Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Summly of Consolidated Financial Results
for the Three Months Ended March 31, 2024
[Japanese GAAP]
April 26, 2024
Company name: SEIKO ELECTRIC CO., LTD.
Stock exchange listing: Tokyo, Fukuoka
Code number: 6653
URL: https://www.seiko-denki.co.jp/
Representative: Hidetoshi Soeda

President and Representative Director
Managing Director, General Manager of Corporate Planning andDevelopment Division

Contact: Tsutomu Tanaka

Phone: +81-92-473-8831
Scheduled date of filing quarterly securities report: May 8, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended March 31, 2024 (January 1, 2024 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
March 31, 2024
7,836
17.0
770
17.3
997
53.6
674
55.9
March 31, 2023
6,695
0.1
656
3.3
649
(1.6)
432
0.5
(Note) Comprehensive income:Three months ended March 31, 2024:¥1,244 million [172.0%]
Three months ended March 31, 2023:¥457 million [142.2%]
Basic earnings
per share
Three months ended
March 31, 2024
March 31, 2023

Diluted earnings per
shareYen

Yen

55.41
35.61

-

(2) Consolidated Financial Position
Total assets
Millions of yen
As ofMarch 31, 2024
31,659December 31, 2023
28,755(Reference) Equity: As of March 31, 2024:
As of December 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

14,244
13,212
14,244 million
13,212 million

%

45.0
45.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended December 31, 2023

-17.50-17.50

35.00Fiscal year ending December 31, 2024

-20.00(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 1st quarter dividend for the fiscal year ending December 31, 2024 :Commemorative dividend- yenSpecial dividend
- yen

20.00

40.00

Year-end

Fiscal year ending December 31, 2024

Total

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2024(January 1, 2024 to December 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earningsNet sales
Operating profit
Ordinary profit
to owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Six months ending June 30,
13,500
7.5
930
10.3
2024
Full year
30,000
10.8
2,000
23.2
(Note) Revision to the financial results forecast announced most recently:% Millions of yen

Yen

1,190

25.4

800

29.3

63.47

2,050
Yes

12.9

1,350

12.3

107.11* Notes:(1) Changes in significant subsidiaries during the three months ended March 31, 2024
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:Exclusion:(Company name:No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
12,603,595 shares
December 31, 2023:
12,603,595 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
437,446 shares
December 31, 2023:
437,446 shares
3) Average number of shares outstanding during the period:
Three months ended March 31, 2024:
Three months ended March 31, 2023:%

12,166,149 shares
12,141,204 shares))
NoQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and depositsNotes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of March 31, 2024

2,257

2,276

13,181

15,426

330
1,936
475
317
(17)
18,480

266
1,800
443
264
(14)
20,463

3,972
1,796
5,768
226

4,310
1,570
5,880
224

4,140
145
(6)
4,279
10,27428,755

4,955
142
(6)
5,091
11,196
31,6595,548
1,4922,466
409
4
2,349
12,271

6,065
1,778
3,527
208
513
5
1,763
13,863

780
1,797
693
3,271
15,542

723
1,761
1,066
3,551
17,415

(Millions of yen)
As of December 31, 2023
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

As of March 31, 2024

2,607
1,988
7,036(204)
11,428

2,607
1,988
7,497
(204)
11,889

1,875

2,447

(76)
(15)
1,784
13,21228,755

(79)
(13)
2,354
14,24431,659

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Rental income
Gain on sale of non-current assets
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Guarantee commission
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the three months
ended March 31, 2024

6,695
5,266
1,428
772
656

7,836
6,285
1,550
780
770

0
3
4
7

0
3
218
28
249

10
1
2
15
649
649
116
100
216
432
432

661
8
23
997
997
175
147
323
674
674

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent

For the three months
ended March 31, 2024
432

674

191425
457

572
(2)
1570
1,244

457

1,244