Interim report
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Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. February 9, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under IFRS) Company name: WILL GROUP, INC. Listing: Tokyo Stock Exchange Securities code: 6089 URL: https://willgroup.co.jp/en/ Representative: Yuichi Sumi, President and Representative Director Inquiries: Satoshi Takayama, Executive Officer and General Manager of Management Department Telephone: +81-3-6859-8880 Scheduled date to commence dividend payments: – Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for institutional investors and analysts) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 108,627 3.1 2,852 59.2 2,742 62.0 1,909 71.4 December 31, 2024 105,353 1.4 1,792 (35.9) 1,692 (37.8) 1,114 (33.3) Profit attributable to owners of parent Total comprehensive income Basic earnings per share Diluted earnings per share Nine months ended Millions of yen % Millions of yen % Yen Yen December 31, 2025 1,979 77.2 3,308 124.0 86.39 86.36 December 31, 2024 1,116 (28.6) 1,477 (38.1) 48.98 48.78 (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of Millions of yen Millions of yen Millions of yen % December 31, 2025 54,213 19,622 19,646 36.2 March 31, 2025 49,923 17,359 17,392 34.8
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2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 – 0.00 – 44.00 44.00 Fiscal year ending March 31, 2026 – 0.00 – Fiscal year ending March 31, 2026 (Forecast) 44.00 44.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated earnings forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % Fiscal year ending March 31, 2026 143,500 2.7 3,100 32.6 2,940 35.0 1,980 73.4 Profit attributable to owners of parent Basic earnings per share Millions of yen % Yen Fiscal year ending March 31, 2026 2,000 73.1 87.31 Note: Revisions to the earnings forecasts most recently announced: None
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (3) Number of issued shares (ordinary shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 23,118,900 shares As of March 31, 2025 23,095,300 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 206,122 shares As of March 31, 2025 212,864 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 22,909,346 shares Nine months ended December 31, 2024 22,807,196 shares Note: The number of treasury shares at the end of the period includes the number of shares owned by executive stock compensation trust. (200,618 shares as of December 31, 2025 and 207,455 shares as of March 31, 2025) * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: Yes (voluntary) * Proper use of earnings forecasts, and other special matters Caution concerning forward-looking statements The forward-looking statements shown in these materials, including earnings forecasts, are based on information currently available to the Company and on certain assumptions deemed to be reasonable. As such, they do not constitute guarantees by the Company of future performance. Actual results may differ significantly from these forecasts for a number of reasons. Please refer to “(3) Explanation of consolidated earnings forecasts and other forward-looking statements” under “1. Overview of operating results and others” on page 4 of the attached material for the assumptions on which earnings forecasts are based, and cautions concerning the use thereof. Means of obtaining supplementary material on quarterly financial results The supplementary material on quarterly financial results is disclosed on TDnet and the Company’s website on the same day as the quarterly financial results.
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WILL GROUP, INC. (6089) - 1 - Attached Material Index 1. Overview of operating results and others ................................................................................................ 2 (1) Overview of operating results for the period ................................................................................... 2 (2) Overview of financial position for the period ................................................................................. 3 (3) Explanation of consolidated earnings forecasts and other forward-looking statements .................. 4 2. Condensed quarterly consolidated financial statements and significant notes thereto ............................ 5 (1) Condensed quarterly consolidated statement of financial position ................................................. 5 (2) Condensed quarterly consolidated statement of profit or loss and condensed quarterly consolidated statement of comprehensive income .......................................................................... 7 (3) Condensed quarterly consolidated statement of changes in equity ................................................. 9 (4) Condensed quarterly consolidated statement of cash flows .......................................................... 10 (5) Notes to condensed quarterly consolidated financial statements .................................................. 11 Notes on premise of going concern ............................................................................................... 11 Notes on applicable framework for financial reporting ................................................................. 11 Segment information, etc. ............................................................................................................. 11
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WILL GROUP, INC. (6089) - 2 - 1. Overview of operating results and others (1) Overview of operating results for the period During the nine months ended December 31, 2025, the outlook for the global economy remained uncertain primarily due to the widespread impact from U.S. trade policies, rising geopolitical risks, and the impact of fluctuations in the financial and capital markets, thereby necessitating ongoing attention to these influences. The Japanese economy continued its gradual recovery against the backdrop of improvements in employment and income conditions, growing inbound demand, and expectations for policies under the Takaichi administration, and showed signs of a pickup in consumer sentiment. On the other hand, the outlook remains uncertain due to continued increases in logistics costs and personnel expenses, rising prices caused by the weak yen, and downside risks to the economy stemming from the impact of U.S. trade policies. Under these circumstances, in line with the basic policy of the Medium-Term Management Plan “WILL-being 2026” (the final year of which is the current fiscal year), the Group worked toward renewed growth in the Domestic Working Business by expanding the construction engineer domain, permanent employee staffing, foreign talent management services, and other initiatives. In Japan, the sales outsourcing and factory outsourcing domains, where the Group actively provides permanent employee staffing and foreign talent management services, showed firm performance. In addition, in order to strengthen hiring capabilities in Japan, the Company has been conducting promotion of “WILLOF” brand since July 2023. In June and October of the current fiscal year, the Company continued to run TV commercials in 18 prefectures that include the Kanto area, which is the Company’s largest market area, and also developed a promotion strategy utilizing the web commercials and social media, etc. In the overseas segment, while the reduction in hiring by major clients has been prolonged since the post-COVID-19 surge in hiring demand ran its course, with the impact of inflationary pressures compounding the situation, there are signs of a partial recovery. The Company has also been implementing cost control measures aimed to strengthen its earnings structure, and continues to take measures to secure sustainable revenue even amid continued uncertainty in market conditions. In addition, due to the appreciation of the yen compared to the same period of the previous fiscal year, revenue was negatively impacted by approximately ¥1,018 million, and segment profit by approximately ¥26 million. As a result of the above, revenue for the nine months ended December 31, 2025 was ¥108,627 million (up 3.1% year on year), operating profit was ¥2,852 million (up 59.2%), profit before tax was ¥2,742 million (up 62.0%), profit was ¥1,909 million (up 71.4%), profit attributable to owners of parent was ¥1,979 million (up 77.2%), and EBITDA (operating profit + depreciation and amortization) was ¥4,385 million (up 32.0%). Results of operations by segment are as follows: (i) Domestic Working Business For the Domestic Working Business, which offers temporary staffing, permanent placement, and business process outsourcing services in Japan, specifically for categories such as the sales outsourcing domain, call center outsourcing domain, factory outsourcing domain, nursing care domain, and construction management engineer domain, revenue increased due to firm performance in the construction management engineer domain, the sales outsourcing domain, and the factory outsourcing domain. In terms of profit, the steady progress of the KPIs (Key Performance Indicators) in the Medium-Term Management Plan, particularly regarding “number of workers on assignment for permanent employee staffing” and “number of foreigners supported through the foreign talent management services,” increased gross profit. Additionally, the improved SG&A expenses ratio from enhanced productivity led to increased profit. For the construction management engineer domain, the percentage of workforce on assignment improved. In addition, negotiations on unit price with clients have led to steady improvement in the contract unit price for newly graduated employees without experience.
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WILL GROUP, INC. (6089) - 3 - As a result of the above, the Domestic Working Business recorded external revenue of ¥65,522 million (up 4.9% year on year), and segment profit of ¥3,015 million (up 44.7%). (ii) Overseas Working Business For the Overseas Working Business, which offers temporary staffing and permanent placement mainly in Singapore and Australia, despite the negative impact from the yen’s appreciation compared with the exchange rate in the same period of the previous fiscal year (approximately ¥1,018 million), revenue increased overall, backed by firm temporary staffing sales in Singapore, along with permanent placement sales exceeding the same period of the previous fiscal year. In terms of profit, the reduction in SG&A expenses resulting from cost control, along with the steady performance in permanent placements, contributed to an improvement in gross profit, leading to a profit increase. As a result of the above, the Overseas Working Business recorded external revenue of ¥43,037 million (up 0.6% year on year), and segment profit of ¥1,753 million (up 16.2%). (iii) Others For the Others segment, due to the business transfer of the “ENPORT mobile” mobile telecommunications business for foreign nationals in the previous fiscal year, external revenue amounted to ¥66 million (down 46.7% year on year), with a segment loss of ¥213 million (compared with a segment loss of ¥197 million in the same period of the previous fiscal year). (2) Overview of financial position for the period (i) Assets, liabilities and equity Assets Current assets as of December 31, 2025 were ¥27,939 million, an increase of ¥1,388 million from the end of the previous fiscal year. This was mainly due to increases in trade and other receivables of ¥916 million and in other current assets of ¥390 million. Non-current assets stood at ¥26,273 million, an increase of ¥2,901 million from the end of the previous fiscal year. This was mainly due to increases in goodwill of ¥1,502 million, in other intangible assets of ¥677 million and in right-of-use assets of ¥635 million, as a result of new consolidation and currency translation effects. As a result, total assets amounted to ¥54,213 million, an increase of ¥4,289 million from the end of the previous fiscal year. Liabilities Current liabilities as of December 31, 2025 were ¥26,346 million, an increase of ¥1,137 million from the end of the previous fiscal year. This was mainly due to increases in trade and other payables of ¥1,598 million, in other financial liabilities of ¥851 million, in other current liabilities of ¥437 million and in income taxes payable of ¥297 million, despite a decrease in borrowings of ¥2,047 million. Non-current liabilities stood at ¥8,244 million, an increase of ¥889 million from the end of the previous fiscal year. This was mainly due to increases in other financial liabilities of ¥489 million and in borrowings of ¥346 million. As a result, total liabilities amounted to ¥34,590 million, an increase of ¥2,027 million from the end of the previous fiscal year. Equity Total equity as of December 31, 2025 was ¥19,622 million, an increase of ¥2,262 million from the end of the previous fiscal year. This was mainly due to increases in exchange differences on translation of foreign operations of ¥1,460 million and in retained earnings of ¥971 million, despite a decrease in capital surplus of ¥119 million due to new consolidation, etc. As a result of the above, the ratio of equity attributable to owners of parent to total assets was 36.2% (34.8% at the end of the previous fiscal year).
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WILL GROUP, INC. (6089) - 4 - (ii) Cash flows Cash and cash equivalents as of December 31, 2025 increased ¥53 million from the end of the previous fiscal year to ¥6,989 million. Status of cash flows for the nine months ended December 31, 2025 and the main factors driving them are as follows: Cash flows from operating activities Net cash provided by operating activities was ¥4,733 million (¥2,031 million provided in the same period of the previous fiscal year). This was mainly due to profit before tax of ¥2,742 million, a recording of depreciation and amortization of ¥1,532 million and an increase in trade payables of ¥1,355 million, despite factors such as income taxes paid of ¥354 million and payments included in other of ¥338 million. Cash flows from investing activities Net cash used in investing activities was ¥1,032 million (¥1,003 million used in the same period of the previous fiscal year). This was mainly due to payments for acquisition of subsidiaries of ¥815 million and purchase of property, plant and equipment, and intangible assets of ¥423 million, despite proceeds from sale of investment securities of ¥203 million. Cash flows from financing activities Net cash used in financing activities was ¥4,056 million (¥1,411 million used in the same period of the previous fiscal year). This was mainly due to repayments of long-term borrowings of ¥2,571 million, net decrease in short-term borrowings of ¥2,069 million, dividends paid of ¥1,016 million and repayments of lease liabilities of ¥963 million, despite proceeds from long-term borrowings of ¥2,460 million. (3) Explanation of consolidated earnings forecasts and other forward-looking statements Consolidated earnings forecasts are unchanged from those announced on November 7, 2025. Note that earnings forecasts are based on information currently available to the Company, and actual results may differ from forecasts for a variety of reasons going forward.
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WILL GROUP, INC. (6089) - 5 - 2. Condensed quarterly consolidated financial statements and significant notes thereto (1) Condensed quarterly consolidated statement of financial position (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and cash equivalents 6,936 6,989 Trade and other receivables 18,136 19,052 Other financial assets 213 241 Other current assets 1,265 1,655 Total current assets 26,551 27,939 Non-current assets Property, plant and equipment 1,109 1,283 Right-of-use assets 4,391 5,027 Goodwill 8,166 9,668 Other intangible assets 5,605 6,282 Other financial assets 2,160 2,010 Deferred tax assets 1,851 1,943 Other non-current assets 86 56 Total non-current assets 23,371 26,273 Total assets 49,923 54,213
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WILL GROUP, INC. (6089) - 6 - (Millions of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Trade and other payables 16,956 18,555 Borrowings 4,003 1,956 Other financial liabilities 1,426 2,278 Income taxes payable 523 820 Other current liabilities 2,297 2,735 Total current liabilities 25,208 26,346 Non-current liabilities Borrowings 2,602 2,948 Other financial liabilities 3,636 4,126 Deferred tax liabilities 935 981 Other non-current liabilities 181 188 Total non-current liabilities 7,354 8,244 Total liabilities 32,563 34,590 Equity Share capital 2,217 2,222 Capital surplus (2,068) (2,187) Treasury shares (204) (198) Other components of equity 1,912 3,303 Retained earnings 15,536 16,507 Total equity attributable to owners of parent 17,392 19,646 Non-controlling interests (32) (23) Total equity 17,359 19,622 Total liabilities and equity 49,923 54,213
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WILL GROUP, INC. (6089) - 7 - (2) Condensed quarterly consolidated statement of profit or loss and condensed quarterly consolidated statement of comprehensive income Condensed quarterly consolidated statement of profit or loss (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Revenue 105,353 108,627 Cost of sales 83,257 84,669 Gross profit 22,096 23,958 Selling, general and administrative expenses 20,717 21,225 Other income 428 159 Other expenses 15 40 Operating profit 1,792 2,852 Share of profit of investments accounted for using equity method 24 – Finance income 39 31 Finance costs 163 141 Profit before tax 1,692 2,742 Income tax expense 578 832 Profit 1,114 1,909 Profit attributable to Owners of parent 1,116 1,979 Non-controlling interests (2) (69) Earnings per share Basic earnings per share 48.98 86.39 Diluted earnings per share 48.78 86.36
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WILL GROUP, INC. (6089) - 8 - Condensed quarterly consolidated statement of comprehensive income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 1,114 1,909 Other comprehensive income Items that will not be reclassified to profit or loss Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income 153 (61) Total of items that will not be reclassified to profit or loss 153 (61) Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations 209 1,460 Total of items that may be reclassified to profit or loss 209 1,460 Other comprehensive income, net of tax 363 1,399 Comprehensive income 1,477 3,308 Comprehensive income attributable to Owners of parent 1,476 3,378 Non-controlling interests 0 (69)
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WILL GROUP, INC. (6089) - 9 - (3) Condensed quarterly consolidated statement of changes in equity Nine months ended December 31, 2024 (Millions of yen) Share capital Capital surplus Treasury shares Total Retained earnings Total equity attributable to owners of parent Non- controlling interests Total Balance at beginning of April 1, 2024 2,198 (2,045) (204) 2,032 15,528 17,508 10 17,518 Profit – – – – 1,116 1,116 (2) 1,114 Other comprehensive income – – – 359 – 359 3 363 Comprehensive income – – – 359 1,116 1,476 0 1,477 Dividends of surplus – – – – (1,011) (1,011) – (1,011) Disposal of treasury shares – – – – – – – – Share-based payment transactions 11 54 – – – 66 – 66 Change in scope of consolidation – – – (20) 44 23 0 24 Increase (decrease) by business combination – (22) – – – (22) – (22) Changes in ownership interest in subsidiaries – (72) – – – (72) 0 (71) Transfer from other components of equity to retained earnings – – – 122 (122) – – – Total transactions with owners 11 (40) – 101 (1,089) (1,016) 1 (1,015) Balance at end of December 31, 2024 2,210 (2,086) (204) 2,493 15,555 17,967 12 17,980 Nine months ended December 31, 2025 (Millions of yen) Share capital Capital surplus Treasury shares Total Retained earnings Total equity attributable to owners of parent Non- controlling interests Total Balance at beginning of April 1, 2025 2,217 (2,068) (204) 1,912 15,536 17,392 (32) 17,359 Profit – – – – 1,979 1,979 (69) 1,909 Other comprehensive income – – – 1,398 – 1,398 0 1,399 Comprehensive income – – – 1,398 1,979 3,378 (69) 3,308 Dividends of surplus – – – – (1,015) (1,015) – (1,015) Disposal of treasury shares – (1) 6 – – 4 – 4 Share-based payment transactions 4 15 – – – 20 – 20 Change in scope of consolidation – – – – – – – – Increase (decrease) by business combination – (136) – – – (136) 77 (58) Changes in ownership interest in subsidiaries – 2 – – – 2 0 2 Transfer from other components of equity to retained earnings – – – (8) 8 – – – Total transactions with owners 4 (119) 6 (8) (1,007) (1,123) 77 (1,046) Balance at end of December 31, 2025 2,222 (2,187) (198) 3,303 16,507 19,646 (23) 19,622
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WILL GROUP, INC. (6089) - 10 - (4) Condensed quarterly consolidated statement of cash flows (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Cash flows from operating activities Profit before tax 1,692 2,742 Depreciation and amortization 1,530 1,532 Share-based payment expenses 45 9 Decrease (increase) in trade receivables 168 (124) Increase (decrease) in trade payables 324 1,355 Other (26) (338) Subtotal 3,734 5,177 Interest and dividends received 30 25 Interest paid (113) (114) Income taxes paid (1,620) (354) Net cash provided by (used in) operating activities 2,031 4,733 Cash flows from investing activities Purchase of property, plant and equipment, and intangible assets (281) (423) Purchase of investment securities (299) – Proceeds from sale of investment securities – 203 Payments for acquisition of subsidiaries – (815) Payments for loans receivable (300) – Other (122) 2 Net cash provided by (used in) investing activities (1,003) (1,032) Cash flows from financing activities Net increase (decrease) in short-term borrowings 595 (2,069) Proceeds from long-term borrowings 800 2,460 Repayments of long-term borrowings (1,136) (2,571) Purchase of shares of subsidiaries not resulting in change in scope of consolidation (71) – Repayments of lease liabilities (937) (963) Dividends paid (1,011) (1,016) Proceeds from government grants 327 85 Other 23 19 Net cash provided by (used in) financing activities (1,411) (4,056) Effect of exchange rate changes on cash and cash equivalents 136 408 Net increase (decrease) in cash and cash equivalents (247) 53 Cash and cash equivalents at beginning of period 7,106 6,936 Cash and cash equivalents at end of period 6,858 6,989
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WILL GROUP, INC. (6089) - 11 - (5) Notes to condensed quarterly consolidated financial statements Notes on premise of going concern Not applicable. Notes on applicable framework for financial reporting The condensed quarterly consolidated financial statements are prepared in accordance with Article 5, paragraph 2 of the “Standards for Preparation of Quarterly Financial Statements, etc.” of Tokyo Stock Exchange, Inc. (however, the omissions set forth in Article 5, paragraph 5 of the said Standards are applied), and certain disclosure items and notes required by International Accounting Standard 34 “Interim Financial Reporting” have been omitted. Segment information, etc. (1) Overview of reportable segments The Group determines reportable segments that are components of the Group for which discrete financial information is available and regularly reviewed by the chief operating decision maker to make decisions about the allocation of management resources and assess the results of operations. The Group’s reportable segments are comprised of the following two segments. The details of each reportable segment are as follows: Reportable segments Business activities Domestic Working Business Engaged primarily in HR support services centered on temporary staffing, permanent placement and business process outsourcing services in Japan specifically for categories such as sales, call center, factory, care support facility and construction management engineer. Overseas Working Business Engaged primarily in temporary staffing and permanent placement mainly in Singapore and Australia. In addition to the above, services such as digital transformation (DX) support for the private sector and local governments are included in Others.
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WILL GROUP, INC. (6089) - 12 - (2) Information of the reportable segments The figures for profit for reportable segments are given on an operating profit basis. The information of each reportable segment is as follows: Nine months ended December 31, 2024 (Millions of yen) Reportable segments Others Adjustments (Note 2) Amount recorded in the consolidated financial statements Domestic Working Business Overseas Working Business Total Revenue External revenue 62,442 42,785 105,228 125 – 105,353 Intersegment revenue (Note 1) 12 9 21 5 (27) – Total 62,455 42,794 105,249 131 (27) 105,353 Segment profit 2,083 1,509 3,593 (197) (1,603) 1,792 (Note 1) Intersegment revenue is based on general market price. (Note 2) Adjustments to segment profit of negative ¥1,603 million include intersegment eliminations of ¥0 million and corporate expenses not allocated to each business segment of negative ¥1,603 million. Corporate expenses mainly consist of general and administrative expenses that are not attributable to operating segments. Nine months ended December 31, 2025 (Millions of yen) Reportable segments Others Adjustments (Note 2) Amount recorded in the consolidated financial statements Domestic Working Business Overseas Working Business Total Revenue External revenue 65,522 43,037 108,560 66 – 108,627 Intersegment revenue (Note 1) 11 – 11 2 (13) – Total 65,534 43,037 108,571 69 (13) 108,627 Segment profit 3,015 1,753 4,769 (213) (1,702) 2,852 (Note 1) Intersegment revenue is based on general market price. (Note 2) Adjustments to segment profit of negative ¥1,702 million include intersegment eliminations of negative ¥0 million and corporate expenses not allocated to each business segment of negative ¥1,702 million. Corporate expenses mainly consist of general and administrative expenses that are not attributable to operating segments.