November 2, 2023
For Immediate Release
TOKAI Holdings Corporation
Katsuo Oguri, Representative Director, President and CEO(Code No. 3167, TSE Prime Market)

Financial Results for the First Six Months of the Fiscal Year Ending March 31, 2024
– Net sales for the first six months grew for the third consecutive fiscal year
to reach a new record high –TOKAI Holdings Corporation (hereinafter, "the Company") today announced its financial results for the first six
months of the fiscal year ending March 31, 2024.

1. H1 net sales grow for the third consecutive year to set new record high
The Company announced the Medium-Term Management Plan 2025 in May. The plan covers the period up to thefiscal year ending March 31, 2025. During the three-year period until FY2025, the Group will execute initiatives inline with a growth story consisting of three elements, namely the root, the trunk and the fruit of growth. In doing so,
it will seek to create a sustainable society and achieve continuous growth.
For the first six months of the fiscal year under review, net sales stood at 105.2 billion yen, up 1.1 billion yen or
1.1% year on year, to hit new high for the third consecutive year. This resulted mainly from sales growthfollowing an increase in energy, CATV and other customers and from the expansion of the stock business forcorporate clients in the Information and Communication business.
Operating profit was 4.3 billion yen, remaining flat year on year. This is explained mainly by a decrease in gas sales
volume for households due to high air temperatures, which was offset by a profit hike following growth in thenumber of monthly fee-paying customers accompanying an increase in the number of customer accounts.
Profit attributable to owners of parent surged 2.1 billion yen or 1,403.4%, to 2.2 billion yen, due mainly to the easingof the burdens arising from the share of profit of entities accounted for using the equity method that occurred in theprevious fiscal year.
(Millions of yen)

H1 FY03/24 results(April 1, 2023 toH1 FY03/23

YoYresults(April 1, 2022 toSeptember 30, 2023)

Change% change

September 30, 2022)

Net sales

105,226

104,110+1,115+1.1％

Operating profit

4,254

4,253+1+0.0％

Ordinary profit

4,355

2,432+1,923+79.1％

Profit attributable to owners

2,219

147

+2,072+1,403.4％

17.00 yen

1.13 yen+15.87 yen+1,406.6％of parent
EPS (yen)

2. Steady expansion of customer base in core businessesAs of the end of the second quarter under review, the number of continuing customers reached 3,328 thousand,up 28,154 from the count of 3,299 thousand at the beginning of the fiscal year, and up 48,618 year on year.
This resulted from active efforts to win customers with the aim of achieving the Medium-Term Management Plan.
With net increase of 16,246 (LP and city) gas customers (19,094 in the same period of the previous fiscal year),
13,137 CATV customers (15,910), 4,420 Hikari Collaboration customers (11,849) and 4,263 LIMBO
customers (6,852), we further expanded our earnings base.

3. Medium-Term Management Plan 2025 was kicked off
Today, circumstances surrounding business entities and customers' values are changing rapidly, including shifts insociety following the COVID-19 pandemic, mounting awareness of sustainability and turbulent global economicchanges. Amid these changes, the Company understood that needs for addressing medium- and long-term issues forthe continuous growth of society were emerging and so developed and adopted Medium-Term Management Plan
2025, in which the fiscal year ending March 31, 2026 was determined as the final fiscal year.
The TOKAI Group will work to live up to the expectations of its stakeholders as a company which steadily generates
earnings despite the changing market environment.
For the fiscal year ending March 31, 2024, the Group will carry out initiatives in line with a growth story consistingof three elements, namely the root, the trunk and the fruit of growth, and will aim to achieve income and profit
growth in full-year financial results.
The earnings and dividend forecasts for the fiscal year ending March 31, 2024 remain unchanged.
(Millions of yen)

FY03/24 forecast

FY03/23 results(April 1, 2023 to(April 1, 2022 toMarch 31, 2024)

March 31, 2023)

YoY
Change% change

Net sales

240,000

230,190+9,810+4.3％

Operating profit

15,00014,919+81+0.5％

Ordinary profit

15,00013,289+1,711+12.9％

Profit attributable to8,500

6,465+2,035+31.5％

65.10

49.41

+15.69+31.8％+84,000+2.6％

owners of parent
EPS (yen)
Customer count at end of

3,384,000

fiscal year

3,299,000

FY03/24

FY03/23

FY03/22(forecast)Interim (end of Q2)

16.00 yen

16.00 yen

15.00 yen

Year-end

16.00 yen

16.00 yen

17.00 yen

Annual dividend per share

32.00 yen

32.00 yen

32.00 yen

For details, please see the attached materials, entitled "Financial Results for the First Six Months of the Fiscal Year Ending March 31,2024."
For the Company's earnings announcement for the first six months of the fiscal year ending March 31, 2024, please see the following
URL:

https://www.tokaiholdings.co.jp/english/ir/library/earnings.html
https://www.tokaiholdings.co.jp/ir/library/earnings.html

Financial Results for the Second
Quarter of the Fiscal Year Ending
March 31, 2024

TOKAI Holdings Corporation(Code: 3167)
November 2, 2023

1©2023 TOKAI Holdings Corporation. All Rights Reserved.

Financial Results for the First Six Months of the Fiscal Year Ending March 31, 2024
Net sales for the first six months show year-on-year growth for the third consecutive fiscal year to a new record high, chiefly
reflecting an increase in customers in Energy, CATV and other businesses and the expansion of the Information andCommunications business for corporate clients.

Operating profit for the first six months remained flat year on year, explained mainly by a decrease in gas sales volume forhouseholds attributable to high air temperatures, which was offset by a profit hike after growth in the number of monthly feepaying customers accompanying an increase in the number of customer accounts.

Ordinary profit and profit attributable to owners of parent increased markedly, due mainly to the easing of the burden arisingfrom the share of profit of entities accounted for using the equity method that arose in the previous fiscal year.

H1 FY03/24 results

H1 FY03/23 results(FY2022_2Q)

YoY% change(%)

Change105,226

104,110+1,115+1.1

Operating profit

4,254

4,253+1+0.0

Ordinary profit

4,355

2,432+1,923+79.1

Profit attributable toowners of parent

2,219

147+2,072+1,403.4

EPS (yen)

17.00

1.13+15.87+1,406.6

Net sales©2023 TOKAI Holdings Corporation. All Rights Reserved.

(Net sales and profit: million yen; EPS: yen)2

Steady Expansion of Customer Base in Core BusinessesThe number of continuing customers as of September 30, 2023 stood at 3,328 thousand, an increase of 28 thousand from 3,299
thousand at the beginning of the fiscal year.

The earnings base continued to expand in the gas business, the CATV business, the Hikari Collaboration business and theLIBMO business.

-3

3,328+13
Others+2

AquaMobileCATV©2023 TOKAI Holdings Corporation. All Rights Reserved.

+163,299

City gasResultHikariCollaboration+4LIBMO+4-7ISP, etc.

GasLP gas

FY2022

Information andCommunications

Broadcasting

Others+2+1-5+1Communications +11+16+0Customer count(Thousand)

FY2023
H1 Result* Rounded to the nearest thousand. Adjustment is made in Others for duplicate communication
services for ISP and CATV carrier plans.

3

Changes in Operating Profit by Segment
Profit fell in the Energy business, mainly following a decline in gas sales volume for households partly due to high airtemperatures.

Profit grew in the Information and Communications business, chiefly as a result of cutting expenses for gaining customers in theInformation and Communication business for consumers.

The CATV and Aqua businesses increased profits mainly following a rise in customers.

Aqua
Information andCommunications

42.5©2023 TOKAI Holdings Corporation. All Rights Reserved.

-4.6

+5.1

CATV

+0.8

-0.1
Building facilities
Real estate

+1.3

-2.5
Others42.5

EnergyOperating profit(100 million yen)

FY2022H1 Result

FY2023
H1 Result* Changes in operating profit disregard allocation of indirect costs4Consolidated full-year financial results forecastNet sales are forecasted to rise, attributable to a continued increase in customer accounts mainly in principal businesses and toearnings increase following expansion of areas served.

Operating profit is forecasted to remain unchanged year on year, chiefly reflecting expenses for acquiring customers andpersonnel revitalization.

Ordinary profit and profit attributable to owners of parent are expected to surge, after the easing of the burdens arising from theshare of profit of entities accounted for using the equity method that arose in the previous fiscal year.
(Millions of yen)
FY03/24 forecast(April 1, 2023 toMarch 31, 2024)

FY03/23 results(April 1, 2022 toMarch 31, 2023)

YoYChange% change

240,000

230,190+9,810+4.3%

Operating profit

15,00014,919+81+0.5%

Ordinary profit

15,00013,289+1,711+12.9%

Profit attributable toowners of parent

8,500

6,465+2,035+31.5%EPS (yen)

65.10

49.41

+15.69+31.8%

3,384,000

3,299,000+84,000+2.6%

Net sales©2023 TOKAI Holdings Corporation. All Rights Reserved.

Customer count at endof fiscal year

5Dividend forecastIn accordance with the Company's policy of paying constant and stable dividends, an interim dividend of 16 yen per share and ayear-end dividend of 16 yen per share are planned, for an annual dividend of 32 yen per share.

The dividend forecast (announced on May 9, 2023) remains unchanged.

Interim dividend

Year-end dividend

Commemorative dividend

60
50

60.0%

54.7%

52.9%

47.2%

46.7%
43.4%

©2023 TOKAI Holdings Corporation. All Rights Reserved.

30
20
1212

yen/shareyen/share

66

44.5%

28

28

28

28

yen/shareyen/shareyen/shareyen/share

44.6%

30
yen/share

635.1%

070.0%

64.8%

4010

Payout ratio

14yen/share

14666

FY2014FY20151446.7%50.0%

3232yen/shareyen/share

171632

yen/share 40.0%
1611FY2016

30.0%
20.0%

118

FY2013141649.2%

14141414151616

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023(forecast)

10.0%
0.0%

6

Appendix(1) Consolidated results(2) Sales by segment(3) Operating profit by segment(4) Consolidated financial indicators(5) Consolidated cash flows(6) Group customer count7©2023 TOKAI Holdings Corporation. All Rights Reserved.

（１） Consolidated results(Millions of yen)©2023 TOKAI Holdings Corporation. All Rights Reserved.

1H FY03/20
Results

1H FY03/21
Results

1H FY03/22
Results

1H FY03/23
Results

1H FY03/24
Results

Sales

93,01589,836

96,060104,110105,226

Operatingprofit

5,500

5,452

5,223

4,253

4,254

Recurringprofit

5,608

5,499

5,284

2,432

4,355

Net income

3,492

3,279

2,281

147

2,219

E P S ( Ye n )

26.67

25.04

17.42

1.13

17.00

8

（２）Sales by segment(Millions of yen)
1H FY03/20
Results

1H FY03/21Results

1H FY03/22
Results

1H FY03/23
Results

1H FY03/24
Results

Energy35,76633,43036,15344,05342,952

Information andCommunications

25,911

25,13125,302

26,07827,457
12,100For individuals
For corporations

15,356©2023 TOKAI Holdings Corporation. All Rights Reserved.

ＣＡＴＶ

15,593

16,49016,081

16,574

17,732

Construction,Equipment and Real
Estate

9,736

9,074

12,361

11,486

10,943

Aqua

3,752

3,880

3,913

3,838

3,883

Others

2,255

1,828

2,248

2,077

2,257

93,01589,836

96,060104,110105,226

Total※Prior to elimination of indirect expenses※For information and communications, starting from the second quarter of 2023, figures for individuals and corporations are also displayed.

9（３）Operating profit by segment(Millions of yen)
1H FY03/20
Results

1H FY03/21
Results

1H FY03/22
Results

1H FY03/23
Results

1H FY03/24
Results

Energy

1,966

2,382

1,963

1,330869

Information andCommunications

2,269

2,036

2,405

2,320

2,828

For individuals

512

For corporations

2,316ＣＡＴＶ©2023 TOKAI Holdings Corporation. All Rights Reserved.

2,539

2,633

2,957

3,052

3,135

Construction,Equipment and Real
Estate

843

621

738

589

578

Aqua

400

446

186

234

364

Others-2,519-2,667-3,027-3,274-3,520

5,500

5,452

5,223

4,253

4,254

Total

※For information and communications, starting from the second quarter of 2023, figures for individuals and corporations are also displayed.

10

（４）Consolidated financial indicators(Millions of yen)©2023 TOKAI Holdings Corporation. All Rights Reserved.

1H FY03/20
Results

1H FY03/21
Results

1H FY03/22
Results

1H FY03/23
Results

1H FY03/24
Results

To t a l a s s e t s

165,616

167,687

177,855

180,807

190,820

To t a lliabilities

100,633

98,288100,713102,948

106,020

To t a l n e t
assets64,982

69,39877,14277,85984,800

Balance ofinterestbearing debt

50,92748,25945,212

47,10948,267

Equity ratio

38.4 %

40.5 %

42.5 %

42.1 %

43.3 %

11（５）Consolidated cash flows(Millions of yen)©2023 TOKAI Holdings Corporation. All Rights Reserved.

1H FY03/20
Results

1H FY03/21
Results

1H FY03/22
Results

1H FY03/23
Results

1H FY03/24
Results

Operating cash flow

10,706

14,805

11,382

7,956

13,765Investment cash flow

- 6,859- 10,696- 8,997- 6,861- 9,704

3,846

4,109

2,384

1,095

4,060

- 3,659- 4,048- 1,680- 1,709- 3,018

Free cash flow

Financing cash flow

12（６）Group customer count(Thousand)
1H FY03/20
Results

1H FY03/21
Results

1H FY03/22
Results

1H FY03/23
Results

1H FY03/24
Results

696

728

764

804

837

Conventional ISP
etc.

403

379

386

414

400

HikariCollaboration

324332

339

358

368

LIBMO

43515462

75

770

762

779

834

843

CATV1,076

1,179

1,214

1,247

1,300

Aqua

159

161

165

167

166

Mobile

215

209

198

185

174

Security

16

16

16

16

16

2,918

3,042

3,125

3,242

3,328

EnergyInformation andCommunications

Subtotal©2023 TOKAI Holdings Corporation. All Rights Reserved.

合計*Rounded to the nearest thousand. Communication services overlap between information and communication services and CATV, and are excluded
from the total value.
*Information and communications (conventional ISP, etc.) includes ISP additional service (PC visit support service) contracts from 2Q 2021, andcontracts for the same (PC remote support service) from 2Q 2022.

13The performance forecasts and forward-looking statements in these materials are
based on information currently available to the company, and include potential risks anduncertainties. Please be aware that due to changes in a variety of factors, actual results
may differ materially from the projections and other forward-looking statements in thesematerials.

Please contact us with any questions regarding these materials.
©2023 TOKAI Holdings Corporation. All Rights Reserved.

Public / Investor Relations Office
TOKAI Holdings Corporation
2-6-8 Tokiwacho, Aoi Ward, Shizuoka City, Shizuoka Prefecture
Phone: +81- (0)54-273-4878
http://tokaiholdings.co.jp/english/
e-mail： overseas_IR@tokaigroup.co.jp

14