Note: This document has been translated from a part of the Japanese original for reference purposes only.

In the
event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

November 7, 2024
[Summary] Consolidated Financial Results
for the Six Months Ended September 30, 2024
(Under IFRS)
Company name: Toray Industries, Inc.
Listing: Tokyo Stock Exchange
Securities code: 3402
URL: www.toray.com
Representative: Mitsuo Ohya, President
Inquiries: Toshiki Matsumura, General Manager, Corporate Communications Department
Telephone: +81-3-3245-5178
Scheduled date to file semi-annual securities report: November 11, 2024
Scheduled date to commence dividend payments: December 2, 2024
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for Securities Analysts/ Institutional
Investors)

(Yen amounts are rounded to the nearest million)

1. Consolidated financial results for the six months ended September 30, 2024 (from April 1,
2024 to September 30, 2024)
(1) Consolidated financial performance (Percentages indicate year-on-year changes.)

Revenue Core operating income Operating income Profit before tax

Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen %
September 30,
1,294,108 7.9 79,145 62.6 79,512 78.9 77,759 58.8
2024
September 30,
1,199,376 (4.9) 48,671 (10.6) 44,445 (39.8) 48,979 (42.4)
2023

Profit attributable to Basic earnings Diluted earnings

Profit
owners of parent per share per share
Six months ended Millions of yen % Millions of yen % Yen Yen
September 30,
60,481 83.2 55,524 92.3 34.66 34.60
2024
September 30,
33,006 (47.6) 28,867 (51.2) 18.03 17.99
2023
Notes:
1. Comprehensive income for the six months ended September 30, 2024 and 2023 were ¥11,579 million ((93.6％)) and
¥182,051 million (2.4％), respectively.
2. Core operating income is calculated by excluding income and expenses due to non-recurring factors from operating
income.

(2) Consolidated financial position

Equity attributable to
Total assets Total equity Equity ratio
owners of parent
As of Millions of yen Millions of yen Millions of yen %
September 30,
3,365,866 1,838,302 1,726,781 51.3
2024
March 31, 2024 3,466,518 1,846,362 1,736,034 50.1
2. Cash dividends
Annual dividends per share
Second quarter-
First quarter-end Third quarter-end Fiscal year-end Total
end
Yen Yen Yen Yen Yen
Year ended
- 9.00 - 9.00 18.00
March 31, 2024
Year ending
- 9.00
March 31, 2025
Year ending
March 31, 2025 - 9.00 18.00
(Forecast)
Note: Revisions to the forecast of cash dividends most recently announced: None

3. Segment information
Six months ended September 30,
Revenue
2024 2023 Change
Millions of yen Millions of yen %
Fibers & Textiles 515,523 481,231 7.1
Performance Chemicals 477,506 433,095 10.3
Carbon Fiber Composite Materials 152,796 141,137 8.3
Environment & Engineering 114,477 111,549 2.6
Life Science 25,577 24,773 3.2
Other 8,229 7,591 8.4
Consolidated total 1,294,108 1,199,376 7.9

Six months ended September 30,

Core operating income
2024 2023 Change
Millions of yen Millions of yen %
Fibers & Textiles 34,440 27,204 26.6
Performance Chemicals 33,965 14,505 134.2
Carbon Fiber Composite Materials 11,736 7,601 54.4
Environment & Engineering 11,808 10,190 15.9
Life Science (597) (518) -
Other 613 802 (23.6)
Total 91,965 59,784 53.8
Reconciliations (12,820) (11,113) -
Consolidated total 79,145 48,671 62.6
Notes:
1. “Other” represents service-related businesses such as analysis, physical evaluation and research.
2. “Reconciliations” of core operating income for the six months ended September 30, 2024 of ¥(12,820) million include
intersegment eliminations of ¥(508) million and corporate expenses of ¥(12,312) million. “Reconciliations” of core
operating income for the six months ended September 30, 2023 of ¥(11,113) million include intersegment eliminations
of ¥190 million and corporate expenses of ¥(11,303) million. The corporate expenses consist of the headquarters’
research expenses that are not allocated to each reportable segment.

4. Consolidated financial forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024
to March 31, 2025)
(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings
Revenue Core operating income
owners of parent per share
Millions of yen % Millions of yen % Millions of yen % Yen
Year ending
2,590,000 5.1 145,000 41.3 88,000 301.9 54.93
March 31, 2025
Note: Revisions to the forecast of consolidated financial forecast most recently announced: Yes
* Notes
(1) Significant changes in the scope of consolidation during the period: None
(2) Changes in accounting policies and changes in accounting estimates
(i) Changes in accounting policies required by IFRS: None
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(3) Number of issued shares (ordinary shares)
(i) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2024 1,631,481,403 shares
As of March 31, 2024 1,631,481,403 shares

(ii) Number of treasury shares at the end of the period

As of September 30, 2024 29,300,990 shares
As of March 31, 2024 29,838,701 shares

(iii) Average number of shares outstanding during the period

Six months ended September 30, 2024 1,602,090,919 shares
Six months ended September 30, 2023 1,601,436,765 shares

* Semi-annual financial results reports are exempt from review conducted by certified public
accountants or an audit firm.

* Proper use of earnings forecasts, and other special matters

Earnings forecasts given herein have been prepared based on assumptions such as economic
environment outlook available as of the publication of this report and these forecasts are not
guarantees of future performance. Actual results may differ significantly from forecasts due to various
factors. For the assumptions underlying the forecasts herein, please refer to “Consolidated Financial
Performance and Financial Position 3. Forecast for the Fiscal Year Ending March 31, 2025” of the
accompanying materials.
 Consolidated Financial Performance and Financial Position

1. Overview of the Six Months Ended September 30, 2024

During the period under review (from April 1, 2024 to September 30, 2024), as for the global economy,
the U.S. remained strong and Europe recovered, but China continued to stagnate. The Japanese
economy continued to recover gradually.

Under such circumstances, Toray Group, starting from fiscal 2023, has been promoting its Medium-
Term Management Program “Project AP-G 2025,” aiming to achieve sound, sustainable growth
through the implementation of five basic strategies of “Sustainable Growth,” “Ultimate Value
Creation,” “Product and Operational Excellence,” “Enhancement of People-Centric Management,”
and “Risk Management and Governance.”

As a result, consolidated revenue for the six months ended September 30, 2024, compared with the
same period of the previous fiscal year, increased 7.9% to ¥1,294.1 billion, and core operating
income (Note) rose 62.6% to ¥79.1 billion. Operating income increased 78.9% to ¥79.5 billion and
profit attributable to owners of parent rose 92.3% to ¥55.5 billion.

Financial performance by segment is as described below.

Financial Performance by Segment:

Fibers & Textiles

The apparel applications were strong overall, despite the stagnation in the European market and the
continued impact of the intensified competition with overseas products.

The industrial applications witnessed a demand recovery trend in the automobile applications but
were affected by safety test scandals of Japanese automobile manufacturers and the intensifying
competition in the Chinese EV market.

As a result, revenue of the overall Fibers & Textiles segment, compared with the same period of the
previous fiscal year, increased 7.1% to ¥515.5 billion, and core operating income rose 26.6% to
¥34.4 billion.

Performance Chemicals
In the resins and chemicals businesses, while the resins business was affected by the production
decline in the Japanese automobile industry, demand recovered in the non-automobile applications
for China and ASEAN. The chemicals business remained strong.

The films business saw electronic parts-related demand growth due to rebound from inventory
adjustment in the supply chain.

In the electronic & information materials business, there was recovery in demand for OLED-related
materials and circuit materials.

As a result, revenue of the overall Performance Chemicals segment, compared with the same period
of the previous fiscal year, increased 10.3% to ¥477.5 billion, and core operating income rose 134.2%
to ¥34.0 billion.
Carbon Fiber Composite Materials
The aerospace applications continued its steady recovery, and there were signs of gradual recovery
in the wind turbine blade applications.

As a result, revenue of the overall Carbon Fiber Composite Materials segment, compared with the
same period of the previous fiscal year, increased 8.3% to ¥152.8 billion, and core operating income
rose 54.4% to ¥11.7 billion.

Environment & Engineering

The water treatment business posted increase both in revenue and core operating income on the
back of strong demand as well as shipments for a large-scale project in the Middle East. Further, an
engineering subsidiary in Japan also performed strongly.

As a result, revenue of the overall Environment & Engineering segment increased 2.6% to ¥114.5
billion compared with the same period of the previous fiscal year, and core operating income rose
15.9% to ¥11.8 billion.

Life Science
The pharmaceutical business was affected by the impact of the penetration of the generic versions,
the NHI drug price revision, and by the stagnant overseas sales volume.

In the medical devices business, shipment of dialyzers for hemodiafiltration was steady in Japan and
overseas, but the business was affected by the soaring prices of raw materials and fuels.

As a result, revenue of overall Life Science segment, compared with the same period of the previous
fiscal year, increased 3.2% to ¥25.6 billion, while core operating income fell to a loss of ¥0.6 billion,
a decline of ¥0.1 billion.

Note:
Core operating income is calculated by excluding income and expenses due to non-recurring factors
from operating income.

2. Analysis of Financial Position

As of September 30, 2024, Toray Group’s assets and liabilities were both affected by the decrease
in translated yen from its overseas subsidiaries, due to appreciation in Japanese yen.

Total assets stood at ¥3,365.9 billion, a decrease of ¥100.7 billion compared with the end of the
previous fiscal year, due primarily to decreases in trade and other receivables.

Total liabilities came to ¥1,527.6 billion, a decrease of ¥92.6 billion compared with the end of the
previous fiscal year, owing mainly to decreases in bonds and borrowings.

Total equity stood at ¥1,838.3 billion, a decrease of ¥8.1 billion, compared with the end of the
previous fiscal year, due primarily to a decrease in other components of equity despite an increase
in retained earnings. Moreover, equity attributable to owners of parent stood at ¥1,726.8 billion.
Finally, equity ratio as of September 30, 2024, rose to 51.3%, a 1.2 percentage-point increase
compared with the level at the end of the previous fiscal year.
3. Forecast for the Fiscal Year Ending March 31, 2025

The global economy is likely to gradually recover along with the decline in inflation rate and monetary
easing. The Japanese economy is also expecting a gradual recovery. However, the downward risks
for the economy in Japan and overseas include potential changes in fiscal and trade policies in the
U.S. following the presidential election, prolonged real estate recession in China, and impact on
consumption in the U.S. and Europe caused by their financial policies as well as changes in the Bank
of Japan’s monetary policy and foreign exchange fluctuations.

Under such circumstances, Toray Group will promote the basic strategies under the Medium-Term
Management Program “Project AP-G 2025” and carry out its business operation under the
anticipation of uncertainties.

For the fiscal year ending March 31, 2025, Toray revised its full-year consolidated forecasts, taking
into consideration its business performance for the first six months and business environment. It now
expects consolidated revenue of ¥2,590.0 billion, core operating income of ¥145.0 billion, and profit
attributable to owners of parent of ¥88.0 billion. The calculation of consolidated earnings forecasts
from October 2024 is based on an assumed foreign currency exchange rate of ¥140.0 to the U.S.
dollar.

Revisions to consolidated financial forecasts for the fiscal year ending March 31, 2025 (from April 1,
2024 to March 31, 2025)
Profit attributable
Core operating Basic earnings per
Revenue to owners of
income share
parent
Billions of yen Billions of yen Billions of yen Yen
Previously announced forecasts (A) 2,620.0 135.0 81.0 50.56
Revised forecasts (B) 2,590.0 145.0 88.0 54.93
Change (B-A) (30.0) 10.0 7.0
Change (%) (1.1) 7.4 8.6
(Reference) Actual consolidated
results for the fiscal year ended 2,464.6 102.6 21.9 13.67
March 31, 2024

For further information, please contact:

Mr. Masahiro Yamamoto Mr. Toshiki Matsumura
General Manager General Manager
Investor Relations Department Corporate Communications Department
Tel: +81-3-3245-5113 Tel: +81-3-3245-5178
Fax: +81-3-3245-5459 Fax: +81-3-3245-5459