January 31, 2024
Company name Tsuzuki Denki Co., Ltd.
Representative Isao Emori
President & CEO
Securities code 8157 (TSE Prime Market)
Contact
Toshihiro Hirai
Managing Executive Officer(Tel: 050-3684-7780)

Revisions to Full-Year Consolidated Earnings Forecasts and Planned Dividends
We hereby announce revisions to our consolidated earnings forecasts and planned dividends
for the fiscal year ending March 31, 2024, previously announced on May 12, 2023. The detailsof the revisions are as follows.

1. Revised consolidated earnings forecasts for the fiscal year ending March 31, 2024 (April 1,2023 to March 31, 2024)
ProfitEarnings
Operating
Ordinary attributable to per share
Net sales
incomeincomeowners ofparent¥ million¥ million¥ million¥ million¥
Previously announced
126,500
5,300
5,250
4,450
248.32
forecast (A)Revised forecast (B)124,000
6,000
6,000
4,800
267.09Difference (B−A)(2,500)
700
750
350
―
Difference (%)
(2.0)
13.2
14.3
7.9
―
Reference:Previous
fiscal year
123,899
5,118
5,355
3,521
197.48(FY3/23)
Reasons for revisions
As announced in a press release titled “Notice of Change in Consolidated Subsidiaries (ShareTransfer)” as of September 29, 2023, on January 9, 2024, we removed four Group companies
operating in the Electronic Devices segment from the scope of consolidation. This resulted in alower-than-expected net sales forecast. On the other hand, profits exceeded our forecasts
because of strong earnings in the Information Network Solutions segment centering on thebusiness for customers in the manufacturing industry and the public sector, as well as steadyprogress being made on expanding growth areas and improving the profitability of existing
businesses as part of the Transformation 2026 medium-term management plan that kicked off
this fiscal year.
In light of these circumstances, we revised our consolidated earnings forecasts for the fiscal
year ending March 31, 2024, as presented above.

2. Revised dividend forecast
Annual Dividend
End of second
quarterYear-endTotal

¥

¥

¥

Previous forecast(announced May 12, 2023)

―

38.00

76.00

Revised forecast

―

51.00

89.00

Paid dividend

38.00

Reference: Previous fiscalyear* 25.00
36.00
61.00(FY3/23)*The interim dividend for the previous fiscal year included a commemorative dividend of ¥2.0 tocelebrate the Company’s 90th anniversary of its founding.
Reasons for revision
We recognize the return of profits to shareholders to be a key policy and we aim to pay a
consolidated dividend payout ratio of 40% (based on profit from business activity, excluding
extraordinary gains) with a DOE of 3.5% set as the lower limit.
Based on this policy and owing to the aforementioned revisions to our earnings forecasts, wehave increased our year-end dividend forecast for the fiscal year ending March 31, 2024 by ¥13to ¥51 from our previously announced forecast of ¥38. This means that the annual dividend
amount will come to ¥89 per share for the fiscal year ending March 31, 2024.

*The forecasts in this document have been calculated based on information currently available
to the Company as of the time this document was released. It is possible that actual results could
differ substantially due to various factors.