Summary of Financial Results
for the Second Quarter (First Half) of Fiscal YearEnding December 2024
[Japanese Standards] (Consolidated)
August 14, 2024
Name of Listed Company: Pigeon Corporation (Stock code: 7956)
Listing: Prime Market, Tokyo Stock Exchange
Website: www.pigeon.com
Representative: Norimasa Kitazawa (President and CEO)Contact person: Nobuo Takubo (Managing Officer, Business Strategy Division Manager)/Tel: +81-3-3661-4204
Scheduled Filing Date of Semi-Annual Securities Report: August 14, 2024
Scheduled Commencement Date of Dividend Payments: September 3, 2024
Preparation of Any Additional Explanatory Materials for Financial Results: Yes
Holding of Any Briefing Session for Financial Results: Yes (For analysts and institutional investors)

1. Consolidated Business Performance for the Second Quarter (First Half) of
Fiscal Year Ending December 31, 2024 (January 1 to June 30, 2024)(1) Consolidated Operating Results (cumulative)

First half ended June 30, 2024

(Millions of yen, rounded down, % figures denote year-on-year change)
Net Income
Net Sales
Operating Income
Ordinary Income
Attributable to
Owners of Parent
51,3136.9%
5,822(10.6)%
6,431(9.6)%
3,574(21.7)%First half ended June 30, 2023
48,0026.0%(Note) Comprehensive income: First half ended June 30, 2024
First half ended June 30, 2023

6,511
27.2%
7,117
¥8,971 million (12.9%)¥7,947 million (16.6% negative)

Net Income per Share (¥)

11.1%

4,566

14.4%

Diluted Net Income per
Share (¥)

First half ended June 30, 2024

29.89

－

First half ended June 30, 2023

38.17

－

(2) Consolidated Financial Position
Total Assets
As of June 30, 2024

Net Assets

Equity Ratio (%)

108,392

84,95375.4

As of December 31, 2023
100,440(Reference) Shareholders’ Equity: As of June 30, 2024
As of December 31, 2023

81,087¥81,682 million¥77,581 million

77.2

2. Cash Dividends
Annual Dividend (¥)
1Q-end2Q-end3Q-endFY ended December 31, 2023
38.00－
FY ending December 31, 2024
38.00－
FY ending December 31, 2024
(Forecast)(Note) Changes in dividend forecasts from the most recent announcement: None

Year-end

Total

－

38.00

76.00

－

38.00

76.00

3. Consolidated Business Performance Forecasts for the Fiscal Year Ending
December 31, 2024 (January 1 to December 31, 2024)
Net Sales
Millions of Yen(% figures denote year-on-year change from the previous term)
Net Income
Net Income per
Operating Income
Ordinary Income
Attributable to
Share
Owners of Parent% Millions of Yen% Millions of Yen

Full year
101,000
6.9
11,400
6.3
11,400(Note) Revision of forecasts from the most recent announcement: None

% Millions of Yen

(1.1)

7,600

%

2.4

Yen

63.54

Notes
(1) Significant changes in the scope of consolidation during the period under review: None
New: － (Company name: － ), Excluded: － (Company name: － )(2) Application of any accounting procedures specific to preparation of semi-annual consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting-based estimates, and restatements
1) Changes in accounting policies associated with revision of accounting standards: None
2) Changes in accounting policies other than the above 1): None
3) Changes in accounting-based estimates: None
4) Restatements: None
(4) Number of outstanding shares (common stock)1) Number of shares outstanding at the period-end (including treasury stock)
As of June 30, 2024: 121,653,486
As of December 31, 2023: 121,653,486
2) Amount of treasury stock at the period-end
As of June 30, 2024: 2,063,983
As of December 31, 2023: 2,063,781
3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
First half ended June 30, 2024: 119,589,585
First half ended June 30, 2023: 119,644,880(Note) Amount of treasury stock at the period-end includes Company shares held by the board incentive plan (BIP) trust forcompensation of directors (169,948 shares as of June 30, 2024; 169,948 shares as of December 31, 2023). Company
shares held by the BIP trust for compensation of directors are also included in the treasury stock subtracted in thecalculation of the average number of shares outstanding during the period.

* Summaries of financial results for the second quarter (first half) are exempt from review by certified public
accountants and auditing corporations.
* Cautionary Statement regarding Performance Forecasts
The forecasts and future projections stated in this report have been prepared on the basis of the information andassumption that shall be reasonable as of the date of announcement of this summary information, and the forecasts
and future projections stated in this report are in no way intended as a promise of achievement as a company.
In addition, the actual results could differ significantly from forecast figures depending on a variety of factors. See
the section “(3) Explanation of Consolidated Performance Forecast and Other Predictions” in “1. Overview ofManagement Results and Related Matters” on page 4 regarding conditions which are preconditions for businessperformance forecasts and cautions for using the business performance forecast.

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

Table of Contents of the Appendix
1. Overview of Management Results and Related Matters .................................................................. 2(1) Overview of Management Results for the Term Under Review ................................................. 2(2) Overview of Financial Position for the Term Under Review ..................................................... 4(3) Explanation of Consolidated Performance Forecast and Other Predictions ............................... 4
2. Semi-Annual Consolidated Financial Statements and Main Notes ................................................. 6(1) Semi-Annual Consolidated Balance Sheets ................................................................................ 6(2) Semi-Annual Consolidated Statement of Income and Semi-Annual Consolidated Statement ofComprehensive Income .............................................................................................................. 8
Semi-Annual Consolidated Statement of Income(For the Six-Month Period) ........................................................................................................ 8
Semi-Annual Consolidated Statement of Comprehensive Income(For the Six-Month Period) ........................................................................................................ 9(3) Semi-Annual Consolidated Statements of Cash Flows ............................................................. 10(4) Notes on Semi-Annual Consolidated Financial Statements ...................................................... 11(Notes on Segment Information, etc.) ....................................................................................... 11(Notes Regarding Substantial Changes in Shareholders’ Equity) ............................................. 11(Notes Regarding Going Concern Assumptions) ...................................................................... 111

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

1. Overview of Management Results and Related Matters(1) Overview of Management Results for the Term Under Review
1) Performance Overview
Gradual recovery met with challenges in both the domestic and global economies during theconsolidated first half under review. The Japanese economy continued on a recovery path.
Recovery in personal consumption paused amid a growing trend toward thrift driven by elevatedprices. However, improvements in the employment and income environments raised hopes that a
gradual recovery would continue. In the global economy, hopes of recovery persisted despite
monetary and geopolitical challenges. These headwinds included the impact of continuing highinterest rates in Western economies, concerns about prospects for the Chinese economy, conditionsin the Middle East and fluctuations in financial and capital markets. The global outlook remained as
unclear as ever.
Against this background, in 2023 the Pigeon Group is moving forward with its Eighth Medium-TermBusiness Plan (covering the period from the fiscal year ended December 2023 through the fiscal year
ending December 2025). To respond flexibly to a business environment that continues to change
rapidly worldwide, thereby ensuring itself of sustainable growth, the Group is steadily implementing
three basic strategies (brand strategy, core product strategy and regional strategy). Guided by thesestrategies, the Group is focusing on pursuing sustainable growth in existing business fields and on
exploring and cultivating new growth fields where it can deploy its unique expertise, thereby
proactively rebuilding its operating structure. In addition to pursuing business growth, the Group
implemented a range of measures to achieve its purpose, which is “to make the world morebaby-friendly by furthering our commitment to understanding and addressing babies' unique needs.”
Sales of the Pigeon Group expanded during the consolidated first half under review, while earnings
retreated. Net sales grew to ¥51,313 million (up 6.9% YOY), buoyed by yen depreciation and ledby the China Business and Lansinoh Business. In earnings, higher revenues boosted gross profit
margin, but the Group invested heavily in selling, general and administrative expenses in a vigorous
effort to bolster net sales and market share for nursing bottles and the baby skincare category,particularly in the China Business. Operating income fell to ¥5,822 million (down 10.6% YOY),
ordinary income declined to ¥6,431 million (down 9.6% YOY) and net income attributable toowners of parent dropped to ¥3,574 million (down 21.7% YOY).
The Pigeon Group recorded extraordinary income and loss on the construction of a plant for Pigeon
Home Products Corporation. The Group received a local-government subsidy in connection with
the new plant, appropriating extraordinary income of ¥648 million in subsidy income for the
consolidated first quarter of this fiscal year. This subsidy income was offset by appropriation of an
extraordinary loss in the form of loss on tax purpose reduction entry of fixed assets of ¥648 million.
On April 1, 2024, Pigeon transferred all of its shares in Pigeon Manaka Corporation (share of voting
rights: 67.0%) to Marumitsu Corporation. With this transfer, the Pigeon Group excludes Pigeon
Manaka from the scope of consolidation beginning in the consolidated first half under review.
The main exchange rates used in the preparation of this six-month period’s financial statements for
the Company’s overseas consolidated subsidiaries (revenues and expenses) are as follows:
・1 US$: 152.14 yen (134.95 yen)
・1 CNY: 21.08 yen (19.46 yen)
Note: Figures in parentheses represent the exchange rate in the same period of the previous fiscal
year.
2) Segment Review
The Group has a total of four reporting segments: the Japan Business, China Business, Singapore
Business, and Lansinoh Business. An outline of each segment is given below.

2Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

Japan BusinessThis segment consists of businesses such as the Baby Care Business, Child Care Service Business,and Health & Elder Care Business. Net sales for the entire segment amounted to ¥18,002 million(down 2.2% YOY), and segment profit was ¥1,040 million (down 12.0% YOY).
In the Baby Care Business (childcare and feminine products), sales expanded YOY. Price revisions
implemented in the previous year on nursing bottles, nipples and other baby-related products had aneffect. Sales trended upward for nursing bottles and nipples, one of the Group’s mainstay productlines, as well as for products in the new category of childcare appliances, such as SHUPOT, anelectric nose cleaner for babies. In new products, in February 2024 the Group launched Moisture
mist lotion, a skin-care solution that blows mist directly on wet skin after a bath, saving time byeliminating the need to spread lotion on the skin. The product enjoyed an excellent start, withshipments to over 15,000 retail outlets in the month and a half since the launch.
The Group conducted a number of initiatives in communications. Using social-media sites such as
Instalive, the Group showcased products and promoted sales. To reach medical practitioners, theGroup held multiple online seminars. In April 2024 the Group held the 38th Pigeon “Plant a Tree to
Commemorate a Baby's Birth” ceremony, celebrating babies born in 2023. Through these and otherefforts, the Group worked continuously to strengthen its brand.
In products for health and elder care, the Group reinforced sales efforts on a wide range of products.
In addition to consumables such as bottom wipes, these included nursing-care bathing products and,launched in February 2024, a line of oral-care products, including Medicated oral care gel plus. On
April 1, 2024, as described above, Pigeon transferred all of its shares in Pigeon Manaka (share of
voting rights: 67.0%) to Marumitsu.
Regarding child care service, the Group provided services at 55 in-company child-care facilities andothers. The Group will continue to develop these operations while striving to improve the quality ofservice content.
In the export portion of the Japan Business, net sales declined due to the impact on China sales of
the release of ALPS-treated water in Fukushima.
China BusinessNet sales in this segment amounted to ¥19,629 million (up 8.7% YOY), and segment profit was¥5,149 million (down 6.3% YOY).
In Mainland China, demand recovered steadily after the sharp decline in net sales from thecontroversy over maritime release of ALPS-treated water in 4Q FY2023. As a result of continuous
brand exposure and redoubled sales promotion activities, net sales in local-currency terms rose
YOY. The Shizen Rinyu Series of nursing bottles for older babies, as well as a series oflarge-capacity drinking bottles for children launched in March 2024, enjoyed favorable sales. In thisway the Group continued to extend the utility of many baby products and other products to older
children, to respond to the declining number of births.
In consumer communications, the Group extended its reach in the online space. The Group further
expanded brand exposure through social-media sites such as Douyin, the mainland China version of
the short-video platform TikTok, and strengthened digital marketing tools such as livestream
shopping. The Group enjoyed favorable sales through e-commerce channels, including its
own-brand online store.
In South Korea, where Group operations are managed through this segment, as well as in the North
American market, the Pigeon Group strengthened its brand and carried out marketing efforts. These
initiatives used local sales subsidiaries as their bases in the consolidated first half under review.
Singapore BusinessNet sales of the segment amounted to ¥7,094 million (up 7.4% YOY), and segment profit was ¥954
million (up 13.6% YOY).
This segment is responsible for operations in the ASEAN region and India. Shipping adjustments inmajor markets, continued from the previous fiscal year, were largely completed. Net sales rose YOY,in part from the exchange-rate effect of yen depreciation. In the core product categories on which

3

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

this business focuses, the Group strengthened its brand in nursing bottles and nipples, expanded
sales of baby skin-care products and, in a fresh initiative, marketed nursing bottles with local,
limited-edition designs. We also launched the Natural Botanical Maternity series of skincare
products for mothers. We will continue to target customers in the upper-middle class and higher
income brackets, for example by deploying vigorous sales and marketing activities centered on ourcore products of nursing bottles, nipples and baby skin-care products.
Lansinoh BusinessNet sales of the segment amounted to ¥10,092 million (up 15.6% YOY), and segment profit
increased to ¥462 million (up 33.6% YOY).
Net sales in local-currency terms improved YOY in both North America and Europe. In North
America, a vital market for this segment, a rebound decline in sales continued to be seen, promptedby the relief of a shortage of powdered milk in the previous year. However, sales were firm for newmodels of breast-pump products and prenatal and postnatal care products. In European markets,
including the United Kingdom and Germany, sales of products such as nipple creams and prenatal
and postnatal care products were brisk.
In segment profit, gross profit margin continued to improve amid easing of marine shipping
expenses and a shakeup in the product mix.
(2) Overview of Financial Position for the Term Under Review(Assets)
As of June 30, 2024, our Group recorded total assets of ¥108,392 million, up ¥7,952 million fromthe previous consolidated fiscal year ended December 31, 2023. Current assets increased by ¥8,860
million, while fixed assets decreased by ¥908 million.
Current assets increased mainly due to increases in notes and accounts receivable - trade of ¥6,934
million, in cash and deposits of ¥977 million, and in merchandise and finished goods of ¥855
million.
Fixed assets decreased mainly due to a decrease in buildings and structures of ¥401 million.
(Liabilities)
As of June 30, 2024, our Group recorded total liabilities of ¥23,438 million, up ¥4,085 million fromthe previous consolidated fiscal year ended December 31, 2023. Both current liabilities and fixedliabilities increased by ¥3,648 million and ¥436 million, respectively.
Current liabilities increased mainly due to increases in other current liabilities of ¥1,888 million andin notes and accounts payable – trade of ¥1,820 million, despite a decrease in electronicallyrecorded obligations - operating of ¥763 million.
Fixed liabilities increased mainly due to an increase in other fixed liabilities of ¥383 million.
(Net Assets)
As of June 30, 2024, our Group recorded total net assets of ¥84,953 million, up ¥3,866 million fromthe previous consolidated fiscal year ended December 31, 2023.
Net assets increased mainly due to an increase in foreign currency translation adjustment of ¥5,081
million, despite a decrease in retained earnings of ¥976 million.
(3) Explanation of Consolidated Performance Forecast and Other Predictions
The Group announced the Eighth Medium-Term Business Plan (covering the period from the fiscal
year ended December 2023 through the fiscal year ending December 2025) in February 2023,
identifying “for sustainable growth” as its theme. To respond flexibly to a business environmentthat continues to change rapidly worldwide, thereby ensuring itself of sustainable growth, the Groupis implementing three basic strategies (brand strategy, core product strategy and regional strategy).
Guided by these strategies, the Group will focus on pursuing sustainable growth in existing businessfields, such as its mainstay nursing bottles and skincare products, and on exploring and cultivating
new growth fields where it can deploy its unique expertise, thereby proactively rebuilding its
operating structure. The fiscal year of which the first half under review is a part is the second year

4

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024of the Eighth Medium-Term Business Plan. To achieve the plan’s targets, the Group will continue
to strengthen existing business domains globally while expanding into new ones and diligently
pursue growth investment placing top priority on recovering net sales in the China Business.
The Group’s performance forecast for the full fiscal year ending December 31, 2024 is unchanged
from the forecast announced when the Group announced its results for the fiscal year ended
December 31, 2023, on February 15, 2024.

5

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

2. Semi-Annual Consolidated Financial Statements and Main Notes(1) Semi-Annual Consolidated Balance Sheets(Millions of yen)
At December 31, 2023
ASSETS
I. Current Assets:
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total Current Assets
II. Fixed Assets:
1. Tangible Fixed Assets:
Buildings and structures, net
Land
Other tangible fixed assets, net
Total Tangible Fixed Assets
2. Intangible Fixed Assets:
Goodwill
Other intangible fixed assets
Total Intangible Fixed Assets
3. Investments and Other Assets:
Other
Allowance for doubtful accounts
Total Investments and Other Assets
Total Fixed Assets
Total Assets
LIABILITIES
I. Current Liabilities:
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Accrued bonuses to employees
Provision for loss on litigation
Other current liabilities
Total Current Liabilities
II. Fixed Liabilities:
Net defined benefit liability
Provision for share-based remuneration
Other fixed liabilities
Total Fixed Liabilities
Total Liabilities

6

At June 30, 2024

34,357
14,412
9,575
515
3,443
2,740
(245)
64,80035,335
21,346
10,431
544
3,481
2,788
(267)
73,66014,136
7,655
10,161
31,952

13,735
7,360
9,917
31,013

215
1,267
1,483

126
1,212
1,339

2,207
(4)
2,203
35,639100,440

2,383
(4)
2,378
34,731
108,392

3,643
1,365
76
495
923
6
7,021
13,532

5,463
602
－
1,288
910
6
8,909
17,181

612
190
5,017
5,820
19,352

636
219
5,400
6,257
23,438

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

(Millions of yen)
At December 31, 2023

At June 30, 2024

NET ASSETS
I. Shareholders’ Equity:
Capital stock

5,199

5,199

Capital surplus

5,132

5,132

Retained earnings

59,03358,057

Treasury stock(1,488)(1,489)Total Shareholders’ Equity

67,876

66,9003328Foreign currency translation adjustment

9,672

14,754

Total Accumulated Other Comprehensive Income

9,705

14,782

III. Non-controlling Interests

3,505

3,271

Total Net Assets

81,087

84,953

Total Liabilities and Net Assets

100,440

108,392

II. Accumulated Other Comprehensive Income:
Valuation difference on available-for-sale securities

7

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

(2) Semi-Annual Consolidated Statement of Income and Semi-Annual Consolidated Statementof Comprehensive Income
Semi-Annual Consolidated Statement of Income(For the Six-Month Period)(Millions of yen)

I. Net Sales
II. Cost of Sales
Gross profit
III. Selling, General and Administrative Expenses
Operating Income
IV. Non-operating Income:Interest income
Dividend income
Subsidy income
Foreign exchange gains
Other non-operating income
Total Non-operating Income
V. Non-operating Expenses:
Interest expenses
Other non-operating expenses
Total Non-operating Expenses
Ordinary Income
VI. Extraordinary Income:Gain on sales of fixed assets
Gain on sales of shares of subsidiaries and associates
Subsidy income
Total Extraordinary Income
VII. Extraordinary Loss:
Loss on sales of fixed assets
Loss on disposal of fixed assets
Loss on tax purpose reduction entry of fixed assets
Total Extraordinary Loss
Income before Income Taxes
Income taxes - current
Income taxes - deferred
Total Corporate Income Tax
Net Income
Net Income Attributable to Non-controlling Interests
Net Income Attributable to Owners of Parent

8

Six months ended
June 30, 2023
48,002
24,70023,301
16,7896,511

Six months ended
June 30, 2024
51,313
26,291
25,021
19,198
5,822

110
11
384
67
114
689

177
12
34
363
103
693

56
26
83
7,117

40
44
84
6,431

8
－
19
28

149
0
648
798

2
9
19
31
7,113
2,567
(109)
2,457
4,656
89

4
434
648
1,087
6,143
2,154
325
2,479
3,663
88

4,566

3,574

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

Semi-Annual Consolidated Statement of Comprehensive Income(For the Six-Month Period)(Millions of yen)

Net Income
Other Comprehensive Income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total Other Comprehensive Income
Comprehensive Income(Break down)Comprehensive income on parent company
Comprehensive income on non-controllinginterests

9

Six months ended
June 30, 2023
4,656

Six months ended
June 30, 2024
3,663

5
3,285
3,290
7,947

(4)
5,312
5,308
8,971

7,561

8,651

385

319

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

(3) Semi-Annual Consolidated Statements of Cash Flows(Millions of yen)

I. Cash Flows from Operating Activities
Income before Income Taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses to employees
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sales of fixed assets
Loss on disposal of fixed assets
Loss on tax purpose reduction entry of fixed assets
Subsidy income
Loss (gain) on sales of shares of subsidiaries and associates
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in accounts payable
Increase (decrease) in accrued consumption taxes
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net Cash Provided by (Used in) Operating Activities
II. Cash Flows from Investing Activities
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from sales of shares of subsidiaries resulting inchange in scope of consolidation
Subsidies received
Proceeds from cancellation of insurance funds
Other
Net Cash Provided by (Used in) Investing Activities
III. Cash Flows from Financing Activities
Increase in short-term loans payable
Decrease in short-term loans payable
Payment of cash dividends
Dividends paid to non-controlling interests
Purchase of treasury stock
Proceeds from disposal of treasury stock
Other
Net Cash Provided by (Used in) Financing Activities
IV. Effect of Exchange Rate Change on Cash and Cash
Equivalents
V. Net Increase (Decrease) in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at Beginning of Period
VIII. Cash and Cash Equivalents at End of Period10

Six months ended
June 30, 2023

Six months ended
June 30, 2024

7,113
2,422
96
(3)
(136)
(26)
(122)
56
(6)
9
19
(19)
－
(117)
(630)
(357)
(62)
25
(716)
7,546
91
(34)
(2,264)
5,338

6,143
2,345
102
(11)
(60)
5
(190)
40
(145)
434
648
(648)
(0)
(5,115)
253
163
728
771
(316)
5,148
269
(40)
(1,206)
4,171(3,342)42(73)(1,029)
456
(62)

－

94

19
166
(4)
(3,190)

648
－
(143)
(35)

101
(38)
(4,558)
(141)
(199)
47
(413)
(5,202)－(99)(4,548)
(504)
(0)
－
(481)
(5,635)

1,251

2,477

(1,802)
34,28332,480977
34,35735,335

Pigeon Corporation (7956) Summary of Financial Results for the Second Quarter (First Half) of Fiscal Year Ending December 2024

(4) Notes on Semi-Annual Consolidated Financial Statements(Notes on Segment Information, etc.)
Segment Information
I. Six months ended June 30, 2023
Information Regarding Net Sales and Profit (Loss) in Each Reporting Segment(Millions of yen)AmountAccounted on
Semi-Annual
Consolidated
Statement of
Income(Note 2)

Reporting Segment

Japan Business

China Business Singapore Business Lansinoh Business

Adjustments(Note 1)Total

Net sales
Net sales toexternal customers

17,255

17,620

4,400

8,725

48,002－48,002

Internal sales or
exchange between
segments

1,153

440

2,206

2

3,803

(3,803)－

Total

18,40818,061

6,607

8,728

51,806(3,803)48,002

Segment profit

1,182

5,497

840

345

7,866

(1,354)

6,511(Notes)1. The negative amount of ¥1,354 million from adjustments in segment profit includes ¥92 million in elimination ofintersegment transactions and negative ¥1,446 million in non-allocable operating expenses. Non-allocable operating
expenses are administrative costs of our Group.
2. Segment profits are adjusted to operating income in the semi-annual consolidated statement of income.

II. Six months ended June 30, 2024
Information Regarding Net Sales and Profit (Loss) in Each Reporting Segment(Millions of yen)
Reporting Segment

Japan Business

China Business Singapore Business Lansinoh Business

Adjustments(Note 1)

Total

AmountAccounted on
Semi-Annual
Consolidated
Statement of
Income(Note 2)

Net sales
Net sales toexternal customers

17,187

19,285

4,752

10,08851,313－51,313

Internal sales or
exchange between
segments

814

343

2,342

4

3,505

(3,505)－

Total

18,002

19,629

7,094

10,09254,818(3,505)51,313

Segment profit

1,040

5,149

954

462

7,606

(1,783)

5,822(Notes)1. The negative amount of ¥1,783 million from adjustments in segment profit includes negative ¥107 million in eliminationof intersegment transactions and negative ¥1,676 million in non-allocable operating expenses. Non-allocable operating
expenses are administrative costs of our Group.
2. Segment profits are adjusted to operating income in the semi-annual consolidated statement of income.

(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable.
(Notes Regarding Going Concern Assumptions)Not applicable.

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