Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 7, 2024
Company name: NSW Inc.
Listing: Tokyo
Securities code: 9739
URL: https://www.nsw.co.jp/
Representative: Shoji Tada
President (Representative Director)
Inquiries:
Yuzuru Suka
Executive Vice President Corporate Officer and Member of the Board
Telephone: +81-3-3770-1111
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: None
Holding of financial results briefing: None(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months endedJune 30, 2024
10,982
1.7
962
7.5
976
6.9
662
15.3
June 30, 2023
10,794
15.2
894
24.4
913
23.8
574
18.5
(Note) Comprehensive income:Three months ended June 30, 2024:¥705 million [22.1%]
Three months ended June 30, 2023:¥577 million [17.6%]
Basic earnings
per share
Three months ended
June 30, 2024
June 30, 2023

Diluted earnings pershare
Yen

Yen

44.45
38.56

-(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Millions of yen

Net assets

42,364
44,138
As of June 30, 2024:
As of March 31, 2024:

Capital adequacy ratio

Millions of yen¥¥

33,05933,17433,059 million
33,174 million

%

78.0
75.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024-

30.00

-

55.00

85.00

Fiscal year ending March 31, 2025

-

45.00

85.00

Fiscal year ending March 31, 2025

40.00
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
None(Note) Breakdown of the 1st quarter dividend for the fiscal year ending March 31, 2025 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
shareMillions ofyen%Millions ofyen%Millions ofyen%

Full year
52,000
3.4
6,000
2.3
6,050
1.8(Note) Revision to the financial results forecast announced most recently:
None* Notes:(1) Significant changes in the scope of consolidation during the period:
Newly included:(Company name:
Excluded:(Company name:Millions ofyen%

Yen

4,175

(2.6)

280.21None))(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations:
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None

NoneNone(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
14,900,000 shares
March 31, 2024:
14,900,000 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
586 shares
March 31, 2024:
586 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

14,899,414 shares
14,899,463 shares* 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※This Consolidated Financial Report is not subject to audit procedures by certified public accountants or auditing firm.
※The consolidated financial results forecasts are based on information currently available to The Company and on certain assumption
deemed to be reasonable. As a result of various facter that may arise in the future,actual results may deffer from the Company'sforecastQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
MerchandiseWork in process
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Tools, furniture and fixtures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Software
Software in progress
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets― 1 ―As of June 30, 2024

18,812

18,64012,821

10,415

270

177

1,256
647
1430
(21)
34,218

1,222
1,318
1979
(21)
32,734

1,893
339
3,493
8
5,735

1,924
333
3,493
7
5,759

34
209
58
20
322

31
226
55
20
333

758
1,482
1,634
(12)
3,862
9,920
44,138

807
1,159
1,583
(12)
3,537
9,630
42,364

(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets― 2 ―As of June 30, 2024

3,396
745
498
1,488
13
1,916
8,058

2,816
73
425
533
12
2,554
6,415

2

2

2,720
184
2,906
10,964

2,702
185
2,889
9,304

5,500
86
27,568(1)
33,1535,500
86
27,411(1)
32,99617

51

35(33)
20
33,174
44,13843(31)
63
33,05942,364

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Corporate officer' compensations
Salaries and bonuses
Retirement benefit expenses
Welfare expenses
Communication and transportation expenses
Outsourcing expenses
Rent expenses
OtherTotal selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
OtherTotal non-operating income
Non-operating expenses
Settlement payments
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent― 3 ―For the three months
ended June 30, 2024

10,794
8,814
1,979

10,982
8,953
2,028

4350
407
1782
47
9985
251
1,085
894

4663415
1780
50
10249
239
1,066
962

0
51218

1024
170091311297600-00912
84253
338
574
574

00976
7307
314662662

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent― 4 ―For the three months
ended June 30, 2024
574662(2)23357733
7143705577

705

Quarterly Consolidated Statements of Cash Flows(Millions of yen)
For the three months
ended June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in retirement benefit liability
Interest and dividend income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received
Increase (decrease) in accrued consumption taxes
Decrease (increase) in prepaid expenses
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in income taxes payable - factor
based tax
Increase (decrease) in deposits received
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Purchase of long-term prepaid expenses
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
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
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period― 5 ―For the three months
ended June 30, 2024912
102
6(848)

976
109
3(955)

16(1)

31(0)
3,858(989)(549)
75
63(459)
(54)
196

(15)
(10)
2,499
(635)
(579)
175
(72)
(537)
(93)
142

(82)

(78)

496
(5)
2,772
0(911)
1,861

373
42(7)
1,334
0(600)
734

(83)
(10)
(17)

(92)
(22)
(0)

-27

(0)
(0)
(113)

(19)
(0)
(107)

(438)
(438)

(806)
(806)

27

1,312
15,352
16,665(172)
10,812
10,640