Consolidated Financial Results for the Fiscal Year Ended March 31, 2025

Note:

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 shall prevail.

Company name: Mipox Corporation Listing: Tokyo Stock Exchange Securities code: 5381

URL: https://http://www.mipox.co.jp/ Representative: Jun Watanabe, President Inquiries: Kenji Nakagawa, Director

Telephone: +81-2-8999-9946

Scheduled date of annual general meeting of shareholders: June 24, 2025

May 15, 2025

Scheduled date to commence dividend payments: Scheduled date to file annual securities report:

June 25, 2025

June 25, 2025

Preparation of supplementary material on financial results: Yes

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

livestream only)

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

1. Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 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
      Fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      March 31, 2025	11,172	19.4	942	-	855	-	911	-
      March 31, 2024	9,354	(6.7)	(442)	-	(186)	-	(408)	-

      Note: Comprehensive income For the fiscal year ended March 31, 2025: ¥979 million [ ― %]

      For the fiscal year ended March 31, 2024: ¥(371) million [ ― %]

      	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, 2025	64.04	-	11.4	5.4	8.4
      March 31, 2024	(28.70)	-	(5.3)	(1.2)	(4.7)

      Reference: Share of profit (loss) of entities accounted for using equity method

      For the fiscal year ended March 31, 2025: ¥ ―

      For the fiscal year ended March 31, 2024: ¥ ―

   2. Consolidated financial position

      	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
      As of March 31, 2025 March 31, 2024	Millions of yen 15,931 15,977	Millions of yen 8,463 7,484	% 53.1 46.8	Yen 594.38 525.59

      Reference: Equity As of March 31, 2025: ¥8,463 million

      As of March 31, 2024: ¥7,484 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 March 31, 2025	Millions of yen 1,596	Millions of yen (695)	Millions of yen (1,056)	Millions of yen 2,314
   March 31, 2024	451	(633)	144	2,494

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
   Fiscal year ended	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   March 31, 2024	-	0.00	-	0.00	0.00	-	-	-
   Fiscal year ended March 31, 2025	-	0.00	-	10.00	10.00	144	15.6	1.8
   Fiscal year ending March 31, 2026 (Forecast)	-	0.00	-	10.00	10.00		20.3

3. Consolidated financial results forecast for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

1. Significant changes in the scope of consolidation during the period: None Newly included: ― (Company name: ― )

   Excluded: ― (Company name: ― )

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, 2025	14,451,920 shares
      As of March 31, 2024	14,451,920 shares

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

      As of March 31, 2025	212,852 shares
      As of March 31, 2024	212,732 shares

   3. Average number of shares outstanding during the period

Note: The number of treasury shares includes 23,300 shares held in the trust account for the fiscal year ended March 31, 2024 and 183,300 shares for the fiscal year ended March 31, 2025.

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, 2025	9,811	21.6	489	-	751	-	852	-
   March 31, 2024	8,068	(4.0)	(993)	-	(503)	-	(705)	-
   	Basic earnings per share		Diluted earnings per share
   Fiscal year ended March 31, 2025	Yen 59.89		Yen -
   March 31, 2024	(49.57)		-

2. Non-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, 2025	14,777	7,527	50.9	528.68
   March 31, 2024	14,850	6,675	44.9	468.79

   Reference: Equity As of March 31, 2025: ¥7,527 million

   As of March 31, 2024: ¥6,675 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

・The forward-looking statements, including earnings forecasts, contained in this document are based on information currently available to the company and certain assumptions deemed reasonable. Actual results may vary significantly due to various factors.

1. Information on financial results 5

   1. Explanation of operating results 5

   2. Explanation of financial position 6

   3. Explanation of cash flows 6

   4. Future outlook 7

2. Basic policies concerning selection of accounting standards 7

3. Consolidated financial statements and key notes 8

   1. Consolidated balance sheet 8

   2. Consolidated income statements and comprehensive income 10

   3. Consolidated statement of changes in equity 12

   4. Consolidated statement of cash flows 14

   5. Notes on consolidated financial statements 16

(Notes on going concern assumptions) 16

(Change in presentation method) 16

(Additional information) 16

(Related to the consolidated income statements and consolidated comprehensive income) 17

(Segment information, etc.) 18

(Per share information) 22

(Significant subsequent events) 22

During the current consolidated fiscal year, the Japanese economy showed signs of gradual recovery due to an improved employment and income environment, and a pickup in consumer spending, capital investment, and exports, despite concerns about the continued impact of rising consumer prices on household finances. However, the outlook remains uncertain due to the U.S. trade policy and the continued stagnation of the Chinese economy.

Amid these challenges, our Group has remained committed to its mission of "Changing the World through Coating, Cutting, and Polishing." Guided by our core management policies, we have focused on enhancing product business value through an engineering-driven approach, transitioning from OEM business model to an engineering services business, and building a resilient management foundation capable of adapting to rapid changes and market diversity.

Although the Group's business environment is affected by soaring raw material and energy costs, investment in general-purpose data centers, which had been restrained, showed a recovery trend due to global investment in AI servers and was driven by the recovery of the optical fiber and hard disk markets for data centers. As a result, sales of high-tech related products generally remained strong. We are aggressively working to acquire new customers for the OEM business. Although this has led to an increase in the number of prototypes and inquiries, the start of mass production is expected to take more time as it is dependent on the market trends and development status of the final products.

As a result, the Group's performance for the current consolidated fiscal year showed net sales of ¥11,172 million (up 19.4% year-on-year), an operating profit of ¥942 million (compared to an operating loss of ¥442 million in the same period last year), an ordinary profit of ¥855 million (compared to an ordinary loss of ¥186 million in the same period last year), and a net profit attributable to owners of parent of ¥911 million (compared to a net loss of ¥408 million attributable to owners of parent in the same period last year).

The performance by segment is as follows:

・Product Business

Net sales in the product business totaled ¥9,956 million (up 30.7% year-on-year), with a segment profit of

¥1,321 million (compared to a segment loss of ¥75 million in the previous year). Sales of high-tech related products such as optical fiber and hard disks remained high, driven by the development of optical network infrastructure in the U.S. and the strengthening of data network facilities related to generative AI. As for semiconductor related business, sales of probe card cleaning sheets and other consumable materials remained strong.

・OEM Business

Net sales in the OEM business totaled ¥1,215 million (down 29.9% year-on-year), with a segment loss of ¥379 million (compared to a ¥366 million loss in the previous fiscal year). This segment primarily provides services for electronics-related products, including PCs, tablets, and smartphones. The company saw a decrease in sales due to changes in demand for relevant products and changes in final product specifications. Despite efforts to reduce fixed costs by sharing facilities and human resources with the Product Business, both sales and profit declined.