Interim report
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Translation Notice: This document has been translated from 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. Consolidated Financial Results for the Six Months ended September 30, 2025 (IFRS) November 14, 2025 Company name: TORIDOLL Holdings Corporation Stock exchange listing: Tokyo Stock Exchange Stock code: 3397 URL: https://www.toridoll.com/en/ Representative: Takaya Awata, President, Representative Director Inquiries: Satoshi Yamaguchi, Director, CFO and Head of Finance Division TEL: +81-3-4221-8900 Date of release of semi-annual securities report: November 14, 2025 Starting date of dividend payments: – Preparation of explanatory materials on semi-annual financial results: Yes Information meetings arranged related to semi-annual financial results: Yes (for institutional investors, analysts, and financial institutions, in Japanese) (Amounts are rounded to the nearest million) 1. Consolidated Financial Results for the Six Months Ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated Operating Results (% figures denote year-on-year change) Revenue Business profit Operating profit Profit before tax Profit for the period Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 141,809 6.0 11,774 22.8 12,392 64.0 10,122 53.7 6,403 114.9 September 30, 2024 133,720 18.8 9,584 20.7 7,558 (3.1) 6,585 (17.0) 2,979 (38.0) Profit for the period attributable to owners of the parent Comprehensive income for the period Earnings per share attributable to owners of the parent (basic) Earnings per share attributable to owners of the parent (diluted) Six months ended Millions of yen % Millions of yen % Yen Yen September 30, 2025 5,968 113.3 5,921 350.6 65.84 65.36 September 30, 2024 2,799 (36.7) 1,314 (90.1) 29.84 29.57 (Reference) EBITDA (*) Six months ended September 30, 2025: ¥ 26,672 million (increased 9.3% year-on-year basis) Six months ended September 30, 2024: ¥ 24,398 million Adjusted EBITDA Six months ended September 30, 2025: ¥ 26,985 million (increased 7.4% year-on-year basis) Six months ended September 30, 2024: ¥ 25,131 million (Note 1) “Earnings per share attributable to owners of the parent (basic)” and “Earnings per share attributable to owners of the parent (diluted)” are calculated as “Profit for the period attributable to owners of the parent” less the amounts not attributable to ordinary shares. (Note 2) The Company discloses EBITDA and Adjusted EBITDA as useful comparative information. EBITDA excludes the impact of non-cash expenditures (Depreciation and Amortization) from Operating profit. Adjusted EBITDA excludes the impact of Impairment loss and Extraordinary expenses from EBITDA. The formulas for calculating EBITDA and Adjusted EBITDA are as follows: EBITDA = Operating profit + Other operating expenses - Other operating income + Depreciation + Amortization Adjusted EBITDA = EBITDA + Impairment loss + Extraordinary expenses
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(Note 3) Business profit is calculated as Revenue less Cost of sales and Selling, general and administrative expenses, and Operating profit is calculated by adjusting Business profit for Impairment loss, Other operating income, and Other operating expenses. Business profit = Revenue - Cost of sales - Selling, general and administrative expenses Operating profit = Business profit - Impairment loss + Other operating income - Other operating expenses (2) Consolidated Financial Position Total assets Total equity Equity attributable to owners of parent Equity attributable to owners of parent ratio Equity per share attributable to owners of parent As of Millions of yen Millions of yen Millions of yen % Yen September 30, 2025 322,034 90,732 90,785 28.2 1,033.38 March 31, 2025 323,196 96,535 87,243 27.0 995.86 2. Dividends Annual dividend per share Q1 Q2 Q3 Year-end Total Yen Yen Yen Yen Yen Fiscal Year ended March 31, 2025 – 0.00 – 10.00 10.00 Fiscal Year ending March 31, 2026 – 0.00 Fiscal Year ending March 31, 2026 (Forecast) – 11.00 11.00 (Note) Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated Financial Result Forecasts for the Fiscal Year Ending March 31, 2026 (Percentages indicate year-on-year changes) Revenue Business profit Operating profit Profit before tax Profit for the period Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Fiscal year 282,000 5.1 19,600 7.7 14,600 68.3 12,100 126.9 6,100 178.7 Profit for the year attributable to owners of the parent Earnings per share attributable to owners of the parent (basic) Millions of yen % Yen Fiscal year 5,500 193.5 58.25 (Note 1) Revisions to the forecast of Financial Result most recently announced: None (Note 2) “Earnings per share attributable to owners of the parent (basic)” is calculated as “Profit for the year attributable to owners of the parent” less the amounts not attributable to ordinary shares.
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* Notes (1) Significant changes in the scope of consolidation during the period: Yes Newly included: – Excluded: 1 company (Company name: MC GROUP PTE. LTD.) (2) Changes in accounting policies and accounting estimates 1) Changes in accounting policies as required by IFRS: No 2) Changes in accounting policies other than 1) above: No 3) Changes in accounting estimates: No (3) Number of shares outstanding (ordinary shares) 1) Total number of issued shares at the end of the period (including treasury shares) As of September 30, 2025 88,666,552 shares As of March 31, 2025 88,434,952 shares 2) Number of treasury shares at the end of the period As of September 30, 2025 814,195 shares As of March 31, 2025 828,983 shares 3) Average number of shares during the period Six months ended September 30, 2025 87,666,383 shares Six months ended September 30, 2024 87,280,459 shares * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Appropriate use of financial results forecasts and other notes The forward-looking statements in this report are based upon various assumptions, including, without limitation, business forecasts, management’s estimates, assumptions, and projections at the time of publication. These statements do not represent a promise or commitment by the Company to achieve these forecasts. Actual results may differ significantly from these forecasts due to a wide range of factors. Please refer to “Attachment P. 6, Section 1: Overview of Business Results (3) Consolidated Financial Result Forecasts” for the prerequisites for Financial Result Forecasts and important points to note when using Financial Result Forecasts. Method of obtaining supplementary results materials The company plans to hold financial results meeting for institutional investors, analysts, and financial institutions on November 17, 2025. Presentation materials will be posted on its website.
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- 1 - ○TABLE OF CONTENTS Index 1. Overview of Business Results .................................................................................................................. 2 (1) Qualitative Information Concerning Financial Results for the Current Period .................................. 2 (2) Overview of the Financial Position of the Group for the Current Period ........................................... 5 (3) Consolidated Financial Result Forecasts ............................................................................................ 6 2. Condensed Interim Consolidated Financial Statements ............................................................................ 7 (1) Condensed Interim Consolidated Statements of Financial Position ................................................... 7 (2) Condensed Interim Consolidated Statements of Income and Condensed Interim Consolidated Statements of Comprehensive Income ............................................................................................... 9 (3) Condensed Interim Consolidated Statements of Changes in Equity ................................................ 11 (4) Condensed Interim Consolidated Statements of Cash Flows ........................................................... 13 (5) Notes Concerning the Condensed Interim Consolidated Financial Statements................................ 15
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- 2 - 1. Overview of Business Results (1) Qualitative Information Concerning Financial Results for the Current Period 1) Consolidated Financial Results During the interim period under review (April 1 to September 30, 2025), the Japanese economy showed signs of a moderate recovery in consumer activity, driven by an improved income environment stemming from better employment conditions and wage growth. However, the business environment remains uncertain due to factors such as a slowdown in consumer sentiment caused by persistent inflationary pressures and growing geopolitical risks. Under these circumstances, the Group worked to deliver KANDO dining experiences, both domestically and internationally, by focusing on high value-added product strategies and enhancing brand value, enhanced employee satisfaction at stores, and worked on human resource development and retention. In addition, we have launched a new management reform to achieve sustainable business growth by upholding “Happiness Capital Management” in which employee happiness and customer excitement fuel each other in a cycle. As a result, revenue for the interim period reached ¥141,809 million (up 6.0% year on year), setting a new record high for the interim period, as well as record highs for the Marugame Seimen segment and the Other Domestic segment. The Marugame Seimen segment and the Other Domestic segment achieved revenue growth, driven by strong performance at existing stores and contributions from new store openings. Conversely, the Overseas segment recorded a decrease in revenue, primarily reflecting the impact of franchising the Marugame Udon business in the UK in the previous fiscal year, as well as the closure of certain unprofitable stores. Business profit (Note 1) amounted to ¥11,774 million (up 22.8% year on year), setting a new record high for the interim period, as did revenue, and also achieving record highs in both the Marugame Seimen segment and the Overseas segment. The Marugame Seimen segment and the Other Domestic segment achieved profit growth, as increased revenue offset higher food ingredients and labor costs. In the Overseas segment, although the restaurant market is still taking time to recover amid the soft recovery of the UK economy, profit increased due to strong performance in the Asia business and improved profitability associated with the transition of the Marugame Udon business in the UK to a franchise model. In addition, other operating income totaled ¥2,198 million, primarily due to the recognition of insurance proceeds related to store closings at overseas subsidiaries during the COVID-19 pandemic, as well as gains from lease cancellations associated with store closures. On the other hand, other operating expenses amounted to ¥1,413 million, due to a loss on sale of shares of ¥852 million resulting from the sale of MC GROUP PTE. LTD., among other factors. As a result, operating profit (Note 2) increased to ¥12,392 million (up 64.0% year on year), setting a new record high for the interim period, and profit for the period attributable to owners of the parent also increased to ¥5,968 million (up 113.3% year on year), reaching a record high, similar to operating profit. (Note 1) Business profit = Revenue - Cost of sales - Selling, general and administrative expenses (Note 2) Operating profit = Business profit - Impairment loss + Other operating income - Other operating expenses (Millions of yen) H1 FY3/25 Results H1 FY3/26 Results Year-on-year change Amount Percentage Revenue 133,720 141,809 +8,089 +6.0% Business profit 9,584 11,774 +2,190 +22.8% Operating profit 7,558 12,392 +4,834 +64.0% Profit for the period attributable to owners of the parent 2,799 5,968 +3,170 +113.3%
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- 3 - 2) Financial Results by Segment (Millions of yen) Revenue H1 FY3/25 Results H1 FY3/26 Results Year-on-year change Amount Percentage Marugame Seimen 65,134 71,366 +6,232 +9.6% Other Domestic 17,009 20,328 +3,319 +19.5% Overseas 51,577 50,115 (1,462) (2.8)% Consolidated 133,720 141,809 +8,089 +6.0% (Millions of yen) Business profit H1 FY3/25 Results H1 FY3/26 Results Year-on-year change Amount Percentage Marugame Seimen 11,393 12,695 +1,302 +11.4% Other Domestic 2,214 2,252 +38 +1.7% Overseas 918 2,550 +1,631 +177.7% Adjustments (Note 3) (4,941) (5,722) (781) – Consolidated 9,584 11,774 +2,190 +22.8% (Note 3) Adjustments are corporate expenses that are not allocated to each segment in financial reporting. (Store) Number of Store Marugame Seimen Other Domestic Overseas Total Business category Company- owned Company- owned Franchise and etc. (Note 4) Sub- Total Company- owned Franchise and etc. (Note 4) Sub-Total At the end of FY3/25 861 269 5 274 445 469 914 2,049 Openings in H1 FY3/26 16 13 – 13 8 35 43 72 Closing in H1 FY3/26(Note 5) 4 4 – 4 22 20 42 50 At the end of H1 FY3/26 873 278 5 283 431 484 915 2,071 (Note 4) This includes locations other than company-owned stores, including locations operated by franchisees or joint ventures. (Note 5) Due to the deconsolidation of MC GROUP PTE. LTD. in September 2025, the number of store closures in the Overseas segment for the fiscal year ending March 31, 2026 includes 19 stores (Company-owned: 13 stores, Franchise and etc.: 6 stores) of that company. Marugame Seimen In the Marugame Seimen segment, we are working to strengthen the brand and enhance the overall customer experience in order to remain the brand of choice for consumers. We are implementing a hybrid strategy that combines branding with product promotion to generate synergistic effects. Efforts to expand our loyal customer base of ‘Marugame fans’ include the creation of sensory-rich store environments that communicate the story of our noodle-making craft, as well as a commitment to quality driven by Menshokunin (noodle masters) (Note 6) at every location. As for seasonal fair menus, in addition to the summer staple “Oni Oroshi Bukkake Udon,” three new varieties of “Tsumetai Uma Shio Udon” were launched on July 8. The freshly made cold udon noodles that go down smoothly and unprecedented “cold salt broth” packed with the umami of kelp and scallops are finished with black pepper to round out the flavor. As a dish people want to eat during hot summers, the series has sold over 4.25 million servings, becoming a huge hit. From September 9, two varieties of cold udon were daringly launched at the beginning of autumn, when the heat is not yet over. The “Umakara Buta Tsukejiru Udon,” featuring a spicy and flavorful dipping sauce with chili oil, was well received by a wide range of customers, as they could choose the amount of noodles they wanted, up to three servings, at the same price. The “Kankitsu Kaoru Nebatoro Tori Bukkake Udon” features a perfect pairing of refreshing citrus acidity and grated taro
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- 4 - mixed with chopped okra. Both products proved ideal for lingering hot days, selling a combined total of approximately 1.7 million servings by the end of September and receiving an overwhelmingly positive response. In addition, for “Marugame Udonuts” that have been on sale since last year, we launched the “Açaí Berry” flavor supervised by Kona’s Coffee—built around the brand concept of “The closest Hawaiian dining experience to you”—in July as the first collaboration within the Group. The “Marugame Udonuts,” which features a different lineup each season, has been well received by a wide range of customers. One in three customers who have purchased the product has made repeat purchases, and in the one year and three months since its launch, it has sold over 20 million servings (Note 7) and has become a staple product of Marugame Seimen. Thanks to these activities, the segment posted revenue of ¥71,366 million (up 9.6% year on year), its highest-ever revenue result for the interim period. Although food ingredients and labor costs increased, this was absorbed by the increase in revenue, resulting in a huge increase in segment business profit, reaching a record high of ¥12,695 million (up 11.4% year on year) for the interim period, and a record-high business profit margin for the interim period of 17.8%. (Note 6) Menshokunin (noodle masters): Certification given only to those who have passed the unique training system, the Menshokunin program. (Note 7) Cumulative number of “Marugame Udonuts” sold at Marugame Seimen stores from June 25, 2024 to September 15, 2025. Other Domestic Segment The Other Domestic segment covers the following businesses: Kona’s Coffee, Ramen Zundo-ya, Niku no Yamagyu, Banpai-ya, Tempura Makino, Toridoll, Buta-ya Tonichi, Nagata Honjyouken, and Yakitate Koppeseipan. Under the brand concept of “The closest Hawaiian dining experience to you,” Kona’s Coffee has seen an acceleration in store openings, with a new store opening in Kamagaya-city, Chiba prefecture on July 10, and in Koriyama-city, Fukushima prefecture on July 31—the first store opening in Fukushima prefecture. In addition, as a collaboration project with Marugame Udonuts, the company launched a new malasada (açaí) on July 17, and rolled out the malasada, which had previously been available only at certain stores, to all stores. Despite the increase in food ingredients costs due to soaring food prices, higher labor cost from staffing needs, and increased expenses from the continued strong pace of store openings, the rise in sales resulted in higher profit. Ramen Zundo-ya, our tonkotsu ramen specialty chain, expanded to 106 stores, with the Hiroshima Yano store, Hiroshima prefecture, opening on July 11. We launched “Zundo-ya Hiyashi Ramen” as a new, limited-time product on July 1, as well as “Kuroge Wagyu Roast Beef Ramen” at select stores mainly targeting foreign visitors to Japan. Both new and existing stores performed well, leading to revenue and profit growth. Across other business formats, existing stores performed well, led by Tempura Makino, a tempura specialty restaurant serving freshly fried tempura, and Banpai-ya, a standing-style Japanese pub. Revenue reached ¥20,328 million (up 19.5% year on year), setting a new record high for the interim period. Although there was impact from persistently high food ingredients costs, this was absorbed by the increase in revenue, resulting in business profit increasing to ¥2,252 million (up 1.7% year on year). Overseas Segment The Overseas segment consists of “Tam Jai,” which operates spicy rice noodle restaurants mainly in Hong Kong; “MARUGAME UDON,” which operates Marugame Seimen restaurants in Asia, North America, and other regions; and “Fulham Shore,” which operates “Franco Manca” Neapolitan pizza restaurants and “THE REAL GREEK” Greek restaurants in the UK, along with several other brands.
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- 5 - Tam Jai, a spicy noodle business, saw a slight decrease in revenue due to strategic closures of unprofitable stores in China and Singapore during the previous fiscal year, among other measures. However, we strengthened control over delivery costs that had previously put pressure on profitability and successfully controlled costs such as food ingredients and labor costs. The increase in profit was also attributed to the effects of revising our in-house app and implementing various campaigns. In addition, we are opening stores in new countries outside of Hong Kong, including our first store in Malaysia on July 29. MARUGAME UDON saw a decrease in revenue due to the transition of the UK business to a franchise model in the previous fiscal period. However, strong performance across our Taiwanese and North American locations drove overall revenue growth which, combined with the UK business returning to profitability, resulted in significant profit growth. In addition, we opened our first store in Dubai, UAE, on July 3 and reopened our first store in Seoul, South Korea, on September 15, both of which are performing well. Although the restaurant market is still taking time to recover amid the soft recovery of the UK economy, Fulham Shore, which is based in the UK, is beginning to see some effects from deploying personnel with deep expertise in domestic operations to improve productivity and profitability at model stores, and we are examining the effects further. In addition, the Company is flexibly reviewing its business portfolio within the Overseas segment. Tam Jai International Co. Limited, which operates Tam Jai, successfully completed the share acquisition procedures for delisting. The acquisition became effective on August 15, and following its delisting from the Hong Kong Stock Exchange on August 19, it became a wholly owned subsidiary of the Company. WOK TO WALK FRANCHISE B.V ., a consolidated subsidiary, became a wholly owned subsidiary on August 13 through an additional acquisition of shares. In addition, on September 30, the Company sold its shares in MC GROUP PTE. LTD., which operates MONSTER CURRY mainly in Singapore. As a result, while revenue decreased to ¥50,115 million (down 2.8% year on year), business profit increased significantly to a record high for the interim period of ¥2,550 million (up 177.7% year on year). (2) Overview of the Financial Position of the Group for the Current Period 1) Assets, Liabilities, and Equity As of the end of the interim consolidated accounting period, total assets declined by ¥1,162 million (down 0.4%), compared to the end of the previous fiscal year, to ¥322,034 million. The decrease in total assets comes despite a ¥2,800 million increase in other current assets and a ¥2,566 million increase in property, plant and equipment compared to the end of the previous fiscal year, which were offset by decreases of ¥2,165 million in cash and cash equivalents, ¥1,773 million in trade and other receivables, ¥1,332 million in investments accounted for using the equity method, and ¥1,266 million in intangible assets and goodwill compared to the end of the previous fiscal year. As of the end of the interim consolidated accounting period, total liabilities increased by ¥4,641 million (up 2.0%), compared to the end of the previous fiscal year, reaching ¥231,302 million. This was primarily due to increases of ¥3,765 million in the current portion of long-term loans payable, ¥1,470 million in provisions, and ¥1,088 million in income taxes payable compared to the end of the previous fiscal year, while short-term loans payable declined by ¥1,771 million compared to the end of the previous fiscal year. Total equity declined by ¥5,803 million (down 6.0%), compared to the end of the previous fiscal year, to ¥90,732 million. This was primarily due to decreases of ¥9,345 million in non-controlling interests and ¥3,299 million in capital surplus, while retained earnings and other components of equity increased by ¥4,981 million and ¥1,642 million, respectively, compared to the end of the previous fiscal year.
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- 6 - 2) Cash Flows The balance of cash and cash equivalents as of the end of the interim consolidated accounting period declined by ¥2,165 million (down 2.6%), compared to the end of the previous fiscal year, to ¥80,106 million. The situation concerning each source of cash flows is as follows. (Cash flows from operating activities) Cash flows from operating activities resulted in an inflow of ¥27,735 million (up 45.1% year on year). This is primarily the result of ¥15,066 million in depreciation and amortization, and ¥10,122 million in profit before tax. (Cash flows from investing activities) Cash flows from investing activities resulted in an outflow of ¥9,526 million (up 56.5% year on year). This is primarily the result of ¥7,913 million in purchase of property, plant and equipment. (Cash flows from financing activities) Cash flows from financing activities resulted in an outflow of ¥20,384 million (up 76.7% year on year). This is primarily the result of ¥10,966 million in repayments of lease liabilities, ¥10,814 million in payments for purchase of shares of subsidiaries that do not result in change in scope of consolidation and ¥8,581 million in repayments of long-term loans payable, despite ¥13,000 million in proceeds from long-term loans payable. (3) Consolidated Financial Result Forecasts As for the outlook for the current fiscal year, there is no revision to the full-year financial result forecasts disclosed on May 15, 2025. Although each business segment, including Marugame Seimen, generally performed well during the interim period, we have maintained our full-year forecasts in light of the current progress status, delays in some new store openings, delays in the recovery of the restaurant market in the UK, implementation of structural reforms aimed at improving performance mainly in the Overseas segment, and the possibility of impairment losses being recorded in the second half that are associated with closing unprofitable stores, among other factors. If we deem it necessary to revise the forecasts due to future changes in the business environment or other factors, we will announce such revisions promptly.
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- 7 - 2. Condensed Interim Consolidated Financial Statements (1) Condensed Interim Consolidated Statements of Financial Position (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and cash equivalents 82,271 80,106 Trade and other receivables 10,971 9,198 Inventories 1,119 1,190 Other current assets 3,277 6,077 Total current assets 97,638 96,571 Non-current assets Property and equipment 46,689 49,255 Right-of-use assets 93,273 93,565 Intangible assets and goodwill 63,232 61,966 Investments accounted for using the equity method 3,623 2,290 Other financial assets 12,465 12,460 Deferred tax assets 4,667 4,155 Other non-current assets 1,610 1,772 Total non-current assets 225,559 225,464 Total assets 323,196 322,034
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- 8 - (Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Trade and other payables 17,255 16,900 Short-term loans payable 12,000 10,229 Current portion of long-term loans payable 16,811 20,576 Current portion of bonds 800 800 Lease liabilities 20,785 20,902 Income taxes payable 2,051 3,139 Provisions 1,413 2,686 Other current liabilities 9,388 9,997 Total current liabilities 80,504 85,230 Non-current liabilities Bonds 22,495 22,224 Long-term loans payable 36,139 36,826 Lease liabilities 77,998 77,573 Provisions 6,539 6,736 Deferred tax liabilities 2,681 2,408 Other non-current liabilities 306 306 Total non-current liabilities 146,157 146,073 Total liabilities 226,661 231,302 Equity Equity attributable to owners of the parent Capital stock 5,145 5,358 Capital surplus 11,552 8,253 Other Equity instruments 13,854 13,854 Retained earnings 39,424 44,405 Treasury stock (984) (979) Other components of equity 18,251 19,893 Total equity attributable to owners of the parent 87,243 90,785 Non-controlling interests 9,292 (52) Total equity 96,535 90,732 Total liabilities and equity 323,196 322,034
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- 9 - (2) Condensed Interim Consolidated Statements of Income and Condensed Interim Consolidated Statements of Comprehensive Income Condensed Interim Consolidated Statements of Income (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Revenue 133,720 141,809 Cost of sales (31,578) (34,304) Gross profit 102,142 107,505 Selling, general and administrative expenses (92,558) (95,730) Impairment loss (733) (168) Other operating income 467 2,198 Other operating expenses (1,761) (1,413) Operating profit 7,558 12,392 Finance income 1,163 457 Finance costs (2,068) (1,704) Finance income (costs), net (905) (1,247) Share of profit (loss) of investments accounted for using the equity method (68) (1,022) Profit before tax 6,585 10,122 Income tax expense (3,606) (3,719) Profit for the period 2,979 6,403 Profit for the period attributable to Owners of the parent 2,799 5,968 Non-controlling interests 181 435 Profit for the period 2,979 6,403 Earnings per share attributable to owners of the parent (yen) Basic earnings per share 29.84 65.84 Diluted earnings per share 29.57 65.36
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- 10 - Condensed Interim Consolidated Statements of Comprehensive Income (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit for the period 2,979 6,403 Other comprehensive income Items that will not be reclassified to profit or loss Financial assets measured at fair value through other comprehensive income – (0) Total of items that will not be reclassified to profit or loss – (0) Items that may be reclassified to profit or loss Exchange differences on translating foreign operations (2,248) (228) Share of other comprehensive income of investments accounted for using the equity method 582 (255) Total of items that may be reclassified to profit or loss (1,665) (482) Other comprehensive income (1,665) (483) Comprehensive income for the period 1,314 5,921 Comprehensive income for the period attributable to Owners of the parent 1,536 5,492 Non-controlling interests (222) 429
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- 11 - (3) Condensed Interim Consolidated Statements of Changes in Equity For the six months ended September 30, 2024 (Millions of yen) Equity attributable to owners of the parent Non- controlling interests Total equity Capital stock Capital surplus Other Equity instru- ments Retained earnings Treasury stock Other components of equity Total Exchange differences on translating foreign operations Financial assets measured at fair value through other comprehensive income Stock Acquisition rights Total As of April 1, 2024 4,834 9,369 10,847 38,816 (994) 17,103 (90) 715 17,729 80,600 9,535 90,135 Profit for the period 2,799 – 2,799 181 2,979 Other comprehensive income (1,263) (1,263) (1,263) (402) (1,665) Total comprehensive income for the period – – – 2,799 – (1,263) – – (1,263) 1,536 (222) 1,314 Issuance of new shares ― Exercise of stock acquisition rights 114 114 (54) (54) 175 175 Share-based payment transactions 42 42 42 42 Purchase or disposal of treasury stock 8 4 – 12 12 Dividends (786) – (786) (393) (1,179) Distribution to owners of other equity instruments (193) – (193) (193) Changes in ownership interests in subsidiaries that do not result in loss of control (80) – (80) (31) (112) Issuance of convertible bonds 811 – 811 811 Put options over non- controlling interests 761 – 761 761 Other 14 (2) (2) 12 12 Total transaction amount with owners 114 1,613 – (965) 4 – – (13) (13) 754 (424) 329 As of September 30, 2024 4,948 10,982 10,847 40,650 (990) 15,840 (90) 702 16,453 82,890 8,889 91,778
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- 12 - For the six months ended September 30, 2025 (Millions of yen) Equity attributable to owners of the parent Non- controlling interests Total equity Capital stock Capital surplus Other Equity instru- ments Retained earnings Treasury stock Other components of equity Total Exchange differences on translating foreign operations Financial assets measured at fair value through other comprehensive income Stock Acquisition rights Total As of April 1, 2025 5,145 11,552 13,854 39,424 (984) 17,661 (21) 611 18,251 87,243 9,292 96,535 Profit for the period 5,968 – 5,968 435 6,403 Other comprehensive income (477) (0) (477) (477) (6) (483) Total comprehensive income for the period – – – 5,968 – (477) (0) – (477) 5,492 429 5,921 Issuance of new shares ― Exercise of stock acquisition rights 213 213 (97) (97) 329 329 Purchase or disposal of treasury stock 12 5 – 17 17 Dividends (876) – (876) (876) Distribution to owners of other equity instruments (190) – (190) (190) Changes in ownership interests in subsidiaries that do not result in loss of control (3,567) 2,230 2,230 (1,336) (9,674) (11,010) Put options over non- controlling interests 1 – 1 1 Other 41 79 (14) (14) 106 (100) 6 Total transaction amount with owners 213 (3,299) – (987) 5 2,230 – (112) 2,118 (1,950) (9,774) (11,724) As of September 30, 2025 5,358 8,253 13,854 44,405 (979) 19,414 (21) 499 19,893 90,785 (52) 90,732
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- 13 - (4) Condensed Interim Consolidated Statements of Cash Flows (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from operating activities Profit before tax 6,585 10,122 Depreciation and amortization 15,547 15,066 Impairment loss 733 168 Interest and dividends income (1,144) (456) Interest expenses 1,286 1,462 Share of loss (profit) of investments accounted for using the equity method 68 1,022 Decrease (increase) in trade and other receivables 783 (13) Decrease (increase) in inventories (62) (63) Increase (decrease) in trade and other payables (1,893) 723 Other, net 950 1,844 Subtotal 22,852 29,875 Interest and dividends income received 1,086 412 Interest expenses paid (1,292) (1,295) Income taxes paid (3,531) (1,257) Net cash provided by (used in) operating activities 19,115 27,735 Cash flows from investing activities Purchases of property and equipment (6,459) (7,913) Purchases of intangible assets (32) (1) Payments for lease and guarantee deposits (518) (408) Proceeds from collection of lease and guarantee deposits 229 173 Payments of construction assistance fund receivables (10) – Collection of construction assistance fund receivables 229 221 Other, net 473 (1,599) Net cash provided by (used in) investing activities (6,088) (9,526)
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- 14 - (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from financing activities Proceeds from issuance of bonds 21,872 – Payments for redemption of bonds (400) (400) Net increase (decrease) in short-term loans payable (17,184) (1,801) Proceeds from long-term loans payable 9,922 13,000 Repayments of long-term loans payable (8,801) (8,581) Repayments of lease liabilities (11,635) (10,966) Dividends paid (786) (876) Distribution to owners of other equity instruments (279) (274) Payments for purchase of shares of subsidiaries that do not result in change in scope of consolidation (4,023) (10,814) Others, net (223) 329 Net cash provided by (used in) financing activities (11,536) (20,384) Net increase (decrease) in cash and cash equivalents 1,492 (2,174) Cash and cash equivalents at the beginning of the period 70,627 82,271 Effect of exchange rate change on cash and cash equivalents (1,168) 9 Cash and cash equivalents at the end of period 70,951 80,106
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- 15 - (5) Notes Concerning the Condensed Interim Consolidated Financial Statements 1. Notes on Going Concern Assumption Not applicable. 2. Notes on segment information, etc. (1) Overview of reporting segments The reporting segments of the Company are segments of the Company for which separate financial statements are available. These are subject to regular review by the Board of Directors to determine the allocation of management resources and evaluate performance. A business segment is business unit engaged in business activities that generate income and incur costs, including through transactions with other business segments. Segment information includes items directly attributed to each segment, and items attributed to each segment based on reasonable criteria. The Company operates a restaurant business that provides products at each of its stores. Overseas affiliates are independently operated, and engage in business activities that are tailored to regional characteristics. As such, the Company is divided into reporting segments based on business format segments or regional segments according to the products and services provided. The three reporting segments are “Marugame Seimen,” “Other Domestic,” and “Overseas.” The Marugame Seimen segment consists of a chain of specialty-Sanuki udon restaurants serving Sanuki udon, tempura, and other products in a self-serve format. The Other Domestic segment covers food service operations provided through the following businesses (among others): Kona’s Coffee, Ramen Zundo-ya, Niku no Yamagyu, Banpai-ya, Tempura Makino, Toridoll, Butaya Tonichi, Nagata Honjyouken, and Yakitate Koppeseipan. The Overseas segment serves Sanuki udon and other products at overseas affiliates. (2) Information on revenue, profits and losses by reporting segment Revenues and performance from continuing operations by the Company’s reporting segments are as follows: The accounting treatment for the reported business segments is consistent with the accounting policies adopted in the consolidated financial statements for the previous fiscal year.
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- 16 - For the six months ended September 30, 2024 (Millions of yen) Reporting segment Adjustments (Note 2) Amount recorded in Condensed Interim Consolidated Financial Statements Marugame Seimen Other Domestic Overseas Sub-Total Revenue Revenue to external customers 65,134 17,009 51,577 133,720 – 133,720 Sub-Total 65,134 17,009 51,577 133,720 – 133,720 Segment profit (Note 1) 11,393 2,214 918 14,525 (4,941) 9,584 Impairment loss (77) (21) (634) (733) – (733) Other operating income and expenses (net) – – – – – (1,294) Finance income (costs), (net) – – – – – (905) Share of profit (loss) of investments accounted for using the equity method – – – – – (68) Profit before tax – – – – – 6,585 (Other items) Depreciation and amortization 5,409 1,557 8,255 15,221 325 15,547 (Notes) 1. Segment profit is revenue less the cost of sales, and selling, general and administrative expenses. 2. The ¥4,941 million reduction in segment profit represents Company-wide expenses not attributed to any specific reporting segment. Company-wide expenses are general and administrative expenses not primarily attributed to reporting segments. For the six months ended September 30, 2025 (Millions of yen) Reporting segment Adjustments (Note 2) Amount recorded in Condensed Interim Consolidated Financial Statements Marugame Seimen Other Domestic Overseas Sub-Total Revenue Revenue to external customers 71,366 20,328 50,115 141,809 – 141,809 Sub-Total 71,366 20,328 50,115 141,809 – 141,809 Segment profit (Note 1) 12,695 2,252 2,550 17,496 (5,722) 11,774 Impairment loss (82) (78) (8) (168) – (168) Other operating income and expenses (net) – – – – – 785 Finance income (costs), (net) – – – – – (1,247) Share of profit (loss) of investments accounted for using the equity method – – – – – (1,022) Profit before tax – – – – – 10,122 (Other items) Depreciation and amortization 5,652 1,824 7,272 14,748 318 15,066 (Notes) 1. Segment profit is revenue less the cost of sales, and selling, general and administrative expenses.
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- 17 - 2. The ¥5,722 million reduction in segment profit represents Company-wide expenses not attributed to any specific reporting segment. Company-wide expenses are general and administrative expenses not primarily attributed to reporting segments.