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FY2025 Second Quarter Financial Results November 7, 2025 MARUWA Co., LTD.（5344） Disclaimer This material is not aimed at recommending any investment. There are forward-looking statements based on current assumptions. Actual results may differ by changes of the environment.
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FY2025 1H(Apr.~Sep.) Increase/Decrease from last year FY2024 1H(Apr.~Sep.) Net sales 33,115 △4.9% 34,822 Operating profit 10,843 △15.2% 12,789 Ordinary profit 11,123 △7.4% 11,999 Net profit 7,413 △13.9% 8,440 🄫🄫 2025 MARUWA CO., LTD. １．Overview （Unit: Million; Currency: YEN）
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２．Quarterly consolidated operating results In 2Q, weaker market conditions were observed in the automobile- and semiconductor-related businesses. However, a recovery trend is expected toward 3Q. Orders remain strong and are expected to strengthen further with the full-scale launch of the successor model for next-generation high-speed communication, leading to record-high quarterly results in the fourth quarter. （Unit: Million; Currency: YEN） FY23 1Q 2Q 3Q 4Q FY24 1Q 2Q 3Q 4Q FY25 1Q 2Q 3Q 4Q Net sales 12,722 15,341 16,962 16,537 16,243 18,579 18,319 18,708 17,256 15,859 19,100 22,900 Operating profit 3,530 5,118 5,744 5,408 5,640 7,148 6,944 7,179 6,002 4,841 6,500 9,700 Operating profit (%) 27.7% 33.4% 33.9% 32.7% 34.7% 38.5% 37.9% 38.4% 34.8% 30.5% 34.0% 42.4% 0% 10% 20% 30% 40% 50% 0 5,000 10,000 15,000 20,000 25,000 30,000 FY23 FY24 FY25 (Expected) Next-generation high-speed communication expanding Market recovery toward 3Q 🄫🄫 2025 MARUWA CO., LTD.
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40.0% 20.5% 15.1% 12.4% 11.9% 42.9% 18.6% 13.2% 12.6% 12.6% Tele- communication Automobile Semiconductor Industrial equipment Lighting FY2025 1H(2Q) YoY FY2024 1H Tele- communication 143(70) ＋8.3% 132 Automobile 62(27) △17.3% 75 Semiconductor 44(22) △17.0% 53 Industrial equipment 42(20) △12.5% 48 Lighting 42(22) ＋2.4% 41 FY2024 1H FY2025 1H ■By market■Sales amount by market 🄫🄫 2025 MARUWA CO., LTD. ３．Sales breakdown by market Tele-communication：Business related to next-generation high-speed communication expanded. Automobile：Inventory adjustments were observed on the customer side, especially for new energy vehicles. Recovery expected in 3Q. Semiconductor：Strong demand for generative AI, but weakness in general- purpose memory due to market conditions. ※ The above figures are preliminary. Amounts are rounded to the nearest 100 million. （Unit: 100 million; Currency: YEN）
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🄫🄫 2025 MARUWA CO., LTD. ４．FY2025 year-end forecast Full Year YoY 2H YoY Net sales 75,100 ＋4.5% 41,985 ＋13.4% Operating Profit 27,000 ＋0.3% 16,157 ＋14.4% Operating Profit % 36.0% ― 38.2% ― （Unit: Million; Currency: YEN） ※Exchange assumption: 1 dollar = 144 yen For the full year, we expect year-on-year growth of +4.5% （Initial forecast ⇒Current forecast） Telecommunication: +10% → +18% Automobile: +7% → △14% Semiconductor: +8% → +1% 5 In 2H, growth is expected to accelerate, and we anticipate increases in both revenue and profit for the full fiscal year. The automobile- and semiconductor-related businesses are entering a recovery phase, while the telecommunication-related business is projected to see a significant increase in production for next- generation high-speed communication, supported by the full-scale launch of a successor model.
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Market Trends Tele- communication ・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. Automobile ・Growth for new energy vehicles has slowed due to market conditions. However, we anticipate a recovery from inventory adjustments. ・We will continue to strengthen profitability through automation and yield improvement. Semiconductor ・Demand for general-purpose memory is seeing a steady recovery. ・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. Industrial equipment ・Demand for power modules has slowed due to market conditions. ・Demand for new medical-related products is increasing. Lighting ・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. 🄫🄫 2025 MARUWA CO., LTD. ５．Outlook for Future（Market trends・Internal condition）
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0 4,000 8,000 12,000 16,000 20,000 24,000 FY20 FY21 FY22 FY23 FY24 FY25 After FY26 ■Capital investment ■Depreciation 【Capital investment】 【Depreciation】 【Depreciation/Year and sales amount】 🄫🄫 2025 MARUWA CO., LTD. ６．Capital investment・Depreciation （Unit: Million; Currency: YEN） Investment to increase Investment in new plants and building for mid to long- term growth, and focusing on investment to improve productivity. The new factory plan is all on schedule. Steadily lead to improved competitiveness and productivity. 0.0% 10.0% 20.0% 30.0% 40.0% 0 2,000 4,000 6,000 8,000 FY20 FY21 FY22 FY23 FY24 FY25 Depreciation Percentage of sales Current term (estimated) JPY 15–20 billion Current term (estimated) JPY 5.5 billion New facility operations will be adjusted flexibly based on market conditions.
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15 17 18 19 20 22 24 26 28 34 38 43 47 51 15 17 18 19 20 22 24 26 36 36 40 43 47 51 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 After FY26 （Unit：YEN） ８．Dividend Payout We plan to pay an annual dividend of ¥102 per share (an increase of ¥8). This marks the 13th consecutive year of dividend increases. Year-end Interim 🄫🄫 2025 MARUWA CO., LTD. We aim to balance investments for growth and development with sustainable, continuous dividend increases. We will continue to steadily deliver consecutive dividend increases going forward. 30 34 94 Full year 102 yen 36 38 40 44 48 52 64 70 78 86
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🄫🄫 2025 MARUWA CO., LTD.