Interim report
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Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . WILL GROUP Accounting Financial Ad Standards bards Foundation Consolidated Financial Results for the Three Months Ended June 30 , 2026 FASF MEMBERSHIP August 7 , 2026 Tokyo Stock Exchange ( Under IFRS ) Company name : WILL GROUP , INC . Listing : Securities code : 6089 URL : Representative : Inquiries : Telephone : https://willgroup.co.jp/en/ Yuichi Sumi , President and Representative Director , CEO Satoshi Takayama , Executive Officer and General Manager of Management Department + 81-3-6859-8880 Scheduled date to commence dividend payments : Preparation of supplementary material on financial results : Holding of financial results briefing : Yes Yes ( Yen amounts are rounded down to millions , unless otherwise noted . ) 1. Consolidated financial results for the three months ended June 30 , 2026 ( from April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Percentages indicate year - on - year changes . ) Revenue Operating profit Profit before tax Profit Three months ended June 30 , 2026 Millions of yen June 30 , 2025 40,359 35,207 % Millions of yen 14.6 0.4 % Millions of yen 930 135.6 394 122.7 % Millions of yen % 875 166.0 329 162.3 518 277 86.7 302.0 Three months ended June 30 , 2026 June 30 , 2025 Profit attributable to owners of parent Millions of yen % 501 78.3 281 Total comprehensive Basic earnings income per share Millions of yen % 775 84.7 303.9 420 ( 59.4 ) Yen 21.88 12.27 Diluted earnings per share Yen 21.86 12.26 ( 2 ) Consolidated financial position As of June 30 , 2026 March 31 , 2026 Total assets Millions of yen 55,500 56,552 Total equity Millions of yen 19,942 20,168 Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets Millions of yen 19,996 20,240 % 36.0 35.8
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2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026 – 0.00 – 44.00 44.00 Fiscal year ending March 31, 2027 – Fiscal year ending March 31, 2027 (Forecast) 0.00 – 44.00 44.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated earnings forecasts for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % Six months ending September 30, 2026 81,885 14.5 2,130 30.0 2,030 30.4 1,342 18.0 Fiscal year ending March 31, 2027 157,000 6.9 3,400 3.7 3,191 1.6 2,221 0.8 Profit attributable to owners of parent Basic earnings per share Millions of yen % Yen Six months ending September 30, 2026 1,345 17.2 58.70 Fiscal year ending March 31, 2027 2,208 (4.6) 96.37 Note: Revisions to the earnings forecasts most recently announced: Yes
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (3) Number of issued shares (ordinary shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 23,118,900 shares As of March 31, 2026 23,118,900 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 206,122 shares As of March 31, 2026 206,122 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 22,912,778 shares Three months ended June 30, 2025 22,904,079 shares Note: The number of treasury shares at the end of the period includes the number of shares owned by executive stock compensation trust. (200,618 shares as of June 30, 2026 and 200,618 shares as of March 31, 2026) * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None * Proper use of earnings forecasts, and other special matters Caution concerning forward-looking statements The forward-looking statements shown in these materials, including earnings forecasts, are based on information currently available to the Company and on certain assumptions deemed to be reasonable. As such, they do not constitute guarantees by the Company of future performance. Actual results may differ significantly from these forecasts for a number of reasons. Please refer to “(3) Explanation of consolidated earnings forecasts and other forward-looking statements” under “1. Overview of operating results and others” on page 4 of the attached material for the assumptions on which earnings forecasts are based, and cautions concerning the use thereof. Means of obtaining supplementary material on quarterly financial results The supplementary material on quarterly financial results is disclosed on TDnet and the Company’s website on the same day as the quarterly financial results.
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WILL GROUP, INC. (6089) - 1 - Attached Material Index 1. Overview of operating results and others ................................................................................................ 2 (1) Overview of operating results for the period ................................................................................... 2 (2) Overview of financial position for the period ................................................................................. 3 (3) Explanation of consolidated earnings forecasts and other forward-looking statements .................. 4 2. Condensed quarterly consolidated financial statements and significant notes thereto ............................ 5 (1) Condensed quarterly consolidated statement of financial position ................................................. 5 (2) Condensed quarterly consolidated statement of profit or loss and condensed quarterly consolidated statement of comprehensive income .......................................................................... 7 (3) Condensed quarterly consolidated statement of changes in equity ................................................. 9 (4) Condensed quarterly consolidated statement of cash flows .......................................................... 10 (5) Notes to condensed quarterly consolidated financial statements .................................................. 11 Notes on premise of going concern ............................................................................................... 11 Notes on applicable framework for financial reporting ................................................................. 11 Segment information, etc. ............................................................................................................. 11
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WILL GROUP, INC. (6089) - 2 - 1. Overview of operating results and others (1) Overview of operating results for the period During the three months ended June 30, 2026, the global economy continued to face heightened geopolitical risks primarily due to the situation in the Middle East and U.S. foreign policies, leaving the outlook still uncertain, thereby necessitating ongoing attention to these influences. The Japanese economy is on a trend of moderate recovery, centered on consumer spending, against the backdrop of improvements in in come conditions due to employment and continuous wage increases, as well as resilient inbound demand. On the other hand, the outlook for domestic demand remains uncertain due to geopolitical risks in the global situation, continued yen depreciation leading to rising resource and raw material prices, and chronic labor shortages. Under these circumstances, the Group announced the new Medium-Term Management Plan “WILL- being 2029” in May 2026, with the current fiscal year as its first year. The Group worked on strategic themes such as expanding the talent solutions business for permanent employees and foreign workers in the Domestic Working Business and strengthening profitability with a focus on productivity in the Overseas Working Business. In Japan, within essential services domains,* which is our main competitive arena, the key strategies of permanent employee staffing/outsourcing and permanent placement have expanded steadily. In addition, in order to strengthen hiring capabilities and expand brand recogniti on in Japan, the Company has been continuously promoting the “WILLOF” brand since July 2023. Starting in June 2026, the promotion has newly featured popular personality Mai Shiraishi and included TV commercials in the Kanto area (Tokyo and six surrounding prefectures) and the Kansai area (Kyoto and Osaka and four surrounding prefectures). The Company also developed a promotion strategy utilizing web commercials and social media, etc. In the overseas segment, based on the initiatives advanced in the previous Medium-Term Management Plan, we worked on the strategic theme of strengthening profitability with a focus on productivity. In Singapore, there has been steady performance in both te mporary staffing and permanent placement amidst a favorable business environment. By implementing thorough cost control measures to strengthen profitability, we are promoting the establishment of a foundation that ensures sustainable revenue even in uncert ain business conditions. In addition, the foreign exchange impact, due to the depreciation of the yen compared to the same period of the previous fiscal year, resulted in revenue being positively impacted by approximately ¥2,630 million, and segment profit by approximately ¥80 million. As a result of the above, revenue for the three months ended June 30, 2026 was ¥40,359 million (up 14.6% year on year), operating profit was ¥930 million (up 135.6%), profit before tax was ¥875 million (up 166.0%), profit was ¥518 million (up 86.7%), profit attributable to owners of parent was ¥501 million (up 78.3%), and EBITDA (operating profit + depreciation and amortization) was ¥1,527 million (up 72.3%). * Domains that are indispensable for maintaining social life and are difficult to replace with AI or automate, including areas in which workers are generally defined as essential. Results of operations by segment are as follows: (i) Domestic Working Business For the Domestic Working Business, which provides staffing support services such as temporary staffing, business process outsourcing, permanent placement, and foreign talent management support in Japan, focusing on essential service s domains like construct ion, sales, factory, and healthcare, revenue increased mainly due to the steady performance of permanent employee staffing/outsourcing centered on the construction and sales domains, as well as the contribution from permanent placement revenue generated by HR CAREER, Inc., which became a consolidated subsidiary in October 2025. In terms of profits, there was a significant increase in profit due to the expansion of gross profit driven by a focus on key strategies such as permanent employee staffing/outsourcing, foreign talent management services, and permanent placement services. As a result of the above, the Domestic Working Business recorded external revenue of ¥23,371 million (up 10.3% year on year), and segment profit of ¥878 million (up 50.5%).
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WILL GROUP, INC. (6089) - 3 - (ii) Overseas Working Business For the Overseas Working Business, which offers temporary staffing and permanent placement mainly in Australia and Singapore, revenue increased overall due to the positive impact from the yen ’s depreciation compared with the exchange rate in the same period of the previous fiscal year (approximately ¥2,630 million), along with both permanent placement revenue and temporary staffing revenue in Singapore exceeding the same period of the previous fiscal year. In terms of profit, profit increased due to the expansion of gross profit driven by higher revenue, as well as the growth of high-margin permanent placement across the segment. As a result of the above, the Overseas Working Business recorded external revenue of ¥16,967 million (up 21.2% year on year), and segment profit of ¥704 million (up 49.4%). (2) Overview of financial position for the period (i) Assets, liabilities and equity Assets Current assets as of June 30, 2026 were ¥29,078 million, a decrease of ¥865 million from the end of the previous fiscal year. This was mainly due to a decrease in cash and cash equivalents of ¥1,487 million, despite increases in trade and other receivables of ¥465 million and in other current assets of ¥151 million. Non-current assets stood at ¥26,421 million, a decrease of ¥186 million from the end of the previous fiscal year. This was mainly due to decreases in right-of-use assets of ¥156 million, in other intangible assets of ¥66 million, and in deferred tax assets of ¥54 million, despite an increase in goodwill of ¥106 million as a result of currency translation effects. As a result, total assets amounted to ¥55,500 million, a decrease of ¥1,052 million from the end of the previous fiscal year. Liabilities Current liabilities as of June 30, 2026 were ¥28,032 million, a decrease of ¥175 million from the end of the previous fiscal year. This was mainly due to decreases in trade and other payables of ¥565 million, in borrowings of ¥350 million, and in income taxes payable of ¥260 million, despite increases in other financial liabilities of ¥517 million and in other current liabilities of ¥482 million. Non-current liabilities stood at ¥7,524 million, a decrease of ¥650 million from the end of the previous fiscal year. This was mainly due to decreases in borrowings of ¥384 million and in other financial liabilities of ¥164 million. As a result, total liabilities amounted to ¥35,557 million, a decrease of ¥826 million from the end of the previous fiscal year. Equity Total equity as of June 30, 2026 was ¥19,942 million, a decrease of ¥225 million from the end of the previous fiscal year. This was mainly due to a decrease in retained earnings of ¥515 million, despite an increase in exchange differences on translation of foreign operations of ¥246 million among other components of equity. As a result of the above, the ratio of equity attributable to owners of parent to total assets was 36.0% (35.8% at the end of the previous fiscal year). (ii) Cash flows Cash and cash equivalents as of June 30, 2026 decreased ¥1,487 million from the end of the previous fiscal year to ¥6,487 million. Status of cash flows for the three months ended June 30, 2026 and the main factors driving them are as follows:
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WILL GROUP, INC. (6089) - 4 - Cash flows from operating activities Net cash provided by operating activities was ¥617 million (¥298 million provided in the same period of the previous fiscal year). This was mainly due to a recording of profit before tax of ¥875 millio n, an increase in trade payables of ¥723 million, and a recording of depreciation and amortization of ¥597 million, despite income taxes paid of ¥678 million, an increase in trade receivables of ¥557 million, and payments included in other of ¥318 million. Cash flows from investing activities Net cash used in investing activities was ¥93 million (¥123 million used in the same period of the previous fiscal year). This was mainly due to purchase of property, plant and equipment, and intangible assets of ¥86 million. Cash flows from financing activities Net cash used in financing activities was ¥2,068 million (¥1,766 million used in the same period of the previous fiscal year). This was mainly due to dividends paid of ¥1,002 million, repayments of long-term b orrowings of ¥434 million, repayments of lease liabilities of ¥363 million, and net decreases in short-term borrowings of ¥300 million. (3) Explanation of consolidated earnings forecasts and other forward-looking statements Consolidated earnings forecasts are as stated in the “Notice Concerning Revisions to Consolidated Earnings Forecasts for the Six Months Ending September 30, 2026” announced today (August 7, 2026). Note that earnings forecasts are based on information currently available to the Company, and actual results may differ from forecasts for a variety of reasons going forward.
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WILL GROUP, INC. (6089) - 5 - 2. Condensed quarterly consolidated financial statements and significant notes thereto (1) Condensed quarterly consolidated statement of financial position (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and cash equivalents 7,974 6,487 Trade and other receivables 20,305 20,770 Other financial assets 249 255 Other current assets 1,414 1,565 Total current assets 29,944 29,078 Non-current assets Property, plant and equipment 1,405 1,381 Right-of-use assets 4,897 4,741 Goodwill 9,856 9,963 Other intangible assets 6,381 6,315 Other financial assets 1,690 1,703 Deferred tax assets 2,322 2,267 Other non-current assets 53 47 Total non-current assets 26,608 26,421 Total assets 56,552 55,500
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WILL GROUP, INC. (6089) - 6 - (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Trade and other payables 20,101 19,536 Borrowings 3,356 3,006 Other financial liabilities 1,450 1,968 Income taxes payable 909 648 Other current liabilities 2,390 2,873 Total current liabilities 28,208 28,032 Non-current liabilities Borrowings 2,624 2,240 Other financial liabilities 3,873 3,709 Deferred tax liabilities 1,126 1,023 Other non-current liabilities 551 552 Total non-current liabilities 8,175 7,524 Total liabilities 36,384 35,557 Equity Share capital 2,222 2,222 Capital surplus (2,096) (2,080) Treasury shares (198) (198) Other components of equity 3,460 3,717 Retained earnings 16,852 16,336 Total equity attributable to owners of parent 20,240 19,996 Non-controlling interests (72) (54) Total equity 20,168 19,942 Total liabilities and equity 56,552 55,500
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WILL GROUP, INC. (6089) - 7 - (2) Condensed quarterly consolidated statement of profit or loss and condensed quarterly consolidated statement of comprehensive income Condensed quarterly consolidated statement of profit or loss (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenue 35,207 40,359 Cost of sales 27,813 31,012 Gross profit 7,394 9,346 Selling, general and administrative expenses 7,040 8,453 Other income 41 49 Other expenses 0 12 Operating profit 394 930 Finance income 9 12 Finance costs 75 67 Profit before tax 329 875 Income tax expense 51 356 Profit 277 518 Profit attributable to Owners of parent 281 501 Non-controlling interests (3) 17 Earnings per share Basic earnings per share 12.27 21.88 Diluted earnings per share 12.26 21.86
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WILL GROUP, INC. (6089) - 8 - Condensed quarterly consolidated statement of comprehensive income (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit 277 518 Other comprehensive income Items that will not be reclassified to profit or loss Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income 7 10 Total of items that will not be reclassified to profit or loss 7 10 Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations 135 246 Total of items that may be reclassified to profit or loss 135 246 Other comprehensive income, net of tax 142 257 Comprehensive income 420 775 Comprehensive income attributable to Owners of parent 423 758 Non-controlling interests (3) 17
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WILL GROUP, INC. (6089) - 9 - (3) Condensed quarterly consolidated statement of changes in equity Three months ended June 30, 2025 (Millions of yen) Share capital Capital surplus Treasury shares Total Retained earnings Total equity attributable to owners of parent Non- controlling interests Total Balance at beginning of April 1, 2025 2,217 (2,068) (204) 1,912 15,536 17,392 (32) 17,359 Profit – – – – 281 281 (3) 277 Other comprehensive income – – – 142 – 142 0 142 Comprehensive income – – – 142 281 423 (3) 420 Dividends of surplus – – – – (1,015) (1,015) – (1,015) Disposal of treasury shares – (1) 6 – – 5 – 5 Share-based payment transactions 4 11 – – – 15 – 15 Increase (decrease) by business combination – – – – – – – – Changes in ownership interest in subsidiaries – – – – – – – – Total transactions with owners 4 9 6 – (1,015) (994) – (994) Balance at end of June 30,2025 2,222 (2,058) (198) 2,054 14,801 16,820 (35) 16,785 Three months ended June 30, 2026 (Millions of yen) Share capital Capital surplus Treasury shares Total Retained earnings Total equity attributable to owners of parent Non- controlling interests Total Balance at beginning of April 1, 2026 2,222 (2,096) (198) 3,460 16,852 20,240 (72) 20,168 Profit – – – – 501 501 17 518 Other comprehensive income – – – 256 – 256 0 257 Comprehensive income – – – 256 501 758 17 775 Dividends of surplus – – – – (1,016) (1,016) – (1,016) Disposal of treasury shares – – – – – – – – Share-based payment transactions – 15 – – – 15 – 15 Increase (decrease) by business combination – (0) – – – (0) – (0) Changes in ownership interest in subsidiaries – – – – – – 0 0 Total transactions with owners – 15 – – (1,016) (1,001) 0 (1,001) Balance at end of June 30,2026 2,222 (2,080) (198) 3,717 16,336 19,996 (54) 19,942
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WILL GROUP, INC. (6089) - 10 - (4) Condensed quarterly consolidated statement of cash flows (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Cash flows from operating activities Profit before tax 329 875 Depreciation and amortization 491 597 Share-based payment expenses 16 15 Decrease (increase) in trade receivables (281) (557) Increase (decrease) in trade payables 817 723 Other (647) (318) Subtotal 724 1,335 Interest and dividends received 9 14 Interest paid (38) (53) Income taxes paid (396) (678) Net cash provided by (used in) operating activities 298 617 Cash flows from investing activities Purchase of property, plant and equipment, and intangible assets (116) (86) Other (6) (7) Net cash provided by (used in) investing activities (123) (93) Cash flows from financing activities Net increase (decrease) in short-term borrowings (1,119) (300) Proceeds from long-term borrowings 2,000 – Repayments of long-term borrowings (1,365) (434) Repayments of lease liabilities (308) (363) Dividends paid (999) (1,002) Proceeds from government grants 18 31 Other 8 0 Net cash provided by (used in) financing activities (1,766) (2,068) Effect of exchange rate changes on cash and cash equivalents 36 57 Net increase (decrease) in cash and cash equivalents (1,554) (1,487) Cash and cash equivalents at beginning of period 6,936 7,974 Cash and cash equivalents at end of period 5,381 6,487
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WILL GROUP, INC. (6089) - 11 - (5) Notes to condensed quarterly consolidated financial statements Notes on premise of going concern Not applicable. Notes on applicable framework for financial reporting The condensed quarterly consolidated financial statements are prepared in accordance with Article 5, paragraph 2 of the “Standards for Preparation of Quarterly Financial Statements, etc.” of Tokyo Stock Exchange, Inc. (however, the omissions set forth in Article 5, paragraph 5 of the said Standards are applied), and certain disclosure items and notes required by International Accounting Standard 34 “Interim Financial Reporting” have been omitted. Segment information, etc. (1) Overview of reportable segments The Group determines operating segments that are components of the Group for which discrete financial information is available and regularly reviewed by the chief operating decision maker to make decisions about the allocation of management resources and assess the results of operations. The Group’s operating segments are divided by region into the Domestic Working Business and the Overseas Working Business, and these are also the reportable segments. Other operating segments not included in the reportable segments include small -scale businesses under development, such as digital transformation (DX) support for the private sector and local governments. The composition of the main businesses of each reportable segment is as follows: Reportable segments Business activities Domestic Working Business Engaged primarily in HR support services centered on temporary staffing, business process outsourcing, permanent placement, and foreign talent management support in Japan, specifically for essential services domains such as construction, sales, factory, and healthcare. Overseas Working Business Engaged primarily in temporary staffing and permanent placement mainly in Australia and Singapore.
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WILL GROUP, INC. (6089) - 12 - (2) Information of the reportable segments The profit by reportable segment of the Group is based on operating profit. The revenue and performance information of each reportable segment is as follows: Three months ended June 30, 2025 (Millions of yen) Reportable segments Others Adjustments (Note 2) Amount recorded in the consolidated financial statements Domestic Working Business Overseas Working Business Total Revenue External revenue 21,182 14,001 35,183 24 – 35,207 Intersegment revenue (Note 1) 3 – 3 0 (4) – Total 21,185 14,001 35,186 25 (4) 35,207 Segment profit 583 471 1,054 (74) (586) 394 (Note 1) Intersegment revenue is based on general market price. (Note 2) Adjustments to segment profit of negative ¥586 million include intersegment eliminations of ¥0 million and corporate expenses not allocated to each business segment of negative ¥586 million. Corporate expenses mainly consist of general and administrative expenses that are not attributable to operating segments. Three months ended June 30, 2026 (Millions of yen) Reportable segments Others Adjustments (Note 2) Amount recorded in the consolidated financial statements Domestic Working Business Overseas Working Business Total Revenue External revenue 23,371 16,967 40,339 19 – 40,359 Intersegment revenue (Note 1) 4 – 4 0 (4) – Total 23,376 16,967 40,344 19 (4) 40,359 Segment profit 878 704 1,582 (83) (569) 930 (Note 1) Intersegment revenue is based on general market price. (Note 2) Adjustments to segment profit of negative ¥569 million include intersegment eliminations of negative ¥0 million and corporate expenses not allocated to each business segment of negative ¥569 million. Corporate expenses mainly consist of general and administrative expenses that are not attributable to operating segments.