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.

February 13, 2024

Consolidated Financial Results for the Six Months
Ended December 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:
February 13, 2024
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 six months ended December 31, 2023 (from July 1, 2023 to
December 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months endedDecember 31, 2023
December 31, 2022

Operating profit

Millions of yen% Millions of yen

120,224
111,360

Note: Comprehensive income

8.0
5.4

10,313
10,465

Profit attributable toowners of parent

Ordinary profit% Millions of yen

(1.5)
(8.3)

10,999
11,779For the six months ended December 31, 2023:
For the six months ended December 31, 2022:

Basic earnings pershare
Six months ended
December 31, 2023
December 31, 2022

(Percentages indicate year-on-year changes.)% Millions of yen

(6.6)
(2.2)

6,860
9,334

¥7,328 million¥6,695 million[9.5%][(37.3)%]%(26.5)
14.7

Diluted earnings pershare

Yen

Yen

139.25
189.53––(2) Consolidated financial position
Total assets
As ofDecember 31, 2023
June 30, 2023
Reference:

EquityAs of December 31, 2023:
As of June 30, 2023:

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

365,639
353,474

206,301
204,85354.6
56.1¥199,791 million¥198,212 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
June 30, 2023–––

109.00109.00Fiscal year ending
June 30, 2024–––

114.00114.00Fiscal year ending
June 30, 2024(Forecast)

Note:

Fiscal year-end

Total

Yen

Yen

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

3. Consolidated earnings forecasts for the fiscal year ending June 30, 2024 (from July 1, 2023 toJune 30, 2024)
Net sales

Fiscal year ending
June 30, 2024

Note:

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

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

Yen

245,000

7.7

23,00015.3

24,500

7.1

16,00012.9

324.78

Revisions to the earnings forecasts most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(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: None(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 December 31, 2023

49,355,938 shares

As of June 30, 2023

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

85,527 sharesAs of June 30, 2023

107,207 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of thefiscal year)
Six months ended December 31, 2023

49,264,375 shares

Six months ended December 31, 2022

49,248,959 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. As
such, 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 Six Months Ended December 31, 2023

Quarterly consolidated financial statements(1) Quarterly consolidated balance sheet(Millions of yen)
As of June 30, 2023
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
Retirement benefit asset
Deferred tax assets
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of December 31, 2023

98,39993,554

83,53895,7326,140
36,485
19,335
11,903(521)
255,280

6,373
39,88021,5238,509(476)
265,095

25,915
20,399
1,741
8,245
3,670
9,617
69,58824,961
19,256
1,684
8,216
3,429
14,121
71,666

23
1,746
2,568
4,336

11
2,638
2,701
5,351

10,151
940
6,245
8,962
(2,030)24,26998,193
353,474

9,498
931
6,068
7,823
(793)
23,527
100,544365,639

ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Six Months Ended December 31, 2023
(Millions of yen)
As of June 30, 2023
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 December 31, 2023

47,336
11,878898
2,328
22,685
5,072

47,517
12,787839
2,173
31,737
5,805

368

144

1,726
313
14,149106,754

1,757
415
14,574
117,750

30,080
3,037
195
7,414

29,765
2,831
319
7,348

311

279

409
420
41,867
148,620412
635
41,588159,338

20,873
3,912
160,563(345)
185,003

20,873
3,912
162,044(271)
186,558

2,036
12,721(1,547)
13,2096,641
204,853
353,474

1,479
13,099(1,346)
13,233
6,511
206,301
365,639ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Six Months Ended December 31, 2023

(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)Six months ended
December 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
Foreign exchange losses
OtherTotal non-operating expenses
Ordinary profit
Extraordinary income
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

Six months ended
December 31, 2023

111,360
78,06533,296
22,831
10,465120,224
84,86435,361
25,048
10,313

153
189

237
294

386

234

1,171
1,898

846
1,611

223
–361
584
11,779

231
287
406
925
10,999

150
150

89
89

35
35
11,895
2,774
518
3,291
8,603
(731)
9,334

196
196
10,893
2,822
774
3,596
7,296
436
6,860

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

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Six months ended
December 31, 2022
ProfitOther comprehensive income
Valuation 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

Six months ended
December 31, 2023

8,603

7,296

375
(2,232)
169

(553)
377
201

(221)

6(1,908)
6,695

32
7,328

7,463

6,884

(768)

444

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

(3) Quarterly consolidated statement of cash flows(Millions of yen)Six months ended
December 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 ordersreceived
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
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
receivable
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activitiesCash 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
Other, net
Net cash provided by (used in) investing activities

Six months ended
December 31, 2023

11,8953,925
35
27(437)228

10,8934,247
196(1,280)730
224

64(32)

201

21

1103

(341)
223

(531)
231

(386)

(234)

(150)
3,197
(8,826)(7,350)
(332)
(852)

(89)
(11,772)(6,437)
(100)
8,998
102

2,584

2,723

(1,141)
2,564
410
(216)
(5,179)(2,420)2,894
10,886601(245)(2,390)8,852(12,268)
12,625(12,730)
12,619(6,929)(8,156)

431

112

142
(5,998)208(7,947)ULVAC, Inc. (Securities code: 6728)
Consolidated Financial Results for the Six Months Ended December 31, 2023
(Millions of yen)Six months ended
December 31, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Dividends paid
Purchase of treasury shares
Dividends paid to non-controlling interests
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

Six months ended
December 31, 2023

535
1,800
(3,101)(445)(6,102)(0)(662)(7,976)459
3,600(3,549)(480)(5,373)(0)(694)(6,037)(1,175)

182(17,570)
107,106
89,536(4,950)87,31782,367