For Immediate Release

November 1, 2023

Sumitomo Chemical Announces Revisions to Its Financial Forecast
for the Full Year Ending March 31, 2024
Based on recent performance trends, Sumitomo Chemical co., Ltd. has made revisions to its
consolidated financial forecast for the full year ending March 31, 2024, previously announced onMay 15, 2023, as detailed below.
Revisions to Consolidated Financial Forecast for the Full Year Ending March 31, 2024
(Millions of yen)
Sales
RevenueCore
Operating
Income *Operating
IncomeNet Income
Attributable toOwners of theParentEarningsper Share(yen)Previous forecast (A)2,900,000

40,00020,00010,000

6.12

Revised forecast (B)2,700,000-70,000-125,000-95,000-58.09Variance in amount (B-A)-200,000-110,000-145,000-105,000

Variance in percentage (%)

-6.9%

---

Results for the full year
ended March 31, 2023

2,895,283

92,752-30,984

6,987

4.27

* Core Operating Income is a gain and loss concept, reflecting recurring earning capacity, and deducts gains
and losses incurred by non-recurring factors from operating income. It includes the share of profit frominvestments accounted for using the equity method.

Reasons for the Revision
Regarding the consolidated financial forecast for the full year ending March 31, 2024, sales
revenue and core operating income are expected to be lower than the previous forecast. The
revision is due to a decrease in demand and a deterioration in margins caused by the global
economic downturn in Essential Chemicals & Plastics and Energy & Functional Materials. In
addition, a liquidation of crop protection products inventory in the midst of weaker demand in SouthAmerica and a deterioration of methionine business in Health & Crop Sciences also have affectedthe forecast.
Operating income and net income attributable to owners of the parent are also expected to fallshort of the previous forecast due to the decrease in core operating income as well as the impactof the impairment loss posted in the half-year ended September 30, 2023.
Regarding future plans for improving Sumitomo Chemical’s financial performance, please refer tothe presentation materials for “Investors’ Meeting for FY2023 1st Half Financial Results,
Management Priorities and Business Strategies,” which is scheduled to be held today.

Cautionary Statement
Statements made in this document with respect to Sumitomo Chemical’s current plans, estimates,strategies and beliefs that are not historical facts are forward looking statements about the future
performance of Sumitomo Chemical. These statements are based on management’s assumptions
and beliefs in light of the information currently available to it, and involve risks and uncertainties.
The important factors that could cause actual results to differ materially from those discussed in
the forward-looking statements include, but are not limited to, general economic conditions inSumitomo Chemical’s markets; demand for, and competitive pricing pressure on, Sumitomo
Chemical’s products in the marketplace; Sumitomo Chemical’s ability to continue to win
acceptance for its products in these highly competitive markets; and movements of currency
exchange rates.

Information:
Financial Forecast by Segment for the Full Year Ending March 31, 2024
(Millions of yen)
Fiscal 2023
Previous
Forecast (A)Fiscal 2023
Revised
Forecast (B)Variance inAmount(B-A)

Results for
the Full Year
ended March
31, 2023

970,000

850,000-120,000

852,916-7,000-75,000-68,000-34,197

Essential Chemicals& Plastics

Sales revenue

Energy & Functional
MaterialsSales revenue

370,000

320,000-50,000

342,460

Core operating income

13,0002,000-11,000

15,239

Sales revenue

430,000

410,000-20,000

431,219

Core operating income

38,00033,000-5,00047,601

Sales revenue

610,000

610,000-598,390

Core operating income

62,00040,000-22,000

57,277

Sales revenue

400,000

420,000

20,000584,873

Core operating income-61,000-69,000-8,00016,168

Sales revenue

120,000

90,000-30,000

85,425-5,000-1,0004,000-9,3362,900,000

2,700,000-200,000

2,895,283

40,000-70,000-110,000

92,752IT-related Chemicals
Health & CropSciencesPharmaceuticals
Others /Adjustments
TotalCore operating income

Core operating income
Sales revenue
Core operating income