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

November 8, 2022

Summary of Consolidated Financial Results for the Six Months Ended
September 30, 2022 (Under Japanese GAAP)
Company name:
Mitsubishi Gas Chemical Company, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4182
URL:
https://www.mgc.co.jp/eng/
Representative:
Masashi Fujii, Representative Director, President
Inquiries:
Satoshi Takizawa, General Manager, Investor Relations Department
TEL:+81-3-3283-5041
Scheduled date to file quarterly securities report:
November 11, 2022
Scheduled date to commence dividend payments:
December 6, 2022
Presentation of supplementary material on quarterly financial results: Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 toSeptember 30, 2022)(1) Summary of consolidated income statement (cumulative)
Net sales
Six months ended
September 30, 2022
September 30, 2021
Note:

Operating profit

Millions of yen% Millions of yen

394,909335,88117.6
26.0

33,52430,038Six months ended
September 30, 2022
September 30, 2021

Profit attributable toowners of parent

Ordinary profit% Millions of yen

11.6
109.0

Comprehensive income Six months ended September 30, 2022
Six months ended September 30, 2021
Basic earnings per
share(Percentages indicate year-on-year changes.)

49,92838,759¥60,439 million¥34,084 million% Millions of yen

28.8
134.3

34,26928,188

%

21.6
97.7

[77.3%][107.1%]

Diluted earnings per
share

Yen

Yen

166.33135.50––(2) Consolidated financial position
Total assets
As of
September 30, 2022
March 31, 2022
Reference:

EquityAs of September 30, 2022
As of March 31, 2022

Net assets

Equity ratio

Millions of yen

Millions of yen

1,012,878
928,651

675,674
630,887¥608,126 million¥568,766 million

- 1 -

%

60.0
61.2

2. Dividends
Annual dividend
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2022
Fiscal year
ending March 31,
2023

–

45.00

–

40.00

Fiscal year
ending March 31,
2023 (Forecast)Fiscal year-end

Total

Yen

Yen

–

35.00

80.00

–

40.00

80.00

Note:
Revisions to the forecast most recently announced: None
Breakdown of interim dividend for the fiscal year ended March 31, 2022:
Ordinary dividend: 35.00 yen
Commemorative dividend: 10.00 yen

3. Consolidated business forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 toMarch 31, 2023)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2023
Note:

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings per
share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

810,000

14.8

60,0008.4

80,0007.9

57,00018.0

277.63

Revisions to the forecast most recently announced: Yes- 2 -* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of special accounting for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common stock)(i) Number of issued shares at term end (including treasury stock)
As of September 30, 2022

222,239,199

As of March 31, 2022

225,739,199(ii) Number of shares of treasury stock at term-end
As of September 30, 2022

17,659,718

As of March 31, 2022

17,693,673(iii) Average number of outstanding shares (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

206,031,885

Six months ended September 30, 2021

208,026,863* Quarterly financial results reports are exempt from audit conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution concerning forward-looking statements)
1. The forward-looking statements, including earnings forecasts, contained in these materials are basedon information currently available to the Company and on certain assumptions deemed to bereasonable. Consequently, any statements herein do not constitute assurances regarding actual resultsby the Company. A number of factors could cause actual results to differ materially fromexpectations.
2. The supplementary material on quarterly financial results is disclosed on the same day as thisquarterly financial results report, and it is made available on the Company’s website.

- 3 -Consolidated Financial Statements
1. Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade,and contract assets
Securities
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
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

As of September 30, 2022

102,049

101,366

176,556

182,285

678,542
19,72957,39819,381△1,453452,210

5
86,84823,12763,89822,930△1,723478,737

99,58480,40096,399276,384

104,862
84,354
114,461
303,678

4,811
6,478
11,290

4,631
6,982
11,614

171,446
17,927△607
188,765
476,440
928,651

199,707
19,825△685
218,847
534,140
1,012,878

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets-5-

As of September 30, 2022

92,38738,925
11,997
6,488
49,170198,969

90,27137,757
8,782
7,239
48,474
192,524

20,00046,621
3,284
6,252
5,216
17,41898,794
297,763

20,00072,234
2,519
6,390
5,252
38,282
144,679
337,204

41,97034,339492,455△21,525547,239

41,97033,907514,794△23,836566,836

11,376

9,927

△326
9,861
614

101
31,156104

21,526

41,28962,121
630,887928,651

67,547
675,674
1,012,878

2. Consolidated Statements of Income(Millions of yen)Six months ended
September 30, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted forusing equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Personnel expenses for seconded employees
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on recovery of money transfer scam at
subsidiary
Gain on step acquisitions
Insurance claim income
Total extraordinary income
Extraordinary losses
Provision for land maintenance expenses
Loss on valuation of shares of subsidiaries
and associates
Provision of allowance for doubtful accounts
Loss on disposal of non-current assets
Impairment losses
Provision for loss on business of
subsidiaries and associates
Fire Loss
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent-6-

Six months ended
September 30, 2022

335,881254,226
81,65551,61630,038394,909
301,734
93,174
59,64933,524

160
2,118
199

320
1,967
4,927

6,912

10,605

1,850
11,242

1,411
19,231

461
709
1,350
2,521
38,759

752
943
1,132
2,828
49,928

622

390

－

110

796
744
2,162

－
－
500

－

273

－

178

760
－
1,300

150
149
108

297

－

129
2,487
38,434
8,075
30,359－860
49,56812,27737,291

2,171

3,021

28,18834,269(Consolidated Statements of Comprehensive Income)(Millions of yen)Six months ended
September 30, 2021
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests-7-

Six months ended
September 30, 2022

30,35937,291638△1,438

16
2,394

△62
13,591

△130

△254

806

11,313

3,724
34,084

23,14860,43931,15354,032

2,930

6,406

3. Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on disposal of non-current
assetsAmortization of goodwill
Share of loss (profit) of entities accounted
for using equity method
Increase (decrease) in allowance for
doubtful accounts
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Loss (gain) on sale of short-term and longterm investment securities
Loss (gain) on valuation of short-term andlong-term investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption
taxes
Increase (decrease) in provision for
retirement benefits for directors (and otherofficers)
Other, net
SubtotalInterest and dividends received
Dividends received from entities accounted
for using equity method
Interest paid
Income taxes paid
Proceeds from insurance income
Net cash provided by (used in) operating
activities-8-

Six months ended
September 30, 2022

38,434
15,81049,56816,127

296

370

194

201

△6,912△10,605

758

222

229

△71

△2,279461△2,287
752

△623

△402

144

2

△1,053△20,588
9,435△1,576△13,849△6,9701,267△1,51512△50△9,462
26,124
2,262△14,455
15,459
2,479

1,736

8,272

△439
△6,948745△664△12,197
6

23,47913,355

(Millions of yen)Six months ended
September 30, 2021
Cash flows from investing activities
Purchase of non-current assets
Proceeds from sale of non-current assets
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable
Purchase of shares of subsidiaries resulting
in change in scope of consolidation
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodIncrease in cash and cash equivalents resulting
from inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period-9-

Six months ended
September 30, 2022

△22,740
381
△474
1,376
△465
58

△32,41153△462
518△1,526102△2,668－△6,5372,908△31,069△30,817△2,517△4,662

3,085△7,216△3
0△7,280△1,429△315

29,360△3,646△7,081
0△7,281△1,358△354△15,677

4,974

1,613

9,943

△21,654△2,54391,07592,257

1,529

2,041

70,95091,756

Qualitative Information
Consolidated Business Results for This Period
Overview of Results(Billions of yen)

FY2021/1H

FY2022/1H

ChangeNet sales

335.8

394.9

59.0

Operating profit

30.0

33.5

3.4

Equity in earnings of affiliates

6.9

10.6

3.6

Ordinary profit

38.7

49.9

11.1

Profit attributable to owners of parent

28.1

34.2

6.0

During the first six months of the fiscal year ending March 31, 2023 (April 1, 2022 – September 30, 2022), theglobal economy was affected by a looming sense of anxiety about the prolongation of the Russia-Ukraine conflict.
Reflecting this, the economic environment remained volatile due to surges in raw material and fuel prices andtransportation costs, with monetary tightening in the United States, Europe and other countries resulting in theradical depreciation of the yen. The current outlook remains uncertain due mainly to ongoing inflation, which may
well lead to downturns in overseas economies going forward.
Against this backdrop, the MGC Group has promoted a medium-term management plan launched in April 2021.
In line with this plan, the Group aims to shift to a profit structure resilient to changes in the business environment.
To this end, the Group is striving to:•“Further strengthen competitively advantageous (“differentiating”) businesses,”•“Accelerate creation and development of new businesses,” and•“Reevaluate and rebuild unprofitable businesses.”
These efforts will help push ahead with business portfolio reforms.
In addition, the Group is countering surges in raw material and fuel prices and transportation costs by revisingsales prices upward to align with an overall increase in costs. By doing so, the Group is endeavoring to maintainand enhance its earnings power.
As a result, the MGC Group’s net sales increased due mainly to the impact of foreign exchange fluctuations andupwardly revised sales prices aligned with higher raw material and fuel prices, along with the recent inclusion of aSouth Korea-based polyacetal sales company into the scope of consolidation.
Furthermore, operating profit rose, despite such negative factors as surges in raw material and fuel prices andtransportation costs, thanks primarily to the depreciation of the yen and robust polyacetal sales.
Ordinary profit increased due primarily to higher operating profit, the posting of foreign exchange gains and anincrease in equity in earnings of affiliates, including overseas methanol producing companies.

Operating results by segment are as described below.

- 10 -

Results by Business Segment
Basic Chemicals(Billions of yen)

FY2021/1H

FY2022/1H

ChangeNet sales

198.2

233.0

34.8

Operating profit

15.8

14.4

(1.4)

Ordinary profit

19.1

20.8

1.7

The methanol business saw increases in both net sales and earnings thanks to higher market prices comparedwith the same period of the previous fiscal year, along with an increase in equity in earnings of affiliates and otherpositive factors.
Methanol and ammonia-based chemicals posted earnings on par with earnings recorded in the same period of theprevious fiscal year, with progress in profitability adjustments offsetting the negative impact of higher raw material
prices.
High-performance products posted a decrease in earnings due mainly to rises in raw material and fuel prices andtransportation costs, despite the higher sales volume of aromatic aldehydes.
Xylene separators and derivatives saw a decrease in earnings due mainly to rises in raw material and fuel prices,and resulting deterioration in the profitability of purified isophthalic acid (PIA).
Foamed plastics posted a decrease in earnings due mainly to rises in raw material and fuel prices outpacing thetiming of product price revisions.

Specialty Chemicals(Billions of yen)

FY2021/1H

FY2022/1H

ChangeNet sales

137.5

161.8

24.2

Operating profit

15.9

20.3

4.4

Ordinary profit

20.7

25.3

4.5

Inorganic chemicals posted a decrease in earnings despite growth in the sales volume of chemicals for use in
semiconductor manufacturing, due mainly to rises in transportation costs and prices for raw materials and fuel.
Engineering plastics saw increases in net sales and earnings, despite deterioration in the profitability ofpolycarbonates, thanks to constantly robust sales of polyacetal as well as the inclusion of a South Korea-basedpolyacetal sales company into the scope of consolidation.
Optical materials posted earnings on par with the same period of the previous fiscal year amid stagnant demand
for smartphones, a primary application of optical polymers, even though earnings escaped the negative impact of
inventory adjustments carried out by customers in the prior fiscal year.
Electronic materials saw decreases in net sales and operating profit. This reflected such factors as declining
demand for general-purpose materials for use in PC-related devices and home appliances, which constitute a part ofBT materials for IC plastic packaging, the core product category for electronic materials. However, ordinary profit- 11 -

increased from the same period of the previous fiscal year thanks primarily to an increase in equity in earnings ofaffiliates.
Earnings from oxygen absorbers such as AGELESSTM remained on par with the same period of the previous
fiscal year despite the ongoing robustness of overseas sales—which were buoyed by the depreciation of the yen—especially in the food packaging field, due to rises in raw material prices and transportation costs.

- 12 -