Semi-annual Securities Report For the First Half of the 54th Fiscal Year

Semi-annual Securities Report

For the First Half of the 54th Fiscal Year (January 1, 2025 through June 30, 2025)

Roland Corporation

1. This is an English translation of the Semi-annual Securities Report (Hanki Hokokusho), prepared in accordance with Item 1 of the Table under Article 24-5, 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.

2. Appended to the end of this document are English translations of the independent auditor's Interim Review Report, which was attached to the Semi-annual Securities Report at the time of filing via the aforementioned method, and the Confirmation Note, which was filed concurrently with the Semi-annual Securities Report.

3. 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 translation and the Japanese original, the Japanese version shall prevail.

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Semi-annual Securities Report for the First Half of the 54th Fiscal Year

1. Key Financial Data 4

2. Description of Business 4

1. Business Risks 5

2. Management's Discussion and Analysis of Financial Position, Operating Results and Cash Flows 5

3. Material Contracts, etc 7

1. Company's Shares, etc 8

2. Directors and Other Officers 11

1. Semi-annual Consolidated Financial Statements 13

2. Other Information 21

Independent Auditor's Interim Review Report 23

Confirmation Note 25

Document title Semi-annual Securities Report

Clause of stipulation Item 1 of the Table for Article 24-5, Paragraph 1 of the Financial Instruments and Exchange Act

Place of filing Director, Kanto Local Finance Bureau

Filing date August 8, 2025

Interim accounting period The first half of the 54th fiscal year (January 1, 2025 through June 30, 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 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 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 Place for public inspection Tokyo Stock Exchange, Inc.

(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo)

1. Key Financial Data

   1. Key financial data

      Fiscal year		53rd Interim period	54th Interim period	53rd
      Accounting period		(January 1, 2024 through June 30, 2024)	(January 1, 2025 through June 30, 2025)	(January 1, 2024 through December 31, 2024)
      Net sales	(million yen)	46,705	45,806	99,433
      Ordinary profit	(million yen)	3,811	3,687	8,411
      Profit attributable to owners of parent	(million yen)	3,694	3,914	5,976
      Comprehensive income	(million yen)	8,302	1,367	11,136
      Net assets	(million yen)	46,219	40,001	46,682
      Total assets	(million yen)	83,768	84,969	81,586
      Basic earnings per share	(yen)	134.05	146.43	216.49
      Diluted earnings per share	(yen)	132.84	145.98	214.76
      Equity-to-asset ratio	(%)	54.8	46.8	56.8
      Net cash provided by (used in) operating activities	(million yen)	6,116	7,220	11,717
      Net cash provided by (used in) investing activities	(million yen)	245	(1,339)	(1,193)
      Net cash provided by (used in) financing activities	(million yen)	(6,008)	(1,622)	(9,658)
      Cash and cash equivalents at end of period	(million yen)	13,434	19,027	14,478

      Notes: 1. Non-consolidated financial data are not presented as the Company prepares semi-annual consolidated financial statements.

2. Basic earnings per share and diluted earnings per share are computed using the average number of shares outstanding during the period, which is calculated by subtracting the number of treasury shares from these shares. These treasury shares include the treasury shares remaining in Board Benefit Trust and Employee Stock Ownership Plan Trust.

2. Description of Business

There were no significant changes in the nature of business activities conducted by the Group (comprising the Company and its subsidiaries and affiliates) during the six months ended June 30, 2025.

There were also no significant changes in the composition of the Group's major subsidiaries and affiliates.

1. Business Risks

   During the six months ended June 30, 2025 (hereinafter referred to as the "period under review"), the management has not identified any major risks among the matters related to the Overview of Business and Financial Information described in this Semi-annual Securities Report that could have a material impact on the financial position, operating results and cash flows of the Group. Furthermore, there were no significant changes to the "Business Risks" disclosed in the Annual Securities Report for the previous fiscal year.

2. Management's Discussion and Analysis of Financial Position, Operating Results and Cash Flows

   This document contains forward-looking statements based on the Group's estimates and assumptions as of the end of the period under review.

   1. Business performance

During the period under review, the global economic environment surrounding the Group remained highly uncertain due to turmoil stemming from the U.S. tariff policies, rising geopolitical risks worldwide and unstable currency fluctuations.

In the electronic musical instruments market where the Group operates, demand showed signs of recovery as COVID-19 aftereffects - such as inventory adjustments at retail stores and a reactionary decline in demand - appeared to have bottomed out. However, concerns remained regarding the adverse impact of significant changes in the U.S. tariff policies on various aspects, including supply chains, profitability, and the competitive environment. Meanwhile, in Europe, the situation stayed highly uncertain, partly due to the bankruptcy of some musical instrument retailers amid intensifying competition. Against this backdrop, the Company has been proactively turning crisis into opportunity by swiftly implementing both defensive strategies and offensive initiatives. The defensive strategies involved a zero-based cost review to minimize the tariff impact. On the offensive side, initiatives such as adjusting prices in the U.S. by leveraging the Group's brand recognition, shifting production sites, and strengthening sales negotiations by capitalizing on the relatively smaller tariff impact.

As a result of the above, during the period under review, the Group recorded net sales of ¥45,806 million (down 1.9% year on year). In terms of profit, the Group recorded operating profit of ¥3,825 million (down 13.6% year on year), ordinary profit of ¥3,687 million (down 3.3% year on year), and profit attributable to owners of parent of ¥3,914 million (up 5.9% year on year).

Sales performance (year-on-year change) by mainstay category is as shown below:

As to electronic pianos, there are signs of a gradual recovery in China, where sales have been struggling. Meanwhile, sales in other major regions remained firm, showing a recovery trend, especially for the lower price products.

Sales of portable keyboards remained strong, supported by the new products launched in the previous and current fiscal years.

For electronic drums, demand for the flagship product lines launched last year remained robust. Meanwhile, sell-in figures for acoustic drums were below expectations due to stock shortages caused by the U.S. tariff policies on production.

Sales of electronic wind instruments were negatively affected by weakening demand and intensified competition, especially in the Chinese market.

Sales of guitar effects remained firm, as the stockouts of certain products that occurred in the first quarter of the current fiscal year have been largely resolved. As for musical instrument amplifiers, despite a reactionary decline following the flagship model update in the second quarter of the previous fiscal year, final demand remained solid.

Sales of synthesizers remained strong, supported by new product launches in the previous and current fiscal years.