Interim report
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.Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . Consolidated Financial Results for the Six Months Ended June 30 , 2026 August 12 , 2026 ( Under IFRS ) Company name : Integral Corporation Listing : Tokyo Stock Exchange Securities code : 5842 URL : Representative : Inquiries : Telephone : + 81-3-6212-6100 https://www.integralkk.com/en-home/ Reijiro Yamamoto , Representative Director & Partner Yasuaki Sumikawa , CFO & Controller Scheduled date to file semi - annual securities report : Scheduled date to commence dividend payments : Preparation of supplementary material on financial results : Holding of financial results briefing : August 12 , 2026 August 20 , 2026 Yes None ( Yen amounts are rounded down to millions , unless otherwise noted . ) 1. Consolidated financial results for the six months ended June 30 , 2026 ( from January 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Percentages indicate year - on - year changes . ) Profit before Revenue Operating income Profit income taxes Six months ended June 30 , 2026 June 30 , 2025 Profit attributable to owners of the parent Millions of yen Six months ended June 30 , 2026 June 30 , 2025 Millions of yen 15,699 4,955 ( 48.8 ) Total comprehensive income % Millions of yen % Millions of yen % Millions of yen % 216.8 12,748 2,890 341.0 ( 57.7 ) 12,674 2,893 338.0 8,788 417.0 ( 57.5 ) 1,699 ( 64.1 ) Basic earnings Diluted earnings per share per share % Millions of yen % 8,766 415.1 1,701 ( 64.1 ) 8,788 417.0 1,699 ( 64.1 ) Yen 257.32 50.32 Yen 251.53 48.22 ( 2 ) Consolidated financial position As of June 30 , 2026 December 31 , 2025 Total assets Millions of yen 99,842 83,303 Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets % Millions of yen 70,566 Millions of yen 70,538 70.7 62,428 62,422 74.9
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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 December 31, 2025 － 17.00 － 20.00 37.00 Fiscal year ending December 31, 2026 － 18.50 Fiscal year ending December 31, 2026 (Forecast) － 18.50 37.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated Earnings Forecasts for the Fiscal Year Ending December 31, 2026 (January 1, 2026 to December 31, 2026) The Group's business, Private equity investment business, Real Estate investment business and GlobalTech Growth investment business, are significantly affected by market conditions such as the stock market and interest rates, as well as by opportunities to invest and dispose of investments. In addition, Profit/(Loss) on fair value movements on investment calculated in accordance with International Financial Reporting Standards (IFRS) as adopted by the Group are highly dependent on estimates. Therefore, it is difficult to make reasonable earnings forecasts, and we do not make any business forecasts.
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (3) Number of issued shares (ordinary shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 34,975,000 shares As of December 31, 2025 34,975,000 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 908,024 shares As of December 31, 2025 936,894 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Six months ended June 30, 2026 34,066,976 shares Six months ended June 30, 2025 33,819,580 shares * Review of the Japanese-language 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 (Caution regarding forward-looking statements and others) The forward-looking statements contained in this document, including the financial results forecasts, are based on information currently available to the Company and certain assumptions deemed to be reasonable, and the Company does not promise achievement. Actual results may differ significantly from these forecasts due to a wide range of factors. (Method of accessing supplementary material on financial results) The Company does not plan to hold a briefing in the second quarter of the current fiscal year. Financial results presentation materials and video will be disclosed on the Company's website on Wednesday, August 12, 2026.
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 1 - Table of Contents – Attachments 1. Overview of Operating Results and Financial Position .......................................................................................2 (1) Overview of Operating Results ......................................................................................................................2 (2) Overview of Financial Position ......................................................................................................................3 (3) Explanation of Information on Future Forecasts Including Consolidated Earnings Forecast ........................4 2. Condensed Quarterly Consolidated Financial Statements and Primary Notes ....................................................7 (1) Condensed Quarterly Consolidated Statement of Profit or Loss and Comprehensive Income ......................7 (2) Condensed Quarterly Consolidated Statement of Financial Position ............................................................9 (3) Condensed Quarterly Consolidated Statement of Changes in Equity ..........................................................11 (4) Condensed Quarterly Consolidated Statement of Cash Flows .....................................................................12 (5) Notes to Condensed Quarterly Consolidated Financial Statements .............................................................13 (Note s on Going concern assumptions) ............................................................................................................13 (Segment information) ......................................................................................................................................13
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 2 - 1. Overview of Operating Results and Financial Position In this Consolidated Financial Results, the funds managed by the Group are collectively referred to as follows. Fund Series Fund Name Status *1 Fund II Series Integral 2 Limited Partnership Integral Fund II (A) L.P. After Investment Period (Harvesting Period) Fund III Series Integral 3 Limited Partnership Innovation Alpha L.P. After Investment Period (Harvesting Period) Fund IV Series Integral 4 Limited Partnership Innovation Alpha IV L.P. Initiative Delta IV L.P. After Investment Period (Harvesting Period) Fund V Series Integral 5 Limited Partnership Innovation Alpha V L.P. Initiative Delta V L.P. Infinity Gamma V L.P. Investment Period Real Estate Fund I Integral Real Estate 1 Limited Partnership Investment Period * The investment period is the period during which the partnership agreement allows each fund to make new investments, which is approximately 5 years after the start of the fund. (1) Overview of Operating Results For the six months ended June 30, 2026, the details of revenue and expenses are as follows. Revenue was primarily composed of increases in fair value changes, management fees and carried interest in Private Equity investment business (hereinafter "PE investment business"), Real Estate investment business and other business. For major fluctuations in revenue, please refer to the investment activities and earnings by business segment. Operating expenses, which is mainly composed of personnel costs, office rent and commission fees, increased compared to the same period of the previous year, due to growth in the Group's employee headcount. As a result of the above, Revenue for the six months ended June 30, 2026 was ¥15,699 million (¥4,955 million in the same period of the previous year), Operating income was ¥12,748 million (¥2,890 million in the same period of the previous year), Profit before income taxes was ¥12,674 million (¥2,893 million in the same period of the previous year), and Profit for the period attributable to owners of the parent was ¥8,766 million (¥1,701 million in the same period of the previous year). Since revenue and profit have increased significantly compared to the same period of the previous fiscal year, the year-on-year percentage change would result in an exceptionally high figure. Consequently, the actual values for the same period of the previous year have been presented instead of the percentage change. This has been applied to revenue and profit by the business segment below. The details of investment activities and earnings by business segment are as follows. 1. PE investment business Regarding investment activities, Fund V Series acquired the shares of Yasojima Proceed Co., Ltd., a specialized manufacturer of high-performance resin components, acquired shares of At Home Holdings Inc., which provides real estate information services, and contributed capital to STPR Inc., a comprehensive entertainment production company. Additionally, MiraiVets Partners Co., Ltd., the animal hospital group held by Fund IV Series, have entered into a strategic capital alliance with the four animal hospital operators, P&V Holdings Co., Ltd. (the Kansai region), IDC Co., Ltd. (Tokyo and Saitama Prefecture), Kumachan Animal Hospital Co., Ltd. (Niigata Prefecture) and Veterinary Ophthalmology Specialized Clinic Co., Ltd. As a result, the animal hospital group has grown into a hospital network comprising 49 facilities across 15 prefectures. Regarding exit activities, Fund III Series sold all shares of M&I Co., Ltd. (formerly Mamezou K2TOP Holdings Co., Ltd.), and also sold all shares of Toyo Engineering Corporation through on-market transactions. Fund IV Series sold the shares of MUTOH Holdings Co., Ltd. by participating in tender offer.
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 3 - Regarding revenue and segment profit in PE investment business, revenue was ¥14,030 million (¥4,805 million in the same period of the previous year) and segment profit was ¥12,363 million (¥3,660 million in the same period of the previous year). Changes in fair value are as follows. The fair value of listed investees increased due to the changes in the stock prices of each investee. The overall fair value of unlisted investees has decreased since the interest rate has increased and the various indicators of comparable public companies of each portfolio have deteriorated, which are referenced for the valuation while the financial conditions have improved. As a result, Gross investment return has decreased. Fund management fee slightly decreased compared to the same period of the previous year due to the decrease of Fund management fee from Fund III Series and Fund IV Series due to the decrease of the invested capital by the progress in exit, that serves as the basis for calculating management fees for these series while Fund management fee from Fund V Series increased due to a six-month contribution in this year. Carried interest generated by the abovementioned sales of the shares of M&I Co., Ltd. and Toyo Engineering Corporation held by Fund III Series and the related distributions was recognized as income. As part of investment activities from July 2026 onwards, MiraiVets Partners Co., Ltd., the animal hospital group held by Fund IV Series, invested in Vets Proof Co., Ltd. (Tokyo), a provider of minimally invasive treatment. 2. Real Estate investment business Regarding investment activities, Real Estate Fund I acquired a commercial facility located in Osaka City, Osaka, in February 2026, followed by the acquisition of a logistics facility in Matsudo City, Chiba, in March 2026. Further it acquired a rental property located in Fukuoka City, Fukuoka in June 2026. As a result, the cumulative number of properties acquired has reached 29 including those under purchase and sale agreements, with the total acquisition value exceeding JPY 54 billion including properties for which sales and purchase agreements have been executed. Further, Real Estate Fund I made the final closing in May 2026, with total capital commitments reaching JPY 23.5 billion. Regarding revenue and segment profit in Real Estate investment business, revenue was ¥1,279 million (¥185 million in the same period of the previous year) and segment profit was ¥1,054 million (segment profit was 72 million in the same period of the previous year). Fund management fees increased compared to the same period of the previous year due to the addition of new Limited Partners and a resulting increase in Capital Commitment by the continued fundraising activities for Real Estate Fund I. Regarding the change in the fair value of invested assets, the fair value of sold assets increased due to the revaluation based on their actual transaction prices. The fair value of the other assets also increased due to the change in valuation method of the assets after one year has passed since their investment from its investment cost. 3. Other business Regarding the investment activities in GlobalTech Growth Investment Business, the Group made investments in the operator of PixAI, an AI-driven image generation platform specialized in anime illustrations, and Omio, the operator of a global transportation infrastructure platforms. (2) Overview of Financial Position a. Analysis of financial position Assets, liabilities and equity at the end of first half ended June 30, 2026 were as follows: (Assets) Total assets increased by ¥16,539 million from the end of the previous fiscal year to ¥99,842 million. Total current assets increased by ¥18,519 million to ¥40,647 million, mainly due to a ¥16,516 million increase in Cash and cash equivalents and a ¥1,894 million increase in Trade and other receivables. Non-current assets decreased by ¥1,979 million to ¥59,195 million, mainly due to a ¥1,884 million decrease in Investments in subsidiaries measured at fair value and a ¥2,107 million decrease in Loans despite a ¥1,466 million increase in Investment portfolio.
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 4 - (Liabilities) Total liabilities increased by ¥8,401 million from the end of the previous fiscal year to ¥29,276 million. Current liabilities increased by ¥10,807 million to ¥17,551 million, mainly due to a 2,866 million increase in Income taxes payable and a ¥8,701 million increase in Loans from subsidiaries measured at fair value. Non-current liabilities decreased by ¥2,406 million to ¥11,724 million, mainly due to a ¥2,107 million decrease in Loans. (Equity) Total equity increased by ¥8,138 million from the end of the previous fiscal year to ¥70,566 million, mainly due to a ¥8,085 million increase in Retained earnings. b. Cash flows Cash flows for the six months ended June 30, 2026 were as follows: (Cash flows from operating activities) Cash flows provided by operating activities for the six months ended June 30, 2026 was a ¥12,836 million (¥456 million used in the same period of the previous year). This was mainly due to the record of Profit before income taxes of ¥12,674 million, a decrease of ¥1,884 million in Investments in subsidiaries measured at fair value and a decrease of ¥2,251 million in Loans despite an increase of ¥1,894 million in Trade and other receivables and a increase of ¥1,466 million in Investment portfolio. (Cash flows from investing activities) Cash flows used by investing activities for the six months ended June 30, 2026 was a ¥2,003 million (¥83 million used in the same period of the previous year). This was mainly due to Purchase of securities of ¥2,001 million. (Cash flows from financing activities) Cash flows provided by financing activities for the six months ended June 30, 2026 was ¥5,683 million (¥1,605 million used in the same period of the previous year). This was mainly due to the net increase of Loans from subsidiaries measured at fair value of ¥8,701 million despite Repayment of loans of ¥2,251 million. As a result, Cash and cash equivalents increased by ¥16,516 million, and Cash and cash equivalents at the end of the period was ¥35,794 million (¥19,277 million at the end of the previous fiscal year). (3) Explanation of Information on Future Forecasts Including Consolidated Earnings Forecast The Group's business (PE investment business, Real Estate investment business and GlobalTech Growth investment business) is significantly affected by market conditions such as the stock market and interest rates, as well as by opportunities to invest and dispose of investments. In addition, Gain/(Loss) on fair value movements of investees calculated in accordance with International Financial Reporting Standards (IFRS) as adopted by the Group are highly dependent on estimates. Therefore, it is difficult to make reasonable earnings forecasts, and we do not make any business forecasts. However, for the convenience of investors and shareholders, instead of earnings forecasts, we disclose the recurring profit/loss forecasts as reference information. The recurring profit/loss forecasts for the fiscal year ending December 31, 2026 (January 1, 2026 to December 31, 2026) are as follows. (Reference information) (Unit: million yen, %) Year ended December 31, 2025 (Actual) Six-month period ended June 30, 2026 (Actual) Year ending December 31, 2026 (Forecast) Percentage change from the previous year Fund management fees 7,553 3,860 7,579 0.4% Management support fees 332 171 381 14.7% Recurring expenses (A-B) 4,274 2,297 5,051 18.2% Operating expenses (A) 4,399 2,951 5,615 27.6% One-time expenses (B) 125 654 564 350.8%
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 5 - 【Assumptions for Recurring Profit/Loss Forecast for the year ending December 31, 2026 (Consolidated)】 1. Outlook for the Group as a whole The Group aims to expand assets under management (“AUM”) over the medium to long term, to maximize the carried interest, and to continuously grow the fair value (“FV”) of principal investments by increasing the value of invested portfolios and invested assets in each asset classes of PE investment business, Real Estate investment business and GlobalTech growth investment business. It is difficult to reasonably forecast future AUM, realization of investment income, and FV of principal investments, so we do not forecast these results. These actual figures are as follows. [Reference for actual results] (Unit: 100 million yen) As of and for the year ended December 31, 2024 As of and for the year ended December 31, 2025 As of and for the six months period ended June 30, 2026 AUM *1 2,885 5,765 4,689 Fee-Earning AUM *2 1,645 3,789 3,661 FV of principal investments 381 435 419 Acquisition value of principal investments *3 70 97 111 FV of fund investments*4 2,878 3,609 3,067 Unrealized carried interest *5 Fund II Series 6 10 7 Fund III Series 80 165 39 Fund IV Series 150 176 174 Real Estate Fund I - - 0 UCAT (Unrealized Carried Interest After Tax) *6 164 240 152 Economic net worth *7 740 864 857 Note: *1 AUM is calculated based on the larger amounts of capital commitment amounts or fair value of investees for funds for which the investment period has not ended or for funds without a defined investment period, and based on the fair value of the remaining investments for funds for which the investment period has ended. AUM includes only the funds for which we receive management fee, and excludes funds in which co-investors make investments for specific investees. Since the fiscal year ending December 2025, the figures for Real Estate Fund I have been included. *2 Fee Earning AUM consist of the balance of managed assets that are used as the basis in calculating fund management fees. It is calculated based on capital commitment amounts for funds for which the investment period has not ended or for funds without a defined investment period, and based on the investment acquisition cost of the remaining investments for funds for which the investment period has ended. Furthermore, as the capital commitment amounts and investment acquisition cost of each fund series include the Group's commitment and investment as General Partner, equivalent to 2%, these amounts have been excluded from Fee Earning AUM. Since the fiscal year ending December 2025, the figures for Real Estate Fund I have been included. *3 The acquisition val ue of principal investments is calculated based on (i) the acquisition cost of shares and bonds based on IFRS and (ii) the investment amount calculated by subtracting the amounts distributed as investment return from the amount of invested capital and the adjusted amounts based on the sale ratio in partial exit. *4 FV of fund investments aggregates FV of investment portfolios and investment assets held by funds managed by the Group in PE and Real Estate investment businesses. Since the fiscal year ending December 2025, the figures for Real Estate Fund I have been included. *5 Unrealized carried interest is the amount of carried interest that is expected to be received assuming that the relevant funds were terminated and liquidated as of the relevant date and at the estimated fair value of their investments. Unrealized carried interest is calculated as (A) 20% of the sum of (i) the accumulated distribution amounts as of the end of the period, (ii) gain or loss from fair market valuation of the portfolio and (iii) net assets, less (iv) the deployed amount and (B) less the carried interest amounts that have been already realized. Unrealized carried interest shown in the table above consists of the prospective amount that
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 6 - we expect to receive from the unrealized carried interest calculated in accordance with the aforementioned formula, less the GP investments by our directors and employees. Since the first quarter of the fiscal year ending December 31, 2026, the unrealized carried interest related to Real Estate Fund I has been presented. As the Company provides LP interest into this fund, the estimated amount to be borne by the Company based on its commitment ratio in the fund has been deducted from the total unrealized carried interest. *6 UCAT (Unrealized Carried Interest After Tax) represents the amount of unrealized carried interest after deducting the estimated tax amounts at the time of realization based on the effective tax rate. *7 Economic net worth represents the sum of "Equity attributable to owne rs of parent" in the Consolidated Statement of Financial Position and UCAT, which indicates the estimated amount of Equiy that would be attributable to owners of the parent assuming the unrealized carried interest were to be realized. 2. Fund management fees Regarding PE investment business and Real Estate investment business, fund management fees are recognized as revenue with the passage of time, as the Group, in principle, provides investment management services to the funds over the duration of the funds in accordance with the partnership agreement with the funds that the Group manages. In accordance with the partnership agreement, Fund management fees is calculated in principal based on (i) the amount of capital commitments of the fund currently in the investment period and (ii) the investment acquisition cost of the fund after the end of the investment period. 3. Carried interest Regarding PE investment business and Real Estate investment business, under the limited partnership agreements, as a general partner, we are entitled to receive distribution referred to as “carried interest” based on the fund’s performance. We record the amount that is up to 20% of fund’s cumulative gains less the amount that has already been realized and will highly probable not to be subject to claw-back as carried interest, when it is certain that the funds will make distributions in excess of the hurdle rate of 8% of the deployment capital set forth in the partnership agreement and that we will be able to receive carried interest. 4. Management support fees In PE investment business, after making an investment, the Group dispatches our employees to the investees and supports its management to realize investees’ short to mid strategic goals. Management support fees are paid to the Group in accordance with the management support agreement and are recognized as revenue over the contract period with the passage of time. 5. Operating expenses The Group's operating expenses consist primarily of personnel expenses, commissions expenses, depreciation (including depreciation of right-of-use assets). 6. One-time expenses The Group's one-time expenses are the cost that are not expected to be incurred on an ongoing basis. In the year ended December 31, 2026, the Group mainly anticipates bonuses to employees associated with the realization of carried interest and the related taxes and the professional fees related to the transition to a group management company structure as one-time expenses.
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 7 - 2. Condensed Quarterly Consolidated Financial Statements and Primary Notes (1) Condensed Quarterly Consolidated Statement of Profit or Loss and Comprehensive Income Condensed Quarterly Consolidated Statement of Profit or Loss (Unit: million yen) Six-month period ended June 30, 2025 Six-month period ended June 30, 2026 Realized profits/(losses) on the disposal of investments 0 (14) Fair value movements on investment portfolio 326 1,203 Fair value movements on subsidiaries measured at fair value (621) (600) Dividends 24 91 Interest income from investment portfolio 32 0 Gross investment return (237) 680 Fund management fees 3,671 3,860 Carried interest 1,363 10,983 Management support fees 156 171 Other operating income 2 4 Revenue 4,955 15,699 Operating expenses (2,064) (2,951) Operating income (loss) 2,890 12,748 Finance income 156 100 Finance costs (154) (174) Profit (loss) before income taxes 2,893 12,674 Income taxes (1,193) (3,886) Profit (loss) for the period 1,699 8,788 Profit (loss) for the period attributable to: Owners of the parent 1,701 8,766 Non-controlling interests (2) 22 Profit (loss) for the period 1,699 8,788 Earnings per share Yen Yen Basic earnings (loss) per share 50.32 257.32 Diluted earnings (loss) per share 48.22 251.53
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 8 - Condensed Quarterly Consolidated Statement of Comprehensive Income (Unit: million yen) Six-month period ended June 30, 2025 Six-month period ended June 30, 2026 Profit (loss) for the period 1,699 8,788 Comprehensive income for the period 1,699 8,788 Comprehensive income for the period attributable to: Owners of the parent 1,701 8,766 Non-controlling interests (2) 22 Comprehensive income for the period 1,699 8,788
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 9 - (2) Condensed Quarterly Consolidated Statement of Financial Position (Unit: million yen) As of December 31, 2025 As of June 30, 2026 Assets Current assets: Cash and cash equivalents 19,277 35,794 Trade and other receivables 901 2,796 Income taxes receivable 1,756 10 Securities - 2,002 Other current financial assets 0 0 Other current assets 191 43 Total current assets 22,128 40,647 Non-current assets: Investments: 57,711 57,293 Investment portfolio 14,673 16,140 Investments in subsidiaries measured at fair value 43,037 41,153 Property, plant and equipment 179 145 Right-of-use assets 520 620 Intangible assets 0 0 Loans 2,107 - Loans to subsidiaries measured at fair value 390 857 Other non-current financial assets 264 276 Other non-current assets 1 2 Total non-current assets 61,174 59,195 Total assets 83,303 99,842
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 10 - (Unit: million yen) As of December 31, 2025 As of June 30, 2026 Liabilities and Equity Liabilities Current liabilities: Trade and other payables 983 598 Income taxes payable 1,431 4,297 Consumption taxes payable 229 82 Advances received 2,410 1,783 Loans from subsidiaries measured at fair value 1,300 10,001 Lease liabilities 229 229 Provision for bonuses - 419 Other current liabilities 160 139 Total current liabilities 6,744 17,551 Non-current liabilities: Loans 2,107 - Lease liabilities 191 311 Asset retirement obligations 212 212 Deferred tax liabilities 11,619 11,200 Total non-current liabilities 14,130 11,724 Total liabilities 20,875 29,276 Equity Share capital 7,634 7,634 Capital surplus 6,459 6,490 Retained earnings 48,333 56,419 Share acquisition rights 0 0 Treasury stock (4) (4) Equity attributable to owners of parent 62,422 70,538 Non-controlling interests 5 27 Total equity 62,428 70,566 Total liabilities and equity 83,303 99,842
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 11 - (3) Condensed Quarterly Consolidated Statement of Changes in Equity For the Six-month period ended June 30, 2025 For the Six-month period ended June 30, 2026 (Unit: million yen) Share capital Capital surplus Retained earnings Share acquisition rights Treasury stock Equity attributable to owners of parent Non- controlling interests Total equity Balance as of January 1, 2025 7,634 6,421 43,574 0 (6) 57,624 9 57,634 Profit (loss) for the period - - 1,701 - - 1,701 (2) 1,699 Other comprehensive income, net of tax - - - - - - - - Total comprehensive income for the period - - 1,701 - - 1,701 (2) 1,699 Share-based payment transactions - - - 0 - 0 - 0 Exercise of share acquisition rights - 0 - (0) - - - - Forfeiture of share acquisition rights - - 0 (0) - (0) - (0) Dividends - - (742) - - (742) - (742) Disposal of treasury stock - 31 - - 0 31 - 31 Total transactions with owners - 31 (742) (0) 0 (710) - (710) Balance as of June 30, 2025 7,634 6,453 44,533 0 (5) 58,616 7 58,623 (Unit: million yen) Share capital Capital surplus Retained earnings Share acquisition rights Treasury stock Equity attributable to owners of parent Non- controlling interests Total equity Balance as of January 1, 2026 7,634 6,459 48,333 0 (4) 62,422 5 62,428 Profit (loss) for the period - - 8,766 - - 8,766 22 8,788 Other comprehensive income, net of tax - - - - - - - - Total comprehensive income for the period - - 8,766 - - 8,766 22 8,788 Exercise of share acquisition rights - 0 - (0) - - - - Forfeiture of share acquisition rights - - 0 (0) - (0) - (0) Dividends - - (680) - - (680) - (680) Disposal of treasury stock - 30 - - 0 31 - 31 Total transactions with owners - 30 (680) (0) 0 (649) - (649) Balance as of June 30, 2026 7,634 6,490 56,419 0 (4) 70,538 27 70,566
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 12 - (4) Condensed Quarterly Consolidated Statement of Cash Flows Cash flows from financing activities: Proceeds from loans from subsidiaries measured at fair value 1,540 10,001 Repayment of loans from subsidiaries measured at fair value (1,500) (1,300) Repayments of loans (831) (2,251) Repayments of lease liabilities (107) (115) Proceeds from sale of treasury stock 31 31 Dividends paid (737) (680) Cash flows from financing activities (1,605) 5,683 Increase (decrease) in cash and cash equivalents (2,145) 16,516 Cash and cash equivalents at the beginning of the period 22,137 19,277 Effect of exchange rate changes on cash and cash equivalents (0) 0 Cash and cash equivalents at the end of the period 19,992 35,794 (Unit: million yen) Six-month period ended June 30, 2025 Six-month period ended June 30, 2026 Cash flows from operating activities: Profit (loss) before income taxes 2,893 12,674 Depreciation and amortization 176 179 Interest and dividend income (214) (192) Interest expenses 154 174 Increase (decrease) in provisions 9 419 Decrease (increase) in trade and other receivables 8,650 (1,894) Decrease (increase) in investment portfolio (720) (1,466) Decrease (increase) in investments in subsidiaries measured at fair value (4,905) 1,884 Decrease (increase) in loans 440 2,251 Decrease (increase) in loans to subsidiaries measured at fair value (200) (467) Decrease (increase) in other financial assets 0 (10) Decrease (increase) in other assets (77) 67 Increase (decrease) in trade and other payables (471) (391) Increase (decrease) in consumption taxes payable 99 (146) Increase (decrease) in advances received 315 (627) Increase (decrease) in other liabilities 3 (21) Others (0) 0 Subtotal 6,152 12,434 Interest and dividends received 184 125 Interest paid (129) (30) Income taxes paid (6,663) (1,449) Income taxes refund - 1,756 Cash flows from operating activities (456) 12,836 Cash flows from investing activities: Purchase of property, plant and equipment (83) (1) Purchase of securities - (2,001) Cash flows from investing activities (83) (2,003)
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 13 - (5) Notes to Condensed Quarterly Consolidated Financial Statements (Notes on Going concern assumptions) Not applicable. (Segment information) (1) Summary of reportable segments An operating segment of the Group is a component of the Group for which discrete financial information is available, and which is regularly reviewed by the Board of Directors to make decisions about the allocation of management resources and assess performance. As part of its medium- to long-term growth strategy, the Group aims to contribute to the development of Japanes e society and industry by investing in other asset classes, such as real estate and growth, in addition to private equity investments. Therefore, the Group is composed of segments by asset class, with two reportable business segments: "Private Equity investment business" and "Real Estate investment business. " GlobalTech Growth investment business, which was launched in March 2025, is not presented separately as a reportable segment due to the immateriality of this business in relation to the Group as a whole. Operating segments have not been aggregated. The Group discloses segment information in accordance with IFRS Accounting Standards to enable investors to understand the way the Board of Directors monitors business performance and evaluates the business portfolio on an ongoing basis. The main business activities of the reportable segments are as follows: Private Equity investment business ("PE investment business") The Group manages private equity funds that invest in both listed and unlisted companies in Japan. As a general partner, the Group earns fund management fees, provides management support to investee companies, and earns carried interest, which is distributions received by the Group based on the fund’ s performance. Furthermore, by making principal investments using its own funds, the Group realizes capital gains as a result of these investments. Real Estate investment business The Group manages real estate investment funds targeting real estate properties in Japan. As a general partner, the Group earns fund management fees and expects to earn carried interest, which is distributions received by the Group based on the fund’s performance. (2) Matters concerning changes in reportable segments From the fourth quarter of the fiscal year ended December 31, 2025, the Group has changed its reportable segment classifications due to the increased quantitative significance of the Real Estate investment business, presenting it as a reportable segment. Accordingly, segment information for the six-month period ended June 30, 2025 has been prepared and presented based on the revised classifications.
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 14 - (3) Information of reportable segments For the Six-month period ended June 30, 2025 Reportable segments Others *1 Total Eliminations and corporate *2 Consolidated PE investment business Real Estate investment business Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Revenue Gross investment return (298) 97 (201) (36) (237) - (237) Revenue from external customers *3 5,103 88 5,192 0 5,192 - 5,192 Intersegment revenues - - - - - - - Total 4,805 185 4,991 (36) 4,955 - 4,955 Finance income 151 0 151 (0) 151 5 156 Finance costs (144) - (144) (0) (144) (9) (154) Segment profit (loss) *4 3,660 72 3,733 (93) 3,639 (746) 2,893 Segment assets *5 42,757 5,410 48,167 189 48,357 - 48,357 Note: *1 "Others" includes the Group's GlobalTech Growth investment business. *2 "Eliminations and corporate" includes finance income, finance costs , and corporate expenses not attributable to any segment. Corporate expenses primary consist of personnel expenses, depreciation, and amortization. *3 "Revenue from external customers" consists of "Fund management fees," "Car ried interest," "Management support fees," and "Other operating revenue" on the condensed quarterly consolidated statement of profit or loss . *4 "Segment profit (loss)" is based on "Profit (loss) before income taxes" on the condensed quarterly consolidated statement of profit or loss. Income taxes are not allocated to business segments, due to the Group managing them on a group-wide basis. *5 "Segment assets" is based on "Investments" on the condensed quarterly consolidated statement of financial position which is regularly provided to the Board of Directors as amount of reportable segments assets.
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Integral Corporation (5842) Consolidated Financial Results for the Six Months Ended June 30, 2026 - 15 - For the Six -month period ended June 30, 2026 Reportable segments Others *1 Total Eliminations and corporate *2 Consolidated PE investment business Real Estate investment business Total Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Millions of Yen Revenue Gross investment return (604) 894 290 389 680 - 680 Revenue from external customers *3 14,635 384 15,019 0 15,019 - 15,019 Intersegment revenues - - - - - - - Total 14,030 1,279 15,309 390 15,699 - 15,699 Finance income 88 0 88 0 88 12 100 Finance costs (72) (1) (73) (35) (109) (64) (174) Segment profit (loss) *4 12,363 1,054 13,418 279 13,697 (1,022) 12,674 Segment assets *5 45,856 6,849 52,705 4,587 57,293 - 57,293 Note: *1 "Others" includes the Group's GlobalTech Growth investment business. *2 "Eliminations and corporate" includes financ e income, finance costs, and corporate expenses not attributable to any segment. Corporate expenses primary consist of personnel expenses, depreciation, and amortization. * 3 " Revenue from external customers" consists of "Fund management fees," "Carried interest," "Management support fees," and "Other operating revenue" on the condensed quarterly consolidated statement of profit or loss . * 4 "Segment profit (loss)" is based on "Profit (loss) before income taxes" on the condensed quarterly consolidated statement of profit or loss. Income taxes are not allocated to business segments, due to the Group managing them on a group-wide basis. * 5 "Segment assets" is based on "Investments" on the condensed quarterly consolidated statement of financial position which is regularly provided to the Board of Directors as amount of reportable segments assets.