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.

May 12, 2023

Consolidated Financial Results for the Nine Months
Ended March 31, 2023 (Under Japanese GAAP)
Company name:
ULVAC, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
6728
URL:
https://www.ulvac.co.jp/en/
Representative:
Setsuo Iwashita, President and CEO
Inquiries:
Akira Umeda, Officer, General Manager of IR Department
Telephone:+81-467-89-2024
Scheduled date to file quarterly securities report:
May 12, 2023
Scheduled date to commence dividend payments:–Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (for domestic institutional
investors and analysts)(Yen amounts are rounded to the nearest million, unless otherwise noted)

1. Consolidated financial results for the nine months ended March 31, 2023 (from July 1, 2022 toMarch 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended
March 31, 2023
March 31, 2022Operating profit

Millions of yen% Millions of yen

160,959
166,097

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

(3.1)
29.2

12,743
19,539% Millions of yen(34.8)
92.4

15,663
20,441For the nine months ended March 31, 2023:
For the nine months ended March 31, 2022:

Basic earnings pershare
Nine months endedMarch 31, 2023
March 31, 2022

Profit attributable toowners of parent

Ordinary profit% Millions of yen(23.4)
101.9

11,756
13,776¥9,632 million¥19,510 million[(50.6)%][61.2%]%(14.7)
66.5

Diluted earnings pershare

Yen

Yen

238.70279.72––(2) Consolidated financial position
Total assets
As ofMarch 31, 2023
June 30, 2022
Reference:

EquityAs of March 31, 2023:
As of June 30, 2022:

Net assets

Equity–to–asset ratio

Millions of yen

Millions of yen%

338,903354,304

199,096
196,484

56.9
53.3¥192,917 million¥188,977 million

2. Cash dividends
Annual dividends per share
Second quarter–
end

First quarter–end

Third quarter–end

Yen

Yen

Yen

Fiscal year ended
June 30, 2022–––

Fiscal year ending
June 30, 2023–––

Fiscal year–endYen

Fiscal year ending
June 30, 2023
(Forecast)

Note:

TotalYen

124.00124.00123.00123.00

Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending June 30, 2023 (from July 1, 2022 toJune 30, 2023)
Net sales

Fiscal year ending
June 30, 2023

Note:

(Percentages indicate year-on-year changes.)
BasicProfit attributable toOrdinary profit
earnings perowners of parentshare

Operating profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen215,000(10.9)

17,500(41.8)

21,000(34.8)

16,000(20.8)

324.88

Revisions to the earnings forecasts most recently announced: Yes

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): Yes
New inclusion: None, Exclusion: One company (ULVAC TOHOKU, Inc.)(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
(4) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

49,355,938 shares

As of June 30, 2022

49,355,938 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2023

106,983 shares

As of June 30, 2022

106,961 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of thefiscal year)
Nine months ended March 31, 2023

49,248,958 shares

Nine months ended March 31, 2022

49,249,001 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters(Cautions on forward-looking statements, etc.)
The forward-looking statements, including the earnings forecasts shown in this document are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. Assuch, they do not constitute guarantees by the Company of future performance. Actual performance andother results may differ materially from these forecasts due to various factors.

ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Nine Months Ended March 31, 2023

Quarterly consolidated financial statements(1) Quarterly consolidated balance sheet(Millions of yen)
As of June 30, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, netTools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Leased assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31, 2023

118,040

93,821

86,331

76,0274,500
29,09015,84910,562(525)
263,847

5,930
38,06319,191
11,290(566)
243,756

26,883
15,735
1,774
8,360
3,157
9,087
64,99525,59816,887
1,729
8,187
3,645
11,336
67,382

27
1,603
2,085
3,715

18
1,670
2,351
4,038

6,882
6,990
9,869
(1,995)
21,74690,457354,304

9,626
6,430
9,743
(2,070)23,72895,148338,903

ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Nine Months Ended March 31, 2023
(Millions of yen)
As of June 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Provision for loss on orders received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for share awards for directors (and otherofficers)
Asset retirement obligations
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
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

As of March 31, 2023

55,030
9,618
679
3,813
25,245
5,918

46,986
10,865852
1,261
23,655
4,563

404

236

1,387
16
14,651
116,7621,563
129
11,304
101,413

29,910
2,562
128
7,400

26,765
2,986
193
7,320

272

340

416
368
41,057
157,820

408
382
38,395
139,808

20,873
3,912
152,514(344)
176,955

20,873
3,912
158,150(344)
182,591

1,440
12,282(1,700)12,022
7,508
196,484
354,304

1,822
9,949
(1,445)
10,326
6,178
199,096338,903

ULVAC, Inc. (Securities code: 6728)Consolidated Financial Results for the Nine Months Ended March 31, 2023

(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)
Nine months ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOtherTotal non-operating income
Non-operating expenses
Interest expenses
Commission for syndicated loans
Cost to deal with COVID-19
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of shares of subsidiaries and associates
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

Nine months ended
March 31, 2023

166,097
115,337
50,76031,221
19,539160,959
112,920
48,04035,296
12,743

150
654

237
405

540

2,440

1,333
2,678

1,170
4,251

303
195
655
624
1,777
20,441

335
287
–
709
1,332
15,663

670
50
720–
152
152

333
333
20,828
5,360
898
6,258
14,570794
13,77636
36
15,779
4,082
328
4,409
11,370(386)
11,756ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Nine Months Ended March 31, 2023

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)
Nine months ended
March 31, 2022
ProfitOther comprehensive incomeValuation difference on available-for-sale securities
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

Nine months ended
March 31, 2023

14,57011,370

(276)
4,602
204

387
(2,233)
256

409

(149)

4,940
19,510(1,738)
9,632

18,40010,060

1,111

(429)

ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Nine Months Ended March 31, 2023

(3) Quarterly consolidated statement of cash flows(Millions of yen)
Nine months ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for share awards for
directors (and other officers)
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for loss on orders
received
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of shares of subsidiaries andassociates
Loss (gain) on sale of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in net contract liabilities
Increase (decrease) in accrued consumption taxes
Decrease (increase) in consumption taxes refund
receivableOther, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Proceeds from sale of shares of subsidiaries andassociates
Other, net
Net cash provided by (used in) investing activities

Nine months ended
March 31, 2023

20,828
6,302
333
168
1,210
73

15,7795,956
36
163(1,232)
305

56

68

96

204(874)

112

(805)
303

(642)
335

(540)

(2,440)

(670)

–

(50)
(8,192)(10,569)
9,577
11,249
113

(152)
9,113
(14,655)(8,029)(938)(1,155)

(439)

1,434

(1,406)
26,765
1,249(302)(4,407)23,305

(228)
4,036
766
(321)
(8,095)(3,615)(15,571)
15,066(18,317)
18,284(5,039)(10,696)

–

432

700

–

407
(4,438)213(10,085)

ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Nine Months Ended March 31, 2023
(Millions of yen)
Nine months ended
March 31, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Dividends paid
Purchase of treasury shares
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Nine months ended
March 31, 20235073,600(4,150)(4,683)(0)(1,342)(6,069)

1,006
1,800
(4,747)(6,113)(0)(1,253)(9,307)2,237(1,004)15,034
83,06198,095(24,011)
107,106
83,095