確認メモ（原文・英語）No English tanshin for the current periods. The English results document every quarter since FY2025 Q4 - including "FY2026 First Quarter Financial Results" (31 Jul 2026) - is a slide-style headline sheet (sales, profits, a bar chart, market commentary), which is a deck and is scored under S2 (as for Nireco, 6863). The English IR Library does carry labelled tanshin excerpts for every quarter through Q3 of the year to March 2025 (e.g. 29 Jan 2025); the series stopped after that. 0 (was 2, which scored the headline sheet as the tanshin; reason and score corrected 14 Oct 2026).
確認メモ（原文・英語）No English tanshin has been published for the last five periods. The English results document for each period since FY3/25 year end is the slide-style 'Financial Results' sheet (e.g. 'FY2026 First Quarter Financial Results', 31 Jul 2026, 8 pages: overview of four headline figures, quarterly sales/OP table, sales by market, forecast, capex, plants) against an 11-page Japanese 2027年3月期第1四半期決算短信 (29 Jul 2026) with qualitative section, statements and segment note. The last English tanshin, '【Financial Results】Third Quarter of Fiscal Year 2024' (29 Jan 2025, 6 pp), was itself a labelled 'excerpt translation' with summary, balance sheet and income statements but no qualitative section and no segment note; the series was discontinued after it. What an English reader holds today is a headline summary only: 2. Set to not_found in review (14 Oct 2026): the current English results document is a headline slide sheet, which is a deck, not a tanshin, and is scored under S2 (as for Nireco, 6863). No English tanshin for the last five periods.
確認メモ（原文・英語）The 'Annual Financial Report - Consolidated Financial Statements For the fiscal year ended March 31, 2025' (55 pp, posted 30 Jul 2025) carries full consolidated statements, notes (pp 10-38, incl. segment information for the two reportable segments), the independent auditor's report, a business review and risk factors. That is full statements and notes at the year end only; no quarter has English statements (the quarterly sheets carry no balance sheet or cash flow). It is also a year behind: the Japanese yuho for FY3/26 was posted 12 Jun 2026 and has no English counterpart yet. Full statements and notes, year end only (and late): 4. Set to 3 in review (14 Oct 2026): the only English statements with notes are a year behind the Japanese (year to March 2025 against the annual report filed 12 June 2026), so no current English source carries the notes; the floor between 4 and 3 is taken.
確認メモ（原文・英語）"Annual Financial Report," for the fiscal year ended 31 Mar 2025 - full consolidated financial statements, notes, the Independent Auditor's Report (KPMG AZSA), a Business Review and a Risk Factors section, 49 pages - under a different name carrying most of a securities report's content, one year behind the most recent fiscal year end.
確認メモ（原文・英語）Maruwa reports two segments (Ceramic Components; Lighting Equipment). Every quarterly English sheet gives sales by market (Tele-communication, Automobile, SPE/Semiconductor, Industrial equipment, Lighting; e.g. 1Q FY3/27 p4: 92/35/22/20/25 x ¥100m) with no profit by segment or market. Segment sales and segment operating income appear only annually: on the English 'Consolidated Operating Results' HTML page (FY3/23-3/26, e.g. Ceramics OP ¥24,573m FY3/26) and in the year-old Annual Financial Report's segment note, where the definitions are stated. Quarterly, sales without profit; profit only at the year end: 3.
確認メモ（原文・英語）No .xlsx/.xls/.csv anywhere on the English IR site: the IR Library, IR News and the three 'Achievements and Financial Information' pages (operating results, financial condition, cash flow) were rendered and their links filtered for xls|csv|excel|download - none. What is there instead is Pronexus-fed HTML charts with tables covering four fiscal years (3/23-3/26) of sales, OP, segment sales/OP, ordinary and net income, EPS, ROE, ROA, total/net assets, equity ratio and the three cash flows. HTML tables do not count.
確認メモ（原文・英語）The English 1Q FY3/27 sheet (31 Jul 2026, p5-6) gives the full-year and half-year forecast for net sales (¥93,300m) and operating profit (¥33,700m), the exchange assumption (US$1 = ¥158), a market view per end-market, forecast growth by market (Telecom +48%, Automobile +6%, Semiconductor +20%, Industrial +1%, Lighting +1%), and explains the upward revision market by market ('Initial forecast => Current forecast: Telecommunications +23% => +48% ...'). The FY3/26 results sheet did the same for the initial forecast at ¥153. Ordinary and net profit are not forecast in either language (the Japanese tanshin omits them for FX reasons). All three assumption types and the revision explained: 5.
確認メモ（原文・英語）No medium-term plan with numerical targets in English: IR top, IR Library, For Our Investors, IR News and the results sheets were checked. The Japanese side publishes none either (Japanese IR top, IR資料室 sub-pages and IRニュース 2025-26 list only tanshin, decks, yuho and notices). The results sheets give a one-year forecast and capex plans only.
確認メモ（原文・英語）The English results deck matches the Japanese page for page (8 against 8 for Q1, 10 against 10 for the full year) and is posted the same day, every period. The Japanese presentations page lists only the deck PDFs - no transcript, Q&A or script - so nothing is withheld. 5 (was 4, which counted the missing Q&A against the English when the Japanese has none either; re-checked 14 Oct 2026).
確認メモ（原文・英語）'For Our Investors' ('the MARUWA digest. Helping private investors to better understand us') is the nearest thing: history from the Edo period, a business overview ('market leader ... in ceramic substrates', two segments, 'products unrivaled in the industry'), arts support, and shareholder benefits/dividends. Strengths are described qualitatively and without numbers, framed as a company introduction for retail shareholders rather than an investment case; there is no 'why invest' or highlights section in any deck. A company-overview page doing the job: 3.
確認メモ（原文・英語）Each results sheet names the drivers and attaches growth numbers: the 1Q FY3/27 sheet (pp 5-8) forecasts Telecom (next-generation high-speed communications) +48%, Semiconductor (general-purpose memory recovery) +20%, Automobile (NEV share gains) +6%, with capex of ¥20-25bn for the year and new buildings at Seto, Toki and Miharu plants listed by purpose and start year. No market size, share or capacity figures are given, so the drivers are named and partly quantified: 4.
確認メモ（原文・英語）No transcript or Q&A in English. The Japanese side has none either: its 決算説明会資料 page (FY3/21-FY3/27) lists only the presentation PDFs, and the Japanese IR news has no Q&A/transcript items; the English IR Library carries only results sheets and the annual financial report.
確認メモ（原文・英語）No integrated or annual report in English found anywhere on the site; the Sustainability pages cover ESG topics but reference no downloadable report.
確認メモ（原文・英語）No previous medium-term plan exists in either language (see S1), so there is no target-versus-actual reconciliation to find; checked English IR Library and IR News, Japanese IR資料室 and IRニュース.
確認メモ（原文・英語）"Corporate Governance" under Sustainability is a prose page about governance philosophy - not the filed Corporate Governance Report, which is not published in English.
確認メモ（原文・英語）The English 'Management' page (as of 19 Jun 2026) lists the seven directors by name and title, with the three Audit & Supervisory Committee members labelled 'Outside Director'; the Corporate Governance page adds that three of seven are independent outside directors registered with TSE. No tenure, career history or expertise for any director, and there is no English AGM notice with candidate profiles. Names and titles only: 2.
確認メモ（原文・英語）No skills matrix in English: checked the Management page, the Sustainability > Corporate Governance page, the Annual Financial Report (FY3/25), and the IR Library; there is no English AGM notice or CG report.
確認メモ（原文・英語）The only English remuneration content is in the FY3/25 Annual Financial Report notes: directors' remuneration of ¥163m as an SG&A line, a provision for directors' bonuses, and restricted shares issued for share-based remuneration. No policy, structure, KPIs or per-category amounts; the Corporate Governance web page says nothing on pay. A mention: 2.
確認メモ（原文・英語）No cross-shareholding disclosure in English: no CG report, no yuho shareholding section, and nothing on the Corporate Governance/Compliance pages. The FY3/25 Annual Financial Report shows only 'Investment securities' of ¥482m on the balance sheet, with no policy, holdings list or reduction plan, and no statement that none are held.
確認メモ（原文・英語）'Investor Relations' is in the top navigation of the English homepage (https://www.maruwa-g.com/e/) and lands on the English IR top (/e/ir/) in one click; the footer also links the IR sub-pages directly.
確認メモ（原文・英語）Sampled 14 links: 13 from the English IR Library (FY2026 1Q, FY2025 Final/3Q/2Q/1Q, FY2024 Final, 2503_2qe and 2503_1qe tanshin excerpts, 2403e, FY2023 3Q, FY2023 1Q, FY2022 Q2, 2303e, 220427, 210805) - all English. But the English 'For Our Investors' page links its 'Investor Newsletter' to a Japanese PDF (stockholder_news_53-end.pdf, 6 pp, Japanese) and its dividend 'More Details' to the Japanese haitou.html page, neither labelled as Japanese. Unlabelled Japanese among the English links: 3.
確認メモ（原文・英語）All 14 sampled links (listed under O2) opened in the browser with content (page counts 6-12; the Japanese newsletter also opened), and the English IR top, library, news, highlight, stock, calendar and policy pages all returned 200. No dead links found.
確認メモ（原文・英語）Rendered IR top, IR Library, IR News, the three Achievements and Financial Information pages (charts and data tables render), Stock Information, Basic Information (dividend table), IR Calendar, Disclosure Policy and For Our Investors: every page shows its content; no empty lists or failed widgets (only a cookie banner).
確認メモ（原文・英語）One English IR Library page lists every English document (results sheets, tanshin excerpts, the Annual Financial Report) grouped by fiscal year, each dated, back to FY2021. Every item carries the same generic 'Financial Report' tag, so type is only discernible from the title, and there are no type filters. One dated page, not really typed: 4.
確認メモ（原文・英語）The library is populated back to 1Q FY2021 (Jul 2021): English tanshin excerpts for every quarter FY2021 to 3Q FY2024, results sheets for every quarter from 2Q FY2022 to 1Q FY2026, and the FY2024 Annual Financial Report - five years across its document types (thin as those types are).
確認メモ（原文・英語）No contact is named in any financial document. The general inquiry form (cgi-bin) offers an explicit "IR Information" category among six choices - a genuine route, reachable from the site, but a shared general-purpose form rather than a dedicated IR page.
確認メモ（原文・英語）No English tanshin at all for the last five periods. The English results sheet is posted the same day as the Japanese deck but after the Japanese tanshin: 1Q FY3/27 JP tanshin 29 Jul 2026, EN 31 Jul (2 days); FY3/26 JP tanshin 8 May 2026, EN 13 May (5 days); also 3Q 3 Feb -> 5 Feb 2026 and 2Q 5 Nov -> 7 Nov 2025 (dates are the library/news posting dates; the 2Q English PDF's creation date is 9 Dec 2025, suggesting a later re-upload). Earnings material in English days late, tanshin never: 3.
確認メモ（原文・英語）Tanshin FY3/26 (JP 8 May 2026): no English -> >90. Tanshin 1Q FY3/27 (JP 29 Jul 2026): no English -> >90. AGM notice (June 2026): no English -> >90. Corporate Governance Report: no English -> >90. Yuho FY3/26 (JP 12 Jun 2026): no English equivalent yet, 124 days on 14 Oct (last year's Annual Financial Report came 30 Jul 2025, 47 days after the 13 Jun 2025 yuho) -> >90. Median >90 days (even counting the results sheets as tanshin at 5 and 2 days, three of five remain >90): 1.
確認メモ（原文・英語）Japanese IRニュース, Oct 2025-Oct 2026: four tanshin, the 業績予想の修正に関するお知らせ (29 Jul 2026), the yuho and half-year report, 親会社等の決算, 支配株主等に関する事項 and 投資単位の引下げ policy (26 Jun 2026). The English IR News for the same period lists only the four results sheets; the forecast revision has no English notice (it is only explained inside the 1Q sheet two days later), and none of the other disclosures appear. Only results: 2.
確認メモ（原文・英語）No machine-translation notice on any rendered English page (IR top, library, highlight, stock, calendar, For Our Investors, governance) or document; the Disclosure Policy & Indemnification page disclaims accuracy and forward-looking statements but says nothing about machine translation. (The tanshin excerpts' 'Japanese shall prevail' line is R5 territory.)
確認メモ（原文・英語）No translation disclaimer of any kind found on the F1/S2 document or on the full 49-page Annual Financial Report (which carries only the auditor's standard non-reproduction notice, not a language-authority statement) - silent, neither claiming authority nor disclaiming it. An unusual case in this cohort.