Investor Presentaiton

1 Consolidated Results for FY2020 -Cash Flows- Cash flow from operating activities deteriorated due to increase of working capital (Business expansion did not sufficiently contribute to net income) One of the reasons is expansion of jet engine business, which requires a long payback period ICF from operating acitivities ICF from investing activities Working capital -O-FCF (billion yen) 800 (net income attributable to owners of parent) (-14.6) 700 (46.1) (39.3) 598.8 625.2 600 (37.8) (48.7) 524.9 (61.3) (84.2) (74.8) (32.9) (38.8) 486.6 500 456.9 459.1 449.5 427.6 436.4 419.2 400 300 200 84.7 100 28.1 0 -100 -200 FY2011 151.7 127.6 109.7 86.0 93.5 56.0 34.6 -15.4 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 © Kawasaki Heavy Industries, Ltd. All Rights Reserved Kawasaki Powering your potential 12

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