Fiscal 2023 Financial Results
Fiscal 2024 Financial Forecast
May 10, 2023
Panasonic Holdings Corporation
Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “Fiscal 2023” or “FY3/23” refers to the year ended March 31, 2023.
In addition, “Fiscal 2024” or “FY3/24” refers to the year ending March 31, 2024.

Summary of FY3/23 Financial Results⚫ US Inflation Reduction Act (IRA)
Detailed rules not yet announced; amount equivalent to IRA tax credit recorded in 4Q FY3/23 results (taxdeduction) and factored into FY3/24 forecast (Adjusted operating profit)(Details in next slide)⚫ FY3/23 Financial Results‧ Overall sales increased year-on-year
Increased sales (e.g. Lifestyle, Automotive, Connect) and currency translation‧ Adjusted operating profit decreased
Despite increased profit in Automotive and Connect, profit largely decreased in Industry and Energy‧ Net profit* increased due to tax deduction equivalent to IRA tax credit‧ Operating CF increased year-on-year: efforts to reduce inventories and one-time tax payment in FY3/22‧ Annual dividend determined at 30 yen (year-end: 15 yen); same as forecast (announced Feb. 28)⚫ FY3/24 Forecast‧ Groupwide: Both sales and profit expected to increase due to demand recovery, profit recognition ofamount equivalent to IRA tax credit
Net profit expected at a record high level of 350.0 bil. yen‧ By segment: Sales and profit to increase in Lifestyle, Automotive, Connect, Energy;
Sales and profit to decrease in Industry* Net profit attributable to Panasonic Holdings Corporation stockholders
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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Impact of US IRA Tax Credit to Financial Results & Forecast✓ Three methods to monetize US IRA tax credit: “Deductible tax credit” “Refundable tax credit” and“Transferable tax credit,” with each needing different accounting treatments✓ 4Q FY3/23: 40.0 bil. yen recorded on net profit, assuming “deductible tax credit” to be applied✓ FY3/24: 80.0 bil. yen (approx. half of total amount) factored into adjusted OP,
assuming to elect “refundable tax credit (directly paid)”;taking into consideration the aim of US IRA (reduce excessive inflation and promote energy policies in US),effectively use credit with customers to strengthen & expand North America business

4Q FY3/23

Monetization method

Recording on P/L

Recording amount*1

Deductible tax credit

Net profit

40.0 bil. yen*2(As a tax deduction)

Adjusted OP

FY3/24

Refundable tax credit(Energy segment)

80.0 bil. yen*3

Net profit

100.0 bil. yen*4*1: Monetization expected after a certain time lag from P/L recording*2: 4Q FY3/23 production & sales: 8.6 GWh x $35/kWh*3: Approx. half of FY3/24 production & sales forecast: 36 GWh x $35/kWh*4: “IRA tax credit” is a non-taxable income. In addition, 20.0 bil. yen is expected to be recorded in deferred tax assets,
assuming the amount effectively used with customers will be applicable for deferred tax accounting
Note: Contents of this slide are based on our current assumptions and are subject to change (e.g. detailed rules)
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

2

Fiscal 2023 Financial Results
Fiscal 2024 Financial Forecast

FY3/23 Financial Results(yen: billions)

YoY % figures represent the year-on-year change relative to the previous year's figures

FY3/23

FY3/22

8,378.9

Sales
Adjusted operating profit*1(% to sales)

314.1

YoY (year-on-year)
113%

7,388.8(3.7%)

357.7

-0.2

(as of Feb 2, 2023)+990.18,200.0

88%

-43.6

300.0

-

-25.3

-20.0

excl. FX (105%)(4.8%)

FY3/23 E

Difference+178.9(3.7%)+14.1

Other income/loss*2-25.5

Operating profit (% to sales)

288.6(3.4%)

357.5(4.8%)

81%

-68.9

280.0

(3.4%)+8.6

Profit before income taxes

316.4(3.8%)

360.4(4.9%)

88%

-44.0

300.0

(3.7%)

+16.4

265.5

(3.2%)

255.3(3.5%)

104%

+10.2

210.0

(2.6%)+55.5(% to sales)
Net profit attributable toPanasonic Holdings Corporation
stockholders (% to sales)

-5.5

EPS*3

113.75 yen

109.41 yen-+4.34 yen

89.98 yen

+23.77 yen

ROE

7.8%
718.4

8.9%
744.0

-

-1.1%

+1.8%

97%

-25.6

6.0%
710.0

EBITDA*4 (% to sales)

Exchange
rates(8.6%)(10.1%)(8.7%)+8.4

1 US dollar

135 yen112 yen+23 yen

135 yen±0 yen1 Euro141 yen131 yen+10 yen138 yen+3 yen1 Renminbi

19.8 yen

17.5 yen+2.3 yen

19.9 yen-0.1 yen*1: Sales - Cost of sales - SG&A
*2: “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*3: Basic earnings per share attributable to Panasonic Holdings Corporation stockholders*4: 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 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

4

FY3/23 Results by Segment
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)
FY3/23E

Sales

YoY(Feb 2)(excl. FX) Difference

Adjusted
OP
(%)

+83.3

122.4

Lifestyle

3,483.3

110%(103%)

Automotive

1,297.5

122%(113%)+7.5

14.2

Connect

1,125.7

122%(110%)

+15.7

28.2

Industry

1,149.9

102%
(93%)

+9.9

63.3

Energy971.8

126%(107%)

+17.8

39.6

Other/
Eliminations &adjustments

350.7

-

+44.7

8,378.9

113%(105%)+178.9

Total

3.5%

1.1%

2.5%

5.5%

YoY

Other
FY3/23E(Feb 2)income/Difference
loss

*4

YoY

FY3/23E(Feb 2)Difference

OP
(%)

YoY
*4

-9.1

-2.6

-19.3

+4.0

-8.3

103.1*5

+11.8

+3.2

2.0

+3.0

+2.0

16.2

+12.5

+7.2

-7.3

-44.4

-1.3

20.9

-23.4

-5.7

3.5

+7.0

+3.5

66.8

*5

FY3/23E(Feb 2)Difference

3.0%

1.3%

1.9%

5.8%

EBITDA*1(%)

YoY

FY3/23E(Feb 2)Difference

-12.1

+20.6

+6.7

-17.8

+9.9

-10.2

-2.6

-24.5

-3.5

*4

-5.1

-10.9

205.9*5 +1.6

+14.8

+5.2

77.7

-31.9

+5.9

99.9

-16.4

-2.2

125.4

-33.6

-2.8

98.5

5.9%

6.0%
*2

8.9%

10.9%
*3

-31.2

-2.4

-6.4

-2.4

-0.4

33.2

46.4

-4.2

+14.4

2.0

+7.5

-1.0

48.4

+3.3

+13.4

111.0

+4.7

+10.0

314.1

-43.6

+14.1

-25.5

-25.3

-5.5

288.6

-68.9

+8.6

718.4

-25.6

+8.4

4.1%

3.7%

3.4%

3.4%

10.1%

8.6%

Note: From FY3/23, management accounting adjustments to sales prices are included in each segment. Such adjustments were previously included in “Eliminations and adjustments.”(Figures for FY3/22 are reclassified to conform to the presentation for FY3/23)*1: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*2: Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*3: Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor*4: Temporary expenses in China included*5: Recall-related expenses of HVAC included
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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FY3/23 Sales Analysis by Segment
Overall sales increased: Increased sales (e.g. Lifestyle, Automotive, Connect) and currency translation(yen: billions)
Lifestyle

7,388.8+96.8

Automotive+136.5Connect+96.6

Industry

EnergyEntertainment &Communication

-82.6

+54.4

-37.6

Housing+7.9

Head office/Eliminations,etc.

Excluding effect of exchange rates: +357.6 (105%)

8,378.9+85.6

Other/Eliminations & adjustments

FY3/22+632.5

Effect ofexchange
rates

FY3/23+990.1 (113%)
Major increase/decrease factors (excluding effect of exchange rates)
Increased: Steady sales in priority businesses (e.g. HVAC in Europe, electrical construction materials for Japan & overseas,
showcases in North America), despite decreased sales of consumer electronics in Japan (Shanghai lockdown and weakening demandLifestylefrom 2H)
Automotive

Increased: Recovery in automobile production of customers

Connect

Increased: Growth in Avionics (market recovery in aviation industry), rugged mobile terminals for overseas markets, as well as Blue
Yonder consolidation/sales growth, despite decreased sales of Process Automation (investment slowdown for PC/smartphones)

Industry

Decreased due to changes in semiconductor sales channel (business termination) and downturn in market conditions from 2H, despite
increased sales (e.g. EV relays, industrial-use relays, capacitors for green vehicles)

EnergyIncreased: Increased EV battery production & sales mainly in North America with growing EV demand, as well as price revisions,despite decreased sales for Industrial/Consumer (e.g. ICT & consumer-use Li-ion batteries and BtoB-use Li-ion primary batteriesaffected by weakening market conditions)

Other/
Eliminations &adjustments

Entertainment & Communication: Decreased due to market downturn, despite improvements in parts & materials procurement issues
Housing: Increased driven mainly by water-related equipment and building materials
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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FY3/23 Operating Profit Analysis by Segment
Adjusted OP decreased: Profit increased in Automotive and Connect, largely decreased in Industry and Energy(yen: billions)

357.5

-9.1
Lifestyle

FY3/22Major
increase/decreasefactors

AdjustedOP+11.8
Automotive+12.5
Connect-23.4
Industry

Adjusted OP: -43.6
OP: -68.9

Other income/loss: -25.3-31.2
Energy-4.2
Other/
Eliminations &adjustments

-58.3

288.6

+33.0

Impact ofReducedrestructuring
one-time gains in
expenses, etc.
FY3/22(Re-evaluation of BY)

FY3/23

Lifestyle

Decreased overall: Decreased sales of consumer electronics in Japan (not fully countered by price revision effects), despite increased
sales of priority businesses (e.g. HVAC in Europe, electrical construction materials for Japan & overseas, showcases in North America)

Automotive

Increased: Cost reduction, increased sales from 2Q, further price revision effects in 2H to offset parts & material price hikes and effectof exchange rates, despite parts & materials price hikes (e.g. semiconductors) and increased fixed costs (e.g. increased production)

Connect

Increased: Increased sales of Avionics from 2H and rugged mobile terminals for overseas markets, despite decreased sales ofProcess Automation and Gemba Solutions (post-Olympic demand slowdown)

Industry

Decreased: Raw material price hikes and downturn in market conditions from 2H, despite price revisions, rationalization and effect ofyen depreciation

EnergyDecreased: Raw material price hikes mainly for In-vehicle, decreased sales for Industrial/Consumer, increased fixed costs (e.g.
development expenses for future growth)

Other/ Eliminations& adjustments

Decreased: Decreased profit for Entertainment & Communication and Housing, despite a temporary increase in intellectual property
incomeDecreased overall: But excluding impact of one-time gains (re-evaluation of existing equity in Blue Yonder upon acquisition: 58.3 bil. yen) recorded in
Otherincome/loss FY3/22, improved year-on-year due mainly to reduced restructuring expenses, etc.
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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Lifestyle Segment: FY3/23 Results by Divisional Company
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

LivingAppliances andSolutionsCompany (LAS)

FY3/23E

Sales

YoY(Feb 2)(excl. FX) Difference

52.8

761.0

112%
(104%)

-9.0

21.6

351.9

130%
(114%)

+16.9

12.3

1,004.5

111%(109%)

+15.5

52.0

867.3

109%
(96%)

-32.7

22.9

107%
(100%)

Heating &Ventilation A/C
Company(HVAC)
Cold Chain
SolutionsCompany(CCS)*5

China andNortheast Asia
Company(CNA)*1 *6

YoY(% to sales)

-3.3

896.7

Electric Works
Company (EW)

Adjusted
OP

5.9%

2.8%

3.5%

5.2%

-10.5

Other
FY3/23E(Feb 2) income/Difference
loss

-4.7

YoY

2.5

+1.9

FY3/23E
OP(Feb 2)(% to sales)
Difference

+2.0

6.2%

EBITDA*2

-0.2

-2.7

80.1

-18.3

-21.1

21.2

+9.6

+2.4

21.0

+9.6

+5.2

74.7

+10.6

-8.6

-0.4

-21.8

-18.4

-20.7

+9.1

+2.3

0.1

+0.5

+0.1

12.4

+7.1

+2.0

-5.3

+2.5

+3.2

46.7

+8.2

30.7 ***+22.3

3.5%

4.6%

7.8

+16.5

3.5%

-4.7

-1.9

-14.6

-18.8

+10.8

+2.5

+9.2

+4.7

52.6*** +25.1

+10.1

8.9%

2.8%

6.0%

7.4%

*4

*4

+5.8 *** +2.4

FY3/23E(Feb 2)Difference

*3

+0.1

-0.0%

YoY

(% to sales)

*3

*3

*4

2.6%

55.3

YoY

FY3/23E(Feb 2)Difference

6.1%*1: Sales and profit of CNA (except Cold Chain (China) and Refrigeration and Air-Conditioning Devices) are also included in LAS, HVAC, and EW*2: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*3: Recall-related expenses included*4: Temporary expenses in China included*5: From 2Q FY3/23, business in China is excluded from the scope of consolidation of CCS (FY3/22 results are also reclassified to conform to FY3/23 presentation)*6: From 4Q FY3/23, part of Cold Chain related business is excluded from the scope of consolidation of CNA (FY3/22 results are also reclassified to conform to FY3/23 presentation)
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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FY3/23 Operating Profit Analysis (by Factor)
Adjusted OP decreased: Increased sales unable to offset increased fixed costs resulting from strategic investments,
despite price revisions, etc. countering raw material price hikes(yen: billions)Fixed costs

+40.2

357.5
Sales
increase/decrease
in real terms-84.8+224.6-224.3

+0.7

-25.3

288.6

+: Industry, Energy- : Lifestyle,

BY consolidation: +2.0*, etc.

Raw materials: -205.3
Logistics: -19.0

Otherincome/loss+0.0

Blue Yonder (BY)
consolidation,
temporary factors

Strategic investment: -65.0
Inflation (personnel expenses, energy costs): -35.0
Management structure improvements, etc.: +15.2

FY3/22

Effect ofexchange
rates

Price hikes in Price revisions,raw materials & rationalization,etc.
logistics

Entertainment &Communication

Price revisions: +142.5
Rationalization, etc.: +82.1

FY3/23Adjusted OP: -43.6

OP: -68.9* Note:BY consolidation impact:
Breakdown of Adjusted OP(yen: billions)

FY3/23(1) BY Adjusted OP (standalone)

FY3/22

5.3

1.0(2) Amortization related to acquisition

-18.2

-7.8

(3) Temporary accounting treatment
related to acquisition

-5.3

-13.4

Total consolidation impact (1)+(2)+(3)

-18.2

-20.2

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast

year-on-year(excl. FX)+4.3(+3.4)-10.4(-7.3)+8.1(+9.0)+2.0(+5.1)© 2023 Panasonic Holdings Corporation. All Rights Reserved.

9

FY3/23 Cash Flows and Cash Positions• Operating CF: Increased year-on-year with efforts to reduce inventories, and impact of one-time tax payment in FY3/22• Inventories: Turned to a decrease after peaking out in 3Q, mainly by revising strategic inventory level;
Continue efforts to reduce inventories from FY3/24 onward

Cash Flows・ Depreciation
・ Increased inventories
・ Working capital improvement, etc.

Gross cash & interest-bearing debt / Net cash
(yen: billions)(yen: billions)

Gross cash*
1,248.3

865.7
520.7
Others

252.6
FY3/22
Operating CF

176.7
Net
profit-344.0OperatingCF

InvestingCF

Net cash-649.0-591.4

Bonds, etc. -1,630.6
Lease liabilities-266.7-1,209.4-247.7-1,457.1

Interest-1,897.3
bearing debt
FCF

End of FY3/22

End of FY3/23* Gross cash: total of “Cash and cash equivalents” and time deposits and others
included in “Other financial assets”

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

10

Shareholder Return
Annual dividend determined at 30 yen per share (interim: 15 yen, year-end: 15 yen):same as forecast announced on February 28

Annual Dividend(FY3/23)30 yenInterim: 15 yen
Year-end: 15 yen✓ Forecast (as of Feb 28):
30 yen✓ Annual dividend (FY3/22): 30 yen

Our approach to using IRA tax credit:
Basic idea: Allocate cash from IRA tax credit to EV battery business investment in US by taking into
consideration the aim of US IRA (reduce excessive inflation and promote energy policies in US)⇒ Determine dividend based on net profit excluding IRA effectAchieve enhanced corporate value through business growth and profit expansion
by making investments mainly in growth areas
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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Fiscal 2023 Financial Results
Fiscal 2024 Financial Forecast

FY3/24 Financial Forecast(yen: billions)

YoY % figures represent the year-on-year change relative to the previous year's figures

FY3/23Results

FY3/24 E

8,500.0

Sales
Adjusted operating profit*1 (% to sales)
Other income/loss*2
Operating profit (% to sales)

Profit before income taxes(% to sales)
Net profit
attributable to Panasonic Holdings
Corporation stockholders(% to sales)

430.0

YoY (year-on-year)101%

8,378.9(5.1%)

0.0

314.1

excl. FX (104%)(3.7%)-25.5+121.1

137%+115.9

-

+25.5

430.0

(5.1%)

288.6(3.4%)

149%+141.4455.0(5.4%)

316.4(3.8%)

144%+138.6350.0(4.1%)

265.5(3.2%)

132%

+84.5

EPS*3

149.95 yen

113.75 yen-+36.20 yen

ROE

9.0%

7.8%

-

+1.2%

EBITDA*4 (% to sales)

880.0

122%

+161.6

Exchange rates(10.4%)

718.4(8.6%)

1 US dollar

130 yen

135 yen-5 yen1 Euro130 yen141 yen-11 yen1 Renminbi

20.0 yen

19.8 yen+0.2 yen*1 Sales - Cost of sales - SG&A
*2 “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*3 Basic earnings per share attributable to Panasonic Holdings Corporation stockholders*4 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 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

13

Impact from Changes in Business Environment (FY3/24 Outlook)
By Segment

Positive (vs. FY3/23)

Changes in demand

Forecast for FY3/24
Sales, Adjusted OP

Lifestyle(Sales & profit increases)

Automotive(Sales & profit increases)

Connect(Sales & profit increases)

Industry(Sales & profit decreases)

Energy(Sales & profit increases)

Negative (vs. FY3/23)✓ Demand for A2W in Europe continues to be strong, overseas electrical construction materials (e.g. India) remains steady.
For consumer electronics, Japan to maintain same level as FY3/23, markets mainly in China to gradually recover from 2H✓ Recovery of automobile production expected✓ Closely monitor production fluctuation risks caused by persisting semiconductor shortages and impact on automobile demand
due to economic uncertainties✓ Continuous recovery in aircraft demand✓ Continuous decrease in PC & smartphone demand, leading to slowdown in production equipment investment✓ ICT terminals: Continues to decrease YoY (impact of special demand during COVID-19 period,) expecting recovery trend from2H
✓ Servers and data centers: Same level as FY3/23 with continuously reduced investment, but expecting recovery trend from 2Q
onward (Full-fledged recovery expected in FY3/25)✓ Automotive-use: Continuous growth in green vehicles.
Semiconductor shortages to be mitigated in: mid 2023 for US/European customers, early 2024 for Japanese customers✓ FA market in China: optimistic view expecting economic stimulus measures by Chinese government,
but reduced investment expected to continue reflecting economic uncertainties. In general, labor-saving demand expected toincrease due to labor shortages✓ In-vehicle: Tax credit for EV purchase started in the US, our key market. Positive for Panasonic’s business✓ Industrial / Consumer: Impact of market deterioration continues. Recovery expected from mid 2Q• “Price hikes in raw materials & logistics” and “Shortages of semiconductor and parts & materials” expected to mostly resolve by price revisions
and multi-sourcing (Shortages in automobile-use semiconductors affecting Automotive and Industry expected to continue during FY3/24. However, it isexpected to resolve gradually)• Energy faced price hikes for certain raw materials, but there was a time lag before these hikes could be reflected in sales prices. (explained at 3Q
FY3/23) These conditions are expected to normalize with market prices stabilized and reflected in sales prices (according to market-price-linked contracts)
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

14

FY3/24 Operating Profit Analysis (by Factor)
Adjusted OP expected to increase:
Increased sales, price revisions/rationalization efforts, profit recognition of amount equivalent to IRA tax credit(yen: billions)

288.6

Sales
increase/decrease
in real terms

Fixed costs+100.0-90.0

Price hikes in
raw materials &logistics

IRA effectBlue Yonder

Effect ofexchange
rates

+80.0

-5.4

-20.0

Price revisions,rationalization,
etc.

+25.5

430.0

+86.3
- : Industry
EnergyLifestyle-35.0

Raw materials: -45.0
Logistics: +10.0

Otherincome/loss

Price revisions: +69.0
Rationalization, etc.: +17.3

Strategic investment: -60.0
Inflation (personnel expenses, energy costs): -40.0
Management structure improvements, etc.: +10.0

FY3/23Adjusted OP: +115.9

FY3/24

OP: +141.4

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

15

FY3/24 Forecast by Segment(yen: billions)

YoY % figures represent the year-on-year change relative to the previous year's figures

Sales

YoY

AdjustedOP

YoY(% to sales)

Lifestyle

3,580.0

103%(+96.7)160.0

Automotive

1,370.0

106%(+72.5)18.0

Connect

1,140.0101%(+14.3)40.0

Industry

1,090.095%(-59.9)60.0

1,030.0

106%(+58.2)

135.0

290.0

(-60.7)8,500.0101%(+121.1)

EnergyOther/
Eliminations &adjustments

Total

4.5%
1.3%
3.5%

5.5%

Other
income/
loss

YoY

OP

YoY

(% to sales)

+37.6

-9.0

+10.3

151.0

+3.8

0.0

-2.0

18.0

4.2%
1.3%

+11.8

-4.0

+3.3

36.0

-3.3

-1.5

-5.0

58.5

*4

3.2%

5.4%

+47.9

259.0

+1.8

78.0

+15.1

112.0

-8.3

122.5

+53.1

7.2%

+0.3

5.7%
*2

9.8%

11.2%

+12.1
-2.9

*3

+99.8

204.0*4 +105.5

33.5

-14.9

104.5

-6.5

430.0

+141.4880.0+161.6

+95.4

-2.0

+4.4

17.0

-29.4

16.5

+14.5

430.0

+115.9

0.0

+25.5

5.1%

YoY

(% to sales)

*4

133.0

13.1%

EBITDA*1

12.9%

5.1%

19.8%

10.4%

*1: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*2: Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*3: Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor*4: Impact of IRA tax credit (80.0 bil. yen) included
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

16

FY3/24 Sales Analysis by Segment
Sales expected to increase in Lifestyle, Automotive, Connect and Energy but to decrease in Industry
Lifestyle(yen: billions)

+72.5

+96.7

FY3/23

-59.9

+58.2

Connect
Automotive

8,378.9+14.3

Industry

Energy+13.5Entertainment &Communication

+24.8

-99.0

Housing

8,500.0

Head office/Eliminations,etc.
Other/ Eliminations & adjustments

FY3/24+121.1 (101%)

Major increase/decrease factors
Lifestyle

Increases: Growth in HVAC system (mainly Europe), steady sales in electrical construction materials for Japan & overseas, efforts inmarketing enhancement and price revisions for consumer electronics in Japan, recovery of consumer electronics demand in China, etc.

Automotive

Increases: Recovery in automobile production and increased sales (e.g. Industry segment products mainly for green vehicles),despite impact of currency translation

Connect

Increases: Growth in Avionics (market recovery in aviation industry) and Blue Yonder (sales growth in SaaS)

Industry

Decreases: Decreased sales resulting from changes in semiconductor sales channel (business termination) and impact of currencytranslation, despite increased sales (e.g. relays, capacitors)

EnergyIncreases overall:• In-vehicle: Favorable production & sales due to continuously expanding EV demand and productivity improvement• Industrial / Consumer: Full-year increase, expecting recovery from end of 2Q, despite ongoing decrease (weak market conditions)

Other/
Eliminations &adjustments

Increases for Entertainment & Communication: Improved procurement issues (parts & materials) and launch of value-added products
Increases for Housing: Accelerate renovation, condominium/non-residential business in Japan as well as overseas business expansion
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

17

FY3/24 Operating Profit Analysis by Segment
Adjusted OP expected to increase: Largely in Energy, Lifestyle and Connect(yen: billions)

288.6

Lifestyle

Automotive

Connect

Industry

+37.6

+3.8

+11.8

-3.3

+95.4

-29.4

EnergyOther/
Eliminations &adjustments

+25.5

430.0

Other income/loss

Impact of
IRA tax credit:+80.0

FY3/23

FY3/24

Adjusted OP: +115.9
OP: +141.4

Major increase/decrease factors

Lifestyle
Automotive
Connect
AdjustedOP

Industry
EnergyOther/
Eliminations &adjustments

Other income/loss

Increases: Increased sales of priority business and impact of temporary expenses (in China) in FY3/23
Increases: Increased sales, cost reduction efforts and price revision to offset price hikes in parts & materials, despite
increased fixed costs (personnel costs due to inflation, etc.) and persisting impact of price hikes in parts & materials due tocontinuous semiconductor shortages for automotive use
Increases: Increased sales (e.g. Avionics) and improved costs from resolved procurement issues, despite decreased profit ofBlue Yonder (strategic investment for growth)
Decreases: Effect of exchange rates, despite increased sales (e.g. relays and capacitors) and efforts (e.g. rationalization andprice revisions) to offset raw materials price hikes
Increases (even excluding IRA impact): Mitigated impact of time lag (material prices reflected in sales prices), increased
production & sales for both of in-vehicle and industrial/consumer use, despite increased fixed costs for future growth (e.g.
new factory in Kansas, 4680 cell development)
Decreases: Impact of temporarily increased income in FY3/23 from intellectual property, despite increased sales ofEntertainment & Communication and Housing

Increases: Improved quality-related expenses, increased equity method profit, etc.
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

18

Lifestyle Segment: FY3/24 Forecast by Divisional Company(yen: billions)

YoY % figures represent the year-on-year change relative to the previous year's figures

Sales

YoY

AdjustedOP

YoY(% to sales)
Living Appliances andSolutions Company
(LAS)

976.0

109%
(+79.3)

72.0

Heating & Ventilation
A/C Company (HVAC)

904.0

112%
(+95.3)42.0

Cold Chain Solutions
Company (CCS)

350.0

99%
(-1.9)

14.0

Electric Works
Company (EW)

1,030.0103%(+25.5)64.0

China andNortheast Asia
Company (CNA)*1

799.0

97%
(-28.4)

38.0

7.4%

4.6%

4.8%

OP

YoY

(% to sales)

+19.2

-6.0

-8.5

66.0

+19.9

0.0

+17.6

42.0

+1.7

0.0

-0.1

14.0

+11.8

-4.0

+1.3

60.0

+16.2

-7.0

-10.6

31.0

4.0%

6.2%

Other
income/
loss

6.8%

4.6%

4.0%

5.8%

3.9%

YoY

EBITDA*2(% to sales)

+10.7

90.0

+37.5

68.5

+1.6

23.0

+13.1

94.0

+5.6

52.0

YoY

+9.9

9.2%

7.6%

+39.5

+2.0

6.6%

9.1%

6.5%

+19.1

＋6.8

*1: Sales and profit of CNA (except certain businesses) are also included in LAS, HVAC, and EW*2: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

19

FY3/24 Forecast of Blue Yonder
Adjusted OP (standalone) expected to increase, excluding investments for future growth (product enhancement &synergy creation)
Breakdown of adjusted operating profit(yen: billions)

FY3/23Results

FY3/24 E

Standalone(Blue Yonder)

YoY

Adjusted OP (excl. investments) (1)-(a)-(b)

8.7

6.8

+1.9

(Additional strategic investment) *1 (a)(-8.4)(0.0)(-8.4)(Synergy investment) *2 (b)(-2.8)(-1.5)(-1.3)

-2.5

5.3

-7.8

-20.8

-18.2

-2.6

-0.3

-5.3

+5.0

-23.6

-18.2

-5.4

Adjusted OP (1)Amortization expenses related to acquisition (2)PanasonicGroup
consolidated- Temporary accounting treatment related to acquisition (3)basis
Adjusted OP (1)+(2)+(3)*1: Additional strategic investment of US$ 200M planned for 3 years from 2023 to 2025
*2: Strategic investment to generate synergy with Panasonic Group
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

20

Initiatives in Growth Areas(Automotive Battery, Supply Chain Software, Air Quality & Air-conditioning)

Underlined: Changes from Feb. ’23◼ Achieve profit growth, focusing on North America market where we can leverage advantages (high capacity) with strong
business foundation

Automotive
Battery[Enhance supply capabilities in US]
・Construction of manufacturing facility in Kansas decided (announced Oct. 31,’22) and land-leveling work started in Nov. ’22. Construction started inFeb. ’23. Mass production of 2170 cells set to start in FY3/25 (Plan to use state incentive program of Kansas for investment, approved in Jul. ’22)
[Expanding customer base in US]
・Contract signed with Lucid Group, Inc. to provide EV batteries for its high-end EV “Lucid Air” and other models (Dec. ’22)
・Contract signed with Hexagon Purus to provide EV batteries for commercial vehicles in North America (Apr. ’23)
[Commercialization of 4680 cells]
・Mass production rescheduled to begin during 1H FY3/25 to introduce performance improvement measures that will further enhance competitiveness◼ Aim for high growth & profitability globally through SCM business, where medium-to long-term market expansion is expected

Supply Chain
Software[Blue Yonder]• Stronger organizational structure being established under new CEO toward further growth, shifting to Native SaaS and formulating key strategies toenhance customer experience, etc. Transformation now in steady progress by executing these strategies.
・Steady YoY increase in all quarters for sales & SaaS ARR (Annual Recurring Revenue) / NRR (Net Revenue Retention)[Consideration of stock exchange listing of SCM business] (announced May 11, ’22)
• Considering stock exchange listing of SCM business centered on Blue Yonder for enhanced global competitiveness and accelerated growth◼ Accelerate business growth with proactive investments in Europe

Air Quality &Air-conditioning[Large sales increase accomplished with A2W(air to water hot water heat pump system) ]• FY3/23 HVAC in Europe sales increased 1.6 times YoY with A2W sales 2.0 times YoY. (Market growth: 1.5 times YoY according to our estimate)[Total of 80 bil.-yen investment decided for future growth]• 65 bil. yen for A2W business enhancement (of which, 45 bil. yen capex for production expansion)
50 bil.-yen investment announced Oct. ’22 :production expansion (30 bil. yen); enhance R&D/marketing
15 bil.-yen additionally announced Mar. ’23: A2W Czech factory production expansion (further expansion of floor area & production facilities)• 15 bil. yen for M&A: Systemair AB’s commercial air-conditioning business to enhance business of hydronic air conditioners for non-residential(light-commercial) use (Concluded: Feb. ’23)
[Established optimum regional management structure]• HVAC BD Europe established on Apr. 1, ’23 to enhance business competitiveness with integrated development, manufacturing and sales system
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

21

Announcements related to IR information
Announcements & initiatives based on medium- to long-term strategy after the launch of new structure
Apr. 1
May 11

FY3/23

Commenced preparations for potential stock exchange listing of supply chain management businessConnect: Growth strategy for supply chain management business

Jun. 1-2

Panasonic Group IR Day 2022

Jun. 13

Technology Briefing by Group CTO

Jul. 13

Second Sustainability Briefing by Group CEO (Green IMPACT Plan 2024)

Jul. 14

Energy: Incentive application approved for investment plans for EV battery facility in the US

Oct. 6

Lifestyle: Site visit (Energy solutions: RE100 Solution, fuel cell factory)

Oct. 31

Energy: Decided construction of EV battery facility in Kansas, US

Nov. 18
Nov. 22

FY3/24

Group Strategy Briefing by Group CEO

Lifestyle: “SUPER BOX” invitational exhibition(Electrical construction materials in Japan: building equipment solutions preview)Lifestyle: Briefing on individual businesses(Overall Lifestyle, Heating & Ventilation A/C Company, Cold Chain Solutions Company, China and Northeast Asia Company)

Feb. 8Energy: Technology Briefing by CTO

May 10Strategy Briefing of Blue Yonder

May 18Group Strategy Briefing by Group CEO

Jun. 1-2

Operating Companies: Strategy Briefing (former IR Day)
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

22

Group Strategy Briefing & Operating Companies Strategy Briefing
Group Strategy Briefing✓ Date & Time :14:00-15:00 (JST), May 18, 2023
✓ Presenter: Yuki Kusumi, Group CEO✓ Meeting Style : Online

Operating Companies
Strategy Briefing✓ Date & Time : 13:00-17:30 (JST), June 1 / 13:00-16:05 (JST), June 2, 2023
✓ Presenters: Operating Companies CEO, etc.
✓ Meeting Style : Online(former IR Day)

June 1(JST)

Opening remarks by Group CFO

13:00 - 13:05

Panasonic Automotive
Systems Co., Ltd.

13:05 - 13:55

Panasonic Connect Co., Ltd.

14:10 - 15:10

Panasonic Industry Co., Ltd.

15:25 - 16:15

Panasonic Energy Co., Ltd.

16:30 - 17:30

Note: Q&A followed by presentation at each session

June 2(JST)

Panasonic Corporation (Lifestyle segment)(Presentation + Q&A session)

13:00 - 13:50

HVAC system

14:00 - 14:15

Overseas electrical construction
materials

14:15 - 14:30

Energy solutions

14:30 - 14:40

Home appliances in Japan

14:40 - 14:55

Q&A session

14:55 - 15:35

Priority
Businesses

Overall Q&A session

15:45 - 16:05

Note: Energy solutions includes hydrogen related businesses

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

23

Disclaimer Regarding Forward-looking Statements
This presentation includes forward-looking statements about Panasonic Holdings Corporation (Panasonic HD) and its Group companies (the Panasonic Group). To the extent thatstatements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking 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 the Panasonic 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 HD undertakes no obligation to publicly update any forwardlooking statements after the date of this presentation. Investors are advised to consult any further disclosures by Panasonic HD 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 expendituresin the Americas, Europe, Japan, China and other Asian countries; volatility in demand for electronic equipment and components from business and industrial customers, as well as
consumers in many product and geographical markets; the possibility that the spread of the novel coronavirus infections may adversely affect business activities of the PanasonicGroup; 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 andprices of Panasonic Group’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 fund raising environment including interest rate fluctuations; the possibility of the Panasonic Group not being able torespond to rapid technological changes and changing consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive interms of both price and technology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers and acquisitions;occurrence and continuation of supply disruption or soaring prices of raw materials or transportation; 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 and decreasein demand for products from business partners which Panasonic Group highly depends on in BtoB business areas; the possibility of not achieving expected benefits in connection
with the transition to a new organizational system in which Panasonic is a holding company; the possibility of the Panasonic Group not being able to maintain competitive strength inmany product and geographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that thePanasonic Group may face intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed in Japan or other countries overtrade, manufacturing, labor and operations; failures in proper tackling of environmental issues or taking initiatives in responsible procurement activities in the supply chain;
restrictions, costs or legal liability relating to laws and regulations or failures in internal controls; fluctuations in market prices of securities and other financial assets in which thePanasonic Group has holdings or changes 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 Groupsystems 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 the world, and other events that may negatively impact business activities of the Panasonic Group. The factors listed above are not allinclusive and further information is contained in the most recent English translated version of Panasonic HD’s securities reports under the FIEA and any other documents which aredisclosed on its website.

Overview of US Inflation Reduction Act (IRA)✓ IRA: Enacted in August 2022, aimed to reduce excessive inflation and promote energy policies✓ Panasonic Energy’s business expected to be eligible for “battery cell ($35/kWh)” in Section 45X✓ Rules on Section 30D announced in March 2023, but no additional information on Section 45X (Rules not yet
announced)

Section 45X (Advanced Manufacturing Production Credit)

Section 30D (EV Credit)◼ Enforcement: December 31, 2022

◼ Overview: Tax credit for purchases of EVs◼ Enforcement: December 31, 2022

◼ Effective: 2023 - 2032 (10 years)◼ Effective: 2023 - 2032 (10 years)◼ Eligibility & tax credit amount:◼ Eligibility & tax credit amount:• New car: up to $7,500• Used car: 30% of purchase value, up to $4,000◼ Overview: Tax credit for sales of EV batteries, etc.

• Battery cell: $35/kWh• Battery module: $10/kWh* Tax credit starts to be reduced from 2030
2030: Reduced by 25% , 2031: 50%, 2032: 75%◼ Conditions:• Cells produced in US• Credits will be given based on sales volume (in kWh)

◼ Conditions:• Conditions for new cars:
Battery components produced & assembled in North America$3,750

Critical minerals extracted & processed within FTA countries*$3,750*Although Japan is not an FTA country, conditions have been relaxed toinclude Japan• Vehicle assembled in North America (US, Canada, Mexico)

Unchanged since 3Q FY3/23
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast

Amended sourcing requirements are beneficial for
Japanese battery material suppliers© 2023 Panasonic Holdings Corporation. All Rights Reserved.

26

Eligible EV Battery Factories for IRA✓Credit effective at:- Nevada Factory (already in operation): from launch of IRA- Kansas Factory (under construction): upon start of production & sales during FY3/25 (planned)
Factories

Credit effective from

Annual production<Ref.> Simple calculation:$35/kWh x annual production

NevadaJan. 2023 onwards

Approx. 38-39 GWh(current)

Approx. $1.3 bil./yr

Kansas*Start of production& sales

Approx. 30 GWh

Approx. $1.0 bil./yr(New factory)

During FY3/25 (planned)

Japan

N/A

Approx. 11-12 GWh(current)-＊Approved for “Attracting Powerful Economic Expansion (APEX)”, incentive programby the State of Kansas for investment promotion (as well as IRA tax credits)e.g.・Tax credits: Up to 15％ of capital investments
・Compensation: Up to 10% per year (not to exceed 10 years)

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

27

(Reference) FY3/23 Results by Segment (1H / 2H / Full-year)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

1H
Sales

2H

Adjusted
OP

YoY

YoY

Sales

AdjustedOP

YoY(% to sales)

Lifestyle

1,713.5

112%

68.3*1

Automotive

592.6

119%

-12.0

Connect

517.9

122%

-9.6

Industry

596.0

107%

43.7

Energy

469.8

124%

30.4

Other/
Eliminations &adjustments

174.1

-

4,063.9

115%

Total

Full-year

110%

122.4*1+21.3

1,297.5

122%

14.2

+34.5

1,125.7

122%

28.2

-20.0

1,149.9

102%

63.3

-22.9

971.8

126%

39.6

21.3

-1.6

350.7

-

46.4

-4.2

168.2

+10.3

8,378.9

113%

314.1

-43.6

54.1*1

-9.5

704.9

125%

26.2

-22.0

607.8

122%

37.8

-3.4

553.9

97%

19.6

-8.3

502.0

127%

25.1

-2.6

176.6

-

145.9

-53.9

4,315.0

112%

7.3%
6.5%

3.6%

YoY

(% to sales)

3,483.3

108%

-1.8%

YoY

-1.0

1,769.8

-2.0%

Sales

(% to sales)

-8.1

4.0%

YoY

Adjusted
OP

3.1%
3.7%
6.2%
3.6%

9.2
1.8%

3.9%

3.5%
1.1%
2.5%
5.5%
4.1%

3.7%

-9.1
+11.8

+12.5
-23.4
-31.2

Note: From FY3/23, management accounting adjustments to sales prices are included in each segment. Such adjustments were previously included in “Eliminations and adjustments.”(Figures for FY3/22 are reclassified to conform to the presentation for FY3/23)*1: Temporary expenses in China included
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

28

(Reference) FY3/23 Results - Lifestyle Segment by Divisional Company (1H / 2H / Full-year)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

1H

Sales

YoY

2H
Adjusted
OP

YoY

Sales

YoY

(% to sales)

437.9

113%

26.8

Heating &Ventilation A/C
Company (HVAC)

398.4

113%

16.9

Cold Chain
Solutions*3
Company (CCS)

168.7

129%

Electric Works
Company (EW)

468.9

111%

19.9

115%

25.0

6.1%

4.2%

5.6
3.3%

4.2%

-3.0

458.8

101%

26.0

-3.7

362.6

110%

4.7

+3.5

183.2

131%

+4.8

535.6

111%

32.1

101%

-2.1

*2

478.0

Adjusted
OP

YoY

Sales

YoY

(% to sales)

Living Appliancesand Solutions
Company (LAS)

China andNortheast Asia *1
Company (CNA) *4

Full-year

5.2%

+5.5

389.3

YoY

(% to sales)

5.7%

1.3%

6.7
3.7%

6.0%

-0.5%

Adjusted
OP

-7.5

896.7

107%

52.8

+3.8

761.0

112%

21.6

+5.6

351.9

130%

12.3

+2.3

1,004.5

111%

52.0

109%

22.9

*2

+0.3

867.3

-10.5

5.9%

+0.1

2.8%

+9.1

3.5%

+7.1

5.2%

*2

2.6%

+5.8

*1: Sales and profit of CNA (except Cold Chain (China) and Refrigeration and Air-Conditioning Devices) are also included in LAS, HVAC, and EW*2: Temporary expenses in China included*3: From 2Q FY3/23, business in China is excluded from the scope of consolidation of CCS (FY3/22 results are also reclassified to conform to FY3/23 presentation)*4: From 4Q FY3/23, part of Cold Chain related business is excluded from the scope of consolidation of CNA (FY3/22 results are also reclassified to conform to FY3/23 presentation)

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

29

(Reference) FY3/23 Segment Information

Lifestyle

Overview(yen: billions)YoY (year-on-year)

FY3/23Sales

3,483.3

110%(103%) *1

122.4

-9.1

Adjusted operating
profit(% to sales)(3.5%)

Other income/loss

-19.3

+4.0

Operating profit

103.1(% to sales)(3.0%)-5.1

Major increase/decrease factors

Adjusted OP

Heating & Ventilation
A/C Company

Cold Chain Solutions
Company

Electric Works
Company(yen: billions)

Heating &Ventilation A/C

3,165.6*1: In real terms excluding the effect of exchange rates

Living Appliancesand Solutions
Company

Sales increased: Steady sales in priority businesses (e.g. HVAC in Europe, electricalconstruction materials for Japan & overseas, showcases in North America), despite
decreased sales of consumer electronics in Japan (Shanghai lockdown and weakening
demand in 2H)+: Price revisions, reducing marketing expenses: Deteriorating external business environment (yendepreciation, price hikes in raw materials & logistics),
shrinking demand caused by inflation worldwide+: Increased sales for A2W in Europe

-

-3.6

Living Appliancesand Solutions+: Increased sales and effect of price revision-: Increased procurement costs due to price hikes inmaterials and yen depreciation

+82.1
+37.1

-

Other income/loss Restructuring expenses in FY3/22, etc.
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast-48.3
Others*2 Effect of
exchange
rates

Cold Chain
Solutions

FY3/23

OP decreased overall: Decreased sales of consumer electronics in Japan (not fully
countered by price revision effects), despite increased sales of priority businesses(e.g. HVAC in Europe, electrical construction materials for Japan & overseas,
showcases in North America)(yen: billions)

Heating &Ventilation A/C +6.1

+11.8

108.2

+1.3

+7.0

Electric
Cold Chain Works
Solutions

Living Appliancesand Solutions

FY3/22-13.9-21.4
Others*2

+4.0

103.1

Effect of Other
exchange income/
rates
loss

+: Increased sales of electrical construction materials forJapan and overseas: Raw material price hikes, procurement issues, etc.

3,483.3

FY3/22-: Deteriorating external business environment (e.g. raw

material price hikes, exchange rates), decreased sales due
to recession in property market in China+29.5+220.9

Electric
Works

Adjusted OP: -9.1
OP: -5.1

FY3/23*2: Cold Chain (China) and Refrigeration and Air-Conditioning Devices (including -5.2 billion yen of temporality expenses),sales of other segment products, segment head office, eliminations, etc.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

30

(Reference) FY3/23 Segment Information

Automotive

Overview
YoY (year-on-year)

FY3/23(yen: billions)

1,297.5

Sales
Adjusted operating
profit14.2(1.1%)(% to sales)

Other income/loss(yen: billions)

122%(113%) *1

+11.8

2.0

+3.0

Operating profit

16.2(% to sales)(1.3%)+14.8*1: In real terms excluding the effect of exchange rates

Major increase/decrease factors

Adjusted OP

Sales increased:
Recovery in automobile production of customers and effect of exchange rates
1,297.5+98.2• Price revisions to counter price hikes in parts & materials
effect of exchange rates+: • and
Automotive Cockpit
Progress in cost reduction efforts
Systems• Increased sales with recovery of automobile production

1,062.8

Others*2+23.4

Effect ofexchange
rates

FY3/22

FY3/23OP increased: Increased sales, price revisions to offset parts & materials
price hikes and effect of exchange rates, as well cost reduction efforts,
despite parts & materials price hikes (e.g. semiconductors) and increased
fixed costs(yen: billions) Automotive

Cockpit
Systems

+4.4

+12.3

-1.1

-3.8

+3.0

Effect ofexchange
rates

Other
income/loss

16.2

Others*2

Automotive
Electronics
Systems• Increased sales with recovery of automobile production
revisions to counter price hikes in parts & materials+:•• Price
Progress in cost reduction efforts

1.4
hikes in parts & materials (e.g. semiconductors)-: •• Price
Increased fixed costs (e.g. personnel costs for overseas)

Other income/loss+53.5

Automotive
Electronics
Systems-: • Price hikes in parts & materials (e.g. semiconductors)

Automotive
Electronics Systems+59.6

Automotive
Cockpit
Systems

Recording of expenses for early retirement program in FY3/22,
insurance reimbursement, etc.

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast

FY3/22Adjusted OP: +11.8
OP:+14.8

FY3/23*2: Sales of other segment products, etc.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

31

(Reference) FY3/23 Segment Information

Connect

Overview
YoY (year-on-year)

FY3/23(yen: billions)

1,125.7

Sales
Adjusted operating
profit28.2(2.5%)(% to sales)

Other income/loss

122%(110%) *1
+12.5

-7.3

-44.4

Operating profit

20.9(% to sales)(1.9%)-31.9*1: In real terms excluding the effect of exchange rates

Sales increased: Growth in Avionics, rugged mobile terminals for overseas
markets as well as Blue Yonder consolidation/increased sales, despite
decreased sales of Process Automation(yen: billions)

922.7

Process
Automation+42.4 -30.6
Avionics

BY

MobileSolutions

-1.5

+30.0

Media
Entertainment

+71.9

+8.9

Others+106.4 1,125.7

-18.5

-6.0

Impact ofaccounting
Gemba Solutions
treatment related
to BY acquisition

Effect ofexchange
rates

FY3/22

FY3/23Major increase/decrease factors+：Increased sales of connectivity and repair & maintenance

Adjusted OP

Avionics

services due to recovery in aircraft market demand

Process
Automation-：Decreased sales of mounting machines affected by investment

Media
Entertainment-：Decreased sales of professional AV cameras due to demand

slowdown for PCs and smartphones

OP increased: Increased sales of Avionics and rugged mobile terminals foroverseas markets, despite decreased sales of Process Automation and Gemba
Solutions(yen: billions)+24.7 -17.8

slowdown in China and Europe

MobileSolutions+：Increased sales of rugged mobile terminals for overseas
Mobile Solutions
Gemba Solutions
Blue Yonder (BY)

markets, and settlement of lawsuit over infringement ofdesign rights-：Decreased sales due to post-Olympic demand slowdown and

-2.6

52.8

impact of changes in sales mix＋：Sales growth of SaaS＋：Decreased impact of temporary accounting treatment related

Effect ofexchange
rates

+6.5

-9.2

Impact from re-evaluation of existing equity in Blue Yonder uponacquisition in FY3/22
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast

+3.4

+5.6

acquisition

FY3/22+0.2 -44.4+1.7

Others
Impact ofMedia
Gemba Solutions accounting
Avionics
Entertainment
treatment &amortization
Process
related to BY
Automation

to BY acquisition in FY3/22
Other income/loss

BY

20.9
Other
income/loss

Adjusted OP: +12.5
OP: -31.9© 2023 Panasonic Holdings Corporation. All Rights Reserved.

FY3/2332

(Reference) Blue Yonder’s KPIs

Connect
Recurring / SaaS ratio

Revenue / Adjusted OP (standalone)◼ Sales: Steady growth of SaaS / Profit: YoY increase for
2 consecutive quarters (3Q & 4Q FY3/23)◼ Both recurring ratio and SaaS ratio achieved steady sales
Recurring ratio（M US$）
309

309

289

310

307

66%

66%

66%

70%

69%
全体

全体

137 SaaS

39%
137

113

125

127

FY3/22 4Q

FY3/23 1Q

FY3/23 2Q

FY3/23 3Q

FY3/23 4Q

６

-11

20

24

Adjusted
６
OP

FY3/22 4Q

SaaS ARR (Annual Recurring Revenue)

538

510

491

FY3/23 1Q

586

575

SaaS ratio

FY3/23 3Q FY3/23 4Q(year-on-year)

110%

全体

111%

FY3/23 4Q

Notes: • ARR indicates secured annualized revenue during the year starting next quarter• All figures based on FY3/24 forecast rates (US$: 130 yen / Euro: 130 yen) to exclude FX effectFiscal 2023 Financial Results / Fiscal 2024 Financial Forecast

109%

FY3/22 4Q
Notes:

SaaS

SaaS

FY3/23 1Q

106%全体
サブスク

サブスク

100%

SaaS

FY3/23 3Q

108%
全体

サブスク

FY3/23 2Q

FY3/23 2Q

44%◼ Retention rate kept higher year-on-year,
and expected to achieve stable profit

サブスク

FY3/22 4Q

FY3/23 1Q

SaaS

サブスク

SaaS NRR (Net Revenue Retention)

全体

SaaS

41%

SaaS

44%

Notes: ・ Recurring
revenue business ratio in total revenue※全体売上に占める経常収益ビジネスの販売比率
・ All figures based on FY3/24 forecast rates (US$: 130 yen / Euro: 130 yen) to exclude FX effect◼ Continuing steady revenue growth(M US$)

40%

サブスク

FY3/23 2Q

FY3/23 3Q

FY3/23 4Q• Net revenue retention rate with existing customers• All figures based on FY3/24 forecast rates (US$: 130 yen / Euro: 130 yen) to exclude FX effect© 2023 Panasonic Holdings Corporation. All Rights Reserved.

33

(Reference) FY3/23 Segment Information

Industry
Sales decreased: Impact of semiconductor business termination, semiconductor
shortages as well as downturn in market conditions from 2H, despite increased sales(e.g. EV relays, relays for industrial use, capacitors for green vehicles)

Overview(yen: billions)

Sales

FY3/23

1,149.9

Adjusted operating
profit63.3(5.5%)(% to sales)

Other income/loss

YoY(year-on-year)

PID
Products*1

102%(93%) *2
-23.4

3.5

+7.0

Operating profit

66.8(% to sales)(5.8%)-16.4(yen: billions)

960.5
58.9

Adjusted OP+104.4 1,149.9

-19.3

-18.9

Electronic
Devices

61.9

-51.9

Others*3 Effect of
exchange
Electronic
rates
Materials(6.4%)+: Increased sales of relays for industrial use- : Changes in product mix, raw material price hikes- : Decreased sales due mainly to downturn in FA market in

FY3/22

FY3/23

OP decreased: Impact of semiconductor shortages, raw material price hikes as well as
downturn in market conditions from 2H, despite efforts such as price revisions &rationalization as well as effect of yen depreciation, etc.
(yen: billions)

83.2

-4.6

China

Control
Devices+: Price revisions
Electronic Devices - : Decreased sales due to downturn mainly in ICT terminal
market, raw material price hikes, utilization rateadjustment for inventory optimization

Electronic
Materials

-19.0

3.1

Major increase/decrease factors

FA Solutions

+26.5

FA
Control
Solutions
Devices(6.1%)*1 Figures of PID (Panasonic Industry Company) products exclude sales of other segment products (e.g.
compressor), etc.
*2: In real terms excluding the effect of exchange rates

Control Devices

1,128.1+: Price revisions, changes in product mix- : Decreased sales mainly due to downturn in

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast

Effect ofexchange
rates

-30.7
FA
Solutions+30.2
Electronic
Materials Others*3

-0.2

-7.3

+7.0

66.8

Other
income/loss

Adjusted OP: -23.4
OP: -16.4

semiconductor market, raw material price hikes

Other income/loss Impact of expenses for early retirement program in FY3/22

Electronic-10.8 Devices

FY3/22*3: Sales of other segment products, etc.

FY3/23© 2023 Panasonic Holdings Corporation. All Rights Reserved.

34

(Reference) FY3/23 Segment Information

EnergyOverview
YoY (year-on-year)

FY3/23(yen: billions)

971.8

Sales

126%
*1
(107%)

39.6(4.1%)(% to sales)

Other income/loss

-31.2

-6.4

-2.4

Operating profit

33.2(% to sales)(3.4%)-33.6*1: In real terms excluding the effect of exchange rates

Major increase/decrease factors

Adjusted OP+144.6

Industrial /Consumer

+78.2

-31.2

+: Increased sales with growing EV demand, productivity
improvement- : Raw material price hikes, time lag in price revisions,increased fixed costs (e.g. development expenses for
future growth)

Impairment loss resulted from termination of lead battery
business in China, etc.

971.8

Others*2+7.4
Effect ofexchange
rates

772.8

FY3/22
FY3/23
OP decreased: Raw material price hikes mainly for In-vehicle, decreased sales
for Industrial/Consumer, increased fixed costs (e.g. development expenses for
future growth)(yen: billions)

66.8

-20.3
Effect ofexchange
rates

-23.6

+: Power storage systems for data centers: Increased sales
on full-year basis
Industrial / - : Decreased sales affected by weakening market
conditions
Consumer(Li-ion batteries for ICT and consumer application, li-ion
primary batteries for BtoB), raw material price hikes, etc.

Other income/loss

In-vehicle(yen: billions)

Adjusted operating
profitIn-vehicle

Sales increased: Increased EV battery production & sales mainly in North
America with growing EV demand, price revisions and effect of exchange rates,
despite decreased sales for Industrial/Consumer by weakening market condition

In-vehicle

+12.7
+0.0

Industrial /Consumer
FY3/22Others*2

Adjusted OP: -31.2
OP: -33.6

-2.4

33.2

Other
income/loss

FY3/23*2: Segment head office, eliminations, etc.

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

35

(Reference) Automotive Batteries: Progress in Future Growth Initiatives

Energy✓ 2170 cells: In February 2023, building construction began for the new factory in Kansas.
Production is scheduled to begin during FY3/25.
Production capacity expansion target

Outline of new facility in Kansas
・ Location: De Soto, Kansas, United States

Reno, Nevada
・ Construction start: November 2022

DeSoto, Kansas

・ Mass production start: During FY3/25 (planned)• Aim to enhance line up & expand production of
automotive cylindrical lithium-ion batteries inNorth America
Aim for approx. 3-4 times
Global production capacity:(GWh)

vs FY3/23

・ To manufacture: 2170 cells
・ Initial production capacity: Approx. 30 GWh/year
North
America,etc.

Approx.
50 GWhJapan

Kansas factory (image)

Groundbreaking ceremony (Nov. 2022)

FY3/23

FY3/26

FY3/29✓ 4680 cells: Mass production is rescheduled to begin during the first half of FY3/25
to introduce performance improvement measures that will further enhance competitivenessFiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

36

(Reference) FY3/23 Operating Profit & Net Profit(yen: billions）

FY3/23

FY3/22

YoY (year-on-year)

Operating profit

288.6

357.5

-68.9

Non-operating income/loss

27.8

2.9

+24.9

Profit before income taxes

316.4

360.4

-44.0

Income taxes

-35.8

-95.0

+59.2

Net profit

280.6

265.4

+15.2

Net profit attributable to Panasonic Holdings
Corporation stockholders

265.5

255.3

+10.2

Net profit attributable to non-controlling interests

15.1

10.1

+5.0

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

37

(Reference) Medium-term Management Indicators: KGI(yen: billions）

Cumulative Operating CF(FY3/23-25)

ROIC(FY3/25)

Lifestyle660

10.0% or more

Automotive

200

8.5%

Connect

260

4.6%

Industry390 or more

20.0%

Energy

330

12.0%

2,000

ROE 10% or moreGroup Total

Note: Above data from presentation materials of Group CEO Briefing (April 1, 2022) and IR Day 2022 (June 1 & 2, 2022)

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

38

(Reference) List of Voluntarily Disclosed Businesses in FY3/23
Lifestyle(Panasonic Corporation)

Businesses with Sales Disclosed

Major Business Divisions, etc.

Living Appliances andSolutions Company(LAS): Kitchen Appliances BD• Kitchen Appliances• Laundry Systems and Vacuum Cleaner : Laundry Systems and Vacuum Cleaner BD• Beauty and Personal Care
: Beauty and Personal Care BD

Heating & Ventilation
A/C Company (HVAC)• Heating and Cooling Solutions• Ecology Systems

Cold Chain Solutions
Company (CCS)Electric Works
Company (EW)

• Lighting• Energy Systems• Other

Note 1: Sales and profit of CNA (except Cold Chain (China) and Refrigeration and AirConditioning Devices) are also included in LAS, HVAC, and EW: Heating and Cooling Solutions BD: Panasonic Ecology Systems Co., Ltd.
: Hussmann Corporation, Cold Chain BD: Lighting BD: Energy Systems BD: Smart Energy Systems BD

China and Northeast
Asia Company (CNA)-: Smart Life Appliances BD, Building and Housing Solutions BD, Cold Chain (China) BD,
Refrigeration and Air-Conditioning Devices BD, Taiwan BD

Others-: 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.

• Avionics• Process Automation• Media Entertainment• Mobile Solutions• Gemba Solutions• Blue Yonder• Others: Panasonic Avionics Corporation, Avionics BU: Process Automation BD: Media Entertainment BD: Mobile Solutions BD: Gemba Solutions Company: Blue Yonder Holding, Inc.
: Other businesses, eliminations, etc.

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

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

Other

• Entertainment & Communication• Housing: Panasonic Entertainment & Communication Co., Ltd.
: Panasonic Housing Solutions Co., Ltd.

Automotive(Panasonic Automotive Systems
Co., Ltd.)

Connect( Panasonic Connect Co., Ltd.)

Industry(Panasonic Industry Co., Ltd.)•

車載(Panasonic EnergyCo., Ltd.)• その他

Eliminations & adjustments

Note 2: Equity method income/loss of Prime Planet Energy & Solutions, Inc.
is included in “Eliminations & adjustments”• Eliminations of intersegment transactions, adjustments of profits and losses not attributable to any segments, and adjustments of consolidations, etc.

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

39

(Reference) Changes in Voluntarily Disclosed Businesses
Changes in Voluntarily Disclosed Businesses (1Q FY3/24 onwards)

Lifestyle

Living Appliances andSolutions Company

Living Appliances andSolutions Company

Heating & Ventilation A/C
Company• Heating and Cooling
Solutions• Ecology Systems
Cold Chain Solutions
Company

Heating & Ventilation A/C
Company• Europe• Japan• China & Northeast Asia
Cold Chain Solutions
Company

Electric Works Company

Electric Works Company• Lighting• Energy Systems• Lighting• Electrical Construction
Materials & Living Energy
China and Northeast Asia
Company

China and Northeast Asia
Company

Control Devices

Electronic Devices

FA Solutions

FA Solutions

Industry
Electronic Devices
Electronic Materials✓ Disclosure by region✓ Organizational changes inbusiness divisions✓ Part of former “Lighting” businessexcluded✓ Integrated former “Control
Devices” and “Electronic Devices”(Part of “Control Devices”
transferred to “Others” in Industry)

Electronic Materials*Adjusted OP to be disclosed in some of voluntarily disclosed businesses from 1Q FY3/24 results announcement(Details on next slide)
Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

40

(Reference) List of Voluntarily Disclosed Businesses in FY3/24
Lifestyle(Panasonic Corporation)

Businesses with Sales Disclosed(Adjusted OP will also be disclosed for underlined businesses)

Major Business Divisions, etc.

Living Appliances andSolutions Company(LAS): Kitchen Appliances BD• Kitchen Appliances• Laundry Systems and Vacuum Cleaner : Laundry Systems and Vacuum Cleaner BD• Beauty and Personal Care
: Beauty and Personal Care BD

Heating & Ventilation
A/C Company (HVAC)

Sales disclosed by region (Europe, Japan, China & Northeast Asia)
Major Business Divisions: HVAC BD Europe, Commercial Equipment Solutions BD, Residential System Equipment BD

Cold Chain Solutions
Company (CCS)Electric Works
Company (EW)

• Lighting• Electrical Construction Materials &Living Energy

Note 1: Sales and profit of CNA (except certain businesses) are also included in
LAS, HVAC, and EW: Hussmann Corporation, Cold Chain BD: Lighting BD: Electrical Construction Materials & Living Energy BD

China and Northeast
Asia Company (CNA)-: Smart Life Appliances BD, Building and Housing Solutions BD, Taiwan BD

Others-: 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.

• Avionics• Process Automation• Media Entertainment• Mobile Solutions• Gemba Solutions• Blue Yonder• Others: Panasonic Avionics Corporation, Avionics BU: Process Automation BD: Media Entertainment BD: Mobile Solutions BD: Gemba Solutions Company: Blue Yonder Holding, Inc.
: Other businesses, eliminations, etc.

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

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

Other

• Entertainment & Communication• Housing: Panasonic Entertainment & Communication Co., Ltd.
: Panasonic Housing Solutions Co., Ltd.

Automotive(Panasonic Automotive Systems
Co., Ltd.)

Connect( Panasonic Connect Co., Ltd.)

Industry(Panasonic Industry Co., Ltd.)•

車載(Panasonic EnergyCo., Ltd.)• その他

Eliminations & adjustments

Note 2: Equity method income/loss of Prime Planet Energy & Solutions, Inc.
is included in “Eliminations & adjustments”• Eliminations of intersegment transactions, adjustments of profits and losses not attributable to any segments, and adjustments of consolidations, etc.

Fiscal 2023 Financial Results / Fiscal 2024 Financial Forecast© 2023 Panasonic Holdings Corporation. All Rights Reserved.

41