Furukawa Electric : Notice Regarding Revision of the Full-Year Earnings Forecast for the Fiscal Year Ending March 31, 2024

November 9, 2023

Name of Company Furukawa Electric Co., Ltd.

Name of Representative Hideya Moridaira, President

	(Code: 5801	Prime Market of the Tokyo Stock Exchange)
Contact	Hiroko Takita,

General Manager of Investor Relations Dept., Finance & Accounting Dvision (TEL [phone])

Notice Regarding Revision of the Full-Year Earnings Forecast for the Fiscal Year Ending March 31, 2024

In light of recent trends in its business performance, Furukawa Electric Co., Ltd. revised the full-year consolidated business results forecast which was announced on May 11, 2023.

(1)Full-year consolidated business results forecast (April 1, 2023 through March 31, 2024)

				Net Income Attributable
	Net Sales	Operating Income	Ordinary Income	to Owners of the Parent	Net Income per Share
				Company
	Millions of yen	Millions of yen	Millions of yen	Millions of yen	Yen
Previous forecasts (A)	1,100,000	24,000	23,000	13,000	184.67
(Announced on May 11,2023)
Current revision forecasts (B)	1,040,000	5,000	4,000	0	0.00
Increase or decrease (B-A)	(60,000)	(19,000)	(19,000)	(13,000)	-
Increase or decrease persentage (％)	(5.5)	(79.2)	(82.6)	(100.0)	-
(Reference)
Previous period results	1,066,326	15,441	19,639	17,911	254.45
(Fiscal year ended March 31, 2023)

(2) Reason for revision of the full-year earnings forecast

In the fiscal year ending March 31 2024, consolidated net sales were forecast to decline, mainly due to worse than expected cutbacks in investment by customers and prolonged inventory adjustments in the Communications Solutions business. As a result, profit and loss at each stage were expected to fall below the previous forecast.

For the reasons stated above, the Company has revised its full-year earnings forecast announced on May 11, 2023.

（Note）

The above forecasts are based on assumptions in light of the information currently available at the time of announcing this material and are subject to a number of uncertainties that may affect future results.

Please note that actual results could differ from the current forecast due to various factors in future.

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