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 Nine Months Ended December 31, 2022[JGAAP]
February 9, 2023
Company name

NAC Co., Ltd

Securities code

9788

Listing: Tokyo Stock Exchange
URL https://www.nacoo.com/

Representative

Kan YoshimuraContact Representative

President and Chief Executive Officer

Hironari Kawakami

Director and Chief Financial Officer

Quarterly Report Scheduled Submission Date

TEL 03-3346-2111

February 9, 2023

Scheduled date to commence dividend payments

ÿPreparation of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results briefing:NoneÿYen amounts are rounded down to millions, unless otherwise noted.ÿ

1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(Percentages indicate year-on-year changes.)(1) Consolidated operating results (cumulative)
Net Sales

Operating income

Profit Attributable toOwners of Parent

Ordinary income

Nine months ended

Million yen%

Million yen%

Million yen%

Million yen%

December 31, 2022

40,924

2.5

1,527(19.2)

1,539(18.2)

841(27.0)

December 31, 2021

39,930

(2.5)

1,889

11.3

1,882

21.6

1,153(18.3)

Note: Comprehensive income

For the nine months ended December 31, 2022:

795 million yen[(40.0) %]For the nine months ended December 31, 2021:

1,326 million yen[(15.8) %]Basic earnings
per Share

Diluted earnings
per Share

Nine months ended

YenYenDecember 31, 2022

37.49ÿ

December 31, 2021

51.45

ÿ

(2) Consolidated Financial Position
Total Assets
As ofNet Assets

Equity-to-asset ratio

Net asset per share

Million yen

Million yen%

Yen

December 31, 2022

38,29022,00557.5

979.25

March 31, 2022

39,724

22,13855.5

983.20

Reference: Equity

As of December 31, 2022:

22,005 million yen

As of March 31, 2022

22,063 million yen

2. Cash Dividends
Annual Cash Dividend per Share

Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023

End of First QuarterEnd of Second QuarterEnd of Third Quarter

YenYenYenYenYenÿ9.00

ÿ

29.00

38.00

ÿ

10.00
ÿ

30.00

40.00

Fiscal year ending
March 31, 2023 (Forecast)
Note: Revision of the dividend forecasts most recently announced: None- 1 -Year - endTotal

3. Forecast of Consolidated Results for Fiscal Year Ending March 31,2023 (from April 1, 2022 to March 31, 2023)(Percentages indicate year-on-year changes.)

Net Sales

Operating income

Profit Attributable toOwners of Parent

Ordinary Income

Net income per share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

60,000

9.2

3,000

8.7

3,0007.4

2,000

17.1

89.12

Full-year

Note: Revision of projected consolidated results of operations most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None

(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)

(ii)

(iii)

Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

24,306,750 shares

As of March 31, 2022

24,306,750 shares

Number of treasury shares at the end of the period
As of December 31, 2022

1,835,341 shares

As of March 31, 2022

1,866,096 shares

Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

22,458,103 shares

Nine months ended December 31, 2021

22,425,367 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forecasts given in this document are based on the current available information in the company and certain reasonable assumptions to the company.
And we don’t commit to achieve these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons.

4. Qualitative Information on Quarterly Results
0Operating Results1
During the nine months ended December 31, 2022 (April 1, 2022 ~ December 31, 2022), the Japanese economy steadily recovered as economic
activities gradually normalized with life during the pandemic since the lifting of restrictions on activities related to COVID-19 (hereinafterreferred to as “infectious disease”). However, the outlook remains uncertain due to the soaring raw material and energy prices, and inflation.
The individual consumption in retail and services industries, our core business domain, showed gradual recovery. Looking into the backgroundof consumption trend, gross employment income and consumer sentiment has been weak but there are signs of recovery, particularly in faceto-face services such as dining out, accommodations, and entertainment following the completion of priority measures to prevent the spreadof infectious disease.
Under these circumstances, the NAC Group of companies has been actively working on expansion of infectious disease related fields,
improvement of customer service, strengthening sales promotion activities, expansion of trade areas in each business groups.
As a result, sales of 40,924 million yen (increase of 2.5% year-on-year), operating income of 1,527 million yen (decrease of 19.2% year-onyear), ordinary income of 1,539 million yen (decrease of 18.2% year-on-year), profit attributable to owners of parent company 841 million
yen (decrease of 27.0% year-on-year) were the consolidated results for the third quarter of fiscal year ending March 31, 2023.
Operating result by Business Segment are as follows:In addition to the operating income of each segment, 1,029 million yen as corporate expenses not attributable to any particular segment wereposted.

- 2 -8CreCla Business9
In home delivery water market, while corporate demands remain sluggish due to the prolonged spread of infectious disease, individual demandis still increasing as a result of more time at home. In addition, demand for water-supply water purifier dispenser is expanding rapidly, andnew entrants from other industries are actively entering the market.
In CreCla Business, in order to attract new customers, we promote safety of products and services through “CreCla Anshin” commercial, anddemonstrated CrePF (CreCla Platform), a system infrastructure for data utilization and efficiency, as well as continued to strengthen sales
promotion activities, such as investing in sustainability strategies. In addition, in October 2022, we raised the price of CreCla bottles in
response to the recent surge in raw materials costs and increases in personnel and distribution costs.
In Directly managed stores division, although the number of basic customers decreased, sales slightly increased year-on-year as a result ofincreased water consumption and price increase of CreCla bottle.
In our Affiliated stores, sales decreased year-on-year as server price for affiliated stores were increased in April 2022 that resulted a decline
in sales of related products.
The aforementioned price hikes and a review of sales promotion activities resulted in a significant year-on-year increase in operating income.
As a result, sales of 11,064 million yen (decrease of 1.5% year-on-year) and operating income of 1,184 million yen (increase of 38.1% yearon-year) were the consolidated results for the third quarter of the current fiscal year.

8Rental Business9
In Rental Business, we continuously worked to expand our sales network and strengthen our services in the anticipation of increasing demandfor each business in the 100-year cycle life.
In the mainstay Duskin business, sales increased year-on-year as a result of price increase of some products in Dust control products divisionin July 2022, and the increasing businesses in Care Service Division which provides comprehensive services such as housekeeping services,pest control, and floral and garden management (sales activities were expanded by increasing sales staff after the capital and business alliancewith Duskin Co., Ltd in August 2018).
In With-branded pest-control devices wherein pest control devices “with” as mainstay, sales increased year-on-year due to reopening ofrestaurants that resumed regular deliveries, and price increase of some products in July 2022.
In Earnest Co., Ltd which provides regular cleaning services for corporate clients, sales significantly increase due to the success of bordercontrol support project implemented by Ministry of Health, Labor and Welfare in the infectious disease related business as in the previous
fiscal year.
Operating income increased year-on-year due to the contribution of Earnest Co., Ltd and increase in SG&A expenses as a result of businessexpansion was covered by the overall increase in sales.
As a result, sales of 13, 680 million yen (increase of 13.8% year-on-year), operating income of 1,514 million yen (increase of 29.1% year-onyear) were the consolidated results for the third quarter of the current fiscal year.
As for new store openings, Duskin Nagoya Branch and HealthRent Taito Station were established in the third quarter of the current fiscalyear.

8Construction Consulting Business9
In the local construction industry and market, the external environment continues to be severe due to shortage of skilled workers, soaring
logistic costs, delays in the delivery of hosing equipment due to shortage of semiconductors, and the global price of goods.
In Consulting division, sales decreased year-on-year due the decline of purchasing power of local construction contractors, our customers,
due to the prolonged surge of construction costs and repayment of infectious-disease related loans.
Nac Smart Energy Co., Ltd which engages in construction and sales of materials related to energy saving, have sales in the same level yearon-year due to delays in delivery of storage batteries and power conditioners because of extended shortage of semiconductors.
ACE HOME Co., Ltd which operates the housing franchise business, incurred decrease year-on-year due to a decline in wholesale sales causedby the decline of completed frameworks in Affiliated stores, and reactionary decrease in products jointly developed with the Company, whichwere strong in the same period for the previous fiscal year.
Operating income decreased significantly year-on-year due to a decline in gross profit caused by decrease in sales of Consulting division, ahigh profit margin.
As a result, sales of 4,434 million yen (decrease of 14.9% year-on-year), operating loss of 48 million yen (operating income of 410 million
yen year-on-year, including the 30 million yen goodwill amortization of ACE HOME Co., Ltd) were the consolidated results for the third
quarter of the current fiscal year.

- 3 -8Housing Sales Business9In Housing industry, the situation continues to be severe as out of the number of new housings announced by the Ministry of Land,
Infrastructure, Transport and Tourism (MLIT) in December, the number of owned houses decreased for the 13th consecutive month, and thetotal housing including rental houses and for-sale houses, decreased for the third consecutive month.
In KDI CORPORATION, sales decreased year-on-year due to the slowing of real estate market caused by the impact of soaring land prices
and rising prices.
In J-wood Co., Ltd, although the unit price per building has increased, sales decreased year-on-year due to decline in the number ofcompleted buildings.
Operating income decreased significantly year-on-year due to the impact of the decline in sales and the soaring prices of materials
Construction Department.
As a result, sales of 6,670 million yen (decrease of 6.5% year-on-year), operating loss of 219 million yen (operating income of 80 million yen
year-on-year, including the 23 million yen goodwill amortization of KDI CORPORATION) were the consolidated results for the third quarterof the current fiscal year.
As for new store openings, KDI CORPORATION opened the Kichijoji store during the third quarter of the current fiscal year.

8Beauty and Health Business9
In the cosmetic industry, as the Ministry of Health, Labor and Welfare has eased the mask wearing guidelines and increased opportunities toeat out, demand for make-up mainly colored lip balm and foundation has recovered, and demand for high-priced cosmetics has been rising
due to “demand for rewards” and “revenge spending”, and there are signs of a pick-up in the industry as a whole.
In JIMOS Co., Ltd, excluding the decrease caused by the incorporation-type split of the Infinity Beauty Business and Metabolic Seikatsu Club
Business in September 2201 as UPSALE Co., Ltd, sales increased year-on-year due to strong sales of existing brands and increased sales ofthe TOFU NO MORITAYA which was merged in July 2022.
In UP SALE Co., Ltd, sales increased due to the acquisition of the pharmaceutical mail-order business (mainly a business handling third-classdrug) in January 2022. However, this did not cover the decline in sales due to price increases implemented in the existing Hair Care businessin the previous fiscal year and price competition with other companies.
In BELAIR Co., Ltd, sales decreased year-on-year due to a decline in sales of its mainstay nutritional supplements.
TOREMY Co., Ltd which was consolidated from the third quarter of the previous fiscal year and mainly engaged in contract manufacturingof cosmetics, increased its sales year-on-year after consolidation due to an increase in the number of orders received during post-COVID.
Operating income decreased significantly year-on-year as JIMOS Co., Ltd carried out aggressive advertising investments ahead of schedule
supported by new customer acquisitions.
As a result, sales of 5,104 million yen (increase of 16.1% year-on-year), operating income of 125 million yen (decreased of 75.2% year-onyear, including the 151 million yen goodwill amortization of JIMOS Co., Ltd, BELAIR Co., Ltd, TOREMY Co., Ltd and UP SALE Co., Ltd)
were the consolidated results for the third quarter of the current fiscal year.

- 4 -