Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 2023
(Based on Japanese GAAP)
February 9, 2024
Company name:
EXEO Group, Inc.
Stock exchange listing: Tokyo
Stock code:
Representative:

Inquiries:

1951
URL https://www.exeo.co.jp/President and CEO
Tetsuya Funabashi
Director and Operating Officer
General Manager of Accounts & FinanceShigeki Hayashi

Division
Chief Financial Officer

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

February 9, 2024–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
No

TEL

03-5778-1105(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet 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
403,387(3.3)
15,129(0.9)
18,9930.1
10,992
1.9
Nine months ended December 31, 2022
417,326
5.6
15,265 (37.9)
18,970 (28.5)
10,782 (33.7)
Earnings per share

Diluted earnings per shareYen
103.66
99.05

Nine months ended December 31, 2023
Nine months ended December 31, 2022

Yen
103.6299.02(2) Consolidated financial position
Total assets

Net assets

Millions of yen
570,920577,941

As of December 31, 2023
As of March 31, 2023

Equity ratio

Millions of yen
310,703
307,941

Net assets per share%
53.4
52.5

Yen
2,893.81
2,832.22

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––

Yen
51.00
60.00

Yen
––

Yen
51.00

Yen
102.0060.00

120.00Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
610,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen(2.8)
30,000(7.8)
33,400(1.1)
23,6006.1
223.8714. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2023

106,812,419 shares As of March 31, 2023

109,812,419 shares

Number of treasury shares at the end of the period
As of December 31, 2023

1,525,081 shares As of March 31, 2023

2,759,091 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

106,037,676 shares Nine months ended December 31, 2022

2108,853,831 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of December 31, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other
Securities
Costs on construction contracts in progress
Other
Allowance for doubtful accounts

51,45358,013

232,567

171,987263

45

53,877
15,64582,092
15,292(83)(79)

353,723

327,350

39,75046,981Land
Other, net

62,70133,182

63,18936,145

Total property, plant and equipment

135,635

146,317

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

Intangible assets
Goodwill

15,112

14,842

Other

7,995

8,422

Total intangible assets

23,10823,264

Other
Allowance for doubtful accounts

66,104(630)

74,622(634)

Total investments and other assets

65,47373,988224,217

243,570

577,941

570,920

Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Short-term borrowings

75,03349,45728,74832,890Current portion of bonds payable
Income taxes payable

–
4,531

10,0002,642

Advances received on construction contracts in progress
Provisions

12,692
4,647

22,167
3,366

Other

33,444

31,846

Total current liabilities

159,097

152,372

Bonds payable
Long-term borrowings

30,00053,63220,00055,993

Provisions
Retirement benefit liability

778
10,083

737
10,569Non-current liabilities

Other

16,407

20,544

Total non-current liabilities

110,901

107,845

269,999

260,217

Share capital
Capital surplus

6,888
28,912

6,888
22,060Retained earnings
Treasury shares

256,303(5,848)

255,486(3,855)

Total shareholders' equity

286,256

280,579

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

7,772

11,101

Foreign currency translation adjustment
Remeasurements of defined benefit plans

1,490
7,678

4,246
8,753

Total accumulated other comprehensive income

16,941

24,101

162
4,580

147
5,873

307,941

310,703577,941

570,920

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

Net sales
Cost of sales

417,326
366,705

403,387
347,538

Gross profit

50,621

55,848Selling, general and administrative expenses

35,35540,718Operating profit

15,265

15,129

47
741

166
737

Foreign exchange gains
Other

2,024
1,985

2,624
1,606

Total non-operating income

4,798

5,134

387

584

705

686Non-operating income
Interest income
Dividend income

Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on step acquisitions
Total extraordinary income

1,093

1,271

18,97018,993

481

–

481

–

Profit before income taxes

19,451

18,993

Income taxes

8,226

7,837

Profit11,225

11,156442

164

10,782

10,992

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

11,225

11,156

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

1,323
4,557

3,330
2,874

Remeasurements of defined benefit plans, net of tax(1,415)

1,075

4,465

7,280

Comprehensive income

Total other comprehensive income

15,69018,436Comprehensive income attributable toComprehensive income attributable to owners of parent

15,122

18,152568

284

Comprehensive income attributable to non-controllinginterests6