Fiscal 2022 Second Quarter
Financial Results
October 28, 2021
Panasonic Corporation

Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “Fiscal 2022” or “FY22” refers to the year ending March 31, 2022.

Summary of FY22 2Q Financial Results & Full-Year Forecast• FY22 2Q Financial Results‧

Overall sales increased:
Increased sales of businesses for information and communication applications
and Automotive Batteries offset decreased sales of consumer electronics andAutomotive Solutions‧

Adjusted operating profit decreased overall:Largely affected by decreased sales of Automotive Solutions and consumer
electronics (e.g. impact of weak overall demand in Japan and lockdowns at factories inAsia), and raw material price hikes, despite increased profit with increased sales
in such businesses as information and communication applications‧

Operating profit and net profit* increased:
Recognized one-time gains in other income/loss‧

Negative FCF:
Completion of Blue Yonder acquisition, increased inventories and other factors• FY22 Full-Year Forecast‧

Both overall sales and profit revised upward Companywide‧

Full-year forecast announced based on new segments at the start of new
structure* Net profit attributable to Panasonic Corporation stockholders

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

1

Fiscal 2022 Second Quarter Financial Results
Fiscal 2022 Full-Year Financial Forecast
1. Current Segments
2. New Segments

FY22 2Q Financial Results(yen: billions)

Sales
Adjusted OP*(% to sales)

Other income/loss**
Operating profit(% to sales)

FY22 2Q

FY21 2Q

1,741.2

1,667.3

80.3(4.6%)

16.5
96.8

95.0

Difference / vs. FY21

(5.7%)-2.2(5.6%)

92.8(5.6%)+4%(+1%)***

-14.7

-15%

+18.7

-

+4.0

+4%

+3.2

-

Non-operating income/loss

0.5

Profit before income taxes

97.3(5.6%)

90.1(5.4%)

+7.2

+8%

76.5

(4.4%)

58.7(3.5%)

+17.8

+30%

185.9

(10.7%)

178.4(10.7%)+7.5+4%(% to sales)

Net profit attributable to Panasonic
Corporation stockholders (% to sales)

EBITDA**** (% to sales)
Exchange
rates

-2.7

+73.9
(+22.5)***

1 US dollar

110 yen

1 Euro130 yen106 yen
124 yen1 Renminbi

17.0 yen

15.4 yen***

Adjusted OP = Sales - Cost of sales - SG&A
Other income/loss = “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 Lossof 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).
Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor
Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

3

FY22 2Q Results by Segment(yen: billions)vs. FY21

Sales(In real terms
excl. effect of
exchange rate)

Appliances

599.2

Life Solutions

372.6

Connected
Solutions

217.0

Automotive

357.6

Industrial
Solutions343.4

Other/
Eliminations &adjustments

Total

FY21
Difference

AdjustedOP(In real terms
excl. effect of
exchange rate)(% tosales)

-6%

-36.5

(-9%)

(-54.6)

±0%

+0.6

(-1%)

(-2.9)

+14%

+25.9

(+10%)(+19.1)OP

FY21
Difference

Other
income/loss

FY21
Difference

-22.1

-10.2

-10.3

-0.5

-7.1

-2.6

+6.6

47.0

+46.6

-6.4

-6.1

-1.4

+15.4

-2.5

-3.3

29.9

13.6
2.3%

19.8
5.3%

5.0
2.3%

(% to
sales)

3.4
0.6%

FY21
Difference

18.1

-3.1

25.3

3.4%

52.0

(% to
sales)

-32.4

12.7

24.0%

EBITDA*

FY21
Difference

-31.9

3.0%

-3.6

6.8%

60.7

+53.2

+54.0

28.0%

21.6**

±0%

-0.9

(-3%)

(-11.5)

0.9%

+12%

+35.5

(+7%)

(+20.4)32.4-148.6

-

+49.3

6.1

-7.7

-4.6

-10.3

1.5

-18.0

13.9

-17.7

1,741.2

+4%

+73.9

(+1%)

(+22.5)

80.3

-14.7

16.5

+18.7

96.8

+4.0

185.9

+7.5

-5%
(-8%)

(-50.8)

-21.0

-10.1

-10.1

-31.1

18.7

Appliances

613.0(Production andsales consolidated)

-32.7

3.4

9.5%

4.6%

14.1
2.3%

-2.7

-7.8

-0.8%
8.7%

5.6%

4.0
0.7%

6.0%

46.3

+12.1

-5.7
+12.4

13.5%

10.7%

-30.6

3.0%

* EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

4

Fiscal 2022 Second Quarter Financial Results

FY22 2Q Sales Analysis by Segment
Sales increased:
Increased sales in businesses for information and communication applications (IS, CNS) as well as Automotive
Batteries (AM), offset decreased sales of consumer electronics (AP) and Automotive Solutions (AM)

1,741.2(yen: billions)AM
CNS

1,667.3(Automotive
Batteries)

IS

AM(Automotive
Solutions)AP*(production-sales
consolidated)

LS

Eliminations &adjustments, etc.*

Effect ofexchangerates

In real terms excluding effect of exchange rates: +22.5 (+1%)

FY21 2Q+73.9 (+4%)

FY22 2Q

Major increase/decrease factors
Decreased: Mainly affected by weak overall demand of consumer electronics in Japan and re-spread ofAP
COVID-19 in Asia, while Home Appliances were stable in China

Sales
AM

LS

Same level as FY21: Housing Systems in Japan was stable despite decreased sales due to lockdowns in
Asia and semiconductor procurement issues

CNS

Increased: Driven by increased sales of mounting machines with strong investment demand related to
information and communication, as well as increased sales of projectors

Automotive
Solutions

Decreased: Affected by reduced automobile production

Automotive
Batteries

Increased: Mainly with increased production of cylindrical batteries responding to strong demandIS

Increased: Favorable sales of such products as passive components (e.g. capacitors), relays, industrialuse motors for automotive, labor-saving at factories and information & communication-infrastructure* Differences between Appliances (production-sales consolidated) and segment information are adjusted in “Eliminations & adjustments, etc.” “Eliminations & adjustments, etc.” includes “others” in AM.
The chart shows net figures of “management accounting adjustments (mainly adjustments to sales prices)” between each segment and “Eliminations & adjustments, etc.”
Note: Names of each segment are as follows: AP: Appliances, LS: Life Solutions, CNS: Connected Solutions, AM: Automotive, IS: Industrial Solutions
Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

5

FY22 2Q Operating Profit Analysis by Segment• Adjusted OP: Decreased overall largely affected by decreased sales of Automotive Solutions and consumer electronics(e.g. impact of weak overall demand in Japan and lockdowns at factories in Asia), and raw material price hikes, despite increased
profit with increased sales in such businesses as information and communication applications• OP: Increased due to one-time gains in other income/loss (gain from re-evaluation of existing equity in Blue Yonder uponacquisition)(yen: billions)

92.8

CNS
IS

96.8

AM
(Automotive
Batteries)

AP*(productionsales
consolidated)

AM

LS(Automotive
Solutions)Eliminations &adjustments,
etc.*

Effect ofexchange
rates

Other
income/loss

Adjusted OP: -14.7
OP: +4.0

FY21
2Q

FY22
2Q

Major increase/decrease factors
APLS
Adjusted
OP

CNS
AM

Other
income/loss

Automotive
Solutions

Decreased: Largely impacted by decreased sales of Heating & Cooling Solutions and Home Appliances due
mainly to weak overall demand in Japan and re-spread of COVID-19 in Asia, while such efforts as rationalization
were made amid continued raw material price hikes
Same level as FY21: Efforts such as rationalization made in response to impact of raw material price hikes anddecreased sales due to semiconductor procurement issues
Increased: Increased sales of mounting machines and projectors, as well as improved profitability of Avionics
Decreased: Largely impacted by decreased sales

Automotive
Batteries

Increased: Increased sales and material rationalization effect, etc.

IS

Increased: Increased sales exceeded impact of raw material price hikes• Gain from re-evaluation of existing equity in Blue Yonder upon acquisition• Expenses associated with early retirement benefit program, etc.

* Differences between Appliances (production-sales consolidated) and segment information are adjusted in “Eliminations & adjustments, etc.” “Eliminations & adjustments, etc.” includes “others” in AM.
Note: Names of each segment: AP: Appliances, LS: Life Solutions, CNS: Connected Solutions, AM: Automotive, IS: Industrial Solutions

6

Fiscal 2022 Second Quarter Financial Results

Completion of Blue Yonder Acquisition (September 2021)
Consideration value of acquisition
Consideration value related to the additional acquisition of
80% of shares (September 2021)

776.0 bn. yen

Including net interest-bearing debt of Blue Yonder

Consideration value of acquisition of 20% of shares (July2020)

87.3 bn. yen

Consideration value of acquiring all shares

863.3 bn. yen

Major impact on FY22 consolidated financial performance
Sales

Approx. 60.0 bn. yen

Amortization of intangible assets*

Approx. 16.0 bn. yen

Gain from re-evaluation of 20% of shares (other income/loss)*

Goodwill & intangible assets*

58.3 bn. yen

Approx. 960.0 bn. yen* Value is tentative and there is a possibility to be adjusted in the future due to unfinished PPA (Purchase Price Allocation)

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

7

FY22 1H FCF and Cash
• FCF was a negative of 661.2 billion yen due mainly to completion of Blue Yonder (BY)
acquisition and increased inventories

FCF

Gross cash & Interest-bearing debt / Net cash
(yen: billions)(yen: billions)
Gross cash*

Decreased: Reserved cash used for BY acquisition(376.0 bn. yen) and bond repayment (200.0 bn. yen) etc.

1,641.9
41.6

Bridge loan for BY
acquisition(400.0 bn. yen)=> refinanced withsubordinated bonds(October 2021)

1,013.9
Net cash
194.5

・ Net profit
・ Depreciation
・ Tax payment related tosales of assets in FY21
・ Increased inventories
etc.

BY
Acquisition

Bonds, etc.
-1,189.5
Lease liabilities-661.2-702.8Operating CF

Investing CF

FCF-736.5-1,491.6-257.9-258.8Interest- -1,447.4
bearingdebt-1,750.4

End of FY21

End of FY22 2Q* Gross cash: total of “Cash and cash equivalents” and time deposits and others included in “Other financial assets”

8

Fiscal 2022 Second Quarter Financial Results

Capital Allocation Policy & CF Generation Initiatives• Financing for Blue Yonder acquisition within capital allocation framework of Mid-term strategy• Secure financial flexibility through subordinated bonds (Oct. 2021) and continue cash generation initiatives
Capital allocation
policy (FY20-22)

Allocate necessary cash for Mid-term strategy with CF generated from business (operating CF, divestiture).
However, to capture growth opportunities, respond flexibly when investments opportunities arise before sufficient
cash flow is generated from business

FY20-21FY22CF Generation

CF Allocation

Approx. 2.2 tr. yen

Approx. 1.2 tr. yen

CF Allocation

CF Generation

Investment
Operating CF,
etc.

(Incl. 20% sharesof Blue Yonder)

Dividend
Restructuring,etc.
Portfolio
optimization,
Sales ofassets, etc.
Reduction of leaseliabilities by
portfolio
optimization

Approx.
1 tr. yen

Withincapitalallocation
framework

Blue Yonder
acquisition

Complement
capital on rating
776.0 bn. yen with subordinatedbonds(Additional 80%
shares of BY+ debt repayment)

Portfolio optimization,
Sales of assets, etc.

200.0 bn. yen(Issued amount:400.0 bn. yen×50%*)Dividend
Investment(Tangible/
intangible)

OperatingCF, etc.

* Amount qualified for equity credit recognized by rating agencies

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

9

Fiscal 2022 Second Quarter Financial Results
Fiscal 2022 Full-Year Financial Forecast
1. Current Segments
2. New Segments

FY22 Full-Year Forecast Revision• Both sales and profit revised upward(yen: billions)

FY22 (e)FY22 (e)(as of Oct. 28)(as of May 10)

Sales

+10.0

307.2

-60.0

+30.0

330.0

400.0

390.0

(5.5%)(5.6%)

-30.0
370.0

Other income/loss**
Operating profit

vs. FY21 / Difference

6698.87,000.0(Adjusted OPM)

(Reference)
FY21+300.07,300.0

Adjusted operating profit*

Difference+9%

Excl. effect of exchange rates (+7%)+601.2(+456.2)

+30%

+92.8

-48.6

-

+18.6

+40.0

258.6

+43%

+111.4(4.6%)(5.1%)（4.7%)

0.0

0.0

-

2.2

-

-2.2

370.0

330.0

+40.0

260.8

+42%

+109.2attributable to Panasonic
Corporation stockholders

240.0

210.0

+30.0

165.1

+45%

+74.9

ROE

8.9%

8.0%

+0.9%

7.2%

-

+1.7%

EBITDA***

750.0

-

-

605.5

+24%

+144.5(OPM)

Non-operating
income/loss
Profit before income taxes
Net profit(10.3%)
1H results

Exchangerates

2H (e)(3.9%)(9.0%)

Full-year (e)1 US dollar

110 yen 105 yen

107 yen105 yen+2 yen106 yen+1 yen1 Euro131 yen 130 yen

131 yen

125 yen+6 yen124 yen+7 yen1 Renminbi

17.0 yen 17.0 yen 17.0 yen

17.0 yen-

15.7 yen+1.3 yen* Adjusted OP = Sales - Cost of sales - SG&A ** Other income/loss = Other income (expenses) + Share of profit investments accounted for using the equity method*** EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)
Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor
Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

11

FY22 Forecast by Segment (Current Segments)(yen: billions)
Sales

Difference
FY21
from initial
Difference
forecast

Adjusted
Difference
Difference Other
FY21
FY21
OP
from initialfrom initial income/Difference
Difference(% toforecast
forecast
loss
sales)

Appliances

2,539.0

+47.1

+59.0

106.0

Life Solutions

1,554.0

+43.9

+24.0

87.0

Connected
Solutions

925.0+107.0

+35.0

20.0

Automotive

1,551.0+211.6-9.0

40.0

Industrial
Solutions

1,380.0+124.5

+80.0

115.0

Other/
Eliminations &adjustments-649.0+67.1+111.0Total

7,300.0+601.2

2,579.0+42.0

Appliances(Production andsales consolidated)OP

Difference
FY21
from initial
Difference
forecast(% tosales)

-5.6

-17.0

-21.0

-13.7

-3.0

85.0

+2.6

-3.0

-17.0

-1.8

-2.0

70.0

+16.3

-10.0

35.0

+58.7

+47.0

55.0

+37.8

-10.0

-20.0

-28.7

+2.0

20.0

+40.9

+25.0

-6.0

+1.9

-1.0

109.0

32.0

+0.8

+25.0

-1.0

+2.2

-13.0

+300.0

400.0

+92.8

+10.0

-30.0

+18.6

+59.0

106.0

-4.8

-19.0

-21.0

-13.7

4.2%

5.6%

2.2%

2.6%

8.3%

5.5%

4.1%

-19.3

-20.0

+0.8

-5.0

+75.0

+37.0

+9.1

-8.0

+42.8

+24.0

31.0

+3.0

+12.0

+30.0

370.0

+111.4

+40.0

-3.0

85.0

-18.5

-22.0

3.3%

4.5%

5.9%

1.3%

7.9%

5.1%

3.3%

12

Fiscal 2022 Second Quarter Financial Results

FY22 Full-Year Forecast Revision by Segment(Difference from initial forecast based on current segments)
Major revision factors

Sales

7,000.0

AP*

CNS

Sales: Revised upward overall contributed mainly by increased sales
FY22 (e)of mounting machines and consolidation of Blue Yonder,
despite decreased sales of notebook PCs (parts procurement (as of May 10)
issues) and IFE** (slow recovery)** IFE (Inflight entertainment)
Profit: Revised downward due to large impact of decreased sales(e.g. notebook PCs and IFE), despite increased sales (e.g.
OPmounting machines)

AM

Automotive
Solutions

LS

Sales: Revised downward due to reduced automobile production
Profit: Revised downward due mainly to impact of decreased sales,
price surges in parts, and increased shipping costs

Sales: Revised upward with increased demand of cylindrical batteriesProfit: Revised upward with increased sales

IS

Sales: Revised upward with growth in businesses for labor-saving atfactories and information & communication-infrastructure
Profit: Revised upward due to increased sales exceeding impact of
raw material price hikes

Head office/Eliminations,
etc.

Other
income/lossAM
CNS (Automotive
Solutions)IS

AM(Automotive
Batteries)

Head office/Eliminations,etc.*

FY22 (e)(as of Oct. 28)+300.0(yen: billions)

370.0

330.0

AP*
(Productionsales
consolidated)

LS

Other
income/Head office/ loss

CNS AM

AM(Automotive (Automotive
Solutions)
Batteries)

IS

Eliminations,etc.*

Adjusted OP: +10.0
OP: +40.0
FY22 (e)(as of May 10)• Gain from re-evaluation of existing equity in Blue Yonder upon acquisition• Expenses associated with early retirement benefit program, etc.

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

LS(Productionsales
consolidated)

Profit: Revised upward due mainly to reduced expenses related tohead office

Fiscal 2022 Second Quarter Financial Results

7,300.0(yen: billions)

Sales: Revised upward due mainly to effect of exchange rates
Profit: Revised downward slightly despite efforts such as
rationalization made in response to impact of raw material pricehikes and semiconductor procurement issues

Automotive
Batteries

Sales / Adjusted OP

AP

Sales: Revised upward due to effect of exchange rates despite
decreased sales in real terms from weak overall demand inJapan and Asia
Profit: Revised downward with large impact of decreased sales (e.g.
weaker demand in Japan, lockdowns in Asia), despite costcontrol and rationalization efforts against raw material pricehikes

FY22 (e)(as of Oct. 28)* Difference between “AP (Production-sales consolidated)” and segment information isadjusted in “Head office / Eliminations, etc.” “Head office / Eliminations, etc.” includes“others” of AM.
Note: Names of each Segment are as follows; AP: Appliances LS: Life Solutions
CNS: Connected Solutions AM: Automotive IS: Industrial Solutions

13

Fiscal 2022 Second Quarter Financial Results
Fiscal 2022 Full-Year Financial Forecast
1. Current Segments

2. New Segments

Change in Reporting Segments
・ Segments changed with transition to new Group structure in October 2021 (Operating Company System from April 2022)
・ Businesses with 10% or more of Group total sales/other factors are reported as individual segments based on system of
7 operating companies starting April 2022

New Segments

Current Segments• Home Appliances• LightingLS• Energy Systems• Avionics

CNS• Smart Life Network

Living Appliancesand Solutions

AP

Home Appliances

Heating &Ventilation A/CAPLSHeating and Cooling Solutions

Cold Chain
SolutionsAP

Commercial Refrigeration &Food Equipment• Housing Systems

Electric Works

LS

Lighting
Energy Systems• Mobile Solutions

China and Northeast Asia Company• Commercial
Refrigeration & Food
Equipment• Panasonic Ecology
Systems• Process Automation • PSSJ
• Media Entertainment

AM• Automotive Solutions• Automotive Batteries• Systems (Electromechanical Control, Industrial

IS

Device, Energy Solutions)• Devices (Device Solutions, Energy Device,
Electronic Materials)

Other/Eliminations & adjustments

LifestyleAP• Heating and Cooling
Solutions

Panasonic Ecology Systems

Automotive

AM

Automotive Solutions

Connect

CNS

Current disclosed businesses +Blue Yonder

Industry

IS

Systems (Electromechanical Control, Industrial Device)Devices (Device Solutions, Electronic Materials)

EnergyAMIS

Automotive Batteries (Cylindrical)*
Systems (Energy Solutions), Devices( Energy Device)

Other/Eliminations & adjustments (includes the following businesses)
Entertainment & Communication

AP

Smart Life Network

HousingLS

Housing Systems* Automotive prismatic battery business JV (unconsolidated): purchasing and sales are recorded mainly in Automotive; equity method income/loss is recorded in Eliminations & adjustments.
** Please refer to P35 for list of voluntarily disclosed businesses by New Structure
Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

15

FY22 Full-Year Forecast by Segment (New Segments)(yen: billions)
Adjusted
OP

Sales

vs.
FY21

Difference
FY21
from initial
Difference
forecast

3,640.0+3%+91.1 +100.0

173.0

Automotive 1,087.0

+7%

+69.9

-43.0

12.0

Connect

925.0 +13%

+107.0

+35.0

20.0

Industry

1,100.0 +12%+115.4

+60.0

77.0

Energy748.0 +25%

+148.0

+58.0

65.0

Other/
Eliminations &adjustments-200.0

+69.8

+90.0

53.0

Lifestyle-(% tosales)

4.8%

1.1%

2.2%

7.0%

8.7%

Other
Difference
Difference
FY21
FY21
from initial income/ Difference from initial
Difference
forecast
forecast
loss

OP

EBITDA*

FY21
Difference

Difference
from initial
forecast

-26.9

-27.0

235.0

+21.8

-23.0

65.0

+75.0

+37.0

104.0

+33.3

+14.0

127.5

+27.5

+20.0

117.0

-19.3

+19.0

101.5

370.0 +111.4+40.0

750.0 +144.5(% tosales)

-12.6

-20.0

-33.0

-14.3

-7.0

140.0

+21.3

-21.0

-2.0

+0.5

-2.0

10.0

+16.3

-10.0

35.0

+58.7

+47.0

55.0

+32.7

+14.0

-3.0

+0.6

-

74.0

+27.2

+22.0

-4.0

+0.3

-2.0

61.0

+7.9

+25.0

-23.0

-27.2

-6.0

30.0

+92.8

+10.0

-30.0

+18.6

+30.0

3.8%

0.9%

5.9%

6.7%

8.2%

(% to
sales)

6.5%

6.0%

11.2%

11.6%

FY21
Difference

-25.8

+26.0

+91.8

+36.9

**

15.6%

+30.2

-14.6

Notes: Year on year comparison figures (% / Difference) are unaudited

Total

7,300.0

+9%

400.0

+601.2 +300.0

5.5%

5.1%

10.3%

* EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

16

Fiscal 2022 Second Quarter Financial Results

Lifestyle Segment: FY22 Full-Year Forecast by Divisional Company(yen: billion)

Sales

FY21

vs. FY21 Difference

AdjustedOP(% tosales)

Living Appliancesand Solutions
Company

941.0

+3%

+28.9

67.0

Heating &Ventilation A/C
Company

719.0

+5%

+32.2

40.0

Cold Chain
Solutions Company

288.0

+13%

+32.7

Electric Works
Company

1,016.0

+3%

+32.0

48.0

China andNortheast Asia
Company**

808.0

+15%

+107.5

40.0

7.1%

5.6%

4.5
1.6%

4.7%

5.0%

FY21
Difference

Other
FY21
income/ Difference
loss

OP

FY21
Difference(% tosales)

-12.4

0.0

-0.1

67.0

-5.6

-1.0

-0.6

39.0

+6.5

-1.0

0.0

+1.4

-17.0

-0.7

31.0

+3.0

-6.0

-5.2

34.0

7.1%

5.4%

3.5
1.2%

3.1%

4.2%

EBITDA*(% tosales)

-12.5

88.0

-6.2

57.0

+6.5

11.0

+0.7

62.0

-2.2

52.0

9.4%

7.9%

3.8%

6.1%

6.4%

FY21
Difference

-10.7

-4.9

+6.3

+0.3

-1.1

* EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** 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

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

17

Responding to Changes in Business Environment
Responding to setbacks in business environment by enhancing operational capability and steadily
capturing expanding demand
Changes in business environment
triggered by COVID-19

Response• Surge in material costs,
procurement difficulties,
increased freight traffic

Temporary
setbacks inbusiness
environment

Thorough enhancement of operational capability• Strengthen production cost competitiveness (e.g.
rationalization)• Lockdowns at factories,
etc. due to re-spread of
COVID-19• Make appropriate cost control efforts according tosales increase/decrease• Reduced automobile
production• Improve CF by reducing inventories

Steadily capture expanding demand• Expanding investment
demand in informationand communication
infrastructure/labor-saving at factories
Business
opportunities

Industry

Energy• Expanding EV demand• Growing needs to improve
supply chain management(Reduce "waste &stagnation“ at the Gemba,
use resources more
effectively)• Sales expansion of key products (e.g. capacitors,
industrial-use motors)• Capacity expansion with new production line started
in North America (Japan & U.S. total: equivalent to
50Gwh)• 4680 cells: Accelerate R&D, install equipment for
prototype production in FY22

Connect• Provide solutions to customers’ management
issues globally, mainly through Blue Yonder’sinitiatives, in the area of supply chain management

Lifestyle• Consumer electronics features to change from“full spec” to “my spec” in response to diverse
lifestyles (e.g. post-sales modification via internet)• Contributing to solving societal issues(e.g. saving energy, reducing food waste)• Changes in lifestyle18

Fiscal 2022 Second Quarter Financial Results

IR Activities Schedule (Plan)• October 1, 2021: Started with new structure based on new organization• Scheduled for 2H: Briefings on sustainability and individual business (supply chain management related topics
by Connect segment)

FY22

FY23
Oct. 1

Organization
structure(Supply chain management by Connect segment)

AroundMay/Jun.

Medium- to long-term
strategy under new structure

Briefing on sustainability(Group CEO)
Briefing on individual business

Early
May

FY22 financial results
announcement

Based on current reportable segments
until FY22 2Q results

Feb. 2

FY22 3Q announcement

Disclosure

Oct. 28

FY22 2Q announcement

Apr. 23
Briefing on acquisition of
all shares of Blue Yonder

Oct. 1

Group CEO Briefing

General Meeting of
Shareholders

New Structure (as of Oct. 1)
announcement

Board of Directors Meeting:
Resolution of company split &change in articles of incorporation

Jul. 29

FY22 1Q announcement

Jun. 24

Approved

May 31CEO Briefing

May 10 May 27

FY21 financial results
announcement

Major
events

Structure based on
new organization

Current Company system

Apr.1
OperatingcompanysystemIR DAY

Based on new reportable segments from
FY22 3Q results

Note: Events above are tentative and subject to change
Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

19

Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements about Panasonic 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 forward-looking statements. These forwardlooking 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 thePanasonic Group's actual results, performance, achievements or financial position to be materially different from any future results,
performance, achievements or financial position expressed or implied by these forward-looking statements. Panasonic undertakes noobligation to publicly update any forward-looking statements after the date of this presentation. Investors are advised to consult any further
disclosures by Panasonic in its subsequent filings under the Financial Instrument and Exchange 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’s products and services and certain other transactions that are denominated in these
foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds, because of changes in the fundraising environment; 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 are highly competitive in terms of bothprice and technology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances ormergers and acquisitions; the possibility of not being able to achieve its business objectives through joint ventures and other collaborative
agreements with other companies, including due to the pressure of price reduction exceeding that which can be achieved by its effort anddecrease in demand for products from business partners which Panasonic highly depends on in BtoB business areas; the possibility of notachieving expected benefits in connection with the transition to a new organizational system in which Panasonic is a holding company; thepossibility of the Panasonic Group not being able to maintain competitive strength in many product and geographical areas; the possibilityof incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that the Panasonic Groupmay face intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed by othercountries over trade, manufacturing, labor and operations; restrictions, costs or legal liability relating to laws and regulations or failures ininternal controls; fluctuations in market prices of securities and other financial assets in which the Panasonic Group has holdings orchanges in valuation of non-financial assets, including property, plant and equipment, goodwill and deferred tax assets; future changes orrevisions 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 of vulnerability of network-connected
products of the Panasonic Group; as well as natural disasters including earthquakes, prevalence of infectious diseases throughout theworld, disruption of supply chain 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 Panasonic’s
securities reports under the FIEA and any other documents which are disclosed on its website.

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

(Reference) FY22 Six-Month (Apr. – Sep.) Results
FY22 1H(yen: billions)

FY21 1Hvs. FY21 / Difference
+16%

Sales

3,533.6

3,059.2

199.8

89.1

(5.7%)(2.9%)

1.4+474.4

Excl. effect of
exchange rates(+12%)

Adjusted OP*+110.7

+124%

7.5

-6.1

-

201.2

96.6

(5.7%)(3.2%)+104.6+108%

Non-operating income/loss

4.6

-3.4

+8.0

-

Profit before income taxes+112.6+121%+104.1+213%+107.2+40%(% to sales)

Other income/loss**
Operating profit(% to sales)

205.8

93.2

(% to sales)(5.8%)(3.0%)Net profit attributable to Panasonic
Corporation stockholders (% to sales)

153.0

48.9

(4.3%)(1.6%)

375.0

267.8

(10.6%)(8.8%)EBITDA ***(% to sales)

Exchange
rates*

Adjusted OP = Sales - Cost of sales - SG&A

1 US dollar

110 yenincome (expenses), net” +107 yen ** Other income/loss = “Other“Share of profit (loss) of investments

1 Euro131 yen

121 yen1 Renminbi

17.0 yen

15.3 yenaccounted for using the equity method”
as indicated in the Consolidated
Statements of Profit or Loss of the news
release*** EBITDA: total amount of Operating profit, Depreciation(Tangible assets including Property, plant and equipment/
Right-of-use assets) and Amortization (Intangible assets).
Additionally adjusted with the amount equivalent todepreciation corresponding to underlying assets that are
applied with Lease accounting treatment as a lessor

22

Fiscal 2022 Second Quarter Financial Results

Appliances(Reference) FY22 2Q Segment Information
Overview(yen: billions)

FY22 2Q

vs. FY21 2Q/
Difference

613.0

Sales
Adjusted operating profit

14.1

-5％
(-8%) *
-21.0(% to sales)(2.3%)

Other income/loss

-10.1

-10.1

4.0

-31.1

Operating profit(% to sales)(0.7%)* In real terms excluding the effect of exchange rates

Sales / Adjusted OP

Major increase/decrease factors
Heating andCooling
Solutions• Sales decreased: Decreased sales of room air-conditioner in Japan(weak demand by weather instability) and in Asia & Europe, etc.
(re-spread of COVID-19); Stable sales such as A2W (hot water
heat pump system) in Europe unable to offset these decreases• Profit decreased: Large impact from decreased sales of room airconditioner, despite such efforts as rationalization

Home
Appliances• Sales decreased: Weak overall demand of refrigerators andmaterial procurement issues in front loading washing machines inJapan, despite stable sales in China (e.g. refrigerator, washingmachine)• Profit decreased: Impact from decreased sales, despite partial
effect from cost control efforts

Smart Life
Network• Sales decreased: Material procurement issues (e.g. TVs andrecorders) in Japan and Europe• Profit decreased: Large impact from decreased sales in Japan withmore value-added products, despite continuous efforts ofmanagement structure enhancement including fixed-cost reduction

Commercial
Refrigeration &Food Equipment• Sales increased due to stable sales in North America and China,
and continuous recovery trend in Japan• Profit decreased due mainly to impact from raw material price hikes,
while sales increased

Other income/loss

Expenses associated with early retirement benefit program, etc.

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

(Production and sales consolidated)

Sales: Decreased due mainly to weak overall demand of consumer
electronics in Japan and re-spread of COVID-19 in Asia, while
Home Appliances were stable in China

645.7(yen: billions)
Smart Life
Network

Heating andCooling
Solutions613.0
Others**Home
Appliances

Effect ofexchange
rates

Commercial
Refrigeration &Food Equipment

FY21
2Q

FY22
2Q

OP: Decreased largely impacted by decreased sales of Heating & Cooling
Solutions and Home Appliances due mainly to weak overall demandin Japan and re-spread of COVID-19 in Asia, while such efforts asrationalization were made amid continued raw material price hikes

35.1(yen: billions)

Heating andCooling
Solutions

Smart Life
Network

Home
Appliances

FY21
2Q

Others**Commercial
Refrigeration &Food Equipment

Adjusted OP: -21.0
OP: -31.1

Effect ofexchange
rates

Other
income/
loss

4.0
FY22
2Q

** Refrigeration and Air-Conditioning Devices BD, Smart Energy System BD,
sales of other Divisional Company products, headquarter-related, eliminations, etc.

23

(Reference) FY22 2Q Segment Information
Overview(yen: billions)

FY22 2Q

372.6

Sales

vs. FY21 2Q/
Difference

±0％
＊
(-1%)

19.8

Adjusted operating profit(% to sales)

Operating profit(% to sales)

-7.1

-2.6

12.7

-3.1

(3.4%)

Sales / Adjusted OP

Lighting

EnergySystems••••

Panasonic
Ecology
Systems
Housing
Systems

Other
income/loss••(yen: billions)

372.6

Panasonic
Ecology
Systems

372.0 Lighting

EnergySystems

Others***
Effect ofexchangerates

Housing
Systems

FY21
2Q* In real terms excluding the effect of exchange rates

Major increase/decrease factors•

Sales: Remained at same level as FY21; Housing Systems in Japan wassteady despite decreased sales due to lockdowns in Asia andsemiconductor procurement issues-0.5(5.3%)

Other income/loss

Life Solutions

Sales increased: Increased sales in Japan and overseas
offset negative impact of business transfer in North America
Profit increased: Increased sales and rationalization efforts
offset such impact as raw material price hikes

FY22
2Q

OP: Decreased despite efforts such as rationalization made in response to
impact of raw material price hikes and semiconductor procurement
issues(yen: billions)

15.8

Panasonic
Ecology
Systems

Lighting

Sales decreased due to semiconductor procurement issues
Profit decreased due mainly to impact of decreased sales
and raw material price hikes

EnergySystems

Sales decreased due mainly to decreased sales ofengineering and IAQ** businesses by COVID19 impact in
Asia
Profit decreased due to raw material price hikes and impact
of decreased sales

Others***12.7
Effect ofexchange
Other
rates
income/loss

Housing
Systems

Sales and profit increased due mainly to continued effective
sales promotion activities utilizing online exhibitions, etc.

Expenses associated with early retirement benefit program, etc.

** IAQ (Indoor Air Quality)

FY21
2Q

FY22
2Q

Adjusted OP: -0.5
OP: -3.1*** Bicycle, nursing-care, sales & marketing, eliminations, etc.

24

Fiscal 2022 Second Quarter Financial Results(Reference) FY22 2Q Segment Information
Overview(yen: billions)

FY22 2Q

217.0

Sales

vs. FY21 2Q/
Difference+14％＊(+10%)

5.0

Adjusted operating profit+6.6(% to sales)(2.3%)

Other income/loss

47.0

+46.6

52.0

+53.2

Operating profit(% to sales)(24.0%)

Connected Solutions

Sales: Increased driven by increased sales of mounting
machines with strong investment demand related to
information and communication, as well as increased
sales of projectors(yen: billions)
217.0
MobileProcess
Automation

191.1
Avionics

Others****Solutions

Media
Entertainment

Effect ofexchange
rates

PSSJ**** In real terms excluding the effect of exchange rates

Major increase/decrease factors•

Sales / Adjusted OP

Avionics•
Process
Automation
Media
Entertainment
MobileSolutions

Sales was the same as previous year's level. Improved
sales of maintenance and repair services, and others withrecovery of flight operations offset decreased IFE** sales
with slow recovery of aircraft production.
Profit increased due to effects of fixed-cost reduction.

•

Sales and profit increased driven by increased sales ofmounting machines with strong investment demand
related to EV and servers•

Sales and profit increased due to increased sales ofprojectors with market recovery trend in North America
and China•

Sales and profit decreased due to impact on notebook PC
production caused by parts and components procurement
issues as a result of lockdown in Southeast Asia•

Sales and profit increased due to increased sales arising
PSSJ***
from Olympic-related projects, and others, despite
decreased sales of notebook PCs, etc.
• Expenses associated with early retirement benefit program
Other income/loss • Recognized a gain from re-evaluation of existing equity inBlue Yonder** IFE (Inflight entertainment)*** Panasonic System Solutions Japan Co., Ltd.

**** Other businesses, eliminations, etc.

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

FY21
2Q

FY22
2Q

OP: Increased due to increased sales of mounting machines andprojectors, as well as improved profitability of Avionics
Other
income/loss 52.0(yen: billions)

Media
Entertainment

Process
Automation
Avionics

PSSJ***-1.2

MobileSolutions

FY21
2Q

Adjusted OP: +6.6
OP: +53.2

Effect ofexchange
rates

Others****

FY22
2Q

25

(Reference) FY22 2Q Segment Information
Overview(yen: billions)

FY22 2Q

vs. FY21 2Q/
Difference±0％(-3%) *

357.6

Sales

3.4

Adjusted operating profit(% to sales)

Sales: Remained at same level as FY21 overall.
Decreased at Automotive Solutions affected by reduced
automobile production, while increased sales of cylindricalbatteries with improved utilization rate as well as effect of
exchange rates contributed to increased sales(yen: billions)358.5

Other income/loss

-6.1

-1.4

Operating profit

-2.7

-7.8

(-0.8%)

357.6

Automotive**
Batteries Others-6.4(0.9%)(% to sales)

Automotive

Effect ofexchange
rates

Automotive
Solutions* In real terms excluding the effect of exchange rates
Automotive Solutions[Sales]• Decreased due to reduced automobile production impacted bysemiconductor shortages, re-spread of COVID19, and other factors[Profit]• Decreased and turned to losses due to impact of decreased sales,
price surges in parts, increased shipping costs, and other factors

Automotive Batteries

Sales / Adjusted OP

Major increase/decrease factors[Sales]• Increased in cylindrical batteries due to increased production
responding to strong demand and rebound from temporary
suspension of some production lines at North America factory in
FY21. New production line started operations in August 2021.
[Profit]• Increased in cylindrical batteries due mainly to increased sales andmaterial rationalization efforts, despite higher fixed costs byincreased production

FY21 ** Others: sales of other Divisional Company products, etc. FY22
2Q
2Q
OP: Decreased largely impacted by decreased sales of Automotive
Solutions and price hikes of parts and components, despite
increased sales and material rationalization effect, etc. ofAutomotive Batteries(yen: billions)
Automotive

5.1

Solutions

Automotive Effect ofBatteries exchange
rates

FY21
2Q

• Automotive prismatic battery JV equity method loss
Other
income/loss • Expenses associated with early retirement benefit program, etc.

Adjusted OP: -6.4

-2.7
Other
income/
loss

FY22
2Q

OP: -7.8

Note: Grouping of Businesses whose sales are disclosed[Automotive Solutions] Automotive Infotainment Systems, HMI Systems, Automotive Systems, Ficosa [Automotive Batteries] Tesla Energy, Automotive prismatic battery business

26

Fiscal 2022 Second Quarter Financial Results(Reference) FY22 2Q Segment Information
Overview(yen: billions)

Sales
Adjusted operating profit(% to sales)

343.4

+12％
(+7%) **

295.0

+15.4

31.3
(10.6%)

-3.3

-2.5

+12.1

28.7
(9.7%)

32.4(9.5%)

Other income/loss
Operating profit(% to sales)

FY22 2Q

vs. FY21 2Q/
Difference

-2.5
29.9
(8.7%)IS Company
Products** Excluding sales of other Divisional Company products (e.g. compressor, SD card), etc.
** In real terms excluding the effect of exchange rates

Sales / Adjusted OP

Major increase/decrease factors

Systems

Devices

OthersOther
income/loss• Sales and profit increased:- Favorable sales of industrial-use motors, etc. forsemiconductor production equipment and mounting
machines- Increased sales of relays for automotive and power
storage systems• Sales and profit increased due to increased sales ofpassive components (e.g. capacitors) for ICTinfrastructure and automotive, offsetting impact of raw
material price hikes• Profit increased due mainly to structural reform effect,
despite decreased sales from transfer of semiconductorbusiness
Expenses associated with early retirement benefit program, etc

Note: Grouping of Businesses whose sales are disclosed[Systems] Electromechanical Control, Industrial Device, Energy Solutions[Devices] Device Solutions, Energy Device, Electronic Materials
Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

Industrial Solutions

Sales: Increased due to favorable sales of mainstay products forautomotive, labor-saving at factories, andinformation/communication infrastructure

343.4

Others***(yen: billions)

Systems
Effect ofexchangerates

Devices

307.9

FY22
2Q

FY21
2Q

OP: Increased due mainly to increased sales and restructuring
effects, despite impact of raw material price hikes
Others***(yen: billions)
Systems

17.8

FY21
2Q

29.9
Effect ofexchangerates

Devices

Adjusted OP: +15.4
OP: +12.1

Other
income/
loss

FY22
2Q

*** Includes semiconductor, LCD, sales of other Divisional Company products, eliminations, etc.

27

(Reference) FY22 2Q Operating Profit Analysis (by Factor)(yen: billions)

+8.0

-17.1
+18.7

96.8

92.8
Sales increase/decrease
in real terms-6.5
Rationalization/
Raw material
price hikes, etc.

+0.9
Fixed cost

Effect ofexchange
rates

Other
income/loss

Includes management
structure enhancement
＋50

FY21
2Q

FY22
2Q

Adjusted OP: -14.7
OP: +4.0

28

Fiscal 2022 Second Quarter Financial Results(Reference) FY22 2Q Operating Profit & Net Profit(yen: billions）

FY22 2Q

FY21 2Q

Difference

Operating profit

96.8

92.8

+4.0

Non-operating income/loss

0.5

-2.7

+3.2

Profit before income taxes

97.3

90.1

+7.2

Income taxes

-17.4

-26.2

+8.8

Net profit

79.9

63.9

+16.0

Net profit attributable to Panasonic
Corporation stockholders

76.5

58.7

+17.8

Net profit attributable to non-controllinginterests

3.4

5.2

-1.8

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

29

(Reference) FY22 Six-Month (Apr. - Sep.) Results (New Segment)(yen: billions)

Sales
Lifestyle

FY21

vs. FY21 Difference

Adjusted
OP

FY21
Difference(% tosales)

84.4

Other
FY21
income/Difference
loss

+3.0

-17.1

-10.8

+11.1

-2.1

0.0

+30.2

40.1

+39.2

+34.5

-1.1

0.0

+29.2

-1.3

-1.8

+2.7

-17.1

-32.7

199.8 +110.7

1.4

-6.1

1,778.2+7%+109.1

Automotive

499.7

+18%

+75.7

Connect

425.5

+13%

+49.2

Industry

557.6

+20%

+91.0

Energy

373.7

+33%

+93.7

Other/
Eliminations &adjustments-101.1

-

+55.7

21.8

Total

3,533.6+16%+474.4

4.7%

-2.5
-0.5%
12.1
2.8%

47.1
8.4%

36.9
9.9%

5.7%

OP

FY21
Difference(% tosales)

67.3
3.8%

-4.6
-0.9%

52.2
12.3%

46.0
8.3%

35.6
9.5%

4.7

-7.8

EBITDA*(% tosales)

114.2

+34.5
+27.4

-7.5

6.4%

21.9

+11.1
+69.4

FY21
Difference

4.4%

68.6
16.1%

71.7
12.9%

62.6**
16.8%

+12.8
+69.9
+35.0
+27.5

-30.0

36.0

-30.5

201.2 +104.6

375.0+107.2

5.7%

10.6%

* EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor

30

Fiscal 2022 Second Quarter Financial Results(Reference) FY22 Six-Month (Apr. - Sep.) Results (Lifestyle Segment by Divisional Company)(yen: billions)

Sales

FY21

vs. FY21 Difference

Living Appliances andSolutions Company

452.7

+4%

+15.6

Heating & Ventilation
A/C Company

367.6

+4%

+14.0

Cold Chain
Solutions Company

151.2

+24%

+29.2

Electric Works
Company

477.2

+6%

+25.3

China and Northeast
Asia Company**

430.1

+20%

+73.0

AdjustedOP(% tosales)

37.6
8.3%

24.0
6.5%

2.5
1.7%

15.1
3.2%

20.4
4.7%

FY21
Difference

Other
FY21
FY21
OP
income/Difference (% to sales) Difference
loss

-1.7

-0.6

-0.1

-3.4

-2.0

-2.3

+3.6

-0.9

-0.7

+0.4

-7.2

+0.5

-3.4

-5.3

-6.1

37.0
8.2%

22.0
6.0%

1.6
1.1%

7.9
1.7%

15.1
3.5%

-1.8
-5.7
+2.9
+0.9

-9.5

EBITDA*(% tosales)

FY21
Difference

47.1
10.4%

31.1
8.5%

5.4
3.6%

22.2
4.7%

24.7
5.7%

-1.1
-4.6
+2.8
-0.3

-8.2

* EBITDA: total amount of Operating profit, Depreciation (Tangible assets including Property, plant and equipment / Right-of-use assets) and Amortization (Intangible assets)** 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 andNortheast Asia Company

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

31

Mid-term Strategy: Progress in Key Initiatives
 Steady progress in 1H (13.0 billion yen) against full-year target (20.0 billion yen)
（Reference）(yen: billions)

Enhancement ofmanagement
structure

2Q results

1H results

Mid-term
target60.0

FY22
1Q results

Fixed cost reduction

8.0

5.0

13.0

Businesses with loss-making
structures

7.0

-2.0

5.0

Total

15.0

3.0

18.0

FY20

FY21

FY22(e)3-year
total

20.0

60.0

20.0

100.0

40.0

0.0

30.0

0.0

30.0

100.0

20.0

90.0

20.0

130.0

“Fixed cost reduction” does not included fixed cost improvement related to decreased sales by COVID-19, improved amount is Adjusted OP-basis.

Business
portfolio
reformInvestment
for growth

Improve
profitability

Gemba Process ・ Completed acquisition of Blue Yonder by acquiring all shares (Sep.16, 2021)
Automotive
Batteries

・ Additional production line in North America factory started operation in August• Completed transfer of satellite communication service provider (non-aviation industry) ITC Global(Apr. 30, 2021)• Completed share transfer of European dry battery business (Jun. 4, 2021)
・Turned profitable in FY21, focusing on profitability improvement (e.g. fixed cost reduction, improved productivity)
・ Profit expected to increase in FY22 due mainly to increased sales resulting from increasing demand of automotive
batteries, despite impact of reduced automobile production, etc. in Automotive Solutions

Improve
profitability of
automotive
business(yen: billions)(Reference)<AM Segment>

FY22
1H results vs. FY21

Adjusted OP

14.6(% to sales）(2.0%)

+34.3

FY20

FY21
vs. FY20

-30.5

2.2*

（-2.1％）（0.2%)+32.7

FY22 (e)vs. FY21
40.0(2.6%)+37.8* Turned profitable overall even when including temporary expenses

32

Fiscal 2022 Second Quarter Financial Results(Reference) Business Portfolio Reform Progress since FY20
Note: Changes from FY22 1Q financial results announcement are underlined

Investment
for growthGemba (operational frontlines) process business

Completed in FY22
- Completed acquisition of Blue Yonder, specialized in supply chain software, by acquiring all shares (September 16, 2021)

Automotive prismatic battery business

Enhancecompetitivenessthrough
Co-creation

Completed in FY21
- Established Prime Planet Energy & Solutions Inc., a joint venture with Toyota Motor Corporation (April 1, 2020)

Town development business

Completed in FY20
- Established Prime Life Technologies Corporation, a joint venture with Toyota Motor Corporation (January 7, 2020)

Security systems business

Completed in FY20
- Completed procedures of strategic co-investment with Polaris Capital Group Co., Ltd. (November 2019)

Semiconductor business

Completed in FY21
- Announced transfer of semiconductor business (November 28, 2019). Transfer completed (September 1, 2020)*Announced transfer part of discrete semiconductor business (April 23, 2019). Completed November 2019.

Liquid crystal display panel business- Announced end of production of liquid crystal display panels by 2021 (November 21, 2019).
Proceeding toward termination of production as scheduled.

Solar business

Improve
profitability- Announced to wind down production in Buffalo, NY, USA. (February 26, 2020). Ceased production by the end ofJune 2020 and completed withdrawal at the end of September 2020. Completed in FY21
- Announced to withdraw from production of solar cells at Malaysia factory and Shimane factory. (February 1, 2021)
Continue sales of solar cells in domestic and overseas markets. Complete structural reform within FY22, andaim to restore profitability of energy solution business as a whole by FY23.

Smart Life Network business (TV business, etc.)- TV business turned profitable during FY21 by streamlining development of non-profitable models, focusing on sellinghigh value-added models, drastically revised costs, etc. Reorganizing global manufacturing sites along with ODM.
In negotiation for comprehensive collaboration with external partners.

Lighting business- Completed share transfer of North American lighting device company (March 12, 2021)- Completed share transfer of European lighting device company (late February 2020)

Completed in FY21
Completed in FY20

Dry battery business

Completed in FY22
- Announced share transfer of European dry battery business (March 17, 2021); Transfer completed (June 4, 2021)

Avionics business

Completed in FY22
- Completed transfer of satellite communication service provider (non-aviation industry) ITC Global (April 30, 2021)

Fiscal 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

33

(Reference) List of Voluntarily Disclosed Businesses in FY22 (Current Structure)
Businesses with Sales Disclosed

Major Business Divisions, etc.

AP

• Heating and Cooling Solutions : Heating and Cooling Solutions BD• Home Appliances: Kitchen Appliances BD, Laundry Systems and Vacuum Cleaner BD, Beauty and Personal Care BD• Smart Life Network: Smart Life Network BD• Commercial Refrigeration &: Cold Chain BD, Hussmann Corporation
Food Equipment• Others: Refrigeration and Air-Conditioning Devices BD, Smart Energy System BD,
sales of other Divisional Company products, headquarter-related, eliminations, etc.

LS

• Lighting• Energy Systems• Panasonic Ecology Systems• Housing Systems• Others: Lighting BD: Energy Systems BD: Panasonic Ecology Systems Co., Ltd.
: Housing Systems BD: Bicycle, nursing-care, sales & marketing, eliminations, etc.

CNS

• Avionics• Process Automation• Media Entertainment• Mobile Solutions• PSSJ• Others: Panasonic Avionics Corporation, Avionics BU: Process Automation BD: Media Entertainment BD: Mobile Solutions BD: Panasonic System Solutions Japan Co., Ltd.
: Other businesses, eliminations, etc.

• Automotive Solutions• Automotive Batteries• Others: Infotainment Systems BD, HMI Systems BD,
Automotive Systems BD, Ficosa International, S.A.
: Tesla Energy BD, Automotive prismatic battery business: Sales of other Divisional Company products, etc.

IS

• Systems• Devices• Others: Electromechanical Control BD, Industrial Device BD, Energy Solutions BD: Device Solutions BD, Energy Device BD, Electronic Materials BD: LCD, sales of other Divisional Company products, eliminations, etc.

Other

• Sales of raw materials, etc.

AM

Eliminations &adjustments• Revenues and expenses which are not attributable to any reportable segments for the purpose of evaluating operating results of each segment,
consolidation adjustments, and eliminations of intersegment transactions.

Notes: 1. Sales and profit of China & Northeast Asia Company are mainly included in AP and LS segments. Sales and profit of US Company are mainly included in AP and AM segments.
2. Automotive Energy BD was deconsolidated in April 2020. Semiconductor was deconsolidated in September 2020.
Share of profit of investments accounted for using the equity method for Prime Planet Energy & Solutions Inc. is included in AM segment

34

Fiscal 2022 Second Quarter Financial Results(Reference) List of Voluntarily Disclosed Businesses in FY22 (New Structure)

LifestyleBusinesses with Sales Disclosed

Major Business Divisions, etc.

Living Appliances andSolutions Company• Kitchen Appliances• Laundry Systems and Vacuum Cleaner• Beauty and Personal Care

: Kitchen Appliances BD: Laundry Systems and Vacuum Cleaner BD: Beauty and Personal Care BD

Heating & Ventilation
A/C Company• Heating and Cooling Solutions• Ecology Systems: Heating and Cooling Solutions BD: Panasonic Ecology Systems Co., Ltd.

Cold Chain Solutions
Company
Electric Works
Company
China and Northeast
Asia Company
Others• Lighting• Energy Systems• Other-: 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.

• Automotive Cockpit Systems• Automotive Electronics Systems• Others: Infotainment Systems BD: HMI Systems BD, Automotive Systems BD, Ficosa International, S.A.
: Sales of other segment products, etc.

Connect• Avionics• Process Automation• Media Entertainment• Mobile Solutions• PSSJ• Blue Yonder• Others: Panasonic Avionics Corporation, Avionics BU: Process Automation BD: Media Entertainment BD: Mobile Solutions BD: Panasonic System Solutions Japan Co., Ltd.
: Blue Yonder Holding, Inc.
: Other businesses, eliminations, etc.

Industry: Electromechanical Control BD, Industrial Devices BD• Control Devices / FA Solutions• Electronic Devices / Electronic Materials : Device Solutions BD, Electronic Materials BD: LCD, sales of other segment products, eliminations, etc.
• Others

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

• Entertainment & Communication• Housing: Entertainment & Communication BD: Housing Systems BD

Automotive

Other
Eliminations & adjustments• Revenue and expenses which are not attributable to any segments, consolidation adjustments and eliminations of intersegment transactions, 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 2022 Second Quarter Financial Results

Copyright (C) 2021 Panasonic Corporation All Rights Reserved.

35