GS Yuasa : Q4 Results Presentation Material Reference

FY2024 Fourth Quarter Quarterly Reference Materials

Reference. Net Sales, Profits (3 months information)

FY2023

FY2024

(Billion yen)

[Reference] Previous Quarter Information

Net sales Gross profit

Operating income (ratio)

Operating income before amortization of goodwill (ratio)

Non-operating income Non-operating loss

Equity method investment gains and losses

Ordinary income (ratio) Extraordinary income Extraordinary loss

Profit before income taxes Income taxes

Profit attributable to non-controlling interests Profit (ratio)

Profit before amortization of goodwill (ratio)

Depreciation (Including intangible assets excluding goodwill)

Jan. - Mar.

151.3

33.1

12.2 8.1%

12.4 8.2%

4.1

1.3

0.2

15.0 9.9%

0.7

1.7

14.0

-1.4

1.1

14.3 9.5%

14.6 9.6%

6.0

Jan. - Mar. (A)

153.539.9

18.3 11.9%

18.4 12.0%

1.21.80.3

17.6 11.5%

6.05.917.74.70.9

12.0 7.8%

12.2 7.9%

6.1

Change (YoY%)

+2.2 (+1.5%)

+6.8

+6.1 +3.8P (+49.4%)

+6.0 +3.8P

-2.9

+0.5

+0.1

+2.6 +1.6P (+17.3%)

+5.3

+4.2

+3.7

+6.1

-0.2

-2.3 -1.7P (-16.1%)

-2.4 -1.7P

+0.1

FY2024

Oct. - Dec. (B)

162.3

39.5

16.1 9.9%

16.3 10.0%

1.6

3.4

0.1

14.2 8.8%

1.0

0.3

14.9

5.0

0.9

9.0 5.5%

9.2 5.7%

7.1

Change

( (A)-(B) )

-8.8

+0.4

+2.2 +2.0P

+2.1 +2.0P

-0.4

-1.6

+0.2

+3.4 +2.7P

+5.0

+5.6

+2.8

-0.3

+0.0

+3.0 +2.3P

+3.0 +2.2P

-1.0

Cash Flow Statements

Market Information

Amortization of goodwill

Domestic lead price quote LME

Exchange rate

0.1

¥375,100 /t

2,076 US$/t

¥149.88 /US$

0.1

¥365,000 /t

1,970 US$/t

¥151.21 /US$

-0.0

-¥10,100 /t

-106 US$/t

+¥1.33 /US$

0.1

¥368,800 /t

2,006 US$/t

¥154.19 /US$

-0.0

-¥3,800 /t

-36 US$/t

-¥2.98 /US$

Reference. Net Sales, Profits (3 months information)

Factors for Operating Income Change (Year-on-year / Previous quarter comparison) (Billion yen)

Quantity,

composition

Sales price

Raw material price

Expenses, etc.

Exchange

Others

Hyperinflationary

accounting

Specialized Batteries and Others

Automotive Lithium-ion Batteries

Industrial Batteries and

Automotive

Automotive Batteries

change

+4.9

+1.2 -0.1 -1.7

+0.1 -0.8

+2.3

-0.8 +1.9

Power Supplies

+1.5

Batteries (Overseas)

-0.4

(Japan)

-0.1

12.4

18.4

16.3

FY2023

Jan.- Mar.

Year-on-year comparison

FY2024

Jan.- Mar.

Initial forecast comparison

FY2024

Oct.- Dec.

Note: Operating income is operating income before amortization of goodwill.

Reference. Segment Results (3 months information)18.4

(12.0)

153.50.1

(1.6)

5.72.5

(11.4)

22.47.7

(21.4)

36.04.5

(7.3)

60.83.6

(12.6)

28.8

Operating income (Op. income ratio: %)

Net sales

FY2024

Jan. - Mar. (A)

FY2023 Jan. - Mar.
Net sales	Operating income (Op. income ratio: %)
25.2	2.9 (11.4)
62.2	1.8 (2.8)
35.9	6.7 (18.8)
21.8	0.2 (1.0)
6.2	0.8 (13.7)

Change
Net sales	Operating income (Op. income ratio: pp)
+3.6	+0.7 (+1.2)
-1.4	+2.7 (+4.5)
+0.1	+1.0 (+2.6)
+0.6	+2.3 (+10.4)
-0.5	-0.7 (-12.1)

[Reference] Previous Quarter Information
FY2024 Oct. - Dec. (B)		Change ( (A)-(B) )
Net sales	Operating income (Op. income ratio: pp)	Net sales	Operating income (Op. income ratio: pp)
29.6	3.7	-0.8	-0.1
	(12.5)		(+0.1)
71.8	4.9	-11.0	-0.4
	(6.8)		(+0.5)
31.0	6.2	+5.0	+1.5
	(20.1)		(+1.3)
24.1	0.6	-1.7	+1.9
	(2.5)		(+8.9)
5.8	0.9	-0.1	-0.8
	(15.0)		(-13.4)

(Billion yen)

＋＋

Automotive Batteries	Japan
	Overseas
Industrial Batteries and Power Supplies
Automotive Lithium-ion Batteries
Specialized Batteries and Others

Total

151.3

12.4 (8.2)

+2.2	+6.0 (+3.8)

162.3

16.3 (10.0)

-8.8

+2.1 (+2.0)

	FY2024 Financial Results (Jan. - Mar.)
	Regarding domestic automobile production, the volume increased compared to the previous year because the production has recovered from the plant shutdown of new car manufacturers The LME was trading at a low price. Domestic lead prices remained low compared to the previous year, despite the impact of the weaker yen Exchange rates were slightly weaker than the previous year

Reference. Segment Results (Automotive Batteries (Japan) / 3 months information)

Sales and profit increased

Automotive Batteries (Japan)

Net Sales, Operating income, Op. income ratio (3 months) (Billion yen)Trends in Shipment Volumefor New Automotive and Replacement Batteries (Thousand units)

For new automobiles For replacement

4,000

Net sales

Operating income Op. income ratio

27.8

29.6

28.8

12.6%

12.5%

10.9%

25.2 11.4%

21.5

22.7

19.6

20.8

7.8%

3.7

3.6

3.0

7.6%

2.9

5.2%

5.3%

1.6

1.7

1.0

1.1

2,000

Profit Change Factors (YoY : Jan. - Mar.)
Quantity, composition change	+0.8	Increase in volume both for new automobiles and replacement batteries
Sales price	+0.9	Increase due to revision of selling prices
Raw material prices	-0.3	Rise in raw material prices due to the yen depreciation and inflation
Expenses, etc.	-0.7	Increase in expenses due to increase in volume

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024

0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024

Changes from the previous quarter

For new automobiles : Sales volume decreased due to plant shutdowns by new car manufacturers For replacement : Sales volume decreased due to the seasonal factors

Reference. Segment Results (Automotive Batteries (Overseas) / 3 months information)

Sales declined, profit increased

Automotive Batteries (Overseas)

Net sales

Operating income

Op. income ratio

67.1

58.4

(YoY) >

-3.9 billion yen

71.8

65.2

62.2

65.2

62.3

60.8

8.8%

7.2%

7.4%

7.3%

6.8%

7.3%

4.7%

4.8

5.8

4.8

4.6

4.9

4.5

2.8 2.8%

1.8

Net Sales, Operating income, Op. income ratio (3 months) (Billion yen)Trends in Shipment Volume

for Automotive and Motorcycle Batteries by Region (Thousand units)

Automobiles

China

Asia

Europe

North

America

Other (Australia)

6,000

4,000

2,000

0

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Motorcycles

6,000

4,000

2,000

0

FY2023 FY2024

FY2023		FY2024
Profit Change Factors (YoY : Jan. - Mar.)
Quantity, composition change	+1.7	Increase in volume primarily at strategic sites
Sales price	+0.9	Increase due to reflection of selling price of rising cost
Raw material price	-0.0
Expenses, etc.	-2.2	Increase in expenses due to the impact of inflation
Exchange	+0.1
Hyperinflationary accounting	+2.3	Applied the entire year’s amount in the previous fourth quarter

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2023	FY2024
Changes from the previous quarter	In Southeast Asia and Europe, sales volume slightly decreased due to the seasonal factors, etc. Net sales decreased due to the decline of LME price and the impact of the yen depreciation

Reference. Segment Results (Industrial Batteries and Power Supplies / 3 months information)

Sales and profit increased

Industrial Batteries and Power Supplies

Net Sales, Operating income, Op. income ratio (3 months) (Billion yen)Trends in Net Sales by Type and Sector

(Emergency field (Japan) )

(Billion yen)

Emergency field

(Japan)

Others

34.2

Regular field

(Japan)

35.9

Forklifts (Global)

Emergency field

(Overseas)

36.0

31.0

26.7

21.6

17.9

19.5

by Type

Net sales

Operating income Op. income ratio

34.2

35.9

36.0

31.0 7.7

6.7 26.7

6.2

21.6

5.1

17.9

18.8% 19.5

20.1%

21.4%

11.2%

14.8%

3.0

5.6%

0.8%

0.2

1.2

4.8%

0.9

FY2023		FY2024
Profit Change Factors (YoY : Jan. - Mar.)
Quantity, composition change	+1.1	Increase in projects in the emergency field
Sales prices	+0.6	Increase due to the selling price revision
Raw material prices	-0.6	Rise in raw material prices due to the yen depreciation and inflation
Expenses, etc.	-0.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024

by Sector

(Emergency field (Japan) )

Private Government

sector agencies

Electric

power

Telecomm

unications

Railways

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2023 FY2024

Changes from the previous quarter

Regular field : Net sales increased due to advance delivery of orders scheduled for the next fiscal year Emergency field : Net sales increased due to seasonal factors of the projects for government agencies and electric power, etc.

Reference. Segment Results (Automotive Lithium-ion Batteries / 3 months information)

Sales and profit increased

Automotive Lithium-ion Batteries

Net Sales, Operating income, Op. income ratio (3 months) (Billion yen)

Net sales

Trends in Net Sales for HEVs, PHEVs / EVs and 12V LiB (Billion yen)

Operating income

Op. income ratio

For HEVs

For PHEVs / EVs

12V LiB

24.1

19.5 21.1 22.4 21.8

7.6%

16.1

20.3

24.1

2.5%

11.4%

22.4

2.5

19.5

21.1 22.4 21.8

16.1

20.3

22.4

2.2% 1.4%

1.7

1.0%

1.3%

0.4

0.3

0.2

0.3

0.6

-12.6%

-2.0

1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
FY2023				FY2024

1Q	2Q	3Q	4Q		1Q	2Q	3Q	4Q
FY2023					FY2024

Profit Change Factors (YoY : Jan. - Mar.)

Increase in sales volume for PHEVs and ESS and the

Quantity, composition change

Sales price

Raw material price Expenses, etc.

+1.3

-1.2

+0.8

+1.4

associated impact of improvement of capacity utilization

although the volume for HEVs decreased

Decline in selling price due to lower lithium market prices Improvement due to lower lithium market prices

Increase in reimbursement and decrease in expenses due to decrease in sales volume, etc.

Changes from the previous quarter

• For HEVs : Net sales decreased due to the decrease in sales volume and selling price decline

• For PHEVs : Net sales slightly increased due to increase in sales of newly delivered vehicle models

• Profit significantly increased due to the reimbursement from new car manufacturers

Reference. Segment Results (Specialized Batteries and Others / 3 months information)

Specialized Batteries and Others

Net Sales, Operating income (3 months)

Sales and profit declined

(Billion yen)

Net sales

Operating income

6.2

6.0

5.8

5.7

5.2

5.0

5.1

5.0

1.3

0.8

1.0

0.9

0.6

0.5

0.2

0.1

Profit Change Factors (YoY : Jan. - Mar.)

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024

Profit decreased due to increase in expenses and R&D expenses of administrative division despite the revision of contract unit prices of lithium-ion batteries for submarines

• For submarines : Sales remained steady

• For aircraft : New construction batteries decreased, however, batteries for airlines (replacement) increased

• Profit significantly decreased due to increase in expenses and R&D expenses to the end of the period

Changes from the previous quarter

Reference. Trends in Net Sales by Region (3 months information)

Company-wide

Japan Asia Europe North America Other (Australia)

(Billion yen)

136.3

154.8

10.4

4.6

151.3

11.4

10.9

5.4

5.3

120.5

10.4

5.8

10.6

4.8

19.2

127.6

136.9

11.6

4.7

136.1

11.7

5.6

24.0

20.8

21.5

18.6

12.5

5.5

21.3

37.9 38.8

16.9

33.3

20.6

29.9

40.0

31.3

32.0

33.2

82.6

81.0

82.7

84.7

67.9

55.4

62.3

55.8

Automotive Batteries (Japan)

162.3

27.8

29.6 28.8

25.2

22.7

19.6

21.5

20.8

19.5

20.8

21.4

22.7

25.1

27.8

28.7

29.5

FY2023

Automotive Batteries (Overseas)

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2024

58.4

10.3

3.3

14.6

67.1

10.2

2.9

16.0

65.2

10.3

2.8

16.7

62.2

10.6

3.3

17.0

65.2

62.3

12.2

4.0

17.6

11.3

2.6

18.8

11.0

2.6

21.4

60.8

11.4

3.0

18.1

30.2

37.8

35.5

31.2

31.3

29.5

36.9

28.2

71.8

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2023 FY2024

Note : These are figures for major regions.

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024

Reference. Trends in Net Sales by Region (3 months information)

Industrial Batteries and Power Supplies

Specialized Batteries and Others

Japan Asia Europe North America Other (Australia)

				34.2 1.6 2.3		35.9 2.0 2.0				26.7		31.0 2.8		36.0 2.5 1.6	(Billion yen)	5.2 0.7		5.0 0.5		5.1 0.5		6.2 0.6		6.0 0.4		5.0		5.8 0.6		5.7 0.5
17.9 2.4 1.7		21.6 1.7 2.1		30.0		31.5		19.5 1.4 1.7		1.9 1.8 22.4		1.8 26.0		31.3		4.4		4.3		4.4		5.5		5.3		4.5		5.2		5.0
13.4		17.2						15.9

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2023

Automotive Lithium-ion Batteries

FY2024 FY2023 FY2024

22.4

21.8

22.4

19.5

21.1

20.3

16.1

13.7

2.4

18.2

18.0

18.8

19.7

19.2

1.5

2.0

20.6

2.0

2.6

22.1

3.0

1.7

2.0

24.1

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2023 FY2024

Note : These are figures for major regions.