Slides
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Visional, Inc. FY2026/7 FY Financial Results September 2026
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Contents 1. Consolidated Financial Results and Consolidated Financial Forecast 2. Financial Results by Business 3. Investment to Drive HR Tech’s Mid-Term Strategy 4. Appendix 2
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FY2026/7 FY Financial Results and FY2027/7 FY Financial Forecast Highlights 3 FY2027/7 Consolidated Financial Forecast • FY consolidated financial forecast for net sales is JPY 119.85Bn (20.7% YoY growth, +JPY 20.54Bn YoY) • BizReach net sales forecast is JPY 92.94Bn (16.0% YoY growth, +JPY 12.81Bn YoY), operating profit margin forecast is 41% • HRMOS net sales forecast is JPY 12.60Bn (35.6% YoY growth, +JPY 3.31Bn YoY), operating loss forecast is JPY 1.50Bn. Expansion in investment for further growth • FY consolidated financial forecast for EBITDA is JPY 30.17Bn (25.2% margin, 9.8% YoY growth), forecast for operating profit is JPY 26.60Bn (22.2% margin, 8.3% YoY growth) • We will continue with disciplined execution. Leveraging on the stable profits BizReach delivers through its continuing growth, we plan to actively execute growth investments and M&A to capture our business expansion potential BizReach • FY net sales recorded JPY 80.12Bn (16.8% YoY growth) and for 4Q, JPY 20.41Bn (16.1% YoY growth) • FY operating profit (before corporate expense allocation) was JPY 33.09Bn (41.3% margin, 16.5% YoY growth) and for 4Q, JPY 7.61Bn (37.3% margin, 25.1% YoY growth) HRMOS • 4Q end ARR was JPY 10.33Bn, # of unique paying customers were 10,699. FY net sales recorded JPY 9.28Bn (78.2% YoY growth) and for 4Q, JPY 2.63Bn (79.5% YoY growth) • FY operating loss (before corporate expense allocation) was JPY 0.48Bn and for 4Q, JPY 0.44Bn. After achieving profitability in 2Q, increased investment for future growth Consolidated Financials • FY net sales recorded JPY 99.30Bn (23.9% YoY growth) and for 4Q, JPY 26.14Bn (22.7% YoY growth) • FY EBITDA was JPY 27.49Bn (27.7% margin, 18.5% YoY growth) and for 4Q, JPY 5.82Bn (22.3% margin, 30.5% YoY growth). FY operating profit was JPY 24.56Bn (24.7% margin, 14.6% YoY growth) and for 4Q, JPY 4.95Bn (19.0% margin, 25.1% YoY growth)
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Net Sales Operating Profit (1) 4 EBITDA Consolidated net sales for FY was 23.9% YoY growth and for 4Q, 22.7% YoY growth. EBITDA margin for FY was 27.7% and for 4Q, 22.3%. Operating profit margin for FY was 24.7% and for 4Q, 19.0%. Businesses grew with balanced execution of growth investments andcost control, as well as execution of M&A Visional Group Consolidated Financial Results JPY MM JPY MM JPY MM Note: (1) As of 4Q of FY26/7, we have confirmed the provisional accounting treatment concerning business combinations. Accordingly, operating profit for 1Q to 3Q of FY26/7 is presented at the amounts after reflecting the contents of the confirmation of the provisional accounting treatment FY YoY Growth Rate +23.9% FY EBITDA Margin 27.7% FY OP Margin 24.7% 18,697 23,338 119,850 18,233 23,271 21,918 26,546 21,312 26,143 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 80,161 99,300 66,146 56,273 1Q 5,793 7,592 30,173 5,111 6,428 7,826 7,642 4,465 5,827 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 23,196 27,491 19,061 14,456 1Q 5,453 7,068 26,600 4,771 5,696 7,254 6,841 3,963 4,956 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 21,442 2Q 3Q 24,563 3Q 4Q 4Q17,837 13,225 1Q1Q 4Q 2Q 2Q 1Q 3Q 1Q 2Q 3Q 2Q 3Q 2Q 3Q 4Q 4Q 4Q FY Actuals FY Forecast FY Actuals FY Forecast FY Actuals FY Forecast
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5 FY2026/7 FY Consolidated Financial Results Summary Strong net sales growth continued in each segment whilst maintaining solid profit levels JPY MM Notes: (1) Difference between the consolidated figure and the total of HR Tech and Incubation Segments is mainly due to office rental fees from an associated company accounted for by the equity method (2) As of 4Q of FY26/7, we have confirmed the provisional accounting treatment concerning business combinations. Accordingly, operating profit for 1Q to 3Q of FY26/7 is presented at the amounts after reflecting the contents of the confirmation of the provisional accounting treatment (3) Difference between the consolidated figure and the total of HR Tech and Incubation Segments is due to general and administrative expenses that are not allocatable to the reportable segments FY26/7 FY FY25/7 FY FY26/7 4Q FY26/7 3Q FY26/7 2Q FY26/7 1Q FY25/7 4Q FY25/7 3Q FY25/7 2Q FY25/7 1Q Net Sales 99,300 80,161 26,143 26,546 23,271 23,338 21,312 21,918 18,233 18,697 YoY Growth 23.9% 21.2% 22.7% 21.1% 27.6% 24.8% 23.8% 25.3% 18.6% 16.4% HR Tech Segment(1) 93,807 76,962 24,616 25,050 21,924 22,215 20,160 21,041 17,660 18,100 YoY Growth 21.9% 20.6% 22.1% 19.1% 24.1% 22.7% 21.0% 23.7% 19.4% 18.0% Incubation Segment(1) 5,488 3,139 1,525 1,495 1,345 1,122 1,148 874 551 564 YoY Growth 74.9% 41.4% 32.8% 71.0% 144.0% 98.8% 117.0% 93.5% 0.6% (18.1)% Gross Profit 88,558 72,899 23,072 23,721 20,687 21,077 19,229 20,059 16,565 17,044 Margin 89.2% 90.9% 88.3% 89.4% 88.9% 90.3% 90.2% 91.5% 90.9% 91.2% Selling, General & Administrative Expenses(2) 63,995 51,456 18,115 16,880 14,991 14,008 15,266 12,805 11,794 11,591 EBITDA 27,491 23,196 5,827 7,642 6,428 7,592 4,465 7,826 5,111 5,793 Margin 27.7% 28.9% 22.3% 28.8% 27.6% 32.5% 21.0% 35.7% 28.0% 31.0% YoY Growth 18.5% 21.7% 30.5% (2.3)% 25.8% 31.1% 53.6% 35.5% (0.3)% 10.4% Operating Profit(2) 24,563 21,442 4,956 6,841 5,696 7,068 3,963 7,254 4,771 5,453 Margin 24.7% 26.7% 19.0% 25.8% 24.5% 30.3% 18.6% 33.1% 26.2% 29.2% YoY Growth 14.6% 20.2% 25.1% (5.7)% 19.4% 29.6% 54.1% 32.5% (1.3)% 10.1% HR Tech Segment(3) 28,673 24,739 6,314 7,809 6,656 7,893 4,935 8,050 5,557 6,196 Incubation Segment(3) (2,434) (1,691) (876) (618) (469) (469) (520) (396) (418) (355) Pre-tax Profit(2) 26,203 22,700 4,770 7,343 5,925 8,164 4,381 7,498 5,205 5,613 Profit attributable to owners of parent(2) 18,566 15,950 4,316 4,833 3,933 5,483 3,392 5,008 3,499 4,049 Margin 18.7% 19.9% 16.5% 18.2% 16.9% 23.5% 15.9% 22.9% 19.2% 21.7% YoY Growth 16.4% 22.8% 27.2% (3.5)% 12.4% 35.4% 77.9% 29.4% (6.0)% 16.1%
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Difference between FY2026/7 Actuals and Financial Forecasts 6 Aligned with the forecast announced in September 2025. Demonstrated execution excellence with setting high goals, as well as the ability to drive fair level of profits whilst capturing the business momentum for investment Forecast announced Sep. ’25 FY26/7 Actuals Difference (amount) Difference (%) Reasons for Difference Net Sales 99,200 99,300 +100 +0.1% • No difference from net sales forecast announced YoY Growth 23.7% 23.9% -- -- HR Tech Segment 93,600 93,807 +207 +0.2% YoY Growth 21.6% 21.9% -- -- BizReach 80,300 80,126 (173) (0.2)% • Slightly below forecast due to May 2026 Golden Week calendar affecting hiring activities YoY Growth 17.0% 16.8% -- -- HRMOS 9,000 9,289 +289 +3.2% • Investments accelerated net sales growth YoY Growth 72.6% 78.2% -- -- HR Tech Other 4,300 4,391 +91 +2.1% • Net sales of new businesses grew in HR Tech YoY Growth 37.0% 39.9% -- -- Incubation Segment 5,600 5,488 (111) (2.0)% • Each business set ambitious targets and landed slightly below its target YoY Growth 78.4% 74.9% -- -- Others 0 4 +4 -- EBITDA 26,000 27,491 +1,491 +5.7% • Depreciation and amortization costs as planned Operating Profit 23,100 24,563 +1,463 +6.3% • Profit slightly exceeded the forecast due to efficient management of outsourcing expenses etc. and office expansion from headcount growth including M&A being pushed to FY2027/7 JPY MM
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Net Sales Operating Profit 7 EBITDA As HR Tech and Incubation businesses’ market environment has strong growth potential, for FY2027/7, we will continue with balanced execution of growth investments and cost control. Increase in net sales expected to continue Visional Group FY2027/7 FY Consolidated Financial Forecast JPY MM JPY MM FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 80,161 99,300 119,850 66,146 56,273 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 23,196 27,491 30,173 19,061 14,456 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 21,442 24,563 26,600 17,837 13,225 FY Actuals FY Forecast FY Actuals FY Forecast FY Actuals FY Forecast FY YoY Growth Rate +20.7% FY YoY Growth Amount +20.54Bn JPY MM FY EBITDA Margin 25.2% FY OP Margin 22.2%
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8 FY Net Sales Forecast • Continued expansion of net sales. Please refer to the next page for details FY Operating Profit Forecast • Given the business environment for each business, there is no change to our policy of aiming to expand net sales by making growth investments in hiring, product development, marketing, AI (including strengthening BizReach AI) etc. while maintaining cost discipline. Please refer to the next page for details Others • Regarding profit, the growth rate is lower compared to other profit lines because the figures reflect the elimination of the corporate tax incentives for wage increases which was included in FY2026/7, as well as the additional impact of the special defense corporate tax • We continue to actively explore growth opportunities through M&A FY2027/7 FY Consolidated Financial Forecast JPY MM Consolidated FY net sales forecast is 20.7% YoY growth to deliver JPY 119.85Bn. In order to continue growth, we plan to seizegrowth opportunities by making investments. EBITDA forecast is JPY 30.17Bn and consolidated operating profit forecast is JPY 26.60Bn FY27/7 Forecast FY26/7 Actuals FY27/7 Diff. YoY FY26/7 Diff. YoY Net Sales 119,850 99,300 +20,549 +19,138 YoY Growth 20.7% 23.9% -- -- HR Tech Segment 110,850 93,807 +17,042 +16,845 BizReach YoY Growth 92,940 16.0% 80,126 16.8% +12,813 -- +11,516 -- HRMOS YoY Growth 12,600 35.6% 9,289 78.2% +3,310 -- +4,076 -- Incubation Segment YoY Growth 9,000 64.0% 5,488 74.9% +3,511 -- +2,349 -- EBITDA 30,173 27,491 +2,681 +4,294 Margin 25.2% 27.7% -- -- YoY Growth 9.8% 18.5% -- -- Operating Profit 26,600 24,563 +2,036 +3,120 Margin 22.2% 24.7% -- -- YoY Growth 8.3% 14.6% -- -- Ordinary Profit 27,945 26,700 +1,244 +3,984 Margin 23.3% 26.9% -- -- YoY Growth 4.7% 17.5% -- -- Profit attributable to owners of parent 18,569 18,566 +2 +2,616 Margin 15.5% 18.7% -- -- YoY Growth 0.0% 16.4% -- --
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9 Visional Group values disciplined business execution that balances sustainable net sales growth and investment. To capture the business expansion potential, we will carry out investments in people, product development, marketing, AI as well as in M&Ato increase net sales growth JPY MM Breakdown of FY2027/7 FY Consolidated Financial Forecast FY27/7 Forecast FY26/7 Actuals FY27/7 Diff. YoY FY26/7 Diff. YoY Net Sales 119,850 99,300 +20,549 +19,138 • 20.7% YoY growth BizReach 92,940 80,126 +12,813 +11,516 • 16.0% YoY growth. Growth in net sales amount YoY HRMOS 12,600 9,289 +3,310 +4,076 • 35.6% YoY growth. Growth in each service (the previous year includes the impact of consolidation through M&A) Incubation 9,000 5,488 +3,511 +2,349 • 64.0% YoY growth. Growth in net sales amount YoY Others 5,310 4,395 +914 +1,195 • 20.8% YoY growth. Growth of new businesses in HR Tech segment etc. EBITDA 30,173 27,491 +2,681 +4,294 Depreciation and amortization 3,573 2,927 +645 +1,173 • Increase in D&A due to M&A executed during FY2026/7 Operating Profit 26,600 24,563 +2,036 +3,120 BizReach 38,105 33,093 +5,012 +4,684 • Execute growth investments within 41% margin HRMOS (1,500) (485) (1,014) +284 • Accelerating growth investments based on net sales progress and market conditions Incubation (2,700) (2,434) (265) (742) • Expanding investments in people etc. to build new businesses Others (7,305) (5,610) (1,694) (1,106) • Includes D&A. Increase in business investment not included above and increase in corporate expenses mainly for company-wide AI implementation and office expansion
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Full Year Financial Results by Business BizReach 10
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11 FY net sales landed atJPY 80.12Bn (16.8% YoY growth) and for 4Q, JPY 20.41Bn (16.1% YoY growth). Demand for hiring professionals continues to be solid. Meanwhile, given the uncertain economic climate, net sales forecast for FY2027/7 is JPY 92.94Bn (16.0%YoY growth, +JPY 12.81Bn YoY). No change to our mid-term growth forecast of around 15% YoY growth BizReach FY Net Sales BizReach Net Sales(1) JPY MM BizReach Quarterly Net Sales(1) JPY Bn Note: (1) Financial data of the BizReach Business, the core service of our group (which differs from the financial data of our subsidiary BizReach, Inc.) 16,351 19,655 92,940 15,778 18,651 18,903 21,407 17,577 20,411 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 49,161 57,776 68,610 1Q 3Q 80,126 2Q 4Q 4Q FY Actuals FY Forecast FY25/7 FY26/7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q YoY growth (Rate) +16.0% +17.7% +22.2% +18.7% +20.2% +18.2% +13.2% +16.1% YoY growth (Amount) +2.2 +2.3 +3.4 +2.7 +3.3 +2.8 +2.5 +2.8 FY23/7 FY24/7 FY25/7 11.6 11.5 13.3 12.7 14.0 13.4 15.4 14.8 16.3 15.7 18.9 17.5 19.6 18.6 21.4 20.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY26/7 3Q 2Q 1Q FY26/7 FY27/7 FY YoY Growth Rate +16.8% +16.0% FY YoY Growth Amount +11.51Bn +12.81Bn
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12 Sustainable Growth Supported by Increase of Customers # of Registered Direct Employers(1) # of Active Headhunters(2) # of Scoutable Job Seekers(3) # of Active Direct Employers(4) KPIs are growing steadily, building a strong customer base due to companies’ solid demand for hiring professionals and liquidity in the labor market. The number of active headhunters is also tracking as expected MM Job Seekers Notes: (1) Direct employers who have subscribed to our BizReach platform (excluding headhunters) (2) All passed screening by BizReach (3) # of users who registered on BizReach platform with resume / CV that have passed a general screening process and whose profile is set to be viewable by direct employers and headhunters (4) Direct employers who have subscribed to our BizReach platform at any point in time during each fiscal year 27,500+ 28,900+ 30,300+ 31,700+33,200+ 34,700+ 36,300+38,100+ 40,000+41,800+43,900+ 45,800+ 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY24/7 FY25/7 2.27+ 2.36+ 2.47+ 2.58+ 2.70+ 2.81+ 2.93+ 3.07+ 3.19+ 3.29+ 3.42+ 3.53+ 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 6,800+ 7,300+ 7,400+ 7,800+ 8,000+ 8,400+ 8,400+ 9,000+ 9,300+ 9,700+ 9,400+ 9,500+ 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 5,800+ 6,600+ 8,000+ 10,400+ 13,400+ 16,000+ 18,800+ 23,100+ FY19/7 FY20/7 FY21/7 FY22/7 FY23/7 FY24/7 FY25/7 FY26/7 FY26/7 FY24/7 FY25/7 FY26/7 FY24/7 FY25/7 FY26/7
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13 Operating profit margin forecast for FY2027/7 is 41% given the stable business growth and the impact of various initiatives, while growth investments are flexibly made based on market conditions • Mid-career recruiting and direct recruiting have further expanded. The number of registered direct employers as of 4Q increased by about 1,900 from 3Q ― Growth in the number of direct employers is strong. Although future economic climate remains uncertain and may require close monitoring of market trends, the companies’ demand for hiring professionals remains solid • Marketing investments also continued in 4Q based on market conditions • FY2027/7 FY operating profit margin forecast is 41% ― Profit margin for each quarter fluctuates depending on the balance between net sales and growth investment plans ― Continue investments in marketing for customer expansion and strengthening sales operations through hiring ― Investing in the evolution of the hiring processes by actively leveraging BizReach AI ― Operating profit margin forecast for FY2027/7 is 41% compared to 40% in previous forecasts, given the stable business growth and the impact of various initiatives BizReach FY Operating Profit (before Corporate Expense Allocation) BizReach Operating Profit and Margin (before Corporate Expense Allocation)(1)(2)(3) Operating Profit Margin (before Corporate Expense Allocation) Operating Profit (before Corporate Expense Allocation) JPY MM Notes: (1) Financial data of the BizReach Business, the core service of our group (which differs from the financial data of our subsidiary BizReach, Inc.) (2) BizReach business’ operating profit / profit margin (before corporate expense allocation) is recorded within the HR Tech reporting segment (3) Operating profit does not include corporate expenses (such as accounting, HR, legal, general affairs, etc.) which are not directly allocated to each business 40.9% 40.4% 41.4% 41.3% 41.0% FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 FY ForecastFY Actuals 6,941 8,837 38,105 6,292 7,529 9,089 9,111 6,086 7,614 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 20,126 23,331 1Q 28,408 2Q 1Q 4Q 33,093 2Q 3Q 3Q 4Q FY Actuals FY Forecast
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FY2026/7 BizReach Net Sales Breakdown 14 Unique mix of recurring revenue(1) and performance revenue(2) FY2026/7 BizReach Business Revenue Breakdown by Fee Type(3) FY2026/7 BizReach Business Revenue Breakdown by Direct Employers / Headhunters(3)(4) Notes: (1) “Recurring Revenue” consists of subscription fees from direct employers, headhunters accessing our platform and purchasing additional “platinum scout”, and job seekers on premium plan accessing our platform (2) “Performance Revenue” consists of success fees from direct employers and headhunters, which is derived from the successful hiring results of the client (3) Financial data of the BizReach Business, the core service of our group (which differs from the financial data of our subsidiary BizReach, Inc.) (4) Total of recurring revenue and performance revenue Performance Revenue Recurring Revenue Headhunters Direct Employers 68% 32% 67% 33%
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Stable BizReach Customer Base 15 Our net sales have grown supported by a stable customer base built over the years By Customer Acquisition Timing (Sales Order Amount)(1) Total sales amount from direct employers and headhunters Customer acquisition timing • The left chart indicates sales order amount of each fiscal year from direct employers and headhunters counted from the time they were first acquired since FY2013/7 • Number of BizReach customers tends to decrease over the years after being acquired as they may leave the platform depending on hiring needs. However, for those that continue to use BizReach, the average sales order amount by each customer has increased. BizReach growth is supported by such stable customer base Note: (1) Summed up the sales amount of BizReach for each fiscal year during the period from the year in which we first received sales orders from customers (direct employers and headhunters) from FY13/7 to FY26/7. As figures in the above chart are recorded at timing of sales order, accordingly, they are different from accounting figures FY13/7 FY14/7 FY15/7 FY16/7 FY17/7 FY18/7 FY19/7 FY20/7 FY21/7 FY22/7 FY23/7 FY24/7 FY25/7 FY26/7 FY22/7 FY18/7 FY21/7 FY19/7 FY20/7 FY17/7 FY16/7 FY15/7 FY14/7 FY13/7 FY23/7 FY24/7 FY25/7 FY26/7
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BizReach AI Supports Our Customer Journey to Maximize Matching Opportunities Sending scout messages Candidate search Job posting creation Maximizing matching opportunities BizReach will further strengthen its competitive edge by integrating data accumulated on our platform over approx. 17 years in the professional hiring domain, intent gained through customer touchpoints with technology Direct Employers Job Seekers 16 Application (Respond to scout messages) Job post search Resume creation and review
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Continuous Investment in Patent Activities to Support “Data x AI” 17 We view technology investment as a source of competitive advantage. We continue to be best in class across all industries in Japan in terms of the number of generative AI-related patents held as of the end of FY2026/7(1) Notes: (1) Prepared by Visional, Inc. based on a survey of generative AI-related patents registered by July 31, 2026 and still in effect as of August 31, 2026, conducted by Chizaizukan (Konel Inc.) (2) Includes Patent No. 7371284, Patent No. 7373091, Patent No. 7403027, Patent No. 7475529, Patent No. 7488974, Patent No. 7612069, Patent No. 7518313, Patent No. 7724994, Patent No. 7792042, and Patent No. 7890502, etc. 221 94 86 74 55 53 49 47 43 43 SoftBank Group Corp. BizReach, Inc. Mitsubishi Electric Corporation KDDI CORPORATION Rakuten Group, Inc. SoftBank Corp. PayPay Corporation LY Corporation COLOPL, Inc. Zeroboard Inc. Examples of Generative AI-Related Patents of BizReach, Inc.(2)Number of Generative AI-Related Patents Held (Registered as of July 31, 2026)(1) Automated resume creation Automated job description creation Automated internal resume creation Automated internal position creation Internal talent searchJob post scoring Search criteria proposal Career consultation Resume review Customized scout message
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Investment in the Hiring Process of Direct Employers Patents secured across the customer journey to enhance user experience. Proprietary technology driving competitive advantage is protected via a multi-layered patent network. Patent enforcement has successfully suspended features of similar services Sending scout messages (Number of patents held: 7(4)) Candidate search (Number of patents held: 24(4)) Job posting creation (Number of patents held: 15(4)) AI customization function for scout messages • Various functions to support the creation of scout messages tailored to professionals by analyzing job information and candidate resumes • Efficiently creating personalized scout messages based on candidates’ backgrounds and career preferences • Elimination of template-like messaging and the need for manual customization Automated job description creation function • Various functions to support the articulation of job and talent requirements amid an increase in highly specialized and novel positions • Articulating complex talent requirements by simply inputting a vague picture of the talent needed • Also applied to the automated internal position creation function of “Internal BizReach by HRMOS” Candidate search function • Various functions to support candidate searches across an extensive job seeker database • For example, AI suggests search criteria tailored to the position by simply selecting a job posting for which you want to search candidates for • Patents also cover employee searches, considering future linkage with “Internal BizReach by HRMOS” 15% reduction in lead time(2) (from sending a scout message to hiring decision) 26% higher expected response rate(3) (compared with when the service is not used) Approx. 70% of job postings are created within 24 hours(1) 18 Direct Employers Notes: (1) Each figure for “BizReach,” the “HRMOS” series, and “BizReach Campus” as of April 2026 or their total (2) Based on scout messages sent between 2025 October to 2026 February (3) Figures as of July 2026 (4) The number of patents related to each function registered by July 31, 2026 and still in effect as of August 31, 2026
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AI-powered resume review function was released in May 2026, and AI-powered interactive career consultation function was releasedin July 2026. We are releasing AI-powered functions that utilize data unique to BizReach, different from general-purpose AI Automated resume creation • Function to automatically create and suggest highly accurate resumes incorporating keywords sought in the hiring market simply by answering two questions about job type and business areas • Significantly reducing the workload and time required for resume creation • Also applied to the automated internal resume creation function of “Internal BizReach by HRMOS” and the automated employee profile creation function of “BizReach Campus” AI-powered resume review function • Function to suggest improvements tailored to each user based on their completed resume • Support for updating resumes to accurately convey quantitative achievements and the repeatability of skills. Areas of improvementare indicated from multiple perspectives and wording that is more likely to be viewed favorably by recruiters is suggested from multiple options • Creating a unique resume that accurately articulates the individual’s strengths by selecting, incorporating, and editing the suggested content themselves AI career consultation • Function that enables each user to discuss and organize his/her career through conversations with generative AIthat is tailored and personalized for career discussions • Support users in objectively understanding his/her strengths and market value by reading each user’s resume and organizing and articulating career preferences and strengths • Users can regularly and objectively review not only his/her immediate intentions to change jobs but also mid to long-term career plans Used by 1 in 3 users that accessed the function(3) Used by 30% of those registered(2) 19 Notes: (1) Over 40% of users who have reviewed the suggestions have updated their resume in 2026 August (2) 30% of job seekers who have registered with BizReach between 2026 January to August and had this function displayed used this service (3) 1 in 3 users who have accessed this function between 2026 April to June have used this service (4) The number of patents related to each function registered by July 31, 2026 and still in effect as of August 31, 2026 Application (Responses to scout messages) Job Post Search (Number of patents held: 4(4)) Resume creation and review (Number of patents held: 23(4)) Job seekers Career consultation (Number of patents held: 3(4)) Investment in the Job Change Process of Job Seekers Over 40% of users update their resume(1)
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Full Year Financial Results by Business HRMOS 20
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Building a Management Platform for the AI Era HRMOS leverages BizReach AI, which is our unique AI technology built with over 17 years of matching data collected in the professional hiring domain. Providing a series of services and seamlessly integrating BizReach and HRMOS to build an AI-era management platform 21
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Net sales of each HRMOS service grew steadily whilst we continue with product development. FY net sales were JPY 9.28Bn (78.2% YoY growth) and for 4Q, JPY 2.63Bn (79.5% YoY growth),ARR reached JPY 10.33Bn. FY2027/7 net sales forecast is JPY 12.60Bn (35.6% YoY growth, +JPY 3.31BnYoY) HRMOS FY Net Sales 22 HRMOS Net Sales(1) JPY MM Note: (1) HRMOS Business’ net sales are recorded within the HR Tech reporting segment • ARR reached JPY 10.33Bn as of the end of July 2026. Includes all HRMOS related services from FY2026/7 • HRMOS continues to grow through organic expansion as well as strategic M&A ― Expansion of functions for each service continues. Utilizing BizReach's data and technology within HRMOS services ― For FY2026/7, “sonar ATS by HRMOS” of Thinkings, Inc. was consolidated for 10 months • Functions are continually released for Internal BizReach by HRMOS in addition to customer acquisition and onboarding activities ― Please refer to the URL below for customer case studies https://hrmos.co/info/hr-internal-bizreach/news/ • Invest in expansion of functionalities and customers for FY2027/7 including investment to strengthen HRMOS’s uniqueness • We will continue to proactively pursue opportunities to expand our services and customer base through M&A 1,155 1,787 12,600 1,227 2,3561,360 2,508 1,469 2,636 FY23/7 FY24/7 FY25/7 FY26/7 FY27/7 2,184 3,844 5,212 1Q 3Q 9,289 2Q 4Q 4Q FY Actuals FY Forecast 3Q 2Q 1Q FY25/7 FY26/7 FY27/7 FY YoY Growth Rate +35.6% +78.2% +35.6% FY YoY Growth Amount +1.36Bn +4.07Bn +3.31Bn
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HRMOS FY Operating Loss (before Corporate Expense Allocation) After achieving profitability in FY2026/7 2Q, HRMOS accelerated its growth investments. Based on market conditions, we will continue upfront investments in FY2027/7, projecting an operating loss of around JPY 1.50Bn 23 HRMOS Cumulative Operating Loss (before Corporate Expense Allocation)(1)(2) JPY MM Notes: (1) HRMOS Business’ operating loss (before corporate expense allocation) is recorded within the HR Tech reporting segment (2) Operating loss does not include corporate expenses (such as accounting, HR, legal, general affairs, etc.) which are not directly allocated to each business FY22/7 FY24/7 FY25/7 FY27/7FY26/7 (553) (582) (277) (73) (83) (1,500)(1,397) (1,074) (495) (121) 33 (2,047) (1,410) (698) (197) (40) (2,954) (1,740) (1,021) (769) (485) Achieved profitability in 2Q FY23/7 4Q1Q2Q 3Q FY Actuals FY Forecast • Operating loss for FY2026/7 4Q was JPY 0.44Bn and for FY, JPY 0.48Bn. After achieving profitability for both 2Q and 2Q YTD, growth investments were expanded ― Various marketing activities including TV commercials and online marketing started in April 2026. Contributed to an increase in business leads • For three years starting FY2027/7, proactive investments are planned ― Based on the results of campaign investments in 2026/7 and market conditions, we will continue product development for each service while strengthening sales activities involving hiring and expanding marketing activities to grow our customer base ― Expanding BizReach AI utilization in HRMOS to drive further uniqueness ― Operating losses are projected to continue for at least the next two years • HRMOS operating loss (before corporate expense allocation) does not include goodwill amortization
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HRMOS KPI 24 ARR for 4Q grew to JPY 10.33Bn. Change in trends in the # of unique paying customers and ARPU compared to the disclosure up until FY2025/7 is the impact of HRMOS Attendance Management added to disclosure, which has a broad range of customers ARR(1)(2) JPY Bn ARPU(3)(4) JPY thousands # of Unique Paying Customers(5)(6) Churn Rate(7)(8) % Notes: (1) HRMOS Annual Recurring Revenue (ARR). HRMOS MRR (Monthly Recurring Revenue) for the last month of a quarter multiplied by 12 (MRR = previous month’s monthly recurring revenue + newly acquired monthly recurring revenue + upsell monthly recurring revenue - down sell monthly recurring revenue - churned monthly recurring revenue. Excludes one-time fees such as initial setup fees) (2) As of the end of July 2026 (3) HRMOS Average Revenue Per User (ARPU). HRMOS MRR for the last month of the relevant quarter divided by the number of unique paying customers as of the end of the same quarter (4) As of the end of July 2026 (5) Unique fee-paying customers as of the final month of the quarter. Customers using multiple HRMOS services are counted as one customer (6) As of the end of July 2026 (7) Last 12-month average of Monthly Churn Rate based on HRMOS MRR as of the final month of the quarter. Monthly Churn Rate = churned monthly HRMOS MRR divided by HRMOS MRR at the end of previous month (8) As of the end of July 2026 2.13 2.77 3.73 10.33 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY23/7 FY24/7 FY25/7 1,546 1,947 2,421 10,699 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 115 118 128 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 0.49 0.60 0.58 0.48 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY26/7 ¥10.33Bn (+177.0% YoY, +¥0.85Bn QoQ) 10,699 (+341.9% YoY, +437 QoQ) Last 12-month average: 0.48% (±0.00% QoQ)¥80k (-37.3% YoY, +¥3k QoQ) FY23/7 FY24/7 FY25/7 FY26/7 FY23/7 FY24/7 FY25/7 FY26/7 FY23/7 FY24/7 FY25/7 FY26/7
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Investment to Drive HR Tech’s Mid-Term Strategy 25
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This year marks the 17th year for BizReachservice. Supported by our customers, we have grown together with the hiring market. Evolution of BizReach 26
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Evolution of BizReach Evolution of BizReach 27 Recent focus on developing “BizReach AI” – our proprietary AI BizReach service and functions evolve year by year with innovation
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BizReach AI is BizReach’s proprietary AI technology, refined on matching data generated by 45,800+ registered direct employers and 3.53MM+ scoutable job seekers, a platform business with cumulative net sales of approx. JPY 380.0Bn. Leveraging this accumulated data, we have delivered functions such as Automated resume creation, Automated job description creation and Proprietary scoring. We will create furthermatching opportunities. BizReach AI 28
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Beyond Automated resume creation and Automated job description creation, BizReach AI’s proprietary technologies are broadly deployed, held as patents and actively utilized. Automated resume creation Automated job description creation Job post scoring Resume review Customized scout message Automated internal resume creation Automated internal position creation Internal talent search Search criteria proposal Career consultation Examples of Generative AI-Related Patents of BizReach, Inc. (1) BizReach AI 29 Note: (1)Includes Patent No. 7371284, Patent No. 7373091, Patent No. 7403027, Patent No. 7475529, Patent No. 7488974, Patent No. 7612069, Patent No. 7518313, Patent No. 7724994, Patent No. 7792042, and Patent No. 7890502, etc.
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As a result, BizReach holds one of the largest patent portfolios in Japan. Number of Generative AI-Related Patents Held Registered as of July 31, 2026(1) BizReach AI 30Note: (1) Prepared by Visional, Inc. based on a survey of generative AI-related patents registered by July 31, 2026 and still in effect as of August 31, 2026, conducted by Chizaizukan (Konel Inc.) 221 94 86 74 55 53 49 47 43 43 SoftBank Group Corp. BizReach, Inc. Mitsubishi Electric Corporation KDDI CORPORATION Rakuten Group, Inc. SoftBank Corp. PayPay Corporation LY Corporation COLOPL, Inc. Zeroboard Inc.
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Through BizReach’s journey and our work with many customers, we found that companies face an even more fundamental issue than hiring. What Comes Next 31
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What challenges are management facing? 32
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A lack of clear visibility makes appropriate transfers and assignments difficult Turnover has increased, and companies no longer know who’s within their organization Employees’ skills and experience are unknown Which employees fit which positions is unknown What criteria to search by is unknown Management Issues 33
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Optimal assignment requires visualization of employees and internal positions So why has this not been achieved? Skills, experience, aspirations, pay, etc. Job content, required skills, etc. Visualization of Employees Visualization of Internal Positions + Management Issues 34
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Employees must proactively write their own resumes Employees and HR must keep resumes continuously updated Skill requirements and experience, which change over time, must be defined To visualize employees and internal positions, internal information must be continuously collected, continuously updated, and easy to search Information must accumulate without manual work by employees or HR, updated in real time, and be easy to search Management Issues 35
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HRMOS Makes This Possible 36 “Internal BizReachby HRMOS”
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Using existing internal HR data, HRMOS automatically visualizes employees and internal positions Goals & Evaluation data Skills data Career aspiration data Internal transfer data Hiring data Existing internal HR data Payroll data Work hours data Visualization by HRMOS 37
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We focus on goal-setting and evaluation data, which is easy to keep current and already exists at most companies By combining that data with BizReach AI, we instantly build databases of employee resumes and internal positions Goals & Evaluation data BizReach AI Instantly build databases of employee resumes and internal positions × Innovation by HRMOS 38
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Each time goal setting and evaluations are updated, the databases of employee resumes and internal positions update automatically Resume Position requirements Visualization of Employees Visualization of Internal Positions A database that updates in real time Update Innovation by HRMOS 39
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“Automated resume creation” powered by Generative AI Patented Issue Putting together work history and skills to develop resumes require time and effort Solution By answering just two questions (job type and business area), a high-quality resume reflecting keywords in demand in the hiring market is automatically generated and proposed Enabled by Applying BizReach AI Technology to HRMOS 40
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Significantly reduces the time and effort of resume creation Verified result: 40% increase in scouts received(1)Result (Comparison between members who updated their resumes using the function and those who updated without it) Enabled by Applying BizReach AI Technology to HRMOS 41 Note: (1) Based on a performance evaluation jointly conducted by the University of Tokyo Market Design Center and BizReach, Inc. prior to the release of the function
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Job seekers Employers Resume information, job-search keywords used by job seekers, etc. “Automated job description creation” Patented Issue Hard to articulate hiring and talent requirements as positions with high levels of expertise or innovation are increasing Solution Learns from the following market data accumulated in BizReach Job posting keywords, popular job postings, job postings with high matching rates, etc. Enabled by Applying BizReach AI Technology to HRMOS 42
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High-precision job postings that appeal to professionals (job seekers) are proposed in as little as 30 seconds Result Enabled by Applying BizReach AI Technology to HRMOS 43
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By connecting labor market data with internal data, internal data is scored against market standards. Resumes and position requirements become searchable on market standards, enabling sound judgment through comparison with the labor market × BizReach AI Labor market Internal Score internal data against market standards Labor market data accumulated in BizReach Analyze internal data Link What Else BizReach AI Makes Possible 44
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Visualization that takes less effort (created and updated automatically) and is easy to search Visualize with no manual work by leveraging existing data Automated Always keep track of data that changes in real time Real-time updates Compare not only internally but also with the labor market Market data link Visualization of employees and internal positions that only HRMOS can deliver Unique Value of HRMOS 45
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So, using this visualized data, how do we “match” employees and internal positions? 46
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HRMOS Makes This Possible 47 “Internal BizReachby HRMOS”
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Until now, every transfer or assignment has relied on intuition and experience, with employee-position matching judged on an individual, ad hoc basis. Going forward, by combining the visualized databases of employees and internal positions with BizReach AI’s matching technology, matching data will be recommended. The recommended matching data will support human judgment. What HRMOS Can Do 48
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Because BizReach AI visualizes employee resumes and internal positions on market standards, employees can be searched comprehensively using actual terms such as a person who “can do X” or “has Y skills” Assign via “Internal Scouts” or “Internal Job Posting” 95% Match 80% 75% Someone with project management skills and experience negotiating with banks Employees who fit a specific position can be scored and searched Match Match Matching by HRMOS 49
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Using abstract terms such as “someone like Employee A,” an already identified candidate, employees with similar skills and experience can also be found Search can start from people, not only from positions ・Project management ・Negotiating with banks ・Team management ・Budget managementEmployee A Assign via “Internal Scouts” or “Internal Job Posting” Employee B Employee D Employee C Matching by HRMOS 50
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Visualization of Employees Visualization of Internal Positions Visualize and update employees and internal positions in real time Score and recommend employees and internal positions Delivering visualization and matching to support sound human judgment 95% Match Match 80% Matching by scoring People-driven matching Visualization Matching What HRMOS Delivers 51
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Optimal assignment of employees • Visualize internal positions that management and HR find hard to define its requirements • Enable diverse matching: employee applications, HR searches, data-driven recommendations • Search across many divisions and group companies, from a larger employee pool • Provide career development opportunities and improve employee satisfaction What visualization and matching by HRMOS can deliver What Our Customers Can Achieve 52
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Technical roles are highly specialized, and HR has struggled to define requirements accurately. Being able to build position requirements from data on high performers in the role has been a great help. (Company A) Beyond HR’s perception, we can now consider transfers and assignments from multiple angles, including employees’ own applications and recommendations based on scored data. (Company B) With over 100 divisions, limited visibility made cross-division transfers difficult. Now we can search employees company-wide and identify candidates based on data. (Company C) Learning about new options through internal scouts gave employees the chance to think proactively about their careers. Broader options ultimately had a positive impact on employee satisfaction. (Company D) Voices from Our Customers 53
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Beyond optimal assignment, what further change emerges? 54
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Even when optimal assignment of employees is achieved, a perfect match to position requirements is rare, and skill gaps in the assigned employee become an issue. Personalized, Optimal Development 55
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Talent Development tailored to each company Working back from position requirements, missing skills and experience are visualized, and each individual is matched with the right learning content for development. Furthermore, using the labor market data BizReach holds, companies can objectively grasp market-standard targets and, working back from those, precisely fill the required and missing skills. Personalized, Optimal Development 56
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Employees can see which skills they lack for a desired internal position, and are offered personalized, optimal learning content to fill the gap (HRMOS Learning) Learning content Internal position Product development Product management Critical thinking KPI setting Visualize missing skills and match with the optimal learning content Personalized, Optimal Development 57 Project management
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When internal transfers are not possible or a new business is launching, and no suitable employee (candidate for the position) exists internally, external hiring becomes essential. Personalized, Optimal Hiring 58
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Hire the right talent from outside When no employee internally matches the position, external hiring is required. Because position requirements are visualized against high-performer standards, candidates can be found smoothly on BizReach, enabling speedy hiring from outside the company through optimal matching. Personalized, Optimal Hiring 59
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One of Japan’s largest databases of professionals Visualized requirements of high performers Instantly converted into hiring requirements Based on high-performer requirements, approach professionals and hire quickly With HRMOS and BizReach connected, position requirements are visualized against high-performer standards, so optimal job postings can be created instantly, hiring can start quickly, and hiring through optimal matching becomes possible Personalized, Optimal Hiring 60
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We aim for a world where professionals can be hired in a timely manner 61
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Data collected by HRMOS BizReach AI Becoming a one-of-a-kind management platform for our customers Combining not only HR data but each company’s proprietary data with BizReach AI HR data and company-specific data BizReach’s proprietary labor market data× Toward Building a Management Platform 62
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Standalone services Third-party systems Talent mgmt. Payroll By connecting all HR data through the HRMOS series, data collection and utilization are further accelerated, and personalized, company-specific data accumulates The entire HRMOS series supports data collection to accumulate company-specific data Talent mgmt. ATS Labor mgmt. Expense mgmt. Attenda- nce mgmt. Payroll ATS Labor mgmt. Expense mgmt. Attenda- nce mgmt. Toward Building a Management Platform 63
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64 Building a management platform for the AI era, delivered by HRMOS × BizReach Building a management platform for the AI era, delivered by HRMOS × BizReach
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Growth Using M&A In Addition to Organic Investments 65
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Capital Allocation to Increase Enterprise Value 66 To increase our enterprise value in the long term, whilst we commit to growth and profit expansion of BizReach, we will invest in other businesses and M&A. If opportunities that we believe will increase our enterprise value arise, we will prioritize investment over group’s consolidated growth and profit expansion Long Term Vision: Capital allocation for disciplined growth investment, aiming for “single business to multiple businesses sum-of-the-parts” Allocation priority order Investment in existing businesses Increasing profits as a principle. However, if investment opportunity that we believe will increase our enterprise value arises, we will prioritize investment M&A Expanding BizReach and HRMOS (customers, service offerings) is our priority but M&A in other areas may be explored Investment in new businesses Investment based on our business framework. Start small, pivot as required, and close business if it does not work Shareholder return Consider shareholder return based on share price, market conditions, cost of capital, and future cashflows External sourcing as needed Cash flows stably generated Cash and deposits Capital Areas of allocation
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Growth Areas in HR Tech Leverage M&A opportunities across the many growth areas within HR Tech to enhance product capabilities of our services, expand our customer base, and also to enter into adjacent areas Recruitment matching domain HR DX domain Full-time employees Professionals / Staff / New graduates Consulting BPO Contractors / Freelancers / SES Part-time workers On-demand work Temporary staff Professionals / Staff Applicant tracking (New graduates / Mid careers) Onboarding and offboarding management Employee database management Workforce management (Attendance / Payroll / Year-end tax adjustment / BPO) Placement and transfer Performance assessment Training and development (LMS / Skill improvements / Certification) Analytics Engagement (Survey / Employee benefits) Internal job posting Examples of Major domains Examples of Major domains 67
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Message to Shareholders and Investors 68 Sustained growth and profit expansion of BizReach Seamless integration of BizReach and HRMOS to build an AI-era management platform Incubation of new businesses and use of M&A Persistent Creation of New Possibilities. We will tap into the power of the internet to support the digital transformation of our society. We will continue to maximize mid-to-long term enterprise value by persistently transforming social obstacles into new possibilities Commitment towards our group mission
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Appendix 69
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About Visional Group 70
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Visional Group Mission 71 Persistent Creation of New Possibilities. Our vision is to tap into the power of the internet to support the innovative progress of our world by persistently transforming social obstacles into new possibilities. Our mission is to achieve “continuous contribution to impact the world.” With these ambitions, we aspire together as partners to create unique ecosystems and movements that accelerate the world to a tomorrow in which we desire to be. Manpower Goods Capital DX Supporting new possibilities for Manpower, Goods and Capital
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Our Framework for Building Businesses 72Note: (1) MVP = Minimum Viable Product MVP(1) and lean startup organizationGuidelines for deciding on a market and a business model Potential for dynamic growth emerging from structural shifts and technological innovation in Japan Obvious need for digital transformation (DX) in the industry Large total addressable market (TAM) Clear trend and benchmark in overseas markets Existence of established competitors with significant profitability Start with a small team Incubate businesses for 2-3 years in “Build-Measure-Learn” feedback cycle to check business models and pivot if necessary Invest further when the business model is prepared to scale Building on the proven set of principles and approaches that enabled our prior successes, we will continue to evaluate all potential areas of growth that will emerge from seismic shifts and technological innovation in Japan
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Visional Group at a Glance 73 FY2026/7 Net Sales Breakdown by Segment and Business(2)Overview of Key Services (as of September 10, 2026) We have accelerated business incubation in new industry verticals, supported by BizReach as a profit engine Notes: (1) Joint venture with LY Corporation (former Z Holdings Corporation), in which Visional, Inc. holds a 40% stake as an equity method affiliate (2) Excluding adjustments (¥4 MM) (3) Financial data of the BizReach Business, the core service of our group (which differs from the financial data of our subsidiary BizReach, Inc.) HR Tech Segment Incubation Segment Affiliate (1) Job search engine 80.7% 19.3% 94.5% 5.5% Consolidated Net Sales ¥99.30Bn HR Tech Incubation BizReach Business Others By Segment By Business (3) Logistics DX (digital transformation) platform Vulnerability management cloud M&A platform for corporations IT consulting service Cloud security and reliability assessment Third-party security and reliability assessment HR matching platform for professionals Human capital management platform Network service for alumni visits ・Applicant tracking cloud ・Attendance management cloud ・Expense management cloud ・Talent management cloud Talent acquisition service ・Workforce and payroll cloud
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Growth Trajectory of Visional Group(1) 74 Notes: (1) For illustrative purpose. Dates (year) below the horizontal line represent the timing of launch for each service (2) LUXA was fully incubated inside of BizReach, spun out as a subsidiary and transferred entirely to KDDI in October 2015 (3) Stanby was fully incubated inside of BizReach, spun out as a subsidiary and partially (60%)transferred to LY Corporation (former Z Holdings Corporation) in December 2019. Visional continues to co-manage the joint venture together with LY Corporation as a 40% equity owner (4) BizHint was fully incubated inside of BizReach, spun out as a subsidiary and transferred entirely to SMARTCAMP Co., Ltd. in December 2023 2009 2010 2015 20182016 20192017 (For illustrative purposes) Now 2021 2022 2024 Incubation HR Tech (2) (3) (4) In addition to a solid track record of sustained growth in HR Tech, Visional is committed to incubating new businesses, accelerating the digital transformation (DX) of various industry verticals 2023 20252020 2026
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Consolidated P&L 75 JPY MM Notes: (1) Payroll includes bonuses, allowance for bonuses, and legal welfare expenses (2) As of 1Q of FY23/7, we have confirmed the provisional accounting treatment concerning business combinations. Accordingly, data for FY22/7 is presented at the amounts after reflecting the contents of the confirmation of the provisional accounting treatment (3) As of 4Q of FY26/7, we have confirmed the provisional accounting treatment concerning business combinations. Accordingly, operating profit for 1Q to 3Q of FY26/7 is presented at the amounts after reflecting the contents of the confirmation of the provisional accounting treatment FY26/7 FY FY25/7 FY FY24/7 FY FY23/7 FY FY22/7 FY FY26/7 4Q FY26/7 3Q FY26/7 2Q FY26/7 1Q Net Sales 99,300 80,161 66,146 56,273 43,954 26,143 26,546 23,271 23,338 YoY Growth (%) 23.9% 21.2% 17.5% 28.0% 53.2% 22.7% 21.1% 27.6% 24.8% HR Tech Segment 93,807 76,962 63,791 53,685 41,791 24,616 25,050 21,924 22,215 YoY Growth (%) 21.9% 20.6% 18.8% 28.5% 54.5% 22.1% 19.1% 24.1% 22.7% Incubation Segment 5,488 3,139 2,219 2,460 2,002 1,525 1,495 1,345 1,122 YoY Growth (%) 74.9% 41.4% (9.8)% 22.9% 34.8% 32.8% 71.0% 144.0% 98.8% Cost of Sales 10,741 7,262 5,718 5,815 5,802 3,071 2,825 2,583 2,261 Gross Profit 88,558 72,899 60,428 50,457 38,151 23,072 23,721 20,687 21,077 Margin (%) 89.2% 90.9% 91.4% 89.7% 86.8% 88.3% 89.4% 88.9% 90.3% Selling, General & Administrative Expenses 63,995 51,456 42,591 37,231 29,869 18,115 16,880 14,991 14,008 Advertising 27,431 24,429 21,206 19,118 14,697 7,621 7,331 6,319 6,159 Payroll etc.(1) 16,953 12,391 10,170 9,200 8,392 4,750 4,385 4,046 3,771 Outsourcing and temporary staffing 7,576 5,824 4,525 3,145 2,075 2,215 1,937 1,800 1,622 Office-related expenses 2,650 2,604 1,763 1,498 1,348 734 685 642 588 Depreciation & Amortization 2,924 1,753 1,223 1,228 843 870 800 730 522 Others 6,458 4,452 3,702 3,039 2,511 1,923 1,739 1,452 1,343 Operating Profit(2) (3) 24,563 21,442 17,837 13,225 8,282 4,956 6,841 5,696 7,068 Margin (%) 24.7% 26.7% 27.0% 23.5% 18.8% 19.0% 25.8% 24.5% 30.3% HR Tech Segment 28,673 24,739 20,062 15,701 10,631 6,314 7,809 6,656 7,893 Incubation Segment (2,434) (1,691) (1,020) (1,401) (1,649) (876) (618) (469) (469) Pre-tax Profit(2) (3) 26,203 22,700 18,928 14,377 8,717 4,770 7,343 5,925 8,164 Income Tax Expense(2) (3) 7,474 6,638 5,933 4,448 2,864 416 2,463 1,947 2,646 Profit attributable to owners of parent(2) (3) 18,566 15,950 12,990 9,928 5,852 4,316 4,833 3,933 5,483 Margin (%) 18.7% 19.9% 19.6% 17.6% 13.3% 16.5% 18.2% 16.9% 23.5%
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Reconciliation: Operating Profit before Corporate Expense Allocation 76 JPY MM Notes: (1) Financial data of the BizReach Business, the core service of our group (which differs from the financial data of our subsidiary BizReach, Inc.) (2) Calculated as net sales of each business minus cost of sales and selling, general and administrative expenses which are directly allocated to each business (3) These expenses comprise of corporate and general administrative expenses that we have not directly allocated to individual businesses for our internal management purposes (4) As of 1Q of FY23/7, we have confirmed the provisional accounting treatment concerning business combinations. Accordingly, data for FY22/7 is presented at the amounts after reflecting the contents of the confirmation of the provisional accounting treatment (5) Adding headcount calculated back to those who belong to each business, based on man hours equivalent to labor costs, which is directly allocated to each such business and included in the relevant operating profit before corporate expense allocation Reconciliation of Operating Profit before Corporate Expense Allocation to Operating Profit Adjusted Headcount by Function and Business (FY26/7 4Q)(5) Adjusted headcount % of subtotal for HR Tech businesses HR Tech Businesses BizReach 1,547 67.8% HRMOS 529 23.2% Other HR Tech Businesses 207 9.1% Subtotal for HR Tech Businesses 2,283 100.0% General functions of HR Tech Businesses 172 n/a Total for HR Tech Businesses 2,455 n/a Incubation Businesses 386 n/a Corporate 126 n/a Total 2,967 n/a FY26/7 FY FY25/7 FY FY24/7 FY FY23/7 FY FY22/7 FY Total Operating Profit before corporate expense allocation 31,839 27,345 22,334 17,647 12,622 BizReach(1)(2) 33,093 28,408 23,331 20,126 17,609 HRMOS(2) (485) (769) (1,021) (1,740) (2,954) Other Businesses(2) (769) (293) 24 (739) (2,032) Adjustment Item -) Corporate and general administrative expenses (such as accounting, HR, legal, general affairs, etc.)(3)(4) 7,275 5,902 4,497 4,421 4,340 -) HR Tech Segment(4) 6,327 5,267 4,043 3,933 3,769 -) Incubation Segment 948 635 454 488 570 Operating Profit(4) 24,563 21,442 17,837 13,225 8,282 Reference: Includes those from Thinkings, Inc. from October 2025
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Consolidated Balance Sheet 77 JPY MM JPY MM Note: (1) As of 1Q of FY23/7, we have confirmed the provisional accounting treatment concerning business combinations. Accordingly, data for FY22/7 is presented at the amounts after reflecting the contents of the confirmation of the provisional accounting treatment FY26/7 FY25/7 FY24/7 FY23/7 FY22/7 Current Assets 97,120 83,083 65,652 48,902 36,743 Cash and Deposits 82,849 72,779 58,107 41,170 31,362 Notes and accounts receivable - trade, and contract assets 8,281 7,212 5,753 5,151 4,356 Other Current Assets 5,989 3,090 1,791 2,580 1,025 Non-current Assets(1) 25,275 12,322 10,662 8,971 9,208 Property, Plant and Equipment 2,568 2,135 1,880 845 735 Intangible Assets(1) 15,788 5,324 3,852 4,455 5,287 Goodwill(1) 12,036 3,741 2,523 2,799 3,300 Other Intangible Assets(1) 3,751 1,582 1,329 1,656 1,986 Investments and Other Assets(1) 6,919 4,862 4,929 3,669 3,185 Total Assets(1) 122,396 95,405 76,314 57,873 45,952 FY26/7 FY25/7 FY24/7 FY23/7 FY22/7 Current Liabilities 33,547 25,814 21,869 16,328 13,988 Accounts Payable - Other 7,017 6,228 6,246 3,934 4,054 Contract Liabilities 16,660 12,125 8,615 6,858 4,941 Other Current liabilities 9,869 7,459 7,007 5,534 4,993 Non-current Liabilities(1) 2,024 1,832 2,056 2,415 3,190 Liabilities from application of Equity Method 1,173 1,493 1,813 2,133 2,453 Other Non-current Liabilities(1) 851 339 243 282 737 Total Net Assets(1) 86,823 67,759 52,388 39,129 28,772 Share Capital 6,764 6,631 6,503 6,356 6,226 Capital Surplus 9,598 9,466 10,467 10,321 10,190 Retained Earnings(1) 69,730 51,164 35,213 22,223 12,294 Others 729 496 203 227 61 Total Liabilities and Net Assets(1) 122,396 95,405 76,314 57,873 45,952
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BizReach 78
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Current State of Workstyles in Japan and Further Growth Opportunities 79 Significant Room for Job Mobility in Japan Notes: (1) Source: “Labor Force Survey (Basic Tabulation)” by Statistics Bureau, Ministry of Internal Affairs and Communications from CY2025. Figures are calculated as taking twelve months average of the monthly research on the number of employed workers, as of the end of each month (2) Source: “Labor Force Survey (Basic Tabulation)” by Statistics Bureau, Ministry of Internal Affairs and Communications from CY2025. Figures are calculated as taking twelve months average of the monthly research on the number of full-time employees, as of the end of each month (3) Source: “Labor Force Survey (Detailed Tabulation)” by Statistics Bureau, Ministry of Internal Affairs and Communications from CY2025. Figures are calculated as taking twelve months average of the monthly research on the number of full-time employees who left work and changed jobs to full-time jobs within a year, as of the end of each month Japanese recruitment market is undergoing a structural stage of expansion due to the ongoing changes in workstyle, which will increase liquidity in the Japanese labor market going forward 2025 Acceleration of Workstyle Shifts in Japan Conventional workstyle no longer sustainable due to mismatch of corporation and worker life spans Performance-based workstyle with clear job descriptions accelerates the job change movement “Direct Recruiting” becomes essential for employers as the war for talent accelerates The shift to remote work caused by COVID-19 is expected to further drive this movement ff 68.28 MM employed workers(1) 37.08 MM employees (full-time)(2) 1.02 MM individuals changing jobs (full- time)(3) Job change ratio within full-time: 2.8%
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BizReach Growth Opportunities Growing # of “Scoutable” Job Seekers on BizReach with Huge Upside Potential Potential Market Penetration of Direct Employers # of wage earners in Japan in 2024(2) Increased job mobility is the biggest growth driver. We will therefore increase our penetration within the professional population, and accelerate new client acquisitions and increase wallet share of existing clients Notes: (1) # of users who registered on BizReach platform with resume / CV that have passed a general screening process and whose profile is set to be viewable by direct employers and headhunters (2) Based on “2024 Statistical Survey of Actual Status for Salary in the Private Sector” by Japanese National Tax Agency (https://www.nta.go.jp/publication/statistics/kokuzeicho/minkan2024/pdf/R06_000.pdf). (3) Direct employers who have subscribed to our BizReach platform at any point in time within FY26/7 (4) As of the end of March 2026. Based on “Notification and Certification Status of General Employers Action Plan Formulation Notification by Prefecture (As of the end of March 2026)” by Ministry of Health, Labor and Welfare (https://www.mhlw.go.jp/general/seido/koyou/jisedai/dl/jyoukyou_r08_03.pdf) # of “Scoutable” Job Seekers on BizReach(1) 51,714(4) Companies with 101+ employees in Japan # of Active Direct Employers on BizReach 23,100+(3) FY20/7 FY26/7 1.11+MM 3.53 +MM 80 3.20MM 12.76MM Annual income JPY 10MM+ Annual income JPY 6MM+
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BizReach Growth Opportunities The number of full-time employees with annual income of JPY 7MM or more continues to increase, as does the number of individuals changing jobs. Labor market liquidity is steadily increasing 524 536 569 572 585 608 645 697 5 6 7 7 9 10 10 12 0 2 4 6 8 10 12 14 16 18 20 0 100 200 300 400 500 600 700 800 2018 2019 2020 2021 2022 2023 2024 2025 Number of full-time employees with annual income of JPY 7MM or more Number of full-time employees with annual income of JPY 7MM or more who changed jobs 0.95% 1.12% 1.23% 1.22% 1.54% 1.64% 1.55% 1.72%Job change rate Job change rate within one year among full-time employees with annual income of JPY 7MM or more (1) 10K people Note: (1) The source of the “number of full-time employees with annual income of JPY 7MM or more” is “Labor Force Survey (Detailed Tabulation)” by Statistics Bureau, Ministry of Internal Affairs and Communications. Figures are calculated by aggregating the annual income brackets of JPY 7MM or more based on the twelve-month average of the monthly research on the number of employed workers, as of the end of each month of each fiscal year (2018–2025). The source of the “number of full-time employees with annual income of JPY 7MM or more who changed jobs” is statistical data provided by the National Statistics Center through custom-made tabulation of the “Labor Force Survey (2018–2025)” by the Ministry of Internal Affairs and Communications. Figures are calculated as taking twelve months average of the monthly research on the number of full-time employees, who changed jobs to full-time jobs within a year, as of the end of each month of each fiscal year (2018–2025). The “percentage of full-time employees with annual income of JPY 7MM or more who changed jobs” is calculated by dividing the “number of full-time employees with annual income of JPY 7MM or more who changed jobs” by the “number of full-time employees with annual income of JPY 7MM or more.” Prepared by Visional, Inc 81
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Pricing Plan for BizReach 82 Headhunters Recurring Revenue(1)(2) Direct Employers Performance Revenue ¥850,000 / semi-annual 15% of the candidate’s expected annual compensation in the new position(3) ¥600,000 / semi-annual 25.5% - 40% of the placement fee the headhunter receives from the employer Notes: (1) Tax excluded (2) Standard pricing plan (3) Calculated as fixed monthly salary multiplied by 12 plus base amount of bonus calculation multiplied by the number of bonus payment months for the previous fiscal year BizReach net sales consists of Recurring Revenue (access fee to BizReach platform) and Performance Revenue (fee received once placement is made). This allows financial stability during economic downturn
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HRMOS 83
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HRMOS KPI 84 Notes: (1) HRMOS Annual Recurring Revenue (ARR). HRMOS MRR (Monthly Recurring Revenue) for the last month of a quarter multiplied by 12 (MRR = previous month’s monthly recurring revenue + newly acquired monthly recurring revenue + upsell monthly recurring revenue - down sell monthly recurring revenue -churned monthly recurring revenue. Excludes one-time fees such as initial setup fees) (2) HRMOS Average Revenue Per User (ARPU). HRMOS MRR for the last month of the relevant quarter divided by the number of unique paying customers as of the end of the same quarter (3) Unique fee-paying customers as of the final month of the quarter. Customers using multiple HRMOS services are counted as one customer (4) Last 12-month average of Monthly Churn Rate based on HRMOS MRR as of the final month of the quarter. Monthly Churn Rate = churned monthly HRMOS MRR divided by HRMOS MRR at the end of previous month FY23/7 FY24/7 FY25/7 FY26/7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ARR(1) (JPY Bn) 1.76 1.87 2.02 2.13 2.27 2.43 2.62 2.77 2.98 3.18 3.48 3.73 8.32 8.95 9.48 10.33 ARPU(2) (JPY thousands) 114 113 114 115 116 116 118 118 122 122 127 128 71 74 77 80 # of Unique Paying Customers(3) 1,280 1,379 1,475 1,546 1,631 1,744 1,849 1,947 2,039 2,159 2,289 2,421 9,692 9,974 10,262 10,699 Average Monthly Churn Rate for Last 12 Months(4) (%) 0.52 0.48 0.50 0.49 0.56 0.57 0.60 0.60 0.55 0.56 0.56 0.58 0.43 0.45 0.48 0.48 KPIs below represent the total of all HRMOS series (including sonar ATS by HRMOS) from FY2026/7. FY2025/7 and before represent KPIs of HRMOS ATS, talent management, and Internal BizReach by HRMOS only
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Disclaimer 85 This document was prepared by Visional, Inc. (referred to as the “Company”, “Visional” or “we” herein) solely for informational purposes. This document does not constitute an offer to sell or a solicitation of an offer to buy any security of the Company in the United States, Japan or any other jurisdiction. None of our securities have been or will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and estimates based on information available to the Company and the Company's plans and expectations as of the date of this document or other date indicated. There can be no assurance that the relevant forecasts and other forward-looking statements will be achieved. Please note that significant differences between the forecasts and other forward-looking statements and actual results may arise due to various factors, including changes in economic conditions, changes in users' preferences and needs, competition, changes in the legal and regulatory environment, and other factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. Also note that this document includes information which has not been audited or reviewed by an independent certified public accountant or audit corporation, and includes financial information based on past financial statements or accounting documents as well as management figures not based on financial statements or accounting documents. The Company has no obligation to update or revise any information contained in this document based on any subsequent developments except as required by applicable law or stock exchange rules and regulations. This document includes information derived from or based on third-party sources, including information about the markets in which we operate. These statements are based on statistics and other information from third-party sources as cited herein, and the Company has not independently verified and cannot assure the accuracy or completeness of any information derived from or based on third-party sources. This document is an English translation of the original Japanese language document and has been prepared solely for reference purposes. No warranties or assurances are given regarding the accuracy or completeness of this English translation. In the event of any discrepancy between this English translation and the original Japanese language document, the original Japanese language document shall prevail in all respects.