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.

Consolidated Financial Results
for the Six Months Ended September 30, 2023
[Japanese GAAP]
November 7, 2023
Company name: TOKYU CONSTRUCTION CO., LTD.
Stock exchange listing: Tokyo
Code number: 1720
URL: https://www.tokyu-cnst.co.jp/
Representative: Mitsuhiro Terada ,Representative Director,President
Contact: Atsutomo Koike ,General Manager,Finance Departmant
Phone: +81-3(5466)5061
Scheduled date of filing quarterly securities report: November 8, 2023
Scheduled date of commencing dividend payments: December 4, 2023
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2023 (April 1, 2023 to September 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Six months ended
September 30, 2023
134,682
4.5
2,043
2,843
867.0
2,510
September 30, 2022
128,842
15.4
166
294
(284)
(Note) Comprehensive income:Six months ended September 30, 2023:¥2,896 million [136.7%]
Six months ended September 30, 2022:¥
1,223 million [-%]
Basic earnings
per share
Six months ended
September 30, 2023
September 30, 2022

Diluted earnings per
share
Yen

Yen

23.85
(2.72)-(2) Consolidated Financial Position
Total assets
Millions of yen
As ofSeptember 30, 2023
239,950
March 31, 2023
249,164(Reference) Equity: As of September 30, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

97,16596,02096,356 million
95,248 million

%

40.2
38.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

YenYen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-18.00-18.00

36.00

Fiscal year ending March 31, 2024

-18.00-18.00

36.00

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Full year
299,000
3.5
6,200
21.4
(Note) Revision to the financial results forecast announced most recently:

7,600
Yes

% Millions of yen

51.4* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:Exclusion:(Company name:5,700%

Yen

8.7

54.10

No

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2023:
106,761,205 shares
March 31, 2023:
106,761,205 shares
2) Number of treasury shares at the end of the period:
September 30, 2023:
1,396,729 shares
March 31, 2023:
1,629,392 shares
3) Average number of shares outstanding during the period:
Six months ended September 30, 2023:
105,226,578 shares
Six months ended September 30, 2022:
104,828,156 shares(Note)The number of shares of treasury stock included the shares held by TOKYU CONSTRUCTION Employee Ownership
Association Trust and BIP Trust.
*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit
corporation.
* Explanation of the proper use of financial results forecast and other notes
The statements regarding forecast of financial results in this report are based on the information that is available to the Company,
as well as certain assumptions that are deemed to be reasonable by management, and they are not meant to be a commitment by
the Company. Therefore, there might be cases in which actual results differ materially from forecast values due to various factors.

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and otherSecurities
Costs on construction contracts in progress
Costs on real estate business
Real estate for sale
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Advances received on construction contracts inprogress
Deposits received - real estate business
Provision for warranties for completedconstruction
Provision for loss on construction contracts
Provision for bonuses
Deposits received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards for directors (and otherofficers)
Provision for loss on real estate business and other
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of September 30, 2023

58,714

31,991

113,448

132,778

1
7,667
1,034
2155
7,035(85)187,892

1
6,291
401
1,788
71
5,407(86)
178,645

27,2201,480

27,0791,460

28,8376
1,282
2,444(0)32,571
61,271
249,164

29,5236822
2,412(0)32,76461,305239,950

44,32433,081

21,17520,083
2,276

15,80335,323290

16,736

8,406

18

330

8,003

7,896

10,341
2,602
15,372
3,809
144,743

7,935
2,733
12,422
1,746
125,968

1,887

11,696

27

18

4,883
572
1,030
8,400
153,144

3,534
473
1,092
16,816
142,784

(Millions of yen)
As of March 31, 2023Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of September 30, 2023

16,354
4,093
70,112(1,019)89,541

16,354
4,102
70,710(869)
90,297

5,284

5,397

269
153
5,707
771
96,020249,164

405
255
6,058
809
97,165239,950

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Millions of yen)
For the six months
ended September 30, 2022
Net sales
Net sales of completed construction contracts
Net sales in real estate business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of sales in real estate business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on real estate business and otherTotal gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Investment business association management fee
Loss on forward contracts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

For the six months
ended September 30, 2023

127,499
1,342
128,842

133,791890
134,682

119,711862
120,574

124,249(360)
123,889

7,787
480
8,267
8,101
166

9,542
1,251
10,793
8,749
2,043

7
117
322

10
93
468

24

377

48
521

106
1,056

65
62
139
125
393
294

84
62
109
256
2,843

256
256

245
245

47
47
502
1,068(362)
706
(203)
81(284)

61
61
3,027
182
299
482
2,544342,510

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Millions of yen)
For the six months
ended September 30, 2022
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

For the six months
ended September 30, 2023

(203)

2,544806
146
181

319(18)
94

292

(43)

1,427
1,223

352
2,896

1,139

2,861

84

35

Quarterly Consolidated Statements of Cash Flows(Millions of yen)
For the six months
ended September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for loss on
construction contractsIncrease (decrease) in provision for bonuses
Increase (decrease) in provision for loss on real estatebusiness and other
Increase in defined benefit asset or liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts
in progress
Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Decrease (increase) in advances paid
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in advances received on
construction contracts in progress
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities

For the six months
ended September 30, 2023

502
619
47
23(6)

3,027
572
61
24
(1)

1,541

(233)

1,027

(2,477)(8)

129(93)(1,348)

(137)
(125)
65

(104)
(103)
84

(24)

(377)

(256)
10,338(245)(19,175)

465

1,384

(13)
3,585
239
(6,973)(485)(1,150)82723(16,656)(1,982)(1,042)(8,331)

1,306
(355)
10,244419(82)(1,602)
8,977(2,954)
1,017(48,034)403(107)(2,113)(49,852)

(297)

(385)

(367)
570

(298)
324

84-

16526(333)(Millions of yen)
For the six months
ended September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Net decrease (increase) in treasury shares
Dividends paid
Repayments of lease liabilities
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

For the six months
ended September 30, 2023

(11)
(198)
154
(530)
(62)
(2)
(651)

15,242
10,000(193)
158(1,912)(36)(3)
23,256

249

206

8,581
38,64847,229(26,722)58,714
31,991