Note : This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

August 6,2024

Summary of Consolidated Financial Results for theFirst Quarter of the Year Ending March 2025 (unaudited)
Company name:
URL:
Representative:
Contact:
Phone:(Code No.3864 Tokyo Stock Exchange)
Mitsubishi Paper Mills Limited
https://www.mpm.co.jp/
Ryuichi Kisaka, President and Chief Executive Officer
Daisuke Yamada, General Manager, Strategy Planning Division+81-3-5600-1488(Amounts of less than one million yen are rounded down.)
1. Results for the First Quarter of the Year Ending March 31, 2025 (April 1, 2024 - June 30, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen

First Quarter of FY2024
First Quarter of FY2023
Note: Comprehensive income%Million yen

45,003 (8.7)
49,317
1.5First Quarter of FY2024
First Quarter of FY2023%

Million yen%

Million yen%354
1,550(77.2)
131.8(23)917-(70)326¥266 million¥1,637 million

Profit per share

Diluted profit pershareYenYen(0.54)
20.96-Total assets

Net assets

Million yen

Million yen%

90,78590,954¥90,761 million¥90,932 million

39.0
38.6

First Quarter of FY2024
First Quarter of FY2023(2) Consolidated Financial Condition

First Quarter of FY2024
Year ended March 2024
Note: Shareholders' equity

232,691
235,380First Quarter of FY2024
FY2023

Shareholders'equity ratio

2. Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FYYenYenYen

YenYen

10.00

10.00

10.00

10.00

FY20230.00
FY2024FY2024(Forecast)
0.00
Note : Revision to the forecast for dividends announced most recently … None

Annual

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales
Million yen

Operating income%

Million yen

Profit attributable toowners of parent

Ordinary income%

Million yen

First half
94,000 (2.8)
2,500
25.3
2,500(29.1)
Full year
197,000 1.8
8,00047.98,000
12.7Note : Revision to the financial results forecast announced most recently … None%Million yen

1,500
8,000Earnings
per share%

(8.5)
91.8

Yen

34.19
182.33

4. Notes(1) Significant changes in the scope of consolidation during the period: Yes
Newly included: - (Company name);
Excluded: 5 companies (Company name); Shin-Hokuryo Forest Products Co., Ltd. etc.
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards:
Yes2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:
Yes
4) Retrospective restatement:None(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):First Quarter of FY2024 44,741,433 shares
FY202344,741,433 shares2) Total number of treasury shares at the end of the period:First Quarter of FY2024
926,647 sharesFY2023
950,850 shares
3) Average number of shares during the period:First Quarter of FY2024 43,796,576 sharesFirst Quarter of FY2023 43,748,587 shares
Notes： The Company has adopted a BIP (Board Incentive Plan) trust, assuming the number of shares held by thetrust are included in the number of treasury stock of “(4) Total number of issued shares (common shares)”.
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements
by certified public accountants or an audit firm: None
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currentlyacquired by the Company and certain assumptions assessed to be reasonable. Actual results may differ
significantly from these forecasts due to a wide range of factors.

Contents of Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review ................................................. 2(1) Explanation of Operations Results ......................................................................................................................... 2(2) Explanation of Financial Position........................................................................................................................... 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ....................... 4
2. Consolidated Financial Statements and Primary Notes ................................................................................................ 5(1) Consolidated Balance Sheets .................................................................................................................................. 5(2) Consolidated Statements of Income and Comprehensive Income .......................................................................... 7

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operations Results
Looking at the environment surrounding the Group in the three months ended June 30, 2024, the Group experienced a moderate
recovery of social/economic activity, driven by increased personal consumption and an increase in inbound tourism demand. At thesame time, the economic outlook remained uncertain due to the normalization of weak yen and geopolitical risks related to theprolonged war in Ukraine and the situation in the Middle East, which affect the prices of raw materials and fuel, the impact of global
monetary tightening, and concerns about a slowdown of the Chinese economy.
Under these circumstances, the Group took steps to improve productivity and reduce costs, while in terms of sales, it sought to expandsales of new products.
In addition, the Group instituted the following initiatives in line with the basic policy of the Medium-Term Management Plan (for thefiscal year ended March 31, 2023 to the fiscal year ending March 31, 2025) in order to enhance its corporate value.
(i) Strengthen our earning capacity by “selection and concentration” strategies and “expansion of new business”
The Group underwent a restructuring among its subsidiaries, to enhance operational efficiency. On April 1, 2024, the Company
integrated Shin-Hokuryo Forest Products Co., Ltd., Kyoryo Chemical Co., Ltd., and Takasago Paper Processing Co., Ltd.
Additionally, Mitsubishi Paper Engineering Co., Ltd. merged with Ryoukou Co., Ltd., Mitsubishi Oji Paper Sales Co., Ltd. mergedwith RYOSHI Co., Ltd., and also on July 1, 2024, the Company merged with its subsidiary KJ SPECIALTY PAPER Co., Ltd.. The
Group will continue to proceed with its organizational transformation to bolster its profitability and strengthen corporate governance.
(ii) Contribution to a green society
Aiming for the sustainable growth of the Group, the medium- to long-term enhancement of its corporate value and contribution tosociety, the Group is promoting information disclosure in line with the recommendations of the TCFD (Task Force on Climaterelated Financial Disclosures) regarding both the risks and opportunities that climate change poses to its business.
With regard to its initiatives to reduce CO2 emissions, the Group participated in the GX League (GX: green transformation) toadvance the initiatives to reach the target for 2030 that the Group has pledged to achieve in order to realize a carbon-neutral society.
In terms of the sales expansion of environmentally friendly products, the Group is seeking to expand sales of kraft paper and barrier
paper, which are in strong demand for use in paper bags for mail order and take-out meals. The Group will contribute to eliminating
and reducing plastic usage and realizing a safe and comfortable green society.
(iii) Organizational change to improve sustainability
Under the Mitsubishi Paper Mills Group Basic Sustainability Policy, which was established in April 2023, the Group strives toenhance its corporate value by earning the trust and support of its stakeholders while also helping to address a range of social issues
with a view toward realizing a sustainable society. It plans to offer shareholders the chance to participate in the Mitsubishi Paper
Mill’s Forest with Nissy & Kassy program, aiming to increase their understanding of the Group’s sustainability efforts through tree
planting experiences. Additionally, the Group will work to disclose more detailed information by publishing integrated reports toensure that all stakeholders understand all of its corporate activities.
The Group renewed its core systems in the previous fiscal year. The Group will continue to push forward with the introduction ofdigital technologies, improving operational efficiency and increasing work safety while implementing digital transformation
initiatives that will enhance corporate value.
Consolidated net sales amounted to 45,003 million yen (down 8.7% year on year) in the first three months under review.
On the profitability side, a consolidated operating loss of 70 million yen was recorded (compared to a consolidated operating incomeof 326 million yen in the previous fiscal year) due to a significant decline in sales volume, despite a reduction in labor and other costs
resulting from the Group’s restructuring. Consolidated ordinary income was 354 million yen (down 77.2% year on year). A loss
attributable to owners of parent of 23 million yen was recorded.

Operating results by segment are as follows:(Million yen)
Net sales
Three months Three months
ended June
ended June30, 2023
30, 2024
Functional materials

Operating income (loss)
Change (%)

Three months Three months
ended June
ended June30, 2023
30, 2024

Change (%)

26,10822,778(12.8)

898

830

(7.5)

Reportable Sustainable fiber
Segments materials

23,90322,786

(4.7)

(584)

(860)

‒Total

50,01245,565

(8.9)

313

(29)

‒Others

1,133

1,087

(4.1)

23(12)‒

Total

51,14546,652

(8.8)

337

(42)

‒(11)

(28)

(8.7)

326

(70)

Adjustment (Note)(1,827)(1,648)

Total

49,31745,003‒(Note) Adjustment is mainly related to internal transactions.
(Functional materials business)
In functional materials-related products, sales of separators for power storage devices, rewriteable media and air filters rose from theprevious year. Sales of tape base paper were solid both in Japan and abroad, exceeding the previous year in both volume and monetaryterms. Sales of water treatment base materials declined in monetary terms from the previous fiscal year due to changes in customer
quality requirements and intensifying competition in the Chinese market. Sales of decorative laminate base paper fell in both volume
and monetary terms from the previous fiscal year, reflecting a decrease in export demand.
Of imaging-related products, sales of products for inkjet printers were below the previous year in both volume and monetary terms
due to a decline in demand for products related to image output and printing. Sales of carbonless paper and PPC paper were lower thanthe previous year in both volume and monetary terms. Sales of thermal paper increased from the previous year in both volume andmonetary terms as the Group captured demand in the POS market.
Sales from the Flensburg Plant declined from the previous year in both volume and monetary terms due to the sale of the Flensburg
Plant.
As a result, the functional materials business as a whole posted lower sales and profits.
In the functional materials-related business, the Group aims to meet the customer quality requirements for water treatment basematerials. The Group will strive to capture the growing demand for industrial products and seawater desalination. The Group willcontinue to focus on increasing overseas sales of tape base paper. It will continue to stabilize profits by improving production efficiency
and optimizing the product portfolio for decorative laminate base paper and backing paper for wallpaper.
Regarding imaging-related products, the Group will strive to increase sales of products for large posters, labels and industrial inkjet
printing and sales in emerging countries in Asia. The Group will continue promoting sales of thermal paper in the POS and work toincrease sales of Environmentally friendly and value-added products, such as PPC paper that has achieved FSC certification to stabilize
profits.
In the business in Germany, the Group will reform its business structure to stabilize profits.
(Sustainable fiber materials business)
In the domestic printing paper market, sales decreased in volume and value from the previous year, reflecting the continued decline indemand. Given the market environment in which the yen remained weak, exports increased year on year in both volume and monetaryterms.
Sales of commercial pulp rose in both volume and value from the previous year, reflecting increased exports resulting from the recoveryof overseas markets.
As a result, the sustainable fiber materials business posted lower sales and profits.
The Group will maintain printing paper prices and optimize the production system based on demand trends. It will also continue tooptimize inventory levels. The Group aims to increase sales of commercial pulp in line with market trends.
The demand for products that contain no or little plastic is high due to rising environmental awareness. Against this backdrop, theCompany’s kraft paper and barricote® paper, a highly printable wrapping paper, has been well received and used by many customers.

The Company thus plans to expand its craft paper product lineup and increase sales. The Company aims to improve production
efficiency by generating synergy at the Hachinohe and Kitakami Mills and reducing costs, thereby strengthening the businessfoundation.

(2) Explanation of Financial Position
Assets at the end of the first three months under review amounted to 232,691 million yen, down 2,688 million yen from the end of theprevious consolidated fiscal year, mainly due to decreases in cash and deposits and accounts receivable – trade.
Liabilities came to 141,906 million yen, down 2,519 million yen from the end of the previous fiscal year, chiefly attributable todecreases in short-term loans payables and income taxes payable.
Net assets decreased 169 million yen from the end of the previous fiscal year, to 90,785 million yen, mainly due to the posting ofdecreases in remeasurements of defined benefit plans and retained earnings.
The equity ratio was 39.0%, up 0.4 percentage points from the end of the previous fiscal year.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
Consolidated results forecasts for the fiscal year ending March 31, 2025 remain unchanged from the same forecasts announced on May
13, 2024.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)First Quarter /Assets
Current assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, netLand
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

FY2023

FY2024

Mar 31,2024

Jun 30,2024

10,0097,436

10,493

10,70837,64235,55323,092

21,414

6,744

6,937

12,007

15,147

1,981

2,547

(40)

(40)

101,930

99,704

17,327

17,06230,86630,103

20,317

20,428

1,018

1,401

1,771

1,657

71,301

70,652

1,954

1,810

1,954

1,810

26,37627,38331,68031,288

2,215

1,924

(78)

(72)

60,19460,524133,450

132,987

235,380

232,691(Million yen)First Quarter /Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Provision for share awards
Provision for directors' retirement benefits
Net defined benefit liability
Asset retirement obligations
OtherTotal non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

FY2023

FY2024

Mar 31,2024

Jun 30,2024

24,77924,732

4,607

4,695

62,026

61,281

1,261

414

11,596

11,222104,272

102,347

22,281

22,268

114

132

36

5

6,855

6,366

939

939

9,925

9,846

40,15339,558144,425

141,906

36,561

36,561

6,523

6,524

17,336

16,866

(416)

(404)

60,00559,547

9,399

10,050763

845

20,763

20,31630,926

31,21322

23

90,95490,785

235,380

232,691

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)First Quarter /Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income(loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of non-current assets
Gain on termination of retirement benefit plan
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Business restructuring costs
Loss on sale of businesses
Other
Total extraordinary losses
Profit before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

First Quarter /FY2023

FY2024

Apr '23 - Jun '23

Apr '24 - Jun '24
49,31745,00343,22439,804

6,093

5,198

5,767

5,269

326(70)

34

245

226

1762

1,034

297

140

96

1,440687

177

225

38

36

216

262

1,550

354

068－

50

1－11186245－5832－

943

103

147

1,448

325

533

346

914

(20)

(2)

2917

(23)

Consolidated quarterly statements of comprehensive income(Million yen)First Quarter /Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

First Quarter /FY2023

FY2024

Apr '23 - Jun '23

Apr '24 - Jun '24
914

(20)

1,470

650(463)

80(284)

(446)

02

722

287

1,637

266

1,639

263

(1)

3