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.

August 9, 2024

Consolidated Financial Results
for the First Six 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 Semi-annual Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
Holding of financial results presentation meeting:

August 9, 2024
–
Yes
Yes

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

1. Consolidated financial results for the first six months of the fiscal year ending December 31, 2024
(from January 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net sales
Six months ended

Operating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

June 30, 2024

15,673

(4.2)

2,002

(38.5)

2,269(33.2)

1,557(31.5)

June 30, 2023

16,364

6.5

3,253

10.0

3,399

9.3

2,275

8.2

Note: Comprehensive income

Six months ended June 30, 2024:
Six months ended June 30, 2023:
Basic earnings
per share

Six months ended¥3,090 million [(20.4)%]¥3,884 million [14.5%]

Diluted earnings
per share
Yen

Yen

June 30, 2024

151.34–

June 30, 2023

214.94–

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

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

June 30, 2024

38,253

17,44542.6

1,580.19

December 31, 2023

34,00014,87240.9

1,350.69

Reference: Equity

As of June 30, 2024:
As of December 31, 2023:%

Yen¥16,291 million¥13,889 million

2. Dividends
Dividends per shareFirst
quarter-end

Secondquarter-end
Yen

Third
quarter-end
Yen

Fiscal year ended
December 31, 2023

–

0.00

Fiscal year ending
December 31, 2024

–

0.00

Fiscal year-end
Yen

Fiscal year ending
December 31, 2024
(Forecast)

Total

Yen

Yen

–

55.00

55.00

–

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 profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

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) Significant changes in the scope of consolidation during the period: None
(2) Application of special accounting for preparing semi-annual 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 June 30, 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 June 30, 2024
As of December 31, 2023

761,894 shares
788,582 sharesc. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Six months ended June 30, 2024
Six months ended June 30, 2023

10,291,163 shares
10,585,702 shares* Semi-annual financial results reports are exempt from review conducted by certified public accountants oran audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information 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. Overview of operating results and others ................................................................................................. 2(1) Overview of operating results for the first six months .......................................................................... 2(2) Overview of financial position for the first six months ......................................................................... 2(3) Information regarding consolidated earnings forecasts and other forward-looking statements ............ 3
2. Semi-annual consolidated financial statements and significant notes thereto .......................................... 4(1) Consolidated balance sheet.................................................................................................................... 4(2) Consolidated statement of income and consolidated statement of comprehensive income................... 6
Consolidated statement of income ......................................................................................................... 6
Consolidated statement of comprehensive income ................................................................................ 7(3) Consolidated statement of cash flows.................................................................................................... 8(4) Notes to semi-annual consolidated financial statements ....................................................................... 9
Notes on premise of going concern ....................................................................................................... 9
Notes on substantial changes in the amount of shareholders’ equity ..................................................... 9
Notes on segment information, etc. ....................................................................................................... 9
Significant subsequent events ................................................................................................................ 9-1-

1. Overview of operating results and others(1) Overview of operating results for the first six months
In the first six months of the fiscal year ending December 31, 2024, the Japanese economy showed amoderate recovery trend, partly due to the expansion of inbound tourism demand. However, given aseries of price hikes, stagnant real wages, prolonged unstable global situation and trends in exchange andinterest rates, the future outlook remains uncertain.
Under such business conditions, in the first six months under review, net sales was ¥15,673 million, down
¥691 million or 4.2% year on year, operating profit was ¥2,002 million, down ¥1,251 million or 38.5%
year on year, ordinary profit was ¥2,269 million, down ¥1,129 million or 33.2% year on year, and profit
attributable to owners of parent was ¥1,557 million, down ¥717 million or 31.5% 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 agrochemical field in Japan, sales were favorable for insecticides in the green agrochemicals,
which is the Company’s focus, such as the acaricides Suffoil and Acaritouch, and insecticide Tomonol.
On the other hand, sales of insecticide Oncol and acaricide Cyflumetofen declined year on year. In theoverseas markets, sales of the fungicides Gatten and Kaligreen continued to be favorable. Sales of theinsecticide Oncol also increased year on year. However, sales of the acaricide Cyflumetofen being
affected by a delay in shipment timing resulted in a decrease of net sales year on year. As a result, net
sales in the agrichemicals field amounted to ¥6,078 million, down ¥1,600 million or 20.8% 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 were favorable, and sales to North and South America by Blue
Wave Holding B.V., a subsidiary in the Netherlands, also grew. Domestic subsidiaries Asahi Chemical
Manufacturing Co., Ltd. which manufactures biostimulant products and manufactures and sells fertilizers,
and Inplanta Innovations Inc., which conducts contract research on plants, including genome editing andgenetic analysis, also posted favorable sales year on year. As a result, net sales in the fertilizer andbiostimulant field and other fields increased by ¥908 million, or 10.4% year on year, to ¥9,595 million.
As set forth in the “New Mid-Term Business Plan [2024-2026]” announced in February 2024, we position
the next three years as a period of transformation for us, and our mission is to solve the problems facing
global agriculture and the environment that surrounds it. We will focus on sales of the green
agrochemicals, which are protection materials with low environmental impact, and further expand our
product lineup. We are also focusing on developing and expanding sales of biostimulants to achieve
stable yields even in harsh environments such as the recent heat wave. These policies are in line with the
future of agriculture, which will realize a stable supply of food while giving due consideration to theenvironment, as formulated by the Ministry of Agriculture, Forestry and Fisheries in its “Strategy for
Sustainable Food Systems.” The Group will continue to invest aggressively in R&D for the developmentof global agriculture, aiming to realize our ideal vision for 2030, along with the pillars of green
agrochemicals, biostimulants, fertilizers & drip fertigation technology, organic hydroponics, and smart
agriculture.
(2) Overview of financial position for the first six months
a. Position of assets, liabilities, and net assets
Total assets as of June 30, 2024, was ¥38,253 million, an increase of ¥4,253 million compared to
December 31, 2023. This was mainly the result of increases of 443 million in cash and deposits,¥2,312 million in accounts receivable - trade, ¥133 million in raw materials and supplies, ¥1,027
million in work in process, and ¥188 million in goodwill due to the impact of foreign currencytranslation.
Total liabilities was ¥20,808 million, an increase of ¥1,681 million compared to December 31, 2023.
This was mainly the result of increases of ¥631 million in short-term borrowings, ¥1,217 million innotes and accounts payable - trade, a decrease of ¥36 million in income taxes payable, and an increaseof ¥84 million in long-term borrowings.

-2-

Net assets was ¥17,445 million, an increase of ¥2,572 million compared to December 31, 2023. Thiswas mainly the result of the recording of ¥1,557 million in profit attributable to owners of parent,¥565 million in payment of dividends of surplus, and an increase of ¥1,327 million in foreign
currency translation adjustment.
b. Cash flows
Cash and cash equivalents as of June 30, 2024, was ¥4,070 million, an increase of ¥354 million
compared to December 31, 2023.
Net cash provided by operating activities was ¥954 million (¥676 million was provided in the same
period of the previous fiscal year). The main sources of cash were profit before income taxes of¥2,269 million, depreciation of ¥556 million, amortization of goodwill of ¥366 million, and anincrease in trade payables of ¥1,078 million. The main uses of cash were an increase in tradereceivables of ¥1,968 million, and an increase in inventories of ¥254 million.
Net cash used in investing activities was ¥580 million (¥226 million was used in the same period of
the previous fiscal year). The main uses of cash were purchase of property, plant and equipment of¥327 million and purchase of intangible assets of ¥28 million.
Net cash used in financing activities was ¥62 million (¥642 million was provided in the same periodof the previous fiscal year). The main sources of cash were an increase in short-term borrowings of¥1,847 million and proceeds from long-term borrowings of ¥1,029 million. The main uses of cash
were repayments of long-term borrowings of ¥2,296 million, dividends paid of ¥565 million, andrepayments of lease liabilities of ¥97 million.
(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 on May 10, 2024.

-3-

2. Semi-annual 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
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
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-4-

As of June 30, 2024

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

4,499
579
35
9,049
25
2,621
2,640
2,465
1,258
(130)
23,045

3,979

4,281

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

6,103
194
2,818
432
9,549
1,376
15,20838,253

2,189
9,949
617
572
38
26
166
1,674
15,233

3,407
10,580
439
536
38
29
290
1,452
16,773

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

2,439
232
999
364
4,035
20,808(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-5-

As of June 30, 2024

461
2,425
9,918
(973)
11,832461
2,417
10,910(940)
12,849

130
1,934
(8)
2,056
983
14,872
34,000

180
3,262
(0)
3,442
1,153
17,44538,253

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)Six months ended
June 30, 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
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
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Impairment losses
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-6-

Six months ended
June 30, 2024

16,364
8,186
8,178
4,924
3,253

15,673
8,152
7,520
5,518
2,002

15
230
3

19
298
3

11

18

11
271

20
359

95
30
125
3,399

88
4
92
2,269

0
–
0

0
0
0

0
0
0
0
3,399
1,139
(66)
1,073
2,326
51
2,275

0
–
–
0
2,269
759
(99)
660
1,608
51
1,557

Consolidated statement of comprehensive income(Millions of yen)Six months ended
June 30, 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-7-

Six months ended
June 30, 2024

2,326

1,608

39
1,515
1
1,557
3,884

49
1,422
9
1,481
3,090

3,735

2,942

148

147

(3) Consolidated statement of cash flows(Millions of yen)Six months ended
June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in refund liability
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Share-based payment expenses
Foreign exchange losses (gains)
Insurance claim income
Loss (gain) on sale and retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from insurance income
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sale of property, plant and equipment
and intangible assets
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Proceeds from long-term borrowings
Repayments of lease liabilities
Proceeds from issuance of shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-8-

Six months ended
June 30, 2024

3,399
456
327
0
(0)
(0)
133
0
(19)
95
19
(85)
(0)
(0)
(2,870)
(915)
1,132
(125)
1,545
14
(101)
0
(782)
676

2,269
556
366
–
4
(38)
122
(0)
(23)
88
25
93
(0)
0
(1,968)
(254)
1,078
(681)
1,638
24
(94)
0
(615)
954

(3)
–

(136)
63

0

0

(197)
(34)
(0)
–
–
8
(226)

(327)
(28)
(24)
48
(24)
(151)
(580)

1,880
(669)
–
(83)
–
(474)
(19)
10
642

1,847
(2,296)
1,029
(97)
41
(565)
(21)
(0)
(62)

265

43

1,358
3,371
4,729

354
3,716
4,070

(4) Notes to semi-annual 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.
Notes on 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.

-9-