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
(Under Japanese GAAP)
August 13, 2024
Company name:Icom Incorporated
Listing:
Tokyo Stock Exchange
Securities code:
6820
URL:
https://www.icom.co.jp
Representative:
Hiroshi Nakaoka, President
Contact:
Yoshiki Enomoto, Director and General Manager of Accounting Dept.
Telephone:+81-6-6793-5301
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 (from April 1, 2024 – June 30,2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

8,786

1.5

804

△8.9

1,301

△13.8

937

△17.6

June 30, 2023

8,656

7.7

883

356.5

1,510

114.7

1,137

106.9

Note: Comprehensive income

For the three months ended June 30, 2024: ¥1,338 million [△41.9%]
For the three months ended June 30, 2023: ¥2,304 million [105.0%]
Basic earnings
per share

Three months ended

Diluted earnings
per share
Yen

Yen

June 30, 2024

65.35

－

June 30, 2023

79.28

－

(2) Consolidated financial position
Total assets
As ofMillions of yen

Net assets

Equity-to-asset ratio

Millions of yen%

June 30, 2024

72,927

66,05090.6

March 31, 2024

73,15965,74589.9

Reference: Equity
As of June 30, 2024:
As of March 31, 2024:¥66,050 million¥65,745 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025－

Fiscal year-end

Total

Yen

Yen

25.00

－

72.00

97.00

25.00

－

54.00

79.00

－

Fiscal year ending
March 31, 2025
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
to owners of
Net sales
Operating profit
Ordinary profit
per share
parentMillion yen%

Million yen%

Million yen%

Million yen

First half
18,4001.7
1,570 △2.0
1,740 △29.8
Full year
38,000
2.4
3,500
2.5
3,800 △14.0(Note) Revision to the financial results forecast announced most recently: None%

1,280 △29.8
2,800 △19.1

Yen

89.18
195.09

* Notes(1) Significant changes in the scope of consolidation during the period: None
(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(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons other than (i) above: None(iii) Changes in accounting estimates: None(iv) Restatement: None(4)(i)

Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

14,850,000 shares

As of March 31, 2024

14,850,000 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

497,623 shares

As of March 31, 2024

497,623 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

14,352,377 shares

Three months ended June 30, 2023

14,352,549 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified
public accountants or an audit firm: None
* Explanation of the proper use of performance forecast and other notes
The forward-looking statements concerning future financial results presented in this document are prepared basedon the information currently available for the Company and certain preconditions which the Company believes tobe reasonable at this time. Actual results may be substantially different from any projections presented herein due
to various factors. Please refer to “Explanation of Consolidated Financial Results Forecast and Other Forwardlooking Information” on page 4 of the Attachments for the assumptions underlying the financial results forecasts
and precautions when using the forecasts.

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results ............................................................................ 2(1) Explanation of Operating Results .......................................................................................................... 2(2) Overview of Financial Position in the Current Quarter .......................................................................... 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ...... 4
2. Quarterly Consolidated Financial Statements and Principal Notes ............................................................ 5(1) Quarterly Consolidated Balance Sheets ................................................................................................. 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ......................................... 6
Quarterly Consolidated Statements of Income
Three Months Ended June 30 ......................................................................................................... 6
Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30 ......................................................................................................... 7(3) Notes to Quarterly Consolidated Financial Statements .......................................................................... 8(Notes on Changes in Accounting Policies) .................................................................................... 8(Segment information, etc.) ............................................................................................................. 9(Notes on going concern assumption) ............................................................................................ 10(Notes in case of significant changes in shareholders’ equity) ........................................................ 10(Notes on Consolidated Statement of Cash Flows) ....................................................................... 10(Additional information) ............................................................................................................... 10

1

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
The Group started its “Medium Term Business Plan 2026” (fiscal year ended March 31, 2024 to fiscal year ending
March 31, 2026) last fiscal year, with the main strategies being the strengthening of core business, taking on thechallenge of new business models and sustainable management aimed at becoming a 100-year company. We are now inthe second year of this business plan.
During the first quarter of the current fiscal year, the Japanese economy showed signs of recovery due toimprovements in employment and worker's income. On the other hand, in export markets, the outlook remains
uncertain due to the impact of the continuation of tight monetary policy in the United States, and heightened
geopolitical risks caused by the prolongation of conflict in Ukraine and increasing tension in the Middle East.
In this economic environment, while there were positive factors during the period under review, such as the continued
growth of the Group's stock business from the previous period and the continuation of the trend for domestic market
recovery, sales of amateur radio communications equipment in this market decreased due to new products not being
released as in the same period of the previous fiscal year. In export markets, although demand for commercial land
mobile radio communication equipment expanded as a BCP measure against geopolitical risks, back orders due toprocurement difficulties for parts and materials were resolved in the previous fiscal year, resulting in temporary excess
inventories and weak sales. However, sales of amateur radio communication equipment and marine radio
communication equipment increased, supported by strong demand. In addition, because the yen was weaker thanassumed at the beginning of the fiscal year, sales exceeded those of the previous fiscal year.
Issues remain with regard to the procurement of raw materials and electronic components, such as the prolongation ofdelivery times for some key parts and the end of production of major components, and we continued to focus onaddressing them.
The situation by region is as shown in the table below.
Reference: Sales by Region

1st Qtr of Previous Fiscal Year
(April 1, 2023 ~ June 30, 2023)
Total
Ratio
(Million Yen)(%)

1st Qtr of Current Fiscal Year
(April 1, 2024 ~ June 30, 2024)
Total
Ratio
(Million Yen)(%)

Increase/
Decrease
(%)

2,441

28.2

2,441

27.8

ሺ0.0)

North America

2,664

30.8

2,781

31.6

4.4

Europe (EMEA)

1,644

19.0

1,570

17.9

ሺ4.5)

Asia/Oceania

1,390

16.1

1,572

17.9

13.1

514

5.9

421

4.8

ሺ18.1)

6,214

71.8

6,345

72.2

2.1

8,656

100.0

8,786

100.0

1.5

Japan

Others(Incl. Central/SouthAmerica)
Export total
Total sales(Sales and Income)Consolidated net sales for the first quarter of the current fiscal year reached a record high of 8,786 million yen (up 1.5%
year-on-year), and gross profit amounted to 3,951 million yen (up 4.9% year-on-year). Selling, general andadministrative expenses increased by 264 million yen to 3,147 million yen due to an increase in personnel expenses, theimpact of yen depreciation, an increase in advertising activities, etc. Operating income decreased by 78 million yen to
804 million yen (down 8.9% year-on-year), ordinary income was 1,301 million yen (down 13.8% year-on-year) due toa decrease in equity in earnings of affiliates as a result of making Comforce Inc., a subsidiary and a decrease in foreignexchange gains, and net income attributable to owners of the parent was 937 million yen (down 17.6% year on year).
The average exchange rates applied to the U.S. dollar and euro during the period were 152.93 yen and 165.08 yen,respectively, so yen depreciation against the U.S. dollar was 13.5% and against the euro 13.0% compared with the same
period last year.

2

Segment results are as follows.
(Segment results are presented as geographic segments, the reporting segments of the Group, which differs from the“Sales by Region” above.)1) Japan [the Company, Wakayama Icom, Inc., Icom Information Equipment Inc., Macrotechnos, Co., Ltd. andComforce, Inc.]
Domestic market: (Sales from Japan to the domestic market)
As in the previous fiscal year, stock business remained strong, but although demand for IP radio equipment increased
in association with the recovery of economic activity, sales of land mobile radio communication equipment decreased
due to sluggish sales of license-free low-power radio equipment, which is a volume zone product line. .
Overseas markets: (Sales from Japan to overseas markets excluding Company subsidiaries)
Although sales decreased in the European region due to soft demand, in addition to economic recovery in the Asian
region, sales to overseas markets increased due to contributions from ODA (Overseas Development Aid) sales.
As a result, sales to external customers in this segment increased to 4,532 million yen (up 1.2% year-on-year), but
operating income decreased to 541 million yen (down 37.5% year-on-year) due to increased personnel expenses,
research and development expenses, etc.
2) North America [Icom America, Inc., ICOM CANADA HOLDINGS INC., ICOM DO BRASIL
RADIOCOMUNICACAO LTDA., ICOM CENTRAL AMERICA, S.DE R.L.DE C.V.]
While sales of amateur radio communication equipment and maritime radio communication equipment both increased,
supported by strong demand, sales of land mobile radio communication equipment in the Latin America region
declined due to a temporary excess of inventories.
As a result, net sales to external customers in this segment amounted to 3,184 million yen (down 0.2% year-on-year).
In terms of profit, operating income was 99 million yen (up 11.7% year-on-year) due to the impact of yen depreciation
and an increase in gross profit margin due to an increase insales of high value-added products.
3) Europe [Icom (Europe) GmbH, Icom Spain, S.L.]
Sales of amateur radio communication equipment and marine radio communication equipment were soft, but sales ofcommercial land mobile radio communication equipment increased due to the acquisition of projects in Spain andincreased demand for IP radio rental equipment in Germany.
As a result, sales to external customers in this segment amounted to 665 million yen (up 5.3% year-on-year). In terms
of profit, operating income was 74 million yen (down 11.5% year-on-year) due to the impact of yen depreciation andselling, general and administrative expenses increasing due to an increase in depreciation expenses arising from theacquisition of a company building.
4) Asia and Oceania [Icom (Australia) Pty., Ltd., PURECOM CO., LTD., ICOM ASIA CO., LTD]
In Australia, the main market in this segment, sales in consumer business were sluggish due to the impact of declining
household spending caused by inflationary pressures, but demand for commercial land mobile radio communicationequipment remained steady, resulting in an increase in sales.
As a result, sales to external customers in this segment amounted to 404 million yen (up 14.3% year-on-year). In terms
of profit, operating income increased to 36 million yen (up 48.5% year-on-year) due to the increase in sales.

(2) Overview of Financial Position in the Current Quarter(Assets)
Total assets decreased by 231 million yen compared to the end of the previous fiscal year to 72,927 million yen.
The main breakdown shows that the reasons for the decrease were increasing factors of 767 million yen in property,
plant and equipment, 349 million yen in other current assets, 189 million yen in inventories (total) and 61 million yen inother investments and assets, and decreasing factors of 814 million yen in cash and deposits, 611 million yen in notes
and accounts receivable, and 161 million yen in investment securities.
The 349 million yen increase in other current assets was mainly due to a 100 million yen increase in trust beneficiaryrights, a 77 million yen increase in consumption taxes receivable, a 71 million yen increase in prepaid expenses, and a
55 million yen increase in advance payments.

3

In addition, the increase of 61 million yen in other investments and assets was mainly due to a 52 million yen
increase in assets related to retirement benefits.
(Liabilities) Total liabilities
Total liabilities decreased by 536 million yen compared to the end of the previous fiscal year to 6,877 million yen.
The main breakdown shows that the reasons for the decrease were the increasing factor of 286 million yen inaccounts payable-trade and decreasing factors of 755 million yen in income taxes payable and 137 million yen inprovision for bonuses.
(Net assets) Total net assets
Total net assets increased by 305 million yen compared to the end of the previous fiscal year to 66,050 million yen.
The main breakdown shows that the reasons for the increase were increasing factors of 937 million yen in net income
attributable to owners of the parent and 663 million yen in foreign currency translation adjustments, and decreasing
factors of 1,033 million yen due to dividends of surplus and 256 million yen in the valuation difference on availablefor-sale securities.
As a result of the above, the equity ratio increased from 89.9% to 90.6%.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
The consolidated financial results forecast for the first six months and the full year of the fiscal year ending
March 31, 2025 remains unchanged from the figures announced on May 14, 2024 as results are trendinglargely within the assumed range.

42. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Provision for bonuses
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
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-forsale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets

5

As of June 30, 2024

27,838
5,231
600
7,174
107
7,111
2,046
△32
50,07727,023
4,620
600
7,377
76
7,128
2,396
△33
49,190

8,718
144

9,485
134

8,193
6,030
△6
14,21723,081
73,159

8,032
6,092
△6
14,11723,73772,927

1,382
1,115
1,085
138
2,265
5,988

1,669
360
948
138
2,278
5,396

580
844
1,425
7,414

591
889
1,481
6,877

7,081
10,44944,702△1,44660,786

7,081
10,44944,607△1,446
60,691

1,821

1,565

2,474
662

3,137
656

4,958

5,359

65,74573,15966,05072,927

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended June 30(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Provision of allowance for doubtful accounts
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Experimentation and research expenses
Other
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on sale of investment securities
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on bargain purchaseTotal extraordinary income
Extraordinary losses
Loss on step acquisitions
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to owners of parent

6

Three months ended
June 30, 2024

8,656
4,890
3,765

8,786
4,834
3,951

△0
694
99
22
904
1,161

△0
791
132
19
976
1,227

2,882

3,147

883

804

45
56
7
406
113
629

68
62
0
382
6
521

2
2
1,510

24
24
1,301

－
－

21
21

－
－
1,510
372
1,137
1,137

10
10
1,312
374
937
937

Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30(Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent

7

Three months ended
June 30, 2024

1,137

937

429

△256

737

663

0

△5

1,166
2,304

400
1,338

2,304

1,338

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Changes in Accounting Policies)(Application of the “Accounting Standard for Current Income Taxes, etc.,” and otherstandards)
The Company is applying the “Accounting Standard for Current Income Taxes” (ASBJ
Statement No. 27, October 28, 2022; hereinafter referred to as “Revised AccountingStandard of 2022”) and other ASBJ standards from the beginning of the first quarter
ended June 30, 2024.
Revisions to the categories for recording income taxes, etc., (taxation on othercomprehensive income) conform to the transitional treatment established in the proviso
of paragraph 20-3 of the Revised Accounting Standard of 2022 and the transitional
treatment established in the proviso of paragraph 65-2 (2) of the “Guidance on
Accounting Standard for Tax Effect Accounting” (ASBJ Guidance No. 28, October 28,2002). There are no impacts on the quarterly consolidated financial statements due tothese changes to accounting policies.
In addition, the Company has adopted the 2022 Revised Guidance on Accounting for
Taxation on Sales of Subsidiaries' Stock, etc., between Consolidated Companies fromthe beginning of the first quarter ended June 30, 2024. This change in accounting
policy has been applied retrospectively, and the quarterly consolidated financial
statements and consolidated financial statements for the quarter and full year of theprevious fiscal year have been prepared retrospectively. There are no impacts on thequarterly consolidated financial statements and consolidated financial statements forthe first quarter and full year of the previous financial year.

8

(Segment information, etc.)[Segment information]
For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
Information on net sales and income (loss) by reportable segment(Millions of yen)
Reportable Segments
Japan

North
America

Asia/
Oceania

EuropePer quarterly
Reconciling consolidated
Reportablefinancial
items
Segments
statements

Sales
Revenues from externalcustomers

4,477

3,192

632

353

8,656

－

8,656

Transactions with othersegments

3,280

1

－

68

3,350

△3,350－Net sales

7,757

3,194

632

422

12,006△3,3508,656Operating profit (loss)

866

88

83

24

1,063

△179

883

(Notes) 1 Segment profit has been adjusted with operating income in the quarterly consolidated statements ofincome.
2 The adjustment of segment profit is for the elimination of inter-segment transactions. In
addition, there is no amount of non-allocable operating expenses.

For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
Information on net sales and income (loss) by reportable segment(Millions of yen)
Reportable Segments
Japan

North
America

Asia/
Oceania

EuropePer quarterly
Reconciling consolidated
Reportablefinancial
items
segments
statements

Sales
Revenues from externalcustomers

4,532

3,184

665

404

8,786

－

8,786

Transactions with othersegments

2,382

－

0

48

2,431

△2,431－

Net sales

6,914

3,184

665

452

11,218△2,431

8,786

Operating profit (loss)

541

99

74

36

751

53

804

(Notes) 1 Segment profit has been adjusted with operating income in the quarterly consolidated statements ofincome.
2 The adjustment of segment profit is for the elimination of inter-segment transactions. In
addition, there is no amount of non-allocable operating expenses.

9

(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Notes on Consolidated Statement of Cash Flows)
We have not prepared a Consolidated Statement of Cash Flows for the three months ended
June 30, 2024. Depreciation (including depreciation of intangible assets) for the threemonths ended June 30 is as follows.

Depreciation

Previous 1st Qtr
Consolidated Accounting
Period(April 1, 2023
to June 30, 2023)¥218 million

1st Qtr Consolidated
Accounting Period(April 1, 2024
to June 30, 2024)¥244 million(Additional information)
In the first quarter consolidated accounting period, we additionally acquired shares of Comforce
Incorporated, which was an equity-method affiliate, making it a wholly-owned consolidated subsidiary, andthis company has been included in the scope of consolidation.

10