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『KIYOLA KF-20』 Financial Results Highlights FY12/2025 February 13, 2026 Roland Corporation
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2 ⚫ FY12/2025 Full-Year Results - Higher Sales with Lower Profit (YoY) • Sales reached the upper end of the forecast range, while operating profit was around the midpoint • Although U.S. tariffs had an impact, swift price optimization largely offset the effect • Net profit lower than expectations due to impairment losses at consolidated subsidiary ⚫ FY12/2026 Full-Year Forecast - Increases in Both Sales and Profit • The market is entering a re-growth phase, with additional contribution expected from new product launches • SG&A investments, previously restrained under risk-control measures, will resume • The Company aims to maintain profit growth while executing initiatives under the new Mid-term Management Plan ⚫ Shareholder Returns • FY2025 year-end dividend is planned at JPY 85 per share, in line with initial guidance • For FY2026, dividends are expected to remain unchanged at an annual total of JPY 170 per share (JPY 85 at 2Q-end and JPY 85 at year-end) Executive Summary
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Overview of Impairment Losses and Related Items in the Drum & Percussion Business: Drum Workshop, Inc. (DW) 3 1 FX Rate at Acquisition：$1=¥138 ⚫ Recorded impairment losses on certain fixed assets at DW, a global acoustic drum and hardware manufacturer acquired in October 2022, and fully reversed its deferred tax assets ⚫ Impairment loss: JPY 3.8B (including full goodwill), DTA reversal: JPY 1.8B; total impact JPY 5.6B (USD 37M) ⚫ Performance fell short of the plan made at the time of acquisition due to delays in responding to market changes and realizing synergies Background & Context Purpose of the Acquisition: Expanding the drum business through acoustic–electronic integration and enhanced CX Context Future Business Development 2026: OP break-even 2028: OP margin 6%+ Quantitative Plan • Changed management structure (Feb 1) to accelerate turnaround • Driving synergies to strengthen the overall drum businessAcquisition Price: Approx. JPY 9.0B¹ / USD 65M • 2023 ✓ Launched jointly developed product DWe in Q4 ✓ Shifted the sales channel in Australia and Japan from distributors to Roland • 2024 ✓ Sale of low-profit brand business ✓ Sales of jointly developed products, including add-on offerings, have fallen below the plan ✓ Shifted the sales channel in Europe from distributors to Roland • 2025 ✓ Halted China production due to US tariffs ✓ Price increases caused sales declines in lower-priced brands ✓ Supplier quality issues On track／Delayed or inadequate Driving DW’s Transformation for Renewed Growth • U.S. channel expansion and price optimization • Accelerating non-U.S. sales through Roland distributionSales SCM R&D • Review of production, logistics, and procurement • Development of new products • Utilizing DW stands with our electronic drums Actions： Cost • Improving productivity through shared processes
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1 2 3 4 FY12/2025 Results FY12/2026 Forecast Shareholders Return Supplemental Information
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FY12/2025 Results1 2 3 4 FY12/2026 Forecast Shareholders Return Supplemental Information
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6 Operating Profit 9.4bn (YoY: -5.4%) Sales 100.9bn (YoY: +1.5%) Net Profit1 2.1bn (YoY -63.7%) • Excluding FX impact, YoY +1.5% • Year-end demand in the U.S., our largest market, remained strong • New products launched during the year contributed to performance • Although the gross tariff impact was JPY 2.5billion, the effect was largely offset through price optimization and other measures • Excluding FX impact, YoY -2.2% • Recorded an impairment loss on a consolidated subsidiary (JPY3.8 bn) and a reversal of deferred tax assets (JPY1.8 bn) FY12/2025 Financial Results Highlights (JPY) 1 Net profit refers to "net profit attributable to owners of parent”
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7 FY12/20241 FY12/20252 (JPY mn) Actual % of Sales Actual % of Sales YoY Sales 99,433 100.0% 100,952 100.0% +1.5% Gross Profit 42,571 42.8% 42,644 42.2% +0.2% SG＆A 32,619 32.8% 33,231 32.9% +1.9% Operating Profit 9,951 10.0% 9,412 9.3% -5.4% Net Profit3 5,976 6.0% 2,168 2.1% -63.7% EBITDA 12,844 12.9% 12,388 12.3% -3.5% wo/FX 9.6% wo/FX -2.2% FY12/2025 Financial Results Consolidated Financial Results 1 Exchange rate for FY12/2024 USD/JPY: 151.58, EUR/JPY: 163.99, EUR/USD: 1.082 2 Exchange rate for FY12/2025 USD/JPY: 149.72, EUR/JPY: 169.06, EUR/USD: 1.129 3 Net profit refers to "net profit attributable to owners of parent”
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2024 2025 8 2024 2025 YoY1 +1.3% (+0.8%) +2.7% (+3.0%) +0.6% (+0.7%) +3.4% (+3.6%) -4.4% (-4.0%) -2.0% (-2.4%) +1.5% (+1.5%) 29,36428,588 ⚫ Sales growth in main categories, supported by market stabilization and contributions from new products ⚫ Keyboard sales returned to growth for the first time in two years, driven by strong portable models and recovery in the Chinese market 26,869 27,223 24,988 25,149 2024 2025 12,627 13,060 2024 2025 3,199 3,057 2024 2025 3,160 3,097 2024 2025 FY12/2025 Financial Results Sales by Category (Q4 YTD) (JPY mn) Keyboards Perc. & Wind Guitar-related Creation-related Video & Pro Audio Others Total 1 Figures in ( ) are comparisons excluding the effect of exchange rates.
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9 9,054 9,262 2024 2025 2024 2025 28,755 28,968 2024 2025 7,411 7,561 2024 2025 15,830 16,394 2024 2025 +2.3% (+2.3%) +1.0% (+2.2%) +0.7% (-2.6%) +2.0% (+3.3%) +3.6% (+5.7%) +1.5% (+1.5%)YoY1 38,382 38,764 ⚫ Despite the impact from the bankruptcy of certain dealers in Europe, underlying sales increased in all other regions ⚫ In North America, sell-through remained steady even after tariff-related price adjustments ⚫ In China, sales returned to growth for the first time in two years as the market moved toward recovery ⚫ Other regions continued to record solid growth (emerging markets: +6%, developed markets: +4%) Sales Devel opedEmerg ing FY12/2025 Financial Results Sales by Region (Q4 YTD) (JPY mn) Japan North America Europe China Others Total 1 Figures in ( ) are comparisons excluding the effect of exchange rates.
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9.9 9.4 -0.6 • Sales Volume ✓ Despite the effect of tariff-related price optimization, new product contributions supported performance in line with the prior period • Selling Price / Cost ratio ✓ Price optimization effect ✓ Product mix improvement, etc. • SG&A ✓ Increase in personnel expenses, A&P cost, and travel expenses (down JPY 1.0 billion vs. initial plan) +2.9 -0.3 10 -2.5 12.2 -0 FY12/2025 Financial Results Consolidated Operating Profit (Q4 YTD) Changes (vs Previous year) Factors FY12/2024 FY12/2025 Sales volume change Selling price / cost ratio change SG&A change FX impact Cost increase due to tariffs (gross impact)
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FY12/2025 Results FY12/2026 Forecast 1 2 3 4 Shareholders Return Supplemental Information
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Sales 106.4bn (YoY: +5.4%) Operating Profit 10.0bn (YoY: +6.2%) • The musical instrument market is entering a recovery phase • New products launched last year and this year are contributing to growth • Continued benefits from price optimization effects • Gross tariff impact (YoY approx. –JPY 1.4bn) • Execution of expenses previously controlled under risk-management measures • Cost increases absorbed by volume growth and price optimization effects Net Profit1 7.2bn (YoY: +232.1%) • Rebound from previous year’s impairment loss and the reversal of deferred tax assets on a consolidated subsidiary 12 ⚫ Advancing new Mid-term Management Plan investments while maintaining sales and profit growth FY12/2026 Full-Year Forecast Highlights (JPY) 1 Net profit refers to "net profit attributable to owners of parent”
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FY12/20251 FY12/20262 (JPY mn) Actual % of Sales Forecast % of Sales YoY Sales 100,952 100.0% 106,400 100.0% +5.4% Gross Profit 42,644 42.2% 45,000 42.3% +5.5% SG＆A 33,231 32.9% 35,000 32.9% +5.3% Operating Profit 9,412 9.3% 10,000 9.4% +6.2% Net Profit3 2,168 2.1% 7,200 6.8% +232.1% EBITDA 12,388 12.3% 13,115 12.3% +5.9% 13 FY12/2026 Full-Year Forecast Consolidated Financial Forecast 1 Exchange rate for FY12/2025 USD/JPY: 149.72, EUR/JPY: 169.06, EUR/USD: 1.129 2 Exchange rate for FY12/2026 USD/JPY: 148.00, EUR/JPY: 170.00, EUR/USD: 1.149 3 Net profit refers to "net profit attributable to owners of parent”
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14 1 Figures in ( ) are comparisons excluding the effect of FX rates 2 Category definitions were slightly revised, and certain items were reclassified. Prior-period comparison figures have also been restated accordingly. ⚫ Planning YoY sales growth across all categories, reflecting market recovery and full-year contributions from last fiscal year’s new products ⚫ Launching additional new products aligned with the new Mid-term Management Plan Keyboards Perc. & Wind Guitar-related Creation-related2 Video & Pro Audio2 YoY1 +5.8% (+5.8%) +6.9% (+7.3%) +3.0% (+3.2%) +6.9% (+7.3%) +1.9% (+2.0%) +3.3% (+3.3%) +5.4% (+5.6%) 25,149 25,900 2025 2026 Forcast 2025 2026 Forcast 2025 2026 Forcast 13,370 14,300 2025 2026 Forcast 2,747 2,800 2025 2026 Forcast 3,097 3,200 2025 2026 Forcast 29,364 31,400 28,80027,223 FY12/2026 Full-Year Forecast Sales Forecast by Category (JPY mn) Others Total
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15 ⚫ Across all regions, planning year-on-year sales growth, reflecting market recovery and full-year contributions from products launched last fiscal year ⚫ In North America, expecting benefits from price optimization effects and continued expansion in percussion & wind ⚫ In other regions, projecting growth of around +11% in emerging markets and +5% in developed markets YoY1 +3.6% (+3.6%) +4.7% (+5.9%) +4.3% (+4.1%) +9.8% (+9.2%) +8.0% (+7.2%) +5.4% (+5.6%) 9,262 9,600 2025 2026 Forcast 28,968 30,200 2025 2026 Forcast 7,561 8,300 2025 2026 Forcast 16,394 17,700 2025 2026 Forcast 2025 2026 Forcast 40,60038,764 Sales FY12/2026 Full-Year Forecast Sales Forecast by Region (JPY mn) Japan North America Europe China Others Total 1 Figures in ( ) are comparisons excluding the effect of FX rates Devel oped Emerg ing
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49.5bn ・YoY：+8.1% Sales Operating Profit 56.9bn ・YoY ：+3.2% 6.1bn ・YoY ：+9.2% 3.9bn ・YoY ：+2.0% 106.4bn ・YoY ：+5.4% 10.0bn ・YoY ：+6.2% 16 ⚫ Expect sales and operating profit to grow in both H1 and H2 FY12/2026 Full-Year Forecast Sales and Profit Forecasts for the 1st Half and the 2nd Half of the Year (JPY) 2nd Half1st Half Full-Year
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• Sales Volume ✓ Market recovery ✓ Sales growth driven by new products • Selling Price / Cost ratio ✓ Price optimization effects ✓ Increase in raw material costs • SG&A ✓ Acceleration of MTP-related investments ✓ Increase in personnel and other expenses ✓ Temporary overlap of new and former HQ costs ✓ Decrease in depreciation and amortization (+new HQ, –DW) Changes (vs Previous year) Factors 9.4 10.0 +2.4 -1.8 -1.4 +1.4 17 11.4 +0 予算上原価上昇は織り込んでない（CDでオフセット）だが、実際は2億くらいは足が出る FY12/2026 Full-Year Forecast Consolidated Operating Profit Sales volume change Selling price / cost ratio change SG&A change FX impact Cost increase due to tariffs (gross impact) (JPY bn) FY12/2025 FY12/2026
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1 2 3 4 Shareholders Return FY12/2025 Results FY12/2026 Forecast Supplemental Information
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36 69 78 85 85 85 85 36 69 78 85 85 85 85 2020 2021 2022 2023 2024 2025 2026 2nd quarter-end Fiscal year-end FY12/2026: Expecting Dividends to Remain at the FY2025 Level ＜Basic Policy for FY2026–FY2028 MTP＞ On a cumulative three-year basis, we aim for a consolidated total payout ratio of 50%. Even in cases where it is necessary to retain funds for growth investments, we set a minimum target DOE1 of 5.0% 19 2nd quarter-end Fiscal year-end 1 DOE (Dividend on Equity): Dividends ÷ Consolidated Equity 2 Total return ratio excluding impacts such as impairment losses at subsidiaries 2020 2021 2022 2023 2024 2025 2026 Dividend amount ¥1.9bn ¥3.8bn ¥4.3bn ¥4.7bn ¥4.7bn ¥4.5bn ¥4.5bn Share repurchase amount - - ¥2.0bn - ¥5.8bn - - Total return ¥1.9bn ¥3.8bn ¥6.3bn ¥4.7bn ¥10.5bn ¥4.5bn ¥4.5bn Total return ratio 46.0% 45.0% 68.2% 57.8% 176.2% 208.0% 62.6% Dividend payout ratio 46.0% 45.0% 48.2% 57.8% 79.2% 208.0% 62.6% Dividend per share trend （57.5%2） (Forecast) Shareholder Return
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1 2 3 4 Supplemental Information FY12/2025 Results FY12/2026 Forecast Shareholders Return
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FY12/2024 Q4 3M1 FY12/2025 Q4 3M2 (JPY mn) Actual % of Sales Actual % of Sales YoY Sales 29,822 100.0% 31,381 100.0% +5.2% Gross Profit 12,326 41.3% 12,491 39.8% +1.3% SG＆A 8,856 29.7% 9,261 29.5% +4.6% Operating Profit 3,469 11.6% 3,229 10.3% -6.9% Net Profit3 1,687 5.7% -3,270 -10.4% ー EBITDA 4,217 14.1％ 3,995 12.7% -5.3% 21 3.4 3.2 -0.2 +0.8 +0.4 -1.1 3.9 -0.1 Supplemental Information Consolidated Financial Results（October-December period, 3 months) 1 Exchange rates for 12/2024 Q4 3M USD/JPY：152.45、EUR/JPY：162.64、EUR/USD：1.067 2 Exchange rates for 12/2025 Q4 3M USD/JPY：154.16、EUR/JPY：179.45、EUR/USD：1.164 3 Net profit refers to "net profit attributable to owners of parent” Sales volume change Selling price / cost ratio change SG&A change FX impact Cost increase due to tariffs (gross impact) FY12/2024 Q4 FY12/2025 Q4 Operating Profit Changes (vs Previous year) (JPY bn)
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22 2024Q4 2025Q4 2024Q4 2025Q4 YoY1 +9.2% (+4.3%) +10.4% (+6.6%) -1.6% (-5.4%) +3.4% (-0.8%) -12.3% (-15.2%) +3.8% (-1.1%) +5.2% (+1.0%) 3,773 3,902 2024Q4 2025Q4 849 745 2024Q4 2025Q4 880 913 2024Q4 2025Q4 7,761 7,636 2024Q4 2025Q4 8,337 8,979 8,220 9,204 Supplemental Information Sales by Category（October-December period, 3 months) (JPY mn) Keyboards Perc. & Wind Guitar-related Creation-related Video & Pro Audio Others Total 1 Figures in ( ) are comparisons excluding the effect of exchange rates.
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23 2,670 2,614 2024Q4 2025Q4 2024Q4 2025Q4 8,913 9,235 2024Q4 2025Q4 2,304 2,519 2024Q4 2025Q4 4,498 5,111 2024Q4 2025Q4 -2.1% (-2.1%) +4.1% (+2.9%) +3.6% (-6.0%) +9.4% (+6.6%) +13.6% (+9.5%) +5.2% (+1.0%)YoY1 11,435 11,900 Sales Supplemental Information Sales by Region （October-December period, 3 months) (JPY mn) Japan North America Europe China Others Total 1 Figures in ( ) are comparisons excluding the effect of exchange rates. Devel oped Emerg ing
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FYR: sensitivity1, 2 Assumptions for FY2026 Earnings Forecast Production Additional Tariff Major Production Malaysia 19% Perc. & Wind, Keyboards, Guitar-related, Creation-related China 20% Perc. & Wind, Keyboards, Creation-related Taiwan 20% Perc. & Wind, Guitar-related Japan 15% Video & Pro Audio, Guitar-related Vietnam 20% Keyboards, Guitar-related Thailand 19% Guitar-related, Perc. & Wind Indonesia 19% Keyboards 24 U.S. Additional Tariff Rates FX Rates Assumptions USD/JPY ¥ 148 EUR/JPY ¥ 170 EUR/USD 1.149 Change Sales OP USD/JPY ¥1 weaker +¥290mn +¥120mn EUR/JPY ¥1 weaker +¥180mn +¥10mn EUR/USD ¢1 weaker - +¥170mn 1 Annual impact (estimates) 2 Actual amounts may differ from assumptions due to the impact of various currency pairs and changes in the sales composition r atio, etc. Supplemental Information
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FY12/2026 First-Half Consolidated Forecast 25 FY12/2025 First Half1 FY12/2026 First Half2 (JPY mn) Actual % of Sales Forecast % of Sales YoY Sales 45,806 100.0% 49,500 100.0% +8.1% Gross Profit 19,756 43.1% 21,100 42.6% +6.8% SG＆A 15,931 34.8% 17,200 34.7% +8.0% Operating Profit 3,825 8.4% 3,900 7.9% +2.0% Net Profit3 3,914 8.5% 3,000 6.1% -23.4% EBITDA 5,299 11.6% 5,408 10.9％ +2.1％ 3.8 3.9 -1.0 +1.3 +0.5 -1.2 4.6 +0.5 Supplemental Information 1 Exchange rates for FY12/2025 1st Half USD/JPY: 148.62, EUR/JPY: 162.22, EUR/USD: 1.092 2 Exchange rates for FY12/2026 1st Half USD/JPY: 148.00, EUR/JPY: 170.00, EUR/USD: 1.149 3 Net profit refers to "net profit attributable to owners of parent” (JPY bn)Sales volume change Selling price / cost ratio change SG&A change FX impact Cost increase due to tariffs (gross impact) Operating Profit Changes (vs Previous year) FY12/2025 H1 FY12/2026 H1 Impact from prior-period tax expense timing shift
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FY12/2026 Second-Half Consolidated Forecast 26 FY12/2025 Second Half1 FY12/2026 Second Half2 (JPY mn) Actual % of Sales Forecast % of Sales YoY Sales 55,145 100.0% 56,900 100.0% +3.2% Gross Profit 22,888 41.5% 23,900 42.0% +4.4% SG＆A 17,300 31.4% 17,800 31.3% +2.9% Operating Profit 5,587 10.1% 6,100 10.7% +9.2% Net Profit3 -1,746 -3.2% 4,200 7.4% ー EBITDA 7,088 12.9% 7,706 13.5％ +8.7％ 5.5 6.1 -0.7 +1.0 -0.2 6.7 +0.9 -0.4 Supplemental Information Operating Profit Changes (vs Previous year) Sales volume change Selling price / cost ratio change SG&A change FX impact Cost increase due to tariffs (gross impact) 1 Exchange rates for FY12/2025 2nd Half USD/JPY: 150.83, EUR/JPY: 175.91, EUR/USD: 1.166 2 Exchange rates for FY12/2026 2nd Half USD/JPY: 148.00, EUR/JPY: 170.00, EUR/USD: 1.149 3 Net profit refers to "net profit attributable to owners of parent” (JPY bn) FY12/2025 H2 FY12/2026 H2
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2,975 3,115 2025 2026 Forecast 7,229 2,729 2025 2026 Forecast 27 1 Amount of Tangible and Intangible Fixed Assets R&D Expenses Capital Expenditures1 Depreciation +11.2% -62.2% +4.7%YoY Temporary increase due to construction costs for the new HQ (approx. ¥5.2 bn) 5,438 6,047 2025 2026 Forecast 設備投資額 2022年通期実績：2,786（有形：2,678、無形：108） 2023年通期実績：4,337（有形：3,849、無形：488）※新本社土地・建物取得 2024年通期実績：2,718（有形：1,498、無形：1,219）※SAP S/4HANA、SCPシステムDP機能 2025年通期実績：7,229（有形：6,839、無形：390）※新本社投資費用：5,229 2026年通期予想：2,729（有形：2,167、無形：562） Supplemental Information R&D Expenses/ Capital Expenditures/ Depreciation (JPY mn)
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Results T arget 2023 2024 2025 2025 +5.4pt +8.2pt + 12.5pt +10pt Sophistication of supply chain management Sustainability Initiatives (1) 28 ＜Major Initiatives in 2025＞ Results of CO2 emission reduction Improved container loading efficiency ⚫ Use of JR Freight for long-distance domestic transport (modal shift) ✓ Service launched between Hamamatsu and Kyushu; now established as a regular route ✓ Approx. 90% CO₂ reduction vs. truck transport Enable efficient transportation ⚫ Improved packaging size and strength etc. 1：Compare to 2022 2：2025 results to be calculated during 2026 Results2 2022 2023 2024 Emissions [kt-CO2] 224 199 181 Reductions1 - -11% -19% ⚫ CDP “B” score for second consecutive year Supplemental Information （Compare to 2022）
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⚫ Initiatives to realize an affluent society Sustainability Initiatives (2) 29 ⚫ Risk Management and Compliance Committee convened quarterly ✓ Comprised of executive officers, corporate auditors, and key management members across the Group ✓ Determines Group-wide policies and reviews activities at the regional level ⚫ Conduct training for employees with a focus on compliance ⚫ The status of implementation of the measures is reported to the Board of Directors and supervised ＜Major Initiatives in 2025＞ Support of the development of musical and video cultures Unrelenting reinforcement of the corporate governance Social contribution in the musical/video and neighboring fields 2023 2024 2025 14pjt 19pjt 13pjt ✓ Supporting the “Paralym Art” initiative, which promotes artistic activities by people with disabilities ©FESJ/2024 Digital grand piano wrapped with “Paralym Art” artwork Supplemental Information ⚫ Support for schools and ethnic instrumentalists in emerging regions ＜MTP target : 10 or more projects per year＞ Strengthening of risk management / compliance systems and Board supervision
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(JPY mn) 12/2021 12/2022 12/2023 12/2024 12/2025 Net sales 80,032 95,840 102,445 99,433 100,952 Cost of sales 43,895 56,484 58,512 56,862 58,307 Gross profit 36,137 39,356 43,932 42,571 42,644 Selling, general and administrative expenses 25,043 28,605 32,060 32,619 33,231 Operating profit 11,093 10,751 11,871 9,951 9,412 Other profit (expenses) (854) (221) (723) (1,169) (4,140) Profit before profit taxes 10,239 10,529 11,148 8,782 5,272 Total profit taxes 1,650 1,575 2,955 2,788 3,089 Profit attributable to owners of parent 8,586 8,938 8,151 5,976 2,168 EBITDA 12,706 12,826 14,628 12,844 12,388 D/E ratio 0.2x 0.8x 0.6x 0.4x 0.5x Equity ratio 54% 43% 49% 57% 49% Debt / EBITDA 0.6x 2.1x 1.6x 1.4x 1.8x ROE 35.6% 28.9% 22.2% 13.9% 5.0% ROIC 30.7% 18.7% 17.2% 14.3% 15.2% 30 Supplemental Information Key Consolidated Financials（PL）
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(JPY mn) 12/2021 12/2022 12/2023 12/2024 12/2025 Cash and deposits 8,781 10,506 12,883 14,478 15,876 Notes and accounts receivable - trade 7,444 12,905 13,805 12,538 13,353 Inventories 25,240 32,322 30,144 29,147 27,321 Other current assets 1,156 2,167 1,826 1,827 2,243 Total current assets 42,623 57,902 58,659 57,993 58,795 Net property, plant and equipment 5,857 7,770 9,961 9,566 14,234 Goodwill 20 3,266 3,129 3,087 2 Investments and other assets 4,305 8,117 9,218 10,939 10,444 Total non-current assets 10,183 19,154 22,309 23,592 24,681 Total assets 52,807 77,056 80,969 81,586 83,477 Notes and accounts payable - trade 6,391 5,606 6,266 4,730 6,841 Short-term borrowings - 17,700 4,300 5,300 1,100 Current portion of long-term borrowings 1,252 1,252 8,526 2,358 2,570 Other current liabilities 8,389 7,954 8,948 8,696 9,659 Long-term borrowings 5,822 7,570 10,056 10,832 18,490 Other long-term liabilities 2,295 3,226 2,756 2,985 3,452 Total liabilities 24,150 43,309 40,854 34,903 42,113 Total net assets 28,656 33,747 40,114 46,682 41,364 Total liabilities and net assets 52,807 77,056 80,969 81,586 83,477 31 Supplemental Information Key Consolidated Financials (B/S)
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(JPY mn) 12/2021 12/2022 12/2023 12/2024 12/2025 Profit before profit taxes 10,239 10,529 11,148 8,782 5,272 Depreciation 1,608 1,981 2,397 2,506 2,593 Impairment loss 72 - - - 3,860 Amortization of goodwill 4 94 358 386 382 Decrease (increase) in trade receivables (347) (4,301) (46) 3,201 (1,025) Decrease (increase) in inventories (5,427) (1,105) 4,677 3,027 2,844 Increase (decrease) in trade payables (106) (4,143) (849) (2,613) 1,322 Income taxes paid (2,516) (2,367) (2,815) (2,127) (1,305) Other 1,402 106 557 (1,444) (244) Cash flows from operating activities 4,929 793 15,428 11,717 13,699 Purchase of property, plant and equipment (1,208) (1,272) (3,084) (1,368) (5,971) Proceeds from sales of property, plant and equipment 557 49 18 33 9 Purchase of intangible assets (98) (108) (402) (1,173) (425) Other (54) (10,020) (109) 1,314 (52) Cash flows from investing activities (803) (11,351) (3,576) (1,193) (6,439) Free cash flows1 4,125 (10,558) 11,852 10,523 7,260 Net increase (decrease) in short-term borrowings (143) 17,686 (13,404) 1,000 (4,200) Proceeds from long-term borrowings 1,500 3,000 12,100 4,010 10,400 Repayments of long-term borrowings (4,123) (1,252) (2,339) (9,402) (2,530) Dividends paid (2,922) (4,082) (4,506) (4,722) (4,619) Other (381) (2,472) (517) (544) (6,466) Cash flows from financing activities (6,071) 12,879 (8,668) (9,658) (7,417) 32 Supplemental Information Key Consolidated Financials (CF) 1 Free cash flows is the sum of cash from operating activities and cash from investing activities.
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Product (JPY mn) 12/2021 12/2022 12/2023 12/2024 12/2025 Keyboards 24,792 29,869 27,546 26,869 27,223 Percussion & Wind Instruments 19,053 23,046 29,342 28,588 29,364 Guitar-related Products 19,093 23,540 25,726 24,988 25,149 Creation-related Products & Services 10,122 12,206 12,662 12,627 13,060 Video & Pro Audio 4,282 4,357 4,073 3,199 3,057 Other 2,689 2,819 3,094 3,160 3,097 Total 80,032 95,840 102,445 99,433 100,952 Region (JPY mn) 12/2021 12/2022 12/2023 12/2024 12/2025 Japan 9,666 9,736 9,693 9,054 9,262 North America 25,959 34,904 38,920 38,382 38,764 Europe 24,958 26,439 29,663 28,755 28,968 China 8,673 9,641 8,796 7,411 7,561 Other 10,775 15,118 15,372 15,830 16,394 Total 80,032 95,840 102,445 99,433 100,952 33 Supplemental Information Key Consolidated Financials (Sales by Product/Region)
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This material contains information that constitutes “forward-looking statements” of Roland Corporation. Statements other than those related to past or present facts are all statements that constitute forward-looking statements. Such forward-looking statements are based on our assumptions and decisions made in accordance with information currently available, and they are not intended to give any assurances that they will turn out to be correct. Known or unknown risks, uncertainties and other factors underlie the forward-looking statements, and the forward-looking statements may be materially different from the actual results. Matters which may affect the results include the economic environment surrounding our business, demand trends, exchange rate fluctuations and other related circumstances.