Panasonic Holdings Corporation · TSE:6752

Panasonic — Q3 2026 Earnings Presentation

51 slides from Panasonic's earnings presentation, Feb 4, 2026

  1. Slide 1: Fiscal 2026 Third Quarter Financial Results

    Fiscal 2026 Third Quarter Financial Results February 4, 2026 Panasonic Holdings Corporation Notes: 1. This is an English translation from the original presentation in Japanese. 2. In this presentation, “Fiscal 2026” or “FY3/26” refers to the year ending March 31, 2026.

  2. Slide 2: Summary of FY3/26 3Q Financial Results

    Summary of FY3/26 3Q Financial Results ◼ FY3/26 3Q Financial Results: Sales and profit decreased (Adjusted operating profit increased, while operating profit and net profit*1 decreased due to recording of restructuring expenses) ‧ Overall sales: Decreased due to lower sales in Lifestyle and deconsol

  3. Slide 3: Fiscal 2026 Full-Year Financial Forecast

    Fiscal 2026 Third Quarter Financial Results Fiscal 2026 Full-Year Financial Forecast

  4. Slide 4: FY3/26 3Q Financial Results

    FY3/26 3Q Financial Results (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/26 3Q FY3/25 3Q YoY Results Results Excl. (year-on-year) Excl. Automotive*4 Automotive*4 96% -89.3 105% +89.4 Sales 2,063.3 2,152.6 1,973.9 (94%)*5 (-123.8)*5 (103%

  5. Slide 5: FY3/26 3Q Results by Segment

    FY3/26 3Q Results by Segment Current Reportable Segments (Until FY3/26 3Q results) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY OP EBITDA*1 Sales OP YoY income/ YoY YoY YoY (excl. FX) (%) (%) (%) loss 98% 49.6 5.8 37.5 Lif

  6. Slide 6: FY3/26 3Q Sales Analysis by Segment

    FY3/26 3Q Sales Analysis by Segment Current Reportable Segments (Until FY3/26 3Q results) • Overall sales decreased due to lower sales in Lifestyle and deconsolidation of Automotive, despite higher sales in Connect, Industry and Energy (yen: billions) +34.5 +46.2 +2.0 +17.1 2,152.6 +22.1 +14.1 2,063

  7. Slide 7: FY3/26 3Q Adjusted Operating Profit Analysis by Segment

    FY3/26 3Q Adjusted Operating Profit Analysis by Segment Current Reportable Segments (Until FY3/26 3Q results) • Adjusted operating profit increased due to increased profit in Lifestyle, Connect and Industry, despite deconsolidation of Automotive (yen: billions) +13.8 +9.3 159.1 150.2 +4.1 +7.5 -10.2

  8. Slide 8: Lifestyle Segment: FY3/26 3Q Results by Divisional Company

    Lifestyle Segment: FY3/26 3Q Results by Divisional Company Current Reportable Segments (Until FY3/26 3Q results) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other Sales YoY OP YoY income/ YoY OP YoY EBITDA*1 YoY (excl. FX) (%) (%)

  9. Slide 9: FY3/26 3Q Operating Profit Analysis (by Factor)

    FY3/26 3Q Operating Profit Analysis (by Factor) • Adjusted operating profit increased due mainly to price revisions and rationalization, while operating profit decreased due to recording of restructuring expenses (yen: billions) Price revisions, Effect of Sales rationalization, etc. exchange increas

  10. Slide 10: FY3/26 9M Cash Flows and Cash Positions

    FY3/26 9M Cash Flows and Cash Positions • Operating CF decreased YoY due to absence of “monetization of IRA tax credit through transferable method” in FY3/25 and restructuring expenses Cash Flows Gross cash & interest-bearing debt / Net cash (yen: billions) (yen: billions) IRA tax credit through tra

  11. Slide 11: Fiscal 2026 Full-Year Financial Forecast

    Fiscal 2026 Third Quarter Financial Results Fiscal 2026 Full-Year Financial Forecast

  12. Slide 12: FY3/26 Full-Year Forecast

    FY3/26 Full-Year Forecast (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/26 (e) FY3/26 (e) Revised amount FY3/25 Excl. YoY (Feb. 4, 2026) (Oct. 30, 2025) Excl. Automotive*5 Automotive*5 Sales 7,700.0 7,700.0 0.0 8,458.2 7,785.0 91% -758.2

  13. Slide 13: FY3/26 Full-Year Forecast Revision by Segment

    FY3/26 Full-Year Forecast Revision by Segment Current Reportable Segments (Until FY3/26 3Q results) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjuste Other Sales YoY Revised YoY Revised income/ YoY Revised OP YoY Revised EBITDA*1 YoY Revi

  14. Slide 14: Lifestyle Segment: FY3/26 Full-Year Forecast by Divisional Company

    Lifestyle Segment: FY3/26 Full-Year Forecast by Divisional Company Current Reportable Segments (Until FY3/26 3Q results) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY Revised Revised Revised OP Revised EBITDA*1 Revised Sale

  15. Slide 15: FY3/26 Full-year Forecast Revision Factors by Segment

    FY3/26 Full-year Forecast Revision Factors by Segment Current Reportable Segments (Until FY3/26 3Q results) Major factors for revision (vs. previous forecast of October 30, 2025) Sales (yen: billions) Both overall sales and profit revised downward Other/ Industry Eliminations & • LAS: revised downwa

  16. Slide 16: FY3/26 Full-year Operating Profit Forecast Analysis (by Factor)

    FY3/26 Full-year Operating Profit Forecast Analysis (by Factor) Sales Price Effect of Fixed Raw materials revisions, Deconsolidation Impact of Other increase/ exchange decrease in cost & rationalization, Blue Yonder impact US tariffs income/loss (yen: billions) logistics etc. rates real terms +40.3

  17. Slide 17: Structural Reform in FY3/26

    Structural Reform in FY3/26 Current Reportable Segments (Until FY3/26 3Q results) • Profit improvement effects are expected to increase due to expansion of restructuring • Effect of restructuring in FY3/27 (vs. FY3/25) is expected to increase to 145.0 billion yen (Estimated amount as of the FY3/26 2

  18. Slide 18: Energy: In-vehicle

    Energy: In-vehicle ✓ Forecast for automotive battery sales volume in FY3/26 is revised downward to 39 GWh due to a greater-than-expected deterioration in EV market conditions in North America, following termination of IRA Section 30D tax credit ✓ Regarding outlook for EV market conditions in North A

  19. Slide 19: Energy: Industrial / Consumer (For Data Centers)

    Energy: Industrial / Consumer (For Data Centers) ✓ Achieve sales of 800 billion yen and over 20%* ROIC in FY3/29 with distributed power supply systems for AI data centers ✓ "Establish supply capabilities" to respond to rapidly growing demand, and continue to "strengthen our proposal and next-generat

  20. Slide 20: Industry: Businesses related to Generative AI

    Industry: Businesses related to Generative AI * Briefings on Generative AI-related Businesses (Nov. 27, 2024) https://holdings.panasonic/global/corporate/investors/pdf/20241127_ai_e.pdf ✓ Achieve sales target of over 100 billion yen in FY3/31 (announced November 2024*) with existing products alone ✓

  21. Slide 21: Shares Transfer of Panasonic Housing Solutions, Co., Ltd. (PHS)

    Reference: Shares Transfer of Panasonic Housing Solutions, Co., Ltd. (“PHS”) ✓ Aim to create a leading company that drives the future of construction materials and housing equipment industry, Panasonic Holdings Corporation (“PHD”) has entered into a share transfer agreement regarding PHS with YKK Co

  22. Slide 22: New Segments and Voluntarily Disclosure Businesses of Lifestyle

    New Segments and Voluntarily Disclosure Businesses of Lifestyle (from FY3/26 3Q results) Disclosure: until FY3/26 3Q results Disclosure: from FY3/26 3Q results onward Living Appliances and Solutions Company (LAS) Smart Life • Kitchen Appliances • Major Appliances (Refrigerator, washing machine, etc.

  23. Slide 23: FY3/26 Full-year Forecast by Segment

    FY3/26 Full-year Forecast by Segment New Reportable Segments (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY OP EBITDA*1 Sales OP YoY income/ YoY YoY YoY (excl. FX) (%) (%) (%) loss 32.0 -42.0 5.0 Smart Life 1,370.0 95% -9.0

  24. Slide 24: Panasonic Group

    Panasonic Group

  25. Slide 25: Disclaimer Regarding Forward-looking Statements

    Disclaimer Regarding Forward-looking Statements This presentation includes forward-looking statements about Panasonic Holdings Corporation (the "Company") and its Group companies (the "Panasonic Group"). To the extent that statements in this presentation do not relate to historical or current facts,

  26. Slide 26: Shareholder Return

    Reference: Shareholder Return ✓ Annual dividend forecast at 40 yen per share; which represents a payout ratio exceeding 30% (same amount as announced on August 29, 2025) Annual Dividend (Forecast) Payout ratio (e) Dividends 40 yen 38.9% • Distribute stable and continuous dividends • Achieve enhanced

  27. Slide 27: Reference: Impact of US Tariffs

    Reference: Impact of US Tariffs New Reportable Segments ✓ Estimated impact of US tariffs in FY3/26 remains unchanged at -30.0 billion yen ✓ Aim to minimize impact of tariffs through measures from medium- to long-term perspectives (e.g. revision of supply chain, etc.) Estimated impact -30.0 billon ye

  28. Slide 28: Reference: FY3/26 Nine-Month Results (Apr. - Dec.2025)

    Reference: FY3/26 Nine-Month Results (Apr. - Dec.2025) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures FY3/26 FY3/25 YoY 9M 9M Excl. Automotive*4 Excl. Automotive*4 92% -520.1 103% +153.1 Sales 5,883.8 6,403.9 5,730.7 (92%)*5 (-484.6)*5 (103%)*

  29. Slide 29: Reference: FY3/26 Financial Results/Forecast (3Q/4Q/2H)

    Reference: FY3/26 Financial Results/Forecast (3Q/4Q/2H) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 3Q YoY Excl. 4Q (e) YoY 2H (e) YoY Excl. Automotive *4 Automotive *4 96% 105% 88% 92% 96% Sales 2,063.3 -89.3 +89.4 1,816.2 -238.1 3,879.5 -

  30. Slide 30: Reference: FY3/26 Financial Results/Forecast by Segment (3Q/4Q/2H)

    Current Reportable Segments Reference: FY3/26 Financial Results/Forecast by Segment（3Q/4Q/2H) (Until FY3/26 3Q results) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 3Q 4Q (e) 2H (e) Adjusted Adjusted Adjusted Sales YoY OP YoY Sales YoY OP Yo

  31. Slide 31: Reference: Lifestyle Segment Results/Forecast by Divisional Company (3Q/4Q/2H)

    Reference: Lifestyle Segment: FY3/26 Financial Results/Forecast by Divisional Company (3Q/4Q/2H) Current Reportable Segments (Until FY3/26 3Q results) (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 3Q 4Q (e) 2H (e) Adjusted Adjusted Adjusted S

  32. Slide 32: Reference: FY3/26 3Q Results by Segment

    Reference: FY3/26 3Q Results by Segment New Reportable Segments (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures Adjusted Other YoY OP EBITDA*1 Sales OP YoY income/ YoY YoY YoY (excl. FX) (% to sales) (% to sales) (% to sales) loss 9.7 -29.6 -19

  33. Slide 33: Reference: FY3/26 Financial Results/Forecast by Segment (3Q/4Q/2H)

    Reference: FY3/26 Financial Results/Forecast by Segment（3Q/4Q/2H) New Reportable Segments (yen: billions) YoY % figures represent the year-on-year change relative to the previous year's figures 3Q 4Q (e) 2H (e) Adjusted Adjusted Adjusted Sales YoY OP YoY Sales YoY OP YoY Sales YoY OP YoY (% to sales

  34. Slide 34: Reference: Structural Reform in FY3/26

    Reference: Structural Reform in FY3/26 New Reportable Segments • Personnel optimization Structural Reform • Site integration/closure in FY3/26 • Streamlining & increasing efficiency of indirect functions, etc. (yen: billions) Restructuring Effect of expenses restructuring （FY3/26） （FY3/26） Smart Lif

  35. Slide 35: Reference: Impact of US IRA Tax Credit (Section 45X) on Financial Results

    Reference: Impact of US IRA Tax Credit (Section 45X) on Financial Results ✓ Among monetization methods of “Deductible tax credit,” “Refundable tax credit (direct pay)” and “Transferable tax credit,” assuming to elect “Refundable tax credit (direct pay)” for FY3/26 ✓ Half of total tax credit amount r

  36. Slide 36: Reference: Changes to US IRA Following Enactment of OBBBA

    Reference: Changes to US IRA Following Enactment of One Big Beautiful Bill Act (OBBBA) ✓ With the enactment of the US OBBBA in July 2025, Section 30D was terminated on September 30, 2025 ✓ As for Section 45X, a stricter PFE (Prohibited Foreign Entity) eligibility requirement for FEOCs (Foreign Entit

  37. Slide 37: Reference: Progress in EV Battery Production Capacity

    Reference: Progress in EV Battery Production Capacity (As of Feb. 4, 2026) • Maintain our policy of flexibly building production capacity in response to customer demand North • Started mass-production at Kansas factory (July 2025) America • Building production capacity by leveraging our achievements

  38. Slide 38: Reference: Business Growth related to Generative AI

    Reference: Business Growth related to Generative AI • Generative AI related businesses continue on a strong growth trajectory, with full-year forecasts revised upward • Conductive polymer capacitors • Energy storage systems Industry (Electronic Devices) Energy (Industrial / Consumer) • Multi-layer c

  39. Slide 39: FY3/26 3Q Segment Information Lifestyle

    Reference: FY3/26 3Q Segment Information Lifestyle Overview YoY % figures represent the year-on-year change relative to the previous year's figures Sales decreased overall: Electrical construction materials: higher sales due to favorable sales in Japan; Consumer electronics: lower sales due to weake

  40. Slide 40: FY3/26 3Q Segment Information Connect

    Reference: FY3/26 3Q Segment Information Connect Overview YoY % figures represent the year-on-year change relative to the previous year's figures Sales increased: higher sales in Process Automation (capturing demand for ICT including generative AI servers), Avionics (continued strong orders) and Blu

  41. Slide 41: Reference: Blue Yonder's KPIs

    Reference: Blue Yonder’s KPIs Connect • SaaS-related KPIs: steady progress in both SaaS sales ratio and SaaS ARR Sales / Adjusted OP (Stand alone) Recurring / SaaS sales ratio ◼ Both overall sales and SaaS sales show steady growth ◼ SaaS ratio remains above 50% with higher SaaS sales （M US$） 361 374

  42. Slide 42: Reference: FY3/26 9M Results of Blue Yonder

    Reference: FY3/26 9M (Apr. - Dec. 2025) Results of Blue Yonder Connect • Adjusted EBITDA remained at the same level as FY3/25 for nine-months of FY3/26 and is expected to increase by USD 14 million for full-year of FY3/26 Stand-alone basis ： M US$ (Full-year forecast remains unchanged from forecast

  43. Slide 43: FY3/26 3Q Segment Information Industry

    Reference: FY3/26 3Q Segment Information Industry Overview YoY % figures represent the year-on-year change relative to the previous year's figures Sales increased: higher sales of products (capacitors, multi-layer circuit board YoY PID materials) driven by continued growth in demand for information

  44. Slide 44: Voluntarily Disclosed Businesses: Industry Electronic Devices

    Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 3Q) Industry ◼ Sales increased due to continued strong demand for ICT-related applications Electronic (e.g. generative AI servers) 2500 30.0 Devices ◼ Assess market growth and capture demand for conductive polymer capacitors 25.0 FY3/2

  45. Slide 45: Electronic Devices: BB ratio of capacitors

    Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 3Q) Industry Electronic Devices: BB ratio* of capacitors *BB ratio: book-to-bill ratio • BB ratio remained above 1.0, supported by strong orders for conductive polymer capacitors used in generative-AI servers Sales (yen: billions) Orde

  46. Slide 46: Voluntarily Disclosed Businesses: Industry FA Solutions

    Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 3Q) Industry ◼ Both sales and profit increased by capturing continued steady demand in China, along with FA rationalization efforts Solutions ◼ Closely monitor market-slowdown risks and continue to strengthen business structure FY3/26

  47. Slide 47: Voluntarily Disclosed Businesses: Industry Electronic Materials

    Reference: Situation of Voluntarily Disclosed Businesses (FY3/26 3Q) Industry ◼ Both sales and profit increased YoY due to growing demand for Information & communication Electronic infrastructure, mainly driven by generative AI servers, as well as related peripheral equipment Materials ◼ Continue to

  48. Slide 48: FY3/26 3Q Segment Information Energy

    Reference: FY3/26 3Q Segment Information Energy Sales decreased (In-vehicle): lower sales at North America factory with deteriorated Overview YoY % figures represent the year-on-year change relative to the previous year's figures EV market conditions, etc.; Sales increased (Industrial / Consumer): f

  49. Slide 49: Disclosure Information related to Segment Changes

    Reference: Disclosure Information related to Segment Changes FY26/3 FY26/3 3Q results 4Q results ✓ 3Q results Current reportable ✓ Full-year Not available segments forecast Until FY3/26 3Q results ✓ 3Q results Hereafter, information will New reportable ✓ Full-year be disclosed based on the ✓ Full-ye

  50. Slide 50: FY3/26 List of Voluntarily Disclosed Businesses (until FY3/26 3Q results)

    Reference: FY3/26 List of Voluntarily Disclosed Businesses (until FY3/26 3Q results) Lifestyle Businesses with Sales Disclosed Major Business Divisions, etc. (Panasonic Corporation) (For underlined businesses, Adjusted OP also disclosed in Supplemental Financial Data) Living Appliances and • Kitchen

  51. Slide 51: FY3/26 List of Voluntarily Disclosed Businesses (from FY3/26 3Q results)

    Reference: FY3/26 List of Voluntarily Disclosed Businesses (from FY3/26 3Q results) Note: Sales and adjusted operating profit of the businesses shown with both underline and bold are disclosed in the Supplemental Financial Data Businesses with Sales Disclosed Major Business Divisions, etc. • Major A

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