Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP)（356KB）

(Amounts less than one million yen are rounded down.)

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	41,262	9.2	4,115	8.0	3,986	△2.5	2,977	△0.9
      December 31, 2024	37,782	22.4	3,812	488.1	4,089	469.3	3,004	206.0

      (Note) Comprehensive income: For the nine months ended December 31, 2025: 3,103 million yen [(1.5%)]

      For the nine months ended December 31, 2024: 3,150 million yen [52.8%]

      	Earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	89.55	89.54
      December 31, 2024	90.43	90.34

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net asset per share
      As of	Millions of yen	Millions of yen	%	Yen
      December 31, 2025	76,997	48,482	63.0	1,456.78
      March 31, 2025	71,736	48,559	67.7	1,461.64

      (Reference) Total equity: As of December 31, 2025: 48,482 million yen

      As of March 31, 2025: 48,553 million yen

2. Cash dividends

   	Annual dividends per share
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	42.00	-	54.00	96.00
   Fiscal year ending March 31, 2026	-	44.00	-
   Fiscal year ending March 31, 2026 (Forecast)				53.00	97.00

   (Note) Revisions to dividend projections most recently announced: Yes

   The year-end dividend for the fiscal year ending March 31, 2026 has been changed from 44 yen to 53 yen per share. For details, please refer to the "Notice Concerning Revisions to Consolidated Financial Forecasts and Dividend Forecasts for the Fiscal Year Ending March 31, 2026" disclosed today (February 5, 2026).

3. Forecasts of consolidated financial results for the year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

(Note) Revisions to projections of consolidated financial results most recently announced: Yes

For revisions to the financial forecasts, please refer to the "Notice Concerning Revisions to Consolidated Financial Forecasts and Dividend Forecasts for the Fiscal Year Ending March 31, 2026" disclosed today (February 5, 2026).

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the changes in scope of consolidation): None

2. Application of special accounting methods for preparing quarterly consolidated financial statements: Yes

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

(Note) The shares of the Company (56,757 shares in 3Q of the year ending March 31, 2026 and 81,200 shares in the year ended March 31, 2025) held by Custody Bank of Japan, Ltd. (Trust Account) as the trust assets of the "Employee Stock Ownership Plan" are included in the number of treasury shares at the end of the period.

The shares of the Company held by Custody Bank of Japan, Ltd. (Trust Account) are included in the treasury shares to be deducted in calculation of the average number of shares during the year (69,112 shares in 3Q of the year ending March 31, 2026 and 53,938 shares in 3Q of the year ended March 31, 2025).

• 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

Descriptions and statements concerning estimates and forecasts in this material are based on information currently available to the Company and certain assumptions judged by the Company to be reasonable. Various factors could cause actual results to differ materially from these projections. Please refer to "1. Summary of Business Results, etc., (3) Explanation about Future Forecast Information, Including Forecast of Consolidated Business Results" of the attached materials on page 3 for information concerning business forecast.

Contents of Attached Materials

1. Summary of Business Results, etc 2

   1. Summary of Business Results for the Third Quarter 2

   2. Summary of Financial Position for the Third Quarter 3

   3. Explanation about Future Forecast Information,

      Including Forecast of Consolidated Business Results 3

2. Quarterly Consolidated Financial Statements and Major Notes 4

   1. Quarterly Consolidated Balance Sheet 4

   2. Quarterly Consolidated Statements of Income

      and Quarterly Consolidated Statements of Comprehensive Income 6 Quarterly Consolidated Statements of Income 6

      Quarterly Consolidated Statement of Comprehensive Income 7

   3. Notes to Quarterly Consolidated Financial Statements 8

(Notes to Special Accounting Methods

for Preparing Quarterly Consolidated Financial Statements) 8

(Notes to Segment Information, etc.) 8

(Notes in the Case of Significant Changes in Shareholders' Equity) 9

(Notes on Going Concern Assumption) 9

(Notes Related to Quarterly Consolidated Statements of Cash Flows) 10

(Notes on Significant Subsequent Events) 10

1. Summary of Business Results, etc.

   1. Summary of Business Results for the Third Quarter

      During the current consolidated cumulative third quarter (from April 1, 2025 to December 31, 2025), the Japanese economy showed a moderate recovery trend due to an improved employment and income environment. Meanwhile, there is still an uncertain outlook for the economy due to factors such as the continued price increase, the impact of U.S. trade policies, and prolonged geopolitical risks.

      Under such circumstances, the results of operations of our group for the current consolidated cumulative third quarter showed net sales of 41,262 million yen (an increase of 9.2% year-on-year) due to strong business performances in sales of honey-comb panels for aircraft and FRP pressure vessels for water purification in industrial application structural materials, in addition to an increase in demand of smartphones and semiconductors in electronic materials, one of our main business fields, despite weak performance in display materials.

      The results in terms of profit and loss showed an operating profit of 4,115 million yen (an increase of 8.0% year-on-year) , while they showed an ordinary profit of 3,986 million yen (a decrease of 2.5% year-on-year) due to factors such as foreign exchange losses and a profit attributable to owners of parent of 2,977 million yen (a decrease of 0.9% year-on-year).

      Business results with respect to each segment are as follows. (Electronic materials)

      Net sales were 26,706 million yen (an increase of 12.2% year-on-year) mainly due to an increase in sales of flexible printed circuit board materials and glass cloth for printed circuit boards, while the segment profit was 2,681 million yen (an increase of 22.9% year-on-year) due to an increase in sales.

      (Industrial application structural materials)

      Net sales were 9,650 million yen (an increase of 19.2% year-on-year) due to an increase in sales of honeycomb panels for aircraft and FRP vessels for water purification, etc. Segment profit was 2,034 million yen (an increase of 44.1% year-on-year) due to an increase in sales.

      (Electric insulation materials)

      Net sales were 1,909 million yen (an increase of 4.8% year-on-year) mainly due to an increase in infrastructure-related sales, while the segment profit was 183 million yen (an increase of 81.5% year-on-year).

      (Display materials)

      Net sales were 2,745 million yen (a decrease of 27.7% year-on-year) mainly due to a decrease in sales of 3D-related materials and polarization control optical components, while the segment profit was 508 million yen (a decrease of 61.0% year-on-year).

      (Other)

      Net sales were 250 million yen (a decrease of 7.6% year-on-year).

   2. Summary of Financial Position for the Third Quarter

      Total assets as of the end of the current consolidated cumulative third quarter were 76,997 million yen, an increase of 5,260 million yen compared with the end of the previous fiscal year. This was largely due to an increase of 4,284 million yen in notes and accounts receivable-trade, and contract assets, an increase of 5,818 million yen in buildings and structures and a decrease of 5,042 million yen in cash and deposits.

      Total liabilities were 28,514 million yen, an increase of 5,337 million yen compared with the end of the previous fiscal year. This was largely due to an increase of 798 million yen in notes and accounts payable-trade and an increase of 4,241 million yen in short-term borrowings.

      Total net assets were 48,482 million yen, a decrease of 76 million yen compared with the end of the previous fiscal year. This was largely due to an increase of 123 million yen in valuation difference on available-for-sale securities and a decrease of 287 million yen in retained earnings.

   3. Explanation about Future Forecast Information, Including Forecast of Consolidated Business Results

      The forecast of consolidated business results for the cumulative fiscal year ending March 31, 2026, has been revised based on recent business trends. For details, please refer to the "Notice Concerning Revisions to Consolidated Financial Forecasts and Dividend Forecasts for the Fiscal Year Ending March 31, 2026" disclosed today (February 5, 2026).

2. Quarterly Consolidated Financial Statements and Major Notes

   1. Quarterly Consolidated Balance Sheet

      		(Thousands of yen)
      As of March 31, 2025		As of December 31, 2025
      Assets
      Current assets
      Cash and deposits	16,861,091	11,818,348
      Notes and accounts receivable - trade, and contract assets	16,674,196	20,958,254
      Securities	100,020	-
      Merchandise and finished goods	6,117,372	5,560,705
      Work in process	2,740,780	2,815,868
      Raw materials and supplies	5,747,978	6,637,580
      Other	1,317,955	1,533,138
      Allowance for doubtful accounts	(32,071)	(83,410)
      Total current assets	49,527,322	49,240,485
      Non-current assets
      Property, plant and equipment
      Buildings and structures, net	7,270,456	13,089,171
      Other, net	11,494,315	10,381,026
      Total property, plant and equipment	18,764,772	23,470,197
      Intangible assets	300,488	323,950
      Investments and other assets
      Investment securities	1,969,043	2,671,328
      Other	1,220,809	1,337,481
      Allowance for doubtful accounts	(45,797)	(46,020)
      Total investments and other assets	3,144,054	3,962,789
      Total non-current assets	22,209,315	27,756,937
      Total assets	71,736,638	76,997,423

      		(Thousands of yen)
      As of March 31, 2025		As of December 31, 2025
      Liabilities
      Current liabilities
      Notes and accounts payable - trade	7,704,382	8,502,906
      Short-term borrowings	4,926,408	9,167,921
      Current portion of long-term borrowings	961,467	1,097,654
      Income taxes payable	848,061	749,570
      Provision for product warranties	29,690	30,346
      Provision for bonuses	727,947	484,409
      Provision for bonuses for directors (and other officers)	6,358	5,017
      Provision for share awards	-	19,733
      Other	3,378,345	4,354,639
      Total current liabilities	18,582,660	24,412,199
      Non-current liabilities
      Long-term borrowings	3,677,101	3,351,045
      Provision for share awards	26,729	-
      Retirement benefit liability	42,212	65,671
      Asset retirement obligations	103,856	101,672
      Other	744,898	584,229
      Total non-current liabilities	4,594,797	4,102,619
      Total liabilities	23,177,458	28,514,818
      Net assets
      Shareholders' equity
      Share capital	7,880,116	7,881,920
      Capital surplus	3,244,143	3,255,725
      Retained earnings	33,494,893	33,207,782
      Treasury shares	(471,686)	(394,866)
      Total shareholders' equity	44,147,466	43,950,561
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	428,851	552,043
      Deferred gains or losses on hedges	2,298	(1,378)
      Foreign currency translation adjustment	3,763,293	3,805,163
      Remeasurements of defined benefit plans	211,525	176,213
      Total accumulated other comprehensive income	4,405,967	4,532,043
      Share acquisition rights	5,745	-
      Total net assets	48,559,180	48,482,604
      Total liabilities and net assets	71,736,638	76,997,423

   2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income (Quarterly Consolidated Statements of Income)

      (Consolidated Cumulative Third Quarter)

      		(Thousands of yen)
      	Nine months ended December 31, 2024	Nine months ended December 31, 2025
      Net sales	37,782,255	41,262,136
      Cost of sales	28,849,943	31,793,232
      Gross profit	8,932,312	9,468,903
      Selling, general and administrative expenses	5,120,258	5,353,776
      Operating profit	3,812,053	4,115,127
      Non-operating income
      Interest income	62,576	33,836
      Dividend income	25,686	30,558
      Subsidy income	102,066	57,403
      Foreign exchange gains	183,340	-
      Other	80,415	91,963
      Total non-operating income	454,085	213,761
      Non-operating expenses
      Interest expenses	142,742	131,963
      Foreign exchange losses	-	172,834
      Other	34,130	37,517
      Total non-operating expenses	176,873	342,315
      Ordinary profit	4,089,266	3,986,573
      Extraordinary income
      Gain on sale of non-current assets	4,269	1,820
      Gain on sale of investment securities	2,510	106,406
      Other	16,645	5,164
      Total extraordinary income	23,425	113,391
      Extraordinary losses
      Loss on retirement of non-current assets	15,360	13,595
      Impairment losses	6,970	1,759
      Total extraordinary losses	22,331	15,355
      Profit before income taxes	4,090,360	4,084,610
      Income taxes	1,086,092	1,106,688
      Profit	3,004,267	2,977,921
      Profit attributable to non-controlling interests	-	-
      Profit attributable to owners of parent	3,004,267	2,977,921

      (Quarterly Consolidated Statement of Comprehensive Income) (Consolidated Cumulative Third Quarter)

      		(Thousands of yen)
      Nine months ended December 31, 2024		Nine months ended December 31, 2025
      Profit	3,004,267	2,977,921
      Other comprehensive income
      Valuation difference on available-for-sale securities	48,591	123,192
      Deferred gains or losses on hedges	(3,568)	(3,676)
      Foreign currency translation adjustment	91,647	41,870
      Remeasurements of defined benefit plans, net of tax	9,157	(35,311)
      Total other comprehensive income	145,827	126,075
      Comprehensive income	3,150,094	3,103,996
      Comprehensive income attributable to
      Comprehensive income attributable to owners of parent	3,150,094	3,103,996
      Comprehensive income attributable to non-controlling interests	-	-

   3. Notes to Quarterly Consolidated Financial Statements

      (Notes to Special Accounting Methods for Preparing Quarterly Consolidated Financial Statements) (Calculation of Tax Expenses)

      Tax expenses are calculated by multiplying the quarterly profit before income taxes by an estimated effective tax rate. Such effective tax rate is reasonably estimated after applying tax effect accounting to the profit before income taxes for the consolidated fiscal year including the current consolidated third quarter.

      (Notes to Segment Information, etc.) [Segment Information]

      1. Nine months ended December 31, 2024 (from April 1, 2024, to December 31, 2024)

         1. Information on the amount of net sales and profit or loss with respect to each reportable segment

            (Thousands of yen)

            	Reportable segments					Other (See Note)	Total
            	Electronic materials	Industrial application structural materials	Electric insulation materials	Display materials	Total
            Sales	23,795,391	8,097,859	1,821,859	3,795,601	37,510,712
            Revenues from external customers						271,542	37,782,255
            Transactions with other segments						766,785	766,785
            Net sales	23,795,391	8,097,859	1,821,859	3,795,601	37,510,712	1,038,328	38,549,040
            Segment profit	2,181,281	1,412,014	100,961	1,305,140	4,999,397	156,606	5,156,003

            Note: The column "Other" represents business operations that do not fall under any of the reportable segments and includes the related goods sales, the logistics-related operations and other businesses, etc.

         2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent amount shown on the quarterly consolidated statements of income as well as the key components of such difference

            (Matters concerning difference adjustment)

            (Thousands of yen)

            Profit	Amount
            Total of reportable segments	4,999,397
            Profit in the category "Other"	156,606
            Elimination of inter-segment transactions	4,664
            Unallocated corporate expenses (See Note)	(1,246,739)
            Adjustment of inventories	(101,875)
            Operating profit shown on the quarterly consolidated statements of income	3,812,053

            Note: Unallocated corporate expenses are mostly general and administrative expenses that are not attributable to any of the reportable segments.

         3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportable segment (Significant impairment losses on non-current assets)

In the industrial application structural materials segment, the carrying amount was reduced to its memorandum

value for the assets in which investments could not be expected to recover due to a downturn in profitability, and the reduced amount was shown to extraordinary losses as impairment losses. In this regard, the amount of the relevant impairment losses shown in the current consolidated third quarter is 6,970 thousand yen.

1. Nine months ended December 31, 2025 (from April 1, 2025, to December 31, 2025)

1. Information on the amount of net sales and profit or loss with respect to each reportable segment

   (Thousands of yen)

   	Reportable segments					Other (See Note)	Total
   	Electronic materials	Industrial application structural materials	Electric insulation materials	Display materials	Total
   Sales	26,706,474	9,650,203	1,909,042	2,745,513	41,011,234
   Revenues from external customers						250,902	41,262,136
   Transactions with other segments						889,290	889,290
   Net sales	26,706,474	9,650,203	1,909,042	2,745,513	41,011,234	1,140,192	42,151,426
   Segment profit	2,681,345	2,034,574	183,291	508,872	5,408,083	172,755	5,580,838

   Note: The column "Other" represents business operations that do not fall under any of the reportable segments and includes the related goods sales, the logistics-related operations and other businesses, etc.

2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent amount shown on the quarterly consolidated statements of income as well as the key components of such difference

   (Matters concerning difference adjustment)

   (Thousands of yen)

   Profit	Amount
   Total of reportable segments	5,408,083
   Profit in the category "Other"	172,755
   Elimination of inter-segment transactions	313
   Unallocated corporate expenses (See Note)	(1,408,602)
   Adjustment of inventories	(57,422)
   Operating profit shown on the quarterly consolidated statements of income	4,115,127

   Note: Unallocated corporate expenses are mostly general and administrative expenses that are not attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportable segment

(Significant impairment losses on non-current assets)

In the industrial application structural materials segment, the carrying amount was reduced to its memorandum value for the assets in which investments could not be expected to recover due to a downturn in profitability, and the reduced amount was shown to extraordinary losses as impairment losses. In this regard, the amount of the relevant impairment losses shown in the current consolidated third quarter is 1,759 thousand yen.

(Notes in the Case of Significant Changes in Shareholders' Equity) No applicable matter.

(Notes on Going Concern Assumption) No applicable matter.

(Notes Related to Quarterly Consolidated Statements of Cash Flows)

Quarterly consolidated statements of cash flows for the current consolidated cumulative third quarter were not prepared. In this regard, the amounts of depreciation (including amortization of intangible assets) for the previous and current consolidated cumulative third quarter are as follows.

(Thousands of yen)

(Notes on Significant Subsequent Events) (Establishment of an Overseas Subsidiary)

Arisawa Mfg. Co., Ltd. (hereinafter referred to as "the Company") hereby announces that its Board of Directors, at a meeting held on February 5, 2026, passed a resolution to establish a subsidiary in the United States.

1. Purpose of the Establishment of the New Company

   The Company recognizes the U.S. market as crucial for expanding our core businesses of electronic materials and industrial structural materials. To establish a foothold for our core businesses in the U.S., the Company plans to establish a new company in California, USA and acquire a factory.

2. Outline of the New Company

(Capital Increase of Existing Subsidiary)

The Company hereby announces that our Board of Directors, at a meeting held on February 5, 2026, passed the resolution that Protec Arisawa America, Inc. (hereinafter referred to as "PAA"), a wholly-owned subsidiary of Protec International Holdings Co., Ltd. (hereinafter referred to as "PIH"), which is a consolidated subsidiary of the Company, will conduct a capital increase and PIH will underwrite the entire amount.

1. Purpose of Capital Increase of Existing Subsidiaries

   PAA will replace aging equipment, promote automation, and enhance cost competitiveness. To strengthen its management foundation through capital expansion alongside increased production capacity, PAA will implement this capital increase.

2. Outline of Subsidiaries (Sub-subsidiaries) Subject to Capital Increase

   (1) Name	Protec Arisawa America, Inc.
   (2) Location	California, USA
   (3) Description of business	Manufacture and sales of FRP pressure vessels for water purification
   (4) Share capital (before capital increase)	USD 3,200 thousand (about 250 million yen)
   (5) Major shareholders and shareholding ratios (before capital increase)	PIH (wholly-owned subsidiary of the Company) 100%

3. Outline of Capital Increase