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

August 9, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name:OSAKA SODA Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
4046
URL:
http://www.osaka-soda.co.jp
Representative:
Kenshi Terada, Representative Director, President and Chief Executive Officer
Inquiries:
Toru Imamura, Executive Officer, General Manager, Administration Division
Telephone:+81-6-6110-1560
Scheduled date to commence dividend payments－
Preparation of supplementary material on financial results
Holding of financial results briefing: None: None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the Three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen%

Millions of yen

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

June 30, 2024

24,114

4.0

3,309

17.9

4,065

16.0

2,785

15.9.

June 30, 2023

23,193

(9.9)

2,807

(45.5)

3,504(40.8)

2,404(42.1)

Note: Comprehensive income

For the Three months ended June 30, 2024:
For the Three months ended June 30, 2023:

Basic earnings
per share
Three months ended¥3,799 million¥4,535 million[(16.4)%][0.2 %]

Diluted earnings
per share
Yen

Yen

June 30, 2024

109.78－June 30, 2023

94.50

－

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen

June 30, 2024

152,605

112,422

73.7

March 31, 2024

150,541

109,765

72.9

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:¥112,416 million¥109,760 million%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025－

Fiscal year-end

Total

Yen

Yen

45.00

－

45.00

90.00

45.00

－

10.00

－

－

Fiscal year ending
March 31, 2025
(Forecast)

Note: 1. Revisions to the forecast of cash dividends most recently announced: Yes
2. The Company will issue a 5-for-1 stock split for common shares with an effective October 1, 2024. Concerning the projected
year-end dividend per share for the fiscal year ending March 31, 2025, the dividend amount based on the number of shares after
the stock split is shown, and the total full-year dividend is displayed as “ - .” Based on the number of shares prior to the stock
split, the projected year-end dividend for the fiscal year ending March 31, 2025, is 50 yen for a full-year dividend of 95 yen per
share.

3. Consolidated financial results forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

First half year
（cumulative）
Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit%

Millions of yen% Millions of yen% Millions of yen

50,000

7.2

7,100

44.0

7,600

26.2

103,000

8.9

16,00052.5

16,80039.9

Basic earnings
Per share

%

Yen

5,200

28.6

204.94

11,500

50.3

90.65

Note: 1. Revisions to the forecast of consolidated financial results most recently announced: None
2. The Company will issue a 5-for-1 stock split for common shares with an effective October 1, 2024. Projected basic earnings
per share for the year ending March 31, 2025, uses the number of shares after the stock split. Based on the number of sharesprior to the stock split, basic earnings per share are expected to be 453.24 yen.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

26,732,017 shares

As of March 31, 2024

26,732,017 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

1,359,172 shares

As of March 31, 2024

1,359,017 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Three months ended June 30, 2024

25,372,938 shares

Three months ended June 30, 2023

25,440,473 shares* Review of the Japanese-language originals of the attached consolidated quarterly consolidated financial
statement contained in this report by certified public accountants or an audit corporation: None
* Proper use of earnings forecasts, and other special matters
In this document, statements other than historical facts are forward looking statements that reflect theCompany’s plans and expectations. These forward-looking statements involve risks, uncertainties and otherfactors that may cause our actual results and achievements to differ from those anticipated in these statements.
Please refer to “1. Overview of operating results, etc. (3) Analysis of Forward-looking Statement, Including
Consolidated financial results Forecasts” on page 3 of the attached documents.

(Attached Documents)
INDEX
1. Overview of operating results, etc.
(1) Overview of operating results for the first three months(2) Overview of financial position for the first three months(3) Analysis of forward-looking statement, including consolidated financial results forecasts

2
2
3
3

2. Quarterly Consolidated Financial Statements and significant notes thereto(1) Consolidated Balance Sheets(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(3) Notes to Quarterly Consolidated Financial Statements(Notes on Premise of Going Concern)(Notes on Major Changes in Shareholders’ Equity)(Notes on Quarterly Consolidated Statements of Cash Flows)(Notes on Segment Information and Other Items)

4
4
6
8
8
8
8
9

-1-

1. Overview of operating results, etc.
(1) Overview of operating results for the first three months
During the first three months of the current consolidated fiscal year, the Japanese economy continued to show
signs of recovery, including an increase in inbound demand and an improvement in the employment situation. On
the other hand, the situation remained difficult due to not only issues such as soaring raw material and fuel prices
and rising commodity prices, but also the impact of the prolonged situation in Ukraine, the increasingly tense
situation in the Middle East, concerns about the future of the Chinese economy, and the risk that a downturn inoverseas economies would depress the domestic economy.
In light of these circumstances, our group has been steadily implementing specific measures in line with the basic
policies set forth in our new medium-term management plan, Shape the Future-2025 (FY2023 to FY2025). The
three basic policies are continuous strengthening of our base in existing businesses, strengthening of new productcreation capabilities, and promotion of sustainability management.
In terms of the “continuous strengthening of our base in existing businesses,” we have been working to enhance
our business base by generating stable cash flows and actively investing in growth areas. In the Basic chemicals
business, the Allyl Chloride main manufacturing equipment problems that occurred in April 2023 were repaired at
the end of June 2024, and the supply problem has been resolved. In the Functional chemicals business, in addition
to the recovery in automobile production volume, sales of synthetic rubber and synthetic resin increased as a resultof sales expansion activities for existing customers and the promotion of new business development. In the
Healthcare business, the demand for pharmaceutical purification materials for diabetes and obesity treatments
continued to expand, and sales volume has steadily increased. The market for anti-obesity drugs is growing more
rapidly than expected, and we will continue to re-examine demand forecasts.
In terms of the “strengthening of new product creation capabilities,” following the development of ultra-high ionic
conductive polymers for all-solid batteries, the development of ultra-high-speed charge/discharge zinc secondary
batteries with innovative nano-uniform structured cathodes was adopted as a NEDO research project. In addition
to their high level of safety, they are expected to reduce the weight of batteries, so the expectation is that they will
be used for light and high-power secondary batteries such as for electric vehicles and drones, and we will steadily
develop them to become the next global niche-top product.
In terms of the “promotion of sustainability management,” we established our Basic Purchasing Policy and CSR
Procurement Guidelines in order to create a sustainable supply chain that places greater emphasis on human rights,
the work environment, and the natural environment, and disclosed them in April of this year. Aiming to “growtogether with our employees as a company” as set forth in our Vision Statement, as part of our investment in
human capital, we will strive to develop human resources by promoting operational reform activities and working
to improve employee engagement.
Net sales for the first three months of the current consolidated fiscal year increased 4.0% year on year to ¥24,114
million. In terms of profit, operating profit increased 17.9% year on year to ¥3,309 million, ordinary profit
increased 16.0% year on year to ¥4,065 million, and profit attributable to owners of parent increased 15.9% year
on year to ¥2,785 million.
< Basic chemicals >The sales volume of Chlor-Alkali products increased due to a decrease in the impact caused by the manufacturing
equipment problems at the Mizushima Plant, but net sales decreased due in part to unit sales price adjustments
following the decline in raw material and fuel prices. Although Epichlorohydrin was affected by the softening ofoverseas market conditions, net sales increased due to a decrease in the impact caused by manufacturing
equipment problems and an increase in sales volume. As a result of the above, net sales in the Basic chemicals
business increased 0.2% year on year to ¥9,062 million.

-2-

< Functional chemicals >In the Synthetic rubber business, net sales increased due to an increase in sales volume of Epichlorohydrin Rubber
in line with a recovery in automobile production and the increasing adoption of Acrylic Rubber in Japan andoverseas. Although demand for DAP resin was sluggish in Europe, net sales increased due to new adoption
primarily in China. Net sales of Allyl Ethers increased due to strong demand for Silane coupling agents in China,
particularly for paint applications. As a result of the above, net sales in the Functional chemicals businessincreased 20.3% year on year to ¥7,799 million.
<Healthcare>
Net sales of pharmaceutical purification materials increased due to a steady growth in demand for applications
such as diabetes treatments in Europe, the Americas, and Asia. Net sales of active pharmaceutical ingredients(APIs) and their intermediates increased due to expanded sales of intermediates for treatments for diabetes
complications and intermediates for insomnia treatments. As a result of the above, net sales in the Healthcare
business increased 11.9% year on year to ¥2,472 million.
<Trading and Others>
Demand recovered for electronic materials and automotive products, mainly glass fiber, but net sales of consumer
products declined due to a drop in domestic consumption caused by rising prices. As a result of the above, net
sales in the Trading and others business decreased 12.4% year on year to ¥4,779 million.
(2) Overview of financial position for the first three months(Assets)
Current assets were ¥92,948 million, an increase of 0.5% since March 31, 2024. This was due primarily to anincrease of ¥2,280 million in electronically recorded monetary claims and a decrease of ¥2,004 million insecurities. Noncurrent assets were ¥59,656 million, an increase of 2.7% since March 31, 2024. This was due
primarily to an increase of ¥1,325 million in investment securities. As a result, total assets at the end of the first
three months of the consolidated accounting period were ¥152,605 million, an increase of 1.4% since March 31,
2024.
(Liabilities)
Current liabilities were ¥31,747 million, a decrease of 3.4% since March 31, 2024. This was due primarily todecreases of ¥461 million in accrued bonuses and ¥780 million in other current liabilities. Noncurrent liabilities
were ¥8,435 million, an increase of 6.6% since March 31, 2024. This was due primarily to an increase of ¥580
million in deferred tax liabilities. As a result, liabilities at the end of the first three months of the consolidated
accounting period were ¥40,182 million, a decrease of 1.5% since March 31, 2024.
(Net assets)
Net assets at the end of the first three months of the consolidated accounting period were ¥112,422 million, an
increase of 2.4% since March 31, 2024. This was due primarily to increases of ¥1,643 million in retained earningsand ¥902 million in unrealized gains on other securities.
(3) Analysis of forward-looking statement, including consolidated financial results forecasts
There have been no changes to the First half year (cumulative) and full-year performance forecast for the fiscal
year ending March 2025 announced on May 10, 2024. We will disclose any changes in the future as appropriate.

-3-2. Quarterly Consolidated Financial Statements and significant notes thereto(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Electronically recorded monetary claims operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

As of June 30, 2024

14,433

14,48230,06829,476

4,710

6,990

23,99810,065
2,354
5,502
1,314
△3
92,444

21,994
10,508
2,377
5,524
1,598
△4
92,948

8,272
12,570
2,301
614
3,807
365
27,932

8,128
12,205
2,301
596
4,404
348
27,983

162
105
504
772

151
95
503
750

28,224
12
441
735
△21
29,39158,096
150,541

29,549
11
391
991
△22
30,92259,656
152,605

(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonuses
Current portion of long-term borrowings
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets-5-

As of June 30, 2024

15,108
7,172
1,194
927
65
8,392
32,86015,265
7,172
1,159
465
72
7,612
31,747

393
787
3,999
1,999
556
179
7,915
40,776

400
760
4,579
1,987
556
150
8,435
40,182

15,871
17,014
68,102△4,611
96,377

15,871
17,01469,746△4,612
98,01912,156

13,058

71
871
283

109
948
280

13,383

14,396

4
109,765
150,5416
112,422
152,605

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent-6-

Three months ended
June 30, 2024

23,193
16,955
6,237
3,430
2,807

24,114
17,107
7,007
3,697
3,309

3
346

11
407

1

4

297
99
747

374
77
875

28
22
50
3,504

28
91
119
4,065

40
40
3,463
695
365
1,060
2,402
△1
2,404

36
36
4,028
1,029
214
1,244
2,783
△1
2,785

Consolidated Statements of Comprehensive Income(Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests-7-

Three months ended
June 30, 2024

2,402

2,783

1,814

902

281
36

37
66

7

△3

2

12

2,142
4,544

1,015
3,799

4,545

3,798

△1

0

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable(Notes on Major Changes in Shareholders’ Equity)
Not applicable(Notes on Quarterly Consolidated Statements of Cash Flows)
Quarterly consolidated statements of cash flows for the first three months of the current consolidated fiscal
year have not been prepared. Depreciation expenses (including amortization related to intangible fixed assets
excluding goodwill) and amortization of goodwill for the first three months of the consolidated fiscal year are
as follows.
(Millions of yen)Three months ended
June 30, 2023
Depreciation
Amortization of goodwill

Three months ended
June 30, 2024
886
14

-8-

932
11

(Notes on Segment Information and Other Items)

The Three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(Millions of yen)Basicchemicals

Functional
chemicals

Healthcare

Trading
and Others

Total

Adjustments*1

Consolidated*2

Net sales
Japan
8,759
1,933
1,069
4,675
16,438
－
China
1,929
204
447
2,581
－
－
Asia
185
1,256
194
260
1,896
－
Europe
100
639
521
66
1,328
－
Others
724
219
4
948
－
－
Revenue fromContracts with
9,045
6,483
2,208
5,454
23,193－Customers
Other Revenue
－
－
－
－
－
－
External sales
9,045
6,483
2,208
5,454
23,193－
Intersegment
sales or
1
0
275
704
981
(981)
reclassifications
Total
9,045
6,759
2,209
6,159
24,174(981)
Segment income
171
1,128
1,352
443
3,095
(288)
Notes:(1) Adjustments of segment income of ¥ (288) million are corporate expenses not allocated to reportablesegments. Most of above-mentioned corporate expenses are not attributable to a reporting segment
and related to fundamental research and development.
(2) Segment income is adjusted to operating income of consolidated statement of income.

-9-16,438
2,581
1,896
1,328
948
23,193－23,193－23,193
2,807

The Three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(Millions of yen)Basicchemicals

Functional
chemicals

Healthcare

Trading
and Others

Total

Adjustments*1

Consolidated*2

Net sales
Japan
8,488
2,208
777
3,988
15,462
15,462
－
China
2,082
261
613
2,958
2,958
－
－
Asia
400
1,495
282
73
2,252
2,252
－
Europe
87
1,138
958
102
2,287
2,287
－
Others
85
873
192
1
1,154
1,154
－
Revenue fromContracts with
9,062
7,799
2,472
4,779
24,114
24,114－
Customers
Other Revenue
－
－
－
－
－
－
－
External sales
9,062
7,799
2,472
4,779
24,114
24,114－
Intersegment
sales or
－
189
922
1,112
(1,112)－－
reclassifications
Total
9,062
7,988
2,472
5,702
25,226(1,112)
24,114
Segment income
489
1,349
1,499
299
3,638
(328)
3,309
Notes:(1)
Adjustments of segment income of ¥ (328) million are corporate expenses not allocated to reportablesegments. Most of above-mentioned corporate expenses are not attributable to a reporting segment andrelated to fundamental research and development.
(2)
Segment income is adjusted to operating income of consolidated statement of income.

- 10 -