Summary of Consolidated Financial Resultsor the Six Months Ended September 30, 2025 (Under Japanese GAAP)（220KB）

Company Name: Arisawa Mfg. Co., Ltd. Stock exchange listing: Tokyo

Stock code: 5208 (URL https://www.arisawa.co.jp/)

Representative: Representative Director and CEO: Yuta Arisawa

November 6, 2025

Inquiries: Director and Senior Managing Operating Officer: Takeshi Masuda Telephone: 025-524-7101 Scheduled date to file semi-annual securities report: November 14, 2025

Scheduled date to commence dividend payments: December 2, 2025

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for analysts)

(Amounts less than one million yen are rounded down)

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	26,537	5.4	2,454	(10.2)	2,154	(26.1)	1,562	(26.4)
      September 30, 2024	25,172	26.5	2,734	-	2,917	-	2,122	276.6

      (Note) Comprehensive income: For the six months ended September 30, 2025: 1,444 million yen [(58.3%)]

      For the six months ended September 30, 2024: 3,466 million yen [151.6%]

      	Earnings per share	Diluted earnings per share
      Six months ended	Yen	Yen
      September 30, 2025	47.00	46.99
      September 30, 2024	63.91	63.83

      (Note) Percentage change in operating profit and ordinary profit for the six months ended September 30, 2024 are shown as "－" because they are more than 1,000% year on year.

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net asset per share
      As of	Millions of yen 77,165 71,736	Millions of yen 48,290 48,559	%	Yen
      September 30, 2025			62.6	1,451.00
      March 31, 2025			67.7	1,461.64

      (Reference) Total equity: As of September 30, 2025: 48,290 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
   Fiscal year ended March 31, 2025 Fiscal year ending March 31, 2026	Yen - -	Yen 42.00 44.00	Yen -	Yen 54.00	Yen 96.00
   Fiscal year ending March 31,2026 (Forecast)			-	44.00	88.00

   (Note) Revisions to dividend projections most recently announced: None

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: None

* 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 semi-annual 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

      As of September 33,603,924 shares 30, 2025:		As of March 31, 33,600,524 shares 2025:
      As of September 30, 2025:	323,124 shares	As of March 31, 2025:	382,116 shares
      Six months ended September 30, 2025:	33,239,171 shares	Six months ended September 30, 2024:	33,205,170 shares

4. Number of issued shares (common shares)

   
   
   
   
   
   

   1. Total number of issued shares at the end of the period (including treasury shares):

   2. Number of treasury shares at the end of the period:

   3. Average number of shares during the period (cumulative from the beginning of the fiscal year)

(Note) The shares of the Company (56,757 shares in the first half of the fiscal 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 (75,323 shares in the first half of the fiscal year ending March 31, 2026 and 59,347 shares in first half of the fiscal year ended March 31, 2025).

• 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

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 First Half 2

   2. Summary of Financial Position for the First Half 3

   3. Explanation about Future Forecast Information,

      Including Forecast of Consolidated Business Results 3

2. Semi-annual Consolidated Financial Statements and Major Notes 4

   1. Semi-annual Consolidated Balance Sheet 4

   2. Semi-annual Consolidated Statements of Income

      and Semi-annual Consolidated Statements of Comprehensive Income 6 Semi-annual Consolidated Statements of Income 6

      Semi-annual Consolidated Statement of Comprehensive Income 7

   3. Semi-annual Consolidated Cash Flows Statement 8

   4. Notes to Semi-annual Consolidated Financial Statements 10

(Notes to Special Accounting Methods

for Preparing Semi-annual Consolidated Financial Statements) 10

(Notes to Segment Information, etc.) 10

(Notes in the Case of Significant Changes in Shareholders' Equity) 11

(Notes on Going Concern Assumption) 11

1. Summary of Business Results, etc.

   1. Summary of Business Results for the First Half

      During the current semi-annual consolidated accounting period (from April 1, 2025 to September 30, 2025), the Japanese economy showed a moderate recovery trend with the signs of a rebound in personal consumption and capital investment amid 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 semi-annual consolidated accounting period showed net sales of 26,537 million yen (an increase of 5.4% year-on-year) due to an increase in demand of smartphones and semi-conductors in electronic materials, one of our main business fields, in addition to recovery trend of honey-comb panels for aircraft in industrial application structural materials, despite weak performance in display materials. The results in terms of profit and loss showed an operating profit of 2,454 million yen (a decrease of 10.2% year-on-year) due to factors such as influence by a decrease in sales of display materials, while they showed an ordinary profit of 2,154 million yen (a decrease of 26.1% year-on-year) due to factors such as foreign exchange losses and a profit attributable to owners of parent of 1,562 million yen (a decrease of 26.4% year-on-year).

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

      Net sales were 17,217 million yen (an increase of 13.1% year-on-year) due to an increase in sales of flexible printed circuit board materials and glass cloth for printed circuit boards, while the segment profit was 1,685 million yen (an increase of 30.0% year-on-year) due to an increase in sales.

      (Industrial application structural materials)

      Net sales were 6,081 million yen (an increase of 0.9% year-on-year) due to factors such as strong performance in sales of honey-comb panels for aircraft, and the segment profit was 1,218 million yen (an increase of 3.1% year-on-year).

      (Electric insulation materials)

      Net sales were 1,265 million yen (an increase of 7.2 % year-on-year) due to an increase in infrastructure-related sales, while the segment profit was 92 million yen (an increase of 180.2% year-on-year).

      (Display materials)

      Net sales were 1,804 million yen (a decrease of 29.1% year-on-year) due to a decrease in sales of 3D-related materials and polarization control optical components, while the segment profit was 324 million yen (a decrease of 64.8% year-on-year).

      (Other)

      Net sales were 168 million yen (a decrease of 12.3% year-on-year).

   2. Summary of Financial Position for the First Half

      Total assets as of the end of the current semi-annual consolidated accounting period were 77,165 million yen, an increase of 5,429 million yen compared with the end of the previous fiscal year. This was largely due to an increase of 1,706 million yen in notes and accounts receivable-trade, and contract assets, an increase of 4,794 million yen in property, plant and equipment, respectively and a decrease of 3,010 million yen in cash and deposits.

      Total liabilities were 28,875 million yen, an increase of 5,698 million yen compared with the end of the previous fiscal year. This was largely due to an increase of 5,669 million yen in other in current liabilities.

      Total net assets were 48,290 million yen, a decrease of 268 million yen compared with the end of the previous fiscal year. This was largely due to a decrease of 236 million yen in retained earnings and a decrease of 195 million yen in foreign currency translation adjustment, respectively.

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

      As for the forecast of consolidated business results for the cumulative fiscal year ending March 31, 2026, there is no change in the forecast of consolidated business results which was announced on May 7, 2025.

2. Semi-annual Consolidated Financial Statements and Major Notes

   1. Semi-annual Consolidated Balance Sheet

      Assets

      (Thousands of yen) As of March 31, 2025 As of September 30, 2025

      Current assets

      Cash and deposits 16,861,091 13,850,537

Liabilities

(Thousands of yen) As of March 31, 2025 As of September 30, 2025

Current liabilities

Notes and accounts payable - trade 7,704,382 7,854,693

Short-term borrowings 4,926,408 5,098,262

Current portion of long-term borrowings 961,467 991,930

Income taxes payable 848,061 865,262

Provision for product warranties 29,690 30,267

Provision for bonuses 727,947 898,439

Provision for bonuses for directors (and other

officers)

6,358

2,497

Other 3,378,345 9,047,459

Total current liabilities 18,582,660 24,788,813

Non-current liabilities

Long-term borrowings 3,677,101 3,295,173

Provision for share awards 26,729 9,866

Retirement benefit liability 42,212 65,939

Asset retirement obligations 103,856 100,607

Other 744,898 615,076

Total non-current liabilities 4,594,797 4,086,664

Total liabilities 23,177,458 28,875,477

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 33,258,834

Treasury shares (471,686) (394,772)

Total shareholders' equity 44,147,466 44,001,707

Accumulated other comprehensive income

Valuation difference on available-for-sale securities 428,851 533,277

Deferred gains or losses on hedges 2,298 (213)

Foreign currency translation adjustment 3,763,293 3,567,541

Remeasurements of defined benefit plans 211,525 187,984

Total accumulated other comprehensive income 4,405,967 4,288,590

Share acquisition rights 5,745 －

Total net assets 48,559,180 48,290,298

Total liabilities and net assets 71,736,638 77,165,775

(Semi-annual Consolidated Statements of Income)

(Thousands of yen)

Six months ended September 30, 2024

Six months ended September 30, 2025

(Thousands of yen)

1. Notes to Semi-annual Consolidated Financial Statement

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

   Tax expenses are calculated by multiplying the semi-annual 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 semi-annual consolidated accounting period.

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

   I Six months ended September 30, 2024 (from April 1, 2024 to September 30, 2024)

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

      (Thousands of yen)

      	Reportable segment					Other (See Note)	Total
      	Electronic materials	Industrial application structural materials	Electric insulation materials	Display materials	Total
      Sales
      Revenues from external customers Transactions with other segments	15,228,606 -	6,026,554 -	1,179,849 -	2,545,225 -	24,980,235 -	192,177 501,461	25,172,413 501,461
      Net sales	15,228,606	6,026,554	1,179,849	2,545,225	24,980,235	693,639	25,673,875
      Segment profit (loss)	1,296,499	1,181,772	33,008	920,799	3,432,079	113,821	3,545,901

      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, other businesses, etc.

   2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent amount shown on the semi-annual 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	3,432,079
      Profit in the category "Other"	113,821
      Elimination of inter-segment transactions	3,439
      Unallocated corporate expenses (See Note)	(771,870)
      Adjustment of inventories	(43,061)
      Operating profit shown on the semi-annual consolidated statements of income	2,734,407

      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, with respect to the assets in which investments could not be expected to recover due to a downturn in profitability, the Company devalued their carrying amount to memorandum value and showed the relevant amount of loss to extraordinary losses as impairment losses.

In this regard, the amount of the relevant impairment losses shown in the current semi-annual consolidated accounting period is 4,646 thousand yen.

II Six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)

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

   (Thousands of yen)

   	Reportable segment					Other (See Note)	Total
   	Electronic materials	Industrial application structural materials	Electric insulation materials	Display materials	Total
   Sales
   Revenues from external customers	17,217,377	6,081,731	1,265,077	1,804,774	26,368,960	168,482	26,537,443
   Transactions with other segments	-	-	-	-	-	574,208	574,208
   Net sales	17,217,377	6,081,731	1,265,077	1,804,774	26,368,960	742,691	27,111,651
   Segment profit	1,685,360	1,218,062	92,481	324,576	3,320,481	120,790	3,441,272

   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, other businesses, etc.

2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent amount shown on the semi-annual 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	3,320,481
   Profit in the category "Other"	120,790
   Elimination of inter-segment transactions	2,783
   Unallocated corporate expenses (See Note)	(919,010)
   Adjustment of inventories	(70,286)
   Operating profit shown on the semi-annual consolidated statements of income	2,454,758

   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, with respect to the assets in which investments could not be expected to recover due to a downturn in profitability, the Company devalued their carrying amount to memorandum value and showed the relevant amount of loss to extraordinary losses as impairment losses.

In this regard, the amount of the relevant impairment losses shown in the current consolidated semi-annual accounting period 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.