〔delayed〕Consolidated Financial Results for the Fiscal Year Ended June 30, 2024

2. Dividends

Notes: 1. Revisions to the forecast of dividends most recently announced: None

2. The forecast for the fiscal year ending June 30, 2025 is to be determined.

3. Consolidated financial result forecasts for the fiscal year ending June 30, 2025 (from July 1, 2024 to June 30, 2025)

(Percentages indicate year-on-year changes.)

* Notes

1. Significant changes in the scope of consolidation during the period: None
   Newly included: - (Company name)
   Excluded: - (Company name)
2. Changes in accounting policies, changes in accounting estimates, and restatement
3. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: None
   2. Changes in accounting policies due to other reasons: None
   3. Changes in accounting estimates: None
   4. Restatement: None
4. Number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares)

(iii) Average number of shares outstanding during the period

Note: Effective September 1, 2022, the Company conducted a three-for-one stock split with respect to its common stock. The total number of issued shares at the end of the period, the number of treasury shares at the end of the period, and the average number of shares outstanding during the period were calculated assuming that the stock split had been conducted on July 1, 2022.

• Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts and other special matters
  The earnings forecasts and other forward-looking statements in the report are based on information currently available to the Company and certain assumptions that the Company determines reasonable, and the Company does not in any way guarantee the achievement of the forecasts. Actual results and other data may differ significantly from the forecasts depending on various factors. For the assumptions used as the basis for the forecasts and precautions on the use of the forecasts, please refer to "(4) Outlook for the Future" on page 4 of the Attachments to this report.

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1. Overview of Operating Results, etc.

1. Overview of Operating Results for the Fiscal Year under Review Operating results for the fiscal year ended June 30, 2024
   During the fiscal year ended June 30, 2024, the global economy showed signs of a gradual recovery, primarily in the United States. However, the future economic outlook remains uncertain, with the slowdown in the Chinese economy, elevated energy, resource and raw material prices worldwide, and geopolitical risks including the situation in the Middle East as well as Russia and Ukraine.
   In the renewable energy market in Japan, a target of reducing greenhouse gas emissions by 46% compared to 2013 levels by 2030 has been set based on the Japanese government's declaration of carbon neutrality in 2050. Internationally, there have been further efforts to realize a carbon-free society, including climate change responses in accordance with the UN Framework Convention on Climate Change (COP28) held in 2023 and the US Inflation Reduction Act (IRA), and the renewable energy market is expected to grow in the medium to long term.
   In such a business environment, the Group aims to achieve the 2030 Group Vision of becoming a "global core renewable energy company." With the Solar Panel Manufacturing Business and Green Energy Business as our growth drivers, we are striving to improve the Group's corporate value over the medium to long term.
   As a result of the above, for the fiscal year ended June 30, 2024, Abalance Corporation (the "Company," together with its subsidiaries, the "Group") recorded net sales of 208,972 million yen (down 2.9% year on year), operating profit of 23,349 million yen (up 82.4% year on year), ordinary profit of 24,894 million yen (up 77.3% year on year), and profit attributable to owners of parent of 9,530 million yen (up 91.9% year on year).
   In the Solar Panel Manufacturing Business, Vietnam Sunergy Joint Stock Company ("VSUN") and Vietnam Sunergy Cell Company ("Cell Company"), in Vietnam, are collaborating to engage in strengthening the global supply chain, including in-house manufacturing of cells, wafers, and ingots, which are the upstream processes of solar panels.
   In the Green Energy Business, while continuing with the sale of solar power plants and related equipment (one- time revenue business model), we are working to strengthen our business foundations by promoting company ownership of solar power plants (recurring revenue business model).
   The business results for each segment are as follows.

1. Solar Panel Manufacturing Business

Net sales were 199,874 million yen (down 3.4% year on year), and segment profit was 23,876 million yen (up 88.0% year on year). Net sales decreased due to a decrease in orders, which was caused by a significant decline in sales prices due to the softening of global supply and demand for solar panels, as well as by the expiration (June 2024) of the import tariff exemption for solar panel products in the United States, our main sales destination. On the other hand, segment profit increased due to cost improvements resulting from the full-year operation of VSUN's fourth panel plant in Bac Ninh province, Vietnam, which began operations in October 2022, and from the effects of in-house cell manufacturing by Cell Company.

VSUN has adopted Japanese production and quality control systems and expanded its business foundations by manufacturing and selling solar panels for industrial and domestic use to the United States and Europe. It also started ingot and wafer manufacturing (April 2024, 4 GW/year), which is an upstream process of solar cell manufacturing, and is engaging in improving costs by manufacturing key materials in-house. Cell Company launched in-house manufacturing of a high-performanceN-type TOPCon cells (Phase I, 4 GW/year) in October 2023. In addition, the Group is working on building a competitive supply chain, including stable procurement of polysilicon based on the contract with OCI (South Korea).

While the renewable energy market is expected to grow significantly in the medium to long term, the market environment is prone to significant change in accordance with policies of different countries and other factors. For this reason, the Group will continue to closely monitor industry and national policy trends, develop optimal sales strategies and flexible production systems for its Solar Panel Manufacturing Business, and further grow its

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business.

2. Green Energy Business

Sales of products related to solar power plants and related facilities were 3,904 million yen, and sales of electricity and revenue from operation and maintenance (O&M), etc. were 4,423 million yen. As a result, net sales were 8,341 million yen (up 4.2% year on year) and segment profit was 532 million yen (down 50.5% year on year).

The Group, led by WWB Corporation and VALORS Corporation, sells products related to solar power generation facilities such as solar panels, PCS (power conditioners), and industrial and residential storage batteries, in addition to sales of solar power plants in a one-time revenue business model. At the same time, it is also pursuing a recurring revenue business model, in which the Company retains ownership of the power plants even after the completion of construction, as a way of securing stable revenue from sales of electricity.

In the one-time revenue business model, we aim to increase sales volume by establishing a sales system with mass retailers as a channel. In the recurring revenue business model, we aim to expand high-quality power generation projects by utilizing our in-house development capabilities. In addition, the Group has entered the grid-connected batteries business in the Hokkaido area, which will enable stable power supply in preparation for times of high electricity demand or during power outages.

Overseas, we have obtained approval for the PPA contract concluded by our Vietnamese subsidiary, WWB Thang Long Corporation ("WWBTLC"), and have begun construction of a solar power plant. WWBTLC is also conducting new business negotiations, primarily with Japanese companies, and is enhancing its business foundations.

3. IT Business

Net sales were 590 million yen (down 12.9% year on year), and segment profit was 40 million yen (down 14.5% year on year). With Digital Sign Co., Ltd. at the center, the Group promotes the provision of technological solutions that meet a wide range of needs, from consulting on business issues and DX support services for various industries to the development and maintenance of operational systems that take advantage of electronic authentication and security technologies. The Group also provides solutions with a high QCD balance, using packaged products such as "KnowledgeMarket®," a product of Abit Corporation that achieves the improvement of labor productivity and reinforcement of organizational strength through the sharing of knowledge (information, knowledge, and experience) and the restructuring of business processes, "e-Digi DataSharing," a product of FORTHINK Co., Ltd. that provides transaction document delivery and lifecycle management in response to Japan's new invoice system and the Act concerning Preservation of Electronic Books, "e-Digi Sign," a one-stop electronic contract service that assists in processes from the drafting of contracts to their execution and administration, and Microsoft 365.

4. Photocatalyst Business

Net sales were 41 million yen (up 0.6% year on year), and segment profit was 2 million yen (segment loss of 40 million yen in the same period of the previous fiscal year). We continued to propose mold removal and anti-mold construction to major supermarkets and hospitals, while overseas demand increased. This resulted in an increase in sales and a smaller loss. We also made progress as a "Living Environment Improvement Company" in the second half of the fiscal year, and have begun initiatives such as anti-fogging,anti-slip,heat-shielding glass (energy-saving), and high-end glass repair, with the aim of expanding the scope of our business. Going forward, this business will continue to focus on improving and stabilizing its revenue base, with a sales strategy that widely responds to a variety of needs at its core.

1. Overview of Financial Position for the Fiscal Year under Review Assets, Liabilities and Net Assets
   (Assets)
   Current assets as of June 30, 2024 totaled 89,197 million yen, a decrease of 10,851 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 35,594 million yen in merchandise and finished goods, despite an increase of 17,120 million yen in cash and deposits. Non-current assets amounted to 60,975 million yen, an increase of 17,375 million yen from the end of the previous fiscal year. This was mainly due to

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an increase of 16,361 million yen in property, plant and equipment.

As a result, total assets were 150,173 million yen, an increase of 6,482 million yen from the end of the previous fiscal year.

(Liabilities)

Current liabilities as of June 30, 2024 totaled 83,261 million yen, a decrease of 17,094 million yen from the end of the previous fiscal year. This was mainly due to decreases of 6,277 million yen in short-term borrowings and 19,207 million yen in contract liabilities. Non-current liabilities amounted to 24,479 million yen, an increase of 3,915 million yen from the end of the previous fiscal year. This was mainly due to an increase of 3,877 million yen in long-term accounts payable - installment purchase.

As a result, total liabilities amounted to 107,741 million yen, a decrease of 13,179 million yen from the end of the previous fiscal year.

(Net Assets)

Total net assets as of June 30, 2024 amounted to 42,432 million yen, an increase of 19,661 million yen from the end of the previous fiscal year. This was mainly due to recordings of 9,530 million yen in profit attributable to owners of parent and 10,673 million yen in profit attributable to non-controlling interests.

As a result, the equity ratio was 15.8% (8.8% at the end of the previous fiscal year).

1. Overview of Cash Flows for the Fiscal Year under Review
   Cash and cash equivalents ("cash") as of June 30, 2024 increased by 17,546 million yen from the end of the previous fiscal year to 37,053 million yen.
   The analysis of cash flows for the fiscal year ended June 30, 2024 is as follows:
   (Cash flows from operating activities)
   Net cash provided by operating activities was 44,757 million yen (18,526 million yen provided in the previous fiscal year). The main factors for the increase/decrease were inflows of 24,278 million yen in profit before income taxes and 33,161 million yen due to acquisition of inventories, as opposed to outflows of 1,441 million yen in increase in trade receivables and 19,113 million yen in decrease in advances received.
   (Cash flows from investing activities)
   Net cash used in investing activities was 21,191 million yen (20,670 million yen used in the previous fiscal year). The main factors for the increase/decrease were outflows of 9,656 million yen in purchase of property, plant and equipment and 10,914 million yen in payments of deposit.
   (Cash flows from financing activities)
   Net cash used in financing activities was 5,446 million yen (17,235 million yen provided in the previous fiscal year). The main factors for the increase/decrease were an inflow of 65,378 million yen in short-term borrowings and an outflow of 72,327 million yen in repayments of short-term borrowings.
2. Outlook for the Future
   1. Outlook for the next fiscal year
   As a result of compiling a budget centered on the Group's main segments, the Solar Panel Manufacturing Business and the Green Energy Business, the consolidated financial result forecast for the fiscal year ending June 30, 2025 (from July 1, 2024 to June 30, 2025) is as follows: net sales of 80,000 million yen, operating profit of 10,000 million yen, ordinary profit of 10,000 million yen, and profit attributable to owners of parent of 6,000 million yen. The assumptions underlying the consolidated financial result forecast have been set based on trends in the external environment as well as conditions that are reasonably predictable under the current circumstances, as is described below.

(a) Solar Panel Manufacturing Business

As part of efforts to combat climate change caused by global warming, the introduction of renewable energy sources will continue to accelerate in countries around the world, and the solar power market is expected to

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grow in the medium to long term. However, as we entered 2024, the supply and demand balance of solar panels and raw materials softened, and a downward trend in prices has formed. This trend is expected to continue in the fiscal year ending June 30, 2025. In addition, the US government's policy of ending the tax exemption for solar panels and cells made in Southeast Asia (June 2024) is expected to have an impact on the panel business operations of VSUN and the cell business operations of Cell Company, both of which form the Group's Solar Panel Manufacturing Business. The United States imposes import tariffs on the four Southeast Asian countries based on Section 201 of the Trade Act, and the US government is still considering the application of anti-dumping and countervailing duties, making it difficult to export solar products to the country. Until now, the Group has mainly sold products from VSUN and Cell Company to the US market, but will now diversify its sales destinations to cover European and Asian markets, including India.

In addition, Cell Company's parent company, TOYO Co., Ltd. ("TOYO"), was listed on the NASDAQ in the United States in July 2024. In the United States, domestic investment has increased due to the Inflation Reduction Act and other factors, and the "Made in USA" movement is growing. Going forward, TOYO will continue to monitor US market trends and policy trends, such as tax systems, while considering how to establish a supply chain system for solar panels and cells within the country.

(b) Green Energy Business

The Group is strengthening its recurring revenue business model by taking ownership of solar power plants and selling electricity to power companies. We will not only develop and construct power plants but also actively utilize M&A to expand our business foundations. In the one-time revenue business model that provides solar power-related services, we have teamed up with mass retailers to start a business selling solar power generation equipment and power storage equipment to their customers. We will also actively promote expansion overseas and continue to develop our solar panel reuse and recycling business as part of our efforts to solve social issues amid concerns about the future disposal of solar panels.

On September 22, 2023, the Group announced the Medium-Term Management Plan (2024-2026), which will run until the fiscal year ending June 30, 2026. However, given the significant changes in the business environment surrounding the Group, we have decided to withdraw the numerical targets. In the global solar panel market, which is expected to continue growing, the Group will grow its business by flexibly responding to changes in the market environment, such as market conditions and policies, while promoting the creation of a competitive supply chain for the Solar Panel Manufacturing Business and the diversification of sales areas. We will promptly disclose new numerical targets as soon as they become reasonably calculable.

2. Outlook for dividends

The Group will continue to make investments for future growth and develop its businesses based on its management strategies, while also improving its financial position. Our basic policy for shareholder returns is to provide stable dividends. We will disclose interim and year-end dividends for the fiscal year ending June 30, 2025 in a timely manner, taking into consideration factors such as our business performance trends and financial position.

2. Basic Approach on Selection of Accounting Standards

It is the Group's policy to take into consideration the comparability of consolidated financial statements across periods and between companies and to prepare consolidated financial statements in accordance with Japanese GAAP for the time being.

We will consider the adoption of IFRS in an appropriate manner in light of various domestic and international circumstances.

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3. Consolidated Financial Statements and Principal Notes

(1) Consolidated Balance Sheets

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(Millions of yen)

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