May 11, 2023

Notice of consolidate financial results for FYE2023

Nippon Sanso Holdings Corporation (“NSHD”, President CEO: Toshihiko Hamada) hereby
announces its consolidated financial results for FYE2023. For details, please refer to thefinancial results and earnings announcement materials available on NSHD website.

1. Business performance for FYE2023
In the current year under review (from April 1, 2022 to March 31, 2023), the Nippon
Sanso Holdings Group (NSHD Group) has faced a challenging and unpredictable businessenvironment as a result of geopolitical issues in Ukraine, trade tensions between the USand China, unprecedented global energy costs, global inflation, and JPY depreciation.
These items resulted in shipment volume of air separation gases (oxygen, nitrogen,argon), our main product, decreasing from the previous fiscal year. However, due to solid
price management such as pass through, and various productivity initiatives, the NSHDGroup achieved the following results for the fiscal year under review.

Revenue on a consolidated basis increased 24.0% year-on-year to \1,186,683 million,
core operating income increased 19.9% to \123,124 million, operating income increased
18.1% to \119,524 million, and net income attributable to owners of the parent increased
14.0% to 73,080 million.
FYE2022Full-term

YoY

FYE2023
Full-term

Difference％ Change（Unit: ￥ bn.）

Revenue

957.1

1,186.6+229.5+24.0%

Core operating income

102.7

123.1

+20.4

+19.9%

10.7%

10.4%

Non-recurring profit and loss

-1.5

-3.5

-2.0

Operating income（IFRS）

101.1

119.5

+18.4

10.6%
20.4%

10.1%
19.3%

-9.5

-14.0

-4.5

Income before income taxes
Income tax expenses

91.6

105.5+13.9

24.9

29.5+4.6

Net income

66.6

75.9+9.3+14.0%

64.1

73.0

+8.9

+14.0%

6.7%

6.2%

Core OI margin

OI margin
EBITDA margin

Finance costs+18.1%+15.2%(Attribution of net income)Net income attributable to owners of the parent

NI margin

2.5

2.8Forex （Unit: JPY）

USD

113.04136.00(average rate during the period)

EUR

131.11141.62

AUD

83.33

92.67

Net income attributable to non-controlling interests+0.3

12. FYE2024 Full-term forecast
The table below shows the consolidated forecast for FYE2024 Full-term.

2（Reference）
Business performance for FYE2023 by segment
YoY

FYE2023

FYE2022Full-term

Composition
ratio

Full-term

Difference% Change

Forex impact

+48.4
+0.7

+13.0%
+2.4%

+0.4
+0.1

+78.2
+9.7

+34.8%+35.7%

+45.6
+5.7

+63.1
+8.6

+30.1%+32.7%

+16.8
+2.1

+36.4
+2.6

+29.5%+20.5%

+16.3
+1.7

+3.3
-0.4

+12.4%
-6.5%

+0.4
+0.1

-0.1
-0.9

――

+229.5+20.4+24.0%+19.9%（Unit: ￥ bn.）

372.0
30.9

420.4
31.6

8.3%

7.5%

Segment OI

224.8
27.3

303.0
37.0

Segment OI margin

12.2%

12.2%

Revenue
Segment OI

209.7
26.3

272.8
34.9

Segment OI margin

12.5%

12.8%

Revenue
Segment OI

123.5
12.8

159.9
15.4

Segment OI margin

10.4%

9.7%

Revenue
Segment OI

26.8
6.4

30.1
6.0

Segment OI margin

24.0%

19.9%

0.1
-1.1

0.0
-2.0

Core OI

957.1
102.7

1,186.6
123.1

Core OI margin

10.7%

10.4%

Revenue

JapanSegment OI
Segment OI margin
Revenue

United StatesEuropeAsia & Oceania

Thermos

Revenue

Adjustment

Segment OI
Revenue

Consolidated total

35.4%
25.7%

25.5%
30.1%

23.0%
28.3%

13.5%
12.6%

2.5%
4.9%

0.0%
-1.6%
100.0%
100.0%+79.6+9.9

Effective from the first three quarters of the current fiscal year, the names of thereportable segments, which were previously "Gas Business in Japan," " Gas Business in
the United States," " Gas Business in Europe," " Gas Business in Asia & Oceania," and"Thermos Business," were changed to "Japan," " United States," "Europe," " Asia &Oceania," and "Thermos" in that order, without impact on the segment information.

【Japan】
In the industrial gas-related business, revenue increased year-on-year mainly due toprice revisions in response to cost and inflation increases, despite a decrease in
shipment volume on both core product air separation gases and LP gas. In theelectronics-related business, electronic material gases revenue increased strongly. In
equipment and installation, both industrial gas-related and electronics-related revenue
increased.
In addition, segment income was suppressed due to the time lag between
manufacturing and distribution cost increases related to energy and general inflation,etc., and the time to recover the costs from customers.

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【United States】
In the industrial gas-related business, shipment volume of air separation gases, a coreproduct, were flat with prior year. However, revenue increased year-on-year mainly due
to price revisions in conjunction with cost increases. Revenue from carbon dioxide gas
was strong. In equipment and installation, industrial gas-related revenue increased
significantly in hardgoods for welding and cutting related products, while electronicsrelated revenue turned slightly negative.

【Europe】
Revenue increased from air separation gases, a core product, although shipment
volumes declined due to lower customer requirements. This reflects a lag in pricerecovery efforts offsetting the significant surge in both energy and inflation. In
addition, productivity initiatives and cost reduction efforts contributed to the positive
performance of the business.

【Asia & Oceania】
In the industrial gas-related business, shipment volume in air separation gas, a coreproduct, remained firm, and sales revenue increased. In LP gas, of which a largeportion of sales are in the Australia region, revenue increased due to price increases
linked to higher purchase costs and firm trends in shipped volume. In electronic-related
business, revenue increased from robust sales for both gases and equipment.

【Thermos】
In Japan, due to milder restrictions for outside activities from Spring 2022, both sales ofportable mugs and sports bottles as well as sales for the kitchenware products such as
frying pans were strong, contributing to considerable increase in revenue. Overseas,revenues are generally firm. Segment income decreased because of both rising raw
material prices due to inflation and production costs increasing due to the weak JPY.

The Nippon Sanso Holdings Group is the world's fourth-largest supplier of industrial, electronic, and medical gases,
operating in four geographic hubs - Japan, the U.S., Europe and Asia & Oceania - covering over 30 countries andregions. In addition, the Thermos business supplies THERMOS branded products to more than 120 countries aroundthe world. Since its foundation as Nippon Sanso Ltd. in 1910, the group stands for creating social value throughinnovative gas solutions that increase industrial productivity, enhance human well-being and contribute to a more4

sustainable future. With more than 19,000 employees, together, we are “The Gas Professionals” and we all have thesame goal: “Making life better through gas technology”

Public Relations
Nshd.Info@nipponsanso-hd.co.jp

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