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Supplementary Materials for the Third Quarter of Fiscal Year Ending March 31, 2026 February 9, 2026 WILL GROUP , INC. Tokyo Stock Exchange, Prime Market / Stock code: 6089 https://willgroup.co.jp/en/
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2 1. Q3 FY2026 Results P .3 2. Q3 FY2026 TOPIX P .27 3. FY2026 Earnings Forecast and Dividend Forecast P .32 Appendix P .36 1. FY2026 TOPIX 2. About Will Group 3. Medium-term Management Plan (WILL-being 2026) 4. External Environment 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price Contents In parts of these materials, “Domestic Working Business” and “Overseas Working Business” are abbreviated as “Domestic W” and “Overseas W ,” respectively.
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3 Q3 FY2026 Results
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Q3 FY2026 Financial Highlights (Consolidated) 4 *1 Normalized operating profit: Operating profit excluding temporary gains/losses (impairment losses and government subsidy income in “Overseas Working Business,” and gain on sale of real estate in “Others”) that were included in the corresponding previous period *2 EBITDA: Operating profit + depreciation and amortization + impairment losses Revenue 108.62 (vs Q3 FY2025 +3.1%) *+4.1% when excluding the effect of foreign exchange Operating profit 2.85 (Normalized operating profit*1 ¥2.82 billion) (vs Q3 FY2025 +59.2%) EBITDA *2 4.38 (vs Q3 FY2025 +32.0%) (Billions of yen) Consolidated Revenue increased primarily due to steady growth in the Domestic Working Business, led by the construction management engineer domain, which offset the negative forex impact (-¥1.01 billion) in the Overseas Working Business. Operating profit increased significantly due to the increase in gross profit in the Domestic Working Business, led by the construction management engineer domain, as well as controlled SG&A expenses and an increase in gross profit from higher permanent placement revenue in the Overseas Working Business.
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Domestic Working Business Revenue increased by 4.9% due to factors including expansion of the construction management engineer domain, steady performance in the sales outsourcing and factory outsourcing domains, and the impact of the newly consolidated HR CAREER. Segment profit increased significantly by 44.7%. The strong performance was driven by higher gross profit resulting from a strategic focus on the construction management engineer domain, permanent employee staffing and foreign talent management services. 5 Revenue 65.52 (vs Q3 FY2025 +4.9%) Segment profit 3.01 (vs Q3 FY2025 +44.7%) Revenue 43.03 (vs Q3 FY2025 +0.6%) Segment profit 1.75 (vs Q3 FY2025 +16.2%) (Normalized segment profit: vs Q3 FY2025 +39.2%) Q3 FY2026 Financial Highlights (Segment Performance) (Billions of yen) (Billions of yen) *1 Normalized segment profit: Segment profit excluding temporary gains/losses (impairment losses and government subsidy income) in the same period of the previous fiscal year Overseas Working Business Despite the negative forex impact (-¥1.01 billion) due to the exchange rate trending toward a stronger yen year on year, revenueincreased by 0.6%, driven primarily by steady temporary staffing revenue in Singapore and permanent placement revenue increasing year-on-year. Segment profit increased by 16.2%, supported by controlled SG&A expenses and higher gross profit resulting from increased permanent placement revenue. Normalized segment profit*1 increased significantly by 39.2%.
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【 KPI 】 FY2025 Q3 FY2026 FY2026 (Plan) Vs. Plan Number of hires/year (construction management engineer domain) 1,704 1,382 1,500 92.1 % Retention rate (construction management engineer domain) 68.4 % 71.9 % 71.5 % +0.4 pt Increase in number of workers on assignment for permanent employee staffing (Domestic W [excluding the construction management engineer domain]) 3,450 3,925 3,500 112.1 % Increase in number of foreign talent supported through the Foreign Talent Management Services (Domestic W) 3,142 4,331 3,500 123.7 % Q3 FY2025 Q3 FY2026 Vs. Q3 FY2025 (Change) Vs. Q3 FY2025 (% change) Revenue 105.35 108.62 +3.27 +3.1 % Gross profit 22.09 23.95 +1.86 +8.4 % (Gross margin) ( 21.0 %) ( 22.1 %) ( +1.1 pt) Operating profit 1.79 2.85 +1.06 +59.2 % (Operating margin) ( 1.7 %) ( 2.6 %) ( +0.9 pt) Profit attributable to owners of parent 1.11 1.97 +0.86 +77.2 % Number of Employees：8,923 (Vs.as end of previous fiscal year＋994) 6 The strategic focus on the construction management engineer domain, permanent employee staffing, and foreign talent management services proved successful, leading to improvements in both the gross margin and operating margin. (Billions of yen) (Vs. end of previous fiscal year : +475) (Vs. end of previous fiscal year : +1,189) Q3 FY2026 Results
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7 Q3 FY2026 Revenue (Breakdown of Year-on-Year Changes) (Billions of yen) Domestic W (*1) Sales outsourcing domain IT engineer domain Care support domain Factory outsourcing domain Call center outsourcing domain Others +0.57 billion +0.32 billion +0.27 billion +0.20 billion - 1.23 billion +0.50 billion (*2) Temporary staffing Permanent placement +1.05 billion +0.20 billion Overseas W +2.45 108.62105.35 +1.27(*2)+0.63(*1) -0.05-1.01
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Q3 FY2026 Operating Profit (Breakdown of Year-on-Year Changes) (*3) Increase in headquarters costs. Domestic W (Billions of yen) 8 (*2) Increase in SG & A expenses Increase in Subsidy income Decrease in Gross profit Forex impact +0.27 billion +0.25 billion - 0.24 billion - 0.02 billion (*1) Factory outsourcing domain Care support domain Sales outsourcing domain IT engineer domain Call center outsourcing domain Others +0.19 billion +0.07 billion +0.06 billion +0.03 billion - 0.02 billion - 0.08 billion 1.79 2.85+0.25 (*1) +0.24(*2) -0.01 +0.67 -0.10(*3)
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19.83 19.76 20.51 20.61 20.86 20.65 21.42 21.18 20.18 20.51 20.94 20.88 20.46 20.79 21.17 20.65 21.18 21.58 22.75 11.41 12.29 12.72 12.31 14.04 15.70 14.20 13.58 14.18 14.25 13.63 13.36 14.53 14.43 13.81 13.66 14.00 14.71 14.31 0.28 0.31 0.45 0.54 0.53 0.55 0.63 0.53 0.06 0.06 0.06 0.06 0.04 0.04 0.03 0.03 0.02 0.02 0.02 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 9 Consolidated Revenue Others Overseas W Domestic W Q3 revenue increased ¥2.06 billion compared to Q3 FY2025 (of which, forex impact: -¥0.31 billion). On a quarterly basis, revenue reached an all-time high. (Billions of yen) 35.03 37.09 (YoY +5.9%)
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10 Consolidated Operating Profit Subsidy income Gain on sale of shares of subsidiaries Q3 operating profit increased ¥0.43 billion compared to Q3 FY2025 (including -¥0.01 billion from the effect of foreign exchange in the Overseas Working Business) Overseas W Domestic W Corporate expenses Others Impairment losses 0.97 1.18 1.25 1.03 1.18 1.09 0.88 1.28 0.57 0.78 0.85 0.77 0.23 0.86 0.98 1.16 0.58 1.18 1.25 0.78 1.270.74 0.90 0.79 0.68 0.82 1.01 0.66 0.49 0.44 0.65 0.44 0.27 0.30 0.53 0.37 0.20 0.46 0.65 0.57 0.01 0.18 0.03 0.04 0.02 0.30 0.01 0.08 0.01 0.26 0.01 0.01 0.18 0.02 0.02 (0.47) (0.10) (0.09) (0.11) (0.02) (0.06) (0.08) (0.05) (0.08) (0.06) (0.06) (0.05) (0.03) (0.06) (0.07) (0.05) (0.02) (0.07) (0.08) (0.05) (0.49) (0.45) (0.46) (0.57) (0.54) (0.55) (0.58) (0.55) (0.61) (0.49) (0.54) (0.57) (0.57) (0.49) (0.53) (0.51) (0.58) (0.53) (0.58) Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (Billions of yen) 1.21 0.78 (YoY +55.1 %)
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61.64 62.44 65.52 Q3 FY2024 Q3 FY2025 Q3 FY2026 2.99 2.08 3.01 4.9% 3.3% 4.6% 1.83 49.1% 44.3% 4.8%9.5% 37.0% 4.5% 29.8% 28.0% 1.8% 9.6%55.4% 5.2% Q3 FY2026 Domestic Working Business (Year-to-date) -Revenue and segment profit (Billions of yen)- The Domestic Working Business achieved increases in both revenue and profit, driven by the expansion of the construction management engineer domain as well as steady performance in the sales outsourcing and factory outsourcing domains. As a result of the strategic initiatives under the Medium-term Management Plan, the gross profit contribution from key strategicareas (permanent employee staffing and outsourcing, and Foreign Talent Management Services) steadily expanded to49.1%. Consequently, the overall gross profit margin also improved by 2.5pt compared with FY2023. 11 Segment profit Revenue Segment profit to net sales Segment profit (normalized basis) Service Gross Profit Margin ■ Permanent placement High Low ■ Permanent employee staffing and outsourcing ■ Foreign talent management services ■ Temporary staffing and outsourcing ■ Others - Change in share of gross profit by service - FY2023*2 Gross Profit Margin ：18.5% Q3 FY2026 Gross Profit Margin ：21.0% (Target scope of key strategies) *1 Operating profit excluding the temporary gain on the sale of subsidiary shares and the effects of deconsolidation. *2 Figures for FY2023 (full year) are calculated excluding the figures for subsidiaries that were excluded from consolidation bythe end of the previous fiscal year. Q3 FY2026 Q3 FY2025 Vs. Q3 FY2025 % change Revenue 65.52 62.44 +4.9% Segment profit 3.01 2.08 +44.7%
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4.76 4.62 4.85 5.26 5.07 5.01 5.13 5.16 4.86 4.86 4.96 5.13 5.18 5.04 5.10 5.07 5.04 5.21 5.65 4.22 4.21 4.33 4.27 4.15 4.12 4.22 4.07 3.88 3.75 3.72 3.48 3.38 3.29 3.27 2.98 2.98 2.89 2.84 4.69 4.59 4.64 4.38 4.47 4.40 4.41 4.35 4.44 4.47 4.63 4.43 4.58 4.63 4.77 4.54 4.69 4.67 4.82 3.32 3.39 3.53 3.42 3.52 3.40 3.40 3.28 3.31 3.33 3.39 3.33 3.37 3.44 3.44 3.36 3.44 3.51 3.58 1.33 1.40 1.47 1.56 1.65 1.86 2.03 2.11 2.34 2.58 2.70 2.82 3.15 3.58 3.72 3.81 4.09 4.35 4.47 0.95 0.95 1.13 0.98 1.27 1.10 1.44 1.40 0.59 0.61 0.68 0.68 0.76 0.79 0.84 0.86 0.91 0.92 1.37 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Domestic Working Business (Revenue and operating profit by sector) -Revenue by sector (Billions of yen)- *Intra-segment consolidation adjustments are not included. 22.75 Revenue by sector reached quarterly all-time highs across nearly all domains. The construction management engineer domain has transitioned into a profit growth phase, with a significant increase in profit, standing 104.2% higher than Q3 FY2025. Construction Management engineers Sales outsourcing Call center outsourcing Factory outsourcing Care support/ nursery schools Others Construction management engineers Sales outsourcing Call center outsourcing Factory outsourcing Care support/ nursery schools Others 12 (YoY +7.4%) 21.18 0.40 0.32 0.42 0.46 0.46 0.44 0.37 0.44 0.28 0.28 0.33 0.40 0.37 0.29 0.35 0.33 0.29 0.37 0.42 0.28 0.27 0.30 0.30 0.23 0.25 0.22 0.21 0.15 0.11 0.14 0.09 0.10 0.09 0.14 0.08 0.13 0.12 0.06 0.37 0.28 0.34 0.25 0.28 0.25 0.18 0.22 0.22 0.18 0.22 0.13 0.13 0.19 0.28 0.17 0.24 0.27 0.29 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.2 0.1 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 (0.20)(0.12)(0.12)(0.10) (0.27) (0.14)(0.08) 0.00 (0.27) (0.05)(0.02)(0.04) (0.36) 0.27 0.27 0.19 (0.12) 0.42 0.56 0.08 0.10 0.14 0.09 0.21 0.19 0.20 0.24 0.10 0.03 0.05 0.03 (0.04) (0.03) 0.00 0.05 0.00 0.00 (0.13) Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 -Operating profit by sector (Billions of yen)- 1.30 (YoY +13.5%) 1.15
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Medium-Term Management Plan (WILL-being 2026) Progress of KPI Key strategies KPI Plan Results Vs. Plan Evaluation Domestic W Strategy I Realizing further growth and monetization in the construction management engineer domain Number of hires/year 1,500 1,382 92.1 % Good Retention rate 71.5 % 71.9 % +0.4 pt Good Strategy II Renewed growth in Domestic W (excluding the construction management engineer domain) Number of workers on assignment for permanent employee staffing 3,500 3,925 112.1 % Good (Vs. end of previous fiscal year: +475 ) Number of foreign talent supported through the Foreign Talent Management Services 3,500 4,331 123.7 % Good (Vs. end of previous fiscal year: ＋ 1,189 ) 13 Steady progress in all KPIs, exceeding plan. The steady increase in the number of permanent employees staffed and foreign talent supported through Foreign Talent Management Services contributed to increases in both gross profit and gross profit margin.
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14 -Quarterly Revenue- -Headcount Hired-(Billions of yen) (No. of people) Revenue increased by 19.9% compared to Q3 FY2025. Quarterly revenue has continued to reach record highs, driven by an increase in the number of workers on assignment and the unit price of contracts. Headcount hired is on track to meet the full-year target, reaching 1,382 people in the first nine months, vis-à-vis the full year target of 1,500 employees, despite some restraint exercised to maintain balance with the number of order acquisitions.(Q1 includes a headcount of 418 new graduates (previous fiscal year: 453 headcount)) Strategy I (Domestic W) Realize further growth and monetization in the construction management engineer business (Progress in the Construction Management Engineer Temporary Staffing Business ①) Medium-Term Management Plan (WILL-being 2026) 212 97 146 154 379 239 221 163 563 280 283 298 806 284 292 322 814 313 255 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1.33 1.40 1.47 1.56 1.65 1.86 2.03 2.11 2.34 2.58 2.70 2.82 3.15 3.58 3.72 3.81 4.09 4.35 4.47 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (YoY +19.9 %)
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15 The average unit price of contracts for new graduates and inexperienced staff maintained a year-on-year increase of approximately 5% due to ongoing price negotiations with customers. The retention rate improved by 0.2pt compared to Q3 FY2025 due to the success of the personnel system review and compensation improvements. We will strengthen our sales structure to secure additional orders, thereby further increasing the number of workers on assignment. Strategy I (Domestic W) Realize further growth and monetization in the construction management engineer business Progress in the Construction Management Engineer Temporary Staffing Business ② Medium-Term Management Plan (WILL-being 2026) 457 457 462 439 446 455 461 469 475 480 412 422 433 438 447 453 459 466 479 485 492 400 400 407 411 420 425 432 432 452 459 464 470 484 489 494 382 384 393 401 408 413 415 419 431 438 444 444 462 472 476 489 509 513 513 409 413 416 425 435 437 437 441 453 465 481 484 490 508 514 516 528 539 550 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY22 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 29 26 27 29 26 25 25 25 21 21 21 21 15 17 17 18 14 14 14 478 483 483 474 449 438 435 438 418 407 400 400 398 392 393 398 376 368 361 114 117 108 101 309 301 288 268 496 457 423 389 749 711 660 596 884 834 797 98 129 184 279 322 467 545 597 662 803 911 1,000 1,071 1,191 1,257 1,307 1,322 1,388 1,409 0 37 38 39 41 44 46 54 14 16 22 54 74 118 142 97.5% 99.6% 99.7% 99.0% 96.9% 98.5% 98.3% 98.1% 96.7% 96.8% 96.8% 95.9% 96.0% 98.8% 98.7% 97.7% 91.8% 93.3% 96.1% 72.4% 71.2% 72.4% 70.9% 74.6% 74.9% 73.2% 71.3% 72.8% 73.0% 72.1% 71.2% 73.6% 72.9% 71.7% 68.4% 71.4% 72.1% 71.9% Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 - Workers on Assignment, Pct. of Workforce on Assignment, and Retention Rate - Retention rate*2 Pct. of workforce on assignment*1 *1：Percentage of workforce on assignment in Q1 is for the month of June only, after excluding impact of training for new graduates. *2： (Total workforce divided by the sum of the workforce one year earlier and people hired during the past year) / 100 *3： BIM：Building Information Modeling system engineer Workers on assignment 2,763 (No. of people) ■ Inexperienced mid-career staff ■ New graduates ■ Experienced staff ■ BIM*3 ■ Foreign workers - Average contract unit price, average overtime (monthly) - 1st year Average overtime 2nd year 3rd year 4th year Contract unit price（Experienced employees） 6th year 5th year Contract unit price（New graduates/people with no experience） (Hours, Thousands of yen) (YoY +16.5 %) 651 650 643 644 650 655 645 649 654 660 664 669 674 684 694 697 700 707 707 2,371
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1,707 1,655 1,699 1,699 1,961 1,942 1,948 2,061 2,160 2,119 2,101 2,085 2,156 2,069 1,952 1,825 1,987 1,990 2,021 3,500 309 298 322 325 326 328 337 325 344 325 351 402 401 425 466 463 506 494 496 113 113 127 128 128 109 126 150 165 195 261 503 518 559 642 737 834 868 909 190 192 200 163 225 236 254 241 275 302 323 367 377 405 419 417 445 471 495 13 13 14 13 12 10 10 14 11 13 7 8 7 8 8 8 6 5 4 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 FY2026 (Plan) 16 The number of workers on assignment for permanent employee staffing continued to increase steadily in the factory outsourcingand IT engineer domains and is expected to remain on track to meet the full-year target. The number of permanent employee staffing hires increased by around 120 compared to Q3 FY2025, due to the steady buildup in each domain, primarily the sales outsourcing domain. (318 new graduates hired in Q1 FY2026 (sales: 249, call center: 28, factory: 25, IT: 16) - Number of workers on assignment for permanent employee staffing - ■ Sales outsourcing ■ Call center outsourcing ■ Factory outsourcing ■ IT engineer ■ Care support (No. of people) Strategy II Renewed growth in Domestic W (excluding the construction management engineer domain) Progress of Permanent Employee Staffing Medium-Term Management Plan (WILL-being 2026) 3,925 - Number of permanent employee staffing hires - ■ Sales outsourcing ■ Call center outsourcing ■ Factory outsourcing ■ IT engineer ■ Care support (No. of people) 350 94 168 172 441 170 171 145 441 140 157 154 400 132 121 94 395 202 214 21 14 36 28 19 20 29 26 42 29 18 34 65 47 29 27 68 34 37 2 6 19 9 13 11 24 21 47 60 98 131 218 132 162 190 211 169 170 20 11 16 19 23 18 29 13 36 40 33 44 50 48 26 11 48 48 40 1 1 1 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 3,500 461 (YoY +12.6%) (YoY +36.4%) 3,487 338
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1,430 1,501 1,438 1,633 1,702 1,776 1,811 1,974 2,006 2,220 2,336 2,428 3,500 320 381 448 520 639 704 809 919 1,044 1,176 1,281 1,441 15 41 49 92 154 328 462 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 FY2026 (Plan) 293 201 115 330 277 241 187 285 219 314 254 353 97 89 96 110 157 122 179 156 218 205 210 230 3 27 14 53 139 191 181 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 17 The number of foreigners supported through the foreign talent management services reached a record high, trending significantly above the full-year plan. The factory outsourcing domain, in particular, grew significantly by securing large-scale support transition projects. Going forward, we will continue striving to increase the number of customers and orders by focusing on acquiring new clients in the industrial product manufacturing sector and expanding existing relationships in the food manufacturing sector within the factory outsourcing domain. In addition, we will focus on developing new clients in the care business support domain and others. In parallel, we will advance structured action plans, such as retention improvement, to support further scale expansion. Strategy II Renewed growth in Domestic W (excluding the construction management engineer domain) Progress of Foreigners Supported Through the Foreign Talent Management Services Medium-Term Management Plan (WILL-being 2026) ■ Factory outsourcing ■ Care support ■ Others -Number of foreigners supported through the Foreign Talent Management Services- 3,500 4,331 (No. of people) ■ Factory outsourcing ■ Care support ■ Others -Number of new foreigners supported through the Foreign Talent Management Services- 764 (No. of people) (YoY +47.2%) (YoY +67.9%) 2,942 455
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1.33 1.40 1.47 1.56 1.65 1.86 2.03 2.11 2.34 2.58 2.70 2.82 3.15 3.58 3.72 3.81 4.09 4.35 4.47 0.33 0.35 0.37 0.38 0.39 0.41 0.45 0.48 0.50 0.53 0.57 0.61 0.66 0.69 0.74 0.73 0.77 0.81 0.85 3.18 3.15 3.24 3.30 3.49 3.24 3.11 3.05 3.08 2.96 2.92 2.84 2.87 2.82 2.73 2.70 2.74 2.79 2.89 0.28 0.29 0.33 0.32 0.37 0.36 0.41 0.41 0.43 0.44 0.53 0.51 0.57 0.55 0.60 0.56 0.62 0.62 0.69 0.36 0.36 0.36 0.37 0.42 0.44 0.53 0.58 0.57 0.57 0.56 0.63 0.56 0.58 0.61 0.63 0.63 0.67 0.71 0.93 0.80 0.91 1.25 0.78 0.96 1.07 1.11 0.76 0.89 0.94 1.12 1.16 1.08 1.15 1.17 1.04 1.12 1.35 2.30 2.20 2.22 2.20 2.26 2.26 2.20 2.15 2.20 2.19 2.20 2.06 2.18 2.24 2.28 2.11 2.19 2.13 2.18 2.39 2.39 2.42 2.18 2.21 2.14 2.21 2.20 2.24 2.27 2.42 2.36 2.40 2.39 2.49 2.42 2.50 2.54 2.64 3.32 3.39 3.53 3.42 3.52 3.40 3.40 3.28 3.31 3.33 3.39 3.33 3.37 3.44 3.44 3.36 3.44 3.51 3.58 0.61 0.60 0.65 0.67 0.65 0.66 0.70 0.70 0.73 0.69 0.71 0.68 0.71 0.69 0.68 0.63 0.68 0.64 0.61 0.65 0.63 0.64 0.64 0.61 0.59 0.57 0.57 0.51 0.53 0.50 0.44 0.37 0.35 0.35 0.30 0.31 0.29 0.38 2.95 2.97 3.03 2.95 2.87 2.86 2.94 2.80 2.64 2.52 2.50 2.35 2.30 2.23 2.24 2.04 1.98 1.94 1.85 0.62 0.60 0.75 0.60 0.88 0.69 0.98 0.92 0.09 0.08 0.10 0.07 0.10 0.09 0.09 0.12 0.14 0.11 0.52 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 (Reference) Domestic Working Business (Business sector revenue) 18 Looking at revenue by business sector, areas such as construction management engineers and factory showed steady performance, driven by a focus on permanent employee staffing and foreign talent management services. Other revenue increased following the consolidation of HR CAREER. (Billions of yen) ★Telecommunications ★ Sales support Call center Finance ★♦Food factory ★♦Factory except food ♦Care support/ nursery schools ★Construction management engineers Others ★IT engineers Office ★Apparel ★Other sales support Call center outsourcing Sales outsourcing Factory outsourcing ★ Business sectors where we are actively developing permanent employee staffing ♦ Business sectors where we are actively developing foreign talent management services
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The number of workers on assignment decreased compared to FY2025 but rose slightly versus Q2 FY 2026, excluding the call center outsourcing domain. Revenue per person showed steady growth, driven by a shift toward higher-unit-price orders and the advancement of price negotiations with existing customers. (Reference) Domestic Working Business : (Trend in temporary staffing revenue per person in each domain) ＊ Includes Outsourcing contracts. Temporary staffing revenue per person (Ten thousands of yen)* Number of workers on assignment (headcount)* 19 5,112 5,152 5,319 5,341 5,241 5,195 5,008 4,875 4,880 4,973 5,057 5,035 4,792 4,719 4,681 4,584 4,383 4,471 4,534 62.1 63.1 64.1 61.5 63.8 62.2 64.6 63.4 63.6 63.6 64.1 62.9 66.2 68.1 69.6 68.4 73.0 73.5 74.1 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Care support 6,738 6,550 6,128 6,394 6,503 6,100 6,166 5,925 5,884 5,868 5,899 5,793 5,875 5,731 5,799 5,678 5,542 5,552 5,59368.9 69.2 74.4 67.5 67.0 70.2 69.5 71.2 73.3 74.0 76.0 73.8 75.5 78.2 79.2 76.4 81.0 80.4 82.4 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Factory outsourcing 5,127 5,082 5,208 5,315 5,113 5,089 5,125 4,892 4,414 4,359 4,225 3,976 3,648 3,511 3,388 3,200 2,986 2,922 2,853 81.3 82.2 82.4 79.3 80.5 80.3 81.5 82.6 87.0 85.4 87.3 87.1 91.8 93.2 95.8 92.4 98.7 98.3 98.8 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Call center outsourcing 3,481 3,347 3,383 3,400 3,604 3,481 3,489 3,392 3,485 3,475 3,410 3,466 3,445 3,380 3,360 3,142 3,255 3,246 3,349 111.2 112.7 116.8 117.8 116.0 115.2 115.8 119.6 117.4 114.3 117.2 114.8 116.4 116.1 115.1 122.5 122.0 125.4 127.2 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 Sales outsourcing
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1.64 1.50 1.75 3.9% 3.5% 4.1% 1.21 1.69 42.07 42.78 43.03 Q3 FY2024 Q3 FY2025 Q3 FY2026 Q3 FY2026 Overseas Working Business (Year-to-date) FY2026 Plan Q3 FY2026 Results Q3 FY2025 Results Change for ¥1 difference/y Revenue Profit AUD ¥91 ¥97 ¥101 ¥374 million ¥13 million SGD ¥104 ¥115 ¥114 ¥163 million ¥7 million -Forex sensitivity*2- -Revenue and segment profit (Billions of yen)- 20 Segment profit Revenue Segment profit to net sales Segment profit (normalized basis) *1 Normalized segment profit: Segment profit excluding impairment losses and government subsidy income in the same period of theprevious fiscal year *2 For information on the macro environment, see Appendix (pages 80). Although market conditions cannot be viewed optimistically, revenue increased by 0.6%, driven by both temporary staffing revenue and permanent placement revenue increasing year-on-year. Segment profit increased by 16.2%, supported by controlled SG&A expenses and higher gross profit resulting from increased permanent placement revenue. Normalized segment profit increased by 39.2%. Forex impact compared to Q3 FY2025 was -¥1.01 billion in revenue and -¥0.02 billion in segment profit. Q3 FY2026 Q3 FY2025 Vs. Q3 FY2025 % change Revenue 43.03 42.78 +0.6% Segment profit 1.75 1.50 +16.2% Segment profit*1 (normalized basis) 1.69 1.21 +39.2%
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9.73 10.43 10.93 10.32 11.91 13.35 12.26 11.74 12.22 12.21 11.78 11.79 12.51 12.47 12.07 12.05 12.18 12.75 12.27 1.68 1.86 1.78 1.98 2.12 2.34 1.87 1.83 1.93 2.03 1.83 1.55 1.99 1.94 1.70 1.59 1.77 1.93 2.03 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 14.7% 15.1% 14.0% 16.1% 15.1% 14.9% 13.3% 13.5% 13.7% 14.3% 13.5% 11.6% 13.7% 13.5% 12.4% 11.7% 12.7% 13.2% 14.2% 21 Overseas Working Business (Revenue by contract type and operating profit) We will continue to monitor market conditions while maintaining talent investment in competitive fields and cost control measures. Simultaneously, we will pursue strategic measures to establish a revenue model that drives renewed future growth. 0.67 0.90 0.78 0.68 0.82 1.01 0.62 0.45 0.44 0.65 0.44 0.27 0.30 0.53 0.37 0.20 0.46 0.65 0.57 0.07 0.03 0.04 0.00 0.01 0.18 0.03 0.04 0.02 0.30 0.01 0.08 0.01 0.26 0.01 0.01 0.18 0.02 0.02 (0.47) Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 14.30 ■ Permanent placement ■ Temporary staffing Permanent placement Revenue composition 0.60 -Operating profit (Billions of yen)--Revenue by contract type (Billions of yen)- ■ Business earnings ■ Subsidy income ■ Subsidies impact (COVID-19-related) ■ Impairment losses (YoY +3.8%) (YoY +53.7%) 0.39 13.78
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99.2 110.5110.7 98.7 104 116.6 105.299.7102.797.1 88.1 84.1 85.8 87 81.7 81.6 85.7 85.5 76.3 9.1 10.3 10.1 10 10.8 11.2 10.5 9.4 11.4 10.5 9.4 8.2 10.2 9.8 9.1 8.8 10.9 11 10.5 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 13.7 14.4 16.9 18.7 19.5 19.1 20.4 23.3 23.2 24.3 25.8 28.3 28.2 29.1 30.2 33.1 34.0 35.2 33.6 10.0 11.7 10.5 12.1 11.1 11.5 7.7 8.1 7.5 8.2 7.4 5.4 7.3 7.3 5.7 6.2 5.6 6.3 6.9 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 Q1 FY2026 Q2 FY2026 Q3 FY2026 22 (Reference) Overseas Working Business (Breakdown of revenue by region on a local currency basis) - Singapore - - Australia - Revenue in Singapore increased by 3.4 million Singapore dollars in temporary staffing services and decreased by 1.1 million Singapore dollars in permanent placement services compared to Q3 FY2025. Revenue in Australia decreased by 5.3 million Australian dollars in temporary staffing services and increased by 1.3 million Australian dollars in permanent placement services compared to Q3 FY2025. 4.05 Q3 FY2026 actual rate: 1 SGD: ¥115 1 AUD: ¥97 8.70 (Unit: 1 million Singapore dollars) (Unit: 1 million Australian dollars) ■ Permanent placement ■ Temporary staffing ■ Permanent placement ■ Temporary staffing (YoY +12.2%) (YoY -4.4%) 9.10 3.61
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23 Others -Revenue and segment profit (Billions of yen)- Segment profit Revenue The foreign worker employment management support service business was transferred to another company in March 2024, and the mobile internet connection and voice communication services for foreigners were transferred in September 2024, as part of divestments executed through an absorption-type company split. We continue to pursue the development of new platforms. (0.19) (0.19) (0.21) Q3 FY2026 Q3 FY2025 Vs. Q3 FY2025 % change Revenue 0.06 0.12 -46.7% Segment profit (0.21) (0.19) ― 0.20 0.12 0.06 Q3 FY2024 Q3 FY2025 Q3 FY2026
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The ratio of equity attributable to owners of parent to total assets remained stable at 36.2%. Other financial indicators also showed no signs of financial risk. 0.1 0.1 0.1 0.0 0.0 (0.0) (0.0) (0.1) 0.0 0.1 (0.0) (0.0) 0.0 (0.1) (0.1) 0.6 0.5 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.8 0.8 0.9 0.8 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.6 0.7 24 Net debt to equity ratio*3 Ratio of equity attributable to owners of parent to total assets Interest-bearing debt to EBITDA ratio*1 Ratio of goodwill to equity attributable to owners of parent*2 Financial Indicators *1：Interest-bearing debt (excluding short-term borrowings) / EBITDA *2：Goodwill outstanding / Equity attributable to owners of parent *3：(Interest-bearing debt - Cash and deposits) / Equity attributable to owners of parent (Times) 23.5% 26.2% 25.6% 26.6% 28.7% 30.3% 30.7% 34.0% 33.8% 33.7% 34.8% 34.8% 34.6% 35.8% 36.2% Jun 30,2022 Sep 30,2022 Dec 31,2022 Mar 31,2023 Jun 30,2023 Sep 30,2023 Dec 31,2023 Mar 31,2024 Jun 30,2024 Sep 30,2024 Dec 31,2024 Mar 31,2025 Jun 30,2025 Sep 30,2025 Dec 31,2025
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(Billions of yen) March 31, 2025 Dec 31, 2025 Change Current assets 26.55 27.93 +1.38 Of which cash and cash equivalents 6.93 6.98 +0.05 Of which Trade and other receivables 18.13 19.05 +0.91 Non-current assets 23.37 26.27 +2.90 Of which Goodwill 8.16 9.66 +1.50 Of which Other intangible assets 5.60 6.28 +0.67 Total assets 49.92 54.21 +4.28 25 Consolidated Balance Sheet (Billions of yen) March 31, 2025 Dec 31, 2025 Change Current liabilities 25.20 26.34 +1.13 Of which Trade and other payables 16.95 18.55 +1.59 Of which Borrowings 4.00 1.95 -2.04 Of which Other financial liabilities 1.42 2,27 +0.85 Non-current liabilities 7.35 8.24 +0.88 Of which Borrowings 2.60 2.94 +0.34 Of which Other financial liabilities 3.63 4.12 +0.48 Total liabilities 32.56 34.59 +2.02 Total equity 17.35 19.62 +2.26 Of which total of equity attributable to owners of parent 17.39 19.64 +2.25 Total liabilities and equity 49.92 54.21 +4.28 Total assets increased by ¥4.28 billion (mainly+¥1.50 billion in goodwill due to the new consolidation, etc. of HR CAREER, Inc. and +¥0.91 billion in trade and other receivables). Total liabilities increased by ¥2.02 billion (mainly -¥1.59 billion in trade and other payables and +¥0.34 billion in long-term borrowings). Total equity increased by ¥2.26 billion (mainly +¥1.97 billion in profit, and -¥1.01 billion in retained earnings due to dividends paid). Ratio of equity attributable to owners of parent to total assets 34.8% 36.2% +1.4pt Net debt to equity ratio -0.0 times -0.1 times － Ratio of goodwill to equity attributable to owners of parent 0.5 times 0.5 times － Interest-bearing debt to EBITDA ratio 0.8 times 0.7 times －
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26 Consolidated Statement of Cash Flows (Billions of yen) Q3 FY2025 Q3 FY2026 Profit before tax 1.69 2.74 Depreciation and amortization 1.53 1.53 Income taxes paid (1.62) (0.35) Other 0.42 0.81 Net cash provided by (used in) operating activities 2.03 4.73 Purchase of property, plant and equipment, and intangible assets (0.28) (0.42) Acquisitions and sales of investment securities (0.29) 0.20 Payments for acquisition of subsidiaries － (0.81) Other (0.42) 0.00 Net cash provided by (used in) investing activities (1.00) (1.03) Free cash flows (Operating activities + Investing activities) 1.02 3.70 (Billions of yen) Q3 FY2025 Q3 FY2026 Net increase (decrease) in interest-bearing debt (0.67) (3.14) Dividends paid (1.01) (1.01) Government subsidy income 0.32 0.08 Other 0.02 0.01 Net cash provided by (used in) financing activities (1.41) (4.05) Effect of exchange rate changes 0.13 0.40 Net increase (decrease) in cash and cash equivalents (0.24) 0.05 Cash and cash equivalents at beginning of period 7.10 6.93 Cash and cash equivalents at end of period 6.85 6.98 Net cash provided by operating activities was ¥4.73 billion mainly due to an increase in profit before tax and income taxes paid. Net cash used in investing activities was ¥1.03 billion mainly due to payments for acquisition of subsidiaries (HR CAREER, Inc.), purchases of property, plant and equipment and intangible assets. Net cash used by financing activities was ¥4.05 billion, mainly due to the payment of dividends andnet increase (decrease) in interest-bearing debt.
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Q3 FY2026 TOPIX 27
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Increased hiring through our own mediaIncreased brand recognition Increased search queries for WILLOF To improve awareness of the WILLOF brand, we have continued to run brand promotions featuring celebrities since July 2023. In June and October of FY2026, we ran TV commercials and implemented internet advertising on platforms such as YouTube. Compared with FY2023, prior to the launch of the promotion, brand awareness, branded search volume, and intention to use all increased significantly. Expected effects of the promotions Promotion results (comparison between FY2023 and post-promotion outcomes as of October 2025 (percentage change)) 28 Commercial introduction website: https://willof.jp/shigoto_update/ Recognition rate of WILLOF*1 Number of branded searches for “WILLOF” (monthly) Rate of intention to use WILLOF*2 Up approx. 195% Up approx. 320% Up approx. 320% *1 Aided recall rate of men and women aged 20 to 59 in the broadcasting regions *2 Men and women aged 20 to 59 in the broadcasting regions who have an intention to change their job etc. Brand Promotions
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29 Issuance of Compensatory Share Options To strengthen unity and motivation toward contributing to medium- to long-term business growth and corporate value enhancement, we issued compensatory share options requiring grantees’ investment, exercisable upon the achievement of future performance targets. The exercise of the options is conditional upon consolidated operating profit exceeding ¥5.5 billion in any fiscal year from FY2029 to FY2031. Grantees Directors and Executive Officers of the Company and its subsidiaries, totaling 15 persons Total number issued 4,465 units (equivalent to 446,500 shares) Scale of issuance 1.93% of the total number of shares issued as of October 31, 2025 Issue price ¥2,400/unit Exercise price ¥1,028*1 Exercise condition Consolidated operating profit must exceed ¥5.5 billion in any fiscal year from FY2029 to FY2031. Exceeds the Company’s record-high profit of ¥5.47 billion (FY2022) POINT Timely Disclosure Materials (November 7, 2025) “Notice Regarding the Issuance of Stock Acquisition Rights (Paid Stock Options)” *1 The closing price of the Company’s shares on the trading day immediately preceding the date of the Board of Directors’ resolution (November 6, 2025) regarding the issuance of stock acquisition rights
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30 Continuous holding Period*1 100 to less than 200 shares 200 shares or more Preferential yield*2 Dividend yield*2 Less than one year ¥500 QUO card ¥1,000 QUO card 0.4% 3.7% Less than two years ¥1,000 QUO card ¥2,000 QUO card 0.8% Less than three years ¥1,500 QUO card ¥3,000 QUO card 1.3% Three years or more ¥2,000 QUO card ¥4,000 QUO card 1.7% In November 2025, we announced a revision to our shareholder benefit program to further enhance the investment appeal of our shares. Under the new system, shareholders will be awarded shareholder benefit points, which can be exchanged for gift certificates, electronic money, points, and more, through the “WILL GROUP Premium Benefit Club.” As of the record date in March 2026, shareholders holding fewer than 300 shares will be subject to the current shareholder benefit system, while those holding 300 shares or more will be subject to the revised shareholder benefit system. (The old system will be abolished from April 2026 onward.) *1 The continuous holding period is calculated starting on March 31 of each year, the record date in Japan. This applies to shareholders who have been consecutively indicated or recorded in the Company’s shareholder registry as of March 31 by using the same shareholder number two times in the case of less than two years, three times in the case of less than three years, or at least four times in the case of three or more years. *2 Preferential yield value is estimated based on the closing price on February 6, 2026: ¥1,193 Details of the old plan Details of the new plan Number of shares held*3 Benefits Preferential yield*2 Dividend yield*2 300 shares or more but less than 500 shares Shareholder benefit points*4 5,000 points 1.4% 3.7% 500 shares or more Shareholder benefit points*4 10,000 points 1.7% *3 No conditions regarding the shareholding period will apply. *4 Number of shareholder benefit points (1 point is approximately equal to ¥1) Revision of Shareholder Benefits Plan In addition to gift certificates, electronic money, and points, these can be exchanged for over 3,000 types of benefit items, including gourmet foods, sweets, beverages, premium sake, home appliances, selectable experience. (Examples of gift certificates, electronic money, and points available for exchange) Gift certificates: QUO card Electronic money & points: ・Point@Gift (PayPay Money Lite, d POINT , V POINT) ・Amazon gift card, etc.
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31 Our Collaboration with the “Nezu Engagement Fund” (Reposted) Following a proposal of collaboration through the acquisition of Company shares by the “Nezu Engagement Fund,” we transferred 232,000 shares (approximately 1% of the total number of shares issued) held by Company Chairman Ikeda. We aim to enhance corporate value over the medium to long term through collaborative engagement, such as the revision of the equity story, strategic review, corporate actions including the reevaluation of shareholder benefits and the introduction of a share- based compensation system, and improvements in IR activities. - Transaction Overview - Seller Chairman and Director Ryosuke Ikeda Buyer Nezu Engagement Fund Number of shares sold 232,000 shares Sale method Off-floor trading in the market Contract date and transfer date Contract date: September 29, 2025; Transfer date: October 1, 2025 Remarks There were no changes to major shareholders or largest shareholder in conjunction with the sale of shares. Establish a target share price and explore corporate actions that will lead to achieving that target Expected engagement • Revision of equity story and strategic review • Reevaluation of shareholder benefits • Introduction of share-based incentives (stock options) • Improvement of IR activities • Share buybacks as downside protection • Enhancement of shareholder returns - Initiatives following the execution of the transaction - *Engagement fund: An investment fund with the goal of enhancing corporate value over the medium to long term through constructive dialogue (engagement) with the management of investee companies. Enhancement of corporate value through collaborative engagement
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FY2026 Earnings Forecast and Dividend Forecast 32
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Profit attributable to owners of parent Operating profit Revenue FY2026 Consolidated Earnings Forecasts 33 - Progress toward FY2026 earnings forecasts - ¥108.62 billion ¥2.85 billion ¥143.50 billion FY2026 Forecast (Revision planned) ¥3.10 billion ¥2.00 billion Progress rate：76％ Progress rate： 92％ Progress rate： 99％¥1.97 billion Q3 showed steady progress toward the full-year earnings forecast. Regarding profit, although there are expectations of an upward adjustment, the full-year earnings forecast will remain unchangedas it is assumed to be within the range of the earnings forecast revision criteria.
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(Reference) FY2025 Consolidated Earnings Forecasts (Revision planned for November 7, 2025) 34 Full year (Billions of yen) FY2026 Forecasts (Sep.22,2025) FY2025 Vs. FY2024 Change %change Revenue 143.50 139.70 +3.79 +2.7% Domestic Working Business 87.87 83.11 +4.75 +5.7% Overseas Working Business 55.55 56.45 -0.90 -1.6% Others 0.07 0.13 -0.05 -41.0% Gross profit 31.65 29.38 +2.26 +7.7% (Gross margin) ( 22.1 %) ( 21.0 %) +1.1pt Operating profit 3.10 2.33 +0.76 +32.6% (Operating margin) ( 2.2 %) ( 1.7 %) +0.5pt Domestic Working Business 4.14 3.25 +0.88 +27.3% Overseas Working Business 1.73 1.43 +0.29 +20.8% Others (0.30) (0.22) -0.08 － Adjustments (2.46) (2.12) -0.34 － Profit attributable to owners of parent 2.00 1.15 +0.84 +73.1% EBITDA 5.15 4.89 +0.25 +5.2% Change for ¥1 difference/y Exchange rate Revenue Profit AUD ¥91 ¥100 ¥390 million ¥10 million SGD ¥104 ¥114 ¥140 million ¥10 million
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35 Shareholder Return (FY2026 Dividend Forecast) Shareholder return policy in the Medium-term Management Plan (FY2024– FY2026) ・Progressive dividends In principle, increase or maintain and do not reduce dividends ・Total payout ratio of 30% or higher Evaluate flexible treasury share acquisitions as needed based on performance progress during the period ¥24 ¥34 ¥44 ¥44 ¥44 ¥44 22.9% 23.6% 31.2% 36.4% 87.9% 50.8% FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 (forecast) ■ Dividend per share and total payout ratio Dividend per share Total payout ratio The FY2026 dividend forecast is based on our shareholder return policy and set at the same as the previous fiscal year (¥44 per share). As a result, the forecasted total payout ratio is 50.8%.
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Appendix 1. FY2026 TOPIX 2. About Will Group 3. Medium-term Management Plan (WILL-being 2026) 4. External Environment 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price 36
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37 1．FY2026 TOPIX – Acquisition of Shares of HR CAREER, Inc. (Making It a Consolidated Subsidiary) – HR CAREER Company Profile Trade name: HR CAREER, Inc. Location: Yebisu Garden Place 29F, Ebisu 4-20-3, Shibuya-ku, Tokyo Establishment: June 2020 Representative: Representative Director Sosuke Mori Business Activities: Placement services specializing in the healthcare and welfare sectors URL: https://hr-career.jp/ On October 1, 2025, the Company acquired shares of HR CAREER, Inc., a company that specializes in permanent placement services in the healthcare and welfare industries, making it a consolidated subsidiary. In addition to enhancing the competitiveness of our placement business, we will accelerate the maximization and optimization of career paths—expanding from temporary staffing to permanent placement, and from production and administrative roles to specialized professions—as we aim to increase the corporate value of the entire Group. The Company operates under the mission of being a “Group that acts as an agent of change, facilitating positive transformations for individuals and organizations” by providing temporary staffing services, business process outsourcing services, and permanent placement services both domestically and internationally.In addition, with the intent of “striving to maximize and optimize career paths that transform workers into experts” as outlined in our current Medium-term Management Plan, we have positioned the expansion of our human resource services as a key pillar of our growth strategy. Specializing in permanent placement services for the healthcare and welfare sectors, HR CAREER has a client base of approximately 900 companies and is primarily focused on placing nurses, care workers, dietitians, and childcare workers. Furthermore, it has established an efficient sales structure tailored to each industry by deploying highly specialized consultants for each area and profession, taking regional characteristics into account. At present, the majority of the Company's domestic sales are derived from temporary staffing services, while the permanent placement services business remains limited in scale. In particular, we believe that the essential services (areas indispensable for sustaining daily life), including healthcare and nursing care, will continue to see growing demand for manpower while also being directly involved with solving societal challenges. Amidst this environment, welcoming HR CAREER, a company that specializes in permanent placement services for the healthcare and welfare sectors, into our Group constitutes a major step forward in accelerating the “maximizing” and “optimizing” of career paths for our 20,000 registered staff members. Furthermore, by incorporating HR CAREER's operational capabilities and proven track record of high conversion rates, we will enhance the competitiveness of our placement services. We will also establish a framework to provide diverse career development opportunities, expanding from temporary staffing to permanent placement services and broadening from production and administrative roles to specialized professions. Through this share acquisition, we will enable the provision of sustainable human resource services that contribute to solving societal challenges and aim to enhance the corporate value of the entire Group. - Background to share acquisition -
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President and Representative Director: Yuichi Sumi 2003 2023 20252016 2018 2021 2022 April 2003 (Age 22) Joined SAINT MEDIA, INC. (currently WILLOF WORK, Inc.) as a new graduate April 2016 (Age 35) Appointed as Director of FAJ, INC.(currently WILLOF Work, Inc.) specializing in the manufacturing industry July 2018 (Age 37) Executive Officer, General Manager of Human Resources Division of the Company April 2021 (Age 40) Appointed as Representative Director of WILLOF WORK CONSTRUCTION, Inc., which operates a construction management engineer staffing service June 2022 (Age 41) Appointed as Director of the Company June 2023 (Age 42) Appointed as third Representative Director of the Company (current position) January 2025 (Age 44) Completed acquisition of approximately 300 million yen worth of company shares. Appointed as Director of WILL GROUP Asia Pacific Pte. Ltd., an overseas intermediate holding company (current position) “I am fully committed to the Company's success!!” After serving as the Chief Human Resources Officer and as the representative director of a subsidiary, I succeeded the 'first generation' of management, including the actual founding owner, and assumed the role of President and CEO in June 2023. Our Group has historically focused on growth through fixed-term staffing services. However, anticipating the increasing social challenges posed by 'job mismatch' and labor shortages, we are transforming our business model to establish permanent employee staffing for construction engineers and professionals, as well as employment support for foreign workers in Japan, as key pillars of our business. 38 2. About Will Group – Representative Profile –
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39 Timely Disclosure Materials (September 25, 2024) “Notice Concerning Acquisition of the Company’s Shares by the Company’s Representative Director Yuichi Sumi ” Comments from Representative Director Yuichi Sumi “Although I assumed the position of Representative Director in June 2023, I decided to make these purchases as I would once again like to share with our stakeholders my strong desire to grow the Company’s business. Through these purchases, I will demonstrate my commitment to management while striving to achieve growth of the Company’s business and enhance medium- to long-term corporate value.” 2. About Will Group – Representative Profile (Acquisition of the Company’s Shares) – The Company’s Representative Director Yuichi Sumi (hereinafter referred to as “Sumi”) acquired approximately ¥300 million of the Company’s issued shares through market purchases between September 27, 2024, and January 31, 2025. While providing open and fair terms and taking appropriate measures to safeguard the assets, the Company provided personal financing to Sumi for the funds for these purchases.) As of September 30, 2025, the number of the Company’s shares owned by Sumi stood at 347,800 shares (ranking 10th among the major shareholders with a shareholding ratio of 1.50% of issued shares).
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Company Name ： WILL GROUP , INC. Established ： 2006 (Founded in 1997) President, Representative Director ： Yuichi Sumi Headquarters ： Nakano-ku,Tokyo Capital ： 2,200 million yen (as of March 31, 2025) Stock Exchange ： Tokyo Stock Exchange, Prime Market (Stock code: 6089) Number of subsidiaries ： 47 (Domestic: 12 companies, Overseas: 35 companies) Number of employees ： 7,929 (As of March 31, 2023) 40 2. About Will Group – Company Overview – Upholding our mission of “Becoming a Change Agent Group that Brings Positive Change to Individuals and Organizations,” we will develop our human resources services in Japan and overseas (such as in Singapore and Australia), developing specialization in particular categories, including sales, call centers, factories, care support, and construction management engineers. Becoming a Change Agent Group that Brings Positive Change to Individuals and Organizations Creating a Strong Brand with High Expected Value and Becoming No. 1 in the Business Fields of Working, Interesting, Learning and Living. This Is Our Vision. Believe in Your Possibility ● GER ：1 ● CHE ：1 ● JPN：13 ● AUS：11 ● MYS：6 SGP：7 ● HKG：2 ● USA：1 ● ● UK：2 CHN：2 ● ● VNM：1 UAE：1 ● 48 companies in 12 countries
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41 2. About Will Group – Key Features of Will Group – We serve as specialized human resource services enterprise with a focus on specific occupational categories. Our Group offers specialized staffing services, recruitment services, outsourcing services, and employment support for foreign workers in Japan, focusing on various categories of occupations such as customer service, sales, call center operators, administrative positions, factory workers, caregivers, construction engineers, and IT engineers. Additionally, we provide human resource services primarily targeting white-collar professionals not only in Japan but also in Australia and Singapore. We serve as a corporate group which maintains a portfolio that allows for consistent and sustainable growth. Our Group maintains a balanced portfolio that allows for stable and sustainable growth across various business areas, including sales outsourcing, call center outsourcing, factory outsourcing, support for the caregiving business, construction engineering, andoverseas talent services, without being overly concentrated in any specific sector. We are committed to addressing significant social challenges involving employment mismatch. In Japan, it is anticipated that, from the late 2020s, there will be an oversupply of production and administrative positions, while a shortage of professionals who can lead technological innovation and apply it to business will exacerbate the labor supply-demand gap, known as 'job mismatch. ' Our Group is committed to addressing this 'job mismatch' through the provision of human resource services, striving to maximize and optimize career paths that transform workers into experts.
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FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY2013-FY2025 Revenue : CAGR 16.5% Operating Profit : CAGR 11.8% 2. About Will Group – History and Growth Trajectory – 139.7 billion 2.3 billion Since we began providing human resource services for the manufacturing industry in 2000, we have cultivated our sustainable growth potential by consistently entering new business sectors. In the period from the fiscal year of our listing, FY2013, until FY2025, our CAGR for revenue is 16.5% and our CAGR for operating profit is 11.8%. April 2006 Established a pure holding company (WILL) December 2014 Moved to TSE 1st section December 2013 Listed on TSE 2nd Section 2018 Construction management engineers recruitment services 2014 Caregivers recruitment services 2012 Overseas Human Resource services 2002 Sales and Call Center recruitment services 2000 Started human resource services for the manufacturing industry 1997 Founded Started consignment service of Short-term work in Osaka ■ Revenue ■ Operating Profit 42
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81% 170% 176% 185% 196% 199% 219% 248% 287% 292% 300% 304% 328% 329% 332% 406% 421% 445% 533% 882% nms Holdings Corporation Career Design Center Co., Ltd Altech Corporation Careerlink Co., Ltd TechnoPro Holdings Inc. Recruit Holdings Co., Ltd Quick Co., Ltd GiG Works Inc. HIRAYAMA HOLDINGS CO.,LTD. Like Co., Ltd Dip Corporation EN JAPAN INC. Persol Holdings Co., Ltd S-Pool Inc. Will Group Inc. World Holdings Co., Ltd UT Group Co., Ltd SMS Co., Ltd JAC Recruitment Co., Ltd Open Up Group Inc. 43 2. About Will Group – Our Position in the Human Resources Business Industry – The market we target remains steady. Our revenue growth rate is top class in the industry. （Billions of Yen）Our position in the industry* ※Created by us based on SPEEDA 40.3 51.1 56.3 58.5 60.4 60.9 65.6 68.5 75.7 100.3 101.5 133.0 139.7 173.2 194.7 219.2 242.2 356.7 1,451.2 3,557.4 Careerlink Co., Ltd WDB Holdings Co., Ltd Dip Corporation HITO-Communications… Like Co., Ltd SMS Co., Ltd EN JAPAN INC. Fullcast Holdings Co., Ltd nms Holdings Corporation Human Holdings Co., Ltd Nisso Holdings Co., Ltd Meitec Group Holdings Inc. Will Group Inc. Open Up Group Inc. UT Group Co., Ltd TechnoPro Holdings Inc. World Holdings Co., Ltd Pasona Group Inc. Persol Holdings Co., Ltd Recruit Holdings Co., Ltd FY2014-FY2025 revenue growth rateFY2025 revenue
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59.5% 40.4% 0.1% 14.6% 9.3% 13.3% 9.8% 10.3% 2.3%1.6% 12.0% 26.7% 44 2. About Will Group – Business Overview and Revenue Composition – Domestic Working Business : 59.5%Overseas Working Business : 40.4% The consolidated revenue composition is 60% from Japan and 40% from overseas. One of the Group’s strengths lies in its diversified portfolio, which enables consistent and sustainable growth even in the face of rapidly changing economic conditions and markets, without an excessive focus on specific business sectors. Revenue 139.7 (FY2025) ■ Sales Outsourcing Business Human resources services for telecommunications and apparel ■ Call Center Outsourcing Business Human resources services for call centers and offices ■ Factory Outsourcing Business Human resources services for Food manufacturing ■ Care Support Business Human resources services for nursing home facilities ■ AUSTRALIA ■ SINGAPORE ■ Other Overseas WORK Human resources services in ASEAN and Oceania regions ■ Construction management engineers Human resource services, specialized in providing construction engineers such as construction management engineers ■ Other Domestic WORK (Billions of Yen)
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90.0% 1.0% 9.0% 41.0% 24.0% 25.0% 1.0% 9.0% 37.2% 62.8% 0.1% 14.6% 9.3% 13.3% 9.8% 10.3% 2.3%1.6% 12.0% 26.7% Over approximately 10 years since going public, the revenue composition across business sectors has significantly changed. The share of the three primary sectors at the time of listing—sales outsourcing, call center outsourcing, and factory outsourcing—has decreased from 90% to 37%. This shift in composition is the result of our ongoing efforts to explore various opportunities by considering 'where the opportunities lie,' 'which sectors can be expanded,' and 'which areas allow us to leverage our strengths. 45 2. About Will Group – Changes in Revenue Composition – Revenue 22.1 (FY2013) Revenue 139.7 (FY2025) Three existing domains 90.0% ■Sales Outsourcing Business ■Call Center Outsourcing Business ■Factory Outsourcing Business New business 62.8% Domestic W ■Care Support Business ■Construction management engineers ■Other Domestic W Overseas W ■AUSTRALIA ■SINGAPORE ■Other Overseas W Three existing domains 37.2% ■Sales Outsourcing Business ■Call Center Outsourcing Business ■Factory Outsourcing Business (Billions of Yen)
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46 2. About Will Group – Market Share by Category – Business sector Salesperson Temporary staffing Industry Operator Temporary staffing Industry Care Support Temporary staffing Industry Food / light work Temporary Staffing Industry Construction engineer temporary staffing Segment Sales outsourcing Sales outsourcing Care support / nursery schools Factory outsourcing Construction Management Engineers Service Fixed term staffing , Outsourcing , Permanent employee staffing Fixed term staffing , Outsourcing Fixed term staffing , Foreign Talent Management Services Fixed term staffing , Outsourcing , Permanent employee staffing, Foreign Talent Management Services Permanent employee staffing (Temporary staffing service rate) hourly billing rate 2,500yen/h 2,000yen/h 2,000yen/h 1,800yen/h 2,500yen/h - 4,500yen/h Industry ranking Main competition (listed companies) Like (2462), HITO- Communications Holdings (4433) S-Pool (24719), CRG HOLDINGS (7041) ― UT Group (2146), Nisso Holdings (9332) Open Up Group (2154), COPRO-HOLDINGS (7059), Nareru Group (9163) By specializing in specific categories (occupations), we have successfully gained top-level market share in each area, even as a late entrant. ※1 Industry ranking is according to our research
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47 2. Talent development ability 3. Retention rate improvement1. Pursuit of results ・High management ability by specializing in categories. ・Respond to client needs and work as a partner of our clients to pursue results ・Our “Hybrid temporary staffing" model (system in which our full-time employees are stationed on site to provide support) and on- the-job training program enable us to transform new starters to excel at an early stage ・For industries with high turnover rate, our hybrid temporary staffing model enables us to improve our retention rate by enhancing the communication on-site with a robust follow-up system. × × The Group’s three strengths By implementing the PDCA (Plan-Do-Check-Act) cycle to achieve results, we contributed to both our contract staff and client companies Hybrid temporary staffing with managers stationed on site 2. About Will Group The “Strengths” That Allow Us to Gain Market Share Even as a Late Entrant –
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Hybrid temporary staffing Full-time employees called FS (Field Supporter) work on-site to support client and contract staffs. Above system is compatible with the hiring foreign workers. (Foreign FS who graduate Japanese university work onsite where Foreign contract staffs work.) 48 Low Loyalty to business execution High Low Teamwork High complexity Command Smooth Diffcult Information sharing Easy Case of “Hybrid temporary staffing”Case of temporary staffing Customer representative Customer representative Company A coordinator Company A coordinator Company B coordinator Company B coordinator Our coordinator Our coordinator On-site follow and management On-site follow and management Worksite Worksite Our employees Field Supporter (FS) 2. About Will Group – Hybrid temporary staffing –
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Foreign Talent Management Services Overview Provide employment and daily-life support to foreign workers Revenue Model Outsourcing fees (¥20,000-¥30,000 per person per month) Revenue Composition*1 1% or less Gross Margin 90% or higher Temporary staffing (Fixed term staffing, Permanent employee staffing) Overview Dispatch human resources who are enrolled in or employed by a dispatching company to a company Revenue Model Customer billing unit price- Payment unit price to temporary staff Revenue Composition*1 77% Gross Margin Fixed term staffing : 14-17% Permanent employee staffing : 21-28% Permanent placement Overview Mediate between job seekers and companies to make matching successful. Revenue Model Permanent placement fee (Annual income x 25-40%) Revenue Composition*1 6% Gross Margin 90% or higher Outsourcing Overview Provide operational outsourcing services to client companies Revenue Model Outsourcing fees Revenue Composition*1 13% Gross Margin 14～17% 49 ※1 FY2025 2. About Will Group – Our Business Model and Profit Structure– Fixed-term contract or Permanent contract (non-fixed term) Daily life support Employment support Foreign workers
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50 2. About Will Group – Major Group Companies – Business sector Industry WILLOF WORK, Inc. WILLOF CONSTRUCTION, Inc. DFP Recruitment Holdings Pty Ltd (Australia) Ethos BeathChapman Australia Pty Ltd (Australia) BeathChapman Pte. Ltd. (Singapore) The Chapman Consulting Pte. Ltd. (Singapore) u&u Holdings Pty Ltd (Australia) Sales Outsourcing Business Call Center Outsourcing Business Care Support Business Other Telecommunications, apparel, call center, nursing care facilities and nursery school, Food manufacturing and other manufacturing sector and logistics, etc. Construction management engineers Financial industry, etc. Permanent placement HR related personnel, etc. Overseas WORK Business Temporary staffing Overseas WORK Business Overseas WORK Business Overseas WORK Business Overseas WORK Business Government agencies and major firms, etc. Permanent placement Temporary staffing Temporary staffing Construction industry (construction management) Government agencies and telecommunications sectors, etc. Government agencies and Banking & Finance, etc. Temporary staffing Temporary staffing Permanent placement Other Factory Outsourcing Business
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51 2. About Will Group – Main Business Partners for Each Business Sector/Business Operating Company – Business sector Number of workers on assignment Number of business partners Main business partners Sales outsourcing 3,142 Approx. 320 companies KDDI Group, Rakuten Group and SoftBank Group Call center outsourcing 3,200 Approx. 590 companies Japan Concentrix KK, JCOM Co., Ltd. and NTT DOCOMO Group Factory outsourcing 5,678 Approx. 720 companies Prime Delica Co, Ltd., PIONEER CORPORATION and Shiseido Company, Limited Care support / nursery schools 4,584 Approx. 2,900 companies － Construction management engineers 2,396 Approx. 600 companies TAISEI CORPORATION, OBAYASHI CORPORATION and SHIMIZU CORPORATION Domestic W Business operating company Number of workers on assignment Main business partners DFP Recruitment Holdings （Australia） 974 National Disability Insurance Agency, Department of Defence, Department of Veterans‘ Affairs Ethos Beathchapman Australia （Australia） 353 Westpac Bank, Transport for NSW , Rabobank Australia Limited The Chapman Consulting （Singapore） － Hilti, Sanofi, Standard Chartered Bank u&u Holdings （Australia） 620 Queensland Government, Energy Queensland Limited, CS Energy Limited Overseas W (As of March 31, 2024)
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52 J-GAAP J-GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS FY2018 FY2019 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Consolidated Balance Sheet Total assets 28.09 34.21 43.39 44.60 46.76 52.35 54.93 51.54 49.92 Current assets 22.34 23.16 22.53 22.04 23.57 27.28 28.66 26.12 26.55 Non-current assets 5.74 11.05 20.86 22.55 23.19 25.06 26.27 25.41 23.37 Goodwill 1.74 4.73 5.32 5.65 6.15 6.51 8.12 8.73 8.16 Liabilities 18.23 26.24 38.17 37.47 36.73 39.22 39.06 34.02 32.56 Current liabilities 15.54 18.02 21.08 21.56 24.79 29.36 28.41 24.53 25.20 Non-current liabilities 2.69 8.22 17.09 15.90 11.94 9.86 10.64 9.49 7.35 Equity 9.86 7.96 5.22 7.12 10.02 13.12 15.87 17.51 17.35 Total equity attributable to owners of parent 8.40 7.12 4.19 5.23 8.24 11.39 14.62 17.50 17.39 Valuation/exchange differences 0.01 (0.03) - - - - - - - Non-controlling interests 1.43 0.88 1.02 1.89 1.78 1.72 1.28 0.01 (0.03) Equity ratio 29.4% 20.1% 9.7% 11.7% 17.6% 21.8% 26.6％ 34.0％ 34.8% Net debt equity (DE) ratio -0.3 times 0.6 times 1.1 times 0.7 times 0.2 times 0.1 times 0.0 times -0.1 times -0.0 times 2. About Will Group – Consolidated Balance Sheet – (Billions of yen)
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53 J-GAAP J-GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS FY2018 FY2019 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Consolidated P/L Net revenue 79.19 103.60 103.30 121.91 118.24 131.08 143.93 138.22 139.70 YoY revenue growth 30.7% 30.8% 30.3% 18.0% -3.0% 10.9% 9.8% -4.0％ 1.1％ Gross profit 16.05 20.33 20.30 25.40 24.05 28.76 31.73 30.44 29.38 Gross margin 20.3% 19.6% 19.7% 20.8% 20.3% 21.9% 22.1% 22.0% 21.0% EBITDA 3.04 3.66 4.57 6.13 6.25 7.55 7.45 6.81 4.89 EBITDA margin 3.8% 3.5% 4.4% 5.0% 5.3% 5.8% 5.2％ 4.9％ 3.5％ Operating profit 2.42 2.54 2.95 4.14 4.03 5.47 5.31 4.52 2.33 Operating margin 3.1% 2.5% 2.9% 3.4% 3.4% 4.2% 3.7％ 3.3％ 1.7％ Profit attributable to owners of parent 1.22 1.23 1.53 2.38 2.36 3.28 3.23 2.77 1.15 Earnings per share 58.04 55.58 69.46 107.0 106.35 147.03 143.20 122.37 50.64 ROIC (WACC recognized by the Company) 13.0% 8.2% (Around 8%) 8.2% 13.9% 13.8% (Around 11%) 17.9% 16.6% (Around 9%) 13.4% 5.7% (Around 8%) ROE 19.9% 16.3% 27.4% 50.5% 35.1% 33.5% 24.9% 17.3% 6.6% Consolidated C/F Operating cash flow 3.50 2.07 2.80 4.99 4.31 4.35 4.81 3.82 1.80 Investing cash flow (2.09) (5.71) (5.63) (3.03) (0.43) (0.03) (0.17) (0.57) (0.69) Financing cash flow 3.97 1.37 0.56 (2.72) (2.64) (2.95) (2.78) (6.23) (1.23) Free cash flows 1.40 (3.63) (2.83) 1.96 3.88 4.04 3.05 3.25 (1.11) (Billions of yen, Yen) 2. About Will Group – Consolidated Statement of Profit or Loss and Consolidated Statement of Cash Flows –
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Chairman: Ryosuke Ikeda President Yuichi Sumi Outside Director (Independent) Kunihiro Koshizuka Outside Director (Independent) Masato Takahashi Outside Director (Independent) Yuko Ichikawa Full-time Outside Audit &Supervisory Board Member (Independent) Shizuka Sawada Audit & Supervisory Board Member (Independent) Katsumi Nakamura 54 2. About Will Group – Board Members (Directors and Audit & Supervisory Board Members) – Full-time Outside Audit &Supervisory Board Member (Independent) Sachie Ikeda
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Executive Officer, Domestic (Japan) Strategy Hideo Murakami Executive Officer, Administration Satoshi Takayama Executive Officer, Business Design Hironobu Takeda Executive Officer, Overseas Strategy Satoshi Kitagawa Executive Officer, IT Strategy Daisuke Yoshimatsu 55 Executive Officer, Human Resources Kumi Kogahara Executive Officer, Corporate Planning Hiroshi Kitamura 2. About Will Group – Board Members (Executive Officers) –
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StrategyⅠ Realizing further growth and monetization in the construction management engineer domain Permanent employee staffing StrategyⅡ Renewed growth in Domestic W (excluding the construction management engineer domain) Permanent employee staffing Foreign Talent Management Services StrategyⅢ Stable growth in Overseas W Renewed growth in Domestic W Basic Policies Key strategies Domestic W Overseas W Traditional model of Will Group Strategic direction of Will Group Limited growth potential due to dependence on fixed-term staffing (3.4% in FY2020 to 3.7% in FY2023) 56 Renewed growth driven by permanent employee staffing and foreign talent management services. 3. Medium-term Management Plan (WILL-being 2026) －Basic Policies and Key strategies－
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3. Medium-term Management Plan (WILL-being 2026) －Formulation background－ 57 WILL-being 2023 Review Challenge: Low growth in Domestic Working Business WILL-being 2026 (Announced on May 11, 2023) Basic Policies： Renewed growth in Domestic W WILL-being 2026 (Revised plan announced on May 12, 2024) Basic Policies： Renewed growth in Domestic W (No changes) Revised targets based on business environment Consolidated：Poor (FY2023) • Revenue ： CAGR 6% Forex-excluded CAGR: 3% • Operating Profit： CAGR 9% Forex-excluded CAGR: 4% Domestic W：Unsatisfactory • Revenue ： CAGR 0% • Operating Profit： CAGR - 6% Overseas W：Excellent • Revenue ： CAGR 17% Forex-excluded CAGR: 8% • Operating Profit： CAGR 30% Forex-excluded CAGR: 18% Consolidated target (Fiscal year ending March 31, 2026) Revenue 170.0 billion Operating Profit 6.5 billion Operating margin 3.8 % Domestic W Realizing further growth and monetization in the construction management engineer domain (FY2026) • Number of hires/year : 2,000 • Retention rate : 73.0 ％ Regrowth of areas other than the above (FY2026) • Number of workers on assignment for permanent employee staffing : 4,700 • Number of foreign talent supported through the Foreign Talent Management Services: 6,800 Overseas W Stable growth Permanent placement revenue composition : 17.0% Consolidated target No management targets set Aim for profit growth from the fiscal year ending March 31, 2027 onwards Domestic W Realizing further growth and monetization in the construction management engineer domain (FY2026) • Number of hires/year : 1,500 • Retention rate : 71.5 ％ Regrowth of areas other than the above (FY2026) • Number of workers on assignment for permanent employee staffing : 3,500 • Number of foreign talent supported through the Foreign Talent Management Services : 3,500 Overseas W Stable growth Permanent placement revenue composition : No target set StrategyⅠ・Ⅱ StrategyⅠ・Ⅱ Strategy Ⅲ Strategy Ⅲ
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58 3. Medium-term Management Plan(WILL-being 2026) – Service-Specific Revenue Model – Strategy I・II Strategy II Strategy III Service Fixed term staffing Outsourcing Permanent employee staffing Foreign Talent Management Services Permanent placement Segment Call Center Outsourcing Factory Outsourcing Sales Outsourcing Overseas W Business Factory Outsourcing Sales Outsourcing Construction management engineers Sales Outsourcing Factory Outsourcing IT engineering Factory Outsourcing Care Support Overseas W Business Gross margin 14~17% 14~22% 21~28% 90% or higher 90% or higher Retention rate Middle Middle High High - Market growth potential Low Low High High High Compatibility with existing assetsOperation - - Good Good Fair Employee skills - - Excellent Good Fair Customers - - Excellent Excellent Good The expansion of permanent employee staffing and foreign talent management services is driven by factors such as profitability, retention rates, market growth potential, and high compatibility with existing assets. We aim to leverage our existing assets, honed through fixed-term staffing, to transition towards a more profitable portfolio.
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3.28 3.49 3.49 4.19 4.81 5.27 5.79 7.67 10.47 14.29 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 (Plan) 0.33 0.32 0.31 0.36 0.28 0.05 (0.60) (0.61) (0.59) 0.17 Full-scale entry into new graduate and entry- level market 59 3. Medium-term Management Plan (WILL-being 2026) – Strategy I (Domestic W) : Business performance trend of the construction management engineer domain – We achieved profitability in FY2025. In FY2026, we expect further growth and aim to position this domain as one of our core pillars. Business performance trend of WILLOF CONSTRUCTION, Inc. Acquired the company formerly known as C4 Inc. in June 2018 Fourfold increase in revenue compared to the period prior to acquisition (vs FY2018) (CAGR: +22%) ※Based on non-consolidated financial statements under Japanese GAAP ■ Revenue ■ Operating Profit
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60 Entrance ceremony (new graduates) Business partnership with Hanoi University of Civil Engineering in Vietnam (Scene at the signing ceremony) Vietnamese BIM/CIM engineers planned to be assigned We actively recruit individuals without experience in the industry, including new graduates. We focus on foreign worker employment by implementing training programs aimed at undergraduates and graduates of architecture and civil engineering universities in Vietnam, to develop talent capable of thriving as BIM/CIM engineers in Japan. 3. Medium-term Management Plan (WILL-being 2026) – Strategy I (Domestic W) : Initiatives in the construction management engineer domain –
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61 Classroom training Architectural Surveying PracticeFull-body harness fall arrest system special training We support skill development through onboarding programs and regular training sessions, covering areas such as construction industry fundamentals and business etiquette. 3. Medium-term Management Plan (WILL-being 2026) – Strategy I (Domestic W) : Initiatives in the construction management engineer domain –
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70.1% 62 Since 2024, we have adopted the AI learning app “Monoxer*1”. Through promotional measures such as full reimbursement of examination fees for successful candidates, the numbers of examinees and successful candidates have increased. The pass rate for the group using the app for the Second-Class Construction Management Technician Examination*2 is 70.1% (+25.0 points compared to the non-user group). FY2025 full year Successful candidatesExaminees Pass rate FY2025 first half FY2025 second half Results of the group not using the learning app Results of the group using the learning app*3 FY2025 full year FY2025 first half FY2025 second half 182 82 45.1％ 45 17 37.8% 137 65 47.4% 231 162 56 46 82.1% 175 116 66.3% *1 A learning app that promotes memory retention while solving problems. It features functions such as visualization of the learner’s memory status and adaptive learning. *2 First-stage examination *3 The group of learners who were determined by the app to have memorized more than 50% of the problem content provided to them. Successful candidatesExaminees Pass rate +25.0pt 3. Medium-term Management Plan (WILL-being 2026) – Strategy I (Domestic W) : Initiatives in the construction management engineer domain –
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63 Scene at an in-house networking event Scene at the annual award ceremony for engineering employees We strive to improve retention rates by conducting in-house networking events and award systems. 3. Medium-term Management Plan (WILL-being 2026) – Strategy I (Domestic W) : Initiatives in the construction management engineer domain –
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64 3. Medium-term Management Plan (WILL-being 2026) – Strategy II (Domestic W): Revenue Model for the Foreign Talent Management Services – Foreign Talent Management Services Customer (Employer of foreign talent) The Company (provides outsourcing services) Foreign workers Revenue (Outsourcing fee: ¥20,000 to ¥30,000 per person per month) * (Daily life support)(Employment) Hiring within and outside of Japan Advance guidance Transportation when entering or leaving Japan Securing housing Support in arranging any contracts needed for daily life Daily life orientation Accompanying staff to assist with administrative procedures Consultation and responding to complaints Providing opportunities to learn Japanese Promoting interaction with the local Japanese community Job changing support Regular interviews Notifying government agencies * Main daily life support service Gross margin: 90% or higher
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65 3. Medium-term Management Plan (WILL-being 2026) – Strategy II (Domestic W) : Flow of support for foreign worker employment– With a wide range of recruitment channels, we conduct hiring activities in Japan and overseas. The scope of support includes attracting candidates, interviews, training, and follow-up services continue after joining the company, such as support for obtaining qualifications. * In some cases, the retirement from previous job and moving of belongings to new dormitory occurs after permission is issued. - Flow of support for foreign worker employment -
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66 Scene of a Japanese language class Scene of specified skill training (nursing care) 3. Medium-term Management Plan (WILL-being 2026) – Strategy II (Domestic W) : Initiatives in the Foreign Talent Management Services – We actively support foreign workers seeking better employment conditions and skill acquisition. By collaborating with supervisory organizations, we provide support to both host companies and foreign workers.
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67 Follow-up services after starting job (internal award system, qualification support, etc.) (Scene of receiving nursing care worker license)(Scene at an internal award event event) 3. Medium-term Management Plan (WILL-being 2026) – Strategy II (Domestic W) : Initiatives in the Foreign Talent Management Services –
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68 Scenes from our visit to overseas sending organization 3. Medium-term Management Plan (WILL-being 2026) – Strategy II (Domestic W) : Initiatives in the Foreign Talent Management Services –
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(0.02) 0.01 (0.01) 0.02 (0.02) 0.10 0.36 0.43 0.97 1.94 3.35 3.41 1.95 1.42 1.47 0.07 0.09 0.12 0.56 0.98 4.11 13.17 26.28 36.07 36.92 48.75 57.54 55.43 56.45 50.48 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 (Plan) 69 Currently, despite the impact of the deteriorating market conditions due to the post-COVID surge in demand for manpower moderating and due to inflationary pressure, revenue CAGR is 58.7% based on the level in FY2015 when the Company started full scale M&A activities. Raid growth through M&A Pandemic of COVID-19 Post-COVID-19 rebound bubble Concerns over a prolonged slump in market conditions after the surge in permanent placement demand ran its course Operating profit Revenue 3. Medium-term Management Plan (WILL-being 2026) – Strategy III (Overseas W) : Performance Trends – Performance Trends of Overseas Working Business FY2015 – FY2025 Revenue CAGR 58.7%
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70 Contact center Office work Tech-related areas Our main clients include government entities and their affiliated organizations, as well as organizations in the financial and telecommunications industries. We specialize in staffing and permanent recruitment of high-performing white-collar professionals, focusing on the mid- to high- salary talent segment. 3. Medium-term Management Plan (WILL-being 2026) − Strategy III (Overseas W) : Specific Operations −
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25.9% 30.2% 16.9% 27.0% 56.1% 43.9% The gross profit composition ratios of the Overseas Working Business are 60% from Australia and 40% from Singapore. 71 Singapore and others：43.9% Australia：56.1% ■Temporary staffing gross profit : ■Permanent placement gross profit = 43% : 57% etc. etc. Gross profit 126.5 (FY2025) 3. Medium-term Management Plan (WILL-being 2026) − Strategy III (Overseas W) : Gross Profit Composition Ratios − (Billions of Yen)
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1.18 0.93 0.50 0.81 1.03 1.28 1.51 2.06 2.82 3.39 3.81 4.53 5.12 0.00 0.01 0.00 0.00 0.09 0.11 0.12 0.08 0.04 0.04 0.01 0.00 0.06 0.31 0.44 0.62 0.71 0.71 0.84 0.93 1.25 1.06 1.12 1.13 1.29 1.24 0.15 0.17 0.18 0.15 0.08 0.14 0.10 0.15 0.16 0.16 0.13 0.09 0.25 1.57 1.61 1.08 1.09 1.41 1.61 1.89 1.94 1.95 2.04 1.80 1.65 1.77 0.18 0.34 0.62 0.64 0.51 0.76 0.63 0.29 0.14 0.13 0.18 0.20 0.24 0.09 0.08 0.01 0.05 0.09 0.20 0.19 0.10 0.12 0.26 0.40 0.43 0.19 1H FY2020 2H FY2020 1H FY2021 2H FY2021 1H FY2022 2H FY2022 1H FY2023 2H FY2023 1H FY2024 2H FY2024 1H FY2025 2H FY2025 1H FY2026 0.00 0.01 0.01 0.00 0.02 0.03 0.06 0.03 0.04 0.05 0.01 0.01 0.02 0.26 0.29 0.22 0.37 0.61 0.54 0.65 0.35 0.41 0.42 0.46 0.38 0.50 0.31 0.32 0.21 0.32 0.49 0.57 0.42 0.26 0.12 0.13 0.16 0.14 0.17 0.53 0.48 0.23 0.33 0.47 0.46 0.48 0.37 0.43 0.26 0.28 0.20 0.22 0.42 0.45 0.33 0.44 0.63 0.59 0.60 0.53 0.64 0.51 0.43 0.32 0.28 0.20 0.20 0.19 0.24 0.22 0.28 0.30 0.26 0.24 0.15 0.20 0.17 0.18 0.16 0.15 0.08 0.14 0.20 0.27 0.29 0.26 0.21 0.17 0.31 0.27 0.26 1H FY2020 2H FY2020 1H FY2021 2H FY2021 1H FY2022 2H FY2022 1H FY2023 2H FY2023 1H FY2024 2H FY2024 1H FY2025 2H FY2025 1H FY2026 72 1.63 8.87 Converted to yen at the rates of ¥113/SGD and ¥95/AUD. - Singapore - ・Temporary staffing ・Permanent placement (Billions of yen) Public Sector Banking & Finance Industrial Healthcare & Life Science Consumer Goods/ Services & Lifestyles Others Technology & Telco Public Sector Banking & Finance Industrial Healthcare & Life Science Consumer Goods/ Services & Lifestyles Others Technology & Telco 8.71 8.20 9.05 8.79 9.69 9.45 9.71 9.59 10.02 8.55 8.61 7.58 7.49 2.44 2.49 2.76 3.05 4.19 4.02 3.38 3.25 2.84 1.73 1.92 2.43 3.12 1.20 0.96 2.32 1.18 1.16 1.25 1.80 0.55 0.36 0.33 0.52 0.26 0.15 0.92 0.79 0.61 0.42 0.57 0.56 0.68 0.54 0.29 0.31 0.46 0.62 0.69 3.00 2.86 3.09 2.90 2.82 3.02 3.57 3.77 3.71 3.94 3.97 3.79 4.02 0.41 0.44 0.36 0.48 0.61 0.69 0.70 0.66 0.80 0.68 0.36 0.18 0.21 0.80 0.88 0.29 0.36 0.76 0.79 0.98 0.98 0.84 0.72 0.48 0.54 0.49 1H FY2020 2H FY2020 1H FY2021 2H FY2021 1H FY2022 2H FY2022 1H FY2023 2H FY2023 1H FY2024 2H FY2024 1H FY2025 2H FY2025 1H FY2026 ・Temporary staffing 0.20 0.20 0.19 0.15 0.28 0.28 0.39 0.31 0.52 0.44 0.53 0.50 0.82 0.24 0.23 0.21 0.24 0.36 0.30 0.32 0.27 0.29 0.26 0.25 0.19 0.23 0.06 0.06 0.02 0.03 0.11 0.06 0.06 0.06 0.06 0.03 0.04 0.06 0.03 0.13 0.11 0.05 0.10 0.22 0.22 0.23 0.21 0.30 0.20 0.22 0.22 0.24 0.15 0.19 0.18 0.20 0.34 0.54 0.48 0.48 0.42 0.35 0.29 0.22 0.25 0.09 0.07 0.07 0.08 0.14 0.13 0.12 0.10 0.14 0.10 0.07 0.06 0.08 0.25 0.19 0.11 0.18 0.37 0.36 0.44 0.40 0.31 0.26 0.47 0.42 0.40 1H FY2020 2H FY2020 1H FY2021 2H FY2021 1H FY2022 2H FY2022 1H FY2023 2H FY2023 1H FY2024 2H FY2024 1H FY2025 2H FY2025 1H FY2026 16.17 2.05 Public Sector Banking & Finance Industrial Healthcare & Life Science Consumer Goods/ Services & Lifestyles Others Technology & Telco Public Sector Banking & Finance Industrial Healthcare & Life Science Consumer Goods/ Services & Lifestyles Others Technology & Telco ・Permanent placement 3. Medium-term Management Plan (WILL-being 2026) − Strategy III (Overseas W) : Breakdown of revenue by sector − - Australia -
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Primary location Business activities Start of consolidation since (WILL GROUP ownership) Investment *1 *2 Q3 FY2022 Q3 FY2023 Q3 FY2024 Q3 FY2025 Q3 FY2026 Sidney In Australia, services include high-end permanent placement and temporary staffing, and temporary staffing for government agencies 2018/8 (100%) 0.87 Revenue 12.54 11.39 8.80 6.50 7.03 Profit 0.46 0.37 0.07 0.05 0.12 Singapore Providing permanent placement and consulting services focused on HR primarily in Singapore, through wholly- owned subsidiaries in Hong Kong, Japan, U.S., China, Australia and UK. 2019/1 (100%) 3.19 Revenue 2.07 19.0 1.52 1.27 1.20 Profit 0.74 5.2 0.21 0.04 0.17 Brisbane Providing temporary staffing and permanent placement services to government agencies and major corporations in Australia. 2019/4 (100%) 4.44 Revenue 8.83 92.6 10.35 10.94 11.41 Profit 1.15 8.4 0.67 0.55 0.64 Melboure Providing temporary staffing and permanent placement services for office work and call center operations to agencies and companies in various sectors such as government, telecommunications, resources and appliance manufacturing in Australia. 2018/1 (100%) 1.62 Revenue 12.51 140.8 11.75 10.03 8.68 Profit 0.23 0.48 0.37 0.18 0.17 ■ Trends in revenue and operating profit of major overseas subsidiaries 73 Although subsidiaries continued to struggle due to a deterioration in the macro environment, impairment testing indicated no need for impairment. Investment balance (above 4 companies): ¥10.12 billion Investment balance (consolidated): ¥14.49 billion *1 The investment in each company includes goodwill and identifiable intangible assets. *2 Sales and profit are for the April-December consolidated fiscal period regardless of the timing of consolidated disclosures. Converted to yen at the rates of ¥115/SGD and ¥97/AUD in order to eliminate the effects of foreign exchange rate movements. (Billions of Yen) 3. Medium-term Management Plan (WILL-being 2026) – Strategy III (Overseas W) : Performance trends of major overseas subsidiaries and goodwill balance–
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8,699 7,371 88% 67% Due to the progression of declining birthrates and an aging population, the working-age population in Japan is decreasing year by year. The supply of labor is declining at an accelerating pace, with the labor shortfall expected to reach about 3.42 million in 2030 and 11.00 million in 2040. Chronic labor shortages are becoming a major issue for Japan. -13 -25 -63 -102 -193 -236 -283 -342 -389 -479 -540 -604 -679 -737 -833 -916 -1,001 -1,100 202220232024 202620272028202920302031203220332034203520362037203820392040 - Labor demand vs. supply simulation (unit: 10,000 people) - Shortage of 3.42 million workers - Trends in working-age population (unit: 10,000 people) - Approximately 13 million decrease ■ Working-age population ＝ Working-age population ratio *Source ： Prepared by the Company using Recruit Works Institute “Future Predictions 2040 in Japan” ■ Worker shortage 4. External Environment – Human Resources Services Business Environment ① – *Source: Prepared by the Company using Statistics Bureau, Ministry of Internal Affairs and Communications “Labour Force Survey” *1 Population aged 15-64 74 Shortage of 11 million workers
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2,290 845 375 468 299 413 439 230 2,134 733 318 386 233 313 330 172 Office, technical and professional roles Production processes Customer service, Waitstaff, Food and beverage preparation Healthcare professionals Construction Transport, machinery operation, goods handling Product sales Care support services Shortage of 1.56 million workers Shortage of 0.58 million workers By 2040, significant labor supply shortages are expected in occupations responsible for maintaining daily life services, suchas construction, caregiving, sales, and manufacturing. The Group aims to enhance profitability and address social issues by deploying permanent employee staffing and foreign talent management services in high-profit areas with negative supply-demand gaps. - 2040 occupational labor demand vs. supply simulation (unit: 10,000 people)- ■ Worker supply ■ Worker demand - Staffing dispatch rate by sector- Sector Staffing dispatch rate (hourly) Information processing and communication engineers 4,173 yen Architecture, civil engineering, and surveyors 4,141 yen Sales professionals 2,967 yen Nurses 2,920 yen General office workers 2,197 yen Machine assembly workers 2,194 yen Product manufacturing and processing workers 2,101 yen Social welfare professionals 2,098 yen Product sales workers 2,005 yen Goods handling workers 1,998 yen Care support professionals 1,986 yen Customer service and waitstaff 1,961 yen Food preparation workers 1,868 yen Packaging workers 1,804 yen Permanent employee staffing Permanent employee staffing Foreign Talent Management Services Permanent employee staffing Foreign Talent Management Services 4. External Environment – Human Resources Services Business Environment ② – 75 *Source ： Prepared by the Company using Recruit Works Institute “Future Predictions 2040 in Japan” Shortage of 1.09 million workers Shortage of 0.66 million workers Shortage of 0.82 million workers Shortage of 0.11 million workers Source ： Prepared by the Company using Ministry of Health, Labour and Welfare “Labor Dispatch Business Report (Reiwa 6)” Shortage of 1.00 million workers Shortage of 1.00 million workers
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50 150 250 350 450 550 650 750 2015/1/31 2016/1/31 2017/1/31 2018/1/31 2019/1/31 2020/1/31 2021/1/31 2022/1/31 2023/1/31 2024/1/31 2025/1/31 76 Over the past decade, the human resources business industry has outperformed the Nikkei Stock Average, leading performance among industries. Stock index trends for major industries outperforming the Nikkei Stock Average HR & related services Semiconductor & related manufacturing Nikkei Stock Average Software services Heavy machinery manufacturing Content production & distribution 4. External Environment － Stock Index Trends for Human Resources Services－
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2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 77 4. External Environment – Strategy I (Domestic W) : Management Engineer Domain – Gap between construction management engineer supply and demand The construction sector faces an extremely serious labor shortage problem with a projected shortage of up to 47,000 construction management engineers by 2040. Source: Human Resocia Co., Ltd. “2040 Projections for Construction Management Engineers and Technical Jobs (2024 edition)” ■ Number of construction management engineers (projection) ■ Number of construction management engineers in demand (projection) Shortage of 56,000 engineers in 2020 Shortage of 41,000 engineers in 2030 Shortage of 47,000 engineers in 2040 Required number of engineers: 641,000 Employed engineers: 594,000 Required number of engineers: 595,000 (No. of people) Employed engineers: 554,000 Employed engineers: 504,000 Required number of engineers: 562,000 “II. Growth realization case / A. Labor productivity status quo scenario” Estimation of the supply and demand gap for construction management engineers
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0 20 40 60 80 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 78 4. External Environment – Strategy I (Domestic W) : Construction Management Engineer Domain – Construction Sector investment and the market size of human resources services for the construction industry The amount of construction-related investment fell from approximately ¥84 trillion in 1992 to ¥42 trillion in 2011, but as of 2023, it had increased to ¥73 trillion. 73 -Trend of construction-related (nominal values) investment (Trillions of yen)- -Size of human resources services market for construction industry (Billions of yen)- *Source: Prepared by the Company using Ministry of Land, Infrastructure, Transport and Tourism “Estimate of Construction Investment” Government civil engineering Private-sector civil engineering Government construction Private-sector civil construction Forecast CAGR+4% *Source: Yano Research Institute Ltd. “Human Resources Business 2023” 540.0 530.0 560.0 580.0 610.0 630.0 650.0 670.0 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028
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1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 79 4. External Environment – Strategy I (Domestic W) : Construction Management Engineer Domain – Workforce of the construction industry The working population in the construction industry is aging: 36.7% are 55 years or older, while 11.7% are 29 years or younger. Although the total number of workers in the construction industry has been declining from its peak in 1997, the demand for construction management engineers is increasing. -Trend of number of construction industry workers (10 thousands of people)- *Source: Prepared by the Company using Statistics Bureau, Ministry of Internal Affairs and Communications “Labour Force Survey” 477 Approximately 30％ decrease 685 23.7% 32.4% 21.5% 16.9% 24.8% 36.7% 19.1% 11.7% 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -Construction industry: Trend of number of workers by age- All industries: 29 years and younger Construction industry: 29 years and younger All industries: 55 years and older Construction industry: 55 years and older
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27 30 34 39 43 48 48 47 49 55 60 64 10 12 15 19 23 27 28 28 30 32 35 39 9 11 14 17 19 21 23 23 24 26 30 34 2 3 4 6 7 9 11 11 12 14 18 21 1 1 2 2 3 3 4 6 7 9 12 15 9 11 13 16 19 21 20 20 21 23 27 32 3 4 4 5 6 7 7 7 8 9 9 10 5 6 6 7 7 7 7 7 8 8 8 8 11 13 16 18 20 22 23 23 25 28 31 35 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 80 4. External Environment – Strategy II (Domestic W) : Foreign Talent Management Services – Foreign workers in Japan The number of foreign workers is at a record high. Demand is expected to continue to increase. In the past five years, the number of workers in the manufacturing and service industry have increased. CAGR shows two-digit growth for medical, welfare and the construction industry. Government policy toward foreigners under the Takaichi Administration could be a tailwind for the Company, which strives to provide high-quality services while strictly adhering to compliance. -Trend of number of foreign workers (10 thousands of people)- Source: Prepared by the Company using Ministry of Health, Labour and Welfare “State of Foreign Employment” (as of the end of October 2025) Industry Increase in number of people CAGR (5 year) ■ Manufacturing industry 15.3 5.7% ■ Services industry (services not classified elsewhere) 11.5 7.2% ■ Wholesale industry and retail industry 10.9 8.0% ■ Construction industry 9.6 13.2% ■ Medical and welfare 10.3 27.5% ■ Accommodation industry and food services industry 11.7 9.5% ■ Information and communication industry 2.7 6.6% ■ Education and learning support industry 1.1 3.0% ■ Others 11.7 8.4% Total 84.7 8.3% -Increase in number of foreign workers by industry (10 thousands of people) and growth rate- 257 CAGR +8.3% 79 2020-2025
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Overseas (Australia, Singapore) Macro Environment We are encountering decreasing numbers of job openings in both Australia and Singapore, in sectors that include IT and finance, following a peak in the first half of 2022. 81 4. External Environment – Strategy III : Overseas W – ■GDP Trends Australia 326.7 As at February 2020 As at May 2020 As at August 2020 As at November 2020 As at February 2021 As at May 2021 As at August 2021 As at November 2021 As at February 2022 As at May 2022 As at August 2022 As at November 2022 As at February 2023 As at May 2023 As at August 2023 As at November 2023 As at February 2024 As at May 2024 As at August 2024 As at November 2024 As at February 2025 As at May 2025 As at August 2025 As at November 2025 4.1 0 5 10 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 ■ Job openings Unit: Thousands ■ Unemployment rate *Source: Australian Bureau of Statistics*Source: Australian Bureau of StatisticsUnit: A $ 1 billion Unit: S $ 1 billion Singapore ■GDP Trends 69.2 As at March 2020 As at June 2020 As at September 2020 As at December 2020 As at March 2021 As at June 2021 As at September 2021 As at December 2021 As at March 2022 As at June 2022 As at September 2022 As at December 2022 As at March 2023 As at June 2023 As at September 2023 As at December 2023 As at March 2024 As at June 2024 As at September 2024 As at December 2024 As at March 2025 As at June 2025 As at September 2025 2.0 0 5 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 *Source: Labour Market Survey, Ministry of Manpower, Singapore ■ Unemployment rate *Source: Singapore Department of Statistics Unit: Thousands■ Job openings 0 100 200 300 400 500 600 700 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500 1000 1500 2000 2500 3000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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60.59 79.19 103.30 121.91 118.24 131.08 143.93 138.22 139.70 134.60 1.96 2.42 2.95 4.14 4.03 5.47 5.31 4.52 2.33 2.50 020.00 FY17.3 (J-GAAP) FY18.3 (J-GAAP) FY19.3 (IFRS) FY20.3 (IFRS) FY21.3 (IFRS) FY22.3 (IFRS) FY23.3 (IFRS) FY24.3 (IFRS) FY25.3 (IFRS) FY26.3(Plan) (IFRS) Sales / Revenue Operating profit 82 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Strengthening and Promoting Business Portfolio Management – Will Vision 2020 (FY17.3～FY20.3) Announced on May 10, 2016 Key strategies I Grow the current three core businesses to be No. 1 in the industry II Newly establish three businesses as pillars III Create businesses of a certain scale in business fields other than human resources services Shareholder return policy Aim for a total payout ratio of 30% WILL-being 2023 (FY21.3～FY23.3) Announced on May 12, 2020 and May 12, 2021 Key strategies I Improving profitability through the portfolio shift II Improving productivity through the digital shift III Searching for the next strategic investment domains IV Financial strategy Equity-to-asset ratio: 20% or higher ROIC: 20% or higher Shareholder return policy Total payout ratio based on the earnings forecasts at the beginning of the fiscal year: 30% WILL-being 2026 (FY24.3～FY26.3) Announced on May 11, 2023, and revised on May 13, 2024 Key strategies I Realizing further growth and monetization in the construction management engineer domain II Renewed growth in Domestic Working Business (excluding the construction management engineer domain) III Stable growth in Overseas Working Business Shareholder return policy Progressive dividends and total payout ratio of 30% or higher (Billions of yen) Rapid growth by promoting aggressive M&A, mainly overseas Post-COVID-19 rebound bubble is driving growth in Overseas W while growth in the Domestic W has slowed As part of the business portfolio management (particularly from the perspective of being a best owner), the Company promotes the sale of shares in non-core business subsidiaries and concentrates management resources in strategic investment domains. Back on the path of renewed growth in Domestic W Deterioration of financial position due to fundraising for active M&As and impact of business combination accounting Promoting strengthening of financial position Promoting improvement in profitability *For information on the reallocation of business portfolio, see pages 69-70.
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83 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Improving the Financial Condition – 17.30 28.09 43.39 44.60 46.76 52.35 54.93 51.54 49.92 4.14 8.41 4.19 5.23 8.24 11.39 14.63 17.50 17.39 23.3% 29.4% 9.7% 11.7% 17.6% 21.8% 26.6% 34.0% 34.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% － 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 FY17.3 (J-GAAP) FY18.3 (J-GAAP) FY19.3 (IFRS) FY20.3 (IFRS) FY21.3 (IFRS) FY22.3 (IFRS) FY23.3 (IFRS) FY24.3 (IFRS) FY25.3 (IFRS) Total assets Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets Due to the impact of business combination accounting accompanying aggressive M&A, the ratio of equity attributable to owners of parent to total assets temporarily dropped to the 9% level. The Company has been working on improving the financial condition by strengthening balance-sheet management, and the ratio has recovered to 34.8%. In addition, as shown in the following graphs, “goodwill to equity attributable to owners of parent” and “net debt to equity ratio” has also significantly improved. 5.32 5.65 6.16 6.51 8.12 8.74 8.17 4.19 5.23 8.24 11.39 14.63 17.50 17.39 1.3 1.1 0.7 0.6 0.6 0.5 0.5 － 0.2 0.4 0.6 0.8 1.0 1.2 1.4 － 5.00 10.00 15.00 20.00 Mar 31, 2019 Mar 31, 2020 Mar 31, 2021 Mar 31, 2022 Mar 31, 2023 Mar 31, 2024 Mar 31, 2025 Ratio of goodwill to equity attributable to owners of parent (Times) Goodwill outstanding Equity attributable to owners of parent Ratio of goodwill to equity attributable to owners of parent (Billions of yen) 4.59 3.77 1.33 (0.98) 0.56 (1.18) (0.33) 4.19 5.23 8.24 11.39 14.63 17.50 17.39 1.1 0.7 0.2 (0.1) 0.0 (0.1) (0.0) (0.2) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 (5.0) 0.0 5.0 10.0 15.0 20.0 Mar 31, 2019 Mar 31, 2020 Mar 31, 2021 Mar 31, 2022 Mar 31, 2023 Mar 31, 2024 Mar 31, 2025 Net debt to equity ratio (Times) Net debt Equity attributable to owners of parent Net debt to equity ratio
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84 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Stock Market Evaluation– Since reaching ¥2,122 in February 2018, the stock price has weakened accompanied by the decrease in trading volume. In addition to the weak stock price, PBR remains at a low level. However, PBR has not fallen below 1, supported by an increase in equity attributable to owners of parent driven by the improved financial condition. 4.14 8.41 4.19 5.23 8.24 11.39 14.63 17.50 17.39 17.35 33.02 26.92 12.57 25.42 28.84 24.49 24.58 22.01 4.2 3.9 6.4 2.4 3.1 2.5 1.7 1.4 1.3 － 1.0 2.0 3.0 4.0 5.0 6.0 7.0 － 5.00 10.00 15.00 20.00 25.00 30.00 35.00 Mar 31, 2017 Mar 31, 2018 Mar 31, 2019 Mar 31, 2020 Mar 31, 2021 Mar 31, 2022 Mar 31, 2023 Mar 31, 2024 Mar 31, 2025 PBR (Times) Equity attributable to owners of parent Market capitalization PBR Stock Price (yen) Trading volume (shares) Breakdown of PBR into components FY17.3 FY18.3 FY19.3 FY20.3 FY21.3 FY22.3 FY23.3 FY24.3 FY25.3 PBR (Times) 4.2 3.9 6.4 2.4 3.1 2.5 1.7 1.4 1.3 PER (Times) 17.2 27.3 17.3 5.3 10.8 8.8 7.6 8.9 19.1 ROE (%) 26.5 19.7 27.6 50.5 35.1 33.5 24.9 17.3 6.6 (Billions of yen) 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 0 500 1,000 1,500 2,000 2,500 2017/3/1 2018/3/1 2019/3/1 2020/3/1 2021/3/1 2022/3/1 2023/3/1 2024/3/1 2025/3/1 Stock price and trading volume Trading volume Stock price *1 The stock price used for calculating PBR and PER is based on the closing price at the end of each fiscal year.B *2 The PER for FY2025 calculated based on forecasts before the revision is 13.4 times.
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1.01 1.21 1.55 2.38 2.36 3.29 3.24 2.78 －3.82 6.15 5.63 4.72 6.74 9.82 13.02 16.07 17.51 26.5% 19.7% 27.6% 50.5% 35.1% 33.5% 24.9% 17.3% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% FY17.3 (J-GAAP) FY18.3 (J-GAAP) FY19.3 (IFRS) FY20.3 (IFRS) FY21.3 (IFRS) FY22.3 (IFRS) FY23.3 (IFRS) FY24.3 (IFRS) FY25.3 (IFRS) ROE Profit attributable to owners of parent Equity attributable to owners of parent ROE 85 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Cost of Shareholders’ Equity and ROE – ROE has been declining year by year since peaking in the fiscal year ended March 31 2020 due to the slowdown in profit growthand the increase in equity attributable to owners of parent from the improvement of the financial position.It fell below the cost of shareholders‘ equity (approximately 12%) recognized by the Company in the fiscal year ended March 31, 2025. Assumptions for the Company’s cost of shareholders’ equity Risk-free rate 1.5% + β 1.8 x Risk premium 5.9% (10-year JGB yield) Historical Beta (60 months) = Cost of shareholders’ equity Approx. 12% (CAPM is used as an objective reference value) Inverse of PER FY17.3 FY18.3 FY19.3 FY20.3 FY21.3 FY22.3 FY23.3 FY24.3 FY25.3 1÷PER (%) 5.8 3.7 5.8 18.9 9.3 11.4 13.2 11.3 5.2 PER (Times) 17.2 27.3 17.3 5.3 10.8 8.8 7.6 8.9 19.1 (Reference) Cost of shareholders’ equity based on earnings yield (Billions of yen)
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86 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Weighted Average Cost of Capital (WACC) and ROIC – ROIC has been declining year by year since peaking in the fiscal year ended March 31 2022 due to the slowdown in profit growth and the increase in capital resulting from the improvement of the financial position. It fell below the WACC (approximately 8%) recognized by the Company in the fiscal year ended March 31, 2025. 1.08 1.73 1.57 2.44 2.55 3.42 3.35 2.85 1.24 5.96 9.30 13.62 17.57 18.28 19.12 20.14 21.33 21.89 18.2% 18.6% 11.5% 13.9% 13.9% 17.9% 16.6% 13.4% 5.7% － 5.00 10.00 15.00 20.00 25.00 FY17.3 (J-GAAP) FY18.3 (J-GAAP) FY19.3 (IFRS) FY20.3 (IFRS) FY21.3 (IFRS) FY22.3 (IFRS) FY23.3 (IFRS) FY24.3 (IFRS) FY25.3 (IFRS) ROIC NOPAT Invested capital ROIC Assumptions for the Company’s WACC Weight of shareholders’ equity 60% ↓ WACC Approx. 8% (CAPM is used as an objective reference value) (Billions of yen) (Post-tax cost of debt is approximately 1.8%)
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87 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Measures to Increase Shareholder Value – Increase in shareholder value (Increase in PBR) PBR 1.3 times (FY25) Market capitalization Equity attributable to owners of parent Increase in ROE 6.6% (FY25) Profit attributable to owners of parent Equity attributable to owners of parent Increase in PER 13.4 times (FY25)* Market capitalization Profit attributable to owners of parent Increase in ROA 2.3% (FY25) Profit attributable to owners of parent Total assets Financial leverage 2.9 times (FY25) Total assets Equity attributable to owners of parent Strengthen earnings power Steadily promote the key strategies, and strengthen earnings power • Realizing further growth and monetization in the construction management engineer domain • Renewed growth in Domestic W (excluding the construction management engineer domain) (Expansion of highly profitable permanent employee staffing and foreign talent management services) The Overseas Working Business is maintaining profitability through cost control in preparation for market recovery. Strengthen balance-sheet management Although human resources services use a business model that does not require a large amount of assets, strengthen management that is conscious of asset efficiency • Reduction of interest-bearing debt • Group finance Ensure appropriateness of financial leverage While prioritizing improvement of the financial condition, consider the appropriateness of financial leverage in preparation for new M&A and other investments • Securing sources of funding for growth investments • Shareholder return policy of “progressive dividends and total payout ratio of 30% or higher” • Flexible share buybacks based on stock price levels Strengthen IR activities Enhance explanations on growth strategies to capital markets • Proactive participation in briefings for individual investors • Enhancement of approach to institutional investors • Provision of feedback on the content of dialogue with investors to the Board of Directors and holding of discussions based on the feedback Share-based incentives for management Introduce share-based incentives according to performance targets • Performance-linked share delivery trust • Compensatory share options with performance achievement conditions In addition to the above, conduct purchases of the Company’s shares by the Representative Director. * PER is calculated based on forecasts before the revision.
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Order of priority High Low 88 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – Cash Allocation Policy – Prioritize investment in organic growth and M&A activities. We evaluate treasury share acquisitions as needed based on stock price levels and progress in financial results. Cash generation Operating cash flows are generated through renewed growth in the Domestic Working Business. Cash Allocation Policy Growth investment Organic growth investment A ¥3.5 billion SG&A expense increase has been established in the three-year period of the Medium-term Management Plan* M&A, etc. An investment framework of ¥10.0 billion has been established in the three-year period of the Medium-term Management Plan Shareholder returnsDividends Progressive dividends and total payout ratio of 30% or higher Share buyback Carried out flexibly based on stock price levels and progress in financial results Reduction of interest-bearing debt Cash and deposit holdings * Job advertisement expenses, hiring expenses, etc. linked to revenue WACC (around 9%)
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89 *PMI：Post-M&A integration process 5. Action to Implement Management that is Conscious of Cost of Capital and Stock Price – M&A Policy – We have established targets and financing rules, and resumed M&A activities that had been halted in the previous mid-term management plan. Targets While focusing on compatibility with our policy of “Maximizing and Optimizing Career Paths to Transform Workers into Experts,” we will identify target companies in domains that can accelerate the growth of the WILL GROUP and contribute to our future operating margin targets. IT, construction and manufacturing and engineer human resources business Placement business for which occupations are expected to expand into experts Education and training business Process • Person responsible for the domain or for the PMI is involved from the initial stages. • We ensure transparency by implementing the Company’s past M&A process. Financing rules • M&A funding comes in order from free cashflow to borrowings. • We achieve at minimum an ROIC that exceeds the Company’s capital costs (WACC: 9%). (setting appropriate prices at the time of acquisition) Governance • We will try to strengthen management to create synergy and make judgments on withdrawal or sale of businesses in a timely manner through monitoring the purchasing plan at the time of investment, carrying out appropriate governance.
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Overseas (Australia, Singapore) Macro Environment ■ IR Contact: WILL GROUP , INC. IR Group Tel: + 81-3-6859-8880 Mail: ir@willgroup.co.jp Forecasts of future performance in this report are based on assumptions judged to be valid and information available to the Will Group’s management at the time the materials were prepared, but are not promises by the Will Group regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons. This report is an English translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between the original Japanese version and this translated version, the Japanese version shall prevail.