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.
February 3, 2026
Consolidated Financial Results for the Third 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: None
Holding of financial results briefing: Yes (for analysts and institutional investors)
Rounded down to the nearest million yen
1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
(1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Nine months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
December 31, 2025
52,225
(1.7)
17,124
(13.2)
18,029
(10.0)
12,332
(11.7)
December 31, 2024
53,141
18.0
19,734
37.1
20,034
33.9
13,965
31.7
Note: Comprehensive income For the nine months ended December 31, 2025: \14,197 million [(5.7)%]
For the nine months ended December 31, 2024: \15,056 million [37.8%]
Basic earnings per share
Diluted earnings per share
Nine months ended
Yen
Yen
December 31, 2025
999.46
-
December 31, 2024
1,131.80
-
(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
December 31, 2025
152,670
140,835
92.2
March 31, 2025
142,285
127,854
89.9
Reference: Equity
As of December 31, 2025: \140,835 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
-
51.00
-
Fiscal year ending March 31, 2026 (Forecast)
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
Fiscal year ending March 31, 2026
75,100
4.5
27,000
0.3
-
-
-
-
-
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 December 31, 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 December 31, 2025
33,334 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)
Nine months ended December 31, 2025
12,339,082 shares
Nine months ended December 31, 2024
12,338,844 shares
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:None
* 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 third quarter of the fiscal year ending March 31, 2026 (April 1 to December 31, 2025), concerns over geopolitical risks persisted due to developments in the Middle East and Ukraine, as well as heightened attention to monetary policies in various countries and 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.
In our business, working within this business environment, while the next-generation high-speed communications-related business continued to remain at a high level, a recovery was observed in the automobile- and semiconductor-related businesses, which had experienced weaker market conditions during the first half of the fiscal year.
As a result, consolidated net sales for the third quarter of the fiscal year ending March 31, 2026, decreased by 1.7% year on year to 52,225 million yen, operating profit decreased by 13.2% to 17,124 million yen, ordinary profit decreased by 10.0% to 18,029 million yen, and quarterly net profit attributable to owners of the parent decreased by 11.7% year on year to 12,332 million yen.
From the fourth quarter onward, growth in the telecommunication-related business is expected to accelerate due to a significant increase in production for next-generation high-speed communication. In the next fiscal year, we expect a full-scale recovery in the automobile- and semiconductor-related businesses. Toward achieving our medium-term plan targeting net sales of 100 billion yen in the fiscal year ending March 31, 2029, we will continue to steadily focus on strengthening our business foundation.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In this segment, while the next-generation high-speed communications-related business continued to remain at a high level, a recovery was observed in the automobile- and semiconductor-related businesses, which had experienced weaker market conditions during the first half of the fiscal year.
As a result, net sales for the third quarter of the fiscal year ending March 31, 2026, decreased by 3.4% year on year to 45,023 million yen, and segment profit decreased by 15.5% year on year to 16,906 million yen.
(Lighting Equipment Business)
This segment performed solidly, supported by strong demand for lighting products for the high-end new condominium market, as well as steady progress in public LED lighting installation projects.
As a result, net sales for the third quarter of the fiscal year ending March 31, 2026, increased by 9.8% year on year to 7,201 million yen, while segment profit increased by 61.9% year on year to 1,418 million yen.
(2) Financial conditions
(Assets)
Current assets at the end of the third quarter of the fiscal year ending March 31, 2026, totaled 100,691 million yen, an increase of 401 million yen from the end of the previous fiscal year, primarily due to an increase in accounts receivable. Non-current assets amounted to 51,979 million yen, an increase of 9,983 million yen from the end of the previous fiscal year, mainly attributable to an increase in construction in progress.
As a result, total assets amounted to 152,670 million yen, an increase of 10,384 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the third quarter of the fiscal year ending March 31, 2026, amounted to 11,306 million yen, a decrease of 2,626 million yen from the end of the previous fiscal year, primarily due to a decrease in income taxes payable. Non-current liabilities amounted to 528 million yen, an increase of 30 million yen from the end of the previous fiscal year, mainly due to an increase in deferred tax liabilities.
As a result, total liabilities amounted to 11,835 million yen, a decrease of 2,596 million yen from the end of the previous fiscal year.
(Net Assets)
Net assets at the end of the third quarter of the fiscal year ending March 31, 2026, amounted to 140,835 million yen, an increase of 12,981 million yen from the end of the previous fiscal year, primarily due to the recording of 12,332 million yen in quarterly net profit attributable to owners of the parent.
As a result, the equity ratio was 92.2% (89.9% at the end of the previous fiscal year).
(3) Future outlook
There are no changes to the consolidated earnings forecast for the fiscal year ending March 31, 2026, which was announced on November 5, 2025.
Current outlook by segment is as follows.
In the telecommunication-related business, growth is expected to accelerate, driven by a significant increase in production from the fourth quarter onward following the full-scale launch of a successor model for next-generation high-speed communication. As end-user demand has further strengthened, we expect continued growth in the next fiscal year.
In the automobile-related business, inventory adjustments related to new energy vehicles have been completed, and the business has entered a recovery phase. From the next fiscal year, the business is expected to return to a growth phase. For medium- to long-term growth, we will continue to strengthen profitability through automation and yield improvement.
In the semiconductor-related business, demand related to generative AI remains strong, and differentiated high-purity SiC products have also begun to expand from the second half of the fiscal year. While a full-scale recovery in demand for general-purpose memory has been delayed, a steady recovery is underway. Toward a full market recovery in the next fiscal year, we will focus on strengthening production capacity at our new plant.
In the industrial equipment-related business, demand for power modules has slowed due to market conditions, but demand for new medical-related products is increasing.
In the lighting equipment-related business, high-end lighting products continue to perform steadily, supported by increasing LED demand due to Japan's upcoming policy to phase out fluorescent lamp production by 2027 and the expansion of the high-end new condominium market in metropolitan areas.
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.
Quarterly consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Assets
Current assets
Cash and deposits
71,793
67,840
Notes receivable - trade
139
70
Accounts receivable - trade
12,420
13,867
Electronically recorded monetary claims - operating
1,319
1,467
Merchandise and finished goods
2,645
2,532
Work in process
3,803
4,876
Raw materials and supplies
5,398
6,935
Other
2,832
3,109
Allowance for doubtful accounts
(62)
(8)
Total current assets
100,290
100,691
Non-current assets
Property, plant and equipment
Buildings and structures, net
14,996
16,401
Machinery, equipment and vehicles, net
13,039
14,297
Land
5,047
5,064
Construction in progress
5,474
13,538
Other, net
798
852
Total property, plant and equipment
39,356
50,154
Intangible assets
Other
444
441
Total intangible assets
444
441
Investments and other assets
2,194
1,382
Total non-current assets
41,995
51,979
Total assets
142,285
152,670
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade
2,965
4,206
Electronically recorded obligations - operating
840
984
Income taxes payable
4,929
1,233
Provision for bonuses
1,191
589
Provision for bonuses for directors (and other officers)
149
75
Other
3,856
4,215
Total current liabilities
13,933
11,306
Non-current liabilities
Deferred tax liabilities
131
165
Other
366
362
Total non-current liabilities
498
528
Total liabilities
14,431
11,835
Net assets
Shareholders' equity
Share capital
8,646
8,646
Capital surplus
12,103
12,103
Retained earnings
105,705
116,828
Treasury shares
(198)
(205)
Total shareholders' equity
126,257
137,373
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
39
35
Foreign currency translation adjustment
1,556
3,426
Total accumulated other comprehensive income
1,596
3,461
Total net assets
127,854
140,835
Total liabilities and net assets
142,285
152,670
Quarterly consolidated statement of income
(Millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Net sales
53,141
52,225
Cost of sales
24,237
25,252
Gross profit
28,903
26,973
Selling, general and administrative expenses
9,169
9,848
Operating profit
19,734
17,124
Non-operating income
Interest income
187
395
Rental income
93
95
Foreign exchange gains
-
359
Other
90
149
Total non-operating income
371
1,000
Non-operating expenses
Interest expenses
0
-
Foreign exchange losses
24
-
Rent expenses on real estate for investments
36
39
Loss on extinguishment of share-based payment expenses
0
41
Other
8
14
Total non-operating expenses
71
95
Ordinary profit
20,034
18,029
Extraordinary income
Gain on sale of non-current assets
0
1
Gain on sale of investment securities
-
147
Subsidy income
2,576
42
Total extraordinary income
2,576
191
Extraordinary losses
Loss on sale and retirement of non-current assets
89
36
Loss on tax purpose reduction entry of non-current assets
2,360
42
Other
-
14
Total extraordinary losses
2,450
93
Profit before income taxes
20,160
18,126
Income taxes - current
6,026
5,405
Income taxes - deferred
168
388
Total income taxes
6,194
5,794
Profit
13,965
12,332
Profit attributable to owners of parent
13,965
12,332
Quarterly consolidated statement of comprehensive income
(Millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Profit
13,965
12,332
Other comprehensive income
Valuation difference on available-for-sale securities
(89)
(4)
Foreign currency translation adjustment
1,180
1,869
Total other comprehensive income
1,091
1,865
Comprehensive income
15,056
14,197
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
15,056
14,197
(Notes on segment information, etc.)
Segment Information
I. The nine months of the previous fiscal year (April 1, 2024 to December 31, 2024)
1. Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Adjustment amount (Note) 1
Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPORNENT
LIGHTING EQUIPMENT
Total
Sales
Revenues from external customers
46,585
6,556
53,141
-
53,141
Transactions with other segments
5
34
40
(40)
-
Total
46,591
6,590
53,182
(40)
53,141
Segment Profit
19,996
876
20,872
(1,138)
19,734
Note: 1. Segment profit adjustment of (1,138) million yen includes 38 million yen of inter-segment transaction elimination and (1,176) million yen of company-wide expenses not 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 nine months of the current fiscal year (April 1, 2025 to December 31, 2025)
1. Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Adjustment amount (Note) 1
Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPORNENT
LIGHTING EQUIPMENT
Total
Sales
Revenues from external customers
45,023
7,201
52,225
-
52,225
Transactions with other segments
6
2
9
(9)
-
Total
45,030
7,204
52,234
(9)
52,225
Segment Profit
16,906
1,418
18,325
(1,200)
17,124
Note: 1. Segment profit adjustment of (1,200) million yen includes 70 million yen of inter-segment transaction elimination and (1,271) million yen of company-wide expenses not 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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