MATSUDA SANGYO : Financial Results (Q3 / FY2026)

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original version shall prevail.

February 13, 2026

Company name: Matsuda Sangyo Co., Ltd.

Exchanges listed on: Tokyo Stock Exchange (Prime Market) Company code: 7456

URL: https://www.matsuda-sangyo.co.jp

Representative Yoshiaki Matsuda, President

Inquiries: Yoshinori Tanaka, Director / General Manager of CSR IR Dept. Tel: +81-3-5381-0728

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: Yes Holding of financial results briefing : No

(Figures are rounded down to the nearest million yen.)

1. Consolidated financial results for the nine months ended December 31, 2025 (April 1, 2025 - December 31, 2025)

   1. Consolidated operating results (cumulative) (Percentages are 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	477,927	37.1	14,969	37.9	15,804	37.3	11,124	37.6
      December 31, 2024	348,657	28.5	10,856	51.2	11,513	44.6	8,086	51.3

      (Note) Comprehensive income For the nine months ended December 31, 2025: ¥ 7,779 million [(16.1%)]

      For the nine months ended December 31, 2024: ¥ 9,269 million [34.9%]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	(yen)	(yen)
      December 31, 2025	429.85	-
      December 31, 2024	311.99	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of	(millions of yen)	(millions of yen)	％
   December 31, 2025	206,328	105,288	50.8
   March 31, 2025	168,900	100,134	59.1

   (Reference) Equity As of December 31, 2025: ¥ 104,716 million As of March 31, 2025: ¥99,742 million

2. Dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   Fiscal year ended March 31, 2025 Fiscal year ending March 31, 2026	(yen) - -	(yen) 35.00 50.00	(yen) - -	(yen) 40.00	(yen) 75.00
   Fiscal year ending March 31, 2026 (Forecast)				50.00	100.00

   (Note) Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 - March 31, 2026)

(Percentages are year-on-year changes.)

(Note) Revisions to the earnings forecast most recently announced: Yes

For details on the revision of the dividend forecast, please refer to the "Notice Concerning Revisions to Full-Year Consolidated Earnings Forecasts" announced on February 13, 2026.

*Notes

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

2. Application of accounting treatment specific to the preparation of quarterly consolidated financial statements

   ： None

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)

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

      As of December 31, 2025	26,908,581 shares
      As of March 31, 2025	26,908,581 shares

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

      As of December 31, 2025	1,066,665 shares
      As of March 31, 2025	991,453shares

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

* Matsuda Sangyo introduced a stock-based compensation plan, "Executive Compensation BIP Trust," effective from the current consolidated accounting period. The number of treasury shares at the end of the period includes shares of the Company held by the Executive Compensation BIP Trust (75,200 shares for the nine months ended December 31, 2025; - shares for the fiscal year ended March 31, 2025). In addition, shares of the Company held by the Executive Compensation BIP Trust are included in the number of treasury shares deducted in the calculation of the average number of shares outstanding during the period.

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

• Explanation of the proper use of earnings forecasts and other notes

This document contains earnings projections and other information that constitute forward-looking statements. These statements are based on reasonable assumptions and information currently available to the Company and provide no guarantee of future performance. Actual results may differ materially from forward-looking statements due to a number of factors. For more information about earnings projections, please refer to "1. Qualitative information regarding the quarterly financial results, (3) Explanation of forward-looking statements such as consolidated forecasts" on page 3 of the attached documents.

Contents of Attached Document

1. Qualitative information regarding the quarterly financial results 2

   1. Explanation of operating results 2

   2. Explanation of financial position 2

   3. Explanation of forward-looking statements such as consolidated forecasts 3

2. Quarterly consolidated financial statements and main notes 4

   1. Quarterly consolidated balance sheet 4

   2. Quarterly consolidated statement of income and comprehensive income 6

   3. Quarterly consolidated statement of cash flows 8

   4. Notes on quarterly consolidated financial statements 9

(Notes on premise of a going concern) 9

(Notes on significant changes in the amount of shareholders' equity) 9

(Segment information, etc.) 9

(Significant subsequent events) 9

1. Qualitative information regarding the quarterly financial results
   1. Explanation of operating results

      During the cumulative consolidated third quarter under review, the Japanese economy continued to show signs of gradual recovery, underpinned by improvements in the employment environment and wage increases. However, concerns over U.S. trade policy and prolonged geopolitical risks led to further uncertainty about the future of the global economy. The domestic economy, too, continues to face inflation driven by soaring raw material prices and the weak yen. Consequently, real wages have struggled to grow, resulting in persistently lackluster personal consumption.

      Against this backdrop, the Matsuda Sangyo Group's Precious Metals Business Segment worked to develop and utilize production bases both domestically and overseas, ensure the stable supply of precious metal materials, and boost sales of products as well as expand its industrial waste treatment outsourcing business, based on a strategy of differentiating itself through its comprehensive resource recycling capability and the development of high-performance electronic materials. In addition, the Food Business Segment made maximum use of its global procurement network to source products that meet diversifying customer needs and ensure stable supplies of safe and reliable food products, with the aim of increasing sales volumes.

      As a result of the above, for the cumulative consolidated third quarter, net sales were ¥477,927 million (up 37.1% year on year) and operating profit was ¥14,969 million (up 37.9% year on year). Ordinary profit was ¥15,804 million (up 37.3% year on year) and quarterly profit attributable to owners of parent was ¥11,124 million (up 37.6% year on year).

      The following is a summary of business by segment.

      Precious Metals Business Segment

      In the electronic devices field of the electronics sector, which is the key market for the Precious Metals Business Segment, while production for the EV market has continued to stagnate, robust demand for AI servers and data centers drove overall growth, resulting in overall gradual recovery in the production of semiconductors and electronic components.

      Against this backdrop, the Precious Metals Business Segment recorded year-on-year increases in both net sales and operating profit on the back of an increase in precious metals recycling volume, including from the jewelry sector, as well as the significant rise in the market price of precious metals.

      As a result of the above, net sales for the Precious Metals Business Segment were ¥386,734 million (up 45.3% year on year) and operating profit was ¥12,243 million (up 39.9% year on year).

      Food Business Segment

      In the food production sector, which is the key market for the Food Business Segment, rising prices due to soaring raw material prices have contributed to a stronger trend toward frugality in personal consumption, resulting in a market environment of persistent cautious purchasing attitudes overall.

      Against this backdrop, despite a decrease in the sales volume of seafood products, the Food Business Segment registered an increase in the sales volume of livestock and agricultural products, thanks to flexible product proposals in response to changing consumer needs and efforts to build a stable supply system. Moreover, an increase in selling prices also contributed to a year-on-year increase in net sales and operating profits.

      As a result of the above, net sales for the Food Business Segment were ¥91,227 million (up 10.6% year on year) and operating profit was ¥2,726 million (up 29.5% year on year).

   2. Explanation of financial position (1) Assets, liabilities and net assets status

      Assets:

      Total assets as of the end of the cumulative consolidated third quarter under review were ¥206,328 million, an increase of

      ¥37,428 million from the previous fiscal year end. This was mainly due to increases in notes and accounts receivable-trade and inventories.

      Liabilities:

      Total liabilities as of the end of the cumulative consolidated third quarter under review were ¥101,039 million, an increase of

      ¥32,273 million from the previous fiscal year end. This mainly reflected increases in accounts payable-trade, short-term loans payable, long-term loans payable, and other current liabilities.

      Net assets:

      Net assets as of the end of the cumulative consolidated third quarter under review were ¥105,288 million, an increase of ¥5,154 million from the previous fiscal year end. This mainly reflected the difference between an increase in retained earnings and a decrease in deferred gains or losses on hedges.

      （2）Cash flows status

      As of the end of the cumulative consolidated third quarter under review, the balance of cash and cash equivalents (hereafter, "cash") stood at ¥11,048 million, a decrease of ¥380 million from the previous fiscal year end.

      Cash flows from operating activities:

      Operating activities in the cumulative consolidated third quarter under review used cash of ¥14,057 million. This mainly reflected the difference between an increase in cash from quarterly profit before income taxes, depreciation, and an increase in notes and accounts payable - trade, and a decrease in cash from increases in accounts receivable-trade and inventories, and a decrease in income taxes paid. Compared with the same period in the previous fiscal year, when operating activities used cash of ¥16,631 million, cash from operating activities increased by ¥2,573 million.

      Cash flows from investing activities:

      Investing activities in the cumulative consolidated third quarter under review used cash of ¥2,597 million. This was mainly due to the difference between a decrease in cash for the acquisition of property, plant and equipment, such the new installation of factory equipment, and an increase in cash from the repayment of time deposits. Compared with the same period in the previous fiscal year, when investing activities used cash of ¥3,603 million, cash used by investing activities decreased by ¥1,005 million.

      Cash flows from financing activities:

      Financing activities in the cumulative consolidated third quarter under review provided cash of ¥16,457 million. This mainly reflected the difference between an increase in cash from an increase in short-term and long-term loans payable, and a decrease in cash from cash dividends paid. Compared with the same period in the previous fiscal year, when financing activities provided cash of ¥524 million, cash from financing activities increased by ¥15,932 million.

   3. Explanation of forward-looking statements such as consolidated forecasts

      For details on the consolidated earnings forecast, please refer to the "Notice Concerning Revisions to Full-Year Consolidated Earnings Forecasts" announced on February 13, 2026.

2. Quarterly consolidated financial statements and main notes
   1. Quarterly consolidated balance sheet

      End-FY3/25

      (As of March 31, 2025)

      (millions of yen)

      End-FY3/26 3Q

      (As of December 31, 2025)

      Assets

      Current assets

      Cash and deposits	12,878	11,367
      Notes and accounts receivable - trade	34,088	48,212
      Merchandise and finished goods	34,344	41,401
      Work in process	999	824
      Raw materials and supplies	25,610	36,663
      Accounts receivable - other	1,413	3,059
      Others	6,802	8,086
      Allowance for doubtful accounts	(14)	(9)
      Total current assets	116,124	149,606
      Non-current assets
      Property, plant, and equipment
      Buildings and structures	21,120	22,435
      Accumulated depreciation	(8,242)	(8,663)
      Buildings and structures, net	12,878	13,772
      Machinery, equipment, and vehicles	20,299	20,934
      Accumulated depreciation	(15,407)	(16,263)
      Machinery, equipment, and vehicles, net	4,892	4,671
      Land	17,027	17,021
      Leased assets	1,637	1,669
      Accumulated depreciation	(979)	(1,088)
      Leased assets, net	658	580
      Construction in progress	2,079	2,806
      Others	1,927	1,825
      Accumulated depreciation	(1,605)	(1,473)
      Others, net	322	351
      Total property, plant, and equipment	37,858	39,204
      Intangible assets
      Others	3,028	2,952
      Total intangible assets	3,028	2,952
      Investments and other assets
      Investment securities	7,894	9,313
      Deferred tax assets	445	1,879
      Others	3,619	3,456
      Accumulated depreciation	(49)	(64)
      Others, net	3,569	3,392
      Allowance for doubtful accounts	(20)	(20)
      Total investments and other assets	11,889	14,565
      Total non-current assets	52,775	56,722
      Total assets	168,900	206,328

      End-FY3/25

      (As of March 31, 2025)

      (millions of yen)

      End-FY3/26 3Q

      (As of December 31, 2025)

      Liabilities

      Current liabilities

      Accounts payable - trade	16,176	21,893
      Short-term loans payable	11,542	25,239
      Current portion of long-term loans payable	4,108	5,343
      Lease obligations	228	258
      Income taxes payable	2,796	2,470
      Provision for bonuses	1,238	641
      Accounts payable - other	994	1,907
      Advances received	7,666	8,335
      Others	3,860	9,768
      Total current liabilities	48,613	75,858
      Non-current liabilities
      Bonds payable	100	100
      Long-term loans payable	17,047	21,987
      Lease obligations	446	339
      Deferred tax liabilities	62	10
      Provision for directors' retirement benefits	795	-
      Provision for executive officers' retirement benefits	30	-
      Provision for share awards for directors	-	26
      Net defined benefit liability	1,510	1,466
      Others	159	1,250
      Total non-current liabilities	20,152	25,181
      Total liabilities	68,765	101,039
      Net assets
      Shareholders' equity
      Common stock	3,559	3,559
      Capital surplus	4,008	4,008
      Retained earnings	89,565	98,357
      Treasury shares	(1,396)	(1,688)
      Total shareholders' equity	95,737	104,237
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	818	1,316
      Deferred gains or losses on hedges	(900)	(4,735)
      Foreign currency translation adjustment	3,960	3,788
      Remeasurements of defined benefit plans	125	111
      Total accumulated other comprehensive income	4,005	479
      Non-controlling interests	391	572
      Total net assets	100,134	105,288
      Total liabilities and net assets	168,900	206,328

   2. Quarterly consolidated statement of income and comprehensive income

FY3/25 3Q

(April 1, 2024 -

December 31, 2024)

(millions of yen)

FY3/26 3Q

(April 1, 2025 -

December 31, 2025)

Net sales 348,657 477,927

Cost of sales 320,975 444,076

Gross profit 27,681 33,851

Selling, general and administrative expenses 16,824 18,882

Operating profit 10,856 14,969

Interest income 11 15

Non-operating income

Share of profit of entities accounted for using equity method

857

974

Dividend income 34 39

Others 141 226

Foreign exchange gains － 55

Non-operating expenses

Total non-operating income 1,044 1,311

Foreign exchange losses 72 －

Interest expenses 257 402

Total non-operating expenses 386 475

Others 57 73

Profit before income taxes 11,513 15,804

Ordinary profit 11,513 15,804

Income taxes - deferred 145 73

Income taxes - current 3,256 4,422

Profit 8,111 11,309

Total income taxes 3,402 4,495

Profit attributable to non-controlling interests 25 184

Profit attributable to owners of parent 8,086 11,124

(millions of yen)

FY3/25 3Q

(April 1, 2024 -

December 31, 2024)

FY3/26 3Q

(April 1, 2025 -

December 31, 2025)

Profit 8,111 11,309

Other comprehensive income

Valuation difference on available-for-sale securities 58 497

Deferred gains or losses on hedges 431 (3,844)

Foreign currency translation adjustment 443 (209)

Remeasurements of defined benefit plans 185 (18)

Share of other comprehensive income of entities accounted for using equity method

39

44

Total other comprehensive income 1,158 (3,530)

Comprehensive income 9,269 7,779

Comprehensive income attributable to:

Comprehensive income attributable to non-controlling

interests

29 180

8 1

Increase (decrease) in provision for executive officers' retirement benefits

Increase (decrease) in provision for share awards for directors

-

26

Interest and dividend income (45) (55)

Share of (profit) loss of entities accounted for

Decrease (increase) in notes and accounts receivable - trade

(4,982)

(14,166)

using equity method

(857) (974)

There are no applicable items.

There are no applicable items.

1. For the nine months ended December 31, 2024 (April 1, 2024 - December 31, 2024)

   Information for net sales and profit/loss for each reportable segment

   (millions of yen)

   	Reportable Segments			Adjustment (Note) 1	Amount recorded on consolidated statements of income (Note) 2
   	Precious Metals Business Segment	Food Business Segment	Total
   Net sales
   Net sales to external parties	266,224	82,432	348,657	-	348,657
   Net sales & remittances between segments	-	26	26	(26)	-
   Total	266,224	82,459	348,683	(26)	348,657
   Segment profit	8,751	2,105	10,856	-	10,856

   (Notes)

   1. Adjustments correspond to the elimination of transactions and remittances between segments.

   2. Total segment profit matches operating profit recorded on the consolidated statements of income.

2. For the nine months ended December 31, 2025 (April 1, 2025 - December 31, 2025)

   Information for net sales and profit/loss for each reportable segment

   (millions of yen)

   	Reportable Segments			Adjustment (Note) 1	Amount recorded on consolidated statements of income (Note) 2
   	Precious Metals Business Segment	Food Business Segment	Total
   Net sales
   Net sales to external parties	386,734	91,193	477,927	-	477,927
   Net sales & remittances between segments	-	34	34	(34)	-
   Total	386,734	91,227	477,961	(34)	477,927
   Segment profit	12,243	2,726	14,969	-	14,969

   (Notes)

   1. Adjustments correspond to the elimination of transactions and remittances between segments.

   2. Total segment profit matches operating profit recorded on the consolidated statements of income.

(Significant subsequent events) There are no applicable items.