Ricoh : Consolidated Results for the First Quarter Ended June 30, 2023

Ricoh Company, Ltd. and its Consolidated Subsidiaries

Financial Highlights for the First Quarter Ended June 30, 2023 [Prepared on the basis of International Financial Reporting Standards]

1. Results for the Period from April 1, 2023 to June 30, 2023

(1) Operating Results

Notes: Earnings per share attributable to owners of the parent (basic and diluted) are based on profit (loss) attributable to owners of the parent.

(2) Financial Position

Notes: Revision of forecast of consolidated operating results during this period: No

4. Others

(1) Changes in significant subsidiaries: No New: － (Company name: － ) Exclusion: － (Company name: －)

(2) Changes in accounting policies and accounting estimate

(i) Changes in accounting policies required by IFRS: Yes

(ii) Other changes: No

(iii) Changes in accounting estimate: No

(3) Number of common stock outstanding (including treasury stock):

As of June 30, 2023: 609,521,978 shares; As of March 31, 2023: 609,521,978 shares

(4) Number of treasury stock:

As of June 30, 2023: 434,163 shares; As of March 31, 2023: 447,171 shares

(5) Average number of common stock:

Three months ended June 30, 2023: 609,081,481 shares; Three months ended June 30, 2022: 633,526,180 shares

Notes: The Company has established the Board Incentive Plan trust in which beneficiaries include Directors and Executive Officers. The

shares owned by the trust account relating to this trust are accounted for as treasury shares. (As of June 30, 2023: 356,300 shares; As of

March 31, 2023: 371,400 shares)

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Qualitative Information on Consolidated Financial Results for the Quarter under Review 1. Qualitative Information on Consolidated Business Results

* Overview of the First Quarter of Fiscal 2023 (April 1 - June 30, 2023)

Ricoh started the 21st Mid-Term Management Strategy from April 2023.

As our medium- to long-term goal, we aim to become a digital services company that supports worker's creativity and transforms the workplace, in order to achieve our Mission & Vision of "Fulfillment through Work." We expand the range of workplaces where we provide digital services from offices, centered on the sale of MFPs, to services on frontlines and throughout society. At the same time, we will expand the customer value we provide to each workplace (office/frontline/social setting) and progressively transform into a digital services company.

During this fiscal year, we will accelerate our transformation from an earnings structure focused on the office printing business and work to enhance profitability, with the aim of increasing profitability through business expansion and structural reforms centered on the office services business. We will also build flexible production and supply systems, raise our capacity to tackle changes in business environment and establish a new pillar of earnings in frontline digital services domains.

Although concerns about the spread of COVID-19 and shortages of parts due to disruptions in global supply chains have improved, the global economy slowed down gradually due to the prolonged global inflation and the rise in policy interest rates. During the first quarter of this fiscal year, Japan's social and economic activities were normalized as a result of the category shift of COVID-19 to Class 5 infectious diseases, and increased demand for inbound. On the other hand, the future uncertainty continued due to soaring raw material and energy prices and yen depreciation. In the U.S., despite continued inflation, the economy remained firm against a backdrop of a favorable employment environment. Europe is experiencing a slowdown in its economic recovery due to the prolonged Russia/Ukraine situation, ongoing inflation and other factors. In other regions, economic recovery continued due to the normalization of economic activity, including the lifting of the zero-covid policies in China.

During this period, the average exchange rates of Japanese yen against U.S. dollar and Euro were ¥137.30 (up ¥7.79 from the previous corresponding period) and ¥149.50 (up ¥11.48 from the previous corresponding period) respectively.

Sales for the first quarter increased by 16.4% as compared to the previous corresponding period, to ¥534.6 billion. Sales increased mainly in the office service business due to the relaxation of restrictions on supplying our products and merchandise experienced the first quarter of the previous fiscal year, the acquisitions in Europe and the Americas, and other factors. In addition, sales increased due to the consolidation of PFU Limited (hereinafter, PFU), which became a consolidated subsidiary in September 2022, and yen depreciation.

In Japan, sales increased by 17.2% as compared to the previous corresponding period. Sales improved mainly in the office service business. Especially, the figures increased dramatically in Scrum series, which was expected to grow by the sales expansion targeting customers interests and needs such as back-office DX*. In addition, sales increased due to the consolidation of PFU.

Sales in the Americas increased by 15.1% (an increase of 8.8% excluding foreign currency exchange fluctuations) as compared to the previous corresponding period. Sales of edge devices in the office printing business increased due to the resolution of supply shortages, particularly for A4 MFPs. In the office services business, sales increased because of the growth in the communication services field where Cenero,LLC. (hereafter, Cenero) was acquired in September 2022 and the robust performance in document solutions. In addition, due in part to yen depreciation, sales increased. Sales in the Europe, the Middle East, and Africa increased by 19.4% (an increase of 10.4% excluding foreign currency exchange fluctuations) as compared to the previous corresponding period. Sales of edge devices increased in the office printing business as the shortage of A4 MFPs and other products was resolved. In the office services business, communications and application services grew as a result of acquisitions and sales of packages. Sales in other regions increased by 8.6% (an increase of 6.6% excluding foreign currency exchange fluctuations) as compared to the previous corresponding period. Sales grew due to yen depreciation as well as an improvement in sales due to the normalization of economic activities following the lifting of the zero-covid policies in China. As a result, sales in the overseas market increased by 15.9% as compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, sales in overseas would have increased by 9.2% as compared to the previous corresponding period.

• DX (digital transformation): Measures taken by companies in response to dramatic changes in the business environment to establish competitive advantage by transforming their products, services, and business models, as well as the operations themselves, organizations, processes, and corporate cultures, through utilization of data and digital technologies, based on the needs of customers and society.

Gross profit increased by 13.2% as compared to the previous corresponding period, to ¥190.1 billion. Profit increased due to yen depreciation as well as the expansion of the office services business and increased sales of edge devices in the office printing business due to the relaxation of supply shortages.

Selling, general and administrative expenses increased by 14.0% as compared to the previous corresponding period, to ¥182.0 billion mainly due to the PFU and yen depreciation, in addition to increases in personnel expenses due to business growth and inflation.

Operating profit increased by ¥0.5 billion compared to the previous corresponding period, to ¥10.1 billion.

Net financial income increased as compared to the previous corresponding period, reflecting higher foreign exchange gains. The share of profit of investments accounted for using the equity method was lower, reflecting worser performances among equity-method affiliates.

Profit before income tax expenses increased by ¥2.1 billion as compared to the previous corresponding period, to ¥13.3 billion.

Income tax expenses increased by ¥1.1 billion as compared to the previous corresponding period mainly due to an increase in profit before income tax expenses.

As a result, profit attributable to owners of the parent increased by ¥1.2 billion as compared to the previous corresponding period, to ¥8.7 billion.

Comprehensive income increased to ¥64.5 billion, owing largely to an increase in profit for the period and translation adjustments for foreign operations.

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* Review by Business Segment

Digital Services

Digital Services sales were ¥427.3 billion and increased by 15.9% as compared to the previous corresponding period. In the office services business, sales of the Scrum series in Japan continued to grow due to the expansion of back-office DX sales and progress was made in acquiring projects in the manufacturing and other industries through Scrum Asset, which offers proposals by industry mainly to mid-sized companies. In addition, the number of subscribers to RICOH kintone plus, a cloud-based business improvement platform developed jointly with Cybozu, Inc., also grew steadily.

In the Americas, sales increased due to growth in the area of communication services through the acquisition of Cenero, as well as strong sales of document solutions accompanying the rebound in office printing. In Europe, sales continued to increase due to sales of packages and synergies with acquired companies. In June, we completed the acquisition of PFH Technology Group (hereinafter "PFH"), the leading provider of IT infrastructure, cloud and managed workplace services in Ireland, and are working to strengthen our IT services. In the office printing business, sales of edge devices increased from the previous corresponding period due to the progress in the delivery of bulk sales, including A3 MFPs, mainly due to the resolution of the supply shortage of A4 MFPs.

As a result of increased office services sales and continued implementation of pricing controls, including cost pass-through and value-added sales, in addition to recovering office printing, Digital Services operating profit was ¥8.9 billion and increased by ¥6.0 billion as compared to the previous corresponding period.

Digital Products

Digital Products sales were ¥21.3 billion and increased by 198.3% (Sales including intersegment sales were ¥116.7 billion and increased by 13.4%) as compared to the previous corresponding period. Revenue increased due to the recovery in production of A4 MFPs and the acquisition of PFU.

Despite increased sales and efforts to improve profits by continuing structural reforms in production and development, Digital Products operating profit was ¥0.9 billion and decreased by ¥11.0 billion as compared to the previous corresponding period, mainly due to a decline in sales caused by production adjustments for relatively high-value-added A3 MFPs.

Graphic Communications

Graphic Communications sales were ¥56.6 billion and increased by 9.1% as compared to the previous corresponding period. In the commercial printing business, sales of production printers continued to grow in Europe and the Americas. Non-hardware sales were also robust, exceeding the level before the spread of the COVID-19. In the industrial printing business, sales increased as sales of inkjet head increased against the background of increased demand.

Despite a temporary increase in expenses due to structural reforms, Graphic Communications operating profit was ¥2.7 billion and increased by ¥0.2 billion as compared to the previous corresponding period.

Industrial Solutions

Industrial Solutions sales were ¥23.1 billion and decreased by 14.3% as compared to the previous corresponding period. In the thermal media business, sales declined in Europe and the Americas due to inventory adjustments by customers. In the industrial products business, sales of optical products declined due to the end of special demand for projectors.

Despite efforts to secure profits through pricing controls and cost reductions, Industrial Solutions operating profit (loss) was ¥1.2 billion (loss). (Operating profit (loss) was ¥0.5 billion (loss) in the previous corresponding period.)

Other

Other segment sales were ¥6.2 billion and increased by 30.9% as compared to the previous corresponding period. In addition to the steady performance of the camera business, the drug discovery support business steadily grows in contract manufacturing services for investigational products.

As a result of up-front investments to create new businesses, including these activities, Other segment operating profit (loss) was ¥2.5 billion (loss), improved by ¥0.5 billion from the previous corresponding period.

(Notes) 1. Digital services as a business segment is mainly limited to the office services business and the office printing sales business. This segment does not include all digital services, which Ricoh aims to transform into "a digital services company" that connects workplaces and support worker's creativity. "Digital Services" provided as "a digital services company" is included in all the business segments as well as Digital Services business segment.

1. The PFU business in Other segment has been reclassified into Digital Services and Digital Products from the first quarter.
2. The electronics business in Industrial Solutions has been reclassified into Digital Products from the previous third quarter. Prior year comparative figures have also been reclassified to conform to the current year's presentation.

2. Analysis of Consolidated Financial Position

*Assets, Liabilities and Equity

Total assets increased by ¥63.8 billion as compared to the end of the previous fiscal year, to ¥2,213.7 billion. Assets increased due to translation adjustments of foreign assets resulting from a significant yen depreciation, compared to the end of the previous fiscal year. After excluding the foreign exchange impact, total assets decreased by ¥30.5 billion.

The exchange rates for major currencies for the yen at end of the first quarter were ¥144.99 against the U.S. dollar (up ¥11.46 from the previous fiscal year) and ¥157.60 against the euro (up ¥11.88).

"Cash and cash equivalents" decreased by ¥29.4 billion, while "Trade and other receivables" decreased by ¥19.1 billion mainly due to the collection of receivables recorded at the end of the previous fiscal year. On the other hand, "Inventories" increased by ¥28.0 billion due to inventory for sales, acquisitions, yen depreciation and others. "Goodwill and intangible assets" increased by ¥34.7 billion due to acquisitions in Europe and yen depreciation.

Total liabilities increased by ¥10.7 billion as compared to the end of previous year, to ¥1,202.6 billion. "Trade and other payables" decreased by ¥28.1 billion mainly due to the payment of liabilities recorded at the end of the previous fiscal year, and "Bonds and borrowings" decreased by ¥14.2 billion due to the repayment of borrowings and other factors. On the other hand, "Other current liabilities" increased by ¥40.9 billion due to an increase in accrued expenses, acquisitions and yen depreciation.

Total equity increased by ¥53.0 billion as compared to the end of previous fiscal year, to ¥1,011.1 billion. Yen depreciation resulted in an increase in exchange differences on translation of foreign operations.

Equity attributable to owners of the parent therefore increased by ¥53.7 billion, to ¥985.3 billion. The equity attributable to owners of the parent ratio remained safe, at 44.5%.

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* Cash Flows (Three months from April 1, 2023 to June 30, 2023)

Net cash provided by operating activities increased by ¥14.6 billion as compared to the previous corresponding period, to ¥34.4 billion. Cash proceeds increased mainly due to a decrease in trade and other receivables compared to the previous corresponding period.

Net cash used in investing activities increased by ¥16.5 billion as compared to the previous corresponding period, to ¥31.0 billion. Cash expenditures increased mainly due to the acquisition of PFH during the first quarter of the current consolidated fiscal year.

Free cash flow (net cash provided by operating activities plus net cash used in investing activities) totaled ¥3.4 billion, down by ¥1.8 billion. Net cash used in financing activities increased by ¥35.3 billion as compared to the previous corresponding period, to ¥42.4 billion. During the first quarter of this fiscal year, cash expenditures related to the acquisition of treasury stock decreased compared to the previous corresponding period. However, cash expenditures increased mainly due to the repayment of debt.

As a result, the balance of cash and cash equivalent at the end of period decreased by ¥30.4 billion as compared to the end of previous fiscal year, to ¥180.4 billion.

3. Qualitative Information on Forecasted Consolidated Financial Results

Since the business results and the business environment including foreign currency fluctuations in the first quarter were within expectation, there was no change on the forecast of sales, gross profit, operating profit, profit before income tax expenses and profit attributable to owners of the parent from those previously announced in May this year.

Ricoh maintains the assumed exchange rates set forth in May of ¥125 against the U.S. dollar and of ¥135 against the euro in and after the second quarter while the actual exchange rates during the first quarter have been incorporated into exchange rate assumptions for the full year.

• The result forecasts and forward-looking statements included in this document are based on information available to the Company as at the date of submission of this quarterly report and certain assumptions that the Company considers reasonable. The Company makes no guarantees with respect to the achievement of its result forecasts or forward-looking statements. Actual results might be significantly different from the forecasts in the document, depending on various factors. Factors which may affect the actual business results include but are not limited to the economic situation in the geographic areas where Ricoh conducts business, including Japan, the Americas, Europe, Middle East, Africa, China and Asia, market environment, and currency exchange rates.

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