This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between the translated version and the Japanese original, the original version shall prevail. The Company assumes noresponsibility for this translation or for any direct, indirect or any other form of damage arising from the translation.

February 10, 2023
MODEC, INC.
Takeshi Kanamori, President & CEO
CodeContact
TEL

TSE 6269
Yasuhiro Takano
Executive Managing Officer+81-3-5290-1200

Revision of Financial Forecast for the Year Ended December 31, 2022
MODEC, INC. announced today the revision of the consolidated forecast for the full-year ended December
31, 2022, which was announced on February 10, 2022.
Revision of Financial Forecast for the Year Ended December 31, 2022
Full-year Consolidated Financial Forecast and Results (From January 1, 2022 to December 31, 2022)
ProfitOperating
ProfitProfitfor
Attributable
Earnings
Revenue
Profitbefore tax the period
to Owners
per shareof Parent
Million yen Million yen
Million yen Million yen
Million yenyen
Previous Forecast (A)276,024-3,450

2,530

2,530

44.89

Revised Forecast (B)358,317

9,953

7,166

5,441

4,910

86.26

Variance (B-A)

82,293

-

3,716

2,911

2,380

Variance (%)

29.8-

107.7

115.1

94.1

448,510(36,521)(39,597)(41,394)(41,860)2021 Full-year
financial results(742.75)(Note) The original consolidated financial forecasts are converted to Japanese yen, respectively, as follows:
Previous Forecast : 1 US dollar =115.01 Japanese yen at the TTM rate of Sumitomo Mitsui Banking
Corporation as of December 30, 2021.
Revised Forecast : 1 US dollar =132.71 Japanese yen at the TTM rate of Sumitomo Mitsui Banking
Corporation as of December 30, 2022.
The variance and variance % are calculated on Japanese yen basis presented above.

Revenue

Operating
ProfitProfitbefore tax

Profit forthe period

US$

US$

US$

US$

ProfitAttributableto Ownersof ParentUS$thousandthousandthousandthousandthousandEarnings
per share
US$

Previous Forecast (A)2,400,000-

30,00022,00022,0000.39

Revised Forecast (B)2,700,000

75,00054,00041,00037,0000.65

300,000-

24,00019,00015,000

12.5

-

80.0

86.4

68.2

3,899,748(317,552)(344,300)(359,920)(363,975)

Variance (B-A)
Variance (%)
2021 Full-year
financial results(6.46)

(Reasons for the Revision)
Revenue is expected to increase by US$300M due to steady progress in construction work, mainly for theBacalhau FPSO and FPSO Léopold Sédar Senghor, as well as the change orders in multiple construction
projects. Profits is also expected to increase because equity in earnings of affiliates increased due tohigher uptime of FPSO Cidade de Niterói MV18 and FPSO Cidade de Santos MV20 than expected, andwe were able to reduce general administrative expenses and selling expenses.
For the above reasons, we have decided to revise upward our forecasts of revenue, operating profit, profit
before tax, profit for the year, and profit attributable to owners of the parent.

The consolidated financial forecast announced today is based on the information available as of February 10,2023. There is a possibility that the actual financial results might differ from the forecast due to various factors.

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