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FY2024 Financial Results Briefing May 22, 2025 （Securities Identification Code: 6787） 1
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Meiko Electronics Co., Ltd. 2/5 This presentation contains forward-looking statements concerning Meiko Group’s future plans, strategies and performance. However, Meiko does not publish this presentation as a disclosure document based on the Financial Instruments and Exchange Act of Japan. These forward-looking statements are not historical facts, rather they represent assumptions and beliefs based on comprehensive data currently available. Furthermore, the Printed Circuit Board business is subject to a number of risks and uncertainties that relate to raw material price, conditions of customers’ market, technological trends, change of foreign exchange , change of tax rules and regulations, disasters, international conflicts and other factors. Meiko therefore wishes to caution that actual results may differ materially from our expectations. This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. Disclaimer: 2
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１ ２ FY2024 (result) FY2025 (forecast) 3 Initiatives to Enhance Corporate Value 4 Future Policies 3
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Meiko Electronics Co., Ltd. 4/5 FY2024 result 4 FY2023 FY2024 result result Diff. % PCB 149.2 170.6 21.4 14.3% EMS 30.3 36.2 5.9 19.5% 179.5 206.8 27.3 15.2% PCB 10.8 7.2% 17.2 10.1% 6.4 59.3% EMS 0.9 3.0% 1.9 5.2% 1.0 111.1% 11.7 6.5% 19.1 9.2% 7.4 63.7% 14.3 8.0% 18.8 9.1% 4.5 31.5% 11.3 6.3% 14.9 7.2% 3.6 32.0% 145.31 152.57 Year-on-year Net income Average FX rate (JPY/USD) Net sales Operating income Ordinary income （ billion yen）
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Meiko Electronics Co., Ltd. 5/5 90.4 (43.6%) 22.5 (10.9%) 22.7(11.0%) 1.0(0.5%) 13.4(6.5%) 20.6(10.0%) 18.5 (8.9%) 17.7 (8.6%) 206.8 FY2024 result by Product Application 5 （ billion yen） 94.7 (52.7%) 23.5 (13.1%) 4.6(2.6%) 0.7(0.4%) 8.5(4.7%) 17.2 (9.6%) 14 (7.8%) 16.3 (9.1%) 179.5 FY2023 FY2024 Automotive Package Module Smartphones Amusement Smart Appliances Industrial Equipment Other Substrates Telecommunications ODM EMS Automotive Package Module Smartphones Amusement Smart Appliances Industrial Equipment Other Substrates Telecommunications ODM EMS
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Meiko Electronics Co., Ltd. 6/5 FY2024 result by Product Specification 6 （ billion yen） 43.6 (24.2%) 36.3 (20.2%) 36.4 (20.3%) 25.8 (14.4%) 6.4(3.6%) 0.7(0.4%) 14.0 (7.8%) 16.3 (9.1%) 179.5 42.3 (20.5%) 33.3 (16.1%) 50.9 (24.6%) 37.8 (18.3%) 5.3(2.6%) 1.0(0.5%) 18.5 (8.9%) 17.7 (8.6%) 206.8 FY2023 FY2024 Flexible / High Dissipation / Other Substrates Package MLB 4 layers or less HDI 8 layers or less MLB 6 layers or more HDI 10 layers or more ODM EMS Flexible / High Dissipation / Other Substrates Package MLB 4 layers or less HDI 8 layers or less MLB 6 layers or more HDI 10 layers or more ODM EMS
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１ ２ FY2024 (result) FY2025 (forecast) 3 Initiatives to Enhance Corporate Value 4 Future Policies 7
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Meiko Electronics Co., Ltd. 8/5 FY2024 result and FY2025 forecast 8 （ billion yen） FY2024 FY2025 result forecast Diff. % PCB 170.6 174.0 3.4 2.0% EMS 36.2 39.0 2.8 7.7% 206.8 213.0 6.2 3.0% PCB 17.2 10.1% 17.7 10.2% 0.5 2.9% EMS 1.9 5.2% 2.3 5.9% 0.4 21.1% 19.1 9.2% 20.0 9.4% 0.9 4.8% 18.8 9.1% 19.0 8.9% 0.2 1.3% 14.9 7.2% 15.5 7.3% 0.6 3.9% 152.57 140 Year-on-year Net income Average FX rate (JPY/USD) Ordinary income Net sales Operating income FY2025 forecast incorporates the impact of yen appreciation (down 12 billion yen) and the economic impact of US tariffs imposed by President Trump.
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Meiko Electronics Co., Ltd. 9/5 90.4 (43.6%) 22.5 (10.9%) 22.7(11.0%) 1.0(0.5%) 13.4(6.5%) 20.6(10.0%) 18.5 (8.9%) 17.7 (8.6%) 206.8 FY2025 forecast by Product Application 9 （ billion yen） 91.0 (42.8%) 22.5 (10.6%) 25.0 (11.7%) 1.5(0.7%) 13.5(6.3%) 20.5(9.6%) 20.0 (9.4%) 19.0 (8.9%) 213.0 Automotive Package Module Smartphones Amusement Smart Appliances Industrial Equipment Other Substrates Telecommunications ODM EMS Automotive Package Module Smartphones Amusement Smart Appliances Industrial Equipment Other Substrates Telecommunications ODM EMS FY2024 FY2025 Sales will bottom out in FY2024 and increase across all products.
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Meiko Electronics Co., Ltd. 10/5 FY2025 forecast by Product Specification 10 （ billion yen） 42.3 (20.5%) 33.3 (16.1%) 50.9 (24.6%) 37.8 (18.3%) 5.3(2.6%) 1.0(0.5%) 18.5 (8.9%) 17.7 (8.6%) 206.8 39.0 (18.3%) 34.0 (16.0%) 51.0 (23.9%) 43.0 (20.2%) 5.5(2.6%) 1.5(0.7%) 20.0 (9.4%) 19.0 (8.9%) 213.0 Flexible / High Dissipation / Other Substrates Package MLB 4 layers or less HDI 8 layers or less MLB 6 layers or moreHDI 10 layers or more ODM EMS Flexible / High Dissipation / Other Substrates Package MLB 4 layers or less HDI 8 layers or less MLB 6 layers or more HDI 10 layers or more ODM EMS FY2024 FY2025 Sales will increase in all areas except for MLB.
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１ ２ FY2024 (result) FY2025 (forecast) 3 Initiatives to Enhance Corporate Value 4 Future Policies 11
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Meiko Electronics Co., Ltd. 12/5 Initiatives to Enhance Corporate Value 12 １．We will continuously expand sales and profits through investments in facilities and R&D. ２．We will continue to strengthen our balanced financial position. ３．The consolidated dividend payout ratio is targeted at 15%. ４．We will strive to increase profits and raise shareholders’ value and dividend amounts. （ billion yen） FY2022(result) FY2023(result) FY2024(result) FY24/FY22 FY2025(Forecast) Net Sales 167.3 179.5 206.8 x1.2 213.0 Operating Income 9.6 11.7 19.1 x2.0 20.0 OP Margin 5.7% 6.5% 9.2% x1.6 9.4% Ordinary income 11.2 14.3 18.8 x1.7 19.0 Net income 8.8 11.3 14.9 x1.7 15.5 Capex 17.4 19.9 29.8 x1.7 51.0 R&D expenses 4.5 5.3 6.3 x1.4 6.5 EBITDA 19.4 22.8 31.6 x1.6 33.9 Net Assets 84.5 105.5 115.6 x1.4 125.4 Interest-bearing debt 75.3 79.3 86.8 x1.2 116.7 Equity Ratio 38.2% 42.7% 42.2% x1.1 43.5% D/E Ratio 0.89 0.75 0.75 x0.8 0.93 ROE 10.5% 10.7% 12.9% x1.2 12.3% Stock price 2,922yen 5,420yen 6,840yen x2.3 - Market capitalization 74.9 139.0 177.6 x2.4 - EPS 338.94yen 428.70yen 569.47yen x1.7 591.78yen PER x8.47 x12.29 x12.03 x1.4 - PBR x0.97 x1.42 x1.51 x1.6 - Dividend per share 55yen 68yen 88yen x1.6 90yen Dividend payout ratio 16.2% 15.9% 15.5% - 15.2% FX rate (JPY/USD) 136.00yen 145.31yen 152.57yen 140yen
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１ ２ FY2024 (result) FY2025 (forecast) 3 Initiatives to Enhance Corporate Value 4 Future Policies 13
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Meiko Electronics Co., Ltd. 14/5 Outlook of Medium-term Business Plan 14 FX rate (JPY/USD) 136.00 145.31 152.57 140 140 140 Capex 17.4 19.9 29.8 51.0 35.0 25.0 （ billion yen） 167.3 179.5 206.8 213.0 240.0 280.0 9.6 5.7% 11.7 6.5% 19.1 9.2% 20.0 9.4% 22.5 9.4% 26.5 9.5% FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 Net Sales Operating income
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Meiko Electronics Co., Ltd. 15/5 0 50 100 150 200 【Sales plan】 PKG Business 15 Products: FC-BGA substrates Products: Various PKG substrates Memories/Sensors RF Modules L/S=7/7um 0 10 20 30 40 50 60 【Sales plan】 （billion yen） FC-BGA substrates FY24 FY25 FY26 FY27 FY28 FY29 FY24 FY25 FY26 FY27 FY28 FY29 Ishinomaki Factory No.2 Vietnam Plant No.3 （billion yen） Revised forecast Previous forecast Revised forecast Previous forecast Slowdown in mass production plans due to market conditions. Development and prototyping projects are steady. Accelerate development of next-generation high – frequency materials, multi- layered and fine line substrates. Delays in mass production plans due to memory market conditions. Started mass production of various sensor module substrates. Accelerating certification acquisition for mass production of memory PKG substrates starting this fiscal year and acquisition of further new business.
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Meiko Electronics Co., Ltd. 16/5 Tendo Factory Development center 《Tendo Development Center》 ・ Strengthening industry -academia collaboration development projects. ・ Cooperation with Yonezawa ODM projects. ・ Mass production of newly developed products. 《Tendo Factory》 《Kahoku Factory》 Differentiation from existing plants Large-scale build-up eco-smart factory 700kW 250t/year CO2 reduction Tendo Solar Park Mass production of developed products High layer count High heat dissipation Copper inlay Flex rigid 0 50 100 150 200 250 300 （billion yen） 【Sales plan】 (No.2) No.1 FY24 FY25 FY26 FY27 FY28 FY29 16
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Meiko Electronics Co., Ltd. 17/5 Vietnam Plant No.4 17 Vietnam Plant No.2 is already running at full capacity, therefore No.4 plans to start partial operations in July to prepare for future increases in demand. 0 100 200 300 400 （billion yen） Partial operation/Mass production Overview of Vietnam Plant No.4 Total floor area Approx. 60,000㎡ （15,000㎡×4F） Capex Approx. 25 billion yen Role Supplementation of Plant No.2 (PCB) production High layer count/HDI PCBs Memory module substrates Certification Construction Equipment 【Sales plan】 No.1 No.2 No.3 PKG PCB FPC EMS No.4 FY24 FY25 FY26 FY27 FY28 FY29
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Meiko Electronics Co., Ltd. 18/5 Hoa Binh Plant 18 Vietnam Plant Noi Bai Airport Hoa Binh Plant Thang Long Plant Quang Minh Plant Hai Duong Plant （EMS） Hanoi 45 min from Vietnam plant by car 0 100 200 300 400 500 Overview of Hoa Binh Plant Site area Approx. 93,000㎡ Total floor area Approx. 60,000㎡（Plant No.1） Capex Approx. 50 billion yen（Plant No.1） Role Manufacturing Middle-high layer count PCBs, HDI PCBs Construction (No.1) Partial operation/Mass production Equipment Certification 【Sales plan】 In response to future growth in demand for AI devices, we are launching a state-of-the-art factory in Hoa Binh, taking into account the advantages of electricity and other factors. FY24 FY25 FY26 FY27 FY28 FY29 （billion yen）
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Meiko Electronics Co., Ltd. 19/5 Nanyo Factory (EMS Factory Expansion) 19 Realizing a wide range of advanced ODM-type product development and production that cannot be handled by conventional EMS companies. Overview of Nanyo Factory Site area Approx. 11,300㎡+7,600㎡(newly acquired) Total floor area Approx. 4,700㎡（New factory） Capex Approx. 2.5 billion yen Products Distance measurement devices required for automatic driving, etc. 取得土地 (7,600㎡) Completion sketch 0 100 200 Construction Mass production Equipment 【Sales plan】 SMT line Parts stocker Storage Assemble/Inspection lineCOB line Clean room ２F 1F • For semiconductor mounting that requires high-precision positioning from a few microns to a dozen microns • Active alignment adjustment technology for high-precision positioning of optical units FY24 FY25 FY26 FY27 FY28 FY29 Existing area (11,300㎡) （billion yen）