Nihon M&a Center Holdings Inc. · TSE:2127
Nihon M&a Center — Q4 2025 Earnings Presentation
83 slides from Nihon M&a Center's earnings presentation, Apr 30, 2026
Slide 1: IR Report: Financial Results Report for FY2025
Assisting companies to continue and prosper through M&A IR Report Financial Results Report for FY2025 Year to March 2026 30 April 2026 TSE code ２１２７ To bring best-in-class M&A ever closer – today and beyond. 35th anniversary of our founding Nihon M&A Center Group The information included in this pre
Slide 2: Table of Contents
Table of Contents Executive Summary P1～3 Regional marketing P41 Network P42 FY2025 Summary P4～16 Branding P43 Review of FY2025 Full-year Results P5 Core Value P44 Summary of FY2025 Results P6～8 Income Statement Key Data P9 Industry Trends P45～54 Latest Leading Indicators and Corresponding M&A Mandat
Slide 3: With gratitude
With gratitude We celebrated the 35th anniversary of our founding on April 25, 2026. April 1991 Founded October 2006 Listed on TSE Mothers December 2007 Listed on TSE 1st section We owe this to your support. Thank you very much.
Slide 4: Our Re-Growth Strategy
Our Re-Growth Strategy 300 Ordinary Profit （¥00mn） Record-high Record-high 230 leading sales and indicators ordinary profit Next Genesis Inappropriate 220 承 accounting Introduction Development Change Conclusion Vision ３００ incident （See page 20 for details） Strengthen- A return to 210 Compliance- ing
Slide 5: Executive Summary
Executive Summary FY2025 After moving through a recovery phase following the misconduct, FY2025 concluded with increases in both revenue and profit Sales: ¥ 50.25billion (+14.0% YoY), ordinary profit: ¥ 19.15billion (+13.2% YoY) ⇒ The next fiscal year targets set under the Mid-term Management Plan
Slide 6: FY2025 Summary
FY2025 Summary
Slide 7: Review of FY2025 Full-Year Results
Review of FY2025 Full-Year Results Positive factors 1. We shifted our policy with the aim of restoring <Results> our original performance achievement cycle * For the first time since listing, we forecast a The budget achiever ratio improved YoY decline in full-year sales significantly YoY, boostin
Slide 8: Summary of FY2025 Results
Summary of FY2025 Results Steady progress in returning to our original performance achievement cycle* Both sales and ordinary profit exceeded the original earnings forecasts, marking the first simultaneous achievement in five fiscal years * Achieve the majority of the full-year forecast by Q3. Imple
Slide 9: Summary of FY2025 Results
Summary of FY2025 Results FY2025 YoY change YoY change Cause/results results (%) (amount) Recorded a significant increase in revenue There was an increase in the average revenue per M&A transaction Sales （¥mn） 50,257 +14.0% ＋6,179 The ratio of budget achievers increased significantly YoY • Bud
Slide 10: Summary of FY2025 Results
Summary of FY2025 Results FY2025 YoY change YoY change results 要因・結果 (%) (amount) In the financial year to March 2026 a reclassification of our employees has been made in order to make categorization more explicit and to promote optimal use of our resources (for details of the reclassification, se
Slide 11: Income Statement Key Data
Income Statement Key Data FY202５ FY2025 results YoY FY2024 results full-year forecasts (¥mn, ％) Total ％ % Total % Total % Sales 50,257 100.0 14.0 44,077 100.0 46,300 100.0 (o/w M&A sales) 48,488 96.5 13.5 42,709 96.9 Cost of sales 19,979 39.8 15.0 17,374 39.4 (o/w referral fees and outsourcing expen
Slide 12: Latest Leading Indicators and Corresponding M&A Mandate Flow
Latest Leading Indicators and Corresponding M&A Mandate Flow * Figures for Q4 (Jan- Mar) FY2025, % changes YoY While the number of new sell-side mandates declined, both the number of mid-cap mandates and the number of mandates from central area companies increased Although the number of new tran
Slide 13: (Reference) Number of New Sell-side Mandates
(Reference) Number of New Sell-side Mandates The YoY decline in new sell-side mandates reflects a transitional phase toward qualitative improvement, not deterioration. Changes in new sell-side mandate policy Up to FY2024 A high-volume mandate acquisition policy focused on (the traditional policy)
Slide 14: Record of Transactions Closed, M&A Sales, New Mandates
Record of Transactions Closed, M&A Sales, New Mandates Measures to improve M&A sales per transaction proved effective, resulting in record-high full-year M&A sales (measures to strengthen ability to gain large mandates and handle small-sized deals by a group company) FY2022 FY2023 FY2024 FY2025 （Uni
Slide 15: Balance Sheet Key Data
Balance Sheet Key Data Maintaining a healthy balance sheet Asset （¥mn, ％） End-Mar 2026 % Change End-Mar 2025 Ⅰ Current assets 43,758 66.1 1,192 42,566 Cash and deposits 40,447 61.1 1,236 39,211 Accounts receivable 808 1.2 -1,824 2,633 Others 2,502 3.8 1,779 722 Ⅱ Fixed assets 22,464 33.9 3,244 19,21
Slide 16: Number of Employees
Number of Employees Hiring status for M&A consultants remains generally favorable. Meanwhile, an increase in turnover (particularly among employees with tenure of no more than three years) remains a challenge. The number of employees with three or more years of tenure increased Number of employees(c
Slide 17: (Reference) Net Headcount Increase of M&A Consultants
(Reference) Net Headcount Increase of M&A Consultants Recruitment, retention, and development of M&A consultants elevated to a top priority under the direct supervision of the President Hypotheses regarding the background Current assessment Over the past four years, top priority was placed on resp
Slide 18: Changes to employee classifications
Changes to employee classifications Number of employees (former classification) From the current financial year, changes have been made to the division of employee expenses between Cost of sales and SGA expenses, and the disclosure categories for personnel have been changed from three to four (For
Slide 19: FY2026 Forecast and Mid-term Management Plan
FY2026 Forecast and Mid-term Management Plan
Slide 20: FY2026 Forecast
FY2026 Forecast Forecast exceeding Mid-term Management Plan (FY2027 targets: Sales ¥50 billion, OP ¥18 billion) FY2026 consolidated results forecasts Compared Compared FY2025 to FY2025 FY2025 to FY2024 H1 H2 Full year results results forecasts forecasts Sales 23,900 28,900 52,800 50,257 +5.1% 46,300
Slide 21: Mid-term Management Plan
Mid-term Management Plan In FY2025, we achieved our mid-term management target one year ahead of schedule. We aim to deliver upside results even within the current mid-term management plan period Mid-term Management Plan (¥mn) Consolidated sales Target higher than budgeted figures 60,000 Consolidate
Slide 22: Next Genesis Vision
Next Genesis Vision 300 FY2026 is defined as the start of our second founding and renewed growth Starting with regional revitalization, Vision driving the renewal of Japan, and What the company ultimately becoming the world’s No. 1 aspires to become integrated M&A company Toward ordinary profit of ¥
Slide 23: Trust-type Stock Compensation Plan
Trust-type Stock Compensation Plan Introduction of trust-type stock compensation plans toward achieving FY2032 ordinary profit target *Scheduled to be finalized upon resolution at the Annual General Meeting to be held on June 25, 2026 Purpose of introducing this system To further heighten awarenes
Slide 24: Head Office Expansion and Relocation in the Second Founding Phase
Head Office Expansion and Relocation in the Second Founding Phase Expanding and Relocating the Tokyo Head Office to Enhance Face-to-Face Communication and Improve Management Speed and Quality (Planned for Spring 2029) Objectives of the Head Office Expansion and Relocation An investment aimed not m
Slide 25: Redesigning our mission framework
Redesigning our mission framework Formulated a new vision and core values for our second founding Redefined the Group’s Vision and renewed the existing Philosophy as Core Values Corporate ethos We contribute to the preservation and An enduring and sustainable growth of businesses unwavering corpor
Slide 26: Restructured sales organization for second founding
Management organization structure Restructured the Sales Organization for our “second founding” amid structural growth in M&A demand Prior Structure ⇒ New Structure Organizational roles by company size segment ・ ・・ Sales HQ Sales HQ Alliances Div. Business Div. companies Corporate Strategy Div. Indu
Slide 27: Shareholder equity and Shareholder Breakdown
Shareholder equity and Shareholder Breakdown
Slide 28: Shareholder Return Contribution (Dividend Policy)
Shareholder Return Contribution (Dividend Policy) Plan to maintain a ¥29 dividend per share, including a ¥4 special dividend Shareholder Return Dividend per share Pay-out ratio FY2025*1 ¥29 73.7% FY2026 forecast ¥２９ 71.3% Dividends and pay-out ratio*2 Dividends（left axis） Pay-out ratio Pay-out ratio
Slide 29: ROE trend
ROE trend ROE to progress over ２0％ Shareholder equity and ROE （return on equity） Shareholder equity（left axis） (¥mn) (%) ROE（right axis） 60,000 30 25.7 % 24.0 % 24.4 % 50,000 24.1 % 21.8 % 18.7 % 40,000 20 30,000 20,000 10 10,000 0 0 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 （forecast） Copyright©202
Slide 30: Share Ownership and Market Capitalization
Share Ownership and Market Capitalization Share ownership as of 31 Mar 2026 Market capitalization （from Apr 2020） Other (¥100mn) corporations 14,000 2.4％ Treasury stock 5.8％ Securities companies 12,000 2.4％ 10,000 Individuals 8,000 32.7％ 6,000 Foreign 27.5％ 4,000 Financial 2,000 institutions 29.1％ 0
Slide 31: Related Activities
Related Activities
Slide 32: Update on Related Activities
Update on Related Activities Growth in PMI business etc. drove a 29.2% YoY increase in Other sales FY2025 FY2024 FY2023 FY2022 Ratio to (¥mn) Total YoY Total YoY Total YoY Total YoY total sales Ｍ＆Ａ sales*1 48,488 100.0% 113.5% 42,709 99.8% 42,788 107.5% 39,785 102.5% M&A cost of sale*2 6,557 13.5% 1
Slide 33: Batonz. Co., Ltd.
Related Activities Batonz. Co., Ltd., an equity-method affiliate Listed on the Tokyo Stock Exchange Growth Market (Apr 21) For details regarding this new listing, please refer to the information published by Batonz. Co., Ltd. (Batonz. Co., Ltd. website: https://batonz.jp/company/) Overview of Batonz
Slide 34: TOKYO PRO Market (TPM) IPO support activities
TOKYO PRO Market (TPM) IPO support activities *1 The cumulative number of companies supported by us for TPM listings has exceeded 50 The number of companies listed Nihon M&A Center sponsor track on TPM (end-Mar. 2026) record • Prefectures with J-Adviser/F-Adviser contract records • TOKYO PRO Market-
Slide 35: PMI Consulting business
PMI Consulting business For successful M&A, the necessity and importance of PMI* are increasing. Received 132 orders, exceeding 40% YoY growth * Post Merger Integration process Main changes in the external environment surrounding PMI support for SMEs March 2022 The SME Agency has developed the ‘PM
Slide 36: Overseas Activities
Overseas Activities 10th anniversary of opening overseas locations Entering a full-fledged profit generation phase centered on our five ASEAN locations Evolution of overseas activities Phase 3: Full-fledged profit generation Phase 2: Accumulation of know-how • Establishing a profit model and Phase 1
Slide 37: Overseas Activities
Overseas Activities Record high for the full year 17 M&A deals involving overseas companies were closed Overseas company-related M&A in Initiatives to enhance awareness (selected examples) (Jan – Mar 2026) FY2025 Network development Seller Buyer • Joined SG M&A (Singapore M&A Association) as Indus
Slide 38: Fund business
Fund business Established J-Capital as an intermediate holding company overseeing the fund business * See our website “Notice of Establishment of Intermediate Holding Company by Simplifies Incorporation type Company Split” for details Overview of J-Capital Evolution of the fund business An interme
Slide 39: Fund business
Fund business Initiatives to advance business at each fund company AtoG Capital （Since Dec 2023, our wholly owned subsidiary） Invests in mid-sized and small companies in the ASEAN region, where acquisition hurdles are high for Japanese companies, and strengthens governance and compliance structure
Slide 40: Features
Features
Slide 41: Active in digital transformation and adoption of AI
Active in digital transformation and adoption of AI (data-driven management) Database development using the AI-based business interview analysis service “Bring Out” and future directions for AI-driven matching Status of information accumulation through “Bring Out” Seller Potential Buyer Qualitativ
Slide 42: Marketing Roadshow
Marketing Roadshow Applications for our three main seminar initiatives exceeded 10,000 for the full year (approximately 1.5 times the previous fiscal year) Main Seminars and Applications （Apr 2025 – Mar 2026） Supported by an enhanced speaker lineup, applications for the nationwide seminar tour wer
Slide 43: Regional Marketing
Regional Marketing Strengthening relationships with local customers through the rollout of community-based marketing initiatives 35th anniversary × Community-based marketing Second initiative: Placement of newspaper advertisements （24 April 2026） • To commemorate our founding day (April 25), full-
Slide 44: Network
Network Successfully hosted “ACCOUTING DAY 2026”, attracting over 2,400 participants from accounting firms Background We were founded through investment by accounting firms and have built a nationwide accounting firm network for over 30 years • Number of partner accounting firms: 1,111 (as at Marc
Slide 45: Branding
Branding Recognized by Guinness World Records for 5 consecutive years Best-selling mergers and acquisitions advisory company in 2024 Record this year Number of transactions closed* (No. of transactions closed) 1,088 transactions in 2024 1,200 (Year of record: Jan 2024 – Dec 2024) 1,067 1,088 1,013 9
Slide 46: Core Value
Core Value The company’s core values and beliefs Be a professional It means taking responsibility not merely for outcomes, but for the lives entrusted to us. A company is a place where lives are woven together. That is why we Utmost respect for face our clients with absolute commitment, even accepti
Slide 47: Industry Trends
Industry Trends
Slide 48: Industry Trends – External Landscape
Industry Trends – External Landscape Improvement required to service quality and ethical standards of the industry Number of companies providing M&A support （as of 9 Mar 2026） M&A specialist companies – intermediaries About 800 Within the total Companies providing M&A support 87.1% have 4 or less
Slide 49: Industry Trends - Response by SME Agency (1)
Industry Trends - Response by SME Agency (１) “SME M&A guidelines” 2nd revised edition (Aug 202４) Added content including fee transparency and policy for inappropriate buyers Summary of revisions (for intermediary parties) 1. Intermediaries, financial advisor fees and 5. Risks for parties following d
Slide 50: Industry Trends - Response by SME Agency (2)
Industry Trends - Response by SME Agency (2) “Skill map for SME M&A Specialists (Individuals)” (Released in April 2025) In order to improve the quality of private sector M&A specialized human resources, SME Agency have systematically organized and announced the skills related to the broad domain of
Slide 51: Industry Trends - Response by SME Agency (3)
Industry Trends - Response by SME Agency (3) Announced an overview of the SME M&A Qualification Examination based on the skill map (Mar 2026) Overview of the “SME M&A Qualification Examination (tentative name)” From the perspective of improving the knowledge, skills, and ethics of individuals enga
Slide 52: Industry Trends - Response by Self-Regulatory Body
Industry Trends - Response by Self-Regulatory Body Strengthened measures against inappropriate buyer* M&A Advisors Association (self regulatory body) 245 companies joined (as of Apr 2026). We are listed as a founder member Change of structure. Creation of Qualification system committee and Self
Slide 53: Industry Trends – Our Response (1)
Industry Trends – Our Response（１） Measures to prevent M&A problems What we do ① Further strengthening of process for checking risks during the M&A process Chec1 Criminal record Checkpoint Checkpoint Checkpoint 2 Financial capacity of buyer Checkpoint 3 Suitability of scheme Legal review meeting① Leg
Slide 54: Academic, industry & government collaboration – Our Response (2)
Academic, industry & government collaboration – Our Response （２） To assist the healthy development of the industry and improve standards Further strengthening of academic, industry and government collaboration New PR role - CPAO Methods to promote academic, industry and government collaboration Ou
Slide 55: Industry Trends – Our Response (3)
Industry Trends – Our Response （３） While M&A has become common, direct marketing towards small and medium-sized business owners has intensified M&A support companies are subject to comparative selections due to changes in the market environment Our company’s belief Our vision of the best M&A Compani
Slide 56: Industry Trends – Our Response (4)
Industry Trends – Our Response （4） Five supports to lead you from Completed mandate to Success Even in the unlikely event of a A company specialized breach of representations and in PMI support will warranties, we will provide support lead M&A to success. to maintain a good relationship. Japan's Fir
Slide 57: Business Environment
Business Environment
Slide 58: Distribution of the Age of Owners & Ratio of Companies with No Successor
（Reference） Distribution of the Age of Owners & Ratio of Companies with No Successor The per centage of SME owners aged over 70 shows an upward trend The ratio of companies with no successor is trending down, but still represents a majority Age distribution of SME owners Ratio of SMEs with no succes
Slide 59: Key Reasons for Companies Becoming Dormant, Closing Down or Being Broken Up
（Reference） Key Reasons for Companies Becoming Dormant, Closing Down or Being Broken Up Over half the companies which closed down are profitable The reason for about 30% of companies closing down is the lack of a successor Breakdown according to profit/loss of Reasons for companies closing down comp
Slide 60: Potential Market
Potential Market
Slide 61: Estimated Potential Demand for M&A Related to Business Succession
Estimated Potential Demand for M&A Related to Business Succession Potential demand for M&A of SMEs lacking a successor is forecast to peak in 2035, but still maintain a high annual volume of over 90,000 ＊1 Projection of potential demand for M&A of SMEs lacking a successor （sales over ￥100m, CEO age
Slide 62: M&A Potential Market Size
M&A Potential Market Size The potential market size for M&A of SMEs (sales over ¥100m) in the domestic market is ¥13.5 trillion Number of potential M&A target companies*2 Sales size Number of Potential SMEs*1 Business succession Business succession market size*3 focus not focus （CEO age over 60） （CE
Slide 63: Company Overview
Company Overview
Slide 64: (Reference) Track record on Sales and Ordinary Profit since FY2009
(Reference) Track record on Sales and Ordinary Profit since FY2009 (¥mn) Consolidated sales 60,000 Consolidated ordinary profit 50,257 50,000 44,077 44,136 40,000 41,315 40,401 34,795 32,009 30,000 28,463 24,625 19,069 19,154 20,000 16,864 16,918 15,468 14,778 14,467 12,533 16,518 12,227 11,670 15,4
Slide 65: Corporate Profile
Corporate Profile (as of end-Mar 2026) Leading company in M&A intermediary services with a track record of over 11,000 completed transactions Company name Nihon M&A Center Holdings Inc. Established April 1991 *Transition to a holding company structure taken place in October 2021 Business outline Gro
Slide 66: Corporate History
Corporate History ★ We have been profitable since the second year of our history and have continuously paid a dividend Honorable Chairman Wakebayashi and President Miyake worked at Olivetti Japan, selling computers nationally to accounting firms and regional financial institutions. The current M&A n
Slide 67: Business Model: Nationwide M&A information network
Business Model Nationwide M&A information network Providing corporates buying or selling with an abundance of information on deals, irrespective of location or sector, harnessing a nationwide network of financial institutions and accountants Information Network Information As of end-Mar 2026 Informa
Slide 68: The Strengths of Nihon M&A Center
The Strengths of Nihon M&A Center Never let any competitor catch up Differentiation through service, superiority without competing on price Strong systems for Very strong network for M&A information １ developing valuable Regional financial institutions, accountants, large financial information ins
Slide 69: Our Workflow as An M&A Intermediary
67 Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. Post-disposal support Implementation PMI support support for disclosure Success Success Signing of definitive fee fee agreement, document exchange, settlement Negotiation of final terms Due diligence Interim Support for concluding
Slide 70: Becoming An Integrated M&A Company
Becoming An Integrated M&A Company Specialized high quality group companies Nihon M&A Center J-Capital Established in 1991. The top An intermediate holding company for closed deals in company the M&A intermediary overseeing the fund business services industry Japan PMI Consulting Japan Investment Fu
Slide 71: Nihon M&A Center Inc. Organization Structure
69 Corporate HQ Copyright©2026 Nihon M&A Center Holdings Inc. All rights reserved. General Affairs Dept. Finance & Accounting Dept. HR Dept. Nihon M&A Center Inc. Organization Structure （as of Apr 2026） Document Management Dept. Management Operations Legal Advisory Dept. HQ Risk Management Dept. Bus
Slide 72: Human Resource Development Plan
Human Resource Development Plan Achieving early development as well as strengthening the next generation A layered approach for thoroughness We aim to achieve fast results from the training Training Program Structure （excerpt） M&A consultants Corporate Staff Management ★Special training from top Exe
Slide 73: What We Do for Digital Transformation
What We Do for Digital Transformation Utilizing media & digital communication Digitalisation Awareness Lead creation greater efficiency to every component of the M&A process Awareness Lead creation Newspapers, Private company valuation system, Introductions Creation of potential buyer lists using ma
Slide 74: Transactions closed in FY2024
Transactions closed in FY2024 What size sellers does Nihon M&A Center support ？ Calculated from deals closed in FY202４ Sales in a seller (¥mn) Number of employees in a seller More than More than 2,000 100 or less 100 employees More than 1,000 to 2,000 6.７％ 1１.９％ 6.5％ 5 employees or less More than 50
Slide 75: Transactions closed in FY2024
Transactions closed in FY2024 We achieve optimal matching from our broad geological and sector reach Industries of companies sold Nihon M&A Center matching results Same Different Construction Total sector sector Other 23.4％ 24.3％ Same region 9.1 ％ 24.6 ％ 33.7 ％ Land transportation, Metal and Differe
Slide 76: Sustainability Initiatives
Sustainability Initiatives 2024 MSCI ESG Rating Raised to A Supporting the active participation of female Year 2019 2020 2021-2０23 ２０２４ ２０２５ consultants We are strengthening recruitment and supports of Score B BB BBB A A female M&A consultants, to achieve sustainable growth and become the best pla
Slide 77: Sustainability Initiatives
Sustainability Initiatives Published the “DIVERSITY & INCLUSION BOOK,” which summarizes our D&I initiatives (Mar 2026) 「DIVERSITY & INCLUSION BOOK 2025-2026」 We continue to implement initiatives to promote D&I. This booklet was created to introduce these initiatives, and this is its fourth publicati
Slide 78: Sustainability
Sustainability Integrated Report 2025 Simultaneous release of the Japanese and English editions (Nov 2025) Integrated Report 2025 Message from Top Roundtable Discussion Cover Dialogue with Stakeholders Management with Independent Directors The full version of the Integrated Report is available on ou
Slide 79: Our M&A intermediary activities provide economic benefits
Our M&A intermediary activities provide economic benefits Enabling the continual growth of society through sustaining and increasing employment 1 Number of Total revenues for the companies involved in the aforementioned FY2024 M&A contracts M&A contracts Basic information 493 ¥ 3６７.２ billion 2 Preve
Slide 80: Number of Transactions Closed in Q4 (1/3)
Number of Transactions Closed in Q4 (1/3) 128 transactions closed, 251 by number of companies Selling company Acquiring company Selling company Acquiring company Industry classification Region Industry classification Region Industry classification Region Industry classification Region 1 Civil engine
Slide 81: Number of Transactions Closed in Q4 (2/3)
Number of Transactions Closed in Q4 (2/3) 128 transactions closed, 251 by number of companies Selling company Acquiring company Selling company Acquiring company Industry classification Region Industry classification Region Industry classification Region Industry classification Region 53 Accounting
Slide 82: Number of Transactions Closed in Q4 (3/3)
Number of Transactions Closed in Q4 (3/3) 128 transactions closed, 251 by number of companies Selling company Acquiring company Industry classification Region Industry classification Region 105 Daily goods manufacturing Kyushu, Okinawa Packaging materials wholesale Kyushu, Okinawa 106 Packaging mate
Slide 83: Corporate ethos
日本M&AセンターHDのフィロソフィー 最後に Corporate ethos We contribute to the preservation and sustainable growth of businesses through M&A. Corporate Purpose To bring best-in-class M&A ever closer To connect hopes and dreams for the best M&A experience in Japan and then the world To investors Increase market value
Nihon M&A Center Holdings — Q4 2025 Earnings Presentation on 6ix