Summary of Consolidated Financial Statements
for Third Quarter of Fiscal Year Ending March 31, 2024(Japan GAAP)
February 9, 2024
Listed Exchanges: TSE
Name of Listed Company: Ishihara Sangyo Kaisha, Ltd.
Code:4028
URL https://www.iskweb.co.jp/
Representative:(Title) Executive Director President (Name) Hideo Takahashi
Contact:(Title) Director(Name) Yasunobu Kawazoe
Scheduled date of securities report submission: February 13, 2024
Scheduled date of dividend payment commencement: —Tel +81-6-6444-1850(Any amount less than one million yen is rounded down to the nearest million yen or nil.)1.

Consolidated Financial Results for Third Quarter of Fiscal Year Ended March 31,2024(April 1,2023 to December 31, 2023)(1) Consolidated Operating Results
Net sales
millions of yen
98,503
94,174

3Q, 2023
3Q, 2022(Note) Comprehensive income:

%
4.6
19.3

(Percentages represent changes from same period in previous year.)
Operating income
Ordinary income
Net income
millions of yen% millions of yen%millions of yen%
-4.2
2,483 -34.8
5,280
2,841-5.7-9.4
3,811 -35.7
5,510
3,012 -36.8

As of December 31, 2023: 5,326 million yen (0.2%)
As of December 31,2022: 5,317 million yen (-1.4%)
Net income per share

Net income per share after full dilution

Yen
74.44
75.56

3Q, 2023
3Q, 2022

Yen⎯⎯(2) Consolidated Financial Position
Total assets
millions of yen
3Q, 2023
230,581Year ended March 31, 2023
201,913(Reference) Equity capital:

Net assets
Millions of yen
101,253
97,431

Capital adequacy ratio
%
43.9
48.3

As of December 31, 2023: 101,224 million yen
As of March 31, 2023: 97,431 million yen

2. Dividends
Dividends per share
June 30(Q1-end)(Record date)

September 30(Q2-end)Yen

December 31(Q3-end)Year ended March 31, 2023

⎯

Yen
0.00

⎯

Year ended March 31, 2024

⎯

0.00

⎯

March 31
(Year-end)

Yen

Year ending March 31, 2024
(Forecast)

Annual

Yen
42.00

Yen
42.00

60.00

60.00

(Note) 1. Modification in the dividend forecast for current quarter: No modification
3. Forecast for Consolidated Results for the Full Year Ending March 31, 2024 (April 1, 2023 - March 31, 2024)(Percentages represent forecasted changes from the previous year for the full year results, andforecasted changes from the same period in the previous year for the interim results.)

Net sales

Full year

Operating income

Ordinary income

Net income

Earnings per share

millionsof yen%millionsof yen%millionsof yen%millionsof yen%Yen

138,000

5.2

10,00015.9

11,000

6.3

8,000

15.1

209.65(Note) Modification in the dividend forecast for current quarter: No modification* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-1-4. Other information(1) Significant changes in subsidiaries during the period(changes in specified subsidiaries resulting in the change in consolidation scope): No change(2) Adoption of simplified accounting treatment and special accounting treatment for quarterly consolidated statement: Not adopted(3) Changes in accounting principles, procedures, and the method of presentation
1) Changes due to revisions of accounting standards etc.
: Not adopted
2) Changes other than those defined in 1) above: Not adopted
3) Changes in accounting procedures: Not adopted
4) Changes in the method of presentation: Not adopted(4) Issued shares (common shares)
1) Issued shares as of period-end (including repurchased treasury shares)
As of December 31, 2023: 40,383,943 shares
As of March 31, 2023: 40,383,943 shares
2) Number of shares of treasury stock as of period-end
As of December 31, 2023: 2,184,589 shares
As of March 31, 2023: 2,243,479 shares
3) Average number of outstanding shares during period
3Q 2023: 38,165,795 shares
3Q 2022: 39,868,212 shares*Quarterly financial results are outside the scope of quarterly review.
*Notes on proper use of forecast and other matters
The forecast of financial results presented in this document is the result of management’s assessment based upon currently available assumptions,prospects and plans for the future. Actual results and dividend payments may differ from these forecasts, due to risks and uncertain factors, such as theglobal economy, competition, and foreign currency fluctuations.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-2-5. Consolidated Financial Statements(1) Consolidated Balance Sheet(Unit: millions of yen)Account Category

As of March 31, 2023
(summary)

As of December 31, 2023

AssetsCurrent assets
Cash and deposits

17,662

34,905

Notes and accounts receivable-trade and contract assets
Electronically recorded monetary claims - operating

38,618
1,322

32,173
1,525

Merchandise and finished goods

37,55848,045Work in process
Raw materials and supplies

6,897
30,323

9,057
32,745

OtherAllowance for doubtful accounts

6,292-1,175

5,917-1,174

Total current assets

137,499

163,195

20,39017,542Others, net

26,33830,563

Total property, plant and equipment

46,728

48,106

Intangible assets
Investments and other assets

1,396

2,065

Investment securities

8,106

9,737

Deferred tax assets
Net defined benefit asset

7,308
23

5,769
24

Other

900

1,735

Allowance for doubtful accounts

-49

-53

Total investments and other assets

16,28917,21464,414

67,385201,913230,581

Non-current assets
Property, plant and equipment
Machinery equipment, net

Total non-current assets
Total assets* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-3-(Unit: millions of yen)
As of March 31, 2023
(summary)

As of December 31, 2023

22,682
1,253

21,992
1,908

22,426

24,587

938
403

968
132

924

505

Other

112
10,4504,611
11,295

Total current liabilities

59,19266,002

2,960

2,355

25,64745,301

1,145
238

195

Account Category
Liabilities
Current liabilitiesNotes and accounts payable – trade
Electronically recorded obligations - operating
Short-term loans payable
Currents portion of bonds
Accrued income taxes
Provision
Electronically recorded obligations – non-operating

Long-term liabilities
Bonds payable
Long-term loans payable
Provision for environment and safety improvement
Other provision
Net defined benefit liability

12,166－12,048

Other3,131

3,423

Total long-term liabilities
Total Liabilities
Net assets
Shareholder’s equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity

45,28963,324

104,481

129,327

43,42043,42010,653
44,102

10,672
45,341-2,710-2,652

95,46696,783

384

606

1,309

3,519

271

316

1,965

4,441

－

28

97,431

101,253

201,913230,581

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* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-4-(2) Consolidated Statements of Income(Unit: millions of yen)
Q3 2022(April 1,2022 toDecember 31, 2022)

Account Category

Q3 2023(April 1,2023 toDecember 31, 2023

Net sales
Cost of sales

94,174
71,86798,50376,969Gross profit

22,307

21,534

Selling, general and administrative expenses

18,495

19,050Operating income

3,811

2,483

Non-operating income
Interest income

13105

Dividend income

190

219663
1,333

985
1,553

Reversal of allowance for environment and safety improvement－660

Gain on sales of raw materials
Other

110
172

145
200

Total non-operating income

2,484

3,868

Interest expenses
Financial fee

360
282

435
449

Other

143

186

Total non-operating expenses

785

1,071

5,510

5,280

Gain on sale of non-current assets－39

Gain on sale of investment securities

76

47

Total extraordinary income

76

87

592

362

592

362

Income before income taxes and minority interests

4,994

5,006

Income taxes-current
Income taxes – deferred

799
1,182

444
1,710

Total income taxes

1,981

2,155

Net income

3,012

2,850－8

3,012

2,841

Equity in earnings of affiliates
Foreign exchange gains

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss
Loss on disposal of non-current assets
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-5-

(Unit: millions of yen)
Q3 2022(April 1,2022 toDecember 31, 2022)

Account Category
Net income

Q3 2023(April 1,2023 to
December 31, 2023)

3,012

2,850

Valuation difference on available-for-sale securities

-109

220

Foreign currency translation adjustment

2,199

1,830

Remeasurements of defined benefit plans

71

44

Share of other comprehensive income of entities accounted
for using equity method

143

380

2,305

2,476

5,317

5,326

5,317

5,317

－8

Other comprehensive income

Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-6-6. Segment Information【Business Segment Information】
3Q of Fiscal Year Ended March 31, 2023 (April 1,2022 to December 31, 2022)(1) Information relating sales, profits, losses, for each reporting unit
(Unit: millions of yen)
Elimination/
Consolidated
Corporate

Inorganic
Chemicals

Organic
Chemicals

OtherBusinesses

47,47944,6842,010

94,174⎯94,174⎯

02,9372,937-2,937

⎯

Total

47,47944,684

4,947

97,111-2,937

94,174

Segment profit

1,219

4,774

102

6,096-2,284

3,811

Sales
(1) Sales to externalcustomers(2) Intersegment sales andtransfers

Total(Note) 1. Adjustment include the following items(1) Adjustment in segment profit (-￥2,284 million) includes elimination of transaction between segments (￥123million) andcorporate expenses not allocated to reporting segments(-￥2,408 million). Corporate expenses mainly comprise general
expenses not allocated segments.
(2) Segment profit is adjusted to be consistent with operating income shown on the quarterly consolidated income statement.

(2) Geographical information
Net Sales(Unit: millions of yen)Japan
39,315

Asia
19,097

AmericaEurope

20,351

Other

15,037

Total
373

94,174(Note) 1. Net sales by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses.
Countries and regions included in each geographic segment are follows, excluding Japan:(1) Asia: China, Taiwan, South Korea, Thailand, Indonesia, Singapore and India(2) Americas : United States of America, Canada, Brazil, Argentina, and Mexico(3) Europe : Germany, Netherlands, France, the United Kingdom, Belgium, Italy, and East Europe and Middle East regions(4) Other: Australia, New Zealand and Africa(3) Information concerning impairment loss or goodwill on non-current assets by segment
We do not note significant changes.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-7-【Business Segment Information】
3Q of Fiscal Year Ended March 31, 2024(April 1,2023 to December31, 2023)(1) Information relating sales, profits, losses, for each reporting unit
(Unit: millions of yen)
Adjustment

Amount reported on
consolidated financial
statements

98,503⎯98,503

2,882

2,882

-2,882⎯45,771

5,168

101,386-2,882

98,503

3,880

117

4,854

-2,371

2,483

Inorganic
Chemicals

Organic
Chemicals

Other
Businesses

50,44545,771

2,286(2) Intersegment salesand transfers⎯

0Total50,445

Segment profit

856

Sales
(1) Sales to externalcustomers

Total(Note) 1. Adjustment include the following items(1) Adjustment in segment profit (-￥2,371 million) includes elimination of transaction between segments (￥128million)
and corporate expenses not allocated to reporting segments(-￥2,499 million). Corporate expenses mainly comprise
general expenses not allocated segments.
(2) Segment profit is adjusted to be consistent with operating income shown on the quarterly consolidated incomestatement.
(2) Geographical information
Net Sales(Unit: millions of yen)Japan
41,689Asia

America
18,903

Europe18,106

Other19,072Total
730

98,503(Note) 1. Net sales by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses.
Countries and regions included in each geographic segment are follows, excluding Japan:(1) Asia: China, Taiwan, South Korea, Thailand, Indonesia, Singapore, and India(2) Americas : United States of America, Canada, Brazil, Argentina, and Mexico(3) Europe : Germany, Netherlands, France, the United Kingdom, Belgium, Italy, and East Europe and Middle East regions(4) Other: Australia, New Zealand and Africa(3) Information concerning impairment loss or goodwill on non-current assets by segment
We do not note significant changes.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-8-