Financial Results forthe 1st Quarter of Fiscal YearEnding March 31, 2025
(FY2024 1Q)
July 29, 2024
Chiyoda Corporation（Stock code: 6366）© Chiyoda Corporation 2024, All Rights Reserved.

Presenters

Mr. Koji Ota
Representative Director,President & CEO

Mr. Atsushi Deguchi
Executive Vice President& CFO

AGENDA：
1. Key Points
2. Latest Status of
the Golden Pass LNG project
3. Income Statement
4. Balance Sheet
5. New Orders / Backlog
6. FY2024 Forecast
7. Major Topics[Att-1] Revenue / Backlog Breakdown[Att-2] Results History

Our SDGs Materiality11This presentation outlines Chiyoda Corporation's (Chiyoda)
financial results for the first quarter of the fiscal year ending
March 31, 2025, released on July 29, 2024.

11. Key Points• Increased income and profit compared to the same period last year. Gross Profit steadily
progressed due to ongoing projects and implementation of improved risk reassessment
procedures.

Highlights

Latest Status ofthe Golden Pass
LNG project• Continuing to transform the business portfolio by accelerating the development of businesses
in new fields. Strategic partnership aiming for social implementation of decarbonization
technology, awarded a large-scale battery energy storage system project and establishing
the world’s first supply chain for polyester fiber produced using non-fossil materials.
• The customer, Zachry, CB&I and CIC* agreed to Zachry’s withdrawal from the project
and the court provisionally approved the agreement.
CB&I and CIC will assume responsibility for separate portions of Zachry’s scope of work.
• Zachry’s withdrawal from the project will be officially confirmed after final court approval,
which is expected in August.
• CB&I and CIC have been in discussion with the customer regarding the two companies
execution plan toward the completion of the project, with the goal of revising the EPC contract
at an early date.

• The current full-year consolidated forecast does not include the impact of Zachry's withdrawal
from the Golden Pass LNG project or any new execution plans to be agreed with the customer.

Forecast• We will promptly disclose any revisions to the forecast, including profit and loss, in accordancewith disclosure criteria as soon as is reasonably practicable following Zachry’s withdrawal.

* Chiyoda International Corporation, a US-based wholly owned subsidiary of Chiyoda Corporation2Highlights
Increased income and profit compared to the same period last year. Gross Profit
steadily progressed due to ongoing projects and implementation of improved risk
reassessment procedures.
Continuing to transform the business portfolio by accelerating the development ofbusinesses in new fields. Strategic partnership aiming for social implementation ofdecarbonization technology, awarded a large-scale battery energy storage systemproject and establishing the world’s first supply chain for polyester fiber produced
using non-fossil materials.

Latest Status of the Golden Pass LNG project
The customer, Zachry, CB&I and CIC agreed to Zachry’s withdrawal from theproject and the court provisionally approved the agreement.
CB&I and CIC will assume responsibility for separate portions of Zachry’s scope ofwork.
Zachry’s withdrawal from the project will be officially confirmed after final court
approval, which is expected in August.
CB&I and CIC have been in discussion with the customer regarding the twocompanies execution plan toward the completion of the project, with the goal ofrevising the EPC contract at an early date.

ForecastThe current full-year consolidated forecast does not include the impact of Zachry's
withdrawal from the Golden Pass LNG project or any new execution plans to beagreed with the customer.
We will promptly disclose any revisions to the forecast, including profit and loss, inaccordance with disclosure criteria as soon as is reasonably practicable following
Zachry’s withdrawal.

22. Latest Status of the Golden Pass LNG Project
June 26

 Announcement of the financial results of FY2023(While the court proceedings concerning Zachry’s Chapter 11 filing continued,
the cost required to complete construction was forecasted and recalculatedwith the current contract amount based on considerable sufficient costs.）

July 25(Local time)

July 29 The customer, Zachry, CB&I and CIC agreed to Zachry’s withdrawal
from the project and the court provisionally approved the agreement.
CB&I and CIC will assume responsibility for separate portions of Zachry’s
scope of work.
 Announcement of the financial results of FY2024 1Q(Today)

In August Zachry’s withdrawal from the project will be officially confirmed after
final court approval.

2nd Quarter～3rd Quarter CB&I and CIC have been in discussion with the customer regarding
the two companies execution plan toward the completion of the project,with the goal of revising the EPC contract at an early date.
Chiyoda will review the profitability, aiming to recover its own capital.

3This page shows the latest status of the Golden Pass LNG
project.

33. Income Statement
Billions of JPY

FY2023
1Q
Revenue

129.4

Gross Profit

8.4

Gross Profit Margin

6.5%

1

FY2024
1Q

Difference

117.0(12.4)

10.8

2.4

9.2%

+2.7ptSG&A Expenses

(3.3)

(4.4)

(1.1)

Operating Income

5.1

6.4

1.3

Ordinary Income

6.5

5.5(1.0)

Profit*1

4.9

4.0(0.9)

Exchange Rate JPY/ USD

145

161

*1 Profit attributable

1 Breakdown Gross Profit
FY2023 1Q FY2024 1Q
Energy3.2

6.1

GlobalEnvironment

5.2

4.8

Total

8.4

10.8

to owners of parent

4Revenue was JPY 117.0 billion, a decrease of JPY 12.4 billion
YoY.
Gross Profit was JPY 10.8 billion, an increase of JPY 2.4 billion
YoY.
Gross Profit Margin was 9.2%, an increase of 2.7 points YoY.
SG&A Expenses were JPY 4.4 billion, an increase of JPY 1.1billion YoY.
Operating Income was JPY 6.4 billion, an increase of JPY 1.3billion YoY.
Ordinary Income was JPY 5.5 billion, a decrease of JPY 1.0billion YoY.
Net Profit was JPY 4.0 billion, a decrease of JPY 0.9 billion YoY.
As shown in the annotations in the margin, the breakdown ofGross Profit by business field is JPY 6.1 billion for the energy
field and JPY 4.8 billion for the environmental field.

44. Balance Sheet
Billions of JPY

FY2023 FY2024 Difference
4Q
1Q
Current Assets404.4

392.6(11.7)FY2023 FY2024
4Q
1Q
Current Liabilities

412.2

395.3

Difference(16.8)(Note)Cash and Deposits

102.1

108.0

5.9

Current portion of
long-term borrowings

20.0

20.0

-

Short-term loans
receivable

66.2

70.0

3.8

Operating Liabilities*3

322.5

307.1

(15.4)(12.4)

Provision for Loss on
Construction Contracts

36.5

35.2

(1.3)

8.7

9.6

0.8

6.1

10.1

4.0

Total Liabilities andNet Assets

427.0

414.9

(12.0)

Shareholders’ Equity

4.9

8.6

3.8

Shareholders’ Equity
Ratio

1.1%Operating Assets*¹

46.5

34.0

Jointly Controlled
Assets of JV *²

147.0

135.4

(11.7)

Non-Current
Liabilities

Non-Current Assets

22.6

22.3

(0.3)

Net Assets

427.0

414.9

(12.0)

Total Assets*1 Operating Assets： Notes receivable, accounts receivable fromcompleted construction contracts and contract assets + Costs
on construction contracts in progress*2 Jointly Controlled Assets of JV： Cash and deposits of joint
venture proportional to Chiyoda’s interest*3 Operating Liabilities ： Notes payable, accounts payable forconstruction contracts + Contract liabilities

2.1% +0.9pt(Note) Please refer to our disclosure “Notice Regarding the Loan Agreement with MUFG Bank, Ltd.” dated July 24, 2024.

5

Shareholders’ Equity increased by JPY 3.8 billion from the end oflast fiscal year to JPY 8.6 billion. Shareholders Equity Ratio is2.1%.
On a consolidated basis, Cash and Deposits and Short-term
Loans Receivable are JPY 178.0 billion and there is no risk ofharm to our business operations.

55.2 New Orders / Backlog
Billions of JPY

FY2024 1Q New Orders

FY2024 1Q Backlog

5.7716.4

GlobalEnvironment

18.4234.2

Total

24.2

950.6

Energy【Major Backlog Projects】
More than
JPY 100.0 billion
EnergyGlobalEnvironment• NFE LNG, Qatar• Copper Smelting
Plant, Indonesia

More than
JPY 50.0 billion

More than
JPY 5.0 billion• Golden Pass LNG, USA------• CO2 Methanation Facility, Japan• Biopharmaceutical Manufacturing
Plant, Japan• Advanced Material Plant, Japan• Battery Energy Storage Facility,
Japan

6New Orders received were JPY 24.2 billion and the Order
Backlog was JPY 950.6 billion.
Please refer to the table below for major projects in the otherbacklog.

66.2 FY2024 Forecast
Billions of JPY

FY2024 Forecast
Revenue

450.0

Gross Profit

33.0(Note)

Gross Profit Margin

7.3%

SG&A Expenses(16.0)

The current full-year consolidated forecast does
not include the impact of Zachry's withdrawal
from the Golden Pass LNG project or any newexecution plans to be agreed with the customer.

Operating Income

17.0

Ordinary Income

20.0

*1

15.0

New Orders

250.0

ProfitExchange Rate JPY/ USD*1 Profit attributable

We will promptly disclose any revisions to theforecast, including profit and loss, in accordancewith disclosure criteria as soon as is reasonably
practicable following Zachry’s withdrawal.

150

to owners of parent7•••••••

Revenue is expected to be JPY 450.0 billion through theprogress of ongoing projects such as the Qatar NFE LNG
and the copper smelting in Indonesia.
Gross Profit is expected to be JPY 33.0 billion with Gross
Profit Margin of 7.3%.
SG&A Expenses are expected to be JPY 16.0 billion.
Operating Income is expected to be JPY 17.0 billion,
Ordinary Income is expected to be JPY 20.0 billion
Net Profit is expected to be JPY 15.0 billion.
New Orders are expected to be JPY 250.0 billion.

77.2 Major Topics – Decarbonization Field Partnering with Mitsubishi Heavy Industries toLicense CO2 Capture Technologies

 World's first*2 supply chain established formore sustainable use of polyester fiber products

 Strategic collaboration with Mitsubishi HeavyIndustries, Ltd (MHI) Polyester fibers are produced from non-fossil materials
such as CCU*3 para-xylene, and renewable and biobased materials.

 The agreement enables Chiyoda to license CO2capture technology, developed by MHI, on CO2capture projects in Japan, strengthening Chiyoda’s
position in the expanding domestic CCUS*1 market,and increasing our ability to meet decarbonization
demand in a wide range of industries.

 Contributing to a low carbon supply chain through aconsortium of seven companies across five continents,
including upstream material and downstream apparelcompanies.
 Polyester fiber produced from the project are practicallyused by Goldwin, an apparel company, for sports
uniforms under ‘THE NORTH FACE’ brand.

[Photo]Left: Tatsuo Nagayasu, Senior Vice President of MHI
Right: Naoki Kobayashi, Executive Vice President of Chiyoda*1 Carbon dioxide Capture, Utilization and Storage*2 The first use of CCU para-xylene produced by synthesizing directly from CO2 and the first collaboration between upstream raw material
companies and a downstream apparel company in the production of non-fossil-derived polyester.
*3 Carbon dioxide Capture and Utilization

8Chiyoda entered into an agreement in May for strategic
collaboration with Mitsubishi Heavy Industries, Ltd (MHI)
regarding the licensing of CO2 capture technology.
This partnership with MHI aims to strengthen our efforts in
CCUS projects in the domestic market, where an increase indemand for CCUS is expected.
MHI is a leading company in the global market as a licensee ofCO2 capture technology. Through this partnership, we aim toleverage the strengths of both companies to contribute todecarbonization needs in a wide range of industrial sectors.
Chiyoda has participated in the establishment of the world's firstsupply chain for non-fossil resource-derived polyester fibers.
This involves utilizing our technology to manufacture paraxylene
and polyester fibers from renewable and bio-based materials.
Through collaboration among five countries and sevencompanies, we aim to contribute to the decarbonization of thesupply chain. The polyester fibers are being used in sports
uniforms and other products under the brand "THE NORTH
FACE" by Goldwin.

87.2 Major Topics – Energy Management
 EPC Contract with Nijio Co., Ltd.*1 for a Largescale Battery Energy Storage System facility
 Battery Energy Storage System (BESS) facilities arerequired to expand the use of renewable energy inJapan and address electrical power output fluctuations
that destabilize the supply and demand balance.
 Chiyoda's expertise and experience in previously
constructing one of the world's largest BESS facilities
was a key factor for the award of this contract.
[Details]Location

Tsunokobaru, Oita-city,
Oita Prefecture

Battery Output/Capacity

25MW／50MWh

Start of Construction

May 2024

Start of Operation

FY2026 (planned)[Completion image] Prepared by Chiyoda based on Google Maps and GSI map data Successful Completion of a ‘Regional Microgrid’ Chiyoda completed and commenced operation of a‘Regional Microgrid’ project for Tokyu Land Corporation.
 The project comprised disconnecting the existing powerdistribution network and switching to a stand-alone
network that can be powered by renewable energy andenergy storage batteries in case of blackouts.
 The system secures a stable power supply to the townhall, evacuation centers and households in Matsumaetown.
[General image of ‘Regional Energy Management’]
System power
supplyWholesale power
market /Supply-demand
adjustment
market / Capacity
marketElectric power
Thermal energy

Battery Wind power generation,
storage(small) Hydroelectric
power generation

Solar power
generation,
Solar sharing

Biomass power
generation*EMS*2Government offices,schools, hospitals,disaster prevention
facilities, generalhousing, etc.

HydrogenExhaust heatand exhaustgas utilization
Commercialfacilities,Factories,etc.

*1 A wholly owned subsidiary of Tokyo Gas Co., Ltd.
*2 Energy Management System

AIGas

Power to X
Plant factories,etc.

High-value-added
material

9

Chiyoda has been awarded a contract for the installation of alarge-scale Battery Energy Storage System (BESS) facilities
from Nijio Co. Ltd., a wholly-owned subsidiary of Tokyo Gas Co.,Ltd.
As the utilization of renewable energy is being expanded, theuse of battery storage is increasingly demanded to address
challenges such as stabilizing the power supply-demandbalance and managing output fluctuations.
Our expertise and experience of completing construction of theworld's largest BESS facilities in a timely manner has beenhighly recognized, leading to this contract award.
Chiyoda has completed the construction of a 'regional microgrid'in Matsumae Town, Hokkaido, which was awarded by Tokyu
Land Corporation, and its operation has been commenced.
This microgrid system supplies power from renewable energy
sources and battery storage in the event of a large-scale power
outage caused by a disaster. We will continue our efforts toenhance resilience in the community and promotedecarbonization and low-carbon initiatives.

97.2 Major Topics – Open Innovation / Metals Field Capital and Business Alliance withSENSYN ROBOTICS [Open Innovation]

 Copper Smelting Plant, Indonesia

 Collaborating to improve business efficiency
and industry sophistication through robotics
and AI.

 The world’s largest simple manufacturing
line plant.

 Generating added value
through state-of-the-art
technologies and combining
the technological capabilities of two
infrastructure maintenance companies.

 Investment into DNX Ventures Fund IV
in the USA [Open Innovation][Metals Field]

 Construction is in the final phase andits completion is scheduled within 2024.
 Contributing to the expansion of copper
supplies to support the realization ofa decarbonized society.
[Construction site] Collaborating with global startup companies
and participating in DNX support programs tosupport new business development.
 Conquering social challenges through cuttingedge technologies in the sustainability anddigital domains.
Courtesy of P.T. Freeport Indonesia

10Chiyoda has entered into a capital and business alliance withSENSYN ROBOTICS, a startup company specializing inbusiness solution development, with the aim of achieving
operational efficiency and advancement in the industrial sector.
We will collaborate to create new solutions using the latest
technologies such as robots, drones, and AI to address thechallenges of labor shortage in plant operations.
This is an investment project aimed at accelerating business
transformation through open innovation. We have made aninvestment in a fund operated by DNX Ventures in the UnitedStates. We aim to utilize the latest technologies in sustainability
and the digital domain to address societal issues and work
towards their resolution.
This is an ongoing copper smelting plant project in Indonesia.
The EPC work for the world's largest copper smelting plant,
which is being implemented as a single manufacturing line, is in
its final stage of construction, and we expect it to be completed
within this year.

10[Att-1] Revenue and Backlog Breakdown
Billions of JPY

FY2024 1Q Revenue

FY2024 1Q Backlog【Business】【Business】
71.4

61%

716.4

75%

LNG Plant, Gas Related Work

67.3

58%

LNG Plant, Gas Related Work

684.5

72%

Refinery, Petrochemical

4.1

4%

Refinery, Petrochemical

32.0

3%

45.6

39%

234.2

25%

3.83%

97.2

10%

41.8

36%

117.0

100%

102.4

88%

Middle East & Africa

58.2

50%

Middle East & Africa

Americas

5.6

5%Asia & Oceania

38.4

OthersDOMESTIC

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others
TOTAL

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others

136.9

14%950.6100%

789.9

83%

564.3

59%

Americas

94.2

10%

33%

Asia & Oceania

130.1

14%

0.20%

Others

1.40%

14.6

12%

DOMESTIC

160.7

17%

117.0

100%

950.6

100%

【Region】

TOTAL【Region】

OVERSEASTOTALOVERSEAS

TOTAL

11

This is a breakdown of the first quarter of this fiscal year
Revenue and Backlog for reference.

11

[Att-2] Results History
Billions of JPY

Revenue

Gross Profit
506.0

315.4

33.0

32.7
450.0

430.2

20.1

311.1

22.8
10.8

117.0

1Q result[Progress 26%]

1Q result[Progress 33%]*2(0.2)

FY2020 FY2021 FY2022 FY2023 FY2024
FY2020 FY2021 FY2022 FY2023 FY2024

Operating Profit
18.1

Profit
17.0
15.2

10.5
7.06.4(15.0)

1Q result[Progress 38%]

*2

FY2020 FY2021 FY2022 FY2023 FY2024

15.0

8.0
4.0

1Q result[Progress 27%]

*1(12.6)*2(15.8)

FY2020 FY2021 FY2022 FY2023 FY2024*1 The figure includes Extraordinary Losses of JPY 20.4 billion related to the project losses
by settlement of lawsuit with a customer.
*2 The figure includes the additional costs of JPY 37.0 billion related to the Golden Pass LNG project.

12This is a five year financial data history for reference.

12

Forward-Looking Statements: Any projections included in these materials are based solely on information available
at the time this presentation was prepared. It is possible that actual results may vary significantly from theprojections due to a number of risk factors such as economic conditions. The results projected here should not beconstrued in any way as being guaranteed by the Company. Investor are recommended not to depend solely onthese projections for making investment decisions.

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