Fiscal 2023 Third Quarter
Financial Results
February 2, 2023
Panasonic Holdings Corporation

Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “Fiscal 2023” or “FY23” refers to the year ending March 31, 2023.

 This presentation gives the consolidated financial results ofPanasonic Holdings Corporation for the third quarter of fiscal 2023 (FY23)
ended December 31, 2022.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

Summary of FY23 3Q Financial Results
 FY23 3Q Financial Results‧ Overall sales increased from FY22 3Q
Increased sales (e.g. Automotive, Connect) and currency translation‧ Adjusted operating profit slightly decreased
Despite increased profit in Automotive and Connect, profit largely decreased in Energy
Operating profit & net profit* increased due to improvement in other income/loss‧ Operating CF (cumulative): Increased from FY22 with improved working capital and other factors,
despite increased inventories
 FY23 Full-Year Forecast‧ Impact of US Inflation Reduction Act (IRA) not factored into forecast(IRA enforced in December 2022, but rules not yet announced)‧ Groupwide: Profit revised downward reflecting changes in business environment(Sales remains unchanged, but sales decreases in real terms excluding effect of exchange rates)‧ By segment: Adjusted operating profit revised upward for Automotive and Connect,
revised downward for Lifestyle, Industry, and Energy* Net profit attributable to Panasonic Holdings Corporation stockholders
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

1

 First, the summary of the consolidated financial results for FY23 3Q.
 Overall sales increased from the same quarter of FY22 due to increased salesof Automotive and Connect, as well as by currency translation.
 Adjusted operating profit slightly decreased due to the large profit decrease
in Energy, despite increased sales of Automotive and Connect.
 Operating profit and net profit increased due to improvement in otherincome/loss.
 Operating CF increased from FY22, due mainly to improved working capitaland other factors, despite increased inventories.
 Second, the revision of the full-year forecast for FY23.
 In the FY23 2Q results announcement, we touched upon the US Inflation
Reduction Act (IRA). However, detailed rules have not been announced as oftoday. Therefore, the impact of the IRA in value is not factored into the full-year
forecast of FY23.
 As for the Groupwide forecast, profit is revised downward, reflecting changes
in the business environment. Overall sales remains unchanged, but sales
decreases in real terms, excluding the effect of exchange rates.
 Looking at profit by segment, Automotive and Connect are revised upward, but
Lifestyle, Industry and Energy are revised downward.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

1

Fiscal 2023 Third Quarter Financial Results
Fiscal 2023 Full-Year Financial Forecast
 Overview of US Inflation Reduction Act
 Forecast Revision
 Initiatives in Growth Areas, etc.

 I will explain the details of the consolidated financial results for FY23 3Q
from the next slide.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

2

FY23 3Q Financial Results
FY23 3Q(yen: billions)Sales(excl. effect of exchange rates)

2,160.6

FY22 3Q

vs. FY22 / Difference

1,889.8+14%(+5%)***+270.8(+88.4)***

-2%

-1.6

-

+13.0

Adjusted operating profit*

85.9

Other income/loss**-1.5

Operating profit (% to sales)

84.4(3.9%)

73.0(3.9%)

+16%

+11.4

Profit before income taxes

88.8(4.1%)

73.6（3.9%)

+21%

+15.2

55.6

(2.6%)

42.6(2.3%)

+30%

+13.0

191.9

(8.9%)

177.6(9.4%)+8%+14.3(% to sales)(% to sales)

Net profit attributable toPanasonic Holdings Corporation
stockholders (% to sales)

EBITDA****(% to sales)
Exchangerates

1 US dollar(4.0%)

87.5(4.6%)-14.5

142 yen

114 yen

1 Euro144 yen

130 yen1 Renminbi

19.9 yen

17.8 yen* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using
the equity method” as indicated in the Consolidated Statements of Profit or Loss of thenews release*** Excluding effect of exchange rates**** Total amount of Operating profit, Depreciation (Tangible assets including property, plantand equipment/ Right-of-use assets) and Amortization (Intangible assets).
Adjusted with:- amount equivalent to depreciation corresponding to underlying assets that are appliedwith Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets andliabilities” upon Blue Yonder acquisition

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

3

 This slide shows the consolidated financial results for FY23 3Q.
 Overall sales increased to 2,160.6 billion yen by 14% from FY22 3Q.
 Sales in real terms, excluding the effect of exchange rates, increased by 5%.
Adjusted operating profit was 85.9 billion yen, a slight decrease from FY22.
 Other income/loss improved due mainly to reduced restructuring expenses andgain from sales of assets.
 Operating profit, net profit and EBITDA increased respectively.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

3

FY23 3Q Results by Segment(yen: billions)

Sales

vs. FY22(Excl. effect of
exchange rates)

AdjustedOP(% to sales)

FY22
Difference

Lifestyle

904.0

+10%
(+3%)

31.1 ****

Automotive

346.3

+27%
(+16%)

11.5

Connect

288.6

+30%
(+15%)

14.0

Industry

290.6

+3%
(-7%)

16.7

Energy

247.4

+26%
(+4%)

0.2%

Other/
Eliminations &adjustments

83.7

-

2,160.6

+14%
(+5%)

Total

Other
income/
loss

FY22
FY22
OP
Difference (% to sales) Difference

-4.6

-0.6

+1.7

30.5 ****

+10.0

1.0

+0.6

12.5

+20.6

-0.1

+2.7

13.9

-2.2

-1.7

-2.1

15.0

-18.7

-0.4

+1.5

12.0

-6.7

0.3

+8.6

85.9

-1.6

-1.5

+13.0

3.4%
3.3%
4.8%
5.8%

0.6

4.0%

3.4%
3.6%
4.8%
5.2%

EBITDA*(% to sales)

-2.9
+10.6
+23.3
-4.3

FY22
Difference

56.2 ****
6.2%

27.6
8.0%

32.1 **
11.1%

29.6
10.2%

-1.2
+12.3
+17.1
-2.8

-17.2

17.0 ***

12.3

+1.9

29.4

+3.7

84.4

+11.4

191.9

+14.3

0.2
0.1%

3.9%

6.9%

8.9%

-14.8

Note: From FY23, management accounting adjustments to sales prices are included in each segment. Such adjustments were previously included in “Eliminations and adjustments.”(Figures for FY22 are reclassified to conform to the presentation for FY23)* Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor**** Impact of temporary expenses in China included
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

4

 This slide shows the results by segment.
 I will explain the analysis of comparison with FY22 in the next few slides.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

4

FY23 3Q Sales Analysis by Segment
Overall sales increased: Increased sales (e.g. Lifestyle, Automotive, Connect and Energy) and currency translation(yen: billions)

1,889.8

Lifestyle+20.8

Automotive+42.6

Connect+33.3

Industry

Energy-18.5Entertainment &Communication

+7.4

-1.2

Housing-1.4

Head office/Eliminations,etc.

Excluding effect of exchange rates: +88.4 (+5%)+270.8 (+14%)

2,160.6+5.4

Other/ Eliminations & adjustments

FY22
3Q

+182.4

Effect ofexchange
rates

FY23
3Q

Major increase/decrease factors (excluding effect of exchange rates)
Increased: Growth businesses (e.g. A2W in Europe, overseas electrical construction materials) and stable profitability businesses(e.g. electrical construction materials in Japan, showcases in North America), despite decreased sales of consumer electronics dueLifestylemainly to spreading of COVID-19 in China, and weakening demand in Japan and Asia
Automotive

Increased: Recovery in automobile production of customers

Connect

Increased: Growth in rugged mobile terminals for overseas markets, Avionics (market recovery in aviation industry) and increased
sales of Blue Yonder, despite decreased sales of Process Automation (investment slowdown for PC/smartphones)

Industry

Decreased due to market slowdown in such areas as ICT terminals and FA mainly in China, global automotive applications excluding
green vehicles, as well as the termination of semiconductor business

EnergyIncreased: Increased EV battery production & sales and price revisions, despite decreased sales of consumer-use Li-ion batteries
and power storage systems for data centers affected by weakening market conditions

Other/
Eliminations &adjustments

Entertainment & Communication / Housing:
Decreased slightly due to downturn in market situation
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

5

 This slide shows our sales analysis by segment.
 In Lifestyle, overall sales increased due to increased sales of growth businesses
such as A2W in Europe and electrical construction materials for overseas
markets, despite decreased sales of consumer electronics.
 In Automotive, sales increased due to the recovery in automobile production of
our customers.
 In Connect, sales increased due to growth in rugged mobile terminals foroverseas markets and also in Avionics reflecting market recovery in the aviationindustry, as well as increased sales of Blue Yonder, despite decreased sales inProcess Automation, which was affected by the slowdown of investments by ourcustomers in the PC/smartphone industry.
 In Industry, sales decreased due to the market slowdown in such areas as ICT
terminals and FA, mainly in China, and global automotive applications, excluding
green vehicles. Our termination of the semiconductor business was anotherfactor.
 In Energy, sales increased due to increased EV battery production and sales,
as well as price revision effects, despite decreased sales of consumer-use Li-ion
batteries and power storage systems for data centers, with deteriorating market
conditions.
 Within Other/Eliminations & adjustments, sales of Entertainment &Communication and Housing slightly decreased due to the downturn in themarket situation.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

5

FY23 3Q Operating Profit Analysis by Segment
Adjusted OP slightly decreased:
Profit increased in Automotive and Connect, decreased in Lifestyle, Industry and Energy+20.6(yen: billions)

73.0

-4.6
Lifestyle

FY22
3Q

+10.0

-2.2

-18.7
-6.7

Industry
Connect

EnergyAutomotive

+13.0

84.4

Other income/loss
Other/
Eliminations &adjustments

FY23
3Q

Adjusted OP: -1.6
OP: +11.4

Major increase/decrease factors

Decreased: Temporary expenses in China, despite increased sales (e.g. growth businesses) and price revisions inJapan & overseas offsetting deteriorating external business environment (e.g. exchange rates, raw materials)

Lifestyle
Automotive
Adjusted
OP

Connect
Industry
EnergyIncreased: Price revisions to offset price hikes in parts & materials, increased sales, and cost reduction efforts, despiteparts & materials price hikes (e.g. semiconductors)
Increased: Increased sales of rugged mobile terminals for overseas markets and Avionics (market recovery in aviationindustry), improved profitability (stand alone) and absence of temporary accounting treatment in FY22 of Blue Yonder,
despite decreased sales of Process Automation
Decreased: Decreased sales due to sharp downturn in market conditions, despite efforts such as price revisions andrationalization offsetting impact of raw material price hikes, as well as effect of yen depreciation
Decreased: Raw material price hikes, decreased sales for Industrial/Consumer, increased fixed costs (e.g.
development expenses for future growth), despite increased sales of EV batteries

Other
income/loss Improved due mainly to decrease of restructuring expenses and gain from sales of assets
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

6

 This slide shows our adjusted operating profit analysis by segment.
 In Lifestyle, profit decreased due to temporary expenses in China, despite
increased sales mainly in growth businesses and price revisions in Japan &overseas, which offset deteriorating external conditions in the businessenvironment, such as exchange rates and price hikes in raw materials.
 In Automotive, profit increased due mainly to price revisions to offset pricehikes in parts & materials, increased sales and cost reduction efforts, despite
price hikes in parts & materials such as semiconductors.
 In Connect, profit increased due mainly to increased sales of rugged mobile
terminals for overseas markets and Avionics, improved profitability of Blue
Yonder on a stand-alone basis, as well as the absence of temporary
accounting treatment in FY22, despite decreased sales in Process Automation.
 In Industry, profit decreased due to decreased sales with the sharp downturnin market conditions, despite efforts such as price revisions and rationalization
offsetting the impact of raw material price hikes.
 In Energy, profit decreased due mainly to price hikes of raw materials,
decreased sales for Industrial/Consumer and increased development
expenses for future growth, despite increased sales of EV batteries.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

6

Lifestyle Segment: FY23 3Q Results by Divisional Company(yen: billions)

Sales

vs. FY22(Excl. effect of
exchange rates)

AdjustedOP(% to sales)

Living Appliancesand Solutions
Company (LAS)

241.2

+2%
(-5%)

Heating &Ventilation A/C
Company (HVAC)

179.9

+10%
(+2%)

1.0%

Cold Chain
SolutionsCompany (CCS)****

93.0

+38%
(+18%)

4.0%

Electric Works
Company (EW)

260.7

+11%
(+9%)

China andNortheast Asia
Company (CNA)*

221.6

+3%
(-8%)

FY22
Difference

20.9
8.7%

1.8
3.7
15.3
5.9%

-1.7***
-0.8%

Other
income/loss

FY22
Difference

-2.4

-1.1

-1.1

+0.3

-1.9

-1.4

+4.3

0.0

+0.0

+1.9

-2.3

-2.7

-4.1

3.7

+4.3

OP

FY22

(% to sales)

Difference

19.8
8.2%

-0.1
-0.1%
3.7
4.0%

13.0
5.0%

2.0***
0.9%

EBITDA**(% to sales)

-3.5

-1.1

+4.3

-0.8

+0.2

FY22
Difference

25.9
10.7%

5.3
2.9%

5.9
6.3%

20.0
7.7%

7.8***
3.5%

-2.8

-0.1

+4.6

-0.8

+0.8

* Sales and profit of CNA (except Cold Chain (China) and Refrigeration and Air-Conditioning Devices) are also included in LAS, HVAC, and EW** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*** Impact of temporary expenses included**** From FY23 2Q, business in China is excluded from the scope of consolidation of Cold Chain Solutions Company (FY22 results are also reclassified to conform to FY23 presentation)
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

7

 This slide shows the results of Lifestyle by divisional company.
 In Living Appliances and Solutions Company, sales decreased in real terms,
excluding the effect of exchange rates, due to decreased sales of consumer
electronics. Profit decreased due to decreased sales and the impact of
exchange rates.
 In Heating & Ventilation A/C Company, both sales and profit increased due tofavorable sales of A2W (air to water heat pump system) in Europe.
 In Cold Chain Solutions Company, both sales and profit increased withincreased sales for Japan and the U.S. market as well as the efforts in pricerevisions.
 In Electric Works Company, both sales and profit increased with continuing
steady sales of overseas electrical construction materials.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

7

FY23 3Q Operating Profit Analysis (by Factor)
Adjusted OP: Slightly decreased due to increased fixed costs and price hikes in raw materials,
despite increased sales(yen: billions)

+17.4

-17.0

73.0
Sales
increase/decrease
in real terms

Blue Yonder
Price hikes
consolidation,
in raw materials Price revisions, temporary& logistics
rationalization,
factors
etc.
-67.0

+4.0

+61.0

Fixed
cost

84.4

+13.0

0.0
Other
Income/loss■BY consolidation: +9.2*■Temporary factors in China(Lifestyle): -5.2
Raw materials: -64.0
Logistics: -3.0
Price revisions: +48.0
Rationalization, etc.: +13.0+: Industry, Energy-: Lifestyle, Entertainment& Communication* BY: Adjusted OP Breakdown (yen: billions)
Adjusted OP(stand-alone)

Amortization related toacquisition

Temporay accounting
treatment related toacquisition

Total (impact ofconsolidation)

FY23 3Q

2.7

-4.6

-0.1

-2.0

FY22 3Q

0.3+2.4(+0.5)-3.5-1.1(-0.9)-8.0+7.9(-0.0)-11.2+9.2(-0.4)

Difference(Effect of FOREX)

FY22
3Q

Effect ofexchange
rates

Adjusted OP: -1.6

FY23
3Q

OP: +11.4

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

8

 This slide shows our operating profit analysis by factor.
 From the left, profit generated from sales expansion increased by 17.4 billion
yen. Fixed costs were a decrease factor of 17.0 billion yen. This is due to theincreased investment in Lifestyle and Energy, aiming for business growth.
 Price hikes in raw materials and logistics were a decrease factor of
67.0 billion yen. On the other hand, the counter effect of efforts such as pricerevisions and rationalization was a increase factor of 61.0 billion yen.
 Furthermore, the consolidation impact of Blue Yonder and temporary factors ofLifestyle totaled 4.0 billion yen. From this, Blue Yonder profit increased by
9.2 billion yen. The chart at the bottom right shows the breakdown:
stand-alone profit, amortization expenses related to acquisition, and temporary
accounting treatment.
 The overall effect of exchange rates was zero, thus having almost no impact.
More specifically by segment, it had a negative impact in Lifestyle, but a positive
impact in Industry and Energy.
 As a result, adjusted operating profit was slightly decreased by 1.6 billion yen.
 Other income/loss improved by 13.0 billion yen.
Operating profit increased by 11.4 billion yen.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

8

FY23 Nine-Month (Apr. – Dec.) FCF and Cash
• Operating CF: Increased from FY22 due mainly to working capital improvement and other factors,
despite increased inventories• Inventories: In FY23 3Q, inventories have turned to a decrease in a larger number of businesses;
Further efforts to reduce inventories, mainly by revising strategic inventory level

FCF
・Depreciation
・Increased inventories
・Working capital improvement, etc.

Gross cash & interest-bearing debt / Net cash
(yen: billions)(yen: billions)

Gross cash *1,248.3

865.4

313.7
Others103.9
FY229-monthOperatingCFNet
profitOperatingCF

97.9-657.2

Bonds, etc. -1,630.6-215.8InvestingCF

Net cash-649.0
Lease liabilities

FCF-1,274.6-248.0-266.7-1,522.6

End of FY22

End of FY23 3Q

Interestbearing debt -1,897.3* Gross cash: total of “Cash and cash equivalents” and time deposits and others
included in “Other financial assets”

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

9 This slide shows the situation of FCF and cash positions.
 On the left, operating CF was 313.7 billion yen for nine months in FY23,
increasing from FY22. This is due mainly to improvement in working capital andother factors, despite increased inventories.
 As for inventories, we can see that a larger number of businesses turned to adecrease, compared with the end of FY23 2Q. We will continue further efforts to
reduce inventories, mainly by revising strategic inventory level.
 On the right line graph, net cash was a negative of 657.2 billion yen, a slightdecrease from the end of FY22.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

9

Fiscal 2023 Third Quarter Financial Results
Fiscal 2023 Full-Year Financial Forecast
 Overview of US Inflation Reduction Act
 Forecast Revision
 Initiatives in Growth Areas, etc.

 I will explain the consolidated financial forecast for FY23 from the next slide.
 As explained at the beginning of this presentation, the impact of the US
Inflation Reduction Act (IRA) is not factored in the financial forecast for FY23.
However, we have received many inquiries and have heard much interest froma number of stakeholders, including the capital market, since the FY23 2Q
financial results announcement. Therefore, in this part, we would like toelaborate upon the IRA and our assumption of its financial impact on thePanasonic Group, based on currently available information.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

10

Overview of US Inflation Reduction Act (IRA) IRA: Enacted in August 2022, aimed to reduce excessive inflation and promote energy policies
 Panasonic Energy’s business expected to be eligible for “battery cell ($35/kWh)” in Section 45X
 Rules not yet announced; additional guidance on Section 30D provided in December 2022,
but no additional information on Section 45X

Section 45X (Advanced Manufacturing Production Credit) Overview: Tax credit for sales of EV batteries, etc.
 Enforcement: December 31, 2022
 Effective: 2023 - 2032 (10 years)
 Budget allocated: $31 bil. (total amount for 10-year period)
 Eligibility & tax credit amount:• Battery cell: $35/kWh• Battery module: $10/kWh* Tax credit starts to be reduced from 2030
2030: Reduced by 25% , 2031: 50%, 2032: 75%

 Conditions:• Cells produced in US• Credits will be given based on sales volume (in kWh)Situation remains unchanged since FY23 2Q

Section 30D (EV Credit) Overview: Tax credit for purchases of EVs
 Enforcement: December 31, 2022
 Effective: 2023 - 2032 (10 years)
 Eligibility & tax credit amount:• New car: up to $7,500• Used car: 30% of purchase value, up to $4,000
 Conditions:• Conditions for new cars:
Battery components produced & assembled in North America$3,750

Critical minerals extracted & processed within FTA countries$3,750• Vehicle assembled in North America (US, Canada, Mexico)

Additional guidance on tentative measures prior
to rulemaking

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

11

 This slide gives an overview of the IRA information relevant to our business.
 Among the rules related to EVs, Section 45X stipulates a tax credit for sales of
EV batteries, shown on the left. Section 30D stipulates a tax credit for purchasesof EVs, shown on the right. Panasonic’s EV battery business is expected to beeligible for Section 45X, shown on the left.
 According to Section 45X, for battery cells, a tax credit of 35 US dollars per kWh
can be received. The duration is 10 years from 2023 to 2032. Eligible battery
cells are those produced and sold in the US.
 The details of both rules have not yet been announced. If I may add some news
from the FY23 2Q results announcement, for Section 30D, additional guidanceon tentative measures prior to rulemaking was provided, but no additional
information on Section 45X has been made available.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

11

Eligible EV Battery Factories for IRA
 Credit effective at:- Nevada Factory (already in operation): from launch of IRA- Kansas Factory (under construction): upon start of production & sales during FY25 (planned)
 IRA impact not factored into FY23 forecast, since relevant rules (e.g. scheme of monetization, P/L recording) are not yet announced

Factories

Credit effective from

Annual production<Ref.> Simple calculation**:$35/kWh x annual production

NevadaJan. 2023 onwards

Approx. 38-39 GWh(current)

Approx. $1.3 bil./yr

Kansas*Start of production& sales

Approx. 30 GWh

Approx. $1.0 bil./yr

Approx. 11-12 GWh(current)-(New factory)Japan

During FY25 (planned)

N/A＊Approved for “Attracting Powerful Economic Expansion (APEX)”, incentive programby the State of Kansas for investment promotion (as well as IRA tax credits)e.g.・Tax credits: Up to 15％ of capital investments
・Compensation: Up to 10% per year (not to exceed 10 years)

Fiscal 2023 Third Quarter Financial Results** Amount of impact needs to be
examined and quantified based on
relevant rules to be announced, as
well as other factors© 2023 Panasonic Holdings Corporation. All Rights Reserved.

12 This slide shows an overview of our EV battery factories, and which ones would
be eligible for IRA.
 The Nevada Factory, already in operation, is eligible from January 2023.
The new Kansas Factory is expected to be eligible after the start of its production
and sales. However, factories in Japan are not eligible.
 On the right side of the chart, simple calculations for tax credit amount,multiplying 35 US dollars based on production capacity at each factory, is shown
for reference.
 The amount of impact on the Panasonic Group’s financial results needs to be
examined and quantified based on the IRA’s rules to be announced, as well asother factors. Since detailed rules have not yet been announced, the scheme ofits monetization, how to record it on P/L, and other factors have not yet been
determined.
 Therefore, we have not factored the impact of IRA in the FY23 forecast.

 At the bottom of this slide, a summary is given of the incentive program by
the State of Kansas for investment promotion, announced in July 2022.
The new Kansas Factory is eligible for this incentive program, as well as for
IRA tax credits.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

12

Fiscal 2023 Third Quarter Financial Results
Fiscal 2023 Full-Year Financial Forecast
 Overview of US Inflation Reduction Act
 Forecast Revision
 Initiatives in Growth Areas, etc.

 Next, I will explain the revision of the full-year forecast of FY23.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

13

FY23 Full-Year Forecast Revision
FY23 (e)(as of Feb. 2, ’23)

(yen: billions)

Sales

FY23 (e)(as of Oct. 31, ’22)

8,200.0(excl. effect of exchange rates)

Adjusted operating profit *(% to sales)
Other income/loss **Operating profit(% to sales)
Profit before income taxes(% to sales)
Net profit attributable toPanasonic Holdings
Corporation stockholders(% to sales)
EPS *** (yen)

FY22

0.0
(-80.0)7,388.8(4.1%)

-40.0

357.7

8,200.0

vs. FY22 / Difference
+11%
(-1%)

+811.2(4.8%)

-16%

-57.7

(3.7%)

340.0

0.0

-0.2

-

-19.8

280.0

(3.4%)

320.0(3.9%)

-40.0

357.5

(4.8%)

-22%

-77.5

300.0

(3.7%)

330.0(4.0%)

-30.0

360.4

(4.9%)

-17%

-60.4

210.0

(2.6%)

235.0(2.9%)

-25.0

255.3

(3.5%)

-18%

-45.3

-10.71109.41
8.9%--19.43

-1.0%

-

-2.9%

-40.0

744.0

-5%

-34.0

300.0
-20.0

-20.0

ROE

89.98
6.0%

EBITDA**** (% to sales)

710.0(8.7%)
Full-year (e)Exchange
rates

Difference

100.697.0%
750.0(9.1%)(10.1%)

9M

4Q (e)

1 US dollar

137 yen

130 yen

135 yen132 yen+3 yen112 yen

1 euro141 yen

130 yen138 yen

134 yen+4 yen131 yen+7 yen1 Renminbi

19.9 yen

20.0 yen

19.9 yen

19.9 yen±0 yen17.5 yen+2.4 yen+23 yen* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” as indicated in the Consolidated Statements of Profit or Loss of the news release*** Basic earnings per share attributable to Panasonic Holdings Corporation stockholders**** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)
Adjusted with: - amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder acquisition
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

14

 This slide shows the consolidated financial forecast for FY23.
 Overall sales remains unchanged. However, sales in real terms excluding
the effect of exchange rates is decreased by 80.0 billion yen.
 Adjusted operating profit is revised downward to 300.0 billion yen witha decrease of 40.0 billion yen. Operating profit is revised downward to
280.0 billion yen with a decrease of 40.0 billion yen.
 Net profit attributable to Panasonic Holdings Corporation stockholders is revised
downward by 25.0 billion yen to 210.0 billion yen. EPS is revised downward to
89.98 yen with a decrease of 10.71 yen.
 ROE is expected at 6.0% and EBITDA is expected at 710.0 billion yen.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

14

FY23 Full-Year Forecast Revision by Segment
vs. FY22(Difference)(yen: billions)

Sales

Lifestyle

3,400.0 (+234.4)

Automotive

1,290.0 (+227.2)

Connect
Industry

1,140.0+7%

Difference
Difference
Adjusted
from
from
FY22
forecast
forecast
OP
Difference(as of(as of(% to sales)
Oct. 31)
Oct. 31)0.0

125.0 **** -6.5
11.0

1,110.0 (+187.3)

+12.0

21.0

+1%
(+11.9)

0.0

69.0

+20%

0.9%

1.9%
6.1%

Difference
Difference
from
from
FY22
FY22
OP
forecast
forecast
Difference
Difference(as of (% to sales)(as ofOct. 31)
Oct. 31)

FY22(% to sales) Difference

Difference
fromforecast(as ofOct. 31)

EBITDA*

-10.0

-11.0

+12.3

0.0

114.0 **** +5.8

-10.0

218.0 **** +13.7

-10.0

+8.6

+1.0

0.0

+1.0

0.0

11.0

+9.6

+1.0

71.0

+13.9

+1.0

+5.3

+5.0

-6.0

-43.1

-5.0

15.0

-37.8

0.0

90.0 **

-27.7

+5.0

-17.7

-20.0

0.0

+3.5

+2.0

69.0

-14.2

-18.0

128.0

-7.6

-18.0

-28.8

-15.0

-6.0

-2.0

-3.0

36.0

-30.8

-18.0

102.0 *** -21.0

-12.0

3.7%

0.0

+21%

Other
income/
loss

3.4%

0.9%

1.4%
6.1%

6.4%

5.5%

8.1%
11.2%

Energy954.0 (+181.2)

+1.0

42.0

Other/
Eliminations &adjustments

306.0

-13.0

32.0

-18.6

-1.0

3.0

+8.5

+6.0

35.0

-10.1

+5.0

101.0

-5.3

-6.0

0.0

300.0

-57.7

-40.0

-20.0

-19.8

0.0

280.0

-77.5

-40.0

710.0

-34.0

-40.0

Total

+23%

(-30.8)+11%

8,200.0 (+811.2)

4.4%

3.7%

3.8%

3.4%

10.7%

8.7%

Note: From FY23, management accounting adjustments to sales prices are included in each segment.
(Such adjustments were previously included in “Eliminations and adjustments.” Figures for FY22 are reclassified to conform to the presentation for FY23)* Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Adjusted with impact of temporary accounting treatment related to "re-evaluation of assets and liabilities" upon Blue Yonder acquisition*** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor**** Impact of temporary expenses in China included
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

15

 This slide shows the forecast by segment.
As for adjusted operating profit, Automotive and Connect are revised upward.
On the other hand, Lifestyle, Industry and Energy are revised downward.
 From the next slide, I will explain the details of the revisions, in particular for
Industry and Energy segments, with larger revision amounts.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

15

Industry Segment: FY23 Adjusted OP Revision Factors• Sharp slowdown in China market conditions (ICT, FA) and global automobile production;
sales (in real terms excluding effect of exchange rates) expected to decrease from forecast as of FY23 2Q■Change in demand outlook (vs.FY22)

ICT terminals<our estimate>

FY23 1H

FY23 2H (e)(as of 2Q⇒3Q)

105%

82% ⇒ 67%

• Market: Slowdown in growth of global production affected by COVID-19 in China, as well as reduced
production by Japanese car manufacturers

FY23 1H

Impact to revised
forecast:• Outlook:
Recovery of automobile production may differ among car manufacturers (depending on timing of eased
semiconductor shortage)

FY23 2H (e)(as of 2Q⇒3Q)

99%

104% ⇒ 100%-4.0 bil. yen• Impact: Decreased sales in Control Devices (relays & motors)

FA in China• Market: YoY downward trend continues due to weak investment demand in semiconductors and otherindustries

FY23 1H

FY23 2H (e)(as of 2Q⇒3Q)

Impact to revised
forecast:• Outlook: Optimistic view of recovery after June, reflecting expectations toward new economic stimulus
measures-5.0 bil. yen• Impact: Decreased sales in FA Solutions (industrial-use motors)

90%95% ⇒ 88%

(mainly notebook
PCs)

Impact to revised
forecast:-11.0 bil. yen

Automotiveuse• Market: Significant downturn in FY23 production of notebook PCs, affected by weak holiday season sales• Outlook: Challenging situation throughout FY24, despite normalization of inventory levels expected in 1H• Impact: Decreased sales in Electronic Devices (conductive polymer electrolytic capacitors), Electronic
Materials (multi-layer printed circuit boards)

 Prepare for market recovery by enhancing management structure with improved marginal profit (e.g. rationalization, price revisions) and
fixed-cost reduction
 Capture increased demand upon market recovery through improved accuracy of SCM information and stronger pipeline to expand sales
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

16

 For Industry, the major factor for revision is the decreased sales resulting froma sharp deterioration of slowdown of the market.
 The breakdown of the revised adjusted OP amount of 20.0 billion yen is shown inthis slide. The market conditions deteriorated three areas:- 11.0 billion yen for ICT terminals, including notebook PCs,
- 4.0 billion yen for automotive use, and- 5.0 billion yen for FA in China.
 For ICT terminals, the outlook for notebook PC production in FY23 is expected toshow a significant downturn. While we expect a challenging situation to continue
throughout FY24 for notebook PCs, we will capture the demand for data centers,
where we can expect an earlier recovery.
 For automotive-use, the assumption for growth in global automobile production is
expected to be slower than previously anticipated due mainly to COVID-19 in
China. Furthermore, we assume that production recovery will differ among car
manufacturers.
 For FA in China, investment demand in such areas as semiconductors is weaker
than expected, continuing a year-on-year decrease.
However, there is an optimistic view of recovery after June 2023, reflecting
expectations toward new economic stimulus measures in China. We arecarefully monitoring the market situation.
 Based on these conditions, we will prepare for market recovery by enhancing ourmanagement structure with improved marginal profit such as rationalization, andfixed-cost reduction. In addition, we will improve the accuracy of SCM
information and strengthen our pipelines.
© 2023 Panasonic Holdings Corporation. All Rights Reserved.

16

Energy Segment: FY23 Adjusted OP Revision Factors
 Industrial / Consumer: Affected by rapidly decreased demand; recovery expected in FY24 2Q onward In-vehicle: Despite strong demand, temporarily affected in short term by continuous price hikes of certain materials;
but growth strategy remains unchanged■Rapid slowdown in demand

Industrial /Consumer
Impact ofdecreased
sales-8.0 bil. yen• Consumer-use Li-ion battery (e.g. ICT, power equipment)- Further decrease in demand continuing due to deteriorated
market conditions (e.g. COVID-19 impact in China, inflation)• Storage system (data center use)
- Rapid slowdown in IT-infrastructure investment reflecting economy- Significantly decreased sales (customers delaying capex
and adjusting inventory)- Competitiveness remains unchanged, maintaining top share instorage system for data center-use (estimate by Panasonic)<Change in YoY demand outlook>

Impact of raw
material pricehikes-7.0 bil. yen

2H (e)(as of 2Q ⇒ as of 3Q)

90%

80% ⇒ 70%120%

140% ⇒ 90%

Consumer-use
Li-ion battery
Storage system(e.g. data center use)

⇒ Expecting recovery in FY24 2Q onward:
Storage system customers’ inventory adjustments to end in FY23 2H, inflation rate easing■Price hikes of certain raw materials and delay before reflected in sales priceIn-vehicle(our estimate)

1H results• Market prices (e.g. Lithium hydroxide) rose again in 2H and remain high after
downward trend• Raw material price fluctuations can be reflected in sales price, but there is a delay• Consequently, costs worse than expected, relative to sales prices,
temporarily pushing down profitability in 2H<Change in market price outlook>
Lithium hydroxide

Estimate as of 3Q$/kg⇒ Expecting impact to be mitigated in FY24 1Q onward with stable market priceand reflecting to sales price (according to market-price-linked contracts)■Energy cost hikes leading to higher purchase costs (for materials not under＋10 - 20%

Estimate
as of 2Q

market-priced-linked contracts)• Higher-than-expected price hikes (e.g. electrolyte, graphite, cathode-processing charges)
due to electricity price surges, etc.

⇒ Expecting mitigated impact in FY24 (e.g. revising contracts with customers and multi-sourcing)
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

17

 For Energy, the major factors for revision are the rapidly decreased demand in
Industrial/Consumer and raw material price hikes for In-vehicle.
The breakdown of the revised adjusted operating profit of 15.0 billion yen is
8.0 billion yen for Industrial/Consumer and 7.0 billion yen for In-vehicle.
 For Industrial/Consumer, the market rapidly deteriorated, facing the same situation
as that for Industry. For example, demand for lithium-ion batteries for ICT andpower equipment has weakened. Furthermore, the sharp slowdown in IT
infrastructure investment reflecting economic slowdown has resulted in weakened
demand for power storage systems designed for use in data centers.
For these areas, we are expecting a demand recovery in FY24 2Q onwards.
 For In-vehicle, price hikes of certain materials such as lithium hydroxide, havebeen higher than expected in 2H, temporarily pushing down profitability.
Price fluctuations of these materials can be reflected in the sales price, but there isalways a time lag. Therefore, input costs look worse than we originally assumed,in comparison to sales price. We expect the impact to be mitigated in FY24 1Q
onward with market price becoming stable and being able to reflect in the sales
price.
 Prices of raw materials such as electrolyte, where we cannot automatically apply
a market index to the sales price, are continuing to reach higher levels than ourassumptions. For these materials, we expect the situation to be mitigated in FY24
by revising contracts with customers and multi-sourcing.
 For the In-vehicle area, strong demand continues, and our growth strategy
remains unchanged. We regard these negative factors as temporary, and we willtake the necessary countermeasures.
© 2023 Panasonic Holdings Corporation. All Rights Reserved.

17

FY23 Full-year Forecast Revision Factors by Segment
Other/
Eliminations &Major factors for revision (vs. forecast as of Oct. 31)

Sales / Adjusted OP

Lifestyle

Sales: Unchanged: Favorable A2W in Europe, electrical construction
materials in overseas, showcases in North America, despite
decreased demand of consumer electronics (e.g. China, Japan)
Profit: Revised downward: Decreased sales of Living Appliances andSolutions, increased temporary expenses in China, despite steadybusiness of Cold Chain Solutions in North America

Sales: Unchanged due to currency translation, despite reduced
automobile production of customers from previous forecast
Automotive Profit: Revised upward: price revisions to counter parts & materials pricehikes (e.g. semiconductors) and fixed-cost reductions, despite
decreased sales
Connect

Sales: Revised upward due to improved procurement issues(e.g. Mobile Solutions, Avionics)
Profit: Revised upward due to improvements in Avionics and Blue Yonder

Industry

Sales: Unchanged due to currency translation; decreased in real terms
from previous forecast due to downturn of ICT terminals,
automotive-use (except green vehicles) and China market
Profit: Revised downward: Decreased sales due mainly to rapidly
deteriorated market conditions, despite fixed-cost reductions, pricerevisions, rationalization and yen depreciation effect

EnergyOther/

Eliminations &adjustments

Sales(yen: billions)

+12.0

0.0

+1.0

-13.0

Automotive
Lifestyle

8,200.0

0.0

0.0

8,200.0

Forecast(Oct. 31)OP (yen: billions)
320.0

Forecast(Feb. 2)

±0.0

-10.0

Automotive
Connect

+1.0

+5.0

-20.0
-15.0

Lifestyle
Industry

Sales: Revised upward: Currency translation, despite large decrease inreal terms from previous forecast for Industrial / Consumer due todecreased demand (e.g. ICT, data centers)
Profit: Revised downward with raw material price hikes and decreased
sales of Industrial / Consumer
Profit: Revised downward
due to decreased sales of TVs in Entertainment & Communicationand effect of exchange rates

adjustments
Connect Industry Energy

-1.0

Other
income/
loss

+0.0

280.0

EnergyOther/
Eliminations &adjustments

Adjusted OP: -40.0

Forecast(Oct. 31)

Fiscal 2023 Third Quarter Financial Results

OP: -40.0

Forecast(Feb. 2)© 2023 Panasonic Holdings Corporation. All Rights Reserved.

18

 Now I will explain the revision factors by segment.
 In Lifestyle, sales remains unchanged.
Adjusted operating profit is revised downward due to decreased sales in
Living Appliances and Solutions, as well as increased temporary expenses
in China.
 In Automotive, sales remains unchanged due to currency translation,
despite expecting reduced automobile production of our customers fromthe previous forecast.
Adjusted operating profit is revised upward due to efforts in price revisions andfixed-cost reductions, despite decreased sales.
 In Connect, sales is revised upward, due to improved procurement issues
in Mobile Solutions and Avionics.
Adjusted operating profit is also revised upward due to improvementsin Avionics and Blue Yonder.
 The factors for Industry and Energy are as I have explained in previous slides.
 In Other/Eliminations & adjustments, adjusted operating profit is revised
downward due mainly to decreased sales of TVs in Entertainment &Communication and effect of exchange rates.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

18

Lifestyle Segment: FY23 Full-year Forecast Revision by Divisional Company(yen: billions)
Sales

vs. FY22(Difference)

Difference
fromforecast(as ofOct. 31)

Difference
Adjusted
Other
from
OP
FY22
forecast
income/Difference(% to(as ofloss
sales)
Oct. 31)

Living Appliancesand Solutions
Company (LAS)

900.0

+7%
(+60.1)

-40.0

57.5

Heating &Ventilation A/C
Company(HVAC)

770.0+13%(+89.2)0.0

22.0

Cold Chain
SolutionsCompany(CCS) ****

335.0

+24%
(+64.9)

+25.0

10.0

Electric Works
Company (EW)

989.0

+9%
(+84.3)

+19.0

50.0

China andNortheast Asia
Company (CNA)*

900.0

+11%
(+85.8)

-20.0

20.5

6.4%

2.9%

3.0%

5.1%

Difference
fromforecast(as ofOct. 31)OP(% tosales)

FY22
Difference

Difference
fromforecast(as ofOct. 31)

-5.9

-8.0

82.0

+2.8

0.0

40.0

+7.2

+3.0

18.5

EBITDA**(% tosales)

-5.8

-8.0

0.5

-0.1

0.0

58.0

+0.5

0.0

-1.1

+2.3

0.0

20.9

+6.8

+3.0

0.0

+0.4

0.0

10.0

+5.1

0.0

-8.5

-0.7

0.0

41.5

+4.4

0.0

70.0

+2.9

-3.9

-0.4

+8.5

0.0

20.1*** +11.4

-3.9

42.5

***

2.3%

FY22
Difference

6.4%

2.7%

3.0%

4.2%

2.2%

FY22
Difference

Difference
fromforecast(as ofOct. 31)

-2.8

-8.0

+4.2

0.0

+8.3

+3.9

+4.5

0.0

+14.0

-3.9

9.1%

5.2%

5.5%

7.1%

4.7%

***

* Sales and profit of CNA (except Cold Chain (China) and Refrigeration and Air-Conditioning Devices) are also included in LAS, HVAC, and EW** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)*** Impact of temporary expenses included**** From FY23 2Q, business in China is excluded from the scope of consolidation of Cold Chain Solutions Company (FY22 results are also reclassified to conform to FY23 presentation)
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

19

 This slide shows the forecast for the Lifestyle segment by divisional company.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

19

FY23 Full-year Operating Profit Forecast Revision Analysis (by Factor)
OP: Revised downward due to decreased sales in real terms and impact of raw material price hikes(yen: billions)Sales
increase/decrease inreal terms

Fixed
cost

+65.0

-70.0

357.5
FY23 (e)(as ofOct. 31)

Price hikes
in rawmaterials &logistics

Rationalization, etc.

Blue Yonder
Consolidation&
Temporaryfactors

Effect of
Exchange
rates

Other
Income/loss-210.0+212.1

-4.8

-10.0

-19.8

Raw materials: -190.0
Logistics: -20.0

Price revisions: +137.0
Rationalization, etc.: +75.1

320.0

・Absence of re-evaluation of existing
equity in BY acquisition: -58.3
・Reduced restructuring expenses, etc.

FY23

FY22
RevisedAmount

-35.0

±0.0

357.5
+30.0

-10.0

-1.4

+2.4

+4.0

±0.0

-40.0

-220.0+210.7

-2.4

-6.0

-19.8

280.0

-70.0

Revisedforecast(as ofFeb. 2)

BY consolidation: -0.1*, etc.

Raw materials -200.0
Logistics: -20.0＊BY: Adjusted OP Breakdown (yen: billions)Price revision: +137.0
Rationalization, etc.: +73.7

Adjusted OP(stand alone)

Fiscal 2023 Third Quarter Financial Results

Temporary accounting
treatment related toacquisition

Total (impact ofconsolidation)

FY23 (e)

3.1

-18.1

-5.3

-20.3

FY22 results

1.0
+2.1
(+0.4)-7.8-10.3(-3.2)-13.4+8.1(-1.0)-20.2-0.1(-3.8)

Difference

FY22

Amortization related
to acquisition(Effect of
FOREX)

FY23© 2023 Panasonic Holdings Corporation. All Rights Reserved.

20

 This slide shows our analysis of the revised forecast of operating profit in FY23
by factor, and it explains the changes made from the previous forecast of
October 31, 2022.
The upper graph shows the analysis of year-on-year increase/decrease factors
in the previous forecast as of October 31, 2022.
The lower graph shows the analysis of increase/decrease factors in the revised
forecast as of February 2, 2023.
Figures in the middle show the revised amount by each factor.
 To elaborate upon the overall picture of operating profit in FY23, we are
expecting improvements in the profitability of Blue Yonder as well as to theeffect of exchange rates. On the other hand, the impact of decreased sales
in real terms for Industry and Energy, as well as raw material price hikes
in Energy is larger than these improvements.
Therefore, operating profit is revised downward by 40.0 billion yen.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

20

Fiscal 2023 Third Quarter Financial Results
Fiscal 2023 Full-Year Financial Forecast
 Overview of US Inflation Reduction Act
 Forecast Revision
 Initiatives in Growth Areas, etc.

 Finally, I would like to explain our initiatives in growth areas.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

21

Funding Investment for EV Battery Factory in Kansas, US (current assumptions) Expecting 500-600 billion yen investment in new Kansas Factory during FY23-25
Of this amount, funding by the Group (beyond operating company’s own investment capacity)
expected to be below 400 billion yen Funding will be in line with capital allocation policy (e.g. operating CF, sale of assets)■ Investment policy announced onGroup Strategy Briefing (Apr. 1, 2022)<Capital allocation for
Kansas investment>

Below
400 bil. yen

Funding by the Group(strategic investment in growth areas)

Investment amountfor FY23-25

500-600 bil. yen(Current assumptions)

Funding by Operating Company
 CF of operating company
 Kansas’ incentive plan, etc.

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

22

 In October 2022, we announced the construction of a new EV battery
factory in Kansas, US. Using this slide, I would like to explain our current
assumptions on how to fund this investment.
 The amount of the investment for the new factory is estimated to be from500 to 600 billion yen for the three-year period of FY23 to FY25, as of today.
Please note that various fluctuating factors may affect this figure.
 Based on our capital allocation policy, in principle, the operating company
will make investments with its own cash generated by business. For theamount beyond its own investment capacity, Panasonic Holdings
Corporation will supplement the funding. For this case of the Kansas factory
investment, the amount to be funded by the Group is expected to be below
400 billion yen, which is the amount allocated for “Growth areas,”
as announced in April 2022 at the Group Strategy Briefing.
 From the Groupwide perspective, funding will be in line with our capital
allocation policy, that is, to fund investment with operating cash flow andother measures such as sale of assets.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

22

Initiatives in Growth Areas(Automotive Battery, Supply Chain Software, Air Quality & Air-conditioning)

Underlined: Changes from Oct. ’22

 Focus on North America market where we can leverage advantages (high capacity) with established strong business foundation;
Achieve profit growth by expanding sales of 2170 cells and commercializing 4680 cells

Automotive
Battery[Enhance supply capabilities in US]
・Construction of new manufacturing facility in Kansas decided (announced Oct. 31,’22) and land-leveling work started in Nov. ’22
with mass production of 2170 cells set to start in FY25 (Plan to use state incentive program of Kansas for investment, approved in Jul. ’22)
[Expanding customer base in US]
・Contract signed with Lucid Group, Inc. to provide EV batteries for its high-end EV “Lucid Air” and other models[Commercialization of 4680 cells]
・Renovating Wakayama Factory, aiming start of supply for North America market during FY24

 Aim for high growth & profitability globally through SCM business, where medium-to long-term market expansion is expected

Supply Chain
Software[Blue Yonder]• Stronger organizational structure being established under new CEO toward further growth, shifting to Native SaaS and formulating key strategies toenhance customer experience, etc. Transformation now in steady progress by executing these strategies.
・YoY increase for 3Q sales, adjusted OP and SaaS’ Annual Recurring Revenue and Net Revenue Retention[Consideration of stock exchange listing of SCM business] (announced May 11, ’22)
• Considering stock exchange listing of SCM business centered on Blue Yonder for enhanced global competitiveness and accelerated growth Accelerate business growth for A2W (air to water hot water heat pump system) in Europe

Air Quality &Air-conditioning[Large sales increase accomplished with A2W. 50 billion-yen investment decided for future growth】• 3Q sales in Europe increased by 1.7 times YoY with sales of A2W more than doubled• 50 billion-yen investment announced: increase production (Czech factory) in response to increased demand; establish a local R&D facility• Announced new products using natural refrigerants R-290 (first release by a Japanese manufacturer) for launch in FY24
[Agreement reached to acquire commercial air-conditioning business from Systemair AB at 100 million euros (Announced in Nov. ’22)]• Acquiring commercial air-conditioning business to enhance business of hydronic air conditioners for non-residential (light-commercial) use• Making steady progress in relative procedures with closing of M&A deal planned for Spring 2023
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

23

 Next, this slide shows the progress of our initiatives for three businesses that
we identified as growth areas.
 In the automotive battery business, Energy started the land-leveling work forthe new factory in Kansas, in November 2022, and it also signed a contract with
Lucid Group, Inc. in December 2022.
 In the supply chain software business, Connect is continuing its transformation
toward further growth. In FY23 3Q, we saw some improvements in its financial
results.
 In the air quality & air-conditioning business, the growth in A2W business in
Europe is continuing. Furthermore, in November 2022, Lifestyle announced
the acquisition of the commercial air-conditioning business from Systemair AB
at 100 million euros.
 Going forward, the Panasonic Group will make announcements on the progressof these three growth areas in a timely manner.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

23

Announcements related to IR information
Announcements on initiatives based on medium- to long-term strategy after the launch of new structure
Apr. 1

Group Strategy Briefing by Group CEO (Medium-term Group KGIs)
Commenced preparations for potential stock exchange listing of supply chain management business

May 11

Fiscal2023

Connect: Growth strategy for supply chain management business

Jun. 1-2

Panasonic Group IR Day 2022 (Operating companies’ medium- to long-term strategies/KGIs)

Jun. 13

Technology Briefing by Group CTO

Jul. 13

Second Sustainability Briefing by Group CEO (Green IMPACT Plan 2024)

Jul. 14

Energy: Incentive application approved for investment plans for EV battery facility in the US

Oct. 6

Lifestyle: Site visit (Energy solutions: RE100 Solution, fuel cell factory)

Oct. 31

Energy: Decided construction of EV battery facility in Kansas, US

Nov. 18
Nov. 22

Lifestyle: “SUPER BOX” invitational exhibition(Electrical construction materials in Japan: building equipment solutions preview)Lifestyle: Briefing on individual businesses(Overall strategy, HVAC* European growth strategy, medium- to long-term strategies for CCS*: & CNA***)︓

May 18
Fiscal2024

Group Strategy Briefing by Group CEO(Planned)

Early Jun.
(Planned)

Operating Companies: Strategy Briefing (former IR Day)
*Heating & Ventilation A/C Company **Cold Chain Solutions Company ***China and Northeast Asia Company

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

24

 This is the last slide for my presentation.
 This slide shows a list of announcements related to IR information in FY23
after the launch of our new structure in April 2022.
 In fiscal 2024, we are planning to host a Group Strategic Briefing on May 18,
2023. In addition, each operating company is planning to host its own
Strategy Briefing in early June 2023.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

24 Thank you very much for your kind attention.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

25

Disclaimer Regarding Forward-looking Statements
This presentation includes forward-looking statements about Panasonic Holdings Corporation (Panasonic HD) and its Group companies (the Panasonic Group). To the extent thatstatements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current
assumptions and beliefs of the Panasonic Group in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks,
uncertainties and other factors may cause the Panasonic Group's actual results, performance, achievements or financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by these forward-looking statements. Panasonic HD undertakes no obligation to publicly update any forwardlooking statements after the date of this presentation. Investors are advised to consult any further disclosures by Panasonic HD in its subsequent filings under the Financial
Instrument and Exchange Act of Japan (the FIEA) and other publicly disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer spending and corporate capital expendituresin the Americas, Europe, Japan, China and other Asian countries; volatility in demand for electronic equipment and components from business and industrial customers, as well as
consumers in many product and geographical markets; the possibility that the spread of the novel coronavirus infections may adversely affect business activities of the PanasonicGroup; the possibility that excessive currency rate fluctuations of the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen may adversely affect costs andprices of Panasonic Group’s products and services and certain other transactions that are denominated in these foreign currencies; the possibility of the Panasonic Group incurring
additional costs of raising funds, because of changes in the fund raising environment including interest rate fluctuations; the possibility of the Panasonic Group not being able torespond to rapid technological changes and changing consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive interms of both price and technology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers and acquisitions;occurrence and continuation of supply disruption or soaring prices of raw materials or transportation; the possibility of not being able to achieve its business objectives through joint
ventures and other collaborative agreements with other companies, including due to the pressure of price reduction exceeding that which can be achieved by its effort and decreasein demand for products from business partners which Panasonic Group highly depends on in BtoB business areas; the possibility of not achieving expected benefits in connection
with the transition to a new organizational system in which Panasonic is a holding company; the possibility of the Panasonic Group not being able to maintain competitive strength inmany product and geographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that thePanasonic Group may face intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed in Japan or other countries overtrade, manufacturing, labor and operations; failures in proper tackling of environmental issues or taking initiatives in responsible procurement activities in the supply chain;
restrictions, costs or legal liability relating to laws and regulations or failures in internal controls; fluctuations in market prices of securities and other financial assets in which thePanasonic Group has holdings or changes in valuation of non-financial assets, including property, plant and equipment, goodwill and deferred tax assets; future changes orrevisions to accounting policies or accounting rules; the possibility of incurring expenses resulting from a leakage of customers’ or confidential information from Panasonic Groupsystems due to unauthorized access or a detection of vulnerability of network-connected products of the Panasonic Group; as well as natural disasters including earthquakes,
prevalence of infectious diseases throughout the world, and other events that may negatively impact business activities of the Panasonic Group. The factors listed above are not allinclusive and further information is contained in the most recent English translated version of Panasonic HD’s securities reports under the FIEA and any other documents which aredisclosed on its website.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

26

(Reference) FY23 Nine-Month (Apr. - Dec.) Results(yen: billions)

FY23 9 months
Sales(excl. effect of exchange rates)

Adjusted Operating Profit*(% to sales)

Other income/loss**

6,224.5
231.8

FY22 9 months

vs. FY22 / Difference

5,423.4(3.7%)

2.4

287.3(5.3%)

-13.1

+15%
(+5%)

+801.1

-19%

-55.5

-

+15.5

Operating Profit (% to sales)

234.2(3.8%)

274.2(5.1%)

-15%

-40.0

Profit before income taxes

255.4(4.1%)

279.4 （5.2%)

-9%

-24.0

Holdings Corporation stockholders(% to sales)

162.9(2.6%)

195.6(3.6%)

-17%

-32.7

EBITDA*** (% to sales)

556.2(8.9%)

552.6 (10.2%)

+1%

+3.6

(% to sales)

Net profit attributable to PanasonicExchangerates

1 US dollar

137 yen

111 yen

1 Euro141 yen131 yen1 Renminbi

19.9 yen

17.3 yen* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted
for using the equity method” as indicated in the Consolidated Statements of Profit
or Loss of the news release*** Total amount of Operating profit, Depreciation (Tangible assets including property,
plant and equipment/ Right-of-use assets) and Amortization (Intangible assets).
Adjusted with:- amount equivalent to depreciation corresponding to underlying assets that are
applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets andliabilities” upon Blue Yonder acquisition

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

27

27

(Reference) FY23 Financial Forecast (4Q & 2H)(yen: billions)vs. FY22/
Difference

4Q (e)

vs. FY22/
Difference

2,160.6+14%+270.8

1,975.5

+1%

85.9

-2%

-1.6

68.2

-

+13.0

+16%

+11.4

+21%

+15.2

+30%

+13.0

+8%

+14.3

3Q

Sales
Adjusted operating profit*(% to sales)(4.0%)

Other income/loss**
Operating profit (% to sales)
Profit before income taxes

-1.5
84.4
(3.9%)

88.8(% to sales)(4.1%)Net profit attributable to PanasonicHoldings Corporation stockholders(% to sales)(2.6%)EBITDA*** (% to sales)

191.9

Exchange
rates

55.6

(8.9%)(3.5%)-22.4
45.8(2.3%)

44.6(2.3%)

47.1(2.4%)

153.8(7.8%)

2H (e)

vs. FY22/
Difference+10.1

4,136.1+7%+280.9

-3%

-2.2

154.1

-2%

-3.8

-

-35.3

-

-22.3

-45%

-37.5

-23.9
130.2

-17%

-26.1

-45%

-36.4

133.4

-14%

-21.2

-21%

-12.6

102.7

±0%

+0.4

-20%

-37.6

345.7

-6%

-23.3

(3.7%)(3.1%)(3.2%)(2.5%)(8.4%)

1 US dollar

142 yen+28 yen

130 yen+14 yen136 yen

1 Euro144 yen+14 yen

130 yen±0 yen137 yen+21 yen+7 yen1 Renminbi

19.9 yen+2.1 yen

20.0 yen+1.7 yen

19.9 yen+1.9 yen* Sales - Cost of sales - SG&A** “Other income (expenses), net” + “Share of profit (loss) of investments accounted for using the equity method” as indicated in the Consolidated Statements of Profit or Loss of the news release*** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment/ Right-of-use assets) and Amortization (Intangible assets).
Adjusted with: - amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor- impact of temporary accounting treatment related to “re-evaluation of assets and liabilities” upon Blue Yonder acquisition
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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28

(Reference) FY23 Financial Forecast by Segment (4Q & 2H)(yen: billions)

3Q
Sales

4Q (e)
AdjustedOP

vs. FY22

DifferenceSales

vs. FY22(% to sales)

Lifestyle

904.0

+10%

31.1 *

Automotive

346.3

+27%

11.5

Connect

288.6

+30%

14.0

Industry

290.6

+3%

16.7

Energy

247.4

+26%

83.7

-

2,160.6+14%

Other/
Eliminations &adjustments

Total

2H (e)

Adjusted
OP

-4.6

782.5

-5%

25.6

+10.0

351.1

+20%

11.5

+20.6

303.5

+9%

16.6

-2.2

253.4

-13%

-18.7

236.8

+19%

11.0

12.0

-6.7

48.2

-

85.9

-1.6

1,975.5

+1%

3.4%
3.3%
4.8%
5.8%

0.6
0.2%

DifferenceSales

vs. FY22(% to sales)

4.0%

AdjustedOP

Difference(% to sales)+6.2

1,686.5+3%

56.7 *

+8.1

697.4

+23%

23.0

+6.7

592.1

+19%

30.6

-12.1

544.0

-5%

25.3

-1.8

484.2

+23%

11.6

-5.1

-9.3

131.9

-

6.9

-16.0

68.2

-2.2

4,136.1

+7%

154.1

-3.8

3.3%
3.3%
5.5%

8.6
3.4%
4.7%

3.5%

3.4%
3.3%
5.2%
4.7%
2.4%

3.7%

+1.6
+18.1
+27.3
-14.3
-20.5

Note: From FY23, management accounting adjustments to sales prices are included in each segment. Such adjustments were previously included in “Eliminations and adjustments.”(Figures for FY22 are reclassified to conform to the presentation for FY23)* Impact of temporary expenses in China included
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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29

(Reference) Lifestyle Segment: FY23 Financial Forecast by Divisional Company (4Q & 2H)(yen: billions)

3Q
Sales

vs. FY22

4Q (e)

AdjustedOP

DifferenceSales

vs. FY22(% to sales)

Living Appliancesand Solutions
Company (LAS)

241.2

+2%

Heating &Ventilation A/C
Company (HVAC)

179.9

+10%

Cold Chain
SolutionsCompany (CCS)***

93.0

+38%

Electric Works
Company (EW)

260.7

+11%

15.3

China andNortheast Asia
Company (CNA)*

221.6

+3%

-1.7

2H (e)

AdjustedOP

DifferenceSales

vs. FY22(% to sales)

20.9
8.7%

1.8
1.0%

3.7
4.0%

5.9%

-2.4

220.9

+1%

+0.3

191.7

+15%

+4.3

73.3

+1%

+1.9

259.4

+5%

-4.1

190.6

+7%

9.8
4.4%

3.3
1.7%

0.7
1.0%

14.8
5.7%

**

-0.8%

-3.3

-1.7%

AdjustedOP

Difference(% to sales)

30.7

-0.4

462.1

+2%

+3.9

371.6

+13%

-1.0

166.3

+19%

-1.6

520.1

+8%

30.1

+1.1

412.2

+5%

-5.0 **

6.6%

5.1
1.4%

4.4
2.6%

5.8%

-1.2%

-2.8

+4.2

+3.3

+0.3

-3.0

• Sales and profit of CNA (except Cold Chain (China) and Refrigeration and Air-Conditioning Devices) are also included in LAS, HVAC, and EW** Impact of temporary expenses in China included*** From FY23 2Q, business in China is excluded from the scope of consolidation of Cold Chain Solutions Company (FY22 results are also reclassified to conform to FY23 presentation)
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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30

(Reference) Impact from Changes in Business Environment (vs. FY22)
Changes in demandLifestyle
Automotive

FY23
3Q

Outlook
for

FY23
4Q

• Continued to be strong: A2W in Europe• Favorable: electrical construction materials in overseas andshowcases in North America• Decreased: consumer electronics with worldwide inflation

Positive: (vs. FY22)

Semiconductor, parts & materials
shortages• Partial impact, but on recovery trend• Semiconductor, parts & material shortages persisted• Recovery of automobile production

Negative (vs. FY22)

Price hikes in raw materials & logistics• Remained high: iron & steel• Alleviated: non-ferrous metals and resin• Countered price hikes (e.g. semiconductors)
with cost reduction and price revisions

Connect• Continuous recovery: aircrafts• Decreased PC & smartphone demand led to slowdown in
production equipment investment• Remained for Avionics & projectors, but on
recovery trend• Impact on profit mitigated by price revisions

Industry• Slowdown: ICT terminals, automotive-use (except green
vehicles), China market• Persisted, but began to improve• Closely monitored market & customer
trends• Countered by price revisions andrationalization

Energy• Steady: EV• Decreased: consumer (deteriorated market)
industrial (IT investment slowdown)• Minor impact• Materials with market-price-linked contracts(e.g. lithium, nickel) and other materials due
to energy cost hikes

Lifestyle• Continues to be strong: A2W in Europe• Favorable: electrical construction materials in overseas andshowcases in North America• Decreases: consumer electronics with worldwide inflation• Partial impact, but on recovery trend• Remains high: iron & steel• Alleviates: non-ferrous metals and resin• Recovery of automobile production expected• Continue to monitor automobile demand impacted by risk of fluctuating production due to semiconductor, parts& material shortages in line with unclear economic outlook• Persists, but will be countered by cost
reduction and price revisions

Connect• Continuous recovery: aircrafts• Decreased PC & smartphone demand will lead to slowdown in
production equipment investment• Minor impact• Impact on profit will be mitigated by pricerevisions

Industry• Recovery unexpected: ICT terminals, automotive-use (except
green vehicles), China market• Persists, but begins to improve• Closely monitor market & customer trends• Will be offset by price revisions andrationalization

Energy• Steadily expand: EV• Continues to be weak: industrial & consumer• Minor impact• Closely monitor market & customer trends• Aim to mitigate by revising sales price, but
impact to persist

Automotive

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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(Reference) FY23 3Q Segment Information

Lifestyle

Overview
vs. FY22 3Q/
Difference

FY23 3Q(yen: billions)

Sales
Adjusted operating
profit904.0+10％(+3%)*

31.1-4.6(3.4%)(% to sales)

-0.6

+1.7

Operating profit

30.5(% to sales)(3.4%)-2.9

Other income/loss* In real terms excluding the effect of exchange rates

Major increase/decrease factors

Adjusted OP

Living Appliancesand Solutions
Company

Heating & Ventilation
A/C Company+: Price revisions, reducing marketing expenses-: Deteriorating external business environment (yendepreciation, raw material price hikes), shrinking demandcaused by inflation worldwide

Sales increased: Growth businesses (e.g. A2W in Europe, overseas electricalconstruction materials) and stable profitability businesses (e.g. electrical construction
materials in Japan, showcases in North America), despite decreased sales of consumer
electronics due to spreading of COVID-19 in China, and weakening demand in Japanand Asia+63.0 904.0
Electric(yen: billions)
Works
Heating &Ventilation A/C

820.2

Electric Works
Company

+12.2

+20.7

Cold Chain
Solutions(yen: billions)

FY23
3Q

Heating &Ventilation A/C +3.2

+3.1
33.4

+1.7
Living Appliancesand Solutions

America: Increased costs due to inflation-

Cold Chain
Solutions

+1.9

-5.9
Others**

+1.7

30.5

Effect of Other
exchange income/
loss
rates

overseas, and effect of restructuring in solar panel

FY22
3Q

-8.6

Electric
Works+: Increased sales of electrical construction materials for

Other income/loss Restructuring expenses in FY22, etc.

Effect ofexchangerates

OP decreased: Temporary expenses in China, despite increased sales (e.g. growthbusinesses) and price revisions in Japan & overseas offsetting deterioratingexternal business environment (e.g. exchange rates, raw materials)-: Deteriorating external business environment (e.g. raw-: Raw material price hikes, procurement issues, etc.

-4.5

Others**FY22
3Q+: Continuing favorable sales for supermarket in North
Cold Chain Solutions
Company+3.9

Living Appliancesand Solutions+: Increased sales for A2W in Europematerial price hikes, exchange rates), decreased sales due
to recession in property market in China-11.5

Adjusted OP: -4.6
OP: -2.9

FY23
3Q** Cold Chain (China) and Refrigeration and Air-Conditioning Devices (including -5.2 billion yen of temporality expenses),sales of other segment products, segment head office, eliminations, etc.

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

32

32

(Reference) FY23 3Q Segment Information
Overview(yen: billions)vs. FY22 3Q/
Difference

FY23 3Q

346.3

Sales
Adjusted operating
profit11.5(3.3%)(% to sales)

+10.0
+0.6

Operating profit

12.5(% to sales)(3.6%)+10.6* In real terms excluding the effect of exchange rates

Major increase/decrease factors

Adjusted OP• Price revisions to counter price hikes in parts & materials

Automotive Cockpit
Systems

Sales increased:
Recovery in automobile production of customers and effect of exchange rates(yen: billions)

Automotive
Cockpit
Systems+27％(+16%)*

1.0

Other income/loss

Automotive+ • Increased sales with recovery of automobile production• Progress in cost reduction efforts

273.5

Automotive
Electronics Systems- • Price hikes in parts & materials (e.g. semiconductors)
Other income/loss

Improvement with equity method profit/loss, etc.

+17.2

+8.5

Others**

+30.1

346.3

+17.0
Effect ofexchange
rates

FY22
3Q

FY23
3Q

OP increased: Price revisions to offset price hikes in parts & materials,
increased sales, and cost reduction efforts, despite parts & materials pricehikes (e.g. semiconductors)(yen: billions)

Automotive
Cockpit
Systems- • Price hikes in parts & materials (e.g. semiconductors)• Price revisions to counter price hikes in parts & materials+ • Increased sales with recovery of automobile production• Progress in cost reduction efforts

Automotive
Electronics
Systems

+7.1

-0.8

Effect ofexchange
rates

+5.3
1.9
FY22
3Q

-1.6

Others**Automotive
Electronics
Systems

Adjusted OP: +10.0
OP:+10.6

+0.6

12.5

Other
income/
loss

FY23
3Q

** Sales of other segment products, etc.

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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33

(Reference) FY23 3Q Segment Information
Overview
vs. FY22 3Q/
Difference

FY23 3Q(yen: billions)

288.6

Sales
Adjusted operating
profit+30％(+15%)*

14.0(4.8%)(% to sales)

+20.6

-0.1

+2.7

Operating profit

13.9(% to sales)(4.8%)+23.3* In real terms excluding the effect of exchange rates

Major increase/decrease factors+︓Increased sales of in-flight entertainment (IFE) and repair &Adjusted OP

maintenance services due to recovery in aircraft market
demandProcess
Automation

ー︓Decreased sales of mounting machines affected byMedia
Entertainment

ー︓Decreased sales of projectors and professional AV cameras

investment slowdown for PCs and smartphones

Mobile Solutions
Gemba Solutions**
Blue Yonder (BY)

Other income/loss(yen: billions)221.8

due to demand slowdown in China and Europe

+13.0

-5.4

-2.4

BY

+1.5

+8.9

GSOL**

Others +33.5 288.6

+7.9

-7.5

Impact ofaccounting
treatment related
to BY acquisition

Effect ofexchange
rates

FY22
FY23
3Q
3Q
OP increased: Increased sales of rugged mobile terminals for overseas markets
and Avionics (market recovery in aviation industry), improved profitability (standalone) and absence of temporary accounting treatment in FY22 of Blue Yonder,
despite decreased sales of Process Automation
Others(yen: billions)

MobileSolutions-9.4 Avionics+8.0

ー︓Impact of changes in sales mix, and price hikes in parts &-4.3

materials, despite increased sales

+6.7
Media
Entertainment-0.9＋︓Sales growth of SaaS＋︓Decreased amortization related to BY acquisition in FY22

Impact such as restructuring expenses in FY22

+17.3

Media
Entertainment+︓Increased sales of rugged mobile terminals for overseas
markets, and settlement of lawsuit over infringement ofdesign rights

MobileSolutions

Process
Automation

Avionics

Other income/loss

Avionics

Connect
Sales increased: Growth in rugged mobile terminals for overseas markets, Avionics(market recovery in aviation industry) and increased sales of Blue Yonder, etc.,
despite decreased sales of Process Automation (investment slowdown for PC/
smartphones)

Process
Automation

FY22
3Q

** Gemba Solutions Company (GSOL)

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

-0.5
GSOL**

+7.7

BY

+1.2

+1.9
Impact ofaccounting
treatment &amortization
related to BY
acquisition

+2.7

13.9

+0.8

Other
Effect of income/loss
exchange
rates

Adjusted OP: +20.6
OP: +23.3© 2023 Panasonic Holdings Corporation. All Rights Reserved.

FY23
3Q

34

34

(Reference) Blue Yonder’s KPIs

Connect

Revenue / Adjusted OP (stand alone)

Recurring / SaaS ratio

 Sales: Steady growth of SaaS / Profit: Recovery in FY23 3Q,
despite decreased profit in FY23 2Q due to temporary expenses

 Recurring ratio almost unchanged, but SaaS ratio
achieved steady growth（M US$）

309

289

293

310

307

69.1%

68.8%

68.3%

37.0%

SaaS

39.0%

40.0%

Recurring ratio
全体
サブスク 44.5%
41.1%
SaaS

FY22 3Q

FY22 4Q

FY23 1Q

FY23 2Q

全体
サブスク

108

113

125

FY22 3Q

FY22 4Q

FY23 1Q

AdjustedOP

3

6

127 SaaS-11

20

SaaS NRR (Net Revenue Retention)
 Retention rate kept higher than FY22, and expectedto achieve stable profit

 Continuing steady revenue growth（M US$）

505

525

599

552

108%

FY23 1Q

FY23 2Q

FY23 3Q

Notes: • ARR indicates secured annualized revenue during the year starting next quarter• FY23 1Q-3Q figures exclude effect of exchange rates, reflecting strong USD against othermajor currencies (no such adjustments made in and before FY22 4Q)

107%

109%

全体

全体

100%

SaaS

SaaS

110%

109%

サブスク

サブスク

FY22 4Q（vs. previous year）

全体

全体

FY22 3Q

FY23 3Q※全体売上に占める経常収益ビジネスの販売⽐率
Note: Recurring revenue business ratio in total revenue

SaaS ARR (Annual Recurring Revenue)

475

SaaS ratio

FY23 3Q

FY23 2Q

6

137

72.0%

68.4%

FY22 3Q

サブスク

サブスク
SaaS

SaaS

FY22 4Q

FY23 1Q

FY23 2Q

FY23 3Q

Notes: •Net revenue retention rate with existing customers•FY23 1Q-3Q figures excludes effect of exchange rates, reflecting strong USD against othermajor currencies (no such adjustments made in and before FY22 4Q)

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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35

(Reference) FY23 3Q Segment Information

Industry

Overview
FY23 3Q
Sales
Adjusted operating
profit(% to sales)

vs. FY22 3Q/
Difference

PID
Products*(yen: billions)

290.6

+3％
(-7%) **

246.3

16.7

-2.2

15.6

(5.8%)

Other income/loss-1.7

Operating profit

15.0(% to sales)(5.2％)

1.9

-4.3

13.7
(5.6%)

Major increase/decrease factors+︓Increased sales of relays for industrial use, pricerevisions, rationalization

Adjusted OP

ー︓Decreased sales due to downturn in automotive market
ー︓Decreased sales due to slowdown in Chinese market

FA Solutions

282.1

Electronic
Materials
Other income/loss

Expenses related to site re-organization, etc

-6.7

+26.9

290.6

-5.8

FY23
3Q

OP decreased: Decreased sales due to sharp downturn in market conditions, despite
efforts such as price revisions and rationalization offsetting impact of raw material pricehikes as well as effect of yen depreciation(yen: billions)

19.3

-2.5
Control
Devices

revisions, rationalization
ー︓Decreased sales due to downturn in ICT terminal market,
price hikes of energy costs and raw materials,
utilization rate adjustment for inventory optimization+︓Price revisions, rationalization
ー︓Decreased sales due to downturn in semiconductor market,
raw material price hikes

-5.4

FY22
3Q

+︓Increased sales of capacitors for green vehicles, priceElectronic Devices

+6.8

FA
-7.3
Control
Solutions Electronic
Devices
Devices Electronic Others*** Effect of
exchange
Materials
rates(6.3%)-2.1* Figures of PID (Panasonic Industry Company) products exclude sales of other segment products (e.g.
compressor), etc.
** In real terms excluding the effect of exchange rates

Control Devices

Sales increased: Increased sales of capacitors for green vehicles, relays for industrialuse and currency translation, despite decreased sales of products for ICT terminals,
automotive-use (excluding green vehicles) and Chinese market, as well as impact ofsemiconductor business termination-1.8

Effect ofexchange
ratesElectronic
DevicesFA
Solutions+9.2-9.3 Electronic
Materials

+0.4

+1.8

Others***Adjusted OP: -2.2
OP: -4.3

FY22
3Q

-2.1

15.0

Other
income/
loss
FY23
3Q

*** Sales of other segment products, etc.

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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(Reference) FY23 3Q Segment Information
Overview
vs. FY22 3Q/
Difference

FY23 3Q(yen: billions)

247.4

Sales
Adjusted operating
profit0.6(0.2％)(% to sales)

Other income/loss
Operating profit(% to sales)(yen: billions)

0.2

-17.2

Adjusted OP

Major increase/decrease factors-13.4

Others**+0.2+: Favorable production and sales driven by EV demand,
price revision effect- : Raw material price hikes
Increased expenses for future growth(e.g. development expenses)

Rebound from recording quality-related expenses in FY22, etc.

Effect ofexchange
rates

Industrial /Consumer

FY22
FY23
3Q
3Q
OP decreased: Raw material price hikes, decreased sales for
Industrial/Consumer, increased fixed costs (e.g. development expenses for
future growth)(yen: billions)

17.4

-11.7
Industrial /Consumer+: Price revision effect-: Decreased sales affected by weakening market conditions
Industrial /(Li-ion batteries, storage systems, lithium primary
Consumerbatteries)
Raw material price hikes

Other income/loss

+20.6

196.9
+1.5

247.4

In-vehicle-18.7* In real terms excluding the effect of exchange rates

In-vehicle

+43.1

+26％
(+4%)*-0.4(0.1%)

EnergySales increased excluding effect of exchange rates: Increased EV battery
production & sales and price revisions, despite decreased sales of consumer-use
Li-ion batteries and storage systems for data centers affected by weakening
market conditions-9.1
In-vehicle

Others**

-0.4
FY22
3Q

Adjusted OP: -18.7
OP: -17.2

Effect ofexchange
rates

+2.5

Other
income
/loss

0.2

+1.5

FY23
3Q

** Segment head office, eliminations, etc.

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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(Reference) Automotive Batteries: Progress in Future Growth Initiatives

Energy 2170 cells: In November 2022, land leveling work began for the new factory in Kansas.
Production is scheduled to begin during FY25.
Production capacity expansion target

Outline of new facility in Kansas
・ Location: De Soto, Kansas, United States

Reno, Nevada

・ Construction start: November 2022

DeSoto, Kansas• Aim to enhance line up & expand production of
automotive cylindrical lithium-ion batteries inNorth America
Aim for approx. 3-4 times
Global production capacity:(GWh)

・ Mass production start: During FY2025 (planned)

vs FY23・ To manufacture: 2170 cells
・ Initial production capacity: Approx. 30 GWh/year
North
America,etc.

Approx.
50 GWhJapan

Kansas factory (image)

Groundbreaking ceremony (Nov. 2022)

FY23

FY26

FY29

 4680 cells:
Wakayama Factory building being renovated to supply to North America market during FY24
Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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(Reference) FY23 3Q Operating Profit & Net Profit(yen: billions）

FY23 3Q

FY22 3Q

Difference

Operating profit

84.4

73.0

+11.4

Non-operating income/loss

4.4

0.6

+3.8

Profit before income taxes

88.8

73.6

+15.2

Income taxes

-32.2

-30.5

-1.7

Net profit

56.6

43.1

+13.5

Net profit attributable to Panasonic Holdings
Corporation stockholders

55.6

42.6

+13.0

Net profit attributable to non-controlling interests

1.0

0.5

+0.5

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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(Reference) Medium-term Management Indicators: KGI(yen: billions）

Cumulative Operating CF(FY23-25)

ROIC(FY25)

Lifestyle660

10.0% or more

Automotive

200

8.5%

Connect

260

4.6%

Industry390 or more

20.0%

Energy

330

12.0%

2,000

ROE 10% or moreGroup Total

Note: Above data from presentation materials of Group CEO Briefing (April 1, 2022) and IR Day 2022 (June 1 & 2, 2022)

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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(Reference) List of Voluntarily Disclosed Businesses in FY23
Lifestyle(Panasonic Corporation)

Businesses with Sales Disclosed

Major Business Divisions, etc.

Living Appliances andSolutions Company(LAS): Kitchen Appliances BD• Kitchen Appliances• Laundry Systems and Vacuum Cleaner : Laundry Systems and Vacuum Cleaner BD• Beauty and Personal Care
: Beauty and Personal Care BD

Heating & Ventilation
A/C Company (HVAC)• Heating and Cooling Solutions• Ecology Systems

Cold Chain Solutions
Company (CCS)Electric Works
Company (EW)
China and Northeast
Asia Company (CNA)
Others• Lighting• Energy Systems• Other-

Note 1: Sales and profit of CNA (except Cold Chain (China) and Refrigeration and AirConditioning Devices) are also included in LAS, HVAC, and EW: Heating and Cooling Solutions BD: Panasonic Ecology Systems Co., Ltd.
: Hussmann Corporation, Cold Chain BD: Lighting BD: Energy Systems BD: Smart Energy Systems BD: Smart Life Appliances BD, Building and Housing Solutions BD, Cold Chain (China) BD,
Refrigeration and Air-Conditioning Devices BD, Taiwan BD: Sales of other segment products, segment head office, eliminations, etc.

• Automotive Cockpit Systems• Automotive Electronics Systems• Others: Infotainment Systems BD: HMI Systems BD, Automotive Systems BD, Ficosa International, S.A.
: Sales of other segment products, etc.

• Avionics• Process Automation• Media Entertainment• Mobile Solutions• Gemba Solutions• Blue Yonder• Others: Panasonic Avionics Corporation, Avionics BU: Process Automation BD: Media Entertainment BD: Mobile Solutions BD: Gemba Solutions Company: Blue Yonder Holding, Inc.
: Other businesses, eliminations, etc.

• Control Devices• FA Solutions• Electronic Devices• Electronic Materials• Others: Electromechanical Control BD, Industrial Devices BD: Industrial Devices BD: Electromechanical Control BD, Device Solutions BD: Electronic Materials BD: LCD, sales of other segment products, eliminations, etc.

Energy• 産業・⺠⽣

• In-vehicle• Industrial / Consumer• Others: Mobility Energy BD: Energy Devices BD, Energy Solutions BD: Segment head office, eliminations, etc.

Other

• Entertainment & Communication• Housing: Panasonic Entertainment & Communication Co., Ltd.
: Panasonic Housing Solutions Co., Ltd.

Automotive(Panasonic Automotive Systems
Co., Ltd.)

Connect( Panasonic Connect Co., Ltd.)

Industry(Panasonic Industry Co., Ltd.)•

⾞載(Panasonic EnergyCo., Ltd.)• その他

Eliminations & adjustments

Note 2: Equity method income/loss of Prime Planet Energy & Solutions, Inc.
is included in “Eliminations & adjustments”• Eliminations of intersegment transactions, adjustments of profits and losses not attributable to any segments, and adjustments of consolidations, etc.

Fiscal 2023 Third Quarter Financial Results© 2023 Panasonic Holdings Corporation. All Rights Reserved.

© 2023 Panasonic Holdings Corporation. All Rights Reserved.

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