Interim report
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Note: This document has been translated from the Ja panese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail . January 14, 2026 Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending February 28, 2026 (Under IFRS) Company name: Baycurrent, Inc. Listing: Tokyo Stock Exchange Stock Exchange Code: 6532 URL: https://www.baycurrent.co.jp/ Representative: Yoshiyuki Abe, Member of the Board , Chairman of the Board and President Inquiries: Kosuke Nakamura, Member of the Board, C FO Telephone: +81-3-5544-9331 Scheduled date to commence dividend payments: ― Preparation of supplement to financial results: Yes Holding of financial results briefing: None (Amounts are rounded to the nearest million yen.) 1. Consolidated financial results for the third qua rter of the fiscal year ending February 28, 2026 (from March 1, 2025 to November 30, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Revenue EBITDA Operating profit Profit before tax Profit Profit attributable to owners of parent Nine months ended Million yen % Million % Million yen % Million yen % Million yen % Million yen % November 30, 2025 105,936 26.8 35,909 22.1 35,193 22.4 35,206 22.7 26,043 22.8 26,043 22.8 November 30, 2024 83,525 23.3 29,418 17.8 28,747 18.8 28,688 18.8 21,200 20.5 21,200 20.5 Note: Total comprehensive income For the nine months ended November 30, 2025: ¥26, 048 million (22.9%) For the nine months ended November 30, 2024: ¥21, 200 million (20.5%) For the definition and calculation method of EBITDA, please refer to “1. Qualitative Information on th e Period under Review (Reference information)” of the attached mat erials. Basic earnings per share Diluted earnings per share Nine months ended Yen Yen November 30, 2025 171.48 – November 30, 2024 139.31 – (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of Million yen Million yen Million yen % November 30, 2025 133,470 105,003 105,003 78.7 February 28, 2025 124,665 94,401 94,401 75.7
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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 February 28, 2025 – 25.00 – 37.00 62.00 Fiscal year ending February 28, 2026 – 50.00 – Fiscal year ending February 28, 2026 (Forecast) 50.00 100.00 Note: Revisions to the dividends forecasts since th e latest announcement: None 3. Consolidated financial results forecasts for fis cal year ending February 28, 2026 (from March 1, 2025 to February 28, 2026) (Percentages indicate rate of changes year-on-year.) Revenue EBITDA Operating profit Profit before tax Profit Profit attributable to owners of parent Basic earnings per share Million yen % Million yen % Million yen % Million yen % Million yen % Million yen % Yen Full year 143,000 23.2 52,000 19.6 51,000 19.7 50,900 19.6 37,300 21.3 37,300 21.3 245.68 Note: Revisions to the financial results forecasts since the latest announcement: None
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* Notes (1) Significant changes in the scope of consolidati on during the period: None Newly included: — companies (Company name) Excluded: — companies (Company name) (2) Changes in accounting policies and changes in a ccounting estimates (i) Changes in accounting policies required by IFRS : None (ii) Changes in accounting policies due to other re asons: None (iii) Changes in accounting estimates: None (3) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of November 30, 202 5 155,411,410 shares As of February 2 8, 2025 155,411,410 shares (ii) Number of treasury shares at the end of the pe riod As of November 30, 202 5 3,55 7,256 shares As of February 2 8, 2025 3,353,089 shares (iii) Average number of shares outstanding during t he period Nine months ended November 30, 2025 151,87 0,589 shares Nine months ended November 30, 202 4 152, 182 ,323 shares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit corporation: None * Proper use of financial results forecasts, and ot her special matters (Caution regarding forward-looking statements, etc.) Financial results forecasts and other forward-looki ng statements provided in these materials are based on information available to Baycurrent and certain other assumptions deemed rea sonable as of the date of publication of this docum ent, and do not represent any guarantee that Baycurrent will achieve these result s. Actual financial results and other aspects of bu siness performance may differ significantly from these forecasts owing to various factors. Please refer to “1. Qualitative Informati on on the Period under Review (3) Explanation of Consolidated Financial Results Forec asts and Other Forward-looking Statements” of the a ttached materials for conditions forming the basis for financial results forecasts, notes regarding the use of financial results forecasts, and other information.
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Contents of the Attached Materials 1. Qualitative Information on the Period under Review .............................................................................................2 (1) Explanation of Operating Results ......................................................................................................................2 (2) Explanation of Financial Position ......................................................................................................................3 (3) Explanation of Consolidated Financial Results Fo recasts and Other Forward-looking Statements ..................4 2. Condensed Quarterly Consolidated Financial Statements and Related Notes Under IFRS ....................................5 (1) Condensed Quarterly Consolidated Statements of Financial Position ...............................................................5 (2) Condensed Quarterly Consolidated Statements of Profit or Loss ............................................................................6 (3) Condensed Quarterly Consolidated Statements of Comprehensive Income .............................................................7 (4) Condensed Quarterly Consolidated Statements of Changes in Equity .....................................................................8 (5) Condensed Quarterly Consolidated Statements of Cash Flows ...............................................................................9 (6) Notes Concerning Condensed Quarterly Consolidat ed Financial Statements .................................................10
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1. Qualitative Information on the Period under Review (1) Explanation of Operating Results The Japanese economy for the nine months under review were on a gradual recovery trend due to the imple mentation of various policy measures under the improved emplo yment and income situation, however the future rema ins uncertain due to the foreign exchange rate fluctuations and d rastic inflation. Under these conditions, corporati ons are aggressively working on new initiatives to further enhance value -added and creating business opportunities, and dem and for the consulting industry to support these corporations is expected to continue to remain high. As in the current Medium-Term Business Plan, in purs uit of becoming a “comprehensive partner to solve management issues of leading companies,” the Baycur rent Group aims to realize continuous annual growth of 20% as a standard for revenue from FY2025 to FY2029, and ach ieve revenue of 250.0 billion yen and EBITDA margin of 30% to 40% for FY2029. In order to achieve this target, our focus areas fo r the nine months under review have included hiring and developing talented human resources, promoting our core client strategies, and enhancing our services to solve ma nagement issues of our clients from multifaceted perspectives. As a result of the above, revenue for the nine mont hs under review increased 26.8% year on year, EBITDA increased 22.1% year on year, and EBITDA margin was within the range of plans, at 33.9%. Per segment information is not stated as the Baycur rent Group has only the solitary segment of the con sulting business. Financial results under IFRS (Million yen) Period Nine months ended November 30, 2024 Nine months ended November 30, 2025 Change (%) Term from March 1, 2024 to November 30, 2024 from March 1, 2025 to November 30, 2025 Revenue 83,525 105,936 26.8 Cost of sales 39,832 46,815 17.5 Gross profit 43,693 59,121 35.3 Gross profit margin (%) 52.3% 55.8% – Selling, general and administrative expense 14,949 23,940 60.1 EBITDA 29,418 35,909 22.1 EBITDA margin (%) 35.2% 33.9% – Operating profit 28,747 35,193 22.4 Profit before tax 28,688 35,206 22.7 Profit 21,200 26,043 22.8 Note: Stated amounts are rounded to the nearest million yen.
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(2) Explanation of Financial Position 1) Analysis of Financial Position The status of financial position as of the end of the nine months under review is as follows. Assets as of the end of the nine months under revie w amounted to 133,470 million yen, an increase of 8 ,805 million yen from the end of the previous fiscal year. This was mainly due to increases of 8,245 million yen in cash and cash equivalents and 774 million yen in trade and other receivables, and a decrease of 219 million yen in i nventories. Liabilities amounted to 28,467 million yen, a decrease of 1,797 million yen from the end of the previous fiscal year. This was mainly due to an increase of 4,599 million yen in other current liabilities, alongside decreases o f 1,553 million yen in lease liabilities, 3,996 million yen in income t axes payable, and 786 million yen in borrowings. Eq uity amounted to 105,003 million yen, an increase of 10,602 million yen from the end of the previous fiscal year. This w as mainly due to increases of 2,451 million yen in treasury shares and 12,824 million yen in retained earnings. 2) Analysis of Cash Flows The status of cash flows as of the end of the nine months under review is as follows. Cash and cash equivalents (hereinafter, “cash”) as of the end of the nine months under review amounted to 68,797 million yen, an increase of 8,245 million yen from the end of the previous fiscal year. (Cash from operating activities) Cash provided for as a result of operating activities in the nine months under review amounted to 27,948 million yen (25,822 million yen provided for in the previous corresponding period). The main increases were 35,206 million yen in profit before tax, 1,825 million yen in depreciation and amortization, and 4,508 million yen in increase in other current liabilities, and the main decrease was 13,213 million yen in income taxes paid. (Cash from investing activities) Cash used as a result of investing activities in the nine months under review amounted to 1,183 million yen (478 million yen used in the previous corresponding period). This was mainly 360 million yen in purchase of property, plant and equipment and 670 million yen in payments of leasehold deposits. (Cash from financing activities) Cash used as a result of financing activities in the nine months under review amounted to 18,520 million yen (13,529 million yen used in the previous corresponding period). Used were 788 million yen in repayments of long-term borrowings, 1,552 million yen in repayments of lease liabilities, 3,006 million yen in purchase of treasury shares, and 13,174 million yen in dividends paid.
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(Reference information) The Baycurrent Group uses EBITDA as a reference indicator for operating results to provide useful information to understand the true growth of the Baycurrent Group’s corporate value so investors can evaluate the Baycurrent Group’s financial results without being swayed by differences in accounting standards. EBITDA and its calculation method are as follows. EBITDA under IFRS: Operating profit + Depreciation and amortization (excluding depreciation of right-of-use assets) +/- Other adjustments (Million yen) Period Nine months ended November 30, 2024 Nine months ended November 30, 2025 Term from March 1, 2024 to November 30, 2024 from March 1, 2025 to November 30, 2025 Operating profit 28,747 35 ,193 Adjustments : +Depreciation and amortization (excluding depreciation of right -of -use assets) (Note 2) 431 390 +/-Other adjustments (Notes 2, 3) 240 326 Adjustment subtotal 671 716 EBITDA 29,418 35,909 Notes: 1. Stated amounts are rounded to the nearest million yen. 2. Depreciation of right-of-use assets are excluded from “+Depreciation and amortization” and included in “+/-Other adjustments.” 3. “+/-Other adjustments” is accounting treatment s pecific to IFRS. (3) Explanation of Consolidated Financial Results Forecasts and Other Forward-looking Statements There are no changes from the full year financial re sults forecasts announced in “Consolidated Financia l Results for the Fiscal Year Ended February 28, 2025” on April 10, 2025.
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2. Condensed Quarterly Consolidated Financial Statements and Related Notes Under IFRS (1) Condensed Quarterly Consolidated Statements of Financial Position (Million yen) Previous fiscal year (As of February 28, 2025) Nine months under review (As of November 30, 2025) Assets Current assets Cash and cash equivalents 60,552 68,797 Trade and other receivables 22,699 23,473 Inventories 919 700 Other financial assets 3,000 3,000 Other current assets 1,429 1,963 Total current assets 88,599 97,933 Non-current assets Property, plant and equipment 11,620 10,173 Goodwill 19,187 19,187 Intangible assets 58 102 Other financial assets 2,234 2,997 Other non-current assets 99 70 Deferred tax assets 2,868 3,008 Total non-current assets 36,066 35,537 Total assets 124,665 133,470 Liabilities and equity Liabilities Current liabilities Borrowings 1,050 525 Lease liabilities 2,074 2,084 Other financial liabilities 870 799 Income taxes payable 7,830 3,834 Other current liabilities 12,335 16,934 Total current liabilities 24,159 24,176 Non-current liabilities Borrowings 261 – Lease liabilities 4,697 3,134 Provisions 1,147 1,157 Total non-current liabilities 6,105 4,291 Total liabilities 30,264 28,467 Equity Share capital 282 282 Capital surplus 8,069 8,293 Treasury shares (8,574) (11,025) Retained earnings 94,624 107,448 Other components of equity – 5 Total equity attributable to owners of parent 94,40 1 105,003 Total equity 94,401 105,003 Total liabilities and equity 124,665 133,470
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(2) Condensed Quarterly Consolidated Statements of Profit or Loss [Nine months ended November 30, 2024 and 2025] (Million yen) Nine months ended November 30, 2024 (from March 1, 2024 to November 30, 2024) — Non -consolidated — Nine months under review (from March 1, 2025 to November 30, 2025) —Consolidated— Revenue 83,525 105,936 Cost of sales 39,832 46,815 Gross profit 43,693 59,121 Selling, general and administrative expense 14,949 23,940 Other income 3 12 Operating profit 28,747 35,193 Finance income – 61 Finance costs 59 48 Profit before tax 28,688 35,206 Income tax expense 7,488 9,163 Profit 21,200 26,043 Profit attributable to Owners of parent 21,200 26,043 Profit 21,200 26,043 Earnings per share Basic earnings per share (Yen) 139.31 171.48 Diluted earnings per share (Yen) – –
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(3) Condensed Quarterly Consolidated Statements of Comprehensive Income [Nine months ended November 30, 2024 and 2025] (Million yen) Nine months ended November 30, 2024 (from March 1, 2024 to November 30, 2024) — Non -consolidated — Nine months under review (from March 1, 2025 to November 30, 2025) —Consolidated— Profit 21,200 26,043 Other comprehensive income Items that will not be reclassified to profit or loss Financial assets measured at fair value through oth er comprehensive income – 5 Total other comprehensive income – 5 Comprehensive income 21,200 26,048 Comprehensive income attributable to Owners of parent 21,200 26,048 Comprehensive income 21,200 26,048
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(4) Condensed Quarterly Consolidated Statements of Changes in Equity Nine months under review (from March 1, 2024 to November 30, 2024) (Million yen) Equity attributable to owners of parent Total share capital Share capital Capital surplus Treasury shares Retained earnings Other components of equity Balance as of March 1, 2024 282 8,190 (5,834) 71,489 – 74,127 Profit – – – 21,200 – 21,200 Other comprehensive income – – – – – – Total comprehensive income – – – 21,200 – 21,200 Purchase of treasury shares – – (3,600) – – (3,600) Disposal of treasury shares – (860) 860 – – – Dividends – – – (7,621) – (7,621) Share-based payment expenses – 546 – – – 546 Change in scope of consolidation – – – (4) – (4) Total transactions with owners, etc. – (314) (2,740) (7,625) – (10,679) Balance as of November 30, 2024 282 7,876 (8,574) 85,064 – 84,648 Nine months under review (from March 1, 2025 to November 30, 2025) (Million yen) Equity attributable to owners of parent Total share capital Share capital Capital surplus Treasury shares Retained earnings Other components of equity Balance as of March 1, 2025 282 8,069 (8,574) 94,624 – 94,401 Profit – – – 26,043 – 26,043 Other comprehensive income – – – – 5 5 Total comprehensive income – – – 26,043 5 26,048 Purchase of treasury shares – – (3,000) – – (3,000) Disposal of treasury shares – (549) 549 – – – Dividends – – – (13,219) – (13,219) Share-based payment expenses – 773 – – – 773 Transfer to retained earnings – – – (0) 0 – Total transactions with owners, etc. – 224 (2,451) (13,219) – (15,446) Balance as of November 30, 2025 282 8,293 (11,025) 107,448 5 105,003
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(5) Condensed Quarterly Consolidated Statements of Cash Flows (Million yen) Nine months ended November 30, 2024 (from March 1, 2024 to November 30, 2024) — Non -consolidated — Nine months under review (from March 1, 2025 to November 30, 2025) —Consolidated— Cash flows from operating activities Profit before tax 28,688 35,206 Depreciation and amortization 1,886 1,825 Share-based payment expenses 546 773 Finance income – (61) Finance costs 59 48 Decrease (increase) in trade and other receivables (792) (774) Decrease (increase) in inventories 141 219 Decrease (increase) in other current assets 342 (51 6) Increase (decrease) in other financial liabilities 48 (108) Increase (decrease) in other current liabilities 4, 949 4,508 Other (10) 37 Subtotal 35,857 41,157 Interest and dividends received – 42 Interest paid (47) (38) Income taxes paid (9,988) (13,213) Net cash provided by (used in) operating activities 25,822 27,948 Cash flows from investing activities Purchase of property, plant and equipment (824) (36 0) Payments of leasehold deposits (387) (670) Proceeds from refund of leasehold deposits 943 1 Other (210) (154) Net cash provided by (used in) investing activities (478) (1,183) Cash flows from financing activities Repayments of long-term borrowings (788) (788) Repayments of lease liabilities (1,549) (1,552) Purchase of treasury shares (3,608) (3,006) Dividends paid (7,584) (13,174) Net cash provided by (used in) financing activities (13,529) (18,520) Net increase (decrease) in cash and cash equivalents 11,815 8,245 Cash and cash equivalents at beginning of period 45 ,778 60,552 Cash and cash equivalents at end of period 57,593 6 8,797
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(6) Notes Concerning Condensed Quarterly Consolidated Financial Statements (Notes on going concern assumption) Not applicable. (Changes in accounting policies) Not applicable. (Changes in accounting estimates) Not applicable. (Segment information) Statements are omitted as the Baycurrent Group has only the solitary segment of the consulting business.