Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
March 14, 2024
Company name:NIPPON CONCRETE INDUSTRIES CO., LTD.
Stock exchange listing: Tokyo
Code number:
5269
URL:
https://www.ncic.co.jp/
Representative:
TSUKAMOTO Hiroshi,
Contact:
SUGITA Yoshihiko,
Phone:
Scheduled date of filing quarterly securities report:
Scheduled date of commencing dividend payments:
Availability of supplementary briefing material on quarterly financial results:
Schedule of quarterly financial results briefing session:

Representative Director and President
Director and Executive Officer+81-3-3452-1025
March 14, 2024
No
No

(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended
December 31, 2023
40,306
5.8
1,844
700.9
2,142
309.7
938
38,0939.4
230(78.3)
522(64.0)(71)
December 31, 2022
(Note) Comprehensive income:Nine months ended December 31, 2023:¥
2,125 million [-%]Nine months ended December 31, 2022:¥(255) million [-%]Basic earnings
per share
Nine months ended
December 31, 2023
December 31, 2022

Diluted earnings per
share
Yen

Yen

17.28
(1.32)-(2) Consolidated Financial Position
Total assets
Millions of yen
As of79,802
December 31, 2023
March 31, 2023
77,063(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

39,42937,65836,547 million
34,949 million

%

45.8
45.4

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

0.00

-

0.00

0.00

Fiscal year ending March 31, 2024

-

6.50

6.50

13.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending March 31, 2024 :Commemorative dividend- yenSpecial dividend
- yen

Total

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

55,0003.8
1,900
Full year(Note) Revision to the financial results forecast announced most recently:

2,300
No

% Millions of yen

%

Yen

-

-

22.10

1,200

* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
No
New(Company name:
Exclusion:(Company name:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2023:
57,777,432 shares
March 31, 2023:
57,777,432 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
3,480,172 shares
March 31, 2023:
3,483,945 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
Nine months ended December 31, 2022:

54,295,636 shares
54,434,682 shares* Quarterly financial results are not required to be subjected to quarterly reviews.
* Explanation for appropriate use of financial forecasts and other special notes.
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions to the company. Actual results may differ from these forecasts by a variety of reasons.

Table of contents

1. Qualitative Information on Quarterly Financial Results for the Period under Review ····························· 2(1) Explanation of Business Results ························································································ 2(2) Explanation of Financial Position ······················································································ 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ·········· 4
2. Quarterly Consolidated Financial Statements and Primary Notes ···················································· 5(1) Quarterly Consolidated Balance Sheets ··············································································· 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ····································· 7(3) Notes to Quarterly Consolidated Financial Statements······························································ 9(Notes on Going Concern Assumption) ················································································ 9(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity) ···························· 9(Changes in Accounting Policies) ····················································································· 10(Additional Information) ································································································· 10(Segment Information, etc.) ····························································································· 11(Matters Related to Revenue Recognition) ············································································ 12(Significant Events after Reporting Period) ··········································································· 12
3. Other ··························································································································· 12
Significant Events Relating to Going Concern Assumption, etc. ····················································· 12

11. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Business Results
In the nine months ended December 31, 2023, although the economic environment saw progress in thenormalization of economic activity, and the economy showed signs of gradual recovery, the outlook remained
uncertain due to an unstable international environment, depreciation of the yen, and an increase in raw material
and logistics expenses.
Regarding the business environment in which the Group operates, while attention was drawn to the Group’s
products, construction, and supply systems, which enable rapid recovery from disasters, expectations also
remained high for precast concrete products and construction technology that contribute to disaster prevention
and mitigation, maintenance of social infrastructure, the shortening of construction periods and labor saving, as
well as for the Company-developed technology for carbon capture and CCUS (carbon dioxide capture, utilizationand storage) products, and low-carbon type concrete products.
In these circumstances, due to the recording of losses and non-payment of dividends in the previous fiscal year,
the Group formulated a business improvement plan (announced on May 19, 2023) to realize a quick recovery inbusiness performance and resume dividends. The Group has been steadily implementing various initiatives suchas cost reductions, increase in construction profitability, and the penetration of fair prices.
As a result, the Group’s net sales for the period under review were 40,306 million yen (up 5.8% year-on-year),
operating profit was 1,844 million yen (up 700.9% year-on-year), ordinary profit was 2,142 million yen (up309.7% year-on-year), and profit attributable to owners of parent was 938 million yen (loss attributable to ownersof parent of 71 million yen in the same period of the previous fiscal year).
Regarding the damage from ransomware infection which occurred on May 5, 2023, direct impact of the damage
on our production and sales was minimal as we made efforts to maintain and recover business activities. However,
we sincerely apologize to our shareholders and investors for the concern and inconvenience caused by a delay inthe announcement of the financial results for the nine months ended December 31, 2023.
We are currently working to eliminate delays and aiming to announce the financial results for the fiscal year
ending March 31, 2024 on May 15, 2024, within the deadline for the disclosure of the financial results.
An overview of each business for the period under review is as follows.
1) Foundation Business
The demand for concrete piles across Japan during the nine months ended December 31, 2023 decreased froma year earlier, and the Group’s shipment volume was lower than estimated. Nevertheless, as a result of theCompany’s efforts for the penetration of fair prices, net sales slightly decreased to 19,468 million yen (down
3.7% year-on-year).
Segment income was 863 million yen (up 123.6% year-on-year) as the Company also worked to increase
construction profitability despite plant utilization rates that were slightly lower than the Company’s estimation.
2) Concrete Secondary Product Business2

In the Pole-related Business, which is part of the Concrete Secondary Product Business, concrete pole
shipments throughout Japan remained roughly at the same level from a year earlier. In this environment, theGroup’s shipment volume increased due to a share expansion, and also negotiations were conducted with largevolume customers to review selling prices. As a result, net sales amounted to 11,887 million yen (up 17.3% yearon-year).
In the Civil Engineering Product Business, production and inspection of RC segments intended for the Linear
Chuo Shinkansen remained brisk. In addition, shipments and construction of precast products such as precast
concrete walls and “Oyagui-panel” soldier pile panel progressed smoothly. As a result, net sales were 8,722
million yen (up 15.8% year-on-year).
As a result, net sales in the Concrete Secondary Product Business amounted to 20,610 million yen (up 16.7%
year-on-year).
Segment income was 2,047 million yen (up 112.6% year-on-year) due to successful penetration of fair prices
in the same way as the Foundation Business.
3) Real Estate and Solar Power Generation Business
The Company reported steady rental income, and generated and sold electricity for net sales that amounted to
227 million yen (up 5.6% year-on-year) and segment income was 139 million yen (up 3.8% year-on-year).
While we are currently making every effort to certainly achieve the targets in the business improvement plan,
we are also considering the new Medium-Term Management Plan (scheduled to be formulated and announced
in May 2024). In this plan, the Company will reformulate and present its approach, including its growth strategy,
by also incorporating a policy of taking action to achieve management that is conscious of capital cost and stock
prices in addition to human capital and sustainability, etc.
Looking ahead, the Group will continue to play a role in strengthening social infrastructure and contribute tosociety through offering technology and products to reduce environmental loads. In addition, we will becommitted to utilizing the Group’s synergy effect and realizing further growth, and by intensifying our efforts on
corporate governance and sustainability, we are aiming to realize sustainable growth and enhance our corporate
value to meet the expectations of our stakeholders.
(2) Explanation of Financial Position
The Group’s financial policies are to reduce total assets so as to improve ROA through measures such as earlycollection of accounts receivable, optimization of product inventories, and efficient capital investment strategies;
and to reduce interest-bearing debts by improving the efficiency of the Group’s funds and assets.
Total assets at the end of the third quarter of the fiscal year under review were 79,802 million yen, up 2,739
million yen from the end of the previous fiscal year.
Current assets were 35,657 million yen, up 1,098 million yen from the end of the previous fiscal year, and noncurrent assets were 44,145 million yen, up 1,641 million yen from the end of the previous fiscal year.
The increase in current assets was mainly due to an increase in cash and deposits, and the increase in noncurrent assets was mainly due to an increase in investment securities.

3

Total liabilities were 40,373 million yen, up 969 million yen from the end of the previous fiscal year.
Current liabilities were 25,717 million yen, up 250 million yen from the end of the previous fiscal year, andnon-current liabilities were 14,656 million yen, up 718 million yen from the end of the previous fiscal year.
The increase in current liabilities was mainly due to an increase in income taxes payable, and the increase in
non-current liabilities was mainly due to an increase in long-term borrowings.
Total net assets were 39,429 million yen, up 1,770 million yen from the end of the previous fiscal year.
It was mainly due to increases in valuation difference on available-for-sale securities and retained earnings.
As a result of the above, the equity ratio came to 45.8%, up from 45.4% at the end of the previous consolidated
fiscal year.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
There is no change in the consolidated financial results forecast for the fiscal year ending March 31, 2024
announced on January 11, 2024.

4

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of December 31, 2023

7,136,254

9,689,505

13,835,737

10,446,846

2,851,162

3,523,605

6,662,602
616,733
1,851,977
548,749
1,080,338(24,300)
34,559,255

7,786,994
718,078
2,188,214
357,105
951,992(4,800)35,657,542

17,237,062
9,215,411
26,452,474
596,533

17,237,062
9,093,440
26,330,503
861,069

12,235,905
3,356,033(136,987)
15,454,951
42,503,959
77,063,214

13,848,579
3,233,303(128,015)
16,953,867
44,145,440
79,802,983

(Thousands of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
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

6

As of December 31, 2023

5,345,374
10,094,953
4,049,600
2,121,682
308,412605,124
2,941,088
25,466,236

5,262,952
9,033,163
4,189,300
2,347,536
727,901
390,7763,765,484
25,717,114

140,000
6,697,588
1,242,252
5,858,211
13,938,051
39,404,287

120,000
6,885,428
1,280,325
6,370,943
14,656,696
40,373,811

5,111,583
3,857,548
18,493,031(1,010,996)
26,451,166

5,111,583
3,858,899
19,076,089(998,344)
27,048,228

3,452,402

4,468,615

5,312,368(178,438)(88,161)8,498,170
2,709,590
37,658,927
77,063,214

5,312,368(161,322)(120,371)
9,499,290
2,881,652
39,429,171
79,802,983

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Thousands of yen)
For the nine months
ended December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss on claims
Loss from suspension of plantoperations assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
System failure response costs
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

7

For the nine months
ended December 31, 2023

38,093,198
32,906,235
5,186,963
4,956,691
230,272

40,306,601
33,324,870
6,981,730
5,137,458
1,844,272

4,021
186,000

5,438
197,876

111,426

169,551

188,998
490,447

105,803
478,669

45,77180,00014,95657,036
197,765
522,954

50,78013,964
38,21977,641
180,605
2,142,336

18,315
18,31526,304
93,732120,036

29,48629,486
511,784
333,272
118,879
452,151
59,632
131,352(71,720)

30,89042,55073,4402,188,931
949,709
127,799
1,077,509
1,111,422
173,083
938,338

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Thousands of yen)
For the nine months
ended December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

8

For the nine months
ended December 31, 2023

59,632

1,111,422(210,636)(41,190)(58,631)1,018,808
19,597(30,025)(4,536)

5,973(314,994)(255,362)

1,014,353
2,125,776(382,524)

1,939,458

127,161

186,317

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity)
For the nine months ended December 31, 2022
1. Dividends paid
Resolution

Type ofsharesTotal amount ofdividends paid
(Thousand yen)

Dividend
per share(yen)

May 30, 2022
Board of Directors’Meeting

Commonshares

250,588

4.50

Record date

Effective date

Source ofdividends

March 31, 2022

June 14, 2022

Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on May 30,
2022 includes dividend of 627 thousand yen for the Board Incentive Plan Trust (BIP) and dividend of 496
thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the nine months ended December 31, 2022 but with an effective date after the endof the period
There is no relevant information.
3. Significant changes in shareholders’ equity
There is no relevant information.
For the nine months ended December 31, 2023
1. Dividends paid
Resolution

Type ofsharesTotal amount ofdividends paid
(Thousand yen)

November 30, 2023
Board of Directors’Meeting

Commonshares355,280

Dividend
per share(yen)

Record date

Effective date

6.50 September 30, 2023 December 29, 2023

Source ofdividends
Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on
November 30, 2023 includes dividend of 873 thousand yen for the Board Incentive Plan Trust (BIP) anddividend of 692 thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the nine months ended December 31, 2023 but with an effective date after the endof the period
There is no relevant information.
3. Significant changes in shareholders’ equity
There is no relevant information.

9

(Changes in Accounting Policies)(Application of Practical Solution on the Accounting for and Disclosure of the issuance and holding ofElectronically Recorded Transferable Rights That Must Be Indicated on Securities, etc.)
Effective from the beginning of the first quarter of the fiscal year under review, the Company has applied the“Practical Solution on the Accounting for and Disclosure of the issuance and holding of Electronically Recorded
Transferable Rights That Must Be Indicated on Securities, etc.” (ASBJ PITF No.43, August 26, 2022).
There has been no impact on quarterly consolidated financial statements.
(Additional Information)(A transaction in which the Company’s shares are delivered to its employees, etc. through a trust)(1) Summary of the transaction
As for the Board Incentive Plan Trust (hereinafter referred to as the “BIP Trust”) and the Stock Granting
Trust (J-ESOP) (hereinafter referred to as the “J-ESOP Trust”) introduced in August 2015, the Company
resolved at the Board of Directors’ Meeting held on August 11, 2021 to continue the BIP Trust and the JESOP Trust for a new three-year period (from the fiscal year ended March 31, 2022 to the fiscal year ending
March 31, 2024) and reintroduced them by entering into an agreement to extend their terms, for the purposeof increasing motivation to improve the Company’s medium- to long-term performance and raisingawareness toward the contribution to an increase in shareholder value.
(2) The Company’s shares remaining in the trust
The Company’s shares remaining in the trust are recorded as treasury shares in net assets at their bookvalue (excluding incidental expenses) in the trust. The book value and the number of shares of the treasury
shares at the end of the third quarter of the fiscal year under review are 42,973 thousand yen and 134,359
shares for the BIP Trust, and 34,730 thousand yen and 106,597 shares for the J-ESOP Trust.

10

(Segment Information, etc.)[Segment Information]
I. For the nine months ended December 31, 2022
1. Information on net sales and income by reportable segment(Thousand yen)
Reportable segment

Amounts recordedin the quarterly
Adjustment
consolidated(Note 1)statements ofincome (Note 2)

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

20,213,958

17,663,571

215,668

38,093,198–

38,093,198

1,516

–

–

1,516

(1,516)–

Total

20,215,474

17,663,571

215,668

38,094,714(1,516)38,093,198

Segment income

386,279

962,984

134,531

1,483,796(1,253,523)

230,272

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Note) The adjustments are as follows:
1. The adjustment for segment income includes corporate expenses. Corporate expenses mainly include
general and administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets and goodwill by reportable segment
There is no relevant information.
II. For the nine months ended December 31, 2023
1. Information on net sales and income by reportable segment(Thousand yen)
Reportable segment

Amounts recordedin the quarterly
Adjustment
consolidated(Note 1)statements ofincome (Note 2)

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

19,468,578

20,610,250

227,771

40,306,601–

40,306,601

873

–

–

873

(873)

–

Total

19,469,452

20,610,250

227,771

40,307,475(873)

40,306,601

Segment income

863,752

2,047,276

139,601

3,050,629(1,206,357)

1,844,272

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Note) The adjustments are as follows:
1. The adjustment for segment income mainly includes corporate expenses. Corporate expenses mainly
include general and administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.

11

2. Information on impairment losses of non-current assets and goodwill by reportable segment
There is no relevant information.
(Matters Related to Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
For the nine months ended December 31, 2022
(Thousand yen)

3,895,745

Concrete
Secondary ProductBusiness
15,560,467

16,304,454

Foundation
Business
Product sales
Construction contract
sales
Other sales
Revenue from contracts
with customers
Other revenue (Note)
Net sales to outside
customers

Real Estate andSolar Power
Generation Business

Total
–

19,456,213

2,096,872–

18,401,326

7,749

6,231

39,82553,807

20,207,949

17,663,571

39,82537,911,347

6,008

–

175,842

181,851

20,213,958

17,663,571

215,668

38,093,198(Note) Other revenue includes revenue from real estate leasing.

For the nine months ended December 31, 2023
(Thousand yen)

2,267,542

Concrete
Secondary ProductBusiness
17,427,095

17,188,745

Foundation
Business
Product sales
Construction contract
sales
Other sales
Revenue from contracts
with customers
Other revenue (Note)
Net sales to outside
customers

Real Estate andSolar Power
Generation Business

Total
–

19,694,638

3,180,896–

20,369,641

9,786

2,258

45,03657,081

19,466,074

20,610,250

45,03640,121,362

2,504

–

182,735

185,239

19,468,578

20,610,250

227,771

40,306,601(Note) Other revenue includes revenue from real estate leasing.

(Significant Events after Reporting Period)
There is no relevant information.
3. OtherSignificant Events Relating to Going Concern Assumption, etc.
There is no relevant information.

12