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, 2023
(Based on Japanese GAAP)
February 9, 2024
Company name:

INFRONEER Holdings Inc.

Stock exchange listing: Tokyo
Stock code:
5076
Representative:

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 9, 2024

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, 2023 (from April 1, 2023 to December 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2023
Nine months ended December 31, 2022
(Note) Comprehensive income:Millions of yen
561,400
495,831

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
13.2
34,29838.0
35,80438.1
24,1492.9
2.8
24,855
41.6
25,93544.2
23,475 119.3

Nine months ended December 31, 2023: ¥39,676 million [121.2%]
Nine months ended December 31, 2022: ¥17,934 million [–%]
Earnings per share

Diluted earnings per share

Yen
96.24
89.92

Nine months ended December 31, 2023
Nine months ended December 31, 2022

Yen
–
–

(2) Consolidated financial position
Total assets
As of December 31, 2023
As of March 31, 2023

Net assets

Millions of yen
1,046,927
926,563

Equity ratio

Millions of yen
372,486
362,315

%
34.6
38.1

(Reference) Equity: As of December 31, 2023: ¥362,658 million
As of March 31, 2023: ¥352,692 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
25.00

–
–

55.00

55.00

30.00

55.00

Yen

Fiscal year ended March 31, 2023–
Fiscal year ending March 31, 2024–
Fiscal year ending March 31, 2024
(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, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Business profit
Operating profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen[IFRS]
Full year
768,200–
48,100–48,000–31,700–126.33
Net sales

Operating profit

Ordinary profit

Profit attributable toEarnings per shareowners of parent% Millions of yen%
Yen

Millions of yen% Millions of yen% Millions of yen[Japanese GAAP]
Full year
762,900
7.5
41,3002.042,5001.8
27,500 (23.3)
109.59(Notes) 1. Revision to the forecast of consolidated financial results announced most recently: No
2. Since the Company has decided to voluntarily adopt International Financial Reporting Standards (hereinafter “IFRS”) effectivefrom the consolidated financial statements for the fiscal year ending March 31, 2024, figures calculated based on IFRS have been
disclosed in addition to the consolidated financial results forecast based on Japanese accounting standards. Year-on-year changes
from the fiscal year ended March 31, 2023, for which Japanese standards have been applied, are not stated.
3. Business profit is a profit indicator that measures the performance of the Company’s recurring businesses, calculated by deducting
cost of sales and selling, general and administrative expenses from net sales, and adding share of loss (profit) of entities accounted
for using equity method.
* Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(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:
No2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:

NoNo4) Restatement of prior period financial statements:

No(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, 2023

274,845,024 shares As of March 31, 2023

274,845,024 shares

2) Number of treasury shares at the end of the period
As of December 31, 2023

28,003,529 shares As of March 31, 2023

22,329,791 shares

3) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

250,938,861 shares Nine months ended December 31, 2022

261,077,548 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 (2,285,200 shares at the end of the nine months ended December 31,
2023, and 3,267,300 shares at the end of the fiscal year ended March 31, 2023). 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 (2,822,590 shares at the end of the nine months ended
December 31, 2023, and 3,833,250 shares at the end of the nine months ended December 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(2,806,300 shares at the end of the nine months ended December 31, 2023, and 377,500 shares at the end of the fiscal year
ended March 31, 2023). The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury
shares deducted in the calculation of the average number of shares during the period (1,591,900 shares at the end of the ninemonths ended December 31, 2023, and 517,500 shares at the end of the nine months ended December 31, 2022).
3. The Company’s shares held by the Stock Benefit Trust (J-ESOP) are included in the number of treasury shares at the end of theperiod (2,967,300 shares at the end of the nine months ended December 31, 2023). The Company’s shares held by the Stock
Benefit Trust (J-ESOP) are included in the number of treasury shares deducted in the calculation of the average number ofshares during the period (1,483,650 shares at the end of the nine months ended December 31, 2023).
* 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 notes2 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.

3

○ Table of Contents

1. Qualitative Information on Quarterly Financial Results ............................................................................................. 5(1) Explanation of Operating Results ............................................................................................................................ 5(2) Explanation of Financial Position ............................................................................................................................ 6(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ...................... 6
2. Quarterly Consolidated Financial Statements and Primary Notes .............................................................................. 7(1) Quarterly Consolidated Balance Sheets .................................................................................................................. 7(2) Quarterly Consolidated Statements of Income and Comprehensive Income .......................................................... 9(3) Notes to Quarterly Consolidated Financial Statements ......................................................................................... 11(Notes on going concern assumption) ................................................................................................................... 11(Notes in the case of significant changes in amount of shareholders’ equity) ....................................................... 11(Changes in scope of consolidation and application of equity method) ................................................................ 11(Additional information)........................................................................................................................................ 11(Segment information) ........................................................................................................................................... 13(Significant subsequent event) ............................................................................................................................... 14
3. Supplementary Information ....................................................................................................................................... 16(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog .. 16(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog ......... 16(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog ..................... 17(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 18(Reference) Maeda Corporation: Supplementary Information ................................................................................... 20

4

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the nine months ended December 31, 2023, the outlook of the Japanese economy remained uncertain amid
persisting concerns about monetary tightening across the globe, fluctuations in foreign exchange rates, a steep rise in raw
material and energy prices, rising commodity price and other factors putting downward pressure on the Japanese economy
in the unstable international situation. However, the Japanese economy generally and moderately recovered in corporate
earnings, employment, and personal consumption, being supported by the materialization of pent-up demand following thereclassification of the status of the novel coronavirus infection (COVID-19) to “Class 5” and other factors.
In the construction industry, while housing construction remained stagnant, a pickup of capital investment was
slowing down. Public investment remained firm due to the execution of the related government budgets.
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, 2023, net sales increased by ¥65.5 billion (13.2%) year on year to ¥561.4
billion. Operating profit increased by ¥9.4 billion (38.0%) year on year to ¥34.2 billion, ordinary profit increased by ¥9.8
billion (38.1%) year on year to ¥35.8 billion, and profit attributable to owners of parent increased by ¥0.6 billion (2.9%)
year on year to ¥24.1 billion.
Performance results by business segment are as follows.
[Building Construction]
In the building construction business, net sales increased by ¥37.6 billion (26.6%) year on year to ¥179.1 billion
and segment loss was ¥1.1 billion (a profit of ¥2.0 billion in the same period of the previous fiscal year).
[Civil Engineering]
In the civil engineering business, net sales increased by ¥17.9 billion (16.5%) year on year to ¥126.7 billion andsegment profit increased by ¥13.8 billion (108.3%) year on year to ¥26.5 billion.
[Road Civil Engineering]
In the road civil engineering business, net sales increased by ¥8.8 billion (5.1%) year on year to ¥183.5 billion
and segment profit increased by ¥6.1 billion (745.5%) year on year to ¥6.9 billion.
[Machinery]In the machinery business, net sales increased by ¥4.5 billion (18.3%) year on year to ¥29.6 billion and segment
profit increased by ¥1.1 billion (170.5%) year on year to ¥1.8 billion.
[Infrastructure Management]
In the infrastructure management business, net sales decreased by ¥6.1 billion (32.9%) year on year to ¥12.5
billion and segment loss was ¥0.3 billion (a profit of ¥7.4 billion in the same period of the previous fiscal year).
[Others]
In the others business segment, net sales increased by ¥2.6 billion (9.7%) year on year to ¥29.7 billion andsegment profit decreased by ¥0.3 billion (42.9%) year on year to ¥0.4 billion.

5(2) Explanation of Financial Position
Total assets as of December 31, 2023 were ¥1,046.9 billion, an increase of ¥120.3 billion (13.0%) from the end of theprevious fiscal year, mainly due to an increase in notes receivable and accounts receivable from completed construction
contracts. Liabilities stood at ¥674.4 billion, an increase of ¥110.1 billion (19.5%) from the end of the previous fiscal year,
mainly due to an increase in short-term borrowings. Net assets amounted to ¥372.4 billion, an increase of ¥10.1 billion(2.8%) from the end of the previous fiscal year. As a result of the above, equity, which is net assets minus non-controllinginterests, amounted to ¥362.6 billion, and the equity ratio declined from 38.1% at the end of the previous fiscal year to34.6%.

(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 10, 2023.

6

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of December 31, 2023

AssetsCurrent assets
Cash and deposits

88,800119,734

296,088

330,013

Securities
Real estate for sale

30
1,894

–
1,894

Merchandise and finished goods
Costs on construction contracts in progress

2,341
30,003

3,268
45,385

Raw materials and supplies
Other

3,815
51,9004,196
47,445

(140)

(186)

474,732

551,753

156,264

158,588

105,144

100,606

27,15831,755

13,1598,260

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

13,651

14,250Total intangible assets

159,113

154,872

Investment securities
Deferred tax assets

100,429
1,077

145,220
1,301

Retirement benefit asset
Other

16,567
18,621

17,66017,757

Investments and other assets

Allowance for doubtful accounts

(268)

(270)

Total investments and other assets

136,428

181,669

451,805

495,12924

44926,563

1,046,927

Total non-current assets
Deferred assets
Total assets

7

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Electronically recorded obligations - operating

25,752

17,623

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

116,170
36,68898,878
139,642

Current portion of non-recourse loans
Current portion of bonds payable922
10,000724
5,000Income taxes payable
Advances received on construction contracts in progress

10,27237,807

4,838
53,236

Provision for loss on construction contracts
Other provisions

342
9,989

887
4,465

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

4,664

4,691

1,030

1,600

public facilities
Other

44,63438,447

Total current liabilities

298,273370,035

Non-current liabilities
Bonds payable

48,00043,000Long-term borrowings
Non-recourse loans

54,886
3,893

86,3503,497

Deferred tax liabilities
Retirement benefit liability

10,01817,05517,702
17,192Other provisions
Liabilities related to right to operate public facilities

169
99,590

1,962
97,270Liabilities related to replacement investment to operate
public facilities

28,22533,343

Other

4,134

4,087

265,974

304,406

564,248

674,441

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

20,00020,000Capital surplus
Retained earnings

106,455
234,129

108,088237,704

Treasury shares(18,395)(28,766)

Total shareholders’ equity

342,189

337,026

9,850
(453)

22,729
1,615

191
915

214
1,072

10,502

25,632

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

8

9,622

9,827

362,315

372,486

926,563

1,046,927

(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, 2023

Nine months ended
December 31, 2022
Net sales
Net sales of completed construction contracts
Sales in other businesses

273,812
222,019331,278
230,122

Total net sales

495,831561,400

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

237,887
191,337

280,867
198,698

Total cost of sales

429,225

479,566

Cost of sales

Gross profit
Gross profit on completed construction contracts

35,92450,410Gross profit - other business

30,681

31,423

Total gross profit

66,606

81,834

Selling, general and administrative expenses

41,75147,536

Operating profit

24,85534,298Non-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

184

272

2,063
450

1,781
949

855

551

3,554

3,554

1,681

1,679

792

370

2,474

2,049

25,93535,804

184
8,099

74
1,971

182

197

8,466

2,243

195

384

258
482

–
31

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
Loss on valuation of investment securities
Other

936

416

Profit before income taxes

Total extraordinary losses

33,46537,631

Income taxes - current

8,647

11,903

Income taxes - deferred

696

1,237

Total income taxes

9,344

13,141

Profit24,12024,490

Profit attributable to non-controlling interests
Profit attributable to owners of parent

9

645

341

23,47524,149

Quarterly consolidated statement of comprehensive income
Nine months ended December 31(Millions of yen)
Nine months ended
December 31, 2023

Nine months ended
December 31, 2022
Profit24,12024,490

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

12,876

Deferred gains or losses on hedges
Foreign currency translation adjustment

(366)
(73)

2,067
45

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

291

139

25

57

(6,186)15,185Comprehensive income

17,934

39,676Comprehensive income attributable toComprehensive income attributable to owners of parent

17,23739,279696

397

for using equity method
Total other comprehensive income

Comprehensive income attributable to non-controllinginterests10

(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, SEKI CO., LTD and KANEIKOGYO CO., LTD, whose shares were newly
acquired, as well as Miura Sewerage & Concession Co., Ltd., the importance of which increased, were included in the scopeof consolidation.
In the third quarter of the current fiscal year, KANEIKOGYO 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
SEKI CO., LTD.
Significant changes in scope of application of equity method
From the first quarter of the current fiscal year, BVN THANH CHUONG JOINT STOCK COMPANY, whose shares were
newly acquired, was included in the scope of application of equity method.
(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
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 ¥3,355 million and 3,267 thousand shares, respectively. As of December 31,
2023, the book value and number of shares of the relevant treasury shares were ¥2,346 million and 2,285 thousand shares,
respectively.

11

3. Book value of borrowings recorded using the gross method
Borrowings at the end of the previous fiscal year amounted to ¥3,621 million and as of December 31, 2023 amounted
to ¥2,597 million.
(2) Board Benefit Trust (BBT)The Company introduced a performance-based stock compensation plan called “Board Benefit Trust” (hereinafter“BBT”) for directors (excluding outside directors) and executive officers of the Company, as well as directors andexecutive officers of three business companies (Maeda Corporation, Maeda Road Construction Co., Ltd. and Maeda
Seisakusho Co., Ltd.) (hereinafter 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 enhance their motivation to contribute to theimprovement 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 with shareholders.
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 shares in the net assets section at the book value in trust(excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value and number of sharesof the relevant treasury shares were ¥303 million and 377 thousand shares, respectively. As of December 31, 2023, thebook value and number of shares of the relevant treasury shares were ¥3,577 million and 2,806 thousand shares,
respectively.
(3) The Stock Benefit Trust (J-ESOP)The Company introduced the “Stock Benefit Trust (J-ESOP)” (hereinafter “J-ESOP”), an incentive plan to provide all
employees of the Company and its subsidiaries who satisfy certain requirements with shares in the Company, in order tofoster a sense of unity throughout the Group and enhance employees’ motivation and morale to contribute to the increasein the Company’s share price and the improvement of the Group’s consolidated business performance by further linking
the Company’s share price and business performance with employee compensation in such a way that employees shareeconomic interests with shareholders.
1. Descriptions of transactions
The J-ESOP is a trust-type plan modeled on the Employee Stock Ownership Plan (ESOP) in the United States. Under
this plan, the Company provides employees with its shares in accordance with the Regulations on Stock Benefits prescribedby the Company and its subsidiaries that satisfy certain requirements (hereinafter, collectively with the Company, the“Eligible Companies”).
The Eligible Companies grant points to employees based on the Group’s consolidated performance and other factors foreach fiscal year, and provide them with the Company’s shares equivalent to the points granted when they acquire the rightto receive benefits under certain conditions. Shares to be granted to employees, including those to be granted in the future,
shall be acquired by money established in advance as a trust and separately managed as trust assets.
2. The Company’s shares remaining in trust
The Company’s shares remaining in trust are recorded as treasury shares in the net assets section at the book value intrust (excluding the amount as ancillary expenses). As of December 31, 2023, the book value and number of shares of therelevant treasury shares were ¥3,999 million and 2,967 thousand shares, respectively.

12

(Segment information)
I 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

Others(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.
II For the nine months ended December 31, 2023 (April 1, 2023 to December 31, 2023)
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

Others(Note 1)Total

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

5,182

1,436

140,289

25,426

12,574

184,909

23,108208,017－

208,017

172,784

125,263

43,090134－

341,272

6,691

347,963－

347,963

177,967

126,700

183,379

25,56012,574

526,181

29,799555,981－555,981

1,213

－

132

4,072

－

5,419

－

5,419

－

5,419

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

179,180

126,700

183,51229,633

12,574

531,601

29,799561,400－

561,400

1,401

8

3,196

1,523

－

6,128

8,424

14,553(14,553)－

Total

180,581

126,708

186,708

31,156

12,574

537,729

38,224575,954(14,553)

561,400

Segment profit (loss)(1,145)

26,573

6,947

1,846

(327)

33,894429

34,324(25)

34,298Other income(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries.
2. Adjustment of segment profit (loss) includes inter-segment transactions of ¥ (25) million.
3. Adjustments are made to reconcile segment profit (loss) to operating profit reported on the quarterly consolidated
statement of income.

13

(Significant subsequent event)
Business combination through acquisition
At the extraordinary meeting of the Board of Directors held on December 12, 2023, the Company approved a resolution
concerning the acquisition of all shares of JWD Holdings3 K.K., which owns all shares of Japan Wind Development Co.,
Ltd. (hereinafter “JWD”), and making JWD Holdings3 K.K. the Company’s subsidiary. The Company acquired the shares
as of January 31, 2024.
(1) Descriptions of business combination
1. Name and business details of acquired company
Name of acquired company: JWD Holdings3 K.K.
Business details: Pure holding company for the purpose of holding and managing shares of JWD (Development of windfarms and sale of electricity from wind power generation)
2. Main reason for business combination
JWD is a leading wind power company that has consistently specialized in wind power to this day since the dawn of
wind power projects in Japan. With a prominent development track record as an independent operator, JWD has developed
293 turbines around the world with a combined generation capacity of 570,850kW (as of April 2023). Besides development
projects, JWD offers operations and management (hereinafter “O&M”), boasting the largest share in the wind farm O&M
market in Japan. JWD also offers extraordinary O&M knowhow and delivers O&M service not only for development
projects within the group but for other companies' projects, which makes JWD stand out from its competitors.
Building on the extensive development track record and O&M knowhow, JWD has significant growth potential withupcoming wind power projects with a combined generation capacity of approximately 3,600MW (including replacementof existing turbines and some pipelines) as of December 2023.
In such a position, JWD delivers comprehensive service from development through operations, maintenance andmanagement of wind power projects, which is in line with the Company's business model. Therefore, the Company believes
that the partnership with JWD is meaningful for generating great synergies and further expanding the renewable energy
business of the two companies.
The Company and JWD will strive to address all kinds of social challenges associated with achieving carbon neutrality
and grow together as a one-of-its-kind group that is capable of broadly operating comprehensive renewable energy business,
and as the No. 1 business group, both in name and reality, in the wind power market, which is expected to grow further, bycomplementing and mutually leveraging each other's knowhow, technologies, networks, and other capabilities andstrengths in the wind power business.
3. Business combination date
January 31, 2024
4. Legal form of business combination
Acquisition of shares for cash consideration
5. Company name after combination
No change.
6. Ratio of voting rights acquired
100%
7. Basis for determining acquiring company
The Company acquired the shares for cash consideration.
(2) Acquisition cost of acquired company and breakdown by type of consideration
Consideration for acquisitionCash¥202,093 million
Acquisition cost¥202,093 million(Note) Funds for the acquisition of shares were procured mainly through borrowings from financial institutions.
(3) Amount of goodwill occurred, cause for the occurrence, and method and period for amortization
14

Not yet determined.
(4) Amount of assets accepted and liabilities assumed on the date of business combination, and major breakdown thereofNot yet determined.
Significant borrowings of funds
At the extraordinary meeting of the Board of Directors held on January 17, 2024, the Company approved a resolution
concerning the borrowing of funds as follows and executed the borrowings on January 31, 2024.
(1) Reason for borrowing the funds
The Company executed the borrowings for the acquisition of the shares of JWD Holdings3 K.K., which owns all sharesof JWD; the equity interests in silent partnership with multiple business SPCs that are JWD’s subsidiaries; the equity
interests in silent partnership with multiple business SPCs which have been sold to third parties, or the contractual status,
rights, and obligations under the share transfer agreement regarding the transfer of shares; and the equity interests in silent
partnership with multiple business SPCs which are scheduled to be sold to third parties, and the contractual status, rights,
and obligations under the share transfer agreement regarding the transfer.
(2) Descriptions of borrowing
1. Lender
Three financial institutions (Note)
2. Borrowing amount ¥218,400 million
3. Borrowing date
January 31, 2024
Funds for the acquisition of the shares of JWD Holdings3 K.K.,
which owns all shares of JWD; the equity interests in silent
partnership with multiple business SPCs that are JWD’s subsidiaries;
the equity interests in silent partnership with multiple business SPCs
which have been sold to third parties, or the contractual status, rights,
4. Use of funds
and obligations under the share transfer agreement regarding thetransfer of shares; and the equity interests in silent partnership withmultiple business SPCs which are scheduled to be sold to third
parties, and the contractual status, rights, and obligations under theshare transfer agreement regarding the transfer
5. Collateral
No(Note) The Company will refrain from disclosing this information in accordance withconfidentiality obligations with the financial institutions.
(2) Future outlook
The Company plans to refinance the borrowings within one year from the borrowing date.

15

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, 2022

December 31, 2023%

AmountAmountYoY change%

Amount%Public Works

26,27619.0%

24,055

11.1%(2,220)(8.5) %

Private Works

111,72480.6%

184,030

84.8%

72,306

64.7%

Overseas

587

0.4%

9,057

4.2%

8,469

－%

Total

138,588

100.0%

217,143100.0%

78,55456.7%

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

Nine months ended

December 31, 2022

December 31, 2023%

AmountAmountYoY change%

Amount%Public Works

22,295

15.6%

35,77419.8%

13,47960.5%

Private Works

120,182

84.0%

143,997

79.8%

23,815

19.8%

Overseas

621

0.4%

778

0.4%

156

25.2%

Total

143,098

100.0%

180,550

100.0%

37,451

26.2%

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

Nine months ended
December 31, 2023%

AmountAmountYoY change%

Amount%Public Works

83,222

21.3%

89,943

18.9%

6,720

8.1%

Private Works

306,83978.6%

378,21379.4%

71,374

23.3%

Overseas

325

0.1%

8,394

1.8%

8,068

－%

Total

390,388

100.0%

476,552

100.0%

86,16322.1%(Note) Net sales 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, 2022

December 31, 2023

Amount%AmountYoY change%

Amount%Public Works

37,633

59.7%

49,02859.3%

11,39530.3%

Private Works

25,41840.3%

33,580

40.6%

8,162

32.1%

Overseas

21

0.0%

87

0.1%

66

316.5%

Total

63,072100.0%

82,697100.0%

19,62431.1%

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

Nine months ended
December 31, 2023%

AmountAmountYoY change%

Amount%Public Works

58,87954.5%

65,436

51.9%

6,557

11.1%

Private Works

49,21345.5%

60,36547.8%

11,152

22.7%

Overseas

12

0.0%

358

0.3%

345

－%

Total

108,105

100.0%

126,159

100.0%

18,05416.7%

16

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

Nine months ended
December 31, 2023%

AmountAmountYoY change%

Amount%Public Works

124,408

44.7%

117,105

49.8%(7,302)(5.9) %

Private Works

153,470

55.1%

117,75450.1%(35,715)(23.3) %Overseas

568

0.2%

215

0.1%

(352)

(62.0) %Total

278,447

100.0%

235,076

100.0%(43,370)(15.6) %(Note) Net sales 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, 2022

Pavement
Construction
Civil Engineering
Works
Manufacturing/Sales
Other
Total

Nine months ended
December 31, 2023

YoY change

Amount%Amount%Amount106,287

57.5%

112,519

57.8%

6,231

5.9%

22,47912.2%

23,238

11.9%

759

3.4%

55,65530.1%

58,547

30.1%

2,892

5.2%

441

0.2%

514

0.3%

72

16.5%

184,863100.0%

194,819100.0%

9,956

5.4%

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

Nine months ended
December 31, 2023

YoY change%

Amount

%99,60355.9%

106,401

57.0%

6,797

6.8%

Civil EngineeringWorks

22,588

12.7%

21,245

11.4%(1,343)(5.9) %

Manufacturing/Sales

55,65531.2%

58,547

31.4%

2,892

5.2%

AmountPavement
Construction

Other
Total

Amount

%

441

0.2%

514

0.3%

72

16.5%

178,288

100.0%

186,708

100.0%

8,419

4.7%

3. Backlog(Millions of yen)
Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

Amount%AmountYoY change%

Amount%Pavement
Construction

52,83880.5%

59,474

82.5%

6,635

12.6%

Civil EngineeringWorks

12,791

19.5%

12,603

17.5%

(188)

(1.5) %

Manufacturing/Sales

－

－

－

－

－

－

Other

－

－

－

－

－

－

65,630100.0%

72,077100.0%

6,447

9.8%

Total

(Note) Net sales include inter-segment transactions.

17

(4) Summary of Forecast of Consolidated Financial Results[IFRS](Millions of yen)
Fiscal year ending
March 31, 2024
Full-year forecast

Net sales

768,200
Building
Construction

242,000

Civil Engineering

163,800

Road Civil
Engineering

244,300

Machinery

39,300InfrastructureManagement

32,500

Others46,300Gross profit
Building
Construction
Civil Engineering
Road Civil
Engineering
Machinery
InfrastructureManagement
OthersSelling, general andadministrative expenses
Share of loss (profit) ofentities accounted for using
equity method

109,400
14.2%
22,2009.2%
40,80024.9%
30,100
12.3%
8,600
21.9%
3,100
9.5%
4,600
9.9%
62,6001,300

Business profit

48,100Operating profit

48,000

Profit attributable to owners
31,700of parent(Note) Percentages in the lower row of gross profit indicate profit margin.

18

[Japanese GAAP](Millions of yen)
Nine months ended December 31, 2023
Results for the Results for theprevious period current period

Net sales

Fiscal year ending March 31, 2024
Full-year
forecast

YoYchangeYoYchangeProgress

495,831561,400

65,569762,900

53,258

73.6%

Building
Construction

141,494

179,180

37,686259,600

44,13469.0%

Civil Engineering

108,746

126,700

17,953164,000

11,967

77.3%

Road Civil
Engineering

174,643

183,5128,869

244,900

1,202

74.9%

Machinery

25,053

29,633

4,580

39,400

2,059

75.2%

InfrastructureManagement

18,732

12,574(6,158)18,400(4,106)

68.3%

Others27,161

29,7992,638

36,600(1,998)81.4%

66,606

81,834

15,228109,300

11,175

13.4%

14.6%

1.1%

14.3%

0.5%

12,991

12,518(473)

22,600(1,125)

9.2%

7.0%

(2.2) %

8.7%

(2.3) %

21,13635,882

14,74540,80012,254

19.4%

28.3%

8.9%

24.9%

6.1%

15,461

22,7677,305

30,300

6,192

8.9%

12.4%

3.6%

12.4%

2.5%

5,358

6,434

1,075

8,600

841

21.4%

21.7%

0.3%

21.8%

1.1%

9,060

1,643

(7,417)3,000(7,090)

48.4%

13.1%

(35.3) %16.3%(28.5) %

2,596

2,588

(8)

4,000

102

9.6%

8.7%

(0.9) %

10.9%

0.8%

Selling, general andadministrative expenses

41,75147,536

5,784

68,00010,371

69.9%

Operating profit

24,85534,2989,443

41,300804

83.0%

Ordinary profit

25,93535,804

9,868

42,500731

84.2%

27,500(8,370)87.8%

Gross profit
Building
Construction
Civil Engineering
Road Civil
Engineering
Machinery
InfrastructureManagement
OthersProfit attributable to owners
23,47524,149674
of parent(Note) Percentages in the lower row of gross profit indicate profit margin.

19

74.9%

55.4%

87.9%

75.1%

74.8%

54.8%

64.7%

(Reference) Maeda Corporation: Supplementary Information
1) Summary of non-consolidated financial results forecast(Millions of yen)
Nine months ended December 31, 2023

Fiscal year ending March 31, 2024

Results for theprevious period

Results for thecurrent period

258,189306,720

48,530423,900

48,02472.4%

Construction Total

249,783

305,496

55,712

422,100

55,304

72.4%

Building
Construction
Civil
Engineering
InfrastructureManagement

141,678

179,336

37,658258,300

42,921

69.4%

108,105

126,159

18,054

163,800

12,382

77.0%

6,985

10

(6,975)100(7,124)

10.3%

1,420

1,213

(206)

1,700

(155)

71.4%

40,55048,7998,249

63,900

4,988

15.7%

15.9%

0.2%

15.1%

(0.6) %

32,87648,302

15,42663,09012,265

13.2%

15.8%

2.7%

14.9%

1.1%

12,366

12,299(67)

22,290

(619)

8.7%

6.9%

(1.9) %

8.6%

(2.0) %

20,50936,002

15,49340,80012,885

19.0%

28.5%

9.6%

24.9%

6.5%

6,979

2

(6,976)100(7,085)

99.9%

28.9%

(71.0) %100.0%

0.5%

694

494

(200)

710

(190)

48.9%

40.7%

(8.2) %

41.8%

(6.8) %

Selling, general and administrative
expenses

21,153

24,5853,431

33,800

4,798

72.7%

Operating profit

19,39624,214

4,817

30,100189

80.4%

Ordinary profit

21,722

26,2904,568

32,000

(273)

82.2%

Profit21,961

19,321(2,639)24,620(5,586)78.5%

Net sales

Real Estate
Gross profit

Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate

Progress

Full-year forecast
YoY change

YoY change(Note) Percentages in the lower row of gross profit indicate profit margin.
2) Non-consolidated forecast of orders received(Millions of yen)
Fiscal year ending

Nine months ended

March 31, 2024
Full-year forecast

December 31, 2023

YoY change

Results for thecurrent period

Progress

Building Construction

280,000

7.5%

217,143

77.6%

Civil Engineering

163,000

53.1%

82,697

50.7%

Total

443,000

20.7%

299,840

67.7%

20

76.4%

76.6%

55.2%

88.2%

3.0%

69.6%