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.

February 9, 2024

Summary of Consolidated Financial Results for the Nine Months Ended
December 31, 2023 (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, Investor Relations Department
TEL:+81-3-3283-5041
Scheduled date to file quarterly securities report:
February 14, 2024
Scheduled date to commence dividend payments:–
Presentation of supplementary material on quarterly financial results: Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023
to December 31, 2023)(1) Summary of consolidated income statement (cumulative)
Net sales
Nine months ended
December 31, 2023
December 31, 2022
Note:

Operating profitMillions of yen% Millions of yen

621,739599,3223.7
14.1

38,65845,400(Percentages indicate year-on-year changes.)% Millions of yen(14.8)
1.1

43,404
63,779Comprehensive income Nine months ended December 31, 2023 ¥67,271 million
Nine months ended December 31, 2022 ¥67,292 million
Basic earnings pershare

Nine months ended
December 31, 2023
December 31, 2022

Profit attributable toowners of parent

Ordinary profit% Millions of yen(31.9)
9.4

40,06844,519%(10.0)
13.1[0.0%][42.2%]

Diluted earnings pershare

Yen

Yen

196.18216.59––(2) Consolidated financial position
Total assets
As ofDecember 31, 2023
March 31, 2023
Reference:Equity
As of December 31, 2023
As of March 31, 2023

Net assets

Equity ratio

Millions of yen

Millions of yen

1,060,801
1,029,317

667,029
671,249¥640,644 million¥607,613 million- 1 -%

60.4
59.0

2. Dividends
Annual dividend
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023

–40.00–Fiscal year
ending March 31,2024–40.00–Fiscal year-end

Fiscal year
ending March 31,2024 (Forecast)
Note:

TotalYen

Yen

40.00

80.00

40.00

80.00

Revisions to the forecast most recently announced: None

3. Consolidated business forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyen

Fiscal year ending
March 31, 2024
Note:

800,000

Operating profit%
2.4

Profit attributable toowners of parent

Ordinary profit

Millions ofyen%Millions ofyen

46,000(6.2)

49,000

Revisions to the forecast most recently announced: Yes- 2 -%(29.8)

Millions ofyen%

47,000(4.2)

Basicearnings pershareYen
231.25

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): Yes
Excluded: 2 companies (Company names: JSP Corporation, JSP International Group Ltd.)(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:None(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 December 31, 2023

222,239,199

As of March 31, 2023

222,239,199(ii) Number of shares of treasury stock at term-end
As of December 31, 2023

21,184,028

As of March 31, 2023

17,660,740(iii) Average number of outstanding shares (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

204,243,081

Nine months ended December 31, 2022

205,547,654* Quarterly financial results reports are exempt from audit conducted by certified public accountants or anaudit corporation.
* 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 quarterly financial results)
The supplementary material on quarterly 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, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsSecurities
Merchandise and finished goods
Work in process
Raw 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 December 31, 2023108,378

89,350176,626

158,748

93
89,367
22,331
66,444
20,775△767
483,249－
113,384
19,65368,061
30,521△595
479,124

102,143
87,890123,733
313,767

85,13684,498130,204
299,839

4,425
7,555
11,98017,258
7,596
24,855200,101
22,141△1,922
220,320
546,068
1,029,317

239,548
18,899
△1,466
256,982581,676
1,060,801

(Millions of yen)
As of March 31, 2023
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
Provisions
Retirement 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 income
Non-controlling interestsTotal net assets
Total liabilities and net assets-5-

As of December 31, 2023

88,342
47,913
5,274
6,714
72,197
220,442

106,926
61,363
5,224
3,937
78,717
256,169

20,00074,680
3,383
4,453
5,272
29,835
137,625
358,068

30,00066,560
2,708
5,122
5,104
28,105
137,602393,771

41,97034,293
521,426△23,838
573,852

41,97035,521
545,127△31,828
590,790

8,950

12,427110
22,894
1,805
33,76063,636671,249
1,029,317△59
36,195
1,290
49,853
26,385667,029
1,060,801

2. Consolidated Statements of Income(Millions of yen)
Nine months ended
December 31, 2022
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
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Personnel expenses for seconded employees
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on step acquisitions
Gain on sale of investment securities
Insurance claim income
Subsidy income
Gain on recovery of money transfer scam at subsidiary
Reversal of provision for loss on business ofsubsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on sale of shares of subsidiaries and associates
Impairment losses
Loss on tax purpose reduction entry of non-current
assetsLoss on disposal of non-current assets
Provision of allowance for doubtful accounts
Loss on valuation of shares of subsidiaries andassociates
Provision for land maintenance expenses
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Nine months ended
December 31, 2023

599,322463,745
135,577
90,17645,400621,739484,379
137,360
98,701
38,658

582
2,870
3,046

1,348
3,124
2,399

14,385

1,427

2,036
22,921

1,975
10,276

1,247
1,380
1,914
4,542
63,779

2,151
1,074
2,304
5,530
43,404

－
1,380
－
－
182

15,085
2,830
1,423
877
－

112

－

1,675

20,217－
113

2,843
859

－

704

505
250

307
150

755－

273
1,896
63,55814,71848,8394,319
44,519－4,86558,756
11,977
46,7786,710
40,068(Consolidated Statements of Comprehensive Income)(Millions of yen)
Nine months ended
December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests-7-

Nine months ended
December 31, 2023
48,83946,778△1,881
145
11,852
△380

3,615
△192
12,356
△182

8,717

4,895

18,45367,292

20,492
67,271

59,04756,147

8,245

11,124

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

Apr. 1-Dec. 31,

Apr. 1-Dec. 31,

2022

2023

Net sales

599.3

621.7

22.4

Operating profit

45.4

38.6

(6.7)

Equity in earnings of affiliates

14.3

1.4

Change(12.9)

Ordinary profit

63.7

43.4

(20.3)

Profit attributable to owners of parent

44.5

40.0

(4.4)

During the first nine months of the fiscal year ending March 31, 2024 (April 1, 2023 – December 31, 2023), theglobal economy was negatively affected by lingering economic stagnation in China. Reflecting this, the pace of
global economic recovery has been slower than expected. In addition, radical monetary tightening policies andother negative factors led to the deceleration of European and U.S. economies. With stagnation in overall economicactivities leading to sluggish demand for goods, the economic environment thus remained harsh. Furthermore, inaddition to the continuing situation in Ukraine, geopolitical volatility was exacerbated by the recent outbreak oftensions centered around the Middle Eastern region. Because of these factors, formulating the future economic
outlook remains challenging.
Against this backdrop, the MGC Group has embarked on the final year of its medium-term management plan
launched in April 2021. In line with this plan, the Group has continued to pursue a shift to a profit structure resilient
to changes in the business environment. To this end, the Group is striving to:• “Further strengthen competitively advantageous (“differentiating”) businesses,”• “Accelerate creation and development of new businesses,” and• “Reevaluate and rebuild unprofitable businesses.”
These efforts will help push ahead with business portfolio reforms.
As a result, the Group’s net sales increased, with downturns in methanol and ammonia market prices, and lower
sales volumes of aromatic chemicals and other offerings being more than offset by positive effects arising from theinclusion of Mitsubishi Engineering-Plastics Corporation into the scope of consolidation and the depreciation of theyen.
On the other hand, operating profit decreased, despite the depreciation of the yen, improvement in the
profitability of polycarbonate and foamed plastic businesses, recovery in demand for electronic materials and otherpositive factors. The decrease was due mainly to stagnant polyacetal market prices in contrast with robust market
prices seen in the same period of the previous fiscal year, as well as lower sales volumes of aromatic chemicals,
methanol and ammonia-based chemicals, and other offerings.

-8-Ordinary profit declined, reflecting downturns in methanol market prices and a resulting decrease in equity inearnings of affiliates related to overseas methanol producing companies as well as lower operating profit. Other
negative factors affecting ordinary profit included the absence of non-operating income recorded in the same periodof the previous fiscal year through the reversal of deferred tax liabilities at an overseas methanol producing
company in Venezuela.
Moreover, profit attributable to owners of parent decreased due primarily to lower ordinary profit, despite thepositive impact on profit arising from the recording of gain on step acquisitions in connection with the inclusion ofMitsubishi Engineering-Plastics Corporation into the scope of consolidation.
Operating results by segment are as described below.
Results by Business Segment
Basic Chemicals(Billions of yen)

Apr. 1-Dec. 31,

Apr. 1-Dec. 31,

2022

2023

Net sales

360.2

318.8

(41.3)

Operating profit

18.9

16.4

(2.4)

Ordinary profit

29.0

16.5

(12.5)

ChangeThe methanol business saw decreases in both net sales and earnings due to lower market prices compared withthe same period of the previous fiscal year.
Methanol and ammonia-based chemicals posted decreases in both net sales and earnings, reflecting the lowersales volume of MMA products and downturns in market prices for ammonia and other offerings.
The energy resources and environmental business saw a decrease in net sales due to the absence of sales from
LNG for power generation use in the first nine months of the fiscal year ending March 31, 2024, but posted anincrease in earnings due mainly to the higher sales volume of iodine and rising market prices for this offering.
High-performance products posted decreases in both net sales and earnings, due mainly to lower sales volumesof meta-xylenediamine and aromatic aldehydes, which reflected economic slowdown in the United States andEurope and resulting stagnation in demand.
Xylene separators and derivatives saw decreases in both net sales and earnings due primarily to a decline inmarket prices for purified isophthalic acid (PIA).
However, foamed plastics posted an increase in earnings thanks mainly to sales growth in step with the upwardrevision of product prices and the success of cost reduction measures.

-9-Specialty Chemicals(Billions of yen)

Apr. 1-Dec. 31,

Apr. 1-Dec. 31,

2022

2023

Net sales

239.0

302.7

63.7

Operating profit

28.4

24.9

(3.4)

Ordinary profit

33.5

29.3

(4.1)

ChangeInorganic chemicals posted a decrease in net sales due mainly to stagnant semiconductor demand and resulting
decline in the sales volume of chemicals for use in semiconductor manufacturing. However, earnings from theseproducts remain virtually unchanged from the same period of the previous fiscal year, thanks to the upward revisionof sales prices aimed at reflecting higher raw material and fuel prices as well as growing transportation costs.
Engineering plastics saw an increase in net sales and a decrease in earnings. The inclusion of Mitsubishi
Engineering-Plastics Corporation into the scope of consolidation led to sales growth, while the profitability ofpolycarbonates improved due primarily to growing sales for high-value-added products. However, overall earnings
declined due mainly to downturns in polyacetal market prices.
Optical materials posted earnings on par with the same period of the previous fiscal year, as demand forsmartphones, a primary application of optical polymers, remained on an ongoing recovery track on the back of thecommencement of production of new models in the second quarter.
Electronic materials saw increases in net sales and earnings, due mainly to recovery in demand for smartphoneand PC-related BT materials for IC plastic packaging, the core product category for electronic materials.
Oxygen absorbers such as AGELESSTM posted decreases in net sales and earnings on the back of a recoil fromthe temporary surge (due to stay-at-home demand) for products marketed in Japan for food applications, a decline
in export sales, higher raw material prices and other factors.

- 10 -