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 Third Quarter of the Fiscal Year Ending December 31, 2023
(under Japanese GAAP)
November 8, 2023
Company name: Roland Corporation
Listing:
Tokyo Stock Exchange
Security code:
7944
URL:
https://www.roland.com/global/
Representative:
Gordon Raison, CEO and Representative Director
Contact:
Yuichi Hakamata, CFO and Executive Officer
Phone:+81-53-523-0230
Scheduled date to file Quarterly Securities Report (Shihanki Hokokusho):November 9, 2023
Scheduled date to commence payment of dividends:—
Preparation of supplementary briefing material on quarterly financial results: Yes
Holding of quarterly 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 third quarter of the fiscal year ending December 31, 2023 (from January 1 to September 30, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Nine months ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
September 30, 2023
71,410
10.5
7,744
23.1
7,131
21.4
5,762
13.5
September 30, 2022
64,622
–
6,288
–
5,872
(34.3)
5,075(34.4)
Note: Comprehensive income
For the nine months ended September 30, 2023: ¥9,201 million [(5.3)%]
For the nine months ended September 30, 2022: ¥9,716 million[5.0%]
Basic earnings
per share

Diluted earnings
per share

Nine months ended
Yen
Yen
September 30, 2023
210.77208.16
September 30, 2022
185.43182.54
Note: The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) fromthe beginning of the fiscal year ended December 31, 2022. Accordingly, year-on-year changes for net sales and operating profit
against the third quarter of the fiscal year ended December 31, 2021, before the application of the said accounting standard are
not presented.
(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
September 30, 2023
83,25438,491
45.9
December 31, 2022
77,05633,747
43.4
Reference: Equity (Shareholders’ equity + Accumulated other comprehensive income)As of September 30, 2023: ¥38,188 million
As of December 31, 2022: ¥33,467 million
2. DividendsFirstquarter-end

Secondquarter-end

Annual dividend per share
Third
quarter-end

Yen
Yen
Fiscal year ended
December 31, 2022–
78.00
Fiscal year ending
December 31, 2023–
85.00
Fiscal year ending
December 31, 2023
(forecast)
Note: Revisions from the most recently announced dividends forecast: None

Fiscalyear-end

Total

Yen

Yen

Yen

–

78.00

156.0085.00

170.00–3. Forecast of consolidated financial results for the fiscal year ending December 31, 2023 (from January 1 to December 31, 2023)(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 yen105,600
10.2
12,40015.3
12,40021.0
9,300
Fiscal year
Note: Revisions from the most recently announced forecast of consolidated financial results: None

%

Yen

4.0

340.73[Notes](1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries resulting in the change in scopeof consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly 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 application of new or revised accounting standards: None
2) Changes in accounting policies due to reasons other than 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 September 30, 2023:
28,163,038 shares
As of December 31, 2022:
28,066,786 shares
2) Number of treasury shares
As of September 30, 2023:
764,087 shares
As of December 31, 2022:
824,172 shares
3) Average number of shares of common stock during the period (cumulative from the beginning of the fiscal year)
Nine months ended September 30, 2023: 27,340,915 shares
Nine months ended September 30, 2022: 27,370,986 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 of common stock during the period. It is notedthat the average numbers of shares of common stock held by these trusts during the nine months ended September 30,
2022 and 2023 were 393,843 shares and 328,208 shares, respectively.
* This quarterly financial results report is not subject to quarterly review procedures 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 quarterly financial results briefing for institutional investors and securities analysts on Thursday,
November 9, 2023. Materials used at the quarterly financial results briefing will be posted on the Company’s website.

Contents of Attached Materials
1. Qualitative Information on Quarterly 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. Quarterly Consolidated Financial Statements and Major Notes ······································································ P. 4(1) Quarterly consolidated balance sheets ······························································································· P. 4(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ········· P. 6(3) Quarterly consolidated statements of cash flows··················································································· P. 8
(4) Notes to quarterly consolidated financial statements ·············································································· P. 9
(Going concern assumption) ·········································································································· P. 9
(Significant changes in shareholders’ equity)······················································································· P. 9

-1-

1. Qualitative Information on Quarterly Consolidated Financial Results(1) Explanation of consolidated operating results
During the period under review, the transition to a world after COVID-19 advanced significantly across the globe. At the same time,
however, the global economic environment surrounding the Group remained uncertain as concerns of a global economic slowdown
intensified due to the protracted situation in Russia and Ukraine, rising prices and interest rates worldwide, and financial instability.
Overall demand for electronic musical instruments remained firm, albeit with some differences by region and product category.
Meanwhile, as for shipments, the current fiscal year is the final adjustment phase toward the normalization of the supply chain, as
dealer inventories are temporarily overstocked, particularly in the U.S., due to the easing of supply constraints caused by COVID19 and the subsequent increase of shipments at the end of the previous fiscal year. On the cost side, although raw material prices
remained high, there were improvements due to the penetration of appropriate pricing that has been continuously focused on as
well as a decline in stubbornly high marine transportation costs. Furthermore, to act with intelligence and with agility to the changing
market conditions, spending has been reviewed in a timely and appropriate manner.
As a result of the above, during the period under review, the Group recorded net sales of ¥71,410 million (up 10.5% year on year),partly due to the contribution of newly consolidated Drum Workshop, Inc. (hereinafter, “DW”), a U.S.-based drum manufacturer,
acquired in the previous fiscal year, as well as the weaker yen. In terms of profit, the Group recorded operating profit of ¥7,744
million (up 23.1% year on year), ordinary profit of ¥7,131 million (up 21.4% year on year), and profit attributable to owners ofparent of ¥5,762 million (up 13.5% year on year).
Sales performance (year-on-year change) by mainstay category is as shown below:[Keyboards] Net sales: ¥18,387 million (down 11.7% year on year)
Sales of electronic pianos struggled, owing to dealer inventory adjustments and intensified competition, in addition to a slowdown
in exceptionally high demand triggered by COVID-19.
[Percussion and Wind Instruments] Net sales: ¥20,623 million (up 47.8% year on year)
Sales of drums were generally firm in developed countries, mainly due to the introduction of new products, although sales in China
were affected by the downsizing of music schools due to the backdrop of government regulations on tutoring schools and COVID19. Overall sales in the drums business grew significantly, thanks to the new consolidation of DW.
Sales of electronic wind instruments suffered due to market inventory adjustments in the mainstay markets of China and Japan, as
well as competition from new entrants, especially in China.
[Guitar-related Products] Net sales: ¥18,123 million (up 12.5% year on year)
Sales of guitar effects remained strong, due to the effect of new product launches, on top of a recovery from supply shortages in thesame period of the previous year.
Sales of musical instrument amplifiers remained strong, driven by solid demand as well as by the contribution of new products tothe performance, although it was affected by inventory adjustments in the market, particularly in the U.S.
[Creation-related Products & Services] Net sales: ¥8,996 million (up 2.3% year on year)
Demand for synthesizers remained firm, although there was a reactionary decline because many new products had been launched in
the same period of the previous fiscal year.
As to dance and DJ-related products, existing products showed signs of slowing down, although new product lines launched in thecurrent year contributed to sales.
In the software and service domain, Roland Cloud continued to provide software synthesizers, sound contents, and hardware updates,
resulting in stable growth in membership.
[Video and Professional Audio] Net sales: ¥3,085 million (up 4.6% year on year)
Sales of video-related products remained strong as event demand recovered and demand for related products increased while demandfor personal distribution calmed down.

-2-(2) Explanation of consolidated financial position(i) Assets, liabilities and net assets as of September 30, 2023
Total assets at the end of the period under review on a consolidated basis increased by ¥6,197 million from the end of the previous
fiscal year to ¥83,254 million. This is attributable primarily to increases in trade receivables of ¥1,726 million, inventories of¥3,160 million and property, plant and equipment of ¥704 million respectively.
Liabilities increased by ¥1,453 million from the end of the previous fiscal year to ¥44,762 million. This is attributable primarily
to an increase in trade payables of ¥2,118 million and a decrease in borrowings of ¥1,098 million.
Net assets increased by ¥4,744 million from the end of the previous fiscal year to ¥38,491 million. This is attributable mainly tothe recognition of profit attributable to owners of parent of ¥5,762 million and an increase in foreign currency translation
adjustment of ¥3,384 million due to the depreciation of the yen against major currencies, which were partially offset by a decrease
in retained earnings of ¥4,506 million due to payments of dividends.
As a result of the above, the equity ratio rose 2.4 percentage points from the end of the previous fiscal year to 45.9%.
(ii) Cash flows for the nine months ended September 30, 2023
During the period under review, cash and cash equivalents (“net cash”) decreased by ¥482 million (decreased by ¥579 million
for the same period of the previous fiscal year) to ¥10,023 million at the end of the period.
Cash flows from operating activities
Net cash provided by operating activities amounted to ¥8,027 million (¥3,934 million used for the same period of the previous
fiscal year), which is attributable primarily to decreases in both profit before income taxes and working capital.
Cash flows from investing activities
Net cash used in investing activities amounted to ¥1,761 million (¥791 million used for the same period of the previous fiscal
year), which is attributable primarily to the capital outlay for the purchases of property, plant and equipment.
Cash flows from financing activities
Net cash used in financing activities amounted to ¥5,922 million (¥4,953 million provided 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 13,2023. In the event of any changes, a new forecast will be disclosed in an appropriate manner.

-3-

2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly consolidated balance sheets
Previous fiscal year
(As of December 31, 2022)(Millions of yen)
Current quarter(As of September 30, 2023)

AssetsCurrent assets:
Cash and deposits

10,506

10,023

Notes and accounts receivable – trade

12,905

14,632Merchandise and finished goods

20,21422,714Work in process

1,249

1,666

Raw materials and supplies

10,858

11,102

Other

2,561

2,428

Allowance for doubtful accounts

(394)

(454)

57,902

62,113

Buildings and structures, net

3,698

3,684

Land

1,640

1,654

Other, net

2,431

3,135

Total property, plant and equipment

7,770

8,474

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

Intangible assets
Goodwill

3,266

3,395

Other

2,824

3,193

Total intangible assets

6,090

6,589

938

1,069

Other

4,465

5,133

Allowance for doubtful accounts

(110)

(127)

Total investments and other assets

5,293

6,076

19,154

21,14077,056

83,254

Investments and other assets:
Investment securities

Total non-current assets
Total assets-4-

Previous fiscal year
(As of December 31, 2022)(Millions of yen)
Current quarter(As of September 30, 2023)

Liabilities
Current liabilities:
Notes and accounts payable – trade

5,606

7,724

Short-term borrowings

17,700

7,643

Current portion of long-term borrowings

1,252

8,675

Income taxes payable

482

359

Provision for bonuses

771

422

Provision for bonuses for directors (and other officers)

34

29

Provision for product warranties

281

312

Other

6,384

7,773

Total current liabilities

32,51332,941

7,570

9,105

253

245

Non-current liabilities:
Long-term borrowings
Provision for share awards
Provision for share awards for directors (and other officers)

78

86

Retirement benefit liability

432

406

Asset retirement obligations

87

88

Other

2,373

1,887

Total non-current liabilities

10,796

11,82143,30944,762

Share capital

9,613

9,641

Capital surplus

191

219

Retained earnings

23,75024,945

Treasury shares(2,407)(2,332)

Total shareholders’ equity

31,14832,47368

137

Foreign currency translation adjustment

1,879

5,264

Remeasurements of defined benefit plans

370

313

2,319

5,715

Total liabilities
Net assets
Shareholders’ equity:

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

Total accumulated other comprehensive income
Share acquisition rights

9575

Non-controlling interests

184

227

33,74738,491

77,056

83,254

Total net assets
Total liabilities and net assets-5-(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income
Quarterly consolidated statements of income
Nine months ended
September 30, 2022
64,622

Net sales(Millions of yen)
Nine months ended
September 30, 2023
71,410

Cost of sales

38,10640,185Gross profit

26,51531,225

Selling, general and administrative expenses

20,22723,481

Operating profit

6,288

7,744

Interest income

827

Dividend income

93

85

Subsidy income

116

61

5

19

223

194

Interest expenses

25

105

Foreign exchange losses

603

685

9

16

Non-operating income:

Other
Total non-operating income
Non-operating expenses:

Other
Total non-operating expenses

639

807

5,872

7,131

Gain on sale of non-current assets

116Gain on liquidation of subsidiaries

246–

Total extraordinary income

258

6

Loss on sale and retirement of non-current assets

8

11

Total extraordinary losses

811Profit before income taxes

6,122

7,126

Income taxes – current

1,631

1,584

Income taxes – deferred

(591)

(246)

Total income taxes

1,040

1,337

Profit

5,082

5,788

6

26

5,075

5,762

Ordinary profit
Extraordinary income:Extraordinary losses:

Profit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Quarterly consolidated statements of comprehensive income
Nine months ended
September 30, 2022
5,082

Profit(Millions of yen)
Nine months ended
September 30, 2023
5,788

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

(45)

68

4,720

3,401

(39)

(57)

4,634

3,412

9,716

9,201

9,688

9,158

28

42

Comprehensive income attributable to:
Owners of parent
Non-controlling interests-7-(3) Quarterly consolidated statements of cash flows
Nine months ended
September 30, 2022

(Millions of yen)
Nine months ended
September 30, 2023

Cash flows from operating activities:
Profit before income taxes

6,122

7,126

Depreciation

1,253

1,747

3

264

Increase (decrease) in retirement benefit liability

(110)

(133)

Interest and dividend income

(101)

(113)

Interest expenses

25

105

Foreign exchange losses (gains)

483

(112)

Loss (gain) on sale and retirement of non-current assets(3)

4

Loss (gain) on liquidation of subsidiaries

(246)

–

Decrease (increase) in trade receivables(1,956)

1,279

Decrease (increase) in inventories(4,821)

453

Increase (decrease) in trade payables(1,899)50

Other, net

(988)

(615)

Subtotal(2,237)

10,058Interest and dividends received

101

112

Interest paid

(21)

(110)

Income taxes paid

(1,776)(2,033)

Net cash provided by (used in) operating activities(3,934)

8,027

(947)

(1,426)

Proceeds from sale of property, plant and equipment

17

19

Purchase of intangible assets

(94)

(240)

Amortization of goodwill

Cash flows from investing activities:
Purchase of property, plant and equipment

Proceeds from collection of long-term loans receivable

50

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

227

–

–

(50)

(0)

(63)

Net cash provided by (used in) investing activities(791)(1,761)

Net increase (decrease) in short-term borrowings

9,136(10,061)

Proceeds from long-term borrowings

3,000

10,700

Repayments of long-term borrowings(939)(1,741)

Proceeds from issuance of shares

35

71

Proceeds from sale of treasury shares

105

139

Purchase of treasury shares(2,000)(0)

Dividends paid

(4,063)(4,481)Other, net

(322)

(549)

Net cash provided by (used in) financing activities

4,953(5,922)

Effect of exchange rate change on cash and cash equivalents

(807)

(781)

Net increase (decrease) in cash and cash equivalents

(579)

(438)

Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting fromchange in scope of consolidation
Cash and cash equivalents at end of period

8,781

10,506

–

(43)

8,201

10,023

Cash flows from financing activities:-8-(4) Notes to quarterly consolidated financial statements(Going concern assumption)
Not applicable(Significant changes in shareholders’ equity)
Not applicable-9-