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the original Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail. This translation is subject to change without notice.

Consolidated Financial Results for the First Nine Months of
the Fiscal Year Ending March 31, 2023
<under Japanese GAAP>
February 1, 2023
ORGANO CORPORATIONTokyo Stock Exchange
6368
https://www.organo.co.jp/english/
Masayuki Yamada, Representative Director and President
Shigeru Sonobe, General Manager of Accounting Dept., Corporate Management andPlanning
TEL:+81-3-5635-5111
Scheduled date to file quarterly securities report:
February 8, 2023
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results presentation meeting:
None
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated financial results for the first nine months of the fiscal year ending March 31, 2023
(from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)
Net sales(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen% Millions of yen%
Nine months ended
December 31, 2022
95,127
22.2
9,940
61.8
December 31, 2021
77,834
13.2
6,141
16.7
Note:
Comprehensive income: Nine months ended December 31, 2022
Nine months ended December 31, 2021

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit
Millions of yen%

Millions of yen%

10,986
65.1
6,654
22.7
¥8,864 million [50.3%]¥5,896 million [62.6%]

7,552
5,297

42.6
47.8

Diluted earnings
per share

Yen
Yen
Nine months ended
December 31, 2022
164.71–
December 31, 2021
115.36–The Company conducted a 4-for-1 common share split effective as of October 1, 2022. Basic earnings per share are calculatedon the assumption that said share split was conducted at the beginning of the previous fiscal year.

(2) Consolidated financial position
Total assets
Millions of yen
As ofDecember 31, 2022
150,685
March 31, 2022
130,506(Reference) Equity: As of December 31, 2022
¥82,429 million

Net assets

Equity-to-asset ratio

Millions of yen

82,64476,004As of March 31, 2022

%

54.7
58.1
¥75,836 million

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen

Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023

Yen

Fiscal year-end

Yen

–

72.00

–

–

116.00

–

Total

Yen

Yen

88.00

160.00Fiscal year ending
29.00–
March 31, 2023
(Forecast)
Note:
Revisions to the forecast of cash dividends most recently announced: None
The Company conducted a 4-for-1 common share split effective as of October 1, 2022. The year-end dividend per share forthe fiscal year ending March 31, 2023 (forecast) stated taking into account the effect of such share split, and the total annual
dividend is stated as “–.” The year-end dividend per share for the fiscal year ending March 31, 2023 (forecast) that does nottake the share split into account is ¥116, and the annual total of dividends per share is ¥232.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2023
(from April 1, 2022 to March 31, 2023)(Percentages indicate year-on-year changes.)
Net sales
Millionsof yenOperating profit%

Millionsof yenProfit attributable toowners of parent

Ordinary profit%

Millionsof yen%Millionsof yen%Basicearnings
per share
Yen

Fiscal year ending
140,000
24.9
14,50033.6
15,20031.6
11,50024.9
250.78March 31, 2023
Note:
Revisions to the earnings forecasts most recently announced: None
Basic earnings per share in the consolidated earnings forecasts for the fiscal year ending March 31, 2023 take into accountthe effect of the share split. The forecast for basic earnings per share that does not take the share split into account is¥1,003.14.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: Yes
Note:

For more details, please refer to “Application of special accounting for preparing the quarterly consolidated
financial statements” on page 8 of the attached material.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations: Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
(4) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

46,359,700 shares

As of March 31, 2022

46,359,700 sharesb. Number of treasury shares at the end of the period
As of December 31, 2022

470,787 shares

As of March 31, 2022

541,020 sharesc. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
For the nine months ended December 31, 2022

45,856,201 shares

For the nine months ended December 31, 2021

45,922,196 shares

Notes:
1. The Company conducted a 4-for-1 common share split effective as of October 1, 2022. Total number of issued
shares at the end of the period, number of treasury shares at the end of the period, and average number of shares
outstanding during the period are calculated on the assumption that said share split was conducted at the
beginning of the previous fiscal year.
2. The Company has introduced an Officer Share Delivery Trust, and shares of the Company held by the Trust
have been included in treasury shares excluded from the calculation of the number of treasury shares at the endof the period and the average number of shares outstanding during the period (cumulative from the beginning of
the fiscal year).

* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements and others)
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
Consequently, any statements herein do not constitute assurances regarding actual results by theCompany. Actual business and other results may differ substantially due to various factors. Please referto “(3) Explanation regarding consolidated earnings forecasts and other forward-looking statements” in“1. Qualitative information regarding financial results for the first nine months” on page 3 of theattached material for the suppositions that form the assumptions for earnings forecasts and cautions
concerning the use thereof.

Attached Material

Index
1. Qualitative information regarding financial results for the first nine months ................................... 2(1) Explanation regarding operating results .......................................................................................... 2(2) Explanation regarding financial position ......................................................................................... 3(3) Explanation regarding consolidated earnings forecasts and other forward-looking statements 3
2. Quarterly consolidated financial statements and significant notes thereto ........................................ 4(1) Consolidated balance sheet ................................................................................................................ 4(2) Consolidated statement of income and consolidated statement of comprehensive income.......... 6
Consolidated statement of income (cumulative) .............................................................................. 6
Consolidated statement of comprehensive income (cumulative) .................................................... 7(3) Notes to quarterly consolidated financial statements ...................................................................... 8
Notes on premise of going concern .................................................................................................... 8
Notes on substantial changes in the amount of shareholders’ equity ............................................. 8
Application of special accounting for preparing the quarterly consolidated financial statements.............................................................................................................................................................. 8
Additional information ...................................................................................................................... 8
Segment information, etc. .................................................................................................................. 9- 1 -1. Qualitative information regarding financial results for the first nine months(1) Explanation regarding operating results
During the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022), theelectronics industry, the Organo Group’s main market, saw a deterioration in conditions forsemiconductors centered around memory due to slowing demand for smartphones, PCs and others, andthere were signs that some customers were reducing production and decreasing/postponing capital
investment mainly due to the impact of semiconductor-related restrictions imposed on China by the U.S.
However, large-scale investments in cutting-edge semiconductors in Taiwan and elsewhere and capital
investments in silicon wafers, automotive/power semiconductors, and others in Japan and overseas
remained active. The general industry field saw recovering capital investments, which had been weak
due to the COVID-19 pandemic these few years, and the social infrastructure field, such as electric
power/water supply and sewage, remained strong.
Under these conditions, the Organo Group proceeded to draw in orders and make deliveries for largescale semiconductor projects in Japan and overseas, while establishing supply chains and delivery
frameworks in each country, and promoting a shift to digitalization such as of engineering operations andservice solutions. We also engaged in initiatives to enhance R&D systems in such areas as nextgeneration ultrapure water systems and new separation and purification technologies, and to strengthen
governance such as by developing risk management systems.
As a result, in the Group’s financial results for the nine months ended December 31, 2022, orders received
increased by 24.6% year on year to ¥124,810 million, net sales increased by 22.2% to ¥95,127 million,
operating profit increased by 61.8% to ¥9,940 million, ordinary profit increased by 65.1% to ¥10,986
million, profit attributable to owners of parent increased by 42.6% to ¥7,552 million, and our carry-overbalance for order backlog as of December 31, 2022 was up 43.4% to ¥120,840 million.
Results by segment are as follows.
[Water Treatment Engineering Business Unit]■Orders received
Orders received increased 28.1% year on year to ¥109,208 million. In the mainstay electronics field, theOrgano Group succeeded in capturing orders for large-scale projects in Japan and Taiwan, and largescale investments mainly in legacy semiconductors such as automotive/power semiconductors were also
robust in China and Malaysia. As a result, orders received expanded significantly. In addition, in thegeneral industry field, there was also a recovery in large-scale investments in areas related to thepharmaceutical, food and electronics industries, and orders received increased. The field of social
infrastructure, which includes electric power/water supply and sewage, orders received were about thesame level as the same period in the previous fiscal year, mainly in solutions projects in Japan.
■Net sales
Net sales increased 25.8% year on year to ¥79,787 million. In the mainstay electronics field, net sales
increased mainly due to steady progress on the construction of major projects ordered, as well as a risein net sales overseas resulting from the effect of the weakening yen, and strength in maintenance,
renovation/reconditioning, facility-owned projects/contracted processing, etc. of the Service Solutions
Division. On the other hand, in the general industry field, net sales decreased year on year, mainly
because the construction of major projects ordered in the current period has not progressed on a full scale,and the recording of sales of small and medium-sized equipment was delayed until the fourth quarter due
to a delay in supply of materials. In addition, the social infrastructure field, such as electric power/watersupply and sewage, showed strong performance mainly in solutions projects in Japan.
■Operating profit
Operating profit increased 67.1% year on year to ¥8,290 million. Due to greater revenue resulting fromsales expansion in the electronics industry field, the significant growth in gross profit exceeded that ofexpenses, the bulk of which were related to personnel and other items, and resulted in a year-on-yearincrease in operating profit.

- 2 -[Performance Products Business Unit]■Orders received/Net sales
Orders received increased 5.1% year on year to ¥15,601 million and net sales increased 6.4% year on
year to ¥15,340 million. In the water treatment chemicals field, sales of various treatment chemicals forthe electronics industry field increased, while in the standard equipment and filters field, sales of smallscale pure water production equipment such as Puric μ (mu), which was launched in the previous fiscal
year, were strong. In the food products field, sales of various food additives and other products increased.
As seen above, sales were steady in all areas.
■Operating profit
Operating profit increased 39.9% year on year to ¥1,649 million. The Organo Group recorded year-onyear growth in operating profit mainly due to sales expansion in each of the water treatment chemical,
standard equipment and filters, and food products fields, as well as progress made in passing on costs inthe form of price increases in all areas in response to the increase in costs such as raw materials prices.
(2) Explanation regarding financial position
Assets, liabilities and net assets
AssetsAssets as of December 31, 2022 amounted to ¥150,685 million, an increase of ¥20,179 million from theprevious fiscal year end. This was mainly due to increases of ¥14,686 million in notes and accounts
receivable - trade, and contract assets and ¥12,116 million in work in process, despite a decline of ¥10,079
million in cash and deposits.
Liabilities
Liabilities as of December 31, 2022 amounted to ¥68,041 million, an increase of ¥13,539 million fromthe previous fiscal year end. This was mainly due to an increase of ¥12,624 million in short-termborrowings.
Net Assets
Net assets as of December 31, 2022 amounted to ¥82,644 million, an increase of ¥6,639 million from theprevious fiscal year end. This was mainly due to an increase of ¥5,205 million in retained earnings
resulting from the recording of profit attributable to owners of parent.
(3) Explanation regarding consolidated earnings forecasts and other forward-looking statements
In terms of the full year earnings forecasts, consolidated earnings forecasts for the fiscal year ending
March 31, 2023, released on October 24, 2022, remain unchanged. For the time being, with regard toorder trends for large-scale investment projects in Japan and overseas, progress in construction, etc.,
while there are changes in individual projects, the situation remains steady overall. Turning to full-year
earnings forecast, we expect orders received of ¥170,000 million (up 25.3% year on year), net sales of¥140,000 million (up 24.9%), operating profit of ¥14,500 million (up 33.6%), ordinary profit of ¥15,200
million (up 31.6%), and profit attributable to owners of parent of ¥11,500 million (up 24.9%), all ofwhich will surpass levels of the initial plan and achieve new record highs for the second consecutive year.

- 3 -2. Quarterly consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022

As of December 31, 2022

20,198

10,11852,926

67,612

1,862

2,578

11,293
5,264
6,735
1,456
3,133
(6)
102,862

10,475
6,197
18,851
1,861
5,398
(6)
123,086

18,873(12,707)
6,166
5,826
(5,117)709
12,257
1,115
5,346(4,601)
745
20,995
1,082

19,235(13,085)
6,149
6,621
(5,374)
1,246
12,27385
5,795(4,741)
1,054
20,810
950

2,058
624
2,369
979
(464)
5,566
27,644
130,506

2,337
773
2,281
585
(138)
5,839
27,599150,685

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Electronically recorded monetary claims operating
Investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 4 -(Millions of yen)
As of March 31, 2022

As of December 31, 2022

18,795
5,575
9,933
1,444
1,820
1,477
296
46

16,676
8,721
22,557
1,655
2,760
850
492
39

123

78

3,559
43,072

4,255
58,087

5,695
53
5,512
168
11,42954,501

3,945
154
5,659
195
9,954
68,041

8,225
7,508
59,619(734)
74,6178,225
7,508
64,824(613)
79,945

434

491

(0)
575
208
1,218
168
76,004
130,506

(0)
1,764
228
2,484
214
82,644
150,685

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for product warranties
Provision for loss on construction contracts
Provision for share awards for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
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
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 5 -(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of right to use facilities
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Loss on sale of investment securities
Loss on sale of right to use facilities
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

Nine months ended
December 31, 2021
(From April 1, 2021 to
December 31, 2021)
77,83458,732
19,102
12,960
6,141

- 6 -

(Millions of yen)
Nine months ended
December 31, 2022
(From April 1, 2022 to
December 31, 2022)
95,12770,622
24,505
14,565
9,940

22
31
455

21
41
828

92

156

73
674

113
1,161

88
66
7
162
6,654

108
–
6
115
10,986

1,150
23
11
1,185

5
2
–
7

13
–
13
27
7,813
2,511
5,301
3
5,297

21
1
–
23
10,970
3,401
7,569
16
7,552

Consolidated statement of comprehensive income (cumulative)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

Nine months ended
December 31, 2021
(From April 1, 2021 to
December 31, 2021)
5,301

- 7 -

(Millions of yen)
Nine months ended
December 31, 2022
(From April 1, 2022 to
December 31, 2022)
7,569

41

56

(0)
506

(0)
1,218

49

20

(1)

0

595
5,896

1,295
8,864

5,883

8,818

13

46

(3) Notes to quarterly consolidated financial statements
Notes on premise of going concern
No items to report
Notes on substantial changes in the amount of shareholders’ equity
No items to report
Application of special accounting for preparing the quarterly consolidated financial statements
Calculation of tax expenses
The Company and some of its consolidated subsidiaries have reasonably estimated the effective tax rate
after the application of tax effect accounting to the profit before income taxes for the fiscal year including
the third quarter ended December 31, 2022, and tax expenses are calculated by multiplying profit before
income taxes by this estimated effective tax rate. However, in cases where the calculation of tax expenses
using such estimated effective tax rate yields a result that is not reasonable to a significant extent, theamount of significant difference other than temporary differences, etc. is added to or deducted from theprofit before income taxes, and the result is multiplied by the statutory income tax rate.
Additional information
Impact arising due to the proliferation of COVID-19
There has been no material change in the assumptions regarding the impact of COVID-19 described in
the annual securities report (Additional information) (Impact arising due to the proliferation of COVID19) for the previous fiscal year.

- 8 -Segment information, etc.
[Segment information]
I Nine months ended December 31, 2021 (From April 1, 2021 to December 31, 2021)
1. Information relating to net sales and profit by each reportable segment
Reportable Segment(Millions of yen)Amountrecorded in the
consolidated
statement ofincome(Note)

Water
Treatment
Engineering
Business Unit

Performance
Products
Business Unit

Net sales
Sales to external customers
Intersegment sales or transfers

63,4240

14,410242

77,834
243

–
(243)

77,834–

Total

63,424

14,65378,078(243)

77,834

Total

Adjustment

Segment profit
4,962
1,179
6,141
–
6,141
Note:
The figures for segment profit are based on operating profit, and there are no discrepancies with the operating profit
shown in the consolidated statement of income.

II Nine months ended December 31, 2022 (From April 1, 2022 to December 31, 2022)
1. Information relating to net sales and profit by each reportable segment
Reportable Segment(Millions of yen)Amountrecorded in the
consolidated
statement ofincome(Note)

Water
Treatment
Engineering
Business Unit

Performance
Products
Business Unit

Net sales
Sales to external customers
Intersegment sales or transfers

79,7870

15,340255

95,127
255

–
(255)

95,127–

Total

79,78815,595

95,383(255)

95,127

Total

Adjustment

Segment profit
8,290
1,649
9,940
–
9,940
Note:
The figures for segment profit are based on operating profit, and there are no discrepancies with the operating profit
shown in the consolidated statement of income.

- 9 -