Fiscal 2022 Third Quarter
Financial Results
February 2, 2022
Panasonic Corporation

Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “Fiscal 2022” or “FY22” refers to the year ending March 31, 2022.

Summary of FY22 3Q Financial Results & Full-Year Forecast• FY22 3Q Financial Results‧ Overall sales increased:
Increased sales of Industry (e.g. information & communication applications) and Energy(e.g. automotive batteries) as well as new consolidation of Blue Yonder, despite decreased
sales of Lifestyle (e.g. consumer electronics in Japan) and Automotive(automotive solutions) due mainly to impact from strong FY21 demand‧ Adjusted operating profit decreased:
Largely affected by raw material price hikes mainly in Lifestyle (e.g. consumer electronics,
air-conditioning), as well as temporary negative factors (e.g. impact of temporary accounting
treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder acquisition), despite
increased profit with increased sales of Industry and Energy, etc.
‧ Operating profit and net profit* decreased• FY22 Full-Year Forecast‧ Adjusted operating profit revised downward reflecting current management
environment (e.g. reduced automobile production, raw material price hikes) and temporary factors;
however, other income/loss revised upward due mainly to gains from sale ofassets‧ Overall sales, operating profit, profit before income taxes, and net profit*
remain unchanged* Net profit attributable to Panasonic Corporation stockholders
Fiscal 2022 Third Quarter Financial Results

1Fiscal 2022 Third Quarter Financial Results
Fiscal 2022 Full-Year Financial Forecast

FY22 3Q Financial Results
FY22 3Q(yen: billions)

1,889.8

Sales

FY21 3Q

Difference / vs. FY21

1,814.1+4%(-3.7)***(±0%)***

-55.3

-39%

-1.9

-

-57.2

-44%

+3.9

-

Adjusted OP* (% to sales)

87.5

Other income/loss**-14.5

Operating profit (% to sales)

73.0

Non-operating income/loss

0.6

Profit before income taxes

73.6(3.9%)

126.9(7.0%)

-53.3

-42%

42.6

(2.3%)

81.2(4.5%)

-38.6

-48%

177.6

(9.4%)

216.2(11.9%)

-38.6

-18%

(% to sales)

Net profit attributable toPanasonic Corporation stockholders(4.6%)

142.8

+75.7
(7.9%)-12.6(3.9%)

130.2(7.2%)-3.3(% to sales)

EBITDA**** (% to sales)

Exchangerates

1 US dollar

114 yen105 yen

1 Euro130 yen

125 yen1 Renminbi

17.8 yen

15.8 yen

Fiscal 2022 Third Quarter Financial Results* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments
accounted for using the equity method” as indicated in theConsolidated Statements of Profit or Loss of the news release*** Excluding effect of exchange rates**** Total amount of Operating profit, Depreciation (Tangible assets
including property, plant and equipment/ Right-of-use assets) andAmortization (Intangible assets).
Adjusted with:- amount equivalent to depreciation corresponding to underlying
assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation ofassets and liabilities” upon Blue Yonder acquisition

3

Change in Segments
・ Segments changed with transition to new Group structure in October 2021 (Operating Company System from April 2022)
・ Businesses with 10% or more of Group total sales/other factors are reported as individual segments based on system of
7 operating companies starting April 2022

New Segments

Former Segments• Home Appliances• LightingLS• Energy Systems• Avionics

CNS• Smart Life Network

Living Appliancesand Solutions

AP

Home Appliances

Heating &Ventilation A/CAPLSHeating and Cooling Solutions

Cold Chain
SolutionsAP

Commercial Refrigeration &Food Equipment• Housing Systems

Electric Works

LS

Lighting
Energy Systems• Mobile Solutions

China and Northeast Asia Company• Commercial
Refrigeration & Food
Equipment• Panasonic Ecology
Systems• Automotive Solutions• Automotive Batteries• Systems (Electromechanical Control, Industrial

IS

Panasonic Ecology Systems• Process Automation • PSSJ
• Media Entertainment

AM

LifestyleAP• Heating and Cooling
Solutions

Device, Energy Solutions)

Automotive

AM

Automotive Solutions

Connect

CNS

Previous disclosed businesses +Blue Yonder

Industry

IS

Systems (Electromechanical Control, Industrial Device)Devices (Device Solutions, Electronic Materials)

EnergyAMIS

Automotive Batteries (Cylindrical)*• Devices (Device Solutions, Energy Device,
Electronic Materials)

Other/Eliminations & adjustments

Systems (Energy Solutions), Devices (Energy Device)

Other (includes the following businesses) /Eliminations & adjustments
Entertainment & Communication

AP

Smart Life Network

HousingLS

Housing Systems* Automotive prismatic battery business JV (unconsolidated): purchasing and sales are recorded mainly in Automotive; equity method income/loss is recorded in Eliminations & adjustments.
** Please refer to P29 for list of voluntarily disclosed businesses by new segmentation
Fiscal 2022 Third Quarter Financial Results

4

FY22 3Q Results by Segment(yen: billions)

Sales

Lifestyle959.4

Automotive

275.2

Connect

222.6

Industry

283.0

vs. FY21(Excl. effect of
exchange rates)

FY21
Difference

AdjustedOP(Excl. effect of
exchange rates)(% to sales)

-2%

-23.1

40.2

(-6%)

(-58.9)

4.2%

-9%

-26.6

1.5

(-12%)(-37.4)

0.5%

+11%

+22.8

-6.8

(+5%)

(+10.5)

-3.1%

+9%

+24.3

18.9

(+3%)

(+8.7)

6.7%

+28.4

18.2

FY21
Difference

Other
income/
loss

-35.8

-2.4

-0.8

+7.2

0.4

+2.4

FY21
FY21
OP
Difference (% to sales) Difference

37.8
3.9%

1.9
0.7%

-9.6

-11.7

-2.8

-0.5

+2.4

0.4

+3.5

19.3

+1.9

-1.9

+2.4

16.3

-4.3%

6.8%

*1

EBITDA*

FY21
Difference(% to sales)

-36.6

61.8

+9.6

15.3

-12.2

13.7

+5.9

32.4

6.4%

5.5%

-35.7
+9.9

**

6.2%

11.5%
*2

+3.1
+6.6

***

30.6

Energy

194.3

+17%
(+9%)

(+15.2)

9.4%

Other/
Eliminations &adjustments

-44.7

-

+49.9

15.5

-19.3

-8.2

-8.9

7.3

-28.2

23.8

-28.2

1,889.8

+4%
(±0%)

+75.7
(-3.7)

87.5

-55.3

-14.5

-1.9

73.0

-57.2

177.6

-38.6

Total

4.6%

8.4%

3.9%

+4.3

15.8%

9.4%

+5.7

* Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

Fiscal 2022 Third Quarter Financial Results

5

FY22 3Q Sales Analysis by Segment
Overall sales increased: Increased sales of Industry (e.g. information & communication applications) and Energy (e.g. automotive
batteries) as well as new consolidation of Blue Yonder, despite decreased sales of Lifestyle (e.g. consumer electronics in Japan)and Automotive (automotive solutions) due mainly to impact from strong FY21 demand
1,889.8(yen: billions)

1,814.1

Lifestyle
Automotive

EnergyConnect

Entertainment &Communication

Head office/Eliminations,etc.*

HousingIndustry

Effect ofexchange
rates

Other / Eliminations & adjustments

Excluding effect of exchange rates: -3.7 (±0％)+75.7 (+4%)

FY21
3Q

FY22
3Q

Major increase/decrease factors
Decreased overall: Largely affected by decreased sales in Japan for washing machines (supply issues), cooking appliances (FY21
LifestyleSales

impact from stay-at-home demand), and other segment products (e.g. TV); despite stable sales of consumer electronics in China(e.g. washing machines), commercial refrigeration & food equipment in North America, and air-conditioning in Europe (e.g. A2W Air
to Water hot water heat pump system)

Automotive

Decreased: Impact from FY21 3Q’s automobile production recovery and continuously affected by reduced automobile production
mainly due to shortages of semiconductors, parts & materials; but improved from FY22 2Q

Connect

Increased: Driven by mounting machines with favorable market conditions of PCs and servers, projectors reflecting recovery trend
mainly in US & Europe, as well as new consolidation of Blue Yonder; despite decreased sales of notebook PCs due to parts &materials procurement issues

Industry
EnergyOther/
Eliminations &adjustments

Increased: Favorable sales of industrial-use motors, capacitors for information & communication infrastructure and automotive-use,and EV-use relays, etc.
Increased: Mainly EV batteries and power storage systems for data centers, despite impact of dry battery business transfer inEuropeEntertainment & Communication: Decreased affected by FY21 stay-at-home demand, particularly for TV business, and parts &materials procurement difficulties (e.g. semiconductors)
Housing: Increased with launch of new products for “new normal” and accelerated digital marketing* The chart shows net figures of “management accounting adjustments (mainly adjustments to sales prices)” between each segment and “Head office/Eliminations, etc.”
Fiscal 2022 Third Quarter Financial Results

6

FY22 3Q Operating Profit Analysis by Segment
Adjusted OP and OP decreased:
Largely affected by raw material price hikes mainly in Lifestyle (e.g. consumer electronics, air-conditioning), as well as temporary
negative factors (e.g. impact of temporary accounting treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder
acquisition), despite increased profit with increased sales of Industry and Energy, etc.
(yen: billions)130.2

Other/
Eliminations &adjustments

Lifestyle

Automotive

Connect

Industry

EnergyOther
income/loss

73.0• Decreased sales of TV• Impact of temporary IP
income in FY21, etc.

FY21
3Q

Adjusted OP: -55.3
OP: -57.2

FY22
3Q

Major increase/decrease factors

AdjustedOP

Lifestyle

Decreased: Impact from FY21 stay-at-home demand in Japan, raw material price hikes, and recording of
temporary expenses, while sales increased overseas and rationalization efforts made at each business

Automotive

Increased: Cost reduction efforts and impact of recording temporary expenses related to onboard charging
systems in FY21, despite decreased sales and parts & materials price hikes

Connect

Decreased: Decreased sales of notebook PCs due to parts & materials procurement issues as well as impact of
temporary accounting treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder acquisition,etc., despite increased sales of mounting machines and projectors

Industry

Increased: Increased sales of industrial-use motors, rationalization efforts and other factors, despite impact of
raw material price hikes

EnergyIncreased: Increased sales of automotive batteries and power storage systems for data centers, etc., despite
impact of transfer of dry battery business in Europe

Other income/loss

Fiscal 2022 Third Quarter Financial Results

7

Lifestyle Segment: FY22 3Q Results by Divisional Company*1(yen: billions)

Sales
Living Appliancesand Solutions
Company

vs. FY21(Excl. effect of
exchange rates)

FY21
Difference(Excl. effect of
exchange rates)

Adjusted
OP

+4%
(-1%)

+10.2
(-2.7)

22.1

162.2

+2%
(-3%)

+2.7
(-4.0)-0.1

Cold Chain
SolutionsCompany

75.3

+11%
(+4%)

+7.2
(+2.5)

Electric Works
Company

265.8

+1%
(±0%)

+3.2
(-0.7)

13.7

219.3

+19%
(+7%)

+35.5
(+12.8)

3.2

China andNortheast Asia
Company*

Other
income/loss

FY21
Difference

-6.6

0.0

0.0

-10.6

-0.6

-0.6

(% to sales)

274.0

Heating &Ventilation A/C
Company

FY21
Difference

8.1%

***

-6.9

-9.1%

5.1%

8.1%

-6.6

-0.7

-0.4%
-7.0

-6.8

-0.1

-0.1

-6.4

0.3

+1.6

14.0

-1.1

2.6

-9.3%

5.3%

-0.6

1.2%

(% to sales)

28.0
10.2%

FY21
Difference

-5.5

4.2

2.6%

-10.4

***

-6.9

-5.0

-6.6%

-4.8

21.0

-10.1

7.8

***

-9.0

EBITDA**

***

-11.2

***

***

1.5%

22.1

FY21
Difference

***

***

-0.1%

OP
(% to sales)

7.9%

-6.8

-5.5

***

3.6%

-9.1

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit ofChina and Northeast Asia Company** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*** Impact of temporary expenses included

Fiscal 2022 Third Quarter Financial Results

8

FY22 3Q FCF and Cash
• FCF was 4.3 billion yen: Temporary deterioration of working capital due mainly to external
factors (e.g. port congestion) and increased inventories by strategically securing parts &materials
Gross cash & Interest-bearing debt / Net cash

FCF
(yen: billions)・ Net profit
・ Depreciation
・ Increased inventories, etc.

62.3

(yen: billions)

Gross cash*
1,641.9-58.0

Decreased: Reserved cash used for Blue Yonder
acquisition (376.0 bn. yen) and bond repayment (200.0
bn. yen), etc.

931.1

4.3
OperatingCF

InvestingCF

Net cash・ Tax payment related tosales of assets in FY21
・ Blue Yonder acquisition,
etc.

194.5

Bonds, etc.
-1,189.5

FCF
Lease liabilities

3Q-656.99-monthaccumulated
FCF-755.0Bridge loan for Blue
Yonder acquisition(400.0 bn. yen)=> refinanced withsubordinated bonds(October 2021)-1,434.0-257.9Interest-1,447.4
bearingdebt

End of FY21-252.1-1,686.1
End of FY22 3Q* Gross cash: total of “Cash and cash equivalents” and time deposits and others included in “Other financial assets”

Fiscal 2022 Third Quarter Financial Results

99Impact from FY22 3Q Changes in Business Environment• Issues of factory lockdowns for COVID-19 on the path to being solved; however, continuing impact of raw
material price hikes and shortages of semiconductors, parts & materials
Changes in demandLifestyleRaw material price hikes

 Japan: impact of FY21 stay-at-homedemand (consumer electronics)
Stable: China (consumer electronics) /Europe (Heating & Ventilation)=〉 Outlook the same as FY21 overall:Japan lower than FY21; China (consumer
electronics) continues to be stable Mainly in Electric Works Company:
parts & materials shortages and Mainly iron and copper
impact from fire at supplier’s factory=〉 Outlook for continuing impact=〉 Outlook for continuing impact(Continuous efforts for rationalization)(continuous procurement initiatives
including finding alternatives) Impact of FY21 recovered automobile
production

 Parts & materials price hikes
including semiconductors=〉 Outlook for continuing impact
Automotive  Reduced automobile production mainly bysemiconductor, parts & materials(continuous efforts to reduce variable
shortages& fixed costs)=〉 Continuing risk of fluctuating production

Connect

 Favorable demand of mounting machinesfor PCs and servers=〉 Declining demand by economic slowdowns  Minor impact
in China (respond flexibly to demand
fluctuation mainly by production adjustments)

Industry

 Favorable demand for industrial andinformation & communication applications=〉 Outlook for continuous stable demand

Energy Mitigate impact of price hikes(e.g. lithium, cobalt) with
 Favorable demand for EV and data center
rationalization efforts, etc.
=〉 Expanding demand for EV from a medium=〉 Outlook for continuing impact
to long-term perspective(rationalization efforts and contracts tohandle fluctuations in market prices)

Positive (vs. FY21)

Negative (vs. FY21)

Fiscal 2022 Third Quarter Financial Results

Semiconductor, parts & materials
shortages

 Mitigate price hikes (e.g. copper)
with rationalization efforts, etc.
=〉 Outlook for continuing impact(Continuous efforts for rationalization)

 Demand impacted by reduced
automobile production=〉 Continuing risk of fluctuating demand Parts & materials procurement
shortages mainly for notebook PCs
with lockdowns of suppliers’
factories=〉 Outlook for solving issues toward 4Q(continuous negotiations for early
improvement) Parts & materials shortages mainly
for automobiles=〉 Outlook for continuing impact(efforts for procurement alternatives)

 Minor impact=〉 Outlook

10

Fiscal 2022 Third Quarter Financial Results
Fiscal 2022 Full-Year Financial Forecast

FY22 Full-Year Forecast Revision• Revised adjusted operating profit & other income/loss(yen: billions)

FY22 (e)FY22 (e)(as of Feb 2)(as of Oct 28)(Reference)

Difference

vs. FY21 / Difference

FY216,698.8+9%+601.2

307.2

+19%

+57.8

-48.6

-

+53.6

258.6

+43%

+111.4

2.2

-

-2.2

-

260.8

+42%

+109.2

240.0

-

165.1

+45%

+74.9

8.9%

8.9%

-

7.2%

-

+1.7%

EBITDA***

750.0

750.0

605.5

+24%

+144.5(% to sales)(10.3%)(10.3%)-

Sales

7,300.0

7,300.0-

Adjusted operating profit*

365.0

400.0

(% to sales)(5.0%)(5.5%)-35.0

Other income/loss**
Operating profit

5.0
370.0

-30.0
370.0

(% to sales)(5.1%)(5.1%)

Non-operating income/loss

0.0

0.0

-

Profit before income taxes

370.0

370.0

attributable to Panasonic
Corporation stockholders

240.0

ROE

+35.0
-

Net profit

9 monthaccumulated

Exchangerates

4Q (e)(4.6%)(3.9%)(9.0%)

Full-year (e)1 US dollar

111 yen 110 yen

111 yen107 yen+4 yen106 yen+5 yen1 Euro131 yen 130 yen

130 yen131 yen-1 yen124 yen+6 yen1 Renminbi

17.3 yen 17.5 yen 17.3 yen

17.0 yen+0.3 yen

15.7 yen+1.6 yen* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” as indicated in the Consolidated Statements of Profit or Loss of the news release*** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)
Adjusted with: - amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder acquisition
Fiscal 2022 Third Quarter Financial Results

12

FY22 Full-Year Forecast Revision by Segment(yen: billions)Difference Adjusted
from

Sales

vs. FY21
forecast(Difference) (as ofOct 28)OP(% tosales)

Lifestyle

3,640.0+3%(+91.1)-

155.0

Automotive

1,080.0+6%(+62.9)-7.0

5.0

Connect

920.0

+12%
(+102.0)

-5.0

15.0

Industry

1,110.0+13%(+125.4)

+10.0

78.0

Energy768.0+28%(+168.0)

+20.0

65.0

Other/
Eliminations &adjustments-218.0

+51.8

-18.0

7,300.0+9%(+601.2)

-

Total

4.3%

0.5%

Difference
fromforecast
Difference (as ofOct 28)

FY21

Difference

Other
from
income/ FY21 forecast
Difference (as ofloss

Oct 28)

-30.6

-18.0

-28.0

-9.3

+14.3

-7.0

-2.0

+0.5

OP
(% to
sales)

Difference
fromforecast
Difference(as ofOct 28)

FY21

-39.9

-13.0

222.0

3.0

+14.8

-7.0

58.0

+71.0

-4.0

+33.3

3.5%

-

0.3%

-13.0

+19.0

-7.0

113.0 +100.8

+9.0

-

127.0

+36.4

-0.5

+27.5

-

117.0

+30.2

-

113.0

-3.1

+11.5

750.0 +144.5

-

36.0

+59.7

+1.0

+33.7

+1.0

-4.0

-0.4

-1.0

74.0

+27.2

-

-4.0

+0.3

-

61.0

47.0

+1.9

-6.0

7.0

+2.8

+30.0

54.0

+4.7

+24.0

365.0

+57.8

-35.0

5.0

+53.6

+35.0 370.0 +111.4

-

8.5%

5.0%

6.7%

7.9%

5.1%

6.1%

5.4%
**

-5.0

5.5%

Difference
fromforecast
Difference(as ofOct 28)

FY21

-38.8

+11.3

7.0%

(% to
sales)+5.0 127.0

51.0

1.6%

EBITDA*

12.3%

11.4%
***

15.2%

10.3%

* Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Adjusted with impact of temporary accounting treatment of "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

Fiscal 2022 Third Quarter Financial Results

13

FY22 Full-Year Forecast Revision Factors by Segment
Major revision factors

Lifestyle

7,300.0

Sales / Adjusted OP

Industry

EnergySales / Profit:
Revised downward due mainly to impact of
temporary accounting treatment related to“re-evaluation of assets and liabilities” uponBlue Yonder acquisition

Energy±0.0

Forecast

Forecast(as of Feb. 2)(as of Oct. 28)

Sales: Revised upward with increased sales(e.g. capacitors, other segment products)
Profit: Revised upward due to increased sales, fixed
cost reduction through management structureenhancement

OP
Other
income/
loss

370.0

Sales: Revised upward due to yen depreciation
Profit: Same as forecast (as of Oct. 28) with factoredin current price hikes of raw materials/logistic
expenses, despite yen depreciation effect・ Revised upward due to gains from sale of assets, etc.

7,300.0

Industry

Connect

Automotive
LifestyleProfit: Revised downward with decreased sales at
Other/
EAC* due mainly to parts & materials shortages,
Eliminations &and increased elimination for intercompany
adjustments
profits due to increased inventory, etc.

Other
income/loss

Automotive

Lifestyle

Sales: Revised downward due to increased impact
from reduced automobile production
Automotive Profit: Revised downward due to increased impact
from decreased sales and parts & materials
price hikes

Connect

Other/
Eliminations &adjustments

Sales

Sales: Profit: Revised downward due mainly to decreased
sales of Heating & Ventilation A/C, price hikesof raw material & logistics costs, procurement &production issues and temporary expenses

Forecast(as of Oct. 28)

Industry
Connect

370.0

Other/
Eliminations&
adjustments

EnergyAdjusted OP: -35.0
OP: ±0.0

Forecast(as of Feb. 2)* Entertainment & Communication
Fiscal 2022 Third Quarter Financial Results

14Lifestyle Segment: FY22 Full-year Forecast Revision by Divisional Company(yen: billions)
Sales

LivingAppliancesand Solutions
Company

Difference Adjusted
Difference
Difference
Other
from
from
from
FY21
FY21
OP
forecast
forecast income/
forecast(Difference)
Difference
Difference(% to(as of(as of(as ofloss
sales)
Oct 28)
Oct 28)
Oct 28)

vs. FY21

950.0

+4%
(+37.9)

+9.0

67.0

Heating &Ventilation
A/C Company

714.0

+4%
(+27.2)

-5.0

28.0

Cold Chain
SolutionsCompany

300.0

+18%
(+44.7)+12.0

Electric
Works
Company

1,016.0+3%(+32.0)

825.0

+18%
(+124.5)

China andNortheast
Asia
Company*OP(% tosales)

-12.4

-

0.0

-0.1

-

67.0

-17.6

-12.0

-2.0

-1.6

-1.0

26.0

-1.0
-0.3%

+1.0

-5.5

-1.0

0.0

-

-

42.0

-4.6

-6.0

-11.0

+5.3

+6.0

31.0

+17.0

22.5

-1.0

15.5

7.1%

***

4.1%

-

88.0

-19.2

-13.0

44.0

-2.0

1.0

-5.5

5.5

-0.7%

3.1%

+0.7

-

62.0

-18.5

33.5

-17.5

-7.0

-6.2

1.9%

-10.7

-

6.1%

-17.9

-13.0

+0.8

-5.5

+0.3

-

-19.7

-18.5

***

1.8%

6.1%

***

***

-14.5

9.3%

FY21

***

***

***

2.7%

3.6%

Difference
fromforecast(% to sales) Difference (as ofOct 28)

EBITDA**

-12.5

***

***

3.9%

7.1%

Difference
fromforecast
Difference(as ofOct 28)

FY21

-20.7

4.1%

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit of China and Northeast
Asia Company** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*** Impact of temporary expenses included

Fiscal 2022 Third Quarter Financial Results

15

Financial Results (FY20 - FY22)
Profitability is steadily improved through management structure enhancement including
fixed-cost reduction, despite changes in external business environment such as COVID-19(yen: billions)

7,490.6

7,300.0

Deconsolidation impact*

Adjusted OP
margin5.0%

6,699.8 4.6%
3.8%

5.1%
3.9%

307.2

286.7 293.8 3.0%
225.7

365.0 370.0

3.9%

3.3%

258.6

240.0

2.5%

165.1

Sales

AdjustedOPOP

Net profit

Sales

Adjusted
OP

FY20

OP

Sales

Net profit

AdjustedOPOP

Net profit

FY22 forecast

FY21

Enhancement of management structure: results/forecast(yen: billions)

FY20

FY21

FY22 (e)3-yearaccumulative total

Mid-term target

Fixed-cost reduction
Measures to businesses withloss-making structures

20.0

60.0

20.0

100.0

60.0

0.0

30.0

0.0

30.0

40.0

Total

20.0

90.0

20.0

130.0

100.0

* Deconsolidation impact of housing, automotive prismatic battery, security system and semiconductor businesses

Fiscal 2022 Third Quarter Financial Results

16

IR Activities Schedule (Plan)• October 1, 2021: Started with new structure based on new organization• April 1, 2022: Scheduled announcement of strategy by Group CEO
Early June 2022: Scheduled announcement of operating companies’ strategies (IR Day)

FY23

FY22
Organization
structure

Apr.1

Early
May

Early
Jun.

IR DayBriefing on sustainability

Apr. 23
Briefing on acquisition of
all shares of Blue Yonder
Based on former reportable segments
until FY22 2Q results

Feb. 2

FY22 financial results
announcement

Jan. 6Strategy announcement byGroup CEOOct. 28

Operating company system

FY22 3Q announcement

Oct. 1FY22 2Q announcement

New Structure (as of Oct. 1)
announcement

FY22 1Q announcement

CEO Briefing

FY21 financial results
announcement

Disclosure

Jul. 29

Group CEO Briefing

May 10 May 27

Major
events

Structure based on
new organization

Company system

IR on individual businesses
Connect: Supply chain management-related

Based on new reportable segments from
FY22 3Q results

Note: Events above are tentative and subject to change
Fiscal 2022 Third Quarter Financial Results

17

Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements about Panasonic and its Group companies (the Panasonic Group). To the extent
that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. These forwardlooking statements are based on the current assumptions and beliefs of the Panasonic Group in light of the information currently available
to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause thePanasonic Group's actual results, performance, achievements or financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by these forward-looking statements. Panasonic undertakes noobligation to publicly update any forward-looking statements after the date of this presentation. Investors are advised to consult any further
disclosures by Panasonic in its subsequent filings under the Financial Instrument and Exchange Act of Japan (the FIEA) and other publicly
disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer
spending and corporate capital expenditures in the Americas, Europe, Japan, China and other Asian countries; volatility in demand forelectronic equipment and components from business and industrial customers, as well as consumers in many product and geographicalmarkets; the possibility that the spread of the novel coronavirus infections may adversely affect business activities of the Panasonic Group;
the possibility that excessive currency rate fluctuations of the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen
may adversely affect costs and prices of Panasonic’s products and services and certain other transactions that are denominated in these
foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds, because of changes in the fundraising environment; the possibility of the Panasonic Group not being able to respond to rapid technological changes and changing
consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of bothprice and technology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances ormergers and acquisitions; the possibility of not being able to achieve its business objectives through joint ventures and other collaborative
agreements with other companies, including due to the pressure of price reduction exceeding that which can be achieved by its effort anddecrease in demand for products from business partners which Panasonic highly depends on in BtoB business areas; the possibility of notachieving expected benefits in connection with the transition to a new organizational system in which Panasonic is a holding company; thepossibility of the Panasonic Group not being able to maintain competitive strength in many product and geographical areas; the possibilityof incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that the Panasonic Groupmay face intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed by othercountries over trade, manufacturing, labor and operations; restrictions, costs or legal liability relating to laws and regulations or failures ininternal controls; fluctuations in market prices of securities and other financial assets in which the Panasonic Group has holdings orchanges in valuation of non-financial assets, including property, plant and equipment, goodwill and deferred tax assets; future changes orrevisions to accounting policies or accounting rules; the possibility of incurring expenses resulting from a leakage of customers’ or
confidential information from Panasonic Group systems due to unauthorized access or a detection of vulnerability of network-connected
products of the Panasonic Group; as well as natural disasters including earthquakes, prevalence of infectious diseases throughout theworld, disruption of supply chain and other events that may negatively impact business activities of the Panasonic Group. The factors
listed above are not all-inclusive and further information is contained in the most recent English translated version of Panasonic’s
securities reports under the FIEA and any other documents which are disclosed on its website.

(Reference) FY22 Nine-Month (Apr. – Dec.) Results(yen: billions)

Sales

FY22 9M

FY21 9M

5,423.4

4,873.3+550.1

+11%

+55.4

+24%

-8.0

-

+47.4

+21%

+11.9

-

Adjusted OP* (% to sales)

287.3

Other income/loss**-13.1

Operating profit (% to sales)

274.2

Non-operating income/loss

5.2

Profit before income taxes

279.4(5.2%)

220.1(4.5%)

+59.3

+27%

195.6

(3.6%)

130.1(2.7%)

+65.5

+50%

EBITDA*** (% to sales)

552.6(10.2%)

484.0(9.9%)

+68.6

+14%

1 US dollar

111 yenSales - Cost of sales - SG&A
106 yen *** “Other
income (expenses), net” + “Share of profit (loss) of investments

1 Euro131 yen

122 yen1 Renminbi

17.3 yen

15.4 yen(% to sales)

Net profit attributable to Panasonic
Corporation stockholders (% to sales)

Exchange
rates

Fiscal 2022 Third Quarter Financial Results(5.3%)

231.9

Difference / vs. FY21

(4.8%)-5.1(5.1%)

226.8(4.7%)-6.7

accounted for using the equity method” as indicated in theConsolidated Statements of Profit or Loss of the news release*** Total amount of Operating profit, Depreciation (Tangible assets
including property, plant and equipment/ Right-of-use assets) andAmortization (Intangible assets).
Adjusted with:- amount equivalent to depreciation corresponding to underlying
assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation ofassets and liabilities” upon Blue Yonder acquisition

20

(Reference) FY22 3Q Segment Information
Overview(yen: billions)

FY22 3Q

Sales

959.4

Adjusted operating profit

40.2(% to sales)(4.2%)

vs. FY21 3Q/
Difference-2％(-6%)*-35.8

Other income/loss

-2.4

-0.8

Operating profit

37.8(% to sales)(3.9%)-36.6

Lifestyle

Sales decreased: Large impact by decreased sales of other segment
products(yen: billions)982.5

Heating &Ventilation
A/C Company

Electric
Works
Company

959.4

Cold Chain
Living Appliances Solutions
Company
and Solutions
Company

Others***Effect of
exchangerates* In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors

FY21

FY22

+: Increased sales in China (e.g. personal-care
3Q
3Q
products, washing machines)
LivingOP decreased: Impact from FY21 stay-at-home demand in Japan, raw
Appliances and -: Decreased sales in Japan:
material price hikes and recording temporary expenses; despite
Solutions• washing machines with supply issues
increased sales overseas and rationalization efforts at each businessCompany• cooking appliances with impact from FY21 stay(yen: billions)
Heating &at-home demand
74.4
Ventilation+: Continued favorable sales of A2W (Air to Water
A/C Company
Electric
hot water heat pump system) in Europe
Heating &Works
Effect ofVentilation A/C -: Decreased sales (e.g. IAQ**, room air-conditioners
Company
exchange
Living Appliances
Company
in Japan), surging shipping costs, recording
rates
and Solutions
temporary expenses
37.8
Cold Chain
Company
Others***+: Stable sales in North America, stable sales with
Solutions
Cold Chain
Other
products for super-markets in Japan
Company
Solutionsincome/-: Electronic components procurement issues,loss
Company
recording of temporary expenses+: Increased sales of electrical construction materials
mainly in India and China; reduced fixed costs-: Material procurement issues (e.g. Lighting)Electric Works
Company
Other income/loss

Restructuring expenses, etc.

** IAQ (Indoor Air Quality)
Fiscal 2022 Third Quarter Financial Results

FY21
3Q

Adjusted OP: -35.8
OP: -36.6

FY22
3Q*** Refrigeration and Air-Conditioning Devices, sales of other segment products,
segment head office, eliminations, etc.

21

(Reference) FY22 3Q Segment Information
Overview(yen: billions)

FY22 3Q

275.2

Sales

Adjusted operating profit(% to sales)

vs. FY21 3Q/
Difference-9％(-12%)*

1.5(0.5%)

0.4+2.4

Operating profit

1.9

+9.6

(% to sales)(0.7%)* In real terms excluding the effect of exchange rates

Major increase/decrease factors+: Cost reduction efforts

Adjusted OP

Automotive
Cockpit
Systems

Automotive
Electronics
Systems

Sales decreased: Impact from automobile production recovery in
FY21 3Q and reduced automobile production due mainly tosemiconductor and parts & materials shortages(yen: billions)

301.8
Automotive
Others**Cockpit
Systems Automotive
Effect ofElectronics
exchange
Systems
rates

+7.2

Other income/loss-: • Decreased sales mainly for US & European
automobile manufacturers• Price surges due mainly to semiconductor, parts &materials shortages• Increased shipping costs

Automotive

FY21
3Q

275.2

FY22
3Q

OP increased: Cost reduction efforts and impact from temporary
expenses related to onboard charging systems in FY21, despite
decreased sales, parts & materials price hikes, and increased
shipping costs
Other
Automotive
income/(yen: billions)
1.9
Electronics
loss
-7.7
Systems+: • Impact from temporary expenses related toonboard charging systems in FY21
• Cost reduction efforts

Automotive
Cockpit
Systems

Others**

Effect ofexchangerates-: • Decreased sales mainly for European automobile

Other income/loss

manufacturers• Price surges due mainly to semiconductor, parts &materials shortages• Increased shipping costs
Improved due mainly to impact from restructuring
expenses incurred overseas in FY21

FY21
3Q

Adjusted OP: +7.2
OP: +9.6

FY22
3Q** Others: sales of other segment products, etc.

22

(Reference) FY22 3Q Segment Information
Overview(yen: billions)

FY22 3Q

vs. FY21 3Q/
Difference

222.6

Sales

+11%
(+5%)*-6.8

Adjusted operating profit(% to sales)(-3.1%)

-11.7

-2.8

-0.5

Operating profit

-9.6

-12.2

(% to sales)(-4.3%)

Sales increased: Driven by mounting machines due to favorable
market conditions of PCs and servers, and projectors fromrecovery market trend mainly U.S.
(yen: billions)

222.6

BY

199.8

Process
Automation

Avionics

Other income/loss

Connect

OthersMobileSolutions

Media
Entertainment

Effect of

Impact ofexchangeaccounting
rates
treatment related to
BY acquisition

PSSJ* In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors
Avionics+: Increased sales (e.g. repair & maintenance service due
to recovery trend of flight operations)+: Fixed-cost reduction

Process
Automation+: Increased sales of mounting machines by higher demandreflecting favorable market conditions of notebook PCs
and servers

Media+: Increased sales of projector business due to recovery
Entertainment market trend from COVID-19 mainly in Europe and U.S.
MobileSolutions-: Decreased sales due to lockdowns in Southeast Asia and

FY22
3Q

FY21
3Q

OP decreased: Due mainly to decreased sales of notebook PCs
from parts & materials procurement issues, and impact of
temporary accounting treatment related to Blue Yonder acquisitionMedia(yen: billions)Entertainment
Avionics

2.6

PSSJ

Process
MobileAutomation Solutions

Impact of accounting
treatment and amortization
related to BY acquisition

BY

procurement issues of parts & materials (e.g.
semiconductor shortage) for notebook PCs

Effect ofexchangerates-: Decreased sales due to held-back investment by
PSSJ**

Blue Yonder(BY)
Other income/loss

corporate customers and delays in projects caused by
COVID-19+: New consolidation (stand alone)-: Impact of temporary accounting treatment related to“re-evaluation of assets and liabilities” upon Blue Yonder
acquisition and increased amortization of intangible assets

Restructuring expenses for reorganization of sites** Panasonic System Solutions Japan Co., Ltd.
Fiscal 2022 Third Quarter Financial Results-9.6

OthersFY21
3Q

Adjusted OP: -11.7
OP: -12.2

Other
income/
loss

FY22
3Q

23

(Reference) Blue Yonder’s KPIs

Connect

Revenue

Recurring ratio

Steady sales expansion

Ratio is expected to increase from next fiscal year onward(USD: millions)

262

272

261

286

293

67.2%
全体

全体

FY21 4Q

FY22 1Q

FY22 2Q

全体

SaaS

SaaS

FY22 3Q

69.1%

サブスク

サブスク

SaaS

SaaS

69.0%

全体

サブスク

サブスク

FY21 3Q

68.8%

68.6%

FY21 3Q

FY21 4Q

FY22 1Q

FY22 2Q

FY22 3Q

Note: Recurring revenue business ratio in total revenue

Note: Total revenue by quarter (stand alone)

SaaS ARR (Annual Recurring Revenue)

SaaS NRR (Net Revenue Rate)

Steady revenue growth

Achieved over 100% in 5 consecutive quarters with stability(USD: millions)(Year-on-year)

444
372

343

121%

116%

119%
108%

全体

全体
サブスク

サブスク

FY21 4Q

120%

398

FY22 1Q

FY22 2Q

Note: ARR indicates secured annualized revenue during theyear starting next quarter
Fiscal 2022 Third Quarter Financial Results

サブスク

サブスク

100%

SaaS

SaaS

FY22 3Q

全体

全体

SaaS

SaaS

FY21 3Q

475

FY21 3Q

FY21 4Q

FY22 1Q

FY22 2Q

FY22 3Q

Note: Net revenue retention with existing customers

24

(Reference) FY22 3Q Segment Information
Overview
FY22 3Q

vs. FY21 3Q/
Difference

Sales

283.0

+9%
(+3%)**

Adjusted operating
profit (% to sales)

18.9(6.7%)

Other income/loss

0.4

+3.5

Operating profit

19.3(% to sales)(6.8%)+5.9(yen: billions)

+2.4

PID
Products*

229.2
17.8
(7.8%)

Adjusted OP(yen: billions)Control Devices /FA Solutions

258.7

283.0

Others***Electronic Devices /Electronic Materials

Effect ofexchange
rates

18.1
(7.9%)

Major increase/decrease factors+: Increased sales (e.g. industrial-use motors, power
supply, EV-use relays), rationalization
Control(e.g. improved productivity)
Devices /FA Solutions -: Raw material price hikes, semiconductor
procurement difficulties

OthersSales increased: Products for industrial-use and information &communication infrastructure were favorable, yen depreciation effect;
despite semiconductor procurement difficulties

0.3* Figures of PID (Panasonic Industry Company) products exclude sales of other segment
products (e.g. compressor, SD card), etc.
** In real terms excluding the effect of exchange rates

Electronic
Devices /Electronic
Materials

Industry+: Increased sales of passive components(e.g. capacitors for information & communication
infrastructure and automotive-use), rationalization(e.g. improved productivity)-: Raw material price hikes

FY21
3Q

FY22
3Q

OP increased: Increased sales and rationalization (e.g. improved
productivity), despite raw material price hikes(yen: billions)Control Devices /FA Solutions

13.4

19.3

Effect ofOthers*** exchange
ratesElectronic Devices /Electronic Materials

Other
income/loss-: Decreased sales due to structural reform in LCD
panels and other businesses

Other income/loss Rebound from restructuring expenses recorded in FY21

FY21
3Q

Adjusted OP: +2.4
OP: +5.9

FY22
3Q*** Sales of other segment products, etc.
Fiscal 2022 Third Quarter Financial Results

25

(Reference) FY22 3Q Segment Information
Overview(yen: billions)

FY22 3Q

vs. FY21 3Q/
Difference

194.3

Sales
Adjusted operating profit

18.2(% to sales)(9.4%)

Other income/loss+17％(+9%)*+2.4

Operating profit

16.3(% to sales)(8.4%)+4.3* In real terms excluding the effect of exchange rates

Major increase/decrease factors+: Increased sales due to favorable demand
Adjusted OP

In-vehicle

Sales increased: Mainly with automotive batteries and power
storage systems, despite impact of dry battery business transfer
in Europe-: Increased fixed costs due to increased production,

194.3(yen: billions)

Industrial /Consumer

165.9

+1.9

-1.9

EnergyIn-vehicle

FY22
3Q

FY21
3Q

OP increased: Increased sales (e.g. automotive batteries), effect of
exchange rates, improved other income/loss, despite such impact
as raw material price hikes, increased fixed costs and dry battery
business transfer in Europe
16.3

Industrial /Consumer

Effect ofexchangerates(yen: billions)increased logistics costs+: Increased sales (e.g. power storage systems fordata centers)

Others** Effect of
exchange
rates

12.0

In-vehicle

Industrial /ConsumerOthers**Other
income/loss-: Raw material price hikes, increased fixed costs,
dry battery business transfer in Europe

Rebound from recording quality related expenses
Other income/loss
in FY21, etc.

FY21
3Q

Adjusted OP: +1.9
OP: +4.3

FY22
3Q** Segment head office, eliminations, etc.
Fiscal 2022 Third Quarter Financial Results

26

(Reference) FY22 3Q Operating Profit Analysis (by Factor)(yen: billions)

130.2

-11.0
-38.1
Sales increase/decreasein real terms-8.3
Rationalization/
raw material price hikes,
new consolidation impact,
etc.

2.1
Fixed cost

Effect ofexchange
rates

-1.9

73.0

Other
income/loss

Includes management
structure enhancement:
+5.0

FY21
3Q

Adjusted OP: -55.3
OP: -57.2
Fiscal 2022 Third Quarter Financial Results

FY22
3Q
27

(Reference) FY22 3Q Operating Profit & Net Profit(yen: billions）

FY22 3Q

FY21 3Q

Difference

Operating profit

73.0

130.2

-57.2

Non-operating income/loss

0.6

-3.3

+3.9

Profit before income taxes

73.6

126.9

-53.3

Income taxes

-30.5

-39.6

+9.1

Net profit

43.1

87.3

-44.2

Net profit attributable to Panasonic
Corporation stockholders

42.6

81.2

-38.6

Net profit attributable to non-controllinginterests

0.5

6.1

-5.6

Fiscal 2022 Third Quarter Financial Results28

(Reference) List of Voluntarily Disclosed Businesses in FY22
Businesses with Sales Disclosed

Lifestyle• Kitchen Appliances
Living Appliances and • Laundry Systems and Vacuum Cleaner
Solutions Company• Beauty and Personal Care
Heating & Ventilation
A/C Company

Cold Chain Solutions
Company
Electric Works
Company
China and Northeast
Asia Company
Others• Heating and Cooling Solutions• Ecology Systems• Lighting• Energy Systems• Other-

Major Business Divisions, etc.
: Kitchen Appliances BD: Laundry Systems and Vacuum Cleaner BD: Beauty and Personal Care BD: Heating and Cooling Solutions BD: Panasonic Ecology Systems Co., Ltd.

: Hussmann Corporation, Cold Chain BD: Lighting BD: Energy Systems BD: Smart Energy Systems BD: Smart Life Appliances BD, Building and Housing Solutions BD, Cold Chain (China) BD,
Refrigeration and Air-Conditioning Devices BD, Taiwan BD: Sales of other segment products, segment head office, eliminations, etc.

• Automotive Cockpit Systems• Automotive Electronics Systems• Others: Infotainment Systems BD: HMI Systems BD, Automotive Systems BD, Ficosa International, S.A.
: Sales of other segment products, etc.

Connect• Avionics• Process Automation• Media Entertainment• Mobile Solutions• PSSJ• Blue Yonder• Others: Panasonic Avionics Corporation, Avionics BU: Process Automation BD: Media Entertainment BD: Mobile Solutions BD: Panasonic System Solutions Japan Co., Ltd.
: Blue Yonder Holding, Inc.
: Other businesses, eliminations, etc.

Industry• Control Devices / FA Solutions• Electronic Devices / Electronic Materials• Others: Electromechanical Control BD, Industrial Devices BD: Device Solutions BD, Electronic Materials BD: LCD, sales of other segment products, eliminations, etc.

Energy• In-vehicle• Industrial / Consumer• Others: Mobility Energy BD: Energy Devices BD, Energy Solutions BD: Segment head office, eliminations, etc.

• Entertainment & Communication• Housing: Entertainment & Communication BD: Housing Systems BD

Automotive

Other
Eliminations & adjustments• Revenue and expenses which are not attributable to any segments, consolidation adjustments and eliminations of intersegment transactions, etc.

Notes: 1. Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit of China and Northeast Asia Company
2. Equity method income/loss of Prime Planet Energy & Solutions, Inc. is included in “Eliminations & adjustments”

Fiscal 2022 Third Quarter Financial Results29

(Reference) Overview of Blue Yonder
Becoming a global leader of solutions for supply chain innovation
Overview & Competitive Advantage
The world’s largest supply chain software company specializing in supply chain management (SCM) withstable management foundation and technological excellence(As of January 2022)
Customer baseTechnological excellenceBusiness stability

76

69%

Expanding businessworldwideCountries

3000 +

Recurring revenue ratio

39%

Support leading companies
in each industry

SaaS ARR*
annual growth rate

Global customers

High recurring rate withstable earnings

400 ＋

Strong growth forecastwith steady sales
expansion in SaaS

110 ＋

Patents

Data analysts

Strong position in SCM
software capability with No.1
holdings of intellectual
properties (IPs) in the industry
Exceled by many talented
experts* ARR: Annual Recurring Revenue. ARR indicates secured annualized revenue during the year starting next quarter.

Outlook (medium- to long-term)

Vision & Direction
For the realization of Autonomous Supply ChainTM
by integrating strength of both companies

Balancing people andequipment with automation to
optimize frontline productivity

Frontline
Optim ization

Overall
Optim ization

Realizecollaborative
system beyond
a company

Support people’s
activities with use of全体
data in people &frontline equipment

Further enhance
SCM by connecting
related parties

Optimize individual全体
operations, automate
processesサブスク

Accelerating growth through integration with PanasonicRevenue

Adjusted EBITDA(USD: millions)(USD: millions)

CAGR** 13%＋

CAGR** 13%＋α(2020-2025)(2020-2025)

1,013
246

SaaS

Visualization

Visualize theconnection between
data from work ers,
products andequipment

Visualize the movement of workers,
products and equipment, as well as
visualize connection between workers,
products and equipment at the frontline

2020

2025

2020

2025

** CAGR（compound annual growth rate）

Fiscal 2022 Third Quarter Financial Results

30