Komori Corporation (Securities Code: 6349) reported its Q1 FY2027 financial results , marking a pivotal milestone characterized by robust order intake in its core business and the announcement of a major M&A deal to enter the semiconductor manufacturing equipment sector.

This report provides an in-depth analysis of the company's performance, key drivers, structural business shifts, and future growth strategies, based on 10 major topics identified from the disclosure materials.

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【Analysis of the 10 Key Topics】

1. Entry into the Semiconductor Manufacturing Sector via Acquisition of Maruyama Chiller : A decisive move in transforming the business portfolio toward the "KOMORI 2030" long-term vision.
2. Achieving Revenue and Profit Growth in Q1 : Net sales reached ¥23.1 billion (+2% YoY), with operating profit at ¥0.5 billion (+7% YoY), showing steady growth.
3. Order Intake Significantly Exceeding Plan : Against a Q1 target of ¥28.1 billion, actual results reached ¥33.2 billion (+23% YoY), a significant upside.
4. Operating Profit Variance Structure : Positive impacts from foreign exchange (+¥0.3 billion) and price revisions (+¥0.1 billion) offset rising material/labor costs (-¥0.1 billion) and lower sales volume (-¥0.3 billion).
5. Upward Revision of Annual Dividend Forecast : Announced a significant dividend increase from the previous forecast of ¥75 per share to ¥100 (interim ¥50, year-end ¥50).
6. Surge in Orders from Greater China and Other Regions : Emerging markets and Asia drove growth, with Greater China up +96% YoY and other regions up +88% YoY .
7. Breakthrough in Orders for Core "Sheet-fed Presses" : Orders for sheet-fed presses recorded a significant increase to ¥19.2 billion (+46% YoY).
8. Steady Performance in Service and DPS Businesses : Maintenance/parts repair sales ( ¥5.4 billion , +16%) and DPS/PE sales ( ¥3.8 billion , +28%) contributed as stable, recurring revenue streams.
9. Record-High Order Backlog : The order backlog at the end of Q1 reached ¥86.4 billion , providing a solid foundation for future revenue.
10. Financial Soundness : Maintained a robust balance sheet with net assets of ¥125.1 billion and a high equity ratio.

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1. Core of Growth Strategy: Acquisition of Maruyama Chiller and Entry into Semiconductor Manufacturing

As a critical measure to achieve its 7th Medium-Term Management Plan and the long-term vision "KOMORI 2030," Komori Corporation announced the acquisition of Maruyama Chiller Co., Ltd. (making it a wholly-owned subsidiary).

As shown in this slide, Maruyama Chiller is a specialized manufacturer of cooling equipment (chillers) with a customer base consisting of global semiconductor manufacturing equipment makers and semiconductor manufacturers. Through this acquisition, Komori will apply the precision machining technology and global production/support systems cultivated in its traditional printing machinery business to Maruyama Chiller, enabling it to meet the rapidly increasing demand for chillers.

From the perspective of earnings impact , Maruyama Chiller's sales (approx. ¥11.3 billion) represent about 10% of Komori's consolidated sales, and its EBITDA (approx. ¥2.5 billion) accounts for about 21% of consolidated EBITDA. This is expected to create powerful synergies that will not only diversify the business but also further elevate the profitability and growth potential of the consolidated results.

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2. Q1 FY2027 Financial Results and Progress Against Plan

Consolidated results for Q1 were as follows: Net sales of ¥23.1 billion (+2% YoY), operating profit of ¥0.5 billion (+7% YoY), ordinary profit of ¥0.9 billion (+45% YoY), and quarterly net profit attributable to owners of the parent of ¥0.5 billion (+23% YoY).

Particularly noteworthy is the trend in order intake . Against the initial Q1 plan of ¥28.1 billion, the actual result was ¥33.2 billion (+18% vs. plan, +23% YoY), a significant surplus. The primary drivers were the capture of orders that shifted from the end of the previous fiscal year and active capital investment demand across various regions.

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3. Analysis of Operating Profit Variance (YoY)

The breakdown of how operating profit transitioned from ¥0.5 billion in the same period last year to the current ¥0.5 billion (specifically, a slight increase to ¥0.514 billion) is as follows:

The main variance factors identified from the slide above are summarized as follows:

• Foreign Exchange Variance (+¥0.3 billion) : The depreciation of the yen against the US dollar and euro contributed significantly to profit growth.
• Sales Price Variance (+¥0.1 billion) : Positive impact from the penetration of continuous price pass-through and price hike measures.
• Cost Increase Factors (-¥0.1 billion) : Downward pressure from rising raw material costs and various expenses.
• Volume Variance (-¥0.3 billion) : Impact of lower sales volume due to timing differences in Q1 shipments.
• Product Mix/Other (-¥0.2 billion) : Fluctuations in the composition of high-margin products and manufacturing fixed costs.
• SG&A Variance (+¥0.2 billion) : Restraint effect through efficient expense consolidation.

It is evident that the tailwind from foreign exchange and price revisions offset the cost increases and temporary volume declines, allowing the company to maintain its profit level by absorbing a total of ¥0.5 billion in negative business-related factors.

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4. Detailed Trends by Region and Product

【Order and Sales Trends by Region】

• Japan : Orders of ¥12.2 billion (+4% YoY), Sales of ¥6.8 billion (-4% YoY). Domestic orders remained stable, exceeding the Q1 plan by 31%.
• North America : Orders of ¥2.4 billion (+19% YoY), Sales of ¥1.2 billion (-41% YoY). While orders show signs of recovery, sales recognition tends to shift toward the latter half of the year.
• Europe : Orders of ¥4.3 billion (-26% YoY), Sales of ¥6.6 billion (+41% YoY). Deliveries of past order backlogs progressed, leading to a significant YoY increase in sales.
• Greater China : Orders of ¥6.0 billion (+96% YoY), Sales of ¥3.8 billion (+74% YoY). Despite concerns over economic stagnation, aggressive sales efforts led to remarkable growth in both orders and sales.
• Other Regions : Orders of ¥8.4 billion (+88% YoY), Sales of ¥4.7 billion (-28% YoY). Acquisition of projects, primarily in emerging countries, was strong.

【Trends by Product】

By product, orders for the core sheet-fed presses grew significantly from ¥13.1 billion in the same period last year to ¥19.2 billion (+46%). Additionally, the stock-based business of maintenance and parts repair saw sales of ¥5.4 billion (+16%), and sales of DPS (Digital Printing Systems), PE (Printed Electronics), and others reached ¥3.8 billion (+28%), indicating steady expansion and the construction of a stable earnings base.

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5. Order Backlog Trends and Future Earnings Outlook

The most positive factor for the future earnings outlook is the high level of accumulated order backlog .

As this graph shows, the order backlog at the end of Q1 FY2027 reached ¥86.4 billion . This is at the highest level compared to quarterly results over the past several years.

Looking at the regional composition—Japan (¥23.4 billion), North America (¥9.3 billion), Europe (¥15.8 billion), Greater China (¥13.5 billion), and other regions (¥24.4 billion)—the company maintains a rich backlog across all areas without being skewed toward any specific region. This massive backlog provides extremely solid support for the steady recording of sales in upcoming quarters and the achievement of the full-year earnings plan (Sales: ¥124 billion, Operating Profit: ¥9.5 billion).

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6. Dividend Policy Revision and Financial Soundness

Regarding shareholder returns, the company significantly revised its dividend forecast for the current fiscal year.

• Annual Dividend Forecast : Previous forecast ¥75 → Revised ¥100 (Interim ¥50, Year-end ¥50)
• Previous Year Results : ¥70 annually

Against the backdrop of strong Q1 orders and a solid business foundation, the company has clearly demonstrated its commitment to shareholder returns. The balance sheet at the end of Q1 also shows net assets of ¥125.1 billion (+¥2.2 billion from the end of the previous fiscal year), maintaining the accumulation of equity and financial soundness.

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【Summary】

In Q1 FY2027, Komori Corporation demonstrated extremely strong business progress with ¥33.2 billion in orders and an ¥86.4 billion order backlog . In addition, through the acquisition of Maruyama Chiller , the company has successfully built a bridge into the high-growth, high-margin new market of semiconductor manufacturing equipment.

With the dual engines of global order-winning capability in the existing printing machinery business and entry into the semiconductor-related sector, these earnings results confirm that the foundation for mid-term corporate value enhancement is being firmly established.