Interim report
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1 DISCLAIMER: This document has been translated from a part of 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. February 12, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP) Company name: BUFFALO INC. Listing: Tokyo Stock Exchange / Nagoya Stock Exchange Securities code: 6676 URL: https://www.buffalo.jp Representative: Hiroyuki Maki, President & C.E.O. Inquiries: Hideto Fukaya, General Manager, CEO's Office Telephone: +81-3-4213-1122 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: None Holding of financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 90,438 (17.5) 7,751 16.2 8,499 26.0 6,851 61.9 December 31, 2024 109,576 0.5 6,672 111.4 6,748 124.2 4,231 108.1 Note: Comprehensive income For the nine months ended December 31, 2025: ¥6,672 million [49.9%] For the nine months ended December 31, 2024: ¥4,449 million [100.8%] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 532.30 - December 31, 2024 268.04 - (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio Net assets per share As of Millions of yen Millions of yen % Yen December 31, 2025 70,550 41,570 58.9 3,502.21 March 31, 2025 76,786 45,037 58.7 2,961.91 Reference: Equity As of December 31, 2025: ¥41,570 million As of March 31, 2025: ¥45,037 million 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 60.00 - 60.00 120.00 Fiscal year ending March 31, 2026 - 60.00 - Fiscal year ending March 31, 2026 (Forecast) 60.00 120.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.)
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2 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 Fiscal year ending March 31, 2026 117,500 (17.9) 8,500 (4.5) 9,300 3.0 7,300 21.5 578.69 Note: Revisions to the earnings forecasts most recently announced: Yes
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3 * Notes (1) Significant changes in the scope of consolidation during the period: Yes Excluded: 1 company (Buffalo Inc.) (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes 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 December 31, 2025 12,150,000 shares As of March 31, 2025 15,300,000 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 280,228 shares As of March 31, 2025 94,538 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 12,870,962 shares Nine months ended December 31, 2024 15,788,490 shares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:Yes (optional) * Proper use of earnings forecasts, and other special matters (Cautions on forward-looking statements, etc.) The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors.
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4 Quarterly consolidated balance sheet (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 31,609 24,435 Notes and accounts receivable - trade, and contract assets 14,489 16,918 Merchandise and finished goods 14,480 13,400 Raw materials and supplies 5,811 5,807 Other 2,654 4,017 Allowance for doubtful accounts (2) (1) Total current assets 69,043 64,577 Non-current assets Property, plant and equipment 786 717 Intangible assets 2,846 2,197 Investments and other assets Investment securities 2,298 1,919 Other 1,837 1,163 Allowance for doubtful accounts (26) (25) Total investments and other assets 4,109 3,057 Total non-current assets 7,743 5,973 Total assets 76,786 70,550
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5 (Millions of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes and accounts payable - trade 15,267 14,922 Electronically recorded obligations - operating 640 1,145 Current portion of long-term borrowings - 234 Accounts payable - other 4,218 2,936 Accrued expenses 1,252 850 Income taxes payable 2,715 522 Contract liabilities 4,776 4,874 Provision for bonuses for directors (and other officers) 170 - Provision for product warranties 625 398 Provision for shareholder benefit program - 10 Other 1,129 1,484 Total current liabilities 30,795 27,379 Non-current liabilities Long-term borrowings - 1,355 Retirement benefit liability 109 125 Provision for retirement benefits for directors (and other officers) 715 110 Other 128 9 Total non-current liabilities 953 1,600 Total liabilities 31,749 28,980 Net assets Shareholders' equity Share capital 1,000 1,000 Capital surplus 250 250 Retained earnings 43,567 41,224 Treasury shares (327) (1,272) Total shareholders' equity 44,489 41,202 Accumulated other comprehensive income Valuation difference on available-for-sale securities 357 10 Deferred gains or losses on hedges (55) 83 Foreign currency translation adjustment (24) 33 Remeasurements of defined benefit plans 270 241 Total accumulated other comprehensive income 547 368 Total net assets 45,037 41,570 Total liabilities and net assets 76,786 70,550
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6 Quarterly consolidated statement of income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Net sales 109,576 90,438 Cost of sales 80,196 66,653 Gross profit 29,380 23,785 Selling, general and administrative expenses 22,707 16,033 Operating profit 6,672 7,751 Non-operating income Interest income 2 24 Royalty income 35 - Dividend income 97 33 Gain on sale of investment securities - 716 Rental income 0 66 Other 135 44 Total non-operating income 271 885 Non-operating expenses Interest expenses 0 9 Foreign exchange losses 168 76 Commission expenses - 35 Other 27 16 Total non-operating expenses 195 137 Ordinary profit 6,748 8,499 Extraordinary income Gain on sale of non-current assets 16 12 Gain on sale of investment securities 0 200 Total extraordinary income 16 212 Extraordinary losses Loss on sale of non-current assets 44 - Loss on retirement of non-current assets 22 1 Impairment losses - 50 Total extraordinary losses 66 52 Profit before income taxes 6,698 8,659 Income taxes - current 2,450 1,250 Income taxes - deferred 15 558 Total income taxes 2,466 1,808 Profit 4,231 6,851 Profit attributable to owners of parent 4,231 6,851
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7 Quarterly consolidated statement of comprehensive income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 4,231 6,851 Other comprehensive income Valuation difference on available-for-sale securities 104 (346) Deferred gains or losses on hedges 73 138 Foreign currency translation adjustment 27 57 Remeasurements of defined benefit plans, net of tax 12 (28) Total other comprehensive income 217 (178) Comprehensive income 4,449 6,672 Comprehensive income attributable to Comprehensive income attributable to owners of parent 4,449 6,672