Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

May 10, 2024

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending December 31, 2024
<under Japanese GAAP>
Company name:
Listing:
Securities code:
URL:
Representative:
Contact:

OAT Agrio Co., Ltd.
Tokyo Stock Exchange4979
https://www.oat-agrio.co.jp
Hisashi Oka, President CEO
Hiroki Takase, Director (Board Member)
TEL: +81-3-5283-0262

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results presentation meeting:May 10, 2024
–Yes
None

(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated financial results for the first three months of the fiscal year ending December 31, 2024
(from January 1, 2024 to March 31, 2024)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net sales
Three months endedOperating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%March 31, 2024

8,039

(13.6)

894(64.3)

1,044(58.4)

714(58.0)March 31, 2023

9,307

13.3

2,507

42.0

2,511

35.5

1,703

33.5

Note: Comprehensive income

Three months ended March 31, 2024:
Three months ended March 31, 2023:
Basic earnings
per share

Three months ended¥1,443 million [(32.8)%]¥2,148 million[9.2%]

Diluted earnings
per share
YenYenMarch 31, 202469.52–

March 31, 2023

161.15–

Note: The amount of diluted earnings per share is not presented because there are no potential shares.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

36,72715,80740.1

1,431.71

December 31, 2023

34,00014,87240.9

1,350.69

Reference: Equity

As of March 31, 2024:
As of December 31, 2023:%Yen¥14,722 million¥13,889 million

2. Dividends
Dividends per shareFirstquarter-end

Secondquarter-endYen

Fiscal year ended
December 31, 2023–

Fiscal year ending
December 31, 2024

–

Third
quarter-end
Yen

Fiscal year ending
December 31, 2024
(Forecast)Fiscal year-end
Yen

Total

Yen

Yen

0.00

–

55.00

55.00

0.00

–

55.00

55.00

Note: Revisions to the dividends forecasts most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending December 31, 2024
(from January 1, 2024 to December 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
December 31, 2024

Operating profitProfit attributable toowners of parent

Ordinary profit

Basicearnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

29,3001.1

3,150(16.4)

3,000(21.1)

1,920(22.8)

186.71

Note: Revisions to the earnings forecasts most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of special accounting for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies in accordance with changes in accounting standards, etc.: Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
(4) Number of shares issued (common shares)
a. Number of shares issued at the end of the period (including treasury shares)
As of March 31, 2024
As of December 31, 2023

11,072,000 shares
11,072,000 sharesb. Number of treasury shares at the end of the period
As of March 31, 2024
As of December 31, 2023

788,616 shares
788,582 sharesc. Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Three months ended March 31, 2024
Three months ended March 31, 2023

10,283,396 shares
10,573,793 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based oninformation currently available to the Company and on certain assumptions deemed to be reasonable.
Consequently, the statements herein do not constitute assurances regarding the Company’s actual results.
Actual financial and other results may differ substantially from the statements herein due to various factors.

Attached Materials

Index
1. Qualitative information regarding financial results for the first three months .......................................... 2(1) Information regarding operating results ................................................................................................ 2(2) Information regarding financial position ............................................................................................... 2(3) Information regarding consolidated earnings forecasts and other forward-looking statements ............ 22. Quarterly consolidated financial statements and significant notes thereto ............................................... 3(1) Consolidated balance sheet.................................................................................................................... 3(2) Consolidated statement of income and consolidated statement of comprehensive income................... 5
Consolidated statement of income (cumulative) ................................................................................... 5
Consolidated statement of comprehensive income (cumulative) .......................................................... 6(3) Notes to quarterly consolidated financial statements ............................................................................ 7Notes on premise of going concern ....................................................................................................... 7Notes on substantial changes in the amount of shareholders’ equity ..................................................... 7
Segment information, etc. ...................................................................................................................... 7
Significant subsequent events ................................................................................................................ 7-1-1. Qualitative information regarding financial results for the first three months(1) Information regarding operating results
In the first three months of the fiscal year ending December 31, 2024, the Japanese economy continued
to show a moderate recovery due to a steady recovery in inbound tourism demand and firm personal
demand. However, there are still many concerns that must be monitored closely, including unstableexchange rate fluctuations and high raw material and energy prices.
As for overseas economies, the future outlook remains uncertain due to the prolonged situation in Ukraine,
the growing tensions in the Middle East, and other factors. In the United States, the economy remained
strong due to a recovery in personal consumption, but in Europe, the economy was sluggish due to thesignificant impact of continued monetary tightening. In China, the economy also remained sluggish dueto the impact of factors including a real estate market slump and a decline in exports.
Under such business conditions, in the first three months under review, net sales was ¥8,039 million,down ¥1,267 million or 13.6% year on year, operating profit was ¥894 million, down ¥1,612 million or
64.3% year on year, ordinary profit was ¥1,044 million, down ¥1,466 million or 58.4% year on year, andprofit attributable to owners of parent was ¥714 million, down ¥989 million or 58.0% year on year.
The Group has a single business segment, the AgriTechno Business. The operating results by businessfields in this segment are as follows.
In the agrichemicals field in Japan, although sales of insecticide Orion for fruit trees were favorable,sales of the insecticide Oncol, the acaricide Cyflumetofen, and the fungicide Kaligreen declined year onyear. Meanwhile, in the overseas markets, sales of the fungicides Gatten and Kaligreen to North America
were favorable, but factors such as sales of the acaricide Cyflumetofen being affected by a delay inshipment timing resulted in a decrease of net sales year on year. As a result, net sales in the agrichemicals
field amounted to ¥3,301 million, down ¥1,478 million or 30.9% year on year.
In the fertilizer and biostimulant field in Japan, sales for greenhouse fertilizers, drip-fertigation fertilizers
and others fell year on year due to the continuing impact of surplus inventories in the supply chain. In
the overseas markets, sales of Atonik to South Asian countries including India and Pakistan werefavorable, and sales to the Americas by Blue Wave Holding B.V., a subsidiary of the Company, also grew.
As a result, net sales in the fertilizer and biostimulant field and other fields increased by ¥211 million, or4.6% year on year, to ¥4,738 million.
In February 2024, we announced our “New Mid-Term Business Plan [2024-2026]” titled “Aggressive
Investments for Further Growth.” Positioning the next three years as a period of transformation, we will
reaffirm our group-wide commitment to resolving issues in agriculture and accelerate our R&D
investment to realize our ideal vision for 2030.
(2) Information regarding financial position
Total assets as of March 31, 2024, was ¥36,727 million, an increase of ¥2,727 million compared toDecember 31, 2023. This was mainly the result of an increase of ¥1,464 million in accounts receivable trade, a decrease of ¥424 million in merchandise and finished goods, and an increase of ¥1,063 million
in work in process.
Total liabilities was ¥20,920 million, an increase of ¥1,793 million compared to December 31, 2023. Thiswas mainly the result of an increase of ¥1,984 million in notes and accounts payable - trade, decreasesof ¥341 million in short-term borrowings and ¥194 million in income taxes payable, and an increase of¥426 million in long-term borrowings.
Net assets was ¥15,807 million, an increase of ¥934 million compared to December 31, 2023. This was
mainly the result of the recording of ¥714 million in profit attributable to owners of parent, ¥565 million
in payment of dividends of surplus, and an increase of ¥633 million in foreign currency translation
adjustment.
(3) Information regarding consolidated earnings forecasts and other forward-looking statements
There is no change to the consolidated earnings forecasts for the fiscal year ending December 31, 2024
announced in “Consolidated Financial Results for the Fiscal Year Ended December 31, 2023” on
February 13, 2024.

-2-2. Quarterly consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims - operating
Accounts receivable - trade
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
Intangible assets
Goodwill
Software
Customer relation assets
Other
Total intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for compensation for damages
Refund liability
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities-3-

As of March 31, 2024

4,056
638
43
6,736
3,265
1,613
2,332
1,056
(156)
19,586

4,288
699
34
8,201
2,840
2,677
2,313
991
(138)
21,908

3,979

4,173

5,915
209
2,694
411
9,230
1,204
14,41434,000

5,963
205
2,734
424
9,328
1,317
14,81936,727

2,189
9,949
617
572
38
26
1661,674
15,233

4,174
9,607
599
377
145
27
229
1,414
16,576

2,355
233
948
357
3,893
19,127

2,781
235
945
382
4,344
20,920(Millions of yen)
As of December 31, 2023
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
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-4-

As of March 31, 2024

461
2,425
9,918(973)
11,832461
2,440
10,068(973)
11,997130
1,934(8)2,056
983
14,872
34,000163
2,568(6)
2,725
1,084
15,80736,727

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)Three months ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Dividend income
Insurance fee income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
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-5-

Three months ended
March 31, 2024

9,307
4,405
4,902
2,395
2,507

8,039
4,392
3,646
2,752
894

7
29
30

9
158
3–

914

2
52

7
193

41
7
48
2,511

42
1
44
1,044

–
–

00

0
0
0
2,511
775
(6)
769
1,742
38
1,703

–
–
–
1,044
402
(90)
312
732
17714

Consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-6-

Three months ended
March 31, 2024

1,742

732

23381
1406
2,148

32
675
2710
1,443

2,082

1,383

6659

(3) Notes to quarterly consolidated financial statements
Notes on premise of going concern
No items to report.
Notes on substantial changes in the amount of shareholders’ equity
No items to report.
Segment information, etc.
[Segment information]
As the Group consists of a single business segment, the AgriTechno Business, this information isomitted.
Significant subsequent events
No items to report.

-7-