Translation
Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy
between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under IFRS)
August 9, 2024
Company name:
INFRONEER Holdings Inc.
Stock exchange listing: Tokyo
Stock code:
5076
URL https://www.infroneer.com/en/
Representative:
Kazunari Kibe
Representative Executive Officer and President
Inquiries:
Kazutaka Deguchi
General Manager of Financial Strategy
Scheduled date to commence dividend payments:–
Preparation of supplementary material on financial results:
None
Holding of financial results meeting:Yes (for institutional investors and analysts)

TEL +81-3-6380-8253(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Total
Profit attributable
comprehensive
Net sales
Business profit Operating profit Profit before tax
to owners ofparentincomeMillions
Millions
Millions
Millions
Millions
Millions
%
%
%
%
%
%
of yenof yenof yenof yenof yenof yenThree months ended June 30,
178,3449.0
3,776 (49.5)
3,435 (54.8)
3,628 (57.1)
2,792 (50.9)
1,171 (92.5)
2024
Three months ended June 30,
163,560
–
7,477
–
7,599
–
8,452
–
5,686
– 15,583–
2023

Three months ended June 30, 2024
Three months ended June 30, 2023

Diluted earnings
per share
Yen
10.60
22.51

Basic earnings
per share
Yen
11.32
22.57

(Note) Business profit is a profit indicator that measures the performance of the Company’s recurring businesses, calculated by deducting cost of
sales and selling, general and administrative expenses from net sales, and adding share of profit (loss) of investments accounted for using
equity method.
(2) Consolidated financial position
Total assets

As of June 30, 2024
As of March 31, 2024

Millions of yen
1,343,731
1,410,557

Ratio of equity
attributable to owners ofparent to total assets
Millions of yen%
393,708
29.3
399,923
28.4

Equity attributable toowners of parent

Total equity
Millions of yen
414,772
419,173

2. Cash dividends
Annual dividends per share
1st quarter-end

Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
Fiscal year ending March 31, 2025
(Forecast)

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

–
–

25.00

–

35.00

60.00

30.00

–

30.00

60.00

(Note) Revision to the forecast of dividends announced most recently: None1

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Net sales
Millions ofyen%

839,900

5.9

Full year

Profit attributableto owners of parent
Millions of%%yen

Business profit

Operating profit

Profit before tax

Millions ofyenMillions ofyenMillions ofyen%

59,000 14.6%

59,000 15.6

56,700 14.7

38,400 17.9

Basic earnings
per share
Yen
153.86(Note) Revision to the forecast of consolidated financial results announced most recently: None
* Notes(1) Significant changes in the scope of consolidation during the period:(2) Changes in accounting policies and changes in accounting estimates
1) Changes in accounting policies required by IFRS:
2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:

None

None
None
None

(3) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

274,845,024 shares As of March 31, 2024

274,845,024 shares

2) Number of treasury shares at the end of the period
As of June 30, 2024

27,698,808 shares As of March 31, 2024

27,863,941 shares

3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024
(Note)

246,561,120 shares Three months ended June 30, 2023

251,998,852 shares

The Company’s shares held by the Stock Benefit Trust are included in the number of treasury shares at the end of the period(7,753,600 shares at the end of the three months ended June 30, 2024; 7,919,000 shares at the end of the fiscal year ended
March 31, 2024).

* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an
audit firm: None
* Proper use of earnings forecasts, and other special matters The above forecasts are based on assumptions in light of information available as of the date of announcement of this material and factors of
uncertainty that may possibly impact the future results of operation. These statements do not indicate that the Company pledges to realize
these forecasts. Actual results may differ significantly from those presented herein as a result of numerous factors.
 The Group has voluntarily adopted International Financial Reporting Standards (IFRS) effective from the consolidated financial statements
for the fiscal year ended March 31, 2024. Financial figures for the three months ended June 30, 2023 are also presented in accordance with
IFRS.

2

○ Table of Contents

1. Overview of Financial Results, etc. ............................................................................................................................. 4(1) Overview of Operating Results for the Three Months Ended June 30, 2024.......................................................... 4(2) Overview of Financial Position for the Three Months Ended June 30, 2024 ......................................................... 5(3) Consolidated Financial Results Forecast and Other Forward-Looking Information .............................................. 5
2. Condensed Quarterly Consolidated Financial Statements and Primary Notes ............................................................ 6(1) Condensed Quarterly Consolidated Statement of Financial Position ..................................................................... 6(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Comprehensive Income ............................... 8(3) Condensed Quarterly Consolidated Statement of Changes in Equity ................................................................... 10(4) Condensed Quarterly Consolidated Statement of Cash Flows .............................................................................. 12(5) Notes to Condensed Quarterly Consolidated Financial Statements ...................................................................... 14(Notes on going concern assumption) ............................................................................................................. 14(Notes on segment information) ...................................................................................................................... 14
3. Supplementary Information ....................................................................................................................................... 16(1) (Building Construction Segment) Orders Received, Net Sales and Backlog by Public and Private Sectors ........ 16(2) (Civil Engineering Segment) Orders Received, Net Sales and Backlog by Public and Private Sectors ............... 16(3) (Road Civil Engineering Segment) Orders Received, Net Sales and Backlog by Public and Private Sectors ..... 17(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 18(5) (Reference) Maeda Corporation: Supplementary Information ............................................................................. 19

3

1. Overview of Financial Results, etc.
(1) Overview of Operating Results for the Three Months Ended June 30, 2024
During the three months ended June 30, 2024, the outlook of the Japanese economy showed a gradual recovery,
despite some signs of weakness, due in part to improvements in the employment and income environment as well as theeffects of various government policies. On the other hand, the outlook still remained uncertain, as we need to pay close
attention to the effects of the downturn in overseas economies, rising commodity prices, and fluctuations in foreignexchange rates, among others.
In the construction industry, although housing construction remained stagnant, capital investment has been picking
up against the backdrop of solid corporate earnings and other factors, and public investment remained firm due to the
execution of the related government budgets.
Under these circumstances, with the objective of the entire group achieving sustained growth under the Company, theCompany has strived to be a “company trusted by all stakeholders” by determining to aim for the mid- to long-term stateof being an “integrated infrastructure service company” with one-stop style management from upstream to downstream of
infrastructure operations, establishing a “highly profitable and stable revenue base” without being influenced by external
factors, operating expeditiously and appropriately, such as by building an effective governance structure and promoting
digital transformation, and strengthening the ability to deal with social changes.
The Group has voluntarily adopted International Financial Reporting Standards (IFRS) effective from theconsolidated financial statements for the fiscal year ended March 31, 2024, and figures for the three months ended June30, 2023 have also been reclassified to IFRS basis for comparative analysis.
For the three months ended June 30, 2024, net sales increased by ¥14.7 billion (9.0%) year on year to ¥178.3 billion.
Business profit decreased by ¥3.7 billion (49.5%) year on year to ¥3.7 billion, profit before tax decreased by ¥4.8 billion(57.1%) year on year to ¥3.6 billion, and profit attributable to owners of parent decreased by ¥2.8 billion (50.9%) year on
year to ¥2.7 billion.
*Business profit is a profit indicator that measures the performance of the Company’s recurring businesses, calculated by deducting costof sales and selling, general and administrative expenses from net sales, and adding share of profit (loss) of investments accounted forusing equity method.

Performance results by business segment are as follows.
[Building Construction]
In the building construction business, net sales increased by ¥12.6 billion (25.9%) year on year to ¥61.3 billion
and segment loss was ¥0.3 billion (a loss of ¥0.8 billion in the same period of the previous fiscal year).
[Civil Engineering]
In the civil engineering business, net sales decreased by ¥4.0 billion (11.5%) year on year to ¥30.7 billion andsegment profit decreased by ¥2.5 billion (54.4%) year on year to ¥2.1 billion.
[Road Civil Engineering]
In the road civil engineering business, net sales increased by ¥2.1 billion (3.8%) year on year to ¥59.8 billion
and segment profit increased by ¥0.0 billion (1.6%) year on year to ¥3.0 billion.
[Machinery]In the machinery business, net sales increased by ¥1.0 billion (11.9%) year on year to ¥9.5 billion and segment
profit decreased by ¥0.0 billion (11.2%) year on year to ¥0.3 billion.
[Infrastructure Management]
In the infrastructure management business, net sales increased by ¥1.8 billion (44.5%) year on year to ¥5.9 billion
and segment loss was ¥0.9 billion (a loss of ¥0.0 billion in the same period of the previous fiscal year).
[Others]
In the others business segment, net sales increased by ¥1.1 billion (11.7%) year on year to ¥10.8 billion andsegment loss was ¥0.4 billion (a profit of ¥0.1 billion in the same period of the previous fiscal year).
4(2) Overview of Financial Position for the Three Months Ended June 30, 2024
(Assets, liabilities and equity)
As of June 30, 2024, assets were ¥1,343.7 billion, a decrease of ¥66.8 billion (4.7%) from the end of the previous
fiscal year, mainly due to a decrease in trade and other receivables. Liabilities stood at ¥928.9 billion, a decrease of¥62.4 billion (6.3%) from the end of the previous fiscal year, mainly due to a decrease in trade and other payables. Equity
amounted to ¥414.7 billion, a decrease of ¥4.4 billion (1.0%) from the end of the previous fiscal year. As a result of theabove, total equity attributable to owners of parent amounted to ¥393.7 billion, and the ratio of equity attributable to ownersof parent to total assets rose from 28.4% of the previous fiscal year to 29.3%.
(Cash flows)
Net cash provided by operating activities in the three months ended June 30, 2024 was ¥48.8 billion (¥27.7 billion
provided in the same period of the previous fiscal year), mainly due to a decrease of ¥39.0 billion in trade and otherreceivables. Net cash used in investing activities amounted to ¥10.0 billion (¥10.4 billion used in the same period of theprevious fiscal year), primarily due to ¥9.9 billion of purchase of property, plant and equipment, and intangible assets. Net
cash used in financing activities amounted to ¥25.2 billion (¥4.9 billion used in the same period of the previous fiscal year),mainly due to net decrease in short-term borrowings and dividends paid. As a result of the above, the balance of cash andcash equivalents as of June 30, 2024 amounted to ¥127.1 billion, an increase of ¥13.6 billion from ¥113.4 billion at the endof the previous fiscal year.

(3) Consolidated Financial Results Forecast and Other Forward-Looking Information
There is no change from the financial results forecast announced at the time of the financial results announcement on
May 15, 2024.

52. Condensed Quarterly Consolidated Financial Statements and Primary Notes(1) Condensed Quarterly Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and cash equivalents

113,421

127,117

Trade and other receivables

145,514106,631

Contract assets

245,485

203,192

Inventories

12,575

13,741Other financial assets

4,447

5,889

Other current assets

29,592

32,940Total current assets
Non-current assets

551,036

489,513

Property, plant and equipment

217,564

215,406

Right-of-use assets

18,107

17,864

Goodwill

159,046

159,046

Intangible assets
Investment property
Investments accounted for using equity method
Other financial assets
Deferred tax assets

243,007
26,752
22,470149,603
955

244,596
26,594
21,727
144,426
1,045

Other non-current assets

22,01323,509Total non-current assets

859,520854,218

1,410,557

1,343,731

Total assets

6

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

273,792

237,750

Contract liabilities
Bonds and borrowings

54,162

56,979342,063

271,075

Lease liabilities

9,328

8,791

Income taxes payable

11,873

1,611

Other financial liabilities

5,428

5,356

Provisions

5,543

4,051

Other current liabilities

27,102

27,958

Total current liabilities

729,294

613,575

Bonds and borrowings

139,482

194,342

Lease liabilities

13,40813,601Other financial liabilities

2,524

1,839

Retirement benefit liability

15,59915,580

Provisions

36,35536,988Deferred tax liabilities

Non-current liabilities

54,34452,650

Other non-current liabilities

375

380

Total non-current liabilities

262,089

315,382

991,383

928,958

Total liabilities
EquityShare capital

20,00020,000Capital surplus

111,467

114,972

Treasury shares(28,626)(28,457)

Retained earnings

255,671249,334

Other components of equity
Total equity attributable to owners of parent
Non-controlling interests

41,411
399,923
19,24937,858393,708
21,064

Total equity

419,173

414,772

1,410,557

1,343,731

Total liabilities and equity7(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Comprehensive Income
Condensed Quarterly Consolidated Statement of Profit or Loss
(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Net sales
Cost of sales

163,560(142,680)

178,344(158,571)

Gross profit

20,87919,772

Selling, general and administrative expenses
Share of profit (loss) of investments accounted for using equity
method(13,513)(15,978)

112

(17)

Business profit

7,477

3,776

Other income
Other expenses

239
(117)

264
(605)

Operating profit

7,599

3,435

Finance income
Finance costs

1,424
(572)

1,394
(1,201)

Profit before tax

8,452

3,628

Income tax expense(2,727)(883)

Profit

5,724

2,744

Profit attributable to
Owners of parent
Non-controlling interests

5,686
37

2,792
(47)

Profit

5,724

2,744

22.57
22.51

11.32
10.60

Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)8

Condensed Quarterly Consolidated Statement of Comprehensive Income(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

5,724

2,744

(252)

(197)

7,410

(6,165)37

11

Total of items that will not be reclassified to profit or loss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Cash flow hedges
Share of other comprehensive income of investments
accounted for using equity method

7,195(6,352)

99
2,563

57
4,212

–

508

Total of items that may be reclassified to profit or loss

ProfitOther comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans
Financial assets measured at fair value through othercomprehensive income
Share of other comprehensive income of investments
accounted for using equity method

2,663

4,778

Total other comprehensive income

9,858(1,573)Comprehensive income

15,583

1,171

14,205
1,378

(968)
2,139

15,583

1,171

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income9(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Three Months ended June 30, 2023 (April 1, 2023 to June 30, 2023)(Millions of yen)
Equity attributable to owners of parent
Other components of equity

Share capital

Balance at April 1, 2023

Capital surplus

Treasury shares

Retained earnings

Remeasurementsof defined benefit
plans

Financial assets
measured at fairvalue through othercomprehensive
income20,000106,542(18,395)

242,570–

11,420

Profit (loss)

–

–

–

5,686

–

–

Other comprehensive income

–

–

–

–

(248)

7,440

–

–

–

5,686

(248)

7,440

Purchase of treasury shares––(1,283)–––

Disposal of treasury shares

–

54

143

–

–

–

Dividends
Share-based paymenttransactions
Changes in ownership interestin subsidiaries
Transfer to retained earnings

–

–

–

(14,088)

–

–

–

79

–

–

–

–

–

(0)

–

–

–

–

Comprehensive income

Total transactions with owners
Balance at June 30, 2023

–

–

–

(32)

248

(215)

–

133

(1,139)(14,121)

248

(215)

20,000106,675(19,535)

234,135–

18,644Equity attributable to owners of parent
Other components of equity

Balance at April 1, 2023

Exchangedifferences ontranslation offoreign
operations

Cash flow hedges

54

(413)

Total

Total
11,061

Non-controllinginterests

361,778

12,310Total equity
374,088

Profit (loss)

–

–

–

5,686

37

5,724

Other comprehensive income

83

1,242

8,518

8,518

1,340

9,858

83

1,242

8,518

14,205

1,378

15,583Purchase of treasury shares

–

–

–

(1,283)–(1,283)

Disposal of treasury shares

–

–

–

197

–

197

Comprehensive income

Dividends
Share-based paymenttransactions
Changes in ownership interestin subsidiaries
Transfer to retained earnings
Total transactions with owners
Balance at June 30, 2023

–

–

–

(14,088)(129)(14,218)

–

–

–

79

–

79

–

–

–

(0)

(33)

(33)

–

–

32

–

–

–

–

–

32

(15,095)(162)(15,258)

138

829

19,612360,887

13,525

374,41310

Three Months ended June 30, 2024 (April 1, 2024 to June 30, 2024)(Millions of yen)
Equity attributable to owners of parent
Other components of equity

Share capital

Balance at April 1, 2024

Capital surplus

Treasury shares

Retained earnings

Remeasurementsof defined benefit
plans

Financial assets
measured at fairvalue throughothercomprehensive
income20,000111,467(28,626)

255,671–

38,365

Profit (loss)

–

–

–

2,792

–

–

Other comprehensive income

–

–

–

–

(196)

(6,159)Comprehensive income
Issuance of share acquisitionrightsPurchase of treasury shares

–

–

–

2,792

(196)

(6,159)

–

2,553

–

–

–

–

–

–

(0)

–

–

–

Disposal of treasury shares

–

148

169

–

–

–

Dividends
Share-based paymenttransactions
Change in scope of
consolidation
Changes in ownership interestin subsidiaries
Change in treasury sharesarising from change in equity
in entities accounted for using
equity method
Transfer to retained earnings

–

–

–

(8,921)

–

–

–

802

–

–

–

–

–

–

–

–

–

–

–

0

–

–

–

–

–

–

(0)

–

–

–

–

–

–

(207)

196

11

Total transactions with owners
Balance at June 30, 2024

–

3,504

169

(9,128)196

1120,000114,972(28,457)

249,334–

32,216Equity attributable to owners of parent
Other components of equity

Balance at April 1, 2024

Exchangedifferences ontranslation offoreign
operations

Cash flow hedges

137

2,908

Total

Total
41,411

Non-controllinginterests

399,923

19,249Total equity
419,173

Profit (loss)

–

–

–

2,792

(47)

2,744

Other comprehensive income

67

2,528

(3,760)(3,760)2,186(1,573)Comprehensive income
Issuance of share acquisitionrightsPurchase of treasury shares

67

2,528

(3,760)

(968)

2,139

1,171

Disposal of treasury shares

–

–

–

318

–

318

Dividends
Share-based paymenttransactions
Change in scope of
consolidation
Changes in ownership interestin subsidiaries
Change in treasury sharesarising from change in equity
in entities accounted for using
equity method
Transfer to retained earnings

–

–

–

(8,921)(292)(9,213)

–

–

–

802

–

802

–

–

–

–

0

0

–

–

–

0

(33)

(33)

–

–

–

(0)

–

(0)

–

–

207

–

–

–

–

–

207

(5,246)(324)(5,571)

205

5,437

37,858393,708

21,064

414,772

Total transactions with owners
Balance at June 30, 2024

–

–

–

2,553

–

2,553

–

–

–

(0)

–

(0)

11

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Cash flows from operating activities
Profit before tax

8,452

3,628

Depreciation and amortization

7,913

8,248

Impairment losses

01

Finance income and finance costs

(745)

(39)

Share of loss (profit) of investments accounted for using equity
method(112)

17

Loss (gain) on sale of property, plant and equipment

(19)

(42)

Decrease (increase) in inventories(1,079)(1,165)Decrease (increase) in trade and other receivables

49,81439,004

Decrease (increase) in contract assets

2,302

42,293

Increase (decrease) in trade and other payables(38,090)(34,534)

Increase (decrease) in contract liabilities

12,032

2,817

Increase (decrease) in retirement benefit liability

173

(19)

Increase (decrease) in provisions

(10)

(118)

Other

(4,363)(2,572)

Subtotal

36,26657,516

Dividends received

1,391

2,523

Interest received

491

118

Interest paid

(578)

(1,265)

Income taxes paid

(9,816)(10,050)

Net cash provided by (used in) operating activities

27,755

48,842(7,410)(9,936)19424

Cash flows from investing activities
Purchase of property, plant and equipment, and intangible assets
Proceeds from sale of property, plant and equipment, andintangible assets
Purchase of investment property
Purchase of rights to operate public facilities

–

(8)

(71)

(262)

Purchase of investments accounted for using equity method(1,225)–Purchase of other financial assets(2,153)(73)

Proceeds from sale of other financial assets

583

9

Payments for acquisition of subsidiaries

(145)

–

Other

(77)

(204)

(10,482)(10,051)

Net cash provided by (used in) investing activities

12

(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

15,969(67,619)

Repayments of long-term borrowings(2,847)(5,811)–

59,834

Repayments of lease liabilities(2,594)(2,402)

Purchase of treasury shares(1,253)(0)

Dividends paid

(14,088)(8,921)

(130)

(292)

–

(33)

(4,945)(25,246)

Proceeds from issuance of convertible bonds with acquisitionrightsDividends paid to non-controlling interests
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents

90

151

12,417

13,696

Cash and cash equivalents at beginning of period

91,938113,421

Cash and cash equivalents at end of period

104,356

127,117

Net increase (decrease) in cash and cash equivalents13(5) Notes to Condensed Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes on segment information)(1) Overview of reportable segments
The Group’s business segments are components of the group for which separate financial information is available andwhich are subject to periodic review by the Board of Directors to determine the allocation of management resources andevaluate their performance.
The Group consists of business and service segments based on consolidated subsidiaries, etc., and has five reportablesegments: building construction, civil engineering, road civil engineering, machinery, and infrastructure management. There
are no aggregated operating segments in determining the reportable segments.
An overview of each reportable segment is as follows.
Reportable segment
Business lines
Building construction
Construction work and related businesses primarily for multi-dwellingcomplexes, factories and logistics centers
Civil engineering
Construction work and related businesses primarily for bridges andtunnels
Road civil engineering
Construction work including pavement, manufacture and sale of asphalt
mixture, and related businesses
MachinerySale and rental of construction machinery and related businesses
Infrastructure management
Renewable energy business, which includes business investment in thedevelopment, operation and maintenance, and sale of solar and wind
power generation business, etc.; concession business, which involves theacquisition of operating rights for public infrastructure, etc., andconstruction, operation and maintenance of such infrastructure; andrelated businesses14(2) Information about reportable segments
Segment profit (business profit) represents net sales less cost of sales and selling, general and administrative expenses,
plus share of profit (loss) of investments accounted for using equity method.
Inter-segment sales and transactions are based on market prices.
Three Months ended June 30, 2023 (April 1, 2023 to June 30, 2023)(Millions of yen)
Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Others(Note 1)

Total

Adjustment(Note 2)

Amountrecorded inconsolidated
statement of
profit or loss

Net sales
Net sales to outside
customers
Inter-segment net
sales

48,68834,76857,690

8,565

4,106

153,819

9,740

163,560–

163,560

490

29

816

439

–

1,775

2,830

4,606

(4,606)–

Total

49,17934,79758,507

9,004

4,106

155,594

12,571

168,166(4,606)

163,560

Segment profit (loss)[Business profit]
Other income

(853)

4,741

3,040

431

(9)

7,350

166

7,516

(38)

7,477

–

–

–

–

–

–

–

–

–

239

Other expenses

–

–

–

–

–

–

–

–

–

(117)

Operating profit

–

–

–

–

–

–

–

–

–

7,599

Finance income

–

–

–

–

–

–

–

–

–

1,424

Finance costs

–

–

–

–

–

–

–

–

–

(572)

Profit before tax

–

–

–

–

–

–

–

–

–

8,452

(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries.
2. The difference between the total amount of segment profit and the amount recorded in the condensed quarterly
consolidated statements of profit or loss is due to the elimination of inter-segment transactions.
Three Months ended June 30, 2024 (April 1, 2024 to June 30, 2024)(Millions of yen)
Reportable segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Others(Note 1)

Total

Adjustment(Note 2)

Amountrecorded inconsolidated
statement of
profit or loss

Net sales
Net sales to outside
customers
Inter-segment net
sales

61,30630,75859,876

9,587

5,932

167,460

10,883

178,344–

178,344

304

2

1,069

455

–

1,831

2,478

4,309

(4,309)–Total

61,61030,76060,945

10,042

5,932

169,292

13,362

182,654(4,309)178,344

Segment profit (loss)[Business profit]
Other income

(369)

2,160

3,088

382

(931)

4,331

(400)

3,930

(154)

3,776

–

–

–

–

–

–

–

–

–

264

Other expenses

–

–

–

–

–

–

–

–

–

(605)

Operating profit

–

–

–

–

–

–

–

–

–

3,435

Finance income

–

–

–

–

–

–

–

–

–

1,394

Finance costs

–

–

–

–

–

–

–

–

–

(1,201)

Profit before tax

–

–

–

–

–

–

–

–

–

3,628

(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries.
2. The difference between the total amount of segment profit and the amount recorded in the condensed quarterly
consolidated statements of profit or loss is due to the elimination of inter-segment transactions.

15

3. Supplementary Information(1) (Building Construction Segment) Orders Received, Net Sales and Backlog by Public and Private Sectors
1. Orders Received(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Public Works

8,096

11.2

3,729

7.1

(4,366)(53.9)

Private Works

63,90988.2

48,01091.5(15,898)(24.9)

Overseas

487

0.7

709

1.4

222

45.7

Total

72,493100.0

52,450100.0(20,043)(27.6)

2. Net Sales(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Public Works

8,813

17.9

13,412

22.1

4,599

52.2

Private Works

40,26082.045,716

75.3

5,455

13.6

Overseas

54

0.1

1,559

2.6

1,505

–

Total

49,128100.0

60,688100.0

11,560

23.5

3. Backlog(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Public Works

100,94521.8

102,049

22.3

1,103

1.1

Private Works

361,82978.1

349,099

76.4(12,730)(3.5)

Overseas

548

0.1

6,082

1.3

5,533

–

Total

463,324100.0

457,231100.0(6,093)(1.3)(Note) Net sales include inter-segment transactions.

(2) (Civil Engineering Segment) Orders Received, Net Sales and Backlog by Public and Private Sectors
1. Orders Received(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Public Works

22,394

62.3

15,91468.4(6,479)(28.9)

Private Works

13,541

37.7

7,345

31.6

(6,196)(45.8)

Overseas

22

0.1

13

0.1

(9)

(40.2)

Total

35,959100.0

23,273100.0(12,685)(35.3)

2. Net Sales(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Public Works

18,921

54.4

18,455

60.2

(466)

(2.5)

Private Works

15,77045.3

12,14639.6(3,624)(23.0)

Overseas

99

0.3

34

0.1

(64)

(64.9)

Total

34,791100.0

30,636100.0(4,155)(11.9)

16

3. Backlog(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Public Works

136,98649.0

135,84451.9(1,141)(0.8)

Private Works

142,31050.9

125,38947.9(16,921)(11.9)

Overseas

409

0.1

564

0.2

154

37.7

Total

279,706

100.0

261,798

100.0(17,908)(6.4)(Note) Net sales include inter-segment transactions.

(3) (Road Civil Engineering Segment) Orders Received, Net Sales and Backlog by Public and Private Sectors
1. Orders Received(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Pavement
Construction

36,80360.3

45,798

62.6

8,995

24.4

Civil Engineering
Works

6,944

11.4

9,907

13.5

2,962

42.7

Manufacturing/Sales

17,14928.1

17,278

23.6

128

0.8

159

0.3

191

0.3

32

20.4

61,057100.0

73,176100.0

12,118

19.8

Other
Total
2. Net Sales(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Pavement
Construction

31,67455.9

35,144

58.8

3,470

11.0

Civil Engineering
Works

7,632

13.5

7,196

12.0

(436)

(5.7)

Manufacturing/Sales

17,14930.3

17,278

28.9

128

0.8

159

0.3

191

0.3

32

20.4

56,615100.0

59,810

100.0

3,194

5.6

Other
Total
3. Backlog(Millions of yen)Three months ended
June 30, 2023
AmountThree months ended
June 30, 2024%

AmountYear-on-year change%

Amount%Pavement
Construction

58,48585.5

70,47980.8

11,994

20.5

Civil Engineering
Works

9,922

14.5

16,756

19.2

6,834

68.9

Manufacturing/Sales

–

–

–

–

–

–

Other

–

–

–

–

–

–

68,407100.0

87,235100.0

18,828

27.5

Total

(Note) Net sales include inter-segment transactions.

17

(4) Summary of Forecast of Consolidated Financial Results(Millions of yen)Three months ended June 30, 2024
Results for the Results for theprevious period current period
Net sales

Fiscal year ending March 31, 2025

YoY change

Full-year
forecast

YoY change

Progress

163,560

178,344

14,784

839,900

46,635

21.2%

Building Construction

48,68861,306

12,617

293,300

19,601

20.9%

Civil Engineering

34,76830,758(4,009)150,300(12,125)

20.5%

Road Civil Engineering

57,69059,8762,185

257,000

5,217

23.3%

Machinery

8,565

9,587

1,022

40,900

1,129

23.4%

Infrastructure Management

4,106

5,932

1,825

40,90022,526

14.5%

Others

9,740

10,883

1,142

57,50010,28518.9%

20,87919,772(1,106)125,100

13,214

12.8%

11.1%

(1.7) %

14.9%

0.8%

3,351

4,069

718

31,300

8,852

6.9%

6.6%

(0.2) %

10.7%

2.5%

7,585

5,217

(2,367)28,000(14,380)

21.8%

17.0%

(4.9)%

18.6%(7.5) %

6,578

6,984

406

36,300

5,211

11.4%

11.7%

0.3%

14.1%

1.8%

1,877

1,991

114

9,300

804

21.9%

20.8%

(1.1) %

22.7%

1.4%

653

889

236

15,50012,029

15.9%

15.0%

(0.9) %

37.9%

19.0%

833

619

(213)

4,700

698

8.6%

5.7%

(2.9) %

8.2%

(0.3) %

Selling, general and administrative expenses(13,513)(15,978)(2,465)(67,700)(5,602)

23.6%

Share of profit of investments accounted forusing equity method

112

(17)

(129)

1,600

(73)

(1.1) %

Business profit

7,477

3,776

(3,701)59,000

7,538

6.4%

Operating profit

7,599

3,435

(4,164)59,000

7,939

5.8%

Profit before tax

8,452

3,628

(4,824)56,700

7,260

6.4%

Profit attributable to owners of parent

5,686

2,792

(2,894)38,400

5,828

7.3%

Gross profit

Building Construction

Civil Engineering

Road Civil Engineering

Machinery

Infrastructure Management

Others(Note) Percentages in the lower row of gross profit indicate profit margin.

18

15.8%

13.0%

18.6%

19.2%

21.4%

5.7%

13.2%

(5) (Reference) Maeda Corporation: Supplementary Information
1) Summary of non-consolidated financial results forecast(Millions of yen)Three months ended June 30, 2024

Fiscal year ending March 31, 2025

Results for theprevious period

Results for thecurrent period

83,96091,397

7,436

458,400

22,312

19.9%

83,50590,917

7,411

448,700

14,492

20.3%

48,71360,281

11,567

298,400

25,64720.2%

34,791

30,636(4,155)150,300(11,154)

20.4%

40

72

31

8,100

7,835

0.9%

414

407

(6)

1,600

(16)

25.5%

11,1059,653(1,452)

68,100

2,533

13.2%

10.6%

(2.7) %

14.9%

(0.2) %

10,8599,388(1,471)

59,250(5,375)

13.0%

10.3%

(2.7) %

13.2%

(1.7) %

Building
Construction

3,275

4,236

961

31,250

8,767

6.7%

7.0%

0.3%

10.5%

2.2%

Civil
Engineering

7,584

5,151

(2,432)28,000(14,142)

21.8%

16.8%

(5.0) %

18.6%

(7.5) %

37

65

28

8,100

7,846

90.4%

91.1%

0.7%

100.0%

3.9%

208

198

(9)

750

63

50.4%

48.8%

(1.5) %

46.9%

4.4%

Selling, general and administrative
expenses

7,792

8,808

1,015

35,800

1,973

24.6%

Operating profit

3,312

845

(2,467)32,300560

2.6%

Ordinary profit

5,043

3,366

(1,676)33,900(69)

9.9%Profit

3,812

3,049

(763)

24,800

(732)

12.3%

Net sales
Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate
Gross profit

Construction Total

InfrastructureManagement
Real Estate

YoY change

Full-year forecast

YoY change(Notes) 1. The percentages in the lower row of gross profit indicate the profit margin.
2. Calculations are based on Japanese accounting standards.
2) Non-consolidated forecast of orders received for the construction business(Millions of yen)
Fiscal year ending
March 31, 2025
Full-year forecast

Three months ended
June 30, 2024

YoY change(%)

Results for thecurrent period

Progress(%)

Building Construction

300,000

0.0

52,45017.5

Civil Engineering

165,000

8.5

23,273

14.1

Total

465,000

2.9

75,72416.3

19Progress

14.2%

15.8 %

13.6%

18.4%

0.8%

26.5%