Supplementary Materials for the Financial Results for Quarter Two of the Fiscal Year Ending Feb. 2026

(March 2025 - August 2025)

BELLSYSTEM24 HOLDINGS, INC.

Securities code: 6183

October 8, 2025

© BELLSYSTEM24 HOLDINGS, INC.

Both revenue and operating income increased compared with Q2 of the previous fiscal year. Most notably, operating income and

net income attributable to owners of the parent increased s ignificantly, mainly due to revenue improvement measures.

72.04

73.14

Q2 of FY2024 Q2 of FY2025

13.56

12.73

Q2 of FY2024 Q2 of FY2025

5.91

4.81

Q2 of FY2024 Q2 of FY2025

3.82

3.02

Q2 of FY2024 Q2 of FY2025

(Unit: billions of yen)

Revenue stood at 73.14 billion yen, up 1.10 billion yen, or 1.5%, from 72.04 billion yen in the previous fiscal year.

The smart contact center (SC) business recorded an increase in revenue of 0.62 billion yen, or 1.0% compared with Q2 of the

previous year.

• While revenue decreased year on year in Q1, mainly due to a decrease of large spot projects, cumulative total revenue for the first two quarters increased year on year due to the contributions of the increases in election operations and projects in the public and telecommunications sectors and other factors.

  In the smart business support (SB) business, revenue increased by 0.53 billion yen, or 5.4%, compared with Q2 of the previous year.

• Back office operations such as HR and accounting services increased steadily, as did document screening.

  (Uni

  Smart contact center (SC) business

  Smart business support

  center (SB) business Others

  t: billions of yen)

  73.14

  +0.62

△ 0.5

72.04

+1.10

(+1.5%)

Q2 of FY2025

Revenue

Q2 of FY2024

Revenue

Compared with Q2 of the previous year, revenue from Services (including public sector services ),

Transportation/Communications (including communication carriers ), Manufacturing (related to elections) and other client

industries increased.

(Unit: billions of yen)

Services

(Human resources placement, Internet services, broadcasting, electric money, code payment, point rewards service, etc.)

Revenue from human resources placement declined, but revenue from Internet and public sector services continued to increase.

31.6

8.6

8.1

7.4

7.5

FY2022

33.8

8.1

8.1

8.3

9.3

FY2023

33.1

8.3

8.3

8.2

8.4

FY2024

17.7

8.7

9.0

FY2025

Transportation/Communications

(Communication carriers, ISP, travel, transportation, etc.)

Revenue from ISPs decreased. Increases were centered around telecom carriers.

32.3

8.0

8.0

8.0

8.4

FY2022

30.6

7.5

7.3

7.6

8.3

FY2023

29.6

7.4

7.3

7.1

7.8

FY2024

15.3

7.5

7.7

FY2025

Finance/Ins urance

(Banking, securities, life and non-life insurance, credit cards, etc.)

Revenue from some code payment services declined, but revenue from the life and non-life insurance sectors in particular remained firm.

22.2

5.5

5.7

5.6

5.4

FY2022

24.0

6.2

5.9

6.0

5.9

FY2023

25.3

6.0

6.2

6.2

6.9

FY2024

12.3

6.2

6.2

FY2025

Others

(Local government, electricity, gas, water, housing, real estate, etc.)

Revenue from new energy service businesses and the real estate sector increased.

6.8

7.0

7.9

4.3

FY2022

FY2023

FY2024

FY2025

1.8

2.2

2.0

1.9

1.8

1.5

1.7

1.7

1.7

1.8

Manufacturing

(Manufacturers, food manufacturing, printing, medical care and pharmaceuticals, etc.)

Revenue increased in Q3 of FY2024 and Q2 of the current fiscal year due to election operations.

9.0

8.3

7.8

4.1

FY2022

FY2023

FY2024

FY2025

2.0

1.9

2.3

2.0

1.7

1.9

Wholesale/Retail

(Mail-order sales, e-commerce, product sales services, etc.)

Revenue has remained flat on a quarterly basis since the previous fiscal year

18.7

17.5

16.4

8.2

FY2022

FY2023

FY2024

FY2025

4.1

4.2

4.4

4.8

* BELLSYSTEM24's non-consolidated revenue from its top 300 clients (covering core business operations up to FY2024)

Operating income reached 5.91 billion yen, up 1.10 billion yen or 22.9% year on year. Gross profit rose 0.83 billion yen year on year.

• Despite decreases at some subsidiaries, operating income increased significantly due to the effects of revenue improvement measures, such as raising billing rates for client companies and site consolidation, in addition to the positive effects that election operations and public sector projects have had on revenue.

  Selling, general and administrative expenses decreased 0.26 billion yen year on year (positive factor).

• Security-related expenses increased for enhancing IT security, but wide-ranging cost reductions centered on facility-related expenses (expenses related to site consolidation) were implemented.

  (Un

  it: billions of yen)

  Gross profit SG&A expenses

  Other income (expenses)

  +0.26

+0.01

5.91

4.81

+1.10

(+22.9%)

Q2 of FY2024

Operating income

Q2 of FY2025

Operating income

In the firs t two quarters of FY2025, the gross profit margin recovered to 18.5% due to the effects of the increase of billing rates for clients and revenue improvement measures, including initiatives to control expenses. Moving forward, our goal is to improve profitability to a level that exceeds profitability during the COVID-19 pandemic through measures such as the use of generative AI.

• From FY2020 to FY2022, the gross profit margin remained above 20% due to the effect of the expansion of highly profitable business related to national policy matters, including COVID-19.

• In FY2023 and FY2024, gross profit margin declined significantly due to delays in the reduction of equipment and staff that had been increased during the COVID-19 pandemic.

  Gross profit margin

  19.7%

  20.2%

  20.7% 20.5%

  (Unit: billions of yen)

  (Q2 result)

  18.5%

  Business related to COVID-19 and other national policies

  Fundamental business

  Gross profit margin rose due to the expansion of highly profitable business

  related to national policy matters including COVID-19.

  156.1

  146.5

  18.2%

  148.7

  17.7%

  143.6

  (Full-year plan)

  150.0

  126.7

  135.7

  8.9

  17.5

  22.1

  8.9

  125.1

  125.6

  127.9

  133.1

  139.2

  141.2

  (Q2 result)

  73.1

  FY2019

  FY2020

  FY2021

  FY2022

  FY2023

  FY2024

  FY2025

  Net income stood at 3.82 billion yen, ris ing 0.80 billion yen, or 26.5%, compared with Q2 of the previous year, reflecting higher operating income.

  The share of profit of investments accounted for using the equity method rose 0.15 billion yen year on year.

• The increase was due to CTC Fast Contact transitioning from being a consolidated subsidiary to an equity-method affiliate.

• The share of profit of investments in TB Next Communications Co., Ltd. and Thai-based True Touch increased year on year.

  Financial income/costs declined 0.15 billion yen compared with Q2 of the previous year, in part due to higher interest rates on borrowings due to a rise in market interest rates (negative factor)

  • CTC First Contact Corporation (JV with CTC: Interest of 48.0%)

  • TB Next Communications Co., Ltd. (JV with Toppan: Interest of 49.0%)

  • True Touch Co., Ltd. (Thailand: Interest of 49.9%)

    (Unit: billions of yen)

    Share of profit (loss) of

    Operating income investments accounted

    for using equity method

    Financial income/costs

    Non-controlling interests

    +1.10

Income taxes

+0.15 -0.15

+0.06

3.82

3.02

+0.80

(+26.5%)

Q2 of FY2024

Net income

Q2 of FY2025

Net income

* Net income refers to net income attributable to owners of the parent.

Revenue based on ITOCHU Synergy increased to 8.64 billion yen (up 1.03 billion yen or 13.5% year on year).

• Revenue increased significantly, mainly revenue related to telecom carriers. It is projected to increase steadily in and after Q3, including other projects.

14.45

15.16

Revenue based on ITOCHU Synergy

16.99

7.61

+1.03

(+13.5%)

3.93

4.01

3.68

4.43

3.87

16.03

15.39

(Unit: billions of yen)

86.4

2Q

1Q

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025