Financial Results Material
for the First Quarter of the
Period Ending March 2025
August 6, 2024

Contents

Consolidated Performance
SummaryFirst Quarter Financial Closing
Highlights
Full-Year Earnings Forecast
Reference: DATA FILE (Full Year)2

First Quarter Financial Results
for the Period Ending March 2025

Consolidated
Performance
Summary3

Consolidated Performance Summary
Overview of consolidated management indicators, etc. (operating results)(Millions of yen)
1st Quarter of
period ended
March 2024

1st Quarter of
period ending
March 2025

Increase(Decrease)

Change rate

Net sales of uncompleted construction
contracts at beginning of period

184,158

239,861

55,70230.2%

Net sales of construction contract orders
received

67,00574,864

7,859

11.7%

Net sales of completed construction
contracts

40,731

44,325

3,593

8.8%

4,459

5,731

1,272

28.5%

10.9%

12.9%

2.0p

–

691

1,725

1,033

149.4%

1.7%

3.9%

2.2p

–

1,141

2,125

984

86.2%

2.8%

4.8%

2.0p

–

755

1,306

551

73.1%

1.9%

2.9%

1.1p

–

Gross profit on completed construction
contracts
Gross profit margin of completed
construction contracts (%)
Operating profit
Operating profit margin (%)
Ordinary profit
Ordinary profit margin (%)
Net profit attributable to owners of parent
Net profit margin (%)

Business environment and the Company’s performance summary Net sales of construction contract orders received increased from the previous period, backed by continued strong orders for new
construction and an increase in orders for renovations.
Rising demand for facility construction work has eased competition, making price pass-through easier.
 Net sales of completed construction contracts increased due to steady progress in uncompleted construction contracts carried over fromthe previous period.
 Gross profit on completed construction contracts increased due to the higher profitability of construction projects that progressed in thecurrent period and an increase in net sales of completed construction contracts.
As a result of the above, we posted higher sales and higher profits.
© 2024 DAI-DAN Co.,Ltd.

4

Consolidated Performance Summary
Breakdown of increase/decrease in consolidated operating profit(Millions of yen)879
Increase Decrease

1,725
(238)
393
691

Results of 1st Quarter of
period ended March 2024

Increase in net sales ofcompleted construction contracts

Increase in gross profit marginof completed construction
contracts

Increase in SG&A expenses

Results of 1st Quarter of
period ending March 2025

 Net sales of completed construction contracts increased due to steady progress on a large number of uncompleted construction
contracts carried over from the previous period.
 Gross profit on completed construction contracts also increased as stated on the previous page.
 SG&A expenses increased due mainly to “an increase in employee salaries accompanying base salary increases” and expenses for “DXinvestments, including investment in raising efficiency in field operation and office work.”© 2024 DAI-DAN Co.,Ltd.

5

Consolidated Performance Summary
Trends in consolidated net sales by construction type(Millions of yen)

Net sales(uncompleted)

Net sales(completed)

Orders received

1st Quarter of
period ended
March 2024

1st Quarter of
period ending
March 2025

Increase(Decrease)

Change rate

Air conditioning andplumbing installations

56,046

66,248

10,202

18.2%

Electrical installations

10,9598,616(2,342)-21.4%

Total

67,00574,864

7,859

11.7%

Air conditioning andplumbing installations

34,57138,395

3,824

11.1%

Electrical installations

6,160

5,929

(231)

-3.8%

Total

40,731

44,325

3,593

8.8%

Air conditioning andplumbing installations

186,308

240,033

53,724

28.8%

Electrical installations

24,12230,367

6,244

25.9%

Total

210,431

270,400

59,96928.5%

 Air conditioning and plumbing installations
 Orders received increased due to large-scale construction contracts secured for factories, data centers, and medical facilities.
 Net sales (uncompleted) posted an increase; although net sales (completed) increased with steady progress of unfinishedconstruction projects, these projects will make significant progress in the second half of the year and beyond.
 Electrical installations
 Large-scale construction projects were received in the previous period, so orders received decreased from a year ago but increased
compared to two years ago.
 While net sales (completed) decreased, net sales (uncompleted) increased year-on-year. This is due to the long construction periodsof projects carried over from the previous period and low progress rates in the current period.
© 2024 DAI-DAN Co.,Ltd.

6

Consolidated Performance Summary
Overview of consolidated management indicators, etc. (financial position)(Millions of yen)
Period ended
March 2024

1st Quarter of
period ending
March 2025

Increase(Decrease)

Major factors behind increase/decrease
and annotation items

Change rate

Net assets

93,987

93,572(415)

payment exceeded retained earnings-0.4% Dividend
appropriation.

Total assets

160,553

167,036

6,483

increased due to changes in payment
4.0% Borrowings
terms to subcontractors.

Book value per share (BPS)

2,187.86 yen

2,177.29 yen(10.56)

Price book-value ratio (PBR)

1.14 times

1.41 times

–

–

58.4%

55.9%

-2.5p

–

Equity capital ratio-0.5% PBR improved as stock price rose.
(Reference) Closing stock price as of Mar. 31, 2024: 2,491 yen(Reference) Closing stock price as of Jun. 30, 2024: 3,070 yen

Overview of consolidated management indicators, etc. (cash flows)(Millions of yen)
1st Quarter of
period ended
March 2024

Cash flows from operating
activities
Cash flows from investing
activities
Cash flows from financing
activities
Cash and cash equivalents at
beginning of period
Increase/decrease in cash andcash equivalents
Cash and cash equivalents at
end of period© 2024 DAI-DAN Co.,Ltd.

1st Quarter of
period ending
March 2025

Increase(Decrease)

Major factors behind increase/decrease
and annotation items

Change rate

(3,324)

552

3,877

– Trade receivables were collected at a good pace.

(991)

(218)

773

for the purchase of property, plants, and– Payment
equipment(1,361)

18,056

19,418increased due to changes in payment– Borrowings
terms to subcontractors.

25,34822,665(2,682)-10.6%(5,552)

18,585

24,138–19,79541,25021,455108.4%
7

Consolidated Performance Summary
Breakdown of cash flows (Trends in period-end balance of cash and cash equivalents)(Millions of yen)

18,056
Financing CF

193
Translationdifferences

Increase Decrease

552
Operating CF(218)
Investing CF

Period-end cash
and cashequivalents
41,250Period-end cash
and cashequivalents
22,665Period ended
March 2024

1st Quarter of period
ending March 2025

 We have announced our Partnership Building Declaration aimed at coexistence and co-prosperity with our business partners and haverecently decided to settle payments in cash for some of our subcontractors (effective for payment on June 20, 2024 and beyond) based on
criteria in the Act on the Promotion of Subcontracting Small and Medium-sized Enterprises. We will continue to promote various initiatives
to strengthen relationships with business partners and fulfill our social responsibilities throughout the supply chain.
 Respective factors contributing to increases and decreases in cash flow in connection to the above are as follows: Operating CF (whileliabilities decreased due to cash payment, collection of trade receivables progressed steadily), Investing CF (payment for the purchase ofproperty, plants, and equipment), and Financing CF (increase in borrowings to prepare for cash payment).
 In addition to the borrowing listed above, we have signed commitment credit line agreements with three banks for efficient working capitalfinancing.
© 2024 DAI-DAN Co.,Ltd.

8

First Quarter Financial Results
for the Period Ending March 2025

First Quarter
Financial Closing
Highlights
9Status of construction orders received
Renovations, direct orders, and public works(Millions of yen)

Period ending
March 2025

Period ended March 2024
First quarter

Second to fourth
quarters

Full year

First quarter

Year-on-year change
Increase(Decrease)

Change rate

21,66862,32883,997

29,798

8,129

37.5%

Ratio of renovations (%)

32.3%

33.5%

33.2%

39.8%

7.5p

–

Mid-to-large renovations

9,625

28,28737,912

17,089

7,464

77.6%

Small-scale renovations

12,04334,04046,084

12,708665

5.5%

New construction

45,336

123,800

169,137

45,066

(270)

-0.6%

Total orders received

67,005

186,128

253,134

74,864

7,859

11.7%

Of which, direct orders

23,37393,015

116,389

30,041

6,667

28.5%

34.9%

50.0%

46.0%

40.1%

5.2p

–

15,753

14,88730,6406,882(8,870)-56.3%

23.5%

8.0%

12.1%

9.2%

-14.3p–Renovations

Ratio of direct orders (%)
Of which, public works
Ratio of public works (%)

 Orders for renovations increased from the previous period thanks to an increase in large- and medium-scale renovation projects for offices,
commercial facilities, and semiconductor factories.
 New construction orders went along with the initial plan and remained at the same level as the previous period.
 Direct orders increased compared to the previous period due to the increase in renovations.
 Public works posted a reactionary decline from the previous period in which large-scale project orders were received.
© 2024 DAI-DAN Co.,Ltd.

10

Status of construction orders received
Industrial facilities(Millions of yen)

Period ending
March 2025

Period ended March 2024
Second to fourth
quarters

First quarter

Total industrial facilities(Share of total orders: %)Total orders received

Full year

First quarter

Year-on-year change
Increase(Decrease)

Change rate

32,843112,359

145,203

39,972

7,129

21.7%

49.0%

60.4%

57.4%

53.4%

4.4p

–

67,005

186,128

253,134

74,864

7,859

11.7%

* Factories, labs, data centers, and logistics facilities are classified as “industrial facilities.”

Trends in industrial facility orders received
Industrial facilities

Of which, small-scale work

Industrial facilities’ share of total orders(Millions of yen)

45,000
4,101
30,0003,337

15,0003,704
11,3410

1Q ofperiod ended
March 2021

© 2024 DAI-DAN Co.,Ltd.

3,038

26,11560%

2,800

 Orders received in the first quarter forindustrial facility construction hit a record
high, boosted by orders for factories, data
centers, and other projects.
 Industrial facilities’ share of total orders in
the first quarter rose to 53.4%, 4.4-pt
increase from the previous period.

40%
30,04435,87220%

15,825
1Q ofperiod ended
March 2022

1Q ofperiod ended
March 2023

1Q ofperiod ended
March 2024

1Q ofperiod ending
March 2025

0%

11

Status of construction orders received
Overseas operations
 Singapore (Branch and DAI-DAN INTERNATIONAL ASIA PTE. LTD.), Thailand (DAI-DAN (THAILAND) CO., LTD.), Vietnam (DAI-DAN(VIETNAM) CO., LTD. (non-consolidated)), and Taiwan (DAI-DAN Taiwan Co., Ltd. (non-consolidated)) are the bases of our overseas
operations.
(Millions of yen)
Period ending
March 2025

Period ended March 2024
First quarter
Total overseas orders received(Consolidated)

Full year

2,277(2,054)-47.4%

6.5%

7.0%

6.9%

3.0%

-3.4p

–

67,005

186,128

253,134

74,864

7,859

11.7%

DAI-DAN (THAILAND)
Overseas share of total orders

161

9,869

0

85

211
1,042

2,317

1Q of
period ended
March 2021

1Q ofperiod ended
March 2022

© 2024 DAI-DAN Co.,Ltd.

1Q ofperiod ended
March 2023

 Singapore saw a year-on-year decrease
due to the postponement of large-scale
projects to the second half of the year.
 As a result of the above, orders received
20.0%
decreased by 2,054 million yen from theprevious period to 2,277 million yen.
15.0%

8,000

4,000

Change rate

17,426SINGAPORE(BRANCH & DAI-DAN INTERNATIONAL ASIA)

12,000

Increase(Decrease)

13,095

Trends in overseas construction orders received (Consolidated)(Millions of yen)First quarter

4,331(Share of total orders: %)Total orders received

Second to fourth
quarters

Year-on-year change

10.0%

574
3,758

520
1,757

1Q of
period ended
March 2024

1Q ofperiod ending
March 2025

5.0%
0.0%

12

Status of completed construction contracts(Millions of yen)First quarter of period
ended March 2024
Monetary amountFirst quarter of period
ending March 2025

Composition ratio

Monetary amountYear-on-year change

Composition ratio

Monetary amount

Change rate

Total net sales of completed
construction contracts

40,731100.0%

44,325100.0%

3,593

8.8%

Of which; (Renovations)14,30735.1%

14,290

32.2%

(17)

-0.1%

(Industrial facilities)

19,49847.9%

18,09440.8%(1,403)-7.2%(Overseas operations)

3,585

8.8%

3,089

7.0%

(496)

-13.8%* The figures in the table include a certain amount of overlap, as calculation is done by construction type: renovations, industrial facilities, and overseas operations.

Consolidated net sales of completed construction contracts(Millions of yen)

45,00030,00015,0000

1Q ofperiod ended
March 2021

Renovations© 2024 DAI-DAN Co.,Ltd.

1Q ofperiod ended
March 2022

Industrial facilities

1Q ofperiod ended
March 2023

Overseas operations

1Q ofperiod ended
March 2024

 Renovations stood at the same level as theprevious period.
 Industrial facilities decreased compared tothe previous period in which large-scaleconstruction projects made significant
progress.
 In addition to the above, progress withmedical facilities and redevelopment projects
increased overall net sales of completed
construction contracts.

1Q ofperiod ending
March 2025

Total net sales of completed construction contracts

13

Status of uncompleted construction contracts(Millions of yen)First quarter of period
ended March 2024
Monetary amountFirst quarter of period
ending March 2025

Composition ratio

Monetary amountYear-on-year change

Composition ratio

Monetary amount

Change rate

Net sales of uncompleted
construction contracts at
beginning of period

184,158–

239,861–

55,70230.2%

Net sales of construction
contract orders received

67,005–74,864

–

7,859

11.7%

Net sales of completed
construction contracts

40,731–

44,325

–

3,593

8.8%

Net sales of uncompleted
construction contracts

210,431100.0%

270,400

100.0%

59,96928.5%

43,66373,913
16,742

20.7%
35.1%
8.0%

54,037
141,372
13,588

20.0%
52.3%
5.0%

10,37467,459(3,153)

23.8%
91.3%
-18.8%Of which; (Renovations)(Industrial facilities)(Overseas operations)* The figures in the table include a certain amount of overlap, as calculation is done by construction type: renovations, industrial facilities, and overseas operations.

Consolidated net sales of uncompleted construction contracts(Millions of yen)

300,000
250,000
200,000
150,000
100,000
50,0000Renovations© 2024 DAI-DAN Co.,Ltd.

1Q ofperiod ended
March 2021

1Q ofperiod ended
March 2022

Industrial facilities

Overseas operations

1Q ofperiod ended
March 2023

1Q ofperiod ended
March 2024

 Uncompleted construction contracts for thecurrent period were well above those a year
ago, mainly because of a significant increasein orders received in the previous period.
 A sufficient volume of unfinished construction
projects has been secured, especially forindustrial facilities, and these will contribute to
the value of work done for the current period
and beyond.

1Q ofperiod ending
March 2025

Total net sales of uncompleted construction contracts

14

First Quarter Financial Results
for the Period Ending March 2025

Full-Year Earnings
Forecast for the
Period Ending
March 202515

Full-year earnings forecast
Consolidated full-year earnings forecast(Millions of yen)
Period ended March 2024
First quarter

Second tofourth quarters

Period ending March 2025
Full year

First quarter

Second tofourth quarters(Forecast)Year-on-year change, full year

Full year(Forecast)

Increase(Decrease)

Change rate

Net sales of construction
contract orders received

67,005

186,129

253,134

74,864

175,136

250,000(3,134)-1.2%

Net sales of completed
construction contracts

40,731

156,700

197,431

44,325

205,675

250,000

52,569

26.6%

4,459

21,75826,217

5,731

27,26933,000

6,783

25.9%

10.9%

13.9%

13.3%

12.9%

13.3%

13.2%

-0.1p

–

691

10,186

10,877

1,725

13,27515,000

4,123

37.9%

1.7%

6.5%

5.5%

3.9%

6.5%

6.0%

0.5p

–

1,141

10,777

11,9182,125

12,87515,300

3,382

28.4%

Ordinary profit margin (%)

2.8%

6.9%

6.0%

4.8%

6.3%

6.1%

0.1p

–

Net profit attributable to ownersof parent

755

8,332

9,087

1,306

9,694

11,000

1,913

21.1%

Net profit margin (%)

1.9%

5.3%

4.6%

2.9%

4.7%

4.4%

-0.2p

–

–

–

10.3%

–

–

11.3%

1.0p

–

Gross profit on completed
construction contracts
Gross profit margin ofcompleted construction
contracts (%)
Operating profit
Operating profit margin (%)
Ordinary profit

Return on equity (ROE)

Preconditions for earnings forecast There has been no change to our earnings forecast in the brief report on financial statements announced on May 9, 2024.
 Compared to a year ago, we achieved higher sales and higher profits in the first quarter of the current period. We have a sufficient volumeof unfinished construction projects to be completed in the current period and expect full-year earnings to be in line with our forecast.
© 2024 DAI-DAN Co.,Ltd.

16

Shareholder return
Shareholder return policy In addition to striving to build a sound financial structure, we are committed to returning profits to shareholders, which is our mostimportant management policy.
 As stated in the Stage 2030 Mid-Term Management Plan Phase 2 《Refining Stage》 announced on May 9, 2024, aiming to further
promote profit return to shareholders and implement a more stable dividend policy, we have adopted a new dividend policy of “Dividend
payout ratio of 40% or higher (Dividend payout ratio +5pt compared to) and a minimum DOE of 4% (DOE: newly set)” starting from theperiod ending March 31, 2025.

Dividend status
Full-year dividend
End of second
quarter

End of period

Total

Total dividend(Total sum)

Dividend ratio(Consolidated)

Dividend on
equity ratio(Consolidated)

Yen SenYen SenYen SenMillion yen%%

Period ended March 2024

27.50 *

48.00

75.50

3,246

35.6%

3.7%

Period ending March 2025
(Forecast)

52.00

52.00

104.00

4,472

40.5%

4.6%

* The Company executed a 2-for-1 stock split of its common stock as of October 1, 2023. The dividend at the end of the second quarter of theperiod ended March 2024 was calculated based on the assumption that the stock split was conducted at the beginning of the previous
consolidated fiscal year.

© 2024 DAI-DAN Co.,Ltd.

17

Reference:
DATA FILE(Full Year)18

Consolidated net sales of construction orders received
by construction type (Full year)(Millions of yen)

Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

Air conditioning andplumbing installations

139,236

149,289

156,414

177,596

213,897

Electrical installations

30,88527,23627,25428,741

39,236

Total

170,121

176,526

183,668

206,337

253,134

Consolidated net sales of construction orders received(by construction type)(Millions of yen)

280,000
240,000
200,000
160,000

213,897

120,000

Electrical installations

177,596

139,236

149,289

156,41430,88527,23627,25428,741

Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Air conditioning andplumbing installations

80,00040,0000© 2024 DAI-DAN Co.,Ltd.

39,236
Period ended
March 2024

19

Trends in consolidated orders received(Orders received / Renovations) (Full year)(Millions of yen)

Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

Net sales of
construction contract
orders received

170,121

176,526

183,668

206,337

253,134

Renovations

85,00177,75489,224

83,691

83,997

Percentage ofrenovations

50.0%

44.0%

48.6%

40.6%

33.2%

Trends in consolidated orders received(Orders received / Renovations [Orders received / Percentage])(Millions of yen)

300,000

60.0%

250,000

50.0%

200,000

40.0%

150,000

30.0%

100,000

20.0%

50,0000© 2024 DAI-DAN Co.,Ltd.

89,224

83,691

83,997

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

Of which, renovations

Orders received

85,00177,754

Period ended
March 2020

10.0%

0.0%

Percentage of renovations

20Percentage of consolidated orders received by division(Full year)
Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

East Japan Division

57.4%

57.4%

58.0%

52.6%

58.5%

West Japan Division

36.6%

37.0%

35.8%

37.6%

34.6%

International Division

6.0%

5.5%

6.2%

9.9%

6.9%

Percentage of orders received by division
100%

80%
57.4%

57.4%

58.0%

52.6%

58.5%

60%
East Japan Division
West Japan Division

40%

20%

0%

© 2024 DAI-DAN Co.,Ltd.

International Division

36.6%

37.0%

35.8%

6.0%

5.5%

6.2%

Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

37.6%

34.6%

9.9%

6.9%

Period ended
March 2023

Period ended
March 202421

Consolidated net sales of completed construction contracts
by construction type (Full year)(Millions of yen)

Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

Air conditioning andplumbing installations

142,388

132,846

137,253

153,082

166,550

Electrical installations

26,84024,86525,67632,87930,880Total

169,229

157,712

162,929

185,961

197,431

Consolidated net sales of completed construction contracts(by construction type)(Millions of yen)

240,000

200,000

160,000

120,000

142,388

153,082

166,550

132,846

137,253

26,84024,86525,67632,87930,880Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

80,000Air conditioning andplumbing installations
Electrical installations

40,0000© 2024 DAI-DAN Co.,Ltd.

22

Percentage of consolidated net sales of completed
construction contracts by division (Full year)
Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

East Japan Division

61.1%

58.3%

54.8%

56.0%

53.7%

West Japan Division

34.9%

37.7%

38.8%

34.8%

36.6%

International Division

4.0%

4.1%

6.4%

9.3%

9.6%

Percentage of net sales of completed construction contracts by division
100.0%

80.0%
61.1%

58.3%

54.8%

56.0%

53.7%

60.0%
East Japan Division
West Japan Division

40.0%

International Division

38.8%

34.8%

36.6%

20.0%

34.9%

37.7%

0.0%

4.0%

4.1%

6.4%

9.3%

9.6%

Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

© 2024 DAI-DAN Co.,Ltd.

23

Consolidated operating/ordinary/net profits (Full year)(Millions of yen)
Period ended
March 2020

Period ended
March 2021

Period ended
March 2022

Period ended
March 2023

Period ended
March 2024

Period ending March2025 (Forecast)

Operating profit

9,063

8,754

7,584

8,428

10,877

15,000Ordinary profit

9,282

9,262

8,095

9,288

11,91815,300Net profit

6,399

6,318

5,778

6,626

9,087

11,000Ordinary profit

Operating profit(Millions of yen)

(Millions of yen)

15,00018,00015,00012,000
9,000
6,000
3,000
0

12,000
9,000
6,000
3,000
0

Period
ended
March
2020

Period
ended
March
2021

Period
ended
March
2022

Period
ended
March
2023

Period
ended
March
2024

PeriodendingMarch
2025(Forecast)

Period
ended
March
2020

Period
ended
March
2021

Period
ended
March
2022

Period
ended
March
2023

Period
ended
March
2024

PeriodendingMarch
2025(Forecast)

Net profit(Millions of yen)

12,000
9,000
6,000
3,000
0

© 2024 DAI-DAN Co.,Ltd.

Period
ended
March
2020

Period
ended
March
2021

Period
ended
March
2022

Period
ended
March
2023

Period
ended
March
2024

PeriodendingMarch
2025(Forecast)24

Disclaimer
The forecast concerning future business results, including future plans and strategies, disclosed by the Company is basedon assumptions deemed reasonable at the time of announcement. Therefore, actual business results may differ from theforecast due to various factors.

IR-related inquiries:
Corporate Communications Dept., Corporate Planning Division Tel: +81-3-5276-4568
2-15-10 Fujimi, Chiyoda-ku, Tokyo 102-8175© 2024 DAI-DAN Co.,Ltd.

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