Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
August 8, 2024
Company Name:
Stock code:
Representative:
Inquiries:

Arisawa Mfg. Co., Ltd.
5208
Representative Director and CEO:
Director and Senior Managing Operating Officer:

Stock exchange listing: Tokyo(URL https://www.arisawa.co.jp/)
Yuta Arisawa
Takeshi Masuda

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:Telephone: 025-524-7101

--Yes
None
(Amounts less than one million yen are rounded down)

1.

Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes)
Profit attributable toowners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
12,08027.2
1,069--1,344--970--9,494 △16.1--△172--△201--△247
Three months ended June 30, 2024: 1,618 million yen (688.0%)
Three months ended June 30, 2023: 205 million yen (△86.1%)
Net sales

Three months ended
June 30, 2024
June 30, 2023
(Note) Comprehensive income:Operating profit

Earnings per share
Three months ended
June 30, 2024
June 30, 2023

Ordinary profit

Diluted earnings per share

Yen
29.28
△6.10

Yen
29.23
---

(2) Consolidated financial position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Total equity:2.

Net assets

Millions of yen
71,15868,816
As of June 30, 2024: 46,535 million yen

Equity ratio

Net asset per share

Millions of yen%
46,55665.4
46,246
67.2
As of March 31, 2024: 46,218 million yen

Yen
1,402.53
1,394.08

Cash dividends
Annual dividends per share
1st quarter-end
Yen
-----

Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
Fiscal year ending March 31, 2025
(Forecast)

2nd quarter-end
Yen
20.00

3rd quarter-end
Yen---

Fiscal year-end
Yen
40.00

42.00

---

42.00

Total
Yen
60.00
84.00

(Note) Revisions to dividend projections most recently announced: None3.

Forecasts of consolidated financial results for the year ending March 31, 2025
(from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes)
Net sales

Operating profit

Profit attributable toowners of the parent

Ordinary profit

Earnings per
share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

Six months ending
September 30, 2024

24,300

22.1

1,900

---

2,100

861.5

1,500

166.2

45.21

Full Year

48,900

16.1

3,200

115.7

3,300

121.7

2,400

46.4

72.33

(Note) 1. Revisions to projections of consolidated financial results most recently announced: Yes
For revisions to the financial forecasts, please refer to the “Notice Concerning Revisions to Consolidated Financial Forecasts”
disclosed today (August 8, 2024).
2. Percentage change in operating profit for the six months ending September 30, 2024 is shown as “---” because it is more than
1,000% year on year.

* Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024: None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)i) Total number of issued shares at the endof the period (including treasury shares):ii) Number of treasury shares at the end of
the period:iii) Average number of shares during theperiod (cumulative from the beginning of
the fiscal year)

As of June 30,
2024:

33,592,524 shares

As of March 31,
2024:

33,566,924 shares

As of June 30,
2024:

412,431 shares

As of March 31,
2024:

413,233 shares

Three months
ended June 30,
2024:

33,162,236 shares

Three months
ended June 30,
2023:

33,087,297 shares(Note) The shares of the Company (81,400 shares in 1Q of the year ending March 31, 2025 and 82,300 shares in the year ended March 31, 2024) heldby Custody Bank of Japan, Ltd. (Trust Account) as the trust assets of the “Employee Stock Ownership Plan” are included in the number oftreasury shares at the end of the period.
The shares of the Company held by Custody Bank of Japan, Ltd. (Trust Account) are included in the treasury shares to be deducted in calculationof the average number of shares during the year (81,743 shares in 1Q of the year ending March 31, 2025 and 85,430 shares in 1Q of the year
ended March 31, 2024).

* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: None
* Proper use of earnings forecasts, and other special matters
Descriptions and statements concerning estimates and forecasts in this material are based on information currently
available to the Company and certain assumptions judged by the Company to be reasonable. Various factors could cause
actual results to differ materially from these projections. Please refer to “1. Summary of Business Results, etc., (3)Explanation about Future Forecast Information, Including Forecast of Consolidated Business Results” of the attachedmaterials on page 3 for information concerning business forecast.

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2023

Contents of Attached Materials
1. Summary of Business Results, etc.
(1) Summary of Business Results for the First Quarter(2) Summary of Financial Position for the First Quarter(3) Explanation about Future Forecast Information,
Including Forecast of Consolidated Business Results
2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly Consolidated Balance Sheet(2) Quarterly Consolidated Statements of Income
and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income
Consolidated Cumulative First Quarter
Quarterly Consolidated Statement of Comprehensive Income
Consolidated Cumulative First Quarter(3) Notes to Quarterly Consolidated Financial Statements(Notes to Changes in Accounting Policies)(Notes to Special Accounting Methods
for Preparing Quarterly Consolidated Financial Statements)(Notes to Segment Information, etc.)(Notes in the Case of Significant Changes in Shareholders’ Equity)(Notes on Going Concern Assumption)(Notes Related to Quarterly Consolidated Statements of Cash Flows)

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2
2
3
3
4
4
6
6
7
8
8
8
9
10
10
11

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

1. Summary of Business Results, etc.
(1) Summary of Business Results for the First Quarter
As for the Japanese economy in the current consolidated cumulative first quarter, the economy showed amoderate recovery trend due to an increase in demand from inbound tourism, improvement in the employment
and income situation and improved corporate earnings, etc. Meanwhile, there is still an uncertain outlook forthe economy due to ongoing currency volatility, unstable global situation, and downside risks of global
economy, etc.
Under such circumstances, the results of operations of our group for the current consolidated cumulative firstquarter showed net sales of 12,080 million yen (an increase of 27.2% year-on-year) due to a recovery in demandfor electronic materials, one of our main business fields, in Chinese and domestic markets in addition to afavorable progress in both the industrial application structural materials and display materials. The results interms of profit and loss are as follows: an operating profit was 1,069 million yen (an operating loss of 247
million yen in the same period of the previous year); an ordinary profit was 1,344 million yen (an ordinary lossof 172 million yen in the same period of the previous year); and a profit attributable to owners of parent was
970 million yen (a loss attributable to owners of parent of 201 million yen in the same period of the previousyear).
Business results with respect to each segment are as follows.
(Electronic materials)
Net sales were 7,175 million yen (an increase of 32.7% year-on-year) due to an increase in sales of flexible
printed circuit board materials and glass cloth for printed circuit board, while segment profit was 488 million
yen (the segment loss of 259 million yen in the same period of the previous year) due to an increase in sales.
(Industrial application structural materials)
Net sales were 2,887 million yen (an increase of 8.8% year-on-year) due to an increase in sales of FRP vessels
for water purification etc., while the segment profit was 461 million yen (an increase of 92.3% year-on-year)
due to a change in product mix in addition to an increase in sales .
(Electric insulation materials)
Net sales were 574 million yen (a decrease of 1.5% year-on-year) due to a decrease in infrastructure-related
sales, while the segment loss was 11 million yen (a segment profit of 15 million yen in the same period of theprevious year).
(Display materials)
Net sales were 1,346 million yen (an increase of 75.9% year-on-year) due to an increase in sales of 3D-relatedmaterials and polarization control optical components, while the segment profit was 514 million yen (anincrease of 309.9% year-on-year).
(Other)Net sales were 96 million yen (an increase of 16.4% year-on-year).

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(2) Summary of Financial Position for the First Quarter
Total assets as of the end of the current consolidated cumulative first quarter were 71,158 million yen, an
increase of 2,342 million yen compared with the end of the previous fiscal year. This was largely due to anincrease of 1,579 million yen in notes and accounts receivable-trade, and contract assets, an increase of 898
million yen in raw materials and supplies, an increase of 557 million yen in property, plant and equipment anda decrease of 898 million yen in cash and deposits, respectively.
Total liabilities were 24,602 million yen, an increase of 2,031 million yen compared with the end of the previous
fiscal year. This was largely due to an increase of 832 million yen in notes and accounts payable-trade, anincrease of 708 million yen in short-term borrowings, respectively.
Total net assets were 46,556 million yen, an increase of 310 million yen compared with the end of the previous
fiscal year. This was largely due to an increase of 548 million yen in foreign currency translation adjustment
and a decrease of 358 million yen in retained earnings, respectively.
(3) Explanation about Future Forecast Information, Including Forecast of Consolidated Business Results
The forecast of consolidated business results for the cumulative second quarter ending September 30, 2024, isrevised based on recent business trends. For details, please refer to the “Notice Concerning Revisions toConsolidated Financial Forecasts” disclosed today (August 8, 2024).

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly Consolidated Balance Sheet(Thousands of yen)Previous Consolidated
Fiscal Year(As of March 31, 2024)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

18,163,338
16,515,625-4-

Current Consolidated
First Quarter(As of June 30, 2024)

17,265,010
18,094,899－
4,587,271
2,515,667
4,359,283
983,820△27,285
47,097,722

100,200
4,476,431
2,646,184
5,257,962
1,098,997△42,02148,897,664

17,961,943
382,749

18,519,574
364,473

2,327,455
1,092,275△45,463
3,374,267
21,718,961
68,816,683

2,386,650
1,035,719△45,204
3,377,164
22,261,212
71,158,877

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(Thousands of yen)Previous Consolidated
Fiscal Year(As of March 31, 2024)
Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds payable
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for product warranties
Provision for bonuses
Provision for bonuses for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Total net assets
Total liabilities and net assets-5-

Current Consolidated
First Quarter(As of June 30, 2024)

7,014,220
10,8005,301,635
3,120,516
269,618
28,739589,881

7,846,642－
6,009,677
2,628,487
490,445
27,1751,080,117

3,618

484

3,083,775
19,422,805

3,370,739
21,453,769

1,970,976
68,536
485,167
99,583
523,416
3,147,680
22,570,486

1,782,743
73,450462,304
102,024
727,889
3,148,412
24,602,182

7,862,036
3,212,781
32,253,196△460,640
42,867,374

7,875,872
3,226,617
31,894,726△459,944
42,537,272

515,045

611,087△1,7062,870,994△32,930△1,796
3,419,288△29,878

3,351,402

3,998,700

27,41946,246,196
68,816,683

20,721
46,556,695
71,158,877

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Consolidated Cumulative First Quarter)(Thousands of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Subsidy income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using
equity method
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

Previous Consolidated
Cumulative First Quarter(From April 1, 2023
to June 30, 2023)
9,494,400
8,333,617
1,160,782
1,408,554△247,772

Current Consolidated
Cumulative First Quarter(From April 1, 2024
to June 30, 2024)
12,080,560
9,311,097
2,769,463
1,699,885
1,069,578

20,42019,597
10,25588,06820,546
158,888

21,08812,031
76,341
194,139
27,923
331,524

43,387

46,41428,558－

11,877
83,823△172,707

10,26956,684
1,344,418

685
28,101－
28,786

965
－
2,373
3,338

24,695
3,181
27,877△171,798
30,009△201,807－△201,807

809
2,854
3,664
1,344,092
373,122970,969－
970,969-6-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(Quarterly Consolidated Statement of Comprehensive Income)(Consolidated Cumulative First Quarter)(Thousands of yen)

Profit (loss)
Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

Previous Consolidated
Cumulative First Quarter(From April 1, 2023
to June 30, 2023)△201,807

Current Consolidated
Cumulative First Quarter(From April 1, 2024
to June 30, 2024)
970,969

90,192

96,041

2,445
308,806
7,323△89548,294△1,602－

407,164
205,357

647,297
1,618,267

205,357

1,618,267

－

－

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3,052

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(3) Notes to Quarterly Consolidated Financial Statements(Notes to Changes in Accounting Policies)(Application of the Accounting Standard for Current Income Taxes, etc.)“Accounting Standard for Current Income Taxes” (ASBJ Statement No.27, October 28, 2022; hereinafter referred
to as the “Amended Accounting Standard 2022”) etc. has been applied from the beginning of the current
consolidated fiscal first quarter.
The amendment to the accounting for current income taxes (taxation on other comprehensive income) follows
the transitional treatment prescribed in the proviso of the paragraph 20-3 of the Amended Accounting Standard
2022 and the transitional treatment prescribed in the proviso of paragraph 65-2(2) of the Implementation
Guidance on Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022; hereinafter referred to as the"Amended Implementation Guidance 2022"). This change in accounting policies has no impact on the quarterly
consolidated financial statements.
In addition, as for the amendment related to the revised accounting treatment in consolidated financial statements
when gains or losses on sale of shares in subsidiaries resulting from transactions between consolidated companies
are deferred for tax purposes, the Amended Implementation Guidance 2022 has been applied from the beginningof the period. As this change in accounting policies was applied retroactively, the quarterly consolidated financial
statements for the three months ended June 30, 2023 and the consolidated financial statements for the fiscal year
ended March 31, 2024 have been prepared on retroactive basis. This change in accounting policies has no impact
on the quarterly consolidated financial statements for the three months ended June 30, 2023 and the consolidated
financial statements for the fiscal year ended March 31, 2024.
(Notes to Special Accounting Methods for Preparing Quarterly Consolidated Financial Statements)(Calculation of Tax Expenses)
Tax expenses are calculated by multiplying the quarterly profit before income taxes by an estimated effective tax
rate. Such effective tax rate is reasonably estimated after applying tax effect accounting to the profit before income
taxes for the consolidated fiscal year including the current consolidated first quarter.

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(Notes to Segment Information, etc.)[Segment Information]
I Previous consolidated cumulative first quarter (From April 1, 2023 to June 30, 2023)
1. Information on the amount of net sales and profit or loss with respect to each reportable segment(Thousands of yen)

Electronicmaterials

Reportable segment
Industrial
Electric
application
Display
insulation
structural
materials
materials
materials

Other(See Note)

Subtotal

Total

Sales
Sales to external customers
Inter-segment sales ortransfers
Net sales
Segment profit (loss)

5,408,544

2,653,900

583,178765,632

9,411,257

83,1439,494,400

－

－

－

－

－

209,705

209,705

5,408,544

2,653,900

583,178765,632

9,411,257

292,848

9,704,105△259,867

239,947

15,494

125,596

121,171

49,224

170,395

Note: The column “Other” represents business operations that do not fall under any of the reportable segments
and includes the related goods sales, the logistics-related operations and other businesses, etc.
2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent amountshown on the quarterly consolidated statements of income as well as the key components of such difference(Matters concerning difference adjustment)(Thousands of yen)
ProfitAmountTotal of reportable segments

121,171

Profit in the category “Other”

49,224

Elimination of inter-segment transactions

3,544

Unallocated corporate expenses (See Note)△412,487

Adjustment of inventories△9,225

Operating loss shown on the quarterly consolidated statements ofincomeNote:△247,772

Unallocated corporate expenses are mostly general and administrative expenses that are not
attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportablesegment(Significant impairment losses on non-current assets)
In the industrial application structural materials segment, with respect to the assets in which investments
could not be expected to recover due to a downturn in profitability, the Company devalued their carrying
amount to memorandum value and showed the relevant amount of loss to extraordinary losses as
impairment losses.
In this regard, the amount of the relevant impairment losses shown in the current consolidated cumulative
first quarter is 3,181 thousand yen.

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

II Current consolidated cumulative first quarter (From April 1, 2024 to June 30, 2024)
1. Information on the amount of net sales and profit or loss with respect to each reportable segment(Thousands of yen)

Electronicmaterials

Reportable segment
Industrial
Electric
application
Display
insulation
structural
materials
materials
materials

Other(See Note)

Subtotal

Total

Sales
Sales to external customers

7,175,105

2,887,608

574,629－

Inter-segment sales ortransfers
Net sales－－

7,175,105

2,887,608

574,629

Segment profit (loss)

488,188461,374△11,147

Note:

1,346,472 11,983,816

96,74312,080,560－

242,880

242,880

1,346,472 11,983,816

339,624

12,323,441

56,9271,510,197－

514,854

1,453,269

The column “Other” represents business operations that do not fall under any of the reportablesegments and includes the related goods sales, the logistics-related operations and other businesses,
etc.

2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent amountshown on the quarterly consolidated statements of income as well as the key components of such difference(Matters concerning difference adjustment)(Thousands of yen)
ProfitAmountTotal of reportable segments

1,453,269

Profit in the category “Other”

56,927

Elimination of inter-segment transactions

2,741

Unallocated corporate expenses (See Note)△390,838

Adjustment of inventories△52,521

Operating profit shown on the quarterly consolidated statements ofincome1,069,578

Note:

Unallocated corporate expenses are mostly general and administrative expenses that are not
attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportablesegment(Significant impairment losses on non-current assets)
In the industrial application structural materials segment, with respect to the assets in which investments
could not be expected to recover due to a downturn in profitability, the Company devalued their carrying
amount to memorandum value and showed the relevant amount of loss to extraordinary losses as
impairment losses.
In this regard, the amount of the relevant impairment losses shown in the current consolidated cumulative
first quarter is 2,854 thousand yen.
(Notes in the Case of Significant Changes in Shareholders’ Equity)
No applicable matter.
(Notes on Going Concern Assumption)
No applicable matter.

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Three Months Ended June 30, 2024

(Notes Related to Quarterly Consolidated Statements of Cash Flows)
Quarterly consolidated statements of cash flows for the current consolidated cumulative first quarter were notprepared. In this regard, the amounts of depreciation (including amortization of intangible assets) for theprevious and current consolidated cumulative first quarters are as follows.

(Thousands of yen)Previous consolidated
cumulative first quarter(From April 1, 2023
to June 30, 2023)

Current consolidated
cumulative first quarter(From April 1, 2024
to June 30, 2024)

539,545495,927

Depreciation- 11 -