確認メモ（原文・英語）Summary of Consolidated Financial Results for the Fiscal Year Ended August 31, 2026, 9 October 2026, the same day as the Japanese tanshin: 30 English pages against 25, with segment information by reportable segment. The English IR library (2025 and 2026 year selectors) carries every quarter's summary. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）The latest English tanshin, Summary of Consolidated Financial Results for the Fiscal Year Ended August 31, 2026 (9 Oct 2026), is 30 pages against the Japanese 25. The contents match item for item: overview of results, financial position and cash flows, future outlook, dividend policy, group status, accounting standards, the four consolidated statements, the notes (going concern, segment information with the depreciation-method change, per-share data, business combination), and the Others section (board changes; production, orders and sales). It also carries the non-consolidated reference summary. One slip: the English contents page says 'Fiscal Year Ended August 31, 2025' for the overview headings. A whole translation. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）The FY2026 English tanshin (9 Oct 2026) carries the full consolidated balance sheet, income and comprehensive income statements, changes in equity and cash flows, with the same notes as the Japanese: segment information, per-share data, business combinations and the depreciation change. The Q3 FY2026 English tanshin (3 Jul 2026, 18 pp) also carries the statements and the segment note. Full statements and notes for the latest period. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）The English IR library holds results, presentations, timely notices, the governance report and the integrated report. No securities report in English under any name. (Note from the October cohort record; the September record also found nothing. The rendered English IR Library (2026 list) re-checked 23 Oct 2026: results, decks and notices only, no securities report, spreadsheet or Q&A.)
確認メモ（原文・英語）Since consolidation in FY2025 there are two reportable segments, Precision Components (Marumae) and Functional Materials (KMAC). Each English tanshin gives sales and segment profit for both: FY2026 precision components sales ¥9,118m, profit ¥2,287m; functional materials sales ¥11,316m, profit ¥1,848m; Q3 FY2026 profit ¥1,430m and ¥1,231m. The note states that segments are by product, that segment profit is based on operating profit, and that inter-segment transfers are at market prices, and it explains the FY2026 depreciation-method change (+¥159m to precision components). The deck adds sales by sector within each segment. Definitions stated and held constant every period. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）No Excel or CSV file on the English site. We searched the IR Library (all years), Stock Information, Disclosure Policy, ESG, Integrated Report and the homepage for xls/csv/excel/data/zip links. The English site has no financial-highlights page at all. The Japanese 財務ハイライト page has no spreadsheet either, and the ESG data page is linked from the English ESG page as 'Japanese version only'. Multi-year figures exist only as charts in the PDF decks and the integrated report. (Note from the October cohort record; the September record also found nothing. The rendered English IR Library (2026 list) re-checked 23 Oct 2026: results, decks and notices only, no securities report, spreadsheet or Q&A.)
確認メモ（原文・英語）The FY2026 English tanshin gives the FY2027 forecast with a half-year split: sales ¥28,000m, OP ¥6,500m, ordinary ¥6,300m, net ¥4,200m, EPS ¥148.06. Its Future Outlook gives the market view: robust semiconductor and equipment capex, and customers' long-term forecasts to 2030 and beyond. The English deck (pp7-8) adds segment forecasts, with segment profit (precision components 2.3 to ¥3.9bn, functional materials 1.8 to ¥2.6bn) and sales by sector (semiconductor 7.55 to ¥11.18bn, semiconductor equipment parts 2.38 to ¥5.51bn, etc.), each with a reason. It also covers capex (¥5.6bn) and capacity constraints. Revisions are explained in English notices, e.g. 11 Jun 2026 'Reasons for Revisions' (order intake expanding rapidly, Q3 trial balance). There is no FX assumption. Two of the three assumption types plus explained revisions, so 5. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）English full-year results for the year ended 31 August 2026 published 9 October 2026, the same period and day as the Japanese filing. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）The current plan is 'Fusion 2028' (FY2026-FY2028), launched 11 Jul 2025 and revised 21 Aug 2026. The English 'Revision of the Medium-Term Business Plan' is 21 pages, the same as the Japanese 中期事業計画 改定資料, and was listed the same day. It sets out the revised consolidated targets (sales ¥32.0bn, OP ¥8.2bn, ROIC 25%, payout ratio 35% or more, minimum dividend), operating margin by segment (32% and 20%), segment sales and profit targets for FY28/8, and sector bridges from the FY26 budget, with the previous targets shown alongside. The FY2026 deck repeats them. The current plan, complete and same day. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）A Consolidated Financial Results Presentation in English for every quarter, posted with the summary (FY2026: 30 pages, 9 October 2026). The Japanese side's extra is a briefing video, a medium, not content. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモの要点（当調査による日本語要約）英文の統合報告書の「At a Glance」で、半導体製造装置用の真空部品の国内シェア1位などを数値で示しています（2026年10月21日再確認）。
確認メモ（原文・英語）Marumae Group Report 2026 (English) has 'At a Glance' (p.6) and 'Our Current Position' (p.7): No. 1 share of the Japanese market for semiconductor-equipment vacuum parts (8.1% in FY2025; ranks 1st, 2nd, 4th and 1st over FY2022-25), consumables at 71.8% of semiconductor sales, and KMAC as one of a few suppliers of 5N-purity aluminium. Re-checked 21 Oct 2026; the September index record scored this without a note. Under the S3 reading applied to the cohort on 21 Oct, a section in an investor document counts the same as a page and a named market rank counts as a quantified strength. So 5.
確認メモ（原文・英語）The English MTP revision (21 Aug 2026) names the drivers and quantifies their contribution to the FY28/8 targets. Precision components: semiconductor +¥4.9bn (market expansion, product lines, new customers' mass production, price increases), FPD +¥0.4bn, other +¥0.1bn. Functional materials: semiconductor equipment +¥4.2bn (high-share vacuum chambers, capacity expansion), basic materials +¥1.9bn (HDD and AI-server capacitor materials), IT equipment +¥0.5bn. The FY2026 deck adds FY2027 capex of ¥5.6bn by purpose, and the group report adds market share. Named drivers with numbers attached. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）No transcript or Q&A in English: the English IR Library lists summaries, presentations and notices only. The Japanese side has none either. Its 決算説明会 page (ir_9.html) carries, per briefing, only the deck and a 動画配信 (video) link, with no transcript or Q&A document, and the Japanese library has none. Neither language publishes one. (Note from the October cohort record; the September record also found nothing. The rendered English IR Library (2026 list) re-checked 23 Oct 2026: results, decks and notices only, no securities report, spreadsheet or Q&A.)
確認メモの要点（当調査による日本語要約）英文の「Marumae Group Report 2026」（64ページ）は2025年8月期を対象としており、2026年8月期が締まっているため、1年遅れとして4点です。
確認メモ（原文・英語）Marumae Group Report 2026, 64 pages in English (PDF created 26 Aug 2026), complete. Its stated period is the fiscal year ended 31 August 2025 (September 2024 to August 2025), and the fiscal year ended 31 August 2026 has closed (results 9 Oct 2026). The complete report, one year behind the latest closed year, is 4 under the cohort convention (TOCALO, TOWA, Fuji Media). The October cohort record scored 5 on the reading 'the latest closed year when it was published'. Re-opened 23 Oct 2026. So 4.
確認メモ（原文・英語）The English Q3 FY2025 deck (11 Jul 2025, which launched Fusion 2028) has a 'Progress Against Previous Plan (Non-Consolidated)' page (p12). It says the FY2026 targets were behind schedule, lists the plan's three prerequisites, and narrates progress: 13 of a targeted 15 PORs acquired by May 2025, 9 in mass production, and capacity expansion incomplete. The previous plan's financial targets are not set against actuals. The Aug 2026 revision shows the old Fusion 2028 targets beside the new ones, which is a revision, not a reconciliation. Progress narrated with some numbers. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）The Corporate Governance Report in English, 34 pages in the filed report's structure, 'Last Update: December 5, 2025' - the post-AGM update for an August year-end company, ten months old and the latest edition. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）Marumae Group Report 2026 (English, pp50-51) covers all nine directors: Maeda, Kaizaki, Ando, Kadota, Seko, Hokanishi, Momokino, Yamamoto and Miyakawa. Each has a reason for election describing expertise, and the board table gives term of office (Maeda 37 years, Kaizaki 21, Ando 7, Kadota 5, Seko 3, Hokanishi 5, Momokino 8, Yamamoto 6, Miyakawa 6), 'Independent (Outside)' labels and the skills held. The English AGM notice (11 Nov 2025) adds full career histories for the eight candidates, with independence registration and outside directors' terms. Every director, with all three elements. Re-opened 23 Oct 2026; the September record scored 3.
確認メモ（原文・英語）The English AGM notice (11 Nov 2025, p15) has a 'Skill Matrix of the Board of Directors after the Meeting' for all nine directors, across seven areas (management/strategy, development/technology/quality, planning/sales, finance/accounting, risk/legal, global, administrative), with committee and independence columns. Group Report 2026 (p51) repeats it with terms of office. The board composed at the Nov 2025 AGM is the current one, as the next AGM is 27 Nov 2026. The current matrix in English. Re-opened 23 Oct 2026; the September record scored 3.
確認メモ（原文・英語）The English Corporate Governance Report (pp18-20) sets out the structure: fixed basic pay; performance-linked pay with a fixed and a variable part, the variable part driven by bonus per employee, ordinary profit to total assets and ordinary profit to net assets, converted 'at a predetermined ratio' into monthly pay; and restricted stock at a position-based amount times a 0-200% payment rate tied to the consolidated operating margin. Outside and Audit and Supervisory Committee directors get basic pay only. The amounts are totals only: ¥127m for five directors and ¥26m for four committee members (FY2025), plus the caps. There is no breakdown by pay type and no weights. The English yuho, which would carry the breakdown, does not exist. Structure and KPIs with total amounts only. Re-opened 23 Oct 2026; the September record scored 3.
確認メモ（原文・英語）The English notice of the 38th AGM carries the reference materials for all four proposals and is dated 11 November 2025 for a meeting on 27 November - 16 days on its face. But the English file is named 20251118.pdf against the Japanese 20251023.pdf (whose notice runs 80 pages to the English 15), and the English page gives no posting date. The evidence points to the English going up nine days before the meeting and does not rule it out; the floor is recorded. Re-opened 23 Oct 2026; the September record scored 0.
確認メモ（原文・英語）The English Shareholders' Meeting page carries the agenda and the notice only. No notice of resolutions and no voting results in English. (Note from the October cohort record; the September record also found nothing. The English Shareholders' Meeting page (ir_10.html) re-checked 23 Oct 2026: the 38th AGM notice only.)
確認メモ（原文・英語）The only English disclosure is the Corporate Governance Report's Principle 1-4 text. It says the company holds shares in a business partner, an unlisted company, to build a long-term relationship of trust; that the board verifies the holding annually; and that the shares will be reduced if holding is not appropriate. There is no amount, no reduction target and no per-stock table. The yuho, which would give the count and book value, has no English version, and Group Report 2026 does not mention cross-shareholdings. Policy only. This is the floor; the text does show the holding is a single unlisted partner. Re-opened 23 Oct 2026; the September record scored 3.
確認メモ（原文・英語）The English homepage (https://www.marumae.com/en/) header has 'IR Information', which links straight to the IR Library (/en/ir_4.html), the English IR top. The homepage also lists the latest IR News with direct document links. One click. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）We sampled 21 English document links across types and years. Results summaries: FY2026 2893489, Q3 FY26 2847741, Q1 FY26 2736284, FY2021 2033553. Decks: FY2026 2893490, Q1 FY26 2736287, FY2024 with revised MTP 2509414, Q2 FY2021 1958569. Notices: 2893493 dividend, 2879100 acquisition, 2856871 earthquake, 2834583 forecast revision, 2700942 auditor change. MTP revision 2876769. CG reports: cg_2025.pdf, 2544748 (2024), 2066012 (2021). AGM notice 20251118.pdf. Integrated reports 2026, 2025, 2023, 2022 and 2021. All are English (CJK counts 0-58, mostly stray characters in charts). The one Japanese target, the ESG data page, is labelled 'Japanese version only'. All English. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）The same 21-document sample (see O2), from 2021 to Oct 2026, all opened in the rendered browser with text. None was dead. Separately, the site-wide 'Contact' link (/en/ask.html) returns 404; it is a page rather than an archive document, and O7 already scores it. Archive all live. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）These English pages all rendered their content in the browser: homepage (IR News list), IR Library (the PRONEXUS list loads and the year selector works for 2021-2026), Shareholders' Meeting, Stock Information / Shareholder Benefits, Disclosure Policy / Disclaimer, Integrated Report and Site Map. No empty list or failed widget. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）The English IR Library is one dated list per calendar year (selector 2021-2026). It mixes results summaries, presentations, timely notices, the MTP revision and older CG reports, with no type labels or filters beyond the titles. The current CG report, the integrated reports and the AGM notice sit on separate pages and links. One dated all-types list, untyped. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）The English library runs from 2021 (FY2021 summaries and decks, CG report Dec 2021) to Oct 2026, with every quarter's summary and deck and the timely notices. The integrated reports go back to the 2021 edition. Several years across document types. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）The English site's only contact link - 'Contact' in the header of every page, IR pages included - goes to /en/ask.html, which returns 404 Not Found (checked twice). The Japanese contact form has an 'IRについて' category and the Japanese briefing page gives ir@marumae.com, but neither is offered in English. What reaches an English reader is the address inquiry_en@marumae.com, printed in the tanshin and governance-report headers with Takeshi Shimomai, General Manager of the Administration Department. Named only in document headers; the site offers no working route. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）The tanshin and deck are the same day in both languages every period. FY2026: EN summary and presentation listed 9 Oct 2026, JA 決算短信 and 補足資料 9 Oct, all PDFs created 9 Oct. Q3 FY2026: 3 Jul both sides. Q2: 3 Apr 2026 both. Q1: 26 Dec 2025 both. FY2025: 10 Oct 2025 both. Same day every period. Re-opened 23 Oct 2026; the September record scored 4.
確認メモ（原文・英語）Per-document lags. FY2026 tanshin: EN and JA 9 Oct 2026 = 0. Q3 FY2026 tanshin: 3 Jul 2026 both = 0. AGM notice: JA posted about 29 Oct 2025 (PDF created 28 Oct, site updated 29 Oct); the EN PDF was created 10 Nov but is filed as 20251118.pdf, with no listing date, so 13-20 days. Corporate Governance Report: JA updated 5 Dec 2025 and posted 12 Dec; EN listed 27 Dec (PDF created 26 Dec), so about 15 days. Yuho: no English, counted as more than 90. Median about 13-15 days. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）The Japanese 適時開示書類 list for 15 Oct 2025 to 15 Oct 2026 has 16 timely disclosures excluding decks. They are: dividends of surplus and change of auditor (24 Oct), merger of a subsidiary (21 Nov), restricted-stock disposal (19 Dec) and its completion (9 Jan), extraordinary income (29 Jan), forecast and dividend revisions (20 Feb, 11 Jun), stock split (27 Feb), share issuance and offering (8 May), pricing (18 May), number of new shares (18 Jun), earthquake impact (28 Jul), MTP revision (21 Aug), business acquisition (28 Aug) and dividend revision (9 Oct). The English library has all 16. Fifteen are on the same date; the earthquake notice is listed 29 Jul, one day late and marked [Delayed]. All, one a day late. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.)
確認メモ（原文・英語）There is no machine-translation notice on the rendered English pages (homepage, IR Library, Shareholders' Meeting, Integrated Report) and no translate pop-up. The English Disclaimer (ir_8.html#men) is a general accuracy and forward-looking disclaimer that does not mention machine translation. The documents carry only the human-translation line ('the original shall prevail'), which belongs to R5. Nothing presented as machine-translated. Re-opened 23 Oct 2026; the September record scored 3.
確認メモの要点（当調査による日本語要約）決算短信、決算説明資料、コーポレート・ガバナンス報告書、招集通知には「原文が優先する」旨の記載がありますが、Marumae Group Reportにはありません。一部の資料のみの断り書きです。
確認メモ（原文・英語）The tanshin, the results presentation, the governance report and the AGM notice all say 'the original shall prevail'. The Marumae Group Report carries no such statement. Disclaimed on some documents. Re-opened 23 Oct 2026; the September record scored 1.
Semiconductor components, KMAC integration and ROIC plan
Marumae formulated Fusion 2028 after acquiring KMAC, creating two segments and adopting consolidated ROIC as a key indicator.
時系列と出典（1件・内容は原文）
2025-07-01Plan or update announced Marumae formulated Fusion 2028 after acquiring KMAC, creating two segments and adopting consolidated ROIC as a key indicator.出典資料1
経営陣が表明したこと
Management targets ¥25bn sales, ¥5.6bn operating profit and 15% consolidated ROIC by FY2028.
Investor question: How much synergy and invested capital are embedded in the 15% ROIC target? IR preparation: bridge acquisition capital, segment profit, working capital and ROIC.
当調査の分析（会社の説明ではありません）
約束は具体的か5／5Group, segment, operating-profit, ROIC and POR targets are quantified.
実行の経過を追えるか4／5The post-acquisition plan is active, but integration costs, capital deployment and realized synergies are not fully bridged.
経済性を説明しているか4／5The 15% ROIC target is explicit, while absolute cash allocation and downside balance-sheet limits are less complete.
目標に対する結果を報告しているか時期未到来The FY2028 endpoint is not due.
Marumae combines precision semiconductor-equipment components with acquired functional materials and targets 30 new PORs, but the selected report gives limited absolute cash allocation.
資本構成
Management explicitly links its ROIC discipline to avoiding overinvestment, although quantified debt and liquidity guardrails remain limited.
資本政策の意思決定
The new consolidated plan reports segment targets and adopts a 15% group ROIC target after the KMAC acquisition.