Fiscal 2023 First Quarter
Financial Results
July 28, 2022
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.

Summary of FY23 1Q Financial Results• Overall sales increased from same quarter of FY22
Increased sales (e.g. automotive batteries), consolidation of Blue Yonder andeffect of exchange rates, despite impact on production & sales from Shanghai
lockdown and semiconductor, parts & materials shortages• Adjusted operating profit decreased
Increased sales and efforts like price revisions unable to offset impact fromchanges in business environment (e.g. Shanghai lockdown, shortages insemiconductors and parts & materials, raw material price hikes) and othernegative factors (e.g. increased fixed costs)
Operating profit decreased
Other income/loss improved with reduced restructuring expenses,
so year-on-year decrease is less than that of adjusted operating profit• FCF secured at same level of net profit*, despite being below FY22 level of
FCF, due to decreased adjusted operating profit and increased inventories* Net profit attributable to Panasonic Holdings Corporation stockholders
Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

1

FY23 1Q Financial Results(yen: billions)

FY23 1Q
Sales

1,973.9

Adjusted OP*

65.7(% to sales)

Other income/loss**-2.0

Operating profit

63.7(% to sales)

FY22 1Q

Difference / vs. FY22+10%1,792.4(3.3%)

119.5(6.7%)（+38.2) ***

-45%

-53.8

-15.1
(3.2%)

104.4+181.5（+2%) ***

+13.1
(5.8%)-39%

Non-operating income/loss

9.8

Profit before income taxes

73.5(3.7%)

108.5(6.1%)

-32%

-35.0

48.9

(2.5%)

76.5(4.3%)

-36%

-27.6

170.5

(8.6%)

189.1(10.5%)(% to sales)

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

EBITDA**** (% to sales)

Exchange
rates

4.1

-40.7

1 US dollar

130 yen109 yen

1 Euro138 yen132 yen1 Renminbi

19.6 yen

17.0 yen

Fiscal 2023 First Quarter Financial Results

+5.7

-18.6

* 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*** Excluding effect of exchange rates**** 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

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 1Q Results by Segment(yen: billions)vs. FY22
Sales(Excl. effect of
exchange
rates)

AdjustedOP(% to sales)

OP

FY22

(% to sales)

Difference

EBITDA**1(% to sales)

FY22
Difference

+4.2

38.3

-14.2

1.5

+1.4

-10.6

-16.4

-0.2

+6.8

-9.5

-0.7

2.2

+0.7

26.5

-3.1

-0.2

+0.8

16.3

10.6

-8.4

-7.9

-0.8

2.7

-9.2

20.3

-7.1

65.7

-53.8

-2.0

+13.1

63.7

-40.7

170.5

-18.6

+7%
(±0%)

35.7

Automotive

269.6

+4%
(-3%)

-12.1

Connect

244.8

+18%
(+7%)

-9.3

Industry

296.5

+4%
(-6%)

24.3

227.8

+21%
(+5%)

16.5

98.7

-

1,973.9

+10%
(+2%)

Total

FY22
Difference

2.6

836.5

Other/
Eliminations &adjustments

Difference

Other
income/
loss

-11.0

Lifestyle

Energy

FY22

4.3%

-4.5%

-3.8%

8.2%

7.3%

3.3%

4.6%

-3.9%

-3.9%

8.9%

7.1%

3.2%

-6.8

63.1

-12.8

4.2

-5.1

7.5%

1.6%

-10.2

**

-9.6

0.0

-2.3

9.8

4.0%

40.8
13.8%
***

32.3

14.2%

8.6%

+2.0

+1.5

+0.3

Note: Management accounting adjustments to sales prices, which had been included in “Eliminations and adjustments,” are included in each segment from FY23.
(FY22 results have also been 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

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 1Q Sales Analysis by Segment• Overall sales increased: Increased sales (e.g. automotive batteries), consolidation of Blue Yonder and effectof exchange rates, despite impact on production and sales resulting from Shanghai lockdown andsemiconductor, parts & materials shortages
1,973.9(yen: billions)

1,792.4

Automotive

Industry

LifestyleEntertainment &Communication
EnergyHousingHead office/Eliminations,etc.*
Effect ofexchange
rates

Connect
Other/
Eliminations & adjustments

FY22
1Q

Excluding effect of exchange rates: +38.2 (+2%)+181.5 (+10%)

FY23
1Q

Major increase/decrease factors (excluding effect of exchange rates)

Sales

LifestyleSame level as FY22:
Priority businesses such as HVAC system’s European business (e.g. A2W, Air to Water heat pump system) and overseas
electrical construction materials (India, Middle East and Africa markets) offset decreased sales of consumer electronics inJapan affected by supply issues from Shanghai lockdown and other factors

Automotive

Decreased: Affected by reduced automobile production

Connect

Increased: Increased sales of Avionics reflecting market recovery in aviation industry, as well as consolidation of Blue
Yonder, despite decreased sales of Gemba Solutions due to post-Olympic demand slowdown and Shanghai lockdown(e.g. notebook PCs)

Industry

Decreased: Semiconductor shortages, Shanghai lockdown, and termination of semiconductor/LCD businesses, despite
increased sales of capacitors (information & communication infrastructure/automotive) and relays (industrial/EV)

EnergyIncreased: Sales growth of automotive batteries reflecting robust EV demand

Other/

Entertainment & Communication: Decreased affected by component procurement issues (e.g. semiconductors)
Housing: Increased driven by building materials (e.g. interior doors, floor materials, rain gutters, exterior wall materials)
and “ECO CUTE” water heaters

Eliminations &adjustments

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 1Q Operating Profit Analysis by Segment
・ Adjusted OP: Decreased at all segments(yen: billions)

104.4
Lifestyle

Other/
Eliminations &adjustments

Automotive
Connect

Industry

63.7

EnergyOther
income/
loss

FY22
1Q

Adjusted OP: -53.8
OP: -40.7

FY23
1Q

Major increase/decrease factors

AdjustedOP

Otherincome/loss

Lifestyle

Decreased: Affected by Shanghai lockdown (e.g. factory suspension, procurement issues), despite increased salesof priority businesses in overseas markets and price revisions both in Japanese and overseas markets tocounter deteriorated business environment (e.g. exchange rates, raw materials, logistics costs)

Automotive

Decreased: Decreased sales and increased fixed costs (e.g. depreciation), despite cost reduction efforts andprice revisions to mitigate price hikes in parts & materials (e.g. semiconductors)

Connect

Decreased: Decreased sales of notebook PCs and Gemba Solutions, raw material price hikes, amortization of
intangible assets related to Blue Yonder acquisition, and other factors, despite increased sales of Avionics

Industry

Decreased: Impacted by semiconductor shortages, Shanghai lockdown and raw material price hikes, despite
increased sales of capacitors for information and communication infrastructure and effect of yen depreciation

EnergyDecreased: Price hikes in raw materials & logistics, increased development expenses and fixed costs forincreased production, despite increased sales and other factors

Reduced restructuring expenses, etc.

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

5Lifestyle Segment: FY23 1Q Results by Divisional Company(yen: billions)vs. FY22

Sales(Excl. effectof exchange
rates)

AdjustedOP(% to sales)

Living Appliancesand Solutions
Company

205.5

+6%
(-2%)

12.9

Heating & Ventilation
A/C Company

221.0

+7%
(±0%)

13.4

Cold Chain Solutions
Company

90.6+24%(+10%)

1.5

Electric Works
Company

216.9

+6%
(+5%)

China andNortheast Asia
Company*

244.0

+8%
(-5%)

6.3%

6.1%

1.7%

7.2
3.3%

12.2
5.0%

FY22
Difference

Other
income/
loss

FY22

OP

FY22

EBITDA**

FY22

Difference(% to sales)

Difference(% to sales)

Difference

-5.3

2.5

+2.3

15.4

-4.4

0.1

+1.4

13.5

+0.3

0.0

+0.1

1.5

+1.8

-0.5

-0.2

+0.1

0.7

+2.0

7.5%

6.1%

1.7%

6.7
3.1%

12.9
5.3%

-3.0

21.1
10.3%

-3.0

18.6

+0.4

3.7

8.4%

4.1%

+1.6

13.6

+2.1

18.5

6.3%

7.6%

-1.7

-2.2

+0.7

+1.4

+3.2

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit ofChina and Northeast Asia Company** Total amount of Operating profit, Depreciation (Tangible assets including property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 1Q Operating Profit Analysis (by Factor)• Increased sales and efforts like price revisions unable to offset impact from changes in businessenvironment (e.g. Shanghai lockdown, semiconductor, parts & material shortages, raw material pricehikes) and other negative factors (e.g. increased fixed costs)(yen: billions)

-19.6

104.4

-56.0
Fixed cost
Shanghai
Sales increase/
lockdown &decreasesemiconductor
shortages

Price hikes in
raw materials & +27.3-7.0
logistics
0.0
Price revisions,
Effect ofrationalization,Blue
Yonderexchangeetc.
consolidation
rates

Sales
increase/decrease
in real terms

+1.5

+13.1

63.7

Other
income/loss(amortization,etc.)+: Industry, Energy
Raw materials:-45.0
Logistics: -11.0

FY22
1Q

Price revisions: +23.0
Rationalization, etc.: +4.3

Adjusted OP: -53.8
OP: -40.7
Fiscal 2023 First Quarter Financial Results-: Lifestyle

FY23
1Q

Copyright(C) 2022 Panasonic Holdings Corporation

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FY23 1Q FCF and Cash
• FCF secured at same level of net profit, despite being below FY22 level of FCF, due to decreased
adjusted operating profit and increased inventories• Cash generation efforts will be made in 2Q onward, mainly by reducing inventories affected by external
factors and controlling strategic inventory level
Gross cash & interest-bearing debt / Net cash

FCF
(yen: billions)・Depreciation
・Increased inventories
・Working capital improvement, etc.

(yen: billions)
Gross cash*

1,248.3

122.5

Others

71.1

48.3
483

995.4

-635.3

Net cash-649.0-1,363.9-74.2
Net
profitBonds, etc.

-1,630.6

Lease liabilities-266.7

Interest-1,897.3
bearing debt

Operating Investing
CF
CF

FCF

Fiscal 2023 First Quarter Financial Results

FY22 1Q
FCF

End of FY22-266.8-1,630.7
End of FY23 1Q* Gross cash: total of “Cash and cash equivalents” and time deposits and others
included in “Other financial assets”

Copyright(C) 2022 Panasonic Holdings Corporation

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Impact from Changes in Business Environment• Implement countermeasures such as alternative procurement and price revisions while assuming impact ofsemiconductor, parts & materials shortages and raw material price hikes will remain in FY23 2Q onward

Lifestyle

Changes in demand

Semiconductor, parts &materials shortages• Consumer electronics (CE) in
Japan: FY22 level• CE overseas & B2B: steadyImpact persists mainly in ElectricWorks Company, but signs ofrecovery

Automotive

FY23
1Q

Decreased sales caused byfactory suspension and parts &materials shortages

Price hikes in
raw materials & logistics• Resin: higher crude oil prices• Surging sea freight costs
Affected by price hikes insemiconductors, etc., despite cost
reduction and price revisions

Reduced automobile production

Connect• Aviation industry: recovery• Mounting machine & welding
equipment markets: steady

Notebook PCs, Avionics

Parts & materials shortages
mainly in notebook PCs

Industry• Products for EVs & ICT
infrastructure: steady• Labor savings at factories: slow
down

• Indirect impact for automotiveuse products• Reduced FA-related production

material price hike impact
Reduced production by customers Raw
mitigatedby price revisions &and supply chain disruption
rationalization

EnergyEV demand: to expand overmedium- to long-term

Minor impact

Minor impact, despite partial
disruption in supply chain• Market prices (e.g. lithium, nickel,
cobalt)• Sea freight costs

Lifestyle• Consumer electronics (CE) in
Japan: FY22 level• CE overseas & B2B: steadyContinue procurement ofalternatives

Partial risk persists despite
resumption of operation atfactories

Impact of price hikes in raw materials& logistics persists, but will promote
price revisions and rationalization

Automotive

Notebook PCs and mounting
machines affected by price hikes insemiconductors and parts & materials

Impact of parts & materials price hikes
persists, but will be mitigated by cost
reduction and price revisions

Recovery of automobile production expected(risk of fluctuating production due to semiconductor, parts & material shortages)

Connect

Mounting machine market
unclear due to sharp decline in
PC & smartphone demand,
despite recovery trend in aviationindustry

Notebook PCs, Avionics

To improve with lifted lockdown

Impact persists, but will be mitigatedby price revisions

Industry

Products for EVs & ICT
infrastructure: steady• Automotive-use: to improve• Labor savings at factories:
impact to persist

Impact to lessen

Impact persists, but will be mitigatedby price revisions and rationalization

EnergyEV demand: to expand overmedium- to long-term

Closely monitor market &customer trends

Closely monitor situation

Will be mitigated in FY23 2H by pricerevisions and rationalization(nickel and cobalt prices on a
downward trend)

Outlookfor
FY23 2Q
onwardShanghai lockdown

Positive (vs. FY22)

Negative (vs. FY22)
Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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Result Trends by Quarter (Sales and Adjusted Operating Profit)• On recovery trend after hitting bottom in 1Q (May) affected by Shanghai lockdown• Each operating company will accelerate initiatives to enhance competitivenessbased on medium- to long-term strategy
Adjusted OP: Monthly trend(yen: billions)
April
Sales

1,792.4

June

1,973.9

1,965.4

Adjusted
OPMay

1,889.8(% to sales)

1,741.2
119.5
87.5

80.3

70.4

6.7%
4.6%

1Q

4.6%

2Q

3Q

65.7 ・ Enhance operational capability

・ Increase sales (e.g. Energy,
Heating & Ventilation A/C)
3.3% ・ Lifting of Shanghai lockdown
・ Promote price revisions tocounter raw material price
hikes

3.6%

4Q

1Q

FY22

2Q onward

FY23

Semiconductor shortages, raw material price hikes
Shanghailockdown
Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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Announcements related to IR information in FY23
• Announcements on initiatives based on medium- to long-term strategy after the launch of new structureGroupwide/Panasonic Holdings

Apr. 1

May 11

Operating Companies

Group Strategy Briefing (by Group CEO)• Medium-term Group KGIs
Commencing preparations for potential stock
exchange listing of supply chain managementbusiness

Jun. 13

Technology Briefing (by Group CTO)
• Medium to long-term strategy

Jul. 13

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

May 11

Growth strategy for supply chain managementbusiness (by Connect)Jun. 1-2

Panasonic Group IR Day 2022
(by all operating companies)• Operating company’s medium- to long-term
strategies/KGIs

Jul. 14

Incentive application approved for investment
plans for EV battery facility in the U.S. (by Energy)

Site visit (planned)
・ RE100 Solution

2nd
Half

Fiscal 2023 First Quarter Financial Results

Lifestyle

Briefing on individual business(planned)
・ Cold Chain Solutions Company,
China and Northeast Asia Company

Copyright(C) 2022 Panasonic Holdings Corporation

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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 that statements in this presentation do not relate to historical or current facts, they constitute forwardlooking 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 materiallydifferent 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 forward-looking 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 andExchange 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 expenditures in the Americas, Europe, Japan, China and other Asian countries; volatility in demand forelectronic equipment and components from business and industrial customers, as well as consumers in many product and geographicalmarkets; the possibility that the spread of the novel coronavirus infections may adversely affect business activities of the Panasonic Group;
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 and prices of Panasonic Group’s products and services and certain other transactions that are denominated inthese foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds, because of changes in the fundraising environment including interest rate fluctuations; the possibility of the Panasonic Group not being able to respond to rapid
technological changes and changing consumer preferences with timely and cost-effective introductions of new products in markets that arehighly competitive in terms of both price and technology; the possibility of not achieving expected results or incurring unexpected losses inconnection 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 othercollaborative agreements with other companies, including due to the pressure of price reduction exceeding that which can be achieved by
its effort and decrease in 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 aholding company; the possibility of the Panasonic Group not being able to maintain competitive strength in many product and geographicalareas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that
the Panasonic Group may face intellectual property infringement claims by third parties; current and potential, direct and indirect
restrictions imposed in Japan or other countries over trade, manufacturing, labor and operations; failures in proper tackling ofenvironmental 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
the Panasonic Group has holdings or changes in valuation of non-financial assets, including property, plant and equipment, goodwill anddeferred tax assets; future changes or revisions to accounting policies or accounting rules; the possibility of incurring expenses resulting
from a leakage of customers’ or confidential information from Panasonic Group systems due to unauthorized access or a detection ofvulnerability 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 all-inclusive and further information is contained in the most recent English translated version of PanasonicHD’s securities reports under the FIEA and any other documents which are disclosed on its website.

(Reference) FY23 1Q Segment Information
Overview
FY23 1Q(yen: billions)

Sales

836.5

Adjusted operating profit

35.7(% to sales)(4.3%)

vs. FY22 1Q/
Difference+7%(±0%)*-11.0

Other income/loss

2.6

+4.2

Operating profit

38.3(% to sales)(4.6%)-6.8

Lifestyle

Sales increased overall: Steady sales overseas mainly with priority
businesses, despite decreased sales in Japan for Living Appliancesand Solutions Company(yen: billions)

781.7

836.5
Heating &Ventilation A/CElectric
Others**Works

Living Appliancesand Solutions Cold Chain
Solutions

Effect ofexchangerates* In real terms excluding the effect of exchange rates

Major increase/decrease factors

FY23
1Q

FY22
1Q

OP decreased overall: Affected by Shanghai lockdown, etc.,
Decreased: Affected by Shanghai lockdown, etc.,
despite price revisions and reviewing sales promotion despite increased sales and price revisions to counter deteriorated
business environment& advertisement expenses to counter price hikes in
raw materials and logistics(yen: billions)
Effect ofElectric
Heating &45.1
exchange
Works
Ventilation A/C
Increased sales of products such as A2W (Air to
Heating &rates
Water, hot water heat pump system) in Europe and
38.3
Living
Ventilation A/C other factors offset price hikes in raw materials andCold Chain
Others**Appliances
Companylogistics
Solutionsand Solutions
Other
Increased
sales
of
showcases
in
Japan
and
North
income/Cold Chain
America, and price revisions offset impact ofloss
Solutions
Shanghai lockdown and parts & materials
Company
procurement issues

Adjusted OP

LivingAppliances andSolutionsCompany

Electric Works
Company

Increased: Increased sales of electrical construction
materials mainly in India and structural reform effectin solar business, despite raw material price hikes
and material procurement issues, etc.

Other income/loss Restructuring expenses in FY22, etc.
Fiscal 2023 First Quarter Financial Results

FY22
1Q

Adjusted OP: -11.0
OP: -6.8

FY23
1Q** Refrigeration and Air-Conditioning Devices, sales of other segment products,
segment head office, eliminations, etc.
Copyright(C) 2022 Panasonic Holdings Corporation

14

(Reference) FY23 1Q Segment Information
Overview
FY23 1Q(yen: billions)

269.6

Sales
Adjusted operating profit-12.1(% to sales)(-4.5%)

vs. FY22 1Q/
Difference+4%(-3%)*+1.4

Operating profit-10.6(% to sales)(-3.9%)-12.8* In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors

Automotive
Cockpit
Systems

Sales increased: Effect of exchange rates despite impact of
reduced automobile production(yen: billions)+: • Cost reduction efforts
Price revisions to counter price hikes in parts &materials-: • Decreased sales• Increased fixed costs (e.g. depreciation)• Price hikes in parts & materials (e.g. semiconductors)

Automotive
Cockpit
Systems

Other income/loss

FY23
1Q

OP decreased: Decreased sales and increased fixed costs(e.g. depreciation), despite cost reduction efforts and price revisions
to mitigate price hikes in parts & materials (e.g. semiconductors)(yen: billions)

2.2

Automotive
Electronics
Systems

Automotive
Cockpit
Systems-: • Decreased sales• Increased fixed costs (e.g. overseas personnel
expenses)• Price hikes in parts & materials (e.g. semiconductors)

Improved due to insurance reimbursement, etc.

Effect ofexchange
rates

FY22
1Q

+: • Cost reduction efforts
Automotive
Electronics
Systems

269.6

Automotive
Electronics
Systems Others**

259.0

-14.2

1.5

Other income/loss

Automotive

FY22
1Q

-10.6

Others**

Effect ofexchange
rates

Adjusted OP: -14.2
OP: -12.8

Other
income/
loss

FY23
1Q

** Sales of other segment products, etc.
Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

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(Reference) FY23 1Q Segment Information
Overview(yen: billions)

Sales
Adjusted operating profit(% to sales)

FY23 1Q

vs. FY22 1Q/
Difference

244.8

+18％
(+7%)*-9.3(-3.8%)

-16.4

-0.2

+6.8

Operating profit

-9.5

-9.6

(-3.9%)

Sales increased: Increased sales of Avionics reflecting market
recovery in aviation industry, as well as consolidation of Blue Yonder,
despite decreased sales of Gemba Solutions due to post-Olympic
demand slowdown and Shanghai lockdown (e.g. notebook PCs)
(yen: billions)
244.8
Process
OthersMobileBY
Automation Solutions

207.2

Effect of

Avionics

Other income/loss(% to sales)

Connect

Media**Entertainment GSOL

Impact ofexchangeaccounting
rates
treatment related to
BY acquisition* In real terms excluding the effect of exchange rates

Adjusted OP

Major increase/decrease factors
Avionics+: Driven by repair & maintenance services due torecovery in aircraft market demand

Process
Automation-: Impact of raw material price hikes despite steadydemand mainly for EV investment

Media+: Continuing steady demand mainly for projectors in
Europe and U.S. markets
Entertainment
MobileSolutions
Gemba
Solutions**
Blue Yonder(BY)-: Impact of Shanghai lockdown and semiconductor
procurement issues

FY22
1Q

OP decreased: Decreased sales of notebook PCs and Gemba
Solutions, raw material price hikes, as well as amortization of
intangible assets related to Blue Yonder acquisition and other factors,
despite increased sales of Avionics(yen: billions)
Media
0.1
-9.5
Entertainment
Avionics
Process
Automation-: Post-Olympic demand slowdown+: Impact of new consolidation-: Impact of temporary accounting treatment related to“re-evaluation of assets and liabilities” upon Blue
Yonder acquisition and increased amortization of
intangible assets

Other
Rebound from business transfer loss of ITC Global in FY22, etc.
income/loss** Gemba Solutions Company (GSOL)
Fiscal 2023 First Quarter Financial Results

FY23
1Q

Impact of accounting
treatment and amortization OtherBY related to BY acquisition income/MobileSolutions

GSOL**

Effect ofexchange
rates

loss

OthersFY22
1Q

Adjusted OP: -16.4
OP: -9.6
Copyright(C) 2022 Panasonic Holdings Corporation

FY23
1Q

16

(Reference) Blue Yonder’s KPIs
Revenue

Connect
Recurring / SaaS ratio Recurring ratio almost unchanged, but SaaS ratio
achieved steady growth Achieved double-digit growth vs FY22, andcontinuous growth expected(USD: millions）

68.8%

309
293

286

272

69.1%

69.0%

68.3%

68.8%

289

Recurring ratio

全体

全体
サブスク

サブスク

33.0%

SaaS

SaaS

全体

全体
サブスク

35.0%

37.0%

SaaS

39.0%

サブスク

40%

SaaS

SaaS ratio
FY22 1Q

FY22 2Q

FY22 3Q

FY22 4Q

FY23 1Q

Note: Total revenue by quarter (stand alone)

FY22 1Q

FY22 2Q

FY22 3Q

FY22 4Q

FY23 1Q

Note: Recurring revenue business ratio in total revenue

SaaS ARR (Annual Recurring Revenue)

SaaS NRR (Net Revenue Retention)

 Continuing steady revenue growth Retention rate kept higher than FY22, and expectedto achieve stable profit(USD: millions）

444

398

475

505

514

116%

サブスク

サブスク

FY22 2Q

FY22 3Q

108%

FY22 4Q

Note: ARR indicates secured annualized revenue during theyear starting next quarter
Fiscal 2023 First Quarter Financial Results

108%
全体

100%

サブスク

サブスク
SaaS

SaaS

FY23 1Q

109%

全体

SaaS

SaaS

119%

全体

全体

FY22 1Q(Year-on-year)

FY22 1Q

FY22 2Q

FY22 3Q

FY22 4Q

FY23 1Q

Note: Net revenue retention rate with existing customers
Copyright(C) 2022 Panasonic Holdings Corporation

17

(Reference) FY23 1Q Segment Information
Overview(yen: billions)

FY23 1Q

vs. FY22 1Q/
Difference

PID
Products*+4%(-6%)**

245.6

296.5

Sales

24.3

Adjusted operating
profit (% to sales)(8.2%)

Other income/loss

2.2

+0.7

Operating profit

26.5(% to sales)(8.9%)

0.0

Adjusted OP

284.1

Electronic
Devices

FA Solutions

Others***Electronic
Materials

24.8(10.1%)+: Increased sales of industrial-use relays-: Semiconductor shortages, decreased sales affectedby Shanghai lockdown, raw material price hikes,
less profitable product mix-: Semiconductor shortages, decreased sales affected

FY22
1Q

Electronic
Devices
Electronic
Materials+: Price revisions-: Raw material price hikes
Received additional consideration related to
semiconductor business transfer

FY23
1Q

OP: Same level as FY22 due to yen depreciation effect, despite
impact from semiconductor shortages, Shanghai lockdown, andraw material price hikes(yen: billions)Control
26.5 Devices

by Shanghai lockdown, raw material price hikes,

Fiscal 2023 First Quarter Financial Results

Control
Devices

2.2+: Increased sales of capacitors for information &communication infrastructure and for automotiveuse-: Raw material price hikes

Other income/loss

Effect ofexchange
rates 296.5(yen: billions)(9.2%)

Major increase/decrease factors

FA Solutions

Sale increased: Effect of yen depreciation, despite decreased
sales from semiconductor shortages, Shanghai lockdown, andtermination of semiconductor/LCD businesses

22.7

-0.7

* Figures of PID (Panasonic Industry Company) products exclude sales of other segment
products (e.g. compressor, SD card), etc.
** In real terms excluding the effect of exchange rates

Control
DevicesIndustry

Electronic
Devices

FA Solutions

FY22
1Q

Effect ofexchange
rates
Others***Electronic
Materials

Adjusted OP: -0.7
OP: 0.0

26.5
Other
income/
loss

FY23
1Q

*** Sales of other segment products, etc.
Copyright(C) 2022 Panasonic Holdings Corporation

18

(Reference) FY23 1Q Segment Information
Overview(yen: billions)

FY23 1Q

Sales

227.8

Adjusted operating profit

16.5(% to sales)(7.3%)

Other income/loss

vs. FY22 1Q/
Difference+21％(+5%)*

Sales increased: Sales growth of automotive batteries reflecting
robust EV demand, offsetting decreased sales resulting fromdry battery business transfer in Europe

227.8(yen: billions)In-vehicle

-3.1

-0.2

+0.8

Operating profit

16.3(% to sales)(7.1%)-2.3

Others**188.0

Major increase/decrease factors+: Increased sales reflecting robust EV demand andoperation of new production line in North America-: Increased logistics costs due to supply chain

Industrial /Consumer

Effect ofexchange
rates

FY22
1Q

* In real terms excluding the effect of exchange rates

In-vehicle

EnergyFY23
1Q

OP decreased: Price hikes in raw materials and logistics,
increased development expenses and fixed costs for increased
production, despite increased sales, etc.
(yen: billions)

18.6
16.3

Adjusted OP

disruptions, increased fixed costs for increased
production, and increased development expenses

Industrial /Consumer

In-vehicle+: Price revision effect, increased sales of power
storage systems

Industrial /Consumer-: Impact of sharp price hikes in raw materials,
increased fixed costs

Other income/loss

Improved due to rebound effect from expenses
recorded in FY22

FY22
1Q

Effect ofexchange
Others**
rates

Other
income/loss

Adjusted OP: -3.1
OP: -2.3

FY23
1Q** Segment head office, eliminations, etc.
Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

19

(Reference) Commercialization of 4680 Cells

Energy・ Mass production of high-capacity 4680 cells in Wakayama, Japan;
supply to North America market (from FY24)
・ Construction of manufacturing facility in U.S. to be decided upon assessment of
manufacturing and operational capabilities in Japan■Schedule & progress
FY22

FY23

FY24

FY25

FY26

Product
development

Prototypedevelopment

Pilot production line
tests

Japan

Renovation of Wakayama
factory / prepare
production equipment

Mass production &commercialization(Wakayama)

State incentive application approvedby State of Kansas, USA

North
America・Completed prototype development, started operation of pilot production
line (from end of May 2022)

Progress・Started delivering samples to customers
・Renovation of Wakayama factory; preparation of production equipment

Proceedingas planned・State incentive application approved by State of Kansas regarding
investment plans for EV battery facility (July 2022)

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

20

(Reference) FY23 1Q Operating Profit & Net Profit(yen: billions）

FY23 1Q

FY22 1Q

Difference

Operating profit

63.7

104.4

-40.7

Non-operating income/loss

9.8

4.1

+5.7

Profit before income taxes

73.5

108.5

-35.0

Income taxes

-20.9

-27.3

+6.4

Net profit

52.6

81.2

-28.6

Net profit attributable to Panasonic Holdings
Corporation stockholders

48.9

76.5

-27.6

Net profit attributable to non-controllinginterests

3.7

4.7

-1.0

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

21

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

Cumulative Operating CF

ROIC(FY23-25)(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 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

22

(Reference) FY23 Financial Forecast
FY23 (e)(yen: billions)

Sales

FY22

7,900.0

Adjusted operating profit*(% to sales)

380.0

Other income/loss**-20.0

Operating profit

360.0(% to sales)

vs. FY22 / Difference

7,388.8(4.8%)

357.7(4.8%)+7%+511.2

+6%

+22.3

-0.2
(4.6%)

357.5

-19.8
(4.8%)

+1%

2.9

+2.5

Non-operating income/loss

0.0

Profit before income taxes(% to sales)

360.0(4.6%)

360.4（4.9%)±0%-0.4

attributable to Panasonic Holdings
Corporation stockholders(% to sales)

260.0(3.3%)

255.3（3.5%)

+2%

+4.7

ROE

8.0%

EBITDA***

790.0

-2.9

Net profit(% to sales)

Exchange
rates

8.9%
(10.0%)

744.0

1 US dollar

115 yen112 yen

1 Euro130 yen131 yen1 Renminbi

19.0 yen

17.5 yen-0.9%(10.1%)+46.0* 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 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

23

(Reference) FY23 Financial Forecast by Segment(yen: billions)
Sales

vs. FY22

AdjustedOP(Difference)(% to sales)

Difference

Other
income/
loss

FY22

OP

FY22

EBITDA*

FY22

Difference(% to sales)

Difference(% to sales)

Difference

+3.5

-11.0

+12.3

124.0

+15.6

0.0

+1.0

18.0

+22.3

-1.0

-38.1

37.0

+9.3

-6.0

-2.5

90.0

-15.8

-3.0

+1.0

52.0

38.0

-12.6

1.0

+6.5

380.0

+22.3

-20.0

-19.8

Lifestyle

3,232.0+2%(+66.4)135.0

Automotive

1,270.0+19%(+207.2)

18.0

Connect

1,090.0+18%(+167.3)

38.0

Industry

1,120.0-1%(-8.1)

96.0

Energy848.0+10%(+75.2)

55.0

Other/
Eliminations &adjustments

340.0

+3.2

7,900.0+7%(+511.2)

Total

FY22

4.2%

1.4%

3.5%

8.6%

6.5%

4.8%

+15.8

228.0

+16.6

77.0

-15.8

100.0

+6.8

151.0

-14.8

112.0

39.0

-6.1

122.0

+11.8

360.0

+2.5

790.0

+46.0

3.8%

1.4%

3.4%

8.0%

6.1%

4.6%

7.1%

6.1%

+23.7

+19.9

**

9.2%

13.5%

-13.8

+15.4

***

13.2%

10.0%

-11.0

Note: Management accounting adjustments to sales prices, which had been included in “Eliminations and adjustments,” are included in each segment from FY23.
(FY22 results have also been 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

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

24

(Reference) Lifestyle Segment: FY23 Forecast by Divisional Company(yen: billions)

Sales

vs. FY22

AdjustedOP(Difference)(% to sales)

Living Appliancesand Solutions
Company880.0+5%(+40.1)

65.5

Heating &Ventilation A/C
Company725.0+6%(+44.2)22.0

Cold Chain
SolutionsCompany315.0+2%(+5.9)-3.2

Electric Works
Company950.0+5%(+45.3)

50.0

849.5

+4%
(+35.3)

24.4

China andNortheast Asia
Company*

7.4%

3.0%

FY22
Difference

Other
income/loss

FY22
Difference

+2.2

0.5

-0.1

66.0

+0.5

-1.1

+2.3

20.9

-3.4

***

-1.0%

5.3%

7.5%

2.9%

FY22
Difference(% to sales)

FY22
Difference

+2.1

90.0

+5.2

+2.8

40.0

+5.0

4.8

+4.4

-0.2

+0.6

+5.1

-8.5

-0.7

41.5

+8.5

24.0

-0.4

10.2%

5.5%

-1.1%

4.4%

2.8%

+4.2

***

1.5%

+4.4

70.0

+15.3

46.4

7.4%

+5.3

+4.5

***

***

+6.8

EBITDA**

***

***

2.9%

OP
(% to sales)

5.5%

+17.9

* Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit ofChina and Northeast Asia Company** 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

Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

25

(Reference) List of Voluntarily Disclosed Businesses in FY23
LifestyleBusinesses with Sales Disclosed(Panasonic Corporation)

Living Appliances andSolutions Company
Heating & Ventilation
A/C Company
Cold Chain Solutions
Company
Electric Works
Company
China and Northeast
Asia Company
Others: 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 and Cooling Solutions: Heating and Cooling Solutions BD• Ecology Systems: 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.

• Lighting• Energy Systems• Other• Automotive Cockpit Systems• Automotive Electronics Systems(Panasonic Automotive Systems• OthersCo., Ltd.)

Automotive

Connect( Panasonic Connect Co., Ltd.)

Industry(Panasonic Industry Co., Ltd.)

Energy(Panasonic Energy Co., Ltd.)

Other
Eliminations & adjustments

Major Business Divisions, etc.

: 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.

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

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

• Eliminations of intersegment transactions, adjustments of profits and losses not attributable to any segments, and adjustments of consolidations, etc.

Notes: 1. Living Appliances and Solutions Company, Heating & Ventilation A/C Company, Cold Chain Solutions Company, and Electric Works Company include part of sales and profit of China and Northeast Asia Company
2. Equity method income/loss of Prime Planet Energy & Solutions, Inc. is included in “Eliminations & adjustments”
Fiscal 2023 First Quarter Financial Results

Copyright(C) 2022 Panasonic Holdings Corporation

26