Interim report
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DISCLAIMER: 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. February 3, 2026 Consolidated Financial Results for the Third Quarter of Fiscal Y ear 2025 Company name: MARUWA CO., LTD. Listing: Tokyo Stock Exchange / Nagoya Stock Exchange Securities code: 5344 URL: https://www.maruwa-g.com/ Representative: Toshiro Kambe, Representative Director and President Inquiries: Daisuke Yamaguchi, Director and Head of Administration Division Telephone: +81-561-51-0841 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: None Holding of financial results briefing: Yes (for analysts and institutional investors) Rounded down to the nearest million yen 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 52,225 (1.7) 17,124 (13.2) 18,029 (10.0) 12,332 (11.7) December 31, 2024 53,141 18.0 19,734 37.1 20,034 33.9 13,965 31.7 Note: Comprehensive income For the nine months ended December 31, 2025: ¥14,197 million [(5.7)%] For the nine months ended December 31, 2024: ¥15,056 million [37.8%] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 999.46 - December 31, 2024 1,131.80 - (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % December 31, 2025 152,670 140,835 92.2 March 31, 2025 142,285 127,854 89.9 Reference: Equity As of December 31, 2025: ¥140,835 million As of March 31, 2025: ¥127,854 million 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 47.00 - 47.00 94.00 Fiscal year ending March 31, 2026 - 51.00 - Fiscal year ending March 31, 2026 (Forecast) 51.00 102.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Yen % Yen % Yen Fiscal year ending March 31, 2026 75,100 4.5 27,000 0.3 - - - - - Note: Revisions to the earnings forecasts most recently announced: None
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 12,372,000 shares As of March 31, 2025 12,372,000 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 33,334 shares As of March 31, 2025 32,112 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 12,339,082 shares Nine months ended December 31, 2024 12,338,844 shares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:None * Proper use of earnings forecasts, and other special matters (Cautions on forward-looking statements, etc.) The forward-looking statements, including forecasts of financial results, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ from the results anticipated in the statements due to various factors.
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1. Overview of Operating Results, etc. (1) Business results During the third quarter of the fiscal year ending March 31, 2026 (April 1 to December 31, 2025), concerns over geopolitical risks persisted due to developments in the Middle East and Ukraine, as well as heightened attention to monetary policies in various countries and tariff policies involving the United States and other countries. In the high-tech market, rapid technological advancements and active investments were observed across a wide range of fields related to generative AI. In our business, working within this business environment, while the next -generation high- speed communications -related business continued to remain at a high level, a recovery was observed in the automobile- and semiconductor-related businesses, which had experienced weaker market conditions during the first half of the fiscal year. As a result, consolidated net sales for the third quarter of the fiscal year ending March 31, 2026, decreased by 1.7% year on year to 52,225 million yen, operating profit decreased by 13.2% to 17,124 million yen, ordinary profit decreased by 10.0% to 18,029 million yen, and quarterly net profit attributable to owners of the parent decreased by 11.7% year on year to 12,332 million yen. From the fourth quarter onward, growth in the telecommunication-related business is expected to accelerate due to a significant increase in production for next-generation high-speed communication. In the next fiscal year, we expect a full-scale recovery in the automobile- and semiconductor-related businesses. Toward achieving our medium-term plan targeting net sales of 100 billion yen in the fiscal year ending March 31, 2029, we will continue to steadily focus on strengthening our business foundation. Sales and profits by segment are as follows. (Ceramic Components Business) In this segment, while the next -generation high-speed communications-related business continued to remain at a high level, a recovery was observed in the automobile - and semiconductor -related businesses, which had experienced weaker market conditions during the first half of the fiscal year. As a result, net sales for the third quarter of the fiscal year ending March 31, 2026, decreased by 3.4% year on year to 45,023 million yen, and segment profit decreased by 15.5% year on year to 16,906 million yen. (Lighting Equipment Business) This segment performed solidly, supported by strong demand for lighting products for the high- end new condominium market, as well as steady progress in public LED lighting installation projects. As a result, net sales for the third quarter of the fiscal year ending March 31, 2026, increased by 9.8 % year on year to 7,201 million yen, while segment profit increased by 61.9% year on year to 1,418 million yen. (2) Financial conditions (Assets) Current assets at the end of the third quarter of the fiscal year ending March 31, 2026, totaled 100,691 million yen, an increase of 401 million yen from the end of the previous fiscal year, primarily due to an increase in accounts receivable. Non-current assets amounted to 51,979 million yen, an increase of 9,983 million yen from the end of the previous fiscal year, mainly attributable to an increase in construction in progress. As a result, total assets amounted to 152,670 million yen, an increase of 10,384 million yen from the end of the previous fiscal year. (Liabilities) Current liabilities at the end of the third quarter of the fiscal year ending March 31, 2026, amounted to 11,306 million yen, a decrease of 2,626 million yen from the end of the previous fiscal year, primarily due to a decrease in income taxes payable. Non- current liabilities amounted to 528 million yen, an increase of 30 million yen from the end of the previous fiscal year, mainly due to an increase in deferred tax liabilities. As a result, total liabilities amounted to 11,835 million yen, a decrease of 2,596 million yen from the end of the previous fiscal year. (Net Assets) Net assets at the end of the third quarter of the fiscal year ending March 31, 2026, amounted to 140,835 million yen, an increase of 12,981 million yen from the end of the previous fiscal year, primarily due to the recording of 12,332 million yen in quarterly net profit attributable to owners of the parent. As a result, the equity ratio was 92.2% (89.9% at the end of the previous fiscal year).
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(3) Future outlook There are no changes to the consolidated earnings forecast for the fiscal year ending March 31, 2026, which was announced on November 5, 2025. Current outlook by segment is as follows. In the telecommunication-related business, growth is expected to accelerate, driven by a significant increase in production from the fourth quarter onward following the full -scale launch of a successor model for next -generation high-speed communication. As end-user demand has further strengthened, we expect continued growth in the next fiscal year. In the automobile-related business, inventory adjustments related to new energy vehicles have been completed, and the business has entered a recovery phase. From the next fiscal year, the business is expected to return to a growth phase. For medium - to long-term growth, we will continue to strengthen profitability through automation and yield improvement. In the semiconductor -related business, demand related to generative AI remains strong, and differentiated high- purity SiC products have also begun to expand from the second half of the fiscal year. While a full -scale recovery in demand for general - purpose memory has been delayed, a steady recovery is underway. Toward a full market recovery in the next fiscal year, we will focus on strengthening production capacity at our new plant. In the industrial equipment-related business, demand for power modules has slowed due to market conditions, but demand for new medical-related products is increasing. In the lighting equipment-related business, high-end lighting products continue to perform steadily, supported by increasing LED demand due to Japan’s upcoming policy to phase out fluorescent lamp production by 2027 and the expansion of the high- end new condominium market in metropolitan areas. On the earnings front, we will continue to enhance profitability through further factory automation and improved yields on new products. Regarding profit figures below ordinary profit, it is difficult to provide forecasts at this time due to the potential volatility caused mainly by exchange rate fluctuations.
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Quarterly consolidated balance sheet (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 71,793 67,840 Notes receivable - trade 139 70 Accounts receivable - trade 12,420 13,867 Electronically recorded monetary claims - operating 1,319 1,467 Merchandise and finished goods 2,645 2,532 Work in process 3,803 4,876 Raw materials and supplies 5,398 6,935 Other 2,832 3,109 Allowance for doubtful accounts (62) (8) Total current assets 100,290 100,691 Non-current assets Property, plant and equipment Buildings and structures, net 14,996 16,401 Machinery, equipment and vehicles, net 13,039 14,297 Land 5,047 5,064 Construction in progress 5,474 13,538 Other, net 798 852 Total property, plant and equipment 39,356 50,154 Intangible assets Other 444 441 Total intangible assets 444 441 Investments and other assets 2,194 1,382 Total non-current assets 41,995 51,979 Total assets 142,285 152,670
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(Millions of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes and accounts payable - trade 2,965 4,206 Electronically recorded obligations - operating 840 984 Income taxes payable 4,929 1,233 Provision for bonuses 1,191 589 Provision for bonuses for directors (and other officers) 149 75 Other 3,856 4,215 Total current liabilities 13,933 11,306 Non-current liabilities Deferred tax liabilities 131 165 Other 366 362 Total non-current liabilities 498 528 Total liabilities 14,431 11,835 Net assets Shareholders' equity Share capital 8,646 8,646 Capital surplus 12,103 12,103 Retained earnings 105,705 116,828 Treasury shares (198) (205) Total shareholders' equity 126,257 137,373 Accumulated other comprehensive income Valuation difference on available-for-sale securities 39 35 Foreign currency translation adjustment 1,556 3,426 Total accumulated other comprehensive income 1,596 3,461 Total net assets 127,854 140,835 Total liabilities and net assets 142,285 152,670
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Quarterly consolidated statement of income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Net sales 53,141 52,225 Cost of sales 24,237 25,252 Gross profit 28,903 26,973 Selling, general and administrative expenses 9,169 9,848 Operating profit 19,734 17,124 Non-operating income Interest income 187 395 Rental income 93 95 Foreign exchange gains - 359 Other 90 149 Total non-operating income 371 1,000 Non-operating expenses Interest expenses 0 - Foreign exchange losses 24 - Rent expenses on real estate for investments 36 39 Loss on extinguishment of share-based payment expenses 0 41 Other 8 14 Total non-operating expenses 71 95 Ordinary profit 20,034 18,029 Extraordinary income Gain on sale of non-current assets 0 1 Gain on sale of investment securities - 147 Subsidy income 2,576 42 Total extraordinary income 2,576 191 Extraordinary losses Loss on sale and retirement of non-current assets 89 36 Loss on tax purpose reduction entry of non-current assets 2,360 42 Other - 14 Total extraordinary losses 2,450 93 Profit before income taxes 20,160 18,126 Income taxes - current 6,026 5,405 Income taxes - deferred 168 388 Total income taxes 6,194 5,794 Profit 13,965 12,332 Profit attributable to owners of parent 13,965 12,332
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Quarterly consolidated statement of comprehensive income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 13,965 12,332 Other comprehensive income Valuation difference on available-for-sale securities (89) (4) Foreign currency translation adjustment 1,180 1,869 Total other comprehensive income 1,091 1,865 Comprehensive income 15,056 14,197 Comprehensive income attributable to Comprehensive income attributable to owners of parent 15,056 14,197
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(Notes on segment information, etc.) Segment Information I. The nine months of the previous fiscal year (April 1, 2024 to December 31, 2024) 1. Information on sales and the amount of profit or loss for each reported segment (Millions of yen) Reportable segments Adjustment amount (Note) 1 Quarterly Consolidated Statements of Income (Note)2 CERAMIC CONPORNENT LIGHTING EQUIPMENT Total Sales Revenues from external customers 46,585 6,556 53,141 - 53,141 Transactions with other segments 5 34 40 (40) - Total 46,591 6,590 53,182 (40) 53,141 Segment Profit 19,996 876 20,872 (1,138) 19,734 Note: 1. Segment profit adjustment of (1,138) million yen includes 38 million yen of inter -segment transaction elimination and (1,176) million yen of company -wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are primarily not attributable to the reporting segment. 2. Segment profit is adjusted to operating income in the quarterly consolidated statements of income. 2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable. II. The nine months of the current fiscal year (April 1, 2025 to December 31, 2025) 1. Information on sales and the amount of profit or loss for each reported segment (Millions of yen) Reportable segments Adjustment amount (Note) 1 Quarterly Consolidated Statements of Income (Note)2 CERAMIC CONPORNENT LIGHTING EQUIPMENT Total Sales Revenues from external customers 45,023 7,201 52,225 - 52,225 Transactions with other segments 6 2 9 (9) - Total 45,030 7,204 52,234 (9) 52,225 Segment Profit 16,906 1,418 18,325 (1,200) 17,124 Note: 1. Segment profit adjustment of (1,200) million yen includes 70 million yen of inter -segment transaction elimination and (1,271) million yen of company -wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are primarily not attributable to the reporting segment. 2. Segment profit is adjusted to operating income in the quarterly consolidated statements of income. 2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.