Interim report
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1 Translation Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the ev ent of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Summary of Consolidated Financial Results for the Six Months Ended September 30, 2025 (Based on Japanese GAAP) November 14, 2025 Company name: Human Holdings Co., Ltd. Stock exchange listing: Tokyo Stock code: 2415 URL https://www.athuman.com/ Representative: Representative Director, President and CEO Tomonari Sato Inquiries: Director, Corporate Planning Division Yasuhiro Sato TEL 03-6846-8002 Scheduled date to file Semi-annual Securities Report: November 14, 2025 Scheduled date to commence dividend payments: – Preparation of supplementary material on financial results: Yes Holding of financial results meeting: Yes (for institutional investors and analysts) (Amounts less than one million yen are rounded down) 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (cumulative) Percentages indicate year-on-year changes Net sales Operating profit Ordinary profit Profit attributable to owners of parent Millions of yen % Millions of yen % Millions of yen % Millions of yen % Six months ended September 30, 2025 50,730 3.2 1,179 9.0 1,380 22.3 740 22.4 Six months ended September 30, 2024 49,158 4.0 1,081 3.9 1,128 7.5 605 0.4 Earnings per share Diluted earnings per share Yen Yen Six months ended September 30, 2025 71.39 – Six months ended September 30, 2024 58.31 – (2) Consolidated financial position Total assets Net assets Equity ratio Millions of yen Millions of yen % As of September 30, 2025 51,069 18,055 35.4 As of March 31, 2025 50,743 18,096 35.7 2. Cash dividends Annual dividends per share 1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Year ended March 31, 2025 – 0.00 – 75.50 75.50 Year ending March 31, 2026 – 0.00 Year ending March 31, 2026 (Forecast) – 72.50 72.50 3. Forecast of consolidated financial results for the year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) Percentages indicate year-on-year changes Net sales Operating profit Ordinary profit Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 103,600 3.3 3,600 5.7 3,700 3.5 2,500 (4.1) 240.90
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2 4. Notes (1) Significant changes in the scope of consolidation during the six months ended September 30, 2025: No (2) Application of special accounting methods for preparing semi-annual consolidated financial statements: No (3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements Changes in accounting policies due to revisions to accounting standards and other regulations: No Changes in accounting policies due to other reasons: No Changes in accounting estimates: No Restatement of prior period financial statements: No (4) Number of issued shares (common shares) Total number of issued shares at the end of the period (including treasury shares) As of September 30, 2025 10,377,999 shares As of March 31, 2025 10,377,999 shares Number of treasury shares at the end of the period As of September 30, 2025 37 shares As of March 31, 2025 37 shares Average number of shares during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 10,377,962 shares Six months ended September 30, 2024 10,377,986 shares
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3 Semi-annual consolidated financial statements Consolidated balance sheets (Thousands of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 27,836,939 29,022,869 Accounts receivable - trade, and contract assets 11,829,971 10,929,116 Merchandise 603,287 539,863 Supplies 9,316 8,109 Other 1,315,517 1,373,733 Allowance for doubtful accounts (4,597) (4,438) Total current assets 41,590,435 41,869,253 Non-current assets Property, plant and equipment 3,185,226 3,249,064 Intangible assets Goodwill 52,419 51,082 Other 1,686,147 1,559,104 Total intangible assets 1,738,566 1,610,187 Investments and other assets Guarantee deposits 2,191,558 2,256,247 Other 2,133,327 2,185,610 Allowance for doubtful accounts (95,334) (100,398) Total investments and other assets 4,229,551 4,341,459 Total non-current assets 9,153,344 9,200,711 Total assets 50,743,779 51,069,964 Liabilities Current liabilities Accounts payable - trade 120,054 106,953 Current portion of long-term borrowings 3,073,463 3,253,381 Contract liabilities 9,864,034 8,937,158 Accounts payable - other 7,016,667 6,814,611 Income taxes payable 543,919 708,427 Provision for bonuses 1,061,062 1,132,721 Asset retirement obligations 2,037 – Provision for loss on business withdrawal – 77,247 Other 2,737,297 2,643,599 Total current liabilities 24,418,537 23,674,100 Non-current liabilities Long-term borrowings 6,731,405 7,761,245 Provision for retirement benefits for directors (and other officers) 548,711 567,757 Asset retirement obligations 398,778 425,786 Other 550,260 585,646 Total non-current liabilities 8,229,154 9,340,435 Total liabilities 32,647,692 33,014,535
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4 (Thousands of yen) As of March 31, 2025 As of September 30, 2025 Net assets Shareholders' equity Share capital 1,299,900 1,299,900 Capital surplus 734,737 734,737 Retained earnings 16,042,803 16,000,197 Treasury shares (60) (60) Total shareholders' equity 18,077,380 18,034,775 Accumulated other comprehensive income Valuation difference on available-for-sale securities 4,790 5,664 Foreign currency translation adjustment 13,916 14,988 Total accumulated other comprehensive income 18,706 20,653 Total net assets 18,096,087 18,055,428 Total liabilities and net assets 50,743,779 51,069,964
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5 Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative) Consolidated statements of income (cumulative) (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Net sales 49,158,372 50,730,823 Cost of sales 36,736,198 37,860,353 Gross profit 12,422,174 12,870,470 Selling, general and administrative expenses 11,340,398 11,690,802 Operating profit 1,081,775 1,179,667 Non-operating income Interest income 4,699 24,368 Dividend income 66 81 Subsidy income 45,319 174,723 Other 42,739 52,028 Total non-operating income 92,825 251,202 Non-operating expenses Interest expenses 24,176 32,461 Other 21,629 18,007 Total non-operating expenses 45,805 50,469 Ordinary profit 1,128,795 1,380,400 Extraordinary income Gain on sale of non-current assets – 356 Gain on sale of businesses 140,000 – Total extraordinary income 140,000 356 Extraordinary losses Loss on retirement of non-current assets 277 6,888 Loss on valuation of shares of subsidiaries and associates 66,939 16,571 Impairment losses 4,742 28,014 Loss on withdrawal from business – 77,247 Total extraordinary losses 71,958 128,721 Profit before income taxes 1,196,836 1,252,035 Income taxes 591,654 511,105 Profit 605,181 740,930 Profit attributable to owners of parent 605,181 740,930
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6 Consolidated statements of comprehensive income (cumulative) (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 605,181 740,930 Other comprehensive income Valuation difference on available-for-sale securities 187 874 Foreign currency translation adjustment 7,387 1,072 Total other comprehensive income 7,575 1,947 Comprehensive income 612,757 742,877 Comprehensive income attributable to Comprehensive income attributable to owners of parent 612,757 742,877 Comprehensive income attributable to non-controlling interests – –
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7 Consolidated statements of cash flows (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from operating activities Profit before income taxes 1,196,836 1,252,035 Depreciation 415,203 468,263 Impairment losses 4,742 28,014 Amortization of goodwill 10,175 15,626 Loss on retirement of non-current assets 277 6,888 Loss (gain) on sale of non-current assets – (356) Loss on withdrawal from business – 77,247 Loss (gain) on sale of businesses (140,000) – Increase (decrease) in allowance for doubtful accounts 3,797 4,884 Increase (decrease) in provision for bonuses 85,095 71,658 Increase (decrease) in provision for retirement benefits for directors (and other officers) (39,064) 19,046 Subsidy income (45,319) (174,723) Interest and dividend income (4,766) (24,449) Interest expenses 24,176 32,461 Loss on valuation of shares of subsidiaries and associates 66,939 16,571 Decrease (increase) in trade receivables 811,499 900,858 Decrease (increase) in inventories (12,370) 64,636 Increase (decrease) in trade payables (62,388) (13,101) Increase (decrease) in contract liabilities (701,066) (926,041) Increase (decrease) in accounts payable - other (1,768,233) (25,031) Other, net (304,994) (303,161) Subtotal (459,461) 1,491,326 Interest and dividends received 4,865 23,377 Interest paid (25,033) (33,054) Subsidies received 53,562 191,758 Income taxes refund (paid) (525,435) (542,358) Net cash provided by (used in) operating activities (951,502) 1,131,048 Cash flows from investing activities Purchase of property, plant and equipment (484,951) (410,503) Purchase of intangible assets (276,505) (158,218) Purchase of investment securities (10,300) – Proceeds from sale of investment securities – 82,424 Payments for acquisition of businesses – (25,880) Proceeds from sale of businesses 140,000 – Payments of guarantee deposits (86,565) (105,134) Proceeds from refund of guarantee deposits 13,242 16,217 Loan advances (16,488) (479) Proceeds from collection of loans receivable 27,649 30,819 Subsidy income 120,305 214,429 Other, net (15,095) (14,664) Net cash provided by (used in) investing activities (588,708) (370,989)
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8 (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from financing activities Proceeds from long-term borrowings 3,000,000 3,000,000 Repayments of long-term borrowings (1,902,241) (1,790,242) Purchase of treasury shares (60) – Dividends paid (648,625) (783,536) Net cash provided by (used in) financing activities 449,073 426,221 Effect of exchange rate change on cash and cash equivalents 11,844 (351) Net increase (decrease) in cash and cash equivalents (1,079,292) 1,185,929 Cash and cash equivalents at beginning of period 29,148,369 27,836,939 Cash and cash equivalents at end of period 28,069,077 29,022,869