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Outline ofFinancial Resultsfor Fiscal Year 2022
April 1, 2022 – March 31, 2023

May 11, 2023
JGC HOLDINGS CORPORATION

My name is Taguchi, and I am General Manager of the Finance Unit.
I will be giving you an outline of financial results for the Fiscal Year 2022, endedin March 2023.

CONTENTS
 Results for Fiscal Year 2022
 Forecasts for Fiscal Year 2023
 Appendix

2I will begin by explaining the results in fiscal 2022 and our forecasts for fiscal2023.

Results for Fiscal Year 2022

Highlights• Net sales and profits exceeded forecasts due to steady progress in major
projects.
【Unit: Billions of Yen】

Forecast

Results

600.0
30.0

Net sales
Net profit

606.8
30.6

• The strong order intake resulted in a high order backlog, which reachedthe 1.5 trillion yen level.
【Unit: Billions of Yen】

Backlog

FY2021

FY2022

1,207.8

1,563.4• Dividend increased due to decrease in number of shares following sharebuyback in February.
Forecast
Dividend per sharePlan¥36.0© 2021 JGC HOLDINGS CORPORATION¥38.0
Enhancing planetary health

4I will begin with the highlights of fiscal 2022.
We made steady progress with large projects such as the LNG project in Canada
and the oil refinery modernization project in Iraq, and net sales and profit both
surpassed forecasts.
New contracts reached high levels, generally in line with plans, and the orderbacklog totaled 1,563.4 billion yen, ensuring sufficient work volume.
Our dividend payout ratio is 30%, in line with our policy of returning profits toshareholders. In this fiscal period, we completed our acquisition of 20 billion yen
in treasury stocks in February, and the number of outstanding shares decreased.
As a result, dividends per share will be 2 yen higher than the forecast, at 38 yen.

Income Statement【Unit: Billions of Yen】

FY2021

FY2022Difference

Net sales

428.4

606.8

+178.4+42%

Gross profit

45.3

66.7

+21.3

+47%

Profit ratio

10.6%

11.0%

+0.4ptOperating profit

20.636.6+16.0+77%

Ordinary profit30.0

50.5+20.5+68%△ 35.530.6+66.2-Earnings per share△ ¥140.77¥122.28Return on equity△ 8.8％

7.8％

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

Enhancing planetary health5

We now move to the Income Statement.
Sales and profit both increased significantly over the previous fiscal period.
Net sales were up 42% over the previous fiscal year to 606.8 billion yen, grossprofit was up 47% to 66.7 billion yen, and the profit ratio was up 0.4 point to 11%.
Operating profit rose 77% to 36.6 billion yen despite SG&A increased, andordinary income increased 68% to 50.5 billion yen. Profit attributable to owners ofthe parent returned to the black and totaled 30.6 billion yen.
The ROE was 7.8%.

Segment Information【Unit: Billions of Yen】

FY2021*

Total Engineering

Functional Materials
Manufacturing

Adjustment

Difference

Net sales

377.9

551.6+173.6+46%

Segment profit

17.1

33.4

+16.3

+95%

Profit ratio

4.5%

6.1%

+1.5ptNet sales

44.2

47.7+3.5+8%

Segment profit

7.2

7.1

△ 0.1

△ 2%

16.5%

15.0%

△ 1.5pt

Net sales

6.1

7.5+1.3+21%

Segment profit

1.0

1.7+0.7+72%

Profit ratio

16.8%

23.8%+7.0pt

Segment profit△ 4.7△ 5.6△ 0.9

Profit ratio

Others

FY2022-* The group administrative expenses of JGC Holdings Corporation, which were previously allocated to individualsegments, are included in "Adjustment" as a corporate expense not allocated to individual segments due to a change inthe method of performance management from the first quarter of the current fiscal year.
The segment information for the previous consolidated fiscal year is presented based on the calculation method
adopted after the change.

© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

6Next, I will explain the segment information.
In the Total Engineering segment, sales and profit were up over the previous
fiscal year.
Net sales rose 173.6 billion yen over the previous fiscal year to 551.6 billion yen
due to steady progress in line with forecasts on the LNG project in Canada, theoil refinery modernization project in Iraq, and the life science and biomass power
generation projects in Japan.
Segment profit rose 16.3 billion yen over the previous year to 33.4 billion yen due
to improved profitability benefited from strong execution, as well as the impact of
the weak yen.
In the fourth quarter, we posted additional profits from improved profitability on
several projects under way steadily near completion.
In the Functional Materials Manufacturing segment, net sales increased slightly
to 47.7 billion yen, but profit was nearly flat at 7.1 billion yen.
In addition to the slump in demand related to semiconductor-related equipment
and other, the impact of the spike in fuel costs and material costs led to a sharp
drop in the profit margin in the fourth quarter.
Results for others are as shown here.

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

FY2021
Overseas

143.0

696.3

Domestic

166.4

127.6

Total

309.4

823.9

FY2022Major New Contracts© 2021 JGC HOLDINGS CORPORATION

FY2022

Gas Oil Separation Unit (Saudi Arabia)
VCM, PVC, and OSBL Expansion((Thailand)
Nearshore Floating LNG Plant (Malaysia)
Large-scale Ethylene Plants(The U.S.)

Enhancing planetary health

7Next, I will explain new contracts in the Total Engineering segment.
New contracts overseas recovered significantly to 696.3 billion yen.
Delays in investment decisions on major projects that are expected in the next
fiscal year kept new contracts in Japan down to 127.6 billion yen in Japan.
The total for new contracts in both domestic and overseas were 823.9 billion yen.
The main new contracts were for a gas–oil separation unit in Saudi Arabia, achemical project in Thailand, an FLNG project in Malaysia, and a large-scale
ethylene plant in the U.S., which was posted in the fourth quarter.

Segment Informationii) Outstanding Contracts (As of March 31, 2023)
By Business Area

By Region【Unit: Billions of Yen】

【Unit: Billions of Yen】

Americas & Others
20%

1,563.4

AfricaJapan
15%

1,563.4

1%

Asia
18%

Middle East
46%

FY2022MajorOutstandingContracts

Over 100 Billion Yen

Over 50 Billion Yen

Over 30 Billion Yen

LNG (Canada）
Oil Refinery Modernization (Iraq）
Gas Oil Separation Unit (Saudi Arabia)
Nearshore Floating LNG Plant(Malaysia)
Large-scale Ethylene Plants (The U.S.)

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

Pharmaceutical Plant (Japan)
LNG Terminal Facilities (Taiwan)© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health8

Next is the Outstanding Contracts.
New contracts were high at levels exceeding 800 billion yen, which brought theorder backlog at the end of the fiscal year to 1,563.4 billion yen, an approximately
300 billion yen increase since the start of the fiscal year.
By business area, orders related to oil and gas accounted for 48% and thoserelated to LNG accounted for 24%.
By region, the order backlog was 46% for the Middle East and 20% for theAmericas, followed by Asia and Japan.
The main projects contributing to the order backlog were the additional projects inSaudi Arabia, Malaysia, and the U.S.—orders placed in this fiscal period—eachover 100 billion yen.

Financial Position & Cash Flows【Unit: Billions of Yen】

As of March 31,

As of March 31,

2022

2023

Difference

Total assets

694.2

713.1

+18.8

Total net assets

387.6

397.9

+10.3

Equity ratio

55.8%

55.7%

△ 0.1pt

FY2021
Cash flows
from operating activities
Cash flows
from investing activities
Cash flows
from financing activities
Cash and cash equivalents
at end of period
Off Balance Sheet JV CashJGC Portion

FY2022Difference

19.3

110.7

+91.4

△ 7.6

△ 11.4

△ 3.7

△ 0.1

△ 61.2△ 61.1

288.0

332.7

+44.7

239.6

171.7

△ 67.9© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health

9Now we move on to the financial position and cash flows.
There were no major changes in financial conditions since the start of the fiscalyear.
The shareholders’ equity ratio was nearly flat at 55.7%.
Cash provided by operating activities was 110.7 billion yen. This positive cash
flow far exceeded net profit due to the collection of claims following the resolutionof a dispute over a project completed in the past, among other factors.
Cash flow used in investing activities was 11.4 billion yen due to the acquisition ofproperty, plant and equipment and digital-related investments, among others.
Cash flow used in financing activities totaled 61.2 billion yen due to repayment ofinterest-bearing liabilities and the acquisition of treasury stocks, among otherfactors.
The balance of cash and cash equivalents at the end of the fiscal year was up
44.7 billion yen since the start of the fiscal year, to 332.7 billion yen.
The Company’s equity in its joint venture’s cash, which is not posted on thebalance sheet, decreased by 67.9 billion yen due to progress with the project to171.7 billion yen.

Forecasts for Fiscal Year 2023

Next, I will explain forecasts for fiscal 2023.

Forecasts for Fiscal Year 2023
【Unit: Billions of Yen】

New contracts *FY2022

FY2023

ActualForecast

823.9800.0Net sales

606.8

800.0

Gross profit

66.7

68.0

Profit ratio

11.0%

8.5%

Operating profit

36.6

38.0

Ordinary profit

50.5

45.0

30.6

32.0

Annual dividends per share

¥38.0

¥40.0

Forecasts based on (\/US$)¥133.53¥133.00

Profit attributable toowners of parent•

Significant increase in sales isexpected for the second
consecutive fiscal year due to thestart of orders in FY2022, etc.

•

Gross profit, operating profit, andnet profit are expected to increase
despite absence of positive effectfrom yen depreciation.

•Dividend increase for 3 consecutive
fiscal years due to final profit
increase.

* Total Engineering© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health11

We are targeting an 800 billion yen new orders for the Total Engineering segment.
We expect 800 billion yen in net sales due to a substantial increase in sales inthat segment.
We forecast no change in gross profit, at 68 billion yen, and a profit ratio of 8.5%.
We expect operating profit to be 38 billion yen, with no change in SG&A
expenses.
We are also targeting 45 billion yen in ordinary income and profit attributable toowners of parent at 32 billion yen.
Dividends per share will be up 2 yen to 40 yen.
An exchange rate of 133 yen to 1 U.S. dollar has been used in these forecasts.

Forecasts for Fiscal Year 2023 by Segment【Unit: Billions of Yen】

Total Engineering

Functional Materials
Manufacturing

FY2022

FY2023

ActualForecast

Net sales

551.6

743.0

Segment profit

33.4

38.5

Profit ratio

6.1%

5.2%

Net sales

47.7

50.0

Segment profit

7.1

5.7

15.0%

11.4%

Net sales

7.5

7.0

Segment profit

1.7

1.5

Profit ratio

23.8%21.4%

Segment profit

△ 5.6

△ 7.7

Profit ratio

OthersAdjustment© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health12

At last, I will explain our forecasts for segments.
In the Total Engineering segment, we expect a steady start to the new contractsof fiscal 2022. As in the previous fiscal year, we expect substantial increases insales and profit.
We forecast 743 billion yen in net sales and 38.5 billion yen in segment profit.
The drop in the profit ratio takes into account the impact of higher fixed costs,
such as personnel costs following improved benefits for employees and DXrelated depreciation and operation costs, among others.
In the Functional Materials Manufacturing segment, we have factored in the dropin the profit margin in the fourth quarter of fiscal 2022 due to the harsh businessenvironment, and thus expect net sales to be nearly flat at 50 billion yen, andsegment profit to decline to 5.7 billion yen.
Other will be nearly unchanged.
We expect a 2.1 billion yen increase in costs for adjusted segment profit. Thistakes into account higher fixed costs, such as personnel costs and R&D costs inline with our growth strategy, among others.
This concludes my explanation of the overview of our financial statements.

Appendix© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health13

Reference（Shareholders Return Policy）• Aiming for a consolidated payout ratio of 30% per year while maintaining aminimum annual dividend per share of 15 yen.
• Share buybacks will be considered where appropriate in line with our businessperformance forecasts and free cash flow situation.
Dividend per share【Unit: Yen】

38

© 2021 JGC HOLDINGS CORPORATION

1215

FY2020
ActualFY2021
Actual40

minimum annual dividend
per share: 15 yen

FY2022Plan

FY2023
Forecast

FY2025Enhancing planetary health14

Reference (Net sales & New Contracts by Region)

Net sales

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

FY2021【Unit: Billions of Yen】

FY2022

FY2021

FY2022

Japan

137.4(32.1%)

173.1(28.5%)

Japan

166.4(53.8%)

127.6(15.5%)

Asia

40.3(9.4%)

62.4(10.3%)

Asia

67.8(21.9%)

251.0(30.5%)

Middle East

50.2(11.7%)

148.4(24.5%)

Middle East

62.7(20.3%)

310.1(37.6%)

Africa60.1(14.0%)

32.0(5.3%)

Africa2.0(0.7%)

10.1(1.2%)

140.2(32.8%)

190.8(31.4%)

Americas& Others

10.3(3.3%)

125.0(15.2%)

428.4(100.0%)606.8(100.0%)

Total

309.4

(100.0%)823.9(100.0%)Americas& Others
Total© 2021 JGC HOLDINGS CORPORATION

Enhancing planetary health15

Reference (Outstanding Contracts by Region & Business Area)
By Region (Total Engineering)

By Business Area (Total Engineering)【Unit: Billions of Yen】

【Unit: Billions of Yen】

FY2022

FY2022Japan

238.3(15.2%)

Asia

282.3(18.1%)

Middle East

720.5(46.1%)

Africa16.9(1.1%)

Americas &Others
Total© 2021 JGC HOLDINGS CORPORATION

Energy Transition
Oil and gas

747.7(47.8%)

LNG

376.0

(24.1%)

Chemical

208.0(13.3%)

Clean energy & Others

146.1(9.4%)

Healthcare & Life sciences

84.8(5.4%)

0.6(0.0%)

1,563.4(100.0%)305.3(19.5%)

Industrial & Urban

1,563.4(100.0%)Total

infrastructure & Others

Enhancing planetary health

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

Net sales

Gross profit

480.8

FY2019433.9428.4

FY2020

FY2021

43.3

FY2022

50.5

25.5

43.7

FY2023
Forecast

FY2019FY2020

FY2021

FY2022

Profit/loss attributable toowners of parent

30.6

45.0
4.1

30.0

36.6

38.0

FY2022

FY2023
Forecast

45.3
20.2

Ordinary profit

22.3

68.0

66.7

800.0
606.8

Operating profit

FY2023
Forecast

FY201922.8

FY202020.6

FY2021

New Contracts

32.0
823.9

800.0

FY2022

FY2023
Forecast

683.0

5.1

315.9
189.6

△ 35.5FY2019FY2020

FY2021© 2021 JGC HOLDINGS CORPORATION

FY2022FY2023
Forecast

FY2019FY2020

FY2021

FY2022

FY2023
Forecast

FY2019FY2020

FY2021

Enhancing planetary health

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

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

Enhancing planetary health18