確認メモの要点（当調査による日本語要約）英語の決算書類は「Financial Statements Fiscal Year 2025」（2026年5月18日、6ページ）の財務諸表のみで、定性的情報、予想、注記はなく、四半期の英語もありません。通期のみで注記なしの財務諸表のため3点です。
確認メモ（原文・英語）The only English results document is 'Financial Statements Fiscal Year 2025' (file 18 May 2026, three days after the Japanese full-year tanshin of 15 May): 6 pages of consolidated balance sheet, income statement, comprehensive income and cash flows for the year ended March 31, 2026. The Japanese tanshin is 19 pages with the summary, qualitative review, forecasts and notes including the segment note (two reportable segments); none of that is in English, and there is nothing in English for Q1-Q3 (Japanese Q1 FY2027.3 tanshin 7 August 2026). Full year only, statements without the notes. Arguably nearer 2; recorded at 3 as the anchor for 'statements without the statutory notes'.
確認メモの要点（当調査による日本語要約）英文の決算短信はありません。唯一の英文決算資料は「Financial Statements Fiscal Year 2025」（6ページ）で財務諸表のみ、要約、定性情報、予想、注記はありません。日本語の短信（2026年5月15日、19ページ）にはセグメント注記を含めすべてがあり、四半期の英文はありません。
確認メモ（原文・英語）There is no English tanshin. The only English results document is 'Financial Statements Fiscal Year 2025' (6 pp, PDF created 18 May 2026, cjk=0): consolidated balance sheets, income statements, comprehensive income and cash flows for the year ended 31 March 2026, nothing else - no changes in equity, per-share data, summary pages, qualitative review, forecast or notes. The Japanese 2026年3月期決算短信 (15 May 2026) is 19 pages with the summary, qualitative review, forecasts and notes including the segment note (two reportable segments, p15). The quarters have nothing in English (Q1 FY3/2027 Japanese tanshin 7 Aug 2026, 11 pp). An extract of the statements pages only, every other section cut: below the one-section-cut 3, recorded at 2 as the floor.
確認メモ（原文・英語）The English 'Financial Statements Fiscal Year 2025' (6 pp, created 18 May 2026) has the four primary consolidated statements for the year ended 31 March 2026 with the prior year: balance sheets (pp1-2), income statements (p3), comprehensive income (p4), cash flows (p5). No notes of any kind and no statement of changes in equity; the same format back to FY2014. Nothing for the latest quarter (Q1 to 30 June 2026). No English yuho, annual report or tanshin. Statements without notes, year end only, so 3.
確認メモ（原文・英語）The English Investors menu has Markets & Applications, Financial Highlights, IR Policy, IR Calendar, Financial Statements, FAQs and links to the Japanese IR library. The Japanese library carries the 有価証券報告書 (23 June 2026); there is no English securities report under any name. The English 'Financial Statements' PDFs are the tanshin statements (no notes, no auditor's report, posted before the yuho) - see notes.
確認メモ（原文・英語）No segment figures in English. The English Markets & Applications page and the IR FAQ name the businesses (Optical Components, Optical Instruments, Optical Imaging & Sensing incl. MOVU) and describe them, but give no numbers; Financial Highlights (PRONEXUS tables FY2021-FY2025: sales, operating income/margin, net income, EPS, ROE, DPS, cash flows) are company totals; the Financial Statements PDF has no segment note. The Japanese tanshin gives sales and segment profit for the two reportable segments, 光部品関連事業 and 光測定器関連事業 (FY3/2026 segment profit ¥1,754m and ¥8,254m; Q1 FY3/2027 ¥223m and ¥2,818m) with the segment note. Segments named, no numbers.
確認メモ（原文・英語）No downloadable data file. mainlinks over the English Investors top, Financial Highlights and Financial Statements pages for xls|csv|excel|data|download finds only product Data Sheets and Software Downloads. What exists instead: the Financial Highlights page (HTML charts and tables supplied by PRONEXUS, FY2021-FY2025, no export button) and the yearly Financial Statements PDFs (FY2014-FY2025).
確認メモ（原文・英語）No forecast in English. The Japanese tanshin carries the FY3/2027 forecast and the 30 Jan 2026 連結業績予想の修正および期末配当予想の修正に関するお知らせ revised the FY3/2026 forecast and dividend; none of this is in English. The English Financial Statements PDF has no forecast; the IR Calendar lists dates only; the IR Policy's 'Earnings Forecasts' paragraph is a forward-looking caveat, and the FAQ gives only the target indicator (operating margin of 15%) and a 30% payout guideline, not guidance.
確認メモ（原文・英語）Latest English disclosure is the financial statements for the year ended March 31, 2026 (18 May 2026). The latest Japanese filing is the Q1 FY2027.3 tanshin for the three months to 30 June 2026, published 7 August 2026, with no English counterpart. One period behind.
確認メモ（原文・英語）No medium-term plan in either language. The English IR pages and FAQ give only a target management indicator ('an operating income margin of 15%') and a 30% payout guideline. The Japanese side has no 中期経営計画 either: the FY3/2026 results deck (26 pp, 5 Jun 2026), the 47th AGM notice (51 pp) and the 2026年3月期有価証券報告書 (108 pp) contain no medium-term plan (no 中期経営 match).
確認メモ（原文・英語）The Japanese IR library (その他) carries a 決算説明資料 deck every quarter and a 質疑応答要旨 (latest: Q1 FY2027.3 deck 7 August 2026, Q&A 15 September 2026). The English Investors section, its menu and English News (product releases and events only) carry no presentation in English.
確認メモ（原文・英語）No 'why invest' or investment-highlights page. What does the job in English is the Investors section's Markets & Applications page (each business and its technical edge, e.g. OCT imaging 'with a penetration and resolution not available from traditional imaging technologies') and the IR FAQ answer 'What are your characteristics and strengths?' ('R&D-oriented company... challenging R&D that others have not done... speedy and timely introduction to the market'), plus Key Facts. Strengths described, qualitative, not framed as an equity story. Company-overview pages doing the job, so 3.
確認メモ（原文・英語）Growth drivers are named but not quantified in English. The CEO Greeting cites digital transformation, cloud services and 5G driving fibre-optic demand and the expansion of SS-OCT into medicine and metrology; Markets & Applications says OCT's 'practical applications in medicine and industrial inspection are expanding' and describes the ARGOS optical biometer for cataract surgery; the English News adds acquisitions (HM SOLUTIONS, 18 Aug 2026) and new subsidiaries. No market sizes, shares, capacity or contribution figures anywhere in English. Named, qualitative only.
確認メモ（原文・英語）No English transcript or Q&A. The Japanese IR library (その他) publishes a 質疑応答要旨 for every briefing (Q2 FY3/2026 2 Dec 2025, Q3 25 Feb 2026, FY 13 Jul 2026, Q1 FY3/2027 15 Sep 2026) and a scripted FY deck (決算説明資料（スクリプト付）16 Jun 2026); the English Investors section and English News carry none of them.
確認メモ（原文・英語）No integrated, annual or business report in English. The English Investors pages are web pages (Markets & Applications, Financial Highlights charts); the Japanese IR library also carries no integrated report.
確認メモ（原文・英語）No plan in either language, so no previous-plan reconciliation: neither the English pages nor the Japanese deck, AGM notice or yuho contain a medium-term plan (see S1).
確認メモ（原文・英語）No Corporate Governance Report and no governance page in English: the English About Us (CEO Greeting, Management Team, Santec Policy, Key Facts) and Investors pages carry nothing on governance beyond the IR Policy (disclosure policy, quiet period).
確認メモ（原文・英語）The English Management Team page lists the four executive directors (Mototaka Tei, President and CEO; Masataka Tei, Ph.D., EVP and CTO; Daikou Tei, Ph.D., EVP and CSO; Keiji Isamoto, Ph.D., SVP and COO) and the three Audit & Supervisory members marked '(External)' (Youko Horie, CPA; Tomohiro Matsukawa, Attorney at Law; Hironobu Fujiyoshi, Ph.D.); Key Facts marks them '* Outside Director'. No tenure, no career history, no biography; the director profiles are only in the Japanese 第47回定時株主総会招集ご通知 (no English notice). Names, titles and an outside flag with a credential suffix: between 2 and 3, recorded at the floor, 2.
確認メモ（原文・英語）No skills matrix in English. The Japanese 47th AGM notice (2 Jun 2026) has one (スキルマトリックス, p45); there is no English notice, governance report or governance page.
確認メモ（原文・英語）No remuneration disclosure in English. The structure (base 80% : performance-linked 20%, bonus, PSU/RSU proposal), the KPIs (consolidated sales, operating profit) and the amounts by type are in the Japanese AGM notice (pp18-20, 46-49) and yuho (pp39-41) only; the English site has no governance section.
確認メモ（原文・英語）The English Investors menu links the AGM to 'Investors (Japanese)', whose page carries the 第47回定時株主総会招集ご通知 and 総会資料 (2 June 2026, meeting 24 June) in Japanese only. No English convocation notice on the English site or in English News.
確認メモ（原文・英語）The Japanese shareholders' page carries the 決議内容（臨時報告書）each year (e.g. 19 June 2025); there is no English counterpart and no English notice of resolutions on the English Investors pages or News.
確認メモ（原文・英語）The English homepage (https://www.santec.com/en/index.html) has 'Investors' in the visible top navigation, linking straight to the English Investors top (https://www.santec.com/en/ir.html). One click.
確認メモ（原文・英語）Sampled every English document link: the twelve Financial Statements PDFs FY2014-FY2025 (FY2025, 2024, 2023, 2022, 2021 under 'Financial Statements Fiscal Year N.pdf', FY2020-FY2015 as FYnnnn_FS.pdf, FY2014_FS2.pdf), all English (cjk=0), plus the English News IR items (MOGLabs agreement 30 May 2025, completion 3 Jul 2025, HM SOLUTIONS completion 18 Aug 2026) - all English. But three of the nine entries on the English Investors top lead into the Japanese site: 'Investors (Japanese)' (AGM notices, vote results, shareholder newsletters), 'IR Library (Japanese)' (tanshin, yuho, decks, Q&A) and 'Public Notice (Japanese)'. Each is labelled as Japanese, so nothing unlabelled; recorded at 4 rather than 5 because the library route itself is Japanese.
確認メモ（原文・英語）All twelve English Financial Statements PDFs (FY2014-FY2025) opened in the rendered browser (5-6 pp each), and the IR pages (Markets & Applications, Financial Highlights, IR Policy, IR Calendar, FAQs, Inquiry for IR) and the English news items all resolved with status 200. No dead links.
確認メモ（原文・英語）Every English IR page rendered its content in Chrome: Investors top, Markets & Applications, Financial Highlights (the PRONEXUS charts and their FY2021-FY2025 tables), Financial Statements (12 links), IR Calendar 2026, FAQs, IR Policy, and the Inquiry for IR form (fields render, screenshot taken). No empty lists or blank widgets.
確認メモ（原文・英語）No single English library. The Investors top's 'IR Library' goes to the Japanese library. English documents are split: the Financial Statements page (one type, labelled by fiscal year FY2014-FY2025, no posting dates) and the English News list with an IR category (dated, two items). Split across pages by type, so 3.
確認メモ（原文・英語）The English archive goes deep in years but holds one document type: twelve years of Financial Statements PDFs (FY2014-FY2025), plus two IR news items (May and July 2025) and the Financial Highlights page. No English results, decks, AGM or report archive. More than a year, but not across document types, so 4.
確認メモ（原文・英語）The English Investors top's 'Contact Us / INQUIRY' block goes to the site-wide Contact Us page (sales numbers by region, product inquiry forms); at the bottom of it, 'About Investor Relations - Inquiry' opens a dedicated English 'Inquiry form for IR' (bownow form titled [EN]IR, with 'Return to IR page'). A genuine IR route, but only via the global contact page. No English document names a contact; the Japanese tanshin names 宮腰泰平, 執行役員経営企画部長, 0568-79-3535.
確認メモ（原文・英語）Latest two results. FY3/2026: Japanese tanshin 15 May 2026, Japanese deck 5 Jun 2026; English has only the Financial Statements PDF, created 18 May 2026 (the English page gives no posting date), three days late, and no deck. Q1 FY3/2027: Japanese tanshin and deck 7 Aug 2026; nothing in English 70 days later. Earlier years the statements PDF was same day (FY2022 12 May 2023, FY2023 10 May 2024) or 12 days late (FY2024 21 May 2025 vs 9 May 2025), but never any quarter or deck. One period partially, days late; the other never. Recorded at 2.
確認メモ（原文・英語）Q1 FY3/2027 tanshin: JA 7 Aug 2026, no English (>90). FY3/2026 tanshin: JA 15 May 2026, English statements-only PDF created 18 May 2026 (3 days, counted generously as the English version). 47th AGM notice: JA 2 Jun 2026 (meeting 24 Jun), no English (>90). Corporate Governance Report: none in English (>90). 2026年3月期有価証券報告書: JA 23 Jun 2026, no English (>90). Median over 90 days, so 1 (0 if the statements PDF is not counted as a tanshin version).
確認メモ（原文・英語）Japanese timely disclosures 16 Oct 2025 - 15 Oct 2026 (IR library and その他 list): tanshin and decks for Q2 (7 Nov 2025), Q3 (30 Jan 2026), FY (15 May / 5 Jun 2026) and Q1 (7 Aug 2026); the 30 Jan 2026 forecast and year-end dividend revision; the AGM notice (2 Jun) and yuho (23 Jun). None has an English version (the FY statements PDF aside). The Japanese IR-tagged news (MOGLabs acquisition 29 May / 3 Jul 2025) is outside the window. What the English News does carry, same day as the Japanese corporate releases, is a few notices of the R3 types: HM SOLUTIONS acquisition completed (18 Aug 2026), santec AOC CEO change and Santec Vienna established (1 Apr 2026), MOG name change (1 May 2026). A few, none of them the forecast or dividend revision.
確認メモ（原文・英語）No machine-translation notice anywhere on the rendered English pages (Investors top, Markets & Applications, Financial Highlights, Financial Statements, IR Policy, IR Calendar, FAQs, Inquiry for IR, News) or in the Financial Statements PDFs. The only notices are the cookie banner and the PRONEXUS data-accuracy note on Financial Highlights, neither about translation.
確認メモ（原文・英語）The English Financial Statements PDFs and the English IR pages (IR Policy, FAQs) carry no prevailing-language statement either way. There is no English tanshin, deck or AGM notice to check. Silent.
Investor question: What did Santec pay and what revenue, margin and ROIC justify the deal? IR preparation: disclose valuation, funding, integration costs, milestones and returns.
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2／5The strategic direction and 100% scope are stated, but price, funding, valuation, synergy and return targets are absent.
実行の経過を追えるか4／5Signing and closing dates were disclosed and completion occurred promptly.
経済性を説明しているか1／5The rationale is qualitative; no financial impact, hurdle rate, ROIC or balance-sheet effect is quantified.
目標に対する結果を報告しているか時期未到来The post-acquisition operating milestone is not due.
Santec acquired MOGLabs to enter quantum instruments and expand optical-measurement products, but did not disclose consideration, funding, valuation or return targets.
資本構成
The issuer did not state how the acquisition affects leverage, liquidity or shareholder distributions in the selected notices.
資本政策の意思決定
The acquisition rationale and completion were disclosed, but financial impact remained under review and no quantified synergy or accountability milestones were provided.