November 7, 2023

Osaki Electric Co., Ltd.
Tokyo Stock Exchange Prime MarketSecurities code: 6644

FY2023 First Half
Summary of Consolidated Financial Results(Six Months ended September 30, 2023)⚫ Consolidated net sales: 44.2 billion yen (YoY +11.7%), Operating
income: 2.3 billion yen (+334.4%), Profit attributable to owners ofparent: 1.4 billion yen (+30.2%)⚫ Net sales for Smart meters & solutions in Japan increased year on yearwith higher sales in the Smart Meter Business. Operating income
increased with temporary changes in the product mix, etc.
⚫ For Smart meters & solutions overseas, sales increased year on yearwith an increase in shipments to UK enabled by an upturn in theelectronic materials procurement environment and an increase inshipments to Oceania. Operating income increased with the higher
sales and stabilization of electronic materials prices, which had soared
during the procurement squeeze.
1. Consolidated Financial Results(Millions of yen)
YoY Change

FY2022 1H

FY2023 1H

Amount39,562
24,276
14,647761
282(405)
8,244

44,17425,022
19,559－287(695)
10,222

Ratio to sales

20.8%

23.1%

7,708

7,896

Ratio to sales

19.5%

17.9%

535

2,325

Ratio to sales

1.4%

5.3%

Smart meters & solutions in Japan

Adjustment

1,163(777)9141(1)

1,903
276－
157(10)

739
1,053
(9)
16(9)

+63.6%－－+11.5%－

Ordinary income

348

2,415

2,067

+593.5%

Profit attributable to owners of parent

1,041

1,356

315

+30.2%Net income per share（yen）

21.83

28.97

7.14

－

Net sales
Smart meters & solutions in Japan
Smart meters & solutions overseas
Production equipment
Real estate
Adjustment

Gross profit
SG & A expenses
Operating income

Smart meters & solutions overseas
Production equipment
Real estate

14,612745
4,912(761)
5(289)
1,977%+11.7%+3.1%+33.5%－+1.8%－+24.0%2.3pt

187+2.4%(1.6)pt

1,790+334.4%3.9pt

2. Revenue by Business Portfolio (Excluding intercompany sales)（1）Smart meters & solutions in Japan(Millions of yen)

Full-year
Revised
Forecasts

YoY Change

Smart meter business
Solution businessSwitchgear business
Total

FY2022 1H

FY2023 1H

16,232
5,213
2,818
24,265

16,896
5,295
2,820
25,012

Amount%663811746

+4.1%
+1.6%
+0.1%
+3.1%

33,00013,0007,000
53,000*Referential figures are based on managerial accounting.

Smart meter business: Sale of smart meters and measurement and control equipment
including smart meter peripheral devices for power companies.
Solution business: Providing services and products and delivering solutions tocustomers (other than power companies)
Switchgear business: Sale of switchgears

Starting in FY2023 2Q, the reporting methods have been partially changed to reflect current
sales conditions. Consequently, the figures for FY2022 2Q have retroactively applied thismethod also.

（2）Smart meters & solutions overseas(Millions of yen)

Full-year
Revised
Forecasts

YoY Change

Oceania
EuropeAsia
Middle East and Africa
Total

Average exchange rate

FY2022 1H

FY2023 1H

6,002
4,688
2,822
793
14,307

7,771
7,839
2,601
715
18,927\123.14/USD\135.00/USD

Amount%1,768
3,150(221)
(77)
4,620

+29.5%+67.2%(7.8)%(9.8)%+32.3%

17,50016,0004,500
2,000
40,000\138.24/USD(assumption)*Calculations on each region are based on the annual securities report.

3. R&D Expenditures, Depreciation, Capital expenditures(Millions of yen)
YoY Change

R&D expenditures
Depreciation
Capital expenditures

FY2022 1H

FY2023 1H

1,528
1,279

1,583
1,13155(147)+3.6%(11.5)%

72074323+3.3%

2

Amount%4. FY2023 Consolidated Forecast
The Company revised the forecast full-year for the fiscal year ending
March 31, 2024, previously announced on August 1, 2023 as follows.
(Millions of yen)
Difference (B－A)

Full-year
FY2022

FY2023
PreviousForecast（A）

89,25390,00093,5003,500+3.9%

54,42751,00053,0002,000+3.9%

34,61339,50041,000

1,500

+3.8%

Production equipment

761

－－－

－

Real estate

571

600

600

－

－

Adjustment(1,121)(1,100)(1,100)－－Operating income

2,226

3,600

4,300

700

+19.4%

Smart meters &solutions in Japan

3,816

2,600

3,000400+15.4%

Smart meters &solutions overseas(1,886)700

1,000300+42.9%

9－

－

－

－

Real estate

295

300

300

－

－

Adjustment

(7)

－－－

－

Ordinary income

1,885

3,400

4,200

800

+23.5%

Profit attributable toowners of parent

1,319

1,6001,900300+18.8%Net sales
Smart meters &solutions in Japan
Smart meters &solutions overseas

Production equipment

FY2023
Revised
Forecast（B）

Amount%Reasons for the revisions:・ For Smart meters & solutions in Japan, net sales and income are expected toexceed the previous forecast figures, since the Smart Meter Business is trending
above the previous forecasts.
・ For Smart meters & solutions overseas, net sales and income are expected toexceed the previous forecast figures, since shipments to Asia and Oceania
exceeding the previous forecasts.

⚫ Forward-looking

statements made in this material are based on the management’s estimates, assumptions andprojections at the time of publication and do not represent a commitment that they will be achieved. A number of factors
may cause the actual results to differ materially from the forecasts.
⚫ All amounts are in millions of yen and rounded down, unless otherwise stated.

Financial data (Excel/PDF) are available on our website (https://www.osaki.co.jp/en/ir/finance/financialdata.html).

3