Asahi Kasei Corporation
Head Office: 1-1-2 Yurakucho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-6699-3008, Fax +81-3-6699-3187

July 31, 2024

Consolidated Results for 1st Quarter Fiscal 2024:
April 1, 2024 – June 30, 2024
(All figures in millions of yen, rounded to the nearest million, unless otherwise specified)

I. Summary of Consolidated Results
1. Operating results (percent change from previous year in brackets)
Q1 2024

Q1 2023

Net sales

735,934 [+13.1%]

650,739 [-2.9%]

Operating income

49,873 [+128.9%]

21,791 [-55.9%]

Ordinary income

53,718 [+151.3%]

21,378 [-58.5%]

Net income attributable to owners of the parent

34,092 [+255.5%]

9,591 [-67.8%]

Net income per share*

24.59

6.92

Diluted net income per share*—

—
* Yen

Note:
• Comprehensive income was ¥122,838 million during Q1 2024, and ¥116,803 million during Q1 2023.

2. Financial position
At end ofJune 2024

March 2024

Total assets

3,806,906

3,662,730

Net assets

1,946,049

1,848,625

Net worth/total assets

50.2%

49.5%

Net worth per share*

1,377.42

1,308.20* Yen

Notes:• Net worth consists of shareholders’ equity and accumulated other comprehensive income.
• Net worth was ¥1,909,335 million as of June 30, 2024, and ¥1,813,391 million as of March 31, 2024.

II. Cash Dividends
Fiscal year

Cash dividends per share*
Q1

Q2

Q3

Q4

Total annual

2023

—

18.00

—

18.00

36.00

2024

—
18.00

—

18.00

36.00

2024 (forecast)* Yen
Note: The cash dividend forecast has not been revised.

Asahi Kasei
Consolidated Results

July 31, 2024
1/8III. Forecast for Fiscal 2024 (April 1, 2024– March 31, 2025)
1. Latest forecasts (percent change from results in year-ago period in brackets)
For Q1－Q2
Net sales

For the fiscal year

1,501,000 [+11.5%]

2,912,000 [+4.6%]

Operating income

95,000 [+70.0%]

180,000 [+27.9%]

Ordinary income

93,500 [+79.6%]

181,000 [+100.8%]

Net income attributable to owners of the parent

53,000 [+71.8%]

100,000 [+128.3%]

Net income per share*

38.23

72.14
* Yen

Notes:• Performance forecasts are based on the best information available at this time, but actual results may diverge from these forecasts due
to a variety of factors which cannot be foreseen.
• The forecast for Q1–Q2 fiscal 2024 announced on May 9, 2024, has been revised.
• The forecast for fiscal 2024 announced on May 9, 2024, is unchanged; it is scheduled to be reviewed when Q1–Q2 results areannounced.

IV. Other Information
1. Significant changes in the scope of consolidation during the period: None
2. Special accounting methods for preparation of the consolidated financial statements
Income tax expenses: A reasonable estimate of the effective tax rate after applying tax-effectaccounting for the current fiscal year is made, and quarterly income before income taxes is multipliedby the corresponding effective tax rate. When calculation using reasonably estimated annual effective
tax rate causes irrational results, income tax amount is calculated based on the legal tax rate.
3. Changes in accounting policies, changes in accounting estimates, and retroactive restatement: None
4. Notable changes in shareholders’ equity: None
5. Number of shares outstanding
Q1 2024
Number of shares outstanding at end of period

FY 2023

1,393,932,032

1,393,932,032

Number of shares of treasury stock at end of period

7,764,300

7,761,893

Average number of shares outstanding during period

1,386,168,753

1,386,066,399 ** Q1 2023

6. Review of the Japanese-language originals of the attached consolidated quarterly financial statements
by certified public accountants or an audit firm: Yes (voluntary)

V. Overview of Consolidated Results
Please refer to "Presentation Material" for first quarter fiscal 2024 on the following webpage:https://www.asahi-kasei.com/ir/library/financial_briefing/

Asahi Kasei
Consolidated Results

July 31, 2024
2/8

VI. Consolidated Financial Statements
1. Balance sheets

AssetsCurrent assets
Cash and deposits
Notes, accounts receivable–trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, netLand
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Subtotal
Intangible assets
Goodwill
Other
Subtotal
Investments and other assets
Investment securities
Long-term loans receivable
Long-term advance payments–trade
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2024

At end ofJune 2024

338,108
485,941
317,397
171,645
189,794
150,030(2,877)1,650,037

364,120
503,450
330,890
180,099
197,189
151,374(2,378)1,724,745

669,119(366,214)
302,906
1,621,333(1,351,326)
270,00772,75013,936(7,010)6,926
132,051
211,763(143,113)
68,650853,289

676,593(369,615)
306,979
1,639,054(1,370,999)
268,055
73,483
14,256(7,235)
7,021
151,609
218,191(146,671)
71,520878,666

360,676
394,052
754,728

375,593403,349
778,942

188,288
17,19826,692
41,87684,557
46,638(574)
404,676
2,012,693
3,662,730

205,047
18,00426,65042,49087,91145,037(586)
424,552
2,082,161
3,806,906

July 31, 2024
3/8

Liabilities
Current liabilities
Notes and accounts payable–trade
Short-term loans payable
Commercial paper
Current portion of bonds payable
Lease obligations
Accrued expenses
Income taxes payable
Advances received
Provision for grant of shares
Provision for periodic repairs
Provision for product warranties
Provision for removal cost of property, plant and equipment
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for grant of shares
Provision for periodic repairs
Provision for removal cost of property, plant and equipment
Net defined benefit liability
Long-term guarantee deposits
OtherTotal noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized gain on other securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2024

At end ofJune 2024

213,252
178,091
83,00030,000
7,815
151,577
17,82788,415
70
4,805
4,369
6,511
128,838
914,572

221,197
231,922
128,000
40,0008,091
133,342
18,35397,020
94
9,081
4,585
8,466
121,286
1,021,437

200,000
425,926
30,72920,184545
7,924
15,843
133,434
23,29541,654
899,534
1,814,106

190,000
381,161
31,70920,789787
4,600
13,745
134,771
23,40838,451
839,420
1,860,857

103,389
80,272
1,135,533(7,316)
1,311,878

103,389
80,385
1,144,368(7,318)
1,320,824

51,269(14)417,391
32,867
501,513
35,234
1,848,625
3,662,730

49,810737
505,619
32,345588,51136,714
1,946,049
3,806,906

July 31, 2024
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2. Statements of income and statements of comprehensive income
1) Statements of income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gain
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of noncurrent assets
Insurance income
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Loss on product compensation
Business structure improvement expenses
Total extraordinary loss
Income before income taxes
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

Asahi Kasei
Consolidated Results

Q1 2023
650,739464,295
186,444
164,653
21,791Q1 2024735,934
504,324
231,610
181,737
49,873

1,134
1,508
―
13
2,051
4,706

2,790
1,645
954
1,816
1,806
9,011

1,501
321
3,296
5,118
21,378

1,989
―
3,176
5,166
53,718

746
93―
839

5,830
206
1,246
7,283

―
1,319
1―
1,916
3,236
18,981
8,805
10,176585
9,591

6111,569
281
1,800
7,352
11,61349,38914,41934,969877
34,092

July 31, 2024
5/82) Statements of comprehensive income

Net income
Other comprehensive income
Net increase (decrease) in unrealized gain on other securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Non-controlling interests

Asahi KaseiConsolidated Results

Q1 2023
10,176

Q1 2024
34,9697,960(114)
97,470(403)(1,490)751
89,113
(521)

1,714

16

106,627
116,803

87,868122,838

115,469
1,334

121,090
1,748

July 31, 2024
6/8

3. Statements of cash flows

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in provision for grant of shares
Increase (decrease) in provision for periodic repairs
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for removal cost of property,
plant and equipment
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expense
Equity in (earnings) losses of affiliates(Gain) loss on sales of investment securities(Gain) loss on valuation of investment securities(Gain) loss on sale of property, plant and equipment(Gain) loss on disposal of noncurrent assets(Increase) decrease in notes, accounts receivable–trade, andcontract assets(Increase) decrease in inventories
Increase (decrease) in notes and accounts payable–trade
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Other, net
SubtotalInterest and dividend income, received
Interest expense paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from sales of investments in subsidiaries resulting inchange in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

Asahi Kasei
Consolidated Results

Q1 2023

Q1 2024

18,981
36,618
1
7,043
317
513
254

49,38936,295
281
7,977
266
952
126

(72)

(144)

950
(2,642)
1,501
321
(746)
―(93)
1,319

(1,936)(4,435)
1,989(954)(5,830)
611
(206)
1,569

17,959(1,850)(1,213)(29,191)(32,031)
1,603
13,21334,605
5,812(1,218)(9,041)30,158(15,200)(22)(22,652)
7,032(8,388)44,8685,499(2,182)(6,626)
41,559(587)
588(45,606)
1,360(8,393)(2,643)
821

(643)
855
(42,674)302(3,700)(18,771)
6,582

―

1,809

(1,968)1,088
257(55,085)

(842)
489
(229)
(56,823)

July 31, 2024
7/8

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bondsRepayments of lease obligations
Purchase of treasury stock
Proceeds from disposal of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting from changes inscope of consolidation
Cash and cash equivalents at end of period

Asahi Kasei
Consolidated Results

Q1 2023

Q1 2024511
47,00065,500(1,178)(20,000)(1,907)(2)―(24,981)(237)

16,45545,000234(10,450)―(2,328)(3)
28(24,981)
(960)

(166)

(325)

213
64,752
16,78956,615247,903(35)
22,635
18,49425,865
333,498―134

304,518

359,497

July 31, 2024
8/8