Oji : May 14, 2024 Presentation Material for the Year Ended March 2024

May 14, 2024

Summary of

Financial Business

Results

1

Summary of Financial Business Results

Contents

01 FY2023 Result Overview

02 FY2024 Financial Forecast 03 Topics

①	Financial Highlights of FY2023	5
(consolidated)
②	Sales and Operating Profit by Segment	6
(consolidated)
	[FY2023 Result]

• Analysis of Operating Profit by Segment

	Household and Industrial Materials	７
	Functional Materials	８
	Forest Resources	９
	and Environment Marketing
	Printing and Communications Media	10

①	Financial Forecast for FY2024	12
(consolidated)
②	Sales and Operating Profit by Segment	13
(consolidated)
	[FY2024 Forecast]
③	Operating Profit by Segment	14
④	Impact on Operating Profit from External	15
Environment

①	Initiatives for Sustainable Growth	17
State of Progress
②	Initiatives for Forest Function	18
③	Initiatives for Existing Business	19
④	Early Expansion of Environmentally Friendly	22
Packaging
⑤	Wood Bio-businesses	27
⑥	Shareholder Returns	35

04	Reference Materials
Trends of Net Sales by Segment (consolidated) / Trends of Operating Profit (consolidated) / Trends of Return on Equity (ROE) / Trends of Net Interest-bearing Debt (consolidated)

Trends of CAPEX/Depreciation (consolidated) / History of the Number of Employees (consolidated) / FY2023 Industry Demand

This document does not constitute a disclosure document under the provisions of the Financial Instruments and Exchange Law, and no guarantees are provided concerning the accuracy of completeness of the information contained therein. Forecasts and other forward-looking statements in this document represent judgments by Oji Holdings Corporation based on information available at the time of the briefing, and they may be affected by unforeseeable events. You are therefore urged not to make investment decisions solely on the basis of this document. Oji Holdings Corporation will not accept any liability whatsoever for losses incurred as a result of use of this document.

01	FY2023 Result Overview

01. FY2023 Result Overview

• Financial Highlights of FY2023 (consolidated)

(¥ billion)

FY2022

FY2023

Increase(Decrease)

Net Sales

Operating Profit

	1,706.6	1,696.3		(10.4)
84.8	72.6	(12.2)

	[Domestic Companies]			[18.8]		[64.8]		[46.0]
	[Overseas Companies]			[66.0]		[7.8]		[(58.2)]
	Ordinary Profit				95.0		86.0			(9.0)
	Profit				56.5		50.8			(5.7)
	Attributable to Owners of Parent
	Depreciation				73.0		79.5			6.5
	Overseas Sales Ratio				37.6%		34.9%				(2.7pt)
	Average Exchange Rate (¥/US$)			135.5				144.6		9.1
	Number of	Domestic		92		95				＋3
	Consolidated Companies	Overseas		104		105				＋1
		Total		196	200		＋4

Domestic : +1[Specialty Paper] ,+2[Lumber Processing]

Overseas : +1[Liquid Packaging Cartons in Italy], +2[Corrugated Containers in Malaysia], +1[Forest Plantation in Uruguay], (1)[Flexible Packaging in Myanmar], (1)[Logistics in Malaysia], (1)[Filter in China]

Equity Method Affiliates : (1)[Domestic(1)]			5

01. FY2023 Result Overview
② Sales and Operating Profit by Segment	[FY2023 Result]
											(¥ billion)
					FY2022		FY2023			Increase (Decrease)
					Net Sales	Operating	Net Sales	Operating		Net Sales	Operating
					Profit	Profit		Profit
			Household &		780.5	(1.2)	798.7	21.2		18.2	22.5
			Industrial Materials
			Functional Materials		219.9	15.5	227.5	9.1		7.6	(6.4)
			Forest Resources &		423.8	68.5	359.6	19.6		(64.2)	(48.9)
			Environment Marketing
			Printing &		281.0	(4.8)	299.4	16.8		18.4	21.6
			Communications Media
			Others		1.4	6.8	11.1	5.9		9.7	(0.9)
			Total		1,706.6	84.8	1,696.3	72.6		(10.4)	(12.2)

*1: Sales include inter-segment sales *2: Others include adjustment amount

6

01. FY2023 Result Overview

• Analysis of Operating Profit by Segment

■Household and Industrial Materials	Increased profit due to strong domestic market,
	while overseas business profit decreased.

Increase (Decrease) of Operating Profit

+22.5bil.

FY2023

Net Sales Operating Profit

¥798.7 bil.	¥21.2 bil.
	D ¥26.1b O ¥(4.9b)

Domestic +¥28.0 bil.

Sales & market		+¥36.1 bil.
factor		+¥1.5 bil.
Price difference
in raw materials &
fuels
Other costs		(¥9.3 bil.)etc
Overseas	(¥5.6 bil.)
Sales & market		(¥16.9 bil.)
factor
Price difference		+¥12.4 bil.
in raw materials &	etc.
fuels

	Price of Key Products in Japan		Price of Key Fuels
(¥/kg・m2)	( ¥ / 5 Boxes)	($/t)	Coal [Australia/Newcastle]
160	420	500

140		400
Coated duplex board	400
	380
120

360 300

100

		C linerboard			340	200
80
					320
60			Corrugated sheet	300	100
40			Tissue Paper[right axis]	280	0
18/4	19/4	20/4	21/4	22/4	23/4		18/4	19/4	20/4	21/4	22/4	23/4

FY2022

Sales of Key Products (*)

FY2022

FY2023

Increase (Decrease)

Sales Volume

Unit Price

Sales Amount

Sales Volume

Unit Price

Sales Amount

Sales Volume

Year-on Year

Unit Price

Sales Amount

Net Sales

Operating Profit

1000t(or)

¥/kg(or)㎡

¥ billion

1000t(or)

¥/kg(or)㎡

¥ billion

1000t(or)

¥/kg(or)㎡

¥ billion

million ㎡

million ㎡

million ㎡

％

Paperboard

Domestic

2,981

78.87

235.1

2,828

86.12

243.6

(153)

94.9%

7.25

8.4

¥780.5 bil.

(¥1.2 bil.)

Corrugated contain

Domestic

3,097

69.39

214.9

2,974

77.18

229.6

(122)

96.1%

7.79

14.7

D ¥(1.9b) O ¥0.7b

*Total amount of consolidated Group's manufacturing companies including internal consumption 7

01. FY2023 Result Overview

• Analysis of Operating Profit by Segment

■Functional Materials	Decreased profit due to lower volumes and raw material price differences
despite price revisions in domestic and overseas markets

Increase (Decrease) of Operating Profit

(6.4) bilbil. .

FY2023

Net Sales Operating Profit

¥227.5 bil.	¥9.1 bil.
	D ¥7.2b O ¥1.9b

Domestic	+¥1.4 bil.
Sales & market	+¥7.3 bil.
factor
Price difference	(¥2.8 bil.)
in raw materials &
fuels	etc.
Overseas	(¥7.8 bil.)
Price difference	(¥3.4 bil.)
in raw materials &
fuels
Other costs	(¥3.3 bil.)
	etc.

	Price of Key Raw Materials	(M ㎡)
150		and Fuels		4,500
	Crude oil [Dubai]				4,000
	（$/bbl）
	Naphtha [Japan]				3,500
100	（¥1,000/kl）				3,000
						2,500
						2,000
50						1,500
						1,000
						500
0	19/4	20/4	21/4	22/4	23/4	0
18/4

Sales of Thermal paper

（Domestic & ・Overseas）

18 19 20 21 22 23

FY2022

Sales of Key Products (*)

FY2022

FY2023

Increase (Decrease)

Sales Volume

Unit Price

Sales Amount

Sales Volume

Unit Price

Sales Amount

Sales Volume

Year-on Year

Unit Price

Sales Amount

Net Sales

Operating Profit

1000t(or)

¥/kg(or)㎡

¥ billion

1000t(or)

¥/kg(or)㎡

¥ billion

1000t(or)

％

¥/kg(or)㎡

¥ billion

million ㎡

million ㎡

million ㎡

¥219.9 bil.

¥15.5 bil.

Thermal paper(million Domestic&Overseas

3,951

22.42

88.6

3,696

24.97

92.3

(255)

93.6%

2.54

3.7

D ¥5.8b

O ¥9.7b

*Total amount of consolidated Group's manufacturing companies including internal consumption 8

01. FY2023 Result Overview

③ Analysis of Operating Profit by Segment

■Forest Resources and Environment Marketing

Decreased profits due to cyclone and deteriorating market conditions overseas

Increase (Decrease) of Operating Profit

(48.9)bil.

FY2023

Net Sales Operating Profit

¥359.6 bil.	¥19.6 bil.
	D ¥5.5b O ¥14.1b

FY2022

Net Sales Operating Profit

¥423.8 bil.	¥68.5 bil.
	D ¥7.1b O ¥61.4b

Overseas (¥47.3 bil.)

Price of Key Products

($/t)

(Pulp - Net Price for China Market)

PanPac Cyclone

(¥7.0 bil.)

1,000

Damage

(¥35.8 bil.)

900

Sales & market

NBKP [Chili]

factor

etc.

800

NBKP

700

920

▲195

725

765

790

$/t

$/t

$/t

$/t

LBKP

600

500

LBKP [Brazil]

790

▲210

580

685

710

$/t

$/t

$/t

$/t

400

2022 Result

Reference

19/4

20/4

21/4

22/4

23/4

2023 Result

2024

18/4

(Jan,-Dec.)

(Jan,-Dec.)

(Jan,-Dec.

(May.Assumption)

Assumption)

FY2023

Increase (Decrease)

Sales of Key Products (*)

FY2022

Sales Volume

Unit Price

Sales Amount

Sales Volume

Unit Price

Sales Amount

Sales Volume

Year-on Year

Unit Price

Sales Amount

1000t(or)

¥/kg(or)㎡

¥ billion

1000t(or)

¥/kg(or)㎡

¥ billion

1000t(or)

％

¥/kg(or)㎡

¥ billion

million ㎡

million ㎡

million ㎡

Market pulp

Domestic&

2,334

103.08

240.6

2,070

91.84

190.1

(264)

88.7%

(11.24)

(50.5)

Overseas

Electric power

Domestic

1,603

-

-

1,723

-

-

120

107.5%

-

-

(GWh)

*Total amount of consolidated Group's manufacturing companies including internal consumption 9

01. FY2023 Result Overview

• Analysis of Operating Profit by Segment

■ Printing and Communications Media Increased profits due to strong domestic market

Increase (Decrease) of Operating Profit

+21.6bil.

FY2023

Net Sales Operating Profit

¥299.4 bil.	¥16.8 bil.
	D ¥17.4b O ¥(0.6b)

Domestic +¥19.4 bil.

Sales & market	+¥29.3 bil.
factor
Price difference	(¥2.0 bil.)
in raw materials &	etc.
fuels

Overseas +¥2.2 bil.

Price difference	＋¥4.0 bil.
in raw materials &
fuels
Sales & market	(¥0.2 bil.)
factor	etc.

	Price of Key Products	($/t)	Price of Key Raw Materials
(¥/kg)							(Woodchip)
250						220	Australia hardwood
						200	US softwood
							Thailand hardwood
200						180
			A2 Grade			160
			coated paper
150						140
			A3 Grade coated paper	120
100						100
18/4	19/4	20/4	21/4	22/4	23/4	18/4	19/4	20/4	21/4	22/4	23/4

Sales of Key Products (*)		FY2022			FY2023				Increase (Decrease)
Sales Volume	Unit Price	Sales Amount	Sales Volume	Unit Price	Sales Amount		Sales Volume	Year-on Year	Unit Price	Sales Amount
	1000t(or)	¥/kg(or)㎡	¥ billion	1000t(or)	¥/kg(or)㎡	¥ billion		1000t(or)	％	¥/kg(or)㎡	¥ billion
	million ㎡	million ㎡		million ㎡
Newsprint, printing & Domestic	1,838	106.75	196.2	1,693	126.43	214.0		(145)	92.1%	19.68	17.9

*Total amount of consolidated Group's manufacturing companies including internal consumption10