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.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name: NIPPON RIETEC CO.,LTD.
Listing: Tokyo
Securities code: 1938
URL: https://www.j-rietec.co.jp/
Representative: Shigeru Egusa, Representative Director and President
Inquiries:Seibun Suzuki, Executive Officer and General Manager of Finance Department
Telephone: +81-3-6880-2710
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: None
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions ofyenThree months ended
June 30, 2024
June 30, 2023
(Note) Comprehensive income:%Millions ofyen

11,25724.9(370)
9,014
12.7(893)
Three months ended June 30, 2024:
Three months ended June 30, 2023:
Basic earnings
per share

Three months ended
June 30, 2024
June 30, 2023

Millions ofyen%%

(258)
(873)
¥¥

Millions ofyen

-%

(192)
(653)

(309) million(154) million[[-%]-%]

Diluted earnings pershare
YenYen(7.78)(26.17)-(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

As of June 30, 2024:As of March 31, 2024:

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen%

81,97087,31558,59959,77558,599 million
59,775 million

71.5
68.5

¥¥

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

---

35.00

35.00

Fiscal year ending March 31, 2025

--

36.00

36.00

Fiscal year ending March 31, 2025
(Forecast)Year-end

Total(Note) Revision to the forecast for dividends announced most recently:
None(Note) Breakdown of the 1st quarter dividend for the fiscal year ending March 31, 2025 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions ofyen%Millions ofyen

Full year
63,7008.8
3,500
2.0(Note) Revision to the financial results forecast announced most recently:

4,000None%

Millions ofyen* Notes:(1) Significant changes in the scope of consolidation during the period:
Newly included:(Company name:
Excluded:(Company name:%

Millions ofyen%

Yen

2.3

2,800

1.1

113.13None(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
1) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
25,617,717 shares
March 31, 2024:
25,617,717 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
866,465 shares
March 31, 2024:
866,465 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

24,751,252 shares
24,951,252 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: Yes(voluntary)* Proper use of earnings forecasts, and other special matters
Forward-looking statements, including the consolidated forecasts, stated in these materials are based on
information currently available to the Company and certain assumptions deemed reasonable. Results
may differ from the consolidated forecasts due to various factors.

))

NIPPON RIETEC CO., LTD. (1938)

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and otherCosts on construction contracts in progress
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securitiesOther
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of June 30, 2024

8,905,864

7,293,378

38,019,556

32,352,773

747,401
84,681
6,796
313,005
820,886
48,898,193

1,854,064
64,817
6,194
321,458
1,459,380
43,352,067

9,085,051
339,005
248,246
9,030,936
1,905,719
364,912
20,973,872
437,339

8,979,713
367,281
268,653
9,030,936
1,789,606
880,553
21,316,744
426,492

16,285,910
724,772(4,425)17,006,258
38,417,469
87,315,663

16,044,173
835,592(4,425)
16,875,340
38,618,577
81,970,644

NIPPON RIETEC CO., LTD. (1938)(Thousands of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Advances received on construction contracts inprogress
Provision for warranties for completedconstruction
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
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
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

2

As of June 30, 2024

7,435,563

5,459,322

3,069,936
500,000
1,305,823

2,990,199
1,000,000
27,107338,802

554,475

301

2,457

1,679,044
5,685,468
20,014,939

495,280
5,452,984
15,981,827

5,509,752

5,539,455

22,84918,197

1,992,222
7,524,824
27,539,764

1,831,510
7,389,162
23,370,990

1,430,962
3,205,423
53,121,873(769,543)
56,988,715

1,430,962
3,205,423
52,063,091(769,543)
55,929,933

2,687,740

2,595,138

99,443
2,787,183
59,775,898
87,315,663

74,582
2,669,720
58,599,654
81,970,644

NIPPON RIETEC CO., LTD. (1938)

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Gain on sale of goods
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodBad debt expenses
Other
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on sale of non-current assetsTotal extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Total extraordinary losses
Loss before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Loss
Profit attributable to non-controlling interests
Loss attributable to owners of parent

3

For the three months
ended June 30, 2024

9,014,864
8,564,572
450,291
1,343,671(893,379)

11,257,317
10,266,171
991,145
1,361,883(370,737)

172
89,07363,391
14,155
166,792

158
109,446
64,591
17,847
192,044

12,893

12,467

128,269

51,5985,927
147,090(873,677)

12,215
3,088
79,369(258,063)

2,251
2,251

181
181

1010
(871,436)
9,432(227,793)(218,360)(653,075)(653,075)

18,04418,044(275,925)(6,716)(76,721)(83,438)(192,487)(192,487)NIPPON RIETEC CO., LTD. (1938)

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2023
Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

4

For the three months
ended June 30, 2024

(653,075)(192,487)

466,697
20,091(74,901)(24,860)

12,013(17,700)

498,803(154,272)(117,462)(309,950)(154,272)(309,950)--