Fiscal 2023 Second Quarter
Financial Results
October 31, 2022
Panasonic Holdings Corporation

Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “Fiscal 2023” or “FY23” refers to the year ending March 31, 2023.

Summary of FY23 2Q Financial Results• FY23 2Q Financial Results Overall sales increased from FY22 2Q
Increased sales (e.g. Lifestyle, Automotive, Energy), Blue Yonder consolidation, andcurrency translation
 Adjusted operating profit: same level as FY22 2Q- Increased fixed costs for growth (e.g. Lifestyle, Energy), despite increased sales- Efforts like price revisions offset impact of raw material price hikes
 Operating profit & net profit* decreased
Impact of recognition of one-time gains in other income/loss in FY22 2Q(re-evaluation of existing equity in Blue Yonder upon acquisition: 58.3 billion yen)

 FCF: Below net profit* with strategically increased inventories responding tosemiconductor shortages, etc. despite improvement from FY22 with completion ofBlue Yonder acquisition• FY23 Full-Year Forecast Groupwide: Sales revised upward (currency translation); profit revised downward By segment: Profit revised downward for Connect, Automotive, and Industry;
Tax credit from US Inflation Reduction Act (IRA) assumed in FY23 4Q (for Energy)
not yet factored in* Net profit attributable to Panasonic Holdings Corporation stockholders

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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Fiscal 2023 Second Quarter Financial Results
Fiscal 2023 Full-Year Financial Forecast

FY23 2Q Financial Results(yen: billions)

FY23 2Q
2,090.0

Sales

FY22 2Q

Difference / vs. FY22+20%1,741.2+348.8（+9%) ***（+152.2) ***

±0%

-0.1

Adjusted OP*

80.2

Other income/loss**

5.9

Operating profit

86.1

Non-operating income/loss

7.0

Profit before income taxes

93.1(4.5%)

97.3(5.6%)-4%-4.2

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

58.4(2.8%)

76.5(4.4%)

-24%

-18.1

EBITDA**** (% to sales)

193.8(9.3%)

185.9(10.7%)+4%+7.9(% to sales)(% to sales)(% to sales)

Exchange
rates(3.8%)

80.3
16.5(4.1%)

96.8-10.6(5.6%)-11%

0.5

1 US dollar

138 yen

110 yen

1 Euro139 yen

130 yen1 Renminbi

20.2 yen

17.0 yen

Fiscal 2023 Second Quarter Financial Results(4.6%)-10.7+6.5* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted
for using the equity method” as indicated in the Consolidated Statements of Profit or
Loss of the news release*** Excluding effect of exchange rates**** Total amount of Operating profit, Depreciation (Tangible assets including property,
plant and equipment/ Right-of-use assets) and Amortization (Intangible assets).
Adjusted with:- amount equivalent to depreciation corresponding to underlying assets that are
applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets andliabilities” upon Blue Yonder acquisition

Copyright(C) 2022 Panasonic Holdings Corporation

3

FY23 2Q Results by Segment(yen: billions)
Sales

vs. FY22(Excl. effect of
exchange
rates)

AdjustedOP(% to sales)

FY22

Difference

Other
income/
loss

FY22

OP

Difference(% to sales)

FY22

Difference

EBITDA*(% to sales)
*1

FY22

Difference

Lifestyle

877.0

+18%
(+8%)

32.6

+2.9

2.8

+18.2

35.4

+21.1

60.8

+23.0

Automotive

323.0

+36%
(+24%)

0.1

+4.7

-2.0

+0.2

-1.9

+4.9

13.1

+5.6

273.1

+26%
(+12%)

-0.3

-5.6

-0.6

-47.7

-0.9

-53.3

17.9

Connect

3.7%

0.0%

-0.1%

4.0%

-0.6%

-0.3%

6.9%

4.0%

**

6.5%

-43.3
*2

Industry

299.5

+10%
(-2%)

19.4

-2.7

2.6

+5.2

22.0

+2.5

Energy

242.0

+28%
(+5%)

13.9

-5.2

-1.5

-1.2

12.4

-6.4

75.4

-

14.5

+5.8

4.6

+14.7

19.1

+20.5

36.4

+21.9

2,090.0

+20%
(+9%)

80.2

-0.1

5.9

-10.6

86.1

-10.7

193.8

+7.9

Other/
Eliminations &adjustments

Total

6.5%

5.7%

3.8%

7.3%
5.1%

4.1%

36.6

+4.1

12.2%

***

29.0

12.0%

9.3%

-3.4
*3

Note: Management accounting adjustments to sales prices, which had been included in “Eliminations and adjustments,” are included in each segment from FY23.
(FY22 results have also been reclassified to conform to the presentation for FY23)* Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 2Q Sales Analysis by Segment
Overall sales increased:
Increased sales (e.g. Lifestyle, Automotive, Energy), Blue Yonder consolidation, and currency translation
2,090.0(yen: billions)
Automotive

1,741.2

Connect

Lifestyle

EnergyIndustry

HousingEntertainment &Communication

Head office/Eliminations,etc.*

Effect ofexchange
rates

Other/
Eliminations & adjustments

FY22
2Q

Excluding effect of exchange rates: +152.2 (+9%)+348.8 (+20%)

FY23
2Q

Major increase/decrease factors (excluding effect of exchange rates)

Sales

Lifestyle

Increased: Steady sales of growth businesses such as HVAC system’s European business (e.g. A2W, air to water heatpump system), overseas electrical construction materials and showcases in North America; recovery in consumer
electronics in Japan after lifting of Shanghai lockdown, etc.

Automotive

Increased: Recovery in automobile production

Connect

Increased: Increased sales of rugged mobile terminals for overseas and Avionics (recovery in aviation industry), as well
as Blue Yonder consolidation, despite decreased sales of Process Automation (investment slowdown in PC/smartphone)and Gemba Solutions (post-Olympic demand slowdown)

Industry

Decreased: Decreased sales from ICT market slowdown and semiconductor shortages, as well as termination ofsemiconductor business, despite increased sales of capacitors/modules (automotive) and relays (industrial/EV)

EnergyIncreased: Price revisions as well as improved productivity and increased production by new line in FY22 for automotive
batteries in North America, despite lower sales of lithium-ion batteries for consumer application (e.g. PC/games) due todeteriorating market conditions

Other/

Eliminations &adjustments

Entertainment & Communication: Decreased with procurement issues persisting for some components, despite
improvements in overall procurement situation
Housing: Increased with water-related products (e.g. kitchen, toilet), building materials (e.g. interior doors, floor materials)
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 2Q Operating Profit Analysis by Segment
Adjusted OP: Same level as FY22, overall(Increased in Lifestyle and Automotive; decreased in Connect, Industry and Energy)(yen: billions)

96.8
Lifestyle

Automotive

FY22
2Q

Connect

Industry

Adjusted OP: -0.1
OP: -10.7

EnergyOther/
Eliminations &adjustments

86.1
Other
income/
loss

FY23
2Q

Major increase/decrease factors

AdjustedOP

Otherincome/loss

Lifestyle

Increased: Continuing efforts such as price revisions and rationalization in Japanese/overseas markets nearly
offset deteriorated business environment (exchange rates, raw materials & logistics costs), as well as
increased sales mainly in growth businesses

Automotive

Increased: Increased sales, price revisions to offset price hikes in parts & materials, and cost-reduction efforts,
despite parts & materials price hikes (e.g. semiconductors) and increased fixed costs

Connect

Decreased: Decreased sales in Process Automation and Gemba Solutions as well as amortization related toBlue Yonder acquisition, etc., despite increased sales of rugged mobile terminals for overseas, and Avionics,
reflecting market recovery in aviation industry

Industry

Decreased: Decreased sales and raw material price hikes, despite rationalization, price revisions, and effect ofyen depreciation

EnergyDecreased: Price hikes in raw materials & logistics, increased development expenses & fixed costs forincreased production, despite effect of yen depreciation

Impact of one-time factors recognized in FY22
(re-evaluation of existing equity in Blue Yonder upon acquisition: +58.3 billion yen, expenses related to early retirement program)
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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Lifestyle Segment: FY23 2Q Results by Divisional Company(yen: billions)vs. FY22

Sales(Excl. effectof exchange
rates)

AdjustedOP(% to sales)

FY22

Difference

Other
income/loss

FY22

DifferenceOP(% to sales)

FY22

Difference*2
EBITDA**(% to sales)

FY22

Difference

Living Appliancesand Solutions
Company

232.4

+21%
(+10%)

13.9

+2.3

0.0

+0.7

13.9

+3.0

19.7

+4.1

Heating & Ventilation
A/C Company

177.4

+22%
(+12%)

3.5

+0.7

2.4

+3.2

5.9

+3.9

11.2

+5.0

Cold Chain Solutions
Company***

91.1

+35%
(+14%)

3.5

+2.5

-0.1

+0.6

3.4

+3.1

5.5

+3.4

Electric Works
Company

252.0

+15%
(+12%)

12.7

+3.0

-0.7

+6.2

12.0

+9.2

19.0

+9.0

China andNortheast Asia
Company*

243.8

+24%
(+5%)

13.3

+5.8

2.5

+6.4

15.8

+12.2

21.6

+13.1

6.0%

2.0%

3.8%

5.0%

5.5%

6.0%

3.3%

3.7%

4.8%

6.5%

8.5%

6.3%

6.0%

7.5%

8.9%

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit ofChina and Northeast Asia Company** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*** From FY23 2Q, business in China is excluded from the scope of consolidation of Cold Chain Solutions Company (FY22 results are also reclassified to conform to FY23 presentation)

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 2Q Operating Profit Analysis (by Factor)
Adjusted OP:• Same level as FY22 due mainly to increased fixed costs for growth, despite increased sales• Efforts like price revisions offset impact of raw material price hikes(yen: billions)

+26.8

-25.1

-52.0

96.8

+52.8

Fixed costSales
increase/decrease
in real terms-6.6
Blue Yonder
consolidation(amortization,
etc.)

+4.0
Effect ofexchangerates+: Industry,
Energy-: Lifestyle
Price hikes in
raw materials &logistics

Raw materials:-47.0
Logistics: -5.0

FY22
2Q

Price revisions,rationalization,
etc.

86.1
Other
income/loss

FY22:
 Re-evaluation ofexisting equity
upon BY
acquisition (+58.3)
 Expenses for early
retirement
programPrice revisions: +33.0
Rationalization, etc.: +19.8

Adjusted OP: -0.1
OP: -10.7
Fiscal 2023 Second Quarter Financial Results

-10.6

FY23
2Q

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 1H FCF and Cash
• FCF: Below net profit with strategically increased inventories responding to semiconductor shortages, etc.
• Inventories: Turned to a decrease in certain businesses on a quarterly basis;
Further efforts to reduce inventories, mainly by revising strategic inventory level
Gross cash & interest-bearing debt / Net cash

FCF
(yen: billions)・Depreciation
・Increased inventories
・Working capital improvement, etc.

(yen: billions)
Gross cash*

1,248.3

209.3

893.2

OthersNet
profitOperatingCF

69.3-140.0InvestingCF

Completion ofBlue Yonder
acquisition

FY22 1HFCF

Bonds, etc.

-1,630.6

Lease liabilities-266.7

Interestbearing debt

-1,897.3

End of FY22

FCF

Fiscal 2023 Second Quarter Financial Results-604.1

Net cash-649.0-661.2-1,236.4-260.9-1,497.3
End of FY23 2Q* Gross cash: total of “Cash and cash equivalents” and time deposits and others
included in “Other financial assets”

Copyright(C) 2022 Panasonic Holdings Corporation

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Fiscal 2023 Second Quarter Financial Results
Fiscal 2023 Full-Year Financial Forecast

FY23 Full-Year Forecast Revision
FY23 (e)FY23 (e)Difference

8,200.07,900.0+300.0Adjusted operating profit*(% to sales)

340.0

380.0

Other income/loss**

-20.0
320.0

-20.0
360.0

Non-operating income/loss

10.0

Profit before income taxes(yen: billions)(as of Oct 31)

Sales(excl. effect of exchange rates)(as of May 11)(4.1%)(4.8%)(Reference)

FY22

vs. FY22 / Difference(-200.0)

7,388.8

-40.0

357.7

0.0

(4.8%)+11%+811.2

-5%

-17.7

(+3%)

-

-19.8

-40.0

-0.2
357.5

-10%

-37.5

0.0

+10.0

2.9

-

+7.1

330.0

360.0

-30.0

360.4

-8%

-30.4

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

235.0

260.0

-25.0

255.3

-8%

-20.3

ROE

7.0%

8.0%

-1.0%

8.9%

-

-1.9%

EBITDA***

750.0

790.0

-40.0

744.0

+1%

+6.0

Operating profit(% to sales)(3.9%)(% to sales)(4.0%)(2.9%)(% to sales)

Exchange
rates(9.1%)(4.6%)(4.6%)(3.3%)(10.0%)(4.8%)(4.9%)(3.5%)(10.1%)

1H

2H (e)

Full-year(e)1 US dollar

134 yen

130 yen132 yen

115 yen+17 yen112 yen+20 yen

1 Euro139 yen

130 yen

134 yen

130 yen+4 yen131 yen+3 yen1 Renminbi

19.9 yen 20.0 yen 19.9 yen

19.0 yen+0.9 yen

17.5 yen+2.4 yen* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” as indicated in the Consolidated Statements of Profit or Loss of the news release*** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)
Adjusted with: - amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder acquisition
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

11

FY23 Full-Year Forecast Revision by Segment(yen: billions)

Sales

Difference Adjusted
fromvs. FY22
forecast(Difference) (as of

May 11)

Difference

Other
from
income/ FY22 forecast
Difference (as ofloss

May 11)OP(% tosales)

Difference
fromforecast
Difference(as of
May 11)FY22*1EBITDA*(% tosales)

Difference
fromforecast
Difference(as of
May 11)

FY22

+3.5

0.0

-11.0

+12.3

0.0 124.0

+15.8

0.0

228.0

+23.7

0.0

+20.0

10.0

+7.6

-8.0

0.0

+1.0

0.0

10.0

+8.6

-8.0

70.0

+12.9

-7.0

+19%
(+175.3)

+8.0

16.0

+0.3

-22.0

-1.0

-38.1

0.0

15.0

-37.8

-22.0

85.0

-28.8

-15.0

+1%
(+11.9)

+20.0

89.0

+2.3

-7.0

-2.0

+1.5

+4.0

87.0

+3.8

-3.0

146.0

+10.4

-5.0

57.0

-13.8

+2.0

-3.0

+1.0

0.0

54.0

-12.8

+2.0

114.0

-9.0

+2.0

-21.0

33.0

-17.6

-5.0

-3.0

+2.5

-4.0

30.0

-15.1

-9.0

107.0

-3.2

-15.0

+11%
+300.0(+811.2)

340.0

-17.7

-40.0

-20.0

-19.8

0.0 320.0

-37.5

-40.0

750.0

+6.0

-40.0

3,400.0+7%+168.0(+234.4)

Automotive

1,290.0+21%(+227.2)

Connect

1,098.0

Industry

1,140.0

Energy953.0

Other/
Eliminations &adjustments

319.0
8,200.0(% tosales)

Difference
fromforecast
Difference (as of
May 11)

FY22

135.0

Lifestyle

Total

OP

+23%
+105.0(+180.2)(-17.8)

4.0%

0.8%

1.5%

7.8%

6.0%

4.1%

3.6%

0.8%

1.4%

7.6%

5.7%

3.9%

6.7%

5.4%

7.7%

12.8%

12.0%

9.1%

Note: Management accounting adjustments to sales prices, which had been included in “Eliminations and adjustments,” are included in each segment from FY23.
(FY22 results have also been reclassified to conform to the presentation for FY23)* Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

12

Lifestyle Segment: FY23 Full-year Forecast Revision by Divisional Company(yen: billions)
Sales

Difference
Difference Adjusted
Difference
Other
from
from
from
FY22
FY22
OP
forecast
forecast
forecast income/(Difference)
Difference
Difference(% to(as of(as of(as ofloss
sales)
May 11)
May 11)
May 11)

vs. FY22OP(% tosales)

Difference
fromforecast
Difference(as of
May 11)

FY22

Difference
fromforecast(% to sales) Difference (as of
May 11)

EBITDA**

FY22

LivingAppliancesand Solutions
Company940.0 (+100.1)

+60.0

65.5

+2.2

0.0

0.5

-0.1

0.0

66.0

+2.1

0.0

90.0

+5.2

0.0

Heating &Ventilation
A/C Company

770.0

+13%
(+89.2)

+45.0

22.0

+0.5

0.0

-1.1

+2.3

0.0

20.9

+2.8

0.0

40.0

+4.2

0.0

Cold Chain
SolutionsCompany****

310.0

+15%
(+39.9)

+37.8

7.0

+3.8

0.0

0.0

+0.4

0.0

7.0

+4.2

0.0

14.6

+4.4

0.0

Electric
Works
Company970.0+7%(+65.3)

+20.0

50.0

+5.1

0.0

-8.5

-0.7

0.0

41.5

+4.4

0.0

70.0

+4.5

0.0

920.0

+13%
(+105.8)

+70.5

24.4

0.0

24.0

0.0

46.4

+17.9

0.0

China andNortheast
Asia
Company*

+12%

7.0%

2.9%

2.3%

5.2%

***

2.7%

+6.8

0.0

-0.4

+8.5

7.0%

2.7%

2.3%

4.3%

***

2.6%

9.6%

5.2%

4.7%

7.2%

***

+15.3

5.0%

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit of China and Northeast
Asia Company** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*** Impact of temporary expenses included**** From FY23 2Q, business in China is excluded from the scope of consolidation of Cold Chain Solutions Company (FY22 results are also reclassified to conform to FY23 presentation)

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

13

FY23 Full-year Forecast Revision Factors by Segment
Major factors for revision (vs. initial forecast as of May 11)

Sales: Revised upward due to currency translation
Profit: Unchanged: Such efforts as price revisions & rationalization
Sales
Energyoffset Shanghai lockdown & negative impact of currency(yen: billions)8,200.0
Sales: Revised upward due to currency translation; decrease from
Industry
initial forecast in real terms due to reduced automobile
Automotive
Other/
production
Eliminations &Automotive Profit: Revised downward largely affected by decreased sales inadjustments
Connect
1Q, despite such efforts as price revisions to counter parts &materials price hikes (e.g. semiconductors) & effect of
7,900.0
exchange rates
Lifestyle
Sales: Revised upward due to currency translation; decrease frominitial forecast in real terms due to procurement issues (e.g.
Avionics) & post-Olympic demand slowdown in Japan(Gemba Solutions)
Connect
Profit: Revised downward due to decreased sales, decreased profit Forecast
Forecast+300.0(Oct. 31)
(May 11)of Blue Yonder (e.g. postponement of investment anticipating
economic slowdown, accelerated SaaS investment)
Sales: Revised upward due to currency translation; decrease frominitial forecast in real terms due to deteriorated market
OPenvironment for ICT infrastructure & equipment(yen: billions)
Industry Profit: Revised downward: Decreased sales due to deteriorated
Automotive
360.0
business conditions (market, semiconductor shortages,
Shanghai lockdown), despite rationalization and yen
depreciation effectLifestyle
Other
Sales: Revised upward due mainly to price revisions & currency
income/Energyloss
translation, despite slowdown of lithium-ion batteries for320.0
consumer application (e.g. PC/games)
Connect
Other/
Energy Profit: Revised upward with price revisions to counter further priceIndustry Eliminations &hikes of raw materials and yen depreciation effect;
adjustments
Tax credit from US Inflation Reduction Act (IRA) assumed in
FY23 4Q not yet factored in
Other/ Sales: Revised downward due mainly to decreased sales of TVs
Adjusted OP: -40.0(weakening demand in major markets, mainly Europe/Japan)
Eliminations&
Profit: Revised downward due mainly to material price hikes
Forecast
Forecast
OP: -40.0
adjustments(lumber, steel, resin) and effect of exchange rates(May 11)(Oct. 31)

Sales / Adjusted OP

Lifestyle

Other income/loss

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

14

FY23 Full-year Operating Profit Forecast Revision Analysis (by Factor)
OP forecast revised downward:• Sales in real terms expected to decrease compared to initial forecast, and affected by temporary setbacks of Blue Yonder• Efforts like price revisions offset increased fixed costs and expanding impact of raw material price hikes(yen: billions)Sales
increase/decrease inreal terms

Fixed cost+110.0

-40.0

357.5
InitialForecast(May 11)

Price hikes
in rawmaterials &logistics-180.0

Rationalization, etc.

BY consolidation/
temporaryfactors

Effect ofexchange
rates+135.0

+12.3

-15.0

Raw materials: -150.0
Logistics: -30.0

Otherincome/
loss

-19.8

360.0

Price revisions: +95.0
Rationalization, etc.: +40.0

Adjusted OP: +22.3

FY22
RevisedAmount

-45.0

-30.0

357.5
+65.0

-30.0

+77.1

-17.1

+5.0

-

-40.0

-210.0+212.1

-4.8

-10.0

-19.8

320.0

-70.0

Raw materials: -190.0
Logistics: -20.0

Revised
Forecast(Oct. 31)

FY23

OP: +2.5

Price revisions: +137.0
Rationalization, etc.: +75.1

Adjusted OP: -17.7

FY22
Fiscal 2023 Second Quarter Financial Results

OP: -37.5

FY23
Copyright(C) 2022 Panasonic Holdings Corporation

15

Result Trends by Quarter (Sales and Adjusted Operating Profit)• On recovery trend after hitting bottom in 1Q affected by Shanghai lockdown,
despite concerns of future slowdown in the economy• Each operating company will accelerate initiatives to enhance competitiveness based on
medium- to long-term strategy(yen: billions)
Sales

AdjustedOP(% to sales)

1,792.4
119.5

1,741.2

87.5

80.3

6.7%

4.6%

1Q

1,973.9

1,965.4

1,889.8

2,090.0

2Q

4.6%

3Q

70.4

65.7

3.6%

3.3%

4Q

1Q

80.2
3.8%

2Q

・ Enhance operational
capability
・ Increase sales (e.g. Energy,
Heating & Ventilation A/C)・ Eased semiconductor,
parts & materials shortages• (US Inflation Reduction Act)

3Q onward

FY23

FY22
Semiconductor shortages, raw material price hikes
半導体不足・原材料高騰影響
Shanghailockdown
Fiscal 2023 Second Quarter Financial Results

Inflation &concerns of slowdown
in economy
Copyright(C) 2022 Panasonic Holdings Corporation

16

Energy (Automotive Battery): New Manufacturing Facility in Kansas, US• Decided construction of new manufacturing facility of automotive cylindrical lithium-ion
batteries in Kansas, United States (announced on Oct. 31, 2022)
Outline of new facility in Kansas
・ Location: De Soto, Kansas, United States
・ Construction start: November 2022
・ Mass production start: During FY2025 (planned)

Production capacity expansion target• Aim to enhance line up & expand production of
automotive cylindrical lithium-ion batteries inNorth America

・ To manufacture: 2170 cells
・ Initial production capacity: Approx. 30 GWh/year

Production capacity: (GWh)Aim for approx. 3-4 times
vs FY23

North
America,etc.

Approx.
50 GWhJapan
Construction site of new manufacturing facility in Kansas

Fiscal 2023 Second Quarter Financial Results

FY23

FY26

FY29

Copyright(C) 2022 Panasonic Holdings Corporation17

Initiatives in Growth Areas(Automotive Battery, Supply Chain Software, Air Quality & Air-conditioning) Focus on North America market where we can leverage strengths (high capacity) and already havea strong business foundation
 Achieve profit growth by expanding sale of 2170 cells and commercializing 4680 cells

Automotive
Battery[Strengthen supply capabilities in US]
・Decided construction of new manufacturing facility in Kansas (announced Oct. 31,’22) to start mass production of
2170 cells in FY25 (Plan to use state incentive program of Kansas for investment, approved in July ’22)
・Enhance localized material procurement[Commercialization of 4680 cells]
・Proceeding as planned toward delivery to North America market starting FY24;
Renovation of Wakayama Factory in progress Aim for high growth & profitability globally through SCM business, where medium-to long-term
market expansion is expected

Supply Chain
Software[Blue Yonder]• Under new CEO’s management, formulate key strategies toward further growth (e.g. establish stronger
organizational structure, shift to Native SaaS, enhance customer experience) and promote transformation by
executing these strategies, thus countering current setbacks in business environment (e.g. customers postponing
investment decisions anticipating economic slowdown, impact of strong US dollar)[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 competitivenessand accelerated growth Accelerate business growth for A2W (air to water hot water heat pump system) in Europe
Air Quality &Air-conditioning

Expand HVAC business in Europe with 25% CAGR (FY22-FY26) mainly with A2W[Expanding investment]• Investments in capacity expansion, R&D, and enhancing customer touchpoints to meet strong
demand in Europe* (Approx. 50-billion-yen investment by FY26: accelerate development, etc.)[Strengthening product competitiveness with environmental technologies]• Announced launch of new A2W residential models using natural refrigerants, a first release bya Japanese manufacturer (three models for Europe in May 2023)

Fiscal 2023 Second Quarter Financial Results*Market size for A2W
in Europe(Data: European Heat
Pump Association)

CY2021: 610K units→ CY2030: 6M units

Copyright(C) 2022 Panasonic Holdings Corporation18

Announcements related to IR information in FY23
Announcements on initiatives based on medium- to long-term strategy after the launch of new structure
Apr. 1

Group Strategy Briefing by Group CEO (Medium-term Group KGIs)

May 11

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

Jun. 1-2

Panasonic Group IR Day 2022 (by all operating companies)(Operating company’s medium- to long-term strategies/KGIs)

Jun. 13

Technology Briefing by Group CTO

Jul. 13

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

Jul. 14

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

Oct. 6

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

Oct. 31

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

Nov. 18
PlannedLifestyle: • “SUPER BOX” Invitational exhibition(Electrical construction materials in Japan: building equipment solutions preview)• Briefing on individual businessNov. 22(Overall strategy, Heating & Ventilation A/C Company's growth strategy for Europe, Cold Chain
Solutions Company & China and Northeast Asia Company’s medium- to long-term strategies)

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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 that statements in this presentation do not relate to historical or current facts, they constitute forwardlooking 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 materiallydifferent 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 this presentation.
Investors are advised to consult any further disclosures by Panasonic HD in its subsequent filings under the Financial Instrument andExchange Act of Japan (the FIEA) and other publicly disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer
spending and corporate capital expenditures in the Americas, Europe, Japan, China and other Asian countries; volatility in demand forelectronic equipment and components from business and industrial customers, as well as consumers in many product and geographicalmarkets; the possibility that the spread of the novel coronavirus infections may adversely affect business activities of the Panasonic Group;
the possibility that excessive currency rate fluctuations of the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen
may adversely affect costs and prices of Panasonic Group’s products and services and certain other transactions that are denominated inthese foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds, because of changes in the fundraising 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 arehighly competitive in terms of both price and technology; the possibility of not achieving expected results or incurring unexpected losses inconnection with the alliances or mergers and acquisitions; occurrence and continuation of supply disruption or soaring prices of raw
materials or transportation; the possibility of not being able to achieve its business objectives through joint ventures and othercollaborative agreements with other companies, including due to the pressure of price reduction exceeding that which can be achieved 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 aholding company; the possibility of the Panasonic Group not being able to maintain competitive strength in many product and geographicalareas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that
the Panasonic Group may face intellectual property infringement claims by third parties; current and potential, direct and indirect
restrictions imposed in Japan or other countries over trade, manufacturing, labor and operations; failures in proper tackling ofenvironmental issues or taking initiatives in responsible procurement activities in the supply chain; restrictions, costs or legal liability
relating to laws and regulations or failures in internal controls; fluctuations in market prices of securities and other financial assets in which
the Panasonic Group has holdings or changes in valuation of non-financial assets, including property, plant and equipment, goodwill anddeferred tax assets; future changes or revisions to accounting policies or accounting rules; the possibility of incurring expenses resulting
from a leakage of customers’ or confidential information from Panasonic Group systems due to unauthorized access or a detection ofvulnerability of network-connected products of the Panasonic Group; as well as natural disasters including earthquakes, prevalence of
infectious diseases throughout the world, and other events that may negatively impact business activities of the Panasonic Group. The
factors listed above are not all-inclusive and further information is contained in the most recent English translated version of PanasonicHD’s securities reports under the FIEA and any other documents which are disclosed on its website.

(Reference) FY23 Six-Month (Apr. - Sep.) Results(yen: billions)Sales(excl. effect of exchange rates)

Adjusted OP*

FY23 1H

FY22 1H

4,063.9

3,533.6

145.9(% to sales)(3.6%)

3.9

Other income/loss**

199.8

vs. FY22 / Difference+15% +530.3(+5%)(5.7%)

1.4

-27%

-53.9

-

+2.5

-26%

-51.4

-

+12.2

Operating profit

149.8

Non-operating income/loss

16.8

Profit before income taxes

166.6(4.1%)

205.8(5.8%)

-19%

-39.2

107.3

(2.6%)

153.0(4.3%)

-30%

-45.7

364.3

（9.0%)

375.0(10.6%)

-3%

-10.7

(% to sales)(% to sales)

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

EBITDA***(% to sales)

Exchange
rates(3.7%)

201.2(5.7%)

4.6

1 US dollar

134 yen

110 yen

1 Euro139 yen131 yen1 Renminbi

19.9 yen

17.0 yen***

Adjusted OP = Sales - Cost of sales - SG&A
Other income/loss = “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” as indicated in the Consolidated
Statements of Profit or Loss of the news release*** EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment/ Right-of-use assets) and Amortization (Intangible assets).
Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

22

(Reference) FY23 Financial Results/Forecast(yen: billions)

FY23 1Hvs. FY22/DifferenceSales

4,063.9+15%+530.3

4,136.1

145.9

-27%

-53.9

194.1

(excl. effect of exchange rates)

Adjusted operating
profit*(3.6%)(% to sales)

(+5%)

ー

+2.5

(% to sales)

3.9
149.8

(3.7%)

-26%

-51.4

Non-operating
income/loss

16.8

ー

166.6

Other income/loss**
Operating profit

Profit before income
taxes (% to sales)

Net profit attributable to(4.1%)+811.2

+23%

+36.2

340.0

-5%

-17.7

+12.2

-6.8

ー

-19%

-39.2

163.4

EBITDA***

364.3

-3%

-10.7

Exchange
rates

+11%

+13.9

-45.7

(9.0%)

8,200.0+9%-30%

vs. FY22/Difference+280.9

-22.3

107.3

Full-year (e)

+7%

(+1%)

ー

(2.6%)(% to sales)(4.7%)

vs. FY22/Difference

-23.9
170.2

Panasonic Holdings
Corporation stockholders(% to sales)

FY23 2H (e)(4.1%)

(+3%)

-20.0
320.0

ー

-19.8

-10%

-37.5

-5.1

10.0

ー

+7.1

+6%

+8.8

330.0

-8%

-30.4

127.7

+25%

+25.4

235.0

-8%

-20.3

385.7

+5%

+16.7

750.0

+1%

+6.0

(4.1%)(4.0%)(3.1%)(9.3%)(3.9%)(4.0%)(2.9%)(9.1%)

1 US dollar

134 yen+24 yen

130 yen+15 yen132 yen+20 yen

1 Euro139 yen+8 yen

130 yen0 yen

134 yen+3 yen1 Renminbi

19.9 yen+2.9 yen

20.0 yen+2.0 yen

19.9 yen+2.4 yen***

Adjusted OP = Sales - Cost of sales - SG&A
Other income/loss = “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” as indicated in the Consolidated
Statements of Profit or Loss of the news release*** EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment/ Right-of-use assets) and Amortization (Intangible assets).
Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

23

(Reference) FY23 Financial Results/Forecast by Segment(yen: billions)

1H
Sales

vs. FY22/Difference

2H (e)

AdjustedOP

vs. FY22/Difference(% to sales)

Sales

vs. FY22/Difference

Full-year (e)AdjustedOP

vs. FY22/Difference(% to sales)

Sales

vs. FY22/Difference

Adjustedvs. FY22
OP/Difference(% to sales)

Lifestyle

1,713.5

+12%

68.3

-8.1

1,686.5

+3%

66.7

+11.6

3,400.0

+7%

135.0

+3.5

Automotive

592.6

+19%

-12.0

-9.5

697.4

+23%

22.0

+17.1

1,290.0

+21%

10.0

+7.6

Connect

517.9

+22%

-9.6

-22.0

580.1

+16%

25.6

+22.3

1,098.0

+19%

16.0

+0.3

Industry

596.0

+7%

43.7

-3.4

544.0

-5%

45.3

+5.7

1,140.0

+1%

89.0

+2.3

Energy

469.8

+24%

30.4

-8.3

483.2

+22%

26.6

-5.5

953.0

+23%

57.0

-13.8

Other/
Eliminations &adjustments

174.1

-

25.1

-2.6

144.9

-

7.9

-15.0

319.0

-

33.0

-17.6

4,063.9

+15%

145.9

-53.9

4,136.1

+7%

194.1

+36.2

8,200.0

+11%

340.0

-17.7

Total

4.0%

-2.0%

-1.8%

7.3%

6.5%

3.6%

4.0%

3.2%

4.4%

8.3%

5.5%

4.7%

4.0%

0.8%

1.5%

7.8%

6.0%

4.1%

Note: Management accounting adjustments to sales prices, which had been included in “Eliminations and adjustments,” are included in each segment from FY23.
(FY22 results have also been reclassified to conform to the presentation for FY23)

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

24

(Reference) Lifestyle Segment: FY23 Financial Results/Forecast by Divisional Company(yen: billions)

1H
vs. FY22/DifferenceSales

2H (e)

AdjustedOP

vs. FY22/Difference(% to sales)

Sales

vs. FY22/Difference

Full-year (e)AdjustedOP

vs. FY22/Difference

38.7

+5.2

940.0

+12%

65.5

+2.2

5.1

+4.2

770.0

+13%

22.0

+0.5

1.4

+0.3

310.0

+15%

7.0

+3.8

+0.3

970.0

+7%

50.0

+5.1

+0.9

920.0

+13%

24.4

(% to sales)

LivingAppliances andSolutionsCompany

437.9

+13%

26.8

-3.0

502.1

+11%

Heating &Ventilation A/C
Company

398.4

+13%

16.9

-3.7

371.6

+13%

Cold Chain
SolutionsCompany***

168.7

+29%

5.6

+3.5

141.3

+1%

Electric Works
Company

468.9

+11%

19.9

+4.8

501.1

+4%

30.1

China andNortheast Asia
Company*

487.8

+16%

25.5

+5.9

432.2

+10%

-1.1

6.1%

4.2%

3.3%

4.2%

5.2%

7.7%

1.4%

1.0%

6.0%

**

-0.3%

Sales

vs. FY22/Difference

Adjustedvs. FY22
OP/Difference(% to sales)

7.0%

2.9%

2.3%

5.2%

**

2.7%

+6.8

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit of China andNortheast Asia Company** Impact of temporary expenses included*** From FY23 2Q, business in China is excluded from the scope of consolidation of Cold Chain Solutions Company (FY22 results are also reclassified to conform to FY23 presentation)
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

25

(Reference) Impact from Changes in Business Environment (vs. FY22)
Changes in demandLifestyle• Resin: higher crude oil prices• Price revisions and other factors offset
surging sea freight costs• Affected by price hikes in parts & materials(e.g. semiconductors), despite cost
reduction and price revisions

Connect• Aviation industry: recovery trend• Decreased large projects in Japan due to • Notebook PCs, Avionics
post-Olympic demand slowdown• Notebook PCs and Avionics: higher
procurement costs due to market pricehikes

Industry• Products for EVs: steady• ICT infrastructure & market: slowdown• Automotive-use products: indirect impact• FA-related products: direct impact• Raw material price hike impact
mitigated by price revisions &rationalization

Energy• EV demand: continue to expand• Minor impact• Market prices (e.g. lithium, nickel, cobalt)• Logistic costs

Lifestyle• Consumer electronics (CE) in Japan:
Slightly decrease• CE overseas: partially slowdown• B2B: steady• Continue procurement of alternatives• Impact of price hikes in raw materials &logistics persists, but will promote pricerevisions and rationalization• Recovery of automobile production expected• Continue to monitor automobile demand impacted by risk of fluctuating production due
to semiconductor, parts & material shortages as well as unclear economic outlook• Impact of parts & materials price hikes
persists, but will be mitigated by cost
reduction and price revisions

Connect• Slowdown of investment in production
equipment due to decline in PC &smartphone demand, despite continuing
recovery in aviation industry• Impact remains in Notebook PCs, Avionics
but on recovery trend• From 3Q onward, impact on profit will be
mitigated by price revisions

Industry• Products for EV: steady• ICT infrastructure & market: facing
production adjustments• Impact persists but begins to improve• Closely monitor market & customer trends• Will be mitigated by price revisions andrationalization

Energy• EV demand: to expand over mediumterm• Closely monitor market & customer trends• Will be mitigated in FY23 2H by pricerevisions, etc.

Automotive
Outlookfor
FY23 2H• Impact persists mainly in Electric Works
Company, but signs of recovery

Price hikes in
raw materials & logistics• Semiconductor, parts & material shortages: persisting• Automobile production: recovery was seen

Automotive

FY23
2Q

• Consumer electronics (CE) in Japan:
Slightly decreased• CE overseas & B2B: steady

Semiconductor, parts & materials
shortages

Positive (vs. FY22)

Negative (vs. FY22)
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

26

(Reference) FY23 2Q Segment Information
Overview
FY23 2Q(yen: billions)

Sales

877.0

Adjusted operating profit

32.6(% to sales)

vs. FY22 2Q/
Difference(3.7%)+18%(+8%)*

2.8+18.2

Operating profit

35.4

+21.1

(4.0%)

Sales increased: Growth businesses like HVAC systems in Europe(e.g. A2W), overseas electrical construction materials, showcases inNorth America, recovery in consumer electronics in Japan after
lifting of Shanghai lockdown

877.0(yen: billions)Electric
Works

Heating &Ventilation A/C+2.9

Other income/loss(% to sales)

Lifestyle742.9

LivingAppliancesand Solutions

Others** Effect of
exchange
rates

Cold Chain
Solutions* In real terms excluding the effect of exchange rates

Major increase/decrease factors

FY22
2Q

FY23
2Q

Adjusted OP

LivingIncreased: Price revisions to counter yen depreciation
Appliances and and price hikes in raw materials & logistics, recovery OP increased: Increased sales mainly with growth businesses,
Solutionsfrom COVID lockdown impact, etc.
such efforts as price revisions and rationalization in Japan/overseas
Company

Increased: Increased sales of products such as A2W
Heating &(air to water hot water heat pump system) in Europe,
Ventilation A/C recovery from lockdowns in Asia, and other factors,
despite deteriorated business conditions (e.g. raw
Company
material price hikes and yen depreciation)
Cold Chain
SolutionsCompany

Increased: Increased sales of showcases in Japan
and North America and recovery trend of commercial
kitchen appliances in Japan, despite partsprocurement issues, etc.

Electric Works
Company

Increased: Increased sales of electrical construction
materials mainly in India and structural reform effectin solar business, while procurement issues persisting
but improving

Other income/loss Restructuring expenses in FY22, etc.
Fiscal 2023 Second Quarter Financial Results

nearly offsetting deteriorated business environment(yen: billions)

Heating &Ventilation A/CElectric
Works

Cold Chain
Solutions

14.3

Others**LivingAppliancesand Solutions

FY22
2Q

35.4

Effect of Other
exchange income/
loss
rates

Adjusted OP: +2.9
OP: +21.1

FY23
2Q** Refrigeration and Air-Conditioning Devices, sales of other segment products,
segment head office, eliminations, etc.
Copyright(C) 2022 Panasonic Holdings Corporation

27

(Reference) FY23 2Q Segment Information
Overview
FY23 2Q(yen: billions)vs. FY22 2Q/
Difference

323.0

+36%
(+24%)*

0.1+4.7

Other income/loss

-2.0

+0.2

Operating profit

-1.9

+4.9

Sales
Adjusted operating profit(% to sales)(0.0%)(-0.6%)(% to sales)* In real terms excluding the effect of exchange rates

Major increase/decrease factors

Adjusted OP

Automotive
Cockpit
Systems

Automotive
Electronics
Systems

Automotive

Sales increased:
Recovery in automobile production, currency translation(yen: billions)237.9

Automotive
Electronics Others**
Automotive Systems
Cockpit
Effect ofexchange
Systems

323.0

rates

FY23
2Q

FY22
2Q

OP increased: Increased sales, price revisions to offset price• Increased sales with recovery of automobile
hikes in parts & materials, and cost reduction efforts, despite+: production
parts & materials price hikes (e.g. semiconductors) and• Cost reduction efforts
increased fixed costs• Price revisions to counter price hikes in parts &(yen: billions)materials-: • Price hikes in parts & materials (e.g. semiconductors)
-6.8
-1.9
• Increased sales with recovery of automobile
production+:• Price revisions to counter price hikes in parts &materials• Cost reduction efforts

Automotive
Electronics
Systems
Automotive
Cockpit
Systems-: • Price hikes in parts & materials (e.g. semiconductors)• Increased fixed costs (e.g. overseas personnel
expenses)Same level as FY22 due to expenses associated with early
Other
retirement benefit program recorded in FY22, along side withincome/loss
equity method profit/loss and depreciation of certain assets in FY23
Fiscal 2023 Second Quarter Financial Results

FY22
2Q

Others**

Effect ofexchange
rates

Adjusted OP: +4.7
OP: +4.9

Other
income/
loss

FY23
2Q

** Sales of other segment products, etc.
Copyright(C) 2022 Panasonic Holdings Corporation

28

(Reference) FY23 2Q Segment Information
Overview(yen: billions)

Sales
Adjusted operating profit(% to sales)

Other income/loss
Operating profit

FY23 2Q

vs. FY22 2Q/
Difference

273.1

+26%
(+12%)*

-0.3

-5.6

-0.6

-47.7

-0.9

-53.3

(-0.1%)(-0.3%)(% to sales)

Connect

Sales increased: Rugged mobile terminals for overseas markets, Avionics(market recovery in aviation industry) and Blue Yonder consolidation,
despite decreased sales of Process Automation (investment slowdown in
PC/smartphones) and Gemba Solutions (post-Olympic demand slowdown)

273.1(yen: billions)

216.0

Process
Automation

Avionics

MobileSolutionsMedia
GSOL**
Entertainment

BY

Others

Impact of
Effect ofaccounting
exchangetreatment related to rates
BY acquisition* In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors
Avionics+: Increased sales of repair & maintenance services due
to recovery in aircraft market demand

Process
Automation-: Decreased sales of mounting machines affected byinvestment slowdown for PCs and smartphones

Media
Entertainment
MobileSolutions
Gemba
Solutions **Blue Yonder
(BY)

FY22
2Q

FY23
2Q

OP decreased: Decreased sales in Process Automation and Gemba
Solutions, amortization related to Blue Yonder acquisition, despite
increased sales of rugged mobile terminals for overseas, and Avionics,
reflecting market recovery in aviation industry-: Post-Olympic demand slowdown(yen: billions)(income related to various supports at Olympic venues,
GSOL**
Other
52.4
etc.)
income/Avionics
loss
Others+: Increased sales of rugged mobile terminals for
Process
MobileBY
overseas markets
Effect ofAutomation Solutions
Impact of-: Decreased sales of solutions business due toexchangeaccounting
rates
post-Olympic demand slowdown in Japan market
treatment &Media
amortization-: Impact of new consolidation (a loss resulting fromEntertainment
related to BY
temporary expenses for organizational reform)
acquisition
Impact of temporary accounting treatment and-0.9
increased amortization of intangible assets

Other
Impact from re-evaluation of existing equity upon BY acquisition
income/loss in FY22** Gemba Solutions Company (GSOL)
Fiscal 2023 Second Quarter Financial Results

FY22
2Q

Adjusted OP: -5.6
OP: -53.3
Copyright(C) 2022 Panasonic Holdings Corporation

FY23
2Q

29

(Reference) Blue Yonder’s KPIs
Revenue

Recurring / SaaS ratio Recurring ratio almost unchanged, but SaaS ratio
achieved steady growth Increased from FY22 and growth continues
（M
US$）
(USD:
millions）

293

69.1%

68.8%

全体

全体

サブスク

69.0%

310

309
286

Connect

289

サブスク

SaaS

SaaS

Recurring ratio
全体

全体

サブスク

35.0%

37.0%

SaaS

68.4%

68.3%

サブスク

40.0%

39.0%

SaaS

41.1%

SaaS ratio
FY22 2Q

FY22 3Q

FY22 4Q

FY23 1Q

FY23 2Q

Note: Total revenue by quarter (stand alone)

21 2Q
FY22
2Q

21 3Q3Q
FY22

FY22
4Q
21 4Q

FY23 1Q

FY23 2Q

Note: Recurring revenue business ratio in total revenue※全体売上に占める経常収益ビジネスの販売比率

SaaS ARR (Annual Recurring Revenue)

SaaS NRR (Net Revenue Retention)

 Continuing steady revenue growth Retention rate kept higher than FY22, and expectedto achieve stable profit

（M
US$）
(USD:
millions）

475

444

505

525

552

119%
全体

全体
サブスク

サブスク
SaaS

SaaS

FY22 2Q

FY22 3Q(Year-on-year)

FY22 4Q

FY23 1Q

FY23 2Q

Notes:• ARR indicates secured annualized revenue during the year starting next quarter• FY23 1Q & 2Q figures exclude effect of exchange rates, reflecting strong USD
against other major currencies (no such adjustments made in and before FY22 4Q)
Fiscal 2023 Second Quarter Financial Results

109%

108%

110%

100%

FY22 2Q

サブスク

サブスク
SaaS

SaaS

FY22 3Q

107%

全体

全体

FY22 4Q

FY23 1Q

FY23 2Q

Notes: •Net revenue retention rate with existing customers•FY23 1Q & 2Q figures excludes effect of exchange rates, reflecting strong USD
against other major currencies (no such adjustments made in and before FY22 4Q)
Copyright(C) 2022 Panasonic Holdings Corporation

30

(Reference) FY23 2Q Segment Information
Overview(yen: billions)

Sales

FY23 2Q

vs. FY22 2Q/
Difference

PID
Products*

299.5

+10%
(-2%)**

250.3

Adjusted operating
profit (% to sales)(6.5%)

19.4-2.7

Other income/loss

2.6

+5.2

22.0

+2.5

Operating profit(% to sales)(7.3%)

18.1(7.2%)(yen: billions)Control
Devices

272.0

299.5

Electronic
Devices

Others***Electronic
Effect ofMaterials
exchangerates

FA Solutions

20.7(8.3%)

Major increase/decrease factors

Adjusted OP

Sales increased: Increased sales of automotive-use products andcurrency translation, despite decreased sales from ICT market
slowdown, semiconductor shortages, and termination ofsemiconductor business

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

Control
Devices+: Increased sales of industrial-use relays-: Raw material price hikes, less profitable product mix

FA Solutions-: Raw material price hikes, semiconductor shortages

Electronic
Devices-: Raw material price hikes, decreased sales from

Electronic
Materials+: Price revisions-: Raw material price hikes, decreased sales

Other income/loss

Industry

FY22
2Q

OP increased: Rationalization, price revisions, yen depreciation
effect, and proceeds from sale of shares, despite decreased sales
and raw material price hikes(yen: billions)
Effect ofexchange
rates

Control

19.5 Devices
FA Solutions

slowdown in ICT market

Proceeds from sale of company shares accounted forusing equity method, etc.

FY23
2Q

Electronic
Materials

Electronic
Devices

FY22
2Q

22.0
Other
income/loss

Others***Adjusted OP: -2.7
OP: +2.5

FY23
2Q*** Sales of other segment products, etc.
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

31

(Reference) FY23 2Q Segment Information
Overview(yen: billions)

FY23 2Q

vs. FY22 2Q/
Difference

Sales

242.0

+28％
(+5%)*

Adjusted operating profit

13.9

-5.2

(% to sales)

Other income/loss
Operating profit(5.7%)

-1.5

-1.2

12.4

-6.4

(5.1%)(% to sales)* In real terms excluding the effect of exchange rates

Major increase/decrease factors+: Increased production in North America and pricerevision effectIn-vehicle-: Price hikes in raw materials & logistics, increased

Sales increased: Currency translation and price revisions;North America automotive batteries favorable, but lower sales oflithium-ion batteries for consumer application, affected bydeteriorating market conditions
242.0(yen: billions)

Adjusted OP

Others**In-vehicle

189.6

Industrial /Consumer

Effect ofexchange
rates

FY22
2Q

FY23
2Q

OP decreased: Price hikes in raw materials & logistics, increased
fixed costs for increased production and development, despite effectof yen depreciation(yen: billions)

18.8

fixed costs for increased production, and increased
development expenses

Industrial /Consumer

Energy12.4

In-vehicle+: Increased sales of power storage systems, pricerevision effectIndustrial /Consumer-: Impact of decreased sales of lithium-ion batteries for

Others** Effect of
exchange
rates

Other
income/loss

consumer application, price hikes in raw materials

Other income/loss

Expenses for business-site reorganizations andlosses for fixed asset disposals, etc.

Fiscal 2023 Second Quarter Financial Results

FY22
2Q

Adjusted OP: -5.2
OP: -6.4

FY23
2Q** Segment head office, eliminations, etc.
Copyright(C) 2022 Panasonic Holdings Corporation

32

(Reference) FY23 2Q Operating Profit & Net Profit(yen: billions）

FY23 2Q

FY22 2Q

Difference

Operating profit

86.1

96.8

-10.7

Non-operating income/loss

7.0

0.5

+6.5

Profit before income taxes

93.1

97.3

-4.2

Income taxes

-29.7

-17.4

-12.3

Net profit

63.4

79.9

-16.5

Net profit attributable to Panasonic Holdings
Corporation stockholders

58.4

76.5

-18.1

Net profit attributable to non-controllinginterests

5.0

3.4

+1.6

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

33

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

Cumulative Operating CF(FY23-25)

ROIC(FY25)

Lifestyle660

10.0% or more

Automotive

200

8.5%

Connect

260

4.6%

Industry390 or more

20.0%

Energy

330

12.0%

2,000

ROE 10% or moreGroup Total

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

Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

34

(Reference) List of Voluntarily Disclosed Businesses in FY23
Lifestyle(Panasonic Corporation)

Living Appliances andSolutions Company
Heating & Ventilation
A/C Company
Cold Chain Solutions
Company
Electric Works
Company
China and Northeast
Asia Company
OthersBusinesses with Sales Disclosed

Major Business Divisions, etc.

: 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 and Cooling Solutions• Ecology Systems-: Heating and Cooling Solutions BD: Panasonic Ecology Systems Co., Ltd.

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

• Lighting• Energy Systems• Other• Automotive Cockpit Systems• Automotive Electronics Systems(Panasonic Automotive Systems• OthersCo., Ltd.)

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

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

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

Energy• 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.

Connect( Panasonic Connect Co., Ltd.)

Industry(Panasonic Industry Co., Ltd.)(Panasonic Energy Co., Ltd.)

Eliminations & adjustments• Eliminations of intersegment transactions, adjustments of profits and losses not attributable to any segments, and adjustments of consolidations, etc.

Notes: 1. Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit of China and Northeast Asia Company
2. Equity method income/loss of Prime Planet Energy & Solutions, Inc. is included in “Eliminations & adjustments”
Fiscal 2023 Second Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

35