FYE2024 Full-term
Earnings Presentation（Fiscal year ended March 31, 2024）

May 22, 2024
Tokyo, Japan

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, EPS (Earnings per share), Debt, Net Debt, Adjusted net D/E ratio and Free Cash Flow. 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 and cash 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 inaccordance 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 ourslide deck.
● Financial information
NSHD’s financial statements are prepared in accordance with international Financial Reporting Standards (“IFRS”).

2

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 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 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

1.

FYE2024 Overview（The second fiscal year in Our MTP; NS Vision 2026）
President CEO

2.

Agenda3.

FYE2025 Business Plan

Toshihiko Hamada（The third fiscal year in Our MTP; NS Vision 2026）

Financial Profile

Senior Executive Officer,
CFO
Alan Draper

4.

4

Q&A Session

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Opening remarks

President CEO
Toshihiko Hamada

5

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 resultsOur philosophy and vision

Group Philosophy

Group Vision

6

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

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.

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 resultsImplement the “Five focused fields”
Our MTP; Medium-Term management Plan
SloganNS Vision 2026 : Enabling the Future
We formulated our first MTP, NS Vision 2026, after the establishment of
NSHD in Oct. 2020 with the vision that,“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.”
Under the four global regions + Thermos business structure,
we established five focused fields;
Sustainability Management, Exploring New Business toward
Carbon Neutrality, Total Electronics, Operational Excellence,and DX Initiatives.
We will strengthen the group’s comprehensive capabilities
and achieve further growth to provide a bright and comfortable future
for people, society, and the Earth.

7

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 resultsOur MTP

Toward the final fiscal year in NS Vision 2026
: KPIs (Key Performance Indicators) in FYE2024 actualthat exceeded the planned figure for the final fiscal year

Revenue

Environment

JPY 975.0-1,000.0
Billion*Reduction rate of GHG emissions (Base year: FYE2019)18% :FYE2026

32% :FYE2031

Core Operating Income
JPY 125.0-135.0
Billion*

EBITDA Margin

Financial
KPIs
FYE2026

GHG reduced emissions through environmental product offer
Lower customer GHG emissions
through environmental productofferings and applications

FYE2026

Group:≥24%

Safety Management

Japan, the U.S., EU, A&O,
Thermos:

Lost Time Injury Rate

≥17-33%≤1.6
FYE2026≤0.7
ROCE after Tax

≥6%

HR

Rate of female employees≥22% :FYE2026
25% :FYE2031

Adjusted net D/E Ratio
Compliance

Rate of receiving
compliance training

100%
FYE2026* Due to the uncertainty in the global economy, revenue and core operating income are shown in range.
The assumed exchange rates at the time the plan was formulated were USD ¥115 and EUR ¥125.

8＞ NSHD group GHG emissions

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Rate of female
management posts≥18% :FYE2026
22% :FYE2031

NonFinancial
KPIs

Our MTP

Approach for Capital Allocation in NS Vision 2026
IN

OUT
➢ Strategic Investment for

Investment- CN: Carbon Neutral related initiatives- DX: Digital Transformation initiatives

Total

Operating CF¥730.0bn.

¥433.0bn.
Includes¥38.0bn.

of strategic initiatives

Strategic
Thermos

9%

2%
A&O*

Strategic initiatives

12%

Japan

24%

14%

NS Vision 2026
(For 4 yr.)37%

Investment ratio
by Purpose

Investment ratio
by Segment

Dividend &Repaymentof debt

Growth initiatives

45%
24%
Europe27%

6%US
Base/Underlying（Reference）Investment / revenue % by Segment
Japan: 7.4%, US: 10.5%, Europe: 12.9%, *Asia & Oceania: 11.1%, Thermos: 6.9%
* The assumed exchange rates at the time the plan was formulated were USD ¥115 and EUR ¥125.

9May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

M&AImplement the Eight Non-financial programs
FYE2026
TargetEnvironment

１

CNP Ⅰ: Carbon Neutral Program I＜Environment＞● Reduction rate of GHG emissions(Base year: FYE2019*1)

２
３

CNP Ⅱ: Carbon Neutral Program Ⅱ
ZWP:

Zero Waste Program● GHG reduced contribution
exceeds GHG emission (Scope 1+2)

18%
down

X＞Y

･Breakdown information(Unit: Thousands of tonnes CO2e )X: Lower customer GHG emissions through４
５

environmental product offerings and applications

SWP:

Sustainable Water Program

Y: NSHD Group GHG emission (Scope 1＋2)

SocialSFP:

Safety First Program＜Safety Management＞● Lost Time Injury Rate

６ QRP:

Quality Reliability Program

７

Talent Diversity Program

TDP:

≤1.6

＜HR＞
● Rate of female employees≥22%● Rate of female management posts≥18%

Governance

８

CPP:

Compliance Penetration Program＜Compliance＞● Rate of receiving compliance training*2*1 The figure for the volume of GHG emissions for FYE2019, which is the reference value, calculates the actual GHG emissions in FYE2019 plus the following:1) estimated emissions of the European business in FYE2019 and 2) estimated emissions of the U.S. HyCO business in FYE2019.
*2 We began data collection in the FYE2023.

10

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

100%1. FYE2024
Overview

2. FYE2025
Business Plan

3. Financial Profile

4. Q&A Session

1. FYE2024 Overview（The second fiscal year in Our MTP; NS Vision 2026）

President CEO
Toshihiko Hamada

11

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

1. FYE2024 Overview

Summary: Progress toward Financial targets
Price
management &Productivity
initiatives

Advancefinancialsoundness

Although the shipment volume of Air separation gases (Oxygen, Nitrogen, Argon) decreased, price revisions were flexibly
implemented against the backdrop of general price hikes and rising costs such as labor and logistics expenses.
Expand and globalize productivity initiatives to improve organizational efficiency and reduce cost structure.
● In FYE2024, Revenue growth; +0.7%, and Core OI growth; +27.0% (YoY basis excluding FX impact),
COI margin improved by 280 bps. Basic earnings per share was ¥244.66, up 44.9% from the previous fiscal year.

Invest in projects with strong economic returns, continue debt reduction, and maintain reliable and stable dividend payments.
● Adjusted net D/E ratio improved by 7 bps (YoY basis), and the annual dividend per share increased by ¥4 or 15.8% (planned, YoY basis).

Steady progress toward financial soundness of NS Vision 2026; Adjusted net D/E ratio below 0.7.
● In January 2024, we refinanced ¥100 bn. of Hybrid bonds to Clean Debt. Focus on cash management and improved working capital.

Capitalefficiency &Cost of capital

12

Return On Capital Employed after Tax（ROCE）, a measure of capital efficiency, improved from improved profitability andreduction of interest-bearing debt.
● ROCE (NOPAT basis) improved by 130 bps (YoY basis).

Ensuring strict investment criteria, hurdle rates, and prioritization of economically strong projects with strategic value are
driving investment capital efficiency.

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

1. FYE2024 Overview

Summary of Consolidated financial results (FYE2024 Full-term)
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

13

Forex （Unit: JPY）

USD

136.00145.31(average rate during the period)

EUR

141.62

157.72

AUD

92.67

95.32

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results+0.6+43.9%+42.9%

1. FYE2024
Overview

2. FYE2025
Business Plan

3. Financial Profile

4. Q&A Session

2. FYE2025
Business Plan
（The third fiscal year in Our MTP; NS Vision 2026）

President CEO
Toshihiko Hamada

14

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2. FYE2025 Business Plan

Summary: Assumptions of the business plan (Basic concept)
We implement the "Five focused fields“ strategy while properly responding to the business environment to achieve the targets in NS Vision 2026.
Aim for growth more than local GDP

Nimblyget a start on
customer trends● In the FYE2025, Planned revenue growth; +3.6%, and Core OI growth; +6.6% (YoY basis excluding FX impact)

Expect and capture demand for gas and equipment in the electronics industry (logic, memory, sensors)
Focus on firm demand from resilient markets (food & beverage, healthcare, etc.)

Continue productivity initiatives and be prepared to quickly respond to changes in the business environment

Continuesteady operation

Set appropriate prices for the value of the products and reliability of services
Continue business operations with extra focus on Cash flow and Capital efficiency

Explorefuture growth
drivers

15

Seize business opportunities in our technological fields that contribute to the realization of a Carbon Neutral society
Improve customer stickiness through collaborative efforts with customers including the introduction of new applications

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2. FYE2025 Business Plan

Summary of Consolidated financial 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

16

YoY

FYE2024Forex （Unit: JPY）

USD

145.31145.31(average rate during the period)

EUR

157.72

157.72

AUD

95.32

95.32

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

-0.4

+2.9%

+2.2%

2. FYE2025 Business Plan

Japan：Enhance earning power
What we need to accomplish（Toward the final fiscal year in NS Vision 2026）

Business Performance

Legend（Last three fiscal years）

Arrows indicate theoutlook for the next
fiscal year (FYE2025)

1. Strengthen Core Businesses earning power & profitability
Increase profitability by streamlining and optimizing the business foundation.

（FYE2024 actual: Cumulative period basis）

14.8%

2. Growth exploration and expansion
Develop business areas through new materials for compound semiconductor
manufacturing processes, Stable isotopes, Biotechnology, and Additive manufacturing.

Revenue composition by industry

EBITDA margin

13.5%

8%

12.1%

10.4%
Core OI margin

Segment
strategy

Growth- Enhance new products and services- Provide and expand Industrial Gas Solutions
for customers
Business Transformation- Review underperforming business portfolio

Surrounding environment（Our perspective as of the beginning of FYE2025）

Automobiles & Other
transportation
Electronics

7.5%

Food & Beverage（Unit：￥ bn.）

420.4

Healthcare

414.3

Chemicals & Energy

Revenue

42.9

30.9

31.6

2022

2023

2%
Core OI

2024

（FYE）

Opportunities

・Equipment & construction projects in the Electronics market
・Demand for specialty gases for next-generation semiconductors
・New demand for Carbon Neutrality

17

Others24%

Risks

・Industrial gases market size trends
・Increase in overall prices, labor and logistics costs
・Supply chain shortages or delays

Steel & Metals

8.3%

372.0

4%

24%

●Revenue decreased in FYE2024 due to the conversion from a consolidated
on-site subsidiary to a joint operation entity and the deconsolidation of
a subsidiary responsible for residential-use LP gas business.
Excluding this activity, revenue in FYE2025 is expected to be positive
as indicated by the arrow.

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

10%

28%

2. FYE2025 Business Plan

Japan：Initiatives by focused field
NS Vision 2026： Five focused fields

18

Ongoing and/or FYE2025 Initiatives

Sustainability Management

・ Established the D&I Promotion Office in Japan with the aim of fostering an improved
corporate culture.
・ “The Technical Academy” established in Japan to promote education & training programs
related to safety management

Exploring New Businesstoward Carbon Neutrality

・“The Carbon Neutrality related business project” established to promotesales & marketing activities
・Promote Oxy-fuel combustion (including hydrogen combustion and ammonia combustion)technology and CO2 gas recovery, purification, and effective utilization technology

Total Electronics

・Supply rare gases reliably (Neon, Xenon, Krypton)
・Pursue new projects linked with customers’ investment plans
・Promote Research & Development on new materials

Operational Excellence

・Optimize manufacturing facility and plant operations
・Price management (Promote pricing activities)
・Continue to implement and share best practices across the NSHD group

DX Initiatives

・Accelerate remote operation of manufacturing facilities utilizing digital technologies
to improve productivity
・Increased productivity through the use of digital tools, such as the expansion of web-basedordering and the digitization of invoices

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2. FYE2025 Business Plan

United States：Aim for powerful growth
What we need to accomplish（Toward the final fiscal year in NS Vision 2026）

Business Performance

Legend（Last three fiscal years）

１．Lead industry safety, quality, and profit growth
２．Increased focus on the food processing, fabrication,and semiconductor markets
３．Enhance sustainability programs that support profit growthand create increased shareholder value

26.4%

Arrows indicate theoutlook for the next
fiscal year (FYE2025)

26.9%

Revenue composition by industry（FYE2024 actual: Cumulative period basis）

EBITDA margin

25.7%

8%
10%

14.4%

Steel & Metals

Core OI margin

Segment
strategy

Growth- Organic Growth through enhanced
cross-selling efforts in targeted markets- Expansion of onsite generator installations- Pursue targeted M&A

12.2%

41%

12.2%

Food & Beverage（Unit：￥ bn.）

Healthcare

347.0

Chemicals & Energy

303.0

Surrounding environment

37.0
27.3

Opportunities

・Growth in manufacturing and resilient markets (food & beverage, healthcare)・Semiconductor opportunities related to US CHIP Act
・Inflation Reduction Act and related Carbon Neutrality related opportunities

19

2022

2023

（Reference）Average Forex rates in the fiscal year
・ USD

113.04

Revenue

OthersCore OI

13%

50.0

Risks

・Political and economic policy uncertainty (U.S. presidential election)
・Increase in production power & transportation costs
・Staffing challenges related to low unemployment

7%

Electronics

224.8（Our perspective as of the beginning of FYE2025）

Automobiles & Other
transportation

136.00

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2024

（FYE）

Unit: JPY

145.318%

13%

2. FYE2025 Business Plan

United States：Initiatives by focused field
NS Vision 2026： Five focused fields

20

Ongoing and/or FYE2025 Initiatives

Sustainability Management

・Improve employee safety awareness and reduce lost time injuries
・Focus on implementing GHG reduction programs to offset emissions from new facilities
and identify and implement gas applications to enable our customers to reduce their GHG
emissions.

Exploring New Businesstoward Carbon Neutrality

・Integration of large-scale oxygen plants into sequestration technology chain
・Pursue green hydrogen production opportunities

Total Electronics

・Expand production capacity of strategic semiconductor process gases
・Continue improvement of capabilities to supply sub-assemblies to major semiconductor
equipment manufacturers

Operational Excellence・Achieve enhanced cost savings through “The Right Way” program
・Offset cost increases and achieve profit improvement through price management
・Continue to implement and share best practices across the NSHD group

DX Initiatives

・Implement an Advanced Cylinder Management System
・Implement digital terminals for on-site managers for immediate sharing of informationand standardization of operations
・Improve operational efficiency by utilizing and analyzing plant operation data

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2. FYE2025 Business Plan

Europe：Further enhance efficiency
What we need to accomplish（Toward the final fiscal year in NS Vision 2026）

１．Focus on human resources excellence
２．Reinforce governance
３．Optimize base business
４．Accelerated Operational Excellence
５．Higher growth compared to peers

Business Performance

Legend（Last three fiscal years）

Arrows indicate theoutlook for the next
fiscal year (FYE2025)

30.5%

Revenue composition by industry（FYE2024 actual: Cumulative period basis）

EBITDA margin

27.7%
25.6%

17%

17.6%
Core OI margin
30%

Segment
strategy

Growth- Follow up CN and H2 opportunities- Partner with our customers to help in CN- Expand geographical footprint & M&A
Optimize Base Business- Invest in gas application technology- Evaluate product and market mix

Automobiles & Other
transportation

12.5%

12.8%

Electronics（Unit：￥ bn.）

272.8
209.7
26.3

Healthcare

302.4

Opportunities

・ Gradual recovery of the European economy
・ Business development & new business opportunities
・ Government subsidized investments related to CN

21

2022

Revenue

53.2
Core OI（Reference）Average Forex rates in the fiscal year
・ EUR

131.11141.62

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2024

（FYE）

Unit: JPY

157.72Others

20%

34.9

2023

17%

Chemicals & Energy

Risks

・Economic trends in the European region
・Further CN regulations from EU and local authorities
・Supply chain disruption due to geopolitical risks, etc.

1%
3%

Food & Beverage

Surrounding environment（Our perspective as of the beginning of FYE2025）

Steel & Metals

12%2. FYE2025 Business Plan

Europe：Initiatives by focused field
NS Vision 2026： Five focused fields
Sustainability Management

Exploring New Businesstoward Carbon Neutrality

22

Ongoing and/or FYE2025 Initiatives
・Continue to implement our strategy to attract and retain Excellent people
・Continue to strengthen our “Women's Sponsorship Program”
・Continue to raise awareness of Environmental, Safety, and Quality-related matters
・Further strengthen our Oxy-fuel combustion technology
・Pursue biomethane projects
・Follow up the Green Hydrogen development in Europe and gain experience by participating
in selected projects

Total Electronics

・Strengthen sales of semiconductor specialty gases
・Identify and strongly go after business opportunities amidst the European expansion of theelectronics industry

Operational Excellence・Achieve enhanced cost savings through the “Productivity” program・Maintain robust price management across markets and products・Continue to implement and share best practices across the NSHD group

DX Initiatives

・Further utilize and expand DX platforms in plant automation & maintenance, logistics,
productivity
・Proactively and strongly follow up and understand the AI opportunities and threats
・Proactively utilize Digital marketing techniques and tools

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2. FYE2025 Business Plan

Asia & Oceania：Make evolution a habit
What we need to accomplish（Toward the final fiscal year in NS Vision 2026）

Business Performance

Legend（Last three fiscal years）

１．Tier 1 supplier in each region with the diverse product line
２．Efficient & disciplined operations with continuous
improvement and productivity enhancement initiatives
３．Improve revenue growth and OI margin.

16.8%

Arrows indicate theoutlook for the next
fiscal year (FYE2025)

16.4%

Revenue composition by industry（FYE2024 actual: Cumulative period basis）

EBITDA margin

15.5%

3%

5%

22%

10.4%

Segment
strategy

Growth- Large scale onsite project and enlarge ASU
capabilities- New products & sales area expansion- Pursue global HyCO Opportunities
Management- Launch new management structure

Surrounding environment（Our perspective as of the beginning of FYE2025）

Steel & Metals

9.9%

9.7%

Electronics
Food & Beverage（Unit：￥ bn.）

159.9

Healthcare

160.3

Chemicals & Energy

Revenue

123.5
12.8

15.4

Opportunities

・Continuing firm demand in the emerging markets
・Growth in resilient markets (food & beverage, healthcare)・Increase in demand for specialty gases in the semiconductor industry

2022

Core OI

2024（Reference）Average Forex rates in the fiscal year
・ AUD

83.33

95.32

99.05

108.03

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results（FYE）

Unit: JPY

92.67

・ SGD

83.83

23

2023

25%

Others

15.9

Risks

・Inflation and increased costs for labor, logistics, etc.
・Changes in government political and economic policies
・Supply chain disruption due to geopolitical risks, etc.

Automobiles & Other
transportation

Core OI margin

3% 2%

40%

2. FYE2025 Business Plan

Asia & Oceania：Initiatives by focused field
NS Vision 2026： Five focused fields

Ongoing and/or FYE2025 Initiatives
・Operate steadily sub-segment management structure to strengthen governance

Sustainability Management24- (1)SEA＆I: Southeast Asia and India (2)EAE: East Asia Electronics (3)CIG: China Industrial Gases (4)OIG: Oceania Industrial Gases

・Established Regional CSOs (Regional Chief Sustainability Officers)

Exploring New Businesstoward Carbon Neutrality

・Focus on areas where we have applications to reduce customers‘ environmental impact byutilizing our core technologies, such as Oxy-fuel combustion (for steel, aluminum, and glass)and Argon welding

Total Electronics

・Strengthen the capability of the Electronics business through collaboration between
sub-segment EAE and Japan (especially gas we manufacture, equipment and installation, etc.)
・Strengthen our own advantage to win high-purity nitrogen on-site projects

Operational Excellence

・Advance operations in terms of both Price management and Cost control
・Continue to implement and share best practices across the NSHD group

DX Initiatives

・Promote work saving and cost reduction by automating operations
・DX promotion for supply chain visualization of specialty gases
・Cybersecurity response（including enhancement of the IT security level）

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2. FYE2025 Business Plan

Thermos：Captivate users with our attractive products
What we need to accomplish（Toward the final fiscal year in NS Vision 2026）

Business Performance

Legend（Last three fiscal years）

Revenue composition by industry（FYE2024 actual: Cumulative period basis）

Arrows indicate theoutlook for the next
fiscal year (FYE2025)

To grow sustainably and to be trusted as a value creating company

28.9%
16%

24.8%
23.2%

24.0%

EBITDA margin

Segment
strategy

Growth- New products, direct operating stores,
e-commerce platform business expansion- Develop an interactive communication
system with customers- Increase Thermos brand awarenessand maximize the brand equity

Surrounding environment

19.9%
Japan

18.1%
Core OI margin

26.8
6.4

（Our perspective as of the beginning of FYE2025）

30.1

30.7
Revenue

6.0

84%

5.5
Core OI

Risks

・Rising raw material and purchase costs due to inflation, weak JPY, etc.
・Rising labor costs at overseas plants and distribution costs in Japan・Competition from inexpensive no-brand/private-label products

Opportunities

・Demand increase for portable containers due to price increases
for beverages in disposable containers such as cans and PET bottles
・Inbound demand from Foreign visitors to Japan・Increasing attention and interest in sustainable products due to
growing awareness on environmental issues

25

Asia

（Unit：￥ bn.）

2022

2023

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2024

（FYE）

2. FYE2025 Business Plan

Thermos：Initiatives by focused field
NS Vision 2026： Five focused fields

Sustainability Management

Exploring New Businesstoward Carbon Neutrality

26

Ongoing and/or FYE2025 Initiatives
・Promote sustainable beverage containers to contribute to waste reduction
・Started collection service of used bottles at company stores for recycling
・Employee safety training and improvement of the work environment
・Active promotion of HR diversity (hiring people with disabilities, training female managers, etc.)

・Reduction of energy consumption through production optimization

Operational Excellence

・Reduce procurement cost for raw material・Streamline production processes

DX Initiatives

・Expand E-commerce business in growing markets
・Improve efficiency and sophistication through the use of Web EDI (Electronic Data Interchange)

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

1. FYE2024
Overview

2. FYE2025
Business Plan

3. Financial Profile

4. Q&A Session

3. Financial Profile
Senior Executive Officer,
CFO
Alan Draper27

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

3. Financial Profile

Cash flows for FYE2024 Full-term
Solid operating cash flows enable a balanced capital allocation（Unit：￥ bn.）

Free cash flow*1
91.3-120.8
215.9

-3.7
-45.0

-15.5
-17.3

132.2

End ofFYE2023 cash

-32.1
Operatingcash flow

CAPEX &
Investments
and loans

Otherregardinginvesting activities*1

Free cash flow：Items reconstructed from consolidated statements of cash flows prepared in accordance with IFRS.

*2Long-term Debt and Short-term Debt raising/repayment：Represents cash financed/paid.

*3

Other：Indicates cash lease obligations, acquisition of investments, and other items.

28

Long-term
Debt raising/
repayment *2

Short-term
Debt raising/
repayment *2

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

DividendPaidduring term

Otherregardingfinancing activities *3

12.4

126.1

Others(Forex etc.)

End ofFYE2024 cash

3. Financial Profile

Financial management● Capital allocation in accordance with the strategies and goals of NS Vision 2026.

Basic Concept● Prioritize capital projects based on economic / financial returns, risk profile, strategic customer / end markets● Fast, nimble, and proactive responsiveness to business opportunities and customer inquiries.

Financialsoundness

Leverage Reduction― Reduction of financial expenses

FYE2024 Actual

FYE2025 Forecast

Adjusted net D/E Ratio(End of FYE2024)

BudgetAdjusted net D/E Ratio(End of FYE2025)

0.74

0.67

CAPEX and investment

CAPEX and investment(Cash basis: ￥ bn.)

(Cash basis: ￥ bn.)

Fortifying the capital structure
Refinanced ¥100bn. Hybrid debt with clean debt during FYE2024

BudgetCapital andinvestments

Investment for Growth driver― Deliver growth, enhanced profitability,and global efficiency

118.3 166.6

29

Stable & business performance-linked― Aiming to achieve shareholders‘and investors' expectations

Pursue group synergies and globalization efforts
Prioritize investments with solid economic returns and earnings potential
Seek M&A opportunities that improve customer density, expand geographic presence,or enhance technical capabilities

Annual dividend [Planned](￥)

Shareholder
Returns

Economies of scale, improve customer density

44

Budgetannual dividend(￥)

48

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

10 consecutive years of increasing dividend (subject to shareholder approval at AGM*)*AGM: Annual General Shareholders’ Meeting3. Financial Profile

Cash flow and shareholder returns
Cash flow forecast FYE2025

Dividend Growth Trend

Financial Soundness and Solid Shareholder Returns

Stable and reliable dividend growth
Dividend payout ratio
27.1%（Unit：￥ bn.）

24.3%

26.2%

23.9% 24.9%

22.7% 23.5% 23.0% 22.5%

20.3%

*3

19.6%

-25.1
TBD

33.8

44
CAGR

126.1
20

-21.3
-0.4
End ofFYE2024 cash
（Actual）

Free
Cash flow *1

Scheduleddebt
maturities *2

Annualdividend
payment

Other
regardingfinancing
activities

0.5
Forex effect,
and others

113.5
End ofFYE2025 cash
（Forecast）

16

12

13

28

14

16

18

20

2021

2022

2023

2024

6

7

11

12

6

9

14

2014

2015

2016

2017

2018

2019

2020

9

（FYE）

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

24
18

7

YearEnd

20

16

6

11

30

14

13

Free cash flow：Cash flows from operating activities + (Announced) Divesture Proceeds – CAPEX.
Scheduled debt maturities： Indicates cash paid (including Repayments of lease obligations)Excluding 4Q FYE2024 non-cash, non-recurring accounting gain of ¥8.8bn.

30

23

25

12

J-GAAP← →IFRS
*1
*2
*3

38

34

14%

(Unit：￥)

24

Interim2025［Planned］［Forecast］

3. Financial Profile

Initiatives to Improve Capital Efficiency
Capital investment is essential to growth
Focus on capital efficiency
ROCE* after Tax Performance

Recognition of Current Status and Roadmap to Improvement

Formula=Improvement as a result of quality & quantity of earnings and selective investments

NOPAT (Net Operating Profit After Tax)
Capital employed (Interest-bearing debt + Total equity

Current
Statusattributable to owners of parent)

Maintain the course of steady improvement

NS Vision 2026

6.7%

6.6%

>6.7%

5.4%

6%
4.4%

Maximize NOPAT and optimize Capital employed

4.8%

Enhancing financial soundness
Roadmap
2021.32022.32023.32024.32025.3Operational excellence paving the path through productivity and globalization

2026.3Medium-term Management plan
NS Vision 2026 planned figure

Disciplined price management(Targets set in Apr 2022, with planned figures for FYE2026)*ROCE: In NS Vision 2026, we set ROCE after Tax as one of our financial KPIs in which the denominator of ROCE has been modified from core operating income to NOPAT.

31

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

3. Financial Profile

NS Vision 2026 Financial KPI Progress
Maintain pressure to either exceed targets already achieved or to reach targets not yet met（¥ bn.）

Revenue

1,186.6

1,255.0

1,300.0>+2.5%
YoY
165.9

1,000
975

（¥ bn.）

Core Operating Income

135
125

177.0

EBITDA margin>+5.0%
YoY

123.1

24%
19.3%

2023.32024.32025.32026.32023.3（times）

Adjusted net D/E ratio*

2024.36%0.74

2026.32023.322.4%2024.32025.32026.3

ROCE after Tax
6.7%

0.81

2025.3

22.2%

6.6%

>6.7%
Medium-term Management plan
NS Vision 2026 planned figure

5.4%(Targets set in Apr 2022, with planned figures for FYE2026)

Exchange Assumption

0.67

0.7

USD : ¥115
EUR : ¥125

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

2023.32024.32025.32026.32023.32024.32025.3*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.

32

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2026.3

Closing remarks

President CEO
Toshihiko Hamada

33

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Q&A Session

President CEO
Toshihiko Hamada

Member of the Board,
Representative Director
and President of Taiyo
Nippon Sanso Corporation
Kenji Nagata

35

Member of the Board,
Chairman and CEO,Matheson Tri-Gas, Inc

Member of the Board,
Chairman and President,
Nippon Gases
Euro-Holding S.L.U.

Senior Executive Officer,
CFO
Alan Draper

Thomas Scott Kallman
Eduardo Gil Elejoste

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Senior Executive Officer,
Group Corporate Planning
OfficeRepresentative Director
and President ofThermos K.K.

Tsutomu Moroishi

Yuji Kataoka

Senior Executive Officer,
Group Sustainability
Management Office,and CSO（Chief Sustainability Officer）

Takeshi MikiAppendix

36

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 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

37

US

EuropeAsia & Oceania

Thermos

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

Operating income¥177.0 bn.

24%
Corporate

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 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(the total for 4 years)\975.0-1,000.0 bn.

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

0%

10%

≥24 %

Japan, the U.S., EU, A&O, Thermos: ≥17-33%
Adjusted net D/E ratio

24%

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

38

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 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

40%

50%

Growth initiatives

60%

12%
70%

Strategic initiatives

80%

M&A

90%

6%
100%

Free cash flow and Debt situation（Unit：￥ bn.）

FYE2023

FYE2024

YoY

FYE2025

Budget's YoY

Full-term

Full-term

Difference % change

Full-term f orecast

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%

154.0
114.6
8.1
-69.4

+3.3
+2.2
+28.7
-42.9

+2.2%

Cash flows from operating activities

187.9

215.9

+28.0

+14.9%

207.3

-8.6

-4.0%

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

-166.6
－
-6.8

-48.3
－
-3.1

Cash flows from investing activities-98.0-124.6-26.6+27.1%-173.4-48.8+39.2%

Free cash flow

89.8

91.3

+1.5

+1.6%

33.8

-57.5

-63.0%Net interest-bearing liabilities

809.5

810.8

+1.3

799.9

-10.9

（Of which, hybrid financing amount）

250.0

150.0

-100.0150.0－

Adjusted net D/E ratio

0.81

0.74

-0.07

0.67

-0.07

(Debt situation）

39

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Debt/Equity Performance (FYE2024)

UndatedAdjusted
net D/E ratio
Financial management
net D/E ratio

Net D/E ratio（General net D/E ratio）（Our internal financial discipline indicator）

0.74

0.89

(YoY basis: 7 bps improvement)(YoY basis: 23 bps improvement)

0.88(YoY basis: 2 bps up)

Forecast at the End of FYE2025（March 31, 2025）

0.67
Net interest-bearing debt

Net interest-bearing debt ― Equity-type debt*

Total equity attributable to owners of parent

Total equity attributable to owners of parent + Equity-type debt** Equity-type debt：Our internal name of amount which is 50% of the amount raised through hybrid financing is accepted as "capital" by rating agencies.

40

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Net interest-bearing debt
― Lease obligations ― Equity-type debt*
Total equity attributable to owners of parent― Other components of equity + Equity-type debt*

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%

13.7%

10.1%

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 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 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 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

2024.3

90.3

87.2

2020.32021.3102.7

2022.3123.1

2023.32024.3

Industrial gas supply system
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 establish 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 install 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 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results

Supply via Cylinder

LP
Gas

44

May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 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

Annual Shareholder meeting
Q1 FYE2025 Earnings Call

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 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 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.

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May 22, 2024 | NIPPON SANSO Holdings Analyst Conference presentation FYE2024 results© 2024 NIPPON SANSO Holdings Corporation All rights reserved