Interim report
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FASF August 7 , 2026 Company name : Stock exchange listing : Stock code : URL : Representative : Contact : Telephone : Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( IFRS ) MIURA CO . , LTD . Tokyo Stock Exchange 6005 https://www.miuraz.co.jp/ YONEDA Tsuyoshi , President , CEO HIROI Masayuki , Director & Senior Managing Executive Officer of Administration Headquarters + 81-89-979-7012 Scheduled date of commencement of dividend payment : Supplementary documents for financial results : Financial results briefing : Yes Yes ( for analysts and institutional investors ) ( Units of less than 1 million yen have been omitted ) 1. Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( April 1 , 2026 - June 30 , 2026 ) ( 1 ) Consolidated Operating Results ( cumulative ) ( Percentages show year - on - year changes ) Profit before income Revenue Operating profit Profit taxes Three months ended June 30 , 2026 June 30 , 2025 Million yen 58,340 52,514 % 11.1 18.0 Million yen 3,691 3,510 % 5.1 225.9 Million yen % 5,784 24.5 Million yen 4,582 % 46.1 4,644 106.6 3,135 94.8 Profit attributable to Comprehensive Basic earnings Diluted earnings owners of parent income per share per share Three months ended June 30 , 2026 June 30 , 2025 Million yen 4,582 3,264 % 40.4 108.0 Million yen % Yen 7,363 795 825.8 39.61 Yen 39.59 ( 90.0 ) 28.21 28.20 Three months ended June 30 , 2026 : ¥ 1,845 million ( Reference ) Share of profit in investments accounted for using the equity method : Three months ended June 30 , 2025 : ¥ 1,304 million ( Note ) In the fiscal year ended March 31 , 2026 , the Miura Group finalized the tentative accounting treatment related to the application of the equity method for Daikin Applied Systems Co. , Ltd. , and the figures related to the first quarter of the fiscal year ended March 31 , 2026 , reflect the finalized accounting treatment . ( 2 ) Consolidated Financial Position Total assets As of June 30 , 2026 March 31 , 2026 Million yen 471,909 476,425 Total equity Million yen 247,077 244,569 Total equity attributable to owners of parent Million yen 245,641 243,157 Ratio of equity attributable to owners of parent to total assets % 52.1 51.0 2. Dividends Dividends per share End of first quarter End of second quarter End of third quarter Year - end Total Yen Yen Yen Yen Yen Fiscal year ended March 31 , 2026 Fiscal year ending March 31 , 2027 30.00 42.00 72.00 Fiscal year ending March 31 , 2027 31.00 43.00 74.00 ( Forecasts ) ( Note ) Revisions to the dividend forecasts most recently announced : None
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3. Consolidated Forecasts for the Fiscal Year Ending March 31, 2027 (April 1, 2026 – March 31, 2027) (Percentages show year-on-year changes) Revenue Operating profit Profit before income taxes Profit attributable to owners of parent Basic earnings per share Full-year Million yen 284,500 % 5.9 Million yen 32,600 % 5.4 Million yen 38,600 % 2.0 Million yen 28,500 % 3.2 Yen 246.30 (Notes) 1. Revisions to the consolidated forecasts most recently announced: None 2. As the Company manages performance on an annual basis, disclosure of the consolidated earnings forecasts has been omitted for the first half. * Notes (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and accounting estimates (i ) Changes in accounting policies required by IFRS: None (ii ) Changes in accounting policies other than (i ): None (iii) Changes in accounting estimates: None (3) Numbers of outstanding shares (Common shares) (i ) Number of shares outstanding at the end of the period (including treasury shares) As of June 30, 2026: As of March 31, 2026: 125,291,112 shares 125,291,112 shares (ii ) Number of treasury shares at the end of the period As of June 30, 2026: 9,578,835 shares As of March 31, 2026: 9,578,798 shares (iii) Weighted-average number of common shares outstanding for the period Three months ended June 30, 2026: Three months ended June 30, 2025: 115,712,277 shares 115,689,752 shares * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None * Explanation of the Proper Use of Financial Results Forecast and Other Notes (Notes on forward-looking statements) The forward-looking statements herein are based on the information currently available to the Company and certain assumptions which are regarded as legitimate. The Company makes no warranty as to the achievability of what is described in the statements. Actual results may differ significantly from these forecasts due to various factors. For the assumptions underlying the forecasts and precautions when using the forecasts, please refer to “1. Overview of Operating Results, etc. (3) Explanation of Consolidated Forecasts and Other Forward-Looking Statements” on page 3 of the attached materials.
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-1- Attached Materials Index 1. Overview of Operating Results, etc................................. ................................ ................................ ............ 2 (1) Overview of Operating Results ................................ ................................ ................................ .............. 2 (2) Overview of Financial Position ................................ ................................ ................................ .............. 3 (3) Explanation of Consolidated Forecasts and Other Forward-Looking Statements ................................ .......... 3 2. Condensed Consolidated Financial Statements ................................ ................................ ............................. 4 (1) Condensed Consolidated Statements of Financial Position ................................ ................................ ........ 4 (2) Condensed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ....... 6 (3) Condensed Consolidated Statements of Changes in Equity ................................ ................................ ........ 8 (4) Condensed Consolidated Statements of Cash Flows ................................ ................................ ............... 10 3. Notes on Condensed Consolidated Financial Statements ................................ ................................ ............. 11 (Notes on Going Concern Assumptions) ................................ ................................ ................................ .... 11 (Material Accounting Policies) ................................ ................................ ................................ ................. 11 (Segment Information) ................................ ................................ ................................ ............................. 11
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-2- 1. Overview of Operating Results, etc. In the fiscal year ended March 31, 202 6, the Miura Group finalized the tentative accounting treatment related to the application of the equity method, and the figures for the three months ended June 30, 202 5, reflect the finalized accounting treatment. (1) Overview of Operating Results Looking back on the state of the Japanese economy during the three months ended June 30, 2026, the economy continued to be on the path of gradual recovery. On the other hand, the outlook remains uncertain due to rising geopolitical risks and persistently high prices. Under these circumstances, in Japan, the Miura Group has been promoting further strengthening of relationships of trust with customers by deepening its total solution proposal activities to address issues faced by customers and by providing plant-wide maintenance services. Overseas, the Miura Group has been advancing its business as a provider of industrial heat energy solutions in accordance with its presence in each country’s and region’s market. Regarding the consolidated financial results for the three months ended June 30, 2026, in Japan, boiler and related equipment, aqua equipment, and maintenance business were solid. Overseas, sales increased due to solid performance in the maintenance business, as well as solid boiler sales in the Americas. In terms of profits, profits increased due to the impact of increased sales and share of profit of investments accounted for using the equity method, despite an increase in personnel expenses. As a result, revenue was ¥58,340 million, up 11.1% from the same period of the previous fiscal year, operating profit was ¥3,691 million, up 5.1%, profit before income taxes amounted to ¥5,784 million, up 24.5% and profit attributable to owners of parent stood at ¥4,582 million, up 40.4%. Operating results for each business segment are as follows. (i) Japan In the Japan business, sales increased due to solid sales of boiler and related equipment, marine equipment, and aqua equipment. In addition, sales increased due to an increase in the number of paid maintenance contracts for boilers and the promotion of energy-saving activities. As a result, revenue in this business was ¥29,792 million, up 11.5% from the same period of the previous fiscal year (¥26,729 million). Segment profit was ¥3,235 million, up 10.2% from the same period of the previous fiscal year (¥2,935 million), due to the impact of increased sales, despite increases such as personnel expenses. (ii) Americas In the Americas business, sales increased due to the impact of exchange rates, in addition to solid boiler sales at MIURA AMERICA CO., LTD. and solid performance in securing paid maintenance contracts in the maintenance business. As a result, revenue in this business was ¥22,424 million, up 12.2% from the same period of the previous fiscal year (¥19,987 million). Segment profit was ¥1,492 million, down 0.6% from the same period of the previous fiscal year (¥1,502 million), due in part to increases in personnel expenses and tariffs, despite the impact of increased sales. (iii) Asia and Others In the Asia and Others business, sales increased due to the impact of exchange rates, in addition to solid performance in the maintenance business. As a result, revenue in this business was ¥6,123 million, up 5.6% from the same period of the previous fiscal year (¥5,797 million). Segment profit was ¥213 million, down 22.8% from the same period of the previous fiscal year (¥276 million).
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-3- (2) Overview of Financial Position (i) Overview of Assets, Liabilities and Equity (Million yen) As of March 31, 2026 As of June 30, 2026 Change Total assets 476,425 471,909 (4,515) Total liabilities 231,856 224,832 (7,023) Total equity 244,569 247,077 2,507 Total assets as of June 30, 2026, were ¥471,909 million, a decrease of ¥4,515 million compared to the previous fiscal year-end. Current assets decreased by ¥4,653 million, mainly due to decreases in trade and other receivables by ¥9,794 million as well as cash and cash equivalents by ¥2,143 million, while inventories increased by ¥7,089 million. Non- current assets increased by ¥138 million, mainly due to an increase in right -of-use assets by ¥1,365 million, while investments accounted for using the equity method decreased by ¥1,277 million. Total liabilities were ¥224,832 million, a decrease of ¥7,023 million compared to the previous fiscal year-end. Current liabilities decreased by ¥6,054 million, mainly due to decreases in trade and other payables by ¥3,246 million, other current liabilities by ¥2,982 million, and income taxes payable by ¥2,968 million, while contract liabilities increased by ¥2,655 million. Non-current liabilities decreased by ¥969 million, mainly due to a decrease in other financial liabilities by ¥2,070 million, while lease liabilities increased by ¥1,225 million. Total equity was ¥247,077 million, an increase of ¥2,507 million compared to the previous fiscal year -end. This was mainly due to an increase in other components of equity by ¥2,744 million. As a result, the ratio of equity attributable to owners of parent to total assets comes to 52.1%. (ii) Cash Flows for the Period under Review The following outlines the state of cash flows by category during the three months ended June 30, 2026, under review. Net cash provided by operating activities totaled ¥ 5,339 million (¥7,845 million provided in the same period of the previous year). The increase was mainly due to profit before income taxes of ¥5,784 million and a decrease in trade and other receivables of ¥12,488 million. The decrease was mainly due to an increase in inventories of ¥6,782 million and income taxes paid of ¥4,650 million. Net cash used in investing activities totaled ¥132 million (¥2,611 million used in the same period of the previous year). This was mainly due to proceeds from withdrawal of time deposits of ¥8,988 million, payments into time deposits of ¥7,715 million, and purchase of property, plant and equipment of ¥1,349 million. Net cash used in financing activities totaled ¥ 7,930 million (¥8,500 million used in the same period of the previous year). This was mainly due to dividends paid of ¥4,848 million and repayments of long -term borrowings of ¥2,070 million. As a result of the above, cash and cash equivalents as of June 30, 2026, were ¥66,905 million, a decrease of ¥2,143 million compared to the previous fiscal year-end. (3) Explanation of Consolidated Forecasts and Other Forward-Looking Statements Since the potential impacts of the situation in the Middle East on the performance of the Miura Group have been uncertain, the full-year consolidated forecasts for the fiscal year ending March 31, 2027, announced on May 14, 2026, remain unchanged at this time. Furthermore, if it is determined that a revision to the forecasts is necessary, the Company will promptly disclose any changes.
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-4- 2. Condensed Consolidated Financial Statements (1) Condensed Consolidated Statements of Financial Position (Million yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and cash equivalents 69,048 66,905 Trade and other receivables 74,368 64,574 Other financial assets 13,762 13,155 Inventories 40,892 47,981 Other current assets 5,109 5,910 Total current assets 203,181 198,527 Non-current assets Property, plant and equipment 50,701 50,668 Right-of-use assets 21,404 22,770 Goodwill and intangible assets 124,902 125,423 Investments accounted for using the equity method 58,621 57,344 Other financial assets 15,054 14,410 Net defined benefit asset 629 658 Deferred tax assets 962 994 Other non-current assets 966 1,111 Total non-current assets 273,244 273,382 Total assets 476,425 471,909
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-5- (Million yen) As of March 31, 2026 As of June 30, 2026 Liabilities and equity Liabilities Current liabilities Lease liabilities 3,331 3,635 Trade and other payables 25,753 22,507 Other financial liabilities 8,377 8,416 Income taxes payable 5,601 2,632 Provisions 4,223 4,368 Contract liabilities 25,498 28,153 Other current liabilities 20,270 17,287 Total current liabilities 93,057 87,002 Non-current liabilities Lease liabilities 18,704 19,929 Other financial liabilities 93,565 91,494 Net defined benefit liability 394 360 Provisions 61 61 Deferred tax liabilities 25,427 25,318 Other non-current liabilities 646 664 Total non-current liabilities 138,799 137,829 Total liabilities 231,856 224,832 Equity Capital stock 9,544 9,544 Capital surplus 21,372 21,389 Retained earnings 202,150 201,874 Treasury shares (10,626) (10,626) Other components of equity 20,716 23,460 Total equity attributable to owners of parent 243,157 245,641 Non-controlling interests 1,411 1,435 Total equity 244,569 247,077 Total liabilities and equity 476,425 471,909
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-6- (2) Condensed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Condensed Consolidated Statements of Income) (Million yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenue 52,514 58,340 Cost of revenue 31,972 35,758 Gross profit 20,541 22,581 Selling, general and administrative expenses 16,939 19,359 Other income 516 508 Other expenses 607 39 Operating profit 3,510 3,691 Finance income 441 705 Finance costs 611 458 Share of profit of investments accounted for using the equity method 1,304 1,845 Profit before income taxes 4,644 5,784 Income tax expenses 1,508 1,201 Profit 3,135 4,582 Profit attributable to: Owners of parent 3,264 4,582 Non-controlling interests (128) (0) Profit 3,135 4,582 Earnings per share Basic (Yen) 28.21 39.61 Diluted (Yen) 28.20 39.59
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-7- (Consolidated Statements of Comprehensive Income) (Million yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit 3,135 4,582 Other comprehensive income Items that will not be reclassified to profit or loss Financial assets measured at fair value through other comprehensive income 233 (122) Share of other comprehensive income of investments accounted for using the equity method 89 (25) Total items that will not be reclassified to profit or loss 323 (147) Items that may be reclassified to profit or loss Translation adjustments of foreign operations (2,798) 2,766 Share of other comprehensive income of investments accounted for using the equity method 134 162 Total items that may be reclassified to profit or loss (2,664) 2,928 Other comprehensive income, net of taxes (2,340) 2,780 Comprehensive income 795 7,363 Comprehensive income attributable to: Owners of parent 1,104 7,327 Non-controlling interests (309) 35 Comprehensive income 795 7,363
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-8- (3) Condensed Consolidated Statements of Changes in Equity For the three months ended June 30, 2025 (April 1, 2025 – June 30, 2025) (Million yen) Equity attributable to owners of parent Capital stock Capital surplus Retained earnings Treasury shares Other components of equity Financial assets measured at FVTOCI Translation adjustments of foreign operations As of April 1, 2025 9,544 21,345 181,039 (10,651) 3,072 (485) Profit － － 3,264 － － － Other comprehensive income (loss) － － － － 233 (2,617) Comprehensive income (loss) － － 3,264 － 233 (2,617) Restricted stock － － － － － － Dividends － － (4,280) － － － Acquisition of treasury shares － － － (0) － － Transfer from other components of equity to retained earnings － － 627 － (629) － Other － － 98 － － － Total transactions with the owners － － (3,554) (0) (629) － As of June 30, 2025 9,544 21,345 180,749 (10,651) 2,676 (3,103) Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Share of other comprehensive income of investments accounted for using equity method Total As of April 1, 2025 (145) 2,441 203,719 1,572 205,291 Profit － － 3,264 (128) 3,135 Other comprehensive income (loss) 224 (2,159) (2,159) (181) (2,340) Comprehensive income (loss) 224 (2,159) 1,104 (309) 795 Restricted stock － － － － － Dividends － － (4,280) (29) (4,309) Acquisition of treasury shares － － (0) － (0) Transfer from other components of equity to retained earnings 2 (627) － － － Other － － 98 － 98 Total transactions with the owners 2 (627) (4,182) (29) (4,211) As of June 30, 2025 81 (345) 200,641 1,233 201,875
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-9- For the three months ended June 30, 2026 (April 1, 2026 – June 30, 2026) (Million yen) Equity attributable to owners of parent Capital stock Capital surplus Retained earnings Treasury shares Other components of equity Financial assets measured at FVTOCI Translation adjustments of foreign operations As of April 1, 2026 9,544 21,372 202,150 (10,626) 5,153 15,637 Profit － － 4,582 － － － Other comprehensive income (loss) － － － － (122) 2,730 Comprehensive income (loss) － － 4,582 － (122) 2,730 Restricted stock － 16 － － － － Dividends － － (4,859) － － － Acquisition of treasury shares － － － (0) － － Transfer from other components of equity to retained earnings － － － － － － Other － － － － － － Total transactions with the owners － 16 (4,859) (0) － － As of June 30, 2026 9,544 21,389 201,874 (10,626) 5,030 18,368 Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Share of other comprehensive income of investments accounted for using equity method Total As of April 1, 2026 (75) 20,716 243,157 1,411 244,569 Profit － － 4,582 (0) 4,582 Other comprehensive income (loss) 137 2,744 2,744 36 2,780 Comprehensive income (loss) 137 2,744 7,327 35 7,363 Restricted stock － － 16 － 16 Dividends － － (4,859) (11) (4,871) Acquisition of treasury shares － － (0) － (0) Transfer from other components of equity to retained earnings － － － － － Other － － － － － Total transactions with the owners － － (4,843) (11) (4,855) As of June 30, 2026 61 23,460 245,641 1,435 247,077
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-10- (4) Condensed Consolidated Statements of Cash Flows (Million yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Cash flows from operating activities Profit before income taxes 4,644 5,784 Depreciation and amortization 3,428 3,681 Shares of profit on equity method (1,304) (1,845) Interest and dividend income (389) (522) Interest expenses 394 438 Foreign exchange losses (gains) 147 (70) Decrease (increase) in trade and other receivables 11,085 12,488 Decrease (increase) in inventories (5,630) (6,782) Increase (decrease) in trade and other payables (2,685) (2,958) Increase (decrease) in accrued bonuses (3,309) (3,620) Decrease (increase) in retirement benefit assets (10) (28) Increase (decrease) in retirement benefit liabilities (3) (32) Increase (decrease) in contract liabilities 3,213 2,480 Other 998 (214) Subtotal 10,580 8,798 Interest and dividends received 1,907 1,626 Interest paid (389) (435) Income taxes paid (4,252) (4,650) Net cash provided by (used in) operating activities 7,845 5,339 Cash flows from investing activities Payments into time deposits (5,658) (7,715) Proceeds from withdrawal of time deposits 3,293 8,988 Purchase of property, plant and equipment (1,433) (1,349) Purchase of intangible assets (262) (128) Purchase of securities (20) (0) Proceeds from sale or redemption of securities 1,417 － Other 52 73 Net cash provided by (used in) investing activities (2,611) (132) Cash flows from financing activities Net increase (decrease) in short-term borrowings － 27 Repayments of long-term borrowings (3,273) (2,070) Repayments of lease liabilities (909) (1,026) Dividends paid (4,287) (4,848) Other (29) (11) Net cash provided by (used in) financing activities (8,500) (7,930) Foreign currency transaction adjustments on cash and cash equivalents (176) 579 Net increase (decrease) in cash and cash equivalents (3,443) (2,143) Cash and cash equivalents at the beginning of the year 55,251 69,048 Cash and cash equivalents at the end of the year 51,808 66,905
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-11- 3. Notes on Condensed Consolidated Financial Statements (Notes on Going Concern Assumptions) None (Material Accounting Policies) Material accounting policies adopted in the condensed consolidated financial statements for the three months ended June 30, 2026, basically remain the same as those adopted in the consolidated financial statements for the previous fiscal year. In addition, income tax expenses for the three months ended June 30, 2026, are calculated based upon an estimated annual effective tax rate. (Segment Information) (1) General Information on Reporting Segments Financial information which is broken down within each component unit is available for the Miura Group’s reporting segments. The information is subject to regular review by the Board of Directors in order to make decisions about resources to be allocated and to assess performance. The Miura Group is engaged primarily in the manufacture, sales, and maintenance of boilers and related equipment. The C ompany and domestic affiliated companies undertake our domestic business, and our overseas affiliated companies undertake our overseas business. Each of our local subsidiaries is an independent management unit that proposes comprehensive strategy for the products it handles in each region and engages in business activities. Accordingly, the Miura Group is composed of three regional segments, which are Japan, Americas, and Asia and Others, as our reporting segments. Furthermore, regarding profit of the reporting segments, the Miura Group has deducted “ Amortization, etc. of intangible assets recognized through acquisitions,” which include the amortization of intangible assets and the fair value adjustment to inventories recognized by the allocation of the acquisition cost, and “Expenses related to M&A,” which include expenses such as financial advisory fees, from operating profit in order to better clarify the contribution of the acquired company to the overall earnings of the Group. In the fiscal year ended March 31, 2026 , the Miura Group finalized the tentative accounting treatment related to the application of the equity method, and the figures for the three month s ended June 30, 202 5, reflect the finalized accounting treatment.
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-12- (2) Segment revenue and performance Revenue and performance of each reportable segment of the Miura Group are as follows. Intersegment revenue and transfers are based on current market values. For the three months ended June 30, 2025 (Million yen) Reportable segments Adjustment (Note) Consolidated Japan Americas Asia and Others Total Revenue Revenue to external customers 26,729 19,987 5,797 52,514 － 52,514 Intersegment revenue and transfers 1,193 3 98 1,295 (1,295) － Total 27,923 19,991 5,895 53,810 (1,295) 52,514 Segment profit 2,935 1,502 276 4,714 (119) 4,594 Amortization, etc. of intangible assets recognized through acquisitions － － － － － 1,058 Expenses related to M&A － － － － － 26 Operating profit － － － － － 3,510 Finance income － － － － － 441 Finance costs － － － － － 611 Share of profit on equity method － － － － － 1,304 Profit before income taxes － － － － － 4,644 (Note) Adjustment of segment profit includes the elimination of internal transactions among segments.
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-13- For the three months ended June 30, 2026 (Million yen) Reportable segments Adjustment (Note) Consolidated Japan Americas Asia and Others Total Revenue Revenue to external customers 29,792 22,424 6,123 58,340 － 58,340 Intersegment revenue and transfers 910 5 269 1,185 (1,185) － Total 30,703 22,429 6,393 59,526 (1,185) 58,340 Segment profit 3,235 1,492 213 4,942 (16) 4,926 Amortization, etc. of intangible assets recognized through acquisitions － － － － － 1,170 Expenses related to M&A － － － － － 64 Operating profit － － － － － 3,691 Finance income － － － － － 705 Finance costs － － － － － 458 Share of profit on equity method － － － － － 1,845 Profit before income taxes － － － － － 5,784 (Note) Adjustment of segment profit includes the elimination of internal transactions among segments.