Semi-annual Securities Report For the First Half of the 55th Fiscal Year

Semi-annual Securities Report

For the First Half of the 55th Fiscal Year (January 1, 2026 through June 30, 2026)

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.

Page

Semi-annual Securities Report for the First Half of the 55th 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 7, 2026

Interim accounting period The first half of the 55th fiscal year (January 1, 2026 through June 30, 2026) 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 Telephone number +81-53-523-0230

Name of contact person Yoshiyuki Shimizu, 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 Yoshiyuki Shimizu, 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		54th Interim period	55th Interim period	54th
      Accounting period		(January 1, 2025 through June 30, 2025)	(January 1, 2026 through June 30, 2026)	(January 1, 2025 through December 31, 2025)
      Net sales	(million yen)	45,806	51,697	100,952
      Ordinary profit	(million yen)	3,687	4,191	9,022
      Profit attributable to owners of parent	(million yen)	3,914	3,199	2,168
      Comprehensive income	(million yen)	1,367	4,563	4,968
      Net assets	(million yen)	40,001	43,777	41,364
      Total assets	(million yen)	84,969	84,437	83,477
      Basic earnings per share	(yen)	146.43	121.27	81.69
      Diluted earnings per share	(yen)	145.98	-	81.54
      Equity-to-asset ratio	(%)	46.8	51.5	49.2
      Net cash provided by (used in) operating activities	(million yen)	7,220	6,757	13,699
      Net cash provided by (used in) investing activities	(million yen)	(1,339)	(1,148)	(6,439)
      Net cash provided by (used in) financing activities	(million yen)	(1,622)	(5,109)	(7,417)
      Cash and cash equivalents at end of period	(million yen)	19,027	16,771	15,876

      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.

3. Diluted earnings per share for the 55th interim period are not presented because there are no potential shares outstanding.

2. Description of Business

There were no significant changes in the nature of business activities conducted by the Roland Group (comprising Roland Corporation and its subsidiaries and affiliates) during the six months ended June 30, 2026.

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, 2026 (hereinafter referred to as the "period under review"), there were no occurrences of material risks that management considers could have a significant impact on the Group's financial position, operating results or cash flows, and 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 Roland Group (the "Group") remained generally resilient, with economic conditions in major countries overall holding firm. However, escalating tensions in the Middle East led to the emergence of new geopolitical risks, resulting in increased uncertainty regarding energy prices and raw material procurement. In addition, amid soaring semiconductor memory prices and tight supply and demand conditions driven by expanding demand for generative AI, as well as changes in U.S. tariff policies, the Group's business environment continued to face an uncertain outlook.

      In the musical instruments market, following a surge in at-home demand during the COVID-19 pandemic, a prolonged reactionary decline in demand persisted alongside the normalization of social activities. However, we recognize that the market is now in a phase of gradual recovery. Meanwhile, amid the rapidly evolving external environment, demand conditions remained volatile, and the business environment continued to require close monitoring. The Company worked to minimize the impact of these external changes through the swift formulation and execution of appropriate measures, while steadily advancing initiatives in line with our Mid-term Management Plan.

      As a result, during the period under review, the Group recorded net sales of ¥51,697 million (up 12.9% year on year). In terms of profit, the Group recorded operating profit of ¥4,437 million (up 16.0% year on year), ordinary profit of ¥4,191 million (up 13.7% year on year), and profit attributable to owners of parent of ¥3,199 million (down 18.3% year on year).

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

      (Keyboards) Net sales: ¥13,839 million (up 17.5% year on year)

      Although the competitive environment remained challenging, sales of electronic pianos remained exceptionally strong, supported by the continued recovery in demand, particularly for portable models.

      (Percussion and Wind Instruments) Net sales: ¥15,395 million (up 15.1% year on year)

      Sales of electronic drums were solid, driven by the new product lines launched last year. Sales of acoustic drums by Drum Workshop, Inc. (DW) recovered, supported by strengthened sales efforts and new product launches.

      Meanwhile, electronic wind instruments continued to face a challenging business environment due to intensified competition, in China, the mainstay market.

      (Guitar-related Products) Net sales: ¥13,021 million (up 13.3% year on year)

      While demand for guitar effects remained exceptionally strong, supported by robust demand for both effects pedals and multi-effects, new product lines also contributed positively. Instrument amplifiers were slightly weaker due to the fading impact of new product launches.

      (Creation-related Products & Services) Net sales: ¥6,598 million (up 5.5% year on year)

      Sales of synthesizers were weak, mainly due to a decline in demand following the initial strong demand for high-end new products launched in the same period of the previous year and stockouts of certain products.

      As to dance and DJ-related products, sales remained exceptionally strong, supported by robust market conditions as well as shipments from the order backlog.

      In the software and service domain, Roland Cloud continued to expand its offerings by providing additional content and new services aimed at increasing the LTV (Lifetime Value) of products for users, and membership accounts continued to grow.

      (Video and Professional Audio) Net sales: ¥1,243 million (down 17.7% year on year)

      Sales of video-related products were weak due to a decline in deliveries for commercial projects and lower demand ahead of new product launches.

      For details of sales performance by region, please refer to the Financial Results Highlights posted on the Company's IR website. https://ir.roland.com/en/ir.html

   2. Analysis of consolidated financial position

      Total assets at the end of the period under review increased by ¥959 million from the end of the previous fiscal year to ¥84,437 million. This is mainly due to increases in cash and deposits of ¥894 million as described in the following cash flows section and inventories of ¥1,262 million, respectively, partially offset by a decrease in trade receivables of ¥1,143 million.

      Total liabilities decreased by ¥1,453 million from the end of the previous fiscal year to ¥40,660 million. This is attributable primarily to decreases in borrowings of ¥2,385 million as well as accounts payable - other of ¥645 million, and accrued expenses of ¥612 million included in other under current liabilities, partially offset by an increase in trade payables of

      ¥1,990 million.

      Net assets increased by ¥2,412 million from the end of the previous fiscal year to ¥43,777 million. This is mainly due to an increase in foreign currency translation adjustment of ¥1,632 million reflecting the depreciation of the yen against major currencies and the recording of profit attributable to owners of parent of ¥3,199 million, partially offset by a decrease in retained earnings of ¥2,256 million due to the declaration and payment of dividends.

      As a result of the above, the equity ratio increased by 2.3 percentage points from the end of the previous fiscal year to 51.5%.

   3. Cash flows for the six months ended June 30, 2026

      During the period under review, cash and cash equivalents ("net cash") increased by ¥894 million (an increase by ¥4,549 million for the same period of the previous fiscal year) to ¥16,771 million at the end of the period.

      (Cash flows from operating activities)

      Net cash provided by operating activities amounted to ¥6,757 million (¥7,220 million provided for the same period of the previous fiscal year), which is mainly due to the recording of profit before income taxes and a decrease in working capital.

      (Cash flows from investing activities)

      Net cash used in investing activities amounted to ¥1,148 million (¥1,339 million used for the same period of the previous fiscal year), which is primarily due to capital outlay for the purchase of property, plant and equipment and intangible assets.

      (Cash flows from financing activities)

      Net cash used in financing activities amounted to ¥5,109 million (¥1,622 million used for the same period of the previous fiscal year), which is primarily attributable to repayments of borrowings and payments of dividends.

   4. Management policy, management strategies, and issues to address

      During the period under review, there were no significant changes in the Group's management policy, management strategies and issues to address.

   5. Research and development activities

      R&D expenses for the period under review totaled ¥2,714 million.

      During the period under review, there were no significant changes to the Group's research and development activities.

3. Material Contracts, etc.

During the period under review, no decisions were made regarding material contracts, nor were any material contracts entered into.

1. Company's Shares, etc.

   1. Total number of shares

      1. Authorized shares

         Class	Total number of shares authorized to be issued (shares)
         Common stock	80,000,000
         Total	80,000,000

      2. Issued shares

      Class	Number of issued shares as of semi-annual period end (June 30, 2026) (shares)	Number of issued shares as of the filing date (August 7, 2026) (shares)	Name of financial instruments exchange on which securities are listed or authorized financial instruments business association to which securities are registered	Description
      Common stock	26,580,659	26,580,659	Prime Market of the Tokyo Stock Exchange	The number of shares constituting one unit is 100 shares.
      Total	26,580,659	26,580,659	-	-

   2. Share acquisition rights

      1. Stock option plans Not applicable.

      2. Share acquisition rights for other uses Not applicable.

   3. Exercises of moving strike convertible bonds, etc. Not applicable.

   4. Changes in number of issued shares, share capital and legal capital surplus

      (Millions of yen, unless otherwise stated)

      Date	Increase in total number of issued shares (shares)	Number of issued shares (shares)	Increase in share capital	Balance of share capital	Increase in legal capital surplus	Balance of legal capital surplus
      May 9, 2026 (Note)	-	26,580,659	-	9,641	(3,663)	1,563

      Note: The legal capital surplus was reduced and transferred to other capital surplus in accordance with the provisions of Article 448, Paragraph 1 of the Companies Act, in order to enhance the amount available for distribution and prepare for future capital policy.

   5. Major shareholders

      As of June 30, 2026

      Name	Address	Number of shares held (shares)	Shareholding ratio (excluding treasury shares) (%)
      NORTHERN TRUST CO. (AVFC) RE 15PCT TREATY ACCOUNT (Standing proxy: Tokyo Branch, the Hongkong and Shanghai Banking Corporation Limited)	50 Bank Street, Canary Wharf, London, E14 5NT, U.K. (3-11-1 Nihonbashi, Chuo-ku, Tokyo)	6,304,183	23.74
      MINERVA GROWTH CAPITAL, LP (Standing proxy: SMBC Nikko Securities Inc.)	C/O The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, U.S.A. (Shin Marunouchi Building, 1-5-1, Marunouchi, Chiyoda-ku, Tokyo)	4,352,600	16.39
      The Master Trust Bank of Japan, Ltd. (Trust Account)	Akasaka Intercity AIR, 1-8-1, Akasaka, Minato-ku, Tokyo	2,855,900	10.75
      Custody Bank of Japan, Ltd. (Trust Account)	1-8-12, Harumi, Chuo-ku, Tokyo	1,682,653	6.33
      NORTHERN TRUST CO. (AVFC) RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT (Standing proxy: Tokyo Branch, the Hongkong and Shanghai Banking Corporation Limited)	50 Bank Street, Canary Wharf, London, E14 5NT, U.K. (3-11-1 Nihonbashi, Chuo-ku, Tokyo)	942,600	3.54
      NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS (Standing proxy: Tokyo Branch, the Hongkong and Shanghai Banking Corporation Limited)	50 Bank Street, Canary Wharf, London, E14 5NT, U.K. (3-11-1 Nihonbashi, Chuo-ku, Tokyo)	555,000	2.09
      Brian K. Heywood (Standing proxy: SMBC Nikko Securities Inc.)	Redmond, WA, U.S.A. (Shin Marunouchi Building, 1-5-1, Marunouchi, Chiyoda-ku, Tokyo)	503,926	1.89
      Roland Employee Shareholding Association	1-6-4 Shinmiyakoda, Hamana-ku, Hamamatsu-shi, Shizuoka	369,120	1.39
      GOVERNMENT OF NORWAY (Standing proxy: Tokyo Branch, Citibank, N.A.)	Bankplassen 2, 0107 Oslo, 1 OSLO 0107 NO (6-27-30 Shinjuku, Shinjuku-ku, Tokyo)	344,103	1.29
      Kazuya Yanase	Hamana-ku, Hamamatsu-shi, Shizuoka	261,130	0.98
      Total	-	18,171,215	68.43

      Notes: 1. In addition to the above, the Company holds treasury shares of 26,705 shares.

2. According to the Large-Volume Holdings Report made available for public inspection on February 21, 2025, Crimson White Investment Pte. Ltd. held shares of the Company as of February 14, 2025, as described below. However, this information has not been included in the above table, as the Company was unable to confirm the actual number of shares effectively held by the entity as of June 30, 2026. The details of the Large-Volume Holdings Report are as follows.

   Name	Address	Number of share certificates held (shares)	Shareholding ratio (%)
   Crimson White Investment Pte. Ltd.	#37-01, Capital Tower, 168 Robinson Road, 068912, Singapore	6,304,183	22.38

3. According to the Change Report of Large-Volume Holdings made available for public inspection on June 15, 2026, Fidelity Management & Research Company LLC and its joint holders held shares of the Company as of March 31, 2026, as described below. However, this information has not been included in the above table, as the Company was unable to confirm the actual number of shares effectively held by the entity as of June 30, 2026. The details of the Change Report are as follows.