August 2, 2022

Summary of Consolidated Financial and Business Results
for the First Quarter of the Year Ending March 2023
Oji Holdings Corporation (Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Hiroyuki Isono, President & Chief Executive Officer
Akio Hasebe, Director of the Board, 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 First Quarter of the Year Ending March 31, 2023 (April 1, 2022 - June 30, 2022)(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

First Quarter of FY2022

Operating profit% Millions of yen

Ordinary profit% Millions of yen

Profit attributable toowners of parent% Millions of yen%

399,177

16.5

15,578(44.5)

32,992(4.6)

23,28513.0First Quarter of FY2021

342,7216.5

28,054155.4

34,569482.6

20,610860.0

Note: Comprehensive income

First Quarter of FY2022
First Quarter of FY2021

54,644 million yen
45,125 million yen

Profit per share

Diluted profit pershare

Yen

Yen

First Quarter of FY2022

23.51

23.50

First Quarter of FY2021

20.81

20.80

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%Yen

2,162,956

922,75541.5

906.62875,47041.4

859.29(2) Consolidated Financial Condition

First Quarter of FY2022
Year ended March 2022

2,053,752

Note: Shareholders' equity

First Quarter of FY2022
FY2021

898,115 million yen
851,232 million yen

2. Cash Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

AnnualYen

Yen

Yen

Yen

Yen

FY2021－

7.00

－

7.00

14.00

FY2022－
8.00

－

8.00

16.00

FY2022 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2023 (April 1, 2022-March 31, 2023)(Figures shown in percentage for the full year are ratios compared to the previous year,
Figures shown in percentage for the first half are ratios compared to the same period of the previous year)

Net sales
Millions of yen

Operating profit% Millions of yen

Profit attributableto owners of parent

Ordinary profit% Millions of yen% Millions of yen

Profit per share%Yen

First half

800,000

12.9

37,000(41.9)

43,000(37.5)

27,000(40.8)

27.26

Full year

1,700,000

15.6

105,000(12.6)

110,000(18.6)

70,000(20.0)

70.66

Note : Change in consolidated forecasts … None

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 Quarter of FY2022
FY2021(ii) Outstanding balance of treasury shares at the end of fiscal year
First Quarter of FY2022
23,766,772
FY2021(iii) Weighted average number of shares during fiscal year
First Quarter of FY2022
990,616,209
First Quarter of FY2021

1,014,381,817
23,764,570
990,380,364

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 Quarter of FY2022 (April 1, 2022 - June 30, 2022)
Net Sales

Operating Profit

Billions of yen

Ordinary Profit

Billions of yen

Billions of yen

Profit Attributable toOwners of Parent
Billions of yen

Profit Per ShareYen

1st Quarter ofFY2022

399.2

15.6

33.0

23.3

23.51

1st Quarter ofFY2021342.7

28.1

34.6

20.6

20.81

Increase (Decrease)

56.5(12.5)(1.6)

2.7

Increase (Decrease)

16.5%(44.5%)(4.6%)

13.0%

In its FY2022-2024 Medium-term Management Plan, the Oji Group has set "Growth to Evolution", which is long-term vision for 2030,
as the basic policy, and is promoting "Initiatives for Environmental Issues -Sustainability-", "Initiatives for Profitability Improvement Profitability-" and "Initiatives for Product Development -Green Innovation-" to achieve the consolidated operating profit of ¥150.0billion or more by FY 2024 and stably maintain consolidated profit attributable to owners of parent of ¥100.0 billion or more.
Based on this basic policy, 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 businessby deepening the existing businesses through the establishment of an optimal production system, and expanding the highly-expectedbusinesses including overseas packaging business and eco-friendly products. Furthermore, we will develop and quickly commercialize
new wood-derived products and materials such as eco-friendly materials and products, based on a range of core technologies we havecultivated through paper manufacturing and forestation. We will continue to contribute to society as a company that "grows and manages
the sustainable forest, develops and delivers the products from renewable forest and brings this world a brighter future filled with hope”.

Consolidated net sales for the first quarter of FY2022 increased by ¥56.5 billion to ¥399.2 billion (year-on-year increase of 16.5%) due
to a recovery in demand, resulting from the resumption of economic activities that had been stagnant due to the spread of COVID-19, arise in the pulp market and the implementation of price revision in response to the impact of the recent sharp rise in raw material and fuelprices. Overseas sales ratio increased by 4.5 points from the previous year to 37.0%.
Consolidated operating profit decreased by ¥12.5 billion to ¥15.6 billion (year-on-year decrease of 44.5%) due to the significant impactof higher raw material and fuel prices in spite of the price revision mentioned above and an increase in sales volume. Ordinary profit
decreased by ¥1.6 billion to ¥33.0 billion (year-on-year decrease of 4.6%) despite foreign exchange gains from revaluation of foreign
currency-denominated receivables and payables. Profit before taxes decreased by ¥0.9 billion to ¥33.0 billion (year-on-year decrease of2.6%), and profit attributable to owners of parent increased by ¥2.7 billion to ¥23.3 billion (year-on-year increase of 13.0%) due to adecrease in profit attributable to non-controlling interests as a result of the acquisition of treasury stock by a consolidated subsidiary andthe additional acquisition of shares of a subsidiary.

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Overview of Business Performance for the First Quarter of FY2022 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Operating Profit（Loss）

Net Sales
1st Quarter of
FY2021
ReportingSegment

1st Quarter of
FY2022

Increase(Decrease)

1st Quarter of
FY2021

1st Quarter of
FY2022

Increase(Decrease)

Household &Industrial Materials

167.3

187.7

12.2%

8.6(0.3)－Functional Materials

45.1

52.5

16.2%

3.4

3.7

11.2%

Forest Resources &Environment Marketing

66.8

91.3

36.5%

9.7

13.1

35.4%

Printing &Communications Media

57.8

63.7

10.1%

4.8(1.6)－Total

337.1

395.1

17.2%

26.5

14.9

(43.6%)

Others

71.4

81.8

14.5%

2.0

2.1

6.2%

Total

408.5

476.8

16.7%

28.5

17.0

(40.2%)

Adjustment (*)(65.8)(77.7)

(0.4)

(1.4)

Consolidated total

342.7

399.2

28.1

15.6

16.5%

(44.5%)*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.

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○Household and Industrial Materials
In the first quarter of FY2022, net sales amounted to ¥187.7 billion (year-on-year increase of 12.2%), and operating loss was ¥0.3
billion (year-on-year decrease of ¥8.9 billion).
Regarding domestic business, sales amount increased from the previous year due to the implementation of price revision in addition tothe overall recovery in demand of containerboard, corrugated containers and boxboard. As for disposable diapers, sales amountdecreased from the previous year. As for household paper, sales amount remained stable from the previous year.
Regarding overseas business, sales amount increased from the previous year due to the strong sales of containerboard and corrugatedcontainers in Southeast Asia and India, the penetration of price increases and the operation of a new containerboard machine inMalaysia from October 2021.

○Functional Materials
In the first quarter of FY2022, net sales amounted to ¥52.5 billion (year-on-year increase of 16.2%), and operating profit was ¥3.7billion (year-on-year increase of 11.2%).
Regarding domestic business, sales amount increased from the previous year due to a recovery trend in demand for thermal andadhesive paper, which had declined due to the spread of COVID-19, as well as steady sales of films for condensers used in electricvehicles and general industrial use and packaging films for foods and general goods, although sales amount of specialty papers
decreased from the previous year.
Regarding overseas business, sales amount of thermal paper increased from the previous year due to the recovery trend in demandsimilarly in the domestic market, as well as the completion of enhancement and expansion work in Brazil, which started operation in
January 2022.

○Forest Resources and Environment Marketing
In the first quarter of FY2022, net sales amounted to ¥91.3 billion (year-on-year increase of 36.5%), and operating profit was ¥13.1
billion (year-on-year increase of 35.4%).
Regarding domestic business, pulp business remained steady as in the previous year. Sales amount of energy business increased fromthe previous year due to a shorter period of facility shutdown for periodic inspections at MPM Oji Eco-Energy Co., Ltd.
Regarding overseas business, sales volume of pulp business increased from the previous year due to a rise in the pulp market.

○Printing and Communications MediaIn the first quarter of FY2022, net sales amounted to ¥63.7 billion (year-on-year increase of 10.1%), and operating loss was ¥1.6billion (year-on-year decrease of ¥6.4 billion).
Regarding domestic business, sales amount increased from the previous year. While demand for newsprint continued to decline,
demand for printing paper has increased because a decline in imported paper increased the demand for domestic products.
Regarding overseas business, sales amount increased from the previous year at Jiangsu Oji Paper Co., Ltd.

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

FY2021Mar 31,2022
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

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First Quarter /FY2022
Jun 30,2022

44,749324,442
11,074
98,616
20,294106,266
42,140(1,790)645,795

53,601
353,061
5,110
105,515
23,223
120,919
44,337(1,707)704,060

196,448
338,946
240,765
351,154
1,127,315

204,974
364,926
241,522358,590
1,170,013

3,472
8,079
11,552

3,717
8,041
11,758

168,545
101,526(982)
269,089
1,407,956
2,053,752

172,233
105,957(1,066)277,124
1,458,895
2,162,956

(Unit : Millions of yen)

FY2021Mar 31,2022
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 securitiesDeferred 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 Quarter /FY2022
Jun 30,2022

234,650
166,445－
23,993
6,574
101,355
533,020

241,351
183,553
49,0009,213
6,941
98,589588,649

155,000
329,0624,623
54,022
102,553645,261
1,178,282

155,000
330,150
4,718
54,440107,242
651,550
1,240,200

103,880
99,163567,150(13,277)
756,918

103,880
99,224583,391(13,278)
773,218

30,5002,076
5,728
29,593
26,41594,314
157
24,080875,470
2,053,752

32,45692
5,728
60,90325,715
124,896
157
24,482922,755
2,162,956

Consolidated quarterly statements of income(Unit : Millions of yen)First Quarter /FY2021
Apr '21 - Jun'21
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 profitNon-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
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Business restructuring expenses
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 Quarter /FY2022
Apr '22 - Jun'22

342,721259,71383,007399,177
321,969
77,207

26,40013,064
15,48854,95328,054

31,105
13,726
16,796
61,62815,578

174
1,256
2,844
444
4,934
9,654

323
1,428
15,322555
3,415
21,044

1,646
1,492
3,139
34,569

1,816
1,814
3,630
32,992

－56
56

352
165
517

276
17
437
731
33,894
7,365
2,901
10,267
23,627
3,016
20,610

343
100
47
491
33,018
8,163
1,003
9,166
23,851566
23,285

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Quarter /FY2021
Apr '21 - Jun'21Profit
Other 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 Quarter /FY2022
Apr '22 - Jun'22

23,62723,851(2,096)(896)
24,610
(720)
600

2,098
(1,980)30,996(655)
332

21,49745,12530,97254,64436,0699,055

53,820824