Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
February 13, 2024
Company name: NSW Inc.
Stock exchange listing: Tokyo
Code number: 9739
URL: https://www.nsw.co.jp/
Representative: Shoji Tada
President (Representative Director)
Contact: Yuzuru Suka
Senior Executive Corporate Officer and Member of the Board
Phone: +81-3-3770-1111
Scheduled date of filing quarterly securities report: February 14, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended
December 31, 2023
34,908
9.9
4,147
22.3
4,198
22.0
2,937
26.4
December 31, 2022
31,757
4.3
3,392
(0.2)
3,441
0.1
2,323
(1.8)
(Note) Comprehensive income:Nine months ended December 31, 2023:¥
2,835 million [20.6%]
Nine months ended December 31, 2022:¥2,350 million [(4.5) %]Basic earnings
per share
Nine months ended
December 31, 2023December 31, 2022

Diluted earnings pershareYen

Yen

197.17155.96-(2) Consolidated Financial Position
Total assets
Millions of yen
As ofDecember 31, 2023
41,666
March 31, 2023
40,663(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

31,82029,87831,820 million
29,878 million

%

76.4
73.5

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-25.00-30.0055.00

Fiscal year ending March 31, 2024

-30.00

30.00

60.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending March 31, 2024 :Commemorative dividend- yenSpecial dividend
- yen

Total

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Full year
48,500
5.0
5,600
3.9
(Note) Revision to the financial results forecast announced most recently:

5,650
No% Millions of yen

3.8

3,950%

Yen(3.4)

265.11* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
NoNew(Company name:
Exclusion:(Company name:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2023:
14,900,000 shares
March 31, 2023:
14,900,000 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
537 shares
March 31, 2023:
537 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
Nine months ended December 31, 2022:

14,899.463 shares
14,899,463 shares※This Consolidated Financial Report is not subject to audit procedures by certified public accountants or auditing firm.
※The consolidated financial results forecasts are based on information currently available to The Company and on
certain assumption deemed to be reasonable. As a result of various facter that may arise in the future,actual results may
deffer from the Company's forecast.

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetary claims operating
MerchandiseWork in process
Supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Tools, furniture and fixtures, netLand
Other, net
Total property, plant and equipment
Intangible assets
Software
Software in progress
Goodwill
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― 1 ―As of December 31, 2023

15,35228
12,376

17,194
1
9,308

285

206

918
1,278
1
427
30,669

1,085
2,763
1
840
31,401

2,038
297
3,861
7
6,205

1,882
337
3,861
6
6,087

40
92
148
20
301

34
192
128
20
375

158
1,705
1,635
(12)
3,486
9,993
40,663

710
1,510
1,593
(12)
3,801
10,264
41,666

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits for directors (andother officers)
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-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets― 2 ―As of December 31, 2023

3,478
1,020
373
1,374
1,727
7,974

3,253
299
292
500
16
2,611
6,972

2

2

2,602
204
2,809
10,784

2,687
183
2,872
9,845

5,500
86
24,175(0)29,7605,500
8626,218(0)31,80498(15)

30(10)
11829,878
40,66340(7)1631,82041,666

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Corporate officer' compensations
Salaries and bonuses
Retirement benefit expenses
Welfare expenses
Communication and transportation expenses
Outsourcing expenses
Rent expenses
OtherTotal selling, general and administrative expensesOperating profit
Non-operating income
Interest income
Foreign exchange gains
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Loss on sale of receivables
Loss on disaster
Loss on cancellation of insurance policies
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferredTotal income taxes
ProfitProfit attributable to owners of parent― 3 ―For the nine months
ended December 31, 2023

31,75725,408
6,348

34,90827,677
7,231

114
146
1,185
52
233
104
210
212
695
2,956
3,392

131
142
1,221
59
244
151
235
233
664
3,083
4,147

1
8
10
30
50

16
3
7
25
53

0
00
1
3,441

0
10
2
4,198

0
0

2
135
138

2
2
3,438
722
392
1,115
2,323
2,323

32
32
4,305
1,122
244
1,367
2,937
2,937

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Millions of yen)
For the nine 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
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent― 4 ―For the nine months
ended December 31, 2023

2,323

2,937

914
2
26
2,350

(114)
92(101)
2,835

2,350

2,835Quarterly Consolidated Statements of Cash Flows(Millions of yen)
For the nine months
ended December 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in retirement benefit liability
Interest and dividend income
Loss (gain) on sale of investment securities
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received
Increase (decrease) in accrued consumption taxes
Decrease (increase) in prepaid expenses
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in income taxes payable - factor
based tax
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement obligations
Purchase of investment securities
Proceeds from sale of investment securities
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guaranteedeposits
Purchase of insurance funds
Purchase of long-term prepaid expenses
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
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― 5 ―For the nine months
ended December 31, 2023

3,438
310
22(870)4,305
326
20(874)

316

83(1)
2
1,960
(1,931)538
16(446)
(433)
49
314

88(17)
(135)
32
3,175
(1,651)
(217)
157
(80)
(291)
(41)
232

(99)

(68)

390
(2)
3,346
1(2,024)
1,323

450
(4)
5,421
0(1,783)
3,637

(278)
(84)
(4)
(405)

(8,000)
(140)
(86)
(26)
(732)
149
(17)

7

100

(10)
(140)
4(912)(10)(165)
8(8,919)

(811)
(811)

(886)(886)

149(385)
15,176
14,791(6,157)
15,3529,194