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Outline of Half Year
Financial Resultsfor Fiscal Year 2022
April 1, 2022 – September 30, 2022

November 10, 2022
JGC HOLDINGS CORPORATION

I will provide an overview of our financial results for the first half FY2022.
In these materials, figures for H1 refer to the first half of the fiscal year,
the six months comprising the first two quarters.

CONTENTS
Highlights(Appendix)Income Statement

Forecasts for Fiscal Year 2022 by Segment

Segment InformationNet sales & New Contracts by RegionBalance SheetsHistorical data chartCash Flows

Outline of Contracts (Total Engineering)

Forecasts for Fiscal Year 20222

Highlights• Sales growth supported by the steady execution of overseas projects• Sales and profits increased year on year

• Rising forecast for the full-year earnings and dividend© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

3I will begin with the highlights for the first half.
In the Total Engineering segment, steady execution of overseas projects resulted
favorable progress growth. Net sales in the second quarter surpassed quarterly
results over the past few years, including results in the previous quarter (Q1),
pointing to an upward trend.
Compared to the first half of previous year, sales and profit were up
both by segments and on a consolidated basis.
Given conditions in the first half, we have revised H2 forecast and raised
our full year earnings and dividend forecasts.

Income Statement【Unit: Billions of Yen】

H1 FY2021

H1 FY2022

Difference

Net sales

217.9

267.2+49.3

Gross profit

20.8

32.0+11.2

Profit ratio

9.6%

12.0%+2.4pt

Operating profit

10.3

18.9+8.5

Ordinary profit

12.6

30.4+17.8△ 48.4

20.7

+69.1

Profit/loss attributable toowners of parent© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

4I will now go over the consolidated Income Statement.
Net sales rose 49.3 billion yen over the same period of the previous fiscal year to267.2 billion yen.
Gross profit rose 11.2 billion yen to 32.0 billion yen. The gross profit rateincreased 2.4 points to 12%. This reflects improvements to profitability due tosteady execution of projects, impact of Japanese yen depreciation and among
other factors.
Operating profit increased 8.5 billion yen over the previous year to 18.9 billion
yen, even though selling, general and administrative expenses (SG&A) were up.
The posting of non-operating profit such as foreign exchange gains resulted
in a 17.8 billion yen increase in ordinary income, to 30.4 billion yen.
Profit attributable to owners of the parent totaled 20.7 billion yen.

Segment Information【Unit: Billions of Yen】

H1 FY2021*

H1 FY2022

195.6

241.8+46.1+24%

Segment profit

9.1

17.3+8.1+89%

Net sales

21.4

23.4+2.0+10%

Segment profit

3.7

3.8+0.1+3%

Net sales

0.8

1.9+1.0+127%

Segment profit△ 0.1

0.3+0.4-

Segment profit

△ 2.4

△ 2.5

△ 0.1-Net sales

217.9

267.2+49.3+23%

Segment profit

10.3

18.9+8.5+83%

Net sales
Total Engineering

Functional Materials
Manufacturing

OthersAdjustment

Total (Consolidated)

Difference* The group administrative expenses of JGC Holdings Corporation, which were previously allocated to individualsegments, are included in "Adjustment" as a corporate expense not allocated to individual segments due to a change inthe method of performance management from the first quarter of the current fiscal year.
The segment information for the half year of the previous consolidated fiscal year is presented based on the calculation
method adopted after the change.

© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

5Next, I will discuss segment information.
In the Total Engineering segment, net sales rose 46.1 billion yen over the same
period of the previous year to 241.8 billion yen, and segment profit was up
8.1 billion yen to 17.3 billion yen. The major projects were the LNG projectin Canada, the oil refinery in Iraq, and a floating LNG project in Mozambique.
In the Functional Materials Manufacturing segment, net sales rose 2.0 billion yen
over the previous year to 23.4 billion yen and segment profit rose 100 million yen
to 3.8 billion yen. In addition to an increase in exports of petroleum refining
catalysts and other, strong demand supported high-level production and sales offine chemical products.
Results in other segments are shown here.

Balance Sheets【Unit: Billions of Yen】

As of March 31,2022

As of September 30,
2022

Difference

Current assets

533.3

587.8

+54.5

Non-current assets

160.9

170.3

+9.4

Total assets

694.2

758.2

+63.9

As of March 31,2022

As of September 30,
2022

Difference

Current liabilities

253.8

301.8

+47.9

Non-current liabilities

52.7

47.2

△ 5.5

Total net assets

387.6

409.2

+21.5

239.6

237.6

△ 1.9

Off Balance Sheet JV CashJGC Portion© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health6

Next are the consolidated balance sheets.
Current assets rose 54.5 billion yen from the beginning of the fiscal year to 587.8
billion yen due to higher cash and cash equivalents and other.
Non-current assets increased 9.4 billion yen to 170.3 billion yen due toan increase in investment securities and other factors.
Total assets were 758.2 billion yen.
Current liabilities rose 47.9 billion yen to 301.8 billion yen due to an increasein contract liabilities resulting from advance received.
Non-current liabilities totaled 47.2 billion yen, net assets amounted to409.2 billion yen and the shareholders’ equity ratio was 53.9%.
The balance of our share of cash in joint ventures, which is off the balance sheet,
was down 1.9 billion yen to 237.6 billion yen.

Cash Flows【Unit: Billions of Yen】

Cash flows
from operating activities
Cash flows
from investing activities
Cash flows
from financing activities
Net increase (decrease)in cash and cash equivalents
Cash and cash equivalents
at end of period© 2021 JGC HOLDINGS CORPORATION

H1 FY2021

H1 FY2022

Difference△ 4.888.9+93.7

△ 3.9

△ 4.9

△ 1.0

△ 0.9

△ 10.5

△ 9.6

△ 9.1

83.5+92.7

259.1

371.6

+112.4

Enhancing planetary health7

Next, I will discuss cash flow.
Cash flow from operating activities was 88.9 billion yen. This positive cash flow isprimarily due to advances received for new awards and net income for the period.
Cash flow used in investing activities was 4.9 billion yen due to the acquisition oftangible asset and equipment and other factors.
Cash flow used in financing activities was 10.5 billion yen due to the repaymentof long-term debt, dividend and other factors.
The balance of cash and cash equivalents was 371.6 billion yen atend-September, increased by 83.5 billion yen compared to the beginningof the period.
We expect the balance of cash and cash equivalents to decline in H2 due tothe use of cash to make payments for the redemption of bonds and the paymentof advances received thus far as construction progresses.

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

H1 FY2021

H1 FY2022

FY2022
ForecastOverseas

12.9416.1

670.0

Domestic

107.6

47.2

170.0

Total

120.6

463.4

840.0

H1 FY2022
Major New Contracts

Gas Oil Separation Unit (Saudi Arabia)
VCM, PVC, and OSBL Expansion((Thailand)© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

8Next, I will address new contracts.
The Total Engineering segment had 416.1 billion yen in new contracts overseas
and 47.2 billion yen in Japan from April through September, for a total of463.4 billion yen.
The major orders received were for a gas oil separation unit in Saudi Arabia,and vinyl chloride monomer (VCM) and polyvinyl chloride (PVC) expansion
project in Thailand.

ii) Outstanding Contracts (As of September 30, 2022)
By Business Area

By Region【Unit: Billions of Yen】

【Unit: Billions of Yen】

0%
9%

6%

15%

19%

6%

2%

1,592.5

1,592.5

56%

10%

23%
54%

Energy Transiton
Oil and gas■

LNG■

Chemical■Clean energy & Others■Healthcare & Life sciences■Industrial & Urban infrastructure & Others

FY2022H1MajorOutstandingContracts

244.5163.9862.1
21.5
300.2

■Japan■890.7
363.8
96.7
138.9
98.8
3.3

■Asia
■Middle East
■Africa■Americas & Others

Over 100 Billion Yen

Over 50 Billion Yen

Over 30 Billion Yen

LNG (Canada）
Oil Refinery Modernization(Iraq）
Gas Oil Separation Unit
(Saudi Arabia)

Biomass Power Generation (Japan)
Dew Point Control Unit
(Saudi Arabia)
VCM, PVC, and OSBL Expansion(Thailand)

Gas Separation Plant (Saudi Arabia)
Pharmaceutical Plant (Japan)
LNG Terminal Facilities (Taiwan)© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

9As a result, the order backlog was 1,592.5 billion yen in the Total Engineering
segment at end-September.
By business area, orders related to oil and gas accounted for 56% and thoserelated to LNG accounted for 23%. By region, the orders backlog was 54% for
the Middle East and 19% for the Americas and others.
The main projects contributing to the orders backlog are the LNG projectin Canada, the oil refinery modernization project in Iraq, and the gas oil
separation unit in Saudi Arabia.

Forecasts for Fiscal Year 2022
The full-year forecast was revised.
【Unit: Billions of Yen】

Previous(As of August 2022)

RevisedH1 FY2022 Achievement

Difference

ActualRate

New contracts *1

840.0

840.0--463.4

55%

Net sales

620.0

630.0

+10.0+2%

267.2

42%

Gross profit

57.0

62.0

+5.0+9%32.0

52%Profit ratio

9.2%

9.8%+0.6pt

Operating profit

29.0

34.0

+5.0+17%

18.9

56%

Ordinary profit

36.0

46.0

+10.0

+28%

30.4

66%

24.0

30.0

+6.0

+25%

20.7

69%

Annual dividends per share¥29.00¥36.00+¥7.00

Forecasts based on (\/US$)¥130.00\140.00*2+¥10.00

Profit attributable toowners of parent

12.0%*1: Total Engineering*2: Exchange rate of forecast for H2 FY2022© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

10Finally, I will discuss the forecasts for fiscal 2022.
We have revised our forecasts in light of progress in the first half,
the foreign exchange market, and the status of new orders.
We expect 840.0 billion yen in new orders, which is unchanged.
We forecast a 10 billion yen increase in net sales to 630 billion yen.
We expect a 5.0 billion yen increase in gross profit to 62 billion yen.
Similarly, we forecast a 5.0 billion yen increase in operating profit to
34.0 billion yen.
We expect an ordinary profit of 46.0 billion yen, up 10.0 billion yen, in light offoreign currency translation adjustments.
We expect a profit attributable to owners of the parent of 30.0 billion yen,up 6.0 billion yen.

As a result, based on our shareholder return policy of a 30% dividend payout ratio,
we expect to increase dividends by 7 yen, amounting to36 yen per share.
For this report, an exchange rate assumption been revised to 140 yen to US$1
from 130 yen to US$1.
Although Sales for the period up to first half stayed 42% of the full year forecast,large amount of sales is expected to capture in the second half mainly due togrowth of the progress of major ongoing projects.
Ordinary profit and profit attributable to owners of the parent are progressing close
to 70% of the full-year forecast, and the main reason for the excess is foreignexchange gains in the non-operating income due to revaluation which wererecorded in the first half results.
At the end of September, the revaluation was made at 144.81 yen to US$1,
but in the second half, the exchange rate is assumed to be 140 yen to US$1,
so we expect the exchange gain to shrink.
As a reference, the sensitivity per 1 yen to the dollar is 2.8 billion yen for net sales,
0.5 billion yen for gross profit, and 1 billion yen for ordinary profit.
This concludes my overview of our financial results.

Appendix© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health11Reference (Forecasts for Fiscal Year 2022 by Segment)【Unit: Billions of Yen】

Previous(As of August 2022)

Manufacturing

OthersAdjustment

Total (Consolidated)© 2021 JGC HOLDINGS CORPORATION

Difference

Net sales

566.0

575.0

+9.0+2%

Segment profit

28.6

32.7+4.1+14%

Net sales

46.0

47.0+1.0+2%

Segment profit

6.0

6.5+0.5+8%

Net sales

8.08.0--

Segment profit

1.41.4--

Segment profit△ 7.0△ 6.6+0.4-

Net sales

620.0

630.0+10.0+2%

Segment profit

29.034.0+5.0+17%

Total Engineering

Functional MaterialsRevised

Enhancing planetary health12Reference (Net sales & New Contracts by Region)
Net sales

New contracts (Total Engineering)【Unit: Billions of Yen】

H1 FY2021

H1 FY2022Japan

71.5(32.8%)

67.4(25.2%)

Asia

20.9(9.6%)

27.9

Middle East

15.9(7.3%)

Africa31.7

Americas& Others
Total© 2021 JGC HOLDINGS CORPORATION【Unit: Billions of Yen】

H1 FY2021

H1 FY2022

Japan

107.6(89.3%)

47.2(10.2%)(10.5%)

Asia

4.8(4.0%)

99.1(21.4%)

54.5(20.4%)

Middle East

0.4(0.4%)

306.0(66.0%)(14.5%)

22.4(8.4%)

Africa0.9(0.8%)

4.4(1.0%)

77.7(35.8%)

94.8(35.5%)

Americas& Others

6.7(5.5%)

6.4(1.4%)

217.9(100.0%)

267.2(100.0%)

Total

120.6(100.0%)

463.4(100.0%)

Enhancing planetary health13

Reference (Historical data chart)【Unit: Billions of Yen】

Net sales

Gross profit

Operating profit

34.0

62.0
630.0

619.2
480.8

FY2018FY2019

433.9

428.4

FY2020

FY2021

FY2022
Forecast

44.9

43.3

43.7

45.3

FY2018FY2019FY2020

FY2021

46.0

30.0

24.0
4.1

22.3

25.5

FY2022Forecast

FY2018

Profit/loss attributable toowners of parent

Ordinary profit

32.3

23.2

20.2

FY201922.8

20.6

FY2020

FY2021

FY2022
Forecast

New Contracts
935.4

840.0
683.0

5.1

30.0

315.9

189.6

△ 35.5FY2018FY2019FY2020© 2021 JGC HOLDINGS CORPORATION

FY2021

FY2022
Forecast

FY2018FY2019FY2020

FY2021

FY2022
Forecast

FY2018FY2019FY2020

FY2021

FY2022
Forecast

Enhancing planetary health14

Cautionary Statement
This presentation may contain forward-looking statements that reflect JGC’s plans and expectations.
Such statements are based on currently available information and current assumptions of future
events which may not prove to be accurate. Such statements are also subject to various risks anduncertainties that could cause actual results to differ materially from those forward-looking
statements.
JGC Holdings Corporation undertakes no obligation to update any forward-looking statements after
the date of this presentation. These potential risks and uncertainties include, but are not limited to:•changes in general economic conditions, including foreign currency exchange rates, interest rates
and other factors that could affect our profitability•changes in government regulations or tax laws in jurisdictions where we conduct business

For questions concerning this material, please contact:
Group Strategic Planning &Management Development Department
Corporate Communication GroupJGC Holdings Corporation
Tel: 81-45-682-8026 Fax: 81-45-682-1112
Email: ir@jgc.com© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health15