Strengthening the Civil Engineering Business and Group Synergies by Making 株式会社松下工商 a Wholly Owned Subsidiary

「As of the beginning of the current interim consolidated accounting period, the company had acquired all shares of Matsushita Kousho and made it a wholly owned subsidiary. Goodwill arose in the Construction Business segment as a result. The increase in goodwill from this transaction was ¥680.916 million.」

「Matsushita Kousho Co., Ltd., whose shares are being acquired, is headquartered in Kanagawa Prefecture. It has a track record of contributing to regional development through infrastructure development and renovation work, principally in the civil engineering business involving new bridge construction and large underground structures. In recent years, it has primarily undertaken large-scale renovation and seismic reinforcement work for railways, building a strong reputation since its establishment. The company launched a new medium-term management plan in July 2024 and aims to enhance corporate value alongside new growth. Given the challenging business environment, it determined that it needed to pursue Group synergies and enhance corporate value by bringing Matsushita Kousho's civil engineering expertise and highly skilled workers into the Group, and decided to make the company a wholly owned subsidiary. Date of acquisition: 1 July 2025 Total acquisition price: ¥1,192.2 million Ownership ratio after acquisition: 100%」