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. November 7, 2025 Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under IFRS) Company name: WILL GROUP, INC. Listing: Tokyo Stock Exchange Securities code: 6089 URL: https://willgroup.co.jp/en/ Representative: Yuichi Sumi, President and Representative Director Inquiries: Satoshi Takayama, Executive Officer and General Manager of Management Department Telephone: +81-3-6859-8880 Scheduled date to file semi-annual securities report: November 7, 2025 Scheduled date to commence dividend payments: – Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for institutional investors and analysts) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 71,530 1.7 1,638 62.4 1,556 79.4 1,137 125.7 September 30, 2024 70,323 1.5 1,009 (50.0) 867 (58.4) 503 (66.1) Profit attributable to owners of parent Total comprehensive income Basic earnings per share Diluted earnings per share Six months ended Millions of yen % Millions of yen % Yen Yen September 30, 2025 1,147 126.5 1,644 233.9 50.11 50.08 September 30, 2024 506 (63.9) 492 (77.8) 22.22 22.13 (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of Millions of yen Millions of yen Millions of yen % September 30, 2025 50,421 18,012 18,054 35.8 March 31, 2025 49,923 17,359 17,392 34.8
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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 March 31, 2025 – 0.00 – 44.00 44.00 Fiscal year ending March 31, 2026 – 0.00 Fiscal year ending March 31, 2026 (Forecast) – 44.00 44.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated earnings forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % Fiscal year ending March 31, 2026 143,500 2.7 3,100 32.6 2,940 35.0 1,980 73.4 Profit attributable to owners of parent Basic earnings per share Millions of yen % Yen Fiscal year ending March 31, 2026 2,000 73.1 87.31 Note: Revisions to the earnings forecasts most recently announced: Yes
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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 September 30, 2025 23,118,900 shares As of March 31, 2025 23,095,300 shares (ii) Number of treasury shares at the end of the period As of September 30, 2025 206,027 shares As of March 31, 2025 212,864 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 22,907,848 shares Six months ended September 30, 2024 22,801,693 shares Note: The number of treasury shares at the end of the period includes the number of shares owned by executive stock compensation trust. (200,618 shares as of September 30, 2025 and 207,455 shares as of March 31, 2025) * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters The forward-looking statements shown in these materials, including earnings forecasts, are based on information currently available to the Company and on certain assumptions deemed to be reasonable. As such, they do not constitute guarantees by the Company of future performance. Actual results may differ significantly from these forecasts for a number of reasons. Please refer to “(3) Explanation of consolidated earnings forecasts and other forward-looking statements” under “1. Overview of operating results and others” on page 4 of the attached material for the assumptions on which earnings forecasts are based, and cautions concerning the use thereof. Means of obtaining supplementary material on semi-annual financial results The supplementary material on semi-annual financial results is disclosed on TDnet and the Company’s website on the same day as the semi-annual financial results.
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WILL GROUP, INC. (6089) - 1 - Attached Material Index 1. Overview of operating results and others ................................................................................................ 2 (1) Overview of operating results for the period ................................................................................... 2 (2) Overview of financial position for the period ................................................................................. 3 (3) Explanation of consolidated earnings forecasts and other forward-looking statements .................. 4 2. Condensed semi-annual consolidated financial statements and significant notes thereto ....................... 5 (1) Condensed semi-annual consolidated statement of financial position ............................................ 5 (2) Condensed semi-annual consolidated statement of profit or loss and condensed semi-annual consolidated statement of comprehensive income .......................................................................... 7 (3) Condensed semi-annual consolidated statement of changes in equity ............................................ 9 (4) Condensed semi-annual consolidated statement of cash flows ..................................................... 10 (5) Notes to condensed semi-annual consolidated financial statements ............................................. 11 Notes on premise of going concern ............................................................................................... 11 Notes to condensed semi-annual consolidated financial statements ............................................. 11 Segment information, etc. ............................................................................................................. 11
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WILL GROUP, INC. (6089) - 2 - 1. Overview of operating results and others (1) Overview of operating results for the period During the six months ended September 30, 2025, the global economy showed signs of slowdown in some regions due to the widespread impact from U.S. trade policies and the reactionary effects of rush demand following tariff hikes. In addition, geopolitical risks continue to create an uncertain outlook, necessitating ongoing attention to these influences. The Japanese economy showed signs of a pickup in individual consumer confidence amidst continued gradual recovery against the backdrop of improvement in the employment and income environment. On the other hand, due to continuously rising prices and an increase in logistics costs and personnel expenses, in addition to factors such as downside risks stemming from the impact of trade tariffs imposed by the U.S. government, the outlook remains uncertain. Under these circumstances, the Group worked to ex pand the construction management engineer domain, permanent employee staffing, foreign talent management service s, and other initiatives for the renewed growth of the Domestic Working Business, which is the basic policy in the Medium-Term Management Plan “WILL-being 2026,” for which the final fiscal year is the fiscal year ending March 31, 2026. In Japan, the construction management engineer domain steadily expanded, and other domains, led by the sales outsourcing domain, showed firm performance. In additio n, in order to strengthen hiring capabilities in Japan, the Company continued to run TV commercials in the first quarter as promotion of “WILLOF” brand in 18 prefectures that include the Kanto area, which is the Company ’s largest market area, and also developed a promotion strategy utilizing the web commercials and social media, etc. In the overseas segment, the Company has been implementing cost control measures aimed to strengthen its earnings structure due to prolonged reduction in hiring by major clients since the post- COVID-19 surge in permanent placement demand has run its course, with the impact of inflationary pressures compounding the situation, and continues to take measures to secure sustainable revenue even under market conditions where demand fo r manpower is weak. In addition, due to the appreciation of the yen compared to the same period of the previous fiscal year, revenue was negatively impacted by approximately ¥1,400 million, and segment profit by approximately ¥40 million. As a result of the above, revenue for the six months ended September 30, 2025 was ¥71,530 million (up 1.7% year on year), operating profit was ¥1,638 million (up 62.4%), profit before tax was ¥1,556 million (up 79.4%), profit was ¥1,137 million (up 125.7%), profit attributable to owners of parent was ¥1,147 million (up 126.5%), and EBITDA (operating profit + depreciation and amortization) was ¥2,610 million (up 28.3%). Results of operations by segment are as follows: (i) Domestic Working Business For the Domestic Working Business, which offers temporary staffing, permanent placement, and business process outsourcing services in Japan, specifically for categories such as the sales outsourcing domain, call center outsourcing domain, factory outsourcing domain, nursing care d omain, and construction management engineer domain, revenue increased due to strong expansion in the construction management engineer domain. In term of profit, the steady progress of the KPIs (Key Performance Indicators) in the Medium-Term Management Plan, particularly regarding “number of workers on assignment for permanent employee staffing” and “number of foreigners supported through the foreign talent management services ” contributed to the improvement in the gross profit margin, which along with the i mproved SG&A expenses ratio from enhanced productivity, led to increased profit. For the construction management engineer domain, the percentage of workforce on assignment improved. In addition, negotiations on unit price with clients have led to steady improvement in the contract unit price for newly graduated employees without experience. As a result of the above, the Domestic Working Business recorded external revenue of ¥42,767 million (up 3.6% year on year), and segment profit of ¥1,765 million (up 60.5%).
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WILL GROUP, INC. (6089) - 3 - (ii) Overseas Working Business For the Overseas Working Business, which offers temporary staffing and permanent placement mainly in Singapore and Australia, although there has been a gradual recovery in temporary staffing demand, along with a partial recovery in the previously sluggish demand for permanent placements, revenue declined overall due in part to the negative impact from the yen ’s appreciation compared with the exchange rate in same period of the previous fiscal year (approximately ¥1,400 million). In terms of profit, the reduction in SG&A expenses resulting from cost control outweighed the impact of the revenue decrease, leading to a profit increase that surpassed the effect of government grant income included in the same period of the previous fiscal year. As a result of the above, the Overseas Working Business recorded external revenue of ¥28,717 million (down 0.9% year on year), and segment profit of ¥1,150 million (up 3.0%). (iii) Others For the Others segment, due to the business trans fer of the “ENPORT mobile ” mobile telecommunications business for foreign nationals in the previous fiscal year, external revenue amounted to ¥44 million (down 50.9% year on year), with a segment loss of ¥154 million (compared with a segment loss of ¥137 million in the same period of the previous fiscal year). (2) Overview of financial position for the period (i) Assets, liabilities and equity Assets Current assets as of September 30, 2025 were ¥27,422 million, an increase of ¥871 million from the end of the previous fiscal year. This was mainly due to increases in cash and cash equivalents of ¥375 million, in other current assets of ¥279 million, and in trade and other receivables of ¥178 million. Non-current assets stood at ¥22,998 million, a decrease of ¥373 million from the end of the previous fiscal year. This was mainly due to decreases in right -of-use assets of ¥424 million and in other financial assets of ¥213 million, despite an increase in goodwill of ¥226 million as a result of currency translation effects following the depreciation of the yen. As a result, total assets amounted to ¥50,421 million, an increase of ¥498 million from the end of the previous fiscal year. Liabilities Current liabilities as of September 30, 2025 were ¥25,366 million, a n increase of ¥158 million from the end of the previous fiscal year. This was mainly due to increases in trade and other payables of ¥1,221 million and in income taxes payable of ¥85 million, despite decreases in borrowings of ¥839 million, in other current liabilities of ¥178 million and in other financial liabilities of ¥130 million. Non-current liabilities stood at ¥7,042 million, a decrease of ¥312 million from the end of the previous fiscal year. This was mainly due to decreases in other financial liab ilities of ¥468 million and in deferred tax liabilities of ¥126 million, despite an increase in borrowings of ¥302 million. As a result, total liabilities amounted to ¥32,409 million, a decrease of ¥154 million from the end of the previous fiscal year. Equity Total equity as of September 30, 2025 was ¥18,012 million, an increase of ¥652 million from the end of the previous fiscal year. This was mainly due to increases in exchange differences on translation of foreign operations of ¥516 million and in retained earnings of ¥139 million. As a result of the above, the ratio of equity attributable to owners of parent to total assets was 35.8% (34.8% at the end of the previous fiscal year).
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WILL GROUP, INC. (6089) - 4 - (ii) Cash flows Cash and cash equivalents as of September 30, 2025 incre ased ¥375 million from the end of the previous fiscal year to ¥7,311 million. Status of cash flows for the six months ended September 30, 2025 and the main factors driving them are as follows: Cash flows from operating activities Net cash provided by oper ating activities was ¥2,360 million (¥141 million provided in the same period of the previous fiscal year). This was mainly due to profit before tax of ¥1,556 million, a recording of depreciation and amortization of ¥971 million and an increase in trade payables of ¥521 million, despite factors such as an increase in trade receivables of ¥318 million, payments included in other of ¥221 million and income taxes paid of ¥111 million. Cash flows from investing activities Net cash used in investing activities was ¥35 million (¥853 million used in the same period of the previous fiscal year). This was mainly due to purchase of property, plant and equipment, and intangible assets of ¥209 million and payments included in other of ¥29 million, despite proceeds from sale of investment securities of ¥203 million. Cash flows from financing activities Net cash used in financing activities was ¥2,095 million (¥292 million used in the same period of the previous fiscal year). This was mainly due to repayments of long-term borrowings of ¥1,717 million, dividends paid of ¥1,016 million, net decrease in short -term borrowings of ¥819 million and repayments of lease liabilities of ¥614 million, despite proceeds from long-term borrowings of ¥2,000 million. (3) Explanation of consolidated earnings forecasts and other forward-looking statements Consolidated earnings forecasts are as stated in the “Notice Concerning Difference Between Consolidated Earnings Forecasts for the Six Months Ended September 30, 2025 and the Actual Results and Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026 ” announced today (November 7, 2025). Note that earnings forecasts are based on information currently available to the Company, and actual results may differ from forecasts for a variety of reasons going forward.
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WILL GROUP, INC. (6089) - 5 - 2. Condensed semi-annual consolidated financial statements and significant notes thereto (1) Condensed semi-annual consolidated statement of financial position (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and cash equivalents 6,936 7,311 Trade and other receivables 18,136 18,314 Other financial assets 213 251 Other current assets 1,265 1,544 Total current assets 26,551 27,422 Non-current assets Property, plant and equipment 1,109 1,081 Right-of-use assets 4,391 3,967 Goodwill 8,166 8,393 Other intangible assets 5,605 5,619 Other financial assets 2,160 1,947 Deferred tax assets 1,851 1,930 Other non-current assets 86 58 Total non-current assets 23,371 22,998 Total assets 49,923 50,421
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WILL GROUP, INC. (6089) - 6 - (Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Trade and other payables 16,956 18,178 Borrowings 4,003 3,164 Other financial liabilities 1,426 1,296 Income taxes payable 523 608 Other current liabilities 2,297 2,119 Total current liabilities 25,208 25,366 Non-current liabilities Borrowings 2,602 2,904 Other financial liabilities 3,636 3,167 Deferred tax liabilities 935 808 Other non-current liabilities 181 161 Total non-current liabilities 7,354 7,042 Total liabilities 32,563 32,409 Equity Share capital 2,217 2,222 Capital surplus (2,068) (2,056) Treasury shares (204) (198) Other components of equity 1,912 2,411 Retained earnings 15,536 15,676 Total equity attributable to owners of parent 17,392 18,054 Non-controlling interests (32) (42) Total equity 17,359 18,012 Total liabilities and equity 49,923 50,421
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WILL GROUP, INC. (6089) - 7 - (2) Condensed semi-annual consolidated statement of profit or loss and condensed semi -annual consolidated statement of comprehensive income Condensed semi-annual consolidated statement of profit or loss (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Revenue 70,323 71,530 Cost of sales 55,534 56,169 Gross profit 14,788 15,360 Selling, general and administrative expenses 14,133 13,829 Other income 365 109 Other expenses 11 2 Operating profit 1,009 1,638 Share of profit of investments accounted for using equity method 24 – Finance income 26 18 Finance costs 192 101 Profit before tax 867 1,556 Income tax expense 363 418 Profit 503 1,137 Profit attributable to Owners of parent 506 1,147 Non-controlling interests (2) (10) Earnings per share Basic earnings per share 22.22 50.11 Diluted earnings per share 22.13 50.08
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WILL GROUP, INC. (6089) - 8 - Condensed semi-annual consolidated statement of comprehensive income (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 503 1,137 Other comprehensive income Items that will not be reclassified to profit or loss Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income (16) (8) Total of items that will not be reclassified to profit or loss (16) (8) Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations 4 516 Total of items that may be reclassified to profit or loss 4 516 Other comprehensive income, net of tax (11) 507 Comprehensive income 492 1,644 Comprehensive income attributable to Owners of parent 493 1,654 Non-controlling interests (1) (10)
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WILL GROUP, INC. (6089) - 9 - (3) Condensed semi-annual consolidated statement of changes in equity Six months ended September 30, 2024 (Millions of yen) Share capital Capital surplus Treasury shares Total Retained earnings Total equity attributable to owners of parent Non- controlling interests Total Balance at beginning of period 2,198 (2,045) (204) 2,032 15,528 17,508 10 17,518 Profit – – – – 506 506 (2) 503 Other comprehensive income – – – (12) – (12) 1 (11) Comprehensive income – – – (12) 506 493 (1) 492 Dividends of surplus – – – – (1,011) (1,011) – (1,011) Disposal of treasury shares – – – – – – – – Share-based payment transactions 3 32 – – – 36 – 36 Change in scope of consolidation – – – (20) 44 23 0 24 Increase (decrease) by business combination – (22) – – – (22) – (22) Changes in ownership interest in subsidiaries – (72) – – – (72) 0 (71) Transfer from other components of equity to retained earnings – – – 132 (132) – – – Total transactions with owners 3 (61) – 111 (1,099) (1,045) 1 (1,044) Balance at end of period 2,202 (2,107) (204) 2,131 14,935 16,956 10 16,966 Six months ended September 30, 2025 (Millions of yen) Share capital Capital surplus Treasury shares Total Retained earnings Total equity attributable to owners of parent Non- controlling interests Total Balance at beginning of period 2,217 (2,068) (204) 1,912 15,536 17,392 (32) 17,359 Profit – – – – 1,147 1,147 (10) 1,137 Other comprehensive income – – – 506 – 506 0 507 Comprehensive income – – – 506 1,147 1,654 (10) 1,644 Dividends of surplus – – – – (1,015) (1,015) – (1,015) Disposal of treasury shares – (1) 6 – – 5 – 5 Share-based payment transactions 4 13 – – – 18 – 18 Change in scope of consolidation – – – – – – – – Increase (decrease) by business combination – – – – – – – – Changes in ownership interest in subsidiaries – – – – – – 0 0 Transfer from other components of equity to retained earnings – – – (8) 8 – – – Total transactions with owners 4 11 6 (8) (1,007) (992) 0 (992) Balance at end of period 2,222 (2,056) (198) 2,411 15,676 18,054 (42) 18,012
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WILL GROUP, INC. (6089) - 10 - (4) Condensed semi-annual consolidated statement of cash flows (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from operating activities Profit before tax 867 1,556 Depreciation and amortization 1,025 971 Share-based payment expenses 30 18 Decrease (increase) in trade receivables 0 (318) Increase (decrease) in trade payables (750) 521 Other (33) (221) Subtotal 1,140 2,527 Interest and dividends received 20 17 Interest paid (75) (73) Income taxes paid (943) (111) Net cash provided by (used in) operating activities 141 2,360 Cash flows from investing activities Purchase of property, plant and equipment, and intangible assets (210) (209) Purchase of investment securities (299) – Proceeds from sale of investment securities 10 203 Payments for loans receivable (300) – Other (53) (29) Net cash provided by (used in) investing activities (853) (35) Cash flows from financing activities Net increase (decrease) in short-term borrowings 1,021 (819) Proceeds from long-term borrowings 800 2,000 Repayments of long-term borrowings (712) (1,717) Purchase of shares of subsidiaries not resulting in change in scope of consolidation (71) – Repayments of lease liabilities (625) (614) Dividends paid (1,010) (1,016) Proceeds from government grants 299 63 Other 7 8 Net cash provided by (used in) financing activities (292) (2,095) Effect of exchange rate changes on cash and cash equivalents (3) 146 Net increase (decrease) in cash and cash equivalents (1,007) 375 Cash and cash equivalents at beginning of period 7,106 6,936 Cash and cash equivalents at end of period 6,098 7,311
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WILL GROUP, INC. (6089) - 11 - (5) Notes to condensed semi-annual consolidated financial statements Notes on premise of going concern Not applicable. Notes to condensed semi-annual consolidated financial statements (1) Reporting entity WILL GROUP, INC. (the “Company”) is a stock company located in Japan. The addresses of the Company’s registered head office and key business offices are available on its website (https://willgroup.co.jp/en/). The Company ’s condensed semi -annual consolidated financial statements, which were prepared for the fiscal year ended September 30, 202 5, represent the Company and its subsidiaries (the “Group”). (2) Standards for preparation of consolidated financial statements, etc. The Company ’s condensed semi -annual consolidated financial statements are prepared in accordance with International Accounting Standard No. 34 “Interim Financial Reporting ” as provided in Article 312 of the “Regulations on Consolidated Financial Statements” since all of the requirements for a “Specified Company Complying with Designated International Accounting Standards” in Article 1-2 of the same Regulations are satisfied. Segment information, etc. (1) Overview of reportable segments The Group determines reportable segments that are components of the Group for which discrete financial information is available and regularly reviewed by the chief operating decision maker to make decisions about the allocation of management resources and assess the results of operations. The Group’s reportable segments are comprised of the following two segments. The details of each reportable segment are as follows: Reportable segments Business activities Domestic Working Business Engaged primarily in HR support services centered on temporary staffing, permanent placement and business process outsourcing services in Japan specifically for categories such as sales, call center, factory, care support facility and construction management engineer. Overseas Working Business Engaged primarily in temporary staffing and permanent placement mainly in Singapore and Australia. In addition to the above, services such as digital transformation (DX) support for the private sector and local governments are included in Others.
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WILL GROUP, INC. (6089) - 12 - (2) Information of the reportable segments The figures for profit for reportable segments are given on an operating profit basis. The information of each reportable segment is as follows: Six months ended September 30, 2024 (Millions of yen) Reportable segments Others Adjustments (Note 2) Amount recorded in the consolidated financial statements Domestic Working Business Overseas Working Business Total Revenue External revenue 41,262 28,969 70,232 90 – 70,323 Intersegment revenue (Note 1) 8 – 8 4 (12) – Total 41,271 28,969 70,240 95 (12) 70,323 Segment profit 1,099 1,117 2,216 (137) (1,069) 1,009 (Note 1) Intersegment revenue is based on general market price. (Note 2) Adjustments to segment profit of negative ¥1,069 million include intersegment eliminations of negative ¥0 million and corporate expenses not allocated to each business segment of negative ¥1,069 million. Corporate expenses mainly consist of general and administrative expenses that are not attributable to operating segments. Six months ended September 30, 2025 (Millions of yen) Reportable segments Others Adjustments (Note 2) Amount recorded in the consolidated financial statements Domestic Working Business Overseas Working Business Total Revenue External revenue 42,767 28,717 71,485 44 – 71,530 Intersegment revenue (Note 1) 6 – 6 1 (8) – Total 42,774 28,717 71,492 46 (8) 71,530 Segment profit 1,765 1,150 2,915 (154) (1,122) 1,638 (Note 1) Intersegment revenue is based on general market price. (Note 2) Adjustments to segment profit of negative ¥1,122 million include intersegment eliminations of negative ¥0 million and corporate expenses not allocated to each business segment of negative ¥1,122 million. Corporate expenses mainly consist of general and administrative expenses that are not attributable to operating segments.