March 26, 2024
Company Name: TOPY INDUSTRIES, LIMITED
Representative: Hiromi Ishii, President and CEO(Code: 7231 Tokyo Stock Exchange; Prime Market,Nagoya Stock Exchange; Premier Market)
Contact: Tetsuya Sakai, Managing Executive Officer andGeneral Manager, General Affairs Department(TEL: +81-3-3493-0777)

Notice Regarding the Adjustment of the Consolidated Financial Forecasts for Fiscal 2023 andAdjustment of the Dividends Forecasts
Topy Industries Limited hereby gives notice that it has adjusted the consolidated financial forecasts for the fiscal
year ending March 31, 2024 (April 1, 2023 to March 31, 2024) and per-share dividend forecast announced onNovember 7, 2023 at the Board of Directors held on March 26, 2024, based on factors including recent
performance trends.
1. Adjustment of Estimated Values of the Consolidated Financial Forecasts for the Fiscal Year Ending March 31,2024 (April 1, 2023 to March 31, 2024)
Net sales

OperatingprofitOrdinary
profitProfit attributable toowners of parent

Profit pershare

Million yen

Million yen

Million yen

Million yen

Yen

Previous Forecast (A)(Announced November 7, 2023)

343,000

10,00011,0007,500

328.56

Currently Revised Forecast (B)336,000

9,300

9,300

5,300

232.19Difference (B-A)(7,000)(700)(1,700)(2,200)

(2.0)

(7.0)

(15.5)(29.3)

334,496

7,175

8,043

6,321

Percentage ofIncrease/Decrease (%)(Ref.) Previous Results(FY ended March 31, 2023)

276.51

Reasons for Differences
For the consolidated financial forecasts for the fiscal year ending March 31, 2024, net sales and operating profit
are expected to fall below the previous forecast due to production cutbacks caused by quality problems atJapanese automakers. Moreover, due to the deterioration of investment income accounted for using the equity
method accompanying the economic slowdown in China, and costs incurred due to the discontinuation of Power
Generation business, it is expected that both ordinary profit and profit attributable to owners of parent will fall
below the previous forecast.

-1-2. Adjustment to Dividend Forecast
Annual dividend (yen)End of second quarter

Year-end

Total

Previous Forecast(Announced November 7, 2023)

30.00

78.00

108.00Currently Revised Forecast－68.00

98.00

Actual Results

30.00(Ref.) Previous Results(FY ended March 31, 2023)

20.00

68.00

88.00

Reasons for Adjustment
The Company's basic policy on profit distribution is to return profits to shareholders in accordance withconsolidated performance and to enhance internal reserves for future business development and strengthening of
the corporate structure. The dividend payout ratio is set at 30% to 35% of profit attributable to owners of patent,
excluding one-time gains and losses that do not involve changes in cash and deposits, and dividends from retained
earnings are determined after giving due consideration to maintaining stable dividends.
In light of the adjustment of the consolidated financial forecasts for the fiscal year ending March 31, 2024, andin accordance with the dividend policy described above, the year-end dividend forecast for the fiscal year ending
March 31, 2024 will be 68 yen per share, a reduction of 10 yen from the amount announced on November 7, 2023.
Accordingly, the annual dividend including the interim dividend, is expected to be 98 yen per share.
* The above estimate has been compiled based on information available at the time this disclosure was made. The
actual earnings are subject to change from the estimated values due to various factors.
Note: This document has been translated from the original Japanese version for reference purposes only. In the event of any
discrepancy between this translated document and the original Japanese version, the original shall prevail.
The original disclosure in Japanese was released on March 26, 2024, at 16:00 (GMT+9).
The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from thetranslation.

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