DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
July 24, 2025
Consolidated Financial Results for the First Quarter of Fiscal Year 2025
Company name: MARUWA CO., LTD.
Listing: Tokyo Stock Exchange / Nagoya Stock Exchange
Securities code: 5344
URL: https://www.maruwa-g.com/
Representative: Toshiro Kambe, Representative Director and President
Inquiries: Daisuke Yamaguchi, Director and Head of Administration Division
Telephone: +81-561-51-0841
Scheduled date to commence dividend payments: -
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)
Rounded down to the nearest million yen
1. Consolidated financial results for the three months ended June 30, 2025 (from April 1, 2025 to June 30, 2025)
(1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Three months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
June 30, 2025
17,256
6.2
6,002
6.4
5,722
(7.4)
3,878
(13.9)
June 30, 2024
16,243
27.7
5,640
59.8
6,181
49.1
4,502
58.2
Note: Comprehensive income For the three months ended June 30, 2025: \4,205 million [(21.3)%]
For the three months ended June 30, 2024: \5,343 million [63.9%]
Basic earnings per share
Diluted earnings per share
Three months ended
Yen
Yen
June 30, 2025
314.31
-
June 30, 2024
364.96
-
(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
June 30, 2025
141,281
131,474
93.1
March 31, 2025
142,285
127,854
89.9
Reference: Equity
As of June 30, 2025: \131,474 million
As of March 31, 2025: \127,854 million
2. Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
47.00
-
47.00
94.00
Fiscal year ending March 31, 2026
-
Fiscal year ending March 31, 2026 (Forecast)
51.00
51.00
102.00
Note: Revisions to the forecast of cash dividends most recently announced: None
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Basic earnings per share
Millions of yen
%
Millions of yen
%
Yen
%
Yen
%
Yen
Six months ending September 30, 2025
34,900
0.2
12,800
0.1
-
-
-
-
-
Fiscal year ending March 31, 2026
76,800
6.9
28,800
7.0
-
-
-
-
-
Note: Revisions to the earnings forecasts most recently announced: None
* Notes
(1) Significant changes in the scope of consolidation during the period: None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement
(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(iv) Restatement: None
(4) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2025
12,372,000 shares
As of March 31, 2025
12,372,000 shares
(ii) Number of treasury shares at the end of the period
As of June 30, 2025
33,264 shares
As of March 31, 2025
32,112 shares
(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2025
12,339,793 shares
Three months ended June 30, 2024
12,337,866 shares
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:nothing
* Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ from the results anticipated in the statements due to various factors.
1. Overview of Operating Results, etc.
(1) Business Results
During the first quarter of the fiscal year ending March 31, 2026 (April 1 to June 30, 2025), concerns over geopolitical risks persisted due to ongoing developments in the Middle East and Ukraine, as well as the global focus on tariff policies involving the United States and other countries. In the high-tech market, rapid technological advancements and active investments were observed across a wide range of fields related to generative AI.
Working within this business environment, in the semiconductor-related business, demand for general-purpose memory remain weak, while the tele-communication related business benefited from strong performance in next-generation high-speed communications.
As a result, consolidated net sales for the first quarter of the fiscal year ending March 31, 2026 increased by 6.2% year on year to 17,256 million yen, and operating profit rose by 6.4% year on year to 6,002 million yen. These figures represent the highest first-quarter results. Ordinary profit decreased by 7.4% year on year to 5,722 million yen, due to the absence of the foreign exchange gains recorded in the same period of the previous year amid a sharp depreciation of the yen. Net profit attributable to owners of the parent decreased by 13.9% year on year to 3,878 million yen.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In the semiconductor-related business, demand for general-purpose memories weakened, but in the tele-communication related business, performance for next-generation, high-speed communications expanded.
As a result, net sales for the first quarter of the fiscal year ending March 31, 2026, under review increased by 6.5% year on year to 15,248 million yen, and segment profit rose by 4.4% year on year to 6,064 million yen.
(Lighting Equipment Business)
This segment saw steady performance driven by demand for lighting equipment for high-end new condominiums and public LED lighting installation projects, supported by Japan's upcoming policy to phase out fluorescent lamp production by 2027.
As a result, net sales for the first quarter of the fiscal year ending March 31, 2026, decreased by 4.4% year on year to 2,007 million yen, while segment profit fell by 70.1% year on year to 336 million yen.
(2) Financial Conditions
(Assets)
Current assets at the end of the first quarter of the fiscal year ending March 31, 2026, totaled 95,688 million yen, a decrease of 4,601 million yen from the end of the previous fiscal year, primarily due to a reduction in cash and deposits. Non-current assets increased by 3,597 million yen to 45,592 million yen, mainly due to an increase in property, plant and equipment.
As a result, total assets amounted to 141,281 million yen, a decrease of 1,003 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the first quarter of the fiscal year ending March 31, 2026, decreased by 4,616 million yen to 9,316 million yen, mainly due to a decline in income taxes payable resulting from tax payments. Non-current liabilities decreased by 7 million yen to 490 million yen.
As a result, total liabilities decreased by 4,624 million yen to 9,806 million yen.
(Net Assets)
Net assets at the end of the first quarter of the fiscal year ending March 31, 2026, increased by 3,620 million yen to 131,474 million yen, primarily due to the recording of 3,878 million yen in quarterly net profit attributable to owners of the parent.
As a result, the equity ratio was 93.1% (89.9% at the end of the previous fiscal year).
(3) Future Outlook
Although the economic outlook continues to be uncertain, there is no change to the consolidated earnings forecast for the fiscal year ending March 31, 2026, as announced on April 25, 2025.
Current outlook by segment is as follows.
In the semiconductor related business, in addition to increasing demand for generative AI applications, demand for general-purpose memory is gradually recovering. Furthermore, differentiated high-purity SiC products for SPE are expected to see growing demand in the second half of the fiscal year.
In the tele communication related business, strong demand for next-generation high-speed communication is expected to continue.
In the automobile related business, inventory adjustments are underway on the customer side, particularly for new energy vehicle. We expect a recovery in the second half of the fiscal year, we will continue to closely monitor market trends due to ongoing uncertainties such as geopolitical risks. In addition, we aim to enhance profitability through the implementation of AI and robotics in our factory operations.
In the industrial equipment related business, demand for power modules is expected to be soft, but new medical-related products are projected to contribute to performance.
In the lighting equipment related business, lighting for high-end condominiums and business for public LED installations projects are expected to maintain steady performance.
On the earnings front, we will continue to enhance profitability through further factory automation and improved yields on new products. Regarding profit figures below ordinary profit, it is difficult to provide forecasts at this time due to the potential volatility caused mainly by exchange rate fluctuations.
Despite the current global uncertainty surrounding geopolitical risks and the economic environment, we remain committed to proactive development in ceramic materials and new products, as well as market expansion in pursuit of our medium-term goals, and we will continue to strengthen our business foundations accordingly.
Quarterly consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Assets
Current assets
Cash and deposits
71,793
69,685
Notes receivable - trade
139
84
Accounts receivable - trade
12,420
11,758
Electronically recorded monetary claims - operating
1,319
1,262
Merchandise and finished goods
2,645
2,487
Work in process
3,803
3,867
Raw materials and supplies
5,398
5,324
Other
2,832
1,267
Allowance for doubtful accounts
(62)
(50)
Total current assets
100,290
95,688
Non-current assets
Property, plant and equipment
Buildings and structures, net
14,996
15,277
Machinery, equipment and vehicles, net
13,039
13,182
Land
5,047
5,051
Construction in progress
5,474
8,956
Other, net
798
829
Total property, plant and equipment
39,356
43,297
Intangible assets
Other
444
445
Total intangible assets
444
445
Investments and other assets
2,194
1,850
Total non-current assets
41,995
45,592
Total assets
142,285
141,281
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade
2,965
2,481
Electronically recorded obligations - operating
840
702
Income taxes payable
4,929
1,334
Provision for bonuses
1,191
575
Provision for bonuses for directors (and other officers)
149
3
Other
3,856
4,218
Total current liabilities
13,933
9,316
Non-current liabilities
Deferred tax liabilities
131
124
Other
366
366
Total non-current liabilities
498
490
Total liabilities
14,431
9,806
Net assets
Shareholders' equity
Share capital
8,646
8,646
Capital surplus
12,103
12,103
Retained earnings
105,705
109,004
Treasury shares
(198)
(203)
Total shareholders' equity
126,257
129,551
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
39
83
Foreign currency translation adjustment
1,556
1,839
Total accumulated other comprehensive income
1,596
1,923
Total net assets
127,854
131,474
Total liabilities and net assets
142,285
141,281
Quarterly consolidated statement of income
(Millions of yen)
Three months ended June 30, 2024
Three months ended June 30, 2025
Net sales
16,243
17,256
Cost of sales
7,665
8,180
Gross profit
8,578
9,075
Selling, general and administrative expenses
2,937
3,073
Operating profit
5,640
6,002
Non-operating income
Interest income
35
87
Rental income
32
33
Foreign exchange gains
472
-
Other
28
23
Total non-operating income
569
144
Non-operating expenses
Interest expenses
0
-
Foreign exchange losses
-
356
Rent expenses on real estate for investments
20
13
Other
8
54
Total non-operating expenses
29
424
Ordinary profit
6,181
5,722
Extraordinary income
Gain on sale of non-current assets
0
-
Subsidy income
2,576
2
Total extraordinary income
2,576
2
Extraordinary losses
Loss on sale and retirement of non-current assets
15
0
Loss on tax purpose reduction entry of non-current assets
2,360
2
Loss on abandonment of inventories
-
1
Total extraordinary losses
2,376
4
Profit before income taxes
6,381
5,720
Income taxes - current
1,653
1,414
Income taxes - deferred
224
427
Total income taxes
1,878
1,841
Profit
4,502
3,878
Profit attributable to owners of parent
4,502
3,878
Quarterly consolidated statement of comprehensive income
(Millions of yen)
Three months ended June 30, 2024
Three months ended June 30, 2025
Profit
4,502
3,878
Other comprehensive income
Valuation difference on available-for-sale securities
(4)
43
Foreign currency translation adjustment
844
283
Total other comprehensive income
840
326
Comprehensive income
5,343
4,205
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
5,343
4,205
(Notes on segment information, etc.)
Segment Information
I. the three months of the previous fiscal year (April 1, 2024 to June 30, 2024)
1. Information on sales and the amount of profit or loss for each reported segment
(in millions of yen)
Reportable segments
Adjustment amount (Note) 1
Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPONENT
LIGHTING EQUIPMENT
Total
Sales
Revenues from external customers
14,320
1,923
16,243
-
16,243
Transactions with other segments
0
2
3
(3)
-
Total
14,320
1,926
16,246
(3)
16,243
Segment Profit
5,809
198
6,007
(366)
5,640
Note: 1. Segment profit adjustment of (366) million yen includes 17 million yen of inter-segment transaction elimination and (383) million yen of company-wide expenses that have not been allocated to each reporting segment.
Corporate expenses are selling, general and administrative expenses that are primarily not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the quarterly consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting segment
Not applicable.
II. the three months of the current fiscal year (April 1, 2025 to June 30, 2025)
1. Information on sales and the amount of profit or loss for each reported segment
(in millions of yen)
Reportable segments
Adjustment amount (Note) 1
Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPONENT
LIGHTING EQUIPMENT
Total
Sales
Revenues from external customers
15,248
2,007
17,256
-
17,256
Transactions with other segments
1
0
1
(1)
-
Total
15,250
2,007
17,257
(1)
17,256
Segment Profit
6,064
336
6,401
(398)
6,002
Note: 1. Segment profit adjustment of (398) million yen includes 23 million yen of inter-segment transaction elimination and (422) million yen of company-wide expenses that have not been allocated to each reporting segment.
Corporate expenses are selling, general and administrative expenses that are primarily not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the quarterly consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting segment
Not applicable.
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