Interim report
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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 Three Months Ended June 30 , 2026 ( Based on Japanese GAAP ) August 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 Inquiries : Director and Executive Operating Officer Masaru Wasami Tsutomu Fujita ( Telephone : + 81-3-3261-1000 ) Scheduled date to commence dividend payments : Preparation of supplementary material on financial results : Holding of financial results meeting : Yes Yes ( for institutional investors and analysts ) 1. Consolidated financial results for the three months ended June 30 , 2026 ( April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Amounts less than one million yen are rounded down ) Percentages indicate year - on - year changes Net sales Operating profit Ordinary profit Millions of yen Three months ended 58,698 % 6.2 Millions of yen % Millions of yen % Profit attributable to owners of parent Millions of yen % 2,194 ( 28.5 ) 2,025 ( 37.7 ) 1,523 ( 23.8 ) June 30 , 2026 Three months ended June 30 , 2025 55,246 11.2 3,067 65.3 3,249 58.0 2,000 63.5 Note : Comprehensive income Three months ended June 30 , 2026 Three months ended June 30 , 2025 1,231 million yen 3,746 million yen ( 67.1 ) % + 220.6 % Earnings per share Diluted earnings per share Three months ended June 30 , 2026 Yen 11.32 14.85 Yen 10.13 13.81 Three months ended June 30 , 2025 Note : During the second quarter of the fiscal year ended March 31 , 2026 , the Company finalized the provisional accounting treatment for a business combination , and the figures for the three months ended June 30 , 2025 reflect this finalization . ( 2 ) Consolidated financial position Total assets Net assets Equity ratio Millions of yen Millions of yen % As of June 30 , 2026 As of March 31 , 2026 Reference : Equity 166,914 155,661 64,289 65,364 36.7 40.1 As of June 30 , 2026 As of March 31 , 2026 61,308 million yen 62,392 million yen 2. Cash dividends Annual dividends per share 1st quarter - end 2nd quarter - end 3rd quarter - end Fiscal year - end Total Yen Year ended March 31 , 2026 Yen 16.00 Yen Yen 16.00 Yen 32.00 Year ending March 31 , 2027 | Year ending March 31 , 16.00 16.00 32.00 2027 ( Forecast ) Note : Any revision from the most recently announced dividend forecast : No Net sales Operating profit 3. Forecast of consolidated financial results for the year ending March 31 , 2027 ( from April 1 , 2026 to March 31 , 2027 ) ( Percentages represent changes from the previous year for full year and from the same quarter of the previous year for each quarter ) Profit attributable to owners of parent Earnings per share Ordinary profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Six months ending September 30 , 2026 121,000 250,000 7.0 5,400 8.4 13,800 ( 11.0 ) 16.3 5,540 ( 11.6 ) 14,000 11.7 3,300 ( 17.3 ) 8,300 11.4 24.50 61.63 Full year Note : Any revision from the most recently announced earnings forecast : No
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Notes (1) Significant changes in the scope of consolidation during the three months ended June 30, 2026: Yes One new company Company name: Higuchi Logistics Service Co., Ltd. Note: Effective from the first quarter of the current fiscal year, the Company includes Higuchi Logistics Service Co., Ltd. in the scope of consolidation. (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 June 30, 2026 137,984,520 shares As of March 31, 2026 137,984,520 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 3,400,143 shares As of March 31, 2026 3,301,275 shares (iii) Average number of shares during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 134,674,412 shares Three months ended June 30, 2025 134,666,996 shares Note: The number of treasury shares excluded from the calculation of the number of treasury shares at the end of the period and ave rage number of shares during the period includes 651,159 Company shares held as investment assets in a stock benefit trust for officers and a stock benefit ESOP. * 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.
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- 1 - Attached Material Index 1.Qualitative Information on Financial Results for the Three Months Ended June 30, 2026 ..................................................... 2 (1) Explanation of Operating Results ..................................................................................................................................... 2 (2) Explanation of Financial Condition .................................................................................................................................. 3 (3) Explanation of Forecasts of Consolidated Financial Results and Other Forward-Looking Statements ............................ 3 2. Quarterly Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 4 (1) Quarterly Consolidated Balance Sheets ............................................................................................................................ 4 (2) Quarterly 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 (Notes in the event of significant changes in shareholders’ equity) ................................................................................ 8 (Application of special accounting methods for the preparation of the quarterly consolidated financial statements) ..... 8 (Notes to quarterly consolidated statements of cash flows) ............................................................................................ 8 (Notes to segment information) ...................................................................................................................................... 9 (Significant subsequent events) ...................................................................................................................................... 10
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- 2 - 1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2026 The future matters mentioned in the document are as determined by the Group as of the end of the first quarter of the current consolidated fiscal year. (1) Explanation of Operating Results During the three months ended June 30, 202 6, while the Japanese economy saw improvements in the employment and income environments as a result of wage increases , personal consumption lacked momentum as consumers remained cautious about spending against the backdrop of continued price increases. In addition, the outlook remains uncertain, including renewed oil price increases and fluctuations in exchange rates caused by escalating tensions in the Middle East and other factors. In the logistics industry, the business environment remained harsh due to continued increases in various fixed costs, such as rising personnel costs resulting from labor shortage s, further improvement of drivers’ working environment, and persistently high fuel costs. Amidst this environment, the Group has been implementing its Medium-term Management Plan 2028, which aims to transform the Group into a highly profitable company that is resilient to environmental changes, and the Group has been united in productivity improvement and structural reforms. It strives to expand business mainly in each of the e-commerce & ordinary-temperature, cold chain food, and medicine & medical logistics domains, and 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 three months ended June 30, 2026, showed an increase in sales, with net sales of 58,698 million yen (up 6.2% year on year (YoY)) . However, the Group reported lower profits, with operating income of 2,194 million yen (down 28.5% YoY), ordinary income of 2,025 million yen (down 37.7% YoY), and profit attributable to owners of parent of 1, 523 million yen (down 23.8% YoY), which results from the recording of g ain on bargain purchase as extraordinary income. While the Company includes Higuchi Logistics Service Co., Ltd. in the scope of consolidation starting from the first quarter of the current fiscal year, its operating results are not included in the above because they will be consolidated starting from the second quarter of the current fiscal year. On the other hand, its financial condition has been consolidated as of the end of the first quarter. Performance by segment is as follows: (Logistics business) (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Change Percentage Change (%) Net sales 54,509 57,900 3,391 6.2 Segment profit 3,006 2,009 (997) (33.2) Sales increased, but profit decreased due to the impacts of higher personnel costs incurred to stabilize the 3PL operations for new customers, and one-time expenses related to the restructuring of logistics bases, including AZ-COM Matsubushi EAST, which has commenced full-scale operations, despite steady business expansion mainly with major customers in terms of the volume of goods handled and the number of vehicles in operation. The breakdown of net sales within the logistics business during the three months ended June 30, 2026 is as follows: Breakdown of the logistics business Net sales Percentage change YoY Major factors Last one mile business 9,995 4.6 • Acquisition of new areas and an increase in the number of vehicles in response to sales • Decrease associated with the partial succession of businesses such as online supermarkets EC ordinary-temperature transportation business 15,834 11.2 • Increase in the volume of trunk transportation mainly due to higher orders received for emergency delivery • Acquisition of transportation projects for new customers EC ordinary-temperature 3PL business 16,833 0.3 • Full-year operation of the logistics centers for major online retailers • Start of 3PL operations for new customers Low-temperature food 3PL business 8,335 14.4 • Business expansion associated with the start of operations at AZ-COM Matsubushi EAST • Increases in product unit prices and in the volume of goods handled Medicine & medical 3PL business 6,902 3.9 • Full-year operation of logistics centers for drugstores • Increase in the volume of goods handled driven by the growth in store openings by customers
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- 3 - * As a result of the organizational restructuring within the Group implemented on April 1, 2026, the domain classifications were revised in the first quarter of the fiscal year ending March 2027. Accordingly, YoY percentage changes represent comparisons against the figures after retrospective adjustments. (Other) (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Change Percentage Change (%) Net sales 737 797 60 8.2 Segment profit 88 80 (7) (8.8) Sales rose, but profit declined due to the impact of hiring and other upfront costs despite steady new orders received related to the information systems business of PHYZ Holdings Inc. and the business process outsourcing (BPO) of AZ -COM Data Security Co., Ltd. (2) Explanation of Financial Condition Total assets at the end of the first quarter under review amounted to 166,914 million yen, up 11,252 million yen from the end of the previous fiscal year. Total current assets amounted to 50,290 million yen, up 3,200 million yen. This was mainly due to a 594 million yen increase in cash and deposits and a 2,549 million yen increase in notes and accounts receivable – trade as a result of an increase in the number of consolidated subsidiaries. Total non-current assets amounted to 116,623 million yen, up 8,052 million yen. This was mainly due to a 2,974 million yen increase in buildings and structures, net, a 1,433 million yen increase in land, and a 2,352 million yen increase in other items in other assets as a result of an increase in the number of consolidated subsidiaries, in addition to a 1,811 million yen increase in long-term time deposits. Total liabilities amounted to 102, 625 million yen, up 12, 327 million yen from the end of the previous fiscal year. Current liabilities amounted to 44,134 million yen, up 10,951 million yen. This was mainly due to a 1,937 million yen increase in notes and accounts payable - trade as a result of an increase in the number of consolidated subsidiaries, and an 8,388 million yen increase in short-term borrowings. Non-current liabilities amounted to 58,490 million yen, up 1, 376 million yen. This was mainly due to a 1,176 million yen increase in other non-current liabilities as a result of an increase in the number of consolidated subsidiaries despite a decrease in deferred tax liabilities related to valuation differences on securities. Total net assets amounted to 64, 289 million yen, down 1,075 million yen from the end of the previous fiscal year. This was mainly due to a 639 million yen decrease in retained earnings as a result of dividends paid despite the recording of profit and a 382 million yen decrease in valuation difference 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 announced in the Consolidated Financial Results for the Year Ended March 31, 2026, released on May 11, 2026. Should it become necessary to revise the forecasts of the consolidated financial results in view of future performance trends, the Company will announce such revisions promptly.
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- 4 - 2. Quarterly Consolidated Financial Statements and Significant Notes Thereto (1) Quarterly Consolidated Balance Sheets (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 20,222 20,816 Notes and accounts receivable - trade 22,370 24,920 Supplies 89 110 Other 4,410 4,448 Allowance for doubtful accounts (3) (4) Total current assets 47,090 50,290 Non-current assets Property, plant and equipment Buildings and structures, net 32,867 35,841 Machinery, equipment and vehicles, net 6,936 6,834 Land 15,124 16,557 Construction in progress 6,167 6,139 Other, net 5,505 5,748 Total property, plant and equipment 66,600 71,122 Intangible assets Goodwill 3,704 3,600 Other 6,166 6,096 Total intangible assets 9,871 9,697 Investments and other assets Investment securities 13,933 13,475 Long-term time deposits 9,979 11,791 Other 8,252 10,604 Allowance for doubtful accounts (66) (66) Total investments and other assets 32,098 35,804 Total non-current assets 108,571 116,623 Total assets 155,661 166,914
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- 5 - (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes and accounts payable - trade 12,779 14,717 Short-term borrowings 11 8,400 Current portion of long-term borrowings 6,443 6,500 Income taxes payable 2,657 785 Provision for bonuses 1,122 1,800 Provision for loss on cancellation - 312 Other 10,168 11,618 Total current liabilities 33,183 44,134 Non-current liabilities Convertible bonds 22,000 22,000 Long-term borrowings 23,783 23,550 Retirement benefit liability 1,599 1,927 Asset retirement obligations 1,697 1,770 Provision for share awards for directors 57 89 Provision for share-based remuneration for employees 208 205 Provision for retirement benefits for directors (and other officers) 80 83 Other 7,686 8,863 Total non-current liabilities 57,113 58,490 Total liabilities 90,297 102,625 Net assets Shareholders’ equity Share capital 9,117 9,117 Capital surplus 8,799 8,799 Retained earnings 45,729 45,089 Treasury shares (5,980) (6,057) Total shareholders’ equity 57,666 56,950 Accumulated other comprehensive income Valuation difference on available-for-sale securities 5,046 4,664 Remeasurements of defined benefit plans (321) (306) Total accumulated other comprehensive income 4,725 4,358 Non-controlling interests 2,972 2,980 Total net assets 65,364 64,289 Total liabilities and net assets 155,661 166,914
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- 6 - (2) Quarterly Consolidated Statements of Income (Cumulative) and Consolidated Statements of Comprehensive Income (Cumulative) (Quarterly Consolidated statements of income (cumulative)) (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Net sales 55,246 58,698 Cost of sales 49,520 53,585 Gross profit 5,725 5,112 Selling, general and administrative expenses 2,658 2,918 Operating profit 3,067 2,194 Non-operating income Interest income 57 0 Dividend income 134 169 Gain on sales of non-current assets 42 35 Share of profit of entities accounted for using equity method - 1 Other 27 53 Total non-operating income 262 261 Non-operating expenses Interest expenses 54 110 Commission for syndicated loans 3 3 Provision for loss on cancellation - 312 Other 21 4 Total non-operating expenses 79 430 Ordinary profit 3,249 2,025 Extraordinary income Gain on bargain purchase - 280 Total extraordinary income - 280 Profit before income taxes 3,249 2,306 Income taxes 1,183 709 Profit 2,066 1,596 Profit attributable to non-controlling interests 65 73 Profit attributable to owners of parent 2,000 1,523
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- 7 - (Quarterly Consolidated statements of comprehensive income) (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit 2,066 1,596 Other comprehensive income Valuation difference on available-for-sale securities 1,665 (380) Remeasurements of defined benefit plans, net of tax 15 15 Total other comprehensive income 1,680 (365) Comprehensive income 3,746 1,231 (Breakdown) Comprehensive income attributable to owners of parent 3,679 1,156 Comprehensive income attributable to non-controlling interests 67 74
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- 8 - (3) Notes to Quarterly Consolidated Financial Statements (Notes related to the going concern assumption) Not applicable. (Notes in the event of significant changes in shareholders’ equity) 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 first quarter under review, tax expenses are calculated by multiplying profit befo re income taxes for the current quarter by the estimated effective tax rate. (Notes to quarterly consolidated statements of cash flows) Quarterly consolidated statements of cash flows for the first three months ended June 30, 2026 have not been prepared. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the fi rst three months ended June 30, 2026 are as follows. Three months ended June 30, 2025 Three months ended June 30, 2026 Depreciation 826 million yen 1,223 million yen Amortization of goodwill 127 million yen 104 million yen Note: Figures for the three months ended June 30, 2026, 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) [Segment information] Three months ended June 30, 2025 (April 1, 2025 to June 30, 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 54,509 737 55,246 — 55,246 (2) Internal sales and transfers between segments 16 109 126 (126) — Total 54,525 846 55,372 (126) 55,246 Segment profit 3,006 88 3,095 (27) 3,067 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 expenses related to the holding company’s operations that do 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 on non-current assets or goodwill, etc. by reportable segment (Significant change in the amount of goodwill) Segment information for the three months ended June 30, 2025 reflects the revision of the initial allocation of the acquisition cost due to the finalization of the provisional accounting treatment. Three months ended June 30, 2026 (April 1, 2026 to June 30, 2026) 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 57,900 797 58,698 — 58,698 (2) Internal sales and transfers between segments 98 114 213 (213) — Total 57,998 912 58,911 (213) 58,698 Segment profit 2,009 80 2,090 104 2,194 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 expenses related to the holding company’s operations that do 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 on non-current assets or goodwill, etc. by reportable segment (Significant gain on bargain purchase) In the first quarter of the fiscal year under review, the Company acquired the shares of Higuchi Logistics Service Co., Ltd. and made it a wholly -owned subsidiary. As a result, a gain on bargain purchase was recognized in the "Logistics" segment. The amount of the gain on bargain purchase recognized from this event was 280 million yen. Note that because a gain on bargain purchase is an extraordinary income, it is not included in the segment income above. In addition, the amount of the
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- 10 - gain on bargain purchase is provisionally calculated because the allocation of acquisition costs has not been completed as of the end of the first quarter of the fiscal year under review. (Significant subsequent events) Not applicable.