Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2025
(Based on IFRS)July 30, 2024
Stock exchange listing: Tokyo (Prime)
Company name: Nippon Sanso Holdings Corporation
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp
Representative: Toshihiko Hamada, President CEO
Inquiries:
Keita Kajiyama, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to commence dividend payments: —Supplementary materials on quarterly financial results: Yes
Quarterly results explanatory meeting: Yes (For institutional investors and analysts)(Amounts less than ¥1 million are omitted)

1. Financial results for Q1 FYE2025 (April 1, 2024 – June 30, 2024)(1) Operating results
Revenue

Q1
FYE2025
Q1
FYE2024

Core operating
incomeOperating income

Net income(Percentages indicate year-on-year change)
Net income
Total
attributable tocomprehensive
owners of the parent
income(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%

329,274

6.6

48,35518.7

47,97917.8

29,65816.1

29,085

18.4

96,131(3.0)

308,903

11.9

40,74834.6

40,71548.2

25,542

42.2

24,55842.1

99,06958.1(Reference) Income before income taxes
Q1 FYE2025: ¥42,903 million [18.4%]
Q1 FYE2024: ¥36,226 million [41.8%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).

Q1
FYE2025
Q1
FYE2024

Basic earnings

Diluted net income

per share (Yen)per share (Yen)

67.19

—

56.74

—

(2) Financial position
Total assets(¥ million)

FYE2025(June 30, 2024)
FYE2024(March 31, 2024)

Total equity(¥ million)

Equity attributable to ownersof the parent (¥ million)

Equity attributable to ownersof the parent ratio (%)

2,532,316

1,031,254

999,01339.5

2,409,083

946,112914,481

38.0

- 1 -

2. Dividends
Annual Dividend
End of 1st quarterEnd of 2nd quarterEnd of 3rd quarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2024—

FYE2025—

FYE2025 (est.)

20.00

—

24.00

44.00

24.00

—

24.00

48.00

Note: No revisions have been made to recently announced forecasts.

3. Forecasts for business operations for FYE2025 full term (April 1, 2024 – March 31, 2025)
Core operating
incomeRevenue

Full term

Operating income

Net income(Percentages indicate year-on-year change)
Basic
Net income
attributable to owners
earningsof the parent
per share(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)

%

(Yen)

1,300,000

3.6

177,000

6.6

177,000

2.9

108,000(1.2)

105,000(0.9)

242.57

Note: No revisions have been made to recently announced forecasts.
(Reference) Income before income taxes
FYE2025 full term: ¥154,000 million [2.2%]* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Changes in accounting policies, changes in financial forecasts
1. Changes in accounting policies required by IFRS: None
2. Changes in accounting policies other than 1.: None
3. Changes in accounting estimates: None
(3) Number of outstanding shares (common shares)
1. Number of outstanding shares at the end of
the period (including treasury stock)

As ofJun. 30, 2024
As of

2. Number of treasury stocks at the end of theperiodJun. 30, 2024

3. Average number of shares during the period

Jun. 30, 2024

433,092,837
shares235,652
shares432,857,508
shares

As ofMar. 31, 2024
As ofMar. 31, 2024
Jun. 30, 2023

433,092,837
shares235,014shares432,860,141
shares* Explanation on the appropriate use of the forecasts of financial results and other comments- The forward-looking statements such as the forecasts of financial result stated in this document are based on theinformation currently available on the Company and certain assumptions that the Company judges as rational. The
Company is under no obligation to guarantee their achievement. Actual financial results may vary significantly due tovarious reasons. For details on the assumptions of the forecasts and related matters, please see page 7, “(3)Explanation Concerning Predictive Information such as Consolidated Business Forecasts” in “1. Qualitative
Information on Quarterly Financial Results.”* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified
public accountants or an audit firm: Yes (Voluntary)* The English-language quarterly financial statements have not been reviewed by certified public accountants or an
audit firm.

- 2 -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 issuanceor 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 information necessary 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 or individuals in connection with any unsponsored ADRs representing its common stock.

- 3 -○ Contents
1. Qualitative Information on Quarterly Financial Results ·············································································

5(1) Explanation Concerning Quarterly Business Results·············································································

5(2) Overview of Quarterly Financial Position ·························································································

6(3) Explanation Concerning Predictive Information such as Consolidated Business Forecasts ································

7

2. Quarterly Condensed Consolidated Financial Statements and Main Notes ·······················································

8(1) Quarterly Condensed Consolidated Statement of Financial Position ··························································(2) Quarterly Condensed Consolidated Statement of Profit or Loss and Quarterly Condensed Consolidated Statementof Comprehensive Income ·········································································································(3) Quarterly Condensed Consolidated Statement of Changes in Equity ··························································

810(4) Quarterly Condensed Consolidated Statement of Cash Flows ··································································

14(5) Notes to the Quarterly Condensed Consolidated Financial Statements ························································

15(Applicable financial reporting framework) ·····················································································

15(Notes regarding going concern assumption) ····················································································

15(Segment information) ··············································································································

15

- 4 -

12

１．Qualitative Information on Quarterly Financial Results(1) Explanation Concerning Quarterly Business Results(General Overview)

Nippon Sanso Holdings Group (NSHD Group) delivered positive profit growth for the first quarter of the fiscal year
under review (from April 1, 2024 to June 30, 2024) despite challenging geopolitical issues, rising trade tensions, global
inflation, JPY depreciation, and a soft semiconductor market.
Under these circumstances, overall shipment volumes were negative despite the fact that that of air separation gases(oxygen, nitrogen, and argon) were positive year-on-year. In addition, there has been a moderation of energy costs inmost regions as compared to prior year. Furthermore, price management has been successful in passing costs through toour customers and our robust productivity projects continue to yield positive financial results. These factors enabled the
NSHD Group to achieve the following results for the first quarter under review.
Revenue on a consolidated basis increased by 6.6% year-on-year to ¥329,274 million, core operating income increased
by 18.7% to ¥48,355 million, operating income increased by 17.8% to ¥47,979 million, and net income attributable toowners of the parent increased by 18.4% to ¥29,085 million.
As for the impact of foreign exchange rates year-on-year, JPY depreciated against the USD from ¥139.63 to ¥158.24(+¥18.61, or +13.3%), against the EUR from ¥151.89 to ¥170.08 (+¥18.19, or +12.0%). As a result, overall revenue andcore operating income were favorably impacted by approximately ¥24.1 billion and ¥3.6 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to nonrecurring factors such as losses incurred due to business withdrawal or downsizing.
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
(i) Japan
In the industrial gas-related business, shipment volumes of air separation gases slightly decreased and those of carbon
dioxide gas were flat year-on-year. In addition, shipment volumes of electronic material gases were soft. In equipment
and installation, both industrial gas-related and electronics-related businesses posted higher revenues, mainly due tomedium and large sized projects which are accounted for on a percentage-of-completion basis. Meanwhile, there was adecrease in revenue due to two transactions which occurred last fiscal year: the conversion of a consolidated on-site
subsidiary to a joint operation entity and the deconsolidation of a subsidiary responsible for resident-use LP gas.
As a result, in the Japan segment, revenue decreased by 6.2% year-on-year to ¥ 100,916 million and segment income
increased by 2.9% to ¥ 11,567 million.
(ii) United States
Revenue increased in the industrial gas-related business year-on-year mainly due to positive volumes related to air
separation gases and price management. In equipment and installation, sales conditions of industrial gas-related andelectronics-related equipment were soft.
As a result, in the United States segment, revenue increased by 12.9% year-on-year to ¥ 92,601 million and segment
income increased by 32.3% to ¥ 14,808 million.
(iii) Europe
Revenue increased in the industrial gas-related business year-on-year mainly due to firm shipment volumes of air
separation gases and price management. Equipment and installation, revenue increased with positive performance in bothindustrial gas-related and medical-related equipment.
As a result, in the Europe segment, revenue increased by 16.3% year-on-year to ¥ 85,039 million, and segment income
increased by 26.6% to ¥ 16,644 million.

- 5 -(iv) Asia & Oceania
In the industrial gas-related business, air separation gases shipment volumes were positive. In LP gas, of which a large
portion of sales is in the Australia region, sales volumes were solid, thereby increasing revenue. In the electronics-related
business, in East Asia, shipment volumes of electronic material gases remained soft.
As a result, in the Asia & Oceania segment, revenue increased by 10.3% year-on-year to ¥42,428 million and segment
income increased by 4.8% to ¥4,325 million.
(v) Thermos
In Japan, sales from portable vacuum-insulated mugs were firm, and revenue increased due in part to the launch of new
products with functional and stylish designs. Overseas, sales conditions were soft. Segment income decreased mainly
due to higher marketing costs and production costs caused by the weak JPY.
As a result, the Thermos segment revenue increased by 9.0% year-on-year to ¥8,264 million, the segment income
decreased by 13.0% to ¥1,241 million.
(2) Overview of Quarterly Financial Position
As of the end of the Q1 consolidated accounting period, total assets amounted to ¥2,532,316 million, an increase of¥123,233 million from March 31, 2024. Foreign exchange rates resulted in an increase in total assets of approximately¥113.0 billion. This mainly reflected foreign exchange rate changes, such as the JPY depreciation of ¥9.66 against the
USD and the JPY depreciation of ¥9.09 against the EUR as of the end of June 30, 2024, compared with the rates as ofMarch 31, 2024.
[Assets]
Total current assets were ¥578,079 million, an increase of ¥9,877 million from March 31, 2024. The main factors weredecreases in cash and cash equivalents and trade receivables, and the impact from the JPY depreciation against major
currencies such as the USD and the EUR.
Total non-current assets were ¥1,954,236 million, an increase of ¥113,355 million from March 31, 2024, mainlyreflecting increases in plant, property and equipment and other financial assets, and the impact from JPY depreciation
against major currencies.
[Liabilities]
Total current liabilities were ¥485,250 million, a decrease of ¥12,769 million from March 31, 2024. The main factors
were decreases in other financial liabilities and trade payables, and the impact from JPY depreciation against major
currencies.
Total current liabilities were ¥1,015,811 million, an increase of ¥50,860 million from March 31, 2024. The main
factors were increases in bonds and borrowings and other financial liabilities, and the impact from JPY depreciation
against major currencies.
[Equity]
Total equity amounted to ¥1,031,254 million, an increase of ¥85,141 million from March 31, 2024. The main factors
were increases due to the recording of exchange differences on translation of foreign operations and net income
attributable to owners of the parent.
The ratio of equity attributable to owners of the parent stood at 39.5%, up 1.5 percentage points from the previous
fiscal year-end.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 1.6% year on year to ¥34,140 million. The main components wereincome before income taxes, depreciation and amortization expenses, and variations in trade receivables.
[Cash flow from investing activities]
Net cash used in investing activities increased 85.0% year-on-year to ¥46,201 million. The main use of cash was forthe purchase of property, plant and equipment.
[Cash flow from financing activities]
Net cash provided by financing activities increased to ¥1,517 million from net cash used of ¥24,922 million year-onyear. The main factors were the proceeds from long-term borrowings and net variation in commercial papers, andrepayment of long-term borrowings.

- 6 -As a result of the Company’s operating, investing, and financing activities, the balance of cash and cash equivalents asof the end of Q1, after accounting for the effects of exchange differences, came to ¥121,537 million.
(3) Explanation Concerning Predictive Information such as Consolidated Business Forecasts
No revisions have been made to the consolidated business forecasts released on May 13, 2024.

- 7 -2. Quarterly Condensed Consolidated Financial Statements and Main Notes(1) Quarterly Condensed Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and cash equivalents
Trade receivables

126,100
282,199

121,537
283,633

Inventories
Other financial assets

100,460
27,216

104,848
29,249Other current assets

27,84734,298Subtotal
Assets possessed for a sales purpose

563,825
4,376

573,5664,512

568,201

578,079

Property, plant and equipment
Goodwill

877,400
575,809936,405
609,861

Intangible assets
Investments accounted for using the equity method

252,348
54,673262,983
57,284

Other financial assets
Retirement benefit asset

63,436
4,712

69,873
4,653

Other non-current assets
Deferred tax assets

9,133
3,367

9,504
3,670

Total non-current assets

1,840,881

1,954,236

2,409,083

2,532,316

Total current assets
Non-current assets

Total assets- 8 -(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade payables

136,027

132,538

Bonds and borrowings
Corporate income taxes payable

166,219
14,169172,908
16,836

Other financial liabilities
Allowance

121,402
1,095

104,687
769

Other current liabilities

59,10557,509Total current liabilities

498,019

485,250

Non-current liabilities
Bonds and borrowings

724,039

757,906

Other financial liabilities
Retirement benefit liabilities

39,48815,35244,284
16,153

Allowance
Other non-current liabilities

5,019
20,656

5,356
21,316

Deferred tax liabilities

160,395

170,794

Total non-current liabilities
Total liabilities
EquityShare capital

964,951

1,015,811

1,462,970

1,501,062

37,34437,344

Capital surplus
Treasury stock

39,233(242)

39,030(245)

Retained earnings
Other components of equity

627,544
210,601

646,254
276,629

Total equity attributable to owners of the parent

914,481

999,013

Non-controlling interests

31,63032,240Total equity

946,1121,031,254

2,409,083

2,532,316

Total liabilities and equity- 9 -(2) Quarterly Condensed Consolidated Statement of Profit or Loss and Quarterly Condensed Consolidated Statement ofComprehensive Income
Condensed Consolidated Statement of Profit or Loss
(Consolidated cumulative first quarter)(Millions of yen)Three-months ended
June 30, 2023
Revenue
Cost of sales
Gross operating profit
Selling, general and administrative expenses

Three-months ended
June 30, 2024

308,903329,274(187,077)(191,649)

121,825

137,625(81,766)(89,690)

Other operating income
Other operating expense

812
(443)

1,066
(2,063)

Share of profit of investments accounted for using theequity method

286

1,041

40,71547,979Operating income
Finance income

1,605

1,529

Finance costs(6,093)(6,605)

Income before income taxes

36,22642,903

Corporate income taxes(10,683)(13,244)

Net income

25,542

29,658Net income attributable to:
Owners of the parent

24,55829,085

Non-controlling interests

984

572

Net income per share
Basic earnings per share (yen)

56.74

67.19

- 10 -

Condensed Consolidated Statement of Comprehensive Income(Consolidated cumulative first quarter)(Millions of yen)Three-months ended
June 30, 2023
Net income

Three-months ended
June 30, 2024

25,542

29,658

4,995

957

9

13

Share of other comprehensive income of investments
accounted for using the equity method

1196

Total of items that will not be reclassified to profit or
loss

5,016

1,067

Exchange differences on translation of foreign
operations

68,54764,514

Effective portion of net change in fair value of cash
flow hedges

(499)

(30)

Share of other comprehensive income of investments
accounted for using the equity method

461

921

68,50965,405

Other comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through othercomprehensive income
Remeasurements of defined benefit plans

Items that may be reclassified subsequently to profit orloss

Total of items that may be reclassified subsequently
to profit or loss

73,526

66,472Comprehensive income

Total other comprehensive income, net of tax

99,06996,131

Comprehensive income attributable to:
Owners of the parent

97,624

95,127

1,445

1,003

Non-controlling interests- 11 -

(3) Quarterly Condensed Consolidated Statement of Changes in Equity
Three-months ended June 30, 2023 (April 1, 2023 to June 30, 2023)
Share capital
Balance at April 1, 2023

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,344

51,610(233)

537,867

Net income

－

－

－

24,558Other comprehensive income

－

－

－

－

－

－

－

24,558Purchase of treasury stock

－

－

(1)

－

Dividends－－－(8,658)

－

(199)

－

－

－

－

－

28

Change in scope of consolidation

－

－

－

(16)

Other changes

－

－

－

－

－

(199)

(1)

(8,646)37,344

51,411(234)

553,779

Comprehensive income

Changes in ownership interest in
subsidiaries
Transfer from other components ofequity to retained earnings

Total transactions with owners

Balance at June 30, 2023

Other components of equity

Balance at April 1, 2023

Net income

Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans

81,172(284)

16,836－

Total equity
attributableto owners of
the parent

Noncontrollinginterests

97,724

724,31433,682757,996

Total

Total equity

－

－

－

－

－

24,558984

25,542

68,560

(494)

4,990

9

73,06573,065

460

73,526

68,560

(494)

4,990

9

73,06597,624

1,445

99,069Purchase of treasury stock

－

－

－

－

－

(1)

－

(1)

Dividends

－

－

－

－

－

(8,658)(553)(9,212)

－

－

－

－

－

(199)

(88)

(287)

－

－

(18)

(9)

(28)

－

－

－

－

－

－

－

－

(16)

－

(16)
(17)

Other comprehensive income
Comprehensive income

Changes in ownership interest in
subsidiaries
Transfer from other components ofequity to retained earnings
Change in scope of consolidation
Other changes
Total transactions with owners

Balance at June 30, 2023

－

－

－

－

－

－

(17)

－

－

(18)

(9)

(28)

(8,875)(660)(9,535)

149,732(779)

21,808－

170,761

813,063

34,467

847,530- 12 -

Three-months ended June 30, 2024 (April 1, 2024 to June 30, 2024)
Share capital
Balance at April 1, 2024

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,344

39,233(242)

627,544

Net income

－

－

－

29,085

Other comprehensive income

－

－

－

－

－

－

－

29,085Purchase of treasury stock

－

－

(2)

－

Dividends－－－(10,389)

－

(203)

－

－

－

－

－

13

Change in scope of consolidation

－

－

－

－

Other changes

－

－

－

－

－

(203)

(2)

(10,375)

37,34439,030(245)

646,254

Comprehensive income

Changes in ownership interest in
subsidiaries
Transfer from other components ofequity to retained earnings

Total transactions with owners

Balance at June 30, 2024

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans

188,017291

22,292－－－－65,011(30)

65,011(30)

Purchase of treasury stock－

Dividends

Total equity
attributableto owners of
the parent

Noncontrollinginterests

Total equity

210,601

914,481

31,630946,112－－29,085572

29,6581,046

1366,041

66,041

430

66,4721,046

13

66,041

95,127

1,003

96,131

－

－

－

－

(2)

－

(2)

－

－

－

－

－

(10,389)(351)(10,741)

－

－

－

－

－

(203)

(295)

(498)

－

－

－

(13)

(13)

－

－

－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

－

－

－

－

－

－

253

253

－

－

－

(13)

(13)

(10,595)(393)(10,989)

253,029260

23,339－276,629

999,013

32,2401,031,254

Balance at April 1, 2024

Net income
Other comprehensive income
Comprehensive income

Changes in ownership interest in
subsidiaries
Transfer from other components ofequity to retained earnings

Total transactions with owners

Balance at June 30, 2024

- 13 -

Total

(4) Quarterly Condensed Consolidated Statement of Cash Flows(Millions of yen)Three-months ended
June 30, 2023

Three-months ended
June 30, 2024

Cash flow from operating activities
Income before income taxes

36,22642,903

Depreciation and amortization
Interest and dividends income

27,126(1,011)

29,451(1,339)Interest expenses
Share of (profit) loss of investments accounted for using
the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables

6,083

6,554

(286)

(1,041)

1100(1,599)

7,368(Increase) decrease in inventories
Increase (decrease) in trade payables(3,399)(3,439)(1,125)(8,537)

(82)
228

(109)
370

(11,502)(22,706)

Interest received

48,346490

51,889742

Dividends received
Interest paid

1,355
(6,922)625(9,650)

Corporate income tax refund (paid)(9,660)(9,466)

Cash flow from operating activities

33,61034,140(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities
Other
Subtotal

Cash flow from investing activities
Payments for purchase of property, plant and equipment(25,093)(46,771)

Proceeds from sale of property, plant and equipment
Payments for purchase of investment

367
(24)

365
(28)

Proceeds from sale and redemption of investments
Proceeds from sale of subsidiaries

77
154

84

Other

(457)

－
147

(24,975)(46,201)

Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers

14,281(5,000)

1,635
12,000

Proceeds from long-term borrowings
Payments for repayment of long-term borrowings

12,914(34,853)

43,758(41,654)

Payments for repayment of lease obligations
Payments for purchase of shares in subsidiaries not(3,165)(3,447)

Cash flow from investing activities
Cash flow from financing activities

resulting in change in scope of consolidation
Dividends paid

(33)

(141)

(8,658)(10,389)

Dividends paid to non-controlling interests
Other

(553)
145

(351)
108

Cash flow from financing activities
Impact of exchange rate changes on cash and cash
equivalents(24,922)

1,517

7,407

5,980

Net increase (decrease) in cash and cash equivalents(8,881)(4,563)

132,217

126,100(912)－

122,423

121,537

Balance of cash and cash equivalents at beginning of fiscal
year
Increase (decrease) in cash and cash equivalents resulting
from transfer to assets possessed for a sales purpose
Balance of cash and cash equivalents at end of quarter- 14 -

(5) Notes to the Quarterly Condensed Consolidated Financial Statements(Applicable financial reporting framework)
Quarterly Condensed Consolidated Financial Statements of the Group (Quarterly Condensed Consolidated Statement of
Financial Position, Quarterly Condenses Consolidated Statement of Profit or Loss, Quarterly Condensed Consolidated
Statement of Comprehensive Income, Quarterly Condensed Consolidated Statement of Changes in Equity, Quarterly
Condensed Consolidated Statement of Cash Flows and Notes to the Quarterly Condensed Consolidated Financial Statements)
are prepared in accordance with Article 5, Paragraph 2 of the Standards for Preparation of Quarterly Financial Statements of
the Tokyo Stock Exchange Inc. (however, the omission set forth in Article 5, Paragraph 5 of the same standards is applied), andparts of the disclosure items and notes required by IAS 34 “Interim Financial Reporting” are omitted.
(Notes regarding going concern assumption)
Not applicable.
(Segment information)(1) Outline of reportable segments
The NSHD Group’s reportable segments are those of the components of the NSHD Group on which separate financial
information is available, and which are evaluated regularly by the Board of Directors to determine the allocation ofmanagement resources and assess business performance. No grouping of operating segments has been carried out forreporting purposes.
The NSHD Group conducts gas businesses in Japan and overseas, mainly for customers in the steel, chemical, andelectronics industries, and has production and sales bases for its main products in Japan, the United States, Europe, andAsia & Oceania. In addition, the NSHD Group engages in the manufacture and sale of housewares such as stainless steel
vacuum bottles. Accordingly, the Group has established the following five reportable segments: Japan, the United States,
Europe, Asia & Oceania, and Thermos.
The principal products and services for each of the reportable segments are as shown below.
Reportable segment

Main products and services

Japan

Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, gas-related

United Statesequipment, specialty gases (electronic materials gases, pure gases, etc.), electronicsrelated equipment and installation, semiconductor manufacturing equipment,

Europewelding and cutting equipment, welding materials, plants and machinery, liquid
Asia & Oceania

petroleum gas (LPG) and related equipment, medical-use gases (oxygen, nitrous
oxide, etc.), medical equipment, stable isotopes

Thermos

Housewares and consumer goods
The accounting methods adopted for the reported operating segments are the same as those adopted to prepare theconsolidated financial statements. Revenue from inter-segment transactions and transfers is based primarily on prevailingmarket prices.

- 15 -

(2) Figures of revenue and income (loss) by reportable segment
Three-months ended June 30, 2023 (April 1, 2023 to June 30, 2023)(Millions of yen)
Reportable segment
Japan

UnitedStatesEuropeAsia &
Oceania

Thermos

Total

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeRevenue
Revenue from external

107,629

82,051

73,146

38,4697,584

308,88022

308,903segment transactions andtransfers

3,333

6,002

75

722

3

10,137(10,137)－

Total

110,963

88,05473,22139,192

7,587

319,018(10,115)

308,903

Segment income (Note 2)

11,245

11,191

13,150

4,128

1,427

41,142(394)

40,748customers
Revenue from inter-

Note: 1. The negative adjustment of (¥394) million for segment income is comprised of (¥30) million of intersegment eliminations
and companywide expenses of (¥364) million that were not allocated to any particular reportable segment. These
companywide expenses consist mainly of Group administration expenses at the Company that are not attributable toreportable segments.
2. Segment income represents core operating income, which is calculated by excluding from operating income certain gains
or losses attributable to non-recurring factors such as losses arising from business withdrawal or downsizing.
Three-months ended June 30, 2024 (April 1, 2024 to June 30, 2024)(Millions of yen)
Reportable segment
Japan

UnitedStatesEuropeAsia &
Oceania

Thermos

Total

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeRevenue
Revenue from externalcustomers

100,916

92,60185,03942,4288,264

329,25123

329,274

4,790

7,088

83

983

3

12,950(12,950)－

Total

105,706

99,69085,12343,412

8,268

342,201(12,927)

329,274

Segment income (Note 2)

11,567

14,808

16,644

4,325

1,241

48,586(231)

48,355

Revenue from intersegment transactions andtransfers

Notes: 1. The negative adjustment of (¥231) million for segment income is comprised of ¥112 million of intersegment eliminations
and companywide expenses of (¥344) million that were not allocated to any particular reportable segment. These
companywide expenses consist mainly of Group administration expenses at the Company that are not attributable toreportable segments.
2. Segment income represents core operating income, which is calculated by excluding from operating income certain gains
or losses attributable to non-recurring factors such as losses arising from business withdrawal or downsizing.

- 16 -

Reconciliation of segment income with income before income taxes is shown below.
(Millions of yen)Three-months ended June 30, 2023
(April 1, 2023 to June 30, 2023)
Segment income

Three-months ended June 30, 2024
(April 1, 2024 to June 30, 2024)

40,74848,355

－

(375)

(33)

－

Operating income

40,71547,979Finance income

1,605

1,529

Finance costs(6,093)(6,605)36,22642,903

Loss on liquidation of subsidiaries andassociates
Other

Income before income taxes- 17 -