Q3 FYE2024
Earnings Announcement ( Nine months ended December, 2023 ) February 2, 2024 Tokyo, Japan The Gas Professionals
For the purpose of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or dist NIPPON SANSO Holdings Corporation ("NSHD") regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, s dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this pr presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient) on the condi be the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with the constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, "NSHD used for convenience where references are made to NSHD and its subsidiaries in general. Likewise, the words "the Company", "we", "us" and "our" are also used to refer to sub general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
● Forward-Looking Statements
This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding NSHD's future busi position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as "t "believes", "hopes", "continues", "expects", "aims", "intends", "ensures", "will", "may", "should", "would", "could", "anticipates", "estimates", "projects" or similar expre thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ material expressed or implied by the forward-looking statements: the economic circumstances surrounding NSHD's global business, including general economic conditions here and abroad; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory author timing thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy of marketed producis or product candidates; the im crises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries in which NSHD operates, or on other facets of i the timing and impact of PMI (post-merger integration) efforts with acquired companies; the ability to divest assets that are not core to NSHD's operations and the timing of divestment(s); and other factors identified in NSHD's most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, avai NSHD's website. NSHD dose not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, e required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of NSHD in this presentation may not be indicati an estimate, forecast, guarantee or projection of NSHD's future results.
●  Certain Non-IFRS Financial Measures
This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with International Financial Standards ("IFRS"), such as Core Operating Income, Debt, Net Debt, Adiusted net D/E ratio, Free Cash Flow and ROCE after Tax. NSHD's management and executive officers evalua results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cos cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFR management and executive officers intends to provide investors with additional information to further analyze NSHD's performance, core results and underlying trends. NSHD's measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance IFRS. Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measure, which are on the part of our slide
● Financial information
NSHD's financial statements are prepared in accordance with international Financial Reporting Standards ("IFRS"). 2
● Analysis of Operating Results (Reasons for change in Revenue and Segment Operating Income)
In the supplementary materials to the financial statements of NSHD, starting from the fiscal year ending March 31, 2022, NSHD will describe the status of the business result group on a quarterly consolidated accounting period basis, as well as its recognition and analysis of the status of the business results of NSHD group from management's pers Please note that Segment Operating Income is based on Core Operating Income.
● The following table shows Revenue, Operating income, and the effect of Forex rate changes on Revenue and Operating Income.
The impact of Forex rate fluctuation is calculated by applying the average rate for the period under review to the period under review (the current period and the previous p These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information to understand the business conditions of the Group.

● Presentation of overall business performance and segment performance
The amounts shown are after offsetting and elimination of inter-segment transactions and do not include consumption tax etc. Notes that from Q3 FYE2023, the reportable segment names simplified, but the scope of segment aggregation didn’t change. 3 Contents 1. Strategic overview 2. Q3 FYE2024 Business performance -1. Q3 performance  (Oct. - Dec.) -2. Nine months Cumulative performance FYE2024 Full-term Forecast 3. Appendix
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Enhance profitability Continue disciplined price management Seize business opportunities in the Electronics industry Explore new fields where we can perform our strengths Closer contact with customers to deliver solutions 6
|   NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results
|Strategic overv Our Medium-term Management plan:
Group Philosophy Proactive. Innovative. Collaborative. Making life better through gas technology. The Gas Professionals Group Vision We aim to create social value through innovative gas solutions that increase industrial productivity, enhance human well-being and contribute to a more sustainable future.
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Holding Company Structure has enabled inter-regional collaboration which is progressing steadily with positive results. Aim of the Holding Company Management Segments share, learn, and modify best business practices & operational excellence activities Timely decision-making through authority delegation, and appropriate management resource allocation (1) (2) Greater clarity in business execution responsibilities and performance ( ⌒ ) Enhance the group’s comprehensive capabilities by sharing regional strengths and advantages
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We focus on maximizing the value of our contribution to our customers so that we achieve sustainable profitable growth by promoting "Grow further," "Enhance the value contributed to customers," and "Price management". Japan business (TNSC)  Group vision As The Gas Professionals, starting from industrial gas, we will continue to be a company that maximizes the potential of gas and contributes to the development of all industries and solutions of social issues. Performance of Japan Business In January 2023, a global cross-regional meeting on pricing actions was held to share the following items. • Cost situation in each region • Business practices • Price management approach • Policy on price-setting in each region February 2, 2024
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In the resilient healthcare market, we expect growing demand for Water-180; an SI of Oxygen, which was initially produced in 2004 using the world's first cryogenic distillation technology.  We are the global leader in this niche market'1. The product is mainly used as a product material for PET diagnostics *² and new application opportunities are expected. World's Largest Manufacturer of Oxygen Isotopes: TNSC Ship globally to more than 40 countries and regions with an annual production capacity of more than 600kg Unit 1  (Goi, Chiba Pref, • History of Stable Isotope (SI) Business
*1 According to our research (based on production and shipment volume). The global market *2 PET diagnostics: Positron Emission Tomography diagnostics February 2, 2024
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18F-FDG* PET diagnosis (examination) is a reagent labeled with a positron-emitting radioisotope administered to the human body, and the distribution of radioactivity and its time course is photographed from outside the body with a dedicated camera. Until now, this test has been performed mainly for malignant tumors (Cancer), but its use is expanding to the diagnosis of Alzheimer's disease (amyloid PET diagnostic) as well as Cardiac disease. PET diagnostic Production Method of Diagnostic reagents 18F-FDG* A type of diagnostic imaging. A radioactive diagnostic reagent is administered into the body, and then analyzed and diagnosed by imaging. Malignant tumors (Cancer) Subject to diagnosis • Alzheimer's disease Cardiac diseases (1) 18F (radioactive isotope) is produced by nuclear reaction of Water- 180 (raw material) produced by adding H, to the 180. ✔ Then, the synthesized and labeled reagents are administered to the body Overall Stable Isotope Business Sales Trend
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Significant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026. “Environmental & Hydrogen society contribution related” includes projects that contribute to our group and the customers' efforts to become carbon neutrality. (e.g.) ・Modernizing our plants to state-of-the-art equipment • Hydrogen production related (HyCO Plant, and Green hydrogen JV) ■ Steel & Metals   ■ Electronics   ■ Healthcare   ■ Chemicals & Energy   ■ Others “Others" include projects which are not assignable because the facilities relate to a wide range of customers and no one specific market (e.g.) • New or expanded production base for Bulk business Shipping container for liquefied helium Note that the above is an aggregation of investments that have been approved by the Board of Directors of each our group company, but have not yet been placed in serv The size of each project is over approx. ¥500mn., $4mn. or €4mn. 12 NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results February 2, 2024 2. Q3 FYE2024 Business performance -1. Q3 performance  (Oct. - Dec.) 13
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NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results
14 2. Q3 FYE2024 Business performance  -1. Q3 performance  (Oct. - Dec.)
•  Decrease in revenue due to conversion from on-site production facility to a joint operation entity (June 30, 2023). 15
YoY Factors for increase/decrease in this quarterly period and other comment Shipment volumes of core products such as air separation gases were flat. Sales price revisions and productivity initiatives. • In equipment and installation, the revenue declined in industrial gas-related (Hard goods: Welding and Cutting-related items). 16 2. Q3 FYE2024 Business performance  -1. Q3 performance  (Oct. - Dec.)
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YoY Factors for increase/decrease in this quarterly period and other comment •  In Japan, revenue from Portable vacuum-insulated mugs was favorable. •  Overseas, revenue from Korean sales companies and Asian production plants was firm, but sales conditions at equity-method affiliates were soft. • Production costs increased mainly due to the weak JPY. 19 2. Q3 FYE2024
-2. Nine months Cumulative performance 20
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NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results 21 2. Q3 FYE2024 Business performance  -2. Nine months Cumulative performance Japan By Industry
By Product 2. Q3 FYE2024 Business performance  -2. Nine months Cumulative performance
By Industry
By Product 2. Q3 FYE2024 Business performance  -2. Nine months Cumulative performance
By Industry
By Product 2. Q3 FYE2024 Business performance  -2. Nine months Cumulative performance
By Industry By Product 2. Q3 FYE2024 Business performance  -2. Nine months Cumulative performance
By Region
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NIPPON SANSO HOLDINGS 27
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NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results 28
NIPPON SANSO HOLDINGS
Representative Director, President CEO Toshihiko Hamada Senior Executive Officer, Group Finance & Accounting Office, and CFO Alan Draper Senior Executive Officer, Group Corporate Planning Office Tsutomu Moroishi Senior Executive Officer, Group Sustainability Management Office, and CSO (Chief Sustainability Officer) Takeshi Miki General Manager, Investor relations, Group Finance & Accounting Office Keita Kajiyama General Manager, Accounting, Group Finance & Accounting Office Takashi Yoshida
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Appendix 31 February 2, 2024   |   NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results NIPPON SANSO Holdings Group Summary https://www.nipponsanso-hd.co.jp/en/ir/
Proactive. Innovative. Collaborative. Making life better through gas technology.
The Gas Professionals
We aim to create social value through innovative gas solutions that increase industrial productivity, enhance human well-being and contribute to a more sustainable future. Distribution by share holders (%) Mitsubishi Chemical Group  50.6 Japanese Indivisuals and others 9.3 0% 10% Other Japanese Corporations Revenue / Employee personnel by Segment  (As of Match 31, 2023) ■ Japan ■ US ■ Europe ■ Thermos ■ Corporate ■ Asia & Oceania FYE2024 Financial Forecast  (IFRS)
NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results February 2, 2024 32 Our Medium-term management plan Summary https://www.nipponsanso-hd.co.jp/en/ir/management/plan.html Published on February 2, 2024
9% 100% 6% (Note)  Forex rate (Assumption) : USD ¥115  EUR ¥125 ! Growth initiatives ■ Base/Underlying ■ M&A § Strategic initiatives Non-Financial target

Focused fields
GHG reduced emissions through environmental product offer FYE2026:Lower GHG emissions  through environmental product offerings and applications
> NSHD Group GHG emission NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results February 2, 2024 100% 33
Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances), losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets). Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring items in the Company.

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Key performance indicators

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Note that foreign exchange rates resulted in an increase in both total assets and total liabilities and equity of approximately ¥119.7 billion. This mainly reflected foreig such as the JPY depreciation of ¥8.30 against the USD and the JPY depreciation of ¥11.40 against the EUR as of December 31, 2023, compared with the rates as of March 31, 202
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February 2, 2024 39
By Segment ■ U.S. Europe | Asia & Oceania Japan | Thermos By Industry Steel & Metals ■ Healthcare Automobiles & Other transportation ■■ Chemicals & Energy | Electronics ■ Others l Food & Beverage
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Revenue (¥ bn.) Operating income（IFRS）
Net interest-bearing debts
(¥ bn.) Hybrid Finance (HBF) *Adjusted Net D/E Ratio: an indicator of safety (financial soundness) calculated in consideration of this part due to 50% of the amount raised by HBF is permitted as "Equity" by rating agencies. Capital expenditures *It's recorded on a construction basis until FYE2019 and on a cash basis from FYE2020 onwards. (¥ bn.) Profit attributable to owners of the parent (¥ bn.) Depreciation and amortization (¥ bn.) (¥ bn.) 41

EBITDA
(Earnings Before Interest Taxes Depreciation and Amortization) Indicator that shows profitability based on Cash Flow, excluding the impact of M&A and CAPEX. This indicator should not be considered in isolation from performance indicators such as operating income and net income, which are indicators based on IFRS, and should not be viewed as substitutes for these indicators. This indicator should be given due consideration when comparing them with similarly named financial indicators presented by other companies.
ROCE after Tax
( Return On Capital Employed after Tax ) ll
■ The average of the amounts at the end of the comparative fiscal year s of the previous and current fiscal years is used.
Indicator based on profitability and investment efficiency
This indicator should not be considered in isolation from performance indicators such as operating income and net income, which are indicators based on IFRS, and should not be viewed as substitutes for these indicators. This indicator should be given due consideration when comparing them with similarly named financial indicators presented by other companies.
EBITDA margin
and EBITDA ( ¥ bn.)
and NOPAT (Reference)
ROCE and Core Ol ( * bn.) 42
Air Separation Gases Other Gases On-site Major supply destination  (Sector) Steel Petrochemical Refinery We've established production plants in the vicinity of the customer. A form of direct connection and constant supply of pipes. (Large-scale supply) Bulk Major supply destination  (Sector)
LCP Semiconductor Photovoltaics We've installed a storage tank for liquefied gas in the customer's premises. A form of supply according to the method of use of gas. ( Medium-scale supply) Supply via Liquid gases form Supply via Cylinder LP CO, H 2 He Gas Packaged Major supply destination  (Sector)
We deliver filling containers (cylinders) to customers. A form of supply according to the method of use of gas. ( Small-scale supply) Filling station
NIPPON SANSO Holdings Supplementary Materials FYE2024 Q3 results
Thermos products deliver what matters every time.
As the leading manufacturer of convenient insulated product for over 100 years, Thermos is trusted by consumers to provide innovative portable containers that promote a safe and healthy lifestyle. Thermos delivers when it matters. At Thermos, We carefully choose the best available materials, and produce products with consistent quality and reliable performance. We ensure the excellence of our products by testing for quality. 44
For further information, please contact:
Public Relations for media Public Relations Tel : +81 (0)3-5788-8513 E-mail : Nshd.info@nipponsanso-hd.co.jp Investor Relations for investors Investor Relations Tel: +81 (0)3-5788-8512 E-mail : Nshd.ir@nipponsanso-hd.co.jp Upcoming IR events FYE2024 Full-term Earnings Call FYE2024 Full-term Earnings Presentation May 13, 2024 May 22, 2024 www.nipponsanso-hd.co.jp/en/ NIPPON SANSO Holdings Corporation (Ticker:4091.T) Headquarters  :  1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan
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45 NIPPON SANSO HOLDINGS The Gas Professionals © 2024 NIPPON SANSO Holdings Corporation All rights reserved