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.

October 31, 2022
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 of Revised forecasts
TODA CORPORATION (hereinafter referred to as the "Company'') hereby announces that it hasrevised its consolidated and non-consolidated forecasts for the fiscal year ending March 31, 2023,
which was announced on May 13, 2022. The revisions are as follows:

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

Operating profit Ordinary profit

Forecast to be revised (A）（May 13 , 2022）

Million yen

Million yen

Million yen

520,000

20,500New Forecast (B)540,000

Change (B-A)
Change (％)(Reference)Comparison
with the results of theprevious fiscal year

ProfitBasic earnings
attributable toper shareowners of parent
Million yen

Yen

22,90018,80061.00

12,60016,70014,70047.69

20,000△7,900△6,200△4,100

3.8

△38.5

△27.1

△21.8

501,509

24,385

28,111

18,56060.43(2) Non-consolidated forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 toMarch 31, 2023)
Net sales

Operating profit Ordinary profit

Net income

Basic earnings
per share

Forecast to be revised (A）（May 13 , 2022）

Million yen

Million yen

Million yen

Million yen

Yen459,000

17,10019,70016,90054.83

New Forecast (B)

463,500

9,300

13,00012,30039.91

Change (B-A)

4,500△7,800△6,700△4,600Change (％)

1.0

△45.6

△34.0

△27.2

451,770

22,54025,995

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

52.80

2. Reasons for the revisions(1) Reasons for the revision in the non-consolidated forecast
The material prices such as steel frames, etc. have risen due to changes in the marketenvironment. As a result, the construction costs increased in several projects in the Company’s
domestic construction business.
In response, operating income for the fiscal year ending March 31, 2023 is expected todecrease by 7.8 billion yen from the previous forecast to 9.3 billion yen. This is due to recording
a provision for losses on construction contracts in the second quarter of this fiscal year forseveral projects in the domestic building construction business. As a result, profit for thisfiscal year is expected to decrease by 4.6 billion yen from the previous forecast to 12.3 billion
yen.
Regarding the increase in construction costs mentioned above, the Company will continue toseriously discuss additional contract for price increase and VE (value engineering) proposal
with the customer. As of March 1, 2022, the Company established the ”Cost Control Center”
and built a system to centrally manage estimate and procurement information for allbranches. Furthermore, the Company will strengthen our cost control system byappropriately taking into account the risk of price increases at the estimate stage.
(2) Reasons for the revision in the consolidated forecast
The consolidated forecast has been revised in conjunction with the revisions made in thenon-consolidated forecast.
3.

Dividend forecast
The Company’s basic policy is to distribute profit based on business results and the businessenvironment after giving consideration to the provision of continuous and stable dividends toshareholders and the need to secure sufficient retained earnings essential for improving theCompany’s competitiveness and its financial position.
Although the consolidated forecast has been revised downward, we plan to keep a dividend of
27 yen per share (including an interim dividend 13.5 yen per share) as planned, from theperspective maintaining of for dividend on equity (DOE) at 2.5% or more.
ShareholderFY2021 Actual

FY2022 Forecast

Return Policy(As of March 31, 2022)(As of March 31, 2023)

ＤＯＥ

2.5% or more

2.6%

2.6%

Total return ratio

40.0% or more

43.0%

57.1%

*DOE (dividend on equity) = Dividends amount ÷ Equity capital* Total return ratio= Total return to shareholders ( Dividends amount + Total amount of treasury stock acquired )÷ Profit attributable to owners of parent
Note
The numbers used with words or phrases relating to future events such as "forecast," or "expected"
provided in this document are based on the information available to us at the time of the release ofthis document. Due to various factors, the actual results may differ from the forecasts.
End