Interim report
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Translation 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. Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under IFRS) November 10, 2025 Company name BUSINESS BRAIN SHOWA･OTA INC. Stock exchange listings: Tokyo Prime Securities code 9658 URL https://www.bbs.co.jp Representative President (Name) Kazuhiro Komiya Inquiries Senior Executive Officer Group Management Supervisor (Name) Hitoshi Uehara Tel 03-3507-1302 Semi-annual statement filing date (as planned) November 14, 2025 Dividend payable date (as planned) November 28, 2025 Supplemental material of results： Yes Convening briefing of results ：Yes (for institutional investors and analysts) (Yen amounts are rounded to millions, unless otherwise noted.) 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Sales Business profit Operating profit Profit before tax Profit Profit attributable to owners of parent Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 20,410 13.0 1,496 27.4 1,490 26.7 1,975 42.1 1,242 23.8 1,229 23.9 September 30, 2024 18,064 6.3 1,175 △13.9 1,176 (94.0) 1,390 (92.8) 1,003 (92.4) 992 (92.5) Note: Total comprehensive income for the semi-annual September 30, 2025 1,291Millions of yen(13.1%) September 30, 2024 1,142Millions of yen(△91.4%) Business Profit is calculated by excluding profits and losses incurred due to non-recurring factors from Operation profit. Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 113.57 113.56 September 30, 2024 85.50 85.46 (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Equity attributable to owners of parent to total assets ratio As of Millions of yen Millions of yen Millions of yen % September 30, 2025 46,273 30,035 29,564 63.9 March 31, 2025 45,322 29,612 29,138 64.3 Note: During the interim consolidated accounting period for the fiscal year ending March 31, 2026, the provisional accounting treatment related to business combinations was finalized. As a result, the figures for the fiscal year ended March 31, 2025 have been adjusted retrospectively to reflect the finalized details of the provisional accounting treatment. 2. Cash dividends Annual dividend First quarter Second quarter Third quarter Year end Annual Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 37.00 - 41.00 78.00 Fiscal year ending March 31, 2026 - 66.50 Fiscal year ending March 31, 2026 (Forecast) - 66.50 133.00 Note:Revisions to the forecast of cash dividends most recently announced：None
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3. Consolidated financial forecast for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Sales Business profit Operating profit Profit before tax Profit Profit attributable to owners of parent Basic earnings per share Fiscal year ending Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen March 31, 2026 42,600 9.8 3,300 14.9 3,300 14.9 3,970 18.4 2,600 3.6 2,560 3.7 222.35 Note:Revisions to the earnings forecasts most recently announced：None * 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：Yes (ii) Changes in accounting policies due to other reasons ：None (iii) Changes in accounting estimates ：None (3) Number of issued shares (ordinary shares) ① Number of issued and outstanding shares at the period end (including treasury stock) As of September 30, 2025 11,615,200 shares As of March 31, 2025 12,725,000 shares ② Number of treasury stock at the period end As of September 30, 2025 805,920 shares As of March 31, 2025 1,779,249 shares ③ Average number of shares Six months ended September 30, 2025 10,820,534 shares Six months ended September 30, 2024 11,600,205 shares [Reference] Overview of non-consolidated financial results Non-consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Non-consolidated operating results (Percentages indicate year-on-year changes.) Sales Operation profit Ordinary profit Interim Profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 12,345 17.9 1,223 42.5 1,605 49.2 1,429 △22.9 September 30, 2024 10,467 12.1 858 △1.2 1,076 △8.9 1,853 △19.9 Interim Basic profit per Share Interim Per share adjusted for potential shares profit Yen Yen September 30, 2025 132.05 － September 30, 2024 159.75 － (2) Non-consolidated financial position Total assets Total equity Capital adequacy ratio Total equity per share Millions of yen Millions of yen % Yen September 30, 2025 23,517 15,253 64.9 1,411.15 March 31, 2025 22,522 14,956 66.4 1,366.37 Japan GAAP is applied to financial figures in the summary of individual business results. * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters (Caution regarding forward-looking statements, etc.)) The forward-looking statements regarding performance forecasts and other related information contained in this document are
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based on the information currently available to us and on certain assumptions we consider reasonable; they do not constitute a guarantee of their achievement by our company. Furthermore, actual performance and results may vary significantly due to various factors. Key factors that could potentially impact actual performance include, but are not limited to, the following: (1) Economic conditions surrounding the business areas of our group (2) Trends in demand for the services provided by our group (How to obtain supplementary financial results briefing materials and financial results briefing contents) The Company plans to hold investor briefings as follows. The materials used in this briefing will be posted on our website as soon as possible after the event. November 13, 2025(Thursday)‥‥‥Briefing for institutional investors and analysts (Online) November 19, 2025 (Wednesday)‥‥‥Briefing for institutional investors and analysts
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○Table of Contents of Attached Documents 1. Overview of operating results……………………………………………………………………………………………… 2 (1) Overview of operating results for the six months ended September 30, 2025 ………………………………………… 2 (2) Overview of financial position for the six months ended September 30, 2025 ………………………………………… 3 (3) Explanation of consolidated earnings forecasts and other forward-looking information ……………………………… 3 2. Condensed interim consolidated financial statements and principal notes……………………………………………… 4 (1) Condensed interim consolidated statement of financial position ……………………………………………………… 4 (2) Condensed interim consolidated statement of income and condensed interim consolidated statement of comprehensive income ………………………………………………………………………………………………… 6 (3) Condensed interim consolidated statement of changes in equity ……………………………………………………… 8 (4) Notes concerning condensed interim consolidated financial statements ……………………………………………… 10 (Notes relating to going concern assumption) ………………………………………………………………………… 10 (Changes in accounting policies) ……………………………………………………………………………………… 10 (Segment information) ………………………………………………………………………………………………… 10 (Significant subsequent events) ………………………………………………………………………………………… 12 - 1 -
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1. Overview of operating results (1) Overview of operating results for the six months ended September 30, 2025 During the consolidated six months ended September 30, 2025, the Japanese economy showed signs of a gentle recovery centering on domestic demand, against a backdrop of improvements in the employment and income environment and growth in inbound consumption. On the other hand, the future outlook remains uncertain as a result of ongoing price increases, concerns about the impact of the United States’ tariff policies, and the situations in Ukraine and the Middle East becoming drawn out, among other issues. Amid this economic environment, following the previous period the orders received by the Group continued to be favorable. As a result, orders received during the consolidated six months ended September 30 totaled 21,042 million yen (up 11. 5% year-on-year), and backlog of orders was 13,631 million yen (up 11.5% year-on-year). Overall revenue rose by 13.0% year -on-year to 20,410 million yen as a result of the consulting and system development business and the BPO & managed services business each realizing year-on-year growth of over 10%. Gross profit increased 11.6% year-on-year, even as subcontract expenses and other expenses increased. Selling, general and administrative expenses climbed by 7. 1% year-on-year as a result of increases in depreciation expenses and recruitment costs, among other factors. As a result, for the consolidated six months ended September 30, BBS reported revenue of 20,410 million yen (up 13.0% year- on-year), business profit of 1,496 million yen (up 27.4% year-on-year), operating profit of 1,490 million yen (up 26.7% year-on- year), interim profit before taxes of 1,97 5 million yen (up 42.1% year-on-year) and interim profit attributable to owners of the parent of 1,229 million yen (up 23.9% year-on-year). Operating results by segment are as follows. Regarding the segment information, previously the Company used the two business demarcations of the “consulting and system development business ” and the “management services (BPO) business ” but from the first quarter consolidated financial period we have changed to the three business demarcations of “consulting and system development,” the “SES co- creation business” and the “BPO & managed services.” This is because as each business of the Group expanded, the previous demarcation method started to deviate from the actual situation, so we have adopted demarcations which better reflect the actual situation of the business taking into account the current business structure and revenue structure. Consulting and system development: Consulting in management accounting and product lifecycle management (PLM) and related areas and mainly contract - based system development, introduction support, and maintenance SES co-creation business: Mainly quasi-mandate-based system development, SE dispatching BPO & managed services: Business process outsourcing services (BPO) for human resources payroll and accounting, dispatching of call center operators and others, and managed services which provide product maintenance and business outsourcing services mainly to packaged product vendors The figures for the previous consolidated interim period have been stated after the necessary reclassifications have been made. The results for the consulting and system development busines s for the consolidated interim period were revenue of 11,190 million yen (up 18.7% year-on-year) and segment profit of 909 million yen (up 23.1% year-on-year). Revenue and business profit for the consolidated interim period both increased favorably. The results for the BPO & managed services business for the consolidated interim period were revenue of 4,834 million yen (up 13.5% year -on-year) and segment profit of 412 million yen (up 33.1% year -on-year), and like the consulting and system development business, revenue and business profit both increased favorably in this segment also. The results for the SES co -creation business for the consolidated interim period were revenue of 4,609 million yen (down 0.3% year-on-year) and segment profit of 298 million yen (up 8. 4% year-on-year), so while revenue was flat, business profit increased. - 2 -
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(2) Overview of financial position for the six months ended September 30, 2025 Assets Total consolidated assets at the end of the interim period were 46,273 million yen, up by 950 million yen from the end of the previous fiscal year. Current assets totaled 19,089 million yen, an increase of 838 million yen from the end of the previous fiscal year. The main factors were that cash and cash equivalents increased by 909 million yen and contract assets grew by 396 million yen, while trade and other receivables declined by 413 million yen due to debt collection. Non-current assets totaled 27,183 million yen, a increase of 112 million yen compared to the end of the previous fiscal year. The main factors included a 271 million yen increase in investments accounted for using equity method and a 235 million yen increase in right-of-use assets, while a 404 million yen decrease in other financial assets. Liabilities Total consolidated liabilities at the end of the interim period were 16,273 million yen, an increase of 527 million yen from the end of the previous fiscal year. Current liabilities totaled 8,277 million yen, an increase of 337 million yen from the end of the previous fiscal year. The main factors were an increase of 511 million yen in income taxes payable and a 260 million decrease in other current liabilities. Non-current liabilities totaled 7,960 million yen, a increase of 190 million yen from the end of the previous fiscal year. The main factors included a 226 million yen increase in lease liabilities and a 47 million yen increase in provisions, while a 39 million yen decrease in non-current liability for stock benefit. Net assets Total consolidated shareholders’ equity at the end of the interim period totaled 30,035 million yen, an increase of 424 million yen from the end of the previous fiscal year. (3) Explanation of consolidated earnings forecasts and other forward-looking information Regarding the consolidated earnings forecasts, there are no changes to the consolidated earnings forecasts for the full year which were published in the “Summary of Consolidated Financial Results for the Year Ended March 31, 2025 (Based on IFRS)” dated May 13, 2025. - 3 -
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２．Condensed interim consolidated financial statements and principal notes (1) Condensed interim consolidated statement of financial position (Thousands of yen) A s of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and cash equivalents 9,907,750 10,816,969 Trade and other receivables 5,092,915 4,679,645 Contract assets 1,911,182 2,306,843 Other financial assets 315,548 317,764 Inventories 103,533 147,505 Other current assets 920,032 820,321 Total current assets 18,250,960 19,089,047 Non-current assets Property, plant and equipment 624,949 599,164 Right-of-use assets 2,628,077 2,862,960 Goodwill 2,097,965 2,097,965 Intangible assets 1,090,645 1,074,962 Investments accounted for using equity method 17,073,004 17,344,001 Other financial assets 2,908,888 2,505,271 Deferred tax assets 557,533 621,437 Retirement benefit asset 52,523 46,830 Other non-current assets 37,754 30,881 Total non-current assets 27,071,338 27,183,471 Total assets 45,322,298 46,272,518 - 4 -
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(Thousands of yen) As of March 31, 2025 As of September 30, 2025 Liabilities and equity Liabilities Current liabilities Lease liabilities 807,825 814,707 Trade and other payables 2,115,788 2,171,892 Other financial liabilities 276,069 262,045 Income taxes payable 332,424 842,990 Provisions 156,093 135,988 Contract liabilities 444,883 502,091 Other current liabilities 3,807,241 3,547,129 Total current liabilities 7,940,323 8,276,842 Non-current liabilities Lease liabilities 1,883,508 2,109,215 Other financial liabilities 40,912 18,731 Retirement benefit liability 446,156 443,268 Provisions 513,188 560,420 Non-Current liability for stock benefit 277,694 238,581 Deferred tax liabilities 4,224,234 4,188,701 Other non-current liabilities 384,744 401,576 Total non-current liabilities 7,770,436 7,960,492 Total liabilities 15,710,759 16,237,334 Equity Share capital 2,233,490 2,233,490 Capital surplus 4,487,356 2,715,564 Retained earnings 24,602,841 25,648,565 Treasury shares (2,640,821) (1,296,851) Other components of equity 454,797 262,858 Total equity attributable to owners of parent 29,137,663 29,563,626 Non-controlling interests 473,877 471,559 Total equity 29,611,539 30,035,184 Total liabilities and equity 45,322,298 46,272,518 - 5 -
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(2) Condensed interim consolidated statement of income and condensed interim consolidated statement of comprehensive income （Condensed interim consolidated statement of income ） (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Revenue 18,063,713 20,409,818 Cost of sales 14,032,839 15,912,435 Gross profit 4,030,874 4,497,383 Selling, general and administrative expenses 2,851,886 3,055,764 Other income 15,564 69,855 Other expenses 18,851 21,354 Operating profit 1,175,701 1,490,120 Finance income 76,679 293,587 Finance costs 7,870 21,344 Share of profit (loss) of investments accounted for using equity method 185,478 250,076 Gain/loss on change in equity (40,349) (37,844) Profit before tax 1,389,639 1,974,595 Income tax expense 386,421 733,051 Profit 1,003,218 1,241,544 Profit attributable to Owners of parent 991,859 1,228,855 Non-controlling interests 11,359 12,689 Profit 1,003,218 1,241,544 Earnings per share Basic earnings per share 85.50 113.57 Diluted earnings per share 85.46 113.56 - 6 -
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（Condensed interim consolidated statement of comprehensive income） (Thousands of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 1,003,218 1,241,544 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 95,752 (71,154) Share of other comprehensive income of investments accounted for using equity method 43,123 121,204 Total of items that will not be reclassified to profit or loss 138,875 50,050 Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (370) (646) Total of items that may be reclassified to profit or loss (370) (646) Other comprehensive income, net of tax 138,505 49,404 Comprehensive income 1,141,723 1,290,948 Comprehensive income attributable to Owners of parent 1,128,537 1,278,322 Non-controlling interests 13,186 12,626 Comprehensive income 1,141,723 1,290,948 - 7 -
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(3) Condensed interim consolidated statement of changes in equity Six months ended September 30, 2024 (from April 1, 2024 to September 30, 2024) (Thousands of yen) Equity attributable to owners of parent Share capital Capital surplus Retained earnings Treasury shares Other components of equity Exchange differences on translation of foreign operations Financial assets measured at fair value through other comprehensive income Balance at beginning of period 2,233,490 4,480,606 23,049,377 (1,082,122) 10,208 279,523 Profit 991,859 Other comprehensive income (1,326) 94,881 Comprehensive income － － 991,859 － (1,326) 94,881 Purchase of treasury shares (106) Disposal of treasury shares 21,787 Cancellation of treasury shares Dividends (451,716) Share-based payment transactions 14,219 14,680 Changes in ownership interest in subsidiaries (2,127) Transfer to retained earnings Other 4,205 Total transactions with owners － 12,092 (447,511) 36,361 － － Balance at end of period 2,233,490 4,492,698 23,593,725 (1,045,761) 8,881 374,403 Equity attributable to owners of parent Non-controlling interests Total Other components of equity Total Share of other comprehensive income of investments accounted for using equity method Total Balance at beginning of period (9,409) 280,320 28,961,671 436,619 29,398,291 Profit － 991,859 11,359 1,003,218 Other comprehensive income 43,123 136,678 136,678 1,827 138,505 Comprehensive income 43,123 136,678 1,128,537 13,186 1,141,723 Purchase of treasury shares － (106) (106) Disposal of treasury shares － 21,787 21,787 Cancellation of treasury shares － － － Dividends － (451,716) (9,337) (461,053) Share-based payment transactions － 28,899 (159) 28,740 Changes in ownership interest in subsidiaries － (2,127) 7,127 5,000 Transfer to retained earnings － － － Other － 4,205 (841) 3,362 Total transactions with owners － － (399,059) (3,210) (402,270) Balance at end of period 33,713 416,997 29,691,149 446,595 30,137,744 - 8 -
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Six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (Thousands of yen) Equity attributable to owners of parent Share capital Capital surplus Retained earnings Treasury shares Other components of equity Exchange differences on translation of foreign operations Financial assets measured at fair value through other comprehensive income Balance at beginning of period 2,233,490 4,487,356 24,602,841 (2,640,821) 8,756 396,003 Profit 1,228,855 Other comprehensive income (436) (71,301) Comprehensive income － － 1,228,855 － (436) (71,301) Purchase of treasury shares (542,791) Disposal of treasury shares Cancellation of treasury shares (1,785,793) 1,785,793 Dividends (451,293) Share-based payment transactions 14,001 100,968 Changes in ownership interest in subsidiaries Transfer to retained earnings 241,406 (241,406) Other 26,756 Total transactions with owners － (1,771,792) (183,131) 1,343,970 － (241,406) Balance at end of period 2,233,490 2,715,564 25,648,565 (1,296,851) 8,320 83,295 Equity attributable to owners of parent Non-controlling interests Total Other components of equity Total Share of other comprehensive income of investments accounted for using equity method Total Balance at beginning of period 50,037 454,797 29,137,663 473,877 29,611,539 Profit － 1,228,855 12,689 1,241,544 Other comprehensive income 121,204 49,467 49,467 (63) 49,404 Comprehensive income 121,204 49,467 1,278,322 12,626 1,290,948 Purchase of treasury shares － (542,791) (542,791) Disposal of treasury shares － － － Cancellation of treasury shares － － － Dividends － (451,293) (14,474) (465,767) Share-based payment transactions － 114,969 114,969 Changes in ownership interest in subsidiaries － － － Transfer to retained earnings (241,406) － － Other － 26,756 (470) 26,286 Total transactions with owners － (241,406) (852,359) (14,944) (867,303) Balance at end of period 171,240 262,858 29,563,626 471,559 30,035,184 - 9 -
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(4) Notes concerning condensed interim consolidated financial statements (Notes relating to going concern assumption) There are no relevant items. (Changes in accounting policies) The material accounting policies applied in the condensed interim consolidated financial statements are the same as the accounting policies applied in the consolidated financial statements for the previous fiscal year, except for the following. Note that the income tax expense for the consolidated interim period is calculated based on the estimated annual effective tax rate. IFRS Summary of New and Amended Standards IAS No. 21 The Effects of Changes in Foreign Exchange Rates Clarification of requirements in the case that a currency is not convertible into another currency The application of the above-mentioned statement of standards does not have a material impact on the condensed interim consolidated financial statements. (Segment information) (1) Summary of reporting segments The Group’s reporting segments are those segments of the Group’s constituent units for which separate financial information can be obtained, and which are the subject of regular review by the Company’s board of directors for making decisions about business resource allocation and assessing performance. Regarding the segment information, previously the Company used the two business demarcations of the “consulting and system development business” and the “management services (BPO) business” but from the first quarter consolidated financial period we have changed to the three business demarcations of “consulting and system development,” the “SES co-creation business” and the “BPO & managed services.” This is because as each business of the Group expanded, the previous demarcation method started to deviate from the actual situation, so we have adopted demarcations which better reflect the actual situation of the business taking into account the current business structure and revenue structure. The main business content of each segment in the new demarcations is as follows. Consulting and system development: Consulting in management accounting and product lifecycle management (PLM) and related areas and mainly contract-based system development, introduction support, and maintenance SES co-creation business: Mainly quasi-mandate-based system development, SE dispatching BPO & managed services: Business process outsourcing services (BPO) for human resources payroll and accounting, dispatching of call center operators and others, and managed services which provide product maintenance and business outsourcing services mainly to packaged product vendors The figures for the previous consolidated interim period have been stated after the necessary reclassifications have been made. - 10 -
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(2) Segment revenue and financial results The revenue and financial results by the reporting segments of the Group are as follows. Note that inter-segment revenue is based on market prices. Previous consolidated interim period (from April 1, 2024 to September 30, 2024) (Thousands of yen) Reporting Segment Adjustments (Note 1) Consolidated Consulting and system development SES co-creation business BPO & managed services Total Revenue (1) External customers 9,423,268 4,561,641 4,078,804 18,063,713 - 18,063,713 (2) Inter-segment revenue 3,743 60,788 181,363 245,894 (245,894) - Total 9,427,011 4,622,429 4,260,167 18,309,607 (245,894) 18,063,713 Business profit (Note 2) 738,913 275,105 309,881 1,323,899 (149,358) 1,174,541 (Note 1) Adjustments are as follows: (1) Inter-segment adjustments are from eliminating inter-segment transactions. (2) The segment profit adjustments of minus 149,358 thousand yen include inter-segment transaction eliminations of 20,172 thousand yen and costs not attributable to a specific segment of minus 169,530 thousand yen. (Note 2) Business profit is calculated by excluding from operating profit those profits or losses arising from non-recurring factors. (Note 3) The Company has changed its segment business demarcations from Current consolidated interim period and the necessary reclassifications have been made for each of the figures for Previous consolidated interim period. Current consolidated interim period (from April 1, 2025 to September 30, 2025) (Thousands of yen) Reporting Segment Adjustments (Note 1) Consolidated Consulting and system development SES co-creation business BPO & managed services Total Revenue (1) External customers 11,177,476 4,510,986 4,721,355 20,409,818 - 20,409,818 (2) Inter-segment revenue 12,274 97,617 112,864 222,754 (222,754) - Total 11,189,750 4,608,603 4,834,219 20,632,572 (222,754) 20,409,818 Business profit (Note 2) 909,483 298,285 412,312 1,620,080 (123,641) 1,496,439 (Note 1) Adjustments are as follows: (1) Inter-segment adjustments are from eliminating inter-segment transactions. (2) The segment profit adjustments of minus 123,641 thousand yen include inter-segment transaction eliminations of 4,855 thousand yen and costs not attributable to a specific segment of minus 128,496 thousand yen. (Note 2) Business profit is calculated by excluding from operating profit those profits or losses arising from non-recurring factors. - 11 -
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Adjustments to interim period profit before tax are as follows: (Thousands of yen) Previous consolidated interim period (from April 1, 2024 to September 30, 2024) Current consolidated interim period (from April 1, 2025 to September 30, 2025) Business profit 1,174,541 1,496,439 Gain on loss of control of subsidiaries － － Other 1,160 (6,319) Operating profit 1,175,701 1,490,120 Finance income 76,679 293,587 Finance costs 7,870 21,344 Share of profit (loss) of investments accounted for using equity method 185,478 250,076 Profit (loss) on change in equity (40,349) (37,844) Interim period profit before tax 1,389,639 1,974,595 (Significant subsequent events) There are no applicable items. - 12 -