Interim report
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Note: This document has been translated from a part of 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 Six Months Ended September 30, 2025 (Under Japanese GAAP) November 11, 2025 Company name: TOKAI Corp. Listing: Tokyo Stock Exchange Securities code: 9729 URL: https://www.tokai-corp.com/ Representative: Toshiaki Asai Representative Director & President Inquiries: Kenji Yoshida Corporate Officer, Head of Finance & Corporate Planning Division Telephone: +81-58(263)-5111 Scheduled date to file semi-annual securities report: November 13, 2025 Scheduled date to commence dividend payments: December 9, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 79,026 8.7 4,436 21.1 4,699 20.0 3,048 0.2 September 30, 2024 72,725 7.2 3,664 (0.6) 3,917 1.3 3,041 15.8 Note: Comprehensive income For the six months ended September 30, 2025: ¥ 3,954 million [ 71.6%] For the six months ended September 30, 2024: ¥ 2,305 million [ (27.3) %] Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 90.13 - September 30, 2024 88.82 - (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % September 30, 2025 116,992 88,872 75.4 March 31, 2025 113,951 85,845 74.8 Reference: Equity As of September 30, 2025: ¥ 88,191 million As of March 31, 2025: ¥ 85,188 million
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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 - 29.00 - 29.00 58.00March 31, 2025 Fiscal year ending - 34.00March 31, 2026 Fiscal year ending March 31, 2026 (Forecast) - 34.00 68.00 Note: Revisions to the forecast of cash dividends most recently announced: None Note: Breakdown of the second quarter dividend for the fiscal year ending March 31, 2026 : Commemorative dividend 5 yen Special dividend - yen 3. Consolidated financial result forecasts for the fiscal 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 Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 157,976 5.6 8,216 0.1 8,590 (2.8) 5,499 16.2 162.69 Note: Revisions to the financial result forecast most recently announced: None * Notes (1) Significant changes in the scope of consolidation during the period: Yes Newly included: - companies( ) Excluded: 1 companies( Bilmen Co., Ltd. ) (2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of September 30, 2025 36,041,346 shares As of March 31, 2025 36,041,346 shares (ii) Number of treasury shares at the end of the period As of September 30, 2025 2,207,308 shares As of March 31, 2025 2,221,346 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 33,825,716 shares Six months ended September 30, 2024 34,248,143 shares * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters
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Semi-annual Consolidated Financial Statements and Primary Notes Semi-annual Consolidated Balance Sheet (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 25,455 25,323 Notes and accounts receivable - trade 21,632 22,623 Securities 1,403 1,818 Inventories 6,490 6,965 Other 1,373 1,480 Allowance for doubtful accounts (44) (45) Total current assets 56,311 58,167 Non-current assets Property, plant and equipment Buildings and structures, net 15,641 15,335 Machinery, equipment and vehicles, net 5,894 5,694 Land 11,828 11,859 Other, net 3,344 3,253 Total property, plant and equipment 36,708 36,143 Intangible assets Goodwill 4,130 3,934 Other 1,262 1,642 Total intangible assets 5,392 5,576 Investments and other assets Investment securities 8,257 9,812 Deferred tax assets 2,126 2,126 Other 5,455 5,458 Allowance for doubtful accounts (300) (292) Total investments and other assets 15,539 17,104 Total non-current assets 57,640 58,825 Total assets 113,951 116,992
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(Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Notes and accounts payable - trade 10,728 11,410 Short-term borrowings 1,766 1,756 Income taxes payable 2,033 1,706 Provision for bonuses 2,233 2,216 Provision for bonuses for directors (and other officers) 73 33 Other 6,318 5,783 Total current liabilities 23,153 22,907 Non-current liabilities Long-term borrowings 166 104 Deferred tax liabilities 293 681 Provision for retirement benefits for directors (and other officers) 442 429 Retirement benefit liability 2,386 2,430 Other 1,663 1,565 Total non-current liabilities 4,952 5,212 Total liabilities 28,105 28,120 Net assets Shareholders' equity Share capital 8,108 8,108 Capital surplus 4,922 4,921 Retained earnings 74,878 76,970 Treasury shares (4,813) (4,783) Total shareholders' equity 83,094 85,216 Accumulated other comprehensive income Valuation difference on available-for-sale securities 2,109 2,985 Remeasurements of defined benefit plans (15) (10) Total accumulated other comprehensive income 2,094 2,974 Non-controlling interests 656 681 Total net assets 85,845 88,872 Total liabilities and net assets 113,951 116,992
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Semi-annual Consolidated Statements of Income and Comprehensive Income Semi-annual Consolidated Statement of Income (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Net sales 72,725 79,026 Cost of sales 55,735 60,002 Gross profit 16,990 19,023 Selling, general and administrative expenses 13,326 14,587 Operating profit 3,664 4,436 Non-operating income Interest income 27 44 Dividend income 117 171 Rent income of real estate 16 17 Other 146 81 Total non-operating income 307 315 Non-operating expenses Interest expenses 12 15 Foreign exchange losses 17 0 Compensation for damage 1 18 Rental costs on real estate 10 11 Other 11 5 Total non-operating expenses 53 51 Ordinary profit 3,917 4,699 Extraordinary income Gain on sale of investment securities 770 - Total extraordinary income 770 - Extraordinary losses Loss on retirement of non-current assets 31 13 Impairment losses 281 18 Provision of reserves for losses on liquidation of subsidiaries and affiliates - 51 Total extraordinary losses 312 82 Profit before income taxes 4,375 4,617 Income taxes - current 1,411 1,546 Income taxes - deferred (103) (2) Total income taxes 1,308 1,544 Profit 3,067 3,073 Profit attributable to non-controlling interests 25 24 Profit attributable to owners of parent 3,041 3,048
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Semi-annual Consolidated Statement of Comprehensive Income (Millions of yen) For the six months ended September 30, 2024 For the six months ended September 30, 2025 Profit 3,067 3,073 Other comprehensive income Valuation difference on available-for-sale securities (764) 876 Remeasurements of defined benefit plans, net of tax 3 4 Total other comprehensive income (761) 881 Comprehensive income 2,305 3,954 Comprehensive income attributable to Comprehensive income attributable to owners of parent 2,280 3,929 Comprehensive income attributable to non-controlling interests 24 25