Interim report
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DISCLAIMER: This document has been translated from a par t 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 14, 2025 Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under Japanese GAAP) Company name: JEOL Ltd. Listing: Tokyo Stock Exchange Securities code: 6951 URL: https://www.jeol.co.jp Representative: Izumi Oi, President & CEO Inquiries: Toshihiko Kanayama, Director & Officer; General Manager, Management Strategy Planning Division Telephone: +81-42-543-1111 Scheduled date to file semi-annual securities report: November 14, 2025 Scheduled date to commence dividend payments: Decem ber 15, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for ins titutional investors and securities analysts) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the six month s ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (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 82,059 (5.9) 11,934 (24.6) 12,906 (8.5) 9,850 (9.8) September 30, 2024 87,234 26.9 15,817 90.8 14,099 38.3 10,916 45.2 Note: Comprehensive income For the six months ended September 30, 2025: ¥10,206 million [7.2%] For the six months ended September 30, 2024: ¥9,516 million [2.5%] Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 192.55 - September 30, 2024 213.60 - (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 226,463 143,803 63.5 2,809.66 March 31, 2025 222,486 136,653 61.4 2,672.19 Reference: Equity As of September 30, 2025: ¥143,803 million As of March 31, 2025: ¥136,653 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 - 44.00 - 62.00 106.00 Fiscal year ending March 31, 2026 - 53.00 Fiscal year ending March 31, 2026 (Forecast) 53.00 106.00 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 Fiscal year ending March 31, 2026 181,000 (8.0) 24,000 (32.4) 24,500 (28.8) 18,000 (3.7) 352.09 Note: Revisions to the earnings forecasts most recently announced: None
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* Notes (1) Significant changes in the scope of consolidati on during the period: None (2) Adoption of accounting treatment specific to th e preparation of semi-annual consolidated financial statements: None (3) Changes in accounting policies, changes in acco unting 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 re asons: 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 51,532,800 shares As of March 31, 2025 51,532,800 shares (ii) Number of treasury shares at the end of the pe riod As of September 30, 2025 350,826 shares As of March 31, 2025 393,904 shares (iii) Average number of shares outstanding during t he period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 51,158,766 shares Six months ended September 30, 2024 51,109,007 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 speci al matters (Cautions on forward-looking statements, etc.) Forward-looking statements, such as earnings forecasts, contained in this material are based on judgments made by the Company and the Group based on information available to the Company and the Group at the time of publication, but include risks and uncertainties. Actual results may differ from forecasts due to various factors such as economic environment surrounding the Company, market trends, and fluctuations in exchange rates. (Method of accessing supplementary material on financial results and contents of the financial results briefing) The Company plans to hold a briefing for institutional investors and analysts on Wednesday, November 26, 2025. Supplementary financial results briefing materials will be posted on the Company's website after the date of the financial results briefing.
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Semi-annual consolidated balance sheet (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 36,144 36,027 Notes and accounts receivable - trade, and contract assets 51,717 41,168 Merchandise and finished goods 15,932 16,973 Work in process 55,599 57,431 Raw materials and supplies 5,486 5,399 Other 5,431 5,387 Allowance for doubtful accounts (819) (626) Total current assets 169,492 161,762 Non-current assets Property, plant and equipment Buildings and structures, net 9,609 10,254 Machinery, equipment and vehicles, net 1,717 1,779 Tools, furniture and fixtures, net 6,109 6,088 Land 3,952 3,984 Leased assets, net 1,536 1,687 Construction in progress 1,183 10,204 Total property, plant and equipment 24,108 33,999 Intangible assets Goodwill 911 861 Other 2,864 3,797 Total intangible assets 3,776 4,659 Investments and other assets Investment securities 14,769 15,451 Other 10,348 10,597 Allowance for doubtful accounts (7) (7) Total investments and other assets 25,109 26,041 Total non -current assets 52,994 64,700 Total assets 222,486 226,463
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(Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Notes and accounts payable - trade 11,197 9,007 Electronically recorded obligations - operating 4,677 3,973 Current portion of long -term borrowings 4,413 3,709 Income taxes payable 6,039 4,657 Contract liabilities 34,035 30,558 Provision for bonuses 2,156 2,194 Other 10,475 16,312 Total current liabilities 72,995 70,413 Non-current liabilities Long -term borrowings 3,170 1,392 Provision for retirement benefits for directors (and other officers) 51 50 Provision for share awards for directors (and other officers) 665 625 Retirement benefit liability 6,846 7,945 Asset retirement obligations 370 370 Other 1,735 1,861 Total non -current liabilities 12,838 12,245 Total liabilities 85,833 82,659 Net assets Shareholders' equity Share capital 21,394 21,394 Capital surplus 21,271 21,271 Retained earnings 86,163 92,826 Treasury shares (688) (556) Total shareholders' equity 128,140 134,935 Accumulated other comprehensive income Valuation difference on available -for -sale securities 4,295 4,711 Deferred gains or losses on hedges (1) (28) Foreign currency translation adjustment 2,843 3,488 Remeasurements of defined benefit plans 1,374 697 Total accumulated other comprehensive income 8,512 8,868 Total net assets 136,653 143,803 Total liabilities and net assets 222,486 226,463
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Semi-annual consolidated statement of income (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Net sales 87,234 82,059 Cost of sales 44,137 42,781 Gross profit 43,097 39,277 Selling, general and administrative expenses Research and development expenses 6,140 5,948 Other 21,138 21,394 Total selling, general and administrative expenses 27,279 27,343 Operating profit 15,817 11,934 Non-operating income Interest income 91 104 Dividend income 117 122 Revenue from acceptance of development services 92 116 Foreign exchange gains - 91 Share of profit of entities accounted for using equity method 254 328 Other 163 302 Total non -operating income 720 1,065 Non-operating expenses Interest expenses 58 44 Loss on sale of trade receivables 1 1 Loss on cancellation of insurance policies 49 - Foreign exchange losses 2,266 - Other 62 47 Total non -operating expenses 2,438 93 Ordinary profit 14,099 12,906 Extraordinary income Gain on sale of non -current assets 5 19 Gain on sale of investment securities - 971 Total extraordinary income 5 991 Extraordinary losses Loss on sale of non -current assets 3 1 Loss on retirement of non -current assets 5 3 Loss on valuation of investment securities - 0 Total extraordinary losses 8 5 Profit before income taxes 14,096 13,891 Income taxes - current 4,418 4,057 Income taxes - deferred (1,238) (16) Total income taxes 3,179 4,041 Profit 10,916 9,850 Profit attributable to owners of parent 10,916 9,850
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Semi-annual consolidated statement of comprehensive income (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 10,916 9,850 Other comprehensive income Valuation difference on available -for -sale securities (526) 415 Deferred gains or losses on hedges 263 (27) Foreign currency translation adjustment (1,255) 706 Remeasurements of defined benefit plans, net of tax 20 (676) Share of other comprehensive income of entities accounted for using equity method 98 (62) Total other comprehensive income (1,400) 355 Comprehensive income 9,516 10,206 Comprehensive income attributable to Comprehensive income attributable to owners of parent 9,516 10,206 Comprehensive income attributable to non -controlling interests - -
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Semi-annual consolidated statement of cash flows (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from operating activities Profit before income taxes 14,096 13,891 Depreciation 2,399 2,458 Amortization of goodwill 193 70 Increase (decrease) in provision for bonuses 80 34 Net changes in retirement benefit assets and liabilities (102) (0) Increase (decrease) in provision for retirement benefits for directors (and other officers) 3 (0) Increase (decrease) in provision for share awards for directors (and other officers) 93 92 Loss (gain) on sale and retirement of non -current assets 2 (14) Loss (gain) on sale of investment securities - (971) Loss (gain) on valuation of investment securities - 0 Subsidy income (20) (20) Interest and dividend income (209) (226) Interest expenses 58 44 Loss on sales of notes and accounts receivable -trade 1 1 Decrease (increase) in trade receivables 11,944 10,917 Decrease (increase) in inventories (6,220) (2,323) Increase (decrease) in trade payables (2,329) (3,394) Increase (decrease) in contract liabilities 1,877 (4,258) Other, net (458) (1,987) Subtotal 21,411 14,311 Interest and dividends received 203 223 Interest paid (74) (44) Loss on sales of notes and accounts receivable -trade -paid (1) (1) Income taxes refund (paid) (5,604) (5,470) Subsidies received 1,312 20 Net cash provided by (used in) operating activities 17,246 9,038 Cash flows from investing activities Proceeds from sale of investment securities - 1,052 Purchase of property, plant and equipment (1,324) (4,821) Proceeds from sale of property, plant and equipment 40 39 Purchase of intangible assets (289) (330) Proceeds from sale of intangible assets - 4 Payments for acquisition of businesses (150) - Other, net 160 (24) Net cash provided by (used in) investing activities (1,562) (4,079) Cash flows from financing activities Repayments of long -term borrowings (3,738) (2,481) Purchase of treasury shares (0) - Dividends paid (3,538) (3,186) Other, net (209) (236) Net cash provided by (used in) financing activities (7,487) (5,905) Effect of exchange rate change on cash and cash equivalents (340) 650 Net increase (decrease) in cash and cash equivalents 7,856 (295) Cash and cash equivalents at beginning of period 29,807 34,605 Cash and cash equivalents at end of period 37,663 34,309
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(Notes on segment information, etc.) Segment Information I. Previous interim consolidated accounting period (April 1, 2024 to September 30, 2024) 1. Information on sales and the amount of profit or loss for each reported segment, as well as information on the breakdown of revenues (Millions of yen) Reportable segments Adjustment amount (Note) 1 Interim Consolidated Statements of Income (Note)2 Scientific and Metrology Instruments Industrial Equipment Medical Equipment Total Sales Japan 13,531 1,928 5,176 20,635 - 20,635 North, Central, and South America 9,815 791 1,097 11,705 - 11,705 China 12,900 13,299 103 26,303 - 26,303 other 15,920 12,634 33 28,589 - 28,589 Revenue generated from customer contracts 52,168 28,654 6,411 87,234 - 87,234 Revenues from external customers 52,168 28,654 6,411 87,234 - 87,234 Transactions with other segments - - - - - - Total 52,168 28,654 6,411 87,234 - 87,234 Segment Profit 4,032 14,622 394 19,049 (3,231) 15,817 Note: 1. The adjustment of (3,231) million for segment profit includes unallocated company-wide expenses of (3,231) million, which have not been allocated to any reporting segment. Company-wide expenses are mainly related to the Company's general administrative departments, such as the general affairs and accounting departments. 2 Segment profit is adjusted to operating income in the interim consolidated statements of income. II. The interim consolidated accounting Period (April 1, 2025 to September 30, 2025) 1. Information on sales and the amount of profit or loss for each reported segment, as well as information on the breakdown of revenues (Millions of yen) Reportable segments Adjustment amount (Note) 1 Interim Consolidated Statements of Income (Note)2 Scientific and Metrology Instruments Industrial Equipment Medical Equipment Total Sales Japan 13,000 3,985 5,038 22,023 - 22,023 North, Central, and South America 10,062 2,185 2,163 14,411 - 14,411 China 10,636 8,231 112 18,980 - 18,980 other 13,959 12,613 71 26,643 - 26,643 Revenue generated from customer contracts 47,659 27,015 7,385 82,059 - 82,059 Revenues from external customers 47,659 27,015 7,385 82,059 - 82,059 Transactions with other segments - - - - - - Total 47,659 27,015 7,385 82,059 - 82,059 Segment Profit 2,745 11,683 696 15,125 (3,191) 11,934 Note: 1. The adjustment of (3,191) million for segment profit includes unallocated company-wide expenses of (3,191) million, which have not been allocated to any reporting segment. Company-wide expenses are mainly related to the Company's general administrative departments, such as the general affairs and accounting departments. 2 Segment profit is adjusted to operating income in the interim consolidated statements of income.