May 10, 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: Tomoki Oyaizu, Managing Executive Officer andGeneral Manager, General Affairs Department(TEL: +81-3-3493-0777)

Notice of Difference between Non-consolidated Financial Forecasts
and Actual Results and Revision to Dividend Forecast
Topy Industries Limited hereby gives notice regarding the difference between the actual results announced today
and the non-consolidated financial forecasts for the fiscal year ended March 31, 2024 (April 1, 2023 to March 31,2024) announced on May 10, 2023. In addition, the Company has revised the dividend forecast for the fiscal year
ended March 31, 2024 announced on March 26, 2024, as shown below.
1. Differences between the Financial Forecasts and Actual Results(1) Differences between the non-consolidated financial forecasts and actual results for the fiscal year ended March31, 2024 (April 1, 2023 – March 31, 2024)

Net sales

OperatingprofitOrdinary
profitProfitattributable toProfit per shareowners ofparent

Million yen

Million yen

Million yen

Million yen

Yen

Previous Forecast (A)(Announced May 10, 2023)

226,000

4,300

5,900

4,100

179.31

Actual Results (B)197,038

5,178

7,928

684

29.98

Difference (B-A)(28,961)

878

2,028

(3,415)－(12.8)%

20.4%

34.4%

(83.3)%－204,103

3,896

6,453

6,089

266.35Percentage ofIncrease/Decrease (%)(Ref.) Previous Results (FY
ended March 31, 2023)(2) Reasons for Differences
Regarding net sales in the fiscal year ended March 31, 2024 on a non-consolidated basis, sales volumes of steel
materials, undercarriage parts for construction equipment and wheels for commercial vehicles were lower thanexpected, and certain transactions were recognized as transactions through agents, resulting in lower full-year net
sales than previously announced. Regarding net profit, a loss on valuation of stocks of affiliated companies due toa decline in profitability and the booking of impairment losses on fixed assets at Topy America, Inc. resulted in alower full-year profit than previously announced.

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

Year-end

Total

Previous Forecast(Announced March 26, 2024)

30.00

68.00

98.00

Currently Revised Forecast－73.00103.00

Actual Results

30.00

Previous Results(FY ended March 31, 2023)

20.00

68.00

88.00

(2) Reasons for Revision
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 parent,
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 aforementioned policy and the results for the fiscal year ended March 31, 2024, the Company has
revised upward its year-end dividend to 73 yen per share, with the dividend source being profit attributable to ownersof parent, excluding impairment losses and income tax adjustments, which are one-time gains or losses that do not
involve an increase or decrease in cash and deposits. As a result, the annual dividend forecast will be 103 yen pershare.
Furthermore, the Board of Directors plans to pass a resolution regarding this dividend of surplus at its meeting to
be held in May 2024.
(Ref.) Differences between the consolidated financial forecasts and actual results for the fiscal year ended March31, 2024 (April 1, 2023 – March 31, 2024)

Net sales

Profitattributable toOperating profit Ordinary profit
Profit per shareowners ofparent

Million yen

Million yen

Million yen

Million yenYen

Previous Forecast (A)(Announced March 26, 2024)

336,000

9,300

9,300

5,300

232.19Actual Results (B)333,992

10,44010,462

4,676

204.88Difference (B-A)(2,007)1,140

1,162(623)－

Increase/decrease (%)(0.6)%

12.3%

12.5%

(11.8)%－(Ref.) Previous Results(FY ended March 31, 2023)

334,496

7,175

8,043

6,321

276.51

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 May 10, 2024 at 13:30 (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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