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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. U-NEXT HOLDINGS Co., Ltd. (Tokyo Stock Exchange, Prime Market Code: 9418) Summary of Fiscal Year Ended August 2026 October 14, 2026
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 1 Contents 1. Financial Results Summary 2. Consolidated Results for FY2026 3. Segment Information for FY2026 4. FY2027 Forecast 5. Appendix 2021-2026年度選定
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 2 １. Financial Results Summary
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 3 +10% Consolidated Net Sales Flow Sales Recurring ratio: 83% 8th consecutive year of record highs, with recurring revenue up 23% *Flow sales : One-time revenue such as equipment sales and pay-per-use services *Recurring sales : Ongoing revenue such as fixed monthly fee services +23% +20% Recurring Sales
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 4 Consolidated Operating Profit FY2026 Content Distribution Store & Facility Solutions Communication & Energy Financial, Realty & Global Adjustment FY2025 +17% +３% ▲28% +45% ▲４% (*) The recovery plan for Energy is described later ● Record-high profits achieved in three segments, excluding Communication & Energy. ● Communication & Energy saw a profit decline due to geopolitical tensions in the Middle East.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 5 Pro Forma Operating Profit +20% 2.4 billion 31.5 billion 30.2 billion (*1) Profit contribution from special demand for automated payment machine replacements in the Store & Facility Solutions (*2) Temporary deterioration in the business environment due to a spike in power procurement costs, primarily driven by the Middle East situation (*1) (*2) Pro forma operating profit grew by 20% after eliminating the impact of temporary factors. Energy business: 6.8 billion Special demand from banknote redesign: 1.6 billion 23.2 billion 27.8 billion
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 6 Business KPIs Content Distribution Subscribers YoY +9.2% Store Solutions Contracts Communication & Energy Financial, Realty & Global (+450K) (Millions) YoY +11.0% (+40K) Number of Contracts YoY +25.3% (+130K) Store Solutions (Number of Contracts) YoY +8.3% (+100K) (Thousands) *Combined total of proprietary broadband internet service and electricity contracts. Number of Contracts for Core Products (Thousands)(Thousands)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 7 2. Consolidated Results for FY2026
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 8 (Million yen) FY2026 Forecast FY2026 Results Ratio Net Sales 424,000 469,957 111% Operating Profit 33,500 30,255 90% Operating Margin (%) 7.9% 6.4% - Ordinary Profit 32,200 28,169 87% Profit or Loss attributable to owners of parent 18,500 14,959 81% Profit of Loss attributable to owners of parent［Adjusted］ 22,000 18,711 85% EBITDA 46,500 46,071 99% EBITDA Margin 11.0% 9.8% - EBITDA-CAPEX 21,500 ▲2,333 N/A Consolidated Financial Summary (vs. Forecast) ● Net sales significantly exceeded the forecast; the operating profit shortfall was mainly due to the Energy business. ● EBITDA was nearly in line with the initial forecast, partly reflecting higher depreciation and goodwill amortization from the Karaoke Business M&A. ● The net outflow in EBITDA-CAPEX was ma y due t ¥ gr wth vestme ts a d a s c ud g M&A
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 9 (Million yen) FY2026 Forecast FY2025 Results Ratio Content Distribution Net Sales 136,300 144,460 106% Operating Profit 11,100 11,276 102% Operating Margin 8.1% 7.8% - Store & Facility Solutions Net Sales 96,900 110,614 114% Operating Profit 16,300 16,849 103% Operating Margin 16.8% 15.2% - Communication & Energy Net Sales 178,200 199,459 112% Operating Profit 15,300 9,533 62% Operating Margin 8.6% 4.8% - Financial, Realty & Global Net Sales 21,000 24,277 116% Operating Profit 1,400 2,156 154% Operating Margin 6.7% 8.9% - Adjustment Net Sales -8,400 -8,854 105% Operating Profit -10,600 -9,560 90% Segment Information (vs. Forecast) *The adjustment includes head office expenses, goodwill amortization, the elimination of inter-segment transactions and other items. ● All segments except Communication & Energy met initial forecasts (including adjustments). ● Communication & Energy significantly missed profit forecasts due to soaring power procurement costs (*Recovery plan detailed later).
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 10 Consolidated Financial Summary (YoY) (Million yen) FY2025 FY2026 YoY YoY (Ratio) Net Sales 390,408 469,957 +79,549 +20% Operating Profit 31,571 30,255 ▲1,316 ▲４% Operating Margin (%) 8.1% 6.4% - - Ordinary Profit 30,900 28,169 ▲2,731 ▲９% Profit or Loss attributable to owners of parent 18,395 14,959 ▲3,436 ▲19% Profit or Loss attributable to owners of parent [Adjusted] 21,724 18,711 ▲3,013 ▲14% EBITDA 43,500 46,071 +2,571 +６% EBITDA Margin 11.1% 9.8% - - EBITDA-CAPEX 16,887 ▲2,333 ▲19,220 N/A ● Net sales up 20%, while operating profit declined slightly. ● Ordinary profit was impacted by higher interest expense and FX losses; profit attributable to owners of parent was reduced by higher non-controlling interests. ● EBITDA increased as higher depreciation and goodwill amortization were added back; CAPEX c uded ¥ gr wth vestme ts c ud g M&A
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 11 (Million yen) FY2025 FY2026 YoY YoY (Ratio) Content Distribution Net Sales 128,394 144,460 +16,066 +13% Operating Profit 9,648 11,276 +1,628 +17% Operating Margin 7.5% 7.8% - - Store & Facility Solutions Net Sales 97,066 110,614 +13,548 +14% Operating Profit 16,361 16,849 +489 +３% Operating Margin 16.9% 15.2% - - Communication & Energy Net Sales 161,295 199,459 +38,165 +24% Operating Profit 13,186 9,533 ▲3,653 ▲28% Operating Margin 8.2% 4.8% - - Financial, Realty & Global Net Sales 11,115 24,277 +13,163 +118% Operating Profit 1,484 2,156 +673 +45% Operating Margin 13.4% 8.9% - - Adjustment Net Sales -7,463 -8,854 ▲1,391 - Operating Profit -9,109 -9,560 ▲452 - Segment Information (YoY) *The adjustment includes head office expenses, goodwill amortization, the elimination of inter-segment transactions and other items. ● Profit grew 17% in Content Distribution and 45% in Financial, Realty & Global. ● Store & Facility Solutions also grew profit despite the drop-off in demand that f wed the a k te redes g (¥ egat ve mpact pr f t)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 12 Net Sales/Operating Profit/EBITDA YoY +20％ QoQ +15％ YoY ▲４％ QoQ ▲29％ YoY +６％ QoQ ▲10％ Record highs in Net Sales and EBITDA. (Million yen) Operating Profit / margin EBITDA / marginNet Sales EBITDA = Operating Profit + Depreciation + Amortization of goodwill E A Operating margin (cumulative) EBITDA margin (cumulative)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 13 SG&A Expenses SG&A ratio YoY ▲１pt (Quarter) QoQ ▲２pt SG&A YoY +25％ (Quarter) QoQ +７％ Labor costs Advertising expenses Others SG&A Expenses/Net Sales (Million yen) Karaoke Business M&A was the primary driver of both YoY and QoQ growth (consolidated for 2 months in Q3 and 3 months in Q4).
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 14 Net Income (Million yen) Profit Attributable to Owners of Parent [Goodwill-Adjusted]Profit Attributable to Owners of Parent YoY ▲19％ QoQ ▲32％ YoY ▲14% QoQ ▲23％
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 15 E u ty rat Consolidated Balance Sheet YoY FY2022 FY2023 Cash Goodwill Equity Debt Goodwill Goodwill Goodwill Equity Equity Equity Cash Cash Cash FY2024 (Billion yen) FY2025 R&I Rating A-(Stable) Debt Debt Debt Debt +¥ Goodwill +¥ Equity ratio ▲７pt Shareh ders’ e u ty +¥ bn The balance sheet expanded through Karaoke Business M&A and the business transfer in Cashless Payments, while the equity ratio remained within the MTMP benchmark range.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 16 ( ) ( ) ( ) C C C C C + + + Consolidated Cash Flows (YoY Summary) ⚫ Operating C/F :Cash pr v ded creased E A (+¥ ) a d w rk g cap ta (+¥ ) part y ffset y taxes (-¥ ) ⚫ Investing C/F :Cash used increased due to business CAPEX (-¥ ) a d gr wth vestme ts (-¥ ) ⚫ a c g C/ :Cash pr v ded creased due t et rr w g (+¥ ) part y ffset y d v de ds (-¥ ) Investing C/F Financing C/FOperating C/F Free C/F Total C/F (Million yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 17 Medium-Term Management Plan Progress Summary <P/L Items> FY30/08 FY26/08 MTP Target First-Year Results Consolidated Net Sales (CAGR) 9.0～10.6% 20% Consolidated Operating Profit(CAGR) 7.3～10.3% Decrease Consolidated Operating Margin 7.5～8.0% 6.4% Profit or Loss attributable to owners of parent(CAGR) 5.9～9.2% Decrease Profit or Loss attributable to owners of parent(CAGR) [Adjusted] 5.2～8.1% Decrease EBITDA(CAGR) 6.6～9.0% 5.9% EBITDA－CAPEX(CAGR) (Including growth investments and content investments) 9.7～12.9% Decrease Content Distribution Net Sales(CAGR) 4.0～5.6% 12.5% Operating Profit(CAGR) 9.2～12.0% 16.9% Operating Margin 9.6～10.1% 7.8% Store & Facility Solutions Net Sales(CAGR) 5.9～7.4% 14.0% Operating Profit(CAGR) 4.1～6.1% 3.0% Operating Margin 15.5～15.9% 15.2% Communication & Energy Net Sales(CAGR) 11.3～12.8% 23.7% Operating Profit(CAGR) 10.8～12.3% Decrease Operating Margin 8.0% 4.8% Financial, Realty & Global Net Sales(CAGR) 34.0～36.1% 118.4% Operating Profit(CAGR) 27.5～29.9% 45.3% Operating Margin 10.4～10.6% 8.9% Adjustment Net Sales (Avg. Annual Increase) -¥ billion to -¥ billion -¥ Operating Profit (Avg. Annual Increase) ¥ billion to -¥ 6 billion -¥ <C/F Items and Others> FY30/08 FY26/08 MTP Target First-Year Results Operating C/F (CAGR) ６～10% 14.7% Investing C/F (Avg. Annual Increase) (*) -¥ billion to -¥ billion -¥ Equity Ratio 30～40% 30.9% Gross Leverage Ratio Approx. 2.5x 2.1x Gross D/E Ratio Approx. 1.0x 0.9x ROE 16% or higher 14.5% Equity Spread ８% or higher 6.8% ROIC 10% or higher 10.4% EVA Spread ５% or higher 5.5% Dividend Payout Ratio 20～30% 20.5% <Capital Allocation> MTP Target (5-Year Cumulative) FY26/08 First-Year Results Business Investments (incl. content investments) Over ¥8 billion ¥ Debt Repayment Over ¥ billion ¥ Dividends Over ¥ 8 billion ¥ Growth Investments Over ¥ billion ¥ (*) Business investments excluding growth investments
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 18 Review of the First Year of the Medium-Term Management Plan A solid start, broadly in line with or ahead of plan 〇 30.9% / FY2030 target: 30–40% The balance sheet expanded due to M&A, fundraising, etc., but was kept within the benchmark range 〇Equity Ratio 2.1x / FY2030 target: approx. 2.5x Kept within the benchmark range while executing growth investments involving fundraising Gross Leverage ratio △〇 Growth Investments ROIC Profit Growth (EBITDA CAGR) 10.4% / FY2030 target: 10% or higher 5.9% / FY2030 target: 6.6–9.0% ¥ / ¥ ver the -year MTP Actively executed growth investments, including the large-sca e ¥ acquisition of XING Maintained above the benchmark while expanding both interest-bearing debt and shareholders' equity Energy posted lower profit due to the Middle East situation, but other segments achieved double-digit growth 〇 〇 Strong progress against plan for all business KPIs Key KPIs
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 19 3. Segment Information for FY2026
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 20 B2BB2C Content Distribution VO serv ce “U-NEX ” Financial ・Cashless payments ・Rent guarantees ・Insurance ・Credit/Leases Realty ・Real estate communication services ・Operation of retail buildings ・Real estate brokerage ・Master lease and Sublease Arrangement Global Subscribers 5.40 million Store Solutions Facility Solutions Store & Facility Solutions Market share of music distribution for stores in Japan No.１ Communication & Energy Energy High-voltage/low-voltage electricity, green power, and battery storage systems paired with solar power generation (Restaurant・Retailers・Beauty salons, etc.) (Hotels・Hospitals, etc.) Stores 860k Facilities 30k Music distribution, POS register, IP camera, Wi-Fi, Catering robots, etc. Automated payment machines, Reception machine, Operational Management systems for hotels, etc. Commercial karaoke equipment (JOYSOUND) Communication Broadband internet service, ICT and cloud services, etc. Market share of SVOD in Japan No.２ Comprehensive solutions to support stores and facilities Financial, Realty & Global Contents inventory No.１ Business Segment Overview *１ *２ *３ ・In-store media / Halal food ・Food & beverage franchising support ・Tourism / Karaoke Market Share No. 2 *6 *４ Market share of paid mobile POS system in Japan No.１ Market share of Automated payment machines in Japan No.１*５ *１ Video on Demand Market Five-year Forecast, GEM Partners *２ GEM Partners, December 2025 *３,*５ U-NEXT HOLDINGS assumptions *４ Market share of Mobile POS system, Fuji Chimera Research Institute Inc. * 5 Company survey * 6 Company survey
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 21 Content Distribution Financial, Realty & Global Communication & Energy Store & Facility Solutions (YoY) Higher sales and earnings, driven by recurring revenue growth from more subscribers and higher unit prices (Record highs). (QoQ) Lower sales and earnings due to the European soccer off -season and the absence of the strong live music events seen in Q3. (YoY) Higher sales and earnings, with sales growth driven by the Karaoke Business and earnings growth by steady expansion in Store Solutions (Record highs). (QoQ) Higher sales but lower earnings, mainly due to M&A impacts. Summary of FY2026 Segment Results (YoY) Higher sales and earnings driven by the business transfer, newly consolidated subsidiaries, and growth in existing businesses (Record highs). (QoQ) Higher sales from net customer growth, but lower earnings due to increased costs in Cashless Payments. (YoY) Higher sales from net customer growth and higher energy prices, but lower earnings due to the impact of the situation in the Middle East. (QoQ) Higher Energy sales on summer electricity demand, but lower earnings due to weaker one-time sales in Communication.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 22 Content Distribution (Million yen) Net Sales Operating Profit / margin Operating margin (Cumulative) YoY +13％ QoQ ▲０％ YoY +17％ QoQ ▲30％ ●Higher sales and operating profit, driven by recurring revenue growth from more subscribers and higher unit prices (Record highs). ●Lower QoQ operating profit due to temporary subscription cancellations during the European soccer off-season and lower live music event sales after a strong Q3.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 23 Content Distribution (Subscribers) (Million subscribers) *Includes monthly point service and other subscribers associated with business alliance partners. YoY +450K (+９％) QoQ +180K (+４％) Net change of QoQ (K) U-NEXT +88 +87 +107 +221 +333 +138 +109 +137 ＋106 +155 +87 +232 ＋109 ＋124 +86 +281 Paravi - - +829 ▲137 ▲80 ▲63 ▲43 ▲28 ▲25 ▲21 ▲20 ▲17 ▲16 ▲15 ▲16 ▲12 ● Net subscriber increases of 450,000 YoY and 180,000 QoQ. ● Record-high number of users starting service in August (billing starting in September) since the service launch.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 24 Content Distribution (Marketing Expenses) Marketing expenses YoY ▲１％ QoQ +１％ Marketing expenses ratio YoY ▲1.0pt QoQ +0.1pt (Quarter) (Quarter) Marketing expense ratio remained flat QoQ but steadily declined YoY due to sales growth leverage.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 25 A Content Distribution (ARR) YoY +¥ (+10％) QoQ +¥ (+５％) *Annual recurring sales : Monthly recurring sales multiplied by 12. *Monthly Recurring Revenue: Portion of U-NEXT service sales derived from fees paid on a regular basis. (excludes PPV and other one-time sales, includes music distribution and other related services with monthly fees) *Based on sales in the last month of each quarter.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 26 Comprehensive Strategic Partnership with NBCUniversal Maximizing business value through content enhancement, creation of real-world experiences, and global expansion. Universal+ U versa Stud s Japa G a Netw rk ⚫ Exc us ve au ch f “U versa +” Japa (starting October 2026) ⚫ Exclusive streaming of the latest movies and drama series planned from spring 2027 onward ⚫ Joint development of live music performances and events ⚫ Exclusive experiences and benefits for U-NEXT members ⚫ Discussions on the planning and production of exclusive video content ⚫ C a rat w th “Peac ck ” “U versa + ” a d other services ⚫ Establishment of a new distribution hub to bring Japanese video content to global audiences
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 27 Store & Facility Solutions (Million yen) Operating Profit / marginNet Sales Operating margin (Cumulative) YoY +14％ QoQ +16％ YoY +３％ QoQ ▲12％ ● Higher YoY sales and earnings from Karaoke Business consolidation and steady growth in Store Solutions, offsetting the drop-off in demand related to the banknote redesign (Record highs). ● Higher QoQ sales from three months of Karaoke Business consolidation (*) and additional subsidiaries, but lower earnings due to weak Karaoke Business performance. (*) Q3 included 2 months
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 28 (1) Store Solutions Gross ProfitNet Sales (Million yen) Solid flow-based revenue from external construction projects in Q4, plus additional consolidation of XING subsidiaries (*). (*) Included 5 months (April–August)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 29 Netw rk ( ter et) serv ces f r st res Other st re serv ce c tracts Mus c d str ut c tracts (1) Store Solutions (Number of Contracts) YoY +100K (+８％) QoQ +28K (+２％) (Thousand contracts) *Other store services are the sum of POS registers, Wi-Fi, IP cameras, table service robots, digital signage and food delivery franchising. *Network (internet) services for stores are part of the Communication & Energy segment. *Other store services no longer include cashless payment services in all fiscal years shown. This service has changed to GMV disclosure in the Financial, Realty & Global segment. *Contracts are counted separately for individual services even when they are by the same customer. Steady growth in the number of contracts continued, increasing 100,000 YoY and 30,000 QoQ.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 30 (1) Store Solutions (Contracts for Three Major Products) POS Camera (Thousand contracts) YoY +40K (+18％) QoQ +10K (+４％) * Contracts for three major products are included in other store service contracts on page 29.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 31 POS Camera (1) Store Solutions (ARR for Three Major Products) *Annual recurring revenue : Monthly recurring sales multiplied by 12. *Monthly Recurring revenue : Sales from services with continuous fees, excluding sales fees and other sales from one-time activities. *Based on sales in the last month of each quarter. (Million yen) YoY +¥ (+17％) QoQ +¥ (+４％)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 32 6 8 (2) Facility Solutions (Flow Revenue/Recurring Revenue) Higher sales and profit QoQ, driven by strong equipment sales to leisure hotels. Gross profit / marginNet sales 6 8 "Recurring": Ongoing revenue such as equipment maintenance fees and hotel management system usage fees "Flow": One -time revenue such as sales of automated payment machines 6 8 (million yen) Recurring revenue Flow revenue Flow gross profitRecurring gross profit Recurring gross profit margin Flow gross profit margin (million yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 33 6 8 6 (3) Karaoke (Performance Trends) Operating profit / Operating margin (after goodwill amortization)Net sales / Gross profit / Gross margin *FY2026 Q3 reflects two months of consolidation*FY2026 Q3 reflects two months of consolidation (百万 ) Average monthly sales grew steadily QoQ, while profits declined due to proactive spending on development and sales promotion ahead of the launch of a new model (minor model change). Net sales Gross profit Gross profit margin Operating profit margin (¥ m ) 154 ▲246-500 0 500 1000 1500 2000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024 FY2025 FY2026 Operating profit (¥ m )
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 34 Growth Strategy for the Karaoke Business (XING) Content Strategy Expa d g User Va ue Ce tered “miruhaco” ●Stre gthe g d ffere t at thr ugh the ac u s t f “Oshikatsu” (fan engagement) content and other exclusive content ●Securing major titles and regularly streamed content through joint purchasing with U-NEXT 2. Enhancing Background Video Content ●Exploring partnerships for TV video content Operations Strategy 1. Optimizing Sales Activities ●Early identification of newly opening stores through the Group's customer development network ●Improving productivity through a divisional organizational structure 2. Expanding Customer Touchpoints and ARPU Through Group Products and Services ●Cashless payments, cameras, communications, etc. 3. Improving Efficiency Through AI Transformation (AX) ●Utilizing AI in music production (cost reduction, consistent quality, and increased production volume)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 35 Communication & Energy Operating Profit / marginNet Sales Operating margin (Cumulative) (Million yen) YoY +24％ QoQ +28％ YoY ▲28％ QoQ ▲45％ ● Sales up YoY due to steady customer growth and higher market-linked electricity prices, but profit down sharply as fixed-rate plans became unprofitable. ● Sales up QoQ due to seasonal electricity demand, but profit down mainly due to weaker flow-based revenue in the Communication business.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 36 (1) Communication: ICT Service for Business Operating Profit / margin Net Sales (Million yen) Steady YoY growth continued, but profit declined QoQ due to cost timing differences between Q3 and Q4. YoY +15％ QoQ +２％ YoY +11％ QoQ ▲５％ Operating margin (Cumulative)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 37 (1) Communication: ICT Service for Business (ARR) *Annual Recurring Revenue: Monthly recurring sales multiplied by 12. *Monthly Recurring Revenue: Sales from services with continuous fees, excluding sales fees and other sales from one-time activities. *Based on sales in the last month of each quarter. (Million yen) YoY +¥ (+15％) QoQ +¥ (+２％)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 38 (1) Communication: Broadband Internet Service for Stores and Individuals YoY +16％ QoQ +２％ Operating Profit / marginNet Sales (Million yen) Operating margin (Cumulative) Sales and earnings up both YoY and QoQ, driven by net customer growth in broadband internet services for stores. YoY +31％ QoQ +６％
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 39 (1) Communication: Broadband Internet Service for Stores and Individuals (Number of Contracts) r d v dua s r st res (Thousand contracts) YoY +50K (+14％) QoQ +10K (+３％) *Contracts for stores and BtoBtoC models, which are part of the above graph, are included in other service subscribers on page 24.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 40 (2) Energy (Million yen) Operating Profit / marginNet Sales Operating margin (Cumulative) YoY +27％ QoQ +54％ YoY ▲65％ QoQ ▲16％ ● YoY changes mainly driven by higher power procurement costs due to the situation in the Middle East; QoQ changes driven by summer electricity demand. ● Sales up YoY due to net customer growth and higher market-linked electricity prices, but profit down mainly due to losses on fixed-rate plans. ● Sales up QoQ due to summer electricity demand and higher power procurement costs, while lower agent commissions offset increased losses on fixed-rate plans.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 41 (2) Energy (Number of Accounts) (千 ) USEN EN ( gh v tage) U PO E ( gh v tage) USEN EN ( w v tage) U PO E ( w v tage/ t ) U PO E ( w v tage/ t C) High voltage Low voltage (Thousand customer accounts) (Thousand customer accounts) YoY +22％ QoQ +１％ YoY +50％ QoQ +９％ Slower net customer growth compared to Q3, which benefited from tenders and the seasonal moving period.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 42 Trend of JEPX Trading Price (Impact of Middle East Issues) Prices rose after Middle East tensions emerged in March and spiked further in Q4 summer peak dema d resu t g a ¥ egat ve mpact pr f t 11.62 11.67 10.55 10.58 11.27 10.45 12.12 14.77 14.06 15.10 17.91 19.14 19.12 0 5 10 15 20 2025/09 2025/10 2025/11 2025/12 2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/07 2026/08 2026/09 Outbreak of Middle East tensions H1 average ¥ *FY2027/08 from September H2 average ¥ (yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 43 Recovery Plan for the Energy Business Electricity sold (Sales) Procured power (Cost) / Gross profit Gross Profit Structure as of August 2026 Fixed-rate plans Market-linked plans Bilateral procurement (fixed unit price) Gross profit Gross loss JEPX procurement (variable unit price)50% 50% Bilateral / JEPX procurement Gross profit Gross profit JEPX procurement Under 20% Over 80% Gross Profit Structure as of August 2027 (Plan) Improved profitability Market-linked plans Fixed-rate plansJEPX procurement (variable unit price) Electricity sold (Sales) Procured power (Cost) / Gross profit ● Correcting high-voltage fixed-rate plans (revising unit prices or switching to market-linked plans) ● Converting sales agency commissions into variable costs (already implemented with major agencies)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 44 Financial, Realty & Global Operating Profit / marginNet Sales (百万 )(Million yen) Operating margin (Cumulative) YoY +118％ QoQ +３％ YoY +45％ QoQ ▲33％ ●Sales and profit grew strongly YoY, driven by the business transfer, newly consolidated subsidiaries, and steady growth in existing businesses (Record highs). ●Sales increased QoQ on net customer growth, but profit declined due to higher costs in Cashless Payments.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 45 Financial, Realty & Global (Revenue Portfolio) Operating ProfitNet Sales Insurance Rent guarantees Real estate communication services Cashless payments (billion yen) *Insurance newly consolidated from FY2026 Real Estate (Operation of retail buildings/Brokerage) (billion yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 46 Financial, Realty & Global (Contracts for Major Products) ea estate Sma am u t sh rt term sura ce e t guara tees (Thousand contracts) YoY +50K (+11％) QoQ +10K (+２％)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 47 (1) Financial (GMV) Cashless payment GMV *The impact of the M&A inclusion on FY2025 is two months in 2Q and three months in 3Q. (百万 )(Million yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 48 Change in Profit Disclosure Metric ● Starting with FY2027, segment profit will be disclosed as EBITDA instead of operating profit. ● he ta e sh ws E A f r the past three years a d the M P’s f a -year target. *EBITDA: operating profit + depreciation + goodwill amortization *FY2024 figures are presented on a pro forma basis due to changes in reportable segments. (Billion yen) EBITDA by Business FY2024 Actual FY2025 Actual FY2026 Actual FY2030 Target Content Distribution Net Sales 110.1 128.3 144.4 156~168.5 EBITDA 9.6 10.9 13.2 17.2~19 Store & Facility Solutions Net Sales 96.7 97.0 110.6 129~138.5 EBITDA 22.9 23.4 26.7 28.2~30.8 Communication & Energy Net Sales 117.1 161.2 199.4 275~295 EBITDA 11.7 13.4 9.8 22.8~23.8 Financial, Realty & Global Net Sales 9.1 11.1 24.2 48~52 EBITDA 1.4 1.8 2.8 6.1~6.5 Adjustments Net Sales ▲6.5 ▲7.4 ▲8.8 ▲８~▲９ EBITDA ▲6.2 ▲6.1 ▲6.6 ▲13.1~▲14.2
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 49 4. FY2027 Forecast
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 50 FY2027 Forecast (Consolidated) Million yen FY2026 Results FY2027 Forecast Difference Ratio Net Sales 469,957 524,000 +54,043 +11% EBITDA 46,071 53,100 +7,029 +15% EBITDA margin 9.8% 10.1% - - Profit attributable to owners of parent 14,959 16,500 +1,541 +10% Profit attributable to owners of parent [Adjusted] 18,711 20,300 +1,589 +８% EBITDA-CAPEX ▲2,333 23,800 +26,133 N/A *EBITDA: Operating Profit + depreciation + goodwill amortization ● Net sales, EBITDA and net profit are each projected to grow more than 10%. ● EBITDA-CAPEX s pr jected at ¥ (exc ud g p te t a M&A)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 51 FY2027 Forecast (Business Segments) *EBITDA: Operating Profit + depreciation + goodwill amortization *Adjustments include back-office costs, goodwill amortization, inter-segment eliminations, etc. (Million yen) FY2026 Results FY2027 Forecast Difference Ratio Content Distribution Net Sales 144,460 157,000 +12,540 +９% EBITDA 13,249 14,600 +1,351 +10% EBITDA Margin 9.2% 9.3% - - Store & Facility Solutions Net Sales 110,614 135,300 +24,686 +22% EBITDA 26,737 32,600 +5,863 +22% EBITDA Margin 24.2% 24.1% - - Communication & Energy Net Sales 199,459 205,300 +5,841 +３% EBITDA 9,839 11,400 +1,561 +16% EBITDA Margin 4.9% 5.6% - - Financial, Realty & Global Net Sales 24,277 34,900 +10,623 +44% EBITDA 2,856 3,400 +544 +19% EBITDA Margin 11.8% 9.7% - - Adjustment Net Sales ▲8,854 ▲8,500 +354 - EBITDA ▲6,611 ▲8,900 ▲2,289 - ● EBITDA is expected to grow more than 10% in every business segment. ● Adjustments reflect higher back-office costs from M&A and business expansion, as well as security costs.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 52 Key Points of the FY2027 Earnings Forecast Content Distribution Store & Facility Solutions Net Sales EBITDA Net Sales EBITDA (Million yen) (Million yen) (Million yen) (Million yen) ✓ Subscribers: Annual net growth plan of +200k; aiming to match the prior-year level, helped by a strong first month. ✓ Assumed Exchange Rate: 160 JPY/USD ✓ Profitability: Revenue growth to drive EBITDA margin improvement through operating leverage. ✓ Store & Facility Solutions: Steady growth ✓ Karaoke: Full-year contribution and growth in profit ✓ Forecasts for revenue and profit growth in each business (billion yen) ∟Store Solutions ∟Facility Solutions ∟Karaoke : Net Sales +5.9, EBITDA +1.8 : Net Sales +1.5, EBITDA +0.7 : Net Sales +17.3, EBITDA +3.4
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 53 Key Points of the FY2027 Earnings Forecast Communication & Energy Financial, Realty & Global Net Sales EBITDA Net Sales EBITDA (Million yen) (Million yen) (Million yen) (Million yen) ✓ Communication: Steady growth in corporate ICT and broadband internet service for stores. ✓ Energy: Executing recovery plan. Despite a net customer decrease (High voltage: -5,300, Low voltage: -53,400), sales will remain flat and EBITDA is expected to rise by ¥1.0 billion. ✓ Steady customer accumulation driving higher revenue and profit ✓ Significant sales growth from the full-year contribution of the acquiring business taken over through a business transfer
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 54 Key Points of the FY2027 Earnings Forecast Adjustment Cash Flows Net Sales EBITDA 53 -20 -23 -9 1 (Million yen) (Million yen) ✓ Higher back-office costs due to M&A and business expansion ✓ Costs for strengthening cyber security measures ✓ Almost all cash generated from for business creation will be allocated to Investing and Financing C/F ✓ Investing C/F (CAPEX) to remain flat YoY (No M&A factored in) ✓ Financing C/F consists of loan repayments and dividends (Billion yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 55 / Actua / Actua / Actua / Actua / Actua / Actua / Actua / Actua / recast FY2027 Dividend Forecast ■Policy for Shareholder Distributions 文字色 #0098A8 We will prioritize enhancing corporate value through growth investments over returns through dividends. *We aim to achieve a dividend payout ratio of 20-30% by the final fiscal year of the MTP (August 2030) and will continue to increase dividends. ■Dividend per share * Per-share dividends are adjusted to reflect the three-for-one stock split of common shares implemented on December 1, 2024. Line : Dividend payout ratio Top row : Year-end dividend Bottom row : Interim dividend (from FY2023/08 onward) ＜Fiscal year ending August 2026＞ Confirmed year-end dividend: ¥ ＜Fiscal year ending August 2027＞ Forecasted interim dividend : ¥9.5 Forecasted year-end dividend: ¥ .5 (yen)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 56 5. Appendix
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 57 Segment Overview Competitive edge Growth strategy Content Distribution ✓ Hybrid of unlimited-viewing subscription content and pay-per-view content (h gh A PU ach eved y gra t g ¥ w rth f p ts each m th) ✓ Seamless access to sports, live music, and e-books in addition to entertainment content. ✓ A comprehensive end-to-end operating model encompassing procurement, marketing and development. ✓ Integrated marketing covering the internet, mass media and conventional channels. ✓ Enhancing loyalty through bundled plans with mobile, an essential lifestyle infrastructure. ✓ Expanding into adjacent areas with high affinity to existing services. ✓ Diversifying revenue channels centered on original IP. ✓ Global expansion of Japanese content in partnership with domestic and overseas partners. Store & Facility Solutions ✓ Stable profit structure backed by a solid customer base established over 60 years. ✓ Nationwide sales and engineering team ; these internal resources facilitate fully integrated operations encompassing proposal, delivery and maintenance services. ✓ A partner network of 18,000 companies for sending customers to our group. ✓ Product lineup with strong domestic market shares, including "USEN" music streaming for stores, automatic payment machines for hotels/hospitals, and "JOYSOUND" karaoke ✓ Use a platform of communication environments for upselling IoT/DX products and services. ✓ Focus on newly opened stores, where there is a high ratio of contracts for packages of services ; use a cycle of stores that close and stores that open to replace these stores to establish upselling. ✓ Developing white space for business hotels/general hospitals/small and medium-sized medical institutions. ✓ Strengthening products using AI and robotics. ✓ Creating Group synergies with BtoC through content collaboration and within BtoB through sales collaboration. Communication & Energy ✓ Customer acquisition through a network of 1,000 sales agencies in addition to direct sales. ✓ The Telecom business centers on "corporate ICT services ," providing ICT services to SMEs a d “ r ad a d ter et serv ce f r st res a d d v dua s" pr v d g te ec m lines to stores and individuals. ✓ The Energy business offers fixed-rate and market-linked electricity plans. ✓ Goal is steady growth backed by a lineup of corporate ICT services that match cust mers’ eeds ✓ Increase sales of broadband services for stores to create more DX/IoT product cross-selling opportunities. ✓ In Energy, expanding sales by leveraging the Group's sales channels and customer base, and promoting cross-selling of other products by leveraging cost-reduction benefits for customers. Financial, Realty & Global ✓ Providing financial and real estate services, which serve as commercial infrastructure, to BtoB customers. ✓ Building upstream business relationships through rent guarantees, commercial building operation, real estate brokerage, etc., and then linking them to cross-selling of products needed for store operations. ✓Global priority is Southeast Asia, where market growth expectations are high. ✓ Leveraging the Group's ability to capture newly opening stores. ✓ In cashless payments, maximizing added value through a seamless service process handled entirely in-house, from acquiring and payment processing to customer management. ✓ Launched a halal food manufacturing business in Malaysia, expanding business in Southeast Asia through Japanese-quality food.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 58 EPS (LTM) *LTM: Last Twelve Months EPS YoY ▲¥19.1 QoQ ▲¥15.4 EPS (adjusted) YoY ▲¥16.7 QoQ ▲¥14.5 6 8 EPS EPS (yen) (Quarter) (Quarter) (adjusted)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 59 Consolidated Balance Sheet (Million yen) FY2025 FY2026 Difference (Assets) Current assets 172,358 232,986 +60,628 Cash and deposits 56,882 62,836 +5,954 Notes and accounts receivable-trade 48,927 91,589 +42,662 Inventories 12,196 14,876 +2,680 Content Distribution rights 42,196 47,839 +5,643 Other 12,157 15,846 +3,689 Non-current assets 87,424 121,349 +33,925 Property, plant and equipment 24,387 33,552 +9,165 Intangible assets 53,182 67,786 +14,604 Goodwill 40,022 46,482 +6,460 Other 13,159 21,303 +8,144 Investment and other assets 9,854 20,010 +10,156 Total assets 259,782 354,335 +94,553 (Million yen) FY2025 FY2026 Difference (Liabilities) Current liabilities 79,805 126,171 +46,366 Notes and accounts payable-trade 38,098 78,516 +40,418 Short-term loans payable - 16 +16 Current portion of long-term loans payable 3,153 4,236 +1,083 Other 38,553 43,401 +4,848 Non-current liabilities 71,268 103,110 +31,842 Bonds payable 10,000 30,000 +20,000 Long-term loans payable 55,663 63,535 +7,872 Other 5,604 9,574 +3,970 Total liabilities 151,074 229,281 +78,207 (Net assets) Shareholders' equity 97,420 108,853 +11,433 Capital stock 99 99 - Capital surplus 29,786 29,786 - Retained earnings 67,534 78,967 +11,433 Treasury stock -0 -0 - Valuation and translation adjustments 150 491 +341 Non-controlling interests 11,137 15,708 +4,571 Total net assets 108,708 125,053 +16,345 Total liabilities and net assets 259,782 354,335 +94,553 ● Current assets : Increase in accounts receivable driven by M&A and the Energy Business ● Fixed assets : Increased mainly due to business investments, goodwill from M&A, and B/S consolidation ● Liabilities : Increase in accounts payable from the business transfer, and in non-current liabilities from fundraising.
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 60 Return on Equity (LTM) *Return on Equity: Net Income/Sales ratio × Asset Turnover ratio × Financial Leverage *Net Income/Sales ratio: Profit or Loss attributable to owners of parent /Net Sales *Asset Turnover Ratio: Net Sales / Total assets *Financial Leverage: Total assets / (Net assets – Subscription rights to shares – Non-controlling interests) etur E u ty ROE declined significantly, mainly due to a lower net profit margin. Net Income/Sales Ratio Asset Turnover Ratio Financial Leverage
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 61 Leverage Ratio (LTM) Debt/Equity Ratio *LTM: Last Twelve Months *Gross Leverage ratio: Debt / EBITDA *Net Leverage ratio: (Debt－Cash) / EBITDA *Gr ss e t/E u ty rat : e t / Shareh ders’ e u ty *Net Debt/Equity ratio: (Debt－Cash) / Shareh ders’ e u ty /E /E Gross Leverage ratio Net Leverage ratio Gross Debt/Equity ratio Net Debt/Equity ratio (times)(times) Leverage remained within the MTP benchmark range despite fundraising, including for M&A Key Financial Metrics (Leverage Ratio, D/E Ratio)
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 62 (Billion yen) FY2024 Actual FY2025 Actual FY2026 Actual FY2027 Forecast Remarks ROE ①＝②/③ 20.4% 20.5% 14.5% 14.3% Decrease in net income. Net Income - ② 154 184 149 165 Shareh ders’ e u ty (Average) - ③ 749 896 1,031 1,155 ROIC ④＝(⑤×(1－⑥)/(③+⑦) 13.5% 12.9% 10.4% 9.8% Increase in invested capital Operating Profit - ⑤ 291 314 302 325 Effective tax rate - ⑥ 36％ 36% 36% 36% Shareh ders’ e u ty (Average) 749 896 1,031 1,155 Debt (Average) - ⑦ 634 659 833 956 Increase due to 32.4 billion yen in fundraising Cost of capital ⑧＝⑨+(⑩×⑪) 7.2% 7.0% 7.7% 8.2% Primary factor: Rise in long-term interest rates 10-year Japa ese g v’t d - ⑨ 0.9% 1.6% 2.9% 3.4% Rates at fiscal year end (estimate for FY2027) Market risk premium - ⑩ 5.5% 5.1% 5.7% 5.7% Average of the last five years Shareholder beta - ⑪ 1.15 1.07 0.84 0.84 60 months with 95% confidence interval WACC ⑫＝⑧×⑬+⑭×⑮ 4.5% 4.6% 4.9% 5.6% C st f shareh der’s e u ty 7.2% 7.0% 7.7% 8.2% Shareh ders’ e u ty rat - ⑬ 57% 59% 53% 57% Cost of debt - ⑭ 1.0% 1.2% 1.8% 2.1% A t c pate a crease Japa ’s p cy rate Debt to Total Assets - ⑮ 43% 41% 47% 43% Equity spread ①－⑧ 13.3% 13.5% 6.8% 6.1% EVA spread ④－⑫ 8.9% 8.3% 5.5% 4.3% Equity Spread & EVA Spread
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Copyright © U-NEXT HOLDINGS Co., Ltd. All Rights Reserved. 63 This presentation includes opinions, forecasts and other statements that are based on the judgments of management when this presentation was prepared. As this information incorporates risk factors and other uncertainties, U-NEXT HOLDINGS makes no promise that this information is accurate or complete. Forward-looking Statements