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]
February 13, 2024
Company name: TODA CORPORATION
Stock exchange listing: Tokyo
Code number: 1860
URL: https://www.toda.co.jp/
Representative: Seisuke Otani
President and Representative Director
Contact:
Toshiyuki Kubodera
General Manager,Financial&IR Div.
Phone: +81-3-3535-1357
Scheduled date of filing quarterly securities report: February 13, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: 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
352,752
(7.4)
7,787
70.8
15,022
66.5
6,618(20.9)
December 31, 2022
381,0726.8
4,558(72.6)
9,024(54.7)
8,370(37.9)(Note) Comprehensive income:Nine months ended December 31, 2023:\27,072 million [ 411.9%]
Nine months ended December 31, 2022:¥5,288 million [ (54.3) %]Basic earnings
per share
Nine months ended
December 31, 2023
December 31, 2022

Diluted earnings per
share
Yen

Yen

21.38
27.16

-

(2) Consolidated Financial Position
Total assets

Net assets

Millions of yen
Millions of yen
As ofDecember 31, 2023
836,930
339,073
March 31, 2023
815,556
323,261(Reference) Equity: As of December 31, 2023:¥332,362 million
As of March 31, 2023:¥317,254 million

Capital adequacy ratio
%

39.7
38.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

13.50

-

13.50

27.00

Fiscal year ending March 31, 2024

-

14.00

14.00

28.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)

Total

No

(Note) Revision to the forecast for dividends announced most recently:

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%

Yen

13,600

23.7

43.94

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

Full year
521,000(4.8)
15,5009.7(Note) Revision to the financial results forecast announced most recently:

21,300Yes% Millions of yen

11.9* 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):YesNew
１ (Company name: Toda Asia Pacific Pte. Ltd. )Exclusion:
１ (Company name: Construtora Toda do Brasil S/A )(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
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:
322,656,796 shares
March 31, 2023:
322,656,796 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
15,639,128 shares
March 31, 2023:
12,730,496 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
309,538,077 shares
Nine months ended December 31, 2022:
308,222,129 shares*Notes:
These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date,
which are subject to a number of risks and uncertainties. Therefore, the actual results of developments may differ from those presented
in these forward-looking statements due to the changes in various factors.

Consolidated Financial Results
for the Third Quarter
Ended December 31, 2023

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

Table of Contents of Attachments

1. Qualitative Information on Financial Results for the Nine Months Ended December 31, 2023 ....................... 2(1) Overview of Operating Results for the Nine Months Ended December 31, 2023 ....................................... 2(2) Explanation on Financial Condition ............................................................................................................ 3(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements ....................... 3
2. Quarterly Consolidated Financial Statements and Notes ................................................................................... 4(1) Quarterly Consolidated Balance Sheets ....................................................................................................... 4(2) Consolidated Statements of Income and Comprehensive Income ............................................................... 6(3) Notes to Quarterly Consolidated Financial Statements ............................................................................... 8
Notes on Matters Related to Going Concern Assumption........................................................................... 8
Notes in the Event of Significant Changes in Shareholders' Equity ........................................................... 8
Accounting Methods Specific to the Preparation of Quarterly Consolidated Financial Statements ........... 8
Segment Information, etc. ........................................................................................................................... 8
3. (Reference) Non-consolidated Financial Statements ...................................................................................... 10(1) (Reference) Non-consolidated Balance Sheets ........................................................................................... 10(2) (Reference) Non-consolidated Statements of Income ................................................................................. 12
4. Supplementary Information ............................................................................................................................. 13(1) Summary of Consolidated Results and Forecasts ....................................................................................... 13(2) Summary of Non-consolidated Results and Forecasts ................................................................................ 14(3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated) ........................................ 15

1

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

1. Qualitative Information on Financial Results for the Nine Months Ended December 31, 2023
(1) Overview of Operating Results for the Nine Months Ended December 31, 2023
During the nine months ended December 31, 2023, the employment and income environment in Japan
improved, and expectations for a mild recovery in the future increased.
In the construction industry, both public-sector and private-sector construction orders increased, resulting in a
year-on-year increase in overall orders received.
In the medium- to long-term, however, there are concerns
about rising construction material prices and a tightening of the labor supply-demand balance, which could lead tohigher construction costs.
In May 2022, the Group announced the “Medium-Term Management Plan 2024 Rolling Plan” to promote theevolution of value provided to customers in the core businesses of architectural construction, civil engineering, andstrategy. In addition, the Company has identified the construction of new TODA BUILDING, overseas business,and renewable energy business such as floating offshore wind power generation as key management priorities.
During the period under review, the Company continued to invest in growth under the active involvement of top
management in order to achieve medium- to long-term growth. To achieve ROE (return on equity) target of 8% ormore in the medium- to long-term while promoting growth investments, the Company has also set ROIC (return on
invested capital) of 5% or more as a management indicator of profitability, and is working to strengthen its
investment process.
Under these circumstances, the Group’s consolidated results for the period under review were as follows:
Consolidated net sales were ¥352.7 billion, down 7.4% from the same quarter of the previous year, due tolower sales in the Architectural Construction Business, the Civil Engineering Business and the Domestic
Investment and Development Business despite higher sales in the Overseas Group Companies Business due to theconsolidation of PT Tatamulia Nusantara Indah and its seven subsidiaries in the previous fiscal year.
Regarding operating income/loss, gross profit increased 18.7% compared to the same quarter of the previous
year to ¥41.2 billion, mainly due to the impact of the provision for loss on construction contracts on several
projects in the Architectural Construction Business in the previous fiscal year. Selling, general and administrative
expenses increased 10.9% compared to the same quarter of the previous year to ¥33.4 billion, but operating income
rose 70.8% compared to the same quarter of the previous year to ¥7.7 billion.
Ordinary income was ¥15.0 billion, up 66.5% from the same quarter of the previous year, due to an increase in
non-operating income, including interest income on deposits held by overseas subsidiaries and foreign exchange
gains resulting from the yen's depreciation.
Net income attributable to owners of the parent was ¥6.6 billion, a 20.9% decrease from the same quarter of theprevious year, due to the recognition of impairment losses and expected future losses in the Environment andEnergy Business.
The results for each segment including intersegment sales and transfers are as follows.
The Group has changed its reporting segments from the first quarter of the current consolidated fiscal year, andcomparisons and analysis with the same quarter of the previous year are based on the segment classifications after
the change. For details, please refer to “3. Matters related to changes in reporting segments, etc.” under “2.
Quarterly Consolidated Financial Statements and Notes (3) Notes to Quarterly Consolidated Financial Statements Segment Information, etc. II. For the nine months ended December 31, 2023”.
Architectural Construction BusinessNet sales were ¥220.5 billion (down 3.5% from the same quarter of the previous year), and the segment income(operating income) was ¥2.4 billion (the segment loss of ¥3.0 billion for the same quarter of the previous year).
Orders received by the Company on non-consolidated basis were ¥232.5 billion, up 37.4% from the samequarter of the previous year, due to a 63.5% increase from the same quarter of the previous year in domestic publicsector construction and a 32.8% increase from the same quarter of the previous year in domestic private-sector
construction.
Civil Engineering BusinessNet sales were ¥83.1 billion (down 17.1% from the same quarter of the previous year), and segment income(operating income) was ¥4.3 billion (down 34.2% from the same quarter of the previous year).
2

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

Orders received by the Company on non-consolidated basis were ¥70.5 billion, down 14.6% from the samequarter of the previous year, due to a 16.8% increase from the same quarter of the previous year in domestic
private-sector construction and a 31.5% decrease from the same quarter of the previous year in domestic publicsector construction.
Domestic Investment and Development BusinessNet sales were ¥6.5 billion (down 53.4% from the same quarter of the previous year), and segment income(operating income) was ¥0.6 billion (down 25.1% from the same quarter of the previous year).
Domestic Group Companies BusinessNet sales were ¥34.0 billion (up 1.7% from the same quarter of the previous year), and segment income(operating income) was ¥0.6 billion (down 2.4% from the same quarter of the previous year).
Overseas Group Companies BusinessNet sales were ¥37.0 billion (up 58.4% from the same quarter of the previous year), and segment income(operating income) was ¥1.3 billion (up 41.4% from the same quarter of the previous year).
Environment & Energy BusinessNet sales were ¥0.9 billion (down 9.0% from the same quarter of the previous year), and segment loss
(operating loss) was ¥0.2 billion (segment loss of ¥0.2 billion in the same quarter of the previous year).
(2) Explanation on Financial Condition
Assets, Liabilities, and Net Assets
AssetsTotal assets at the end of the third quarter of the current consolidated fiscal year increased ¥21.3 billion (up2.6%) to ¥836.9 billion compared to the end of the previous consolidated fiscal year, due mainly to decreases of¥8.0 billion in cash and deposits and ¥55.8 billion in notes receivable, accounts receivable from completed
construction contracts and other, and increases of ¥5.3 billion in real estate for sale, ¥12.6 billion in costs on
uncompleted construction contracts, ¥9.7 billion in real estate business expenditure included in other inventories,¥5.6 billion in buildings and structures, ¥22.5 billion in construction in progress, ¥17.5 billion in investment
securities, and ¥5.7 billion in long-term loans receivable.
Liabilities
Total liabilities at the end of the third quarter of the current consolidated fiscal year increased ¥5.5 billion (up1.1%) to ¥497.8 billion compared to the end of the previous consolidated fiscal year, due mainly to decreases of¥28.2 billion in notes payable, accounts payable for construction contracts and other and ¥23.1 billion in short-termloans payable, and increases of ¥40.0 billion in commercial paper, ¥9.3 billion in advances received on
uncompleted construction contracts, and ¥7.9 billion in bonds payable.
Net Assets
Total net assets at the end of the third quarter of the current consolidated fiscal year were ¥339.0 billion, an
increase of ¥15.8 billion (up 4.9%) compared to the end of the previous consolidated fiscal year, due mainly to anincrease of ¥12.8 billion in valuation difference on available-for-sale investment securities holdings resulting fromrise in market value of investment securities and an increase of ¥6.4 billion in foreign currency translation
adjustments resulting from the depreciation of the yen. The equity capital ratio was 39.7%.
(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements
The Company has revised the consolidated earnings forecasts for the fiscal year ending March 31, 2024
announced on May 15, 2023. For details, please refer to the “Notice Concerning Recording of Extraordinary
Losses and Revision of Earnings Forecasts” released today (February 13, 2024).

3

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction
contracts and other
Securities
Real estate for sale
Costs on uncompleted construction
contracts
Other inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools,
furniture and fixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

4

As of December 31, 2023

96,84088,800282,828

226,989700
15,616700
20,933

12,102

24,7692,709
23,807(3,032)431,573

12,684
26,907(2,933)398,850

54,24059,913

11,256

11,24987,187
205
25,785
178,675

89,261287
48,315
209,027

1,375
10,68912,065

1,101
10,277
11,379185,072
795
1,953
921
4,581
(81)
193,243
383,983
815,556

202,671
6,511
1,546
979
6,082
(117)
217,673
438,080
836,930

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term loans payable
Commercial paper
Current portion of bonds payable
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on liquidation of subsidiaries
and affiliates
Provision for loss on environment and energy
business
Net defined benefit liability
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Own shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Foreign currency conversion adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

5

As of December 31, 2023

111,283

83,01381,568
－
5,050
6,329

58,41240,00040
1,992

33,40842,777

5,115

2,495

3,305

3,854

9,434
36,48618,034
310,016

5,096
42,926
16,868297,476

50,19574,724
19,244
6,069
98
465

63,16569,224
26,392
6,069
139
613

1,141

14

－

3,193

22,932
2,242
5,165
182,278492,295

23,822
2,225
5,518
200,379
497,856

23,001
26,786200,996(7,625)
243,159

23,001
26,786
199,020(10,195)
238,61272,79085,625111
3,087(1,567)
(327)

472
3,087
4,851

74,094

93,7496,007
323,261
815,556

6,711
339,073
836,930(287)

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Nine Months Ended December 31, 2022 and 2023
Nine Months Ended
December 31, 2022
(April 1 throughDecember 31, 2022)
Net sales
Net sales of construction contracts
360,223
Net sales of investment development business and other
20,848
Total net sales
381,072
Cost of sales
Cost of sales of construction contracts
329,342
Cost of sales of investment development business and other
16,956
Total cost of sales
346,299
Gross profit
Gross profit on construction contracts
30,880Gross profit on investment development business and other
3,892
Total gross profit
34,772
Selling, general and administrative expenses
30,214
Operating income
4,558
Non-operating income
Interest income
211
Dividend income
3,880
Share of profit of entities accounted for using equity method
152
Foreign exchange gain
1,198
Other
403
Total non-operating income
5,846
Non-operating expenses
Interest expenses
722
Commission fee
552
Other
105
Total non-operating expenses
1,380
Ordinary Income
9,024
Extraordinary income
Gain on step acquisitions
1,908
Gain on sales of investment securities
3,963
Other
369
Total extraordinary income
6,241
Extraordinary loss
Impairment loss
2,784
Loss on abandonment of noncurrent assets
223
Loss on valuation of investment securities
458
Provision for loss on liquidation of subsidiaries and affiliates－
Provision for loss on environment and energy business
－
Other
209
Total extraordinary losses
3,676
Profit before income taxes and non-controlling interests
11,589Total income taxes
3,212
Quarterly net profit
8,376
Quarterly net profit attributable to non-controlling interests
6
Quarterly net profit attributable to owners of the parent
8,370
6(Millions of yen)
Nine Months Ended
December 31, 2023
(April 1 throughDecember 31, 2023)
337,371
15,381
352,752
300,767
10,702
311,469
36,603
4,678
41,28233,494
7,787
1,722
4,020
－
2,057
703
8,503
961
103
204
1,268
15,022
－
3,527
49
3,576
2,173
99
－
1,419
3,193
46
6,932
11,666
4,814
6,852
233
6,618

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

Consolidated Statements of Comprehensive Income
Nine Months Ended December 31, 2022 and 2023

Quarterly net profit
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency conversion adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive quarterly net income
Comprehensive quarterly net income attributable to:
Owners of the parent
Non-controlling interests

7

Nine Months Ended
December 31, 2022
(April 1 throughDecember 31, 2022)
8,376(Millions of yen)
Nine Months Ended
December 31, 2023
(April 1 throughDecember 31, 2023)
6,852(5,310)
(390)
3,166
61

12,835
401
7,014
9

(614)

(41)

(3,087)
5,288

20,22027,072

5,149
138

26,273798

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(3) Notes to Quarterly Consolidated Financial Statements
Notes on Matters Related to Going Concern Assumption
Not applicable.
Notes in the Event of Significant Changes in Shareholders' Equity
The Company acquired 2,969,200 of its own shares in accordance with the resolution made at the Board of
Directors Meeting held on November 13, 2023. As a result of this and other factors, the amount of own shares
held increased ¥2,609 million during the period under review and amounted to ¥10,195 million at the end of thethird quarter of the current fiscal year.
Accounting Methods Specific to the Preparation of Quarterly Consolidated Financial Statements
Nine Months Ended December 31, 2023
(April 1 through December 31, 2023)
Tax expenses are calculated by reasonably estimating the effective tax rate after
applying tax effect accounting to income before income taxes and minority interests
Calculation of tax
for the consolidated fiscal year, including the third quarter under review, andexpenses
multiplying quarterly income before income taxes and minority interests by said
estimated effective tax rate.
Segment Information, etc.
Segments information
I. For the nine months ended December 31, 2022 (April 1, 2022 through December 31, 2022)
1. Information on sales and income or loss by reporting segment
Reporting Segment
Domestic
Overseas Environment
Domestic
Investment
Architectural
Civil
and
Group
Group
and
Construction Engineering
Companies Development Energy
Development

Total(Millions of yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 1) statements ofincome(Note 2)

Net sales
Sales to221,241
95,36913,43026,64723,2881,093 381,072－ 381,072
externalcustomers
Intersegment
sales or
7,299
4,922
614
6,850
83
－ 19,771 (19,771)－
transfers
Total
228,541 100,292
14,04533,497
23,372
1,093 400,843 (19,771) 381,072
Segment income(3,062)
6,543
893
690
969
(257)
5,777 (1,219)
4,558
or (loss)
Note 1. “Segment income or (loss)” adjustment of (¥1,219) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)” is adjusted with operating income in the quarterly consolidated statements of income.

2. Information on impairment loss on fixed assets and goodwill, etc. by reporting segment
Significant impairment loss on fixed assets:
As a result of the review of the recoverability of the construction in progress in the “Environment
and Energy” segment, taking into account future income/expense projections, the book value was
reduced to the recoverable amount and the amount of the reduction was recorded as an impairment
loss in extraordinary losses.
In the period under review, the amount for the impairment loss was ¥2,784 million.
Significant change in the amount of goodwill:In the “Overseas Group Companies” segment, the Company acquired additional shares of PT
Tatamulia Nusantara Indah, the affiliated company accounted for by the equity-method, during the8

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

second quarter ended September 30, 2022, and converted it into a consolidated subsidiary. In the
period under review, an increase in the amount of good will resulting from this event was ¥1,112
million.
II. For the nine months ended December 31, 2023 (April 1, 2023 through December 31, 2023)
1. Information on sales and income or loss by reporting segment
Reporting Segment
Domestic
Overseas Environment
Domestic
Investment
Architectural
Civil
and
Group
Group
and
Construction Engineering
EnergyCompanies Companies
Development

Total(Millions of yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 1) statements ofincome(Note 2)

Net sales
Sales to199,824
78,1995,905
30,95836,890975 352,752－ 352,752
externalcustomers
Intersegment
sales or
20,686
4,913
646
3,114
135
19 29,516 (29,516)－
transfers
Total
220,510
83,113
6,552
34,07237,025995 382,269 (29,516) 352,752
Segment income
2,411
4,304
669
673
1,371
(294)
9,136 (1,348)
7,787
or (loss)
Note 1. “Segment income or (loss)” adjustment of (¥1,348) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)” is adjusted with operating income in the quarterly consolidated statements of income.

2. Information on impairment loss on fixed assets and goodwill, etc. by reporting segment
Significant impairment loss on fixed assets:
As a result of the review of the recoverability of the construction in progress in the “Environment
and Energy” segment, taking into account future income/expense projections, the book value was
reduced to the memorandum amount and the amount of the reduction was recorded as an impairment
loss in extraordinary losses.
In the period under review, the amount for the impairment loss was ¥2,173 million.
3. Matters related to changes in reporting segments, etc.
Change in segment classification:
Effective from the first quarter of the current consolidated fiscal year, the Group has changed its
reporting segments from the previous six segments of “Architectural Construction”, “Civil
Engineering”, “Domestic Investment and Development”, “Domestic Group Companies”, “Overseas
Investment and Development”, and “Environment and Energy” to six segments of “Architectural
Construction”, “Civil Engineering”, “Domestic Investment and Development”, “Domestic Group
Companies”, “Overseas Group Companies”, and “Environment and Energy”. The change was madeto align the classification of reporting segments with the classification of business performance targets
reorganized as a result of changes in the organizational structure to promote priority managementbusinesses set forth in the “Medium-Term Management Plan 2024 Rolling Plan” and the classificationof business reports in the monthly report materials of the Board of Directors. The “Segment
Information” for the nine months ended December 2022 has been prepared based on the new
segmentation.
Change in the method of measuring segment income (loss):
Effective from the first quarter of the current consolidated fiscal year, the Group has changed theallocation method of administrative expenses, etc., in order to evaluate the performance of segments
more appropriately in accordance with the above change in segment classifications. “The segment
information” for the nine months ended September 30, 2022 has been prepared in accordance with the
new measurement method of income or loss.

9

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

3. (Reference) Non-consolidated Financial Statements(1) (Reference) Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts
and other
Real estate for sale
Costs on uncompleted construction
contracts
Other inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furnitureand fixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Prepaid pension cost
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

10

As of December 31, 2023

62,31050,850253,226

193,724

8,295

13,663

13,457

26,562

2,387
21,853(1,508)360,022

12,25525,540(1,214)
321,382

43,332

43,371

2,149

1,807

76,030101
19,359140,974
10,132

76,055
124
36,210157,570
9,688

216,598
11,847
2,138
3,120
(143)
233,561
384,667
744,689

240,633
24,187
1,658
4,210
(218)
270,470
437,729
759,111TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(Millions of yen)
As of March 31, 2023 As of Dec. 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Commercial paper
Current portion of bonds payable
Income taxes payable
Advances received on uncompleted construction contracts
Provision for bonuses
Provision for warranties for completed construction
Provision for loss on construction contracts
Deposits received
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Provision for stock payments for directors
Provision for loss on business of subsidiaries and affiliates
Provision for loss on environment and energy business
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings
Own shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains on hedges
Revaluation reserve for land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

11

95,37277,001
－
5,000
5,528
27,555
4,587
3,128
9,195
35,714
16,329279,41266,55852,76840,000－832
42,724
2,215
3,440
4,955
43,247
15,487272,232

50,00072,48618,126
6,069
20,665
465
1,706
－
446
4,028
173,995
453,408

63,00064,03523,917
6,069
21,468
613
940
5,616
394
4,449
190,504
462,737

23,001

23,001

25,573574
26,14725,573574
26,147

5,750

5,750

50,000109,774
8,250
173,775(7,625)215,299

50,000109,774
2,761
168,286(10,195)
207,239

72,782111
3,087
75,981
291,281744,689

85,534513
3,087
89,135296,374
759,111TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(2) (Reference) Non-consolidated Statements of Income
Nine Months Ended
December 31, 2022

(Millions of yen)
Nine Months Ended
December 31, 2023

(April 1 through Dec. 31, 2022)(April 1 through Dec. 31, 2023)

316,624

278,035

13,557

6,047

330,182

284,083

290,591

248,313

11,346

4,047

301,938

252,360

26,032

29,722

2,211

2,000

28,24431,722

25,67727,009

2,566
5,105
1,297
6,374
4,708
4,051
7,031
2,187
4,844

4,712
5,637
1,101
9,249
3,514
8,294
4,468
1,363
3,105

Net sales
Net sales of construction contracts
Net sales of investment development
business and otherTotal net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment
development business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development
business and otherTotal gross profit
Selling, general and administrative
expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Profit before income taxes
Income taxes
Profit12

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

4. Supplementary Information(1) Summary of Consolidated Results and Forecasts(Millions of yen)
Nine months period from April

Full year

Y-o-Y(b)-(a)FY2023

Actual(a)

Actual(b)

AmountPercentage(%)

Actual(a)

Net sales

381,072

352,752(28,319)(7.4)

547,155

540,000

521,000

Construction Business

316,611

278,023(38,588)(12.2)

446,546

420,000

Architectural
Construction

221,241

199,824(21,417)(9.7)

320,623

Civil Engineering

95,36978,199(17,170)(18.0)

13,4305,905(7,525)26,64730,95823,288Environment and Energy
Gross profit

Domestic Investment andDevelopment
Domestic Group
Companies
Overseas Group
Companies

Profit margin

FY2022

FY2023

Change frominitial forecasts(c)-(b)Y-o-Y(c)-(a)FY2022

FY2023

Initial forecasts Revised forecasts
May 15, 2023
Feb 13, 2024
Amount(b)(c)

Percentage(%)

AmountPercentage(%)(26,155)(4.8)(19,000)(3.5)

400,000(46,546)(10.4)(20,000)(4.8)

290,000

285,000(35,623)(11.1)(5,000)(1.7)

125,923

130,000

115,000(10,923)(8.7)(15,000)(11.5)(56.0)

18,731

20,00020,000

1,268

6.8

-

-

4,310

16.2

42,49846,00049,500

7,001

16.5

3,500

7.6

36,89013,601

58.4

37,83752,00050,10012,26232.4(1,900)

(3.7)

1,093

975

(117)

(10.8)

1,541

2,000

1,400

(141)

(9.2)

(600)

(30.0)

34,772

41,282

6,510

18.7

57,32366,00063,500

6,176

10.8

(2,500)

(3.8)

9.1%

11.7%

10.5%

12.2%

12.2%

SG&A expenses

30,21433,494

3,280

10.9

43,18850,00048,000

4,811

11.1

(2,000)(4.0)

Operating income

4,558

7,787

3,229

70.8

14,13516,00015,500

1,364

9.7

(500)

(3.1)

Non-operating income

4,466

7,234

2,768

62.0

4,904

3,500

5,800

895

18.3

2,300

65.7

Ordinary income

9,024

15,022

5,998

66.5

19,03919,50021,300

2,260

11.9

1,800

9.2

Extraordinary income

2,564(3,356)(5,920)-(1,141)

10,000

2,800

3,941

-

(7,200)(72.0)

Profit before income taxes

11,58911,66677

0.7

17,89729,50024,100

6,202

34.7

(5,400)(18.3)

Income taxes

3,212

4,814

1,602

49.9

6,690

10,000

9,900

3,209

48.0

(100)

(1.0)

Profit for the quarter

8,376

6,852

(1,524)(18.2)

11,207

19,50014,200

2,992

26.7

(5,300)(27.2)

Profit attributable tonon-controlling interests

6

233

227

-

211

-

600

388

183.1

600

-

Profit attributable toowners of the parent

8,370

6,618

(1,752)(20.9)

10,995

19,50013,600

2,604

23.7

(5,900)(30.3)

Note: Net sales are based on business segment classifications, and internal transactions are eliminated.

13

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)
Nine months period from April
FY2022

FY2023

Actual(a)

Actual(b)

Orders received

265,422

Construction Business
Domestic Architectural
Construction
Domestic
Civil Engineering

Full year

Y-o-Y(b)-(a)Change frominitial forecasts(c)-(b)Y-o-Y(c)-(a)FY2022

FY2023

FY2023

AmountPercentage(%)

Actual(a)

Initialforecasts
May 15, 2023(b)

Revisedforecasts
Feb 13, 2024(c)

AmountPercentage(%)

AmountPercentage(%)

309,173

43,75016.5

445,591

480,000

530,000

84,40818.9

50,00010.4

251,864

303,125

51,26020.4

426,702460,000

510,000

83,29719.5

50,00010.9

169,009

232,080

63,071

37.3

286,144

339,000

388,000

101,855

35.6

49,00014.5

83,03770,539(12,497)(15.1)

141,662

119,000

119,000(22,662)(16.0)--

Overseas

(182)

504

686

-

(1,104)

2,000

3,000

4,104

-

1,000

50.0

Investment and Development

13,557

6,047(7,510)(55.4)

18,88820,00020,000

1,111

5.9

-

-

Net sales

330,182

284,083(46,099)(14.0)

465,451

440,000

420,000(45,451)(9.8)(20,000)(4.5)

Construction Business

316,624

278,035(38,589)(12.2)

446,563420,000

400,000(46,563)(10.4)(20,000)(4.8)

219,599

198,914(20,684)(9.4)

318,574

289,000

284,000(34,574)(10.9)(5,000)(1.7)

95,502

78,199(17,303)(18.1)

126,035

129,700

115,000(11,035)(8.8)(14,700)(11.3)

Domestic Architectural
Construction
Domestic
Civil Engineering
Overseas

1,522

921

(601)

(39.5)

1,953

1,300

1,000

(953)

(48.8)(300)(23.1)

Investment and Development

13,557

6,047(7,510)(55.4)

18,88820,00020,000

1,111

5.9

-

-

Gross profit

28,24431,722

3,478

12.3

46,28053,50051,500

5,219

11.3

(2,000)

(3.7)

8.6 %

11.2 %

9.9 %

12.2 %

12.3 %

26,032

29,72240,65947,00045,000

4,340

10.7

(2,000)

(4.3)

8.2 %

10.7 %

9.1 %

11.2 %

11.3 %

Domestic Architectural
Construction

12,3305.6 %17,443
8.8 %

5,113

41.5

20,1186.3 %25,9509.0 %25,950
9.1 %

5,831

29.0

-

-

Domestic
Civil Engineering

14,151

12,103(2,047)(14.5)

21,026

20,97019,000(2,026)(9.6)(1,970)(9.4)

14.8 %

15.5 %

16.7 %

16.2 %

16.5 %
535

-

(30)

(37.5)

878

15.6

-

-

Profit margin
Construction Business

Overseas

(449)

174

(29.5 %)

19.0 %

3,689

623

2,211

2,000

16.3 %

33.1 %

SG&A expenses

25,67727,0091,332

Operating income

2,566

4,712

Non-operating income

3,808

Ordinary income

6,374

Investment and Development

(211)

14.2

(9.5)

(485)

80

50

(24.9 %)

6.2 %

5.0 %

5,621

6,500

6,500

29.8 %

32.5 %

32.5 %

5.2

36,75541,00039,0002,244

6.1(2,000)

(4.9)

2,146

83.6

9,524

12,50012,500

2,975

31.2

-

-

4,536

728

19.1

4,064

3,500

4,500

435

10.7

1,000

28.6

9,249

2,874

45.1

13,58916,00017,000

3,410

25.1

1,000

6.3

Extraordinary income

657(4,780)(5,437)-(2,755)

10,000

1,600

4,355

-

(8,400)(84.0)

Profit before income taxes

7,031

4,468

(2,563)(36.4)

10,83326,00018,600

7,766

71.7

(7,400)(28.5)

Income taxes

2,187

1,363

(824)

(37.7)

4,210

7,800

6,900

2,689

63.9

(900)

(11.5)

Profit

4,844

3,105

(1,739)(35.9)

6,623

18,20011,700

5,076

76.6

(6,500)(35.7)

Dividend per share (yen)

13.5

14.0

0.5

3.7

27.0

28.0

28.0

1.0

3.7

-

-

Note: The quarterly financial statements have been prepared in accordance with the rules for quarterly financial statements but are notsubject to review in the statutory disclosure.

14

TODA CORPORATION (1860)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated)
1) Orders Received
Business segment/
Classification
Architectural
Construction
Civil
Engineering

Total

Construction Business

Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Investment andEnvironment and Energy
Total

Nine months period
From April 1, 2022
to Dec 31, 2022
Amount Ratio (%)
24,8689.4
144,140
54.3
212
0.1
169,22163.8
54,692
20.6
28,344
10.7
(394)
(0.1)
82,642
31.1
79,561
30.0
172,485
65.0
(182)
(0.1)
251,864
94.9
13,4595.1
98
0.0
265,422100.0

Nine months period
From April 1, 2023
to Dec 31, 2023
Amount Ratio (%)
40,67013.2
191,410
61.9
504
0.2
232,58575.2
37,44412.1
33,095
10.7－－
70,53922.8
78,114
25.3
224,506
72.6
504
0.2
303,125
98.0
5,990
1.9
57
0.0
309,173100.0

Nine months period
From April 1, 2022
to Dec 31, 2022
Amount Ratio (%)
42,068
12.7
177,531
53.8
1,655
0.5
221,254
67.0
62,79519.0
32,707
9.9
(133)
0.0
95,36928.9104,86331.8
210,238
63.7
1,522
0.5
316,624
95.9
13,4594.1
980.0
330,182
100.0

Nine months period
From April 1, 2023
to Dec 31, 2023
Amount Ratio (%)
27,162
9.6
171,752
60.5
921
0.3
199,835
70.3
60,63921.3
17,560
6.2－－
78,19927.5
87,801
30.9
189,312
66.6
921
0.3
278,035
97.9
5,990
2.1
57
0.0
284,083
100.0

FY2022 3Q
As of Dec 31, 2022
Amount Ratio (%)
83,55912.4
337,120
50.0
949
0.1
421,62962.6
169,87225.2
81,30612.1
954
0.1
252,13337.4
253,432
37.6
418,426
62.1
1,903
0.3
673,762
100.0
－
－
－
－
673,762
100.0

FY2023 3Q
As of Dec 31, 2023
Amount Ratio (%)
94,215
12.7
377,790
50.8
133
0.0
472,13963.5
180,21124.2
91,401
12.3－－
271,61236.5
274,42736.9
469,192
63.1
133
0.0
743,752
100.0
－
－
－
－
743,752
100.0

ChangeAmountRatio (%)
15,801
63.5
47,270
32.8
292
137.6
63,363
37.4(17,248)(31.5)
4,750
16.8
－
394
(12,102)(14.6)(1,446)(1.8)
52,02030.2－
686
51,26020.4(7,469)(55.5)(40)(41.3)
43,75016.5

2) Net Sales
Business segment/
Classification
Architectural
Construction
Civil
Engineering

Total

Construction Business

Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Investment andEnvironment and Energy
Total

Architectural
Construction
Civil
Engineering

Total

Construction Business

Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Investment andEnvironment and Energy
Total

Previous fiscal year
From April 1, 2022
to March 31, 2023
Amount Ratio (%)
40,6089.1
245,535
55.1
222
0.0
286,36764.3
110,237
24.7
31,425
7.1(1,327)(0.3)
140,33531.5
150,84633.9
276,960
62.2(1,104)(0.2)
426,702
95.8
18,7714.2
116
0.0
445,591
100.0(Millions of yen)

ChangeAmountRatio (%)
(14,905)(35.4)(5,778)(3.3)(734)(44.4)(21,419)(9.7)(2,156)(3.4)(15,147)(46.3)－
133(17,170)(18.0)(17,062)(16.3)(20,926)(10.0)(601)(39.5)(38,589)(12.2)(7,469)(55.5)(40)(41.3)(46,099)(14.0)

3) Balance Brought Forward
Business segment/
Classification(Millions of yen)Previous fiscal year
From April 1, 2022
to March 31, 2023
Amount Ratio (%)
60,65913.0
257,914
55.4
2,065
0.4
320,63968.9
84,80718.2
41,228
8.9
(112)
(0.0)
125,923
27.1
145,466
31.3
299,142
64.3
1,953
0.4
446,563
95.9
18,7714.0
116
0.0
465,451
100.0(Millions of yen)

15

ChangeAmountRatio (%)
10,656
12.8
40,67012.1(816)(86.0)
50,51012.0
10,338
6.1
10,09512.4(954)－
19,4797.7
20,994
8.3
50,76512.1(1,770)(93.0)
69,98910.4－－－－
69,989
10.4

Previous fiscal year
As of March 31, 2023
Amount Ratio (%)
80,70711.2
358,132
49.8
549
0.1
439,39061.1
203,405
28.3
75,86610.6－－
279,27238.9
284,11339.5
433,998
60.4
549
0.1
718,662
100.0
－
－
－
－
718,662100.0