Q4 FYE2024
Consolidated Financial Results
Earnings Announcement( Fiscal year ended March, 2024 )May 13, 2024
Tokyo, Japan

Draft as of2024/2/2
10：00

Important Notice
For the purpose of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by
NIPPON SANSO Holdings Corporation (“NSHD”) regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is notintended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise
dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. This
presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient) on the condition that it is for use
be the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restriction may
constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, “NSHD” is sometimes
used for convenience where references are made to NSHD and its subsidiaries in general. Likewise, the words “the Company”, “we”, ”us” and “our” are also used to refer to subsidiaries ingeneral or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
● Forward-Looking Statements
This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding NSHD’s future business, future
position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as “targets”, “plans”,“believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or similar expressions or the negative
thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from thoseexpressed or implied by the forward-looking statements: the economic circumstances surrounding NSHD’s global business, including general economic conditions here and abroad;competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and thetiming thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of healthcrises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries in which NSHD operates, or on other facets of its business;
the timing and impact of PMI (post-merger integration) efforts with acquired companies; the ability to divest assets that are not core to NSHD’s operations and the timing of any suchdivestment(s); and other factors identified in NSHD’s most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, available on
NSHD’s website. NSHD dose not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as
required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of NSHD in this presentation may not be indicative of, and are notan estimate, forecast, guarantee or projection of NSHD’s future results.
● Certain Non-IFRS Financial Measures
This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with International Financial ReportingStandards (“IFRS”), such as Core Operating Income, Debt, Net Debt, Adjusted net D/E ratio, Free Cash Flow and ROCE after Tax. NSHD’s management and executive officers evaluates
results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost andcash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS measures,
management and executive officers intends to provide investors with additional information to further analyze NSHD’s performance, core results and underlying trends. NSHD’s non-IFRS
measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with
IFRS. Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measure, which are on the part of our slide deck.
● Financial information
NSHD’s financial statements are prepared in accordance with international Financial Reporting Standards (“IFRS”).

2

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Notes● Analysis of Operating Results (Reasons for change in Revenue and Segment Operating Income)In the supplementary materials to the financial statements of NSHD, starting from the fiscal year ending March 31, 2022, NSHD will describe the status of the business results of NSHD
group on a quarterly consolidated accounting period basis, as well as its recognition and analysis of the status of the business results of NSHD group from management's perspective.
Please note that Segment Operating Income is based on Core Operating Income.

● The following table shows Revenue, Operating income, and the effect of Forex rate changes on Revenue and Operating Income.
The impact of Forex rate fluctuation is calculated by applying the average rate for the period under review to the period under review (the current period and the previous period).
These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information for investors
to understand the business conditions of the Group.
＜Forex rates＞

Average Forex rates
FYE2023

FYE2024

Assumption

Unit：¥ bn.

（Reference）
Currency sensitivity
as rough indication
Impact of devaluation by 1 JPY(Full-term basis)（Apr.-Mar.）

Currency

Revenue

FYE2025
Full-term

Unit：JPY

Q1

1st Half

9M

Full-term

Q1

1st Half

9M

Full-term

Currency（Apr.-Jun.）（Apr.-Sep.）（Apr.-Dec.）（Apr.-Mar.）（Apr.-Jun.）（Apr.-Sep.）（Apr.-Dec.）（Apr.-Mar.）

Core Operating Income(Announced on May 13, 2024)

USD

131.25135.30136.85136.00139.63142.61143.78145.31145.31

USD

+2.4

+0.35

EUR

138.75139.14140.83141.62151.89154.81

156.24

157.72

157.72

EUR

+1.9

+0.35

SGD

94.97

97.12

98.61

99.05

103.66105.79106.90108.03108.03

AUD

92.52

93.51

93.16

92.67

91.94

93.44

94.47

95.32

95.32

CNY

19.71

19.91

19.81

19.71

19.67

19.87

20.01

20.20

20.20

● Presentation of overall business performance and segment performance
The amounts shown are after offsetting and elimination of inter-segment transactions and do not include consumption tax etc.
Notes that from Q3 FYE2023, the reportable segment names simplified, but the scope of segment aggregation didn’t change.

3

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Contents

1.

Strategic overview

2.

Q4 FYE2024 Business performance-1. Q4 performance（Jan. - Mar.）-2. Full-term Cumulative performance

3.

FYE2025 Full-term Forecast

Appendix

4

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

1. Strategic overview

5

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

1. Strategic overview

Key Highlights

WIP

Perform functions of Industries’ infrastructure
Utilize Stakeholder communications with Management

Contribute to the Electronics industry development
Pursue operational excellence, work hard, encourage and motivate
globalization among our segmentsCore Operating Income exceeded the target of the NS Vision 2026

6

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

1. Strategic overview

Our Medium-term Management plan (MTP):NS Vision 2026 | Enabling the FutureGroup Philosophy

Proactive. Innovative. Collaborative.
Making life better through gas technology.
The Gas Professionals
Group Vision

We aim to create social value
through innovative gas solutions
that increase industrial productivity,
enhance human well-being
and contribute to a more sustainable future.

7

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

1. Strategic overview

Financial KPI Progress: Progress exceeding plan
We will target COI growth that exceeds GDP growth rate of each region through initiatives in our Focused Fields,
while at the same time focusing on driving the quality of earnings to higher levels.
（¥ bn.）

Revenue

1,000
975 850.2

2020.3

135
125

818.2

2023.32020.32024.3（times）

Adjusted net D/E ratio*

87.2

2021.3102.7

2022.3

NS Vision 2026

2024.32021.319.3%

2022.32023.32024.3Medium-term Management plan
NS Vision 2026 planned figure

4.4%

4.8%

(Targets set in Apr 2022, with planned figures for FYE2026)

Exchange Assumption

0.74

0.7

USD : ¥115
EUR : ¥125

Due to the uncertainty in the global economy, revenue and core
operating income are shown in range.

2020.32021.32022.32023.32024.32020.32021.32022.32023.3*Adjusted Net D/E Ratio: an indicator of safety (financial soundness) calculated in consideration of thispart due to 50% of the amount raised by Hybrid Finance being permitted as “Equity" by rating agencies.

8

2020.3

20.4%

6.7%

5.4%
4.6%

1.15
0.81

2023.3

21.2%

ROCE after Tax

6%
0.94

22.2%
20.5%

NS Vision 2026

1.45

24%

123.1
90.3

2022.3

NS Vision 2026

165.9

1,255.0

957.1

2021.3

EBITDA margin

NS Vision 2026

NS Vision 2026

1,186.6（¥ bn.）

Core Operating Income

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2024.3

1. Strategic overview

Non-Financial KPI Progress: Making steady progress
Draft underconsideration

In line with the focused field of "Sustainability Management," we are progressing toward achieving the end year MTP targets.
In July 2023, we established a Sustainable Development Committee (Head: NSHD CSO) to strengthen group collaboration.
First-Year Results

NS Vision 2026

Non-Financial（FYE2023）

Final-Year Targets

KPI

Released in Sep 2023

（FYE2026）

Selected for the first time
for inclusionin the following ESG indices (2023)

12.3%

18%

ESG score improved＜Non-Financial KPI＞

Non-Financial Programs

Segment

Initiative
Reduce the Group’s

Reduction rate ofCarbon Neutral Program Ⅰ

GHG emissions

GHG emissions*1

CNPⅡ

Reduce customer

Lower customer

7,308＞5,868

Lower customer GHG emissions

Carbon Neutral Program Ⅱ

GHG emissions throughGHG emissions

K t-CO2ethrough environmental product

ESG indices adopted by GPIF
Theme index (Social)offerings and applications＞NSHD Group GHG emissions

MSCI Japan Empowering
Women (WIN) Select Index

Environment CNPⅠ●MSCI

environmental productofferings and applications

SocialLost time injury rate*2

SFP

Reduction in lost time

Safety First Program

injury rate

TDP

Utilization of diverse talent Rate of female

1.56

1.6
≤≦1.6

●FTSE
19.9%

ESG Score: BBB (as of Apr. 2023)

22%
≥
≧22%

employees

ESG Score: 3.5 (as of Jun. 2023)

ESG indices adopted by GPIF
Composite index

FTSE Blossom Japan Index

Talent Diversity Program
Rate of female

14.5%

18%
≥≧18%

99.7%

100%

management posts

Governance CPP
Compliance Penetration Program

Compliance education

Rate of receiving

and enforcement

compliance training

In addition to the above, we are also involved in the Zero Waste Program (ZWP) for waste reduction, the Sustainable Water Program (SWP) for effective use of water resources,
and the Quality Reliability Program (QRP) to improve quality and reliability. Together, we call them our "Eight Non-Financial Programs."*1 Reduction targets for a fiscal year are set regarding the base year of FYE2019, with figures adjusted to reflect the acquisition of the European industrial gases business.
*2 This is an indicator that represents the frequency of occupational accidents. It is calculated as the number of employees injured in accidents that resulted in lost work time, divided by the total number of work hours,
multiplied by one million hours.

9

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Composite index

FTSE4Good Index Series1. Strategic overview

Total Electronics: Present status
Draft underconsideration

In line with the Focused Field of "Total Electronics," we continue to successfully expand our semiconductor market.
During the FYE2024, electronics accounted for 17% of group revenue; Japan segment accounting for approx. 30%
and the A&O segment approx. 40% of segment revenue respectively.
Electronics revenue declined by 2% compared to FYE2023; however, customers' CAPEX has increased along withcapacity utilization. This will enable growth acceleration in FYE2025 and beyond.
Breakdown of the Revenue components （results for FYE2024 full-term）
Composition for electronics industry（Breakdown）Product Composition by Segment（Breakdown） Segment Composition by ProductSegment revenues broken down by Customer industry

Electronics industry revenues broken down by productBreakdown of Product revenue by Segment

Electronics

Group

A&O: Asia & Oceania

17%

Gases (other than specialty gases)（Unit: ¥ bn.）

Equipment and installation, otherJapan

Specialty gases

1,255

U.S.

EuropeA&O

Gases*2(other than specialty gases)

Japan

28%
7% *1

414

347

U.S.

*2

Specialty gases*2

3%302

EuropeA&O

40%

Equipment
and installation,
other

160
0%

*1 Due to aggregation criteria, a portion of "Gases (other than specialty gases)"for electronics customers in the U.S. is classified in the "Others" category.

10

20%

40%

60%

80%

100%

*2 Due to aggregation criteria, "Gas (other than specialty gases)" is not shown because
all gases of the electronics business in the U.S. are classified as "Specialty gases".

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

0%

20%

40%

60%

80%

100%

1. Strategic overview

Total Electronics: Further growth in the future
Draft underconsideration

Aggressively propose Total Gas Services in East Asia, U.S., Europe, and aim to win new projects, backed and supported
by 40 years of intimate electronics business knowledge.
Investment in manufacturing capacity
expansion in key regions (actual)

Role the Group can execute (value added by our group)
R&D
Construction Plan
for Customer’s plant

Conceptual design
Proposal

Construction
for Customer’s plant

Design & Engineering

Customer-oriented
value-added
maximization package
EPC contract(Full-turnkey contract)

Procurement
Construction

Equipment Sales

1. Providing various services such as gas supply facilities& engineering

2. Providing advanced customer-oriented gas supply
mechanisms

3. Relationship of mutual trust with semiconductor

Filling
Container

Investment
Objective

Strengthening Global Supply
Network

Product
Applications

As an essential material for
manufacturing semiconductors（Announced in Nov. 2021）

Site Services
Gas Sales

Specialty gases (including Electronic material gases)
production and supply system

Gas supply

Contribution period
Mixingdifferent gases

Purification
PipingMixtureSynthesis・
purification

Produces more than
10 types of gases
as primary producer

Segment (region)

Sales start dateJapan

Jul. 2023

Purchasing& Selling

Reactor

Korea

Feb. 2023

China

Feb. 2025 (planned)

A&O

Emission
Follow-up services

As a one-stop contact for customers,
we can supply gases and manage stocks with quality assurance.

Model diagram

11

Doubling the production capacity ofDiborane (Chemical formula B2H6 )manufacturers

Commissioning
Operation
in Customer's plant

Project
Summary

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

1. Strategic overview

Key CAPEX for our sustainable growth

WIP

Significant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026.

（色使いの関係で、Q列に、該当四半期
左記ドーナツチャート 基礎データ

2% 1%“Others" include projects which are notassignable because the facilities relate to a wide
range of customers and no one specific market（e.g.）･ New or expanded production basefor Bulk business･ Shipping container for liquefied helium

By Industry

24%
37%

Industrial

FYE2024（as of the end of Q4）

Approx.

¥170.0bn.*

2%

Approx. 50% is related toEnvironmental &Hydrogen society contribution“Environmental & Hydrogen society contribution
Total
related” includes projects that contribute to our group
換算レート（ご参考）：期中平均レー
and the customers' efforts to becomecarbon neutrality.
100to（e.g.） ・Modernizing our plants
state-of-the-art equipment
190
・Hydrogen production related
By Industry（HyCO Plant, and Green hydrogen JV）

34%
Industrial

Steel & Metals
Electronics
Chemicals & Energy

Automobiles & Other transportation
Healthcare
Others

Note that the above is an aggregation of investments that have been approved by the Board of Directors of each our group company, but have not yet been placed in service.
The size of each project is over approx. ¥500mn., $4mn. or €4mn.
* Converted to JPY using the average exchange rate for the Q4 of the FYE2024, as shown in the Notes (Please see p.3).

12

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024
Business performance-1. Q4 performance（Jan. - Mar.）13

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -1. Q4 performance（Jan. - Mar.）

Consolidated results（Unit: ￥ bn.）

FYE2024

Q4

Q4(Jan.-Mar.)(Jan.-Mar.)

YoY
Difference％ Change％ Changeexc. FX

Revenue

313.6

326.4

+12.8

+4.1%

-2.7%

Core operating income

35.5

41.2

+5.7

+16.0%

+7.2%

11.3%

12.7%

Non-recurring profit and loss

-0.4

6.5

+6.9

Operating income（IFRS）

35.1

47.8

+12.7

11.2%
19.9%

14.7%
21.7%

Finance costs

-4.3

-5.3

-1.0

Income before income taxes
Income tax expenses

30.7

42.4

+11.7

9.1

9.1

-0.0

Net income

21.5

33.3

+11.8

+54.5%(Attribution of net income)Net income attributable to owners of the parent

20.6

32.5

+11.9

+57.2%

6.6%

10.0%

0.8

0.7

Core OI margin

OI margin
EBITDA margin

NI margin
Net income attributable to non-controlling interests

14

FYE2023

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results-0.1+36.2%+38.2%

2. Q4 FYE2024 Business performance -1. Q4 performance（Jan. - Mar.）

Japan
YoY
（Unit: ￥ bn.）

FYE2023

FYE2024

Q4

Q4(Jan.- Mar.)(Jan.- Mar.)% Change
Difference% Change

Revenue

119.9

108.8

-11.1

-9.2%

-9.4%

Segment income

11.5

9.7

-1.8

-15.7%-16.0%

Segment OI margin

9.6%

8.9%

EBITDA margin

13.7%

13.1%

YoY Factors for increase/decrease in this quarterly period and other comment
・ Lower shipment volumes of core products such as packaged and bulk of air separation gases, and LP gas.
・ Sales price revisions and effective price management.
・ Shipment volumes of electronic material gases were soft.
・ In equipment and installation, revenue increased in Industrial Gases-related but decreased in Electronics-related.
・ Decrease in revenue due to conversion from on-site production facility to a joint operation entity (June 30, 2023).
・ Decrease in revenue due to the deconsolidation of a subsidiary responsible for residential-use LP gas business (January 1, 2024).

15

exc. FXMay 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -1. Q4 performance（Jan. - Mar.）

United States
YoY（Unit: ￥ bn.）

FYE2023

FYE2024

Q4

Q4(Jan.- Mar.)(Jan.- Mar.)% Change
Difference

exc. FX

Revenue

79.4

89.8

+10.4

+13.1%+0.8%

Segment income

10.9

14.1

+3.2

+28.7%+15.2%

Segment OI margin

13.8%

15.7%

EBITDA margin

26.4%

28.1%

YoY Factors for increase/decrease in this quarterly period and other comment
・ Higher shipment volumes of core products such as air separation gases.
・ Sales price revisions, effective price management, and productivity initiatives.
・ In equipment and installation, the revenue decreased in Industrial Gas-related but increased in Electronics-related.

16% Change

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -1. Q4 performance（Jan. - Mar.）

EuropeYoY（Unit: ￥ bn.）

FYE2023

FYE2024

Q4

Q4(Jan.- Mar.)(Jan.- Mar.)% Change
Difference

exc. FX

Revenue

69.5

79.3

+9.8

+14.0%+1.3%

Segment income

9.5

13.6

+4.1

+43.3%+26.7%

Segment OI margin

13.7%

17.2%

EBITDA margin

27.0%

30.5%

YoY Factors for increase/decrease in this quarterly period and other comment
・ Slightly lower shipment volumes of core products such as packaged and bulk of air separation gases.
・ Sales price revisions, effective price management, productivity and cost reduction efforts.
・ In equipment and installation, revenue was flat.

17% Change

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -1. Q4 performance（Jan. - Mar.）

Asia & Oceania
YoY（Unit: ￥ bn.）

FYE2023

FYE2024

Q4

Q4(Jan.- Mar.)(Jan.- Mar.)% Change
Difference

exc. FX

Revenue

37.0

40.8

+3.8

+10.0%+1.7%

Segment income

3.1

3.2

+0.1

+4.5%

-3.6%

Segment OI margin

8.5%

8.0%

EBITDA margin

14.8%

14.7%

YoY Factors for increase/decrease in this quarterly period and other comment
・ Lower shipment volumes of core products such as packaged and bulk of air separation gases.
・ Sales price revisions and effective price management.
・ In LP gas, of which a large portion of sales are in the Australia region, sales volumes increased.
・ Revenue of electronic material gases in East Asia decreased sharply.

18% Change

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -1. Q4 performance（Jan. - Mar.）

Thermos
YoY（Unit: ￥ bn.）

FYE2023

FYE2024

Q4

Q4(Jan.- Mar.)(Jan.- Mar.)% Change
Difference% Changeexc. FX

Revenue

7.5

7.6

+0.1

+0.7%

-0.3%

Segment income

1.5

1.2

-0.3

-20.5%-22.8%

Segment OI margin

20.5%

16.2%

EBITDA margin

25.5%

21.6%

YoY Factors for increase/decrease in this quarterly period and other comment
・ In Japan, revenue from vacuum-insulated bottles for Sports was firm.
・ Overseas, revenue from Korean sales companies and Asian production plants was flat, but sales conditions at equity-method affiliates were soft.
・ Production costs increased mainly due to the weak JPY.

19

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024
Business performance-2. Full-term Cumulative performance20

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -2. Full-term Cumulative performance

Consolidated results
FYE2023

FYE2024

Full-term

Full-term

YoY
Difference％ Change％ Changeexc. FX（Unit: ￥ bn.）

1,186.6

1,255.0

+68.4

+5.8%

+0.7%

123.1

165.9

+42.8

+34.8%+27.0%

10.4%

13.2%

Non-recurring profit and loss

-3.5

6.0

+9.5

Operating income（IFRS）

119.5

172.0

+52.5

10.1%
19.3%

13.7%
22.2%

Finance costs

-14.0

-21.3

-7.3

Income before income taxes
Income tax expenses

105.5

150.7

+45.2

29.5

41.3

+11.8

Net income

75.9

109.3

+33.4

+44.0%(Attribution of net income)Net income attributable to owners of the parent

73.0

105.9

+32.9

+44.9%

6.2%

8.4%

2.8

3.4

RevenueCore operating income
Core OI margin

OI margin
EBITDA margin

NI margin
Net income attributable to non-controlling interests

21

Forex （Unit: JPY）

USD

136.00145.31(average rate during the period)

EUR

141.62

157.72

AUD

92.67

95.32

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results+0.6+43.9%+42.9%

2. Q4 FYE2024 Business performance -2. Full-term Cumulative performanceJapan

By Industry
Cumulative period basis

8%

YoY（Unit: ￥ bn.）

FYE2023

FYE2024

Full-term

Full-term

Steel & Metals% Change
Difference% Change

4%24%

Automobiles & Other
transportationexc. FXElectronics
Food & Beverage

28%

Healthcare
Chemicals & Energy

Revenue

420.4

414.3

-6.1

-1.4%

-1.5%

Others24%
2%

Segment income
Segment OI margin

31.6

42.9

7.5%

10.4%

+11.3

+35.7%

10%+35.3%

By Product
Cumulative period basis

EBITDA margin

12.1%

14.8%

38%

Gases
Equipment andinstallation, other62%

22

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -2. Full-term Cumulative performance

United States

By Industry
Cumulative period basis

8%

YoY
FYE2023（Unit: ￥ bn.）

Full-term% Change

FYE2024
Full-term

10%

Difference% Changeexc. FX

Steel & Metals
Automobiles & Other
transportation

41%

7%

Electronics
Food & Beverage

Healthcare

13%

Chemicals & Energy

Revenue

303.0

347.0

+44.0

+14.5%+7.2%

Others8%

Segment income
Segment OI margin

37.0

50.0

12.2%

14.4%

+13.0

+34.9%

13%+26.0%

By Product
Cumulative period basis

EBITDA margin

25.7%

26.9%
25%

Gases
Equipment andinstallation, other

75%

23

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -2. Full-term Cumulative performance

EuropeBy Industry
Cumulative period basis

17%

YoY
（Unit: ￥ bn.）

FYE2023

FYE2024

Full-term

Full-term

30%

Steel & Metals% Change
Difference% Change

Automobiles & Other
transportationexc. FX

1%
3%

Electronics
Food & Beverage

Healthcare

17%

Chemicals & Energy

Revenue

272.8

302.4

+29.6

+10.8%-0.5%

Others20%
12%

Segment income
Segment OI margin

34.9

53.2

12.8%

17.6%

+18.3

+52.6%+36.7%
By Product
Cumulative period basis

EBITDA margin

25.6%

30.5%

10%

Gases
Equipment andinstallation, other

90%

24

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -2. Full-term Cumulative performance

Asia & Oceania

By Industry
Cumulative period basis

3%
22%

YoY
（Unit: ￥ bn.）

FYE2023

FYE2024

Full-term

Full-term

Steel & Metals% Change
Difference% Change5%

Automobiles & Other
transportationexc. FXElectronics
Food & Beverage

40%

Healthcare
Chemicals & Energy

Revenue

159.9

160.3

+0.4

+0.2%

-4.3%

Segment income

15.4

15.9

+0.5

+3.1%

-0.7%

9.7%

9.9%

Segment OI margin

Others25%

3% 2%

By Product
Cumulative period basis

EBITDA margin

15.5%

16.4%

16%

Gases
Equipment andinstallation, other

84%

25

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2. Q4 FYE2024 Business performance -2. Full-term Cumulative performance

Thermos

By Region
Cumulative period basis

16%

YoY
（Unit: ￥ bn.）

FYE2023

FYE2024

Ful-term

Full-term% Change
Difference% Changeexc. FX

Japan
Asia

Revenue

30.1

30.7

+0.6

+1.9%

+1.1%
84%

Segment income

26

6.0

5.5

Segment OI margin

19.9%

18.1%

EBITDA margin

24.8%

23.2%

-0.5

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results-7.6%-10.2%

3. FYE2025 Full-term Forecast

27

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

3. FYE2025 Full-term Forecast

Consolidated forecast
FYE2025

Full-term

Full-term forecast

Difference％ Change(Announced on May 13, 2024)（Unit: ￥ bn.）

1,255.0

1,300.0

+45.0

+3.6%

165.9

177.0

+11.1

+6.6%

13.2%

13.6%

Non-recurring profit and loss

6.0

0.0

-6.0

Operating income（IFRS）

172.0

177.0

+5.0

OI margin

13.7%

13.6%

EBITDA margin

22.2%

22.4%

Finance costs

-21.3

-23.0

-1.7

Income before income taxes
Income tax expenses

150.7

154.0

+3.3

41.3

46.0

+4.7

Net income

109.3

108.0

-1.3

-1.2%

(Attribution of net income)Net income attributable to owners of the parent

105.9

105.0

-0.9

-0.9%

8.4%

8.1%

3.4

3.0

RevenueCore operating income
Core OI margin

NI margin
Net income attributable to non-controlling interests

28

YoY

FYE2024Forex （Unit: JPY）

USD

145.31145.31(average rate during the period)

EUR

157.72

157.72

AUD

95.32

95.32

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

-0.4

+2.9%

+2.2%

Q&A Session

President CEO
Toshihiko Hamada

Senior Executive Officer,
Group Finance &Accounting Office,and CFO

Senior Executive Officer,
Group Corporate Planning
OfficeSenior Executive Officer,
Group Sustainability
Management Office,and CSO

Tsutomu Moroishi（Chief Sustainability Officer）

Alan Draper
Takeshi Miki30

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

General Manager,
Investor relations,Group Finance &Accounting Office

General Manager,
Accounting,Group Finance &Accounting Office

Keita Kajiyama

Takashi YoshidaAppendix

31

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

NIPPON SANSO Holdings Group Summary

https://www.nipponsanso-hd.co.jp/en/ir/

Corporate Philosophy

Corporate Information（As of March 31, 2024）

Company Name

Nippon Sanso Holdings Corporation

Founded

October 30, 1910

Headquarters

1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, JapanTEL

81-3-5788-8500

Group Philosophy
Proactive. Innovative. Collaborative.
Making life better through gas technology.

President CEO
Representative

Toshihiko Hamada

Common stock

37.3 billion yen

Stock information（As of March 31, 2024）

We aim to create social value through innovative gas solutions that increase industrial productivity,

Number of sharesenhance human well-being and contribute to a more sustainable future.

433,092,837

Number of shareholders

14,449Listed stock exchanges

Main Core businessTokyo Stock Exchange Prime Market

TickerIndustrial Gas business4091.T

Distribution by share holders (%)

Japanese Indivisuals and others

Mitsubishi Chemical Group 50.6

0%Group Vision

10%

20%

Foreign Institutions and Individuals

30%

40%

Other Japanese Corporations

50%

Thermos business

9.3

19.6

60%

70%

80%

90%

Japanese Financial Institutions

5.0

Electronics business

100%

15.5

Revenue / Employee personnel by Segment （As of Match 31, 2024）
2%

7%
0.5%

13%
33%

30%

22%

1,255.0bn.
24%

19,533
people

16%
28%
Japan

32

US

EuropeAsia & Oceania

Thermos

FYE2025 Financial Forecast（IFRS)Revenue¥1,300.0 bn.

Operating income¥177.0 bn.

24%
Corporate

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Net income attributable toowners of the parent

EPS¥105.0 bn.
¥242.57

Our Medium-term management plan Summary

https://www.nipponsanso-hd.co.jp/en/ir/management/plan.html

Capital allocation

Overview
Plan NameNS Vision 2026

Cash-in

SloganEnabling the Future［Operating Cash flow]\730.0 bn.

Period4 years from April 2022 to March 2026

Cash-out\433.0 bn.

Released date

May 11, 2022

［Investment as a whole]

Financial target（Final fiscal year in the plan: FYE2026）

Composition ratio by Business

Revenue\975.0-1,000.0 bn.

Core Operating Income
EBITDA margin\125.0-135.0 bn.
Group:

24%
0%

10%

≥24 %

Japan, the U.S., EU, A&O, Thermos: ≥17-33%
Adjusted net D/E ratio(the total for 4 years)

27%
20%

30%

Japan

US

40%

Europe

10%

20%

30%

Base/Underlying

Non-Financial target

Focused fields＜Environment＞
Reduction rate of GHG emissions

FYE2026:

18 %(Base year: FYE2019)

FYE2031:

32 %GHG reduced emissions through environmental product offer
FYE2026:Lower GHG emissions through environmental product offerings and applications＞NSHD Group GHG emission＜Safety Management＞
FYE2026:≤1.6

FYE2026:100 %FYE2026:≥22 %＜Compliance＞＜HR＞

Rate of female management posts

33

70%

80%

90%

100%

Strategic (beyond regions)

37%

45%
0%

（Note）Forex rate (Assumption) : USD \115 EUR \125Rate of female employees

60%

Thermos

9%

Composition ratio by Initiative≥6 %Rate of receiving compliance training

50%

Asia & Oceania

2%≤0.7 times

ROCE after Tax

Lost Time Injury Rate

14%

24%

FYE2031:25 %FYE2026:≥18 %FYE2031:22 %May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

40%

50%

Growth initiatives

60%

12%
70%

Strategic initiatives

80%

M&A

90%

6%
100%

Non-recurring items
Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances),
losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets).
Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring items in the Company.
FYE2023
Full-term

FYE2024
Full-term

YoY
Difference（Unit: ￥ bn.）

Core operating income

123.1

165.9

+42.8

Non-recurring profit and loss

-3.5

6.0

+9.5

Operating income（IFRS）

119.5

172.0

+52.5

Items（Unit：￥ bn.）
FYE2023 Full-term result
Item

34

FYE2024 Full-term result
AmountItem

AmountArbitration of Leasing facilities dispute (United States)-3.5 Accounting gain on change in ownership interest in subsidiary (Japan)

8.8

Gain on sales of overseas land (Asia & Oceania)

0.6 Impairment loss due to exit of business (Asia & Oceania, US)-2.4

Expenses related to closure of JFE Steel Keihin Plant, etc. (Japan)-0.5 Others-0.3

Restructuring-related expenses for the alfi business (Thermos)-0.3

Others (Japan)

0.1

Total

-3.5 Total

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

6.0

Key performance indicators
Item

35

FYE2023
Full-term

Unit

FYE2024
Full-term

Basic earnings per share

JPY

168.85244.66

Overseas sales ratio

％

63.0

65.5

ROE

％

10.8

12.9

ROCE

％

7.6

9.4

ROCE after Tax

％

5.4

6.7

Annual dividends per share

JPY

38

44

Dividend payout ratio

％

22.5

18.0

CAPEX(fund basis) & Investments and loans

\bn.

94.7

120.8

Depreciation and amortization

\bn.

105.7

112.4

Free cash flow

\bn.

89.8

91.3

Adjusted net D/E ratio

Times

0.81

0.74

Interest-bearing liabilities

\bn.

941.7

936.9

Net interest-bearing liabilities

\bn.

809.5

810.8

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results（Reference）Preconditions, Definition & Calculations of our KPIs
Glossary

Preconditions and Definitions in this Presentation

Core operating income

Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring factors (non-recurring items*).
*Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances), losses causedby disasters or serious accidents, and other gains and expenses (such as disposal of idling assets).

Interest-bearing debt

Bonds and borrowings as presented in the statement of financial position, plus lease liabilities included in other financial liabilities.
*Includes Hybrid finance.

Hybrid finance

A form of debt financing that has features resembling equity, such as voluntary deferral of interest, extremely long-term redemption periods and subordination
during liquidation or bankruptcy procedures.
This kind of financing does not cause stock dilution, and a certain ratio of the funds procured in this way can be recognized as equity credit by rating
agencies provided that certain conditions are met.

Equity-type debt

The amount of debt procured by hybrid finance that has been recognize as equity credit by rating agencies.
In this fund procurement, rating agencies have recognized equity credit for 50% of the procured amount.

Indicator

Calculations used in this presentation

EBITDA margin（Core operating income＋Depreciation and amortization）／Revenue

ROE

Profit attributable to ownwers of parent／Total equity attributablle to ownwers of parent*

ROCE

Core operating income／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed]

ROCE after Tax

Core operating income after Tax（+Dividend received）［NOPAT] ((Core operating－Investment income/loss from Equity in earnings (losses) of affiliatedcompanies included in Core operating income)×(1－effective tax rate)＋Investment income/loss from Equity in earnings (losses) of affiliated companies
included in Core operating income＋Dividend received))／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed]

Adjusted net D/E ratio((Interest-bearing debt – equity-type debt) – cash and cash equivalents)／(equity attributable to owners of the parent + equity-type debt)** The average of the amounts at the end of the comparative fiscal years of the previous and current fiscal years is used.

36

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Condensed consolidated statements of Cash flows（Unit：￥ bn.）

37

FYE2023

FYE2024

Full-term

Full-term

YoY
Difference% Change

Income before income taxes
Depreciation and amortization
Changes in working capital
Others

105.5
105.7
-22.2
-1.0

150.7
112.4
-20.6
-26.5

+45.2
+6.7
+1.6
-25.5

+42.9%Cash flows from operating activities

187.9

215.9

+28.0

+14.9%

Capital expenditures
Investments and loans
Others (asset sales, etc.)

-91.8
-2.9
-3.3

-118.3
-2.5
-3.7

-26.5
+0.4
-0.4

Cash flows from investing activities-98.0-124.6-26.6+27.1%

Free cash flow

89.8

91.3

+1.5

+1.6%

Cash flows from financing activities-54.4-110.0-55.6+102.2%

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Condensed consolidated statements of Financial position（Unit：￥ bn.）

FYE2023

FYE2024

YoY

Q4

Q4

Difference

Cash and cash equivalents

132.2

126.1

-6.1

Trade receivables

243.5

282.1

+38.6

Inventories

97.6

100.4

+2.8

Others

53.7

59.4

+5.7

527.0

568.2

+41.2

Property, plant and equipment

776.1

877.4

+101.3

Goodwill

513.6

575.8

+62.2

Equity attributable to

Intangible assets

242.3

252.3

+10.0

99.7

135.3

+35.6

Total non-current assets

1,631.8

1,840.8+209.0Total assets

2,158.9

2,409.0+250.1

Total current assets

OthersFYE2023

FYE2024

YoY

Q4

Q4

Difference

Trade payables

128.1

136.0

+7.9

Interest-bearing liabilities

941.7

936.9

-4.8

Others

330.9

390.0

+59.1

1,400.9

1,462.9

+62.0

626.5

703.8

+77.3

97.7

210.6

+112.9owners of parent

724.3

914.4

+190.1

Non-controlling interests

33.6

31.6

-2.0

Total equity

757.9

946.1

+188.2

2,158.9

2,409.0+250.1

Total liabilities
Share capital and capital surplus, etc
Other components of equity

Total liabilities and equity

Note that foreign exchange rates resulted in an increase in both total assets and total liabilities and equity of approximately ¥204.0 billion. This mainly reflected foreign exchange rate changes,
such as the JPY depreciation of ¥17.88 against the USD and the JPY depreciation of ¥17.52 against the EUR as of March 31, 2024, compared with the rates as of March 31, 2023.

38

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Results overview by Segment
FYE2024

FYE2023（Unit: ￥ bn.）

United States

EuropeAsia & Oceania

Thermos

Segment OI margin

7.5%

10.4%

Revenue
Segment OI

303.0
37.0

347.0
50.0

Segment OI margin

12.2%

14.4%

Revenue
Segment OI

272.8
34.9

302.4
53.2

Segment OI margin

12.8%

17.6%

Revenue
Segment OI

159.9
15.4

160.3
15.9

Segment OI margin

9.7%

9.9%

Revenue
Segment OI

30.1
6.0

30.7
5.5

Segment OI margin

19.9%

18.1%

0.0
-2.0

0.0
-1.7

1,186.6
123.1

1,255.0
165.9

10.4%

13.2%

Segment OICore OICore OI margin39(Apr.- Mar.)

Segment OI

Revenue

Consolidated total(Apr.- Mar.)

414.3
42.9

Revenue

Adjustment

Full-term

Composition
ratio

420.4
31.6

RevenueJapan

Full-term

YoY

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

33.0%
25.9%

27.7%
30.1%

24.1%
32.1%

12.8%
9.6%

2.4%
3.4%

0.0%
-1.1%

100.0%
100.0%

DifferenceWork in Progress% Change

Forex impact% Changeexc. FX

-6.1
+11.3

-1.4%
+35.7%

+0.2
+0.0

-1.5%
+35.3%

+44.0
+13.0

+14.5%+34.9%

+20.7
+2.6

+7.2%
+26.0%

+29.6
+18.3

+10.8%+52.6%

+31.0
+4.0

-0.5%
+36.7%

+0.4
+0.5

+0.2%
+3.1%

+7.4
+0.5

-4.3%
-0.7%

+0.6
-0.5

+1.9%
-7.6%

+0.2
+0.1

+1.1%
-10.2%

-0.0
+0.3

―
―

+68.4
+42.8

+5.8%
+34.8%

―
―
+59.8
+7.5

+0.7%
+27.0%

Revenue composition
As of 1/27 9AM
WIP(Charts by industry)

By Segment

By Industry

2%

10%

13%

5%
30%

33%

24%

FYE2024
Full-term

FYE2024
Full-term¥1,255.0bn.

¥1,224.2bn.

17%(exc. Thermos business)

9%
20%
9%

28%

Japan

U.S.

EuropeAsia & Oceania

Thermos

Steel & Metals

Healthcare

Automobiles & Other transportation

Chemicals & Energy

Electronics

OthersFood & Beverage

40

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Business performance over the past five years（¥ bn.）

Revenue（¥ bn.）

Operating income（IFRS）

Profit attributableto owners of the parent（¥ bn.）

OI margin

1,186.6

1,255.0

11.0%

10.9%

10.6%

10.1%

13.7%

850.2

8.4%

NI margin

957.1
818.2

6.3%

6.7%

6.7%

6.2%

172.0

2020.32021.32022.32023.3

Net interest-bearing debts

2024.3（¥ bn.）

93.9

88.8

101.1

2020.32021.32022.3

105.9

119.5

2023.32024.3（¥ bn.）

Capital expenditures

Hybrid Finance (HBF)

53.3

55.2

64.1

73.0

2020.32021.32022.32023.3

Depreciation
and amortization

2024.3（¥ bn.）CAPEX % Sales

Net debt excluding HBF

8.6%

1.45

Adjusted net D/E ratio*

1.15

0.94

0.81

7.8%

7.7%

9.4%
118.3

0.74

91.8
72.8

648.3

608.1

585.5

559.5

250.0

250.0

250.0

250.0

150.0

2020.32021.32022.32023.32024.3

60.0

83.7

86.3

2020.32021.3

105.7

112.4

2023.32024.3

92.4

74.4

660.8

*Adjusted Net D/E Ratio: an indicator of safety (financial soundness) calculated in consideration of this partdue to 50% of the amount raised by HBF is permitted as “Equity" by rating agencies.

41

7.3%

2020.32021.32022.32023.3*It’s recorded on a cash basis.

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2024.32022.3Glossary: EBITDA margin／ROCE after Tax
EBITDA marginand EBITDA

EBITDA（Earnings Before Interest Taxes Depreciation and Amortization）

EBITDA
marginIndicator that shows profitability based on Cash Flow, excluding theimpact of M&A and CAPEX.

20.5%

This indicator should not be considered in isolation from performanceindicators such as operating income and net income, which are indicators
based on IFRS, and should not be viewed as substitutes for these
indicators. This indicator should be given due consideration whencomparing them with similarly named financial indicators presented byother companies.

ROCE after Tax（Return On Capital Employed after Tax ）=NOPAT(Net Operating Profit After Tax)

21.2%

174.1

173.6

2020.32021.3（￥ bn.）

20.4%

195.1

2022.3

19.3%

228.8

2023.3

22.2%
278.4

2024.3（Reference）

ROCE after Tax
and NOPAT（￥ bn.）（￥ bn.）ROCE and Core OI
ROCE

ROCE after Tax（Interest-bearing debt + Total equity attributable to owners of parent）*

6.7%* The average of the amounts at the end of the comparative fiscal year s of the previous and current fiscal years is used.

Indicator based on profitability and investment efficiency
This indicator should not be considered in isolation from performanceindicators such as operating income and net income, which are indicators
based on IFRS, and should not be viewed as substitutes for these
indicators. This indicator should be given due consideration whencomparing them with similarly named financial indicators presented byother companies.

42

4.6%

4.4%

4.8%

62.8

2020.32021.3

6.1%

6.8%

7.6%

9.4%

5.4%
165.9
117.2

64.6

6.4%

73.0

87.4

2022.32023.3

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

2024.3

90.3

87.2

2020.32021.3102.7

2022.3123.1

2023.32024.3

Industrial gas supply systems
Air Separation Gases

Other Gases

Air Separation Unit

On-siteAir

Major supply destination（Sector）

Storage tank for liquid gases
Petrochemical

Steel
Oxygen Nitrogen
N2
O2

RefineryWe’ve established production plants in the vicinity of the customer.
A form of direct connection and constant supply of pipes.

（Large-scale supply）

Supply via pipeline

Refining by-product gas from chemical factories and gas transported overseas

Oxygen
O2

Bulk
CO2

Major supply destination（Sector）

NitrogenN2

Tank truck
Argon
Ar

Automobile

Shipbuilding

Construction
machinery

Pharmaceutical
MedicalManufacturing
Glass/Paper
Food/
beverage

LCP

Photovoltaics

Semiconductor

H2

He

Tank truck

We’ve installed a storage tank for liquefied gas in the customer's
premises. A form of supply according to the method of use of gas.

Supply via Liquid gases form

（Medium-scale supply）

Supply via Liquid gases form

Packaged
Filling station

Major supply destination（Sector）

Filling station
Flatbed truck

Advanced
medicine

HomecareEngineeringdevelopment

R&D

Sanitation

Flatbed truck

Construction/
Installation

We deliver filling containers (cylinders) to customers.
A form of supply according to the method of use of gas.

Supply via Cylinder

43（Small-scale supply）

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

Supply via Cylinder

LP
Gas

44

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results

For further information, please contact:
Public Relations for media

Investor Relations for investors

Public Relations

Investor Relations

Tel：+81 (0)3-5788-8513
E-mail：Nshd.info@nipponsanso-hd.co.jp

Tel: +81 (0)3-5788-8512
E-mail：Nshd.ir@nipponsanso-hd.co.jp

Upcoming IR events
FYE2024 Full-term Earnings Presentation
Annual Shareholder meeting
Q1 FYE2025 Earnings Call

May 22, 2024
June 19, 2024
July 30, 2024

www.nipponsanso-hd.co.jp/en/

NIPPON SANSO Holdings Corporation (Ticker:4091.T)
Headquarters：1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan45

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 resultsImportant Notice– Trading of Nippon Sanso Holdings Corporation Common Stock,
Disclaimer Regarding Unsponsored American Depository Receipts
Nippon Sanso Holdings Corporation ("NSHD”) encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock Exchange, which is where its common stock
is listed and primarily trades. NSHD’s disclosures are not intended to facilitate trades in, and should not be relied on for decisions to trade, unsponsored American Depository Receipts(“ADRs”).
NSHD has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuance or trading of any ADRs issued
thereunder in respect of its common stock. NSHD does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) NSHD
has any reporting obligations within the meaning of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) or (ii) NSHD’s website will contain on an ongoing basis all informationnecessary for NSHD to maintain an exemption from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder.

To the maximum extent permitted by applicable law, NSHD and its affiliates disclaim any responsibility or liability to ADR holders, banks, depositary institutions, or any other entities orindividuals in connection with any unsponsored ADRs representing its common stock.

46

May 13, 2024 | NIPPON SANSO Holdings Supplementary Materials FYE2024 Q4 results© 2024 NIPPON SANSO Holdings Corporation All rights reserved