Q3 FYE2023
Consolidated Financial Results
Earnings Announcement（ Nine months ended December, 2022 ）February 2, 2023
Tokyo（Japan）

Important Notice
For the purpose of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by
NIPPON SANSO Holdings Corporation (“NSHD”) regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is notintended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise
dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. This
presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient) on the condition that it is for use
be the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restriction may
constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, “NSHD” is sometimes
used for convenience where references are made to NSHD and its subsidiaries in general. Likewise, the words “the Company”, “we”, ”us” and “our” are also used to refer to subsidiaries ingeneral or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
● Forward-Looking Statements
This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding NSHD’s future business, future
position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as “targets”, “plans”,“believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or similar expressions or the negative
thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from thoseexpressed or implied by the forward-looking statements: the economic circumstances surrounding NSHD’s global business, including general economic conditions here and abroad;competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and thetiming thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of healthcrises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries in which NSHD operates, or on other facets of its business;
the timing and impact of PMI (post-merger integration) efforts with acquired companies; the ability to divest assets that are not core to NSHD’s operations and the timing of any suchdivestment(s); and other factors identified in NSHD’s most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, available on
NSHD’s website. NSHD dose not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as
required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of NSHD in this presentation may not be indicative of, and are notan estimate, forecast, guarantee or projection of NSHD’s future results.
● Certain Non-IFRS Financial Measures
This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with International Financial ReportingStandards (“IFRS”), such as Core Operating Income, Debt, Net Debt, Adjusted net D/E ratio, Free Cash Flow and ROCE after Tax. NSHD’s management and executive officers evaluates
results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost andcash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS measures,
management and executive officers intends to provide investors with additional information to further analyze NSHD’s performance, core results and underlying trends. NSHD’s non-IFRS
measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with
IFRS. Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measure, which are on the part of our slide deck.
● Financial information
NSHD’s financial statements are prepared in accordance with international Financial Reporting Standards (“IFRS”).

2

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Notes● Analysis of Operating Results (Reasons for change in Revenue and Segment Operating Income)In the supplementary materials to the financial statements of NSHD, starting from the fiscal year ending March 31, 2022, NSHD will describe the status of the business results of NSHD
group on a quarterly consolidated accounting period basis, as well as its recognition and analysis of the status of the business results of NSHD group from management's perspective.
Please note that Segment Operating Income is based on Core Operating Income.

● The following table shows Revenue, Operating income, and the effect of Forex rate changes on Revenue and Operating Income.

The impact of Forex rate fluctuation is calculated by applying the average rate for the period under review to the period under review (the current period and the previous period).
These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information for investors
to understand the business conditions of the Group.
＜Forex rates＞

Average Forex rates
FYE2022

FYE2023

Unit：JPY

1Q

1st Half

9M

Full-term

1Q

1st Half

9M

Full-term

Currency（Apr.-Jun.）（Apr.-Sep.）（Apr.-Dec.）（Apr.-Mar.）（Apr.-Jun.）（Apr.-Sep.）（Apr.-Dec.）（Apr.-Mar.）FYE2023

FYE2023（Updated）（Previous）

Full-term

Full-term

Assumption

Assumption（Apr.-Mar.） （Apr.-Mar.）(Announced on Nov. 1, 2022)(Announced on May 11, 2022)

Currency

RevenueCore Operating Income

USD

109.76110.10111.45113.04131.25135.30136.85

138

115

USD

+2.0

+0.25

EUR

132.44131.16130.96131.11138.75139.14140.83

140

125

EUR

+1.6

+0.2

SGD

82.41

82.01

82.77

83.83

94.97

97.12

98.61

97.1

82.7

AUD

84.15

82.33

82.69

83.33

92.52

93.51

93.16

93.5

82.2

CNY

17.06

17.07

17.35

17.65

19.71

19.91

19.81

19.9

17

● Presentation of overall business performance and segment performance
The amounts shown are after offsetting and elimination of inter-segment transactions and do not include consumption tax etc.
Notes that from Q3 FYE2023, the reportable segment names simplified, but the scope of segment aggregation didn’t change.

3

Unit：¥ bn.

（Reference）
Currency sensitivity
as rough indication
Impact of devaluation by 1 JPY(Full-term basis)

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Contents

1.

Strategic overview

2.

Q3 FYE2023 Business performance-1. Q3 Quarter Period performance-2. Nine months Cumulative performance

3.

FYE2023 Full-term Forecast

Appendix4

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

1. Strategic overview

5

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

1. Strategic overview

Our Medium-term Management plan:

NS Vision 2026 | Enabling the FutureGroup Philosophy

Proactive. Innovative. Collaborative.
Making life better through gas technology.
The Gas Professionals
Group Vision

We aim to create social value
through innovative gas solutions
that increase industrial productivity,
enhance human well-being
and contribute to a more sustainable future.

6

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

1. Strategic overview

Price Management
Drive price to maintain and increase profits and maximize operating cash flows.

Solid pricing management enables:••••

Stable dividends to shareholders
Increased investment in R&D, CAPEX, and M&A
Appropriate organizational resourcing and deployment
Debt reduction for financial soundness

Maintain strong relationship with customers through solid product and service value.

7

Viewpoint (QCDSE)

Customer requests & expectations

Quality

Sustainably provide products & services with quality that meets the required standards

Cost

Reduce production cost per unit through continuous high efficiency & rationalization

Delivery

Deliver to the specified location in compliance with the required deadlines

SafetyManage safety with appropriate security, maintenance, and upkeep activities

Environment

Save energy & reduce GHG emissions per unit

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

1. Strategic overview

Price Management Cont’Price and value provided to our customers are determined and managed within each region that we operate.
Key Aspects of the Industrial gas business
MarketConditions

Business
Featureseparation gases（O Oxygen, N Nitrogen、Ar Argon）
1. ・Air
・CO2 gas（LCD: Liquide Carbon Dioxide, DI: Dry-ice）
2:

・Economic Growth・Market expansion
etc.

Differentiator

Costs to Serve・Production & logistics
costs
・Technical support costs
・Customer-specific costs
etc.

(Technology, Service etc.)

Points to consider

CV

Suitable for production in consumption areas

・Cost of switching toalternative technologies
・Probability ofcustomers switchingetc.

（Customer Value）
・QCDSE・Balanced Pricing
・Cross-selling etc.

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results:

Business
FeatureFundamental value: Reliable supply network

Business
FeatureWide various customer industries

of Production sites, and business network
2. ・Density
・HR & operational proficiency to ensure reliable supplyof production goods used in all industries
3. ・One・Indispensable foundation material in any generations

Business
Feature4.

Business structures/practices by region
・Differences in sales composition
・Differences in commercial culture

As the Gas Professionals, we will maintain safe and reliable product supply
and will manage price to ensure our Company’s long-term viability and sustainability.
82:

1. Strategic overview

Japan Price initiatives
Price revisions are based on Customer Value and are needed to ensure appropriate profit levels.
New Initiatives

Price Efforts Since January 2022
[In the case of Liquefied Gas Products]① Revise prices to offset energy and general cost inflation.
② Improve our operational performance to further enhance CV for customers.
③ Prioritize sustainable profit generation at the core of our management team.

Japan business view for Taiyo Nippon Sanso Group

Marketphase

Mature phase. Growth curve stabilizes lowly.

Cost
structure

Air Separation Gas production costs up.

Item

Released timing

Revision date

Revision range*1

1st revisionNov. 2021

From Feb. 2022

＋10％

2nd revision

Jul. 2022

From Aug. 2022

＋15％

3rd revisionDec. 2022

From Feb. 2023

＋20％
*1 Compared to current shipping priceJapan GDP growth rate has remained low, making it difficult to expect a significant
increase in volume linked to customers' production activities.

Long-Term Targets for CY2030 in TAIYO NIPPON SANSO (Japan)

Current
price
convention

Since electricity is significantly consumed in the production of Industrial Gases,
higher electricity costs have a direct correlation to our cost stack.

『iGaaS*2 10･15･20』*2 industrial Gases as a Service

10%: Improve productivity

Achieve sales ratios for new

20%: merchandise, products, and services

Region-specific business practices by supply mode

Specific measures（examples）

On-site: Includes JV operation style with our customers.

Bulk: Price formulation hasn’t been widespread, and when electricity base priceincreases, price negotiation style is mostly conducted on an individual
customer by customer basis. Fluctuations in cyclical fuel cost adjustment
unit prices had been absorbed solely by suppliers.

・Enhance communication with customers
・Application and development of best practices from other regions (US, Europe, and A&O*3)
・Develop products and services that meet new demands (e.g., more Customers aiming
for carbon neutrality) and accurately design prices commensurate with the value provided.
・Develop personnel, tools, and systems to accurately manage prices

Packaged : Majority of sales are through outside distributors, with few direct channel.

9

Achieve

15%: operating income margin

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results*3 Asia & Oceania

1. Strategic overview

HYCO* Business Advancement
Meet our customer’s expectations toward the realization of Carbon neutrality (CN) with our HyCO capabilities/expertise.
Integrated promotion organization to respond promptly

Current recognition and stance✓ Efforts to achieve CN are underway in all industries(GHG emissions reduction by our Group Companies and ourcustomers is one of our most important management issues)

NSHD
CN

CN Global
Executive Team

Steering Committee（CNSC）
Head（Japan-U.S.-Europe Mixed Team）
Head

Japan

9 segments
CN Global
ExpertKey strategic themes

Collaboration✓ Acquire business opportunities with attention toeconomics and financial soundness

MarketThe U.S.

Technology

１． Reduce energy usage by improving plant operation

4 fields（ = Reduction of both production costs and GHG emissions ）Europe

２． Expand Hydrogen business・Actively utilize capability of Global HYCO team in US Matheson Tri-Gas

Asia &
Oceania

・Construct production bases with advanced, highly efficient facilities
・Integrate HYCO solutions with customer processes optimally

３． Advance HyCO production capabilities( = Pursuing higher efficiency and lower GHG emissions)* Use of different terms in this presentation as below,
・ HyCO: the area of H2, CO, Syngas plus CO2
・ HYCO: our own business line

10

Combustion（Oxy-fuel combustion）

HyCO*

CO2
Recovery

O2
Production

U.S. Matheson Tri-Gas Global HYCO team drives business across regions.

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Regional CN
Working Group（RCNWG）

1. Strategic overview

Progress toward HYCO business expansion
U.S. Matheson Tri-Gas was awarded a 20-yr contract to supply Hydrogen and co-product steam
for Numaligarh Refinery Limited's (NRL) refinery in Numaligarh, Assam, northeast India in December 2022.
HyCO and Hydrogen production bases of our group
A Public Sector affiliate of
the India Gov’t（ Supply capabilities ：＞1,000Nm3/h [including SMR and By-product] ）*The following projects are included
・PNCP: the Paradip Numaligarh Crude Pipeline project・COIT: Crude Oil Import Terminal at Paradip
・IBFP: India-Bangladesh Friendship Pipeline
・Numaligarh-Siliguri interstate products pipeline
・2G Ethanol ProjectHydrogen & co-product steam

As of Dec. 31,2022

Hydrogen and co-product steam to besupplied by us will be used in the
Numaligarh Refinery Expansion Project(NREP), an expansion project led by NRL
under the India's Gov’t Northeast
Development Plan*.

EuropeJapan

The U.S.

33bases5basesbases

India*
Plant operation & Gas supply

Matheson Hydrogen
India Pvt Ltd

Produce the most efficient,
low Carbon Intensity hydrogenproduction supply solution forvarious feedstocks (RLNG, LPG, Naphtha)

0→1base0→1basePeru*

Global HYCO team

HYCO Complex EPC(Engineering, Procurement, Construction)

Larsen & Toubro
LimitedReformer technology& critical equipment

Topsoe A/S

The first production base in India with a supply capacity of
1,000 Nm3/h or more in the A&O region* Note that HYCO business bases in Peru and India will be included in the U.S. segment for disclosure.

11

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

1. Strategic overview

Key CAPEX for our sustainable growth
We have identified many global growth opportunities and currently have a diversified capital portfolio aligned with
our Medium-term management plan; NS Vision 2026.
（色使いの関係で、Q列に、該当四半期データを

8%

左記ドーナツチャート 基礎データ
By Industry

Industrial“Others" includes projects that are difficult tocategorize by customer sector because thesefacilities related to wide various customers.
（e.g.）･ New or expanded production basefor Bulk business･ Shipping container for liquefied helium

30%
Steel & Metals

23%

Electronics
Total
換算レート（ご参考）：期中平均レート

Healthcare

100
190

Chemicals & Energy

By Industry

Others1%

38%* Note that the above is an aggregation of investments which have been approved by the Board of directors of each our group company, but have not yet been placed in service.
The size of each project is over approx. ¥500mn., $4mn. or €4mn.

12

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Industrial

1. Strategic overview

Key Highlights

Proceed flexible measures against inflation
Key initiatives in Electronics & Carbon Neutral related
Pursuing project wins and building backlog
Focus on growth, productivity and pricing
Weak JPY pushed Revenue & Operating Income up

13

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023
Business performance-1. Q3 Quarter Period performance

14

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -1. Q3 Quarter Period performance

Consolidated results（Unit: ￥ bn.）

FYE2022Q3

FYE2023
Q3(Oct.-Dec.)(Oct.-Dec.)

YoY
Difference％ Change

Revenue

244.1

299.3

+55.2

+22.6%

Core operating income

26.4

31.3

+4.9

+18.4%

10.8%

10.5%

Non-recurring profit and loss

-0.0

-0.8

-0.8

Operating income（ IFRS）

26.4

30.5

+4.1

10.8%
20.2%

10.2%
19.4%

-2.4

-5.4

-3.0

Income before income taxes
Income tax expenses

23.9

25.1

+1.2

7.1

7.1

+0.0

Net income

16.8

17.9

+1.1

+6.7%

15.8

17.2

+1.4

+8.9%

6.5%

5.8%

1.0

0.7

Core OI margin

OI margin
EBITDA margin

Finance costs+15.4%+4.8%(Attribution of net income)Net incom e attributable to owners of the parent

NI margin
Net income attributable to non-controlling interests

15

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results-0.3

2. Q3 FYE2023 Business performance -1. Q3 Quarter Period performance

Japan
YoY

% Change

FYE2022

FYE2023

Q3(Oct.-Dec.)

Q3(Oct.-Dec.)

Revenue

93.5

106.1

+12.6

+13.5%+13.3%

Segment income

8.4

7.4

-1.0

-12.6%-12.9%

9.1%

7.0%（Unit: ￥ bn.）

Segment OI margin

Difference% Changeexc. FXYoY Factors for increase/decrease in this quarterly period and other comment
・ Bulk & On-Site (Air separation gases): Volume decreased, but revenue increased due to price revisions. Energy costs increased significantly.
・ Bulk (LP gas): Revenue decreased due to lower volume, despite the impact of higher selling prices which are linked to purchase price.
・ Specialty gases: Electronic industry shipments were favorable.
・ Equipment and installation, other: Revenue of industrial gas-related were flat with the previous year, but revenue of electronics-related increased.
● EBITDA margin: 11.5% (FYE2023 Q3)16

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -1. Q3 Quarter Period performance

United States
YoY% Change

FYE2022

FYE2023

Q3(Oct.-Dec.)

Q3(Oct.-Dec.)

Revenue

56.8

77.6

+20.8

+36.6%+11.4%

Segment income

6.3

10.0

+3.7

+58.3%+29.4%

11.1%

12.9%

（Unit: ￥ bn.）

Segment OI margin

Difference% Change

YoY Factors for increase/decrease in this quarterly period and other comment
・ Bulk & Packaged: While demand remains stable, costs have risen significantly from general inflation and high energy and distribution costs.
Driver shortage improving, but remains a cost headwind. Ongoing price revision activities.
・ On-site: Customer demand stable with previous year.
・ Equipment and installation, other: Demand was favorable in welding and cutting related fields.
● EBITDA margin: 26.2% (FYE2023 Q3)17

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 resultsexc. FX

2. Q3 FYE2023 Business performance -1. Q3 Quarter Period performance

EuropeYoY% Change

FYE2022

FYE2023

Q3(Oct.-Dec.)

Q3(Oct.-Dec.)

Revenue

54.3

66.9

+12.6

+23.3%+11.5%

Segment income

6.7

9.4

+2.7

+41.2%+28.0%

12.4%

14.2%

（Unit: ￥ bn.）

Segment OI margin

Difference% Changeexc. FXYoY Factors for increase/decrease in this quarterly period and other comment
・ Packaged: Shipment volume decreased but revenue increased due to price revisions.
・ Bulk and on-site: Demand decreased in the manufacturing industry. Revenue of bulk increased significantly due to price revisions.
・ Equipment and installation, other: Revenue of welding and cutting-related decreased.
・ Appropriate response to rapid changes in the business environment: Revenue increased significantly due to price pass-through, cost recovery,and surcharges in response to the steep rise in energy costs that began in Q2 of the previous fiscal year.
● EBITDA margin: 27.4% (FYE2023 Q3)18

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -1. Q3 Quarter Period performance

Asia & Oceania
YoY% Change

FYE2022

FYE2023

Q3(Oct.-Dec.)

Q3(Oct.-Dec.)

Revenue

31.8

41.0

+9.2

+28.9%+13.5%

Segment income

3.0

3.3

+0.3

+9.4%

-4.6%

9.7%

8.2%

（Unit: ￥ bn.）

Segment OI margin

Difference% Change

YoY Factors for increase/decrease in this quarterly period and other comment
・ Bulk gas: Demand remains firm.
・ Bulk (LP gas): In Australia, revenue increased significantly due to an increase in volume and the impact of higher selling prices
which are linked to purchase prices.
・ Specialty gases: Revenue increased significantly due to growth in shipment volume for electronics industry in East Asia.
・ Equipment and installation, other: In industrial gas-related business, sales decreased in Singapore.
In electronics-related business, sales increased in Taiwan.
● EBITDA margin: 14.1% (FYE2023 Q3)19

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 resultsexc. FX

2. Q3 FYE2023 Business performance -1. Q3 Quarter Period performance

Thermos
YoY% Change

FYE2022

FYE2023

Q3(Oct.-Dec.)

Q3(Oct.-Dec.)

Revenue

7.4

7.4

-0.0

-0.3%

-2.7%

Segment income

1.9

1.1

-0.8

-40.9%-42.8%

26.3%

15.6%

（Unit: ￥ bn.）

Segment OI margin

Difference% Change

YoY Factors for increase/decrease in this quarterly period and other comment
・ Japan: Revenue of main products; sports bottles were firm. Revenue of kitchenware such as frying pans were also strong.
Raw material and manufacturing costs increased mainly from the effect of inflation and the weak JPY.
・ Asia: Revenue in South Korea were on par. Operation of production plants declined from the previous year.
Performance of equity method affiliates was flat.
● EBITDA margin: 20.7% (FYE2023 Q3)20

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 resultsexc. FX

2. Q3 FYE2023
Business performance-2. Nine months Cumulative performance21

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -2. Nine months Cumulative performance

Consolidated results（Unit: ￥ bn.）

FYE20229M

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

YoY
Difference％ Change

Revenue

691.5

873.0

+181.5+26.2%

Core operating income

76.3

87.5

+11.2

+14.7%

11.0%

10.0%

Non-recurring profit and loss

-0.0

-3.1

-3.1

Operating income（ IFRS）

76.2

84.3

+8.1

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

Core OI margin

OI margin
EBITDA margin

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

NI margin
Net income attributable to non-controlling interests

22

Forex （Unit: JPY ）USD

111.45136.85(average rate during the period)

EUR

130.96140.83

AUD

82.69

93.16

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results+0.2

2. Q3 FYE2023 Business performance -2. Nine months Cumulative performanceJapan

By Industry
Cumulative period basis

15%

18%

YoY

Steel & Metals

5%

FYE2023

9M(Apr.-Dec.)

9M(Apr.-Dec.)

Revenue

266.7

300.5

+33.8

+12.7%+12.5%

Segment income

22.4

20.1

-2.3

-10.4%-10.8%

8.4%

6.7%（Unit: ￥ bn.）

Segment OI margin

Automobiles & Other transportation% Change

FYE2022

Difference% Change

Electronics

exc. FX

Food & Beverage
Healthcare

26%

Chemicals & Energy

26%

Others9%1%

By Product
Cumulative period basis

31%

Gases

Equipment andinstallation, other

69%

23

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -2. Nine months Cumulative performance

United States

By Industry
Cumulative period basis

8%

11%
Steel & Metals

YoY（Unit: ￥ bn.）

Revenue

FYE2022

FYE2023

9M(Apr.-Dec.)

9M(Apr.-Dec.)

164.2

223.6

% Change
Difference% Change

41%

Automobiles & Other transportation
Electronics

exc. FX

7%

Food & Beverage
Healthcare+59.4+36.2%

Chemicals & Energy+10.9%

13%

OthersSegment income
Segment OI margin

20.4

26.0

12.4%

11.7%

+5.6

+27.7%

7%

+3.5%

13%

By Product
Cumulative period basis

24%

Gases

Equipment andinstallation, other

76%

24

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -2. Nine months Cumulative performance

EuropeBy Industry
Cumulative period basis

20%
30%
Steel & Metals

YoY（Unit: ￥ bn.）

Revenue

FYE2022

FYE2023

9M(Apr.-Dec.)

9M(Apr.-Dec.)

149.2

203.3

Automobiles & Other transportation% Change
Difference% Change

3%

Electronics

exc. FX

Food & Beverage
Healthcare+54.1+36.2%

Chemicals & Energy+26.7%

20%
Others17%

Segment income
Segment OI margin

19.4

25.3

13.0%

12.5%

+5.9

+30.7%+21.3%

10%

By Product
Cumulative period basis

6%

Gases
Equipment andinstallation, other

94%

25

0.4%

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -2. Nine months Cumulative performance

Asia & Oceania

By Industry
Cumulative period basis

3%
19%

YoY

（Unit: ￥ bn.）

FYE2022

FYE2023

9M(Apr.-Dec.)

9M(Apr.-Dec.)

Steel & Metals
Automobiles & Other transportation% Change
Difference% Change

4%Electronics

exc. FX

Food & Beverage
Healthcare

45%

24%

Revenue

90.7

122.8

+32.1

+35.3%

Chemicals & Energy+18.0%

OthersSegment income
Segment OI margin

9.7

12.3

10.7%

10.0%

+2.6

+26.6%+10.0%

3%

2%

By Product
Cumulative period basis

21%

Gases

Equipment andinstallation, other

79%

26

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2. Q3 FYE2023 Business performance -2. Nine months Cumulative performance

Thermos
By Region
Cumulative period basis

17%

YoY
FYE2023

9M(Apr.-Dec.)

9M(Apr.-Dec.)

Revenue

20.3

22.6

+2.3

+11.2%+9.2%

Segment income

4.9

4.4

-0.5

-9.7%

-11.6%

24.3%

19.8%

（Unit: ￥ bn.）

Segment OI margin27% Change

FYE2022

Difference% Changeexc. FXJapan

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Asia

83%

3. FYE2023 Full-term forecast

28

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

3. FYE2023 Full-term forecast

Consolidated forecast
FYE2022Full-term

FYE2023
Full-term forecast

YoY
Difference％ Change(Announced on Nov. 1 2022)（Unit: ￥ bn.）

FYE2023 Full-term
forecast (previos)(Announced on July 29, 2022)

Revenue

957.1

1,160.0+202.9+21.2%

950.0

Core operating income

102.7

115.0

+12.3

+12.0%

107.0

10.7%

9.9%

Non-recurring profit and loss

-1.5

-2.0

-0.5

Operating income（ IFRS）

101.1

113.0

+11.9

OI margin

10.6%

9.7%

11.1%

EBITDA margin

20.4%

18.9%

21.0%

-9.5

-14.0

-4.5

Income before income taxes
Income tax expenses

91.6

99.0

+7.4

24.9

28.5

+3.6

Net income

66.6

70.5

+3.9

+5.8%

67.0

64.1

68.0

+3.9

+6.1%

65.0

6.7%

5.9%

2.5

2.5

Core OI margin

Finance costs

11.3%

-2.0

+11.7%

105.0

-10.5

+8.1%

94.5
27.5

(Attribution of net income)Net incom e attributable to owners of the parent

NI margin
Net income attributable to non-controlling interests

6.8%

-0.0

Forex （Unit: JPY ）USD

113.04138

115(average rate during the period)

EUR

131.11

140

125

AUD

83.33

93.5

82.2

Total Forex impact for FYE2023 Full-term forecast : Positive impacts of ￥80.9 bn. on revenue and ￥10.1 bn. on core operating income.

29

2.0

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Q&A Session

Representative Director,
President CEO
Toshihiko Hamada

Executive Officer,
Group Finance &Accounting Office,and CFO

Senior Executive Officer,
Group Corporate Planning
OfficeSenior Executive Officer,
Group Sustainability
Management Office,and CSO

Tsutomu Moroishi（Chief Sustainability Officer）

Alan Draper
Takeshi Miki

31

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

General Manager,
Investor relations,Group Finance &Accounting Office

General Manager,
Accounting,Group Finance &Accounting Office

Keita Kajiyama

Takashi YoshidaAppendix

32

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

NIPPON SANSO Holdings Group Summary

https://www.nipponsanso-hd.co.jp/en/ir/

Published on February 2, 2023

Corporate Philosophy

Corporate Information（As of March 31, 2022）

Company Name

Nippon Sanso Holdings Corporation

Founded

October 30, 1910

Headquarters

1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, JapanTEL

81-3-5788-8500

Group Philosophy
Proactive. Innovative. Collaborative.
Making life better through gas technology.

Representative Director, President CEO
Representative

Toshihiko Hamada

Common stock

37.3 billion yen

Stock information（As of March 31, 2022）

Number of sharesGroup Vision
We aim to create social value through innovative gas solutions that increase industrial productivity,
enhance human well-being and contribute to a more sustainable future.

433,092,837

Number of shareholders

14,709Listed stock exchanges

Main Core businessTokyo Stock Exchange Prime Market

Ticker4091.T

Distribution by share holders (%)

Industrial Gas businessJapanese Indivisuals and others

Electronics business

Thermos business

9.82（Currently, Mitsubishi Chemical Group）

Mitsubishi Chemical Holdings

0%

10%

Foreign Institutions and Individuals

50.59

20%

30%

40%

Other Japanese Corporations

50%

60%

15.84

70%

80%

Japanese Financial Institutions

5.55

90%

100%

18.20

Revenue / Employee personnel by Segment （As of Match 31, 2022）
3%

7%

13%
39%

22%

0.4%
33%

22%

19,398\957.1bn.

people

15%

33

US

Revenue¥1,160.0 bn.

Operating income¥113.0 bn.

23%

23%

Japan

FYE2023 Financial Forecast（IFRS)EuropeAsia & Oceania

Thermos

Corporate

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Net income attributable toowners of the parent

EPS¥68.0 bn.
¥157.11

Our Medium-term management plan Summary

https://www.nipponsanso-hd.co.jp/en/ir/management/plan.html

Published on February 2, 2023

Capital allocation

Overview
Plan NameNS Vision 2026

Cash-in

SloganEnabling the Future［Operating Cash flow]\730.0 bn.

Period4 years from April 2022 to March 2026

Cash-out\433.0 bn.

Released date

May 11, 2022

［Investment as a whole]

Financial target（Final fiscal year in the plan: FYE2026）

Composition ratio by Business

Revenue\975.0-1000.0 bn.

Core Operating Income\125.0-135.0 bn.

EBITDA margin

Group:

24%
0%

10%

≥24 %

Japan, the U.S., EU, A&O, Thermos: ≥17-33%
Adjusted net D/E ratio(the total for 4 years)

27%
20%

30%

Japan

US

Europe10%20%

Non-Financial target

Focused fields＜Environment＞
Reduction rate of GHG emissions

FYE2026:

18 %(Base year: FYE2019)

FYE2031:

32 %GHG reduced emissions through environmental product offer
FYE2026:Lower GHG emissions through environmental product offerings and applications＞NSHD Group GHG emission＜Safety Management＞
FYE2026:≤1.6

FYE2026:100 %FYE2026:≥22 %FYE2031:25 %FYE2026:≥18 %FYE2031:

22 %＜Compliance＞
＜HR＞

34

Thermos

70%

80%

2%

9%

90%

100%

Strategic (beyond regions)

37%
30%

Base/Underlying

Rate of female management posts

Asia & Oceania

45%0%（Note）Forex rate (Assumption) : USD \115 EUR \125Rate of female employees

60%

Composition ratio by Initiative≥6 %Rate of receiving compliance training

50%≤0.7 times

ROCE after Tax

Lost Time Injury Rate

14%

24%

40%

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

40%

50%

Growth initiatives

60%

12%
70%

Strategic initiatives

80%

M&A

90%

6%
100%

Non-recurring items
Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances),
losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets).
Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring items in the Company.

FYE20229M

FYE2023
9M

YoY
Difference（Unit: ￥ bn.）

Core operating income

76.3

87.5

+11.2

Non-recurring profit and loss

-0.0

-3.1

-3.1

Operating income（ IFRS）

76.2

84.3

+8.1

Items（Unit：￥ bn.）
FYE2022 9M result
Item
Others

Total

35

FYE2023 9M result
AmountItem

Amount-0.0 Arbitration of Leasing facilities dispute (United States)-3.5

Gain on sales of overseas land (Asia&Oceania)

0.5

Restructuring-related expenses for the alfi business (Thermos)-0.3

Others (Japan)

0.1-0.0 Total

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results-3.1

Key performance indicators
Item

36

FYE2022
9M

Unit

FYE2023
9M

FYE2022Full-term

Basic earnings per share

JPY

115.85121.07148.13

Overseas sales ratio

％

59.4

64.0

59.2

ROE

％

―

―

11.2

ROCE

％

―

―

6.8

ROCE after Tax

％

―

―

4.8

Annual dividends per share

JPY

―

―

34

Dividend payout ratio

％

―

―

23.0

CAPEX(fund basis) & Investments and loans

\bn.

51.8

64.9

76.5

Depreciation and amortization

\bn.

68.3

78.8

92.4

Free cash flow

\bn.

50.1

44.2

77.9

Adjusted net D/E ratio

Times

1.03

0.89

0.94

Interest-bearing liabilities

\bn.

917.1

954.2

929.2

Net interest-bearing liabilities

\bn.

838.4

844.7

835.5

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results（Reference）Preconditions, Definition & Calculations of our KPIs
Glossary

Preconditions and Definitions in this Presentation

Core operating income

Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring factors (non-recurring items*).
*Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances), losses causedby disasters or serious accidents, and other gains and expenses (such as disposal of idling assets).

Interest-bearing debt

Bonds and borrowings as presented in the statement of financial position, plus lease liabilities included in other financial liabilities.
*Includes Hybrid finance.

Hybrid finance

A form of debt financing that has features resembling equity, such as voluntary deferral of interest, extremely long-term redemption periods and subordination
during liquidation or bankruptcy procedures.
This kind of financing does not cause stock dilution, and a certain ratio of the funds procured in this way can be recognized as equity credit by rating
agencies provided that certain conditions are met.

Equity-type debt

The amount of debt procured by hybrid finance that has been recognize as equity credit by rating agencies.
In this fund procurement, rating agencies have recognized equity credit for 50% of the procured amount.

Indicator

Calculations used in this presentation

EBITDA margin（Core operating income＋Depreciation and amortization）／Revenue

ROE

Profit attributable to ownwers of parent／Total equity attributablle to ownwers of parent*

ROCE

Core operating income／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed]

ROCE after Tax

Core operating income after Tax（+Dividend received）［NOPAT] ((Core operating－Investment income/loss from Equity in earnings (losses) of affiliatedcompanies included in Core operating income)×(1－effective tax rate)＋Investment income/loss from Equity in earnings (losses) of affiliated companies
included in Core operating income＋Dividend received))／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed]

Adjusted net D/E ratio((Interest-bearing debt – equity-type debt) – cash and cash equivalents)／(equity attributable to owners of the parent + equity-type debt)** The average of the amounts at the end of the comparative fiscal years of the previous and current fiscal years is used.

37

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Condensed consolidated statements of Cash flows（Unit：￥ bn.）

38

FYE2022

FYE2023

9M

9M

YoY
Difference% Change

Income before income taxes
Depreciation and amortization
Changes in working capital
Others

68.9
68.3
-24.8
-15.0

74.7
78.8
-36.0
-9.3

+5.8
+10.5
-11.2
+5.7

+8.4%

Cash flows from operating activities

97.3

108.2

+10.9

+11.2%

Capital expenditures
Investments and loans
Others (asset sales, etc.)

-50.3
-1.4
4.6

-62.1
-2.7
0.9

-11.8
-1.3
-3.7

Cash flows from investing activities

-47.2

-63.9

-16.7

+35.5%

Free cash flow

50.1

44.2

-5.9

-11.7%Cash flows from financing activities

-62.1

-28.8

+33.3

-53.5%

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Condensed consolidated statements of Financial position（Unit：￥ bn.）

FYE2023

YoY

FYE2022

FYE2023

YoY

Q4

Q3

Difference

Q4

Q3

Difference

Cash and cash equivalents

93.6

109.5

+15.9

Trade payables

115.1

120.5

+5.4

Trade receivables

218.4

243.4

+25.0

Interest-bearing liabilities

929.2

954.2

+25.0

Inventories

80.0

103.0

+23.0

Others

271.5

314.6

+43.1

Others

30.2

52.2

+22.0

1,315.8

1,389.4

+73.6

422.4

508.2

+85.8

Share capital and capital surplus, etc

569.5

602.9

+33.4

Property, plant and equipment

729.6

762.2

+32.6

Other components of equity

59.1

84.7

+25.6

Goodw ill

485.1

503.9

+18.8

Equity attributable to

Intangible assets

241.3

240.7

-0.6

owners of parent

628.7

687.7

+59.0

Others

98.3

94.5

-3.8

Non-controlling interests

32.4

32.7

+0.3

Total non-current assets

1,554.5

1,601.6+47.1

Total equity

661.1

720.4

+59.3

Total assets

1,977.0

2,109.9+132.9Total liabilities and equity

1,977.0

2,109.9+132.9Total current assets

39

FYE2022

Total liabilities

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Results overview by Segment
FYE2023

FYE2022（Unit: ￥ bn.）

United States

EuropeAsia & Oceania

Thermos

40(Apr.-Dec.)
300.5
20.1

Segment OI margin

8.4%

6.7%

Revenue
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%

Segment OI

Revenue

Consolidated total(Apr.-Dec.)
266.7
22.4

Revenue

Adjustment

9M

Segment OI

RevenueJapan

Composition
ratio

9M

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Work in Progress

YoY

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+7.9

Revenue growth by Product (Nine months)
Japan*

PackagedBulk
On-siteGases

Specialty gases
Subtotal

Equipm ent andIndustrial Gases-related

installation, other

Electronics-related

Subtotal

Total

Revenue

United States

EuropeAsia & Oceania

YoY

YoY

YoY % Change

YoY

YoY % Change

YoY

YoY % Change% Change% Changeexc. FX impact% Changeexc. FX impact% Changeexc. FX impact+7.3%+10.6%+26.6%+16.0%+16.1%+21.9%+34.7%+36.8%+27.6%+31.2%-0.8%+9.7%+11.4%+3.9%+6.8%+19.9%+49.9%+35.0%+19.0%+38.6%+11.5%+39.4%+25.5%+10.6%+28.8%+38.0%+30.8%+33.6%+47.3%+37.6%+19.8%+15.4%+14.5%+27.0%+20.0%+0.8%+26.5%+5.5%+61.3%+18.8%+55.0%+31.4%-3.3%+26.2%

+7.4%
－
+7.4%

-0.1%
-0.1%

+20.5%+61.7%+27.6%+3.9%+44.1%+10.7%+12.7%+36.2%+10.9%+36.2%+26.7%+35.3%+18.0%－* In Japan, the FX impact has been slight effect. Thus, the information in the above chart is omitted.

（ Reference） Category

Breakdown

Gases

Industrial gases such as oxygen, nitrogen, argon, carbon dioxide and helium, LP gases, specialty gases

Packaged

Gas filling containers (cylinders) are delivered to the customer, and the gas is supplied according to method of use

Bulk

A storage tank for liquified gas is installed within the customer’s facility, and the gas is supplied according to method of use

On-siteA gas production facility is established in an area adjacent to the customer, and the gas is constantly supplied using a directly connected pipe

Specialty gases

Mainly, gases for electronic materials that are used in the manufacture of semiconductors or LCD panels, standard gas, high-purity gas

Equipment and installation, other41

Ancillary equipment for gas usage, refining equipment to raise gas purity level, construction for equipment installation, and welding and cutting-related goods

Industrial Gases-related

Supply facilities and other gas-using equipments, air separation units, and hardgoods (welding and cutting-related)

Electronics-related

Construction for equipment and pipe installation toward electronics, refining equipment for removing impurities, and other equipment

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Revenue composition
As of 1/27 9AM
WIP(Charts by industry)

By Industry

By Segment

左

Sa

3%
13%

14%

In

27%
5%

34%
9M FYE2023

9M FYE2023\873.0 bn.

\850.3bn.

18%

Sa(exc. Thermos business)

23%

In

20%
9%

26%
Japan

U.S.

EuropeAsia & Oceania

8%
Thermos

Steel & Metals

Automobiles & Other transportation

Electronics

Food & Beverage

Healthcare

Chemicals & Energy

Others42

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Business performance over the past five years（\ bn.）

Revenue

OI margin

9.3%

646.2

740.3

850.2

2019.32020.3818.2

2021.3

10.9%

10.6%

2022.3Hybrid Finance (HBF)2018.3Net debt excluding HBF

2020.32021.32022.3（\ bn.）

10.4%

Adjusted net D/E ratio*

1.15
0.94

76.6

53.3

55.2

64.1

2020.32021.3

5.6%

2018.3

41.2

2019.3

Depreciation
and amortization

2022.3（\ bn.）

7.8%

74.4

72.8

62.5

6.7%

CAPEX
% Sales

8.6%
7.3%

1.45

6.7%

6.3%

48.9

Capital expenditures
9.7%（\ bn.）

NI margin

101.1

88.8

66.8

2019.3

Profit attributableto owners of the parent

7.6%

93.9

（\ bn.）Net interest-bearing debts

1.54

11.0%
9.0%

957.1

59.8

2018.3（\ bn.）

Operating income（IFRS）

60.0

83.7

86.3

2020.32021.3

92.4

56.1
43.2

695.7

648.3

608.1

585.5

274.9

250.0

250.0

250.0

250.0

2018.32019.32020.32021.32022.3*Adjusted Net D/E Ratio: an indicator of safety (financial soundness) calculated in consideration of this partdue to 50% of the amount raised by HBF is permitted as “Equity" by rating agencies.

43

2018.32019.32020.32021.32022.3*It’s recorded on a construction basis until FYE2019 and on a cash basis from FYE2020 onwards.

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2018.32019.32022.3Glossary: EBITDA margin／ROCE after Tax
EBITDA marginand EBITDA

EBITDA（￥ bn.）（Earnings Before Interest Taxes Depreciation and Amortization）

Indicator that shows profitability based on Cash Flow, excluding theimpact of M&A and CAPEX.
This indicator should not be considered in isolation from performanceindicators such as operating income and net income, which are indicators
based on IFRS, and should not be viewed as substitutes for these
indicators. This indicator should be given due consideration whencomparing them with similarly named financial indicators presented byother companies.

EBITDA
margin

16.0%

103.2

2018.3

ROCE after Tax（Return On Capital Employed after Tax ）=NOPAT(Net Operating Profit After Tax)

20.5%

21.2%

174.1

173.6

2020.32021.3

20.4%

16.5%

195.1

121.9

2019.32022.3（Reference）

ROCE after Tax
and NOPAT（￥ bn.）ROCE after Tax

ROCE

6.1%

8.4%

（Interest-bearing debt + Total equity attributable to owners of parent）*

4.5%

4.6%

4.4%

64.6

62.8

（￥ bn.）ROCE and Core OI

4.8%

6.2%

6.4%

6.1%

90.3

87.2

2020.32021.3

6.8%* The average of the amounts at the end of the comparative fiscal year s of the previous and current fiscal years is used.

Indicator based on profitability and investment efficiency
This indicator should not be considered in isolation from performanceindicators such as operating income and net income, which are indicators
based on IFRS, and should not be viewed as substitutes for these
indicators. This indicator should be given due consideration whencomparing them with similarly named financial indicators presented byother companies.

44

43.4

2018.373.0

47.9

2019.32020.3February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

2021.32022.360.0

65.8

2018.32019.3102.7

2022.3

Industrial gas supply systems
Air Separation Gases

Other Gases

Air Separation Unit

On-siteAir

Major supply destination（Sector）

Storage tank for liquid gases
Petrochemical

Steel
Oxygen Nitrogen
N2
O2

RefineryWe’ve established production plants in the vicinity of the customer.
A form of direct connection and constant supply of pipes.

（Large-scale supply）

Supply via pipeline

Refining by-product gas from chemical factories and gas transported overseas

Oxygen
O2

Bulk
CO2

Major supply destination（Sector）

NitrogenN2

Tank truck
Argon
Ar

Automobile

Shipbuilding

Construction
machinery

Pharmaceutical
MedicalManufacturing
Glass/Paper
Food/
beverage

LCP

Photovoltaics

Semiconductor

H2

He

Tank truck

We’ve installed a storage tank for liquefied gas in the customer's
premises. A form of supply according to the method of use of gas.

Supply via Liquid gases form

（ Medium-scale supply）

Supply via Liquid gases form

Packaged
Filling station

Major supply destination（Sector）

Filling station
Flatbed truck

Advanced
medicine

HomecareEngineeringdevelopment

R&D

Sanitation

Flatbed truck

Construction/
Installation

We deliver filling containers (cylinders) to customers.
A form of supply according to the method of use of gas.

Supply via Cylinder45（ Small-scale supply）

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

Supply via CylinderLP
Gas

Thermos products deliver what matters every time.
As the leading manufacturer of convenient insulated product for over 100 years,
Thermos is trusted by consumers to provide innovative portable containers that
promote a safe and healthy lifestyle.
Thermos delivers when it matters.
At Thermos, We carefully choose the best available materials,
and produce products with consistent quality and reliable performance.
We ensure the excellence of our products by testing for quality.

46

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results

For further information, please contact:
Public Relations for media

Investor Relations for investors

Public Relations,Group Human Resources & Corporate Secretariat Office

Investor Relations,Group Finance & Accounting Office

Tel：+81 (0)3-5788-8513
E-mail：Nshd.info@nipponsanso-hd.co.jp

Tel: +81 (0)3-5788-8512
E-mail：Nshd.ir@nipponsanso-hd.co.jp

Upcoming IR events
FYE2023 Full-term Earnings Call
FYE2023 Full-term Earnings Presentation

May 11, 2023
May 19, 2023

www.nipponsanso-hd.co.jp/en/
NIPPON SANSO Holdings Corporation (Ticker:4091.T)
Headquarters：1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan

47

February 2, 2023 | NIPPON SANSO Holdings Supplementary Materials FYE2023 Q3 results© 2023 NIPPON SANSO Holdings Corporation All rights reserved