February 6, 2024

Osaki Electric Co., Ltd.
Tokyo Stock Exchange Prime Market
Securities code: 6644

FY2023 Third Quarter
Summary of Consolidated Financial Results(Nine Months ended December 31, 2023)⚫ Consolidated net sales: 68.4 billion yen (YoY +12.8%), Operating income: 4.4billion yen (+310.4%), Profit attributable to owners of parent: 2.2 billion yen(+302.1%)⚫ Net sales for Smart meters & solutions in Japan increased year on year withhigher sales in the Smart Meter Business and Switchgear Business.
Operating income increased with temporary changes in the product mix, etc.
⚫ For Smart meters & solutions overseas, sales increased year on year with anincrease in shipments to UK enabled by an upturn in the electronic materials
procurement environment and an increase in shipments to Oceania.
Operating income increased with the higher sales and setting of electronicmaterials prices, which had soared previously.
1. Consolidated Financial Results(Millions of yen)
YoY Change

FY2022 3Q
Net sales
Smart meters & solutions in Japan
Smart meters & solutions overseas
Production equipment
Real estate
Adjustment

Gross profit
Ratio to sales
SG & A expenses
Ratio to sales

FY2023 3Q

60,64237,517
22,699761
427(762)
12,597

68,39238,89730,138－431(1,075)
16,442

20.8%

24.0%

11,53412,080

19.0%

17.7%

Amount

7,750
1,380
7,439
(761)
4(312)
3,845%+12.8%+3.7%+32.8%－+1.0%－+30.5%+3.3pt545+4.7%(1.4)pt

1,063

4,362

Ratio to sales

1.8%

6.4%

Smart meters & solutions in Japan

2,186(1,343)
9
218
(7)

3,365
782－
226(11)

1,179
2,126(9)7(4)+53.9%－－+3.7%－

Ordinary income

460

4,360

3,900+847.6%

Profit attributable to owners of parent

543

2,184

1,641+302.1%

11.43

46.62

35.19

－Operating income

Smart meters & solutions overseas
Production equipment
Real estate
Adjustment

Net income per share（yen）

1

3,299

+310.4%+4.6pt2. Revenue by Business Portfolio (Excluding intercompany sales)（1）Smart meters & solutions in Japan(Millions of yen)

Full-year
Revised
Forecasts

YoY Change

Smart meter business
Solution businessSwitchgear business
Total

FY2022 3Q

FY2023 3Q

25,2548,214
4,031
37,50025,978
8,233
4,669
38,881Amount%723
19638
1,381

+2.9%
+0.2%
+15.8%+3.7%

34,40012,4007,500
54,300*Referential figures are based on managerial accounting.

Smart meter business: Sale of smart meters and measurement and control equipment including
smart meter peripheral devices for power companies.
Solution business: Providing services and products and delivering solutions to customers (otherthan power companies)
Switchgear business: Sale of switchgears

Starting in FY2023 2Q, the reporting methods have been partially changed to reflect current salesconditions. Consequently, the figures for FY2022 3Q have retroactively applied this method also.

（2）Smart meters & solutions overseas(Millions of yen)

Full-year
Revised
Forecasts

YoY ChangeOceania
EuropeAsia
Middle East and Africa
Total

Average exchange rate

FY2022 3Q

FY2023 3Q

10,171
6,278
4,200
1,384
22,034

12,191
12,016
3,838
1,112
29,158¥128.30/USD¥138.24/USD

Amount%

2,019
5,738
(362)
(271)
7,124

+19.9%+91.4%(8.6)%(19.6)%+32.3%

17,00015,7005,200
1,500
39,400¥140.67/USD(assumption)*Calculations on each region are based on the annual securities report.

3. R&D Expenditures, Depreciation, Capital expenditures(Millions of yen)

YoY Change

FY2022 3Q

FY2023 3Q

Depreciation

2,304
1,959

2,499
1,716195(242)+8.5%(12.4)%

Capital expenditures

1,018

1,246

227

+22.3%

R&D expenditures

2Amount%

4. FY2023 Consolidated Forecast
The Company revised the forecast full-year for the fiscal year ending March 31,
2024, previously announced on November 7, 2023 as follows.
(Millions of yen)
Difference (B－A)

Full-year
FY2022

FY2023
PreviousForecast（A）

89,25393,500

94,200700+0.7%54,42753,00054,3001,300+2.5%

34,61341,00040,400(600)(1.5)%

Production equipment

761

－

－－

－

Real estate

571

600

600

－

－

Adjustment(1,121)(1,100)(1,100)－－Operating income

2,226

4,300

5,400

1,100+25.6%

Smart meters &solutions in Japan

3,816

3,000

4,000

1,000+33.3%

Smart meters &solutions overseas(1,886)

1,000

1,100

100+10.0%

9－

－－

－

Real estate295300300－－

Adjustment

(7)

－－－

－

Ordinary income

1,885

4,200

5,000

800

+19.0%

Profit attributable toowners of parent

1,319

1,900

2,000

100+5.3%

Net sales
Smart meters &solutions in Japan
Smart meters &solutions overseas

Production equipment

FY2023
Revised
Forecast（B）

Amount%Reasons for the revisions:・ Net sales for Smart meters & solutions in Japan are expected to exceed the previous
financial forecast in the Smart Meter Business and Switchgear Business. Income is also
expected to exceed the previous forecasts as a consequence of increased sales andimproved manufacturing rates associated with increased production.
・ For Smart meters & solutions overseas, although shipments to Asia are exceeding theprevious forecast, shipments to Oceania and UK are lower than the forecast, so net
sales are expected to be lower than the previous forecast. In terms of income, although
net sales are expected to decline, the outlook is exceeding the previous forecast as aconsequence of lower selling, general and administrative expenses and other factors.
・ Profit attributable to owners of parent is expected to increase only slightly compared tothe increase in ordinary income, mainly because income taxes are expected to be higher
than the previous forecast.
⚫ Forward-looking

statements made in this material are based on the management’s estimates, assumptions andprojections at the time of publication and do not represent a commitment that they will be achieved. A number of factors
may cause the actual results to differ materially from the forecasts.
⚫ All amounts are in millions of yen and rounded down, unless otherwise stated.

Financial data (Excel/PDF) are available on our website (https://www.osaki.co.jp/en/ir/finance/financialdata.html).

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