Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Based on Japanese GAAP)
Company name:NIHON NOHYAKU CO., LTD.
Stock exchange listing: Tokyo
Stock code:
4997
URL https://www.nichino.co.jp/
Representative:
President
Hiroyuki Iwata
Inquiries:
General Manager of General Affairs & Legal
Masaki Yoshioka
Department
Scheduled date of commencement of dividend payments:–
Preparation of supplementary material on financial results:
No
Holding of financial results meeting:No

August 8, 2024

TEL +81-570-09-1177(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions ofMillions of yen%% Millions of yen% Millions of yen%
yen
Three months ended June 30, 2024
19,241 (13.3)
(164)
–
(143)
–
54
(94.7)
Three months ended June 30, 2023
22,183(7.6)
1,385(50.2)
1,326 (57.0)
1,038(58.6)(Note) Comprehensive income: Three months ended June 30, 2024: 1,458 million yen [(57.6)%]
Three months ended June 30, 2023: 3,443 million yen [(23.9)%]
Earnings per share

Diluted earnings per share

Yen
0.69
13.24

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen
–
–

(2) Consolidated financial position
Total assets
Millions of yen
As of June 30, 2024
149,082
As of March 31, 2024
157,983(Reference) Equity: As of June 30, 2024: 78,852 million yen
As of March 31, 2024: 78,068 million yen

Net assets
Millions of yen
81,11080,396Equity ratio
%
52.9
49.4

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Yen
–
–

Yen
9.00

Yen
–

Yen
9.00

Yen
18.00

10.00

–

10.00

20.00

Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
Fiscal year ending March 31, 2025
(Forecast)Year-end

Total(Note) Revision to the forecast of cash dividends announced most recently: No
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
First half
38,700
(4.8)
1,200
2.0
1,000
5.1
1,200
72.4
15.30
Full year
104,500
1.4
8,100
8.9
6,700
12.9
4,800
0.5
61.18
(Note) Revision to the forecast of financial results announced most recently: No
Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:No
Changes in accounting estimates:
No
Restatement of prior period financial statements:
No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

81,967,082 shares As of March 31, 2024

81,967,082 shares

3,503,627 shares As of March 31, 2024

3,503,567 shares

Number of treasury shares at the end of the period
As of June 30, 2024

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

78,463,475 shares Three months ended June 30, 2023

78,423,452 shares

Shares of the Company held by the Board Benefit Trust are included in the treasury shares which are excluded from the calculation of thenumber of treasury shares at the end of the period and the average number of shares during the period.
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an
audit firm: No* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain
assumptions deemed reasonable. Actual results may differ significantly from these forecasts due to various factors.

Table of Contents - Attachments
1. Overview of Operating Results, etc. ............................................................................................................... 2(1) Overview of operating results for the three months ended June 30, 2024 ............................................... 2(2) Overview of financial position as of June 30, 2024 ................................................................................. 3(3) Explanation of the forecast of consolidated financial results and other forward-looking information .... 3
2. Quarterly consolidated financial statements and primary notes ..................................................................... 4(1) Quarterly consolidated balance sheets ..................................................................................................... 4(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive
income ...................................................................................................................................................... 6(3) Notes to quarterly consolidated financial statements ............................................................................... 8(Changes in accounting policies) .......................................................................................................... 8(Accounting methods adopted particularly for the preparation of quarterly consolidated financial
statements) ....................................................................................................................................... 8(Additional information) ....................................................................................................................... 8(Notes to segment information, etc.) ................................................................................................... 10(Notes in case of significant changes in shareholders’ equity) ............................................................ 11(Going concern assumption) ............................................................................................................... 11(Notes to statements of cash flows) ..................................................................................................... 111

1. Overview of Operating Results, etc.
(1) Overview of operating results for the three months ended June 30, 2024
During the three months ended June 30, 2024, the global economy saw varied trends. The U.S. economy continued to
expand as personal consumption and capital investment showed an upward trend. In Europe, the economy showed a signof a rebound due to wage increases and the effects of a cut in interest rates. The Japanese economy continued to be on a
gradual recovery path as there were signs of improvement in corporate earnings and employment conditions. Meanwhile,in China, the economy remained unstable as domestic demand continued to remain sluggish due to the effects of the realestate slump.
Under such circumstances, the Group engaged in the initiatives of the new medium-term management plan,“Growing Global for Sustainability (GGS),” and has been aiming to deepen its business strategies, advance its
environmental management, and promote human capital management as well as achieve sustainability of both the entire
society and the Group.
Major efforts during the three months ended June 30, 2024 included linking our smartphone application “Leime AI
Disease, Pest & Weed Analysis” (“Application”) with “Z-GIS” provided by the ZEN-NOH under the JA Group,
providing our AI disease, pest & weed analysis system for “KSAS,” the farm management system of Kubota
Corporation, and as part of our efforts to enhance the features of the Application, installing a new AI Forecast function as
well as expanding crops for analysis. With initiatives such as the above, the Group promoted and expanded smart
agriculture.
For the three months ended June 30, 2024, net sales amounted to 19,241 million yen (down 2,942 million yen or
13.3% year-on-year) as, in the agrochemicals business, the Group’s core business, agrochemicals sales to those in thesame business in India declined. In terms of profits, operating profit came to minus 164 million yen (down 1,549 million
yen year-on-year) mainly due to a decline in sales in India and the impact of a drop in sales prices of some products in
Brazil, ordinary profit was minus 143 million yen (down 1,469 million yen year-on-year), and profit attributable toowners of parent was 54 million yen (down 983 million yen or 94.7% year-on-year).
The state of the reportable segments during the three months ended June 30, 2024, is as follows.
[Agrochemicals business]
Regarding agrochemicals sales in Japan, the Company worked to promote and expand the sales of core internallydeveloped products such as benzpyrimoxan, an insecticide for paddy rice, (product name: “Orchestra”). In addition, salesof products of Corteva was robust, resulting in total net sales in Japan exceeding those of the same period of the previous
year.
For overseas agrochemicals sales, net sales were strong due to the increased demand for fungicides caused by heavy
rainfall as well as our successful efforts on cultivating new business fields for internally developed products, despite theimpact of a decline in prices of some of generic agrochemicals caused by intensified competition in Brazil, the world’s
largest agrochemical market. In North America, sales remained stagnant due to a drop in shipments of some products
such as fungicides whose delivery dates had been brought forward at the end of previous fiscal year, among otherfactors. In Europe, sales of Nichino Europe Co., Ltd. reported increased net sales due to robust sales of herbicides forfruit trees owing to the impact of heavy rainfall mainly in southern regions, despite a decrease in sales of flubendiamde
ingredients to Bayer AG. In Asia, sales remained stagnant due to the sluggish sales to those in the same business in India
caused by the impact of their inventory adjustments. Consequently, total overseas net sales fell below the figures fromthe same period of the previous year.
As a result of the above, net sales of the agrochemicals business amounted to 17,732 million yen (down 2,991
million yen or 14.4% year-on-year), and operating profit was minus 238 million yen (down 1,498 million yen year-onyear) mainly due to the impact of the deterioration in profitability in Brazil.
[Chemicals other than agrochemicals business]
In the chemicals business, sales of anti-infective insecticides were strong. In the pharmaceutical business, sales of topicalantifungal drug luliconazole for onychomycosis were sluggish.
As a result of the above, net sales of the chemicals other than agrochemicals business amounted to 1,058 million
2yen (down 19 million yen or 1.8% year-on-year), and operating profit was 221 million yen (down 67 million yen or
23.2% year-on-year).

(2) Overview of financial position as of June 30, 2024
Total assets as of June 30, 2024, decreased by 8,901 million yen from the end of the previous fiscal year to 149,082
million yen. This was due primarily to a decrease in trade receivables.
Total liabilities as of June 30, 2024, decreased by 9,615 million yen from the end of the previous fiscal year to
67,972 million yen. This was due primarily to a decrease in trade payables.
Net assets as of June 30, 2024, increased by 714 million yen from the end of the previous fiscal year to 81,110
million yen. This was due primarily to an increase in accumulated other comprehensive income including foreign
currency translation adjustment.
(3) Explanation of the forecast of consolidated financial results and other forward-looking information
There have been no changes to the forecast of consolidated financial results for the fiscal year ending March 31, 2025,
announced on May 13, 2024.

3

2. Quarterly consolidated financial statements and primary notes(1) Quarterly consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits

20,555

13,881

Notes and accounts receivable - trade, and contract assets

47,86739,819

Electronically recorded monetary claims - operating

2,598

5,574

Merchandise and finished goods

28,08628,528878

927

Raw materials and supplies

12,986

12,698

Other

6,417

4,985

Allowance for doubtful accounts

(759)

(810)

118,632

105,605

Buildings and structures, net

4,282

4,286

Machinery, equipment and vehicles, net

3,819

3,832

Land

5,956

6,009

Other, net

1,935

2,307

Total property, plant and equipment

15,994

16,436

Goodwill

2,645

2,736

Other

1,963

2,071

Total intangible assets

4,608

4,807

Investment securities

11,598

11,924

Other

7,244

10,406

Allowance for doubtful accounts

(95)

(98)

Total investments and other assets

18,74822,23239,351

43,476

157,983

149,082

Work in process

Total current assets
Non-current assets
Property, plant and equipment

Intangible assets

Investments and other assets

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade20,333

15,812

Electronically recorded obligations - operating

1,049

753

Short-term borrowings

16,294

14,658Current portion of bonds payable

1,755

–

Income taxes payable

742

626

Provision for bonuses

853

407

Other provisions

41–

Electronically recorded obligations - non-operating

173

93

Other

10,953

10,597

Total current liabilities

52,19642,948

Bonds payable

4,381

4,537

Long-term borrowings

17,252

16,956Retirement benefit liability

1,003

975

206

194

Other

2,547

2,359

Total non-current liabilities

25,39025,02377,587

67,972

Share capital

14,93914,939

Capital surplus

15,071

15,071Retained earnings

45,56144,906

Treasury shares(1,887)(1,887)

Total shareholders’ equity

73,68573,030

Valuation difference on available-for-sale securities

1,297

1,310

Foreign currency translation adjustment

1,488

2,952

Remeasurements of defined benefit plans

1,596

1,558

Total accumulated other comprehensive income

4,382

5,821

Non-controlling interests

2,327

2,257

Total net assets

80,396

81,110157,983

149,082

Non-current liabilities

Other provisions

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Total liabilities and net assets5(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income
Quarterly consolidated statements of income(Millions of yen)Three months ended

Three months ended

June 30, 2023

June 30, 2024

Net sales

22,183

19,241

Cost of sales

15,992

13,963Gross profit

6,191

5,277

Selling, general and administrative expenses

4,805

5,441

Operating profit (loss)

1,385

(164)

Interest income

431

525

Dividend income

109

56

Rental income from real estate25

26

Foreign exchange gains

1

–

347

195

Gain on valuation of derivatives

–

55

Other

8

70

923

929

585

725

–

153

Loss on valuation of derivatives

363

–

Other

34

29

Total non-operating expenses

982

908

1,326

(143)

Gain on sale of non-current assets

38Gain on sale of investment securities

4–

Total extraordinary income

78Loss on disposal of non-current assets

1

12

Total extraordinary losses

1

12

1,332

(146)

Income taxes

320

(86)

Profit (loss)

1,012

(60)

(25)

(115)

1,038

54

Non-operating income

Share of profit of entities accounted for using equity method

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses

Ordinary profit (loss)
Extraordinary income

Extraordinary losses

Profit (loss) before income taxes

Loss attributable to non-controlling interests
Profit attributable to owners of parent

6

Quarterly consolidated statements of comprehensive income(Millions of yen)

Profit (loss)

Three months ended

Three months ended

June 30, 2023

June 30, 2024
1,012

(60)

Valuation difference on available-for-sale securities

247

10

Deferred gains or losses on hedges

(22)

–

2,102

1,639

Remeasurements of defined benefit plans, net of tax

(35)

(37)

Share of other comprehensive income of entities accounted
for using equity method

139

(92)

2,430

1,519

3,443

1,458

Comprehensive income attributable to owners of parent

3,378

1,493

Comprehensive income attributable to non-controllinginterests

64

(34)

Other comprehensive income

Foreign currency translation adjustment

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to7(3) Notes to quarterly consolidated financial statements(Changes in accounting policies)
The Company has applied the “Accounting Standard for Current Income Taxes (ASBJ Statement No. 27, October 28,
2022; hereinafter ‘Revised Accounting Standard 2022’” and other accounting standards from the beginning of the firstquarter ended June 30, 2024.
Revisions in the accounting classification of current income taxes (taxes on other comprehensive income) havemade in accordance with the transitional treatments stipulated in the proviso of Paragraph 20-3 of the Revised
Accounting Standard 2022 and the transitional treatments stipulated in the proviso of Paragraph 65-2 (2) of the“Implementation Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28, October 28,
2022; hereinafter ‘Revised Guidance 2022.’”
The Company has applied the Revised Guidance 2022 from the beginning of the first quarter ended June 30, 2024with respect to revisions regarding reviews on treatments in the consolidated financial statements in the case that gains
or losses associated with sales of shares, etc. of subsidiaries among consolidated companies are deferred for tax
purposes. The said changes in accounting policies have been retrospectively applied and the quarterly consolidated
financial statements for the quarters of the previous fiscal year and the consolidated financial statements for the previous
fiscal year have been prepared after the retrospective application of the changes.
This has no impact on the quarterly consolidated financial statements and the consolidated financial statements.
(Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements)(Tax expenses)
The Company calculates tax expenses by producing a reasonable estimate of the effective tax rate after applying taxeffect accounting to profit before income taxes for the fiscal year under review, and then multiplying profit before
income taxes by this estimated effective tax rate.
(Additional information)(Occurrence of a disputed incident)
A claim for damages was filed on October 10, 2023 against Sipcam Nichino Brasil S.A. (“SNB”), a consolidated
subsidiary of the Company, which was served with the complaint on October 20, 2023. Details of the litigation arepresented below.
1. Summary of the litigation
On July 26, 2023, a heavily armed robbery took place at SNB, a consolidated subsidiary of the Company, during
which products that SNB had been packaging in fulfillment of a contract with FMC QUÍMICA DO BRASIL
LTDA. (“FMC”) were stolen. In response, FMC filed a claim for damages against SNB on October 10, 2023.
2. Details of the plaintiff(1) Name: FMC QUÍMICA DO BRASIL LTDA.
(2) Address: Avenida Doutor José Bonifácio Coutinho Nogueira, No. 150, Commercial Complexes 103, 105, 107,108 and 109, Jardim Madalena District, in the municipality of Campinas, State of São Paulo, CEP
13091-611
3. Amount of damages claimed (excluding delay damages)
45 million reais
4. Future outlook
The Group has obtained an opinion from an external legal expert that the incident falls within the definition offorce majeure. As there are significant differences in opinions regarding matters, including the interpretation of thescope of liabilities, we will carefully examine the contents of the complaint and take appropriate action. We will
defend ourselves based on the opinion of the external legal expert mentioned above, among other things. It cannot
be ruled out that the litigation may have an impact on our financial position and operating results depending on the8progression of the litigation. Therefore, at this moment, it is difficult to reasonably estimate whether we will haveto pay the damages and the amount of the impact they would have.

9(Notes to segment information, etc.)[Segment information]
I For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
Information on net sales and profit (loss) by reportable segment
Reportable segment
Chemicals
Agrochemicals other thanbusiness
agrochemicals
business

Subtotal

Others(Note 1)

Total

(Million yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 2)statements ofincome(Note 3)

Net sales
Net sales to outside
20,723
1,077
21,801381
22,183–22,183customers
Inter-segment net
4
–
4
179
184
(184)
–
sales or transfers
Total
20,7281,077
21,806561
22,367(184)
22,183
Segment profit
1,259
288
1,548
53
1,601
(216)
1,385
(Notes) 1. “Others” include business segments that are not included in reportable segments such as greenification andgardening construction, real estate leasing, logistics services, and agrochemical residue analysis.
2. The minus 216 million yen adjustment for segment profit includes minus 216 million yen in unallocatedcorporate expenses. Corporate expenses consist principally of general administrative expenses that are not
attributable to reportable segments.
3. Segment profit was adjusted based on operating profit reported on the consolidated statements of income forthe corresponding period.

II For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
Information on net sales and profit (loss) by reportable segment
Reportable segment
Chemicals
Agrochemicals other thanbusiness
agrochemicals
business

Subtotal

Others(Note 1)

Total

(Million yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 2)statements ofincome(Note 3)

Net sales
Net sales to outside
17,732
1,058
18,790451
19,241–
19,241
customers
Inter-segment net
1
0
1
201
203
(203)
–
sales or transfers
Total
17,733
1,058
18,791652
19,444(203)
19,241
Segment profit (loss)
(238)
221
(17)
86
68
(233)
(164)
(Notes) 1. “Others” include business segments that are not included in reportable segments such as greenification andgardening construction, real estate leasing, logistics services, and agrochemical residue analysis.
2. The minus 233 million yen adjustment for segment profit (loss) includes minus 233 million yen in unallocatedcorporate expenses. Corporate expenses consist principally of general administrative expenses that are not
attributable to reportable segments.
3. Segment profit (loss) was adjusted based on operating loss reported on the consolidated statements of income
for the corresponding period.

10(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Going concern assumption)
Not applicable.
(Notes to statements of cash flows)
Quarterly consolidated statements of cash flows for the three months ended June 30, 2024 are not prepared. Depreciation,
which includes depreciation for intangible assets excluding goodwill, and amortization of goodwill for the three months
ended June 30 are as follows:
For the three months ended
For the three months ended
June 30, 2023
June 30, 2024
Depreciation

419 million yen

485 million yen

Amortization of goodwill

55 million yen

61 million yen

11