Disclaimer: This document is an English translation of the original document in Japanese and has been
prepared solely for reference purposes. In the event of any discrepancy between this English
translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name: Tobishima Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 1805
URL: https://www.tobishima.co.jp/
Representative: Masahiro Norikyo, President and Representative Director
Contact: Hisashi Takanashi, General Manager, Accounting Dept.
Phone: +81-3-6455-8306
Scheduled date to commence dividend payments: –Availability of supplementary explanatory materials on financial results: Available
Schedule of financial results briefing session: Not scheduled(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 - June 30, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Three months ended Millions of yen% Millions of yen% Millions of yen% Millions of yen%
June 30, 2024
32,264 (4.3)
1,038 (10.1)
972 (13.5)
621 (17.3)
June 30, 2023
33,726 13.8
1,155 (7.6)
1,125 (14.6)
752 (13.9)(Note) Comprehensive income: Three months ended June 30, 2024: ¥517 million [(44.8)%]
Three months ended June 30, 2023: ¥937 million [9.1%]
Basic earnings
Diluted earnings
per shareper share
Three months ended
Yen
Yen
June 30, 2024
32.50−
June 30, 2023
39.33−
(2) Consolidated Financial Position
Total assets
Millions of yen

Net assets
Millions of yen

As of June 30, 2024
139,119
As of March 31, 2024
150,869(Reference) Equity: As of June 30, 2024: ¥47,958 million
As of March 31, 2024: ¥48,787 million

48,074
48,803Equity ratio
%

34.5
32.3

2. Dividends
Annual dividends
1st quarter-end

2nd quarter-end

3rd quarter-end

Yen

Yen

Yen

Year-end

Fiscal year ended–––
March 31, 2024
Fiscal year ending–
March 31, 2025
Fiscal year ending
March 31, 2025––
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None

Total
Yen

Yen

70.00

70.00

70.00

70.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Full year
135,000 2.2
5,500
4.7
4,900
2.6
(Note) Revision to the financial results forecast announced most recently: None

3,100

%

Yen

(8.9)

161.90* Notes:(1) Significant changes in the scope of consolidation during the period: None
Newly included: – (), Excluded: – ()(2) Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
19,310,436 shares
March 31, 2024:
19,310,436 shares2) Total number of treasury shares at the end of the period:
June 30, 2024:
171,496 shares
March 31, 2024:
171,520 shares
3) Average number of shares during the period:
Three months ended June 30, 2024:
19,138,936 shares
Three months ended June 30, 2023:
19,131,600 shares
Note: The number of treasury shares at the end of the period and the number of treasury shares deducted in thecalculation of the average number of shares during the three months ended June 30, 2024 include theCompany’s shares held by the Board Benefit Trust (BBT).
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements bycertified public accountants or an audit firm: None
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available
to the Company as of the date of publication of this document. Actual results may differ from these forecasts due
to a wide range of factors. For assumptions underlying the financial results forecast and precautions regarding
their use, please refer to “(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking
Information” in “1. Qualitative Information on Quarterly Financial Results” on page 3 of the Attachment.

Reference: Summary of Non-consolidated Financial Results(Amounts of less than one million yen are rounded down.)
1. Non-consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 - June 30,2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitThree months ended Millions of yen% Millions of yen% Millions of yen% Millions of yen%
June 30, 2024
30,3349.4
1,068 34.0
1,063 29.3
731 21.6
June 30, 2023
27,7335.4
797 (17.8)
822 (23.2)
601 (15.6)

Three months ended
June 30, 2024
June 30, 2023

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

38.23
31.44

−
−

(2) Non-consolidated Financial Position
Total assets

Net assets

Millions of yen

Equity ratio

Millions of yen

121,385
As of June 30, 2024
133,161
As of March 31, 2024
(Reference) Equity: As of June 30, 2024: ¥44,828 million
As of March 31, 2024: ¥45,538 million%

44,82845,53836.9
34.2

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 March 31, 2025)(% indicates changes from the previous corresponding period.)
Basic earnings
Net sales
Operating profit
Ordinary profit
Profitper share
Millions of yen% Millions of yen% Millions of yen% Millions of yen

Full year
116,000 0.2
4,200 (0.9)
3,900 (2.2)(Note) Revision to the financial results forecast announced most recently: None%

Yen

2,500 (16.2)

130.57

Table of Contents―Attachments
1. Qualitative Information on Quarterly Financial Results ....................................................................... 2(1) Explanation of Operating Results ...................................................................................................... 2(2) Explanation of Financial Position ..................................................................................................... 2(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ... 3
2. Quarterly Consolidated Financial Statements and Principal Notes ....................................................... 4(1) Quarterly Consolidated Balance Sheets ............................................................................................ 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................... 6(3) Notes to Quarterly Consolidated Financial Statements ..................................................................... 8(Notes on going concern assumption) .......................................................................................... 8(Notes in case of significant changes in shareholders’ equity) ..................................................... 8(Notes on changes in accounting policies) .....................................................................................8(Notes on segment information, etc.) .............................................................................................8(Notes on statements of cash flows) .............................................................................................10
3. Supplementary Information ................................................................................................................. 11(1) Non-consolidated Orders Received ................................................................................................. 11(2) Non-consolidated Orders Forecast .................................................................................................. 111

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the three months ended June 30, 2024, the Japanese economy was on a moderate recovery trend withimprovements in employment and income environments and an increase in inbound demand, among otherfactors; however, conditions remained uncertain, mainly due to unstable international circumstances andsurging global resource and energy prices. The domestic construction market requires continued carefulobservation due to persistently high prices of labor, materials and equipment.
Under these circumstances, for the three months ended June 30, 2024, net sales were ¥32.2 billion (down
4.3% year on year), operating profit was ¥1.0 billion (down 10.1% year on year), ordinary profit was ¥0.9
billion (down 13.5% year on year), and profit attributable to owners of parent was ¥0.6 billion (down 17.3%
year on year).
The Group’s net sales tend to be concentrated in the second half of the fiscal year, especially in the fourth
quarter, and thus there are seasonal fluctuations in its business performance.
Business results of each reportable segment are as follows.
(Civil Engineering Business)
In the Civil Engineering Business, net sales of completed construction contracts were ¥17.2 billion (up10.0% year on year) and segment income was ¥1.2 billion (up 9.2% year on year), owing mainly to steadyprogress made on construction projects.
(Building Construction Business)
In the Building Construction Business, net sales of completed construction contracts were ¥13.9 billion (up5.7% year on year) and segment income was ¥0.5 billion (up 48.8% year on year), owing mainly to steadyprogress made on construction projects.
(Development Business, etc.)
In the Development Business, etc., net sales in development business and other were ¥1.0 billion (down
78.3% year on year) and segment loss was ¥7 million (segment income of ¥0.3 billion for the previous
corresponding period), owing mainly to differences in the timing of the property sale by a consolidated
subsidiary engaged in the real estate business.
Note: For the above figures by reportable segment, net sales represent “Sales to third parties,” while adjustments have been
made between segment income (loss) and operating profit in the quarterly consolidated statements of income.

(2) Explanation of Financial Position
As for the financial position as of June 30, 2024, assets decreased by ¥11.7 billion from the end of the previous
fiscal year to ¥139.1 billion, mainly due to an increase of ¥1.1 billion in costs on development business andother in progress, primarily attributable to a rise in real estate development in progress by a consolidated
subsidiary, and a decrease in cash and deposits of ¥8.4 billion, primarily attributable to repayments ofborrowings, a decrease of ¥1.2 billion in notes receivable, accounts receivable from completed construction
contracts and other, primarily attributable to the collection of construction costs, and a decrease of ¥2.5 billion
in other current assets, primarily attributable to the reimbursement of a consumption taxes refund receivable
posted in the previous year.
Liabilities decreased by ¥11.0 billion from the end of the previous fiscal year to ¥91.0 billion, mainly due toan increase of ¥1.5 billion in advances received on construction contracts in progress and a decrease of ¥1.7
billion in deposits received, primarily attributable to the allocation of joint venture construction costs to othercompanies, a decrease of ¥1.2 billion in other current liabilities, and a decrease of ¥9.5 billion in borrowings.
2

Net assets decreased by ¥0.7 billion from the end of the previous fiscal year to ¥48.0 billion, mainly due tothe posting of profit attributable to owners of parent of ¥0.6 billion and the payment of cash dividends for the
fiscal year ended March 31, 2024 of ¥1.3 billion.
Equity ratio was 34.5%, up 2.2 percentage points from the end of the previous fiscal year.
Going forward, the Company will accelerate the promotion of strategies designed to expand the future revenue
base by investing in new and existing businesses while at the same time increasing equity.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
There is no change to the full-year financial results forecasts for the fiscal year ending March 31, 2025 as theCompany believes that they are within the range of the forecasts announced on May 15, 2024.
If the need for revision arises in the future, we will disclose it in a timely and appropriate manner.

3

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Real estate for sale
Costs on construction contracts in progress
Costs on development business and other inprogress
Other
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of June 30, 2024

24,074

15,65776,32475,092

615
1,589

198
1,658

8,805

9,954

9,827
121,237

7,233
109,795

18,294
1,465

18,082
1,440

10,072(200)
9,871
29,631150,869

10,001(200)
9,800
29,323
139,119

(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Short-term borrowings
Advances received on construction contracts inprogress
Deposits received
Provision for warranties for completed construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards for directors (and otherofficers)
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-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

5

As of June 30, 2024

28,592

28,42818,35911,030

8,476

9,987

25,097
208
191
2,911
83,83823,380
205
158
1,674
74,865

16,487

14,295

67

54

194

196

57
1,420
18,228102,066

59
1,573
16,17891,044

5,519
6,235
35,948(567)
47,1355,519
6,234
35,224(566)
46,412

976
28
646
1,651
15
48,803150,869

881
33
632
1,546
116
48,074
139,119

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended June 30(Millions of yen)
For the three months
ended June 30, 2023
Net sales
Net sales of completed construction contracts
Net sales in development business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of sales in development business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on development business and otherTotal gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Compensation for damage
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6

For the three months
ended June 30, 2024

28,893
4,833
33,726

31,2141,050
32,264

26,033
4,149
30,18228,096835
28,932

2,860
684
3,544
2,388
1,155

3,117
214
3,332
2,293
1,038

15
91
14
121

18
59
14
92

48
43
58
151
1,125

80
−
77
158
972

204
204

1
1

11
14
−
26
1,303
244
306
551
752
0
752

1
2
0
4
969
144
202
347
621
0
621

Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30(Millions of yen)
For the three months
ended June 30, 2023
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 of parent
Comprehensive income attributable to non-controllinginterests

7

For the three months
ended June 30, 2024
752

621

190
1
(7)
185
937

(94)
4
(14)
(104)
517

937

517

0

0

(3) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Notes on changes in accounting policies)
The Accounting Standard for Current Income Taxes (ASBJ Statement No. 27; October 28, 2022), the AccountingStandard for Presentation of Comprehensive Income (ASBJ Statement No. 25; October 28, 2022), and the
Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28; October 28, 2022) havebeen applied since the beginning of the period under review. These changes in accounting policies have no impact
on the quarterly consolidated financial statements.
(Notes on segment information, etc.)[Segment information]
I. Three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)
1. Information relating to net sales and profit or loss by reportable segment and information on disaggregation ofrevenue(Millions of yen)
Civil
Engineering
Business

Building
Construction
Business

Development
Business, etc.

Public sector

11,1293,290

114,421－

14,421

Private sector

4,576

9,896

4,583

19,057－

19,057

Revenue from contracts
with customers

15,705

13,187

4,585

33,478－33,478

－

－

248

248

－

248

15,705

13,187

4,833

33,726－33,726

－

－

62

62

ሺ62)

－

Total

15,705

13,187

4,896

33,789ሺ62)

33,726

Segment income

1,170

388

384

1,943

ሺ788)

1,155

Adjusted
Consolidated
amount (Note 1)(Note 2)Total

Net sales

Other revenue
Sales to third parties
Intersegment sales andtransactions

Notes

1. Adjusted amount of ¥(788) million under “Segment income” includes ¥0 million in elimination ofintersegment transactions and ¥(788) million in total corporate operating expenses that are not allocated to thereportable segments. Total corporate operating expenses are selling, general and administrative expenses not
attributable to the reportable segments.
2. Adjustments have been made between “Segment income” and “Operating profit” in the quarterly consolidated
statements of income.

8

2. Information on impairment losses on fixed assets or goodwill by reportable segment(Material impairment losses pertaining to fixed assets)
Not applicable.
(Material change in the amount of goodwill)
No material change.
(Material gain on negative goodwill)
Not applicable.
II. Three months ended June 30, 2024 (April 1, 2024 to June 30, 2024)
1. Information relating to net sales and profit or loss by reportable segment and information on disaggregation ofrevenue(Millions of yen)
Civil
Engineering
Business

Building
Construction
Business

Development
Business, etc.

Total

Adjusted
Consolidated
amount (Note 1)(Note 2)

Net sales
Public sector

11,7382,996

314,738－14,738

Private sector

5,537

10,942793

17,273－

17,273

Revenue from contracts
with customers

17,275

13,939797

32,011－32,011

－

－

253

253

－

253

17,275

13,9391,050

32,264－32,264

－

－

61

61

ሺ61)

－

Total

17,275

13,9391,111

32,325

ሺ61)

32,264

Segment income

1,278

577

ሺ7)

1,848

ሺ809)

1,038

Other revenue
Sales to third parties
Intersegment sales andtransactions

Notes

1. Adjusted amount of ¥(809) million under “Segment income” includes ¥(9) million in elimination ofintersegment transactions and ¥(800) million in total corporate operating expenses that are not allocated to thereportable segments. Total corporate operating expenses are selling, general and administrative expenses not
attributable to the reportable segments.
2. Adjustments have been made between “Segment income” and “Operating profit” in the quarterly consolidated
statements of income.

2. Information on impairment losses on fixed assets or goodwill by reportable segment(Material impairment losses pertaining to fixed assets)
Not applicable.
(Material change in the amount of goodwill)
No material change.
(Material gain on negative goodwill)
Not applicable.

9(Notes on statements of cash flows)
Quarterly consolidated statements of cash flows for the three months ended June 30, 2024 have not been prepared.
Depreciation (including amortization pertaining to intangible assets excluding goodwill) and amortization of
goodwill pertaining to the three months ended June 30 are as follows:

For the three months ended June 30, 2023

For the three months ended June 30, 2024

Depreciation¥228 million¥373 million

Amortization of goodwill

¥20

¥20

10

3. Supplementary Information(1) Non-consolidated Orders Received(Millions of yen)
For the three months
ended June 30, 2023

Category
Domestic
public sector

Percentagechanges

Changes

17,906[63.5 %]

8,143

[47.2 %]

ሺ9,762)

ሺ54.5) %1,777[6.3 %]

3,748[21.7 %]

1,970

110.8 %

556

[2.0 %]

163[1.0 %]

ሺ392)

ሺ70.6) %20,241[71.8 %]

12,055[69.9 %]

ሺ8,185)

ሺ40.4) %274[1.0 %]

129[0.7 %]

ሺ145)

ሺ52.9) %4,980[17.7 %]

4,598

[26.7 %]

ሺ382)

ሺ7.7) %

2,430

[8.6 %]

160[0.9 %]

ሺ2,270)ሺ93.4) %7,685[27.3 %]

4,888

[28.3 %]

ሺ2,797)

ሺ36.4) %18,180[64.5 %]

8,272

[47.9 %]

ሺ9,908)

ሺ54.5) %6,758[24.0 %]

8,346

[48.4 %]

1,588

23.5 %

Overseas

2,987[10.6 %]

324

[1.9 %]

ሺ2,663)

ሺ89.1) %Total

27,926[99.1 %]

16,943[98.2 %]

ሺ10,983)

ሺ39.3) %261[0.9 %]

305[1.8 %]

44

17.0 %

17,249 [100.0 %](10,938)(38.8) %Domestic
Civil
Engineering private sector
Overseas
Total
Domestic
public sector
Domestic
Construction
Building
privatesectorBusiness
Construction
Overseas
Total

Total

For the three months
ended June 30, 2024

Domestic
public sector
Domestic
private sector

Development Business, etc.
Total

28,188 [100.0 %](Note) Percentages in square brackets indicate composition ratios.

(2) Non-consolidated Orders Forecast(Millions of yen)
Category

Fiscal year ended
March 31, 2024
Full-year Results

Fiscal year ending
March 31, 2025
Full-year Forecasts

Changes

54,72758,000

3,272

6.0%

Percentagechanges

Civil Engineering
Construction
Building Construction
Business
Total

55,40550,000(5,405)(9.8)%

110,132

108,000(2,132)(1.9)%Development Business, etc.

1,223

1,000

(223)

(18.2)%

Total

111,355

109,000(2,355)(2.1)%[Qualitative Information on Non-consolidated Orders Received and Non-consolidated Orders Forecast]
As for the non-consolidated orders received for the three months ended June 30, 2024, the Civil Engineering
Business was ¥12.0 billion, down 40.4% year on year, and the Building Construction Business was ¥4.8 billion,
down 36.4% year on year.
The full-year non-consolidated orders forecast remains unchanged from the beginning of the fiscal year, after
careful consideration of the actual results for the three months ended June 30, 2024 and the future projectsituation.

11