JVCKENWOOD : Consolidated Financial Results for the Q3 of the Fiscal Year Ending March, 2026 (Under IFRS)

February 3, 2026

Company name: JVCKENWOOD Corporation

Listing: Prime Market of the Tokyo Stock Exchange Securities code: 6632

URL: https://www.jvckenwood.com/en.html

Representative: EGUCHI Shoichiro, Representative Director of the Board, President and CEO Inquiries: MIYAMOTO Masatoshi, Representative Director of the Board, Senior Managing

Executive Officer, CFO

Telephone: +81-45-444-5232

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for analysts and institutional investors)

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

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
   1. Consolidated Operating Results (Percentages indicate year-on-year changes.)

      	Revenue		Core operating income*		Operating profit		Profit before tax
      Nine months ended	Million yen	%	Million yen 13,319 18,568	%	Million yen 14,870 16,783	%	Million yen 16,022 18,276	%
      December 31, 2025	258,627	-4.4		-28.3		-11.4		-12.3
      December 31, 2024	270,474	1.2		15.9		12.0		22.4

      *Core operating income is calculated by deducting cost of sales, selling and general administrative expenses from revenue, and does not include other income, other expenses, and foreign exchange gains and losses, which are nonrecurring items that mainly occur temporarily.

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      Nine months ended	Million yen 12,469 14,070	%	Million yen 22,901 17,425	%	Yen	Yen
      December 31, 2025		-11.4		31.4	85.04	84.05
      December 31, 2024		28.8		-2.8	93.43	92.70

   2. Consolidated Financial Position

   	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets
   As of	Million yen	Million yen	Million yen	%
   December 31, 2025	343,948	146,561	140,368	40.8
   March 31, 2025	313,336	131,399	125,103	39.9

2. 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	-	5.00	-	10.00	15.00
   Fiscal year ending March 31, 2026	-	6.00	-
   Fiscal year ending March 31, 2026 (Forecast)				12.00	18.00

   Note: Revisions to the most recently announced dividend forecast: None

3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2026 (April 1, 2025 -

(% indicate year-on-year changes)

Note: Revisions to recently announced earnings forecasts: No

1. Significant changes in the scope of consolidation during the period: None

2. Changes in accounting policies and changes in accounting estimates

   1. Changes in accounting policies required by IFRS: None

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

   3. Changes in accounting estimates: None

3. Number of issued shares (ordinary shares)

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

      As of December 31, 2025	164,000,201 shares
      As of March 31, 2025	164,000,201 shares

   2. Number of treasury stock at the end of the period

      As of December 31, 2025	20,232,264 shares
      As of March 31, 2025	15,960,655 shares

   3. Average number of shares outstanding during the period

* JVCKENWOOD Corporation's shares owned by the trust relating to the share-based payment plan are included in the number of treasury stock.

• Review of the Japanese-language originals of the attached consolidated semi-annual financial statements by certified public accountants or an audit firm: None

• Proper use of earnings forecasts, and other special matters: A Cautionary Note on Forward-Looking Statements

This report contains forward-looking statements including those concerning future performance of JVCKENWOOD Corporation (the "Company"), and those statements are based on the Company's current assumptions, expectations and beliefs in light of the information currently possessed by it. Various factors may cause the Company's actual results to be materially different from any future performance expressed or implied by these forward-looking statements. Therefore, these statements do not constitute a guarantee by the Company that such future performance will be realized. For cautionary notes with respect to forward-looking statements, please refer to the "(3) Explanation of Future Forecast Information such as Consolidated Financial Forecast" in "1. Overview of Business Performance."

Access to Supplementary Financial Materials and Earnings Presentations

The Company plans to hold an online earnings results presentation for analysts and institutional investors on Wednesday, February 4, 2026. The presentation materials to be used on that day will be available for download from the Company's website.

(Appendix)

Table of Contents for Appendix

1. Overview of Business Performance 2

   1. Operating Results 2

   2. Financial Position 4

   3. Explanation of Future Forecast Information such as Consolidated Financial Forecast 5

2. Consolidated Financial Statements 6

   1. Consolidated Statement of Financial Position 6

   2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 8

   3. Consolidated Statement of Changes in Equity 10

   4. Consolidated Statement of Cash Flows 12

   5. Notes to Consolidated Financial Statements 14

(Assumption for Going Concern) 14

(Segment Information) 14

(Subsequent Events) 17

1. Overview of Business Performance
   1. Operating Results

      Overview of the Nine Months Ended December 31, 2025

      Revenue of JVCKENWOOD Corporation (the "Company") and its consolidated subsidiaries (the "Group") for the nine months ended December 31, 2025 decreased from the same period a year earlier due to a significant impact from a decrease in production and sales caused by insufficient supply of components mainly in enterprise markets of the Communications Systems Business of the Safety & Security Sector, as well as the impact of the U.S. tariff measures in the Mobility & Telematics Services Sector and the Media Business of the Entertainment Solutions Sector.

      Due to the impact of revenue decrease, the line-item profits of core operating income through to the profit attributable to owners of the parent also decreased from the same period a year earlier.

      A summary of consolidated operating results for the nine months ended December 31, 2025, is as follows.

      (Million yen)

      	Q1- Q3 of FYE3/'25	Q1- Q3 of FYE3/'26	Year-on-year change
      			Amount	Percentage
      Revenue	270,474	258,627	-11,847	-4.4%
      Core operating income*	18,568	13,319	-5,248	-28.3%
      Operating profit	16,783	14,870	-1,912	-11.4%
      Profit before income taxes	18,276	16,022	-2,254	-12.3%
      Profit attributable to owners of the parent	14,070	12,469	-1,601	-11.4%

      * Core operating income is calculated by deducting cost of sales and selling, general and administrative expenses from revenue, and does not include other income, other expenses, and foreign exchange losses (gains), which are primarily due to one-time factors. The evaluation of business sector performance is explained using core operating income.

      The exchange rates used for financial reporting purposes for the nine months of the fiscal year ending March 31, 2026 are as follows.

      	Q1	Q2	Q3	Q1- Q3 (reference)
      FYE3/'26 U.S. dollar Euro	Approx. 145 yen Approx. 164 yen	Approx. 147 yen Approx. 172 yen	Approx. 154 yen Approx. 179 yen	Approx. 149 yen Approx. 172 yen
      FYE3/'25 U.S. dollar (for reference) Euro	Approx. 156 yen Approx. 168 yen	Approx. 150 yen Approx. 164 yen	Approx. 152 yen Approx. 163 yen	Approx. 153 yen Approx. 165 yen

      Revenue

      Revenue of the Group for the nine months ended December 31, 2025 decreased approximately 11,800 million yen, or 4.4%, from the same period a year earlier to 258,627 million yen. This was because of the significant impact of a decrease in production and sales caused by insufficient supply of components mainly in enterprise markets in the Communications Systems Business of the Safety & Security Sector, as well as the impact of the U.S. tariff measures in the Mobility & Telematics Services Sector and the Media Business of the Entertainment Solutions Sector.

      Core Operating Income

      The Company defines core operating income as revenue less cost of sales and selling, general and administrative expenses.

      Core operating income for the nine months ended December 31, 2025, decreased approximately 5,200 million yen, or 28.3%, from a year earlier to 13,319 million yen, mainly because of a decrease in revenue as described above.

      Operating Profit

      Operating profit for the nine months ended December 31, 2025, decreased approximately 1,900 million yen, or 11.4%, from a year earlier to 14,870 million yen, mainly due to a decrease in core operating income despite significant improvement in other income and expenses.

      Profit Before Income Taxes

      Profit before income taxes for the nine months ended December 31, 2025, decreased approximately 2,300 million yen, or 12.3%, from a year earlier to 16,022 million yen. This was mainly due to a decrease in operating profit.

      Profit Attributable to Owners of the Parent

      Profit attributable to owners of the parent for the nine months ended December 31, 2025, decreased approximately 1,600 million yen, or 11.4%, from a year earlier to 12,469 million yen, mainly due to a decrease in profit before income taxes.

      Revenue and Profit (Loss) by Business Sector

      Revenue and core operating income by business sector are as follows.

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

      (Million yen)

      Business Sector		Q1- Q3 of FYE3/'25	Q1- Q3 of FYE3/'26	Year-on-year change
      Mobility & Telematics Services Sector	Revenue Core operating income	148,799 3,577	144,438 4,153	-4,360 +575
      Safety & Security Sector	Revenue Core operating income	73,073 13,190	66,866 7,925	-6,207 -5,264
      Entertainment Solutions Sector	Revenue Core operating income	41,453 1,713	40,166 1,097	-1,286 -615
      Others	Revenue Core operating income	7,148 87	7,155 143	+7 +55
      Total	Revenue Core operating income	270,474 18,568	258,627 13,319	-11,847 -5,248

      Mobility & Telematics Services Sector

      Revenue of the Mobility & Telematics Services Sector for the nine months ended December 31, 2025 decreased approximately 4,400 million yen, or 2.9%, from a year earlier to 144,438 million yen. Core operating income grew approximately 600 million yen, or 16.1%, from a year earlier to 4,153 million yen.

      Revenue

      Revenue of the OEM Business increased from a year earlier mainly due to solid performance of the dealer-installed option business in Japan as well as sales of in-vehicle speakers, amplifiers, antennas and cables at ASK Industries

      S.p.A. ("ASK"), despite a decrease in sales of JVCKENWOOD Hong Kong Holdings Limited ("JKHL") engaged in OEM of automotive components and electronic devices, mainly due to the impact of the U.S. tariff measures. Revenue of the Aftermarket Business decreased from a year earlier mainly due to impacts of the U.S. tariff measures.

      Revenue of the Telematics Service Business decreased from a year earlier due to a decline in sales of the connected-type dashcams for auto insurance companies.

      Core Operating Income

      Core operating income of the entire Mobility & Telematics Services Sector increased from a year earlier. This was because, while JKHL in the OEM Business and the Aftermarket Business were affected by a decrease in revenue due to the U.S. tariff measures, ASK sales performance was solid and fixed cost was reduced across the sector.

      Safety & Security Sector

      Revenue of the Safety & Security Sector for the nine months ended December 31, 2025 decreased approximately 6,200 million yen, or 8.5%, from a year earlier to 66,866 million yen. Core operating income decreased approximately 5,300 million yen, or 39.9%, from a year earlier to 7,925 million yen.

      Revenue

      The Communications Systems Business was significantly affected in the first quarter of the fiscal year ending March

      31, 2026 by a decrease in production and sales due to an insufficient supply of components. From the second quarter of the fiscal year ending March 31, 2026, however, the component supply shortage began to ease, and production has been on a recovery trend. Sales to the North American public safety market recovered as the Company prioritized product supply to that market. On the other hand, sales to enterprise markets were adversely affected by lost sales opportunities due to delays in the timing of product supply. As a result, revenue of the Communications Systems Business decreased approximately 6,100 million yen from a year earlier.

      Revenue of the Professional Systems Business decreased approximately 100 million yen from a year earlier mainly due to a decrease in sales of JVCKENWOOD Public & Industrial Systems Corporation.

      Core Operating Income

      Core operating income of the Safety & Security Sector as a whole reported a decrease from a year earlier. This was because of the impact of a decrease in revenue in the Communications Systems Business.

      Entertainment Solutions Sector

      Revenue of the Entertainment Solutions Sector for the nine months ended December 31, 2025 fell approximately 1,300 million yen, or 3.1%, from a year earlier to 40,166 million yen. Core operating income decreased approximately 600 million yen, or 35.9%, from a year earlier to 1,097 million yen.

      Revenue

      Revenue of the Media Business decreased approximately 3,000 million yen from a year earlier mainly due to impacts of the U.S. tariff measures.

      Revenue of the Entertainment Business increased approximately 1,700 million yen from a year earlier mainly due to solid sales in the Content Business.

      Core Operating Income

      The Entertainment Solutions Sector as a whole reported a decrease in core operating income from a year earlier mainly due to a decrease in revenue of the Media Business.

   2. Financial Position

      Analysis of Assets, Liabilities, Equity, Etc. Assets

      Total assets increased approximately 30,600 million yen from the end of the previous fiscal year to 343,948 million yen. This was mainly due to increases in cash and cash equivalents and inventories, despite a decrease in trade and other receivables.

      Liabilities

      Total liabilities were up approximately 15,400 million yen from the end of the previous fiscal year to 197,387 million yen. This was mainly due to issued convertible bonds with share acquisition rights, despite repayment of borrowings.

      Equity

      Total equity rose approximately 15,200 million yen from the end of the previous fiscal year to 146,561 million yen. This was mainly due to an increase in other components of equity reflecting the depreciation of yen against major currencies since the previous fiscal year-end, in addition to an increase of approximately 10,100 million yen in retained earnings, despite a decrease due to acquisition of treasury stock.

      The ratio of equity attributable to owners of the parent to total assets increased 0.9 percentage points from the end of the previous fiscal year to 40.8%. This was due to an increase in retained earnings.

      Cash Flow Analysis

      Cash Flows from Operating Activities

      Net cash provided by operating activities for the nine months ended December 31, 2025 was 24,061 million yen, a decrease of approximately 4,800 million yen from the same period of the previous fiscal year. This was mainly due to a decrease in profit before income taxes as well as a decrease in liabilities such as accrued expenses.

      Cash Flows from Investing Activities

      Net cash used in investing activities for the nine months ended December 31, 2025 was 16,609 million yen, a decrease of approximately 200 million yen from the same period of the previous fiscal year. This was mainly due to a decrease in purchases of property, plant and equipment, although proceeds from sales of property, plant and equipment also decreased.

      Cash Flows from Financing Activities

      Net cash provided by financing activities for the nine months ended December 31, 2025 was 6,518 million yen, reflecting a decrease in net cash outflows of approximately 23,100 million yen from the same period of the previous fiscal year. This was mainly due to proceeds from the issuance of convertible bond-type bonds with share acquisition rights, despite higher cash outflows for the acquisition of treasury stock.

      Cash and cash equivalents at the end for the nine months ended December 31, 2025, increased approximately 11,300 million yen from the same period of the previous fiscal year to 66,089 million yen.

   3. Explanation of Future Forecast Information such as Consolidated Financial Forecast Earnings Forecast for the Fiscal Year Ending March 31, 2026

   For the nine months ended December 31, 2025, revenue and profits decreased from a year earlier due to the impact from insufficient supply of components mainly for the enterprise markets in the Communications Systems Business of the Safety & Security Sector, as well as the impact of the U.S. tariff measures in the Mobility & Telematics Services Sector and the Media Business of the Entertainment Solutions Sector.

   For the fourth quarter of the fiscal year ending March 31, 2026, although the impact of decreased sales is expected to remain in enterprise markets in the Communications Systems Business, solid sales in the North American public safety market are expected to continue. In addition, favorable sales are expected in the Mobility & Telematics Services Sector and steady sales are expected in the Entertainment Solutions Sector. Accordingly, the consolidated earnings forecast for the fiscal year ending March 31, 2026, which was announced on October 31, 2025, remains unchanged.

   (Million yen)

   		Consolidated earnings for the fiscal year ended March 31, 2025	Consolidated earnings forecast for the fiscal year ending March 31, 2026 (Announced on 31 October, 2025)	Year-on-year change
   Revenue		370,308	360,000	-10,308
   Core operating income*		25,307	21,000	-4,307
   Operating profit		21,792	20,500	-1,292
   Profit before income taxes		23,490	21,000	-2,490
   Profit attributable to owners of the parent		20,276	15,500	-4,776
   Exchange rate	U.S. dollar	153 yen	150 yen	-3 yen
   	Euro	164 yen	172 yen	+8 yen

   *Core operating income is calculated by deducting cost of sales and selling, general and administrative expenses from revenue, and does not include other income, other expenses, and foreign exchange losses (gains), which are primarily due to one-time factors.

   The earning forecast was prepared by the Company based on information available at the time of releasing this document. Actual business results may differ from the forecast values due to various factors.

1. Consolidated Financial Statements

1. Consolidated Statement of Financial Position

   (Millions of yen)

   	As of March 31, 2025	As of December 31, 2025
   Assets Current assets Cash and cash equivalents Trade and other receivables Contract assets Other financial assets Inventories Right to recover products Income taxes receivable Other current assets Subtotal Assets classified as held for sale Total current assets Non-current assets Property, plant and equipment Goodwill Intangible assets Net defined benefit assets Investment property Investments accounted for using the equity method Other financial assets Deferred tax assets Other non-current assets Total non-current assets Total assets	48,597 71,738 6,682 2,228 58,498 346 934 6,885	66,089 65,873 6,344 3,166 64,725 333 767 7,499
   	195,912	214,802
   	913	-
   	196,825	214,802
   	62,067 886 22,920 635 3,991 8,044 8,472 8,760 733	64,589 1,007 27,013 538 4,040 10,039 11,910 7,530 2,475
   	116,510	129,146
   	313,336	343,948

   (Millions of yen)

   	As of March 31, 2025	As of December 31, 2025
   Liabilities and equity Liabilities Current liabilities Trade and other payables Contract liabilities Refund liabilities Short-term borrowings Other financial liabilities Income taxes payable Provisions Other current liabilities Subtotal Liabilities directly associated with assets classified as held for sale Total current liabilities Non-current liabilities Bonds and long-term borrowings Other financial liabilities Net defined benefit liabilities Provisions Deferred tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities Equity Capital stock Capital surplus Retained earnings Treasury stock Other components of equity Equity attributable to owners of the parent Non-controlling interests Total equity Total liabilities and equity	50,578 4,285 4,280 26,121 4,449 1,981 2,117 31,471	53,456 4,018 4,465 20,733 5,718 1,484 2,157 26,102
   	125,285	118,138
   	862	-
   	126,148	118,138
   	24,253 11,198 15,659 1,316 2,288 1,072	48,402 10,817 15,174 1,322 2,279 1,251
   	55,789	79,248
   	181,937	197,387
   	13,645 42,357 58,086 (11,589) 22,602	13,645 44,137 68,191 (18,179) 32,573
   	125,103	140,368
   	6,295	6,192
   	131,399	146,561
   	313,336	343,948

2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Consolidated Statement of Income)

   (Millions of yen)

   	Nine months ended December 31, 2024	Nine months ended December 31, 2025
   Revenue Cost of sales Gross profit Selling, general and administrative expenses Other income Other expenses Foreign exchange gains (losses) Operating profit Finance income Finance expenses Share of profit (loss) of investments accounted for using the equity method Profit before income taxes Income tax expenses Profit Profit attributable to: Owners of the parent Non-controlling interests Profit Earnings per share Basic earnings per share Diluted earnings per share	270,474 182,310	258,627 179,409
   	88,164	79,217
   	69,596 1,860 3,592 (52)	65,897 2,779 1,093 (135)
   	16,783	14,870
   	849 1,045 1,689	723 987 1,416
   	18,276	16,022
   	3,562	3,366
   	14,714	12,656
   	14,070 644	12,469 186
   	14,714	12,656
   	93.43 yen 92.70 yen	85.04 yen 84.05 yen

   (Consolidated Statement of Comprehensive Income)

   (Millions of yen)

   	Nine months ended December 31, 2024	Nine months ended December 31, 2025
   Profit Other comprehensive income ("OCI") Items that will not be reclassified subsequently to profit or loss Financial assets measured at fair value through OCI Total items that will not be reclassified subsequently to profit or loss Items that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign operations Cash flow hedges Share of OCI of investments accounted for using the equity method Total items that may be reclassified subsequently to profit or loss OCI, net of income tax Comprehensive income Total comprehensive income attributable to: Owners of the parent Non-controlling interests Comprehensive income	14,714	12,656
   	(354)	1,189
   	(354)	1,189
   	3,938 (728) (145)	8,177 303 573
   	3,065	9,055
   	2,711	10,245
   	17,425	22,901
   	16,528 897	22,440 460
   	17,425	22,901

3. Consolidated Statement of Changes in Equity

   For the nine months ended December 31, 2024 (from April 1, 2024 to December 31, 2024)

   (Millions of yen)

   	Equity attributable to owners of the parent
   	Capital stock	Capital surplus	Retained earnings	Treasury stock	Other components of equity
   					Remeasure-ment of defined benefit plans	Financial assets measured at fair value through other comprehensive income	Exchange differences arising on translation of foreign operations
   Balance as of April 1, 2024	13,645	42,209	40,004	(7,125)	-	1,106	22,313
   Profit			14,070
   Other comprehensive income						(354)	3,613
   Comprehensive income	-	-	14,070	-	-	(354)	3,613
   Acquisition of treasury stock		(0)		(3,081)
   Disposal of treasury stock
   Share-based payment transactions		170		33
   Dividends paid			(2,563)
   Issuance of convertible bonds
   Changes in ownership interests in subsidiaries Total transactions with the owners		(68)
   	-	101	(2,563)	(3,048)	-	-	-
   Balance as of December 31, 2024	13,645	42,310	51,510	(10,173)	-	752	25,927

   (Millions of yen)

   	Equity attributable to owners of the parent				Non-controlling interests	Total equity
   	Other components of equity			Total
   	Cash flow hedges	Fair value of investment property	Total
   Balance as of April 1, 2024	2,256	391	26,067	114,801	6,418	121,220
   Profit			-	14,070	644	14,714
   Other comprehensive income	(801)		2,458	2,458	253	2,711
   Comprehensive income	(801)	-	2,458	16,528	897	17,425
   Acquisition of treasury stock			-	(3,082)		(3,082)
   Disposal of treasury stock			-	-		-
   Share-based payment transactions			-	203		203
   Dividends paid			-	(2,563)	(684)	(3,247)
   Issuance of convertible bonds			-	-		-
   Changes in ownership interests in subsidiaries			-	(68)	68	-
   Total transactions with the	-	-	-	(5,510)	(615)	(6,126)
   owners
   Balance as of December 31, 2024	1,455	391	28,526	125,819	6,700	132,520

   For the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)

   (Millions of yen)

   	Equity attributable to owners of the parent
   	Capital stock	Capital surplus	Retained earnings	Treasury stock	Other components of equity
   					Remeasure-ment of defined benefit plans	Financial assets measured at fair value through other comprehensive income	Exchange differences arising on translation of foreign operations
   Balance as of April 1, 2025	13,645	42,357	58,086	(11,589)	-	909	20,529
   Profit			12,469
   Other comprehensive income						1,189	8,539
   Comprehensive income	-	-	12,469	-	-	1,189	8,539
   Acquisition of treasury stock		(2)		(7,000)
   Disposal of treasury stock				0
   Share-based payment transactions		(287)		410
   Dividends paid			(2,364)
   Issuance of convertible bonds		2,396
   Changes in ownership interests in subsidiaries		(326)
   Total transactions with the	-	1,779	(2,364)	(6,590)	-	-	-
   owners
   Balance as of December 31, 2025	13,645	44,137	68,191	(18,179)	-	2,099	29,068

   (Millions of yen)

   	Equity attributable to owners of the parent				Non-controlling interests	Total equity
   	Other components of equity			Total
   	Cash flow hedges	Fair value of investment property	Total
   Balance as of April 1, 2025	772	391	22,602	125,103	6,295	131,399
   Profit			-	12,469	186	12,656
   Other comprehensive income	241		9,971	9,971	273	10,245
   Comprehensive income	241	-	9,971	22,440	460	22,901
   Acquisition of treasury stock			-	(7,002)		(7,002)
   Disposal of treasury stock			-	0		0
   Share-based payment transactions			-	122		122
   Dividends paid			-	(2,364)	(168)	(2,532)
   Issuance of convertible bonds			-	2,396		2,396
   Changes in ownership interests in subsidiaries			-	(326)	(394)	(721)
   Total transactions with the	-	-	-	(7,174)	(563)	(7,738)
   owners
   Balance as of December 31, 2025	1,014	391	32,573	140,368	6,192	146,561

4. Consolidated Statement of Cash Flows

   (Millions of yen)

   	Nine months ended December 31, 2024	Nine months ended December 31, 2025
   Cash flows from operating activities
   Profit before income taxes	18,276	16,022
   Depreciation and amortization	13,040	13,155
   Increase (decrease) in net defined benefit liabilities	(1,054)	(669)
   Decrease (increase) in net defined benefit assets	167	90
   Finance income	(849)	(723)
   Finance expenses	1,045	987
   Loss (gain) on valuation of financial assets measured at fair value through profit or loss	1,017	44
   Loss (gain) on sales of property, plant and equipment	(1,231)	(1,208)
   Loss on disposal of property, plant and equipment	384	282
   Share of loss (profit) of investments accounted for using the equity method	(1,689)	(1,416)
   Decrease (increase) in trade and other receivables	4,889	9,767
   Decrease (increase) in inventories	(3,290)	(1,761)
   Increase (decrease) in trade and other payables	6,168	1,325
   Increase (decrease) in accrued expenses	(2,954)	(7,167)
   Increase (decrease) in other current liabilities	412	159
   Other, net	(2,147)	(1,390)
   Subtotal	32,185	27,498
   Interest received	756	610
   Dividend received	92	108
   Interest paid	(944)	(859)
   Income taxes paid	(3,191)	(3,075)
   Net cash provided by operating activities	28,898	24,282
   Cash flows from investing activities
   Purchases of property, plant and equipment	(11,111)	(7,219)
   Proceeds from sales of property, plant and equipment	4,149	1,439
   Purchases of intangible assets	(8,776)	(8,937)
   Payments for acquisition of long-term prepaid expenses	(269)	(1,338)
   Other, net	(763)	(554)
   Net cash used in investing activities	(16,770)	(16,609)

   (Millions of yen)

   	Nine months ended December 31, 2024	Nine months ended December 31, 2025
   Cash flows from financing activities
   Proceeds from short-term borrowings	8,210	62,132
   Repayment of short-term borrowings	(9,193)	(66,444)
   Proceeds from long-term borrowings	3,437	8,004
   Repayment of long-term borrowings	(9,704)	(13,504)
   Proceeds from issuance of convertible bonds	-	30,000
   Repayment of lease liabilities	(3,091)	(2,761)
   Acquisition of treasury stock	(3,081)	(7,000)
   Cash dividends paid	(2,563)	(2,364)
   Cash dividends paid to non-controlling interests	(517)	(937)
   Payments for acquisition of subsidiaries not resulting in change in scope of consolidation	-	(721)
   Other, net	(57)	(106)
   Net cash used in financing activities	(16,560)	6,296
   Effect of exchange rate changes on cash and cash	1,357	3,522
   equivalents
   Net increase (decrease) in cash and cash equivalents	(3,076)	17,492
   Cash and cash equivalents at beginning of year	57,874	48,597
   Cash and cash equivalents at end of period	54,798	66,089

5. Notes to Consolidated Financial Statements

(Assumption for Going Concern): None

(Segment Information)

1. Outline of reportable segments

   Reportable segments are the Company's constituent business units for which separate financial information can be obtained and those which are periodically examined by the Board of Directors for the purposes of determining the allocation of resources and evaluating results of operations.

   The Group appoints a chief operating officer ("COO") in each sector to formulate comprehensive strategies and engage in business activities for their products and services and conducts their worldwide operations.

   The Group is taking a step forward and going from being a traditional manufacturing and sales company to being one that creates customer value by providing solutions to their problems and operates three business segments: the Mobility & Telematics Services Sector, the Safety & Security Sector, and the Entertainment Solutions Sector. The Group's reportable segments are consistent with these business segments.

   The major products, services, and business details of each segment are as follows:

   Mobility & Telematics Services Sector	Manufacture and sales of car AV systems, car navigation systems, dashcams; in- vehicle speakers, amplifiers, antennas, and cables; in-vehicle devices, etc., and telematics solutions
   Safety & Security Sector	Manufacture and sales of professional wireless communications devices, communications devices for general consumers, professional video surveillance equipment, professional audio equipment, medical image display systems, etc.
   Entertainment Solutions Sector	Manufacture and sales of projectors, headphones, home audio equipment, portable power supplies, professional video cameras, etc.; entrusted business of CDs and DVDs (packaged software), etc.; manufacture of CDs and DVDs (packaged software); content business of audio and video software, content distribution, etc.
   Others	Service parts, etc.

2. Revenue, profit or loss for each reportable segment Revenue, profit or loss of each segment are as follows:

For the nine months ended December 31, 2024 (from April 1, 2024 to December 31, 2024)

(Millions of yen)

Note: Segment profit is indicated with core operating income and calculated by deducting cost of sales and selling, general and administrative expenses from revenue.

For the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)

(Millions of yen)

Note: Segment profit is indicated with core operating income and calculated by deducting cost of sales and selling, general and administrative expenses from revenue.

(Subsequent Events)

(Matters pertaining to the acquisition and cancellation of treasury stocks)

At the Board of Directors' meeting held on February 3, 2026, the Company resolved matters concerning the acquisition and cancellation of treasury stocks as follows:

1. Reason for the acquisition and cancellation of treasury stocks

   The Company considers stable shareholder returns and the securing of management resources for future growth to be among its most important management priorities and has adopted a policy of providing stable shareholder returns with a target of a total return ratio of approximately 30% to 40%, taking into comprehensive consideration its earnings capacity and financial condition.

   In accordance with this policy, the Company will purchase its treasury stocks and cancel the shares for the purpose of shareholder returns for the fiscal year ending March 31, 2026. With respect to the treasury stocks scheduled to be acquired the Company has determined to cancel all shares acquired, after comprehensively considering the number of shares currently held, the purpose of holding such shares, and their specific uses.

2. Details of the acquisition of treasury stocks

   1. Types of shares to be acquired: Common stocks of the Company

   2. Total number of shares to be acquired: 3 million shares (maximum)

      (Ratio to the total number of outstanding shares (excluding treasury stocks): 1.8%)

   3. Total amount of shares to be acquired: 3 billion yen (maximum)

   4. Period of share acquisition: From February 4 to April 30, 2026

   5. Method of share acquisition: Open-market purchase on the Tokyo Stock Exchange

3. Details of the cancellation of treasury stocks

   1. Types of shares to be cancelled: Common stocks of the Company

   2. Total number of shares to be cancelled: All shares acquired pursuant to "(2) Details of the acquisition of

      treasury stocks"

   3. Scheduled date of the cancellation: Promptly after the completion of the acquisition pursuant to "(2) Details

of the acquisition of treasury stocks"