First Half Results for the Fiscal YearEnding March 31, 2024 (1H FY3/24)

November 17, 2023
JSP Corporation

1. TOB

1

Tender Offer for Repurchaseof Stock and Dissolution of
Capital/Business Alliance

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Contents

1. Summary of the Tender Offer and Dissolution of the Capital andBusiness Alliance
2． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Overall)
3． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Business Segment)
4． ARPRO/P-BLOCK
5． 1H FY3/24 Supplementary Financial Information

11. TOB

1

Tender Offer for Repurchaseof Stock and Dissolution of
Capital/Business Alliance

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Summary of the Tender and Dissolution of the Capital/Business Alliance■Tender offer for repurchase of stock
Resolution of the Board of Directors

October 31, 2023

Tender offer period

From November 1 to 30, 2023

Maximum number of shares to be purchased

3,960,100 shares

Purchase price

1,661 yen (per common share)

Total value of shares to be repurchased

6,577,726,100 yen■Shares owned and pct. of ownership of Mitsubishi Gas Chemical
Mitsubishi Gas Chemical (MGC) ownership of JSP

Before 2015 TOB

Before this repurchase

After this repurchase(plan)

Number of shares outstanding

31,413,473 shares

31,413,473 shares

31,413,473 shares

Shares owned by MGC*

13,212,982 shares

16,100,676 shares

12,500,676 shares

JSP shares purchased

2,807,900 shares-

3,600,000 shares

42.06%

51.25%

39.79%

MGC ownership of JSP (not adjusted for treasury shares)
MGC relationship with JSP

Equity method

Consolidated

Equity method*Includes stock held by MGC consolidated subsidiaries Mitsubishi Gas Chemical Trading, Inc. (58,250 shares), JAPAN FINECHEM COMPANY, INC.
(10,772 shares) and U-PiCA Company Ltd. (10,772 shares).

2

1. TOB

1

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Tender Offer for Repurchaseof Stock and Dissolution of
Capital/Business Alliance■Background A capital/business alliance was established in 2015 in response to a request by Mitsubishi Gas Chemical.
 Mitsubishi Gas Chemical wanted to make JSP a consolidated subsidiary in order to benefit from synergies while respecting theautonomy of JSP’s management.
 During the past few years, the views of investors about a parent company and its subsidiary both being publicly owned have changed.
 Although this relationship yielded some synergies, Mitsubishi Gas Chemical concluded that the benefits were not sufficient tomaintain the capital/business alliance.

■JSP’s position

 JSP has always been operating independently, therefore the end of the alliance is expected to have only a negligible effect on sales
and earnings.
 JSP plans to borrow about ¥6 billion for the tender offer to repurchase stock. JSP believes this loan can be repaid with no effect on its
financial soundness or dividend policy.
 Taking this step will give JSP more options regarding its equity in order to conduct business operations with emphasis on the efficientuse of capital.
 JSP remains dedicated to the growth of corporate value while implementing a growth strategy that matches the company’s
distinctive strengths and other characteristics.

JSP plans to continue taking steps, including this tender offer, to improve capital efficiency.

3

1. TOB
FY3/24
2 1HOverall

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Contents

1. Summary of the Tender Offer and Dissolution of the Capital andBusiness Alliance
2． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Overall)
3． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Business Segment)
4． ARPRO/P-BLOCK
5． 1H FY3/24 Supplementary Financial Information

4

1. TOB
FY3/24
2 1HOverall100

3. Business Segment

2. Overall

5. Supplementary
Financial Information

4. ARPRO/P-BLOCK

Financial Highlights
GrowthMarginReturnNet Sales / Sales Volume

Operating Profit / Operating Margin

Return on Equity

95

100
114,125

113,375
102,668

131,714105

136,000 (Million yen)
99

92

78

5,185

5,083
5.1%

85

（US$/bl）

5.1%

6,300 (Million yen)
4.6%

4,589

4.5%

4.5%
4.0%

60

2,956
3.7%

45

2.2%

3.4%
2.8%

FY3/2019

FY3/2120

FY3/22
21

Sales Volume FY3/20=100
Dubai crude oil

FY3/2322

FY3/2423
Forecast

19
FY3/2020
FY3/21

21
FY3/2222
FY3/2323
FY3/24

Forecast

FY3/2019 FY3/21
20 FY3/22
21 FY3/23
22 FY3/24
23
Forecast5

1. TOB
FY3/24
2 1HOverall

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Summary of Business Operations (1H FY3/24 Results)
1H FY3/23
Results

Item(Million yen)

1H FY3/24
Forecast(Announced Jul. 31)

1H FY3/24
Results

YoY
Comparison

vs. Forecast

Net sales

64,25267,00066,432

+3.4%

-0.8%

Operating profit

1,404

3,000

3,247

+131.3%+8.3%

Ordinary profit

1,860

3,200

3,617

+94.4%+13.0%

Profit attributable to owners ofparent

1,378

2,400

2,795

+102.8%+16.5%

1H FY3/23
Dubai crude oil(US$/bl）

102.4

Forex (JPY/USD)

124.5

Forex (JPY/EUR)

135.2

 Despite lower sales volume in Japan, sales increased due to the higher sales
volume of ARPRO/P-BLOCK, product price revisions, and the yen’s depreciation.
 Operating profit increased because of product price revisions, cost-cutting and
81.9
other measures to reduce variable expenses, and an increase of about ¥200 million
due to the yen’s depreciation. (see page 8)
136.5
 Dividend: Interim dividend ¥25 (same as the previous forecast)

1H FY3/24

147.9

6

1. TOB
FY3/24
2 1HOverall

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Highlights of 1H FY3/24

1H FY3/23 Results vs. 1H FY3/24 Results
Changes in sales

Changes inoperating profit

Remarks

Living materials－±

Although sales decreased due to lower sales volume, operating profit
was about the same as one year earlier due to product price revisions.

Industrial materials－－

Sales and operating profit decreased because of the lower sales
volume of value-added products and general-purpose products.

Construction and civilengineering materials＋＋

Sales and operating profit increased due to product price revisions
and the higher sales volume of value-added products.

Segment

Extrusion Business
Refer to page 13

Bead Business

Product

Advanced materials＋＋＋＋

Strong performance in the non-automotive sector in Europe and theU.S.; strong demand in the automotive sector in Japan and SouthAmerica.

Expandable bead±＋Operating profit increased due to product price revisions, etc., despite
weak demand in the fisheries and agriculture sectors.

Other

－

－

Sales and operating profit were down due to lower demand in Japanand China.

Total

＋

＋＋

Sales and operating profit increased mainly due to higher overseas
sales and product price revisions.

Refer to page 15

Other

Refer to page 177

1. TOB
FY3/24
2 1HOverall

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Components of Change in Operating Profit (1H Comparison)
Unit variable
expensesHigher fixed
expenses(Million yen)Exchange rates

Unit sales prices

Marginal profit
from lower
sales volume

1H FY3/23+1,843

1H FY3/24

8

1. TOB
FY3/24
2 1HOverall

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Summary of Business Operations (FY3/24 Outlook)
Item(Million yen)

FY3/24
Initial Forecast

FY3/23Results(Announced Jul. 31)

FY3/24
Outlook(Announced Oct. 31)

YoY
Comparison

vs. Initial
Forecast

131,714135,000

136,000

+3.3%

+0.7%

Operating profit

2,956

5,600

6,300

+113.1%+12.5%

Ordinary profit

3,363

5,900

6,800

+102.2%+15.3%

Profit attributable to ownersof parent

2,531

4,300

5,000

+97.5%+16.3%Net sales

FY3/23

1H FY3/24

2H FY3/24
Forecast

FY3/24
OutlookDubai crude
oil (US$/bl）

92.5

81.9

88

85

Forex
(JPY/USD)

132.1

136.5

148

142

Forex
(JPY/EUR)

138.5

147.9

158

153

Global economy outlook for 2H FY3/24: The outlook remains uncertain
due to risk involving the Ukraine conflict and additional risk created by the
Middle East turmoil. Forecast no change in the cost of energy from thecurrent level.
Dividend: Annual dividend (forecast) \50 per share (Interim dividend ¥25,
Estimated year-end dividend ¥25)

9

1. TOB
FY3/24
2 1HOverall

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Components of Change in Operating Profit (Full Year YoY Comparison)
Unit variable
expensesHigher fixed
expenses(Million yen)Exchange rates
Unit sales prices
Marginal profit
from lower
sales volume

FY3/23+3,344

FY3/24
Outlook10

1. TOB
FY3/24
2 1HOverall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Components of Change in Operating Profit (FY3/24 Initial Forecast vs.
FY3/24 Outlook)
Marginal profit
from lower
sales volume

FY3/24
Initial Forecast(Jul. 31)

2. Overall

Unit sales prices

Unit variable
expenses+700

Higher fixed
expenses

Exchange rates(Million yen)

FY3/24
Outlook11

1. TOB
FY3/24
3 1HBusiness
Segment

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Contents

1. Summary of the Tender Offer and Dissolution of the Capital andBusiness Alliance
2． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Overall)
3． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Business Segment)
4． ARPRO/P-BLOCK
5． 1H FY3/24 Supplementary Financial Information

12

1. TOB
FY3/24
3 1HBusiness
Segment

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Extrusion Business (1H FY3/24 Results)

Item(Million yen)

1H FY3/23
Results

1H FY3/24
Results

YoY
Comparison

Net sales

20,857

20,823-0.2%

Operating profit

1,061

1,012

-4.7%

Sales decreased because of lower sales volume and operating profit decreased because of the lower sales volume of value-added
products and the higher cost of utilities
Food packaging materials andfood containers

STYRENEPAPERMIRABOARD

 Sales volume decreased in the food tray
category and materials used for advertising
displays, and operating profit was unchanged
from one year earlier due to product pricerevisions.

Industrial packaging materials

MIRAMATCAPLON
P-BOARD Sales and operating profit were down because
the sales volume of value-added products andgeneral-purpose products decreased.

Home and building insulation materials
and civil engineering materials

MIRAFOAM

 Sales volume of materials in the building andhome construction sectors were unchanged
from one year earlier.
 Sales volume of materials for civil engineering
decreased.
 Sales and operating profit increased due to
product price revisions and higher sales volume
of value-added products.

13

1. TOB
FY3/24
3 1HBusiness
Segment

Item(Million yen)

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Extrusion Business (FY3/24 Outlook)
FY3/23Results

FY3/24
1H Results

2H Forecast

Outlook

YoY
Comparison

Net sales

42,443

20,823

21,67742,500+0.1%

Operating profit

1,767

1,012

688

1,700

-3.8%

Forecast no change in sales and lower operating profit due to the lower sales volume of value-added products
Food packaging materials andfood containers

Industrial packaging materials

Home insulation materials andcivil engineering materials

MIRAMATCAPLON
P-BOARDSTYRENPAPERMIRABOARD

 Forecast lower sales volume of STYRENPAPER,
foamed polystyrene sheet used in foodpackaging, and other materials for householdproducts.

 Originally expected a recovery in sales volumeof packaging materials used for flat panel
displays beginning in the third quarter, but now
anticipate to remain at a standstill.

J-WALLBLOCKMIRAFOAM
 Strong sales volume is expected in the
non-residential and industrial
construction sectors.
 Demand in the home construction
sector is expected to be sluggish

14

1. TOB
FY3/24
3 1HBusiness
Segment

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Bead Business (1H FY3/24 Results)

Item(Million yen)

1H FY3/23
Results

Net sales
Operating profit

1H FY3/24
Results

YoY
Comparison

40,22042,738

+6.3%

758

2,779

+266.6%

Sales and operating profit increased due to higher sales volume in non-automotive applications and product pricerevisions
A cushioning material for automotive partsand home appliances, and sports shoes

ARPRO/P-BLOCKELEMPOR NEO
 Monetary sales and sales volumes increased mainly due to strong demand in
the non-automotive sector.
 In Japan, the sales volume in the automobile sector increased. In North
America, the sales volume in the automobile sector decreased but sales
volume of returnable containers increased. In Europe, the sales volume in the
HVAC was higher, although the sales volume declined in the automotive sector.

Expandable polystyrene, hybrid molded products

STYRODIAHEATPOR
CLEARPOR
FOAMCORE The sales volume of expandable polystyrene bead products, chiefly
STYRODIA, decreased because of lower demand for these productsin the fisheries and agriculture sectors. Operating profit increased
due to product price revisions.
 Sales volume of FOAMCORE were unchanged from one year earlier.

15

1. TOB
FY3/24
3 1HBusiness
Segment

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Bead Business (FY3/24 Outlook)

Item(Million yen)

FY3/23Results

FY3/24
1H Results

2H Forecast

Outlook

YoY
Comparison

Net sales

82,76142,73844,76287,500+5.7%

Operating profit

2,038

2,779

2,871

5,650

+177.2%Higher sales and operating profit is expected despite lower sales volume of expandable polystyrene bead products
A cushioning material for automotive partsand home appliances, and sports shoes

ELEMPOR NEO
ARPRO/P-BLOCK
 Forecast higher sales volume because of a large volume of automobile
production, and strong sales in non-automotive sectors in Europe and theUnited States.
 Expect an increase in operating profit due to declining prices of raw materials
in North America, and revisions to assumptions about exchange rates.

Expandable polystyrene, hybrid molded products

STYRODIA

CLEARPOR

HEATPOR For beads, mainly STYRODIA expandable polystyrene beadproducts, we expect lower sales volume because of weak demandin the fisheries sector and in other markets.
 Forecast higher operating profit due to product price revisions.

16

1. TOB
FY3/24
3 1HBusiness
Segment

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Other (1H FY3/24 Results and FY3/24 Outlook)

Item(Million yen)

1H FY3/23
Results

Net sales

1H FY3/24
Results

YoY
Comparison

3,173

2,870

-9.6%

84

26

-68.8%

Operating profit

Lower sales and operating profit as weak demand in Japan and China

Item(Million yen)
Net sales
Operating profit

FY3/23

FY3/24

Results

1H Results

2H Forecast

YoY
Comparison

Outlook

6,508

2,870

3,130

6,000

-7.8%

166

26

74

100

-40.1%

17

1. TOB

4 ARPRO/P-BLOCK

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Contents

1. Summary of the Tender Offer and Dissolution of the Capital andBusiness Alliance
2． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Overall)
3． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Business Segment)
4． ARPRO/P-BLOCK
5． 1H FY3/24 Supplementary Financial Information18

1. TOB

4 ARPRO/P-BLOCK

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

ARPRO/P-BLOCK Sales Recovering and 9% Higher than Pre-Pandemic
ARPRO/P-BLOCK Sales Volume and Global Automobile Production
Medium-term plan target

Global automobile production
世界自動車生産台数

120.0%

123.0%

Total sales volume
全体
North America
北米

117.0%

欧州
Europe110.0%

日本
Japan

Expected P-BLOCK
increase

107.3%

109.3%

103.9%

Automobile
production increase

100.0%

102.3%

90.0%

80.0%

70.0%

 Sales are recovering faster than auto production
 Strong sales involving non-automotive parts
 Expect to be below the medium-term plan target

Covid-19 pandemic
FY3/202019年度FY3/21
2020年度FY3/22
2021年度FY3/232022年度FY3/24
2023年度（予想）(Forecast)19

1. TOB

4 ARPRO/P-BLOCK

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

ARPRO/P-BLOCK Non-Automotive Applications (1)Europe – Strong Sales in the HVAC Sector

In Europe, the use of ARPRO, which has
excellent thermal insulation properties anddurability, is increasing for improving theenvironmental performance of HVAC systems.
In the photos, taken at the Plastic Pavilion
exhibition of environmental plastics held in
Europe, ARPRO 35 Ocean* was displayed as amaterial for heat pumps.
* ARPRO 35 Ocean is made by using waste plastics, including therecycling of fishing nets found on shorelines.

The light green foamed material is made of ARPRO 35 Ocean.

20

1. TOB

4 ARPRO/P-BLOCK

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

ARPRO/P-BLOCK Non-Automotive Applications (2)North America – Strong demand as an impact protection
material in athletic fields

In North America, the sales volume ofan outdoor athletic field impact
protection material made of ARPRO is
high.
The ARPRO impact protection material
has outstanding cushioning properties,
is easy to install and does not retain
water. This material is used at outdoor
amusement and sports facilities and forsheets underneath gardens.
The photos show an American footballstadium using this material.
Section using ARPRO

21

1. TOB

4 ARPRO/P-BLOCK

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

ARPRO/P-BLOCK Non-Automotive Applications (3)China – Storage battery packaging material

ARPRO/P-BLOCK has been certified by HiTHIUM in
China as a storage battery packaging material andshipments have started.
It is expected that China meets 18% of its demand forelectricity in 2025 with wind and solar power. Alongwith this, demand for storage battery packaging
materials is expected to increase.
Storage battery packaging material made of
ARPRO/P-BLOCK

22

1. TOB
Financial
5 Supplementary
Information

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Contents

1. Summary of the Tender Offer and Dissolution of the Capital andBusiness Alliance
2． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Overall)
3． 1H FY3/24 Summary of Business Operations and FY3/24 Outlook(Business Segment)
4． ARPRO/P-BLOCK
5． 1H FY3/24 Supplementary Financial Information23

1. TOB
Financial
5 Supplementary
Information(Million yen)
1H FY3/24
1H FY3/23

2. Overall

3. Business Segment

Net sales

Operating profit

66,432

Profit attributable toowners of parent

Ordinary profit

3,247

3,617

2,795

(3.4%)(131.3%)(94.4%)(102.8%)(15.4%)(-53.0%)(-39.6%)(-39.5%)64,252

Net income per share(Yen)

1H FY3/23

5. Supplementary
Financial Information

Results of Operations

1,404(Reference) Comprehensive income: 1H FY3/24: \7,748 million

1H FY3/24

4. ARPRO/P-BLOCK

93.80
46.26

Operating profit
to net sales

1,860

1H FY3/23: \7,897 million

Major yen exchange rates (January-June)
Currencies

US$

€

RMB

1H FY3/24

136.52147.9219.55

1H FY3/23

124.52135.17

19.13

YoY
Comparison

109.6%

109.4%

102.2%

4.9%
2.2%

1,378

24

1. TOB
Financial
5 Supplementary
Information

3. Business Segment

2. Overall

Non-operating Income/Expenses Extraordinary Income/Loss

Non-operating Income/Expenses
Account(Million yen)

Extraordinary Income/Loss

1H FY3/23

Account(Million yen)

1H FY3/24

Interest income

93

198

Foreign exchange gains

111

-

Other

370

305

Total non-operating
income574

504

Interest expenses

54

86

-

24

Loss on disaster

39

-

Other

25

23

Total non-operating
expenses118

134

Foreign exchange losses

5. Supplementary
Financial Information

4. ARPRO/P-BLOCK

Gain on sales of noncurrent assets
Collection of moneytransfer scam at subsidiary

1H FY3/23

1H FY3/24

8

11

110

-

Total extraordinary
incomeLoss on sales of noncurrent assets
Loss on retirement of
non-current assets

118

11

0

7

149

21

Impairment loss

108-

Total extraordinary losses

259

28

25

1. TOB
Financial
5 Supplementary
Information

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Financial Position

Total assets(Million yen)

Net assets

Shareholders’ equity
ratio

Net assets per share(Yen)

As of Sep. 30, 2023

152,063

103,12664.8%

3,303.74

As of Mar. 31, 2023

144,528

96,12363.5%

3,076.73(Reference) Shareholders’ equity: As of Sep. 30, 2023: \98,478 million
As of Mar. 31, 2023: \91,711 million
Major yen exchange rates
Currencies

US$

€

RMB

As of Jun. 30, 2023

144.99147.9219.95

As of Dec. 31, 2022

132.74141.5019.03

26

1. TOB
Financial
5 Supplementary
Information

2. Overall

Liabilities

Net assets

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Balance Sheet
Account(Million yen)

Assets

3. Business Segment

As of Mar. 31, 2023

As of Sep. 30, 2023

Current assets

73,822

79,128

5,306

Non-current assets

70,706

72,9342,228

Total assets

144,528

152,063

7,534

Current liabilities

36,44336,687243

Non-current liabilities

11,961

12,248287

Total liabilities

48,404

48,936

531

Shareholders’ equity

86,76688,8172,050

Accumulated other comprehensive
income

4,944

9,660

4,715

Non-controlling interests

4,412

4,648

236

Total net assets

96,123103,126

7,002

144,528

152,063

7,534

Total liabilities and net assets

Change27

1. TOB
Financial
5 Supplementary
Information

2. Overall

5. Supplementary
Financial Information

As of Mar. 31, 2023

As of Sep. 30, 2023

Capital stock

10,128

10,128-

Capital surplus

13,405

13,405-Retained earnings

64,621

66,672

2,050

Treasury shares(1,388)(1,388)(0)86,76688,8172,050

Valuation difference on available-for-salesecurities

408

602

193

Foreign currency translation adjustment

3,864

8,429

4,565

Remeasurements of defined benefit plans

672

629

(43)

Total

4,944

9,660

4,715

4,412

4,648

236

96,123103,126

7,002

Total

Accumulated
othercomprehensive
income4. ARPRO/P-BLOCKNet Assets
Account(Million yen)

Shareholders’equity3. Business Segment

Non-controlling interests
Total net assets

Change28

1. TOB
Financial
5 Supplementary
Information

3. Business Segment

2. Overall

4. ARPRO/P-BLOCK

Cash Flows, Capital Expenditures, Depreciation, R&D Expenses(Million yen)

Cash Flows

Balance at
beginning of
FY3/24

5. Supplementary
Financial Information

Cash flows fromoperatingactivities

Cash flows frominvestingactivities

Cash flows fromfinancing
activities

Cash and cash
equivalents

Balance at end of
1H FY3/24

Capital Expenditures, Depreciation, R&D Expenses(Million yen)

Capital expenditures

Depreciation

R&D expenses

1H FY3/24

3,261

3,642

1,148

1H FY3/23

4,714

3,492

1,109

Note: Capital expenditures are on a cash basis.

29

1. TOB
Financial
5 Supplementary
Information

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

Medium-term Business Plan and Progress Report on
the Four Drivers of Growth

Medium-term business plan, “Change for Growth” (FY3/22 to FY3/24)

5. Supplementary
Financial Information

Numerical targets

Million yen

Basic concepts

Net sales

120,000(1) Broaden the value we provide for both economic value to our customers and for adding
social issues(2) Fortify the management base

Operating profit

7,700

Operating margin (%)

6.4%

FY3/24 Outlook

Business transformation strategy

Million yen

Net sales(1) Shift to a highly cyclical business model(2) Make the organization more dynamic and efficient

136,000

Operating profit

6,300

Operating margin (%)

4.6%

Progress Report on the Four Drivers ofGrowthAutomotive parts*1

Thermal insulation materials
for buildings and houses*2

Flat panel display cushioning materials

New business domains

FY3/24 Goals

+23%

+12%

+20%

Net sales: \3.0 billion

FY3/23 Results

+6.1%

-6.5%

+16%

Net sales: \0.6 billion

FY3/24 Outlook

+9.3%

-4.5%

+5.2%

Net sales: \0.56 billion*1. Sales volume of the expanded polypropylene (EPP) business *2. Sales volume of the construction and civil engineering business
Figures in the columns of automotive parts, thermal insulation materials for buildings and houses, and FPD surface cushioning materials are changes involumes compared with FY3/20.

30

1. TOB

2. Overall

3. Business Segment

4. ARPRO/P-BLOCK

5. Supplementary
Financial Information

Cautionary statement with respect to forecasts
Forecasts are based on all the information currently available, and the actual results
may differ due to various factors.

JSP Corporation
Inquiries: Tel +81(3)-6212-6306
Public and Investor Relations Department31