ORGANO CORPORATION

Financial Results for Fiscal Year
Ended March 31, 2023
Securities Code: 6368

May 17, 2023

1

Contents
1. FY ended 03/2023 Results
2. FY ending 03/2024 Plan
3. Medium- to Long-term Management Plan
“ORGANO 2030”
4. Company Overview

2

Contents
1. FY ended 03/2023 Results
2. FY ending 03/2024 Plan
3. Medium- to Long-term Management Plan
“ORGANO 2030”
4. Company Overview

3

Overview of FY ended 03/2023 Results

 Orders, net sales, and operating profit reached record highs forthe second consecutive year.
••

Water Treatment Engineering Business significantly benefited from expanded investment in theelectronics industry in Japan and overseas.
Sales of water treatment chemicals, standard water treatment equipment, and food products werestrong in the Performance Products business.

(Millions of yen)

Operating Profit

Net Sales

Orders Received

Performance Products
Water Treatment Engineering

173,491
135,698

21,06819,581

116,116

03/2022

Actual125,000
20,000132,426
112,069

20,824

19,34620,00003/2023
Actual03/2023

Plan

92,72303/2022
Actual

10,8502,246

11,700
1,800

1,763

152,422
105,000

15,212125,000

12,966111,601

105,000

03/2023
Actual03/2023

03/2022

03/2023

03/2023

Plan

ActualActual

Plan

9,087

9,900

4

Results for Year Ended March 2023(%)

Actual-toInitial Plan(%)

125,000+27.9%+38.8%

132,426

125,000+18.2%+5.9%

28,512

34,97630,700+22.7%+13.9%

SG&A1

17,662

19,76319,000+11.9%+4.0%

Operating profit

10,85015,212

11,700+40.2%+30.0%

Ordinary profit

11,54516,02011,700+38.8%+36.9%

Profit attributable toowners of parent

9,210

11,7308,200+27.4%+43.1%ROE (%)

12.9%

14.5%

10.6%

–

–

March 2022

March 2023

(Millions of yen)

ActualActualOrders received

135,698

173,491

Net sales

112,069

Gross profit

(%)

(%)

25.4%

9.7%

1: SG&A = Selling, General, and Administrative expenses

26.4%

11.5%

Year-on-Year

Initial Plan

24.6%

9.4%

5

FY ended 03/2023: Overview by BusinessElectronics
Industry
GeneralIndustry• Large-scale project orders received in China and Malaysia following thosein Japan and Taiwan.
• Although some projects were affected by schedule reviews and delays inprocuring raw materials and in construction, etc., overall construction
progressed smoothly.
• In Japan, large-scale investments recovered in areas related to thepharmaceutical, food and electronics industries. Service Solutions
business also remained strong.

Electric Power/
Water Supply
and Sewage• Both the electric power/water supply and sewage sectors continued to bestrong, mainly due to demand for renewal of facilities, and in the Service
Solutions business.
• In the electric power sector, orders of maintenance and other solutions
increased for the restart of nuclear power plants.

Performance
Products• Water treatment chemicals increased sales of various treatment agentsfor the electronics industry.
• In the standard equipment and filters sector, sales of small-scale purewater production equipment, including Puric μ, performed well.
• In the food products business, sales of food additives and other foodproducts increased and progress was made in passing on costs.

6

FY ended 03/2023: Quarterly (three month) Results
 Orders fluctuated in line with large-scale project trends. Sales andprofits were concentrated in Q2 and Q4.
•Orders fluctuated widely due to orders for large projects, while sales and profits tended tobe concentrated in Q2 and Q4. Nevertheless, orders have leveled off slightly due to theincreasingly large-scale projects and longer delivery times.
(Billions of yen)

Quarterly (three-month) performance trends (orders received, net sales, order backlog, and operating profit)
112.9

72.6
58.8

20.1
19.5
1.3

Jun. 19

54.3

26.5
22.6
4.1

Sep. 19

67.8

75.0

66.5

71.1

76.1
61.8

39.0

2.0

Dec. 19

23.8

27.0
19.5

2.4

Mar. 20

25.7

28.0
23.4

31.9
22.4

16.9
4.3

0.3

2.8

Jun. 20

Sep. 20

Orders received

51.8
46.5

27.8

35.5
34.2

34.2
27.8

21.6

1.3

48.6

33.0

26.3
3.4

2.3

4.7

2.2

Dec. 21Mar. 22

Jun. 22

37.2

4.2

5.2

2.4

2.0
Dec. 20

117.6

41.2
27.6

22.3

107.4

86.4

70.5

37.2
29.1

20.6

84.2

120.8

Mar. 21Net sales

Jun. 21

Sep. 21

Operating profit

Sep. 22

Dec. 22Mar. 23

Order backlog

7

FY ended 03/2023 Results: Analysis of Orders and Sales(Billions of yen)Order Analysis+37.7 billion+48.4 billion

+6.3

+5.7

YoY

+1.4

+30.7

vs. Plan

173.4

+1.0

+41.0

125.0
03/2023
23.3
Plan

23.3
03/2023
ActualSales Analysis+20.3 billion
+1.4
+1.4

+17.2

132.4

vs. Plan

The electronics industry saw a greater-than-planned increase
both in the number and scale of projects.
Also, in the general industry and performance products, orders
were stronger than expected at the beginning of the fiscal year.

[Sales]Up ¥20.3 billion (18.2%) year on year

+7.4 billion

YoY

In the electronics industry, orders for large-scale projects
received in China and Malaysia as well.
In the general industry, large-scale investments recovered, andperformance products were also strong.

Surpassed plan by ¥48.4 billion (38.8%)

135.6
22.3
03/2022
Actual[Orders]
Up ¥37.7 billion (27.9%) year on year

+1.6

+4.1

125.0

Sales in the electronics industry increased due to progress in theconstruction of projects ordered.
Also, in the general industry and performance products, orders
were strong and sales increased.

Surpassed plan by ¥7.4 billion (5.9%)

112.0
03/2022
22.3
Actual03/2023
23.3
ActualPerformance Products

General Industry

03/2023
23.3
Plan
Electronics Industry

Orders increased more than expected in all areas. Despite theimpact of delays and other issues in some projects, overall
construction of large-scale projects progressed smoothly.
*The graphs indicate areas with increases/decreases of ¥1 billion or more.

8

FY ended 03/2023 Results: Analysis of Operating Profit(Billions of yen)

Water Treatment Engineering: Up ¥3.8 billion(42.7%)

Operating Profit Analysis

+1.3

15.2
+4.3 billion
YoY

+2.3

+4.4
+0.1
+0.5

10.8

-1.8

03/2022
22.3
ActualChange in Sales

+0.1

-0.7

+0.2

11.7

-0.2

• Profit also expanded due to increased sales, mainly in theelectronics industry. Profit margins improved in the Plant
business, which also contributed to growth. SG&A
expenses increased mainly due to labor costs andoutsourcing expenses.

Performance Products: Up ¥0.4 billion (27.4%)• The increased profits were attributable to the sales
growth in the chemicals, equipment, and food products
industry sectors.

Surpassed plan by ¥3.5 billion (30.0%)

Water Performance
Treatment Products
Engineering+3.8
billion+3.5 billion
vs. Plan+1.4

Up ¥4.3 billion (40.2%) year on year

Water Performance
Treatment Products
Engineering+3.0
billion+0.4
billion03/2023
23.3
ActualChange in Profit Margin+0.4
billion03/2023
23.3
Plan

Change in SG&A Expenses

Water Treatment Engineering: Up ¥3.0 billion(31.0%)• Coupled with the increased revenues, profit margins
improved mainly in the Plant business for electronics andgeneral industry sectors.

Performance Products: Up ¥0.4 billion (24.8%)• On top of increases in sales, profit margins improved
more than expected.

9FY ended 03/2023 Results: Orders by Region
 Orders in large-scale projects also increased in China andMalaysia following Japan and Taiwan.

Domestic: Recovered investment in the general industry, in addition to the large-scale
investments in the electronics industry.
Overseas: In China and Malaysia, the orders in large-scale projects for the electronics
industry contributed to growth.

••(Billions of yen)Orders (Domestic/Overseas)

Orders Overseas by Region
100%

173.4

2,000

1,500

135.6

500

58.0
42.8%
77.6

78.0

80%

78.0
1,000

90%

45.0%

95.4

125.0
48.0
38.4%

70%

60%

50%

58.0
13.9

18.6

48.0

29.8

8.0
12.0

27.1

29.6

28.0

03/2023
23.3
Actual23.3
03/2023
Plan

16.9

40%

77.0

0

30%

20%

22.3
03/2022
ActualDomestic

23.3
03/2023
Actual23.3
03/2023Plan

22.3
03/2022
ActualOverseas

Overseas Ratio

TaiwanChina

SE Asia/US/Other

10

FY ended 03/2023 Results: Sales by Region
 Sales grew in large-scale projects in Taiwan, the U.S., andother markets.

Domestic: Steady progress in construction of large-scale projects in the electronics
and other industry sectors
Overseas: Sales expanded in Taiwan, the U.S., Malaysia, and other markets. The
project sales in China will contribute to the next fiscal year and beyond. (Billions of yen)••

Sales (Domestic/Overseas)

1,800

60%

132.4

1,600

1,400

112.0

1,200

1,000

49.6

38.9

600

200

34.8%

73.0

125.0

49.6

50%

38.9

42.0
40%

800

400

Sales Overseas by Region

37.5%

82.7

33.6%

83.0

6.1
13.3

11.6

10.0
12.0

30%

19.5

0

14.4

42.0

23.5

20.0

03/2023
23.3
Actual03/2023
23.3
Plan

20%

03/2022
22.3
ActualDomestic

03/2023
23.3
ActualOverseas

03/2023
23.3
Plan
Overseas Ratio

03/2022
22.3
ActualTaiwanChina

SE Asia/US/Other11

FY ended 03/2023 Results: Sales by Segment and Customer
Water Treatment Engineering Business Unit

 Water Treatment Engineering business significantly benefitted
from the growth in the electronics industry.

• Plant sales expanded significantly thanks to increased orders in the electronics and generalindustry sectors.
• In the Service Solutions business, a portion of facility-owned service sales started in the fiscal year
under review will be carried over to the next fiscal year. Profit fell short of the plan, but increased
year on year thanks to strong sales of the maintenance and other service solutions.

(Billions of yen)

Sales by Segment

Sales by Market
120%

1,400
110%

111.6

1,200

92.7

105.0

90%

1,000

80%

800

47.0

61.5

70%

54.0

60%

50%

600

400

200

49.2%
45.6

44.8%
50.0

48.6%

111.6

100%

40%

92.7

11.7

11.4

24.3

22.9
62.8%

22.7

67.6%

67.9%

75.4

71.3

03/2023
23.3
Actual03/2023
23.3
Plan

30%

51.0

20%

105.0

58.2

11.0

10%

0

0%

22.3
03/2022
Actual23.3
03/2023
ActualService Solutions

Plant

23.3
03/2023
Plan
Service Solutions Ratio

03/2022
22.3
ActualElectric Power/Water Supply and Sewage

General Industry

Electronics Industry

Electronics Industry Ratio

12

FY ended 03/2023 Results: Orders by Segment and Customer
Electronics Industry Business Unit

 Orders increased in China and Malaysia, as well as Japan andTaiwan, which contributed to growth.

• Domestic: The company received large-scale projects for semiconductors, silicon wafers, and otherprojects.
• Overseas: The company invested in cutting-edge semiconductors in Taiwan and large-scale projects
in China and Malaysia for legacy nodes such as for automotive and power semiconductors.

(Billions of yen)

Electronics Industry Orders (1st Half vs. 2nd Half)

Electronics Industry Orders

800

113.0

63.9

700

49.9

600

49.1

1,200

1,000

42.0

500

82.3

400

32.3

300

15.0

38.0

23.2

49.3

20.0

17.3

600

18.0

200

100

30.0

11.8

25.9

14.5

22.0

53.0

38.0

400

200

12.0

0

72.0

72.5

800

29.2

40.5

34.0

03/2023
23.3
Actual03/2023
23.3
Plan

0

1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half
03/2022 Actual
03/2023 Actual
03/2023 Plan
Domestic

Overseas

03/2022
22.3
ActualDomestic

Overseas

13

FY ended 03/2023 Results: Sales by Segment and Customer
Electronics Industry Business Unit

 Sales grew in Japan and overseas due to progress inconstruction of ordered projects.

• Domestic: Orders rose year on year thanks to increased orders, but fell short of the plan due toprocess adjustments in some projects.
• Overseas: Sales increased in Taiwan and Malaysia, which significantly contributed to growth. In
China, the orders for large-scale projects increased but because of being affected by lockdowns andthe spread of COVID-19, the sales will contribute to the next fiscal year and beyond.

(Billions of yen)

Electronics Industry Sales (1st Half vs. 2nd Half)

Electronics Industry Sales

500
1,000

450

32.8

400

37.7

37.7

35.0

36.3

700

25.3

250

200

13.5

19.8

24.0

19.5

20.0

16.1

43.5

36.1

24.8

31.9

35.1

22.3
03/2022
Actual23.3
03/2023
Actual23.3
03/2023
Plan

58.2

600

500

400

150

33.3

300

100

50

71.3

800

350

300

75.4

900

11.8

13.0

13.6

18.2

15.0

20.1

0

200

100

0

1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half
03/2022 Actual 03/2023 Actual
03/2023 Plan

Domestic

Overseas

Domestic

Overseas

14

FY ended 03/2023 Results: Sales by Segment and Customer
Performance Products Business Unit

(Billions of yen)
Sales by Segment

19.3
4.9

20.8

20.0

5.7

5.0

6.7

7.0

7.0

7.7

8.0

8.0

03/2022
22.3
Actual03/2023
23.3
Actual03/2023
23.3
Plan

Food Products

Water Treatment Chemicals

Sales of water treatment chemicals for theelectronics industry, such as in semiconductor
plants, where new water treatment plants
continue to be developed, performed well.

Standard Water Treatment Equipment
and Filters

Sales of small-scale pure water production
equipment, including Puric μ (mu) which waslaunched in the previous fiscal year, for medical
and research institutions, grew.

Food Products

Sales of various food additives performed well.
We have made progress in passing on higher
costs such as increases in raw materials prices in
the form of sales price increases.

Standard Equipment/Filters

Water Treatment Chemicals

15

Contents
1. FY ended 03/2023 Results
2. FY ending 03/2024 Plan
3. Medium- to Long-term Management Plan
“ORGANO 2030”
4. Company Overview

16Overview of FY ending 03/2024 Plan Orders are assumed to decline, but remain high; sales and profits
are expected to increase.
• Orders are expected to decrease compared to the previous year, when there was aconcentration of large-scale projects, but remain high.
• In expectation of progress in construction of projects received up to the previous fiscal
year, sales and profits are expected to increase.
(Millions of yen)
Performance Products
Water Treatment Engineering

173,491

21,06815,212150,000

21,800132,426

20,824
152,422

128,200
111,601

03/2023 Actual

Operating Profit

Net Sales

Orders Received

03/2024 Plan

03/2023 Actual

150,000

2,246

16,0002,500

21,800128,200

03/2024 Plan

12,966

13,50003/2023 Actual

03/2024 Plan

17

FY ending 03/2024 Plan: Performance Backlog at a record high, sales growth expected in FY ending
03/2024.

• Orders continue to expand from 2018 mainly in the electronics industry, and grow in
Taiwan, China, and other overseas markets.
• Large-scale projects have a construction period of 12 to 24 months; orders and backlogs(Billions of yen)
are leading indicators of sales.
Orders Received, Net Sales, and Order Backlog

173.4
150.0
135.6

77.8
68.7

76.4

78.7

48.7

46.6

03/2015

03/2016

81.1
74.0

88.0
79.2

103.8
92.2

104.9
96.5

100.6
94.5

132.4

150.0

112.0
117.6

117.6

03/2023

03/2024

86.4

39.2

03/201748.3

03/2018

59.3

03/2019

Orders received

67.8

03/2020
Net sales

61.8

03/2021

03/2022

Order backlog

18

FY ending 03/2024 Plan: Statement of Income(Millions of yen)

FY ended 03/2023
1st Half
Full-year
ActualActualFY ending 03/2024
1st Half
Full-year
Plan
Plan

Year-on-Year
1st Half

Full-year

Orders received

78,230173,491

70,000150,000-10.5%-13.5%Net Sales

62,117

132,426

70,000150,000 +12.7%+13.3%

Gross profit

16,10834,976

17,10037,000

+6.2%

+5.8%

SG&A

9,597

19,763

10,50021,000

+9.4%

+6.3%

Operating profit

(%)

6,510

10.5%

15,212

6,600

16,000

+1.4%

+5.2%

Ordinary profit

7,451

16,0206,600

16,000-11.4%-0.1%

Profit attributable toowners of parent

5,027

11,7304,600

11,200

-8.5%

-4.5%

–

14.5%

–

12.6%

–

–

(%)

ROE (%)

25.9%

26.4%

11.5%

24.4%

9.4%

24.7%

10.7%

19

FY ending 03/2024 Plan: Earnings Forecast
Environment
for receiving
orders

The electronics industry faces uncertainties in the memory and othermarkets, as well as U.S. restrictions on semiconductors from China,
anticipating a lull in growth trend seen until the previous fiscal year.
Meanwhile, a high level of orders is expected along with several largescale investments planned in Japan and overseas.

Sales andprofitassumption

Our sales forecast assumes a high level of carried-over orderbacklogs, mainly in the electronics industry. Profit is expected to
grow. Despite schedule delays in some projects, overall construction
is expected to progress smoothly. Profitability can improve due toprogress in measures for cost reductions and profit improvements in
Plant projects.

Risk factors• Worsening environment for receiving orders, such as cancellation or
postponement of investment plans due to deteriorating market
conditions, geopolitical risks, among other factors.
• Increases in raw materials and construction costs due in part tochanges in inflation and exchange rate trends.
• Delays in construction progress due to supply chain disruptions, i.e.
procurement and logistics delays.
20

FY ending 03/2024 Plan: Analysis of Orders and Sales(Billions of yen)

Down ¥23.4 billion (13.5%) year on year

Order Analysis

+4.9
-30.0

173.4

-23.4 billion

150.0

YoY

03/2023 Actual

03/2024 Plan

+2.3

150.0

-1.7

132.4

+17.5 billion
YoY

03/2023 Actual

Although the forecast is for a slowdown in the growthtrend seen until the previous year, orders are expected toremain high due in part to several large-scale projects
planned in Japan and overseas. We will monitor trends
closely due to volatile factors such as semiconductor
market conditions and geopolitical risks.
[Sales]Up ¥17.5 billion (13.3%) year on year

Sales Analysis+16.0[Orders]

03/2024 Plan

General Industry
Electronics Industry
Electric Power/Water Supply and Sewage

Carried-over backorders remain high mainly in theelectronics industry, and sales are projected to increase
through progress in construction.
In the general industry, sales growth is also expectedthanks to an increase in orders.
In Electric Power/Water Supply and Sewage, a decline insales is anticipated due to the off-season for large-scale
projects.
*The graphs indicate areas with increases/decreases of ¥1 billion or more.

21

FY ending 03/2024 Plan: Operating Profit(Billions of yen)
Operating Profit Comparison+4.0+0.7 billion
YoY

+0.3

15.2

-2.4

16.0

-0.1

-1.1
Water
Treatment
Engineering+0.5 billion

03/2023 Actual
Change in Sales
Change in SG&A Expenses

Performance
Products+0.2 billion

03/2024 Plan
Change in Profit Margin

Up ¥0.7 billion (5.2%) year on year
Water Treatment Engineering: Up ¥0.5 billion(4.1%)•In the Plant and Service Solutions businesses,
the company plans to increase sales, andexpects profits to expand due to increased
revenues. Our profit forecast for the Plant
Department reflects risks involving raw materials
price hikes, construction, and other factors.
Profitability can improve due to progress in cost
reductions and profit improvements. The
company plans to increase SG&A that include
personnel expenses, R&D and digital
investments, and outsourcing expenses.
Performance Products: Up ¥0.2 billion (11.3%)•
The company plans to expand sales in eachfield. In Water Treatment Chemicals andStandard Equipment/Filters, business operations
will be increased in Taiwan, China, and otheroverseas markets.
22

FY ending 03/2024 Plan: Orders by Region

 Despite a lull in orders overseas, orders are expected to remain
high.

Domestic: Orders in the general industry are also expected to expand following the
growth in the semiconductors and other electronics industries.
Overseas: Despite a lull in orders, the company plans large-scale investments in overseas
countries, and expects a high level of orders.
(Billions of yen)Orders (Domestic/Overseas)
173.4

2,000

135.6

1,600

1,400

1,000

104.9
22.5

800

600

82.3

400

200

21.5%

94.5
29.1
30.9%
65.3

58.0

90%

80%

78.0
45.0%

77.6

55.0
36.7%
95.0

50%

20%

10%

0

13.9

60%

30%

95.4

58.0

70%

40%

42.8%

78.0

100%

150.0

1,800

1,200

Orders Overseas by Region

29.1

22.5

3.2
6.9

4.3
3.1
15.0

18.9

03/2020

03/2021

16.9

18.6

29.8

55.0
15.0
15.0

27.1

29.6

25.0

03/2022

03/2023

03/2024

0%

03/2020

03/2021

03/2022

03/2023

03/2024
Plan

Domestic

Overseas

Overseas ratio

Taiwan

China

Plan

SE Asia/US/Other23

FY ending 03/2024 Plan: Sales by Region
 Sales are expected to expand both in Japan and overseas due toprogress in the construction of projects with order backlogs.
Domestic: The company plans to record sales of orders received mainly from theelectronics industry.
Overseas: Despite a lull in Taiwan, sales in China, Malaysia, and other markets are
expected to grow.

(Billions of yen)

Sales Overseas by Region

Sales (Domestic/Overseas)
150.0

1,600

132.4

1,400

1,200

96.5

100.6

21.5

24.9

1,000

800

600

74.9

75.6

400

200

22.3%

24.8%

38.9
73.0
34.8%

49.6

90%

54.0

112.0

100%

49.6

80%

38.9

70%

60%

82.7
37.5%

96.0

50%

40%

30%

36.0%

20%

10%

0

24.9

21.5

3.6
5.2

5.5
4.4

6.1
13.3

14.4

54.0
14.0

11.6

20.0

16.0

19.5

23.5

20.0

03/2021

03/2022

03/2023

03/202411.5

0%03/2020

03/2021

Domestic

03/2022
Overseas

03/2023

03/2024
Plan

Overseas ratio

03/2020

Plan
TaiwanChina

SE Asia/US/Other24

FY ending 03/2024 Plan: Sales by Segment and Customer
Water Treatment Engineering Business Unit

 Sales are expected to expand in the Plant and Service
Solutions businesses, mainly in the electronics industry.

• In the Plant business, sales of large-scale projects for semiconductors are expected to
expand as orders continued to grow both in Japan and overseas.
• In the Service Solutions business, the launch of facility-owned services and themaintenance services will contribute to growth.
(Billions of yen)
Sales by Segment
1,400

111.6

1,200

1,000

77.9

82.4

400

200

36.5
53.1%
41.3

128.2

39.0
52.5%
43.3

49.2%

150%

72.2

61.5

130%

120%

77.9

82.4

11.2

10.6

110%

100%

90%

80%

70%

44.8%

43.7%

60%

50%

40%

45.6

111.6

140%

47.0

800

600

92.7

Sales by Market

50.0

56.0

30%

20%

24.6

24.1

128.2
10.0

92.7

11.7

26.7

11.4

24.3

71.4%

67.6%
75.4

91.5

03/2023

03/2024

22.9

53.9%
41.9

57.8%
47.6

62.8%
58.2

03/2020

03/2021

03/2022

10%

0

0%

03/2020

03/2021

03/2022

03/2023

03/2024
Plan

Service Solutions

Plant

Service Solutions Ratio

Electric Power/Water Supply and Sewage
General Industry
Electronics Industry
Electronics Industry Ratio

Plan

25

FY ending 03/2024 Plan: Orders by Segment and Customer
Electronics Industry Business Unit Despite a lull in the growth trend, investment plans both inJapan and overseas are expected to be high.

Domestic: Orders for several large-scale projects involving semiconductors and wafers
are expected.
Overseas: Orders for large-scale semiconductor projects in Taiwan, China, and othermarkets are expected.

(Billions of yen)

Electronics Industry Orders (1st Half vs. 2nd Half)

Electronics Industry Orders
1,400

1,000

113.0

900

1,200

800

63.9

700

49.9

600

49.1

500

400

300

19.5

200

100

0

10.7
8.8

23.0
14.9
8.0

32.3
15.0
17.3

38.0
11.8

23.2

49.3

38.0
22.0

25.9

45.0
28.0

16.0

17.0

48.1
18.1
30.0

42.5
25.6
16.9

50.0

53.0

29.2

40.5

33.0

03/2023

03/20240

1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half

03/2021

400

200

14.5

72.5

800

600

83.0

82.3

1,000

03/2022

Domestic

03/2023

Overseas

03/2024 Plan

03/2020

03/2021

03/2022

Domestic

OverseasPlan

26

FY ending 03/2024 Plan: Sales by Segment and Customer
Electronics Industry Business Unit

 Sales are projected to expand due to progress in constructionof carried-over order backlogs in Japan and overseas.

Domestic: Sales of large-scale projects received last year will make a full-fledged
contribution to growth.
Overseas: Sales are projected to expand due to progress in construction of large-scale
projects in China, Malaysia, and other markets.

(Billions of yen)

Electronics Industry Sales (1st Half vs. 2nd Half)

Electronics Industry Sales
1,200

800

91.5

700
1,000

600

500

400

300

200

100

22.2
10.8
11.3

25.3
10.2
15.1

25.3
13.5
11.8

32.8

37.7

37.7

42.0

49.5

75.4
800

600

19.8

24.0

19.5

13.0

13.6

18.2

20.0
22.0

29.0
400

20.5

0

41.9

47.6

58.2
33.3

49.0
43.5

16.8

21.1

25.1

26.4

24.8

31.9

03/2020

03/2021

03/2022

03/2023

200

42.5

0

1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half

03/2021

03/2022

Domestic

03/2023

Overseas

03/2024Plan

03/2024 Plan

Domestic

Overseas27

FY ending 03/2024 Plan: Sales by Segment and Customer
Performance Products Business Unit

(Billions of yen)

Water Treatment Chemicals

Sales by Segment

18.5
5.1

18.2

6.2

7.1

6.9

03/2021

5.7

4.9

5.0

6.2

03/2020

19.3

20.8

6.7

7.0

7.7

8.0

03/2022

03/2023

21.8

6.0

7.3

8.5

Standard Water Treatment Equipment
and Filters• On top of domestic sales growth in compact
equipment for medical institutions and research
institutions and water purification filters forconvenience stores, food and other markets,
overseas operations will be increased in China
and other markets.

Food Products
03/2024
Plan

Food Products
Water Treatment Chemicals• On top of sales growth in the electronics
industry in line with construction of new water
treatment plants, overseas operations will be
increased in Taiwan, China, and other markets.

Standard Equipment/Filters• The company will step up efforts for new
customer acquisition and sales promotion for
new products, which had been stagnant in theface of the COVID-19 pandemic and responses
for passing on costs, aiming to expand sales.
28

FY ending 03/2024 Plan: Cash Flows(Billions of yen)
Cash Flow Trends after Reclassification
03/2022
Reclassification of investment of¥5.0 billion in facility-owned
projects from Cash Flow fromOperating Activities to Cash Flowfrom Investing Activities

23.0
17.8

17.03

15.78

14.7

12.18

-2.58
-6.52
03/2023
Reclassification of¥14.5 billion invested

03/2022

03/2024
Reclassificationof the planned
investment of¥11.0 billion• On top of trends in business performance, our cash flow issignificantly impacted by progress on the construction oflarge-scale projects and the collection of payments for them.
• In FY ended 03/2023, EBITDA improved, but accounts
receivable increased due to the collection of funds for largescale projects for which sales were recorded in the current
fiscal year but will be recovered in the following fiscal year,
and cash flows from operating activities turned negative. In
cash flows from investing activities, investment in facilityowned services is expected to expand, which resulted in an
increase in borrowings. In FY ending 03/2024, cash flow is
projected to improve with the progress in collection of
accounts receivable.

[Investment in facility-owned services]

Investments in facility-owned services arerecorded in Investments in leases (work inprogress during construction) in the balance
sheet. Amounts of investment are included incurrent assets, so the statement of cash flow
indicates the investment as Cash Flow fromOperating Activities.

In the graph on the left, investments in facilityowned services (¥5.0 billion in FY03/2022, ¥14.5
billion in FY03/2023, and ¥11.0 billion in
FY03/2024) are reclassified from Cash Flows fromOperating Activities to Cash Flows from Investing
Activities.

-11.0

-4.03

-15.8
03/2023-13.0
03/2024(Forecast)

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

EBITDA (Operating profit + Depreciation)

29

FY ending 03/2024 Plan: Key Indicators

Capitalexpenditures(Millions of yen)

R&D expenses(Millions of yen)

Depreciation

FY ended
03/2022
ActualFY ended
03/2023
ActualFY ending
03/2024
Plan

3,387

1,466

2,000

2,146

2,615

3,020

1,824

1,800

Interest-bearing
debt

15,62833,01925,000No. ofemployees

2,476

2,506

2,550

40

62

66

12.9

14.5

12.6

(yen)

ROE
(%)

FY2021~

Start of operation

FY2022~

1,332

Annual dividends

Start of operation~FY2020

Start of operation(Millions of yen)

(Millions of yen)

Investments in facility-owned services

Start of operation

FY2024~• Facility-owned services are contracted for a period of fiveto ten years. The company provides facilities,
maintenance, and operational support services
collectively, with sales based on the volume of watersupplied and treated.
• Investment in construction: ¥5.0 billion in FY03/2022,¥14.5 billion in FY03/2023, and ¥11.0 billion in
FY03/2024.
• Annual net sales are projected to post approx. ¥5.0 billion
or more in FY03/2023, exceeding ¥10.0 billion in
FY03/2025, when all invested facilities are scheduled to
be in operation.

*Capital expenditures include investments in intangible assets and exclude investments in facility-owned services.
*The dividend amounts take into account the stock split on October 1, 2022 (from 1 share to 4 shares).

30

Contents
1. FY ended 03/2023 Results
2. FY ending 03/2024 Plan
3. Medium- to Long-term Management Plan
“ORGANO 2030”
4. Company Overview

31Medium- to Long-term Management Plan “ORGANO 2030”
Aspire to be a Global Partner Company

Long-term Management Plan (~2030)■Become a global leader of the water treatment
solutions for semiconductors■Expand our range of chemicals and functional
materials to be the customer's first choice■Achieve sustainability goals

Medium-term Management Plan (~03/2026)

Net sales:¥170.0 billion
Operating profit: ¥18.5 billion
(%):
10.9%
ROE:
12.6%

Net sales:¥200.0 billion
Operating profit:¥30.0 billion(%):
15%
Maintain a stable ROE of 12% or more

Expand into new businesses and regions ofoperation■Expand business in the U.S. and entry into the South Koreanmarket■Increase overseas development in Performance Products
including chemicals■Enhance and deploy new service solutions

Streamline operations and create new
business opportunities■Increase efficiency and capacity in engineering
operations■Enhance development of new water treatment,
separation and purification technologies, service
solutions, etc.
■Expand the business structure in each country andregionNext Management Plan (~03/2024)

Net sales:¥150.0 billion
Operating profit: ¥16.0 billion
(%):
10.7%
ROE:
12.6%

32

Medium-term Management Plan and Sustainability Goals
and Material Issues
Medium-term Management Plan
Focused Areas
Electronics Industry

Sustainability Goals and MaterialIssuesAchieve Continuous Business Growth

Expand efforts to develop business globally,
including the US, Taiwanese and Chinese
markets

Contribute to a sustainable global
environment

Water Treatment
Chemicals

Provide high-value-added products
and services by leveraging
technological capabilities

Reinforce value chain andoverseas development

Functional Materials
Reinforce supply chain
and enhancedifferentiated merchandise

Establish and Expand Systems

Build a Business Foundation

Engineering

Strengthen governance and ensurecompliance

Promote automation and enhance efficiency
Expand capacity

Service
Solutions

Enhance overseas
development andservice menu

R&D

Reinforcedevelopment
foundation and create
new businesses

Create a workplace where diverse
human resources can play an active
and rewarding role
Strengthen supply chain
management

33

Medium-term Management Plan: Performance Targets(Billions of yen, %)Net Sales, Operating Profit, and ROE Trends

12.6

12.7

10.4

10.7

12.6

14.5
12.9
11.1

10.6

ROE

150.0
Net Sales
100.6

132.4 130.0
125.0

160.0

170.0

15.2
Operating Profit 10.8 11.7

12.5

17.2

18.5

14.0

03/2022

03/2023

03/2021-03/2023 Actual

03/2024

03/2025• Balance expanding capacity and investment
for growth with securing stable revenues.
Record a stable ROE of 12% or more

Initiatives for Sustainability Goals

9.5

03/2021• Expand sales to ¥170.0 billion, mainly inthe electronics industry, on the back oforder backlog at a high level. Strengthen
both Service Solutions and Performance
Products businesses as stable revenue
sources

Investment for growth andsecuring stable revenues

140.0

112.0
16.0

Expansion of sales scale

03/2026

New Medium-term Management Plan
(03/2024-03/2026)• Achieve sustainability goals to continue
business growth and build a businessfoundation

Previous Medium-term Management Plan
(03/2023-03/2025)

34

Medium-term Management Plan: Sales by Segment(Billions of yen, %)Sales by Segment
Performance Products

Service Solutions

Plant

Electronics Industry

132.4
100.6
18.2
43.3
47.6

+15.3%

67.0

112.0

20.8

+34.0%

19.3

50.0

107.0

45.6

75.4

+41.7%

58.2
79.0+28.3%

39.0• Expand both Plant and Service Solutions,mainly in the electronics industry.

170.0
24.0

47.0

61.5

03/2021 03/2022 03/2023

03/2026

Electronics Industry

Plant• Deliver large-scale facilities forsemiconductors in Japan, Taiwan, China, theExpand the sales ofU.S., and other markets.
Service Solutions

and Functional
Products, both ofwhich are stablerevenue sources, to¥91.0 billion

Service Solutions• Expand facility-owned services.
• Strengthen digital Service Solutions that
include automatic operation and remote
Expand sales in themonitoring of facilities.
Plant business aswell on the back oforder backlogs at ahigh level(Final Fiscal Year)

Performance Products• Strengthen overseas sales expansion
centered on water treatment chemicals andsmall equipment.
35

Medium- to Long-term Management Plan: Sustainability KPIs
FY2030 targets

Water
CO2
SludgeAmount of wastewater treated bydelivered Organo systems anddischarged outside
Amount of water collected andreused by delivered Organo systems
Rate of reduction of Scope 1 and 2
CO2 emissions(that of Scope 3 CO2 emissions
currently under review)

Total 60 million m3
Total 250 million m3

37.8% Reduction

Volume of CO2 reduced by applying
Organo technology and products

Total 32,000 t

Volume of sludge reduced byapplying Organo technology andproducts

Total 10,000 t*Sludge refers to waste generated in thewastewater treatment processes.

36Organo’s Sustainability Technology and Services
Water and resource recycling
technology
ECOCRYSTA

Recovers hydrofluoric acid used insemiconductor manufacturing from factory
wastewater. It is then refined as high-purity
pellets and recycled as raw materials forhydrofluoric acid.

Water
recovery andrecycling

Offers a closed system for the separate
collection and recycling of factory
wastewater. Sludge generated fromwastewater can be effectively used as a raw
material for cement, etc.

NMP
Refining andrecycling

Organo developed a system that collects
and refines solvent (NMP) used in the
manufacture of cathodes for lithium-ion
batteries at an on-site location.

Advanced
SewageTreatment

AGSOR

Uses granule technology to highly coagulate
microorganisms effective for wastewater
treatment, achieving three to four times fastertreatment speed, space-saving, and lower costcompared to conventional methods, and is
expected to be applied to wastewater treatment
in large cities.

Sustainability Solutions
Water Heat
Utilization
SystemCooling Water
Treatment
Agent

ORBRAID

Uses heat pump technology to convert theheat from water used in factories into
energy. It reduces power consumption andCO2 emissions by more than 50%.
Is a cooling water treatment agent that
improves the heat exchange efficiency ofrefrigeration equipment used in factories,
etc., which contributes to a reduction inenergy consumption.

ORSMARTIs an automatic injection and remotemonitoring system for water treatment
chemicals, intended to save labor andenergy for RO membrane treatment facilities
and cooling water treatment.

ORTOPIA J
Cloud

Is a remote monitoring system thatstreamlines maintenance and managementof factories and water and sewage facilities.
It also improves the efficiency of facility
maintenance through the accumulation ofoperation data.

37

Medium-term Management Plan: Shareholder Return Policy(yen, %)
Dividend per share and dividend payout ratio
Image up to FY03/2026

62.0(24.2%)

66.0(27.0%)

40.0(19.9%)

28.5

Shareholder Return Policy
Achieve a balance between
shareholder returns andincreased growth investment,
aiming for continued dividend
increases and a dividend
payout ratio of 30% or more

(18.5%)

03/2021

03/2022

03/2023

03/2024

03/2025

03/2026(Final Fiscal Year)

Dividends increased as a result of
improved business performance.

• In FY ended 03/2023, the company upwardly
revised the dividends for the first half and thefull year as a result of the improved
performance. The annual dividend per share will
increase 55% year-on-year to ¥62 per share.
• The dividend payout ratio of 25%, the target ofthe previous Medium-Term Management Plan, is
expected to be achieved in the fiscal year ending
March 2024.

Shareholder Return Policy• At present, shareholder returns are considered
to be centered on dividends.
• Achieve a balance between shareholder returns
and increased growth investment, aiming forcontinued dividend increases and a dividend
payout ratio of 30% or more.

The dividend amounts in the graph are based on the post-share-split effective October 1, 2022.

38

Contents
1. FY ended 03/2023 Results
2. FY ending 03/2024 Plan
3. Medium- to Long-term Management Plan
“ORGANO 2030”
4. Company Overview

39Company Overview: Profile and Shareholder Composition■Company profile
Company name■Major shareholders (top ten)

ORGANO CORPORATIONHead office
EstablishedMay 1, 1946

Capital¥8,225 million

Number ofshares held(Thousandsof shares)

Holdingratio(%)

Tosoh Corporation

20,37944.28

The Master Trust Bank of Japan, Ltd.
(Trust Account)

4,190

9.11

2,317

5.03

Name of shareholder

1-2-8, Shinsuna, Koto-ku, Tokyo(As of March 31, 2023)

No. of employees

2,506 (consolidated)

Custody Bank of Japan, Ltd.
(Trust Account)

Stock exchange
listing

Tokyo Stock Exchange Prime Market

DZ PRIVATBANK S.A. RE
INVESTMENTFONDS

871

1.89

KBC BANK NV – UCITS CLIENTS NON
TREATY870

1.89

STATE STREET BANK AND TRUSTCOMPANY 505223

506

1.10

Mizuho Bank, Ltd.

464

1.01

VICTORY TRIVALENT INTERNATIONALSMALL-CAP FUND

395

0.86

BNYMSANV RE BNYMSANVDUBRE LEGAL(AND) GENERAL UCITS ETF PLC

393

0.85

STATE STREET BANK AND TRUSTCOMPANY 505253

379

0.82

■Shareholder composition
Other: 2.3%

Individuals: 11.6%

Financial
institutions
17.2%

No. of shares issued:
46,359thousand shares
No. of shareholders:
6,913
Foreigners
22.5%

Domestic
corporations
46.4%* The treasury shares (337 thousand shares) are excluded in the calculation of the holding ratio shown above.

40

Company Overview: The Organo Group’s Business Structure
Performance Products Business Unit

Water Treatment Engineering Business Unit
Plant Division

Water Treatment Chemicals Division
Pure and ultrapure water facilities
Wastewater treatment and recovery facilities
Valuable material recovery facilities
Production processing-related facilities¥111.6 billion ¥20.8 billion Standard Water Treatment

Service Solution Division(84.3%)

Facilities maintenanceOperational support services
and comprehensive
maintenance
Facility enhancements,
renovation and reconditioning
Contract water treatment

Sales by Segment¥50.0 billion(45%)[Service Solutions]

Consolidated net sales¥132.4 billion[Electronics Industry][Plant][GeneralIndustry]

Equipment and Filters Division

Food Products Division
Food additives andprocessing agents
Food ingredients(FYE March 2023)¥61.5 billion
(55%)

¥24.3
billion(22%)(15.7%)

Pure and ultrapure
water systems
Water purification filters

Sales by Segment

Sales by Market¥75.4 billion(68%)

Treatment chemicals for
wastewater, cooling water,
cleaning and RO membranes,
boiler waters, etc.

¥11.7
billion(10%)[Electric Power/Water
Supply and Sewage]¥8.0 billion(39%)¥7.0 billion(34%)¥5.7 billion(27%)[Water Treatment
Chemicals][Standard
Equipment/
Filters][Food
Products]*Amounts represent sales for FYE March 2023, percentages represent share of total sales.

41Company Overview: Organo’s Water Treatment Technologies
that Support Industry and Daily Life
Electronics Industry
Pharmaceuticals/
cosmetics
Manufacturing water andwater treatment systems

Medical and research
institutions
Analysis pure andultrapure water systems

Water purification plants
Water supply system

Cleaning water andwater treatment closed
systems

Foods/beverages
Manufacturing water
and water treatment
systems

Buildings andcommercial facilities

Other
Aquariums, fisheries facilities,
Super-Kamiokande, etc.

Cooling water
treatment chemicals, etc.

Thermal and nuclear
power plants
Water for power generation
turbines, various water
treatment systems

Convenience
stores/restaurants
Coffee machine andvending machine filters

Water Treatment Engineering Unit
Electronics Industry

General Industry

Social Infrastructure

Semiconductors,
panels, electronicparts, etc.

Pharmaceuticals andcosmetics, foods andbeverages, mechanicaland chemical uses, etc.

Thermal and nuclear
power plants, watersupply and sewage

Chemicals/machinery
Cleaning/boiler water
and water treatment
systems

Sewage treatment
plantsSewage treatment facilities

Performance Products Business Unit
Standard Equipment
and Filters

Food Products

Various manufacturing Medical and researchindustries, buildings and institutions, convenience
stores/restaurantscommercial facilities

Food/beverages,
nursing care,food/health food

Water Treatment Chemicals

42

Company Overview: Semiconductors and Water
Of the many processes required in thesemiconductor manufacturing operations,the cleaning process is said to account for
about 30%.
Ultrapure water is used in the cleaning
process, which is repeated
before and after wafer fabrication, film
deposition, etching, resist, etc.
Ultrapure water contributes to yield improvement.
The circuit width (linewidth) of cutting-edge
semiconductors is lessthan 5 nanometers (nm).

Silicon wafer

Adhesion of fine particles to circuits
deteriorates the yield (good product rate).
=> Ultrapure water is used for cleaning.

What

How much

Excellent technology and value

Impurity
Concentration

1 ppt
or less

The mass concentration is one trillionthof a trillionth. The amount of impurities
dissolved in ultrapure water in an
Olympic 50-m swimming pool (2,500m3) is equivalent to a teaspoon (2.5 mg)of an earpick.

Volume ofwater
produced

1000
ton/hourLarge-capacity high-performance pumps
and large-diameter piping are used.
Filled an Olympic 50-m swimming pool
(2,500m3) in 2.5 hours.

80%

Semiconductor plants use a large
amount of water for cleaning and otherpurposes, but at cutting-edge plants,
more than 80% of water is recovered
and reused, utilizing technology that not
only recycles water but also recovers
valuables contained in wastewater.

Water
recoveryrate

Organo provides ultrapure water supply facilities forcleaning wafers and chips, treatment facilities torender wastewater from cleaning and othermanufacturing processes harmless and reduce waste,water recycling systems, and systems to recover andrecycle fluorine, rare metals, and other valuable
materials from wastewater.
43

Company Overview: Water treatment facilities for theelectronics industry
Raw water consistsof "water andsubstances"

Combining various technologies to build optimal systems

Pretreatment
equipment

Primary purified
waterequipment

Ion Exchange

Membrane
Treatment

Water Treatment
Chemicals
Biologicaltreatment

Purifiedwater
EDI(electro de-ionization)

Advancedanalysis

Dissolved Air
Flotation

Wastewater
Valuable materials
treatment facilities recovery facilities

Discharged water

Ultrapure waterequipment

Organo's CoreTechnologies

Raw water

Using treated waterand recoveredmaterials

Manufacturing
process

Coagulation
sedimentation

Water recycle
facilities

Separation of sludge from
80% of water
wastewater
Recovering of valuable
consumption is recycled at
Effective use as raw
materials such as hydrofluoricstate-of-the-art plants
materials for cement, etc.
acid in wastewater

Wastewater44Company Overview: Water Treatment Engineering andBusiness Cycle｜R&D and sales activities• Joint experiments are
conducted with customers
for projects with cuttingedge technologies or inother cases.
• In some cases, thecompany presents
proposals not only for new
projects but also formodification andenhancement of deliveredfacilities.

｜Service Solutions
Business• Maintenance services fordelivered facilities have ahigh repeat rate.
• Service Solutions include
facility-owned services,
operational support services,and comprehensive
maintenance contracts.

Sales and planning

Design and procurement｜Plant Business
Facility scale

Manufacturing and construction

R&D• Investment amount per water
treatment facility is scale oftens of millions of yen to
over 10 billion yen.

Construction period• Construction period for large
facilities ranges approx. from12 to 24 months.

Recording of orders and sales
Comprehensive
service solutions

Installation and construction• Orders are recorded at theconclusion of contract.
• Sales are recorded according
to the progress ofconstruction.

Profitability management and trends

Facilities maintenance Test operation and delivery• Management of risk of certain
additional costs by factoring theminto construction budgets• Profitability is also affected bymarket trends in capital
investment. In the past, profit
margins have declined due tointensified competition caused bydecreased investment.

45

Company Overview: Organo Group History
Development

GrowthEvolution● Historical sales

Expansion
2010’s~
Semiconductor market
expansion
Taiwan/China markets
growth2000’s~Overseas development
Strengthening of Service
Solutions

1990’sUltrapure water facilities
for the electronics industry

1980’sWater treatment facilities
for power plants
1970’sWater supply and sewage
facilities
Refining facilities for sugar
solutions, other1960’s
Large-scale pure waterequipment for generalindustry■Thailand (1989)

1970

1980

1990

■Indonesia(2013)■Taiwan (2005)■China (2003)■Malaysia (1986)

Founded 1946
Athermal water distillationequipment

1960

2005~
Full-scale launch ofcomprehensive service
solutions

America■(2021)■Vietnam (2010)
2000

2010

2022

46

Company Overview: Behind the Recent Performance Growth
Growth in the electronics industry

Recent performance trends(Billions of yen)

75.4

Electronics Industry
47.6
Net Sales
39.0 41.9
30.3
25.5 26.6
22.1

12.3

18.3 19.2 16.9

Overseas
Net Sales
81.1

49.6
38.9

24.1 21.5 24.9

132.4

112.0
92.2

78.7

58.2

96.5

100.6
15.2

79.2

68.7
9.9

9.5

10.8

2.3
03/2015

4.1

3.8

03/2016

03/2017

03/2018

Net sales

03/2019

03/2020

03/2021

Operating profit

Expanded into Taiwanese and Chinese
markets
By region, the Taiwanese and Chinese
markets are growing strongly.
Investment in semiconductor areas, such as
foundries and memory, is expanding.

Profitability improvements

6.5
3.9

Our performance grew on the back of thegrowth of the semiconductor market from2018 onward.
The company expects growth to continue,
mainly in the electronics industry, in Japanand overseas.

03/2022

03/2023

On top of sales growth in Service Solutions
and performance products involving relatively
high profit margin products, the company
succeeded in improving profitability of orders
and reducing costs in the Plant Department.
47

Company Overview: Organo Group Network
Domestic Network
Iwaki Factory

Global Network■ Southeast Asia

Tsukuba Factory

Malaysia and Thailand
Vietnam and Indonesia

Factory that assembles
large-scale water
treatment plant units■ North America[US] Organo USA, Inc.

■ East Asia
China, Taiwan
World-leading ion
exchange resin refinery

Domestic Sales andService Sites

R&D Center (Sagamihara)

Semiconductor production
share by region(2021; WSTS survey)
Europe 9%
United States
21%

The company has
established a nationwide
sales and service network.

The R&D Center promotes researchand development into cutting-edgewater treatment and separation andrefining technologies.

Japan 8%Asia Pacific 62%

Established a local subsidiaryin the US (Sept. 2021)
To date, the Group has
primarily expanded into areas
where the electronics industry
is prominent, including Japan,
China, Taiwan, and Malaysia.
In September 2021, the Groupestablished a US subsidiary
based in Arizona in conjunction
with customers' factory
expansions.

48

Company Overview: External Recognition and Index Inclusion

Organo’s stock has been selected as a constituent of the JPX Nikkei Mid and Small Cap Index,
a stock price index jointly calculated by Nikkei Inc. and JPX Market Innovation & Research, Inc.

We have also been chosen for inclusion in indexes such as Russell/Nomura Prime, S&P/JPX
Carbon Efficient Index, Nomura RAFI, and FTSE Blossom Japan Sector Relative. Further, ourstock was also evaluated as a benchmark for ESG investing and passive management.

49

Contact

Corporate Strategy and Planning Dept.
Corporate Management and Planning

TEL: +81-3-5635-5111 / FAX: +81-3-3699-7240
Website:https://www.organo.co.jp/english/
Inquiries:

https://www.organo.co.jp/english/contact/input/

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