Global Security Experts Inc. · TSE:4417
Global Security Experts — Q2 FYE3/2026 Earnings Presentation
73 slides from Global Security Experts's earnings presentation, October 2025
Slide 1: Financial Results Presentation (Interim) for Q2 FYE March 2026
Financial Results Presentation (Interim) for the Second Q u a r t e r o f t h e F i s c a l Ye a r E n d i n g M a r c h 3 1 , 2 0 2 6 Global Security Experts, Inc., Securities Code: 4417 October 2025
Slide 2: Agenda
Ag e n d a 1 FYE3/2026 Q2 Performance Highlights P3 2 Security Needs of Japan, Private Companies, and IT Companies P8 3 FYE3/2026 Q2 Performance Overview by Business P14 4 Management Topics P25 5 FYE3/2026 Consolidated Performance Forecast P36 6 Medium-Term Business Plan and Growth Strategy P40 7 Sh
Slide 3: FYE3/2026 Q2 Performance Highlights
FYE3/2026 Q2 Performance Highlights
Slide 4: FYE3/2026 Q2 Performance Highlights
FYE3/2026 Q2 Performance Highlights Net sales Operating income Quarterly net income FYE3/25 Q2 FYE3/25 Q2 FYE3/25 Q2 4,007 million yen 709 million yen 422 million yen 4,960 million yen 960 million yen 584 million yen YoY change + 23.8% YoY change + 35.4% YoY change + 38.3% 45.1% 43.7% 41.2% Progress
Slide 5: Progress Toward Full-Year Forecast
P r o g r e s s To w a r d F u l l - Ye a r F o r e c a s t Progress as planned for both net sales and operating income Net sales (Millions of yen) Progress rate 45.1% FYE3/2026 2,237 2,723 Forecast 11,000 FYE3/2025 1,813 2,193 2,282 2,512 8,801 Q2 progress rate 45.5% FYE3/2024 1,452 1,757 1,822 1,9
Slide 6: FYE3/2026 Q2 Performance Highlights
FYE3/2026 Q2 Performance Highlights Year on year increase in sales and profit Record highs for Q2 Progress as planned for full-year forecast Security services for semi-large and medium-sized companies and SMEs, security personnel training for IT companies and system integrators, and provision of sec
Slide 7: Net Sales and Operating Income Quarterly Trends
N e t S a l e s a n d O p e r a t i n g I n c o m e Q u a r t e r l y Tr e n d s Net sales growth by +24.1% and operating income by +41.2% year on year as planned Operating income and operating income margin Net sales (Millions of yen) (Millions of yen, %) 22.3% 19.4% 19.6% 20.1% +24.1% 17.7% 17.8%
Slide 8: Security Needs of Japan, Private Companies, and IT Companies
Security Needs of Japan, Private Companies, and IT Companies Japan Private companies IT companies
Slide 9: Issues for Cybersecurity in Japan
I s s u e s f o r C yb e r s e c u r i t y i n J a p a n Japan Advances in and increased Private sophistication of cyber threats companies IT companies Severe impact on not only companies but also government institutions Improving security level of society as a whole urgent business Geopolitical iss
Slide 10: National and government cybersecurity policies
N a t i o n a l a n d g o ve r n m e n t c yb e r s e c u r i t y p o l i c i e s Japan Government METI Private companies IT Economic Security Promotion Cybersecurity Industry companies Act - Enacted Promotion Strategy - Announced Law to ensure the security of the nation and the Policy package to pr
Slide 11: Goal of Cybersecurity Policy
G o a l o f C yb e r s e c u r i t y P o l i c y Japan Private companies IT companies Improve level of cybersecurity in Japan Train cybersecurity personnel and increase number of cybersecurity companies Increase net sales of Japanese companies in the cybersecurity industry from the current approxima
Slide 12: Current State of Cybersecurity for Private Companies
C u r r e n t S t a t e o f C yb e r s e c u r i t y f o r P r i va t e C o m p a n i e s Japan Private companies IT companies Response and countermeasures to frequent security incidents Compliance with security guidelines required by Japan and the supply chain Shortage of security personnel © GLOBA
Slide 13: Knowledge of Security Required of IT Companies
Knowledge of Security Required of IT Companies Japan Private companies IT companies Essential for providing secure IT services Becomes added value for IT companies themselves and a competitive advantage over rivals © GLOBAL SECURITY EXPERTS 13
Slide 14: FYE3/2026 Q2 Performance Overview by Business
FYE3/2026 Q2 Performance Overview by Business
Slide 15: Business Domains
Business Domains From FYE3/2025, we have clearly established three target segments—semi-large and medium-sized companies and SMEs, IT companies and system integrators, and companies requiring security personnel—organizing these as business domains Target Semi-large and IT companies and Companies req
Slide 16: Business Lines: Cybersecurity Business
Business Lines: Cybersecurity Business One-stop cybersecurity support for semi-large and medium-sized companies and SMEs Targeted Email Training Services Consulting Services (Management Consulting) Visualizing Building Planning issues systems No. 1 Over Main services share 11,000 Information securit
Slide 17: Business Lines: Security Training Business
Business Lines: Security Training Business Providing training in the security domain for IT companies and system integrators to help them add value to their IT personnel • Improving security standards for engineers • Increasing the number of advanced security IT companies and system integrators Secu
Slide 18: Business Lines: Security Personnel Business
Business Lines: Security Personnel Business Meet the security personnel needs of all companies, regardless of size As a security training company GSX, establish an original business model that provides benefits to both IT companies that have IT personnel and customers that need security personnel IT
Slide 19: Quarterly Net Sales by Business
Quarterly Net Sales by Business Cybersecurity Business Security Training Business Security Personnel Business YoY change (Millions of yen) 1,779 +15.6% UP 1,708 1,612 1,525 1,538 1,402 ¥ 1,339 1,321 1,258 1,122 394 +50.1% 335 UP 215 243 262 226 182 + 40.9% 202 148 127 580 412 470 482 484 UP 296 334
Slide 20: Quarterly Gross Profit by Business
Quarterly Gross Profit by Business Cybersecurity Business Security Training Business Security Personnel Business YoY change (Millions of yen) 687 +21.8% UP 565 564 588 500 ¥ 437 475 389 416 344 +26.3% 168 182 UP 133 90 94 90 63 97 + 35.3% 75 182 52 134 144 141 137 99 110 99 84 UP 47 Q1 Q2 Q3 Q4 Q1 Q
Slide 21: Operating Income Change Analysis (Year-on-Year)
O p e r a t i n g I n c o m e C h a n g e An a l y s i s ( Ye a r - o n - Ye a r ) Operating profit increased +251 million yen year-on-year due to growth that exceeded proactive investment in human capital Investments in human capital (Millions of yen) 94 million yen 94 • Increase in personnel expen
Slide 22: Impact on Ordinary Income and Quarterly Net Income
Impact on Ordinary Income and Quarterly Net Income Shift to consolidated accounting from FYE3/2025: Reflects profit and loss for the equity-method affiliates BroadBand Security, Inc. and Secure Innovation Inc. Growth rate of profit against previous year (Millions of yen) ■FYE3/2025 Q2 ■FYE3/2026 Q2
Slide 23: Consolidated Profit and Loss (Cumulative)
C o n s o l i d a t e d P r o f i t a n d L o s s ( C u m u l a t i ve ) FYE3/2025 1H FYE3/2026 1H (Millions of yen) YoY Change YoY Change (%) Results Results Net sales 4,007 4,960 +953 +23.8% Gross profit 1,400 1,797 +396 +28.3% Gross profit margin 35.0% 36.2% +1.2 pt - Selling, general, and admini
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet Change from the Change from the (Millions of yen) FYE3/2025 FYE3/2026 End of 1H previous year previous year (%) Current assets 4,799 5,084 +285 +5.9% Cash and deposits 1,385 1,180 -204 -14.8% Accounts receivable - trade, and 2,149 2,205 +56 +2.6% contract assets Other 1,26
Slide 25: Management Topics
GSX GLOBAL SECURITY EXPERTS Management Topics
Slide 26: Management Topics (1): Delivering security services across Japan
Management Topics (1) Execution of business strategies Delivering security services to companies across Japan
Slide 27: Expansion throughout Japan using alliance with Kirayaka Bank
E x p a n s i o n t h r o u g h o u t J a p a n u s i n g b u s i n e s s a l l i a n c e w i t h K i r a ya k a B a n k as model case Added channel entering through regional banks to the existing main sales channel, which significantly expanded service provision opportunities Exploring alliances wi
Slide 28: Business Alliance with Kirayaka Bank, Ltd.
B u s i n e s s Al l i a n c e w i t h K i r a ya k a B a n k , L t d . Promoting “expanding sales channels” and “expanding into new areas” within GSX’s four growth domains Aiming to provide cybersecurity services to approximately 52,000 companies across the entire Yamagata Prefecture, which is Kira
Slide 29: Management Topics (2): Fundamental reform of security training services
Management Topics (2) Addressing management challenges Fundamental reform of security training services
Slide 30: Expanding Sales Opportunities for Security Training via LRM Alliance
E x p a n d i n g S a l e s O p p o r t u n i t i e s f o r S e c u r i t y Tr a i n i n g S e r vi c e s Th r o u g h a C a p i t a l a n d B u s i n e s s Al l i a n c e w i t h L R M , I n c . Security training services were the only category within our service lineup showing a low growth rate, a
Slide 31: Capital and Business Alliance with LRM, Inc.
C a p i t a l a n d B u s i n e s s Al l i a n c e w i t h L R M , I n c . Promoting “expanding sales channels” and “expanding service lineup” within GSX’s four growth domains Acquired 100 shares of LRM common stock (representing 3.23% of its total issued shares as of September 30, 2025) through a t
Slide 32: Management Topics (3): Accelerating security training courses
Management Topics (3) Execution of business strategies Accelerating the offering of security training courses
Slide 33: Accelerating the Offering of Security Training Courses
Ac c e l e r a t i n g t h e O f f e r i n g o f S e c u r i t y Tr a i n i n g C o u r s e s Providing security certification courses to approximately 4,000 sales and engineering personnel at ITOCHU Techno- Solutions Providing courses to approximately 4,000 sales and engineering personnel ➢ Promoti
Slide 34: Management Topics (4): Nippon Cyber Security Fund activities
Management Topics (4) Execution of business strategies Nippon Cyber Security Fund activities
Slide 35: Progress of Activities by Nippon Cyber Security Fund
P r o g r e s s o f Ac t i v i t i e s b y N i p p o n C yb e r S e c u r i t y F u n d Nippon Cyber Security Fund, participated in by GSX, executed first and second investments Security companies participating as fund investors cooperatively back up growth of investees Total of 25 security-related
Slide 36: FYE3/2026 Consolidated Performance Forecast
FYE3/2026 Consolidated Performance Forecast
Slide 37: FYE3/2026 Basic Policy and Consolidated Performance Forecast
FYE3/2026 Basic Policy and Consolidated Performance Forecast Continue to expand net sales and strengthen the management Basic Policy base to support medium- to long-term growth by placing importance on improving profit margins Aim for consolidated net sales of +25% YoY and an operating income margin
Slide 38: Progress Toward Full-Year Forecast
P r o g r e s s To w a r d F u l l - Ye a r F o r e c a s t Progress as planned for both net sales and operating income Net sales (Millions of yen) Progress rate 45.1% FYE3/2026 2,237 2,723 Forecast 11,000 FYE3/2025 1,813 2,193 2,282 2,512 8,801 Q2 progress rate 45.5% FYE3/2024 1,452 1,757 1,822 1,9
Slide 39: FYE3/2026 Forecast of Consolidated Net Sales Composition
FYE3/2026 Forecast of Consolidated Net Sales Composition The cybersecurity business is experiencing stable growth while the security training business and security personnel business are making progress All businesses are expected to increase their revenue compared to the previous year Security Trai
Slide 40: Medium-Term Business Plan and Growth Strategy
Medium-Term Business Plan and Growth Strategy
Slide 41: Accelerating Security Needs of Semi-Large and Medium-Sized Companies and SMEs
Ac c e l e r a t i n g S e c u r i t y N e e d s o f S e m i - L a r g e a n d M e d i u m - S i z e d C o m p a n i e s , and SMEs Frequent Security Incidents Social Pressure Acceleration of DX Organizations that have experienced an incident in the past year comprise Pressure for security measures
Slide 42: Accelerating Security Training Needs of IT Companies and System Integrators
Ac c e l e r a t i n g S e c u r i t y Tr a i n i n g N e e d s o f I T C o m p a n i e s a n d S ys t e m Integrators GSX Training Course Enrollment (Single Year) Security becomes one quality of IT 11,294 System Cloud Infrastructure development services building and operation Adding value to IT pro
Slide 43: Accelerating Needs for Security Personnel SES
Ac c e l e r a t i n g N e e d s f o r S e c u r i t y P e r s o n n e l S E S Shortage of Cybersecurity Personnel in Japan Although the number of security personnel has 137 Sales increased, the shortfall has nearly doubled, and the 1,800 140 increase in personnel has not been able to cover the Gros
Slide 44: GSX Growth Far Outpaces Security Market Growth
GSX Growth Far Outpaces Security Market Growth Net sales growth rate (CAGR) of 38%, well above the market growth rate of 7.9% FY2024 (forecast) Reasons for GSX’s High Growth and Future Prospects Network 789.4 billion yen Dramatic increase in security needs security FY2018 Reason 1 among semi-large a
Slide 45: Medium-Term Quantitative Targets
M e d i u m - Te r m Q u a n t i t a t i v e Ta r g e t s 25% annual net sales growth in existing businesses Operating income margin of +1.0 pt annually; aim to increase operating income (Millions of yen) Net sales (Millions of yen) Operating income and operating income margin CAGR 25.0% +1.0pt annu
Slide 46: Capital and Business Alliances With 25% Annual Sales Growth
C a p i t a l a n d B u s i n e s s Al l i a n c e s W i t h 2 5 % An n u a l S a l e s G r o w t h a n d Confidence in Further Growth Alliance strategy to achieve 25% annual sales growth and ensure further growth as stated in the medium-term management plan Capital and business alliances with strat
Slide 47: Foundation for 25% annual sales growth
Business Strategies Basic strategy as the foundation for 25% annual sales growth and alliance strategy and fund formation to ensure further growth Alliance Strategy Fund Formation LP Expanding Expansion Nippon Cyber Growth Security Fund 1 sales into new areas acceleration Security Funding Investment
Slide 48: Shareholder Return
GSX GLOBAL SECURITY EXPERTS Shareholder Return
Slide 49: Information About Dividends
I n f o r m a t i o n Ab o u t D i vi d e n d s The basic policy is to continue paying cumulative dividends, and the dividend payout ratio for the fiscal year ending March 31, 2026 will be 35.0%, up 4.0 pt year on year In the event that full-year performance exceeds the forecast, the year-end divide
Slide 50: Enhancement of Shareholder Benefit Program
Enhancement of Shareholder Benefit Program GSX has updated the shareholder benefit program to thank shareholders for their ongoing support and to increase the attractiveness of holding the Company’s shares Changed the record date from once a year to twice a year and made the benefits selectable Up u
Slide 51: ESG Initiatives
GSX GLOBAL SECURITY EXPERTS ESG Initiatives
Slide 52: ESG Initiatives
E S G I n i t i a t i ve s We will proactively address ESG and the SDGs with the aim of both realizing a sustainable society and increasing corporate value. In our Internet society, cybersecurity threats are one of the most important social issues that threaten people’s lives and livelihoods. There
Slide 53: Appendix
GSX GLOBAL SECURITY EXPERTS Appendix
Slide 54: About Global Security Experts
Ab o u t G l o b a l S e c u r i t y E x p e r t s A cybersecurity training company that operates throughout the security industry, aiming to improve the self-defense capabilities of companies throughout Japan －Purpose－ To protect all companies from security threats To unwaveringly tell companies wh
Slide 55: Corporate Profile
Corporate Profile A cybersecurity specialist company, established at the dawn of cybersecurity Engaged in three businesses: Cybersecurity Business, Security Training Business, and Security Personnel Business *CyberSTAR Inc., a wholly owned subsidiary, was established on April 1, 2024 by spinning off
Slide 56: Management Members
Management Members President and CEO Vice President and COO Shiro Aoyagi Shinichi Hara Apr. 1998: Joined Beacon Information Technology Inc. (currently UNIRITA Inc.) Jan. 2009: Apr. 1991: Director and General Manager of Joined AMADA METRECS CO., LTD. (currently Security Business Division, AMADA CO.,
Slide 57: History: A Cybersecurity Specialist Company
H i s t o r y: A C yb e r s e c u r i t y S p e c i a l i s t C o m p a n y t h a t H a s E x i s t e d S i n c e t h e D a w n o f C yb e r s e c u r i t y M a r k e t Our founding business is a vulnerability diagnostic service within the Consulting Business. We began providing services at the dawn
Slide 58: Our Origins
Our Origins Predecessor company Hospital Brain Showa Inc. established as a consolidated subsidiary of Business Brain Showa- Ota Inc. In 2000, TIGER TEAM SERVICE was transferred to Hospital Brain Showa Inc. from a Group company, and the Company was reborn as one specializing in cybersecurity, changin
Slide 59: Uniquely Positioned, Primarily Targeting Semi-Large and Medium-Sized Companies and SMEs
U n i q u e l y P o s i t i o n e d , P r i m a r i l y Ta r g e t i n g S e m i - L a r g e a n d M e d i u m - S i z e d Companies and SMEs A large disparity exists between the security needs of large enterprises and other types of companies. For this reason, other security specialists have contin
Slide 60: Differences in Security Needs and Service Optimization
D i f f e r e n c e s i n S e c u r i t y N e e d s a n d S e r vi c e O p t i m i z a t i o n Large enterprises seek security measures to completely eliminate threats, while semi-large and medium-sized companies and SMEs seek the minimum necessary security measures to eliminate reputational risk to
Slide 61: Barriers to Entry in the Security Market
Barriers to Entry in the Security Market for Semi -Large and Medium-Sized Companies and SMEs Structural challenges exist for competitors attempting to enter the market for semi-large and medium-sized companies and SMEs The market environment is not conducive to earning short-term revenue, and in ord
Slide 62: Lineup that Can Provide Appropriate Services Tailored to the Customer's Situation
L i n e u p t h a t C a n P r o vi d e Ap p r o p r i a t e S e r vi c e s Ta i l o r e d t o t h e C u s t o m e r ’s Situation A structure that facilitates long-term transactions by providing optimal services tailored to the situation Large number of Incident* incidents* countermeasures Normalcy (
Slide 63: GSX's Sales and Capacity Strategies
G S X ’s S a l e s a n d C a p a c i t y S t r a t e g i e s ( B u s i n e s s E x p a n s i o n M o d e l ) Increasing the number of customers and ARPU by implementing different approaches to new and existing customers Carrying out capacity strategy by cultivating security personnel in IT companies
Slide 64: Sales Strategy — Existing Customers: Up-Sell/Cross-Sell
Sales Strategy — Existing Customers: Up-Sell/Cross-Sell Cross-selling and up-selling through multi-faceted service offerings. ARPU* of existing customers is higher than that of new customers, and we have achieved efficient business expansion through ongoing transactions Cross-Selling/Up-Selling Enab
Slide 65: Sales Strategy: Become a Sales Partner for IT Companies
S a l e s S t r a t e g y: B e c o m e a S a l e s P a r t n e r f o r I T C o m p a n i e s Th r o u g h o u t J a p a n Leveraging the customer base and presence of IT firms to open up markets that had previously been untapped opportunities By partnering with GSX, IT companies can expand their sec
Slide 66: Capacity Strategy: Developing Delivery Partner Companies
C a p a c i t y S t r a t e g y: D e ve l o p i n g D e l i ve r y P a r t n e r C o m p a n i e s Expanding order capacity by leveraging highly specialized training content to cultivate security personnel in IT companies, partnering with and fostering industry peers, and developing a large number o
Slide 67: Sales Strategy — New Customers: Strengthening Digital Marketing
Sales Strategy — New Customers: Strengthening Digital Marketing Strategy For new customer acquisition, implementing digital marketing measures that lead to orders and shifting to an efficient and effective digital marketing focus to acquire high quality leads Selecting media that specialize in secur
Slide 68: Why GSX is Preferred by Semi-Large and Medium-Sized Companies and SMEs
Why GSX is Preferred by Semi -Large and Medium-Sized Companies and SMEs Positioning Expanding net sales through cross-selling Wide-ranging Capturing the High profits and diverse issues needs of many customers + thanks to GSX-unique offerings Semi-large and medium-sized companies, SMEs and up-selling
Slide 69: Security Environment
S e c u r i t y E n vi r o n m e n t With the promotion of DX, including the use of IoT and cloud computing, and the increase in telecommuting, the number of connections with other entities has increased, internal and external threats in organizations have changed, and a variety of incidents have oc
Slide 70: Market Environment for the Domestic Cybersecurity Market
M a r k e t E n vi r o n m e n t f o r t h e D o m e s t i c C yb e r s e c u r i t y M a r k e t In the cybersecurity market, demand for countermeasures is on the rise. In addition, the rapid shift of companies to digital technologies is a tailwind for growth in this market On the other hand, an un
Slide 71: Financial Highlights
Financial Highlights Fiscal Period FYE3/2021 FYE3/2022 FYE3/2023 FYE3/2024 FYE3/2025 Net sales (Thousands of yen) 2,948,871 4,391,317 5,558,022 7,002,941 8,801,647 Ordinary income (Thousands of yen) 239,370 414,331 737,512 1,104,319 1,562,981 Net income (Thousands of yen) 167,657 261,099 488,120 783
Slide 72: Precautions
Precautions This document contains forward-looking statements about Global Security Experts, Inc.’s financial results, business operations, and industry trends that are based on Global Security Experts, Inc.’s current plans, estimates, forecasts or projections. Various risks and uncertainties are in
Slide 73: GSX Global Security Experts
GSX GLOBAL SECURITY EXPERTS
Global Security Experts — Q2 FYE3/2026 Earnings Presentation on 6ix