TRANSLATION FOR REFERENCE PURPOSE ONLYThis notice has been translated from the original Japanese text of the timely disclose statement and is for reference purpose only. In the event ofany discrepancy between the original Japanese and this translation, the Japanese text shall prevail.

October 26, 2023
Company Name:

ARE Holdings, Inc

Representative:

Tomoya Higashiura, President & CEO(Code: 5857, Tokyo Stock Exchange - Prime Market)

Contact:

Yoko Yanagida, Head of Corporate Communications(Phone: +81-3-6270-1833)

Notice of Difference between Financial Forecast and Actual Financial Results for the Six Months Ended
September 30, 2023 Revision to Financial Forecast for the Year Ending March 31, 2024
ARE Holdings, Inc. (the “Company”) hereby announces that, there were differences between the consolidated financial
forecast for the six months ended September 30, 2023 announced on April 27, 2023 and the actual results announced
today. The Company also announces that the Board of Directors of the Company has resolved today to revise its
consolidated financial forecast for the year ending March 31, 2024, which was announced on April 27, 2023. The details
are described below.

1. Differences between consolidated financial forecast and actual financial results for the six months ended on
September 30, 2023 (April 1, 2023 to September 30, 2023)
Profitattributable Basic earnings
to owners ofper share
parentRevenue

OperatingprofitProfit before
tax

Previous forecast (A)(Announced on April 27, 2023)¥ million¥ million¥ million¥ million

Yen Sen

120,000

8,000

7,800

5,500

71.76

Actual result (B)151,896

6,981

7,193

5,259

68.62

Change (B-A)

31,896

Change (%)

26.6(1,019)

(607)

(241)

132,65311,493

10,241

7,293(Ref.) Results for the six months(FY ended March 31, 2023)(12.7)

(7.8)

(4.4)

93,30

2. Revisions to consolidated financial forecast for the year ending March 31, 2024 (April 1, 2022 to March 31, 2024)
Profitattributable Basic earnings
to owners ofper shareparentRevenue

OperatingprofitProfit before
tax

Previous forecast (A)(Announced on April 27, 2023)¥ million¥ million¥ million¥ million

Yen Sen250,000

19,00018,50013,200172.23

Revised forecast (B)290,000

19,00018,50013,200172.23

Change (B-A)

40,000－－－Change (%)

16.0－－－

292,449

19,263

16,052

10,929(Ref.) Results for the full year
(FY ended March 31, 2023)

1141,.193. Reasons for revisions and differences:
In the precious metals recycling business, revenue resulted higher than the previous forecast due to the increaseof gold sales volume and its prices. On the other hand, because of the price decline of rhodium and palladium inthe market, and inventory adjustment of our clients of electronics and catalyst sectors, operating profit, profit
before tax and quarterly profit attributable to owners of the parent company were lower than the previousforecast. Accordingly, the full-year consolidated financial forecast for the fiscal year ending March 31, 2024 has
been revised above.
The above forecast has been prepared based on the information available at the time of issuance of this announcement.
Actual results may differ from the aforementioned forecast due to a variety of factors including economic conditions,financial trends, metal market trends and others.

2