Interim report
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Translation Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Based on Japanese GAAP) February 5, 2026 Company name: AZ-COM MARUWA Holdings Inc. Stock exchange listing: Tokyo Stock code: 9090 URL https://www.az-com-maruwa-hd.co.jp/ Representative: President Masaru Wasami Inquiries: Director and Executive Operating Officer Masanao Kuzuno TEL 048(991)1000 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: Yes Holding of quarterly financial results meeting: Yes (Amounts less than one million yen are rounded down) 1. Consolidated financial results for the nine months ended December 31, 2025 (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 Millions of yen % Millions of yen % Millions of yen % Millions of yen % Nine months ended December 31, 2025 174,918 11.0 10,131 13.3 10,495 11.7 6,570 10.3 Nine months ended December 31, 2024 157,644 5.0 8,941 (22.7) 9,399 (22.1) 5,956 (19.9) Note: Comprehensive income Nine months ended December 31, 2025 8,704 million yen +39.3% Nine months ended December 31, 2024 6,249 million yen (25.7)% Earnings per share Diluted earnings per share Yen Yen Nine months ended December 31, 2025 48.79 46.80 Nine months ended December 31, 2024 44.20 41.08 (2) Consolidated financial position Total assets Net assets Equity ratio Millions of yen Millions of yen % Nine months ended December 31, 2025 159,466 64,701 38.8 Fiscal year ended March 31, 2025 138,550 60,431 41.7 Reference: Equity Nine months ended December 31, 2025 61,883 million yen Fiscal year ended March 31, 2025 57,768 million yen Note: During the second quarter of the current consolidated fiscal year, the Company reflected the results of the finalized provisional accounting treatment for a business combination in the third quarter of the fiscal year ended March 31, 2025 and the fiscal year ended March 31, 2025. 2. Cash dividends Annual dividends per share 1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 – 16.00 – 16.00 32.00 Year ending March 31, 2026 – 16.00 – Year ending March 31, 2026 (Forecast) 16.00 32.00 Note: Any revisions from the most recently announced dividend forecast: No 3. Forecast of consolidated financial results for the year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) Percentages indicate year-on-year changes Net sales Operating profit Ordinary profit Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 220,000 5.6 11,900 8.6 12,000 3.2 7,300 0.3 54.21 Note: Any revisions from the most recently announced earnings forecast: No Note: Year-on-year changes are calculated based on the result of the finalization of the provisional accounting treatment for the business combination that was conducted during the second quarter of the current consolidated fiscal year.
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Notes (1) Significant changes in the scope of consolidation during the nine months ended December 31, 2025: Yes One new company Company name: MOMO A Inc. Note: Effective from the second quarter of the current consolidated fiscal year, the Company includes MOMO A Inc. in the scope of application of the equity method. (2) Application of special accounting methods for preparing quarterly consolidated financial statements: Yes (3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements (i) Changes in accounting policies due to revisions to accounting standards and other regulations: No (ii) Changes in accounting policies due to other reasons: No (iii) Changes in accounting estimates: No (iv) Restatement of prior period financial statements: No (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 137,984,520 shares Fiscal year ended March 31, 2025 137,984,520 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 3,301,275 shares Fiscal year ended March 31, 2025 3,318,314 shares (iii) Average number of shares during the period (cumulative from the beginning of the fiscal year) As of December 31, 2025 134,676,999 shares Nine months ended December 31, 2024 134,769,230 shares Note: The number of treasury shares excluded from the calculation of treasury shares at the end of the period and the average number of shares includes Company shares held as investment assets in a stock benefit trust for officers and a stock benefit ESOP; such shares amounted to 572,551 shares for the third quarter of the fiscal year ended March 31, 2025, and 552,291 shares for the third quarter of the fiscal year ending March 31, 2026. * Review of accompanying quarterly consolidated financial statements by certified public accountants or auditing firms: None * Proper use of earnings forecasts, and other special matters The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Actual results may differ substantially due to various factors. (How to obtain supplementary material on financial results) The Company is scheduled to hold a financial results briefing on Thursday, February 5, 2026, inviting institutional investors and analysts to attend via livestream. The financial results briefing materials used on the day of the briefing will be posted on the Company’s website promptly after the announcement of the financial results.
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- 1 - Attached Material Index 1. Overview of Operating Results .............................................................................................................................................. 2 (1) Overview of Operating Results for the Nine Months Ended December 31, 2025 .............................................................. 2 (2) Overview of Financial Condition During the Nine Months Ended December 31, 2025 .................................................... 3 (3) Explanation of Forecasts of Consolidated Financial Results and Other Forward-Looking Statements ............................ 3 2. Quarterly Consolidated Financial Statements and Significant Notes ...................................................................................... 4 (1) Consolidated Balance Sheets ............................................................................................................................................ 4 (2) Consolidated Statements of Income (Cumulative) and Consolidated Statements of Comprehensive Income (Cumulative) ..................................................................................................................................................................... 6 (3) Notes to Quarterly Consolidated Financial Statements ..................................................................................................... 8 (Notes related to the going concern assumption) ............................................................................................................ 8 (Application of special accounting methods for the preparation of the quarterly consolidated financial statements) ..... 8 (Notes in the event of significant changes in shareholders' equity) ................................................................................ 8 (Notes to quarterly consolidated statements of cash flows) ............................................................................................ 8 (Notes to segment information, etc.) ............................................................................................................................... 9 (Significant subsequent events) ...................................................................................................................................... 9
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- 2 - 1. Overview of Operating Results The future matters mentioned in the document are as determined by the Group as of the end of the nine months ended December 31, 2025. (1) Overview of Operating Results for the Nine Months Ended December 31, 2025 During the nine months ended December 31, 2025, the Japanese economy showed a moderate recovery trend, characterized by a pickup in personal consumption and a record high number of foreign visitors to Japan. On the other hand, the outlook remain s uncertain due to concerns about a slowdown in the global economy against the backdrop of new geopolitical risks and tariff hikes. In the logistics industry, while domestic consumer -related cargo was on a recovery trend, the business environment remained tough due to the continued rising trend of various costs, including personnel costs. The Group has launched its Medium -term Management Plan 2028, which aims to transform the Group into a highly profitable company that is capable of responding to environmental changes and strives to expand business mainly in each of the e-commerce & ordinary-temperature, cold chain food, and medicine & medical logistics domains. In addition, it aims to become a “3PL & Platform Company” that customers will choose by saving the manpower and energy used for the 3PL business through its strengthened Transportation Management System, which maximizes the group network function, the standardization of operations, and the implementation of DX. As a result of the above, the Group’s operating results for the nine months ended December 31, 2025, showed an increase in sales and profit, with net sales of 174,918 million yen (up 11.0% year on year (YoY)). In addition to the performance by segment described below, a decrease in expenses related to the tender offer incurred in the previous fiscal year led to operating inc ome of 10,131 million yen (up 13.3% YoY), ordinary income of 10,495 million yen (up 11.7% YoY), and quarterly profit attributable to owners of the parent of 6,570 million yen (up 10.3% YoY). Performance by segment is as follows. (Logistics business) (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Change Percentage Change (%) Net sales 155,542 172,544 17,001 10.9 Segment profit 9,281 9,989 707 7.6 There were impacts from one -time expenses, such as personnel costs to stabilize operations at new logistics centers, and one-time expenses associated with the consolidation and closure of existing logistics centers aimed at improving their operating rates. On the other hand, an increase in the volume of goods handled at logistics centers and the number of vehicles in operation, backed by sales and year-end demand, together with the successful outcomes of company-wide initiatives such as freight rate revisions and productivity improvements, exceeded these impacts, resulting in higher sales and profit. The breakdown of net sales within the logistics business during the nine months ended December 31, 2025 is as follows. (Millions of yen) Breakdown of the logistics business Net sales Percentage change YoY Major factors Last One Mile Business 29,277 (3.0) Increase in the number of vehicles in response to Black Friday sales, etc. Decrease associated with the partial transfer of businesses such as online supermarkets E-commerce & Ordinary- temperature Transportation Business 46,283 13.3 Increase in the number of shipments accompanying various sales and year-end demand Expansion of new transportation services with existing customers E-commerce & Ordinary- temperature 3PL Business 56,735 18.3 Full-year operation of logistics centers for major online retailers Increase in the volume of goods handled for existing customers Low-temperature Food 3PL Business 19,937 9.2 Full-year operation of logistics centers for supermarkets Increase in the volume of goods handled, driven by rising product unit prices and year-end demand Medicine & Medical 3PL Business 20,309 11.1 Full-year operation of logistics centers for drugstores Strong growth in the volume of goods handled, mainly for stores in city centers
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- 3 - (Others) (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Change Percentage Change (%) Net sales 2,102 2,374 271 12.9 Segment profit 294 391 96 32.8 Steady orders received for new projects related to the information systems business of PHYZ Holdings Inc. and the business process outsourcing (BPO) of AZ-COM Data Security Co., Ltd. resulted in higher sales and profit. (2) Overview of Financial Condition During the Nine Months Ended December 31, 2025 Total assets at the end of the third quarter of the current consolidated fiscal year amounted to 159,466 million yen, up 20,915 million yen from the end of the previous fiscal year. Current assets amounted to 61,492 million yen, down 5,080 million yen. This was mainly due to an increase in trade notes and accounts receivable of 3,864 million yen and an increase in other of 2, 206 million yen resulting from an increase in consumption taxes receivable, while cash and deposits decreased by 11,152 million yen. Total non-current assets amounted to 97,973 million yen, up 25,996 million yen. This was mainly due to increases in buildings and structures (net) of 20,854 million yen, machinery, equipment and vehicles (net) of 3,050 million yen, investment securiti es of 3,484 million yen, and investments and other assets of 2,446 million yen, while construction in progress decreased by 5,264 million yen. Total liabilities amounted to 94,765 million yen, up 16,646 million yen from the end of the previous fiscal year. Current liabilities amounted to 37,246 million yen, down 13,435 million yen. This was mainly due to increases in trade notes and accounts payable of 2,440 million yen, short-term borrowings of 623 million yen, current portion of long-term borrowings of 1,672 million yen, and other of 2,936 million yen resulting from increases in a ccounts payable - other and consumption taxes payable, while the c urrent portion of convertible bonds decreased by 20,146 million yen due to the repurchase and cancellation of euro-yen convertible bonds with share acquisition rights due 2025. Non-current liabilities amounted to 57,518 million yen, up 30,081 million yen. This was mainly due to increases in long -term borrowings of 6,539 million yen and convertible bonds of 22,000 million yen due to the issuance of euro-yen convertible bonds with share acquisition rights due 2030. Total net assets amounted to 64,701 million yen, up 4,269 million yen from the end of the previous fiscal year. This was mainly due to a 2,242 million yen increase in retained earnings and a 1,815 million yen increase in unrealized gain on available -for-sale securities. (3) Explanation of Forecasts of Consolidated Financial Results and Other Forward-Looking Statements No changes have been made to the forecasts of the consolidated financial results released on May 12, 2025.
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- 4 - 2. Quarterly Consolidated Financial Statements and Significant Notes (1) Consolidated Balance Sheets (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 41,395 30,243 Notes and accounts receivable - trade 22,952 26,817 Supplies 90 91 Other 2,137 4,343 Allowance for doubtful accounts (2) (2) Total current assets 66,573 61,492 Non-current assets Property, plant and equipment Buildings and structures, net 12,314 33,169 Machinery, equipment and vehicles, net 3,797 6,847 Land 15,020 15,124 Construction in progress 7,389 2,125 Other, net 3,671 5,433 Total property, plant and equipment 42,193 62,699 Intangible assets Goodwill 3,973 3,891 Other 7,070 6,716 Total intangible assets 11,043 10,608 Investments and other assets Investment securities 10,935 14,419 Other 7,867 10,314 Allowance for doubtful accounts (62) (68) Total investments and other assets 18,740 24,665 Total non-current assets 71,977 97,973 Total assets 138,550 159,466
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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 12,977 15,418 Short-term borrowings 11 635 Current portion of convertible bonds 20,146 － Current portion of long-term borrowings 4,984 6,657 Income taxes payable 2,034 1,857 Provision for bonuses 1,069 284 Other 9,457 12,393 Total current liabilities 50,682 37,246 Non-current liabilities Bonds payable 15 15 Convertible bonds － 22,000 Long-term borrowings 17,315 23,854 Retirement benefit liability 1,477 1,535 Asset retirement obligations 1,497 1,691 Provision for share awards for directors (and other officers) 47 43 Provision for share-based remuneration for employees 169 162 Provision for retirement benefits for directors (and other officers) 70 78 Other 6,843 8,138 Total non-current liabilities 27,436 57,518 Total liabilities 78,119 94,765 Net assets Shareholders' equity Share capital 9,117 9,117 Capital surplus 8,801 8,803 Retained earnings 42,608 44,851 Treasury shares (5,987) (5,980) Total shareholders' equity 54,540 56,792 Accumulated other comprehensive income Valuation difference on available-for-sale securities 3,608 5,424 Remeasurements of defined benefit plans (381) (333) Total accumulated other comprehensive income 3,227 5,090 Non-controlling interests 2,663 2,818 Total net assets 60,431 64,701 Total liabilities and net assets 138,550 159,466
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- 6 - (2) Consolidated Statements of Income (Cumulative) and Consolidated Statements of Comprehensive Income (Cumulative) (Consolidated statements of income (cumulative)) (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Net sales 157,644 174,918 Cost of sales 140,817 157,166 Gross profit 16,827 17,751 Selling, general and administrative expenses 7,885 7,619 Operating profit 8,941 10,131 Non-operating income Interest income 168 118 Dividend income 236 295 Share of profit of entities accounted for using equity method － 20 Gain on sales of property and equipment 38 87 Other 154 210 Total non-operating income 598 732 Non-operating expenses Interest expenses 89 193 Bond issuance costs － 106 Commission for syndicated loans 7 7 Other 43 62 Total non-operating expenses 140 369 Ordinary profit 9,399 10,495 Extraordinary income Gain on sale of investment securities 314 － Gain on change in equity － 77 Total extraordinary income 314 77 Extraordinary losses Loss on valuation of investments in capital 15 － Total extraordinary losses 15 － Profit before income taxes 9,697 10,572 Income taxes 3,453 3,735 Profit 6,244 6,836 Profit attributable to non-controlling interests 287 265 Profit attributable to owners of parent 5,956 6,570
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- 7 - (Consolidated statements of comprehensive income (cumulative)) (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 6,244 6,836 Other comprehensive income Valuation difference on available-for-sale securities (24) 1,820 Remeasurements of defined benefit plans, net of tax 30 47 Total other comprehensive income 5 1,867 Comprehensive income 6,249 8,704 (Breakdown) Comprehensive income attributable to owners of parent 5,961 8,433 Comprehensive income attributable to non-controlling interests 287 270
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- 8 - (3) Notes to Quarterly Consolidated Financial Statements (Notes related to the going concern assumption) Not applicable. (Application of special accounting methods for the preparation of the quarterly consolidated financial statements) After reasonably estimating the effective tax rate after applying tax effect accounting to profit before income taxes for the current consolidated fiscal year, including the third quarter under review, tax expenses are calculated by multiplying profit before income taxes for the current quarter by the estimated effective tax rate. (Notes in the event of significant changes in shareholders' equity) Not applicable. (Notes to quarterly consolidated statements of cash flows) Quarterly consolidated statements of cash flows for the first nine months ended December 31, 2025 have not been prepared. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the first nine months ended December 31, 2025 are as follows. Nine months ended December 31, 2024 Nine months ended December 31, 2025 Depreciation 2,169 million yen 2,887 million yen Amortization of goodwill 314 million yen 382 million yen Note: Figures for the nine months ended December 31, 2024, reflect the revision of the initial allocation of acquisition costs resulting from the finalization of the provisional accounting treatment.
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- 9 - (Notes to segment information, etc.) [Segment information] Nine months ended December 31, 2024 (April 1, 2024 to December 31, 2024) 1. Information on net sales and profit or loss by reportable segment (Millions of yen) Reportable segment Other (Note) 1 Total Adjustment and eliminations (Note) 2 Amount recorded on quarterly consolidated statements of income (Note) 3 Logistics business Net sales (1) Net sales to external customers 155,542 2,102 157,644 – 157,644 (2) Internal sales and transfers between segments 38 318 356 (356) – Total 155,580 2,420 158,000 (356) 157,644 Segment profit 9,281 294 9,576 (634) 8,941 Notes: 1. The "Other" category contains business segments that are not included in reportable segments, and includes the document storage warehouse leasing business, the real estate leasing business and the information system business. 2. Adjustments to segment profit represent profit and loss related to the holding company that does not belong to any segment. 3. Segment profit has been adjusted with operating profit on the quarterly consolidated statements of income. 2. Information on impairment loss of non-current assets or goodwill, etc. by reportable segment (Significant changes in the amount of goodwill) Segment information for the nine months ended December 31, 2024, reflects the revision of the initial allocation of acquisition costs resulting from the finalization of the provisional accounting treatment. Nine months ended December 31, 2025 (April 1, 2025 to December 31, 2025) 1. Information on net sales and profit or loss by reportable segment (Millions of yen) Reportable segment Other (Note) 1 Total Adjustment and eliminations (Note) 2 Amount recorded on quarterly consolidated statements of income (Note) 3 Logistics business Net sales (1) Net sales to external customers 172,544 2,374 174,918 – 174,918 (2) Internal sales and transfers between segments 55 353 409 (409) – Total 172,600 2,727 175,327 (409) 174,918 Segment profit 9,989 391 10,380 (248) 10,131 Notes: 1. The "Other" category contains business segments that are not included in reportable segments, and includes the document storage warehouse leasing business, the real estate leasing business and the information system business. 2. Adjustments to segment profit represent profit and loss related to the holding company that does not belong to any segment. 3. Segment profit has been adjusted with operating profit on the quarterly consolidated statements of income. (Significant subsequent events) Not applicable.