November 8, 2022

Summary of Consolidated Financial and Business Results
for the Second Quarter of the Year Ending March 2023
Oji Holdings Corporation(Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Hiroyuki Isono, President & Chief Executive Officer
Akio Hasebe, Director of the Board, Executive Officer
03-3563-1111+81-3-3563-1111(overseas)

Company Name:
URL:
Representative:
Contact:
Telephone:(All yen figures are rounded down to the nearest one million yen)

1. Results for the Second Quarter of the Year Ending March 31, 2023 (April 1, 2022 - September 30, 2022)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales
Millions of yen

First Half of FY2022
First Half of FY2021
Note: Comprehensive income

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

837,50218.2

40,395(36.6)

60,232(12.5)

37,927(16.8)

708,529

8.6

63,681

117.3

68,835211.545,582343.0

First Half of FY2022
First Half of FY2021

109,971 million yen
72,934 million yen

Profit per share

Diluted profit per
share

Yen

Yen

First Half of FY2022

38.28

38.26

First Half of FY2021

46.02

46.00

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,277,412

978,31541.8

960.90875,47041.4

859.29(2) Consolidated Financial Condition

First Half of FY2022
Year ended March 2022

2,053,752

Note: Shareholders' equity

First Half of FY2022
FY2021

952,418 million yen
851,232 million yen

2. Cash Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

Annual

Yen

Yen

Yen

Yen

Yen

FY2021

－

7.00

－

7.00

14.00

FY2022

－

8.00
－

8.00

16.00

FY2022 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2023 (April 1, 2022 - March 31, 2023)(Figures shown in percentage are ratios compared to the previous year)

Net sales
Millions of yen

Full year

1,800,000

Operating profit% Millions of yen

22.4

Note : Change in consolidated forecasts … Yes

105,000

Profit attributable toowners of parent

Ordinary profit% Millions of yen(12.6)

110,000% Millions of yen(18.6)

70,000

Profit per share%(20.0)

Yen

70.66

4. Notes(1) Changes in important subsidiaries(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) : None
(2) Application of simple accounting methods and quarterly peculiar accounting methods : None
(3) Changes in accounting methods compared with recent consolidated accounting periods(i) Changes due to accounting standard changes :None(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(4) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (including treasury shares)
1,014,381,817
First Half of FY2022
FY2021(ii) Outstanding balance of treasury shares at the end of fiscal year
First Half of FY2022
23,203,508
FY2021(iii) Weighted average number of shares during fiscal year
First Half of FY2022
990,795,483
First Half of FY2021

1,014,381,817
23,764,570
990,430,547

NOTICE・This document is exempt from audit procedures required by Financial Instruments and Exchange Act.
・The statements regarding future mentioned in this document are based on the information currently available and thepremisedeemed reasonable. The actual results may differ drastically from these forecasts due to various factors that may arise in the future.
・This document is an excerpt translation of the Japanese original and is only for reference purposes. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail.

1. Qualitative Information Concerning Business Performance
Business Performance for the First Half of FY2022
Net Sales
Billions of yen

Operating Profit

Ordinary Profit

Billions of yen

Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per ShareYen

1st Half of FY2022

837.5

40.4

60.2

37.9

38.28

1st Half of FY2021

708.5

63.7

68.8

45.6

46.02

Increase (Decrease)

129.0(23.3)

(8.6)

(7.7)

Increase (Decrease)

18.2%(36.6%)(12.5%)(16.8%)In its FY2022-2024 Medium-term Management Plan, the Oji Group has set "Growth to Evolution", which is long-term vision
for 2030, as the basic policy, and is promoting "Initiatives for Environmental Issues -Sustainability-", "Initiatives for
Profitability Improvement -Profitability-" and "Initiatives for Product Development -Green Innovation-" to achieve theconsolidated operating profit of ¥150.0 billion or more by FY2024 and stably maintain consolidated profit attributable toowners of parent of ¥100.0 billion or more.
Based on this basic policy, we will continue our efforts on environmental issues by promoting greenhouse gas reduction andexpanding net CO2 absorption by forests, as countermeasures against climate change. At the same time, we will enhance thevalue of our business by deepening the existing businesses through the establishment of an optimal production system, andexpanding the highly-expected businesses including overseas packaging business and eco-friendly products. Furthermore, wewill develop and quickly commercialize new wood-derived products and materials such as eco-friendly materials and products,
based on a range of core technologies we have cultivated through paper manufacturing and forestation. We will continue tocontribute to society as a company that "grows and manages the sustainable forest, develops and delivers the products fromrenewable forest and brings this world a brighter future filled with hope”.
Consolidated net sales for the first half of FY2022 increased by ¥129.0 billion to ¥837.5 billion (year-on-year increase of
18.2%) due to a recovery in demand, resulting from the resumption of economic activities that had been stagnant due to the
spread of COVID-19, a rise in the pulp market , and the implementation of price revision in response to the impact of the recent
sharp rise in raw material and fuel prices. Overseas sales ratio increased by 6.1 points from the previous year to 38.5%.
Consolidated operating profit decreased by ¥23.3 billion to ¥40.4 billion (year-on-year decrease of 36.6%) due to the significant
impact of higher raw material and fuel prices in spite of the price revision mentioned above and an increase in sales volume.
Ordinary profit decreased by ¥8.6 billion to ¥60.2 billion (year-on-year decrease of 12.5%) despite foreign exchange gains fromrevaluation of foreign currency-denominated receivables and payables. Profit before taxes decreased by ¥10.3 billion to ¥57.5
billion (year-on-year decrease of 15.2%), and profit attributable to owners of parent decreased by ¥7.7 billion to ¥37.9 billion(year-on-year decrease of 16.8%) .

1/9

Business Performance for the First Half of FY2022 by Segment(I) Business Performance by Segment(Unit: Billions of yen)

1st Half of
FY2021
ReportingSegment

Net Sales
1st Half of
FY2022

Increase(Decrease)

Operating Profit（Loss）
1st Half of
1st Half ofIncrease
FY2021
FY2022(Decrease)

Household &Industrial Materials

342.6

389.8

13.8%

18.1

1.1

(94.1%)

Functional Materials

91.4

107.6

17.7%

7.2

7.2

(0.6%)

144.3

204.0

41.4%

23.6

29.3

24.1%

117.6

134.2

14.1%

10.8

(0.2)

-

695.8

835.5

20.1%

59.7

37.3

(37.5%)

Others

142.4

159.5

12.0%

4.3

4.3

-

Total

838.2

995.1

18.7%

64.0

41.6

(35.0%)

Adjustment (*)(129.7)(157.6)

(0.3)

(1.2)

Consolidated total

708.5

837.5

63.7

40.4

Forest Resources &Environment Marketing
Printing &Communications Media
Total

18.2%

(36.6%)*Adjustment is mainly those concerning internal transactions.
(II) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest Resources
and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment consists of those thatare recognized to be similar in terms of economic characteristics, manufacturing methods or processes of products, markets inwhich products are sold, and types of customers, among the constituent units of the Oji Group.
Business segments that are not included in the reporting segments are classified as "Others".
From the first half of FY2022, some businesses that had been classified under "Household and Industrial Materials" and"Others" have been reclassified under "Forest Resources and Environment Marketing". Year-on-year comparisons are madewith figures for the previous year after reclassification into the new segment classifications.

Major business lineup for the segments are as follows.
- Household and Industrial Materials:
Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, household paper, disposable diapers, etc.
- Functional Materials:
Specialty paper, thermal paper, adhesive materials, film, etc.
- Forest Resources and Environment Marketing:Pulp, energy, forest plantation/lumber processing, etc.
- Printing and Communications Media:
Newsprint, printing/publication/communication paper, etc.
- Others:
Real estate, engineering, trading business, logistics, etc.

2/9

○Household and Industrial Materials
In the first half of FY2022, net sales amounted to ¥389.8 billion (year-on-year increase of 13.8%), and operating profit was ¥1.1 billion (year-on-year decrease of 94.1%).
Regarding domestic business, sales amount increased from the previous year due to the implementation of price revision in
addition to the overall recovery in demand for many products such as containerboard, corrugated containers and boxboard. As
for disposable diapers, sales amount decreased from the previous year. As for household paper, sales amount remained stablefrom the previous year.
Regarding overseas business, sales amount increased from the previous year due to the strong sales and the penetration ofprice increases of containerboard and corrugated containers mainly in Southeast Asia and India, in addition to the start ofoperation of a new containerboard machine in Malaysia in October 2021.

○Functional Materials
In the first half of FY2022, net sales amounted to ¥107.6 billion (year-on-year increase of 17.7%), and operating profit was ¥7.2 billion (year-on-year decrease of 0.6%).
Regarding domestic business, sales amount increased from the previous year. A recovery trend in demand for thermal paper,
which had declined due to the spread of COVID-19, and the implementation of price revision resulted in an increase in theoverall sales, although sales amount of specialty papers decreased from the previous year.
Regarding overseas business, sales amount of thermal paper increased from the previous year due to the recovery trend indemand similarly in the domestic market, as well as the completion of enhancement and expansion work in Brazil, whichstarted operation in January 2022.

○Forest Resources and Environment Marketing
In the first half of FY2022, net sales amounted to ¥204.0 billion (year-on-year increase of 41.4%), and operating profit was ¥29.3 billion (year-on-year increase of 24.1%).
Regarding domestic business, sales amount of pulp business increased from in the previous year due to a rise in the pulp
market. Energy business remained steady as in the previous year.
Regarding overseas business, sales amount of pulp business increased from the previous year due to a rise in the pulp market
in addition to the strong sales.

○Printing and Communications MediaIn the first half of FY2022, net sales amounted to ¥134.2 billion (year-on-year increase of 14.1%), and operating loss was ¥0.2 billion (year-on-year decrease of ¥11.0 billion).
Regarding domestic business, sales amount increased from the previous year. While demand for newsprint continued to
decline, demand for printing paper increased for domestic products due to a decline in imported paper. In addition, the pricerevision has also been implemented.
Regarding overseas business, sales amount increased from the previous year at Jiangsu Oji Paper Co., Ltd..

3/9

FY2022 Forecast and Future Outlook
The forecasts for FY2022 (April 1, 2022 – March 31, 2023) have been revised from that announced in the Summary ofConsolidated Financial and Business Results on August 2, 2022 as follows.
Net sales

Operating profit

Billions of yen

Profit attributableto owners of parent

Ordinary profit

Billions of yen

Billions of yen

Billions of yen

Profit per share
Yen

Previous Forecast [A]

1,700.0

105.0

110.0

70.0

70.66

Revised Forecast [B]

1,800.0

105.0

110.0

70.0

70.66

Difference [B-A]

100.0

-

-

-

Percentage Change (%)

5.9%

-

-

-

(Reference) FY2021(results, cumulative)

1,470.2

120.1

135.1

87.5

4/9

88.35

2. Outline of Business Performance and Financial Situation
Billions of yen

Business PerformanceFirst Half of FY2022

Forecasts for FY2022

Increase(Decrease)from FY2021

Net Sales
Domestic
Overseas

837.5

129.0

514.9

36.0

Increase(Decrease)from FY2021

1800.0

329.8

322.6

93.0

38.5%

6.1%

Operating Profit

40.4(23.3)

105.0(15.1)

Ordinary Profit

60.2

(8.6)

110.0

(25.1)

Profit attributable to owners of parent

37.9

(7.7)

70.0

(17.5)

ratio

Billions of yen
Depreciation

35.2

4.3

72.3

6.4

Capital expenditure

43.9

(8.2)

100.3

(6.2)

Average foreign exchange rate
First Half of FY2022

Forecasts for FY2022

Increase(Decrease)from FY2021

Increase(Decrease)from FY2021

JPY ／ USD April to March

134.0

24.2

142.0

29.6

BRL ／ USD January to December

5.08

(0.3)

5.24

(0.2)

NZD ／ USD January to December

1.51

0.1

1.60

0.2

CNY／ USD January to December

6.48

0.1

6.89

0.4

Financial situation

Billions of yen
Sep 30,2022
Increase(Decrease)from Mar 31,2022

Total assets

2,277.4

223.7

Net assets

978.3

102.8

Interest bearing debts

746.6

96.1

Net debts(Interest bearing debts - Cash and cash equivalents at end of period )

688.1

93.4

Number of employees

personSep 30,2022
Increase(Decrease)from Mar 31,2022

Number of employees

35,961

353

Domestic

16,253(115)

Overseas

19,708468

5/9

3. Consolidated Quarterly Financial Statements and Notes(1)Consolidated quarterly balance sheets(Unit : Millions of yen)

FY2021Mar 31,2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
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
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6/9

First Half /FY2022
Sep 30,2022

44,749324,442
11,074
98,616
20,294106,266
42,140(1,790)645,795

51,093
380,545
7,422
114,746
24,450132,708
49,241(1,918)758,289

196,448
338,946
240,765
351,154
1,127,315

210,271394,298
242,301
364,421
1,211,292

3,472
8,079
11,552

18,9007,789
26,689168,545
101,526(982)
269,089
1,407,956
2,053,752

176,729
105,439(1,027)281,141
1,519,123
2,277,412

(Unit : Millions of yen)

FY2021Mar 31,2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Retirement benefit liability
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-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

7/9

First Half /FY2022
Sep 30,2022

234,650
166,445－
23,993
6,574
101,355
533,020

255,088
200,21174,00013,340
6,643
102,154651,438

155,000
329,0624,623
54,022
102,553645,261
1,178,282

155,000
317,381
6,423
54,814
114,038
647,658
1,299,096

103,880
99,163567,150(13,277)
756,918

103,880
99,162598,022(12,996)
788,069

30,5002,076
5,728
29,593
26,41594,314
157
24,080875,470
2,053,752

35,031(1,530)
5,728
100,108
25,011
164,348
144
25,752
978,315
2,277,412

(2)Consolidated quarterly statements of income and comprehensive income
Consolidated quarterly statements of income(Unit : Millions of yen)First Half /FY2021
Apr '21 - Sep '21
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Employees' salaries
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Provision for loss on litigation
Loss on retirement of non-current assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8/9

First Half /FY2022
Apr '22 - Sep '22

708,529535,957
172,571

837,502670,618
166,884

53,10826,12829,654
108,890
63,681

67,611
27,92630,951
126,489
40,395

388
1,591
5,505
1,450
4,204
13,141595
1,827
19,205816
4,971
27,416

3,407
4,580
7,987
68,835

3,412
4,167
7,580
60,232

397
2
1,328
1,727

369
317
87
774

－
556
2,181
2,737
67,824
18,617651
19,26848,556
2,973
45,582

1,955
769
798
3,524
57,482
14,214
4,309
18,52438,9581,030
37,927

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Half /FY2021
Apr '21 - Sep '21
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests(3)Notes to consolidated quarterly financial statements(Notes related to going concern assumption)
No applicable items(Notes on occurrence of significant changes to shareholders' equity)
No applicable items

9/9First Half /FY2022
Apr '22 - Sep '22

48,556

38,9581,294(1,690)25,044(1,458)
1,188

4,631
(3,615)70,443(1,315)869

24,37772,93471,013109,971

64,0338,900

107,9132,057