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the original Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail. This translation is subject to change without notice.

Consolidated Financial Results for the First Three Months of
the Fiscal Year Ending March 31, 2024
<under Japanese GAAP>
August 1, 2023
ORGANO CORPORATIONTokyo Stock Exchange
6368
https://www.organo.co.jp/english/
Masayuki Yamada, Representative Director and President
Shigeru Sonobe, General Manager of Accounting Dept., Corporate Management andPlanning
TEL:+81-3-5635-5111
Scheduled date to file quarterly securities report:
August 8, 2023
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results presentation meeting:
None
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated financial results for the first three months of the fiscal year ending March 31, 2024
(from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)
Net sales(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen% Millions of yen%
Three months ended
June 30, 2023
29,612
6.4
2,861
28.9
June 30, 2022
27,835
24.8
2,219
65.8
Note:
Comprehensive income: Three months ended June 30, 2023
Three months ended June 30, 2022

Profit attributable toowners of parent

Ordinary profit
Millions of yen%

Millions of yen

%

3,103
17.9
2,633
61.5
¥2,019 million [10.3%]¥1,831 million [47.4%]

1,597
1,495

6.8
82.7

Diluted earnings
per share

Basic earnings
per share

Yen
Yen
Three months ended
June 30, 2023
34.81–
June 30, 2022
32.64–
The Company conducted a 4-for-1 common share split effective as of October 1, 2022. Basic earnings per share are calculatedon the assumption that said share split was conducted at the beginning of the previous fiscal year.

(2) Consolidated financial position
Total assets
As ofJune 30, 2023
March 31, 2023
(Reference) Equity: As of June 30, 2023

Millions of yen

160,656
164,854¥86,657 million

Net assets

Equity-to-asset ratio

Millions of yen

86,871
86,371
As of March 31, 2023

%

53.9
52.3
¥86,170 million

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

Yen–

Fiscal year-end

Yen

116.00

Total

Yen

–

Yen

33.00

–

–

Fiscal year ending
33.00
–
33.00
66.00
March 31, 2024
(Forecast)
Note:
Revisions to the forecast of cash dividends most recently announced: None
The Company conducted a 4-for-1 common share split effective as of October 1, 2022. The second quarter-end dividend pershare for the fiscal year ended March 31, 2023 was stated before taking into account the effect of this share split, and the total
annual dividend for the year was stated as “–.” The annual dividend per share for the fiscal year ended March 31, 2023 thathas been calculated based on post-share split figures is ¥62.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millionsof yenOperating profit%

Millionsof yenProfit attributable toowners of parent

Ordinary profit%

Millionsof yenSix months ending
70,000
12.7
6,600
1.4
6,600
September 30, 2023
Fiscal year ending
150,000
13.3
16,0005.2
16,000March 31, 2024
Note:
Revisions to the earnings forecasts most recently announced: None%

Millionsof yenBasicearnings
per share%Yen(11.4)

4,600

(8.5)

100.24(0.1)

11,200(4.5)

244.07

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes
Note:

For more details, please refer to “Application of special accounting for preparing the quarterly consolidated
financial statements” on page 8 of the attached material.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations: Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
(4) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

46,359,700 shares

As of March 31, 2023

46,359,700 sharesb. Number of treasury shares at the end of the period
As of June 30, 2023

470,999 shares

As of March 31, 2023

470,795 sharesc. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
For the three months ended June 30, 2023

45,888,815 shares

For the three months ended June 30, 2022

45,818,204 shares

Notes:
1. The Company conducted a 4-for-1 common share split effective as of October 1, 2022. Average number ofshares outstanding during the period is calculated on the assumption that said share split was conducted at the
beginning of the previous fiscal year.
2. The Company has introduced an Officer Share Delivery Trust, and shares of the Company held by the Trust
have been included in treasury shares excluded from the calculation of the number of treasury shares at the endof the period and the average number of shares outstanding during the period (cumulative from the beginning of
the fiscal year).

* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements and others)
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
Consequently, any statements herein do not constitute assurances regarding actual results by theCompany. Actual business and other results may differ substantially due to various factors. Please referto “(3) Explanation regarding consolidated earnings forecasts and other forward-looking statements” in“1. Qualitative information regarding financial results for the first three months” on page 3 of theattached material for the suppositions that form the assumptions for earnings forecasts and cautions
concerning the use thereof.

Attached Material

Index
1. Qualitative information regarding financial results for the first three months.................................. 2(1) Explanation regarding operating results .......................................................................................... 2(2) Explanation regarding financial position ......................................................................................... 3(3) Explanation regarding consolidated earnings forecasts and other forward-looking statements 3
2. Quarterly consolidated financial statements and significant notes thereto ........................................ 4(1) Consolidated balance sheet ................................................................................................................ 4(2) Consolidated statement of income and consolidated statement of comprehensive income.......... 6
Consolidated statement of income (cumulative) .............................................................................. 6
Consolidated statement of comprehensive income (cumulative) .................................................... 7(3) Notes to quarterly consolidated financial statements ...................................................................... 8
Notes on premise of going concern .................................................................................................... 8
Notes on substantial changes in the amount of shareholders’ equity ............................................. 8
Application of special accounting for preparing the quarterly consolidated financial statements.............................................................................................................................................................. 8
Segment information, etc. .................................................................................................................. 9- 1 -1. Qualitative information regarding financial results for the first three months(1) Explanation regarding operating results
During the three months ended June 30, 2023 (April 1, 2023 to June 30, 2023), the global economy faced
continued concerns about downward economic pressures, including a slowdown in the Chinese economy
mainly due to a sluggish real estate market, and prolonged monetary tightening in the United States,
Europe, and other countries in response to high inflation.
In the electronics industry, the Company’s main market, the market environment remained challenging
as demand for memory and other semiconductors deteriorated against a backdrop of sluggish smartphone
and PC sales, and capital investment and factory utilization rates declined. On the other hand, the generalindustry field, the social infrastructure field, such as electric power/water supply and sewage, and the
Performance Products Business Unit remained strong.
Under these conditions, the Organo Group proceeded to draw in orders and make deliveries for largescale
projects in Japan and overseas, while establishing engineering solutions frameworks and strengthening
supply chains, etc. to increase our production and delivery capacity and improve the efficiency thereof.
We also engaged in initiatives to enhance R&D aimed at the creation of the next-generation technology
and new businesses, and worked on initiatives for sustainability and strengthened our governancestructure.
As a result, in the Group’s financial results for the three months ended June 30, 2023, orders received
decreased by 35.3% year on year to ¥33,598 million, net sales increased by 6.4% to ¥29,612 million,
operating profit increased by 28.9% to ¥2,861 million, ordinary profit increased by 17.9% to ¥3,103
million, profit attributable to owners of parent increased by 6.8% to ¥1,597 million, and our carry-overbalance for order backlog as of June 30, 2023 was up 8.6% to ¥122,725 million.
Results by segment are as follows.
[Water Treatment Engineering Business Unit]■Orders received
Orders received decreased 40.2% year on year to ¥27,978 million. The electronics field, which is our
main market, saw a significant decrease in orders received as a result of delays in investment decisions
for large-scale projects against a backdrop of factors including deteriorating conditions in thesemiconductor market, and also due to a rebound from the orders we received in the same period of theprevious fiscal year for large-scale projects in countries including Japan, China, and Malaysia. On theother hand, the general industry field and the social infrastructure field, such as electric power/watersupply and sewage, remained strong mainly in Japan, and so did the Plant Division and the Service
Solutions Division.
■Net sales
Net sales increased 5.5% year on year to ¥24,136 million. In the electronics field, we saw mostly steadyprogress in the construction of carried-over order backlogs from the previous year despite the impact ofdelays in part of overseas projects. We also saw strong performance in the Service Solutions Division
mainly due to commencement of the large-scale facility-owned service operations in Japan. The generalindustry field and the social infrastructure field, such as electric power/water supply and sewage,
remained strong mainly in Japan, and so did the Plant Division and the Service Solutions Division.
■Operating profit
Operating profit increased 36.9% year on year to ¥2,298 million. In addition to the effects of greater
revenue resulting from higher sales, the improvement in profitability in some projects and the expansionof relatively profitable Service Solutions Division led to an improvement in gross profit margin, whichmore than offset rises in expenses, such as personnel expenses and research and development expenses.
As a result, operating profit climbed.

- 2 -[Performance Products Business Unit]■Orders received/Net sales
Orders received increased 10.1% year on year to ¥5,619 million and net sales increased 10.4% year on
year to ¥5,475 million. In the Water Treatment Chemicals field, net sales of various water treatment
chemicals to fields such as the electronics industry advanced steadily, and sales in the Standard
Equipment/Filters field and the Food Products field were also strong.
■Operating profit
Operating profit increased 4.1% year on year to ¥562 million. Operating profit increased as gross profit
grew due to the effect of increased sales, offsetting the impact of higher costs for raw materials andpersonnel expenses.
(2) Explanation regarding financial position
Assets, liabilities and net assets
AssetsAssets as of June 30, 2023 amounted to ¥160,656 million, a decrease of ¥4,198 million from the previous
fiscal year end. This was mainly due to decreases of ¥15,334 million in work in process and ¥7,977
million in notes and accounts receivable - trade, and contract assets, despite an increase of ¥19,254
million in investments in leases.
Liabilities
Liabilities as of June 30, 2023 amounted to ¥73,784 million, a decrease of ¥4,698 million from theprevious fiscal year end. This was mainly due to a decrease of ¥4,408 million in notes and accounts
payable - trade.
Net Assets
Net assets as of June 30, 2023 amounted to ¥86,871 million, an increase of ¥500 million from the previous
fiscal year end. This was mainly due to increases of ¥212 million in foreign currency translation
adjustment and ¥197 million in valuation difference on available-for-sale securities.
(3) Explanation regarding consolidated earnings forecasts and other forward-looking statements
In terms of the earnings forecasts, the first half and full year consolidated earnings forecasts for the fiscal
year ending March 31, 2024, released on May 12, 2023, remain unchanged.
As for the current situation, despite deteriorating market conditions in the electronics industry,
particularly in semiconductors, we expect mostly steady progress in construction work as there are nosigns of cancellation of, or significant delays in, plans for the projects of carried-over order backlogs
from the previous year. In addition, several major customers in Japan and overseas are planning to makelarge-scale investments anticipating that semiconductor manufacturing bases will be dispersed and thatthe market will expand in and beyond 2024. Therefore, at present, we expect to achieve our initial planin terms of orders received, net sales and profits. The Company will revise its forecasts appropriately
according to the situation, based on each business segment and the trends in each country and region.

- 3 -2. Quarterly consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Electronically recorded monetary claims operating
Investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 4 -As of June 30, 2023

15,55813,72372,85764,879

2,826

2,943

9,853
7,165
21,886
1,744
4,891
(17)
136,765

29,108
7,878
6,552
1,964
5,441
(21)
132,470

19,183(13,104)
6,078
6,582
(5,452)
1,129
12,296
118
5,955(4,784)
1,171
20,795949

19,218(13,229)
5,988
6,624
(5,552)
1,072
12,300101
6,091(4,885)
1,206
20,670
938

2,430
815
2,673
596
(171)
6,343
28,088164,854

2,712
861
2,587
587
(171)
6,577
28,186160,656

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for product warranties
Provision for loss on construction contracts
Provision for share awards for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
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
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 5 -As of June 30, 2023

20,904
4,640
29,124
3,014
3,007
1,594
548
512

16,495
4,575
32,453
1,435
4,493
725
602
377

105

130

5,284
68,7383,599
64,888

3,895
91
5,511
245
9,744
78,483

3,000
79
5,549
267
8,896
73,7848,225
7,508
69,002(613)
84,1238,225
7,508
69,081(614)
84,200

539

736

(2)
1,191
317
2,047
201
86,371
164,854

5
1,404
309
2,456
214
86,871
160,656

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

Three months ended
June 30, 2022
(From April 1, 2022 toJune 30, 2022)
27,83521,049
6,786
4,567
2,219

- 6 -

(Millions of yen)Three months ended
June 30, 2023
(From April 1, 2023 toJune 30, 2023)
29,61221,509
8,102
5,241
2,861

5
20
511

15
20
232

43

8

16
597

26
303

33
150
183
2,633

52
9
61
3,103

4
4

3
3

0
0
2,636
1,134
1,502
6
1,495

11
11
3,094
1,494
1,600
3
1,597

Consolidated statement of comprehensive income (cumulative)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

Three months ended
June 30, 2022
(From April 1, 2022 toJune 30, 2022)
1,502

- 7 -

(Millions of yen)Three months ended
June 30, 2023
(From April 1, 2023 toJune 30, 2023)
1,600

(43)

196

0
365

7
222

6

(8)

(0)

1

328
1,831

419
2,019

1,815

2,006

15

12

(3) Notes to quarterly consolidated financial statements
Notes on premise of going concern
No items to report
Notes on substantial changes in the amount of shareholders’ equity
No items to report
Application of special accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
The Company and some of its consolidated subsidiaries have reasonably estimated the effective tax rate
after the application of tax effect accounting to the profit before income taxes for the fiscal year including
the first quarter ended June 30, 2023, and tax expenses are calculated by multiplying profit before income
taxes by this estimated effective tax rate. However, in cases where the calculation of tax expenses using
such estimated effective tax rate yields a result that is not reasonable to a significant extent, the amountof significant difference other than temporary differences, etc. is added to or deducted from the profit
before income taxes, and the result is multiplied by the statutory income tax rate.

- 8 -Segment information, etc.
[Segment information]
I Three months ended June 30, 2022 (From April 1, 2022 to June 30, 2022)
1. Information relating to net sales and profit by each reportable segment
Reportable Segment(Millions of yen)Amountrecorded in the
consolidated
statement ofincome(Note)

Water
Treatment
Engineering
Business Unit

Performance
Products
Business Unit

Net sales
Sales to external customers
Intersegment sales or transfers

22,877
0

4,957
93

27,83593–(93)

27,835–

Total

22,877

5,051

27,929(93)

27,835

Total

Adjustment

Segment profit
1,679
540
2,219
–
2,219
Note:
The figures for segment profit are based on operating profit, and there are no discrepancies with the operating profit
shown in the consolidated statement of income.

II Three months ended June 30, 2023 (From April 1, 2023 to June 30, 2023)
1. Information relating to net sales and profit by each reportable segment
Reportable Segment(Millions of yen)Amountrecorded in the
consolidated
statement ofincome(Note)

Water
Treatment
Engineering
Business Unit

Performance
Products
Business Unit

Net sales
Sales to external customers
Intersegment sales or transfers

24,136
0

5,475
93

29,61293–(93)

29,612–

Total

24,137

5,568

29,705(93)

29,612

Total

Adjustment

Segment profit
2,298
562
2,861
–
2,861
Note:
The figures for segment profit are based on operating profit, and there are no discrepancies with the operating profit
shown in the consolidated statement of income.

- 9 -