[IR Material]
Supplementary Material on the Consolidated
Financial Results for the Fiscal Year Ended
March 31, 2024
YAHAGI CONSTRUCTION CO., LTD.
Code no.: 1870
(Listed on Prime Market of Tokyo Stock Exchange andPremier Market of Nagoya Stock Exchange)©2024 All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Ⅰ
Consolidated Financial Results for
the Fiscal Year Ended March 31, 2024

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Highlights of consolidated financial results for the fiscal year
ended March 31, 2024
 Net sales
Net sales increased by ¥8.7 billion year on year and reached ¥119.8 billion, setting a new record high.

 Profit
Along with a significant increase in gross profit, operating profit increased by ¥2.3 billion year on year to ¥9.5 billion, while profit attributable toowners of parent increased by ¥1.9 billion year on year to ¥6.4 billion, all of which setting new record highs.

Net sales (JPY mil)Operating profit (JPY mil)YoY ¥8.7 bn. (7.8%)

Profit attributable to owners of parent (JPY mil)YoY ¥2.3 bn. (31.9%)
Operating profit margin

YoY ¥1.9 bn. (43.4%)
7.9%

Return on sales

5.4%

5.2%

Record high

6.6%

6.5%

119,824

4.1%

Record high111,110

Record highRecord
6,462
high

9,514

93,090

4,842

7,212

4,508

6,169

2022.32023.32024.3[Reference] Highest record as of the previous fiscal year:¥111,110 million in FYE March 2023

2022.32023.32024.3[Reference] Highest record as of the previous fiscal year:¥7,764 million in FYE March 2020©2024 All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

2022.32023.32024.3[Reference] Highest record as of the previous fiscal year:¥5,158 million in FYE March 20203

Consolidated financial results for the fiscal year ended March 31, 2024
(Millions of Yen)

Net sales
Net sales of completed construction
contracts
Net sales in real estate business and other

Gross profit(Gross profit margin)
Gross profit on completed construction
contracts
Gross profit on real estate business andotherSelling, general, andadministrative expenses
Operating profit(Operating profit margin)

Ordinary profit(Ordinary profit margin)

Profit attributable to owners ofparent(Return on sales)FYE March
2022
ActualFYE March2023
Actual

78,993

94,26596,23014,096

16,84523,594

14,935

16,59019,797(16.0%)
10,379(14.9%)
10,822(16.5%)
9,584

4,555

5,768

10,212

8,765

9,377

6,169
(6.6%)
6,174

93,090111,110FYE March
2024
Actual119,824

Year on year
Increase/
Changedecrease

8,714

7.8%

1,965

2.1%

6,749

40.1%

3,206

19.3%
1.6pt

▲1,237▲11.4%

10,282

905

9.7%

7,212
(6.5%)

9,514(7.9%)

2,301

9,588

2,329

(6.6%)

7,259(6.5%)

31.9%
1.4pt
32.1%

(8.0%)

4,842

4,508

6,462

(5.2%)(4.1%)(5.4%)©2024 All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

4,443

77.0%

1.5pt
1,954

43.4%
1.3pt
4

Factors for increase or decrease in net sales/operating profit(vs results for the fiscal year ended March 31, 2023)
 Net sales・・・Increased by ¥8.7 billion year on year, setting a new record high.

Construction business: Net sales increased by ¥1.9 billion year on year mainly due to the inclusion of HOKUWA CONSTRUCTION, INC., as a consolidated subsidiary at the end of the previous fiscal year.
Real estate business:
Net sales increased significantly by ¥6.7 billion year on year due to the sale of large-scale self-developed land for industrial use (lot No. 1 of the Obu Tokai Development Project).

 Profit

・・・Operating profit increased by ¥2.3 billion year on year, setting a new record high.

Construction business: Profit decreased by ¥1.2 billion year on year due to the large number of construction projects with low profitability compared to the previous fiscal year.
Real estate business:
Profit increased significantly by ¥4.4 billion year on year due to the sale of self-developed land for industrial use with high profit margins.
SG&A :
Expenses increased by ¥0.9 billion year on year due to increased investment in human resources such as raises in employee salaries and bonuses as well as stronger
recruitment, and higher expenses associated with increased business activities and other factors.

Net sales (JPY mil)YoY ¥8,714 mil.

Operating profit (JPY mil)YoY ¥2,301 mil.

Gross profit on completed building construction ▲1,723
Revenue from
Revenue fromcompletedcompleted
construction contracts
construction contracts(previous fiscal year)(current fiscal year)
64,32965,464➡
Gross profit margin on
completed construction
contracts(previous fiscal year)
7.9%➡

+4,443Gross profit margin on
completed construction
contracts(current fiscal year)

9,514

5.1%

7,212

Revenue from
Revenue fromcompletedcompleted
construction contracts construction contracts(previous fiscal year) (current fiscal year)
29,93630,766➡
Gross profit margin on
Gross profit margin on
completed construction completed construction
contracts
contracts(current fiscal year)(previous fiscal year)
19.2%
➡
20.3%
Gross profit on completed civil engineering +486

FYE March2023
ActualBuilding
construction

Civilengineering

Real estatebusiness©2024

FYE March
2024
ActualFYE March2023
ActualEffect of increase in revenue Effect of decrease in gross Effect of increase infrom completed construction
profit margin onrevenue from completed
contracts
completed construction construction contracts(building construction)
contracts(civil engineering)(building construction)

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Effect of improvementin gross profit margin
on completed
construction contracts(civil engineering)

Real estatebusiness

Increase in
SG&A

FYE March
2024
Actual5Comparison with financial forecasts(Millions of Yen)

Net sales
Net sales of completed construction
contracts
Net sales in real estate business and other

Gross profit(Gross profit margin)
Gross profit on completed construction
contracts
Gross profit on real estate business andotherSelling, general, andadministrative expenses
Operating profit(Operating profit margin)

Ordinary profit(Ordinary profit margin)

Profit attributable to ownersof parent(Return on sales)FYE March 2024

FYE March 2024

Forecast

Actualvs forecasts
Increase/decrease

Difference

122,000

119,824▲2,17598.2%

98,70023,30096,23023,594▲2,469294

97.5%
101.3%

19,70019,79797100.5%(16.1%)
9,400(16.5%)
9,584

184

0.4pt
102.0%

10,30010,212▲87

99.1%

10,20010,28282

100.8%

9,500

9,514

14

100.2%(7.8%)(7.9%)

9,500

88(7.8%)

9,588(8.0%)

100.9%
0.2pt

6,300

6,462

162

102.6%(5.2%)(5.4%)©2024 All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

0.1pt

0.2pt
6

Factors for increase or decrease in net sales/operating profit(vs financial forecasts)
 Net sales・・・Fell short of the forecast by approximately ¥2.1 billion.

Construction business: Fell short of the forecast mainly due to delays in works of some large building construction projects as a result of process reviews.
Real estate business: Generally in line with the forecast due to the completion of the planned sale of large-scale self-developed land for industrial use.

 Profit

・・・Operating profit was in line with the forecast at ¥9.5 billion.

Construction business: Generally in line with the forecast due to factors such as the improved profit margin of civil engineering projects despite the decreased profit margin of building construction projects.
Real estate business:
Generally in line with the forecast due to the completed sale of large-scale self-developed land for industrial use.
SG&A:
Generally in line with the forecast.

Net sales (JPY mil)vs forecast ¥2,175 mil.

Operating profit (JPY mil)vs forecast ¥14 mil.

Gross profit on completed building construction ▲1,061
Revenue from
Revenue fromcompleted construction completed construction
contracts (actual)contracts (forecast)
65,46468,000➡

+294

Gross profit margin Gross profit margin
on completed
on completed
construction
construction
contracts (forecast) contracts (actual)
➡
6.5%
5.1%

119,824

+66

9,514

+10
Revenue from
Revenue fromcompletedcompleted
construction
construction
contracts
contracts(forecast)(actual)37,00030,766➡
Gross profit margin on Gross profit margin on
completed construction completed construction
contracts (actual)contracts (forecast)
16.3%
20.3%
➡
Gross profit on completed civil engineering +1,245

FYE March
2024
Forecast

Building
construction

Civilengineering

Real estatebusiness©2024

FYE March
2024
ActualFYE March
2024
Forecast

Effect of decrease in
Effect of decrease in grossEffect of increase inrevenue from completed
profit margin onrevenue from completed
construction contracts
completed construction
construction contracts(building construction)
contracts(civil engineering)(building construction)

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Effect of improvementin gross profit margin
on completed
construction contracts(civil engineering)

Real estatebusiness

Increase in
SG&A

FYE March
2024
Actual7

<Overall status by segment> Building construction
 Orders received
Increased significantly by ¥37.9 billion year on year due to the record-high orders for construction of large logistics facilities received.

 Net sales
Increased by ¥1.1 billion year on year due to an increase in condominium construction works, mainly as a result of the inclusion of HOKUWACONSTRUCTION, INC., as a consolidated subsidiary at the end of the previous fiscal year.

 Gross profit
Decreased by ¥1.7 billion year on year due to the large number of projects with low profitability compared to the previous fiscal year.

Orders received by use (JPY mil)Net sales by use (JPY mil)Gross profit (JPY mil)YoY ¥37.9 bn. (59.3%)

YoY ¥1.1 bn. (1.8%)

YoY ¥1.7 bn. (34.0%)■Condominium construction works■General construction works

60,07213,806■Condominium construction works■General construction works

102,006

64,32913,343

11,444

Consolidated gross profit margin

65,4649.3%
7.9%50,30064,034

16,623
4,669

16,430

5,062

5.1%

14,326
88,663

46,21649,7082022.32023.3

3,339

52,885

48,8402023.32024.333,8702024.32022.3©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

2022.32023.32024.38

<Overall status by segment> Civil engineering Orders received
Decreased by ¥1.5 billion year on year, mainly due to a decrease in orders for private-sector works despite an increase in orders for large governmental
projects received.

 Net sales
Increased by ¥0.8 billion year on year due to steady progress in private-sector works.

 Gross profit
Increased by ¥0.4 billion year on year due to increased profit from the acquisition of changes corresponding to an increase in amount for some large
projects that have been completed.

Orders received by use (JPY mil)YoY ¥1.5 bn. (4.4%)■Governmental projects■Private-sector works ■PW works
34,48532,95832,567

12,88615,083

15,481

15,190

4,200

4,212

2022.32023.3

Net sales by use (JPY mil)Gross profit (JPY mil)YoY ¥0.8 bn. (2.8%)

YoY ¥0.4 bn. (8.4%)■Governmental projects■Private-sector works ■PW works
30,76629,936
28,693
8,946

12,15812,24915,41013,452

14,853

4,031

4,336

4,325

3,662

2024.32022.32023.32024.3

17,531

11,396

Consolidated gross profit margin

19.9%

19.2%

5,710

5,759

2022.32023.3

20.3%
6,245

2024.3*PW works: Works performed by “PAN WALL method,” a reinforced earth method for natural grounds which is the Company’s unique technology©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

9

<Overall status by segment> Real estate business Net sales
Increased significantly by ¥6.7 billion year on year due to the sale of large-scale self-developed land for industrial use (lot No. 1 of the Obu Tokai
Development Project).

 Gross profit
Increased significantly by ¥4.4 billion year on year due to the sale of self-developed land for industrial use with high profit margins.

 Results of condominiums for sale
Number of units sold did not reach the level of the previous fiscal year and decreased by 63 year on year despite the completion and delivery of
new buildings.

Breakdown of net sales (JPY mil)Gross profit (JPY mil)YoY ¥4.4 bn. (77.0%)

YoY ¥6.7 bn. (40.1%)■Condominiums for sale business■Real estate sales ■Others

Number of condominium units soldYoY 63 units (28.3%)

Consolidated gross profit margin

223
units
223⼾

43.3%

23,594
34.2%

7,258

32.3%

11,933

4,555

16,845

10,212

180
units
180⼾
160
units
160⼾

14,096
5,768

9,315
7,292
2,991

3,448

3,813

4,082

4,403

2022.32023.32024.32022.3©2024

2023.32024.3All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

2022.32023.32024.310

Overview of construction/development properties Major completed construction project Major completed construction project[Civil engineering]Shin-Tomei Expressway Gotemba I/C
Construction Project[Building construction]
Saitama Prefecture Shiraoka City
Shinozu Plan New Construction Project

Completed in October 2023
Gotemba City, Shizuoka Pref., etc.
Client: Central Nippon Expressway Company Limited

Completed in March 2024
Shiraoka City, Saitama Pref.
Client: TOKYU LAND CORPORATION Major completed self-developed property

 Major self-developed property[Real estate business]
Obu Tokai Development Project (Lot No. 1)[Real estate business]
Kuwana City Tado Logistics Facility
Development Project(as of March 31, 2024)
Oct. 2023: Sale of self-developed land for industrial use
Oct. 2025: Scheduled completion of contracted building construction
project
Obu City & Tokai City, Aichi Pref.
Buyer: Nomura Real Estate Development Co., Ltd.

Mar. 2022: Sale of self-developed land for industrial use
June 2023: Completion of contracted building construction project
Kuwana City, Mie Pref.
Buyers: ITOCHU Corporation, ITOCHU Property Development, Ltd.

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

11

Consolidated financial position
 Total assets: Total assets decreased by ¥3.9 billion, mainly due to a decrease of ¥3.0 billion in trade receivables as a result ofprogress in the collection of construction payments primarily for large building construction projects.
 Liabilities: Total liabilities decreased by ¥10.0 billion mainly due to a reduction of ¥9.5 billion in interest-bearing debt in addition
to a decrease of ¥7.5 billion in trade payables as a result of the discontinuation of notes payable for partnercompanies.
 Net assets: Net assets increased by ¥6.1 billion mainly due to the recording of retained earnings.
❏Consolidated balance sheets
As of March 31,
2024 Actual

22,821

19,987▲2,833

Trade receivables

42,75339,657▲3,095

2,074

3,251

1,177

20,23921,016776

Others

4,334

3,997

▲337

Total

92,22387,910▲4,313

Property, plant and equipment

28,497

27,148▲1,349

805

728

▲77

8,460

10,213

1,752

Total

37,76338,090326

Total assets

129,987

126,000▲3,987

Non-current
assetsCurrent assets

Cash and deposits

Costs on construction contracts
in progress
Real estate for sale

Intangible assets
Investments and other assets©2024

Liabilities

Changes

As of March 31,
2023 Actual

As of March 31,
2024 Actual

Changes

Trade payables

18,697

11,112▲7,584

Short-term borrowings

28,10014,100▲14,000

4,604

8,853

4,248

Others

5,442

9,642

4,200

Total

56,84343,708▲13,135

Long-term borrowings

3,800

8,300

4,500

Others

8,912

7,453

▲1,458

Total

12,712

15,753

3,041

Total liabilities

69,556

59,461▲10,094

Net assets

60,431

66,5386,107

129,987

126,000▲3,987

Current liabilities

As of March 31,
2023 Actual

Non-current
liabilities

Assets(Millions of Yen)

Advances received on construction
contracts in progress

Total liabilities and net assets

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

12

Consolidated financial position❏Key management indicatorsFYE March 2020
ActualFYE March 2021
ActualFYE March 2022
ActualFYE March 2023
Actual(Millions of Yen)FYE March 2024
ActualReturn on assets (ROA)

7.3%

6.3%

5.0%

5.9%

7.5%

Return on equity (ROE)

10.2%

6.2%

8.6%

7.6%

10.2%

Earnings per share (EPS)¥118.85¥75.86¥112.18¥104.83¥150.23

Equity ratio

48.6%

42.1%

49.4%

46.5%

52.8%

Interest-bearing debt

26,05742,94030,40031,90022,400Net interest-bearing debt (*)

12,281

20,848

8,388

9,078

2,413

(*) Net interest-bearing debt = interest-bearing debt - cash and deposits❏Consolidated statements of cash flows(Millions of Yen)FYE March 2020
ActualFYE March 2021
ActualFYE March 2022
ActualFYE March 2023
ActualFYE March 2024
ActualCash flows from operating activities

631▲6,757

15,841

4,152

10,235

Cash flows from investing activities▲1,640▲220▲1,549▲3,069▲1,181

Cash flows from financing activities

918

15,326▲14,351▲253▲11,857©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

13

Summary of orders received and carry forward to the next fiscal year Orders received
Increased significantly by ¥36.4 billion year on year due to the record-high orders forconstruction of large logistics facilities received, etc.

 Carry forward to the next fiscal year

Orders received (JPY mil)YoY ¥36.4 bn. (37.0%)

Carry forward to the next fiscal year also grew significantly by ¥38.7 billion year on year due
to the large increase in orders received.

134,965❏Orders received
FYE March 2022 FYE March 2023 FYE March 2024
ActualActualActual(Millions of Yen)
Year on year
Increase/
Changedecrease

Building
construction

60,072

Civil engineering

32,56734,48532,958▲1,526

▲4.4%

Total

92,63998,520134,965

36,44537.0%

64,034

102,006❏Carry forward to the next fiscal year
FYE March 2022 FYE March 2023 FYE March 2024
ActualRecord highActualActual

37,971

59.3%

92,63998,5202022.32023.3Carry forward to the next fiscal year (JPY mil)YoY ¥38.7 bn. (39.0%)(Millions of Yen)
Year on year
Increase/
Changedecrease

Building
construction

62,064

66,629103,171

36,541

54.8%

Civil engineering

28,26332,81235,005

2,192

6.7%

Total

90,32799,442

138,177

38,73439.0%

2024.3[Reference] Highest record as of the previous fiscal year:¥98,520 million in FYE March 2023

Record high138,177
90,3272022.399,4422023.32024.3[Reference] Highest record as of the previous fiscal year:¥99,442 million in FYE March 2023

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

14

Ⅱ
Financial Forecasts for the Fiscal
Year Ending March 31, 2025

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Forecasts for the next fiscal year
Full-year forecasts for the fiscal year ending March 31, 2025, are net sales of ¥140.0 billion (up ¥20.0 billion
year on year) [record high], operating profit of ¥8.2 billion (down ¥1.3 billion year on year), and profit
attributable to owners of parent of ¥5.4 billion (down ¥1.0 billion year on year).

 Net sales
Overall net sales are expected to reach a record high, as in the previous fiscal year, due to an increase in sales in the construction business.
 Profit
Profit is expected to fall below the result of the previous fiscal year at each profit level due to the large impact of the expected decrease inprofit in the real estate business, although profit in the construction business is expected to increase.
❏ Consolidated financial forecasts for the fiscal year ending March 31, 2025

Net sales
Net sales of completed
construction contracts
Net sales in real estatebusiness and other
Gross profit(Gross profit margin)
Gross profit on completed
construction contracts
Gross profit on real estatebusiness and other
Selling, general, and administrative
expenses
Operating profit(Operating profit margin)

Six months ending
Sept. 30, 2024
Forecast

Increase/decrease

16.8%

52,15857,000

4,842

9.3%

22,77023.7%

45,72848,600

2,872

6.3%

21,000▲2,594▲11.0%

6,429

8,400

1,971

30.7%

▲897

▲4.5%

6,377

6,000

▲377

▲5.9%

▲3.0pt(12.2%)(10.5%)FYE March 2025

ActualFull-year forecasts

Increase/decrease

119,824140,000

20,17596,230119,000

23,594

Year on year (full year)
ChangeYear on year (interim)
Change19,797

18,900(16.5%)(13.5%)

9,584

10,600

1,016

10.6%

4,558

3,400

▲1,158▲25.4%

10,2128,300▲1,912▲18.7%

1,819

2,600

781

42.9%

10,282

10,700

418

4.1%

4,889

5,100

211

4.3%

9,514

8,200

▲1,314▲13.8%

1,487

900

▲587

▲39.5%(7.9%)(5.9%)▲2.0pt

(2.9%)(1.6%)

Ordinary profit

9,588

8,200

(Ordinary profit margin)
Profit attributable to owners ofparent

(8.0%)(5.9%)(Return on sales)(Millions of Yen)

Six months ended
Sept. 30, 2023
ActualFYE March 2024

6,462

5,400

(5.4%)(3.9%)©2024▲1,388▲1,062▲14.5%

1,564

900▲2.1pt

(3.0%)(1.6%)▲16.4%

1,017

600▲1.5pt

(2.0%)(1.1%)All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

▲1.7pt▲1.3pt▲664▲42.5%▲1.4pt▲417▲41.0%▲0.9pt16

Consolidated financial forecasts for the fiscal year ending
March 31, 2025 (by segment)(Millions of Yen)FYE March 2024

FYE March 2025

ActualYear on year (full year)

Six months ended
Sept. 30, 2023

Six months ending
Sept. 30, 2024

Full-year forecasts

Increase/decrease

ChangeActual119,824140,000

20,175

16.8%

Net sales of completed construction
contracts

96,230119,000

22,770

Building construction

65,46485,000Civil engineering

30,766

Year on year (interim)

Forecast

Increase/decrease

Change52,15857,000

4,842

9.3%

23.7%

45,72848,600

2,872

6.3%

19,53629.8%

31,911

32,700789

2.5%

34,000

3,234

10.5%

13,817

15,900

2,083

15.1%

23,59421,000▲2,594▲11.0%

6,429

8,400

1,971

30.7%

19,797

18,900

▲897

▲4.5%

6,377

6,000

▲377

▲5.9%

9,584

10,600

1,016

10.6%

4,558

3,400

▲1,158▲25.4%(10.0%)(8.9%)▲1.1pt(10.0%)(7.0%)

Building construction

3,339

4,600

37.8%

1,721

1,100

(Profit margin on building
construction works)(5.1%)(5.4%)

0.3pt(5.4%)(3.4%)

Civil engineering

6,245

6,000

▲3.9%

2,836

2,300

(Profit margin on civilengineering works)(20.3%)(17.6%)▲2.7pt(20.5%)(14.5%)

Gross profit on real estate business andother

10,2128,300▲18.7%

1,819

2,600

(Gross profit margin on real estatebusiness, etc.)(43.3%)(39.5%)▲3.8pt(28.3%)(31.0%)Net sales

Net sales in real estate business and other
Gross profit
Gross profit on completed construction
contracts(Gross profit margin on completed
construction contracts)

©2024

1,261

▲245

▲1,912All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

▲3.0pt▲621▲36.1%▲2.0pt▲536▲18.9%▲6.1pt

781

42.9%
2.7pt

17

Factors for increase or decrease in net sales/operating profit(vs results for the fiscal year ended March 31, 2024)
 Net sales
Construction business: Expected to exceed the result of the previous fiscal year mainly due to progress in the largest-ever building construction project
received in the previous fiscal year.
Real estate business: Expected to fall below the result of the previous fiscal year despite the planned sale of large-scale self-developed land forindustrial use in the current fiscal year as it is not as large as lot No. 1 of the Obu Tokai Development Project sold in the previous
fiscal year.

 Profit
Construction business: Expected to exceed the result of the previous fiscal year due to an increase in sales.
Real estate business: Expected to fall below the result of the previous fiscal year due to a decrease in sales.

Net sales (JPY mil)Operating profit (JPY mil)YoY ¥20,175 mil.

FYE March
2024
ActualBuilding
construction

Civilengineering

YoY ¥1,314 mil.

Real estatebusiness©2024

FYE March
2025
Forecast

FYE March
2024
ActualBuilding
construction

Civilengineering

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Real estatebusiness

Increase in
SG&A

FYE March
2025
Forecast

18Factors for increase in profit for the second half of FYE March 2025
(from the first half of FYE March 2025)
 Operating profit for FYE March 2025 is expected to increase significantly in the second half from ¥0.9 billion in the first half
to ¥7.3 billion in the second half due to the planned sale of large-scale self-developed land for industrial use in the second half,in addition to progress in construction works.
 Full-year operating profit is expected to be ¥8.2 billion.

(Millions of Yen)

+3,100▲500

7,300(1st half) (2nd half)
5,100 ➡ 5,600+1,400(1st half) (2nd half)
2,600 ➡ 5,700+2,400(1st half) (2nd half)
2,300 ➡ 3,700

900(1st half) (2nd half)
1,100 ➡ 3,500

Operating profit in 1st
half of FYE Mar. 2025

Building
construction

Civilengineering©2024

Real estatebusiness

Increase in
SG&A

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

Operating profit in 2nd
half of FYE Mar. 2025

19

Dividends
 Year-end dividend for FYE March 2024 will be ¥30 as announced, and together with the interim dividend of ¥30, the annual
dividend will be ¥60.
 For FYE March 2025, an ordinary dividend of ¥60 (the same amount as the annual dividend for FYE March 2024) and acommemorative dividend of ¥20 to celebrate the Company’s 75th anniversary will be paid, bringing the annual dividend to ¥80.
 The Company plans to increase dividends for four consecutive periods (no dividend reduction for 12 consecutive periods).

Interimdividend
Year-end
dividend

FYE
March
2020

FYE
March
2021

FYE
March
2022

FYE
March
2023

FYE
March
2024

¥16

¥17

¥17

¥19

¥30

¥18

¥17

¥21

¥24

¥30

Trends in annual dividend per share

FYE
March
2025

Ordinary dividend¥40(Forecast)Commemorative
dividend

63.7%

41.0%

Payout ratio(Consolidated)¥40(Forecast)

39.9%

44.8%

¥80

33.9%
¥60

28.6%
27.1%

Annualdividend
Payout ratio(Consolidated)

(*2)

(*1)

¥34

28.6%

¥34

44.8%

¥38

33.9%

¥43

41.0%

¥60

39.9%

¥80
(Forecast)

¥22

¥24

¥24

16.3

17.3

18.3

¥28

¥34

¥34

20.3

21.3

¥38

¥43

63.7%
(Forecast)(*1) Including commemorative dividend of ¥4 for the 70th anniversary of founding(*2) Including commemorative dividend of ¥20 for the 75th anniversary of founding©2024

20.5% 20.4% 20.5%

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

19.3

22.3

23.3

24.3

25.3
(Forecast)20

Numerical targets in the medium-term management plan (FY2021 to FY2025)(Millions of Yen)FYE March 2022

FYE March 2023

FYE March 2024

FYE March 2025
Forecast

FYE March 2026
TargetNet sales

93,090111,110

119,824140,000

130,000

Operating profit

6,169

7,212

9,514

8,200

10,000(Millions of Yen)

Ta r g e t s f o r t h e f i n a l f i s c a l y e a r o f
the medium-term management plan
(FYE March 2026)❏Cosolidated
net sales:❏Consolidated
operatingprofit:¥10.0 billion©2024■Net sales■Operating profit

119,824

111,110¥130.0 billion

130,000

140,000

93,090

6,169

7,212

9,514

8,200

10,000FYE March 2022

FYE March 2023

FYE March 2024

FYE March 2025

FYE March 2026

(Actual)(Actual)(Actual)(Forecast)(Target)All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

21

Ⅲ
Reference Information©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

1. Consolidated financial results (for the last 5 years) and forecasts
FYE March
2020
Net salesFYE March
2021

FYE March
2022

FYE March
2023

FYE March2024(Millions of Yen)FYE March2025 Forecast

90,129106,615

93,090111,110

119,824140,000(▲2.8%)(18.3%)(▲12.7%)(19.4%)(7.8%)(16.8%)

Operating profit

7,764

7,362

6,169

7,212

9,514

8,200

(Year-on-year percentage change)(0.8%)(▲5.2%)(▲16.2%)(16.9%)(31.9%)(▲13.8%)

Ordinary profit

7,829

7,445

6,174

7,259

9,588

8,200

(Year-on-year percentage change)(1.1%)(▲4.9%)(▲17.1%)(17.6%)(32.1%)(▲14.5%)

Profit attributable to owners ofparent

5,158

3,292

4,842

4,508

6,462

5,400

(Year-on-year percentage change)(15.2%)(▲36.2%)(47.1%)(▲6.9%)(43.4%)(▲16.4%)(Year-on-year percentage change)❏New record highs for net sales and all profit levels❏<Reference>First year for which consolidated
financial statements were prepared
Highest records as of the previous fiscal year
◉Net sales◉Operating profit◉Ordinary profit◉Profit attributable to owners of parent©2024

FYE March 1991
FYE March 2023
FYE March 2020
FYE March 2020
FYE March 2020

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

¥ 111 , 11 0 m i l l i o n¥7,764 million¥7,829 million¥5,158 million
23

2. Status of consolidated subsidiaries (as of March 31, 2024)
Name

Capital(Millions of yen)

Address

Fiscal year
end

Business description

Net sales for thecurrent fiscal year
(Millions of yen)

YAHAGI REAL ESTATE Co., Ltd.

Higashi-ku, Nagoya

800

March

Condominiums for sale business, real estate development business,real estate leasing business, real estate brokerage business

9,971

YAHAGI BUILDING AND LIFE CO., LTD.

Higashi-ku, Nagoya

400

March

Apartment and building management business, building construction
business

4,601

YAHAGI GREEN Co., Ltd.

Higashi-ku, Nagoya

100

March

Greenery business, golf course management business

3,482

1,311

6,798

Techno Support Co., Ltd.

Higashi-ku, Nagoya

50

March

PAN WALL (an earth reinforcement method using panels and “soilnails” for slope protection) business, PITA Column (a seismic
retrofitting method using external reinforcing for existing buildings)
business, construction work, technological development, test piece
production

YAHAGI ROAD CO., LTD.

Toyota, Aichi

300

March

Paving business, civil engineering business, manufacture and sales ofasphalt mixture, recycling business

Nanshin Takamori Development Co., Ltd.

Takamori-machi,
Shimoina-gun, Nagano

50

March

Operation of golf courses (Takamori Country Club)HOKUWA CONSTRUCTION, INC.

Shimogyo-ku, Kyoto

85

March

Building construction business

Minamichita Mirai Partners Co., Ltd.

Minamichita-cho,
Chita-gun, Aichi

30

March

Development and operation business for the surroundings ofMorozaki Port Tourism Center

292

6,255

11

(Notes) 1. YAHAGI REAL ESTATE Co., Ltd., YAHAGI BUILDING AND LIFE CO., LTD., YAHAGI GREEN Co., Ltd., Techno Support Co., Ltd., YAHAGI ROAD CO., LTD., Nanshin Takamori Development Co., Ltd., andHOKUWA CONSTRUCTION, INC., are all wholly-owned subsidiaries of YAHAGI CONSTRUCTION CO., LTD.
(For Nanshin Takamori Development Co., Ltd., there are indirect holdings of 69%).
2. Minamichita Mirai Partners Co., Ltd., is a special purpose company established on July 20, 2023, to engage in the development and operation business for the surroundings of Morozaki Port Tourism
Center in Minamichita-cho, Chita-gun, Aichi Prefecture, and is a subsidiary of YAHAGI CONSTRUCTION CO., LTD.,which indirectly holds 66.7% of the voting rights of the company.

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

24

3. Orders received, net sales, and carry forward to the next fiscal
year (consolidated)(Millions of Yen)

Orders received

CategoryFYE March 2023 FYE March 2024

ActualActualNet salesYear on year
Increase/decrease

FYE March 2023 FYE March 2024

ChangeActualCarry forward to the next fiscal year

Year on year
Increase/decrease

ActualFYE March 2023 FYE March 2024

ChangeActualActualYear on year
Increase/decrease

ChangePublic

28

1,717

1,689

－

－

113

113

－

28

1,632

1,603

－

Private64,006100,288

36,28256.7%

64,32965,350

1,021

1.6%

66,601

101,539

34,93852.5%

64,034

102,006

37,971

59.3%

64,32965,464

1,135

1.8%

66,629103,171

36,541

54.8%

Public15,083

17,531

2,447

16.2%

12,15812,24990

0.7%

12,865

18,147

5,282

41.1%

Private19,402

15,427▲3,974▲20.5%

17,777

18,516739

4.2%

19,947

16,858▲3,089▲15.5%

34,48532,958▲1,526▲4.4%

29,93630,766829

2.8%

32,81235,005

2,192

6.7%

Public15,111

19,249

4,137

27.4%

12,15812,363204

1.7%

12,893

19,779

6,885

53.4%

Private83,408

115,716

32,30738.7%

82,106

83,867

1,760

2.1%

86,549118,397

31,84836.8%

98,520134,965

36,44537.0%

94,26596,230

1,965

2.1%

99,442

138,177

38,734

39.0%

Real estate business and other

16,84523,594

6,749

40.1%

Total

111,110

119,824

8,714

7.8%

Building
construction

Construction

Total

Civil
engineering

Total

Total

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

25

memo

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

26

Disclaimer* Forward-looking statements such as earnings forecasts contained in this document include
projections for the future, assumptions underlying plans, and predictions as of the date of the releaseof this document. These statements are not guarantees of future performance by the Company. Actual
results may differ significantly depending on various factors in the future. This document contains
estimates that have not been audited, and the figures are subject to change.
* This document has been translated from the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original
shall prevail.

©2024

All rights reserved., YAHAGI CONSTRUCTION CO., LTD.

27