Maxell : Summary of Consolidated Financial Results for the Year Ended March 31, 2026

Summary of Consolidated Financial Results for the Year Ended March 31, 2026 (Japan GAAP)

April 27, 2026

Listed company: Maxell, Ltd. Stock exchange: Tokyo (Prime Market) Code number: 6810 URL: https://www2.maxell.co.jp/ir/

Representative: Keiji Nakamura (President)

Contact person: Kensuke Taira (General Manager)

Planned date of Annual General Meeting of Shareholders Planned date of submittal of financial statement report

June 25, 2026 Planned date of beginning payment of dividends

June 24, 2026

June 8, 2026

(Figures are rounded off to the nearest 1 million yen)

1. Consolidated Business Results and Financial Position for the Year Ended March 31, 2026 (April 1, 2025 through March 31, 2026)
   1. Consolidated Operating Results (% change compared with the same term of the previous year)

      	Net sales		Operating	profit	Ordinary	profit	Profit attributable to owners of parent
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      March 31, 2026	129,429	(0.3)	7,891	(15.3)	8,601	(12.0)	8,260	102.0
      March 31, 2025	129,806	0.5	9,318	15.3	9,770	(0.2)	4,090	(45.8)

      Note: Comprehensive income: March 31, 2026 11,420 millions of yen (increased by 130.2%);

      Comprehensive income: March 31, 2025 4,961 millions of yen (decreased by 62.5%)

      	Net profit per share	Net profit per share (Diluted)	Return on equity	Ordinary profit to total assets	Operating profit to net sales
      	Yen	Yen	%	%	%
      March 31, 2026	202.03	-	9.3	5.0	6.1
      March 31, 2025	93.12	-	4.4	5.8	7.2

      References: Equity in profits of affiliates: March 31, 2026 398 millions of yen; March 31, 2025 78 millions of yen

      Note: The Company has introduced "performance-linked share-based remuneration system". And the shares of the Company held by the trust are included in the treasury shares deducted in the calculation of the average number of the shares during the term used in the calculation of "Net profit per share".

   2. Consolidated Financial Position

      	Total assets	Net assets	Shareholders' equity ratio	Net assets per share
      March 31, 2026 March 31, 2025	Millions of yen 180,467 164,514	Millions of yen 90,183 94,171	％ 48.2 55.5	Yen 2,361.80 2,118.37

      References: Shareholders' equity: March 31, 2026 87,059 millions of yen; March 31, 2025 91,356 millions of yen

      Note: The Company has introduced "performance-linked share-based remuneration system". And the shares of the Company held by the trust are included in the treasury shares deducted in the calculation of the number of shares at the end of the year used in the calculation of "Net assets per share".

   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
   March 31, 2026 March 31, 2025	Millions of yen 8,925 9,836	Millions of yen (15,058) (8,025)	Millions of yen 2,911 (7,749)	Millions of yen 31,557 33,072

2. Dividend

   	Dividend per share					Total dividend paid (Full year)	Consolidated dividend payout ratio	Dividend to net assets (consolidated)
   	1Q	2Q	3Q	Year end	Full year
   March 31, 2025 March 31, 2026	Yen - -	Yen 25.00 25.00	Yen - -	Yen 25.00 25.00	Yen 50.00 50.00	Millions of yen 2,157 2,001	% 53.7 24.7	% 2.4 2.2
   March 31, 2027 (Forecast)	-	28.00	-	28.00	56.00		30.8

3. Consolidated Business Forecast for the year ending March 31, 2027 (April 1, 2026 through March 31, 2027)

(% change from the previous year)

Note: The Company has introduced "performance-linked share-based remuneration system". And the shares of the Company held by the trust are included in the treasury shares deducted in the calculation of the average number of the shares during the term used in the calculation of "Net profit per share".

1. Significant changes in the scope of consolidation during the period: Yes Newly included: 1 company Maxell Sakura Co., Ltd. Excluded: 1 company Wuxi Maxell Energy Co., Ltd.

2. Changes in accounting policies, accounting estimates and restatement

   1. Changes as a result of revision of accounting standards: None

   2. Changes other than 1):

   3. Changes in accounting estimates:

   4. Restatement:

      None None None

3. Number of shares issued (common stock)

   1. Number of shares issued at end of period (Including treasury share):

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

   3. Average number of shares during the term:

March 31, 2026 46,956,200 shares;

March 31, 2026 10,094,968 shares;

March 31, 2026 40,884,720 shares;

March 31, 2025 46,956,200 shares

March 31, 2025 3,830,606 shares

March 31, 2025 43,923,911 shares

Note 1: The number of shares of treasury share at the end of period includes the shares of the Company held by the trust relating to "performance-linked share-based remuneration system" (15,700 shares at the end of consolidated fiscal year ended March 31, 2025 and 13,155 shares at the end of consolidated fiscal year ended March 31, 2026).

2: The average number of shares during the term is calculated by deducting the treasury shares and the shares of the Company held by the trust relating to "performance-linked share-based remuneration system" (15,700 shares for the consolidated fiscal year ended March 31, 2025 and 14,124 shares for the consolidated fiscal year ended March 31, 2026).

• This Summary of Consolidated Financial Results falls outside the scope of audit procedures for financial statements

• Explanation regarding the appropriate use of forecasts of business results and other special instructions

Forecasts of business results and other forward-looking statements in this document are based on information currently available to the Company and certain assumptions that the Company deems to be reasonable. Actual business results may differ significantly due to a variety of factors about economic trend and exchange rate. For further information on the above-mentioned forecast preconditions and other related matters, please see page 3 "1. Business Performance (1) Analysis of Business Performance".

1. Business Performance

   1. Analysis of Business Performance
      1. Overview

         (Unless otherwise stated, all comparisons are with operating results of the same period of the previous fiscal year, from April 1, 2024 to March 31, 2025.)

         As for the global economy during this consolidated fiscal year, there has been a situation that requires close monitoring of impacts on economic conditions due to factors such as the U.S. tariff measures and the tensions in the Middle East. In terms of business overview of the Company, sales of primary batteries for medical devices and infrastructure applications and coated separators remained strong. However, there were impacts of surging costs for some raw materials, delays in the recovery of semiconductor related products, and U.S. tariff measures in health and beauty care products.

         Under these circumstances, net sales decreased by 0.3% (377 million yen) to 129,429 million yen, due to sales decrease of rechargeable batteries, semiconductor related products and health and beauty care products, although sales for primary batteries and coated separators increased and licensing revenues increased. In terms of profitability, due to decreased sales of semiconductor related products and health and beauty products, together with the impact of surging raw material costs, operating profit decreased by 15.3% (1,427 million yen) to 7,891 million yen, ordinary profit decreased by 12.0% (1,169 million yen) to 8,601 million yen. Profit attributable to owners of parent increased by 102.0% (4,170 million yen) to 8,260 million yen due to record of extraordinary income associated with the transfer of equity interests in a consolidated subsidiary.

         The average foreign exchange rate over the year under review was US$1=151 yen.

         Operating results by segment are as follows. The Company has changed the reporting segments from this consolidated fiscal year, and the analysis and comparisons are made based on the new segment.

         Energy

Although sales of rechargeable batteries decreased due to the production discontinuation, as sales of primary batteries for medical devices and infrastructure applications were strong, total sales for Energy segment increased by 5 million yen to 42,458 million yen. Operating profit decreased by 13.5% (323 million yen) to 2,065 million yen due to surging costs for some raw materials and increase of development cost for all-solid-state batteries.

Total sales for Functional Materials segment increased by 2.6% (824 million yen) to 32,614 million yen due to sales increase of adhesive tapes and industrial materials such as coated separators. Operating profit increased by 25.8% (301 million yen) to 1,467 million yen due to sales increase of adhesive tapes and industrial materials.

Total sales for Optics & Systems segment increased by 1.3% (481 million yen) to 36,413 million yen due to sales increase of automotive optical components and increase of licensing revenues, although sales of semiconductor related products decreased. Operating profit decreased by 19.9% (879 million yen) to 3,540 million yen due to the impacts of sales decrease of semiconductor related products and valuation loss on inventories.

As sales of health and beauty care products struggled in the first half due to impact of the U.S. tariff measures, total sales for Value Co-Creation Businesses segment decreased by 8.6% (1,687 million yen) to 17,944 million yen, although sales of hydraulic tools increased mainly in Japan and North America. Operating profit decreased by 39.1% (526 million yen) to 819 million yen due to the impact of sales decrease of health and beauty care products.

1. Future Outlook

In the global economic environment for the fiscal year ending March 2027, uncertainty remains in the international situation, including U.S. tariff measures and geopolitical risks, and there are continuing concerns about the impact on the economy.

In particular, if the current situation in the Middle East continues, the Company predicts the risks such as increased costs due to surges in raw material costs, energy costs, and transportation costs, impacts on production due to shortages of raw materials, production goods and auxiliary materials, and a decrease in orders due to customers' production adjustments and market stagnation.

Under these circumstances, the Company will closely monitor the environment in the key markets and customer trends and respond swiftly to changes.

For the full-year business forecast for the fiscal year ending March 2027, the Company forecasts net sales of 143,000 million yen, operating profit of 10,000 million yen, and profit attributable to owners of parent of 6,700 million yen.

In the fiscal year ending March 2027, which is the final year of the Mid-Term Management Plan MEX26, the Company will improve profitability through the effects of portfolio reform, while achieving profit growth by strengthening growth businesses and securing an early contribution from new businesses centered on all-solid-state batteries on the Company's business performance.

These numbers are based on calculation using the average exchange rate over the fiscal year, 150 yen to the U.S. dollar. For projections of business performance by segment, please refer to the supplementary information on page 5.

1. 1. Analysis of Financial Position and Cash Flow
      1. Assets, liabilities and net assets Assets

         As of March 31, 2026, total assets amounted 180,467 million yen, increased by 9.7% from the previous consolidated fiscal year. Among this, current assets amounted 84,921 million yen, increased by 0.9%, mainly by increase of other of current assets. And the ratio of current assets among total assets has changed to 47.1% from 51.2% of the previous consolidated fiscal year. On the other hand, non-current assets amounted 95,546 million yen, increased by 19.0% mainly by record of goodwill following acquisition of Maxell Sakura Co., Ltd. and increase of construction in progress. And the ratio of non-current assets among total assets has changed to 52.9% from 48.8% of the previous consolidated fiscal year.

         Liabilities

         As of March 31, 2026, total liabilities amounted 90,284 million yen, increased by 28.3% from the previous consolidated fiscal year. Among this, current liabilities amounted 46,522 million yen, increased by 4.8%, mainly by increase of accounts payable - other, and the current ratio became 1.8 times, and the cash on hand which is the balance between current assets and current liabilities, became 38,399 million yen. Non-current liabilities amounted 43,762 million yen, increased by 68.6%, mainly by increase of long-term borrowings.

         Net Assets

         As of March 31, 2026, total net assets amounted 90,183 million yen, decreased by 4.2% from the previous consolidated fiscal year. The decrease is mainly by purchase of treasury shares and payment of dividends although there was record of profit attributable to owners of parent amounted 8,260 million yen. And the equity ratio has changed to 48.2% from 55.5% of the previous consolidated fiscal year.

      2. Cash flow

      In this consolidated fiscal year, cash and cash equivalents (hereinafter referred to as "funds") decreased by 1,515 million yen to 31,557 million yen. This total comes from income of 8,925 million yen as cash flows from operating activities, expenditure of 15,058 million yen as cash flows from investing activities and income of 2,911 million yen as cash flows from financing activities. Respective cash flows are as follows.

      Cash Flows from Operating Activities

      Net cash provided is 8,925 million yen in cash flows from operating activities in this consolidated fiscal year. This mainly derives from increase in funds includes 10,118 million yen of profit before income taxes, 5,293 million yen of depreciation and 1,953 million yen of decrease in inventories and 1,247 million yen of decrease in trade receivables, and deduction in funds includes 2,857 million yen of gain on sale of investment in affiliates, 2,418 million yen of decrease in trade payables and 2,411 million yen of payments of income taxes, etc.

      Cash Flows from Investing Activities

      Net cash used is 15,058 million yen in cash flows from investing activities in this consolidated fiscal year. This mainly derives from deduction in funds includes 7,955 million yen of purchase of shares of subsidiaries resulting in change in scope of consolidation and 7,840 million yen of purchase of property, plant and equipment.

      Cash Flows from Financing Activities

      Net cash provided is 2,911 million yen in cash flows from financing activities in this consolidated fiscal year. This mainly derives from increase in funds includes 20,000 million yen of proceeds from long-term borrowings, and deduction in funds includes 13,232 million yen of purchase of treasury shares, 2,158 million yen of dividends paid and 1,563 million yen of repayments of long-term borrowings.

      Supplementary information

      Consolidated Financial Results and Forecast

      (Millions of yen)

      	The Year ended: March 31, 2025	The Year ended: March 31, 2026	Change* (%)	March 31, 2027 Forecast	Change* (%)
      Net sales	129,806	129,429	(0.3)	143,000	10.5
      Operating profit	9,318	7,891	(15.3)	10,000	26.7
      Profit attributable to owners of parent	4,090	8,260	102.0	6,700	(18.9)

      * % change from the same term of the previous year

      Sales and Operating Profit by Segment

      (Millions of yen)

      	The Year ended: March 31, 2025	The Year ended: March 31, 2026		Change* (%)	March 31, 2027 Forecast		Change* (%)
      	Millions of yen	Millions of yen	Composition (%)		Millions of yen	Composition (%)
      Net sales	129,806	129,429	100.0	(0.3)	143,000	100.0	10.5
      Energy	42,453	42,458	32.8	0.0	53,000	37.0	24.8
      Functional Materials	31,790	32,614	25.2	2.6	34,700	24.3	6.4
      Optics & Systems	35,932	36,413	28.1	1.3	35,700	25.0	(2.0)
      Value Co-Creation Businesses	19,631	17,944	13.9	(8.6)	19,600	13.7	9.2
      Operating profit	9,318	7,891	100.0	(15.3)	10,000	100.0	26.7
      Energy	2,388	2,065	26.2	(13.5)	3,100	31.0	50.1
      Functional Materials	1,166	1,467	18.6	25.8	1,900	19.0	29.5
      Optics & Systems	4,419	3,540	44.8	(19.9)	3,900	39.0	10.2
      Value Co-Creation Businesses	1,345	819	10.4	(39.4)	1,100	11.0	34.3

      * % change from the same term of the previous year

      Sales by Regional Segment

      (Millions of yen)

      	The Year ended: March 31, 2025	The Year ended: March 31, 2026		Change* (%)
      	Millions of yen	Millions of yen	Composition (%)
      Overseas sales	66,203	69,089	53.4	4.4
      America	16,868	16,274	12.6	(3.5)
      Europe	12,319	12,817	9.9	4.0
      Asia and other	37,016	39,998	30.9	8.1
      Domestic sales	63,603	60,340	46.6	(5.1)
      Total	129,806	129,429	100.0	(0.3)

      * % change from the same term of the previous year

      Capital investment, Depreciation, R&D expenses

      (Millions of yen)

      	The Year ended: March 31, 2025	The Year ended: March 31, 2026	Change* (%)	March 31, 2027 Forecast	Change* (%)
      Capital investment	6,368	5,044	(20.8)	10,000	98.3
      Depreciation	5,344	5,299	(0.8)	6,500	22.7
      R&D expenses	5,679	6,058	6.7	6,000	(1.0)

      * % change from the same term of the previous year

2. Basic rationale for selection of accounting standards

We are preparing the internal manuals and guidelines for future application of IFRS in advance, and considering about the application of IFRS.