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To bring best-in-class M&A ever closer – today and beyond. 35th anniversary of our founding Nihon M&A Center Group Assisting companies to continue and prosper through M&A TSE code ２１２７ IRReport Financial Results Report for Q3 FY2025 Year to March 2026 30 January 2026 The information included in this presentation, such as industry trends and analysis, future plans and forecasts, is based on data available at the time of release. As the operating environment is subject to risks of large changes and uncertainties we make no guarantees regarding future plans or forecasts.
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Table of Contents Nihon M&A Center Holdings Purpose P1 Q3 FY2025 Results Review P２～15 Summary of Q3 FY2025 Results P３ Summary of Q3 YTD FY2025 Results P4～6 Income Statement Key Data P７ Summary of Leading Indicators in Q3 FY2025 P8 （Reference） Latest Leading Indicators and Corresponding M&A Mandate Flow P9 Record of Transactions Closed, M&A Sales, New Mandates P10 (Reference)Number of New Sell-side Mandates P11 Balance Sheet Key Data P12 Number of Employees P13 Changes to employee classifications P14 Net Headcount Increase: Issues and Outlook P15 Shareholder equity and Shareholder Breakdown P１6～19 Shareholder Return Contribution (Dividend Policy) P１7 ROE trend P１8 Share Ownership and Market Capitalization P１9 FY2025 Forecast and Mid-term Management Plan P20～２2 FY2025 Forecast P２1 Mid-term Management Plan P２2 Related Activities P２3～２8 Update on Related Activities P２4 TOKYO PRO Market (TPM) IPO support activities P２5 PMI Consulting business P２6 Overseas Activities P２7 Fund business P２8 Features P２9～34 Active in digital transformation and adoption of AI (data-driven management) P30 Marketing roadshow P３1 Regional marketing P32 Branding P33 Sustainability P３4 Industry Trends P35～４4 Industry Trends – External Landscape P36 Industry Trends - Response by SME Agency P37～３8 Industry Trends – Response by Self-Regulatory Body P３9 Industry Trends – Our Response P40～４4 Business Environment P４5～４7 （Reference） Distribution of the Age of Owners & Ratio of Companies with No Successor P46 （Reference） Key Reasons for Companies Becoming Dormant, Closing Down or Being Broken Up P４7 Potential Market P４8～50 Estimated Potential Demand for M&A Related to Business Succession P49 M&A Potential Market Size P50 Company Overview P51～６8 (Reference) Track record on Sales and Ordinary Profit since FY2009 P52 Corporate Profile P５3 Corporate History P54 Business Model Nationwide M&A information network P５5 The Strengths of Nihon M&A Center P５6 Our Workflow as An M&A Intermediary P５7 Becoming An Integrated M&A Company Specialized high quality group companies P58 Nihon M&A Center Inc. Organization Structure P５9 Human Resource Development Plan P60 What We Do for Digital Transformation P61 Transactions closed in FY2024 P62～６3 Number of Transactions Closed in Q3 P64～66 Sustainability Initiatives P６7 Our M&A intermediary activities provide economic benefits P６8 Nihon M&A Center Holdings Philosophy P６9 To Become the Top Global Integrated M&A Company P70 Lastly P71
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Nihon M&A Center Holdings Purpose Best M&A ＝ Top level compliance, client satisfaction, quality To connect hopes and dreams for the best M&A experience in Japan and then the world To bring best - in - class M&A e ver closer.
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Q3 FY2025 Results Review
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 3 Q3 YTD results （Apr - Dec） FY2025 FY2024 YoY Sales (¥mn) 37,738 29,８４３ +26.5% Oridinary profit (¥mn) 15,725 10,712 +4６.８% OP margin (％) 41.7 35.9 +5.8pt Number of transactions closed (Counting sell-side and buy- side mandates separately) 810 73８ +9.8% M&A sales / transaction (¥mn) 45.1 39.1 +15.3% Q3 results (Oct - Dec) FY2025 FY2024 YoY 15，150 11,251 +34.6% 7，153 4,722 +51.5% 47.2 42.0 +5.2pt 322 ２８４ +13.4% 45.7 38.3 +19.2% Summary of Q3 FY2025 Results In Q3 and Q3 YTD, sales and ordinary profit set new record highs Ordinary profit margin also exceeded 40%
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 4 Steady progress in returning to our original performance achievement cycle* Summary of Q3 YTD FY2025 Results Sales progress Ordinary profit progress 0 10,000 20,000 30,000 40,000 50,000 Progress toward full-year earnings forecast H1 43.4％ Progress toward full-year earnings forecast 0 5,000 10,000 15,000 20,000 H2 56.6％ H1 40.0％ H2 60.0％ FY2025 full year forecast 46 , 3 00 FY2025 full year forecast 17 , 0 00 Q3 YTD FY2025 result 37 , 738 Q3 YTD FY2025 result 15 , 725 81.5％ 92.5％ * Achieve the majority of the full-year forecast by Q3. Implement initiatives toward a strong start to the next fiscal year in Q4. （¥mn） （¥mn）
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 5 Cause/results Sales （¥mn） 37,738 +26.5% ＋7,894 Recorded a significant increase in revenue There were increases in the number of completed transactions and the average revenue per M&A transaction By the end of Q3, the ratio of budget achievers increased significantly YoY • Budget achiever ratio: 27.8％ ⇒ 42.5％（ ＋14.7pt） • Budget-achieving department ratio: 5.3% ⇒ 43.2% （+37.9pt） Number of transactions closed （by no. of companies） 810 +9.8% ＋72 Initiatives introduced at the start of the fiscal year to increase the number of transactions closed proved effective Ensured thorough project management from the start of negotiations through to closure (including kick-off meetings and standardizing general managers systems for managing mandates) Promoting early preparatory phase* and thoroughly managing schedules to close mandates within Q3 also contributed. M&A sales / transaction （¥mn） 45.1 +15.3% ＋6.0 Further benefits accrued from implementation of policies for mid-cap companies, resulting in maintaining a high level of M&A sales per transaction Result of providing a company-wide support system through a specialized department (Growth Strategy Development Centre) An increasing share of mid-sized deals, our volume zone Decline in the share of small-sized deals Large transactions closed* (by no. of deals） 85 +66.7％ ＋34 Summary of Q3 YTD FY2025 Results Q3 YTD FY2025 results 39 +77.3％ ＋17 * Transactions with total success fees in excess of 100 ¥mn YoY change (amount) YoY change (%) (* Preparatory Phase = Preparation period for matching, such as the creation of company valuation reports and company overview documents. ) o/w Q3 (Oct - Dec) results (by no. of deals)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 6 Cause/results Cost of sales （¥mn） 13,725 +１９.1% ＋2,205 In the current financial year to March 2026 a reclassification of our employees has been made in order to make categorization more explicit and to promote optimal use of our resources (for details of the reclassification, see IR Report (Financial Results Report for Q1 FY2025) page 11) As a result of the change, in Q3 YTD of the prior year (FY2024) Cost of sales reduces by 1,384 ¥mn and SGA expenses increase by 1,384 ¥mn SGA expenses （¥mn） 8,371 +7.7% ＋602 Referral fees （Cost of sales） ：4,945 ¥mn, +1,303 ￥ｍｎ versus prior year （Referral fees ratio：13.1％, 0.9 percentage point increase versus prior year） IT costs （SGA expenses） ：848 ¥mn （See page 30 for explanation of our polices to pursue data-driven management） Ordinary profit （¥mn） 15,725 +46.8% ＋5,012 Ordinary profit margin ： 41.7％ 5.8 percentage point increase versus prior year Summary of Q3 YTD FY2025 Results Q3 YTD FY2025 results YoY change (amount) YoY change (%) Q3 YTD FY2025 Difference （¥mn） As reported Reclassified 12,904 11,520 －1,384 6,385 7,769 ＋1,384 19,289 19,289 ±0 Cost of sales SGA expenses Total employee costs
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 7 *The amount “0” indicates less than ¥1mn, the term “-” indicates that there is no applicable amount. Income Statement Key Data (¥mn, ％) FY2025 Q3 YTD results YoY FY2024 Q3 YTD results FY202５ full-year forecasts Total ％ % Total % Total % Sales 37,738 100.0 26.5 29,843 100.0 46,300 100.0 (o/w M&A sales) 36,496 96.7 26.5 28,861 96.7 Cost of sales 13,725 36.4 19.1 11,520 38.6 (o/w referral fees and outsourcing expenses) 4,945 13.1 35.8 3,642 12.2 (o/w personnel and transportation costs) 8,499 22.5 11.3 7,633 25.6 Gross profit 24,012 63.6 31.1 18,322 61.4 SGA expenses 8,371 22.2 7.7 7,769 26.0 Operating profit 15,640 41.4 48.2 10,552 35.4 17,000 36.7 Non-operating income 152 0.4 -44.1 272 0.9 Non-operating expenses 67 0.2 -39.6 112 0.4 Ordinary profit 15,725 41.7 46.8 10,712 35.9 17,000 36.7 Extraordinary gain - - - 0 0.0 Extraordinary loss - - - - - Pretax profit 15,725 41.7 46.8 10,713 35.9 Tax (corporation tax & other) 5,674 15.0 46.9 3,862 12.9 Net profit 10,050 26.6 46.7 6,850 23.0 Profit attributable to parent company 10,021 26.6 47.2 6,810 22.8 11,000 23.8
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 8 Number of new transaction negotiations 295 YoY -13.2% o/w Number of mid-cap mandates*2 58 YoY -10.8% Number of new buy-side mandates*3 383 YoY -6.6% Summary of Leading Indicators in Q3 (Oct – Dec) FY2025 New sell-side mandates： • To reclaim the original performance achievement cycle*, through Q3 this fiscal year, top priority was placed on increasing the number of deals closed and sales • To further improve the success rate of completing transactions, shifting to a mandate acceptance policy that emphasizes deal “quality” • Implementing measures to encourage new mandate acquisition among M&A consultants with tenure of no more than three years • Mandates from referrals by alliance partners remaines steady • Making a company-wide effort to acquire new mandates in Q4 New transaction negotiations ： • The number of new transactions entering negotiations decreased YoY Meanwhile, the number of transactions already in negotiations as of end-December remained at a favorable level Number of new sell-side mandates*1 328 YoY -3.0% *１ Most mandates with retainer fee. Count each collected contract as one mandate. Includes mandates gained by overseas subsidiar ies. *２ Mandates with expectation of total success fees in excess of ¥100mn. Excludes mandates gained by overseas subsidiaries. *3 Most mandates with retainer fee. Count each collected contract as one mandate. Excｌudes mandates gained by overseas subsidiaries. In addition, as multiple buy-side mandates may be linked to a single sell -side mandate, trends in the number of new buy -side mandates and trends in the number of new transactions entering negotiations may not be consistent. * Achieve the majority of the full-year forecast by Q3. Implement initiatives toward a strong start to the next fiscal year in Q4.
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 9 328 -3.0% New sell-side mandates*1 （Reference） Latest Leading Indicators and Corresponding M&A Mandate Flow Completed transaction drivers Productivity drivers Transaction value drivers Comprising*1 383 -6.6% 2９5 ‐13.2% 1７8 54.3% of new sell-side mandates Central area companies*４ 58 -10.8% Mid-cap mandates*３ Preparatory period *5 was shortened to about 60 days and remained stable New buy-side mandates*２ New transaction negotiation Comprising*1 Preparatory period (days) 1Q 2Q 3Q 4Q FY2023 100 95 90 90 FY2024 85 59 59 59 FY2025 57 60 57 Definitive agreement Management meetingMatching Preparation of valuations & teasers M&A advisory agreement with potential sellers Mandate / Preparatory phase Negotiation phaseMatching phase Completion *1 Most mandates with retainer fee. Count each collected contract as one mandate. Includes mandates gained by overseas subsidiaries. *2 Most mandates with retainer fee. Count each collected contract as one mandate. Excｌudes mandates gained by overseas subsidiaries. In addition, as multiple buy-side mandates may be linked to a single sell -side mandate, trends in the number of new buy-side mandates and trends in the number of new transactions entering negotiations may not be consistent. *3 Mandates with expectation of total success fees in excess of ¥100mn *4 Central areas = 12 prefectures with relatively higher expectations for successful completion (Tokyo, Chiba, Saitama, Kanagawa, Ibara ki, Osaka, Hyogo, Kyoto, Aichi, Shizuoka, Hiroshima, Fukuoka) *5 Preparatory Period = Preparation for matching, such as the creation of company valuation reports and company overview documen ts. Median number of days required in the preparatory phase * Figures for Q3 (Oct - Dec) FY2025, % changes YoY
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 10 Record of Transactions Closed, M&A Sales, New Mandates In Q3, M&A sales set a new record high Continually implementing policy to increase the M&A sales per transaction (measures to strengthen ability to gain large mandates and handle small mandates by a group company) *1 The total number of transactions closed in the line 1-1 represents the sum of the number of completed sell-side and buy-side mandated transactions; the total number of deals in the line 4-1 represents the number of deals in which we were involved. *2 This number does not include M&A Sales by Batonz Co., Ltd. *3 This number represents M&A sales (including retainers and other fees) divided by the number of transactions closed (number of companies). *4 In most of our newly contracted mandates, we receive a retainer fee from the seller side. The figure for the total sell-side mandates is calculated on the basis of the effective date of the selling party’s contract. *5 Includes numbers of mandates / transactions closed for joint ventures with financial institutions as well as transactions closed in overseas subsidiaries. （Units: no. of transactions, million yen） FY2022 FY2023 FY2024 FY2025 3Q Full year １Q ２Q ３Q 4Q Full year １Q 2Q ３Q 4Q Full year １Q 2Q ３Q Total number of transactions close (by no. of companies) *1,5 258 1,050 230 266 300 350 1,146 19１ ２６３ 284 ３４０ 1,078 212 276 322 Cumulative total for the financial year 754 - 230 496 796 1,146 - １9１ ４５４ 738 1,078 - 212 488 810 Number of sell-side transactions closed 126 519 115 131 146 174 566 ９8 １３２ １４０ 169 539 107 136 161 Number of buy-side transactions closed 132 531 115 135 154 176 580 ９３ １３１ １4４ 171 539 105 140 161 Total number of deals *1,5 135 539 116 136 156 177 585 96 1３９ 145 １７４ 554 109 141 164 Cumulative total for the financial year 388 - 116 252 408 585 - ９６ ２３５ 380 554 - 109 250 414 M&A sales*２ 9,320 39,416 7,695 10,637 11,675 12,650 42,659 7,347 10,630 10,８８４ 13,8４７ 42,7０９ 8,652 13,127 14,716 M&A sales/ transaction*３ 36.1 37.5 33.5 40.0 38.9 36.1 37.2 38.5 40.4 38.３ 40.7 39.6 40.8 47.6 45.7 Number of new sell- side mandates *４,5 276 1,184 280 298 287 327 1,192 327 (6) 389 （１１） 338 （８） 378 (9) 1,432 (34) 289 （15） 327 (21) 314 (21) Cumulative total for the financial year 883 - 280 578 865 1,192 - 327 (6) 716 (17) 1,054 (25) 1,432 (34) - 289 (15) 616 (36) 930 (57) ＜From FY2024 mandates in overseas subsidiaries are included. The figures in brackets refer to overseas mandates.＞
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 11 (Reference) Number of New Sell-side Mandates The YoY decline in new sell-side mandates reflects a transitional phase toward qualitative improvement, not deterioration. Changes in new sell-side mandate policy Up to FY2024 FY2025 Clear policy shift Although the number of new sell-side mandates will decrease, the number of effective mandates (= number of deals leading to closing) is expected to rise Implementing a positive structural transformation to enhance future profitability (Reference) Background to this initiative Workload in the M&A process: The processes from sourcing to matching account for a significant portion of the overall workflow ⇒If a transaction does not close, expectations of both our company and clients are undermined Social significance: Highly significant in supporting profitable companies without successors by M&A The share of mandates from companies with sales under 100 million yen decreased due to measures such as referring small-scale mandates to a group company Addressed as top priority increasing the number of transactions closed and sales Some sales channels implemented stricter mandate screening with a focus on improving the closing rate Shifting the mandate acceptance policy to take into account “likelihood of deal closure” and “accountability for outcomes to clients” <H1> <H2> (the traditinal policy) A high-volume mandate acquisition policy focused on securing as many mandates as possible
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 12 Balance Sheet Key Data （¥mn, ％） End-Dec 2025 % Change End-Mar 2025 Ⅰ Current assets 41,058 68.4 -1,508 42,566 Cash and deposits 37,492 62.5 -1,718 39,211 Accounts receivable 840 1.4 -1,792 2,633 Others 2,725 4.5 2,002 722 Ⅱ Fixed assets 18,953 31.6 -266 19,219 Total assets 60,011 100.0 -1,774 61,786 （¥mn, ％） End-Dec 2025 % Change End-Mar 2025 Ⅰ Current liabilities 9,320 15.5 -575 9,896 Ⅱ Long-term liabilities 2,433 4.1 -1,867 4,300 Total liabilities 11,753 19.6 -2,442 14,196 Interest bearing liabilities 4,000 6.7 -1,400 5,400 Net assets 48,257 80.4 668 47,589 Retained earnings 57,764 96.3 820 56,944 Treasury stock -18,808 -31.3 94 -18,903 Total liabilities and net assets 60,011 100.0 -1,774 61,786 Maintaining a healthy balance sheet Asset Liabilities and net assets
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 13 Number of Employees End of FY2024 End-Jun FY2025 End-Sep FY2025 End-Dec FY2025 M&A consultants*１ ６３０ 660 640 625 （Cost of sales） (SGA expenses) １８５ 175 166 160 ７２ 71 ７0 69 Corporate*１ １８６ 200 198 207 Financial*１ １３ 12 １3 13 Total 1,0８６ 1,118 1,087 1,074 Hiring status for M&A consultants remains generally favorable. Meanwhile, an increase in turnover (particularly among employees with tenure of no more than three years) remains a challenge. Promoting countermeasures from the perspective of talent development and retention (as described on page 15) Number of employees(consolidated) Starting from the current financial year we are making changes to the definitions for our employees（detailed explanations follow) 972 1,083 1,043 1,086 1,074 900 1,000 1,100 End of FY2021 End of FY2022 End of FY2023 End of FY2024 End-Sep FY2025 (no. of employees) *２ 0 *1 Definitions of the different categories of employeeｓ are as below. The figures in the charts above exclude secondees to Nihon M&A Center. • M&A consultants … Includes M&A consultants in Japan and overseas subsidiaries • M&A support （Cost of sales） … Includes Value Promotion HQ, Japan PMI Consulting,TPM Div., Corporate Value Laboratory and Special People Association co., ltd • M&A support (SGA expenses) … Includes M&A support staff in Japan and overseas subsidiaries • Corporate … Includes Marketing HQ, Corporate HQ, other administrative staffs, secondees to investee companies (when secondment is principal employment) and Nihon M&A Center Holdings • Financial … employees of our private equity subsidiaries *2 From Q2 FY2023 Batonz Co., Ltd. became one of affiliate companies with headcount no longer consolidated within the group. M&A support*１ Cost of sales SGA expe nses
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 14 Changes to employee classifications Number of employees (former classification) From the current financial year, changes have been made to the division of employee expenses between Cost of sales and SGA expenses, and the disclosure categories for personnel have been changed from three to four (For details, see IR Report Financial Results Report for Q1 FY2025 page 11) • During the current financial year to March 2026, data related to numbers of employees will be reported according to both the new and old categories. From the year to March 2027 the policy is for figures only to be reported according to the new categories *1 The definitions of M&A consultants/specialists and Support staff included in the total number of employees are as follows. The figures in the chart above exclude secondees to Nihon M&A Center. • M&A consultants, specialists: sales personnel (including at subsidiaries); Midcap Support Office members; Japan PMI Consultin g members; legal and accounting professionals specialized in M&A transaction support. • Support staff: corporate staff employees such as Corporate Planning and Marketing (formerly Strategy H.Q.), training department, internal sales, sales support in subsidiaries, IT support, and TPM Div. *2 From Q2 FY2023 Batonz Co., Ltd. became one of affiliate companies with headcount no longer consolidated within the group. End of FY2021 End of FY2022 End of FY2023 End of FY2024 End-Jun FY2025 End-Sep FY2025 End-Dec FY2025 M&A consultants, specialists*１ 568 ６２２ ６4５ ※2 7１６ 748 725 70５ Support staff*１ 335 3８３ ３3４ ※2 299 298 293 292 69 78 ６４※2 71 72 69 77 Total 972 1,0８３ 1,04３※2 1,086 1,118 1,087 1,０74 (‐) (‐) (‐) (‐) End of FY2024 Administration, Internal audit office (o/w Batonz Co., Ltd.) (62) (‐) SGA expenses Cost of sales
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 15 Net Headcount Increase: Issues and Outlook For retention and net increase, the initial plan was not achieved Meanwhile, improvement in sales per consultant and an increase in the achiever ratio were realized Along with the increase in the achiever ratio, motivation across the organization improved (Reference) Budget achiever ratio as of end of Q3 Short term: Improving retention rate among employees with tenure of no more than three years Reduction in sales budgets for employees with tenure of no more than three years • Providing successful experiences that build confidence through budget achievement and incentive earnings Review of follow-up and development framework • Requiring experience in evaluating at least three companies • Holding kickoff meetings at the start of negotiations Introducing one-on-one meetings with officers at the six-month point after joining Launching a Head of the Channel meeting to consider the need for reassignment at the one- year point after joining Lack of perceived growth Due to the impact of the inappropriate incident, constraints arose in both headcount and capacity among the mid-level employees. Development support became limited, resulting in a decline in budget achievers. Medium to long term: Accelerating development speed and strengthening hiring capabilitythrough an increase in the mid-level employees 27.8% FY2024 42.5% FY2025 + 14.7 pt Current assessment Outlook CountermeasuresPrimary factors Deterioration in turnover rate among employees with tenure of no more than three years Become an even stronger organization by leveraging issues as a driving force
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Shareholder equity and Shareholder Breakdown
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 17 0% 30% 60% 90% 0 5 10 15 20 25 30 FY2021 FY2022 FY2023 FY2024 FY2025 (forecast) Dividends（left axis） Pay-out ratio (right axis) Shareholder Return Contribution (Dividend Policy) Annual dividend amount ¥ 1 ８ Annual dividend amount ¥ ２３ Annual dividend amount ¥ ２ 9 Annual dividend amount ¥ ２３ ＊ Adjusted for two-for-one share splits on 1 Apr 2021 Annual dividend amount ¥ ２ 9 （ o/w interim: ¥ １４ ） This is a year in which to face up to change in the external environment and steer our way back to the customary cycle of results achievement ⇒ A policy to maintain a ¥29 dividend level （including special ¥6 dividend) like last year Shareholder Return Dividend per share Pay-out ratio FY2024 ¥29 84.0% FY2025 forecast ¥２９ 83.6% Dividends and pay-out ratio Pay-out ratio 52.0% Pay-out ratio 77.3% Pay-out ratio 84.0% Pay-out ratio 69. ６ % Pay-out ratio 83.6 % Special dividend ¥3 Special dividend ¥6 “Dividend pay-out ratio of 60% or more” to be continued during mid-term management plan period (¥)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 18 ROE trend ROE to progress over ２0％ 24.0 % 18.7 % 21.8 % 24.1 % 22.9 % 0 10 20 30 0 10,000 20,000 30,000 40,000 50,000 60,000 FY2021 FY2022 FY2023 FY2024 FY2025 （forecast） Shareholder equity（left axis） ROE（right axis） (¥mn) Shareholder equity and ROE （return on equity） (%)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 19 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Share Ownership and Market Capitalization (¥100mn) Foreign 28.9 ％ Financial institutions 30.2 ％ Individuals 3 ０ .7 ％ Treasury stock 5.8 ％ Other corporations 2.3％ Securities companies 2.1％ Ratio of individual shareholders has decreased, while ratio of institutional investors has increased Share ownership as of 30 Sep 2025 Market capitalization （from Apr 2020） No. of shareholders: 98,103 No. of shares issued: 336,934,800
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FY2025 Forecast and Mid-term Management Plan
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 21 H1 H2 Full year FY2024 results Compared to FY2024 results FY2024 forecasts Compared to FY2024 forecasts Sales (￥mn) 20，100 （43.4%） 26,200 （56.6%） 46,300 （100%） 44,077 +5.0% 48,900 -5.3% Operating profit (￥mn) 6,800 （40%） 10,200 （60%） 17,000 （100%） 16,715 +1.7% 17,000 0.0% Ordinary profit (￥mn) 6,800 （40%） 10,200 （60%） 17,000 （100%） 16,918 +0.5% 17,000 0.0% Profit attributable to parent company (￥mn) 4,０00 （36.４%） 7,000 （63.6%） 1１,000 （100%） 10,955 +0.４% 11,000 0.0% Earnings per share （￥） １２.6１ （36.4%） 2２.0６ （63.6%） 34.67 （100%） 34.54 +0.４% 34.68 -0.0% FY2025 Forecast Sales forecast to decline for first time since IPO Target Expected result FY2025 Consolidated results forecasts １. A return to our original cycle of attaining results targets ・ Once more create a sustained cycle whereby most of the full year results are reached in the first nine months, taking pressure off Q4 ２. Regain stakeholder confidence by clearly achieving results ・ By raising the per cent of employees reaching targets* employees will regain confidence. Motivation levels throughout the organization will rise in tandem with successes being recorded. ・ By clearly achieving our results targets investor trust will be restored and long-term relationships built. In response to changes in client behavior, in order to increase the ratio of completed mandates ①create more time to become closer to clients ② raise consultants performance level Regarding the earnings forecast for H1, we announced an upward revision on October 23. For details, see the release. * The ratio of employees with sales targets who achieved their budget
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 22 Target higher than budgeted figures 44,077 46,300 50,000 54,000 16,918 17,000 18,000 20,000 0 10,000 20,000 30,000 40,000 50,000 60,000 FY2024 results FY2025 target FY2026 target FY2027 target Consolidated sales Consolidated ordinary profit Mid-term Management Plan Target a return to our customary trend of achieving sales forecasts and surpassing budgeted figures + 0.5 ％ + 5.9 ％ + 11.1 ％ +5.0 ％ +8. ０％ +8.0 ％ Mid-term Management Plan (¥mn)
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Related Activities
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 24 *1 M&A sales include Batonz until Q1 FY2023. From Q2 FY2023 Batonz Co., Ltd. became one of affiliate companies with headcount no longer consolidated within the group *2 M&A cost of sales consists of referral fees and outsourcing expenses *3 Unallocated cost of sales includes personnel costs, transportation costs, other *4 From the current financial year, changes have been made to the employee classification. The gross profit from the previous fiscal year mentioned on this page does not take into account the changes in personnel classification, and therefore, it differs from the figures presented on other (¥mn) Q3 FY２０２５ Total Ratio to total sales YoY Ｍ＆Ａ sales*1 36,496 100.0% 126.5% M&A cost of sale*2 4,945 13.6% 135.8% M&A gross profit ① 31,550 86.4% 125.1% Other sales*1 1,241 100.0% 126.5% Other cost of sales 280 22.6% 114.4% Other gross profit ② 961 77.4% 130.5% Unallocated cost of sale③*3 8,499 22.5% 94.3% Gross profit （①+②-③） 24,012 63.6% 141.8% Update on Related Activities FY2024 FY2023 FY2022 Total YoY Total YoY Total YoY 42,709 99.8% 42,788 107.5% 39,785 102.5% 5,384 89.1% 6,043 117.9% 5,126 106.9% 37,325 101.6 36,745 106.0% 34,658 101.9% 1,368 101.5% 1,348 88.1% 1,530 96.0% 289 74.0% 391 115.9% 338 134.8% 1,078 112.8% 956 80.2% 1,191 88.8% 13,624 104.3% 13,065 105.9% 12,338 110.1% 24,779 100.6% 24,636 104.8% 23,511 97.4% Growth in PMI and fund business drove a 26.5% YoY increase in Other sales Q3 FY２０２4 Total YoY 17,977 97.4% 2,562 91.4% 15,415 98.4％ 614 86.6％ 149 85.6％ 464 87.0％ 5,733 101.5％ 10,146 96.2％ QoQ comparison YoY comparison *4
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 25 TOKYO PRO Market (TPM) *1 IPO support activities Market shares of IPO sponsorship reached a total of over 50 companies The number of companies listed on TPM (end-Dec. 2025) *1 A stock market operated by the Tokyo Stock Exchange for professional domestic and overseas investors. It provides more flexible listing criteria than the general markets *2 Authorised by the Tokyo Stock Exchange to review TPM IPO candidate applications and provide post-IPO support for processes such as disclosure and financing. Our company was authorised in 2019 163 firms listed in total 45 firms sponsored by Nihon M&A Center Nihon M&A Center sponsor track record • Prefectures with J-Adviser/F-Adviser contract records • TOKYO PRO Market-listed companies sponsored by us • Fukuoka PRO Market-listed companies sponsored by us Birth of star companies nationwide, contributing to regional and national regeneration Supported AlbaLink Co., Ltd. in listing on the Growth Market (Q3) Step - up from TPM to the general markets supported by our company reached a cumulative total of 4 cases
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 26 March 2022 The SME Agency has developed the ‘PMI Guidelines for SMEs’ July 2024 The FSA has revised the 'Supervisory Guidelines for Small and Regional Financial Institutions,' encouraging the strengthening of M&A support, including PMI April 2025 The SME Agency has published a ‘Skill Map for Specialized Personnel (Individuals) in Small and Medium-Sized M&A business’ PMI Consulting business For successful M&A, the necessity and importance of PMI (Post Merger Integration process) are increasing. 95 orders were received in Q3 (Apr–Dec), exceeding the previous full-year total Main changes in the external environment surrounding PMI support for SMEs Our group uniquely provides a seamless service from information provision about M&A to successful completion Japan PMI consulting Inc. A consulting firm established in 2018 specializing in PMI support Holding unique know-how for PMI support of SMEs Wholly owned by our company FY2022 FY2023 FY2024 FY2025 Q3 YTD (Apr - Dec) Track record of providing PMI ５５ 66 93 95 + 40.9 %
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 27 Overseas Activities Promoting cross-border M&A through local subsidiaries in ASEAN on a strong footing Locations where we have established a presence (as of end-Dec. 2025) 5 overseas locations Thailand local subsidiary Vietnam local subsidiary Malaysia local subsidiary Singapore local subsidiary Indonesia local subsidiary Strengthening awareness through presentations and public–private collaboration （Oct – Dec 2025） ▲ Mr. Ojima, General Manager of the ASEAN Promotion Department, participating as a member New sell-side mandates received by overseas local subsidiaries: 58 mandates in Q3 YTD (Apr–Dec), YoY 2.3x M&A deals closed involving overseas companies: 14 deals in Q3 YTD (Apr–Dec), matching the all-time annual record (FY2023) Spoke at the “Asia’s M&A Compass 2025” hosted by M&A Association Singapore. Shared expertise in cross-border M&A (November) Spoke at a forum hosted by Malaysia’s Vistage Group. Aimed to enhance recognition of growth-strategy M&A (November) Introduced M&A strategies in ASEAN to an overseas study tour group of SMEs organized by Minami-Nippon Shimbun (November) Participated as a member in the “Kansai mid-sized and small companies × ASEAN Companies Study Group Toward Smoother Foreign-Capital Collaboration.” Supported overseas business expansion through public-private collaboration (December)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 28 Fund business Starting the year to develop the fund business as our company’s second pillar Funds to increase company values and support regional rejuvenation AtoG Capital (Since Dec 2023, our wholly owned subsidiary) Invests in mid-sized and small companies in the ASEAN region, where acquisition hurdles are high for Japanese companies, and strengthens governance and compliance structures. Aim for exits to Japanese companies. J-Search (Since Oct 2024, our wholly owned subsidiary, operating region -focused serach funds*) Together with regional financial institutions we have established regional search funds* to address the shortage of management talent in local communities. Newly established the Awa Search Fund No.1 jointly with The Awa Bank, Ltd. Japan Investment Fund Placed full-page advertisements in Nihon Keizai Shimbun, Hokkaido Shimbun, Kitanippon Shimbun, Hokkoku Shimbun, Gifu Shimbun, Nishinippon Shimbun, and Kumamoto Nichinichi Shimbun (Dec 2025) Executed one roll-up in each of Fund Number 1 and Fund Number 2, for a total of two roll-ups (Nov –Dec 2025) * Search fund: activities in which individuals who are prospective business owners take the lead in business succession of SMEs and themselves engage in business management (Since Jan 2018, joint venture between the Company and the Development Bank of Japan )
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Features
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 30 Active in digital transformation and adoption of AI (data-driven management) Database development using the AI-based business interview analysis service “Bring Out” and future directions for AI-driven matching Status of information accumulation through “Bring Out” Planning additional functional enhancements to provide higher- level consulting, including AI-driven automatic deal matching based on needs identified through hearings M&A needs interviews with over 7,000 potential buyer Accumulating audio data from 4,000+ company profile proposals Seller Potential Buyer （Reference） Workflow of “AI-driven automatic deal matching based on needs identified through hearings Interview with seller Interview with potential buyer AI driven automatic deal matching Proposing prospective acquirer companies that meet needs database Proposing prospective seller companies that meet needs Analysis of conversations using Bring Out （The number of companies is as of Dec 2025） (Recordings of business interviews are only made with prior approval of participants. Furthermore, permitted use of recordings is subject to the rules in the “Nihon M&A Center policy for use of personal data”) Consultants (sell-side) Consultants (buy-side) Qualitative information interviews with more than 2,500 seller companies Recording and analysis of more than 600 kickoff meetings
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 31 As AI and online become mainstream, in person engagement grows even more effective Promoting nationwide seminars to deliver the unique value of in-person interactions Speaker rostrums strengthened to cover more than the themes of business succession and M&A, responding to owners’ interests with celebrities, local authority leaders and university teachers 12 high-profile guests appeared at 10 locations (Q3) Marketing roadshow Holding nationwide seminar tour at approximately 40 locations Applications increased by approximately 1.8 times YoY Special features of our nationwide seminar tour Speaker lineup （Oct – Dec 2025） ▲Scenes from Ms. Suzanne’s lecture (Oct 2025, Kumamoto venue) Through the seminars we aim to gain new clients and deepen our client relationships
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 32 Regional marketing Community-based marketing initiatives rollout ▲ Transit advertisements ▲ Rollout image (Tokyo Station) Community-based initiatives Fifth “local representative office with discussion desk” opened in Yamaguchi Prefecture (Jan 2025～) • Establishment of ‘local representative offices with discussion desk’ with dedicated consultants stationed to enable a swift response to address the challenges faced by business owners nationwide • In addition to Yamaguchi Prefecture, already opened in four prefectures: Niigata, Miyagi, Ibaraki, and Shizuoka First initiative: launch of transit advertisements (Jan 2025～) • Implemented at seven locations where regional bases are located: Tokyo, Osaka, Nagoya, Fukuoka, Hiroshima, Hakata, and Okinawa • Rolled out at highly visible terminal stations and airports Marking the 35th anniversary of our founding next fiscal year. To commemorate this, planning to roll out various marketing initiatives throughout the year. 35th anniversary × Community-based marketing
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 33 Providing safe and secure M&A services to deliver the best M&A to as many companies as possible Branding Recognized by Guinness World Records for 5 consecutive years Best-selling mergers and acquisitions advisory company in 2024 Record this year * Number of transactions as the sum of number of completed sell-side and buy-side transactions 783 1,013 989 1,067 1,088 0 300 600 900 1,200 2020 2021 2022 2023 2024 (No. of transactions closed) Number of transactions closed* 1,088 transactions in 2024 (Year of record: Jan 2024 – Dec 2024) ▲ Naoki Takeuchi, President and Representative Director, Nihon M&A Center
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 34 Continuing to strengthen communication on growth strategies and foundations for value creation Sustainability Integrated Report 2025 Simultaneous release of the Japanese and English editions (Nov 2025) Integrated Report 2025 The full version of the Integrated Report is available on our corporate website Cover Roundtable Discussion with Independent Directors Message from Top Management Dialogue with Stakeholders
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Industry Trends
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 36 Source: “Disclosure of registered financial advisors and intermediaries providing institutional support for M&A” (registered as of Jan 2026) （ https://www.chusho.meti.go.jp/zaimu/shoukei/2026/260120m_and_a02.pdf ） Within the total 86.7% have 4 or less specialist M&A support staff 58.8% founded after 2020 Industry Trends – External Landscape Improvement required to service quality and ethical standards of the industry Buyer takes cash out of target company Personal guarantee of target company owner not released Problems Number of companies providing M&A support （as of 20 Jan 2026） Reporting of problems in the industry with inappropriate buyers M&A specialist companies – intermediaries About 740 Companies providing M&A support 3,150 Growth in new market entrants (Starting around May 2024)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 37 1. Intermediaries, financial advisor fees and scope Practical explanation of fees and each process of the scope 2. Specification of what is not permitted in advertising and sales activity ・ Prohibition of advertising and sales to uninterested parties ・ Prohibition of any misleading advertising or sales activity 3. Specification of prohibited areas of conflict of interest ・ Preferential treatment for customers paying additional frees or with repeat business prohibited ・ Clarification of disallowed disclosure of information 4. Rules for name clearance and contract term ・ Obtaining consent to disclose name of seller ・ Necessity of buyer confidentiality agreement 5. Risks for parties following definitive agreement Specific explanation of possible problematic areas to all parties 6. Treatment of seller warranties ・ Discussion with specialist or partner financial institution prior to finalising M&A contract ・ Incorporating seller warranties into the definitive agreement 7. Exclusion of inappropriate parties ・ Research the buyer ・ Importance of creating mechanism for information sharing among industry participants Industry Trends - Response by SME Agency (１) “SME M&A guidelines” 2nd revised edition Added content including fee transparency and policy for inappropriate buyers Creating an environment to be able to select high quality intermediaries, meeting demands for higher standards Summary of revisions (for intermediary parties) (30 Aug 202４) Sources: Document outlining ”Revised SME M&A guidelines”, 3rd edition （Small and Medium Enterprise Agency) （https://www.meti.go.jp/press/2024/08/20240830002/20240830002-a.pdf）
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 38 Industry Trends - Response by SME Agency (2) “Skill map for SME M&A Specialists (Individuals)” Our personnel have cleared the majority of levels, including PMI and written risk explanations ⇒ We will lead the industry in skills Source：SME Agency. Extract from " Skill map for SME M&A Specialists (Individuals) on the mission, 'Ethics and Code of Conduct, and knowledge" Features and Background In order to improve the quality of private sector M&A specialized human resources, SME Agency have systematically organized and announced the skills related to the broad domain of M&A, often referred to as ｍixed martial arts, into a three-tier structure of 'Mission,' 'Ethics and Code of Conduct,' and 'Knowledge and Skills. Visualization of detailed and extensive knowledge and skills over a total of 190 pages The M&A process is divided into eight processes from pre-consultation to post-closing (PMI), and the objectives and business contents of each process are defined The agency aims to increase the number of companies and individuals engaged in M&A in the private sector who have extensive experience and skills and can provide high-quality support Consultation Valuation Matching PMI Necessary knowledge & skills related to entire M&A process Legal knowledge Tax knowledge Communication skills Business -related skills Information management M&A Practice Business understanding Accounting knowledge Closing transaction Definitive agreementDD Basic Agreement (LOI) knowledge skills (Released in April 2025)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 39 Industry Trends - Response by Self-Regulatory Body * The kind of buyer who might behave in ways that could be considered illegal in M&A (eg transfer of seller funds into a personal account after the M&A transaction has completed) or in other ways operate the company differently from what was agreed in the SPA at thetime of the acquisition (eg disregard release clauses for a seller’s personal guarantees) Measures for speedy action to improve the health of the industry through areas such as higher quality of M&A support and trouble prevention Strengthened measures against inappropriate buyer * 242 companies joined (as of Dec. 2025). We are listed as a founder member Change of structure. Creation of Qualification system committee and Self governance evaluation committee (commenced January 2025) Engaged practitioners and specialists for appropriate revisions to self governance rules for the industry (advertising, sales, compliance, explanation of important points in contracts) first published in December 2023 Revisions to inappropriate buyer* disclosure in “List of named buyers” for the industry (effective from October 2024) Much stricter in content in order to prevent inappropriate M&A transactions. Major financial institutions also began using and viewing the list Published a stock transfer agreement (sample agreement) to promote proper contract terms. Conducting training to prevent damage caused by inappropriate buyers Working to eliminate disparities in contract content and quality among M&A advisors institutions and enhance overall service standards across the industry M&A Advisors Association (self regulatory body)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 40 Release of personal guarantees Definitive agreement Letter of intent Internal review Confidentiality agreement Completion Industry Trends – Our Response（１） Eliminate inappropriate M&A involving buyers who lack financial resources or correct knowledge Measures to prevent M&A problems ① Further strengthening of process for checking risks during the M&A process Checkpoint 1 Criminal record Checkpoint 2 Financial capacity of buyer Checkpoint 3 Suitability of scheme ② Client satisfaction surveys after M&A to understand any problems that there may have been with our service ③ Draw attention to our client hotline service (for discussion of complaints or problems) in all our marketing materials ④ Making calls to the owner of seller after completion of transaction to confirm the cancellation of management guarantees and personal guarantees Checkpoint 1 Checkpoint 2 Checkpoint 3 What we do Internal review Legal review meeting① （at time of letter of intent） Legal review meeting② （at time of definitive agreement） Monitor post-merger integration progress Checkpoint １,2 Checkpoint 2,3 Checkpoint 2,3 Checkpoint 2 • When risks are identified the way to handle the mandate is discussed and closely monitored throughout the process • When appropriate the consultant is tasked with giving the client a detailed briefing on risks or a revision to the proposed scheme Intermediary advisory agreement
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 41 Collaboration agreement with Kobe University Graduate School of Business Administration Establishment of Small and Medium Sized M&A Research and Education Centre (MAREC) Collaboration agreement with Graduate School of Management, Kyoto University, Hitotsubashi University Graduate School of Law Sponsorship of lectures at universities (Waseda University school of Commerce etc.) M&A research group （formed in April 2025） member, our CEO Suguru Miyake a deputy director Academic, industry & government collaboration – Our Response （２） To assist the healthy development of the industry and improve standards Further strengthening of academic, industry and government collaboration ▲ Shin Yokoi, CPAO, Office for promotion of M&A research with academic, industry & government collaboration CPAO … Chief Public Affairs Officer Helping to improve industry standards and make them fair Appointment of Shin Yokoi, Nihon M&A Centre Inc. Executive Officer, General Manager of Legal DepartmentStrengthening academic, industry and government collaboration The start pf a new chapter, establishing industry standards for SME M&A New PR role - CPAO Methods to promote academic, industry and government collaboration Collaborating with government agencies to support SME policies Participating as executive member Government authorities Academia M&A Advisors Association Office for promotion of M&A research with academic, industry & government collaboration CPAO
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 42 Industry Trends – Our Response （３） While M&A has become common, direct marketing towards small and medium-sized business owners has intensified M&A support companies are subject to comparative selections due to changes in the market environment By connecting companies with high motivation, the contract success rate increases Reduce the risk of information leakage Receipt of initial payment・ Exclusivity agreement Matching that connects the aspirations of both companies Thorough corporate valuation Safe and secure M&A realized with our experts Matching derived from the largest number of consultants in the industry, a nationwide network, and a track record of over 10,000 successful transactions Corporate evaluation based on a track record of over 18,000 cases Creation of a company profile that maximizes the attractiveness of the selling company Experts in professional fields familiar with SME M&A form support teams for each project Best M&A＝Best completed mandate × Best success Our company’s belief Our vision of the best M&A Four reasons for achieving the best completed mandate Companies are places for owners, employees and families to form lasting bonds
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 43 Our Brand Movie 「Support that 'feeling' more than anyone else 」 This depicts how the consultants of Nihon M&A Center support the struggles of transfer owners. Please take a look. Industry Trends – Our Response （4） Five supports to lead you from Completed mandate to Success Examples of initiatives to communicate our company’s features to clients The production record of 'The WAY’ has surpassed a total of 100 books For more details about the closing ceremony, please take a look here . A company specialized in PMI support will lead M&A to success. To the Legendary Entrepreneur Japan's First Trouble Prevention Automatic Attachment of Representation and Warranty Insurance Even in the unlikely event of a breach of representations and warranties, we will provide support to maintain a good relationship. Life experiences, thoughts, and the life philosophy cultivated will be documented in a biography until the point of transfer. Supporting Your Second Chapter of Life Next Navi We provide support from asset succession to enjoying the second chapter of life. A memorable Closing Ceremony For the seller’s owner, it marks the culmination of their entrepreneurial journey, while for the buyer, it is a day to celebrate the start, beautifully staged. Synergy Creation PMI The only publicly listed company For more details about our brand, please take a look here.
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 44 In response to rising expectations for higher service quality and ethical standards across the industry, we conducted a New Year all-employee training session to think about "professionalism" Overview of the 2026 New Year All-Employee Training Program An era in which M&A advisory firms are expected to demonstrate greater "accountability for outcomes" and a "truly customer-centric approach" To strengthen our corporate culture, we conducted an all-employee training session focused on the theme of “professionalism” • Theme: "Act as a True Professional" • Through lectures by external and internal speakers, presentations by employee representatives, and group discussions, we shared the mindset and core values that professionals should embody across the entire organization One of the initiatives to enhance corporate value by improving customer satisfaction, raising quality standards, and securing trust For details on our other training programs, see page 60 Our commitment Industry Trends – Our Response （5） （Our policy shift in acquiring new sell-side mandates is also driven by this same underlying background. See page 11）
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Business Environment
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 46 67.2 66.0 65.8 62.3 58.0 54.5 0 10 20 30 40 50 60 70 2018 2019 2020 2021 2022 2023 （Reference） Distribution of the Age of Owners & Ratio of Companies with No Successor The per centage of SME owners aged over 70 shows an upward trend The ratio of companies with no successor is trending down, but still represents a majority （％） 0 5 10 15 20 25 20～24 25～29 30～34 35～39 40～44 45～49 50～54 55～59 60～64 65～69 70～74 75～79 80～ In 2000 In 2005 In 2010 In 2015 In 2020 In 2023 （％） Age distribution of SME owners (in 5-year categories) Ratio of SMEs with no successor Source： Teikoku Data Bank, Ltd. Company outline file revised edition, White Paper on Small and Medium Enterprises in Japan (May 10, 2024) Note １．SME as defined in the Small and Medium-sized Enterprise Basic Act. Company size on basis of Company outline file. 2. The distribution of executive ages is based on small businesses where the ages of the executives are disclosed. 3. Due to limited data availability 2000 figures take January 2001 data, otherwise data is from December in the company outline files. Source: Teikoku Data Bank, Ltd. Company outline file and Corporate Credit Research Bulletin revised editions. 2024 SME White Paper (published 10 May 2024) Note 1. SME as defined in the Small and Medium-sized Enterprise Basic Act. Company size on basis of Company outline file. 2. The figures in the graph above shows the ratio of small businesses, including those without information on executive ages.
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 47 61.4 61.5 56.5 54.9 52.4 38.6 38.5 43.5 45.1 47.6 48.5 0 50 100 2019 2020 2021 2022 2023 2024 Profitable In loss （Reference） Key Reasons for Companies Becoming Dormant, Closing Down or Being Broken Up （％） 51.5% No desire of successor （ 45.2 ％ ） Company has no future （ 22.1 ％ ） Do not have children （ 12.1 ％ ） No desire for child to be successor （ 10.9 ％ ） Could not find suitable successor （ 5.4 ％ ） No prospect for regional development （3.2％） Other （ 1.1 ％ ） Companies closing down due to lack of successor 28.4% In 202４, ６2,695 companies became dormant, closed down or were broken up, a historical high Over half the companies which closed down are profitable The reason for about 30% of companies closing down is the lack of a successor Breakdown according to profit/loss of companies which became dormant, closed down or were broken up Reasons for companies closing down (according to companies planning to close down) Source： Extract from Japan Finance Corporation Research Institute SMEs succession - internet survey in 2023. https://www.jfc.go.jp/n/findings/pdf/sme_findings230323_1.pdf Source： Tokyo Shoko Research, Ltd. Extract from 2024 Survey of trends for companies which have been closed down or broken up. https://www.tsr-net.co.jp/data/detail/1200854_1527.html Note: Based on last published financial results prior to closing down or being broken up
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Potential Market
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 49 80,591 86,174 ＊２ 92,175 94,655 95,234 93,087 92,255 70,000 75,000 80,000 85,000 90,000 95,000 100,000 2021 2022 2025 2030 2035 2040 2045 (no. of companies） Estimated Potential Demand for M&A Related to Business Succession Source: Estimated by Yano Research Institute Ltd. as of November, 2023 ０ Potential demand for M&A of SMEs lacking a successor is forecast to peak in 2035, but still maintain a high annual volume of over 90,000 Projection of potential demand for M&A of SMEs lacking a successor ＊1 （sales over ￥100m, CEO age over 60） *１ Those companies with undermined succession or closure plans are included, except for those that already have a family or employee succession plan and those that are planning for closure or liquidation (The above inclusion assumes that the same percentage as those that have been revealed by business closures, business succession, etc. of potential companies exist) *2 The discrepancy in the potential number of M&A of SMEs lacking a successor (estimated) on the next page is due to differences in categorization and the assumptions at the time of estimation
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 50 *1 Yano Research Institute estimates based on data in “Survey of SME status (2022 edition)” *2 In calculating the estimated number of potential M&A target companies, it has been assumed that those companies with a CEOaged over 60 are considered to aim for business succession, while those with a CEO aged under 60 are not. Because it is an estimate, the number of companies with a CEO aged over 60 may include those companies that do not aim for business succession. Likewise, the number of companies with a CEO under 60 may include those that do aim for business succession. “Non-business succession focus M&A” are classified into industry restructuring and growth strategy types *3 Based on our company’s average historical success fees within each sales size category, multiplied by the number of potential M&A target companies *4 The discrepancy in the potential number of M&A of SMEs lacking a successor (estimated) on the previous page is due to differences in categorization and the assumptions at the time of estimation M&A Potential Market Size The potential market size for M&A of SMEs (sales over ¥100m) in the domestic market is ¥13.5 trillion Source: Estimated by Yano Research Institute Ltd. as of January, 2024 Sales size Number of SMEs*1 Number of potential M&A target companies*2 Potential market size*3Business succession focus （CEO age over 60） Business succession not focus （CEO age under 60） >¥1bn 100,012 13,821 16,758 ¥ 4.0 trillion >¥100m <¥1bn 577,149 79,715 90,724 ¥ 9.5 trillion Total 677,161 93,536 107,482 ¥ 13.5 trillion *4
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Company Overview
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 52 3,655 5,008 6,005 7,214 10,547 12,227 14,778 19,069 24,625 28,463 32,009 34,795 40,401 41,315 44,136 44,077 1,376 2,171 2,834 3,437 5,496 6,310 7,116 9,070 11,670 12,533 14,467 15,468 16,864 15,472 16,518 16,918 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 (¥mn) Consolidated sales Consolidated ordinary profit (Reference) Track record on Sales and Ordinary Profit since FY2009
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 53 Company name Nihon M&A Center Holdings Inc. Established April 1991 *Transition to a holding company structure taken place in October 2021 Business outline Group management function of M&A intermediary service subsidiaries Representative President and Representative Director Suguru Miyake Offices Domestic 7： Overseas 5： Paid-in capital ¥4.0 billion Number of shares issued 336,934,800 (including treasury stocks) Market listing Tokyo Stock Exchange Prime Market Stock code 2127 No. of employees (consolidated) 1,074 （excluding 6 full-time directors) Breakdown of employees by type M&A consultants 625 M&A support/Others 436 Corporate Profile (as of end-Dec 2025) Leading company in M&A intermediary services with a track record of over 10,000 completed transactions Tokyo headquarters, Osaka branch, Nagoya branch, Hiroshima branch, Fukuoka branch, Hokkaidosales office, Okinawa sales office Nihon M&A Center Singapore Pte. Ltd., PT Nihon Mergers And Acquisitions Center Indonesia, Nihon M&A Center, Vietnam co., LTD, Nihon M&A Center Malaysia Sdn. Bhd., Nihon M&A Center (Thailand) Co., LTD
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 54 Corporate History ★ We have been profitable since the second year of our history and have continuously paid a dividend 1991 2000 200２ 2006 2007 2008 201５ 2016 2019 20２１ 2022 2023 2024 2025 Rapid growth period Foundation period IPO period Second foundation period First listing of a company in Japan specializing in M&A intermediary services for SMEs First to list on TSE 1st Section Transferred from TSE Mothers to 1st Section (14 months from listing on TSE Mothers, the fourth fastest such transfer at the time) Honorable Chairman Wakebayashi and President Miyake worked at Olivetti Japan, selling computers nationally to accounting firms and regional financial institutions. The current M&A network has evolved from their network at that time. Establish Office for promotion of M&A research with academic, industry & government collaboration Oversea offices （As of March 2025） ５ locations （Singapore, Malaysia, Vietnam, Thailand, Indonesia） Founded with eminent certified public accountants and tax accountants nationwide at the core. Accounting offices throughout the country were organized into a network of regional M&A centers. Established a nationwide M&A study group with regional banks as members Formed a business alliance with Shinkin Central Bank, followed by Shinkin Capital and shinkin banks throughout Japan. Change of name to “Nihon M&A Center Inc.” Listed on the TSE Mothers Stock Exchange Commenced partnerships with large financial institutions Entry to JPX-Nikkei Index 400 Start first overseas office in Singapore Expansion of services through steady establishment of firms with M&A related activities Start TOKYO PRO Market（TPM） IPO support activities Entry to Nikkei Stock Index 300 Change to a holding company structure with the company name Nihon M&A Center Holdings Inc. 30th anniversary event “M&A Conference 2021” Move to Tokyo Stock Exchange Prime market Creation of new company Purpose Joint ventures with financial institutions Group companies （As of March 2025） 16 subsidiaries, 13 equity method applied affiliate Recognized by Guinness World Records for 5 consecutive years "Best-selling mergers and acquisitions advisory company in 2024" (Year of record: Jan 2024 - Dec 2024)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 55 Business Model Nationwide M&A information network Providing corporates buying or selling with an abundance of information on deals, irrespective of location or sector, harnessing a nationwide network of financial institutions and accountants Network Information Accounting firms … 1,090 firms Regional banks … Collaboration agreement with 95 (out of a total of 97) Shinkin banks … Collaboration agreement with 222 (out of a total of 254) Credit union Large financial institutions … Nomura Securities, Daiwa Securities, MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities, Sumitomo Mitsui Banking Corporation, Okasan Securities, JAPAN POST and JAPAN POST HOLDINGS, Tokai Tokyo Securities, and SBI SECURITIES Direct information Seminars, websites, direct mail Industry Focus Team （medical, nursing care, dispensing pharmacies, IT, logistics, manufacturing, food, etc.） Private equity funds Sellers Buyers M&A advisory companies set up together with regional banks Offering much enhanced local support through closer connection with the regional financial institutions As of end-Dec 2025 NOBUNAGA Succession (Gifu Prefecture, 2023) Kyushu M&A Advisors (Fukuoka Prefecture, 2024) Okigin Success Partners (Okinawa Prefecture, 2025) Information Information Information Information *Listed by the time series of partnership starting
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 56 １ Strong systems for developing valuable information Very strong network for M&A information Regional financial institutions, accountants, large financial institutions, other ２ Powerful matchmaking capability Top in the industry with above 600 well organized specialist M&A consultants Database which has accumulated information for a long period of time Higher success rate of M&A ３ High level of M&A expertise and knowledge of the industry About 40 people with legal, accounting and tax qualifications (lawyers, notaries, certified public accountants, tax accountants) A wealth of in-house expertise, finding M&A solutions in a timely way with M&A processes Integration Several subsidiaries which specialize in all the processes, from company valuation to post-merger integration (PMI) ４ Highly trusted Pioneer in SME M&A with an outstanding track record 34 years of history, over 10,000 successful transactions The Strengths of Nihon M&A Center Never let any competitor catch up Differentiation through service, superiority without competing on price
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 57 Our Workflow as An M&A Intermediary * Proactive Search is a registered trademark (no. 65557253) of Nihon M&A Center Holdings Services provided to sellers Preparation of company overview documents Consultation Signing of advisory agreement Arrangement of support team Services provided to buyers Post-disposal support Production of blind teaser Proposal for potential buyer list Discussion on non-name basis Strategic planning and search for target* Explanation of important contract terms and conditions Signing of confidentiality agreement Review of target company summary information document Explanation of important contract terms and conditions Signing of advisory agreement Implementation support for disclosure Matching Management meeting, site visits Negotiation of price & terms Support for concluding basic agreement (acquisition of exclusive negotiation rights) Negotiation of final terms Signing of definitive agreement, document exchange, settlement Services provided to both parties Provision of materials Valuation Inquiry into acquisition needs Presentation of detailed individual information and Q&A Retainer fee Retainer fee Success fee Success fee Due diligence PMI preparation （discussions ） PMI support Interim fee
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 58 M&A interm ediary Private equity funds Small- scale M&As Media Human resources with digitalizati on skills Market research Company valuation Consultin g services after transactio ns PMI support Becoming An Integrated M&A Company Specialized high quality group companies Japan Investment Fun Jointly established with Development Bank of Japan as a fund which plays roles of social infrastructure for the foundation for SMEs’ growth. J-Search Search fund* to provide solutions regionally for companies with succession and human resource needs. AtoG Capital Operator of problem-solving bridge fund to facilitate successful cross-border M&A, closing governance gaps with companies in the ASEAN region. Japan Private Equity A company operating business succession and restructuring funds for SMEs and MBO (management buyout) funds, which was Jointly funded with the Development Bank of Japan. Search Fund Japan The first Japanese investment company which conducts search fund-based * M&As nationwide. Japan PMI Consulting A consulting firm specializing in post-merger integration (PMI) support, the key to successful M&A. Next Navi A comprehensive consulting firm which was jointly established with Aoyama Zaisan Networks, for business succession, asset management, and life planning. It supports prior owners after M&A. Corporate Value Laboratory A company specializing in company valuation. It estimates and proposes neutral M&A transaction prices. Special People Association Handles BPO business, validation services and development services, became a subsidiary of the Company in October 2020. Yano Research Institute A leading company of market research. Nihon DX HR Center Offering support for digitalization initiatives of SMEs as well as learning contents to develop human resources with digitalization skills. ZUUM-A Running THE OWNER, the media helpful for SME owners. Nihon M&A Center Established in 1991. The top company for closed deals in the M&A intermediary services industry. Batonz Running BATONZ, M&A and business succession support platform utilizing the internet. * Search fund: activities in which individuals who are prospective business owners take the lead in business succession of SMEs and themselves engage in business management.
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 59 Nihon M&A Center Inc. Organization Structure （as of Dec 2025） President Chairman （Collaboration with accounting firms ） （Collaboration with regional financial inst. ） （Collaboration with securities companies ） （Collaboration with mega banks ） （Primarily buy-side coverage ） （Primarily sell-side coverage ） （Focus on mid-cap companies ） （Focus on sectors undergoing restructuring ） （Focus on healthcare sector ） （Focus on completion of inactive mandates ） DealManagementDept. HRDept. CorporateAdvisory 1Dept. CorporateAdvisory 2Dept. EastJapanDocumentMgmt.Dept. GeneralAffairsDept. FinanceandAccountingDept. IPOPromotionDept. GrowthStrategyDevelopmentDept. HokkaidoSalesOffice RiskManagementDept. ASEANPromotionDept. BusinessMgmt.Dept. InsideSalesDept. IPOReviewDept. HRStrategyDept. LegalAdvisoryDept. GrowthStrategySupportDept. WestJapanDocumentMgmt.Dept. MegabanksChannel AccountantsChannel RegionalFinancialInst.Channel SecuritiesChannel CorporationsChannel DirectMarketingChannel GrowthStrategyChannel IndustryFocusChannel HealthcareChannel SpecialSituationsChannel PRDept. CorporatePlanningDept. IRDept. BusinessInnovationOffice CEO‘sOffice BusinessControlDiv. BusinessProcessesDepartment RegionalFin.Inst. BusinessPlanningDept. FinancialInstitutions BusinessPlanningDept. ITpromotionDept. DataManagementDept. RealmarketingDept. DigitalmarketingDept. InformationSystemDept. CustomerSatisfactionpromotionDept. Corporate HQMarketing HQ Value Promotion HQ TPMDiv. InternationalDiv. CentreforGrowth StrategyDevelopment FinancialInstitutions BusinessDiv. Sales HQ Audit and Supervisory Committee Board of Directors Shareholders Annual General Meeting Compliance Division Internal Audit Office
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 60 Human Resource Development Plan Achieving early development as well as strengthening the next generation A layered approach for thoroughness We aim to achieve fast results from the training Training Program Structure （excerpt） M&A consultants Corporate Staff Dale Carnegie Training (layer-based） Manager Training （layer-based） General Manager Training （layer-based） Advanced Leader Program (selected) Management All new recruits Executives Coaching （selected） ★ New Employee Training (New Graduates and Mid-Career Hires) Implemented over a period of 1 to 2 months.. The training includes not only basic business etiquette and knowledge of the M&A intermediary services industry but also focuses on compliance education. ★Special training from top management. Offering opportunities to learn practical know-how and develop a client-centric approach through case studies, role-playing, and discussions covering the process from basic agreements to closures Top Consultant Development Program （selected） ★ Young Consultant Training Program （selected） ★ Cross-industry Learning Program for Female Leaders New Leader Program (selected)
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 61 greater efficiency to every component of the M&A process What We Do for Digital Transformation Valuation Advisory agreement Preparation of teaser Management meeting Negotiation Letter of intent Definitive agreement Completion ceremony Matching Case analysis Consultation Creation of potential buyer lists using historic transactions. Increase in efficiency of matching System for producing and monitoring legal agreements and closing package Awareness Lead creation DigitalisationUtilizing media & digital communication Through greater efficiency of the M&A process increase in speed and higher yield Awareness Lead creation Seminars DM Introductions Collaborations Email circulars Radio TV/CM Targeting greater mind share Newspapers, magazines YouTube WEB Social media Website Information on projects, Owned media, “THE OWNER” Private company valuation system, now also adopted by regional banks and accountancy firms with which we are closely allied Provisional due diligence system. Automated risk identification and highlighting of red flags for a speedier process System for producing a package of all the necessary documents for the share sale agreement and execution Project Diagnosis System
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 62 Average： 3９ employees, Median: 1６ employeesAverage： ¥９３４mn, Median： ¥3２４mn Transactions closed in FY2024 What size sellers does Nihon M&A Center support ？ Sales in a seller (¥mn) Number of employees in a seller 90% is composed of companies with sales of 2 billion yen or less. We offer different services according to a company’s size. The focus is on M&A support for small- and medium-sized companies. There are numerous potential clients. 100 or less 1 １ . ９ ％ More than 100 to 200 ２０ . ６ ％ More than 200 to 300 1 ４ . ５ ％ More than 300 to 400 12. ２ ％ More than 400 to 500 ７ .4 ％ More than 500 to 700 ９ .3 ％ More than 700 to 1,000 7. ６ ％ More than 1,000 to 2,000 9. ８ ％ More than 2,000 6. ７ ％ More than 10 to 20 employees 23.6 ％ More than 20 to 30 employees 12.4 ％ More than 30 to 50 employees 11.1 ％ More than 50 to 100 employees 11.1 ％ More than 100 employees 6.5 ％ More than 5 to 10 employees 19.5 ％ 5 employees or less 1 ５ .8 ％ Calculated from deals closed in FY202４
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 63 Transactions closed in FY2024 Same sector Different sector Total Same region 9.1 ％ 24.6 ％ 33.7 ％ Different region 22.7 ％ 43.6 ％ 66.3 ％ Total 31.8 ％ 68.2 % 100.0 ％ We achieve optimal matching from our broad geological and sector reach Industries of companies sold Nihon M&A Center matching results Few cases of simple matching from the same region or sector, we put forward combinations which create synergies Regions： Based on prefectures Sectors: Our Internal industry classification is used. (Left graph: 20, Right table: 262). Data in both cases taken from completed transactions in FY2024 Construction 23.4 ％ Metal and plastic related 10.4 ％ Machinery, electronics parts manufacturing and distribution ５ .2 ％ Food industry 7.6 ％ Medical and nursing care 6.5 ％ IT 6.9 ％ Property business 5.0 ％ HR services for corporations 6.1 ％ Land transportation, shipping 4.6 ％ Other 24.3 ％
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 64 Number of Transactions Closed in Q3 (1/3) 164 transactions closed, 322 by number of companies Selling company Acquiring company Industry classification Region Industry classification Region 1 Scrap processing and wholesaling Chugoku, Shikoku Scrap processing and wholesaling Chugoku, Shikoku 2 Pipe contractor Kanto Pipe contractor Kanto 3 Plant engineering Kanto Plant engineering Kansai 4 Electric components manufacture Kanto Interior finish work Kanto 5 Geological survey Kanto Geological survey Kanto 6 Automotive retail Koshinetsu Construction materials wholesale Koshinetsu 7 Property business Kanto Property management / sale Tokai, Hokuriku 8 Property business Hokkaido, Tohoku Property business Kanto 9 Hospital Kyushu, Okinawa Hospital Kanto 10 Nursing and welfare Kanto Nursing and welfare Kanto 11 Metals parts processing Koshinetsu Metal parts wholesale Kansai 12 Industrial machinery manufacture Tokai, Hokuriku Industrial machinery manufacture Tokai, Hokuriku 13 Electrical and telecoms contractor Kanto Industrial machinery manufacture Hokkaido, Tohoku 14 Other construction works Tokai, Hokuriku Industrial machinery wholesale Tokai, Hokuriku 15 Convenience goods manufacture / wholesale Overseas Convenience goods manufacture / wholesale Tokai, Hokuriku 16 Resin parts processing Koshinetsu Chemical manufacturing Kansai 17 Industrial machinery wholesale Overseas Chemicals wholesale Kanto 18 Pharmacy / drugstore Kanto Pharmacy / drugstore Kanto 19 Truck transportation Tokai, Hokuriku Truck transportation Kansai 20 Taxi Kansai Taxi Kanto 21 Customized software development Kanto Customized software development Kanto 22 Packaging materials wholesale Kansai Printing Kanto 23 Resin parts processing Tokai, Hokuriku Printing Kanto 24 Manpower dispatching Chugoku, Shikoku Office equipment manufacturing Kanto 25 Geological survey Tokai, Hokuriku IT related business Kanto 26 Education Kanto Private equity fund Kanto 27 Interior finish work Kanto Services for corporate customers Kanto 28 Sport Kyushu, Okinawa Sport Kanto Selling company Acquiring company Industry classification Region Industry classification Region 29 Property management / sale Kanto Food retail Kanto 30 Truck transportation Kanto Automotive retail Kanto 31 Lifting and demolition work Kanto Private equity fund Kanto 32 Civil engineering contractor Kanto Building construction Tokai, Hokuriku 33 Electrical and telecoms contractor Chugoku, Shikoku Building construction Chugoku, Shikoku 34 Building construction Tokai, Hokuriku Electrical and telecoms contractor Tokai, Hokuriku 35 Interior finish work Kyushu, Okinawa Electrical and telecoms contractor Kyushu, Okinawa 36 Exterior finish work Kanto Exterior finish work Kanto 37 Exterior finish work Kyushu, Okinawa Exterior finish work Tokai, Hokuriku 38 Energy Kanto Energy Kanto 39 Nursing and welfare Hokkaido, Tohoku Nursing and welfare Kansai 40 Food wholesale Chugoku, Shikoku Food wholesale Chugoku, Shikoku 41 Food wholesale Kansai Food wholesale Tokai, Hokuriku 42 Industrial machinery manufacture Tokai, Hokuriku Mold manufacturing Tokai, Hokuriku 43 Metals parts processing Tokai, Hokuriku Metal parts wholesale Tokai, Hokuriku 44Furniture / furniture interior manufacturing Kanto Daily goods manufacturing Kansai 45 Pharmacy / drugstore Kanto Pharmacy / drugstore Kanto 46 Customized software development Kansai Customized software development Kanto 47 Customized software development Kanto Proprietary software development Chugoku, Shikoku 48 Travel related service Chugoku, Shikoku Broadcasting Chugoku, Shikoku 49 Office equipment manufacturing Kanto Office equipment manufacturing Tokai, Hokuriku 50 Accounting firm Kanto Accounting firm Kansai 51 Accounting firm Kansai Accounting firm Tokai, Hokuriku 52 Daily goods manufacture / wholesale Kyushu, Okinawa Automotive retail Kansai 53 Industrial machinery wholesale Kanto E-commerce services Chugoku, Shikoku 54 Food manufacture Kanto Private equity fund Kanto 55 Metal parts wholesale Tokai, Hokuriku Private equity fund Kanto 56 Automotive retail Hokkaido, Tohoku Automotive retail Hokkaido, Tohoku
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 65 Number of Transactions Closed in Q3 (2/3) Selling company Acquiring company Industry classification Region Industry classification Region 57 Building construction Overseas Building construction Kanto 58 Building construction Koshinetsu Building construction Koshinetsu 59 Civil engineering contractor Hokkaido, Tohoku Building construction Hokkaido, Tohoku 60 Apparel design / retail Kanto Building construction Hokkaido, Tohoku 61 Building construction Chugoku, Shikoku Building construction Kyushu, Okinawa 62 Interior finish work Kanto Building construction Kanto 63 Civil engineering contractor Kansai Civil engineering contractor Kansai 64 Civil engineering contractor Hokkaido, Tohoku Civil engineering contractor Kanto 65 Exterior finish work Kanto Civil engineering contractor Tokai, Hokuriku 66 Pipe contractor Koshinetsu Pipe contractor Tokai, Hokuriku 67 Interior finish work Tokai, Hokuriku Building construction Tokai, Hokuriku 68 Interior finish work Kyushu, Okinawa Building construction Kyushu, Okinawa 69 Geological survey Kansai Electrical and telecoms contractor Kansai 70 Customized software development Kanto Plant engineering Kyushu, Okinawa 71 Exterior finish work Kansai Exterior finish work Kanto 72 Exterior finish work Chugoku, Shikoku Exterior finish work Kanto 73 Steel processing Kanto Steel processing Kanto 74 Geological survey Hokkaido, Tohoku Steel processing Hokkaido, Tohoku 75 Civil engineering contractor Kyushu, Okinawa Scaffolding construction Kyushu, Okinawa 76 Machine repair / maintenance Hokkaido, Tohoku Construction rental / leasing Hokkaido, Tohoku 77 Geological survey Hokkaido, Tohoku Construction rental / leasing Hokkaido, Tohoku 78 Manpower dispatching Hokkaido, Tohoku Other construction works Hokkaido, Tohoku 79 Architect Kanto Geological survey Kanto 80 Construction materials wholesale Kanto Construction materials wholesale Hokkaido, Tohoku 81 Construction materials wholesale Kansai Construction materials wholesale Kansai 82 Recycling business Tokai, Hokuriku Industrial waste management Kanto 83 Scrap processing and wholesaling Chugoku, Shikoku Industrial waste management Kanto 84 Energy Hokkaido, Tohoku Energy Hokkaido, Tohoku 85 Printing Hokkaido, Tohoku Energy Hokkaido, Tohoku 86 Energy Kansai Energy Kansai 87 Pipe contractor Kansai Energy Kanto 88 Metal parts wholesale Kanto Property development / sales Kyushu, Okinawa Selling company Acquiring company Industry classification Region Industry classification Region 89 Property development / sales Kanto Property development / sales Kanto 90 Hotels Kyushu, Okinawa Property development / sales Tokai, Hokuriku 91 Pipe contractor Kyushu, Okinawa Property development / sales Kyushu, Okinawa 92 Manpower dispatching Chugoku, Shikoku Building maintenance Kansai 93 Recycling business Kyushu, Okinawa Building maintenance Chugoku, Shikoku 94 Nursing and welfare Kanto Property business Kyushu, Okinawa 95 Hospital Kansai Hospital Kansai 96 Nursing and welfare Kansai Hospital Kansai 97 Clinic Kanto Clinic Kanto 98 Nursing and welfare Kyushu, Okinawa Nursing and welfare Kanto 99 Clinic Kanto Nursing and welfare Kanto 100 Hospital Kanto Medical related services Hokkaido, Tohoku 101 Agriculture, forestry and fisheries related Hokkaido, Tohoku Agricultural related manufacture / sales Tokai, Hokuriku 102 Cosmetics manufacturing Kanto Food wholesale Hokkaido, Tohoku 103 Food manufacture Kanto Food wholesale Kansai 104 Restaurants Hokkaido, Tohoku Restaurants Tokai, Hokuriku 105Apparel manufacturing and sewing Tokai, Hokuriku Apparel manufacturing and sewing Kyushu, Okinawa 106 Can manufacture / sheet metal Kansai Metals parts processing Kansai 107 Metals parts processing Kansai Metals parts processing Kansai 108 Metals parts processing Koshinetsu Metals parts processing Koshinetsu 109 Metals parts processing Overseas Metals parts processing Chugoku, Shikoku 110 Metals parts processing Kanto Mold manufacturing Kanto 111 Ceramic, stone and clay products Kanto Can manufacture / sheet metal Kanto 112 Metals parts processing Kansai Resin parts processing Kanto 113 Chemical manufacturing Kanto Metals parts processing Tokai, Hokuriku 114 Metals parts processing Kanto Metals parts processing Kansai 115 Other construction works Tokai, Hokuriku Metal parts wholesale Tokai, Hokuriku 116 Metal parts wholesale Tokai, Hokuriku Metal parts wholesale Kanto 117 Industrial machinery wholesale Hokkaido, Tohoku Electric components manufacture Kanto 118 Electric components manufacture Tokai, Hokuriku Electric components manufacture Tokai, Hokuriku 119 E-commerce services Kanto Other machinery manufacture Tokai, Hokuriku 120 Machine repair / maintenance Kanto Convenience goods manufacture / wholesale Kanto
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 66 Number of Transactions Closed in Q3 (3/3) Selling company Acquiring company Industry classification Region Industry classification Region 121 Manpower dispatching Kyushu, Okinawa Daily goods manufacture / wholesale Kyushu, Okinawa 122 Furniture wholesale Koshinetsu Daily goods manufacture / wholesale Kanto 123 Chemical manufacturing Kanto Chemical manufacturing Kansai 124 Chemicals wholesale Chugoku, Shikoku Chemicals wholesale Tokai, Hokuriku 125 Pharmaceutical wholesale Kanto Pharmaceutical wholesale Kanto 126 Pharmacy / drugstore Hokkaido, Tohoku Pharmacy / drugstore Hokkaido, Tohoku 127 Truck transportation Tokai, Hokuriku Truck transportation Tokai, Hokuriku 128 Truck transportation Kyushu, Okinawa Truck transportation Kyushu, Okinawa 129 Truck transportation Chugoku, Shikoku Truck transportation Kansai 130 Trade-related work Kanto Truck transportation Kanto 131 Truck transportation Koshinetsu Truck transportation Koshinetsu 132 Travel related service Hokkaido, Tohoku Bus Hokkaido, Tohoku 133 Taxi Kanto Taxi Tokai, Hokuriku 134 Automotive retail Hokkaido, Tohoku Transportation related services Kanto 135 Customised software development Kanto Customised software development Kanto 136 Proprietary software development Tokai, Hokuriku Customised software development Kanto 137 Customised software development Kanto Customised software development Kyushu, Okinawa 138 Customised software development Kanto IT related business Kanto 139 Printing Tokai, Hokuriku Printing Tokai, Hokuriku 140 Printing Chugoku, Shikoku Printing Kansai 141 Proprietary software development Kanto Printing Hokkaido, Tohoku 142 Sales promotion Kanto Sales promotion Tokai, Hokuriku 143Manpower dispatching Kanto Manpower dispatching Tokai, Hokuriku 144Manpower dispatching Tokai, Hokuriku Manpower dispatching Kanto 145 Accounting firm Kanto Accounting firm Kanto 146 Accounting firm Kyushu, Okinawa Accounting firm Kyushu, Okinawa 147 Accounting firm Kansai Accounting firm Kansai 148 Food wholesale Tokai, Hokuriku Trade-related work Kanto 149 Printing Kyushu, Okinawa Property management / sale Kyushu, Okinawa 150Civil engineering contractor Kanto Services for corporate customers Kanto 151 Industrial machinery wholesale Kansai Private equity fund Kanto 152 Nursing and welfare Kanto Private equity fund Kanto Selling company Acquiring company Industry classification Region Industry classification Region 153 Restaurants Kanto Services for corporate customers Kanto 154 Hotels Kyushu, Okinawa Hotels Kyushu, Okinawa 155 Food wholesale Hokkaido, Tohoku Food retail Hokkaido, Tohoku 156 Food retail Kyushu, Okinawa Food retail Kyushu, Okinawa 157 Food retail Kanto Food retail Kanto 158 Office equipment manufacturing Kanto Automotive retail Kanto 159 Pharmacy / drugstore Kanto E-commerce services Kanto 160 Machine repair / maintenance Kansai Other retails Kanto 161 Architect Kyushu, Okinawa Funeral services Kyushu, Okinawa 162 Security firm Chugoku, Shikoku Security firm Chugoku, Shikoku 163Pharmaceutical related Kanto Education Kanto 164 Recycling business Hokkaido, Tohoku Education related services Hokkaido, Tohoku
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 67 Sustainability Initiatives Sustainability initiatives│ https://www.nihon-ma.co.jp/en/sustainability/ (Reference)Sustainability initiatives We have compiled our Group's response to climate change and ESG data on our website. 2024 MSCI ESG Rating Raised to A Global ESG investment index created by the US company MSCI (Morgan Stanley Capital International) 7 ratings (CCC – AAA) awarded based on analysis of specific ESG criteria for each sector, the strength of approaches taken by individual companies and their risk management Includes about 10,000 companies globally, researched using publicly available sources such as annual reports and integrated reports Year 2019 2020 2021-2０23 ２０２４ Score B BB BBB A Nihon M&A Center Holdings Starts Climate-related Information Disclosure Based on TCFD Recommendations We announced endorsement of the recommendations of TCFD, and started disclosing relevant information from 2025, which aim at strengthening the disclosure of climate-related information The Sustainability Promotion Committee was newly established to upgrade our internal response systems Supporting the active participation of female consultants We are strengthening recruitment and supports of female M&A consultants, to achieve sustainable growth and become the best place to work for diverse talents. Conducted a training specialized for female consultants with ▲ aim of networking and identifying challenges Nihon M&A Center CEO Naoki Takeuchi also gave talks ▲ Commencement of talks nationwide at schools Initiatives to broaden the base of M&A. Themed “How does M&A link companies and protect local economies?” – explaining the importance of ownership succession and the attractiveness of a career in consulting.
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 68 Our M&A intermediary activities provide economic benefits Enabling the continual growth of society through sustaining and increasing employment Source：Estimated by Yano Research Institute Ltd. as of May, 2025 FY2024 Basic information Preventive effects on economic losses and job losses 1 2 Preventive effects on economic losses Number of M&A contracts 493 Preventive effects on economic losses ¥ 675.8 billion Preventive effects on economic losses for the next decade ¥ 5.0752 trillion3 Total revenues for the companies involved in the aforementioned M&A contracts ¥ 3６７.２ billion Preventive effects on job losses 52,240
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Nihon M&A Center Holdings Philosophy 1. Utmost respect for our clients 2. High viewpoint, broad field of view 3. Challenge without fear of mistake 4. Swing the pendulum in full 5. Best decisions upon free and open discussion 6. Never give up until the result is achieved 7. Be humble, learn and grow 8. The right things in the right way MA★PY, the bluebird of happiness, is the symbol of Nihon M&A Center Group, connecting people’s hopes and delivering the best M&A.
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Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. 70 Top market capitalisation in the M&A sector Market capitalisation Motivation, personal development, remuneration Employee satisfaction Integrated solutions Providing a full range of services, including PMI, strategic, financial and HR planning, as well as every kind of related activity Expanding operations from very small customers to large ones (in different space from investment banks) increasing our global presence Broad coverage To Become the Top Global Integrated M&A Company Eight leading qualities related to M&A that our group is aiming to achieve Number of mandated projects, number of transactions closed Number of transactions closed Valuation, execution Quality control Creating new industry standards for M&A Innovation Optimal matching and post-merger integration Customer satisfaction ◆Recognized by Guinness World Records for 5 consecutive years ◆ Best-selling mergers and acquisitions advisory company(Year of record: Jan 2024 – Dec 2024) *Our aim is not to gain top rankings in league tables or among investment banks – it is to become the top global integrated company by achieving the eight qualities described above.
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最後に日本M&AセンターHDのフィロソフィー Corporate ethos Assisting companies to continue and prosper through M&A Corporate Purpose To connect hopes and dreams for the best M&A experience in Japan and then the world To investors Increase market value We aim to increase market value through high profitability and growth Increase in market value together with stability and growth in dividends Return profits to shareholders Contact ： https://www.nihon-ma.co.jp/contact/ IR page URL ： https://www.nihon-ma.co.jp/groups/ir/ English website URL ： https://www.nihon-ma.co.jp/en/ir/