Note : This document has been translated from a part of the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original shall prevail.

August 4,2023

Summary of Consolidated Financial Results for theFirst Quarter of the Year Ending March 2024 (unaudited)
Company name:
URL:
Representative:
Contact:Phone:(Code No.3864 Tokyo Stock Exchange)
Mitsubishi Paper Mills Limited
https://www.mpm.co.jp/
Ryuichi Kisaka, President and Chief Executive Officer
Hiroyuki Ino,General Manager, Finance & Accounting Dept.
+81-3-5600-1407(Amounts of less than one million yen are rounded down.)
1. Results for the First Quarter of the Year Ending March 31, 2024 (April 1, 2023 - June 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen

First Quarter of FY2023
First Quarter of FY2022
Note: Comprehensive income%

Million yen

49,317
1.5
48,604 16.4
First Quarter of FY2023
First Quarter of FY2022%

Million yen326(769)¥1,637 million¥(919) million

Profit per share

Diluted profit pershare%

Million yen%

1,550 131.8
668
99.6917(557)-YenYen

20.96(12.53)-Total assets

Net assets

Million yen

Million yen%

73,49372,041¥73,481 million¥72,028 million

32.3
31.7

First Quarter of FY2023
First Quarter of FY2022(2) Consolidated Financial Condition

First Quarter of FY2023
Year ended March 2023
Note: Shareholders' equity

227,715
227,058
First Quarter of FY2023
FY2022

Shareholders'equity ratio

2. Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FYYenYen

YenYenYen

5.00

5.00

5.00

5.00

FY20220.00
FY2023
FY2023(Forecast)
0.00
Note : Revision to the forecast for dividends announced most recently … None

Annual

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024
(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Net sales
Million yen

Operating income%

Million yen

Profit attributable toowners of parent

Ordinary income%

Million yen

First half
110,000 9.6
1,000
1,000(33.5)
Full year
220,000 5.06,000 519.6
6,500 110.4
Note : Revision to the financial results forecast announced most recently … None%

Million yen

04,000Earnings
per share%-Yen

0.00
91.44

4. Notes(1) Changes in significant subsidiaries during the period under review(changes in specified subsidiaries resulting in changes in scope of consolidation):
New: - (Company name);
Excluded: 1company (Company name) Kitakami HiTec Paper Corp.

Yes(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards:
None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:
Yes
4) Retrospective restatement:None(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):First Quarter of FY2023 44,741,433 shares
FY2022
44,741,433 shares2) Total number of treasury shares at the end of the period:First Quarter of FY2023
979,176 shares
FY2022997,361 shares
3) Average number of shares during the period:First Quarter of FY2023 43,748,587 sharesFirst Quarter of FY2022 44,453,009 shares
Notes： The Company has adopted a BIP (Board Incentive Plan) trust, assuming the number of shares held by thetrust are included in the number of treasury stock of “(4) Total number of issued shares (common shares)”.
* This quarterly financial results report is exempt from quarterly review by Certified Public Accountants or an Audit Firm.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currentlyacquired by the Company and certain assumptions assessed to be reasonable. Actual results may differ
significantly from these forecasts due to a wide range of factors.

Contents of Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review ................................................. 2(1) Explanation of Operations Results ......................................................................................................................... 2(2) Explanation of Financial Position........................................................................................................................... 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ....................... 4
2. Consolidated Financial Statements and Primary Notes ................................................................................................ 5(1) Consolidated Balance Sheets .................................................................................................................................. 5(2) Consolidated Statements of Income and Comprehensive Income .......................................................................... 7―1―

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operations Results
Looking at the environment surrounding the Group in the three months ended June 30, 2023, economic activities remained on arecovery track as COVID-19 showed signs of abating. Meanwhile, uncertainties remained high over matters such as prolongation of
the situation in Ukraine and steep rises in raw material and fuel prices, as well as exchange rate fluctuations.
In response, the Group took steps to improve productivity by adopting production systems in line with demand trends in each business.
Meanwhile, in term of sales, it strove to revise product prices and expand sales of new products.
In addition, the Group instituted the following initiatives in line with the basic policy of the “Medium-Term Management Plan” (forthe fiscal year ending March 31, 2023 to the fiscal year ending March 31, 2025) in order to enhance its corporate value.
(i) Strengthen our earing capacity by “selection and concentration” strategies and “expansion of new business”
The Group is implementing a reorganization, effective as of April 1, 2023 of some of its group companies, including the integrationof the Company and subsidiaries of Kitakami site and the integration of subsidiaries of Hachinohe site aiming to promote efficiency.
The Group will continue to proceed with its organizational change to bolster profitability.
(ii) Contribution to a green society
The Group has decided to participate in the GX League (GX: green transformation) to strengthen and advance its initiatives to reachthe target for 2030 that the Group has pledged to achieve in order to realize a carbon-neutral society.
(iii) Organizational change to improve sustainability
In April 2023, the Group established the Mitsubishi Paper Mills Group Basic Sustainability Policy. The Group will strive to enhance
its corporate value by earning trust and support from its customers, and will seek to contribute to the realization of a sustainable
society by helping to address a range of social issues. In line with the Basic Sustainability Policy, the Group is considering thecreation of a Mitsubishi Paper Mills “Forest of Shareholders” (tentative name). With respect to diversity & inclusion, the first female
outside director and female full-time Audit & Supervisory Board member were appointed at the Annual General Meeting ofShareholders on June 29, 2023.
Consolidated net sales amounted to 49,317 million yen (up 1.5% year on year) in the first three months under review.
Consolidated operating income came to 326 million yen (compared with an operating loss of 769 million yen in the first three monthsof the previous fiscal year), and consolidated ordinary income reached 1,550 million yen (compared with consolidated ordinary incomeof 668 million yen in the first three months of the previous fiscal year) due in part to foreign exchange gains. Profit attributable toowners of parent amounted to 917 million yen.
Operating results by segment are as follows:
In the first thee months under review, the Company has reviewed the composition of each reportable segment in accordance with thereorganization of the Group and the organizational change of the Company effective April 1, 2023 and changed the segment forcommunication and specialty paper, including businesses operated in Germany, from the sustainable fiber materials business to thefunctional materials business and the segment to which Kitakami site products (photographic base paper) belong from the functional
materials business to the sustainable fiber materials business.
(Million yen)
Net sales
Three months Three months
ended June
ended June30, 2022
30, 2023
Functional materials

Operating income (loss)
Change (%)

Three months Three months
ended June
ended June30, 2022
30, 2023

Change (%)

25,857

26,108

1.0

173

898

418.2

Reportable Sustainable fiber
Segments materials

23,40923,9032.1(944)

(584)

‒

Total

49,26750,012

1.5(770)

313‒

Others

1,465

1,133

(22.7)

18

23

30.0

Total

50,732

51,1450.8(752)

337‒

Adjustment (Note)(2,128)(1,827)

(16)

(11)

Total

48,60449,317(769)

326(Note) Adjustment is mainly related to internal transactions.

―2―

1.5‒

(Functional materials business)
In industrial materials-related products, the sales amount of battery separators and water treatment membrane supporting bodies rosefrom the year-age level, but the sales amount of air filters, decorative laminate base paper, tape base paper and backing paper for
wallpaper decreased from the year-ago level.
In imaging materials-related products, the sales amount of special dry film resists for electronics industry materials rose from the yearago level due to their adoption for processing metal components used in communication devices and the start of mass production, but
the sales amount of printing and prepress materials-related products and inkjet paper declined from the year-ago level. The sales amountof information materials-related products rose from the year-ago level.
Regarding businesses operated in Germany, both the sales amount and sales volume decreased with declining demand attributable
mainly to inventory adjustment in the market.
As a result, the functional materials business achieved growth in both sales and profit overall.
In the industrial materials business, which is a priority business area in the Medium-term Management Plan, the Group will continue
to seek to expand sales of items such as heat-resistant non-woven fabrics and melt blown non-woven fabrics, while also seeking toacquire new users of water treatment membrane supporting bodies and new applications for them for special membranes such as food,beverages and medical care, and expand sales of battery separators for automobiles, demand for which is expected to increase. It will
strive to further expand sales of tape base paper and sterilization paper.
In the imaging materials business, the Group will work to expand sales with special dry film resists as a starting point. Regarding
imaging media-related products, demand for which has been declining mainly for image output and printing, the Group will work tomaintain the volume of sales by tapping into new demand such as use for labeling and industrial inkjet while also seeking to improve
profitability by continuing to review production systems.
Regarding the information materials business, the Group will work to stabilize revenue by maintaining the effects of price revisions.
Regarding businesses operated in Germany, the Group will continue its efforts to secure stable revenue. To do this, it will continue tomaintain a balance between costs and product prices and will work on cost reductions through the reestablishment of production
systems following the sale of the Flensburg Mill.
(Sustainable fiber materials business)
In the domestic market for printing paper, while the sales volume decreased due to a continuous fall in demand, the sales amountincreased due to the effects of price revisions. In terms of exports, both the sales volume and sales amount decreased from the yearago level as a result of emphasizing profitability in order-taking activities.
Regarding commercial pulp, both the sales volume and sales amount declined, affected by falling demand from major customers
despite the effects of price revisions.
As a result, the sustainable fiber materials business achieved growth in both sales and profit overall.
The Group will aim to transform its product portfolio and stabilize revenue at the earliest opportunity by expanding sales of highfunctional kraft paper that contribute to plastic removal and reduction and enhancing the product lineup of barricote® paper. In addition,
the Group will seek to maintain the effect of price revisions, and continue efforts to optimize production systems and inventory levels.
For exports, the Group will focus on the expansion of sales volume and profits in light of trends in exchange rates.

―3―(2) Explanation of Financial Position
Assets at the end of the first three months under review amounted to 227,715 million yen, up 657 million yen from the end of theprevious fiscal year, mainly due to increases in the valuation difference on investment securities, etc.
Total liabilities came to 154,222 million yen, down 794 million yen from the end of the previous fiscal year, chiefly attributable todecrease in notes and accounts payable - trade.
Net assets increased 1,451 million yen from the end of the previous fiscal year, to 73,493 million yen, mainly reflecting the posting ofprofit attributable to owners of parent.
The equity ratio was 32.3%, up 0.6 percentage points from the end of the previous fiscal year.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
Consolidated results forecasts for the fiscal year ending March 31, 2024 remain unchanged from the same forecasts announced on May11, 2023.

―4―

Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)First Quarter /FY2023Jun 30,2023

FY2022
Mar 31,2023

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assetsInvestment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

―5―

8,325
8,074
38,47025,257
6,322
18,4984,166(92)
109,024

8,178
10,18837,404
26,865
6,518
16,581
3,999(98)
109,638

19,70334,918
20,625733
2,274
78,256

19,36333,75320,701799
2,177
76,794

2,379
2,379

2,440
2,440

21,60515,856(64)
37,398118,034
227,058

23,743
15,164(64)
38,843
118,077
227,715

(Million yen)First Quarter /FY2023
Jun 30,2023

FY2022
Mar 31,2023

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Commercial paper
Income taxes payable
Provision for loss on transfer of business
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Provision for share awards
Provision for directors' retirement benefits
Net defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury sharesTotal shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets―6―

28,7103,485
61,467
5,000
302
1,614
9,877
110,457

22,445
3,495
62,238
9,000
210
1,662
10,616109,668

32,603
53
49
7,603
885
3,362
44,559155,016

32,590
71
39
7,712
886
3,253
44,553
154,222

36,561
6,524
13,357(430)56,012

36,561
6,523
14,083(425)
56,743

5,532
1,111
9,372
16,015
13
72,041
227,058

7,002
647
9,087
16,73812
73,493
227,715

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)First Quarter /FY2022
Apr '22 - Jun '22

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income(loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of non-current assets
Gain on sale of investment securities
Subsidy income
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of non-current assets
Loss on sale of businesses
Extra retirement payments
Other
Total extraordinary losses
Profit before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent―7―

First Quarter /FY2023
Apr '23 - Jun '23
48,60442,792
5,811
6,581(769)49,31743,224
6,093
5,767
326

5295

3245

198

17

1,006
119
1,625

1,034
140
1,440

139
47
187
668

177
38
216
1,550

1－
292
0
295

0
1－
－
1

132
278－
479
1891
72
630
(558)
1(557)

62－
32
90
103
1,448
533
914
(2)
917

Consolidated quarterly statements of comprehensive income(Million yen)First Quarter /FY2022
Apr '22 - Jun '22

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests―8―

First Quarter /FY2023
Apr '23 - Jun '23
(558)

914

(225)
55(176)

1,470(463)
(284)

(14)

0(360)(919)

722
1,637(917)

1,639

(1)

(1)