February 8, 2024

COMSYS Holdings Corporation
Consolidated Financial Results for the Third Quarter Ended December 31, 2023
Under Japanese GAAP
Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Stock Exchange Listings: Prime Market of Tokyo Stock Exchange (Securities code: 1721)
URL:
https://www.comsys-hd.co.jp
Representative:
Takashi Kagaya, President and Representative Director
For Inquiry:
Toru Mashimo, Director and General Manager of Financial Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report:
February 13, 2024
Scheduled Commencement of Dividend Payment: —Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Not scheduled
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the nine months ended December 31, 2023)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Profit

Profit Attributable toOwners of Parent

Ordinary Profit

Nine months ended December 31, 2023 ¥383,753

7.2%¥24,292

43.2%¥25,425

40.2%¥17,50750.3%

Nine months ended December 31, 2022

(8.2)

16,967(39.1)

18,138(37.2)

11,648(38.8)

357,930

Notes: 1. Comprehensive income:Nine Months Ended December 31, 2023: ¥21,140 million [83.0%] Nine Months Ended December 31, 2022: ¥11,554 million [(40.1)%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Primary Earnings per Share

Diluted Earnings per Share

Nine months ended December 31, 2023

¥145.48¥145.33

Nine months ended December 31, 2022

95.45

95.38

(2) Consolidated Financial Position(Millions of yen, except percentages)

Total Assets

Net Assets

Equity Ratio

As of December 31, 2023

¥497,587¥353,448

69.8%

As of March 31, 2023

502,133

346,725

67.9(Reference) Shareholders’ Equity:

As of December 31, 2023: ¥347,530 million

As of March 31, 2023: ¥341,093 million

2. Cash Dividends for Shareholders of Common Stock(Yen)

Cash Dividends per Share over the Fiscal YearEnd of 1st QuarterEnd of 2nd QuarterEnd of 3rd Quarter

Year ended March 31, 2023

¥ —¥50.00¥ —Year ending March 31, 2024

—50.00—Year-EndAnnual¥50.00¥100.00

55.00

105.00Year ending March 31, 2024 (Forecast)
Note: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the fiscal year ending March 31, 2024)
Net SalesYear ending March 31, 2024

¥570,000

1.2%(Millions of yen, except per share data and percentages)

Operating Profit

Ordinary Profit

Profit Attributable to Primary Earnings
Owners of Parentper Share¥34,000¥34,500¥23,000

5.9%

Notes: 1. Most recently announced revisions to consolidated earnings forecast: No
2. For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year.

11.5%

18.9%

¥190.43

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

*Notes:(1) Changes in significant subsidiaries during the period under review (changes to subsidiaries that would alter the scope ofconsolidation): No(2) Adoption of accounting methods specific to quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements
due to error correctiona) Changes in accounting policies due to revisions of accounting standards:Nob) Changes in accounting policies due to other reasons: Noc) Changes in accounting estimates: Nod) Restatements of prior period financial statements due to error correction: No(4) Number of shares issued (common shares)		
a) Number of shares issued (including treasury shares)b) Number of treasury shares		c) Average number of shares issued in the period

As of December 31, 2023
133,000,000 shares
13,098,361 shares

As of March 31, 2023
141,000,000 shares
20,221,171 shares

Nine Months Ended December 31, 2023
120,344,344 shares

Nine Months Ended December 31, 2022
122,033,856 shares*This Quarterly Consolidated Financial Results report has not been subjected to quarterly review proceduresby certified public accountants or an audit corporation.
*Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
Forward-looking statements including earnings forecasts contained in this document are based on certain reasonable assumptions and beliefs inlight of information currently available to management. Readers are advised that actual results may differ materially from forecasts due to a varietyof factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the proper use of earnings
forecasts, please refer to “(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts” under “1. Qualitative
Information Regarding Consolidated Financial Results for the Period under Review” of this Consolidated Financial Results report in theAccompanying Materials section on page 4.

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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative third quarter period (April 1, 2023 to December 31, 2023) of the current fiscal year ending March31, 2024, the Japanese economy was expected to maintain a moderate recovery, with social and economic activity normalizing
as COVID-19 became a Category V infectious disease. Nevertheless, it was necessary to continue monitoring soaring
prices for energy and raw materials and turbulence in financial and capital markets.
As for the business environment surrounding the COMSYS Group, in the communications infrastructure field,initiatives for the development of digital infrastructure were promoted. These initiatives included working to eliminate areas
with insufficient fixed broadband coverage and accelerate digitalization by developing optic fiber and 5G as well asenhancing facilities to improve the quality of communications in urban areas. Moreover, the 2024 Noto Peninsula
Earthquake severed cables and caused other major damage to communications facilities, so restoration of this infrastructure
was urgently required.
In the IT Solutions field, the market overall continued to expand. Digital transformation (DX) has beenpromoted over the past few years. This includes the construction of data collaboration platforms that can share and utilize
information in multiple sectors including the governmental and public sectors, as well as healthcare and nursing care, inorder to solve local issues using digital technology.
In the social infrastructure field, the positive market environment continued as a result of increased constructionof data centers due to advances in DX and growth in demand for ICT services. On top of this, developments related todisaster prevention or mitigation and national resilience measures were promoted to address increasingly severe andfrequent natural disasters and aging infrastructure. Also, Green Transformation (GX) growth investment in the renewableenergy sector was anticipated, with a view to achieving carbon neutrality by 2050. In addition, in recent years,
improvements in the quality of national infrastructure have been required, including the development of greater complexity,
multi-functionality, and maximization of effect through wide-area strategic management.
The COMSYS Group faced a challenging business environment in the communications infrastructure field,
including a decline in mobile-related work. In these circumstances, the COMSYS Group worked to expand peripheralbusiness, taking maximum advantage of the strengths of regional brands, to enhance sales capabilities in order to acquire
new customers in the infra-sharing business and other areas, and to strengthen its area management system with the aim ofGroup-wide optimization. The Group also endeavored to strengthen its business foundation, by, for instance, training
multidisciplinary engineers with a view to integrating the management of the access and mobile-related businesses. TheCOMSYS Group worked to restore communications facilities damaged in the natural disaster in Okinawa caused byTyphoon No. 6 (international name Khanun) last year and has also been making concerted efforts to restore communications
facilities in the region hit by the 2024 Noto Peninsula Earthquake in January.
In the growth IT solutions field, the COMSYS Group worked to win large-scale orders by collaborating withalliance partners and strove to strengthen project management performance in conjunction with an increase in prime
contractor projects. Going forward, the Group will aim to expand new business areas by strengthening integrated
management in the Tokyo metropolitan area, which is the biggest market for IT investment, shifting resources to highlayer solutions in collaboration with telecom-carrier businesses, and providing full-layer solutions.
In the social system-related field, the COMSYS Group worked to expand the top line with the construction ofcommunication conduits using the earth shuttle method, a technology cultivated in submarine cable landing projects andthe acquisition of large-scale expressway projects through Group collaboration. Going forward, the Group will continue
working to expand orders in the data center business, which remains solid, to train engineers throughout the COMSYSGroup, and to facilitate flexible mobility of human resources.

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

The COMSYS Group will continue working to strengthen its management base, for instance by improving
productivity utilizing DX, fostering more diverse and flexible workstyles, and training human resources for the newbusiness environment. Moreover, in the area of sustainability initiatives, the COMSYS Group acquired Science Based
Targets (SBT) certification in October 2023. The Group will continue working actively to reduce greenhouse gas
emissions and will contribute to the realization of the society envisioned by the SDGs, while striving for the sustainablegrowth of the COMSYS Group.
Under these circumstances, orders received in the third quarter period increased 11.0% year on year to ¥446,678
million, and net sales increased 7.2% year on year to ¥383,753 million. From a profit perspective, operating profit
increased by 43.2 % year on year to ¥24,292 million, while profit attributable to owners of parent increased 50.3 % year
on year to ¥17,507 million.
(2) Discussion of Financial Position
Total assets as of December 31, 2023 amounted to ¥497,587 million, down ¥4,545 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes receivable, accounts receivable from completed
construction and other. Liabilities decreased by ¥11,268 million compared with the end of the previous fiscal year, to ¥144,139
million. This was largely attributable to a decrease in notes payable, accounts payable for construction contracts and other.
Net assets increased by ¥6,723 million compared with the end of the previous fiscal year, to ¥353,448 million. Thiswas primarily attributable to the increase in retained earnings resulting from the recording of profit attributable to owners ofparent and valuation difference on available-for-sale securities.
In accordance with each of the aforementioned factors, the equity ratio stood at 69.8%, compared with 67.9% at theend of the previous fiscal year.
(3) Discussion of Forward-Looking Information, Including Consolidated Earnings Forecasts
There are no changes in the consolidated earnings forecast for the full fiscal year ending March 31, 2024 published in“COMSYS Holdings Announces Revision to Earnings Forecast” dated May 11, 2023.

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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2023

ASSETS		 Current assets:			 Cash and deposits
41,367			 Notes receivable, accounts receivable			from completed construction contracts and other
187,954			 Costs on construction contracts in progress
51,992			 Other inventories
5,598			 Other current assets
18,362			 Allowance for doubtful accounts(1,291)
			 Total current assets
303,983		 Non-current assets:			 Property, plant and equipment:				 Buildings and structures, net
44,498				 Land70,084				 Other, net
28,654				 Total property, plant and equipment
143,236			 Intangible assets						 Goodwill
1,648				 Other intangible assets
5,089				 Total intangible assets
6,737			 Investments and other assets:				 Investment securities
25,454				 Other assets
25,530				 Allowance for doubtful accounts(2,809)				 Total investments and other assets
48,175			 Total non-current assets
198,149		 Total assets
502,133

5

As of December 31, 2023

55,193
135,705
71,313
6,685
23,934(106)292,726

45,29076,224
26,168
147,683
834
5,420
6,255
30,161
23,572(2,811)50,923204,861
497,587

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

Millions of yen

LIABILITIES		 Current liabilities:			 Notes payable, accounts payable			for construction contracts and other			 Short-term borrowings			 Income taxes payable			 Advances received on construction contracts in progress			 Allowances			 Other current liabilities			 Total current liabilities		 Non-current liabilities:			 Long-term borrowings			 Deferred tax liabilities for land revaluation			 Retirement benefit liability			 Provision for retirement benefits for directors (and other officers)			 Provision for environmental measures			 Other long-term liabilities			 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-sale securities			 Deferred gains or losses on hedges			 Revaluation reserve for land			 Remeasurements of defined benefit plans			 Total accumulated other comprehensive income		 Share acquisition rights		 Non-controlling interests		 Total net assets
Total liabilities and net assets

6

As of March 31, 2023

As of December 31, 2023

82,842
3,950
5,075
7,771
6,061
28,745
134,446

59,07318,996
2,405
16,671
256
24,779122,183

179
1,213
14,151
616
400
4,399
20,961
155,40788
1,213
14,400
584
400
5,269
21,955
144,139

10,00093,113286,284(45,318)
344,079

10,00075,243290,972(30,055)
346,160

3,722(78)(8,250)1,620(2,985)
939
4,692
346,725
502,133

7,065(57)(7,303)
1,666
1,370
1,022
4,895
353,448497,587

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income		
Millions of yen
Nine months ended		Nine months ended
December 31, 2022		
December 31, 2023

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating profit
Non-operating income:		 Interest income		 Dividend income		 Rental income from non-current assets		 Other		 Total non-operating income
Non-operating expenses:		 Interest expenses		 Rent expenses		 Depreciation of idle assets		 Other		 Total non-operating expenses
Ordinary profit
Extraordinary income:		 Gain on sales of non-current assets		 Gain on sales of investment securities		 Gain on sales of shares of subsidiaries and associates		 Other		 Total extraordinary income
Extraordinary losses:		 Loss on retirement of non-current assets		 Loss on sales of non-current assets		 Loss on reduction of non-current assets		 Other		 Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

7357,930
314,331
43,59926,631
16,967383,753
333,491
50,26225,96924,292

18
847
228
394
1,488

15
798
204
391
1,409

21
74
52
168
317
18,138

14
70
61
131
277
25,425

26
24
218
69
339

1,831
22
—
280
2,134

153
143
—
205
502
17,976
6,425
11,550(97)
11,648

104
0660
427
1,193
26,366
8,657
17,708200
17,507

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2023

Consolidated Statements of Comprehensive Income
Millions of yen
Nine months ended
Nine months ended
December 31, 2022
December 31, 2023

ProfitOther comprehensive income:			 Valuation difference on available-for-sale securities			 Deferred gains or losses on hedges			 Remeasurements of defined benefit plans			 Total other comprehensive income
Comprehensive income		 (Breakdown)			 Comprehensive income attributable to owners of parent			 Comprehensive income attributable to non-controlling interests

8

11,55017,708

66
(183)
120
3
11,554

3,365
20
45
3,432
21,14011,653(99)

20,917223