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 5, 2022

Summary of Consolidated Financial Results for the Three Months Ended
June 30, 2022 (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:
August 10, 2022
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 three months ended June 30, 2022 (from April 1, 2022 toJune 30, 2022)(1) Summary of consolidated income statement (cumulative)
Net sales
Three months ended
June 30, 2022
June 30, 2021
Note:

Operating profit

Millions of yen% Millions of yen

193,982
160,036

21.2
19.9

18,844
14,616

Three months ended
June 30, 2022
June 30, 2021

Profit attributable toowners of parent

Ordinary profit% Millions of yen

28.9
83.9

Comprehensive income Three months ended June 30, 2022
Three months ended June 30, 2021
Basic earnings pershare(Percentages indicate year-on-year changes.)

24,88418,505¥30,611 million¥16,915 million% Millions of yen

34.5
82.3

16,113
14,352

%

12.3
110.1

[81.0%][80.3%]

Diluted earnings pershareYen

Yen

77.73
69.00

––(2) Consolidated financial position
Total assets
As ofJune 30, 2022
March 31, 2022
Reference:Equity
As of June 30, 2022
As of March 31, 2022

Net assets

Equity ratio

Millions of yen

Millions of yen

991,484928,651

647,942
630,887¥583,674 million¥568,766 million- 1 -%

58.9
61.2

2. Dividends
Annual dividend
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2022
Fiscal year
ending March 31,2023–

Fiscal year-end

TotalYen

Yen

45.00

–

35.00

80.00

40.00

–

40.00

80.00

–

Fiscal year
ending March 31,2023 (Forecast)

Note:
Revisions to the forecast most recently announced: None
Breakdown of interim dividend for the fiscal year ended March 31, 2022:
Ordinary dividend: 35.00 yen
Commemorative dividend: 10.00 yen

3. Consolidated business forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 toMarch 31, 2023)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyen

Six months ending
September 30,2022 (cumulative)
Fiscal year ending
March 31, 2023
Note:

Operating profit%Profit attributable toowners of parent

Ordinary profit

Basicearnings pershare

Millions ofyen%Millions ofyen%Millions ofyen%

Yen

400,000

19.1

31,0003.2

41,0005.8

30,0006.4

145.67810,000

14.8

62,50012.9

83,50012.6

62,00028.4

302.05

Revisions to the forecast most recently announced: Yes- 2 -* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(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, 2022

225,739,199

As of March 31, 2022

225,739,199(ii) Number of shares of treasury stock at term-endAs of June 30, 2022

20,124,022

As of March 31, 2022

17,693,673(iii) Average number of outstanding shares (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2022

207,311,458

Three months ended June 30, 2021

208,012,787* 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, and it is madeavailable on the Company’s website.

- 3 -Consolidated Financial Statements
1. Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022Assets
Current assets
Cash and deposits
Notes and accounts receivable - trade,and contract assets
Securities
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 June 30, 2022

102,049

107,930

176,556

182,1976
78,542
19,72957,39819,381△1,453452,2101085,722
20,83164,392
21,402△1,628
480,858

99,58480,40096,399276,384

101,746
81,715
108,352
291,814

4,811
6,478
11,290

4,718
6,959
11,677

171,446
17,927△607
188,765
476,440
928,651

189,616
18,139△622
207,133
510,626
991,484

(Millions of yen)
As of March 31, 2022
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-forsale securities
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, 2022

92,38738,925
11,997
6,488
49,170198,969

97,19745,641
5,032
4,480
51,180203,532

20,00046,621
3,284
6,252
5,216
17,41898,794
297,763

20,00067,235
2,515
6,715
5,240
38,302140,009343,542

41,97034,339492,455△21,525547,239

41,97034,339501,285△26,521551,074

11,376

10,157

△326
9,861
614

△139
22,188393

21,52632,60062,121
630,887928,65164,267
647,942
991,484

2. Consolidated Statements of Income(Millions of yen)Three months ended
June 30, 2021
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 forusing equity method
Other
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 sale of investment securities
Gain on step acquisitions
Insurance claim income
Total extraordinary income
Extraordinary losses
Provision for land maintenance expenses
Loss on disposal of non-current assets
Fire Loss
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent-6-

Three months ended
June 30, 2022

160,036
120,487
39,54824,931
14,616

193,982
145,501
48,48029,636
18,84478
1,112－118
1,605
2,720

3,062

2,276

796
5,049

678
7,399

201
356
602
1,160
18,505

320
531
507
1,359
24,884

527
796
744
2,067

275
－
－
275

－
－
127
105
233
20,3395,006
15,333

255
146
－
－
402
24,756
7,106
17,650980

1,536

14,352

16,113

(Consolidated Statements of Comprehensive Income)(Millions of yen)Three months ended
June 30, 2021
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof tax
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, 2022

15,333

17,650△1,370△1,220

15
2,411

20
7,803

△87

△134

613

6,492

1,581
16,915

12,961
30,611

15,143

27,187

1,771

3,423

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

FY2021/1Q

FY2022/1Q

ChangeNet sales

160.0

193.9

33.9

Operating profit

14.618.8

4.2

Ordinary profit

18.5

24.8

6.3

Net profit attributable to owners of the parent

14.3

16.1

1.7

During the first three months of the fiscal year ending March 31, 2023 (April 1, 2022 – June 30, 2022), theglobal economy was affected by a looming sense of anxiety about resurgences of the novel coronavirus pandemic
and the prolongation of the Russia-Ukraine conflict. Moreover, the economic environment remained volatile due toongoing surges in raw material and fuel prices and transportation costs, as well as the radical depreciation of theyen.
Against this backdrop, the MGC Group has promoted a medium-term management plan launched in April 2021.
In line with this plan, the Group aims to 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.
In addition, the Group is countering surges in raw material and fuel prices and transportation costs by revisingsales prices upward to align with an overall increase in costs. By doing so, the Group is endeavoring to maintainand enhance its earnings power.
As a result, the MGC Group’s net sales increased due mainly to the impact of foreign exchange fluctuations andupwardly revised sales prices aligned with higher raw material and fuel prices, along with rising market prices ofmethanol and other offerings.
Furthermore, operating profit rose, despite such negative factors as surges in raw material and fuel prices andtransportation costs, thanks primarily to the depreciation of the yen and robust polyacetal sales.
Ordinary profit increased due primarily to higher operating profit, despite a decline in equity in earnings ofaffiliates related to the methanol business reflecting the recording of foreign exchange losses.
Thus, operating profit and ordinary profit both hit a record high in terms of quarterly operating results.

Operating results by segment are as described below.

-8-Results by Business Segment
Basic Chemicals(Billions of yen)

FY2021/1Q

FY2022/1Q

ChangeNet sales

93.2

115.1

21.8Operating profit

8.1

7.6

-0.4

Ordinary profit

9.4

8.4-1.0

The methanol business saw an increase in net sales due mainly to an upturn in market prices compared with thesame period of the previous fiscal year. However, earnings from this business decreased, reflecting such factors asdeterioration in equity in earnings of affiliates due to foreign exchange losses recorded by a methanol-related
affiliate.
Methanol and ammonia-based chemicals posted an increase in earnings compared with the same period of theprevious fiscal year despite higher raw material prices, thanks to profitability adjustments on the back of robust
demand.
High-performance products posted a decrease in earnings due mainly to rises in raw material and fuel prices andtransportation costs, despite the higher sales volume of aromatic aldehydes.
Xylene separators and derivatives saw a decrease in earnings due mainly to rises in raw material and fuel prices
and resulting deterioration in the profitability of purified isophthalic acid (PIA).
Foamed plastics posted a decrease in earnings due mainly to higher raw material and fuel prices, despite thehigher sales volume of flat panel display shields and other offerings.

Specialty Chemicals(Billions of yen)

FY2021/1Q

FY2022/1Q

ChangeNet sales

66.7

78.8

12.1

Operating profit

7.4

12.0

4.6

Ordinary profit

9.6

14.5

4.8

Inorganic chemicals were buoyed by growth in the sales volume of chemicals for use in semiconductor
manufacturing while seeing such negative factors as rises in raw material and fuel prices and transportation costs.
As a result, earnings from these offerings were virtually unchanged from the same period of the previous fiscalyear.
Engineering plastics saw increases in net sales and earnings thanks to constantly robust sales of polyacetal aswell as an improvement in the profitability of a polycarbonate manufacturing base in China.
Optical materials posted increases in net sales and earnings, despite stagnant demand for smartphones, a primary
application of optical polymers, because demand was still above the level seen in the same period of the previous
fiscal year in which inventory adjustments carried out by customers resulted in a downturn.

-9-Electronic materials saw increases in net sales and earnings. This was thanks mainly to strong showings of BT
materials for IC plastic packaging, the core product category for electronic materials, which benefitted from robust
sales of offerings used in memory chips and laptop PC processors as well as the depreciation of the yen, despite
declining demand for general-purpose materials for use in PC-related devices and home appliances.
Earnings from oxygen absorbers such as AGELESSTM remained on par with the same period of the previous fiscal
year despite the ongoing robustness of overseas sales—which were buoyed by the depreciation of the yen—especially in the food packaging field, due to rises in raw material prices and transportation costs.

- 10 -