Interim report
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Translation 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 Three Months of the Fiscal Year Ending March 31 , 2027 ( Under Japanese GAAP ) Company name : Stock exchange listings : Stock code : URL : Representative : Contact : TEL : Scheduled date for dividend payment : Supplementary materials for financial summaries : Financial results briefing : August 7 , 2026 Mizuno Corporation Tokyo Stock Exchange 8022 https://corp.mizuno.com/jp Akito Mizuno , President and Representative Director Yoshihiro Murakami , Director and Managing Executive Officer + 81-6-6614-8465 None Yes None ( Amounts of less than one million yen are rounded down . ) 1. Consolidated Financial Results for the Three Months of the Fiscal Year Ending March 31 , 2027 ( from April 01 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( Percentages indicate YoY changes ) Three months ended June 30 , 2026 June 30 , 2025 Net sales Million yen 71,505 63,528 % Operating profit Million yen Ordinary profit % 12.6 4.5 8,360 6,281 33.1 ( 3.3 ) Million yen 8,671 6,762 % 28.2 ( 8.6 ) Profit attributable to owners of parent Million yen 6,028 4,880 % 23.5 ( 5.0 ) ( Note ) Comprehensive income for the three months of the fiscal year ending March 2027 : 7,411 million yen ( 226.6 % ) . The three months of the fiscal year ending March 2026 : 2,269 million yen ( ( 71.9 ) % ) Three months ended June 30 , 2026 June 30 , 2025 Earnings per share ( 2 ) Consolidated financial positions Yen 79.28 63.60 Diluted earnings per share Yen As of June 30 , 2026 March 31 , 2026 Total assets Net assets Million yen 250,294 251,471 Million yen 179,186 174,279 Capital adequacy ratio % 71.2 68.9 ( Reference ) Owner's equity the three months of the fiscal year ending March 2027 : 178,170 million yen , fiscal year ended March 2026 : 173,363 million yen
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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, 2026 - 25.00 - 35.00 60.00 Fiscal year ending March 31, 2027 - Fiscal year ending March 31, 2027 (Forecast) 33.00 - 33.00 66.00 (Note) Whether there has been any revision to the dividend forecast most recently announced : None 3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2027 (from April 01, 2026 to March 31, 2027) (Percentages indicate YoY changes) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Million yen % Million yen % Million yen % Million yen % Yen Fiscal year ending March 31, 2027 280,000 8.1 25,500 12.8 26,500 10.5 19,000 3.4 249.86 (Note) Correction from the most recent financial forecast : None * Notes (1) Significant changes in the scope of consolidation during the period : Yes New 1 Company MIZUNO APAC (VIETNAM) COMPANY LIMITED , Excluded - None (2) Application of specific accounting treatments for the preparation of quarterly consolidated financial statements : Yes (Note) For details, please refer to the attached materials on page 8, "2. Quarterly Consolidated Financial Statements and Principal Notes (3): Notes to Quarterly Consolidated Financial Statements (Application of specific accounting treatments for the preparation of quarterly consolidated financial statements)." (3) Changes in accounting policies, changes in accounting estimates, retrospective restatement (i) Changes in accounting policies based on revisions of accounting standard : None (ii) Changes in accounting policies other than (i) : None (iii) Changes in accounting estimates : None (iv) Restatement : None (4) Number of issued shares (common stock) (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 79,734,729 shares As of March 31, 2026 79,734,729 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 3,692,295 shares As of March 31, 2026 3,691,544 shares (iii) Average number of shares outstanding during the period (cumulative total from the beginning of the fiscal year) Three months ended June 30, 2026 76,042,835 shares Three months ended June 30, 2025 76,737,862 shares
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※ Review of attached consolidated quarterly financial statements by a certified public accountant or an audit firm : None * Notes regarding the appropriate use of forecasts, and other special items The forward-looking statements such as earnings forecasts contained in this document are based on information currently available to the Company and certain assumptions that the Company considers reasonable. Actual results may differ materially from those projected due to various factors.
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1 Table of Contents of Attached Materials 1. Overview of Operating Results and Financial Position 2 (1) Overview of Operating Results for the Period 2 (2) Overview of Financial Position for the Period 3 (3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements 3 2. Quarterly Consolidated Financial Statements and Principal Notes 4 (1) Quarterly Consolidated Balance Sheets 4 (2) Quarterly Consolidated Statements of Income and Comprehensive Income 6 (3) Notes to Quarterly Consolidated Financial Statements 8 (Application of specific accounting treatments for the preparation of quarterly consolidated financial statements) 8 ( Notes on segment information, etc.) 8 ( Notes in case of significant changes in shareholders' equity) 9 ( Notes on going concern assumption) 9 ( Notes to consolidated statement of cash flows) 9
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2 1. Overview of Operating Results and Financial Position (1) Overview of Operating Results for the Period During the first quarter of the consolidated cumulative period, the Japanese economy maintained on a moderate recovery trend, supported primarily by personal consumption amid improvements in the employment and income environment. However, the outlook remained uncertain due to factors such as rising geopolitical risks, particularly in the Middle East, and developments in the trade policies of various countries. As for overseas economies, although generally firm movements were observed overall, they continued to progress under uncertain conditions. Under these circumstances, sales of Football and Golf remained strong. In addition, sales of Sportstyle shoes and Work business products, which apply expertise gained through sporting goods development, continued to perform well. Overseas, sales of Golf, Running and Sportstyle shoes also continued to grow. As a result, the Group’s operating results were as follows: net sales increased by 7,977 million yen (up 12.6% YoY) to 71,505 million yen, operating profit increased by 2,079 million yen (up 33.1% YoY) to 8,360 million yen, ordinary profit increased by 1,909 million yen (up 28.2% YoY) to 8,671 million yen, and profit attributable to owners of parent increased by 1,147 million yen (up 23.5% YoY) to 6,028 million yen, all of which were record highs. Segment results were as follows. (i) Japan In Japan, sales of Football and Golf remained strong. In addition, sales of Sportstyle shoes and Work business products, which apply expertise gained through sporting goods development, continued to perform well. In Golf, the new golf club "JPX ONE", which applies expertise gained through Baseball bat development, was well received. In the Work business as well, the business expanded steadily, with Business-to-Business(B2B) customer increasing further. Furthermore, Sportstyle shoes applying the functions of Running shoes grew steadily in the direct sales channel, which also boosted the Gross profit margin. As a result, net sales increased by 2,643 million yen (up 7.6% YoY) to 37,386 million yen, and operating profit increased by 1,054 million yen (up 34.6% YoY) to 4,102 million yen, both reaching record highs. (ii) Europe Europe saw strong performance in the core businesses of Running and Golf, and sales of Sportstyle shoes also increased. As a result, net sales and operating profit both reached record highs, with net sales increasing by 1,911 million yen (up 24.0% YoY) to 9,877 million yen, and operating profit increasing by 652 million yen (up 167.7% YoY) to 1,040 million yen. Notes: The exchange rates for each European currency for the first quarter of the fiscal year are as follows. Pound Sterling: 211.06 yen (same period of the previous year: 193.1 yen), Euro: 183.71 yen (same period of the previous year: 160.71 yen), Norwegian krone: 16.11 yen (same period of the previous year: 13.77 yen). (iii) Americas In the Americas, sales increased as Golf, the core business, continued to perform strongly. In addition to the high regard for products centered on forged irons, the Company has also earned strong trust from users through its custom fitting services. Baseball and Running also recorded increases in revenue, and profits increased despite rising costs such as tariffs. As a result, net sales increased by 1,875 million yen (up 15.8% YoY) to 13,749 million yen, and operating profit increased by 143 million yen (up 8.4% YoY) to 1,851 million yen, both reaching record highs. Notes: The exchange rates for the translation of each currency in the Americas for the first quarter of the fiscal year are as follows. U.S. dollar: 156.44 yen (same period of the previous year: 152.94 yen), Canadian dollar: 114.2 yen (same period of the previous year: 106.08 yen) (iv) Asia and Oceania In Asia and Oceania, sales of Running, Football, Indoor, and Sportstyle shoes increased. On the other hand, Golf, which has a high profit margin, saw declines in sales and profit due to stagnation in the South Korean Golf market. As a result, net sales reached a record high of 10,492 million yen, an increase of 1,546 million yen (up 17.3% YoY), and operating profit was 1,087 million yen, a decrease of 13 million yen (down 1.2% YoY). Notes: The exchange rates for translating the currencies of Asia and Oceania for the first quarter of the fiscal year are as follows. Taiwan dollar: 4.96 yen (same period of the previous year: 4.64 yen) , Hong Kong dollar: 20.03 yen (same period of the previous year: 19.66 yen) ,
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3 Chinese yuan: 22.58 yen (same period of the previous year: 20.98 yen) , Australian dollar: 108.26 yen (same period of the previous year: 95.35 yen) , South Korean won (per 100 won) : 10.70 yen (same period of the previous year: 10.45 yen) , U.S. dollar (Singapore): 156.44 yen (same period of the previous year: 152.94 yen) , Thai baht: 4.95 yen (same period of the previous year: 4.50 yen) , Vietnamese dong (per 100 dong) : 0.60 yen (2) Overview of Financial Position for the Period Total assets at the end of the first quarter of the fiscal year decreased by 1,177 million yen compared with the end of the previous consolidated fiscal year, to 250,294 million yen. The primary factors were an increase in cash and deposits of 2,999 million yen, offset by decreases in merchandise and finished goods of 3,413 million yen and accounts receivable- trade of 1,741 million yen. Liabilities decreased by 6,083 million yen compared with the end of the previous consolidated fiscal year, to 71,107 million yen. The main factors were decreases of 3,018 million yen in accounts payable- other, and accrued expenses and decreases of 1,809 million yen in notes and accounts payable - trade, respectively. Net assets increased by 4,906 million yen compared with the end of the previous consolidated fiscal year, to 179,186 million yen. As a result of the above, the capital adequacy ratio increased by 2.3 points from 68.9% at the end of the previous consolidated fiscal year to 71.2%. (3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements There is no change to the full-year consolidated forecasts for the fiscal year ending March 2027 announced on May 12, 2026.
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4 2. Quarterly Consolidated Financial Statements and Principal Notes (1) Quarterly Consolidated Balance Sheets (Unit: Million yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 46,018 49,018 Notes receivable - trade 4,880 4,717 Accounts receivable - trade 51,822 50,080 Merchandise and finished goods 53,730 50,316 Work in process 599 740 Raw materials and supplies 7,564 6,580 Other 7,646 7,694 Allowance for doubtful accounts (893) (845) Total current assets 171,367 168,302 Non-current assets Property, plant and equipment Buildings and structures, net 16,901 16,988 Land 15,447 15,451 Other, net 6,989 6,757 Total property, plant and equipment 39,338 39,196 Intangible assets Goodwill 756 710 Other 5,838 5,771 Total intangible assets 6,595 6,482 Investments and other assets Investment securities 14,276 15,325 Deferred tax assets 1,528 1,467 Retirement benefit asset 15,701 15,999 Other 2,943 3,801 Allowance for doubtful accounts (280) (280) Total investments and other assets 34,169 36,312 Total non-current assets 80,103 81,991 Total assets 251,471 250,294
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5 (Unit: Million yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes and accounts payable - trade 16,973 15,164 Short-term borrowings 2,897 2,715 Current portion of long-term borrowings 328 328 Accounts payable - other, and accrued expenses 17,090 14,071 Income taxes payable 3,994 2,469 Other 4,143 4,330 Total current liabilities 45,426 39,079 Non-current liabilities Bonds payable 10,050 10,047 Long-term borrowings 9,742 9,661 Deferred tax liabilities 4,789 5,175 Deferred tax liabilities for land revaluation 1,705 1,705 Retirement benefit liability 252 257 Asset retirement obligations 302 298 Other 4,922 4,882 Total non-current liabilities 31,764 32,028 Total liabilities 77,191 71,107 Net assets Shareholders' equity Share capital 26,137 26,137 Capital surplus 32,013 32,013 Retained earnings 97,455 100,978 Treasury shares (4,839) (4,841) Total shareholders' equity 150,767 154,288 Accumulated other comprehensive income Valuation difference on available-for-sale securities 4,515 5,309 Deferred gains or losses on hedges 531 555 Revaluation reserve for land (536) (536) Foreign currency translation adjustment 13,574 14,183 Remeasurements of defined benefit plans 4,511 4,370 Total accumulated other comprehensive income 22,596 23,881 Non-controlling interests 916 1,016 Total net assets 174,279 179,186 Total liabilities and net assets 251,471 250,294
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6 (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income The three months ended June 30, 2026 (Unit: Million yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Net sales 63,528 71,505 Cost of sales 36,732 40,356 Gross profit 26,795 31,149 Selling, general and administrative expenses 20,513 22,788 Operating profit 6,281 8,360 Non-operating income Interest income 41 50 Dividend income 164 182 Foreign exchange gains 13 93 Gain on investments in investment partnerships 119 - Other 231 85 Total non-operating income 570 411 Non-operating expenses Interest expenses 65 77 Other 23 22 Total non-operating expenses 89 100 Ordinary profit 6,762 8,671 Extraordinary income Gain on sale of non-current assets 1 0 Total extraordinary income 1 0 Extraordinary losses Loss on retirement of non-current assets 0 4 Total extraordinary losses 0 4 Profit before income taxes 6,763 8,667 Income taxes 1,807 2,536 Profit 4,955 6,130 Profit attributable to non-controlling interests 74 102 Profit attributable to owners of parent 4,880 6,028
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7 Quarterly Consolidated Statement of Comprehensive Income The three months ended June 30, 2026 (Unit: Million yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Profit 4,955 6,130 Other comprehensive income Valuation difference on available-for-sale securities 156 793 Deferred gains or losses on hedges (447) 23 Foreign currency translation adjustment (2,340) 604 Remeasurements of defined benefit plans, net of tax (54) (140) Total other comprehensive income (2,686) 1,280 Comprehensive income 2,269 7,411 Comprehensive income attributable to Comprehensive income attributable to owners of the parent 2,252 7,311 Comprehensive income attributable to non-controlling interests 17 99
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8 (3) Notes to Quarterly Consolidated Financial Statements (Application of specific accounting treatments for the preparation of quarterly consolidated financial statements) Calculation of tax expense Income taxes are calculated by reasonably estimating the effective tax rate after applying tax effect accounting to profit before income taxes for the consolidated fiscal year including the first quarter of the fiscal year and multiplying profit before income taxes by the estimated effective tax rate. ( Notes on segment information, etc.) I For the three months ended June 30, 2025 (from April 01, 2025 to June 30, 2025) 1. Information on net sales and amounts of profit or loss by reportable segment (Unit: Million yen) Reportable segment Japan Europe Americas Asia and Oceania Total Net sales Net sales from external customers 34,743 7,965 11,873 8,945 63,528 Inter-segment internal net sales and transfers 1,840 - 3 820 2,664 Total 36,583 7,965 11,876 9,766 66,192 Segment profit 3,048 388 1,707 1,100 6,246 2. Difference between the total amount of profit or loss of reportable segments and the amount recorded in the quarterly consolidated statement of income, and main components of the difference (Matters related to reconciliation of differences) (Unit: Million yen) Profit Amount Total reportable segment profit 6,246 Inter-segment transaction eliminations and other adjustments 35 Operating profit recorded in the quarterly consolidated statement of income 6,281 II For the three months ended June 30, 2026 (from April 01, 2026 to June 30, 2026) 1. Information on net sales and amounts of profit or loss by reportable segment (Unit: Million yen) Reportable segment Japan Europe Americas Asia and Oceania Total Net sales Net sales from external customers 37,386 9,877 13,749 10,492 71,505 Inter-segment internal net sales and transfers 1,914 4 - 731 2,651 Total 39,301 9,881 13,749 11,224 74,156 Segment profit 4,102 1,040 1,851 1,087 8,082
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9 2. Difference between the total amount of profit or loss of reportable segments and the amount recorded in the quarterly consolidated statement of income, and main components of the difference (Matters related to reconciliation of differences) (Unit: Million yen) Profit Amount Total reportable segment profit 8,082 Inter-segment transaction eliminations and other adjustments 277 Operating profit recorded in the quarterly consolidated statement of income 8,360 ( Notes in case of significant changes in shareholders' equity) There are no applicable items. ( Notes on going concern assumption) There are no applicable items. ( Notes to consolidated statement of cash flows) The quarterly consolidated Statement of cash flows for the first quarter of the fiscal year has not been prepared. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the first quarter of the fiscal year are as follows. For the three months ended June 30, 2025 For the three months ended June 30, 2026 Depreciation 761 Million yen 818 Million yen Amortization of goodwill 24 Million yen 25 Million yen