August 7, 2023

Summary of Consolidated Financial and Business Results
for the First Quarter of the Year Ending March 2024
（Japanese GAAP）
Oji Holdings Corporation(Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Hiroyuki Isono, President & Chief Executive Officer
Tadashi Oshima, Corporate 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 First Quarter of the Year Ending March 31, 2024 (April 1, 2023 - June 30, 2023)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales

Operating profit

Millions of yen

First Quarter of FY2023
First Quarter of FY2022
Note: Comprehensive income% Millions of yen

420,3175.3

399,177

16.5

First Quarter of FY2023

Profit attributable toowners of parent

Ordinary profit% Millions of yen

21,77539.8

15,578(44.5)

28,748 million yen% Millions of yen

28,949(12.3)

32,992(4.6)

First Quarter of FY2022%

17,599(24.4)

23,28513.0

54,644 million yen

Profit per share

Diluted profit per share

Yen

Yen

First Quarter of FY2023

17.76

17.75

First Quarter of FY2022

23.51

23.50

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,318,786

987,96341.4

967.8240.8

945.27(2) Consolidated Financial Condition

First Quarter of FY2023
Year ended March 2023

2,296,018

Note: Shareholders' equity

964,564First Quarter of FY2023

959,328 million yen

FY2022936,949 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

FY2022

－

8.00

－

8.00

16.00

FY2023

－
8.00

－

8.00

16.00

FY2023 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2024 (April 1, 2023 - March 31, 2024)(Figures shown in percentage for the full year are ratios compared to the previous year,
Figures shown in percentage for the first half are ratios compared to the same period of the previous year)

Net sales

Operating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit%

Millions of yen% Millions of yen

Profit per share%

YenFirst half

860,000

2.7

45,00011.4

43,000(28.6)

28,000(26.2)

28.25

Full year

1,800,000

5.5

100,000

17.9

100,000

5.3

65,000

15.1

65.58

Note : Change in consolidated forecasts … None

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 Quarter of FY2023
FY2022(ii) Outstanding balance of treasury shares at the end of fiscal year
First Quarter of FY2023
23,160,293
FY2022(iii) Weighted average number of shares during fiscal year
First Quarter of FY2023
991,212,039
First Quarter of FY2022

1,014,381,817
23,179,622
990,616,209

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 the premisedeemed 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 Quarter of FY2023 (April 1, 2023 - June 30, 2023)
Net Sales

Operating Profit

Billions of yen

1st Quarter of
FY2023
1st Quarter of
FY2022

Ordinary Profit

Billions of yen

Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per Share
Yen

420.3

21.8

28.9

17.6

17.76

399.2

15.6

33.0

23.3

23.51

Increase (Decrease)

21.1

6.2

(4.0)

(5.7)

Increase (Decrease)

5.3%

39.8%

(12.3%)(24.4%)The Oji Group has set the basic policy of "Toward Further Growth and Evolution" as the Long-term Vision for 2030, and is
promoting "Initiatives for Environmental Issues -Sustainability-", "Initiatives for Profitability Improvement -Profitability-" and"Initiatives for Product Development -Green Innovation-". As the milestones of the Long-term vision, we have set FY2022-2024
Medium-term Management Plan, which aims to achieve the consolidated operating profit of ¥150.0 billion or more by FY2024
and stably maintain consolidated profit attributable to owners of parent of ¥100.0 billion or more.
Specifically, we will continue our efforts on environmental issues by promoting greenhouse gas reduction and expanding net
CO2 absorption by forests, as countermeasures against climate change. At the same time, we will enhance the value of ourbusiness by deepening the existing businesses through the establishment of an optimal production system, and expanding thehighly-expected businesses including overseas packaging business and eco-friendly products. Furthermore, we will develop andquickly commercialize new wood-derived products and materials such as eco-friendly materials and products, based on a rangeof core technologies we have cultivated through paper manufacturing and forestation. We will continue to contribute to society
as a company that "grows and manages the sustainable forest, develops and delivers the products from renewable forest andbrings this world a brighter future filled with hope".
Consolidated net sales for the first quarter of FY2023 increased by ¥21.1 billion to ¥420.3 billion (year-on-year increase of
5.3%) due to the price revision exercise in response to the rise in raw material and fuel prices.
Consolidated operating profit increased by ¥6.2 billion to ¥21.8 billion (year-on-year increase of 39.8%) due to the pricerevision and cost reduction exercise. Ordinary profit decreased by ¥4.0 billion to ¥28.9 billion (year-on-year decrease of
12.3%)due to a decrease in foreign exchange gains from revaluation of foreign currency-denominated receivables and payables.
Profit before taxes decreased by ¥5.1 billion to ¥27.9 billion (year-on-year decrease of 15.6%), and profit attributable to ownersof parent decreased by ¥5.7 billion to ¥17.6 billion (year-on-year decrease of 24.4%) .
Overseas sales ratio decreased by 3.3 points from the previous year to 33.6%.

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Overview of Business Performance for the First Quarter of FY2023 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net Sales

1st Quarter of
FY2022
ReportingSegment

Operating Profit（Loss）

1st Quarter of
FY2023

Increase(Decrease)

1st Quarter of
FY2022

1st Quarter of
FY2023

Increase(Decrease)

Household &Industrial Materials

187.1

197.6

5.6%

(0.3)

1.0

-

Functional Materials

52.5

55.4

5.7%

3.7

2.7

(28.7%)

93.5

91.6

(2.0%)

13.1

14.3

9.2%

63.7

74.3

16.7%

(1.6)

2.0

-

396.8

418.9

5.6%

15.0

20.0

33.6%

79.2

78.2

(1.2%)

2.1

2.1(0.8%)

4.5%

29.4%

Forest Resources &Environment Marketing
Printing &Communications Media
Total
Others
Total

476.0

497.2

Adjustment (*)(76.8)(76.9)

Consolidated total

399.2

420.3

5.3%

17.0

22.0

(1.4)

(0.2)

15.6

21.8

39.8%

*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 units 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 into "Forest Resources and Environment Marketing". Year-on-year comparisons are made withthe previous year figures under the reclassified segments.

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:
Trading business, logistics, engineering, real estate etc.

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○Household and Industrial Materials
In the first quarter of FY2023, net sales amounted to ¥197.6 billion (year-on-year increase of 5.6%), and operating profit was¥1.0 billion (year-on-year increase of ¥1.3 billion).
Regarding domestic business, although sales volumes of containerboard, corrugated container, packing paper, and household
paper decreased from the previous year due to consumption restraint caused by inflation, net sales increased as a result of theprice revision exercise. As for disposable diapers, net sales almost remained unchanged from the previous year.
Regarding overseas business, in line with our strategy to further expand business in Southeast Asia and Oceania, the sales
volume of containerboard in Southeast Asia increased due to improved operating rate of the new containerboard machine
started in October 2021, and sales volume of corrugated container also increased in Australia. On the other hand, net sales
decreased from the previous year due to sluggish demand for corrugated container mainly in Malaysia and deteriorating
market conditions for containerboard in Oceania.

○Functional Materials
In the first quarter of FY2023, net sales amounted to ¥55.4 billion (year-on-year increase of 5.7%), and operating profit was ¥2.7 billion (year-on-year decrease of 28.7%).
Regarding domestic business, sales volume of specialty paper decreased from the previous year due to decrease in release
paper and its base paper in response to sluggish demand for electronic devices, despite increase in strategic products such as
interleaving paper for glass and heat-sealable paper for major online retailers. On the other hand, net sales increased due tothe price revision exercise. As for thermal paper, both sales volume and net sales decreased from the previous year as demand
declined from the second half of FY2022 in reaction to customers’ inventory buildup in the first half of FY2022 due to theglobal logistics turmoil.
Regarding overseas business, sales volume of thermal paper decreased from the previous year due to inventory reduction
caused by rising interest rates, but net sales increased due to the price revision exercise.

○Forest Resources and Environment Marketing
In the first quarter of FY2023, net sales amounted to ¥91.6 billion (year-on-year decrease of 2.0%), and operating profit was ¥14.3 billion (year-on-year increase of 9.2%).
Regarding domestic business, net sales of pulp business almost remained unchanged from the previous year. Net sales ofenergy business increased compared to the previous year due to the start of operation of a new biomass power plant inTokushima Prefecture from December 2022 as a part of investment in growing areas towards decarbonization.
Regarding overseas business, net sales of pulp business and lumber business decreased from the previous year as Pan Pac
Forest Products Ltd. in New Zealand was damaged by a cyclone in February 2023 and its manufacturing facilities are still
under restoration.

○Printing and Communications MediaIn the first quarter of FY2023, net sales amounted to ¥74.3 billion (year-on-year increase of 16.7%), and operating profit was¥2.0 billion (year-on-year increase of ¥3.6 billion).
Regarding domestic business, net sales of newsprint, printing and communication paper increased from the previous year due
to the price revision exercise, although demand continued to decline.
Regarding overseas business, net sales at Jiangsu Oji Paper Co., Ltd., increased from the previous year as prices improved
due to a recovery in economic activity with the end of the Zero-COVID policy, despite a decline in sales volume.

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

FY2022
Mar 31,2023
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

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First Quarter /FY2023Jun 30,2023

50,774377,368
6,299
117,473
23,510140,337
74,696(1,791)
788,670

66,891
358,4635,880
122,504
27,999142,526
66,355(2,223)
788,397

216,045
407,869
242,287
342,0311,208,234

219,274
410,330
242,672
349,843
1,222,120

11,868
14,11925,98815,191
14,001
29,193

180,067
95,029(1,972)
273,124
1,507,347
2,296,018

185,420
95,679(2,024)
279,075
1,530,389
2,318,786

(Unit : Millions of yen)

FY2022
Mar 31,2023
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

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First Quarter /FY2023Jun 30,2023

251,176
226,739
86,00016,643
7,337
99,174
687,070

243,024
225,101
87,000
10,665
7,696
99,497
672,985

155,000
320,599
6,344
53,537
108,900
644,383
1,331,453

155,000
330,220
6,281
53,927
112,407657,838
1,330,823

103,880
85,892607,593(12,949)
784,418

103,880
85,892619,991(12,938)
796,826

41,573474
5,716
85,253
19,514
152,531134
27,480964,564
2,296,018

47,650197
5,716
89,90519,032
162,501130
28,504
987,9632,318,786

(2)Consolidated quarterly statements of income and comprehensive income
Consolidated quarterly statements of income(Unit : Millions of yen)First Quarter /FY2022
Apr '22 - Jun '22
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
Other
Total extraordinary income
Extraordinary losses
Loss on disaster
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

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First Quarter /FY2023
Apr '23 - Jun '23

399,177
321,969
77,207420,317334,748
85,56831,105
13,726
16,796
61,62815,57831,351
14,787
17,653
63,792
21,775323
1,428
15,322555
3,415
21,044

526
1,625
8,358
900
1,081
12,492

1,816
1,814
3,630
32,992

1,777
3,541
5,319
28,949

352
165
517

1,080
293
1,374

18
473
491
33,018
8,163
1,003
9,166
23,851566
23,285

1,664
781
2,445
27,877
8,720
738
9,459
18,418818
17,599

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Quarter /FY2022
Apr '22 - Jun '22
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

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First Quarter /FY2023
Apr '23 - Jun '23

23,851

18,4182,098(1,980)30,996
(655)
332

5,589
(277)
5,003
(393)
408

30,79254,644

10,33028,74853,820824

27,712
1,035