August 2, 2024
Corporate name:

SHOFU INC.

Representative:

Tetsuo Takami
Representative Director, President & COO

Listing:

Tokyo Stock Exchange (Prime Market)

Code number:

7979

Contact:

Takashi Morimoto
General Manager of Finance Department(TEL: +81-75-561-1112)

Notice Regarding Revision of Earnings Forecast

SHOFU INC. (the “Company”) hereby announces that the Company revised its
earnings forecast for the fiscal year ending March 31, 2025, which was previously
announced on May 9, 2024, in light of recent operating trends.

１． Revised consolidated earnings forecast for the second quarter of the fiscal year
ending March 2025
(April 1, 2024 to September 30, 2024)

Net sales

OperatingincomeOrdinary
incomeInterim net
incomeMillions of yen

Millions of yen

Millions of yen

Millions of yen

yen

Previously
announced
forecast (A)18,426

2,099

2,147

1,872

105.53

Revised(B)18,996

2,921

3,189

2,598

146.38Change (B-A)

569

821

1,042

726-

Change (%)

3.1

39.1

48.5

38.8

-

16,447

2,155

2,387

1,559

87.98

forecast(Reference)
Actual results forthe previous fiscalyear (April 1, 2023
to September 30,2023)

Interim earnings
per share２． Revised consolidated earnings forecast for the full year of the fiscal year ending
March 2025
(April 1 , 2024 to March 31, 2025)

Net sales

OperatingincomeOrdinary
incomeNet income
attributable toowners ofparent

Millions of yen

Millions of yen

Millions of yen

Millions of yenyen

Previously
announced
forecast (A)37,721

4,800

4,894

3,838

148.04

Revised(B)38,395

5,293

5,604

4,434

170.87

Change (B-A)

673

493

710

595

-

Change (%)

1.8

10.3

14.5

15.5

-

35,080

4,709

5,118

3,655

206.18

forecast(Reference)Actual results forthe previous fiscalyear (April 1, 2023
to March 31, 2024)

Earningsper share*Net income per share in ｔhe full year of the fiscal year ending March 2025 takes into
account the effect of the stock split (2-for-1 stock split of common stock, effective
October 1, 2024) resolved at the Board of Directors meeting held on May 1, 2024. The
net income per share before the stock split is \216.36 for the previously announced
forecast (A) and \249.74 for the revised forecast (B).
３． Reasons for revision
In the first quarter of the fiscal year ending March 2025, net sales increased
year-on-year due to the positive effects of proactive sales expansion strategies inJapan and various overseas regions, as well as the impact of foreign exchange ratefluctuations. In terms of profits, operating income and other income items increased
year-on-year due to the effect of higher sales and forex gains.
For the second quarter and the full year forecast of the fiscal year ending March
2025, we have decided to revise our forex assumptions, taking into account earnings
up to the first quarter and recent forex trends.
As a result of the above, both net sales and operating income are expected toincrease compared to the previous forecast, as well as marking new record highs.
<Main forex assumptions>＄€

RMB

Previously announced
forecast￥140.00￥150.00￥19.00The second quarter of theFYE March 2025

￥149.45￥160.50￥21.06

The full year of the FYEMarch 2025

￥145.09￥155.65￥20.11* The main forex assumptions for the second quarter (cumulative) and the full yearforecasts of the fiscal year ending March 2025 are the average rates for theperiod, based on the previously announced assumptions of \140/＄, \150/€, and\19/RMB from the second quarter of the fiscal year ending March 2025.

(Notice)
The forward looking statements in this document are based on assumptions frominformation currently available to and deemed reasonable by the Company, andactual results, etc. may vary significantly due to various factors.

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 shallprevail.