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.
May 8, 2026
Consolidated Financial Results
for the Fiscal Year Ended March 31, 2026
(Under Japanese GAAP)
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 of annual general meeting of shareholders: June 19, 2026
Scheduled date to commence dividend payments: June 22, 2026
Scheduled date to file annual securities report: June 12, 2026
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 fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
(1) Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2026
74,476
3.7
24,976
(7.2)
26,321
(2.6)
18,163
(5.6)
March 31, 2025
71,849
16.7
26,914
35.9
27,033
28.0
19,242
26.5
Note: Comprehensive income For the fiscal year ended March 31, 2026: \20,550 million [4.4%]
For the fiscal year ended March 31, 2025: \19,677 million [23.0%]
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2026
1,472.03
-
13.2
17.3
33.5
March 31, 2025
1,559.45
-
16.2
20.4
37.5
(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2026
162,691
147,262
90.5
11,933.87
March 31, 2025
142,285
127,854
89.9
10,361.04
Reference: Equity
As of March 31, 2026: \147,262 million
As of March 31, 2025: \127,854 million
(3) Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Fiscal year ended
Millions of yen
Millions of yen
Millions of yen
Millions of yen
March 31, 2026
16,933
(21,757)
(1,216)
66,986
March 31, 2025
25,351
(7,682)
(1,512)
71,568
2. Cash dividends
Annual dividends per share
Total cash dividends (Total)
Payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Fiscal year ended March 31, 2025
-
47.00
-
47.00
94.00
1,159
6.0
1.0
Fiscal year ended March 31, 2026
-
51.00
-
51.00
102.00
1,258
6.9
0.9
Fiscal year ending March 31, 2027 (Forecast)
55.00
55.00
110.00
-
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)
(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, 2026
39,400
19.0
13,500
24.5
-
-
-
-
-
Fiscal year ending March 31, 2027
84,100
12.9
29,700
18.9
-
-
-
-
-
Note: We do not disclose specific forecasts for profits below ordinary income because they are expected to fluctuate mainly due to foreign exchange factors and are difficult to forecast at this time.
* Notes
(1) Significant changes in the scope of consolidation during the period: None
(2) 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
(3) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2026
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 March 31, 2026
32,114 shares
As of March 31, 2025
32,112 shares
(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2026
12,338,999 shares
Fiscal year ended March 31, 2025
12,339,106 shares
[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
(1) Non-consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2026
56,138
3.4
20,901
(6.6)
24,956
8.8
18,192
10.0
March 31, 2025
54,290
18.2
22,371
36.7
22,935
17.8
16,544
13.1
Basic earnings per share
Diluted earnings per share
Fiscal year ended
Yen
Yen
March 31, 2026
1,474.40
-
March 31, 2025
1,340.85
-
(2) Non-consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2026
139,821
127,441
91.1
10,327.58
March 31, 2025
122,238
110,376
90.3
8,944.73
Reference: Equity
As of March 31, 2026: \127,441 million
As of March 31, 2025: \110,376 million
* Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
* 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.
Overview of Operating Results, etc.
(1) Business Results
During the fiscal year ended March 31, 2026, 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, market conditions in the automotive-related business softened, and in the semiconductor-related business, the recovery in general-purpose memory that had been expected in the second half was shifted. Meanwhile, demand related to next-generation high-speed communications remained at a high level throughout the fiscal year, and from the fourth quarter, a significant increase in production commenced due to the full-scale launch of a successor model.
As a result, consolidated net sales for the fiscal year ended March 31, 2026 increased 3.7% from the previous fiscal year to 74,476 million yen. Operating profit decreased by 7.2% from the previous fiscal year to 24,976 million yen, ordinary profit was decreased by 2.6% from the previous fiscal year to 26,321 million yen, and profit attributable to owners of parent decreased by 5.6% from the previous fiscal year to 18,163 million yen.
In addition, at the end of the fiscal year, there had been a delay in the recovery of general-purpose memory and a temporary decline in yield during the ramp-up of certain new products, and both issues have now been resolved.
In the fourth quarter, a significant increase in production commenced due to the launch of a next-generation high-speed communication-related successor model, resulting in record-high quarterly sales and profits.
Looking ahead, while the global economic environment is expected to remain uncertain due to geopolitical risks such as the situation in the Middle East, we will continue to steadily focus on strengthening our business foundation toward the achievement of our medium-term plan targeting net sales of 100 billion yen in the fiscal year ending March 31, 2029.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In the automotive-related business, market conditions softened, and in the semiconductor-related business, the recovery in general-purpose memory that had been expected in the second half was delayed. Meanwhile, demand related to next-generation high-speed communications remained at a high level throughout the fiscal year, and from the fourth quarter, a significant increase in production commenced due to the full-scale launch of a successor model.
As a result, consolidated net sales for the fiscal year ended March 31, 2026 increased 2.1% from the previous fiscal year to 63,797 million yen, and segment profit decreased by 9.3% from the previous fiscal year to 24,573 million yen.
(Lighting Equipment Business)
This segment performed strongly, supported by increasing demand for LED lighting driven by the government's target of fully transitioning from fluorescent lighting to LED lighting by 2030, as well as growing demand for office renovation projects. Sales of high value-added lighting for offices and LED lighting installation projects for public facilities remained strong. In addition, high-end lighting for the luxury new condominium market also performed robustly.
As a result, consolidated net sales for the first nine months of the fiscal year ending March 31, 2026 increased 14.1% from the same period of last year to 10,679 million yen, and segment profit increased 49.0% from the previous fiscal year to 2,141 million yen.
(2) Financial Conditions
(Assets)
Current assets at the fiscal year ended March 31, 2026, totaled 103,175 million yen, an increase of 2,885 million yen from the end of the previous fiscal year. This was mainly due to an increase in raw materials and supplies. Fixed assets totaled 59,515 million yen, up 17,520 million yen from the end of the previous fiscal year. This was due to an increase in construction in progress.
As a result, total assets amounted to 162,691 million yen, up 20,405 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the fiscal year ending March 31, 2026, amounted to 14,856 million yen, up 923 million yen from the end of the previous fiscal year. This was mainly due to an increase in accounts payable. Fixed liabilities came to 571 million yen, up 73 million yen from the end of the previous fiscal year. This was mainly due to an increase in deferred tax liabilities.
As a result, total liabilities amounted to 15,428 million yen, up 997 million yen from the end of the previous fiscal year.
(Net Assets)
Total net assets were 147, 262 million yen at the fiscal year ended March 31, 2026, up 19,408 million yen from the end of the previous fiscal year. This was due to profit attributable to owners of parent company of 18,163 million yen.
As a result, the equity ratio was 90.5% (89.9% at the end of the previous fiscal year).
(3) Overview of Cash Flows
Cash and cash equivalents at the end of the current consolidated fiscal year decreased by 4,581 million yen from the end of the previous fiscal year, totaling 66,986 million yen.
The cash flow status for the fiscal year is as follows.
Net cash provided by operating activities amounted to 16,933 million yen, a decrease of 8,418 million yen from the previous fiscal year.
Net cash used in investing activities amounted to 21,757 million yen, an increase of 14,074 million yen from the previous fiscal year.
Net cash used in financing activities amounted to 1,216 million yen, a decrease of 296 million yen from the previous fiscal year.
(4) Future Outlook
In the outlook for the fiscal year ending March 31, 2027, the global economic environment is expected to remain uncertain due to geopolitical risks such as the situation in the Middle East, and therefore we have set our guidance conservatively, taking these risks into account.
Current outlook by segment is as follows.
In the tele communication-related business, demand for a successor model related to next-generation high-speed communications is expected to grow further. To respond to the significant increase in demand, we will strengthen our production capacity through the commencement of operations at a new building at the Seto Plant.
In the automotive-related business, amid moderating growth in the new energy vehicle market, we aim to achieve growth by further expanding our market share through differentiated products. At the same time, to further enhance profitability, we will strengthen our earnings by introducing AI and robotics.
In the semiconductor-related business, demand for general-purpose memory is expected to expand in earnest from the second half of the fiscal year. To meet robust demand, we will enhance our production capacity through the start of operations at two new buildings at the Miharu Plant.
In the industrial equipment-related business, demand related to power modules is expected to remain firm, while demand for new products in the medical field is expected to increase.
In the lighting equipment-related business is expected to perform strongly, supported by increasing LED demand driven by the government's target of fully transitioning from fluorescent lighting to LED lighting by 2030. Both public and high-end lighting are expected to show solid performance.
As we expect to continue achieving record-high performance, the dividend for the fiscal year ending March 31, 2027, is scheduled to be increased by 8 yen, the same as in the previous fiscal year, resulting in a planned dividend of 110 yen per share.
The foreign exchange rate is based on the assumption of 153 yen to the U.S. dollar.
Consolidated Earnings Forecast for the Second Quarter (Cumulative) of the Fiscal Year Ending March 2027 (Unit: Million Yen)
Results (FY2025)
Forecast (FY2026)
Year on year (%)
Net Sales
33,115
39,400
19.0
Operating Profit
10,843
13,500
24.5
Consolidated Earnings Forecast for the Full Fiscal Year Ending March 2027 (Unit: Million Yen)
Results (FY2025)
Forecast (FY2026)
Year on year (%)
Net Sales
74,476
84,100
12.9
Operating Profit
24,976
29,700
18.9
The above earnings forecasts are based on information available as of the date of this announcement. If revisions become necessary due to various factors in the future, such changes will be disclosed promptly.
Consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Assets
Current assets
Cash and deposits
71,793
67,185
Notes receivable - trade
139
47
Accounts receivable - trade
12,420
13,624
Electronically recorded monetary claims - operating
1,319
1,505
Merchandise and finished goods
2,645
2,309
Work in process
3,803
5,354
Raw materials and supplies
5,398
8,631
Other
2,832
4,525
Allowance for doubtful accounts
(62)
(8)
Total current assets
100,290
103,175
Non-current assets
Property, plant and equipment
Buildings and structures, net
14,996
19,634
Machinery, equipment and vehicles, net
13,039
14,722
Land
5,047
5,750
Construction in progress
5,474
16,351
Other, net
798
819
Total property, plant and equipment
39,356
57,277
Intangible assets
Other
444
438
Total intangible assets
444
438
Investments and other assets
Investment securities
482
110
Deferred tax assets
639
621
Investment property, net
920
907
Other
152
160
Allowance for doubtful accounts
(0)
(0)
Total investments and other assets
2,194
1,799
Total non-current assets
41,995
59,515
Total assets
142,285
162,691
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Liabilities
Current liabilities
Notes and accounts payable - trade
2,965
4,254
Electronically recorded obligations - operating
840
697
Income taxes payable
4,929
3,942
Provision for bonuses
1,191
1,170
Provision for bonuses for directors (and other officers)
149
133
Other
3,856
4,659
Total current liabilities
13,933
14,856
Non-current liabilities
Deferred tax liabilities
131
213
Other
366
358
Total non-current liabilities
498
571
Total liabilities
14,431
15,428
Net assets
Shareholders' equity
Share capital
8,646
8,646
Capital surplus
12,103
12,170
Retained earnings
105,705
122,660
Treasury shares
(198)
(198)
Total shareholders' equity
126,257
143,279
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
39
53
Foreign currency translation adjustment
1,556
3,930
Total accumulated other comprehensive income
1,596
3,983
Total net assets
127,854
147,262
Total liabilities and net assets
142,285
162,691
Consolidated statement of income
(Millions of yen)
Fiscal year ended March 31, 2025
Fiscal year ended March 31, 2026
Net sales
71,849
74,476
Cost of sales
32,377
35,318
Gross profit
39,472
39,158
Selling, general and administrative expenses
12,558
14,182
Operating profit
26,914
24,976
Non-operating income
Interest income
331
616
Rental income
126
112
Foreign exchange gains
-
561
Other
110
178
Total non-operating income
567
1,468
Non-operating expenses
Interest expenses
0
0
Foreign exchange losses
382
-
Rent expenses on real estate for investments
53
57
Loss on extinguishment of share-based payment expenses
1
41
Other
10
23
Total non-operating expenses
448
122
Ordinary profit
27,033
26,321
Extraordinary income
Gain on sale of non-current assets
0
1
Gain on sale of investment securities
-
147
Subsidy income
2,592
42
Total extraordinary income
2,592
191
Extraordinary losses
Loss on sale and retirement of non-current assets
105
37
Loss on tax purpose reduction entry of non-current assets
2,360
42
Other
-
14
Total extraordinary losses
2,466
93
Profit before income taxes
27,159
26,418
Income taxes - current
8,069
8,220
Income taxes - deferred
(152)
34
Total income taxes
7,917
8,255
Profit
19,242
18,163
Profit attributable to owners of parent
19,242
18,163
Consolidated statement of comprehensive income
(Millions of yen)
Fiscal year ended March 31, 2025
Fiscal year ended March 31, 2026
Profit
19,242
18,163
Other comprehensive income
Valuation difference on available-for-sale securities
(131)
13
Foreign currency translation adjustment
567
2,373
Total other comprehensive income
435
2,386
Comprehensive income
19,677
20,550
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
19,677
20,550
Consolidated statement of changes in equity
Fiscal year ended March 31, 2025
(Millions of yen)
Shareholders' equity
Accumulated other comprehensive income
Total net assets
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of period
8,646
12,031
87,573
(210)
108,042
171
989
1,161
109,203
Changes during period
Dividends of surplus
(1,110)
(1,110)
(1,110)
Profit attributable to owners of parent
19,242
19,242
19,242
Purchase of treasury shares
(1)
(1)
(1)
Disposal of treasury shares
72
13
85
85
Net changes in items other than shareholders' equity
(131)
567
435
435
Total changes during period
-
72
18,131
11
18,215
(131)
567
435
18,650
Balance at end of period
8,646
12,103
105,705
(198)
126,257
39
1,556
1,596
127,854
Consolidated statement of changes in equity
Fiscal year ended March 31, 2026
(Millions of yen)
Shareholders' equity
Accumulated other comprehensive income
Total net assets
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of period
8,646
12,103
105,705
(198)
126,257
39
1,556
1,596
127,854
Changes during period
Dividends of surplus
(1,209)
(1,209)
(1,209)
Profit attributable to owners of parent
18,163
18,163
18,163
Purchase of treasury shares
(6)
(6)
(6)
Disposal of treasury shares
66
7
74
74
Net changes in items other than shareholders' equity
13
2,373
2,386
2,386
Total changes during period
-
66
16,954
0
17,021
13
2,373
2,386
19,408
Balance at end of period
8,646
12,170
122,660
(198)
143,279
53
3,930
3,983
147,262
Consolidated statement of cash flows
(Millions of yen)
Fiscal year ended March 31, 2025
Fiscal year ended March 31, 2026
Cash flows from operating activities
Profit before income taxes
27,159
26,418
Depreciation
4,690
5,334
Increase (decrease) in allowance for doubtful accounts
(71)
(76)
Loss (gain) on sale of investment securities
-
(147)
Loss (gain) on sale and retirement of non-current assets
105
35
Loss on tax purpose reduction entry of non-current assets
2,360
42
Interest and dividend income
(340)
(627)
Interest expenses
0
0
Subsidy income
(2,592)
(42)
Decrease (increase) in trade receivables
2,248
(1,043)
Decrease (increase) in inventories
(2,001)
(4,257)
Increase (decrease) in trade payables
(944)
1,261
Other, net
409
(1,355)
Subtotal
31,023
25,542
Interest and dividends received
340
627
Interest paid
(0)
(0)
Income taxes refund (paid)
(6,011)
(9,235)
Net cash provided by (used in) operating activities
25,351
16,933
Cash flows from investing activities
Net decrease (increase) in time deposits
-
48
Purchase of property, plant and equipment
(9,912)
(22,474)
Payments for retirement of property, plant and equipment
(74)
-
Purchase of intangible assets
(185)
(50)
Purchase of investment securities
(219)
(42)
Proceeds from sale of investment securities
-
580
Subsidies received
2,692
142
Other, net
16
38
Net cash provided by (used in) investing activities
(7,682)
(21,757)
Cash flows from financing activities
Repayments of long-term borrowings
(400)
-
Purchase of treasury shares
(1)
(6)
Dividends paid
(1,110)
(1,209)
Net cash provided by (used in) financing activities
(1,512)
(1,216)
Effect of exchange rate change on cash and cash equivalents
398
1,458
Net increase (decrease) in cash and cash equivalents
16,554
(4,581)
Cash and cash equivalents at beginning of period
55,013
71,568
Cash and cash equivalents at end of period
71,568
66,986
(Notes on segment information, etc.)
Segment Information
1. Overview of Reporting Segments
The Company's reporting segments are those of the Company's constituent units for which segregated financial information is available and is subject to periodic review by the Board of Directors in order to determine the allocation of management resources and evaluate performance.
The Company establishes business divisions for each product and service at its headquarters, and each business division formulates a comprehensive strategy for the products and services it handles in Japan and overseas and develops business activities.
Accordingly, the Company is comprised of product and service segments based on the Business Unit, with two reporting segments: the Ceramic Components Business and the Lighting Equipment Business.
The Ceramic Components segment manufactures and sells electronic components, ceramic substrates, and products related to semiconductor manufacturing equipment. The Lighting Equipment Business manufactures and sells lighting equipment that uses LEDs in addition to conventional lighting equipment.
2. Method of calculating the amount of sales, profits or losses, assets and other items for each reporting segment
The method of accounting for the reported business segments is the accounting method adopted in the preparation of consolidated financial statements.
It is the same as the method of.
Profit in the reporting segment is a figure based on operating income. Internal sales and transfers between segments are based on prevailing market prices.
3. Information on the amount of sales, profits or losses, assets and other items for each reporting segment
The previous fiscal year (April 1, 2024 to March 31, 2025)
(Millions of yen)
Reportable segments
Adjustment amount (Note) 1
Amount recorded in consolidated financial statements (Note)2
Ceramic components
Lighting equipment
Total
Sales
Revenues from external customers
62,487
9,362
71,849
-
71,849
Transactions with other segments
7
37
45
(45)
-
Total
62,494
9,400
71,895
(45)
71,849
Segment Profit
27,086
1,437
28,524
(1,609)
26,914
Segment Assets
130,554
9,044
139,598
2,687
142,285
Other items
Depreciation
4,461
96
4,557
132
4,690
Increase in property, plant and equipment and intangible assets
8,854
427
9,282
369
9,652
Note: 1. Segment profit adjustment of (1,609) million yen includes 53 million yen of inter-segment elimination and (1,663) million yen of company-wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the consolidated statements of income.
3. Adjusted segment assets of ¥2,687 million are company-wide assets that have not been allocated to each reporting segment. These include the parent company's surplus funds under management (time deposits, etc.), investment securities, etc., and assets related to the management department.
4. The 132 million yen adjustment for depreciation and amortization is mainly depreciation and amortization of company-wide assets that have not been allocated to each reporting segment.
5. Adjustment for the increase in property, plant and equipment and intangible assets of 369 million yen is an increase in company-wide assets that are not primarily allocated to each reporting segment.
The current fiscal year (April 1, 2025 to March 31, 2026)
(Millions of yen)
Reportable segments
Adjustment amount (Note) 1
Amount recorded in consolidated financial statements (Note)2
Ceramic components
Lighting equipment
Total
Sales
Revenues from external customers
63,797
10,679
74,476
-
74,476
Transactions with other segments
9
7
17
(17)
-
Total
63,806
10,687
74,493
(17)
74,476
Segment Profit
24,573
2,141
26,714
(1,738)
24,976
Segment Assets
149,102
10,244
159,346
3,344
162,691
Other items
Depreciation
4,989
146
5,135
198
5,334
Increase in property, plant and equipment and intangible assets
20,948
522
21,470
1,236
22,707
Note: 1. Segment profit adjustment of (1,738) million yen includes 90 million yen of inter-segment transaction elimination and (1,828) million yen of company-wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the consolidated statements of income.
3. Adjusted segment assets of ¥3,344 million are company-wide assets that have not been allocated to each reporting segment. These include the parent company's surplus funds under management (time deposits, etc.), investment securities, etc., and assets related to the management department.
4. The 198 million yen adjustment for depreciation and amortization is mainly depreciation and amortization of company-wide assets that have not been allocated to each reporting segment.
5. The adjustment for the increase in property, plant and equipment and intangible assets of 1,236 million yen is an increase in company-wide assets that are not primarily allocated to each reporting segment.
Other Matters
(1) Basic Policy on Profit Distribution and Dividends
1. Basic Policy on Profit Distribution
Our basic policy on profit distribution is to place importance on maintaining stable and continuous dividend payments to shareholders, while also enhancing flexible capital investment in new growth areas, maintaining and strengthening research and development, and promoting initiatives related to ESG and the SDGs.
2. Dividend of Surplus for FY2025
The year-end dividend for the fiscal year ended March 31, 2026 is scheduled to be 51 yen per share. Accordingly, the annual dividend, including the interim dividend, will be 102 yen per share.
3. Dividend of Surplus for FY2026
With respect to profit distribution for the fiscal year ended March, 2027, amid a once-in-a-century period of transformation, we will prioritize enhancing corporate value through agile initiatives focused on ESG and the SDGs, as well as proactive research and development with a long-term perspective. Regarding shareholder returns, we have decided to increase the annual dividend by 8 yen, and plans to pay an annual dividend of 110 yen per share, consisting of an interim dividend of 55 yen per share and a year-end dividend of 55 yen per share.
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