Translation
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Six Months Ended June 30, 2024
(Under Japanese GAAP)
August 7, 2024
Company name: Roland Corporation
Listing:
Tokyo Stock Exchange
Security code:
7944
URL:
https://www.roland.com/global/
Representative:
Masahiro Minowa, CEO, CIO and Representative Director
Contact:
Yuichi Hakamata, CFO and Executive Officer
Phone:+81-53-523-0230
Scheduled date to file Semi-annual Securities Report (Hanki Hokokusho):August 8, 2024
Scheduled date to commence dividend payments:
September 10, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and securities analysts)(Note) Amounts less than one million yen have been omitted.
1. Consolidated financial results for the six months ended June 30, 2024 (from January 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
June 30, 2024
46,705
1.3
4,428
4.0
3,811
(5.0)
3,694
15.6
June 30, 2023
46,096
7.2
4,256
(9.0)
4,012
(16.3)
3,195(18.6)
Note: Comprehensive income
For the six months ended June 30, 2024
¥8,302 million [44.9%]
For the six months ended June 30, 2023
¥5,727 million [(28.2)%]
Basic earnings
per share
Six months ended
June 30, 2024
June 30, 2023

Diluted earnings
per shareYen
134.05116.97Yen
132.84115.47(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
June 30, 2024
83,76846,21954.8
December 31, 2023
80,96940,11449.2
Reference: Equity (Shareholders’ equity + Accumulated other comprehensive income)As of June 30, 2024: ¥45,911 million
As of December 31, 2023: ¥39,808 million
2. DividendsFirstquarter-end

Secondquarter-end

Annual dividend per share
Third
quarter-end

Yen
Yen
Fiscal year ended
December 31, 2023–
85.00
Fiscal year ending
December 31, 2024–
85.00
Fiscal year ending
December 31, 2024
(forecast)
Note: Revisions from the most recently announced dividends forecast: None

Fiscalyear-end

Total

Yen

Yen

Yen

–

85.00

170.00–85.00

170.003. Forecast of consolidated financial results for the fiscal year ending December 31, 2024 (from January 1 to December 31, 2024)(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions ofyen%Millions ofyen%Millions ofyen%Millionsof yen99,900(2.5)
11,400(4.0)
11,3001.3
8,500
Fiscal year
Note: Revisions from the most recently announced forecast of consolidated financial results: None

%

Yen

4.3

308.37[Notes](1) Significant changes in scope of consolidation during the period: None
(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 restatements of prior period financial statements
1) Changes in accounting policies due to the application of new or revised accounting standards: None
2) Changes in accounting policies due to reasons other than the above 1):
None3) Changes in accounting estimates:
None4) Restatements of prior period financial statements:
None(4) Number of shares of common stock issued
1) Number of shares issued (including treasury shares)
As of June 30, 2024:
28,163,038 shares
As of December 31, 2023:
28,163,038 shares
2) Number of treasury shares
As of June 30, 2024:
520,792 shares
As of December 31, 2023:
722,886 shares
3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended June 30, 2024:
27,559,983 shares
Six months ended June 30, 2023:
27,317,576 shares
Note: The aggregate number of shares of the Company held by the Board Benefit Trust, Employee Stock Ownership Plan
Trust, and Employee Shareholding Association-type ESOP Trust was included in the number of treasury shares, which
was to be deducted from the calculation of the average number of shares outstanding during the period. It is noted thatthe average numbers of shares outstanding held by these trusts during the six months ended June 30, 2023 and 2024
were 338,130 shares and 216,088 shares, respectively.
* 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 notes](Disclaimer with respect to earnings and other forecasts)
 The forward-looking statements including the earnings forecast contained in this document are based on information currently
available and certain assumptions that are believed to be reasonable. Accordingly, please be advised that the Company does notguarantee the achievement of the forecasts and the actual results may differ from the results described in the forward-looking
statements due to a variety of factors. For further information on the forecast of consolidated financial results, please refer to“Explanation of forward-looking information including consolidated earnings forecast” on page 3 of the Attached Materials.
 The Company will hold a financial results briefing for institutional investors and securities analysts on Thursday, August 8,
2024. Materials used at the financial results briefing will be posted on the Company’s website.

Contents of Attached Materials
1. Qualitative Information on Semi-annual Consolidated Financial Results ··························································· P. 2
(1) Explanation of consolidated operating results ······················································································ P. 2
(2) Explanation of consolidated financial position ····················································································· P. 3
(3) Explanation of forward-looking information including consolidated earnings forecast ······································ P. 3
2. Semi-annual Consolidated Financial Statements and Major Notes ··································································· P. 4
(1) Semi-annual consolidated balance sheets ··························································································· P. 4
(2) Semi-annual consolidated statements of income and consolidated statements of comprehensive income ················· P. 6
(3) Semi-annual consolidated statements of cash flows ··············································································· P. 8
(4) Notes to semi-annual consolidated financial statements ·········································································· P. 9
(Going concern assumption) ·········································································································· P. 9
(Significant changes in shareholders’ equity)······················································································· P. 9

-1-

1. Qualitative Information on Semi-annual Consolidated Financial Results(1) Explanation of consolidated operating results
During the interim period ended June 30, 2024 (hereinafter the “period under review”), the global economic environment
surrounding the Group remained uncertain due to geopolitical risks, such as the Russia-Ukraine and Israel-Palestine situations,persistently high prices and interest rates worldwide, the prolonged depreciation of the Japanese Yen, and economic stagnation in
China.
Demand for electronic musical instruments was affected by a reactionary decline after stay-at-home demand as well as by rising
prices in some product categories and regions. Meanwhile, the Company believes that the impacts of dealer inventory adjustments
triggered by supply chain disruption during the COVID-19 pandemic, which were the main cause of the year-on-year decrease inrevenue, have largely subsided during the period under review. Under such circumstances, the Company made active efforts tocontrol SG&A expenses based on the assumption that the market uncertainty will continue for the time being, while working todevelop demand-creating new products toward the peak demand period, i.e., the fourth quarter from October to December 2024.
As a result of the above, during the period under review, the Group recorded net sales of ¥46,705 million (up 1.3% year on year).
In terms of profit, the Group recorded operating profit of ¥4,428 million (up 4.0% year on year), ordinary profit of ¥3,811 million(down 5.0% year on year), and profit attributable to owners of parent of ¥3,694 million (up 15.6% year on year).
Sales performance (year-on-year change) by mainstay category is as shown below:[Keyboards] Net sales: ¥11,800 million (down 0.4% year on year)
Sales of electronic pianos were affected by rising prices and dealer inventory adjustments, as well as by decreased demand in China,
despite the contribution of new products launched in the current fiscal year.
Meanwhile, sales of portable keyboards remained strong as a result of the market launch of new products.
[Percussion and Wind Instruments] Net sales: ¥13,871 million (up 4.5% year on year)
Sales of drums were affected by dealer inventory adjustments and a slowdown in demand for Sampling Pad series, which had beenvery strong in prior periods. On the other hand, actual sales of drum sets remained robust.
Sales of electronic wind instruments continued to struggle in medium- to low-end products due to new products launched in themarket by competitors.
[Guitar-related Products] Net sales: ¥12,017 million (up 7.0% year on year)
As to guitar effects, demand for compact effects, our mainstay products, remained firm, despite the dealer inventory adjustments anda slowdown in demand for Looper series.
Sales of musical instruments amplifiers remained strong thanks to the contribution of new products lines launched in the current
fiscal year.
[Creation-related Products & Services] Net sales: ¥5,884 million (down 4.4% year on year)
Regarding synthesizers, demand for 88-note stage piano-type products calmed down, although new products launched in the current
fiscal year contributed to sales.
As to dance and DJ-related products, existing products showed signs of slowing down, although new product lines launched in thecurrent fiscal year contributed to sales.
In the software and service domain, Roland Cloud continued to provide additional contents and new services to increase the LTV(Lifetime Value) of users, resulting in stable growth in membership.
[Video and Professional Audio] Net sales: ¥1,585 million (down 26.5% year on year)
Demand for video-related events recovered, and there was an increase in the demand for related products. However, sales wereseverely affected by a reactionary decline after the shipments of new products launched and backlogged orders made in the same
period of the previous fiscal year.

-2-(2) Explanation of consolidated financial position(i) Assets, liabilities and net assets as of June 30, 2024
Total assets at the end of the period under review on a consolidated basis increased by ¥2,799 million from the end of the previous
fiscal year to ¥83,768 million. This is attributable primarily to increases in cash and deposits of ¥551 million with details describedin cash flows in the next section, inventories of ¥2,616 million, and intangible assets of ¥1,382 million, partially offset by adecrease in trade receivables of ¥1,641 million.
Total liabilities decreased by ¥3,305 million from the end of the previous fiscal year to ¥37,549 million. This is attributableprimarily to a decrease in borrowings of ¥3,496 million.
Net assets increased by ¥6,104 million from the end of the previous fiscal year to ¥46,219 million. This is attributable primarily
to the recording of profit attributable to owners of parent of ¥3,694 million and an increase in foreign currency translation
adjustment of ¥4,801 million due to the depreciation of the yen against major currencies, partially offset by a decrease in retained
earnings of ¥2,356 million due to a declaration and payments of dividends.
As a result of the above, the equity ratio rose 5.6 percentage points from the end of the previous fiscal year to 54.8%.
(ii) Cash flows for the six months ended June 30, 2024
During the period under review, cash and cash equivalents (“net cash”) increased by ¥551 million (a decrease by ¥512 million
for the same period of the previous fiscal year) to ¥13,434 million at the end of the period.
Cash flows from operating activities
Net cash provided by operating activities amounted to ¥6,116 million (¥9,248 million provided for the same period of the previous
fiscal year), which is attributable primarily to the recording of profit before income taxes and a decrease in working capital.
Cash flows from investing activities
Net cash provided by investing activities amounted to ¥245 million (¥1,123 million used for the same period of the previous
fiscal year), which is attributable primarily to proceeds from sales of investment securities and businesses, partially offset bypurchases of property, plant and equipment and intangible assets.
Cash flows from financing activities
Net cash used in financing activities amounted to ¥6,008 million (¥7,869 million used for the same period of the previous fiscal
year), which is attributable primarily to repayments of borrowings and payments of dividends.

(3) Explanation of forward-looking information including consolidated earnings forecast
There is no change in the consolidated financial result forecasts for the current fiscal year, which was announced on February 14,2024. In the event of any changes, a new forecast will be disclosed in an appropriate manner.

-3-

2. Semi-annual consolidated financial statements and Major Notes(1) Semi-annual consolidated balance sheet
Previous fiscal year
(As of December 31, 2023)(Millions of yen)Semi-annual period(As of June 30, 2024)

AssetsCurrent assets:
Cash and deposits

12,883

13,434

Notes and accounts receivable - trade

13,805

12,163Merchandise and finished goods

18,09420,304Work in process

1,443

1,869

Raw materials and supplies

10,606

10,587

Other

2,311

2,201

Allowance for doubtful accounts

(485)

(650)

58,65959,911

Buildings and structures, net

3,934

3,803

Land

2,328

2,350

Other, net

3,699

3,784

Total property, plant and equipment

9,961

9,938

Total current assets
Non-current assets:
Property, plant and equipment:

Intangible assets
Goodwill

3,129

3,349

Other

3,110

4,273

Total intangible assets

6,240

7,623

Investment securities

1,107

717

Other

5,106

5,683

Allowance for doubtful accounts

(105)

(104)

Total investments and other assets

6,107

6,295

22,30923,85780,96983,768Investments and other assets:

Total non-current assets
Total assets-4-

Previous fiscal year
(As of December 31, 2023)(Millions of yen)Semi-annual period(As of June 30, 2024)

Liabilities
Current liabilities:
Notes and accounts payable - trade

6,266

6,772

Short-term borrowings

4,300

2,000

Current portion of long-term borrowings

8,526

5,384

Income taxes payable

415

370

Provision for bonuses

852

953

Provision for bonuses for directors (and other officers)

39

2Provision for product warranties

335

328

Other

7,305

7,030

Total current liabilities

28,041

22,841

Non-current liabilities:
Long-term borrowings

10,056

12,002

Provision for share awards

252

236

Provision for share awards for directors (and other officers)

96

67

Retirement benefit liability

249

279

Asset retirement obligations

88

89

Other

2,069

2,033

Total non-current liabilities

12,812

14,70840,85437,549

Share capital

9,641

9,641

Capital surplus

124–

Retained earnings

27,33428,385

Treasury shares(2,207)(1,611)

Total shareholders’ equity

34,892

36,415153

39

Foreign currency translation adjustment

3,728

8,530

Remeasurements of defined benefit plans

1,032

926

Total accumulated other comprehensive income

4,915

9,496

Share acquisition rights

7045

Non-controlling interests

235

262

40,114

46,21980,96983,768

Total liabilities
Net assets
Shareholders’ equity:

Accumulated other comprehensive income:
Valuation difference on available-for-sale securities

Total net assets
Total liabilities and net assets-5-(2) Semi-annual consolidated statement of income and consolidated statement of comprehensive income
Semi-annual consolidated statement of income
Six months ended
June 30, 2023
46,096

Net sales(Millions of yen)Six months ended
June 30, 2024
46,705

Cost of sales

26,323

26,522Gross profit

19,772

20,183

Selling, general and administrative expenses

15,51615,754

Operating profit

4,256

4,428

Interest income

16

23

Dividend income

7836

Non-operating income:Subsidy income

61

–

Other

10

6

Total non-operating income

167

66

Interest expenses

72

76

Foreign exchange losses

326

603

Other

11

4

Non-operating expenses:

Total non-operating expenses

411

683

4,012

3,811

Gain on sale of non-current assets

2

3Gain on sale of investment securities–

406

Gain on sale of businesses–

297

Total extraordinary income

2707

Loss on sale and retirement of non-current assets

8

4Extra retirement payments–

158

Provision of allowance for doubtful accounts–

156

Total extraordinary losses

8

319

4,006

4,198

Income taxes - current

784

540

Income taxes - deferred

9

(37)

794

502

3,211

3,695

16

1

3,195

3,694

Ordinary profit
Extraordinary income:Extraordinary losses:

Profit before income taxes

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Semi-annual consolidated statement of comprehensive income
Six months ended
June 30, 2023
3,211

Profit(Millions of yen)Six months ended
June 30, 2024
3,695

Other comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

85

(114)

2,468

4,827

(38)

(106)

2,515

4,606

5,727

8,302

5,701

8,275

26

26

Comprehensive income attributable to:
Owners of parent
Non-controlling interests-7-(3) Semi-annual consolidated statement of cash flows
Six months ended
June 30, 2023

(Millions of yen)Six months ended
June 30, 2024

Cash flows from operating activities:
Profit before income taxes

4,006

4,198

Depreciation

1,151

1,237

Amortization of goodwill

172

194

Increase (decrease) in retirement benefit liability

(94)

(190)

Interest and dividend income

(94)

(59)

Interest expenses

72

76

(433)

64

Loss (gain) on sale of investment securities

–

(406)

Loss (gain) on sale and retirement of non-current assets

60Loss (gain) on sale of businesses

–

(297)

Decrease (increase) in trade receivables

4,073

4,351

Decrease (increase) in inventories

2,400

450

Increase (decrease) in trade payables(348)(1,260)

Other, net(429)(1,449)Subtotal

10,482

6,908Interest and dividends received

9460Interest paid

(75)

(76)

Income taxes paid

(1,253)(776)

Net cash provided by (used in) operating activities

9,248

6,116

(887)

(574)

9

20

(141)

(512)

Proceeds from sale of investment securities–

683

Proceeds from sale of businesses
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Other, net

–

632

(50)

–

(52)

(4)

(1,123)245

Net increase (decrease) in short-term borrowings(15,041)(2,300)

Proceeds from long-term borrowings

10,700

4,010

Repayments of long-term borrowings(1,161)(5,206)

Proceeds from issuance of shares

71–

Proceeds from sale of treasury shares

92

284

(2,152)(2,356)

(378)

(440)

(7,869)(6,008)

Effect of exchange rate change on cash and cash equivalents

(724)

197

Net increase (decrease) in cash and cash equivalents

(468)

551

Cash and cash equivalents at beginning of period

10,506

12,883

(43)

–

9,993

13,434Foreign exchange losses (gains)

Cash flows from investing activities:
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets

Net cash provided by (used in) investing activities
Cash flows from financing activities:

Dividends paid
Other, net
Net cash provided by (used in) financing activities

Increase (decrease) in cash and cash equivalents resulting from change
in scope of consolidation
Cash and cash equivalents at end of period-8-(4) Notes to semi-annual consolidated financial statements(Going concern assumption)
Not applicable(Significant changes in shareholders’ equity)
Not applicable-9-