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 Six Months Ended September 30, 2025 (Japanese GAAP) October 30, 2025 Name of Listed Company : Fuji Electric Co., Ltd. Stock Exchange Listing: TSE Prime and NSE Premier; and on FSE Code Number : 6504 URL : https://www.fujielectric.co.jp/ Representative : (Title) Chairman of the Board and Chief Executive Officer (Name) Michihiro Kitazawa Contact : (Title) General Manager, Corporate Planning Office Corporate Management Planning Headquarters (Name) Taizou Kishi TEL +81-3-5435-7213 Scheduled date of filing semi-annual securities report : November 14,2025 Scheduled date of commencing dividend payments : December 3,2025 Preparation of supplementary material on the financial results : Yes Holding of financial results briefing : Yes (for institutional investors and analysts) (Amounts are rounded to the nearest million yen) (1) Consolidated Operating Results (% indicate changes from the same period of the previous fiscal year.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Six months ended Millions of yen ％ Millions of yen ％ Millions of yen ％ Millions of yen ％ September 30, 2025 543,160 9.2 42,759 6.0 41,733 7.1 26,614 (25.1) September 30, 2024 497,377 1.2 40,336 15.3 38,949 12.5 35,539 46.0 (Note) Consolidated comprehensive income: Six months ended September 30, 2025: ¥38,969 million 23.1% Six months ended September 30, 2024: ¥31,661 million (12.2)% Profit per share Diluted profit per share Six months ended Yen Yen September 30, 2025 180.62 － September 30, 2024 248.82 － Total assets Net assets Equity ratio As of Millions of yen Millions of yen % September 30, 2025 1,304,922 755,567 54.9 March 31, 2025 1,312,175 730,658 52.7 (Reference) Equity: As of September 30, 2025: ¥716,617 million As of March 31, 2025: ¥691,767 million Dividends per share 1st Quarter 2nd Quarter 3rd Quarter Year end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 － 75.00 － 85.00 160.00 Fiscal year ending March 31, 2026 － 91.00 Fiscal year ending March 31, 2026 (forecast) － － － 1. Consolidated Financial Results for the Six Months Ended September 30, 2025 (from April 1,2025 to September 30,2025) (2) Consolidated Financial Position 2. Dividends (Note) 1. Revisions to the forecast of cash divdends most recently announced: Yes 2. The Company's articles of incorporation stipulate that the last day of the second quarter and the fiscal year are the record dates for dividends, but at present the expected dividends on those record dates for the fiscal year ending March 2026 has not yet been determined.
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(% indicate changes from the same period of the previous fiscal year.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Profit per share Year ending Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen March 31, 2026 1,185,000 5.5 128,500 9.2 128,000 7.8 89,000 (3.5) 603.80 Newly included:- Excluded:- ① Changes in accounting policies applied due to revisions of accounting standards ：No ② Changes in accounting policies other than ① ：No ③ Changes in accounting estimates ：No ④ Retrospective restatement ：No ① Number of shares outstanding at the end of the period As of September 30, 2025 149,296,991 As of March 31, 2025 149,296,991 ② Number of treasury stock at the end of the period As of September 30, 2025 1,898,333 As of March 31, 2025 1,973,223 ③ Average number of shares outstanding during the period Six months ended September 30,2025 147,355,655 Six months ended September 30,2024 142,829,588 3. Consolidated Financial Forecasts for the Year Ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Note) Revisions to the latest consolidated financial forecasts:Yes *Notes (1) Significant changes in the scope of consolidation during the period: No (2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: Yes (3) Changes in accounting policies applied, changes in accounting estimates and retrospective restatement (4) Number of shares outstanding (common stock) (Note)The Company introduced a performance-related share-based remuneration plan (Stock Beneficiaries’ Trust) for directors, and the number of treasury stock at the end of the period includes the shares held by the Stock Beneficiaries’ Trust (214,854 shares as of September 30, 2025 and 291,000 shares as of March 31, 2025). Furthermore, treasury stock excluded for the calculation of the average number of shares outstanding during the period include the shares held by the Stock Beneficiaries’ Trust (258,366 shares for six months ended September 30, 2025 and none for six months ended September 30, 2024). *Semi-annual consolidated financial result reports are exempt from review conducted by certified public accountants or an audit firm. *Statements regarding the proper use of financial forecast and other special remarks (Notes on the use of forward-looking statements) The financial forecasts and other forward-looking statements contained in this material are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Actual results may differ substantially from these forecasts due to uncertainties inherent in such judgments and assumptions, as well as changes in business operations and internal and external circumstances, and therefore the Company does not guarantee the certainty of any forward-looking statements.
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1. Financial Performance…………………………………………………………………………………………………… 2 (1) Qualitative Information Regarding Consolidated Results of Operations………………………………………… 2 (2) Quantitative Information Regarding Consolidated Financial Position…………………………………………… 5 (3) Qualitative Information Regarding Consolidated Forecasts and Forecast Information...……………………… 6 2. Consolidated Financial Statements and Main Notes………………………………………………………………… 7 (1) Consolidated Balance Sheets ……………………………………………………………………………………… 7 (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income…………… 9 Consolidated Statements of Income…………………………………………………………………………… 9 Consolidated Statements of Comprehensive Income ………………………………………………………... 10 (3) Consolidated Statements of Cash Flows …………………………………………………………………………... 11 (4) Notes to the Semi-Annual Consolidated Financial Statements………………………………………………….. 13 (Notes Regarding Adoption of Accounting Treatment Specific to the Preparation of Semi-Annual Consolidated Financial Statements)…………………………………………………………………………...... .... 13 (Notes on Substantial Changes in the Amount of Shareholder’s Equity)…………………………………....... 13 (Notes Regarding Assumption of Going Concern)……………………………………....................................... 13 (Segment Information) …………………………………………………………………………………………...... 14 3. Supplemental Consolidated Financial Materials ……………………………………………………………………… 16 (1) Financial Summary…………………………………………………………………………………………………… 16 (2) Number of Consolidated Subsidiaries ……………………………………………………………………………… 16 (3) Profit Per Share ……………………………………………………………………………………………………… 16 (4) Average Exchange Rates (Yen)……………………………………………………………………………………… 16 (5) Net Sales by Reporting Segment …………………………………………………………………………………… 16 (6) Operating Profit (Loss) by Reporting Segments …………………………………………………………………… 16 (7) Net Overseas Sales…………………………………………………………………………………………………… 16 (8) R&D Expenditures …………………………………………………………………………………………………… 17 (9) Plant and Equipment Investment (Including Leases) ……………………………………………………………… 17 (10) Depreciation, Leases Paid ………………………………………………………………………………………… 17 (11) Number of Employees……………………………………………………………………………………………… 17 ○Index - 1 -
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Six months ended September 30, 2024 Six months ended September 30, 2025 Change Net sales 497.4 543.2 45.8 Operating profit 40.3 42.8 2.4 Ordinary profit 38.9 41.7 2.8 Profit attributable to owners of parent 35.5 26.6 (8.9) 1. Financial Performance (1)Qualitative Information Regarding Consolidated Results of Operations Under FY2026 Medium-Term Management Plan “To be enthusiastic, ambitious and sensitive 2026,” the three-year medium-term management plan slated to conclude with the fiscal year ending March 31, 2027, Fuji Electric is enacting the basic policy of further improvement of corporate value through management emphasizing profit. Based on this policy, the Company will work toward the improvement of profitability, the promotion of growth strategies, and the strengthening of management foundations to achieve profitable business growth and reinforce its management constitution. Furthermore, the Company reorganized its reportable segments in conjunction with the launch of the plan in order to better accommodate the plan’s growth strategies. This reorganization entailed transferring the equipment construction business to the Energy segment to strengthen system operations and reassigning the ED&C components business to the Industry segment to facilitate the generation of synergies with the factory automation components business. In the six months ended September 30, 2025, the outlook for the global economy remained opaque due to the impacts of the trade policies of the United States. However, capital investment in the power, manufacturing, and data center sectors remained firm due to green transformation investments aimed at decarbonization and rising energy demand accompanying the spread of generative AI and digital technologies. In addition, a modest recovery was seen with regard to machine tool-related demand while demand associated with electrified vehicles continued to plateau. In this environment, Fuji Electric moved forward with initiatives to expand its plant and system operations in response to growing energy demand as well as rising needs for energy saving and electrification in steel and other material industries. In addition, enhancements to earnings power were pursued through digital technology-powered productivity improvements at production sites. The Company also continued augmenting production capacity of controlgears, power panels, transformers and switchgears to respond to robust demand. Furthermore, a plan was enacted for conducting capital investment in relation to SiC power semiconductors based on demand fluctuations in order to accommodate future market growth. Due to these factors, increases were seen in the sales of the plant, system, and other operations of the Energy and Industry segments, resulting in consolidated net sales in the six months ended September 30, 2025 rising ¥45.8 billion, or 9%, year on year, to a new record high of ¥543.2 billion. Profit was impacted by the increases to personal expenses that accompanied efforts to enhance human capital, higher material prices, lower demand for power semiconductors for electrified vehicles in the Semiconductors segment, and the dissipation of the special demand trend seen for automatic change dispensers that stemmed from the issuance of newly designed paper currency in Japan in the Food and Beverage Distribution segment. Conversely, overall profit was buoyed by the benefits of growth in plant and system demand. As a result, operating profit rose ¥2.4 billion year on year, to a new record high of ¥42.8 billion. In addition, ordinary profit increased ¥2.8 billion, reaching a new record high of ¥41.7 billion, due to the higher operating profit coupled with the benefits of favorable foreign exchange influences. Meanwhile, profit attributable to owners of parent decreased ¥8.9 billion, to ¥26.6 billion, because of the absence of the extraordinary profit recorded in the previously equivalent period following the sale of certain investment securities. Consolidated results of operations for the six months ended September 30, 2025 were as follows. (¥ billion) - 2 -
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Six months ended September 30, 2024 Six months ended September 30, 2025 Change Net sales Operating profit Net sales Operating profit Net sales Operating profit Energy 144.0 10.0 165.2 19.0 21.2 8.9 Industry 175.4 8.1 206.3 11.0 31.0 2.9 Semiconductors 108.0 15.1 108.7 9.0 0.7 (6.1) Food and Beverage Distribution 58.3 8.7 52.4 5.8 (5.9) (2.9) Others 27.4 1.7 27.8 1.6 0.4 (0.1) Elimination and Corporate (15.8) (3.2) (17.4) (3.6) (1.6) (0.3) Total 497.4 40.3 543.2 42.8 45.8 2.4 Results of operations by reportable segment in the six months ended September 30, 2025 were as follows. (¥ billion) Energy In the Energy segment, net sales and operating profit were up year on year primarily due to higher demand in the energy management business and the power supply and facility systems business. ・In the power generation business, net sales and operating results were up year on year as a result of the benefits of an increase in large-scale renewable energy projects. ・In the energy management business, net sales and operating results were up year on year as a result of increases in storage battery system orders and in large-scale orders for substation equipment for power and industrial applications and power supply equipment for industrial applications. ・In the power supply and facility systems business, net sales and operating results were up year on year due to growth in demand from data centers. ・In the equipment construction business, net sales and operating results were up year on year due to an increase in large-scale orders, differences in profitability between projects, and the benefits of cost reduction activities. Industry In the Industry segment, net sales were up year on year following higher demand in all businesses as well as large-scale orders in the IT solutions business. Operating profit was also up year on year due to an increase in large-scale orders in the IT solutions business. ・In the factory automation components business, net sales and operating results were up year on year, despite flat growth in domestic demand, as a result of rising demand seen centered on Asia and Europe. ・In the automation systems business, net sales were up year on year due to increased demand from the steel industry. Operating results, meanwhile, were down year on year because of a rise in expenses associated with large-scale projects. ・In the social solutions business, net sales and operating results were up year on year due to increases in demand for transportation systems. ・In the ED&C components business, net sales were up year on year because of a modest recovery in demand from finished machinery manufacturers while operating results were relatively unchanged year on year due to the impacts of higher material prices. ・In the IT solutions business, net sales and operating results were up year on year following growth in large- scale orders from the academic sector. - 3 -
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Semiconductors ・In the Semiconductors segment, sales of industrial semiconductors were up year on year due to higher demand in China and beneficial foreign exchange influences. Meanwhile, sales of automotive semiconductors were down due to reductions in domestic and overseas demand for power semiconductors for electrified vehicles. Despite the growth in sales of industrial semiconductors, operating results were down year on year due to the lower sales of automotive semiconductors, the rise in expenses for bolstering production capacity, and the increases in material costs. Food and Beverage Distribution ・In the vending machine business, net sales and operating results were down year on year following declines in domestic vending machine demand. ・In the store distribution business, net sales and operating results were down year on year, despite increased demand for store fixtures accompanying a rise in convenience store renovations, as this rise in demand unable to compensate for the impacts of the rebound from the special demand trend seen for automatic change dispensers that stemmed from the issuance of newly designed paper currency in Japan and contributed to performance in the previous equivalent period. Note: Effective April 1, 2025, a reorganization was undertaken resulting in changes to the businesses included within the Energy and Industry reportable segments. Year-on-year comparisons use figures that have been restated to reflect these changes. - 4 -
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(2)Quantitative Information Regarding Consolidated Financial Position Total assets on September 30, 2025 stood at ¥1,304.9 billion, a decrease of ¥7.3 billion from the end of the previous fiscal year. Total current assets were down ¥21.0 billion primarily as a result of decreases in accounts receivable-trade and electronically recorded monetary claims-trade, which counteracted the increases in contract assets and inventories. Total non-current assets were up ¥13.8 billion due to an increase resulted from valuation difference on available-for-sale securities. Interest-bearing debt as of September 30, 2025 amounted to ¥121.2 billion, up ¥16.3 billion from the previous fiscal year-end. Furthermore, net interest-bearing debt—interest-bearing debt net of cash and cash equivalents—increased ¥23.9 billion from the previous fiscal year-end, amounting to ¥66.1 billion on September 30, 2025. Net assets on September 30, 2025 were ¥755.6 billion, up ¥24.9 billion from the previous fiscal year-end. This outcome was primarily because of higher retained earnings and an increase resulted from valuation difference on available-for-sale securities. In addition, equity—total net assets net of non-controlling interests—was up ¥24.8 billion from the previous fiscal year-end, standing at ¥716.6 billion on September 30, 2025. The debt-to-equity ratio (interest- bearing debt ÷ equity) was 0.2 times, unchanged from the previous fiscal year-end. Also, the net debt-to-equity ratio (net interest-bearing debt ÷ equity) was 0.1 times, unchanged from the previous fiscal year-end. In the six months ended September 30, 2025, consolidated free cash flow (net cash from operating activities + net cash from investing activities) was a negative ¥8.7 billion, a decrease of ¥70.5 billion compared with positive free cash flow of ¥61.8 billion in the previous equivalent period. Cash flows from operating activities Net cash provided by operating activities was ¥35.9 billion, compared with net cash provided by operating activities of ¥87.5 billion in the previous equivalent period. Major factors increasing cash included the recording of profit before income taxes and decrease in accounts receivable-trade, and contract assets. Major factors decreasing cash included decrease in trade payables and increase in inventories. This was decrease in cash provided of ¥51.6 billion year on year. Cash flows from investing activities Net cash used in investing activities was ¥44.6 billion, compared with net cash used in investing activities of ¥25.8 billion in the previous equivalent period. This outcome was primarily a result of the purchase of property, plant and equipment. This was decrease in cash used of ¥18.8 billion year on year. Cash flows from financing activities Net cash provided by financing activities was ¥1.3 billion, compared with net cash used in financing activities of ¥64.1 billion in the previous equivalent period. This was principally due to increase in commercial papers, which counterbalanced outflows for dividends paid. As a result, consolidated cash and cash equivalents on September 30, 2025, amounted to ¥55.1 billion, down ¥7.6 billion from the previous fiscal year-end. - 5 -
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Previous announcement Today’s announcement Change Net sales 1,155.0 1,185.0 30.0 Operating profit 124.5 128.5 4.0 Ordinary profit 122.5 128.0 5.5 Profit attributable to owners of parent 85.5 89.0 3.5 Previous announcement Today’s announcement Change Net sales Operating profit Net sales Operating profit Net sales Operating profit Energy 377.5 49.0 388.0 52.5 10.5 3.5 Industry 422.0 42.5 450.0 43.5 28.0 1.0 Semiconductors 225.0 23.0 222.0 23.0 (3.0) 0.0 Food and Beverage Distribution 107.0 12.5 108.0 13.0 1.0 0.5 Others 58.0 4.0 59.0 4.0 1.0 0.0 Elimination and Corporate (34.5) (6.5) (42.0) (7.5) (7.5) (1.0) Total 1,155.0 124.5 1,185.0 128.5 30.0 4.0 (3)Qualitative Information Regarding Consolidated Forecasts and Forecast Information In light of the business result trends seen in the six months ended September 30, 2025, Fuji Electric has chosen to revise the consolidated forecast for business results for the fiscal year ending March 31, 2026 that was announced together with financial results for the three-month period ended June 30, 2025 on July 31, 2025. The forecast assumes exchange rates of US$1 = ¥140, €1 = ¥164, and RMB1 = ¥19.8 for the period from October 1, 2025 onward. (Consolidated Forecasts for the Fiscal Year Ending March 31, 2026) (¥ billion) （Reference: Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 by Segment） (¥ billion) - 6 -
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(Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets: Cash and deposits 63,542 55,882 Notes receivable - trade 12,718 12,442 Electronically recorded monetary claims - trade 61,894 44,525 Accounts receivable - trade 249,353 196,499 Contract assets 93,830 122,797 Merchandise and finished goods 84,472 99,206 Work in process 55,156 59,300 Raw materials and supplies 99,021 97,359 Other 57,083 67,768 Allowance for doubtful accounts (10,401) (10,133) Total Current assets 766,672 745,650 Non-current assets: Net Property, plant and equipment 347,074 349,008 Intangible assets 30,318 32,774 Investments and other assets Investment securities 108,713 122,719 Retirement benefit asset 26,052 26,195 Other 36,904 32,122 Allowance for doubtful accounts (3,627) (3,605) Total Investments and other assets 168,042 177,432 Total Non-current assets 545,435 559,215 Deferred assets 67 57 Total Assets 1,312,175 1,304,922 2. Consolidated Financial Statements and Main Notes (1) Consolidated Balance Sheets - 7 -
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(Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities: Notes and accounts payable - trade 192,834 175,374 Short-term borrowings 10,716 24,691 Commercial papers - 25,000 Income taxes payable 28,121 11,784 Contract liabilities 67,129 62,634 Provision for product warranties 3,706 3,728 Other 128,959 112,486 Total Current liabilities 431,466 415,698 Non-current liabilities: Bonds payable 30,000 30,000 Long-term borrowings 30,073 15,067 Provision for retirement benefits for directors (and other officers) 95 111 Retirement benefit liability 66,797 68,711 Other 23,083 19,767 Total Non-current liabilities 150,050 133,657 Total Liabilities 581,517 549,355 Net Assets Shareholders' equity: Share capital 47,586 47,586 Capital surplus 64,573 63,783 Retained earnings 493,885 507,953 Treasury shares (4,273) (3,676) Total shareholders' equity 601,771 615,646 Accumulated other comprehensive income: Valuation difference on available-for-sale securities 49,318 59,475 Deferred gains or losses on hedges (2) 602 Foreign currency translation adjustment 40,046 40,526 Remeasurements of defined benefit plans 633 366 Total Accumulated other comprehensive income 89,995 100,970 Non-controlling interests 38,891 38,950 Total Net assets 730,658 755,567 Total Liabilities and Net assets 1,312,175 1,304,922 - 8 -
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(Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Net sales 497,377 543,160 Cost of sales 359,989 400,078 Gross profit 137,387 143,081 Selling, general and administrative expenses 97,051 100,322 Operating profit 40,336 42,759 Non-operating income Interest income 298 371 Dividend income 1,053 943 Other 576 788 Total Non-operating income 1,928 2,102 Non-operating expenses Interest expenses 1,594 1,603 Share of loss of entities accounted for using equity method 689 388 Depreciation of inactive non-current assets 52 631 Business conversion expenses 182 － Foreign exchange losses 659 331 Other 138 174 Total Non-operating expenses 3,316 3,128 Ordinary profit 38,949 41,733 Extraordinary income Gain on sale of non-current assets 100 14 Gain on sale of investment securities 16,612 62 Total Extraordinary income 16,712 77 Extraordinary losses Loss on disposal of non-current assets 367 892 Impairment losses － 405 Total Extraordinary losses 367 1,298 Profit before income taxes 55,294 40,512 Income taxes 17,500 12,648 Profit 37,794 27,864 Profit attributable to non-controlling interests 2,255 1,249 Profit attributable to owners of parent 35,539 26,614 (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Consolidated Statements of Income) - 9 -
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(Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 37,794 27,864 Other comprehensive income Valuation difference on available-for-sale securities (4,572) 10,145 Deferred gains or losses on hedges (69) 605 Foreign currency translation adjustments (1,271) 672 Remeasurements of defined benefit plans (283) (274) Share of other comprehensive income of associates accounted for using equity method 63 (43) Total other comprehensive Income (6,133) 11,105 Comprehensive income 31,661 38,969 Comprehensive income attributable to owners of parent 29,372 37,589 Comprehensive income attributable to non- controlling interests 2,288 1,380 （Consolidated Statements of Comprehensive Income） - 10 -
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(Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from operating activities Profit before income taxes 55,294 40,512 Depreciation and amortization 27,430 30,314 Increase (decrease) in allowance for doubtful accounts (123) (353) Increase (decrease) in provision for product warranties (115) 24 Interest and dividend income (1,352) (1,314) Interest expenses 1,594 1,603 Foreign exchange losses (gains) 96 198 Loss (gain) on sale of non-current assets (100) (14) Loss (gain) on sale of investment securities (16,612) (62) Loss (gain) on disposal of non-current assets 367 892 Impairment losses － 405 Decrease (increase) in accounts receivable - trade, and contract assets 77,899 42,023 Decrease (increase) in inventories (19,214) (16,493) Increase (decrease) in trade payables (34,959) (17,130) Increase (decrease) in contract liabilities 32,044 (4,422) Other, net (16,884) (13,565) Subtotal 105,365 62,617 Interest and dividends received 1,365 1,322 Interest paid (1,546) (1,603) Income taxes paid (17,640) (26,431) Net cash provided by (used in) operating activities 87,543 35,904 Cash flows from investing activities Purchase of property, plant and equipment (41,576) (40,288) Proceeds from sale of property, plant and equipment 135 161 Purchase of intangible assets (2,887) (5,956) Purchase of investment securities (122) (43) Proceeds from sale of investment securities 18,446 65 Loan advances (2,958) (10,386) Proceeds from collection of loans receivable 3,508 10,639 Other, net (311) 1,195 Net cash provided by (used in) investing activities (25,765) (44,612) (3) Consolidated Statements of Cash Flows - 11 -
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(Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from financing activities Net increase (decrease) in short-term borrowings 243 (1,140) Increase (decrease) in commercial papers (36,000) 25,000 Proceeds from long-term loans borrowings 15,111 － Repayments of long-term loans borrowings (28,005) (12) Proceeds from issuance of bonds 10,000 － Repayments of lease obligations (11,184) (7,850) Purchase of treasury shares (11) (9) Purchase of treasury shares of subsidiaries (10) (13) Dividends paid (10,712) (12,547) Dividends paid to non-controlling interests (3,542) (1,301) Purchase of shares of subsidiaries not resulting in change in scope of consolidation － (787) Net cash provided by (used in) financing activities (64,110) 1,337 Effect of exchange rate changes on cash and cash equivalents 278 (251) Net increase (decrease) in cash and cash equivalents (2,053) (7,622) Cash and cash equivalents at beginning of year 65,543 62,675 Increase in cash and cash equivalents resulting from change in scope of consolidation 1,205 － Cash and cash equivalents at end of year 64,694 55,053 - 12 -
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(4) Notes to the Semi-Annual Consolidated Financial Statements (Notes Regarding Adoption of Accounting Treatment Specific to the Preparation of Semi-Annual Consolidated Financial Statements) (Calculation of tax expenses) Tax expenses are calculated by reasonably estimating the effective tax rate after applying deferred tax accounting to the profit before income taxes for the consolidated fiscal year, including the current semi-annual fiscal year, and multiplying the estimated effective tax rate by the semi-annual profit before income taxes. For some consolidated companies where the estimated effective tax rate cannot be used, the statutory effective tax rate is used instead. (Notes on Substantial Changes in the Amount of Shareholder’s Equity) None (Notes Regarding Assumption of Going Concern) None - 13 -
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(Millions of yen) Energy Industry Semiconductors Food and Beverage Distribution Others (*1) Total Adjustments (*2) Consolidated (*3) Net sales Sales to third parties 142,277 174,050 106,303 57,357 17,389 497,377 － 497,377 Inter-segment sales and transfers 1,724 1,330 1,745 929 10,026 15,755 (15,755) － Total sales 144,001 175,380 108,048 58,286 27,415 513,133 (15,755) 497,377 Segment profits (losses) 10,015 8,137 15,059 8,709 1,652 43,575 (3,238) 40,336 (Millions of yen) Energy Industry Semiconductors Food and Beverage Distribution Others (*1) Total Adjustments (*2) Consolidated (*3) Net sales Sales to third parties 161,567 204,838 107,525 51,241 17,987 543,160 － 543,160 Inter-segment sales and transfers 3,667 1,506 1,199 1,142 9,854 17,370 (17,370) － Total sales 165,234 206,345 108,725 52,383 27,841 560,530 (17,370) 543,160 Segment profits (losses) 18,959 11,007 8,973 5,806 1,590 46,337 (3,577) 42,759 (Segment Information) 1. Information on Net Sales and Profit or Loss by Each Reporting Segment Six months ended September 30, 2024 Notes: 1. “Others” segment consisted of business segments not attributable to reporting segments and included financial services, real estate operations, insurance agency services, travel agency services, printing and information services, etc. 2. The (3,238) million yen of adjustments for segment profit (loss) includes (3,294) million yen of corporate expenses that are not allocated to each reporting segment. Corporate expenses are mainly expenses related to the Company's administrative department that are not attributable to the reportable segments. 3. Segment profits (losses) were reconciled to operating profit (loss) in the consolidated statements of income. Six months ended September 30, 2025 Notes: 1. “Others” segment consisted of business segments not attributable to reporting segments and included financial services, real estate operations, insurance agency services, travel agency services, printing and information services, etc. 2. The (3,577) million yen of adjustments for segment profit (loss) includes (3,672) million yen of corporate expenses that are not allocated to each reporting segment. Corporate expenses are mainly expenses related to the Company's administrative department that are not attributable to the reportable segments. 3. Segment profits (losses) were reconciled to operating profit (loss) in the consolidated statements of income. - 14 -
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2. Changes in Reporting Segments Effective April 1, 2025, a reorganization was undertaken resulting in changes to the businesses included within the Energy and Industry reportable segments. The reporting segment information for the six months ended September 30, 2024 has been reclassified to reflect this change. - 15 -
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3. Supplemental Consolidated Financial Materials （Billions of yen） (% indicate changes from the same period of the previous fiscal year.) 1. Financial Summary ％ ％ ％ ％ ％ ％ 261 101.3% 497 101.2% 1,123 101.8% 295 113.1% 543 109.2% 1,185 105.5% 23 113.5% 40 115.3% 118 110.9% 25 106.9% 43 106.0% 129 109.2% 21 106.1% 39 112.5% 119 110.1% 24 117.9% 42 107.1% 128 107.8% 24 199.9% 36 146.0% 92 122.4% 16 65.2% 27 74.9% 89 96.5% 2. Number of Consolidated Subsidiaries 3. Profit Per Share 4. Average Exchange Rates (Yen) 5. Net Sales by Reporting Segment ％ ％ ％ ％ ％ ％ 79 - 144 - 354 - 91 116.3% 165 114.7% 388 109.5% 95 - 175 - 400 - 119 124.9% 206 117.7% 450 112.5% 54 - 108 - 237 - 54 99.5% 109 100.6% 222 93.8% 28 - 58 - 111 - 26 94.4% 52 89.9% 108 96.9% 14 - 27 - 56 - 14 103.7% 28 101.6% 59 105.1% 269 - 513 - 1,159 - 304 113.1% 561 109.2% 1,227 105.9% (8) - (16) - (35) - (9) - (17) - (42) - 261 101.3% 497 101.2% 1,123 101.8% 295 113.1% 543 109.2% 1,185 105.5% 6. Operating Profit(Loss) by Reporting Segments ％ ％ ％ ％ ％ ％ 7 - 10 - 36 - 10 158.1% 19 189.3% 53 144.8% 6 - 8 - 34 - 8 129.8% 11 135.3% 44 128.1% 7 - 15 - 37 - 4 55.7% 9 59.6% 23 62.0% 4 - 9 - 14 - 3 75.7% 6 66.7% 13 93.5% 1 - 2 - 4 - 1 95.5% 2 96.2% 4 106.3% 25 - 44 - 125 - 26 106.4% 46 106.3% 136 108.8% (2) - (3) - (7) - (2) - (4) - (8) - 23 113.5% 40 115.3% 118 110.9% 25 106.9% 43 106.0% 129 109.2% 7. Net Overseas Sales ％ ％ ％ ％ ％ ％ 26 71.5% 51 75.9% 113 80.8% 31 117.3% 55 105.9% - - 6 118.2% 13 122.4% 28 120.3% 7 113.6% 14 110.8% - - 23 99.3% 48 111.1% 99 102.6% 27 117.5% 52 109.1% - - 7 76.7% 16 89.1% 40 102.6% 8 117.3% 18 109.1% - - 7 119.4% 14 115.7% 45 134.3% 9 124.6% 15 102.2% - - 70 86.8% 143 93.9% 325 97.9% 83 117.8% 153 107.4% - - Asia (except for India and China) India China Europe Americas Total Elimination Total FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts Energy Industry Semiconductors Food and Beverage Distribution Others Subtotal Elimination Total FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts Energy Industry Semiconductors Food and Beverage Distribution Others Subtotal 20.05 FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts ＲＭＢ 20.82 21.15 21.10 20.60 20.30 ＥＵＲＯ 164.01 165.95 163.75 172.32 168.06 166.03 ＵＳ＄ 149.38 152.63 152.58 147.48 146.04 FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts 143.02 Profit per share (Yen) 168.48 248.82 642.69 106.46 180.62 FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts 603.80 49 Number of equity-method subsidiaries and affiliates 4 4 4 4 4 4 Overseas 49 49 49 49 49 Net sales Operating profit Ordinary profit Profit attributable to owners of parent FY2024 FY2025 68 Japan 19 19 19 19 19 19 Number of consolidated subsidiaries 68 68 68 68 68 FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts - 16 -
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8. R&D Expenditures 2 3 8 2 4 9 3 6 12 3 6 12 3 7 13 3 7 14 1 2 4 1 2 4 0 0 0 0 0 0 9 18 38 9 18 39 Ratio to net sales (%) 3.5% 3.7% 3.4% 3.2% 3.4% 3.3% 9. Plant and Equipment Investment (Including Leases) 1 1 5 1 2 10 2 4 11 2 4 13 11 39 64 14 23 39 0 1 2 0 0 2 0 1 2 1 1 2 15 46 85 18 31 65 (Leases) 0 0 1 0 0 0 Note: Leases are included in total plant and equipment investment. 10. Depreciation, Leases Paid 1 2 4 1 2 5 2 5 9 2 5 10 8 17 36 9 19 36 0 1 2 0 1 2 0 0 1 0 0 1 12 25 53 14 27 54 (Leases) 0 0 1 0 0 1 11. Number of Employees 17,477 Overseas 10,077 10,077 10,023 9,876 9,876 9,749 Japan 17,604 17,604 17,368 17,601 17,601 1,519 Total 27,681 27,681 27,391 27,477 27,477 27,226 Others 1,534 1,534 1,519 1,516 1,516 5,862 Food and Beverage Distribution 1,906 1,906 1,860 1,856 1,856 1,824 Semiconductors 6,201 6,201 6,198 6,182 6,182 7,035 Industry 11,170 11,170 10,961 10,909 10,909 10,986 Energy 6,870 6,870 6,853 7,014 7,014 FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts 81.1% 83.5% 81.4% 88.6% 77.4% 70.8% 112.4% Total 105.6% 112.8% 111.5% 111.0% 108.3% 101.8% Others - - - 113.2% 112.7% 99.3% Food and Beverage Distribution - - - 99.0% 96.4% 97.7% Semiconductors - - - 111.1% 108.4% 116.4% Industry - - - 109.6% 104.6% 105.0% Energy - - - 118.7% 122.0% ％ ％ ％ ％ ％ ％ FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts 24.1% 15.9% 43.1% 59.3% 91.4% 65.4% 76.5% Total 101.0% 175.5% 124.7% 120.6% 67.1% 76.8% Others - - - 157.3% 167.5% 59.8% Food and Beverage Distribution - - - 71.2% 72.4% 93.2% Semiconductors - - - 119.8% 57.6% 179.3% Industry - - - 106.2% 113.8% 123.9% Energy - - - 168.2% 168.5% ％ ％ ％ ％ ％ ％ FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts - - - - - 0.0% - Total 107.2% 108.0% 104.9% 102.1% 101.0% 103.9% Others - - - - - 105.1% Food and Beverage Distribution - - - 93.7% 96.4% 97.0% Semiconductors - - - 105.8% 105.0% 114.9% Industry - - - 95.2% 93.4% 97.8% Energy - - - 112.4% 109.5% ％ ％ ％ ％ ％ ％ FY2024 FY2025 2nd Quarter 1st Half Full Year 2nd Quarter 1st Half Full Year Forecasts - 17 -