February 2, 2023

Notice of consolidate financial results for Q3 FYE2023

Nippon Sanso Holdings Corporation (“NSHD”, President CEO: Toshihiko Hamada) hereby
announces its consolidated financial results for Q3 FYE2023. For details, please refer tothe financial results and earnings announcement materials available on NSHD website.

1. Business performance for 9M (9 months) FYE2023 (Apr.-Dec.)
In the business environment surrounding the NSHD Group in the first three quarters of
the fiscal year under review (from April 1, 2022 to December 31, 2022), we have faceda challenging and unpredictable environment due to geopolitical issues in Ukraine, tradetensions between the US and China, a global energy cost surge, global inflation, and Yen
depreciation. These items result in shipment volumes of air separation gases (oxygen,nitrogen, argon), our main product, decreasing from the previous fiscal year. However,
due to pass through, cost recovery, pricing management, and solid productivity initiatives,
the NSHD Group achieved the following results for the first three quarters of the fiscalyear under review.
Revenue on a consolidated basis increased 26.2% year-on-year to \873,042 million,
core operating income increased 14.7% to 87,537 million, operating income increased
10.7% to 84,398 million, and net income attributable to owners of the parent increased
4.5% to 52,400 million.
（Unit: ￥ bn.）

FYE20229M

FYE2023
9M(Apr.-Dec.)(Apr.-Dec.)

691.5

RevenueCore operating income
Core OI marginNon-recurring profit and loss

YoY
Difference％ Change873.0+181.5+26.2%+11.2+14.7%

76.3

87.5

11.0%

10.0%

-0.0-3.1-3.1+8.1

76.2

84.3

11.0%
20.9%

9.7%
19.1%

-7.2

-9.6

-2.4

Income before income taxes
Income tax expenses

68.9

74.7+5.8

16.9

20.3

+3.4

Net income

52.0

54.4

+2.4

+4.6%

50.1

52.4

+2.3

+4.5%

7.2%

6.0%

1.8

2.0

Operating income（IFRS）
OI margin
EBITDA margin

Finance costs+10.7%+8.4%(Attribution of net income)Net income attributable to owners of the parent

NI margin
Net income attributable to non-controlling interests
Forex （Unit: JPY）

USD

111.45136.85(average rate during the period)

EUR

130.96140.83

AUD

82.69

93.16

+0.2

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2. FYE2023 Full-term forecast
No revisions have been made to the consolidated business forecasts released on
November 1, 2022.

（Reference）
Business performance for 9M FYE2023 (Apr.-Dec.) by segment
FYE2022（Unit: ￥ bn.）

Asia & Oceania

Thermos

6.7%

Segment OI

164.2
20.4

223.6
26.0

Segment OI margin

12.4%

11.7%

Revenue
Segment OI

149.2
19.4

203.3
25.3

Segment OI margin

13.0%

12.5%

Revenue
Segment OI

90.7
9.7

122.8
12.3

Segment OI margin

10.7%10.0%

Revenue
Segment OI

20.3
4.9

22.6
4.4

Segment OI margin

24.3%

19.8%

0.1
-0.7

0.0
-0.8

Core OI

691.5
76.3

873.0
87.5

Core OI margin

11.0%

10.0%

Revenue

Adjustment

Segment OI
Revenue

Consolidated total(Apr.-Dec.)

8.4%

RevenueEurope(Apr.-Dec.)

300.5
20.1

Segment OI
Segment OI margin

United States

Composition
ratio

9M

266.7
22.4

Revenue

Japan

YoY

FYE2023

9M

34.4%
23.0%

25.6%
29.8%

23.3%
29.0%

14.1%
14.1%

2.6%
5.1%

0.0%
-1.0%
100.0%
100.0%

Difference% Change

Forex impact+33.8-2.3+12.7%-10.4%

+0.3
+0.0

+59.4
+5.6

+36.2%+27.7%

+37.4
+4.7

+54.1
+5.9

+36.2%+30.7%

+11.2
+1.4

+32.1
+2.6

+35.3%+26.6%

+13.3
+1.4

+2.3
-0.5

+11.2%
-9.7%

+0.3
+0.1

-0.1
-0.1

――

+181.5+11.2+26.2%+14.7%

+62.7
+7.92

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 tothe price revisions in conjunction with increased costs, despite a decrease in shipment
volume on core product air separation gases as well as on LP gas. In the electronicsrelated business, electronic material gases revenue increased firmly. In equipment andinstallation, both industrial gas-related and electronics-related revenue increased.
Segment income decreased due to the time lag between manufacturing anddistribution cost increases related to energy and general inflation, etc., and the ability torecover them from customers.

【United States】
In the industrial gas-related business, shipment volume of air separation gases, a coreproduct, were on par with prior year. However, revenue increased year-on-year mainly
due to price revisions in conjunction with cost increases. Revenue from carbon dioxidegases was strong especially dry-ice. In equipment and installation, industrial gas-related
revenue increased significantly in the hardgoods for welding and cutting related, whileelectronics-related revenue were essentially flat.

【Europe】
Revenue increased sharply from air separation gases, a core product, although
shipment volumes declined due to energy intensive customers slowing production andoperational activities. This reflects successful pricing efforts offsetting a significant
surge in both energy and inflations. In addition, productivity and cost reduction efforts
remain a key focus 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 large3

portion of sales are in the Australia region, revenue increased due to price increases
linked to higher purchase costs and firm volume trends. 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, sales ofportable mugs and sports bottles were firm, and sales for the kitchenware products suchas frying pans were also strong, contributing to the 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 moresustainable 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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