Fiscal 2024 Third Quarter
Financial Results
February 2, 2024
Panasonic Holdings Corporation

Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “Fiscal 2024” or “FY3/24” refers to the year ending March 31, 2024.

 This presentation gives the consolidated financial results ofPanasonic Holdings Corporation for the third quarter of fiscal 2024 (FY3/24)
ended December 31, 2023.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

Summary of FY3/24 3Q Financial Results
 US Inflation Reduction Act (IRA)‧ Assumed amount equivalent to tax credit and to be effectively used with customers recorded on P/L(same as 1Q & 2Q)‧ Proposed rules for section 45X released in December 2023: Only partial contents were added;
No major changes (details on p23)
 FY3/24 3Q Financial Results: Both sales and profit increased (even excluding IRA impact)‧ Overall sales increased:
Increased sales (Automotive) and currency translation, despite decreased sales (Lifestyle, Industry)‧ Adjusted operating profit increased:
Increased profit of Lifestyle, Automotive and Energy, despite decreased profit of Connect and Industry‧ Net profit* increased due to above factors as well as improvements in finance income/expenses, etc.
‧ Operating CF (9 months) significantly increased year-on-year due mainly to reduced inventories
 FY3/24 Full-year Forecast‧ Groupwide: Forecast remains unchanged(Not factored-in: Partnership with Apollo regarding Panasonic Automotive Systems’ business)‧ By segment: Forecast revised reflecting changes in each business environment Both sales and profit revised upward for Automotive; revised downward for Lifestyle Sales revised upward for Connect and Energy* Net profit attributable to Panasonic Holdings Corporation stockholders
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

1 Regarding the US Inflation Reduction Act (IRA), the accounting treatment is thesame as 1Q and 2Q.
Also, proposed rules for section 45X was released in December 2023.
There are no major changes to the contents.
 Next, the results for FY3/24 3Q.
Both sales and profit increased, even excluding IRA impact.
 Overall sales increased due to increased sales in Automotive and currencytranslation, despite decreased sales in Lifestyle and Industry.
 Adjusted operating profit increased overall due to increased profit in Lifestyle,
Automotive and Energy, despite decreased profit in Connect and Industry.
 Net profit increased due mainly to the above factors, as well as improvements infinance income/expenses.
 Operating CF for nine months significantly increased year-on-year, due mainly to
reduced inventories.
 For the FY3/24 full-year forecast, the groupwide forecast remains unchanged.
The partnership with Apollo regarding Panasonic Automotive Systems’ businessannounced in November 2023, is not factored-in to our forecast.
 By segment, the forecasts are revised reflecting changes in each businessenvironment. In Automotive, both sales and profit are revised upward.
On the other hand, in Lifestyle, both sales and profit are revised downward.
In Connect and Energy, sales is revised upward.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

1

Impact of US IRA Tax Credit on Financial Results & Forecast(Same as 1Q & 2Q)
 Among monetization methods “Deductible tax credit” “Refundable tax credit (direct pay)” & “Transferable tax credit,” assuming to elect “Refundable”
for FY3/24
 Half of total tax credit amount recorded in adjusted OP, assuming effective use of credit with customers toward strengthening/expanding North
America business, taking into consideration the aim of US IRA (reduce excessive inflation and promote energy policies in US)

Amount recorded on P/L*1:

FY3/24 3Q
results
FY3/24full-year forecast

Sales

Adjusted OP(Energy Segment)(Energy Segment)*2

Tax credit

47.8*3
Effective use with customers -25.8*2*4*1: Monetization expected after a certain time lag from P/L recording

Tax credit

Adjusted OP
Income taxes

22.0
6.4*6

110.0 bil. yen

85.0 bil. yen-99.0 bil. yen
Equivalent to FY3/24-92.0
Profit recorded for FY3/23 -7.0

28.4 bil. yen

22.0 bil. yen-25.8 bil. yen
Equivalent to 3Q-23.9
Profit recorded for FY3/23 -1.9

Net profit
attributable to Panasonic Holdings
Corporation stockholders

184.0*5
4
Effective use with customers -99.0 *Adjusted OP
Income taxes

85.0
25.0*6

Unchanged
from Oct. 30
forecast*3: FY3/24 3Q production & sales: 9.3 GWh x $35/kWh x 148 yen/dollar*4: -92.0 bi. yen: half of tax credit for FY3/24 (184.0 bil. yen)
*2: Amount equivalent to be effectively used with customers recorded as deduction of-7.0 bil. yen: amount equivalent to FY3/24 out of the half of 40.0 bil. yen recorded
sales (while method of “effective use” is undetermined, revenue recognition standard
in profit in FY3/23 4Q
is applied)*5: FY3/24 production & sales forecast: 37 GWh x $35/kWh x 142 yen/dollar-23.9 bil. yen: half of tax credit for FY3/24 3Q (47.8 bil. yen)
-1.9 bil. yen: amount equivalent to FY3/24 3Q out of the half of 40.0 bil. yen recorded *6: “IRA tax credit” is a non-taxable income. In addition, amount effectively used withcustomers to be recorded in deferred tax assets, since it is applicable forin profit in FY3/23 4Q
deferred tax accounting(multiple-year accrual accounting applied from FY3/24, to be recorded each quarter)
Note: Contents of this slide are subject to change (e.g. detailed rules)
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

2

 First, I will explain the impact of the US IRA tax credit on our financial results andforecast. The accounting treatment and items remain unchanged
from FY3/24 1Q. The amount recorded for 3Q and full-year forecast are shownon this slide. The full-year forecast remains unchanged.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

2

Fiscal 2024 Third Quarter Financial Results
Fiscal 2024 Full-Year Financial Forecast

 I will explain the details of the consolidated financial results for FY3/24 3Q
from the next slide.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

3

FY3/24 3Q Financial Results(yen: billions)

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

FY3/24 3Q

Excl. IRA impact

2,180.9

Sales
Adjusted operating profit*1(% to sales)

Other income/loss*2

2,206.7

FY3/23 3Q

2,160.6

126.1

104.1

85.9

(5.8%)(4.7%)(4.0%)

1.4

1.4

-1.5

Operating profit

127.5

105.5

84.4

(% to sales)(5.8%)(4.8%)(3.9%)

Profit before income taxes

144.5

122.5

(% to sales)(6.6%)(5.6%)Net profit attributable toPanasonic Holdings Corporation
stockholders (% to sales)

110.8

82.4

55.6

(5.1%)(3.7%)(2.6%)EBITDA*4 (% to sales)

Exchangerates

1 US dollar

YoY (year-on-year)

88.8（4.1%)

239.2

217.2

191.9

(11.0%)(9.8%)(8.9%)

148 yen

148 yen142 yen

1 Euro159 yen

159 yen

144 yen1 Renminbi

20.4 yen

20.4 yen

19.9 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” asindicated in the Consolidated Statements of Profit or Loss of the news release

Excl. IRA impact

101%（98%)*3+20.3（-40.2)*3

102%（99%)*3+46.1（-14.4)*3

147%

+40.2

121%

+18.2

-

+2.9

-

+2.9

151%

+43.1

125%

+21.1

163%

+55.7

138%

+33.7

200%

+55.2

148%

+26.8

125%

+47.3

113%

+25.3

*3 Excluding effect of exchange rates*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 thatare applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation ofassets and liabilities” upon Blue Yonder acquisition

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

4

 For the consolidated financial results, both sales and profit increased, as
shown on this slide.
 Overall sales increased to 2,180.9 billion yen by 1% year-on-year.
Sales in real terms, excluding the effect of exchange rates, decreased slightly
by 2% year-on-year.
 Adjusted operating profit increased by 40.2 billion yen to 126.1 billion yen andoperating profit increased by 43.1 billion yen to 127.5 billion yen.
 Both profit before income taxes and net profit increased, due mainly tothe above factors, as well as the improvements in finance income/expenses
by the rise in interest rates.
 Even excluding IRA impact, profit increased, as shown on the right.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

4

FY3/24 3Q Results by Segment(yen: billions)

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

Sales

YoY
(excl. FX)

AdjustedOP(% to sales)

37.7

Lifestyle *4

897.7

99%
(97%)

4.2%

Automotive

404.7

117%
(112%)

5.5%

Connect *4

299.1

104%
(101%)

2.9%

Industry

266.8

92%
(88%)

4.1%

Energy

228.8

92%
(89%)

13.4%

254.6

103%
(99%)

3.4%

83.8

ー

16.0

2,180.9

101%
(98%)

126.1

Excl.
IRA impact
Other/*4
Eliminations & adjustments

Total

22.1
8.6
11.1
30.6
8.6

5.8%

YoY

Other
income/
loss

YoY

+6.6

-1.8

-1.2

+10.6

0.5

-0.5

-5.3

0.4

+0.5

-5.6

0.6

+2.3

+30.0

-0.4

0.0

+8.0

-0.4

0.0

+3.9

2.1

+1.8

+40.2

1.4

+2.9

OP
(% to sales)

35.9
4.0%

22.6
5.6%

9.0
3.0%

11.7
4.4%

30.2
13.2%

8.2
3.2%

18.1
127.5
5.8%

YoY
+5.4
+10.1
-4.8
-3.3
+30.0
+8.0
+5.7
+43.1

EBITDA*1(% to sales)

YoY

63.9
7.1%

37.4
9.2%

28.1 *2
9.4%

26.8
10.1%

48.5 *3
21.2%

26.5 *3
10.4%

34.5
239.2
11.0%

+7.7
+9.8
-3.9
-2.8
+31.5
+9.5
+5.0
+47.3

*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: From FY3/24 3Q, due to certain business transfers among Lifestyle, Connect and Other/Eliminations & adjustments segments, prior year amounts have been reclassified accordingly
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

5

 This slide shows the results by segment.
The analysis of year-on-year comparison for sales and operating profit are
shown in the next slides.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

5

FY3/24 3Q Sales Analysis by Segment
Overall sales increased: Increased sales (Automotive) and currency translation, despite decreased sales (Lifestyle, Industry)(yen: billions)

2,160.6-26.8
Lifestyle+ 42.1

+1.5

-33.9

Other/Eliminations & adjustments
Entertainment &Communication-36.2

Connect
Automotive• Sales decrease
in real terms: -10.4• IRA impact: -25.8+ 8.1

Industry-13.6

In-vehicle Industrial / Consumer,
others

Housing-3.5

Head office/Eliminations, etc.

+ 60.52,180.9+ 22.1
Effect ofexchange
rates

EnergyFY3/233Q

FY3/24
Excluding effect of exchange rates: -40.2 (98%)
3Q+20.3 (101%)
Major increase/decrease factors (excluding effect of exchange rates)
YoY % figures represent the year-on-year change relative to the previous year's figures
Decreased overall: Weakening demand for HVAC with deteriorated market conditions in Europe, decreased sales of consumer
electronics mainly in Asia and China, and deconsolidation impact of part of China business, despite steady sales continuing for cold chain
Lifestylein North America and electrical construction materials
Automotive

Increased: Recovery in automobile production of our customers

Connect

Increased: Increased sales of Avionics, Gemba Solutions and Blue Yonder, despite decreased sales of Process Automation

Industry

Decreased: Downturn in market conditions (e.g. FA in China, ICT infrastructure) and changes in semiconductor sales channel, despite
increased sales of capacitors for green vehicles and products for generative AI servers (capacitors, multi-layer circuit board materials)• In-vehicle: Decreased due to decreased production & sales at Japan factory, despite favorable sales in North America with increased
demand and improved productivity• Industrial / Consumer: Increased: Driven by energy storage systems for data centers with expanding generative AI market, despite
weakness in batteries for consumer products and power equipment• Entertainment & Communication: Decreased overall with some product categories affected by deteriorating market conditions, despite
Other/
Eliminations & favorable sales of digital cameras
adjustments • Housing: Decreased affected by deteriorating market conditions
EnergyFiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

6

 This slide shows our sales analysis by segment.
 In Lifestyle, overall sales decreased.
This is due to decreased sales of HVAC business affected by weakening demandin Europe, decreased sales of consumer electronics mainly in Asia and China andthe deconsolidation of part of businesses in China, despite steady sales
continuing for cold chain business in North America and electrical construction
materials.
 In Automotive, sales increased due to recovery in automobile production of ourcustomers.
 In Connect, sales increased in Avionics, Gemba Solutions and Blue Yonder,
despite decreased sales of Process Automation.
 In Industry, sales decreased. This is due mainly to the downturn in market
conditions for FA in China and ICT infrastructure, despite increased sales ofcapacitors for green vehicles and capacitors & multi-layer circuit board materials
for generative AI servers.
 In Energy, sales in In-vehicle decreased due to decreased production and sales at
Japan factory, despite favorable sales with increasing demand and improved
productivity at North America factory.
Sales in Industrial / Consumer increased driven by energy storage systems fordata centers with expanding generative AI market, despite weakness in batteries
for consumer products and power equipment.
 Within Other / Eliminations & adjustments, sales of both Entertainment &Communication and Housing decreased due to deteriorating market conditions.
© 2024 Panasonic Holdings Corporation. All Rights Reserved.

6

FY3/24 3Q Operating Profit Analysis by Segment
Adjusted OP increased: Increased in Lifestyle, Automotive and Energy, despite decreased in Connect and Industry
IRA impact: +22.0(yen: billions)

+ 6.6

84.4

Lifestyle+ 10.6
Automotive-5.3
Connect+ 25.0

+ 5.0

+ 3.9

In-vehicle

Industrial /Consumer,othersOther/
Eliminations &adjustments-5.6
Industry

+ 2.9

127.5

Other
income/loss

EnergyAdjusted OP: +40.2

FY3/233Q

FY3/243Q

OP: +43.1

Adjusted OP: Major increase/decrease factors
Lifestyle

Increased overall: Increased sales (e.g. cold chain, electrical construction materials) and impact of temporary expenses in FY3/23,
despite decreased sales of HVAC and consumer electronics

Automotive

Increased: Increased sales, price revisions to counter price hikes in parts & materials, and rationalization efforts, despite increased fixed
costs (increased personnel expenses) and persisting impact of price hikes in parts & materials

Connect
Industry

EnergyDecreased: Decreased sales in Process Automation and increased strategic investment of Blue Yonder, despite increased sales ofAvionics and Gemba Solutions
Decreased: Decreased sales affected by downturn in market conditions, despite price revisions & rationalization to counter price hikes
in raw materials & energy costs caused by inflation, as well as effect of yen depreciation• In-vehicle: Increased: Increased sales in North America and improved balance between raw materials and selling price, despite
decreased sales at Japan factory and increased fixed costs for future growth• Industrial / Consumer: Increased: Increased sales of energy storage systems for data centers with expanding generative AI market,
despite decreased sales (e.g. batteries for consumer products and power equipment)
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

7

 This slide shows our adjusted operating profit analysis by segment.
 In Lifestyle, overall profit increased due mainly to increased sales of cold chain
and electrical construction materials as well as recording of temporary
expenses in FY3/23, despite decreased sales of HVAC and consumer
electronics.
 In Automotive, profit increased. This is due mainly to increased sales, pricerevisions to counter price hikes in parts & materials, and rationalization efforts,
despite increased fixed costs, as well as persisting impact of price hikes inparts & materials.
 In Connect, profit decreased due mainly to decreased sales in Process
Automation and increased strategic investment of Blue Yonder, despite
increased sales in Avionics and Gemba Solutions.
 In Industry, profit decreased due mainly to decreased sales affected by the
downturn in market conditions.
 In Energy, for In-vehicle, profit increased due to increased sales in North
America and improved balance between raw materials and selling price,despite decreased sales at Japan factory and increased fix costs.
For Industrial / Consumer, profit increased due to increased sales of energy
storage systems for data centers with expanding generative AI market, despite
decreased sales of batteries for consumer products and power equipment.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

7

Lifestyle Segment: FY3/24 3Q Results by Divisional Company(yen: billions)

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

Sales

YoY
(Excl. FX)

Adjusted

YoYOP(% to sales)

Living Appliances andSolutions Company
(LAS)

238.4

99%
(96%)

Heating & Ventilation
A/C Company (HVAC)

186.1

98%
(95%)

-0.3%

Cold Chain Solutions
Company (CCS)

101.9

110%
(106%)

4.8%

Electric Works
Company (EW)

271.7

104%
(105%)

7.9%

China andNortheast Asia
Company (CNA)*1 & *3

195.9

93%
(91%)

4.2%

15.6
6.5%

-0.6
4.9
21.4

8.2

Other
income/
loss

OP

YoY

(% to sales)

-5.3

-4.9

-3.8

-2.2

-0.6

-2.7

+1.2

0.0

+0.0

+6.1

-0.5

+1.7

+10.3

-3.6

-3.1

10.7
4.5%

-1.2
-0.7%

4.9
4.8%

20.9
7.7%

4.6
2.3%

YoY

-9.1

-4.9

+1.2

+7.8

+7.2

EBITDA*2(% to sales)

YoY

17.3
7.3%

6.5
3.5%

7.4
7.3%

28.1
10.3%

10.0
5.1%

-8.6

-3.5

+1.5

+8.1

+7.4

*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)*3 From FY3/24 3Q, due to certain business transfers among Lifestyle (China and Northeast Asia Company, etc.), Connect and Other/Eliminations & adjustments segments, prior year amounts
have been reclassified accordingly
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

8

 This slide shows the results of Lifestyle by divisional company.
 Both sales and profit decreased in Living Appliances and Solutions Company
and Heating & Ventilation A/C Company.
Both sales and profit increased in Cold Chain Solutions Company and ElectricWorks Company.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

8

FY3/24 3Q Operating Profit Analysis (by Factor)
Adjusted OP increased: Progress in price revisions and rationalization, amount equivalent to IRA tax credit
recorded as profit, etc.
Other
IRA impact(yen: billions)Price revisions,rationalization,
etc.

-7.4

Fixed costs-17.5

Price hikes in
raw materials &logistics• Strategic investment:-10.0• Inflation (personnel expenses, energy costs): -11.0• Management structure improvements, etc.: +3.5

-6.8

+4.3

income/loss

127.5

+2.9

+: Industry, Energy

BY Adjusted OP Breakdown+2.4• Raw materials: -1.0
• Logistics:+3.4• Price revisions:+23.0• Rationalization, etc.:+5.8
・ Impact of FY3/23 temporary factors in China(Lifestyle):+14.4

FY3/233Q

Effect ofBlue Yonder (BY) exchange rates

+43.2

Sales
increase/decrease
in real terms

84.4

+22.0

Year-on-Year

FY3/243Q

FY3/23
3Q

Adjusted OP (stand alone)
excluding investments*

2.0

3.1

-1.1

-1.2

(1) Adjusted OP (stand alone)

-3.2

2.7

-5.9

-5.7

-6.1

-4.7

-1.4

-1.1

-9.3

-2.0

-7.3

-6.8

(2) Amortization expenses related toacquisition + temporary accounting
treatment
Adjusted OP (consolidated) (1)+(2)excl. FX

* Excluding impact of strategic investment andsynergy investment (details on page 35)

FY3/24
3Q

Adjusted OP: +40.2
OP: +43.1

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

9 This slide shows our operating profit analysis by factor.
 From the left, decreased profit from decreased sales in real terms was adecrease factor of 7.4 billion yen. The increase in fixed costs was a decrease
factor of 17.5 billion yen. This is due mainly to investments in Energy, aimed atbusiness growth, as well as the impact of inflation.
 Price hikes in raw materials and logistics turned to an increase factor of
2.4 billion yen. The counter effect of efforts, such as price revisions andrationalization, was an increase factor of 43.2 billion yen.
 Looking at other individual factors, the impact of IRA was an increase factor of
22.0 billion yen and decreased profit of Blue Yonder was a decrease factor of
6.8 billion yen. The breakdown is shown in the bottom-right box.
 The effect of exchange rates was an increase factor of 4.3 billion yen, mainly
seen in Industry and Energy.
 As a result, adjusted operating profit increased by 40.2 billion yen. Operating
profit increased by 43.1 billion yen.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

9

FY3/24 Nine-Month (Apr. - Dec.) Cash Flows and Cash Positions
 Operating CF increased significantly year-on-year due mainly to reduced inventories
 Aim to further generate operating CF through profitability improvement and inventory reduction, etc.

Gross cash & interest-bearing debt / Net cash

Cash Flow(yen: billions)(yen: billions)

Gross cash*
865.7

Reduced inventories, etc.

598.3

1,090.9

Others313.7
FY3/23
9M
Operating CF

Net profit

Operating
CF

218.0

Bonds, etc. -1,209.4-380.3

InvestingCF-502.8Net cash -591.4
Lease liabilities

FCF-247.7

Interest-1,457.1
bearing debt
End of FY3/23-1,328.2-265.5-1,593.7
End of FY3/24 3Q* Gross cash: total of “Cash and cash equivalents” and time deposits andothers included in “Other financial assets”
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

10

 This slide shows the situation of cash flows and cash positions for nine months
in FY3/24.
 On the left, operating cash flow was 598.3 billion yen with a significant increaseyear-on-year due mainly to reduced inventories.
 Going forward, we aim to further generate operating cash flow through such
efforts as improving profitability and reducing inventories.
 On the right, net cash was a negative of 502.8 billion yen, improved from theend of FY3/23.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

10

Fiscal 2024 Third Quarter Financial Results
Fiscal 2024 Full-Year Financial Forecast

 I will explain the consolidated financial forecast for FY3/24 from the next slide.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

11

FY3/24 Full-Year Forecast (Unchanged from Oct. 30)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

FY3/24 (e)Excl. IRA impact

FY3/23

YoY

Excl. IRA impact

Excl. IRA impact

8,400.0

8,499.0

8,378.9

8,378.9

100%

+21.1

101%

+120.1

Adjusted operating profit*1

400.0

315.0

314.1

314.1

(% to sales)(4.8%)(3.7%)(3.7%)(3.7%)

127%

+85.9

100%

+0.9

Other income/loss*2
Operating profit

0.0
400.0

0.0
315.0

-25.5
288.6

-25.5
288.6

(% to sales)(4.8%)(3.7%)(3.4%)(3.4%)

Sales

Profit before income taxes

455.0

370.0

316.4

316.4

(% to sales)(5.4%)(4.4%)(3.8%)(3.8%)Net profit attributable to Panasonic

ー

+25.5

ー

+25.5

139%

+111.4

109%

+26.4

144%

+138.6

117%

+53.6

173%

+194.5155%+124.5ー+83.32 yenーー

460.0 *5350.0*5

265.5*5225.5(5.5%)(4.1%)(3.2%)(2.7%)

EPS*3

197.07 yenー

113.75 yen

ー

ROE

12.0%
850.0

ー
765.0

7.8%
718.4

ー

ー

+4.2%

ー

ー

718.4

(10.1%)(9.0%)(8.6%)(8.6%)

118%+131.6

106%

+46.6

1 US dollar

142 yen142 yen

135 yen

135 yen+7 yen+7 yen1 Euro154 yen

154 yen141 yen141 yen+13 yen+13 yen1 Renminbi

20.0 yen

20.0 yen

19.8 yen

19.8 yen+0.2 yen+0.2 yen

Holdings Corporation stockholders(% to sales)

EBITDA*4 (% to sales)

Exchangerates*4 Total amount of Operating profit, Depreciation (Tangible assets including property, plant*1 Sales - Cost of sales - SG&A
and equipment/ Right-of-use assets) and Amortization (Intangible assets).
*2 “Other income (expenses), net” + “Share of profit (loss) of
Adjusted with: - amount equivalent to depreciation corresponding to underlying assets
investments accounted for using the equity method” as indicated inthat are applied with Lease accounting treatment as a lessor
the Consolidated Statements of Profit or Loss of the news release- impact of temporary accounting treatment related to “re-evaluation of*3 Basic earnings per share attributable to Panasonic Holdings
assets and liabilities” upon Blue Yonder acquisition
Corporation stockholders
Fiscal 2024 Third Quarter Financial Results*5 Including recording of deferred tax assets,etc. (121.3 bil. yen) with the liquidation ofPanasonic Liquid Crystal Display Co., Ltd.
(through Special Liquidation) and its debts
waiver, resolved by the Board of Directors© 2024 Panasonic Holdings Corporation. All Rights Reserved.

12 This slide shows the consolidated financial forecast for FY3/24.
The groupwide forecast remains unchanged from October 30, 2023.
However, the forecasts by segment are revised reflecting changes in eachbusiness environment. Details are explained from the next slides.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

12

FY3/24 Full-Year Forecast Revision by Segment
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

Sales

YoY

Lifestyle *5

3,480.0100%(-11.3)

Automotive
Connect *5

1,180.0

Industry

Difference Adjusted
fromOP
forecast(Oct. 30) (% to sales)

-20.0

125.0

1,490.0 (+192.5)

+30.0

43.0

105%
(+58.8)

+10.0

55.0

1,040.0 (-109.9)

0.0

30.0

906.0

93%
(-65.8)

+26.0

115.0

Excl. IRA
impact

1,005.0103%(+33.2)

+26.0

30.0

Other/
Eliminations &adjustments *5

304.0(-43.2)-46.0

8,400.0100%(+21.1)

0.0

Energy

Total

115%

90%

YoY

Difference
fromforecast(Oct. 30)

Other
income/loss

YoY

Difference
fromforecast(Oct. 30)OP(% tosales)

+27.8

+10.0

104.0

+26.3

+10.0

+29.6

0.0

125.0 *2 +25.8

0.0

-38.8

0.0

88.0

-37.4

0.0

+79.8

0.0

184.0 *3 +85.5

0.0

-5.2

0.0

99.0*3

+0.5

0.0

55.0

+6.3

+6.0

126.0

+14.6

+5.0

400.0

+111.40.0

850.0+131.6

0.0

44.0

-5.0

+2.3

0.0

50.0

0.0

-2.0

-5.5

0.0

28.0

+75.4

0.0

-2.0

+4.4

0.0

113.0

-9.6

0.0

-2.0

+4.4

0.0

28.0

32.0

-14.6

+5.0

23.0 +20.9

+1.0

400.0

+85.9

0.0

0.0 +25.5

0.0

4.7%
2.9%
12.7%
3.0%

4.8%

+10.0

1.0

+27.3

0.0

-33.3

Difference
fromforecast(Oct. 30)

-15.0

0.0

+28.8

YoY

223.0*4 +16.8

-1.0

2.9%

-15.0

EBITDA*1(% to sales)-16.0

110.0*4-15.0*4 +4.4

＋2.3

Difference
fromforecast(Oct. 30)

+6.7

-1.0

3.6%

YoY

3.2%
3.0%
4.2%
2.7%
12.5%
2.8%

4.8%

6.4%
7.0%

10.6%

8.5%
20.3%

9.9%

10.1%

*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 Additional recall-related expenses of HVAC included*5 From FY3/24 3Q, due to certain business transfers among Lifestyle, Connect and Other/Eliminations & adjustments segments, prior year amounts have been reclassified accordingly
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

13

 This slide shows the full-year forecast revision by segment.
 Major factors for the revision are explained on the next slide.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

13

FY3/24 Full-year Forecast Revision Factors (by Segment)
Major factors for revision (vs. forecast as of October 30)

LifestyleBoth sales & profit revised downward• Sales: Deteriorating market conditions for overseas consumer electronics
business and worsening business environment for HVAC business,
mainly A2W in Europe, despite steady sales of cold chain andelectrical construction materials• Profit:

Sales / Adjusted OP

Automotive

Affected by decreased sales of HVAC and consumer electronics,
despite steady sales of cold chain and electrical construction materials
Both sales and profit revised upward• Sales: Gradual recovery of automobile production• Profit:

Sales(yen: billions)+ 21.08,400.0

Industry

EnergyAutomotive +10.0+ 30.0Connect

0.0

Increased sales and price revisions, etc., despite continuing impact ofincreased personnel expenses
Forecast-46.0

Industrial /Consumer,Industry In-vehicle others
EnergyLifestyle(Oct. 30)

Connect

-20.0

+ 5.0

8,400.0

Other/
Eliminations &adjustments±0.0

Forecast(Feb. 2)

Sales revised upward, profit remains unchanged• Sales: Capturing demand (e.g. aircraft, PCs both in Japan and overseas) andOP
increased sales of Gemba Solutions(yen: billions)
Other/Eliminations• Profit: Remains unchanged, factoring in risks of a delayed market recovery in& adjustments
Industry
Automotive
China, despite increased sales
400.0 -15.0
0.0
400.0
+ 5.0
0.0
0.0
-4.0 + 4.0+ 10.0Both sales and profit remain unchanged
Other
Connect• Progressing as expected, FY3/24 full-year forecast unchanged
In-vehicle Industrial /income/Lifestyle
Consumer,lossothersSales revised upward, profit remains unchanged• In-vehicle: Despite sales revised upward due to increased sales in North
EnergyAmerica factory, profit revised downward due to lower-thanexpected compensation for reduced cell production in Japanfactory for high-end EVs in North America, along with increased
Forecast
Forecast
expenses related to manufacturing-process issues in the past
Adjusted OP: ±0.0
(Feb. 2)
(Oct. 30)
• Industrial/ Both sales and profit revised upward due to increased sales of
OP: ±0.0
Consumer: energy storage systems for data centers
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

14

 In Lifestyle, both sales and profit are revised downward due mainly todeteriorating market conditions for HVAC business mainly in A2W (Air to
Water Heat Pumps) in Europe and the downturn in market conditions for
consumer electronics in overseas markets, despite steady sales of cold chain
and electrical construction materials.
 In Automotive, both sales and profit are revised upward due mainly to a
gradual recovery trend in automobile production and increased sales.
 In Connect, sales is revised upward due mainly to capturing demand foraircraft, as well as for PCs both in Japan and overseas. Profit remains
unchanged by factoring in risks of a delayed market recovery in China.
 In Industry, the forecast remains unchanged.
 In Energy, sales is revised upward.
For In-vehicle, sales is revised upward due to increased sales at North
America factory. However, profit is revised downward. The sales priceincrease and compensation claims to our customer, such as for utilization,
were lower than expected, concerning the Japan factory’s reduced cell
production for high-end EVs in North America. Additionally, there wereincreased expenses related to manufacturing-process issues in the past.
For Industrial / Consumer, both sales and profit are revised upward due toincreasing sales of energy storage systems for data centers.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

14

Lifestyle Segment: FY3/24 Full-Year Forecast Revision by Divisional Company(yen: billions)

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

Sales

YoY

Living Appliancesand Solutions
Company (LAS)

890.0

99%
(-6.7)

Heating &Ventilation A/C
Company (HVAC)

810.0 (+1.3)

Cold Chain
SolutionsCompany (CCS)

390.0 (+38.1)

Electric Works
Company (EW)

1,040.0 (+35.5)

China andNortheast Asia
Company (CNA)*1&*4

100%

111%

104%

90%

752.0 (-83.3)

Difference Adjusted
fromOP
forecast(Oct. 30) (% to sales)

-16.0

50.0

-40.0

14.0

+10.0

20.0

+10.0

67.5

-25.0

33.0

-2.8

-13.0

-4.0

-8.1

-18.0

+7.7

YoY

Difference
fromOP
forecast (% to sales)(Oct. 30)

46.0

0.0

-7.0

+10.6

0.0

+3.5

-1.5

-1.6

-1.5

18.5

+15.3

+1.5

-4.5

+0.8

-0.5

63.0

+10.9

-5.0

-4.0

-7.5

+3.0

29.0

1.7%

5.1%

4.4%

Other
income/
loss

-6.5

5.6%

6.5%

Difference
fromforecast(Oct. 30)

YoY

*3

5.2%

YoY

Difference
fromforecast(Oct. 30)

4.7%

6.1%

3.9%

YoY

-9.3

-13.0

73.0

+2.5

-18.0

37.0

+6.1

+2.0

27.5

+16.1

+1.0

94.0

+3.4

-2.0

49.0

*3

7.0
0.9%

EBITDA*2(% to sales)

8.2%

Difference
fromforecast(Oct. 30)

-7.1

-13.0

+8.0

-18.0

+6.5

+2.0

+19.1

0.0

+3.4

-3.0

*3

4.6%

7.1%

9.0%

6.5%

*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)*3: Additional recall-related expenses included (recording amount unchanged from FY3/24 2Q)*4: From FY3/24 3Q, due to certain business transfers among Lifestyle (China and Northeast Asia Company, etc.), Connect and Other/Eliminations & adjustments segments, prior year amounts
have been reclassified accordingly
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

15

 This slide shows the forecast for the Lifestyle segment by divisional company.
Major factors for the revision are explained on the next slide.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

15

Lifestyle Segment: FY3/24 Full-Year Forecast Revision Factors by Divisional Company
Major factors for revision (vs. forecast as of October 30)

Sales / Adjusted OP

Both sales & profit revised downward• Sales: Decreasing overseas: “Double eleven” sale in China not favorable,
Livingetc. Slightly decreasing in Japan due mainly to deteriorating market
Appliancesconditions, delayed share-improvement (e.g. washing machines) inand
2H, despite Beauty & Personal care continuing to be steady.
Solutions
Anticipating 4Q share trend as expected.
Company(LAS)• Profit: Decreasing sales mainly in overseas. Expecting YoY increase in 4Q;
unable to counter YoY decrease in 3Q
Both sales and profit revised downward
Heating & • Sales: Significant demand decline of A2W in Europe in 2H, revised down
Ventilation
increase amount of room air-conditioners (e.g. Europe, Asia),
A/C
deteriorating market conditions for Indoor Air Quality (IAQ) in Japan,
Company
China, etc.
(HVAC)• Profit: Impact of above decreasing sales expected to continue in 4Q
Both sales and profit revised upward
Cold Chain
Solutions • Sales: Increasing in North America show case business: continuing demand
growth for supermarkets, etc., progress in reducing backorders
Company(CCS)• Profit: Profit increasing due to above increased sales
Both sales and profit revised upward
Electric • Sales: Increasing for electrical construction materials in Japan, in particular,Workshigh-value added lighting products capturing societal needs (e.g.
Company
energy-saving, installability) for non-residential (e.g. offices) use(EW)• Profit: Increasing sales of electrical construction materials in Japan
OthersProfit revised upward• Profit: Reversal of provision of risks regarding deteriorating businessconditions in 2H, cost reduction at segment head office, etc.

Sales (yen: billions)3,500.0

-16.0
-40.0
Living Appliancesand Solutions

+16.0
+10.0

Others*1

Heating &Cold Chain
Ventilation A/C Solutions

Forecast

Electric
Works

Forecast-20.0(Oct. 30)

3,480.0+10.0(Feb. 2)OP (yen: billions)
Living Appliancesand Solutions

126.0

-13.0
-18.0

Cold Chain
Solutions+3.5

Heating &Ventilation A/C

Forecast(Oct. 30)

+11.0

-1.0

Others*1

Other
income/loss+1.5
Electric
Works

Adjusted OP: -15.0

110.0

Forecast(Feb. 2)

OP: -16.0*1: Cold Chain (China) and Refrigeration, Air-Conditioning Devices, sales of other segment products,
segment head office, eliminations, etc.

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

16

 For Living Appliances and Solutions Company, both sales and profit arerevised downward due to the following major factors:
For overseas, sales decreasing in China, andfor Japan, deteriorating market conditions and delayed share-improvement of
products including washing machines.
 For Heating & Ventilation A/C Company, both sales and profit are revised
downward due to significantly deteriorating demand for A2W (Air to Water
Heat Pumps) in Europe as well as lower-than-expected sales of room airconditioners and Indoor Air Quality (IAQ) businesses.
 For Cold Chain Solutions Company and Electric Works Company, both sales
and profit are revised upward due to steady sales trends.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

16Lifestyle: Heating & Ventilation A/C Company - HVAC Business Situation in Europe■HVAC business
in Europe

FY3/23 Overall sales

Others■A2W

FY3/24164% (YoY)

A2W
130.1 bil.
yen

(Room A/C,
Commercial A/C, Chiller, etc.)

Pace of expansion for total annual demand slowed down frominitial assumption at beginning of FY3/24(1H) Deteriorated YoY•••(2H) Market condition expected to be better than 1H

Subsidy scheme change,
payment delay
Gas price drop
Economic downturn in Europe•••

Partial restart of subsidies
Signs of gas price hikes
Enforcement of new clean heating law inGermany

1Q

2Q

3Q

9M

Overall sales

37.6

30.3

25.1

93.0

YoY

114%

103%

70%

95%

No sign of improvement inmarket conditions in 2H

1. Changes in business environment
Assumption(as of Oct. 30)(yen: billions)・Subsidies
・Gas price

Assumption(as of Feb. 2)

︓No improvement to push up demand︓Not enough to push up A2W demand

・Enforcement of ︓No effect in pushing up actual demand
new clean heating
law in Germany

A2W is main factor forslow down for growth at
HVAC business in Europe

Total annual demand deteriorated YoY

Factors for changes in our assumption in 2H•••

Expanding impact by economic downturn in Europe
Excessive channel inventories due to weak demand
Decreased demand for A2W due to demand surge ofheating boiler prior to enforcement of new clean
heating law in Germany(-) Economic downturn in Europe

2. Sales trend
YoY(+) Gas price hikes(-) Gas price drop200%(-) Subsidy scheme change,
payment delay(+) Strong support by subsidies

100%

1Q

2Q

3Q

4Q forecast

FY21 1Q FY21 FY3/22
2Q FY21 3Q FY21 4Q FY22 1Q FY22 FY3/23
2Q FY22 3Q FY22 4Q FY23FY3/24
1Q FY23
2Q FY23
3Q FY23
4Q(Previous
to current
assumption)*estimated by Panasonic

A2W sales (value) YoY
At Panasonic

4Q forecast

Each country’s
situation

0% A2W Sales (value)

A2W overall demand (unit) YoY*

Previous assumption
Results

148%

147%

Approx. 100% → 70-80%

152%

202%

107% → 72%(Previous assumption)
Expected to grow morethan total demand ineach country(Current assumption)
Lower than total demandin some countries

3. Efforts to maximize offering value, etc. (Accelerating initiatives to strengthen businesses toward future, during deteriorating market condition)
 Capital and business alliance agreement with INNOVA in Italy (Announced Feb. 1, ’24)⁻⁻

Market-creating innovation company that develops heat pump and ventilation businesses
Strengths in cutting-edge product development and providing customer value with IoT solutions• Create unique value with IoT-based coordination & control devices for HVAC equipment aswell as with improved energy saving and comfort• Offer integrated hydronic system that improves air quality and air conditioning for home users Strategies for production development⁻⁻

Measures to expand sales of products equipped with natural refrigerants (R290)
Expand product line-ups: Acceleration of development on A2W for light commercial

 New initiatives for sales recovery
⁻Consideration of sales collaboration with partners, expansion of sales sites infocused regions, etc.

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

17

 I will explain the situation of HVAC business in Europe, changes from 2Q.
 The upper right chart shows our Europe sales trend. Growth slowed down eachquarter, and turned to a year-on-year decrease in 3Q.
 The major factor is the changes in A2W (Air to Water Heat Pumps) businessenvironment, shown in the middle. As of October 2023, we assumed an
improved market condition by 2H, considering the restart of subsidies and gas
price trends. However, neither factor pushed up demand, and the total annual
demand is expected to decrease significantly year-on-year. Accordingly, oursales forecast is revised downward.
 Although the current market conditions are challenging, given the ongoingtransition to carbon neutrality in society, this is a business area where we can
expect long-term growth. We will continue our efforts in strengthening ourbusiness toward the future.
 As shown on the bottom, on February 1, 2024, we announced a capital andbusiness alliance agreement with INNOVA, an HVAC manufacturer in Italy. This
company has strengths in cutting-edge product development and offering ofcustomer value using IoT solutions. With this agreement, we aim to create
unique value with IoT-based coordination & control devices for HVAC equipment,
as well as with improved energy saving and comfort.
 Also, we aim to expand customer value through sales expansion of products
equipped with natural refrigerants and sales collaboration with our partners.
© 2024 Panasonic Holdings Corporation. All Rights Reserved.

17

Initiatives in Growth Areas

Underlined: Changes/progress from October 2023

(Automotive Battery, Supply Chain Management Software, Air Quality & Air-conditioning)
Achieve profit growth, focusing on North America market where we can leverage advantages (high-capacity cells) with strong businessfoundation => FY3/31 target: global production capacity of 200 GWh (approx. 50 GWh as of end FY3/23)

Automotive
Battery[Expand production capacity in North America / Establish supply chain in US FTA countries]
・Decision to construct new manufacturing facility in Kansas, US (announced Oct. 31,’22); construction started in Feb. ’23, with mass production of 2170 cells set
to start in FY3/25
・Anode (graphite): Signed MOU with Canada-based Nouveau Monde Graphite toward offtake contract; in progress with discussions (announced progress
update Sep. 22, ’23)
・Anode (silicon material): Agreement signed with UK-based Nexeon (announced Jul. 25, ’23) and US-based Sila Nanotechnologies Inc. (announced Dec.
12, ’23) to purchase silicon anode material, enabling production of higher-energy-density EV batteries[Expand sales channel]
・In progress with discussions with Mazda Motor Corporation (announced Jun. 21, ’23) and SUBARU CORPORATION (announced Jul. 31, ’23) to establish
medium- to long-term partnership for supply of automotive cylindrical lithium-ion batteries; aiming to conclude supply contracts for battery EVs to be launchedin latter half of 2020s[Commercialization of 4680 cells]
・Mass production at Wakayama scheduled to begin during 1H FY3/25, introducing higher-density technologies to further enhance competitiveness

Aim for high growth & profitability globally through SCM business, where medium-to long-term market expansion is expected

Supply Chain
Management
Software[Blue Yonder]• Transformation in steady progress: Establishing stronger organizational structure, shifting to Native SaaS and enhancing customer experience, etc.
Announced strategic partnership with Snowflake and Accenture toward further enhancement of competitiveness• Announced closing of acquisition of UK-based Doddle, with strengths in returns management, toward enhancing end-to-end solutions (Nov. 13, ’23)
[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

Continue to address currently deteriorating market conditions in Europe, to strengthen business structure for the medium- to long-term

Air Quality &Air-conditioning[Europe] FY3/24 9M sales: 93.0 bil. yen (YoY 95%)
[Hydronic System (A2W & Chiller) ]• Capital and business alliance with Italy-based INNOVA; Create unique value (e.g. energy saving, comfort) with IoT-based device coordination &control (announced Feb. 1, ’24)
• PMI in progress for chiller business acquired in FY3/23, accelerating product development of commercial A2W combining Panasonic technologies• Strengthen development, manufacturing and sales structure of products for data centers with continuing sales growthFiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

18

 Finally, I would like to update the progress in our initiatives for the threebusinesses we identified as growth areas.
 In the automotive battery business, Energy signed an agreement topurchase silicon anode material with US-based Sila Nanotechnologies Inc.,aiming to strengthen supply chains in the US FTA, or Free Trade Agreement,
countries.
 In the supply chain management software business, Blue Yonder completed
the acquisition of UK-based Doddle, a leading technology company focusedon returns management, toward enhancing its end-to-end solutions.
 In the air quality & air-conditioning business, as mentioned in the previous
slide, a capital and business alliance was signed with Italy-based INNOVA,
toward creating unique value.
 Currently, some businesses are affected by the changes in the businessenvironment. However, we are continuing to take the necessary actions
toward medium- to long-term growth.
 We will respond flexibly to the changes in business environment, and always
continue to enhance our business competitiveness toward future growth.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

18 Thank you very much for your kind attention.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

19

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 forward-looking
statements after the date of 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 expenditures in theAmericas, Europe, Japan, China and other Asian countries; occurrence and continuation of supply disruption or soaring prices of raw materials or transportation; 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 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 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 both price and technology; thepossibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers 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 beachieved by its effort and decrease in 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 tomaintain competitive strength in many product and geographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; thepossibility that the Panasonic Group may face intellectual property infringement by third parties or intellectual property infringement claims by third parties; the possibility that change ortightening of current and potential, direct and indirect restrictions imposed in Japan or other countries over trade, manufacturing, labor and operations may adversely affect business
operations of Panasonic Group and its supply chain; failures in proper tackling of regulations and policies introduced or strengthened with respect to environmental issues including
climate change or responsible procurement activities (human rights, labor, health and safety, global environmental conservation, information security, corporate ethics, etc.) in the supply
chain; restrictions, costs or legal liability relating to introduction or tightening of laws and regulations; 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 or revisions toaccounting policies or accounting rules; the possibility of incurring expenses resulting from a leakage of customers’ or confidential information from systems of Panasonic Group or its
supply chain, service suspension or vulnerability of network-connected products due to unauthorized system access and cyberattacks etc.; the possibility not being able to acquire thenecessary human resources to promote management strategies and prevent the outflow of existing employees; the possibility that the spread of infections including the novel coronavirus
infections may adversely affect business activities of the Panasonic Group; volatility in demand for electronic equipment and components from business and industrial customers, as wellas consumers in many product and geographical markets occurrence of events that may negatively impact business activities of the Panasonic Group, including large-scale natural
disasters, prevalence of infectious diseases throughout the world and terrorism or wars. The factors listed above are not all-inclusive and further information is contained in the mostrecent English translated version of Panasonic HD’s securities reports under the FIEA and any other documents which are disclosed on its website.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

20

Reference: Our Advantages with Regards to US IRA

Our Advantages

 Stable mass-production capability at Nevada Factory(New Kansas factory under construction)
 Strong customer base built in North America
 Panasonic’s battery components are FEOC*-compliant*FEOC: Foreign Entity of Concern
If a clean vehicle is not FEOC-compliant, it will not be eligible for Section 30D

Section 45X

 Production/sales at Nevada already eligible upon IRA enforcement (end of Dec. 2022 ) Kansas expected to be eligible when production/sales start (during FY3/25)

Section 30D

 Currently, requirements indicated below are met; Expected to meet going forward evenwith stricter requirements Our battery components are FEOC-compliant (rules applied from Dec. 2023);
Qualification for 30D remains unchanged

IRA■Section 30D requirements (value-based threshold)

Battery
components
Criticalminerals

Manufactured or assembled in
North America

2023

2024

2025

2026

2027

2028

2029

50%

60%

60%

70%

80%

90%

100%

70%

80%

80%

80%

FEOC rules applied from:
Extracted or processed in USFTA country

Outlook of FEOC compliance, basedon our current supply chain

Compliant

December 31, 2023 ~40%

FEOC rules to apply from:

50%

60%

December 31, 2024~

Some critical minerals will not be compliant⇒ Build FEOC-compliant supply chain

Meeting requirements and also FEOC-compliant
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

21

21

Reference: 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
 Proposed rules for section 45X released in December 2023

Section 45X (Advanced Manufacturing Production Credit) Overview: Tax credit for sales of EV batteries, etc.
 Enforcement: December 31, 2022
 Effective: 2023 - 2032 (10 years)
 Eligibility & tax credit amount:• 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:• Battery cells & modules produced in US• Credits will be given based on sales volume (in kWh)
Proposed rules released in December 2023
(No major changes; contents of section 45X expected to be
finalized after receiving public comments and public hearing)

Section 30D (EV Credit) Overview: Tax credit for purchases of EVs
 Enforcement: December 31, 2022
 Effective: 2023 - 2032 (10 years)
 Eligibility & tax credit amount:• New car: up to $7,500• Used car: 30% of purchase value, up to $4,000
 Conditions:• Eligibility: Vehicles assembled in North America(US, Canada, Mexico)• Conditions for new cars:
Battery components produced & assembled*2 in North America$3,750

Critical minerals extracted & processed*2 within FTA countries*1$3,750*1 Although Japan is not an FTA country, conditions have been relaxed to include Japan*2 Yearly thresholds set for extraction/production locations of battery components & criticalminerals. FEOC restrictions apply (battery components: 2024~, critical minerals: 2025~)

 Detailed rules announced in March 2023
 Definition of Foreign Entity of Concern (FEOC) announcedin December 2023

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

22

22Reference: Proposed Rules of US IRA Section 45X
 Proposed rules released in December 2023: only partial contents were added; No major changes
 Contents of section 45X expected to be finalized after receiving public comments and public hearing

Main additions

Excerpts sourced from “proposed rule“ by the Internal Revenue Service on December 15, 2023

 Sales are taken into account only for eligible components (battery cells and battery modules) produced
within the US, or a US territory; constituent elements, materials and subcomponents used in the productionof eligible components are not subject to the domestic* production rule *domestic: United States or a United States territory If a taxpayer manufactures one or more eligible components, the taxpayer may claim a section 45X credit
for each eligible component (e.g. the same company manufacturing both battery cells and battery modules)

Schedule (US Time)
December 15, 2023

By February 13, 2024

February 22, 2024

Proposed rules
released

Public comments
to be received

Public hearingscheduled

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

Section 45X
to be
finalized© 2024 Panasonic Holdings Corporation. All Rights Reserved.

23

23

Reference: Summary of Foreign Entity of Concern (FEOC)
If a clean vehicle contains “Battery Components” or “Critical Minerals” from a FEOC, it will not qualify
for section 30D and no tax credit will be granted to EV purchasers■Definition of FEOC

Excerpts sourced from "A Proposed Rule by the Energy Department" released on December 4, 2023

andForeign Entity
I. A government of a foreign country;
II. A natural person who is not a lawful permanent
resident of the United States, citizen of the UnitedStates, or any other protected individual;
III.A partnership, association, corporation, organization,or other combination of persons organized under thelaws of or having its principal place of business in aforeign country; or
IV.An entity organized under the laws of the UnitedStates that is owned by, controlled by, or subject to thedirection of an entity that qualifies as a foreign entity inparagraphs (I–III).

(1) Subject to the Jurisdiction
 The foreign entity is incorporated or domiciled in,or has its principal place of business in, acovered nation; or With respect to the critical minerals,components, or materials of a given battery,the foreign entity engages in the extraction,
processing, or recycling of such critical minerals,
the manufacturing or assembly of suchcomponents, or the processing of such materials,
in a covered nation.

(2) Owned by, Controlled by, or
Subject to the Directionor 25% or more of the entity's board seats,voting rights, or equity interest are
cumulatively held by that other entity,
whether directly or indirectly via one or moreintermediate entities (including thegovernment of a foreign country that is acovered nation)

Applicable toStarting date

Section 30D tax credit to
EV purchasers

Battery
Components

Cathode electrode, Anodeelectrode, Separators,
Electrolytes, etc.

December 31,
2023$3,750

Critical Minerals

Lithium, Nickel, Cobalt,
Graphite, Aluminium, etc.

December 31,
2024$3,750■FEOC restrictions

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

If a clean vehicle contains “Battery
Components” or “Critical Minerals”
from a FEOC, it will not qualify for
section 30D and no tax credit will be
granted to EV purchasers© 2024 Panasonic Holdings Corporation. All Rights Reserved.

24

24Reference: Eligible EV Battery Factories for US IRA Section 45X
 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

Approx. 11-12 GWh(current)-(New factory)Japan

During FY3/25 (planned)

N/A＊Approved for “Attracting Powerful Economic Expansion (APEX)”, incentive programby the State of Kansas for investment promotion; in addition to 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 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

25

25Reference: Basic Agreement about a Partnership for Panasonic Automotive Systems’ Business Continuing discussions with the intention of finalizing the details of agreement by March 31, 2024

 No new information since the announcement on November 17, 2023
Overview of announcement
Current situation
 Panasonic Holdings Corporation (“PHD”) agreed with an affiliate of Apollo Global Management, Inc. (“Apollo”)
to become strategic partners in the business of Panasonic Automotive Systems Co., Ltd. (“PAS”) andsigned a memorandum of understanding on November 17, 2023
 Discussions continue with the intention of finalizing the details of the agreement by March 31, 2024

Positioning of PAS going forward If the transaction based on this memorandum is completed, funds that are managed by Apollo will acquire a
portion of PHD’s ownership of PAS, of which PHD is currently the sole shareholder, and PAS is expected to
become an equity-method affiliate of PHD.
 Through a potential future public listing, PAS will realize continued growth as a leading global supplier of
automotive infotainment and connectivity system solutions with world class competitiveness and management.
https://holdings.panasonic/global/corporate/investors/pdf/en231117-1.pdf

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

26

26

Reference: FY3/24 Nine-Month (Apr. - Dec.) Results
FY3/24 9M(yen: billions)6,300.3

Sales
Adjusted operating profit*1(% to sales)

Excl. IRA impact

6,375.4

FY3/23 9M
6,224.5

318.4

254.2

231.8

(5.1%)(4.0%)(3.7%)

1.9

1.9

2.4

Operating profit

320.3

256.1

234.2

(% to sales)(5.1%)(4.0%)(3.8%)

Other income/loss*2

Profit before income taxes

368.8

304.6

(% to sales)(5.9%)(4.8%)Net profit attributable to PanasonicHoldings Corporation stockholders(% to sales)

399.2 *5

316.4 *5162.9

(6.3%)(5.0%)(2.6%)YoY (year-on-year)

Excl. IRA impact

101%(99%)*3+75.8(-87.2)*3

102%(100%)*3+150.9(-12.1)*3

137%

+86.6

110%

+22.4

ー

-0.5

ー

-0.5

137%

+86.1

109%

+21.9

144%

+113.4

119%

+49.2

245%

+236.3194%+153.5

117%

+93.1

105%

+28.9

649.3

585.1

556.2

(10.3%)(9.2%)(8.9%)

1 US dollar

143 yen

143 yenamount of Operating profit, Depreciation (Tangible assets including property,
137 yen *4 Total
plant and equipment / Right-of-use assets) and Amortization (Intangible assets).

1 Euro155 yen

155 yen141 yen1 Renminbi

20.0 yen

20.0 yen

19.9 yen

EBITDA*4 (% to sales)

Exchange
rates

255.4

（4.1%)

YoY % figures represent the year-on-year change
relative to the previous year's figures*1 Sales - Cost of sales - SG&A
*2 “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” asindicated in the Consolidated Statements of Profit or Loss of the news release*3 Excluding effect of exchange rates.
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

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*5 Including recording of deferred tax assets, etc. (121.3 bil. yen) with the liquidationof Panasonic Liquid Crystal Display Co., Ltd. (through Special Liquidation) and its
debts waiver, resolved by the Board of Directors© 2024 Panasonic Holdings Corporation. All Rights Reserved.

27

27

Reference: FY3/24 Financial Results/Forecast (3Q/4Q & 2H)(yen: billions)

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

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

3Q
results

Excl. IRA
impactYoY

2,180.9

2,206.7

126.1

104.1

(5.8%)(4.7%)

1.4

1.4

Operating profit(% to sales)

127.5

105.5

(5.8%)(4.8%)

Profit before income
taxes (% to sales)

144.5

122.5

(6.6%)(5.6%)Net profit attributable toPanasonic Holdings
Corporation stockholders(% to sales)

EBITDA*3 (% to sales)
1 US dollar
Exchange
1 Eurorates

1 Renminbi

110.8

82.4

(5.1%)(3.7%)

239.2

217.2

(11.0%)(9.8%)

Excl. IRA
impact4Q (e)

Excl. IRA
impact2H (e)

Excl. IRA
impact101%

102%

2,099.7

2,123.697%

99%

4,280.6

4,330.3

99%

100%

147%
+40.2

121%
+18.2

81.6

60.8

(3.9%)(2.9%)

99%
-0.7

74%
-21.5

207.7

164.9

(4.9%)(3.8%)

123%
+39.5

98%
-3.3

ー
+2.9
151%
+43.1

ー
+2.9
125%
+21.1

-1.9

-1.9

ー
+26.0
147%
+25.3

ー
+26.0
108%
+4.5

-0.5

-0.5

207.2

164.4

(4.8%)(3.8%)

ー
+28.9
149%
+68.4

ー
+28.9
118%
+25.6

79.7

58.9

(3.8%)(2.8%)

163%
+55.7

138%
+33.7

86.2

65.4

(4.1%)(3.1%)

141%
+25.2

107%
+4.4

230.7

187.9

(5.4%)(4.3%)

154%
+80.9

125%
+38.1

200%
+55.2

148%
+26.8

60.8

33.6

(2.9%)(1.6%)

59%
-41.8

54%
-29.0

171.6

116.0

(4.0%)(2.7%)

108%
+13.4

98%
-2.2

125%
+47.3

113%
+25.3

200.7

179.9

(9.6%)(8.5%)

124%
+38.5

111%
+17.7

439.9

397.1

(10.3%)(9.2%)

124%
+85.8

112%
+43.0

YoY

Excl. IRA
impactYoY

Excl. IRA
impact

148 yen

148 yen+6 yen+6 yen140 yen

140 yen+8 yen+8 yen144 yen141 yen+7 yen+7 yen

159 yen

159 yen+15 yen+15 yen

150 yen

150 yen+8 yen+8 yen155 yen

155 yen+12 yen+12 yen20.4 yen

20.4 yen+0.5 yen+0.5 yen

20.0 yen

20.0 yen+0.7 yen+0.7yen20.2 yen

20.2 yen+0.6 yen+0.6 yen*1 Sales - Cost of sales - SG&A
*2 “Other income (expenses), net” + “Share of profit (loss) ofinvestments accounted for using the equity method” asindicated in the Consolidated Statements of Profit or Loss of thenews release*3 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 assetsthat 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

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

28

28

Reference: FY3/24 Financial Results/Forecast by Segment（3Q/4Q & 2H)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

3Q results
Sales

4Q (e)

Adjusted
OP

YoY

YoY

Sales

AdjustedOP

YoY(% to sales)

Lifestyle *1

897.7

99%

Automotive

404.7

117%

Connect *1

299.1

104%

Industry

266.8

92%

Energy

228.8

92%

254.6

103%

83.8

-

2,180.9101%

Excl. IRA
impactOther/
Eliminations &adjustments *1

Total

37.7
4.2%

22.1
5.5%

8.6
2.9%

11.1
4.1%

30.6
13.4%

8.6
3.4%

16.0
126.1
5.8%

2H (e)YoY

Sales

AdjustedOP

YoY(% to sales)

+6.6

895.0

103%

+10.6

377.1

105%

-5.3

331.1

104%

-5.6

262.8

100%

+30.0

200.4

79%

+8.0

224.3

88%

+3.9

33.3

-

+40.2

2,099.7

97%

18.6
2.1%

6.6
1.7%

30.5
9.2%

6.4
2.4%

30.7
15.3%

9.9
4.4%

-11.2
81.6
3.9%

YoY

(% to sales)-4.1

1,792.7

101%

-8.1

781.8

111%

+6.4

630.2

104%

+3.5

529.6

96%

+22.1

429.2

85%

+1.3

478.9

95%

-20.5

117.1

-

-0.7

4,280.6

99%

56.3
3.1%

28.7
3.7%

39.1
6.2%

17.5
3.3%

61.3
14.3%

18.5
3.9%

4.8
207.7
4.9%

+2.5
+2.5
+1.1
-2.1
+52.1
+9.3
-16.6

+39.5

*1 From FY3/24 3Q, due to certain business transfers among Lifestyle, Connect and Other/Eliminations & adjustments segments, prior year amounts have been reclassified accordingly

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

29

29

Reference: Lifestyle Segment: FY3/24 Financial Results/Forecast by Divisional Company (3Q/4Q & 2H)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

3Q results
Sales

YoY

4Q (e)

Adjusted
OP

YoY

Sales

YoY

(% to sales)

Living Appliances andSolutions Company
(LAS)

238.4

99%

Heating & Ventilation
A/C Company(HVAC)

186.1

98%

Cold Chain Solutions
Company (CCS)

101.9

110%

Electric Works
Company (EW)

271.7

104%

China andNortheast Asia
Company (CNA)*1 &*2

195.9

93%

15.6
6.5%

-0.6
-0.3%

4.9
4.8%

21.4
7.9%

8.2
4.2%

2H (e)

Adjusted
OP

YoY

Sales

YoY

(% to sales)

-5.3

231.7

106%

-2.2

201.6

105%

+1.2

93.7

104%

+6.1

279.6

101%

+10.3

158.8

97%

10.2
4.4%

0.8
0.4%

3.2
3.4%

17.2
6.2%

-2.1
-1.3%

AdjustedOP

YoY(% to sales)

+5.1

470.1

102%

-2.3

387.7

101%

＋0.2

195.6

107%

＋0.4

551.3

102%

-1.1

354.7

95%

25.8
5.5%

0.2
0.1%

8.1
4.1%

38.6
7.0%

6.1
1.7%

-0.2

-4.5

+1.4
+6.5

+9.2

*1: Sales and profit of CNA (except certain businesses) are also included in LAS, HVAC, and EW*2: From FY3/24 3Q, due to certain business transfers among Lifestyle (China and Northeast Asia Company, etc.), Connect and Other/Eliminations & adjustments segments, prior year amounts
have been reclassified accordingly
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

30

30

Reference: FY3/24 3Q Segment Information

Lifestyle
Sales: Decreased overall with weakening demand for HVAC business affected bydeteriorated market conditions in Europe and decreased sales of consumer
electronics mainly in Asia and China, deconsolidation impact of part of China
business, despite steady sales continuing for cold chain in North America andelectrical construction materials(yen: billions)

Overview
FY3/24 3Q(yen: billions)YoY (year-on-year)

897.7

99%
*1
(97%)

Adjusted operating profit

37.7(% to sales)(4.2%)

+6.6

Sales

Other income/loss

-1.8

-1.2

Operating profit

35.9(% to sales)(4.0%)

+5.4

905.5

-8.9
-9.9

Cold Chain
Solutions

Living Appliancesand Solutions
Heating &Ventilation A/C

+11.8

-25.5

+5.7

Adjusted OP

Living Appliancesand Solutions
Company
Heating &Ventilation A/C
Company
Cold Chain
Solutions Company
Electric Works
Company+ : Improved external environment factors (e.g.
costs of raw materials, logistics), progress inrationalization efforts- : Shrinking demand caused by inflation worldwide+ : Increased sales in Japan and effect ofrationalization, etc.
- : Slowdown of demand in Europe

Others*2

Effect ofexchange
rates

FY3/233Q

FY3/24
3Q

OP: Increased overall due to increased sales of cold chain and electrical construction
materials, impact of temporary expenses in FY3/23, despite decreased sales of
HVAC and consumer electronics
+6.9
0.0
-1.2
(yen: billions)
35.9

-5.0

30.5

Heating &Ventilation A/C-2.6+ : Increased sales prices and increased sales
volume, improved production lead time
- : Inflation (e.g. materials, personnel expenses)

897.7

ElectricWorks*1: In real terms excluding the effect of exchange rates

Major increase/decrease factors+19.0

Living Appliancesand Solutions

Others*2+1.0
Cold Chain
Solutions

Effect ofexchange
rates

+6.3

Other
income/loss

ElectricWorks+ : Increased sales and effect of price revisions forelectrical construction materials in Japan

Other income/loss Restructuring expenses, etc.

FY3/23
3Q

Adjusted OP: +6.6
OP: +5.4

FY3/243Q*2: Cold Chain (China) and Refrigeration, Air-Conditioning Devices, sales of other segment products, segment head office, eliminations, etc.

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

31

31

Reference: FY3/24 3Q Segment Information
Overview

Sales: Increased due to recovery in automobile production of our customers

Sales

404.7

117%
(112%) *1

Adjusted operating profit

22.1(% to sales)(5.5%)+10.6-0.5

Operating profit

22.6(% to sales)(5.6%)+10.1*1: In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors

Automotive
Cockpit Systems

Other income/loss+︓Increased sales, price revisions to counter
price hikes in parts & materials,
rationalization
ー︓Increased fixed costs due to increased
personnel expenses, price hikes in parts& materials+︓Increased sales, price revisions to counter
price hikes in parts & materials,
rationalization
ー︓Increased fixed costs due to increased
personnel expenses, price hikes in parts& materials

Decreased amount of subsidies,
payment of compensation, etc.

404.7

+20.7

(yen: billions)

+9.3

+12.1

Others*2

346.3

0.5

Other income/loss+16.3

YoY (year-on-year)

FY3/24 3Q(yen: billions)

Automotive
Electronics
Systems

Automotive

Automotive
Cockpit
Systems

Effect ofexchange
rates

Automotive
Electronics
Systems

FY3/233Q

FY3/24
3Q

OP: Increased due mainly to increased sales, price revisions to counter price hikes
in parts & materials, and rationalization, despite increased fixed costs(increased personnel expenses) and persisting impact of price hikes in parts &materials(yen: billions)

+ 2.2

+ 8.5

Automotive
Electronics
Systems

12.5

-0.6

+ 0.5

-0.5

Others*2

Effect ofexchange
rates

Other
income/loss

22.6

Automotive
Cockpit
Systems

FY3/23
3Q

Adjusted OP: +10.6
OP: +10.1

FY3/243Q*2: Sales of other segment products, etc.

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

32

32

Connect

Reference: FY3/24 3Q Segment Information
Overview
FY3/24 3Q(yen: billions)YoY (year-on-year)

299.1

Sales

8.6

Adjusted operating profit(% to sales)(2.9%)

Other income/loss
Operating profit(% to sales)

104%(101%) *1(yen: billions)
Avionics
Media-8.9 Entertainment
+14.2

-5.3

-2.1

288.1

0.4

+0.5

9.0

-4.8

(3.0%)

Sales: Increased overall due to increased sales of Avionics, Gemba Solutions andBlue Yonder, despite decreased sales of Process Automation

Process
Automation

Gemba
Solutions +
1.9

+11.0

Others

0.0-11.4 + 9.6

299.1

BY

Impact ofaccounting
treatment related
to BY acquisition-3.3
MobileSolutions

Effect ofexchangerates*1: In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors

FY3/24
FY3/23
3Q
3Q
OP: Decreased due to decreased sales in Process Automation and increased
strategic investment of Blue Yonder, despite increased sales of Avionics andGemba Solutions

Avionics+︓Increased sales of in-flight entertainment (IFE) systems,
connectivity and repair & maintenance services due to
steady demand trend continuing in aviation market

Process Automation-︓Decreased sales by decreased demand affected bycontinuing deteriorated market conditions in China(yen: billions)+ 3.5±︓Recovery with fixed-cost reduction, despite decreased
sales affected by investment cycle in Europe and US

13.8

Media
Entertainment
Mobile Solutions
Gemba Solutions
Blue Yonder (BY)

+︓Increased profit with improved marginal profit due toresolved issues in parts & materials, etc.
+︓Increased sales with steady orders of solution-type
projects-︓Decreased due mainly to increased strategic investments
and bonus provision

Other income/loss ー

-3.8

Gemba
Solutions

+ 2.7
Media
Entertainment
0.0 +0.4

Avionics
Process
Automation

MobileSolutions

BY-5.7
Impact ofaccounting
treatment related
to BY acquisition

-1.1

Other
Effect of income/exchangeloss-1.6 rates
0.5+0.3 +

9.0

OthersFY3/23
3Q

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

Adjusted OP: -5.3
OP: -4.8

FY3/243Q© 2024 Panasonic Holdings Corporation. All Rights Reserved.

33

33

Reference: Blue Yonder’s KPIs

Connect

Revenue / Adjusted OP (stand alone)

Recurring / SaaS ratio

 Sales: Steady growth of both total sales and SaaS
Profit: decreased YoY due to strategic investment, etc.
（M US$）
307

328

310

153
152

FY3/24 1Q

2Q

3Q

24

-6

-21

137

145
137

FY3/23 3Q

4Q
24

20

321

152
145 SaaS

137
127

AdjustedOP324

 Steady sales trend for both recurring and SaaS ratio
Recurring ratio

YoY
+4％

YoY
+12％

70%

69%

69%

71%

73%

YoY
+3 points

44%

44%

44%

47%

48%

YoY
+4 points

FY3/23 3Q

4Q

FY3/24 1Q

2Q

SaaS ratio
3Q・ Recurring revenue business ratio in total revenue
・ All figures based on FY3/24(e) rates as of May 10 (US$: 130 yen / Euro: 130 yen) to exclude FX effect

SaaS ARR (Annual Recurring Revenue)

SaaS NRR (Net Revenue Retention)

 Continuing steady growth Maintained retention rate higher than previous yearwith stable sales and profit（M US$）

614

586

575

661

629

全体

全体

109%

106%

FY3/24 1Q

2Q

3Q• ARR indicates secured annualized revenue during the year starting next quarter• All figures based on FY3/24(e) rates as of May 10 (US$: 130 yen / Euro: 130 yen) to exclude FX effect

107%

106%

106%

サブスク

100%

SaaS

SaaS

4Q

(YoY)

サブスク

サブスク

FY3/23 3Q

YoY
+15％

SaaS

SaaS

FY3/23 3Q

4Q

FY3/24 1Q

2Q

3Q• Net revenue retention rate with existing customers• All figures based on FY3/24(e) rates as of May 10 (US$: 130 yen / Euro: 130 yen) to exclude FX effectFiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

34

34

Reference: FY3/24 Full-Year Forecast of Blue Yonder

Connect

Adjusted OP (stand alone) excluding strategic investment for future growth (product enhancement & synergy creation): In 9M: Increased year-on-year by 3.9 bil. yen to 7.2 bil. yen
 For full-year: Expecting year-on-year increase
Breakdown of adjusted operating profit (yen: billions)
FY3/249M

YoY

FY3/24

FY3/23Full-year
Forecast

Full-year
Results

YoY(1)－a－b

7.2

3.3

+3.9

12.8

6.8

+6.0

(Additional strategic investment) *1

a(-5.9)(0.0)(-5.9)(-7.7)(0.0)(-7.7)(Synergy investment) *2b(-2.0)(-1.3)(-0.7)(-2.3)(-1.5)(-0.8)

Adjusted OP

(1)

-0.7

2.0

-2.7

2.8

5.3

-2.5

Amortization expenses related toacquisition

(2)

-16.9

-13.2

-3.7

-22.4

-18.2

-4.2

(3)

-0.3

-5.2

+4.9

-0.3

-5.3

+5.0

(1)+(2)+(3)

-17.9

-16.4

-1.5

-19.9

-18.2

-1.7

Adjusted OP (excl. investments)

Stand alone(Blue Yonder)

FY3/23
9M

PanasonicGroup
Temporary accounting treatment
consolidated related to acquisition-basisAdjusted OP*1: Additional strategic investment of US$ 200M planned for 3 years from FY3/24 to FY3/26*2: Strategic investment to generate synergy with Panasonic Group
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

Unchanged from Oct. 30, 2023

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

35

35Reference: FY3/24 3Q Segment Information

Industry

Overview
FY3/24 3Q(yen: billions)

YoY(year-on-year)

PID
Products*1

266.8

92%
(88%)*2

236.2

Adjusted operating profit

11.1(4.1%)-5.6

10.5(% to sales)

Sales

0.6

+2.3

Operating profit

11.7(% to sales)(4.4%)-3.3

Other income/loss

Adjusted OP

Other income/loss

290.6

-10.3

-9.4

+ 3.3

-17.5

11.0

+︓Increased sales of products for generative AI
servers (multi-layer circuit board materials), efforts
in price revision and rationalization
Impact of expenses related to site re-organization in
FY3/23266.8

exchange
rates(4.6%)

market, ICT infrastructure)+︓Fixed cost reduction-︓Decreased sales due to market condition in China
and weakening demand for semiconductor related
capital investment in East Asia, etc.

+10.1

Electronic
FA
Electronic
Devices
Solutions Materials Others*3 Effect of

0.5

Major increase/decrease factors+︓Increased sales of capacitors for green vehicles
Electronic
and products for generative AI servers-︓Decreased sales due to market downturn (China
Devices

Electronic
Materials(yen: billions)(4.4%)*1: Figures of PID (Panasonic Industry Co., Ltd.) products exclude sales of other segment products(e.g. compressor), etc.
*2: In real terms excluding the effect of exchange rates

FA Solutions

Sales: Decreased due mainly to downturn in market conditions (e.g. FA in China, ICT
infrastructure) and changes in semiconductor sales channel, despite
increased sales of capacitors for green vehicles and products for generative
AI servers (capacitors, multi-layer circuit board materials)

FY3/233Q

FY3/24
3Q

OP: Decreased due to decreased sales affected by downturn in market conditions,despite price revisions & rationalization to counter price hikes in raw materials &energy costs caused by inflation, as well as effect of yen depreciation(yen: billions)

15.0

-4.8

Electronic-4.8 Materials

Electronic
DevicesFA
Solutions
FY3/233Q+ 1.7

Effect ofexchange
rates

+ 0.1

Others*3

+ 2.2

+ 2.3

11.7

Other
income/loss

Adjusted OP: -5.6
OP: -3.3

FY3/243Q*3: Sales of other segment products, etc.

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

3636

Reference: Situation of Voluntarily Disclosed Businesses (FY3/24 3Q)

Industry

Electronic Devices
 Automotive CASE: Growth in capacitors & relays for green vehicles
 Information & communication infrastructure (ICT): Continued weak market trends in general purpose servers andbase stations, as well as market conditions in China, despite favorable sales of capacitors for generative AI servers
 Overall, both sales and profit continued to increase QoQ since FY3/24 1Q due mainly to increased demand forgenerative AI, profitability enhancement (e.g. price revisions) and recent recovery trend of ICT terminals
FY3/24 3Q results
Sales composition by application*

Sales & adjusted OPM trend
Adjusted OPM (%)

1,427

1,483

Sales (100 million yen)

1,396

14.2

1,296

1,266

1,339

11.6
10.6

⾞載CASE
49％

5.5
3.3
2Q

3Q

4Q

FY3/24 1Q

情報通信

Information &Communication
Infrastructure

Capacitors

FY3/23 1Q

⾞載CASE
56％

Automotive
インフラ
10%
CASE
56%
（+7%）

情報通信
インフラ
10%ICTterminals
10%
（±0%）

7.5

RelaysOthers
24%
（-7%）

1,342

8.7

その他
15%

その他
19%

2Q

3Q

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

10％
（±0%）

(YoY sales composition ratio)* estimated by PID© 2024 Panasonic Holdings Corporation. All Rights Reserved.

37

37

Reference: Situation of Voluntarily Disclosed Businesses (FY3/24 3Q)
Electronic Devices: BB ratio* of capacitors

Industry*BB ratio: book-to-bill ratio Recovery trend in orders received, despite a less than 1 BB ratio of capacitors for Automotive CASE, Information &Communication infrastructure and ICT terminals(100 million yen)

700

Sales

600

Order received
Order backlog

500
400
300
200
100
0
3Q
FY3/21
2Q Q3
20 Q2
BB
ratio
BBレシオ

1.07

1.02

2Q
4Q FY3/22
Q4
21 Q11Q Q2

3Q
Q3

2Q
4Q FY3/23
1Q Q2
Q4
22 Q1

3Q
Q3

2Q
4Q FY3/24
Q4
23 Q11Q Q2

3Q
Q3

1.35

0.99

1.25

0.78

0.89

0.91

1.33

1.06

0.88

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

0.81

1.02

0.96

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

38

38

Reference: Situation of Voluntarily Disclosed Businesses (FY3/24 3Q)

Industry

FA Solutions
 Both sales and profit decreased due to downturn in market conditions as well as intensifying competition mainly in China andother Asia markets. YoY decrease is also expected for the full-year.
 Currently conducting profitability improvement such as fixed cost reductions. Also, planning to introduce new products withimproved cost competitiveness for Chinese market in FY3/25 and aim to regain market share.
 Demand for factory labor-savings related products are expected to grow from medium- to long-term perspective.
Continue to strengthen its business foundation and take initiatives for business growth, despite current difficult market
conditions
FY3/24 3Q results
Sales & adjusted OPM trend

Adjusted OPM (%)

404
376

Sales composition by region*

Sales (100 million yen)

328
296

287

271
243

10.9

9.6

-4.2

-5.4
-10.2

2Q

Japan
31％
(+4％)

7.0
0.0

FY3/23 1Q

China
45%
(-1%)

3Q

4Q

FY3/24 1Q

2Q

3Q

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

Asia
Americas12%5%（-2%） Europe (-1%)7%(±0%)(YoY sales composition ratio)* estimated by PID© 2024 Panasonic Holdings Corporation. All Rights Reserved.

39

39

Reference: Situation of Voluntarily Disclosed Businesses (FY3/24 3Q)

Industry

Electronic Materials
 Information & communication infrastructure: Favorable sales in multi-layer circuit board materials for generative AI, despite
downturn in market conditions for servers and data centers Overall: YoY increase of both sales and profit continued from FY3/24 2Q, due mainly to increased demand for generative AI
related products and efforts in price revisions and rationalization
FY3/24 3Q results
Sales composition by application*

Sales & adjusted OPM trend
Adjusted OPM (%)
Sales (100 million yen)

406
378

402
364

413

361
328

Others
37%
（-7%）

8.4
6.6
2.7

2.8

2.2
-0.3
-2.4

FY3/23 1Q

2Q

3Q

4Q

FY3/24 1Q

2Q

3Q

ICT terminals
3%
（±0%）

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

Automotive
CASE
30％
（±0%）

Information &Communication
Infrastructure
30%
（＋7%）
(YoY sales composition ratio)* estimated by PID© 2024 Panasonic Holdings Corporation. All Rights Reserved.

40

40Reference: FY3/24 3Q Segment Information
Overview
FY3/24 3Q(yen: billions)YoY (year-on-year)

228.8

Sales

30.6

Adjusted operating profit(% to sales)(13.4%)

92%(89%) *1

-0.4

0.0

Operating profit

30.2

+30.0

(13.2%)*1: In real terms excluding the effect of exchange rates

Major increase/decrease factors• Increased sales at North America factory, improved balance
between raw materials and selling price• IRA impact recorded (+22.0 billion yen):

Adjusted OP+︓In-vehicle

Sales: Increased in real terms excluding IRA impact, also with effect of exchange
rates; In In-vehicle, decreased due to decreased production and sales inJapan, despite favorable sales in North America.
In Industrial / Consumer, increased driven by energy storage systems(yen: billions)

247.4

+ 8.7

22.0 bil. yen = 47.8 bil. yen (tax credit for 3Q sales) - 25.8 bil. yen(“effective use with customers”)-︓• Decreased production and sales in Japan due toIn-vehicle

FY3/233Q-︓• Decreased sales of Li-ion batteries for consumer andpower equipment due to weakening market conditions

Industrial /Consumer

Effect ofexchange
rates

Excluding impact of IRA tax credit to beeffectively used with customers: +7.2

228.8
Impact of IRA
tax credit to beeffectively usedwith customers(In-vehicle)

FY3/24
3Q

OP: Increased even excluding IRA impact due to increased sales of In-vehicle inNorth America and energy storage systems, improved balance between raw
materials and selling price to counter increased fixed costs, despite
decreased sales of In-vehicle in Japan+ 22.0(yen: billions)+︓• Increased sales of energy storage systems for data
centers with expansion of generative AI market

-25.8

-0.6
Others*2changes in demand by IRA• Increased fixed costs (e.g. 4680 cells development,
Kansas factory construction-related expenses)

Industrial /Consumer

+ 9.5

-10.4

+30.0

Other income/loss(% to sales)

Energy0.2

Industrial /Consumer Others*2
In-vehicle +
+ 1.1
3.1
+2.7

FY3/233Q

Effect ofexchange
rates

Adjusted OP: +30.0
OP: +30.0

30.2

0.0

Other
income/loss+ 1.1
IRA impact(In-vehicle)

FY3/243Q*2: Segment head office, eliminations, etc.
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

41

41

Reference: Automotive Battery: Initiatives at Japan Factory (Suminoe / Kaizuka)

EnergyIn response to decreased demand at Japan factory for FY3/24 2H onward Aim to optimize fixed costs to align with current demand Seize the decrease in demand at the domestic sites as an opportunity, and study the possibility ofrestructuring the customer base and the product portfolio

Production
lines

Resources

Current action

Initiatives toward growth• Shift some of the production lines fromin-vehicle to industrial- and consumerproducts• Expand the customer base and restructure
the product portfolio• Flexibly meet increased demand from
customers• Downsize production of 1865 cells- Optimize the number of manufacturingpersonnel- Reduce the fixed energy costs• Shift to the North American site
- Support productivity improvement andcontribute to further growth in North
America- Expand production of 2170 cells- Assess demand for 1865 cells• Shift to the Wakayama/Kansas sites- Support launch of new products(e.g., 4680 cells) and new sites
New building at theSuminoe Factory• Increase the number ofmanufacturing and productionengineers toward production
expansion in the future

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

4242Reference: FY3/24 3Q Operating Profit & Net Profit(yen: billions)

FY3/24 3Q

FY3/23 3Q

YoY(year-on-year)

Operating profit

127.5

84.4

+43.1

Non-operating income/loss

17.0

4.4

+12.6

Profit before income taxes

144.5

88.8

+55.7

Income taxes

-28.3

-32.2

+3.9

Net profit

116.2

56.6

+59.6

Net profit attributable to Panasonic Holdings
Corporation stockholders

110.8

55.6

+55.2

5.4

1.0

+4.4

Net profit attributable to non-controlling interests

Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

43

43

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

Cumulative Operating CF(FY3/23-25)

ROIC(FY3/25)

Lifestyle660

10.0% or more

Automotive

200

6.4%

Connect

260

4.6%

Industry390 or more

17% or more

*2

Energy

330

12.0%

*3

2,000

ROE 10% or moreGroup Total*1

Note: Above data from presentation materials of Group CEO Briefing (April 1, 2022) and Operating Companies Strategy Briefing (June 1 & 2, 2023)*1 Revised from initial target (8.5%)*2 Revised from initial target (20.0%)*3 Excluding impact of US IRA tax credit and new investment (e.g. Kansas factory)
Fiscal 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

44

44

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

Businesses with Sales Disclosed(Adjusted OP 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)

Cold Chain Solutions
Company (CCS)Electric Works
Company (EW)
China and Northeast
Asia Company (CNA)
Others

Note 1: Sales and profit of CNA (except certain businesses) are also included in
LAS, HVAC, and EW

Major Business Divisions: HVAC BD Europe, Commercial Equipment Solutions BD, Residential System Equipment BD• Lighting• Electrical Construction Materials &Living Energy-: Hussmann Corporation, Cold Chain BD: Lighting BD: Electrical Construction Materials & Living Energy BD: Smart Life Appliances BD, Building and Housing Solutions 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.

• 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・⺠⽣

• 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 2024 Third Quarter Financial Results© 2024 Panasonic Holdings Corporation. All Rights Reserved.

© 2024 Panasonic Holdings Corporation. All Rights Reserved.

4545