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Gakken Financial Results for the Nine Months Ended June 30 , 2026 August 7 , 2026 Gakken Holdings Co. , Ltd. Security code 9470 Note : This document is an English translation of the original Japanese version and is provided for reference purposes only . In the event of any discrepancy between this translation and the original Japanese version , the original shall prevail .
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Copyright ©2025 Gakken Holdings Co., Ltd. 2Copyright ©2026 Gakken Holdings Co., Ltd.
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Copyright ©2025 Gakken Holdings Co., Ltd. 3 INDEX Copyright ©2026 Gakken Holdings Co., Ltd. 01 02 03 Q3 FY2026 Financial Results Summary Education Domain Performance Healthcare and Nursing Domain Performance Supplementary Financial Data 04 P.10 P.15 P.17P.04
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Q3 FY2026 Financial Results Summary01
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Copyright ©2025 Gakken Holdings Co., Ltd. Net profit attributable to owners of the parent decreased 3.2% YoY, mainly due to the rebound from extraordinary gains recorded in Q1 of the previous fiscal year and an increase in impairment losses.Net Profit*2 5 Executive Summary of Financial Results for the Third Quarter of the Fiscal Year Ending September 2026 Healthcare and Nursing and Global businesses drove net sales growth; EBITDA also increased Consolidated net sales increased 6.3% YoY, driven by the expansion of the childcare business in the Education Domain and the extended consolidation contribution period of DTP Education Solutions JSC (hereafter, “DTP”), as well as the expansion in the number of facilities, continued high occupancy rates, and steady performance in ancillary nursing care businesses in the Healthcare and Nursing Domain. Consolidated Net Sales EBITDA increased 12.8% YoY. Higher profits in the Classrooms and Learning Centers business led the increase, and the extended consolidation contribution period of DTP also contributed. Growth in the Group Homes for the Elderly with Dementia business and the expansion of the Childcare and Early Childhood business further supported the increase. EBITDA*1 YoY ＋6.3％ YoY +14.3％ YoY +18.0％ YoY (3.2％) (Figures rounded down to nearest unit) 155.9 5.86 5.58 2.65 billion yen billion yen billion yen billion yen *1 Sum of operating profit, depreciation, and goodwill amortization *2 Net profit attributable to owners of the parent Net Sales Operating Profit Ordinary Profit Net Profit*2 YoY ＋12.8％ 9.46 billion yen EBITDA*1 Operating Profit increased 14.3% YoY. Higher profits in the Classrooms and Learning Centers business and the Elderly Housing business, among others, offset profit decreases in the Publishing and Content Services business and the Global business.Operating Profit Ordinary Profit increased 18.0% YoY, reflecting the increase in Operating Profit and an improvement in non- operating income/expenses.Ordinary Profit Copyright ©2026 Gakken Holdings Co., Ltd.
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Copyright ©2026 Gakken Holdings Co., Ltd. 6 Net Sales Analysis (Increase/Decrease) Net sales increased due to the expansion of the childcare business in the Education Domain and the extended consolidation contribution period of DTP , as well as the expansion in the number of facilities, continued high occupancy rates, and steady performance in ancillary nursing care businesses in the Healthcare and Nursing Domain. Education Healthcare and Nursing （Billion JPY） （Figures rounded down to nearest unit） Q3 FY2026 Financial Results Summary1 146.73 +0.28 +0.08 +0.61 +1.73 +3.06 +3.28 +0.13 155.94 Jun-25 Classroom and Learning center Publishing and Content Services Childcare and Early Childhood Global Elderly housing Group homes for the elderly with dementia Other business Jun-26 +2.72 The expansion of the childcare business and the extended consolidation contribution period of DTP drove the increase in net sales. +6.35 An increase in the number of facilities, high and stable occupancy rates, and price revisions contributed to the increase.
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Copyright ©2026 Gakken Holdings Co., Ltd. 7 EBITDA Analysis (Increase/Decrease) EBITDA increased, supported by higher profits in the Classrooms and Learning Centers business, as well as the extended consolidation contribution period of DTP, growth in the Group Homes for the Elderly with Dementia business, and the expansion of the Childcare and Early Childhood business. Q3 FY2026 Financial Results Summary1 （Billion JPY） （Figures rounded down to nearest unit ） Education Healthcare and Nursing 8.38 +0.34 (0.37) +0.15 +0.27 +0.03 +0.17 +0.47 9.46 Jun-25 Classroom and Learning center Publishing and Content Services Childcare and Early Childhood Global Elderly housing Group homes for the elderly with dementia Other business Jun-26 +0.39 Higher profits in the Classrooms and Learning Centers business, growth in the Global business backed by the extended consolidation contribution period of DTP, and the expansion of the Childcare and Early Childhood business offset the decrease in the Publishing and Content Services business, resulting in an overall increase. +0.20 Growth in the Group Homes for the Elderly with Dementia business led the increase in profits, and price revisions in the Elderly Housing business also contributed to the increase.
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Copyright ©2026 Gakken Holdings Co., Ltd. Q3 Sep-2026 Segment Performance (Year-over-Year) Net Sales EBITDA Operating Profit Net Sales EBITDA Operating Profit Net Sales EBITDA Operating Profit Education 801 58 39 828 62 39 +27 +3 +0 Classrooms and Learning Centers 393 21 8 396 25 13 +2 +3 +5 Publishing and Content Services 257 32 28 258 28 23 +0 (3) (4) Childcare and Early Childhood 125 3 2 131 4 4 +6 +1 +1 Global 25 1 (0) 43 3 (1) +17 +2 (1) Healthcare and Nursing 641 35 24 705 37 26 +63 +2 +2 Elderly Housing 341 17 11 372 18 13 +30 +0 +1 Group Homes for the Elderly with Dementia 300 18 12 333 19 13 +32 +1 +0 Other 23 (10) (12) 24 (5) (8) +1 +4 +4 1,467 83 51 1,559 94 58 +92 +10 +7 Q3 Sep-25 (Actual) Q3 Sep-26(Actual) 8 1 Q3 FY2026 Financial Results Summary Group total Change (vs. Previous Period) (Unit: 100 million yen; figures rounded down)
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Copyright ©2026 Gakken Holdings Co., Ltd. Consolidated Financial Position Total assets increased 3.5% due to business expansion, and the equity ratio rose to 37.1%. Q3 FY2026 Financial Results Summary1 Sep-25 Jun-26 （Billion JPY） （Figures rounded down to nearest unit） 9 Fixed assets 69.1 Fixed assets 70.9 Current assets 70.0 Current assets 73.0 Net assets 59.4 Net assets 61.1 Fixed liabilities 39.3 Fixed liabilities 38.9 Current liabilities 40.3 Current liabilities 43.9 139.1 144.0 Equity-to-asset ratio 36.9％ Equity-to-asset ratio 37.1％ Up 3.5％
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Education Domain Performance02 We operate four core businesses supporting children’s learning while expanding services for adults. Classrooms and Learning Centers Business Publishing and Content Services Business Childcare and Early Childhood Business Operation of toddler classes and Gakken Classrooms supporting daily learning as well as the operation of learning centers for entrance examination preparation across Japan Publication of children’s books and study-aid materials, and planning, development, and sale of e-learning content Sales of educational products to preschools, and planning, development, and planning, development, and operation of preschools, children’s centers, after-school care, and child development support facilities Promotion of the Group’s overseas businesses and planning, commissioning, and implementation of ODA projects Global Business
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Copyright ©2026 Gakken Holdings Co., Ltd. Net Sales 11 Summary of Classrooms and Learning Centers Business Performance Education Domain Performance2 The learning center business incorporates Ichishin Holdings’ financial results for the six-month period from September to February of its fiscal year ended February 2026. Classrooms Learning Centers* (Figures rounded down to nearest unit) Positive Factors • Net sales growth driven by the impact of tuition fee revisions in the Classrooms Business • Student numbers in the Learning Centers Business are on a recovery trend • Strong performance of new businesses and local government–related programs in the Learning Centers Business • Optimization of the cost structure • Due to the impact of the declining birthrate, competition within local catchment areas is intensifying, and attracting new students remains a challenge in the Learning Centers Business • Higher costs, including supplies, utilities, and personnel expenses Negative Factors EBITDA JPY 2.16 billion JPY 2.50 billion EBITDA Margin 5.5% 6.3% JPY 30.14 billion JPY 30.28 billion JPY 9.18 billion JPY 9.32 billion JPY 39.32 billion JPY 39.61 billion Jun-25 Jun-26 8.8% EBITDA Margin 4.5% EBITDA Margin 7.4% EBITDA Margin 6.0% EBITDA Margin
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Copyright ©2026 Gakken Holdings Co., Ltd. 12 Summary of Publishing and Content Services Business Performance Education Domain Performance2 Content Services Publishing Services Net Sales Positive Factors • Higher expenses, including manufacturing and logistics costs; risks to material procurement, production, and logistics due to heightened uncertainty stemming from instability in the Middle East situation • Decrease in sales of teachers’ manuals due to the gap period in textbook adoption cycles • Increased investment in AI in the online English conversation business EBITDA JPY 3.21 billion JPY 2.83 billion EBITDA Margin 12.5% 11.0% (Figures rounded down to nearest unit) • The impact of price revisions mainly for new titles; strong performance of high-margin study guides (e.g., junior high/high school exam prep and language-learning titles); continued improvement in the book return rate • Increase in the number of contracted hospitals for Nursing e-learning • Increase in the number of paid members in the online English conversation business Negative Factors JPY 20.70 billion JPY 20.15 billion JPY 5.01 billion JPY 5.64 billion JPY 25.72 billion JPY 25.80 billion Jun-25 Jun-26 23.3% EBITDA Margin 9.9% EBITDA Margin 21.0% EBITDA Margin 8.1% EBITDA Margin
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Copyright ©2026 Gakken Holdings Co., Ltd. 13 Summary of Childcare and Early Childhood Business Performance Education Domain Performance2 Childcare Early Childhood Net Sales • High and stable capacity utilization (enrollment) rates at childcare centers • Expansion in the scale of commissioned publicly operated after-school childcare programs • Progress in cost reductions in the early childhood business Positive Factors • Higher costs due to rising food ingredient prices and electricity and gas costs • Decrease in the number of children enrolled due to the declining birthrate • Risks to product procurement and availability due to rising raw material prices and difficulties in sourcing EBITDA JPY 0.33 billion JPY 0.49 billion EBITDA Margin 2.7% 3.8% (Figures rounded down to nearest unit) Negative Factors JPY 6.07 billion JPY 6.84 billion JPY 6.48 billion JPY 6.32 billion JPY 12.55 billion JPY 13.16 billion Jun-25 Jun-26 4.2% EBITDA Margin 5.5% EBITDA Margin 1.3% EBITDA Margin 1.9% EBITDA Margin
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Copyright ©2026 Gakken Holdings Co., Ltd. 14 Summary of Global Business Performance Education Domain Performance2 Net Sales • Extended consolidation contribution period of DTP Positive Factors EBITDA JPY 0.11 billion JPY 0.39 billion EBITDA Margin 4.6% 9.1% Global • Concern over a potential contraction in the textbook sales business due to changes to Vietnam’s textbook adoption system to be applied from the next fiscal year • Risks in overseas markets (including China), such as regulatory changes and customs import holds/detentions Negative Factors (Figures rounded down to nearest unit) JPY 2.57 billion JPY 4.31 billion JPY 2.57 billion JPY 4.31 billion Jun-25 Jun-26 4.6% EBITDA Margin 9.1% EBITDA Margin
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Healthcare and Nursing Domain Performance03 Through two businesses, we address the challenges of an aging society and promote the development of communities where people can live with peace of mind. Elderly Housing Business Group Homes for the Elderly with Dementia Business Planning, development, and operation of serviced apartments for the elderly and care service facilities Operation of group homes for the elderly with dementia, and planning, development, and operation of related services
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Copyright ©2026 Gakken Holdings Co., Ltd. 16 Summary of Healthcare and Nursing Domain Performance Healthcare and Nursing Domain Performance3 Elderly Housing Group Homes for the Elderly with Dementia Net Sales • Increase in the number of locations (YoY) • Occupancy rate (including new facilities) remained at consistently high levels • Continued benefits from price revisions • Growth in ancillary care-related businesses • Higher costs due to rising prices, including food ingredient costs and utilities (water, electricity, etc.) • Higher hurdles to opening new facilities due to rising construction costs Negative Factors Positive Factors → Elderly Housing +12 → Dementia GH ＋9 EBITDA JPY 3.58 billion JPY 3.79 billion EBITDA Margin 5.6% 5.4% (Figures rounded down to nearest unit) → Elderly Housing 95.6% → Dementia GH 98.0％ JPY 34.18 billion JPY 37.24 billion JPY 30.01 billion JPY 33.30 billion JPY 64.19 billion JPY 70.55 billion Jun-25 Jun-26 5.2% EBITDA Margin 6.1% EBITDA Margin 4.8% EBITDA Margin 6.0% EBITDA Margin
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Supplementary Financial Data04
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Copyright ©2026 Gakken Holdings Co., Ltd. 18 Classrooms and Learning Centers Business: Number of Subscriptions/Students/Locations Supplementary Financial Data4 *Subscriptions and classroom numbers are combined totals for Gakken Classroom and toddler classes. *NE Holdings joined the group in May 2023 *ICHISHIN HOLDINGS CO., LTD. consolidated in July 2023 Learning Centers (Number of students)Classrooms (Number of subscriptions) Learning Centers (Number of classrooms)Classrooms (Number of classrooms) 74,６２５ 9０３ 17,２６３ 358,918 344,284 332,500 Jun-23 Jun-24 Jun-25 Jun-26 328,７１０ 18,586 18,361 18,092 Jun-23 Jun-24 Jun-25 Jun-26 40,672 75,525 73,690 Jun-23 Jun-24 Jun-25 Jun-26 433 943 905 Jun-23 Jun-24 Jun-25 Jun-26
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Copyright ©2026 Gakken Holdings Co., Ltd. 19 Publishing Services Business: New Book Titles / Return Rate* Supplementary Financial Data *Number of new book titles (excluding magazines) and return rates are combined totals for Gakken and Arukikata. Children's books 171 170 150 Study-guides 133 149 188 Practical guides 168 181 175 Mooks 32 25 23 Other books 108 125 106 612 650 642Total Jun-25 Jun-26Jun-24(Unit: titles) Book Return Rate (3-month results) Book Return Rate (cumulative)Number of New Book Titles (cumulative) 4 2８.2％ 28.5% 28.8% 26.4% 25.6% 27.1% 27.8% 25.9% 25.2% Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 (0.9)％ pt. 2６.2％ (2.0)％ pt. 32.1% 29.7% 26.4% 24.8% 30.2% 29.9% 25.9% 24.7% Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26
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Copyright ©2026 Gakken Holdings Co., Ltd. 20 Content Services Business: Number of Nursing e-learning Contract Hospitals Supplementary Financial Data (Unit: cases) 4 2,019 2,284 2,577 2,841 3,152 3,480 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Increase of 328 cases
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Copyright ©2026 Gakken Holdings Co., Ltd. 21 Content Services Business: Number of Kimini Online English Subscribers Supplementary Financial Data (Unit: thousands of persons) 4 29.0 31.9 31.1 33.2 35.4 36.0 34.1 35.4 36.1 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Increase of 7０0 persons
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Copyright ©2026 Gakken Holdings Co., Ltd. 22 Group Direct Touchpoints for DX Strategy: Number of Gakken ID holders Supplementary Financial Data Over 1.2 million (Unit: 10,000; figures rounded down) 4 70 78 90 97 108 112 118 123 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Mar-26 Jun-26
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Copyright ©2026 Gakken Holdings Co., Ltd. 23 Childcare Business： Number of Child Raising Support Facilities * Supplementary Financial Data * The figures shown are the total of child development support facilities, free schools, and multi-purpose facilities, and represent the net number of new openings minus closures. (Unit: Number of locations) 4 30 30 35 35 35 35 44 44 44 44 49 43 43 43 43 43 43 43 43 43 43 43 8 8 8 11 12 13 14 16 16 16 17 81 81 86 89 90 91 101 103 103 103 109 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Others Preschools/Nurseries After-school centers Increase of 8 locations
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Copyright ©2026 Gakken Holdings Co., Ltd. 24 Childcare Business： Capacity and Enrollment ratio Supplementary Financial Data *Capacity for childcare support facilities is for nurseries only. Number of children Capacity* 2,714 Enrollment Rate 4 2,565 2,589 2,615 24/06 25/06 26/06 2,722 2,722 24/06 25/06 26/06 95.1% 96.0% 96.3% 95.8% 96.1% 96.5% 96.6% 96.0% Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 94.5％
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Copyright ©2026 Gakken Holdings Co., Ltd. 25 Early Childhood Business: Number of preschools implementing Gakken’s ICT service Supplementary Financial Data *1 *2 *１ HOINQ ： Online training service for childcare and early education staff. *２ hugmo ： Online service that supports communication and health and safety management for child -raising support facilities and parents. (Unit: Number of facilities) 4 4,527 4,524 4,498 4,511 4,390 130 169 197 207 340 4,564 4,402 4,403 4,432 4,518 4,657 4,693 4,695 4,718 4,730 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Number of HOINQ-Implemented Facilities Number of hugmo-Implemented Facilities Increase of ７0 facilities
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Copyright ©2026 Gakken Holdings Co., Ltd. 26 Healthcare and Nursing Domain: Number of Locations*1 Supplementary Financial Data (Unit: Number of locations) *1 Figures represent the net increase (openings minus closures) and include overseas bases, but exclude elderly care facilities operated by Ichishin Holdings. *2 Includes other facility categories such as home-visit elderly care stations in addition to serviced apartment for the elderly. *3 Includes other facility categories such as designated facilities and small- scale multifunctional in-home elderly care centers, in addition to group homes for elderly with dementia. *2 *3 4 343 347 352 355 364 367 376 378 385 388 389 393 399 199 203 208 225 229 230 234 235 241 248 249 251 253 542 550 560 580 593 597 610 613 626 636 638 644 652 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Elderly housing, etc. Group homes for the elderly with demntia, etc. Increase of 26 locations
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Copyright ©2026 Gakken Holdings Co., Ltd. Elderly Housing 18 facilities （1,165 units） 26 facilities （1,500 units） 5 facilities （324 units） Facilities:19.2% （Units：21.6%） 14 facilities （841 units） Group Homes for the Elderly with Dementia 12 （216 rooms） 10 （180 rooms） 6 （108 rooms） 60% （Rooms：60%） 9 （171 rooms） Total 30 36 11 30.6% 24 27 Healthcare and Nursing Domain: Plan and Progress for New Location Openings* Supplementary Financial Data *Figures represent domestic facilities only. They do not deduct closures during the same period and exclude elderly care faci lities operated by Ichishin Holdings. *There have been no changes to the medium -term management plan at this time. (Unit: Number of locations opened) Sep-26Sep-25 Actual Openings 3Q ResultsFull-Year Plan 4 Progress Against Plan Full-year forecast
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Copyright ©2026 Gakken Holdings Co., Ltd. 28 Healthcare and Nursing Domain: Availability and Occupancy Supplementary Financial Data Total units / Rooms Occupancy Rate（Includes new facilities） *1 Room count for group homes for the elderly with dementia does not include other facilities. 4 95.6％ Elderly Housing 98.0％ Group homes for the elderly with dementia 97.4%97.4% 97.8% 96.3% 96.9% 96.3% 95.8% 95.1% 95.4% 96.7% 96.6%96.7% 97.4% 97.3% 97.4% 97.6% 98.0%98.0% Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 11,755 12,568 13292 6,092 6,299 6461 17,847 18,867 19,753 Jun-24 Jun-25 Jun-26 Total no. of rooms/ Group homes for the elderly with dementia Total no. of units/ Elderly housing *1 106% 105%
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Copyright ©2026 Gakken Holdings Co., Ltd. 29 Healthcare and Nursing Domain: Occupancy Supplementary Financial Data Number of units 10,361 11,512 11,805 12,146 12,918 13,036 13,１３4 13,292 Total occupants 10,062 11,210 11,541 11,775 12,376 12,401 12,535 12,703 Occupancy rate 97.1% 97.4% 97.8% 96.9% 95.8% 95.１% 95.4% 95.6% Number of rooms*1 5,858 5,966 6,137 6,245 6,353 6,371 6,425 6,461 Occupancy rate 96.8% 96.7% 96.7% 97.3% 97.6% 98.0% 98.0% 98.0% Elderly Housing Group Homes for the Elderly with Dementia *1 Room count for group homes for the elderly with dementia does not include other facilities. Sep-23 Mar-24 Sep-24 Mar-25 Jun-26Sep-25 4 Dec-25 Mar-26
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Gakken A highly legible universal design font has been adopted for the body text. This document contains statements regarding business plans. Such statements are based on the economic environment and business policies as of the date of preparation. Please note that actual results may differ due to risks and uncertainties.