Slides
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Financial Results Presentation (Interim) for the Second Quarter of the Fiscal Year Ending March 31, 2026 October 2025 Global Security Experts, Inc., Securities Code: 4417
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2© GLOBAL SECURITY EXPERTS Agenda 1 FYE3/2026 Q2 Performance Highlights P3 2 Security Needs of Japan, Private Companies, and IT Companies P8 3 FYE3/2026 Q2 Performance Overview by Business P14 4 Management Topics P25 5 FYE3/2026 Consolidated Performance Forecast P36 6 Medium-Term Business Plan and Growth Strategy P40 7 Shareholder Return P48 8 ESG Initiatives P51 9 Appendix P53
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FYE3/2026 Q2 Performance Highlights
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4© GLOBAL SECURITY EXPERTS FYE3/2026 Q2 Performance Highlights Operating income Quarterly net income 4,960 million yen YoY change + 23.8% 960 million yen YoY change + 35.4% 584 million yen YoY change + 38.3% Net sales FYE3/25 Q2 4,007 million yen FYE3/25 Q2 709 million yen FYE3/25 Q2 422 million yen 43.7% 41.2%45.1% Progress rate Progress rateProgress rate
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© GLOBAL SECURITY EXPERTS 5 Progress Tow ard Full -Year Forecast Progress as planned for both net sales and operating income Operating income (Millions of yen) Net sales (Millions of yen) 1,452 1,813 2,237 1,757 2,193 2,723 1,822 2,282 1,970 2,512 FYE3/2024 FYE3/2025 FYE3/2026 Forecast 11,000 7,002 193 279 352 340 430 608 323 458 257 447 FYE3/2024 FYE3/2025 FYE3/2026 Forecast 2,200 1,113 Advertising expenses for measures in the next fiscal year, and employee returns (year-end bonuses) due to strong performance Q2 progress rate 43.9% Progress rate 45.1% Q2 progress rate 45.8% Q2 progress rate 45.5% Q2 progress rate 47.9% Progress rate 43.7% 8,801 1,615
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6© GLOBAL SECURITY EXPERTS FYE3/2026 Q2 Performance Highlights Year on year increase in sales and profit Record highs for Q2 Progress as planned for full-year forecast Security services for semi-large and medium-sized companies and SMEs, security personnel training for IT companies and system integrators, and provision of security personnel for all types of companies Business growth across all domains through business strategies for each customer segment Ordinary income and quarterly net income grew steadily despite recording a share of loss of entities accounted for using equity method
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© GLOBAL SECURITY EXPERTS 7 193 340 323 257 279 430 458 447 352 608 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 13.3% 19.4% 17.7% 13.0% 15.4% 19.6% 20.1% 17.8% 15.8% 22.3% Net Sales and Operating Income Quarterly Trends Net sales growth by +24.1% and operating income by +41.2% year on year as planned +24.1% Net sales (Millions of yen) Operating income and operating income margin (Millions of yen, %) + 41.2% 1,452 1,757 1,822 1,970 1,813 2,194 2,282 2,512 2,237 2,723 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FYE3/2024 FYE3/2025 FYE3/2026 FYE3/2024 FYE3/2025 FYE3/2026
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Security Needs of Japan, Private Companies, and IT Companies Private companies Japan IT companies
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9 © GLOBAL SECURITY EXPERTS Issues for Cybersecurity in Japan Severe impact on not only companies but also government institutions Improving security level of society as a whole urgent business Advances in and increased sophistication of cyber threats Geopolitical issues Intensification of cyber attacks with state involvement Risking loss of national security and international competitiveness due to the outflow of crucial technology Issues of economic security Increase in cases of critical infrastructure (electric power, logistics, telecommunications, finance, healthcare, etc.) being targeted Competitiveness issues for the domestic security industry Most cybersecurity products and services are from overseas Need to train internationally competitive companies Issues of security personnel shortages Lack of human resources with advanced technical skills and capacity for judgment Private companies Japan IT companies
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10 © GLOBAL SECURITY EXPERTS National and government cybersecurity policies Economic Security Promotion Act - Enacted Law to ensure the security of the nation and the people in the Japanese economy, including cybersecurity National Security Strategy - Formulated Basic policy for protecting the security and peaceful livelihoods of the people, including strengthening of cybersecurity Cybersecurity Industry Promotion Strategy - Announced Policy package to promote growth of the domestic cybersecurity industry and support the training of human resources Active Cyber Defense Law - Passed Based on the National Security Strategy, the law for pre-emptively devising measures ahead of receiving a cyber attack Cybersecurity Management Guidelines - Enacted Guidelines on cybersecurity for corporate managers New Cybersecurity Strategy - To be formulated Aim for some time in FY2025 METI METI Cabinet Secretariat Cybersecurity Strategic Headquarters Government Government Private companies Japan IT companies Government
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11 © GLOBAL SECURITY EXPERTS Goal of Cybersecurity Policy Improve level of cybersecurity in Japan Train cybersecurity personnel and increase number of cybersecurity companies Increase net sales of Japanese companies in the cybersecurity industry from the current approximate value of 0.9 trillion yen to approximately 3 trillion yen Private companies Japan IT companies
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12© GLOBAL SECURITY EXPERTS Current State of Cybersecurity for Private Companies Private companies Japan IT companies Response and countermeasures to frequent security incidents Compliance with security guidelines required by Japan and the supply chain Shortage of security personnel
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13© GLOBAL SECURITY EXPERTS Know ledge of Security Required of IT Companies Private companies Japan IT companies Essential for providing secure IT services Becomes added value for IT companies themselves and a competitive advantage over rivals
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FYE3/2026 Q2 Performance Overview by Business
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© GLOBAL SECURITY EXPERTS 15 Business Domains From FYE3/2025, we have clearly established three target segments—semi-large and medium-sized companies and SMEs, IT companies and system integrators, and companies requiring security personnel—organizing these as business domains Semi-large and medium-sized companies, SMEs Cybersecurity Business IT companies and system integrators Security Training Business Companies requiring security personnel Security Personnel Business (CyberSTAR) Target segments Business domains
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© GLOBAL SECURITY EXPERTS 16 Business Lines: One-stop cybersecurity support for semi-large and medium-sized companies and SMEs Cybersecurity Business Emerge ncy respons e Providing a wide range of vulnerability diagnostics from in-house white hat hackers Providing one-stop services including survey, analysis, assessment, and system improvement Implementing and operating security products Building security infrastructure and developing systems Improving employee security awareness Building/strengthening organizational structures Vulnerability Diagnostic Services (TIGER TEAM SERVICE) Design document review Web application diagnostics Smartphone app security diagnostics IoT security diagnostics Platform diagnostics Security training services Consulting Diagnosing vulnerabilities Security solution implementation and operation Security solutions services Consulting Services (Management Consulting)Targeted Email Training Services No. 1 share when including OEM provision Over 11,000 cumulative clients Visualizing issues Planning Building systems Information security improvement planning Management system improvement support System and security audits Incident response training services Main services Emergency response Product introduction Infrastructure building Operation services System development
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© GLOBAL SECURITY EXPERTS 17 Security trainingIT companies and system integrators Business Lines: Providing training in the security domain for IT companies and system integrators to help them add value to their IT personnel Security Training Business Training Options for Security Personnel International security certifications Cumulative number of participants: 8,332 (As of March 31, 2025) Certified Network Defender Approx. 320,000 yen Certified White-Hat Hacker Approx. 540,000 yen Major courses Course fees Training Options for IT/Non-Security Personnel Cumulative number of participants: 17,113 (As of March 31, 2025) Secure web application designers Course fee: 132,000 yen Zero trust coordinators Course fee: 88,000 yen Certified web application vulnerability assessors Certified network vulnerability assessors Course fee: 220,000 yen Course fee: 220,000 yen GSX Original •Improving security standards for engineers •Increasing the number of advanced security personnel
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© GLOBAL SECURITY EXPERTS 18 Business Lines: Meet the security personnel needs of all companies, regardless of size As a security training company GSX, establish an original business model that provides benefits to both IT companies that have IT personnel and customers that need security personnel BEFORE AFTER Providing a value- added conversion of personnel to security personnel Provision Leveraging training expertise to turn IT personnel into security personnel Training Strategic partnerships Want to improve skills Employees Want to increase unit price of IT personnel IT companies Customers • Want security personnel • Challenges in internally cultivating security personnel Reskilling Employees Increased unit prices IT companies Security personnel acquisition Customers Security Personnel Business
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19© GLOBAL SECURITY EXPERTS ¥ 204 296 334 341 336 412 470 482 484 580 127 202 148 226 182 262 215 335 243 394 1,122 1,258 1,339 1,402 1,321 1,538 1,612 1,708 1,525 1,779 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cybersecurity Business Security Training Business Security Personnel Business Quarterly Net Sales by Business (Millions of yen) YoY change +15.6% UP +50.1% UP + 40.9% UP FYE3/2024 FYE3/2025 FYE3/2026 *Figures for net sales by business segment are prior to elimination of internal transactions
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20© GLOBAL SECURITY EXPERTS ¥ 47 99 110 99 84 134 144 141 137 182 52 90 63 97 75 133 90 182 94 168 344 437 475 389 416 564 588 565 500 687 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Cybersecurity Business Security Training Business Security Personnel Business Quarterly Gross Profit by Business (Millions of yen) +21.8% UP +26.3% UP + 35.3% UP FYE3/2024 FYE3/2025 FYE3/2026 YoY change
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© GLOBAL SECURITY EXPERTS 21 709 396 94 9 41 960 FYE3/25 Q2 Gross profit Personnel expenses Personnel and other outsourcing expenses Advertising expenses Other FYE3/26 Q2 Operating Income Change Analysis (Year -on -Year) Operating profit increased +251 million yen year-on-year due to growth that exceeded proactive investment in human capital (Millions of yen) +251 million yen Investment in human capital Effect from Company- wide revenue increase Increase in advertising expenses Trends in numbers of employees • Increase in personnel expenses due to increase in number of employees including recent graduates • Education and training costs for employees 118 138 154 191 195 217 FYE3/22 FYE3/23 FYE3/24 FYE3/25 Q2 FYE3/25 FYE3/26 Q2 Investments in human capital 94 million yen Includes 13 recent graduates
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© GLOBAL SECURITY EXPERTS 22 Impact on Ordinary Income and Quarterly Net Income Shift to consolidated accounting from FYE3/2025: Reflects profit and loss for the equity -method affiliates BroadBand Security, Inc. and Secure Innovation Inc. Growth rate of profit against previous year ■FYE3/2025 Q2 ■FYE3/2026 Q2 Impact on ordinary income • Share of loss of entities accounted for using equity method: 46 million yen *Mainly due to the impact of Q4 results for Broadband Security (June settlement) • Interest expenses: 8 million yen • Foreign exchange losses: 2 million yen (Millions of yen) • Loss on valuation of investment securities: 2 million yen (due to review of value of unlisted stocks) Impact on quarterly net income +35.4% UP +37.8% UP +38.3% UP 709 960 Operating income 658 906 Ordinary income 422 584 Quarterly income
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23© GLOBAL SECURITY EXPERTS Consolidated Profit and Loss (Cumulative) (Millions of yen) FYE3/2025 1H Results FYE3/2026 1H Results YoY Change YoY Change (%) Net sales 4,007 4,960 +953 +23.8% Gross profit 1,400 1,797 +396 +28.3% Gross profit margin 35.0% 36.2% +1.2 pt - Selling, general, and administrative expenses 690 836 +145 +21.1% Selling, general, and administrative expense ratio 17.2% 16.9% -0.3 pt - Operating income 709 960 +251 +35.4% Operating income margin 17.7% 19.4% +1.7 pt - Ordinary income 658 906 +248 +37.8% Ordinary income margin 16.4% 18.3% +1.9 pt - Net income 422 584 +161 +38.3% Earnings per share (EPS, yen) 28.09 38.86 +10.77 - *The Company conducted a 2-for-1 split of shares of common stock on June 1, 2025. Earnings per share information is calculated based on the assumption that the stock split was conducted at the beginning of t he previous consolidated fiscal year.
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24© GLOBAL SECURITY EXPERTS Consolidated Balance Sheet (Millions of yen) FYE3/2025 FYE3/2026 End of 1H Change from the previous year Change from the previous year (%) Current assets 4,799 5,084 +285 +5.9% Cash and deposits 1,385 1,180 -204 -14.8% Accounts receivable - trade, and contract assets 2,149 2,205 +56 +2.6% Other 1,264 1,698 +433 +34.3% Non-current assets 3,341 3,967 +625 +18.7% Property, plant and equipment 276 266 -10 -3.8% Intangible assets 98 83 -15 -15.3% Investments and other assets 2,966 3,617 +651 +22.0% Total assets 8,141 9,052 +911 +11.2% Current liabilities 3,630 3,557 -73 -2.0% Accounts payable - trade 430 354 -76 -17.8% Short-term borrowings 400 300 -100 -25.0% Current portion of long-term borrowings 219 219 ー ー Other current liabilities 2,580 2,683 +103 +4.0% Non-current liabilities 1,431 1,493 +61 +4.3% Long-term borrowings 1,308 1,198 -109 -8.4% Other non-current liabilities 123 294 +171 +139.6% Net assets 3,078 4,001 +922 +30.0% Equity-to-asset ratio 37.8% 44.2% +6.4 pt ー
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Management Topics
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Execution of business strategies Management Topics (1) Delivering security services to companies across Japan
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© GLOBAL SECURITY EXPERTS 27 Expansion throughout Japan using business alliance w ith Kirayaka Bank as model case Added channel entering through regional banks to the existing main sales channel, which significantly expanded service provision opportunities Exploring alliances with other regional banks, etc., using this business alliance as a model case IT-related companies Main sales channel up until now Expansion of GSX service provision to regional companies doing business with Kirayaka Bank Kirayaka Bank (regional bank) －Mission－ To improve the self-defense capabilities of companies throughout Japan Model case Following the model case, further expand sales channels to achieve the mission at an early stage
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© GLOBAL SECURITY EXPERTS 28 Expanding service lineup Expanding resources Expansion into new areas Expanding sales channels Focusing on growth support for the local companies centered around Yamagata Prefecture A community-based financial institution emphasizing customer visits and direct dialogue Business Alliance w ith Kirayaka Bank, Ltd. Promoting “expanding sales channels” and “expanding into new areas” within GSX’s four growth domains Aiming to provide cybersecurity services to approximately 52,000 companies across the entire Yamagata Prefecture, which is Kirayaka Bank’s market area Cybersecurity Business Security Training Business Security Personnel Business (CyberSTAR) Providing cybersecurity information and countermeasure services to enhance self-defense capabilities of companies throughout the target area
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Addressing management challenges Management Topics (2) Fundamental reform of security training services
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© GLOBAL SECURITY EXPERTS 30 Expanding Sales Opportunities for Security Training Services Through a Capital and Business Alliance w ith LRM, Inc. Security training services were the only category within our service lineup showing a low growth rate, and a major reason for this is the trend toward choosing more accessible tools Seculio provided by LRM is a SaaS-model security training tool Aiming to expand sales opportunities aligned with customer needs by adding to our lineup Before the capital and business alliance After the capital and business alliance High High Low LowCustomization level Price LRM High High Low LowCustomization level Price
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© GLOBAL SECURITY EXPERTS 31 Expansion into new areas Capital and Business Alliance w ith LRM, Inc. Promoting “expanding sales channels” and “expanding service lineup” within GSX’s four growth domains Acquired 100 shares of LRM common stock (representing 3.23% of its total issued shares as of September 30, 2025) through a third-party allotment Expanding service lineup Expanding sales channels Expanding resources Seculio, provided by LRM, is developed and operated in Japan Highly regarded as a service suited to Japanese people Providing our security consulting services and vulnerability assessment services to LRM’s customer network Added SaaS-model Seculio provided by LRM to the lineup of employee security training services
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Execution of business strategies Management Topics (3) Accelerating the offering of security training courses
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© GLOBAL SECURITY EXPERTS 33 Accelerating the Offering of Security Training Courses Providing security certification courses to approximately 4,000 sales and engineering personnel at ITOCHU Techno - Solutions Providing courses to approximately 4,000 sales and engineering personnel ➢ Promoting the zero trust environment for customers ➢ Achieved a secured system development and operation Zero trust: Thinking about and preparing for the use of systems and data on a zero-based perspective Basic cybersecurity skills and a broad range of courses such as defensive skills from the attacker’s perspective ITOCHU Techno-Solutions
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Execution of business strategies Management Topics (4) Nippon Cyber Security Fund activities
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© GLOBAL SECURITY EXPERTS 35 Progress of Activities by Nippon Cyber Security Fund Nippon Cyber Security Fund, participated in by GSX, executed first and second investments Security companies participating as fund investors cooperatively back up growth of investees Total of 25 security-related companies participating Develops and operates Seculio, a cloud service enabling the implementation, analysis, and repetition of security education without being a burden on personnel Strength in cybersecurity measures for government agencies such as the Ministry of Defense and National Police Agency Targeted attack email training function, e-learning function, security awareness training function, etc. Cost Available from 18,000 yen per month Results 2,200 cumulative clients Functions Highly regarded by central government ministries Social Media Cognitive Warfare Service Has strengths in technologies related to cognitive warfare for analyzing malicious activity on social media and countering disinformation. Collaborates with partner companies in Japan and overseas and international organizations such as NATO, centered on multilingual analysts and threat intelligence services Prevent incidents before they occur Cyber Threat Intelligence Early identification, evaluation, and support for implementing countermeasures against increasingly sophisticated and complex threats based on threat intelligence. Achieves risk reduction and continuous strengthening of security framework First investee (September 2025) Second investee (October 2025)
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FYE3/2026 Consolidated Performance Forecast
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37© GLOBAL SECURITY EXPERTS FYE3/2026 Basic Policy and Consolidated Performance Forecast Basic Policy Continue to expand net sales and strengthen the management base to support medium- to long-term growth by placing importance on improving profit margins (Millions of yen) FYE3/2025 Results FYE3/2026 Forecast Change Change (%) Net sales 8,801 11,000 2,198 +25.0% Operating income 1,615 2,200 585 +36.2% Operating income margin 18.3% 20.0% +1.7 pt - Ordinary income 1,562 2,181 619 +39.5% Ordinary income margin 17.8% 19.8% +2.0 pt - Net income 1,010 1,417 407 +40.3% Earnings per share (EPS, yen) 67.24 94.23 26.99 - Aim for consolidated net sales of +25% YoY and an operating income margin of 20% *The Company conducted a 2-for-1 split of shares of common stock on June 1, 2025. Earnings per share information is calculated based on the assumption that the stock split was conducted at the beginning of t he previous consolidated fiscal year. *
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© GLOBAL SECURITY EXPERTS 38 Progress Tow ard Full -Year Forecast Progress as planned for both net sales and operating income Operating income (Millions of yen) Net sales (Millions of yen) 1,452 1,813 2,237 1,757 2,193 2,723 1,822 2,282 1,970 2,512 FYE3/2024 FYE3/2025 FYE3/2026 Forecast 11,000 7,002 193 279 352 340 430 608 323 458 257 447 FYE3/2024 FYE3/2025 FYE3/2026 Forecast 2,200 1,113 Advertising expenses for measures in the next fiscal year, and employee returns (year-end bonuses) due to strong performance Q2 progress rate 43.9% Progress rate 45.1% Q2 progress rate 45.8% Q2 progress rate 45.5% Q2 progress rate 47.9% Progress rate 43.7% 8,801 1,615
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© GLOBAL SECURITY EXPERTS 39 FYE3/2026 Forecast of Consolidated Net Sales Composition The cybersecurity business is experiencing stable growth while the security training business and security personnel business are making progress All businesses are expected to increase their revenue compared to the previous year 66% 22% 13% FYE3/26 Forecast Consolidated net sales 11 billion yen Cybersecurity Business Security Personnel Business Security Training Business 70% 19% 11% FYE3/25 Results Consolidated net sales 8.8 billion yen Security Personnel Business Security Training Business Cybersecurity Business
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Medium -Term Business Plan and Growth Strategy
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© GLOBAL SECURITY EXPERTS 41 Accelerating Security Needs of Semi -Large and Medium -Sized Companies, and SMEs Security measures have become the norm for large enterprises; however, even semi-large and medium-sized companies, as well as SMEs, have no choice but to take security measures Semi-large and medium-sized companies, SMEs Frequent Security Incidents Social Pressure Pressure for security measures from various places Acceleration of DX Combining DX with security measures: ✓ DX is urgently needed to improve corporate competitiveness ✓ DX must be combined with security measures Developed into system outages, information theft, and other actual damage Organizations that have experienced an incident in the past year comprise about 80% of all organizations Source: 2020 Security Trend Survey of Corporate Organizations (Trend Micro) Undiscovered and unexperienced Fire put out before real damage Organizations that have experienced an incident in the past year 79% 44% 35% Numerous security guidelines from government/ministries Increased pressure for security measures from ordering customers and Group companies DX
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© GLOBAL SECURITY EXPERTS 42 122 189 290 560 1,299 2,996 4,217 5,958 11,294 FYE3/17 FYE3/18 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 Security becomes one quality of IT Adding value to IT products with security Security is essential for DX Cloud services GSX Training Course Enrollment (Single Year) Accelerating Security Training Needs of IT Companies and System Integrators Even Japan’s Ministry of Economy, Trade and Industry, in its Cybersecurity Management Guidelines, calls for securing “Plus-Security”* human resources Security training needs are growing rapidly for IT personnel at IT companies and system integrators *“Plus-Security:” The ability to have security awareness in carrying out one’s own work and to acquire the ability to implement necessary and sufficient security measures, or the state of having acquired it. ・・・ IT offerings System development Infrastructure building and operation IT offerings Sales staff, consultants, etc. ・・・
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© GLOBAL SECURITY EXPERTS 43 Accelerating Needs for Security Personnel SES Shortage of Cybersecurity Personnel in Japan Although the number of security personnel has increased, the shortfall has nearly doubled, and the increase in personnel has not been able to cover the demand 2022 2023 390,000 480,000 Cybersecurity personnel Shortfall in cybersecurity personnel Source: ISC2 Cybersecurity Workforce Study, International Information System Security Certification Consortium (ISC2) Number of people required: 450,000 Number of people required: 590,000 While 90% of Japanese companies are suffering from a security personnel shortage, information security has become a popular job for workers who want to develop their careers Business schemes that solve both security personnel needs and reskilling at the same time are attracting attention Shortfall: 56,000 Shortfall: 110,000 1,177 1,675 355 505 91 137 0 20 40 60 80 100 120 140 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 FYE3/22 FYE3/23 FYE3/24 FYE3/25 Sales Gross profit Number of workers
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© GLOBAL SECURITY EXPERTS 44 Reason 2 Reason 1 GSX Growth Far Outpaces Security Market Growth 501.6 billion yen 789.4 billion yen Net sales growth rate (CAGR) of 38%, well above the market growth rate of 7.9% Reasons for GSX’s High Growth and Future Prospects Network security business market size growth rate (CAGR) 7.9% FY2024 (forecast) FY2018 1,302 1,616 2,948 4,391 5,558 7,002 8,801 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 (Millions of yen) Currently wide open potential Further expansion to happen going forward Acquisition of security skills by IT engineers to become de facto standard Outlook Outlook Source: 2023 Network Security Business Research Overview (Market Edition), Fuji Chimera Research Institute, Inc. GSX Net sales growth rate (CAGR) 38% Dramatic increase in security needs among semi-large and medium-sized companies, and SMEs Dramatic increase in security training needs among IT companies and system integrators Reason 3 Spin-off accelerates expansion of security personnel SES Outlook Unique security personnel business model to train and provide security personnel
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© GLOBAL SECURITY EXPERTS 45 1,302 1,616 2,948 4,391 5,558 7,002 8,801 11,000 13,750 17,188 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 FYE3/26 FYE3/27 FYE3/28 Medium -Term Quantitative Targets 25% annual net sales growth in existing businesses Operating income margin of +1.0 pt annually; aim to increase operating income Net sales Operating income and operating income margin 38 75 242 439 736 1,113 1,615 2,200 2,888 3,781 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 FYE3/26 FYE3/27 FYE3/28 3.0% 4.6% 8.2% 10.0% 13.3% 15.9% 18.3% 20.0%21.0%22.0% +1.0pt annually CAGR 32.8% CAGR 25.0% (Millions of yen) (Millions of yen) *Consolidated performance from FYE3/2025
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© GLOBAL SECURITY EXPERTS 46 Capital and Business Alliances With 25% Annual Sales Grow th and Confidence in Further Grow th Alliance strategy to achieve 25% annual sales growth and ensure further growth as stated in the medium-term management plan Capital and business alliances with strategic partner companies that can strongly drive business forward in four areas for GSX’s growth Expanding service lineup Expanding resources Expansion into new areas Expanding sales channels Performance growth due to expansion of sales channels Deployment of commercial offerings to our partners’ customer networks Performance growth due to expansion of business domains Acquiring new customers by entering new business domains Performance growth due to enhancement of services provided Expanding sales opportunities by increasing the number of services that can be offered Performance growth due to expansion of manufacturing capability Contributing to sales from stronger human resources capable of providing various services Cybersecurity Business Security Training Business Security Personnel Business (CyberSTAR)
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47© GLOBAL SECURITY EXPERTS Business Strategies Copyright (c) GLOBAL SECURITY EXPERTS Inc., All Rights Reserved. Basic strategy as the foundation for 25% annual sales growth and alliance strategy and fund formation to ensure further growth Basic Strategy Alliance Strategy Fund Formation Foundation for 25% annual sales growth Semi-large and medium-sized companies, SMEs One-stop reinforcement of security systems Using security training to evolve IT personnel to “Plus-Security” personnel Growth acceleration New revenue sources Mutual interaction Human resources business specialized in security IT companies and system integrators Investee security companies Increased business success rate Business support Investment LP Security companies Advisory Board Nippon Cyber Security Fund 1 Investment Limited Partnership Funding Discernment Expanding sales channels Expanding resources Expansion into new areas Expanding service lineup Companies requiring security personnel
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Shareholder Return
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© GLOBAL SECURITY EXPERTS 49 Information About Dividends The basic policy is to continue paying cumulative dividends, and the dividend payout ratio for the fiscal year ending March 31, 2026 will be 35.0%, up 4.0 pt year on year In the event that full-year performance exceeds the forecast, the year-end dividend amount will be increased while maintaining a dividend payout ratio of 35.0% Dividend payout ratio 11.45% 17.67% 18.54% 19.39% 25.0% 31.0% 35.0% Note: Dividends prior to the year ended March 31, 2025 take into account stock splits implemented to date Dividends per share 10.43 16.36 10.43 16.37 0.40 2.42 3.75 7.00 13.11 20.86 32.73 FYE3/2020 FYE3/2021 FYE3/2022 FYE3/2023 FYE3/2024 FYE3/2025 FYE3/2026 (Yen) Interim Fiscal year-end
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© GLOBAL SECURITY EXPERTS 50 Enhancement of Shareholder Benefit Program GSX has updated the shareholder benefit program to thank shareholders for their ongoing support and to increase the attractiveness of holding the Company’s shares Changed the record date from once a year to twice a year and made the benefits selectable Up until now After modification Date of record March 31 of each year March 31 and September 30 of each year Benefits ◼ QUO Card, 2,000 yen value ◼ QUO Card, 2,000 yen value ◼ (Security education service) SecuriST CISO course ◼ (Security education service) SecuriST zero trust coordinator introductory/basic course ◼ (Security education service) SecuriST certified web application vulnerability assessors ◼ (Security education service) SecuriST security passport Eligible shareholders Shareholders who hold two unit (200 shares) or more of the Company’s stock listed or recorded in the shareholders’ register as of March 31 of each year and who have continuously held the Company’s shares for one year or more Shareholders who hold two units (200 shares) or more of the Company’s stock listed or recorded in the shareholders’ register as of the record dates of each year and who have continuously held the Company’s shares for six months or more Once per year Twice per year NEW NEW NEW NEW Any one of these items
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ESG Initiatives
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52© GLOBAL SECURITY EXPERTS ESG Initiatives In our Internet society, cybersecurity threats are one of the most important social issues that threaten people’s lives and l ive lihoods. There is also an overwhelming shortage of cybersecurity personnel who can solve these problems. As a cybersecurity training company, w e a im to bring about a prosperous society where everyone can live in peace through our business. We will proactively address ESG and the SDGs with the aim of both realizing a sustainable society and increasing corporate value. • Strengthening corporate governance • Ensuring compliance • Initiatives for risk management • Establishing various reporting contact points • Strengthening stakeholder engagement G Governance • Promoting efforts for respect of human rights • Cultivating human resources and creating a facilitative work environment • Promoting diversity & inclusion • Initiatives for health and safety • Local revitalization and job creation S Social • Participation in the Japan Climate Initiative (JCI) • BBS Group greenhouse gas reduction targets: Scope 1+2: 42% reduction, Scope 3: 25% reduction in greenhouse gas emissions in FY2030 (vs. FY2023), aiming to achieve net zero greenhouse gas emissions for the Group in FY2050 • Going paperless E Environment
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Appendix
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54© GLOBAL SECURITY EXPERTS About Global Security Experts To protect all companies from security threats To unwaveringly tell companies what needs to be done for this protection －Purpose－ －Mission－ To improve the self-defense capabilities of companies throughout Japan A cybersecurity training company that operates throughout the security industry, aiming to improve the self-defense capabilities of companies throughout Japan
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© GLOBAL SECURITY EXPERTS 55 Corporate Profile A cybersecurity specialist company, established at the dawn of cybersecurity Engaged in three businesses: Cybersecurity Business, Security Training Business, and Security Personnel Business *CyberSTAR Inc., a wholly owned subsidiary, was established on April 1, 2024 by spinning off the cybersecurity human resources SES Note *1: The date of establishment is the date of change of the trade name to Global Security Experts Corporate Profile List of Officers Company Name Global Security Experts, Inc. Established April 2000*1 Representative Shiro Aoyagi, President and CEO Share capital 546 million yen *As of September 30, 2025 Business Lines The Company operates a Cybersecurity Business that provides one-stop support for cybersecurity measures for semi-large and medium-sized companies and SMEs, a Security Training Business that provides security education for IT companies and SIer human resources, and a Security Personnel Business that provides security human resources SES. Business Segment Cybersecurity Business (single segment) Number of Employees Consolidated: 217 Non-consolidated: 185 *As of September 30, 2025 Main shareholders Business Brain Showa-Ota Inc. KANEMATSU ELECTRONICS LTD. Marubeni I-DIGIO Holdings Co., Ltd. President and CEO Shiro Aoyagi Vice President and COO Shinichi Hara Managing Director Tsuyoshi Miki Managing Director Takayuki Nakamura Director Chikara Yoshimi Director Takashi Suzuki Director Kei Goto Independent Director Soichi Kondo Independent Director Yukinori Okada Independent Director Sen Ueno Independent Director (Audit & Supervisory Board Member) Junji Inoue Independent Director (Audit & Supervisory Board Member) Shintaro Furuya Independent Director (Audit & Supervisory Board Member) Shigeyuki Mizutani
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56© GLOBAL SECURITY EXPERTS Management Members Vice President and COO Shinichi Hara President and CEO Shiro Aoyagi Apr. 1998: Joined Beacon Information Technology Inc. (currently UNIRITA Inc.) Jan. 2009: Director and General Manager of Security Business Division, Cloud Technologies, Inc. Mar. 2012: Joined the Company Oct. 2012: General Manager of Business Development Department June 2014: Executive Officer and General Manager of Sales Division Apr. 2017: Director and General Manager of Corporate Planning Division Apr. 2018: President and CEO (to present) Apr. 1991: Joined AMADA METRECS CO., LTD. (currently AMADA CO., LTD.) Apr. 2000: Representative Director, Advanced Link Co., Ltd. Apr. 2012: Director, StartCom Co., Ltd. Apr. 2018: Joined the Company, Executive Officer, Vice President, and General Manager of Corporate Planning Division June 2018: Vice President and COO (to present) Managing Director General Manager of Training Business Division Takayuki Nakamura Director Branch Manager of West Japan Branch Chikara Yoshimi Director Assistant General Manager of Cybersecurity Business Division Director of Cybersecurity Research Institute Takashi Suzuki Director Assistant General Manager of Cybersecurity Business Division Kei Goto Managing Director Area Management Tsuyoshi Miki
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© GLOBAL SECURITY EXPERTS 57 FYE3/00 FYE3/01 FYE3/02 FYE3/03 FYE3/04 FYE3/05 FYE3/06 FYE3/07 FYE3/08 FYE3/09 FYE3/10 FYE3/11 FYE3/12 FYE3/13 FYE3/14 FYE3/15 FYE3/16 FYE3/17 FYE3/18 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 History: A Cybersecurity Specialist Company that Has Existed Since the Daw n of Cybersecurity Market Our founding business is a vulnerability diagnostic service within the Consulting Business. We began providing services at the dawn of Japan’s domestic cybersecurity market with a focus on vulnerability diagnostic services, and while accumulating security expertise, expanded business by incorporating peripheral areas. Today, we are entering a phase of sustained profitable growth by optimizing services for semi-large and medium-sized companies and SMEs by leveraging experience from our first and second founding phases. October 1997 TIGER TEAM SERVICE is launched by GAB Consulting Inc. First Founding Phase Second Founding Phase Third Founding Phase 8.8 billion yen 1.6 billion yen Net sales Operating income Renewed management team and optimized for semi-large and medium-sized companies and SMEs Toward sustained profit growth Launched the Security Business with a focus on vulnerability diagnostic services Shifted to internal control consulting, but business shrank due to declining demand and the global financial crisis Returned to the Security Business Expanded businesses Inclined toward large enterprises Vicious cycle of growing net sales but challenges in profit growth Note *1: Founded in 1984 as Hospital Brain Showa Inc. See the Appendix for information on the Company’s origins. Note *2: From FYE3/2021, the IT Solutions Business, which was accepted via transfer on April 1, 2020, is included (IT Solutions Business net sales in FYE3/2021 were 730 million yen).
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© GLOBAL SECURITY EXPERTS 58 Our Origins Predecessor company Hospital Brain Showa Inc. established as a consolidated subsidiary of Business Brain Showa - Ota Inc. In 2000, TIGER TEAM SERVICE was transferred to Hospital Brain Showa Inc. from a Group company, and the Company was reborn as one specializing in cybersecurity, changing its name to today’s Global Security Experts. Business Brain Showa-Ota Inc. (BBS) Established: August 26, 1967 Hospital Brain Showa Inc. Established: August 01, 1984 Capital: 50,000 thousand yen GAB Consulting Inc. Established: October 28, 1992 Capital: 200,000 thousand yen Global Security Experts, Inc. Capital: 120,000 thousand yen Established subsidiary (Investment ratio: 100%) Establishment of joint venture (Investment ratios) BBS 65% IBM Japan, Ltd. 35% Capital increase: March 2000 Trade name change: April 2000 Transfer of business: March 2000 To present Listed on the TSE Mothers Index December 20, 2021 TIGER TEAM SERVICE*1 Start of service provision: October 1997 KANEMATSU ELECTRONICS LTD. Marubeni I-DIGIO Holdings Co., Ltd. Capital alliance August 2017 Capital alliance June 2024 Absorption merger January 2011 Note 1: TIGER TEAM SERVICE refers to penetration testing/simulated attack inspection services To present
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© GLOBAL SECURITY EXPERTS 59 Uniquely Positioned, Primarily Targeting Semi -Large and Medium -Sized Companies and SMEs A large disparity exists between the security needs of large enterprises and other types of companies. For this reason, other security specialists have continued to focus their strategies on large enterprises GSX is in a unique position in the category of specialized cybersecurity firms, which is difficult for other companies to compete in Structure of Domestic Companies Specialized Security Players Specialized security company A (unlisted) Specialized security subsidiary of a major think tank group Listed specialized security company A Listed specialized security company B Specialized security subsidiary of a general trading company Services Provided by Our Group Service Domains Providing services tailored to client conditions Appropriate service at appropriate pricing Cybersecurity Business One-stop service highly sought-after by semi-large and medium-sized companies and SMEs Training and Security Personnel Businesses provide services regardless of company size Security Training Business Security Personnel Business Large enterprises Semi-large and medium- sized companies SMEs Number of employees: 5,000+ Number of employees: 100 to 4,999 Number of employees: 1 to 99 Approximately 600 companies Approximately 60,000 companies Approximately 3,790,000 companies
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© GLOBAL SECURITY EXPERTS 60 Differences in Security Needs and Service Optimization Large enterprises seek security measures to completely eliminate threats, while semi -large and medium-sized companies and SMEs seek the minimum necessary security measures to eliminate reputational risk to their business partners and to adapt to their own business type. Our extensive security expertise enables us to optimize our services to the level required by semi -large and medium- sized companies and SMEs while maintaining effectiveness. Needs by Company and Players Providing Services Large enterprises Semi-large and medium- sized companies, SMEs Major corporate needs Services required Complete elimination of security threats Players providing services Security audit certification Elimination of dangerous threats to the company Fully custom consulting services Light consulting services (Package of only services required) Specialized security company A (unlisted) Specialized security subsidiary of a major think tank group Listed specialized security company A Listed specialized security company B Specialized security subsidiary of a general trading company Consulting Business Security assessment Security Solutions Business Monitoring services Fully custom Numerous requirements Fully custom tailor-made assessment Large enterprises Providing templates based on actual results Providing expertise Quick assessment Semi-large and medium- sized companies, SMEs 24-hour monitoring Reporting Security Operation Center Large enterprises 24-hour monitoring Reporting MDR Semi-large and medium- sized companies, SMEs Optimization of Security Services for Semi-Large and Medium-Sized Companies and SMEs
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© GLOBAL SECURITY EXPERTS 61 Barriers to Entry in the Security Market for Semi -Large and Medium -Sized Companies and SMEs Structural challenges exist for competitors attempting to enter the market for semi-large and medium-sized companies and SMEs The market environment is not conducive to earning short-term revenue, and in order to continue to be customers’ preferred vendor, it is necessary to have the knowledge and infrastructure to continue to provide a one-stop shop for all security-related services Specialized security companies serving large enterprises Structural Challenges for Competitors Customer base centered on large enterprises Doing business in line with the parent company’s customer base and group company strategies Providing highly-priced, highly- specialized services Services tailored to the needs of large enterprises at high prices Highly-specialized, highly-priced, with a high threshold for cost structure reform Drastically different customer bases and strategies Other IT companies Security business is only one of many services offered Shortage of specialized security personnel Insufficient specialized human resources in cybersecurity (full-stack consultants, white-hat hackers, forensics specialists, auditors, etc.) to provide a one- stop, high-level service Security is positioned as a complement to the SI business, and since each department or subsidiary provides services separately, it is not possible to provide a one-stop shop for the elements needed to improve effectiveness Unable to provide the necessary elements and manpower Providing one-stop security services not only with a secured pool of security specialists, but with accumulated abundant expertise and effective security services, in addition to services optimized for semi-large and medium-sized companies and SMEs Semi-large and medium- sized companies SMEs Significant barriers to entry
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© GLOBAL SECURITY EXPERTS 62 Lineup that Can Provide Appropriate Services Tailored to the Customer ’s Situation A structure that facilitates long-term transactions by providing optimal services tailored to the situation Full lineup of elements required for security measures Unlocked services optimized to each customer’s situation Security solutions training, emergency response Consulting and training Cybersecurity measures overall Incident* countermeasures completed Normalcy (No threat) Diversification of Business Portfolio Increased demand Increased demand Reinforcement *Incident: Potential information leakage due to malware or virus infection, information leakage due to system lockup or website spoofing, etc. Large number of incidents* (Contingencies) Consulting Targeted email training Diagnosing vulnerabilities Solution implementation Infrastructure building
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© GLOBAL SECURITY EXPERTS 63 Delivery partner strategy Capacity strategy Expanding net sales Number of customers ARPU Partner strategy Marketing strategy New customers GSX’s Sales and Capacity Strategies (Business Expansion Model) Increasing the number of customers and ARPU by implementing different approaches to new and existing customers Carrying out capacity strategy by cultivating security personnel in IT companies and partnering with and fostering industry peers to support increased orders Existing customers Up-sell ¥ GSX’s strength is its balance of existing and new customers Sales Strategy Capacity Strategy Security companies Industry peers IT companies
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© GLOBAL SECURITY EXPERTS 64 Sales Strategy — Existing Customers: Up -Sell/Cross -Sell Cross-selling and up-selling through multi-faceted service offerings. ARPU* of existing customers is higher than that of new customers, and we have achieved efficient business expansion through ongoing transactions Efficient Business Expansion Through Business Synergies Organizational structure reform and constitutional improvement through consulting Ex: CSIRT establishment Visualizing security measure status Ex: Assessments Support for implementation and operation of security systems and services Ex: EDR introduction Building common understanding through education and training Ex: Email training System operation and incident response Ex: Forensic investigation Providing ongoing multifaceted support and building a medium- to long-term transaction cycle Note*: ARPU = Average revenue per user Cross-Selling/Up-Selling Enabled Through Comprehensive Process Coverage Since we provide all the processes necessary for security measures, we are capable of a variety of sales approach angles and acquiring the following processes. | Ransomware protection Incident response EDR introduction First order Cross-sell/up-sell | Strengthening organizational capabilities Assessment CSIRT establishment and training First order Cross-sell/up-sell | In-housing diagnostics Diagnosing vulnerabilities Training course: SecuriST First order Cross-sell/up-sell Training Assessment Organizational development and reform System implementation and operation
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© GLOBAL SECURITY EXPERTS 65 Sales Strategy: Become a Sales Partner for IT Companies Throughout Japan Leveraging the customer base and presence of IT firms to open up markets that had previously been untapped opportunities By partnering with GSX, IT companies can expand their security and DX-related businesses through synergies with their own products and services Become a sales partner for IT companies throughout Japan Tokyo Miyagi Shizuoka Okayama Kanagawa Ehime Hyogo Fukuoka Yamaguchi Osaka Aichi IT company needs • Hard to just sell new security offerings* needed for DX • Want to train employees to expand sales of these products and expand their security business, and further expand DX- related business (the mainstay business of system integration) by using security as a hook *Fields such as zero trust and multi-cloud IT companies (1) Paid training requests (2) Implementing sales/pre-sales training (3) Providing education for engineers Client companies (4) Providing new security products and GSX services utilizing insights gained Indirect sales (5) Encouraging DX by solving customers’ security issues Benefits of Becoming a GSX Sales Partner Number of Sales Partners and Nationwide Expansion 36 43 44 47 9 11 16 17 19 26 0 10 20 30 40 50 FYE3/16 FYE3/17 FYE3/18 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 (Companies)
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© GLOBAL SECURITY EXPERTS 66 Capacity Strategy: Developing Delivery Partner Companies Expanding order capacity by leveraging highly specialized training content to cultivate security personnel in IT companies, partnering with and fostering industry peers, and developing a large number of players in the security market Expanding Order Capacity by Fostering Security Companies Capacity Strategy Results Promoting the cultivation of industry partners nationwide Securing resources for vulnerability diagnostic services Training qualified personnel to ensure diagnostic content and report quality Increasing resources and improving capacity in the future, not just sales Security personnel training IT companies IT companies Security companies Industry peers Training content New cultivation Training content Peer cultivation Cooperation with IT call center in Okinawa Training IT personnel into security personnel In FY2020, the company had 10 new security personnel GSX Training Center framework Further expanding order capacity to achieve nationwide expansion Adds cybersecurity business Further expanding industry peer partnerships Expanding security personnel
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© GLOBAL SECURITY EXPERTS 67 Strengthening digital marketing Sales Strategy — New Customers: Strengthening Digital Marketing Strategy For new customer acquisition, implementing digital marketing measures that lead to orders and shifting to an efficient and effective digital marketing focus to acquire high quality leads Selecting media that specialize in security in each area of digital marketing and implementing digital marketing initiatives that utilize video and other media NewsTV Facebook X (Formerly Twitter) YouTube Producing videos of all training offerings (SecuriST, EC-Council, CISSP) and distributing on NewsTV to strengthen sales promotion In just one year, we tripled enrollment! What makes GSX cybersecurity training so appealing?
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68© GLOBAL SECURITY EXPERTS Why GSX is Preferred by Semi -Large and Medium -Sized Companies and SMEs Wide-ranging and diverse issues Expanding net sales through cross-selling and up-selling Right-fit services Right-fit pricing Capturing the needs of many customers High profits thanks to GSX-unique offerings Demonstration of competitive advantage Alliances with security vendors Right-fit service level design based on experience Cost containment through standardized services and hiring/training of junior staff + + ✓ Large number of customers ✓ Growing demand for measures by external stakeholders ✓ Issues are wide- ranging and diverse ✓ Budget constraints Semi-large and medium-sized companies, SMEs Positioning
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© GLOBAL SECURITY EXPERTS 69 Security Environment With the promotion of DX, including the use of IoT and cloud computing, and the increase in telecommuting, the number of connections with other entities has increased, internal and external threats in organizations have changed, and a variety of incidents have occurred Threats to overseas group affiliates Supply chain threats • Attacks on overseas group companies (Production stoppage, information leakage) Company D: Subsidiaries in Mexico and Germany Company B: Subsidiary in the U.S. Company P: Subsidiary in Canada Securities company D: Subsidiary in the U.K. Company T: Cyberattack on supplier temporarily halts production at all plants Company K: Victim of ransomware due to use of the company’s services Company T: Leakage of personal information by a distributor • Unauthorized access (Account theft, website vulnerabilities) Company MD: Office365 account theft → Information leakage E-commerce sites (multiple): Leakage of personal and credit card information Company P (U.S.): Shutdown of operations Company K: Service suspension Company N: Delay in reporting financial results Company H: Closed domestic and overseas offices and suspended factory operations • Targeted attacks (ransomware) (Leakage of confidential information, stoppage of production/services) • Unauthorized property removal (Leakage of personal/confidential information) • System misconfiguration/mistaken email communications (Information leakage, loss, or alteration) Industrial company S: Leakage of confidential information due to contact from a foreign company Company I: Customer information taken home by outsourced employee Company S: Confidential information taken by employee when transferring to industry peer Company M: Incorrectly sent email to a job-seeking student Company A: Sent a newsletter in CC rather than BCC Company R, P, AB, others: Salesforce misconfiguration (Intentional) Threats by employees or other stakeholders (Negligence) Threats by employees or other stakeholders Threats from cyberattacks • Attacks on the supply chain, vulnerabilities, mismanagement (production stoppages, information leaks) External ThreatsInternal Threats
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© GLOBAL SECURITY EXPERTS 70 Shortage of security personnel Market Environment for the Domestic Cybersecurity Market In the cybersecurity market, demand for countermeasures is on the rise. In addition, the rapid shift of companies to digital technologies is a tailwind for growth in this market On the other hand, an unprecedented shortage of security personnel presents challenges In this market environment, there is a growing need for GSX to provide one-stop services from upstream to downstream of security training and implementation Source 1: NICTER Observation Report 2024, National Institute of Information and Communications Technology (NICTER) Source 2: Threats in Cyberspace 2024 (National Police Agency) https://japansecuritysummit.org/2025/03/11204/ https://www.npa.go.jp/publications/statistics/cybersecurity/data/R6/R06_cyber_jousei.pdf Japan 10.0% United States 82.2% Australia 81.6% —Degree of sufficiency for personnel engaged in security measures (by country)— *5 —Growth in the new normal market— *3 —Growth in the DX market— *4 1,459.3 billion yen FY2020 FY2025 forecast 878.7 billion yen +66% 3,042.5 billion yen FY2019 FY2030 forecast 791.2 billion yen +285% 2015 2016 2017 2018 2019 2020 2021 2022 2024 2025 Approx. 63.1 billion *1 (Number of packets) —Cyberattack-related communications over time— Increase in Cyberattacks (Threats) Rapid Shift of Companies to Digital Technologies 8,096 8,324 9,014 9,040 9,519 9,875 12,209 12,369 12,479 13,164 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (Arrests) —Number of cybercrime arrests over time— *2 Source 3: The ICT Transformation Solution Market in the New Normal Era Accelerated by the After/With-COVID Era, Fuji Chimera Research Institute, Inc. Source 4: 2020 Future Outlook of the Digital Transformation Market, Fuji Chimera Research Institute, Inc. Source 5: Survey on Information Security in Enterprises 2020, NRI Secure Technologies, Inc. (Year) (Year) Approx. 686.2 billion
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© GLOBAL SECURITY EXPERTS 71 Financial Highlights Fiscal Period FYE3/2021 FYE3/2022 FYE3/2023 FYE3/2024 FYE3/2025 Net sales (Thousands of yen) 2,948,871 4,391,317 5,558,022 7,002,941 8,801,647 Ordinary income (Thousands of yen) 239,370 414,331 737,512 1,104,319 1,562,981 Net income (Thousands of yen) 167,657 261,099 488,120 783,428 1,010,077 Share capital (Thousands of yen) 291,800 485,000 529,833 544,999 545,921 Number of shares outstanding (Shares) 10,590 3,327,000 7,383,000 7,629,600 7,644,600 Net assets (Thousands of yen) 942,201 1,565,478 1,720,169 2,433,625 3,078,911 Total assets (Thousands of yen) 2,384,273 3,482,070 4,124,589 6,536,708 8,141,157 Net assets per share (Yen) 74.14 117.63 118.13 161.54 205.08 Dividends per share (of which interim dividends per share) (Yen) 2,900 (-) 15 (-) 14 (-) 26.21 (-) 41.71 (20.85) Net income per share (Yen) 13.68 20.23 36.10 52.42 67.24 Equity-to-asset ratio (%) 39.52 44.96 41.71 37.23 37.8 Return on equity (%) 19.98 20.82 29.71 37.72 32.8 Dividend payout ratio (%) 17.7 18.5 19.4 25.0 31.0 Operating cash flow (Thousands of yen) 767,002 328,219 594,948 713,549 1,018,887 Investment cash flow (Thousands of yen) (240,397) (294,649) (212,159) (2,005,260) (411,367) Financial cash flow (Thousands of yen) (91,241) 460,634 (455,995) 1,447,820 (457,415) Cash and cash equivalents at end of period (Thousands of yen) 652,324 1,146,528 1,073,322 1,229,432 1,379,536 Number of Employees (Persons) 110 118 138 154 195 Note 1: Since consolidated financial statements were prepared for the fiscal year ended March 31, 2025, non-consolidated statements were prepared for the years ended before that. Note 2: A 300-for-1 stock split of shares of common stock was conducted on October 22, 2021, a 2-for-1 stock split of shares of common stock was conducted on November 1, 2022, and a 2-for-1 stock split of shares of common stock was conducted on June 1, 2025. Net assets per share and net income per share were calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2021. Dividend per share and interim dividend per share represent the act ual dividend amount prior to the stock split.
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72© GLOBAL SECURITY EXPERTS This document contains forward-looking statements about Global Security Experts, Inc.’s financial results, business operations, and industry trends that are based on Global Security Experts, Inc.’s current plans, estimates, forecasts or projections. Various risks and uncertainties are inherent in these forward-looking statements. Known or unknown risks, uncertainties, and other factors may cause the Company’s actual results to differ materially from those contained in any forward-looking statement. The actual future business activities and performance of Global Security Experts, Inc. may differ from the forward- looking statements described in this document. Forward-looking statements in this document are made by Global Security Experts, Inc. based on information available at the time of preparation, and will not be updated or modified in any way to reflect future events or circumstances. Some figures that have not been audited by an auditing firm are included for reference purposes only. Precautions