July 25, 2024
Fuji Electric Co., Ltd.

Consolidated Financial Results for first quater of the fiscal year ending March 31, 2025
(April 1, 2024 － June 30, 2024)
Summary of Consolidated Financial Results(Three months ended June 30, 2024)
1. Summary of consolidated statements of operations
Millions of yen
3 months
3 months
FY2023
FY2024(Apr.-Jun.)(Apr.-Jun.)(A)(B)

Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent

236,387
17,254
18,251
11,475

234,148
14,663
15,12012,303

Change(%)(A)/(B)

1,468
107
113
71

101.0%
117.7%
120.7%-

Yen

Profit per share

Millions of
U.S. dollars
3 months
FY2024(Apr.-Jun.)

U.S. dollars

80.34

86.14

0.50

2. Summary of consolidated financial position
Millions of
U.S. dollars

Millions of yen

Total assets
Net assets
Equity ratio (%)

6/30/2024

3/31/2024

1,252,382
673,957
49.1%

1,271,174
661,47247.4%

6/30/2024

7,779
4,186
-

Note: U.S. dollar amounts in this financial report are translated, for convenience only, at the rate of ￥161=U.S.$1

3. Forecast of consolidated earnings for the fiscal year ending March 31, 2025
(April 1, 2024 - March 31, 2025)
Millions of yen

FY2024

Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent

1,114,000
109,000
109,500
80,500Yen
FY2024

Profit per share

563.61＜Cautionary Statements With Respect to Forward-Looking Statements＞
Statements made in this financial report with respect to Fuji Electric's future performance are forward-looking statements
based on management's assumptions and beliefs in light of the information currently available to it. Accordingly, actual
results could differ from those contained in any forward-looking statements. Potential risks and uncertainties include :・Sudden changes in general economic conditions in Fuji Electric's markets and changes in its operating environment
such as those resulting from changes in trade regulations
・Exchange rate, particularly between the yen and the U.S. dollar and Asian and European currencies
・The ability of Fuji Electric and its subsidiaries to develop and introduce products that incorporate new technology
in a timely manner and to manufacture them in a cost-effective way
・The rapid pace of technological innovation, especially in the field of electronics
・Sudden changes in the supply and demand balance in the markets Fuji Electric serves
・Problems involving the intellectual property of Fuji Electric and other companies
・Stock market conditions in Japan- more --2-

Consolidated Balance Sheets
Millions of
U.S. dollars

Millions of yen
6/30/2024

3/31/2024

6/30/2024

AssetsCurrent assets:
Cash and deposits

66,162

66,186

411

Notes receivable-trade

81,82077,134508

Accounts receivable-trade184,708257,372

1,147

Contract assets

89,58995,622556

Merchandise and finished goods

87,711

77,539545

Work in process

57,294

51,772356

Raw materials and supplies

103,336

96,823642

Other58,79350,958365

Allowance for doubtful accounts(10,679)(10,337)(66)

718,739

763,072

4,464

Net Property, plant and equipment

336,843

311,456

2,092

Intangible assets

26,21425,462

163

Investment securities

117,255

118,427

728

Retirement benefit asset

25,521

25,401159

Other

30,22529,745

188

Allowance for doubtful accounts(2,500)(2,429)(16)

170,502

171,145

1,059

533,560

508,064

3,314

82

37

1

1,252,382

1,271,174

7,779

Total Current assets
Non-current assets:

Investments and other assets

Total Investments and other assets
Total Non-current assets
Deferred assets
Total Assets- more --3-Consolidated Balance Sheets
Millions of
U.S. dollars

Millions of yen
6/30/2024

3/31/2024

6/30/2024

Liabilities
Current liabilities:
Notes and accounts payable-trade190,571

207,408

1,184

Short-term borrowings

14,36440,25989

Commercial papers

14,00036,00087

Income taxes payable

9,060

19,67656

Contract liabilities

80,77255,007

502

Provision for product warranties

2,693

2,724

17

108,333

114,265673

419,795

475,342

2,607

Bonds payable

30,00020,000186

Long-term borrowings
Provision for retirement benefits for directors (and other officers)
Retirement benefit liability

30,19675
65,461

15,10079
63,803

188
0
407

Other

32,89535,376204

Total Non-current liabilities

158,628

134,359

985

Total Liabilities

578,424

609,701

3,593

Share capital

47,58647,586296

Capital surplus

45,95445,954285

Retained earnings

423,834

423,135

2,633

Treasury shares(7,400)(7,397)(46)509,973509,278

3,168

55,64554,717

346

(159)

(35)

(1)

Foreign currency translation adjustment

48,961

37,772304

Remeasurements of defined benefit plans

654

782

4

105,101

93,237653

58,882

58,956366

673,957

661,4724,186

1,252,382

1,271,174

7,779

Other
Total Current liabilities
Non-current liabilities:

Net Assets
Shareholders' equity:

Total Shareholders' equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Total Accumulated other comprehensive income
Non-controlling interests
Total Net assets
Total Liabilities and Net assets- more --4-Consolidated Statements of Income
Millions of
U.S. dollars

Millions of yen

3 months
FY2024(Apr.-Jun.)

3 months
FY2023(Apr.-Jun.)

3 months
FY2024(Apr.-Jun.)

Net sales

236,387

234,148

1,468

Cost of sales

170,685

173,071

1,060

65,702

61,077408

48,44846,413301

17,254

14,663

107

Interest income

137

165

1

Dividend income

1,018

1,092

6

Foreign exchange gains

1,091

1,577

7

170

276

1

2,417

3,112

15

Interest expenses

757

460

5

Share of loss of entities accounted for using equity method

348

351

2

Business conversion expenses

170

895

1

-

660

-

143

287

1

Total Non-operating expenses

1,420

2,655

9

Ordinary profit

18,251

15,120113

Gain on sale of non-current assets

90

538

1

Gain on sale of investment securities

247

4,600

2

Total Extraordinary income

337

5,139

2

87

548

1

87

548

1

Profit before income taxes

18,501

19,711

115

Income taxes

5,875

6,334

36

Profit12,626

13,376

78

Profit attributable to non-controlling interests

1,150

1,073

7

Profit attributable to owners of parent

11,47512,30371

Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income

Other
Total Non-operating income
Non-operating expenses

Loss on guarantees
Other

Extraordinary income

Extraordinary losses
Loss on disposal of non-current assets
Total Extraordinary losses- more --5-Consolidated Statements of Comprehensive Income
Millions of
U.S. dollars

Millions of yen

3 months

3 months

3 months

FY2024FY2023

FY2024(Apr.-Jun.)(Apr.-Jun.)(Apr.-Jun.)

12,626

13,37678

Valuation difference on available-for-sale securities

918

462

6

Deferred gains or losses on hedges

(124)

(184)

(1)

12,324

8,749

77

(140)

(17)

(1)

9

139

0

12,987

9,149

81

Comprehensive income

25,61322,525

159

Comprehensive income
attributable to owners of parent

23,34020,832145

Comprehensive income
attributable to non-controlling interests

2,273

1,693

14

ProfitOther comprehensive income

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive Income- more --6-Consolidated Statements of Cash Flows
Millions of
U.S. dollars

Millions of yen

3 months
FY2024(Apr.-Jun.)

3 months
FY2023(Apr.-Jun.)

3 months
FY2024(Apr.-Jun.)

18,501
13,963(43)(40)(1,156)
757
(207)
(90)
(247)
87
78,286(17,228)(18,522)
24,882(17,925)
81,0171,148(768)(15,153)
66,243

19,711
11,67624(314)(1,257)460
5(538)(4,600)548
51,000(19,861)(29,484)
8,456(10,909)
24,9171,234(512)(13,675)
11,963

115
87
(0)
(0)
(7)
5
(1)
(1)
(2)
1
486
(107)
(115)
155
(111)
503
7
(5)
(94)
411

(26,065)
110
(31)
260
(2,786)
3,048(1,582)(11,303)
576
(17)
7,767
(5,812)
4,026
(545)

(162)
1
(0)
2
(17)
19
(10)

(27,046)(5,308)(168)583(22,000)
15,120(27,000)
10,000(5,652)(3)(10,712)(3,542)(43,206)

(599)
7,000
(32,034)(6,348)(3)(8,570)(4,340)(44,896)

4
(137)
94
(168)
62
(35)
(0)
(67)
(22)
(268)

2,538

2,139

16

(1,471)(36,101)(9)

Ⅵ Cash and cash equivalents at beginning of period

65,54384,165

407

Increase (decrease) in cash and cash equivalents
resulting from change in scope of consolidation

1,205

-

7

65,27748,063405

Ⅰ Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for product warranties
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on disposal of non-current assets
Decrease (increase) in accounts receivable - trade, and contract assets
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in contract liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Ⅱ Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Ⅲ Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change
on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Ⅴ(Ⅰ+Ⅱ+Ⅲ+Ⅳ)
Ⅳ

Ⅶ

Ⅷ Cash and cash equivalents at end of period- more --7-Consolidated Segment Information
Information on net sales, and profit or loss by each reporting segment(Changes in reporting segment)
As of October 1, 2023, reflecting change of organization structure, the reporting segments were reclassified
from "Power Electronics Energy", "Power Electronics Industry", "Semiconductors", "Power Generation" and "Food and Beverage Distribution"
to "Energy", "Industry", "Semiconductors" and "Food and Beverage Distribution" .
The reporting segment information for first quarter of the fiscal year ended March 31, 2024 has been reclassified to reflect this change.
3months FY2024 (Apr.-Jun.)
Millions of yen

EnergyNet Sales
Sales tothird parties
Inter-segment
sales and transfers

Industry

Semiconductors

Food andBeverageDistribution

Others

Total

Adjustments

Consolidated

67,711

76,87752,814

30,114

8,869

236,387-

236,387

455

3,351

1,066

570

4,975

10,419(10,419)-

Total sales

68,16680,22953,88030,685

13,844

246,806(10,419)

236,387

Segment profit(loss)

3,278

1,991

7,731

5,176

792

18,970(1,716)

17,2543months FY2023 (Apr.-Jun.)
Millions of yen

EnergyNet Sales
Sales tothird parties
Inter-segment
sales and transfers

Industry

Semiconductors

Food andBeverageDistribution

Others

Total

Adjustments

Consolidated

71,96676,03449,73427,345

9,067

234,148-

234,148

676

3,651

1,325

409

6,771

12,834(12,834)-

Total sales

72,642

79,68551,06027,754

15,839

246,983(12,834)

234,148

Segment profit(loss)

4,995

2

7,138

3,167

1,042

16,347(1,683)

14,6633months FY2024 (Apr.-Jun.)
Millions of U.S. dollars

EnergyNet Sales
Sales tothird parties
Inter-segment
sales and transfers

Industry

Semiconductors

Food andBeverageDistribution

Others

Total

Adjustments

Consolidated

421

477

328

187

55

1,468

-

1,468

3

21

7

4

31

65

(65)

-

Total sales

423

498

335

191

86

1,533

(65)

1,468

Segment profit(loss)

20

12

48

32

5

118

(11)

107

- more --8-July 25, 2024
Fuji Electric Co., Ltd.

Supplemental Consolidated Financial Materials
1. Financial summary

Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent

3months
1Q FY2024

Billions of yen[Forecast]
6months
3 months
1H FY2024
1Q FY2023

6 months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Jun.)(Apr.-Sep.)

236.4
17.3
18.3
11.5

494.0
35.5
33.0
29.5

234.1
14.7
15.1
12.3

491.7
35.0
34.6
24.3

3months
1Q FY2024[Forecast]
6months
1H FY2024

3 months
1Q FY2023

6 months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Jun.)(Apr.-Sep.)

68
19
49
4

68
19
49
4

70
21
49
4

70
21
49
4

3months
1Q FY2024[Forecast]
6months
1H FY2024

3 months
1Q FY2023

6 months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Jun.)(Apr.-Sep.)

80.34

206.5486.14

170.433months
1Q FY2024[Forecast]
6months
1H FY2024

3 months
1Q FY2023

6 months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Jun.)(Apr.-Sep.)

155.88167.8821.48

147.94158.9420.49

137.37149.4719.56

141.00153.3919.75

3months
1Q FY2024

Billions of yen[Forecast]
6months
3 months
1H FY2024
1Q FY2023

6 months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Sep.)

2. Number of consolidated subsidiaries

Number of consolidated subsidiaries
Japan
Overseas
Number of equity-method associates

3. Profit per share
Yen

Profit per share

4. Average exchange rates (Yen)
Yen

US$
EURO
RMB

5. Net sales by reporting segment

EnergyIndustry
Semiconductors
Food and Beverage Distribution
OthersSubtotal
Elimination
Total

68.2
80.2
53.9
30.7
13.8
246.8
(10.4)
236.4- more -

149.0
173.0
113.0
56.0
26.0
517.0
(23.0)
494.0(Apr.-Jun.)

72.6
79.7
51.1
27.8
15.8
247.0
(12.8)
234.1

146.3
179.7
108.5
53.2
31.3
518.9
(27.2)
491.7

-9-

6. Operating profit(loss) by reporting segment

EnergyIndustry
Semiconductors
Food and Beverage Distribution
OthersSubtotal
Elimination
Total

3months
1Q FY2024

Billions of yen[Forecast]
6months
3months
1H FY2024
1Q FY2023

6months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Mar.)

3.3
2.0
7.7
5.2
0.8
19.0
(1.7)
17.3

(Apr.-Jun.)

8.7
6.2
14.9
7.5
1.6
38.9
(3.4)
35.5

5.0
0.0
7.1
3.2
1.0
16.3
(1.7)
14.7

8.7
5.2
16.8
5.4
2.1
38.1
(3.1)
35.0

3months
1Q FY2024

Billions of yen[Forecast]
6months
3months
1H FY2024
1Q FY2023

6months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Mar.)

7. Net overseas sales

Asia (except for China)
China
EuropeAmerica
Total

31.7
24.9
9.1
7.0
72.7

(Apr.-Jun.)

-

36.2
20.0
8.8
6.3
71.2

78.4
43.0
18.3
12.4
152.0

3months
1Q FY2024

Billions of yen[Forecast]
6months
3months
1H FY2024
1Q FY2023

6months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Mar.)

2.2
2.5
3.4
0.9
0.0
9.1

4.5
5.2
6.9
2.0
0.0
18.7

2.1
2.4
3.0
0.8
0.0
8.3

3.8%

3.8%

3.6%

8. R&D expenditures

EnergyIndustry
Semiconductors
Food and Beverage Distribution
Others
Total
Ratio to net sales (%)- more -(Apr.-Jun.)

4.2
4.9
6.1
1.8
0.0
16.9
3.4%

- 10 -

9. Plant and equipment investment(including leases)

EnergyIndustry
Semiconductors
Food and Beverage Distribution
Others
Total(Leases)

3months
1Q FY2024

Billions of yen[Forecast]
6months
3 months
1H FY2024
1Q FY2023

6months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Jun.)(Apr.-Sep.)

1.2
0.8
28.0
0.2
0.2
30.5
0.0

5.5
4.7
52.3
0.9
0.4
63.8
0.6

1.7
0.7
8.0
0.2
0.5
11.0
0.5

3.8
1.8
18.6
0.6
1.2
26.0
0.9

3months
1Q FY2024

Billions of yen[Forecast]
6months
3 months
1H FY2024
1Q FY2023

6months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Sep.)

1.7
1.5
8.9
0.5
0.2
12.8
0.2

3.6
3.1
19.0
1.0
0.4
27.1
0.4

1.4
1.4
7.2
0.4
0.2
10.6
0.2

3months
1Q FY2024[Forecast]
6months
1H FY2024

3 months
1Q FY2023

6months
1H FY2023(Apr.-Jun.)(Apr.-Sep.)(Apr.-Jun.)(Apr.-Sep.)

8,032
10,029
6,187
1,916
1,553
27,717
17,725
9,992

8,012
10,261
6,296
1,943
1,555
28,067
17,688
10,379Note: Leases are included in total plant and equipment investment.

10. Depreciation, Leases paid

EnergyIndustry
Semiconductors
Food and Beverage Distribution
Others
Total(Leases)(Apr.-Jun.)

2.9
2.8
15.4
0.8
0.4
22.3
0.5

11. Number of employees

EnergyIndustry
Semiconductors
Food and Beverage Distribution
Others
Total
Japan
Overseas- more -

7,760
9,969
5,975
1,929
1,831
27,464
17,689
9,775

7,807
9,941
6,027
1,909
1,825
27,50917,6029,907

- 11 -

1. Financial Performance(1) Qualitative Information regarding Consolidated Results of Operations
Results of Operations in the Fiscal Year Ended March 31, 2025
In the fiscal year ending March 31, 2025, Fuji Electric launched To be enthusiastic, ambitious andsensitive 2026, a three-year medium-term management plan slated to conclude with the fiscal year
ending March 31, 2027. In accordance with the plan’s basic policy of pursuing the improvement ofcorporate value through management emphasizing profit, Fuji Electric will move forward with the
improvement of profitability through improvement of productivity using digital technologies andbusiness operation emphasizing cost of capital and the promotion of growth strategies focused on the
introduction of new products and the expansion of overseas businesses. At the same time, the Company
will work toward the strengthening of management foundations via ongoing environmental, social, andgovernance (ESG) initiatives. In addition, adaptiveness toward operating environment changes will beheightened with the goal of growing sales and profit and achieving ongoing increases in corporate value.
In the three-month period ended June 30, 2024, brisk capital investment by manufacturers and data
center business operators was seen amid constantly growing needs related to vehicle electrification,
stable energy supplies, and energy saving. These needs were sparked by the growth in investments forachieving decarbonization and promoting digitalization. Meanwhile, demand for machine tools was weakamid ongoing economic stagnancy in China. In addition, changing trends in the electrified vehicle (xEV)
market are creating a need to monitor demand trends going forward.
In this environment, ongoing steps were taken to improve profitability through production capacity
increases for power semiconductors carried out in response to growing demand, efforts to optimize
production systems to accommodate demand, and promotion of local production and consumption.
Due to these factors, increases were seen in the sales of the Industry, Semiconductor, and Food andBeverage Distribution segments, resulting in consolidated net sales in the three-month period ended
June 30, 2024, rising ¥2.2 billion, or 1%, year on year, to a new record high of ¥236.4 billion.
Although profit was impacted by high material as well as by increases in R&D expenditures and risingexpenses for production capacity augmentations, overall profit was buoyed by the benefits of increases to
product selling prices, cost reduction activities, and foreign exchange influences. As a result, operating
profit rose ¥2.6 billion year on year, to ¥17.3 billion, and ordinary profit was up ¥3.1 billion, to ¥18.3
billion, both reaching new record highs. Profit attributable to owners of parent decreased ¥0.8 billion, to¥11.5 billion, due to the absence of gains on sales of investment securities recorded under extraordinary
income in the previous equivalent period.
Consolidated results of operations for the three-month period ended June 30, 2024, were as follows.
(¥ billion)
Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

Net sales

234.1

236.4

2.2

Operating profit

14.7

17.3

2.6

Ordinary profit

15.1

18.3

3.1

Profit attributable toowners of parent

12.3

11.5

(0.8)

- more -Change- 12 -

Results by Segment
EnergyNet sales: ¥68.2 billion (down 6% year on year)
Operating profit: ¥3.3 billion (down ¥1.7 billion year on year)
In the Energy segment, net sales and operating profit were down year on year due to the absence ofpreviously recorded large-scale orders in the power generation business and the power supply andfacility systems business and declines in demand in the ED&C components business.
・In the power generation business, net sales and operating results were down year on year due to theabsence of large-scale renewable energy projects recorded in the previous equivalent period.
・In the energy management business, net sales and operating results were up year on year as a resultof increases in large-scale orders for substation equipment for power and industrial applications. These
increases outweighed the impacts of a decline in large-scale orders from solar power generation facilities.
・In the power supply and facility systems business, net sales and operating results were down year on
year, despite strong demand from data center operators, as a result of decreases in large-scale projects
from overseas semiconductor manufacturers.
・In the ED&C components business, net sales were down year on year due to reductions in demand
from finished machinery manufacturers while operating results deteriorated because of the lower net
sales combined with the impacts of higher material prices.
Industry
Net sales: ¥80.2 billion (up 1% year on year)
Operating profit: ¥2.0 billion (up ¥2.0 billion year on year)
In the Industry segment, net sales and operating profit were up year on year as a result of higher
demand in the automation systems business, the social solutions business, and the equipment
construction business.
・In the automation systems business, net sales and operating results were up year on year as thebenefits of increased demand for drive control systems for process automation applications counteracted
the decrease in demand for low-voltage inverters for factory automation applications.
・In the social solutions business, net sales and operating results were up year on year due to increases
in orders for nuclear power-related equipment and differences in profitability between railway systemprojects.
・In the digital transformation solutions business, net sales and operating results were down year on
year due to the absence of previously recorded large-scale IT solutions projects.
・In the equipment construction business, net sales and operating results were up year on year as aresult of strong trends in construction projects.
Note: Effective April 1, 2024, the name of the IT solutions business subsegment was changed to thedigital transformation solutions business and the information solutions operations previously containedin the social solutions business subsegment were transferred to the digital transformation solutions
business subsegment. Year-on-year comparisons use figures that have been restated to reflect thischange in subsegments.
Semiconductors
Net sales: ¥53.9 billion (up 6% year on year)
Operating profit: ¥7.7 billion (up ¥0.6 billion year on year)
・In the semiconductor business, net sales increased year on year due to growth in demand for power
semiconductors for electrified vehicles (xEVs) and favorable foreign exchange influences, the benefits ofwhich offset the impacts of declines in demand for industrial power semiconductors for factory- more -- 13 -

automation applications. The growth in sales coupled with the benefits of cost reduction activities andfavorable foreign exchange influences led to operating results improving year on year, despite the rise in
expenses for bolstering power semiconductor production capacity and the increases in material costs.
Food and Beverage Distribution
Net sales: ¥30.7 billion (up 11% year on year)
Operating profit: ¥5.2 billion (up ¥2.0 billion year on year)
・In the vending machine business, net sales were relatively unchanged year on year, but operating
results improved year on year because of the benefits of cost reduction activities.
・In the store distribution business, net sales and operating results were up year on year due to a special
demand trend stemming from the issuance of newly designed paper currency in Japan.
Others
Net sales: ¥13.8 billion (down 13% year on year)
Operating profit: ¥0.8 billion (down ¥0.3 billion year on year)
Note: Following organizational reforms conducted in the nine-month period ended December 31, 2023,
the Company’s prior reportable segments—Power Electronics Energy, Power Electronics Industry,
Semiconductor, Power Generation, and Food and Beverage Distribution—were reorganized to form theEnergy, Industry, Semiconductor, and Food and Beverage Distribution segments. Previously announced
figures have been restated to reflect this change in reportable segments.

- more -- 14 -

(2) Quantitative Information regarding Consolidated Financial Position(¥ billion)
March 31,2024
1,271.2
162.9
602.5

Breakdown
(%)
100
12.8
47.4

Total assets
Interest-bearing debt
Equity*1
Debt-to-equity ratio*2
0.3(times)*1 Equity = Total net assets － Non-controlling interests*2 Debt-to-equity ratio = Interest-bearing debt/ Equity

June 30,2024
1,252.4
135.4
615.1
0.2

Breakdown
(%)
100
10.8
49.1

Change(18.8)(27.5)
12.6(0.1)

Total assets on June 30, 2024, stood at ¥1,252.4 billion, a decrease of ¥18.8 billion from the end of theprevious fiscal year. Total current assets were down ¥44.3 billion primarily as a result of a decreases innotes and accounts receivable-trade, which counteracted an increase in inventories. Total noncurrent
assets were up ¥25.5 billion due to an increase in property, plant and equipment.
Interest-bearing debt as of June 30, 2024, amounted to ¥135.4 billion, down ¥27.5 billion from theprevious fiscal year-end. Furthermore, net interest-bearing debt—interest-bearing debt net of cash andcash equivalents—decreased ¥27.2 billion from the previous fiscal year-end, amounting to ¥70.2 billion
on June 30, 2024.
Net assets on June 30, 2024, were ¥674.0 billion, up ¥12.5 billion from the previous fiscal year-end.
This outcome was because of foreign currency translation adjustment. In addition, equity—total net
assets net of noncontrolling interests—was up ¥12.6 billion from the previous fiscal year-end, standingat ¥615.1 billion on June 30, 2024. The debt-to-equity ratio (interest-bearing debt ÷ equity) was 0.2
times, down 0.1 times from the previous fiscal year-end. Also, the net debt-to-equity ratio (net interestbearing debt ÷ equity) was 0.1 times, down 0.1 times from the previous fiscal year-end.
In the three-month period ended June 30, 2024, consolidated free cash flow (net cash from operating
activities + net cash from investing activities) was a positive ¥39.2 billion, an increase of ¥32.5 billion
compared with positive free cash flow of ¥6.7 billion in the previous equivalent period.
Cash flows from operating activities
Net cash provided by operating activities was ¥66.2 billion, compared with net cash provided byoperating activities of ¥12.0 billion in the previous equivalent period. Major factors increasing cash
included the recording of income before income taxes and decrease in accounts receivable-trade, andcontract assets. Major factors decreasing cash included increase in inventories and decrease in trade
payables.
This was an increase in cash provided of ¥54.3 billion year on year.
Cash flows from investing activities
Net cash used in investing activities was ¥27.0 billion, compared with net cash used in investing
activities of ¥5.3 billion in the previous equivalent period. This outcome was primarily a result of thepurchase of property, plant and equipment.
This was an increase in cash used of ¥21.7 billion year on year.
Cash flows from financing activities
Net cash used in financing activities was ¥43.2 billion, compared with net cash used in financing
activities of ¥44.9 billion in the previous equivalent period. This was principally due to decrease incommercial papers as well as to repayments of long-term borrowings.
As a result, consolidated cash and cash equivalents on June 30, 2024, amounted to ¥65.3 billion, down
¥0.3 billion from the previous fiscal year-end.

- more -- 15 -

(3) Qualitative Information regarding Consolidated Forecasts and Forecast Information
In light of the business result trends seen in the three-month period ended June 30, 2024, Fuji Electric
has chosen to revise the consolidated forecast for business results for the six-month period ending
September 30, 2024 and the fiscal year ending March 31, 2025, that was announced together withfinancial results for the fiscal year ended March 31, 2024, on April 25, 2024.
The forecast assumes exchange rates of US$1 = ¥140, €1 = ¥150, and RMB1 = ¥19.5 for the period
from July 1, 2024, onward.
(Consolidated Forecasts for the Six-Month Period Ending September 30, 2024)(¥ billion)
Previousannouncement

Today’sannouncement

ChangeNet sales

494.0

494.0

0.0

Operating profit

35.5

35.5

0.0

Ordinary profit

33.0

33.0

0.0

Profit attributable to owners ofparent

20.0

29.5

9.5

(Reference: Consolidated Forecasts for the Six-Month Period Ending September 30, 2024, by
Segment)(¥ billion)
Previous
Today’s
Changeannouncement
announcement
OperatingOperatingOperating
Net Sales
Net Sales
Net Sales
ProfitProfitProfitEnergy

149.0

8.7

149.0

8.7

0.0

0.0

Industry

173.0

6.2

173.0

6.2

0.0

0.0

Semiconductor

117.0

16.9

113.0

14.9

(4.0)

(2.0)

Food and Beverage Distribution

52.0

5.5

56.0

7.5

4.0

2.0

Others

26.0

1.6

26.0

1.6

0.0

0.0

Elimination and Corporate(23.0)(3.4)(23.0)

(3.4)

0.0

0.0

Total

494.0

35.5

494.0

35.5

0.0

0.0

(Consolidated Forecasts for the Fiscal Year Ending March 31, 2025)(¥ billion)
Previousannouncement
Net sales

Today’sannouncement

Change1,114.0

1,114.0

0.0

Operating profit

109.0

109.0

0.0

Ordinary profit

109.5

109.5

0.0

Profit attributable to owners ofparent

76.5

80.5

4.0

- more -- 16 -

(Reference: Consolidated Forecasts for the Fiscal Year Ending March 31, 2025, by Segment)(¥billion)
Previous
Today’s
Changeannouncement
announcement
Net Sales

Operating
ProfitNet Sales

Net Sales

Energy

348.0

31.0

348.0

31.0

0.0

0.0

Industry

414.0

36.0

414.0

36.0

0.0

0.0

Semiconductor

245.0

37.0

241.0

35.0

(4.0)

(2.0)

Food and Beverage Distribution

102.0

9.2

106.0

11.2

4.0

2.0

Others

55.0

3.7

55.0

3.7

0.0

0.0

Elimination and Corporate(50.0)(7.9)(50.0)

(7.9)

0.0

0.0

1,114.0

109.0

1,114.0

109.0

0.0

0.0

Total

###

Operating
Net Sales
Profit