Earning Presentation
for Nine months ended December 31, 2023

February 13, 2024

Financial Results for 3Q of FY 2023

2

Financial Results for 1-3Q (Apr-Dec) of FY 2023

（Unit︓billion yen)

FY2022

FY2023

1-3Q

1-3Q(Apr-Dec)(Apr-Dec)

ResultResult

YoY Change
Amount％Net sales

230.1

238.8+8.7+3.8%

Operating profit

21.0

23.4+2.3+11.3%

Operating margin

9.1%

9.8%

--Ordinary Profit

24.4

27.4+3.0+12.4%

19.6

20.6+0.9+5.0%¥135/USD¥143/USD¥140/EUR¥154/EUR

Profit attributable toowners of parent

Exchange rate Net sales

Sales increased, reflecting continuing growth in the mainstay Watches segment

 Operating profit

Profit increased, mainly driven by the Watches segment
3

Result by Business Segments for 1-3Q (Apr-Dec) of FY 2023
Net sales

FY2022

FY2023

1-3Q(Apr-Dec)

1-3Q(Apr-Dec)

ResultResult(Unit︓billion yen)

YoY Change
Amount％Watches

117.3

127.2

+ 9.8

＋ 8.4%

Machine Tools

63.3

62.1

( 1.1 )

( 1.9% )Devices and Components

34.1

32.5

( 1.6 )

( 4.9% )Electronic and Other Products15.2

16.9+ 1.7

＋ 11.3%

Consolidated Total

230.1

238.8+ 8.7＋ 3.8%

15.7

18.4

13.4%

14.5%

+ 2.6＋ 16.9%

8.4

7.5

13.3%

12.1%

( 0.9 )

( 10.9% )

(0.1)

0.4

( 0.5% )

1.3%

+ 0.5

-

0.9

1.3

6.4%

7.7%

+ 0.3

＋ 33.7%

(3.9)

(4.2)

( 0.2 )

-

21.0

23.4

9.1%

9.8%

+ 2.3

＋ 11.3%Operating Profit(Unit: billion yen, %:operating margin)

Watches
Machine Tools
Devices and Components
Electronic and Other Products
Eliminations or general corporateConsolidated Total4Financial Results for 3Q (Oct-Dec) of FY 2023

（Unit︓billion yen)

FY2022

FY20233Q(Oct-Dec)

3Q(Oct-Dec)

ResultResult

YoY Change
Amount％Net sales

82.4

85.9+3.4+4.2%

Operating profit

8.6

9.8+1.1+13.8%

10.5%

11.5%

--7.6

10.0+2.4+31.7%

7.0

7.3+0.2+3.6%¥144/USD¥149/USD¥144/EUR¥160/EUR

Operating margin
Ordinary Profit
Profit attributable toowners of parent

Exchange rate5Result by Business Segments for 3Q (Oct-Dec) of FY 2023
Net sales(Unit︓billion yen)

FY2022

FY20233Q(Oct-Dec)

3Q(Oct-Dec)

ResultResult

YoY Change
Amount％Watches

43.9

48.7+ 4.7＋ 10.8%

Machine Tools

22.4

20.7

( 1.7 )

( 7.7% )Devices and Components

11.2

10.3

( 0.9 )

( 8.5% )Electronic and Other Products

4.7

6.1

+ 1.4

＋ 29.6%

Consolidated Total

82.4

85.9

+ 3.4

＋ 4.2%

6.9

8.2

15.9%

16.9%

+ 1.2

＋ 18.2%

2.9

2.2

13.0%

11.1%

( 0.6 )

( 21.1% )

(0.1)

0.0

( 1.7% )

0.3%

+ 0.2

-0.20.6

4.9%

10.2%

+ 0.3

＋ 171.7%

(1.2)

(1.3)

+ 0.0-8.6

9.8

10.5%

11.5%

+ 1.1

＋ 13.8%Operating Profit(Unit: billion yen, %:operating margin)

Watches
Machine Tools
Devices and Components
Electronic and Other Products
Eliminations or general corporate

Consolidated Total

6

Watches （Operating Performance)
3Q (Oct-Dec)
 Finished watch sales

A trend toward recovery was seen in the domestic market. Additionally, sales increased as
the European market remained brisk.

 Movement sales

Sales increased due to solid sales of mechanical movements despite sluggish growth ofanalog quartz movements

Net sales (billion yen)

Operating profit (billion yen)

■FY2022 ■FY2023■FY2022 ■FY2023

77

Watches Net sales growth rate by region
Rate of change year on year

* The rate of change in total sales of CITIZEN brand watches and BULOVA
brand watches only for North America. For other regions, the rate of change
only in sales of CITIZEN brand watches.
* Rate of change based on local currencyJapanPersonal spending recovered only moderately, but sales of ATTESA remained strong.

ChinaConsumption remains weak, but sales increased thanks to a rise in reaction to the city lockdowns in
the previous year.

Asia (except China)

While sales in Hong Kong were sluggish, inbound demand was firm in Singapore, among othercountries.

America

Sales slightly increased due to the cautious attitude of jewelry chains, department stores, and otherretailers despite strong sales of e-commerce.

EuropeThe TSUYOSA Collection and other mechanical watches led sales, which remained strong.

8

Watches: Premium brands
The CITIZEN with a date display, mechanical model Caliber 0210
 The model limits the average daily time gap to between -3 seconds and +5 seconds using thefree-sprung system that excels in long sustainability of time accuracy.
 It features a beautiful layout of wheel train parts, component precision, and detailed finish.

Release date: December 2023
Recommended retail price: 880,000 yen (tax included)
Specific store only model

9

Watches: Global brand
PROMASTER The brand’s 35th anniversary: Release of the first full-scale mechanical GMT watch of the brand It is equipped with a function to check time in two different time zones.
 The design is such that the bezel has a curved shape like the body of an airplane to make theGMT function stand out.

Release date: January 2024
Recommended retail price: 132,000-137,500 yen (tax included)10

Watches: Topics“CITIZEN FLAGSHIP STORE NEW YORK” opened on Fifth Avenue, New York.


The flagship store of the Citizen Watch Group in North America opened on December 6, 2023.
The store sells one of the world’s largest collections of the core brands of the Group, including BULOVA,ACCUTRON, Frederique Constant, and Alpina with a focus on CITIZEN.

11Watches: Topics
Passing down of skills and improving technology
Received a Gold, Silver, and Bronze prizes and Fighting Spirit award in the Watch Repair category of the 61st
Skill Olympics National Tournament.
Technologies are passed down and engineers’ skills are improved through activities for the Skill Olympics asManufacture d'horlogerie capable of manufacturing everything from the parts of a watch to assembly andadjustment of a finished watch, all in house.

in the Watch Repair category

CITIZEN WATCH MANUFACTURING CO., LTD.
Gold Prize: Kenta Kawakami
Bronze Prize: Miku Yamazaki

Silver Prize: Mashiro Kobayashi
Fighting Spirit Award: Mana Ito

12Machine Tools （Operating Performance)
3Q (Oct-Dec)Domestic sales Sales decreased due to cautious stance on capital expenditures.
Overseas sales Sales decreased due to sluggish Chinese and Asian markets despite strength maintainedby European and American markets.

Net sales (billion yen)

Operating profit (billion yen)

■FY2022 ■FY2023■FY2022 ■FY2023

13

Machine tools

Changes in monthly orders received (units) Rate of change year on year (three-month moving average of the numbers of units in orders received)

Rate of change year on year for 3Q (Quarterly number of units in orders received)● Total（26%)

Orders bottomed out in 2Q and remained stable toward recovery● Japan(58%)

Market remained weak overall, reflecting the spread of a cautious stance on
capital expenditures particularly for automobiles.

● Asia（18%)

Market remained sluggish due to strong uncertainty about the future.

● America(18%)

Medical products supported sales amid an ongoing slowdown in response torising concerns about a recession.

● Europe（8%)

Sales of medical products etc. remained strong despite limited appetite forcapital expenditures.
14

Devices and Components（Operating Performance)
3Q (Oct-Dec)
Precision components
Sales of auto components and small motors increased.
Sales of precision components decreased overall, affected by slow sales of other components including crystal devices.

Opto-devices
Sales of opto-devices decreased, mainly due to a drop in sales of illumination LEDs.

Net sales (billion yen)

Operating profit (million yen)

■FY2022 ■FY2023■FY2022 ■FY2023

15

FY 2023 Forecasts

16

FY 2023 Forecasts
The previous forecast (November 13, 2023) remains unchanged in terms ofthe consolidated performance and dividends forecasts.
FY 2023 Forecasts
FY2023 (11/13 E)

FY2023 (2/13 E)

2H(Oct-Mar)

Full Year

2H(Oct-Mar)

Full YearNet sales

157.1

310.0

157.1

Operating profit

11.425.0

Operating margin

7.3%

Ordinary Profit（Unit︓billion yen)

Full Year

2H(Oct-Mar)

Full Year

310.0+ 0.0+ 0.0＋ 0.0%

＋ 0.0%

11.425.0+ 0.0+ 0.0＋ 0.0%

＋ 0.0%

8.1%

7.3%

8.1%

----

11.0

28.5

11.0

28.5

+ 0.0+ 0.0＋ 0.0%＋ 0.0%

7.6

21.0

7.6

21.0+ 0.0+ 0.0＋ 0.0%＋ 0.0%¥145/USD¥142/USD¥145/USD¥142/USD¥155/EUR¥153/EUR¥155/EUR¥153/EUR

owners of parent

Exchange rate impact(1 weaker yen, Annual)

USD

EUR

Net sales+0.9+0.4

Operating profit+0.25+0.2(Unit︓billion yen)

％2H(Oct-Mar)

Profit attributable to

Exchange rateChange17

FY2023 Forecast by Business Segment
The previous forecast (November 13, 2023) remains unchanged.
Net sales

FY2023 Forecast

FY2023 Forecast(11/13 E)(2/13 E)

Change2H(Oct-Mar)

Full Year

2H(Oct-Mar)

Full Year

Watches

87.4

166.0

87.4

Machine Tools

37.5

79.0

Devices and Components

19.8

Electronic and Other Products

Consolidated Total(Unit︓billion yen)％

2H(Oct-Mar)

Full Year

2H(Oct-Mar)

Full Year166.0+ 0.0+ 0.0＋ 0.0%

＋ 0.0%

37.5

79.0+ 0.0+ 0.0＋ 0.0%

＋ 0.0%

42.0

19.8

42.0+ 0.0+ 0.0＋ 0.0%

＋ 0.0%

12.2

23.012.223.0

+ 0.0

+ 0.0

＋ 0.0%＋ 0.0%

157.1

310.0

157.1

310.0

+ 0.0

+ 0.0

＋ 0.0%＋ 0.0%

9.4

19.7

9.4

19.7

10.9%

11.9%

10.9%

11.9%

+ 0.0

+ 0.0

＋ 0.0%＋ 0.0%

3.9

9.2

3.9

9.2

10.6%

11.6%

10.6%

11.6%

+ 0.0

+ 0.0

＋ 0.0%＋ 0.0%

(0.2)

0.2

(0.2)

0.2

( 1.0% )0.5%( 1.0% )

0.5%

+ 0.0

+ 0.0

-＋ 0.0%

1.2

1.9

1.2

1.9

10.0%

8.3%

10.0%

8.3%

+ 0.0

+ 0.0

＋ 0.0%＋ 0.0%

(3.1)

(6.0)

(3.1)

(6.0)

+ 0.0

+ 0.0--

11.4

25.0

11.4

25.0

7.3%

8.1%

7.3%

8.1%

+ 0.0

+ 0.0

＋ 0.0%＋ 0.0%

Operating Profit(Unit: billion yen, %:operating margin)

Watches
Machine Tools
Devices and Components
Electronic and Other Products
Eliminations or general corporate

Consolidated Total

18

This presentation contains forward looking statements that arebased on current expectations and assumptions.
Actual results could differ materially due to risks and uncertainties,
which includes, but not limited to, currency fluctuation andcompetitive activity.