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1、February 4,2025Panasonic Holdings CorporationNotes:1.This is an English translation from the original presentation in Japanese.2.In this presentation,“Fiscal 2025”or“FY3/25”refers to the year ending March 31,2025.Fiscal 2025 Third Quarter Financial Results1Fiscal 2025 Third Quarter Financial Results

2、 2025 Panasonic Holdings Corporation.All Rights Reserved.Summary of FY3/25 3Q Financial Results FY3/25 3Q Financial Results:Sales&profit*1increased YoY on the basis of excluding deconsolidation of Automotive(hereinafter,“excluding Automotive”)Overall sales:Decreased due to deconsolidation of Automot

3、ive;Increased excluding Automotive,with increased sales(Lifestyle,Connect,Industry)Adjusted operating profit:Increased with increased profit(Lifestyle,Connect,Industry,Energy)despite deconsolidation impact of Automotive Operating profit:Increased despite deconsolidation impact of Automotive and expe

4、nses related to share transfer Net Profit*2:Decreased due mainly to increase of income taxes FY3/25 Full-year Forecast Groupwide:Profit remains unchanged despite deconsolidation impact of Automotive;(Only sales are revised downward)By segment:Industry and Energy are revised upwardGenerative AI-relat

5、ed businesses continued to be favorable in 3Q High growth expected to continue for the full year(details on page 16)+:Favorable sales of generative AI-related products(Industry,Energy);A2W turned to a year-on-year increase;favorable sales of electrical construction materials(Lifestyle)-:Price revisi

6、ons of automotive batteries reflecting lower raw material prices(Energy)*2:Net profit attributable to Panasonic Holdings Corporation stockholders As a result of the share transfer of Panasonic Automotive Systems Co.,Ltd.(PAS)in Dec.2024,PAS became a company under the equity method and is excluded fr

7、om the scope of consolidation.Accordingly,figures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments.”(Figures for both FY3/25 and FY3/24 are reclassified in conformity with the changes).*1:Adjusted operating profit and operating profitFiscal 2025 Third Quarter

8、Financial ResultsFiscal 2025 Full-Year Financial Forecast3Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.FY3/25 3Q Financial ResultsFY3/25 3QFY3/24 3QYoY(year-on-year)Excl.Automotive*5Excl.Automotive*5Excl.Automotive*5Sales2,152.61,973.92,180.91,8

9、88.799%(97%)*4-28.3(-57.4)*4105%(103%)*4+85.2(+59.1)*4Adjusted OP*1(%to sales)150.2(7.0%)142.0(7.2%)126.1(5.8%)107.1(5.7%)119%+24.1133%+34.9Other income/loss*2-17.9-17.81.41.2-19.3-19.0OP(%to sales)132.3(6.1%)124.2(6.3%)127.5(5.8%)108.3(5.7%)104%+4.8115%+15.9Profit before income taxes(%to sales)144.

10、7(6.7%)-144.5(6.6%)-100%+0.2-Net profit attributable to Panasonic Holdings Corporation stockholders(%to sales)99.5(4.6%)-110.8(5.1%)-90%-11.3-EBITDA*3(%to sales)243.3(11.3%)229.1(11.6%)239.2(11.0%)208.9(11.1%)102%+4.1110%+20.2Exchange rates1 US dollar 152 yen152 yen148 yen148 yen+4 yen+4 yen1 Euro16

11、3 yen163 yen159 yen159 yen+4 yen+4 yen1 Renminbi21.2 yen21.2 yen20.4 yen20.4 yen+0.8 yen+0.8 yen(yen:billions)YoY%figures represent the year-on-year change relative to the previous years figures*1:Sales-Cost of sales-SG&A*2:“Other income(expenses),net”+“Share of profit(loss)of investments accounted

12、for using the equity method”as indicated in the Consolidated Statements of Profit or Loss of the news release*3:Total amount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets).Adjusted with:-amount equivalen

13、t to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor-impact of temporary accounting treatment related to“re-evaluation of assets and liabilities”upon Blue Yonder acquisition*4:Excluding effect of exchange rates*5:Except for businesses not

14、subject to the share transfer*6:Including expenses related to share transfer of Automotive(-27.6 bil.yen)*6*64Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.SalesYoY(excl.FX)AdjustedOP(%)YoYOther income/lossYoYOP(%)YoYEBITDA*1(%)YoYLifestyle918.61

15、03%(102%)45.65.0%+8.80.6+2.446.25.0%+11.277.08.4%+14.2Automotive*4*5210.861%(61%)8.23.9%-10.8-0.1-0.38.13.9%-11.114.26.7%-16.1Connect327.0109%(107%)22.77.0%+14.7-3.6-4.119.15.8%+10.639.011.9%+11.6Industry271.7102%(100%)14.05.2%+2.9-2.4-3.011.64.3%-0.127.09.9%+0.2Energy214.994%(92%)42.619.8%+12.0-0.6

16、-0.242.019.6%+11.860.428.1%+11.9Other/Eliminations&adjustments*4209.6-17.1-3.5-11.8-14.15.3-17.625.7-17.7Total2,152.699%(97%)150.27.0%+24.1-17.9-19.3132.36.1%+4.8243.311.3%+4.1Excl.Automotive*61,973.9105%(103%)142.07.2%+34.9-17.8-19.0124.26.3%+15.9229.111.6%+20.2FY3/25 3Q Results by Segment(yen:bill

17、ions)YoY%figures represent the year-on-year change relative to the previous years figures*1:Total amount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets)*2:Adjusted with impact of temporary accounting trea

18、tment related to re-evaluation of assets and liabilities upon Blue Yonder acquisition*3:Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor*7*4:As a result of the share transfer of Panasonic

19、Automotive Systems Co.,Ltd.,figures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments.”Prior year amounts are reclassified accordingly.*5:FY3/25 3Q results of“Automotive”segment based on 2 months(Oct.-Nov.2024)*6:Except for businesses not subject to the share t

20、ransfer*7:Including expenses related to share transfer of Automotive(-27.6 bil.yen)*2*35Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.+0.4-35.2+16.7+3.5+10.2-113.5+20.5IndustryIn-vehicleAutomotive-relatedLifestyleEffect of exchange ratesConnectEn

21、tertainment&CommunicationHousingHead office/Eliminations,etc.EnergyIndustrial/Consumer,others2,180.92,152.6+21.9+21.1Other/Eliminations&adjustments+26.1FY3/25 3Q Sales Analysis by SegmentDecreased due to deconsolidation of Automotive;Increased excluding Automotive,with increased sales(Lifestyle,Conn

22、ect,Industry)(yen:billions)FY3/243QFY3/253QExcl.Automotive and FX:+59.1(103%)Excl.Automotive:+85.2(105%)-28.3(99%)Price revisions for lower raw materials:-23.6Major increase/decrease factors(excluding effect of exchange rates)LifestyleIncreased overall:Increased sales in HVAC,electrical construction

23、 materials and consumer electronics(e.g.Japan,Asia,Europe);sales ofA2W in Europe turned to an increase due mainly to improved distribution inventories,sales of consumer electronics in China were at the same level YoY including effect of subsidiesAutomotiveDeconsolidation impact(FY3/25 3Q results bas

24、ed on 2 months;Oct.Nov.2024)ConnectIncreased:Increased sales of Process Automation(captured demand for ICT industry in China),Blue Yonder,Gemba Solutions and AvionicsIndustryIncreased:Increased sales of products(capacitors,multi-layer circuit board materials)for information&communication application

25、s such as generative AI servers,despite decreased sales of automotive/industrial-use relays,etc.due to market slowdown mainly in EuropeEnergyIn-vehicle:Decreased with price revisions reflecting lower raw material prices,etc.despite increased sales volume at Nevada factory in North America(reached 10

26、 GWh)with increased customer demand Industrial/Consumer:Increased mainly in energy storage systems for data centers,with continued growth of generative AI marketOther/Eliminations&adjustmentsEntertainment&Communication:Increased driven by AV equipment overall,telephones,intercoms,etc.Housing:Increas

27、ed with favorable sales of high-end modular kitchen systems and bath systems for rental housing,etc.6Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.FY3/25 3Q Operating Profit Analysis by Segment+8.8+14.7+2.9+2.6-10.8-3.5-19.3IndustryEnergyAutomoti

28、veOther/Eliminations&adjustmentsConnectAdjusted OP:+24.1Adjusted OP:+34.9(excl.Automotive)Other income/lossLifestyleIn-vehicleIndustrial/Consumer,others127.5132.3OP:+4.8Adjusted OP increased:Increased profit(Lifestyle,Connect,Industry,Energy),despite deconsolidation impact of Automotive(yen:billions

29、)FY3/243QFY3/253QLifestyleIncreased:Increased sales of HVAC(room air conditioners,engineering,devices),electrical construction materials(e.g.Japan,India),consumer electronics(Japan,Asia),and rationalization,etc.AutomotiveDeconsolidation impact(FY3/25 3Q results based on 2 months;Oct.Nov.2024)Connect

30、Increased:Increased sales of Blue Yonder(contributed by favorable sales of SaaS and improved marginal profit ratio),Process Automation,Gemba Solutions,and Avionics,etc.IndustryIncreased:Increased sales of products(capacitors,multi-layer circuit board materials)for information&communication applicati

31、ons such as generative AI servers,rationalization and price revisions,despite decreased sales of automotive/industrial-use relays due to market slowdown as well as price hikes in raw materialsEnergyIn-vehicle:Increased:Increased sales volume at Nevada factory with improved productivity,increased IRA

32、 tax credit(including tax credit for active electrode materials equivalent for the past*),etc.despite increased upfront costs for Kansas and Wakayama factories Industrial/Consumer:Increased:Increased sales of energy storage systems for data centers,improvements in material market prices and material

33、 rationalization,etc.*Details on pages 25&26Share transfer related expenses:-27.6(Automotive)+9.4Adjusted OP:Major increase/decrease factors 7Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.SalesYoY(excl.FX)AdjustedOP(%)YoYOther income/lossYoYOP(%)

34、YoYEBITDA*2(%）YoYLiving Appliances and Solutions Company(LAS)236.6102%(101%)17.67.4%+2.91.2+6.118.87.9%+9.025.710.9%+9.5Heating&Ventilation A/C Company(HVAC)215.6116%(114%)5.52.6%+6.1-0.5+0.15.02.3%+6.214.06.5%+7.5Cold Chain Solutions Company(CCS)100.699%(97%)2.72.7%-2.20.00.02.72.7%-2.25.35.3%-2.1E

35、lectric Works Company(EW)284.9105%(105%)27.49.6%+5.3-0.2+0.427.29.5%+5.735.112.3%+6.3China and Northeast Asia Company(CNA)*1190.8100%(97%)8.14.2%-0.10.8+4.58.94.7%+4.414.27.4%+4.3Lifestyle Segment:FY3/25 3Q Results by Divisional Company(yen:billions)*1:Sales and profit of CNA(except certain business

36、es)are also included in LAS,HVAC,and EW*2:Total amount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets)YoY%figures represent the year-on-year change relative to the previous years figures8Fiscal 2025 Third

37、 Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.+14.4+6.5+5.8+2.8-10.8+22.0-16.6-19.3FY3/25 3Q Operating Profit Analysis(by Factor)Fixed costsEffect of exchange ratesOtherincome/lossRaw materials,logisticsPrice revisions,rationalization,etc.Salesincrease/decreasein

38、 real termsBlue Yonder Adjusted OP:+24.1Adjusted OP:+34.9(excl.Automotive)Automotive127.5132.3OP:+4.8FY3/253QFY3/243QIncreased due to sales increase in real terms,rationalization,etc.,despite deconsolidation impact of Automotive,increased fixed costs,etc.(yen:billions)+:IndustryEnergy Strategic inve

39、stments:-4.6 Inflation(personnel expenses,energy costs):-12.9 Management structure improvements,etc.:+0.9Raw materials:+16.0+：Energy -:Lifestyle,Industry Logistics:-1.6 Price revisions:-17.5-:Energy+:Lifestyle,Industry Rationalization,etc.:+24.0FY3/253Q FY3/243QYear-on-Year excl.FXAdjusted OP(stand

40、alone)excluding investments*8.92.0+6.9+6.7(1)Adjusted OP(stand alone)3.0 -3.2+6.2+6.1(2)Amortization expenses related to acquisition+temporary accounting treatment-6.5-6.1-0.4-0.3Adjusted OP(consolidated)(1)+(2)-3.5-9.3+5.8+5.8*Excluding impact of strategic investment andsynergy investment,etc.(deta

41、ils on page 34)Blue Yonder Adjusted OP BreakdownShare transfer related expenses:-27.6(Automotive)9Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.FY3/25 Nine-Month(Apr.-Dec.)Cash Flows and Cash Positions FY3/24 Nine-MonthOperat-ing CFCash FlowsGros

42、s cash&interest-bearing debt/Net cash1,180.6-462.41,136.1-1,346.1-1,333.6-280.2-264.9-1,598.5Operating CF-1,626.3598.3702.7Net profitOthers-670.831.9 Operating CF increased YoY,including monetization of IRA tax credit through“Transferable”method in 2Q Achieved medium-term(FY3/23-FY3/25)target for cu

43、mulative operating CF of 2 tr.yen in 3Q;continue to generate further operating CF(yen:billions)(yen:billions)*1:Gross cash:total of“Cash and cash equivalents”and time deposits and others included in“Other financial assets”InvestingCFFCFEnd of FY3/24End of FY3/25 3QIRA tax credit through“Transferable

44、”method:182.6(2Q)Share transfer of Automotive:+66.2Gross cash*1Net cash:-445.7Bonds,etc.Lease liabilitiesInterest-bearing debtFiscal 2025 Third Quarter Financial ResultsFiscal 2025 Full-Year Financial Forecast11Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Right

45、s Reserved.FY3/25(e)(Feb.4,2025)FY3/25(e)(Oct.31,2024)Revised amountFY3/24YoYExcl.Automotive*5Excl.Automotive*5Excl.Automotive*5Sales8,300.07,626.88,600.0-300.08,496.47,421.398%Excl.FX(96%)-196.4103%+205.5Adjusted operating profit*1(%to sales)450.0(5.4%)425.5(5.6%)450.0(5.2%)0.0390.0(4.6%)351.5(4.7%

46、)115%+60.0121%+74.0Other income/loss*2-70.0-75.6-70.00.0-29.0-29.4-41.0-46.2Operating profit(%to sales)380.0(4.6%)349.9(4.6%)380.0(4.4%)0.0361.0(4.2%)322.1(4.3%)105%+19.0109%+27.8Profit before income taxes (%to sales)430.0(5.2%)-430.0(5.0%)0.0425.2(5.0%)-101%+4.8-Net profit attributable to Panasonic

47、 Holdings Corporation stockholders(%to sales)310.0(3.7%)-310.0(3.6%)0.0444.0(5.2%)-70%-134.0-EPS*3132.80 yen-132.80 yen0 yen190.21 yen-57.41yen-ROE7.0%-7.0%0%10.9%-3.9%-EBITDA*4(%to sales)860.0(10.4%)803.0(10.5%)860.0(10.0%)0.0805.9(9.5%)719.6(9.7%)107%+54.1112%+83.4Exchange rates1 US dollar149 yen1

48、49 yen146 yen+3 yen145 yen145 yen+4 yen+4 yen1 Euro161 yen161 yen158 yen+3 yen157 yen157 yen+4 yen+4 yen1 Renminbi20.9 yen20.9 yen20.6 yen+0.3 yen20.1 yen20.1 yen+0.8 yen+0.8 yenFY3/25 Full-Year Forecast RevisionYoY%figures represent the year-on-year change relative to the previous years figures(yen

49、:billions)*1:Sales-Cost of sales-SG&A*2:“Other income(expenses),net”+“Share of profit(loss)of investments accounted for using the equity method”as indicated in the Consolidated Statements of Profit or Loss of the news release*3:Basic earnings per share attributable to Panasonic Holdings Corporation

50、stockholders*6:Including recording of deferred tax assets,etc.(121.3 bil.yen)with the liquidation of Panasonic Liquid Crystal Display Co.,Ltd.(through Special Liquidation)and its debts waiver,resolved by the Board of Directors*5:Except for businesses not subject to the share transfer*6*4:Total amoun

51、t of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets).Adjusted with:-amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor-impact of

52、 temporary accounting treatment related to“re-evaluation of assets and liabilities”upon Blue Yonder acquisition12Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.SalesYoYRevised amountAdjusted OP(%to sales)YoYRevised amountOther income/lossYoYRevise

53、d amountOP(%to sales)YoYRevised amountEBITDA*1(%to sales)YoYRevised amountLifestyle3,550.0103%(+93.5)0.0135.03.8%+1.20.0-5.0+9.10.0130.03.7%+10.30.0253.07.1%+22.30.0Automotive*4*5 805.064%(-459.9)-595.024.53.0%-14.0-18.55.6+5.2+4.630.13.7%-8.8-13.957.07.1%-29.3-38.0Connect1,300.0108%(+94.7)+20.060.0

54、4.6%+16.40.0-2.0+2.50.058.04.5%+18.90.0130.010.0%+15.90.0Industry1,070.0103%(+27.4)+20.060.05.6%+28.8+7.0-10.0-9.9-6.050.04.7%+18.9+1.0112.010.5%+21.3-3.0Energy873.095%(-42.9)+9.0126.014.4%+31.4+15.0-2.0+3.80.0124.014.2%+35.2+15.0195.022.3%+34.6+8.0Other/Eliminations&adjustments*4702.0-+246.044.5-3.

55、8-3.5-56.6-51.7+1.4-12.1-55.5-2.1113.0-10.7+33.0Total8,300.098%(-196.4)-300.0450.05.4%+60.00.0-70.0-41.00.0380.04.6%+19.00.0860.010.4%+54.10.0Excl.Automotive*67,626.8103%(+205.5)-425.55.6%+74.0-75.6-46.2-349.94.6%+27.8-803.010.5%+83.4-FY3/25 Full-Year Forecast Revision by Segment(Changes from foreca

56、st as of Oct.31,2024)*1:Total amount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets)*2:Adjusted with impact of temporary accounting treatment related to re-evaluation of assets and liabilities upon Blue Y

57、onder acquisition*3:Additionally adjusted with the amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor(yen:billions)YoY%figures represent the year-on-year change relative to the previous years figures*3*2*4:As a result of

58、the share transfer of Panasonic Automotive Systems Co.,Ltd.,figures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments.”Prior year amounts are reclassified accordingly.(The revised amount is the difference from the forecast prior to the reclassification)*5:FY3/2

59、5 figures of“Automotive”segment are based on 8 months(Apr.-Nov.2024)*6:Except for businesses not subject to the share transfer13Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.-18.50.00.0+7.0+8.0+7.0-3.50.00.0+20.0+20.0-7.0+16.0FY3/25 Full-year For

60、ecast Revision Factors by SegmentSales/Adjusted OPLifestyleBoth sales and profit remain unchangedConnectSales revised upward,profit unchanged Sales:Currency translation Profit:Increased sales of Mobile Solutions,Gemba Solutions,etc.,despite factoring in increased expenses for security measures in Bl

61、ue YonderIndustryBoth sales and profit revised upward Sales:Currency translation,increased sales of products for information&communication applications(capacitors,multi-layer circuit board materials),etc.Profit:Effect of yen depreciation and increased sales,etc.EnergyBoth sales and profit revised up

62、ward Sales:Increased sales of energy storage systems for data centers,despite negative impact from accounting treatment of amount equivalent to increased IRA tax credit,etc.Profit:Improved productivity in North America and increased IRA tax credit in In-vehicle,increased sales of energy storage syst

63、ems for data centers in Industry/Consumer,etc.Other/Eliminations&adjustmentsDeconsolidation impact of Automotive Figures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments”Sales from other segments to“Automotive”are recognized as external sales,and thus they are

64、 not deducted in“Eliminations&adjustments”Figures of“Automotive”are based on 8 months(Apr.-Nov.2024)AutomotiveLifestyle ConnectIndustryOther income/lossOther/Eliminations&adjustmentsIn-vehicleEnergyIndustrial/Consumer,others8,600.08,300.0Lifestyle Connect IndustryOther/Eliminations&adjustmentsIn-veh

65、icleEnergyIndustrial/Consumer,others380.0380.0+246.0Automotive-595.0-300.0Adjusted OP:0.0OP:0.0AutomotiveSales(yen:billions)OP(yen:billions)Forecast(Oct.31)Forecast(Feb.4)Forecast(Feb.4)Forecast(Oct.31)Major factors for revision(vs.previous forecast as of Oct.31,2024)14Fiscal 2025 Third Quarter Fina

66、ncial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Lifestyle Segment:FY3/25 Forecast by Divisional Company(Unchanged from forecast as of Oct.31,2024)SalesYoYAdjusted OP(%to sales)YoYOther income/lossYoYOP(%to sales)YoYEBITDA*2(%to sales)YoYLiving Appliances and Solutions

67、 Company(LAS)875.0101%(+7.7)50.05.7%+1.90.0+5.150.05.7%+7.080.09.1%+10.0Heating&Ventilation A/C Company(HVAC)890.0109%(+76.1)17.01.9%+2.3-1.0+5.916.01.8%+8.251.05.7%+13.5Cold Chain Solutions Company(CCS)400.0101%(+4.0)21.05.3%+0.70.0+0.121.05.3%+0.830.07.5%+0.2Electric Works Company(EW)1,060.0102%(+

68、16.8)73.06.9%+2.6-5.0-0.368.06.4%+2.3100.09.4%+5.2China and Northeast Asia Company(CNA)*1720.098%(-12.4)29.54.1%-6.02.0+5.831.54.4%-0.252.57.3%+0.4(yen:billions)YoY%figures represent the year-on-year change relative to the previous years figures*1:Sales and profit of CNA(except certain businesses)ar

69、e also included in LAS,HVAC,and EW*2:Total amount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets)15Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.+44.0

70、+31.7+0.3+3.0-14.0+60.0-65.0FY3/25 Full-year Adjusted Operating Profit Forecast Analysis(by Factor)Initial Forecast(as of May 9,2024)FixedcostBlue YonderSales increase/decrease in real termsEffect of exchange rates+19.6+15.6+8.2-9.7+1.8+98.1-73.6Automotive390.0450.0Forecast(as of Feb.4,2025)Adjusted

71、 OP390.0450.0Note:Figures are prior to the reclassification of AutomotiveNote:Figures after the reclassification of Automotive464.0448.2Excl.Automotive:+74.0Excl.Automotive:+58.2Refer to P42(yen:billions)(yen:billions)FY3/24FY3/25FY3/24FY3/25Price hikesin rawmaterials&logisticsPrice revisions,ration

72、alization,etc.Strategic investments:-40.0 Inflation(personnel expenses,energy costs):-43.1 Management structure improvements,etc.:+9.5 Raw materials:+25.5+：Energy-：Lifestyle,Industry Logistics:-5.9 Price revisions:-22.8-:Energy+:Lifestyle,Industry Rationalization,etc.:+17.4 Expenses related to past

73、manufacturing-process issues(In-vehicle of Energy;rebound increase from expenses recorded in FY3/24)+21.0 Strategic investments:-35.0 Inflation(personnel expenses,energy costs):-43.0 Management structure improvements,etc.:+13.0 Raw materials:+50.0+：Energy-：Lifestyle,Industry Logistics:-6.0 Price rev

74、isions:-49.0-:Energy+:Lifestyle,Industry Rationalization,etc.:+59.7 Expenses related to past manufacturing-process issues(In-vehicle of Energy;rebound increase from expenses recorded in FY3/24)+21.016Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.

75、Business Growth related to Generative AIIndustry Products:Conductive polymer capacitors(Electronic Devices)Multi-layer circuit board materials(Electronic Materials)Usage:Generative AI serversEnergy Products:Energy storage systems(Industrial/Consumer)Usage:Data centers Total sales for data center(inc

76、l.generative AI-use)Sales of products for generative AI servers9M ResultsFull-year(e)FY3/25FY3/24FY3/25FY3/249M ResultsFull-year(e)Reference:Briefings on Generative AI-related Businesses(Nov.27,2024)Links to:Presentation materials and Minutes(Previously disclosed)14.823.620.035.0Forecastas of May 9F

77、orecast as of Oct.3127.035.0bil.yen100 bil.yenForecast as of May 9Forecast as of Oct.311.6x(YoY)1.8x(YoY)1.8x(YoY)1.9x(YoY)FY3/25FY3/24FY3/25FY3/24 Generative AI-related businesses continued to be favorable in 3Q High growth expected to continue for the full year17Fiscal 2025 Third Quarter Financial

78、 Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Shareholder Return Annual dividend forecast at 40 yen per share;year-on-year increase by 5 yen Unchanged from the announcement on August 30,2024Dividend20 yen(Increased by 2.5 yen)Distribute stable and continuous dividendsAchieve enhan

79、ced corporate value through business growth and profit increaseYear-end dividend(Forecast)40 yen(Increased by 5 yen)Annual divided(Forecast)Payout ratio(e)30%Disclaimer Regarding Forward-looking StatementsThis presentation includes forward-looking statements about Panasonic Holdings Corporation(the

80、Company)and its Group companies(the Panasonic Group).To the extent that statements in this presentation do not relate to historical or current facts,they constitute forward-looking statements.These forward-looking statements are based on the current assumptions and beliefs of the Panasonic Group in

81、light of the information currently available to it,and involve known and unknown risks,uncertainties and other factors.Such risks,uncertainties and other factors may cause the Panasonic Groups actual results,performance,achievements or financial position to be materially different from any future re

82、sults,performance,achievements or financial position expressed or implied by these forward-looking statements.The Company undertakes no obligation to publicly update any forward-looking statements after the date of this presentation.Investors are advised to consult any further disclosures by the Com

83、pany in its subsequent filings under the Financial Instrument and Exchange Act of Japan(the FIEA)and other publicly disclosed documents.The risks,uncertainties and other factors referred to above include,but are not limited to,economic conditions,particularly consumer spending and demands for corpor

84、ate capital expenditures in the major markets including,but not limited to,the Americas,Europe,Japan,China and other Asian countries as well as changes of demands for a wide range of electronic products&parts from the industrial world and consumers in various regional markets;excessive currency rate

85、 fluctuations of the U.S.dollar,the euro,the Chinese yuan and other currencies against the yen having an impact on costs and prices of the Panasonic Groups products&services as well as certain other transactions that are denominated in these foreign currencies;increased costs of or limitations on ra

86、ising funds,because of changes in the fund raising environment including interest rate fluctuations;current or future political or social trends in and outside Japan or changes in rules®ulations of international trade,commerce,R&Ds,production or sales having impact on the Panasonic Group or the b

87、usiness activities in its supply chain;introduction or enhancement of rules®ulations or abolition or reduction of tax benefit or subsidy related mainly to the environment issues including the climate change as well as to responsible supply chain(in terms of human rights,labor,health&safety global

88、 environmental conservation,information security,business ethics and others);increased costs resulting from a leakage of customers or confidential information from IT systems of the Panasonic Group or its supply chain or business suspension caused by unauthorized access,cyberattacks or any other for

89、m of malicious actions on the IT systems or from vulnerability of network-connected products;failure to secure or retain enough workforces to execute its business strategy;failure to retain its competitiveness in a wide range of products&services or in major countries®ions;failure to produce expe

90、cted results in alliances with other companies or M&A(mergers&acquisitions)activities;failure to produce expected results in current or future business transformations of the Panasonic Group;occurrence or lengthening of disruptions in its supply chain or logistics for or price hikes in parts&materia

91、ls;downward price pressure or decrease in demands for the products at a level that can be offset with efforts by the Company;failure to respond to future changes in the market needs with technological innovations or to timely utilize new technologies such as AI(Artificial Intelligence);increased cos

92、ts or losses caused by occurrence of events such as compliance violations(including those related to human rights or labor issues)or serious health&safety accidents in workplaces;increased costs or losses resulting from any defects or quality frauds in products or services of the Panasonic Group;inf

93、ringement by third parties of intellectual property owned by the Panasonic Group or restrictions on the use of intellectual property owned by third parties;administrative/criminal penalties or compensations/damages claims resulting from violations of laws and regulations;large-scale natural disaster

94、s,global pandemics of infectious diseases,terrorism or wars;fluctuations in market prices of securities and other financial assets in which the Panasonic Group has holdings,excessive fluctuations of valuation of non-financial assets,including property,plant and equipment,goodwill and deferred tax as

95、sets,or changes or tightening of accounting policies or rules;The factors listed above are not all-inclusive and further information is contained in the most recent English translated version of the Companys securities reports under the FIEA and any other documents which are disclosed on its website

96、.20Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:FY3/25 Nine-Month(Apr.-Dec.)ResultsFY3/25 9MFY3/24 9MYoY(year-on-year)Excl.Automotive*5Excl.Automotive*5Excl.Automotive*5Sales6,403.95,730.76,300.35,491.6102%(99%)*4+103.6(-92.0)*4104%(10

97、1%)*4+239.1(+66.5)*4Adjusted OP*1(%to sales)356.7(5.6%)332.2(5.8%)318.4(5.1%)285.6(5.2%)112%+38.3116%+46.6Other income/loss*2-8.4*6-14.0*61.91.3-10.3-15.3OP(%to sales)348.3(5.4%)318.2(5.6%)320.3(5.1%)286.9(5.2%)109%+28.0111%+31.3Profit before income taxes(%to sales)395.7(6.2%)-368.8(5.9%)-107%+26.9-

98、Net profit attributable to Panasonic Holdings Corporation stockholders(%to sales)288.4(4.5%)-399.2(6.3%)-72%-110.8-EBITDA*3(%to sales)681.7(10.6%)624.7(10.9%)649.3(10.3%)581.6(10.6%)105%+32.4107%+43.1Exchange rates1 US dollar 153 yen153 yen143 yen143 yen+10 yen+10 yen1 Euro165 yen165 yen155 yen155 y

99、en+10 yen+10 yen1 Renminbi21.2 yen21.2 yen20.0 yen20.0 yen+1.2 yen+1.2 yen*7*1 Sales Cost of sales SG&A*2“Other income(expenses),net”+“Share of profit(loss)of investments accounted for using the equity method”as indicated in the Consolidated Statements of Profit or Loss of the news release*3 Total a

100、mount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets).Adjusted with:-amount equivalent to depreciation corresponding to underlying assets that are applied with Lease accounting treatment as a lessor-impac

101、t of temporary accounting treatment related to“re-evaluation of assets and liabilities”upon Blue Yonder acquisition(yen:billions)*4:Excluding effect of exchange rates*5:Except for businesses not subject to the share transfer*6:Including expenses related to share transfer of Automotive(-29.5 bil.yen)

102、*7:Including recording of deferred tax assets,etc.(121.3 bil.yen)with the liquidation of Panasonic Liquid Crystal Display Co.,Ltd.(through Special Liquidation)and its debts waiver,resolved by the Board of DirectorsYoY%figures represent the year-on-year change relative to the previous years figures21

103、Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.+40.5+10.8+3.9+10.5-8.3+29.4-48.5-10.3Reference:FY3/25 Nine-Month(Apr.-Dec.)Operating Profit Analysis(by Factor)Fixed costsEffect of exchange ratesOtherincome/lossRaw materials,logisticsPrice revision

104、s,rationalization,etc.Salesincrease/decreasein real termsBlue YonderAdjusted OP:+38.3Adjusted OP:+46.6(excl.Automotive)Automotive320.3348.3Share transfer related expenses:-29.5(Automotive)OP:+28.0(yen:billions)Increased due to sales increase in real terms,rationalization,etc.,despite deconsolidation

105、 impact of Automotive,increased fixed costs,etc.FY3/249MFY3/259M Strategic investments:-16.5 Inflation(personnel expenses,energy costs):-36.5 Management structure improvements,etc.:+4.5Raw materials:+44.0+：Energy-:Lifestyle,Industry Logistics:-3.5 Price revisions:-46.6-:Energy+:Lifestyle,Industry Ra

106、tionalization,etc.:+57.4+:IndustryEnergyFY3/259M FY3/249MYear-on-Year excl.FXAdjusted OP(stand alone)excluding investments*20.37.2+13.1+12.0(1)Adjusted OP(stand alone)4.6 -0.7+5.3+5.0(2)Amortization expenses related to acquisition+temporary accounting treatment-19.4-17.2-2.2-1.1Adjusted OP(consolida

107、ted)(1)+(2)-14.8-17.9+3.1+3.9Blue Yonder Adjusted OP Breakdown*Excluding impact of strategic investment andsynergy investment,etc.(details on page 34)22Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:FY3/25 Financial Results/Forecast(3Q/4

108、Q/2H)*1 Sales-Cost of sales-SG&A*2“Other income(expenses),net”+“Share of profit(loss)of investments accounted for using the equity method”as indicated in the Consolidated Statements of Profit or Loss of the news release3QresultsYoY4Q(e)YoY2H(e)YoYExcl.Automotive*4Excl Automotive*4Excl.Automotive*4Ex

109、cl.Automotive*4Excl.Automotive*4Excl.Automotive*4Sales2,152.61,973.999%-28.3105%+85.21,896.11,896.186%-300.098%-33.64,048.73,870.092%-328.3101%+51.6Adjusted operating profit*1(%to sales)150.2(7.0%)142.0(7.2%)119%+24.1133%+34.993.3(4.9%)99.3(4.9%)130%+21.7142%+27.4243.5(6.0%)235.3(6.1%)123%+45.8136%+

110、62.3Other income/loss*2-17.9-17.8-19.3-19.0-61.6-61.6-30.7-30.9-79.5-79.4-50.0-49.9Operating profit(%to sales)132.3(6.1%)124.2(6.3%)104%+4.8115%+15.931.7(1.7%)31.7(1.7%)78%-9.090%-3.5164.0(4.1%)155.9(4.0%)98%-4.2109%+12.4Profit before income taxes(%to sales)144.7(6.7%)-100%+0.2-34.3(1.8%)-61%-22.1-1

111、79.0(4.4%)-89%-21.9-Net profitattributable to Panasonic Holdings Corporation stockholders(%to sales)99.5(4.6%)-90%-11.3-21.6(1.1%)-48%-23.2-121.1(3.0%)-78%-34.5-EBITDA*3(%to sales)243.3(11.3%)229.1(11.6%)102%+4.1110%+20.2178.3(9.4%)178.3(9.4%)114%+21.7129%+40.3421.6(10.4%)407.4(10.5%)107%+25.8117%+6

112、0.5Exchange rates1 US dollar152 yen152 yen+4 yen+4 yen140 yen140 yen-9 yen-9 yen146 yen146 yen-2 yen-2 yen1 Euro163 yen163 yen+4 yen+4 yen150 yen150 yen-11 yen-11 yen156 yen156 yen-4 yen-4 yen1 Renminbi21.2 yen21.2 yen+0.8 yen+0.8 yen20.0 yen20.0 yen-0.6 yen-0.6 yen20.6 yen20.6 yen+0.1 yen+0.1 yen(y

113、en:billions)YoY%figures represent the year-on-year change relative to the previous years figures*3:Total amount of Operating profit,Depreciation(Tangible assets including property,plant and equipment/Right-of-use assets)and Amortization(Intangible assets).Adjusted with:-amount equivalent to deprecia

114、tion corresponding to underlying assets that are applied with Lease accounting treatment as a lessor-impact of temporary accounting treatment related to“re-evaluation of assets and liabilities”upon Blue Yonder acquisition*5*5*5*5*4:Except for businesses not subject to the share transfer*5:Including

115、expenses related to share transfer of Automotive(-27.6 bil.yen).23Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:FY3/25 Financial Results/Forecast by Segment（3Q/4Q/2H)YoY%figures represent the year-on-year change relative to the previous

116、 years figures3Q4Q(e)2H(e)SalesYoYAdjusted OP(%to sales)YoYSalesYoYAdjusted OP(%to sales)YoYSalesYoYAdjusted OP(%to sales)YoYLifestyle918.6103%45.65.0%+8.8887.498%41.14.6%+12.21,806.0101%86.74.8%+21.0Automotive*1*2210.861%8.23.9%-10.8-5.7210.832%8.23.9%-16.5Connect327.0109%22.77.0%+14.7353.4100%17.6

117、5.0%-3.0680.4104%40.35.9%+11.7Industry271.7102%14.05.2%+2.9251.695%15.16.0%+7.5523.398%29.15.6%+10.4Energy214.994%42.619.8%+12.0227.7108%28.612.6%+18.3442.6101%71.216.1%+30.3Other/Eliminations&adjustments*1209.6-17.1-3.5176.0-9.1-7.6385.6-8.0-11.1Total2,152.699%150.27.0%+24.11,896.186%93.34.9%+21.74

118、,048.792%243.56.0%+45.8Excl.Automotive*31,973.9105%142.07.2%+34.91,896.198%93.34.9%+27.43,870.0101%235.36.1%+62.3*1:As a result of the share transfer of Panasonic Automotive Systems Co.,Ltd.,figures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments.”Prior year

119、amounts are reclassified accordingly.*2:FY3/25 3Q results of“Automotive”segment based on 2 months(Oct.-Nov.2024)*3:Except for businesses not subject to the share transfer(yen:billions)24Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Life

120、style Segment:FY3/25 Financial Results/Forecast by Divisional Company(3Q/4Q/2H)3Q4Q(e)2H(e)SalesYoYAdjusted OP(%to sales)YoYSalesYoYAdjusted OP(%to sales)YoYSalesYoYAdjusted OP(%to sales)YoYLiving Appliances and Solutions Company(LAS)236.6102%17.67.4%+2.9228.1101%16.17.1%+6.4464.7101%33.77.3%+9.3Hea

121、ting&Ventilation A/C Company(HVAC)215.6116%5.52.6%+6.1200.998%6.63.3%+5.1416.5106%12.12.9%+11.2Cold Chain Solutions Company(CCS)100.699%2.72.7%-2.290.891%6.36.9%+2.8191.495%9.04.7%+0.6Electric Works Company(EW)284.9105%27.49.6%+5.3280.698%16.96.0%-2.5565.5101%44.37.8%+2.8China and Northeast Asia Com

122、pany(CNA)*1190.8100%8.14.2%-0.1126.482%2.31.8%+1.8317.292%10.43.3%+1.7*1:Sales and profit of CNA(except certain businesses)are also included in LAS,HVAC,and EW(yen:billions)YoY%figures represent the year-on-year change relative to the previous years figures25Fiscal 2025 Third Quarter Financial Resul

123、ts 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Impact of US IRA Tax Credit(Section 45X)on Financial ResultsAmong monetization methods of“Deductible tax credit,”“Refundable tax credit(direct pay)”and“Transferable tax credit,”assuming to elect“Refundable”for FY3/25Half of total t

124、ax credit amount recorded in adjusted OP,assuming effective use of credit with customers toward strengthening/expanding North America business,taking into consideration the aim of US IRA(reduce excessive inflation and promote energy policies in US)FY3/25 3Q Results30.3 bil.yen*1Amount recorded in pr

125、ofit*1:Recorded adjusted OP amount is based on IRA tax credit for FY3/25 3Q sales results(10.0 GWh)and FY3/25 full-year forecast(38.2 GWh),taking into consideration the amount to be effectively used with customers,etc.Newly recorded 5.6 bil.yen in 3Q adjusted OP as IRA tax credit for production cost

126、s of electrode active materials,including the amount equivalent to the prior year.(Until Sep.2024:4.7 bil.yen,Oct.Dec.2024:0.9 bil.yen)*2:Recorded net profit amount is based on:“IRA tax credit”is a non-taxable income Deferred tax assets are recorded since the amount to be effectively used with custo

127、mers is applicable for deferred tax accountingAdjusted OP(Energy Segment)Net profit attributable to Panasonic HoldingsCorporation stockholdersFY3/25full-year forecast92.0 bil.yen*1(Difference from Oct.31 forecast:+5.0)116.0 bil.yen*2(Difference from Oct.31 forecast:+6.0)38.8 bil.yen*226Fiscal 2025 T

128、hird Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Overview of US Inflation Reduction Act(IRA)Overview:Tax credit for sales of EV batteries,etc.Enforcement:December 31,2022 Effective:2023-2032(10 years)Eligibility&tax credit amount:Battery cell:$35/kWh B

129、attery module:$10/kWh Electrode active material:10%of production costsNote:Tax credit starts to be reduced from 20302030:Reduced by 25%,2031:50%,2032:75%Conditions:Battery cells,modules and electrode active materials produced in US Credits for cells and modules based on sales volume(in kWh)Overview:

130、Tax credit for purchases of EVs Enforcement:December 31,2022 Effective:2023-2032(10 years)Eligibility&tax credit amount:New car:up to$7,500 Used car:30%of purchase value,up to$4,000 Conditions:Eligibility:Vehicles assembled in North America(US,Canada,Mexico)Conditions for new cars:*1Although Japan i

131、s not an FTA country,conditions have been relaxed to include Japan*2Yearly thresholds set for extraction/production locations of battery components&critical minerals.FEOC restrictions apply(battery components:2024,critical minerals*:2025)Section 45X(Advanced Manufacturing Production Credit)Section 3

132、0D(EV Credit)Battery components produced&assembled*2in North America$3,750Critical minerals extracted&processed*2within FTA countries*1$3,750 Final guidance of definition of FEOC released in March 2024 Final regulations released in May 2024,effective from July 5(No substantial changes from our under

133、standing when the financial results were announced on May 9)IRA:Enacted in August 2022,aimed to reduce excessive inflation and promote energy policiesPanasonic Energys business eligible for“battery cell($35/kWh)”and“electrode active material(10%of production costs)”in Section 45X.Final regulations f

134、or Section 30D(stipulating tax credits for vehicle purchasers)released in May 2024.Final regulations for Section 45X released in October 2024.*Graphite:2027 Final regulations released in October 2024,effective from December 27(No major changes from proposed rules;eligible for tax credit for producti

135、on costs of electrode active material after reviewing)Production costs of electrode active material:Production costs(e.g.labor,depreciation)of cathode/anode electrode materials,etc.produced in US27Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Ref

136、erence:Summary of Foreign Entity of Concern(FEOC)If a clean vehicle contains“Battery Components”or“Critical Minerals”from a FEOC,it will not qualify for section 30D and no tax credit will be granted to EV purchasers Definition of FEOCForeign Entity(1)Subject to the Jurisdiction (2)Owned by,Controlle

137、d by,or Subject to the DirectionI.A government of a foreign country;II.A natural person who is not a lawful permanent resident of the United States,citizen of the United States,or any other protected individual;III.A partnership,association,corporation,organization,or other combination of persons or

138、ganized under the laws of or having its principal place of business in a foreign country;orIV.An entity organized under the laws of the United States that is owned by,controlled by,or subject to the direction of an entity that qualifies as a foreign entity in paragraphs(IIII).and The foreign entity

139、is incorporated or domiciled in,or has its principal place of business in,a covered nation;or With respect to the critical minerals,components,or materials of a given battery,the foreign entity engages in the extraction,processing,or recycling of such critical minerals,the manufacturing or assembly

140、of such components,or the processing of such materials,in a covered nation.25%or more of the entitys board seats,voting rights,or equity interest are cumulatively held by that other entity,whether directly or indirectly via one or more intermediate entities(including the government of a foreign coun

141、try that is a covered nation)FEOC restrictionsBattery ComponentsCathode electrode,Anode electrode,Separators,Electrolytes,etc.December 31,2023Starting dateApplicable toLithium,Nickel,Cobalt,Graphite*,Aluminium,etc.December 31,2024$3,750Section 30D tax credit to EV purchasers$3,750Critical MineralsIf

142、 a clean vehicle contains“Battery Components”or“Critical Minerals”from a FEOC,it will not qualify for section 30D and no tax credit will be granted to EV purchasers orExcerpts sourced from A Proposed Rule by the Energy Department released on December 4,2023*Graphite:December 31,2026 28Fiscal 2025 Th

143、ird Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Eligible EV Battery Factories for tax credit of US IRA Section 45XNevadaKansas(New factory)JapanApprox.38-39 GWh(as of end of FY3/24)Approx.30 GWh(at full production capacity)Approx.10 GWh(as of end of FY

144、3/24)Approx.$1.3 bil./yr.*1Sales of battery cellsApprox.$1.0 bil./yr.*1-US10%of production costs-Production costs of electrode active materials*2IRA tax credit amount*1:Simple calculation:$35/kWh x annual production Start of sales(Operation planned for FY3/25 4Q)Jan.2023onwardsN/AAnnual production c

145、apacityCredit effective fromFactoriesSuminoe/KaizukaWakayamaIRA tax credit effective at:-Nevada Factory(in operation):from launch of IRA-New Kansas Factory:upon start of sales*2:Production costs(e.g.labor,depreciation)of cathode/anode electrode materials,etc.produced in US 29Fiscal 2025 Third Quarte

146、r Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Our Advantages with Regards to US IRAOur AdvantagesStable mass-production capability at Nevada Factory(New Kansas factory planning to start operation in FY3/25 4Q)Strong customer base built in North AmericaPanasoni

147、cs battery components and critical minerals are FEOC*-compliant;requirements for IRA 30D tax credit are met IRASection 45XSection 30DProduction/sales at Nevada eligible upon IRA enforcement(end of Dec.2022)Kansas expected to be eligible upon start of salesCurrently,30D requirements are met;Our batte

148、ry components are FEOC-compliant(rules applied from end of Dec.2023);Critical minerals are also FEOC-compliant(rules applied from end of Dec.2024);Qualification for 30D remains unchanged2023202420252026202720282029FEOC compliance based on our current supply chainBattery componentsManufactured or ass

149、embled in North America50%60%60%70%80%90%100%CompliantFEOC rules applied from:Critical mineralsExtracted or processed in US-FTA country40%50%60%70%80%80%80%CompliantBuild FEOC-compliant supply chain FEOC rules to apply from:December 31,2023 December 31,2024 Meeting requirements and also FEOC-complia

150、ntSection 30D requirements(value-based threshold)*FEOC:Foreign Entity of ConcernIf a clean vehicle is not FEOC-compliant,it will not be eligible for Section 30D*Graphite:December 31,2026 30Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:F

151、uture EV Battery Business in Japan(for New Customers)CustomerMazda Motor CorporationSUBARU CORPORATIONCollaborationSupply batteries in BEVs scheduled to be introduced by Mazda from 2027 onwards from Suminoe/KaizukaSupply batteries in BEVs which SUBARU plans to produce in the latter half of 2020s fro

152、m Suminoe and new factory to be jointly established in GunmaProductCylindrical automotive lithium-ion batteriesCylindrical automotive lithium-ion batteriesProduction siteSuminoe/Kaizuka(Osaka pref.)Suminoe(Osaka pref.)Oizumi(Gunma pref.)Production capacity(2030)10 GWh/year4 GWh/year16 GWh/yearMass p

153、roduction startFY3/28FY3/28FY3/29Business planMETIs subsidy programSupport strengthening storage battery manufacturing supply chain(Ensuring stable supply)Aim Strengthen manufacturing supply chain to ensure stable supply,based on Japanese governments storage battery industry strategyContents Support

154、 CAPEX/R&D for storage batteries,parts,materials,or production equipment(Rate:one-third of CAPEX,half of R&D)Budget 495.8 bil.yen:2023 supplementary budget(265.8 bil.yen)+2024 budget(230.0 bil.yen)Total investment*Approx.83.3 bil.yen(For additional production capacity of+6.5 GWh)Approx.463.0 bil.yen

155、(For new Gunma site of 16 GWh)Subsidy*Approx.28.3 bil.yen(maximum)Approx.156.4 bil.yen(maximum)*With Mazda:Includes investment/subsidy amount related to the supply other than this partnership(breakdown between both companies not disclosed)*With SUBARU:Does not include investment/subsidy amount for t

156、he 4 GWh to be produced at Suminoe(breakdown between both companies not disclosed)Total investment/subsidy amount in joint applicationScheme:Discussions in progress with each company Rebuild business foundation in Japan through strategic partnerships with Mazda Motor Corporation and SUBARU CORPORATI

157、ON Both collaboration projects approved by Japans Ministry of Economy,Trade and Industry(METI)as part of its stable storage battery supply initiative(Details on press release announced September 6)Contribute to Japanese governments storage battery industry strategy:Plan to reach 150 GWh/year product

158、ion capacity in Japan for storage battery and its materials31Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.+3.8+5.7+5.3+2.4LifestyleReference:FY3/25 3Q Segment InformationOP:Increased due to increased sales in HVAC(room air conditioners,engineeri

159、ng business,device business),electrical construction materials(e.g.Japan,India),consumer electronics(Japan,Asia)FY3/25 3QYoY(year-on-year)Sales918.6103%(102%)*1Adjusted operating profit(%to sales)45.6(5.0%)+8.8Other income/loss0.6+2.4Operating profit(%to sales)46.2(5.0%)+11.2OverviewMajor increase/d

160、ecrease factors(yen:billions)*1:In real terms excluding the effect of exchange rates Adjusted OPLiving Appliancesand Solutions Company(LAS)+:Increased sales of consumer electronics in Japan and Asia,rationalization-:Currency impact,price hikes in raw materialsHeating&VentilationA/C Company(HVAC)+:In

161、creased sales of room air conditioners,engineering business,device business,etc.-:Price hikes in raw materialsCold Chain Solutions Company(CCS)+:Increased sales of showcases in Japan-:Trough of demand cycle in North AmericaElectric Works Company(EW)+:Price revision effect for electrical construction

162、 materials in Japan,steady sales of solutions business,increased sales of electrical construction materials in India-:Deteriorated conditions in some overseas marketsOther income/loss Impact of restructuring expenses in FY3/24,etc.*2:Includes:Refrigeration devices,sales of other segment products,seg

163、ment head office,eliminations,etc.(yen:billions)(yen:billions)+2.3+26.1+13.8+9.0887.7-3.4-16.9918.6Living Appliances and SolutionsHeating&Ventilation A/CCold Chain SolutionsElectricWorksEffect of exchange ratesOthers*2FY3/253QFY3/243QFY3/253Q35.046.2-2.8-3.20.0Living Appliances and SolutionsHeating&

164、Ventilation A/CCold Chain SolutionsElectricWorksOthers*2Effect of exchange ratesOther income/lossOP:+11.2Adjusted OP:+8.8FY3/243QSales:Increased overall due to increased sales in HVAC,electrical construction materials and consumer electronics(e.g.Japan,Asia,Europe);sales ofA2W in Europe turned to an

165、 increase due mainly to improved distribution inventories,sales of consumer electronics in China were at the same level YoY including effect of subsidy32Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.FY3/25 3QYoY(year-on-year)Sales327.0109%(107%)*

166、1Adjusted operating profit(%to sales)22.7(7.0%)+14.7Other income/loss-3.6-4.1Operating profit(%to sales)19.1(5.8%)+10.6OP:Increased due to increased sales of Blue Yonder(contributed by favorable sales of SaaS and improved marginal profit ratio),as well as Process Automation,Gemba Solutions,and Avion

167、ics,etc.ConnectReference:FY3/25 3Q Segment Information8.519.1+1.8+4.4+1.2+1.8+5.8+0.8+0.5Adjusted OP:+14.7OP:+10.6+2.0+8.2+4.4+5.1+4.9+6.4300.1-3.6-0.5327.0 FY3/253QFY3/243QFY3/253Q(yen:billions)BYOtherincome/lossMobileSolutionsEffect ofexchangeratesMediaEntertainmentOthersAvionicsProcessAutomationM

168、ediaEntertainmentMobileSolutionsGemba SolutionsBYGemba SolutionsOthersEffect ofexchangeratesOverview*1:In real terms excluding the effect of exchange rates Other income/lossDecreased due mainly to preparation expenses related to establishment of new company for Media Entertainment and disposal of fi

169、xed assetsMajor increase/decrease factorsAdjusted OP Avionics+:Increased sales of maintenance/repair services and connectivity(in-flight WiFi)Process Automation+:Increased sales by capturing demand for smartphones in China and AI serversMediaEntertainment-:Decreased sales due to deteriorated market

170、conditions mainly in Europe Mobile Solutions+:Improved profitability of products Gemba Solutions+:Increased sales with steady orders of solution-type projects in JapanBlue Yonder(BY)+:Favorable sales of SaaS and improved marginal profit ratioSales:Increased with Process Automation(captured demand fo

171、r ICT industry in China),as well as Blue Yonder,Gemba Solutions and Avionics-4.1FY3/243Q-1.6(yen:billions)ProcessAutomationAvionics(yen:billions)33Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.73%48%72%47%FY3/24 Q3FY3/25 Q1Q4Q2Q372%49%YoY+4%pt71%

172、50%71%52%Recuring sales ratioSaaS sales ratioConnectReference:Blue Yonders KPIsSaaS ARR(Annual Recurring Revenue)SaaS NRR(Net Revenue Retention)SaaSSaaSQ3Q4FY3/24 Q3100%FY3/25 Q1SaaS137137145Q2152106%321Q4Q2FY3/24 Q3FY3/25 Q1-21 -1 8 2 20326676104%153154Q3330160101%355177669667676736103%YoY110YoY120

173、YoY112355184751101%Completed acquisition of One Network Enterprises,Inc.in August 2024,consolidation from FY3/25 2QSales/Adjusted OP(stand alone)Steady growth of SaaS sales;growth of adjusted OP despite strategic investments and M&A costs(M US$)AdjustedOP Maintained double-digit growth in ARR with f

174、avorable SaaS booking(M US$)Q4Q2FY3/24 Q3FY3/25 Q1Q3 ARR indicates secured annualized revenue during the year starting next quarterNote:All figures except top-left chart are based on FY3/25(e)rates as of May 9(USD:140 yen/Euro:150 yen)to exclude FX effectRecurring/SaaS sales ratio SaaS ratio maintai

175、ned above 50%due to increased SaaS sales(YoY)Recurring revenue business ratio in total revenue Net revenue retention rate with existing customers NNR maintained YoY growth with steady upselling and cross-selling34Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rig

176、hts Reserved.Reference:FY3/25 Forecast of Blue YonderConnect Adjusted OP(stand alone)excluding investments increased by 13.1 bil.yen for FY3/25 nine-month(Apr.-Dec.)and expected to increase by 13.3 bil.yen for the full-year Strategic investment brought forward to strengthen security measures Breakdo

177、wn of adjusted operating profit(yen:billions)*1:Additional strategic investment of USD 200M planned for 3 years from FY3/24 to FY3/26*2:Strategic investment to generate synergy with Panasonic Group*3:Including amortization expenses and M&A costs related to acquisitionFY3/259MFY3/249MYoYFY3/25(e)Revi

178、sed(Feb.4,25)FY3/25(e)(Oct.31,24)FY3/24ResultsYoYStand alone(Blue Yonder)Adjusted OP excl.investments(1)-a-b-c20.37.2+13.125.225.211.9+13.3(Additional strategic investment)*1a(-10.9)(-5.9)(-5.0)(-15.1)(-12.0)(-9.8)(-5.3)(Synergy investment)*2b(-1.3)(-2.0)(+0.7)(-2.4)(-2.2)(-2.9)(+0.5)(Expenses relat

179、ed to acquisition of One Network Enterprises,Inc.)*3c(-3.5)(0.0)(-3.5)(-5.5)(-5.4)(0.0)(-5.5)Adjusted OP(1)4.6-0.7+5.32.25.6-0.8+3.0Panasonic Group consolidated-basisAmortization expenses related to acquisition(2)-19.2-16.9-2.3-26.0-25.5-23.1-2.9Temporary accounting treatment related to acquisition(

180、3)-0.2-0.3+0.1-0.2-0.2-0.3+0.1Adjusted OP(1)+(2)+(3)-14.8-17.9+3.1-24.0-20.1-24.2+0.235Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:FY3/25 3Q Segment InformationIndustry+7.2+0.5+2.9+4.5266.8-10.2271.7+2.4+0.5+0.6+0.711.7-1.3-3.011.6FY3

181、/25 3QYoY(year-on-year)PID Products*1Sales271.7102%(100%)*2243.6Adjusted operating profit(%to sales)14.0(5.2%)+2.913.5(5.5%)Other income/loss-2.4-3.0-2.1Operating profit(%to sales)11.6(4.3%)-0.111.3(4.6%)Overview*1:Figures of PID(Panasonic Industry Co.,Ltd.)products exclude sales of other segment pr

182、oducts(pressor),etc.*2:In real terms excluding the effect of exchange rates(yen:billions)Other income/lossRestructuring expenses Major increase/decrease factorsAdjusted OPElectronic Devices+:-:Increased sales of products(capacitors)for information&communication applications such as generative AI ser

183、versDecreased sales(e.g.automotive/industrial-use relays),price hikes in raw materialsFA Solutions+:Increased sales,fixed cost reduction,price revisions,rationalizationElectronic Materials+:-:Increased sales of products(multi-layer circuit board materials)for information&communication applications s

184、uch as generative AI serversPrice hikes in raw materialsAdjusted OP:+2.9OP:-0.1FY3/243QFY3/253QFY3/243QFY3/253Q(yen:billions)(yen:billions)*3:Sales of other segment products,etc.Effect of exchange ratesOther income/lossElectronic DevicesFASolutionsOthers*3Electronic MaterialsEffect of exchange rates

185、Electronic DevicesFASolutionsOthers*3Electronic MaterialsOP:Decreased slightly due to recording of restructuring expenses;Adjusted OP increased with increased sales of products(capacitors,multi-layer circuit board materials)for information&communication applications such as generative AI servers,rat

186、ionalization,and price revisions,despite decreased sales of automotive/industrial-use relays due to market slowdown as well as price hikes in raw materials.Sales:Increased sales of products(capacitors,multi-layer circuit board materials)for information&communication applications such as generative A

187、I servers,despite decreased sales of automotive/industrial-use relays,etc.due to market slowdown mainly in Europe36Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Relays5.57.58.75.08.18.77.5FY3/24 1Q2Q3Q4QFY3/25 1Q2Q1,2661,3391,3421,2331,3951,3973Q

188、1,437Favorable sales of capacitors for information&communication-related applications(e.g.generative AI servers,peripheral products)Sales decreased both QoQ and YoY for automotive-use and industrial-use relays due to persisting market slowdown mainly in EuropeRecovery expected in 4Q mainly with rati

189、onalization and price revisions,despite decreased profit QoQ due mainly to impact of product mix and price hikes in raw materialsElectronic DevicesCapacitorsOthers22%(0%)ICT Terminals10%(-2%)ICTInfrastructure17%(+6%)Reference:Situation of Voluntarily Disclosed Businesses(FY3/25 3Q)AutomotiveCASE51%(

190、-4%)Sales&adjusted OPM trendAdjusted OPM(%)Sales(100 million yen)FY3/25 3Q sales compositionby application*(%):YoY sales composition ratio*Estimated by PIDIndustry37Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.0100200300400500600700Reference:Sit

191、uation of Voluntarily Disclosed Businesses(FY3/25 3Q)The order received was below sales due mainly to seasonality and decreased demand for automotive-use;orders in conductive polymer capacitors for generative AI servers have been increasingFY3/22 3Q 4Q FY3/23 1Q 2Q 3Q 4Q FY3/24 1Q 2Q 3Q 4Q FY3/25 1Q

192、 2Q 3Q BB ratio0.991.250.880.810.780.891.020.960.911.081.181.040.95Electronic Devices:BB ratio of capacitorsSalesOrder receivedOrder backlog(100 million yen)Industry38Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Situation of Voluntaril

193、y Disclosed Businesses(FY3/25 3Q)287271243248293260252-4.2-5.4-10.2-9.5 4.2 0.3 0.0 FY3/24 1Q2Q3Q4QFY3/25 1Q2Q3QSales(100 mil.yen)Sales&adjusted OPM trendFA SolutionsJapan24(-8)Americas 3%(-2%)Europe 5(-2%)Asia15%(3%)China53%(+9%)Adjusted OP(%)FY3/25 3Q sales composition by region*(%):YoY sales comp

194、osition ratio*Estimated by PID QoQ:Sales decreased due to seasonal fluctuation for 3C*-related market in China YoY:Sales increased due to steady sales in China-and Taiwan-markets;profit increased with fixed-cost reduction and rationalization efforts For full-year:Profitability expected with launch o

195、f new products with improved cost competitiveness and continuing management structure enhancement in China*3C:Consumer,Computer,CommunicationIndustry39Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Situation of Voluntarily Disclosed Busi

196、nesses(FY3/25 3Q)3614024133914554204492.88.46.65.811.97.37.7FY3/24 1Q2Q3Q4QFY3/25 Q12Q3Q6.6%Others28%(-10)Electronic MaterialsIndustryAdjusted OP(%)Sales(100 mil.Yen)Sales&adjusted OPM trendFY3/25 3Q sales compositionby application*(%):YoY sales composition ratio*Estimated by PIDAutomotive CASE28(+1

197、%)Information&communication(ICT)infrastructure42%(+9%)ICT terminals2%（0%）Sales growth in ICT infrastructure area due to continuing favorable sales for generative AI servers as well as growing demand for general-purpose servers and peripheral devicesEfforts in rationalization,price revisions and mate

198、rial rationalization to offset price hikes in raw materials40Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:FY3/25 3Q Segment InformationSales:In-vehicle:Decreased with price revisions reflecting lower material prices,despite increased p

199、roduction at North America factoryIndustrial/Consumer:Increased mainly with favorable sales of energy storage systems for data centers+16.9+4.6228.8-35.2-0.2214.9Segment head office,eliminations,etc.OP:+11.8+1.4+8.5+0.5+1.630.2-0.242.0Adjusted OP:+12.0EnergyOverview*1:In real terms excluding the eff

200、ect of exchange rates Major increase/decrease factorsAdjusted OPIn-vehicle+:Improved productivity and increased sales volume at Nevada factory in North America Increased IRA tax credit(including additional recording of tax credit for electrode active material)-:Increased ramp-up costs for Kansas and

201、 Wakayama factories Increased upfront development costs for new customersIndustrial/Consumer+:Increased sales of energy storage systems for data centers Improved material market prices,material rationalization-:Increased costs for new model development and production expansionOther income/loss-(yen:

202、billions)OP Increased:In-vehicle:Improved productivity at North America factory and increased IRA tax credit offset increased upfront costsIndustrial/Consumer:Increased sales of energy storage systems and improved material market prices,etc.FY3/243QFY3/253QFY3/243QFY3/253QPrice revisions for lower r

203、aw materials:-23.6In-vehicleIndustrial/ConsumerEffect of exchange ratesIn-vehicleIndustrial/ConsumerSegment head office,eliminations,etc.Effect of exchangeratesOther income/loss(yen:billions)FY3/25 3QYoY(year-on-year)Sales214.994%(92%)*1Adjusted operating profit(%to sales)42.6(19.8%)+12.0Other incom

204、e/loss-0.6-0.2Operating profit(%to sales)42.0(19.6%)+11.8(yen:billions)41Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.FY3/25 3QFY3/24 3QYoY(year-on-year)Operating profit132.3127.5+4.8Non-operating income/loss12.417.0-4.6Profit before income taxe

205、s144.7144.5+0.2Income taxes-34.8-28.3-6.5Net profit109.9116.2-6.3Net profit attributable to Panasonic Holdings Corporation stockholders99.5110.8-11.3Net profit attributable to non-controlling interests10.45.4+5.0Reference:FY3/25 3Q Operating Profit&Net Profit(yen:billions)42Fiscal 2025 Third Quarter

206、 Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:FY3/25 Full-year Adjusted Operating Profit Forecast of Automotive Forecast(as of Feb.2025)Forecast(as of May 2024)43.0 bil.yenFY3/25Forecast41.2 bil.yenFY3/24Results+1.8 bil.yenYear-on-year Difference24.5 bil.yen38.

207、5 bil.yen-14.0 bil.yenDifference-18.5 bil.yen-2.7 bil.yen-15.8 bil.yenDeconsolidation ImpactNot factored inFactored in*Deconsolidation ImpactFigures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments.”Prior year amounts are reclassified accordingly.FY3/25 foreca

208、st is based on 8 months(Apr.-Nov.2024)43Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:Medium-term Management Indicators:KGICumulative Operating CF(FY3/23-FY3/25)Reference:2-year cumulative results(FY3/23-FY3/24)ROIC(FY3/25)Initial Targe

209、tForecast(as of Feb.2025)Initial TargetForecast(as of Feb.2025)Lifestyle660.0516.0300.310.0%or more6.0%Connect260.0255.0150.04.6%1.9%Industry390.0or more300.0or more217.820.0%6.2%Energy330.0420.0209.912.0%11.5%Group Total2,000.0FY3/25(Remainder)612.41,387.6(Progress rate:69%)ROE 10%or moreROE 7.0%No

210、te:Initial target figures from presentation materials of Group CEO Briefing(April 1,2022)and IR Day(June 1&2,2022)*1:Excluding impact of US IRA tax credit and new investment(e.g.Kansas factory)*2:Including impact of US IRA tax credit and new investment(e.g.Kansas factory)*1*2(yen:billions)Cumulative

211、 operating CF as of FY3/25 3Q:702.7 bil.YenAchieved target of 2 tri.yen in FY3/25 3Q44Fiscal 2025 Third Quarter Financial Results 2025 Panasonic Holdings Corporation.All Rights Reserved.Reference:List of Voluntarily Disclosed Businesses in FY3/25Living Appliances and Solutions Company(LAS)車載産業民生他Col

212、d Chain Solutions Company(CCS)Heating&Ventilation A/C Company(HVAC)Electric Works Company(EW)China and Northeast Asia Company(CNA)OthersLifestyle(Panasonic Corporation)Businesses with Sales Disclosed(For underlined businesses,Adjusted OP also disclosed in Supplemental Financial Data)Major Business D

213、ivisions,etc.Kitchen Appliances Laundry Systems and Vacuum Cleaner Beauty and Personal Care-Sales disclosed by region(Europe,Japan,China&Northeast Asia)Lighting Electrical Construction Materials&Living EnergyAutomotive(Panasonic Automotive Systems Co.,Ltd.)Connect(Panasonic Connect Co.,Ltd.)Industry

214、(Panasonic Industry Co.,Ltd.)Energy(Panasonic Energy Co.,Ltd.)OtherEliminations&adjustments:Kitchen Appliances BD:Laundry Systems and Vacuum Cleaner BD:Beauty and Personal Care BDMajor Business Divisions:HVAC BD Europe,Commercial Equipment Solutions BD,Residential System Equipment BD:Hussmann Corpor

215、ation,Cold Chain BD:Lighting BD:Electrical Construction Materials&Living Energy BD:Sales of other segment products,segment head office,eliminations,etc.:Smart Life Appliances BD,Building and Housing Solutions BD,Taiwan BD Avionics Process Automation Media Entertainment Mobile Solutions Gemba Solutio

216、ns Blue Yonder Others :Panasonic Avionics Corporation,Avionics BU:Circuit Formation Process BD,Welding Process BD:Media Entertainment BD :Mobile Solutions BD:Gemba Solutions Company:Blue Yonder Holding,Inc.:Other businesses,eliminations,etc.Electronic Devices FA Solutions Electronic Materials Others

217、:Electromechanical Control BD,Industrial Devices BD,Device Solutions BD:Industrial Devices BD:Electronic Materials BD:Electromechanical Control BD,Sales of other segment products,eliminations,etc.In-vehicle Industrial/Consumer Others:Mobility Energy BD:Energy Device BD,Energy Solutions BD:Segment he

218、ad office,eliminations,etc.Entertainment&Communication Housing Eliminations of intersegment transactions,adjustments of profits and losses not attributable to any segments,and adjustments of consolidations,etc.:Panasonic Entertainment&Communication Co.,Ltd.:Panasonic Housing Solutions Co.,Ltd.Note 1

219、:Sales and profit of CNA(except certain businesses)are also included in LAS,HVAC,and EWNote 3:Equity method income/loss of Prime Planet Energy&Solutions,Inc.is included in“Eliminations&adjustments”Note 2:Media Entertainment BDs imaging business transferred from Panasonic Connect Co.,Ltd.to Panasonic

220、 Entertainment&Communication Co.,Ltd.as of April 1,2024 As a result of the share transfer of Panasonic Automotive Systems Co.,Ltd.(PAS)in Dec.2024,PAS became a company under the equity method and is excluded from the scope of consolidation.Accordingly,figures of businesses not subject to the transfer are recorded in“Other/Eliminations&adjustments.”(Figures for both FY3/25 and FY3/24 are reclassified in conformity with the changes).