August 7, 2024

For Immediate Release
Ad-Sol Nissin Corporation
Tomizo Ueda, Chairman and CEO(Stock code: 3837, Prime Market of the Tokyo Stock Exchange)＜Inquiries＞
Norikazu Teramura, Director, General Manager of Administrative Dept
(TEL: +81-3-5796-3131)

Notice of Revisions of First Half and Full-Year Operating Results Forecast
for the Fiscal Year Ending March 31, 2025
Ad-Sol Nissin Corporation (the “Company”) announces that it has revised its first half and full-year

operating results forecast for FY’25/3 published on May 9, 2024, based on recent trends in businessperformance, as follows.
1. Revisions to Operating Results Forecast(1) Revisions of first half consolidated operating results forecast for FY’25/3(April 1, 2024–September 30, 2024)
Net sales

OperatingOrdinary

incomeincomeNet income
attributableto owners ofparent

Net income
per share¥ million¥ million¥ million¥ million¥Previous Forecast (A)

7,000

720

740

485

52.03

Revised Forecast (B)

7,500

850

875

565

60.74

Difference (B-A)

500

130

135

80

Difference (%)

7.1

18.1

18.2

16.5

6,835

709

739

481

51.70

Net income
attributableto owners ofparent

Net income
per share(Reference)
Results for FY’24/3 1H(2) Revisions of full-year consolidated operating results forecast for FY’25/3(April 1, 2024–March 31, 2025)
Net sales

OperatingOrdinary

incomeincome¥ million¥ million¥ million¥ million¥

Previous Forecast (A)14,500

1,500

1,540

1,010

108.34

Revised Forecast (B)

15,000

1,630

1,675

1,090

117.19Difference (B-A)

500

130

135

80

Difference (%)

3.4

8.7

8.8

7.9

14,0781,437

1,485979(Reference)
Results for FY’24/3105.09

2. Reasons for the revisions(1) First HalfThe Company's performance in the first half of the fiscal year is expected to further exceed the initial
forecast of record-high sales and profit for the second consecutive year, backed by a favorable businessenvironment.
Net sales are expected to be 7,500 million yen, 7.1% higher than the initial forecast, due to strong salesof social infrastructure-related systems in electric power, gas and national security fields, as well as digitaltransformation projects for payment field that lead to improved operational efficiency and the creation ofnew services.
In terms of profits, the gross profit margin increased because we strengthened our focus on highly
profitable upstream projects and reviewed the contract terms. This increase in gross profit exceeded theincrease in costs to strengthen our strategic investments, including the revision of compensation for all
employees for the second consecutive year, human resource development, initiatives for generative AI,
strengthening of offshore development systems in Vietnam, and advance payment of expenses
associated with the relocation and renewal of the Kyushu branch scheduled for October 2024. As a result,operating income is expected to be 850 million yen, 18.1% higher than the initial forecast.
(2) Full-year

Energy-related companies (electric power and gas), which are the Group's main clients, are expected torevitalize ICT investments for digital transformation and digitalization, backed by increased demand forelectric power in generation AI, data centers, and other facilities. In addition, we expect the businessenvironment surrounding our group to remain favorable due to a greater than expected increase ininquiries in a wide range of social infrastructure areas that our group focuses on, including space, national
security systems, and payment and credit cards.
The outlook for orders and strategic investments (including additional investments) for the second half ofthe year are currently under scrutiny. The full-year forecast has been revised only by the amountcorresponding to the upward revision in the first half of the fiscal year.
As a result, we expect to achieve the sales and operating income targets for the final year of our
medium-term management plan "New Canvas 2026 (April 2023 - March 2026)" announced last year,
which are net sales of 15 billion yen, operating income of 1.5 billion yen or more, and operating income
margin of 10% or more, one year ahead of schedule. The operating income margin has already beenachieved in FY’24/3, two years ahead of schedule.

(Note:1) The above forecast is based on information available to the Company as of the date of release of this document.
Various uncertainties may cause actual results to differ materially from the forecast.
(Note:2) English documents are prepared as a courtesy to our shareholders. In the event of any inconsistency between
English-language documents and Japanese-language documents, the Japanese-language documents will prevail.