NGK Insulators : Notice Regarding Revision to Consolidated Financial Results Forecast

The following statement is an English translation of the original Japanese document provided for your convenience.

In the event of any discrepancy between this translation and the Japanese original, the original is presumed to be correct.

	March 22, 2023
Company Name:	NGK INSULATORS, LTD.
Stock Exchange Listings:	Tokyo and Nagoya
Listing Code:	5333
Representative:	President Shigeru Kobayashi (Mr.)
Contact:	General Manager Finance & Accounting Dept.
Hideaki Tsukui (Mr.)
	(TEL) [phone]

Notice Regarding Revision to Consolidated Financial Results Forecast

NGK INSULATORS, LTD. (the "Company") hereby announces that, in light of the recent business conditions, it has revised its consolidated financial results forecast for the fiscal year ending March 2023 announced on October 28, 2022.

1. Consolidated financial results forecast

Forecast of consolidated financial results for the fiscal year ending March 31, 2023

		Operating	Ordinary	Net income	Net income per
	Net sales	attributable to owners of
(Millions of yen)		income	income	the parent	share
					(yen)
Previous forecast (A)	580,000	78,000	74,000	61,000	196.62
Revised forecast (B)	550,000	65,000	63,000	51,000	164.41
Change (B-A)	(30,000)	(13,000)	(11,000)	(10,000)	-
Change (%)	(5.2%)	(16.7%)	(14.9%)	(16.4%)	-
For reference:	510,439	83,527	86,248	70,851	226.56
Resul ts of the previ ous fiscal year

2. Reason for revision

In the Environment Business, shipments of automotive exhaust emission control products were lower than expected due to delayed recovery of truck sales in the Chinese market and other factors. In the Digital Society Business, demand for semiconductor production equipment products and electronic components has declined more than expected due t o stagnant semiconductor investment and reduced investment in data centers. In light of these circumstances, the Company expects total company sales, operating income, and ordinary income to fall short of its previous forecast.

In addition to these factors, the Company expects to record extraordinary losses for the optimization of production capacity in the Environment Business , etc. As a result, net income attributable to owners of the parent is also expected to be lower than the previous forecast. There i s no revision to the year-end dividend forecast (33 yen per share).

The average exchange rates assumed for the period in the consolidated financial results forecast are 135 yen to the U.S. dollar and 140 yen to the euro. Financial results forecast is based on information available at the present time and contain many uncertainties. Accordingly, actual results may differ from those projected due to changes in business conditions.

(Reference)

March 22, 2023

NGK INSULATORS, LTD.

Consolidated Financial Results Forecast - Segment Information （After elimination of inter-segment transactions）

	Fiscal year ended
Total	March 31, 2022
Net sales	510,439
Operating income	83,527
Op. income ratio	16%
Environment Business
Net sales	292,670
Operating income	65,060
Op. income ratio	22%
Digital Society Business
Net sales	150,311
Operating income	19,865
Op. income ratio	13%
Energy & Industry Business
Net sales	67,457
Operating income	(1,406)
Op. income ratio	-

(Millions of yen)

Fiscal year ending March 31, 2023

Previous forecast	Revised forecast
580,000	550,000
78,000	65,000
13%	12%

330,000	310,000
58,000	49,000
18%	16%

174,000	165,000
22,000	17,500
13%	11%

76,000	75,000
(2,000)	(1,500)
-	-