Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
February 8, 2024
Company name: TOKYU CONSTRUCTION CO., LTD.
Stock exchange listing: Tokyo
Code number: 1720
URL: https://www.tokyu-cnst.co.jp/
Representative: Mitsuhiro Terada ,Representative Director ,President
Contact: Atsutomo Koike ,General Manager ,Finance DepartmantPhone: +81-3(5466)5061
Scheduled date of filing quarterly securities report: February 9, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended
December 31, 2023
205,198
2.1
2,614
52.4
3,474
112.8
2,997
29.9
December 31, 2022
201,019
10.9
1,716
1,632
2,307
(Note) Comprehensive income:Nine months ended December 31, 2023:¥3,277 million [52.9%]
Nine months ended December 31, 2022:¥2,143 million [-%]
Basic earnings
per share
Nine months ended
December 31, 2023
December 31, 2022

Diluted earnings per
shareYen

Yen

28.47
22.00

-(2) Consolidated Financial Position
Total assets
As ofDecember 31, 2023
254,284
March 31, 2023
249,164(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Millions of yen

Net assets

Capital adequacy ratio

Millions of yen¥¥

95,02596,02094,297 million
95,248 million

%

37.1
38.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

TotalYen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-18.00-18.00

36.00

Fiscal year ending March 31, 2024

-18.00

18.00

36.00

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

No3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Full year
299,000
3.5
6,200
21.4
(Note) Revision to the financial results forecast announced most recently:

7,600
No% Millions of yen

51.4

5,700%

Yen

8.7

54.10

* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
No
New(Company name:Exclusion:(Company name:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2023:
106,761,205 shares
March 31, 2023:
106,761,205 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
1,292,688 shares
March 31, 2023:
1,629,392 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
105,282,252 shares
Nine months ended December 31, 2022:
104,882,411 shares(Note)The number of shares of treasury stock included the shares held by TOKYU CONSTRUCTION Employee Ownership
Association Trust and BIP Trust.
*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit
corporation.
* Explanation of the proper use of financial results forecast and other notes
The statements regarding forecast of financial results in this report are based on the information that is available to the Company,
as well as certain assumptions that are deemed to be reasonable by management, and they are not meant to be a commitment by
the Company. Therefore, there might be cases in which actual results differ materially from forecast values due to various factors.

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and otherSecurities
Costs on construction contracts in progress
Costs on real estate business
Real estate for sale
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Advances received on construction contracts inprogress
Deposits received - real estate business
Provision for warranties for completedconstruction
Provision for loss on construction contracts
Provision for bonuses
Deposits received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards for directors (and otherofficers)
Provision for loss on real estate business and other
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of December 31, 2023

58,71432,432

113,448

144,200

17,667
1,034
2155
7,035
(85)187,892

1
7,934
365
1,790
68
7,074(76)193,790

27,2201,480

26,467
1,471

28,8376
1,282
2,444(0)32,571
61,271
249,164

29,2926871
2,385(0)32,55560,494
254,284

44,32435,181

21,17520,083
2,276

16,89340,212
16

16,736

10,369

18

33

8,003

7,539

10,341
2,602
15,372
3,809
144,743

8,082
1,304
11,673
1,855
133,165

1,887

21,657

27

18

4,883
572
1,030
8,400
153,144

2,844
467
1,106
26,094
159,259(Millions of yen)
As of March 31, 2023
Net assetsShareholders' 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
Non-controlling interests
Total net assets
Total liabilities and net assets

As of December 31, 2023

16,354
4,093
70,112(1,019)89,541

16,354
3,533
69,285(801)
88,372

5,284

5,244

269
153
5,707
771
96,020249,164

392
288
5,925
727
95,025254,284

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022
Net sales
Net sales of completed construction contracts
Net sales in real estate business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of sales in real estate business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on real estate business and otherTotal gross profitSelling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Investment business association management fee
OtherTotal non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the nine months
ended December 31, 2023

198,985
2,034
201,019

203,1382,060
205,198

185,780
1,317
187,098

189,552(78)
189,473

13,205716
13,921
12,205
1,716

13,5852,139
15,725
13,110
2,614

12
166

14
154

268

738

62
510

404
1,312

106
190
93
202
594
1,632

158
93
201
453
3,474

2,571
2,571

264
264

47
47
4,157
1,770
(42)
1,727
2,430
122
2,307

61
61
3,677
333
285
619
3,057
59
2,997

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
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 ofparent
Comprehensive income attributable to non-controllinginterests

For the nine months
ended December 31, 2023

2,430

3,057

(933)
116
223

213
(45)
122

307

(72)

(286)
2,143

219
3,277

2,018

3,215

12461