Oct. 26, 2023

Consolidated Financial Results
For the Six Months from April 1 to September 30, 2023
<under Japanese GAAP>
Note: The accompanying consolidated financial statements were not audited since they have been prepared only for reference purpose. All statements werebased on Tanshin report prepared in accordance with the provisions set forth in accounting regulations and principals generally accepted in Japan.

Name of company listed :Nomura Real Estate Holdings, Inc.

Shares traded :Code number :

TSE
3231

URL :
Representative :https://www.nomura-re-hd.co.jp/english/
Satoshi Arai, President and Representative Director

Inquiries :Hidehiro Sasaki,
General Manager, Corporate Communications Dept.

Email :
Scheduled submitting date of quarterly securities report :nrehd-ir@nomura-re.co.jp
November 13, 2023

Scheduled starting date for dividend payments :Preparation of explanatory materials for financial results :December 1, 2023
Yes

Information meetings arranged related to financial results :Yes (for institutional investors and analysts, in Japanese)(Values of less than one million yen rounded down)

I. Consolidated operating results for the Six Months from April 1, 2023 to September 30, 2023
(1) Consolidated business results(% indicates the rate of changes from previous fiscal term)
Operating revenue

Operating profit

Business profit

Profit attributableto owners of parent

Ordinary profit

First six months ended

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Sep. 30, 2023

368,318

17.0

61,37225.5

61,44617.2

54,61516.1

32,956(2.7)

Sep. 30, 2022

314,756

22.4

48,88421.1

52,44929.6

47,04633.9

33,87444.1(Note) Comprehensive income: From April 1, 2023 to September 30, 2023 : 37,871 million yen (down 2.6%)
From April 1, 2022 to September 30, 2022 : 38,876 million yen (up 47.4%)(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions

Basic earnings
per shareFirst six months ended

Diluted earnings
per share

Yen

Yen

Sep. 30, 2023

189.36188.97

Sep. 30, 2022

190.66190.14

(2) Consolidated financial position
Total assets

Shareholders’ equity ratio

Net assets

As ofMillions of yen

Millions of yen%

Sep. 30, 2023

2,130,310

682,083

31.9

Mar. 31, 2023

2,110,693

655,737

31.0(Reference) Shareholders’ equity: As of September 30, 2023 : 680,561 million yen

As of March 31, 2023 : 653,307 million yen

II. Dividends
Dividend per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
Mar. 31, 2023

-

55.00

-

65.00

120.00Fiscal year ending
Mar. 31, 2024

-

65.00

-

65.00

130.00Fiscal year ending
Mar. 31, 2024
(Forecasts)(Note) Revision of dividend forecasts during this quarter: No

III. Forecasts of consolidated operating results for the fiscal year from April 1, 2023 to March 31, 2024(% indicates the rate of changes from previous fiscal year)
Profit attributable toowners of parent

Operating profit

Business profit

Fiscal year ending

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

Mar. 31, 2024

750,000

14.5

103,000

3.4

109,000

3.6

94,000(0.1)

65,0000.7

374.13(Note) Revision of operating results forecasts during this quarter: No

Ordinary profit

Basic earnings
per share

Operating revenue

* Notes(1) Significant changes to subsidiaries during the period (Changes in scope of consolidation of specified subsidiaries): None
(2) Adoption of specific accounting policies for quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to revision of accounting standards, etc.
2) Changes in accounting policies other than the above: None: None3) Changes in accounting estimates
4) Restatements: None: None(4) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares)
2) Treasury shares at end of period

3) Average number of shares outstanding during the period

As of Sep. 30

As of Mar. 31

2023

2023

183,154,537
8,801,091

182,938,437
9,015,395

From April 1 to
September 30, 2023

From April 1 to
September 30, 2022

174,040,195

177,666,427(Note) The number of treasury shares at end of each period includes the shares of Nomura Real Estate Holdings, Inc. (the“Company”) owned by BIP (Board Incentive Plan) trust and ESOP (Employee Stock Ownership Plan) trust (3,063,607
shares as of September 30, 2023 and 3,553,057 shares as of March 31, 2023). The Company’s share owned by executive
compensation BIP trust and ESOP trust are included in the number of treasury shares deducted in the calculation of
average number of shares outstanding during the period (3,304,041 shares from April 1 to September 30, 2023 and2,559,394 shares from April 1 to September 30, 2022).
* This Quarterly “Consolidated Financial Results” is not required to be audited by certified public accountants or audit corporations.
* Proper use of forecasts of operating results, and other special matters
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on the information
currently available to the Company and certain assumptions deemed to be reasonable. These statements do not purport that theCompany pledges to realize such statements. Actual performance and other results may differ materially from these forecasts due tovarious factors. For matters related to the forecasts of financial results, please refer to “1. Business Results and Financial Position (3)Consolidated Operating Result Forecasts” on page 7 of the Attachments.
(How to obtain the fact sheets)
The fact sheets will be disclosed on TDnet on October 26, 2023 and will be uploaded on the Company’s website.

Attachments- Contents
1. Business Results and Financial Position -------------------------------------------------------------------------------------------------------- 2(1) Business Results ------------------------------------------------------------------------------------------------------------------------------ 2(2) Financial Position ---------------------------------------------------------------------------------------------------------------------------- 7(3) Consolidated Operating Result Forecasts ------------------------------------------------------------------------------------------------- 7
2. Quarterly Consolidated Financial Statements ------------------------------------------------------------------------------------------------- 8(1) Quarterly Consolidated Balance Sheets --------------------------------------------------------------------------------------------------- 8(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ----------- 10
Quarterly Consolidated Statements of Income for the First Six Months from April 1 to September 30, 2023 ------------------ 10
Quarterly Consolidated Statements of Comprehensive Income for the First Six Months from April 1 to September 30,
2023--------------------------------------------------------------------------------------------------------------------------------------------- 11(3) Quarterly Consolidated Statement of Cash Flows --------------------------------------------------------------------------------------- 12(4) Notes to Quarterly Consolidated Financial Statements --------------------------------------------------------------------------------- 14(Notes to Going Concern Assumptions) -------------------------------------------------------------------------------------------------- 14(Notes to Significant Changes in Shareholder’s Equity) ------------------------------------------------------------------------------- 14(Segment Information) ---------------------------------------------------------------------------------------------------------------------- 14-1-

1. Business Results and Financial Position(1) Business Results
The Nomura Real Estate Group (the “Group”) posted the following consolidated performance for the six months ended
September 30, 2023: Operating revenue of 368,318 million yen, which represents an increase of 53,562 million yen, or 17.0% year
on year; operating profit of 61,372 million yen, an increase of 12,487 million yen, or 25.5%; business profit of 61,446 million yen,
an increase of 8,997 million yen, or 17.2%; ordinary profit of 54,615 million yen, an increase of 7,569 million yen, or 16.1%; andprofit attributable to owners of parent of 32,956 million yen, a decrease of 917 million yen, or 2.7%.
(Note) Business profit = operating profit + share of profit (loss) of entities accounted for using equity method + amortization of
intangible assets associated with corporate acquisitions
An overview of business unit achievements is given below:
1. Operating revenue for each business unit includes internal sales and transfer amount among business units.
2. Total figures may not match due to the rounding of fractions.
3. As of April 1, 2023, the merger has been carried out with PRIME X Co., Ltd. being the surviving company and Musashi Co.,
Ltd.
<Residential Development Business Unit>
Operating revenue in this Business Unit totaled 165,876 million yen, which represents an increase of 24,750 million yen, or
17.5% year on year, and business profit totaled 20,992 million yen, an increase of 8,250 million yen, or 64.7%, resulting inincreases in both operating revenue and business profit compared with the financial results of the six months ended September 30,
2022.
This was mainly due to an improvement in gross profit ratio of housing sales and an increase in revenue from property sales ofrental housing.
In regard to housing sales, 1,994 units were recorded as sales (a decrease of 64 units year on year) against the planned 4,500
units for this fiscal year. The contract progress rate was 91.6% as of the end of this second quarter against the projected operating
revenue of housing sales for this fiscal year.
The number of housing contracted but not recorded as sales were 3,413 units as of the end of this second quarter (a decrease of
524 units year on year).
Number of units, sales, and outstanding contract amount as sold for the joint-venture projects are calculated based on thebusiness’s share.
Breakdown of operating revenue
First six months ended
Sep. 30, 2022
Housing units soldFirst six months ended
Sep. 30, 2023

Fiscal year ended
Mar. 31, 2023

Operating revenue
Operating revenue
Operating revenue
Housing units sold
Housing units sold(Millions of yen)
(Millions of yen)
(Millions of yen)

Tokyo metropolitan area

1,369 units

91,121

1,583 units

110,808

2,718 units

199,905

Kansai area

290 units

16,556

168 units

9,862

650 units

34,730Other

398 units

19,873243 units

10,905773 units

39,025

Subtotal(Detached housing)

2,058 units(235 units)

127,551(17,057)

1,994 units(207 units)131,576(17,129)

4,142 units(353 units)273,662(25,186)

Rental housing (Note)

-

4,455

-

17,699-8,603

Senior / Other

-

9,119

-

16,600-20,214-

141,126-

165,876-

302,480

Housing sales

Total(Note) Rental Housing refers to properties developed for real estate investment market.

-2-

Housing sales Period-end completed housing inventory (released for sale)
As of Sep. 30, 2022

As of Sep. 30, 2023

As of March 31, 2023

Tokyo metropolitan area

90 units

121 units

119 units

Kansai area

40 units

27 units

43 units

Other

65 units

64 units

60 units

Total

195 units

212 units

222 units(Detached housing)(8 units)(6 units)(0 unit)

Housing sales Period-end completed housing inventory (unreleased)
As of Sep. 30, 2022
Total
(Detached housing)

As of Sep. 30, 2023

234 units(0 units)

As of March 31, 2023

157 units(3 unit)199 units(0 unit)

Housing sales Contracted but not recorded as housing sales
As of Sep. 30, 2022

As of Sep. 30, 2023

As of March 31, 2023

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Housing units

Outstanding
contract amount(Millions of yen)

Tokyo metropolitan area

2,995 units

232,634

2,468 units

240,8782,968 units

251,819

Kansai area

473 units

24,553415 units

22,262421 units

23,501Other

468 units

24,941529 units

26,224429 units

21,090Total(Detached housing)

3,937 units(140 units)

282,129(9,173)

3,413 units(120 units)289,366(9,554)

3,819 units(205 units)296,411(15,810)<Commercial Real Estate Business Unit>
Operating revenue in this Business Unit totaled 126,402 million yen, which represents an increase of 23,770 million yen, or
23.2% year on year, and business profit totaled 28,873 million yen, an increase of 2,742 million yen, or 10.5%, resulting inincreases in both operating revenue and business profit compared with the financial results of the first six months ended September
30, 2022.
This was mainly due to an increase in revenue from property sales.
Breakdown of operating revenue
First six months ended
Sep. 30, 2022
(Millions of yen)First six months ended
Sep. 30, 2023
(Millions of yen)

Fiscal year ended
Mar. 31, 2023
(Millions of yen)

Leasing (offices)

21,26919,08041,191

Leasing (retail facilities)

7,943

8,238

16,195

Leasing (other)

1,670

1,608

3,323

Property for sales(sale) (Note)

52,61774,673

97,471

7,851

8,984

16,786

Fitness

7,433

7,906

15,040

Other

3,845

5,910

9,301

102,631

126,402

199,309

Property for sales(leasing) (Note)

Total(Note) Property for sales refers to properties such as office building, retail facility and logistic facility developed for real estate
investment market.

-3-

Net lettable area
As of Sep. 30, 2022

As of Sep. 30, 2023

As of March 31, 2023

Offices572,987 m2

527,948 m2

538,982 m2

Retail facilities

157,991 m2

158,137 m2

158,102 m2

730,978 m2

686,086 m2

697,085 m2

Total

Vacancy rate (offices and retail facilities)
As of Sep. 30, 2022

As of Sep. 30, 2023
5.3%

As of March 31, 2023
4.0%

4.8%

<Overseas Business Unit>
Operating revenue in this Business Unit totaled 2,195 million yen, which represents an increase of 337 million yen, or 18.2%
year on year, and business loss totaled 404 million yen (business profit of the first six months ended September 30, 2022 was 2,804
million yen), resulting in an increase in operating revenue and a decrease in business profit compared with the financial results ofthe first six months ended September 30, 2022. Share of loss of entities accounted for using equity method included in the businessloss in this Business Unit was 336 million yen.
Breakdown of operating revenue
First six months ended
Sep. 30, 2022
(Millions of yen)First six months ended
Sep. 30, 2023
(Millions of yen)

Fiscal year ended
Mar. 31, 2023
(Millions of yen)

1,404

1,587

5,876

Leasing

348

260

657

Other

104

347

235

1,857

2,195

6,770

Housing sales

Total<Investment Management Business Unit>
Operating revenue in this Business Unit totaled 7,339 million yen, which represents an increase of 514 million yen, or 7.5% year
on year, and business profit totaled 4,598 million yen, an increase of 389 million yen, or 9.3%, resulting in increases in both
operating revenue and business profit compared with the financial results of the first six months ended September 30, 2022.
First six months ended
Sep. 30, 2022
(Millions of yen)
Operating revenue

First six months ended
Sep. 30, 2023
(Millions of yen)

6,824

7,339

Fiscal year ended
Mar. 31, 2023
(Millions of yen)
13,632

Assets under management
As of Sep. 30, 2022
(Millions of yen)Domestic
asset

REITs

manager(Note)

Private funds, etc.

Overseas asset manager
Total

As of Sep. 30, 2023
(Millions of yen)

As of Mar. 31, 2023
(Millions of yen)

1,445,650

1,539,182

1,465,984

251,549

194,330

252,957

358,807

263,546

238,735

2,056,006

1,997,059

1,957,676(Note) Private funds, etc. include assets under management of Nomura Real Asset Investment Co., Ltd. based on the Company’s
equity stake. The assets under management of Nomura Real Asset Investment Co., Ltd. totaled 94,300 million yen as of the endof this second quarter.

-4-

<Property Brokerage & CRE Business Unit>
Operating revenue in this Business Unit totaled 24,197 million yen, which represents an increase of 441 million yen, or 1.9%
year on year, and business profit totaled 6,931 million yen, a decrease of 602 million yen, or 8.0%, resulting in an increase inoperating revenue and a decrease in business profit compared with the financial results of the first six months ended September 30,
2022.
Breakdown of operating revenue
First six months ended
Sep. 30, 2022
(Millions of yen)First six months ended
Sep. 30, 2023
(Millions of yen)

Fiscal year ended
Mar. 31, 2023
(Millions of yen)

Property brokerage

22,39323,25645,257(retail business)(12,159)(12,537)(24,071)(middle business)(4,314)(6,173)(9,613)(wholesale business)(5,919)(4,544)(11,571)

Other

1,362

941

2,442

23,75524,19747,700Total

The classification of Property brokerage is as follows.
*Retail business: Real estate brokerage business for individuals*Middle business: Real estate brokerage business for small and midsize companies, business owners, some individual investors andhigh net worth individuals*Wholesale business: Real estate brokerage business for large corporations, funds and overseas investors
Number of transactions and transaction value of property brokerageFirst six months ended
Sep. 30, 2022

First six months ended
Sep. 30, 2023

Fiscal year ended
Mar. 31, 2023

Number of transactions

5,056

5,085

9,985

Total transaction value(Millions of yen)

531,950

615,707

1,060,313<Property & Facility Management Business Unit>
Operating revenue in this Business Unit totaled 50,065 million yen, which represents an increase of 2,337 million yen, or 4.9%
year on year, and business profit totaled 4,076 million yen, a decrease of 37 million yen, or 0.9%, resulting in an increase inoperating revenue and a decrease in business profit compared with the financial results of the first six months ended September 30,
2022.
Breakdown of operating revenue
First six months ended
Sep. 30, 2022
(Millions of yen)First six months ended
Sep. 30, 2023
(Millions of yen)

Fiscal year ended
Mar. 31, 2023
(Millions of yen)

Property & facility management

29,40230,24159,502

Construction ordered

15,166

16,70339,875

Other

3,158

3,120

6,096

47,72750,065

105,474

Total

-5-

Number of properties under management
As of Sep. 30, 2022
Buildings under management
Condominiums under management(unit)

As of Sep. 30, 2023

As of Mar. 31, 2023

791

783

782

187,970

190,889

189,574<Other>Operating revenue totaled 136 million yen, which represents an increase of 3 million yen, or 2.4% year on year, and businessprofit totaled 80 million yen, which represents an increase of 9 million yen, or 13.6% year on year.

-6-(2) Financial Position
As of March 31, 2023
(Millions of yen)

As of Sep. 30, 2023
(Millions of yen)

Changes(Millions of yen)

Total assets

2,110,693

2,130,310

19,616

0.9%

Total liabilities

1,454,956

1,448,226(6,729)(0.5%)Net assets

655,737

682,083

26,346

4.0%

Shareholders’ equity ratio

31.0%

31.9%

-

-

Changes

Total assets were 2,130,310 million yen, which represents an increase of 19,616 million yen compared to the end of the previous
fiscal year. This was mainly because investment securities increased by 30,157 million yen and cash and deposits increased by
29,061 million yen, while inventories decreased by 31,825 million yen.
Total liabilities were 1,448,226 million yen, which represents a decrease of 6,729 million yen compared to the end of theprevious fiscal year. This was mainly because notes and accounts payable - trade decreased by 20,202 million yen, while othernon-current liabilities increased by 7,476 million yen and interest-bearing debt increased by 5,037 million yen.
Net assets were 682,083 million yen, which represents an increase of 26,346 million yen compared to the end of the previous
fiscal year. This was mainly because retained earnings increased by 21,412 million yen and foreign currency translation adjustment
increased by 4,771 million yen.
The shareholders’ equity ratio was 31.9%, an increase of 1.0 percentage point from the end of the previous fiscal year.
(Cash Flows)
Cash and cash equivalents as of the end of this second quarter totaled 56,978 million yen, which represents an increase of 29,208
million yen compared to the end of the previous fiscal year.
Net cash provided by (used in) operating activities increased by 80,370 million yen (a year-on-year increase of 135,583 millionyen). This was mainly due to the recording of profit before income taxes of 48,286 million yen and a decrease in inventories.
Net cash provided by (used in) investing activities decreased by 44,156 million yen (a year-on-year decrease of 34,958 millionyen). This was mainly due to the purchase of investment securities and the purchase of property, plant and equipment andintangible assets, despite the sales and liquidation of investment securities.
Net cash provided by (used in) financing activities decreased by 7,680 million yen (a year-on-year decrease of 47,427 millionyen). This was mainly due to redemption of bonds, payment of dividends and repayments of short-term borrowings, despite thefund procurement by long-term borrowings.
(3) Consolidated Operating Result Forecasts
No change in the consolidated operating result forecast which was announced on April 26, 2023.

-7-

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsReal estate for sale
Real estate for sale in process
Land held for development
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-8-

As of September 30, 2023

29,063

58,12540,89019,688447,194368,384
182,71432,32081,751△14
1,182,306

421,382
364,280
180,843
36,022
82,795△12
1,163,126

182,634
477,01346,824
706,472
20,384

176,555
478,104
67,067
721,727
15,504142,031
31,76318,7568,979△0201,529928,387
2,110,693

172,188
32,817
18,5206,425△0229,951
967,183
2,130,310

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Income taxes payable
Deposits received
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on business liquidation
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits received
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for share awards
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
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-9-

As of September 30, 2023

65,805
117,864
20,00013,278
19,686
11,20445,603106,215－
14,80915,618
10,765600

254

479,385
327,8293
82,031
275,300

130,000
853,684
58,44445,8293,903
4,300
15,115
15,8491,127,127
1,454,956

130,000
890,370
59,75846,448
3,906
4,020
15,09423,326
1,172,926
1,448,226

119,054
115,444427,064△25,456
636,107

119,348
115,507448,476△24,931
658,400

5,755

8,804

40
7,868
3,348
186
17,199658
1,772
655,737
2,110,693△3,016
7,876
8,120
375
22,160448
1,073
682,083
2,130,310

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income for the First Six Months from April 1 to September 30, 2023)(Millions of yen)Six months ended
September 30, 2022
Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on building reconstruction
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent- 10 -

Six months ended
September 30, 2023

314,756
206,698
108,057
59,17348,884368,318
244,351
123,966
62,593
61,372

38
36

72
56

3,217

－

218
3,511

472
600

4,778

6,578

－

266

571
5,349
47,046511
7,357
54,615

6,729
6,729

－
－

5,855
2,404
8,259
45,516
14,928△3,365
11,562
33,95379
33,874

5,662
666
6,329
48,28615,31275
15,38832,898△58
32,956

(Quarterly Consolidated Statements of Comprehensive Income for the First Six Months from April 1 to September 30, 2023)(Millions of yen)Six months ended
September 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
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 non-controllinginterests- 11 -

Six months ended
September 30, 2023

33,95332,898

△60
2,402
△0
2,174
264

3,048
△3,057
△0
1,969
189

142

2,822

4,922
38,876

4,973
37,871

38,68137,909195△37

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Gain on sale of non-current assets
Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on businessliquidation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in equity investments
Increase (decrease) in trade payables
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and liquidation of investment
securities
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Repayments of lease and guarantee deposits received
Proceeds from lease and guarantee deposits received
Other, net
Net cash provided by (used in) investing activities- 12 -

Six months ended
September 30, 2023

45,516
10,1085,855△6,72948,286
10,1305,662－△3,217

266

△0

△2

△1

△1

138
△74
4,778
3,633
△53,123△7,758△37,514△30,823△3,404△72,617297△4,09021,196△55,213

△23
△128
6,578
21,27831,825△3,046△20,260△4,071
1,062
97,5583,531△4,939△15,780
80,370△2,039△31,127－

10,662△23,586△25,010

16,72817△722△1,368927

1,444△3,4452,857
83△9,197△1,6562,534
348△44,156

(Millions of yen)Six months ended
September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of finance lease liabilities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Redemption of bonds
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Proceeds from investments in silent partnerships
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 13 -

Six months ended
September 30, 2023

1,500
△140
89,865△30,500
514△10,000
387△2,645△9,923△120
810△8,447△68
65,527△32,493402△20,000
736△831△11,535
△38
－

－

△932

39,747△7,680369

674△24,294
67,79343,49929,20827,77056,978

(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.
(Notes to Significant Changes in Shareholders’ Equity)
Not applicable.
(Segment Information)【Segment information】
I First six months from April 1 to September 30, 2022
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Residential
Commercial
Develop
Real Estate
ment
Operating revenue
Externalcustomers
Internal sales andtransfer amountamong segments

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property&
Facility
Management

Subtotal

Other(Note) 1

Total

Amountrecorded in
Adjustments consolidated(Note) 2
financialstatements(Note) 3

140,799

101,457

1,857

6,732

22,652

41,126314,625131

314,756-

314,756

327

1,173

-

92

1,103

6,601

9,299

2

9,301

(9,301)-

Subtotal

141,126

102,631

1,857

6,824

23,75547,727

323,924133

324,057(9,301)

314,756

Operating profit(Note) 3

12,74025,970

(397)

4,038

7,533

4,082

53,96971

54,040(5,155)48,884

Share of profit (loss)of entities accounted
for using equity
method (Note) 3

(6)

23

3,184

-

-

15

3,217

-

3,217

-

3,217

Amortization of
intangible assets
associated withcorporateacquisitions(Note) 3

7

136

17

169

-

14

346

-

346

-

346

12,742

26,131

2,804

4,208

7,533

4,113

57,53371

57,604(5,155)52,449Segment profit orloss (Business profit
or loss) (Note) 3(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 5,155 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 744 million yen and a deduction of 5,900 million yen for corporate
expenses not allocated to each reportable segment. These corporate expenses mainly consist of general and administrative
expenses not attributable to reportable segments.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using
equity method + amortization of intangible assets associated with corporate acquisitions
2. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate

-

5,855

Overseas
Business

Investment
Management-- 14 --

Property Brokerage Property &&Facility
CRE
Management

Total

-

5,855

-

Ⅱ First six months from April 1 to September 30, 2023
1. Information regarding sales, gains or losses, by reportable segment(Millions of yen)
Reportable segments
Residential
Commercial
Develop
Real Estate
ment
Operating revenue
External customers
Internal sales andtransfer amountamong segments

Overseas
Business

Investment
Management

Property
Brokerage& CRE

Property& Facility
Management

Subtotal

Other(Note) 1

Total

Amountrecorded in
Adjustments consolidate(Note) 2 d financial
statements(Note) 3

165,337

125,171

2,195

7,242

23,574

44,662

368,184134

368,318-

368,318

538

1,230

-

96

623

5,403

7,892

2

7,894

(7,894)-

Subtotal

165,876

126,402

2,195

7,339

24,19750,065376,076136

376,213(7,894)368,318

Operating profit(Note) 3

20,96928,702

(86)

4,420

6,931

4,056

64,99380

65,074(3,702)

61,372

Share of profit (loss)of entities accounted
for using equity
method (Note) 3

15

34

(336)

0

-

19

(266)

-

(266)

-

(266)

Amortization of
intangible assets
associated withcorporate acquisitions(Note) 3

7

136

19

177

-

-

341

-

341

-

341

Segment profit or loss
(Business profit orloss) (Note) 3

20,992

28,873

(404)

4,598

6,931

4,076

65,06780

65,148(3,702)

61,446(Notes) 1. The “Other” category represents operating segments that are not included in reportable segments.
2. The deduction of 3,702 million yen shown in the adjustments column for segment profit or loss (business profit or loss)
includes elimination of intersegment transactions of 1,639 million yen and a deduction of 5,341 million yen for corporate
expenses not allocated to each reportable segment. These corporate expenses mainly consist of general and administrative
expenses not attributable to reportable segments.
3. Segment profit or loss (Business profit or loss) = operating profit + share of profit (loss) of entities accounted for using
equity method + amortization of intangible assets associated with corporate acquisitions

2. Information regarding impairment loss on non-current assets or goodwill by reportable segment(Significant impairment loss relating to non-current assets)(Millions of yen)

Impairment loss

Residential
Development

Commercial
Real Estate-

174

Overseas
Business

Investment
Management
-

5,487

Property Brokerage Property &&Facility
CRE
Management

Total

-

5,662

-

For the first six months ended September 30, 2023, impairment losses of 5,487 million yen were recorded as
extraordinary losses for intangible assets and goodwill associated with an asset group to which a UK subsidiary of theInvestment Management Business Unit belongs. This was because that a request for cancellation from investors of realestate funds managed by that subsidiary were confirmed and the book value of the intangible assets and goodwill, whichwere recorded on the date of the business combination of that subsidiary, were written down to a recoverable amount.

- 15 -