Flash Report for the First Quarter of 2025

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.

May 8, 2025

Company Name: SHIZUOKA GAS CO., LTD. Listing: Tokyo Stock Exchange

Code Number: 9543 URL: https://ir.shizuokagas.co.jp/en/ Representative: Matsumoto Yoshitake, Representative Director and President

Contact: Yamazaki Junya, Accounting and Finance Manager, Management Planning Dept. Telephone: +81-54-284-4141

Scheduled date to commence dividend payments: - Preparation of supplemental explanatory materials: Yes Holding of financial results briefing session: No

1. Consolidated Business Results for the First Quarter (January 1 through March 31, 2025)

   (Amounts under one million yen are omitted; YoY % change)

   1. Operating Results

      	Net sales (¥ million)		Operating profit (¥ million)		Ordinary profit (¥ million)
      Reporting First Quarter	56,076	3.1%	4,624	69.0%	4,702	19.6%
      Previous First Quarter	54,365	(26.2)%	2,735	(80.2)%	3,931	(72.7)%

      Note: Total comprehensive income (¥ million)

      Reporting First Quarter: 4,186 ((10.1%)) Previous First Quarter: 4,655 ((52.5%))

      	Profit attributable to owners of parent (¥ million)	Profit per share (¥)	Diluted profit per share (¥)
      Reporting First Quarter	3,001 16.5%	39.88	39.84
      Previous First Quarter	2,576 (75.2)%	34.65	34.60

   2. Financial Position

      	Total assets (¥ million)	Net assets (¥ million)	Equity ratio (%)	Net assets per share (¥)
      Reporting First Quarter Previous full term	176,226 170,202	127,137 125,519	68.1 69.4	1,594.30 1,569.41

      Note: Net assets excluding share acquisition rights and non-controlling interests (¥ million) Reporting First Quarter: 119,986 Previous full term: 118,113

2. Dividend Payment

   	Annual dividend per share (¥)
   	1Q	2Q	3Q	Term-end	Total
   FY 2024 FY 2025	- -	13.00 /	- /	27.00 /	40.00 /
   FY 2025(forecast)	/	20.50	-	20.50	41.00

   Note: Revision of previously announced dividend forecast: No

3. Consolidated Business Forecast for Current Term (January 1 through December 31, 2025)

   (Amounts under one million yen are omitted; YoY % change)

   	Net sales (¥ million)	Operating profit (¥ million)	Ordinary profit (¥ million)	Profit attributable to owners of parent (¥ million)	Profit per share (¥)
   Full term	204,850 1.3%	8,330 (19.1)%	9,490 (27.5)%	8,080 (7.9)%	107.36

   Note: Revision of previously announced consolidated business forecast: No

   ※Notes

   1. Significant changes in the scope of consolidation during the period: No

   2. Simplified accounting and special accounting methods for quarterly financial reporting: Yes (Please refer to the section "(3)Notes Application of Special Accounting Methods in Preparation of Quarterly Consolidated Financial Statements" on P7)

   3. Changes in accounting policies, estimates, or retrospective restatements

      1. Changes in accounting policies due to revisions of accounting standards: Yes

      2. Other: No

      3. Changes in accounting estimates: No

      4. Retrospective restatements: No

   4. Number of issued shares (ordinary shares)

      1. Number of shares issued at end of period (including treasury shares) Reporting First Quarter: 76,192,950

         Previous full term: 76,192,950

      2. Number of treasury shares at end of period Reporting First Quarter: 933,963

         Previous full term: 933,876

      3. Average number of shares outstanding during the term Reporting First Quarter: 75,259,027

Previous First Quarter: 74,328,741

Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No

Business forecast and other forward-looking statements contained in this document are assumptions based on information available to the company and judgments deemed rational at the time this document was published. Forward-looking statements are not a guarantee that forecast will be achieved. Actual earnings may differ significantly from business forecast due to various factors.

1. Consolidated Balance Sheets

   (Millions of yen)

   As of December 31, 2024 As of March 31, 2025

   Assets

   Non-current assets

   Property, plant and equipment
   Production facilities	4,971	4,895
   Distribution facilities	33,159	32,757
   Service and maintenance facilities	5,293	5,230
   Other facilities	14,067	14,170
   Construction in progress	589	736
   Total property, plant and equipment	58,080	57,790
   Intangible assets	4,058	4,088
   Investments and other assets
   Investment securities	21,513	23,189
   Long-term loans receivable	2,016	1,787
   Deferred tax assets	630	634
   Other investments	6,446	6,551
   Allowance for doubtful accounts	(77)	(81)
   Total investments and other assets	30,529	32,080
   Total non-current assets	92,669	93,959
   Current assets
   Cash and deposits	36,251	42,501
   Notes and accounts receivable - trade, and contract assets	20,470	22,643
   Merchandise and finished goods	1,134	1,231
   Raw materials and supplies	14,017	10,446
   Accounts receivable - other	3,473	3,153
   Other current assets	2,224	2,332
   Allowance for doubtful accounts	(39)	(42)
   Total current assets	77,533	82,267
   Total assets	170,202	176,226

   (Millions of yen) As of December 31, 2024 As of March 31, 2025

   Liabilities
   Non-current liabilities
   Bonds payable	5,000	5,000
   Long-term borrowings	11,124	10,779
   Deferred tax liabilities	2,955	3,508
   Retirement benefit liability	1,366	1,397
   Asset retirement obligations	177	180
   Other noncurrent liabilities	168	156
   Total non-current liabilities	20,792	21,021
   Current liabilities
   Current portion of non-current liabilities	2,268	2,159
   Accounts payable - trade	11,155	16,751
   Short-term borrowings	497	453
   Accounts payable - other	2,494	3,076
   Income taxes payable	2,627	1,921
   Provision for bonuses	528	765
   Other current liabilities	4,318	2,938
   Total current liabilities	23,890	28,067
   Total liabilities	44,683	49,088
   Net assets
   Shareholders' equity
   Share capital	6,279	6,279
   Capital surplus	5,453	5,453
   Retained earnings	96,946	97,916
   Treasury shares	(474)	(474)
   Total shareholders' equity	108,204	109,174
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	8,665	9,579
   Deferred gains or losses on hedges	43	176
   Foreign currency translation adjustment	245	130
   Remeasurements of defined benefit plans	954	924
   Total accumulated other comprehensive income	9,908	10,811
   Share acquisition rights	54	54
   Non-controlling interests	7,352	7,097
   Total net assets	125,519	127,137
   Total liabilities and net assets	170,202	176,226

2. Consolidated Statements of Income and Comprehensive Income

For the three months

(Millions of yen) For the three months

80

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