November 1, 2023
To Whom It May Concern:
Company Name: NAGASE & CO., LTD.
Representative: Hiroyuki Ueshima,
Representative Director, President
Stock Exchange Listings:
Tokyo (Prime Market) Code 8012
Contact:
Yoshihisa Shimizu,
Executive Officer,
General Manager,
Corporate Management Dept.
Tel: +81-3-3665-3103

Notice Concerning Revision of Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024

NAGASE & CO., LTD. (hereinafter referred to as “NAGASE”) hereby announce that its Board of Directors
has resolved at a meeting held on November 1, 2023, to revise the consolidated earnings forecasts for thefiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024) which were announced on May 9,2023, due to recent business performance trends and other factors.
1. Contents of the revision of Consolidated Earnings Forecasts(1) Revisions of consolidated earnings forecasts for the fiscal year ending March 31, 2024
(April 1, 2023 to March 31, 2024)

Previous forecasts（A）
Revised forecasts（B）
Difference (B-A)
Increase/decrease（％）(For reference)
Results for thefiscal year endedMarch 31, 2023

Earningsper shareSales

Gross profit(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

24,000209.35900,000

163,000

30,00029,00022,500195.86(58,000)(8,000)(4,500)(3,600)(1,500)(6.1%)(4.7%)(13.0%)(11.0%)(6.3%)

912,896

155,41033,371

32,52823,625

958,000

171,000

34,500Ordinary
incomeProfitattributableto owners of
the parent

Operatingincome32,600(yen)

199.54

(2) Reason for revision
In the first half of the fiscal year ending March 31, 2024, the Company’s automobile-related businessbenefited from an increase in automobile production volume as semiconductor supply shortages resolved.
The legal reclassification of COVID-19 to a Class 5 disease has been another positive factor on theCompany’s business.
The Company’s Life & Healthcare-related and other businesses have enjoyed firm performance due toimprovements in the business environment, including increased opportunities for consumers to travel
outside the home. Company performance with respect to the semiconductor-related industry, in which we
expected to see a full-fledged recovery beginning in the second half of the fiscal year, remained firm. Thisperformance owes to an expanded product lineup, increased sales of products for server applications, andother factors, even as the semiconductor-related industry experiences a delay in full-fledged recovery as awhole.
At the same time, the Company’s resin sales have been affected negatively by a decline in demand forelectronics and electrical products due to global inflation and a related decline in market prices, resulting
in profit levels lower than expected initially. The Prinova Group has experienced a delay in contributing toprofits due to a temporary delay in the full-scale operations of the new Utah plant. Further, despite anincrease in sales volume, the food ingredient sales business has been impacted negatively by declining
profitability stemming from falling market conditions. As a result, profit from the Prinova Group has been
lower than expected initially.
The external environment in our major businesses continues to be a challenge. Demand for middle andlow-end smartphones, which we assumed would begin to recover in earnest in the second half of the year,
has not yet reached a full recovery due to the economic slowdown in China.
While certain of the Company’s businesses are performing solidly, we expect the overall environment toremain difficult throughout the second half of the year and beyond. Therefore, we have decided to revise
our full-year consolidated earnings forecasts downward.
For the purposes of these forecasts, we changed our assumed foreign exchange rates from ¥135 to ¥143 tothe U.S. dollar, and we assumed an exchange rate of ¥20 to the RMB.

The full-year consolidated earnings forecasts for each segment are as follows.
Revisedforecasts（B）

Difference（B-A）(Millions of yen)

(Millions of yen)

(Millions of yen)

39,00033.9%

Gross profit

22,90027,500

4,600

20.1%

29,889Operatingincome

8,900

8,300

(600)

(6.7%)

10,486

Sales

270,000

197,000(73,000)(27.0%)

220,955

Gross profit

34,30023,600(10,700)(31.2%)

24,248Operatingincome11,0006,900(4,100)(37.3%)

7,678

Sales

150,000

139,000(11,000)(7.3%)

136,975

Gross profit

33,80033,500(300)(0.9%)

30,770Operatingincome10,600

11,100

500

4.7%

9,273

Sales

135,600

129,900(5,700)(4.2%)

125,560

Gross profit

15,60014,900(700)(4.5%)

14,432

Operatingincome5,100

4,800(300)(5.9%)

4,794

Sales

287,300

280,000(7,300)(2.5%)

273,161

Gross profit

64,30063,400(900)(1.4%)

55,907

Operatingincome11,30010,800(500)(4.4%)

10,581

Sales

100

100－

－

81

Gross profit

100100－－161

Operatingincome(12,400)(11,900)

500

4.0%

(9,443)

Sales
Functional
Materials

Advanced
Materials &Processing

Electronics& Energy

MobilityLife &Healthcare

Corporate& Others

115,000

154,000

Increase/decrease（％）(For reference)Previousforecasts（A）

Results forthe fiscal year
ended March31, 2023
(Millions of yen)

156,161*Effective from October 1, 2023, NAGASE has changed the method of classifying its business segments, andthe figures for the previous fiscal year have been reclassified to reflect this change

The above forecasts are based on information currently available to NAGASE and certain assumptions
that NAGASE considers reasonable. Actual results could vary from forecasts due to a variety of factors.
End