Results Presentation For the Second Quarter of the March 31, 2022 Fiscal Year

Fiscal year 2021 Second Quarter

Financial Results

Explanatory Materials

November 5, 2021

1

Contents

Main points of the second quarter financial results and full-yearfinancial forecast/ Main points of upward revision to divided forecasts・・・・・・・・・・・・・・3

First Quarter Financial Results for Fiscal Year 2021

■Consolidated income statement ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・5

■Revenue by segment ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・6

■Operating profit by segment ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・7

■Revenue and operating profit of each segment・・・・・・・・・・・・・・・・8

■Consolidated statement of financial position ・・・・・・・・・・・・・・16

■Cash flow status ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・17

■Capital investment, Depreciation, R&D expenses ・・・・・・・・・・・・18

Supplementary materials

• Revenue and Operating profit by segment（Year-on-yearcom parison to fisca l year 2019） ・・ ・・・ ・・ ・・・ ・・ ・・・ 25

■Number of consolidated companies/major newly consolidated companies・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・26

• Revenue by product in the industrial gas and energy

b u s i n e s s e s ( i n J a p a n) ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ ・ 2 7

• Business profit by segment・・・・・・・・・・・・・・・・・・・・・・・・・ 28

■Regional business companies: Revenue and operating profit・・・29

Fiscal Year 2021 Full-Year Financial Results forecast
■Fiscal Year 2021 Full-year financial results forecast ・・・・・・・・・・・20
■Fiscal Year 2021 Full-year financial results forecast
by segments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・21
■Fiscal Year 2021 Full-year financial results forecast
by segment (comparison to previous forecast by segment) ・・・22
■Year-enddividend forecast・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・23
Notes
• The numerical targets and forecasts presented in this document reflect the judgment of our company based
on information currently available and involve potential risks and uncertainties. Therefore, the reader
should note that actual business performance may differ significantly from the projections made herein due
to changes in various factors.
• Air Water Inc.'s financial statements are prepared in accordance with "IFRS"(International Financial	2
Reporting Standards).

Main points of financial results for the second quarter of fiscal year 2021

Revenue 419.6 billion yen (112.1% year-on-year) Operating profit 31.6 billion yen (161.7% year-on-year) Operating profit margin 7.5% (up 2.3 pt year on year)

Revenue base strengthened

further and a new record

high performance

Business structural reform (industrial gas, medical, chemical, and agricultural foods) and approach to growth markets Profit margin improved greatly in (electronics-related and infection preventing products, etc.)

Revenue 890 billion yen （±0 billion from previous forecast*8/6） Operating profit 65 billion yen (up 2 billion yen from previous forecast)

Operating profit margin 7.3% (up 0.2 pt from previous forecast)

Operating profit

was revised

upwards again.

Though there have been adverse effects such as a rise in resource prices since 3Q, a further profit increase is planned through deep cultivation of growth markets and a stronger revenue base.

The Interim dividend and year-end dividend forecasts are revised.

Interim dividend: Increased to 27 yen (up 5 yen per share)

Year-end dividend: Increased to27 yen (up 5 yen from the most recent forecast).

Annual dividend:

54 yen

Increased 10 yen based on upward revision of the 2Q result and the full-year financial results forecast

3

Second Quarter Financial Results

for Fiscal Year 2021

4

Consolidated income statement

					(Unit: Billion yen)
	2020.2Q	2021.2Q	Increase/decrease
	Amount		YoY
Revenue	374.4	419.6	+45.2		112.1%
Cost of sales	▲290.6	▲322.3	▲31.7
Gross profit	83.8	97.3	＋13.5		116.1%
Selling, general and administrative	▲66.9	▲69.1	▲2.2
expenses
Other operating income and	1.8	2.5	＋0.6
expenses
Share of profit of investments accounted for	0.8	1.0	+0.2
using the equity method
Operating profit	19.6	31.6	＋12.1		161.7%
Finance income and costs	▲0.7	▲0.5	+0.3
Quarterly profit before income taxes	18.8	31.2	＋12.4		165.6%
Income taxes	▲7.0	▲8.8	▲1.8
Quarterly loss from	▲0.0	▲0.1	▲0.1
discontinued operations
Quarterly profit	11.8	22.2	＋10.5		189.0%
Owners of parent	10.7	20.6	＋9.9		192.2%
Non-controlling interests	1.0	1.6	＋0.6
Operating profit margin *1	5.2%	7.5%	*1 "Profit for the period attributable to owners of the
parent" ÷"Equity attributable to owners of the parent"
			(The average between the beginning and the end of the
ROE *2	3.2％	5.6%	quarter)
*2 Basic earnings per share for the period are
Basic net earnings per share for the quarter	47.08yen	91.11yen	calculated based on the average number of issued	5
shares during the period.