(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

半 期 報 告 書
Semiannual Report(The First Six-month of 22nd Fiscal Period)

Nabtesco Corporation

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

Semiannual Report
1. This document prints out the semiannual report based on Article 27-30-2 of the
Financial Instruments and Exchange Law with the contents and pages attachedto the data submitted using the electronic information processing system(EDINET) for disclosure.
2. This report contains the Interim Review Report at the end of this report attachedto the semiannual report submitted in accordance with the above method andthe Confirmation Report submitted in conjunction with the above-mentioned
semiannual report.

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

Contents

Page【Cover】………………………………………………………………………………………………………………………1

Part one 【Corporate Information】 …………………………………………………………………………………………2
No.1 【Overview of the Company】………………………………………………………………………………………2
1 【Transition in Major Management Indicators】 ………………………………………………………………… 2
2 【Description of Business】 ……………………………………………………………………………………… 2
No.2 【Business Situation】……………………………………………………………………………………………… 3
1 【Business Risks】………………………………………………………………………………………………… 3
2 【Management's Analysis of Financial Condition, Results of Operations and Cash Flows】 …………………… 4
3 【Significant Management Contracts】…………………………………………………………………………… 6
No.3 【Status of the Company Submitting the Report】 ………………………………………………………………… 7
1 【Status of Shares】 ……………………………………………………………………………………………… 7
2 【Status of Management】………………………………………………………………………………………… 9
No.4 【Accounting Status】……………………………………………………………………………………………… 10
1 【Summary of Interim Consolidated Financial Statements】 …………………………………………………… 11
2 【Others】………………………………………………………………………………………………………… 35
Part two 【Information on Assurance Companies, etc. of Submitting Companies】 ……………………………………… 36

Semiannual Review Report
Confirmation Report(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

[Cover][Filing]

Semiannual Report[Articles of Basis]

Item 1 on the table in Article 24-5-1 of the Financial Instruments and Exchange Act[Submit to]

Kanto Finance Bureau[Submission date]August 9, 2024

[Semiannual accounting period]

The First Six-month of 22nd fiscal period (From January 1, 2024 to June 30, 2024)[Company name]

Nabtesco Corporation[English translation name]

Nabtesco Corporation[Title of Representative]

Kazumasa Kimura, representative director[Location of the head office]7-9, Hirakawacho 2-chome, Chiyoda-ku, Tokyo[Phone No.]+81-3-5213-1134[Name of administrative liaison]

Yasushi Minegishi, General Manager, Corporate Communications Dept.

[Near contact location]

7-9, Hirakawacho 2-chome, Chiyoda-ku, Tokyo[Phone No.]+81-3-5213-1134[Name of administrative liaison]

Yasushi Minegishi, General Manager, Corporate Communications Dept.

[Locations for Public Inspection]

Tokyo Stock Exchange, Inc.
(2-1, Nihonbashi Kabutocho, Chuo-ku, Tokyo)-1-

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

Part one 【Corporate Information】
No.1 【Overview of the Company】

1 【Transition in Major Management Indicators】
First six-month of 21st First six-month of 22nd 21st consolidated fiscal
consolidated fiscal period consolidated fiscal period
periodFrom January 1, 2023
From January 1, 2024
From January 1, 2023
to June 30, 2023
to June 30, 2024
to December 31, 2023

Fiscal period
Accounting period(Millionyen)(Million
Income before income taxes
yen)
Net income attributable to owners of (Million
the parent
yen)(Million
Net incomeyen)Comprehensive income attributable (Million
to owners of the parent
yen)(MillionComprehensive incomeyen)
Equity attributable to owners of the (Million
parentyen)(Million
Total assets
yen)
Net sales

162,997

152,491

333,631

15,485

7,839

25,629

9,452

4,204

14,554

10,266

4,881

16,43015,824

12,37821,064

17,226

14,542

23,519259,963

268,085

260,470

425,466

433,343

422,065

Total basic earnings per share

(Yen)

78.74

35.01

121.25

Diluted earnings per share

(Yen)

78.74

35.01

121.23

Ratio of equity attributableto owners of the parent

(%)

61.1

61.9

61.7

11,637

13,055

11,177(27,772)(19,291)(46,295)(6,906)

2,984(13,482)

103,686

78,17577,835

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents
at fiscal year or interim end(Millionyen)(Millionyen)(Millionyen)(Millionyen)(NOTE) 1

Since Nabtesco Corporation (hereinafter, the Company) prepared the summary of interim financial statements, theCompany does not provide the transition of non-consolidated management indicators.
2 Figures are rounded to the nearest unit.
3 Consolidated financial statements and summary of interim financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS)

2 【Description of Business】
There have been no significant changes in the content of the business conducted by our group (the Company and our subsidiarycompanies) during the first six-month of the current fiscal year.
There are no changes in major affiliated companies.

-2-

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

No.2 【Business Situation】
1 【Business Risks】
During the first six-month of the current fiscal year, there have been no significant changes in the status of business andaccounting described in this semiannual report that could have a significant impact on the decisions of investors or Business andOther Risks described in the annual report for the previous fiscal year.
There were no significant events which company should report.

-3-

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

2【Management's Analysis of Financial Condition, Results of Operations and Cash Flows】(1) Analysis of Operating Results(Sales and Operating Income)During the first six-month period under review showed favorable demand for automatic door and the effects of exchange rates,
as well as strong demand in aircraft equipment and marine vessels equipment. Meanwhile, in precision reduction gears, capital
expenditure related to EV continued to decline and inventories of industrial robots continued to adjust. Moreover, demand forconstruction machinery in hydraulic equipment declined. As a result, the Group’s net sales decreased by ¥10,506 million, or 6.4%
year-on-year to ¥152,491 million. Operating income decreased by ¥2,264 million, or 26.0% to ¥6,426 million due to the decreasein sales in component solutions business, despite the increase in operating income resulting from the increase in sales in transport
solutions and accessibility solutions businesses. Operating income to net sales was 4.2%
Operating results by business segment were as follows:①

Component Solutions Business
Sales decreased by ¥23,110 million, or 30.9% to ¥51,675 million and operating income decreased by ¥5,315 million or 71.9%
to ¥2,079 million.
Sales of precision reduction gears decreased significantly year-on-year due to a decline in EV related and automation capital
expenditures, as well as continued inventory adjustment for industrial robots.
Sales of hydraulic equipment for construction machinery declined year-on-year due to the continued sluggish demand forconstruction machinery not only in China but also in Europe, the United States, and Southeast Asia.

②

Transport Solutions Business
Sales increased by ¥5,906 million, or 16.3% to ¥42,077 million and operating income increased by ¥1,719 million, or 47.1%
to ¥5,370 million.
Sales of railroad vehicle equipment increased year-on-year due to steady growth mainly in domestic market, as well as solid
MRO (Maintenance, Repair, and Overhaul).
Sales of aircraft equipment increased substantially year-on-year due to an expansion in demand resulting from increased
defense budgets and a steady recovery in demand for commercial aircraft.
Sales of commercial vehicle equipment remained at the same level as the same period of the previous fiscal year due to
steady demand from domestic customers, despite a decline in demand in the Southeast Asian market.
Sales of marine vessels equipment increased year-on-year due to strong demand for new vessels and MRO, as well as
expanded sales of new type of main engine remote-control system and as a result of making company Deep Sea a consolidated
subsidiary.

③

Accessibility Solutions Business
Sales increased by ¥6,570 million, or 14.8% to ¥50,917 million and operating income increased by ¥1,725 million, or
70.9% to ¥4,160 million.
In automatic door, sales increased year-on-year due to strong demand for doors for domestic and overseas buildings andplatform doors, in addition to foreign exchange effects.

④ Others
Sales increased by ¥127 million, or 1.7% to ¥7,821 million and operating income decreased by ¥285 million, or 67.7% to¥136 million.
Sales of packaging machines increased year on year due to strong domestic MRO and increased sales to the Chinese
market.
During the period under review, the company recorded an impairment loss of ¥656 million on goodwill related to Engilico,a consolidated subsidiary in Europe.

-4-(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(Income before tax)
Financial income was ¥1,586 million mainly due to foreign exchange gains. Financial costs amounted to ¥584 million mainly
due to interest expenses and loss on valuation of derivatives. Equity in earnings of affiliates was ¥410 million. As a result, profit
before tax decreased by ¥7,646 million year-on-year to ¥7,839 million.
(Net income attributable to owners of the parent)
As a result, net income attributable to owners of the parent, after deducting income tax expense of ¥2,957 million and net
income attributable to non-controlling interests of ¥677 million, decreased by ¥5,248 million year-on-year to ¥4,204 million.
Basic earnings per share decreased by ¥43.73 to ¥35.01.
(2) Analysis of Financial Position
As of the end of the previous
consolidated fiscal year
(December 31, 2023)

As of the end of the firstsix-month period of the current
consolidated fiscal year
(June 30, 2024)(Million yen)
ChangeTotal assets

422,065

433,343

11,278

Liabilities

146,171

147,937

1,766

Equities

275,894

285,406

9,512① Assets
Total assets as of June 30, 2024 were ¥433,343 million, an increase of ¥11,278 million from December 31, 2023, consistingof ¥223,599 million in current assets and ¥209,744 million in non-current assets. The key contributing positive factors were an
increase of ¥7,474 million in inventories, an increase of ¥5,040 million in tangible fixed assets. The main contributing negative
factor was a decrease of ¥4,782 million in trade receivables.
② Liabilities
Total liabilities as of June 30, 2024 were ¥147,937 million, an increase of ¥1,766 million from December 31, 2023, reflecting¥110,727 million in current liabilities and ¥37,210 million in non-current liabilities. The main contributing positive factor wasa rise of ¥9,962 million in borrowings under non-current assets. The main contributing negative factors were a decrease of¥7,651 million in other financial liabilities and a decrease of ¥2,040 million in operating payables.
③ Equity
Total equity as of June 30, 2024 stood at ¥285,406 million. Equity attributable to owners of the parent was ¥268,085 million,
an increase of ¥7,615 million from December 31, 2023. The main contributing positive factors were an increase of ¥8,137
million in other components of equity due to exchange differences on foreign operations and the net income attributable toowners of the parent of ¥4,204 million. Meanwhile, the main decreasing factor was a decrease in retained earnings of ¥4,825
million due to dividend payment.

-5-

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(3) Status of cash flows
First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)(Million yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)

Cash flow from operating activities

11,637

13,055

Cash flow from investing activities(27,772)(19,291)

Free cash flow

(16,136)(6,236)

Cash flow from financing activities(6,906)

2,984

Cash and cash equivalents (hereinafter, “cash”) on a consolidated basis as of June 30, 2024 totaled ¥78,175 million, an
increase of ¥340 million from December 31, 2023, as cash gained from operating activities was mainly appropriated to capital
expenditure and dividend payments.
① Cash flow from operating activities
Net cash generated from operating activities for the first six-month period of the current fiscal year totaled ¥13,055 million.
The main factors for increases were decreases in operating profits, depreciation and amortization, other non-cash profit/losses,
and trade receivables. The main factors for decreases included an increase in inventories, decrease in operating payables, andthe payment of the income tax.
② Cash flow from investing activities
Net cash used in investing activities for the first six-month period of the current fiscal year amounted to ¥19,291 million. The
main factors for decreases were payments for the purchase of property, plant, and equipment.
③ Cash flow from financing activities
Net cash used in financing activities for the first six-month period of the current fiscal year totaled ¥2,984 million. The main
factors for increase was proceeds from long-term borrowings. The main factors for decrease was dividend payments.
(4) Issues to be addressed in Business and FinanceDuring the first six-month period of the fiscal year under review, there were no significant changes or new issues to beaddressed by the Group.

(5) R&D activities
Research and development expenses for the first six-month period of the current fiscal year were ¥5,605 million.

3 【Significant Management Contracts】
During the first six-month period of the fiscal year, there were no major decisions or conclusions of significant managementagreements.

-6-

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

No.3【Status of the Company Submitting the Report】
1【Status of Shares】(1) 【Total Number of Shares】① 【Total number of shares】
Type

Total number of authorized shares (Share)

Common stock

400,000,000

Total

400,000,000② 【Shares outstanding】

Type

Number of shares
outstanding (shares)
As of June 30, 2024

Number of shares
outstanding (shares) asof the date of filing
As of August 9, 2024

Common shares

121,064,099

121,064,099

Total

121,064,099

121,064,099

Name of stock
exchange listings

Content

Tokyo Stock Exchange The number of shares per unit isPrime section
100 shares.
－－(NOTE) The "Number of shares outstanding as of the filing date" column does not include the number of shares issued upon the exercise of stock acquisition rights
to shares from August 1, 2024 to the filing date of this Semiannual Report.

(2) 【Status of Stock Acquisition Rights】① 【Details of stock option plan】
Not applicable.

② 【Status of other stock acquisition rights】
Not applicable.

(3) 【Status of Exercise of Bonds with Stock Acquisition Rights with Exercise Price Adjustment, etc.】
Not applicable.

(4) 【Changes in the number of issued shares, capital stock, etc.】

Date

June 30, 2024

Number of shares
outstanding
increase/decrease

Number ofsharesoutstanding as
the end oftherm.

Change incapital(Million yen)－

121,064,099－-7-

Balance of Change in legal Balance of legal
capital surplus capital surplus
capital(Million yen) (Million yen) (Million yen)
10,000－26,274

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(5) 【Major Shareholders】

Shareholders

Address

As of June 30, 2024
Shareholding ratio
Number of
to number of
Shares Held shares outstanding(thousands(excluding
shares)treasury stock)(%)

The Master Trust Bank of Japan (Trust
Account)

8-1 Akasaka 1-chome, Minato-ku, TokyoAKASAKA INTERCITY AIR

16,905

14.01

Custody Bank of Japan (Trust Account)

8-12 Harumi 1-chome, Chuo-ku, Tokyo

10,5608.75

BNYMSANV AS AGENT/CLIENTSLUX UCITS NON TREATY 1

VERTIGO BUILDING-POLARIS 2-4 RUE
EUGENE RUPPERT L-2453 LUXEMBOURG
GRAND DUCHY OF LUXEMBOURG

5,216

4.32

5,171

4.29

(Standing agent)
MUFG Bank, Ltd.
Central Japan Railway Company

7-1 Marunouchi 2-chome, Chiyoda-ku, Tokyo
1-4 Meieki 1-chome, Nakamura-ku, Nagoya-shi,
Aichi

FANUC CORPORATION

3580 Shibokusa, Oshinomura, Minamitsuru-gun,
Yamanashi

3,760

3.12

Harmonic Drive Systems Inc.

25-3 Minami-Oi 6-chome, Shinagawa-ku, Tokyo

3,265

2.71

BBH (LUX) FOR FIDELITY FUNDSGLOBAL TECHNOLOGY POOL

2A RUE ALBERT BORSCHETTELUXEMBOURG L-1246

2,340

1.94

2,177

1.80

2,100

1.74

1,654

1.37

53,147

44.05(Standing agent)
MUFG Bank, Ltd.
STATE STREET BANK WEST CLIENTTREATY 505234(Standing agent)Mizuho Bank, Ltd.
JPMorgan Chase & Co.
GOLDMAN SACHS INTERNATIONAL(Standing agent)
Goldman Sachs Japan Co., Ltd.
Total

7-1 Marunouchi 2-chome, Chiyoda-ku, Tokyo
1776 HERITAGE DRIVE, NORTH QUINCY,
MA 02171, U.S.A.
15-1, Konan 2-chome, Minato-ku, Tokyo
Shinagawa Intercity Tower A
7-1 Marunouchi 2-chome, Chiyoda-ku, Tokyo
Tokyo Building
PLUMTREE COURT, 25 SHOE LANE,LONDON EC4A 4AU, U.K.
6-1 Toranomon 2-chome, Minato-ku, Tokyo
Toranomon Hills Station Tower－(NOTE) 1 Number of shares held is rounded to the nearest thousand.
2 The following corporation submitted a report on the change of 4,744,000 shares by a company on April 5, 2024. However,as the number of shares beneficially owned in the name of the said corporation cannot be confirmed as of June 30, 2024, it is
not included in the above "Status of Major Shareholders."
1) FIL Investments (Japan) Limited
3 The following corporation submitted a report on the change of 6,278,000 shares by a company on May 8, 2024. However,as the number of shares beneficially owned in the name of the said corporation cannot be confirmed as of June 30, 2024, it is
not included in the above "Status of Major Shareholders."
1) Eastspring Investments (Singapore) Ltd.
4 The following corporation submitted a report on the change of 6,265,000 shares by two companies on June 7, 2024.
However, as the number of shares beneficially owned in the name of the said corporation cannot be confirmed as of June 30,
2024, it is not included in the above "Status of Major Shareholders."
1) Nomura Securities Co., Ltd.
2) Nomura Asset Management Co., Ltd.
5 The following corporation submitted a report on the change of 6,192,000 shares by two companies on June 20, 2024.
However, as the number of shares beneficially owned in the name of the said corporation cannot be confirmed as of June 30,
2024, it is not included in the above "Status of Major Shareholders."
1) Sumitomo Mitsui Trust Asset Management Co., Ltd.
2) Nikko Asset Management Co., Ltd-8-

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(6) 【Status of voting rights】① 【Shares outstanding】
Classification

As of June 30, 2024

Number of shares

Number of voting
rightsContent

－

－

－

－

－

－

－

－

－

－

－

－

－

1,205,103－

Non-voting stock
Shares with restricted voting rights(Treasury stocks)
Shares with restricted voting rights(other)(Treasury stock held)
Common shares 422,300
Shares with full voting rights(treasury stock, etc.)(Mutually Held Shares)
Common shares
15,000Common shares
Shares with full voting rights (other)
120,510,300
Common shares
Shares less than one unit
116,499
Number of shares outstanding

121,064,099

Voting rights of all shareholders－－

Shares less than one unit (100shares)－－

1,205,103－(NOTE) 1 Common shares in the "Shares less than one unit" column include 4 shares of treasury stock owned by the Company and
30 shares of our stock owned by Japan Custody Bank, Ltd. (Trust Account E) as trust assets under the "Stock Benefit
Trust (BBT)" plan.
2 "Shares with full voting rights (other)" column includes 6,000 shares (60 voting rights) in the name of the Japan
Securities Depository Center, Inc. and 517,200 shares (5,172 voting rights) of ours owned by the Japan Custody Bank,
Ltd. (Trust Account E) as trust assets for the "Stock Benefit Trust (BBT)" plan. The 5,172 voting rights are not exercised.
② 【Treasury stock】

Owner's name

Address of the holder(Treasury stock held)
Nabtesco Corporation(Mutually Held Shares)
Kyokko Denki Co., Ltd.

7-9, Hirakawacho 2-chome,
Chiyoda-ku, Tokyo
2-4 Aratamacho 1-chome,
Hyogo-ku, Kobe-shi, Hyogo

Total

－

Number oftreasury stock

As of June 30, 2024
Ratio of shares
Number of
Total number of held to total
shares held inshares to benumber of
the name ofownsharesothersoutstanding (%)

422,300－

422,300

0.35

15,000－15,0000.01

437,300－

437,300

0.36(NOTE) The above numbers of shares held do not include 517,200 shares of our company owned by Japan Custody Bank, Ltd.
(Trust Account E) as trust assets under the "Stock Benefit Trust (BBT)" plan.

2 【Status of Management】
Not applicable.

-9-(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

No.4 【Accounting Status】
1. Preparation of summary of interim consolidated financial statements(1) In accordance with the provisions of Article 312 of the Ordinance on Terminology, Forms, and Preparation Methods ofConsolidated Financial Statements (Ordinance of the Ministry of Finance No. 28 of 1976; hereinafter referred to as the"Ordinance on Consolidated Financial Statements"), we have prepared the interim consolidated financial statements inaccordance with International Accounting Standards No. 34, "Interim Financial Reporting" (hereinafter referred to as "IAS No.
34") because they meet all of the requirements of "Designated International Accounting Standards Designated Companies"
stipulated in Article 1-2, Item 2 of the Ordinance on Consolidated Financial Statements. Our summary of interim consolidated
financial statements are Class one interim consolidated financial statements.
(2) The summary of interim consolidated financial statements have been rounded to the nearest unit.

2. Audit Certification
Pursuant to Article 193-2-1 of the Financial Instruments and Exchange Act, we have received an interim review of the summaryof interim consolidated financial statements for the first six-month of fiscal year (January 1, 2024 to June 30, 2024) by KPMG
AZSA LLC.

- 10 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

１ 【Summary of Interim Consolidated Financial Statement】(1) 【Summary of Interim Consolidated Financial Position】

Note
No.

End of consolidated
FY2023(as of December 31, 2023)(Million yen)
End of the first six-month
period of consolidated
FY2024(as of June 30, 2024)

AssetsCurrent assets
Cash and cash equivalents

77,83578,175Trade receivables

79,196

74,413Contract assets

3,554

4,457

Other receivables

1,682

1,511

50,96958,443616

1,351

Inventories
Other financial assets

11

Other current assets

6,995

5,249

Total current assets

220,847

223,599

Property, plant and equipment

107,527

112,567

Intangible assets

11,624

12,618Non-current assets

Right-of-use asset

8,908

9,045

Goodwill

25,75027,016

Investment property

10,394

10,339Investments accounted for using theequity method

21,13920,715

12,55014,199Deferred tax assets

2,313

2,378

Other non-current assets

1,013

866

Total non-current assets

201,218

209,744422,065

433,343

Other financial assets

11

Total assets- 11 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

Note
No.

End of consolidated
FY2023(as of December 31, 2023)(Million yen)
End of the first six-month
period of consolidated
FY2024(as of June 30, 2024)

Liabilities and equity
Liabilities
Current liabilities
Operating payables

50,78348,744Contract liabilities

8,053

8,978

Borrowings

21,40021,643

Other payables

11

23,392

15,741

Income taxes payables

3,018

2,644

Provision

2,720

2,716

2,799

2,656

－

79

Other current liabilities

7,327

7,526

Total current liabilities

119,491

110,727

Lease liabilities
Other financial liabilities

11

Non-current liabilities
Borrowings

11

Lease liabilities
Liabilities concerning retirement
benefit
Deferred tax liabilities
Other financial liabilities

11

173

10,135

8,060

8,519

8,736

8,663

7,045

7,038

516

714

Other non-current liabilities

2,149

2,141

Total non-current liabilities

26,67937,210Total liabilities

146,171

147,937

10,00010,000EquityCapital stock
Share premium

15,13914,930Retained earnings

220,495

219,877

Treasury shares(3,943)(3,637)

Other components of equity

18,77826,915Equity attributable to owners of the parent

260,470

268,085

Non-controlling interests

15,424

17,321

Total equity

275,894

285,406

422,065

433,343

Total liabilities and equity- 12 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(2) 【Summary of Interim Consolidated Statements of Income】【First six-month of consolidated financial period】
First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)
162,997(Million yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)
152,491

Cost of sales(122,481)(110,626)

Gross profit

40,516

41,864Note
No.
Net sales5, 6

Other income
Selling, general and administrative expense
Other expenses
Operating income

7

487

496

(31,989)(34,977)

(324)

(957)

5

8,690

6,426

Financial income

8

5,023

1,586

Financial costs

8

(518)

(584)

2,289

410

Profit (loss) before tax

Equity in earnings of affiliates

15,485

7,839

Income tax expenses(5,219)(2,957)

Net income (loss)

10,266

4,881

9,452

4,204

815

677

10,266

4,881

Net income (loss) attributable to
Owners of the parent
Non-controlling interests
Net income (loss)
Net income (loss) per share
Basic earnings (loss) per share (Yen)

10

78.74

35.01

Diluted earnings (loss) per share (Yen)

10

78.74

35.01

- 13 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

【Second quarter of consolidated financial period】

Net sales(Million yen)
Second quarter of consolidated Second quarter of consolidated
FY2023
FY2024
Note
No.
(April 1, 2023 to(April 1, 2024 toJune 30, 2023)
June 30, 2024)
80,80480,309

Cost of sales(61,710)(59,507)

Gross profit

19,09420,802249

262

Other income
Selling, general and administrative expense(16,271)(17,776)

7

(161)

(854)

2,911

2,435

Financial income

8

1,234

840

Financial costs

8

Other expenses
Operating income

(900)

(395)

1,415

(172)

Profit (loss) before tax

4,660

2,707

Income tax expenses(1,539)(778)

Net income (loss)

3,121

1,929

2,752

1,564

369

365

3,121

1,929

Equity in earnings of affiliates

Net income (loss) attributable to
Owners of the parent
Non-controlling interests
Net income (loss)
Net income (loss) per share
Basic earnings (loss) per share (Yen)

10

22.93

13.02

Diluted earnings (loss) per share (Yen)

10

22.93

13.02

- 14 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(3) 【Summary of Interim Consolidated Statement of Comprehensive Income】【First six-month of consolidated financial period】

Note
No.

First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)

Net income (loss)(Million yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)

10,266

4,881

748

552

748

552

6,212

9,109

6,212

9,109

Other comprehensive income after taxes

6,960

9,661

Total comprehensive income

17,226

14,542

15,824

12,378Other comprehensive income
Items that will not be reclassified to profit orloss
Net changes in financial assets measured
at fair value through other comprehensive
incomeTotal components that will not bereclassified to profit or loss
Components that will be reclassified to profit
or loss
Exchange differences on foreign operations
Total components that will be reclassified to
profit or loss

Comprehensive income attributable to
Owners of the parent
Non-controlling interests

1,402

2,164

Total comprehensive income

17,226

14,542- 15 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

【Second quarter of consolidated financial period】
Second quarter of consolidated
FY2023(April 1, 2023 toJune 30, 2023)(Million yen)
Second quarter of consolidated
FY2024(April 1, 2024 toJune 30, 2024)

3,121

1,929

741

289

741

289

4,953

5,270

4,953

5,270

Other comprehensive income after taxes

5,694

5,560

Total comprehensive income

8,814

7,489

8,042

6,393

Non-controlling interests

773

1,096

Total comprehensive income

8,814

7,489

Note
No.
Net income (loss)
Other comprehensive income
Items that will not be reclassified to profit orloss
Net changes in financial assets measured
at fair value through other comprehensive
incomeTotal components that will not bereclassified to profit or loss
Components that will be reclassified to profit
or loss
Exchange differences on foreign operations
Total components that will be reclassified to
profit or loss

Comprehensive income attributable to
Owners of the parent- 16 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(4) 【Summary of Interim Consolidated Statement of Changes in Equity for the First Six-month Period】
First six-month period of current consolidated fiscal year (January 1, 2023 to June 30, 2023)(Million yen)
Note
No.
Balance as of January 1, 2023

Other components of equity
Capital stockSharepremium

Retainedearnings

Treasury shares

Exchangedifferences on
foreign
operations

Valuationdifference due
to change infair value

10,00015,048215,670(4,646)

9,361

3,263

Net income (loss)

－

－

9,452

－

－

－

Other comprehensive income

－

－

－

－

5,630

742

Total comprehensive income

－

－

9,452

－

5,630

742

Acquisition, sales, etc.
of treasury shares

－

－

(16)

143

－

－

－

－

(4,693)－－－

Share-based compensationtransactions

－

9

－

－

－

－

Total transactions with owners,
etc.

－

9

(4,708)143－－

10,00015,058220,413(4,504)

14,992

4,005

Dividends

9

Balance as of June 30, 2023

Other components of equity
Note
No.

Balance as of January 1, 2023

Remeasurements of net
defined benefit
liability (asset)

Total equity
attributable toowners of theparentTotal

Noncontrollinginterests

Total equity－

12,624

248,696

14,532

263,228

Net income (loss)

－

－

9,452

815

10,266

Other comprehensive income

－

6,372

6,372

588

6,960

Total comprehensive income

－

6,372

15,824

1,402

17,226

Acquisition, sales, etc.
of treasury share

－

－

127

－

127

－

－

(4,693)(1,477)(6,170)Share-based compensationtransactions

－

－

9

－

9

Total transactions with owners,
etc.

－

－

(4,557)(1,477)(6,034)

Balance as of June 30, 2023－

18,997259,963

14,458274,421

Dividends

9- 17 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

First six-month period of current consolidated fiscal year (January 1, 2024 to June 30, 2024)(Million yen)
Note
No.
Balance as of January 1, 2024

Other components of equity
Capital stockSharepremium

Retainedearnings

Treasury shares

Exchangedifferences on
foreign
operations

Valuationdifference due
to change infair value

10,00015,139220,495(3,943)

15,133

3,646

Net income (loss)

－

－

4,204

－

－

－

Other comprehensive income

－

－

－

－

7,629

546

Total comprehensive income

－

－

4,204

－

7,629

546

Acquisition, sales, etc. ofTreasury shares

－

－

(34)

305

－

－

－

－

(4,825)

－

－

－

－

－

－

－

－

－

－

－

37

－

－

(37)

－

(209)

－

－

－

－

－

(209)

(4,822)

305

－

(37)

10,00014,930219,877(3,637)22,761

4,154

Dividends

9

Increase (decrease) in
non-controlling interests
due to capital increaseof subsidiaries
Transferfromothercomponents of equity toretained earnings
Share-based compensationtransactions
Total transactions with owners,
etc.
Balance as of June 30, 2024

Other components of equity
Note
No.

Balance as of January 1, 2024

Remeasurements of net
defined benefit
liability (asset)

Total equity
attributable toowners of theparentTotal

Noncontrollinginterests

Total equity－

18,778260,470

15,424

275,894

Net income (loss)

－

－

4,204

677

4,881

Other comprehensive income

－

8,174

8,174

1,487

9,661

Total comprehensive income

－

8,174

12,3782,164

14,542Acquisition, sales, etc. ofTreasury shares

－

－

271

－

271

－

－

(4,825)(448)(5,273)

－

－

－

181

181

－

(37)

－

－

－

－

－

(209)

－

(209)

－

(37)

(4,763)(267)(5,030)－26,915

268,085

17,321

285,406

Dividends
Increase (decrease) in
non-controlling interests due
tocapitalincreaseofsubsidiaries
Transferfromothercomponents of equity toretained earnings
Share-based compensationtransactions
Total transactions with owners,
etc.
Balance as of June 30, 20249

- 18 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(5) 【Summary of Interim Consolidated Statements of Cash Flows】

Note
No

First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)(Million yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)

Cash flow from operating activities
Net income (loss)

10,266
7,424

4,881
7,809

－

656

319

(97)

(198)
222

(224)
362

(3,554)(2,289)

26
(410)

161
5,219

64
2,957

10,8588,055(8,448)(5,083)

Other

2,379
1,477

(4,292)
1,393

Subtotal

23,83516,096

Depreciation and amortization
Impairment loss
Increase (decrease) in assets and liabilities
concerning retirement benefits
Interest and dividend income
Interest expenses
Loss (gain) on valuation of investment securities

78

Equity in (earnings) losses of affiliates
Loss (gain) on sales and disposal of non-current assets
Income tax expense
Decrease (increase) in trade receivables, contract assets
and contract liabilities
Decrease (increase) in inventories
Increase (decrease) in trade payables

Interest received
Dividend received
Interest paid
Income taxes paid
Cash flow from operating activities

137

169

896
(206)

1,047
(358)

(13,025)(3,899)

11,637

13,055430(11,807)(712)(16,639)(1,270)(1,538)(5,282)－(9,752)

－

(91)

(403)

(27,772)(19,291)

859

(379)
10,090Cash flow from investing activities
Decrease (increase) in time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Payments for acquisition of shares of subsidiaries
resulting in change in the scope of consolidation
Payments for settlement of selling price ofinvestment securities
Other

12

Cash flow from investing activities
Cash flow from financing activities
Net increase (decrease) in short-term loans payable
Income of long-term loans payable
Repayment of long-term loans payable－(118)(1,479)(118)(1,589)(1)(4,690)72(4,822)

Dividends paid to non-controlling interests－(1,477)

181(452)

Cash flow from financing activities(6,906)

2,984

Increase (decrease) in cash and cash equivalents(23,041)(3,252)

Cash and cash equivalents at beginning of term
Effect of exchange rate changes on cash and cash
equivalents
Cash and cash equivalents at end of term

124,41377,835

2,314

3,592

103,686

78,175

Payments for lease liabilities
Net decrease (increase) in treasury shares
Dividends paid
Proceeds from transfers from non-controlling interests

9- 19 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

【Notes on the Summary of Interim Consolidated Financial Statements】
1. Reporting company
The Company is a company located in Japan. Our summary of interim consolidated financial statements are composed of theinterests in us and our subsidiaries (together, the "Group") and affiliates, with an ended date of June 30, 2024. Our main businesses
are Component Solutions Business, Transport Solutions Business, and Accessibility Solutions Business. The details are describedin Note "5. Business Segments."
2. Basis of preparation(1) Compliance with IFRSThe condensed interim consolidated financial statements have been prepared in accordance with IAS No. 34 under theprovisions of Article 312, as they meet all the requirements of "Designated International Accounting Standards DesignatedCompanies" stipulated in Article 1-2, Item 2 of the Regulations for Consolidated Financial Statements.
The summary of interim consolidated financial statements were approved by Kazumasa Kimura, representative director, on
August 9, 2024.
(2) Basis for measurement
The summary of interim consolidated financial statements of our group have been prepared on a historical cost basis, except
for financial instruments measured at fair value, as described in Note 3, "Significant Accounting Policies," below.
(3) Functional and presentation currencies
The summary of interim consolidated financial statements of our group represent the Japanese yen, which is our functional
currency.
3. Important accounting policies
The significant accounting policies that our group applies in this condensed interim consolidated financial statements are thesame as those applied in the consolidated financial statements for the previous fiscal year.
Income tax expense for the first six-month of the current fiscal year is calculated using the estimated average annual effective tax
rate.
In addition, our group continues to apply a one-time exception to the recognition and disclosure of deferred tax assets andliabilities related to the International Tax Reform-Pillar 2 Model Rule of IAS No. 12, Income Taxes, which has no impact onsummary of interim consolidated financial statements.

4. Critical accounting judgments, estimates and assumptions
The preparation of summary of interim consolidated financial statements in conformity with IFRS requires management to makejudgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
revenues and expenses. Actual results could differ from those estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized in the
period in which the estimates change and in future periods affected.
Judgments that involve significant accounting estimates and estimates in these summary of interim consolidated financial
statements are, in principle, the same as the consolidated financial statements for the previous fiscal year.

- 20 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

5. Business Segments(1) Summary of reportable segments
The Group’s reportable segments are components of the Group about which separate financial statement is available that isevaluated regularly at the Board of Directors’ meetings in deciding how to allocate the management resources and inassessing performance.
The Group classifies its business segments into the following three reportable segments, based on the similarity ofbusiness models: 1) the “Component Solutions Business;” 2) the “Transport Solutions Business;” and 3) the “Accessibility
Solutions Business.”
The main lines of business of each reportable segment are as below.

Business segment

Main lines of business

Component Solutions
Business

The design, manufacture, sale, maintenance and repair of industrial robot components
and equipment for construction machinery and its components
The design, manufacture, sale, maintenance and repair of brake systems and automaticdoor operating systems for railroad vehicles, aircraft components, brake systems anddrive control units for vehicles, control systems for marine vessels, and components
thereofThe design, manufacture, sale, installation, maintenance and repair of automatic door
operating systems for buildings and general industry, platform safety systems, andcomponents thereof

Transport Solutions
Business
Accessibility Solutions
Business(2) Information on reportable segments

The accounting policies of the reportable segments are the same as the accounting policies of our group describedin "3. Important accounting policies “in the notes.
Intersegment sales and transfers are based on prevailing market prices.
First six-month period of previous consolidated fiscal year (From January 1, 2023 to June 30, 2023)(Million yen)

Reportable Segments
Component Transport Accessibility

Total

OthersTotal

Amount stated insummary of
Adjustments consolidated
statements ofincomeNet sales
Sales to external customers

74,78536,171

44,347

155,303

7,694

162,997－

162,997

Inter-segment sales

1,419

850

6

2,275

191

2,466

(2,466)－

Total sales

76,20437,02144,354

157,578

7,885

165,463(2,466)

162,997

Segment income(Operating income)

7,394

3,651

2,435

13,480422

13,901(5,211)

8,690

Financial income

－

5,023

Financial costs

－

(518)

Equity in earnings of affiliates

－

2,289

Income before tax－

15,485

Notes: 1. “Others” is a business segment that is not a reportable segment and consists of businesses that are engaged in the design,
manufacture, sale, maintenance and repair of packaging machine, three-dimensional model production device andcomponents thereof.
2. Adjustment to sales is as a result of eliminations of inter-segment transactions.
3. Adjustment to segment income (operating income) is total profit/loss, etc. that are not allocated to the respective segments.
First six-month period ended June 30, 2024 (January 1, 2024 to June 30, 2024)- 21 -(Million yen)(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.
Reportable Segments
Component Transport Accessibility

Total

OthersTotal

Amount stated insummary of
Adjustments consolidated
statements ofincomeNet sales
Sales to external customers

51,67542,07750,917

144,670

7,821

152,491－

152,491

Inter-segment sales

1,548

1,001

4

2,554

20

2,574

(2,574)－

Total sales

53,22343,07850,922

147,223

7,841

155,065(2,574)

152,491

Segment income(Operating income)

2,079

5,370

4,160

11,609136

11,745(5,319)6,426

Financial income

－

1,586

Financial costs

－

(584)

Equity in earnings of affiliates－

410

Income before tax

－

7,839

Notes: 1. “Others” is a business segment that is not a reportable segment and consists of businesses that are engaged in the design,
manufacture, sale, maintenance and repair of packaging machine, three-dimensional model production device andcomponents thereof.
2. Adjustment to sales is as a result of eliminations of inter-segment transactions.
3. Adjustment to segment income (operating income) is total profit/loss, etc. that are not allocated to the respective segments.

- 22 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

6. Revenue from contracts with customers
Our businesses are comprised of Component Solutions Business, Transport Solutions Business, Accessibility Solutions Businessand Other Businesses, and are subject to periodic review by our Board of Directors to determine the allocation of management
resources and assess performance.
In our group, revenues earned through these businesses are presented as net sales. Net sales are broken down by major products.
The relation between these disaggregated net sales and net sales by segment as described in Note "5. Business Segments" is asfollows:
There is no obligation to perform as an agent for our group.

Business segment

Major products
Precision Reduction
Gears

Component Solutions
Business

First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)
50,16529,964

24,62021,711

Subtotal

74,78551,675

Railroad Vehicle
Equipment

10,453

11,158

Aircraft Equipment

7,967

11,912

6,270

6,268

8,205

9,465

3,275

3,273

Subtotal

36,17142,077

Automatic Door

44,34750,917

Subtotal

44,34750,917

7,026

7,541

668

280

7,694

7,821

162,997

152,491

Hydraulic Equipment

Transport Solutions Business

Commercial Vehicle
Equipment
Marine Vessels
Equipment
OthersAccessibility Solutions
Business

Packaging Machines
OthersOthers(Million yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)

Subtotal
Total(NOTE) Amounts are expressed as external sales.

- 23 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

7. Impairment of non-financial assets
Previous interim consolidated fiscal year (January 1, 2023, to June 30, 2023)
Not applicable
Current interim consolidated fiscal year (January 1, 2024, to June 30, 2024)(Millions of yen)
Reportable Segments
OthersType of asset

Impairment loss

Goodwill

656

Total

656

As of the end of the current interim consolidated accounting period, we tested goodwill of our consolidated subsidiary Engilico
Engineering Solutions NV and its subsidiaries for impairment. As the recoverable amount was less than the carrying amount, werecognized an impairment loss related to this goodwill.
The impairment loss is included in "Other expense" in the condensed interim consolidated statements of operations and isrecognized in Others. The recoverable amount is measured at value in use (pre-tax discount rate: 14.6%).

- 24 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

8．Financial income and costs(1) Financial income
Breakdown of financial income is as follows:(First six-month of consolidated financial period)(Million yen)First six-month period of First six-month period of
consolidated FY2023
consolidated FY2024(January 1, 2023 to(January 1, 2024 toJune 30, 2023)
June 30, 2024)
Interest income
Financial assets measured at amortized cost

136

156

62

68

3,554

－

1,271

1,362

5,023

1,586

Dividends income
Financial assets measured at fair value through othercomprehensive income
Gain on valuation of investment securities (Note)
Financial assets measured at fair value through profit or loss
Foreign exchange gain
Total

(NOTE) The above refers to the shares of Harmonic Drive Systems, Inc. (hereinafter referred to as "Harmonic") that weresold during the previous first-six month consolidated financial period. It includes the total sales amount calculated
based on the average of the "Volume Weighted Average Price" (hereinafter referred to as "VWAP") for each day
during the selling period, as well as the difference from the fair value at the end of the fiscal year 2022.
(Second quarter of consolidated financial period)
Second quarter ofconsolidated FY2023(April 1, 2023 toJune 30, 2023)(Million yen)
Second quarter ofconsolidated FY2024(April 1, 2024 toJune 30, 2024)

77

102

61

67

62

(8)

Interest income
Financial assets measured at amortized cost
Dividends income
Financial assets measured at fair value through othercomprehensive income
Gain on valuation of investment securities (Note)
Financial assets measured at fair value through profit or loss
Foreign exchange gain
Total

- 25 -

1,034

679

1,234

840

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(2) Financial cost
The breakdown of financial costs is as follows:(First six-month of consolidated financial period)(Million yen)First six-month period of First six-month period of
consolidated FY2023
consolidated FY2024(January 1, 2023 to(January 1, 2024 toJune 30, 2023)
June 30, 2024)
Interest expenses
Financial liabilities measured at amortized cost

134

252

Lease liabilities

88

110

295

196

Financial assets measured at fair value through profit or loss

－

26

Total

518

584

Valuation loss from derivatives transactions
Financial assets measured at fair value through profit or loss
Loss on valuation of investment securities(Second quarter of consolidated financial period)
Second quarter ofconsolidated FY2023(April 1, 2023 toJune 30, 2023)(Million yen)
Second quarter ofconsolidated FY2024(April 1, 2024 toJune 30, 2024)

Financial liabilities measured at amortized cost

83

123

Lease liabilities

43

62

257

185

Financial assets measured at fair value through profit or loss
(Note)

516

26

Total

900

395

Interest expenses

Valuation loss from derivatives transactions
Financial assets measured at fair value through profit or loss
Loss on valuation of investment securities(NOTE) The difference between the gross proceeds from the sale of the Harmonic shares completed during the second
quarter of the previous fiscal year, based on the average VWAP for each day during the sale period, and the fair value atthe end of the first quarter of the fiscal year.

- 26 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

9. Cash dividends(1) Cash dividends paid were as follows:
Previous interim consolidated fiscal year (January 1, 2023, to June 30, 2023)
Resolution
March 23, 2023

Total dividends(Millions of yen)

Dividends per share (yen)Record Date

Effective date

4,693
39 December 31, 2022
March 24, 2023
Annual Shareholders'Meeting(NOTE) The total amount of dividends declared by resolution of the Ordinary General Meeting of Shareholders on March 23,2023 includes dividends of 12 million yen on our shares held by the trust account (re-trustee: Japan Custody Bank, Ltd.
(Trust Account E)) of Mizuho Trust & Banking Co., Ltd. related to the stock benefit trust (BBT).
Current interim consolidated fiscal year (January 1, 2024, to June 30, 2024)
Resolution
March 26, 2024

Total dividends(Millions of yen)

Dividends per share (yen)Record Date

Effective date

4,825
40 December 31, 2023
March 27, 2024
Annual Shareholders'Meeting(NOTE) The total amount of dividends declared by resolution of the Ordinary General Meeting of Shareholders on March
26, 2024 includes dividends of 24 million yen on our shares held by the trust account (re-trustee: Japan CustodyBank, Ltd. (Trust Account E)) of Mizuho Trust & Banking Co., Ltd. related to the stock benefit trust (BBT).

(2) Dividends for which the base date belongs to the current interim consolidated fiscal year and for which the effective dateof distribution falls in the end of interim consolidated fiscal year
Previous interim consolidated fiscal year (January 1, 2023, to June 30, 2023)
Resolution

Total dividends(Millions of yen)

Dividends per share (yen)Record Date

Effective dateJuly 31, 2023
Board of Directors’
4,813
40
June 30, 2023
August 31, 2023
Meeting(NOTE) Total dividends declared by resolution of the Board of Directors on July 31, 2023 include dividends of 12 million yen
on our shares held by the Trust Account (re-trustee: Japan Custody Bank, Ltd. (Trust Account E)) of Mizuho Trust & Banking
Co., Ltd. related to the Share Benefit Trust (BBT).
Current interim consolidated fiscal year (January 1, 2024, to June 30, 2024)
Resolution

Total dividends(Millions of yen)

Dividends per share (yen)Record Date

Effective dateJuly 31, 2024
Board of Directors’
4,826
40
June 30, 2024
August 30, 2024
Meeting(NOTE) Total dividends declared by resolution of the Board of Directors on July 31, 2024 include dividends of 21 million yen
on our shares held by the Trust Account (re-trustee: Japan Custody Bank, Ltd. (Trust Account E)) of Mizuho Trust & Banking
Co., Ltd. related to the Share Benefit Trust (BBT).

- 27 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

10．Earnings per shares(1) Basis for calculating basic earnings per share (first six-month period)
Basic earnings per share and the calculation basis are as follows(First six-month of consolidated financial period)First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)(Millions ofyen)
Weighted average number of shares of common (Thousands
stock
of shares)
Profit attributable to owners of the parent

Basic earnings per share(Yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)

9,452

4,204

120,031

120,084

78.74

35.01

(Second quarter of consolidated financial period)
Second quarter of consolidated Second quarter of consolidated
FY2023
FY2024(April 1, 2023 to(April 1, 2024 toJune 30, 2023)
June 30, 2024)(Millions ofyen)
Weighted average number of shares of common (Thousands
stock
of shares)
Profit attributable to owners of the parent

Basic earnings per share

(Yen)

2,752

1,564

120,037

120,111

22.93

13.02

(2) Basis for calculating diluted earnings per share
Diluted earnings per share and the calculation basis are as follows:(First six-month of consolidated financial period)First six-month period of
consolidated FY2023(January 1, 2023 toJune 30, 2023)
Diluted net income attributable to owners of the (Millions ofparentyen)
Weighted average number of shares of common (Thousands
stock
of shares)
Effect of stock options using the stock acquisition (Thousands
rights methodof shares)(Thousands
Diluted weighted average shares for common stockof shares)
Diluted earnings per share(Yen)First six-month period of
consolidated FY2024(January 1, 2024 toJune 30, 2024)

9,452

4,204

120,031

120,08410

3120,041

120,087

78.74

35.01

(Second quarter of consolidated financial period)
Second quarter of consolidated Second quarter of consolidated
FY2023
FY2024(April 1, 2023 to(April 1, 2024 toJune 30, 2023)
June 30, 2024)
Diluted net income attributable to owners of the (Millions ofparentyen)
Weighted average number of shares of common (Thousands
stock
of shares)
Effect of stock options using the stock acquisition (Thousands
rights methodof shares)(Thousands
Diluted weighted average shares for common stockof shares)
Diluted earnings per share(Yen)- 28 -

2,752

1,564

120,037

120,11110

2120,048

120,112

22.93

13.02

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

11．Financial instruments(1) Fair Value Measurements① Financial assets measured at amortized cost
Other financial assets
Fair values of other financial assets are primarily valued based on the present value of these assets discounted at a rateadjusted for credit risk, segregated by certain time periods.
② Financial assets measured at fair value through profit or lossa Golf membership
The fair value of golf memberships is valued based on quoted prices and other factors. Golf membership is included in "Other
Financial Assets" in the Summary of Interim Consolidated Statements of Financial Positionb Derivative financial assets
The fair value of foreign currency forward contracts is calculated based on forward exchange rates and other factors. Notethat derivative financial assets are included in "other financial assets" in the Summary of Interim Consolidated Financial
Statement.
c Investment securities
Debt instruments, which consist primarily of corporate bonds held for non-trading purposes, are calculated using valuation
techniques based on quoted market prices of similar companies. Investment securities are included in "other financial assets" in
the Summary of Interim Consolidated Financial Statement.
③ Financial assets measured at fair value through other comprehensive income
Investment securities
Equity instruments consisting primarily of stocks held for non-trading purposes. Listed stocks are calculated using quoted
market prices on exchanges, and unlisted stocks are calculated using valuation techniques based on market prices of similar
companies and valuation techniques based on net asset value. Investment securities are included in "other financial assets" in
the Summary of Interim Consolidated Financial Statement.
④ Financial liabilities measured at amortized cost
Borrowings
The fair value of borrowings is calculated based on the present value of the sum of principal and interest discounted at theinterest rate assumed for new similar borrowings.
⑤ Financial liabilities measured at fair value through profit or lossa Derivative financial liabilities
The fair value of foreign currency forward contracts is calculated based on forward exchange rates and other factors. The
fair values of foreign currency swap agreements and interest rate swap agreements are calculated based on prices provided
by counterparty financial institutions, etc. Derivative financial liabilities are included in "Other financial liabilities" in thesummary of interim consolidated statements of financial position.
b Contingent consideration
The fair value of the financial liabilities for contingent consideration is calculated based on the present value of future
payments calculated using a Monte Carlo simulation, primarily based on forecasts of performance and other factors. Financial
liabilities related to contingent consideration are included in "Other financial liabilities" in the Summary of Interim
Consolidated Statements of Financial Position.

- 29 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(2) Carrying amounts and fair values of each class of financial instruments
The carrying amounts and fair values of financial assets and financial liabilities in the summary of interim consolidated
statements of financial position are as follows:(Million yen)
End of the first six-month periodof consolidated FY2024(as of June 30, 2024)

End of consolidated
FY2023(as of December 31, 2023)
Book value

Fair value

Book value

Fair value

Financial assets
Financial assets measured at amortized cost
Other financial assets

3,543

3,543

4,391

4,391

3,543

3,543

4,391

4,391

Golf membership

127

127

127

127

Derivative financial assets

39

39

－

－

Investment securities

358

358

323

323

523

523

449

449

Investment securities

9,100

9,100

10,71010,710Total financial assets measured at fair value
through other comprehensive income

9,100

9,100

10,71010,71013,167

13,167

15,55015,550Borrowings

21,572

21,572

31,77831,690

Other financial liabilities

21,572

21,572

31,77831,690Derivative financial liabilities

487

487

763

763

Contingent consideration

28

28

31

31

516

516

794

794

22,08822,08832,571

32,484

Total financial assets measured at amortized
cost
Financial assets measured at fair value throughprofit or loss

Total of financial assets measured at fair value
through profit or loss
Financial assets measured at fair value throughother comprehensive income

Total of financial assets
Financial Liabilities
Financial liabilities measured at amortized cost

Financial Liabilities measure at fair value
through profit or loss

Total financial liabilities measure at fair value
through profit or loss
Total financial liabilities

At initial recognition, the Company did not hold any financial assets or financial liabilities that were irrevocably elected to be
designated as financial assets and financial liabilities measured at fair value through profit or loss. Cash and cash equivalents, tradereceivables, contract assets, other receivables, trade payables, and other payables, which are financial instruments measured atamortized cost, are not included in the table above because their carrying amounts approximate fair value due to their short-term
maturities.

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(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(3) Level-based classification of the fair value hierarchy
The recurring fair values of financial assets and financial liabilities are measured and analyzed as follows: These fair value
amounts are categorized into three fair value hierarchies (levels 1 through 3) based on the inputs to the valuation techniques
used (available market data). Each level is defined as follows:
Level 1: Fair values measured at quoted prices in actively traded markets
Level 2: Fair values calculated using observable prices, either directly or indirectly, other than Level 1
Level 3: Fair values derived from valuation techniques that include unobservable inputs
Transfers between levels of the fair value hierarchy are recognized on the date that the events or changes in circumstances thatgive rise to the transfer occur.
The following table presents the fair value hierarchy for financial assets and financial liabilities measured at fair value on arecurring basis:(Million yen)
End of the previous consolidated fiscal year
(As of December 31, 2023)

Level 1

Level 2

Level 3

Total

Other financial assets
Financial assets to be measured at fair value
through profit or loss
Financial assets measured at fair value
through other comprehensive income

－

166

358

523

3,945

－

5,156

9,100

－

487

28

516

Other financial liabilities
Financial liabilities measured at fair value
through profit or loss

(Million yen)
End of the first six-month period of consolidated
FY2024(as of June 30, 2024)

Level 1

Level 2

Level 3

Total

Other financial assets
Financial assets to be measured at fair value
through profit or loss
Financial assets measured at fair value
through other comprehensive income

－

127

323

449

4,227

－

6,483

10,710

－

763

31

794

Other financial liabilities
Financial liabilities measured at fair value
through profit or loss

The fair value hierarchy for financial instruments measured at amortized cost, which is disclosed in "(2) Carrying amounts
and fair values of each class of financial instruments," is categorized principally in Level 3.
There were no transfers between Levels 1 and 2 and 3 in the previous fiscal year or the first three-month of current fiscal year.
There were no significant assets or liabilities measured at fair value on a nonrecurring basis at the end of the previous or firstsix-month of current fiscal year.

- 31 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(4) Information on Level 3 fair value measurements① Valuation techniques and inputs
Level 3 other financial assets and other financial liabilities consist primarily of unlisted equity securities and contingent
consideration. The fair value of unlisted equity securities is determined using valuation techniques based on quoted market
prices for comparable companies and valuation techniques based on net asset value. The fair value of the financial liabilities
for contingent consideration is calculated based on the present value of future payments calculated using a Monte Carlosimulation, primarily based on forecasts of performance and other factors.
② Evaluation process
Fair value measurements for Level 3 financial instruments are performed in accordance with relevant internal rules. Whenmeasuring fair value, the Company uses valuation techniques and inputs that most appropriately reflect the nature,
characteristics and risks of the underlying financial instruments.
③ Level 3 sensitivity information for recurring fair value measurements
Significant unobservable inputs for measuring the fair value of Level 3 financial instruments measured at fair value on arecurring basis are EBIT multiples, illiquidity discounts, and other inputs based on financial projections. Fair value is increased(decreased) by an increase (decrease) in EBIT multiples and decreased (increased) by an increase (decrease) in illiquidity
discounts.
For instruments classified as Level 3, the increase or decrease in fair value of the change in the inputs that are not observableto reasonably possible alternative assumptions would not be material.
④ Reconciliation of financial instruments classified as Level 3 from the beginning of the period to the ending balance

Balance at beginning of period

First six-month period of consolidated
FY2023(January 1, 2023 toJune 30, 2023)(Million yen)First six-month period of consolidated
FY2024(January 1, 2024 toJune 30, 2024)

Financial assets

Financial assets

Financial Liabilities

Financial Liabilities

4,160

－

5,514

28

829

－

675

3

Net Income (Loss) (Note 1)

55

－

3

Other comprehensive(Note 2)

774

－

(26)
701

－

Purchase

613

－

618

－

Sale

(0)

－

－

－

5,602

－

6,806

31

Total gains and losses

Balance at end of period

income(NOTE) 1 Gains and losses recognized in profit or loss primarily represent unrealized gains and losses on financial instruments
sold in the first six-month of current fiscal year and are included in "Financial income" in the Summary of Interim
Consolidated Statements of Income.
2 Gains and losses recognized in other comprehensive income are included in "Net changes in financial assets measured
at fair value through other comprehensive income" in the summary of Interim Consolidated Statements ofComprehensive Income.

- 32 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

12．Business Combination
First six-month period of consolidated FY2023 (From January 1, 2023 to June 30, 2023)（Purchase of Shares of Copas Systèmes SAS)
Our consolidated subsidiary, Gilgen Door Systems AG (hereinafter "Gilgen"), acquired 100% of the shares of Copas Systèmes
SAS on January 3, 2023, making it a wholly owned subsidiary of our group.
(1) The outline of the business combination① Name and business of the acquired company
Name of acquired company: Copas Systèmes SAS
Business activities: Automatic door sales, construction and maintenance in Southeastern France② Main reasons for the business combination
In our Automatic Door business, we aim to strengthen our sales structure covering the four major markets of Japan,
Europe, North America and China. We are working to establish our position as a global automatic door manufacturer bystrengthening our direct sales bases in each market and expanding our value chain through partnerships with distributors.
In the European market in particular, we have been engaged in M&A aimed at strengthening sales channels centered on
Gilgen, but recently we have made a wholly owned subsidiary of Copas Systèmes SAS, which has a strong customernetwork in southeastern France. As a result, we will rebuild the value chain in the French market and further develop ourbusiness foundation in Europe.
③ Method of acquiring control of the acquired company
Acquisition of shares for cash consideration④ Acquisition date
January 3, 2023
⑤ Acquired ownership percentage
100%(2) Acquisition consideration and its breakdown
Cash¥5,459 million

Total acquisition consideration¥5,459 million(3) Acquisition-related expenses
Acquisition-related expenses amounted to ¥35 million and are included in "Selling, general and administrative expenses" in
the Interim Consolidated Statements of Income.

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(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

(4) Assets acquired and liabilities assumed
The Company provisionally accounted for this business combination in the first quarter of the previous fiscal year. However,
the allocation of the purchase consideration to the assets acquired and liabilities assumed has been finalized in the second
quarter of the previous fiscal year. As a result of the finalization of this provisional accounting treatment, non-current assets
and non-current liabilities increased by ¥2,167 million and ¥542 million, respectively, and goodwill decreased by ¥1,625
million.
Assets acquired and liabilities assumed at the date of acquisition were as follows:(Million yen)AmountFair value of consideration paid (Note 1)

5,459

Total

5,459

Current assets (Note 2)

1,373

Non-current assets (Note 3)

2,270

Current liabilities(1,010)Non-current liabilities(583)

Goodwill (Note) 4

3,411

Total

5,459

(NOTE) 1 There is no contingent consideration.
2 Cash and cash equivalents of ¥177 million are included. The aggregate contract amount for the fair value of trade andother receivables acquired of ¥759 million is ¥907 million and the estimated uncollectible amount is ¥147 million.
3 Includes customer-related assets of ¥1,454 million (useful life of 14 years) and software of ¥712 million (useful lifeof 16 years) that were not recognized by the acquired company.
4 Goodwill primarily reflects excess earning power and is not deductible for tax purposes.
(5) Impact on the performance of our group
Profit and loss information after the acquisition date recognized in the interim consolidated statement of income for the firstsix-month of previous fiscal year and the estimated impact on the summary of interim consolidated financial statements of thebusiness combination on January 1, 2023, the beginning of the previous fiscal year, are not presented because they are notmaterial.
First six-month period of consolidated FY2024 (From January 1, 2024 to June 30, 2024)
Not applicable

13．Commitment
Significant commitments contractually committed to the acquisition of property, plant and equipment are as follows:(Million yen)
End of the first six-month period of
consolidated FY2024(as of June 30, 2024)

End of consolidated
FY2023(as of December 31, 2023)
Commitment

9,283

14．Subsequent events
Not applicable- 34 -

9,038

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

2 【Others】
With regard to the interim dividend for the 22nd fiscal period (from January 1, 2024 to December 31, 2024), at the Board of
Directors meeting held on July 31, 2024, the Company resolved to pay an interim dividend to shareholders or registered pledgeesof record as of June 30, 2024 as follows.
① Total interim dividend¥4,826 million② Dividend for first six-month

40 yen③ Effective Date and Commencement Date of Payment- 35 -

August 30, 2024

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

Part two 【Information on Assurance Companies, etc. of Submitting Companies】
Not applicable- 36 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

SEMIANNUAL REVIEW REPORT ON CONSOLIDATED FINANCIAL STATEMENTS OF
INDEPENDENT AUDITORS
August 9, 2024
Nabtesco Corporation
To the Board of Directors
KPMG AZSA LLC.
Tokyo Office
Designated
LimitedLiability Partners
Partners administering
the affairs

Certified Public
Takeharu Kirikae
Accountant

Designated
LimitedLiability Partners
Partners administering
the affairs

Certified Public
Takashi Inoue
Accountant

Auditor's conclusion
Pursuant to the provisions of Article 193-2-1 of the Financial Instruments and Exchange Act, we have reviewed the Nabtesco
Corporation's interim consolidated financial statements for the period from January 1, 2024 to December 31, 2024 (January 1, 2024 toJune 30, 2024), which consist of the summary of interim consolidated statements of financial position, summary of interim consolidated
statements of income, summary of interim consolidated statements of comprehensive income, condensed interim consolidated statementsof changes in equity, summary of interim consolidated statements of cash flows and notes thereto, all of which are listed in "Accounting."
In our review of the period, we did not believe in all material respects that the condensed interim consolidated financial statements
referred to above did not present fairly, in all material respects, the financial position of Nabtesco Corporation and its consolidated
subsidiaries as of June 30, 2024, the results of their operations for the interim period then ended, and their cash flows for the interim
period in accordance with International Accounting Standards 34, Interim Financial Reporting, as defined by Section 312 of theRegulations Concerning Terminology, Forms and Preparation Methods of Consolidated Financial Statements.
Basis for the auditor's conclusion
We conducted our interim review in accordance with the standards of the interim review generally accepted in our country. Our
responsibility under the criteria for the interim review is set forth under the caption "Auditor's Responsibility in Review of Condensed
Interim Consolidated Financial Statements." We are independent of the Company and its consolidated subsidiaries in accordance withthe provisions of the Code of Professional Ethics in Japan and we fulfill our other ethical responsibilities as an auditor. We believe thatthe evidence upon which we base our conclusions is obtained.
Responsibility of Management, Audit & Supervisory Board Members and Audit & Supervisory Board for the Summary of Interim
Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the summary of interim consolidated financial statements inaccordance with International Accounting Standards 34, Interim Financial Reporting. This includes establishing and operating suchinternal control as management deems necessary for the preparation and fair presentation of the summary of interim consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the summary of interim consolidated financial statements, management is responsible for evaluating whether it isappropriate to prepare the summary of interim consolidated financial statements based on the going concern assumption and fordisclosing matters related to a going concern in accordance with International Accounting Standards No. 1, Presentation of Financial
Statements, Item 4.
The responsibility of the Audit & Supervisory Board Members and Audit & Supervisory Board is to monitor the execution of directors'
duties in the development and operation of the financial reporting process.

- 37 -

(Translation)
This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any
discrepancy between this document and the Japanese original, the original shall prevail.

Auditor's Responsibility for Review of Summary of Interim Consolidated Financial Statements during the Period
The auditor's responsibility is to independently express a conclusion on the condensed interim consolidated financial statements in theinterim review report based on the interim review performed by the auditor.
In accordance with the standards of the interim review generally accepted in Japan, the auditor shall, through the course of the mediumterm review, make judgments as a professional expert and conduct the following with professional skepticism:
・Conduct questions, analytical procedures, and other interim review procedures primarily for management, financial, and accounting
personnel. The interim review procedures are limited compared with the audits of financial statements for the fiscal year conductedin accordance with auditing standards generally accepted in Japan.
・If the auditor determines that there is significant uncertainty with respect to events or circumstances that raise substantial doubt
about the Company's ability to continue as a going concern, the auditor will conclude, based on the evidence obtained, whether
there are any matters in the summary of interim consolidated financial statements that would cause the auditor to believe that they
are not fairly presented in accordance with International Accounting Standards No. 1, Presentation of Financial Statements, Item 4.
In addition, if there is material uncertainty regarding the Company's ability to continue as a going concern, the auditor is required
to alert the notes to the summary of interim consolidated financial statements in the Review Report during the period, or if the notes
to the summary of interim consolidated financial statements for material uncertainty are not appropriate, to express a limited
conclusion or a negative conclusion on the summary of interim consolidated financial statements. The auditor's conclusion is basedon evidence obtained through the date of the interim review report; however, future events and circumstances may prevent the entity
from continuing as a going concern
・Evaluate whether the presentation, composition and content of the summary interim consolidated financial statements, including
the related notes, as well as whether there are any matters that cause the auditor to believe that the presentation and notes to theinterim consolidated financial statements are not in accordance with International Accounting Standards 34, Interim Financial
Reporting, and whether there are any matters that cause the auditor to believe that the summary of interim consolidated financial
statements do not fairly present the underlying transactions and accounting events.
・Obtain evidence regarding the financial information of the Company and its consolidated subsidiaries that forms the basis forexpressing a conclusion on the condensed interim consolidated financial statements. The auditor is responsible for directing,supervising and inspecting the interim review of the summary of interim consolidated financial statements. The auditor is solely
responsible for the auditor's conclusions.
The auditor shall report to the Audit & Supervisory Board Members and Audit & Supervisory Board on the scope of the plannedinterim review and the timing of its implementation, as well as important findings for the interim review.
The auditors shall report to the Audit & Supervisory Board Members and Audit & Supervisory Board on compliance with theprovisions of professional ethics in Japan regarding independence, matters that are reasonably likely to affect the auditor's independence,and in cases where countermeasures are taken to eliminate impediments or safeguards are applied to reduce the impediments to an
acceptable level.

Interest
There is no interest between the Company and its Consolidated Subsidiaries and the Auditing Corporation or its Operating Partners
that should be stated pursuant to the provisions of the Certified Public Accountants Act.
The end(NOTE) 1 The original report of the above interim review report is maintained separately by the Company (the company submitting
the interim report).
2 XBRL are not included in the scope of auditing.

- 38 -