Interim report
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Note: This document has been translated from a part of 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.. November 7, 2025 CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll RRRRReeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee SSSSSiiiiixxxxx MMMMMooooonnnnnttttthhhhhsssss EEEEEnnnnndddddeeeeeddddd SSSSSeeeeepppppttttteeeeemmmmmbbbbbeeeeerrrrr 3333300000,,,,, 22222000002222255555 (((((UUUUUnnnnndddddeeeeerrrrr JJJJJaaaaapppppaaaaannnnneeeeessssseeeee GGGGGAAAAAAAAAAPPPPP))))) Company name: TSUKISHIMA HOLDINGS CO., LTD. Listing: Tokyo Stock Exchange Securities code: 6332 URL: https://www.tsk-g.co.jp/ Representative: Jun Kawasaki President, Representative Director Inquiries: Mitsumasa Sato Treasury Dept, Senior General Maneger Telephone: +81-3）5560－6521 Scheduled date to file semi-annual securities report: November 7, 2025 Scheduled date to commence dividend payments: December 1, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (Yen amounts are rounded down to millions, unless otherwise noted.) 11111..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee sssssiiiiixxxxx mmmmmooooonnnnnttttthhhhhsssss eeeeennnnndddddeeeeeddddd SSSSSeeeeepppppttttteeeeemmmmmbbbbbeeeeerrrrr 3333300000,,,,, 22222000002222255555 (((((fffffrrrrrooooommmmm AAAAAppppprrrrriiiiilllll 11111,,,,, 22222000002222255555 tttttooooo SSSSSeeeeepppppttttteeeeemmmmmbbbbbeeeeerrrrr 3333300000,,,,, 22222000002222255555))))) (((((11111))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd ooooopppppeeeeerrrrraaaaatttttiiiiinnnnnggggg rrrrreeeeesssssuuuuullllltttttsssss (((((cccccuuuuummmmmuuuuulllllaaaaatttttiiiiivvvvveeeee))))) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 56,639 6.3 1,647 48.9 2,397 24.3 11,783 - September 30, 2024 53,269 39.1 1,106 - 1,928 168.8 1,018 10.6 Note: Comprehensive income For the six months ended September 30, 2025: ¥ 13,205 million [ 788.1%] For the six months ended September 30, 2024: ¥ 1,486 million [ (68.0) %] Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 278.37 - September 30, 2024 23.73 - (((((22222))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll pppppooooosssssiiiiitttttiiiiiooooonnnnn Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % September 30, 2025 186,515 110,313 49.9 March 31, 2025 192,248 112,054 48.4 Reference: Equity As of September 30, 2025: ¥ 93,163 million As of March 31, 2025: ¥ 93,061 million
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22222..... CCCCCaaaaassssshhhhh dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 26.00 - 52.00 78.00March 31, 2025 Fiscal year ending - 42.00March 31, 2026 Fiscal year ending March 31, 2026 (Forecast) - 40.00 82.00 Note: Revisions to the forecast of cash dividends most recently announced: None 33333..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuulllllttttt fffffooooorrrrreeeeecccccaaaaassssstttttsssss fffffooooorrrrr ttttthhhhheeeee fffffiiiiissssscccccaaaaalllll yyyyyeeeeeaaaaarrrrr eeeeennnnndddddiiiiinnnnnggggg MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222266666 (((((fffffrrrrrooooommmmm AAAAAppppprrrrriiiiilllll 11111,,,,, 22222000002222255555 tttttooooo MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222266666))))) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 144,000 3.4 9,500 6.6 10,500 2.4 15,000 124.9 378.50 Note: Revisions to the financial result forecast most recently announced: None ***** NNNNNooooottttteeeeesssss (1) Significant changes in the scope of consolidation during the period: Yes Newly included: １ companies( Tsubame・Yahiko Water Service CO., LTD. ) Excluded: １ companies( TSK Engineering China Co., Ltd. ) (2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: Yes (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: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of September 30, 2025 44,125,800 shares As of March 31, 2025 44,125,800 shares (ii) Number of treasury shares at the end of the period As of September 30, 2025 4,496,058 shares As of March 31, 2025 1,027,874 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 42,332,175 shares Six months ended September 30, 2024 42,934,679 shares * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
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Semi-annual Consolidated Financial Statements and Primary Notes Semi-annual Consolidated Balance Sheet (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 30,561 41,651 Notes and accounts receivable - trade, and contract assets 70,170 52,128 Electronically recorded monetary claims - operating 2,278 2,584 Securities 100 10,201 Merchandise and finished goods 181 126 Work in process 3,236 6,804 Raw materials and supplies 1,057 1,013 Other 4,417 2,720 Allowance for doubtful accounts (287) (83) Total current assets 111,716 117,147 Non-current assets Property, plant and equipment Buildings and structures, net 22,203 11,992 Machinery, equipment and vehicles, net 12,744 12,165 Land 7,856 7,399 Leased assets, net 1,122 1,052 Construction in progress 49 237 Other, net 549 435 Total property, plant and equipment 44,526 33,283 Intangible assets Goodwill 2,496 2,388 Customer-related intangible assets 2,883 2,693 Other 1,029 908 Total intangible assets 6,409 5,991 Investments and other assets Investment securities 24,363 25,055 Retirement benefit asset 114 114 Other 5,408 5,092 Allowance for doubtful accounts (290) (168) Total investments and other assets 29,596 30,094 Total non-current assets 80,531 69,368 Total assets 192,248 186,515
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(Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Notes and accounts payable - trade 16,954 10,561 Electronically recorded obligations - operating 3,932 4,007 Short-term borrowings 50 50 Current portion of long-term borrowings 3,702 2,019 Income taxes payable 1,809 5,993 Contract liabilities 8,705 10,992 Provision for bonuses 3,618 2,889 Provision for warranties for completed construction 898 845 Provision for loss on construction contracts 841 775 Provision for share-based payments 82 - Other 7,531 7,229 Total current liabilities 48,126 45,363 Non-current liabilities Bonds payable 5,000 5,000 Long-term borrowings 11,912 10,712 Provision for retirement benefits for directors (and other officers) 218 227 Provision for share-based payments - 58 Retirement benefit liability 4,226 4,303 Other 10,708 10,535 Total non-current liabilities 32,066 30,838 Total liabilities 80,193 76,202 Net assets Shareholders' equity Share capital 6,646 6,646 Capital surplus 6,055 6,104 Retained earnings 70,445 79,892 Treasury shares (1,047) (11,903) Total shareholders' equity 82,101 80,740 Accumulated other comprehensive income Valuation difference on available-for-sale securities 9,732 11,291 Deferred gains or losses on hedges (1) 20 Foreign currency translation adjustment 500 419 Remeasurements of defined benefit plans 728 690 Total accumulated other comprehensive income 10,960 12,422 Non-controlling interests 18,993 17,150 Total net assets 112,054 110,313 Total liabilities and net assets 192,248 186,515
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Semi-annual Consolidated Statements of Income and Comprehensive Income Semi-annual Consolidated Statement of Income (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Net sales 53,269 56,639 Cost of sales 42,601 45,063 Gross profit 10,668 11,576 Selling, general and administrative expenses Estimate design cost 1,198 1,281 Directors' compensations,salaries,allowances,bonuses and welfare expenses 3,437 3,624 Provision of allowance for doubtful accounts 4 (323) Provision for bonuses 559 645 Share-based payment expenses 6 80 Retirement benefit expenses 124 120 Other 4,229 4,499 Total selling, general and administrative expenses 9,561 9,929 Operating profit 1,106 1,647 Non-operating income Interest income 93 138 Dividend income 491 495 Share of profit of entities accounted for using equity method 33 36 Gain on investments in silent partnerships 19 258 Other 320 94 Total non-operating income 960 1,023 Non-operating expenses Interest expenses 76 57 Foreign exchange losses 1 77 Commission expenses - 102 Other 60 36 Total non-operating expenses 137 273 Ordinary profit 1,928 2,397 Extraordinary income Gain on sale of non-current assets 6 12,035 Gain on sale of investment securities 2 3,052 Total extraordinary income 8 15,088 Extraordinary losses Loss on sale and retirement of non-current assets 1 54 Loss on disaster - 165 Total extraordinary losses 1 219 Profit before income taxes 1,935 17,266 Income taxes 698 5,473 Profit 1,237 11,792 Profit attributable to non-controlling interests 218 8 Profit attributable to owners of parent 1,018 11,783
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Semi-annual Consolidated Statement of Comprehensive Income (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Profit 1,237 11,792 Other comprehensive income Valuation difference on available-for-sale securities (152) 1,555 Deferred gains or losses on hedges 16 22 Foreign currency translation adjustment 356 (120) Remeasurements of defined benefit plans, net of tax 29 (44) Share of other comprehensive income of entities accounted for using equity method 0 (0) Total other comprehensive income 249 1,412 Comprehensive income 1,486 13,205 Comprehensive income attributable to Comprehensive income attributable to owners of parent 1,204 13,246 Comprehensive income attributable to non-controlling interests 282 (40)
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Semi-annual Consolidated Statement of Cash Flows (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Cash flows from operating activities Profit before income taxes 1,935 17,266 Depreciation 1,711 1,689 Amortization of goodwill 127 107 Increase (decrease) in provision for bonuses (696) (729) Increase (decrease) in provision for retirement benefits for directors (and other officers) (4) 3 Increase (decrease) in allowance for doubtful accounts (244) (325) Increase (decrease) in provision for warranties for completed construction 248 (53) Increase (decrease) in provision for loss on construction contracts 21 (66) Increase (decrease) in provision for share-based payments 10 (23) Increase (decrease) in retirement benefit liability 110 46 Decrease (increase) in retirement benefit asset - (9) Interest and dividend income (585) (634) Interest expenses 76 57 Share of loss (profit) of entities accounted for using equity method (33) (36) Loss (gain) on sale and retirement of property, plant and equipment (4) (11,980) Loss (gain) on sale of investment securities (2) (3,052) Decrease (increase) in accounts receivable - trade, and contract assets 37,969 17,718 Increase (decrease) in contract liabilities 4,046 2,286 Decrease (increase) in inventories (3,822) (3,463) Increase (decrease) in trade payables (14,748) (6,303) Other, net (4,518) 1,480 Subtotal 21,595 13,976 Interest and dividends received 537 665 Interest paid (70) (56) Income taxes paid (2,424) (1,256) Net cash provided by (used in) operating activities 19,637 13,329 Cash flows from investing activities Decrease (increase) in time deposits 521 179 Purchase of property, plant and equipment (618) (385) Proceeds from sale of property, plant and equipment 6 21,825 Purchase of intangible assets (222) (247) Proceeds from sale and redemption of short-term and long-term investment securities 48 4,527 Purchase of shares of subsidiaries (70) - Proceeds from collection of loans receivable 5 6 Other payments (24) (92) Other proceeds 44 408 Net cash provided by (used in) investing activities (309) 26,222
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(Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Cash flows from financing activities Net increase (decrease) in short-term borrowings (14,000) - Proceeds from long-term borrowings 1,065 - Repayments of long-term borrowings (2,039) (2,882) Repayments of lease liabilities (111) (144) Purchase of treasury shares (0) (11,229) Proceeds from sale of treasury shares 286 349 Dividends paid (916) (2,262) Dividends paid to non-controlling interests (1,396) (1,778) Net cash provided by (used in) financing activities (17,112) (17,948) Effect of exchange rate change on cash and cash equivalents 263 (66) Net increase (decrease) in cash and cash equivalents 2,479 21,536 Cash and cash equivalents at beginning of period 27,601 27,465 Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation 70 46 Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation - (385) Cash and cash equivalents at end of period 30,150 48,663