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.

November 8, 2023

Consolidated Financial Results
for the First Nine Months of the Fiscal Year Ending December 31, 2023
<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:

November 8, 2023
–
None
None

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

1. Consolidated financial results for the first nine months of the fiscal year ending December 31, 2023
(from January 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net salesNine months ended

Operating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

September 30, 2023

22,280

6.6

3,648

12.1

3,857

11.3

2,526

10.5

September 30, 2022

20,892

19.7

3,255

58.0

3,465

67.4

2,285

62.1

Note: Comprehensive income

Nine months ended September 30, 2023:
Nine months ended September 30, 2022:
Basic earnings
per share

Nine months ended¥4,223 million¥3,594 million

Diluted earnings
per share
YenYenSeptember 30, 2023

238.80–

September 30, 2022

216.48–

Note: Diluted earnings per share is not presented because there are no potential shares.

[17.5%][–%]

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

September 30, 2023

35,682

15,40940.3

1,373.35

December 31, 2022

31,00911,94935.6

1,043.37

Reference: Equity

As of September 30, 2023:
As of December 31, 2022:%Yen¥14,375 million¥11,032 million

2. Dividends
Dividends per shareFirstquarter-end

Secondquarter-end
Yen

Thirdquarter-end
Yen

Fiscal year-end
Yen

Fiscal year ended
December 31, 2022

–

0.00

–

Fiscal year ending
December 31, 2023

–

0.00

–

Total

Yen

Fiscal year ending
December 31, 2023
(Forecast)

Yen

45.00

45.00

55.00

55.00

Note: Revisions to the dividends forecasts most recently announced: Yes

3. Consolidated earnings forecasts for the fiscal year ending December 31, 2023
(from January 1, 2023 to December 31, 2023)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
December 31, 2023

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings
per share

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

Yen

28,500

5.7

4,000

19.5

4,050

19.6

2,650

17.2

250.62

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 September 30, 2023
As of December 31, 2022

11,072,000 shares
11,072,000 sharesb. Number of treasury shares at the end of the periodAs of September 30, 2023
As of December 31, 2022

604,582 shares
498,207 sharesc. Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Nine months ended September 30, 2023
Nine months ended September 30, 2022

10,580,937 shares
10,559,381 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 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. Qualitative information regarding financial results for the first nine 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 ............ 3
2. Quarterly consolidated financial statements and significant notes thereto ............................................... 4(1) Consolidated balance sheet.................................................................................................................... 4(2) Consolidated statement of income and consolidated statement of comprehensive income................... 6Consolidated statement of income (cumulative) ................................................................................... 6
Consolidated statement of comprehensive income (cumulative) .......................................................... 7(3) Notes to quarterly consolidated financial statements ............................................................................ 8Notes on premise of going concern ....................................................................................................... 8Notes on substantial changes in the amount of shareholders’ equity ..................................................... 8Segment information, etc. ...................................................................................................................... 8-1-

1. Qualitative information regarding financial results for the first nine months(1) Information regarding operating results
In the first nine months of the fiscal year ending December 31, 2023, the Japanese economy was showing
deterioration in some areas from the perspective of economic activity due to the effect of persistently
high energy costs and economic stagnation in Europe and North America despite social activities
returning to normal following the reclassification of the novel coronavirus disease (COVID-19). The
prolonged situation in Ukraine, the continuing rise in prices, abnormal weather, and other factors areproviding continuing uncertainty concerning the future outlook.
Under such business conditions, OAT Agrio Group (the “Group”), while gaining beneficial impact on
operating results from yen depreciation, continued initiatives for the entire Group aimed at realizing thevarious targets set forth in the “New Mid-Term Business Plan [2023-2025],” which was announced inFebruary 2023. In addition, believing the most important management task is to strive for future mediumto long-term enhancement of corporate value and improvement of shareholder profit, the Group has been
focusing its efforts on investment and research and development in businesses that use management
resources to create new added value, while invigorating organizations and its personnel. And in line withthis view, as announced in September 27, 2023, the Company resolved at the Board of Directors meeting
to choose to be listed in the Standard Market on the Tokyo Stock Exchange. The Group maintains amanagement philosophy of “We contribute to the people in the world with our agritechnology andsincerity.” We will enhance our corporate value through the pursuit of agritechnology, while also
continuing to take on the challenge of providing all people with “the joy of cultivating,” “the emotion ofwatching,” and “the contentment of eating.”
As a result, in the first nine months under review, net sales was ¥22,280 million, up ¥1,388 million or
6.6% year on year, selling, general and administrative expenses was ¥7,295 million, up ¥552 million or
8.2% year on year, operating profit was ¥3,648 million, up ¥392 million or 12.1% year on year, ordinary
profit was ¥3,857 million, up ¥391 million or 11.3% year on year, and profit attributable to owners ofparent was ¥2,526 million, up ¥240 million or 10.5% year on year.
Net sales and operating profit of the Group tend to be higher in the first and second quarters of the fiscal
year compared with the other two quarters because they are the periods for deliveries in preparation forpeak demand seasons, particularly with respect to the domestic agrichemicals business.
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, the Group maintained favorable sales results for the Company’s
mainstay insecticides Orion and Oncol, and sales for our various green agrochemicals were strong.
Meanwhile, sales of insecticide Hachi-Hachi and acaricide Cyflumetofen were lackluster compared withthe same period of the previous fiscal year. In the overseas markets, the acaricide Cyflumetofen, thefungicide Gatten and others drove the strong sales performance. Among our green agrochemicals, salesof acaricide Acaritouch were continuously favorable. As a result, net sales in the agrichemicals fieldoverall amounted to ¥9,664 million, up ¥228 million or 2.4% year on year.
In the fertilizer and biostimulant field in Japan, sales of the spray-on fertilizer Samppi series, and thebiostimulants Potetoru, Lidavital, Algamix, and Fullbody continued to grow. However, sales forgreenhouse fertilizers, drip-fertigation fertilizers and others fell year on year due to the impact of surplus
inventories in the supply chain. In the overseas markets, sales grew strongly, particularly for shipmentsof Atonik to South-East Asian countries including Thailand and Vietnam. Sales of the Samppi series also
performed favorably in a similar way to its domestic sales. Our affiliates Blue Wave Holding B.V. in theNetherlands and LIDA Plant Research, S.L. in Spain both maintained robust sales. As a result, net sales
in the fertilizer and biostimulant field and other fields increased by ¥1,159 million, or 10.1% year on year,to ¥12,616 million.
(2) Information regarding financial position
Total assets as of September 30, 2023, was ¥35,682 million, an increase of ¥4,673 million compared toDecember 31, 2022. This was mainly the result of increases of ¥717 million in cash and deposits, ¥232
million in notes receivable - trade, ¥1,640 million in accounts receivable - trade, ¥1,012 million in workin process, and ¥164 million in goodwill due to the impact of foreign currency translation.

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Total liabilities was ¥20,273 million, an increase of ¥1,213 million compared to December 31, 2022. Thiswas mainly the result of an increase of ¥153 million in income taxes payable, a decrease of ¥674 million
in notes and accounts payable - trade, an increase of ¥4,339 million in short-term borrowings, and adecrease of ¥3,327 million in long-term borrowings.
Net assets was ¥15,409 million, an increase of ¥3,459 million compared to December 31, 2022. This was
mainly the result of the recording of ¥2,526 million in profit attributable to owners of parent, ¥475 million
in payment of dividends of surplus, and an increase of ¥1,482 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, 2023
announced on May 10, 2023.

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2. Quarterly consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)

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
GoodwillSoftware
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 borrowingsAccounts 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 December 31, 2022

As of September 30, 2023

3,614
452
62
5,239
3,443
1,071
2,345
750
(60)
16,920

4,331
685
35
6,879
3,147
2,084
2,413
1,257(71)
20,761

3,779

3,999

5,960
184
2,650
382
9,177
1,13214,089
31,009

6,125
175
2,772
410
9,483
1,437
14,92035,682

2,954
5,865
686
646
37
23
128
1,275
11,617

2,279
10,204
416
799
144
26
317
1,776
15,965

5,951
282
883
324
7,442
19,060

2,623
283
1,019
381
4,308
20,273

(Millions of yen)

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 December 31, 2022

As of September 30, 2023

461
2,410
7,906(408)
10,371

461
2,410
9,957
(633)
12,196

72
632
(44)
660
917
11,94931,009

103
2,115
(40)
2,178
1,033
15,40935,682

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)(Millions of yen)
Nine months ended
September 30, 2022
Net sales
Cost of sales
Gross profitSelling, 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
methodInsurance claim income
Other
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
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-

Nine months ended
September 30, 2023

20,892
10,893
9,998
6,743
3,255

22,28011,336
10,944
7,295
3,648

7
5
276

25
6287

11

5

39
28
369

–
39
364

145
13
159
3,465

140
15
155
3,857

0
0

14
14

0
19
19
3,446
1,272
(210)
1,061
2,385
99
2,285

0
3
4
3,867
1,471
(206)
1,265
2,602
75
2,526Consolidated statement of comprehensive income (cumulative)(Millions of yen)Nine months ended
September 30, 2022
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-

Nine months ended
September 30, 2023

2,385

2,602

(3)
1,213
(1)
1,209
3,594

31
1,586
3
1,620
4,223

3,395

4,044

198

178

(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.

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