(Japanese GAAP) Oji Holdings Corporation (Code No. 3861  Tokyo Stock Exchange) https://www.ojiholdings.co.jp/ Hiroyuki Isono, President & Chief Executive Officer Tadashi Oshima, Executive Officer 03-3563-1111 +81-3-3563-111(overseas) (All yen figures are rounded down to the nearest one million yen) 1. Results for the First Quarter of the Year Ending March 31, 2025 (April 1, 2024 - June 30, 2024) (Unaudited)
(1) Consolidated Business Results
3. Consolidated Forecasts for the Year Ending March 2025 (April 1, 2024 - March 31, 2025) (Figures shown in percentage for the full year are ratios compared to the previous year,

4. Notes
(1) Significant changes in the scope of consolidation during the period: Yes Newly included:21 companies (Walki Holding Oy and its 20 affiliated companies) (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 : Yes (ii)   Changes besides (i) : Nonc (iii) Accounting estimate change : Nonc (iv)  Restatement : Nonc (Note)Please refer to "Consolidated Quarterly Financial Statements and Notes (Changes in accounting policies)" on page 8 of the attached document for more details. (4) Outstanding balance of issued shares  (common stock) (i) Outstanding balance of issued shares at the end of fiscal year (including treasury shares) First Quarter of FY2024 1,014,381,817 (ii) Outstanding balance of treasury shares at the end of fiscal year First Quarter of FY2024 29,753,815 (iii) Weighted average number of shares during fiscal year First Quarter of FY2024 984,620,711

NOTICE
• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None • The statements regarding future mentioned in this document are based on the information currently available and the premise deemed 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.
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-". 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 by deepening the existing businesses through the establishment of an optimal production system, and expanding the highly-expected businesses including overseas packaging business and eco-friendly products. In April 2024, as part of "Initiatives for Profitability Improvement -Profitability-", we have completed acquisition of Walki Holding Oy (Head Office: Finland), a leading company with advanced technologies in material conversion especially for paper-based sustainable solutions. The purpose of the acquisition 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 and products, based on a range of core technologies we have cultivated through paper manufacturing and forestation. We will 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". In addition, in December 2023, we announced our "Initiatives to Enhance Corporate Value". We will improve return on capital, promote initiatives that lead to sustainable growth, and strengthen information dissemination in order to enhance long-term corporate value and fulfil our social mission based on our Purpose. Consolidated net sales for the first quarter of FY2024 increased by ¥17.8 billion to ¥438.1 billion (year-on-year increase of 4.2%) mainly due to the impact of the yen's depreciation and the partial restoration at Pan Pac Forest Products Ltd. in New Zealand, which had been shut down due to cyclone damage. Consolidated operating profit decreased by ¥7.2 billion to ¥14.5 billion (year-on-year decrease of 33.3%) mainly due to deteriorating overseas pulp market conditions, despite the price maintenance and revision, cost reduction efforts, etc.  Ordinary profit decreased by ¥ 4.6 billion to ¥24.4 billion (year-on-year decrease of 15.7%) due to a decrease in operating income, despite an increase in foreign exchange gains from revaluation of foreign currency-denominated receivables and payables. Profit before taxes increased by ¥1.2 billion to ¥29.1 billion (year-on-year increase of 4.4%) due to gains on the sale of investment securities following the sale of strategic shareholdings, and profit attributable to owners of parent increased by ¥0.1 billion to ¥17.7 billion (year-on-year increase of 0.7%). Overseas sales ratio increased by 3.8 points from the same periods in the previous year to 37.4%.
Overview of Business Performance for the First Quarter of FY2024 by Segment
(II) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest Resources and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment consists of units that are recognized 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.
○Household and Industrial Materials
In the first quarter of FY2024, net sales amounted to ¥207.3 billion (year-on-year increase of 4.9%), and operating profit was ¥1.4 billion (year-on-year increase of 35.5%). Regarding domestic business, net sales increased from the previous year, due to the recovery in demand for boxboard and packaging paper, as well as the recovery in sales volumes of household paper, which had declined as a result of the price revisions in the previous year. As for disposable diapers, net sales of those for babies decreased from the previous year due to the withdrawal from the domestic business in September 2024, while net sales of those for adults increased from the previous year due to an increase in sales volumes as a result of new customer acquisition. Regarding overseas business, net sales increased from the previous year due to the launch of the new corrugated container plant in Vietnam as part of our strategy to further expand business in Southeast Asia and Oceania. As for containerboard, net sales decreased from the previous year due to deteriorating market conditions. As for disposable diapers, net sales increased due to sales expansion in Malaysia.
○ Functional Materials
In the first quarter of FY2024, net sales amounted to ¥60.0 billion (year-on-year increase of 8.2%), and operating profit was ¥3.5 billion (year-on-year increase of 29.9%). Regarding domestic business, as for specialty paper, net sales increased from the previous year due to sales expansion of strategic products such as heat-sealable paper for major online retailers and non-fluorine oil-resistant paper, the price revision, and the recovery in demand for automotive and semiconductor. As for thermal paper, net sales increased from the previous year due to the recovery in demand. Regarding overseas business, net sales increased from the previous year due to the gradual recovery in demand although there were regional differences.
○ Forest Resources and Environment Marketing
In the first quarter of FY2024, net sales amounted to ¥95.7 billion (year-on-year increase of 4.5%), and operating profit was ¥6.6 billion (year-on-year decrease of 53.7%). Regarding domestic business, net sales increased from the previous year due to the improvement of dissolving pulp market and yen's depreciation, despite the decline in demand for construction and packaging materials in the lumber business. Regarding overseas business, net sales increased from the previous year due to the partial restoration at Pan Pac Forest Products Ltd. in New Zealand, which had been shut down due to cyclone damage.
○ Printing and Communications Media
In the first quarter of FY2024, net sales amounted to ¥71.3 billion (year-on-year decrease of 4.0%), and operating profit was ¥0.7 billion (year-on-year decrease of 64.1%). Regarding domestic business, net sales of newsprint, printing and communication paper decreased from the previous year as demand continued to decline. Regarding overseas business, net sales at Jiangsu Oji Paper Co., Ltd., remained almost unchanged from the previous year due to the economic recession in China.
(Notes related to going concern assumption) No applicable items (Notes on occurrence of significant changes to shareholders' equity) No applicable items (Changes in accounting policies) (Application of Accounting Standard for Current Income Taxes, etc.) “Accounting Standard for Current Income Taxes” (ASBJ Statement No.27, October 28, 2022. Hereinafter "Revised Accounting Standard 2022") and related guidelines have been adopted from the beginning of the first quarter. The classification of current income taxes (taxation on other comprehensive income) follows the transitional treatment prescribed in the proviso of paragraph 20-3 of the Revised Accounting Standard 2022 and the transitional treatment prescribed in the proviso (2) of paragraph 65-2 of the "Implementation Guidance on Tax Effect Accounting" (ASBJ Guidance No.28, October 28, 2022. Hereinafter "Revised Implementation Guidance 2022"). This change in accounting policies has no impact on the quarterly consolidated financial statements. For the revised accounting treatment for consolidated financial statements when gains or losses on sale of shares in subsidiaries resulting from transactions between consolidated companies were deferred for tax purposes, the Revised Implementation Guidance 2022 has been adopted from the beginning of the first quarter. This change in accounting policies was applied retrospectively. Hence, the quarterly consolidated financial statements for the same quarter of the prior fiscal year and the consolidated financial statements for the prior fiscal year have been modified retrospectively. The effects of this adoption are immaterial on the quarterly consolidated financial statements for the same quarter of the prior fiscal year and the consolidated financial statements for the prior fiscal year.
(Segment Information)

1."Others" is a business segment which is not included in the reporting segments, and included in this segment are trading business, logistics, engineering, real estate and other businesses. 2. Adjustment for segment profit of ¥(246)million primarily consists of adjustment relating to internal transactions. 3. Adjustment is made between segment profit and operating profit of the consolidated statement of income.
1."Others" is a business segment which is not included in the reporting segments, and included in this segment are trading business, logistics, engineering, real estate, liquid packaging carton and other businesses. 2. Adjustment for segment profit of ¥(182)million primarily consists of adjustment relating to internal transactions. 3. Adjustment is made between segment profit and operating profit of the consolidated statement of income.
2.Information on impairment loss of non-current assets or goodwill by reporting segment
(Significant changes in the amount of goodwill) In the segment included in "Others", all shares of Walki Holding Oy and its 20 affiliated companies were acquired and included in the scope of consolidation. The increase in goodwill due to the acquisition was ¥64,224 million in the first quarter of the FY2024. As the allocation of the acquisition cost is not complete, provisional accounting treatment has been applied based on information that is available and reasonable. (Notes on Quarterly Consolidated Statements of Cash Flows) Quarterly Consolidated Statements of Cash Flows for the First Quarter of FY2024 (April 1, 2024 - June 30, 2024) are not prepared. Depreciation(including amortization of intangible assets other than goodwill) and amortization of goodwill during the First Quarter of FY2024 (April 1, 2024 - June 30, 2024) as follows: