Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

February 14, 2024
Company name:Name of representative:

Inquiries:

MITSUI E&S Co., Ltd.
Takeyuki Takahashi, President,
Representative Director, and CEO(Securities code: 7003, TSE Prime Market)
Kazuo Hayashi, General Manager ofAccounting Dept.
(TEL: +81-3-3544-3210)

Notice Concerning Revisions to Full-Year Consolidated Financial Results Forecasts
for the Fiscal Year Ending March 31, 2024

MITSUI E&S Co., Ltd. (the “Company”) hereby announces that it has revised its consolidated financial results forecasts for thefiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024), announced on December 22, 2023, as described
below.
1.

Revisions to Consolidated Financial Results Forecasts
Forecasts for consolidated financial results for FY2023 (From April 1, 2023 to March 31, 2024)
Net sales

Operating income Ordinary income

Profit attributable toowners of parent

Earnings pershare

Millions of yen

Millions of yen

Millions of yenMillions of yen

Yen

Previous forecasts (A)280,000

12,000

9,000

8,000

80.56

Revised forecasts (B)300,000

17,00016,00017,000174.60Change (B-A)

20,000

5,000

7,000

9,000

7.1

41.7

77.8

112.5

262,301

9,376

12,532

15,554

Change ratio (%)(Reference)
Actual results for FY2022

177.47Note 1: Above forecasts are based on information currently available to the Company and certain assumptions that the Company considers
reasonable. Actual results may differ from the above figures due to various factors in the future.

2.

Reasons for Revisions

For the forecasts for consolidated financial results for the fiscal year ending March 31, 2024, the Company expects higher net
sales than previously expected in New Business Development, where a subsidiary is marking good performance in the area ofconstruction equipment engines, and in Peripheral Businesses, where large works show favorable progresses.
The actual results for the current year-to-date period show steady progress, including the reversal of provision for losses onoverseas civil engineering construction projects which are being completed. Besides, favorable variances are forecasted fromprior service costs accompanying the extension of retirement age. Mainly in light of the said factors, operating income wasrevised upward.
In addition, the Company forecasts better profit attributable to owners of parent, reflecting the higher other operating income andextraordinary income mainly due to the increase in share of profit of entities accounted for using equity method and gain on
sales of subsidiaries and affiliates’ stocks.
For these factors, the Company has revised its previous forecasts announced on December 22, 2023.

(Reference)
Forecasts for consolidated financial results by segment for FY2023 (From April 1, 2023 to March 31, 2024)(Millions of yen)Previous forecasts

Revised forecasts

OperatingincomeNet sales

ChangeOperatingincomeNet sales

OperatingincomeNet sales

New BusinessDevelopment

30,0003,000

40,0004,000

10,0001,000

Marine Propulsion
Systems

130,000

5,000

130,000

6,000-

1,000

Logistics Systems

50,0002,000

50,0003,000-

1,000

Peripheral Businesses

60,0002,000

70,0002,000

10,000-Ocean Development------

Others

10,0000

10,0002,000-

2,000

Total

280,000

12,000300,000

17,00020,0005,000

Notes 1: Ocean Development consists of affiliates accounted for using equity method, and it does not affect net sales and operating income.
2: Shares of profit of entities accounted for using equity method for FY2023 is expected to be approximately 6.0 billion yen in Ocean
Development.
3: Above forecasts are based on information currently available to the Company and certain assumptions that the Company considers
reasonable. Actual results may differ from the above figures due to various factors in the future.