Page 1

MITSUBISHI ELECTRIC Changes for the Better //// Anniversary MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3 , Marunouchi 2 - chome , Chiyoda - ku , Tokyo , 100-8310 Japan FOR IMMEDIATE RELEASE Investor Relations Inquiries Investor Relations Group , Corporate Finance Division Mitsubishi Electric Corporation Cad.Irg@rk.MitsubishiElectric.co.jp No. 3393 Media Inquiries Public Relations Division Mitsubishi Electric Corporation prd.gnews@nk.MitsubishiElectric.co.jp www.MitsubishiElectric.com/news/ Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2021 TOKYO , February 2 , 2021 · Mitsubishi Electric Corporation ( TOKYO : 6503 ) announced today its consolidated financial results for the first 9 months and third quarter , ended December 31 , 2020 , of the current fiscal year ending March 31 , 2021 ( fiscal 2021 ) . 1. Consolidated First 9 Months Results ( April 1 , 2020 – December 31 , 2020 ) Revenue : Operating profit : Profit before income taxes : Net profit attributable to Mitsubishi Electric Corp. stockholders : 2,940.6 billion yen 137.7 billion yen 158.3 billion yen 107.7 billion yen ( 10 % decrease from the same period last year ) ( 24 % decrease from the same period last year ) ( 20 % decrease from the same period last year ) ( 33 % decrease from the same period last year ) The economy in the first 9 months of fiscal 2021 , from April through December 2020 , continued to see recovery in China mainly owing to an increase in capital expenditures for fixed assets , particularly in public investment , as an effect of political measures . Japan , the U.S. and Europe experienced a significant economic slowdown due to the serious impact of the novel coronavirus diseases ( COVID - 19 ) in the first quarter , but recently saw recovery in the corporate sector in general , while the paces of recovery in the household sector varied depending on the situation of the expansion of COVID - 19 . Revenue year Revenue in the first 9 months decreased by 309.5 billion yen from the same period of the previous fiscal to 2,940.6 billion yen as revenue decreased in all segments due to the serious impact of COVID - 19 primarily in the first half . Industrial Automation Systems segment saw a decrease in the factory automation systems business due to stagnation in automotive - related demand worldwide and machinery- and building - related demand in Japan , despite an increase in demand relating to 5G and semiconductor . The automotive equipment business also decreased due to decreased demand for new cars in all regions except for China . Home Appliances segment saw a decrease in air conditioners due to limited economic activities outside Japan and restrained capital expenditures worldwide . Operating Profit Operating profit decreased by 44.5 billion yen from the same period of the previous fiscal year to 137.7 billion yen due mainly to decreases in Industrial Automation Systems , Home Appliances and Information and Communication Systems segments despite increases in Energy and Electric Systems and Electronic Devices segments . Operating profit ratio decreased by 0.9 % from the same period of the previous fiscal year to 4.7 % due primarily to decreased revenue . The cost ratio increased by 0.5 % from the same period of the previous fiscal year due primarily to lowered operation caused by decreased revenue of Industrial Automation Systems segment . Selling , general 1/22