Mitsubishi Electric : Quarterly report for the first quarter of fiscal 2023

[Translation]

This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any discrepancy between this document and the Japanese original, the original shall prevail.

Quarterly Report

The First Quarter of 152nd Business Term

From April 1, 2022 to June 30, 2022

Mitsubishi Electric Corporation

7-3, Marunouchi 2-chome,Chiyoda-ku, Tokyo

The First Quarter of 152nd Business Term (from April 1, 2022 to June 30, 2022)

Quarterly Report

This is an English translation of the Quarterly Report ("Shihanki Hokokusho") pursuant to Article 24-4-7, paragraph 1 of the Financial Instruments and Exchange Act of Japan filed via the Electronic Disclosure for Investors' Network ("EDINET") system as set forth in Article 27-30-2 of the same Act. The translation includes a table of contents and pagination that are not included in the electronic filing.

Mitsubishi Electric Corporation

		Table of Contents
			Page
Cover		1
Ⅰ. Overview of the Company	2
1.	Key Financial Data	2
2.	Description of Business	2
Ⅱ. Business Overview	3
1.	Business and Other Risks	3
2.	Management Analysis of Financial Position, Operating Results and Cash Flows	3
3.	Material Agreements, etc.	6
Ⅲ. Information on the Company	7
1.	Information on the Company's Stock, etc.	7
(1)	Total number of shares, etc.	7
(2)	Information on the stock acquisition rights, etc.	7
(3)	Information on moving strike convertible bonds, etc.	7
(4)	Changes in the total number of issued shares and the amount of common stock, etc.	7
(5)	Principal shareholders	7
(6)	Information on voting rights	8
2.	Directors and Executive Officers	9
Ⅳ. Financial Information	10
1.	Condensed Quarterly Consolidated Financial Statements	11
(1)	Condensed Quarterly Consolidated Statement of Financial Position	11
(2)	Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated	13
		Statement of Comprehensive Income
(3)	Condensed Quarterly Consolidated Statement of Changes in Equity	15
(4)	Condensed Quarterly Consolidated Statement of Cash Flows	16
2.	Other	25

[Cover]

[Filed Document]

[Applicable Law] [Filed to] [Filing Date] [Fiscal Year] [Company Name]

[Company Name in English]

[Title and Name of Representative]

[Address of Head Office]

[Phone Number]

[Contact Person]

[Contact Address]

[Phone Number]

[Contact Person]

[Place Where the Filed Document is Available for Public Inspection]

Quarterly Report ("Shihannki Hokokusho")

Article 24-4-7, Paragraph 1 of the Financial Instruments and Exchange Act of Japan

Director, Kanto Local Finance Bureau

August 5, 2022

The First Quarter of 152nd business term (from April 1, 2022 to June 30, 2022)

Mitsubishi Denki Kabushiki Kaisha

Mitsubishi Electric Corporation

Kei Uruma, President & CEO

7-3, Marunouchi 2-chome,Chiyoda-ku, Tokyo

03(3218)2272

Takashi Wakabayashi, Senior Manager, Accounting Section, Corporate Accounting Division

7-3, Marunouchi 2-chome,Chiyoda-ku, Tokyo

03(3218)2272

Takashi Wakabayashi, Senior Manager, Accounting Section, Corporate Accounting Division

Tokyo Stock Exchange, Inc.

(2-1, Nihombashi Kabutocho, Chuo-ku, Tokyo)

Cautionary Statement

While the statements herein, including the forecasts regarding the Mitsubishi Electric Group, are based on assumptions considered to be reasonable under the circumstances on the date of announcement, actual results may differ significantly from forecasts.

The main factors materially affecting the expectations expressed herein include but are not limited to the following:

1. Changes in worldwide economic and social conditions, as well as regulations, taxation and other legislation
2. Changes in foreign currency exchange rates
3. Changes in stock markets
4. Changes in the fund-raising environment
5. Changes in the supply and demand of products, as well as the material procurement environment
6. Establishment of important patents, status of significant licenses and disputes related to key patents
7. Litigation and other legal proceedings
8. Issues related to quality and defects in products or services
9. Laws, regulations and issues related to the global environment, especially responses to climate change
10. Laws, regulations and issues related to human rights
11. Radical technological innovation, as well as the development, manufacturing and time-to-market of products using new technology
12. Business restructuring
13. Information security incidents
14. Large-scaledisasters, including earthquakes, tsunamis, typhoons, volcanic eruptions and fires
15. Social, economic and political upheaval due to heightened geopolitical risks, war, conflict, terrorism or other factors
16. Social, economic and political upheaval due to pandemics or other factors
17. Important matters related to Mitsubishi Electric Corporation's directors and executive officers, major shareholders, affiliated companies and other stakeholders

- 1 -

Ⅰ. Overview of the Company

1. Key Financial Data

(Millions of yen, unless otherwise stated)

	For the three months	For the three months	Year ended
	ended Jun. 30, 2021	ended Jun. 30, 2022	Mar. 31, 2022
Revenue	1,066,442	1,067,723	4,476,758
Profit before income taxes	89,513	46,896	279,693
Net profit attributable to	61,835	33,492	203,482
Mitsubishi Electric Corp. stockholders
Comprehensive income attributable to Mitsubishi	61,456	106,636	356,926
Electric Corp. stockholders
Mitsubishi Electric Corp. stockholders' equity	2,759,406	3,027,280	2,975,941
Total equity	2,877,721	3,153,338	3,097,397
Total assets	4,696,753	5,119,464	5,107,973
Basic earnings per share attributable to Mitsubishi	28.82	15.86	95.41
Electric Corp. stockholders (yen)
Diluted earnings per share attributable to Mitsubishi	28.82	15.86	95.41
Electric Corp. stockholders (yen)
Mitsubishi Electric Corp. stockholders' equity ratio (%)	58.8	59.1	58.3
Cash flows from operating activities	121,735	54,655	282,371
Cash flows from investing activities	(31,867)	(54,437)	(114,867)
Cash flows from financing activities	(93,525)	(68,870)	(241,319)
Cash and cash equivalents at end of period	765,849	687,153	727,179

Notes: 1. The condensed quarterly consolidated financial statements and the consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards ("IFRS").

1. As the Group prepares the condensed quarterly consolidated financial statements, the key financial data of the Company is not provided.
2. Diluted earnings per share attributable to Mitsubishi Electric Corp. stockholders is equal to Basic earnings per share attributable to Mitsubishi Electric Corp. stockholders as no dilutive securities existed.

2. Description of Business

The condensed quarterly consolidated financial statements of the Mitsubishi Electric Group are prepared in accordance with IFRS. The Mitsubishi Electric Group, which is composed of the Company, 209 consolidated subsidiaries and 40 equity method companies, engages in 5 business segments (Infrastructure, Industry and Mobility, Life, Business Platform, Others) and our products range from all types.

The classification of reportable segments were changed from 6 categories such as Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices, Home Appliances, and Others to the above- noted 5 categories from the first quarter of this fiscal year. Details are described in "Ⅳ. Financial Information, 1. Condensed Quarterly Consolidated Financial Statements, Notes 5. Segment information."

Changes in major subsidiaries and affiliated companies during the three months ended June 30, 2022 are as follows.

(Life) Mitsubishi Electric Building Techno-Service Co., Ltd. has succeeded building systems business of the Company, and changed its company name to Mitsubishi Electric Building Solutions Corporation as of April 1, 2022.

(Others)Mitsubishi Space Software Co., Ltd. has merged with Mitsubishi Electric Control Software Corporation, Mitsubishi Electric Micro-Computer Application Software Co., Ltd., Mitsubishi Electric Mechatronics Software Corporation, Melco Power Systems Co., Ltd., and Nippon Advanced Technology Co., Ltd., and changed its company name to Mitsubishi Electric Software Corporation as of April 1, 2022.

- 2 -