Consolidated Financial Results for the Third Quarter of the Fiscal Year Ended November 30, 2025PDF

Consolidated Financial Results for the Nine Months of the Fiscal Year Ending November 30, 2025 [Japanese GAAP]

October 10, 2025

Company name: MORITO CO., LTD. Stock exchange listing: Tokyo Stock Exchange

Code number: 9837 URL: https://www.morito.co.jp Representative: Takaki Ichitsubo, Representative Director, CEO

Kiyomi Akui, Director, Managing Executive Officer, General Manager of

Contact:

Corporate Management Department, and Division Manager of Corporate Administrative Division

(Phone) +81-6-6252-3551

-

Scheduled date of commencing dividend payments:

Availability of supplementary briefing material on financial results : Available Schedule of financial results briefing session : None scheduled

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Nine Months of the Fiscal Year Ending November 30, 2025 (December 1, 2024 to August 31, 2025)

   1. Consolidated Operating Results (% indicates changes from the previous corresponding period.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended August 31, 2025 Nine months ended August 31, 2024	Millions of yen 40,595 35,625	% 14.0 0.2	Millions of yen 2,381 2,153	% 10.6 23.0	Millions of yen 2,644 2,285	% 15.7 14.7	Millions of yen 3,013 1,919	% 57.0 11.0

      Nine months Nine months

      (Note) Comprehensive income: ended August 31, 3,267 million yen[ (11.7)%] ended August 31, 3,700 million yen[ 45.8%]

      2025 2024

      	Basic earnings per share	Diluted earnings per share
      	Yen	Yen
      Nine months ended August 31, 2025	115.10	-
      Nine months ended August 31, 2024	72.33	-

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   Nine months ended August 31, 2025 FY2024	Millions of yen 55,878 52,476	Millions of yen 40,341 39,276	% 72.2 74.8

   August 31, 2025

   (Reference) Equity: Nine months ended

   40,341 million yen FY2024 39,276 million yen

2. Dividends

   	Annual dividends
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
   FY2024 FY2025	Yen - -	Yen 29.00 33.00	Yen - -	Yen 34.00	Yen 63.00
   FY2025(Forecast)				36.00	69.00

   (Note) Revision to the latest announcement of dividend forecast : None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending November 30, 2025 (December 1, 2024 to November 30, 2025)

(% indicates changes from the previous corresponding period.)

(Note) Revision to the latest announcement of performance forecast : None

Notes:

1. Significant changes in the scope of consolidation during the period : Yes Newly included: 3 companies (Ms.ID Inc., Mitsuboshi Corporation Co., Ltd. and its subsidiary) Excluded: None

2. Adoption of special accounting treatment for preparing quarterly consolidated financial statements

   : No

3. Changes in accounting policies, changes in accounting estimates, and retrospective restatement

   1. Changes in accounting policies due to the revision of accounting standards : Yes

   2. Changes in accounting policies other than 1) above : No

   3. Changes in accounting estimates : No

   4. Retrospective restatement : No

4. Total number of issued shares (common shares)

   August 31, 2025:	30,000,000	November 30, 2024:	30,000,000
   August 31, 2025:	4,000,749	November 30, 2024:	3,739,949
   For the nine months of the fiscal year ending November 30, 2025:	26,178,531	For the nine months of the fiscal year ended November 30, 2024:	26,538,122

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

   2. Total number of treasury shares at the end of the period:

   3. Average number of shares during the period:

Review of the accompanying quarterly consolidated financial statements

• by a certified public accountant or auditing firm

• Explanation of the proper use of financial results forecast and other notes

: No

The earnings forecasts and other forward-looking statements herein are based on information currently available and certain assumptions judged to be reasonable. Actual results may differ significantly from these forecasts due to a wide range of factors.

As for suppositions that form the assumptions for the forecast of financial results and cautionary notes concerning the use thereof, please refer to "(3) Forecast of Consolidated Business Results and other Forward-looking Information" in "1. Overview of Business Results, Etc" on page 6.

The Company and some of the MORITO Group companies have introduced the "Japanese version of the employee stock ownership plan (J-ESOP)" and the "officer remuneration board incentive plan (BIP) trust." Consequently, the shares of the Company held by Custody Bank of Japan, Ltd. (trust account E) and The Master Trust Bank of Japan, Ltd. (officer remuneration BIP trust account), respectively, are included in treasury shares.

Table of Contents

1. Overview of Business Results, Etc............................................................................................................. 4

   1. Overview of Business Results for the Period under Review.............................................................. 4

   2. Overview of Financial Position for the Period under Review 6

   3. Forecast of Consolidated Business Results and other Forward-looking Information 6

2. Quarterly Consolidated Financial Statements and Primary Notes............................................................. 7

   1. Quarterly Consolidated Balance Sheets............................................................................................ 7

   2. Quarterly Consolidated Statements of Income and Comprehensive Income.................................... 9

      Quarterly Consolidated Statements of Income.................................................................................. 9

      Quarterly Consolidated Statements of Comprehensive Income 10

   3. Notes to the Quarterly Consolidated Financial Statements 11

(Changes in Accounting Policies) 11

(Segment Information, Etc.) 12

(Notes on Significant Changes in the Amount of Shareholders' Equity) 13

(Notes on Going Concern Assumption) 13

(Notes on statements of Quarterly Consolidated Balance Sheets) 14

(Notes on statements of Quarterly Consolidated Statements of Income) 14

(Notes on statements of Quarterly Consolidated Cash Flows) 14

(Business Combinations) 15

1. Overview of Business Results, Etc

(1) Overview of Business Results for the Period under Review

The nine months of the fiscal year ending November 30, 2025 (December 1, 2024, to August 31, 2025) saw the Japanese economy continue to grow at a moderate pace due to the improvement in the job market and the earnings environment as well as demand from inbound tourists. On the downside, the outlook for the future remains uncertain due to soaring resource and raw material prices, geopolitical risks such as U.S. trade policy and the situations in Ukraine and the Middle East, as well as the impact of financial and capital market fluctuations. Working against this backdrop, the MORITO Group (the "Group"), which is mainly engaged in the apparel, product, and transportation businesses, faced an uphill battle. This was due to a warm winter and overstocking in the market the year before last, weaker sales of active sports products, and sluggish performance of Japanese automotive manufacturers in China. On the upside, net sales increased due to a recovery from inventory adjustments in the Japanese apparel market, the recent consolidation of Ms.ID Inc. and Mitsuboshi Corporation Co., Ltd., as well as strong sales of sports- and stationery-related products. Under its "Rideeco®" initiative aimed at realizing a sustainable society, the Group moved forward with the full-scale launch of MURON®, a fiber made entirely from discarded fishing nets collected in Japan, along with the development and sales of ASUKAMI®, a mixed paper made with fabric scraps from the sewing factories, with a focus on winning new business contracts.

As a result, for the nine months of the fiscal year under review, net sales increased 14.0% year on year to 40,595 million yen. Operating profit was up 10.6% to 2,381 million yen, ordinary profit grew 15.7% to 2,644 million yen, and profit attributable to owners of the parent increased 57.0% to 3,013 million yen.

Exchange rates used for the conversion of revenue and expenses of the Group's overseas subsidiaries during the preparation of consolidated financial statements for the nine months of the fiscal year under review are as follows.

(Note) The exchange rate of the same period in the previous fiscal year is stated in parentheses.

Business results by segment are as follows.

Japan

The Apparel Division recovered from the impact of inventory adjustments and saw an uptick in sales for outdoor and athletic shoes products, workwear accessories for the European and U.S. markets, accessories for high-end outdoor brands, subsidiary material for apparel products sold at department stores, silver accessories such as rings and necklaces, uniform-related materials, and bear sprays for government agencies.

The Product Division enjoyed an increase in sales of stationery-related products and products designed to beat the summer heat as well as higher revenues for the kitchen appliance rental, sales, and cleaning business, despite weaker sales of snowboarding and skateboarding products.

In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers fell.

As a result, net sales increased 20.2% year on year to total 28,991 million yen, and segment profit was up 16.1% year on year to reach 1,767 million yen.

Asia

The Apparel Division enjoyed growing sales of workwear accessories for the European and U.S. markets, subsidiary material for apparel products sold at department stores, and athletic shoe accessories and workwear-related products in Vietnam although sales of casual wear accessories declined in China and Hong Kong.

In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers decreased in China due to the discontinuation of models that use MORITO products.

As a result, net sales decreased 1.1% year on year to total 6,155 million yen and segment profit fell 3.3% year on year to total 691 million yen.

Europe and the U.S.

In the Apparel Division, sales of casual wear accessories decreased in the U.S. while sales of workwear accessories increased, on top of growth in the sales of leather goods accessories in Mexico.

In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers in North America increased while sales in Europe decreased after withdrawing from some businesses in Europe in order to streamline operations.

As a result, net sales grew 3.0% year on year to total 5,448 million yen and segment profit came to 71.8% year on year to total 227 million yen.