Slide 1: FY2027.3 Q1 Financial Results Presentation
FY2027.3 Q1 Financial Results Presentation CELM Inc. | TSE Standard:7367 August 13, 2026 （C）CELM Inc. All Rights Reserved.
Slide 2: INDEX
INDEX 1. Consolidated Financial Results for FY2027.3 Q1 2. Appendix （C）CELM Inc. All Rights Reserved. 2
Slide 3: Consolidated Financial Results for FY2027.3 Q1
Consolidated Financial Results for FY2027.3 Q1 （C）CELM Inc. All Rights Reserved.
Slide 4: Seasonality of CELM (Business/Slow)
Seasonality of CELM（Business/Slow） ⚫ “Executive/Middle” : Management team policy will be fixed at the general shareholders' meeting, and numerous organizational and human resource development projects are in full swing, starting around October, the season for middle managers to be promoted ⚫ “First
Slide 5: Highlights of FY2027.3 Q1 Consolidated Financial Results
Highlights of FY2027.3 Q1 Consolidated Financial Results • Consolidated net sales hit a record high for a first quarter. Steady growth in deepened First Career transactions during our peak season absorbed the cost increases from business foundation investment and wage hikes that we flagged at the pr
Slide 6: Progress of Net Sales and EBITDA of FY2027.3 Q1
Progress of Net Sales and EBITDA of FY2027.3 Q1 • Net sales at each group company progressed in line with plan. • While absorbing planned costs — higher personnel expenses from CELM's (non- consolidated) salary table revision and wage increases, and group-wide AI investment — both net sales and EBIT
Slide 7: Quarterly Net Sales and SG&A
Quarterly Net Sales and SG&A ⚫ Q1 is structurally a quarter with limited profit accumulation, as areas outside First Career, which is in its peak season, remain quiet. ⚫ Both EBITDA margin and the SG&A-to-sales ratio were maintained at broadly the same level as the year-earlier quarter (FY26.3 Q1).
Slide 8: Cumulative Sales & Profit by Business Segment
Cumulative Sales & Profit by Business Segment ⚫ Company-wide, both sales and profit progressed broadly on plan, and investments in each business were executed as expected. ⚫ [Talent & Organizational Development] The First Career area, for which Q1 is the peak season, faces a near-term headwind as ne
Slide 9: Key KPI's
Key KPI’s 25.3 26.3 27.3 （Unit） 27.3Q1 Progress （Actual） （Actual) （Plan） “OTD/Executive & Middle Area” Progressing steadily toward the full-year 1 # of Client groups with annual sales over 16 13 17 Clients target. The plan will be re-examined in Q3 (Oct–Dec), the peak season. 100mil(1) “OTD/Executiv
Slide 10: FY27.3 Full-year Forecast and Image of Q2 Performance
FY27.3 Full-year Forecast and Image of Q2 Performance • From Q2 onward, the build-up of sales and profit in our core areas — centered on the Executive and Middle Management area — begins in earnest. Under a policy of landing full-year ordinary profit at broadly the prior-year level, we will control
Slide 11: Our Long-term Vision (FY29.3 and Beyond)
Our Long-term Vision (FY29.3 and Beyond) ⚫ We have set a clear long-term vision — post-IFRS-adoption Operating Profit of JPY 2.0 billion (FY29.3 target) and ROE of 30% or higher (mid-to-long term) — and are executing our strategy toward this destination. Mid-to-Long-term Mid-to-Long-term Operating P
Slide 12: Disciplined Capital Allocation and Shareholder Return Policy
Disciplined Capital Allocation and Shareholder Return Policy Item Our Policy ✓ Position M&A and strategic investment utilizing financial leverage as the top Investment priority in capital allocation, thereby strengthening our business foundation (Growth and enhancing corporate value. Investment) ✓ U
Slide 13: Capital Efficiency and Financial Discipline with an Eye on M&A
Capital Efficiency and Financial Discipline with an Eye on M&A • Pursuing capital efficiency toward a mid-to-long-term ROE of 30% or higher. The equity ratio, which we drew down for the KYT acquisition, has since recovered into the 40% range through the accumulation of operating cash flow. • The reb
Slide 14: Appendix
Appendix （C）CELM Inc. All Rights Reserved.
Slide 15: ESN AAO Cx
ESN AAO 70 Cx FYRRZEKOIS5L<). KOIWEWEIE. More human, more powerful.
Slide 16: Company Outline
Company Outline EBITDA(1) grew at a pace of approximately 25% CAGR Outline since listing Unit: million yen • Name CELM Inc. 1,664 1,426 • Business Comprehensive support for HR & 1,317 1,156 Organizational 945 Development tailored to business and management strategies 546 • Establishment November 01,
Slide 17: Our Clients' Issues: Linking Management Issues with HR and Organizational Strategies
Our Client s’ Issues: Linking Management Issues with HR and Organizat ional Strategies "Management issues" and "strategies related to HR and organizations" are inherently related, and many companies recognize the difficulty of linking the two. Difficulty linking with real business strategy Various c
Slide 18: Talent and Organizational Development Business Model
Talent and Organizational Development Business Model CELM is dedicated to accurately handling customer issues and project executions. By utilizing an external network of experts, CELM is able to provide optimal programs tailored to each client's specific situation. The business model can adapt and d
Slide 19: Strong Partnership with External Professional Talent
Strong Partnership with External Professional Talent An external talent network with over 1,700 professionals(1) enables CELM to offer a wide range of solutions while operating with a leaner cost structure, delivering truly client-centric solutions. Responding to a wide range Truly customer-oriented
Slide 20: Business Domain
Business Domain Covering wide range from management executives to entry-level employees. CELM has a competitive advantage in addressing company-specific issues that are becoming increasingly important for the executives and middle management of large companies. Area Service Description Talent & Orga
Slide 21: CELM's Strengths (1/3): High Recurring Business Structure
CELM’s Strengths (1/3): High Recurring Business Structure Since human capital investment is never-ending theme, we foster trusting relationships with clients, resulting in a high-recurring business structure. As a result, sales from clients with long relationship (3 years or more) account for more t
Slide 22: CELM's Strengths (2/3): Strong Customer Base Centered on Major Companies
CELM's Strengths (2/3): Strong Customer Base Centered on Major Companies CELM is highly regarded for offering “tailor-made support” that addresses the specific challenges of large Japanese companies, which require swift responses in every situation. CELM's tailor-made support has earned a high reput
Slide 23: CELM's Strengths (3/3): Ability to Develop Projects through Contacts with Key Client Executives
CELM's Strengths (3/3): Ability to Develop Projects through Contacts with Key Client Executives and Next -Generation Executive Candidates Contact with key client executives and next-generation executive candidates allows CELM to develop projects from the earliest stage of a client’s potential strate
Slide 24: Management leaders have growing awareness of HR issues for next leader
Increased Awareness Following Corporate Governance Code Revisions The 2026 revision of the CG code emphasizes creating succession plans not only for the CEO but also for other management members, highlighting the growing awareness of HR issues related to management leaders. Management and organizati
Slide 25: CELM's Earnings Structure and KPIs
CELM’s Earnings Structure and KPIs Main KPIs 1 Executive & Middle Business # of clients over 0.1bn annual sales(1) … KPI to improve “unit price per client” First Career Business 2 # of clients over annual sales of 10mil 3 EBITDA per employee … Focus on the level of in-year investment in strengthenin
Slide 26: Review of Client Demand Shifts and CELM's Strategic Response
Review of Client Demand Shifts and CELM's Strategic Response Keyword Issues/Status Increasing ✓ The pace of external change is accelerating, and the requirements for executive talent are being redefined on an annual basis. １ Sophistication of ✓ For most client companies, external hiring alone can no
Slide 27: A Four-Step Flywheel Underpinning CELM's Sustained Earnings Power
A Four-Step Flywheel Underpinning CELM's Sustained Earnings Power ⚫ CELM's sustained earnings power is generated by a flywheel in which four structural elements mutually reinforce one another, building a business foundation where competitive advantage compounds with each cycle. (Each element is expl
Slide 28: Step01: Highly Predictable Revenue Base
Step01：Highly Predictable Revenue Base ⚫ Our key clients in the Executive/Middle area are Japanese large corporations with sound financial fundamentals, and by addressing structural management themes that are less affected by economic cycles, we secure stable, ongoing client relationships. ⚫ The ave
Slide 29: Step02: Variabilization through External Talent
Step02：Variabilization through External Talent ⚫ Building on this highly predictable revenue base, CELM operates an asset-light operating model leveraging a network of external professional talent. ⚫ By avoiding the accumulation of fixed-cost-prone in-house talent infrastructure and positioning the
Slide 30: Step03: Stable Cash Flow from the Core Business
Step03：Stable Cash Flow from the Core Business ⚫ The high cash generation capability that emerges from a business model with thoroughly variabilized costs and strong operating leverage — productivity of JPY 5–7 million in EBITDA per employee — can be deployed as funding for the next phase of growth
Slide 31: Step04: Reinvestment to Strengthen the Business Foundation
Step04：Reinvestment to Strengthen the Business Foundation ⚫ By redeploying this investment capacity into strengthening our human capital and organizational foundation, and expanding our business portfolio, we build a self-reinforcing flywheel that generates the next round of major business opportuni
Slide 32: FY27.3 Organic Growth Investment Policy: Upgrading Our Operational Foundation through DX Including AI
FY27.3 Organic Growth Investment Policy: Renewing and Upgrading Our Operational Foundation through DX Including AI No.1 ✓ Through rigorous adoption of project management methodologies and field-level productivity improvements, we will renew, upgrade, and bring our operational foundation into the nex
Slide 33: M&A-Driven Strategy for Strengthening the Business Portfolio
M&A-Driven Strategy for Strengthening the Business Portfolio No.1 ✓ Accelerate inorganic growth by expanding our historically large-enterprise- Expansion of centric client base into new customer segments including start-ups and mid- Customer Segments sized SMEs. No.2 ✓ Through the expansion of solut
Slide 34: Grow with Discipline: Our M&A Five Walk-Away Guidelines
Grow with Discipline: Our M&A “Five Walk-Away Guidelines“ 01 Purpose Alignment We pursue only those themes that unlock the potential of people & organizations and are fully aligned with our purpose and culture. 02 Synergy Clarity If we cannot credibly realize synergies or execute PMI with our own ca
Slide 35: Disclaimer Contact
Disclaimer This presentation was prepared by CELM Inc. (the “Company”) solely for informational purposes. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any security in the United States, Japan or any other jurisdiction. This presentation contains forward