Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

July 31, 2024

FOR IMMEDIATE RELEASE
P anasonic Holdings Corporation
C orporate Finance, Accounting & IR
Department(Tel: +81-6-6908-1121)(Japan)Panasonic Holdings Reports its Consolidated Financial Results
for the Three Months ended June 30, 2024
Osaka, Japan, July 31, 2024 -- Panasonic Holdings Corporation ( [TSE:6752]
the "Company") today reported its consolidated financial results for the three months ended
June 30, 2024, of the current fiscal year ending March 31, 2025 (fiscal 2025).

-1-

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Summary of Consolidated Financial Results for Three Months Ended June 30, 2024 [IFRS]July 31, 2024
Company Name: Panasonic Holdings Corporation

Listed Exchanges: Tokyo / Nagoya

Security Code:URL: https://holdings.panasonic/global/

6752

Scheduled Date for Dividend Payment: -1. Consolidated Financial Results for Three Months (April 1, 2024 - June 30, 2024)(1) Consolidated Operating Results(% represents changes compared with the same period of the previous fiscal year)

Net sales
Three Months
ended

Yen (million)

Profit before
income taxes

Operating profit% Yen (million)% Yen (million)

Net profit attributableto PanasonicHoldings Corporation
stockholders

Net profit% Yen (million)% Yen (million)

June 30, 2024

2,121,689

4.5

83,761(7.3)

104,713(3.7)

76,239June 30, 2023

2,029,694

2.8

90,372

41.9

108,73347.8

206,500 292.8

Basic earnings per share(63.1)

70,633

Total
comprehensive
income% Yen (million)%(64.8)

387,079(28.0)

200,925 310.5

537,838

34.2

Diluted earnings per share

Yen

Yen

Three Months ended June 30, 2024

30.26

30.25

Three Months ended June 30, 2023

86.08

86.06

(2) Consolidated Financial Positions
Total assets
As ofPanasonic Holdings
Corporation stockholders’equityTotal equity

Ratio of Panasonic Holdings
Corporation stockholders’equity to total assets

Yen (million)

Yen (million)

Yen (million)%

June 30, 2024

9,874,762

5,055,977

4,875,938

49.4

March 31, 2024

9,411,195

4,721,903

4,544,076

48.3

2. Dividends
Annual dividendsstnd

End of 1 Quarterrd

End of 2 QuarterEnd of Fiscal YearEnd of 3 Quarter

Total

Yen

Yen

Yen

Yen

Yen

Fiscal 2024

-

17.50

-

17.50

35.00

Fiscal 2025

-

-

-

-

Fiscal 2025 (Forecast)

Note: Revision in the dividends forecast from latest financial announcement: None
Dividend forecast for fiscal 2025 has not yet been announced.

3. Consolidated Financial Forecast for Fiscal 2025 (April 1, 2024 - March 31, 2025)(% represents changes compared with the same period of the previous fiscal year)

Net sales
Yen (million)
Full Year

8,600,000

Operating profit% Yen (million)
1.2

380,000

Net profit attributable toPanasonic Holdings
Corporation
stockholders

Profit before
income taxes% Yen (million)

5.3

430,000% Yen (million)
1.1

310,000

Basic earnings per
share

%

Yen

(30.2)

132.80Note: Revision in the consolidated financial forecast from latest financial announcement: None
Notes: 1. Fiscal 2025 (FY2025) refers to the fiscal year ending March 31, 2025.
2. The Company's consolidated financial statements are prepared in conformity with International Financial Reporting Standards (IFRS).
3. Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants oran audit firm: None-2-

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Consolidated Financial Results
1. Fiscal 2025 1Q ended June 30, 2024

A. Operating Results
Yen (billions)Fiscal 2025
Three months ended
June 30, 2024
Net sales

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

2,121.7

2,029.7

105%

Operating profit

83.8

90.4

93%

Profit before income taxes

104.7

108.7

96%

Net profit attributable toPanasonic Holdings
Corporation stockholders

70.6

200.9

35%

During the three months ended June 30, 2024 (fiscal 2025), the overall global economy
lacked momentum and saw a gradual slowdown due to monetary tightening in the US tocontrol inflation and the real estate market downturn in China, despite economic recovery inEurope with lessening of inflation. Furthermore, the Japanese economy was relatively weak
due to the negative impact of rising prices mainly for personal consumption. As for theoutlook, economic slowdown is expected to continue globally including the US and China,
while the overall Japanese economy is expected to gradually recover.
Under such management conditions, the Company focuses on initiatives aimed at
improving ROE (Return on Equity) in the final year of the medium-term strategy started infiscal 2023. In particular, the Company is working to improve profitability in order to further
strengthen the business foundations of the three businesses identified as its investmentareas: automotive batteries, air quality & air-conditioning, and supply chain management(SCM) software. The Company is also working to enhance the management structure of theGroup through initiatives to accelerate strengthening human capital management andcompetitiveness.
For the three months ended June 30, 2024, in May 2024, Panasonic Energy Co., Ltd.
announced the start of its lithium-ion battery supply to heavy-duty EV trucks for the US
market, which are distributed by Hexagon Purus ASA, a Norwegian company specializing in
the integration, development and manufacturing of zero emission commercial vehicles, andalso by HINO MOTORS SALES U.S.A., INC. This marked the first time to use Panasonic
Energy’s lithium-ion batteries in a commercial vehicle.
For the three months ended June 30, 2024, the Company’s consolidated sales
increased by 5% to 2,121.7 billion yen from a year ago. This is due to increased sales inConnect and Industry as well as the effect of currency translation, despite decreased sales
in Lifestyle, Automotive and Energy.
-3-Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Operating profit decreased by 7% to 83.8 billion yen and profit before income taxes
decreased by 4% to 104.7 billion yen from a year ago. This is due mainly to decreased
sales in real terms excluding the effect of exchange rates and upfront investments, despite
the progress of rationalization and other factors.
Net profit attributable to Panasonic Holdings Corporation stockholders decreased by
65% to 70.6 billion yen from a year ago. This is due to the impact of decreased income tax
in fiscal 2024 with the Company’s resolution to liquidate Panasonic Liquid Crystal DisplayCo., Ltd. ("PLD") through Special Liquidation (as defined in the Japanese Companies Act)and to waive PLD’s debt.
B. Breakdown by Reportable Segment
Lifestyle
Yen (billions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

Sales

868.0

830.8

104%

Operating profit

23.8

39.0

61%

Sales increased by 4% to 868.0 billion yen from a year ago. This is due mainly toincreased sales of electrical construction materials in India, showcases and room air
conditioners as well as the effect of currency translation, despite decreased sales of heatpump type water heaters (A2W) in Europe and consumer electronics in China. Operating
profit decreased to 23.8 billion yen from a year ago. This is due to decreased sale of A2W inEurope and consumer electronics in China, despite increased sales mainly in electricalconstruction materials in India.
Automotive
Yen (billions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

Sales

363.6

341.0

107%

Operating profit

14.8

5.7

259%

Sales increased by 7% to 363.6 billion yen from a year ago. This is due to the effect of
currency translation, despite decreased sales due mainly to the discontinuation of
production for certain models, sluggish sales in China and reduced production by car
manufactures. Operating profit increased to 14.8 billion yen from a year ago. This is due
mainly to improved product mix, rationalization and efforts in price revisions to offset pricehikes in parts & materials, despite an increase in fixed costs and decreased sales.

-4-Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Connect
Yen (billions)Fiscal 2025
Three months ended
June 30, 2024
Sales

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

297.9

262.9

113%

6.1

6.2

99%

Operating profit

Sales increased by 13% to 297.9 billion yen from a year ago. This is due to increased
sales of Process Automation in China, Gemba Solutions and Avionics as well as the effectof currency translation. Operating profit was 6.1 billion yen almost the same as the previous
year. This is due mainly to increased sale of Process Automation and Gemba Solutions,despite upfront investments in Avionics and strategic investments in Blue Yonder.
Industry
Yen (billions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

Sales

274.5

249.0

110%

Operating profit

17.4

3.5

502%

Sales increased by 10% to 274.5 billion yen from a year ago. This is due mainly toincreased sale of products for generative AI servers and ICT-terminals as well as the effectof currency translation, despite decreased sales of industrial-use relays in Europe andChina, along with other factors. Operating profit increased to 17.4 billion yen from a year
ago. This is due mainly to increased sales, reduced fixed costs and the effect ofdepreciation of the yen.
EnergyYen (billions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

Sales

211.9

238.4

89%

Operating profit

21.6

29.5

73%

Overall sales decreased by 11% to 211.9 billion yen from a year ago. This is due todecreased sales of automotive batteries with reduced production at Japan factory and pricerevisions reflecting lower raw material prices, despite increased sales of Industrial /Consumer with favorable sales of energy storage systems for data centers. Operating profit
decreased to 21.6 billion yen from a year ago. This is due to decreased sales with reduced
production at Japan factory of automotive batteries, increased ramp-up costs mainly for-5-Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Kansas factory and recording costs of transfer/monetization related to the US IRA tax credit,
despite increased sales of Industrial / Consumer and improved profitability at the North
America factory for automotive use.
Other (Other business activities which are not included in the reportable segments)
Yen (billions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024

Sales

328.5

308.3

107%

Operating profit

14.2

18.0

79%

Sales increased by 7% to 328.5 billion yen from a year ago. Operating profit decreased
to 14.2 billion yen from a year ago.
C. Consolidated Financial Condition
For the three months ended June 30, 2024, net cash provided by operating activities
slightly increased to 228.0 billion yen, compared with an inflow of 226.6 billion yen a year
ago. Net cash used in investing activities amounted to 214.7 billion yen, compared with an
outflow of 126.1 billion yen a year ago. This is due mainly to an increase in capital
investments for automotive batteries and others. Accordingly, free cash flows (net cash
provided by operating activities and investment activities) amounted to 13.3 billion yen, witha decrease of 87.2 billion yen from a year ago.
Net cash used in financing activities amounted to 77.3 billion yen, compared with an
outflow of 62.3 billion yen a year ago. This is due mainly to an increase in dividends.
Taking such factors as exchange rate fluctuations into consideration, cash and cash
equivalents totaled 1,118.3 billion yen as of June 30, 2024, which is a decrease of 1.3 billion
yen from March 31, 2024.
The Company’s consolidated total assets of June 30, 2024, were 9,874.8 billion yen, an
increase of 463.6 billion yen from March 31, 2024. This is due mainly to the impact offluctuations in exchange rates caused by depreciation of the yen and an increase inproperty, plant and equipment.
The Company’s consolidated total liabilities increased by 129.5 billion yen to 4,818.8
billion yen from March 31, 2024. This is due mainly to the impact of fluctuations in exchange
rates caused by depreciation of the yen as well as an increase in trade payables and othercurrent liabilities.
Panasonic Holdings Corporation stockholders’ equity increased by 331.9 billion yen to4,875.9 billion yen, compared with March 31, 2024. This is due mainly to recording of net
profit attributable to Panasonic Holdings Corporation stockholders as well as an increase inother components of equity caused by depreciation of the yen. With noncontrolling interests
added to Panasonic Holdings Corporation stockholders’ equity, total equity was 5,056.0
billion yen.
-6-

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

2. Consolidated Financial Forecast for fiscal 2025

The consolidated financial forecast for fiscal 2025 ending March 31, 2025 remains
unchanged from the forecast announced on May 9, 2024.
Disclaimer Regarding Forward-looking Statements
This press release includes forward-looking statements about Panasonic Holdings Corporation(the "Company") and its Group companies (the "Panasonic Group"). To the extent that statements inthis press release do not relate to historical or current facts, they constitute forward-looking statements.
These forward-looking statements are based on the current assumptions and beliefs of the PanasonicGroup 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 the PanasonicGroup's actual results, performance, achievements or financial position to be materially different fromany future results, performance, achievements or financial position expressed or implied by theseforward-looking statements. The Company undertakes no obligation to publicly update any forwardlooking statements after the date of this press release. Investors are advised to consult any further
disclosures by the Company 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 demands for corporate capital expendituresin the major markets including, but not limited to, the Americas, Europe, Japan, China and other Asian
countries as well as changes of demands for a wide range of electronic products & parts from theindustrial world and consumers in various regional markets; excessive currency rate fluctuations of the
U.S. dollar, the euro, the Chinese yuan and other currencies against the yen having an impact on costs
and prices of the Panasonic Group’s products & services as well as certain other transactions that are
denominated in these foreign currencies; increased costs of or limitations on raising funds, because ofchanges in the fund raising environment including interest rate fluctuations; current or future political orsocial trends in and outside Japan or changes in rules & regulations of international trade, commerce,
R&Ds, production or sales having impact on the Panasonic Group or the business activities in its supply
chain; introduction or enhancement of rules & regulations or abolition or reduction of tax benefit or
subsidy related mainly to the environment issues including the climate change as well as to responsible
supply chain (in terms of human rights, labor, health & safety global environmental conservation,
information security, business ethics and others); increased costs resulting from a leakage ofcustomers’ or confidential information from IT systems of the Panasonic Group or its supply chain or
business suspension caused by unauthorized access, cyberattacks or any other form of malicious,
actions on the IT systems or from vulnerability of network-connected products; failure to secure or
retain enough workforces to execute its business strategy; failure to retain its competitiveness in a wide
range of products & services or in major countries & regions; failure to produce expected results inalliances with other companies or M&A (mergers & acquisitions) activities; failure to produce expected
results in current or future business transformations of the Panasonic Group; occurrence or lengtheningof disruptions in its supply chain or logistics for or price hikes in parts & materials; downward pricepressure or decrease in demands for the products at a level that can be offset with efforts by theCompany; failure to respond to future changes in the market needs with technological innovations or totimely utilize new technologies such as AI (Artificial Intelligence); increased costs or losses caused byoccurrence of events such as compliance violations (including those related human rights or labor
issues) or serious health & safety accidents in workplaces; increased costs or losses resulting from any
defects or quality frauds in products or services of the Panasonic Group; infringement by third parties ofintellectual property owned by the Panasonic Group or restrictions on the use of intellectual property
owned by third parties; administrative/criminal penalties or compensations/damages claims resulting
from violations of laws and regulations; large-scale natural disasters, global pandemics of infectious
diseases, terrorism or wars; fluctuations in market prices of securities and other financial assets inwhich the Panasonic Group has holdings, excessive fluctuations of valuation of non-financial assets,
including property, plant and equipment, goodwill and deferred tax assets, or changes or tightening ofaccounting policies or rules; The factors listed above are not all-inclusive and further information iscontained in the most recent English translated version of the Company’s securities reports under the
FIEA and any other documents which are disclosed on its website.

-7-

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Condensed Quarterly Consolidated Statements of Financial Position
Yen (millions)
March 31, 2024

June 30, 2024
Current assets:

Difference

4,454,857

4,152,758

302,099

Cash and cash equivalents

1,118,338

1,119,625(1,287)

Trade receivables and contract assets

1,329,976

1,361,050(31,074)

Other financial assets
Inventories
Other current assets
Non-current assets:

260,588

227,456

33,132

1,288,154

1,208,898

79,256457,801

235,729

222,072

5,419,905

5,258,437

161,468

Investments accounted for using
the equity method

418,507423,981(5,474)

Other financial assets

213,965

207,394

6,571

1,722,918

1,559,041

163,877

282,420

270,728

11,692

2,782,095

2,797,293(15,198)

Total assets

9,874,762

9,411,195

463,567

Current liabilities:

Property, plant and equipment
Right-of-use assets
Other non-current assets

3,301,728

3,121,687

180,041

Short-term debt, including current
portion of long-term debt

269,262

262,099

7,163

Lease liabilities

65,124

68,760(3,636)

Trade payables

1,207,720

1,166,155

41,565

471,633

524,194(52,561)

Other financial liabilities

152,962

148,158

4,804

Other current liabilities

1,135,027

952,321

182,706

Non-current liabilities:

1,517,057

1,567,605(50,548)

Long-term debt

1,088,943

1,084,037

4,906

Lease liabilities

221,765

211,383

10,382Other non-current liabilities

206,349

272,185(65,836)

Total liabilities

4,818,785

4,689,292

129,493

Panasonic Holdings Corporation stockholders’ equity:

331,862

Other payables and accrued expenses

4,875,938

4,544,076

Common stock

259,445

259,445－

Capital surplus

506,845508,274(1,429)Retained earnings

3,072,796

3,037,982

34,814

Other components of equity

1,245,971

947,512298,459

Treasury stock(209,119)(209,137)

18

Non-controlling interests

180,039

177,827

2,212

Total equity

5,055,977

4,721,903

334,074

Total liabilities and equity

9,874,762

9,411,195

463,567

Note: Other components of equity breakdown

Yen (millions)
March 31, 2024

June 30, 2024
Remeasurements of defined benefit plans*
Financial assets measured at fair value
through other comprehensive income
Exchange differences on translation offoreign operations
Net changes in fair value of cash flow hedges

Difference

－

－

－

16,986

24,718(7,732)

1,233,205

928,571304,634(4,220)(5,777)

1,557* Remeasurements of defined benefit plans is directly transferred to Retained earnings from Other components of equity.

-8-Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Condensed Quarterly Consolidated Statements of Profit or Loss andCondensed Quarterly Consolidated Statements of Comprehensive Income
Condensed Quarterly Consolidated Statements of Profit or Loss
Yen (millions)Fiscal 2024
Three months ended
June 30, 2023

Fiscal 2025
Three months ended
June 30, 2024%
Net sales

2,121,689

Cost of sales(1,490,525)

Gross profit

631,164

100.0%
2,029,694

29.7

588,235(546,817)(495,398)

Share of profit (loss) of investments accounted
for using the equity method(3,524)(1,779)Other income (expenses), net

2,938

(686)

83,761

3.9

90,372Finance income

26,89023,355

Finance expenses(5,938)(4,994)

Profit before income taxes

104,713

%

100.0

105

29.0

107

4.5

93

5.4

96

(1,441,459)

Selling, general and administrative expenses

Operating profit

Percentage
FY2025/2024

4.9

108,733

Income taxes(28,474)

97,767

Net profit

76,2393.6

206,500

10.2

37

70,633

3.3

200,9259.9

35

Net profit attributable to:Panasonic Holdings Corporation
stockholders
Non-controlling interests

Notes:

5,606

5,575

1. Depreciation (tangible)

54,149million yen

49,747

million yen

2. Capital investment

178,516

million yen

95,528million yen

3. R&D expenditures

126,730

million yen

114,669

million yen

4. Number of employees

229,183-9-

232,447

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024
Condensed Quarterly Consolidated Statements of Comprehensive Income
Yen (millions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

Percentage
FY2025/2024%

Net Profit

76,239206,500

37(411)(1,304)(2,161)

29,784(2,572)

28,480Exchange differences on translation of foreign
operations

311,612305,113

Net changes in fair value of cash flow hedges

1,800(2,255)

313,412302,858

310,840

331,338

387,079

537,83872

374,518

526,88571

12,561

10,953

Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans
Financial assets measured at fair value throughother comprehensive income
Subtotal
Items that may be reclassified to profit or loss:

Subtotal
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to :Panasonic Holdings Corporation
stockholders
Non-controlling interests- 10 -

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Condensed Quarterly Consolidated Statements of Changes in Equity
Yen (millions)
Panasonic
Holdings
Corporation
stockholders’equityCommonstock

CapitalsurplusRetainedearnings

Other
componentsof equity259,445508,274

3,037,982

947,512－－70,633－－70,633

5,606

76,239

－

－

－

(198)

－

(198)

(213)

(411)

－

－

－

(2,502)－(2,502)341(2,161)－－－

304,634－

304,634

6,978

311,612

－

－

－

1,951

－

1,951

(151)

1,800

－

－

70,633303,885－

374,518

12,561

387,079

－

－

5,032

(5,032)

－

－

－

－

Cash dividends－－(40,851)－－(40,851)(10,358)(51,209)

Changes in treasury stock

－

(0)

－

－

(10)

(10)

－

(10)

Share-based payment transactions

－

41

－

－

28

69

－

69

－

(1,470)

－

(394)

－

(1,864)9(1,855)

259,445506,845

3,072,796

1,245,971(209,119) 4,875,938

Panasonic
Holdings
Corporation
stockholders’equityFiscal 2025
Three Months ended June 30, 2024
Balances as of April 1, 2024

Treasurystock(209,137) 4,544,076

Noncontrollinginterests

Total equity

177,827 4,721,903

Comprehensive income:Net profit
Remeasurements of defined benefit
plans
Financial assets measured at fair value

through other comprehensive income
Exchange differences on translation offoreign operations
Net changes in fair value of cash flow
hedgesTotal comprehensive income
Transfer from other components ofequity to retained earnings

Transactions with non-controllinginterests and other
Balances as of June 30, 2024

180,039 5,055,977

Yen (millions)
Commonstock

CapitalsurplusRetainedearnings

Other
componentsof equity259,274

515,760

2,588,800

463,764－－

200,925－－

200,925

5,575

206,500－－－(1,046)－(1,046)(258)(1,304)－－－28,593－28,593

1,191

29,784－－－

300,607－

300,607

4,506

305,113－－－(2,194)－(2,194)(61)(2,255)－－200,925

325,960－

526,885

10,953537,838

－

－

(344)

344

－

－

－

－

Cash dividends－－(35,012)－－(35,012)(9,088)(44,100)

Changes in treasury stock

－

(0)

－

－

(12)

(12)

－

(12)

Share-based payment transactions

－

44

－

－

－

44

－

44

－

(3,741)

－

(500)

－

(4,241)(204)(4,445)259,274

512,0632,754,369

789,568

Fiscal 2024
Three Months ended June 30, 2023
Balances as of April 1, 2023

Treasurystock(209,196) 3,618,402

Noncontrollinginterests

Total equity

171,556 3,789,958

Comprehensive income:Net profit
Remeasurements of defined benefit
plans
Financial assets measured at fair value

through other comprehensive income
Exchange differences on translation offoreign operations
Net changes in fair value of cash flow
hedgesTotal comprehensive income
Transfer from other components ofequity to retained earnings

Transactions with non-controllinginterests and other
Balances as of June 30, 2023

- 11 -(209,208) 4,106,066

173,217 4,279,283

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Condensed Quarterly Consolidated Statements of Cash Flows
Yen (millions)Fiscal 2025
Three months ended
June 30, 2024

Fiscal 2024
Three months ended
June 30, 2023

76,239206,500

Depreciation and amortization

102,503

96,414(Increase) decrease in trade receivables and contract assets

80,07470,653(Increase) decrease in inventories(37,862)(44,319)

Increase (decrease) in trade payables

16,532

48,657Other(9,486)(151,286)

228,000

226,619(197,453)(114,859)

5,261

2,774

(21,296)(5,402)

accounted for using the equity method and otherfinancial assets

15,291

8,754

Other

(16,530)(17,359)(214,727)(126,092)

Increase (decrease) in short-term debt

(3,266)854

Increase (decrease) in long-term debt

(22,977)(18,104)

Dividends paid to Panasonic Holdings Corporation stockholders(40,851)(35,012)Dividends paid to non-controlling interests(10,358)(9,088)(Increase) decrease in treasury stock

(10)

(12)

Other

193

(945)

Net cash provided by (used in) financing activities(77,269)(62,307)

Effect of exchange rate changes on cash and cash equivalents,and other

62,70952,229Net increase (decrease) in cash and cash equivalents(1,287)90,449Cash and cash equivalents at the beginning of the period

1,119,625

819,499

Cash and cash equivalents at the end of the period

1,118,338

909,948

Cash flows from operating activities
Net profit
Adjustments to reconcile net profit to
net cash provided by operating activities

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investments accounted for using
the equity method and other financial assets
Proceeds from sale and redemption of investments

Net cash provided (used in) investing activities
Cash flows from financing activities- 12 -

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Notes to consolidated financial statements:
1. Effective April 1, 2024, the Company applied amendments to IAS 1 "Presentation of Financial
Statements," amendments to IFRS 16 "Leases," amendments to IAS 7 "Statement of Cash Flows"
and amendments to IFRS 7 "Financial Instruments: Disclosures." The impact of the adoption ofabove standards on the consolidated financial statements of the Company is not material.
2. Significant subsequent events:(1) The Company issued a total of 500 million US dollars senior notes in the overseas markets outside
Japan on July 16, 2024.
(2) The Board of Directors of the Company made a resolution on July 31, 2024 concerning anagreement on a strategic capital partnership (the "Capital Partnership") to be signed by PanasonicConnect Co., Ltd. ("Panasonic Connect") a consolidated subsidiary of the Company and ORIX
Corporation ("ORIX") in regards to the projector business and its related operations of PanasonicConnect .
Under this agreement, a new company will be established based on Media Entertainment
Business Division of Panasonic Connect, aiming for further growth of the business. ORIX andPanasonic Connect will hold 80% and 20% of the shares of a special purpose company,
respectively, which holds all shares of the new company. The new company will become an entity

accounted for under the equity method by the Company upon the completion of the execution.
The Capital Partnership is scheduled to be executed on April 1, 2025, subject to certain
preconditions such as obtaining approvals from relevant authorities.
3.

Assumption for going concern: None4.

Number of consolidated subsidiaries (as of June 30, 2024): 507
Number of companies under the equity method (as of June 30, 2024): 66- 13 -

Consolidated Financial Resultsfor Fiscal 2025 1Q, ended June 30, 2024

Segment information(i) For three months ended June 30, 2024 (Fiscal 2025)
Yen (millions)
Reportable segments
Eliminations
Consolidated
and
Total
adjustments

Lifestyle

Automotive

Connect

Industry

EnergyOther

External customers

821,381359,516

280,514224,531

199,544236,203－

2,121,689

Intersegment

46,624

4,094

17,372

49,956

12,36592,333(222,744 )

－

Total

868,005

363,610

297,886

274,487

211,909328,536(222,744 )

2,121,689

23,774

14,834

6,120

17,435

21,614

14,156(14,172 )

83,761

Sales:

Segment profit (loss)(ii) For three months ended June 30, 2023 (Fiscal 2024)
Yen (millions)
Reportable segments
Eliminations
Consolidated
and
Total
adjustments

Lifestyle

Automotive

Connect

Industry

EnergyOther

External customers

785,422

339,013244,915205,353

227,892

227,099

45,405

2,003

17,982

43,618

10,534

81,194－(200,736 )

2,029,694

Intersegment
Total

830,827

341,016

262,897

248,971

238,426

308,293(200,736 )

2,029,694

38,966

5,733

6,200

3,470

29,52718,006(11,530 )

90,372

Sales:

Segment profit (loss)－

Notes: 1. The Panasonic Group divides its reportable segments into the following five segments, "Lifestyle," "Automotive,""Connect," "Industry" and "Energy.""Other" includes operating segments which are not included in the above-mentioned reportable segments andother business activities, such as Entertainment & Communication, Housing and sales of raw materials.
2. Transactions between segments have been conducted at arm’s length prices.
Segment profit is calculated based on operating profit.
3. The figures in "Eliminations and adjustments" include eliminations of intersegment transactions, adjustments ofprofits and losses which are not attributable to any segments, and consolidation adjustments.
4. On April 1, 2024, certain businesses were transferred among segments. Accordingly, the figures for fiscal 2024
are reclassified in conformity with the business segmentation for fiscal 2025.

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