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.

Non-consolidated Financial Results
for the Three Months Ended February 28, 2023
(Under Japanese GAAP)

April 14, 2023

Company name: T&S inc.
Listing:
Tokyo Stock Exchange
Securities code:4055
URL:
https://www.tecsvc.co.jp
Representative:
Yoshihiro Takekawa, President and CEO
Inquiries:
Hiroshi Kinoshita, Director, Executive Officer and General Manager of Corporate Division
Telephone:+81-45-263-8286
Scheduled date to file quarterly securities report:
April 14, 2023
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Non-consolidated financial results for the three months ended February 28, 2023
(from December 1, 2022 to February 28, 2023)(1) Non-consolidated operating results (cumulative)
Net sales(Percentages indicate year-on-year changes.)

Operating profit

Ordinary profit

ProfitThree months ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%February 28, 2023

806

9.9

143

13.3

143

13.2

100

13.7

February 28, 2022

733

25.0

126

77.0

126

76.3

88

74.4

Basic earnings
per share

Diluted earnings
per share

Three months ended

Yen

Yen

February 28, 2023

13.37

13.24

February 28, 2022

11.65

11.47

(2) Non-consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen

February 28, 2023

2,164

1,790

82.7

November 30, 2022

2,281

1,733

76.0

Reference:

EquityAs of February 28, 2023:
As of November 30, 2022:¥1,790 million¥1,733 million%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
November 30, 2022
Fiscal year ending
November 30, 2023-

Fiscal year-end

Total

Yen

Yen

0.00

-

6.00

6.00

0.00

-

6.55

6.55

-

Fiscal year ending
November 30, 2023
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3.

Earnings Forecast of Fiscal year ending on November 30, 2023
(from December 1, 2022 to November 30, 2023)(Percentages indicate year-on-year changes)
Net sales
Full-year

Millions ofyen％

3,700

13.6

OperatingprofitMillionsof yen700％

Ordinary
profitMillionsof yen13.3

Note: Revisions to the earnings forecast most recently announced: None703

Basic earnings
per share

Profit％Millionsof yen％

Yen

12.3

495

12.5

65.46

* Notes(1) Adoption of accounting treatment specific to the preparation of quarterly non-consolidated financialstatements: None
(2) 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
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of February 28, 2023

7,633,200 shares

As of November 30, 2022

7,633,200 shares(ii) Number of treasury shares at the end of the period
As of February 28, 2023

59,600 shares

As of November 30, 2022

86,000 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Three months ended February 28, 2023

7,547,787 shares

Three months ended February 28, 2022

7,622,552 shares

Quarterly financial statements
Quarterly balance sheet(Thousands of yen)
As of November 30, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade and contract assets
Work in process
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Provision for bonuses
Other
Total current liabilities

As of February 28, 2023

1,405,466
322,204
22,558349,345
12,892△1,7001,394,860
321,135
40,238248,546
15,538△1,40020,603
2,159
147,970

22,432
2,014
121,463

2,110,767

2,018,920

170,732

145,9112,281,500

2,164,831

136,096130,388
67,868
163,879

135,517
20,981
39,278
127,545498,233

323,321

Non-current liabilities
Provision for retirement benefits

49,76351,312

Total non-current liabilities

49,76351,312547,996374,633

340,783
266,662
1,241,774△115,717

340,783
266,662
1,262,960△80,2092,281,500

2,164,831

Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Total net assets
Total liabilities and net assets

1,733,503
1,733,503

1,790,197
1,790,197

Quarterly income statements
Cumulative of three months ended(Thousands of yen)Three months ended
February 28, 2022

Three months ended
February 28, 2023

Net sales
Cost of sales

733,145514,309806,016
559,687

Gross profit

218,835

246,328

Selling, general and administrative expenses

92,232102,910

Operating profit

126,602

143,418

10

20

1

2

50
0

173
050

173

126,552

143,246

321－Non-operating income
Interest income
OtherTotal non-operating income
Non-operating expensesCommission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

321－Profit before income taxes

126,231

143,246

Income taxes - current
Income taxes - deferred

10,99026,473

14,57027,759Total income taxes

37,46342,329Profit88,767

100,916