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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 10, 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
November 10, 2023

TEL

03-6380-8253

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

December 11, 2023
Yes

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 six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2023
Six months ended September 30, 2022
(Note) Comprehensive income:Millions of yen
353,124
313,490

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
12.6
19,91735.6
20,88830.2
13,541
1.9–
14,693–
16,047–
13,292–Six months ended September 30, 2023: ¥27,682 million [111.8%]
Six months ended September 30, 2022: ¥13,071 million [–%]
Earnings per share

Diluted earnings per share

Yen
53.75
50.65

Six months ended September 30, 2023
Six months ended September 30, 2022

Yen
–
–

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

Net assets

Millions of yen
978,710926,563

Equity ratio

Millions of yen
373,412362,315

%
37.2
38.1

(Reference) Equity: As of September 30, 2023: ¥363,659 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
25.00

–

55.00

55.00

–

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
768,200–
48,100–48,000–31,700–126.74
Net 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
762,900
7.5
41,3002.042,5001.8
27,500 (23.3)
109.95(Notes) 1. Revision to the forecast of consolidated financial results announced most recently: Yes
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 six months ended September 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 September 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 September 30, 2023

23,826,389 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)
Six months ended September 30, 2023

251,912,127 shares Six months ended September 30, 2022

262,454,907 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 (2,630,500 shares at the end of the six months ended September 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 (2,971,900 shares at the end of the six months ended September
30, 2023, and 3,958,600 shares at the end of the six months ended September 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(2,806,300 shares at the end of the six months ended September 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 (1,071,443 shares at the end of the six months
ended September 30, 2023, and 577,500 shares at the end of the six months ended September 30, 2022).
3. The Company’s shares held by the Stock Benefit Trust (J-ESOP) are included in the number of treasury shares at the end of theperiod (2,967,300 shares at the end of the six months ended September 30, 2023). The Company’s shares held by the Stock
Benefit Trust (J-ESOP) are included in the number of treasury shares deducted in the calculation of the average number ofshares during the period (847,800 shares at the end of the six months ended September 30, 2023).
* 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 notes2 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.

3

○ Table of Contents

1. Qualitative Information on Quarterly Financial Results ............................................................................................. 5(1) Explanation of Operating Results ............................................................................................................................ 5(2) Explanation of Financial Position ............................................................................................................................ 6(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ...................... 6
2. Quarterly Consolidated Financial Statements and Primary Notes .............................................................................. 8(1) Quarterly Consolidated Balance Sheets .................................................................................................................. 8(2) Quarterly Consolidated Statements of Income and Comprehensive Income ........................................................ 10(3) Quarterly Consolidated Statement of Cash Flows ................................................................................................ 12(4) Notes to Quarterly Consolidated Financial Statements......................................................................................... 14(Notes on going concern assumption) ............................................................................................................. 14(Notes in the case of significant changes in amount of shareholders’ equity) ................................................. 14(Changes in scope of consolidation and application of equity method) .......................................................... 14(Additional information) ................................................................................................................................. 14(Segment information) .................................................................................................................................... 16(Significant subsequent event) ........................................................................................................................ 16
3. Supplementary Information ....................................................................................................................................... 17(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog .. 17(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog ......... 17(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog ..................... 18(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 19(Reference) Maeda Corporation: Supplementary Information ................................................................................... 21

4

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the six months ended September 30, 2023, the Japanese economy generally and moderately recovered incorporate earnings, employment, and personal consumption, as normalization of economic and social activities progressedfollowing the reclassification of the status of the novel coronavirus infection (COVID-19) to “Class 5,” 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, while housing construction is slowing, public investment remained firm, and capital
investment picked up on the back of the solid 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 six months ended September 30, 2023, net sales increased by ¥39.6 billion (12.6%) year on year to ¥353.1
billion. Operating profit increased by ¥5.2 billion (35.6%) year on year to ¥19.9 billion, ordinary profit increased by ¥4.8
billion (30.2%) year on year to ¥20.8 billion, and profit attributable to owners of parent increased by ¥0.2 billion (1.9%)
year on year to ¥13.5 billion.
Performance results by business segment are as follows.
[Building Construction]
In the building construction business, net sales increased by ¥20.0 billion (23.1%) year on year to ¥106.9 billion
and segment loss was ¥2.1 billion (a loss of ¥0.2 billion in the same period of the previous fiscal year).
[Civil Engineering]
In the civil engineering business, net sales increased by ¥14.1 billion (20.6%) year on year to ¥82.6 billion andsegment profit increased by ¥9.4 billion (115.7%) year on year to ¥17.5 billion.
[Road Civil Engineering]
In the road civil engineering business, net sales increased by ¥7.3 billion (6.7%) year on year to ¥116.4 billion
and segment profit was ¥3.3 billion (a loss of ¥1.7 billion in the same period of the previous fiscal year).
[Machinery]In the machinery business, net sales increased by ¥3.0 billion (18.6%) year on year to ¥19.3 billion and segment
profit increased by ¥0.4 billion (80.1%) year on year to ¥1.0 billion.
[Infrastructure Management]
In the infrastructure management business, net sales decreased by ¥6.4 billion (43.5%) year on year to ¥8.3
billion and segment loss was ¥0.1 billion (a profit of ¥7.4 billion in the same period of the previous fiscal year).
[Others]
In the others business segment, net sales increased by ¥1.5 billion (8.5%) year on year to ¥19.3 billion andsegment profit decreased by ¥0.1 billion (39.7%) year on year to ¥0.2 billion.

5(2) Explanation of Financial Position
1) Assets, liabilities and net assets
Total assets as of September 30, 2023 were ¥978.7 billion, an increase of ¥52.1 billion (5.6%) from the end of theprevious fiscal year, mainly due to an increase in costs on construction contracts in progress. Liabilities stood at ¥605.2
billion, an increase of ¥41.0 billion (7.3%) from the end of the previous fiscal year, mainly due to an increase in short-termborrowings. Net assets amounted to ¥373.4 billion, an increase of ¥11.0 billion (3.1%) from the end of the previous fiscal
year. As a result of the above, equity, which is net assets minus non-controlling interests, amounted to ¥363.6 billion, andthe equity ratio declined from 38.1% at the end of the previous fiscal year to 37.2%.
2) Cash flows
Net cash used in operating activities in the six months ended September 30, 2023 was ¥13.0 billion (¥68.4 billion
provided in the same period of the previous fiscal year), mainly due to a decrease in trade payables of ¥34.6 billion, despite
the recording of ¥21.2 billion in profit before income taxes. Net cash used in investing activities amounted to ¥33.6 billion(¥6.7 billion used in the same period of the previous fiscal year), primarily due to ¥22.6 billion of purchase of investment
securities. Net cash provided by financing activities amounted to ¥48.5 billion (¥49.1 billion used in the same period ofprevious fiscal year), mainly due to increases in short-term borrowings and long-term borrowings. As a result of the above,
the balance of cash and cash equivalents at the end of the six months ended September 30, 2023 amounted to ¥88.2 billion,
an increase of ¥2.2 billion from ¥86.0 billion at the end of the previous fiscal year.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
Based on financial results for the six months ended September 30, 2023, the financial results forecast announced at
the time of the financial results announcement on May 11, 2023 was revised as follows.
1. Revision to forecast of the consolidated financial results
for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)[IFRS]Net sales

Business
profitOperatingprofit(Millions of yen)
Profitattributable toowners ofparentEarnings
per share(Yen)

Previously announced
forecast (A)745,000

44,90044,90030,000120.09

Revised forecast (B)768,200

48,10048,00031,700126.74

Difference (B-A)

23,200

3,200

3,100

1,700

3.1

7.1

6.9

5.7

Increase/decrease (%)[Japanese GAAP]Net sales

OperatingprofitOrdinary
profitProfitattributable toowners ofparentEarnings
per share(Yen)

Previously announced
forecast (A)740,000

38,30039,20025,200100.87

Revised forecast (B)762,900

41,30042,50027,500109.95Difference (B-A)

22,900

3,000

3,300

2,300

3.1

7.8

8.4

9.1

709,641

40,49541,76835,870

Increase/decrease (%)[Reference] Results forthe fiscal year ended
March 31, 2023

6138.39

2. Reasons for the revision to the financial results forecast
Net sales are projected to increase by ¥22.9 billion to ¥762.9 billion, mainly due to steady construction progress.
Operating profit is expected to increase by ¥3.0 billion to ¥41.3 billion and exceed the results for the fiscal year ended
March 31, 2023. This is mainly because profit margin on large construction contracts in progress at the beginning of the
fiscal year improved significantly in the civil engineering business.
As a result of the foregoing, ordinary profit is expected to increase by ¥3.3 billion to ¥42.5 billion, and profit
attributable to owners of parent is expected to increase by ¥2.3 billion to ¥27.5 billion.
The Group has decided to voluntarily adopt International Financial Reporting Standards (hereinafter “IFRS”) effectivefrom the consolidated financial statements for the fiscal year ending March 31, 2024. For the fiscal year ending March 31,
2024, consolidated financial results forecast calculated based on IFRS is for net sales to increase by ¥23.2 billion to ¥768.2
billion, business profit to increase by ¥3.2 billion to ¥48.1 billion, operating profit to increase by ¥3.1 billion to ¥48.0
billion, and profit attributable to owners of parent to increase by ¥1.7 billion to ¥31.7 billion.

7

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

As of September 30, 2023

AssetsCurrent assets
Cash and deposits

88,80090,885

296,088296,119

Securities
Real estate for sale

30
1,894

–
1,894

Merchandise and finished goods
Costs on construction contracts in progress

2,341
30,0032,807
41,357

Raw materials and supplies
Other

3,815
51,9004,328
46,908

(140)

(163)

474,732

484,136

156,264

156,940

105,144

102,128

27,15832,385

13,159

9,907

Notes receivable, accounts receivable from completed
construction contracts and other

Allowance for doubtful accounts
Total 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

13,489Total intangible assets

159,113

157,910Investment securities
Deferred tax assets

100,429
1,077

143,512
1,213

Retirement benefit asset
Other

16,567
18,621

17,301
17,917

Investments and other assets

Allowance for doubtful accounts

(268)

(269)

Total investments and other assets

136,428

179,675

451,805

494,52624

47

926,563

978,710

Total non-current assets
Deferred assets
Total assets

8

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Electronically recorded obligations - operating

25,752

15,908

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

116,170
36,68891,47878,649Current portion of non-recourse loans
Current portion of bonds payable922
10,000724
5,000Income taxes payable
Advances received on construction contracts in progress

10,27237,807

7,988
47,892

Provision for loss on construction contracts
Other provisions

342
9,989

313
9,128

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

4,664

4,691

1,030

1,472

public facilities
Other

44,63436,877

Total current liabilities

298,273

300,125

Non-current liabilities
Bonds payable

48,00043,000Long-term borrowings
Non-recourse loans

54,886
3,893

89,051
3,497

Deferred tax liabilities
Retirement benefit liability

10,01817,055

16,392
17,106

Other provisions
Liabilities related to right to operate public facilities

169
99,5901,103
97,268

Liabilities related to replacement investment to operate
public facilities

28,22533,782

Other

4,134

3,971

265,974

305,173564,248605,298

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

20,00020,000Capital surplus
Retained earnings

106,455
234,129

108,061
233,582

Treasury shares(18,395)(22,376)

Total shareholders’ equity

342,189

339,266

9,850
(453)

21,612
1,544

191
915

216
1,018

10,502

24,392

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

9

9,622

9,752

362,315

373,412926,563

978,710

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly consolidated statement of income
Six months ended September 30(Millions of yen)Six months ended
September 30, 2023

Six months ended
September 30, 2022
Net sales
Net sales of completed construction contracts
Sales in other businesses

170,946
142,543

206,097
147,026

Total net sales

313,490353,124

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

148,688
121,977

174,206
127,619

Total cost of sales

270,666

301,826

Cost of sales

Gross profit
Gross profit on completed construction contracts

22,25831,890Gross profit - other business

20,565

19,407

Total gross profit

42,824

51,298Selling, general and administrative expenses

28,13031,380Operating profit

14,693

19,917

Non-operating income
Interest income

126

150

1,218
1,089

1,010
590

294
230

430
161

2,959

2,343

Interest expenses
Other

1,121
484

1,083
289

Total non-operating expenses

1,606

1,372

16,047

20,888Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses

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

60

49

Gain on sale of investment securities
Other

2,930
140

410
170

Total extraordinary income

3,131

630

96
190

216
–

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

48

12

Total extraordinary losses

335

228

Profit before income taxes

18,843

21,289

Income taxes - current
Income taxes - deferred

5,009
(79)

7,239
303

Total income taxes

4,930

7,542

Profit13,912

13,746620

205

13,292

13,541

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

10

Quarterly consolidated statement of comprehensive income
Six months ended September 30(Millions of yen)Six months ended
September 30, 2023

Six months ended
September 30, 2022
Profit13,912

13,746

Other comprehensive income
Valuation difference on available-for-sale securities(1,108)

11,743

Deferred gains or losses on hedges
Foreign currency translation adjustment

238
(179)

2,001
43

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted

194

91

13

56

(841)

13,936Comprehensive income

13,071

27,682Comprehensive income attributable toComprehensive income attributable to owners of parent

12,42927,431641

251

for using equity method
Total other comprehensive income

Comprehensive income attributable to non-controllinginterests11

(3) Quarterly Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Cash flows from operating activities
Profit before income taxes
Depreciation

18,843
12,277

21,28912,399Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts

3,366
39

3,294
23

Increase (decrease) in provision for loss on construction
contracts

(338)

(28)

Increase (decrease) in retirement benefit liability
Interest and dividend income(500)(1,344)(603)(1,160)Interest expenses
Foreign exchange losses (gains)

1,121
(495)

1,083
(327)

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

(294)

(430)

Loss (gain) on sale of short-term and long-term investment
securities(2,930)(408)

Loss (gain) on valuation of short-term and long-term
investment securities

190–

Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets

(60)
96

(49)
216

79,72836(12,714)(11,070)

(394)

(978)

Decrease (increase) in consumption taxes refund receivable
Increase (decrease) in trade payables(7,215)(11,776)(7,484)(34,659)

Increase (decrease) in advances received on construction
contracts in progress

7,481

9,874

Increase (decrease) in deposits received
Other, net

2,591(10,232)(3,425)
7,995

Subtotal

77,438(4,414)

Interest and dividends received
Interest paid

1,760
(833)

1,568
(1,084)

Income taxes paid

(9,929)(9,130)Net cash provided by (used in) operating activities

68,436(13,059)–30(8,105)(8,619)Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Decrease (increase) in inventories

Cash flows from investing activities
Proceeds from redemption of securities
Purchase of property, plant and equipment and intangible
assetsPurchase of rights to operate public facilities(2,102)(2,127)

Payments for replacement investment to operate public
facilities

(726)

(107)

Proceeds from sale of property, plant and equipment andintangible assets

153

51

Purchase of investment securities
Proceeds from sale and redemption of investment securities

(38)
4,835

(22,690)
948

Purchase of shares of subsidiaries and associates
Loan advances

(48)
(36)

(1,272)(0)

Proceeds from collection of loans receivable
Purchase of shares of subsidiaries resulting in change in scope

19

21

–

(145)

(661)

251

(6,710)(33,660)of consolidation
Other, net
Net cash provided by (used in) investing activities
12

(Millions of yen)Six months ended
September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Six months ended
September 30, 2023

(57,310)41,932

Proceeds from long-term borrowings
Repayments of long-term borrowings

15,000(3,474)40,000(5,205)Decrease in non-recourse payable
Proceeds from issuance of bonds(323)
12,937

(594)
–

–
(249)

(10,000)(85)(4,695)(10,770)(3,258)(14,087)

(252)
(33)

(130)
(33)

(49,172)

48,537

Redemption of bonds
Repayments of finance lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

495

327

Net increase (decrease) in cash and cash equivalents

13,0482,144

Cash and cash equivalents at beginning of period

76,01886,01596

92

89,16388,252

Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation
Cash and cash equivalents at end of period13(4) 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 and KANEIKOGYO CO., LTD, whose shares were newly
acquired, as well as Miura Sewerage & Concession Co., Ltd., the importance of which increased, were included in the scopeof 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 September 30,
2023, the book value and number of shares of the relevant treasury shares were ¥2,701 million and 2,630 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 September 30, 2023 amounted
to ¥2,787 million.
14

(2) Board Benefit Trust (BBT)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, as well as directors andexecutive officers of three business companies (Maeda Corporation, Maeda Road Construction Co., Ltd. and Maeda
Seisakusho Co., Ltd.) (hereinafter 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 enhance their motivation to contribute to theimprovement 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 with shareholders.
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 shares in the net assets section at the book value in trust(excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value and number of sharesof the relevant treasury shares were ¥303 million and 377 thousand shares, respectively. As of September 30, 2023, thebook value and number of shares of the relevant treasury shares were ¥3,577 million and 2,806 thousand shares,
respectively.
(3) The Stock Benefit Trust (J-ESOP)The Company introduced the “Stock Benefit Trust (J-ESOP)” (hereinafter “J-ESOP”), an incentive plan to provide all
employees of the Company and its subsidiaries who satisfy certain requirements with shares in the Company, in order tofoster a sense of unity throughout the Group and enhance employees’ motivation and morale to contribute to the increasein the Company’s share price and the improvement of the Group’s consolidated business performance by further linking
the Company’s share price and business performance with employee compensation in such a way that employees shareeconomic interests with shareholders.
1. Descriptions of transactions
The J-ESOP is a trust-type plan modeled on the Employee Stock Ownership Plan (ESOP) in the United States. Under
this plan, the Company provides employees with its shares in accordance with the Regulations on Stock Benefits prescribedby the Company and its subsidiaries that satisfy certain requirements (hereinafter, collectively with the Company, the“Eligible Companies”).
The Eligible Companies grant points to employees based on the Group’s consolidated performance and other factors foreach fiscal year, and provide them with the Company’s shares equivalent to the points granted when they acquire the rightto receive benefits under certain conditions. Shares to be granted to employees, including those to be granted in the future,
shall be acquired by money established in advance as a trust and separately managed as trust assets.
2. The Company’s shares remaining in trust
The Company’s shares remaining in trust are recorded as treasury shares in the net assets section at the book value intrust (excluding the amount as ancillary expenses). As of September 30, 2023, the book value and number of shares of therelevant treasury shares were ¥3,999 million and 2,967 thousand shares, respectively.

15

(Segment information)
I For the six months ended September 30, 2022 (April 1, 2022 to September 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

3,404

439

85,50814,013

7,806

111,172

11,842

123,014－123,01482,541

68,113

23,52096－

174,271

6,011

180,283－

180,283

85,94568,553109,029

14,1097,806

285,443

17,853

303,297－

303,297

971

－

82

2,211

6,928

10,192－

10,192－

10,192

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

86,916

68,553

109,111

16,32014,734

295,636

17,853

313,490－

313,490

1,326

25

2,109

1,029

－

4,491

5,802

10,293(10,293)－

Total

88,243

68,578111,220

17,35014,734300,127

23,655

323,783(10,293)

313,490

Segment profit (loss)

(201)

8,129

(1,727)

600

7,498

14,298480

14,778(85)

14,693

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 ¥ (85) million.
3. Adjustments are made to reconcile segment profit (loss) to operating profit reported on the quarterly consolidated
statement of income.
II For the six months ended September 30, 2023 (April 1, 2023 to September 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

3,628

757

88,86816,867

8,329

118,451

15,151

133,602－

133,602102,529

81,92527,46922－

211,947

4,211

216,158－

216,158

106,158

82,683116,337

16,8898,329

330,399

19,362349,761－

349,761

810

－

88

2,462

－

3,362

－

3,362

－

3,362

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

106,969

82,683

116,426

19,352

8,329

333,761

19,362353,124－

353,124

642

5

1,815

845

－

3,307

5,534

8,842

(8,842)－

Total

107,61182,688118,241

20,1988,329

337,069

24,897361,966(8,842)353,124

Segment profit (loss)(2,186)

17,533

3,376

1,081

(177)

19,626289

19,916

1

19,917

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 ¥1 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.
163. Supplementary Information(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Six months ended

Six months ended

September 30, 2022

September 30, 2023%

AmountAmountYoY change%

Amount%Public Works

24,17521.8%

13,7699.3%(10,405)(43.0) %Private Works

85,97877.7%

132,38388.9%

46,40554.0%

Overseas

523

0.5%

2,696

1.8%

2,172

415.2%

Total

110,677

100.0%

148,849

100.0%

38,17234.5%

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

Six months ended

September 30, 2022

September 30, 2023%

AmountAmountYoY change%

Amount%Public Works

12,702

14.4%

20,850

19.4%

8,147

64.1%

Private Works

75,13185.1%

86,552

80.4%

11,42015.2%

Overseas

408

0.5%

184

0.2%

(224)

(55.0) %Total

88,243100.0%

107,587

100.0%

19,34321.9%

3. Backlog(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023%

AmountAmountYoY change%

Amount%Public Works

90,713

21.7%

94,581

19.7%

3,867

4.3%

Private Works

326,11078.1%

384,01179.8%

57,901

17.8%

Overseas

474

0.1%

2,628

0.5%

2,153

454.1%

Total

417,298

100.0%

481,220100.0%

63,922

15.3%(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)Six months ended

Six months ended

September 30, 2022

September 30, 2023

Amount%AmountYoY change%

Amount%Public Works

21,02361.9%

33,71757.1%

12,69460.4%

Private Works

12,90638.0%

25,242

42.7%

12,336

95.6%

Overseas

54

0.2%

97

0.2%

42

76.7%

Total

33,985100.0%

59,057100.0%

25,07273.8%

2. Net Sales(Millions of yen)Six months ended
September 30, 2022
Amount%Six months ended
September 30, 2023
AmountYoY change%

Amount%Public Works

36,68054.1%

42,208

51.1%

5,528

15.1%

Private Works

31,20046.0%

40,054

48.5%

8,854

28.4%

Overseas(55)(0.1) %

271

0.3%

327

－%

Total

67,824100.0%

82,534100.0%

14,71021.7%

17

3. Backlog(Millions of yen)Six months ended
September 30, 2022
AmountSix months ended
September 30, 2023

YoY change%

Amount%Amount%Public Works

129,99744.9%

125,02249.0%(4,974)(3.8) %

Private Works

158,97054.9%

129,72750.9%(29,243)(18.4) %Overseas

671

0.2%

312

0.1%

(359)

(53.5) %Total

289,639100.0%

255,062100.0%(34,577)(11.9) %(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)Six months ended
September 30, 2022
AmountPavement
Construction
Civil Engineering
Works
Manufacturing/Sales
Other
Total

Six months ended
September 30, 2023%

AmountYoY change%

Amount

71,86859.5%

75,045

59.0%

3,177

4.4%

14,397

11.9%

15,596

12.3%

1,198

8.3%

34,15628.3%

36,213

28.5%

2,056

6.0%

287

0.2%

327

0.3%

39

13.7%

120,710100.0%

127,182

100.0%

6,472

5.4%

2. Net Sales(Millions of yen)Six months ended
September 30, 2022
AmountPavement%

Six months ended
September 30, 2023%

AmountYoY change%

Amount%62,46756.2%

67,108

56.8%

4,641

7.4%

Civil EngineeringWorks

14,308

12.9%

14,592

12.3%

283

2.0%

Manufacturing/Sales

34,15630.7%

36,213

30.6%

2,056

6.0%

Construction

Other
Total

287

0.3%

327

0.3%

39

13.7%

111,220100.0%

118,241100.0%

7,021

6.3%

3. Backlog(Millions of yen)Six months ended

Six months ended

September 30, 2022

September 30, 2023

Amount%AmountYoY change%

Amount%Pavement
Construction

55,55581.0%

61,292

84.1%

5,737

10.3%

Civil EngineeringWorks

12,98919.0%

11,61415.9%(1,375)(10.6) %Manufacturing/Sales

－

－

－

－

－

－

Other

－

－

－

－

－

－

68,545100.0%

72,907100.0%

4,361

6.4%

Total

(Note) Net sales include inter-segment transactions.

18

(4) Summary of Forecast of Consolidated Financial Results[IFRS](Millions of yen)
Fiscal year ending
March 31, 2024
Full-year forecast

Net sales

768,200
Building
Construction

242,100

Civil Engineering

165,000

Road Civil
Engineering

242,400

Machinery

39,300InfrastructureManagement

31,600Other

47,800Gross profit
Building
Construction
Civil Engineering
Road Civil
Engineering
Machinery
InfrastructureManagement
Other
Selling, general andadministrative expenses
Share of loss (profit) ofentities accounted for using
equity method

107,200
14.0%
24,20010.0%
38,90023.6%
27,700
11.4%
8,400
21.4%
3,300
10.4%
4,700
9.8%
60,3001,200

Business profit

48,100Operating profit

48,000

Profit attributable to owners
31,700of parent(Note) Percentages in the lower row of gross profit indicate profit margin.

19

[Japanese GAAP](Millions of yen)Six months ended September 30, 2023
Results for the Results for theprevious period current period

Net sales

Fiscal year ending March 31, 2024

YoYchangeFull-year
forecast

YoYchangeProgress

313,490353,124

39,633762,900

53,25846.3%

Building
Construction

86,916

106,969

20,052259,650

44,184

41.2%

Civil Engineering

68,55382,683

14,129165,200

13,16750.1%

Road Civil
Engineering

109,111

116,426

7,315

243,000

(697)

47.9%

Machinery

16,32019,352

3,031

39,400

2,059

49.1%

InfrastructureManagement

14,734

8,329(6,404)

17,550(4,956)

47.5%

Other

17,85319,362

1,508

38,100

(498)

50.8%

42,824

51,2988,474

107,000

8,875

13.7%

14.5%

0.9%

14.0%

0.2%

7,382

6,878

(504)

24,900

1,174

8.5%

6.4%

(2.1) %

9.6%

(1.4) %

13,68723,752

10,06539,00010,454

20.0%

28.7%

8.8%

23.6%

4.8%

8,122

13,974

5,852

27,900

3,792

7.4%

12.0%

4.6%

11.5%

1.6%

3,360

4,082

722

8,400

641

20.6%

21.1%

0.5%

21.3%

0.5%

8,586

1,098

(7,487)2,800(7,290)

58.3%

13.2%

(45.1) %16.0%(28.9) %

1,684

1,510

(173)

4,000

102

9.4%

7.8%

(1.6) %

10.5%

0.4%

Selling, general andadministrative expenses

28,13031,3803,249

65,700

8,071

47.8%

Operating profit

14,693

19,917

5,224

41,300804

48.2%

Ordinary profit

16,047

20,8884,841

42,500731

49.1%

27,500(8,370)49.2%

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

Profit attributable to owners
13,292
13,541248
of parent(Note) Percentages in the lower row of gross profit indicate profit margin.

20

47.9%

27.6%

60.9%

50.1%

48.6%

39.2%

37.8%

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

Fiscal year ending March 31, 2024

Results for theprevious period

Results for thecurrent period

163,082

190,123

27,041

425,700

49,82444.7%

Construction Total

155,097

189,311

34,214423,300

56,504

44.7%

Building
Construction
Civil
Engineering
InfrastructureManagement

87,272

106,776

19,504

258,300

42,921

41.3%

67,82482,534

14,710165,000

13,582

50.0%

7,013

1

(7,012)700(6,524)

0.2%

971

810

(160)

1,700

(155)

47.7%

27,50630,682

3,175

64,700

5,788

16.9%

16.1%

(0.7) %

15.2%

(0.5) %

20,03730,391

10,35463,29012,465

12.9%

16.1%

3.1%

15.0%

1.1%

6,981

6,636

(345)

24,290

1,380

8.0%

6.2%

(1.8) %

9.4%

(1.2) %

13,05523,755

10,69939,00011,085

19.2%

28.8%

9.5%

23.6%

5.2%

7,008

(3)

(7,012)700(6,485)99.9%(276.5) %(376.4) %100.0%

0.5%

460

294

(166)

710

(190)

47.4%

36.3%

(11.1) %41.8%(6.8) %

Selling, general and administrative
expenses

14,217

16,145

1,927

33,600

4,598

48.1%

Operating profit

13,28914,536

1,247

31,100

1,189

46.7%

Ordinary profit

15,52816,312783

33,100826

49.3%

Profit14,491

11,520(2,970)25,300(4,906)45.5%

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

Six months ended

March 31, 2024
Full-year forecast

September 30, 2023

YoY change

Results for thecurrent period

Progress

Building Construction

280,000

7.5%

148,849

53.2%

Civil Engineering

163,000

53.1%

59,057

36.2%

Total

443,000

20.7%

207,907

46.9%

21

47.4%

48.0%

27.3%

60.9%

(0.5) %

41.5%