Consolidated Financial Results for Fiscal Year 2025

May 8, 2026

Company name: MARUWA CO., LTD.

Listing: Tokyo Stock Exchange / Nagoya Stock Exchange

Securities code: 5344

URL: https://www.maruwa-g.com/

Representative: Toshiro Kambe, Representative Director and President

Inquiries: Daisuke Yamaguchi, Director and Head of Administration Division Telephone: +81-561-51-0841

Scheduled date of annual general meeting of shareholders: June 19, 2026 Scheduled date to commence dividend payments: June 22, 2026

Scheduled date to file annual securities report: June 12, 2026

Preparation of supplementary material on financial results: Yes

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

Rounded down to the nearest million yen

1. Consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
   1. Consolidated operating results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      March 31, 2026	74,476	3.7	24,976	(7.2)	26,321	(2.6)	18,163	(5.6)
      March 31, 2025	71,849	16.7	26,914	35.9	27,033	28.0	19,242	26.5

      Note: Comprehensive income For the fiscal year ended March 31, 2026:	¥20,550 million	[4.4%]
      For the fiscal year ended March 31, 2025:	¥19,677 million	[23.0%]

      	Basic earnings per share	Diluted earnings per share	Return on equity	Ratio of ordinary profit to total assets	Ratio of operating profit to net sales
      Fiscal year ended	Yen	Yen	%	%	%
      March 31, 2026	1,472.03	-	13.2	17.3	33.5
      March 31, 2025	1,559.45	-	16.2	20.4	37.5

   2. Consolidated financial position

      	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
      As of	Millions of yen	Millions of yen	%	Yen
      March 31, 2026	162,691	147,262	90.5	11,933.87
      March 31, 2025	142,285	127,854	89.9	10,361.04

      Reference: Equity

      As of March 31, 2026: ¥147,262 million

      As of March 31, 2025: ¥127,854 million

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen
   March 31, 2026	16,933	(21,757)	(1,216)	66,986
   March 31, 2025	25,351	(7,682)	(1,512)	71,568

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025	-	47.00	-	47.00	94.00	1,159	6.0	1.0
   Fiscal year ended March 31, 2026	-	51.00	-	51.00	102.00	1,258	6.9	0.9
   Fiscal year ending March 31, 2027 (Forecast)		55.00		55.00	110.00		-

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

Note: We do not disclose specific forecasts for profits below ordinary income because they are expected to fluctuate mainly due to foreign exchange factors and are difficult to forecast at this time.

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

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)

      As of March 31, 2026	12,372,000 shares
      As of March 31, 2025	12,372,000 shares

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

      As of March 31, 2026	32,114 shares
      As of March 31, 2025	32,112 shares

   3. Average number of shares outstanding during the period

1. Non-consolidated operating results (Percentages indicate year-on-year changes.)

   	Net sales		Operating profit		Ordinary profit		Profit
   Fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
   March 31, 2026	56,138	3.4	20,901	(6.6)	24,956	8.8	18,192	10.0
   March 31, 2025	54,290	18.2	22,371	36.7	22,935	17.8	16,544	13.1

   	Basic earnings per share	Diluted earnings per share
   Fiscal year ended	Yen	Yen
   March 31, 2026	1,474.40	-
   March 31, 2025	1,340.85	-

2. Non-consolidated financial position

Reference: Equity

As of March 31, 2026: ¥127,441 million

As of March 31, 2025: ¥110,376 million

• Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters

(Cautions on forward-looking statements, etc.)

The forward-looking statements, including forecasts of financial results, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ from the results anticipated in the statements due to various factors.

1. Business Results

   During the fiscal year ended March 31, 2026, concerns over geopolitical risks persisted due to developments in the Middle East and Ukraine, as well as heightened attention to monetary policies in various countries and tariff policies involving the United States and other countries. In the high-tech market, rapid technological advancements and active investments were observed across a wide range of fields related to generative AI.

   In our business, working within this business environment, market conditions in the automotive-related business softened, and in the semiconductor-related business, the recovery in general-purpose memory that had been expected in the second half was shifted. Meanwhile, demand related to next-generation high-speed communications remained at a high level throughout the fiscal year, and from the fourth quarter, a significant increase in production commenced due to the full-scale launch of a successor model.

   As a result, consolidated net sales for the fiscal year ended March 31, 2026 increased 3.7% from the previous fiscal year to 74,476 million yen. Operating profit decreased by 7.2% from the previous fiscal year to 24,976 million yen, ordinary profit was decreased by 2.6% from the previous fiscal year to 26,321 million yen, and profit attributable to owners of parent decreased by 5.6% from the previous fiscal year to 18,163 million yen.

   In addition, at the end of the fiscal year, there had been a delay in the recovery of general-purpose memory and a temporary decline in yield during the ramp-up of certain new products, and both issues have now been resolved.

   In the fourth quarter, a significant increase in production commenced due to the launch of a next-generation high-speed communication-related successor model, resulting in record-high quarterly sales and profits.

   Looking ahead, while the global economic environment is expected to remain uncertain due to geopolitical risks such as the situation in the Middle East, we will continue to steadily focus on strengthening our business foundation toward the achievement of our medium-term plan targeting net sales of 100 billion yen in the fiscal year ending March 31, 2029.

   Sales and profits by segment are as follows. (Ceramic Components Business)

   In the automotive-related business, market conditions softened, and in the semiconductor-related business, the recovery in

   general-purpose memory that had been expected in the second half was delayed. Meanwhile, demand related to next-generation high-speed communications remained at a high level throughout the fiscal year, and from the fourth quarter, a significant increase in production commenced due to the full-scale launch of a successor model.

   As a result, consolidated net sales for the fiscal year ended March 31, 2026 increased 2.1% from the previous fiscal year to 63,797 million yen, and segment profit decreased by 9.3% from the previous fiscal year to 24,573 million yen.

   (Lighting Equipment Business)

   This segment performed strongly, supported by increasing demand for LED lighting driven by the government's target of fully transitioning from fluorescent lighting to LED lighting by 2030, as well as growing demand for office renovation projects. Sales of high value-added lighting for offices and LED lighting installation projects for public facilities remained strong. In addition, high-end lighting for the luxury new condominium market also performed robustly.

   As a result, consolidated net sales for the first nine months of the fiscal year ending March 31, 2026 increased 14.1% from the same period of last year to 10,679 million yen, and segment profit increased 49.0% from the previous fiscal year to 2,141 million yen.

2. Financial Conditions (Assets)

   Current assets at the fiscal year ended March 31, 2026, totaled 103,175 million yen, an increase of 2,885 million yen from the end of the previous fiscal year. This was mainly due to an increase in raw materials and supplies. Fixed assets totaled 59,515 million yen, up 17,520 million yen from the end of the previous fiscal year. This was due to an increase in construction in progress. As a result, total assets amounted to 162,691 million yen, up 20,405 million yen from the end of the previous fiscal year.

   (Liabilities)

   Current liabilities at the end of the fiscal year ending March 31, 2026, amounted to 14,856 million yen, up 923 million yen from the end of the previous fiscal year. This was mainly due to an increase in accounts payable. Fixed liabilities came to 571 million yen, up 73 million yen from the end of the previous fiscal year. This was mainly due to an increase in deferred tax liabilities.

   As a result, total liabilities amounted to 15,428 million yen, up 997 million yen from the end of the previous fiscal year.

   (Net Assets)

   Total net assets were 147, 262 million yen at the fiscal year ended March 31, 2026, up 19,408 million yen from the end of the previous fiscal year. This was due to profit attributable to owners of parent company of 18,163 million yen.

   As a result, the equity ratio was 90.5% (89.9% at the end of the previous fiscal year).

3. Overview of Cash Flows

Cash and cash equivalents at the end of the current consolidated fiscal year decreased by 4,581 million yen from the end of the previous fiscal year, totaling 66,986 million yen.

The cash flow status for the fiscal year is as follows.

Net cash provided by operating activities amounted to 16,933 million yen, a decrease of 8,418 million yen from the previous fiscal year.

Net cash used in investing activities amounted to 21,757 million yen, an increase of 14,074 million yen from the previous fiscal year.

Net cash used in financing activities amounted to 1,216 million yen, a decrease of 296 million yen from the previous fiscal year.