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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, 2024
<under Japanese GAAP>
February 2, 2024
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, 2024
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, 2024
(from April 1, 2023 to December 31, 2023)(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, 2023
106,236
11.7
14,19442.8
December 31, 2022
95,127
22.2
9,940
61.8
Note:
Comprehensive income: Nine months ended December 31, 2023
Nine months ended December 31, 2022

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit
Millions of yen%

14,91035.7
10,98665.1¥11,463 million [29.3%]¥8,864 million [50.3%]

Millions of yen%

10,250
7,552

35.7
42.6

Diluted earnings
per share

Yen
Yen
Nine months ended
December 31, 2023
223.22–
December 31, 2022
164.71–The Company conducted a 4-for-1 common share split effective as of October 1, 2022. Basic earnings per share arecalculated on 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, 2023
178,969
March 31, 2023
164,854(Reference) Equity: As of December 31, 2023
¥94,282 million

Net assets

Equity-to-asset ratio

Millions of yen

94,52586,371
As of March 31, 2023

%

52.7
52.3
¥86,170 million

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

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

Yen

Fiscal year-end

Yen–

116.00

–

–

41.00

–

Total

Yen

Yen

33.00

–

Fiscal year ending
41.00
82.00
March 31, 2024
(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 second quarter-end dividend pershare for the fiscal year ended March 31, 2023 was stated before taking into account the effect of this share split, and the total
annual dividend for the year was stated as “–.” The annual dividend per share for the fiscal year ended March 31, 2023 thathas been calculated based on post-share split figures is ¥62.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millionsof yenOperating profit%

Millionsof yenProfit attributable toowners of parent

Ordinary profit%

Millionsof yenFiscal year ending
150,000
13.3
22,00044.6
23,000March 31, 2024
Note:
Revisions to the earnings forecasts most recently announced: Yes

%

43.6

Millionsof yen17,000Basicearnings
per share

%

Yen

44.9

370.21

* 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 9 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, 2023

46,359,700 shares

As of March 31, 2023

46,359,700 sharesb. Number of treasury shares at the end of the period
As of December 31, 2023

415,524 shares

As of March 31, 2023

470,795 sharesc. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
For the nine months ended December 31, 2023

45,919,310 shares

For the nine months ended December 31, 2022
45,856,201 shares
1. The Company conducted a 4-for-1 common share split effective as of October 1, 2022. Average number ofshares outstanding during the period is 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 ........................................ 5(1) Consolidated balance sheet ................................................................................................................ 5(2) Consolidated statement of income and consolidated statement of comprehensive income.......... 7
Consolidated statement of income (cumulative) .............................................................................. 7
Consolidated statement of comprehensive income (cumulative) .................................................... 8(3) Notes to quarterly consolidated financial statements ...................................................................... 9
Notes on premise of going concern .................................................................................................... 9
Notes on substantial changes in the amount of shareholders’ equity ............................................. 9
Application of special accounting for preparing the quarterly consolidated financial statements.............................................................................................................................................................. 9
Segment information, etc. ................................................................................................................ 10-1-

1. Qualitative information regarding financial results for the first nine months(1) Explanation regarding operating results
During the nine months ended December 31, 2023 (April 1, 2023 to December 31, 2023), in theelectronics industry, the Organo Group’s main market, there was stagnation in the market for
semiconductor memory for smartphones and other devices. Nevertheless, against the backdrop of
expectations for greater semiconductor demand for the fields of generative AI and electric vehicles andthe move to rebuild the global supply chain, active capital investment continues, with multiple largescale investments in the planning stage in many countries and regions. The general industry field and thesocial infrastructure field, such as electric power/water supply and sewage, remained strong mainly inJapan with plant projects and service solutions.
Under these conditions, the Organo Group proceeded to draw in orders and make deliveries for largescale projects in Japan and overseas, while establishing engineering solutions frameworks andstrengthening supply chains, etc. to increase our production and delivery capacity and improve theefficiency thereof. We also promoted R&D aimed at the creation of the next-generation technology andnew businesses, and worked on initiatives to strengthen governance and sustainability.
As a result, in the Group’s financial results for the nine months ended December 31, 2023, orders received
decreased by 12.8% year on year to ¥108,884 million, net sales increased by 11.7% to ¥106,236 million,
operating profit increased by 42.8% to ¥14,194 million, ordinary profit increased by 35.7% to ¥14,910
million, profit attributable to owners of parent increased by 35.7% to ¥10,250 million, and our carry-overbalance for order backlog as of December 31, 2023 was up 3.7% to ¥125,260 million.
Results by segment are as follows.
[Water Treatment Engineering Business Unit]■Orders received
Orders received decreased 15.7% year on year to ¥92,018 million. In the electronics field, we saw adecline in orders received due to a rebound from the orders we received in the same period of the previous
fiscal year for large-scale semiconductor projects in countries including Japan, China, Taiwan, andMalaysia. However, we saw an increase in orders received in the general industry field due to orders forplant projects in electronics peripherals and pharmaceuticals, as well as in the social infrastructure field
due to orders for construction of water purification plants and maintenance for power plants.
■Net sales
Net sales increased 12.2% year on year to ¥89,561 million. In the electronics field, net sales increased
due to mostly steady progress in the construction of large-scale projects for which orders were received
and strong sales in the Service Solutions Division in various maintenance services and facility-owned
services, etc. In the general industry field, net sales increased due to progress in the construction of plant
projects for which orders were received and growth in the Service Solutions Division. On the other hand,in the social infrastructure field, such as electric power/water supply and sewage, net sales decreasedslightly from the same period of the previous fiscal year due to a decrease in the number of on-hand plant
projects.
■Operating profit
Operating profit increased 47.0% year on year to ¥12,189 million. Operating profit increased due to sales
growth in plant projects in the electronics field and the general industry field, improved profitability due
to earnings improvement and cost-cutting initiatives in our individual projects, and strong sales in theService Solutions Division, including various maintenance services and facility-owned services.
[Performance Products Business Unit]■Orders received/Net sales
Orders received increased 8.1% year on year to ¥16,865 million and net sales increased 8.7% year on
year to ¥16,675 million. Strong sales were achieved in the water treatment chemicals field, mainly salesof various water treatment chemicals such as chemicals for RO membrane treatment and wastewater
treatment chemicals for the electronics industry, in the standard equipment and filters field, mainly sales-2-

of small-scale pure water production equipment for medical and research institutions and small water
purification filters for coffee machines, and in the food products field, mainly sales of various foodprocessing agents for processed foods.
■Operating profit
Operating profit increased 21.5% year on year to ¥2,004 million. Operating profit increased as a resultof increased sales in each field and the impact of price increases in line with soaring raw materials prices
covering the increase in expenses such as personnel expenses.
(2) Explanation regarding financial position
Assets, liabilities and net assets
AssetsAssets as of December 31, 2023 amounted to ¥178,969 million, an increase of ¥14,114 million from theprevious fiscal year end. This was mainly due to an increase of ¥18,919 million in investments in leases,
despite a decrease of ¥12,048 million in work in process.
Liabilities
Liabilities as of December 31, 2023 amounted to ¥84,443 million, an increase of ¥5,960 million from theprevious fiscal year end. This was mainly due to an increase of ¥6,807 million in short-term borrowings,
despite a decrease of ¥1,495 million in long-term borrowings.
Net Assets
Net assets as of December 31, 2023 amounted to ¥94,525 million, an increase of ¥8,153 million from theprevious fiscal year end. This was mainly due to an increase of ¥6,844 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
The full-year earnings forecasts for the fiscal year ending March 31, 2024 have been reduced by ¥6,500
million from the previous forecasts released on October 25, 2023 to ¥143,500 million (down 17.3% year
on year), due to the order balance for certain projects for which we had envisioned investing this fiscal
year now being expected next fiscal year. Furthermore, regarding net sales, despite delays in theconstruction schedules for certain projects in Japan and overseas, overall expectations for construction
to progress mostly according to schedule and strength in the Service Solutions Division lead us to expect¥150,000 million in net sales (up 13.3% year on year), unchanged from our previous announcement.
Regarding profits, the Company is expecting to achieve a level of profits exceeding the previous forecast
mainly due to the improvement in the profitability rate of plant projects and the performance at a level
higher than expected from the Service Solutions Division and the Performance Products Business Unit.
Accordingly, we expect operating profit of ¥22,000 million (up 44.6% year on year), ordinary profit of¥23,000 million (up 43.6% year on year), and profit attributable to owners of parent of ¥17,000 million(up 44.9% year on year).
The Company will revise its forecasts appropriately according to the situation, based on each businesssegment and the trends in each country and region.

-3-

Revisions to the consolidated earnings forecasts for the fiscal year ending March 31, 2024 (April 1, 2023
to March 31, 2024)
Net sales

Operating profit

Ordinary profit

Profitattributable toowners of parent

Basic earnings
per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

Previous forecast (A)150,000

20,00020,70014,000304.95

Revised forecast (B)150,000

22,00023,00017,000370.21

Change (B-A)

0

2,000

2,300

3,000

Change (%)

0.0

10.0

11.1

21.4

132,426

15,212

16,02011,730

Reference: Full-year
results ended March 31,
2023

-4-

255.77

2. Quarterly consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023

As of December 31, 2023

15,55818,39472,85770,448

2,826

3,760

9,853
7,165
21,886
1,744
4,891
(17)
136,765

28,773
8,566
9,838
4,288
6,664
(21)
150,713

19,183(13,104)
6,078
6,582
(5,452)
1,129
12,296
118
5,955(4,784)
1,171
20,795949

19,362(13,465)
5,896
6,704
(5,752)951
12,308211
6,349(5,097)1,251
20,620
987

2,430
815
2,673
596
(171)
6,343
28,088164,854

2,712
926
2,574
618
(183)
6,648
28,255
178,969

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-5-

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

20,904
4,640
29,124
3,014
3,007
1,594
548
512

23,015
3,479
35,932
2,192
5,481
994
923
93

105

79

5,284
68,738

4,039
76,230

3,895
91
5,511
245
9,744
78,483

2,400
73
5,579
160
8,213
84,4438,225
7,508
69,002(613)
84,1238,225
7,508
75,847(518)
91,063

539

714

(2)
1,191
317
2,047
201
86,371
164,854

–
2,210
295
3,219
242
94,525
178,969

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-6-

(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
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on liquidation of subsidiaries
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Loss on sale of investment securities
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, 2022
(From April 1, 2022 to
December 31, 2022)
95,12770,622
24,505
14,5659,940-7-(Millions of yen)
Nine months ended
December 31, 2023
(From April 1, 2023 to
December 31, 2023)
106,236
76,446
29,79015,596
14,194

21
41
828

97
44
480

156

131

113
1,161

147
901

108
6
115
10,986172
12
184
14,910

5
2
–
7

13
31
57
102

21
1
23
10,970
3,401
7,569
16
7,552

25
–
25
14,987
4,722
10,26515
10,250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, 2022
(From April 1, 2022 to
December 31, 2022)
7,569

-8-

(Millions of yen)
Nine months ended
December 31, 2023
(From April 1, 2023 to
December 31, 2023)
10,265

56

173

(0)
1,218

2
1,044

20

(22)

0

1

1,295
8,864

1,198
11,463

8,818

11,422

46

40

(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, 2023, 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.

-9-Segment information, etc.
[Segment information]
I 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.

II Nine months ended December 31, 2023 (From April 1, 2023 to December 31, 2023)
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

89,561
0

16,675295

106,236
296

–
(296)

106,236–

Total

89,562

16,971

106,533(296)

106,236

Total

Adjustment

Segment profit
12,1892,004
14,194–
14,194Note:
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.

- 10 -