Consolidation begins in FY2026-Q3 following the acquisition of 三浦電子 as a subsidiary

だいわ had historically operated on a standalone basis without subsidiaries, and its FY2026-H1 earnings summary was also non-consolidated. However, it signed a share transfer agreement on 23 June 2026 and acquired 100% of 三浦電子's issued shares effective 1 July. The company has explained that it plans to prepare consolidated financial statements from the consolidated accounting period beginning in FY2026-Q3, making the next results release the first quarter in which the basis of financial reporting changes.

The purpose of the acquisition is to establish a stable supply structure for related equipment, including electrolyzed functional water generators, and to operate development, manufacturing and quality control as an integrated process. However, the FY2026-H1 materials currently available do not disclose the purchase consideration, the fair value of 三浦電子's assets and liabilities at the acquisition date, whether goodwill exists and its amount, acquisition-related expenses, or the subsidiary's contribution to profit or loss after becoming a subsidiary. In Q3, the key issue will be how specifically the notes on the business combination are presented.

For comparison purposes, results through FY2025-Q3 were on a standalone basis, whereas FY2026-Q3 may be on a consolidated basis including 三浦電子. As a result, year-on-year changes in sales and operating profit alone will make it difficult to separate changes in the existing business from the uplift resulting from the subsidiary acquisition. It will be necessary to confirm whether the company presents the existing business and 三浦電子's results separately or provides supplementary information on the contribution from the acquisition date onward.

As of FY2026-H1, standalone total assets were ¥95,639 million, net assets were ¥71,463 million and the equity ratio was 74.7%. The addition of the purchase consideration and the acquired assets and liabilities could change the shape of total assets, liabilities, the equity ratio and cash flow in Q3. The next results release will be an opportunity to assess not only the start of consolidation itself, but also the financial burden after the acquisition and 三浦電子's actual earnings contribution.