Interim report
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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 original shall prevail . Company name : Listing : Securities code : URL : Representative : Inquiries : Telephone : Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( Under Japanese GAAP ) Qol Holdings Co. , Ltd. Tokyo Stock Exchange 3034 https://www.qolhd.co.jp/eng/ Takashi Nakamura Hiromoto Shirakuni + 81-3-6430-9060 Scheduled date to commence dividend payments : Preparation of supplementary material on financial results : Holding of financial results briefing : President and Representative Director General Manager of Public Relations Dept. Yes None August 7 , 2026 FASF ( Yen amounts are rounded down to millions , unless otherwise noted . ) 1. Consolidated financial results for the three months ended June 30 , 2026 ( from April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Percentages indicate year - on - year changes . ) Net sales EBITDA Operating profit Millions of Millions of Millions of Ordinary profit Millions of Profit attributable to owners of parent Millions of Three months ended yen June 30 , 2026 June 30 , 2025 73,912 71,730 % 3.0 17.5 yen 8,757 47.0 5,958 23.2 % yen % 6,183 72.1 yen 6,159 69.5 % yen % 3,592 23.2 3,635 3,002 22.6 1,856 61.7 120.2 ( Notes ) 1. Comprehensive income For the three months ended June 30 , 2026 : For the three months ended June 30 , 2025 : ¥ 3,710 million [ 67.6 % ] ¥ 2,214 million [ 54.1 % ] 2. EBITDA ( Operating profit + Depreciation + Amortization of goodwill ) Three months ended June 30 , 2026 June 30 , 2025 Reference : Basic earnings per share Yen 79.90 49.43 Diluted earnings per share Yen Net income before Amortization of goodwill ( Profit attributable to owners of parent + Amortization of goodwill ) EPS before Amortization of goodwill ( Profit before Amortization of goodwill / Average number of shares during the period ) ( 2 ) Consolidated financial position As of Three months ended June 30 , 2026 : ¥ 4,056 million June 30 , 2025 : ¥ 2,915 million June 30 , 2026 : ¥ 107.95 June 30 , 2025 : ¥ 77.61 Total assets Net assets Equity - to - asset ratio Millions of yen 163,686 158,116 Millions of yen 61,535 % 36.3 59,840 36.3 ¥ 59,441 million ¥ 57,452 million June 30 , 2026 March 31 , 2026 Reference : Equity As of June 30 , 2026 : As of March 31 , 2026 : −1–
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―2― 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 23.00 - 27.00 50.00 March 31, 2026 Fiscal year ending - March 31, 2027 Fiscal year ending March 31, 2027 (Forecast) 27.00 - 27.00 54.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated financial result forecasts for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027) (Percentages indicate year-on-year changes.) Net sales EBITDA Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Six months ending September 30, 2026 149,500 5.1 13,700 15.0 8,400 16.9 8,400 15.7 4,100 15.6 109.11 Full year 315,000 8.3 28,700 16.5 16,500 11.4 16,500 10.9 7,800 5.3 207.57 Note: Revisions to the financial result forecast most recently announced: None * Notes (1) Significant changes in the scope of consolidation during the period: None Newly included: - companies( ) Excluded: - companies( ) (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 restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 38,902,785 shares As of March 31, 2026 38,902,785 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 1,325,219 shares As of March 31, 2026 1,325,219 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 37,577,566 shares Three months ended June 30, 2025 37,564,256 shares (Note) Treasury stock includes shares owned by the exclusive trust account of the Company’s Employee Stock Ownership Association. The Employee Ownership Trust ended on March 27, 2026. At a meeting of the Board of Directors on June 26, 2026, the Company resolved to introduce the Employee Ownership Trust.
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―3― CONTENTS OF ATTACHMENT 1. OVERVIEW OF OPERATING RESULTS 4 (1) Overview of Operating Results for the Three Months Ended June 30, 2026 4 (2) Overview of Financial Position at June 30, 2026 7 (3) Consolidated Financial Forecast 7 2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND PRIMARY NOTES 8 (1) Quarterly Consolidated Balance Sheet 8 (2) Quarterly Consolidated Statements of Income and Comprehensive Income 10 Quarterly Consolidated Statement of Income 10 Quarterly Consolidated Statement of Comprehensive Income 11 (3) Notes to Quarterly Financial Statements 12 Note on Segment Information 12 Note in the Event of Major Change in Shareholders’ Equity 14 Note on Assumptions for Going Concern 14 Note on Cash Flow Statements 14 Supplementary Information 14
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―4― 1. OVERVIEW OF OPERATING RESULTS (1) Overview of Operating Results for the Three Months Ended June 30, 2026 During the first quarter of the consolidated fiscal year under review (April 1, 2026-June 30, 2026), the Japanese economy showed a moderate recovery as the employment and income environment improved. However, the future of the economy remains uncertain due to factors such as the impact of ongoing price increases on private consumption, trade policies in the United States, and the Middle East situation. In this environment, the Group announced its medium-term management plan in May 2026. The plan included its vision for 2030, “Deliver Peace of Mind in Healthcare to Everyone.” With basic policies of Deepening and Evolution, the Group will work to achieve the development and growth of its Pharmacy Business, BPO Contracting Businesses and Pharmaceutical Manufacturing Business. The Group’s consolidated financial results for the first quarter ended June 30, 2026 indicated that net sales and operating profit were strong. In the Pharmacy Business, the June 2026 revision of dispensing fees has necessitated a transition from a business model dependent on location to one emphasizing interpersonal relationships and contributions to regional medical care. Regarding performance, an increase in the technical fee unit price resulted in a small increase in net sales. However, operating profit declined slightly due to a decrease in the number of prescriptions, which was caused by longer prescription periods. In the BPO Contracting Businesses, both net sales and operating profit increased primarily due to an increase in the number of MR dispatches in the CSO Business, an increase in contracts for dispatched industrial physicians and health professionals in the Professional Referral Dispatch Business, and the acquisition of large -scale projects in the convention business in the Publishing-Related Business. In the Pharmaceutical Manufacturing Business, five products with two ingredients launched in the fiscal year ended March 31, 2026 significantly contributed to results. Furthermore, costs for existing products were reduced. As a result, both net sales and o perating profit increased substantially. In June 2026, the Company was again selected as a constituent of ESG investment indices created by global index provider FTSE Russell, as in the previous year. This indicates international recognition of the Group’s continued commitment to ESG matters. The entire Group will continue strengthening its ESG initiatives to help establish a sustainable society. In the consolidated first quarter ended June 30, 2026, the Group posted net sales of ¥73,912 million (up 3.0% year on year), operating profit of ¥6,183 million (up 72.1%), ordinary profit of ¥6,159 million (up 69.5%) and profit attributable to owners of pa rent of ¥3,002 million (up 61.7%). EBITDA was ¥8,757 million (up 47.0%). Performance by business segment is as follows.
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―5― a. Pharmacy Business In the Pharmacy Business, net sales increased slightly due to higher technical fee unit prices, driven by increased acquisition of dispensing technical fees, including the Community Support & Drug Supply Response Premium. However, operating profit declined slightly due to a decrease in the number of prescriptions, which was mainly caused by longer prescription periods. As a result, net sales in this segment amounted to ¥43,694 million (up 2.0% year on year) and operating profit was ¥1,669 million (down 4.7%). In the Pharmacy Business, we are working to expand scale through M&A, new store openings, and the promotion of the Home and Facility Dispensing Business, improve convenience for patients, enhance specialization through the functional differentiation of pharmacies, and improve productivity through DX and other means. In the consolidated first quarter ended June 30, 2026, the Group added four new stores, while at the same time three stores were closed, amounting to a total of 950 stores. Going forward, we will continue to work to expand stores that address patients’ needs. We regularly held meetings focused on nursing care and medical collaboration to provide a forum for partnerships between nursing care -related companies and medical institutions and help participants build networks. We increased our emphasis on home -based dispensing for both facilities and individuals. Furthermore, we are reforming our business processes through DX, expanding the support framework that enables prescription information to be entered from other stores, and increasing productivity. b. BPO Contracting Businesses In the BPO Contracting Businesses, we continue to expand the scale of the core CSO Business, CRO Business, Professional Referral Dispatch Business, and Publishing-Related Business. In the CSO Business of APO PLUS STATION Co., Ltd., there was significant demand for MR dispatches, and the number of dispatches grew. We will expand MR dispatches by improving MR recruitment and reassessing our placement process. Meanwhile, in the CRO Business, which is engaged in contracted development services for pharmaceuticals and foods, we aim to increase orders for food testing and clinical trials for drug development by utilizing ClinCloud Ltd.’s systems. In the Professional Referral Dispatch Business, contracts for dispatched industrial physicians and health professionals increased at APO PLUS CAREER Co., Ltd. , resulting in increases in net sales and operating profit. We will focus on developing human resources and utilizing AI and various other tools to improve productivity. In the Publishing-Related Business, Medical Qol Co., Ltd. achieved an increase in net sales by securing large projects in the convention business, a key growth area. It also increased sales by strengthening relationships with customers in core businesses such as the materials production business and achieved a higher profit margin in these businesses due to efforts to improve operating efficiency, including shifting to internal operations. As a result, net sales in this segment were ¥3,836 million (up 10.1% year on year) and operating profit was ¥649 million (up 31.5%).
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―6― c. Pharmaceutical Manufacturing Business In the Pharmaceutical Manufacturing Business, five products with two ingredients launched by DAIICHI SANKYO ESPHA CO., LTD. in the fiscal year ended March 31, 2026 have significantly contributed to performance. Cost reductions for existing products have also been achieved. As a result, net sales in this segment were ¥26,381 million (up 3.8% year on year) and operating profit was ¥4,940 million (up 113.3%). Two allergy medicines were launched in June 2026: bilastine tablets (brand name: Bilanoa®) and bilastine OD tablets (brand name: Bilanoa OD ®). The selective SGLT2 inhibitor s dapagliflozin (brand name: Forxiga ®) was launched in July 2026. It is expected that these products will contribute to performance. Fujinaga Pharm Co., Ltd. is preparing to increase the number of pharmaceutical products in collaboration with DAIICHI SANKYO ESPHA CO., LTD. In the Pharmaceutical Manufacturing Business, going forward, we aim to achieve further growth by utilizing Group synergies in research and development and in sales activities. We will expand our product lineup into areas beyond generic drugs as well, and a lso strengthen our development efforts from the perspectives of patients and healthcare professionals. We will also leverage our knowledge in the Pharmacy Business to provide information and expand our market share. * CSO: Contract Sales Organization * CRO: Contract Research Organization * MR: Medical Representative Reference: Reporting Segments Three months ended June 30 Change (%) 2025 (Millions of yen) 2026 (Millions of yen) Pharmacy Business Net sales 42,840 43,694 2.0 Segment profit 1,751 1,669 (4.7) BPO Contracting Businesses Net sales 3,483 3,836 10.1 Segment profit 493 649 31.5 Pharmaceutical Manufacturing Business Net sales 25,407 26,381 3.8 Segment profit 2,315 4,940 113.3 Total Net sales 71,730 73,912 3.0 Segment profit 4,560 7,259 59.2 Note: Sales in each segment do not include internal sales between segments.
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―7― (2) Overview of Financial Position at June 30, 2026 a. Assets As of June 30, 2026, total net assets amounted to ¥163,686 million, up ¥5,569 million from March 31, 2026. This was primarily due to increases of ¥4,295 million in cash and deposits and ¥2,105 million in merchandise and finished goods, partially offset by a decrease of ¥1,053 million in goodwill. b. Liabilities As of June 30, 2026, total liabilities amounted to ¥102,150 million, up ¥3,874 million from March 31, 2026. This was largely due to an increase of ¥4,606 million in accounts payable - trade and an increase of ¥1,000 million in short -term borrowings offset by a decrease of ¥1,624 million in income taxes payable. c. Net assets As of June 30, 2026, total net assets amounted to ¥61,535 million, up ¥1,695 million from March 31, 2026. This was mainly due to an increase of ¥1,987 million in retained earnings, while non - controlling interests decreased by ¥292 million. (3) Consolidated Financial Forecast There are no changes to the consolidated financial forecast announced on May 14, 2026.
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―8― 2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND PRIMARY NOTES (1) Quarterly Consolidated Balance Sheet (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 21,401 25,697 Notes and accounts receivable - trade, and contract assets 25,826 25,117 Merchandise and finished goods 4,600 6,705 Work in process 290 343 Raw materials and supplies 5,076 6,454 Other 2,136 2,394 Allowance for doubtful accounts (54) (3) Total current assets 59,277 66,709 Non-current assets Property, plant and equipment Buildings and structures, net 8,583 8,526 Tools, furniture and fixtures, net 1,748 1,730 Land 6,766 6,766 Other, net 701 623 Total property, plant and equipment 17,801 17,648 Intangible assets Goodwill 36,423 35,369 Business right 30,983 30,637 Software 2,130 2,162 Other 425 243 Total intangible assets 69,962 68,413 Investments and other assets Investment securities 162 163 Leasehold and guarantee deposits 4,401 4,416 Deferred tax assets 2,543 2,048 Retirement benefit asset 2,303 2,449 Other 1,685 1,858 Allowance for doubtful accounts (21) (21) Total investments and other assets 11,074 10,915 Total non-current assets 98,838 96,977 Total assets 158,116 163,686
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―9― (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Accounts payable - trade 32,612 37,219 Short-term borrowings 11,000 12,000 Current portion of long-term borrowings 8,255 7,925 Accounts payable - other 5,264 5,848 Income taxes payable 3,649 2,025 Provision for bonuses 2,880 2,117 Refund liabilities 7,015 7,261 Other 5,455 5,124 Total current liabilities 76,134 79,521 Non-current liabilities Long-term borrowings 18,226 18,381 Deferred tax liabilities 440 498 Provision for retirement benefits for directors (and other officers) 119 122 Retirement benefit liability 964 982 Asset retirement obligations 1,186 1,189 Other 1,203 1,455 Total non-current liabilities 22,141 22,629 Total liabilities 98,276 102,150 Net assets Shareholders' equity Share capital 5,786 5,786 Capital surplus 5,732 5,732 Retained earnings 47,884 49,872 Treasury shares (1,969) (1,969) Total shareholders' equity 57,433 59,421 Accumulated other comprehensive income Valuation difference on available-for-sale securities 18 19 Total accumulated other comprehensive income 18 19 Non-controlling interests 2,387 2,094 Total net assets 59,840 61,535 Total liabilities and net assets 158,116 163,686
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―10― (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income For the Three-Month Period (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Net sales 71,730 73,912 Cost of sales 61,344 60,886 Gross profit 10,386 13,025 Selling, general and administrative expenses 6,793 6,842 Operating profit 3,592 6,183 Non-operating income Rental income from buildings 87 77 Commission income 17 20 Surrender value of insurance policies - 0 Subsidy income 1 1 Guarantee commission income 14 3 Subsidy income (other) 47 33 Other 32 32 Total non-operating income 201 169 Non-operating expenses Interest expenses 84 113 Commission expenses 19 29 Rental expenses 18 18 Depreciation 14 14 Other 21 17 Total non-operating expenses 158 193 Ordinary profit 3,635 6,159 Extraordinary income Gain on sale of non-current assets 42 0 Total extraordinary income 42 0 Extraordinary losses Loss on retirement of non-current assets 25 9 Loss on sale of non-current assets 2 - Loss on liquidation of business 59 - Other 3 2 Total extraordinary losses 91 11 Profit before income taxes 3,586 6,148 Income Taxes 1,367 2,438 Profit 2,219 3,710 Profit attributable to non-controlling interests 362 707 Profit attributable to owners of parent 1,856 3,002
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―11― Quarterly Consolidated Statement of Comprehensive Income For the Three-Month Period (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Profit 2,219 3,710 Other comprehensive income Valuation difference on available-for-sale securities (4) 0 Total other comprehensive income (4) 0 Comprehensive income 2,214 3,710 Comprehensive income attributable to Comprehensive income attributable to owners of parent 1,851 3,003 Comprehensive income attributable to non-controlling interests 362 707
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―12― (3) Notes to Quarterly Financial Statements Note on Segment Information Ⅰ. First quarter of the previous consolidated fiscal year (April 1, 2025 to June 30, 2025) Information regarding the amount of net sales and profits or losses for each reporting segment and breakdown of revenue Millions of yen Reporting segment Adjustment (Note 1) Amount recorded in quarterly consolidated statements of income (Note 2) Pharmacy Business BPO Contracting Businesses Pharmaceutical Manufacturing Business Total Net sales Net sales from prescription demand 39,568 - - 39,568 - 39,568 Net sales from the pharmaceutical manufacturing - - 25,407 25,407 - 25,407 Other 3,271 3,483 - 6,755 - 6,755 Revenue from contracts with customers 42,840 3,483 25,407 71,730 - 71,730 Net sales to third parties 42,840 3,483 25,407 71,730 - 71,730 Intra-group net sales and transfers 29 313 - 342 (342) - Total 42,869 3,796 25,407 72,073 (342) 71,730 Segment profit 1,751 493 2,315 4,560 (968) 3,592 Note 1. The contents of the adjustments for segment profit (loss) are as follows. Millions of yen Eliminations of inter-segment business 718 Company-wide expenses* (1,687) Total (968) * Company-wide expenses mainly comprise general administrative expenses not included in reportable segments. Note 2. Segment profit (loss) is adjusted from the operating profit on the quarterly consolidated income statement. Note 3. Net sales comprise revenue recognized mainly from contracts with customers; the amount of revenue recognized from other sources is not significant.
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―13― Ⅱ. First quarter of the consolidated fiscal year under review (April 1, 2026 to June 30, 2026) Information regarding the amount of net sales and profits or losses for each reporting segment and breakdown of revenue Millions of yen Reporting segment Adjustment (Note 1) Amount recorded in quarterly consolidated statements of income (Note 2) Pharmacy Business BPO Contracting Businesses Pharmaceutical Manufacturing Business Total Net sales Net sales from prescription demand 40,239 - - 40,239 - 40,239 Net sales from the pharmaceutical manufacturing - - 26,381 26,381 - 26,381 Other 3,455 3,836 - 7,291 - 7,291 Revenue from contracts with customers 43,694 3,836 26,381 73,912 - 73,912 Net sales to third parties 43,694 3,836 26,381 73,912 - 73,912 Intra-group net sales and transfers 58 388 - 446 (446) - Total 43,752 4,224 26,381 74,358 (446) 73,912 Segment profit 1,669 649 4,940 7,259 (1,075) 6,183 Note 1. The contents of the adjustments for segment profit (loss) are as follows. Millions of yen Eliminations of inter-segment business 713 Company-wide expenses* (1,789) Total (1,075) * Company-wide expenses mainly comprise general administrative expenses not included in reportable segments. Note 2. Segment profit (loss) is adjusted from the operating profit on the quarterly consolidated income statement. Note 3. Net sales comprise revenue recognized mainly from contracts with customers; the amount of revenue recognized from other sources is not significant.
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―14― Note in the Event of Major Change in Shareholders’ Equity Not applicable. Note on Assumptions for Going Concern Not applicable. Note on Cash Flow Statements The quarterly consolidated statements of cash flows for the consolidated first quarter under review are not prepared. Depreciation related to the first quarter of the consolidated fiscal year under review (including amortization related to intangible assets excluding goodwill) and amortization of goodwill are as follows. For the three months ended June 30, 2025 For the three months ended June 30, 2026 Depreciation 1,307 million yen 1,519 million yen Amortization of goodwill 1,058 1,053 Supplementary Information Transactions Delivering Company Stock to Employees, Etc., through Trusts At a meeting of the Board of Directors on June 26, 2026, the Company resolved to reintroduce the Trust-type Employee Shareholding Incentive Plan (E -Ship®) (hereinafter, “Plan”) to incentivize employees to enhance corporate value over the medium-to-long term. 1. Plan Overview This Plan is an incentive scheme applicable to all employees belonging to the Employee Stock Ownership Associatio n (hereinafter, “Stock Ownership Association”). Un der this Plan, the Company established the Qol Group Employee Stock Ownership Exclusive Trust (hereinafter, “E-Ship Trust”). The E-Ship Trust will acquire in advance Company stock corresponding to stock expected to be acquired by the Stock Ownership Association during approximately the next five years and six months. After that, the E -Ship Trust will sell Company stock to the Stock Ownership Association on an ongoing basis, and in the event of an accumulated gain on the sales of stock in the E-Ship Trust when the Trust is ended, an amount equivalent to the gain on sale of the stock will be distributed as residual assets to individuals who satisfy the beneficiary eligibility requirements. Moreover, because the Company guarantees borrowings used by the E-Ship Trust to acquire Company stock, in the event the Company stock price declines resulting in the accumulation of an amount corresponding to the loss on the sale of stock in the E-Ship Trust and there are remaining loans payable corresponding to the loss on the sale of stock in the E -Ship Trust when the Trust is ended, the Company will repay the corresponding amount of remaining debt. The Plan is designed to offer incentives to employees that enhance the Company’s medium- to-long term value and support employees ’ accumulation of wealth by encouraging them to acquire and hold shares of the Company’s stock by expanding the Stock Ownership Association as a measure to improve employee benefits.
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―15― 2. Overview of the E-Ship Trust (1) Name: Qol Group Employee Stock Ownership Exclusive Trust (2) Trustor: The Company (3) Trustee: The Nomura Trust and Banking Co., Ltd. (4) Beneficiaries: People who meet the beneficiary eligibility requirements (They will become beneficiaries after requirements are met and established procedures are completed.). (5) Trust contract date: June 26, 2026 (6) Trust term: From June 26, 2026 to December 29, 2031 (7) Purpose of trust: Stable and continuous supply of shares of the Company to the Stock Ownership Association and distribution of trust property to the people meeting the beneficiary eligibility requirements (8) Beneficiary eligibility requirements: All people who are alive and are participants in the Stock Ownership Association as of the start date for beneficiary determination procedures are eligible. This start date refers to the date on which the trust term ends and all trust property is converted to cash, the date on which all shares of the Company held as trust property are sold to the Stock Ownership Association, etc. Eligible people also include people who have withdrawn from the Stock Ownership Association due to retirement, transfer to another organization, or promotion to a director position in the time between the trust contract date and the start date of the beneficiary determination procedures. Additionally, people who participated in the Stock Ownership Association before reachi ng mandatory retirement and who were re -employed but withdrew from the association due to their retirement during this period are also included. 3. Details of the Company’s shares acquired by the E-Ship Trust (1) Class of shares acquired: Common shares of the Company (2) Total purchase value of shares: ¥2,052 million shall be the maximum. (3) Stock acquisition period: From July 1, 2026 to September 14, 2026 (4) Method for acquiring shares: Purchase from the exchange market ― End of Document ―