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.)

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%]

(2)   Consolidated financial position

Reference:   Equity
As of March 31, 2026:                           \147,262 million
As of March 31, 2025:                           \127,854 million

(3)   Consolidated cash flows

2.     Cash dividends

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.)

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)

(ii)     Number of treasury shares at the end of the period

(iii)    Average number of shares outstanding during the period

[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.)

(2)   Non-consolidated financial position

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)　　　　　　　　　　　　　　　　　　

Consolidated Earnings Forecast for the Full Fiscal Year Ending March 2027　                          (Unit: Million Yen)

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.