Fiscal 2024 Second Quarter
Financial Results
October 30, 2023
Panasonic Holdings Corporation

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

 This presentation gives the consolidated financial results ofPanasonic Holdings Corporation for the second quarter of fiscal 2024 (FY3/24)
ended September 30, 2023.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

Summary of FY3/24 2Q Financial Results
 US Inflation Reduction Act (IRA)‧ FY3/24 2Q: Detailed rules not yet determined; Assumed amount equivalent to tax credit and to be effectively
used with customers recorded on P/L (same as 1Q)‧ Full-year forecast: Increase in assumed amount for IRA tax credit;
Revised production/sales forecast and change in assumption of foreign currency exchange rates
 FY3/24 2Q Financial Results‧ Overall sales: same level year-on-year
Increased sales (Automotive, Connect) and currency translation, despite largely decreased sales (Lifestyle,
Industry)‧ Adjusted operating profit increased: Increased profit of Automotive and Connect, as well as IRA impact(Energy), despite decreased profit of Lifestyle and Industry; If IRA impact is excluded: decreased slightly‧ Net profit* increased due mainly to improvements in finance income/expenses (increased even excluding
IRA impact)‧ Operating CF (1H) increased year-on-year: Efforts to reduce strategic inventories, etc.
‧ Interim dividend determined at 17.5 yen; Year-on-year increase of 2.5 yen (same as Aug. 31 forecast) FY3/24 Full-year Forecast‧ Groupwide: Sales, Adjusted OP, and OP revised downward reflecting changes in business environment(Profit before income taxes & net profit* remain unchanged)‧ By segment: Both sales and profit revised upward for Automotive and Connect; revised downward forLifestyle, Industry, and Energy*: Net profit attributable to Panasonic Holdings Corporation stockholders
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

1 Regarding the US Inflation Reduction Act (IRA) for 2Q, the accounting treatment
is the same as 1Q.
For the full-year, the assumed amount for IRA tax credit is increased.
This is due to the revised forecast of production & sales, and change inassumption of foreign currency exchange rates.
 Next, the results for FY3/24 2Q.
Overall sales remain at the same level year-on-year. This is due to increased
sales in Automotive and Connect as well as currency translation, despite largely
decreased sales in Lifestyle and Industry.
 Adjusted operating profit increased due to increased profit in Automotive andConnect, and IRA impact in Energy, despite decreased profit in Lifestyle andIndustry. If we exclude IRA impact, adjusted operating profit decreased slightly.
 Net profit increased due mainly to improvements in finance income/expenses,
by the rise in interest rates.
 Operating CF for 1H increased year-on-year, due mainly to efforts to control
inventories, in particular, reducing strategic inventories.
 Interim dividend is determined at 17.5 yen, an increase of 2.5 yen year-on-year.
 For the FY3/24 forecast, groupwide sales, adjusted operating profit, andoperating profit are revised downward, reflecting changes in businessenvironment. But profit before income taxes and net profit remain unchanged.
 For the forecast by segment, both sales and profit for Automotive and Connect
are revised upward, while Lifestyle, Industry and Energy are revised downward.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

1

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

Amount recorded on P/L*1:
Increase in assumed amount for tax credit in FY3/24; Changed production/sales forecast and FX assumption
Net profit
Adjusted OP
Sales

FY3/24 2Q
results
FY3/24full-year forecast

21.4 bil. yen-25.1 bil. yen
Equivalent to 2Q-23.3
Profit recorded for FY3/23 -1.8

*2-99.0 bil. yen

27.6 bil. yen

Tax credit

46.5*3
Effective use with customers -25.1*2

Adjusted OP
Income taxes

21.4
6.2*6

85.0 bil. yen (+5.0 from May 10) 110.0 bil. Yen (+10.0 from May 10)(not assumed as of May 10)

Equivalent to FY3/24-92.0
Profit recorded for FY3/23 -7.0

attributable to Panasonic Holdings
Corporation stockholders(Energy Segment)(Energy Segment)*4*1: Monetization expected after a certain time lag from P/L recording

Tax credit
Effective use with customers

184.0*5
4-99.0 *

Adjusted OP
Income taxes

85.0
25.0*6*3: FY3/24 2Q production & sales: 9.2 GWh x $35/kWh x 145 yen/dollar*4: -92.0 bi. yen: half of tax credit for FY3/24 (184.0 bil. yen)
*2: Amount equivalent to be effectively used with customers recorded as deduction of-7.0 bil. yen: amount equivalent to FY3/24 out of the half of 40.0 bil. yen recorded
sales (while method of “effective use” is undermined, revenue recognition standard isin profit in FY3/23 4Q
applied)*5: FY3/24 production & sales forecast: 37 GWh x $35/kWh x 141 yen/dollar-23.3 bil. yen: half of tax credit for FY3/24 2Q (46.5 bil. yen)
-1.8 bil. yen: amount equivalent to FY3/24 2Q out of the half of 40.0 bil. yen recorded *6: “IRA tax credit” is a non-taxable income. In addition, amount effectively used withcustomers to be recorded in deferred tax assets, since it is applicable forin profit in FY3/23 4Q
deferred tax accounting(multiple-year accrual accounting applied from FY3/24, to be recorded each quarter)
Note: Contents of this slide are subject to change (e.g. detailed rules)
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

2

 First, I will explain the impact of the US IRA tax credit on our financial results andforecast.
 The amount recorded for 2Q and full-year forecast are shown on this slide.
Please note that the assumed amount for the full year is expected to increase
due to the revised forecast of production & sales and change in assumption of
exchange rates.
 In 2Q, for sales, -25.1 billion yen is recorded as “deduction”.
For adjusted operating profit, 21.4 billion yen is recorded after the deduction of
the equivalent amount to be effectively used with customers,from the total tax credit of 46.5 billion yen.
For net profit, 27.6 billion yen is recorded, which includes 6.2 billion yen of
impact of recording deferred tax assets.
 For the full-year forecast, -99.0 billion yen is expected to be recorded in sales
for the amount equivalent to be used with customers.
For the initial forecast of May 10, 2023, the accounting treatment of “expenses ofprovision” was assumed, instead of “deduction of sales.”Adjusted operating profit is revised to 85.0 billion yen with an increase of
5.0 billion yen, and net profit is revised to 110.0 billion yen with an increase of
10.0 billion yen, respectively.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

2

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

 I will explain the details of the consolidated financial results for FY3/24 2Q fromthe next slide.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

3

FY3/24 2Q Financial Results(yen: billions)

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

FY3/24 2Q

Excl. IRA impact

2,089.7

Sales
Adjusted operating profit*1(% to sales)

Other income/loss*2

2,114.8

FY3/23 2Q

2,090.0

99.5

78.1

80.2

(4.8%)(3.7%)(3.8%)

2.9

2.9

5.9

Operating profit

102.4

81.0

86.1

(% to sales)(4.9%)(3.8%)(4.1%)

Profit before income taxes

115.6

94.2

(% to sales)(5.5%)(4.5%)Net profit attributable toPanasonic Holdings Corporation
stockholders (% to sales)

87.5

59.9

58.4

(4.2%)(2.8%)(2.8%)EBITDA*4 (% to sales)

Exchangerates

1 US dollar

YoY (year-on-year)

93.1（4.5%)

212.6

191.2

193.8

(10.2%)(9.1%)(9.3%)

145 yen

145 yen138 yen

1 Euro157 yen

157 yen139 yen1 Renminbi

19.9 yen

19.9 yen

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

Excl. IRA impact

100%（97%)*3-0.3（-52.3)*3

101%（99%)*3+24.8（-27.2)*3

124%

+19.3

97%

-2.1

ー

-3.0

ー

-3.0

119%

+16.3

94%

-5.1

124%

+22.5

101%

+1.1

150%

+29.1

103%

+1.5

110%

+18.8

99%

-2.6

*3 Excluding effect of exchange rates*4 Total amount of Operating profit, Depreciation (Tangible assets including
property, plant and equipment / Right-of-use assets) and Amortization(Intangible assets).
Adjusted with:- amount equivalent to depreciation corresponding to underlying assets thatare applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation ofassets and liabilities” upon Blue Yonder acquisition

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

4

 This shows the consolidated financial results for FY3/24 2Q.
 Overall sales was 2,089.7 billion yen, at the same level year-on-year.
Sales in real terms, excluding the effect of exchange rates, decreased by 3%
year-on-year.
Figures excluding IRA impact are also presented as a reference.
On this basis, sales excluding the effect of exchange rates decreased by 1%
year-on-year.
 Adjusted operating profit increased to 99.5 billion yen and operating profit
increased to 102.4 billion yen, respectively. If we exclude IRA impact, bothdecreased.
 Both profit before income taxes and net profit increased, due mainly tothe improvements in finance income/expenses by the rise in interest rates.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

4

FY3/24 2Q Results by Segment(yen: billions)

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

Sales

AdjustedOP

YoY(excl. FX)(% to sales)

29.6

Lifestyle

844.3

96%
(95%)

3.5%

Automotive

367.2

114%
(109%)

2.4%

Connect

288.5

106%
(102%)

3.2%

Industry

261.4

87%
(84%)

3.5%

Energy

238.4

99%
(95%)

9.8%

263.5

109%
(104%)

0.8%

89.9

ー

19.3

2,089.7

100%
(97%)

4.8%

Excl. IRA
impactOther/
Eliminations &adjustments

Total

8.7
9.2
9.2
23.5
2.1

99.5

YoY

Other
income/
loss

YoY

-3.0

-8.1*4

-10.9

+8.6

0.9

+2.9

+9.5

0.1

+0.7

-10.2

0.5

-2.1

+9.6

-0.5

+1.0

-11.8

-0.5

+1.0

+4.8

10.0

+5.4

+19.3

2.9

-3.0

OP
(% to sales)

21.5*4
2.5%

9.6
2.6%

9.3
3.2%

9.7
3.7%

23.0
9.6%

1.6
0.6%

29.3
102.4
4.9%

YoY
-13.9
+11.5
+10.2
-12.3

EBITDA*1(% to sales)

YoY

48.8*4
5.8%

23.3
6.3%

28.1

9.8% *2

24.4
9.3%

40.8

-12.0
+10.2
+9.0
-12.2

+10.6

17.1% *3

-10.8

7.4% *3

-9.6

+10.2

47.2

+12.0

+16.3

+11.8

19.4

212.6
10.2%

+18.8

*1: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*2: Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*3: Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor*4 Additional recall-related expenses of HVAC included
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

5

 This slide shows the results by segment.
For Energy segment, we also present figures excluding the impact of IRA.
 The analysis of year-on-year comparison for sales and operating profit are
shown in the next slides.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

5

FY3/24 2Q Sales Analysis by Segment
Overall sales at the same level year-on-year: Increased sales (Automotive, Connect) and currency translation,
despite largely decreased sales (Lifestyle, Industry)(yen: billions)

2,090.0

-45.5

+28.9

+6.0

-47.3

• Sales increase
in real terms: +23.4• IRA impact: -25.1

Industry

In-vehicle

Connect
Lifestyle

Automotive

-1.7

-12.7

Other/Eliminations & adjustments
Entertainment &Communication Housing

+0.1

-4.0

Head office/Eliminations, etc.

2,089.7+23.9

Industrial / Consumer,
othersEnergyFY3/232Q+52.0

Effect ofexchange
rates

FY3/242Q

Excluding effect of exchange rates: -52.3 (97%)-0.3 (100%)

YoY % figures represent the year-on-year change relative to the previous year's figures
Major increase/decrease factors (excluding effect of exchange rates)
Decreased overall: Decreased sales of HVAC with slowed growth in Europe (decreased sales of A2W affected by weaker overall
demand), consumer electronics in Asia and China (weaker underlying demand), and deconsolidation impact of part of China business,
Lifestyledespite increased sales of cold chain in North America and electrical construction materials, with continuing steady growth

Automotive

Increased: Recovery in automobile production of our customers

Connect

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

Industry

Decreased due to downturn in market conditions (e.g. FA in China, ICT infrastructure) and changes in semiconductor sales channel, despite
increased sales (continuous growth of products for green vehicles, expanding demand of products for AI servers)

Energy• In-vehicle: Increased in real terms (YoY 115%) excluding impact of accounting treatment for US IRA tax credit (amount to be effectively
used with customers)• Industrial / Consumer: Decreased with weakening market conditions of batteries for consumer and power equipment, despite
increased sales in energy storage systems for data centers with expanding generative AI market

Other/
Eliminations &adjustments• Entertainment & Communication: Increased due to improved procurement situation for parts & materials• Housing: Decreased affected by deteriorating market conditions
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

6

 This slide shows our sales analysis by segment.
 In Lifestyle, overall sales decreased. This is due to decreased sales of HVAC with
A2W (Air to Water Heat Pumps) in Europe affected by weaker overall demand,and consumer electronics with weaker underlying demand in Asia and China,
despite increased sales of cold chain in North America and electrical construction
materials with continuous steady growth.
 In Automotive, sales increased due to recovery in automobile production of ourcustomers.
 In Connect, sales increased in Avionics, Gemba Solutions and Blue Yonder,
despite decreased sales of Process Automation.
 In Industry, sales decreased. This is due mainly to the downturn in market
conditions for FA in China and ICT infrastructure, despite increased sales of
products for green vehicles and AI servers with expanding demand.
 In Energy, sales in In-vehicle increased in real terms excluding IRA impact.
Sales in Industrial / Consumer decreased due to weakening market conditions ofbatteries for consumer-use and power equipment, despite increased sales ofenergy storage systems for data centers with expanding generative AI market.
 Within Other / Eliminations & adjustments, sales of Entertainment &Communication increased due to improved procurement issues for parts &materials. In Housing, sales decreased affected by deteriorating market conditions.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

6

FY3/24 2Q Operating Profit Analysis by Segment
Adjusted OP increased: Increased in Automotive and Connect, as well as IRA impact (Energy), despite decreased in
Lifestyle and Industry
IRA impact: +21.4(yen: billions)

+9.5

86.1

-3.0
Lifestyle

-10.2

+11.8

-2.2

+4.8

-3.0

In-vehicle

Industrial /Consumer,othersOther/
Eliminations &adjustments

Other
income/loss+8.6
Connect

Industry

Automotive

102.4

EnergyAdjusted OP: +19.3

FY3/232Q

FY3/242Q

OP: +16.3

Adjusted OP: Major increase/decrease factors
Lifestyle

Decreased overall: Decreased sales of consumer electronics and upfront investment for HVAC in Europe, despite increased sales ofcold chain and electrical construction materials

Automotive

Increased: Increased sales, price revisions to counter price hikes in parts & materials, and cost reduction efforts, despite increased fixed
costs (increased production & personnel expenses) and persisting impact of price hikes in parts & materials (e.g. semiconductors)

Connect
Industry

EnergyIncreased: Increased sales in Avionics, Gemba Solutions and Blue Yonder
Decreased: Decreased sales with downturn in market conditions, despite efforts in price revision and rationalization to counter pricehikes in raw materials and energy costs due to inflation, as well as effect of yen depreciation• In-vehicle: Increased: Increased sales in North America and IRA impact (+21.4 bil. yen), despite decreased production in Japan andincreased fixed costs for future growth; if IRA impact is excluded, adjusted operating profit decreased• Industrial / Consumer: Decreased: Decreased sales (e.g. batteries for consumer products and power equipment), despite increased
sales of energy storage systems for data centers
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

7

 This slide shows our adjusted operating profit analysis by segment.
 In Lifestyle, profit decreased overall. This is due to decreased sales of consumer
electronics and upfront investment for HVAC business in Europe, despite
increased sales in cold chain and electrical construction materials.
 In Automotive, profit increased. This is due mainly to increased sales, pricerevisions to counter price hikes in parts & materials, and efforts in cost reduction,
despite increased fixed costs, as well as persisting impact of price hikes in parts& materials.
 In Connect, profit increased due to increased sales in Avionics, Gemba Solutions
and Blue Yonder.
 In Industry, profit decreased due mainly to decreased sales affected by the
downturn in market conditions.
 In Energy, for In-vehicle, profit increased due to increased sales in North
America and the impact of IRA, despite decreased sales in Japan affected by
reduced production and increased fix costs. Profit decreased excluding theimpact of IRA.
For Industrial / Consumer, profit decreased due to decreased sales of batteries
for consumer-use and power equipment, despite increased sales of energy
storage systems for data centers.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

7

Lifestyle Segment: FY3/24 2Q Results by Divisional Company(yen: billions)

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

Sales

YoY
(Excl. FX)

AdjustedOP

YoY(% to sales)

Living Appliances andSolutions Company
(LAS)

214.0

92%
(91%)

4.8%

Heating & Ventilation
A/C Company (HVAC)

191.0

100%
(98%)

0.9%

Cold Chain Solutions
Company (CCS)

100.9

111%
(107%)

6.5%

Electric Works
Company (EW)

256.3

102%
(103%)

6.5%

China andNortheast Asia
Company (CNA)*1

183.9

81%
(81%)

5.6%

10.3
1.6
6.5
16.5

10.4

Other
income/
loss

OP

YoY

(% to sales)

-3.6

0.0

0.0

-2.0

-6.1*3

-8.6

+3.0

0.0

+0.1

+3.6

-1.5

-0.7

-2.5

-0.2

-2.7

10.3
4.8%

-4.5 *3
-2.4%

6.5
6.5%

15.0
5.9%

10.2
5.5%

YoY

EBITDA*2(% to sales)

-3.6

-10.6

+3.1

+2.9

-5.2

YoY

16.7
7.8%

2.7 *3
1.4%

8.9
8.8%

22.2
8.7%

15.1
8.2%

-3.1

-9.4

+3.4

+3.1

-5.5

*1: Sales and profit of CNA (except certain businesses) are also included in LAS, HVAC, and EW*2: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*3: Additional recall-related expenses included

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

8

 This slide shows the results of Lifestyle by divisional company.
 For Heating & Ventilation A/C Company, additional recall-related expenses arerecorded in other income/loss. This is related to the recall of clothes-drying
dehumidifiers which was announced on April 20, 2023.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

8

FY3/24 2Q Operating Profit Analysis (by Factor)
Adjusted OP increased: Progress in price revisions and rationalization, amount equivalent to IRA tax credit
recorded as profit, etc.
(yen: billions)
IRA impact

Sales
increase/decrease
in real terms

86.1

-10.3

Price revisions,rationalization,etc.

Fixed costs-20.6

Price hikes in
raw materials &logistics

+21.4

-3.0

+0.9

102.4

+: Industry, Energy

BY Adjusted OP Breakdown• Strategic investment:-17.0• Inflation (personnel expenses, energy costs): -11.0• Management structure improvements, etc.: +7.4

FY3/23
2Q

Other
income/loss

+24.4

-2.5

• Raw materials: -7.5
• Logistics:+5.0

Effect ofexchange rates
Blue Yonder (BY)
+6.0

• Price revisions:+19.0• Rationalization, etc.: +5.4

Year-on-Year

FY3/242Q

FY3/23
2Q

Adjusted OP (stand alone)
excluding investments*

0.9

-1.0

+1.9

(+1.9)(1) Adjusted OP (stand alone)

-0.9

-1.5

+0.6

(+0.6)

-5.9

-5.9

0.0

(+0.3)

-6.8

-7.4

+0.6

(+0.9)(2) Amortization expenses related toacquisition + temporary accounting
treatment
Adjusted OP (consolidated) (1)+(2)(excl. FX)

FY3/242Q

Adjusted OP: +19.3
OP: +16.3*Excluding impact of strategic investment and synergy investment (details on page 36)
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

9 This slide shows our operating profit analysis by factor.
 From the left, decreased profit from decreased sales in real terms was adecrease factor of 10.3 billion yen.
The increase in fixed costs was a decrease factor of 20.6 billion yen. This is due
mainly to investments in Lifestyle and Energy, aimed at business growth, as wellas the impact of inflation.
 Price hikes in raw materials and logistics were a decrease factor of 2.5 billion
yen. The negative impact is becoming gradually mitigated.
The counter effect of efforts, such as price revisions and rationalization, was anincrease factor of 24.4 billion yen.
 Looking at other individual factors, the impact of IRA was an increase factor of
21.4 billion yen and increased profit of Blue Yonder was another increase factorof 0.9 billion yen. The breakdown is shown in the bottom-right box.
 The effect of exchange rates was an increase factor of 6.0 billion yen, mainly
seen in Industry and Energy.
 As a result, adjusted operating profit increased by 19.3 billion yen.
Operating profit increased by 16.3 billion yen.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

9

FY3/24 1H Cash Flows and Cash Positions
 Operating CF: Increased year-on-year; efforts to reduce strategic inventories, etc.
 Inventories: Further reduce inventories in 2H and onward, toward optimization of inventory level

Gross cash & interest-bearing debt / Net cash

Cash Flow(yen: billions)(yen: billions)・ Depreciation
・ Working capital improvement, etc.

Gross cash*
865.7

1,208.6

391.8
OthersNet cash -591.4

209.3
FY3/23
1H
Operating CF-481.2161.5
Net profit

OperatingCF

Bonds, etc. -1,209.4
Lease liabilities -247.7-230.3

Investing
CF

FCF

Interest-1,457.1
bearing debt
End of FY3/23-1,424.1-265.7-1,689.8
End of FY3/24 2Q* Gross cash: total of “Cash and cash equivalents” and time deposits and others
included in “Other financial assets”

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

10

 This slide shows the situation of cash flows and cash positions in FY3/24 1H.
 On the left, operating cash flow was 391.8 billion yen, increasing year-on-year.
This is due mainly to efforts to control inventories and improvements in working
capital.
 In terms of inventories, we will continue our efforts to reduce inventories toward
optimization of inventory level from FY3/24 2H onward.
 On the right, net cash was a negative of 481.2 billion yen, improved from the endof FY3/23.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

10

Shareholder Return
Interim dividend determined at 17.5 yen per share; year-on-year increase by 2.5 yen(same as forecast announced on Aug. 31)

Interim Dividend(FY3/24)

17.5 yen Forecast (as of Aug 31): 17.5 yen
 Interim dividend (FY3/23): 15.0 yen• Distribute stable and continuous dividends in line with medium-term strategy• Achieve enhanced corporate value through business growth and profit increaseby making investments mainly in growth areas

Our approach to using IRA tax credit:
Basic idea: Allocate cash from IRA tax credit to EV battery business investment in US by taking into
consideration the aim of US IRA (reduce excessive inflation and promote energy policies in US)⇒ Determine dividend based on net profit excluding IRA impact

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

11 Regarding shareholder returns, the Board of Directors resolved today theinterim dividend of 17.5 yen per share with an increase of 2.5 yen year-on-year.
This is the same amount as the forecast announced on August 31, 2023.
 We will distribute stable and continuous dividends reflecting our medium-term
strategy. Also, we aim to achieve enhanced corporate value; through businessgrowth and increased profit by making investments mainly in our growth areas.
 At the bottom of the slide, we reiterate our approach to using the IRA tax credit,
explained at the FY3/23 full-year results announcement.
Dividends will be determined based on the amount of net profit excluding the
IRA impact.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

11

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

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

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

12

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

FY3/24 (e)(Oct. 30, 2023)

Excl. IRA impact

FY3/24 (e)(Jul. 31, 2023)

8,400.0

8,499.08,500.0

Adjusted operating profit*1

400.0

315.0

430.0

(% to sales)(4.8%)(3.7%)(5.1%)

Other income/loss*2
Operating profit

0.0
400.0

0.0
315.0

0.0
430.0

(% to sales)(4.8%)(3.7%)(5.1%)

Sales

Profit before income taxes

455.0

370.0

455.0

(% to sales)(5.4%)(4.4%)(5.4%)Net profit attributable toDifference

8,378.9

100%

+21.1

101%

+120.1

-30.0

314.1

314.1

(3.7%)(3.7%)

127%

+85.9

100%

+0.9

-25.5
288.6

-25.5
288.6

(3.4%)(3.4%)

0.0
-30.0
0.0

350.0 *5460.0 *5

(4.1%)(5.4%)

EPS*3

197.07 yenー

197.08 yen

ROE

12.0%
850.0

ー
765.0

12.0%
880.0

(10.1%)(9.0%)(10.4%)-30.0

1 US dollar

141 yen141 yen

130 yen

1 Euro152 yen152 yen

130 yen1 Renminbi

19.9 yen

19.9 yen

20.0 yen-0.1 yenExchange
rates

Excl. IRA impact

8,378.9460.0 *5

EBITDA*4 (% to sales)

YoY

Excl. IRA impact-100.0(5.5%)

Panasonic Holdings
Corporation stockholders(% to sales)

FY3/23

316.4

316.4

(3.8%)(3.8%)

ー

+25.5

ー

+25.5

139%

+111.4

109%

+26.4

144%

+138.6

117%

+53.6

173%

+194.5155%+124.5ー +83.32 yen

ー

ー

265.5

225.5

(3.2%)(2.7%)-0.01 yen

113.75 yen

ー

±0%

7.8%
718.4

ー

ー

+4.2%

ー

ー

718.4

(8.6%)(8.6%)

118%+131.6

106%

+46.6

+11 yen

135 yen

135 yen+6 yen+6 yen+22 yen141 yen141 yen+11 yen+11 yen

19.8 yen

19.8 yen+0.1 yen+0.1 yen

0.0*4 Total amount of Operating profit, Depreciation (Tangible assets including property, plant*1 Sales - Cost of sales - SG&A
and equipment/ Right-of-use assets) and Amortization (Intangible assets).
*2 “Other income (expenses), net” + “Share of profit (loss) of
Adjusted with: - amount equivalent to depreciation corresponding to underlying assets
investments accounted for using the equity method” as indicated inthat are applied with Lease accounting treatment as a lessor
the Consolidated Statements of Profit or Loss of the news release- impact of temporary accounting treatment related to “re-evaluation of*3 Basic earnings per share attributable to Panasonic Holdings
assets and liabilities” upon Blue Yonder acquisition
Corporation stockholders
Fiscal 2024 Second Quarter Financial Results*5 Including recording of deferred tax assets,etc. (121.3 bil. yen) with the liquidation ofPanasonic Liquid Crystal Display Co., Ltd.
(through Special Liquidation) and its debts
waiver, resolved by the Board of Directors© 2023 Panasonic Holdings Corporation. All Rights Reserved.

13

 This slide shows the consolidated financial forecast for FY3/24.
 Sales is revised downward by 100.0 billion yen. Both adjusted operating profit
and operating profit are revised downward by 30.0 billion yen, respectively.
However, profit before income taxes and net profit remain unchanged from theprevious forecast of July 31, 2023, reflecting such factors as the improvements infinance income/expenses by the rise in interest rates
 EPS is expected at 197.07 yen, and ROE is expected at 12.0%, respectively.
 The foreign currency exchange rate assumption is also changed, as shown at
the bottom of the table.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

13

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

Sales

YoY

Lifestyle3,500.0100%(+16.7)

Automotive
Connect

1,170.0

Industry

Difference Adjusted
fromOP
forecast(May 10) (% to sales)

-80.0

140.0

1,460.0 (+162.5)

+90.0

33.0

104%
(+44.3)

+30.0

55.0

1,040.0 (-109.9)

-50.0

30.0

880.0

91%
(-91.8)-150.0115.0

Excl. IRA
impact979.0

101%(+7.2)

-51.0

30.0

Other/
Eliminations &adjustments

350.0(-0.7)+60.0

8,400.0100%(+21.1)-100.0

Energy

Total

113%

90%

Difference
fromforecast(May 10)

Other
income/
loss

+17.6

-20.0

-14.0

+18.8

+15.0

+26.8

YoY

YoY

Difference
fromforecast(May 10)

OP

+5.3

-5.0

126.0

1.0

-1.0

+1.0

34.0

+15.0

-5.0

+2.3

-1.0

50.0

-33.3

-30.0

-2.0

-5.5

-0.5

28.0

+75.4

-20.0

-2.0

+4.4

0.0

113.0

-9.6

-25.0

-2.0

+4.4

0.0

28.0

27.0

-19.4

+10.0

22.0 +20.0

+5.5

400.0

+85.9

-30.0

0.0 +25.5

0.0

4.0%
2.3%
4.7%
2.9%
13.1%
3.1%

4.8%

*4

YoY

(% to
sales)

Difference
fromforecast(May 10)*4

EBITDA*1

YoY(% to sales)

Difference
fromforecast(May 10)

*4

+22.9

-25.0

238.0

+17.8

+16.0

94.0

+29.1

+32.1

-21.0

+16.3

+16.0

+14.0

125.0 *2 +25.1

+13.0

-38.8

-30.5

88.0

-37.4

-34.5

+79.8

-20.0

184.0*3

+85.5

-20.0

-5.2

-25.0

+0.5

-25.0

49.0

+0.6

+15.5

121.0

+10.0

+16.5

400.0

+111.4

-30.0

850.0

+131.6

-30.0

3.6%
2.3%
4.3%
2.7%
12.8%
2.9%

4.8%

6.8%
6.4%
10.7%

8.5%
20.9%

99.0*3
10.1%

10.1%

*1: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*2: Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*3: Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor*4 Additional recall-related expenses of HVAC included
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

14

 This slide shows the full-year forecast revision by segment.
 Major factors for revision of sales and adjusted operating profit are explained on
the next slide.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

14

FY3/24 Full-year Forecast Revision Factors (by Segment)

Sales / Adjusted OP

Major factors for revision (vs. initial forecast as of May 10)
Both sales & profit revised downward• Sales: Deteriorating market conditions for consumer electronics business andchanges in business environment for HVAC business, mainly A2W in
LifestyleEurope, despite steady cold chain business• Profit: Affected by decreased sales overseas even with cost rationalization
efforts offsetting decreased sales of HVAC in Europe and consumer
electronics in Japan
Both sales and profit revised upward• Sales: Currency translation, gradual recovery of automobile production
Automotive• Profit: Increased sales, price revisions to counter parts & materials price hikes,
rationalization, etc., despite hikes in personnel expenses, etc.
Both sales and profit revised upward
Connect • Sales: Currency translation; favorable sales (e.g. Avionics, Blue Yonder)• Profit: Increased sales (e.g. Avionics, Blue Yonder)
Both sales and profit revised downward• Sales: Prolonging market slowdown (e.g. FA and ICT infrastructure in China &East Asia markets), despite currency translation and increased demand ofIndustry
products for AI servers• Profit: Decreased sales due to prolonging market slowdown, despite increased
sales of products for AI servers, yen depreciation effect
Both sales and profit revised downward• Sales: In-vehicle: Despite upward forecast for North America, decreased sales &production in Japan affected by demand slowdown for high-end EVs, andimpact of IRA accounting treatment
EnergyIndustrial / Consumer: Slower recovery of products for consumer-use andpower equipment-use, despite growth of products for data centers• Profit: In-vehicle and Industrial / Consumer: Decreased sales• Sales: Revision of elimination amount of inter-transactions due to forecast
Other/
revisions in each businessEliminations &adjustments • Profit: Revised upward due mainly to improvements in head officeincome/expenses

Sales(yen: billions)

8,500.0-80.0

Automotive +30.0+90.0

IRA impact: -99.0-50.0-129.0

Other/Eliminations& adjustments

Connect Industry+60.0

8,400.0-21.0

Lifestyle

In-vehicle Industrial /Consumer,othersEnergyForecast

Forecast-100.0(May 10)OP(yen: billions)

Automotive +15.0-20.0 +15.0

430.0Lifestyle-30.0(Oct. 30)

Impact of increase in assumed
amount for IRA tax credit: +5.0

-12.0
Connect
Industry
In-vehicle

Other/Eliminations& adjustments

-8.0

+10.0

Industrial /Consumer,others

0.0

400.0

Other
income/loss

EnergyForecast(May 10)

Fiscal 2024 Second Quarter Financial Results

Adjusted OP: -30.0

Forecast(Oct. 30)

OP: -30.0© 2023 Panasonic Holdings Corporation. All Rights Reserved.

15

 In Lifestyle, both sales and profit are revised downward due mainly todecreased sales of HVAC business and consumer electronics, despite steadysales of cold chain.
 In Automotive, both sales and profit are revised upward due mainly toincreased sales with the recovery in automobile production.
 In Connect, both sales and profit are revised upward due mainly to favorable
sales in Avionics and Blue Yonder.
 In Industry, both sales and profit are revised downward due mainly todecreased sales affected by prolonging market slowdown, despite increased
sales of products for AI servers.
 In Energy, both sales and profit are revised downward.
This is due to decreased sales and production in Japan affected by demand
slowdown for high-end EVs, despite steady sales in North America for
In-vehicle, and the slower market recovery for Industrial / Consumer.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

15

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

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

Sales

YoY

Living Appliancesand Solutions
Company (LAS)

906.0 (+9.3)

Heating &Ventilation A/C
Company (HVAC)

850.0 (+41.3)

Cold Chain
SolutionsCompany (CCS)

380.0 (+28.1)

Electric Works
Company (EW)

1,030.0 (+25.5)

China andNortheast Asia
Company (CNA)*1

777.0 (-50.4)

101%

105%

108%

103%

94%

Difference Adjusted
fromOP
forecast(May 10) (% to sales)

-70.0

63.0

-54.0

32.0

+30.0

16.5

0.0

66.0

-22.0

38.0

7.0%

3.8%

4.3%

6.4%

4.9%

Difference
fromforecast(May 10)

Other
income/
loss

+10.2

-9.0

-4.0

+9.9

-10.0

+4.2

YoY

YoY

Difference
fromOP
forecast (% to sales)(May 10)

-6.5

+2.0

59.0

-7.0

+10.6

-7.0

25.0

+2.5

0.0

-0.1

0.0

16.5

+13.8

+2.0

-4.0

+1.3

0.0

62.0

+16.2

0.0

-7.0

-10.6

0.0

31.0

*3

6.5%

YoY

Difference
fromforecast(May 10)

4.3%

6.0%

4.0%

YoY

+3.7

-7.0

86.0

+20.5

-17.0

55.0

+4.1

+2.5

25.5

+15.1

+2.0

94.0

+5.6

0.0

52.0

*3

2.9%

EBITDA*2(% to sales)

9.5%

Difference
fromforecast(May 10)

+5.9

-4.0

+26.0

-13.5

+4.5

+2.5

+19.1

0.0

+6.8

0.0

*3

6.5%

6.7%

9.1%

6.7%

*1: Sales and profit of CNA (except certain businesses) are also included in LAS, HVAC, and EW*2: Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*3: Additional recall-related expenses included

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

16

 This slide shows the forecast for the Lifestyle segment by divisional company.
 For Living Appliances and Solutions Company, as well as Heating &Ventilation A/C Company, both sales & profit are revised downward.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

16

FY3/24 Full-year Operating Profit Forecast Revision Analysis (by Factor)
Sales
increase/decrease
in real terms

Fixed costs+100.0-90.0

Price hikes in
raw materials &logistics

Price revisions,rationalization,etc.

(yen: billions)

InitialForecast(May 10)

-35.0

288.6
• Strategic investments:-60.0• Inflation (personnel expenses/-40.0
energy costs):• Management structure
improvement, etc.:+10.0• Raw materials: -45.0• Logistics:+10.0

IRA impact

Blue Yonder

Effect ofexchange rates

Other
income/loss

+80.0

-5.4

-20.0

+25.5

• Price revisions:+69.0• Rationalization, etc.: +17.3

FY3/23
RevisedAmountFY3/24(e)
-98.0

288.6
Revised
Forecast(Oct. 30)

430.0

+86.3

+2.0

+10.0

+7.0

-80.0

+8.8

+5.0

+4.2

+33.0

+85.0

-1.2

+13.0

0.0

-30.0

+25.5

400.0

+95.1
-28.0

• Strategic investments:-60.0• Inflation (personnel expenses/-40.0
energy costs):• Management structure
improvement, etc.:+20.0• Raw materials: -40.0• Logistics:+12.0• Price revisions:+76.0• Rationalization, etc.: +19.1

FY3/23

FY3/24(e)Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

17

 This slide shows our analysis of the revised forecast of operating profit in FY3/24
by factor, and it explains the changes made from the initial forecast of May 10,2023.
 To elaborate upon the overall picture of revised forecast, the impact of decreased
sales in real terms for Lifestyle, Industry and Energy is larger than the
improvement by the effect of exchange rates and fixed cost reductions.
Therefore, operating profit is revised downward by 30.0 billion yen.
 From the next few slides, I will explain the current situation and future initiatives
for the areas that were heavily affected by changes in the business environment
during FY3/24 1H: HVAC business in Europe, Industry segment, and automotive
battery business.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

17Lifestyle: Heating & Ventilation A/C Company - HVAC Business Situation in Europe■Changes in business environment[Initiatives][Current situation][ As of June 2 (Operating Company Strategy Briefing)]
1) Increasing demand for A2W to replace combustion-based boilers
2) Accelerating demand for refrigerant with lower GWP due to tighter

environment regulations (F-gas regulations)
3) Market characteristics (Value of air-quality is highly appreciated)

1) Demand growth slowdown1) Continue to enhance products/systems and sales base to meet2) No changes in our assumption

2) Promote to switch & adopt low GWP refrigerant ahead of peers3) No changes in our assumption3) Continue to expand solution-type business

in FY3/24

expanding demand of A2W■A2W Sales trend
HVAC business in Europe
By product(-) Economic downturn in Europe
YoY

A2W

(+) Gas price hikes

200%

Sales
130.1 bil. yen

100%(FY3/23)(-) Gas price drop(+ )Strong support
by subsidies(-) Subsidy scheme change,
payment delay
FY3/24 2H

0% A2W sales (amount)

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

1Q
1Q
FY21 1Q

FY3/22
FY21 2Q
FY21 3Q

FY21 4Q

FY22 1Q

FY3/23
FY22 2Q
FY22 3Q

FY22 4Q

2Q
2Q

1H 2Q
FY23 FY3/24
1Q
FY23

A2W overall demand (unit) YoY*

148%

147%

94%

A2W sales (amount) YoY

152%

202%

92%

*estimated by Panasonic
At Panasonic(+) Some subsidy payment tobe resumed(+) Signs of re-rising gas prices(+) New clean heating law inGermany (passed)

Forecast for FY3/24 2H
Aim for higher-than-market
growth at each country, evenwith ongoing challenging
market conditions■Outlook for FY3/24 and initiatives
By Country/region

Market conditions/outlook for FY3/24

A. Markets with top-classshare position(Poland, France, Nordic, etc.)

B. Markets to further
strengthen business(Germany, UK, etc.)

Account
for 60%(FY3/23)

Account
for 20%(FY3/23)

1H

1H: Overall demand decreased due to impact of strong sales in FY3/23, changes in

Initiatives
Strengthen service business byleveraging sales & customer basesubsidy scheme, etc.
2H: Poland: Tougher market conditions to persist; continuing support to gas unit priceFrance: Delay of subsidy payment expected to normalize• Maintenance/solution business

1H: Demand is steady and less impacted by changes in subsidy scheme

Strengthen sales capability

2H: Stable sales is expected to continue

Fiscal 2024 Second Quarter Financial Results(Customer service structure, IoT cloud services)• Set focused area and strengthen sales structure• Expand sales channel© 2023 Panasonic Holdings Corporation. All Rights Reserved.

18

 First, the situation of HVAC business in Europe.
 The upper part shows the business environment trend, and the changes fromour view at the time of the operating company strategy briefing held June 2,
2023. The major change is the slowed demand growth of A2W as we entered
FY3/24.
 The graph in the middle shows Panasonic’s A2W sales and YoY trend, withlabels indicating major factors impacting demand.
Until FY3/23, the market and Panasonic grew significantly, backed with gas
price hikes and strong support by subsidies from each government. However,for FY3/24 1H, overall demand decreased year-on-year, and so did our sales.
This is due to the slowdown in the European economy, gas price drops, andsubsidy scheme changes or payment delays in some countries.
 For 2H, we anticipate that challenging market conditions will continue, despite
seeing some signs of improvement. At Panasonic, we aim for a higher-thanmarket growth at each market we operate in.
 To be specific, as shown on the bottom of this slide, for markets with top-classshare position, we will strengthen our service business leveraging ourcustomer base, and for markets where we want to further strengthen, we will
strengthen our sales capability.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

18

Lifestyle: Heating & Ventilation A/C Company
Medium- to Long-term Strategy for HVAC Business in Europe■ A2W in Europe: Medium- to long-term market outlook

Expecting demand recovery toward CY2030, supported by EU carbon neutral initiatives;
Take actions with flexibility while mitigating risks (Subsidies, policy trend, energy price, economic situation)

Current market consensus (EPHA-basis*)
Recovery scenario(estimate by Panasonic)

1m
units
CY2020CY2021(Estimate by Panasonic based on data from EHPA*)

Current market
consensus

Over
6m
units

CAGR22％

1.5m
units
CY2022*EHPA: European Heat Pump Association

A2W Demand Outlook in Europe

Market rapidly expanded(e.g. strong support by subsidies,gas price hikes)(-) Temporary slowdown ofdemand due to changes insubsidy scheme, drop in gas
price, economic downturn, etc.

(+) Accelerated policies toward reductionof greenhouse gas• EU Green Deal
• REPowerEU

CY2030[EU Green Deal]
1. Achieve carbon neutrality by 2050
2. Reduce 55% of greenhouse gas
emission by 2030 (vs. 1990)[REPowerEU]
1. Phase out oil/gas from Russia by 2030
2. Diversify import designations forenergy3. Accelerate shift to renewable energy→ Aim to double installation ratio ofheat pumps (A total of 10 million
units for next 5 years)■ Progress of medium- to long-term • Lifestyle segment’s focused investment for hydronic system business in Europe (A2W, chiller)• Take necessarily initiatives to deal with current changes in business as well as accelerate to strengthen
growth strategy
business foundation and establish structure toward achieving one of the leading industry positions

Announcement at Operating Company Strategy Briefing(June 2, 2023)

FY3/24

FY3/25

FY3/26 onward

Products

Launch products with natural refrigerant (R290)
Develop products suitable for local needs• No changes in total of investment amount, but revises timing ofsome investments• Aim to increase production capability through productivity• Start production of both internal/external units
improvement (to exceed planned 550K unit)• Accelerate development of A2W for commercial-use by• Favorable sales of products forcreating new value through synergy with acquired commercial
data centers by acquired chiller
HVAC technologies and Panasonic’s A2W technologies
business• Respond to demand in countries (Germany, etc.) with higher consciousness in• R290 products launched in May
environment issues, and expand business in these countries(first Japanese company to adopt)• Establish comprehensive platform to control/integrate internal and external units

Structure

Establish integrated operation in Europe(development, manufacturing and sales)• Establish HVAC Business• Enhance competitiveness through centralized management with a management
Division Europe
team at each business front• Establish new R&D center (Milan) • Create and develop products & services suitable for local needs / requirements

Production
Capacity

Increase A2W production capacity at Czech
factory

M&A

Acquired chiller business to enhance lightcommercial field→ Shift production from Malaysia to Czech RepublicFiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

19

 This slide shows the outlook of the HVAC business in Europe for the medium tolong term.
 For the medium to long term, we expect the demand to recover, towards
6 million units in 2030, backed by policies in Europe regarding greenhouse gas
reductions. We will take actions with flexibility reflecting changes in the market;
risks according to such changes in subsidies, policies, and economic situation.
 The bottom part shows our progress of the medium- to long-term strategy.
There is no change to Lifestyle segment’s focus on investing in hydronic systembusiness in Europe.
While we will respond to current changes in business environment, we will
accelerate our efforts in strengthening our business foundation
toward achieving the leading industry position with a medium- to long-term
perspective.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

19

Industry: Market Conditions by Area and Full-Year Forecast for FY3/24
 Sales Composition
Panasonic Industry products FY3/24
estimate by Panasonic(YoY composition ratio)

 FY3/24 Forecast• Upper row: Market outlook (estimate by Panasonic),• Bottom row: Sales forecast (Panasonic Industry products, vs. FY3/23, estimate by Panasonic)

By industry
ICT
terminals

6%

Automotive
CASE

Others
18%
(-3％)

(-1％)

Factorylaborsavings

17%

(-5％）

(-5％)

Asia
22％
(-1％)

increase for overall automobile production: Growth for
103％ Year-on-year
green vehicle continues

Panasonic

116％ Year-on-year increase: Growth of devices for green vehicles

Servers/

88％

Year-on-year decrease: Investment slowdown continues due to impact
of demand in FY3/23

98％

Sales expected to be almost the same as FY3/23 due to growth of
products for generative AI, despite market conditions

Automotive
CASE

48％
(＋9％)
Information &communication
infrastructure

By region
China
23%

Automobile

11%
（±0％）

Japan
27％

Information & Data centerscommunication
infrastructure
Panasonic

Factorylaborsavings(+2%)

Europe20％

Americas
8%
(+1％)

ICT
terminals

FA/
Robotsincrease: Increased demand in North America supported
107％ Year-on-yearby governmental initiatives despite weak China market conditions

Panasonic

75％

Year-on-year decrease: Impact of market conditions for China business (accounts
for approx. 40% sales) and intensifying competition with Chinese companies,
decreased demand for semiconductor production equipment mainly in East Asia.

Notebook
PCs

92％

Year-on-year decrease: Replacement cycle becoming longer, despite
progress of inventory adjustment

Panasonic

85％

Year-on-year decrease: Reduced production of customers(+3％)
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

20

 Next, the situation of Industry segment. On this slide, I will explain the sales
increase/decrease in comparison with the market situation.
 As shown on the top left pie chart, four major industries account for almost allof the segment’s sales; automotive CASE, information & communication
infrastructure, factory labor-savings, and ICT terminals.
 On the right, the market outlook and our sales forecast for FY3/24 for eacharea of business.
 For automotive CASE, the overall market is growing. We expect higher
growth with sales growth of devices for green vehicles.
 For Information & communication infrastructure, the market is expected todecrease largely year-on-year, due to a slowdown in capital investments.
However, we expect to achieve the same level year-on-year with sales growthof products for generative AI servers.
 For factory labor-savings, the overall market is expected to grow year-on-year.
However, we expect a large decline year-on-year because 40% of our sales
come from China, which is experiencing deteriorated market conditions andintensifying competition.
 For ICT terminals, the market outlook is a year-on-year decrease due mainly
to longer replacement cycles. We face a similar trend.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

20

Industry: Situation of Voluntarily Disclosed Businesses
FA Solutions

Electronic Devices
 Automotive CASE-related products (accounts for approx. 50% sales*):
Growth in relays & capacitors for green vehicles
 Information & communication infrastructure products: Downturnreflecting deteriorating market conditions for general purpose servers
and base stations, despite favorable capacitors for generative AI Aim for recovery of China business (accounts for approx. 40% sales*)through localization of decision making, product development meeting
market needs and procurement, but unlikely to recover in 2H
40.4
37.6
Adjusted OPM (%)
32.8
29.6
28.7
27.1
10.9

 Expecting YoY decrease for full year with slight slowdown in 2H,
despite recovery trend overall

Sales (yen: billions)

0.0
9.6

7.0

Q2

Q3

-4.2

-5.4

Adjusted OPM (%)

142.7

148.3

139.6

14.2
11.6

Sales (yen: billions)

129.6

126.6

FY3/23

Q1

Q4

FY3/24

FY3/23 full year
• Sales:140.4 bil. Yen• Adjusted OPM: 7.3%

133.9

Q1

7.5
5.5

Capacitors

8.4

-2.4
Q2

Q3

Q4

 Information
Information && communication
communication infrastructure-related
infrastructure-related businessbusiness (accounts(accountsfor approx.
approx. 40%
40% sales*):sales*): Recovery
Recovery trend
trend with
with favorable
favorable sales
sales ofof generative
generativeforAI-useproducts,
toslightly
slowdownin
2H,
but
expecting
YoY
increase
AI-use products, to slightly slowdown in 2H, but expecting YoY increase
Adjusted OPM (%)
for fullfull year
year
for
Sales (yen: billions)
40.6
40.2
37.8
36.4
36.1
32.8

3.3

Q1

Q3

Electronic Materials

10.6

RelaysFY3/23

Q2

FY3/24 full year (e)• Sales: 105.0 bil. yen

Q4

FY3/24

FY3/23 full year
• Sales:
560.2 billion yen• Adjusted OPM: 10.1%

Q1

Q2

Q3

FY3/24 full year (e)• Sales: 520.0 billion yen* Details of sales composition ratio on page 38

Q4

2.7
FY3/23

Q1

-0.3
Q2

2.8

2.2
Q3

Q4

FY3/24

FY3/23 full year
• Sales:147.6 billion yen• Adjusted OPM: 0.7%

Fiscal 2024 Second Quarter Financial Results

Q1

Q2

Q3

Q4

FY3/24 full year (e)• Sales: 155.0 billion yen© 2023 Panasonic Holdings Corporation. All Rights Reserved.

21

 Next, I will explain the situation of each voluntarily disclosed businesses:
Electronic Devices, FA Solutions, and Electronic Materials. The charts show
the quarterly results trend.
 For each businesses, sales and profit declined largely in FY3/23 4Q, affectedby the sharp demand decrease for ICT terminals and market deterioration in
China. FA Solutions continues to face challenges, but Electronic Devices andElectronic Materials show a recovery trend.
 In Electronic Devices, automotive CASE-related business, which accounts forapproximately 50% of sales, we see a recovery trend overall, withgrowth in relays and capacitors for green vehicles. However, we expect to seea slight slowdown in 2H.
 In FA Solutions, we do not expect a recovery in 2H.
Our China business, which accounts for approximately 40% of sales, is facing
weakening market conditions and intensifying competition.
 In Electronic Materials, for information & communication infrastructure-related
business, which accounts for approximately 40% of sales, we see a recovery
trend with favorable sales of generative AI-use products.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

21

Energy: Automotive Battery - FY3/24 2Q Downturn Factors & Initiatives
・ North American EV demand shift caused by IRA 30D:
Production in Japan factory affected by demand slowdown in high-end EVs, while North America factory remained steady・ In FY3/24 2Q, profitability deteriorated considerably due to production adjustment;
In 2H, prevent further deterioration by optimizing fixed costs in Japan to align with lower demand
250.0<FY3/24 2Q downturn factors>

Sales & profitability trend

200.0(Excl. impact of US IRA)
150.0
Sales

146.4 153.2

Market

194.4 184.8
171.9 182.6

AOPM
50.0

3.3

(%)

0.0

FY3/23

Q1

1,600
1,400
1,200
1,000
800
600
400
200
0

3.4

-2.9

3.1

Q2

Q3

Q4

2.6
FY3/24

Q1

-2.4

Q2

Q1

Japan

Q2

Q3

Q4

FY3/24

Q1

North America (GWh)

Q3

Q2

Q3

Q4

FY3/24

Q1

Production adjustment in Japan (optimize inventory level)<Future initiatives to overcome downturn>

1Q→2Q
Down byapprox. 60%
Production
adjustment• Balance production & sales• Optimize fixed costs

Q2

Initiatives

・ Japan factory: executed production at a certain scale until 1Q, in response to customer demand・ In 2Q, adjusted production to meet appropriate inventory level, in response to rapidly-reduced
demand→ Profitability deteriorated considerably, due to inability to offset impact of reduced production with
fixed-cost reduction efforts
・ Upfront costs recorded as planned (development of 4680 cells, construction of Kansas factory)

Q4

Production & sales of cells

Production

Q1

Q4
Japan (GWh)

Q2

Sales

FY3/23

Q3

地域別
販売量推移
Sales
volumeby region

FY3/23

North American EV demand shift caused by IRA

・ North American EV demand shifted to models eligible for tax credit→ Despite sales stimulus measures, demand clearly slowed down for high-end EVs
・ Steady sales of vehicles eligible for tax credit

100.0
(yen:
billions)

Q3

Q4

Short term・ Japan: Production & sales expected to become well-balanced in 2H
Prevent further deterioration in profitability by optimizing fixed costs toalgin with structurally lower demand・ North America: Respond to strong demand and contribute to profitability

・ Expand customer base for products manufactured in Japan factory and expand
product line-up
Medium tolong term ・ Carefully monitor demand trends, shift to profitability structure that reflects changes
in demand

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

22

 Finally, the situation for automotive battery business.
 FY3/24 2Q results are shown on the left. If we exclude IRA impact, profit
decreased year-on-year to a loss, which is a factor for the downward revision
of Energy.
 The reason for this loss is that demand for high-end EVs, which are noteligible for IRA tax credit, according to 30D regulations upon purchase of EVs,
slowed down more that expected.
 At Japan factory, until 1Q, we executed production at a certain scale
responding to customer demand. However, from 2Q, we adjusted production,
to meet the appropriate inventory level, in response to demand change.
Production was down by approximately 60% compared to 1Q, andprofitability of Japan factory deteriorated considerably.
Also, upfront costs for future growth are recorded as planned.
As a result, we saw a large year-on-year profit decrease for the overall
automotive battery business.
 As shown on the middle-left graph, sales in North America are steady.
 For 2H, in Japan, we will prevent further deterioration in profitability by
optimizing fixed costs to algin with lower demand.
In North America, we will respond to the strong demand, aiming to increase
profitability.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

22 Thank you very much for your kind attention.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

23

Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements about Panasonic Holdings Corporation (Panasonic HD) and its Group companies (the Panasonic Group). To the extent thatstatements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current
assumptions and beliefs of the Panasonic Group in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks,
uncertainties and other factors may cause the Panasonic Group’s actual results, performance, achievements or financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by these forward-looking statements. Panasonic HD undertakes no obligation to publicly update any forward-looking
statements after the date of presentation. Investors are advised to consult any further disclosures by Panasonic HD in its subsequent filings under the Financial Instrument and Exchange
Act of Japan (the FIEA) and other publicly disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer spending and corporate capital expenditures in theAmericas, Europe, Japan, China and other Asian countries; occurrence and continuation of supply disruption or soaring prices of raw materials or transportation; the possibility that
excessive currency rate fluctuations of the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen may adversely affect costs and prices of Panasonic Group’s
products and services and certain other transactions that are denominated in these foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds,
because of changes in the fund raising environment including interest rate fluctuations; the possibility of the Panasonic Group not being able to respond to rapid technological changes
and changing consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of both price and technology; thepossibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers and acquisitions; the possibility of not being able to achieve its
business objectives through joint ventures and other collaborative agreements with other companies, including due to the pressure of price reduction exceeding that which can beachieved by its effort and decrease in demand for products from business partners which Panasonic Group highly depends on in BtoB business areas; the possibility of not achieving
expected benefits in connection with the transition to a new organizational system in which Panasonic is a holding company; the possibility of the Panasonic Group not being able tomaintain competitive strength in many product and geographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; thepossibility that the Panasonic Group may face intellectual property infringement by third parties or intellectual property infringement claims by third parties; the possibility that change ortightening of current and potential, direct and indirect restrictions imposed in Japan or other countries over trade, manufacturing, labor and operations may adversely affect business
operations of Panasonic Group and its supply chain; failures in proper tackling of regulations and policies introduced or strengthened with respect to environmental issues including
climate change or responsible procurement activities (human rights, labor, health and safety, global environmental conservation, information security, corporate ethics, etc.) in the supply
chain; restrictions, costs or legal liability relating to introduction or tightening of laws and regulations; fluctuations in market prices of securities and other financial assets in which thePanasonic Group has holdings or changes in valuation of non-financial assets, including property, plant and equipment, goodwill and deferred tax assets; future changes or revisions toaccounting policies or accounting rules; the possibility of incurring expenses resulting from a leakage of customers’ or confidential information from systems of Panasonic Group or its
supply chain, service suspension or vulnerability of network-connected products due to unauthorized system access and cyberattacks etc.; the possibility not being able to acquire thenecessary human resources to promote management strategies and prevent the outflow of existing employees; the possibility that the spread of infections including the novel coronavirus
infections may adversely affect business activities of the Panasonic Group; volatility in demand for electronic equipment and components from business and industrial customers, as wellas consumers in many product and geographical markets occurrence of events that may negatively impact business activities of the Panasonic Group, including large-scale natural
disasters, prevalence of infectious diseases throughout the world and terrorism or wars. The factors listed above are not all-inclusive and further information is contained in the mostrecent English translated version of Panasonic HD’s securities reports under the FIEA and any other documents which are disclosed on its website.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

24

Reference: Overview of US Inflation Reduction Act (IRA) IRA: Enacted in August 2022, aimed to reduce excessive inflation and promote energy policies
 Panasonic Energy’s business expected to be eligible for “battery cell ($35/kWh)” in Section 45X
 Rules on Section 30D announced in March 2023, but no additional information on Section 45X (Rules not yet
determined)

Section 45X (Advanced Manufacturing Production Credit) Overview: Tax credit for sales of EV batteries, etc.
 Enforcement: December 31, 2022
 Effective: 2023 - 2032 (10 years)
 Eligibility & tax credit amount:• Battery cell: $35/kWh• Battery module: $10/kWh* Tax credit starts to be reduced from 2030
2030: Reduced by 25% , 2031: 50%, 2032: 75%

 Conditions:• Cells produced in US• Credits will be given based on sales volume (in kWh)

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

Critical minerals extracted & processed within FTA countries*$3,750*Although Japan is not an FTA country, conditions have been relaxed toinclude Japan• Vehicle assembled in North America (US, Canada, Mexico)• Detailed rules not yet determined• Guidance related to 45X expected to be announced by end of 2023

Guidance on calculation of critical mineral requirements,“Foreign Entity of Concern” provision, and related information
expected to be announced by end of 2023

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

25

25Reference: Eligible EV Battery Factories for IRA
 Credit effective at:- Nevada Factory (already in operation): from launch of IRA- Kansas Factory (under construction): upon start of production & sales during FY3/25 (planned)
Factories

Credit effective from

Annual production<Ref.> Simple calculation:$35/kWh x annual production

NevadaJan. 2023 onwards

Approx. 38-39 GWh(current)

Approx. $1.3 bil./yr

Kansas*Start of production& sales

Approx. 30 GWh

Approx. $1.0 bil./yr

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

During FY3/25 (planned)

N/A＊Approved for “Attracting Powerful Economic Expansion (APEX)”, incentive programby the State of Kansas for investment promotion; in addition to IRA tax credits
e.g.・Tax credits: Up to 15％ of capital investments
・Compensation: Up to 10% per year (not to exceed 10 years)
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

26

26

Reference: Initiatives in Growth Areas

Underlined: Changes/progress from July 2023

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

Automotive
Battery[Expand production capacity in North America / Establish supply chain in US FTA countries]
・Decision to construct new manufacturing facility in Kansas, US (announced Oct. 31,’22); construction started in Feb. ’23, with mass production of 2170
cells set to start in FY3/25
・Agreement signed with UK-based Nexeon to purchase silicon anode material, enabling production of higher-energy-density EV batteries(announced Jul. 25, ’23)
[Expand sales channel]
・Entered into discussions with Mazda Motor Corporation (announced Jun. 21, ’23) and Subaru Corporation (Jul. 31, ’23) to establish medium- to longterm partnership for supply of automotive cylindrical lithium-ion batteries; aiming to conclude supply contracts at early stage for battery EVs to belaunched in latter half of the 2020s[Commercialization of 4680 cells]
・Mass production at Wakayama rescheduled to begin during 1H FY3/25 so that higher-density technologies can be introduced to further enhancecompetitiveness

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

Supply Chain
Management
Software[Blue Yonder]• Transformation in steady progress: Establishing stronger organizational structure, shifting to Native SaaS and enhancing customer experience, etc.
Announced strategic partnership with Snowflake and Accenture toward further enhancement of competitiveness• Announced agreement to acquire UK-based Doddle, with strengths in returns management, toward enhancing end-to-end solutions(announced Oct. 13, ’23)
[Consideration of stock exchange listing of SCM business] (announced May 11, ’22)
• Considering stock exchange listing of SCM business centered on Blue Yonder for enhanced global competitiveness and accelerated growth

Accelerate business growth with proactive investments in hydronic system business, with priority on Europe

Air Quality &Air-conditioning[Europe] FY3/24 1H sales: 67.9 bil. yen (YoY 109%)[A2W (air to water hot water heat pump) ]• While expecting medium- to long-term demand growth toward carbon neutrality, currently facing temporary demand slowdown due mainly todecline in housing starts resulting from high interest rate & inflation, subsidy scheme changes, and decline in gas prices.
Aim to establish European regional structure for medium- to long-term growth, continue to increase production capacity and enhance the system fordevelopment, manufacturing and sales.
[Chiller] PMI in progress for chiller business acquired in FY3/23. Expand line-up of Panasonic brand products
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

27

27

(Reference) FY3/24 1H Results
FY3/24 1H(yen: billions)

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

Excl. IRA impact

4,119.4

Sales
Adjusted operating profit*1(% to sales)

4,168.7

FY3/23 1H
4,063.9

192.3

150.1

145.9

(4.7%)(3.6%)(3.6%)

0.5

0.5

3.9

Operating profit

192.8

150.6

149.8

(% to sales)(4.7%)(3.6%)(3.7%)

Other income/loss*2

Profit before income taxes

224.3

182.1

(% to sales)(5.4%)(4.4%)Net profit attributable to PanasonicHoldings Corporation stockholders(% to sales)

288.4 *5234.0 *5107.3

(7.0%)(5.6%)(2.6%)

Excl. IRA impact

101%（99%)*3+55.5（-47.0)*3

103%（100%)*3+104.8（+2.3)*3

132%

+46.4

103%

+4.2

ー

-3.4

ー

-3.4

129%

+43.0

101%

+0.8

135%

+57.7

109%

+15.5

269%

+181.1

218%+126.7

113%

+45.8

101%

+3.6

410.1

367.9

364.3

(10.0%)(8.8%)(9.0%)

1 US dollar

141 yen141 yenamount of Operating profit, Depreciation (Tangible assets including property,
134 yen *4 Total
plant and equipment / Right-of-use assets) and Amortization (Intangible assets).

1 Euro153 yen

153 yen139 yen1 Renminbi

19.8 yen

19.8 yen

19.9 yen

EBITDA*4 (% to sales)

Exchange
rates

166.6

（4.1%)YoY (year-on-year)*1 Sales - Cost of sales - SG&A
*2 “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” asindicated in the Consolidated Statements of Profit or Loss of the news release*3 Excluding effect of exchange rates. Increased by 29.5 bil. yen (YoY 101%) excluding impact of IRA and FXFiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

Adjusted with:- amount equivalent to depreciation corresponding to underlying assets that are
applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets
and liabilities” upon Blue Yonder acquisition*5 Including recording of deferred tax assets, etc. (121.3 bil. yen) with the liquidationof Panasonic Liquid Crystal Display Co., Ltd. (through Special Liquidation) and its
debts waiver, resolved by the Board of Directors© 2023 Panasonic Holdings Corporation. All Rights Reserved.

28

28

(Reference) FY3/24 Financial Results/Forecast (1H/2H/Full-Year)(yen: billions)

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

1H
results

Excl. IRA
impact4,119.4

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

192.3

150.1
(3.6%)

0.5

0.5

Operating profit(% to sales)

192.8

150.6

(4.7%)(3.6%)

Profit before income
taxes (% to sales)

224.3

182.1

(5.4%)(4.4%)Net profit attributable toPanasonic Holdings
Corporation stockholders(% to sales)

EBITDA*4 (% to sales)

Exchangerates*4Excl. IRA
impact

101%
+55.5

103%
+104.8

132%
+46.4

103%
+4.2

ー
-3.4
129%
+43.0

ー
-3.4
101%
+0.8

207.2

164.4

(4.8%)(3.8%)

135%
+57.7

109%
+15.5

230.7

187.9

(5.4%)(4.3%)

269%+181.1

218%+126.7

171.6

116.0

(4.0%)(2.7%)

113%
+45.8

101%
+3.6

439.9

397.1

(10.3%)(9.2%)

4,168.7(4.7%)

288.4

234.0

(7.0%)(5.6%)

410.1

367.9

(10.0%)(8.8%)*4

2H (e)

YoY

4,280.6

Excl. IRA
impact4,330.3

207.7

164.9

(4.9%)(3.8%)

-0.5

-0.5

YoY

Excl. IRA
impactFull-year
forecast

YoY

Excl. IRA
impact

99%
-34.4

100%
+15.3

123%
+39.5

98%
-3.3

ー
+28.9
149%
+68.4

ー
+28.9
118%
+25.6

400.0

315.0

(4.8%)(3.7%)

154%
+80.9

125%
+38.1

455.0

370.0

(5.4%)(4.4%)

108%
+13.4

98%
-2.2

460.0

*4

350.0

(5.5%)(4.1%)

124%
+85.8

112%
+43.0

850.0

765.0

(10.1%)(9.0%)

8,400.0

8,499.0

400.0

315.0

(4.8%)(3.7%)

0.0

0.0

*4

Excl. IRA
impact

100%
+21.1

101%
+120.1

127%
+85.9

100%
+0.9

ー
+25.5
139%
+111.4

ー
+25.5
109%
+26.4

144%
+138.6

117%
+53.6

173%
+194.5155%+124.5

118%+131.6106%+46.6

1 US dollar

141 yen141 yen+7 yen+7 yen140 yen

140 yen+3 yen+3 yen

141 yen141 yen+6 yen+6 yen1 Euro153 yen

153 yen+14 yen+14 yen

150 yen

150 yen+7 yen+7 yen152 yen152 yen+11 yen+11 yen1 Renminbi

19.8 yen

19.8 yen-0.1 yen-0.1 yen

20.0 yen

20.0 yen+0.4 yen+0.4 yen

19.9 yen

19.9 yen+0.1 yen+0.1 yen*1 Sales - Cost of sales - SG&A
*2 “Other income (expenses), net” + “Share of profit (loss) ofinvestments accounted for using the equity method” asindicated in the Consolidated Statements of Profit or Loss of thenews release*3 Total amount of Operating profit, Depreciation (Tangible assets including property,
plant and equipment/ Right-of-use assets) and Amortization (Intangible assets).
Adjusted with: - amount equivalent to depreciation corresponding to underlying assetsthat are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation ofassets and liabilities” upon Blue Yonder acquisition

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

*4 Including recording of deferred tax assets, etc.
(121.3 bil. yen) with the liquidation of PanasonicLiquid Crystal Display Co., Ltd. (through Special
Liquidation) and its debts waiver, resolved by the
Board of Directors© 2023 Panasonic Holdings Corporation. All Rights Reserved.

29

29

(Reference) FY3/24 Financial Results/Forecast by Segment（1H/2H/Full-Year)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

1H
Sales

2H (e)
Adjusted
OP

YoY

YoY

Sales

AdjustedOP

YoY(% to sales)

Lifestyle

1,683.098%

Automotive

708.2

120%

Connect

552.1

107%

Industry

510.4

86%

Energy

476.8

101%

526.1

112%

188.9

ー

4,119.4

101%

Excl. IRA
impactOther/
Eliminations &adjustments

Total

68.5
14.3
16.4
3.0%

+0.2

1,817.0

103%

+26.3

751.8

107%

+26.0

617.9

102%

-31.2

529.6

96%

+23.3

403.2

80%

-18.9

452.9

90%

+1.8

161.1

ー

+46.4

4,280.6

99%

12.5
2.5%

53.7
11.3%

11.5
2.2%

26.9
192.3
4.7%

YoY

Sales

AdjustedOP

YoY(% to sales)

4.1%
2.0%

Full-year forecast

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

71.5
3.9%

18.7
2.5%

38.6
6.3%

17.5
3.3%

61.3
15.2%

18.5
4.1%

0.1
207.7
4.9%

YoY

(% to sales)+17.4

3,500.0

100%

-7.5

1,460.0

113%

+0.8

1,170.0

104%

-2.1

1,040.0

90%

+52.1

880.0

91%

+9.3

979.0

101%

-21.2

350.0

ー

+39.5

8,400.0

100%

140.0
4.0%

33.0
2.3%

55.0
4.7%

30.0
2.9%

115.0
13.1%

30.0
3.1%

27.0
400.0
4.8%

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

+17.6
+18.8
+26.8
-33.3
+75.4
-9.6
-19.4

+85.9
30

30

(Reference) Lifestyle Segment: FY3/24 Financial Results/Forecast by Divisional Company (1H/2H/Full-year)
YoY % figures represent the year-on-year change relative to the previous year's figures(yen: billions)

1H
Sales

YoY

2H (e)
Adjusted
OP

YoY

Sales

YoY

(% to sales)

Living Appliances andSolutions Company
(LAS)

419.9

96%

Heating & Ventilation
A/C Company(HVAC)

422.3

99%

Cold Chain Solutions
Company (CCS)

194.4

115%

Electric Works
Company (EW)

488.7

105%

China andNortheast Asia
Company (CNA)*1

393.1

86%

24.2
5.8%

13.8
3.3%

11.9
6.1%

28.9
5.9%

26.7
6.8%

Full-year forecast

Adjusted
OP

YoY

Sales

YoY

(% to sales)

-2.6

486.1

106%

-3.6

427.7

112%

+6.3

185.6

101%

+8.8

541.3

100%

+2.1

383.9

103%

38.8
8.0%

18.2
4.2%

4.6
2.5%

37.1
6.9%

11.3
2.9%

AdjustedOP

YoY(% to sales)

+12.8

906.0

101%

+13.5

850.0

105%

-2.1

380.0

108%

+5.0

1,030.0

103%

+14.1

777.0

94%

63.0
7.0%

32.0
3.8%

16.5
4.3%

66.0
6.4%

38.0
4.9%

+10.2

+9.9

+4.2
+13.8

+16.2

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

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

31

31

Reference: FY3/24 2Q Segment Information

Lifestyle
Sales: Decreased due to slowed growth of HVAC business in Europe, weaker demand for
consumer electronics in Asia and China, deconsolidation impact, despite steadysales of cold chain mainly in North America and electrical construction materials

Overview
FY3/24 2Q(yen: billions)YoY (year-on-year)

844.3

96%
*1
(95%)

Adjusted operating profit

29.6(% to sales)(3.5%)-3.0

Other income/loss

-8.1

-10.9

Operating profit

21.5(% to sales)(2.5%)

-13.9

Sales

(yen: billions)

877.0

-20.8

Heating &Ventilation A/C-4.6
Living Appliancesand Solutions

+6.7

+6.6

Cold Chain
Solutions

-33.5
+12.9

Electric
Works
Others*2

844.3

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

FY3/23
2Q

Major increase/decrease factors

Adjusted OP

Living Appliancesand Solutions
Company
Heating &Ventilation A/C
Company+︓Partially improved external environment factors(e.g. costs of raw materials, logistics), progressof cost rationalization efforts
ー︓Shrinking demand caused by inflation worldwide+︓Increased sales in Japan and effect ofrationalization, etc.
ー︓Slowdown of demand growth in Europe

FY3/24
2Q

OP: Decreased overall due to decreased sales of consumer electronics, upfront
investment for HVAC business in Europe, despite increased profit of cold chain
and electrical construction materials(yen: billions)

35.4

-3.8

Heating &Ventilation A/C-2.4
Living Appliancesand Solutions+︓Increased sales prices, Improved productivity
Cold Chain
Solutions Company

+3.7

-4.0

Electric
Works

Others*2

+0.8

+2.7

Cold Chain
Solutions

ー︓Inflation (e.g. costs of materials, labor cost)

Electric Works
Company

Other income/loss

21.5
Other
income/loss+︓Increased sales and effect of price revisions
Quality-related expenses, etc.

-10.9

Effect ofexchange
rates

FY3/23
2Q

Adjusted OP: -3.0
OP: -13.9

FY3/242Q*2: Cold Chain (China) and Refrigeration, Air-Conditioning Devices, sales of other segment products, segment head office, eliminations, etc.

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

32

32

Reference: FY3/24 2Q Segment Information
Overview(yen: billions)

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

367.2

Adjusted operating
profit8.7(2.4%)(% to sales)

Other income/loss
Operating profit(% to sales)

114%(109%) *1
+8.6

0.9

+2.9

9.6

+11.5

(2.6%)*1: In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors

Automotive
Electronics
Systems+15.3

YoY (year-on-year)

FY3/24 2Q

Sales

Automotive
Cockpit Systems

Automotive+︓Increased sales, price revision to counter
price hikes in parts & materials, cost
reduction efforts
ー︓Increased fixed costs due to increased
production and increased personnel
expenses, price hikes in parts & materials(e.g. semiconductors)+︓Increased sales, price revision to counter
price hikes in parts & materials, cost
reduction efforts
ー︓Increased fixed costs due to increased
production and increased personnel
expenses, price hikes in parts & materials(e.g. semiconductors)

Proceeds from sales of fixed assets, insurance
Other income/loss
reimbursement, etc.

(yen: billions)

367.2

+10.3
+8.3

+10.3

Others*2

323.0
Automotive
Cockpit
Systems

Effect ofexchange
rates

Automotive
Electronics
Systems

FY3/23
FY3/24
2Q
2Q
OP: Increased due mainly to increased sales, price revisions to counter price hikes
in parts & materials, and cost reduction efforts, despite increased fixed costs(increased production & personnel expenses) and persisting impact of pricehikes in parts & materials (e.g. semiconductors)(yen: billions)

Automotive
Cockpit
Systems+8.4-1.9
FY3/23
2Q

+2.9
0.0

-0.1

+0.3

Automotive
Electronics
Systems

Others*2

Effect ofexchange
rates

Adjusted OP: +8.6
OP: +11.5

9.6

Other
income/loss

FY3/242Q*2: Sales of other segment products, etc.

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

33

33

Connect

Reference: FY3/24 2Q Segment Information
Overview(yen: billions)

FY3/24 2Q

YoY (year-on-year)

288.5

Sales
Adjusted operating
profit9.2(3.2%)(% to sales)

Other income/loss
Operating profit(% to sales)

106%(102%) *1
+9.5

0.1

+0.7

9.3

+10.2

(3.2%)

Sales: Increased overall due to increased sales in Avionics, Gemba Solutions andBlue Yonder, despite decreased sales in Process Automation
Process
Automation(yen: billions)+17.7 -13.5

MobileSolutions

-2.3

273.1

+6.7

+0.2

Media
Entertainment

Avionics

Others

BY

Gemba
Solutions

+2.0

+1.5

+9.5 288.5-6.4

Impact ofaccounting
treatment related
to BY acquisition

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

Adjusted OP

Major increase/decrease factors+︓Increased sales of in-flight entertainment (IFE) systems
Avionics
and repair & maintenance services due to demand
recovery in aviation market
ー︓Decreased sales affected by investment slowdown for
Process Automation
PCs and smartphones and continuing deteriorated
market conditions in China
ー︓Decreased sales due to weakening demand forMedia
professional broadcasting equipment along withEntertainment
investment cycle in Europe+︓Increased profit with improved marginal profit with
Mobile Solutions
resolved issues in parts & materials, etc.
+︓Increased sales with steady orders of solution-typeGemba Solutions
projects
Blue Yonder (BY)

FY3/232Q

FY3/242Q

OP: Increased due to increased sales (e.g. Avionics) and improved profitability in
Mobile Solutions, despite decreased sales in Process Automation
Process
Avionics Automation(yen: billions)

+9.8

-7.4

MobileSolutions
Media
Entertainment

+2.0

+4.2
-1.5

-0.9

Gemba
Solutions

BY

Others +1.2

+0.6 +0.3+0.3

Impact ofaccounting
treatment related
to BY acquisition

Effect ofexchange
rates

9.3

+0.7
Other
income/loss+︓Sales growth of SaaS

FY3/23
2Q

Other income/loss ー
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

Adjusted OP: +9.5
OP: +10.2© 2023 Panasonic Holdings Corporation. All Rights Reserved.

FY3/242Q

34

34

Reference: Blue Yonder’s KPIs

Connect

Revenue / Adjusted OP (stand alone)

Recurring / SaaS ratio

 Sales: Steady growth of both total sales and SaaS
Profit: ncreased YoY in real terms excl. strategic investment（M US$）
309

310

307

324

328

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

YoY
+5％

70%

66%

全体

全体

145 SaaS

152

127

137

137

FY3/23 2Q

3Q

4Q

FY3/24 1Q

2Q

20

24

24

-6

AdjustedOP-11

SaaS ARR (Annual Recurring Revenue)

YoY
+19％

 Continuing steady growth（M US$）
538

586

575

629

614

YoY
+17％

3Q

FY3/23 2Q

3Q

4Q

FY3/24 1Q

2Q

SaaS ratio

2Q

（YoY）

109%

106%

全体

107%
サブスク
SaaS

SaaS

FY3/23 2Q

3Q

106%

全体

サブスク

100%

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

FY3/24 1Q

YoY+6 points

 Maintained retention rate higher than previous yearwith stable sales and profit

108%

SaaS

4Q

47%

SaaS NRR (Net Revenue Retention)

サブスク

SaaS

44%

YoY
+5 points

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

全体

全体
サブスク

サブスク

SaaS

SaaS

FY3/2322 2Q 2Q

■Adjusted OP in 2Q: decreased factor from 1Q
 Increased personnel costs due to upward revision for
full-year
 Impact of one-time large projects in 1Q

44%

44%

41% サブスク

71%

69%

69%

4Q

FY3/24 1Q

2Q• Net revenue retention rate with existing customers• All figures based on FY3/24(e) rates as of May 10 (US$: 130 yen / Euro: 130 yen) to exclude FX effectFiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

35

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

Connect

Adjusted OP (stand alone) excluding strategic investment for future growth (product enhancement & synergy creation): In 1H: Increased year-on-year by 5.0 bil. yen to 5.2 bil. yen
 For full-year: Forecast revised upward, expecting year-on-year increase
Breakdown of adjusted operating profit(yen: billions)

FY3/24
1HStand alone(Blue Yonder)

FY3/23
1H

FY3/24
Revisedforecast

YoY(As of Oct. 30,
2023)

FY3/24
Forecast(As of May 30,
2023)

FY3/23Results

YoY

Adjusted OP (excl. investments)(1)－a－b

5.2

0.2

+5.0

12.8

8.7

6.8

+6.0

(Additional strategic investment) *1

a(-2.1)(0.0)(-2.1)(-7.7)(-8.4)(0.0)(-7.7)(Synergy investment) *2b(-0.6)(-0.9)(+0.3)(-2.3)(-2.8)(-1.5)(-0.8)

Adjusted OP

(1)

2.5

-0.7

+3.2

2.8

-2.5

5.3

-2.5

(2)

-10.9

-8.6

-2.3

-22.4

-20.8

-18.2

-4.2

(3)

-0.2

-5.1

+4.9

-0.3

-0.3

-5.3

+5.0

(1)+(2)+(3)

-8.6

-14.4

+5.8

-19.9

-23.6

-18.2

-1.7

Amortization expenses related toPanasonic acquisitionGroup
Temporary accounting treatment
consolidated- related to acquisition
basis
Adjusted OP*1: Additional strategic investment of US$ 200M planned for 3 years from FY3/24 to FY3/26*2: Strategic investment to generate synergy with Panasonic Group
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

Adjusted OP revised amount: +3.7 bil. yen
Note: +3.7 bil. yen including FX impact. 4.2 bil. yen in page 17 excluding FX impact© 2023 Panasonic Holdings Corporation. All Rights Reserved.

3636

Reference: FY3/24 2Q Segment Information
Overview(yen: billions)

Sales
Adjusted operating
profit(% to sales)

Other income/loss
Operating profit(% to sales)

FY3/24 2Q

261.4
9.2
(3.5%)

YoY(year-on-year)

87%(84%) *2

231.8

-10.2

8.5

0.5

-2.1

9.7

-12.3

(3.7%)

PID
Products*1

Industry
Sales: Decreased due mainly to downturn in market conditions (e.g. China, ICT) andchanges in semiconductor sales channel, despite continuous growth of green
vehicles markets and expanding demand in products for AI servers

Adjusted OP

Other income/loss

-19.4
-11.0
Electronic
Devices

0.4

+1.2

-18.1

+9.2

FA
Electronic
Solutions Materials Others*3 Effect of

261.4

exchange
rates

8.9(3.8%)

Major increase/decrease factors+︓Increased sales of products for AI servers andElectronic
capacitors for green vehicles
ー︓Decreased sales due to market downturn (e.g.
Devices

Electronic
Materials

299.5(3.7%)*1 Figures of PID (Panasonic Industry Company) products exclude sales of other segment products (e.g. compressor), etc.
*2: In real terms excluding the effect of exchange rates

FA Solutions(yen: billions)

China market, ICT)+︓Fixed cost reduction
ー︓Decreased sales due to market condition in China
and weakening demand for semiconductor related
capital investment in East Asia, etc.
+︓Increased sales of products for AI servers, efforts
in price revision and rationalization
ー︓Decreased sales due to deteriorated market
condition for semiconductors

Impact of gain related to semiconductor business transfer(additional) in FY3/23

FY3/232Q

FY3/24
2Q

OP: Decreased due to decreased sales affected by downturn in market conditions,despite price revisions & rationalization to counter price hikes in raw materials &energy costs caused by inflation, as well as effect of yen depreciation(yen: billions)
Other
22.0
-9.7
FA
income/Solutions*3
loss
Others-5.1

Electronic
Devices
FY3/23
2Q

+3.2

-1.4

Electronic
Materials
Adjusted OP: -10.2
OP: -12.3

+2.8

-2.1

9.7

Effect ofexchange
rates

FY3/242Q*3: Sales of other segment products, etc.

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

37

37

Industry(Reference) FY3/24 Full-Year Sales Forecast by Voluntarily Disclosed BusinessElectronic Materials

FA Solutions

Electronic Devices
Forecast for FY3/24

Forecast for FY3/24

Forecast for FY3/24

Sales 520.0 billion yen

Sales 105.0 billion yen

Sales 155.0 billion yen

ICTTerminals
9%
(-1％)

Other
17%
(-1%)

Automotive
CASE
55％

China
45%

Factory(＋7％)
labor-savings
10% Information &(-2％) communication
infrastructure
9%

Other
35%

(＋5％)

(-9％)

(-4％)

Asia
12%

Americas5%Europe
(-3％）
(±0％)
8%

（-3％）

(YoY sales composition ratio)

Japan
30％

(+2％)
(YoY sales composition ratio)

Automotive
CASE
29％
(±0％)

Information &Communication
Infrastructure
36%
(＋9%)
(YoY sales composition ratio)

Note: Panasonic Industry Products(estimated by Panasonic)

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

38

38

Reference: FY3/24 2Q Segment Information
Overview
YoY (year-on-year)

FY3/24 2Q(yen: billions)

Sales
Adjusted operating
profit238.4

99%(95%) *1

23.5

+9.6

(9.8%)(% to sales)

Other income/loss-0.5

Operating profit

23.0(% to sales)(9.6%)

+1.0

+10.8

+︓• Favorable production & sales at North America factory• IRA impact recorded (+21.4 billion yen):

242.0

demand by IRA• Increased fixed costs (e.g. 4680 cells development,
Kansas factory construction-related expenses)

FY3/23
2Q

Effect ofexchange
rates

Excluding impact of IRA tax credit to beeffectively used with customers: +21.5+21.4

power equipment due to weakening market conditions

Other income/loss Impact of recording site restructuring expenses in FY3/23

FY3/242Q-9.7

Industrial /Consumer-4.8

Others*2

+1.5

23.0

+1.0
Other
income/loss

In-vehicle

12.4

centers with expansion of generative AI market-︓• Decreased sales of Li-ion batteries for consumer and

238.4
Impact of IRA
tax credit to beeffectively usedwith customers(In-vehicle)

OP: Increased due to increased sales of In-vehicle at North America and IRA impact,
despite reduced production in Japan, increased fixed costs and decreased sales
in Industrial / Consumer+︓• Increased sales of energy storage systems for data

Industrial /ConsumerOthers*2

21.4 bil. yen = 46.5 bil. yen (tax credit for 2Q sales) - 25.1 bil. yen(yen: billions)(“effective use with customers”)-︓• Decreased production in Japan due to changes in

-25.1

-1.0
Industrial /Consumer+10.6

Major increase/decrease factors

Adjusted OP

Sales: Sales increased in real terms excluding IRA impact to be effectively used withcustomers; In In-vehicle, favorable sales mainly at North America factory, despite
reduced production in Japan. In Industrial / Consumer, weakening demand for
power equipment, etc.
(yen: billions) +23.4-11.7

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

In-vehicle

EnergyEffect ofexchange
rates

+1.2
IRA impact(In-vehicle)

FY3/23
2Q

Adjusted OP: +9.6
OP: +10.6

FY3/242Q*2: Segment head office, eliminations, etc.

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

39

39

Reference: FY3/24 2Q Operating Profit & Net Profit(yen: billions)

FY3/24 2Q

FY3/23 2Q

YoY(year-on-year)

Operating profit

102.4

86.1

+16.3

Non-operating income/loss

13.2

7.0

+6.2

Profit before income taxes

115.6

93.1

+22.5

Income taxes

-24.1

-29.7

+5.6

Net profit

91.5

63.4

+28.1

Net profit attributable to Panasonic Holdings
Corporation stockholders

87.5

58.4

+29.1

Net profit attributable to non-controlling interests

4.0

5.0

-1.0

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

40

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

Cumulative Operating CF(FY3/23-25)

ROIC(FY3/25)

Lifestyle660

10.0% or more

Automotive

200

6.4%

Connect

260

4.6%

Industry390 or more

17% or more

*2

Energy

330

12.0%

*3

2,000

ROE 10% or moreGroup Total*1

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

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

41

41

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

Businesses with Sales Disclosed(Adjusted OP disclosed for underlined businesses)

Major Business Divisions, etc.

Living Appliances andSolutions Company(LAS): Kitchen Appliances BD• Kitchen Appliances• Laundry Systems and Vacuum Cleaner : Laundry Systems and Vacuum Cleaner BD• Beauty and Personal Care
: Beauty and Personal Care BD

Heating & Ventilation
A/C Company (HVAC)

Sales disclosed by region (Europe, Japan, China & Northeast Asia)

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

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

Major Business Divisions: HVAC BD Europe, Commercial Equipment Solutions BD, Residential System Equipment BD• Lighting• Electrical Construction Materials &Living Energy-: Hussmann Corporation, Cold Chain BD: Lighting BD: Electrical Construction Materials & Living Energy BD: Smart Life Appliances BD, Building and Housing Solutions BD, Taiwan BD: Sales of other segment products, segment head office, eliminations, etc.

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

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

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

Energy• 産業・⺠⽣

• In-vehicle• Industrial / Consumer• Others: Mobility Energy BD: Energy Devices BD, Energy Solutions BD: Segment head office, eliminations, etc.

Other

• Entertainment & Communication• Housing: Panasonic Entertainment & Communication Co., Ltd.
: Panasonic Housing Solutions Co., Ltd.

Automotive(Panasonic Automotive Systems
Co., Ltd.)

Connect( Panasonic Connect Co., Ltd.)

Industry(Panasonic Industry Co., Ltd.)•

⾞載(Panasonic EnergyCo., Ltd.)• その他

Eliminations & adjustments

Note 2: Equity method income/loss of Prime Planet Energy & Solutions, Inc.
is included in “Eliminations & adjustments”• Eliminations of intersegment transactions, adjustments of profits and losses not attributable to any segments, and adjustments of consolidations, etc.

Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

42

42

(Reference) Integrated Report 2023
Released in September 2023

Integrated Report (former Annual Report) - Library - Investor
Relations - Panasonic Holdings

Main contents of Integrated Report 2023
Group CEO
Message Expanding businesses that
contribute to solving global environmental issues
 Our approach to business portfolio management

Group CFO
Message Progress of the medium-term strategy and outlook forfiscal 2024 and onward Our approach to dialogue with capital markets

Materiality

 Process of identifying and addressing priority issues(featured in the Integrated Report for the first time)

Sustainability Data Book is also available

Environment &Technology
Strategy Our actions toward achieving goals set in ourenvironmental vision “Panasonic GREEN IMPACT”

Dialogue between
Chairperson &Outside Director

 Evolution of the Board under new system
 How issues of the Group are shared at the board

Sustainability Data Book - Sustainability - Panasonic Holdings
Fiscal 2024 Second Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

43

Integrated Report:

https://holdings.panasonic/global/corporate/investors/library/annual-report.html

Sustainability Data Book:

https://holdings.panasonic/global/corporate/sustainability/data-book.html© 2023 Panasonic Holdings Corporation. All Rights Reserved.

43