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

August 7, 2024

Summary of Consolidated Financial Results for the Three Months Ended
June 30, 2024 (Under Japanese GAAP)
Company name: Mitsubishi Gas Chemical Company, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4182
URL:
https://www.mgc.co.jp/eng/
Representative:
Masashi Fujii, Representative Director, President
Inquiries:
Satoshi Takizawa, General Manager, CSR & IR DivisionTEL:+81-3-3283-5041
Scheduled date to commence dividend payments:–
Presentation of supplementary material on financial results:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 toJune 30, 2024)(1) Summary of consolidated income statement (cumulative)
Net sales
Three months ended
June 30, 2024
June 30, 2023
Note:

Operating profit

Millions of yen% Millions of yen

188,115
187,0080.6(3.6)

15,729
6,211

Three months ended
June 30, 2024
June 30, 2023

Profit attributable toowners of parent

Ordinary profit% Millions of yen

153.3(67.0)

Comprehensive income Three months ended June 30, 2024
Three months ended June 30, 2023
Basic earnings per
share(Percentages indicate year-on-year changes.)

17,954
7,025¥27,319 million¥31,831 million% Millions of yen

155.6(71.8)

11,733
19,844%(40.9)
23.2[(14.2)%][4.0%]

Diluted earnings per
share

Yen

Yen

58.60
97.00

––(2) Consolidated financial position
Total assets
As ofJune 30, 2024
March 31, 2024
Reference:

EquityAs of June 30, 2024
As of March 31, 2024

Net assets

Equity ratio

Millions of yen

Millions of yen

1,093,322
1,068,010

703,346684,832¥673,843 million¥657,745 million- 1 -%

61.6
61.6

2. Dividends
Annual dividend
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year
ending March 31,2025

–

Total

Yen

Yen

40.00

–

40.00

80.00

45.00

–

45.00

90.00

–

Fiscal year
ending March 31,2025 (Forecast)
Note:

Fiscal year-endRevisions to the forecast most recently announced: No

3. Consolidated business forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Six months ending
September 30,2024 (cumulative)
Fiscal year ending
March 31, 2025
Note:

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions ofyen%Millions ofyen

390,000(2.4)

28,00026.7

33,00032.3

23,000(26.4)

114.86790,000(2.9)

54,00014.1

62,00034.7

48,00023.7

239.69%

Revisions to the forecast most recently announced: Yes- 2 -Millions ofyen%Millions ofyen

Basicearnings pershare%

Yen* Notes(1) Significant changes in the scope of consolidation during the period: Yes
Newly included: 1 company (Company name: Cultivecs Inc.)(2) Application of special accounting for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common stock)(i) Number of issued shares at term end (including treasury stock)
As of June 30, 2024

217,239,199

As of March 31, 2024

217,239,199(ii) Number of shares of treasury stock at term-end
As of June 30, 2024

17,010,214

As of March 31, 2024

17,009,734(iii) Average number of outstanding shares (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

200,229,259Three months ended June 30, 2023

204,578,056* Review of the Japanese-language originals of the attached quarterly consolidated financial statements bycertified public accountants or an audit corporation: Yes (voluntary)* Proper use of earnings forecasts, and other special matters(Caution concerning forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
Consequently, any statements herein do not constitute assurances regarding actual results by theCompany. A number of factors could cause actual results to differ materially from expectations.
(How to access supplementary material on financial results)
The supplementary material on financial results is disclosed on the same day as this quarterly financial
results report, and it is made available on the Company’s website.

- 3 -Consolidated Financial Statements
1. Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Merchandise and finished goods
Work in processRaw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

As of June 30, 2024

71,44765,978

165,648

169,352

111,668
19,76969,092
26,175△651
463,148118,827
17,434
69,61024,558△725
465,037

87,64786,350140,626
314,624

89,952
91,682
148,981
330,616

16,868
8,002
24,871

16,4798,784
25,263

236,354
30,529△1,518265,365
604,861
1,068,010

243,108
30,860△1,563
272,405
628,285
1,093,322

(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
ProvisionsRetirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets-5-

As of June 30, 2024109,013
51,8186,134
5,922
68,592
241,480

110,442
56,235
5,469
4,522
61,329238,000

30,00069,671
2,620
4,257
5,707
29,439141,696
383,177

30,00078,451
1,980
4,392
5,790
31,359151,975
389,975

41,97035,551
536,232△26,127
587,627

41,97035,553
539,496△26,128
590,891

17,57318,192

171
40,143
12,22983
53,283
11,392

70,117

82,951

27,087684,832
1,068,010

29,503703,346
1,093,322

2. Consolidated Statements of Income(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Personnel expenses for seconded employees
Share of loss of entities accounted for using
equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on step acquisitions
Gain on sale of investment securities
Reversal of provision for business restructuringTotal extraordinary income
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Three months ended
June 30, 2024

187,008
149,446
37,561
31,3506,211

188,115
144,866
43,24927,52015,729

288
1,037
1,248

296
969
1,284

－

1,212

609
3,184

561
4,323

589
429

886
398

667

－

682
2,369
7,025

812
2,098
17,95415,0852,189
148
17,422
24,4483,227
21,2201,375
19,844－－－－
17,954
4,427
13,526
1,793
11,733

(Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests-7-

Three months ended
June 30, 2024

21,22013,5261,453

626△1706,577

△199
8,112

△108

△698

2,861

5,951

10,611
31,831

13,792
27,31929,10524,567

2,726

2,752

Qualitative Information
Consolidated Business Results for This Period
Overview of Results(Billions of yen)

FY2023/1Q

FY2024/1Q

ChangeNet sales

187.0

188.1

1.1

Operating profit

6.2

15.7

9.5

(0.6)

1.2

1.8

Ordinary profit

7.0

17.9

10.9

Profit attributable to owners of parent

19.8

11.7

(8.1)

Equity in earnings of affiliates

During the first three months of the fiscal year ending March 31, 2025 (April 1, 2024 – June 30, 2024), inflation
continued in Europe, the United States and elsewhere, while interest rates remained high. With regard to the future
outlook, financial and capital market conditions are expected to grow volatile due to foreign exchange fluctuations
and other factors, while anxieties remain over the outlook for the stagnant Chinese economy as well as looming
geopolitical risks. These and other projections, in turn, contribute to significant future uncertainties, making it
challenging to formulate the global economic outlook.
Against this backdrop, the Mitsubishi Gas Chemical (MGC) Group has identified a new target of “Strengthening
the resiliency of our business portfolio” under a medium-term management plan which was launched in the fiscalyear ending March 31, 2025. To this end, the Group has been pushing ahead with various measures, such as“Focusing on Uniqueness & Presence,” “Building new value through innovation” and “Restructuring businesses
requiring intensive management.” Thus, the Group has been thoroughly implementing business portfolio reforms
that are directly aimed at improving capital efficiency.
As a result, the Group’s net sales increased, despite the December 2023 transition of JSP Corporation fromconsolidated subsidiary to equity-method affiliate and other negative factors, due mainly to the depreciation of theyen and higher sales volumes of optical polymers for smartphone use, electronic materials and other offerings.
Operating profit similarly increased, reflecting such factors as the impact of yen depreciation, in addition tohigher sales volumes of semiconductor-related products, including electronic materials and inorganic chemicals, aswell as optical polymers for smartphone use.
Furthermore, ordinary profit rose due to the increase in operating profit as well as higher methanol market prices
and other positive factors leading to improvement in equity in earnings of affiliates.
However, profit attributable to owners of parent decreased due primarily to the absence of gain on step
acquisitions recorded in the same period of the previous fiscal year in connection with the inclusion of Mitsubishi
Engineering Plastics Corporation into the scope of consolidation.

-8-Operating results by segment are as described below.
Results by Business Segment
Green Energy & Chemicals(Billions of yen)

FY2023/1Q

FY2024/1Q

ChangeNet sales

101.9

78.3

(23.5)

Operating profit

3.2

4.1+0.8

Ordinary profit

2.0

4.5

+2.4

The methanol business saw increases in both net sales and earnings due primarily to the depreciation of the yen
and higher market prices compared with the same period of the previous fiscal year.
Methanol and ammonia-based chemicals posted increases in both net sales and earnings due mainly to recovery
in the sales volume of MMA products and higher market prices, in addition to the depreciation of the yen.
The energy resources and environmental business saw an increase in net sales due to the higher sales volume of
LNG for power generation use and other factors.
Meta-xylenediamine and aromatic aldehydes posted increases in both net sales and earnings due primarily to thedepreciation of the yen and recovery in demand for products targeting European and U.S. customers.
Xylene separators and derivatives saw increases in both net sales and earnings, despite stagnant market prices for
purified isophthalic acid (PIA), thanks to the depreciation of the yen and other positive factors.
Specialty Chemicals(Billions of yen)

FY2023/1Q

FY2024/1Q

ChangeNet sales

87.2

109.2

22.0

Operating profit

3.5

12.6

9.0

Ordinary profit

4.7

13.9

9.2

Inorganic chemicals posted increases in both net sales and earnings, reflecting such factors as robust showings ofchemicals for use in semiconductor manufacturing, as semiconductor demand returned to a recovery track fromprevious stagnation.
Engineering plastics saw increases in both net sales and earnings due mainly to higher sales volumes andimprovement in manufacturing costs.
Optical materials posted increases in both net sales and earnings on the back of the higher sales volume of opticalpolymers that reflected a trend toward increasing the sophistication of smartphone camera functions, growing
demand for products targeting emerging nations, and other factors.
Electronic materials saw increases in net sales and earnings, due mainly to ongoing recovery in demand forsmartphone-related, PC-related and other BT materials for IC plastic packaging, the core product category forelectronic materials.
-9-

Oxygen absorbers such as AGELESSTM posted increases in net sales and earnings due to improvement in export
prices on the back of the depreciation of the yen, along with higher sales of products for overseas customers.
(End)- 10 -