Reference Materials of Financial Results
for the Three Months Ended June 30, 2024

August 8, 2024

Corporate Information
Mission of the Taiheiyo Cement Group
Onoda
CementCo., Ltd.
1881

Our mission is to contribute to social infrastructuredevelopment by providing solutions that areenvironmentally efficient, enhance our competitive
position and bring value to our stakeholders.

Chichibu
Onoda
CementCorporation

Chichibu
CementCo., Ltd.
1923

Asano
CementCo., Ltd.
1883

1994

Nihon
CementCo., Ltd.
1947

1998

EstablishedMay 3, 1881

Capital86,174 million yen

BUNKYO GARDEN GATE TOWER, 1-1-1, Koishikawa,
Headquarters Bunkyo-ku,
Tokyo 112-8503, Japan
Number ofemployees

Consolidated: 12,540
Non-consolidated: 1,821 (not including seconded staff)

Subsidiaries

200 (including 129 consolidated subsidiaries
and 4 equity-method subsidiaries)

Affiliates

103 (including 38 equity-method affiliates)（ as of March 31, 2024 ）2024©TAIHEIYO CEMENT

2Market Area
◆ Cement plant◇ Clinker grinding plant
Redding◆

Mojave◆◆Oro Grande◆Rillito●TAIHEIYO CEMENTHEADQUARTERSJapan◆Nghi Son

Net sales◆Cebu

Clinker
production capacity◇Lae

Asia-Pacific
Net sales
72,736million yen
Clinker
production capacity 4,440thousand tonnes

United States
Net sales
279,001million yen
Clinker
production capacity 5,280thousand tonnes

534,537million yen
17,642thousand tonnes［Cement Plants］❶ Kamiiso Plant❷ Ofunato Plant❸ Kumagaya plant❹ Saitama Plant❺ Fujiwara Plant❻ Oita Plant

❽

❾❺❻

❶
❷

❸
❹❼

［Group Production Plants］❼ DC Co., Ltd.
❽ Myojo Cement Co., Ltd.
❾ Tsuruga Cement Co., Ltd.
（as of March 31, 2024）
2024©TAIHEIYO CEMENT

3

Contents
1．Highlights of Consolidated P.5
Financial Results
2．Financial Results for theFiscal 2025 1Q

P.8(1)Consolidated Segment Information

P.9(2)Consolidated Statements of Income

P.13(3)Consolidated Balance Sheets

P.14

3．Forecast for the Fiscal
2025

P.15

(1)Consolidated Statements of Income

P.16(2)Consolidated Segment Information

P.17

4．Shareholder Returns

P.18

AppendixP.20

2024©TAIHEIYO CEMENT

4

1． Highlights of Consolidated Financial Results2024©TAIHEIYO CEMENT

51．Highlights of Consolidated Financial Results《Summary of Financial Results》➢ Operating profit increased due to sales price hikes and cost improvement in domestic cement.
➢ Sales and profit increased due to sales price hikes at U.S. subsidiaries, etc.
➢ Company-wide sales and profit increased.
(Million yen）

FY2024 1Q

FY2025 1Q

Change193,535

208,852+15,318

Operating profit

1,863

11,048+9,185

Ordinary profit

2,976

11,761+8,785366

13,528+13,163

Net sales

Profit attributable to owners of parent※ Operating profit impact due to change in depreciation method (declining-balance method → straight-line method):1,270 million yen(Amounts less than 1 million yen have been rounded to the nearest million yen from the first quarter ofthe current fiscal year, including figures for previous fiscal years.)

2024©TAIHEIYO CEMENT

61．Highlights of Consolidated Financial Results《Main Indicators》
FY2024 1Q

FY2025 1Q

ChangeOperating profit to net sales ratio (%)

1.0

5.3+4.3

Basic earnings per share (Yen)

3.1

117.0+113.9

As of Mar.

As of Jun.

31, 2024

30, 2024

ChangeNet assets per share (Yen)4,872.9

5,134.4+261.5

Capital adequacy ratio (%)

42.1

43.2+1.1

Net debt/equity ratio (Times)

0.52

0.49(0.02)《Environmental Factors》
FY2024 1Q
Average exchange rate (Yen/US$)
Average procurement price of imported coal, etc.
for domestic (C&F $/t)

FY2025 1Q

Change

132.4

148.6

+16.1

235

155(80)2024©TAIHEIYO CEMENT

72．Financial Results for the Fiscal 2025 1Q

2024©TAIHEIYO CEMENT

82．Financial Results for the Fiscal 2025 1Q(1) Consolidated Segment Information(Million yen)

Operating profit

Net sales
ChangeFY2024 1Q

FY2025 1Q

ChangeFY2024 1Q

FY2025 1Q

Domestic

69,34473,306+3,962(4,721)

1,597+6,317

Overseas Subsidiaries, etc.

66,17877,351+11,173

2,231

5,388

+3,157

Total

135,522150,657+15,135(2,490)6,985+9,474

Mineral Resources Business

21,60622,002+396

1,994

2,419+426

Environmental Business

15,225

15,733

+507

1,207

1,328+121

Construction Materials Business

16,13915,616(523)

567

185

(382)

Other

20,145

19,302

(842)

735

758

+23

Total

208,636

223,309+14,672

2,013

11,675+9,662Elimination(15,102)(14,457)+645(150)

(627)

(477)

Consolidated Total193,535

208,852+15,318

1,863

11,048+9,185

Cement Business※ Operating profit impact due to change in depreciation method (declining-balance method → straight-line method)
Domestic Cement: 782 million yen, Mineral Resources: 169 million yen, Environmental: 38 million yen, Construction Materials: 67 million yen, Other: 233 million yen

2024©TAIHEIYO CEMENT

92．Financial Results for the Fiscal 2025 1Q①The Domestic Cement Business
FY2024 1Q

FY2025 1Q

Sales volume (Thousand t)➢ Decrease in sales volume of cement and soil
stabilizers due to decrease in domestic demand.
(134) ➢ Operating profits increased due to sales price hikes+169
of cement and soil stabilizers, and cost improvement.

Change3,198
610

3,063779

Net sales (Million yen)

69,34473,306+3,962

Operating profit (Million yen)

(4,721)

1,597+6,317

Domestic
ExportNet Sales (Hundred million yen)

Operating Profit (Hundred million yen)2024©TAIHEIYO CEMENT

102．Financial Results for the Fiscal 2025 1Q②Overseas Subsidiaries, etc.
FY2024 1Q

FY2025 1Q

Net sales (Million yen)

66,17877,351

Operating profit (Million yen)

2,231

5,388

Changein exchange+11,173+8,170➢ Sales and profit increased at Overseas Subsidiaries, etc.
➢ Sales and profit increased in the U.S.
➢ Continue efforts to improve profitability in Southeast
Asia.

+3,157+629《U.S.A.》FY2024 1Q

FY2025 1Q

Cement (Thousand t)

1,399

1,357(42)Ready-mixed concrete (Thousand cy)

1,367
662+93(Hundred million yen)

1,274541(Million $)408445(Hundred million yen)

3763+37+26(Million $)28

42+15Net sales
Operating profit

Change➢ Sales and profit increased due to sales pricehikes ,etc. ,despite the same impact of bad weather
as last year.

+1212024©TAIHEIYO CEMENT

112．Financial Results for the Fiscal 2025 1Q③Mineral Resources, Environmental, Construction Materials and Other Business(Million yen)

MineralResources
Business
Environmental
Business
Construction
Materials
Business

FY2024 1Q

FY2025 1Q

Net sales

21,60622,002+396

Operating profit

1,994

2,419+426

Net sales

15,225

15,733+507

Operating profit

1,207

1,328+121

Net sales

16,13915,616(523)567

185(382)

20,145

19,302(842)735758+23

Operating profit
Net sales

ChangeMain Factors of Changes in Net Sales and Operating Profit(Net Change)

While sales volume of aggregate and limestone for cement decreased,various cost increases were passed on to sales prices.

Although processing of waste plastics and sales of gypsum were sluggish,processing of coal ash remained strong.
Sales of construction, civil engineering materials, and Shield tunnels
construction related business remained strong, but sales of ground
improvement projects and ALC (Autoclaved Lightweight Concrete)
remained weak.

Other
Operating profit2024©TAIHEIYO CEMENT

122．Financial Results for the Fiscal 2025 1Q(２)Consolidated Statements of Income(Million yen)

Net sales
Operating profit
Non-operating income and expenses
Ordinary profit
Extraordinary income and losses
Profit before income taxes
Income taxes
Profit attributable to non-controlling interests
Profit attributable to owners of parent

ChangeFY2025 1Q

FY2024 1Q
193,535

208,852+15,318

1,863

11,048+9,185

1,114713(400)

2,976

11,761+8,785(708)5,940+6,6482,268

17,701+15,433

1,710

3,964+2,254

193

208+1636613,528+13,163

2024©TAIHEIYO CEMENT

13

2．Financial Results for the Fiscal 2025 1Q(３)Consolidated Balance Sheets
30, 2024
86,564+6,462

206,584

204,550(2,035)Inventories

123,178

132,386+9,208

Other

20,42521,282+857

Total current assets

430,289444,781+14,492

Total property, plant and equipment

653,910

672,737+18,826

Total intangible assets

39,08439,756+672

Total investments and other assets

214,968

216,552+1,584

Notes and accounts receivable trade, and contract assets

Total non-current assets
Total assets

Exchange rate at end of period (Yen/US$)

907,962929,044+21,082

1,338,251

1,373,826+35,575

As of Dec.

As of Mar.

31, 2023

31, 2024

141.8

151.4

As of Jun.

31, 2024

30, 2024

Change368,104

373,147+5,044Non-current liabilities

373,763

373,092(671)

741,866

746,240+4,373

Share capital

86,174

86,174ーCapital surplus

50,05250,078+27

Retained earnings

379,126

377,967(1,159)Treasury shares(17,942)(7,164)+10,778

497,409507,055+9,646

Accumulated other comprehensive income

65,80286,366+20,564

Non-controlling interests

33,174

34,165+991

596,385

627,586+31,201

1,338,251

1,373,826+35,575

Total liabilities

Total shareholders' equity

Total net assets
Total liabilities and net assets

Change+9.6

As of Mar.
Current liabilities

Shareholders' equity

31, 2024

ChangeLiabilities

As of Jun.

Net assets

Current assets

As of Mar.
80,102

Cash and deposits

Non-current assets(Million yen)Interest-bearing debt (Million yen)

As of Mar.

As of Jun.

31, 2024

30, 2024

370,469

378,127

Change+7,657

2024©TAIHEIYO CEMENT

14

3．Forecast for the Fiscal 2025
(Unchanged from published forecast on May 14, 2024)

2024©TAIHEIYO CEMENT

15

3．Forecast for the Fiscal 2025

(Unchanged from published forecast on May 14, 2024)(１) Consolidated Statements of Income(Hundred million yen)

FY2024(Actual)
Net sales
Operating profit
Non-operating income and expenses
Ordinary profit
Extraordinary income and losses
Profit before income taxes
Income taxes
Profit attributable to non-controlling interests
Profit attributable to owners of parent（Expected exchange rate 145.0yen/＄）FY2025(Forcast)

Change8,863

9,600+737565

840+275

30(5)

(35)

595

835+240(14)

(5)

+9580

830

+250

144

190+46420+16433

620+187※ Decrease in depreciation expenses due to change in depreciation method(declining-balance method → straight-line method):79 hundred million yen

2024©TAIHEIYO CEMENT

16

3．Forecast for the Fiscal 2025

(Unchanged from published forecast on May 14, 2024)(２) Consolidated Segment Information(Hundred million yen)

Operating profit

Net sales
FY2024(Actual)

FY2025(Forcast)

ChangeFY2025(Forcast)

FY2024(Actual)ChangeDomestic

2,952

3,140+188(14)150+164

Overseas Subsidiaries, etc.

3,347

3,660+313

342

425+83

Total

6,299

6,800+501

328

575+247

Mineral Resources Business

877

960+8385

100+15

Environmental Business

683

750+676161(0)Construction Materials Business

735

810+754250+8Other894

950+564755+8

Total

9,487

10,270+783

563

841+278

Elimination

(624)

(670)

(46)

2(1)

(3)

Consolidated Total

8,863

9,600+737

565

840+275

Cement Business※Decrease in depreciation expenses due to change in depreciation method (declining-balance method → straight-line method)
Domestic Cement: 50 hundred million yen, Mineral Resources: 12 hundred million yen, Environmental: 3 hundred million yen,Construction Materials: 4 hundred million yen, Other: 10 hundred million yen
2024©TAIHEIYO CEMENT

17

4．Shareholder Returns

2024©TAIHEIYO CEMENT

18

4. Shareholder Returns➢ In fiscal 2023, 70 yen/share (including interim dividends of 35 yen/share) were paid.
➢ In fiscal 2024, we plan to increase by 10 yen to 80 yen/share (including interim dividends of 40 yen/share) .

《Shareholder Return Policy》

Total return ratio: 33% or more
Maintaining steady dividends:Dividend per share of 80 yen or more
Agile acquisition of treasury shares2024©TAIHEIYO CEMENT

19

Appendix

2024©TAIHEIYO CEMENT

20

《Appendix》Domestic cement demand・Cement exports・Amount of waste, etc. utilized
Domestic cement demand・Cement exports・Amount of waste, etc. utilized (Ten thousand t)

5,757

5,909 5,899

5,551
5,009

4,771
4,273 4,161 4,265

2,878 2,959

1,037 1,027

FY05

FY06

3,089 3,072959

FY072,9472,629 2,600 2,707

1,002 1,067 1,105

FY08

FY09

FY10997

FY111,001

FY124,4582,852963

FY13

Domestic
cement demand

4,555
4,267 4,178 4,188 4,259
4,097

3,027 2,921
2,805 2,800 2,833 2,858 2,742

850

FY14942

FY15

Cementexports

3,867 3,788
3,728

2,616 2,629

1,181
1,058 1,153
1,037 1,053 1,111 1,148

FY16

FY17

FY18

FY19FY20

FY21

FY222,488814

FY233,4582,258686

FY24Amount of waste, etc.
utilized

Data created from statistical data of the Japan Cement Association
2024©TAIHEIYO CEMENT

21

2．Financial Results for the Fiscal 2025 1Q Consolidated Statements of Cash Flows
This document has been prepared as reference information.
(Million yen)

FY2024 1Q

FY2025 1Q

ChangeCash flows from operating activities*

13,085

19,120+6,034

Cash flows from investing activities(10,155)(15,958)(5,803)

Free cash flows

2,930

3,162+231

Cash flows from financing activities(4,126)

121+4,247*Depreciation and amortization included

15,907

14,392(1,514)2024©TAIHEIYO CEMENT

22

Forecast for the Fiscal 2025 2Q(Unchanged from published forecast on May 14, 2024)(1)Consolidated Statements of Income(Hundred million yen)

Net sales

FY2024 2Q

FY2025 2Q(Actual)(Forcast)

Change4,186

4,640+454

Operating profit

178

345+167

Ordinary profit

201

345+144

Profit attributable to owners of parent

136

265+129※Decrease in depreciation expenses due to change in depreciation method(declining-balance method → straight-line method): 33 hundred million yen

2024©TAIHEIYO CEMENT

23Forecast for the Fiscal 2025 2Q(Unchanged from published forecast on May 14, 2024)(2) Consolidated Segment Information(Hundred million yen)

Net sales
FY20242Q(Actual)

FY20252Q(Forcast)

Operating profit
ChangeFY20242Q(Actual)

FY20252Q(Forcast)

ChangeDomestic

1,442

1,570+128(61)42+103

Overseas Subsidiaries, etc.

1,542

1,770+228

139

200+61

Total

2,984

3,340+356

79242+163

Mineral Resources Business

429

470+414146+5

Environmental Business

325

360+353028(2)Construction Materials Business

342

370+281916(3)Other403

430+27913+4

Total

4,483

4,970+487

178

345+167

Elimination

(298)

(330)

(32)

(1)

(0)

+1

Consolidated Total

4,186

4,640+454

178

345+167

Cement Business※ Decrease in depreciation expenses due to change in depreciation method (declining-balance method → straight-line method)
Domestic Cement: 21 hundred million yen, Mineral Resources: 4 hundred million yen, Environmental: 1 hundred million yen,Construction Materials: 2 hundred million yen, Other: 5 hundred million yen
2024©TAIHEIYO CEMENT

24

Key Player in the Formation of a Circular Economy
The Taiheiyo Cement Group will continue to fulfill its role as a supplier of criticalmaterials for national resilience and as a key player in the formation of a circular
economy, while progressing with the steady transition to carbon neutrality.

Utilization of waste
and by-products• Coal ash• Blast furnace slag
• Various industrial waste• Construction soil
• Municipal waste• Incineration residues• Household water and sewage sludgeetc.

Key player inthe formation ofa circular economy

Currently, the amount of waste andby-products used in the cement
industry in Japan is equivalent toabout 10% of the total amount ofmaterials recycled in Japan.

Our group uses waste and byproducts generated in local
communities and otherindustries as raw materials andfuel to produce cement with arecycling rate of over 40%.

Uses in the developmentof social infrastructure
and the living environment• Roads• Railways• Ports and harbors• Bridges• Tunnels• Schools• Hospitals• Commercial buildings• Levees• Seawalls• Underground facilities
and more• Housing• DamsSupply criticalmaterials fornational resilience2024©TAIHEIYO CEMENT25

Carbon Neutrality Transition Plan
CO₂ emissions from cement manufacturing process are 60% raw material-derived and40% energy-derived.
By 2030,● Completion of maximized use of existing technologies to reduce CO₂ emissions derived from energy and raw materials● Completion of technological development of innovative technologies (CO₂ capture and CO₂ utilization)

Toward 2050, we will sequentially deploy innovative technologies to deliver carbon neutrality
throughout the entire supply chain.
Use of renewable energy,hydrogen, synthetic methane, etc.

Rawmaterial-derived● Expanded use of cement admixtures● Development of low-CO₂ cement

Popularization of blended cement andlow-CO₂ cement

Innovativetechnology● Establishment of CO₂ separation and recovery technology

Deployment of CO₂ separation and recovery technology
Popularization and use of CO₂ storage technology

Other than cement
production process● Optimization of the transportation by using EVs and quarry greening● Standardization of accounting for CO₂ uptake by concrete carbonation(recarbonation)

Deployment throughout the supply chain

Reduction of emissions intensity

20%

byor more throughout
the supply chain compared to 2000

Carbon neutrality● Energy saving● Expansion of alternative energy

Cement production
process

Energy-derived

2030

Interim Target

2024©TAIHEIYO CEMENT26External Evaluation
FTSE Blossom Japan
Sector Relative Index［Consecutive A- rating since 2018］

Morningstar Japan ex-REIT
Gender Diversity Tilt Index

Platinum “Kurumin”
certification（GenDi J）

MSCI Japan ESG SelectLeaders Index
S&P/JPX
Carbon Efficient Index
CDP［Selected as the “Supplier Engagement Leader”］［Scored A for climate change, B for water］

R&I［Acquired in August 2023］

Health & Productivity Management
Outstanding Organization［Acquired in 2023］

Human Capital Management Quality
2023［Silver］

DBJ Environmental Rating［The Highest Rating for the eight consecutive year］

JCR［Consecutive A rating since 2020］2024©TAIHEIYO CEMENT

27

List of major News Releases
Apr.3.2024

Commencement of Demonstration Runs of C2SP Kiln® for CO2-capture Technology in the Cement Production Process

May.9.2024

Price revision of cement and cement-based soil stabilizers

May.14.2024

Taiheiyo Cement Announces "26 Medium-Term Management Plan“May.14.2024

Notice Regarding Cancellation of Treasury Stock

Jun.19.2024

Notice of Termination of TOSA POWER Inc.

Jun.20.2024

Expansion of silos at the Stockton Terminal by CalPortland Company, U.S.A.

Jun.28.2024

CalPortland Company has entered into a patent license agreement with Solidia Technologies, Inc.

Jul.24.2024

Taiheiyo Cement Philippines, Inc. hosts inauguration ceremony for its new production line

Jul.24.2024

Development of Manufacturing Technology for Calcium Carbonate Concrete Blocks Made from Waste Concrete and CO2

Jul.30.2024

Applying concrete sludge to "CARBOCATCH®" technology, and verifying to build a low carbon pavement

Jul.31.2024

The 2024 Noto Peninsula Earthquake Now Receiving Disaster Waste (Wood Waste) for recycling

Aug.6.2024

Low-carbon Building Blocks (Splitton Blocks) Made of CARBOFIX® Cement Applied to Public Works for the First Time2024©TAIHEIYO CEMENT

28

Disclaimer

This document is a translation 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, theJapanese original shall prevail.
Forecasts and other forward-looking statements in this document are based on information available
to Taiheiyo Cement as of the date of the release of this document and on certain assumptions Taiheiyo

Cement deems reasonable, and therefore are subject to risks and uncertainties.
As such, Taiheiyo Cement does not offer any promise or guarantee that forecasts included in thisdocument will be realized in the future. Actual results may differ significantly due to a variety of factors.

2024©TAIHEIYO CEMENT29