 2021 2022 2023 2024 2025Indonesia 4,200kcalAustralia 6,000kcal4,0005,0006,0007,0008,0009,00010,00011,00012,0002017 2018 2019 2020 2021 2022 2023 2024 20251,0001,5002,0002,5003,0003,5004,0004,5002017 2018 2019 2020 2021 2022 2023 2024 202501002003004005006007002017 2018 2019 2020 2021 2022 2023 2024 2025 20265,00010,00015,00020,00025,00030,00035,00040,0002017 2018 2019 2020 2021 2022 2023 2024 2025 ・As for thermal coal, low-grade coal is on a downward trend due to increased domestic coal supply in China, while high-grade coal is projected to remain stable.・For metallurgical coal and iron ore, stable demand is expected, and prices are projected to remain stable.・Gold and Copper prices have remained at high levels in the long term.Construction, Mining & Utility Equipment: Price Trends and Projection for Major Minerals(US$/mt)(US$/mt)(US$/mt)(US$/Ounce)(US$/mt)(US$/mt)CopperThermal Coal[Source] Wood Mackenzie[Source] COMEXGold[Source] World BankIron Ore[Sources] Thomson Reuters Datastream, World BankMetallurgical CoalNickel[Source] Wood Mackenzie[Source] World Bank
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22 ・In 3Q FY2025, demand for mining equipment decreased by 21% year on year. Demand has decreased due to the decline in Indonesian coal prices.・In FY2025, full-year demand will decrease by between 10% and 15% from FY2024 (Unchanged from the October 2025 projection).Construction, Mining & Utility Equipment: Actual and Projected Demand for Mining Equipment +64%+29%-18%-14%+43%+24%+3%+1%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100%150%01,0002,0003,0004,0005,0006,0007,0008,0009,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. AmericaLatin AmericaEurope, Africa and Middle EastOceaniaAsiaCISJapan and ChinaY-o-Y Change (%)+43%+35%+46%+45%+12%+38%+26%+21%+33%+12%-6%-19%-17%-3%+13%+15%+4%-10%-21%-300%-250%-200%-150%-100%-50%0%50%100%05001,0001,5002,000FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3Q N. AmericaLatin AmericaEurope, Africa and Middle EastOceaniaAsiaCISJapan and ChinaY-o-Y Change (%) ・Dump trucks: 75 tons (HD785) and larger ・Excavators: 200 tons (PC2000) and larger・Bulldozers: 525HP (D375) and larger・Motor graders: 280HP (GD825) and larger・Wheel loaders (mechanical driven): 810HP (WA800) and larger [Source] Demand estimated by Komatsu Quarterly demand for mining equipment Oct. Projection UnitsAnnual demand for mining equipmentY-o-YGrowthrateUnitsFY24: +1%FY25 (Oct. projection) : (10)%~(15)% (Unchanged)Y-o-YGrowthrate3Q: (21)%Apr. - Dec. : (10)%
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23 ・In 3Q FY2025, sales increased by 4.9% year on year to JPY475.1 billion.・In FY2025, full-year sales will decrease by 7.5% from FY2024, to JPY1,773.2 billion (Unchanged from the October 2025 projection).Construction, Mining & Utility Equipment:Actual and Projected Sales of Mining (To Outside Customers)Annual sales of Mining (incl. parts and service, etc.)Quarterly sales of Mining (incl. parts and service, etc.)Y-o-YGrowthrate246.8254.3274.7306.5301.9348.8372.7396.3382.4411.5436.5486.9440.8497.0452.8525.6405.0461.2475.1+45%+42%+37%+28%+22%+37%+36%+29%+27%+18%+17%+23%+15%+21%+4%+8%-8%-7%+5%-450%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100%0100200300400500600700FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3Q N. AmericaLatin AmericaEurope, Africa and Middle EastOceaniaAsiaCISJapan and ChinaY-o-Y Change (%)930.41,053.4954.6788.31,082.31,419.71,717.21,916.21,773.2+115%+13%-9%-17%+37%+31%+21%+12%-7%-450%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100%04008001,2001,6002,0002,4002,800FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. AmericaLatin AmericaEurope, Africa and Middle EastOceaniaAsiaCISJapan and ChinaY-o-Y Change (%)Y-o-YGrowthrateBillions of yenY-o-YGrowthrateBillions of yen Oct.Projection
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24 Construction, Mining & Utility Equipment:Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) 578.3602.6586.3528.2596.9717.3833.1890.9858.1576.8627.5587.5507.9650.3877.8975.41,051.41,001.11,112.71,236.61,032.2925.11,311.61,691.61,782.91,845.11,700.451%50%53%53%49%49%50%51%52%-450%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100% 05001,0001,5002,0002,5003,0003,5004,0004,5005,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25EquipmentPartsService, etc.AM ratio145.2147.8146.1157.9156.3176.2190.3194.5184.7203.6221.1223.8212.5220.3221.4236.6212.6216.2240.1150.1154.9167.6177.7201.7223.8223.4228.8234.3249.6239.4252.0264.2267.2250.2269.8241.9260.6265.5297.8286.0345.4382.5355.6388.9447.0500.1423.3407.3444.2508.0414.6445.6444.5540.4387.8418.1437.650%51%48%47%50%51%48%46%50%53%51%48%53%52%51%48%54%53%54%-350%-300%-250%-200%-150%-100%-50%0%50%100% 02004006008001,0001,2001,400FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QEquipmentPartsService, etc.AM ratioAnnual salesQuarterly salesBillions of yenBillions of yenAftermarketratioAftermarketratioAftermarketOct.Projection ・In 3Q FY2025, parts sales increased by 6.1% year on year to JPY265.5 billion, accounting for 54% of the aftermarket business, including service, etc.・In FY2025, full-year sales of parts will decrease by 4.8% from FY2024, to JPY1,001.1 billion (Unchanged from the October 2025 projection). *Aftermarket(AM)=Parts + Service, etc.Aftermarket
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25 Appendix
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26 140.0 110.0 90.0 +30.0 +5.0 (50.0)(5.0)020406080100120140160April July Steel andAluminum (Incl. products)Reduction oftariff costsForeign exchangeratesTax rate changesand othersOctober <Appendix> The Estimate of the Impact of Additional U.S. Tariffs (The October 2025 projection) Billions of yenInventories61.5Inventories35.0Inventories35.0Impact on P/L78.5Impact on P/L75.0Impact on P/L55.0FY2025Measures to reduce P/LCost improvement (10.0)FY2025Net impact on P/L68.555.0Improvement of 13.5 billion yen from the April projectionFY2025 Tariff costs (Payment basis and impact on P/L)
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27 <Appendix> Quarterly Sales and Operating Income (6.0) (6.7) (8.2) (8.8) (10.7) (6.5)(19.9)(12.2)(10.5) (10.2) (9.1)(10.9) (9.3) (9.2) (9.8)715.3 790.9 863.4 926.9 846.9 860.7 918.2 989.4 894.3 935.9 918.2 1,049.9 844.9 897.3 945.8 19.9 21.6 22.1 22.1 22.9 24.6 27.2 28.9 30.5 31.3 30.2 31.2 30.4 30.5 32.1 34.549.243.164.140.544.646.564.145.551.249.976.943.563.555.802004006008001,0001,200FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4QIndustrial Machinery & OthersRetail Finance Construction, Mining & Utility EquipmentElimination959.81,008.2989.21,147.1982.1909.51,023.9972.0923.4763.8899.622/4Q22/3Q22/2Q22/1Q132.4143.6136.1127.1141.2144.0139.3136.990.493.893.992.093.6 118.1 135.0 144.1 147.0 150.0 156.4 153.8 157.0 146.4 162.6 191.1 140.4 136.7 142.0 12.2%13.8%14.7%14.3%16.3%16.2%16.1%14.4%16.4%14.5%16.4%16.7%15.4%13.9% 13.9%050100150200FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4QOperating incomeOperating income ratioQuarterly SalesUSD/JPYEUR/JPYAUD/JPY854.9920.51,004.21,070.1Quarterly Operating IncomeExchange ratesBillions of yenBillions of yen 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 25/4Q25/3Q25/2Q25/1Q152.8147.3145.5177.5171.3162.5100.296.092.6 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9
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28 83.3104.2122.0134.1138.4142.4149.1144.1142.3135.7 147.0173.9122.3119.7120.711.6%13.2%14.1%14.5%16.3%16.5%16.2%14.6%15.9%14.5%16.0%16.6%14.5%13.3%12.8%050100150200250300FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q Segment profitSegment profit ratio <Appendix> Construction, Mining & Utility Equipment: Quarterly Sales and Segment Profit715.3790.9863.4926.9846.9860.7918.2989.4894.3935.9918.21,049.9844.9897.3945.802004006008001,000FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q22/4Q22/3Q22/2Q22/1Q132.4143.6136.1127.1141.2144.0139.3136.990.493.893.992.0Quarterly SalesQuarterly Segment ProfitUSD/JPYEUR/JPYAUD/JPYExchange ratesBillions of yenBillions of yen 23/4Q23/3Q23/2Q23/1Q 146.9149.7144.2136.4 159.3159.9157.3147.7 97.096.795.489.9 24/4Q24/3Q24/2Q24/1Q 154.7148.8152.4155.5 159.4161.4165.6167.5 95.799.0101.5101.9 25/4Q25/3Q25/2Q25/1Q152.8147.3145.5177.5171.3162.5100.296.092.6
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29 <Appendix> Construction, Mining & Utility Equipment: Quarterly Sales by Region (To Outside Customers) 184.1 196.8 227.1 257.0 232.5 226.9 257.3 276.1 261.5 235.9 258.5 270.5 223.4 236.1 264.4 120.0 137.2 146.6 141.3 146.8 170.3 163.2 180.4 165.7 172.0 160.9 184.9 157.0 182.6 203.8 66.168.681.597.780.577.973.582.973.677.269.190.580.679.784.439.040.248.749.145.853.356.763.954.354.3 47.764.955.261.062.220.120.320.825.220.925.135.835.827.724.526.236.130.432.727.569.076.282.788.291.784.892.3100.5103.6131.7106.9118.796.6124.5114.991.4 123.0 119.6 127.6 109.9 114.1 103.2 112.2 97.5 120.2 124.2 157.4 99.5 72.0 70.1 19.2 20.0 23.4 17.1 15.4 16.9 19.6 18.4 22.6 19.2 19.1 19.3 18.2 18.8 18.6 38.1 32.6 24.2 25.3 25.7 11.3 10.5 19.2 14.2 17.3 16.6 13.5 13.2 14.3 16.5 66.7 73.9 86.1 95.1 73.0 80.0 92.8 94.4 70.6 80.8 87.0 91.2 68.2 73.4 80.9 01002003004005006007008009001,0001,100 FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q842.2713.6788.9860.7923.5860.6904.7983.8916.1 22/4Q22/3Q22/2Q22/1Q132.4143.6136.1127.1141.2144.0139.3136.990.493.893.992.0USD/JPYEUR/JPYAUD/JPYExchange ratesAfricaMiddleEastOceaniaAsiaChinaCISLatin AmericaEuropeNorth AmericaJapanBillions of yen1,046.9 23/4Q23/3Q23/2Q23/1Q146.9149.7144.2136.4159.3159.9157.3147.797.096.795.489.924/4Q24/3Q24/2Q24/1Q154.7148.8152.4155.5159.4161.4165.6167.595.799.0101.5101.925/4Q25/3Q25/2Q25/1Q152.8147.3145.5177.5171.3162.5100.296.092.6 891.3933.2842.3895.0943.2
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30 <Appendix> Retail Finance: Quarterly Sales and Segment Profit 7.7 7.1 6.4 6.0 6.3 6.6 5.7 5.5 7.6 7.2 7.0 7.6 9.4 7.5 9.1 38.7%33.1%29.0%27.3%27.7%27.0%21.0%19.2%25.1%22.9%23.1%24.4%30.8%24.6%28.3%051015FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4QSegment profitSegment profit ratio19.921.622.1 22.122.924.627.228.930.531.330.231.230.430.532.105101520253035FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q22/4Q22/3Q22/2Q22/1Q132.4143.6136.1127.1141.2144.0139.3136.990.493.893.992.0Quarterly SalesQuarterly Segment ProfitUSD/JPYEUR/JPYAUD/JPYExchange ratesBillions of yenBillions of yen23/4Q23/3Q23/2Q23/1Q146.9149.7144.2136.4159.3159.9157.3147.797.096.795.489.924/4Q24/3Q24/2Q24/1Q154.7148.8152.4155.5159.4161.4165.6167.595.799.0101.5101.925/4Q25/3Q25/2Q25/1Q152.8147.3145.5177.5171.3162.5100.296.092.6
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31 <Appendix> Industrial Machinery & Others: Quarterly Sales and Segment Profit 3.57.54.76.91.92.51.34.65.02.8 7.312.37.29.410.710.2%15.2%10.8% 10.8%4.8%5.6%2.7%7.2%11.0%5.5%14.5%16.0%16.6%14.8%19.2%05101520FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4QSegment profitSegment profit ratio34.549.243.164.140.544.646.564.145.551.249.976.943.563.555.8020406080FY22/1Q 2Q 3Q 4Q FY23/1Q 2Q 3Q 4Q FY24/1Q 2Q 3Q 4Q FY25/1Q 2Q 3Q 4Q22/4Q22/3Q22/2Q22/1Q132.4143.6136.1127.1141.2144.0139.3136.990.493.893.992.0Quarterly SalesQuarterly Segment ProfitUSD/JPYEUR/JPYAUD/JPYExchange ratesBillions of yenBillions of yen23/4Q23/3Q23/2Q23/1Q146.9149.7144.2136.4159.3159.9157.3147.797.096.795.489.924/4Q24/3Q24/2Q24/1Q154.7148.8152.4155.5159.4161.4165.6167.595.799.0101.5101.925/4Q25/3Q25/2Q25/1Q152.8147.3145.5177.5171.3162.5100.296.092.6
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32 <Appendix> Construction: Projection for Sales by Region (To Outside Customers) for Nine Months (Apr. - Dec. 2025) of FY2025 ※Excl. foreign exchange effectsNorthAmerica 31%NorthAmerica 33%LatinAmerica 9%LatinAmerica 9%Europe 13%Europe 16%Africa 3%Africa 3%Middle East 4%Middle East 4%Oceania 6%Oceania 6%Asia 11%Asia 9%China3%China3%CIS 1%CIS 1%Japan 18%Japan 17%1,349.91,339.1 02004006008001,0001,2001,400 Apr.- Dec. 2024 Apr.- Dec. 2025 Billions of yenBillions of yen1,339.1(¥148.5 =USD1)Apr. - Dec. 251,349.9(¥152.2 =USD1)Apr. - Dec. 24 (10.8)[(0.8)%]+18.2[+4.3%](11.3)[(9.0)%]+28.4[+15.6%]+0.2[+0.6%]+0.4[+0.6%](7.3)[(8.9)%](23.7)[(15.8)%](1.6)[(3.9)%](2.0)[+15.9%](16.2)[(6.8)%]PlusMinusTotalJapanOceania, Asia and CIS Europe, Africaand Middle EastThe AmericasBillions of yenCISChinaAsiaOceaniaMiddle EastAfricaEuropeLatinAmericaNorth America1,349.9237.412.840.1150.082.059.140.4181.8125.3421.1Apr. - Dec.2024(a)1,339.1221.214.838.5126.374.759.540.6210.2114.0439.3Apr. - Dec. 2025(b)(10.8)(16.2)+2.0(1.6)(23.7)(7.3)+0.4+0.2+28.4(11.3)+18.2Changes (b-a)+3.7(16.2)+5.4(0.7)(21.8)(4.3)+2.1(1.0)+22.3(9.8)+27.8Changes (b-a)※ Excl. foreign exchange effects+3.7 [+0.3 %]
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33 <Appendix> Mining: Projection for Sales by Region (To Outside Customers) for Nine Months (Apr. - Dec. 2025) of FY2025 ※Excl. foreign exchange effectsTotalJapanOceania, Asia and CIS Europe, Africaand Middle EastThe AmericasBillions of yen.CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatinAmericaNorth America1,390.71.035.320.7191.9260.119.4115.938.2373.3334.8Apr. - Dec.2024(a)1,341.31.329.217.1115.4261.231.1137.734.5429.3284.6Apr. - Dec. 2025(b)(49.3)+0.3(6.1)(3.7)(76.5)+1.1+11.7+21.8(3.7)+56.0(50.3)Changes (b-a)(19.7)+0.3(8.8)(3.3)(72.0)+12.3+11.7+22.7(3.9)+65.4(44.0)Changes (b-a)※ NorthAmerica 24%NorthAmerica 21%LatinAmerica 27%LatinAmerica 32%Europe 3%Europe 3%Africa 8%Africa 10%Middle East 1%Middle East 2%Oceania 19%Oceania 19%Asia 14%Asia 9%China1%China1%CIS 3%CIS 2%Japan 0%Japan 0%1,390.71,341.3 02004006008001,0001,2001,400 Apr.- Dec. 2024 Apr.- Dec. 2025 Billions of yenBillions of yen1,341.3(¥148.5 =USD1)Apr. - Dec. 251,390.7(¥152.2 =USD1)Apr. - Dec. 24PlusMinus(50.3)[(15.0)%]+56.0[+15.0%](3.7)[(9.7)%]+21.8[+18.8%]+11.7[+60.5%]+1.1[+0.4%](76.5)[(39.9)%](3.7)[(17.7)%]+0.3[+24.6%](6.1)[(17.3)%] (49.3)[(3.5)%]Excl. foreign exchange effects(19.7) [(1.4) %]
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34 NorthAmerica 31%NorthAmerica 33%LatinAmerica 9%LatinAmerica 9%Europe 14%Europe 15%Africa 3%Africa 3%Middle East 4%Middle East 4%Oceania 6%Oceania 5%Asia 12%Asia 9%China 3%China 3%CIS 1%CIS 1%Japan 18%Japan 17%1,871.21,786.4 02505007501,0001,2501,5001,7502,000 FY24 FY25Oct. Projection <Appendix> Construction: Projection for Sales by Region (To Outside Customers) FY2025 ※Excl. foreign exchange effects Billions of yenBillions of yen1,786.4(¥143.2 =USD1)FY2025Oct. Projection1,871.2(¥152.8 =USD1)FY2024 (84.8)[(4.5)%]16.4[+2.9%](14.4)[(8.4)%]+12.9[+4.9%]+0.0[+0.0%](2.0)[(2.4)%](12.7)[(12.0)%](64.7)[(29.4)%](2.0)[(3.7)%]+2.1[+12.7%](20.5)[(6.2)%]PlusMinusTotalJapanOceania, Asia and CIS Europe, Africaand Middle EastThe AmericasBillions of yenCISChinaAsiaOceaniaMiddle EastAfricaEuropeLatinAmericaNorth America1,871.2328.216.453.1220.5106.080.860.1261.9171.9572.3FY2024(a) 1,786.4307.818.551.1155.893.378.960.1274.8157.5588.7FY2025(Projection)(b)(84.8)(20.5)+2.1(2.0)(64.7)(12.7)(2.0)+0.0+12.9(14.4)+16.4Changes (b-a)(6.1)(20.4)+4.2+1.7(55.8)(5.8)+3.9+1.8+10.7(4.1)+57.9Changes (b-a)※ Excl. foreign exchange effects(6.1) [(0.3) %]
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35 NorthAmerica 24%NorthAmerica 23%LatinAmerica 27%LatinAmerica 32%Europe 3%Europe 3%Africa 8%Africa 10%Middle East 2%Middle East 2%Oceania 19%Oceania 19%Asia 15%Asia 8%China 1%China 1%CIS 2%CIS 2%Japan 0%Japan 0%1,916.21,773.2 02505007501,0001,2501,5001,7502,000 FY24 FY25Oct. Projection <Appendix> Mining: Projection for Sales by Region (To Outside Customers) for FY2025 ※Excl. foreign exchange effectsTotalJapanOceania, Asia and CIS Europe, Africaand Middle EastThe AmericasBillions of yen.CISChinaAsiaOceaniaMiddle EastAfricaEuropeLatinAmericaNorth America1,916.21.445.127.1278.7354.833.8161.048.5511.7454.1FY2024(a) 1,773.21.737.825.4145.5342.635.8171.848.9563.9399.7FY2025(Projection)(b)(143.0)+0.3(7.3)(1.7)(133.2)(12.3)+2.0+10.8+0.4+52.2(54.3)Changes (b-a)(31.3)+0.3(8.9)+0.1(122.4)+13.0+3.1+17.0+0.4+91.4(25.4)Changes (b-a)※ Billions of yenBillions of yen1,773.2(¥143.2 =USD1)FY2025Oct. Projection1,916.2(¥152.8 =USD1)FY2024PlusMinus(54.3)[(12.0)%]+52.2[+10.2%]+0.4[+0.8%]+10.8[+6.7%]+2.0[+5.9%](12.3)[(3.5)%](133.2)[(47.8)%](1.7)[(6.1)%]0.3[+23.4%](7.3)[(16.2)%] (143.0)[(7.5)%]Excl. foreign exchange effects(31.3) [(1.6) %]
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36 Annual sales of Mining (incl. parts and service)Annual demand for mining equipment<Appendix> Construction, Mining & Utility Equipment: Actual and Projected Demand and Sales for Mining+52%-4%-51%-25%-13%-2%+64%+29%-18%-14%+43%+24%+3%+1%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,00011,000 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. AmericaLatin AmericaEurope, Africa and Middle EastOceaniaAsiaCISJapan and ChinaY-o-Y Change (%) ・Dump trucks: 75 tons (HD785) and larger ・Excavators: 200 tons (PC2000) and larger・Bulldozers: 525HP (D375) and larger・Motor graders: 280HP (GD825) and larger・Wheel loaders (mechanical driven): 810HP (WA800) and larger [Source] Demand estimated by Komatsu Y-o-YGrowthrateUnits Oct. Projection499.3447.3433.6930.41,053.4954.6788.31,082.31,419.71,717.21,916.21,773.2-1%-10%-3%+115%+13%-9%-17%+37%+31%+21%+12%-7%-450%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100%04008001,2001,6002,0002,4002,800 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 N. AmericaLatin AmericaEurope, Africa and Middle EastOceaniaAsiaCISJapan and ChinaY-o-Y Change (%) Oct.Projection Y-o-YGrowthrateBillions of yen
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37 <Appendix> Construction:Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) 322.0329.4313.7286.2321.9340.5379.1395.6373.3202.7205.8196.8183.6225.6289.3306.8339.5331.4812.6878.0740.9703.1929.11,237.21,188.21,136.21,081.739%38%41%40%37%34%37%39%39%-450%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100% 05001,0001,5002,0002,500 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25EquipmentPartsServices, etc.AM ratio81.980.477.981.677.883.587.591.783.389.5101.3105.193.597.499.8104.998.390.4108.753.154.258.360.068.574.073.173.773.679.377.776.184.385.185.784.482.584.684.1211.2199.7248.1270.1265.5282.6327.4361.8303.0280.3289.2315.7272.7253.7277.7332.0256.4258.8275.339%40%35%34%36%36%33%31%34%38%38%36%39%42%40%36%41%40%41%-350%-300%-250%-200%-150%-100%-50%0%50%100% 0100200300400500600700FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QEquipmentPartsServices, etc.AM ratioAnnual salesQuarterly salesBillions of yenBillions of yenAftermarketratioAftermarketratioAftermarket AftermarketOct.Projection *Aftermarket(AM)=Parts + Service, etc.
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38 <Appendix> Mining:Projection for Sales of Equipment, Parts and Service, etc. (To Outside Customers) 256.2273.3272.7242.0275.1376.8454.0495.3484.8374.1421.8390.6324.3424.7588.5668.5712.0669.7300.1358.5291.3221.9382.5454.4594.7709.0618.768%66%69%72%65%68%65%63%65% -450%-400%-350%-300%-250%-200%-150%-100%-50%0%50%100% 05001,0001,5002,0002,500 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25EquipmentPartsService, etc.AM ratio63.2 67.3 68.2 76.3 78.5 92.7 102.8 102.8 101.4 114.1 119.8 118.7 119.0 122.9 121.6 131.7 114.3 125.9 131.3 97.0 100.7 109.3 117.7 133.2 149.8 150.3 155.2 160.7 170.3 161.6 175.9 179.9 182.1 164.5 185.5 159.4 176.1 181.4 86.6 86.3 97.2 112.4 90.1 106.3 119.6 138.4 120.3 127.1 155.0 192.3 141.9 192.0 166.8 208.4 131.4 159.3 162.3 65%66%65%63%70%70%68%65%69%69%64%60%68%61%63%60%68%65%66% -350%-300%-250%-200%-150%-100%-50%0%50%100% 0100200300400500600700FY21/1Q2Q3Q4QFY22/1Q2Q3Q4QFY23/1Q2Q3Q4QFY24/1Q2Q3Q4QFY25/1Q2Q3QEquipmentPartsService, etc.AM ratioAnnual salesQuarterly salesBillions of yenBillion of yenAftermarketratioAftermarketratioAftermarket AftermarketOct.Projection *Aftermarket(AM)=Parts + Service, etc.
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39 Indonesia-6%-9%-6%1%-1%-5%1%-8%-3%-1%-3%3%1%9%-1%-1%-2%-1%1%-4%-2%-1%-7%-5%-45%-30%-15%0%15%050100150200250Operating hoursY-o-Y Change (%)<Appendix> Komtrax: Average Operating Hours per Month -7%3%-14%5%-8%-7%0%-6%-7%4%-11%-1%4%-7%6%-1%-5%0%5%-6%7%-6%1%10%-45%-30%-15%0%15%050100150200250Operating hoursY-o-Y Change (%)0%2%-11%13%-6%-7%11%-1%-1%6%1%6%3%0%7%-3%3%1%-2%-5%5%-1%-4%4%-45%-30%-15%0%15%050100150200250Operating hoursY-o-Y Change (%)JapanNorth AmericaEurope Y-o-Y growth rate -8%-3%-6%-4%-3%-5%-1%-4%0%1%-2%0%2%2%-7%10%3%0%0%-2%-3%-4%-1%3%-45%-30%-15%0%15%050100150200250Operating hoursY-o-Y Change (%) Y-o-Y growth rate HoursHoursHoursHours Y-o-Y growth rate Y-o-Y growth rate
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40 Komatsu America(Mining equip.)730E, 830E, 860E930E, 960E, 980EAvg. orders in value for 6 months / Avg. factory shipment in value for 6 months)<Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months)KMC(Mining equip.)< Surface >Rope ShovelBlasthole DrillDragline, etc.< Underground >Continuous MinerSheererLoad Haul Dump Jumbo Drill, etc.0%50%100%150%200%250%300%Orders received / Sales index0%50%100%150%200%250%
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41 <Appendix> Book-to-Bill Ratio for Mining Equipment (6 Months)Komatsu Germany(Mining equip.)PC3000, PC4000PC5500, PC7000PC8000, PC9000HD785, HD1500 PC2000, PC3400 WA800 and largerD375A and largerGD825A and largerKomatsu Ltd.(Mining equip.)-100%-50%0%50%100%150%200%250%300%350%400%Orders received / Sales index 0%50%100%150%200%250%Avg. orders in value for 6 months / Avg. factory shipment in value for 6 months)
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42 Cautionary StatementThe announcement set forth herein contains forward-looking statements which reflect management's current views with respect to certain future events, including expected financial position, operating results, and business strategies. These statements can be identified by the use of terms such as "will," "believes," "should," "projects" and similar terms and expressions that identify future events or expectations. Actual results may differ materially from those projected, and the events and results of such forward-looking assumptions cannot be assured.Factors that may cause actual results to differ materially from those predicted by such forward-looking statements include, but are not limited to, unanticipated changes in demand for the Company's principal products, owing to changes in the economic conditions in the Company’s principal markets; changes in exchange rates or the impact of increased competition; unanticipated cost or delays encountered in achieving the Company's objectives with respect to globalized product sourcing and new Information Technology tools; uncertainties as to the results of the Company's research and development efforts and its ability to access and protect certain intellectual property rights; and, the impact of regulatory changes and accounting principles and practices.Business Coordination Department, KOMATSU LTD.TEL: +81-3-6849-9725 FAX: +81-3-6849-9795 https://www.komatsu.jp/en Investor relationshttps://www.komatsu.jp/en/irStrategic Growth Planhttps://www.komatsu.jp/en/newsroom/2025/20250428_2Komatsu Report (Integrated Report)https://www.komatsu.jp/en/ir/library/annualIR-Dayhttps://www.komatsu.jp/en/ir/library/results/2025IR Reference Information Links