Translation
Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy
between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
Company name:

Stock exchange listing: Tokyo
Stock code:
5076
Representative:

February, 14, 2023

INFRONEER Holdings Inc.
URL

https://www.infroneer.com

Representative Executive Officer andPresident

Kazunari Kibe

Inquiries:
General Manager of Financial Strategy
Scheduled date to file Quarterly Securities Report:

Kazutaka Deguchi
February 14, 2023

TEL

03-6380-8253

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–
No

Holding of quarterly financial results meeting:Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2022
Nine months ended December 31, 2021
(Note) Comprehensive income:Millions of yen
495,831482,288

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
2.8
24,855
41.6
25,93544.2
23,475 119.3–
17,557–
17,980–10,703–Nine months ended December 31, 2022: ¥17,934 million [–%]
Nine months ended December 31, 2021: ¥1,089 million [–%]
Earnings per share

Diluted earnings per share

Yen
89.92
37.59

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen
–
–

(2) Consolidated financial position
Total assets
As of December 31, 2022
As of March 31, 2022

Net assets

Millions of yen
918,398
926,432

Equity ratio

Millions of yen
354,799355,865

%
37.6
37.4

(Reference) Equity: As of December 31, 2022: ¥345,478 million
As of March 31, 2022: ¥346,911 million
2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen

Yen

Yen

Yen

0.00
0.00

–
–

40.00

40.00

40.00

40.00

Yen

Fiscal year ended March 31, 2022–
Fiscal year ending March 31, 2023–
Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast of dividends announced most recently: No

1

Total

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
705,000
3.2
35,000 (6.6)
36,800 (3.3)
31,50018.0
121.50(Note) Revision to the forecast of consolidated financial results announced most recently: No* Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
1) Changes in accounting policies due to revisions to accounting standards and other regulations:Yes2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:

NoNo4) Restatement of prior period financial statements:
No(Note) Please refer to “(Changes to accounting policies)” of “2. (3) Notes to Quarterly Consolidated Financial Statements” on page 10 for
details.
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

274,845,024 shares As of March 31, 2022

291,070,502 shares

2) Number of treasury shares at the end of the period
As of December 31, 2022

18,393,136 shares As of March 31, 2022

26,694,723 shares

3) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

261,077,548 shares Nine months ended December 31, 2021

284,753,178 shares(Notes) 1. The Company’s shares held by the Stock Benefit Trust Disposition-type Employee Stock Ownership Plan Trust are included in
the number of treasury shares at the end of the period (3,420,700 shares at the end of the nine months ended December 31,
2022, and 4,221,300 shares at the end of the fiscal year ended March 31, 2022). The Company’s shares held by the Stock
Benefit Trust Disposition-type Employee Stock Ownership Plan Trust are included in the number of treasury shares deductedin the calculation of the average number of shares during the period (3,833,250 shares at the end of the nine months ended
December 31, 2022, and 324,715 shares at the end of the fiscal year ended March 31, 2022).
2. The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury shares at the end of the period(377,500 shares at the end of the nine months ended December 31, 2022, and 657,500 shares at the end of the fiscal year ended
March 31, 2022). The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury sharesdeducted in the calculation of the average number of shares during the period (517,500 shares at the end of the nine months
ended December 31, 2022, and 657,500 shares at the end of the fiscal year ended March 31, 2022).
* These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit corporations.
* Explanation of the proper use of performance forecast and other notes The above forecasts are based on assumptions in light of information available as of the date of announcement of this material and factors of
uncertainty that may possibly impact the future results of operation. These statements do not indicate that the Company pledges to realize
these forecasts. Actual results may differ significantly from those presented herein as a result of numerous factors.

2

○ Table of Contents

1. Qualitative Information on Quarterly Financial Results ............................................................................................. 4(1) Explanation of Operating Results ............................................................................................................................ 4(2) Explanation of Financial Position ............................................................................................................................ 5(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ...................... 5
2. Quarterly Consolidated Financial Statements and Primary Notes .............................................................................. 6(1) Quarterly Consolidated Balance Sheets .................................................................................................................. 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income .......................................................... 8(3) Notes to Quarterly Consolidated Financial Statements......................................................................................... 10(Notes on going concern assumption) ............................................................................................................. 10(Notes in the case of significant changes in amount of shareholders’ equity)................................................. 10(Changes in scope of consolidation and application of equity method) .......................................................... 10(Changes to accounting policies) .................................................................................................................... 10(Additional information) ................................................................................................................................. 10(Segment information) .................................................................................................................................... 12(Significant subsequent event) ........................................................................................................................ 12
3. Supplementary Information ....................................................................................................................................... 13(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog .. 13(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog ......... 13(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog ..................... 14(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 15(Reference) Maeda Corporation: Supplementary Information ................................................................................... 16

3

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results

During the nine months ended December 31, 2022, the Japanese economy generally and moderately recovered incorporate earnings, employment, and personal consumption, as normalization of economic and social activities progressed
under coexistence with the novel coronavirus infection (COVID-19), despite persisting concerns about rising prices due toa steep rise in oil prices and the rapid depreciation of the yen putting downward pressure on the Japanese economy in thecontext of the prolonged situation in Ukraine and the continued monetary tightening across the globe, among othersituations.
In the construction industry, public investment and housing construction remained firm, and capital investment picked
up on the back of improved corporate earnings and other factors.
Under these circumstances, with the objective of the entire group achieving sustained growth under the Company, theCompany will strive to be a “company trusted by all stakeholders” by determining to aim for the mid- to long-term stateof being an “integrated infrastructure service company” with one-stop style management from upstream to downstream of
infrastructure operations, establishing a “highly profitable and stable revenue base” without being influenced by external
factors, operating expeditiously and appropriately, such as by building an effective governance structure and promoting
digital transformation, and strengthening the ability to deal with social changes.
For the nine months ended December 31, 2022, net sales increased by ¥13.5 billion (2.8%) year on year to ¥495.8
billion. Operating profit increased by ¥7.2 billion (41.6%) year on year to ¥24.8 billion, ordinary profit increased by ¥7.9
billion (44.2%) year on year to ¥25.9 billion, and profit attributable to owners of parent increased by ¥12.7 billion (119.3%)
year on year to ¥23.4 billion.
Performance results by business segment are as follows.
[Building Construction]
In the building construction business, net sales decreased by ¥11.0 billion (7.3%) year on year to ¥141.4 billion
and segment profit decreased by ¥0.5 billion (22.2%) year on year to ¥2.0 billion.
[Civil Engineering]
In the civil engineering business, net sales increased by ¥9.5 billion (9.6%) year on year to ¥108.7 billion andsegment profit increased by ¥3.8 billion (44.0%) year on year to ¥12.7 billion.
[Road Civil Engineering]
In the road civil engineering business, net sales increased by ¥7.4 billion (4.4%) year on year to ¥174.6 billion
and segment profit decreased by ¥0.3 billion (32.1%) year on year to ¥0.8 billion.
[Machinery]In the machinery business, net sales increased by ¥0.1 billion (0.6%) year on year to ¥25.0 billion and segment
profit decreased by ¥0.4 billion (41.7%) year on year to ¥0.6 billion.
[Infrastructure Management]
In the infrastructure management business, net sales increased by ¥6.8 billion (57.8%) year on year to ¥18.7
billion and segment profit increased by ¥5.7 billion (335.6%) year on year to ¥7.4 billion.
[Others]
In the others business segment, net sales increased by ¥0.6 billion (2.6%) year on year to ¥27.1 billion andsegment profit decreased by ¥0.4 billion (37.0%) year on year to ¥0.7 billion.

4(2) Explanation of Financial Position
Total assets as of December 31, 2022 were ¥918.3 billion, down ¥8.0 billion (0.9%) compared to the end of theprevious fiscal year, mainly due to a decrease in notes receivable and accounts receivable from completed construction
contracts. Liabilities stood at ¥563.5 billion, a decrease of ¥6.9 billion (1.2%) compared to the end of the previous fiscal
year, mainly due to a decrease in short-term borrowings. Net assets amounted to ¥354.7 billion, down ¥1.0 billion (0.3%)
compared to the end of the previous fiscal year. As a result of the above, equity, which is net assets minus non-controllinginterests, amounted to ¥345.4 billion, and the equity ratio increased from 37.4% at the end of the previous fiscal year to37.6%.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
There is no change from the financial results forecast announced at the time of the financial results announcement on
November 11, 2022.

5

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022

As of December 31, 2022

AssetsCurrent assets
Cash and deposits

78,03594,822

310,801

267,420

Securities
Real estate for sale

30
1,987

30
1,894

Merchandise and finished goods
Costs on construction contracts in progress

1,573
13,6982,657
30,226

Raw materials and supplies
Other

3,444
43,1493,695
52,538

(117)

(156)

452,602453,129

163,578

158,627

109,721106,352

24,122

27,724

19,891

14,842

Notes receivable, accounts receivable from completed
construction contracts and other

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right to operate public facilities
Assets related to replacement investment to operate
public facilities
Goodwill
Other

14,98813,606

Total intangible assets

168,724

162,526

Investment securities
Deferred tax assets

120,123840

107,084874

Retirement benefit asset
Other

14,907
5,994

16,235
20,271

Investments and other assets

Allowance for doubtful accounts

(402)

(375)

Total investments and other assets

141,464

144,089473,767

465,24362

26

926,432

918,398

Total non-current assets
Deferred assets
Total assets

6

(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities
Current liabilities
Electronically recorded obligations - operating

6,933

24,719110,997
84,492

95,402
65,182Current portion of non-recourse loans
Current portion of bonds payable

1,194
–

1,116
10,000

Income taxes payable
Advances received on construction contracts in progress

10,89634,862

3,138
37,171

Provision for loss on construction contracts
Other provisions

836
10,132371
4,341

Liabilities related to right to operate public facilities
Liabilities related to replacement investment to operate

4,555

4,631

1,016

506

Account payable for works in progress and other
Short-term borrowings

public facilities
Other

33,31940,407

Total current liabilities

299,236

286,990

Non-current liabilities
Bonds payable

45,00048,000Long-term borrowings
Non-recourse loans

52,851
9,947

59,662
4,222

Deferred tax liabilities
Retirement benefit liability

14,305
16,767

12,316
17,047

Other provisions
Liabilities related to right to operate public facilities–
103,843

112
101,914

Liabilities related to replacement investment to operate
public facilities

24,58829,193

Other

4,025

4,139

271,330

276,609570,566

563,599

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital

20,00020,000Capital surplus
Retained earnings

134,117
198,273

106,378
221,733

Treasury shares(24,342)(15,259)

Total shareholders’ equity

328,048

332,852

18,275
3

12,200
(384)

(95)
680

(178)
989

18,863

12,626

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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

7

8,953

9,321

355,865354,799

926,432

918,398

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly consolidated statement of income
Nine months ended December 31(Millions of yen)
Nine months ended
December 31, 2022

Nine months ended
December 31, 2021
Net sales
Net sales of completed construction contracts
Sales in other businesses

274,153
208,134

273,812
222,019

Total net sales

482,288495,831

Cost of sales of completed construction contracts
Cost of sales in other businesses

241,524
182,406

237,887
191,337

Total cost of sales

423,930

429,225

Cost of sales

Gross profit
Gross profit on completed construction contracts

32,62835,924Gross profit - other business

25,72830,681

Total gross profit

58,35766,606

Selling, general and administrative expenses

40,80041,751

Operating profit

17,557

24,855Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit

174

184

2,049
311

2,063
450

482

855

3,017

3,554

1,889

1,681

705

792

2,594

2,474

17,98025,935

126
3,321

184
8,099

319

182

3,767

8,466

Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets

287

195

Loss on valuation of investment securities
Impairment losses

0
15

258
383

Other

120

98

Total extraordinary losses

423

936

Profit before income taxes

21,32433,465

Income taxes - current
Income taxes - deferred

5,294
2,665

8,647
696

Total income taxes

7,959

9,344

Profit13,364

24,120

Profit attributable to non-controlling interests

2,661

645

Profit attributable to owners of parent

10,703

23,475

8

Quarterly consolidated statement of comprehensive income
Nine months ended December 31(Millions of yen)
Nine months ended
December 31, 2022

Nine months ended
December 31, 2021
Profit13,364

24,120

Other comprehensive income
Valuation difference on available-for-sale securities(12,019)(6,064)

Deferred gains or losses on hedges
Foreign currency translation adjustment

29
(31)

(366)
(73)

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted

(289)

291

35

25

(12,275)(6,186)Comprehensive income

1,089

17,934Comprehensive income attributable toComprehensive income attributable to owners of parent

1,829

17,237(739)

696

for using equity method
Total other comprehensive income

Comprehensive income attributable to non-controllinginterests9(3) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.

(Notes in the case of significant changes in amount of shareholders’ equity)
Not applicable.
(Changes in scope of consolidation and application of equity method)
Significant changes in scope of consolidation
From the first quarter of the current fiscal year, the newly established MAEDA AMERICA Inc. and INFRONEER Digital
Solutions Inc., as well as Mio Tsukushi Industrial Water Concession Co., the importance of which increased, were includedin the scope of consolidation.
In the first quarter of the current fiscal year, Aoisangyo CO., Ltd, which was a consolidated subsidiary, was excluded fromthe scope of consolidation because it was dissolved in an absorption-type merger with a consolidated subsidiary AonokensetsuCO., LtdIn addition, in the first quarter of the current fiscal year, consolidated subsidiary Anonymous Association Happo Wind
Development, was excluded from the scope of consolidation due to the sale of the equity interest in the anonymous association
it held.
In the third quarter of the current fiscal year, Keihinrecyclecenter CO.,Ltd, which was a consolidated subsidiary, was
excluded from the scope of consolidation because it was dissolved in an absorption-type merger with a consolidated subsidiary
Maeda Road Construction Co., Ltd.
In addition, in the third quarter of the current fiscal year, the newly established JAPAN BIO FUEL Co.,Ltd. was includedin the scope of consolidation.
(Changes to accounting policies)
Application of Guidance on Accounting Standard for Fair Value Measurement, etc.
The “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31, June17, 2021; hereinafter the “Fair Value Measurement Guidance”) has been applied from April 1, 2022, and the new
accounting policies prescribed by the Fair Value Measurement Guidance will be prospectively applied in accordance withthe transitional treatment prescribed in Paragraph 27-2 of the Fair Value Measurement Guidance. The application of the
Fair Value Measurement Guidance has no effect on the quarterly consolidated financial statements.
(Additional information)
Transactions to offer the Company’s shares to employees, etc. through trust(1) Stock Benefit Trust Disposition-type Employee Stock Ownership Plan
The Company conducts transactions to offer the Company’s shares to the employee stock ownership plan through trust,with the aim of enhancing employees’ benefits and providing incentives for the Company and Group employees toincrease corporate value.
1. Descriptions of transactions
In March 2022, the Company introduced a “Stock Benefit Trust Disposition-type Employee Stock Ownership Plan”(hereinafter the “ESOP”).
To initiate the ESOP, the Company concluded the “Stock Benefit Trust (Disposition-type ESOP) Agreement”(hereinafter the trust established pursuant to the agreement shall be referred to as the “ESOP Trust”), whereby the Company
is to act as the administrator and the role of trustee is assigned to Mizuho Trust & Banking Co., Ltd. (hereinafter the“Trustee”). In addition, an agreement was concluded under which the Trustee is to re-entrust shares of the Company andother assets of the ESOP Trust to an account with ancillary trustee, Custody Bank of Japan, Ltd. (hereinafter the “Trust
Account E”). The Trust Account E acquires shares of the Company that the Maeda Corporation Employee Stock Holding
Partnership, the Maeda Road Employee Stock Holding Partnership, and the Maeda Seisakusho Employee Stock Holding
Partnership (hereinafter collectively the “Stock Holding Partnership”), is expected to obtain over five years after the trust
was set up, and periodically sells its holdings to the Stock Holding Partnership. If, by the time of the ESOP Trust’s
termination, gains equivalent to capital gains on sales of shares are accumulated within the ESOP Trust through sales ofCompany’s shares by the Trust Account E to the Stock Holding Partnership, then those gains will be distributed as residual
assets to Stock Holding Partnership enrollees that meet the requirements for eligible beneficiaries. Furthermore, toguarantee funds borrowed by the Trustee that enable the Trust Account E to acquire the Company’s shares, the Company
10

is to repay any such remaining borrowings pursuant to a guarantee agreement, in the event there are any remaining
borrowings equivalent to losses on sales of shares due to a downturn in the price of Company’s shares up until terminationof the ESOP Trust.
2. Company’s shares remaining in trust
The Company’s shares remaining in trust were recorded as treasury shares in the net assets section at the book value intrust (excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value and number ofshares of the relevant treasury shares were ¥4,501 million and 4,221 thousand shares, respectively. As of December 31,
2022, the book value and number of shares of the relevant treasury shares were ¥3,513 million and 3,420 thousand shares,
respectively.
3. Book value of borrowings recorded using the gross method
Borrowings at the end of the previous fiscal year amounted to ¥4,545 million and as of December 31, 2022 amounted
to ¥3,886 million.
(2) Board Benefit Trust (BBT)The Company’s consolidated subsidiary Maeda Corporation introduced a performance-based stock compensation plancalled “Board Benefit Trust” for directors (excluding outside directors) and executive officers (hereinafter collectively the“Directors”) of Maeda Corporation. On September 1, 2022, in place of the former performance-based stock compensation
plan for Directors, the Company introduced a new performance-based stock compensation plan called “Board Benefit
Trust” (hereinafter “BBT”) for directors (excluding outside directors) and executive officers of the Company (hereinafter,
directors and executive officers of the Company are collectively referred to as the “Eligible Directors”), in order to clarify
a linkage among the Eligible Directors’ rewards, the Company’s financial results, and the value of stock, and to enhancetheir motivation to contribute to the improvement of mid- to long-term business performance and the increase in corporate
value by making them share not only the benefits of higher share prices, but also the risks of lower share prices withshareholders.
Following the introduction of the new plan, the operating entity of the BBT was changed from Maeda Corporation to
the Company, with the trust assets transferred to the Company.
1. Descriptions of transactions
The BBT is a performance-based stock compensation plan under which the Company’s shares are acquired through atrust (hereinafter the trust that is established based on the BBT is referred to as the “Trust”), using money contributed by
the Company as the source of funds, and the Eligible Directors are provided with the Company’s shares and an amount ofmoney equivalent to the market value of the Company’s shares (hereinafter the “Company’s Shares, etc.”) through theTrust in accordance with the Regulations on Stock Benefits for Officers stipulated by the Company. The Eligible Directors
shall receive the Company’s Shares, etc. at a certain time after the end of each period of the Company’s Medium TermBusiness Plan (an initial applicable period and each three consecutive fiscal years following the initial applicable period),in principle.
2. The Company’s shares remaining in trust
The Company’s shares remaining in trust are recorded as treasury shares in the consolidated balance sheet at the bookvalue in trust (excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value andnumber of shares of the relevant treasury shares were ¥549 million and 657 thousand shares, respectively. As of December
31, 2022, the book value and number of shares of the relevant treasury shares were ¥303 million and 377 thousand shares,
respectively.

11

(Segment information)
I For the nine months ended December 31, 2021 (April 1, 2021 to December 31, 2021)
Information on sales, profit or loss by reportable segment and decomposition of income(Millions of yen)
Adjustment(Note 2)

Amountrecorded inquarterly
consolidated
statement ofincome(Note 3)

Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Other
(Note 1)Total

Net sales
Goods transferred ata point in time
Goods transferredover time
Income from contracts
with customers

5,388

1,779

129,719

16,976

11,815

165,679

18,805

184,484－

184,484

145,921

97,46637,361

3,871－

284,622

7,664

292,286－

292,286

151,310

99,246167,080

20,848

11,815450,302

26,469476,771－476,771

1,281

－

123

4,058

52

5,516

－

5,516

－

5,516

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

152,592

99,246167,204

24,907

11,867455,819

26,469482,288－482,288

1,231

822

1,895

1,045

－

4,995

11,03516,030(16,030)－

Total

153,824

100,068

169,100

25,953

11,867

460,81437,504498,319(16,030)

482,288

Segment profit

2,684

8,859

1,210

1,171

1,713

15,638

1,193

16,832725

17,557

Other income(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries
2. Adjustment of segment profit includes inter-segment transactions of ¥725 million.
3. Adjustments are made to reconcile segment profit to operating profit reported on the quarterly consolidated
statement of income.
II For the nine months ended December 31, 2022 (April 1, 2022 to December 31, 2022)
Information on sales, profit or loss by reportable segment and decomposition of income(Millions of yen)
Adjustment(Note 2)

Amountrecorded inquarterly
consolidated
statement ofincome(Note 3)

Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Other
(Note 1)Total

Net sales
Goods transferred ata point in time
Goods transferredover time
Income from contracts
with customers

5,282

715

136,562

21,252

11,787

175,599

19,027

194,627－

194,627

134,791

108,031

37,950242－

281,0158,133

289,149－

289,149

140,073

108,746

174,512

21,495

11,787456,615

27,161

483,777－

483,777

1,420

－

130

3,558

6,945

12,054－

12,054－

12,054

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

141,494

108,746

174,643

25,053

18,732

468,670

27,161495,831－495,831

1,697

29

3,645

1,448

－

6,821

8,883

15,704(15,704)－

Total

143,191

108,776

178,288

26,502

18,732475,491

36,045

511,536(15,704)

495,831

Segment profit

2,088

12,759

821

682

7,462

23,814752

24,566288

24,855

Other income(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries
2. Adjustment of segment profit includes inter-segment transactions of ¥288 million.
3. Adjustments are made to reconcile segment profit to operating profit reported on the quarterly consolidated
statement of income.
(Significant subsequent event)Not applicable.
123. Supplementary Information(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Amount%AmountYoY change%

Amount%Public Works

65,751

36.3%

26,27619.0%(39,474)(60.0)%

Private Works

115,312

63.6%

111,724

80.6%(3,588)(3.1)%

Overseas

133

0.1%

587

0.4%

454

340.6%

Total

181,197

100.0%

138,588

100.0%(42,608)(23.5)%

2. Net Sales(Millions of yen)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Amount%AmountYoY change%

Amount%Public Works

26,53817.3%

22,295

15.6%(4,243)(16.0)%

Private Works

127,274

82.7%

120,182

84.0%(7,092)(5.6)%

Overseas

10

0.0%

621

0.4%

611

－%

Total

153,824100.0%

143,098

100.0%(10,725)(7.0)%

3. Backlog(Millions of yen)
Nine months ended
December 31, 2021
AmountNine months ended
December 31, 2022%

AmountYoY change%

Amount%Public Works

83,25122.0%

83,222

21.3%

(28)

(0.0)%

Private Works

295,54978.0%

306,839

78.6%

11,2893.8%

Overseas

134

0.0%

325

0.1%

191

142.7%

Total

378,935

100.0%

390,388

100.0%

11,4533.0%(Note) Net sales are before adjustment and include inter-segment transactions.

(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Amount%AmountYoY change%

Amount%Public Works

23,471

31.2%

37,63359.7%

14,161

60.3%

Private Works

50,252

66.9%

25,41840.3%(24,834)(49.4)%

Overseas

1,397

1.9%

21

0.0%

(1,376)(98.5)%

Total

75,122100.0%

63,072100.0%(12,049)(16.0)%

2. Net Sales(Millions of yen)
Nine months ended
December 31, 2021
AmountNine months ended
December 31, 2022%

AmountYoY change%

Amount%Public Works

56,46956.4%

58,879

54.5%

2,410

4.3%

Private Works

42,13842.1%

49,213

45.5%

7,074

16.8%

Overseas

1,461

1.5%

12

0.0%

(1,448)(99.1)%

Total

100,068

100.0%

108,105

100.0%

8,036

8.0%

13

3. Backlog(Millions of yen)
Nine months ended
December 31, 2021

YoY change%

Amount%126,89345.4%

124,40844.7%(2,485)(2.0)%

153,470

55.1%

AmountPublic Works

Nine months ended
December 31, 2022

Amount%152,115

54.4%

1,354

0.9%

Overseas

603

0.2%

568

0.2%

(34)

(5.7)%

Total

279,612100.0%

278,447

100.0%(1,165)(0.4)%

Private Works(Note) Net sales are before adjustment and include inter-segment transactions.

(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)
Nine months ended
December 31, 2021

Construction
Civil Engineering
Works
Manufacturing/Sales
Other
Total

YoY change%

Amount%99,35357.0%

106,287

57.5%

6,933

7.0%

21,71012.5%

22,479

12.2%

769

3.5%

52,87730.3%

55,655

30.1%

2,777

5.3%

419

0.2%

441

0.2%

21

5.2%

174,361

100.0%

184,863100.0%

10,501

6.0%

AmountPavement

Nine months ended
December 31, 2022

Amount2. Net Sales(Millions of yen)
Nine months ended
December 31, 2021
AmountPavement%

Nine months ended
December 31, 2022%

AmountYoY change%

Amount%94,78356.1%

99,603

55.9%

4,820

5.1%

Civil EngineeringWorks

21,01912.4%

22,588

12.7%

1,569

7.5%

Manufacturing/Sales

52,87731.3%

55,655

31.2%

2,777

5.3%

Construction

Other
Total

419

0.2%

441

0.2%

21

5.2%

169,100

100.0%

178,288

100.0%

9,188

5.4%

3. Backlog(Millions of yen)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Amount%AmountYoY change%

Amount%Pavement
Construction

51,24979.6%

52,838

80.5%

1,589

3.1%

Civil EngineeringWorks

13,141

20.4%

12,791

19.5%

(349)

(2.7)%

Manufacturing/Sales

－

－

－

－

－

－

Other

－

－

－

－

－

－

64,390100.0%

65,630100.0%

1,239

1.9%

Total

(Note) Net sales are before adjustment and include inter-segment transactions.

14

(4) Summary of Forecast of Consolidated Financial Results(Millions of yen)
Nine months ended December 31, 2022
Results for the Results for theprevious period current period
Net sales

Fiscal year ending March 31, 2023
Full-year
forecast

YoYchangeYoYchangeProgress482,288495,831

13,543705,000

22,08770.3%

Building
Construction

152,592

141,494(11,098)

228,400

12,29762.0%

Civil Engineering

99,246

108,746

9,500

147,000

4,360

74.0%

Road Civil
Engineering

167,204

174,6437,438

236,000

3,232

74.0%

Machinery

24,90725,053146

35,500177

70.6%

InfrastructureManagement

11,867

18,732

6,864

21,500

2,826

87.1%

Other

26,46927,161

692

36,600

(807)

74.2%

58,35766,606

8,248

92,100

489

12.1%

13.4%

1.3%

13.1%

(0.4)%

14,313

12,991(1,321)

24,000

596

9.4%

9.2%

(0.2)%

10.5%(0.3)%

16,814

21,136

4,321

25,400

(636)

16.9%

19.4%

2.5%

17.3%

(1.0)%

15,662

15,461(200)

21,000(1,462)

9.4%

8.9%

(0.5)%

8.9%(0.8)%

5,315

5,358

42

7,500

132

21.3%

21.4%

0.0%

21.1%

0.3%

2,967

9,060

6,093

10,000

2,416

25.0%

48.4%

23.4%

46.5%

5.9%

3,283

2,596

(686)

4,200

(556)

12.4%

9.6%

(2.8)%

11.5%(1.2)%

Selling, general andadministrative expenses

40,80041,751

951

57,100

2,979

73.1%

Operating profit

17,557

24,855

7,297

35,000(2,489)71.0%

Ordinary profit

17,98025,935

7,955

36,800(1,236)70.5%

31,500

4,810

74.5%

Gross profit
Building
Construction
Civil Engineering
Road Civil
Engineering
Machinery
InfrastructureManagement
Other

Profit attributable to owners
10,703
23,475
12,771of parent(Note) Percentages in the lower row of gross profit indicate profit margin.

15

72.3%

54.1%

83.2%

73.6%

71.5%

90.6%

61.8%

(Reference) Maeda Corporation: Supplementary Information
1) Summary of non-consolidated financial results forecast(Millions of yen)

Nine months ended December 31, 2022

Fiscal year ending March 31, 2023

Results for theprevious period

Results for thecurrent period

254,814258,189

3,374

383,900

18,127

67.3%

251,588249,783(1,805)374,800

16,477

66.6%

152,542

141,678(10,864)

228,300

11,45762.1%

99,046108,105

9,059

146,500

5,019

73.8%

796

6,985

6,188

7,400

2,819

94.4%

2,429

1,420

(1,008)1,700(1,168)83.6%

32,40240,5508,14756,300

2,163

12.7%

15.7%

3.0%

14.7%

(0.1)%

30,24732,876

2,628

48,100

88

12.0%

13.2%

1.1%

12.8%

(0.6)%

Building
Construction

13,992

12,366(1,626)23,200

537

9.2%

8.7%

(0.4)%

10.2%(0.3)%

Civil
Engineering

16,25420,5094,254

24,900

(449)

16.4%

19.0%

2.6%

17.0%

(0.9)%

791

6,979

6,187

7,400

2,863

99.3%

99.9%

0.6%

100.0%

1.0%

1,363

694

(668)

800

(789)

56.1%

48.9%

(7.2)%

47.1%(8.3)%

Selling, general and administrative
expenses

20,74921,153403

28,500

1,683

74.2%

Operating profit

11,652

19,396

7,743

27,800479

69.8%

Ordinary profit

19,341

21,722

2,381

30,200(4,994)

71.9%

Profit

14,713

21,961

7,247

28,700187

76.5%

Net sales
Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate
Gross profit

Construction Total

InfrastructureManagement
Real Estate

YoY change

Full-year forecast

YoY change(Note) The percentages in the lower row of Gross profit indicate the profit margin.
2) Non-consolidated forecast of orders received for the construction business(Millions of yen)
Fiscal year ending

Nine months ended

March 31, 2023
Full-year forecast

December 31, 2022

YoY change

Results for thecurrent period

Progress

Building Construction

260,000(0.1)%

137,199

52.8%

Civil Engineering

160,000(0.2)%

63,072

39.4%

Total

420,000(0.1)%

200,27247.7%

16Progress

72.0%

68.4%

53.3%

82.4%

94.3%

86.8%