Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Japanese GAAP)

February 9, 2026

Company name： Mitsuboshi Belting Ltd. Stock exchange listings: Tokyo Prime Securities code： 5192

URL： https://www.mitsuboshi.com/ Representative： Hiroshi Ikeda, President

Yasushi Shiotsu, General Manager, Finance & Accounting Department

Inquiries：

Tel：+81-78-685-5630

Dividend payable date (as planned) － Supplemental material of results：None Convening briefing of results ：None

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

1. Consolidated operating results (cumulative) (Percentages indicate 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	68,963	1.6	6,586	1.0	7,776	7.4	5,621	△32.2
   December 31, 2024	67,868	7.7	6,523	4.8	7,237	△4.1	8,287	61.5

   Note:Comprehensive income	For the nine months ended December 31, 2025	¥ 10,695 million	(51.1%)
   	For the nine months ended December 31, 2024	¥ 7,079 million	(△33.3%)

   	Basic earnings per share	Diluted earnings per share
   Nine months ended	Yen	Yen
   December 31, 2025	199.90	-
   December 31, 2024	292.45	-

2. Consolidated financial position

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

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

   (Percentages indicate year-on-year changes.)

   	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent		Basic earnings per share
   Fiscal year ending March 31, 2026	Millions of yen 89,000	% △1.7	Millions of yen 8,600	% △3.7	Millions of yen 8,600	% △6.1	Millions of yen 6,800	% △24.9	Yen 242.25

   Note:Revisions to the earnings forecasts most recently announced：None

   • Notes

     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)

        
        
        
        
        

        As of December 31, 2025	31,104,198 shares	As of March 31, 2025	31,104,198 shares
        As of December 31, 2025	3,192,667 shares	As of March 31, 2025	2,957,787 shares
        Nine months ended December 31, 2025	28,122,493 shares	Nine months ended December 31, 2024	28,339,373 shares

        ① Number of issued and outstanding shares at the period end (including treasury stock)

        ② Number of treasury stock at the period end

        ③ Average number of shares (quarterly period-YTD)

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

1. Overview of Operating Results for the Current Quarter

   In light of the continued challenging business environment, we have been working to build a more resilient corporate structure. On May 14, 2024, we announced our '24 Mid-Term Business Plan covering FY 2024 through FY 2026 as a phase of accelerated growth toward realizing our FY2030 Target Position. Under this plan, we have set key performance indicators (KPIs) for profitability, capital efficiency, capital investment, shareholder returns, and ESG, and are actively working toward their achievement.

   For the nine months ended December 31, 2025, consolidated net sales increased by 1.6% year on year to ¥68.96 billion, operating profit increased by 1.0% to ¥6.58 billion, and ordinary income rose by 7.4% to ¥7.77 billion. Net profit attributable to owners of the parent decreased by 32.2% year on year to ¥5.62 billion.

   The results of each segment are as follows.

   (Unit: Millions of yen)

   	Segment Revenue		Segment Profit
   	Current fiscal year ended	YoY Growth	Current fiscal year ended	YoY Growth
   Belts (Japan)	21,914	+2.4%	5,359	△16.3%
   Belts (Global except Japan)	37,445	+3.2%	3,246	+40.2%
   Construction Materials	5,229	△10.7%	110	△78.6%
   Others	4,374	+0.9%	226	+4.0%

   〔Belts (Japan)〕

   • Sales in the automotive parts sector decreased:

     • Sales for electric units, such as EPS, increased and continued to grow steadily.

     • Sales of genuine parts in the aftermarket declined.

   • Sales in the industrial machinery parts sector increased:

     • Sales of power transmission belts increased, due to recovering demand in agricultural machinery, injection molding machines, and robotic systems.

     • Sales of resin belts, particularly for logistics facilities and food industries, showed steady growth.

       〔Belts (Global, except Japan)〕

   • Sales in the automotive parts sector increased.

     • Sales for electric units, such as EPS, increased.

     • Sales for rear-wheel drive systems for electric scooters increased.

     • Sales for recreation vehicles were sluggish due to production adjustments by customers in the U.S.

   • Sales in the industrial machinery parts sector increased.

     • The launch of new products and acquisition of new customers in the agricultural market contributed to the increase in sales.

     • Market inventory normalization progressed in Southeast Asia.

       〔Construction Materials〕

   • Sales of waterproofing sheets for constructions declined due to labor shortages at construction sites.

   • Sales of water shielding sheets for civil engineering decreased, owing to a reduction in the number of large-scale construction projects.

   • Sales of waterproofing sheets for civil engineering increased, supported by construction projects related to water purification facilities.

     〔Others〕

   • Outside the reporting segment, other items consist of engineering structural forms, electronic materials, and purchased goods.

   • Sales of electronic materials increased due to progress in developing new applications and acquiring new customers in the semiconductor and electronic components sectors.

2. Forecast for Fiscal Year Ending March 2026

   - There are no revisions to the earnings forecast announced on May 14, 2025.

   Quarterly consolidated financial statements and significant notes thereto
   1. Quarterly consolidated balance sheet

      (Millions of yen)

      As of March 31, 2025 As of December 31, 2025

      Assets

      Current assets

      Cash and deposits	31,584	27,749
      Notes and accounts receivable - trade, and contract assets	18,983	19,890
      Merchandise and finished goods	16,803	17,026
      Work in process	3,767	3,732
      Raw materials and supplies	4,623	4,382
      Other	1,583	2,256
      Allowance for doubtful accounts	△57	△38
      Total current assets	77,289	74,998
      Non-current assets
      Property, plant and equipment
      Buildings and structures	26,600	31,172
      Accumulated depreciation	△17,270	△17,890
      Buildings and structures, net	9,330	13,282
      Machinery, equipment and vehicles	52,840	57,551
      Accumulated depreciation	△42,762	△45,874
      Machinery, equipment and vehicles, net	10,077	11,676
      Tools, furniture and fixtures	16,672	17,609
      Accumulated depreciation	△14,392	△15,253
      Tools, furniture and fixtures, net	2,280	2,356
      Land	4,016	4,051
      Leased assets	1,924	2,027
      Accumulated depreciation	△424	△557
      Leased assets, net	1,499	1,470
      Construction in progress	5,024	2,503
      Total property, plant and equipment	32,227	35,340
      Intangible assets
      Software	346	600
      Goodwill	65	48
      Other	328	36
      Total intangible assets	741	685
      Investments and other assets
      Investment securities	16,189	19,354
      Deferred tax assets	1,228	1,021
      Other	494	529
      Allowance for doubtful accounts	△9	△9
      Total investments and other assets	17,903	20,895
      Total non-current assets	50,872	56,921
      Total assets	128,161	131,920

      Liabilities

      (Millions of yen) As of March 31, 2025 As of December 31, 2025

      Current liabilities

      Notes and accounts payable - trade	9,646	9,544
      Short-term borrowings	2,303	2,303
      Current portion of long-term borrowings	1,000	1,000
      Accounts payable - other	3,211	2,478
      Income taxes payable	1,363	540
      Provision for bonuses	841	228
      Provision for product warranties	192	211
      Provision for business restructuring	-	59
      Other	3,211	4,343
      Total current liabilities	21,768	20,710
      Non-current liabilities
      Long-term borrowings	2,000	1,250
      Long-term accounts payable - other	150	101
      Deferred tax liabilities	5,945	6,727
      Retirement benefit liability	1,501	1,808
      Asset retirement obligations	312	305
      Provision for share awards	72	127
      Long-term guarantee deposits	393	363
      Other	231	200
      Total non-current liabilities	10,606	10,884
      Total liabilities	32,375	31,595
      Net assets
      Shareholders' equity
      Share capital	8,150	8,150
      Capital surplus	2,293	2,332
      Retained earnings	71,042	71,416
      Treasury shares	△5,960	△6,907
      Total shareholders' equity	75,526	74,991
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	9,949	12,089
      Foreign currency translation adjustment	9,816	12,767
      Remeasurements of defined benefit plans	493	475
      Total accumulated other comprehensive income	20,259	25,333
      Total net assets	95,786	100,324
      Total liabilities and net assets	128,161	131,920

   2. Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income

(Millions of yen)

Extraordinary losses

(Millions of yen)

Nine months ended December 31, 2024

Nine months ended December 31, 2025

（Notes on segment information, etc.）

【Segment information】

1. Previous Third quarter consolidated cumulative period（from April 1, 2024 to December 31, 2024） Information on the amounts of sales and profit or loss by reportable segment

   (Millions of yen)

   	Reportable segments				Others	Total	Reconciling items	Consolidated
   	Belts (Japan)	Belts(Global except Japan)	Construction Materials	Reportable segments
   Sales
   Revenues from external customers Transactions with other segments	21,399 10,900	36,279 1,408	5,853 5	63,531 12,314	4,337 1,013	67,868 13,327	- △13,327	67,868 -
   Net sales	32,299	37,687	5,858	75,845	5,350	81,196	△13,327	67,868
   Operating profit (loss)	6,401	2,315	515	9,232	218	9,450	△2,926	6,523

   (attention)

   1. "Others" includes businesses that are not part of any reportable segment, such as production equipment, purchased products from other companies, structural foam molding, electronic materials, and service-related businesses.

   2. Total segment income is reconciled to operating income as presented in the consolidated statements of income.

2. Current Third quarter consolidated cumulative period（from April 1, 2025 to December 31, 2025） Information on the amounts of sales and profit or loss by reportable segment

   (Millions of yen)

   	Reportable segments				Others	Total	Reconciling items	Consolidated
   	Belts (Japan)	Belts(Global except Japan)	Construction Materials	Reportable segments
   Sales
   Revenues from external customers Transactions with other segments	21,914 10,312	37,445 1,369	5,229 0	64,589 11,683	4,374 1,273	68,963 12,956	- △12,956	68,963 -
   Net sales	32,227	38,815	5,230	76,273	5,647	81,920	△12,956	68,963
   Operating profit (loss)	5,359	3,246	110	8,716	226	8,943	△2,356	6,586

   (attention)

   1. "Others" includes businesses that are not part of any reportable segment, such as production equipment, purchased products from other companies, structural foam molding, electronic materials, and service-related businesses.

   2. Total segment income is reconciled to operating income as presented in the consolidated statements of income.

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.

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