Annual Securities Report
For the 54th Fiscal Year
(January 1, 2025 through December 31, 2025)
Roland Corporation
This is an English translation of the Annual Securities Report (Yukashoken Hokokusho), prepared in accordance with Article 24, Paragraph 1 of the Financial Instruments and Exchange Act of Japan and filed through the Electronic Disclosure for Investors' NETwork (EDINET) system pursuant to Article 27-30-2 of the same Act. Please note that the translation includes a table of contents and page numbers that are not part of the original electronic filing.
Appended to the end of this document are English translations of the Independent Auditors' Report, which was attached to the Annual Securities Report at the time of filing via the aforementioned method, and the Internal Control Report and the Confirmation Note, which were filed concurrently with the Annual Securities Report.
This document is an English translation of the original Japanese version and is provided for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the Japanese version shall prevail.
Page
Annual Securities Report for the 54th Fiscal Year Ended December 31, 2025
Cover 1
Section 1 Company Information 2
Item 1. Overview of Company 2
Key Financial Data 2
History 4
Description of Business 6
Subsidiaries and Other Affiliated Entities 8
Employees 10
Item 2. Overview of Business 11
Management Policy, Business Environment, and Issues to Address 11
Approach to Sustainability and Initiatives 14
Business Risks 24
Management's Discussion and Analysis of Financial Position, Operating Results and Cash Flows 34
Material Contracts, etc 39
Research and Development Activities 40
Item 3. Information about Facilities 43
Overview of Capital Expenditures 43
Major Facilities 43
Facility Construction and Disposal Plans 44
Item 4. Information about Reporting Company 45
Company's Shares, etc 45
Acquisition and Disposal of Treasury Shares 51
Dividend Policy 52
Corporate Governance 53
Item 5. Financial Information 75
Consolidated Financial Statements, etc 76
Non-consolidated Financial Statements, etc 108
Item 6. Outline of Share-related Administration of Reporting Company 123
Item 7. Reference Information of Reporting Company 124
Information about Parent of Reporting Company 124
Other Reference Information 124
Section 2 Information about Reporting Company's Guarantor, etc 125
Independent Auditor's Report 126
Internal Control Report 133
Confirmation Note 135
CoverDocument title Annual Securities Report
Clause of stipulation Article 24, Paragraph 1 of the Financial Instruments and Exchange Act
Place of filing Director, Kanto Local Finance Bureau
Filing date March 5, 2026
Fiscal year The 54th fiscal year (January 1, 2025 through December 31, 2025)
Company name Roland Kabushiki Kaisha
Company name in English Roland Corporation
Title and name of representative Masahiro Minowa, CEO and Representative Director Address of registered headquarters 1-6-4 Shinmiyakoda, Hamana-ku, Hamamatsu-shi, Shizuoka
(Relocated on January 6, 2026 from 2036-1 Nakagawa, Hosoe-cho, Hamana-ku, Hamamatsu-shi, Shizuoka)
Telephone number +81-53-523-0230
Name of contact person Yuichi Hakamata, CFO and Executive Officer
Nearest place of contact 1-6-4 Shinmiyakoda, Hamana-ku, Hamamatsu-shi, Shizuoka
Telephone number +81-53-523-0230
Name of contact person Yuichi Hakamata, CFO and Executive Officer
Place for public inspection Tokyo Stock Exchange, Inc. (2-1 Nihonbashi Kabutocho, Chuo-ku,
Tokyo)
Section 1 Company Information Item 1. Overview of Company-
Key Financial Data
Consolidated financial data
Fiscal year
50th
51st
52nd
53rd
54th
Year ended December 31,
2021
2022
2023
2024
2025
Net sales (million yen)
80,032
95,840
102,445
99,433
100,952
Ordinary profit (million yen)
10,102
10,250
11,154
8,411
9,022
Profit attributable to owners of (million yen) parent
8,586
8,938
8,151
5,976
2,168
Comprehensive income (million yen)
11,361
11,062
10,799
11,136
4,968
Net assets (million yen)
28,656
33,747
40,114
46,682
41,364
Total assets (million yen)
52,807
77,056
80,969
81,586
83,477
Net assets per share
(yen)
1,030.19
1,228.49
1,450.74
1,677.22
1,557.62
Basic earnings per share
(yen)
312.73
326.98
297.97
216.49
81.69
Diluted earnings per share
(yen)
306.26
321.96
294.33
214.76
81.54
Equity-to-asset ratio
(%)
53.7
43.4
49.2
56.8
49.2
Rate of return on equity
(%)
35.6
28.9
22.2
13.9
5.0
Price-earnings ratio
(times)
12.6
10.6
14.8
18.1
43.7
Net cash provided by (million yen) operating activities
4,929
793
15,428
11,717
13,699
Net cash provided by (used in) (million yen) investing activities
(803)
(11,351)
(3,576)
(1,193)
(6,439)
Net cash provided by (used in) (million yen) financing activities
(6,071)
12,879
(8,668)
(9,658)
(7,417)
Cash and cash equivalents at (million yen) end of period
8,781
10,506
12,883
14,478
15,876
Number of employees [separately, average number of temporary employees]
(persons)
2,730
[334]
2,783
[398]
3,044
[242]
2,957
[83]
2,897
[50]
Notes: 1. Net assets per share, basic earnings per share, and diluted earnings per share are computed using the number of shares outstanding at the end of the period and the average number of shares of common stock outstanding during the period, which are calculated by subtracting the number of treasury shares from these shares. These treasury shares include the treasury shares remaining in Board Benefit Trust, Employee Stock Ownership Plan Trust and Employee Shareholding Association-type ESOP Trust.
The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) from the beginning of the 51st fiscal year. Under this accounting standard, sales discounts, which were previously recognized in non-operating expense, were now directly deducted from net sales. With this change, net sales and operating profit for the 51st fiscal year and thereafter decreased, whereas ordinary profit, profit attributable to owners of parent, cash flows and other major financial data remain unaffected.
The increase in the number of employees and decrease in the average number of temporary employees in the 52nd fiscal year are primarily due to a change in the employment status of the Company's subsidiary in Malaysia.
The decreases in the average number of temporary employees in the 53rd and 54th fiscal years are primarily due to a change in the employment status of the Company's subsidiary in Malaysia.
Financial data of reporting company (Non-consolidated)
Fiscal year
50th
51st
52nd
53rd
54th
Year ended December 31,
2021
2022
2023
2024
2025
Net sales (million yen)
29,624
34,356
34,092
30,110
30,412
Ordinary profit (million yen)
7,183
9,555
6,946
7,899
8,041
Profit (million yen)
6,018
7,678
5,110
7,436
184
Share capital (million yen)
9,585
9,613
9,641
9,641
9,641
Total number of issued shares (shares)
27,970,534
28,066,786
28,163,038
28,163,038
26,580,659
Net assets (million yen)
23,856
25,492
26,315
28,920
18,819
Total assets (million yen)
41,445
63,914
64,691
61,418
55,266
Net assets per share (yen)
861.81
932.24
956.47
1,044.33
713.61
Dividend per share [Of which,
the amount of interim dividend (yen) paid per share]
138
[69]
156
[78]
170
[85]
170
[85]
170
[85]
Basic earnings per share (yen)
219.19
280.88
186.78
269.40
6.95
Diluted earnings per share (yen)
214.65
276.56
184.50
267.24
6.94
Equity-to-asset ratio (%)
57.3
39.7
40.6
47.0
34.1
Rate of return on equity (%)
27.3
31.3
19.8
27.0
0.8
Price-earnings ratio (times)
17.9
12.4
23.6
14.6
513.7
Payout ratio (%)
64.1
56.1
92.2
63.6
2,444.7
Number of employees (persons)
867
891
892
889
891
Total shareholder return (%)
[Benchmark: TOPIX Total (%)
Return Index]
129.1
[112.7]
119.8
[110.0]
154.6
[141.1]
144.6
[169.9]
138.9
[213.2]
Highest share price (yen)
6,560
4,875
5,120
5,030
4,030
Lowest share price (yen)
3,105
3,445
3,210
3,200
2,835
Notes: 1. Net assets per share, basic earnings per share, and diluted earnings per share are computed using the number of shares outstanding at the end of the period and the average number of shares of common stock outstanding during the period, which are calculated by subtracting the number of treasury shares from these shares. These treasury shares include the treasury shares remaining in Board Benefit Trust, Employee Stock Ownership Plan Trust and Employee Shareholding Association-type ESOP Trust.
Payout ratio is calculated by dividing the total amount of dividends by the amount of profit.
The number of temporary employees is not stated as the total number of temporary employees was less than 10% of the total number of employees.
The fiscal year-end dividend of 85 yen per share out of the annual dividend of 170 yen per share for the 54th fiscal year is subject to be resolved at the 54th Ordinary General Meeting of Shareholders to be held on March 26, 2026.
The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) from the beginning of the 51st fiscal year. Key financial data remain unaffected.
The highest and lowest share prices on and before April 3, 2022 are quoted prices on the First Section of the Tokyo Stock Exchange and prices on and after April 4, 2022 are quoted from the Prime Market of the Tokyo Stock Exchange.