Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail. This English
translation reflects the release on August 5, 2024 regarding the revisions to the Japanese original.

August 2, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name:
MITSUI-SOKO HOLDINGS Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
9302
URL:
https://www.mitsui-soko.com/en/
Representative:
Hirobumi Koga, Representative Director, President & CEO
Inquiries:
Takeshi Matsuki, General Manager of Finance and Accounting Division
Telephone:+81-3-6400-8006
Scheduled date to commence dividend payments:–
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for securities analysts andinstitutional investors)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 toJune 30, 2024)(1) Consolidated operating results (cumulative)
Operating revenue
Three months ended
June 30, 2024
June 30, 2023

Millions of yen

Operating profit(0.6)(16.0)(37.8)(9.2)

For the three months ended June 30, 2024:
For the three months ended June 30, 2023:

Basic earnings per
share
Three months ended
June 30, 2024
June 30, 2023

% Millions of yen

3,828
6,158

3,993
6,521

% Millions of yen(38.8)
(8.6)

2,975
3,780

¥7,418 million¥7,962 million[(6.8)%][(4.2)%]

Diluted earnings per
share

Yen

119.45151.99Profit attributable toowners of parent

Ordinary profit% Millions of yen

65,62065,988

Note: Comprehensive income(Percentages indicate year-on-year changes.)

Yen

–
–

(2) Consolidated financial position
Total assets
As ofJune 30, 2024
March 31, 2024
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen%

274,959
263,543

124,699
120,828

41.6
41.7

Equity capital
As of June 30, 2024:
As of March 31, 2024:¥114,279 million¥109,908 million%(21.3)(20.8)

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025

Yen–

Fiscal year-end

Yen

Total

Yen

Yen

67.00

–

79.00

146.00

73.00

–

73.00

146.00–Fiscal year ending
March 31, 2025
(Forecasts)

Note: Revisions to the forecasts of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (April 1, 2024 to March
31, 2025)
Operating revenue
Millions of yen

Six months ending
September 30,
2024
Fiscal year ending
March 31, 2025

(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings perowners of parent
share

Operating profit% Millions of yen% Millions of yen% Millions of yen%

Yen

135,000

2.4

7,700

(35.0)

7,300(40.2)

4,600(36.0)

184.57275,000

5.5

15,500(25.3)

14,800(29.6)

8,700(28.1)

348.98

Note: Revisions to the earnings forecasts most recently announced: Yes

* Notes(1) Significant changes in the scope of consolidation during the period: Yes
Newly included: 1 company [Company name] MSE China (Beijing) Co., Ltd.
Excluded:–
Note: For details, please refer to “(4) Notes to quarterly consolidated financial statements, Changes in scope of
consolidation or scope of application of the equity method” under “2. Quarterly consolidated financial statements
and significant notes thereto” on page 11 of the attached materials.

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
Note: For details, please refer to “(4) Notes to quarterly consolidated financial statements, Notes on changes inaccounting policies” under “2. Quarterly consolidated financial statements and significant notes thereto” on page
11 of the attached materials.

(4) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

24,957,602 shares

As of March 31, 2024

24,957,602 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

47,651 shares

As of March 31, 2024

46,980 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the
fiscal year)
Three months ended June 30, 2024

24,909,982 shares

Three months ended June 30, 2023

24,874,994 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements bycertified public accountants or an audit firm: Yes (voluntary)* Proper use of earnings forecasts, and other special matters
Figures for the forecasts, outlooks, and targets described in this report that are not historical facts arecalculated based on the currently available information and uncertain factors that may have an effect on
future performance. The actual results may differ from the forecasts. Regarding earnings forecasts,
please refer to “(3) Explanation of earnings forecasts and other forward-looking statements,” under “1.
Qualitative information on quarterly financial results,” on page 4 of the attached materials.

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

Attached Materials
Index
1. Qualitative information on quarterly financial results .............................................................................. 2(1) Explanation of operating results ......................................................................................................... 2(2) Explanation of financial position........................................................................................................ 3(3) Explanation of earnings forecasts and other forward-looking statements .......................................... 4
2. Quarterly consolidated financial statements and significant notes thereto ............................................... 6(1) Quarterly consolidated balance sheet ................................................................................................. 6(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income ....................................................................................................................... 8
Quarterly consolidated statement of income[For the first three months]............................................................................................................... 8
Quarterly consolidated statement of comprehensive income[For the first three months]............................................................................................................... 9(3) Quarterly consolidated statement of cash flows ............................................................................... 10(4) Notes to quarterly consolidated financial statements ....................................................................... 11
Notes on premise of going concern .................................................................................................. 11
Notes when there are significant changes in amounts of shareholders’ equity................................. 11
Changes in scope of consolidation or scope of application of the equity method ............................ 11
Notes on changes in accounting policies .......................................................................................... 11
Notes on segment information, etc. .................................................................................................. 12
Business combinations ..................................................................................................................... 13
3. Supplemental information....................................................................................................................... 15
Independent Auditor’s Interim Review Report on the Quarterly Consolidated Financial Statements(Translation)............................................................................................................................................ 17-1-

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

1. Qualitative information on quarterly financial results(1) Explanation of operating results
The overview of the financial results for the three months ended June 30, 2024 is as follows.
(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Operating revenue

65,98865,620(367)(0.6)%

Operating profit

6,158

3,828

(2,330)(37.8)%

Ordinary profit

6,521

3,993

(2,528)(38.8)%

Profit attributable toowners of parent

3,780

2,975

(805)

(21.3)%

Consolidated total amountYear-on-yearcomparison

Changes

Revenues and earnings declined year on year, mainly due to reduced freight margins caused byrising freight-in costs in airfreight forwarding and temporary vacancies due to the conversion ofmajor buildings to multi-tenant facilities in the Real Estate Business.



In Japan, we focused on acquiring new businesses in the focus fields laid out in our medium-term
management plan.

Operating results by segment are as follows.
(a)

Logistics Business(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Operating revenue

64,01664,490474

0.7%Operating profit

5,918

4,631

(1,287)(21.7)%

Logistics BusinessYear-on-yearcomparison

Changes

Business environment: The business environment surrounding the Company is as follows.


Although the inventory adjustment phase for raw materials, parts, and other materials experienced
by companies since the previous fiscal year has run its course, international transportation cargo
movements remain flat.
As for the shipping market, freight costs are rising mainly for routes to Europe and the U.S., andthe congestion in Asian hub ports is leading to a shortage of marine containers. As a result, in
airfreight forwarding, there have been rising freight costs for certain routes and an increase inurgent air transportation due to a shipping capacity shortage.

Operating situation: The situation regarding the operating activities of the Company is as follows.


Earnings declined year on year due to contracting freight margins caused by rising freight-in costsin airfreight forwarding.



In Japan, we focused on acquiring new businesses in the focus fields laid out in our medium-term
management plan.
As a result of these efforts, the following profit contributions are taking place in our new locations.
—Launch of new operations at our high-fashion distribution hub in the Kanto region—Increased handling at our EC distribution hub in the Kansai region—Increased handling at a semiconductor distribution hub in the Kyushu region-2-

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)(b)Real Estate Business(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Operating revenue

2,176

1,345

(831)

(38.2)%

Operating profit

1,289

351

(938)

(72.8)%

Real Estate BusinessYear-on-yearcomparison

Changes

Business environment: The business environment surrounding the Company is as follows.
The average vacancy rates for existing office properties in the Tokyo business district decreased,
while average rents increased slightly.

Operating situation: The situation regarding the operating activities of the Company is as follows.
Revenues and earnings declined year on year from temporary vacancies due to the conversion ofmajor buildings owned by the Company to multi-tenant facilities.

(2) Explanation of financial position(i)

Status of changes in financial position(Millions of yen)

Consolidated total amount As of March 31, 2024 As of June 30, 2024

Comparison fromMarch 31, 2024

Changes

Equity capital

109,908

114,279

4,371

4.0%

Total assets

263,543

274,959

11,4154.3%(0.3)%

Equity ratio

41.7%

41.6%

-0.1 pt

Interest-bearing debt

83,26583,787

522

0.6%

0.76

0.73

(0.02)(3.2)%

D/E ratio

The increase in equity capital was due to the recording of profit attributable to owners of parent andan increase in foreign currency translation adjustment due to the weak yen.

The increase in total assets was due to an increase in customs paid in advance, etc. (other current
assets).



The increase in interest-bearing debt was due to an increase in short-term borrowings for thepayments of dividends, etc.



The D/E ratio is kept at below 1.0 level in preparation for the implementation of strategic
investment in the future.

(ii)

Status of cash flows(Millions of yen)
Consolidated total amountThree months ended Three months ended
June 30, 2023
June 30, 2024

Year-on-yearcomparison

Cash and cash equivalents at beginning of
period33,41730,876–

Net cash provided by (used in) operating
activities

8,164

8,964

800

Net cash provided by (used in) investing
activities(2,271)(4,850)(2,579)Net cash provided by (used in) financing
activities(7,000)(3,484)

3,515

Cash and cash equivalents at end of period

33,391

33,117–The status of cash flows for the three months ended June 30, 2024 is as follows.
-3-

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)


The main items in cash flows from operating activities are profit before income taxes and cash
reserves due to recording of depreciation.



The main items in cash flows from investing activities are payments of construction costs for theconversion of major buildings to multi-tenant facilities in the Real Estate Business.

The main items in cash flows from financing activities are short-term borrowings and payments ofdividends.

(iii) Changes in cash flow-related indicators
Fiscal year ended
March 31, 2023

Three months
ended June 30,
2023

Fiscal year ended
March 31, 2024

Three months
ended June 30,2024

Equity ratio (%)

36.1

37.2

41.7

41.6

Equity ratio based on market value (%)

37.7

33.3

44.5

43.3

Interest-bearing debt to cash flow ratio

2.9

2.8

3.6

2.3

Interest coverage ratio

37.1

56.8

29.0

68.7

Notes: Equity ratio: Equity capital/Total assets
Equity ratio based on market value: Market capitalization/Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt/Cash flow
Interest coverage ratio: Cash flow/Interest payments
1. Each of the above indicators is calculated based on consolidated financial figures.
2. Market capitalization is calculated as follows: Final stock price at the end of the period x Total number of issued
shares at the end of the period (excluding treasury shares).
3. The figure used for cash flow is “Net cash provided by (used in) operating activities” on the consolidated
statement of cash flows. Interest-bearing debt includes all liabilities recorded on the consolidated balance sheeton which interest is paid. Furthermore, regarding the interest payments, the figure for “Interest paid” on the
consolidated statement of cash flows is used.
4. The ratio of interest-bearing debt to cash flow is calculated at 4 times for the period under review, since cash
flow is converted to an annual amount.

(3) Explanation of earnings forecasts and other forward-looking statements
Although the recovery in international cargo movement has been more gradual than initially expected,
the shift from sea transportation to air transportation (a shipping capacity shortage) caused by the Red
Sea crisis and the impact of transit restrictions in the Panama Canal, strong semiconductor handling in
the Kyushu region, and progress optimizing collection fees in excess of the initial plans to cope withrising costs have led to improvement in the operating profit margin. Because operating profit is now
expected to increase more than our previously announced forecast, we have revised our earnings
forecasts for the six months ending September 30, 2024.
Note that the full-year forecasts has been revised taking into account only the revision to the first-half.

-4-

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)[Consolidated earnings forecasts for the six months ending September 30, 2024 (April 1, 2024 to
September 30, 2024)](i) Previously announced forecasts

Operatingrevenue

OperatingprofitOrdinary
profitProfitattributable toowners ofparentMillions of yen

Millions of yen

Millions of yen

Millions of yen

Basicearnings per
share
Yen

135,000

7,200

6,700

4,400

176.69(ii) Revised forecasts

135,000

7,700

7,300

4,600

184.57(iii) Changes (ii) – (i)

0

500

600

200

–

0.0%

6.9%

9.0%

4.5%

–

131,862

11,843

12,206

7,182

288.54(iv) Percentage changes (iii)/(i)Reference: Results for the same periodof the previous fiscal year
(Six months ended September 30, 2023)[Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (April 1, 2024 to March 31,2025)]
Operatingrevenue

OperatingprofitOrdinary
profitProfitattributable toowners ofparentMillions of yen

Millions of yen

Millions of yen

Millions of yen

275,000

15,00014,2008,500

341.34(ii) Revised forecasts

275,000

15,50014,8008,700

348.98(iii) Changes (ii) – (i)

0

500

600

200

–

0.0%

3.3%

4.2%

2.4%

–

260,593

20,75421,01012,107486.21(i) Previously announced forecasts(iv) Percentage changes (iii)/(i)Reference: Results for the same periodof the previous fiscal year
(Fiscal year ended March 31, 2024)

Basicearnings per
share
Yen

Overview of difference between previously announced earnings forecasts for the six months
ending September 30, 2024 and current revision for consolidated operating profit (Billions ofyen)Amount in earnings forecasts for the six months ending September 30, 2024
announced on May 10, 2024
Shift from sea transportation to air transportation (a shipping capacity
shortage)
Strong semiconductor handling in the Kyushu region
Progress optimizing collection fees in excess of the initial plan.
Other (cost reduction, etc.)
Revised forecast amount

7.2
+0.2
+0.1
+0.1
+0.1
7.7

-5-

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

2. Quarterly consolidated financial statements and significant notes thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and operation accounts receivable trade, andcontract assets
Inventories
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-6-

As of June 30, 2024

31,87033,84330,262

31,592

1,987
9,496
(56)
73,560

2,002
12,956(41)
80,352

68,37457,718
12,692
138,785

68,61557,936
12,918
139,471

1,587
10,823
12,411

2,588
11,12013,70915,39323,780(387)
38,785
189,983
263,543

16,88824,927(390)
41,425
194,606
274,959

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Trade notes and accounts payable
Current portion of bonds payable
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-7-

As of June 30, 2024

16,031
14,000
716
5,091
2,118
3,713
19,48061,152

15,387
14,000
2,624
4,842
965
2,503
28,92569,246

11,00045,9296,458
18,17481,562
142,715

11,00044,883
6,515
18,61481,013150,260

11,2195,666
71,772(104)
88,554

11,2195,666
72,780(104)
89,561

6,931
(0)
9,975
4,446
21,353
10,920120,828
263,5437,960
012,4194,336
24,717
10,419124,699
274,959

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income
Quarterly consolidated statement of income[For the first three months](Millions of yen)Three months ended
June 30, 2023
Operating revenue
Warehousing fee income
Stevedoring income
Port terminal fee income
Transportation income
Real estate income
Other
Total operating revenue
Operating costs
Direct operation expenses
Rent expenses
Depreciation
Salaries and allowances
Other
Total operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on reversal of asset retirement obligations
Gain on step acquisitions
Total extraordinary income
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-8-

Three months ended
June 30, 2024

9,545
7,972
4,228
31,881
1,972
10,38865,988

9,682
8,720
4,061
30,796
1,130
11,22965,62029,216
5,152
1,958
9,571
9,156
55,055
10,932
4,773
6,158

29,344
5,641
2,018
9,919
9,603
56,527
9,093
5,265
3,828

121
200
229

165
238
49

77

31

111
741

110
594

200
177
378
6,521

198
231
429
3,993

139
–
139
6,661
2,039
4,622
841
3,780

–
509
509
4,503
888
3,614
638
2,975

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

Quarterly consolidated statement of comprehensive income[For the first three months](Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-9-

Three months ended
June 30, 2024

4,622

3,614

852
1
2,358
(39)

1,028
0
2,659
(109)

167

224

3,340
7,962

3,804
7,418

6,863

6,339

1,098

1,079

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)(3) Quarterly consolidated statement of cash flows(Millions of yen)Three months ended
June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Gain on reversal of asset retirement obligations
Loss (gain) on step acquisitions
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of property, plant and equipment
Loss on retirement of non-current assets
Decrease (increase) in accounts receivable - trade, andcontract assets
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Purchase of investment securities
Loan advances
Proceeds from collection of loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 10 -

Three months ended
June 30, 2024

6,661
2,372
37
(139)
–
(23)
(1,409)
(22)
(322)
200

4,503
2,510
61
–
(509)
(15)
(1,239)
33
(403)
198

(77)

(31)

(13)
41

(14)
31

1,864

(748)

(1,288)
4,094
11,976448(143)(4,116)
8,164

(986)
7,124
10,513403(130)(1,821)
8,964(1,900)
26
(763)
0
(3)
(6)
16
(0)
359

(2,185)
28
(650)
0
(3)
(8)
8
(0)
298

–

(440)

–
(2,271)(1,896)(4,850)7,600(7,600)(1,369)(2,910)(2,374)(345)(7,000)12,400(10,500)(1,393)(1,967)(1,832)(190)(3,484)

1,081

1,611

(25)
33,41733,3912,240
30,87633,117

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)(4) Notes to quarterly consolidated financial statements
Notes on premise of going concern
Not applicable.
Notes when there are significant changes in amounts of shareholders’ equity
Not applicable.
Changes in scope of consolidation or scope of application of the equity method(1) Significant changes in the scope of consolidation
MSE China (Beijing) Co., Ltd. was included in the scope of consolidation from the first quarter
ended June 30, 2024, due to additional acquisition of interests.
(2) Significant changes in the scope of application of the equity method
Since MSE China (Beijing) Co., Ltd. was included in the scope of consolidation from the firstquarter ended June 30, 2024, due to additional acquisition of interests, it was excluded from thescope of application of the equity method.
Notes on changes in accounting policies
Application of Accounting Standard for Current Income Taxes
The Company has applied the “Accounting Standard for Current Income Taxes” (Accounting Standards
Board of Japan (ASBJ) Statement No. 27, October 28, 2022; the “Revised Accounting Standard of2022”) and other relevant ASBJ regulations from the beginning of the first quarter of the fiscal year
ending March 31, 2025.
Previously, calculated amounts of corporate taxes, inhabitants taxes and enterprise taxes on earnings,
etc. (“current income taxes”) were recorded in profit or loss in accordance with laws and regulations.
Moving forward, current income taxes on earnings will be recorded in profit or loss, shareholders’equity, or other comprehensive income according to the transaction, etc. from which those taxes wereincurred. Concerning current income taxes recorded in accumulated other comprehensive income,when a transaction, etc., which is the reason for said current income taxes to be applied, is recorded in
profit or loss, the corresponding amount of tax will be recorded in profit or loss. Additionally, if thetransaction, etc. subject to taxation is related to shareholders’ equity or other comprehensive income inaddition to profit or loss, and it is difficult to calculate the amount of current income taxes to be applied
to shareholders’ equity or other comprehensive income, the amount of such taxes will be recorded in
profit or loss.
Furthermore, regarding the temporary difference inherent in the consolidated financial statements
associated with the monetary differences caused by changes in the parent company’s equity stake,where a capital surplus is recorded as deferred tax assets or deferred tax liabilities as a partner account,for the reversal of the deferred tax assets or deferred tax liabilities when the temporary difference iseliminated through the sale of the investment in the subsidiary in question, etc., the corresponding
amount had previously been recorded as income taxes - deferred, but here the capital surplus has been
reversed as a partner account.
Revisions to categories for recording current income taxes (taxation on other comprehensive income)conform to the transitional treatment in the proviso of paragraph 20-3 of the Revised AccountingStandard of 2022, and these revisions have no impact on our quarterly consolidated financial
statements.
Furthermore, regarding the handling of the tax impact where the gain or loss on sales resulting fromsales of shares of the Company’s subsidiaries among consolidated companies is deferred for tax
purposes, in the financial statements of the company selling shares of the subsidiaries in question,- 11 -MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

where deferred tax assets or deferred tax liabilities are recorded on the temporary difference associatedwith the gain or loss on sale in question, in the past the Company has not revised the amount of thedeferred tax assets or deferred tax liabilities associated with the temporary difference in question in the
consolidated accounting procedures, however here the deferred tax assets or deferred tax liabilities
associated with the temporary difference in question have been reversed.
Regarding the amendments related to revisions of the handling in the consolidated financial statements
where the gain or loss on sales resulting from sales of shares of the Company’s subsidiaries among
consolidated companies is deferred for tax purposes, the Guidance on Accounting Standard for Tax
Effect Accounting (ASBJ Guidance No. 28, October 28, 2022) has been applied from the beginning of
the first quarter of the fiscal year ending March 31, 2025, and the impact of these revisions on ourquarterly consolidated financial statements is minimal.
Notes on segment information, etc.
[Segment information]I

Three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
1. Information on amounts of operating revenue and profit (loss) by reportable segment
Reportable segment

Logistics
Business

Operating revenue(1) Operating revenue fromexternal customers(2) Intersegment revenue ortransfers
Total
Segment operating profit

Real EstateBusiness

Adjustment(Note 1)

Total

(Millions of yen)Amountrecorded in thequarterly
consolidated
statement ofincome(Note 2)64,016

1,972

65,988–65,988

–

203

203

(203)

–

64,016

2,176

66,192(203)

65,988

5,918

1,289

7,208

(1,050)6,158

Notes: 1. Segment profit adjustment of ¥(1,050) million is expenses associated with the administrative department of theCompany.
2. Segment operating profit is adjusted to operating profit in the quarterly consolidated statement of income.

- 12 -MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

II Three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
1. Information on amounts of operating revenue and profit (loss) by reportable segment
Reportable segment

Logistics
Business

Operating revenue(1) Operating revenue fromexternal customers(2) Intersegment revenue ortransfers
Total
Segment operating profit

Adjustment(Note 1)

Total

Real EstateBusiness(Millions of yen)Amountrecorded in thequarterly
consolidated
statement ofincome(Note 2)64,4901,130

65,620–65,620

–

214

214

(214)

–

64,4901,345

65,835(214)

65,620

4,631

351

4,983

(1,154)

3,828

Notes: 1. Segment profit adjustment of ¥(1,154) million is expenses associated with the administrative department of theCompany.
2. Segment operating profit is adjusted to operating profit in the quarterly consolidated statement of income.

Business combinations
Business combination by acquisition
The Company’s consolidated subsidiary MITSUI-SOKO EXPRESS Co., Ltd. acquired an additional
stake in equity method affiliated MSE China (Beijing) Co., Ltd., making it a consolidated subsidiary.
1. Outline of business combination(1) Name of acquired company and its business content
Name of acquired company: MSE China (Beijing) Co., Ltd.
Description of business: Logistics business(2) Main reason for business combination
We are working to further expand our air transportation business foundation in China tomaximize Group profits.
(3) Date of business combination
April 1, 2024
(4) Legal form of business combination
Acquisition of interests in consideration for cash(5) Name of company after business combination
No change(6) Ratio of voting rights acquired
Ratio of voting rights before acquisition:

50.0%

Ratio of voting rights additionally acquired:

50.0%

Ratio of voting rights after acquisition:

100.0%(7) Main reason for deciding the acquiring enterprise
The Company is the acquiring enterprise as its consolidated subsidiary acquired the interests inconsideration for cash.

- 13 -MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

2. Period of results of the acquired company included in the quarterly consolidated statement ofincome for the period under review
From April 1, 2024 to June 30, 2024
3. Acquisition cost for the acquired enterprise and breakdown by type of consideration
Consideration for

Fair value of the stake owned in the company being acquired immediately priorto acquisition on the date of the business combinationacquisition

Cash consideration of the stake in the company being acquired that was
additionally acquired on the date of business combination

Acquisition cost

¥633 million¥633 million¥1,266 million

4. Difference between acquisition cost of acquired company and total acquisition cost of individualtransactions leading to acquisition
Gain on step acquisitions¥509 million

5. Amount of goodwill recognized, the reason for recognition, and the method and period ofamortization(1) Amount of goodwill recognized¥944 million(2) Reason for recognition
Because the acquisition cost exceeded the net amount allocated to the acquired assets andassumed debts, the portion in excess has been recorded as goodwill.
(3) Method and period of amortization
Straight-line method over ten years- 14 -MITSUI-SOKO HOLDINGS Co., Ltd. (9302)

3. Supplemental information
Reference materials on the financial results for the three months ended June 30, 2024
1. Overview of operating results (Consolidated)
Three-month period(from April 1 to June 30)

Operating revenue

Fiscal year
ended March
31, 2024

Fiscal year
ending March
31, 2025

65,98865,620(Millions of yen)
Full year(from April 1 to March 31)

ChangesMonetary
amountPercentage (%)

(367)

(0.6)

Results for the
fiscal year
ended March
31, 2024

Forecasts forthe fiscal year
ending March
31, 2025

ChangesMonetary
amount260,593275,000

14,406Percentage (%)

5.5

Operating profit

6,158

3,828

(2,330)(37.8)

20,754

15,500(5,254)(25.3)

Ordinary profit

6,521

3,993

(2,528)(38.8)

21,01014,800(6,210)(29.6)

Profit attributable toowners of parent

3,780

2,975

(805)

(21.3)

12,1078,700(3,407)(28.1)

2. Financial position (Consolidated)(Millions of yen)

As ofMarch 31, 2024

Changes

As ofJune 30, 2024

Monetary amountand others

Percentage (%)

Equity capital

109,908

114,279

4,371

4.0

Total assets

263,543

274,959

11,415

4.3

Equity ratio

41.7%

41.6%

-0.1 pt(0.3)

D/E ratio

0.76

0.73

(0.02)(3.2)

3. Status of depreciation (Consolidated)(Millions of yen)Same period of the Three months ended
previous fiscal year
June 30, 2024

Depreciation

2,372

2,510

4. Balance of interest-bearing debt (Consolidated)
As ofMarch 31, 2024

Fiscal year ended
March 31, 2024

Changes138(Millions of yen)

As ofJune 30, 2024

Changes

Bonds payable

25,00025,000–Borrowings

51,73852,349611

Lease liabilities

6,526

6,437

(89)

Total

83,26583,787522

5. Segment information (Consolidated)<Operating revenue>
Results for thesame period of theprevious fiscal year

9,707

(Millions of yen)
Results for thethree months ended
June 30, 2024

Forecasts for the Results for the fiscal
fiscal year ending year ended March
March 31, 2025
31, 2024

Logistics Business

64,01664,490268,900

Real Estate Business

2,176

1,345

6,600

9,592

Total

66,192

65,835275,500

261,410

(203)

(214)

(500)

(816)

65,98865,620275,000

260,593

Adjustment
Amount recorded in the
consolidated statementof income- 15 -

251,817

MITSUI-SOKO HOLDINGS Co., Ltd. (9302)<Operating profit>(Millions of yen)
Results for thesame period of theprevious fiscal year

Results for thethree months ended
June 30, 2024

Forecasts for the Results for the fiscal
fiscal year ending year ended March
March 31, 2025
31, 2024

Logistics Business

5,918

4,631

19,40019,422

Real Estate Business

1,289

351

1,900

5,942

Total

7,208

4,983

21,30025,365Adjustment(1,050)(1,154)(5,800)(4,610)

Amount recorded in the
consolidated statement
6,158
3,828
15,50020,754of incomeA breakdown of performance in the Logistics Business by business category is presented in the Fact Sheet on the Company’s
IR website.
The Company’s IR website URL: https://www.mitsui-soko.com/en/ir/library/information (in English)- 16 -

Independent Auditor’s Interim Review Report on the Quarterly Consolidated Financial Statements(Translation)
August 2, 2024
To the Board of Directors of MITSUI-SOKO HOLDINGS Co., Ltd.
KPMG AZSA LLC
Tokyo office
DesignatedCertified Public
Engagement Partner Accountant

Koji Yoshida

DesignatedCertified Public
Engagement Partner Accountant

Reiji Kobayashi

DesignatedCertified Public
Engagement Partner Accountant

Mayuka Katsuki

Auditor’s Conclusion
We have conducted an interim review of the quarterly consolidated financial statements, namely, thequarterly consolidated balance sheet, the quarterly consolidated statement of income, the quarterly
consolidated statement of comprehensive income, the quarterly consolidated statement of cash flows, andnotes thereto, for the first quarter ended June 30, 2024 (April 1, 2024 to June 30, 2024) and for the threemonths ended June 30, 2024 (April 1, 2024 to June 30, 2024), which are included in the attached materials
to the Consolidated Financial Results for the Three Months Ended June 30, 2024 of MITSUI-SOKO
HOLDINGS Co., Ltd.
In the interim review we conducted, we found no matter that would lead us to believe that the above
quarterly consolidated financial statements have not been prepared in any material respect in accordancewith Article 4, paragraph (1) of the Standards for Preparation of Quarterly Financial Statements, etc. ofTokyo Stock Exchange, Inc. and the accounting standards generally accepted in Japan for quarterly
financial statements (however, the omissions set forth in Article 4, paragraph (2) of the Standards for
Preparation of Quarterly Financial Statements, etc. have been applied).
Basis for Auditor’s Conclusion
We conducted our interim review in accordance with interim review standards generally accepted inJapan. Our responsibilities under the standards for interim reviews are described in “Auditor’s
Responsibilities for Interim Review of Quarterly Consolidated Financial Statements.” We are independentof the Company and its consolidated subsidiaries in accordance with the ethical requirements that are
relevant to our audit of the consolidated financial statements in Japan, and we have fulfilled our otherethical responsibilities in accordance with these requirements. We believe that we have obtained evidence
to form the basis for expressing a conclusion.
Responsibilities of Management, Audit & Supervisory Board Members and the Audit & Supervisory Boardfor the Quarterly Consolidated Financial Statements
Management is responsible for the preparation of the quarterly consolidated financial statements inaccordance with Article 4, paragraph (1) of the Standards for Preparation of Quarterly Financial
Statements, etc. of Tokyo Stock Exchange, Inc. and the accounting standards generally accepted in Japanfor quarterly financial statements (however, the omissions set forth in Article 4, paragraph (2) of theStandards for Preparation of Quarterly Financial Statements, etc. have been applied); this includes themaintenance and operation of such internal control as management determines is necessary to enable thepreparation of quarterly consolidated financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing
whether it is appropriate to prepare the quarterly consolidated financial statements with the assumption of
the Group’s ability to continue as a going concern and disclosing, as required in accordance with Article 4,paragraph (1) of the Standards for Preparation of Quarterly Financial Statements, etc. of Tokyo Stock
Exchange, Inc. and the accounting standards generally accepted in Japan for quarterly financial statements- 17 -

(however, the omissions set forth in Article 4, paragraph (2) of the Standards for Preparation of Quarterly
Financial Statements, etc. have been applied), matters related to going concern.
Audit & Supervisory Board Members and the Audit & Supervisory Board are responsible for overseeing
the Directors’ performance of duties within the maintenance and operation of the financial reporting
process.
Auditor’s Responsibilities for Interim Review of Quarterly Consolidated Financial Statements
Our responsibility is to express a conclusion on the quarterly consolidated financial statements from an
independent standpoint in the interim review report based on the interim review we conducted.
In accordance with interim review standards generally accepted in Japan, we exercise professional
judgment and maintain professional skepticism throughout the interim review. We also:- Make inquiries, primarily of management and other persons responsible for financial and accounting
matters, and perform analytical procedures and other interim review procedures. Interim review
procedures are more limited in scope compared with an audit of annual financial statements conducted inaccordance with auditing standards generally accepted in Japan.
- Determine whether there is significant uncertainty regarding events or circumstances that give rise tosignificant doubts regarding matters related to the going concern assumption. If significant uncertainty
exists, we will make a conclusion, based on the evidence obtained, as to whether there are any mattersthat lead one to believe that the quarterly consolidated financial statements are not prepared inaccordance with Article 4, paragraph (1) of the Standards for Preparation of Quarterly Financial
Statements, etc. of Tokyo Stock Exchange, Inc. and the accounting standards generally accepted in Japanfor quarterly financial statements (however, the omissions set forth in Article 4, paragraph (2) of theStandards for Preparation of Quarterly Financial Statements, etc. have been applied). In addition, if
significant uncertainties regarding the going concern assumption are recognized, the interim review
report is required to draw attention to the notes to the quarterly consolidated financial statements, or, if
the notes to the quarterly consolidated financial statements regarding significant uncertainties are notappropriate, to express a qualified or adverse conclusion on the quarterly consolidated financial
statements. Although our conclusion is based on the evidence obtained up to the date of the interim
review report, future events or circumstances may cause the Group to be unable to continue as a going
concern.
- Evaluate whether there are any matters that lead one to believe that the presentation and notes of thequarterly consolidated financial statements have not been prepared in accordance with Article 4,paragraph (1) of Standards for Preparation of Quarterly Financial Statements, etc. of the Tokyo Stock
Exchange Inc. and the accounting standards for quarterly financial statements that are generally acceptedin Japan (however, the omissions set forth in Article 4, paragraph (2) of the Standards for Preparation of
Quarterly Financial Statements, etc. are applied).
- Obtain evidence regarding the financial information of the Company and its consolidated subsidiaries
that forms the basis for expressing a conclusion on the quarterly consolidated financial statements. We
are responsible for directing, supervising and inspecting the interim review of the quarterly consolidated
financial statements. We remain solely responsible for our conclusion.
We shall report to Audit & Supervisory Board Members and the Audit & Supervisory Board on thescope and timing of the planned interim review, and any significant findings from the interim review.
We shall report to Audit & Supervisory Board Members and the Audit & Supervisory Board that wehave complied with the provisions related to professional ethics in Japan regarding independence and any
matters that could reasonably be considered to affect our independence, and any measures taken toeliminate impediments or safeguards applied to reduce impediments to an acceptable level, if any.
Conflicts of Interest
Our firm and the designated engagement partners have no interest in the Company and its consolidated
subsidiaries which should be disclosed in accordance with the Certified Public Accountants Act.

Notes:

1. The original copy of the above interim review report is kept separately by the Company (the company disclosing thequarterly financial statements).
2. XBRL data and HTML data are not included in the scope of the interim review.

- 18 -