Link And Motivation Inc. · TSE:2170
Link And Motivation — Q2 2026 Earnings Presentation
58 slides from Link And Motivation's earnings presentation, August 2026
Slide 1: Consolidated Financial Information for the Six Months Ended June 30, 2026
Consolidated Financial Information for the Six Months Ended June 30, 2026 Link and Motivation Inc. Securities Code: 2170 © Link and Motivation Inc.
Slide 2: Summary of 2Q Results
Summary of 2Q Results ✓Revenues and gross profit increased substantially YoY. Financial Summary Operating income increased slightly YoY, with steady progress toward the full-year forecast (exceeding 50%). ✓The Motivation Cloud monthly fee revenue target was revised upward to ¥730 million, up 16.4% Y
Slide 3: Agenda
01．Company Overview 02．Management Report ① Report on Business Results for 2026 2Q ② Report on Organizational Conditions for 2026 2Q 03．Progress Report on Medium-Term Growth Strategy 04．Upward Revision of Target for Motivation Cloud AGENDA Monthly Fee Revenue 05．Notice Concerning Conclusion of Basic
Slide 4: Company Overview
01 Company Overview © Link and Motivation Inc.
Slide 5: Mission
MISSION Through Motivation Engineering, we provide opportunities to transform organizations and individuals and create a more meaningful society. We have set forth a mission of supporting transformation to help our customers realize their wishes and resolve their problems, and of providing opportuni
Slide 6: Business
BUSINESS Consulting & Support for corporate clients in Individual Organizational Cloud Business practicing human capital management Organizational Development Development Development Division IR Support Support for corporate clients in disclosing Division Division Business human capital management i
Slide 7: Management Report: Business Results for 2026 2Q
02 Management Report ① Report on Business Results for 2026 2Q © Link and Motivation Inc.
Slide 8: Consolidated Statements of Operations
01 Consolidated Statements of Operations Revenues Substantial increase YoY, led by growth in the Consulting & Cloud business, with three companies that became wholly owned subsidiaries in 2025 2Q contributing to revenues. Progressed as expected. Gross Profit Substantial increase YoY as the high-marg
Slide 9: Revenues and Gross Profit by Segment
02 Revenues and Gross Profit by Segment Organizational Development Division Revenues and gross profit increased substantially YoY as a result of growth in the core Consulting & Cloud business. Individual Development Division The Cram School business grew, but revenues and gross profit both decreased
Slide 10: Organizational Development Division Summary
03 Organizational Development Division Summary Consulting & Cloud Revenues and gross profit increased YoY, as Motivation Cloud drove growth. Business Two IR support companies have become wholly owned subsidiaries since 2025 2Q. IR Support Business Revenues and gross profit increased substantially Yo
Slide 11: Individual Development Division Summary
04 Individual Development Division Summary Enrollment in existing classes declined, resulting in decreases in both revenues Career School Business and gross profit YoY. Revenues and gross profit increased substantially YoY as enrollment and revenues Cram School Business per enrollee increased as exp
Slide 12: Matching Division Summary
05 Matching Division Summary The number of ALTs dispatched increased in line with expectations, resulting ALT Placement Business in an increase in revenues and gross profit YoY. Personnel Placement Revenues and gross profit increased substantially YoY due to growth in Business OpenWork Recruiting in
Slide 13: Consolidated Statements of Operations: SG&A Expenses
06 Consolidated Statements of Operations: SG&A Expenses Focused on investment for growth acceleration, resulting in a substantial increase. SG&A expenses increased across all categories following the acquisition of Unipos Inc. and two other companies from 2025 2Q onward. (¥ million) 2025 2Q Results
Slide 14: Consolidated Statements of Financial Position
07 Consolidated Statements of Financial Position Assets and liabilities both increased due to an increase in deposits associated with the share repurchase, and an increase in financial liabilities. Equity decreased as a result of the share repurchase. (¥ million) December 31, 2025 June 30, 2026 Incr
Slide 15: Dividend for 2026 2Q
08 Dividend for 2026 2Q Our policy is to continue paying quarterly dividends linked to performance, allowing for flexible payouts. For 2026 2Q, we plan to pay a dividend of ¥4.1 per share on Friday, September 25. Year Ending December 31, 2026 Annual Dividend (Yen) 16.40 Dividend per Share (Yen) 16.0
Slide 16: Management Report: Organizational Conditions for 2026 2Q
02 Management Report ② Report on Organizational Conditions for 2026 2Q © Link and Motivation Inc.
Slide 17: Approach to Human Capital Management
09 Approach to Human Capital Management We place equal importance on business strategy and organizational strategy, and conduct management by linking them. In our organizations, we invest in recruiting, training, systems and corporate culture to increase our human resource capabilities and organizat
Slide 18: Organizational Capabilities (Engagement) - Engagement Rating
10 Organizational Capabilities (Engagement)–Engagement Rating Utilizing one of the largest databases in Japan, employees are ranked on an 11-point scale according to their Engagement Score,1 which is calculated based on the correlation between their expectations and their satisfaction with their com
Slide 19: Progress Report on Medium-Term Growth Strategy
03 Progress Report on Medium-Term Growth Strategy © Link and Motivation Inc.
Slide 20: 2030 Plan
11 2030 Plan We are targeting operating income of ¥15.0 billion in 2030 to further enhance corporate value in the medium term. We are focusing on shifting to a recurring revenue model centered on the Consulting & Cloud business, and will seek to achieve annual recurring revenue (ARR) of ¥24.0 billio
Slide 21: ARR Growth Policy for Achievement of 2030 Plan
12 ARR Growth Policy for Achievement of 2030 Plan Specifically, we will achieve accelerated growth in ARR by focusing on expansion of new services among existing major company customers of Motivation Cloud, and will also promote expansion of existing services by expanding the target customer to medi
Slide 22: Expansion of Business in Each Industry
New Services 13 ① Expansion of Business in Each Industry Existing Services In existing services, we are expanding the target for introduction of Motivation Cloud Engagement in each industry from major companies to medium-sized enterprises. As a result, introductions have expanded in the manufacturin
Slide 23: Expansion of Support for Local Governments
New Services 14 ① Expansion of Support for Local Governments Existing Services Organizational diagnosis and transformation needs are also increasing among local governments. As a result of expanding support, primarily for major local governments, our customer base has grown to 26 organizations, incl
Slide 24: Growth Policy in Expansion of New Services
New Services 15 ② Growth Policy in Expansion of New Services Existing Services Until now, we have been expanding diagnostic services primarily targeting major companies in response to the move to mandatory disclosure of human capital information. As the needs of major companies expand from disclosur
Slide 25: Recruiting Support Service: Status of Introduction
New Services 16 ② Recruiting Support Service: Status of Introduction Existing Services Released in April 2026, Motivation Cloud Entry Management is making smooth progress, with ARR surpassing ¥200 million in the third month following its release. Service Features ARR The shift to cloud services will
Slide 26: Management Support Service: Overview
New Services 17 ② Management Support Service: Overview Existing Services Motivation Cloud Management, a management support service, will be released in August. By autonomously supporting management tasks as an AI agent, it will free up time for managers and help them improve their management skills.
Slide 27: Management Support Service: Market Environment and Competitive Advantage
② Management Support Service: Market Environment New Services 18 and Competitive Advantage Existing Services In the management support market, which has significant potential, the advent of AI is leading to an emphasis on individualized and direct management support, and we will leverage our competi
Slide 28: Developing Business Overseas with an Eye on Further Expansion Long-Term
Developing Business Overseas with an Eye on 19 Further Expansion Long-Term We are expanding overseas with a long-term goal of becoming a global human capital management platform provider. We conduct sales activities mainly in 5 countries in Asia, and monthly fee revenue has increased a substantial 1
Slide 29: Upward Revision of Target for Motivation Cloud Monthly Fee Revenue
Upward Revision of Target 04 for Motivation Cloud Monthly Fee Revenue © Link and Motivation Inc.
Slide 30: Upward Revision of Target for Motivation Cloud Monthly Fee Revenue
20 Upward Revision of Target for Motivation Cloud Monthly Fee Revenue We upwardly revised the target for Motivation Cloud monthly fee revenue from ¥700 million to ¥730 million due to the smooth start of Motivation Cloud Entry Management since its release. Motivation Cloud Monthly Fee Revenue YoY Cha
Slide 31: Basic Agreement on Share Exchange for Acquisition of SELF Inc.
Notice Concerning Conclusion of 05 Basic Agreement on Share Exchange for Acquisition of SELF Inc. as a Wholly Owned Subsidiary © Link and Motivation Inc.
Slide 32: Overview of SELF Inc.
21 Overview of SELF Inc. On August 10, we concluded a basic agreement on the start of discussions for making SELF Inc. a wholly owned subsidiary of Link and Motivation through a share exchange. This company provides a variety of services related to generative AI and its proprietary AI technologies,
Slide 33: SELFBOT, a Service Provided by SELF
22 SELFBOT, a Service Provided by SELF SELFBOT, provided by SELF, is a service that centralizes management of learned information, and facilitates customer support, internal use and deployment of AI agents based on the centrally managed information. Service Details Benefits Learns information with a
Slide 34: Positioning in Motivation Cloud
23 Positioning in Motivation Cloud SELFBOT will be added to Motivation Cloud as a cloud-based transformation service. It supports improvement of productivity through more efficient access to information. Diagnosis Transformation Sharing Service Supports corporate culture revitalization Role Developm
Slide 35: Possibilities for Further Synergy with SELFBOT
24 Possibilities for Further Synergy with SELFBOT By combining our cloud and consulting services with SELFBOT, we can continuously enhance customer transformation outcomes. We will also be able to cross-sell services to customers who have transformation needs other than improving productivity. New V
Slide 36: Details of Share Exchange
25 Details of Share Exchange Discussions have begun for making SELF a wholly owned subsidiary of Link and Motivation. We will allocate treasury shares we hold as consideration, and the planned effective date of the share exchange is Thursday, October 1. Acquisition Method Upcoming Schedule August 10
Slide 37: Progress Report on Share Repurchase
06 Progress Report on Share Repurchase © Link and Motivation Inc.
Slide 38: Progress of Share Repurchase
26 Progress of Share 09 Repurchase In February 2026, we made the decision to implement our largest-ever share buyback of up to ¥6.0 billion, with the objective of increasing ROE through the repurchase of shares. The progress of the repurchase as of July 31, 2026 is as follows. Overview of Share Repu
Slide 39: Notice of Expansion of Shareholder Benefits Program
07 Notice of Expansion of Shareholder Benefits Program © Link and Motivation Inc.
Slide 40: Shareholder Benefits Program
27 Shareholder Benefits Program Twice a year, shareholders who have held 1,000 or more shares for one year or longer receive a Digital Gift®, which can be redeemed in various forms such as a QUO Card, electronic money or points. Annual Incentive Gifts Paid according to the number of shares Redeemabl
Slide 41: Notice of Expansion of Shareholder Benefits Program
28 Notice of Expansion of Shareholder Benefits Program To enhance shareholder returns, we recently decided to increase the base amounts of the shareholder benefits program by 10%. As a result, we will award shareholder benefits up to a maximum of ¥440,000 for the year. Amount Paid for the Year after
Slide 42: Reference Materials: Operating Environment of the Consulting & Cloud Business
Reference Materials｜ Operating Environment of the Consulting & Cloud Business © Link and Motivation Inc.
Slide 43: Expansion from Diagnosis Needs to Transformation Needs
Changes in the Operating Environment: 29 Expansion from Diagnosis Needs to Transformation Needs Until now, needs relating to diagnosis among organizations have been increasing due to the start of mandatory disclosure of human capital information, but now the needs of major companies are expanding fr
Slide 44: Personnel Issues Related to the Declining Working-Age Population
Changes in the Operating Environment: 30 Personnel Issues Related to the Declining Working-Age Population With the decline in Japan’s working-age population, recruiting activities to attract top talent and the development of management talent to lead business expansion have become priority issues at
Slide 45: State of Recruiting at Companies in Japan
Changes in the Operating Environment: 31 State of Recruiting at Companies in Japan With the decline in the working-age population, the cost of recruiting new university graduates is on the rise. However, the recruiting fill rate is falling year by year, and the quality of recruitment is insufficient
Slide 46: State of Management at Companies in Japan
Changes in the Operating Environment: 32 State of Management at Companies in Japan Task efficiency is improving with the use of AI, but much of the time saved is being allocated to routine work. Workloads increase significantly once personnel reach manager level, and the scope of management responsi
Slide 47: Reference Materials: Business KPIs
Reference Materials｜Business KPIs © Link and Motivation Inc.
Slide 48: KPIs by Business
33 KPIs by Business (Consulting & Cloud Business) ・ Consulting & Cloud Business Revenues ・ Consulting: Average Revenues per Customer for the Past 12 Months Organizational ・ Motivation Cloud Organizational Individual Development Monthly Fee Revenue / Delivered Orders / Average Monthly Fee Development
Slide 49: Consulting & Cloud Revenues / Average Revenues per Customer
Organizational Development Division: Consulting & Cloud 34 Business Revenues / Average Revenues per Customer for the Past 12 Months Consulting Average Revenues per Customer Consulting & Cloud Business Revenues for the Past 12 Months* 2026 2Q (¥ million) 2025 2Q 2026 2Q YoY Result ¥7,983 thousand Res
Slide 50: Motivation Cloud Monthly Fee Revenue / Delivered Orders / Average Monthly Fee
Organizational Development Division: Consulting & Cloud Business 35 Motivation Cloud Monthly Fee Revenue / Delivered Orders / Average Monthly Fee Motivation Cloud Monthly Fee Revenue 2026 2Q Result ¥650,982 thousand Monthly fee revenue (left scale) Average monthly fee¹ (right scale) June 2026 (¥ tho
Slide 51: Consulting & Cloud Business Orders
Organizational Development Division: 36 Consulting & Cloud Business Orders Consulting & Cloud Business Orders1, 2 2026 2Q Result Approx. ¥17.0 billion YoY Change +9.9% (¥ million) 14,000 2027 and 10,500 2026 after 2025 and and after 7,000 after 3,500 2025 2026 2024 0 Jun. 30, Jun. 30, Jun. 30, 2024
Slide 52: IR Reports: Average Revenues per Customer for the Past 12 Months
Organizational Development Division: IR Support Business 37 IR Reports: Average Revenues per Customer for the Past 12 Months IR Reports: Average Revenues per Customer for the Past 12 Months Key Themes of IR Support Business 2026 2Q Result ¥16,090 thousand Expand share of IR reports Japanese companie
Slide 53: Average Number of Enrollees / Career School Revenues per Enrollee
Individual Development Division: Average Number of 38 Enrollees for the Past 12 Months / Career School Business: Average Revenues per Enrollee for the Past 12 Months Career School Business Average Number of Enrollees Average Revenues per Enrollee for the Past 12 Months for the Past 12 Months* 2026 2
Slide 54: Career School Business Online Course Revenues
Individual Development Division: Career School Business 39 Online Course Revenues Online Course Revenues Key Themes of Career School Business 2026 2Q Expansion of online courses Result ¥299 million To adapt to changes in learning needs following the COVID-19 pandemic, we closed or relocated schools
Slide 55: ALT Placement Business Market Share / Average Number of ALTs Dispatched
Matching Division: ALT Placement Business 40 Market Share / Average Number of ALTs Dispatched over the Past 12 Months Average Number of ALTs Dispatched LMG Market Share* over the Past 12 Months Overall: 23.3% 2026 2026 2Q Private Companies: 49.4% Result Result 3,537 (ALTs) 3,537 3,391 3,482 3,301 Ov
Slide 56: OpenWork Registered Users, Reviews and Companies Using OpenWork Recruiting
Matching Division: Personnel Placement Business: 41 Number of Registered Users of OpenWork and Employee Reviews / Evaluation Scores & Cumulative Number of Companies Using OpenWork Recruiting OpenWork OpenWork Recruiting Number of employee reviews and Cumulative number of companies 2026 2Q Registered
Slide 57: Sources
42 Sources 1. Data through 2020 is based on the National Census (Statistics Bureau of Japan). Estimates for 2025 and after are created by the company based on the medium-fertility/medium-mortality scenario in Population Projections for Japan (2023 Revision) (National Institute of Population and Soci
Slide 58: Consolidated Financial Information for the Six Months Ended June 30, 2026
Consolidated Financial Information for the Six Months Ended June 30, 2026 Link and Motivation Inc. Securities Code: 2170 © Link and Motivation Inc.