Note: 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 shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
August 2, 2024
Company name:
TOA Corporation
Listing:
Tokyo Stock Exchange
Securities code:
6809
URL:
https://www.toa-global.com/en
Representative:
TANIGUCHI Masahiro, President, CEO
Inquiries:
YOSHIDA Keigo, General Manager of Accounting & Financial Department
Telephone:+81-78-303-5620
Scheduled date to commence dividend payments:–
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 toJune 30, 2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen%

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

10,979

9.3

(91)

–

104

(38.7)(112)–

June 30, 2023

10,042

10.5

(114)

–

169

–

(63)

–

Note: Comprehensive income

For the three months ended June 30, 2024:
For the three months ended June 30, 2023:

Basic earnings
per share
Three months ended¥1,075 million¥1,204 million[(10.7)%][10.5%]

Diluted earnings
per share

Yen

Yen

June 30, 2024

(3.75)–

June 30, 2023

(1.96)–(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen

June 30, 2024

64,02849,50873.0

March 31, 2024

64,734

49,23972.0

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:¥46,758 million¥46,583 million%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025–

Fiscal year-end

Total

Yen

Yen

20.00

–

20.00

40.00

20.00

–

20.00

40.00

–

Fiscal year ending
March 31, 2025
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None
Breakdown of the dividends for the fiscal year ended March 31, 2024: Stable dividend ¥40
Dividends for the fiscal year ending March 31, 2025 (Forecast) will be determined by taking into account theperformances on stable dividend of ¥40, aiming at a consolidated dividend payout ratio of 45%, as announced in“Consolidated Financial Results for the Fiscal Year Ended March 31, 2024” on May 2, 2024.

3. Consolidated financial results forecasts for the fiscal year ending March 31, 2025 (from April 1,
2024 to March 31, 2025)
Net sales
Millions ofyenOperating profit%

Millions ofyen(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings perowners of parent
share

Ordinary profit%

Millions ofyen%Millions ofyen

Fiscal year ending
52,0006.5
3,700 22.2
3,900
5.1
2,400
March 31, 2025
Note: Revisions to the consolidated financial results forecasts most recently announced: None

%

20.1

Yen

79.85

* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

34,136,635 shares

As of March 31, 2024

34,136,635 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

4,080,321 shares

As of March 31, 2024

4,080,281 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the
fiscal year)
Three months ended June 30, 2024

30,056,337 shares

Three months ended June 30, 2023

32,165,980 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements bycertified public accountants or an audit corporation: None
* Proper use of earnings forecasts, and other special matters Forecasts presented herein are the current prospects based on information currently available andcontain elements of uncertainty. Actual results may therefore differ from the forecasts due tosubsequent changes in the circumstances.
 The supplementary material on financial results is scheduled to be posted on our website.

○ Table of Contents of Attached Materials
Index
1. Overview of Operating Results, Etc. ........................................................................................................ 2(1) Overview of Operating Results for the Period Under Review ........................................................... 2(2) Overview of Financial Position for the Period Under Review ........................................................... 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information . 3
2. Quarterly Consolidated Financial Statements and Significant Notes Thereto .......................................... 4(1) Quarterly consolidated balance sheet ................................................................................................. 4(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income 6
Quarterly consolidated statement of income (cumulative) ................................................................. 6
Quarterly consolidated statement of comprehensive income (cumulative) ........................................ 7(3) Notes to the Quarterly Consolidated Financial Statements ................................................................ 8(Notes on going concern assumption) ................................................................................................ 8(Notes in the case of significant changes in shareholders’ equity) ..................................................... 8(Notes on accounting policies specific to the preparation of quarterly consolidated
financial statements) ........................................................................................................................... 8(Notes on change in accounting policy) ............................................................................................. 8(Notes on quarterly consolidated statement of cash flows) ................................................................ 8(Notes on segment information, etc.) ................................................................................................. 9-1-

1. Overview of Operating Results, Etc.
(1) Overview of Operating Results for the Period Under Review
During the three months ended June 30, 2024, in the environment surrounding TOA Corporation(hereinafter “the Company”) and its subsidiaries (collectively, the “Group”), an increasing appetite forcapital investment, an improvement in labor and income environment and other factors have led to atrend of recovery in the business economy in Japan. However, remaining high prices of raw materials
and the effects of inflation, geopolitical risks caused by the unstable international situation, as well as
rapid fluctuations in foreign exchange markets and other factors mean that the outlook for the global
economy continues to be uncertain.
In such an environment, in order to achieve “Smiles for the Public,” which is our corporate value, wehave set forth our management vision targeting 2030, “Dr. Sound–becoming a professionalorganization that improves sound in society.” We aim to create the value of reassurance, reliability, andemotion as a reliable partner that realizes, along with our customers, a cycle of identifying, solving, andimproving social issues through the continuous provision of good experiences through sound that
customers choose.
During the three months ended June 30, 2024, we collaborated with multiple local government entities
and conducted demonstration test projects by using AI-equipped cameras installed together withspeakers. In demonstration test projects on sidewalks, bicycles being ridden on the sidewalks weredetected using AI, and messages encouraging the riders to ride safely were automatically broadcast.
Furthermore, in demonstration test projects in busy areas, the number of persons within the area visible
by a camera was counted using AI, and if the number of persons present exceeded a certain threshold, asound was broadcast indicating that touting to attract customers was prohibited. Through thesedemonstration test projects, we will proceed with examining use methodologies for digital technology
with the aim of contributing to the promotion of safe, secure and comfortable urban development.
In these circumstances, net sales during the three months ended June 30, 2024 were ¥10,979 million(up ¥937 million, or 9.3%, year on year). In terms of profits, operating expenses increased but
operating profit was negative ¥91 million (up ¥22 million year on year), and due to a decrease inforeign exchange gains, ordinary profit was ¥104 million (down ¥65 million, or 38.7%, year on year),and profit attributable to owners of parent was negative ¥112 million (down ¥49 million year on year).
Performance by segment is as follows.
(Japan)Net sales amounted to ¥5,630 million (up ¥859 million, or 18.0%, year on year), and segment profit(operating profit) was ¥567 million (up ¥74 million, or 15.2%, year on year).
Sales of products for the transport market, such as roads and railways, for factories and for theeducational market grew, causing net sales for the entire segment and segment profit to rise.
(Asia & Pacific)
Net sales amounted to ¥2,937 million (up ¥290 million, or 11.0%, year on year), and segment profit(operating profit) was ¥581 million (up ¥25 million, or 4.7%, year on year).
In Indonesia, sales to the religious market were solid as a result of efforts to capture demand related
to Ramadan. In addition, progress was made on deliveries to large-scale urban development
projects in Vietnam and the railways, educational market and commercial facilities in Thailand. As
a result of those and other factors, net sales for the entire segment increased, and segment profit
rose.

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(Europe, Middle East & Africa)
Net sales amounted to ¥1,377 million (down ¥96 million, or 6.5%, year on year), and segment
profit (operating profit) to ¥63 million (down ¥83 million, or 56.9%, year on year).
Although progress was made on deliveries to sports facilities in Africa, bad weather caused
construction delays in Germany and Austria. These and other factors caused net sales for the entire
segment and segment profit to decrease.
(The Americas)
Net sales amounted to ¥634 million (down ¥17 million, or 2.7%, year on year), and segment profit(operating profit) to ¥31 million (down ¥23 million, or 42.8%, year on year).
Sales declined for deliveries to small retail stores in the United States and for the educational
market in Canada. As a result of those and other factors, net sales for the entire segment andsegment profit decreased.
(China & East Asia)
Net sales amounted to ¥399 million (down ¥98 million, or 19.8%, year on year), and segment profit(operating profit) to ¥2 million (down ¥44 million, or 94.2%, year on year).
Sales increased in Hong Kong due to progress made on deliveries to government agencies, etc.,
while sales in China were sluggish due to stagnant market conditions associated with a slump in thereal estate market. As a result of those and other factors, net sales for the entire segment andsegment profit decreased.
(2) Overview of Financial Position for the Period Under Review
Total assets at the end of the three months ended June 30, 2024 decreased ¥706 million from the end of
the previous fiscal year to ¥64,028 million. Assets decreased due mainly to decreases in cash anddeposits and trade receivables, despite increases in inventories and investment securities, etc. Liabilities
and net assets decreased due mainly to a decline in retained earnings mainly resulting from the payment
of dividends and a decline in accounts payable - other and trade payables, despite an increase in foreign
currency translation adjustment, etc.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking
Information
The financial results forecast for the fiscal year ending March 31, 2025 has not been revised from theinitial forecast announced in “Consolidated Financial Results for the Fiscal Year Ended March 31,
2024.”-3-

2. Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise 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, net
Other
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

As of June 30, 2024

16,35015,623

10,476

8,942

8,937
789
5,126
1,048
(95)
42,633

9,783
876
5,220
1,425
(85)
41,786

5,933
4,714
10,648
1,669

5,888
4,752
10,640
1,642

8,170
1,614
(0)
9,784
22,10164,734

8,286
1,672
–
9,959
22,24264,028(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current 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-sale securities
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-

As of June 30, 2024

3,554
1,836
579
271
3,336
9,578

3,233
1,788
281
161
3,009
8,475

3,089
2,827
5,917
15,495

3,152
2,891
6,044
14,5195,279
5,048
32,863(3,679)39,512

5,279
5,048
32,149(3,679)38,798

4,807
2,321
(58)
7,070
2,655
49,23964,734

4,887
3,127
(55)
7,959
2,750
49,50864,028

(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes
Profit (loss)
Profit attributable to non-controlling interests
Loss attributable to owners of parent-6-

Three months ended
June 30, 2024

10,042
5,973
4,069
4,183
(114)

10,979
6,587
4,392
4,484
(91)

13
63
201

36
69
100

1

–

34
313

22
228

22

23

–

1

5
28
169
169
145
23
87
(63)

8
32
104
104
142
(38)
74
(112)

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2023
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

Three months ended
June 30, 2024
23

(38)

729
449

80
1,030

(0)

(0)

0
1,180
1,204

2
1,113
1,075

805

776

399

299

(3) Notes to the Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.
(Notes in the case of significant changes in shareholders’ equity)
There is no relevant information.
(Notes on accounting policies specific to the preparation of quarterly consolidated financial
statements)
Calculation of tax expense
The Company calculates tax expense by multiplying profit before income taxes by an effective tax ratethat was reasonably estimated by applying tax effect accounting to profit before income taxes for thecurrent fiscal year.
(Notes on change in accounting policy)(Application of the “Accounting Standard for Current Income Taxes” and other relevant ASBJ regulations)
The Company has applied the “Accounting Standard for Current Income Taxes” (Accounting Standards
Board of Japan (ASBJ) Statement No. 27, October 28, 2022; the “Revised Accounting Standard of2022”) and other relevant ASBJ regulations from the beginning of the first quarter of the fiscal year
ending March 31, 2025.
Revisions to categories for recording current income taxes (taxation on other comprehensive income)conform to the transitional treatment in the proviso of paragraph 20-3 of the Revised AccountingStandard of 2022 and to the transitional treatment in the proviso of paragraph 65-2(2) of the Guidanceon Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022;
hereinafter, the “Revised Application Guidance of 2022”). There is no impact on quarterly consolidated
financial statements as a result of this change in accounting policy.
In addition, for revisions related to the review of the treatment in consolidated financial statements
when a gain or loss on sale arising from the sale of shares of subsidiaries, etc. among consolidated
companies is deferred for tax purposes, the Company has applied the Revised Application Guidance of2022 from the beginning of the first quarter of the fiscal year ending March 31, 2025. There is no
impact on the consolidated financial statements for the same period of the previous fiscal year and forthe previous fiscal year as a result of this change in accounting policy.
(Notes on quarterly consolidated statement of cash flows)
Quarterly consolidated statements of cash flows are not prepared for the three months ended June 30,2024. Depreciation (including amortization related to intangible assets excluding goodwill) andamortization of goodwill for the three months ended June 30, 2024 are as follows.
Three months ended
June 30, 2023

Three months ended
June 30, 2024

¥386 million¥10 million¥400 million¥11 million

Depreciation
Amortization of goodwill-8-

(Notes on segment information, etc.)[Segment information]
I.

For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
Information on net sales and profit (loss) by reportable segment(Millions of yen)
Reportable segment

Net sales
Net sales to outside
customers
Inter-segment net
sales or transfers
Total

Amountrecorded in
Quarterly
Adjustment
Consolidated(Note) 1
Statements ofIncome(Note) 2Japan

Asia &
Pacific

Europe,MiddleEast &
AfricaThe
Americas

China &
East Asia

Total

4,770

2,646

1,473

652

498

10,042–

10,042

1,361

31

7

6

4

1,411

(1,411)

–

6,132

2,678

1,481

659

502

11,453(1,411)

10,042

Segment profit
493
555
146
54
46
1,296
(1,410)(114)(Notes) 1. The adjustment for segment profit of negative ¥1,410 million includes elimination of inter-segment transactionsof negative ¥37 million and corporate expenses in the amount of negative ¥1,373 million not previously
allocated to the reportable segments. The relevant corporate expenses are mainly costs relating to theheadquarters divisions which are not attributable to a reportable segment.
2. Segment profit has been adjusted with operating loss in quarterly consolidated statements of income.

II. For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
Information on net sales and profit (loss) by reportable segment(Millions of yen)
Reportable segment

Net sales
Net sales to outside
customers
Inter-segment net
sales or transfers
Total

Amountrecorded in
Quarterly
Adjustment
Consolidated(Note) 1
Statements ofIncome(Note) 2Japan

Asia &
Pacific

Europe,MiddleEast &
AfricaThe
Americas

China &
East Asia

Total

5,630

2,937

1,377

634

399

10,979–10,979

1,193

27

3

4

7

1,236

(1,236)

–

6,823

2,964

1,380

639

407

12,216(1,236)

10,979Segment profit
567
581
63
31
2
1,246
(1,338)(91)(Notes) 1. The adjustment for segment profit of negative ¥1,338 million includes elimination of inter-segment transactionsof ¥66 million and corporate expenses in the amount of negative ¥1,404 million not previously allocated to thereportable segments. The relevant corporate expenses are mainly costs relating to the headquarters divisions
which are not attributable to a reportable segment.
2. Segment profit has been adjusted with operating loss in quarterly consolidated statements of income.

-9-