Interim report
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DISCLAIMER: Thi s document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. February 5, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (U nder Japanese GAAP) Company name: YA MADA Consulting Group Co.,Ltd. Listing: To kyo Stock Exchange Securities code: 4792 URL: ht tps://www.yamada-cg.co.jp Representative: Keisaku Masuda, President Inquiries: Hi deji Shuto, Director and General Manager of Administration Department Telephone: +81-3-6212-2500 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: None Holding of financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year- on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 18,296 7.2 2,533 (26.3) 2,433 (29.0) 1,682 (25.7) December 31, 2024 17,060 0.4 3,440 22.7 3,430 21.3 2,266 5.6 Note: Comprehensive income For the nine months ended December 31, 2025: ¥1,880 million [(25.8)%] For the nine months ended December 31, 2024: ¥2,535 million [12.0%] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 88.04 88.02 December 31, 2024 118.81 118.74 (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % December 31, 2025 25,827 20,256 71.4 March 31, 2025 23,470 18,580 76.8 Reference: Equity As of December 31, 2025: ¥18,458 million As of March 31, 2025: ¥18,035 million 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 38.00 - 39.00 77.00 Fiscal year ending March 31, 2026 - 38.00 - Fiscal year ending March 31, 2026 (Forecast) 39.00 77.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year ending March 31, 2026 26,000 14.2 3,800 (8.0) 3,700 (9.7) 2,750 (4.5) 143.74 Note: 1,Re visions to the earnings forecasts most recently announced: None -1-
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2. Sales are expected to grow 14.2% and gross profit is expected to grow 0.9%. This is due to the fact that in the investment business, net sales were 2,410 million yen, cost of sales was 1,176 million yen, and gross profit was 1,234 million yen in the fiscal year ending March 31, 2025 due to the sale of investment stocks and investment real estate, while sales in the investment business are expected to be 5,200 million yen, cost of sales 4,030 million yen, and gross profit of 1,170 million yen in the fiscal year ending March 31, 2026. In the consulting business, we expect sales to grow by 2.1% and gross profit by 1.3%. Operating income is expected to decrease by 8.0%, but selling, general and administrative expenses are expected to increase by 3.3% due to an increase in personnel costs due to an increase in the number of employees and salary increases for existing employees. * Notes (1) Si gnificant changes in the scope of consolidation during the period: None (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Nu mber of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 19,896,000 shares As of March 31, 2025 19,896,000 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 772,670 shares As of March 31, 2025 797,022 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 19,112,819 shares Nine months ended December 31, 2024 19,074,748 shares * Review of the Japanese-la nguage originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:None * Proper use of earnings forecasts, and other special matters (Cautions on forward-looking statements, etc.) Forward-looking statements, such as forecasts of business performance, etc., contained in this material are based on information obtained by the Company and certain assumptions that the Company deems reasonable, and are not intended to be a promise by the Company to realize them. Actual financial results, etc. may differ substantially due to various factors. For the conditions on which earnings forecasts are predicated and precautions for the use of earnings forecasts, please refer to Appendix P.5 "1. Summary of Operating Results, etc. (3) Explanation of Forward-Looking Information such as Consolidated Earnings Forecasts." -2-
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1. Overview of Business Performance (1 ) Overview of business performance for the current cumulative consolidated accounting period for the third quarter For the Group’s cumulative consolidated accounting period for the third quarter, from April 1, 2025 to December 31, 20 25, YAMADA Consulting Group (hereinafter referred to as “the Company”) reported net sales of ¥18,296,099 thousand (up 7.2% year‑on‑year), gross profit of ¥14,194,084 thousand (down 1.4% year‑on‑year), operating profit of ¥2,533,370 thousand (down 26.3% ye ar‑on‑year), ordinary profit of ¥2,433,360 thousand (down 29.0% year‑on‑year), and net profit attributable to owners of the parent of ¥1,682,802 thousand (down 25.7% ye ar‑on‑year). For the cumulative consolidated accounting period for the third quarter, the progress rate of operating profit against th e full‑year forecast was 66.6%. Since order intake across the consulting businesses—particularly in the M&A advisory business— remained healthy in the fourth quarter, there is no change to the consolidated full‑year forecast. The results for the cumulative consolidated accounting period for the third quarter, year‑on‑year comparisons and the full‑year forecasts are shown in the table below. ※Re sults for the cumulative consolidated accounting period for the third quarter and full‑year forecasts (Unit: thousand yen) Results for the current 3Q cu mulative period Results for the previous 3Q cumulative period Year-on-year comparison Full‑year performance forecast Progress rate to the full‑year performance forecasts Results for the full‑year of the previous period Amount change Percentage change Net sales 18,296,099 17,060,790 +1,235,308 +7.2% 26,000,000 70.3% 22,761,078 Gross profit 1 4,194,084 14,400,901 −206,816 −1.4% 19,600,000 72.4% 19,423,533 Operating profit 2,533,370 3,440,802 −907,432 −26.3% 3,800,000 66.6% 4,132,677 Ordinary profit 2,433,360 3,430,799 −997,438 −29.0% 3,700,000 65.7% 4,099,798 Profit attributable to owners of the parent 1,682,802 2,266,420 −583,618 −25.7% 2,750,000 61.1% 2,882,297 The following is an overview of individual segment results. Consulting Business Fo r the cumulative consolidated accounting period for the third quarter, the Consulting Business reported net sales of ¥14,451,685 thousand (down 1.4% year‑on‑year), gross profit of ¥12,938,802 thousand (down 1.8% year‑on‑year), and operating profit of ¥1,515,289 thousand (down 37.0% year‑on‑year). The year‑on‑year decrease in revenue and profit is attributable to the concentration of M&A deal closings in the first ha lf of the prior year in the M&A advisory business, which boosted prior‑year results, and to an increase in selling, general and administrative expenses — principally higher personnel costs — wh ich rose ¥653,113 thousand year‑on‑year. The progress rate of 3Q cumulative operating profit against the full‑year forecast was 51.7%. As order intake across t he consulting businesses—ce ntered on the M&A advisory business—remains healthy, we expect to achieve the full‑year forecast. -3-
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※Results for the 3Q c umulative consolidated accounting period and full‑year forecasts for the Consulting Business (Unit: thousand yen) Results for the current 3Q cu mulative period Results for the previous 3Q cumulative period Year-on-year comparison Full‑year performance forecast Progress rate to the full‑year performance forecasts Results for the full‑year of the previous period Amount change Percentage change Net sales 14,451,685 14,665,526 −213,840 −1.4% 20,800,000 69.4% 20,355,559 Gross profit 12,938,802 13,176,642 −237,839 −1.8% 18,430,000 70.2% 18,187,587 Operating profit 1,515,289 2,406,242 −890,952 −37.0% 2,930,000 51.7% 3,177,147 ※Reference: Consulting Business sales and gross profit by business area (Unit: million yen) Business area Results for the current 3Q cu mulative period Results for the previous 3Q cumulative period Year‑on‑year comparison (Percentage change) Management consulting Net sales 6,275 5,847 ＋7.3% Gross profit 5,666 5,270 ＋7.5% M&A Advisory service Net sales 5,820 6,740 −13.6% Gross profit 5,274 6,140 −14.1% Number of deals closed* 65 75 −10 Business succession consulting Net sales 1,450 1,392 ＋4.1% Gross profit 1,321 1,258 ＋5.0% Real estate consulting Net sales 905 684 ＋32.2% Gross profit 676 507 ＋33.2% Total Net sales 14,451 14,665 −1.4% Gross profit 12,938 13,176 −1.8% *For brokerage transactions in M&A Advisory Services, each transaction is counted as one when calculating the number of deals closed. Investment Business Fo r the current 3Q cumulative consolidated accounting period, the Investment Business reported net sales of ¥3,866,599 thousand (up 61.1% year‑on‑year), gross profit of ¥1,257,743 thousand (up 2.7% year‑on‑year), and operating profit of ¥1,020,543 thousand (down 1.3% ye ar‑on‑year). Performance was favorable due to sales of investee shares in the unlisted equity investment business and sales of investment properties in the real estate investment business, and the progress rate of operating profit against the full‑year forecast was 117.3 %, indicating favorable performance. Investment balances as of December 31, 2025: ‑ Balance of investment securities in the unlisted equity investment business: ¥8,098,438 thousand ‑ Balance of real estate investments in the real estate investment business: ¥1,825,239 thousand ‑ Other investment balances: ¥142,030 thousand -4-
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※Results for the current 3Q cumulative consolidated accounting period and full‑year forecasts for the Investment Business (Unit: thousand yen) Results for the current 3Q cu mulative period Results for the previous 3Q cumulative period Year-on-year comparison Full‑year performance forecast Progress rate to the full‑year performance forecasts Results for the full‑year of the previous period Amount change Percentag e change Net sales 3,866,599 2,399,815 +1,466,784 +61.1% 5,200,000 74.3% 2,410,351 Gross profit 1,257,743 1,224,259 +33,484 +2.7% 1,170,000 107.4% 1,234,229 Operating profit 1,020,543 1,034,560 −14,017 −1.3% 870,000 117.3% 953,813 Employees Number of employees on a consolidated basis (Unit: person) As of March 31, 2025 As of December 31, 2025 General consultants 656 701 Expert consultants 214 234 Corporate staff 197 209 Total 1,067 1,144 (Note) Excludes officers, advisors, and employees on secondment from outside; includes temporary employees. New hires and departures (Unit: person) Fiscal Year Ended March 2025 Cu mulative for the 3Q of the fiscal year ending March 2026 Parent company and do mestic subsidiaries Overseas subsidiaries Total New graduate hires 21 29 − 29 Mid‑career hires 157 102 42 144 Departures 121 59 37 96 (Note) Excludes officers, advisors, and employees on secondment from outside; includes temporary employees. (2) Overview of Financial Position for the current 3Q cumulative consolidated accounting period Cash flow Ca sh and cash equivalents for the 3Q cumulative consolidated accounting period (hereinafter referred to as “funds”) decreased by ¥474,493 thousand from operating activities, decreased by ¥851,018 thousand from investing activities, and increased by ¥1,752,922 thousand from financing activities, resulting in an overall increase in funds of ¥549,061 thousand (c ompared with an overall decrease of ¥1,187,632 thousand year‑on‑year). As a result, the balance of funds at the end of the current 3Q cumulative consolidated accounting period was ¥9,419,499 thousand. The details of the cash flows during the current 3Q cumulative consolidated accounting period, along with the contributing factors, are as follows. -5-
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Cash Flows from Operating activities Ne t decrease in funds from operating activities during the current 3Q cumulative consolidated accounting period amounted to ¥474,493 thousand (a net decrease of ¥173,213 thousand in the same period of the previous year). This was attributable to cash inflows such as quarter profit before income taxes of ¥2,421,523 thousand, a decrease in tr ade receivables of ¥230,060 thousand, and a decrease in other assets of ¥308,415 thousand, while at the same time there were cash outflows such as an increase in investment securities for operating purposes of ¥1,236,070 thousand (mainly due to equity investments executed in the unlisted equity investment business), an increase in inventories of ¥427,054 thousand (mainly investments in property for sale in the real estate investment business), payments of corporate taxes of ¥1,116,649 thousand, and a decrease in other liabilities of ¥877,053 thousand. Ca sh Flows from Investing activities Net decrease in funds from investing activities during the current 3Q cumulative consolidated accounting period amounted to ¥851,018 thousand (a net decrease of ¥682,527 thousand in the same period of the previous year). This was due to cash inflows such as distributions from investment securities of ¥137,954 thousand, while there were ca sh outflows including payments of ¥474,003 thousand for security and guarantee deposits, ¥341,006 thousand for the acquisition of investment securities, and ¥221,028 thousand for the acquisition of tangible fixed assets, among other factors. Ca sh Flows from Financing activities Net increase in funds from financing activities during the current 3Q cumulative consolidated accounting period amounted to ¥1,752,922 thousand (a net decrease of ¥529,936 thousand in the same period of the previous year). This was due to cash outflows such as dividend payments of ¥1,471,546 thousand, while there were cash inflows such as an increase in short‑term borrowings of ¥1,996,000 thousand and proceeds from capital contributions received from non‑controlling shareholders of ¥1,232,632 thousand, among other factors. -6-
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(3) Outlook: Explanation of cons olidated earnings forecast and other forward-looking information Operating profit totaled ¥2,533,370 thousand for the nine months ended December 31, 2025, representing 66.6% of the full-year projection. We will continue focusing on the following priority areas to drive performance in each business. ■Key f ocus areas by segment a. Consulting Business segment Management Consulting Business Consulting services offering integrated and consistent support across management, IT, and HR strategies to promote the sustainable growth of mid-sized companies Business revitalization consulting that goes beyond financial restructuring, providing hands-on support to clients in enhancing pr ofitability and driving organizational transformation Comprehensive overseas growth strategy support that provides end-to-end services—from strategy development and on-the-ground validation driven by local country teams to execution —suppor ting the client’s Japan headquarters and overseas offices as an integrated unit. M&A Advisory Services Business Provision of end-to-end M&A services, from pre-investment due diligence to the formulation of post-investment growth strategies Financial advisory support for transactions requiring highly specialized expertise, including public-to- pri vate deals and private equity fund investments Bus iness Succession Consulting Business Business succession support for clients (SMEs and mid-sized and listed companies) provided by specialists in accounting, finance, tax, and business operations Asset management support that addresses a wide range of clients’ asset utilization needs b. Investment Business segment Private Equity Investment Business Support for sustainable corporate growth and resolution of capital policy issues by providing financial solutions in combination with various consulting services Contribution to the enhancement of corporate value through regular monitoring of port folio companies and the use of management consulting functions Real Estate Investment Business Identifying new investment opportunities involving low-liquidity properties, such as land with leasehold rights Enhancing value-added and strengthening exit strategies by resolving rights-related issues associated with investment properties -7-
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Quarterly consolidated balance sheet (Thousands of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 9,147,114 9,634,575 Accounts receivable - trade 1,569,274 1,339,213 Securities 37,133 56,098 Operational investment securities 7,004,398 8,240,469 Merchandise and finished goods 1,415,048 1,842,103 Other 989,755 1,036,047 Allowance for doubtful accounts (14,231) (19,940) Total current assets 20,148,493 22,128,566 Non-current assets Property, plant and equipment 527,535 622,824 Intangible assets Goodwill 633,748 574,070 Other 28,972 19,810 Total intangible assets 662,720 593,881 Investments and other assets Investment securities 562,609 815,288 Leasehold and guarantee deposits 738,119 1,203,583 Deferred tax assets 404,878 80,879 Other 426,171 382,148 Total investments and other assets 2,131,778 2,481,899 Total non-current assets 3,322,034 3,698,605 Total assets 23,470,528 25,827,172 -8-
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(Thousands of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Accounts payable - trade 311,193 336,251 Short-term borrowings 1,600,000 3,596,000 Accrued expenses 1,480,082 615,194 Income taxes payable 488,473 154,544 Provision for bonuses 65,000 - Provision for bonuses for directors (and other officers) 60,000 - Other 769,597 714,228 Total current liabilities 4,774,347 5,416,218 Non-current liabilities Retirement benefit liability 43,853 44,625 Deferred tax liabilities 35,326 37,068 Other 36,974 72,634 Total non-current liabilities 116,153 154,329 Total liabilities 4,890,500 5,570,548 Net assets Shareholders' equity Share capital 1,599,538 1,599,538 Capital surplus 1,588,838 1,613,942 Retained earnings 14,978,175 15,189,430 Treasury shares (466,417) (452,166) Total shareholders' equity 17,700,134 17,950,744 Accumulated other comprehensive income Valuation difference on available-for-sale securities 21,590 53,538 Foreign currency translation adjustment 313,425 454,087 Total accumulated other comprehensive income 335,016 507,625 Share acquisition rights 4,991 7,316 Non-controlling interests 539,886 1,790,937 Total net assets 18,580,027 20,256,623 Total liabilities and net assets 23,470,528 25,827,172 -9-
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Quarterly consolidated statement of income (Thousands of yen) Nine months ended De cember 31, 2024 Nine months ended De cember 31, 2025 Net sales 17,060,790 18,296,099 Cost of sales 2,659,889 4,102,014 Gross profit 14,400,901 14,194,084 Selling, general and administrative expenses 10,960,098 11,660,714 Operating profit 3,440,802 2,533,370 Non-operating income Interest income 27,143 25,182 Gain on sale of investment securities 14,778 - Gain on reversal of share acquisition rights 1,605 - Other 13,505 20,547 Total non-operating income 57,033 45,729 Non-operating expenses Interest expenses 9,341 21,642 Loss on investments in investment partnerships 5,398 6,225 Foreign exchange losses 6,115 34,259 Commission expenses 16,335 54,061 Other 29,845 29,551 Total non-operating expenses 67,036 145,739 Ordinary profit 3,430,799 2,433,360 Extraordinary losses Loss on retirement of non-current assets - 11,837 Total extraordinary losses - 11,837 Profit before income taxes 3,430,799 2,421,523 Income taxes - current 851,706 426,084 Income taxes - deferred 202,647 310,394 Total income taxes 1,054,353 736,479 Profit 2,376,445 1,685,044 Profit attributable to non-controlling interests 110,024 2,242 Profit attributable to owners of parent 2,266,420 1,682,802 -10-
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Quarterly consolidated statement of comprehensive income (Thousands of yen) Nine months ended De cember 31, 2024 Nine months ended De cember 31, 2025 Profit 2,376,445 1,685,044 Other comprehensive income Valuation difference on available-for-sale securities (8,223) 31,947 Foreign currency translation adjustment 167,520 163,084 Total other comprehensive income 159,297 195,032 Comprehensive income 2,535,742 1,880,076 Comprehensive income attributable to Comprehensive income attributable to owners of parent 2,409,708 1,855,411 Comprehensive income attributable to non-controlling interests 126,034 24,665 -11-
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Quarterly consolidated statement of cash flows (Thousands of yen) Nine months ended De cember 31, 2024 Nine months ended De cember 31, 2025 Cash flows from operating activities Profit before income taxes 3,430,799 2,421,523 Depreciation 133,985 131,282 Amortization of goodwill 85,328 83,563 Increase (decrease) in provision for bonuses 145,803 (65,000) Interest and dividend income (27,143) (25,182) Interest expenses 9,341 21,642 Foreign exchange losses (gains) 6,115 34,259 Loss (gain) on investments in investment partnerships 5,398 6,225 Decrease (increase) in operational investment securities (3,134,607) (1,236,070) Decrease (increase) in trade receivables 65,339 230,060 Increase (decrease) in allowance for doubtful accounts 3,595 5,709 Decrease (increase) in inventories (430,661) (427,054) Increase (decrease) in trade payables (102,025) 25,058 Decrease (increase) in other assets 2,437,826 308,415 Increase (decrease) in other liabilities (994,767) (877,053) Subtotal 1,634,329 637,379 Interest and dividends received 34,913 29,348 Interest paid (7,669) (24,573) Income taxes paid (1,834,786) (1,116,649) Net cash provided by (used in) operating activities (173,213) (474,493) Cash flows from investing activities Purchase of property, plant and equipment (107,466) (221,028) Proceeds from sale of property, plant and equipment 109,071 - Purchase of intangible assets (451) (5,760) Purchase of investment securities (10,680) (341,006) Proceeds from sale of investment securities 285,251 - toushiyuukasyoukennkaranobunnpai - 137,954 Purchase of shares of subsidiaries resulting in change in scope of consolidation (841,779) - Payments of leasehold and guarantee deposits (114,431) (474,003) Proceeds from refund of leasehold and guarantee deposits 108 1,680 Other, net (2,150) 51,145 Net cash provided by (used in) investing activities (682,527) (851,018) Cash flows from financing activities Increase (decrease) in short-term borrowings 1,000,000 1,996,000 Proceeds from received an investment to non-controlling shareholders 15,131 1,232,632 the amount of payment of the dividend to non-controlling shareholders (14,743) (6,246) Proceeds from disposal of treasury shares 14,582 2,083 Dividends paid (1,544,902) (1,471,546) Other, net (4) - Net cash provided by (used in) financing activities (529,936) 1,752,922 Effect of exchange rate change on cash and cash equivalents 198,045 121,650 Net increase (decrease) in cash and cash equivalents (1,187,632) 549,061 Cash and cash equivalents at beginning of period 9,687,844 8,870,438 Cash and cash equivalents at end of period 8,500,212 9,419,499 -12-
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(Notes on segment information, etc.) Segment Information I. The nine months of the previous fiscal year (April 1, 2024 to December 31, 2024) 1. Information on sales and the amount of profit or loss for each reported segment (Thousands of yen) Reportable segments Total Consulting for Business Investment Sales Revenues from external customers 14,660,974 2,399,815 17,060,790 Transactions with other segments 4,551 - 4,551 Total 14,665,526 2,399,815 17,065,342 Segment Profit 2,406,242 1,034,560 3,440,802 2. The difference between the total amount of profit in the reporting segment and the amount recorded in the quarterly consolidated statements of income and the main details of the difference (matters related to adjustment of differences) The total amount of profit in the reported segment matches the operating income in the quarterly consolidated statements of i ncome 3. Information on Goodwill, etc. by Reporting Segment (Significant fluctuations in the amount of goodwill) In the first quarter of the fiscal year , Yamada Consulting Group USA Inc., a subsidiary of the Company, acquired all shares of Takenaka Partners and included the company in the scope of its consolidation. As a result of this event, goodwill of US$4,752 thousand (¥701,288 thousand) was incurred in the Consulting Business segment. The amount of goodwill is provisionally calculated because the allocation of acquisition costs has not been completed. II. The nine months of the current fiscal year (April 1, 2025 to December 31, 2025) 1. Information on sales and the amount of profit or loss for each reported segment (Thousands of yen) Reportable segments Total Consulting for Business Investment Sales Revenues from external customers 14,429,499 3,866,599 18,296,099 Transactions with other segments 22,186 - 22,186 Total 14,451,685 3,866,599 18,318,285 Segment Profit 1,515,289 1,020,543 2,535,832 2. The difference between the total amount of profit in the reporting segment and the amount recorded in the quarterly consolidated statements of income and the main details of the difference (matters related to adjustment of differences) (Thousands of yen) benefit amount of money Total Reporting Segments 2,535,832 Adjustment for unrealized profit (2,462) Operating income in the interim consolidated statement of income 2,533,370 -13-