Overview of Consolidated Financial Results for the Year Ended March 31, 2026（616KB）

Securities Code 5208 ARISAWA Mfg. Co., Ltd. Overview of Consolidated Financial Results for the Year Ended March 31, 2026

April 30, 2026

Arisawa Mfg. Co., Ltd.

Contents

• FY2025 Review on a Consolidated Basis

• FY2026 Forecast on a Consolidated Basis

• Appendix

(Million Yen)

FY2024

FY2025 Consolidated Performance

result

FY2025 FCT(Feb. 5)

FY2025

result

YoY

vs. FCT (Feb. 5)

Earnings per share(Yen) 119.49 120.32* Dividend (Yen) Total 96.00 Total 97.00

Exchange rate (Yen/$)

150.57

合計 122.00

+26.0% +25.1%

-- --

-- --

• Year-on-year

* Calculated by the estimated average number of shares during the period of FY2026

• Versus the forecast as of Feb. 5

• Consolidated sales increased by 6,658 million yen (+13.4% YoY) due to increases in those of electronic and industrial structural materials.

• Operating profit increased by 912 million yen (+18.6% YoY) due to increases in sales and accompanying improved capacity utilization.

• Ordinary profit increased by 890 million yen (+16.9% YoY).

• Net profit increased by 1,026 million yen (+25.8% YoY) due to an increase of extraordinary income, including subsidy income.

• Consolidated sales increased by 1,174 million yen (+2.1% vs. FCT) mainly due to an increase in sales of each segment at the head of electronic materials.

• Operating profit increased by 305 million yen (+5.6% YoY) due to an increase in sales.

• Ordinary profit increased by 12.0% YoY.

• Net profit increased by 24.9% YoY.

(Million Yen)

FY2024

Statement of Income

result

FY2025 FCT (Feb. 5)

FY2025

result

YoY

Net sales 49,815 55,300

56,474

+6,658 Increase in sales of electronic and industrial structural materials

Gross profit

Selling, general and administrative expenses

11,621 (23.3%)

6,728

13,417

7,612

(23.8%)

Operation profit 4,893 (9.8%) 5,500 (9.9%)

Foreign exchange gains/loss

5,805 (10.3%)

+912 Increase in sales and improved capacity utilization

Other non-operating income / expenses

241

133

151

201

Ordinary profit 5,267 (10.6%) 5,500 (9.9%)

6,157 (10.9%)

+890

Sales of affiliated company stocks Subsidy income

*Profit ratio in （）

(Assets)

(Million Yen)

As of Mar. 2025

As of Mar. 2026

Change

Current assets 49,527

54,001

+4,474 Cash and deposits:-1,620, accounts receivable -trade:+5,232, inventories: +1,010

Property, plant and equipment, and intangible assets

19,065

23,948

+4,883 Capital expenditure (mainly construction of ARISAWA Innovation Center)

Other comprehensive income and share acquisition rights

4,412

5,501

+1,089 Foreign currency translation adjustment: +943

Total net assets 71,736

81,039

+9,302

Balance Sheet

FY2025 Segment Comparison (vs. FY2024)

Sales Segment Profit

• Consolidated sales increased by 6,658 million yen (+13.4% YoY) due to increases in those of electronic and industrial and structural materials.

• Sales of electronic materials increased by 14.0% YoY due to a strong demand for semiconductors and smartphones.

• The sales of industrial structural materials increased by 29.3% YoY due to a strong demand for interior materials for aircraft and the FRP pressure vessels for water purification.

• The sales of display materials decreased by 19.1% YoY due to a weak demand of 3D-related materials and polarization control optical components.

  
  
  

• Operating profit increased by 18.6% YoY due to increases in sales of electronic and industrial and structural materials and accompanying improved capacity utilization. Please refer to pages 8 to 10 for details.

  FY2025 Segment Comparison (vs. FCT as of Feb. 5)

  
  
  Sales Segment Profit

  (Million Yen)		FY2025 FCT(Feb. 5)	FY2025 result	Change	FY2025 FCT(Feb. 5)	FY2025 result	Change
  Electronic materials		35,200	35,882	+682	3,500	3,558	+58
  FPC materials (Arisawa)		18,900	19,376	+476
  FPC materials (ThinFlex)		11.650	11,808	+158
  ICGC, Prepreg		2,750	2,776	+26
  Printed Wiring Board (Satosen)		1,900	1,922	+22
  Industrial structural materials		13,500	13,731	+231	2,850	2,901	+51
  Honey-comb panel		2,500	2,508	+8
  FRP pressure vessels for water treatment		8,300	8,257	△43
  Others		2,700	2,966	+266
  Electrical insulating materials		2,500	2,546	+46	250	264	+14
  Display materials		3,800	3,973	+173	700	833	+133
  Related materials, others		300	339	+39	200	233	+33
  	Total	55,300	56,474	+1,174	7,500	7,792	+292

  Corporate Expenses	-2,000	△1,987
  Operating profit	5,500	5,805	+305

  • The sales of all segments exceeded the FCT, led by electronic materials. The sales increased by 1,174 million yen (+2.1% vs FCT).

  • In electronic materials, the sales and profit were firm due to a strong demand for smartphones and semi-conductors (PC and AI server, etc.).

  • In industrial structural materials, the sales of in-vehicle materials exceeded the FCT.

  • In display materials, the sales exceeded the FCT due to a trend of recovery in 3D-related materials from Oct. 2025 to Mar. 2026.

  • Operating profit increased by 5.6% due to increases in sales. Please refer to pages 8 to 10 for details.

Overview in FY2025 - Electronic Materials

Sales of electronic materials

Market

(Million Yen)

31,477

2,067

1,798

35,200 35,882

2,750

1,900

1,922

2,776

Printed Wiring Board (Satosen)

ICGC & Prepreg

FPC materials (ThinFlex)



FPC materials (Arisawa)

Segment Profit (Segment profit ratio)

• Sales of electronic materials have been a strong demand for smartphones and semiconductors (PC and AI server, etc.).

  Performance YoY

• Sales increased by 4,405 million yen (+14.0% YoY) due to increases in all areas of FPC materials, ICGC & Prepreg, and printed wiring boards.

  • Sales of FPC materials (Arisawa) increased by 10.6% due to a strong demand for smartphones and semiconductor applications.

  • Sales of FPC materials (ThinFlex) increased by 17.0% due to a recovery in demand for Chinese smartphones.

    10,092

    11,650

    11,808

    • Sales of ICGC & Prepreg increased by 34.4% YoY mainly due to a demand of semiconductor applications.

    • Sales of printed wiring boards increased by 6.9% YoY.

    • Segment profit increased by 704 million yen (+24.7% YoY) due to increases in sales.

      17,520

      (9.1%)

      18,900 19,376

      2,854 3,500 3,558

      (+24.7% YoY)

      (9.9%) (9.9%) (+1.7% vs. FCT)

      Performance vs. FCT as of Feb. 5

    • Sales increased by 682 million yen (+1.9% vs. FCT) due to the steady performance of FPC materials (Arisawa).

    • Segment profit increased by 58 million yen (+1.7% YoY).

FY2024 FY2025 FY2025

FCT (Feb. 5)

Sales of industrial structural materials

Others

In-vehicle materials FRP pressure vessels for

water purification

Market

Overview in FY2025 - Industrial Structural Materials

• Strong performance continues in water purification materials for drinking and industrial water, etc. due to an increase in global demand for water.

• The demand for aircraft is recovering gradually.

  Performance YoY

• Sales increased by 29.3% YoY due to a recovery in demand of honey-comb panels for aircraft and strong demand for FRP pressure vessel, etc.

  
  
  

  (Million Yen)

  10,616

  1,407

  795

  7,254

  13,500 13,731

  900

  1,012

  1,800

  1,954

  8,300 8,257

  2,850 2,901

  Honey-comb panel
  
  Segment Profit(Segment profit ratio)
  
  

  (+64.7% YoY)

  • Sales of honey-comb panels increased by 2.2 times YoY.

  • Sales of FRP pressure vessel for water purification increased by 13.8% YoY.

  • Sales of in-vehicle materials increased by 38.8% YoY.

• Segment profit increased by 1,139 million yen YoY (+64.7%) mainly due to an increase in sales, accompanying improved capacity utilization and improvement in product mix.

  Performance vs. FCT as of Feb. 5

• Sales increased by 231 million yen (+1.7% vs. FCT) due to a strong demand in-vehicle materials. Segment profit increased by 1.8% YoY.

  1,762

  (16.6%)

  (21.1%) (21.1%) (+1.8% vs. FCT)

  1,160

2,500

2,508

FY2024 FY2025 FY2025

FCT (Feb. 5)

Overview in FY2025 - Display Materials

Sales of display materials

(Million Yen)

4,913

476

700

18.4%

1,300

2,100

400

833

21.0%

1,477

2,084

412

3,800 3,973

2,517

1,729

(35.2%)

Others

Polarization control optical components

3D-related materials

Segment Profit (Segment profit ratio)

Market

• 3D-related materials were on the recovery trend in 2H 2025 compared to a weak performance in 1H 2025.

  Performance YoY

• Sales decreased by 939 million yen (-19.1% YoY) due to decreases of sales in 3D-related materials and polarization control optical components.

  • Sales of 3D-related materials decreased by 23.1% YoY.

  • Sales of polarization control optical components decreased by 17.2%.

• Segment profit decreased by 896 million yen (-51.8% YoY) due to the decrease in sales.

  Performance vs. FCT as of Feb. 5

• 3D-related materials are on the recovery trend in 2H 2025. Sales and segment profit were higher than FCT.

  1,920

  ( )

  (

  (△51.8% YoY)

  ) (+19.1% vs. FCT)

  FY2024 FY2025 FY2025

  FCT (Feb. 5)

  
  
  

  Contents

  • FY2025 Review on a Consolidated Basis

    • FY2026 Forecast on a Consolidated Basis

  • Appendix

  
  
  

  (Million Yen)	FY2025 1H result	FY2025 FY result	FY2026 1H FCT (Apr. 30)	YoY		FY2026 FY FCT (Apr. 30)	YoY
  Sales	26,537	56,474	31,000	+16.8%		61,300	+8.5%
  Operating Profit	2,454	5,805	2,600	+5.9%		5,900	+1.6%
  Operating Margin	9.3%	10.3%	8.4%			9.6%
  Ordinary Profit	2,154	6,157	2,600	+20.7%		5,700	△7.4%
  Net Profit	1,562	4,995	1,700	+8.8%		4,000	△19.9%
  Earnings per share(Yen)	47.00	150.57	51.87 *	+10.4%		122.04 *	△18.9%

  FY2026 Forecast of Consolidated Performance

  
  
  

  Exchange rate (Yen / $)

  --

  153.00

  150.00

  --

  Dividend (Yen) 44.00 Total 122.00 49.00

  -- Total 98.00 --

  average for the period	148.40	149.61	156.50
  at end of period	148.88	159.88	150.00

  *Calculated by the number of shares as of Mar. 31, 2026

  Forecast of consolidated performance (FY2026)

  • Sales are expected to increase by 4,826 million yen (+8.5 YoY) mainly due to increases in sales of electronic materials.

  • Operating profit is expected to increase by only 95 million yen (+1.6% YoY) due to the change in product mix.

  • Ordinary profit is expected to decrease by 457 million yen (-7.4% YoY) due to an increase of interest expenses and foreign exchange losses.

  • Net profit is expected to decrease by 995 million yen (-19.9 YoY) due to a decrease of extraordinary profit by a decrease of subsidy income allocated in FY2025.

    
    
    

    FY2026 1H Segment Comparison (vs. FY2025)

    
    
    

    Sales Segment Profit

    (Million Yen)		FY2025 result	FY2026 FCT (Apr.30)	YoY	FY2025 result	FY2026 FCT (Apr.30)	YoY
    Electronic materials		17,217	20,700	+3,483	1,685	2,200	+515
    FPC materials (Arisawa)		9,719	11,000	+1,281
    FPC materials (ThinFlex)		5,286	7,100	+1,814
    ICGC, Prepreg		1,308	1,500	+192
    Printed Wiring Board (Satosen)		904	1,100	+196
    Industrial structural materials		6,081	6,900	+819	1,218	750	△468
    Honey-comb panels		999	1,550	+551
    FRP pressure vessels for water treatment		3,825	4,000	+175
    Others		1,257	1,350	+93
    Electrical insulating materials		1,265	1,150	△115	92	100	+8
    Display materials		1,804	2,050	+246	324	500	+176
    Related materials, others		168	200	+32	120	100	△20
    	Total	26,537	31,000	+4,463	3,441	3,650	+209

    Corporate Expenses	-987	△1,050
    Operating Profit	2,454	2,600	+146

    • Market forecasts

• Demand for smartphones and semiconductors is expected to remain strong.

• Demand for honey-comb panels is expected to continue to be recovery.

• Demand for 3D-related materials is expected to be in a recovery trend.

  • Performance forecasts

• Sales are expected to increase by 4,463 million yen (+16.8% YoY) due to increase of sales of electronic materials, industrial structural materials and display materials.

• Operating profit is expected to increase by only 146 million yen (+5.9% YoY) due to the change in product mix.

  
  
  

  FY2026 FY Segment Comparison (vs. FY2025)

  
  
  Sales Segment Profit

  (Million Yen)		FY2025 result	FY2026 FCT (Apr.30)	YoY	FY2025 result	FY2026 FCT (Apr.30)	YoY
  Electronic materials		35,882	40,600	+4,718	3,558	4,500	+942
  FPC materials (Arisawa)		19,376	21,400	+2,024
  FPC materials (ThinFlex)		11,808	13,800	+1,992
  ICGC, Prepreg		2,776	3,100	+324
  Printed Wiring Board (Satosen)		1,922	2,300	+378
  Industrial structural materials		13,731	13,900	+169	2,901	2,100	△801
  Honey-comb panels		2,508	3,100	+592
  FRP pressure vessels for water treatment		8,257	8,000	△257
  Others		2,966	2,800	△166
  Electrical insulating materials		2,546	2,200	△346	264	200	△64
  Display materials		3,973	4,200	+227	833	1,000	+167
  Related materials, others		339	400	+61	233	200	△33
  	Total	56,474	61,300	+4,826	7,792	8,000	+208

  Corporate Expenses	△1,987	-2,100
  Operating Profit	5,805	5,900	+95

  • Market forecasts

  • Demand for smartphones and semiconductors is expected to remain strong.

  • Demand for honey-comb panels is expected to continue to be recovery.

  • Demand for 3D-related materials is expected to continue.

• Performance forecasts

• Sales are expected to increase by 4,826 million yen (+8.5% YoY) due to increases in sales of electronic materials, mainly.

• Operating profit is expected to limited to the increase by 95 million yen (+1.6% YoY) due to the change in product mix.

ROE, ROIC history

ROE= Net Profit / Equity Capital

ROIC= NOPLAT( Net Operating Profit Less Adjusted Tax ) / ( Equity Capital + Interest-bearing Debt )

Interest-bearing debt Equity ROE ROIC Goal of ROIC (Left axis) (Left axis) (Right axis) (Right axis) (Right axis)

(Million Yen) 80,000

(%)

20

15,418

15,418

9,073

47,786

8.3

10,240

47,056

10,888

10,234

50,688

46,218

48,553

8.4

10.1

50,518

7.9

6.0

3.5

6.2

6.8

6.5

4.4

2.8

1.9

6 %

60,000

40,000

20,000

10

Target in FY2029 is 8.0%

0 0

FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

(Forecast)

・ROIC for FY2025 was 6.8% due to an increase in operating profit.

・ROIC for FY2026 is expected to be 6.5%.

Dividend and Total Payout Ratio History

Dividend Stock buy-back Total payout ratio Target index of total payout ratio

(50)

(Million Yen) 6,000

5,000

4,000

2,000

1,000

0

3,000

81.1

(Left axis)

130.8 (Left axis)

750

121.6

(Right axis) (Right axis)

80.5 80.6 80.4

2,985

4,027

80 %

(%) 150

100

50

(100)

(150)

1,993

0

FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

FY2021 FY2022 FY2023 FY2024 FY2025 27/3(Forecast)

Share Price (Yen/Share)*

957 1,254 1,137 1,384 2,267 ー

Annual Dividend (Yen/Share)

95 90 60 96 122

Total 98

Dividend yield (%) 9.9 7.2 5.3 6.9 5.4 ー

＊ Closing price at the end of each FY

• We revised the year-end dividend for the fiscal year ended March 31, 2026 to 78 yen per share, an increase of 25 yen from the previous forecast of 53 yen per share.

• As a result, total dividend per share was 122 yen in conjunction with the interim dividend of 44 yen resulting in the total return ratio of 80.6% for the fiscal year ended March 2026.

  Policy on return to shareholders

• The Company's basic dividend policy is to pay the greater of " dividend on equity (DOE) of 6 %" or " total return ratio of 80 % or more" which are indicators aimed at stability. (applicable period: until when the equity ratio of around 50% is achieved).

  
  
  

  Contents

  • FY2025 Review on a Consolidated Basis

  • FY2026 Forecast on a Consolidated Basis

• Appendix

FY2025 Full-year Results by Consolidated Company

Sales Operating Profit

Segment Comparison History (Sales and Operating Profit)

(Million Yen)

60,000

56,474

43,089

42,722

42,114

49,815

410

305

339

1,483

25,105

2,228

26,544

3,318

29,768

4,893

31,477

5,805

35,882

7,054

10,602

2,533

2,582

9,128

2,604

10,616

3,535

4,163

2,457

13,731

352

4,913

2,546

3,973

339

50,000

40,000

30,000

Related materials, others Display materials

Electrical insulating materials Industrial structural materials Electronic materials

Operating profit

20,000

10,000

0

FY2021 FY2022 FY2023 FY2024 FY2025

Revenue recognition standards have been applied since FY2021.

Electronic Materials Sales History

(Million Yen)

40,000

30,000

20,000

29,768

31,477

26,544

25,105

35,882

Printed Wiring Board （Satosen）

ICGC & Prepreg

FPC materials (ThinFlex) FPC materials (Arisawa)

17,520

2,854

Segment profit （excl. corporate expenses）

10,000

19,376

13,814

14,526

1,223

14,336

2,907

3,558

260

0

FY2021 FY2022 FY2023 FY2024 FY2025

Revenue recognition standards have been applied since FY2021.

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