Airman Corporation to absorb wholly-owned EN System subsidiary

Airman Corporation will absorb EN System Co., Ltd., a Niigata-based manufacturer and seller of mobile elevating work platforms, in a move aimed at improving customer service and management efficiency. Approved by Airman's Board of Directors on June 26, 2025, the merger will dissolve EN System, with Airman acting as the absorbing company. As this is a merger with a wholly owned subsidiary, Airman will not issue new shares or deliver cash or other assets. Given Airman's complete ownership of EN System, a general shareholder meeting will not be held for either company. EN System's last fiscal year (FY ended December 31, 2024) recorded net sales of JPY9,701 million, operating profit of JPY366 million, and a profit of JPY235 million. Airman anticipates that the merger will not have a material impact on its consolidated financial results.