REG - Maruwa Co Ld - Half-year Financial Report
05/11/2025 07:45
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RNS Number : 2729G Maruwa Co Ld 05 November 2025
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.
November 5, 2025
Consolidated Financial Results for the Second 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 file semi-annual securities
report:
November 13, 2025
Scheduled date to commence dividend
payments:
December 8, 2025
Preparation of supplementary material on financial
results:
Yes
Holding of financial results
briefing:
Yes (for analysts and institutional investors)
Rounded down to the nearest million yen
1. Consolidated financial results for the six months ended September
30, 2025 (from April 1, 2025 to September 30, 2025)
(1) Consolidated operating
results
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent
Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen %
September 30, 2025 33,115 (4.9) 10,843 (15.2) 11,123 (7.3) 7,413 (12.2)
September 30, 2024 34,822 24.1 12,789 47.9 11,999 24.8 8,440 24.5
Note: Comprehensive income For the six months ended September 30,
2025: \8,090
million (12.8)%
For the six months ended September 30,
2024: \9,273
million 24.7%
Basic earnings per share Diluted earnings per share
Six months ended Yen Yen
September 30, 2025 600.78 -
September 30, 2024 684.12 -
(2) Consolidated financial position
Total assets Net assets Equity-to-asset ratio
As of Millions of yen Millions of yen %
September 30, 2025 147,915 135,360 91.5
March 31, 2025 142,285 127,854 89.9
Reference: Equity
As of September 30, 2025: \135,360
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 - 47.00 - 47.00 94.00
March 31, 2025
Fiscal year ending - 51.00
March 31, 2026
Fiscal year ending 51.00 102.00
March 31, 2026 (Forecast)
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 75,100 4.5 27,000 0.3 - - - - -
March 31, 2026
Note: Revisions to the earnings forecasts most recently announced: Yes
* Notes
(1) Significant changes in the scope of consolidation during the period:
None
(2) Adoption of accounting treatment specific to the preparation of
semi-annual 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 September 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 September 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)
Six months ended September 30, 2025 12,339,262 shares
Six months ended September 30, 2024 12,339,942 shares
* Semi-annual financial results reports are exempt from review 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.
1. Overview of Operating Results, etc.
(1) Business Results
During the first half of the fiscal year ending March 31, 2026 (April 1 to
September 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, while the next-generation high-speed
communications-related business remained at a high level, weaker market
conditions were observed in the automobile- and semiconductor-related
businesses.
As a result, consolidated net sales for the first half of the fiscal year
ending March 31, 2026, decreased by 4.9% year on year to 33,115 million yen,
operating profit decreased by 15.2% to 10,843 million yen, and ordinary profit
decreased by 7.3% to 11,123 million yen. Net profit attributable to owners of
the parent decreased by 12.2% year on year to 7,413 million yen.
For the full year, we expect a recovery trend in the automobile and
semiconductor-related businesses starting from the third quarter. In addition,
supported by the growth of the generative AI market, the
telecommunication-related business is projected to see accelerated growth from
the fourth quarter onward, driven by the full-scale launch of a successor
model for next-generation high-speed communication.
Based on the above, we expect to achieve record-high results for the full
year, with net sales of 75,100 million yen and operating profit of 27,000
million yen.
The annual dividend for the fiscal year ending March 31, 2026, is planned to
be 102 yen per share, an increase of 8 yen from the previous fiscal year.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In this segment, while the telecommunication-related business remained firm,
the semiconductor- and automobile-related businesses experienced weaker market
conditions.
As a result, net sales for the first half of the fiscal year ending March 31,
2026, decreased by 5.8% year on year to 28,950 million yen, and segment profit
decreased by 16.0% year on year to 10,945 million yen.
For the full year, we expect a recovery trend in the automobile and
semiconductor-related businesses, while growth in the
telecommunication-related business is projected to accelerate with the
full-scale launch of a successor model for next-generation high-speed
communication, resulting in increases in both sales and profits.
(Lighting Equipment Business)
This segment saw steady performance, mainly in high-end lighting products,
supported by increasing demand for LEDs 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 area.
As a result, net sales for the first half of the fiscal year ending March 31,
2026, increased by 1.5% year on year to 4,164 million yen, while segment
profit rose by 42.4% year on year to 702 million yen.
For the full year, we expect business performance to remain solid, mainly
driven by high-end lighting for the high-end new condominium market in
metropolitan area.
(2) Financial Conditions
(Assets)
Current assets at the end of the first half of the fiscal year ending March
31, 2026, totaled 99,535 million yen, a decrease of 754 million yen from the
end of the previous fiscal year, primarily due to a reduction in accounts
receivable. Non-current assets increased by 6,384 million yen to 48,380
million yen.
As a result, total assets amounted to 147,915 million yen, an increase of
5,630 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the first half of the fiscal year ending
March 31, 2026, decreased by 1,893 million yen to 12,039 million yen.
Non-current liabilities increased by 17 million yen to 515 million yen.
As a result, total liabilities decreased by 1,876 million yen to 12,555
million yen.
(Net Assets)
Net assets at the end of the first half of the fiscal year ending March 31,
2026, increased by 7,506 million yen to 135,360 million yen, primarily due to
the recording of 7,413 million yen in interim net profit attributable to
owners of the parent.
As a result, the equity ratio was 91.5% (89.9% at the end of the previous
fiscal year).
(3) Future Outlook
Based on the results for the first half, we have revised our consolidated
full-year forecast for the fiscal year ending March 31, 2026, which was
initially announced on April 25, 2025.
For the second half, growth is expected to accelerate due to increased
production for next-generation high-speed communication. For the full fiscal
year, we continue to expect increases in both revenue and profit.
Current outlook by segment is as follows.
In the telecommunication-related business, progress is expected to exceed the
initial forecast. With the full-scale launch of a successor model for
next-generation high-speed communication, end-user demand has further
strengthened, and we expect continued growth in the next fiscal year.
In the automobile-related business, growth for new energy vehicles has slowed
due to market conditions. However, we anticipate a recovery from inventory
adjustments. For medium- to long-term growth, we will continue to strengthen
profitability through automation and yield improvement.
In the semiconductor-related business, although the market recovery in demand
for general-purpose memory has been slow, a steady recovery is underway.
Demand related to generative AI remains strong, and with the expansion of
differentiated high-purity SiC products for SPE, sales are expected to grow
from the second half of the fiscal year.
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.
As part of our medium-term plan, we aim to achieve net sales of 100 billion
yen in the fiscal year ending March 31, 2029, and we are pleased to report
that steady progress is being made toward this goal, even taking into account
ongoing changes in the EV market environment.
The assumed exchange rate for the full-year consolidated earnings forecast
remains unchanged from the initial forecast at 144 yen per U.S. dollar.
Semi-annual consolidated balance sheet
(Millions of yen)
As of March 31, 2025 As of September 30, 2025
Assets
Current assets
Cash and deposits 71,793 72,499
Notes receivable - trade 139 59
Accounts receivable - trade 12,420 11,140
Electronically recorded monetary claims - operating 1,319 1,163
Merchandise and finished goods 2,645 2,509
Work in process 3,803 4,331
Raw materials and supplies 5,398 5,783
Other 2,832 2,055
Allowance for doubtful accounts (62) (7)
Total current assets 100,290 99,535
Non-current assets
Property, plant and equipment
Buildings and structures, net 14,996 16,125
Machinery, equipment and vehicles, net 13,039 13,456
Land 5,047 5,053
Construction in progress 5,474 10,514
Other, net 798 852
Total property, plant and equipment 39,356 46,002
Intangible assets
Other 444 438
Total intangible assets 444 438
Investments and other assets 2,194 1,939
Total non-current assets 41,995 48,380
Total assets 142,285 147,915
(Millions of yen)
As of March 31, 2025 As of September 30, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade 2,965 3,139
Electronically recorded obligations - operating 840 865
Income taxes payable 4,929 3,327
Provision for bonuses 1,191 1,026
Provision for bonuses for directors (and other officers) 149 7
Other 3,856 3,673
Total current liabilities 13,933 12,039
Non-current liabilities
Deferred tax liabilities 131 149
Other 366 366
Total non-current liabilities 498 515
Total liabilities 14,431 12,555
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,103 12,103
Retained earnings 105,705 112,538
Treasury shares (198) (203)
Total shareholders' equity 126,257 133,085
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 39 117
Foreign currency translation adjustment 1,556 2,156
Total accumulated other comprehensive income 1,596 2,274
Total net assets 127,854 135,360
Total liabilities and net assets 142,285 147,915
Semi-annual consolidated statement of income
(Millions of yen)
Six months ended Six months ended
September 30, 2024
September 30, 2025
Net sales 34,822 33,115
Cost of sales 16,101 16,026
Gross profit 18,720 17,088
Selling, general and administrative expenses 5,930 6,245
Operating profit 12,789 10,843
Non-operating income
Interest income 99 237
Rental income 66 64
Other 72 111
Total non-operating income 237 413
Non-operating expenses
Foreign exchange losses 969 50
Interest expenses 0 -
Rent expenses on real estate for investments 31 29
Loss on extinguishment of share-based payment expenses - 40
Other 27 14
Total non-operating expenses 1,028 133
Ordinary profit 11,999 11,123
Extraordinary income
Gain on sale of non-current assets 0 1
Gain on sale of investment securities - 5
Subsidy income 2,576 42
Total extraordinary income 2,576 49
Extraordinary losses
Loss on sale and retirement of non-current assets 86 31
Loss on tax purpose reduction entry of non-current assets 2,360 42
Other - 1
Total extraordinary losses 2,447 75
Profit before income taxes 12,128 11,097
Income taxes - current 3,745 3,514
Income taxes - deferred (58) 170
Total income taxes 3,687 3,684
Profit 8,440 7,413
Profit attributable to owners of parent 8,440 7,413
Semi-annual consolidated statement of comprehensive income
(Millions of yen)
Six months ended Six months ended
September 30, 2024
September 30, 2025
Profit 8,440 7,413
Other comprehensive income
Valuation difference on available-for-sale securities (56) 77
Foreign currency translation adjustment 888 600
Total other comprehensive income 832 677
Comprehensive income 9,273 8,090
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 9,273 8,090
Semi-annual consolidated statement of cash flows
(Millions of yen)
Six months ended Six months ended
September 30, 2024
September 30, 2025
Cash flows from operating activities
Profit before income taxes 12,128 11,097
Depreciation 2,158 2,429
Increase (decrease) in allowance for doubtful accounts (31) (55)
Loss (gain) on sale of investment securities - (5)
Loss (gain) on sale and retirement of non-current assets 86 30
Interest and dividend income (103) (243)
Interest expenses 0 -
Subsidy income (2,576) (87)
Loss on tax purpose reduction entry of non-current assets 2,360 42
Decrease (increase) in trade receivables 333 1,599
Decrease (increase) in inventories (334) (733)
Increase (decrease) in trade payables (1,150) 164
Other, net 1,020 (338)
Subtotal 13,892 13,899
Interest and dividends received 103 243
Interest paid (0) -
Income taxes refund (paid) (2,886) (5,065)
Net cash provided by (used in) operating activities 11,109 9,077
Cash flows from investing activities
Proceeds from withdrawal of time deposits - 23
Purchase of property, plant and equipment (3,828) (8,471)
Proceeds from sale of property, plant and equipment 0 9
Payments for retirement of property, plant and equipment (72) -
Purchase of intangible assets (93) (29)
Purchase of investment securities (133) (40)
Proceeds from sale of investment securities - 189
Subsidies received 2,676 187
Other, net 5 30
Net cash provided by (used in) investing activities (1,446) (8,100)
Cash flows from financing activities
Purchase of treasury shares (0) (4)
Dividends paid (530) (579)
Net cash provided by (used in) financing activities (531) (584)
Effect of exchange rate change on cash and cash equivalents 511 320
Net increase (decrease) in cash and cash equivalents 9,643 712
Cash and cash equivalents at beginning of period 55,013 71,568
Cash and cash equivalents at end of period 64,656 72,280
(Notes on segment information, etc.)
Segment Information
I. Previous interim consolidated accounting period (April 1, 2024 to September
30, 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 Interim Consolidated Statements of Income (Note)2
CERAMIC CONPONENT LIGHTING EQUIPMENT Total
Sales
Revenues from external customers 30,718 4,104 34,822 - 34,822
Transactions with other segments 3 28 31 (31) -
Total 30,721 4,132 34,854 (31) 34,822
Segment Profit 13,036 493 13,529 (739) 12,789
Note: 1. Segment profit adjustment of (739) million yen includes 21 million
yen of inter-segment transaction elimination and (761) 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 interim consolidated
statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting
segment
Not applicable.
II. The Interim Consolidated Accounting Period (April 1, 2025 to September 30,
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 Interim Consolidated Statements of Income (Note)2
CERAMIC CONPONENT LIGHTING EQUIPMENT Total
Sales
Revenues from external customers 28,950 4,164 33,115 - 33,115
Transactions with other segments 4 0 5 (5) -
Total 28,955 4,165 33,120 (5) 33,115
Segment Profit 10,945 702 11,648 (804) 10,843
Note: 1. Segment profit adjustment of (804) million yen includes 46 million
yen of inter-segment transaction elimination and (851) 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 interim consolidated
statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting
segment
Not applicable.
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