February 5, 2024

Summary of Consolidated Financial and Business Results
for the Third Quarter of the Year Ending March 2024
（Japanese GAAP）
Oji Holdings Corporation(Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Hiroyuki Isono, President & Chief Executive Officer
Tadashi Oshima, Corporate Officer
03-3563-1111+81-3-3563-1111(overseas)

Company Name:
URL:
Representative:
Contact:
Telephone:(All yen figures are rounded down to the nearest one million yen)

1. Results for the Third Quarter of the Year Ending March 31, 2024 (April 1, 2023 - December 31, 2023)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales
Millions of yen

Operating profit% Millions of yen% Millions of yen(5.3)% Millions of yen

1,292,397(0.3)

56,363First Nine Months of FY2022

1,296,723

19.4

Note: Comprehensive income

First Nine Months of FY2023
First Nine Months of FY2022

59,515(37.5)
68,522
120,733 million yen [(13.7%)]
139,954 million yen [49.7%]

First Nine Months of FY2023

Profit attributable toowners of parent

Ordinary profit

65,446

Profit per share

Diluted profit per share

Yen

Yen

First Nine Months of FY2023

42.70

42.69

First Nine Months of FY2022

39.48

39.46

%

(4.5)

42,3308.2(32.0)

39,122(41.3)

Note: The Company finalized the provisional accounting treatment for the business combination in the year ended March 31, 2023,
and each figure for the first nine months ended December 31, 2023 reflects the results of the finalization of the provisional accounting treatment.

(2) Consolidated Financial Condition

First Nine Months of FY2023
FY2022
Note: Shareholders' equity

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,440,422

1,071,047

42.7

1,050.39

2,296,018

964,564
1,041,214 million yen
936,949 million yen

40.8

945.27First Nine Months of FY2023

FY2022

2. Cash Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

Annual

Yen

Yen

Yen

Yen

Yen

FY2022

－

8.00

－

8.00

16.00

FY2023

－

8.00

－
8.00

16.00

FY2023 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2024 (April 1, 2023 - March 31, 2024)(Figures shown in percentage are ratios compared to the previous year)

Net sales

Operating profit

Millions of yen

Full year

1,760,000% Millions of yen

3.1

Note : Change in consolidated forecasts … None

82,000

Profit attributable toowners of parent

Ordinary profit% Millions of yen(3.3)

90,000% Millions of yen(5.3)

57,000

Profit per share

%

0.9

Yen

57.51

4. Notes(1) Changes in important subsidiaries(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) :None(2) Application of simple accounting methods and quarterly peculiar accounting methods : None
(3) Changes in accounting methods compared with recent consolidated accounting periods(i) Changes due to accounting standard changes :None(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(4) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (including treasury shares)
1,014,381,817
First Nine Months of FY2023
FY2022(ii) Outstanding balance of treasury shares at the end of fiscal year
First Nine Months of FY2023
23,113,255
FY2022(iii) Weighted average number of shares during fiscal year
First Nine Months of FY2023
991,234,026
First Nine Months of FY2022

1,014,381,817
23,179,622
990,910,132

NOTICE・This document is exempt from audit procedures required by Financial Instruments and Exchange Act.
・The statements regarding future mentioned in this document are based on the information currently available and the premisedeemed reasonable. The actual results may differ drastically from these forecasts due to various factors that may arise in the future.
・This document is an excerpt translation of the Japanese original only for reference purposes. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail.

1. Qualitative Information Concerning Business Performance
Business Performance for the First Nine Months of FY2023 (April 1, 2023 - December 31, 2023)
Net Sales

Operating Profit

Billions of yen

Ordinary Profit

Billions of yen

Billions of yen

Profit Attributableto Owners of Parent
Billions of yen

Profit Per ShareYenFirst Nine Months of
FY2023

1,292.4

56.4

65.4

42.3

42.70

First Nine Months of
FY2022

1,296.7

59.5

68.5

39.1

39.48

Increase (Decrease)

(4.3)

(3.2)

(3.1)

3.2

Increase (Decrease)(0.3%)(5.3%)(4.5%)

8.2%

The Oji Group has set the basic policy of "Toward Further Growth and Evolution" as the Long-term Vision for 2030, and is
promoting "Initiatives for Environmental Issues -Sustainability-", "Initiatives for Profitability Improvement -Profitability-" and"Initiatives for Product Development -Green Innovation-". As the milestones of the Long-term vision, we have set FY2022-2024
Medium-term Management Plan, which aims to achieve the consolidated operating profit of ¥150.0 billion or more by FY2024
and stably maintain consolidated profit attributable to owners of parent of ¥100.0 billion or more.
Specifically, we will continue our efforts on environmental issues by promoting greenhouse gas reduction and expanding net
CO2 absorption by forests, as countermeasures against climate change. At the same time, we will enhance the value of ourbusiness by deepening the existing businesses through the establishment of an optimal production system, and expanding thehighly-expected businesses including overseas packaging business and eco-friendly products. In October 2023, as part of"Initiatives for Profitability Improvement -Profitability-", we signed a share transfer agreement to acquire all shares of Walki(Head Office: Finland), a leading company with advanced technologies in material conversion especially for paper-basedsustainable solutions. The purpose of the acquisition is to build and expand a platform for our packaging business in Europe as
one of the leaders in the packaging sector. Furthermore, we will develop and quickly commercialize new wood-derived products
and materials such as eco-friendly materials and products, based on a range of core technologies we have cultivated throughpaper manufacturing and forestation. We will contribute to society as a company that "grows and manages the sustainable
forest, develops and delivers the products from renewable forest and brings this world a brighter future filled with hope".
In addition, in December 2023, we announced our "Initiatives to Enhance Corporate Value". We will improve return on capital,
promote initiatives that lead to sustainable growth, and strengthen information dissemination in order to enhance long-term
corporate value and fulfil our social mission based on our Purpose.
Consolidated net sales for the first nine months of FY2023 decreased by ¥4.3 billion to ¥1,292.4 billion (year-on-year decreaseof 0.3%) mainly due to the impact of the cyclone damage at Pan Pac Forest Products Ltd. in New Zealand and deteriorating pulp
market conditions, despite the price revision and other measures taken in Japan.
Consolidated operating profit decreased by ¥3.2 billion to ¥56.4 billion (year-on-year decrease of 5.3%) mainly due todeteriorating overseas pulp market conditions, though in Japan, the price revision and cost reduction made up for a decline insales volumes as a result of consumption restraint caused by inflation, etc. Ordinary profit decreased by ¥3.1 billion to ¥65.4
billion (year-on-year decrease of 4.5%).Profit before taxes increased by ¥2.6 billion to ¥66.8 billion (year-on-year increase of
4.0%), and profit attributable to owners of parent increased by ¥3.2 billion to ¥42.3 billion (year-on-year increase of 8.2%).
Overseas sales ratio decreased by 4.1 points from the same periods in the previous year to 34.5%.

1/7

Overview of Business Performance for the First Nine Months of FY2023 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net Sales

Operating Profit（Loss）

First Nine Months First Nine Months Increase First Nine Months First Nine Months Increaseof FY2022
of FY2023(Decrease)of FY2022
of FY2023(Decrease)
ReportingSegment

Household &Industrial Materials

594.5

612.4

3.0%

0.4

15.5

3,714.2%

Functional Materials

167.6

173.9

3.8%

12.0

7.0

(41.7%)

324.0

271.2

(16.3%)

47.7

17.1

(64.2%)

207.7

226.5

9.1%

(4.7)

12.1

-

Forest Resources &Environment Marketing
Printing &Communications Media
Total

1,293.7

1,283.9(0.8%)

55.4

51.7(6.8%)

Others

242.3

237.6

(2.0%)

6.7

4.7(30.1%)

Total

1,536.1

1,521.5(0.9%)(9.3%)

Adjustment (*)(239.4)(229.1)

Consolidated total

1,296.7

1,292.4(0.3%)

62.2

56.4

(2.7)

(0.0)

59.5

56.4

(5.3%)*Adjustment is mainly those concerning internal transactions.
(II) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest Resources
and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment consists of units thatare recognized to be similar in terms of economic characteristics, manufacturing methods or processes of products, markets inwhich products are sold, and types of customers, among the constituent units of the Oji Group.
Business segments that are not included in the reporting segments are classified as "Others".
Major business lineup for the segments are as follows.
- Household and Industrial Materials:
Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, household paper, disposable diapers, etc.
- Functional Materials:
Specialty paper, thermal paper, adhesive materials, film, etc.
- Forest Resources and Environment Marketing:Pulp, energy, forest plantation/lumber processing, etc.
- Printing and Communications Media:
Newsprint, printing/publication/communication paper, etc.
- Others:
Trading business, logistics, engineering, real estate, liquid packaging cartons, etc.

2/7

○Household and Industrial Materials
In the first nine months of FY2023, net sales amounted to ¥612.4 billion (year-on-year increase of 3.0%), and operating profit
was ¥15.5 billion (year-on-year increase of 3,714.2%).
Regarding domestic business, although sales volumes of containerboard, corrugated container, boxboard, and household paper
decreased from the previous year due to consumption restraint caused by inflation, net sales increased as a result of the pricerevision. As for disposable diapers, net sales of those for babies remained almost unchanged, while sales of those for adults
increased from the previous year.
Regarding overseas business, in line with our strategy to further expand business in Southeast Asia and Oceania, sales volume
of containerboard increased in Southeast Asia due to improved operating rate of the new containerboard machine started in
October 2021. However, net sales decreased from the previous year due to deteriorating market conditions. Net sales ofcorrugated container also decreased due to sluggish demand in Southeast Asia despite the price revision in Oceania. As for
disposable diapers, net sales increased due to sales expansion in Malaysia.

○Functional Materials
In the first nine months of FY2023, net sales amounted to ¥173.9 billion (year-on-year increase of 3.8%), and operating profit
was ¥7.0 billion (year-on-year decrease of 41.7%).
Regarding domestic business, as for specialty paper, despite a decline in sales volume of release paper and its base paper in
response to sluggish demand for electronic devices, net sales increased from the previous year due to sales expansion ofstrategic products, such as heat-sealable paper for major online retailers, and the price revision. As for thermal paper, net sales
increased from the previous year due to the price revision, although sales volume decreased due to the ongoing inventory
adjustment since the second half of FY2022.
Regarding overseas business, sales volume of thermal paper decreased from the previous year due to inventory reduction
caused by rising interest rates and sluggish demand, but net sales increased due to the price revision, etc.

○Forest Resources and Environment Marketing
In the first nine months of FY2023, net sales amounted to ¥271.2 billion (year-on-year decrease of 16.3%), and operating
profit was ¥17.1 billion (year-on-year decrease of 64.2%).
Regarding domestic business, net sales almost remained unchanged from the previous year due to weak demand for lumber
for construction and packaging in the lumber business, despite the steady sales of dissolving pulp and the start of operation ofa new biomass power plant in Tokushima Prefecture from December 2022.
Regarding overseas business, net sales of pulp business and lumber business decreased from the previous year due to a
decline in pulp market, as well as the impact of the cyclone damage at Pan Pac Forest Products Ltd. in New Zealand in
February 2023 now still under restoration stage of its manufacturing facilities.

○Printing and Communications MediaIn the first nine months of FY2023, net sales amounted to ¥226.5 billion (year-on-year increase of 9.1%), and operating profit
was ¥12.1 billion (year-on-year increase of ¥16.8 billion).
Regarding domestic business, net sales of newsprint, printing and communication paper increased from the previous year due
to the price revision, although demand continued to decline.
Regarding overseas business, net sales at Jiangsu Oji Paper Co., Ltd., remained almost unchanged from the previous year due
to the slow economic recovery following the end of the Zero-COVID policy.

3/7

2. Consolidated Quarterly Financial Statements and Notes(1)Consolidated quarterly balance sheets(Unit : Millions of yen)

FY2022
Mar 31,2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4/7

First Nine Months /FY2023
Dec 31,2023

50,774377,368
6,299
117,473
23,510140,337
74,696(1,791)
788,670

80,237
389,099
6,471
121,942
25,939142,326
56,161(2,422)819,756

216,045
407,869
242,287
342,0311,208,234

222,625
425,062
244,700
399,567
1,291,956

11,868
14,11925,98819,203
15,48334,686

180,067
95,029(1,972)
273,124
1,507,347
2,296,018

195,670
100,190(1,837)
294,023
1,620,666
2,440,422

(Unit : Millions of yen)

FY2022
Mar 31,2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5/7

First Nine Months /FY2023
Dec 31,2023

251,176
226,739
86,00016,643
7,337
99,174
687,070

268,161
177,275
75,00014,6898,560
114,658
658,345

155,000
320,599
6,344
53,537
108,900
644,383
1,331,453

155,000
370,800
7,321
55,253
122,653
711,028
1,369,374

103,880
85,892607,593(12,949)
784,418

103,880
85,728636,768(12,911)
813,465

41,573474
5,716
85,253
19,514
152,531134
27,480964,564
2,296,018

53,722
1,220
5,716
149,404
17,684
227,748
111
29,721
1,071,047
2,440,422

(2)Consolidated quarterly statements of income and comprehensive income
Consolidated quarterly statements of income(Unit : Millions of yen)First Nine Months / First Nine Months /FY2022
FY2023
Apr '22 - Dec '22
Apr '23 - Dec '23
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Employees' salaries
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Other
Total extraordinary income
Extraordinary losses
Loss on disaster
Provision for loss on litigation
Loss on liquidation of subsidiary
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6/7

1,296,723
1,044,241
252,482

1,292,397
1,045,220
247,176

103,879
42,01447,072
192,966
59,51593,511
44,82752,473
190,81356,363

1,013
3,105
10,407－
7,229
21,756

1,856
3,324
10,2252,336
5,567
23,310

4,875
782
7,091
12,74968,522

5,242
－
8,984
14,22765,446

417
1,124
1,541

4,651
4,823
9,475

52
2,007
1,352
2,443
5,856
64,20819,177
4,745
23,92340,284
1,162
39,122

6,297
－
－
1,836
8,133
66,78820,544
2,437
22,98143,806
1,476
42,330Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Nine Months /FY2022
Apr '22 - Dec '22
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests(3)Notes to consolidated quarterly financial statements(Notes related to going concern assumption)
No applicable items(Notes on occurrence of significant changes to shareholders' equity)
No applicable items

7/7

First Nine Months /FY2023
Apr '23 - Dec '23

40,28443,806

8,295(975)
92,372(1,965)
1,942

11,141
703
65,467(1,375)989

99,669139,954

76,927
120,733

137,015
2,938

117,6903,043