TOKYO ELECTRON

Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2024
August 8, 2024
(Japanese GAAP)
Name of Listed Company: Tokyo Electron Limited
Security Code:

Stock Exchange Listing: Tokyo

8035

URL:

https://www.tel.com

Representative:

Toshiki Kawai, Representative Director, President & CEO

Contact:

Shunsuke Maeno, Vice President of Accounting Dept.
Telephone: +81-3-5561-7000

Scheduled start date of dividends payment: Preparation of supplementary materials for the financial results: Yes
Earnings release conference: Yes (for investors and analysts)
Note: Amounts are rounded down to the nearest million yen.
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results (Cumulative)
Note: Percentages indicate changes from the same period of the previous fiscal year.
Three months ended
June 30, 2023

June 30, 2024%%

Net sales (Millions of yen)391,746 (17.3)

555,071

Operating income (Millions of yen)

82,433 (29.9)

165,733 101.1

41.7

Ordinary income (Millions of yen)

83,046 (29.4)

167,398 101.6

Net income attributable to owners of parent (Millions of yen)

64,312 (27.0)

126,189

Basic

137.46273.22

Diluted136.99272.3996.2

Net income per share of common stock (Yen):

Comprehensive income:Three months ended June 30, 2024:

201,454 million yen, 102.7%

Three months ended June 30, 2023:

99,364 million yen, 18.9%(2) Consolidated Financial Position
As ofMarch 31, 2024

June 30, 2024

Total assets (Millions of yen)

2,456,462

2,495,541

Total net assets (Millions of yen)

1,760,180

1,773,061

71.1

70.3

Equity ratio (%)
Equity:1,754,662 million yen (as of June 30, 2024)
1,746,835 million yen (as of March 31, 2024)

2. Dividends
Year ended

Year ending

March 31, 2024

March 31, 2025
(Forecast)

1Q-end dividends per share (Yen)--

2Q-end dividends per share (Yen)

148.00237.003Q-end dividends per share (Yen)--

Year-end dividends per share (Yen)

245.00282.00

Annual dividends per share (Yen)393.00519.00Note: Revision to the dividends forecast most recently announced: Yes

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TOKYO ELECTRON

3. Financial Forecasts for the Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)
Note: Percentages for year ending March 31, 2025 indicate changes from the previous fiscal year, and those for six months ending
September 30, 2024 indicate changes from the same period of the previous fiscal year.
Six months ending

Year ending

September 30, 2024

March 31, 2025

(Cumulative)%
Net sales (Millions of yen)%

1,100,000

34.2

2,300,000

25.6

Operating income (Millions of yen)

288,000

61.3

627,000

37.4

Ordinary income (Millions of yen)

290,000

60.0

630,000

36.0

Net income attributable to owners of parent (Millions of yen)

218,000

58.6

478,000

31.3

Net income per share (Yen)472.61

1,036.94

Note: Revision to the financial forecasts most recently announced: Yes
Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Adoption of special accounting methods for preparation of quarterly financial statements: Yes
Please refer to "Notes" on page 10 for further information.
(3) Changes in accounting policies, changes in accounting estimates and restatements
1. Changes in accounting policies along with changes in accounting standards: Yes
2. Other changes of accounting policies besides the number 1 above: None
3. Changes in accounting estimates: None
4. Restatements: None
Please refer to "Notes" on page 10 for further information.
(4) Number of shares issued and outstanding (common stock)
1. Number of shares issued and outstanding (including treasury stock)
As of June 30, 2024:

471,632,733 shares

As of March 31, 2024:

471,632,733 shares

2. Number of shares of treasury stock
As of June 30, 2024:

10,954,747 shares

As of March 31, 2024:

8,663,247 shares

3. Average number of shares outstanding (Cumulative quarterly period)
Three months ended June 30, 2024:

461,854,886 shares

Three months ended June 30, 2023:

467,872,195 shares

Note: The number of shares of treasury stock includes the Company’s shares held by "Executive compensation Board Incentive Plan (BIP) trust"
Notes:and "share-delivering Employee Stock Ownership Plan (ESOP) trust". (1,386,407 shares as of June 30, 2024, 1,386,407 shares as ofNotes:March 31, 2024)
Notes:In addition, these Company’s shares are included in the treasury stock which is deducted in calculating the average number of shares.

* Status of external auditor's quarterly review procedures for attached quarterly consolidated financial statements: None
* Explanation of the appropriate use of financial forecast:
The financial forecasts and estimates in this Summary of Consolidated Financial Results are based on information available to
the Company at the time of report issuance and certain assumptions judged to be reasonable by the Company, and therefore
are not guarantees of future performance. Consequently, actual results may differ substantially from those described in thisSummary of Consolidated Financial Results. Please refer to "1. Qualitative Information on Financial Results for the Current
Quarter (4) Description of Financial Estimates Information such as Consolidated Financial Forecasts" on page 5.
The Company plans to hold an online conference for investors and analysts on August 8, 2024.
Supplementary materials to be used at the conference will be posted on the Company's website.

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TOKYO ELECTRON

1. Qualitative Information on Financial Results for the Current Quarter(1) Description of Operating Results
With respect to the global economy in the first quarter of the current fiscal year, while concerns about geopolitical risks
persist, the economies of Europe and the United States showed signs of stability with the inflation rate at around 2%.
Furthermore, as for foreign exchange, the yen’s depreciation continued due to the gap in policy interest rates between
Japan and both Europe and the United States.
In the electronics industry, where the Tokyo Electron (TEL) Group operates, new electronic devices incorporating
generative AI have been introduced and new markets are beginning to emerge. Additionally, while PC and smartphonemarkets have begun showing signs of recovery, semiconductor manufacturers continued to make production
adjustments. As a result, there have been progress in inventory adjustments for semiconductors, and the supply anddemand imbalance for semiconductors has improved steadily.
Under these circumstances, capital investment in semiconductor production equipment in the first quarter of thecurrent fiscal year continued the strong growth trends from the previous fiscal year, primarily due to investments inmature generation of semiconductors in China meant to improve self-sufficiency rates in semiconductors andadvanced packages for AI applications. Furthermore, the capital investment for memory and cutting-edge logic/foundry
semiconductors has been generally restrained. However, against the backdrop of the transition to a data society
accompanied by the expansion of information and communication technology and efforts toward a decarbonizedsociety, the role of semiconductors in supporting electronic devices and their technological innovation are becoming
increasingly important, and the semiconductor production equipment market is expected to grow further in themedium- to long-term.
As a result, the consolidated financial results (cumulative) for the first quarter of the current fiscal year were net salesof 555,071 million yen (year-on-year growth of 41.7%), operating income of 165,733 million yen (year-on-year growthof 101.1%), ordinary income of 167,398 million yen (year-on-year growth of 101.6%), and net income attributable toowners of parent of 126,189 million yen (year-on-year growth of 96.2%).
The TEL Group has a single segment of "Semiconductor Production Equipment" and therefore information by segment
has been omitted.

(2) Description of Financial Conditions
Current assets at the end of the first quarter of the current fiscal year were 1,637,642 million yen, a decrease of 62,809
million yen compared to the end of the previous fiscal year. This was mainly due to a decrease of 49,022 million yen
in cash and deposits, and a decrease of 32,535 million yen in notes and accounts receivable - trade, and contract
assets.
Property, plant and equipment increased by 16,746 million yen from the end of the previous fiscal year, to 354,113
million yen.
Intangible assets decreased by 69 million yen from the end of the previous fiscal year, to 32,314 million yen.
Investments and other assets increased by 85,211 million yen from the end of the previous fiscal year, to 471,471
million yen.
As a result, total assets increased by 39,078 million yen from the end of the previous fiscal year, to 2,495,541 million
yen.
Current liabilities increased by 1,761 million yen from the end of the previous fiscal year, to 613,660 million yen. This
was largely due to an increase of 47,414 million yen in customer advances, and a decrease of 34,145 million yen inincome taxes payable.
Long-term liabilities increased by 24,436 million yen from the end of the previous fiscal year, to 108,819 million yen.
Net assets increased by 12,881 million yen from the end of the previous fiscal year, to 1,773,061 million yen. This waslargely due to an increase of 126,189 million yen resulting from recording net income attributable to owners of parent,
an increase of 59,082 million yen in net unrealized gains on investment securities, an increase of 17,111 million yen
in foreign currency translation adjustments, a decrease resulting from the payment of 113,767 million yen in year-end

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TOKYO ELECTRON

dividends for the previous fiscal year, and a decrease resulting from the purchase of treasury stock of 79,998 million
yen. As a result, the equity ratio was 70.3%.
(3) Description of Cash Flows
Cash and cash equivalents at the end of the first quarter of the current fiscal year decreased by 44,061 million yen
compared to the end of the previous fiscal year, to 417,547 million yen. The combined balance including 20,991 million
yen in time deposits and short-term investments with maturities of more than three months that are not included in
cash and cash equivalents was 438,539 million yen, a decrease of 34,009 million yen from the end of the previous
fiscal year. The overall situation regarding cash flows during the first quarter of the current fiscal year was as described
below.
Cash flows from operating activities were positive 183,778 million yen, an increase of 58,047 million yen compared tothe same period of the previous fiscal year. The major positive factors were 167,248 million yen in income before
income taxes, a 45,731 million yen increase in customer advances, and a 37,985 million yen decrease in notes andaccounts receivable - trade, and contract assets, and the major negative factor was a 75,015 million yen in payment
of income taxes.
Cash flows from investing activities were negative 37,330 million yen compared to negative 36,942 million yen in thesame period of the previous fiscal year. This was largely due to the payment of 25,335 million yen for the purchase ofproperty, plant and equipment.
Cash flows from financing activities were negative 194,433 million yen compared to negative 164,172 million yen in
the same period of the previous fiscal year. This was largely due to the payment of 113,767 million yen in dividends,
and the payment of 79,998 million yen for the purchase of treasury stock.

Quarterly Consolidated Statements of Cash Flows (Summary)

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Net decrease (increase) in notes and accounts receivable - trade,and contract assets
Decrease (increase) in inventories
Increase (decrease) in trade notes and accounts payable
Other, net
Cash flows from investing activities
Decrease (increase) in time deposits and short-term investments
Other (Purchase of long-term assets, and others)
Cash flows from financing activities
Purchase of treasury stock
Other (Dividends paid, and others)
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Cash and cash equivalents, time deposits and short-term investmentswith maturities of more than three months

4

Three months ended
June 30, 2023
125,731
83,014
10,604(Millions of yen)Three months ended
June 30, 2024
183,778
167,248
13,203

103,763

37,985(55,411)(27,124)
10,886(36,942)(83)(36,859)(164,172)(29,796)(134,376)
3,186(72,197)472,471
400,274

5,260(7,259)(32,660)(37,330)(10,004)(27,325)(194,433)(79,998)(114,434)
3,923(44,061)
461,608
417,547

401,029

438,539

TOKYO ELECTRON(4) Description of Financial Estimates Information such as Consolidated Financial Forecasts
Based on the most recent trends in capital investments by our customers and the most recent trends in financial
results, we would like to amend the consolidated financial forecasts for the first half of the current fiscal year and fullyear announced on May 10, 2024, as follows.

Consolidated Financial Forecasts (Cumulative) for the First Half of the Year Ending March 31, 2025
Revised forecast
Net Sales
1,100.0
34.2%
Operating Income
288.0
61.3%
Ordinary Income
290.0
60.0%
Net Income Attributable to Owners of Parent
218.0
58.6%
Note: Percentages indicate changes from the same period of the previous fiscal year.

(Billions of yen)Previous forecast(May 10, 2024)
1,000.0
243.0
244.0
185.0

Consolidated Financial Forecasts for the Year Ending March 31, 2025
Revised forecast
Net Sales
2,300.0
25.6%
Operating Income
627.0
37.4%
Ordinary Income
630.0
36.0%
Net Income Attributable to Owners of Parent
478.0
31.3%
Note: Percentages indicate changes from the same period of the previous fiscal year.

(Billions of yen)Previous forecast(May 10, 2024)
2,200.0
582.0
584.0
445.0

Note: The financial forecasts and estimates stated in this Summary of Consolidated Financial Results are based on certain assumptions
judged to be reasonable by the Company in light of information currently available concerning economic conditions in Japan and overseas,fluctuations in foreign exchange rates, and other factors that may have an impact on performance. The Company does not promise that theforecasts or estimates will be accurate.
They are therefore susceptible to the impact of many uncertainties, including market conditions, competition, the launching of new products(and their success or failure), and global conditions in the semiconductor related industry. Consequently, actual sales and profits may differ
substantially from the projections described in this Summary of Consolidated Financial Results.

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TOKYO ELECTRON

Consolidated Balance Sheets(Millions of yen)
As of

As of

March 31, 2024

June 30, 2024

ASSETS
Current assets
Cash and deposits

462,383

413,361

Notes and accounts receivable - trade, and contract assets

391,423

358,888

Securities

10,16525,177

Merchandise and finished goods

284,451

297,325

Work in process

173,929

185,579

Raw materials and supplies

304,576

281,952

Others73,87675,691

(353)

(332)

1,700,451

1,637,642

337,366

354,113

Others32,38332,314

Total intangible assets

32,38332,314

Investment securities

277,706

363,145

Others109,963

109,774

Allowance for doubtful accounts
Total current assets
Long-term assets
Property, plant and equipment
Intangible assets

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total long-term assets
Total assets

6(1,409)(1,447)386,260

471,471756,011857,8992,456,462

2,495,541

TOKYO ELECTRON

Consolidated Balance Sheets(Millions of yen)
As of

As of

March 31, 2024

June 30, 2024

LIABILITIESCurrent liabilities
Trade notes and accounts payable

92,35988,215

Income taxes payable

80,00945,864

Customer advances

289,905

337,319

Accrued warranty expenses

33,52435,532Other allowances

45,79819,062Others70,301

87,666

Total current liabilities

611,899613,660

Other allowances

3,044

2,990

Net defined benefit liabilities

56,13957,224

Others25,19948,604

Total long-term liabilities

84,383

108,819696,282

722,479

Common stock

54,961

54,961

Capital surplus

78,01178,011Retained earnings

1,480,306

1,492,404

Treasury stock, at cost(135,215)(214,750)

Total shareholders' equity

1,478,063

1,410,626

184,934

244,01642

67

72,27589,387Long-term liabilities

Total liabilities
NET ASSETS
Shareholders' equity

Accumulated other comprehensive income
Net unrealized gains (losses) on investment securities
Net deferred gains (losses) on hedging instruments
Foreign currency translation adjustments
Accumulated remeasurements of defined benefit plans

11,51910,564

Total accumulated other comprehensive income (loss)

268,771

344,036

13,345

18,3991,760,180

1,773,061

2,456,462

2,495,541

Share subscription rights
Total net assets
Total liabilities and net assets

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TOKYO ELECTRON

Consolidated Statements of Income(Millions of yen)Three months ended

Three months ended

June 30, 2023

June 30, 2024

Net sales

391,746

555,071

Cost of sales

229,432

291,049

Gross profit

162,313264,022

Research and development expenses

43,63953,436

Others36,24044,852

Total selling, general and administrative expenses

79,88098,28882,433

165,733

1,126

1,344

739

843

Selling, general and administrative expenses

Operating income
Non-operating income
Dividend income
Share of profit of associates accounted for using the equity method
Others

1,439

1,481

Total non-operating income

3,304

3,669

2,454

1,651

Non-operating expenses
Foreign exchange loss
OthersTotal non-operating expenses
Ordinary income

237

352

2,691

2,004

83,046167,398

Unusual or infrequent profit
Gain on sales of long-term assets

1

14

Total unusual or infrequent profit

1

14

33

164

Unusual or infrequent loss
Loss on disposal and sales of long-term assets

33

164

Income before income taxes

Total unusual or infrequent loss

83,014

167,248

Income taxes

18,70141,059Net income

64,312

126,189

Net income attributable to owners of parent

64,312

126,189

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TOKYO ELECTRON

Consolidated Statements of Comprehensive Income(Millions of yen)

Net income

Three months ended

Three months ended

June 30, 2023

June 30, 2024

64,312

126,189

Net unrealized gains (losses) on investment securities

16,80159,097

Foreign currency translation adjustments

18,557

16,972Remeasurements of defined benefit plans

(485)

(948)

Share of other comprehensive income of associates
accounted for using the equity method

178

143

35,051

75,26499,364201,454

99,364201,454

Other comprehensive income (loss)

Total other comprehensive income (loss)
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent

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TOKYO ELECTRON

Notes
Going concern: None
Significant changes in Shareholders' Equity: Yes
The Company executed the purchase of treasury stock based on the resolution of its Board of Directors dated May 10, 2024. Mainly due tothis purchase, the amount of treasury stock increased by 79,534 million yen for the three months ended June 30, 2024, and resulted in
214,750 million yen as of June 30, 2024.
Significant changes in the scope of consolidation during the period: None
Adoption of special accounting methods for preparation of quarterly financial statements: Yes
The Company and part of its consolidated subsidiaries calculate tax expenses by reasonably estimating the annual effective tax rate on
income before income taxes after the application of tax effect accounting for the fiscal year, and applying this rate to income before income
taxes for the current quarter under review.
Changes in accounting policies, changes in accounting estimates and restatements: Yes
Changes in accounting policies
Accounting Standard for Current Income Taxes
The Company applies "Accounting Standard for Current Income Taxes" (ASBJ Statement No. 27, October 28, 2022), etc from the beginningof the first quarter of the current fiscal year.
The amendment of classification of income taxes (taxation on other comprehensive income) follows the transitional treatment prescribed in
the proviso of paragraph 20-3 of "Accounting Standard for Current Income Taxes" and the proviso of paragraph 65-2 (2) of "Guidance on
Accounting Standard for Tax Effect Accounting" (ASBJ Guidance No. 28, October 28, 2022). There is no effect by this change on thequarterly consolidated financial statements.
Regarding the amendment related to the revision of the treatment on the consolidated financial statements for profits and losses on the saleof shares of subsidiaries and affiliates between consolidated companies that are deferred for tax purposes, the Company applies"Guidance on Accounting Standard for Tax Effect Accounting" from the beginning of the first quarter of the current fiscal year. This change
has been applied retrospectively and the quarterly consolidated financial statements and the consolidated financial statements for theprevious quarter and fiscal year are after the retrospective application. There is no effect by this change on the quarterly consolidated
financial statements and the consolidated financial statements for the previous quarter and fiscal year.
Quarterly consolidated statements of cash flows
Quarterly consolidated statements of cash flows are not prepared for the three months ended June 30, 2024. "Depreciation andamortization" (including amortization of intangible assets other than goodwill) and "Amortization of goodwill" for the three months ended
June 30, 2023 and 2024 are as follows:

Depreciation and amortization
Amortization of goodwill

Three months ended(Millions of yen)Three months ended

June 30, 2023

June 30, 2024

10,604

13,20318

18

Segment information
The description of this section has been omitted as TEL Group has a single segment of semiconductor production equipment.

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