To Shareholders and Investors | NPC incorporated

Dear shareholders,

We would like to express our sincere gratitude to our shareholders and investors for the continued support.

In October 2022, NPC Incorporated disclosed its medium-term management plan for the next three years.

In recent years, it has become an urgent issue to take measures against climate change, and efforts are underway to realize a decarbonized society.  In this context, solar power is expected to play a centric role in energy transition.

Especially in the US, a historic climate change legislation was signed into law, which encourages our major customer to disclose plans of capital expenditure one after another.  Also, a continuous capital investment is expected in Japanese electric parts industry backed by an increasing demand.

While maintaining our core business in these domains, we aim to realize a business portfolio which is resilient to changes for steady growth by expanding our business domain.  For this purpose, we enhance solar panel disassembly equipment, for which needs are expected to increase; acquire new customers of automation machines; accumulate business with recurring revenue such as solar panel inspection service, reuse and recycling, and plant factory business; launch new products and services for the industrial waste treatment companies.

We appreciate your continuous support for us.