Air Water (4088) investor relations material

Management reform and governance

• Comprehensive management reform focuses on corporate culture, governance, and internal controls to prevent recurrence of past issues.

• Strengthening internal controls and governance at subsidiaries and group companies is a priority.

• Internal audit and supervisory board audits are being reinforced.

• Management is shifting from a focus on business scale to sustainable, quality-driven growth.

• Decentralized management is being replaced by resource concentration and synergy creation.

Business portfolio and strategic focus

• Full review of diversified businesses, with resources concentrated on core areas such as industrial gas, medical, and agriculture & food.

• Businesses not meeting strategic fit, financial performance, or governance standards are being divested.

• Recent divestments include fruit and vegetable wholesale and sweets companies.

• Portfolio management evaluates strategic fit, financial performance, and governance for all businesses.

Growth strategy and operational strengths

• Growth strategy emphasizes leveraging proprietary technology, integrated supply networks, and customer-driven solutions.

• Industrial gas business manages the entire value chain in-house, ensuring stable supply and expanding cash flows.

• Near-term focus is on capturing semiconductor demand; medium-term growth targets India and North America.

• Medical and agriculture & food businesses focus on stable supply, value chain integration, and supporting essential infrastructure.