Slides
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October 31, 2025 Murata Manufacturing Co., Ltd. Earnings Release Conference Second Quarter of FY2025 (April 1, 2025 to September 30, 2025)
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President CEO Norio Nakajima Second Quarter of FY2025 Earnings Highlights and Topics
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3 Highlights of the Financial Results Revenue 902.8 billion yen • Revenue were up 2.2% year-on-year. Revenue for high frequency modules and multilayer resin substrates decreased mainly for smartphones but revenue for server and distributors increased for capacitors. Excluding foreign exchange effects, revenue increased by 5.5%. • Revenue increased compared to the forecast for the first half. The main factors were that the yen depreciated compared to the forecast, and concerns about an economic recession caused by various countries’ tariff policies eased, leading to higher-than-expected demand for final set volumes. Revenue was weighted toward the first half due to a pickup in component demand ahead of schedule in the smartphone market and for the National Day holidays in China. Operating profit 165.1 billion yen • Operating profit were up 4.4% year-on-year. Excluding foreign exchange effects, operating profit increased by 13.8%. An increase in the operation rate contributed to profit growth. • Operating profit increased against the first-half profit forecast, mainly driven by gains in capacity utilization associated with increased production output compared to the forecast, the effect of a weak yen, and efforts to reduce fixed costs in anticipation of risks such as tariffs. Financial Results of FY2025 1st Half
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4 Revision of Projected Financial Results Revenue 1,740.0 billion yen • Revenue were up 6.1% 100.0billion yen compared to the April forecast. Demand for components increased across all applications, beginning with communication and computers. Excluding foreign exchange effects, revenue increased by 2.7%. • The main factors were the progression of the yen’s depreciation from the assumed exchange rate (140yen → 145.52 yen)and growth in demand for set volumes compared to the April forecast, following the easing of concerns about an economic recession due to tariffs. Operating profit 280.0 billion yen • Operating profit were up 27.3% 60.0billion yen compared to the April forecast. Excluding foreign exchange effects, operating profit increased by 14.7%. • Compared with the full year profit forecast was mainly driven by gains in capacity utilization associated with increased production output compared to the forecast, the effect of a weak yen. Projected Financial Results for FY2025(October)
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5 Assumptions Behind Projected Financial Results and Our Company’s View • Smartphones • Vehicles • PCs • Servers In smartphones, new models and Chinese IDHs performed favorably, and an increase in total units is expected year on year. ＊Smartphones and PCs are based on the number of demand for components. Vehicles are based on the number of units produced. Servers are based on the number of units shipped. FY24 vs FY25 vs Projections(April) 1,170 M 1,170 M 1,210 M +4% +3% therein 5G smartphones 66.7 % 69.2 % 66.1 % (1%) (5%) 89.5 M 88.5 M 90.3 M +1% +2% therein xEV 39.0 % 46.4 % 43.7 % +12% (6%) 380 M 390 M 390 M +3% +1% 12.5 % 17.0 % 13.1 % 1.1 times (0.8) times FY2025 Change Actual Projections(April) Projections(October) FY2024 FY2025 Proportion of AI servers Smartphones (units) Vehicles (units) PCs (units) An increase in the xEV ratio is expected year on year. Replacement demand is expected to increase unit sales, mainly for laptop PCs. The component proportion declined due to the downward revision of total units stemming from a higher density of AI servers. Conversely, the number of components per unit is expected to rise, and demand for our components is projected to increase year on year.
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6 Recognition of Business Environment Revenue Productions Costs Premises of projected financial results as of April Recognition of the current situation as of October • Concerns about an economic recession caused by various countries’ tariff policies eased, Final set volumes overperformed our assumption. • Component demand for AI Data Centers remains firm. • The impact of the suspension of semiconductor shipments for automobiles is under investigation. • Although product prices continued to decline, price reductions for consumer devices progressed more moderately than our assumption. • The assumed exchange rate after Q3 at 145 yen per US$. • There is no change in the investment plan from a medium- to long-term perspective. • Planned cost control will continue. • In Q2 , inventories decreased due to seasonality and in response to front-loaded demand. • The component business is set to maintain high operation rates and continue increasing production output after Q2. Demand for AI Data Centers components continues to be firm. An increase in the number of products required per end-product and demand for high-performance components due to the rise in xEV proportion and AD/ADAS technologies Impact of a decline due to a pickup of high-end smartphones ahead of the schedule. The amount of the negative impact is 15.0 billion yen for the full year Power tool market in line with actual demand. Ongoing decline in product prices. The assumed exchange rate: 140 yen per US$ Production output planned to increase excluding the effect of exchange rate fluctuations Inventory buildup planned, mainly of components to prepare for future demand growth An increase in production-related expenses coupled with a rise in the operation rate. Increased spending including human capital investments and DX-related expenses. Implementation of investments essential to expanding the adoption and market share of our products from the next fiscal year.
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From April 1, 2025 to September 30, 2025 Consolidated Basis Executive Deputy President CFO Masanori Minamide Second Quarter of FY2025 Financial Results Summary and Business Overview
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8 Financial Results Overview 1st Half of FY2025 (YoY) • Revenue decreased for high-frequency modules and multilayer resin substrates for smartphones but increased for capacitors for servers, resulting in an overall increase in revenue. • Operating profit increased due to profit-increasing factors such as a recovery in the operation rate and cost reductions, despite profit-decreasing factors such as a fall in product prices and higher fixed costs. *Exchange rate sensitivity (per 1 JPY/US$ change per year) Revenue :9.0 BJPY Operating profit : 4.5 BJPY Impact of exchange rate (B JPY) (%) (B JPY) (%) (B JPY) (%) (B JPY) (%) (B JPY) (%) (B JPY) (B JPY) (%) (B JPY) (%) Revenue 883.5 100.0 416.2 100.0 486.6 100.0 902.8 100.0 +19.3 +2.2 (29.6) +48.9 +5.5 +70.5 +16.9 Operating profit 158.2 17.9 61.6 14.8 103.5 21.3 165.1 18.3 +7.0 +4.4 (14.8) +21.8 +13.8 +41.9 +68.0 Profit before tax 164.0 18.6 62.3 15.0 112.5 23.1 174.8 19.4 +10.8 +6.6 +50.1 +80.4 Profit attributable to owners of parent 130.3 14.8 49.7 11.9 82.7 17.0 132.4 14.7 +2.1 +1.6 +33.0 +66.3 Average exchange rates yen/US dollar 152.62 Q on Q ChangeY on Y Change Constant Currency basis1st Quarter 2nd Quarter 1st Half 146.04144.6 147.48 1st Half FY2024 FY2025
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9 Quarterly Revenue, Order and Backlog • Total orders for the company increased from the previous quarter. Demand remained firm, particularly for communication applications, coupled with an increase in the valuation of foreign- currency-denominated backlogs due to the yen’s depreciation. * Orders = Revenue + Backlogs at the Current Quarter - Backlogs at the Previous Quarter * Backlogs are calculated based on exchange rates as of the end of each quarter. * Exchange rate against the U.S. dollar: 142.82 yen at the end of September 2024, 149.53 yen at the end of March 2025, 148.89yen at the end of September 2025 0.0 100.0 200.0 300.0 400.0 500.0 (B JPY) Backlog Revenue Order 25Q2 Revenue 486.6 B JPY 25Q2 Order 487.0 B JPY 25Q2 Backlog 302.9 B JPY FY22 2Q 3Q 4Q FY23 1Q 2Q 3Q 4Q FY24 1Q 2Q 3Q 4Q FY25 1Q 2Q Book-to- Bill Ratio 0.91 0.78 0.90 0.98 0.95 0.95 1.05 1.02 0.92 1.00 1.01 1.04 1.00
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10 Revenue by Operating Segments 1st Quarter 2st Quarter (B JPY) (%) (B JPY) (B JPY) (B JPY) (%) (B JPY) (%) (B JPY) (%) Capacitors 417.3 47.2 217.3 237.6 454.9 50.4 +37.6 +9.0 +20.2 +9.3 Inductors and EMI filters 101.1 11.4 52.5 58.3 110.7 12.3 +9.7 +9.6 +5.8 +11.0 High-Frequency Device and Communications Module 225.7 25.6 82.1 120.6 202.7 22.4 (23.0) (10.2) +38.5 +46.9 Battery and Power supply 83.7 9.5 35.8 39.1 74.9 8.3 (8.8) (10.5) +3.4 +9.5 Functional Device 49.2 5.6 24.8 27.4 52.2 5.8 +3.0 +6.1 +2.6 +10.4 Others 6.5 0.7 3.7 3.7 7.4 0.8 +0.8 +12.9 (0.0) (1.1) Revenue 883.5 100.0 416.2 486.6 902.8 100.0 +19.3 +2.2 +70.5 +16.9 Q on Q ChangeY on Y Change 1st Half 1st Half FY2024 FY2025
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11 Revenue Capacitors +9.0% MLCCs： Revenue increased for servers and distributors. Inductors and EMI filters +9.6% Inductors： Revenue increased for mobility and smartphones. EMI Suppression Filters： Revenue increased for mobility and servers. YoY Revenue Operating profit ↑+9.6% ↑+4.8% Operating profit Operating profit increased year on year due to gains in capacity utilization associated with increased production output, despite the appreciation of the yen and a decline in product prices. * The comparison includes the impact of one-time revenue generated in FY2024 1st Half. Overview by Segment – Components [FY2025 1st Half vs FY24 1st Half ] 5.7 8.6 101.1 110.7 417.3 150.5 454.9 157.7 FY2024 1H FY2025 1H 524.1 274.0 (B JPY) 28.7% 27.5% ■Capacitors ■Inductors and EMI filters ■Intersegment ■Operating profit / ratio Revenue Operating profit Operating profit Revenue
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12 Revenue High-Frequency Device and Communications Module (10.2%) High frequency modules： Revenue decreased for smartphones and PCs. Multilayer resin substrates, SAW Filters： Revenue decreased for smartphones. Battery and Power supply (10.5%) Lithium-Ion secondary batteries： Revenue decreased for power tools and video game consoles. Functional Device +6.1% Sensors： Revenue Increased for mobility. Operating profit Despite deteriorated profitability in the high-frequency device and communications module business due to the appreciation of the yen and a decline in revenue, profitability improved in the battery business, and one-time expenses decreased, resulting in a year-on-year increase in profit. *The comparison includes the impact of one-time revenue generated in FY2024 1st Half. Overview by Segment – Devices and modules [FY2025 1st Half vs FY24 1st Half ] YoY Revenue Operating profit ↓(8.0%) ↑+7.5% 0.0 0.0 49.2 52.2 83.7 74.9 225.7 9.6 202.7 10.3 FY2024 1H FY2025 1H 358.6 329.8 (B JPY) 2.7% 3.1% ■High-Frequency Device and Communications Module ■Battery and Power supply ■Functional Device ■Intersegment ■Operating profit / ratio Revenue Revenue Operating profit Operating profit
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13 Revenue by Application *Based on our estimate. Please note that from FY2025, we will change the scope of revenue classification by purpose to better reflect the actual state of our business. For the purpose of comparing year-on-year changes, the results for FY2024 have been reclassified according to the new classification. 1st Quarter 2st Quarter (B JPY) (%) (B JPY) (B JPY) (B JPY) (%) (B JPY) (%) (B JPY) (%) Communication 346.2 39.2 137.6 191.0 328.5 36.4 (17.7) (5.1) +53.4 +38.8 Mobility 227.6 25.8 113.3 121.2 234.5 26.0 +7.0 +3.1 +7.8 +6.9 Computers 121.5 13.8 70.0 75.9 145.9 16.2 +24.4 +20.1 +5.9 +8.5 Home Electronics 75.5 8.5 36.8 36.6 73.4 8.1 (2.1) (2.7) (0.2) (0.6) Industry and Others 112.7 12.7 58.5 62.0 120.4 13.3 +7.7 +6.9 +3.5 +6.0 Revenue 883.5 100.0 416.2 486.6 902.8 100.0 +19.3 +2.2 +70.5 +16.9 Q on Q ChangeY on Y Change 1st Half 1st Half FY2024 FY2025
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14 Current Inventory Situation • Inventories as of the end of Sep. 2025 decreased 0.6 billion yen from the end of the previous quarter. Excluding the impact of yen depreciation at the end of the quarter, there was a decrease of 6.6 billion yen. • Inventories of components as well as high-frequency devices and communications modules declined, driven by a pickup in demand ahead of schedule in the smartphone market and for the National Day holidays in China. 126.7 127.1 119.7 118.7 118.6 358.3 362.7 363.1 370.5 370.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 24/9 24/12 25/3 25/6 25/9 (B JPY) Merchandise and finished goods puls Work in process Raw materials and supplies
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15 FY24 1H Operating profit 158.2 Cost reduction (estimate) +21.0 Production Increase (estimate) +83.0 Price decline (estimate) (56.0) Exchange rate (estimate) (15.0) Decrease of depreciation expenses +0.6 Increase of semi variable cost and other fixed cost (18.0) Others (Product mix etc.) (8.7) FY25 1H Operating profit 165.1 (80.0) (30.0) 20.0 70.0 120.0 170.0 (B JPY) JPY/US$:152.62 YEN (FY24 1H) → 146.04 YEN(FY25 1H) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:865.0 BJPY (FY24 1H) → 909.0 BJPY (FY25 1H) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY24 1st Half to FY25 1st Half] *“Others(Product mix etc.)” include the impact of one-time expenses generated in the 2nd Quarter of FY2024 *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY24 1st Half Total amount: (3.5 BJPY) ・Battery business include structural reform expense and impairment losses: (9.5 BJPY) ・Other than the above: ＋6.0 BJPY FY25 1st Half Nothing noteworthy
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16 Cash Flows • Cash flow from operating activities decreased year on year, despite higher profits compared to the same period last year, primarily due to a smaller reduction in inventories. • Cash flows from financing activities include share buybacks and dividend payments, as in the same period of the previous fiscal year. FY2024 FY2025 1st Half 1st Half (B JPY) (B JPY) (B JPY) Cash flows from operating activities 216.0 167.7 (48.3) Cash flows from investing activities (97.2) (65.5) +31.8 Cash flows from financing activities (155.7) (138.6) +17.2 Effect of exchange rate changes (13.3) (6.5) +6.9 Cash and cash equivalents at end of period 571.7 582.4 +10.7 Free Cash Flows 118.8 102.3 (16.5) Purchase of property, plant and equipment (95.2) (88.3) +6.9 Depreciation and amortization 85.2 84.6 (0.6) Y on Y Change
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From April 2025 to March 2026 Projected Financial Results for FY2025
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18 Projected Financial Results for FY2025 • The full-year earnings forecast has been revised upward for both revenue and profit. • Demand for set volumes grew compared to the April forecast following the easing of concerns about an economic recession due to tariffs, in addition to the yen’s depreciation. A pickup in demand ahead of schedule in the smartphone market and for the National Day holidays in China led to component demand being weighted toward the first half, with a reactionary decline expected in the 2nd half. *Exchange rate sensitivity(per 1 JPY/US$ change per year) Revenue :9.0 BJPY Operating profit : 4.5 BJPY 1st Half 2nd Half 1st Half 2nd Half Impact of exchange rate (B JPY) (B JPY) (B JPY) (%) (B JPY) (B JPY) (B JPY) (%) (B JPY) (%) (B JPY) (B JPY) (%) Revenue 830.0 810.0 1,640.0 100.0 902.8 837.2 1,740.0 100.0 +100.0 +6.1 +55.2 +44.8 +2.7 Operating profit 117.0 103.0 220.0 13.4 165.1 114.9 280.0 16.1 +60.0 +27.3 +27.6 +32.4 +14.7 Profit before tax 122.0 108.0 230.0 14.0 174.8 115.2 290.0 16.7 +60.0 +26.1 Profit attributable to owners of parent 94.0 83.0 177.0 10.8 132.4 87.6 220.0 12.6 +43.0 +24.3 ROIC (pre-tax basis) (%) Average exchange rates yen/US dollar Constant Currency basis FY2025 Projections(April) FY2025 Projections(October) Y on Y Change Projections (April) vs Projections (October) 145.52 7.8 9.7 140.00
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19 Projected Revenue by Operating segments 1st Half 2nd Half (B JPY) (B JPY) (B JPY) (B JPY) (B JPY) (%) (B JPY) (%) Capacitors 848.8 454.9 443.0 897.9 +49.1 +5.8 (11.9) (2.6) Inductors and EMI filters 204.7 110.7 103.3 214.1 +9.4 +4.6 (7.4) (6.7) Components 1,053.5 565.6 546.3 1,112.0 +58.5 +5.6 (19.3) (3.4) High-Frequency Device and Communications 342.7 202.7 160.0 362.7 +20.0 +5.8 (42.6) (21.0) Battery and Power supply 132.0 74.9 71.7 146.6 +14.5 +11.0 (3.2) (4.3) Functional Device 96.4 52.2 50.6 102.8 +6.5 +6.7 (1.6) (3.0) Devices/Module 571.1 329.8 282.3 612.1 +41.0 +7.2 (47.4) (14.4) Others 15.4 7.4 8.6 16.0 +0.6 +3.7 +1.2 +16.7 Total 1,640.0 902.8 837.2 1,740.0 +100.0 +6.1 (65.6) (7.3) FY2025 Projections (April) FY2025 Projections (October) Projections (April) vs Projections (October) 1st Half vs 2nd Half (October) Change Change
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20 Projected Revenue by Application *Based on our estimate. Please note that from FY2025, we will change the scope of revenue classification by purpose to better reflect the actual state of our business. For the purpose of comparing year-on-year changes, the results for FY2024 have been reclassified according to the new classification. 1st Half 2nd Half (B JPY) (B JPY) (B JPY) (B JPY) (B JPY) (%) (B JPY) (%) Communication 576.9 328.5 283.4 611.9 +35.0 +6.1 (45.1) (13.7) Mobility 459.3 234.5 235.8 470.4 +11.1 +2.4 +1.3 +0.5 Computers 262.4 145.9 139.6 285.5 +23.1 +8.8 (6.2) (4.3) Home Electronics 124.2 73.4 60.3 133.7 +9.6 +7.7 (13.1) (17.8) Industry and Others 217.3 120.4 118.1 238.5 +21.2 +9.8 (2.4) (2.0) Total 1,640.0 902.8 837.2 1,740.0 +100.0 +6.1 (65.6) (7.3) FY2025 Projections (April) FY2025 Projections (October) Change Projections (April) vs Projections (October) 1st Half vs 2nd Half (October) Change
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21 FY25 Operating profit (Projection April 2025) 220.0 Cost reduction (estimate) +1.0 Production Increase (estimate) +28.0 Price decline (estimate) +6.0 Exchange rate (estimate) +25.0 Decrease of depreciation expenses +1.0 Decrease of semi variable cost and other fixed cost +6.0 Others (Product mix etc.) (7.0) FY25 Operating profit (Projection October 2025) 280.0 (50.0) 0.0 50.0 100.0 150.0 200.0 250.0 300.0 (B JPY) JPY/US$:140.00 YEN (FY25 projection April 2025) → 145.52 YEN(FY25 projection October 2025) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:1,656.0 BJPY (FY25 projection April 2025) → 1,760.0 BJPY (FY25 projection October 2025) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY25 Projection (April 2025) to FY25 Projection (October 2025)] *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY25 1st Half Nothing noteworthy FY25 2st Half ・transfer the micro primary battery business.: ＋5.0 BJPY
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22 FY25 1H Operating profit 165.1 Cost reduction (estimate) +8.0 Production Increase (estimate) (19.0) Price decline (estimate) (19.0) Exchange rate (estimate) (2.0) Increase of depreciation expenses (1.9) Increase of semi variable cost and other fixed cost (19.0) Others (Product mix etc.) +2.7 FY25 2H Operating profit (Projection October 2025) 114.9 (50.0) 0.0 50.0 100.0 150.0 200.0 (B JPY) JPY/US$:146.04 YEN (FY25 1H) → 145.00 YEN(FY25 2H projection October 2025) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:909.0 BJPY (FY25 1H) → 851.0 BJPY (FY25 2H projection October 2025) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY25 1st Half to FY25 2nd Half Projection (October 2025)] *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY25 1st Half Nothing noteworthy FY25 2st Half ・transfer the micro primary battery business.: ＋5.0 BJPY
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23 Projected Financial Results for FY2025 Depreciation and amortization R & D expenses Capital expenditures Average exchange rate (JPY/USD) 145.52 75.4 B JPY 184.6 B JPY 260.0 B JPY 146.04 145.00 153.0 B JPY 84.6 B JPY 86.4 B JPY 171.0 B JPY 78.0 B JPY 75.0 B JPY Projections FY2025 1st Half FY2025 2nd Half FY2025 Results Projections
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24 Quarterly Financial Results
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25 Date and Time： Monday, December 1, 2025, starting at 1:30 p.m. Location： Murata Minato Mirai Innovation Center Format： The English materials will be available on our website. An archived recording will be available after event. Release Date：October 24, 2025 Announcement of the Release Murata Value report（Integrated Report） ＜URL＞ Murata value report (Integrated report) | Murata Manufacturing Co., Ltd. Investor Relations Announcement Announcement of the Event 2025 Murata IR Day President “Norio Nakajima” 『Presentation on the Company’s Future Technologies and Business Strategy』 Executive Vice President Ceramic Capacitor Business Unit “Nagato Omori” 『Introduction to the Sources of Competitive Advantage in the Component Business, and Examples of Creating a Virtuous Cycle of Social Value and Economic Value』 Executive Deputy President “Masanori Minamide” 『Explanation of Initiatives and Enhancement Measures for Human Capital and Financial Capital』 ■Presentation on the Day (Planned)
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26 This report contains forward- looking statements concerning Murata Manufacturing Co., Ltd. and its group companies' projections, plans, policies, strategies, schedules, and decisions. These forward- looking statements are not historical facts; rather, they represent the assumptions of the Murata Group (the “Group”) based on information currently available and certain assumptions we deem as reasonable. Actual results may differ materially from expectations due to various risks and uncertainties. Readers are therefore requested not to rely on these forward- looking statements as the sole basis for evaluating the Group. The Company has no obligation to revise any of the forward- looking statements as a result of new information, future events or otherwise. Risks and uncertainties that may affect actual results include, but are not limited to, the following: (1) economic conditions of the Company's business environment, and trends, supply -demand balance, and price fluctuations in the markets for electronic devices and components; (2) price fluctuations and insufficient supply of raw materials; (3) exchange rate fluctuations; (4) the Group's ability to provide a stable supply of new products that are compatible with the rapid technical innovation of the electronic components market and to continue to design and develop products and services that satisfy customers; (5) changes in the market value of the Group's financial assets; (6) drastic legal, political, and social changes in the Group's business environment; and (7) other uncertainties and contingencies. The Company undertakes no obligation to publicly update any forward- looking statements included in this report.
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Thank you
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Appendixes
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29 Consolidated Statement of Financial Position (B JPY) Mar.2025 Sep.2025 Change from Mar.2025 Mar.2025 Sep.2025 Cash and cash equivalents 625.1 582.4 (42.8) Bonds and borrowings 2.4 2.5 Trade receivables 294.4 337.5 +43.1 Trade payables 69.6 75.5 Inventories 482.8 488.6 +5.8 Other current liabilities･ non-current liabilities 376.2 366.2 Other current assets 95.5 87.8 (7.8) Total liabilities 448.2 444.2 Total current assets 1,497.9 1,496.3 (1.7) Equity attributable to owners of parent 2,580.8 2,597.1 Property, plant and equipment 1,183.7 1,189.5 +5.8 Non-controlling interests (0.8) (0.9) Right-of-use assets 64.2 63.5 (0.7) Total equity 2,580.0 2,596.2 Goodwill 135.7 136.5 +0.8 Total liabilities and equity 3,028.2 3,040.3 Other non-current assets 146.6 154.6 +8.0 (JPY) Total non-current assets 1,530.3 1,544.1 +13.8 Exchange rates Mar.2025 Sep.2025 Total assets 3,028.2 3,040.3 +12.2 Yen/US dollar 149.53 148.89 0.64 Yen appreciation Change from Mar.2025 +0.1 +5.9 (10.0) (4.1) +16.3 (0.1) +16.2 +12.2 Change from Mar.2025
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30 Revenue by Operating segments [FY24 1st Half vs FY25 1st Half] Capacitors +9.0% MLCCs： Revenue increased for servers and distributors. Inductors and EMI filters +9.6% Inductors： Revenue increased for mobility and smartphones. EMI filters： Revenue increased for mobility and servers. High-Frequency Device and Communications Module (10.2%) Multilayer resin substrates, High frequency modules： Revenue decreased for smartphones. Battery and Power supply (10.5%) Lithium-ion secondary batteries ： Revenue decreased for power tools and video game consoles . Power supplies modules： Revenue decreased for industrial equipment and distributors. Functional Device +6.1% Sensors： Revenue increased for mobility.
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31 Revenue by Operating segments [FY25 1st Quarter vs FY25 2nd Quarter] Capacitors +9.3% MLCCs： Revenue increased for smartphones, mobility and servers. Inductors and EMI filters +11.0% Inductors： Revenue increased for smartphones. EMI filters： Revenue increased for mobility. High-Frequency Device and Communications Module +46.9% Multilayer resin substrates, High frequency modules： Revenue increased for smartphones. Battery and Power supply +9.5% Lithium-ion secondary batteries ： Revenue increased for servers. Power supplies modules： Revenue increased for distributors. Functional Device +10.4% Sensors： Revenue increased for mobility and smartphones.
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32 Revenue by Application [FY24 1st Half vs FY25 1st Half] Communication (5.1%) Revenue of high frequency modules and multilayer resin substrates decreased for smartphones. Mobility +3.1% Revenue of inductors and sensors increased for automobiles. Computers +20.1% Revenue of capacitors increased for servers. Home Electronics (2.7%) Revenue of lithium-ion secondary batteries decreased for power tools and video game consoles . Industry and Others +6.9% Revenue of capacitors and EMI filters increased for distributors. *Based on our estimate. Please note that from FY2025, we will change the scope of revenue classification by purpose to better reflect the actual state of our business. For the purpose of comparing year-on-year changes, the results for FY2024 have been reclassified according to the new classification.
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33 Revenue by Application [FY25 1st Quarter vs FY25 2nd Quarter] Communication +38.8% Revenue of multilayer resin substrates, capacitors high frequency modules and increased for smartphones. Mobility +6.9% Revenue of capacitors, sensors and EMI filters increased for automobiles. Computers +8.5% Revenue of capacitors and of lithium-ion secondary batteries increased for servers. Home Electronics (0.6%) Revenue of lithium-ion secondary batteries decreased for power tools. Industry and Others +6.0% Revenue of capacitors increased for distributors. *Based on our estimate. Please note that from FY2025, we will change the scope of revenue classification by purpose to better reflect the actual state of our business. For the purpose of comparing year-on-year changes, the results for FY2024 have been reclassified according to the new classification.
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34 FY25 1Q Operating profit 61.6 Cost reduction (estimate) +2.0 Production increase (estimate) +36.0 Price decline (estimate) (3.0) Exchange rate (estimate) +3.0 Increase of depreciation expenses (0.7) Decrease of semi variable cost and other fixed cost +2.0 Others (Product mix etc.) +2.6 FY25 2Q Operating profit 103.5 (50.0) 0.0 50.0 100.0 (B JPY) JPY/US$:144.60 YEN (FY25 1Q)→ 147.48 YEN (FY25 2Q) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:427.0 BJPY (FY25 1Q) → 482.0 BJPY (FY25 2Q) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY25 1st Quarter to FY25 2nd Quarter] *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY25 １Q Nothing noteworthy FY25 ２Q Nothing noteworthy
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35 FY25 1H Operating profit (Projection April 2025) 117.0 Cost reduction (estimate) +0.0 Production Increase (estimate) +27.0 Price decline (estimate) +2.0 Exchange rate (estimate) +14.0 Decrease of depreciation expenses +1.4 Decrease of semi variable cost and other fixed cost +10.0 Others (Product mix etc.) (6.3) FY25 1H Operating profit 165.1 (50.0) 0.0 50.0 100.0 150.0 (B JPY) JPY/US$:140.00 YEN (FY25 1H Projection April 2025) → 146.04 YEN(FY25 1H) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:836.0 BJPY (FY25 1H Projection April 2025) → 909.0 BJPY (FY25 1H) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY25 1st Half Projection (April 2025) to FY25 1st Half ] *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY25 1st Half Nothing noteworthy
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36 FY24 Operating profit 279.7 Cost reduction (estimate) +41.0 Production Increase (estimate) +124.0 Price decline (estimate) (96.0) Exchange rate (estimate) (32.0) Decrease of depreciation expenses +2.3 Increase of semi variable cost and other fixed cost (38.0) Others (Product mix etc.) (1.0) FY25 Operating profit (Projection October 2025) 280.0 (100.0) (50.0) 0.0 50.0 100.0 150.0 200.0 250.0 300.0 (B JPY) JPY/US$:152.57 YEN (FY24) → 145.52 YEN(FY25 projection October 2025) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:1,726.0 BJPY (FY24) → 1,760.0 BJPY (FY25 projection October 2025) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY24 to FY25 Projection (October 2025)] *“Others(Product mix etc.)” include the impact of one-time expenses generated in the FY2024 *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY24 Total amount: (18.9 BJPY) ・ Battery business include structural reform expense and impairment losses: (14.5 BJPY) ・Impairment loss for MEMS inertial sensors business: (10.4billion yen) ・ Other than the above: ＋6.0 BJPY FY25 Total amount: +5.0 BJPY ・transfer the micro primary battery business.: ＋5.0 BJPY
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37 FY25 2H Operating profit (Projection April 2025) 103.0 Cost reduction (estimate) +1.0 Production Increase (estimate) +1.0 Price decline (estimate) +4.0 Exchange rate (estimate) +11.0 Increase of depreciation expenses (0.4) Increase of semi variable cost and other fixed cost (4.0) Others (Product mix etc.) (0.7) FY25 2H Operating profit (Projection October 2025) 114.9 (50.0) 0.0 50.0 100.0 150.0 (B JPY) JPY/US$:140.00 YEN (FY25 2H projection April 2025) → 145.00 YEN (FY25 2H projection October 2025) Sensitivity:4.5 BJPY per 1 JPY/US$ change per year. Production output:820.0 BJPY (FY25 2H projection April 2025) → 851.0 BJPY (FY25 2H projection October 2025) *The production output incorporates the effect of exchange rate fluctuations Breakdown of Operating Profit Changes [FY25 2nd Half Projection (April 2025) to FY25 2nd Half Projection (October 2025) *“Production increase” is calculated on the basis of production output excluding the effect of sales price reductions and exchange rate fluctuations. ＜One-time revenues and expenses＞ FY25 2st Half ・transfer the micro primary battery business.: ＋5.0 BJPY
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38 Return to Shareholders • In FY2025, the annual dividend is planned to be 3 yen per share, an increase of 60 yen per share from the previous fiscal year. Currently, share buybacks are underway with a maximum limit of 100.0 billion yen. As of the end of September 2025, we have purchased 77.0 billion yen worth of our own shares. • The company increase DOE target to 5% over the medium term and achieve stable dividends. 38.1 44.5 46.8 55.4 59.7 62.1 73.6 83.2 94.5 98.2 106.6 109.7 80.0 80.0 100.0 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 50.0 100.0 150.0 200.0 250.0 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (estimate) (B JPY) Annual dividends Stock Repurchase Payout ratio Dividend on equity(DOE) DOE 80% 70% 60% 50% 40% 30% 20% 10% 0% Payout ratio 8% 7% 6% 5% 4% 3% 2% 1% 0%
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39 Quarterly Financial Data Financial Results (B JPY) FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q Revenue 421.7 461.8 448.0 411.9 416.2 486.6 Operating profit 66.4 91.8 76.0 45.5 61.6 103.5 Profit before tax 83.6 80.5 104.5 35.8 62.3 112.5 Profit attributable to owners of parent 66.4 64.0 71.0 32.5 49.7 82.7 Capital expenditures 41.7 43.0 44.8 51.0 34.7 40.7 Depreciation and amortization 42.4 42.8 43.6 44.5 42.0 42.7 R & D expenses 37.9 35.7 36.3 39.4 39.8 38.2 Average exchange rates (yen) 155.89 149.36 152.44 152.61 144.60 147.48
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40 Quarterly Financial Data Revenue *Please note that from FY2025, we will change the scope of revenue classification by purpose to better reflect the actual state of our business. For the purpose of comparing year-on-year changes, the results for FY2024 have been reclassified according to the new classification. (B JPY) FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q Capacitors 203.3 214.0 213.1 201.4 217.3 237.6 Inductors and EMI filters 48.3 52.8 51.5 48.7 52.5 58.3 251.6 266.8 264.6 250.2 269.8 295.8 High-Frequency Device and Communications Module 99.3 126.3 120.9 97.1 82.1 120.6 Battery and Power supply 42.6 41.1 34.7 37.4 35.8 39.1 Functional Device 25.2 24.0 24.5 24.1 24.8 27.4 167.2 191.4 180.1 158.5 142.6 187.1 2.9 3.6 3.4 3.2 3.7 3.7 Total 421.7 461.8 448.0 411.9 416.2 486.6 154.9 191.3 179.8 148.1 137.6 191.0 115.0 112.6 114.6 110.6 113.3 121.2 57.2 64.3 61.1 59.0 70.0 75.9 39.0 36.5 32.3 34.8 36.8 36.6 55.7 57.1 60.1 59.3 58.5 62.0 Total 421.7 461.8 448.0 411.9 416.2 486.6 Industry and Others Revenue by Application Communication Mobility Computers Home Electronics Revenue by Operating segments Components Devices/Module Others
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41 Quarterly Financial Data Segment Information (B JPY) FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q Revenue 254.3 269.8 267.4 252.5 274.0 300.2 Operating profit 73.7 76.8 68.8 55.9 71.2 86.5 Operating profit rate 29.0% 28.5% 25.7% 22.1% 26.0% 28.8% Revenue 167.2 191.4 180.1 158.5 142.6 187.1 Operating profit (6.1) 15.7 8.4 (8.0) (8.0) 18.3 Operating profit rate (3.7%) 8.2% 4.7% (5.1%) (5.6%) 9.8% Revenue 15.4 16.5 18.2 17.2 17.2 15.8 Operating profit (1.2) (0.8) (1.2) (2.3) (1.5) (1.3) Operating profit rate (7.5%) (4.7%) (6.7%) (13.3%) (8.9%) (8.3%) Eliminations Revenue (15.2) (15.9) (17.6) (16.4) (17.7) 0 Revenue 421.7 461.8 448.0 411.9 416.2 486.6 Operating profit 66.4 91.8 76.0 45.5 61.6 103.5 Operating profit rate 15.7% 19.9% 17.0% 11.1% 14.8% 21.3% Others Consolidated Devices and modules Components
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42 Shareholder returns • FY2025(Year Ending March 31, 2026) projected annual dividends per share 60 JPY per share (Interim: 30 JPY per share, Year-end: 30 JPY per share) • FY2024(Year Ending March 31, 2025) annual dividends per share 57 JPY per share (Interim: 27 JPY per share, Year-end: 30 JPY per share) Note: The above projections are based on our view of the current business environment and our projections forFY2025.