Consolidated Financial Results for the Six Months Ended September 30, 2025 (Japanese GAAP)

November 10, 2025

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

Scheduled date of filing semi-annual securities report ： November 13, 2025 Scheduled date of commence dividend payments： December 3,2025 Preparation of supplementary material on quarterly financial results： Yes

Holding of quarterly financial results meeting： Yes（for analyst）

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

1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Six months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      September 30, 2025	45,868	0.9	4,597	1.1	5,075	18.4	3,870	△36.5
      September 30, 2024	45,451	8.1	4,548	9.9	4,286	△23.6	6,091	69.5

      Note:Comprehensive income	For the six months ended September 30, 2025	¥ 5,141 million	(－%)
      	For the six months ended September 30, 2024	¥ △394 million	(－%)

      	Basic earnings per share	Diluted earnings per share
      Six months ended	Yen	Yen
      September 30, 2025	137.45	-
      September 30, 2024	214.65	-

   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 242.57

   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 September 30, 2025	31,104,198 shares	As of March 31, 2025	31,104,198 shares
        As of September 30, 2025	2,930,997 shares	As of March 31, 2025	2,957,787 shares
        Six months ended September 30, 2025	28,159,794 shares	Six months ended September 30, 2024	28,378,295 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

   • Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

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 six months ended September 30, 2025, consolidated net sales increased by 0.9% year on year to ¥45.86 billion, operating profit increased by 1.1% to ¥4.59 billion, and ordinary income rose by 18.4% to ¥5.07 billion. Net profit attributable to owners of the parent decreased by 36.5% year on year to ¥3.87 billion.

   The result of each segment is as follows.

   (Unit: Millions of Yen)

   	Segment Revenue		Segment Profit
   	Current fiscal year ended	YoY Growth	Current fiscal year ended	YoY Growth
   Belts (Japan)	14,744	+3.8%	3,520	△16.3%
   Belts (Global except Japan)	24,701	+0.7%	2,119	+20.0%
   Construction Materials	3,424	△8.1%	90	△67.9%
   Others	2,998	+0.4%	178	+35.5%

   〔Belts (Japan)〕

   • Sales in the automotive parts sector decreased:

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

     • Sales for aftermarket decreased.

   • 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 were in line with the same period of the previous year.

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

     • Sales for electric scooter's rear-wheel-drive 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.

       〔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 September 30, 2025

      Assets

      Current assets

      Cash and deposits 31,584 30,211

Notes and accounts receivable - trade, and contract

18,983 19,915

Liabilities

(Millions of yen) As of March 31, 2025 As of September 30, 2025

Current liabilities

(Millions of yen)

Six months ended September 30, 2024

Six months ended September 30, 2025

(Millions of yen)

Six months ended September 30, 2024

Six months ended September 30, 2025

（Notes on segment information, etc.）

【Segment information】

1. Previous First quarter consolidated cumulative period（from April 1, 2024 to September 30, 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	14,204 7,016	24,534 1,082	3,726 5	42,465 8,104	2,986 614	45,451 8,718	- △8,718	45,451 -
   Net sales	21,220	25,616	3,731	50,569	3,600	54,170	△8,718	45,451
   Operating profit (loss)	4,209	1,766	282	6,257	131	6,389	△1,840	4,548

   (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 First quarter consolidated cumulative period（from April 1, 2025 to September 30, 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	14,744 6,581	24,701 936	3,424 0	42,869 7,518	2,998 883	45,868 8,402	- △8,402	45,868 -
   Net sales	21,325	25,637	3,424	50,388	3,882	54,270	△8,402	45,868
   Operating profit (loss)	3,520	2,119	90	5,731	178	5,909	△1,311	4,597

   (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.