The 1st Half YearBusiness Results
Briefing(Fiscal Year Ending March 31, 2024)

April 1,2023-September 30,2023

Mandom Corporation（Securities Code: 4917）
mandom corp. All rights reserved. CONFIDENTIAL

Contents

1. Consolidated Business Results
2. Topics of the 2nd Quarter Business
3. Efforts of the 2nd Half Businessof FYE 2024/ MAR
4. Forecast of Consolidated Businessfor FYE 2024/MAR◆ Appendix
mandom corp. All rights reserved. CONFIDENTIAL

1

Summary of 1st Half Year of FYE 2024/MAR

・Net Sales

37,133million yen
Consolidated Net Sales increased 13.7%,
exceeding the initial plan
Socioeconomic activities both in Japan and overseas have shiftedto a recovery phase, and Overseas +36.8%, exceeding theFY Mar/21 level. Meanwhile, sales in Japan increased +6.0%,
Sales in Indonesia increased by +7.9%.

・Profit

1,645million yen
Operating income increased 58.4%,
exceeding the initial plan.
Consolidated operating profit increased significantly due to the effectof increased sales in overseas. Profit declined in Japan due to unplanned
advertising expenses at April and a rise in the cost of sales ratio.
Indonesia posted a loss of over 700 million yen. Overseas continued tobe the driving force with an increase of 174.9%.

mandom corp. All rights reserved. CONFIDENTIAL

2

1. Consolidated Business Resultsmandom corp. All rights reserved. CONFIDENTIAL

31. Consolidated Business Results
1) Consolidated net sales increased 13.7% due to higher sales
in all regions. Consolidated profit increased 58.4%.
（millions of yen）
50,00043,88244,439processed as expenses have been
deducted from net sales in financial
statements prepared in accordancewith ASBJ Statement No. 29
Accounting Standard for Revenue
Recognition.

+13.7%
37,13340,00033,54831,5198,000

32,652
29,311

30,00010,0006,000

20,000

2,064

4,000

1,645
2,000

10,0001,584
00FYE2019/MAR

FYE2020/MAR

FYE2021/MAR

Consolidated Net Sales (new standard)
Operating Profit
Net Income Attributable to Owners of the Parent
mandom corp. All rights reserved. CONFIDENTIAL

FYE2022/MAR

FYE2023/MAR

FYE2024/MAR

Consolidated Net Sales (Japan standard)Ordinary Profit41. Consolidated Business Results <Net Sales>
1) Sales increased in all regions.
Overseas sales continued to increase strongly.
・Japan: +6.0% despite sales expansion of summer season products
due to the heat wave
（millions of yen）
50,000+36.8％
7,773

+7.9％

6,089

+6.0％

25,000

10,637
6,570

18,79019,925FYE2023/MAR

FYE2024/MAR

0

Japan
mandom corp. All rights reserved. CONFIDENTIAL

Indonesia

Others5

1. Consolidated Business Results <Net Sales>
1) Overseas has already surpassed the pre-COVID19(FY20/Mar) level,
but Japan and Indonesia are still around 20% below the pre-COVID19 level.
Overseas sales increased by more than 2.8 billion yen from the previous year
due to strong sales in Southeast Asian countries.
（millions of yen）

24,808 *19,925
19,662*
17,722

18,790

10,637
8,995

8,795
6,570
5,975

FYE
2020/32Q

FYE
2021/32Q

FYE
2022/32Q

FYE
2023/32Q

FYE
2024/32Q

FYE
2020/32Q

FYE
2021/3
2Q

5,186
FYE
2022/32Q

5,881 6,403

6,089

FYE
2023/32Q

FYE
2024/32Q

FYE
2020/32Q

FYE
2021/32Q

FYE
2022/3
2Q

7,773

FYE
2023/32Q

FYE
2024/32Q＊2020/3 and 2021/3 figures for Japan segment are converted to"Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29)
mandom corp. All rights reserved. CONFIDENTIAL

6

1. Consolidated Business Results <Net Sales>
1)Overseas sales were driven by a large increase in sales and thepositive impact of foreign exchange rates. Sales in Japan increased,
partly due to the effects of a heat wave. On the other hand, growth inIndonesia stagnated.
（millions of yen）

+29.2%
+6.0%

+953

+1.9%
+115

+2,275Indonesia

Others+1,135FYE 2023/MAR
2Q

Japan

Foreignexchange
impactFYE 2024/MAR
2Q＊Indonesia and Others are converted from the previous year's rate.
mandom corp. All rights reserved. CONFIDENTIAL

77

1. Consolidated Business Results <Net Sales>1)In addition to summer season products in Japan,
woMen's Business grew substantially both in Japan and overseas
・Summer season products grew due to the effects of the heat wave in Japan.
Both in Japan and overseas, sales of Bifesta and Silky Girl grew substantially as
women's makeup opportunities recovered.
（millions of yen）
50,000+21.9％
3,853
25,0009,411+22.3％

4,695
11,506+8.0％

019,38820,931FYE2023/MAR

FYE2024/MAR

Men's Businessmandom corp. All rights reserved. CONFIDENTIAL

Women's Business

Others8

1. Consolidated Business Results <Operating Profit>
2) Operating loss in Indonesia increased,but overseas sales covered it.

・Operating loss in Indonesia increased to 720 million yen.
Japan also fell short of the initial plan, resulting in a decrease in profit.

（millions of yen）
3,000

+174.9％
2,000

2,002
1,000

-46.5％

728

681

364

0
-370

-721

-1,000FYE2023/MAR

Japan
mandom corp. All rights reserved. CONFIDENTIAL

FYE2023/MAR

Indonesia

Others9

1. Consolidated Business Results <PL summary>3) Increased sales absorbed the sharp rise in raw material prices. A&P expenses exceeded
expectations due to additional investments in the Japan segment in the first quarter.
・A&P expenses increased by 0.8 billion yen, but operating income was 1.6 billion yen
Cost of sales

Net salse

37,133

Cross income

Selling, general and administrative
expenses ＆Operating income+12.0%

3,147

32,652

2,330
18,518

1,833

21,298

1,684

15,835
14,134FYE2023/MAR

5,386
5,641
707

FYE2024/MAR

662
2,778
1,038
FYE2023/MAR FYE2024/MAR

mandom corp. All rights reserved. CONFIDENTIAL

3,116
1,645

FYE2023/MAR FYE2024/MAR

Operating income

Other general and administrative expenses

Research and development expenses

Personnel expenses

Other selling expenses

A&P expenses

10

2. Topics of the 2nd Quarter Businessmandom corp. All rights reserved. CONFIDENTIAL

11

◆Recent Topics
33rd IFSCC(International Federation of Cosmetic Chemists)
congress in Barcelona,
we received an award in the poster category.
・IFCSS one of the world's largest conferences for the presentation ofresearch on cosmetics technology, held in Barcelona Spain in
September 2023. Mandom and Osaka University's joint research theme"Next-generation antiperspirant technique : Controlling the contractionof human eccrine gland", won the Award in the poster category fromamong 373 entries.

mandom corp. All rights reserved. CONFIDENTIAL

12◆Recent Topics
Research Outline

The first ever technology
Plant-derived ingredients

GMA

acts at the root of the sweat gland
to dormant the secreting part

Reduce perspiration■Acts on sweat gland cells andinhibits contractile movement■Sweat is not pushed to thesurface of the skinsurface ofthe skinInhibits
contraction
movement ofsweat glands

mandom corp. All rights reserved. CONFIDENTIAL

13

2. Consolidated Business Results <Business Promotion>
Net Sales by BusinessBusiness results by Brand
・Gatsby's summer season products were launched in advanceat the end of the previous period. However, intense heatalso contributed to the strong performance.

Japan・Bifesta products achieved higher sales due to increased
makeup occasions and the launch of limited edition items.
Status of our major brands
Men's Businessmandom corp. All rights reserved. CONFIDENTIAL

Women's Business14

2. Consolidated Business Results <Business Promotion>
Men'sBusiness

Net Sales by BusinessJapan

Men’s Face and Body products
・Market trend
Face care sales rose slightly, while body care sales surged.
⇒ The market performance expanded in July and August due to theimpact of intense heat・Our trend
Facial care saw a slight increase, surpassing the market despite a decline
in the usage of facial paper. Body care business grew significantly,
outperforming the market. Share exceeded 50%.

GATSBY Meta Rubber
Large-scale promotional displays were carried out
in stores in conjunction with the launch of TV commercials.
Still in the nurturing stage, we will continue to strengthen
its approach to Generation Z.
■GATSBY Meta Rubber Series
mandom corp. All rights reserved. CONFIDENTIAL

15

2. Consolidated Business Results <Business Promotion>
Men'sBusiness

Net Sales by BusinessJapan

Renewed the successful skincare series.
Appointed Mr. Joe Odagiri as brand ambassador to strengthenbrand communication.

While the face care market is slightly increasing,"LUCIDO Perfect Skin Cream EX" launched last year, has performed welland expanded its market share.
The skincare series was completely renewed in August, and further efforts
were made to strengthen the product lineup.
mandom corp. All rights reserved. CONFIDENTIAL

16

2. Consolidated Business Results <Business Promotion>
Net Sales by Business

Women's BusinessJapan

Cleansing sheets grew substantially due to a recovery
in makeup opportunities and the launch of limited-edition products.
The whole brand also grew substantially due to the expansionof the lineup of foam face washes, which are selling well.
■Bifesta Micellar Cleansing Sheet
PERFECT GLOWIn response to the highly competitive hair oil market,
we have renewed our "Hair Treatment Oil” series.
And strengthened the hair care category by launching
shampoos and treatments from the popular"Acid-Heat Treatment" series.
■LUCIDO-L
Hair Treatment Oil Series
mandom corp. All rights reserved. CONFIDENTIAL

17

2. Consolidated Business Results <Business Promotion>

Business results by Brand

Net Sales by BusinessIndonesia
・Growth in Men's Business slowed due tosluggish consumption in Indonesia.
・Women's Business is expanding with new product launches.

Status of our major brands (consolidated)
Men's Businessmandom corp. All rights reserved. CONFIDENTIAL

Women's Business18

2. Consolidated Business Results <Business Promotion>
Men's

Net Sales by BusinessBusinessIndonesia

A new styling series“GATSBY THE NATURE STYLING BALM Series” was launched,which had been postponed due to COVID-19.

Women's Business■GATSBY THE NATURE STYLING BALM Series

Strengthened its lineup in the fragrance category
with the launch of new products fromPUCELLE and Lovillea.

mandom corp. All rights reserved. CONFIDENTIAL■PUCELL■Lovillea

19

2. Consolidated Business Results <Business Promotion>
Net Sales by Business

Others The five-year sales trend
・Southeast Asia

Others＊Fluctuations in local currency based on FYE 2020/MAR+50%
Malaysia+0%

ACGI
Thailand-50%

Singapore
Vietnam-100%
FYE2020/MAR
2Q

FYE2021/MAR
2Q

FYE2022/MAR
2Q

FYE2023/MAR
2Q

FYE2024/MAR
2Q

Philippines

・East Asia
+50%
+0%
China
Taiwan

-50%

Korea
-100%
FYE2020/MAR
2Q

FYE2021/MAR
2Q

mandom corp. All rights reserved. CONFIDENTIAL

FYE2022/MAR
2Q

FYE2023/MAR
2Q

FYE2024/MAR
2Q

20

2. Consolidated Business Results <Business Promotion>
Men'sBusiness

Net Sales by Business“Meta Rubber”
Enhanced in-store displays in other Asian countries

mandom corp. All rights reserved. CONFIDENTIAL

Others21

2. Consolidated Business Results <Business Promotion>
Men'sBusiness

Net Sales by Business

Strengthening efforts in conjunction withthe overseas expansion of Japanese retailers

OthersIn recent years, major Japanese retailers have accelerated their expansion
into Malaysia, Singapore, Thailand, and other Southeast Asian countries.
Leveraging the relationships built in Japan, we are strengthening
our cooperation in overseas business as well.

mandom corp. All rights reserved. CONFIDENTIAL

22

3. Efforts of the 2nd Half Businessof FYE 2024/ MAR

mandom corp. All rights reserved. CONFIDENTIAL

23

3. Efforts of the 2nd Half Business
1. Strengthening the Young and Middle Men's Skin Care
category
・ “LUCIDO skin care series” is renewed.
Aggressive promotion, including new TVCM.
Implementing proposals that empathizewith the concerns of aging skin
■LUCIDO Skin Care Series

In GATSBY, we will continue to strengthen
the successful ‘Medicated Skincare Series’
that was renewed last year.
We have also released sheet masks andcleansing balms to enhance our skincare lineup.
■GATSBY Pore Care Series
mandom corp. All rights reserved. CONFIDENTIAL

24

3. Efforts of the 2nd Half Business2. Created a new genre of “Acid-heat Treatment”
in the mass market shampoo treatment category
Launched additional “LUCIDO-L High Damage Repair
Shampoo & Treatment” products based on the salon technology concept.
Plans to make a full-scale entry into the hair care categoryof the mass market to expand awareness of “Acid-heat Treatment” products
and cultivate the market.

mandom corp. All rights reserved. CONFIDENTIAL

25

3.策定中の次期中期経営計画「MP-14」について
FY2027, the 100th anniversaryof the company’s founding and the final year of MP-14.

Now under
consideration◆Management Conscious of Cost of Capital and Stock Price
The company is currently considering the "Action to Implement Management That is Conscious of
Cost of Capital and Stock Price" requested by JPX, and plans to disclose the details of its efforts in
May 2024, when MP-14 plan will be announced.
mandom corp. All rights reserved. CONFIDENTIAL

26

4. Forecast of FYE 2024/ MAR

mandom corp. All rights reserved. CONFIDENTIAL

27

4. Forecast of Consolidated Business Results for FYE 2024/MAR
Amendment of Full-Year Earnings Forecast(Millions of yen)
1Q+2Q
ResultInitial Plan

3Q+4Q
Balance＊

Outlook

Initial Plan

AnnualBalance

Yr/YrOutlook

Initial Plan

Balance

37,13335,5001,633

35,56635,50066+8.9%

72,70071,0001,700

Operating Income

1,645

1,420

225

(185)

680

(865)

－

1,460

2,100

(640)

Ordinary Income

2,064

1,750

314

215

840

(624)

-84.1%

2,280

2,590

(310)

Net Income Attributableto Owners of Parent

1,584

1,300

284

75

360

(284)

-92.2%

1,660

1,660

0

Net Sales＊Full year forecast minus first half resultsmandom corp. All rights reserved. CONFIDENTIAL

28

4. Forecast of FYE 2024/ MAR
Forecast of FYE 2024/ MAR

・Revise forecasts upward for net sales and downward for eachstage of profit.
・Japan full-year results revised downward, but 2nd half resultsin line with initial plan.
・Indonesia's consumption recovery is slow and sales andprofits are both below projections.
【Net sales】+） ・Sales expansion in Southeast Asiaー） ・Uncertain consumption trends and slow sales recovery
in Indonesia and China+） ・Increase in yen equivalent of consolidated net sales due tothe impact of yen depreciation
mandom corp. All rights reserved. CONFIDENTIAL

29

4. Forecast of FYE 2024/ MAR
Forecast of FYE 2024/ MAR【Operating profit】+) ・ Improvement of cost ratio by reviewing product mix in Japanー) ・ Increased loss due to lower sales Indonesiaー) ・ Additional investment in marketing expenses for next fiscal year in
Others segment+) ・ Increase in yen equivalent of consolidated net sales due tothe impact of yen depreciation【Risk】• Sluggish demand for cosmetics and daily necessities due to the rising cost ofliving in Japan• Raw material prices and transportation costs will rise more than expected inJapan and Overseas• Increase in operating loss due to higher-than-expected foreign exchange
impact in Indonesia
mandom corp. All rights reserved. CONFIDENTIAL

30

◆Appendix

mandom corp. All rights reserved. CONFIDENTIAL

31

Contents

1. Consolidated Business Results
2. Consolidated Net Sales
3. Consolidated Income
4. Forecast of Consolidated Business Resultsfor FYE 2024/MAR◆ Appendix

mandom corp. All rights reserved. CONFIDENTIAL

32

1. Consolidated Business Results(Millions of yen)
1Q+2Q
FYE2023/MAR

Balance

FYE2024/MAR

Yr/Yr

Yr/Yr*Net Sales

32,652

37,1334,480+13.7%+10.8%

Operating Income

1,038

1,645

606

+58.4%－

Ordinary Income

1,362

2,064

701

+51.5%

－

974

1,584

609

+62.6%－Net Income Attributable to
Owners of Parent※ Comparison with FYE 2023/MAR rate after adjustment.

EPS

mandom corp. All rights reserved. CONFIDENTIAL¥21.66¥35.2333

2. Consolidated Net Sales
2-1. Net Sales by Region(Millions of yen)
1Q+2Q
FYE2023/MAR

Net Sales

Balance

FYE2024/MAR

Yr/Yr

32,652

37,1334,480+13.7%

Japan

18,79019,925

1,135

+6.0%

Indonesia

6,089

6,570

480

+7.9%

Others

7,773

10,6372,864+36.8%

2-2. Net Sales by Region Analysis

2-3. Net Sales by Region Ratio (Year-on-Year)(Millions of yen）

Asia 42.5%

ConsolidatedJapan

Indonesia

4,480

23.8%

1,135
18.6%

480

Others2,864

Asia 46.3%

28.6%
57.5%

FYE2023/MAR 2Q

53.7%
17.7%
FYE2024/MAR 2Q■Japan ■Indonesia ■Others＊Due to rounding, the composition ratios provided may not add up to exactly 100.

mandom corp. All rights reserved. CONFIDENTIAL

34

2. Consolidated Net Sales
2-5. Net Sales by Strategic Business Unit

(Millions of yen)
1Q+2Q

FYE2023/MAR

Net Sales

Balance

FYE2024/MAR

Yr/Yr

32,652

37,1334,480+13.7%

Men's Business

19,38820,931

1,542

+8.0%

GATSBY15,274

16,693

1,418

+9.3%

Women's Business

9,411

11,5062,095+22.3%

Other Business

3,853

4,695

842

+21.9%※breakdown :Women’s Cosmetics 7,047 Millions of yen (Yr/Yr +27.8%) / Women's Cosmetry 4,458 Millions of yen (Yr/Yr +14.5%)(Millions of yen)

Men’s Business

Total

GATSBY

Women’s Business

FYE 2024/MAR
2Q Results

GrowthRate

20,931

+8.0%

Total

16,693+9.3%

Bifesta

LUCIDO-L

PIXY

PUCELLELUCIDO■Japan ■Asia
mandom corp. All rights reserved. CONFIDENTIALFYE 2024/MAR
2Q Results

GrowthRate

11,506+22.3%■Japan ■Asia

FYE 2024/MAR
2Q Results

GrowthRate

35

2. Consolidated Net Sales
2-6. Year-on-Year Comparison by Region and BusinessJapan

Indonesia

+6.0%

+7.9%

+4.1%

Others+36.8%

-1.3%

+9.2%

+10.0%

Total* Breakdown
Women‘s Cosmetary +2.2%
Women’s Cosmetics +22.4%＊Others +16.9%

mandom corp. All rights reserved. CONFIDENTIAL+32.6%

Men’s Business* Breakdown
Women’s Cosmetary +39.1%
Women’s Cosmetics -2.7%* Others +30.8%+50.7%

Women’s Business* Breakdown
Women’s Cosmetary +40.8%
Women’s Cosmetics +52.9%* Others +21.0%

36

3. Consolidated Income
3-1. Operating Income by Region(Millions of yen)
1Q+2Q
FYE2023/MAR

FYE2024/MAR
BalanceResultper Sales

ResultYr/Yr

per Sales

Operating Income

1,038

3.2%

1,645

4.4%

606

+58.4%

Japan

681

3.6%

364

1.8%

(316)

(46.5%)

Indonesia

(370)

－

(721)

－

(350)

－

Others

728

9.4%

2,002

18.8%

1,273

+174.9%3-2. Operating Income by Region Analysis

3-3. Operating Income by Region Ratio(Year-on-Year)
Consolidated

606(Millions of yen）

N/A

Japan -316

※Due to operating Loss
Mandom Indonesia

Indonesia -350
Othersmandom corp. All rights reserved. CONFIDENTIAL(Year-on-Year)

1,273

37

3. Consolidated Income
3-4. Operating Cost Analysis (Year-on-Year)
2Q
Operating Cost Total■Consolidated ■Japan■Indonesia ■Others(Millions of yen）

2Q
Cost of Goods

2Q
Selling Expenses

2Q
Admin. Cost

1,451
915
3,873

831
653

2,779
1,590

1,210

796
9
160

966

3-5. Operating Cost & Income (Ratio to Sales)
Japan

Consolidated

52.4%

13.9%

17.1%

24.8%

31.8%

28.7%

4.4%

3.6%

1.8%

57.4%

12.3%

13.4%

27.8%
3.2%

FYE2023/MAR FYE2024/MAR
2Q
2Q
mandom corp. All rights reserved. CONFIDENTIAL■Cost of Goods ■Selling Expenses■Admin. Cost ■Operating Income

Indonesia

50.7%

56.7%

FYE2023/MAR FYE2024/MAR
2Q
2Q

168
220
-260

128

78.6%

82.8%

3.1%

3.0%

24.3%

25.1%

-6.1%

-11.0%

FYE2023/MAR FYE2024/MAR
2Q
2Q

Others

54.0%

50.8%

15.7%

12.9%

21.0%
9.4%

17.4%
18.8%

FYE2023/MAR FYE2024/MAR
2Q
2Q

38

3. Consolidated Income
3-6. Analysis of Change in Consolidated Operating Income(Millions of yen）

mandom corp. All rights reserved. CONFIDENTIAL

39

3. Consolidated Income
3-7. Ordinary Income and Net Income Attributable to Owners of Parent(Millions of yen)
1Q+2Q
FYE2023/MAR

FYE2024/MAR

323

418

95

+29.5%

1,362

2,064

701

+51.5%

(37)

211

248

－

1,324

2,275

950

+71.8%

Income Taxes and Minority Interests

372

716

344

+92.7%Net Income

952

1,558

605

+63.6%Net Income Attributable to Non-controlling interests

(21)

(25)

(4)

ー

974

1,584

609

+62.6%

Non-operating Income/Expenses
Ordinary Income
Extraordinary Profit/Loss
Income before Income Taxes and Minority Interests

Net Income Attributable to Owners of Parent

Balance

3-8. Non-Operating Income/Expenses & Extraordinary Profit/Loss
Non-Operating
Income/Expenses

Non-Operating
IncomeForeignexchange
gains

Dividend income

Non-Operating
Expenses

-111
Other

mandom corp. All rights reserved. CONFIDENTIAL

211
Gain on sales ofinvestment securities

Other

529

Interest income(Millions of yen）

Extraordinary
Profit/Loss

418

Extraordinary
Profit213

Share of profit of entities accounted forusing equity method

Interest expenses
Commitment fee
Foreign exchange losses

Yr/YrExtraordinary
Loss

-1

Gain on salesof non-current
assetsLoss on retirement of noncurrent assets
Loss on valuation of
investment securities

40◆Appendix
The First Half Results of FYE 2024/MAR (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)
Mandom Corporation(Millions of yen)
FYE2023/MAR

FYE2024/MAR

Net sales

21,00822,231

Cost of Goods

11,569

Cost Ratio

55.1%

Selling, general andadministrative expenses

8,395

Operating Income

1,043

627

(415)

-39.8%

－

193

585

391

+202.9%

－

1,236

1,213

(23)

-1.9%

1,240

Extraordinary Profit/loss

(37)

4

41

－

－

Net Income

861

967

106

+12.4%

990

Non-operating Income/Loss

Ordinary Income

Balance

Consolidated(Millions of yen)

Initial
Plan

Yr/Yr

1,223

+5.8%

42,20012,681

1,112

+9.6%

－

57.0%

+2.0P

－

－

8,922

526

+6.3%

－

Depreciation
Capital investment

FYE2023/MAR

FYE2024/
MAR

2,466

2,233

(232)

4,447

770

849

79

2,806

Mandom Corp.Only
FYE2023/MAR
Depreciation
Capital investment

FYE 2024/MAR
Outlookbalance(Millions of yen)
FYE2024/
balance
MAR

1,609

1,401

(207)

297

314

17

※Capital investment includes intangible assets

PT Mandom Indnesia Tbk
Local Currency(Millions of Rp.)

Yen Equivalent(Millions of yen)
FYE2023/MAR

FYE2024/MAR

Net sales

7,866

8,839

972

+12.4%+9.2%

Cost of Goods

6,310

7,298

987

+15.7%+2.3P－

Cost Ratio

80.2%

82.6%

+2.3P

－

(32,991)(21,249)－

Operating Income

(99)

(296)

(197)

－

(11,858)(5,445)－Net Income

(54)

(106)

(52)

－

FYE2023/MAR

FYE2024/MAR

Net sales

925,416

982,11456,698+6.1%

Cost of Goods

742,462

810,971

68,509

Cost Ratio

80.2%

82.6%

Operating Income(11,741)

Net Income(6,412)

Balance

Yr/Yr

Rp.1=￥0.0085 Rp.1=￥0.0090※Assumption rate Rp.1=￥0.0084
mandom corp. All rights reserved. CONFIDENTIAL

BalanceYr/Yr

41

Regarding Forward-Looking Statements

Information in this report concerning future performance is based on information available
and certain assumptions deemed reasonable. Forecasts are not promises of future
performance. Actual earnings may differ significantly from forecasts due to a number offactors. All amounts have been rounded to the nearest whole unit.

mandom corp. All rights reserved. CONFIDENTIAL

42

mandom corp. All rights reserved. CONFIDENTIAL