Interim report
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Note: 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 First Three Months of the Fiscal Year Ending March 31, 2027 (Under Japanese GAAP) August 4, 2026 Company name: Bunka Shutter Co., Ltd. Listing: Tokyo Stock Exchange Securities code: 5930 URL: https://www.bunka-s.co.jp/ Representative: Hiroyuki Ogura, Representative Director and President Inquiries: Koichi Nishimura, Operating Officer and Manager of Accounting Department TEL: +81-3-5844-7200 Scheduled date to commence dividend payments: – Preparation of supplementary material on financial results: Yes Holding of financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the first three months of the fiscal year ending March 31, 2027 (from April 1, 2026 to June 30, 2026) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Three months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % June 30, 2026 50,124 3.0 (111) – 215 (40.9) (317) – June 30, 2025 48,676 5.1 292 (32.5) 364 (77.4) (111) – Note: Comprehensive income For the three mo nths ended June 30, 2026: ¥(263) million [–%] For the three months ended June 30, 2025: ¥(1,038) million [–%] Basic earnings per share Diluted earnings per share Three months ended Yen Yen June 30, 2026 (4.52) – June 30, 2025 (1.57) – (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % June 30, 2026 200,099 117,132 58.5 March 31, 2026 205,651 120,009 58.3 Reference: Equity As of June 30, 2026: ¥116,972 million As of March 31, 2026: ¥119,845 million
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2. Cash dividends Annual dividends First quarter-end Second quarte r-end Third quarte r-end Fiscal yea r-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026 – 37.00 – 37.00 74.00 Fiscal year ending March 31, 2027 – Fiscal year ending March 31, 2027 (Forecast) 37.00 – 37.00 74.00 Note: Revisions to the cash dividends fo recasts most recently announced: None 3. Consolidated earnings forecasts 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 % Millions of yen % Millions of yen % Yen Six months ending September 30, 2026 110,000 4.5 4,000 3.5 4,300 (0.4) 2,500 (9.0) 35.54 Fiscal year ending March 31, 2027 250,000 5.8 18,800 20.8 19,500 10.6 13,000 2.9 184.82 Note: Revisions to the earnings fore casts most recently announced: None
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Application of specific accounting treatment for pr eparing quarterly consolidated financial statements: Yes Note: For more details, please refer to “2. Quarterly consolidat ed financial statements, (3) Notes to quarterly consolidated financial statements, (Notes to speci fic accounting treatment for preparing quarterly consolidated financial statements)” on page 8 of the attached material. (3) Changes in accounting policies, change s 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 June 30, 2026 72,196,487 shares As of March 31, 2026 72,196,487 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 1,857,862 shares As of March 31, 2026 1,857,862 shares (iii) Average number of shares outstanding during the period Three months ended June 30, 2026 70,338,625 shares Three months ended June 30, 2025 71,114,969 shares Note: The number of treasury shares at the end of the peri od includes the number of shares of Bunka Shutter Co., Ltd. (the “Company”) held by the Board Incentive Plan trust. The Company’s shares held by the trust are included in the treasury shares deducted in calculating the average number of shares outstanding during the period. * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None * Proper use of earnings forecasts, and other special matters (Caution regarding forward-looking statements and others) The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, any statements herein do not constitute assurances regarding actual results by the Company. Actual business and other results may differ substantially due to various factors. Regarding earnings forecasts, please refer to “1. Overview of operating results, etc., (3) Explanation of consolidated earnings forecasts and other forward-looking statements” on page 3 of the attached material.
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- 1 - ○ Table of Contents of Attached Materials Index 1. Overview of operating results, etc. ........................................................................................................... 2 (1) Overview of operating results for the first three months of the current fiscal year ............................ 2 (2) Overview of financial position for the first three months of the current fiscal year ........................... 3 (3) Explanation of consolidated earnings forecasts and other forward-looking statements ..................... 3 2. Quarterly consolidated financial statements ............................................................................................. 4 (1) Quarterly consolidated balance sheet ................................................................................................. 4 (2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income ................................................................................................................................................ 6 Quarterly consolidated statement of income ...................................................................................... 6 Quarterly consolidated statement of comprehensive income ............................................................. 7 (3) Notes to quarterly consolidated financial statements ......................................................................... 8 (Notes to specific accounting treatment for preparing quarterly consolidated financial statements) . 8 (Notes to segment information, etc.) .................................................................................................. 8 (Notes on significant changes in the amount of shareholders’ equity) ............................................... 9 (Notes on premise of going concern) ................................................................................................. 9 (Notes to quarterly consolidated statement of cash flows) ............................................................... 10
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- 2 - 1. Overview of operating results, etc. (1) Overview of operating results for the firs t three months of the current fiscal year In the first three months of the fiscal year ending March 31, 2027, the Japanese economy maintained a moderate recovery trend, mainly owing to improvements in employment and income conditions buoyed by wage hikes and the like and expanded capital investment against a backdrop of strong corporate earnings. On the other hand, the future outlook remains uncertain due to factors such as skyrocketing energy and raw material prices, labor shortages caused by manpower constraints, and growing instability in the international situation. In the construction and housing industries too, in which the Bunka Shutter Group operates, housing investment remains firm against a backdrop of high residential demand. However, non-residential investment is sluggish mainly due to the surge in construction costs and other factors, and the situation remains unclear. Under these circumstances, the Group posted net sales of 50,124 million yen (up 3.0% year on year) in the first three months of the fiscal year ending March 31, 2027. With regard to profits, despite all Group segments making every effort to secure profits, operating loss came to 111 million yen (compared to operating profit of 292 million yen in the same period of the previous fiscal year), ordinary profit was 215 million yen (down 40.9% year on year), and loss attributable to owners of parent totaled 317 million yen (compared to loss attributable to owners of parent of 111 million yen in the same period of the previous fiscal year). Operating results by segment are as follows: 1. Shutter Business Net sales for the first three months of the fiscal year ending March 31, 2027 came to 20,556 million yen (up 0.5% year on year), but operating profit was 519 million yen (down 41.3% year on year) due to weak results mainly from heavy shutters and other products for factories and warehouses. 2. Construction-Related Materials Business Due to weak results from steel doors and other products for factories and warehouses, as well as office buildings, net sales for the first three months of the fiscal year ending March 31, 2027 came to 18,241 million yen (down 0.4% year on year), and operating loss was 416 million yen (compared to operating loss of 248 million yen in the same period of the previous fiscal year). 3. Service Business Due to strong results mainly from emergency repairs and periodic maintenance services, centering on the firm performance of consolidated subsidiary Bunka Shutter Service Co., Ltd., net sales for the first three months of the fiscal year ending March 31, 2027 amounted to 7,242 million yen (up 6.3% year on year), and operating profit was 959 million yen (up 14.6% year on year). 4. Refurbishment Business Due to strong results mainly from the renewal business, which mainly engages in renovation of buildings, net sales for the first three months of the fiscal year ending March 31, 2027 came to 1,619 million yen (up 20.9% year on year), and operating profit was 10 million yen (compared to operating loss of 33 million yen in the same period of the previous fiscal year). 5. Other This segment focuses on the water-sealing business which handles water-sealing equipment for dealing with the social problems of torrential rain, and the heat shielding business which handles heat shielding sheet for indoor use, etc. as a countermeasure against the summer heat associated with global warming caused by climate change. Net sales for the first three months of the fiscal year ending March 31, 2027 amounted to 2,464 million yen (up 40.0% year on year) and operating profit was 281 million yen (up 44.2% year on year).
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- 3 - (2) Overview of financial posi tion for the first three months of the current fiscal year Total assets as of June 30, 2026 amounted to 200,099 million yen, a decrease of 5,552 million yen from the end of the previous fiscal year. Current assets amounted to 110,651 million yen, a decrease of 4,882 million yen. This is attributed mainly to a decrease in notes and accounts receivable - trade, and contract assets (12,885 million yen), which more than offset increases in merchandise and finished goods (4,026 million yen), cash and deposits (1,518 million yen), and “other” in current assets (1,479 million yen). Non-current assets amounted to 89,447 million yen, a decrease of 670 million yen. This is attributed mainly to decreases in investment securities (720 million yen) and “other” in intangible assets (134 million yen), which more than offset an increase in “other” in investments and other assets (276 million yen). Liabilities as of June 30, 2026 amounted to 82,966 million yen, a decrease of 2,675 million yen from the end of the previous fiscal year. Current liabilities amounted to 47,345 million yen, a decrease of 2,473 million yen. This is attributed mainly to decreases in provision for bonuses (2,849 million yen), income taxes payable (2,646 million yen), and electronically recorded obligations - operating (601 million yen), which more than offset increases in “other” in current liabilities (2,739 million yen) and short-term borrowings (980 million yen). Non-current liabilities amounted to 35,621 million yen, a decrease of 201 million yen. This is attributed mainly to a decrease in long-term borrowings (200 million yen). Net assets as of June 30, 2026 amounted to 117,132 million yen, a decrease of 2,877 million yen from the end of the previous fiscal year. This is attributed mainly to decreases caused by dividends paid (2,613 million yen), in valuation difference on available-for-sale securities (441 million yen), and in loss attributable to owners of parent (317 million yen), which more than offset an increase in foreign currency translation adjustment (617 million yen). (3) Explanation of consolidated earnings fo recasts and other forward-looking statements Consolidated earnings forecasts for the first six months and full year for the fiscal year ending March 31, 2027 are unchanged from those announced in the “Consolidated Financial Results for the Fiscal Year Ended March 31, 2026” on May 14, 2026.
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- 4 - 2. Quarterly consolidated financial statements (1) Quarterly consolidated balance sheet (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 37,200 38,719 Notes and accounts receivable - trade, and contract assets 43,836 30,950 Electronically recorded monetary claims - operating 10,961 11,402 Merchandise and finished goods 10,535 14,562 Work in process 1,269 1,381 Raw materials and supplies 8,800 9,257 Other 3,349 4,828 Allowance for doubtful accounts (419) (450) Total current assets 115,534 110,651 Non-current assets Property, plant and equipment Buildings and structures, net 13,759 13,705 Land 13,509 13,513 Other, net 15,441 15,405 Total property, plant and equipment 42,710 42,623 Intangible assets Goodwill 9,702 9,725 Other 6,434 6,300 Total intangible assets 16,136 16,026 Investments and other assets Investment securities 22,103 21,382 Retirement benefit asset 1,906 1,904 Other 7,475 7,752 Allowance for doubtful accounts (215) (241) Total investments and other assets 31,269 30,797 Total non-current assets 90,117 89,447 Total assets 205,651 200,099
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- 5 - (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes and accounts payable - trade 11,958 11,656 Electronically recorded obligations - operating 8,192 7,591 Short-term borrowings 1,200 2,180 Current portion of long-term borrowings 840 825 Income taxes payable 3,368 721 Provision for bonuses 5,885 3,035 Provision for bonuses for directors (and other officers) 137 32 Provision for loss on construction contracts 1,032 1,358 Other 17,205 19,945 Total current liabilities 49,819 47,345 Non-current liabilities Bonds payable 10,000 10,000 Long-term borrowings 1,600 1,400 Provision for retirement benefits for directors (and other officers) 265 263 Provision for share awards for directors (and other officers) 99 106 Retirement benefit liability 15,553 15,626 Asset retirement obligations 68 68 Other 8,235 8,156 Total non-current liabilities 35,822 35,621 Total liabilities 85,642 82,966 Net assets Shareholders’ equity Share capital 15,051 15,051 Capital surplus 11,292 11,292 Retained earnings 85,944 83,013 Treasury shares (3,079) (3,079) Total shareholders’ equity 109,208 106,276 Accumulated other comprehensive income Valuation difference on available-for-sale securities 5,950 5,509 Deferred gains or losses on hedges 5 2 Revaluation reserve for land (46) (46) Foreign currency translation adjustment 1,304 1,921 Remeasurements of defined benefit plans 3,424 3,308 Total accumulated other comprehensive income 10,637 10,695 Non-controlling interests 164 160 Total net assets 120,009 117,132 Total liabilities and net assets 205,651 200,099
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- 6 - (2) Quarterly consolidated stat ement of income and quarterly consolidated statement of comprehensive income Quarterly consolidated statement of income (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Net sales 48,676 50,124 Cost of sales 36,291 37,220 Gross profit 12,384 12,904 Selling, general and administrative expenses 12,092 13,016 Operating profit (loss) 292 (111) Non-operating income Interest income 22 32 Dividend income 204 258 Foreign exchange gains 37 186 Other 86 121 Total non-operating income 350 598 Non-operating expenses Interest expenses 133 153 Share of loss of entities accounted for using equity method 103 51 Other 41 66 Total non-operating expenses 278 271 Ordinary profit 364 215 Extraordinary income Gain on sale of non-current assets 2 30 Total extraordinary income 2 30 Extraordinary losses Loss on sale of non-current assets 0 9 Loss on retirement of non-current assets 7 6 Total extraordinary losses 7 15 Profit before income taxes 359 230 Income taxes 476 551 Loss (116) (320) Loss attributable to non-controlling interests (4) (3) Loss attributable to owners of parent (111) (317)
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- 7 - Quarterly consolidated statement of comprehensive income (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Loss (116) (320) Other comprehensive income Valuation difference on available-for-sale securities 105 (440) Foreign currency translation adjustment (735) 535 Remeasurements of defined benefit plans, net of tax (61) (109) Share of other comprehensive income of entities accounted for using equity method (230) 71 Total other comprehensive income (922) 57 Comprehensive income (1,038) (263) Comprehensive income attributable to Comprehensive income attributable to owners of parent (1,033) (259) Comprehensive income attributable to non-controlling interests (4) (3)
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- 8 - (3) Notes to quarterly consolid ated financial statements (Notes to specific accounting treatment for preparing quarterly consolidated financial statements) (Calculation of tax expenses) The Company calculates tax expenses by estimating a r easonable effective tax rate after the application of tax-effect accounting to profit before income taxes for the consolidated fiscal year ending March 31, 2027, including the first quarter under review, and multiplying profit before income taxes by this estimated effective tax rate. (Notes to segment information, etc.) I For the three months ended June 30, 2025 1. Explanation of net sales, profit (loss), and other items, and information on disaggregation of revenue for each reportable segment (Millions of yen) Reportable segments Other (Note 1) Total Adjust- ments (Note 2) Amount recorded in quarterly consolidated statement of income (Note 3) Shutter Business Construction -Related Materials Business Service Business Refurbish- ment Business Total Net sales Revenue from contracts with customers 20,448 18,314 6,813 1,339 46, 916 1,760 48,676 – 48,676 Other revenue – – – – – – – – – Net sales to external customers 20,448 18,314 6,813 1,339 46, 916 1,760 48,676 – 48,676 Inter-segment sales and transfers 1,287 8 112 0 1,410 286 1,696 (1,696) – Total 21,736 18,323 6,926 1,340 48, 326 2,046 50,373 (1,696) 48,676 Segment profit (loss) 885 (248) 837 (33) 1,440 195 1,636 (1,343) 292 Notes: 1. The category “Other” is an operating segment which is not included in the reportable segments, and it includes water-sealing business, heat shielding business, solar power system business, real estate leasing business, insurance agency business and architecture design business. 2. The adjustment to segment profit (loss) of (1,343) million yen consists of (1,341) million yen for corporate expenses not allocated to any reportable segment and (2) million yen for inventory adjustments. Corporate expenses consist primarily of general and administrative expenses that do not belong to any reportable segment. 3. Segment profit (loss) is adjusted with operating pr ofit in the quarterly consolidated statement of income. 2. Information on impairment losses on non-current assets or goodwill, etc., by reportable segment Not applicable.
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- 9 - II For the three months ended June 30, 2026 1. Explanation of net sales, profit (loss), and other items, and information on disaggregation of revenue for each reportable segment (Millions of yen) Reportable segments Other (Note 1) Total Adjust- ments (Note 2) Amount recorded in quarterly consolidated statement of income (Note 3) Shutter Business Construction -Related Materials Business Service Business Refurbish- ment Business Total Net sales Revenue from contracts with customers 20,556 18,241 7,242 1,619 47, 660 2,464 50,124 – 50,124 Other revenue – – – – – – – – – Net sales to external customers 20,556 18,241 7,242 1,619 47, 660 2,464 50,124 – 50,124 Inter-segment sales and transfers 1,314 7 93 5 1,420 277 1,697 (1,697) – Total 21,871 18,248 7,336 1,625 49, 081 2,741 51,822 (1,697) 50,124 Segment profit (loss) 519 (416) 959 10 1,072 281 1,354 (1,466) (111) Notes: 1. The category “Other” is an operating segment which is not included in the reportable segments, and it includes water-sealing business, heat shielding business, solar power system business, real estate leasing business, insurance agency business and architecture design business. 2. The adjustment to segment profit (loss) of (1,466) million yen consists of (1,464) million yen for corporate expenses not allocated to any reportable segment and (1) million yen for inventory adjustments. Corporate expenses consist primarily of general and administrative expenses that do not belong to any reportable segment. 3. Segment profit (loss) is adjusted with operating lo ss in the quarterly consolidated statement of income. 2. Information on impairment losses on non-current assets or goodwill, etc., by reportable segment Not applicable. (Notes on significant changes in the amount of shareholders’ equity) Not applicable. (Notes on premise of going concern) Not applicable.
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- 10 - (Notes to quarterly consolidated statement of cash flows) No quarterly consolidated statement of cash flows has been prepared for the first three months of the fiscal year ending March 31, 2027. Amounts of depreciation (including amortization of intangible assets other than goodwill) and amortization of goodwill associated with the three months ended June 30, 2025 and 2026 are as follows. (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Depreciation 1,300 1,372 Amortization of goodwill 257 285