Shikigaku Co., Ltd. · TSE:7049
Shikigaku — Q2 FY2/27 Earnings Presentation
30 slides from Shikigaku's earnings presentation, Oct 15, 2026
Slide 1: FY2/27 2Q Results Presentation
FY2/27 2Q (Six Months Ended Aug 31, 2026) Results Presentation October 15, 2026 (TSE Growth: 7049 JP)
Slide 2: Agenda
Agenda 1 FY2/27 2Q Financial Summary 2 About M&A 3 Capital Policy & Shareholder Returns 4 Appendix ©2026 SHIKIGAKU CO., LTD. 2
Slide 3: Result summary
FY2/27 2Q result presentation Result summary Segment Summary Comment Shikigaku Growth Capital Partners is sourcing and evaluating candidates for long- Sales: ¥2,662m (YoY ▲27.6%) term holding oriented M&A. Consolidated OP: ¥▲156m (¥840m last year) Sales fell 27.6% YoY, and operating profit swung fro
Slide 4: Income Summary
FY2/27 2Q result presentation Income Summary 1H sales fell 27.6% YoY, and 2Q standalone sales fell 47.7% (absence of ¥1,024M in fund sales from a portfolio exit in 2Q last year) FY2/26 FY2/27 FY2/26 FY2/27 FY2/27 YoY (Jun– YoY (Mar– (¥m) Progress 2Q (Jun– 2Q (Jun– Aug) 1H (Mar– 1H (Mar– Aug) Full-ye
Slide 5: Segment
FY2/27 2Q result presentation Segment Org Consulting: 1H sales ▲5.7%, OP ¥▲16M; 2Q standalone sales ▲9.4%, OP ¥37M Sports Entertainment: 1H sales +25.3%, OP ¥57M; 2Q standalone OP ¥38M Fund: reaction to last year's exit; 1H sales ¥60M, OP ¥▲130M; 2Q standalone OP ¥▲79M FY2/26 FY2/27 FY2/26 FY2/27 Yo
Slide 6: Sales & OP by Segment
FY2/27 2Q result presentation Sales & OP by Segment FY27/2Q sales: ¥1,232M; OP: ¥▲70M. Despite lower sales, Org Consulting returned to operating profit and Sports Entertainment grew OP; Fund posted an operating loss on sharply lower sales. Sales & OP by Segment (¥m) * OP: Operating profit ©2026 SHIK
Slide 7: Org Consulting Sales Trend
FY2/27 2Q result presentation Org Consulting Sales Trend FY27/2Q sales: ¥1,090M Both management consulting (¥567M) and platform service (¥523M) remained slow Org Consulting Sales Trend (¥m) *Platform service: A service providing ongoing operational support so that Shikigaku-based organizational mana
Slide 8: Platform Service Client Count
FY2/27 2Q result presentation Platform Service Client Count FY27/2Q client count at 1,029; declined due to sluggish growth in new contracts. Platform Service Client Count (company) *Shikigaku Basic Service: An essential service for introducing Shikigaku; a comprehensive package including output foll
Slide 9: Management Consulting Order Value
FY2/27 2Q result presentation Management Consulting Order Value Management consulting order value at ¥562M; large enterprise orders at ¥33M. Management Consulting Order Value (¥m) *Large Enterprise: Companies with 500+ employees or listed companies *SMEs: All others ©2026 SHIKIGAKU CO., LTD. 9
Slide 10: Fund Business: Shikigaku Fund I & II
FY2/27 2Q result presentation Fund Business: Shikigaku Fund I & II Out of 25 portfolio companies, 4 achieved IPOs and 3 were exited via M&A. Reviewing organizational support for portfolio companies preparing for IPOs. Collection + Initial Collection ratio Appraisal or Shikigaku fund #1 Collection Ap
Slide 11: Fund Business: Emerging Startup Fund
FY2/27 2Q result presentation Fund Business: Emerging Startup Fund Joint fund with TKP (TSE Growth: 3479); max ¥750M, Shikigaku share ¥399M. Combines TKP's client base/venues with Shikigaku's methods to boost portfolio value. Collection + Initial Collection ratio Appraisal or Emerging Startup fund C
Slide 12: Fund Business: Shinsei Shikigaku Fund
FY2/27 2Q result presentation Fund Business: Shinsei Shikigaku Fund Joint fund with SBI Shinsei Corporate Investment; max ¥2,000M, Shikigaku ¥999M Hands-on support provided to 3 firms. 1 exit recorded, adding ¥1,024M in FY26/2Q sales. (Disclosed Jul 11, 2025: Sale of investment securities by equity-
Slide 13: Consolidated Balance Sheet
FY2/27 2Q result presentation Consolidated Balance Sheet Total assets ¥7.5B after 3 M&A deals and borrowings; equity ratio 44.4% End of FY2/27 (¥m) Change FY2/26 End of 2Q Current assets 4,092 6,120 +2,027 of which cash and deposits 2,098 3,069 +970 of which operational investment securities 1,186 1
Slide 14: 2H Outlook
FY2/27 2Q result presentation 2H Outlook 2H growth driven by the 3 M&A companies and Org Consulting profit improvement Business Role in 2H Key points for 2H Growth ・P&L of storyteller, Mach Kiki and Nexus Holdings consolidated from 3Q M&A (3 companies) driver ・Contributes to 2H sales and profit as a
Slide 15: Agenda
Agenda 1 FY2/27 2Q Financial Summary 2 About M&A 3 Capital Policy & Shareholder Returns 4 Appendix ©2026 SHIKIGAKU CO., LTD. 15
Slide 16: M&A Strategy: Multi-layered Growth Model
FY2/27 2Q result presentation M&A Strategy ~Multi-layered Growth Model Centered on “Shikigaku” Know-how~ The Shikigaku Group aims for sustainable growth by applying our core Org Consulting expertise to M&A strategies, establishing a “self-multiplying cycle” of investment and value-up. Fund VC fund ・
Slide 17: Long-term holding oriented M&A Policy
FY2/27 2Q result presentation Long-term holding oriented M&A Policy Target: High-tech Japanese manufacturers. Strategy: Implement Shikigaku post-investment to drive organizational excellence. M&A Strategy Preserving & passing on Japanese Targeting manufacturing industry Value up by Shikigaku Continu
Slide 18: Long-term Holding Oriented M&A: Current Status
FY2/27 2Q result presentation Long-term Holding Oriented M&A: Current Status M&A executed at a scale above initial expectations: 3 companies acquired, DD underway for 1. Further M&A decisions from next fiscal year will reflect the progress of improvements. Share acquisition completed DD* underway *D
Slide 19: Acquired Company (1): storyteller Co., Ltd.
FY2/27 2Q result presentation Acquired Company (1): storyteller Co., Ltd. Shikigaku Growth Capital Partners acquired all shares on Jun 12, 2026 (100% of issued shares; second-tier subsidiary) Item Details Head office 2F Storyteller Bldg., 1-8-2 Komaicho, Komae City, Tokyo ・ Operation of handmade acc
Slide 20: Acquired Company (2): Mach Kiki Co., Ltd.
FY2/27 2Q result presentation Acquired Company (2): Mach Kiki Co., Ltd. Shikigaku Growth Capital Partners acquired all shares on Jul 31, 2026 (100% of issued shares; second-tier subsidiary) Item Details Head office 2-7-15 Kiba, Koto City, Tokyo Sales, servicing and maintenance of commercial kitchen
Slide 21: Acquired Company (3): Nexus Holdings Co., Ltd.
FY2/27 2Q result presentation Acquired Company (3): Nexus Holdings Co., Ltd. Shikigaku Growth Capital Partners acquired all shares on Aug 4, 2026 (100% of issued shares; second-tier subsidiary) Item Details Head office 4-36 Namazubashi, Shippo-cho, Ama City, Aichi Management of group companies (whol
Slide 22: Future Growth Image: Strategy & Revenue Trajectory
FY2/27 2Q result presentation Future Growth Image: Strategy & Revenue Trajectory Phase 1 (FY2/27–FY2/29): Channel Org Consulting profits into M&A to build the business platform from scratch. Phase 2 (FY2/30 onward): Grow high-margin Org Consulting revenue as M&A becomes the core earnings driver. Vis
Slide 23: Agenda
Agenda 1 FY2/27 2Q Financial Summary 2 About M&A 3 Capital Policy & Shareholder Returns 4 Appendix ©2026 SHIKIGAKU CO., LTD. 23
Slide 24: Management Conscious of Cost of Capital and Share Price
FY2/27 2Q result presentation Management Conscious of Cost of Capital and Share Price Aiming for an earnings structure that stably exceeds the cost of capital, without relying on one-time fund income Cost of shareholders' ROE PBR Market cap equity 11.3% 8–10% 2.2x ~¥7.4B FY26 actual (Summary of Fina
Slide 25: Shareholder Benefits Program
FY2/27 2Q result presentation Shareholder Benefits Program ■Eligible Shareholders: Shareholders registered in the shareholder registry as of end-Feb. and end-Aug. each year, holding 2 units (200 shares) or more of the Company's stock Item Number of Shares Held Benefit Details ■Benefits Program detai
Slide 26: Agenda
Agenda 1 FY2/27 2Q Financial Summary 2 About M&A 3 Capital Policy & Shareholder Returns 4 Appendix ©2026 SHIKIGAKU CO., LTD. 26
Slide 27: Appendix: FY2/27 Management Policy
FY2/27 2Q result presentation Appendix: FY2/27 Management Policy Core business pillar Key Roles and Strategic Positioning Profitability Organizational Cash-generating base & source of proprietary Shikigaku know-how Stable and recurring Consulting A stable revenue base supporting the M&A strategy and
Slide 28: Appendix: KPI (consultant related)
FY2/27 2Q result presentation Appendix: KPI (consultant related) Sales per consultant in FY27/2Q was ¥4.26M, as planned. Sales per head of consultant per month Number of Consultants (¥m) (ppl) * Sales per consultant = (Management Consulting sales (excl. Shikigaku Career) + Platform Service sales − P
Slide 29: Appendix: Frequently Asked Questions from Shareholders
FY2/27 2Q result presentation Appendix: Frequently Asked Questions from Shareholders Q1. When do you expect to return to profitability? A. We are targeting a monthly operating margin of 10% in Org Consulting as of end-Feb 2027, and aim for further profitability improvement from FY2/28 onward. Q2. Wh
Slide 30: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements Forward-looking statements included in this material are based on judgments and assumptions based on information available at the time this material was created, and we do not guarantee its accuracy. In addition, this document includes