February 14, 2024

Summary of Consolidated Financial Results
for the Third Quarter of Fiscal Year Ending March 31, 2024
(Nine Months Ended December 31, 2023)[Japanese GAAP]IWAKI CO.,LTD.
Listing: Tokyo Stock Exchange
6237
URL: https://www.iwakipumps.co.jp/
Shigeru Fujinaka, President
Makoto Inoue, Executive Officer,
Senior General Manager of Business Management Head OfficeTel: (81)3-3254-2931
Scheduled date of filing of Quarterly Report:
February 14, 2024
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting:
None

Company name:
Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Third Quarter Ended December 31, 2023
(April 1, 2023 – December 31, 2023)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen% Million yen% Million yen% Million yen%
Nine months ended Dec. 31, 2023
33,683 24.2
4,525
139.5
5,124
48.8
3,618 (10.1)
Nine months ended Dec. 31, 2022
27,126 13.4
1,889
(2.9)
3,444
32.1
4,024
96.1
Note: Comprehensive income (million yen) Nine months ended Dec. 31, 2023: 5,045 (down 2.5%)
Nine months ended Dec. 31, 2022: 5,173 (up 120.8%)
Diluted net income per
Net income per share
share
Nine months ended Dec. 31, 2023
Nine months ended Dec. 31, 2022

Yen

Yen

164.23
183.35-(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio
Million yen
Million yen%
As of Dec. 31, 2023
50,36732,78964.7
As of Mar. 31, 2023
45,251
28,86963.4
Reference: Owner’s equity (million yen)
As of Dec. 31, 2023: 32,568
As of Mar. 31, 2023: 28,706
Note: The provisional accounting treatment for a business combination has been finalized in the second quarter of the fiscal year
ending March 31, 2024. All figures for the fiscal year ended March 31, 2023 reflect the finalized figures.

2. Dividends
1Q-endYen

2Q-endDividend per share
3Q-endYear-end

Yen

Yen

Yen

Total
Yen

27.00
34.00
61.00
Fiscal year ended Mar. 31, 2023
21.00
Fiscal year ending Mar. 31, 2024
35.00
56.00
Fiscal year ending Mar. 31, 2024 (forecasts)
Note: Revisions to the most recently announced dividend forecasts: Yes
Regarding revisions to the dividend forecast, please see the press release dated today (February 14, 2024) concerning therevisions to the earnings forecast and dividend forecast (Japanese version only).

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 (April 1, 2023 – March 31, 2024)(Percentages represent year-on-year changes)
Profit attributable to Net income per
Net sales
Operating profit
Ordinary profit
owners of parent
shareMillion yen%
Million yen% Million yen% Million yen%
Yen
Full year
43,855 (0.7)
5,063
29.2
5,811
35.1
3,904
25.3
177.14
Note: Revisions to the most recently announced consolidated earnings forecasts: Yes
Regarding revisions to the earnings forecast, please see the press release dated today (February 14, 2024) concerning therevisions to the earnings forecast and dividend forecast (Japanese version only).

* Notes(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to page 8 “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements, Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial
Statements” for details.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others:None2) Changes in accounting policies other than 1) above:Yes3) Changes in accounting-based estimates:

None4) Restatements:

None

Note: Please refer to page 8 “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements, Changes in Accounting Policies” for details.

(4) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Dec. 31, 2023:

22,490,910 shares

As of Mar. 31, 2023:

22,490,910 shares

As of Mar. 31, 2023:

519,393 shares

2) Number of treasury shares at the end of the period
As of Dec. 31, 2023:

410,761 shares

3) Average number of shares outstanding during the period
Nine months ended Dec. 31, 2023:

22,031,872 shares

Nine months ended Dec. 31, 2022:

21,949,193 shares* The current quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available to
Iwaki’s management at the time the materials were prepared, but are not promises by Iwaki regarding future performance.
Actual results may differ materially from the forecasts.
How to view supplementary materials for the quarterly financial results meeting
The supplementary information materials for quarterly financial results are disclosed on the Company’s website today(February 14, 2024).

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

2(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements

3

2. Quarterly Consolidated Financial Statements and Notes

4(1) Quarterly Consolidated Balance Sheet

4(2) Quarterly Consolidated Statements of Income and Comprehensive Income

6

Quarterly Consolidated Statement of Income
For the Nine-month Period

6

Quarterly Consolidated Statement of Comprehensive Income
For the Nine-month Period

7(3) Notes to Quarterly Consolidated Financial Statements

8

Going Concern Assumption

8

Significant Changes in Shareholders’ Equity

8

Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements

8

Changes in Accounting Policies

8

Additional Information

8

Business Combinations

9

1

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the first nine months of the current fiscal year, there was a slow recovery of the Japanese economy
backed by upturns in consumer spending, capital expenditures, production and other activities. The economy isexpected to continue to recover at a moderate pace. However, the outlook for the Japanese economy remains
uncertain because of the risk of a downturn caused by a global economic decline due to worldwide monetary
tightening, concerns about the outlook for the Chinese economy and other reasons.
Iwaki has been taking many actions in Japan to improve its corporate value based on the core policy of“winning by creating solutions.” Overseas, there were activities encompassing 21 affiliated companies in 15
countries to increase sales. The Iwaki Group continued to speed up various measures for achieving the Iwaki
Group 10-year vision of net sales of 40 billion yen and an operating margin of 10% in the fiscal year ending on
March 31, 2025 based on the policy of “supplying the world’s best products as All Iwaki.”
As a result of these activities, results of operations in all market categories were strong. In particular, sales in
the medical equipment category were strong to customers in China, Japan and the United States, resulting in
category sales growth of 64.0% from one year earlier to 6,183 million yen. This was a major source of growthof consolidated sales. In other priority growth markets, sales in the water treatment category increased 14.8%
to 7,616 million yen, sales in the semiconductor/liquid crystal category increased 17.9% to 6,342 million yen,and sales in the new energy category increased 64.1% to 889 million yen.
Sales in Japan increased 8.6% to 15,558 million yen because of higher sales primarily in the medical
equipment category. Overseas, sales in the United States rose 14.4% to 5,246 million yen as a result of thestrong performance of the water treatment and medical equipment categories. In Europe, sales increased 25.1%
to 4,188 million yen mainly because of higher sales in the chemicals category. In Taiwan, sales decreased
14.5% to 2,003 million yen mainly because of sluggish sales in the semiconductor/liquid crystal and surface
treatment equipment categories. This decline also reflects shifts in some shipments to customers in the South
Korea semiconductor/liquid crystal category. Sales in China increased 304.9% to 5,244 million yen due to thecontribution of subsidiaries in China and big increases in sales primarily in the semiconductor/liquid crystal
and medical equipment categories.
Sales in the core magnetic drive pump and metering pump categories remained strong and sales of rotary
displacement pumps, used mainly in medical equipment, were up 75.2% to 2,304 million yen.
As a result, consolidated net sales increased 24.2% to 33,683 million yen.
Operating profit increased 139.5% from one year earlier to 4,525 million yen. This was the result of thecontribution of subsidiaries in China newly consolidated in the fourth quarter of the previous fiscal year andsales growth at other subsidiaries. Ordinary profit was up 48.8% to 5,124 million yen. This smaller increase
was mainly due to a decrease in share of profit of entities accounted for using the equity method in
non-operating income following the consolidation of subsidiaries in China, a decrease in foreign exchange
gains and one-time non-operating income in the previous fiscal year because a U.S. subsidiary received a tax
refund. Profit attributable to owners of parent decreased 10.1% to 3,618 million yen because earnings in thefirst nine months of the previous fiscal year included a gain on step acquisitions, which is extraordinary
income.
There is no business segment information because chemical pumps are the only business of the Iwaki Group.
(2) Explanation of Financial Position
AssetsCurrent assets at the end of the third quarter of the current fiscal year were 37,357 million yen, up 5,170
million yen from the end of the previous fiscal year. This was mainly due to increases of 872 million yen in
cash and deposits, 947 million yen in notes and accounts receivable-trade, and contract assets, 576 million yen
in merchandise and finished goods and 2,661 million yen in work in process. Non-current assets were 13,009
million yen at the end of the third quarter, down 54 million yen from the end of the previous fiscal year. Thiswas mainly because of a decrease of 41 million yen in investment securities.

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IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

As a result, total assets increased 5,115 million yen from the end of the previous fiscal year to 50,367 million
yen.
Liabilities
Current liabilities at the end of the third quarter were 15,051 million yen, up 1,334 million yen from the end of
the previous fiscal year. This was mainly due to increases of 971 million yen in electronically recorded
obligations-operating and 540 million yen in income taxes payable. Non-current liabilities were 2,526 million
yen at the end of the third quarter, down 138 million yen from the end of the previous fiscal year. This was
mainly due to a decrease of 155 million yen in long-term borrowings.
As a result, total liabilities increased 1,196 million yen from the end of the previous fiscal year to 17,578
million yen.
Net assets
Net assets at the end of the third quarter were 32,789 million yen, up 3,919 million yen from the end of theprevious fiscal year. There were increases of 2,407 million yen in retained earnings and 1,382 million yen inforeign currency translation adjustment.
Consequently, the capital adequacy ratio was 64.7% (63.4% at the end of the previous fiscal year).
The provisional accounting treatment for a business combination has been finalized in the second quarter ofthe current fiscal year. Comparisons with the end of the previous fiscal year and analysis use figures that havebeen revised to reflect the changes due to the finalization of the provisional accounting treatment.
(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements
The forecast for the fiscal year ending on March 31, 2024 has been revised to reflect the results of operationsin the first nine months. For more information, please see the press release dated today (February 14, 2024)
concerning the revisions to the earnings forecast and dividend forecast (Japanese version only).

3

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Thousands of yen)
Third quarter of FY3/24(As of Dec. 31, 2023)

FY3/23(As of Mar. 31, 2023)
AssetsCurrent assets
Cash and deposits

8,927,985

9,800,150

Notes and accounts receivable-trade, and contract assets

7,010,044

7,957,157

Electronically recorded monetary claims-operating

4,497,381

4,963,334

Securities
Merchandise and finished goods
Work in process-

150,858

5,650,511

6,226,686

141,397

2,802,664

5,228,772

4,475,083

Other

798,971

1,062,837

Allowance for doubtful accounts(67,781)(81,153)

32,187,283

37,357,620

Raw materials and supplies

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net

8,144,787

8,344,716(4,202,592)(4,446,657)

3,942,195

3,898,058

3,496,770

3,722,868(2,997,027)(3,156,887)

499,743565,9812,276,945

2,448,434(1,902,462)(2,017,814)

374,483

430,620

1,049,205

1,057,523

346,955

334,749(199,803)(185,019)

147,151

149,730

Construction in progress

42,14894,830Other760,975

782,436(379,543)(437,724)

Accumulated depreciation
Other, net
Total property, plant and equipment

381,432

344,7116,436,360

6,541,455

2,345,822

2,390,880

19,672

12,677

Intangible assets
Goodwill
Trademark rightOther

1,084,045

800,353

Total intangible assets

3,449,539

3,203,911

1,397,352

1,356,229

Deferred tax assets

615,044643,573Retirement benefit asset

789,245

801,610

Other

376,774

463,184

Investments and other assets
Investment securities

Total investments and other assets
Total non-current assets
Total assets

4

3,178,417

3,264,598

13,064,318

13,009,965

45,251,601

50,367,585

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

FY3/23(As of Mar. 31, 2023)(Thousands of yen)
Third quarter of FY3/24(As of Dec. 31, 2023)

Liabilities
Current liabilities
Notes and accounts payable-trade

3,687,101

3,925,060

Electronically recorded obligations-operating

4,307,453

5,278,822

Short-term borrowings

1,170,500

994,038

Current portion of long-term borrowings

155,000

155,000

Lease liabilities

116,468

115,543

Income taxes payable

331,446

872,441

Contract liabilities

652,603580,711

Provision for bonuses

1,203,618

852,972

Provision for bonuses for directors (and other officers)

325,307

98,272

Provision for product warranties

100,995

95,645

Other

1,666,901

2,083,335

Total current liabilities

13,717,396

15,051,843

1,167,500

1,012,500

118,987

122,652

Deferred tax liabilities

56,55913,208Retirement benefit liability

82,552

94,613

Non-current liabilities
Long-term borrowings
Lease liabilities

Asset retirement obligations

222,551

223,361

Other

1,016,606

1,060,035

Total non-current liabilities

2,664,758

2,526,372

16,382,155

17,578,215

Share capital

1,044,691

1,044,691

Capital surplus

674,127

713,604

Retained earnings

25,531,082

27,938,662

Treasury shares(519,765)(411,088)

Total shareholders’ equity

26,730,134

29,285,870

530

1,450

Foreign currency translation adjustment

1,157,911

2,540,642

Remeasurements of defined benefit plans

817,833

740,719

1,976,275

3,282,812

Total liabilities
Net assets
Shareholders’ equity

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

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5163,036

220,687

28,869,446

32,789,370

45,251,601

50,367,585

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Nine-month Period)First nine months of FY3/23(Apr. 1, 2022 – Dec. 31, 2022)(Thousands of yen)First nine months of FY3/24(Apr. 1, 2023 – Dec. 31, 2023)

Net sales

27,126,489

33,683,707

Cost of sales

17,947,004

19,804,786

Gross profit

9,179,484

13,878,920

Selling, general and administrative expenses

7,290,005

9,353,628

Operating profit

1,889,479

4,525,292

Interest income

1,538

33,755

Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains

16,90319,053

951,807498,840

235,614

35,298

Income from refund

325,638-

Non-operating income

Other

57,029109,673

1,588,532

696,621

Interest expenses

23,53260,718Commission expenses
Loss on amortization of restricted stock
remuneration
Expenses related to deferred compensation plan

5,973

18,128406--

14,832

Other

3,837

3,577

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit

33,75097,2563,444,261

5,124,657

5,621

3,796

1,227,206-

Extraordinary income
Gain on sale of investment securities
Gain on step acquisitions
Other
Total extraordinary income

231

910

1,233,058

4,706

1,092

3,371

-

55

1,092

3,427

4,676,226

5,125,937

627,557

1,397,280

4,048,669

3,728,656

Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

624,239110,361

4,024,429

3,618,295

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

Quarterly Consolidated Statement of Comprehensive Income(For the Nine-month Period)(Thousands of yen)First nine months of FY3/23
First nine months of FY3/24(Apr. 1, 2022 – Dec. 31, 2022) (Apr. 1, 2023 – Dec. 31, 2023)
Profit

4,048,669

3,728,656(2,454)557

Foreign currency translation adjustment

1,165,016

1,308,288

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method(82,573)(77,114)44,34784,876

Total other comprehensive income

1,124,335

1,316,607

5,173,004

5,045,264

5,143,642

4,924,833

29,361

120,431

Other comprehensive income
Valuation difference on available-for-sale securities

Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

7

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24(3) Notes to Quarterly Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements
Calculation of tax expense
At Iwaki and certain consolidated subsidiaries, the tax expenses were calculated by first estimating theeffective tax rate after the application of tax effect accounting with respect to profit before income taxes during
the fiscal year, and multiplying that rate by the quarterly profit before income taxes.
Changes in Accounting Policies
Changes in valuation of inventories
In prior years, Iwaki used primarily the moving-average cost method to determine the valuations of inventories
of products manufactured by Iwaki, products purchased from other companies and raw materials. Valuations
on the balance sheet are written down to reflect declines in profitability. Beginning with the third quarter of thecurrent fiscal year, the method used to determine the valuations of products purchased from other companies
and raw materials was changed to primarily the monthly-average cost method with balance sheet valuations
written down to reflect declines in profitability. The method used to determine the valuations of products
manufactured by Iwaki was changed to primarily the first-in first-out cost method with balance sheet
valuations written down to reflect declines in profitability.
Iwaki used the start of a new IT system for business operations on October 1, 2023, as an opportunity to begin
using these new inventory valuation methods. The purpose is to increase the accuracy of cost management.
The retrospective application of the new valuation methods in previous fiscal years is impossible and thecumulative monetary effect of the retrospective application cannot be calculated. Consequently, calculations
were made by assuming that book values of inventories at the end of the previous fiscal year are also thevalues at the beginning of the current fiscal year.
The effect of these changes on the quarterly consolidated financial statements for the first nine months of thecurrent fiscal year is insignificant.
Additional Information
Reclassifications
Notes to Quarterly Consolidated Balance Sheet
In conjunction with the activation of the new IT system for business operations, inventory categories havebeen revised to permit managing inventories with greater accuracy. As a result, some items that were included
mainly in “raw materials and supplies” in the previous fiscal year are included in “work in process” in thequarterly consolidated balance sheet for the third quarter of the current fiscal year.
In accordance with the principle-based treatment for reclassifications, no reclassifications have been made to
the consolidated financial statements for the previous fiscal year to reflect these changes in the presentation of
inventory items because it is impossible to determine precise information involving prior years in accordancewith the revised inventory categories.

8

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/24

Business Combinations
Finalization of provisional accounting treatment of business combination
In the previous fiscal year, a provisional accounting treatment was used for the acquisition of IWAKI Pumps
Co., Ltd. and IWAKI Pumps (Shanghai) Co., Ltd. on September 30, 2022. This treatment was finalized in thesecond quarter of the current fiscal year.
Due to the finalization of the provisional accounting treatment, comparative information included in the
consolidated financial statements for the first nine months reflects a significant revision of the initialacquisition cost allocation.
As a result, provisional goodwill of 2,365,446 thousand yen decreased 515,141 thousand yen to 1,850,305
thousand yen due to the finalized accounting treatment. This decrease in goodwill was due to increases of
687,421 thousand yen in other under intangible assets, 146,460 thousand yen in deferred tax liabilities and25,818 thousand yen in non-controlling interests.
The result was decreases of 466,017 thousand yen in goodwill, 40,110 thousand yen in deferred tax assets and140,689 thousand yen in retained earnings, and increases of 447,563 thousand yen in other under intangible
assets, 56,559 thousand yen in deferred tax liabilities, 7,425 thousand yen in foreign currency translation
adjustment and 18,140 thousand yen in non-controlling interests at the end of the previous fiscal year.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

9