Financial Results
First Quarter FY2024
Nitto Denko Corporation
July 26, 2024

© Nitto Denko Corporation. All Rights Reserved.

Contents

21Results of 1Q FY2024

P3

2Full-year Forecasts for FY2024

P123

Supplementary DataP16© Nitto Denko Corporation. All Rights Reserved.

3

1

Results of 1Q FY2024© Nitto Denko Corporation. All Rights Reserved.

Summary of Financial Results

4

Results of 1Q FY2024

Revenue

249.3 B. yen

Operatingprofit50.7 B. yen+40.9 B. yen

Operatingprofit+28.3 B. yen

YoYRevenue(+19.6%)⚫ For Industrial Tape and Optronics, both revenue and operating profit increased.
⚫ For Human Life, revenue increased, while operating profit decreased.
⚫ Impact of yen weakness on operating profit was 11.3 B. yen.

© Nitto Denko Corporation. All Rights Reserved.

(+126.2%)

1Q FY2024 Results5(Billion yen)
1Q FY2023(Apr.-Jun.)

1Q FY2024(Apr.-Jun.)

YoY
Dif.

%

Revenue

208.5

249.3

+40.9

+19.6%

Operating profit

22.4

50.7

+28.3

+126.2%

10.8%

20.3%

+9.6%

－22.2

50.6+28.4+128.2%

15.2

36.1

+21.0+138.2%

135.1

154.6

+19.5+14.4%

Operating profit torevenue
Profit before
income taxes
Net profit
attributable to owners of
the parent company

Yen/1US$© Nitto Denko Corporation. All Rights Reserved.

1Q FY2024 YoY Operating Profit Change Analysis(Billion yen)

6

*Figures in analysis are estimates
・1Q FY2023：Reactionary decrease in profit due to insurance
proceeds received for a fire at a Korean subsidiary, etc.
・1Q FY2024：Gain on liquidation of a subsidiary, etc.

-3.0
+1.0

Improvement of product mix and change in unrealized
inventory gain/loss within Information Fine Materials+28.3
1Q FY2023:135.1 ¥/$1Q FY2024:154.6 ¥/$© Nitto Denko Corporation. All Rights Reserved.

1Q FY2024 QoQ Operating Profit Change Analysis(Billion yen)

7

*Figures in analysis are estimates
・4Q FY2023：Reactionary increase in impairment loss on Personal Care Materials, etc. +1.0
・1Q FY2024：Gain on liquidation of a subsidiary, etc.
+1.0

Improvement of product mix and change in unrealized
inventory gain/loss within Information Fine Materials+23.9
4Q FY2023:146.9 ¥/$1Q FY2024:154.6 ¥/$© Nitto Denko Corporation. All Rights Reserved.

1Q FY2024 Results by Segment
Upper row: Revenue
Lower row: Operating profit

Industrial Tape
Optronics
Human Life
OthersAdjustment

Total© Nitto Denko Corporation. All Rights Reserved.

1Q FY2023(Apr.-Jun.)

81Q FY2023(Apr.-Jun.)
80.7
7.5
104.4
20.0
29.3
-2.9
0.0
-1.3
-5.9
-0.9
208.5
22.4

89.2
11.5
135.8
45.4
31.5
-3.2
0.0
-1.8
-7.2
-1.3
249.3
50.7

(Billion yen)
YoY
Dif.
%
+8.5
+10.5%+4.0+53.8%+31.4+30.1%+25.4+126.9%+2.2+7.6%-0.2－-0.0-69.4%-0.5－-1.3－-0.4－+40.9+19.6%+28.3+126.2%

Results by Segment: Industrial Tape
Revenue(Billion yen)

80.7
1Q FY2023(Apr.-Jun.)

89.2

1Q FY2024(Apr.-Jun.)

Operating profit/Operating profit to revenue(Billion yen)

12.9%

9.2%

9Revenue89.2 B. yen(YoY +10.5%)

Operating profit

11.5 B. yen(YoY +53.8%)◼ Electronics• Demand for assembly materials used in high-end smartphones
increased due to the expansion of models adopting these materials.
• Demand for process materials used in ceramic capacitors continued
its gradual recovery.

◼ Process Materials• Demand for process materials used in semiconductor memories
continued its gradual recovery.

◼ Others
11.5
7.5
1Q FY2023(Apr.-Jun.)© Nitto Denko Corporation. All Rights Reserved.

1Q FY2024(Apr.-Jun.)• In automotive materials, demand for insulation materials used inhybrid vehicles increased.

Results by Segment: Optronics
Revenue(Billion yen)
Information
Fine Materials

CircuitMaterials

104.4

135.8
30.7

17.7
86.6

105.1

1Q FY2023(Apr.-Jun.)

1Q FY2024(Apr.-Jun.)

Operating profit/Operating profit to revenue(Billion yen)

33.5%

19.2%
45.4
20.0
1Q FY2023(Apr.-Jun.)© Nitto Denko Corporation. All Rights Reserved.

1Q FY2024(Apr.-Jun.)

10Revenue

135.8 B. yen(YoY +30.1%)

Operating profit

45.4 B. yen(YoY +126.9%)■Information Fine Materials• Demand for optical films and other peripheral materials increased, as
the productions of high-end smartphones by Chinese manufacturers,
Electric Vehicles (EV) and Plug-in Hybrid Electric Vehicles (PHEV)
remained strong.
• Demand for transparent conductive films (ITO) for tablets increased.

■Circuit Materials• In Circuit Integrated Suspension (CIS), demand for Hard Disk Drives(HDDs) with high capacity used in data centers increased significantly.
• Demand for high-precision circuits used in high-end smartphones
increased.

Results by Segment: Human Life
Revenue31.5 B. yen(YoY +7.6%)

Operating profit-3.2 B. yen(YoY -)

Revenue(Billion yen)Life Science

Membrane

29.3

Personal Care Materials

31.5

11.8

13.1

8.3

8.2

9.1

10.2

1Q FY2023(Apr.-Jun.)

1Q FY2024(Apr.-Jun.)

Operating profit/Operating profit to revenue■Life Science• Demand for nucleic acid synthesis materials (NittoPhaseTM) increased.
• Preparation is underway at our new plant established in Massachusetts,
United States for production of projects that are expected to becommercialized at a future date.
• In nucleic acid drug discovery, Phase 1 clinical trial of intractable
cancer drug has been completed. We are continuing to work toward
out-licensing our pipeline.

◼ Membrane(Billion yen)

-2.9

11-3.2• Demand for high-polymer separation membrane for various industrial
applications decreased, mainly in China.

◼ Personal Care Materials
1Q FY2023(Apr.-Jun.)© Nitto Denko Corporation. All Rights Reserved.

1Q FY2024(Apr.-Jun.)• Profitability improved as sales of new products for diapers andenvironmentally friendly products using biodegradable technologies
expanded.

122

Full-year Forecasts for FY2024© Nitto Denko Corporation. All Rights Reserved.

Full-year Forecasts for FY2024

13(Billion yen)
FY2023(Apr.-Mar.)FY2024
Forecasts(Apr.-Mar.)

YoY
Dif.

%

Revenue

915.1

982.0

+66.9+7.3%

Operating profit

139.1

180.0+40.9+29.4%

15.2%

18.3%

+3.1%

－138.9180.0+41.1+29.6%

102.7

130.0

+27.3

+26.6%

143.9

153.6+9.7+6.7%

Operating profit torevenue
Profit before
income taxes
Net profit
attributable to owners of
the parent company

Yen/1US$© Nitto Denko Corporation. All Rights Reserved.

Full-year Forecasts for FY2024 by Segment

14(Billion yen)
Upper row: Revenue
Lower row: Operating profit

Industrial tape
Optronics
Human Life
OthersAdjustment
Total© Nitto Denko Corporation. All Rights Reserved.

FY2023(Apr.-Mar.)FY2024 Forecasts(Apr.-Mar.)352.239.3
469.9
124.0
124.5
-9.5
0.0
-5.7
-31.4
-9.0
915.1
139.1

369.5
50.5
492.5
145.5
139.0
-0.5
-7.5
-19.0
-8.0
982.0
180.0

YoY
Dif.

%

+17.3
+11.2
+22.6
+21.5
+14.5
+9.0
-1.8
+12.4
+1.0
+66.9
+40.9

+4.9%
+28.6%+4.8%+17.4%+11.6%－－－－－+7.3%+29.4%

15<Notes regarding this material>
1. Forward-looking statements such as those relating to earnings forecasts andother projections contained in this material are management's current
assumptions and beliefs based on currently available information. Suchforward-looking statements are subject to a number of risks, uncertainties
and other factors. Accordingly, actual results may differ materially from thoseprojected due to various factors.
2. Amounts and rates (%) are rounded off to the nearest whole unit.

© Nitto Denko Corporation. All Rights Reserved.

163

Supplementary Data

© Nitto Denko Corporation. All Rights Reserved.

Capital Expenditure, Depreciation and Amortization, R&D
Expenditure
Depreciation andAmortization

Capital Expenditure

17(Billion yen)

R&D Expenditure

110.0
83.4
50.8FY2022

FY2023© Nitto Denko Corporation. All Rights Reserved.

9months
Result57.4

FY2024
Forecasts

FY202260.8

FY202366.0

9months
ResultFY2024
Forecasts

940.2

43.5monFY2022

FY2023ths
Result42.0

FY2024
Forecasts

Consolidated Cash Flow Statement

18(Billion yen)
1Q FY2023(Apr.-Jun.)

1Q FY2024(Apr.-Jun.)

11.6

31.6

+20.0

-14.9

-32.1

-17.2

-3.3

-0.6

+2.8

-47.7

-35.5

+12.2

9.4

9.6+0.2

Net increase (decrease) in cash and cash equivalents

-41.6

-26.5

+15.2Cash and cash equivalents at the end of the period

288.3

315.8

+27.5

Cash flows from operating activities(Operating CF)
Cash flows from investing activities(Investment CF)

Free cash flow (FCF)
Cash flows from financing activities
First(Financial CF)
Effect of exchange rate halfchanges on cash and cash
results
equivalents© Nitto Denko Corporation. All Rights Reserved.

YoYPerformance Trend (Quarterly)
Revenue

Operating profit
attributable to owners ofNet profit the parent company
300yen)(Billion250

Profit before income taxes

Operating profit to revenue
25%

268.5

254.1

216.420%

221.2

208.5

20.3%

19.6%

190.1
17.9%

17.8%

249.3

244.6

240.9

20.0%
200

19

17.5%

15%

12.1%

1505%

50
38.5 38.7
26.4

010%

10.8%

100

53.8

53.4

5.0%

45.4 45.4
37.0

32.4

9.5 9.4 13.4

1Q

2Q

3Q
FY2022© Nitto Denko Corporation. All Rights Reserved.

4Q

47.9

42.1 42.1
29.0

22.422.2 15.2

1Q

2Q

47.8 37.4

3Q
FY2023

50.7
26.8

26.9

4Q

21.1

50.6 36.1

1Q
FY20240%

Shareholder Returns

20・Acquired 30.0 B. yen of treasury shares from February to May in 2024.
・Scheduled the stock split (five-for-one) effective as of October 1, 2024.
Acquisition of treasury shares (Billion Yen)

20.0

47.8

50.0

50.0

30.0
280
260

240

140

220
200200

180
140

150

*five-for-one
stock split Year-end
28

160

120

101.7
85.3
52.8

Year-end

89.7

81.9

51.7

49.0

InterimInterim

140

140

41.8

66.4
25.4

28.3

2014

2015

38.4
2016

29.7
2017

42.5
2018

42.3
2019

2020

33.5

32.5

36.1

2021

2022

2023

30.2
After
Beforethe stock split the stock split2024(Plans)*The Company resolved, at a meeting of its Board of Directors on May 2024, to implement the five-for-one common stock split, effective as of October 1, 2024.
The interim dividend for the fiscal year ending March 31, 2025, on the record date of September 30, 2024, will be paid based on the number of shares before the stock split.
The year-end dividend forecast for the fiscal year ending March 31, 2025, describes both of dividend forecast before the stock split and after the stock split.

© Nitto Denko Corporation. All Rights Reserved.

Business Portfolio Status
Revenue*Component ratios not including Adjustment(Rates (％) are rounded off)

Industrial Tape

Optronics

FY2022 results
929.0 B. yen(134.7¥/$)

FY2023 results
915.1 B. yen(143.9¥/$)13%13%36%51%© Nitto Denko Corporation. All Rights Reserved.

Human LifeFY2024 forecasts
982.0 B. yen(153.6¥/$)14%37%50%37%49%

21Business Portfolio Status
Operating profit
FY2022 results
147.2 B. yen(134.7¥/$)*Component ratios not including Adjustment and negative segments(Rates (％) are rounded off)

Industrial Tape

Optronics

FY2023 results
139.1 B. yen(143.9¥/$)Human LifeFY2024 forecasts
180.0 B. yen(153.6¥/$)

0%18%82%© Nitto Denko Corporation. All Rights Reserved.

24%76%26%74%

22

Disclosure Segment Categories

23

Disclosed on April 26, 2022

Disclosed on July 26, 2022

Updated on April 26, 2023

Segment

Segment

Segment

Industrial Tape

Industrial Tape

Industrial Tape

Information
Fine Materials

Information Fine
Materials
Optronics

Flexible Printed
Circuits

Optronics

Flexible Printed
Circuits

Information
Fine Materials
Optronics

Life Science

Life Science

CircuitMaterials

Life Science

Human Life
Membrane
Others (New businesses)

Human Life

Membrane
Personal Care
Materials

Others (New businesses)© Nitto Denko Corporation. All Rights Reserved.

Human Life

Membrane
Personal CareMaterials

Others (New businesses)