November 9, 2023
Company name:Name of representative:

Arisawa Mfg. Co., Ltd.
Yuta Arisawa, Representative
Director and CEO(Securities code: 5208; TSE PrimeMarket)
Takeshi Masuda, Director andSenior Managing Operating Officer(Telephone: +81-25-524-7101)

Inquiries:

Notice Concerning Differences Between Consolidated Financial Forecast and Actual Results
for the Six Months Ended September 30, 2023,
and Revisions to Full-Year Consolidated Financial Forecasts

Arisawa Mfg. Co., Ltd. (the “Company”) hereby announces that there were differences between theconsolidated financial forecast (from April 1, 2023 to September 30, 2023) announced on August 3, 2023 and theresults announced today for the six months ended September 30, 2023 as follows.
The Company also announces that it has revised the consolidated financial forecasts for the fiscal year ending
March 31, 2024 considering the recent performance trends as described below.

1. Differences between the consolidated financial forecast and the actual results for the six months ended
September 30, 2023 (From April 1, 2023 to September 30, 2023)

Net sales(millions of yen)

Operatingprofit(millions of yen)

Ordinary profit(millions of yen)

Profit attributableto owners ofparent

Earnings pershare(millions of yen)

(Yen)

Previously announcedforecast (A)20,300

300

200

100

3.01

Actual results (B)19,895

169

218

563

17.02

Amount of change (B-A)△405△13018463

9.2

463.4

1,861

2,408

2,563

Percentage change (%)(Reference)
Results for the six months
ended September 30, 2022

△2.0

22,994△43.4-1-

77.37

2. Revision of the financial forecasts for the fiscal year ending March 31, 2024
(From April 1, 2023 to March 31, 2024)
Net sales(millions of yen)Previously announced
forecasts (A)Revised forecasts (B)Amount of change (B-A)
Percentage change (%)(Reference)
Results for the fiscal year
ended March 31, 2023

OperatingprofitOrdinary
profitProfit attributable toowners of parent

Earnings per
share (Yen)(millions of yen)(millions of yen)(millions of yen)

45,300

2,100

2,100

1,800

54.26

42,600△2,700
△6.0

1,250
△850
△40.5

1,250
△850
△40.5

1,350
△450
△25.0

40.78

42,722

2,228

2,717

2,856

86.46

3. Reasons for the differences and revisions
In the consolidated financial results for the six months ended September 30, 2023, the sales of electronicmaterials, which is our main business field, were lower than the forecast announced on August 3, 2023 due tothe impact from the decrease in demand in the Chinese market. As a result, the operating profit was also lower
than the previous forecast. The profit attributable to owners of parent exceeded the previous forecast due tothe recording of a gain on the sale of investment securities in the first half of the fiscal year, which wasoriginally planned in the second half.
As for the consolidated financial forecasts for the year ending March 31, 2024, the sales of industrial
structural materials including honey-comb panels for aircraft continue an upward trend. On the other hand, theconsolidated sales are expected to be lower than the previous forecasts because a significant increase is notexpected in the sales of electronic materials, although it is expected to increase from the first half of FY2023.
Along with this, the operating and ordinary profits, and the profit attributable to owners of parent are also
expected to be lower than the previous forecasts. Therefore, we have revised our previous forecasts as
described above.
There is no change in the year-end dividend forecast for the fiscal year ending March 2024 from theprevious announcement.
(Note) The financial forecasts in this document are based on the information currently available to the Company
and certain assumptions considered reasonable. Actual results may differ from the forecasts due to variousfactors.

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