FY2023 2nd Quarter : Financial Results (April 1, 2023 to September 30, 2023)

FY2023 2nd Quarter

Financial Results

(April 1, 2023 to September 30, 2023)

November 6, 2023

Contents

1. Summary of Financial Results
2. Qualitative Information
3. Financial Highlights
4. Operating Results and Forecasts for Reportable Segments
5. Non-consolidatedOrders Received, Net Sales and Projects in Process
6. Main Projects
7. Consolidated Financial Statements
8. Non-consolidatedFinancial Statements

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2

5

8

10

12

13

19

Disclaimer:

This "Financial Results" is the English version of the Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" released on Nov ember 6, 2023. It was translated into English and presented solely for the convenience of users who are not familiar with Japanese. If there is any discrepancy bet ween Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" and this document, the Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" will prevail. This document in cludes forward-looking statements based on the information available at the time the Japanese "Kessan Tanshin" and "Kessan Setsumei Shiryo" were released. Actual res ults may vary from the forward-looking statements contained herein due to various factors. Obayashi Corporation (non-consolidated) is called the "Company" in these materials.

1 Summary of Financial Results

1. Consolidated Financial Results
   ① Consolidated Business Results

(Percentages indicate the percentage year on year change)

Net Sales

Operating Income

Ordinary Income

Profit Attributable to

Owners of Parent

Six Months Ended

Yen in millions

％

Yen in millions

％

Yen in millions

％

Yen in millions

％

September 30, 2023

1,081,360

17.0

30,843

(26.2)

38,009

(21.9)

29,741

(22.7)

September 30, 2022

924,391

2.8

41,785

116.5

48,659

110.2

38,494

103.8

(Note) Comprehensive income : [Six Months Ended September 30, 2023] 93,526 million yen, 75.4% ; [Six Months Ended September 30, 2022] 53,307 million yen, 78.0%

Profit Attributable to Owners of

Parent per Share (EPS)

Six Months Ended

Yen

September 30, 2023

41.48

September 30, 2022

53.69

②Consolidated Financial Position

Total Assets

Net Assets

Equity Ratio

Net Assets per Share

(BPS)

As of

Yen in millions

Yen in millions

％

Yen

September 30, 2023

2,752,133

1,113,793

38.9

1,494.63

March 31, 2023

2,609,929

1,035,881

38.2

1,390.77

(For reference) Equity (net assets less non-controlling interests) : [As of September 30, 2023] 1,071,654 million yen ; [As of March 31, 2023] 997,109 million yen

(2) Consolidated Forecast for FY2023

(Percentages indicate the percentage year on year change)

Profit Attributable to

Profit Attributable to

Net Sales

Operating Income

Ordinary Income

Owners of Parent per

Owners of Parent

Share (EPS)

Yen in millions

％

Yen in millions

％

Yen in millions

％

Yen in millions

％

Yen

Fiscal Year Ending March 31, 2024

2,280,000

14.9

74,000

(21.1)

79,000

(21.6)

59,000

(24.0)

82.29

* The forecasts announced on August 7, 2023 have been revised. Please see 2 (4) Consolidated forecasts for fiscal year ending March 31, 2024 on page 3 of this report.

1. Non-consolidatedFinancial Results
   ① Non-consolidated Business Results

(Percentages indicate the percentage year on year change)

	Net Sales		Operating Income	Ordinary Income	Profit		Profit per Share
			(EPS)
Six Months Ended	Yen in millions		％	Yen in millions	％	Yen in millions	％	Yen in millions		％	Yen
September 30, 2023	744,196		14.6	14,001	(50.2)	21,680	(42.2)	19,665		(37.9)	27.43
September 30, 2022	649,623		(0.2)	28,114	532.0	37,477	247.4	31,646		197.8	44.14

②Non-consolidated Financial Position

	Total Assets	Net Assets	Equity Ratio			Net Assets per Share (BPS)
As of	Yen in millions	Yen in millions		％		Yen
September 30, 2023	2,001,903	804,243		40.2		1,121.68
March 31, 2023	1,943,098	758,739		39.0		1,058.29
(Reference) Equity (net assets less non-controlling interests) : [As of September 30, 2023] 804,243 million yen ; [As of March 31, 2023]	758,739	million yen

(4) Non-consolidated Forecast for FY2023

(Percentages indicate the percentage year on year change)

	Net Sales		Operating Income	Ordinary Income	Profit		Profit per Share (EPS)
	Yen in millions		％	Yen in millions	％	Yen in millions	％	Yen in millions		％	Yen
Fiscal Year Ending March 31, 2024	1,575,000		13.6	43,000	(28.3)	50,500	(29.1)	45,000		(28.1)	62.76

• The forecasts anounced on August 7, 2023 have been revised.

1. Dividends

		Dividend per Share			Total Dividends	Dividend Payout	Dividends-Net Assets
							Ratio
	End of 1Q	End of 2Q	End of 3Q		End of 4Q	Total	Paid (Full Year)	Ratio (Consolidated)
		(Consolidated)
		Yen			Yen	Yen	Yen in millions	％	％
FY2022	―	21.00	―		21.00	42.00	30,157	38.8	3.1
FY2023 (Including Forecast)	―	21.00	―		21.00	42.00		51.0

* There have been no revisions to the forecasts previously annouunced.

1

2 Qualitative Information

(1) Overview of consolidated business results

During the first six months of the fiscal year under review (from April 1 to September 30, 2023), the Japanese economy continued its gradual recovery, given the upturn in consumer spending and improvement in corporate profits as economic and social activities returned to normal. On the other hand, there are concerns about a slowdown in global economic growth due to factors such as countries raising their policy interest rates in addition to the price increases from the rapid depreciation of the Japanese yen and soaring raw materials and energy prices, causing uncertainty over the future.

In the domestic construction market, public and private construction orders have been firm. Yet, the outlook for the orders received environment remains uncertain, given that the rising interest rates around the world and the soaring cost of raw materials may deter companies from making capital investments.

Amid these conditions, the Obayashi Group's consolidated net sales for the first six months of the fiscal year ending March 31, 2024, amounted to 1,081.3 billion yen, an increase of 156.9 billion yen (17.0%) from the first six months of the previous fiscal year, due to the progress in large-scale projects in the domestic and overseas building construction businesses. As for profit and loss, gross profit on completed construction contracts declined in the domestic building construction business as the unprofitable projects for which the Company received orders in previous fiscal years progressed, and construction gross profit margin worsened, gross profit on real estate business and other decreased in reaction to the recording of a gain on a sale of large-scale properties in the first six months of the previous fiscal year, and selling, general and administrative expenses rose mainly due to higher personnel expenses from base pay increases and increases in technology-related investment, resulting in operating income of 30.8 billion yen, a decrease of 10.9 billion yen (26.2%) from the same period in the previous fiscal year. Ordinary income was 38.0 billion yen, a decrease of 10.6 billion yen (21.9%) year-on-year, and profit attributable to owners of parent was 29.7 billion yen, a decrease of 8.7 billion yen (22.7%) year-on-year.

The Obayashi Group consolidated performance by business segment for the first six months of fiscal year ending March 31, 2024 was as follows:

Construction business

Consolidated construction orders received increased by 79.5 billion yen (9.3%) from the same period in the previous fiscal year to 932.7 billion yen, as overseas subsidiaries received orders for multiple large-scale construction projects. More specifically, orders received for domestic building construction were 421.3 billion yen; for overseas building construction, 299.3 billion yen; for domestic civil engineering, 153.4 billion yen; and for overseas civil engineering, 58.5 billion yen.

Consolidated net sales for the construction business increased by 173.9 billion yen (20.2%) from the same period in the previous fiscal year to 1,036.6 billion yen. This increase resulted from an increase in net sales for the domestic building construction business and overseas building construction business of subsidiaries as multiple large-scale construction projects made progress in Japan and North America. More specifically, net sales for domestic building construction were 594.5 billion yen; for overseas building construction, 217.3 billion yen; for domestic civil engineering, 174.6 billion yen; and for overseas civil engineering, 50.1 billion yen.

Operating income decreased by 1.9 billion yen (7.3%) to 24.4 billion yen from the previous fiscal year, mainly due to the progress in unprofitable projects for which the Company received orders in previous fiscal years worsened the construction gross profit margin in the domestic building construction business.

Real estate business

Net sales from the real estate business decreased by 18.3 billion yen (48.3%) to 19.6 billion yen from the previous fiscal year, and operating income decreased by 9.0 billion yen (63.1%) to 5.3 billion yen. These decreases were mainly drops from the figures for the six months of the previous fiscal year for the sale of a large-scale property held by the Company.

Other businesses

Net sales from other businesses increased by 1.3 billion yen (5.7%) to 25.0 billion yen from the previous fiscal year and operating income increased by 0.02 billion yen (2.4%) to 1.0 billion yen.

2

								(Yen in millions)
		Construction business		Real Estate	Other
Segment							Total
Domestic	Overseas	Domestic	Overseas	Total
Business	Businesses
	Building	Building	Civil	Civil	Construction
	Construction	Construction	Engineering	Engineering	Business
Net Sales	594,560	217,335	174,665	50,129	1,036,690	19,634	25,036		1,081,360
Operating	5,992	7,667	10,038	758	24,456	5,302	1,084		30,843
Income

(2) Overview of consolidated financial position

Total assets as of September 30, 2023 increased by 142.2 billion yen (5.4%) compared with the balance at the end of the previous fiscal year, to 2,752.1 billion yen. This was mainly due to an increase in trade receivables related to construction contracts (the sum of "Notes and accounts receivable from completed construction contracts and other" and "Electronically recorded monetary claims") and also an increase in "Investment securities" due to the rises in the prices of shares held as cross-shareholdings, while "Cash and deposits" declined.

Total liabilities as of September 30, 2023 increased by 64.2 billion yen (4.1%) compared with the balance at the end of the previous fiscal year to 1,638.3 billion yen. This was mainly due to increases in trade payables related to construction costs (the sum of "Notes and accounts payable for construction contracts and other" and "Electronically recorded obligations") and interest-bearing debt that includes "Short-term loans payable" and "Long-term loans payable." The balance of interest-bearing debt as of September 30, 2023, increased by 16.3 billion yen (4.8%) compared with the balance at the end of the previous fiscal year, to 354.2 billion yen.

Total net assets as of September 30, 2023 increased by 77.9 billion yen (7.5%) compared with the balance at the end of the previous fiscal year, to 1,113.7 billion yen. This was mainly due to increases in "Retained earnings" from the recognition of profit attributable to owners of parent and in "Valuation difference on available-for-sale securities"

As a result, the equity ratio as of September 30, 2023 was 38.9%, up 0.7 percentage points from the end of the previous fiscal year.

(3) Overview of consolidated cash flows

During the first six months of the fiscal year ending March 31, 2024, net cash used in operating activities amounted to 96.7 billion yen, primarily due to upfront spending in the domestic construction business (net cash provided by operating activities was 62.7 billion yen in the same period during the previous fiscal year). Net cash used in investing activities amounted to 58.2 billion yen, primarily due to the purchase of commercial real estate (net cash used in investing activities was 54.1 billion yen in the same period during the previous fiscal year). Net cash used in financing activities amounted to 5.6 billion yen, primarily due to the payment of dividends and redemption of bonds, which exceeded proceeds from loans payable (net cash provided by financing activities was 53.9 billion yen in the same period during the previous fiscal year).

Consequently, cash and cash equivalents as of September 30, 2023 decreased by 151.7 billion yen to 253.8 billion yen compared with the balance at the end of the previous fiscal year.

(4) Consolidated forecasts for fiscal year ending March 31, 2024

The consolidated forecasts for the full year ending March 31, 2024 are 2,135.0 billion yen in orders

received, net sales of 2,280.0 billion yen, operating income of 74.0 billion yen, ordinary income of 79.0 billion yen (no revision from the previously announced forecast on August 7, 2023). On the other hand,

profit attributable to owners of parent is expected to be 59.0 billion yen, an increase of 4.0 billion yen (7.3%) from the previously announced forecast (55.0 billion yen), as the gain on sales of cross-

shareholdings are expected to exceed the level anticipated at the beginning of the fiscal year.

It has not been finalized at the time of announcement of this report whether it is necessary to revise the full-year forecasts due to the accident that occurred at the site of the urban redevelopment project for Yaesu 1-chome east area district B in front of Tokyo Station, facilities construction on September 19, 2023. The impact of the accident, therefore, is not incorporated in the above forecasts.

3

(5) Policy regarding cross-shareholdings

The Company owns shares in its customers' businesses (cross-shareholdings) to maintain and strengthen trade relationships with the customers. The Company reviews the significance of owning shares in each company by regularly reporting to the Board of Directors on valuation gains/losses, and collective consideration of indicators of profitability such as capital cost and return on business from maintaining and strengthening the business relationship with a company. The Company verifies the economic rationale for owning shares over the medium and long term, and sells shares as needed when the business significance of owning the shares has weakened.

The Medium-term Business Plan 2022 states that the Company will proceed further on reassessment of the significance of owning shares and overall investment efficiency for the Company. The Company has reduced cross-shareholdings, aiming to bring the ratio of cross-shareholdings to 20% or less of consolidated net assets as soon as possible before the end of March 2027.

To achieve this goal, the Company has sold cross-shareholdings worth a total of 47.8 billion yen since the fiscal year ended March 31, 2022, with the sale target of around 150 billion yen from the level of the outstanding cross-shareholdings as of the end of the fiscal year ended March 31, 2021. However, the amount of cross-shareholdings has increased as of the end of the second quarter of the fiscal year ending March 31, 2024, compared with the balance at the end of the fiscal year ended March 31, 2021, given the recent rise in the stock market. Going forward, the Company will proceed with further sales of cross- shareholdings irrespective of the initial sale target of 150 billion yen and will strive to reduce such shares to 20% or less of consolidated net assets by the end of March 2027.

The Company plans to use the proceeds from sales of cross-shareholdings effectively to enhance corporate value, by investing in areas that will contribute to sustained growth with medium- to long-term growth in mind, in addition to investing for the purpose of securing stable investment revenue.

(Consolidated)

(Consolidated)

4

• Financial Highlights

(1) Financial Results for the Six Months Ended September 30, 2023 (YoY Comparison)

					Consolidated
			Six Months	Six Months	Change	%
				Ended		Ended
					Change
			September 30, 2022	September 30, 2023
Net sales of completed	%		%
	8,627		10,366	1,739	20.2
construction contracts
		Building Construction		－		－	－	－
		Civil Engineering		－		－	－	－
Gross profit on completed	9.3	803	8.2	844	41	5.1
construction contracts
		Building Construction		－		－	－	－
		Civil Engineering		－		－	－	－
Net sales of real estate business		616		446	(170)	(27.6)
and other
Gross profit on real estate business	32.2	198	26.0	116	(82)	(41.6)
and other
Net sales		9,243		10,813	1,569	17.0
Gross profit	10.8	1,002	8.9	961	(41)	(4.1)
Selling, general and	6.3	584	6.0	652	68	11.7
administrative expenses
(Personnel expenses)		321		349	28
(Others)		263		302	39
Operating Income	4.5	417	2.9	308	(109)	(26.2)
Non-operating income		84		92	7	8.7
Non-operating expenses		16		20	4	27.8
Ordinary income	5.3	486	3.5	380	(106)	(21.9)
Extraordinary income		65		54	(11)	(17.4)
Extraordinary loss		9		17	7	82.0
Income before income taxes	5.9	542	3.9	416	(125)	(23.2)
Total income taxes		145		105	(40)	(27.7)
Profit		396		311	(85)	(21.6)
Profit attributable to non-controlling		11		13	2	17.3
interests (deduction)
Profit attributable to
owners of parent	4.2	384	2.8	297	(87)	(22.7)
(Non-consolidated: Profit)

					(Yen in 100 millions)
		Non-consolidated
	Results		Results		Change	%
	Ended		Ended
			Change
September 30, 2022	September 30, 2023
%		%
	6,264		7,334		1,070	17.1
	4,913		5,869		956	19.5
	1,350		1,464		113	8.4
9.4	586	7.6	554		(32)	(5.5)
7.5	370	5.7	336		(33)	(9.0)
16.0	215	14.8	217		1	0.6
	232		107		(124)	(53.6)
44.5	103	25.2	27		(76)	(73.8)
	6,496		7,441		945	14.6
10.6	689	7.8	581		(108)	(15.7)
6.3	408	5.9	441		32	8.0
	204		215		11
	204		225		21
4.3	281	1.9	140		(141)	(50.2)
	101		83		(18)	(17.8)
	7		6		(1)	(15.2)
5.8	374	2.9	216		(157)	(42.2)
	63		69		5	9.1
	7		17		9	124.7
6.6	430	3.6	268		(161)	(37.6)
	114		72		(41)	(36.7)
	－		－		－	－
	－		－		－	－
4.9	316	2.6	196		(119)	(37.9)

Orders Received

			Consolidated
	Six Months	Six Months	Change	%
		Ended		Ended
			Change
	September 30, 2022	September 30, 2023
Building Construction	6,442	7,207	764	11.9
Domestic		4,010		4,213	203	5.1
Overseas		2,432		2,993	561	23.1
Civil Engineering	2,090	2,120	30	1.5
Domestic		1,731		1,534	(197)	(11.4)
Overseas		358		585	227	63.5
Construction Total	8,532	9,327	795	9.3
Domestic		5,742		5,748	5	0.1
Overseas		2,790		3,579	789	28.3
Real Estate Business and Other		502		407	(94)	(18.8)
Total Orders received	9,035	9,735	700	7.8

					(Yen in 100 millions)
		Non-consolidated
Six Months	Six Months		Change	%
	Ended		Ended
			Change
September 30, 2022	September 30, 2023
4,042	3,985		(56)	(1.4)
	3,845		3,965		120	3.1
	197		19		(177)	(90.0)
1,358	1,302		(55)	(4.1)
	1,319		1,121		(197)	(15.0)
	39		180		141	363.4
5,400	5,288		(112)	(2.1)
	5,164		5,087		(76)	(1.5)
	236		200		(35)	(15.0)
	232		108		(123)	(53.4)
5,632	5,396		(236)	(4.2)

Interest-bearing Debt Balances

		Consolidated
	Results	Results		%
	As of	As of	Change
	Change
	March 31, 2023	September 30, 2023
Interest-bearing debt	2,612	2,803	191	7.3
(except nonrecourse loans)
Nonrecourse loans	766	739	(27)	(3.6)
Total Interest-bearing debt	3,379	3,542	163	4.8

			(Yen in 100 millions)
	Non-consolidated
Results	Results			%
As of	As of		Change
	Change
March 31, 2023	September 30, 2023
1,946	1,984		37	2.0
－	－		－	－
1,946	1,984		37	2.0

5

(2) Forecasts for FY2023 (Comparison with the forecasts announced on August 7)

(Unit: 100 million yen)

					Consolidated
			Forecasts	Forecasts		%
			announced on	Fiscal Year Ending	Change
			Change
			August 7, 2023	March 31, 2024
			%		%
	Net sales of completed		21,600		21,600	－	48.0
	construction contracts
		Building Construction		－		－	－	－
		Civil Engineering		－		－	－	－
	Gross profit on completed	8.1	1,750	8.1	1,750	－	48.3
	construction contracts
		Building Construction		－		－	－	－
		Civil Engineering		－		－	－	－
	Net sales of real estate business		1,200		1,200	－	37.2
	and other
	Gross profit on real estate business	22.1	265	22.1	265	－	43.9
	and other
	Net sales		22,800		22,800	－	47.4
	Gross profit	8.8	2,015	8.8	2,015	－	47.7
Selling, general and	5.6	1,275	5.6	1,275	－	51.2
administrative expenses
		(Personnel expenses)		670		670	－
		(Others)		605		605	－
	Operating Income	3.2	740	3.2	740	－	41.7
Non-operating income		90		90	－	102.5
Non-operating expenses		40		40	－	51.4
	Ordinary income	3.5	790	3.5	790	－	48.1
Extraordinary income		60		160	100	33.9
Extraordinary loss		30		60	30	29.5
		Income before income taxes	3.6	820	3.9	890	70	46.8
		Total income taxes		240		270	30	39.1
		Profit		580		620	40	50.2
		Profit attributable to non-controlling		30		30	－	45.8
		interests (deduction)
	Profit attributable to
	owners of parent	2.4	550	2.6	590	40	50.4
	(Non-consolidated: Profit)

Non-consolidated

Forecasts	Forecasts		%
announced on	Fiscal Year Ending	Change
Change
August 7, 2023	March 31, 2024
%		%
	15,410		15,410	－	47.6
	12,480		12,480	－	47.0
	2,930		2,930	－	50.0
8.0	1,240	8.0	1,240	－	44.7
6.9	865	6.9	865	－	38.9
12.8	375	12.8	375	－	57.9
	340		340	－	31.7
20.6	70	20.6	70	－	38.8
	15,750		15,750	－	47.3
8.3	1,310	8.3	1,310	－	44.4
5.6	880	5.6	880	－	50.1
	430		430	－
	450		450	－
2.7	430	2.7	430	－	32.6
	90		90	－	92.7
	15		15	－	44.2
3.2	505	3.2	505	－	42.9
	60		180	120	38.4
	30		60	30	28.4
3.4	535	4.0	625	90	43.0
	145		175	30	41.3
	－		－	－	－
	－		－	－	－
2.5	390	2.9	450	60	43.7

* The forecasts announced on August 7, 2023 have been revised. Please see 2 (4) Consolidated forecasts for fiscal year endingMarch 31, 2024 on page 3 of this report.

Orders received

(Unit: 100 million yen)

			Consolidated						Non-consolidated
	Forecasts	Forecasts		%		Forecasts	Forecasts		%
	announced on	Fiscal Year Ending	Change		announced on	Fiscal Year Ending	Change
	Change		Change
	August 7, 2023	March 31, 2024			August 7, 2023	March 31, 2024
Building Construction	15,250	15,250	－	47.3		10,900	10,900		－	36.6
(Domestic)		11,320		11,320	－	37.2			10,700		10,700		－	37.1
(Overseas)		3,930		3,930	－	76.2			200	200		－	9.9
Civil Engineering	5,100	5,100	－	41.6		3,300	3,300		－	39.5
(Domestic)		3,750		3,750	－	40.9			2,900		2,900		－	38.7
(Overseas)		1,350		1,350	－	43.4			400		400		－	45.2
Construction Total	20,350	20,350	－	45.8		14,200	14,200		－	37.2
(Domestic)		15,070		15,070	－	38.1			13,600		13,600		－	37.4
(Overseas)		5,280		5,280	－	67.8			600		600		－	33.5
Real Estate Business and Other		1,000		1,000	－	40.8			340		340		－	31.8
Total orders received	21,350	21,350	－	45.6		14,540	14,540		－	37.1

6

(3) Forecasts for FY2023 (YoY Comparison)

(Yen in 100 millions)

					Consolidated
			Results	Forecasts		Change	%
			Fiscal Year Ended	Fiscal Year Ending
				Change
			March 31, 2023	March 31, 2024
Net sales of completed	%		%
	18,476		21,600		3,123	16.9
construction contracts
		Building Construction		－		－		－	－
		Civil Engineering		－		－		－	－
Gross profit on completed	9.6	1,778	8.1	1,750		(28)	(1.6)
construction contracts
		Building Construction		－		－		－	－
		Civil Engineering		－		－		－	－
Net sales of real estate business		1,362		1,200		(162)	(11.9)
and other
Gross profit on real estate business	28.4	386	22.1	265		(121)	(31.5)
and other
Net sales		19,838		22,800		2,961	14.9
Gross profit	10.9	2,165	8.8	2,015		(150)	(7.0)
Selling, general and	6.2	1,227	5.6	1,275		47	3.9
administrative expenses
	645		670		24
(Personnel expenses)
(Others)		581		605		23
Operating Income	4.7	938	3.2	740		(198)	(21.1)
Non-operating income		113		90		(23)	(20.9)
Non-operating expenses		43		40		(3)	(8.7)
Ordinary income	5.1	1,008	3.5	790		(218)	(21.6)
Extraordinary income		146		160		13	9.3
Extraordinary loss		17		60		42	246.4
Income before income taxes	5.7	1,137	3.9	890		(247)	(21.7)
Total income taxes		338		270		(68)	(20.2)
Profit		798		620		(178)	(22.4)
Profit attributable to non-controlling		21		30		8	37.1
interests (deduction)
Profit attributable to
owners of parent	3.9	776	2.6	590		(186)	(24.0)
(Non-consolidated: Profit)

Non-consolidated

Results	Forecasts	Change	%
Fiscal Year Ended	Fiscal Year Ending
Change
March 31, 2023	March 31, 2024
%		%
	13,481		15,410	1,928	14.3
	10,515		12,480	1,964	18.7
	2,965		2,930	(35)	(1.2)
9.9	1,331	8.0	1,240	(91)	(6.8)
8.3	878	6.9	865	(13)	(1.5)
15.3	453	12.8	375	(78)	(17.2)
	389		340	(49)	(12.6)
34.4	133	20.6	70	(63)	(47.6)
	13,870		15,750	1,879	13.6
10.6	1,464	8.3	1,310	(154)	(10.6)
6.3	865	5.6	880	14	1.7
	411		430	18
	453		450	(3)
4.3	599	2.7	430	(169)	(28.3)
	137		90	(47)	(34.7)
	25		15	(10)	(41.2)
5.1	711	3.2	505	(206)	(29.1)
	140		180	39	28.2
	10		60	49	455.0
6.1	841	4.0	625	(216)	(25.7)
	215		175	(40)	(18.9)
	－		－	－	－
	－		－	－	－
4.5	625	2.9	450	(175)	(28.1)

Orders Received

(Yen in 100 millions)

			Consolidated						Non-consolidated
	Results	Forecasts		Change	%		Results	Forecasts	Change	%
	Fiscal Year Ended	Fiscal Year Ending			Fiscal Year Ended	Fiscal Year Ending
		Change		Change
	March 31, 2023	March 31, 2024				March 31, 2023	March 31, 2024
Building Construction	16,128	15,250		(878)	(5.4)		11,120	10,900	(220)	(2.0)
Domestic		11,242		11,320		77	16.9			10,931		10,700	(231)	(2.1)
Overseas		4,885		3,930		(955)	(19.6)			189	200	10	5.8
Civil Engineering	4,945	5,100		154	3.1		3,429	3,300	(129)	(3.8)
Domestic		3,607		3,750		142	4.0			2,801		2,900	98	3.5
Overseas		1,338		1,350		11	0.9			628		400	(228)	(36.4)
Construction Total	21,073	20,350		(723)	(3.4)		14,549	14,200	(349)	(2.4)
Domestic		14,849		15,070		220	1.5			13,732		13,600	(132)	(1.0)
Overseas		6,224		5,280		(944)	(15.2)			817		600	(217)	(26.6)
Real Estate Business and Other		1,149		1,000		(149)	(13.0)			389		340	(49)	(12.6)
Total Orders received	22,222	21,350		(872)	(3.9)		14,938	14,540	(398)	(2.7)

Interest-bearing Debt Balances

		Consolidated
	Results	Forecasts			%
	As of	As of		Change
		Change
	March 31, 2023	March 31, 2024
Interest-bearing debt	2,612	2,500		(112)	(4.3)
(except nonrecourse loans)
Nonrecourse loans	766	900		133	17.3
Total Interest-bearing debt	3,379	3,400		20	0.6

* There have been no revisions to the forecasts previously annouced.

		(Yen in 100 millions)
	Non-consolidated
Results	Forecasts		%
As of	As of	Change
Change
March 31, 2023	March 31, 2024
1,946	1,800	(146)	(7.5)
－	－	－	－
1,946	1,800	(146)	(7.5)

7

4 Operating Results and Forecasts for Reportable Segments

(1) Operating Results for the Six Months Ended September 30, 2023 (YoY Comparison)

【Consolidated】											(Yen in millions)
		Net Sales						Operating Income
	Results	Results		%		Results	Results			%
	Six Months Ended	Six Months Ended	Change		Six Months Ended	Six Months Ended		Change
	Change			Change
	September 30, 2022	September 30, 2023		September 30, 2022	September 30, 2023
						% Profit		% Profit
Building Construction
Domestic	492,020	594,560	102,539	20.8		2.4	12,000	1.0	5,992		(6,008)	(50.1)
Overseas	170,023	217,335	47,312	27.8		2.4	4,061	3.5	7,667		3,605	88.8
Subtotal	662,043	811,895	149,851	22.6		2.4	16,062	1.7	13,660		(2,402)	(15.0)
Civil Engineering
Domestic	151,922	174,665	22,742	15.0		5.3	8,073	5.7	10,038		1,964	24.3
Overseas	48,746	50,129	1,382	2.8		4.6	2,233	1.5	758		(1,475)	(66.1)
Subtotal	200,669	224,794	24,124	12.0		5.1	10,307	4.8	10,796		488	4.7
Construction Total
Domestic	643,943	769,225	125,282	19.5		3.1	20,074	2.1	16,030		(4,043)	(20.1)
Overseas	218,769	267,464	48,694	22.3		2.9	6,295	3.2	8,425		2,130	33.8
Subtotal	862,713	1,036,690	173,976	20.2		3.1	26,370	2.4	24,456		(1,913)	(7.3)
Real Estate Business and Other
Real Estate Business	38,001	19,634	(18,366)	(48.3)		37.8	14,355	27.0	5,302		(9,053)	(63.1)
Other	23,677	25,036	1,358	5.7		4.5	1,059	4.3	1,084		25	2.4
Subtotal	61,678	44,670	(17,008)	(27.6)		25.0	15,415	14.3	6,387		(9,028)	(58.6)
Total	924,391	1,081,360	156,968	17.0		4.5	41,785	2.9	30,843		(10,941)	(26.2)

*Consolidated net sales and operating income show the sales and operating income for external customers.

	【Non-consolidated】										(Yen in millions)
			Net Sales						Gross Profit
		Results	Results		%		Results	Results		%
		Six Months Ended	Six Months Ended	Change		Six Months Ended	Six Months Ended	Change
		Change		Change
		September 30, 2022	September 30, 2023		September 30, 2022	September 30, 2023
							% Profit		% Profit
	Building Construction
	Domestic	489,180	583,453	94,273	19.3		7.6	36,971	5.8	33,573	(3,398)	(9.2)
	Overseas	2,139	3,479	1,339	62.6		2.7	58	3.4	116	58	101.6
	Subtotal	491,320	586,933	95,613	19.5		7.5	37,029	5.7	33,690	(3,339)	(9.0)
	Civil Engineering
	Domestic	117,266	136,944	19,677	16.8		16.0	18,801	14.9	20,368	1,566	8.3
	Overseas	17,815	9,535	(8,280)	(46.5)		15.6	2,774	14.1	1,341	(1,433)	(51.6)
	Subtotal	135,082	146,479	11,397	8.4		16.0	21,576	14.8	21,710	133	0.6
	Construction Total
	Domestic	606,447	720,398	113,951	18.8		9.2	55,773	7.5	53,941	(1,831)	(3.3)
	Overseas	19,955	13,014	(6,940)	(34.8)		14.2	2,832	11.2	1,458	(1,374)	(48.5)
	Subtotal	626,402	733,413	107,010	17.1		9.4	58,606	7.6	55,400	(3,206)	(5.5)
	Real Estate Business and Other	23,221	10,783	(12,437)	(53.6)		44.5	10,344	25.2	2,714	(7,629)	(73.8)
	Total	649,623	744,196	94,573	14.6		10.6	68,951	7.8	58,115	(10,835)	(15.7)

8