November 7, 2023

Summary of Consolidated Financial and Business Results
for the Second 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 Second Quarter of the Year Ending March 31, 2024 (April 1, 2023 - September 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 Half of FY2023
First Half of FY2022
Note: Comprehensive income% Millions of yen

847,093

1.1

837,50218.2

First Half of FY2023

Profit attributable toowners of parent

Ordinary profit% Millions of yen

38,821(3.9)

40,395(36.6)

91,689 million yen% Millions of yen

50,825(15.6)

60,232(12.5)First Half of FY2022%

31,641(16.6)

37,927(16.8)

109,971 million yen

Profit per share

Diluted profit per share

Yen

Yen

First Half of FY2023

31.92

31.91

First Half of FY2022

38.28

38.26

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,413,814

1,049,746

42.3

1,030.04

40.8

945.27(2) Consolidated Financial Condition

First Half of FY2023
FY2022

2,296,018

Note: Shareholders' equity

First Half of FY2023

964,564
1,021,038 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 are ratios compared to the previous year)

Net sales

Operating profit

Millions of yen

Full year

1,760,000% Millions of yen

3.1

Note : Change in consolidated forecasts … Yes

82,000

Profit attributable toowners of parent

Ordinary profit
%

(3.3)

Millions of yen

90,000% Millions of yen(5.3)

57,000

Profit per share

%

0.9

Yen

57.51

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 Half of FY2023
FY2022(ii) Outstanding balance of treasury shares at the end of fiscal year
First Half of FY2023
23,124,669
FY2022(iii) Weighted average number of shares during fiscal year
First Half of FY2023
991,220,806
First Half of FY2022

1,014,381,817
23,179,622
990,795,483

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 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 Half of FY2023 (April 1, 2023 - September 30, 2023)
Net Sales

Operating Profit

Billions of yen

Ordinary Profit

Billions of yen

Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per ShareYen

1st Half of FY2023

847.1

38.8

50.8

31.6

31.92

1st Half of FY2022

837.5

40.4

60.2

37.9

38.28

Increase (Decrease)

9.6

(1.6)

(9.4)

(6.3)

Increase (Decrease)

1.1%(3.9%)(15.6%)(16.6%)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 andstably 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 our business bydeepening the existing businesses through the establishment of an optimal production system, and expanding the highly-expectedbusinesses including overseas packaging business and eco-friendly products. In October 2023, as part of "Initiatives for Profitability
Improvement -Profitability-", we signed a share transfer agreement to acquire all shares of Walki (Head Office: Finland), a leading
company with advanced technologies in material conversion especially for paper-based sustainable solutions. The purpose of theacquisition is to build and expand a platform for our packaging business in Europe as one of the leaders in the packaging sector.
Furthermore, we will develop and quickly commercialize new wood-derived products and materials such as eco-friendly materials andproducts, based on a range of core technologies we have cultivated through paper manufacturing and forestation. We will contribute tosociety 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 half of FY2023 increased by ¥9.6 billion to ¥847.1 billion (year-on-year increase of 1.1%) due tothe price revision mainly in the domestic business.
Consolidated operating profit decreased by ¥1.6 billion to ¥38.8 billion (year-on-year decrease of 3.9%) due to sluggish demand,following the slow recovery of the global economy, and deteriorating pulp market conditions, though in Japan, the price revision andcost reduction made up for a decline in sales volumes as a result of consumption restraint caused by inflation, etc. Ordinary profit
decreased by ¥9.4 billion to ¥50.8 billion (year-on-year decrease of 15.6%) due to a decrease in foreign exchange gains fromrevaluation of foreign currency-denominated receivables and payables. Profit before taxes decreased by ¥7.5 billion to ¥50.0 billion(year-on-year decrease of 13.0%), and profit attributable to owners of parent decreased by ¥6.3 billion to ¥31.6 billion (year-on-year
decrease of 16.6%).
Overseas sales ratio decreased by 4.1 points from same periods in the previous year to 34.4%.

1/8

Overview of Business Performance for the First Half of FY2023 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net Sales
1st Half of
FY2022

ReportingSegment

Operating Profit（Loss）

1st Half of
FY2023

Increase(Decrease)

1st Half of
FY2022

1st Half of
FY2023

Increase(Decrease)

Household &Industrial Materials

389.8

399.1

2.4%

1.1

5.6

429.8%

Functional Materials

107.6

113.8

5.8%

7.2

4.4

(39.1%)

204.0

180.5

(11.5%)

29.3

18.7

(36.1%)

134.2

149.0

11.1%

(0.2)

7.1

-

835.5

842.5

0.8%

37.3

35.8

(4.0%)

Others

159.5

155.4

(2.6%)

4.3

3.4(19.9%)

Total

995.1

997.8

0.3%

41.6

39.2

(5.6%)

Adjustment (*)(157.6)(150.8)

(1.2)

(0.4)

Consolidated total

837.5

847.1

40.4

38.8

Forest Resources &Environment Marketing
Printing &Communications Media
Total

1.1%

(3.9%)*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 units 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:
Trading business, logistics, engineering, real estate, liquid packaging cartons, etc.

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○Household and Industrial Materials
In the first half of FY2023, net sales amounted to ¥399.1 billion (year-on-year increase of 2.4%), and operating profit was ¥5.6
billion (year-on-year increase of 429.8%).
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 the pricerevision. As for disposable diapers, net sales of those for babies remained almost unchanged, while sales of those for adults increased
from the previous year.
Regarding overseas business, in line with our strategy to further expand business in Southeast Asia and Oceania, sales volume ofcontainerboard increased in Southeast Asia due to improved operating rate of the new containerboard machine started in October
2021. However, net sales decreased from the previous year due to deteriorating market conditions. Net sales of corrugated container
also decreased due to sluggish demand despite the price revision in Oceania. As for disposable diapers, net sales increased due tosales expansion in Malaysia and Indonesia.

○Functional Materials
In the first half of FY2023, net sales amounted to ¥113.8 billion (year-on-year increase of 5.8%), and operating profit was ¥4.4
billion (year-on-year decrease of 39.1%).
Regarding domestic business, Net sales of specialty paper decreased from the previous year as sales volumes of release paper and its
base paper decreased in response to sluggish demand for electronic devices, despite sales expansion of strategic products, such as
interleaving paper for glass and heat-sealable paper for major online retailers, and the price revision. 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 tocustomers’ inventory buildup in the first half of FY2022 due to the global logistics turmoil.
Regarding overseas business, sales volume of thermal paper decreased from the previous year due to inventory reduction caused byrising interest rates and sluggish demand, but net sales increased due to the price revision, etc.

○Forest Resources and Environment Marketing
In the first half of FY2023, net sales amounted to ¥180.5 billion (year-on-year decrease of 11.5%), and operating profit was ¥18.7
billion (year-on-year decrease of 36.1%).
Regarding domestic business, net sales of pulp business increased from the previous year due to steady sales of dissolving pulp. Net
sales of energy business increased compared to the previous year due to the start of operation of a new biomass power plant inTokushima Prefecture from December 2022.
Regarding overseas business, net sales of pulp business and lumber business decreased from the previous year due to a decline inpulp market and sluggish demand, as well as the fact that 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 half of FY2023, net sales amounted to ¥149.0 billion (year-on-year increase of 11.1%), and operating profit was ¥7.1
billion (year-on-year increase of ¥7.3 billion).
Regarding domestic business, net sales of newsprint, printing and communication paper increased from the previous year due to theprice revision, although demand continued to decline.
Regarding overseas business, net sales at Jiangsu Oji Paper Co., Ltd., remained almost unchanged from the previous year due to theslow economic recovery following the end of the Zero-COVID policy.

FY2023 Forecast and Future Outlook
The forecasts for FY2023 (April 1, 2023 – March 31, 2024) have been revised from that announced in the Summary ofConsolidated Financial and Business Results on August 7, 2023 as follows.
Net sales
Billions of yen

Operating profit
Billions of yen

Ordinary profit
Billions of yen

Profit attributableto owners of parent
Billions of yen

Profit per share
Yen

Previous Forecast [A]

1,800.0

100.0

100.0

65.0

65.58

Revised Forecast [B]

1,760.0

82.0

90.0

57.0

57.51

Difference [B-A](40.0)(18.0)(10.0)(8.0)

Percentage Change (%)(2.2%)(18.0%)(10.0%)(12.3%)(Reference) FY2022(results, cumulative)

1,706.6

84.8

95.0

56.5

3/8

57.00

2. Outline of Business Performance and Financial Situation
Billions of yen

Business PerformanceFirst Half of FY2023

Forecasts for FY2023

Increase(Decrease)from same periods in
FY2022Net Sales

847.1

9.6

Domestic

555.6

40.7

Overseas291.5(31.1)

34.4%(4.1%)

Operating Profit

38.8

Ordinary Profit

50.8

Profit attributable to owners of parent

Increase(Decrease)from FY2022

1,760.0

53.4

(1.6)

82.0

(2.8)

(9.4)

90.0

(5.0)

31.6

(6.3)

57.0

0.5

Depreciation

39.1

3.9

75.6

2.6

Capital expenditure

47.9

4.1

99.4

9.6

ratio

Billions of yen

Average foreign exchange rate
First Half of FY2023

Forecasts for FY2023

Increase(Decrease)from same periods in
FY2022

Increase(Decrease)from FY2022

JPY ／ USD April to March

141.1

7.1

145.5

10.0

BRL ／ USD January to December

5.07(0.01)

5.01(0.16)NZD ／ USD January to December

1.60

0.09

1.66

0.08

CNY／ USD January to December

6.94

0.46

7.13

0.39

Financial situation

Billions of yen
Sep 30,2023
Increase(Decrease)from Mar 31,2023

Total assets

2,413.8

117.8

Net assets

1,049.7

85.2

Interest bearing debts

779.3

(9.0)

Net debts (Interest bearing debts - Cash and cash equivalents at end of period)

681.6(49.7)

Number of employees

personSep 30,2023
Increase(Decrease)from Mar 31,2023

Number of employees

38,021

176

Domestic

16,294

102

Overseas

21,72774

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3. 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

5/8

First Half /FY2023
Sep 30,2023

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

92,143375,754
5,640
126,638
27,009141,431
51,433(2,335)
817,715

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

222,714424,094244,290376,959
1,268,059

11,868
14,11925,98819,50815,48434,993

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

195,083
100,052(2,089)293,046
1,596,099
2,413,814

(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

6/8

First Half /FY2023
Sep 30,2023

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

275,233
208,01254,00018,142
8,076
103,756
667,221155,000
320,599
6,344
53,537
108,900
644,383
1,331,453

155,000
362,304
7,016
54,767
117,758
696,846
1,364,067

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

103,880
85,728634,024(12,918)
810,716

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

53,737156
5,716
132,147
18,564
210,322117
28,5901,049,746
2,413,814

(2)Consolidated quarterly statements of income and comprehensive income
Consolidated quarterly statements of income(Unit : Millions of yen)First Half /FY2022
Apr '22 - Sep '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
Gain on sale of investment securities
Gain on liquidation of subsidiaries
Other
Total extraordinary income
Extraordinary losses
Loss on disaster
Provision for loss on litigation
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 Half /FY2023
Apr '23 - Sep '23

837,502670,618
166,884

847,093
679,877
167,216

67,611
27,92630,951
126,489
40,39562,29530,051
36,047
128,394
38,821595
1,827
19,205816
4,971
27,416

1,101
1,961
12,792
2,141
3,834
21,830

3,412
4,167
7,580
60,232

3,430
6,397
9,827
50,825

369
317
－
87
774

1,895
1,447
952
334
4,629

29
1,955
1,538
3,524
57,482
14,214
4,309
18,52438,9581,030
37,927

4,369
－
1,091
5,460
49,994
18,170(871)
17,29832,695
1,054
31,641

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

8/8

First Half /FY2023
Apr '23 - Sep '23

38,95832,695

4,631(3,615)70,443(1,315)869

11,190(370)
47,792(822)
1,204

71,013109,971

58,99391,689107,913
2,057

89,5752,114