August 10, 2022
Matsuda Sangyo Co., Ltd.

Revisions of Earnings Projections

In the FY3/22 Financial Statements (J-GAAP) (Consolidated) released on May 13, 2022, consolidated
earnings projections for FY3/23 were undetermined. The Company has now issued its projections, as
shown below.

Revisions to Earnings Projections

Revisions to the consolidated earnings projections for FY3/23 1H (April 1, 2022 – September 30, 2022)(Millions of yen)
Net sales

Operating profit

Ordinary profit

Profitattributable toowners of parent

Earnings per
share (Yen)Previous projections (A)137,000

5,000

5,2003,600

138.00

Revised projections (B)159,000

7,400

7,700

5,300

203.17

Difference (B-A)

22,000

2,400

2,500

1,700

Difference (%)

16.1

48.0

48.1

47.2

136,041

7,269

7,834

5,469

(Reference)Previous first half results (FY3/22 1H)

209.66

Revisions to the consolidated earnings projections for FY3/23 (April 1, 2022 - March 31, 2023)(Millions of yen)
Net sales

Operating profit

Ordinary profit

Profitattributable toowners of parent

Earnings per
share (Yen)Previous projections (A)280,000

11,00011,4008,000

306.67

Revised projections (B)300,000

12,80013,3009,300

356.51

Difference (B-A)

20,000

1,800

1,900

1,300

7.1

16.4

16.7

16.3

272,292

12,681

13,734

9,558

Difference (%)(Reference)Previous FY results (FY3/22)

366.40Reasons for revisions
In view of the favorable performance of the cumulative consolidated results for FY3/23 1Q, theconsolidated earnings projections for FY3/23 1H and full-year FY3/23 have been revised as above.
In the precious metals business segment, strong production in the semiconductor and electronic
devices field, which is the key customers in this business segment, drove an increase in the Group’s
precious metal recycling volume and the sales volume of products such as chemicals. As a result, thecumulative consolidated results for FY3/23 1Q exceeded the initial projections, so the consolidated
earnings projections for FY3/23 1H and full-year FY3/23 have been revised upward. However,concerning the productivity of the semiconductor and electronic devices field, we anticipate the risk of afuture downturn such as inventory adjustment corresponding to the demand and supply balance. For
this reason, we expect volumes, such as the Group’s precious metal recycling volume and the sales
volume of products such as chemicals, to fall below the initial projections from the third quarter andafter.

In the food business segment, against the backdrop of rising prices and supply instability, we were able
to meet our customers’ needs through stable supply and our ability to make attractive product proposals
to customers, including substitute products. As this boosted an increase in the Group’s sales volume,the cumulative consolidated results for FY3/23 1Q exceeded expectations. As a result, the consolidatedearnings projections for FY3/23 1H and full-year FY3/23 have been revised upward. We expect sales
volume for the second quarter and beyond to perform as initially projected due to the slowdown inpersonal consumption accompanying the price inflation, among other factors.
In view of these reasons, the consolidated earnings projections for FY3/23 1H and full-year FY3/23
have been revised as above.
Dividend projections remain unchanged from the projections announced on May 13, 2022 (interim
dividend of ¥24 and year-end dividend of ¥24).
Note: Forward-looking statements
The above projections are based on information available to the Company as of the date of release. Actual results may differ fromprojections due to a range of factors.