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Supplementary Materials for the Financial Results for Quarter Two of the Fiscal Year Ending Feb. 2027 (March 2026 - August 2026) October 14, 2026 Creating Better Communities through Innovation and Communication BELLSYSTEM24 Holdings, Inc. Securities code: 6183 6183
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Q2 of FY Ending Feb. 2027 Financial Results 1 ページ追加
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Q2 of FY Ending Feb. 2027 Result Summary 73.14 73.16 First two quarters of FY2025 First two quarters of FY2026 5.91 6.17 First two quarters of FY2025 First two quarters of FY2026 3.82 4.28 First two quarters of FY2025 First two quarters of FY2026 13.56 13.58 First two quarters of FY2025 First two quarters of FY2026 Revenue and gross profit remained almost flat compared with thefirst two quarters of the previous fiscal year. Operatingprofit increased by 0.26 billion yen due mainly to the continued positive effects of various profit improvement measures, such assite consolidation. Net income attributable to owners of parent increased by 0.46 billion yen, which partly reflected an increase inthe share of profit from investments accounted for using equity method and a decline in incometaxes in Q1. Revenue Gross profit Operating income Net income attributable to owners of the parent 73.2 billion yen 13.6 billion yen 6.2 billion yen 4.3 billion yen YoY +0.02 billion yen (+0.0%) YoY +0.01 billion yen (+0.1%) YoY +0.26 billion yen (+4.4%) YoY +0.46 billion yen (+12.0%) 2
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Overview of Consolidated Statement of Income for Q2 of FY Ending Feb. 2027 First two quarters of FY2025 First two quarters of FY2026 Same period YoY Same period YoY Consolidated Earnings Forecast (Planned) Progress rate to targetChange YoY Percent Change Revenue 73.14 73.16 +0.02 +0.0% 152.00 48.1% 62.77 62.54 -0.23 -0.4% 129.00 48.5% 10.37 10.62 +0.25 +2.4% 23.00 46.2% Gross profit 13.56 13.58 +0.01 +0.1% 29.00 46.8% Gross profit margin 18.5% 18.6% 19.1% Selling, general and administrative expenses -7.72 -7.52 +0.20 -2.6% -16.10 Other income (expenses) 0.07 0.12 +0.05 0.10 Operating income 5.91 6.17 +0.26 +4.4% 13.00 47.5% Operating income ratio 8.1% 8.4% 8.6% Share of profit (loss) of investments accounted for using equity method 0.20 0.31 +0.11 0.55 Financial income/costs -0.35 -0.43 -0.08 -0.94 Net income attributable to owners of the parent 3.82 4.28 +0.46 +12.0% 8.50 50.4% Smart business support (SB) business (Unit: billions of yen) Looking at the rate of progress toward full-year targets, both revenue and operating profit fell short of the 50%progress benchmark, but they were almost in line with the targets for the firsthalf. Progress in net income attributable to owners of parent was above 50%, partly due to a one-off decline in income taxes in Q1. Smart contact center (SC) business * From FY2026, revenue is divided into SC business and SB business. For FY2025, figures for Other Businesses are included in the SC business. 3
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Analysis of Change in Revenue for Q2 of FY Ending Feb. 2027 (by Sales Category) -0.23 +0.25 Smart contact center (SC) business Smart business support (SB) business 73.14 73.16 First two quarters of FY2026 Revenue First two quarters of FY2025 Revenue (Unit: billions of yen) +0.02 (+0.0%) Revenue stood at 73.16 billion yen, almost unchanged from the first two quarters of the previous year. In the smart contact center (SC) business, revenue declined by 0.23 billion yen compared with the first two quarters of the previous year due to failure to absorb the impact of the decrease attributed to the absence of theupper house election operations in July in the previous year by establishing new businesses and increases in other subsidiaries, in addition to a decline inhuman resources-related operations. In the smart business support (SB) business, revenue grew by 0.25 billion yencompared with Q2 of the previous year, due mainly to increases in customer and transaction management operations for telecom carriers and other clients, as well as personnel affairs and accounting operations at our subsidiary Horizon One Corporation. * From this fiscal year, figures for Other Businesses are included in the SC business, as their revenue is insignificant. 4
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+0.52 +0.41 +0.34 -0.34 -0.67 -0.81 +0.56 Finance/ Insurance Transportation/ Communications Others Wholesale/Retail Manufacturing Services Other subsidiaries 73.14 73.16 Analysis of Change in Revenue for Q2 of FY Ending Feb. 2027 (by Industry) First two quarters of FY2026 Revenue First two quarters of FY2025 Revenue Looking at BELLSYSTEM24 revenue by client industry compared with the first two quarters of the previous year,revenue increased in Finance/Insurance (insurance-related), Transportation/Communications (telecom carriers), and Others, while revenue declined in Services (human resources-related), Manufacturing, and Wholesale/Retail. Revenue decreased, centered around telecom carriers. Revenue remained solid, mainly in life insurance. An increase in spot businesses also contributed to revenue. Revenue from some product sales services decreased. Revenue declined, mainly due to the absence of the upper house election operations in the previous year and decline of revenue from equipment manufacturers and medical care and pharmaceuticals. While revenue from Internet services and IT services increased, revenue from human resources-related operations declined significantly. Communication carriers ISP Travel, transportation, etc. Banking, securities, life and non-life insurance Credit cards, etc. Manufacturers Food manufacturing, printing, Medical care and pharmaceuticals, etc. Human resources, broadcasting, electronic money, code payment Point rewards service Internet services, etc. Mail-order sales, e-commerce Product sales services, etc. Electricity, gas, water Real estate, public organizations, etc. BELLSYSTEM24 Revenue increased, mainly from new energy service businesses and real estate management sector. * Regarding the breakdown of revenue by industry for BELLSYSTEM24 on a non-consolidated basis, from this fiscal year, the scope of aggregation has been changed from the conventional top 300 clients to all clients, and the industry categories for some clients have been revised in light of their business activities and the actual status of transactions. (13.49) (15.17) (5.73) (8.21) (5.12) (19.77) (5.67) (Breakdown) (Unit: billions of yen) 5 コメントカット
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ITOCHU Synergy in Q2 of FY Ending Feb. 2027 (Unit: billions of yen) 7.25 9.76 11.04 13.17 14.45 15.16 16.99 16.03 15.39 4.20 4.44 4.43 4.21 4.25 4.30 17.19 86.5 4Q 3Q 2Q 1Q +0.01 (+0.1%) 8.64 8.65 Revenue based on ITOCHU Synergy remained flat compared with the first two quarters of the previous year, at 8.65 billion yen. ⚫ Revenue grew sluggishly due to the impact ofthe end of some operations in Wholesale/Retail, offsetting steady revenue from communication carriers and an increase in revenue from CRM system integration support services for companies introduced by ITOCHU Group companies. Revenue based on ITOCHU Synergy FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 * ITOCHU Synergy represents transactions with ITOCHU Group companies and with companies introduced by the ITOCHU Group. 6
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Analysis of Change in Operating Profit for Q2 of FY Ending Feb. 2027 +0.01 +0.20 +0.05 Gross profit SG&A expenses Others 5.91 6.17 +0.26 (+4.4%) (Unit: billions of yen) Operating profit reached 6.17 billion yen, up 0.26 billion yen or 4.4% compared with the first two quarters of the previous year. Gross profit rose slightly compared with the first two quarters of the previous year. ⚫ While the impact of change in revenue remained flat, gross profitrose only slightly as the profitability improvement effects ofincreases in business efficiency, such as the optimization ofbilling rates and site consolidation, were offset by an increase in equipment-related expenses due to the rising cost of goods. Selling, general and administrative expenses decreased 0.20 billion yen compared with the first two quarters of the previous year (positive factor). ⚫ Reduced depreciation, etc., contributed to the decrease, offsetting an increase in personnel expenses due to wage hike measures. First two quarters of FY2025 Operating income First two quarters of FY2026 Operating income 7 Mainly foreign exchange gain
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Analysis of Change in Net Income for Q2 of FY Ending Feb. 2027 +0.26 +0.11 -0.08 +0.22 -0.05 Operating income Share of profit (loss) of investments accounted for using equity method Financial income/costs Income taxes Non-controlling interests 3.82 4.28 First two quarters of FY2025 Net income First two quarters of FY2026 Net income +0.46 (+12.0%) Net income reached 4.28 billion yen, up 0.46 billion yen or 12.0% compared with the first two quarters of the previous year. The share of profit of investments accounted for using the equity methodrose 0.11 billion yen compared with the first two quarters of the previous year as two companies, CTC First Contact and True Touch, performed well by expanding their customer bases. Financial income/costs declined 0.08 billion yen compared with the first two quartersof the previous year, in part due to higher interest rates on borrowings due to a rise in market interest rates (negative factor). Income taxes increased by 0.22 billion yen compared with the first two quarters of the previous year, in part due to the application of preferential tax treatment in Q1 (positive factor). * Net income refers to net income attributable to owners of parent. (Unit: billions of yen) 8
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Subsequent Events in Q2 of FY Ending Feb. 2027 Transfer of shares of Horizon One Corporation We transferred 1% of the shares of Horizon One Corporation (hereafter, "Horizon One"), our consolidatedsubsidiary, to Layers Consulting Co., Ltd. (hereafter, "Layers Consulting"), an existing shareholder of Horizon One. This has changed the investment ratio, from 51% us and 49% Layers Consulting, to 50%:50%. We will accelerate the growth of Horizon One's profit by expanding the creation of projects and business domains better leveraging the strengths of the two companies to facilitate the growth of the profit of the Group. ⚫ Background to the Share Transfer • Horizon One operates businesses by combining the consulting and project creation capabilitiesof Layers Consulting with our BPO implementation and operation capabilities. • Ensuring the continuous commitment of Layers Consulting by equalizing the capital relationship between the two shareholders in light of projects actually created to date, etc. ⚫ Future Outlook • Horizon One has shifted from being our consolidated subsidiary to being an equity-method affiliate. • We continue to hold 50% of the equity of Horizon One and support the growth of its business together with Layers Consulting. • It is expected that approx. 0.80 billion yen will be posted as "other income"in Q3 of the fiscal year ending Feb. 2027 due mainly to the fair value measurement of the remaining equity interest associated withthe loss of control. 9 レイヤーズの呼び方、「以 下」を追加
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Per-Communicator (CM) Indicator / Trend in Ratio of Directly Employed CMs The number of CMs has continued to trend downward, but productivity per CM has steadily improved since FY2024 due to the implementation of profit improvement measures. 36,360 34,230 32,900 32,230 30,630 0 10,000 20,000 30,000 40,000 37,500 38,950 -1,600 99 100 95 90 94 112 114 60 70 80 90 100 110 2Q 79.1% 78.3% 75.8% 81.7% 83.1% 84.7% 85.8% Productivity per CM Number of CMs / Ratio of directly employed CMs * Number of CMs = Number of CMs directly employed by BELLSYSTEM24, Inc. + Number of temporary employees * Ratio of directly employed CMs = Number of directly employed CMs ÷ Number of CMs, excluding COVID-19 related business * Gross profit per CM at BELLSYSTEM24, Inc. (annualized amount) Number of CMs is calculated based on directly employed CMs and temporary employees, each converted to 8-hour work days. (Unit: persons) Gross profit per CM Ratio of directly employed CMs (%) (Unit: 10,000 yen) 1Q FY2021 2Q 3Q 4Q 1Q FY2022 2Q 3Q 4Q 2Q 3Q 4Q 1Q FY2024 2Q 3Q 4Q 1Q FY2025 2Q 3Q 4Q 1Q FY2026 1Q FY2023 2Q1Q FY2021 2Q 3Q 4Q 1Q FY2022 2Q 3Q 4Q 2Q 3Q 4Q 1Q FY2024 2Q 3Q 4Q 1Q FY2025 2Q 3Q 4Q 1Q FY2026 1Q FY2023 10
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End of Feb. 2026 End of Aug. 2026 Change Current assets 29.72 28.09 -1.63 Decrease mainly due to the collection of major trade receivables Non-current assets 140.10 138.17 -1.93 Decrease of right-of-use assets mainly due to site consolidation Total assets 169.82 166.26 -3.56 Current liabilities 45.79 43.43 -2.36 Borrowings 17.30 16.30 -1.00 Non-current liabilities 49.25 45.89 -3.36 Long-term borrowings 31.44 29.34 -2.10 Equity 74.78 76.93 +2.15 Of which, equity attributable to owners of parent 73.93 75.97 +2.04 Of which, non-controlling interests 0.85 0.96 +0.11 Total liabilities and equity 169.82 166.26 -3.56 Ratio of shareholders' equity to total assets 43.5% 45.7% +2.2% Ratio of shareholders' equity to total assets rose. Net interest-bearing debt 41.55 38.68 -2.87 Net DER declined due to a decrease in net interest-bearing liabilities. Net DER 0.56 times 0.51 times -0.05 times FY2025 6-months total FY2026 6-months total Change Cash flows from operating activities: 11.06 9.57 -1.50 Cash flows from investing activities: -0.23 -1.13 -0.90 Capital expenditures -0.53 -1.11 -0.59 HOL and security-related investment Business investment -0.10 -0.04 +0.06 Free cash flow 10.83 8.44 -2.40 Cash flows from financial activities: -8.79 -8.68 +0.11 Increase/decrease in borrowings -3.80 -3.10 +0.70 Dividends paid -2.21 -2.23 -0.02 Repayments of lease liabilities -3.32 -3.26 +0.06 Cash and cash equivalents at the end of the period 9.04 6.96 -2.09 Consolidated Statement of Financial Position / Statement of Cash Flow for Q2 of FY Ending Feb. 2027 (Unit: billions of yen)Overview of Consolidated Statement of Financial Position Overview of Consolidated Statement of Cash Flow 11
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Shareholder Returns 12 Annual (year-end) dividends are kept unchanged from the initial forecast (announced on April 8, 2026). We will continue striving to increase dividends through expansion in profit, with a basic policy of maintaining the consolidated payout ratio at 50%. 44.4% 47.3% 58.5% 55.1% 54.4% 52.5% 24.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 54.0 60.0 60.0 60.0 60.0 60.0 Dividends per share and dividend payout ratio (Forecast) (Unit: yen) Interim dividend Year-end dividend Payout ratio (Forecast)
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Initiatives in Q2 of FY2026 13
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Progress in Mid-term Management Plan 2028 Growth Strategy (Initiatives in Q2) Smart Contact Center (SC) Business Smart Business Support Services (SB) Business Domain Expansion Cost Optimization and Productivity Improvement Revenue Expansion Hybrid Operation Loop Hybrid Operation Loop (HOL) Contact Center Automation Major progress • Beginning contact center operations with HOL with around 500 operators in January 2027 • Expansion of pipeline Marketing Support using VOC Data （Hitotonari AI） Organic Growth / Roll-up Expansion of the BPO Domain through M&A and Other Means Deepening the Use of AI Details: See P15 and P16 We see AI not as a threat but as a growth opportunity. In Mid-term Management Plan 2028, we have positioned "deepening the use of AI" as a pillar of our growth strategy. Implementation and commercialization of growth strategy made progress under the two pillars of "deepening the use of AI" and "expanding business domains." Provision of BPR Consulting and AI Agents Major progress • BA Intelligence's acceleration of the reception of AI-BPO projects Details: See P17 [Direction Aimed for under the Mid-Term Management Plan 2028] Existing Business 14 ページ追加に伴うページ 数の修正、確認語句の確 認およびフォント修正
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15 STEP2 Consideration of a partner-type model ■ New solution （Scheduled for Released in October 2026） Start of Provision of New Solutions in the SC Domain Knowledge and expertise that we have cultivated Understanding of customers' businesses Industry-specific contact center expertise Voice data analysis expertise Using VOC and voice data accumulated based on our understanding of customers' businesses, records of diversebusinesses, and KCS-compliant knowledge, we began to provide versatile, automated dialogue reply solutions forsimple operations in addition to marketing solutions using Hitotonari AI and solutions in advanced operation domains with HOL. Technical (Complex / Ambiguous) Versatile (Simple / Clear) Contact center domain Streamlining and increasing the sophistication of operations using automated dialogue replies Customizable AI voice bot ◼ Hybrid Operation Loop Automated response generation by Sherpy Using VOC to understand customers and create value VOC and customer data used in marketing Hitotonari AI Knowledge Generator Automatic knowledge generation VOC and voice data STEP1 Marketing domain コストセンター トセンター 確認語句の確認および フォント修正
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Interest levels are highest from the finance industry, with interest also emerging from the telecommunications and energy sectors Finalized 7 companies Tentative 4 companies Final discussions 9 companies Pipeline status Progress toward the Commercialization of Hybrid Operation Loop (HOL) ■ HOLの時系列とマイルストーン 5 companies included in step 2 FY2027 FY2028 16 While revenue will be posted later than initially forecast, the commercialization process has steadily moved from PoC to the actual operation phase. We plan to start actual operations in January 2027 with around 500 operators. We are also steadily expanding our pipeline. • Implementation of PoCs in clients' projects • Organizing KCS-compliant knowledge • Validating domains in which AI is applied • Preparing for the transition to actual operations based on achievements from PoCs Step1 (PoC and validation) Knowledge Generator Step 2 (preparations for implementation— transition to actual operations) Progress in technology implementation, implementation in customers' environments and validation of operations Sherpy Where we are now Second half of FY2026 (provision of a tool supporting operators) Sherpy • Starting the provision of services (transitioning from PoC to actual operation) • Start of use with around 500 operators • Consideration of a partner- type model • Expanding contribution to profit (revenue and profit improvement) • Transition to step 3 Expansion of users and target operations • Expansion of the client base • Optimization of operator staffing levels • Maximization of profitability • Further rollout of successful use cases • Implementation of HOL at acquired companies 確認語句の確認および フォント修正
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Introduction of AI at BPO Sites (Cooperation with BA Intelligence) 17 › › Future outlook We achieved progress in the reception of AI-BPO projects in which the sophistication of BPO operations is increased leveraging the AI implementation capabilities of our subsidiary, BA Intelligence (BAI). Number of projects for which orders were received (cooperation between BELLSYSTEM24 and BAI) Project pipeline Orders received for four projects from major communication carriers, ISPs, etc. Business negotiations under way with slightly more than ten companies, including a manufacturer and a human resources-related company. Use case: AI-BPO initiatives at an ISP Analysis of existing businesses Implementation and entrenchment of AI Improvement of business efficiency and quality Analyzing business and identifying the domains in which AI will be applied and the introduction order Implementing AI agents An onsite supervisor (AI-SV) controls operations using AI, improving efficiency and quality leveraging the specialized skills of BAI. Applying successful examples of AI-SV in other industries and projects
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The content of these explanations and reference materials contains forecasts about the future financial results of the Company. These forecasts are based on the judgment of the Company using information that is currently available, and thus they contain potential risks and uncertainties regarding their feasibility. Please note that actual results may differ materially from the forecasts in this document. Note 18 ページ追加