Interim report
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Consolidated financial results for the Six months ended August 31, 2026 [IFRS] October 14, 2026 Company name: BELLSYSTEM24 Holdings, Inc. Stock exchange listing: Tokyo Stock exchange code: 6183 URL: https://www.bell24.co.jp/en/ Representative: Hiroshi Kajiwara, President and Chief Executive Officer Contact: Masakazu Obayashi, Executive Officer TEL: +81-3-6733-0024 Scheduled date of filing of semi-annual reports: October 15, 2026 Scheduled date of start of dividend payment: November 19, 2026 Supplementary documents for financial results: Yes Financial results briefing: Yes (for institutional investors and analysts) (Figures are rounded to the nearest million yen) 1. Consolidated financial results for the six months ended August 31, 2026 (From March 1, 2026 to August 31, 2026) (1) Consolidated operating results (Percentages represent year-on-year changes) Revenue Operating income Income before income taxes Net income Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % August 31, 2026 73,159 0.0 6,173 4.4 6,059 5.1 4,398 13.1 August 31, 2025 73,143 1.5 5,914 22.9 5,767 23.6 3,888 23.7 Net income attributable to owners of the parent Total comprehensive income Basic earnings per share Diluted earnings per share Six months ended Millions of yen % Millions of yen % Yen Yen August 31, 2026 4,284 12.0 4,472 14.2 57.63 57.60 August 31, 2025 3,823 26.5 3,917 37.6 51.59 51.49 (2) Consolidated financial position Total assets Total equity Total equity attributable to owners of the parent Ratio of equity attributable to owners of the parent As of Millions of yen Millions of yen Millions of yen % August 31,2026 166,257 76,934 75,970 45.7 February 28, 2026 169,821 74,782 73,928 43.5 2. Dividend Dividend per share First quarter- end Second quarter-end Third quarter- end Fiscal year-end Annual Yen Yen Yen Yen Yen Fiscal year ended February 28, 2026 ― 30.00 ― 30.00 60.00 Fiscal year ending February 28, 2027 ― 30.00 Fiscal year ending February 28, 2027 (planned) ― 30.00 60.00 (Notes) 1. Revision of most recently announced dividend forecasts: No For details, please refer to “(3) Explanation regarding consolidated financial results forecasts and other forward -looking statements” on Page 4 of the Accompanying Materials. 2. Dividends for the six months ended August 31, 2026 were paid from the capital su rplus. For details, please refer to “Breakdown of dividends paid from capital surplus” below. 3. Consolidated financial results forecast for the fiscal year ending February 28, 2027 (From March 1, 2026 to February 28, 2027) (Percentages represent changes from the previous fiscal year) Revenue Operating income Income before income taxes Net income Net income attributable to owners of the parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year ending February 28, 2027 152,000 4.2 13,000 2.7 12,600 2.5 8,700 4.1 8,500 3.9 114.33 (Note) Revisions of financial forecast in the latest announcement: No For details, please refer to “(3) Explanation regarding consolidated financial results forecasts and other forward-looking statements” on Page 4 of the Accompanying Materials. This English document was prepared for reference purposes only. Should there be any discrepancy between the translation and the original Japanese text, the latter shall prevail.
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(Notes) (1) Significant changes in the scope of consolidation during the period: No (2) Changes in accounting policies and accounting estimates (i) Changes in accounting policies required by IFRS: No (ii) Changes in accounting policies other than (i) above: No (iii) Changes in accounting estimates: No (3) Number of issued shares (common share) (i) Number of issued shares at the end of the period (including treasury shares): As of August 31, 2026: 74,522,695 shares As of February 28, 2026: 74,522,695 shares (ii) Number of treasury shares at the end of the period: As of August 31, 2026: 235,360 shares As of February 28, 2026: 177,374 shares (iii) Average number of shares: Six months ended August 31, 2026: 74,331,964 shares Six months ended August 31, 2025: 74,110,579 shares (Note) The Company’s shares held by the Trust Account for the Officer Compensation BIP Trust are included in treasury shares. * These semi-annual financial results are outside the scope of review by certified public accountants or audit firms. * Explanation about the appropriate use of the results forecasts and other special notes (Note on forward-looking statements, etc.) Forward-looking statements, including the results forecasts contained in this material, are based on information currently available to the Company and certain assumptions that the Company considers reasonable. The Company does not guarantee the achievemen t of these forecasts. Actual results may differ materially from the forecasts due to various factors. For matters related to the results forecasts, please refer to Page 4 of the Accompanying Materials. (Breakdown of dividends paid from capital surplus) The following table shows a breakdown of dividends paid from capital surplus for the six months ended August 31, 2026. Record date Second quarter-end Dividend per share 30.00 yen Total dividends 2,236 million yen (Note) Proportion of the decrease in net assets 0.000
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―1― ○ Accompanying Materials – Contents 1. Overview of Operating Results, Etc. ..................................................................................................................... 2 (1) Overview of operating results .......................................................................................................................... 2 (2) Overview of financial position .......................................................................................................................... 3 (3) Explanation regarding consolidated financial results forecasts and other forward-looking statements ............ 4 2. Condensed Semi-annual Consolidated Financial Statements and Major Notes ................................................... 5 (1) Condensed semi-annual consolidated statement of financial position ............................................................. 5 (2) Condensed semi-annual consolidated statement of income and condensed semi-annual consolidated statement of comprehensive income ............................................................................................................... 7 Condensed semi-annual consolidated statement of income ............................................................................ 7 Condensed semi-annual consolidated statement of comprehensive income .................................................. 8 (3) Condensed semi-annual consolidated statement of changes in equity ........................................................... 9 (4) Condensed semi-annual consolidated statement of cash flows .................................................................... 11 (5) Notes to condensed semi-annual consolidated financial statements ............................................................. 12
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―2― 1. Overview of Operating Results, Etc. (1) Overview of operating results During the six months ended August 31, 2026, the Japanese economy recovered moderately, driven by the improvement of personal spending and capital investment amid the ongoing improvement in the employment and income situation. While corporate earnings also improved, the situation in the Middle East and the impact of natural disasters still need to be monitored, and attention also needs to be paid to fluctuations in financial and capital markets and other developments. In the Cu stomer Relationship Management (CRM) business, which is the Group’s core business, the provision of high value-added services that contribute to the growth of clients’ businesses and increases in revenue has grown even more important given the growing dema nd related to the use of AI to automate responses and transform business processes. In this market environment, we are striving to improve the quality of operations and added value, while also driving the development of new business domains, by expanding domains involving highly specialized operations and data utilization through a virtuous cycle between people and AI . The Group aims to achieve sustainable growth by driving the three key measures set under its Mid -term Management Plan: expanding data utiliz ation, maximizing the value of people, and strengthening strategic partnerships. During the six months ended August 31, 2026, we launched a new service that introduces AI solutions to local government inquiry desks and provides support for contact center operations as an initiative for expanding data utilization. The service combines Zoom Contact Center, a cloud -based contact center, with Zoom Virtual Agent, a 24 -hour automated conversational AI chatbot, to provide end -to-end support for local gover nments in transitioning to AI -powered contact centers. Both Zoom Contact Center and Zoom Virtual Agent are provided by ZVC Japan, Co., Ltd., which is the Japanese subsidiary of U.S.-based Zoom Communications Inc. We support scenario design and the executio n of measures aimed at improving resident satisfaction, while analyzing call data and chatbot interactions to build systems that drive operational improvements. Through these efforts, we will contribute to the continuous improvement of service quality, str eamlining of municipal operations, and work-style reforms for staff. We aim to implement the Service for 20 local governments by the end of March 2031. Additionally, our Group company TB Next Communications Co., Ltd. introduced and implemented NALYSYS AI Interview, an AI interview tool provided by Leverages Co., Ltd. to drive recruitment AX. TB Next Communications Co., Ltd. will accumulate operational knowhow and empirical data obtained through introduction of this AI interview tool as in -house knowledge an d conduct interview evaluations and recruitment activities that incorporate unique algorithms at the recruitment stage, with the aim of reducing the employee turnover rate and stabilizing contact center operations. In initiatives for maximizing the value o f people, we launched the BPX Transformation Support Service, a new service brand for supporting companies in their business process transformation. The service combines methods for visualizing and redesigning business processes —gained from managing BPO op erations for over 1,700 companies annually —with practical knowledge of cost -efficient business operations. It provides fully customized, hands -on support —from the conception of transformation based on the use of cutting-edge technologies such as AI through to execution and adoption. A fact-finding survey on workplace business efficiency covering 542 managers working at private -sector companies of different sizes ranging from SMEs with 30 employees or more to large enterprises with 5,000 employees or more showed that just under 80% of all companies regardless of size are experiencing labor shortages and that greater business efficiency through the use of AI and digitalization is required to eliminate labor shortages. By introducing the service, we guide companies—which may have transformation plans centered on cost reform or AI implementation but have been hindered by execution barriers due to uncertainty about where to begin —toward fundamental solutions. Additionally, to continuously strengthen the hands-on support framework for the service, we aim to increase the number of specialized consultants with BPR skills from the current level of 200 to 400 by the end of FY2028, and build a team of 2,500 personnel specializing in AI and IT. As a part of our efforts to strengthen strategic partnerships, we held an official opening ceremony to mark the opening of the Group’s first showroom inside Fukuoka Solution Center 4, which operates as a contact center and BPO facility. The showroom allows visitors to observe throug h glass windows the operations the Group manages in cooperation with BICCAMERA INC. (hereafter, “BICCAMERA”). In a second initiative, the Company also held an official opening ceremony to mark the opening of a showroom inside Sapporo Solution Center 3, which operates as a contact center and BPO facility.
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―3― The showroom allows visitors to observe through glass windows the operations the Group manages in cooperation with Hokkaido Electric Power Co., Inc. (hereafter, “HEPCO”). Both showrooms provide information to stakeholders of BICCAMERA and HEPCO as well as to those belonging to client companies of the Group and companies interested in the Group, and showcase demonstrations and videos of the Group’s AI solutions according to the issues and needs of companies. Going forward, we will use the two showrooms to help visitors better understand the value of our solutions, which has been difficult to convey through conventional proposal materials and explanations. Through these initiatives, we will communicate the Group’s strengths, including its ability to meet the needs of diverse industries and the quality of its services demonstrated by its track record of continuous improvement. We aim to help client companies make decisions more quickly and create new value together. In addition, we partnered with Tsuji Hongo IT Consulting Co., Ltd. (hereafter, “Tsuji Hongo ITC”) in launching the Accounting DX Outsourcing Service for SMEs from September 2026. We are driving end -to-end DX in accounting operations by combining the p rofessional expertise of Tsuji Hongo ITC, a firm rooted in a certified public tax accountant practice with deep knowledge of the challenges in accounting operations faced by SMEs and insights into IT system selection and implementation and the Group’s oper ational efficiency methods honed through outsourcing across a wide range of industries, along with its abundant human resources. We will expand the scope of our support beyond accounting to become a partner that not only protects the office operations of S MEs, but also enhances their competitiveness through DX, thereby contributing to the sustainable growth of Japan’s SMEs. Results for each business segment are as follows. (CRM Business) The CRM business posted revenue of 73,106 million yen (up 0.2% year on year) and income before income taxes of 6,039 million yen (up 5.6%) due to successful revenue improvement measures. (Others) The Others segment posted revenue of 53 million yen (down 69.6% year on year) and income before income taxes of 20 million yen (down 57.3% year on year) due to decline in revenue from the sale of content. As a result of the above, financial results for the six months ended August 31, 2026 were revenue of 73,159 million yen (up 0.0% year on year), operating income of 6,173 million yen (up 4.4%), income before income taxes of 6,059 million yen (up 5.1%), and net income attributable to owners of the parent of 4,284 million yen (up 12.0%). (2) Overview of financial position (i) Assets, liabilities and equity (Millions of yen) As of February 28, 2026 As of August 31, 2026 Change Total assets 169,821 166,257 (3,564) Total liabilities 95,039 89,323 (5,716) Ratio of equity attributable to owners of the parent (%) 43.5 45.7 ― Current assets amounted to 28,087 million yen, decreasing 1,630 million yen from the end of the previous fiscal year, mainly due to a decrease of 1,624 million yen in trade receivables despite an increase of 596 million yen in other current assets. Non-current assets amounted to 138,170 million yen, decreasing 1,934 million yen from the end of the previous fiscal year mainly due to a decrease of 1,937 million yen in property, plant and equipment. As a result, total assets decreased 3,564 million yen from the end of the previous fiscal year, to 166,257 million yen. Current liabilities decreased by 2,356 million yen from the end of the previous fiscal year to 43,434 million yen, mainly due to decreases of 1,000 million yen in borrowings, 887 million yen in income taxes payable and 575 million yen in trade and
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―4― other payables, despite an increase of 519 million yen in liabilities for employee benefits. Non-current liabilities amounted to 45,889 million yen, decreasing 3,360 million yen from the end of the previous fiscal year, mainly due to decreases of 2,098 million yen in long-term borrowings and 1,216 million yen in other long-term financial liabilities. As a result, total liabilities decreased 5,716 million yen from the end of the previous fiscal year, to 89,323 million yen. Equity increased 2,152 million yen from the end of the previous fiscal year, to 76,934 million yen mainly due to an increase of 3,926 million yen in retained earnings, partially offset by a decrease of 2,233 million yen in capital surplus. (ii) Analysis of cash flow (Millions of yen) Six months ended August 31, 2025 Six months ended August 31, 2026 Change Cash flows from operating activities 11,064 9,568 (1,496) Cash flows from investing activities (226) (1,130) (904) Cash flows from financial activities (8,786) (8,680) 106 Cash and cash equivalents at the end of the period 9,042 6,956 (2,086) Cash and cash equivalents at the end of the first six months of the fiscal year under review decreased 238 million yen from the end of the previous fiscal year, to 6,956 million yen. The cash flows in the first six months of the fiscal year under review and factors relating to each are as follows. (Cash flows from operating activities) Net cash provided by operating activities was 9,568 million yen (as comp ared to net cash provided of 11,064 million yen in the same period of the previous fiscal year). This mainly reflects income before income taxes of 6,059 million yen, depreciation and amortization of 4,256 million yen, a decrease in trade and other receiva bles of 1,637 million yen and income taxes paid of 2,414 million yen. (Cash flows from investing activities) Net cash used in investing activities was 1,130 million yen (as compared to 226 million yen used in the same period of the previous fiscal year). This mainly reflects purchase of intangible assets of 569 million yen and purchase of property, plant and equipment of 544 million yen. (Cash flows from financing activities) Net cash used in financing activities was 8,680 million yen (as compared to 8,78 6 million yen used in the same period of the previous fiscal year). This mainly reflects repayments of lease liabilities of 3,255 million yen, dividends paid of 2,314 million yen, repayment of long-term borrowings of 2,100 million yen, and decrease in short-term borrowings of 1,000 million yen. (3) Explanation regarding consolidated financial results forecasts and other forward-looking statements There are no changes to the consolidated financial results forecast announced on April 8, 2026. Forward-looking statements are based upon what the Group believes to be reasonable assumptions and involve risks and uncertainties. Please note that actual results may differ materially from the forecasts due to various key factors.
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―5― 2. Condensed Semi-annual Consolidated Financial Statements and Major Notes (1) Condensed semi-annual consolidated statement of financial position (Millions of yen) As of February 28, 2026 As of August 31, 2026 Assets Current assets Cash and cash equivalents 7,194 6,956 Trade and other receivables 20,657 19,033 Other financial assets 518 154 Other current assets 1,348 1,944 Total current assets 29,717 28,087 Non-current assets Property, plant and equipment 25,556 23,619 Goodwill 94,669 94,691 Intangible assets 2,439 2,695 Investments accounted for using equity method 6,672 6,575 Other financial assets 6,823 6,916 Deferred tax assets 3,593 3,390 Other non-current assets 352 284 Total non-current assets 140,104 138,170 Total assets 169,821 166,257
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―6― (Millions of yen) As of February 28, 2026 As of August 31, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 5,820 5,245 Borrowings 17,300 16,300 Other short-term financial liabilities 5,738 5,407 Income taxes payable 2,743 1,856 Liabilities for employee benefits 11,362 11,881 Provisions 95 130 Other current liabilities 2,732 2,615 Total current liabilities 45,790 43,434 Non-current liabilities Long-term borrowings 31,438 29,340 Other long-term financial liabilities 13,737 12,521 Liabilities for employee benefits 572 552 Provisions 3,294 3,269 Deferred tax liabilities 173 173 Other non-current liabilities 35 34 Total non-current liabilities 49,249 45,889 Total liabilities 95,039 89,323 Equity Common stock 27,456 27,456 Capital surplus (12,321) (14,554) Retained earnings 59,566 63,492 Treasury shares (296) (375) Other components of equity (477) (49) Total equity attributable to owners of the parent 73,928 75,970 Non-controlling interests 854 964 Total equity 74,782 76,934 Total liabilities and equity 169,821 166,257
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―7― (2) Condensed semi-annual consolidated statement of income and condensed semi -annual consolidated statement of comprehensive income Condensed semi-annual consolidated statement of income (Millions of yen) Six months ended August 31, 2025 Six months ended August 31, 2026 Revenue 73,143 73,159 Cost of sales (59,578) (59,582) Gross profit 13,565 13,577 Selling, general and administrative expenses (7,717) (7,520) Other income 111 128 Other expenses (45) (12) Operating income 5,914 6,173 Share of profit (loss) of investments accounted for using equity method 202 313 Financial income 33 42 Financial costs (382) (469) Income before income taxes 5,767 6,059 Income taxes (1,879) (1,661) Net income 3,888 4,398 Net income attributable to: Owners of the parent 3,823 4,284 Non-controlling interests 65 114 Net income 3,888 4,398 (Unit: yen) Earnings per share (attributable to the parent) Basic 51.59 57.63 Diluted 51.49 57.60
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―8― Condensed semi-annual consolidated statement of comprehensive income (Millions of yen) Six months ended August 31, 2025 Six months ended August 31, 2026 Net income 3,888 4,398 Other comprehensive income, net of tax Items that will not be reclassified to profit or loss Financial assets measured at fair value through other comprehensive income 152 81 Share of other comprehensive income of investments accounted for using equity method ― ― Total items that will not be reclassified to profit or loss 152 81 Items that may be reclassified to profit or loss Exchange differences on translating foreign operations (95) 10 Share of other comprehensive income of investments accounted for using equity method (28) (17) Total items that may be reclassified to profit or loss (123) (7) Total other comprehensive income, net of tax 29 74 Total comprehensive income 3,917 4,472 Comprehensive income attributable to: Owners of the parent 3,865 4,352 Non-controlling interests 52 120 Total comprehensive income 3,917 4,472
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―9― (3) Condensed semi-annual consolidated statement of changes in equity Six months ended August 31, 2025 (Millions of yen) Common stock Capital surplus Retained earnings Treasury shares As of March 1, 2025 27,097 (8,058) 51,385 (312) Net income ― ― 3,823 ― Other comprehensive income ― ― ― ― Total comprehensive income ― ― 3,823 ― Exercise of share acquisition rights 359 359 ― ― Forfeiture of share acquisition rights ― 12 ― ― Share-based payments ― ― ― ― Dividends paid ― (2,207) ― ― Purchase of treasury shares ― ― ― (0) Disposal of treasury shares ― (4) ― 16 Total transaction with owners 359 (1,840) ― 16 As of August 31, 2025 27,456 (9,898) 55,208 (296) (Millions of yen) Other components of equity Total equity attributable to owners of the parent Non-controlling interests Total equity As of March 1, 2025 48 70,160 677 70,837 Net income ― 3,823 65 3,888 Other comprehensive income 42 42 (13) 29 Total comprehensive income 42 3,865 52 3,917 Exercise of share acquisition rights (179) 539 ― 539 Forfeiture of share acquisition rights (12) ― ― ― Share-based payments 0 0 ― 0 Dividends paid ― (2,207) (6) (2,213) Purchase of treasury shares ― (0) ― (0) Disposal of treasury shares ― 12 ― 12 Total transaction with owners (191) (1,656) (6) (1,662) As of August 31, 2025 (101) 72,369 723 73,092
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―10― Six months ended August 31, 2026 (Millions of yen) Common stock Capital surplus Retained earnings Treasury shares As of March 1, 2026 27,456 (12,321) 59,566 (296) Net income ― ― 4,284 ― Other comprehensive income ― ― ― ― Total comprehensive income ― ― 4,284 ― Share-based payments ― ― ― ― Dividends paid ― (2,230) ― ― Purchase of treasury shares ― ― ― (89) Disposal of treasury shares ― (3) ― 10 Transactions with non-controlling interest shareholders ― ― ― ― Transfer from other components of equity to retained earnings ― ― (358) ― Total transaction with owners ― (2,233) (358) (79) As of August 31, 2026 27,456 (14,554) 63,492 (375) (Millions of yen) Other components of equity Total equity attributable to owners of the parent Non-controlling interests Total equity As of March 1, 2026 (477) 73,928 854 74,782 Net income ― 4,284 114 4,398 Other comprehensive income 68 68 6 74 Total comprehensive income 68 4,352 120 4,472 Share-based payments 2 2 ― 2 Dividends paid ― (2,230) (84) (2,314) Purchase of treasury shares ― (89) ― (89) Disposal of treasury shares ― 7 ― 7 Transactions with non-controlling interest shareholders ― ― 74 74 Transfer from other components of equity to retained earnings 358 ― ― ― Total transaction with owners 360 (2,310) (10) (2,320) As of August 31, 2026 (49) 75,970 964 76,934
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―11― (4) Condensed semi-annual consolidated statement of cash flows (Millions of yen) Six months ended August 31, 2025 Six months ended August 31, 2026 Cash flows from operating activities: Income before income taxes 5,767 6,059 Depreciation and amortization 4,433 4,256 Loss (gain) on disposal or sales of property, plant and equipment 33 7 Share of (profit) loss of investments accounted for using the equity method (202) (313) Financial income (33) (42) Financial costs 382 469 Decrease (increase) in trade and other receivables (714) 1,637 Increase (decrease) in trade and other payables (324) (320) Increase (decrease) in payable for consumption tax 1,215 (346) Other, net 2,075 576 Subtotal 12,632 11,983 Interest and dividends received 387 408 Interest paid (308) (409) Income taxes paid (1,647) (2,414) Net cash provided by (used in) operating activities 11,064 9,568 Cash flows from investing activities: Purchase of property, plant and equipment (328) (544) Purchase of intangible assets (198) (569) Purchase of securities (100) (69) Proceeds from sale of investment securities ― 27 Payments for guarantee deposits (47) (74) Proceeds from guarantee deposits 518 134 Payments for asset retirement obligations (71) (35) Net cash provided by (used in) investing activities (226) (1,130) Cash flows from financial activities: Increase (decrease) in short-term borrowings (8,300) (1,000) Proceeds from long-term borrowings 18,000 ― Repayment of long-term borrowings (13,500) (2,100) Dividends paid (2,207) (2,230) Dividends paid to non-controlling interests (6) (84) Repayments of lease liability (3,318) (3,255) Proceeds from issuance of shares 539 ― Capital contribution from non-controlling interests ― 74 Purchase of treasury shares (0) (89) Proceeds from sale of treasury shares 6 4 Net cash provided by (used in) financial activities (8,786) (8,680) Effect of exchange rate change on cash and cash equivalents (2) 4 Net increase (decrease) in cash and cash equivalents 2,050 (238) Cash and cash equivalents at the beginning of the period 6,992 7,194 Cash and cash equivalents at the end of the period 9,042 6,956
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―12― (5) Notes to condensed semi-annual consolidated financial statements (Notes on going concern assumption) Not applicable. (Segment information) The Group’s reportable segments are components of the Group for which separate financial information is available and which are subject to periodic review by the Board of Directors to determine the allocation of management resources and evaluate their perf ormance. The Group’s business segments consist of the CRM business segment and the Others business segment, and business segmentation is based on comprehensive consideration of service type and characteristics, markets and other factors. The Group is primarily involved in the CRM business, which deals with the operation of contact centers and other operations incidental thereto. This business accounts for the majority of the absolute amounts of the Group’s reported revenue and net profit or loss and the amount of its reported assets. Accordingly, the Group’s only reportable segment is the CRM business. Internal transfers between segments are generally based on market prices. Six months ended August 31, 2025 (Millions of yen) CRM Business Others Adjustments and eliminations Consolidated Revenue Revenue from external customers 72,967 176 ― 73,143 Intersegment revenue (*1) ― 143 (143) ― Total revenue (*2) 72,967 319 (143) 73,143 Other profit or loss Depreciation and amortization (4,416) (17) ― (4,433) Share of profit (loss) of investments accounted for using equity method 202 ― ― 202 Financial income 33 0 ― 33 Financial costs (382) ― ― (382) Segment income Income before income taxes 5,719 48 ― 5,767 (*) 1. Intersegment revenue is eliminated on consolidation and included in the “Adjustments and eliminations” section. 2. Revenue is revenue recognized from all contracts with customers. Six months ended August 31, 2026 (Millions of yen) CRM Business Others Adjustments and eliminations Consolidated Revenue Revenue from external customers 73,106 53 ― 73,159 Intersegment revenue (*1) 1 104 (105) ― Total revenue (*2) 73,107 157 (105) 73,159 Other profit or loss Depreciation and amortization (4,256) (0) ― (4,256) Share of profit (loss) of investments accounted for using equity method 313 ― ― 313 Financial income 42 0 ― 42 Financial costs (469) ― ― (469) Segment income Income before income taxes 6,039 20 ― 6,059 (*) 1. Intersegment revenue is eliminated on consolidation and included in the “Adjustments and eliminations” section. 2. Revenue is revenue recognized from all contracts with customers.
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―13― (Significant subsequent events) Transfer of shares of Horizon One Inc. As part of our strategic initiatives to achieve business growth through the expansion of the BPO domain, the Company transferred a portion of its shares in Horizon One Inc. (“Horizon One”), a consolidated subsidiary, to Layers Consulting Co., Ltd. (1) Number of shares transferred, transfer price, and the number of shares held before and after the transfer Number of shares held before the transfer 102 shares (shareholding ratio: 51.00%) Number of shares transferred 2 shares (shareholding ratio: 1.00%) Transfer price 19 million yen Number of shares held after the transfer 100 shares (shareholding ratio: 50.00%) (2) Schedule Date of agreement September 30, 2026 Date of transfer October 1, 2026 (3) Future outlook As a result of the share transfer, Horizon One Inc. is expected to cease to be a consolidated subsidiary of the Company and become an equity-method affiliate of the Company. During the third quarter of the fiscal year ending February 28, 2027, a gain of approximately 800 million yen arising from the fair value measurement of the retained interest upon the loss of control is expected to be recognized in “other income.”