August 10, 2023

Summary of Consolidated Financial Statements for FY2023-1Q(the Fiscal Year Ending March 31, 2024)＜under Japanese GAAP＞
Company Name:

Mitsubishi Estate Co., Ltd.

Listed Stock Exchanges: Tokyo

Securities Code:
Representative:

8802
Atsushi Nakajima, President & CEO
Keiko Nakano, General Manager of theCorporate Communications Department

URL: https://www.mec.co.jp/en/Inquiries:

TEL: +81-3-3287-5200

Filing of Quarterly
August 14, 2023
Report (Planned):
Supplementary documents on quarterly financial results: Yes ( FACT BOOK )Quarterly investors meeting: Yes ( for institutional investors and analysts, in Japanese )*Definition of term（Changes from previous versions）: "FY2023" refers to the Group's fiscal year ended March 31, 2024, and other fiscal years are referred to in a corresponding manner.

*Figures are rounded down to the nearest million.
1. Consolidated Results for FY2023-1Q (April 1, 2023 – June 30, 2023)* Percent figures for operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent express the percentage changes from thecorresponding period of the previous fiscal year.
(1) Consolidated Results
Profit Attributable
Operating Revenue
Operating Profit
Ordinary Profit
to Owners of Parent
Millions of yen

1Q FY2023
292,465
1Q FY2022
305,367
Note: Comprehensive Income:
1Q FY2023%

Millions of yen%

Millions of yen%

Millions of yen%

(4.2)
(0.7)

48,40083,518(42.0)
33.5

43,63081,845(46.7)
41.2

19,26961,553(68.7)
77.3¥66,874 million ((37.4%))

EPS

Yen
14.93
46.53

Consolidated Financial Position
Total Assets

Net Assets

Millions of yen

Jun. 30, 2023
Mar. 31, 2023
(Reference) Total Equity

2. Dividends(Date of Record)¥106,891 million (38.8%)

Diluted EPS
Yen
14.93
46.54

1Q FY2023
1Q FY2022(2)

1Q FY2022

6,944,948
6,871,959
Jun. 30, 2023

1Q

Total Equity to Total Assets

Millions of yen¥2,175,906 million

2Q

Yen
—
—%

2,399,304
2,379,941
Mar. 31, 2023

3Q

Yen
19.00

FY2022
FY2023
FY2023 (Planned)
20.00
Note: Revisions to dividend forecast of the fiscal year ending March 31, 2023: No

31.3
31.4
¥2,157,561 million

Annual

4Q

Yen—

Yen
19.00

Yen
38.00

—20.0040.00

3. Forecast of Consolidated Financial Results for FY2023 (April 1, 2023 — March 31, 2024)* Percent figures for operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent express the percentage changes from theprevious fiscal year.
Profit Attributable
Operating Revenue
Operating Profit
Ordinary Profit
EPSto Owners of Parent
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

Full Fiscal Year1,469,000
6.6
264,000(11.0)
232,000(14.6)
166,000
0.4
130.08
Note: Revisions to forecast of consolidated financial results for FY2023 during this quarter: No
Note: The Company resolved to repurchase its own shares at the board of directors meeting held on November 10, 2022. The impact of repurchase of own
shares is taken into account in regards to EPS in the forecast of consolidated financial results for FY2023.
Note: The EPS is calculated using the number of shares after the Company disposed the restricted shares (159,042 shares) on May 26, 2023.
Note: The EPS is calculated using the number of shares after the Company will dispose the restricted shares (146,281 shares) on August 25, 2023.

-1-4. Others(1) Changes in Important Subsidiaries during the Period (Changes in Specified Subsidiaries in accordance with Changes in the Scope of Consolidation): Yes
New Consolidation: Nagoya Minato Development SPC
Exclusion: (2) Adoption of the Simplified Accounting Method and Special Accounting Practices in the Preparation of Quarterly Consolidated Financial Statements: No(3) Changes in Accounting Principles, Procedures, Presentation Methods, etc., Concerning the Preparation of Consolidated Financial Statements (Recorded under“Changes in Significant Matters in the Preparation of Consolidated Financial Statements”)
1) Changes of accompanying revisions in accounting standards: No
2) Changes of accompanying revisions other than 1. above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Number of Outstanding Shares (Common Stock)1) Number of outstanding shares at the fiscal period-end (including treasury stock)Jun. 30, 2023

1,324,288,306 sharesMar. 31, 2023

1,324,288,306sharesMar. 31, 2023

28,043,822 shares

2)

Number of shares of treasury stock at the fiscal period-end3)

Average number of shares for the period (quarterly consolidated cumulative basis)

Jun. 30, 2023
Jun. 30, 2023

40,275,914 shares
1,290,376,725 shares

Jun. 30, 2022

1,322,692,592 shares

Implementation status of review processes
This Summary of Consolidated Financial Results is not subject to the review processes under the Financial Products and Exchange Law.
Cautionary Statement with respect to Forecast of Consolidated Financial Results
The forecasts and projected operating results contained in this report are based on information and data available to the Company at the time of disclosure as well as
certain assumptions deemed rational. Therefore, actual performance may differ significantly from such forecasts due to various factors.
Details can be found on our website. (https://www.mec.co.jp/en/ir/library/)
Please refer to FACT BOOK for the details of revisions to the forecast of consolidated financial results announced today.

-2-(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Trade notes accounts receivables, andcontract assets
Securities
Real estate for sale
Real estate for sale in process
Real estate for development
Costs on construction contracts inprogress
Other inventories
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation andimpairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation andimpairment
Machinery, equipment andvehicles, net
LandLand in trust
Construction in progress
Other
Accumulated depreciation andimpairment
Other, net
Total property, plant andequipment
Intangible assets
Leasehold interests in landOther
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Leasehold and guarantee deposits
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-3-

As of June 30, 2023

225,011

177,010

69,98757,3383,578
65,252420,956719

4,876
45,018470,169
719

5,201

7,686

1,413
716,416
108,723(659)
1,616,602

1,645
731,966
92,817(626)
1,588,622

2,984,949

3,009,067(1,761,958)(1,777,430)

1,222,991
100,030

1,231,637
100,816(72,120)(73,156)

27,90927,6602,335,460
575,648
228,955
69,8152,341,056
575,654
252,351
73,974(44,565)(45,578)

25,24928,395

4,416,214

4,456,755

81,74529,441
111,187

81,44628,954110,401

306,352
2,559
144,070
62,52825,943
187,095(596)
727,954
5,255,356
6,871,959

371,823
2,741
146,386
63,20625,895
179,725(609)
789,169
5,356,326
6,944,948

(Millions of yen)
As of March 31, 2023
LiabilitiesCurrent liabilities
Trade notes and accounts payable
Short-term borrowings
Current portion of long-termborrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits
received
Deferred tax liabilities
Deferred tax liabilities for land
revaluation
Retirement benefit liability
Provision for retirement benefits for
directors (and other officers)
Provision for environmental measures
Negative goodwill
Other
Total non-current liabilitiesTotal liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on
available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-4-

As of June 30, 2023

66,407
194,881

51,140231,092

210,087

108,025－
26,63523,574
333,752
855,337

50,0006,676
12,315301,066
760,318

820,584
1,618,019

880,584
1,685,552

448,442450,931

288,861

309,468

264,082

264,082

27,644

28,168

478

435

582
60,413
107,568
3,636,680
4,492,017

259
60,832
105,0113,785,326
4,545,644

142,414
157,914
1,147,425(48,454)
1,399,299

142,414
158,088
1,142,057(68,637)
1,373,922

138,552

176,9132,106
526,417299
526,417

77,48985,325

13,69513,028758,261

801,984

193
222,187
2,379,941
6,871,959

168
223,228
2,399,304
6,944,948

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income(Quarterly Consolidated Statements of Income)(Millions of yen)Three months ended
June 30, 2022
Operating revenue
Operating costs
Operating gross profit
Selling,generalandadministrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted forusing equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of non-current assetsOther
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss related to retirement of non-current
assetsLoss on valuation of investment
securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent-5-Three months ended
June 30, 2023

305,367
199,016
106,351

292,465
216,875
75,58922,833

27,18883,51848,400

170
3,422

265
3,876

88

61

1,866
5,547

1,807
6,010

5,445
327
1,447
7,220
81,845

7,742
1,378
1,659
10,78043,630

6,269
－
6,269

－
2,710
2,710

397

－

3,152－

3,549
84,564
16,4492,371
18,82065,744－
46,34018,574
4,378
22,95323,387

4,190

4,118

61,553

19,269(Quarterly Consolidated Statements of Comprehensive Income)(Millions of yen)Three months ended
June 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit
plans, net of tax
Share of other comprehensive income ofentities accounted for using equity
methodTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests-6-

Three months ended
June 30, 2023

65,744

23,387(358)

38,366

256
40,681(1,804)
7,591

(581)

(664)

1,149

(2)

41,146
106,891

43,487
66,874

100,074

62,991

6,817

3,882

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Three months ended
June 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale and retirement ofproperty, plant and equipment
Loss (gain) on sale of securities
Loss (gain) on valuation of securities
Bond issuance costs
Amortization of goodwill
Share of loss (profit) of entities accounted
for using equity method
Increase (decrease) in provisions
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
and contract assets
Decrease (increase) in inventories
Decrease(increase)inequity
investments
Decrease (increase) in advance payments
to suppliers
Decrease (increase) in leasehold andguarantee deposits
Increase (decrease) in trade payables
Increase(decrease)inaccrued
consumption taxes
Increase (decrease) in leasehold andguarantee deposits received
Other
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Cash flows from operating activities
Cash flows from investing activities
Proceeds from withdrawal of timedeposits
Payments into time deposits
Proceeds from sale and redemption ofsecurities
Purchase of securities
Proceeds from sale of property, plant andequipment
Purchase of property, plant andequipment
Proceeds from sale and redemption ofinvestment securities
Purchase of investment securities
Short-term loan advances
Proceeds from collection of long-termloans receivable-7-

Three months ended
June 30, 2023

84,564
22,82846,34023,278(5,551)449－
3,152－
650(2,710)
－
191
913

(88)

(61)

(5)

(387)

(1,917)(1,119)(3,592)
5,445(4,141)
7,742

15,066

12,664(108,363)(13,847)

41,763(4,135)

1,880

7

2,434

(2,313)(18,499)(14,329)

1,747(1,236)(3,903)

2,488(16,821)
20,7893,545(5,168)(36,884)(17,718)

6,501
56,295
3,933(7,230)(31,502)21,496

64

－

(0)

(0)

303

252

(240)

(281)

7,560

14(81,681)(96,672)

122

4,065

(364)
(102)

(2,805)(100)

57

Long-term loan advances
Other
Cash flows from investing activities(161)(3,416)(77,911)(179)(2,582)(98,282)(Millions of yen)Three months ended
June 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Net increase (decrease) in commercialpapers
Repayments of finance lease obligations
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Net decrease (increase) in treasury
sharesDividends paid
Dividends paid to non-controllinginterests
Proceeds from share issuance tonon-controlling shareholders
Other
Cash flows from financing activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning ofperiod
Decrease in cash and cash equivalents
resulting from exclusion of subsidiaries
from consolidation
Cash and cash equivalents at end of period-8-

Three months ended
June 30, 2023

(34,576)

27,261

250,000

50,000(75)
48,737(22,838)－(60,000)(76)
76,241(115,688)
59,808(20,000)(3)(20,472)(26,470)(24,628)(6,501)(6,202)

631

3,196

(4)
148,898(99)
29,3394,473

724

57,742(46,722)234,244

225,772－(62)

291,986

178,987