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Outline of 9 Months
Financial Resultsfor Fiscal Year 2023
April 1, 2023 – December 31, 2023

February 9, 2024
JGC HOLDINGS CORPORATION

My name is Taguchi, and I am General Manager of the Finance Unit.
I will be giving you an outline of 9 months financial results for fiscal year 2023.

CONTENTS
 Results for Fiscal Year 2023 9M Forecasts for Fiscal Year 2023
 Appendix

2I will explain the 9 months results of fiscal year 2023 first, then follow by therevised forecasts for fiscal year 2023.

Results for Fiscal Year 2023 9M

I will begin with the highlights of the third quarter of fiscal year 2023.

Highlights

・ Sales increased year on year due to steady progress on majorlarge-scale projects.

・Additional charges from domestic and overseas projects costs
for risk of construction delay in the total engineering segment.

・ Revision of full-year forecast.

© 2023 JGC HOLDINGS CORPORATIONEnhancing planetary health

4

These are the highlights for the third quarter of Fiscal Year 2023.
Progress in large-scale projects led to an increase in net sales over the same
period of the previous fiscal year.
In the Total Engineering segment, additional costs for risk of construction
delays in some projects in Japan and overseas were expected, leading to alower profit.
Given the situation through the third quarter of this fiscal year, we haverevised our full-year forecast.

Income Statement【Unit: Billions of Yen】

9M FY2022

9M FY2023

Net sales

416.6

601.0+184.4+44%

Gross profit

45.0

32.3

△ 12.7△ 28%

Profit ratio

10.8%

5.4%

△ 5.4pt

Operating profit

25.3

9.2

△ 16.0△ 63%

Ordinary profit

33.4

23.3

△ 10.1△ 30%

Profit attributable toowners of parent

22.5

10.6

△ 11.9△ 53%

Earnings per share¥89.27¥44.08© 2023 JGC HOLDINGS CORPORATION

Difference

Enhancing planetary health5

Now I move on the results for the first nine months of fiscal 2023.
While net sales rose by 44%, an increase of 184.4 billion yen, over theprevious year to 601.0 billion yen, gross profit fell by 12.7 billion yen to32.3 billion yen.
The Total Engineering segment struggled with some projects in Japan andoverseas, resulting in a lower profit ratio.
Operating profit decreased by 16.0 billion yen over the previous year to
9.2 billion yen, affected by higher SG&A expenses.
Ordinary profit fell by 10.1 billion yen over the previous year to 23.3 billion yen.
Profit attributable to owners of the parent decreased by 11.9 billion yen overthe previous year to 10.6 billion yen.

Segment Information【Unit: Billions of Yen】

Total Engineering

Functional Materials
Manufacturing

9M FY2022

9M FY2023

Net sales

377.8561.4+183.5+49%

Segment profit

22.88.6△ 14.1△ 62%

Profit ratio

6.0%

1.5%

△ 4.5pt

Net sales

36.0

36.7+0.7+2%

Segment profit

5.95.4

△ 0.4

△ 7%

16.4%

14.9%

△ 1.5pt

Net sales

2.72.8+0.1+4%

Segment profit

0.6

0.7+0.1+28%

Profit ratio

22.0%

27.1%+5.1pt

Segment profit

△ 4.0

△ 5.6

△ 1.6

Profit ratioOthers

Adjustment© 2023 JGC HOLDINGS CORPORATIONDifference-Enhancing planetary health6

Next are the results by each segment.
In the Total Engineering segment, net sales rose by 183.5 billion yen over theprevious year to 561.4 billion yen.
This was due to the progress of overseas oil and gas, and chemical-related
projects, as well as domestic clean energy, and healthcare and life sciencerelated projects.
Segment profit was 8.6 billion yen, down 14.1 billion yen over the previousyear.
The profit ratio decreased because we reflected additional costs and risks
identified during the implementation of two midsize projects by overseas
subsidiaries in the second quarter.
In this third quarter, we recorded losses related to an ongoing chemical
project in Thailand and a clean energy project in Japan, as we had to reflect
costs and risks of schedule delays as a result of a profitability review.
In addition, SG&A expenses increased due to R&D costs, the reorganizationof overseas offices, and other costs.

These factors led to lower profit, and profit ratio decreased.
In the Functional Materials Manufacturing segment, sales of petroleum
refining catalysts and chemicals and environmental catalysts were strong,
however sales of fine chemical products, including functional coating
materials, decreased significantly due partly to sluggish demand for displays,
smartphones, and other products.
As a result, net sales were unchanged from the previous year at 36.7 billion
yen, and segment profit decreased by 0.4 billion yen to 5.4 billion yen.
Other segments remained unchanged from the previous year.
Adjustments indicate a 1.6 billion yen increase in expenses over the previousyear due to higher personnel and R&D costs among corporate expenses.

Segment Information
Outline of Contracts (Total Engineering)i) New Contracts【Unit: Billions of Yen】

9M FY2022

9M FY2023

Overseas

566.7

104.4

Domestic

102.8

142.5

Total

669.6

246.9

9M FY2023
ATMPs and mRNA Vaccine Ingredients Facility (Japan)
Major New Contracts Bio API Manufacturing Facility (Japan)© 2023 JGC HOLDINGS CORPORATION

Enhancing planetary health

Next, I will explain new contracts in the Total Engineering segment.
Results in new contracts for the first nine months of the fiscal year totaled
246.9 billion yen.
We continue to focus on large-scale overseas projects, for which final
decisions are expected in the fourth quarter.

7Segment Informationii) Outstanding Contracts (As of December 31, 2023)
By Business Area

By Region【Unit: Billions of Yen】

【Unit: Billions of Yen】

Healthcare & Life Science
8%
Urban Infrastructure &Industrial & Others
Clean Energy & Others
1%
10%

Chemical15%

1,350.2

Oil & Gas
44%

Japan
19%

1,350.2

Asia
20%

Middle East
42%

LNG
22%

9M FY2023
Major
OutstandingContracts

Americas & Others
19%Over 100 Billion Yen

Over 50 Billion Yen

Over 30 Billion Yen

LNG (Canada）
Oil Refinery Modernization (Iraq）
Gas Oil Separation Unit (Saudi Arabia)
Nearshore Floating LNG Plant(Malaysia)
Large-scale Ethylene Plants (The U.S.)

Dew Point Control Unit(Saudi Arabia)

VCM, PVC, and OSBL Expansion(Thailand)
LNG Terminal Facilities (Taiwan)
Biomass Power Generation (Japan)
ATMPs and mRNA Vaccine Ingredients(Japan)© 2023 JGC HOLDINGS CORPORATION

Enhancing planetary health8

Next are our outstanding contracts.
The order backlog totaled 1,350.2 billion yen, a decrease of 130 billion yen
from the end of the previous quarter.
By business area, 43% for oil and gas and 22% for LNG,
and by region, 42% in Middle East, 20% in Asia, among others.

Financial Position【Unit: Billions of Yen】

As of March 31,2023

As of December 31,
2023

Difference

Current assets

539.4

580.1

+40.6

Non-current assets

173.6

179.3

+5.6

Total assets

713.1

759.4

+46.3

Current liabilities

272.2

302.5

+30.3

Non-current liabilities

42.9

54.3

+11.3

Total net assets

397.9

402.5

+4.5

Equity ratio

55.7%

52.9%

△ 2.8pt

171.7

149.6△ 22.1

Off Balance Sheet JV CashJGC Portion© 2023 JGC HOLDINGS CORPORATION

Enhancing planetary health

9Now I move on to the financial position.
There were no significant changes in our financial position from the beginningof the fiscal year.
The shareholders’ equity ratio was unchanged at 52.9 %.
The cash balance of our share in joint ventures, which is not posted on thebalance sheet, was 149.6 billion yen, down 22.1 billion yen due to theprogress of projects.

Forecasts for Fiscal Year 2023

Next, I will explain forecasts for Fiscal Year 2023.

Forecasts for Fiscal Year 2023
【Unit: Billions of Yen】

PreviousRevised

Difference

9M FY2023

Progress

ActualRate

New contracts *1

800.0

800.0--

246.9

31%

Net sales

800.0

800.0--

601.0

75%

Gross profit

68.0

48.0

△ 20.0

△ 29%

32.3

67%

Profit ratio

8.5%

6.0%

△ 2.5pt

Operating profit

38.0

16.0

△ 22.0

△ 58%

9.2

58%

Ordinary profit

45.0

28.0

△ 17.0

△ 38%

23.3

83%

32.0

16.0

△ 16.0

△ 50%

10.6

66%

Annual dividends per share¥40.0¥40.0-

Forecasts based on (\/US$)¥140.00¥140.00 *2-Profit attributable toowners of parent

5.4%*1 Total Engineering*2 Exchange rate of forecast for 4Q FY2023© 2023 JGC HOLDINGS CORPORATION

Enhancing planetary health11

We have revised our full-year forecast for fiscal 2023.
There is no increase or decrease in new contracts and net sales.
Our revised gross profit forecast is 48.0 billion yen, a decrease of 20.0 billion
yen, due to a lower profit ratio in the Total Engineering segment.
Our revised operating profit forecast is 16.0 billion yen, a decrease of22.0 billion yen, as taking into account an increase in SG&A, primarily due toprogress in R&D activities.
Our revised ordinary profit forecast to decline by 17.0 billion yen to
28.0 billion yen. Although non-operating profit is expected to improve, such as
an increase in interest income, this could not fully offset the decrease inoperating profit.
Profit attributable to owners of the parent to halve to 16.0 billion yen.
Despite the expected decrease in overall profit, we decided to maintain ourinitial dividend forecast of 40 yen per share, taking into account the cash flow
status and the direction of our business for the next fiscal year and beyond.

Forecasts for Fiscal Year 2023 by Segment【Unit: Billions of Yen】

Previous

Total Engineering

Functional Materials
Manufacturing

Adjustment

Difference

Net sales

743.0

743.0--

Segment profit

38.5

15.0

△ 23.5△ 61%

Profit ratio

5.2%

2.0%

△ 3.2pt

Net sales

50.0

50.0-

-

Segment profit

5.7

7.2+1.5

+26%

11.4%

14.4%

+3.0ptNet sales

7.07.0--

Segment profit

1.51.5--

Profit ratio

21.4%

21.4%-Segment profit△ 7.7△ 7.7-

Profit ratio

Others

Revised© 2023 JGC HOLDINGS CORPORATION-Enhancing planetary health

12This is an additional note to our revised forecast by segment.
The Total Engineering segment profit is expected to be down by 23.5 billion
yen to 15.0 billion yen, due to additional expenses recorded through the third
quarter as well as higher R&D expenses.
The Functional Materials Manufacturing segment profit is expected to be upby 1.5 billion yen to 7.2 billion yen, as the profit ratio exceeded our projectionat the beginning of the fiscal year as a result of cost reductions and otherfactors.
The rest remains unchanged.
This concludes my overview of our financial results.