February 4, 2022

Summary of Consolidated Financial and Business Results
for the Third Quarter of the Year Ending March 2022
Oji Holdings Corporation(Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Masatoshi Kaku, President & Chief Executive Officer
Hiroyuki Isono, Director of the Board, Senior 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 Third Quarter of the Year Ending March 31, 2022 (April 1, 2021 - December 31, 2021)(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

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen% Millions of yen%

1,085,614

8.2

95,28370.6

100,839111.5

66,645154.9

First Nine Months of FY2020

1,003,755(11.5)

55,846(34.2)

47,676(39.5)

26,146(44.8)

Note: Comprehensive income

First Nine Months of FY2021
First Nine Months of FY2020

First Nine Months of FY2021

93,501 million yen
18,927 million yen

Profit per share

Diluted profit per
share

Yen

Yen

67.29

67.25

First Nine Months of FY2021

26.41
26.39
First Nine Months of FY2020
Note: Oji Holdings has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020),
etc. effective from the beginning of the first quarter of the current consolidated fiscal year.
The figures for the first nine month of the fiscal year ending March 31, 2022 are the figures after the application of the accounting
standards.
(2) Consolidated Financial Condition

First Nine Months of FY2021

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,054,638

865,67439.7

824.29865,60637.9

758.28

1,981,438

Year ended March 2021
Note: Shareholders' equity

First Nine Months of FY2021
FY2020816,512 million yen
750,981 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

7.00

14.00

7.00

14.00

FY2020－7.00－

FY2021－

7.00－

FY2021 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2022 (April 1, 2021-March 31, 2022)(Figures shown in percentage are ratios compared to the previous year)

Net sales

Operating profit

Millions of yen

Full year

1,450,000% Millions of yen

6.7

Note : Change in consolidated forecasts … No

120,000

Ordinary profit% Millions of yen

41.5

120,000

Profit attributable toowners of parent% Millions of yen

44.5

70,000

Profit per share

%

41.0

Yen

70.68

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 :Yes(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(Note)Please refer to “Consolidated Quarterly Financial Statements and Notes (Changes in accounting policies)” on page 8 of
the attached document for more details.
(4) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (Including treasury shares)
First Nine Months of FY2021
1,014,381,817
FY2020(ii) Outstanding balance of treasury shares at the end of fiscal year
First Nine Months of FY2021
23,822,397
FY2020(iii) Weighted average number of shares during fiscal year
First Nine Months of FY2021
990,469,434
First Nine Months of FY2020

1,014,381,817
24,002,558
990,176,789

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 and Financial Situation(1) Qualitative Information Concerning Business Performance
Business Performance for the First Nine Months of FY2021
Net Sales

Operating Profit

Billions of yen

First Nine Months of
FY2021First Nine Months of
FY2020Ordinary Profit

Billions of yen

Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per ShareYen

1,085.6

95.3

100.8

66.6

67.29

1,003.8

55.8

47.7

26.1

26.41

Increase (Decrease)

81.9

39.4

53.2

40.5

Increase (Decrease)

8.2%

70.6%

111.5%

154.9%The Oji Group has set "Profitability Improvement of Domestic Business", "Expansion of Overseas Business" and "Promotion of
Innovation" as the fundamental policies of its FY2019-2021 Medium-term Management Plan. Through "Contribution to a Sustainable
Society", we aim to become a global corporate group which stably maintains consolidated operating profit of more than ¥100.0 billion.
Based on the fundamental policies, in the domestic business, we have focused on restructuring our production system to respond to thestructural changes in demand, and worked to improve capital efficiency while concentrating management resources on promisingbusinesses to strengthen our ability to generate cash flow. In regard to overseas business, we have organically expanded the existing
operations by expanding the number of overseas operations as well as developing new businesses utilizing existing infrastructure. We
have also worked to create synergies among our businesses as well as operations. In regard to promoting innovation, we have promoted
the development and the early commercialization of new businesses and new products that meet the needs of the environment andsociety, in order to actualize "Contribution to a Sustainable Society".
As the business environment has changed drastically due to the spread of COVID-19, consumption structure, lifestyles, and working
styles have diversified, and many opportunities and risks are expected to expand. Meanwhile, we will continue to steadily implement
strategic measures to improve our corporate value in line with our fundamental policies of management strategies in Medium-termManagement Plan. We will also promptly and appropriately implement business structure reforms in light of environmental changes
caused by COVID-19.
Consolidated net sales for the first nine months of FY2021 increased by ¥81.9 billion to ¥1,085.6 billion (year-on-year increase of 8.2%)
due to a gradual recovery in demand resulting from the resumption of economic activities that had been stagnant due to the spread of
COVID-19 and higher pulp sales prices. Overseas sales ratio increased by 4.0 points from the previous year to 32.3%.
Consolidated operating profit increased by ¥39.4 billion to ¥95.3 billion (year-on-year increase of 70.6%) due to increased sales
volume, higher pulp sales prices, and cost reduction efforts throughout the Group, although raw materials and fuel prices have sharply
increased. Ordinary profit increased by ¥53.2 billion to ¥100.8 billion (year-on-year increase of 111.5%) due in part to foreign exchange
gains from revaluation of foreign currency-denominated receivables and payables as well as an increase in operating profit. Profit before
taxes increased by ¥55.0 billion to ¥101.6 billion (year-on-year increase of 118.2%), and profit attributable to owners of parent increasedby ¥40.5 billion to ¥66.6 billion (year-on-year increase of 154.9%).
Effective from the beginning of the first quarter of FY2021, Oji Holdings has applied “Accounting Standard for Revenue Recognition(ASBJ Statement No. 29, March 31, 2020)” and has changed the accounting method for revenue recognition. Please refer to“Consolidated Quarterly Financial Statements and Notes (Changes in accounting policies)” on page 8 of the attached document for moredetails.

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Overview of Business Performance for the First Nine Months of FY2021 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net SalesFirst Nine Months First Nine Months
of FY2020
of FY2021
ReportingSegment

Increase(Decrease)

Operating Profit（Loss）
First Nine Months First Nine Months
Increaseof FY2020
of FY2021(Decrease)

Household &Industrial Materials

478.3

521.4

9.0%

25.9

23.1

(10.7%)

Functional Materials

134.9

138.1

2.4%

8.1

11.7

44.9%

180.9

224.4

24.0%

10.9

39.9

266.6%

180.0

180.4

0.2%

5.5

15.2

173.3%

974.1

1,064.3

9.3%

50.4

90.0

78.4%

Forest Resources &Environment Marketing
Printing &Communications Media
Total
Others

199.8

220.3

10.3%

4.8

5.7

20.3%

Total

1,173.9

1,284.6

9.4%

55.2

95.7

73.3%

Adjustment (*)(170.1)(199.0)

0.6

(0.4)

Consolidated total

1,003.8

1,085.6

55.8

95.3

8.2%

70.6%

*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 andEnvironment Marketing", and "Printing and Communications Media". Each of the reporting segment consists of those that arerecognized to be similar in terms of economic characteristics, manufacturing methods or processes of products, markets in which
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".
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.
As stated in “Change in accounting policies”, “Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31,2020)” has been adopted from the beginning of the first quarter of FY2021 and the accounting method for revenue recognition and themethod used to calculate profit and loss for business segments have been changed.
As a result of this change, compared to the previous method, net sales in the first nine months of FY2021 decreased by ¥1.9 billion forHousehold and Industrial Materials segment, ¥10.2 billion for Functional Materials segment, ¥0.5 billion for Forest Resources andEnvironment Marketing segment, ¥20.1 billion for Printing and Communications Media segment, and ¥4.5 billion for Others. The
effects on each segment's profit or loss is immaterial.

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○Household and Industrial Materials
In the first nine months of FY2021, net sales amounted to ¥521.4 billion (year-on-year increase of 9.0%), and operating profit was ¥23.1 billion (year-on-year decrease of 10.7%).
Regarding domestic business, sales amount increased from the previous year due to continued steady sales of containerboard andcorrugated containers for e-commerce industry as a result of a trend of staying home to prevent the spread of COVID-19, in addition tothe overall recovery in demand of containerboard, corrugated containers, boxboard and packing paper. As for disposable diapers, sales
amount decreased from the previous year. As for household paper, sales amount increased from the previous year.
Regarding overseas business, sales amount increased from the previous year. Although sales of disposable diapers at major retailers in
Malaysia were not strong due to the spread of COVID-19, strong sales of containerboard and corrugated containers mainly inSoutheast Asia and the penetration of price increases contributed to the increase in sales amount.

○Functional Materials
In the first nine months of FY2021, net sales amounted to ¥138.1 billion (year-on-year increase of 2.4%), and operating profit was ¥11.7 billion (year-on-year increase of 44.9%).
Regarding domestic business, sales amount decreased from the previous year due to the adoption of the “Accounting Standard for
Revenue Recognition“. On the other hand, demands for tickets and fancy paper (textured paper) recovered following the lifting of thestate of emergency, and demands for films for condensers used in electric vehicles, film separate for manufacturing smartphones'
electronic components, and paper for manufacturing electronic components remained strong.
Regarding overseas business, sales amount increased from the previous year due to increased sales amount of thermal paper in North
America, Southeast Asia and South America.

○Forest Resources and Environment Marketing
In the first nine months of FY2021, net sales amounted to ¥224.4 billion (year-on-year increase of 24.0%), and operating profit was ¥39.9 billion (year-on-year increase of 266.6%).
Regarding domestic business, sales amount increased from the previous year. Although sales volume of energy business decreased
from the previous year due to regular inspections for facilities at MPM Oji Eco-Energy Co., Ltd, exports of dissolving pulp, mainly to
China, showed a signs of recovery from the economic stagnation caused by the spread of COVID-19.
Regarding overseas business, sales volume of pulp business decreased from the previous year, while sales amount increased due tohigher pulp sales prices.

○Printing and Communications MediaIn the first nine months of FY2021, net sales amounted to ¥180.4 billion (year-on-year increase of 0.2%), and operating profit was ¥15.2 billion (year-on-year increase of 173.3%).
Regarding domestic business, sales volume increased from the previous year due to the rebound from the economic stagnation causedby the spread of COVID-19 in the previous year in printing paper for commercial printing use, although demands for newsprint andprinting paper for publication use continued to decrease from the previous year. However, sales amount decreased from the previous
year due to the adoption of the “Accounting Standard for Revenue Recognition“.
Regarding overseas business, sales amount increased from the previous year at Jiangsu Oji Paper Co., Ltd., as China is recovering fromthe economic stagnation caused by the spread of COVID-19.

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

FY2020Mar 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
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 Nine Months /FY2021
Dec 31,2021

130,529297,718－
5,725
86,44019,27389,09041,667(1,675)
668,770

93,717－
330,848
10,86992,785
20,761
103,634
40,678(1,647)
691,648

191,231
298,937
239,052
312,192
1,041,413

189,467
326,615
239,903
338,935
1,094,921

3,122
9,049
12,171

3,506
8,046
11,553

163,961
96,073(952)
259,083
1,312,668
1,981,438

166,186
91,303(975)
256,514
1,362,990
2,054,638

(Unit : Millions of yen)

FY2020Mar 31,2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
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 Nine Months /FY2021
Dec 31,2021

197,950
129,963
11,526
4,874
97,399441,713

234,622
135,330
20,766
4,337
97,314492,371

155,000
362,718
4,991
54,01097,397674,117
1,115,831

155,000
381,207
4,603
54,914
100,866
696,592
1,188,964

103,880
109,100
493,224(13,400)
692,805

103,880
104,287546,345(13,309)741,203

31,654
2,721
5,684(6,418)24,53358,176
199
114,426
865,606
1,981,438

30,596
1,070
5,681
15,882
22,07875,308179
48,982865,674
2,054,638

Consolidated quarterly statements of income(Unit : Millions of yen)

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
Foreign exchange losses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on return of assets from retirement benefits trust
Gain on sale of businesses
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of investment securities
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 Nine Months /FY2020
Apr '20 - Dec '20

First Nine Months /FY2021
Apr '21 - Dec '21

1,003,755
768,417
235,337

1,085,614
824,301
261,312

97,07238,604
43,813
179,491
55,84682,64039,41843,970166,029
95,283

901
2,632
－
－
3,556
7,091

555
2,715
6,836
1,812
4,981
16,901

4,771
2,946
1,432
6,110
15,26147,676

5,048
－
－
6,296
11,345
100,839

134
－
906
3,273
4,315

2,079
1,049
－
1,138
4,267

856
728
3,857
5,443
46,547
17,2032,226
19,43027,117970
26,146

1,255
905
1,381
3,542
101,565
27,405
3,847
31,25370,312
3,667
66,645

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Nine Months /FY2020
Apr '20 - Dec '20
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

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First Nine Months /FY2021
Apr '21 - Dec '21

27,11770,3123,060
2,041(12,805)(899)
413(1,667)(1,670)27,766(2,429)1,189(8,189)18,92723,18993,501

21,896(2,969)83,8909,610

(Changes in accounting policies)（Application of Accounting Standard for Revenue Recognition, etc.）“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020. Hereinafter “Revenue
Recognition Standard”) and related guidelines have been adopted from the beginning of the first quarter. In line with thisadoption, revenue is recognized at the time of the transfer of controls for promised goods or services to customers in theamount that reflects the consideration to which they expect to be entitled in exchange for those goods or services.
The main changes due to the adoption of the new accounting standard are in the accounting treatment of consideration paid
to customers, such as sales incentives, and in the accounting treatment of transactions in which purchased goods are sold tocustomers. With respect to sales incentives and other consideration paid to customers, a portion of the expenses that werepreviously recorded in selling, general and administrative expenses are now reduced from sales. In addition, as fortransactions in which purchased goods are sold to customers, revenue was previously recognized at the total amount ofconsideration received from the customer, but has partly changed to be recognized at the net amount received from thecustomer less the amount paid to the supplier.
In adopting the Revenue Recognition Standard, in accordance with the transitional treatment set forth in the proviso of
Article 84 of the Revenue Recognition Standard, the cumulative effect of retrospective application of the standards prior to
the beginning of the first quarter was added to or subtracted from retained earnings at the beginning of the first quarter. The
new accounting policy was applied from the beginning balance of the first quarter.
However, Oji Holdings has applied the method prescribed in Article 86 of the Revenue Recognition Standard and has not
retrospectively applied the new accounting policy to contracts in which almost all the revenue amounts were recognized inaccordance with the previous treatment prior to the beginning of the first quarter. In addition, Oji Holdings has applied themethod prescribed in Article 86, Paragraph (1) of the Revenue Recognition Standard, and accounted for contract changes
made prior to the beginning of the first quarter based on the contract terms after reflecting all contract changes, and addedor subtracted the cumulative effect of such changes to retained earnings at the beginning of the first quarter.
As a result, for the period of first nine months, net sales decreased by ¥37,139 million, cost of sales decreased by ¥14,974
million, selling, general and administrative expenses decreased by ¥22,042 million, non-operating expenses decreased by ¥91 million, operating profit decreased by ¥122 million, and ordinary profit and profit before income taxes decreased by ¥30
million. In addition, the balance of retained earnings at the beginning of the current fiscal year increased by ¥110 million.
The impact on information per share is immaterial.
Due to the adoption of the Revenue Recognition Standard, "Trade notes and accounts receivable" which was presented in"Current assets" of the consolidated balance sheet for the previous fiscal year, is included in "Trade notes and accounts
receivable, and contract assets" from the first quarter of the current fiscal year. In accordance with the transitional treatment
set forth in Article 89-2 of the Revenue Recognition Standard, consolidated financial statements for past periods have notbeen reclassified using the new presentation method.
（Application of Accounting Standard for Fair Value Measurement, etc.）“Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019. Hereinafter “Fair Value
Measurement Standard”) and other standards have been adopted from the beginning of the first quarter, and in accordancewith the transitional treatment set forth in Article 19 of Fair Value Measurement Standard and Article 44-2 of “AccountingStandard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), Oji Holdings will continue to apply new
accounting policies prescribed by Fair Value Measurement Standard and other standards into the future. The effects of thisadoption on the quarterly consolidated financial statements are immaterial.

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