Ichikoh Industries : Consolidated Financial Results for the First Quarter of the Fiscal Year Ending December 31, 2025

Consolidated Financial Results

for the Three Months Ended March 31, 2025 [Japanese GAAP]

May 9, 2025

Company name: ICHIKOH INDUSTRIES, LTD.

Listing: Tokyo Stock Exchange Securities code: 7244

URL: https://http://www.ichikoh.com/

Representative: Christophe Vilatte President, CEO, Representative director

Inquiries: Tomonori Hisano GM of Corporate Planning Department Telephone: +81-463-96-1442

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: None Holding of financial results briefing: None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the Three Months Ended March 31, 2025 (January 1, 2025 to March 31, 2025)

   1. Consolidated Operating Results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Three months ended March 31, 2025 March 31, 2024	Millions of yen 28,235 30,643	% (7.9) (21.0)	Millions of yen 1,439 1,503	% (4.2) (48.9)	Millions of yen 1,809 1,513	% 19.5 (48.7)	Millions of yen 1,027 802	% 28.0 (63.6)

      (Note) Comprehensive income:	Three months ended March 31, 2025:	¥	(41) million [	-%]
      	Three months ended March 31, 2024:	¥	1,725 million [	(34.4) %]

      	Basic earnings per share	Diluted earnings per share
      Three months ended	Yen	Yen
      March 31, 2025	10.68	-
      March 31, 2024	8.35	-

   2. Consolidated Financial Position

   	Total assets	Net assets	Capital adequacy ratio
   As of March 31, 2025 December 31, 2024	Millions of yen 121,844 130,089	Millions of yen 70,183 70,951	% 56.9 53.8

   (Reference) Equity: As of March 31, 2025:	¥	69,376 million
   As of December 31, 2024:	¥	70,048 million

2. Dividends

   	Annual dividends
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
   Fiscal year ended December 31, 2024 Fiscal year ending December 31, 2025	Yen - -	Yen 6.50	Yen -	Yen 6.50	Yen 13.00
   Fiscal year ending December 31, 2025 (Forecast)		7.00	-	7.00	14.00

   (Note) Revision to the forecast for dividends announced most recently: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2025(January 1, 2025 to December 31, 2025)

(Percentages indicate year-on-year changes.)

1. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes

2. 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

3. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares): March 31, 2025: 96,363,161 shares

      December 31, 2024: 96,363,161 shares

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

      March 31, 2025: 181,455 shares

      December 31, 2024: 181,424 shares

   3. Average number of shares outstanding during the period:

Three months ended March 31, 2025: 96,181,721 shares

Three months ended March 31, 2024: 96,153,271 shares

• 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

As for the future statements of performance forecast, etc. contained in this material, the statements are based on the information currently available to the company and certain information that the company deems reasonable.

Please note that actual results may differ due to various factors

(1) Explanation of operating results

During this cumulative period of the first quarter, the Japanese economy maintained a gradual recovery trend, although the economy stalled in some areas. Consumer prices also continued to rise and the inflationary trend continued.

On the other hand, the export environment changed, with the imposition of additional tariffs by the USA increasing uncertainty about the future.

The US economy was affected by sluggish growth in consumer spending and business investment, but inflation is slowly subsiding. There were concerns about the downside risks to the economy from tariff hikes and the impact of exchange rate fluctuations.

In ASEAN, Indonesia's economy was underpinned by the government's growth support measures. Malaysia had seen improved demand for key exports. Thailand's economy showed signs of recovery, driven by tourism and consumption, but car production continued to require close monitoring due to concerns about the impact of stricter car loan screening and the slowdown in the Chinese economy caused by US tariffs.

Under these circumstances, vehicle production for this cumulative period of the first quarter increased year-on-year in the mainstay domestic market due to an increase in domestic sales, but was affected by a decline in sales in ASEAN.

These results, for this cumulative period of the first quarter, Year-on-year comparisons of the percentage change in the company's sales and vehicle production show that Japan underperformed the market while ASEAN outperformed the market, so that the combined total for Japan and ASEAN was almost the same as the market growth rate. As a result, sales was JPY 28,235 million (down 7.9% year-on-year) due to the impact of the drop in sales from the sale of the After-Market business subsidiary in the previous consolidated fiscal year and the decline in sales volume in ASEAN market, and operating income was JPY 1,439 million (down 4.2% year-on-year) as the impact of lower profits due to lower sales was offset by improved productivity and rationalization, Ordinary income was JPY 1,809 million (up 19.5% year-on-year) and net income attributable to owners of the parent company was JPY 1,027 million(up 28.0% year-on-year).

(3) Description of future outlooks such as consolidated earnings forecast

There is no revision to the earnings forecast for the FY2025 announced on February 14.

As for the future statements of performance forecast, etc. contained in this material, the statements are based on the information currently available to the company and certain information that the company deems reasonable. Please note that actual results may differ due to various factors.

Quarterly Consolidated Financial Statements Quarterly Consolidated Balance Sheets

Assets

(Millions of yen) As of December 31, 2024 As of March 31, 2025

Liabilities

(Millions of yen) As of December 31, 2024 As of March 31, 2025

Current liabilities