Interim report
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Note: This document has been translated from 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. October 31, 2025 Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under Japanese GAAP) Company name: Aoi Electronics Co., Ltd. Listing: Tokyo Stock Exchange Securities code: 6832 URL: https://www.aoi-electronics.co.jp/ Representative: Kazuhiro Kinoshita, President Inquiries: Ryoji Aoki, Director, General Manager of Administration Div. Telephone: +81-87-882-1131 Scheduled date to file semi-annual securities report: November 14, 2025 Scheduled date to commence dividend payments: December 1, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 19,160 8.6 475 (11.8) 596 11.0 414 (13.6) September 30, 2024 17,651 3.4 539 – 537 – 479 – Note: Comprehensive income For the six months ended September 30, 2025: ¥478 million [17.2%] For the six months ended September 30, 2024: ¥408 million [–%] Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 36.98 – September 30, 2024 42.78 – (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio Net assets per share As of Millions of yen Millions of yen % Yen September 30, 2025 57,582 43,069 74.8 3,845.83 March 31, 2025 51,592 42,915 83.2 3,832.10 Reference: Equity As of September 30, 2025: ¥43,069 million As of March 31, 2025: ¥42,915 million
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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 – 25.00 – 29.00 54.00 Fiscal year ending March 31, 2026 – 25.00 Fiscal year ending March 31, 2026 (Forecast) – 29.00 54.00 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 % Millions of yen % Millions of yen % Yen Full year 38,800 10.9 700 59.5 700 67.0 480 169.6 42.86 Note: Revisions to the financial results forecast most recently announced: Yes
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Application of accounting treatment specific to the preparation of semi-annual 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 September 30, 2025 12,000,000 shares As of March 31, 2025 12,000,000 shares (ii) Number of treasury shares at the end of the period As of September 30, 2025 801,063 shares As of March 31, 2025 801,033 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 11,198,953 shares Six months ended September 30, 2024 11,199,015 shares * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit corporation. * Proper use of earnings forecasts, and other special matters Although the financial results forecast was calculated based on information currently available as of the announcement date of these materials, a considerable number of uncertain factors are also included. Please understand that actual financial results may differ significantly from the forecasts presented in these materials due to changes to business conditions, etc. Means of access to supplementary material on financial results The supplementary material on financial results will be available on the Company’s website.
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1 Attached Materials Index 1. Qualitative information on the semi-annual financial results .............................................................................. 2 (1) Operating results during the period under review ...........................................................................................2 (2) Financial position during the period under review ..........................................................................................2 (3) Explanation of consolidated financial results forecast and other forward-looking statements .......................2 2. Semi-annual consolidated financial statements and significant notes thereto ..................................................... 3 (1) Semi-annual consolidated balance sheets ........................................................................................................3 (2) Semi-annual consolidated statements of income and semi-annual consolidated statements of comprehensive income .............................................................................................................................................................5 Semi-annual consolidated statements of income ........................................................................................... 5 Semi-annual consolidated statements of comprehensive income .................................................................... 6 (3) Notes to semi-annual consolidated financial statements .................................................................................7 Notes on premise of going concern ................................................................................................................. 7 Notes on significant changes in the amount of shareholders’ equity ............................................................... 7 Application of special accounting for preparing semi-annual consolidated financial statements ................... 7 Changes in accounting policies ........................................................................................................................ 7 Changes in accounting estimates ..................................................................................................................... 7 Additional information .................................................................................................................................... 7 Notes to segment information, etc. .................................................................................................................. 7
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2 1. Qualitative information on the semi-annual financial results (1) Operating results during the period under review During the six months ended September 30, 2025, the Japanese economy maintained its track of moderate recovery against the backdrop of an improved employment and personal income environment and a pickup in exports. On the other hand, the economic outlook remains uncertain and challenging, as prices remain high due to the unstable international situation with increasing tensions and the soaring prices of energy and raw materials, and some economic activities remain stagnant. Overseas, in the U.S., we are facing a severe situation in which the risk of recession is further increasing as economic growth is slowing due to higher costs caused by high tariffs, high inflation, and a slowdown in the labor market. In China, while domestic demand has stagnated due to sluggish manufacturing, real estate, and personal consumption, the government is accelerating investment in advanced technology fields, including semiconductors, to stabilize the economy and upgrade the industrial structure, and is ramping up policy measures aimed at structural transformation. In the electronic components industry, to which the Group belongs, although the market environment has improved for some products, following a recovery after a demand slump caused by worsening market conditions, a full-scale recovery is yet to occur as there are observed discrepancies in the supply/demand balance and the status of inventory adjustments in each market, mainly due to the prolonged slump for automotive components against a backdrop of a slowdown in the pace of growth in demand for electric vehicles (EVs). At the same time, competition for development in cutting-edge processes is intensifying due to the growing demand associated with the sophistication and widespread use of AI technologies, and the movement toward structural reform is accelerating against the backdrop of increased technology investment and changes in the business environment in the global market. Amid these circumstances, for the six months ended September 30, 2025, consolidated net sales totaled ¥19,160 million (increase of ¥1,509 million (+8.6%) year on year), operating profit totaled ¥475 million (decrease of ¥63 million (−11.8%) year on year) due to soaring prices of raw materials, increased research and development expenses including those for launching new businesses such as advanced packaging and other factors, ordinary profit totaled ¥596 million (increase of ¥58 million (+11.0%) year on year) due to foreign exchange gains and other factors, and profit attributable to owners of parent totaled ¥414 million (decrease of ¥64 million (−13.6%) year on year). With regard to the Group’s net sales by category, integrated circuits recorded ¥16,846 million (increase of ¥1,413 million (+9.2%) year on year) due to an increase in orders for components for mobile information devices and consumer devices. Sales of functional components totaled ¥2,311 million (increase of ¥120 million (+5.5%) year on year) due to an increase in orders for thermal print heads accompanying the progress in inventory adjustments. (2) Financial position during the period under review Assets as of September 30, 2025 totaled ¥57,582 million (increase of ¥5,990 million from the end of the previous fiscal year) mainly due to increases in raw materials and supplies, and property, plant and equipment, and a decrease in cash and deposits. Liabilities totaled ¥14,513 million (increase of ¥5,836 million from the end of the previous fiscal year) due to increases in accounts payable - other and long- term borrowings. As a result, net assets totaled ¥43,069 million (increase of ¥153 million from the end of the previous fiscal year), and the equity-to-asset ratio was 74.8%. (3) Explanation of consolidated financial results forecast and other forward-looking statements Regarding the financial results forecast for the fiscal year ending March 31, 2026, please refer to the “Notice Regarding Differences Between Consolidated Financial Results Forecasts and Actual Results for the Six Months Ended September 30, 2025 and Revisions to Full-Year Consolidated Financial Results Forecasts of the Fiscal Year Ending March 31, 2026” announced today (October 31, 2025) in Japanese.
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3 2. Semi-annual consolidated financial statements and significant notes thereto (1) Semi-annual consolidated balance sheets (Thousands of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 17,701,231 14,621,194 Notes and accounts receivable - trade 6,864,429 7,543,797 Electronically recorded monetary claims - operating 2,055,138 2,470,291 Securities 3,000,000 3,000,000 Merchandise and finished goods 65,283 65,620 Work in process 1,061,575 1,108,368 Raw materials and supplies 1,832,290 2,883,379 Prepaid expenses 103,430 144,330 Other 745,863 930,398 Total current assets 33,429,242 32,767,380 Non-current assets Property, plant and equipment Buildings and structures 23,711,628 25,026,435 Accumulated depreciation and impairment (17,782,736) (18,160,046) Buildings and structures, net 5,928,892 6,866,388 Machinery, equipment and vehicles 46,277,009 46,357,881 Accumulated depreciation and impairment (44,288,442) (44,246,543) Machinery, equipment and vehicles, net 1,988,566 2,111,338 Tools, furniture and fixtures 8,738,502 8,781,103 Accumulated depreciation and impairment (8,538,010) (8,473,002) Tools, furniture and fixtures, net 200,492 308,101 Land 3,453,102 3,453,102 Leased assets 266,050 224,269 Accumulated depreciation and impairment (161,509) (131,427) Leased assets, net 104,541 92,841 Construction in progress 1,352,245 6,712,760 Total property, plant and equipment 13,027,841 19,544,532 Intangible assets 124,387 130,540 Investments and other assets Investment securities 2,951,046 3,070,290 Retirement benefit asset 1,793,285 1,822,311 Deferred tax assets 90,666 78,654 Other 176,189 168,951 Total investments and other assets 5,011,188 5,140,207 Total non-current assets 18,163,417 24,815,281 Total assets 51,592,659 57,582,661
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4 (Thousands of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Notes and accounts payable - trade 1,924,254 1,702,526 Electronically recorded obligations - operating 802,971 703,696 Short-term borrowings 1,180,000 200,000 Current portion of long-term borrowings 167,685 126,000 Lease liabilities 40,353 35,523 Accounts payable - other 2,056,896 3,475,915 Income taxes payable 92,728 123,003 Provision for bonuses 674,471 668,459 Other 711,911 537,198 Total current liabilities 7,651,274 7,572,321 Non-current liabilities Long-term borrowings 306,500 5,883,500 Lease liabilities 70,057 61,265 Deferred tax liabilities 556,347 604,620 Retirement benefit liability 31,371 30,898 Asset retirement obligations 28,039 28,114 Special suspense account for tax purpose reduction entry – 300,000 Other 33,510 32,736 Total non-current liabilities 1,025,826 6,941,135 Total liabilities 8,677,100 14,513,456 Net assets Shareholders’ equity Share capital 4,545,500 4,545,500 Capital surplus 5,790,950 5,790,950 Retained earnings 33,410,113 33,499,437 Treasury shares (1,961,370) (1,961,429) Total shareholders’ equity 41,785,193 41,874,458 Accumulated other comprehensive income Valuation difference on available-for-sale securities 305,972 402,344 Remeasurements of defined benefit plans 824,394 792,401 Total accumulated other comprehensive income 1,130,366 1,194,746 Total net assets 42,915,559 43,069,205 Total liabilities and net assets 51,592,659 57,582,661
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5 (2) Semi-annual consolidated statements of income and semi-annual consolidated statements of comprehensive income Semi-annual consolidated statements of income (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Net sales 17,651,368 19,160,638 Cost of sales 14,874,361 15,825,472 Gross profit 2,777,006 3,335,165 Selling, general and administrative expenses 2,237,923 2,859,617 Operating profit 539,083 475,548 Non-operating income Interest income 3,080 28,923 Dividend income 8,748 12,193 Foreign exchange gains – 33,441 Technical support fee income 6,597 43,660 Compensation income 9,558 20,624 Rental income 16,961 19,928 Share of profit of entities accounted for using equity method 10,890 – Other 46,121 33,489 Total non-operating income 101,958 192,261 Non-operating expenses Interest expenses 2,929 17,129 Foreign exchange losses 69,651 – Compensation expenses 6,486 7,685 Depreciation of assets for rent 16,449 17,835 Share of loss of entities accounted for using equity method – 14,746 Other 7,889 13,894 Total non-operating expenses 103,407 71,291 Ordinary profit 537,634 596,517 Extraordinary income Gain on sale of non-current assets 321 494 Total extraordinary income 321 494 Extraordinary losses Loss on retirement of non-current assets 4,034 90,328 Total extraordinary losses 4,034 90,328 Profit before income taxes 533,921 506,684 Income taxes - current 25,374 61,405 Income taxes - deferred 29,488 31,184 Total income taxes 54,863 92,589 Profit 479,058 414,094 Profit attributable to owners of parent 479,058 414,094
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6 Semi-annual consolidated statements of comprehensive income (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 479,058 414,094 Other comprehensive income Valuation difference on available-for-sale securities (34,676) 96,372 Remeasurements of defined benefit plans, net of tax (35,967) (31,992) Total other comprehensive income (70,644) 64,380 Comprehensive income 408,414 478,475 Comprehensive income attributable to Comprehensive income attributable to owners of parent 408,414 478,475 Comprehensive income attributable to non-controlling interests – –
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7 (3) Notes to semi-annual consolidated financial statements Notes on premise of going concern Not applicable Notes on significant changes in the amount of shareholders’ equity Not applicable Application of special accounting for preparing semi-annual consolidated financial statements Not applicable Changes in accounting policies Not applicable Changes in accounting estimates Not applicable Additional information Not applicable Notes to segment information, etc. Segment information The six months ended September 30, 2024 (From April 1, 2024 to September 30, 2024) and the six months ended September 30, 2025 (From April 1, 2025 to September 30, 2025) The Group consists of a single operating segment, of which business activities are manufacturing and selling electric and electronic components, and the entire Group formulates comprehensive business strategies and conducts business activities. Accordingly, segment information has been omitted.