Note: 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, the Japanese original shall prevail.

May 9, 2023
Company: TODA CORPORATION
Representative: Seisuke Otani, President and Representative Director(Securities Code: 1860 TSE Prime Market)
Contact: Kaname Miwa, Corporate Officer, General Manager, Financial & IR Div.
(Phone: 03-3535-1357)

Notice Concerning Recording of Extraordinary Loss and Revision of Earnings Forecasts

TODA CORPORATION (the “Company”) hereby announces that the Company has recorded anextraordinary loss for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023) as describedbelow.

In addition, the Company has revised the earnings forecasts (consolidated and non-consolidated) for

the fiscal year ending March 31, 2023, which were announced on October 31, 2022.
1. Details of the Extraordinary Loss (Impairment Loss)
The Company has discovered a defect in the floating structure that is currently being manufactured forthe “Offshore Wind Power Generation Project off the Coast of Goto City” (the “Project”).

Based on theCompany’s estimate of the inspection, repair, and remanufacturing costs to deal with this situation, asignificant increase in the fabrication costs of the floating part is expected, and as a result of the review ofthe future recoverability of the said floating structure in accordance with the accounting standards forimpairment of fixed assets, an impairment loss of approximately 9.5 billion yen has been recorded for thefiscal year ending March 31, 2023.
Since an impairment loss of approximately 3.2 billion yen was already estimated in previously
announced earnings forecasts, the impact on the revised earnings forecasts is an increase in impairment
loss of 6.3 billion yen.

2. Revised Forecasts(1) Consolidated forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31,2023)
Net sales

Operating profit Ordinary profit

ProfitBasic earnings
attributable toper shareowners of parent

Million yen

Million yen

Million yen

Million yen

Yen

Forecasts to be revised (A）（October 31, 2022）

540,000

12,60016,70014,70047.69

New Forecasts (B)547,100

14,10019,00010,90035.33

Change (B-A)

7,100

1,500

2,300

(3,800)Change (％)

1.3

11.9

13.8

(25.9)

501,509

24,385

28,111

18,560(Reference) Comparison
with the results of theprevious fiscal year

60.43

(2) Non-Consolidated forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 to March31, 2023)
Net sales

Operating profit Ordinary profit

Net income

Basic earnings
per share

Million yen

Million yen

Million yen

Million yen

Yen

Forecasts to be revised (A）（October 31, 2022）

463,500

9,300

13,00012,30039.91

New Forecasts (B)465,400

9,500

13,500

6,600

21.39

Change (B-A)

1,900200500(5,700)

Change (％)

0.4

2.2

3.8(46.3)

451,770

22,54025,995

16,215(Reference) Comparison
with the results of theprevious fiscal year

52.80

3. Reason for the Revision(1) Reason for the revision in the non-consolidated forecasts
The forecasts for the fiscal year ending March 31, 2023 have been revised as shown above due to theextraordinary loss as described in 1.
(2) Reason for the revision in the consolidated forecasts
The consolidated forecasts have been revised in conjunction with the revision made in the nonconsolidated forecasts.
4. About the ProjectThe Project is led by the Company’s consolidated subsidiary “Goto Floating Wind Farm LLC” (“GotoFWF”), and the Company is in charge of construction of the floating offshore wind farm. This is the firstoffshore wind farm in Japan to be constructed under the Renewable Energy Sea Area Utilization Act
approved for a publicly solicited occupancy plan, with installation of eight 2.1 MW wind turbines (16.8MW in total) underway.

Recently, the Company has discovered a defect in the structure in the two units that are currently being
fabricated in the ground yard and decided to carefully assess our response to the defect from the perspectiveof the long-term integrity of the wind turbine generators.

While the Company has confirmed that the threewind turbines already installed offshore pose no immediate danger, we are taking careful measures,
including inspections for quality assurance.
The impact of the corrective measures on the operational timing of the wind farm is currently being
discussed with Goto FWF and other relevant parties and will be announced as soon as a decision is made.
5. Dividend Forecasts
There is no change to the Company’s fiscal year-end dividend forecasts.
Annual Dividends

Fiscal Year ending
March 31, 2023
Fiscal Year ending
March 31, 2023
(Forecasts)(Note)

Dividend on
Dividends
Payout Ratio
Equity Ratio
Paid(Consolidated)(Consolidated)(Total)

1Q

2Q

3Q

4Q

Total

Yen

Yen

Yen

Yen

Yen

Million yen

％

13.50

27.00

8,415

77.2％

13.50
2.6

The above forecasts are based on the information available at the time of the release of thisdocument.

Due to various factors, the actual results may differ from the forecasts.

END