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

January 26, 2023

Company:

Roland Corporation

Representative:

Gordon Raison, CEO & Representative Director

Contact:(Securities Code: 7944; TSE Prime)
Shunsuke Sugiura, CFO & Director(Tel. +81-53-523-0230)

Notice of Revisions to Financial Result Forecasts
Roland Corporation (the “Company”) hereby announces the revisions to the consolidated financial result
forecasts released on August 8, 2022, in consideration of the recent trends in financial results, as follows.
1. Revisions to the consolidated financial result forecasts
Revisions to the consolidated financial result forecasts for the fiscal year ended December 31, 2022
(January 1, 2022 to December 31, 2022)
Net sales

Operatingprofit

Ordinary profit

Profitattributable toowners ofparent

Basic earnings
per share(A)

Million Yen

Million Yen

Million Yen

Million YenYen(Announced on Aug 8, 2022)

92,40012,40012,5009,800

357.58

Revised forecast(B)95,80010,700

10,2008,500

310.94

Change(B–A)

3,400(1,700)(2,300)(1,300)–Change(%)

3.7%(13.7%)(18.4%)(13.3%)–

Previous forecast* Reference: Year-on-year comparisons (Before application of Accounting Standard for Revenue
Recognition)
Net sales(After adjusted)
Revised forecast(A)
Previous fiscal year
results(B)Operatingprofit

Ordinary profit

Profitattributable toowners ofparent

Basic earnings
per share

96,80011,700

10,2008,500

310.9480,032

11,093

10,1028,586

312.73Year-on-year(A–B)

16,767606

97(86)–Year-on-year(%)

21.0%

5.5%

1.0%(1.0%)–Note: The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) from thebeginning of the fiscal year ended December 31, 2022.

2. Reasons for the RevisionDuring the second half of the fiscal year ended December 31, 2022, the Company observed weaker demandin Europe with weaker consumer confidence due to such factors as soaring energy prices and in China

with the remaining effects of lockdowns. Substantive sales that disregards the effect of changes in foreignexchange rate is expected to slightly fall below the forecast; however, net sales is expected to exceed theforecast partly due to our effort to accelerate the shipment of order backlog and compensate for theshortfall with strong sales in North America and other regions. In addition to the above, the Company
included Drum Workshop, Inc. (“DW”) acquired on October 3, 2022 in the scope of consolidation, startingfrom the fourth quarter ended December 31, 2022, and this brought in ¥2,500 million. Consequently, netsales is expected to increase by ¥3,400 million compared to the consolidated financial result forecast.
On the profit side, the negative effects of lower profits than the forecasts include the postponement of someprice increases in response to changes in demand, the slightly lower substantive sales than the forecast,no effect of lower transportation costs on profit during the fiscal year ended December 31, 2022, and therecording of non-recurring expenses associated with the acquisition of DW. To deal with these negative
effects of lower profits than the forecasts, the Company made a corporate-wide effort to review expenses
spent and reduced SG&A expenses by hundreds of millions of yen during the fourth quarter; however,operating profit, ordinary profit, and profit attributable to owners of parent are expected to fall below theconsolidated financial result forecasts.
Although the Company made downward revisions to operating profit, ordinary profit, and profit
attributable to owners of parent, the year-on-year operating profit is expected to increase, which excludes
the effect of changes in accounting standard, because the Company has the effect of price optimization tocover increases in various costs during and after the pandemic. For the following fiscal year ending
December 31, 2023, the Company forecasts a year-on-year increase in profit because it expects that theprice optimization will contribute to the increase throughout the year and that the effect of lower oceantransportation costs will appear, among other positive effects, although parts costs will remain high andthere will be an effect of soaring personnel expenses.
The Company also forecasts a year-on-year increase in net sales because it will have new product launches
that boost demand and strive to expand its market share as well as the inclusion of DW in the scope ofconsolidation will contribute to the increase throughout the year, in addition to a demand recovery in
China and a return to a growth path in Europe.
The Company will disclose the consolidated financial results for the fiscal year ended December 31, 2022
and the consolidated financial result forecasts for the fiscal year ending December 31, 2023 on February
13, 2023.
The Company does not expect to make a revision to the year-end dividend forecast of ¥78 from theperspective of sustainable and stable dividend payment.
Note: The financial result forecasts contained in this document are prepared based on the information currentlyavailable. Actual results may differ significantly from these forecasts due to a variety of factors going forward.