Translation
Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy
between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Based on Japanese GAAP)
August 9, 2023
Company name:

INFRONEER Holdings Inc.

Stock exchange listing: Tokyo
Stock code:
5076
Representative:

URL

https://www.infroneer.com

Representative Executive Officer andPresident

Kazunari Kibe

Inquiries:
General Manager of Financial Strategy
Scheduled date to file Quarterly Securities Report:

Kazutaka Deguchi
August 9, 2023

TEL

03-6380-8253

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–
No

Holding of quarterly financial results meeting:Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2023
Three months ended June 30, 2022
(Note) Comprehensive income:Millions of yen
160,394
149,624

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
7.2
5,175 (29.7)
6,126 (27.5)
4,021 (24.2)
–
7,362
–
8,454
–
5,309
–

Three months ended June 30, 2023: ¥12,756 million [62.8%]
Three months ended June 30, 2022: ¥7,835 million [–%]
Earnings per share

Diluted earnings per share

Yen
15.94
20.20

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen
–
–

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

Net assets

Millions of yen
916,412926,563

Equity ratio

Millions of yen
359,748362,315

%
38.2
38.1

(Reference) Equity: As of June 30, 2023: ¥350,155 million
As of March 31, 2023: ¥352,692 million
2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen

Yen

Yen

Yen

0.00

–

55.00

55.00

25.00

–

30.00

55.00

Yen

Fiscal year ended March 31, 2023–
Fiscal year ending March 31, 2024–
Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast of dividends announced most recently: No

1

Total

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Business profit
Operating profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen[IFRS]
Full year
745,000–
44,900–44,900–30,000–120.09Net sales

Operating profit

Ordinary profit

Profit attributable toEarnings per shareowners of parent% Millions of yen%
Yen

Millions of yen% Millions of yen% Millions of yen[Japanese GAAP]
Full year
740,000
4.3
38,300 (5.4)
39,200 (6.1)
25,200 (29.7)
100.87(Notes) 1. Revision to the forecast of consolidated financial results announced most recently: No
2. Since the Company has decided to voluntarily adopt International Financial Reporting Standards (hereinafter “IFRS”) effectivefrom the consolidated financial statements for the fiscal year ending March 31, 2024, figures calculated based on IFRS have been
disclosed in addition to the consolidated financial results forecast based on Japanese accounting standards. Year-on-year changes
from the fiscal year ended March 31, 2023, for which Japanese standards have been applied, are not stated.
3. Business profit is a profit indicator that measures the performance of the Company’s recurring businesses, calculated by deducting
cost of sales and selling, general and administrative expenses from net sales, and adding share of loss (profit) of entities accounted
for using equity method.
* Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
1) Changes in accounting policies due to revisions to accounting standards and other regulations:
No2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:

NoNo4) Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

274,845,024 shares As of March 31, 2023

274,845,024 shares

2) Number of treasury shares at the end of the period
As of June 30, 2023

23,173,275 shares As of March 31, 2023

22,329,791 shares

3) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

252,324,776 shares Three months ended June 30, 2022

262,848,458 shares(Notes) 1. The Company’s shares held by the Stock Benefit Trust Disposition-type Employee Stock Ownership Plan Trust are included in
the number of treasury shares at the end of the period (3,127,300 shares at the end of the three months ended June 30, 2023,
and 3,267,300 shares at the end of the fiscal year ended March 31, 2023). The Company’s shares held by the Stock Benefit
Trust Disposition-type Employee Stock Ownership Plan Trust are included in the number of treasury shares deducted in thecalculation of the average number of shares during the period (3,196,925 shares at the end of the three months ended June 30,
2023, and 4,140,800 shares at the end of the three months ended June 30, 2022).
2. The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury shares at the end of the period(377,500 shares at the end of the three months ended June 30, 2023, and 377,500 shares at the end of the fiscal year ended
March 31, 2023). The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury sharesdeducted in the calculation of the average number of shares during the period (377,500 shares at the end of the three months
ended June 30, 2023, and 657,500 shares at the end of the three months ended June 30, 2022).
* These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit corporations.
* Explanation of the proper use of performance forecast and other notes The above forecasts are based on assumptions in light of information available as of the date of announcement of this material and factors of
uncertainty that may possibly impact the future results of operation. These statements do not indicate that the Company pledges to realize
these forecasts. Actual results may differ significantly from those presented herein as a result of numerous factors.

2

○ Table of Contents

1. Qualitative Information on Quarterly Financial Results ............................................................................................. 4(1) Explanation of Operating Results ............................................................................................................................ 4(2) Explanation of Financial Position ............................................................................................................................ 5(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ...................... 5
2. Quarterly Consolidated Financial Statements and Primary Notes .............................................................................. 6(1) Quarterly Consolidated Balance Sheets .................................................................................................................. 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income .......................................................... 8(3) Notes to Quarterly Consolidated Financial Statements ......................................................................................... 10(Notes on going concern assumption) ............................................................................................................. 10(Notes in the case of significant changes in amount of shareholders’ equity) ................................................. 10(Changes in scope of consolidation and application of equity method) .......................................................... 10(Additional information) ................................................................................................................................. 10(Segment information) .................................................................................................................................... 12(Significant subsequent event) ........................................................................................................................ 12
3. Supplementary Information ....................................................................................................................................... 13(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog .. 13(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog ......... 13(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog ..................... 14(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 15(Reference) Maeda Corporation: Supplementary Information ................................................................................... 16

3

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the three months ended June 30, 2023, the Japanese economy generally and moderately recovered in corporate
earnings, employment, and personal consumption, as normalization of economic and social activities progressed following
the reclassification of the status of the novel coronavirus infection (COVID-19) to “Class 5” under the Act on the Preventionof Infectious Diseases and Medical Care for Patients with Infectious Diseases, despite persisting concerns about rising
prices due to a steep rise in resource prices and the depreciation of the yen putting downward pressure on the Japanese
economy in the context of the continued monetary tightening across the globe, among other situations.
In the construction industry, public investment and housing construction remained firm, and capital investment picked
up on the back of improved corporate earnings and other factors.
Under these circumstances, with the objective of the entire group achieving sustained growth under the Company, theCompany will strive to be a “company trusted by all stakeholders” by determining to aim for the mid- to long-term stateof being an “integrated infrastructure service company” with one-stop style management from upstream to downstream of
infrastructure operations, establishing a “highly profitable and stable revenue base” without being influenced by external
factors, operating expeditiously and appropriately, such as by building an effective governance structure and promoting
digital transformation, and strengthening the ability to deal with social changes.
For the three months ended June 30, 2023, net sales increased by ¥10.7 billion (7.2%) year on year to ¥160.3 billion.
Operating profit decreased by ¥2.1 billion (29.7%) year on year to ¥5.1 billion, ordinary profit decreased by ¥2.3 billion(27.5%) year on year to ¥6.1 billion, and profit attributable to owners of parent decreased by ¥1.2 billion (24.2%) year on
year to ¥4.0 billion.
Performance results by business segment are as follows.
[Building Construction]
In the building construction business, net sales increased by ¥9.0 billion (23.0%) year on year to ¥48.5 billion
and segment loss was ¥0.9 billion (a loss of ¥0.5 billion in the same period of the previous fiscal year).
[Civil Engineering]
In the civil engineering business, net sales increased by ¥3.2 billion (10.3%) year on year to ¥34.5 billion andsegment profit increased by ¥2.9 billion (165.4%) year on year to ¥4.7 billion.
[Road Civil Engineering]
In the road civil engineering business, net sales increased by ¥5.1 billion (10.2%) year on year to ¥55.7 billion
and segment profit was ¥0.7 billion (a loss of ¥1.5 billion in the same period of the previous fiscal year).
[Machinery]In the machinery business, net sales increased by ¥0.4 billion (5.5%) year on year to ¥8.5 billion and segment
profit increased by ¥0.2 billion (131.9%) year on year to ¥0.4 billion.
[Infrastructure Management]
In the infrastructure management business, net sales decreased by ¥6.6 billion (62.4%) year on year to ¥4.0
billion and segment profit decreased by ¥7.1 billion (99.6%) year on year to ¥0.0 billion.
[Others]
In the others business segment, net sales decreased by ¥0.4 billion (4.6%) year on year to ¥8.8 billion and segment
profit decreased by ¥0.0 billion (39.9%) year on year to ¥0.1 billion.

4(2) Explanation of Financial Position
Total assets as of June 30, 2023 were ¥916.4 billion, a decrease of ¥10.1 billion (1.1%) from the end of the previous
fiscal year, mainly due to a decrease in notes receivable and accounts receivable from completed construction contracts.
Liabilities stood at ¥556.6 billion, a decrease of ¥7.5 billion (1.3%) from the end of the previous fiscal year, mainly due toa decrease in account payable for works in progress and other. Net assets amounted to ¥359.7 billion, a decrease of ¥2.5
billion (0.7%) from the end of the previous fiscal year. As a result of the above, equity, which is net assets minus noncontrolling interests, amounted to ¥350.1 billion, and the equity ratio rose from 38.1% at the end of the previous fiscal year
to 38.2%.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
There is no change from the financial results forecast announced at the time of the financial results announcement on
May 11, 2023.

5

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits

88,800102,240

296,088

255,312Securities
Real estate for sale

30
1,894

30
1,894

Merchandise and finished goods
Costs on construction contracts in progress

2,341
30,003

3,162
36,308Raw materials and supplies
Other

3,815
51,9003,979
45,124

Allowance for doubtful accounts

(140)

(136)

474,732

447,914156,264

155,670

105,144

103,649

27,15832,697

13,15911,554

Notes receivable, accounts receivable from completed
construction contracts and otherTotal current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right to operate public facilities
Assets related to replacement investment to operate
public facilities
Goodwill
Other

13,651

13,255

Total intangible assets

159,113161,155

Investment securities
Deferred tax assets

100,429
1,077

115,463
1,142

Retirement benefit asset
Other

16,567
18,621

16,931
18,351

Investments and other assets

Allowance for doubtful accounts

(268)

(268)

Total investments and other assets

136,428

151,621451,805

468,44724

50

926,563916,412

Total non-current assets
Deferred assets
Total assets

6

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities
Current liabilities
Electronically recorded obligations - operating

25,752

18,317

Account payable for works in progress and other
Short-term borrowings

116,170
36,68889,561
52,668Current portion of non-recourse loans
Current portion of bonds payable922
10,000922
10,000

Income taxes payable
Advances received on construction contracts in progress

10,27237,8072,211
50,269Provision for loss on construction contracts
Other provisions

342
9,989

335
4,380

Liabilities related to right to operate public facilities
Liabilities related to replacement investment to operate

4,664

4,664

1,030

1,442

public facilities
Other

44,634

48,603

Total current liabilities

298,273283,376

Non-current liabilities
Bonds payable

48,00048,000Long-term borrowings
Non-recourse loans

54,886
3,893

52,239
3,893

Deferred tax liabilities
Retirement benefit liability

10,01817,055

14,38917,147

Other provisions
Liabilities related to right to operate public facilities

169
99,590248
99,592

Liabilities related to replacement investment to operate
public facilities

28,22533,753

Other

4,134

4,023

265,974

273,286

564,248556,663

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital

20,00020,000Capital surplus
Retained earnings

106,455
234,129

106,484
224,062

Treasury shares(18,395)(19,535)

Total shareholders’ equity

342,189

331,010

9,850
(453)

17,138
828

191
915

211
966

10,502

19,145

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
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

7

9,622

9,593

362,315359,748926,563916,412(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly consolidated statement of income
Three months ended June 30(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2022
Net sales
Net sales of completed construction contracts
Sales in other businesses

78,59871,02590,632
69,761

Total net sales

149,624

160,394

Cost of sales of completed construction contracts
Cost of sales in other businesses

70,19558,182

78,99761,017

Total cost of sales

128,378

140,014

Cost of sales

Gross profit
Gross profit on completed construction contracts

8,402

11,635Gross profit - other business

12,842

8,744

Total gross profit

21,245

20,379Selling, general and administrative expenses

13,883

15,203Operating profit

7,362

5,175

Non-operating income
Interest income

42

49

1,034
712

880
505

152
64

46
78

2,006

1,561

Interest expenses
Commission expenses

567
244

525
–

Other

102

86

Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses

Total non-operating expenses

914

611

8,454

6,126

17
231

19
312

Other

35

142

Total extraordinary income

284

474

23

15

177
8

–
7

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities

Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Other

209

23

Profit before income taxes

Total extraordinary losses

8,529

6,578

Income taxes - current

3,482

1,811

Income taxes - deferred

(630)

672

Total income taxes

2,851

2,483

Profit

5,677

4,094

Profit attributable to non-controlling interests
Profit attributable to owners of parent

8

368

72

5,309

4,021

Quarterly consolidated statement of comprehensive income
Three months ended June 30(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2022
Profit

5,677

4,094

Other comprehensive income
Valuation difference on available-for-sale securities

2,155

7,269

10
(113)

1,276
36

97

45

6

33

2,157

8,661

Comprehensive income

7,835

12,756Comprehensive income attributable toComprehensive income attributable to owners of parent

7,442

12,664

393

91

Deferred gains or losses on hedges
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 attributable to non-controllinginterests9(3) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.

(Notes in the case of significant changes in amount of shareholders’ equity)
Not applicable.
(Changes in scope of consolidation and application of equity method)
Significant changes in scope of consolidation
From the first quarter of the current fiscal year, SEKI CO., LTD, whose shares were newly acquired, and KANEIKOGYO
CO., LTD as well as Miura Sewerage Concession Co., Ltd., the importance of which increased, were included in the scope of
consolidation.
Significant changes in scope of application of equity method
From the first quarter of the current fiscal year, BVN THANH CHUONG JOINT STOCK COMPANY, whose shares were
newly acquired, was included in the scope of application of equity method.
(Additional information)
Transactions to offer the Company’s shares to employees, etc. through trust(1) Stock Benefit Trust Disposition-type Employee Stock Ownership Plan
The Company conducts transactions to offer the Company’s shares to the employee stock ownership plan through trust,with the aim of enhancing employees’ benefits and providing incentives for the Company and Group employees toincrease corporate value.
1. Descriptions of transactions
In March 2022, the Company introduced a “Stock Benefit Trust Disposition-type Employee Stock Ownership Plan”(hereinafter the “ESOP”).
To initiate the ESOP, the Company concluded the “Stock Benefit Trust (Disposition-type ESOP) Agreement”(hereinafter the trust established pursuant to the agreement shall be referred to as the “ESOP Trust”), whereby the Company
is to act as the administrator and the role of trustee is assigned to Mizuho Trust & Banking Co., Ltd. (hereinafter the“Trustee”). In addition, an agreement was concluded under which the Trustee is to re-entrust shares of the Company andother assets of the ESOP Trust to an account with ancillary trustee, Custody Bank of Japan, Ltd. (hereinafter the “Trust
Account E”). The Trust Account E acquires shares of the Company that the Maeda Corporation Employee Stock Holding
Partnership, the Maeda Road Employee Stock Holding Partnership, and the Maeda Seisakusho Employee Stock Holding
Partnership (hereinafter collectively the “Stock Holding Partnership”), is expected to obtain over five years after the trust
was set up, and periodically sells its holdings to the Stock Holding Partnership. If, by the time of the ESOP Trust’s
termination, gains equivalent to capital gains on sales of shares are accumulated within the ESOP Trust through sales ofCompany’s shares by the Trust Account E to the Stock Holding Partnership, then those gains will be distributed as residual
assets to Stock Holding Partnership enrollees that meet the requirements for eligible beneficiaries. Furthermore, toguarantee funds borrowed by the Trustee that enable the Trust Account E to acquire the Company’s shares, the Company
is to repay any such remaining borrowings pursuant to a guarantee agreement, in the event there are any remaining
borrowings equivalent to losses on sales of shares due to a downturn in the price of Company’s shares up until terminationof the ESOP Trust.
2. Company’s shares remaining in trust
The Company’s shares remaining in trust were recorded as treasury shares in the net assets section at the book value intrust (excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value and number ofshares of the relevant treasury shares were ¥3,355 million and 3,267 thousand shares, respectively. As of June 30, 2023,
the book value and number of shares of the relevant treasury shares were ¥3,211 million and 3,127 thousand shares,
respectively.
3. Book value of borrowings recorded using the gross method
Borrowings at the end of the previous fiscal year amounted to ¥3,621 million and as of June 30, 2023 amounted to¥3,465 million.
10(2) Board Benefit Trust (BBT)On September 1, 2022, the Company introduced a performance-based stock compensation plan called “Board Benefit
Trust” (hereinafter “BBT”) for directors (excluding outside directors) and executive officers of the Company (hereinafter,
directors and executive officers of the Company are collectively referred to as the “Eligible Directors”), in order to clarify
a linkage among the Eligible Directors’ rewards, the Company’s financial results, and the value of stock, and to enhancetheir motivation to contribute to the improvement of mid- to long-term business performance and the increase in corporate
value by making them share not only the benefits of higher share prices, but also the risks of lower share prices withshareholders.
1. Descriptions of transactions
The BBT is a performance-based stock compensation plan under which the Company’s shares are acquired through atrust (hereinafter the trust that is established based on the BBT is referred to as the “Trust”), using money contributed by
the Company as the source of funds, and the Eligible Directors are provided with the Company’s shares and an amount ofmoney equivalent to the market value of the Company’s shares (hereinafter the “Company’s Shares, etc.”) through theTrust in accordance with the Regulations on Stock Benefits for Officers stipulated by the Company. The Eligible Directors
shall receive the Company’s Shares, etc. at a certain time after the end of each period of the Company’s Medium TermBusiness Plan (an initial applicable period and each three consecutive fiscal years following the initial applicable period),in principle.
2. The Company’s shares remaining in trust
The Company’s shares remaining in trust are recorded as treasury shares in the consolidated balance sheet at the bookvalue in trust (excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value andnumber of shares of the relevant treasury shares were ¥303 million and 377 thousand shares, respectively. As of June 30,
2023, the book value and number of shares of the relevant treasury shares were ¥303 million and 377 thousand shares,
respectively.

11

(Segment information)
I For the three months ended June 30, 2022 (April 1, 2022 to June 30, 2022)
Information on sales, profit or loss by reportable segment and decomposition of income(Millions of yen)

Adjustment(Note 2)

Amountrecorded inquarterly
consolidated
statement ofincome(Note 3)

Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Other
(Note 1)Total

Net sales
Goods transferred ata point in time
Goods transferredover time
Income from contracts
with customers

1,455

290

39,863

7,001

4,024

52,635

6,231

58,866－58,86637,52031,045

10,742

63－

79,372

3,070

82,442－82,442

38,976

31,33550,605

7,065

4,024

132,007

9,301

141,308－

141,308

521

－

40

1,052

6,700

8,315

－

8,315

－

8,315

Net sales to outside
customers
Inter-segment net sales
or transfers

39,49731,33550,646

8,118

10,724140,322

9,301

149,624－

149,624

431

14

914

369

－

1,729

2,526

4,256

(4,256)－

Total

39,92931,34951,5608,487

10,724142,052

11,827

153,880(4,256)

149,624

Segment profit (loss)

(509)

1,774

(1,592)

195

7,216

7,084

190

7,275

87

7,362

Other income(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries
2. Adjustment of segment profit (loss) includes inter-segment transactions of ¥87 million.
3. Adjustments are made to reconcile segment profit (loss) to operating profit reported on the quarterly consolidated
statement of income.
II For the three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)
Information on sales, profit or loss by reportable segment and decomposition of income(Millions of yen)

Adjustment(Note 2)

Amountrecorded inquarterly
consolidated
statement ofincome(Note 3)

Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Other
(Note 1)Total

Net sales
Goods transferred ata point in time
Goods transferredover time
Income from contracts
with customers

1,501

311

42,142

7,373

4,016

55,345

6,787

62,133－62,133

46,661

34,236

13,612

86－

94,596

2,082

96,679－96,67948,16334,54855,755

7,459

4,016

149,942

8,870

158,812－

158,812

414

－

44

1,106

17

1,581

－

1,581

－

1,581

Net sales to outside
customers
Inter-segment net sales
or transfers

48,57734,54855,799

8,565

4,033

151,524

8,870

160,394－

160,394

411

29

816

439

－

1,696

2,622

4,319

(4,319)－Total

48,98934,57756,615

9,004

4,033

153,220

11,492

164,713(4,319)160,394

Segment profit (loss)

(909)

4,709

774

453

28

5,057

114

5,172

3

5,175

Other income(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries
2. Adjustment of segment profit (loss) includes inter-segment transactions of ¥3 million.
3. Adjustments are made to reconcile segment profit (loss) to operating profit reported on the quarterly consolidated
statement of income.
(Significant subsequent event)Not applicable.
123. Supplementary Information(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023%

AmountAmountYoY change%

Amount%Public Works

18,539

40.7%

8,096

11.2%

(10,442)(56.3)%

Private Works

26,875

58.9%

63,90988.2%

37,033137.8%

Overseas

189

0.4%

487

0.7%

297

157.2%

Total

45,604100.0%

72,493100.0%

26,88859.0%

2. Net Sales(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023%

AmountAmountYoY change%

Amount%Public Works

6,153

15.4%

8,813

17.9%

2,659

43.2%

Private Works

33,732

84.5%

40,260

82.0%

6,528

19.4%

Overseas

43

0.1%

54

0.1%

10

24.2%

Total

39,929100.0%

49,128100.0%

9,198

23.0%

3. Backlog(Millions of yen)Three months ended
June 30, 2022
AmountThree months ended
June 30, 2023

YoY change%

Amount%Amount%Public Works

91,62622.9%

100,945

21.8%

9,319

10.2%

Private Works

308,40777.0%

361,82978.1%

53,421

17.3%

Overseas

505

0.1%

548

0.1%

43

8.6%

Total

400,540

100.0%

463,324100.0%

62,784

15.7%(Note) Net sales include inter-segment transactions.

(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Amount%AmountYoY change%

Amount%Public Works

7,949

62.7%

22,39462.3%

14,445181.7%

Private Works

4,687

37.0%

13,541

37.7%

8,854

188.9%

Overseas

38

0.3%

22

0.1%

(15)

(40.7)%

Total

12,675100.0%

35,959100.0%

23,283183.7%

2. Net Sales(Millions of yen)Three months ended
June 30, 2022

Three months ended
June 30, 2023%

AmountAmountYoY change%

Amount%Public Works

15,83551.5%

18,921

54.4%

3,086

19.5%

Private Works

14,914

48.5%

15,770

45.3%

855

5.7%

Overseas

2

0.0%

99

0.3%

97

－%

Total

30,752100.0%

34,791100.0%

4,039

13.1%

13

3. Backlog(Millions of yen)Three months ended
June 30, 2022
AmountThree months ended
June 30, 2023

YoY change%

Amount%Amount%Public Works

137,76745.1%

136,986

49.0%

(781)

(0.6)%

Private Works

167,03654.7%

142,31050.9%(24,726)(14.8)%

Overseas

597

0.2%

409

0.1%

(187)

(31.4)%

Total

305,401

100.0%

279,706

100.0%(25,695)(8.4)%(Note) Net sales include inter-segment transactions.

(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Three months ended
June 30, 2022%

AmountPavement
Construction
Civil Engineering
Works
Manufacturing/Sales
Other
Total

Three months ended
June 30, 2023
AmountYoY change%

Amount34,59259.9%

36,803

60.3%

2,211

6.4%

6,886

11.9%

6,944

11.4%

58

0.8%

16,09027.9%

17,149

28.1%

1,059

6.6%

147

0.3%

159

0.3%

12

8.2%

57,716100.0%

61,057100.0%

3,340

5.8%

2. Net Sales(Millions of yen)Three months ended
June 30, 2022

Three months ended
June 30, 2023%

AmountPavement%

AmountYoY change%

Amount%28,74355.7%

31,674

55.9%

2,930

10.2%

Civil Engineering
Works

6,579

12.8%

7,632

13.5%

1,053

16.0%

Manufacturing/Sales

16,09031.2%

17,149

30.3%

1,059

6.6%

Construction

Other
Total

147

0.3%

159

0.3%

12

8.2%

51,560100.0%

56,615100.0%

5,054

9.8%

3. Backlog(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Amount%AmountYoY change%

Amount%Pavement
Construction

52,003

79.7%

58,485

85.5%

6,482

12.5%

Civil EngineeringWorks

13,207

20.3%

9,922

14.5%

(3,285)(24.9)%

Manufacturing/Sales

－

－

－

－

－

－

Other

－

－

－

－

－

－

65,211100.0%

68,407100.0%

3,196

4.9%

Total

(Note) Net sales include inter-segment transactions.

14

(4) Summary of Forecast of Consolidated Financial Results(Millions of yen)Three months ended June 30, 2023
Results for the Results for theprevious period current period
Net sales

Fiscal year ending March 31, 2024
Full-year
forecast

YoYchangeYoYchangeProgress

149,624

160,394

10,770740,000

30,358

21.7%

Building
Construction

39,497

48,577

9,079

239,000

23,534

20.3%

Civil Engineering

31,33534,5483,212

155,000

2,967

22.3%

Road Civil
Engineering

50,64655,7995,152

243,000

(697)

23.0%

Machinery

8,118

8,565

447

39,000

1,659

22.0%

InfrastructureManagement

10,724

4,033(6,690)24,000

1,493

16.8%

Other

9,301

8,870

(431)

40,000

1,401

22.2%

21,245

20,379(865)

103,000

4,875

14.2%

12.7%

(1.5)%

13.9%

0.1%

3,368

3,461

92

26,000

2,274

8.5%

7.1%

(1.4)%

10.9%(0.1)%

4,484

7,580

3,095

27,000(1,545)

14.3%

21.9%

7.6%

17.4%

(1.4)%

3,266

5,989

2,722

28,300

4,192

6.5%

10.7%

4.3%

11.6%

1.8%

1,574

1,901

326

8,200

441

19.4%

22.2%

2.8%

21.0%

0.2%

7,789

637

(7,152)

9,200

(890)

72.6%

15.8%

(56.8)%

38.3%(6.5)%

761

810

49

4,300

402

8.2%

9.1%

1.0%

10.8%

0.7%

Selling, general andadministrative expenses

13,883

15,203

1,320

64,700

7,071

23.5%

Operating profit

7,362

5,175

(2,186)38,300(2,195)

13.5%

Ordinary profit

8,454

6,126

(2,327)

39,200(2,568)15.6%

Gross profit
Building
Construction
Civil Engineering
Road Civil
Engineering
Machinery
InfrastructureManagement
Other

19.8%

13.3%

28.1%

21.2%

23.2%

6.9%

18.9%

Profit attributable to owners
5,309
4,021
(1,287)25,200(10,670)
16.0%
of parent(Notes) 1. Percentages in the lower row of gross profit indicate profit margin.
2. The full-year forecast for the fiscal year ending March 31, 2024 was calculated based on Japanese accounting standards.

15

(Reference) Maeda Corporation: Supplementary Information
1) Summary of non-consolidated financial results forecast(Millions of yen)Three months ended June 30, 2023

Fiscal year ending March 31, 2024

Results for theprevious period

Results for thecurrent period

77,60583,9606,355

401,700

25,82420.9%

Construction Total

70,16083,505

13,345393,300

26,504

21.2%

Building
Construction
Civil
Engineering
InfrastructureManagement

39,40848,713

9,305

238,300

22,921

20.4%

30,752

34,791

4,039

155,000

3,582

22.4%

6,923

40

(6,882)

6,700

(524)

0.6%

521

414

(107)

1,700

(155)

24.4%

14,194

11,105(3,088)59,700

788

18.3%

13.2%

(5.1)%

14.9%(0.8)%

7,052

10,8593,807

52,200

1,375

10.1%

13.0%

3.0%

13.3%

(0.6)%

3,176

3,275

99

25,200

2,290

8.1%

6.7%

(1.3)%

10.6%(0.1)%

3,876

7,584

3,707

27,000

(914)

12.6%

21.8%

9.2%

17.4%

(1.0)%

6,922

37(6,885)

6,700

(485)

100.0%

90.4%(9.6)%

100.0%

0.5%

219

208

(10)

800

(100)

42.0%

50.4%

8.3%

47.1%

(1.5)%

Selling, general and administrative
expenses

7,125

7,792

667

33,000

3,998

23.6%

Operating profit

7,068

3,312

(3,756)

26,700(3,210)12.4%

Ordinary profit

8,831

5,043

(3,788)28,600(3,673)

17.6%

Profit

6,191

3,812

(2,378)22,500(7,706)

16.9%

Net sales

Real Estate
Gross profit

Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate

Progress

Full-year forecast
YoY change

YoY change(Note) Percentages in the lower row of gross profit indicate profit margin.
2) Non-consolidated forecast of orders received for the construction business(Millions of yen)
Fiscal year ending

Three months ended

March 31, 2024
Full-year forecast

June 30, 2023

YoY change

Results for thecurrent period

Progress

Building Construction

280,000

7.5%

72,09025.7%

Civil Engineering

163,000

53.1%

35,959

22.1%

Total

443,000

20.7%

108,049

24.4%

16

18.6%

20.8%

13.0%

28.1%

0.6%

26.1%