Consolidated Financial Results
for the 2nd Quarter of FY2023(April 1st 2023 ~ September 30th 2023)
10th November, 2023
TORISHIMA PUMP MFG.CO.,LTD.

1

【1】Financial Results for the 2Q FY2023【2】FY2023 Full-Year Forecast【3】Torishima Growth Strategy – toward the Next Stage-2

2Q FY2023 Highlights
 Orders received remain at the same level as the Q2 FY2022
driven by continued strong order activities from overseas.

 Order backlog is the largest ever at ¥99.4 billion.

 Sales increased significantly due to large overseas projects.
 Despite a large increase in SG&A expenses due to higher personnel costs
and other factors, incomes increased significantly due to the highersales and stable profit margins.
 Steady progress toward the full-year plan.
3

2Q FY2023 Financial Results Outline
Billions of yen

Y0Ybillions of yen Orders Received

…

45.0

 Sales…

33.9+8.8

 Operating Income …

1.9+0.9

 Ordinary Income…

1.9+0.7

 Net Income…

1.3+0.5- 0.44

2Q FY2023 Consolidated Financial Results
Orders Received: 10.1% increase in public-sector, 10.3% decrease in private-sector, overseas orders remained strong despite a slight decrease by 2.6%,
resulting in an overall decrease of 0.9% to 45.0 billion yen.
Sales: 14.0% decrease in public-sector, 29.7% increase in private-sector, 55.5% increase in overseas, resulting in an overall increase of 34.8% to 33.9 billion yen.
Profits: Despite an increase in SG&A expenses, incomes rose sharply due to the higher sales and the stable profit margins.

2Q
FY20222Q
FY2023

Billions of yen

YOYAmount

FY2023plan%

Progress

Orders Received

45.4

45.0-0.4-0.9%

70.0

64.3%

Sales

25.1

33.9+8.8+35.1%

75.0

45.2%

Gross Operating Income

7.1(28.3 %)9.6(28.3 %)+2.5(±0pt)+35.2%

6.1

7.7+1.6+26.2%(Gross profit margin)

SG&A expense(Operating profit margin)(4.0%)(5.6%)

1.9+0.9(+1.6pt)+90.0%

Non-operating Profit or loss

0.2

+0.0

-0.2

-100.0%―Ordinary income

1.2

1.9

+0.7

+58.3%

6..3

Extraordinary profit or loss

-0.1

+0.2+0.3――

Net income

0.8

1.3+0.5+62.5%

46¥144.8130/09/2022¥149.58
30/09/2023

Operating income

Foreign exchange rate（1USD)

1.0

6.8(9.1%)

Assumed rate¥135

27.9%

30.2%
28.3%

5

2Q FY2023 Financial Results（Non-consolidated / Subsidiaries）■Non-consolidated

Sales
Gross Operating Income(Gross profit margin)

SG&A expense
Operating income(Operating profit margin)

Billions of yen

YOY2Q
FY20222Q
FY2023

Amount

19.1

26.3

+7.2

4.1(21.5%)

6.4(24.3%)

3.70.5(2.6%)■ Subsidiaries

Billions of yen

YOY2Q
FY20222Q
FY2023

Amount+37.7%

9.6

11.7

+2.1

+21.9%+2.3(+2.8pt)+56.1%

3.2(33.3%)

3.9(33.3%)+0.7(±0pt)+21.9%

4.8+1.1+29.7%

2.6

3.3

+0.7

+26.9%

1.6(6.1%)+1.1(+3.5pt)+220.0%0.5(5.2%)

0.6(5.1%)+0.1(- 0.1pt)+20.0%%

 Sales increased significantly driven by large sales in overseas as well as private
sector , despite a decline in public sector.
 Despite an increase in SG&A expenses including personnel costs, operating income
rose significantly due to higher sales and stable profit margin.

% Overall sales increased by 2.1 billion yen driven
by strong sales at large subsidiaries such as TSS(UAE), TSSE (U.K.), and Tianjin (China).
 On the other hand, operating income increased
only 0.1 billion yen due to a large increase in
SG&A expenses, including labor costs (including
the effect of foreign exchange rates).

6

【1】Financial Results for the 2Q FY2023【2】FY2023 Full-Year Forecast【3】Torishima Growth Strategy – toward the Next Stage-7

Forecast of the Full-year Results for FY2023

No change for full-year plan.
Both sales and incomes are expected to reach record highs.
FY2023 1H
Results

FY2022 Results

Billions of yen

FY2023Full Year Forecast

YOY

Orders received

89.0

45.0

70.0

-19.0

Sales

64.7

33.9

75.0

+10.3

Operating income(Operating profit margin)

5.9(9.1%)

1.9(5.6%)

6.8(9.1%)+0.9

Ordinary income

5.7

1.9

6.3

+0.6

Net income

4.4

1.3

4.6

+0.2

Foreign exchange rate（1USD)■Non-consolidated
FY2022
Results

Assumed rate 1＄:¥135, 1€:¥145

31th Mar.2023:1＄=133.53

FY2023 1HResults

FY2023Full Year
Forecast■ Subsidiaries
YOY

FY2022
Results

FY2023 1HResults

FY2023Full Year
Forecast

YOY

Sales

51.1

26.3

62.0

+10.9

21.0

11.7

21.0

±0

Operating income

4.0(7.8%)

1.6(6.1%)

5.0(8.1%)(+0.3pt)+1.0

1.6(7.6%)

0.6(5.1%)

1.9(9.0 %)(+1.4pt)(Operating profit margin)+0.3

Subsidiary financial results are before consolidation adjustments for subsidiaries. Therefore, non-consolidated + subsidiary does not = consolidated results.

8【1】Financial Results for the 2Q FY2023【2】FY2023 Full-Year Forecast【3】Torishima Growth Strategy – toward the Next Stage-9Torishima’s Materliality

We continue to strive, solving social issues, aiming to be an indispensable company for society.
Torishima’s Materliality

Products and Services

Global warming

Key issues for Creating Shared Value

1. Boost Energy-efficiency Initiative with theSuper Eco-Pumps

Energy crisis
Abnormal weather
Flood disasterAging infrastructure
in developed countries
Population growth,
increasing demand forinfrastructurein emerging countries
Water shortage
Food crisis
Population decline,difficulty in passing
on technology
in developed countries

1. Addressing energy issues
toward carbon neutrality

2. Provide pumps for clean energy market

2. Providing Safety and Reliability

3. Provide pumps for water shortage andfood crisis

3. Establishing new manufacturing
and services with the data and AI

4. Enhance Technology for Specially Designed
Pumps to Mitigate Heavy Flooding
5. Promote Smart Maintenance Service basedon Data with TR-COM

Essential foundation
4. Maximize Employees’ Energy
5. Corporate Governance
6. Improving Torishima quality→Launch new products in 4Q- Human resource development and DE&I
- Compliance management- Strengthen risk management- Promote environmental management

To be Indispensable to Society

Global Social Issues

10Oct. 2023

Start to sales activities for the Super Eco-Pump
Achieved World's highest pump efficiency MEI≥0.70
SEP
Pump efficiency※MEI
Abbreviation for Minimum Efficiency Index, the lowest efficiency index
in Europe. The higher the number, the higher the efficiency value.

Develop impeller withhigher efficiency thanconventional models

Achievehigher efficiency
by smooth flow

11

Oct.2023

Development and manufacture of fuel ammonia pumpsSteady progress towards commercialization in 2027
2023 present
supply volume
1.8 mil ton

2021

2022

Verification test for co-firingwith 20% ammonia
in a coal-fired power plant

2024

2025

2027
commercialization

Facility refurbishment
for the actual plan

Increase ammonia co-firing rate,
Develop basic technology towards 100% ammonia firing

2030
supply volume
3.0 mil ton

2050
supply volume
30 mil ton～2040

Start the co-firingwith 20% ammonia

Expand theammonia co-firing
power generation

Increase ammonia co-firing rate,
Verification test for 100% firing ammonia

Start the 100%
ammonia firingJul. 2023

Delivered pumps forverification test of 20% ammonia co-firing
12Oct. 2023
In response to the demand for larger sized fuel ammonia pumps,
Torishima, with 100 years of experience in power generation pumps,
and HERMETIC, the world's leading manufacturer of canned motor pumps,
have joined forces to meet this market need.

Joint seminars held in Tokyo and Osaka on 24th and 26th Oct.
More than 200 people attended, indicating a high level ofinterest.

Outline of HERMETIC・HERMETIC-Pumpen GmbH・Founded 1866

・Business：Design and manufacture of hermetically sealedpumps and pumping technologies. A specialist in canned
motor pumps for handling liquefied gasses such as ammonia,
propane, ethylene and for the most extreme applications andhazardous media.
Official website

13May. 2023
“Development of Large Flow Rate, High Pressure, High Efficiency Liquefied Hydrogen Boosting Pump”
was adapted by NEDO

“Development of Technologies for Building a Competitive Hydrogen Supply Chain”
The Image of hydrogen receiving terminal in the futurewith 200,000 m3 class large tank

Development of hydrogen pump

Large flow

NEDO：New Energy and Industrial Technology Development Organization

High pressure

Highefficiency

-253℃

14

Jun. 2023

This is the English version of the NEDO official document(P5) translated with Torishima’s responsibility

15

Nov. 2023
 Completed manufacturing of the first pump unit.
 Scheduled to be tested in a test loop using liquefied nitrogen in Torishima HQ.
 Actual fluid test with hydrogen will be held
Constructed a test loop using liquefied

nitrogen in Torishima HQ, Osaka Japan

Actual liquid test with hydrogen(-253°C) will beこconducted soon
at JAXA's test site16

202年7月
Jul. 2023
In response to recent large-scale orders in Egypt, Torishima acquired land in the country
and plans to open a service facility (in FY2024),

General Authority of the Suez Canal Economic
Zone (SCZONE), witnessed the signing of acontract to allocate an area of 30 thousandsquare meters for Torishima to establish a service
facility for assembly, supply, and maintenance ofhuge water pumps

As of 2021, Egypt's sewerage system coverage is65%, and new facilities are planned to beconstructed. In addition, projects to increaseseawater desalination have been announced,
demand for large pumps is expected to increase.
An article published JETRO July 31, 2023

17

Aug. 2023

Collaboration agreement with Waterise of Norway for a Subsea desalination.
The Waterise system has a number of key advantages over conventional terrestrial RO plants such asa 40% reduction on Specific Energy Consumption (SEC) and requires 80% less land.
As the system is located at 500m sea depth the water, entering the system’s membranes is considerably cleaner and is aconstant temperature, therefore it does not require the high levels of chemical treatment necessary on conventional plants.
Source:Watrise

Using waterpressure at500m18

Aug. 2023
Trishima is a strategic partner to provide exclusive pumps for Waterise's RO system.
We will contribute to the sustainable production and supply of water.
Strategic Partners（Waterise website）

Outline of Waterise
・Waterise Solutions AS・founded: 2018
A Norwegian company that aims to bring innovative use of RO
technology to the seawater desalination market.
It leverages existing RO technology and the deepwater expertiseof the Norwegian oil and gas industry.
Official website

19

Jul. 2023

Jointly developed

Air-cooled Water-resistant Pumpwith TMEIC (Toshiba Mitsubishi Electric IndustrialSystems Corporation), one of the largest motor
manufacturers.

Nikkei XTEC website
20Appendix

21Orders Received, Sales and Orders Backlog by Segment
Millions of yen

2Q FY2021

2Q FY2022

Orders received

Sales

Ordersbacklog

Orders received

Sales

Ordersbacklog

9,426

5,742

18,956

10,3794,937

26,422-15.3%

2.5%

-8.4%

10.1%

-14.0%

39.4%

6,211

4,687

9,721

5,571

6,080

9,990

YOY

12.9 %

-2.5%

31.0%

-10.3 %

29.7%

2.8%

Overseas

29,794

14,70055,54029,011

22,85962,957YOY

125.2%

34.0%

94,0%

-2.6%

55.5%

13.4%

45,432

25,13084,21944,96133,87799,369

52.1%

17.5%

48.4%

-1.0%

34.8%

18.0%

Public-sector
YOY

Private-sector

Total
YOY

:The percentage change from the previous year is not shown for FY2021 because this is the first year in which the "Accounting Standard for Revenue Recognition(ASR)" was applied.

22

Orders Received, Sales and Orders Backlog by Segment
Orders received

40,00030,00050,00025,00040,00020,00030,00015,000Sales

40,00035,00030,00025,00020,00020,00010,00002019.2Q

2020.2Q2021.2Q

2022.2Q

60,00010,0005,000

100,000

40,00030,0002021.2Q

2022.2Q

5,000
2019.2Q

2020.2Q

2021.2Q

2022.2Q

2023.2Q

02023.2Q

Left■Public ■Private ■Overseas

60,000Total

20,00010,0002020.2Q

10,00080,00040,00020,0002019.2Q

0

15,000120,000

50,0000

10,00002023.2Q

Order backlog

70,00020,0000

Total

Millions of yen

23Orders Received, Sales and Orders Backlog by Business Domain
Millions of yen

2Q FY2020
Ordersreceived

High-tech pump
YOYSales

2Q FY2021
Ordersbacklog

Ordersreceived

SalesOrders
backlog

21,2539,573

43,757

19,31818,12047,737

98.6%

9.7%

93.3%

- 9.1

89.3%

9.1%

11,601

7,383

28,203

11,456

5,459

36,341

-0.6%

17.4%

8.6%

-1.2%

- 26.1%

28.9%

11,971

7,866

11,784

13,74910,021

14,970

YOY

70.5%

30.4%

47.7%

14.9%

27.4%

27.0%

Renewable Energy
and Environment

607

309

475

439

278

322

YOY

29.1%

- 8.6%

189.6%- 27.7%-10.0%-32.2%

ProjectYOY

Service solutions

Total
YOY

45,432

25,13084,21944,96133,87799,369

52.1%

17.5%

48.4%

- 1.0%

34.8%

18.0%

:The percentage change from the previous year is not shown for FY2021 because this is the first year in which the "Accounting Standard for Revenue Recognition(ASR)" was applied.

24Orders Received, Sales and Orders Backlog by Business Domain
Orders received

25,00050,000Sales

20,00040,00035,00020,00040,00015,00030,00015,00030,00025,00010,00010,00020,0005,000

10,00002019.2Q

2020.2Q

2021.2Q

2022.2Q

2023.2Q

Order backlog

60,00040,00080,00030,00060,00020,00040,00010,00020,0002020.2Q

2021.2Q

2022.2Q

5,00010,000
5,00002019.2Q

2020.2Q

2021.2Q

2022.2Q

2023.2Q

0120,000
100,000

2019.2Q

15,000050,000020,000

2023.2Q

0Left■High-tech Pumps ■Projects■Service Solutions (aftermarket service)■Renewable Energy and Environment
RightTotal
Millions of yen

25

2Q FY2023 Orders Received by Business Domain and Segment
0.4

13.8
Service Solutions

11.5

10.4

Environment &New Energy

Public-sector

19.3
Business Domain
45.0
billion yen

High-tech Pumps

ProjectHigh-tech Pumps

Large-size engineered pumps for thermal power plants, seawater desalination
plants, water and wastewater pumping stations and irrigation plants. And smallsized engineered pumps, The Eco-Pump” for general industries.

ProjectEPC project (engineering, procurement, construction) for turnkey pumping stations
Service Solutions
After-sales services including maintenance, inspection, REDU (Re Engineering&Design Up), spare parts replacement, overhaul and dispatch of SV etc.

Renewal Energy & Environment

Wind power generation, Mini- & Micro-hydro generation

29.0
Overseas

Segment
45.0
billion yen

5.6
Private-sector

Public-sector

For national and local governments in Japan for water and wastewater
facilities, drainage facilities, irrigation facilities, etc.

Private-sector

For private companies in Japan for thermal power plants (for business use,including biomass power generation, waste incineration power generation,and private power generation), various factories in general industries, building
equipment, commercial facilities, etc.

Oversees

For overseas seawater desalination plants, power plants, water andwastewater pumping stations and irrigation plants.

26

Orders Received Breakdown by Region
Japan

Overseas

2Q FY2020

16,658(55.7%)

2Q FY2021
2Q FY2022

Breakdown

TotalAsia

Middle East

Others

13,228(44.3%)

4,788(16.0%)

2,831(9.5%)

5,609(18.8%)

29,886

15,637(34.4%)

29,795(65.6%)

7,599(16.7%)

7,958(17.6%)

14,238(31.3%)

45,432

15,950(35.5%)

29,011(64.5%)

7,766(17.3%)

5,234(11.6%)

16,011(35.6%)

44,9612Q FY2021■ Japan■Asia■Middle East
■Others

Billions of yen

2Q FY2022

2Q FY2023

18.8%
31.3%

34.4%

35.6%

35.5%

9.5%
55.7%
16.0%

17.6%

16.7%

11.6%

17.3%

27

Sales Breakdown by Region
JapanOverseas

2Q FY2021

10,411(48.7%)

2Q FY2022
2Q FY2023

Breakdown

Middle East

Others

10,972(51.3%)

3,474(16.2%)

5,497(25.7%)

2,001(9.4%)

21,383

10,429(41.5%)

14,701(58.5%)

5,058(20.3%)

4,646(18.3%)

4,997(19.9%)25,13011,018(32.5%)

22,859(67.5%)

5,283(15.6%)

4,109(12.1%)

13,467(39.8%)

33,8772Q FY2022

9.4%

25.7%

TotalAsia

2Q FY2021■ Japan■Asia■Middle East
■Others

Billions of yen

2Q FY2023

19.9%
41.5%

48.7%

32.5%

39.8%

18.3%

16.2%

20.3%

12.1%

15.6%

28

Forecasts regarding future performance in these materials are
based on judgment made in accordance with information
available at the time this presentation was prepared. Therefore,
please notice that there is a risk or uncertainty that the actual
results may be different from these predicted results, dependingon various factors.

【Inquiries】
Torishima Pump Mfg.Co.,Ltd.
Investor & Public Relations Office
Tel : +81(0)72-695-0551
Email : ir-torishima@torishima.co.jp

29