February 2, 2024

Notice of consolidate financial results for Q3 FYE2024

Nippon Sanso Holdings Corporation (“NSHD”, President CEO: Toshihiko Hamada) hereby
announces its consolidated financial results for Q3 FYE2024. For details, please refer tothe financial results and earnings announcement materials available on NSHD website.

1. Business performance for 9M (9 months) FYE2024 (Apr.-Dec.)
Nippon Sanso Holdings Group (NSHD Group) delivered positive profit growth for thefirst three quarters of the fiscal year under review (from April 1, 2023 to December 31,2023) despite challenging geopolitical issues, rising trade tensions, global inflation, JPY
depreciation, and a soft semiconductor market. Air separation gases (oxygen,nitrogen, and argon) transported via either truck or on-site pipeline to steel, chemical,
and petroleum refining sectors, have decreased compared to the previous fiscal year.
In addition, compared to prior year, there has been a moderation in energy related
production and distribution costs, where costs previously had been high.

Furthermore, price management has been successful in passing costs through to ourcustomers and our robust productivity projects continue to yield positive financial results.
These factors enabled the NSHD Group to achieve the following results for the first ninemonths of the fiscal year currently under review.
Revenue on a consolidated basis increased by 6.4% year-on-year to \928,656 million,
core operating income increased by 42.5% to \124,702 million, operating income
increased by 47.2% to \124,201 million, and net income attributable to owners of theparent increased by 40.1% to \73,394 million.

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（Unit: ￥ bn.）

Revenue

FYE2023

FYE2024

9M

9M(Apr.- Dec.)(Apr.- Dec.)

YoY
Difference％ Change

928.6

+55.6

+6.4%

+1.9%

+37.2

+42.5%+35.1%

87.5

124.7
13.4%

Non-recurring profit and loss

-3.1

-0.5

+2.6

Operating income（IFRS）

84.3

124.2

+39.9

9.7%
19.1%

13.4%
22.4%

Finance costs-9.6-15.9-6.3

Income before income taxes
Income tax expenses

74.7

108.2

+33.5

20.3

32.1

+11.8

Net income

54.4

76.0

+21.6

+39.8%

52.4

73.3

+20.9

+40.1%

6.0%

7.9%

2.02.6Core OI margin

OI margin
EBITDA marginexc. FX

873.0
10.0%

Core operating income％ Change+47.2%+44.8%(Attribution of net income)Net income attributable to owners of the parentNI margin
Net income attributable to non-controlling interests
Forex （Unit: JPY）

USD

136.85143.78(average rate during the period)

EUR

140.83156.24

AUD

93.16

94.47

+0.6

2. FYE2024 Full-term forecast
No revisions have been made to the consolidated business forecasts released on October
31, 2023.

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（Reference）
Business performance for 9M FYE2024 (Apr.-Dec.) by segment

9M（Unit: ￥ bn.）

Japan

305.5
33.2

6.7%

10.9%

Segment OI

223.6
26.0

257.1
35.8

Segment OI margin

11.7%

13.9%

Revenue
Segment OI

203.3
25.3

223.1
39.6

Segment OI margin

12.5%

17.8%

Revenue
Segment OI

122.8
12.3

119.5
12.6

Segment OI margin

10.0%

10.6%

Revenue
Segment OI

22.6
4.4

23.1
4.3

Segment OI margin

19.8%

18.7%

0.0
-0.8

0.0-1.0

Core OI

873.0
87.5

928.6
124.7

Core OI margin

10.0%

13.4%

Segment OI

RevenueEurope

Asia & Oceania

Thermos

RevenueAdjustment

Segment OI
Revenue

Consolidated total

Difference% Changeexc. FX% Change

Forex impact

+5.0
+13.1

+1.7%
+65.2%

+0.1
+0.0

+1.6%
+64.8%+33.5+9.8+15.0%+37.5%

+11.3
+1.3

+9.5%
+30.6%

+19.8
+14.3

+9.8%
+56.1%

+22.2
+2.8

-1.1%
+40.4%

-3.3
+0.3

-2.7%
+2.8%

+4.3
+0.3

-6.1%
-0.0%

+0.5
-0.1

+2.3%
-3.1%

+0.1
+0.1

+1.5%
-6.0%

-0.0
-0.2

――

+55.6
+37.2

+6.4%
+42.5%(Apr.- Dec.)

300.5
20.1

Segment OI margin

United States

Composition
ratio

9M(Apr.- Dec.)
RevenueYoY

FYE2024

FYE2023

32.9%
26.7%

27.7%
28.8%

24.0%
31.8%

12.9%
10.2%

2.5%
3.5%

0.0%
-1.0%
100.0%
100.0%――+38.2+4.7+1.9%+35.1%【Japan】
In the industrial gas-related business, revenue increased year-on-year mainly due tosales price revisions against rising costs, despite lower shipment volumes of coreproducts such as air separation gases and LP gas. In addition, the shipment volume ofspecialty gases for the electronics industry declined. In equipment and installation, bothindustrial gas-related and electronics-related businesses posted higher revenues, mainly
due to medium and large sized projects which are accounted for on a percentage-ofcompletion basis. Meanwhile, there was a decrease in revenue due to the conversion
from a consolidated on-site subsidiary to a joint operation entity.

【United States】
In the industrial gas-related business, revenue increased year-on-year mainly due toimpact of the weak JPY and sales price revisions. Air separation gases experienced
lower shipment volumes due to soft industrial trends. In equipment and installation,industrial gas-related sales were strong, especially for gas-related equipment, andelectronics-related sales were also favorable, thereby increasing sales.

3【Europe】
Revenue increased in the industrial gas-related business year-on-year mainly due tothe impact of the weak JPY despite slightly lower core product volumes such as air
separation gases. Equipment and installation, continues to see positive performance inboth industrial gas-related sales and medical-related equipment. In addition, segment
income increased due to continued emphasis and successful delivery of productivity
initiatives and the impact of the weak JPY.

【Asia & Oceania】
In the industrial gas-related business, revenue increased year-on-year mainly due tosales price revisions against rising costs and other factors, despite lower shipment
volumes of core products such as air separation gases. In LP gas, of which a large
portion of sales are in the Australia region, sales volumes decreased. In the electronicsrelated business, revenue declined significantly in East Asia due to softness in both gas
and equipment demand due to customer inventory adjustments and postponements ofcapital investment.

【Thermos】
In Japan, sales from Portable vacuum-insulated mugs and sports bottles were firm, andrevenue increased. Overseas, revenues were flat to the previous fiscal year. Segment
income decreased due to rising raw material prices from inflation and production costs
increased due to the weak JPY.

The Nippon Sanso Holdings Group is the world's fourth-largest supplier of industrial, electronic, and medical gases,
operating in four geographic hubs - Japan, the U.S., Europe and Asia & Oceania - covering over 30 countries andregions. In addition, the Thermos business supplies THERMOS branded products to more than 120 countries aroundthe world. Since its foundation as Nippon Sanso Ltd. in 1910, the group stands for creating social value throughinnovative gas solutions that increase industrial productivity, enhance human well-being and contribute to a moresustainable future. With more than 19,000 employees, together, we are “The Gas Professionals” and we all have thesame goal: “Making life better through gas technology”

Public Relations
Nshd.Info@nipponsanso-hd.co.jp

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