Slides
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Q4 FYE2025 Consolidated Financial Results Earnings Announcement May 12, 2025 Tokyo, Japan ( Fiscal year ended March, 2025 )
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2 Important Notice May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 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 distributed by NIPPON SANSO Holdings Corporation (“NSHD”) regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is not 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, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities arebeing offered to the public by means of this presentation. This 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 condition that it is for use 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 these restriction may constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, “NSHD” is sometimes 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 subsidiaries in 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 business, future position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those 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 authorities and the timing thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy ofmarketed products or product candidates; the impact of health crises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries inwhich NSHD operates, or on other facets of its business; 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 any such divestment(s); and other factors identified in NSHD’s most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, available on 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, except as 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 indicative of, and are not 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 Reporting Standards (“IFRS”), such as Core Operating Income, Debt, Net Debt, Adjusted net D/E ratio, Free Cash Flow and ROCE after Tax.NSHD’s management and executive officers evaluates 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, cost and 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-IFRS measures, management and executive officers intends to provide investors with additional information to further analyze NSHD’s performance, core results and underlying trends. NSHD’s non-IFRS 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 with 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 deck. ● Financial information NSHD’s financial statements are prepared in accordance with international Financial Reporting Standards (“IFRS”).
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3 Notes ● 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, NSHDwill describe the status of the business results of NSHD 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 perspective. 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 period). These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information for investors to understand the business conditions of the Group. ＜Forex rates＞ ● 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. Average Forex rates FYE2026 Full-term Unit：JPY Q1 1st Half 9M Full-term Q1 1st Half 9M Full-term Assumption Currency （Apr.-Jun.） （Apr.-Sep.） （Apr.-Dec.） （Apr.-Mar.） （Apr.-Jun.） （Apr.-Sep.） （Apr.-Dec.） （Apr.-Mar.） （Apr.-Mar.） (Announced on May 12, 2025) USD 139.63 142.61 143.78 145.31 158.24 152.45 153.03 152.57 141.00 EUR 151.89 154.81 156.24 157.72 170.08 165.83 165.09 163.66 162.00 SGD 103.66 105.79 106.90 108.03 116.65 114.37 114.58 113.98 114.37 AUD 91.94 93.44 94.47 95.32 104.66 101.80 100.91 99.27 90.00 CNY 19.67 19.87 20.01 20.20 21.76 21.20 21.25 21.12 21.20 FYE2025FYE2024 （Reference） Impact amount per 1 JPY Unit：¥ bn. (Full-term basis) Currency Revenue Core Operating Income USD ±2.3 ±0.40 EUR ±2.0 ±0.35 Currency sensitivity as rough indication May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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4 Contents 1. Strategic overview 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.) -2. Full-term performance 3. FYE2026 Full-term Forecast Appendix May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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5 1. Strategic overview May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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6 Key Highlights 1. Strategic overview Steady progress in electronics equipment construction Continue productivity improvements and price management Strong financial performance and continued improvement Closely monitor customer trend and global supply chain Continue to explore environmental related opportunities May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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7 NS Vision 2026 | Enabling the Future 1. Strategic overview 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. Our Medium-term Management plan (MTP) May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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8 1. Strategic overview May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results Financial KPI Progress :Consecutive growth and improvement 1,000 975 135 125 20.5% 21.2% 20.4% 19.3% 22.2% 23.3% 2020.3 2021.3 2022.3 2023.3 2024.3 2025.3 24% 1.45 1.15 0.94 0.81 0.74 0.71 2020.3 2021.3 2022.3 2023.3 2024.3 2025.3 6% 0.7 4.6% 4.4% 4.8% 5.4% 6.7% 7.2% 2020.3 2021.3 2022.3 2023.3 2024.3 2025.3 NS Vision 2026 NS Vision 2026 NS Vision 2026 NS Vision 2026 NS Vision 2026 850.2 818.2 957.1 1,186.6 1,255.0 1,308.0 2020.3 2021.3 2022.3 2023.3 2024.3 2025.3 90.3 87.2 102.7 123.1 165.9 189.1 2020.3 2021.3 2022.3 2023.3 2024.3 2025.3 Delivering consecutive growth and improvement for Indicators that are already achieving targets. We will continue to focus onimproving profitability in order to achieve EBITDA margin target in FYE 2026. Regarding Adjusted net D/E ratio, we will consider early redemption/repayment of Hybrid Bonds/Loans in the light of interest rate trends. *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 Hybrid Finance being permitted as “Equity" by rating agencies. NS Vision 2026 planned figure (Targets set in Apr 2022, with planned figures for FYE2026) Exchange Assumption USD : ¥115 EUR : ¥125 Due to the uncertainty in the global economy, revenue and core operating income are shown in range. Medium-term Management plan Revenue （¥ bn.） Core Operating Income （¥ bn.） Adjusted net D/E ratio* （times） EBITDA margin ROCE after Tax
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9 ESG indices adopted by GPIF Theme index (Social) MSCI Japan Empowering Women (WIN) Select Index ESG indices adopted by GPIF Composite index FTSE Blossom Japan Index FTSE4Good Index Series Non-Financial KPI Progress :Steady progress, highly rated in environmental field 1. Strategic overview May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results ＜Non-Financial KPI ＞ Final-Year Targets Segment Non-Financial Programs Initiative KPI Environment CNPⅠ Reduce the Group’s Reduction rate of 12.3% 15.3% 18% Carbon Neutral Program Ⅰ GHG emissions GHG emissions*1 CNPⅡ Reduce customer Lower customer 7,308＞5,868 7,454＞5,667 Lower customer GHG emissions Carbon Neutral Program Ⅱ GHG emissions through GHG emissions K t-CO2e K t-CO2e through environmental product environmental product offerings and applications offerings and applications ＞NSHD Group GHG emissions Social SFP Reduction in lost time Lost time injury rate *2 1.56 2.09 ≦1.6 Safety First Program injury rate TDP Utilization of diverse talent Rate of female 19.9% 20.2% ≧22% employees Rate of female 14.5% 15.4% ≧18% management posts Governance CPP Compliance education Rate of receiving 99.7% 99.4% 100% Compliance Penetration Program and enforcement compliance training In addition to the above, we are also involved in the Zero Waste Program ( ZWP) for waste reduction, the Sustainable Water Program ( SWP) for effective use of water resources, and the Quality Reliability Program ( QRP) to improve quality and reliability. Together, we call them our " Eight Non-Financial Programs." Talent Diversity Program FYE2023 FYE2024 Released in Sep 2024Non-Financial NS Vision 2026 Actual FYE2026 ≤ 1.6 ≥ 22% ≥ 18% *1 Reduction targets for a fiscal year are set regarding the base year of FYE2019, with figures adjusted to reflect the acquis ition of the European industrial gases business. *2 This is an indicator that represents the frequency of occupational accidents. It is calculated as the number of employees i njured in accidents that resulted in lost work time, divided by the total number of work hours, multiplied by one million hours. *3 100% completion rate as of the end of June 2024 *3 Selected consecutively for inclusion in following ESG indices Highly rated for environmental disclosures ●MSCI ●FTSE ESG Score: BBB (as of Mar. 2025) ESG Score: 3.7 (as of Jun. 2024) Selected as a CDP Climate Change “A list” company, the highest rating for the first time (2024) *received an “A-” score on Water Security Making steady progress toward achieving our final year target, in line with our Sustainability Management strategy. In the environmental field, results were favorable in both CNP I & II and highly rated for its efforts and information disclosure. Selected as “Excellent TCFD Disclosure” and “Highly Improved Integrated Reports” by GPIF's Domestic Equity Investment Managers
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10 Reflecting on the impairment losses recorded for hydrogen production facilities, we built more stringent risk assessment system for large-scale projects that may heightened risks. We will capture growth opportunities while closely monitoring market conditions and respond flexibly and quickly to changes to minimize risks. Environment/Hydrogen-Related Business Opportunities :Continue investing in growth opportunities while strengthening risk assessment system *1 Direct Air Capture: Recovering CO2 directly from the air 1. Strategic overview May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results ■ Strengthening Risk Assessment System, Responding Quickly and Flexibly to Changes - Enhanced risk assessment for relatively high-risk large projects (Especially for large-scale capital investment for non-traditional applications, in markets or fields outside traditional industrial gas equipment.) - As the future becomes increasingly uncertain, we will assess project pipeline and secure a conservative position is taken. ■ Our Current Understanding on Environment Surrounding Environmental/Hydrogen Opportunities - In the United States, environmental-related businesses are facing _headwinds under the current administration - No major changes in EU energy and environmental policies - Demand for reducing GHG emissions continues worldwide, given the _background of global warming. ■ Environmental/Hydrogen Projects Under Construction (examples) - Hydrogen supply for government projects - On-site supply of oxygen gas for DAC*1 business - Carbon dioxide production from biofuels - Carbon dioxide production using geothermal power
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11 “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 ･ Liquid CO2 and Dryice production related （色使いの関係で、Q列に、該当四半期データを入力する） 左記ドーナツチャート 基礎データ By Industry Industrial Total 換算レート（ご参考）：期中平均レート 100 190 By Industry Industrial 4% 1% 26% 1% 3% 30% 35% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others “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 (including HyCO Plant) 1. Strategic overview Approx. 45% Environmental & Hydrogen society contribution related Key CAPEX for our sustainable growth 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 service. The size of each project is over approx. ¥500mn., $4mn. or €4mn. *Converted to JPY using the average exchange rate for the Q4 of the FYE2025, as shown in the Notes (Please see p.3). May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results FYE2025 （as of the end of Q4） Approx. ¥140.0bn.* Significant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026.
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12 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.) May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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13 Consolidated results 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.) FYE2024 FYE2025 Q4 Q4 Difference ％ Change ％ Change exc. FX （Unit: ￥ bn.） (Jan. - Mar.) (Jan. - Mar.) Revenue 326.4 336.7 +10.3 +3.2% +3.5% Core operating income 41.2 49.3 +8.1 +19.5% +19.7% Core OI margin 12.7% 14.7% Non-recurring profit and loss 6.5 -12.2 -18.7 Operating income（IFRS） 47.8 37.1 -10.7 -22.4% OI margin 14.7% 11.0% EBITDA margin 21.7% 23.4% Finance costs -5.3 -4.7 +0.6 Income before income taxes 42.4 32.3 -10.1 -23.8% Income tax expenses 9.1 10.1 +1.0 Net income 33.3 22.2 -11.1 -33.3% (Attribution of net income) Net income attributable to owners of the parent 32.5 21.3 -11.2 -34.5% NI margin 10.0% 6.3% Net income attributable to non-controlling interests 0.7 0.9 +0.2 YoY Revenue Analysis YoY % Change Revenue Growth +3.2% FX -0.4% Price +2.3% Pass-through & Surcharge -0.2% Volume / Mix -1.2% Others +2.6% ・ Price Management status: Solid ・ Pass-thru ＆ Surcharge: Flat ・ Volume / Mix: Soft ・ Others: Contributions from business acquisitions in Europe and Australia, etc. May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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14 Japan YoY Factors for increase/decrease in this quarterly period and other comment ・ Soft shipment volumes of primary products such as air separation gases and carbon dioxide ・ Shipment volume in electronic material gases was flat ・ Continued effective price management ・ Equipment and installation sales were favorable YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Q4 Q4 Difference % Change exc. FX (Jan.- Mar.) (Jan.- Mar.) Revenue 108.8 114.2 +5.4 +5.0% +5.0% Segment income 9.7 12.8 +3.1 +31.6% +31.6% Segment OI margin 8.9% 11.2% EBITDA margin 13.1% 15.4% May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.)
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15 United States YoY Factors for increase/decrease in this quarterly period and other comment ・ Slightly lower shipment volumes of core products such as air separation gases ・ Soft volumes in non-air separation gases (such as electronics, acetylene, package, hardgoods) ・ Continued effective price management and productivity initiatives ・ Equipment and installation sales in both Industrial Gas and Electronics-related were soft YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Q4 Q4 Difference % Change exc. FX (Jan.- Mar.) (Jan.- Mar.) Revenue 89.8 90.0 +0.2 +0.2% -0.7% Segment income 14.1 17.5 +3.4 +24.5% +22.7% Segment OI margin 15.7% 19.5% EBITDA margin 28.1% 32.0% May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.)
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16 Europe YoY Factors for increase/decrease in this quarterly period and other comment ・ Soft shipment volumes of core products such as air separation gases ・ Continued effective price management and productivity initiatives ・ Equipment and installation sales were firm YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Q4 Q4 Difference % Change exc. FX (Jan.- Mar.) (Jan.- Mar.) Revenue 79.3 79.7 +0.4 +0.5% +2.2% Segment income 13.6 15.1 +1.5 +11.0% +13.0% Segment OI margin 17.2% 19.0% EBITDA margin 30.5% 31.6% May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.)
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17 Asia & Oceania YoY Factors for increase/decrease in this quarterly period and other comment ・ Shipment volumes of core products such as air separation gases increased ・ In LP gas, of which a large portion of sales is in the Australia region, sales volume increased firmly ・ In Electronics-related business, sales increased for both electronic material gases and equipment ・ Increasing labor & logistics costs and recording preacquisition costs for a previously announced acquisition in Australia ・ Softening sales prices in some regions due to helium supply surplus YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Q4 Q4 Difference % Change exc. FX (Jan.- Mar.) (Jan.- Mar.) Revenue 40.8 44.7 +3.9 +9.5% +10.8% Segment income 3.2 2.1 -1.1 -33.4% -30.2% Segment OI margin 8.0% 4.9% EBITDA margin 14.7% 11.6% May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.)
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18 Thermos YoY Factors for increase/decrease in this quarterly period and other comment ・ Sales in Japan increased since sales from portable vacuum-insulated mugs have performed steadily ・ Sales in Korea increased since reliability issues on the third party e-commerce platforms are being resolved YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Q4 Q4 Difference % Change exc. FX (Jan.- Mar.) (Jan.- Mar.) Revenue 7.6 8.0 +0.4 +6.0% +6.6% Segment income 1.2 1.9 +0.7 +56.2% +51.0% Segment OI margin 16.2% 23.8% EBITDA margin 21.6% 29.1% May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -1. Q4 performance (Jan. – Mar.)
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19 2. Q4 FYE2025 Business performance -2. Full-term performance May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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20 Consolidated results 2. Q4 FYE2025 Business performance -2. Full-term performance FYE2024 FYE2025 Full-term Full-term Difference ％ Change ％ Change exc. FX （Unit: ￥ bn.） Revenue 1,255.0 1,308.0 +53.0 +4.2% +1.4% Core operating income 165.9 189.1 +23.2 +13.9% +10.3% Core OI margin 13.2% 14.5% Non-recurring profit and loss 6.0 -23.2 -29.2 Operating income（IFRS） 172.0 165.9 -6.1 -3.6% OI margin 13.7% 12.7% EBITDA margin 22.2% 23.3% Finance costs -21.3 -20.6 +0.7 Income before income taxes 150.7 145.2 -5.5 -3.6% Income tax expenses 41.3 43.3 +2.0 Net income 109.3 101.9 -7.4 -6.8% (Attribution of net income) Net income attributable to owners of the parent 105.9 98.7 -7.2 -6.7% NI margin 8.4% 7.6% Net income attributable to non-controlling interests 3.4 3.1 -0.3 Forex （Unit: JPY） USD 145.31 152.57 (average rate during the period) EUR 157.72 163.66 AUD 95.32 99.27 YoY Revenue Analysis YoY % Change Revenue Growth +4.2% FX +2.8% Price +2.2% Pass-through & Surcharge +0.0% Volume / Mix -1.3% Others +0.5% ・ Price Management status: Solid ・ Pass-thru ＆ Surcharge: Flat ・ Volume / Mix: Soft ・ Others: Deconsolidation in Japan, contributions from business acquisitions in Europe and Australia, etc. May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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21 Japan By Industry By Product Cumulative period basis Cumulative period basis YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Full-term Full-term Difference % Change exc. FX Revenue 414.3 410.0 -4.3 -1.1% -1.1% Segment income 42.9 47.0 +4.1 +9.5% +9.4% Segment OI margin 10.4% 11.5% EBITDA margin 14.8% 16.0% 57% 43% Gases Equipment and installation, other 6% 4% 31% 2% 10% 22% 25% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -2. Full-term performance Topics ・ November 2024: Announced that shipping prices for liquid carbon dioxide and dry ice will be revised upward by more than 15% from current prices, effective for shipments from April 2025 ・ December 2024: Announced that helium gas shipping prices will be revised upward by an average of more than 20% from current prices, effective for shipments from February 2025 ・ February 2025: Announced agreement to acquire the exhaust gas abatement equipment business operated by the Resonac Group in Japan and Taiwan
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22 United States By Industry By Product Cumulative period basis Cumulative period basis YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Full-term Full-term Difference % Change exc. FX Revenue 347.0 360.2 +13.2 +3.8% -1.2% Segment income 50.0 59.7 +9.7 +19.5% +13.7% Segment OI margin 14.4% 16.6% EBITDA margin 26.9% 28.8% 77% 23% Gases Equipment and installation, other 8% 10% 6% 14% 8% 14% 40% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -2. Full-term performance Topics ・ October 2024: Recognized an impairment loss of approximately 10.7 billion yen associated with the cancellation of a hydrogen production plant construction plan that was in progress ・ March 2025: Announced that an additional impairment loss of approximately 15.2 billion yen will be recorded in the fourth quarter as no timeline for resuming construction of this plant has been established ・ Oxygen on-site projects for DAC processes in the U.S. and HyCO projects in India are progressing smoothly toward completion
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23 Europe By Industry By Product Cumulative period basis Cumulative period basis YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Full-term Full-term Difference % Change exc. FX Revenue 302.4 328.6 +26.2 +8.6% +4.7% Segment income 53.2 62.4 +9.2 +17.2% +12.9% Segment OI margin 17.6% 19.0% EBITDA margin 30.5% 31.3% 89% 11% Gases Equipment and installation, other 16% 1% 3% 17% 13%21% 29% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -2. Full-term performance Topics ・ October 2024: Signed an agreement to acquire 51% of the shares of Polaris, an Italian plant engineering company ・ December 2024: Signed an agreement for the 100% acquisition of Esteve Teijin Healthcare, which provides home medical care, respiratory services, and other home care businesses in Spain
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24 Asia & Oceania By Industry By Product Cumulative period basis Cumulative period basis YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Full-term Full-term Difference % Change exc. FX Revenue 160.3 176.5 +16.2 +10.1% +6.0% Segment income 15.9 15.0 -0.9 -5.6% -9.2% Segment OI margin 9.9% 8.5% EBITDA margin 16.4% 15.1% 85% 15% Gases Equipment and installation, other 2% 4% 41% 2%3% 27% 21% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -2. Full-term performance Topics ・ May 2024: Signed an agreement to acquire an LPG sales business in northern and western Australia ・ December 2024: Signed an agreement for the 100% acquisition of the Coregas Group, which operates industrial gas businesses in Australia and New Zealand
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25 Thermos By Region Cumulative period basis YoY FYE2024 FYE2025 % Change （Unit: ￥ bn.） Full-term Full-term Difference % Change exc. FX Revenue 30.7 32.5 +1.8 +5.9% +5.7% Segment income 5.5 6.2 +0.7 +12.9% +8.4% Segment OI margin 18.1% 19.3% EBITDA margin 23.2% 24.5% 84% 16% Japan Asia May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 2. Q4 FYE2025 Business performance -2. Full-term performance Topics ・ August-September 2024: Launched new products (including the launch of a new sub-brand "&ONDO" that develops apparel accessories) ・ February 2025: Released new products (Expanded lineup of vacuum-insulated tumblers and portable vacuum-insulated mugs, among other products) ・ March 2025: Began demonstration testing of a "Drink Container Reuse Service" with Alvark Tokyo
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26 3. FYE2026 Full - term forecast May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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27 Consolidated forecast FYE2025 FYE2026 FYE2026 Full-term Full-term forecast Difference ％ Change Full-term forecast ％ Change （Unit: ￥ bn.） (Announced on May 12, 2025) (exc. FX) Revenue 1,308.0 1,290.0 -18.0 -1.4% 1,328.8 +1.6% Core operating income 189.1 191.0 +1.9 +1.0% 197.2 +4.3% Core OI margin 14.5% 14.8% 14.8% Non-recurring profit and loss -23.2 0.0 +23.2 0.0 Operating income（IFRS） 165.9 191.0 +25.1 +15.1% 197.2 +18.9% OI margin 12.7% 14.8% 14.8% EBITDA margin 23.3% 24.1% 24.1% Finance costs -20.6 -22.5 -1.9 -23.0 Income before income taxes 145.2 168.5 +23.3 +16.0% 174.2 +20.0% Income tax expenses 43.3 49.0 +5.7 50.5 Net income 101.9 119.5 +17.6 +17.2% 123.7 +21.4% (Attribution of net income) Net income attributable to owners of the parent 98.7 116.0 +17.3 +17.4% 120.2 +21.7% NI margin 7.6% 9.0% 9.0% Net income attributable to non-controlling interests 3.1 3.5 +0.4 3.5 Forex （Unit: JPY） USD 152.57 141.00 152.57 (average rate during the period) EUR 163.66 162.00 163.66 AUD 99.27 90.00 99.27 YoY 3. FYE2026 Full - term Forecast May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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28 May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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29 Q&A Session President CEO Toshihiko Hamada Executive Officer, Group Corporate Planning Office Koichiro Kubo General Manager, Public & Investor relations, Group Finance & Accounting Office Keita Kajiyama General Manager, Accounting, Group Finance & Accounting Office Takashi Yoshida Senior Executive Officer, Group Sustainability Management Office, and CSO （Chief Sustainability Officer） Takeshi Miki Senior Executive Officer and CFO Alan Draper May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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30 Appendix May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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31 Revenue / Employee personnel by Segment （As of Match 31, 2025） Japan US Europe Asia & Oceania Thermos Corporate NIPPON SANSO Holdings Group Summary Corporate Information （As of March 31, 2025） Company Name Nippon Sanso Holdings Corporation Founded October 30, 1910 Headquarters 1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan TEL 81-3-5788-8500 President CEO Representative Toshihiko Hamada Common stock 37.3 billion yen Stock information （As of March 31, 2025） Number of shares 433,092,837 Number of shareholders 12,904 Listed stock exchanges Tokyo Stock Exchange Prime Market Ticker 4091.T Distribution by share holders (%) Corporate Philosophy Group Philosophy Group Vision Proactive. Innovative. Collaborative. Making life better through gas technology. enhance human well-being and contribute to a more sustainable future. We aim to create social value through innovative gas solutions that increase industrial productivity, Main Core business Industrial Gas business Electronics business Thermos business FYE2026 Financial Forecast（IFRS) Revenue ¥1,290.0 bn. Net income attributable to owners of the parent ¥116.0 bn. Operating income ¥191.0 bn. EPS ¥267.99 https://www.nipponsanso-hd.co.jp/en/ir/ 30% 23% 17% 22% 7% 1% 31% 28% 25% 13% 3% ¥1,308.0bn. 19,754 people 50.6% 14.6% 21.6% 8.6%4.6% Japanese Individuals and others Foreign Institutions and Individuals Japanese Financial Institutions Other Japanese Corporations Mitsubishi Chemical Group May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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32 Capital allocation Cash-in (the total for 4 years) ［Operating Cash flow] \730.0 bn. Cash-out \433.0 bn. ［Investment as a whole] Composition ratio by Business Composition ratio by Initiative Focused fields 24% 27% 24% 14% 2% 9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Japan US Europe Asia & Oceania Thermos Strategic (beyond regions) 45% 37% 12% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Base/Underlying Growth initiatives Strategic initiatives M&A Our Medium-term management plan Summary Overview Plan Name NS Vision 2026 Slogan Enabling the Future Period 4 years from April 2022 to March 2026 Released date May 11, 2022 Financial target （Final fiscal year in the plan: FYE2026） Revenue \975.0-1,000.0 bn. Core Operating Income \125.0-135.0 bn. EBITDA margin Group: ≥24 % Japan, the U.S., EU, A&O, Thermos: ≥17-33% Adjusted net D/E ratio ≤0.7 times ROCE after Tax ≥6 % （Note）Forex rate (Assumption) : USD \115 EUR \125 Non-Financial target ＜Environment＞ Reduction rate of GHG emissions FYE2026: 18 % (Base year: FYE2019) FYE2031: 32 % GHG reduced emissions through environmental product offer FYE2026:Lower GHG emissions through environmental product offerings and applications ＞NSHD Group GHG emission ＜Safety Management＞ Lost Time Injury Rate FYE2026: ≤1.6 ＜Compliance＞ Rate of receiving compliance training FYE2026: 100 % ＜HR＞ Rate of female employees FYE2026: ≥22 % FYE2031: 25 % Rate of female management posts FYE2026: ≥18 % FYE2031: 22 % https://www.nipponsanso-hd.co.jp/en/ir/management/plan.html May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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33 Non-recurring items Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirementallowances), 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. FYE2024 FYE2025 YoY Full-term Full-term Difference （Unit: ￥ bn.） Core operating income 165.9 189.1 +23.2 Non-recurring profit and loss 6.0 -23.2 -29.2 Operating income（IFRS） 172.0 165.9 -6.1 Items（Unit：￥ bn.） Item Amount Item Amount Accounting gain on change in ownership interest in subsidiary (Japan) 8.8 Impairment loss due to exit of business (Asia & Oceania, US) -2.4 hydrogen construction project (US) -25.8 Others -0.3 Loss associated with liquidation of business (Asia & Oceania, Japan) -1.7 Others 4.3 Total 6.0 Total -23.2 FYE2025 Full-term resultFYE2024 Full-term result Impairment loss related to non-recoverable portion of a May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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34 Key performance indicators FYE2024 FYE2025 Item Unit Full-term Full-term Basic earnings per share JPY 244.66 228.20 Overseas sales ratio ％ 65.5 67.2 ROE ％ 12.9 10.4 ROCE ％ 9.4 10.1 ROCE after Tax ％ 6.7 7.2 Annual dividends per share JPY 44 51 Dividend payout ratio ％ 18.0 22.3 CAPEX (fund basis) & Investments and loans \bn. 120.8 153.3 Depreciation and amortization \bn. 112.4 116.1 Free cash flow \bn. 91.3 92.2 Adjusted net D/E ratio Times 0.74 0.71 Interest-bearing liabilities \bn. 936.9 902.6 Net interest-bearing liabilities \bn. 810.8 758.1 May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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35 (Reference) Preconditions, Definition & Calculations of our KPIs Glossary Preconditions and Definitions in this Presentation Core operating income Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring factors (non-recurring items*). *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). Interest-bearing debt Bonds and borrowings as presented in the statement of financial position, plus lease liabilities included in other financial liabilities. *Includes Hybrid finance. Hybrid finance A form of debt financing that has features resembling equity, such as voluntary deferral of interest, extremely long-term redemption periods and subordination during liquidation or bankruptcy procedures. This kind of financing does not cause stock dilution, and a certain ratio of the funds procured in this way can be recognized as equity credit by rating agencies provided that certain conditions are met. Equity-type debt The amount of debt procured by hybrid finance that has been recognize as equity credit by rating agencies. In this fund procurement, rating agencies have recognized equity credit for 50% of the procured amount. Indicator Calculations used in this presentation EBITDA margin （Core operating income＋Depreciation and amortization）／ Revenue ROE Profit attributable to ownwers of parent／Total equity attributablle to ownwers of parent* ROCE Core operating income／（ Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed] ROCE after Tax Core operating income after Tax（+Dividend received）［ NOPAT] ((Core operating－Investment income/loss from Equity in earnings (losses) of affiliated companies included in Core operating income)×(1－effective tax rate)＋Investment income/loss from Equity in earnings (losses) of affiliated companies included in Core operating income＋Dividend received))／（ Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed] Adjusted net D/E ratio ((Interest-bearing debt – equity-type debt) – cash and cash equivalents)／(equity attributable to owners of the parent + equity-type debt)* * The average of the amounts at the end of the comparative fiscal years of the previous and current fiscal years is used. May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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36 Condensed consolidated statements of Cash flows FYE2024 FYE2025 （Unit：￥ bn.） Full-term Full-term Difference % Change Income before income taxes 150.7 145.2 -5.5 -3.6% Depreciation and amortization 112.4 116.1 +3.7 Changes in working capital -20.6 15.5 +36.1 Others -26.5 -41.8 -15.3 Cash flows from operating activities 215.9 235.1 +19.2 +8.9% Capital expenditures -118.3 -146.8 -28.5 Investments and loans -2.5 -6.5 -4.0 Others (asset sales, etc.) -3.7 10.4 +14.1 Cash flows from investing activities -124.6 -142.9 -18.3 +14.7% Free cash flow 91.3 92.2 +0.9 +1.0% Cash flows from financing activities -110.0 -73.2 +36.8 -33.4% YoY May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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37 Condensed consolidated statements of Financial position FYE2024 FYE2025 YoY （Unit：￥ bn.） Q4 Q4 Difference Cash and cash equivalents 126.1 144.5 +18.4 Trade receivables 282.1 263.0 -19.1 Inventories 100.4 99.5 -0.9 Others 59.4 58.6 -0.8 Total current assets 568.2 565.7 -2.5 Property, plant and equipment 877.4 899.3 +21.9 Goodwill 575.8 575.2 -0.6 Intangible assets 252.3 240.9 -11.4 Others 135.3 136.8 +1.5 Total non-current assets 1,840.8 1,852.4 +11.6 Total assets 2,409.0 2,418.1 +9.1 FYE2024 FYE2025 YoY Q4 Q4 Difference Trade payables 136.0 133.8 -2.2 Interest-bearing liabilities 936.9 902.6 -34.3 Others 390.0 360.7 -29.3 Total liabilities 1,462.9 1,397.2 -65.7 Share capital and capital surplus, etc 703.8 785.9 +82.1 Other components of equity 210.6 194.4 -16.2 Equity attributable to owners of parent 914.4 980.4 +66.0 Non-controlling interests 31.6 40.4 +8.8 Total equity 946.1 1,020.9 +74.8 Total liabilities and equity 2,409.0 2,418.1 +9.1 Note that foreign exchange rates resulted in an decrease in both total assets and total liabilities and equity of approximately ¥20.7 billion. This mainly reflected foreign exchange rate changes, such as the JPY appreciation of ¥1.89 against the USD and the JPY appreciation of ¥1.16 against the EUR as of March 31, 2025, compared with the rates as of March 31, 2024. May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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38 Results overview by Segment FYE2024 Full-term Full-term Composition ratio Difference % Change Forex impact % Change exc. FX （Unit: ￥ bn.） (Apr.- Mar.) (Apr.- Mar.) Revenue 414.3 410.0 31.4% -4.3 -1.1% -4.6 -1.1% Japan Segment OI 42.9 47.0 24.9% +4.1 +9.5% +4.0 +9.4% Segment OI margin 10.4% 11.5% Revenue 347.0 360.2 27.5% +13.2 +3.8% -4.1 -1.2% United States Segment OI 50.0 59.7 31.6% +9.7 +19.5% +7.2 +13.7% Segment OI margin 14.4% 16.6% Revenue 302.4 328.6 25.1% +26.2 +8.6% +14.7 +4.7% Europe Segment OI 53.2 62.4 33.0% +9.2 +17.2% +7.1 +12.9% Segment OI margin 17.6% 19.0% Revenue 160.3 176.5 13.5% +16.2 +10.1% +9.9 +6.0% Asia & Oceania Segment OI 15.9 15.0 8.0% -0.9 -5.6% -1.5 -9.2% Segment OI margin 9.9% 8.5% Revenue 30.7 32.5 2.5% +1.8 +5.9% +1.7 +5.7% Thermos Segment OI 5.5 6.2 3.3% +0.7 +12.9% +0.4 +8.4% Segment OI margin 18.1% 19.3% Revenue 0.0 0.0 0.0% -0.0 ― ― Adjustment Segment OI -1.7 -1.4 -0.8% +0.3 ― ― Revenue 1,255.0 1,308.0 100.0% +53.0 +4.2% +17.5 +1.4% Consolidated total Core OI 165.9 189.1 100.0% +23.2 +13.9% +17.6 +10.3% Core OI margin 13.2% 14.5% FYE2025 YoY May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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39 Revenue composition By Segment By Industry 31% 28% 25% 13% 3% Japan U.S. Europe Asia & Oceania Thermos FYE2025 Full-term ¥ 1,308.0bn. 9% 5% 18% 9% 9% 20% 30% Steel & Metals Automobiles & Other transportation Electronics Food & Beverage Healthcare Chemicals & Energy Others FYE2025 Full-term ¥ 1,275.4bn. (exc. Thermos business) May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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40 Quarterly Revenue and Core Operating Income Trends May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results Revenue (¥ bn.) FYE2024 FYE2025 1Q 2Q 3Q 4Q Full-term 1Q 2Q 3Q 4Q Full-term Japan 107.6 94.5 103.3 108.8 414.3 100.9 93.9 100.8 114.2 410.0 United States 82.0 87.4 87.6 89.8 347.0 92.6 86.9 90.5 90.0 360.2 Europe 73.1 74.2 75.7 79.3 302.4 85.0 80.4 83.3 79.7 328.6 Asia & Oceania 38.4 39.6 41.3 40.8 160.3 42.4 44.1 45.2 44.7 176.5 Thermos 7.5 7.7 7.8 7.6 30.7 8.2 8.1 8.0 8.0 32.5 Consolidated total* 308.9 303.6 316.0 326.4 1255.0 329.2 313.7 328.2 336.7 1308.0 Core operating Income (¥ bn.) FYE2024 FYE2025 1Q 2Q 3Q 4Q Full-term 1Q 2Q 3Q 4Q Full-term Japan 11.2 10.0 11.9 9.7 42.9 11.5 10.4 12.2 12.8 47.0 United States 11.1 12.2 12.4 14.1 50.0 14.8 13.7 13.5 17.5 59.7 Europe 13.1 13.2 13.2 13.6 53.2 16.6 15.2 15.4 15.1 62.4 Asia & Oceania 4.1 4.4 4.0 3.2 15.9 4.3 4.5 4.0 2.1 15.0 Thermos 1.4 1.4 1.4 1.2 5.5 1.2 1.4 1.6 1.9 6.2 Consolidated total* 40.7 40.9 43.0 41.2 165.9 48.3 45.1 46.2 49.3 189.1 *Including adjustment
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41 Percentage of Revenue by Business May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results 29% 13% 25% 8% 20% 5% Percentage of revenue by business FYE2025 Full-term ¥ 1,275.4 bn. 23% 13% 13% 8% 31% 12% Japan ¥ 410.0 bn. Bulk On-site Package Specialty gases Industrial gas-related equipment, installation and other Electronics-related equipment, installation and other 38% 18% 30% 2% 12% 0% Europe ¥ 328.6 bn. 30% 11% 32% 4% 21% 2% United States ¥ 360.2 bn. 25% 5% 27% 27% 10% 6% Asia & Oceania ¥ 176.5 bn. (exc. Thermos business)
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42 Business performance over the past five years Revenue （¥ bn.） Operating income（IFRS） （¥ bn.） Profit attributable to owners of the parent （¥ bn.） OI margin NI margin Net interest-bearing debts （¥ bn.） Adjusted net D/E ratio* *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 （¥ bn.） Depreciation and amortization （¥ bn.） Hybrid Finance (HBF) Net debt excluding HBF *It’s recorded on a cash basis. CAPEX % Sales 818.2 957.1 1,186.6 1,255.0 1,308.0 2021.3 2022.3 2023.3 2024.3 2025.3 88.8 101.1 119.5 172.0 165.9 2021.3 2022.3 2023.3 2024.3 2025.3 10.9% 10.6% 10.1% 13.7% 12.7% 6.7% 6.7% 6.2% 8.4% 7.6% 55.2 64.1 73.0 105.9 98.7 2021.3 2022.3 2023.3 2024.3 2025.3 250.0 250.0 250.0 150.0 75.0 608.1 585.5 559.5 660.8 683.1 2021.3 2022.3 2023.3 2024.3 2025.3 60.0 74.4 91.8 118.3 146.8 2021.3 2022.3 2023.3 2024.3 2025.3 7.3% 7.8% 7.7% 9.4% 11.2% 86.3 92.4 105.7 112.4 116.1 2021.3 2022.3 2023.3 2024.3 2025.3 1.15 0.94 0.81 0.74 0.71 May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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43 Glossary: EBITDA margin／ROCE after Tax ROCE after Tax and NOPAT （￥ bn.） ROCE and Core OI （￥ bn.） （Reference） 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 ） NOPAT(Net Operating Profit After Tax) （Interest-bearing debt + Total equity attributable to owners of parent）* * 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 ROCE after Tax ROCE 173.6 195.1 228.8 278.4 305.3 2021.3 2022.3 2023.3 2024.3 2025.3 21.2% 20.4% 19.3% 22.2% 23.3% 4.4% 4.8% 5.4% 6.7% 7.2% 62.8 73.0 87.4 117.2 133.7 2021.3 2022.3 2023.3 2024.3 2025.3 6.1% 6.8% 7.6% 9.4% 10.1% 87.2 102.7 123.1 165.9 189.1 2021.3 2022.3 2023.3 2024.3 2025.3 EBITDA margin and EBITDA （￥ bn.） May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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44 Industrial gas supply systems On-site Bulk Packaged Air Air Separation Unit Tank truck Flatbed truck Filling station Supply via Liquid gases form Supply via pipeline Supply via Cylinder Oxygen O2 Nitrogen N2 Argon Ar Oxygen O2 Nitrogen N2 Major supply destination（Sector） Major supply destination（Sector） Major supply destination（Sector） Steel Petrochemical Refinery Automobile Shipbuilding Manufacturing Glass/Paper Construction machinery Pharmaceutical Medical Food/ beverage LCP Photovoltaics Semiconductor Homecare Advanced medicine Sanitation Engineering development R&D Construction/ Installation We deliver filling containers (cylinders) to customers. A form of supply according to the method of use of gas. （Small-scale supply） 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） We’ve established production plants in the vicinity of the customer. A form of direct connection and constant supply of pipes. （Large-scale supply） HeCO2 H2 Air Separation Gases Other Gases LP Gas Refining by-product gas from chemical factories and gas transported overseas Filling station Tank truck Supply via Cylinder Supply via Liquid gases form Flatbed truck Storage tank for liquid gases May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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45 May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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46 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 FYE2025 Full-term Earnings Presentation May 23, 2025 Annual Shareholder meeting June 18, 2025 Q1 FYE2026 Earnings Call July 31, 2025 www.nipponsanso-hd.co.jp/en/ NIPPON SANSO Holdings Corporation (Ticker:4091.T) Headquarters：1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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47 Important Notice Nippon Sanso Holdings Corporation ("NSHD”) encourages anyone interested in buying or selling its common stock to do so on theTokyo Stock Exchange, which is where its common stock is listed and primarily trades. NSHD’s disclosures are not intended to facilitate trades in, and should not be relied on fordecisions to trade, unsponsored American Depository Receipts (“ADRs”). NSHD has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuance or trading of any ADRs issued thereunder in respect of its common stock. NSHD does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) NSHD has any reporting obligations within the meaning of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) or (ii) NSHD’s website will contain on an ongoing basis all information necessary for NSHD to maintain an exemption from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder. To the maximum extent permitted by applicable law, NSHD and its affiliates disclaim any responsibility or liability to ADR holders, banks, depositary institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common stock. – Trading of Nippon Sanso Holdings Corporation Common Stock, Disclaimer Regarding Unsponsored American Depository Receipts May 12, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2025 Q4 results
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