Interim report
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Consolidated Financial Results for the First Quarter of FY March 2027 [ Japanese GAAP ] Company Name FASE August 6 , 2026 Stock Exchange Listing : Tokyo NISSO HOLDINGS Co. , Ltd. Securities Code 9332 URL https://www.nisso-hd.com Representative Director , President & Representative ( Title ) ( Name ) Ryuichi Shimizu Executive Officer Contact Person ( Title ) Executive Officer ( Name ) Kenichi Nomura TEL + 81-45-514-4323 Scheduled date of payment of dividend Preparation of supplementary materials for financial results : Yes Holding of financial results briefing : No ( Scheduled to be posted on the Company's website on August 6 , 2026 ( Thu. ) ) ( Video scheduled to be posted on the Company's website on August 7 , 2026 ( Fri. ) ) ( All amounts are rounded down to the nearest million yen ) 1. Consolidated Financial Results for the First Quarter of FY March 2027 ( April 1 , 2026 June 30 , 2026 ) ( 1 ) Consolidated operating results ( Percentages represent year - on - year changes ) Net sales Operating profit Ordinary profit First three months ended Million yen % Million yen % Million yen June 30 , 2026 June 30 , 2025 29 , 282 24 , 964 17.3 707 ( 0.8 ) 429 64.7 ( 51.1 ) 711 432 % 64.4 ( 51.3 ) Profit attributable to owners of parent Million yen 428 % 91.0 224 ( 56.2 ) ( Note ) Comprehensive income For the first 3 months ended June 30 , 2026 : For the first 3 months ended June 30 , 2025 : 422 Million yen ( 83.0 % ) 230 Million yen ( -56.0 % ) Net income per share Diluted net income per share First three months ended June 30 , 2026 Yen 12.72 6.74 Yen June 30 , 2025 ( Note ) 1 . 2 . At the end of the previous consolidated fiscal year , the Company finalized the provisional accounting treatment related to business combinations , and the figures for the first quarter of FY March 2026 reflect the details of this finalized provisional accounting treatment . Diluted net income per share is not listed because there are no dilutive shares . ( 2 ) Consolidated financial position Total assets Net assets Equity ratio As of Million yen June 30 , 2026 March 31 , 2026 34 , 760 34,418 Million yen 18.247 18 , 682 % 51.6 53.4 ( Reference ) Equity capital As of June 30 , 2026 : As of March 31 , 2026 : 17,952 Million yen 18 , 376 Million yen 2. Dividends Dividend per share Fiscal year ended 1Q - end 2Q - end Yen Yen 0.00 3Q - end Year - end Total Yen Yen Yen 25.00 25.00 March 31 , 2026 Fiscal year ending March 31 , 2027 Fiscal year ending March 31 , 2027 ( Forecast ) 0.00 ( Note ) Revisions to the most recently announced dividend forecast : None 25.00 25.00
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3. Consolidated Forecast for FY March 2027 (April 1, 2026 – March 31, 2027) （Percentages represent year-on-year changes） Net sales Operating profit Ordinary profit Profit attributable to owners of parent Net income per share Million yen % Million yen % Million yen % Million yen % Yen Full year 118,500 6.3 3,500 9.7 3,500 9.4 2,100 10.4 62.36 (Note) Revisions to the most recently announced consolidated earnings forecast: None
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※ Notes (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in the scope of consolidation): None (2) Application of special accounting methods for the presentation of quarterly consolidated financial statements: None (3) Changes in accounting policies and accounting estimates, and restatements ① Changes in accounting policies due to revisions in accounting standards, etc.: None ② Changes in accounting policies other than ① above: None ③ Changes in accounting estimates: None ④ Restatements: None (4) Number of outstanding shares (Common stock) ① Number of shares outstanding at the end of the period (including treasury shares) As of Jun. 30, 2026 34,024,720 Shares As of Mar. 31, 2026 34,024,720 Shares ② Number of treasury shares at the end of the period As of Jun. 30, 2026 351,986 Shares As of Mar. 31, 2026 351,986 Shares ③ Average number of shares during the period (Quarterly total) First three months ended Jun. 30, 2026 33,672,734 Shares First three months ended Jun. 30, 2025 33,297,686 Shares ※ Review of accompanying quarterly consolidated financial statements by certified public accountants or auditing corporations: None ※ Cautionary statement on the appropriate use of earning forecasts, and other special items （Notes on forward-looking statements, etc.） Earnings forecasts regarding future performance and other forward-looking statements in this material are based on certain assumptions judged to be valid and on information that is currently available to NISSO HOLDINGS, Co., Ltd. (hereinafter, the "Company"), and do not represent promises by the Company that these figures will be achieved. In addition, actual results may differ significantly due to a variety of factors. For prerequisite conditions, precautions for use regarding the earnings forecasts, etc., please refer to "1. Overview of Operating Results, (3) Description of Future Forecast Information such as Consolidated Forecasts, etc." on P.5 of the attachments. （Supplementary materials for financial results and method of obtaining content for financial results briefing） The Company plans to post the Financial Results Briefing Materials for the First Quarter of FY March 2027 on the Company's website on August 6, 2026 (Thursday). In addition, the video explaining the financial results is scheduled to be posted on the Company's website on August 7, 2026 (Friday).
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- 1 - ○Contents of Attachments １．Overview of Operating Results ……………………………………………………………………………………… 2 （１）Overview of Operating Results for the Quarter …………………………………………………………… 2 （２）Overview of Financial Position for the Quarter ………………………………………………………… 5 （３）Description of Future Forecast Information such as Consolidated Forecasts, etc. ……………… 5 ２．Quarterly Consolidated Financial Statements and Notes ……………………………………………………… 6 （１）Quarterly Consolidated Balance Sheet ……………………………………………………………………… 6 （２）Quarterly Consolidated Statements of Income and Comprehensive Income …………………………… 8 Quarterly Consolidated Statement of Income ……………………………………………………………… 8 Quarterly Consolidated Statement of Comprehensive Income …………………………………………… 9 （３）Notes to Quarterly Consolidated Financial Statements ………………………………………………… 10 （Notes on Going Concern Assumption） ………………………………………………………………………… 10 （Notes on Significant Changes in the Amount of Shareholders' Equity） …………………………… 10 （Notes to Quarterly Consolidated Statements of Cash Flows） ………………………………………… 10 （Notes on Segment Information, etc.） ……………………………………………………………………… 10
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- 2 - １．Overview of Operating Results （１）Overview of Operating Results for the Quarter Summary of Financial Results During the current consolidated cumulative first quarter (hereinafter, the "period under review"), Japan's economy was on a moderate recovery trend, with private consumption remaining firm against the backdrop of an improvement in the employment and income environment, and signs of a rebound in corporate capital investment were observed. On the other hand, the outlook remains uncertain due to developments in U.S. trade policy and heightened geopolitical risks, including the situation in the Middle East. Under these circumstances, the operating results for the period under review were as follows: net sales amounted to 29,282 million yen (up 17.3% year-on-year), operating profit amounted to 707 million yen (up 64.7% year-on-year), ordinary profit amounted to 711 million yen (up 64.4% year-on-year), and profit attributable to owners of parent amounted to 428 million yen (up 91.0% year-on-year). At the end of the previous consolidated fiscal year, the provisional accounting treatment for business combinations was finalized, and the revised amounts after the provisional accounting treatment was finalized are used for comparison with the previous consolidated cumulative first quarter. (Net sales) Net sales for the period under review increased by 17.3% year-on-year. The main factors were the increase in the number of enrolled staff and the rise in the billing unit- costs in the Nisso Group's (hereinafter, the "Group") mainstay Manufacturing・Production Human Resources Services, as well as the contribution to business performance from the company that became a consolidated subsidiary effective July 1, 2025. (Profit) Operating profit for the period under review increased by 64.7% year-on-year. In the Automotive Industry field of the Group's core General Human Resources Services, the number of enrolled staff decreased due to the impact of the situation in the Middle East as well as a wait-and- see approach among client companies regarding their demand for human resources in line with the restructuring of their electrification strategies for automobiles. On the other hand, in the Engineering Human Resources Services, demand caught up with upfront investment made in anticipation of growing demand for semiconductors, leading to an increase in the number of highly skilled human resources enrolled. As a result, gross profit increased by 21.6% year- on-year, and the gross profit margin improved by 0.6 percentage points year-on-year. Regarding SG&A expenses, although SG&A expenses increased by 16.5% year-on-year mainly due to increases in personnel expenses and amortization of goodwill associated with M&A, as well as increases in recruitment-related expenses associated with increased demand, the SG&A expense ratio improved by 0.1 percentage points year-on-year as a result of the absorption of the increase in gross profit. As a result, the operating profit margin was 2.4%, an improvement of 0.7 percentage points year-on- year. Financial Results by Service General Human Resources Services Net sales of the General Human Resources Services for the period under review amounted to 28,208 million yen (up 16.7% year-on-year), and gross profit was 4,665 million yen (up 18.1% year-on-year). （Manufacturing・Production Human Resources Services） These services are classified into manufacturing dispatching and manufacturing contracting. Please note that the results of Man to Man Co., Ltd. and Man to Man Assist Corp. have been included from July 1, 2025. Net sales of these services for the period under review amounted to 22,453 million yen, representing an increase of 18.1% year-on-year. The number of enrolled manufacturing・production staff at the end of the period was 16,172 (up 2,049 year-on-year) and the monthly turnover rate was 3.5% (an improvement of 0.2 percentage points year-on- year). Due to an increase in the billing unit-costs of manufacturing staff, the average monthly net sales per capita amounted to 466 thousand yen (up 3.7% year-on-year). As a result, the gross profit
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- 3 - margin for these services decreased by 0.2 percentage points year-on-year to 16.8%. （Engineering Human Resources Services） These services are classified into equipment technology and production technology in the manufacturing area, IT-related technology, design and development, etc. Net sales of these services for the period under review amounted to 3,672 million yen, representing an increase of 20.0% year-on-year. The number of enrolled engineers at the end of the period was 2,323 (up 275 year-on-year) due to the success of initiatives promoting career changes, and the monthly turnover rate was 1.9% (an improvement of 0.1 percentage points year-on-year). The average monthly net sales per capita amounted to 536 thousand yen (up 7.2% year-on-year). As a result, the gross profit margin for these services improved by 2.9 percentage points year-on-year to 19.3%. （Administrative Human Resources Services） These services are classified into general office work dispatching and BPO (Business Process Outsourcing). Net sales of these services for the period under review amounted to 497 million yen (down 9.3% year- on-year). The number of enrolled administrative staff was 468 (down 64 year-on-year), and net sales decreased year-on-year. （Other Human Resources Services） These services are classified into human resources dispatching for senior employees and light work contracting for employees with disabilities, as well as Web system development, etc. Please note that the results of Man to Man Animo Corp. have been included from July 1, 2025. Net sales of these services for the period under review amounted to 1,585 million yen (up 1.5% year- on-year). The number of enrolled staff in these services at the end of the period was 1,442 (up 13 year-on- year), and net sales increased year-on-year. In order to build a workplace model that enables senior citizens to flourish, the Company is working to develop and secure employment opportunities and to build a structure that supports the active participation of senior citizens. In addition, in order to build a workplace model that enables people with disabilities to flourish, the Company strives to coexist with local communities, including school officials, support organizations, and the government, while promoting independent activities that make the most of each individual's characteristics, such as accepting contracts for light work from general companies and engaging in Web system development, etc., rather than just employing people with disabilities. Other Services These services are classified into nursing care・welfare services, various security services, manufacturing system development contracting, etc. Please note that the results of All Japan Guard Co., Ltd. and TECHPORT CO., LTD. have been included from July 1, 2025. Net sales of these services for the period under review amounted to 1,073 million yen (up 36.0% year-on-year), and gross profit was 258 million yen (up 160.4% year-on-year). In the facility nursing care services, which is the core of this business, the number of residents of nursing care facilities during the period under review was 374 (down 6 year-on-year). In addition, the occupancy rate at the facilities remained at a high level of 93.0% (down 1.5 percentage points year-on-year). As a result, the gross profit margin for these services improved by 11.5 percentage points year-on-year to 24.1%. Industry Strategy The Group aims to expand its Manufacturing・Production Human Resources Services and Engineering Human Resources Services by meeting the human resources needs of each industry, with a focus on the Automotive (automobile manufacturing ・EV-related manufacturing industry), Semiconductor (semiconductor manufacturing industry), and Electronics (electronic equipment manufacturing industry) Industries, which lead the Japanese economy.
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- 4 - In the Automotive Industry, net sales for the period under review amounted to 9,812 million yen (down 1.2% year-on-year) due to a decrease in the number of enrolled staff as a result of weak demand for human resources. In the Semiconductor Industry, net sales for the period under review amounted to 4,317 million yen (up 18.0% year-on-year), reflecting a steady increase in the number of enrolled staff due to the continued expansion of human resources needs against the backdrop of increased demand for data centers and AI. In the Electronics Industry, net sales for the period under review amounted to 2,927 million yen (up 8.4% year-on-year), reflecting steady demand for human resources for electronic equipment against the backdrop of increased demand for semiconductors. Human Resources Development The total number of people who received training during the period under review was 5,589. In its General Human Resources Services, the core services of the Group, it has developed education and training facilities nationwide, and is promoting co-creation with clients in the field of human resources development in order to address issues such as the increasing sophistication of production activities, the diversification of human resources needs, and the chronic labor shortages across the entire manufacturing industry. Promotion of Diversity In order to achieve sustainable growth of its business, the Group recognizes that it is important to create workplaces where all employees can have dreams and a sense of satisfaction, and to create an environment where diverse human resources can thrive. In particular, the Group, whose core business is the human resources business, recognizes that responding to the diversification of human resources is key management issue against the backdrop of a declining workforce and an aging population, and has positioned the "Promotion of DE&I (Diversity, Equity & Inclusion)" as its core implementation issue. The "Promotion of DE&I" aims to enhance organizational resilience by securing diverse human resources and placing the right people in the right positions. As an indicator of the progress of its efforts, the Group has set a "diversity ratio" based on the composition of its workforce, including female employees, senior employees, global employees, and employees with disabilities, and has set a target of 40% by FY March 2031. At the end of the period under review, this indicator was at 34.2% (same level as the end of the previous consolidated fiscal year). Although the number of female employees, global employees, and employees with disabilities increased, the diversity ratio remained at the same level as at the end of the previous consolidated fiscal year, as the number of consolidated employees also increased.
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- 5 - （２）Overview of Financial Position for the Quarter （Assets） Current assets at the end of the first quarter consolidated accounting period (hereinafter, the "first quarter") amounted to 21,238 million yen, which was an increase of 709 million yen from the end of the previous consolidated fiscal year. This is mainly due to increases of 444 million yen in cash and deposits and 288 million yen in notes and accounts receivable (trade). Non-current assets at the end of the first quarter amounted to 13,522 million yen, which was a decrease of 367 million yen from the end of the previous consolidated fiscal year. This was mainly due to a decrease of 67 million yen in goodwill. As a result, total assets amounted to 34,760 million yen, which was an increase of 341 million yen from the end of the previous consolidated fiscal year. （Liabilities） Current liabilities at the end of the first quarter amounted to 14,251 million yen, which was an increase of 839 million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of 516 million yen in accrued expenses. Non-current liabilities at the end of the first quarter amounted to 2,261 million yen, which was a decrease of 61 million yen from the end of the previous consolidated fiscal year. This was mainly due to a decrease of 72 million yen in long-term loans payable. As a result, total liabilities amounted to 16,513 million yen, which was an increase of 777 million yen from the end of the previous consolidated fiscal year. （Net assets） Total net assets at the end of the first quarter amounted to 18,247 million yen, which was a decrease of 435 million yen from the end of the previous consolidated fiscal year. This was mainly due to the 428 million yen in profit attributable to owners of parent, and 841 million yen in dividends of surplus. As a result, the equity ratio was at 51.6% (which was at 53.4% at the end of the previous consolidated fiscal year). （３）Description of Future Forecast Information such as Consolidated Forecasts, etc. Regarding the consolidated earnings forecast, there are no changes to the Consolidated Forecast for the full year announced in the "Consolidated Financial Results for FY March 2026" on May 13, 2026.
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- 6 - ２．Quarterly Consolidated Financial Statements and Notes （１）Quarterly Consolidated Balance Sheet （Unit: Million yen） FY March 26 (As of Mar. 31, 2026) 1Q of FY March 27 (As of Jun. 30, 2026) Assets Current assets Cash and deposits 5,908 6,352 Notes and accounts receivable - trade 13,098 13,387 Other 1,532 1,510 Allowance for doubtful accounts (10) (12) Total current assets 20,528 21,238 Non-current assets Property, plant and equipment Buildings and structures, net 2,359 2,326 Land 2,888 2,888 Other, net 276 253 Total property, plant and equipment 5,524 5,469 Intangible assets Goodwill 2,334 2,267 Other 1,096 1,072 Total intangible assets 3,431 3,339 Investments and other assets Other 4,964 4,744 Allowance for doubtful accounts (31) (30) Total investments and other assets 4,933 4,713 Total non-current assets 13,890 13,522 Total assets 34,418 34,760
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- 7 - （Unit: Million yen） FY March 26 (As of Mar. 31, 2026) 1Q of FY March 27 (As of Jun. 30, 2026) Liabilities Current liabilities Current portion of long-term loans payable 484 433 Accrued expenses 7,450 7,967 Income taxes payable 472 146 Contract liabilities 181 174 Provision for bonuses 1,679 977 Provision for directors' bonuses - 9 Provision for shareholder benefit program 199 51 Other 2,945 4,490 Total current liabilities 13,412 14,251 Non-current liabilities Long-term loans payable 554 481 Net defined benefit liability 1,146 1,169 Other 623 610 Total non-current liabilities 2,323 2,261 Total liabilities 15,736 16,513 Net assets Shareholders' equity Capital stock 2,016 2,016 Capital surplus 2,190 2,190 Retained earnings 14,028 13,614 Treasury shares (251) (251) Total shareholders' equity 17,983 17,570 Accumulated other comprehensive income Valuation difference on available-for- sale securities 10 10 Remeasurements of defined benefit plans 382 371 Total accumulated other comprehensive income 392 382 Non-controlling interests 306 295 Total net assets 18,682 18,247 Total liabilities and net assets 34,418 34,760
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- 8 - （２）Quarterly Consolidated Statements of Income and Comprehensive Income （Quarterly Consolidated Statement of Income） （Unit: Million yen） First quarter of FY March 26 (Apr. 1, 2025 - Jun. 30, 2025) First quarter of FY March 27 (Apr. 1, 2026 - Jun. 30, 2026) Net sales 24,964 29,282 Cost of sales 20,914 24,358 Gross profit 4,050 4,923 Selling, general and administrative expenses 3,620 4,216 Operating profit 429 707 Non-operating income Interest income 0 1 Subsidy income 29 31 House rent income 10 10 Other 14 9 Total non-operating income 55 52 Non-operating expenses Interest expenses 3 3 Share of loss of entities accounted for using equity method 8 0 Rent expenses 4 5 Other 36 39 Total non-operating expenses 52 48 Ordinary profit 432 711 Extraordinary losses Gain on bargain purchase 5 - Total extraordinary losses 5 - Profit before income taxes 437 711 Income taxes - current 14 70 Income taxes - deferred 189 207 Total income taxes 204 278 Profit 233 432 Profit attributable to non-controlling interests 9 4 Profit attributable to owners of parent 224 428
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- 9 - （Quarterly Consolidated Statement of Comprehensive Income） （Unit: Million yen） First quarter of FY March 26 (Apr. 1, 2025 - Jun. 30, 2025) First quarter of FY March 27 (Apr. 1, 2026 - Jun. 30, 2026) Profit 233 432 Other comprehensive income Valuation difference on available-for-sale securities (0) 0 Remeasurements of defined benefit plans, net of tax (2) (10) Total other comprehensive income (3) (10) Comprehensive income 230 422 Comprehensive income attributable to Comprehensive income attributable to owners of parent 221 417 Comprehensive income attributable to non- controlling interests 9 4
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- 10 - （３）Notes to Quarterly Consolidated Financial Statements （Notes on Going Concern Assumption） Not applicable. （Notes on Significant Changes in the Amount of Shareholders' Equity） Not applicable. （Notes to Quarterly Consolidated Statements of Cash Flows） Quarterly Consolidated Statements of Cash Flows have not been prepared for the consolidated cumulative first quarter. Furthermore, depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the consolidated cumulative first quarter are as follows: First quarter of FY March 26 (Apr. 1, 2025 - Jun. 30, 2025) First quarter of FY March 27 (Apr. 1, 2026 - Jun. 30, 2026) Depreciation Amortization of goodwill 67 Million yen 35 Million yen 83 Million yen 67 Million yen （Notes on Segment Information, etc.） 【Segment Information】 Ⅰ First quarter of FY March 26 (Apr. 1, 2025 - Jun. 30, 2025) The Group has omitted segment information because "General Human Resources Services" account for a high proportion of all segments and is not material as a disclosure information. Ⅱ First quarter of FY March 27 (Apr. 1, 2026 - Jun. 30, 2026) The Group has omitted segment information because "General Human Resources Services" account for a high proportion of all segments and is not material as a disclosure information.