Financial Statements Fiscal Year 2025

(Thousands of yen)

As of March 31, 2025

As of March 31, 2026

Assets

Current assets

Cash and deposits

12,539,970

16,318,695

Electronically recorded monetary claims -

operating

59,801

65,850

Accounts receivable - trade

4,505,976

6,365,036

Merchandise and finished goods

765,163

927,013

Work in process

625,661

818,322

Raw materials

1,030,086

2,209,149

Other

750,215

1,237,805

Allowance for doubtful accounts

(8,817)

-

Total current assets

20,268,057

27,941,873

Non-current assets

Property, plant and equipment

Buildings and structures

4,399,498

4,496,766

Accumulated depreciation

(3,099,272)

(3,177,861)

Buildings and structures, net

1,300,226

1,318,904

Machinery, equipment and vehicles

323,997

363,924

Accumulated depreciation

(265,938)

(284,079)

Machinery, equipment and vehicles, net

58,058

79,845

Land

2,765,916

3,181,385

Leased assets

54,627

54,627

Accumulated depreciation

(15,331)

(20,797)

Leased assets, net

39,295

33,829

Construction in progress

6,456

506,399

Other

3,378,787

4,090,253

Accumulated depreciation

(2,458,142)

(2,806,694)

Other, net

920,644

1,283,559

Total property, plant and equipment

5,090,597

6,403,924

Intangible assets

Goodwill

618,982

919,977

Other

355,995

276,883

Total intangible assets

974,977

1,196,861

Investments and other assets

Investment securities

2,591,694

3,008,186

Long-term loans receivable

159,902

162,231

Deferred tax assets

341,703

230,915

Other

100,439

173,415

Total investments and other assets

3,193,739

3,574,748

Total non-current assets

9,259,315

11,175,534

Total assets

29,527,373

39,117,408

(Thousands of yen)

As of March 31, 2025

As of March 31, 2026

Liabilities

Current liabilities

Notes and accounts payable - trade

737,180

1,127,560

Electronically recorded obligations - operating

731,304

1,242,700

Current portion of long-term borrowings

497,508

637,500

Income taxes payable

1,088,957

2,017,175

Contract liabilities

393,867

596,055

Provision for bonuses

333,097

479,249

Provision for bonuses for directors (and other

officers)

184,705

415,098

Other

1,258,036

1,743,127

Total current liabilities

5,224,656

8,258,467

Non-current liabilities

Long-term borrowings

2,220,102

2,177,608

Deferred tax liabilities

298,156

595,464

Retirement benefit liability

32,525

36,778

Asset retirement obligations

37,448

37,961

Other

286,273

175,868

Total non-current liabilities

2,874,505

3,023,681

Total liabilities

8,099,161

11,282,149

Net assets

Shareholders' equity

Share capital

4,978,566

4,978,566

Capital surplus

1,209,465

1,209,465

Retained earnings

14,231,221

19,369,877

Treasury shares

(97,866)

(98,489)

Total shareholders' equity

20,321,386

25,459,420

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

477,053

976,641

Foreign currency translation adjustment

629,771

1,399,197

Total accumulated other comprehensive income

1,106,824

2,375,838

Total net assets

21,428,211

27,835,259

Total liabilities and net assets

29,527,373

39,117,408

(Thousands of yen)

Fiscal year ended March 31, 2025

Fiscal year ended March 31, 2026

Net sales

24,026,716

31,507,067

Cost of sales

10,007,088

13,332,255

Gross profit

14,019,627

18,174,811

Selling, general and administrative expenses

6,590,540

7,848,859

Operating profit

7,429,087

10,325,951

Non-operating income

Interest income

255,032

306,587

Dividend income

10,510

12,072

Foreign exchange gains

125,841

284,270

Rental income

64,787

39,918

Gain on valuation of compound financial instruments

9,484

10,480

Other

51,863

84,915

Total non-operating income

517,521

738,245

Non-operating expenses

Interest expenses

6,605

19,193

Expenses of real estate for rent

49,846

37,536

Environmental expenses

-

37,763

Other

2,224

11,329

Total non-operating expenses

58,676

105,823

Ordinary profit

7,887,932

10,958,373

Extraordinary income

Gain on sale of non-current assets

340

380

Gain on sale of investment securities

33,722

-

Gain on redemption of investment securities

6,707

34,989

Total extraordinary income

40,770

35,369

Extraordinary losses

Loss on retirement of non-current assets

971

2,269

Loss on sale of investment securities

530

18,074

Loss on valuation of investment securities

464,275

238,763

Total extraordinary losses

465,777

259,107

Profit before income taxes

7,462,925

10,734,635

Income taxes - current

2,277,540

2,916,151

Income taxes - deferred

117,540

151,330

Total income taxes

2,395,080

3,067,481

Profit

5,067,844

7,667,153

Profit attributable to owners of parent

5,067,844

7,667,153

(Thousands of yen)

Fiscal year ended March 31, 2025

Fiscal year ended March 31, 2026

Profit

5,067,844

7,667,153

Other comprehensive income

Valuation difference on available-for-sale securities

265,945

499,588

Foreign currency translation adjustment

(229,863)

769,425

Total other comprehensive income

36,082

1,269,013

Comprehensive income

5,103,927

8,936,167

Comprehensive income attributable to

Comprehensive income attributable to owners of

parent

5,103,927

8,936,167

Comprehensive income attributable to non-controlling

interests

-

-

(Thousands of yen)

Fiscal year ended March 31, 2025

Fiscal year ended March 31, 2026

Cash flows from operating activities

Profit before income taxes

7,462,925

10,734,635

Depreciation

576,234

646,070

Amortization of goodwill

95,075

127,429

Increase (decrease) in retirement benefit liability

(32,859)

3,299

Increase (decrease) in provision for bonuses

146,195

124,154

Increase (decrease) in provision for bonuses for

directors (and other officers)

89,277

227,038

Increase (decrease) in allowance for doubtful accounts

(3,798)

(8,817)

Interest and dividend income

(265,538)

(318,660)

Interest expenses

6,605

19,193

Foreign exchange losses (gains)

(20,462)

(35,929)

Loss (gain) on valuation of compound financial

instruments

(9,484)

(10,480)

Loss (gain) on sale of investment securities

(33,191)

18,074

Loss (gain) on redemption of investment securities

(6,707)

(34,989)

Loss (gain) on valuation of investment securities

464,275

238,763

Loss (gain) on sale of non-current assets

(340)

(380)

Loss on retirement of non-current assets

941

2,269

Decrease (increase) in trade receivables

86,944

(1,437,142)

Decrease (increase) in inventories

35,670

(1,068,839)

Increase (decrease) in trade payables

(156,266)

579,448

Decrease (increase) in consumption taxes refund

receivable

141,517

(55,208)

Other, net

(196,152)

131,110

Subtotal

8,380,860

9,881,039

Interest and dividends received

259,044

295,968

Interest paid

(6,605)

(19,193)

Income taxes paid

(2,631,620)

(2,062,507)

Net cash provided by (used in) operating activities

6,001,678

8,095,307

Cash flows from investing activities

Payments into time deposits

-

(1,648,164)

Purchase of property, plant and equipment

(1,733,589)

(1,538,050)

Purchase of intangible assets

(9,135)

(30,386)

Purchase of short-term and long-term investment

securities

(524,543)

(265,007)

Proceeds from sale and redemption of investment

securities

374,098

402,853

Purchase of shares of subsidiaries resulting in change

in scope of consolidation

-

(685,833)

Proceeds from collection of loans receivable

6,050

8,203

Other, net

3,233

(188,255)

Net cash provided by (used in) investing activities

(1,883,886)

(3,944,642)

Cash flows from financing activities

Repayments of lease liabilities

(39,306)

(53,392)

Proceeds from long-term borrowings

1,000,000

700,000

Repayments of long-term borrowings

(253,472)

(602,502)

Purchase of treasury shares

(217)

(622)

Dividends paid

(1,407,477)

(2,527,094)

Net cash provided by (used in) financing activities

(700,473)

(2,483,610)

Effect of exchange rate change on cash and cash

equivalents

(142,640)

528,400

Net increase (decrease) in cash and cash equivalents

3,274,678

2,195,455

Cash and cash equivalents at beginning of period

9,373,250

12,647,928

Increase in cash and cash equivalents resulting from

inclusion of subsidiaries in consolidation

-

17,199

Cash and cash equivalents at end of period

12,647,928

14,860,583