Third Quarter Consolidated Financial Reportfor the Nine Months Ended December 31, 2022 [Japanese GAAP]
Listed company
name

MIRARTH HOLDINGS, Inc.

Security code
Representative8897(Job title)

Contact person(Job title)

February 6, 2023
Stock Exchange Listings
Prime marketof the Tokyo Stock Exchange

URL https://mirarth.co.jp/en/
Representative Director(Name) Kazuichi Shimada
Director and Executive
General Manager of Corporate (Name) Masashi Yamamoto
Planning Headquarters

TEL +81-3-6551-2133

Scheduled date for release ofFebruary 13, 2023
Scheduled date for commencement of dividend payments Annual Securities Report
Quarterly Financial Results: Preparation of Supplementary Explanations materials: None
Holding of quarterly financial results meeting: None
(Amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Third Quarter of Year ending March 31, 2023 (from April 1, 2022 December 31, 2022)(1)Consolidated Operating Results (Cumulative)(Percentages indicate year-on-year changes)
Net salesYear ending March 31,
2023 Third Quarter
Year ending March 31,
2022 Third Quarter

Millions of yen

Operating income% Millions of yen

95,081△5.0

100,042-

Year ending(NOTE)March 31, 2023
Comprehensive income
Third Quarter% Millions of yen

Net income attributableto owners of parent% Millions of yen%

2,205 △61.1

1,179 △73.5

1,804

△42.0

5,669

4,448

3,109-

Millions
1,175(△62.1% )of yenQuarterly net income pershare

Ordinary income-

Year ending March31, 2022 ThirdQuarter-

Millions
3,099(-%)
of yenQuarterly diluted net
income per share

Yen
Yen
Year ending March 31,
16.52
16.39
2023 Third Quarter
Year ending March 31,
28.58
28.37
2022 Third Quarter(NOTE)1. The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, 2020 31-Mar), etc. has been applied fromthe beginning of the previous First Quarter Consolidated Accounting period, and the figures related to the third quarter ofYear ending March 31, 2022 have been used after the application of this accounting standard, and the rate of change fromthe same quarter of the previous year is not stated.
2. At the end of Year ending March 31, 2022, the provisional accounting treatment for business combinations was finalized.
The figures related to the third quarter of Year ending March 31, 2022 reflect Details of finalizing the provisional
accounting treatment.
(2)Consolidated Financial Position
Total assets
Millions of yen

Net assets
Millions of yen

327,167

61,59617.9

223,473

59,601

26.5

Year ending March 31,
2023 Third Quarter
Year ending March 31,2022
Reference:Year ending March 31,
Shareholders' equity
2023 Third Quarter

58,716Millions of yen

Year ending
March 31, 2022

Equity ratio%

59,109Millions of yen

2. Dividend Status
End of first quarter

Annual Cash Dividends per Share
End of second
End of third quarter
Term endquarter
YenYenYenYen
Year ending March 31,
4.00
2022
Year ending March 31,4.00
2023
Year ending March 31,2023 (Forecast)(NOTE)Revisions to the most recently announced dividend forecasts: None-Total
Yen

14.00

18.00

16.00

20.00

-

3. Forecast of Consolidated Financial Results of Year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)(Percentages indicate year-on-year changes.)
Net sales

Operating income

Net income
Net income per
attributable to owners
shareof parent% Millions of yen%Yen
0.4
7,000 12.6
64.19

Ordinary income

Millions of yen% Millions of yen % Millions of yen
Full year
173,500 6.6
11,900 0.2
10,300(NOTE)Revisions to the most recently announced earnings forecasts: None※ Notes(1)Changes in significant subsidiaries in the current quarterly consolidated Cumulative period (changes in specified subsidiaries
accompanied by changes in the scope of consolidation): Yes
New: 1 company (company name) Takara Leben Infrastructure Fund Inc., Excluded:-company (company name)-(NOTE)
For details, please refer to "2. Quarterly Consolidated Financial Statements and Major Notes (3) Notes to Quarterly
Consolidated Financial Statements (Changes in significant subsidiaries during the period)" on page 8.
(2)Application of special accounting methods for preparing quarterly consolidated financial statements: None
(3)Changes in accounting policies and changes or restatement of accounting estimates① Changes in accounting policies due to revision of accounting standards: None
② ①Changes in accounting policies other than the above: None
③ Changes in accounting estimates: None
④ Restatement of revisions: None
(4)Number of shares outstanding (Common stock)① Number of shares outstanding at the end ofthe period (including treasury stock)

Third Quarter of
Fiscal Year Ending 121,000,000Shares
March 2023
Third Quarter of② Year-end treasury stock

Fiscal Year Ending
March 2023

11,307,607SharesYear ending
March 31, 2022

121,000,000SharesYear ending
March 31, 2022

11,948,807Shares

Third Quarter ofThird Quarter ofMarch 2023

March 2023

③ Average number of shares during the period
Fiscal Year Ending 109,275,938Shares Fiscal Year Ending 108,801,838Shares(quarterly consolidated cumulative period)※ Quarterly financial results are not subject to quarterly reviews by Certified Public Accountant or Audit companies.
※ Explanation of the proper use of financial results forecasts and Other special notes
The earnings forecasts and other forward-looking statements herein are based on information currently available to theCompany and on certain assumptions deemed to be reasonable, and do not constitute guarantees by the Company of futureperformance. Actual results may differ materially from the forecast depending on a range of factors.

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

○Attachments Table of Contents
1. Qualitative Information Regarding Consolidated Financial Results for the Second Quarter of the Fiscal Year underReview(1) Explanation of Operating Results22(2) Explanation of Financial Position

3(3) Explanation of Consolidated Earnings Forecasts and Other Forward-Looking Statements

3

2. Quarterly Consolidated Financial Statements and Major Notes

4(1) Quarterly Consolidated Balance Sheets

4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

6

Quarterly Consolidated Statements of Income
Third Quarter Consolidated Cumulative Period

6

Quarterly Consolidated Statements of Comprehensive Income
Third Quarter Consolidated Cumulative Period

7(3) Notes to Quarterly Consolidated Financial Statements

8(Notes on Going Concern)

8(Notes on Significant Changes in the Amount of Shareholders' Equity)8(Changes in Significant Subsidiaries during the Quarterly Consolidated Cumulative period)

8-1-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

1. Qualitative Information Regarding Consolidated Financial Results for the Second Quarter of the Fiscal Yearunder Review
As the provisional accounting treatment for business combinations conducted in the previous first quarter consolidated
accounting period was finalized at the end of previous fiscal year, comparison and analyses with the same quarter of the previousyear are based on amounts after reflecting a material revision to the initial allocation of the acquisition cost due to the finalization of
the provisional accounting treatment.
(1) Explanation of Operating Results
In the third quarter of the current consolidated Cumulative period, the Japanese economy showed signs of a moderate recovery
due to the relaxation of action limits for preventing the new type of coronavirus infectious disease (COVID-19), as well as travel
support by the government and local governments and the recovery of inbound tourism. On the other hand, attention should bepaid to the prolonged geopolitical tensions caused by the situation in Russia and Ukraine, as well as the impact of global
monetary tightening. In the real estate industry to which our group belongs, even though construction costs are on the rise due tothe recent surge in energy and raw material costs, demand for housing remains steady, and investment by domestic and overseas
investors, including mainstay condominiums, is robust, and the securitization business, etc. are also performing well. In addition
to Real Estate Business and Asset Management Business, our policy is to expand Energy Business as a growth pillar, and we willcontinue to contribute to a sustainable society through real estate and renewable energy.
In conjunction with the "Notice of Business Segment Changes" announced on March 14, 2022, Category of the segment has
been changed from the previous 5 business segments to 4 business segments by First Quarter Consolidated Accounting period.
For the results for the previous third quarter in the explanations of each segment below, the figures have been reclassified under
the new segment.
(Millions of yen)Segment name

Previous Third quarter

Current Third quarter

Comparison

Net sales

Operatingincome

Net sales

Operatingincome

Net sales

Operatingincome

Real Estate Business

66,812

1,050

85,2182,953

18,405

1,903

Energy Business

30,329

4,188

6,770

Asset Management Business

1,053

581

813

△788

△23,558△4,976

Other Businesses

1,846

△149

2,277

△253

431

△287

△4,960△103△3,464

Total

100,042

5,669

95,081

293

2,205

△239

① Operating Results by Segment
Real Estate Business Net sales was 85,218 Millions of yen (up 27.5% from the same quarter of the previous year) due to
new condominiums, liquidation, new detached house sales, renewal resale, real estate rental, real estate management, andreal estate Other.
In Energy Business, although sales of large-scale power generation facilities were recorded in the same quarter of theprevious fiscal year, Net sales for this business was 6,770 Millions of yen (down 77.7% from the same quarter of theprevious fiscal year) due solely to revenues from electricity sale of power generation facilities in the third quarter of thefiscal year under review.
In Asset Management Business, there were acquisition fees associated with the acquisition of Takara Leben Infrastructure
Fund Inc.'s power generation facilities in the same quarter of the previous fiscal year, but there were no acquisition fees
associated with Takara Leben Infrastructure Fund Inc. in the third quarter of the fiscal year under review. As a result, thebusiness Net sales was 813 Millions of yen, down 22.7% from the same quarter of the previous fiscal year.
In Other Businesses, Net sales of this business was 2,277 Millions of yen (up 23.4% from the same quarter of the previousyear) due to construction contracting and other factors.
Consequently, the operating results of Cumulative period for the third quarter of the fiscal year under review were as
follows: Net sales 95,081 Millions of yen (down 5.0% from the same quarter of the previous year), Operating income 2,205
Millions of yen (down 61.1% from the same quarter of the previous year), Ordinary income 1,179 Millions of yen (down
73.5% from the same quarter of the previous year), and Net income attributable to owners of parent 1,804 Millions of yen(down 42.0% from the same quarter of the previous year).
For details, please refer to the Fact Book posted on our website.

-2-MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

② Progress of Contracts
Regarding the sales results of Cumulative period for the third quarter of the current fiscal year, contracts were concluded
for 1,777 units against 1,780 units scheduled to be delivered to Full year, and the progress rate was 99.8%.
(Contract status for new built-for-sale condominiums)
Units scheduled fordelivery

Number of contracted
Units under contract
Contract progress ratio
units scheduled forApril to December(%)
deliveryPrevious period

1,800

1,701

94.5

1,593

Current period

1,780

1,777

99.8

1,747

(2)Explanation of Financial Position
Assets, Liabilities and Net Assets
Our Total assets at the end of the third quarter of the current consolidated Accounting period was 327,167 Millions of yen,up 103,694 Millions of yen from the end of End of Previous Consolidated Accounting Period. This was mainly due to achange in the scope of consolidation as a result of a tender offer for Takara Leben Infrastructure Fund Inc.. Amounts arecalculated using the provisional accounting treatment for business combinations at the end of the third quarter consolidated
Accounting period of this fiscal year.
(Current assets)
Current assets increased 39,732 million yen from the end of the previous fiscal year to 182,357 million yen due to thesteady purchase of business assets.(including 6,491 million yen from the acquisition of Takara Leben Infrastructure
Investment Corp.)(Fixed Assets)
Fixed assets increased 63,953 million yen from the end of the previous fiscal year to 144,746 million yen, mainly due
to an increase in business assets resulting from changes in the scope of consolidation. (including 60,888 million yen fromthe acquisition of Takara Leben Infrastructure Investment Corp.)(Current Liabilities)
Current liabilities increased 45,847 million yen from the end of the previous fiscal year to 120,858 million yen, mainly
due to an increase in loans payable resulting from a change in the scope of consolidation. (including an increase of 3,657
million yen due to the acquisition of Takara Leben Infrastructure Investment Corp.)(Fixed Liabilities)
Long-term liabilities increased 55,852 million yen from the end of the previous fiscal year to 144,713 million yen, mainly
due to an increase in loans payable resulting from a change in the scope of consolidation. (Including an increase of 33,183
million yen due to the acquisition of Takara Leben Infrastructure Investment Corp.)(Net Assets)
Total net assets increased 1,995 million yen from the end of the previous fiscal year to 61,596 million yen, mainly due to anincrease in non controlling interests resulting from changes in the scope of consolidation.
(3)Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements
The forecast of consolidated financial results remains unchanged from the full-year forecast announced on May 13, 2022.

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MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

2.Quarterly Consolidated Financial Statements and Major Notes(1)Quarterly Consolidated Balance Sheets

AssetsCurrent assets
Cash and deposits
Notes, accounts receivable-trade and contract
assetsReal estate for sale
Power generation facilities for sale
Real estate for sale in progress
Costs incurred on uncompleted contracts
Other
Allowance for doubtful accounts
Total current assets
Fixed 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
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowingsCurrent portion of bonds payable
Current portion of long-term loans payable
Income taxes payable
Allowance
Other
Total current liabilities
Fixed liabilities
Long-term loans payable
Bonds payable
Allowance
Liabilities related to retirement benefits
Other
Total Fixed liabilities
Total liabilities

End of Previous Consolidated
Accounting Period(As of March 31, 2022)-4-(Millions of yen)
Third-Quarter Consolidated
Accounting period
As of December 31, 2022

33,42839,616

2,886

2,486

32,616
1,001
58,036
1214,919△275
142,625

34,852
3,575
88,44977
13,574△275
182,357

9,553
36,94817,237
63,73926,44343,43047,143
117,018

1,561
948
2,510

8,355
4,340
12,696

14,554△12
14,54280,792
55
223,473

15,044△12
15,031
144,74663
327,167

15,411
14,1892,168
25,298
2,089
1,115
14,73875,0107,553
60,1162,160
31,793704
842
17,687
120,858

81,923
4,070
160
984
1,722
88,860163,871

137,458
4,080
131
1,093
1,948
144,713265,571

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Net unrealized gains on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interest
Total net assets
Total liabilities and net assets

End of Previous Consolidated
Accounting Period(As of March 31, 2022)-5-(Millions of yen)
Third-Quarter Consolidated
Accounting period
As of December 31, 2022

4,819
4,817
53,395△4,45658,575

4,819
4,819
53,236△4,21758,658548
0△14534
197
294
59,601
223,473645△1158
263
2,616
61,596327,167MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

(2)Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Third Quarter Consolidated Cumulative period)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expensesOperating income
Non-operating income
Interest income
Dividend income
Commission received
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Losses from equity method investment
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on subsequent acquisitions
Gain on sales of Fixed assets
Gain on sales of stock of affiliates
Negative Goodwill gains
Total extraordinary income
Extraordinary loss
Impairment loss
Office relocation expenses
Extraordinary losses Total
Current net income for the quarter before income taxes
and minority interests
Income taxes, inhabitant taxes and business taxes
Income tax adjustments
Total income and other taxes
Net profit
Quarterly net loss (△) attributable to Quarterly net income
attributable to non-controlling interests or non-controllinginterests
Net income attributable to owners of parent

Previous Third Quarter
Consolidated Cumulative period(From April 1, 2021
To December 31, 2021)
100,042
79,452
20,58914,9195,669(Millions of yen)
Third-Quarter Consolidated
Cumulative period(From April 1, 2022
To December 31, 2022)
95,08175,70819,373
17,1672,2055123754175
519

17225
56
189
489

1,413
18307
1,740
4,448

1,221
39
255
1,515
1,179

453783601
31632-

48
26
74

4,532

1,737

1,288
69
1,357
3,174708
△621
86
1,650

65

△154

3,109

1,804-6-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

(Quarterly Consolidated Statements of Comprehensive Income)(Third Quarter Consolidated Cumulative period)

Quarterly net income
Other comprehensive income
Net unrealized gains on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Quarterly comprehensive income(Comprising)
Quarterly comprehensive income attributable toowners of the parent
Quarterly comprehensive income attributable to noncontrolling interests

Previous Third Quarter
Consolidated Cumulative period(From April 1, 2021
To December 31, 2021)
3,174(Millions of yen)
Third-Quarter Consolidated
Cumulative period(From April 1, 2022
To December 31, 2022)
1,650

△7802
△75
3,099

△483
53△475
1,175

3,033

1,329

65

△154-7-MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Nine Months Ended December 31, 2022

(3)Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern)
Not applicable.
(Notes on Significant Changes in the Amount of Shareholders' Equity)
Not applicable.
(Changes in Significant Subsidiaries during the Quarterly Consolidated Cumulative period)(Changes in specified subsidiaries resulting in changes in the scope of consolidation)
During the third quarter of the current fiscal year, our consolidated subsidiary Green Energy LLC., conducted a tender offerfor the shares of Takara Leben Infrastructure Investment Corporation and included the company in the scope of consolidation.

-8-