Interim report
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Consolidated Financial Results for the Three Months Ended March 31 , 2027 [ under IFRS ] FASF August 6 , 2026 Tokyo Stock Exchange https://www.relo.jp/ Company name : Listing : Relo Group , Inc. Securities code : 8876 URL : Representative : Inquiries : Telephone : + 81-3-5312-8704 Kenichi Nakamura , Representative Director , CEO Yasushi Kadota , Director , CFO and CIO Scheduled date to commence dividend payments : Preparation of supplementary material on financial results : Holding of financial results briefing : Yes Yes ( for institutional investors ) ( 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 . ) Profit before income taxes Profit attributable to owners of the parent % Millions of yen % 17.1 Revenue Operating profit Three months ended June 30 , 2026 June 30 , 2025 Millions of yen 38,959 35,745 3.2 % Millions of yen 9.0 % Millions of yen 7,174 11.8 7,519 6,415 ( 9.0 ) 6,420 ( 75.5 ) 5,228 18.4 4,414 ( 81.6 ) Three months ended June 30 , 2026 June 30 , 2025 ( 2 ) Consolidated financial position As of June 30 , 2026 March 31 , 2026 Basic earnings per share Yen 34.48 29.50 Diluted net income per share Yen 33.26 27.97 Total assets Total equity Equity attributable to owners of parent Equity ratio attributable to owners of parent Millions of yen 316,457 324,288 Millions of yen Millions of yen 80,345 78,273 86,579 84,568 % 24.7 26.1
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Annual dividends per share 1st quarter end 2nd quarter end 3rd quarter end Fiscal Year end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2026 － 0.00 － 69.00 69.00 Fiscal year ended March 31, 2027 － Fiscal Year ended March 31, 2027(forecast) 34.50 － 40.50 75.00 (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before income taxes Profit attributable to owners of the parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Year ending March 31, 2027 165,000 9.2 34,000 10.3 33,600 8.6 22,500 8.9 148.56 (1) Significant changes in the scope of consolidation during the period : None Newly consolidated : － Excluded : － (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 (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 153,016,200 shares As of March 31, 2026 153,016,200 shares (ii) Number of treasury stock at the end of the period As of June 30, 2026 1,312,285 shares As of March 31, 2026 1,557,885 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 151,646,250 shares Three months ended June 30, 2025 149,670,185 shares This translation is to be used solely as a reference and the consolidated financial statements in this release are unaudited. 2. Cash dividends (Note) Correction from the dividend forecast, which published in the most recent : None 3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2027 (From April 1, 2026 to March 31, 2027) (Note) Correction from the dividend forecast, which published in the most recent : None *Notes (2) Changes in accounting policies and changes in accounting estimates (3) Number of issued shares (ordinary shares) * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm : None * Proper use of earnings forecasts, and other special matters The forward-looking statements, such as forecasts, contained in this document are based on available information and certain assumptions that are regarded as reasonable. The Company does not guarantee the achievement of these statements. Actual results may differ significantly due to a range of factors.
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1. Overview of Operating Results, etc ...........................................................................................................................................2 (1) Overview of Results of Operations ..........................................................................................................................................2 (2) Management Discussion of Financial Condition ......................................................................................................................3 (3) Management Discussion of Cash Flows ...................................................................................................................................3 (4) Management Discussion of Forecast for Consolidated Results of Operations and Other Forward-Looking Statements ........3 2. Consolidated Financial Statements ............................................................................................................................................4 (1) Consolidated Statements of Financial Position ........................................................................................................................4 (2) Consolidated Statements of Income and Consolidated Statement of Comprehensive Income ................................................6 (3) Consolidated Statements of Changes in Equity ........................................................................................................................8 (4) Consolidated Cash Flow Statements ........................................................................................................................................9 (5) Notes to Consolidated Financial Statements ............................................................................................................................10 (Notes on assumptions for going concern) .................................................................................................................................... 10 (Segment information) ...................................................................................................................................................................10 Index - 1 -
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Revenue 38,959 million yen (up 9.0% year on year) Operating profit 7,174 million yen (up 11.8% year on year) Profit before income taxes 7,519 million yen (up 17.1% year on year) Profit attributable to owners of the parent 5,228 million yen (up 18.4% year on year) 1. Overview of Operating Results, etc. (1) Overview of Results of Operations In an environment of intensifying global competition where Japanese companies are stepping up efforts to expand overseas, the Group has shaped its mission: to support the non-core operations of Japanese companies, enabling them to concentrate on their core operations and compete on the world stage, to facilitate their global expansion and empower them to unleash their true potential, and in doing so, to aid in the great transformation that awaits Japan. Based on this mission we uphold the vision of creating an industry of comprehensive lifestyle support services provided globally. With a view to making the vision a reality, we developed and launched a four-year-long medium-term management plan starting in the fiscal year ending March 31, 2026, titled the Fourth Olympic Plan. This plan identifies three social issues that we should address intensively, namely human capital investment, the labor shortage, and seniors and inheritance. On the basis of these issues, we will deepen our existing businesses, create new businesses and make strategic investments to support them in an integrated manner. In the BtoB-based Outsourcing Business, we will continue to expand our support to help Japanese companies with increased productivity and enhanced fringe benefits as a measure to address aggravating labor shortage. In BtoC-based Property Management Business and Tourism Business, we will address regional revitalization and respond to growing demand from inbound tourists to support the regional economy and business succession. In the first three months of the fiscal year under review, revenues and profits of Relo Group, Inc. increased year on year, reflecting a steady increase in the stock base as the number of units under management increased in the Leased Corporate Housing Management Business and the Property Management Business. The Group recorded finance income of 342 million yen, the result of the adjustment of the conversion price for convertible bond- type bonds. More information can be found in the Notice Regarding the Determination on Matters Regarding the Purchase of Zero Coupon Convertible Bonds Due 2027 published on May 14, 2026. Results of operations in the first six months of the fiscal year under review are as shown below. Results of operations by segment are as shown below. (i) Outsourcing Business In this business, we provide outsourcing services in the BtoB area through the Fringe Benefit Business, Leased Corporate Housing Management Business and Global Relocation Support Business. In the Fringe Benefit Business, we offer employee benefit-related services, including a support menu and extra privileges to employee members of client companies in order to contribute to reducing companies’ operational burdens and costs. We also provide emergency home care services as part of comprehensive support to livelihood of employee members of client companies. In the Leased Corporate Housing Management Business, we provide mainstay leased corporate housing management as well as housing relocation assistance through real estate searches and house sitting. In the Global Relocation Support Business, we provide comprehensive services to mainly assist employees of Japanese companies on overseas assignments from before their departure for locations of assignments until their return to Japan. In the first three months of the fiscal year under review, both revenue and profit increased, chiefly reflecting an increase in revenue from the use of our employee benefit-related services, an increase in management fee income following the year-on- year growth of the stock of units under management in the Leased Corporate Housing Management Business, and an increase in the number of uses of housing relocation assistance services through real estate search and other means. As a result, the Relocation Business recorded revenue of 22,164 million yen (up 11.0% year on year) and operating profit of 6,260 million yen (up 11.4%). - 2 -
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(ii) Residential Property Management Business This business provides services centering on lease property management for real estate owners under the brand of Relo no Chintai. We offer an extensive range of one-stop services associated with management, including lease property brokerage, repairs and renovation. Using our nationwide network, we offer a great deal of information and a wide range of services. In the first three months of the fiscal year under review, the number of units under management increased year on year, and the stock base increased steadily. Additionally, certain properties were sold. Revenues and profit increased as a result. As a result, the Fringe Benefit Business recorded revenue of 13,009 million yen (up 10.1% year on year) and operating profit of 1,593 million yen (up 22.0%). (iii) Tourism Business In Tourism Business, we conduct a hotel operation business and vacation home time-share business, utilizing the membership base in Fringe Benefit Business and management know-how concerning company rest houses and small to midsize hotels and inns in rural areas. We also work on the renewal of hotels and inns which have difficulty in finding successors. In the first three months of the fiscal year under review, accommodation demand was strong, especially during the early May holiday season. However, revenue declined mainly due to bad weather. Profit increased due to reduced selling, general and administrative expenses, resulting from operational efficiency achieved through digital transformation and effective cost control measures. As a result, Tourism Business recorded revenue of 3,651 million yen (down 0.1% year on year) and operating profit of 500 million yen (up 5.1%). (iv) Other Business In this segment, we operate financial business, etc., leveraging the core business frameworks. As a result, Other Business recorded revenue of 134 million yen (down 54.8% year on year) and an operating loss of 85 million yen (compared to an operating loss of 78 million yen a year ago). (2) Management Discussion of Financial Condition Total assets as of the end of this fiscal year under review came to 316,457 million yen, a decline of 7,830 million yen compared to the end of the previous fiscal year. Total liabilities amounted to 236,112 million yen, a decline of 1,596 million yen compared to the end of the previous fiscal year. Total equity came to 80,345 million yen, a decline of 6,233 million yen compared to the end of the previous fiscal year. (3) Management Discussion of Cash Flows Cash and cash equivalents at the end of the first quarter of the current fiscal year under review came to 55,405 million yen, a decrease of 7,992 million yen compared to the end of the previous fiscal year. The status of cash flows during the current consolidated the first quarter of the current fiscal year is as follows. (Cash flows from operating activities) Net cash provided by operating activities amounted to 10,574 million yen (up 3,047 million yen year on year) in the first quarter of the current fiscal year under review. The main factors were profit before taxes of 7,519 million yen yen, depreciation and amortization of 4,959 million yen, and decrease (increase) in trade and other receivables of 5,960 million yen. (Cash flows from investing activities) Net cash used in investing activities amounted to 4,690 million yen (up 1,767 million yen year on year) in the first quarter of the current fiscal year under review. The main factors were purchase of investment property of 2,109 million yen, and purchase of property, plant and equipment of 1,323 million yen. (Cash flows from financing activities) Net cash used in financing activities amounted to 14,018 million yen (up 4,873 million yen year on year) in the first quarter of the current fiscal year under review. The main factors were redemption of bonds of 24,086 million yen and dividends paid of 10,356 million yen, while it recorded 24,809 million yen proceeds from long-term borrowings. (4) Management Discussion of Forecast for Consolidated Results of Operations and Other Forward-Looking Statements The results of operations for the first three months of the fiscal year under review were in line with the previous forecast. There is no change in the business forecasts stated in the Summary of Financial Results for the Fiscal Year Ended March 31, 2026, which was announced on May 14, 2026. - 3 -
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(Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and cash equivalents 63,398 55,405 Trade and other receivables 101,215 95,572 Inventories 9,057 10,083 Other financial assets 1,672 1,668 Other current assets 5,001 5,309 Total current assets 180,345 168,039 Non-current assets Property, plant and equipment 19,798 21,042 Right-of-use assets 34,617 34,593 Goodwill 17,088 18,584 Intangible assets 9,454 9,459 Investment property 22,360 23,246 Investments accounted for using equity method 2,317 2,252 Other financial assets 26,216 26,791 Deferred tax assets 10,928 11,215 Other non-current assets 1,160 1,233 Total non-current assets 143,943 148,418 Total assets 324,288 316,457 2. Consolidated Financial Statements (1) Consolidated Statements of Financial Position - 4 -
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(Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 74,687 76,699 Bonds and borrowings 12,088 14,704 Lease liabilities 10,300 11,007 Income taxes payable 4,673 2,631 Contract liabilities 9,704 9,904 Other financial liabilities 19,480 20,319 Provisions 436 － Other current liabilities 5,275 4,465 Total current liabilities 136,647 139,732 Non-current liabilities Bonds and borrowings 38,547 34,197 Lease liabilities 21,833 20,971 Contract liabilities 16,152 16,273 Other financial liabilities 12,004 12,230 Provisions 10,610 10,770 Deferred tax liabilities 1,091 1,078 Other non-current liabilities 820 858 Total non-current liabilities 101,061 96,379 Total liabilities 237,709 236,112 Equity Share capital 2,667 2,667 Capital surplus 257 420 Retained earnings 77,418 72,182 Treasury shares (2,533) (2,104) Other components of equity 6,759 5,107 Total equity attributable to owners of parent 84,568 78,273 Non-controlling interests 2,010 2,071 Total equity 86,579 80,345 Total liabilities and equity 324,288 316,457 - 5 -
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(Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenue 35,745 38,959 Cost of sales 19,175 20,995 Gross profit 16,569 17,964 Selling, general and administrative expenses 10,361 11,139 Other income 263 381 Other expenses 55 31 Operating profit 6,415 7,174 Finance income 130 481 Finance costs 170 196 Share of profit of investments accounted for using equity method 43 60 Profit before taxes 6,420 7,519 Income tax expense 1,931 2,222 Profit 4,489 5,297 Profit attributable to Owners of parent 4,414 5,228 Non-controlling interests 74 69 Profit 4,489 5,297 Earnings per share Basic earnings per share (Yen) 29.50 34.48 Diluted earnings per share (Yen) 27.97 33.26 (2) Consolidated Statements of Income and Consolidated Statement of Comprehensive Income Consolidated Statements of Income For the three months ended June 30, 2025 and 2026 - 6 -
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(Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit 4,489 5,297 Other comprehensive income Items that will not be reclassified to profit or loss Net change in fair value of financial assets measured through other comprehensive income (138) (18) Total (138) (18) Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (450) 269 Share of other comprehensive income of investments accounted for using equity method － 1 Total (450) 271 Other comprehensive income (588) 252 Comprehensive income 3,900 5,550 Comprehensive income attributable to: Owners of the parent 3,824 5,469 Non-controlling interests 75 80 Comprehensive income 3,900 5,550 Consolidated Statement of Comprehensive Income For the three months ended June 30, 2025 and 2026 - 7 -
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(Millions of yen) Equity attributable to owners of the parent Non- controlling interests Total equityShare capital Capital surplus Retained earnings Treasury shares Other components of equity Total Balance at April 1, 2025 2,667 555 63,010 (5,551) 7,517 68,198 2,314 70,512 Profit － － 4,414 － － 4,414 74 4,489 Other comprehensive income － － － － (590) (590) 1 (588) Total comprehensive income － － 4,414 － (590) 3,824 75 3,900 Dividends － － (6,287) － － (6,287) (81) (6,368) Share-based payment transactions － 58 － － (72) (13) － (13) Changes in ownership interest in subsidiaries － 3 － － － 3 (4) (1) Other － － － － － － (0) (0) Total transactions with owners of the parent, etc. － 61 (6,287) － (72) (6,297) (87) (6,384) Balance at June 30, 2025 2,667 617 61,138 (5,551) 6,854 65,725 2,302 68,028 (Millions of yen) Equity attributable to owners of the parent Non- controlling interests Total equityShare capital Capital surplus Retained earnings Treasury shares Other components of equity Total Balance at April 1, 2026 2,667 257 77,418 (2,533) 6,759 84,568 2,010 86,579 Profit － － 5,228 － － 5,228 69 5,297 Other comprehensive income － － － － 241 241 11 252 Total comprehensive income － － 5,228 － 241 5,469 80 5,550 Disposal of treasury shares － － 129 － 429 (558) 0 － 0 Dividends － － (10,451) － － (10,451) (79) (10,531) Share-based payment transactions － 85 － － 58 144 － 144 Redemption of convertible bond-type bonds with subscription rights to shares － 51 － － (1,405) (1,353) － (1,353) Other － (103) (11) － 11 (103) 59 (44) Total transactions with owners of the parent, etc. － 163 (10,463) 429 (1,893) (11,764) (20) (11,784) Balance at June 30, 2026 2,667 420 72,182 (2,104) 5,107 78,273 2,071 80,345 (3) Consolidated Statements of Changes in Equity (From April 1, 2025 to June 30, 2025) (From April 1, 2026 to June 30, 2026) - 8 -
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(Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Cash flows from operating activities Profit before tax 6,420 7,519 Depreciation and amortization 4,514 4,959 Finance income and finance costs 90 127 Share of loss (profit) of investments accounted for using equity method (43) (60) Loss (gain) on sale of fixed assets (142) (167) Decrease (increase) in inventories (593) (1,025) Decrease (increase) in trade and other receivables 2,419 5,960 Increase (decrease) in trade and other payables 4,083 1,617 Decrease (inLease) liabilities (2,211) (2,456) Other (2,237) (1,552) Subtotal 12,299 14,923 Interest and dividends received 149 182 Interest paid (133) (183) Income taxes paid (4,788) (4,349) Net cash provided by (used in) operating activities 7,526 10,574 Cash flows from investing activities Purchase of property, plant and equipment (784) (1,323) Proceeds from sale of property, plant and equipment 0 0 Purchase of intangible assets (617) (545) Purchase of investment property (1,818) (2,109) Proceeds from sale of investment property 864 1,269 Purchase of investment securities (0) (50) Payments for acquisition of subsidiaries (263) (638) Payments for loans receivable (171) (508) Other (131) (783) Net cash provided by (used in) investing activities (2,922) (4,690) Cash flows from financing activities Net increase (decrease) in short-term borrowings (560) (1,485) Proceeds from long-term borrowings 100 24,809 Repayments of long-term borrowings (1,783) (2,240) Redemption of bonds (28) (24,086) Proceeds from sale of treasury shares － 0 Dividends paid (6,223) (10,356) Dividends paid to non-controlling interests (73) (79) Other (575) (579) Net cash provided by (used in) financing activities (9,145) (14,018) Effect of exchange rate changes on cash and cash equivalents (266) 142 Net increase (decrease) in cash and cash equivalents (4,806) (7,992) Cash and cash equivalents at beginning of period 64,021 63,398 Cash and cash equivalents included in assets held for sale (185) － Cash and cash equivalents at end of period 59,028 55,405 (4) Consolidated Cash Flow Statements - 9 -
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(5) Notes to Consolidated Financial Statements (Notes on assumptions for going concern) Not appliciate Outsourcing Business : Benefit outsourcing services, Customer retention outsourcing services, Emergency home care services, Total outsourcing services by subleasing leased corporate housing, Supports for overseas assignment, Supports for Return, Expatriate Regulations Consulting, etc. Residential Property Management Business : Residential Property Management, Repair and Maintenance, Real Estate Brokerage, Real Estate Sales, etc. Tourism Business : Vacation home time-share business, Hotel operation business, etc. (Millions of yen) Business segment Outsourcing Business Residential Property Management Business Tourism Business Subtotal Revenue Revenue from external customers 19,970 11,821 3,654 35,446 Intersegment revenue 130 76 17 224 Total 20,101 11,897 3,672 35,671 Segment profit(loss) 5,619 1,305 475 7,401 Other (Note 1) Total Adjustments (Note 2) Consolidated Statement of Profit or Loss Revenue Revenue from external customers 298 35,745 － 35,745 Intersegment revenue 63 288 (288) － Total 362 36,033 (288) 35,745 Segment profit(loss) (78) 7,322 (907) 6,415 (Segment information) (1) Outline of reportable segments The Company’s reportable segments are those units of the Company for which separate financial information is available and for which the Board of Directors regularly conducts a review for the purpose of making decisions on the allocation of managerial resources to the segments and assessing the segments’ performance. The Group is engaged in outsourcing services related to employee benefits for companies, spanning both housing and leisure / lifestyle support areas, as its core business, as well as the lease management business and hotel management business, leveraging the operating base of the core business. An outline of each business segment is as described below. (2) Information of reportable segments Profit by reportable segment is based on operating profit. Intersegment sales and transfers are based on prevailing market prices. For the three months ended June 30, 2025 (From April 1, 2025 to June 30, 2025) (Note) 1. Other Business is a business segment that is not included in the reportable segments and includes financial business. 2. Intersegment revenue and the segment profit (loss) adjustment is the result of elimination of intersegment transactions. - 10 -
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(Millions of yen) Business segment Outsourcing Business Residential Property Management Business Tourism Business Subtotal Revenue Revenue from external customers 22,164 13,009 3,651 38,825 Intersegment revenue 156 45 29 232 Total 22,321 13,055 3,681 39,057 Segment profit(loss) 6,260 1,593 500 8,353 Other (Note 1) Total Adjustments (Note 2) Consolidated Statement of Profit or Loss Revenue Revenue from external customers 134 38,959 － 38,959 Intersegment revenue 67 299 (299) － Total 202 39,259 (299) 38,959 Segment profit(loss) (85) 8,267 (1,092) 7,174 Three months ended June 30, 2025 Three months ended June 30, 2026 Operating profit 6,415 7,174 Finance income 130 481 Finance costs 170 196 Share of profit of investments accounted for using equity method 43 60 Profit before income taxes 6,420 7,519 For the three months ended June 30, 2026 (From April 1, 2026 to June 30, 2026) (Note) 1. Other Business is a business segment that is not included in the reportable segments and includes financial business. 2. Intersegment revenue and the segment profit (loss) adjustment is the result of elimination of intersegment transactions. Reconciliation from operating profit to profit before tax (Millions of yen) - 11 -