First Quarter Consolidated Financial Reportfor the Three Months Ended June 30, 2024 (Japan GAAP)
August 9, 2024
Listed company name

MIRARTH HOLDINGS, Inc.

Stock Exchange Listings Prime market of the Tokyo Stock Exchange

Security code

8897

Representative

Kazuichi Shimada, Representative Director,

Contact person

Daisuke Nakamura, Director Managing Executive Officer

URL https://mirarth.co.jp

TEL +81-3-6551-2133

Scheduled date for commencement of dividend payments-

Quarterly Financial Results: Preparation of Supplementary Explanations materials:

No

Holding of quarterly financial results meeting:No(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results of Year ending March 31, 2025 1st quarter (April 1, 2024-June 30, 2024)(1)Consolidated Operating Results (Cumulative)(Percentages indicate year-on-year changes)

Net sales

Operating income

Net income attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Three months ended June 30, 2024

38,865

38.1

1,531

146.6

1,207

392.2

591

-

Three months ended June 30, 2023

28,137

△0.7

621

4.1

245

△38.5

△218

-

(NOTE)Comprehensive
Three months ended June 30, 2024
incomeMillions
1,501
of yen(-%)

Millions△50of yenThree months ended June 30, 2023(-%)

Quarterly diluted net income per
share

Quarterly net income per share
Yen

Yen

Three months ended June 30, 2024

5.07

5.03

Three months ended June 30, 2023

△1.99

-

(2)Consolidated Financial Position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of June 30, 2024

337,53180,841

22.2

As of March 31, 2024

337,447

71,66919.5

Year ending March 31, 2025 1stReference: Shareholders' equity

Millions

Year ended March 31,

of yen2024

Millions

74,887quarter

65,717of yen2. Dividends
Annual Cash Dividends per Share
End of first quarterEnd of second quarterEnd of third quarter

Term end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2024

-

6.00

-

18.00

24.00

Year ending March 31, 2025

7.00

-

23.00

30.00

Year ending March 31, 2025
(Forecast)(NOTE)Revisions to the most recently announced dividend forecasts: No

3. Forecast of Consolidated Financial Results of Year ending March 31, 2025 (April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyenFull year

205,700

Operating income%
11.1

Millions ofyen
17,000(NOTE)Revisions to the most recently announced earnings forecasts: No

Net income attributable toowners of parent

Ordinary income%
10.0

Millions ofyen
16,000%23.2

Millions ofyen
10,700Net income per share

%

Yen

30.8

81.86

※ Notes(1)(Changes in specified subsidiaries accompanied by changes in the scope of consolidation): No on Changes in Significant Subsidiaries in the Current Quarterly
Consolidated Cumulative period
New: -(Company name:-) Excluded: -(Company name:-)(2)Application of special accounting methods for preparing quarterly consolidated financial statements: No(3)Changes in Accounting Policy, Changes in Accounting Estimates, and Restatements① Changes in accounting Policy due to revision of accounting standards: No② ① Changes in Policy other than accounting: No③ Changes in accounting estimates: No④ Restatement of revisions: No(4)Issued shares count (Common stock)① Term end Issued shares counts (including Treasury stock)

Year ending March 31,

Year ended March 31,

137,000,000Shares
2025 First Quarter② Number of Term end Treasury stockYear ending March 31,

Year ended March 31,

4,896,807Shares
2025 First Quarter③ Average number of shares during the period (quarterly

121,000,000Shares
2024

10,902,707Shares
2024

Year ending March 31,

Year ended March 31,

109,807,393Shares

116,630,601Sharesconsolidated cumulative period)2025 First Quarter

2024 First Quarter※ Review of accompanying quarterly consolidated financial statements by certified public accountants or auditing firms: None
※ Explanation of the proper use of financial results forecasts and Other special notes
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and on certain assumptions
deemed to be reasonable, and do not constitute guarantees by the Company of future performance. Actual results may differ materially from the forecast depending ona range of factors.

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

○Attachments Table of Contents
1. Qualitative Information on Quarterly Financial Results for the Period under Review

2(1)Explanation of Results of Operations

2(2)Explanation of Financial Position

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

34

2. Quarterly Consolidated Financial Statements and Major Notes(1)Quarterly Consolidated Balance Sheets

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

6

Quarterly Consolidated Statements of Income
6First Quarter Consolidated Cumulative period
Quarterly Consolidated Statements of Comprehensive Income

7First Quarter Consolidated Cumulative period(3)Notes Items Related to the Quarterly Consolidated Financial Statements

8（Notes to Segment Information）

8（Notes on Significant Changes in the Amount of Shareholders' Equity）

8（Notes on Going Concern)

8（Notes to Quarterly Consolidated Statements of Cash Flows )9-1-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1)Explanation of Results of Operations① Results of Operations by Segment
In Real Estate Business, Net sales for this segment was 34,228 Millions of yen (up 43.2% from the same quarter of the previous fiscal year) due to factors suchas new condominiums, liquidation, new detached house, renewal and resale, real estate rental, real estate management, and real estate Other.
In Energy Business, Net sales of this business was 2,743 Millions of yen (down 2.0% from the same quarter of the previous fiscal year) due to the revenue
from electricity sale of power generation facilities.
In Asset Management Business, Net sales was 66 Millions of yen (down 15.7% decrease from the same quarter of the previous fiscal year) due to management
fees and other factors.
In Other Businesses, Net sales of this business was 1,826 Millions of yen (up 35.2% from the same quarter of the previous fiscal year) due to construction
contracting and other factors.
Consequently, 1st quarter of fiscal year under review's results of operations are as follows : Net sales 38,865 Millions of yen (up 38.1% from the same quarterof the previous fiscal year), Operating income 1,531 Millions of yen (up 146.6% from the same quarter of the previous fiscal year), Ordinary income 1,207
Millions of yen (up 392.2% from the same quarter of the previous fiscal year), and net income attributable to owners of the parent of 591 Millions of yen(compared to Net loss attributable to owners of parent of 218 Millions of yen in the same quarter of the previous fiscal year).
② Progress of contract execution
Regarding 1st quarter of fiscal year under review sales Actual, 1,754 units were contracted for Units 2,200 units scheduled to be delivered to Full year, and theprogress rate is 79.7%.

(Contract status for new built-for-sale condominiums)
Number of contracted units
Units scheduled for delivery

Units under contract
Contract progress ratio (%)

scheduled for delivery

From April to June

Previous period

2,200

1,788

81.3

535

Current period

2,200

1,754

79.7

590

-2-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

(2)Explanation of Financial Position
Assets, Liabilities and Net Assets
As for the status of the Group's assets, liabilities, and net assets at the end of the first quarter of the current fiscal year, total assets amounted to 337,531 million
yen, up 84 million yen from the end of the previous fiscal year, mainly due to steady sales of business assets.

(Current Assets)
Current assets totaled 188,803 million yen, down 3,133 million yen from the end of the previous fiscal year, mainly due to steady sales of business assets.

(Fixed Assets)
Fixed assets totaled 148,672 million yen, up 3,230 million yen from the end of the previous fiscal year, mainly due to the steady purchase of business assets.

(Current Liabilities)
Current liabilities increased 3,224 million yen from the end of the previous fiscal year to 125,762 million yen due to an increase in short-term loans payable
and transfers of loans payable into long- and short-term categories.

(Fixed Liabilities)
Long-term liabilities amounted to 130,927 million yen, down 12,312 million yen from the end of the previous fiscal year, mainly due to the reclassification ofloans payable into long- and short-term categories.
(Net Assets)
Total net assets increased 9,172 million yen from the end of the previous fiscal year to 80,841 million yen due to the issuance of new shares through public
offering and disposal of treasury stock.

(3)Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements
There is no change in the consolidated earnings forecast from Full year forecast announced on May 13, 2024.

-3-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

2. Quarterly Consolidated Financial Statements and Major Notes(1)Quarterly Consolidated Balance Sheets(Millions of yen)
End of Previous Consolidated Accounting
Period(As of March 31,2024)

End of 1st quarter of the fiscal year underreview(As of June 30, 2024)

Cash and deposits

42,74042,592

Notes, accounts receivable-trade and contract assets

8,335

5,219

Real estate for sale47,381

41,376

AssetsCurrent assets

Power generation facilities for sale
Real estate for sale in progress
Costs incurred on uncompleted contracts
Other

65

65

76,59883,67840

131

17,05316,017△277△277

191,937

188,803

Buildings and structures, net

27,75528,732

Machinery, equipment and vehicles, net

52,45352,169Land

33,75932,609Other, net

3,790

4,913

117,759

118,425

Goodwill

3,420

3,292

Other

4,643

4,664

Total intangible assets

8,063

7,956

19,61922,290Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment

Total property, plant and equipment
Intangible assets

Investments and other assets
Other
Allowance for doubtful accounts△0△0

Total investments and other assets

19,61922,290145,441

148,672

Total fixed assets
Deferred assets

68

55

337,447

337,531

Notes and accounts payable-trade27,11912,759

Short-term borrowings

25,62135,039Current portion of bonds payable

2,806

2,906

Current portion of long-term loans payable

44,10252,318

Income taxes payable

3,571

458

Allowance

1,464

1,101

Total assets
Liabilities
Current liabilities

Other

17,851

21,178

Total current liabilities

122,537

125,762

130,673

118,177

7,008

6,864

Fixed liabilities
Long-term loans payable
Bonds payable
Allowance

100

84

Liabilities related to retirement benefits

1,314

1,360

Other

4,144

4,440

143,240

130,927

265,778

256,690

Total Fixed liabilities
Total liabilities-4-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

(Millions of yen)
End of Previous Consolidated Accounting
Period(As of March 31,2024)

End of 1st quarter of the fiscal year underreview(As of June 30, 2024)

Capital stock

4,819

8,332

Capital surplus

3,375

7,284

Retained earnings

61,514

60,124

Treasury stock△4,066△1,826

Total shareholders' equity

65,64373,914

Net unrealized gains on available-for-sale securities

127

975

Foreign currency translation adjustments

△36

14

Remeasurements of defined benefit plans

△17

△15

73

973

Net assets
Shareholders' equity

Accumulated other comprehensive income

Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interest
Total net assets
Total liabilities and net assets

-5-

277

275

5,674

5,678

71,66980,841

337,447

337,531MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report 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)(First Quarter Consolidated Cumulative period)(Millions of yen)
1st quarter of previous fiscal year
(From April 1, 2023 to June 30, 2023)

1st quarter of fiscal year under review(From April 1, 2024 to June 30, 2024)

Net sales

28,13738,865

Cost of sales

21,94130,800Gross profit

6,195

8,064

Selling, general and administrative expenses

5,574

6,532

621

1,531

Operating income
Non-operating income
Interest income

110Dividend income

47

87Commission received

18

15

Insurance income

56

86

Gain from equity method investment

161

149

Miscellaneous income

94

47

Total non-operating income

389

385

Interest expenses

698

683

Miscellaneous expenses

66

27

Total non-operating expenses

765

710

245

1,207

Loss on disposal of fixed assets-

6

Total extraordinary loss

-

6

245

1,200

146

140

98

1,060

Income taxes, inhabitant taxes and business taxes

52

347

Income tax adjustments

188

111

Total income and other taxes

241

458

Quarterly net income, loss (△)

△143

602

75

11

△218

591

Non-operating expenses

Ordinary income
Extraordinary loss

Current net income for the quarter before income taxes and minority
interests prior to distribution of gain/loss on silent partnership
Distribution of loss in partnership
Current net income for the quarter before income taxes and minority
interests

Quarterly net income attributable to non-controlling interests
Quarterly net income attributable to owners of the parent or quarterly net
loss attributable to owners of the parent (△)-6-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

(Quarterly Consolidated Statements of Comprehensive Income)(First Quarter Consolidated Cumulative period)(Millions of yen)
1st quarter of previous fiscal year
(From April 1, 2023 to June 30, 2023)

1st quarter of fiscal year under review(From April 1, 2024 to June 30, 2024)

△143

602

Net unrealized gains on available-for-sale securities

95

847

Foreign currency translation adjustments△250

Remeasurements of defined benefit plans

01

Quarterly net income, loss (△)
Other comprehensive income

Total other comprehensive income
Quarterly comprehensive income

92

899

△50

1,501

△125

1,490

75

11

(Comprising)
Quarterly comprehensive income attributable to owners of the parent
Quarterly comprehensive income attributable to non-controllinginterests-7-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

(3)Notes Items Related to the Quarterly Consolidated Financial Statements（Notes to Segment Information）
Ⅰ Previous Consolidated Fiscal Year (April 1, 2023 to June 30, 2023)
Information on sales and profit or loss by reportable segment and decomposition of income(Millions of yen)
Reportable segments
Other

Asset
Real Estate

EnergyBusiness

Business

Management(NOTE-1)

Total

BusinessAmountrecorded inquarterly
consolidated
statements ofincome(NOTE-2)

Net sales
Revenue arising from contracts with
22,4852,798

79

25,362

1,351

26,713

Other revenue

1,423

－

－

1,423

－

1,423

Net sales to customers

23,9082,798

79

26,786

1,351

28,137

－

－

－

－

－

－

Total

23,9082,798

79

26,786

1,351

28,137

Segment income, loss (△)

73

676

△87

661

△40

621

customers

Intersegment net sales or transfers(NOTE)

Ⅱ

1"Other" Category is a business Segment not included in Reportable segments and includes construction subcontracting and repair work.

2

Segment income, loss is consistent with operating income in the quarterly consolidated statements of income.

Current Consolidated Fiscal Year (April 1, 2024 to June 30, 2024)
Information on sales and profit or loss by reportable segment and decomposition of income(Millions of yen)
Reportable segments
Other(NOTE-1)

Asset
Real Estate

EnergyManagement

Business

Total

Business
BusinessAmountrecorded inquarterly
consolidated
statements ofincome(NOTE-2)

Net sales
Revenue arising from contracts with
29,911

2,743

66

32,721

1,826

34,548customers
Other revenue

4,317

－

－

4,317

－

4,317

Net sales to customers

34,2282,743

66

37,038

1,826

38,865

－

－

－

－

－

－

Total

34,2282,743

66

37,038

1,826

38,865

Segment income, loss (△)

1,187

609

△130

1,666

△134

1,531

Intersegment net sales or transfers(NOTE) 1 "Other" Category is a business Segment not included in Reportable segments and includes construction subcontracting and repair work.
2

Segment income or loss is consistent with operating income in the quarterly consolidated statements of income.

(Notes on Significant Changes in the amount of Shareholders' Equity)
At a meeting of the Board of Directors held on May 20, 2024, the Company resolved to issue new shares and dispose of treasury stock through a public
offering, and the payment and disposal were completed on June 4, 2024. As a result, capital stock and capital surplus increased by 3,512 million yen and 3,908
million yen, respectively, and treasury stock decreased by 2,240 million yen during the first quarter of the current fiscal year, resulting in 8,332 million yen incapital stock, 7,284 million yen in capital surplus, and 1,826 million yen in treasury stock as of June 30, 2024.

(Notes on Going Concern)
Not applicable.

-8-

MIRARTH HOLDINGS, Inc. (8897) Consolidated Financial Report for the Three Months Ended June 30, 2024

(Notes to Quarterly Consolidated Statements of Cash Flows)
Quarterly consolidated statements of cash flows for the first quarter of the current fiscal year have not been prepared. Depreciation and amortization (including
amortization related to intangible fixed assets excluding goodwill) and amortization of goodwill for the first quarter of the consolidated fiscal year under review are
as follows Amortization of depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the first quarter ofthe fiscal year under review are as follows.
Previous Consolidated Fiscal Year
(April 1, 2023 to June 30, 2023)
Depreciation and amortization

1,173

Amortization of goodwill

128

-9-

Millions of yen

Current Consolidated Fiscal Year
(April 1, 2024 to June 30, 2024)
1,311 Millions of yen
127