Financial Results for the 2nd Quarter of FY2025(November 4, 2025)

November 4, 2025

(Amounts less than one million yen have been truncated)

1. Consolidated Financial Performance for the Six Months of Fiscal Year Ended September 30, 2025

   (April 1, 2025 to September 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	%
      Six months ended September30, 2025	77,511	-1.9	5,393	110.6	5,674	97.0	4,094	466.3
      Six months ended September30, 2024	79,044	-1.5	2,561	20.5	2,881	10.1	722	-37.2

      Note: Comprehensive income

      Six months ended September 30, 2025: ¥ 1,973 million (-32.5%)

      Six months ended September 30, 2024: ¥ 2,923 million (-13.1%)

      	Net income per share	Diluted net income per share
      	Yen	Yen
      Six months ended September30, 2025	669.95	-
      Six months ended September30, 2024	110.42	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio	Net assets per share
   	Millions of yen	Millions of yen	%	Yen
   Six months ended September30, 2025	92,703	47,292	51.0	8,041.03
   Fiscal year ended March 31, 2025	97,486	48,744	49.9	7,689.22

   Reference: Shareholders' equity

   As of September 30, 2025: ¥47,241 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	-	160.00
   Fiscal year ending March 31, 2026(Forecast)			-	160.00	320.00

   Note: Revisions to the forecast of dividends since the latest official announcement: Yes

   For revisions to forecasts of dividends, please refer to "Notice on Revision of Interim and Year-End Dividend Forecasts for Surplus Distribution" that we announced today (November 4, 2025).

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	154,000	-3.3	8,800	20.3	9,800	21.0	6,400	50.6	1,089.35

   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 (November 4, 2025).

4. Other

1. Changes in significant subsidiaries during the semi-annual period

   (changes in specific subsidiaries resulting in changes in the scope of consolidation): No

2. Adoption of specific accounting policies for semi-annual consolidated financial statements: None

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

   1. Changes associated with revision of accounting standards: No

   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 September 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 September 30, 2025: 717,361 shares

      As of March 31, 2025: 260,170 shares

   3. Average number of shares outstanding during the semi-annual period Six months ended September 30, 2025: 6,111,178 shares

Six months ended September 30, 2024: 6,547,416 shares

• Semi-annual consolidated financial results presented herein are not subject to the audit procedures by certified public accountant or audit firm.

• 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 August 4, 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 3,300 million yen, ordinary income of 9,200 million yen, net income of 7,600 million yen, and net income per share of 1,293.61 yen

  For details, please refer to "Notice of Revisions to the Full-Year Earnings Forecasts (Consolidated and Non-Consolidated)" that we announced today (November 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. Semi-annual consolidated balance sheets

   (Millions of yen)

   	FY2024 As of March 31, 2025	FY2025_2Q As of September 30, 2025
   	Amount	Amount
   (Assets)
   Current assets
   Cash and deposits	16,926	13,095
   Notes receivable-trade	575	497
   Electronically recorded monetary claims-operating	2,151	2,254
   Accounts receivable-trade	24,677	24,081
   Merchandise and finished goods	3,563	3,271
   Work in process	1,090	837
   Raw materials and supplies	10,130	9,268
   Others	2,799	3,254
   Allowance for doubtful accounts	(494)	(455)
   Total current assets	61,419	56,104
   Noncurrent assets
   Tangible fixed assets
   Building and structures, net	6,248	5,859
   Machinery, equipment and vehicles, net	12,266	12,347
   Land	2,568	2,538
   Lease assets, net	1,297	1,133
   Construction in progress	4,044	4,530
   Other tangible fixed assets, net	1,905	2,108
   Total tangible fixed assets	28,331	28,518
   Intangible assets	1,883	1,744
   Others
   Total intangible assets	1,883	1,744
   Investments and other assets
   Investment securities	2,841	2,823
   Net defined benefit asset	2,300	2,332
   Deferred tax assets	225	239
   Others	484	941
   Total investments and other assets	5,851	6,337
   Total noncurrent assets	36,067	36,599
   Total assets	97,486	92,703

   (Millions of yen)

   	FY2024 As of March 31, 2025	FY2025_2Q As of September 30, 2025
   	Amount	Amount
   (Liabilities)
   Current liabilities
   Notes and accounts payable-trade	12,550	11,528
   Electronically recorded obligations - operating	3,623	3,644
   Short-term loans payable	6,040	1,180
   Lease obligations	477	515
   Income taxes payable	849	1,065
   Accrued expenses	3,687	3,684
   Provision for bonuses	1,696	1,731
   Provision for directors' bonuses	54	24
   Provision for product warranties	1,209	704
   Provision for loss on order received	214	225
   Electronically recorded obligations - non-operating	241	671
   Others	1,357	1,210
   Total current liabilities	32,003	26,186
   Noncurrent liabilities
   Long-term loans payable	12,590	15,450
   Lease obligations	2,403	1,931
   Deferred tax liabilities	1,017	1,018
   Net defined benefit liability	404	383
   Provision for share awards	186	320
   Asset retirement obligations	94	94
   Others	42	25
   Total noncurrent liabilities	16,738	19,224
   Total liabilities	48,742	45,410
   (Net assets)
   Shareholders' equity
   Capital stock	8,570	8,570
   Capital surplus	6,877	6,863
   Retained earnings	25,512	28,643
   Treasury stock	(901)	(3,349)
   Total shareholders' equity	40,059	40,728
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	18	24
   Foreign currency translation adjustment	6,976	5,009
   Remeasurements of defined benefit plans	1,635	1,478
   Total accumulated other comprehensive income	8,630	6,512
   Non-controlling interests	54	51
   Total net assets	48,744	47,292
   Total liabilities and net assets	97,486	92,703

2. Semi-annual consolidated statements of income and semi-annual consolidated statement of comprehensive income (Semi-annual consolidated statements of income)

   (Millions of yen)

   	Six months ended September 30, 2024 (Apr. 1, 2024-September 30, 2024)	Six months ended September 30, 2025 (Apr. 1, 2025-September 30, 2025)
   	Amount	Amount
   Net sales	79,044	77,511
   Cost of sales	70,303	66,333
   Gross profit	8,740	11,178
   Selling, general and administrative expenses
   Packing and delivery expenses	826	925
   Salaries and allowances	1,196	1,122
   Provision for bonuses	458	449
   Provision for directors' bonuses	15	24
   Retirement benefit expenses	(9)	(26)
   Welfare expenses	781	829
   Provision for product warranties	112	149
   Provision of allowance for doubtful accounts	376	2
   Research and development expenses	864	769
   Provision for share awards	16	24
   Others	1,541	1,511
   Total selling, general and administrative expenses	6,179	5,784
   Operating income (loss)	2,561	5,393
   Non-operating income
   Interest income	150	134
   Dividends income	3	5
   Equity in earnings of affiliates	239	264
   Others	226	149
   Total non-operating income	619	554
   Non-operating expenses
   Interest expenses	229	123
   Foreign exchange losses	68	135
   Others	2	14
   Total non-operating expenses	300	273
   Ordinary income (loss)	2,881	5,674

   (Millions of yen)

   	Six months ended September 30, 2024 (Apr. 1, 2024-September 30, 2024)	Six months ended September 30, 2025 (Apr. 1, 2025-September 30, 2025)
   	Amount	Amount
   Extraordinary income
   Gain on sales of noncurrent assets	15	22
   Gain on sales of investment securities	-	51
   Total extraordinary income	15	73
   Extraordinary loss
   Loss on sales of noncurrent assets	7	-
   Loss on retirement of noncurrent assets	1,083	39
   Total extraordinary loss	1,091	39
   Income (loss) before income taxes	1,804	5,708
   Income taxes-current	1,048	1,594
   Income taxes-deferred	26	18
   Total income taxes	1,075	1,613
   Profit (loss)	729	4,095
   Profit (loss) attributable to non-controlling interests	6	1
   Profit (loss) attributable to owners of parent	722	4,094

   (Semi-annual consolidated statement of comprehensive income)

   (Millions of yen）

   	Six months ended September 30, 2024 (Apr. 1, 2024-September 30, 2024)	Six months ended September 30, 2025 (Apr. 1, 2025-September 30, 2025)
   	Amount	Amount
   Profit (loss)	729	4,095
   Other comprehensive income
   Valuation difference on available-for-sale securities	(1)	5
   Foreign currency translation adjustment	2,419	(1,862)
   Remeasurements of defined benefit plans, net of tax	(111)	(146)
   Share of other comprehensive income of associates accounted for using equity method	(112)	(119)
   Total other comprehensive income	2,193	(2,122)
   Comprehensive income	2,923	1,973
   (Breakdown)
   Comprehensive income attributable to owners of the parent	2,911	1,976
   Comprehensive income attributable to non-controlling interests	12	(2)

3. Semi-annual consolidated statements of cash flows

(Millions of yen)

(Millions of yen)