Financial Results for the 1st Quarter of FY2025(August 4, 2025)

August 4, 2025

(Amounts less than one million yen have been truncated)

1. Consolidated Financial Performance for the 1st Quarter of Fiscal Year Ending March 31, 2026

   (April 1, 2025 to June 30, 2025)

   1. Consolidated operating performance (Percentage figures indicate year-on-year change)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      Three months ended June30, 2025	39,121	2.1	2,984	93.2	2,998	46.0	2,137	410.8
      Three months ended June30, 2024	38,334	-0.6	1,544	43.8	2,054	50.2	418	-9.5

      Note: Comprehensive income

      Three months ended June 30, 2025: ¥ 410 million (-72.1%)

      Three months ended June 30, 2024: ¥ 1,472 million (15.2%)

      	Net income per share	Diluted net income per share
      	Yen	Yen
      Three months ended June30, 2025	342.13	-
      Three months ended June30, 2024	63.95	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio	Net assets per share
   	Millions of yen	Millions of yen	%	Yen
   Three months ended June30, 2025	96,737	47,162	48.7	7,716.92
   Fiscal year ended March 31, 2025	97,486	48,744	49.9	7,689.22

   Reference: Shareholders' equity

   As of June 30, 2025: ¥47,108 million As of March 31, 2025 : ¥48,689 million

2. Dividends

   	Dividends per Share
   	1Q	2Q	3Q	Year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	90.00	-	150.00	240.00
   Fiscal year ending March 31, 2026	-
   Fiscal year ending March 31, 2026 (Forecast)		120.00	-	120.00	240.00

   Note: Revisions to the forecast of dividends since the latest official announcement: No

3. Forecast of Consolidated Financial Performance for the Fiscal Year Ending March 31, 2026

   (April 1, 2025 to March 31, 2026)

   (Percentage figures indicate changes from the same period of the previous year)

   	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent		Net income per share
   	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
   Fiscal year ending March 31, 2026	151,000	-5.2	6,600	-9.8	7,300	-9.9	4,000	-5.9	655.25

   Note: Revisions to forecast of consolidated financial performance since the latest official announcement: Yes

   For revisions to forecasts of consolidated financial performance, please refer to "Notice of Revisions to the Full-Year Earnings Forecasts (Consolidated and Non-Consolidated)" that we announced today (August 4, 2025).

4. Other

1. Changes in significant subsidiaries during the current quarter

   (changes in specific subsidiaries resulting in changes in the scope of consolidation): None

2. Adoption of specific accounting policies for quarterly consolidated financial statements: None

3. Changes in accounting principles, estimation procedures or presentation methods

   1. Changes associated with revision of accounting standards: None

   2. Changes other than 1): None

   3. Changes accounting estimation procedures: None

   4. Changes in presentation methods: None

4. Number of shares issued and outstanding (common stock)

   1. Number of shares issued and outstanding at end of period (including treasury stock) As of June 30, 2025: 6,592,411 shares

      As of March 31, 2025: 6,592,411 shares

   2. Number of shares of treasury stock at end of period As of June 30, 2025: 487,874 shares

      As of March 31, 2025: 260,170 shares

   3. Average number of shares outstanding during the period Three months ended June 30, 2025: 6,247,762 shares

Three months ended June 30, 2024: 6,543,541 shares

• Review by certified public accountant or audit firm of the attached quarterly consolidated financial statements: None

• Explanations for proper use of forecasts and other specific affairs

  Revisions to non-consolidated earnings forecasts for the full year ending March 31, 2026, have been made to the forecasts announced on May 12, 2025.

  ･Revisions to the forecasts for the fiscal year ending March 31, 2026(From April 1, 2025 to March 31, 2026) Revised forecast, Net sales of 83,000 million yen, operating income of 3,000 million yen, ordinary income of 8,900

  million yen, net income of 6,400 million yen, and net income per share of 1,048.40 yen

  For details, please refer to "Notice of Revisions to the Full-Year Earnings Forecasts (Consolidated and Non-Consolidated)" that we announced today (August 4, 2025).

• Explanations for proper use of forecasts and other specific affairs

The forward-looking statement such as forecast of financial performance etc. described in this report based on information currently available and certain assumptions judged to be reasonable. Actual performance may differ significantly from these projections due to various factors.

1. Quarterly consolidated balance sheets

   (Millions of yen)

   	FY2024 As of March 31, 2025	FY2025_1Q As of June 30, 2025
   	Amount	Amount
   (Assets)
   Current assets
   Cash and deposits	16,926	16,305
   Notes receivable-trade	575	565
   Electronically recorded monetary claims-operating	2,151	2,163
   Accounts receivable-trade	24,677	24,466
   Merchandise and finished goods	3,563	3,425
   Work in process	1,090	916
   Raw materials and supplies	10,130	9,592
   Others	2,799	3,234
   Allowance for doubtful accounts	(494)	(465)
   Total current assets	61,419	60,204
   Noncurrent assets
   Tangible fixed assets
   Building and structures, net	6,248	5,979
   Machinery, equipment and vehicles, net	12,266	11,622
   Land	2,568	2,520
   Lease assets, net	1,297	1,223
   Construction in progress	4,044	5,122
   Other tangible fixed assets, net	1,905	2,014
   Total tangible fixed assets	28,331	28,482
   Intangible assets	1,883	1,801
   Others
   Total intangible assets	1,883	1,801
   Investments and other assets
   Investment securities	2,841	2,745
   Net defined benefit asset	2,300	2,316
   Deferred tax assets	225	215
   Others	484	971
   Total investments and other assets	5,851	6,248
   Total noncurrent assets	36,067	36,533
   Total assets	97,486	96,737

   (Millions of yen)

   	FY2024 As of March 31, 2025	FY2025_1Q As of June 30, 2025
   	Amount	Amount
   (Liabilities)
   Current liabilities
   Notes and accounts payable-trade	12,550	13,554
   Electronically recorded obligations - operating	3,623	3,694
   Short-term loans payable	6,040	5,590
   Lease obligations	477	471
   Income taxes payable	849	640
   Accrued expenses	3,687	3,682
   Provision for bonuses	1,696	922
   Provision for directors' bonuses	54	7
   Provision for product warranties	1,209	954
   Provision for loss on order received	214	213
   Electronically recorded obligations - non-operating	241	382
   Others	1,357	1,682
   Total current liabilities	32,003	31,795
   Noncurrent liabilities
   Long-term loans payable	12,590	13,360
   Lease obligations	2,403	2,192
   Deferred tax liabilities	1,017	1,456
   Net defined benefit liability	404	392
   Provision for share awards	186	248
   Asset retirement obligations	94	94
   Others	42	35
   Total noncurrent liabilities	16,738	17,780
   Total liabilities	48,742	49,575
   (Net assets)
   Shareholders' equity
   Capital stock	8,570	8,570
   Capital surplus	6,877	6,889
   Retained earnings	25,512	26,697
   Treasury stock	(901)	(1,953)
   Total shareholders' equity	40,059	40,203
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	18	22
   Foreign currency translation adjustment	6,976	5,320
   Remeasurements of defined benefit plans	1,635	1,562
   Total accumulated other comprehensive income	8,630	6,904
   Non-controlling interests	54	53
   Total net assets	48,744	47,162
   Total liabilities and net assets	97,486	96,737

2. Quarterly consolidated statements of income and quarterly consolidated statement of comprehensive income (Quarterly consolidated statements of income)

   (Millions of yen)

   	Three months ended June 30, 2024 (Apr. 1, 2024-June 30, 2024)	Three months ended June 30, 2025 (Apr. 1, 2025-June 30, 2025)
   	Amount	Amount
   Net sales	38,334	39,121
   Cost of sales	33,985	33,346
   Gross profit	4,349	5,774
   Selling, general and administrative expenses
   Packing and delivery expenses	394	460
   Salaries and allowances	470	485
   Provision for bonuses	231	232
   Provision for directors' bonuses	7	7
   Retirement benefit expenses	(6)	(5)
   Welfare expenses	378	402
   Provision for product warranties	61	63
   Provision of allowance for doubtful accounts	0	3
   Provision for share awards	9	11
   Research and development expenses	545	329
   Others	711	799
   Total selling, general and administrative expenses	2,804	2,790
   Operating income (loss)	1,544	2,984
   Non-operating income
   Interest income	32	68
   Dividends income	3	5
   Equity in earnings of affiliates	167	144
   Foreign exchange gains	311	-
   Others	101	56
   Total non-operating income	616	275
   Non-operating expenses
   Interest expenses	106	69
   Foreign exchange losses	-	189
   Others	0	2
   Total non-operating expenses	106	261
   Ordinary income (loss)	2,054	2,998

   (Millions of yen)

   	Three months ended June 30, 2024 (Apr. 1, 2024-June 30, 2024)	Three months ended June 30, 2025 (Apr. 1, 2025-June 30, 2025)
   	Amount	Amount
   Extraordinary income	5	22
   Gain on sales of noncurrent assets
   Total extraordinary income	5	22
   Extraordinary loss	786	22
   Loss on retirement of noncurrent assets
   Total extraordinary loss	786	22
   Income (loss) before income taxes	1,272	2,998
   Income taxes-current	429	414
   Income taxes-deferred	407	443
   Total income taxes	837	858
   Profit (loss)	435	2,139
   Profit (loss) attributable to non-controlling interests	17	2
   Profit (loss) attributable to owners of parent	418	2,137

   (Quarterly consolidated statement of comprehensive income)

   	Three months ended June 30, 2024 (Apr. 1, 2024-June 30, 2024)	Three months ended June 30, 2025 (Apr. 1, 2025-June 30, 2025)
   	Amount	Amount
   Profit (loss)	435	2,139
   Other comprehensive income
   Valuation difference on available-for-sale securities	4	3
   Foreign currency translation adjustment	980	(1,580)
   Remeasurements of defined benefit plans, net of tax	(58)	(71)
   Share of other comprehensive income of associates accounted for using equity method	109	(80)
   Total other comprehensive income	1,036	(1,729)
   Comprehensive income	1,472	410
   (Breakdown)
   Comprehensive income attributable to owners of the parent	1,442	411
   Comprehensive income attributable to non-controlling interests	29	(0)

   (Millions of yen）

3. Quarterly consolidated statements of cash flows

(Millions of yen)

(Millions of yen)