© Azbil Corporation. All rights reserved.
Presentation Materials
for the Second Quarter of Fiscal Year 2023
(Ending March 31, 2024)
(Based on Japanese GAAP)
November 7, 2023
Azbil Corporation
RIC: 6845.T, Sedol: 6985543

2
© Azbil Corporation. All rights reserved.
Highlights
1. Consolidated Financial Results for the First Half of FY2023
Orders received declined owing to a stagnation of the factory automation (FA) market and some other causes. However,
thanks to strengthened procurement and production capabilities, order backlog was steadily converted into sales,
resulting
in increased net sales compared with FY2022. Profits rose significantly due to this increased revenue and the effect
of measures to strengthen profitability. Net sales and profits both exceeded the plan.
2. Consolidated Financial Plan for FY2023
To reflect our improved profitability and results in the first half of the year,
we have revised our full-year financial plan for
FY2023 upwards, continuing to aim to increase both revenue and profits for the third consecutive fiscal year.
3. Returning Profits to Shareholders

The Company plans to make a FY2023 annual dividend of 73 yen per share; this will represent the ninth
consecutive year of dividend increases. Based on the continuation of stable dividend payments, we aim to further
improve the dividend on equity (DOE) ratio (4.4% for FY2022).

We have completed our repurchase of the Company’s own stock (2.19 million shares for 9.9 billion yen) and
cancelled all of the treasury shares thus acquired on October 31, 2023.
4. Progress in Implementing the Medium-term Plan
We are accelerating transformation for growth. To strengthen product competitiveness, we are actively investing in R&D,
equipment and facilities, digital transformation (DX), and human capital. Developing business alliances has also been
progressed.

3
© Azbil Corporation. All rights reserved.
Contents
1. Consolidated Financial Results for the First Half of FY2023
4
2. Consolidated Financial Plan for FY2023
13
→Revised upwards from the initial plan (announced on May 12, 2023)
3. Returning Profits to Shareholders
18
→No revision from the most recent announcement
Repurchase of own stock and cancellation of treasury shares concluded
4. Progress Toward the Medium-term Plan
23
5. The azbil Group’s Exhibition Participation
27
Appendix
29
Notes
39

© Azbil Corporation. All rights reserved.
4
1. Consolidated Financial Results
for the First Half of FY2023

5
© Azbil Corporation. All rights reserved.
1. Consolidated Financial Results for the First Half of FY2023
Consolidated Financial Results

Overall orders received decreased compared with the same period last year mainly because of a fall in the AA
business due to a slump in the manufacturing equipment market.

Net sales rose compared with the same period last year and exceeded the plan. This reflects increased orders
received in FY2022 as well as steady progress made with procurement and production.

Operating income also rose significantly compared with the same period last year and exceeded the plan. This was
due to increased revenue and measures taken to strengthen profitability, including cost pass-through.

Net income attributable to owners of parent rose significantly compared with the same period last year due to
increased operating income and the recording of gain on sale of investment securities. It was also significantly
higher than the plan owing to foreign exchange gains and the recording of compensation income for damages. *
The impact of foreign exchange rate fluctuations (compared with the same period of FY2022)
+2.0 billion yen for net sales, +0.2 billion yen for operating incomeThe impact of foreign exchange rate fluctuations is derived from the difference in rates, between the
previous and current periods, used to convert overseas subsidiaries’ P/L into yen from the local currency.
* Compensation income
for damages:
0.59 billion yen
(Billions of yen)
(Billions of yen)
(Billions of yen)
FY2022
FY2023
Initial plan
Revised plan
H1
H1
(May 12, 2023)
(Sep. 29, 2023)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
(D)
(B) - (D)
% Change
Orders received
164.8
159.1
(5.7)
(3.5)
Net sales
121.0
131.8
10.8
9.0
129.3
2.5
2.0
130.8
1.0
0.8
Japan
93.6
99.5
5.9
6.3
Overseas
27.3
32.2
4.9
18.1
Gross profit
46.5
53.8
7.3
15.7
Margin
38.4
40.8
2.4pp
SG&A
38.3
40.8
2.5
6.5
Operating income (loss)
8.1
12.9
4.7
58.6
9.7
3.2
33.8
11.7
1.2
10.9
Margin
6.8
9.8
3.1pp
7.5
2.3pp
8.9
0.9pp
Ordinary income (loss)
9.8
14.3
4.4
45.5
9.7
4.6
47.6
12.9
1.4
11.0
9.4
17.1
7.6
81.1
6.0
11.9
5.8
97.3
7.6
4.3
57.1
10.8
1.1
10.5
Margin
5.0
9.1
4.1pp
5.9
3.2pp
8.3
0.8pp
Difference
Income (loss) before income taxes
Net income (loss) attributable to
owners of parent
Difference
Difference

6
© Azbil Corporation. All rights reserved.
1. Consolidated Financial Results for the First Half of FY2023
Financial Results by Segment

Orders received increased in the BA business thanks to robust market conditions. However, the AA business saw a
decrease owing to the impact of the slump in the manufacturing equipment market. The LA business, which saw a
high level of orders in the same period last year, also experienced a drop.

Sales rose for all three businesses—BA, AA and LA—compared with the same period last year and exceeded the plan.

Segment profit also rose in all three segments compared with the same period last year, exceeding the plan. This was
due to revenue growth and initiatives to strengthen profitability, including cost pass-through.
（Billions of yen）
（Billions of yen）
FY2022
FY2023
Initial plan
H1
H1
(May 12, 2023)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
■
B A
Orders received
80.2
83.2
3.0
3.8
Sales
52.0
56.0
4.0
7.7
54.2
1.8
3.4
Segment profit (loss)
2.4
3.7
1.2
52.4
2.3
1.4
62.8
Margin
4.7
6.7
2.0pp
4.2
2.4pp
■
A A
Orders received
58.5
52.1
(6.4)
(11.1)
Sales
46.1
51.8
5.6
12.3
51.6
0.2
0.5
Segment profit (loss)
5.4
8.4
3.0
56.8
7.0
1.4
21.3
Margin
11.7
16.4
4.6pp
13.6
2.8pp
■
L A
Orders received
27.1
24.8
(2.2)
(8.4)
Sales
23.7
25.0
1.2
5.4
24.5
0.5
2.1
Segment profit (loss)
0.3
0.7
0.4
146.2
0.4
0.3
90.2
Margin
1.3
3.0
1.7pp
1.6
1.4pp
Difference
Difference

7
© Azbil Corporation. All rights reserved.

Orders received increased overall compared with the same period of FY2022. This was mainly due to growth in
both the new building and existing building fields, reflecting a robust business environment, and in spite of a
decrease in the service field owing to the fact that in this period few multi-year service contracts were up for
renewal.

Sales rose overall compared with the same period of FY2022. This was thanks to a growth for existing buildings
and service, as well as overseas, while sales for new buildings remained at a high level. The plan was exceeded
thanks to such measures as accelerated retrofit and service schedules in the existing building and service fields.

Segment profit also rose significantly compared with the same period of FY2022 due to increased revenue and
improved profitability, and in spite of increased labor costs as well as higher expenses for R&D, DX, and other
expenses. Owing to growth in the profitable fields for existing buildings and service, the plan was exceeded.
1. Consolidated Financial Results for the First Half of FY2023
Segment Information: BA Business
Our view of the business environment
— In the domestic market, demand has continued at a high level for urban redevelopment projects and for heating, ventilation,
and air conditioning (HVAC) control equipment/systems for factories. Demand for the refurbishment of existing buildings,
including energy savings and CO
2
reduction, has remained steady.
— There is continuing interest in new solutions offering post-pandemic safety and suited to new ways of working.
— Overseas, investment remains firm following the post-pandemic recovery.
(Billions of yen)
(Billions of yen)
FY2022
FY2023
Initial plan
H1
H1
(May 12, 2023)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
80.2
83.2
3.0
3.8
Sales
52.0
56.0
4.0
7.7
54.2
1.8
3.4
Segment profit (loss)
2.4
3.7
1.2
52.4
2.3
1.4
62.8
Margin
4.7
6.7
2.0pp
4.2
2.4pp
Difference
Difference

8
© Azbil Corporation. All rights reserved.

Orders received significantly decreased compared with the same period of FY2022. This was due to falling
demand in the semiconductor manufacturing equipment market, and because of some recoil following advance
orders made in the same period of FY2022.

Sales benefited from the large order backlog, rising significantly over the same period in FY2022, when
production was depressed. Strengthening of procurement/production systems and the partial easing of parts
procurement difficulties enabled progress with production, in line with the plan.

Segment profit also rose significantly compared with the same period of FY2022 thanks to revenue growth and
initiatives to enhance profitability, including cost pass-through, and it exceeded the plan. This was despite
increased DX-related expenses, R&D and other expenses. Profit level also improved.
1. Consolidated Financial Results for the First Half of FY2023
Segment Information: AA Business
Our view of the business environment
— In the process automation (PA) market, demand centering on maintenance and refurbishment has remained robust. In the FA
market, however, demand has been sluggish owing to a downturn in the manufacturing equipment market but also because of
some recoil owing to the number of the advance orders to the Company made in the same period last year.
— Demand has been growing for the decarbonization of factories and plants, for addressing labor shortages and aging facilities, and
for the incorporation of new production technologies.
— Some improvement has been observed in the situation regarding parts procurement difficulties.
(Billions of yen)
(Billions of yen)
FY2022
FY2023
Initial plan
H1
H1
(May 12, 2023)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
58.5
52.1
(6.4)
(11.1)
Sales
46.1
51.8
5.6
12.3
51.6
0.2
0.5
Segment profit (loss)
5.4
8.4
3.0
56.8
7.0
1.4
21.3
Margin
11.7
16.4
4.6pp
13.6
2.8pp
Difference
Difference

9
© Azbil Corporation. All rights reserved.

Orders received decreased overall compared with the same period of FY2022 owing to recoil in the LSE field from
the high level achieved in the same period of FY2022, despite an increase in the Lifeline field due to growth in
orders for city gas and water meters.

Sales rose overall compared with the same period of FY2022, mainly due to a similar increase in the Lifeline field
as seen for orders received, which also resulted in the plan being achieved.

Segment profit rose compared with the same period of FY2022 and exceeded the plan thanks to increased
revenue and initiatives to improve profitability.
1. Consolidated Financial Results for the First Half of FY2023
Segment Information: LA Business
Our view of the business environment
— The Lifeline field, which includes gas (city gas, LP gas) and water meters, depends on demand for meter replacement as
required by law. Though demand can be expected to remain basically stable, the market for LP gas meters itself is
dependent on cyclical demand which is currently at a low ebb.
— In the Life Science Engineering (LSE: for pharmaceuticals/laboratories) field, investment demand continues for
pharmaceutical plant facilities. However, interest rates have been rising worldwide to counter inflation, and this is having an
economic impact.
(Billions of yen)
(Billions of yen)
FY2022
FY2023
Initial plan
H1
H1
(May 12, 2023)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
27.1
24.8
(2.2)
(8.4)
Sales
23.7
25.0
1.2
5.4
24.5
0.5
2.1
Segment profit (loss)
0.3
0.7
0.4
146.2
0.4
0.3
90.2
Margin
1.3
3.0
1.7pp
1.6
1.4pp
Difference
Difference

10
© Azbil Corporation. All rights reserved.

Overseas sales increased by 18.1% from the same period of FY2022 and accounted for 24.5% of net sales.

AA business sales grew significantly in Asia and China, thanks to parts procurement difficulties no longer
constraining production. There was also growth in the BA business. While the LA business achieved sales
growth in Europe and North America, sales fell in Asia and other regions, so overall LA sales remained
unchanged from the same period in FY2022.
1. Consolidated Financial Results for the First Half of FY2023
Overseas Sales by Region
* Overseas sales figures include only the sales of overseas subsidiaries and
direct exports; indirect exports are excluded.
* The accounting year for most overseas subsidiaries ends on December 31.
（Billions of yen）
FY2021
FY2022
FY2023
H1
H2
H1
H2
H1
8.6
10.7
11.1
13.9
12.8
6.8
7.3
5.5
9.6
7.9
2.4
2.5
3.0
3.6
3.8
5.1
5.2
5.4
5.9
5.8
1.3
1.8
2.2
2.0
1.8
24.4
27.7
27.3
35.2
32.2
Reference information
USD/JPY
107.82
109.90
123.15
131.64
134.99
EUR/JPY
129.88
129.91
134.39
138.15
145.92
CNY/JPY
16.67
17.04
18.97
19.50
19.45
■
North America
　
■
Asia (ex-China)
　
■
China
24.5
Average
exchange
rate
■
Europe

■

Others
Consolidated
　　　
Overseas sales /
　　　
Net sales ratio (%)
21.2
19.6
22.4
22.6
0.0
5.0
10.0
15.0
20.0
25.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
FY2021
H1
FY2021
H2
FY2022
H1
FY2022
H2
FY2023
H1
(%)
(Billions of yen)