Financial Results for Q1 FY2026

Summary of Consolidated Financial Results for the First Quarter of Fiscal Year Ending September 30, 2026 (Japanese Accounting Standards)

February 9, 2026

Listed Company Name: MTI Ltd. Listing Exchanges: Tokyo Stock Exchange

Securities Code: 9438 URL: https://ir.mti.co.jp/eng/ Representative: Toshihiro Maeta, President and Chief Executive Officer

Contact: Hiroshi Matsumoto, Senior Managing Director Phone: +81-3-5333-6323 Scheduled date of dividend payment: -

Supplementary documents for quarterly results: Yes

Quarterly results briefing (Japanese): Yes (for securities analysts and institutional investors)

(Figures less than one millions of yen are omitted)

1. Consolidated business results for the three months ended December 31, 2025 (October 1, 2025 - December 31, 2025)

   1. Consolidated operating results (cumulative total) (Percentages represent year-on-year changes)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      First quarter of fiscal year ending September 30, 2026 First quarter of fiscal year ended September 30, 2025	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      	7,773	6.9	835	16.4	923	18.0	603	2.4
      	7,271	9.8	718	65.0	783	(1.2)	589	(6.6)

      (Note) Comprehensive income: Three months ended December 31, 2025: 685 millions of yen (4.2%)

      Three months ended December 31, 2024: 658 millions of yen (5.9%)

      	Net income per share	Net income per share/diluted
      	Yen	Yen
      First quarter of fiscal year ending September 30, 2026	10.87	-
      First quarter of fiscal year ended September 30, 2025	10.69	10.67

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio
   	Millions of yen	Millions of yen	%
   As of December 31, 2025	31,632	22,571	58.5
   As of September 30, 2025	33,347	22,446	55.2

   (Reference) Shareholders' equity: As of December 31, 2025: 18,510 millions of yen

   As of September 30, 2025: 18,413 millions of yen

2. Dividends

   	Dividend per share
   	End of first quarter	End of second quarter	End of third quarter	Year end	Annual
   Fiscal year ended September 30, 2025 Fiscal year ending September 30, 2026	Yen	Yen	Yen	Yen	Yen
   	-	9.00	-	10.00	19.00
   	-
   Fiscal year ending September 30, 2026 (forecast)		10.00	-	10.00	20.00

   (Note) Revision from the most recently announced dividend forecast: None

3. Forecast for consolidated business results for the fiscal year ending September 30, 2026 (October 1, 2025 - September 30, 2026)

(Percentages represent year-on-year changes.)

(Note) Revisions to the most recently announced earnings forecast: None

* Notes

1. Important changes of subsidiaries during the term (changes in specified subsidiaries resulting in change in scope of consolidation): Not applicable

   New: - Exception: -

2. Application of specific accounting treatment to the preparation of quarterly consolidated financial statements:

   Not applicable

3. Changes in accounting policies and changes or restatement of accounting estimates

   1. Changes in accounting policies due to the modification in accounting methods: Not applicable

   2. Changes in accounting policies other than (i): Not applicable

   3. Changes in accounting estimates: Not applicable

   4. Restatement: Not applicable

4. Number of outstanding shares (common shares)

   1. Number of shares outstanding at the end of period (including treasury shares): 12/2025: 60,435,200 shares 09/2025: 60,435,200 shares

   2. Number of treasury shares at the end of period

      12/2025: 4,947,414 shares 09/2025: 4,947,414 shares

   3. Average number of shares during the period (quarterly consolidated cumulative period)

Three months ended 12/2025: 55,487,786 shares Three months ended 12/2024: 55,079,832 shares

• This Summary of Consolidated Financial Results for the First Quarter is not included in the scope of quarterly review by certified public accountants or audit corporations.

• Cautionary statement with respect to forward-looking statements

The forward-looking statements included in this material are based on the Company's judgments, assumptions, and convictions based on information available to the Company at the time of publication of this document and may differ materially from actual results for a range of factors, including conditions of Japanese and overseas economies, changes in the situation of operations in Japan and overseas, and uncertainties and potential risks inherent in forward-looking statements. The risks and uncertainties include unforeseeable effects of future events. The information on consolidated earnings forecasts and other future forecasts on page 3 of the Accompanying Materials describes notes on the assumptions of the earnings forecasts and the use of the earnings forecasts.

The company plans to hold an online earnings briefing (Japanese) for institutional investors and analysts on Tuesday, February 10, 2026. The materials for the earnings briefing will be posted on the company's IR website.

1. Qualitative information on financial results for the current quarterly settlement 2

   1. Explanation on operating results 2

   2. Explanation on financial position 3

   3. Explanation of future forecast information including consolidated forecast 3

2. Quarterly consolidated financial statements 5

   1. Quarterly consolidated balance sheet 5

   2. Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income 7

   3. Notes to the quarterly consolidated financial statements 9

(Notes regarding the assumption of a going concern) 9

(Notes in case of significant changes in the amount of shareholders' equity) 9

(Segment information, etc.) 9

(Notes on the Statement of Cash Flows) 10

1

1. Qualitative information on financial results for the current quarterly settlement
   1. Explanation on operating results Overview of the first quarter of fiscal year ending September 30, 2026 (Period from October 1, 2025 to December 31, 2025)

      The Group has been actively engaged in the healthcare business and the school DX business, both of which are expected to expand in the future, in order to enhance its corporate value over the medium- to long-term.

      Net sales increased to ¥7,773 million (up 6.9% year-on-year), driven by growth in the healthcare business and school DX business. Gross profit rose to ¥5,708 million (up 5.5% year-on-year), mainly due to the increase in net sales.

      Operating income and ordinary income increased to ¥835 million (up 16.4% year-on-year) and ¥923 million (up 18.0% year-on-year), respectively, as the increase in gross profit offset the rise in selling, general and administrative expenses.

      Profit attributable to owners of parent increased to ¥603 million (up 2.4% year-on-year). Although ordinary income grew, the year-on-year increase was limited due to the absence of the special gains recorded in the same period of the previous year.

      Consolidated business results (Period from October 1, 2025 to December 31, 2025)

      	First quarter of the fiscal year ending September 30, 2026	First quarter of the fiscal year ended September 30, 2025	Change
      			Amount	Percentage
      	Millions of yen	Millions of yen	Millions of yen	%
      Net sales	7,773	7,271	+501	+6.9
      Cost of sales	2,064	1,860	+203	+10.9
      Gross profit	5,708	5,410	+297	+5.5
      SG&A	4,872	4,692	+180	+3.8
      Operating income	835	718	+117	+16.4
      Ordinary income	923	783	+140	+18.0
      Profit attributable to owners of parent	603	589	+14	+2.4

      Breakdown of SG&A (Period from October 1, 2025 to December 31, 2025)

      	First quarter of the fiscal year ending September 30, 2026	First quarter of the fiscal year ended September 30, 2025	Change
      			Amount	Percentage
      	Millions of yen	Millions of yen	Millions of yen	%
      Total	4,872	4,692	+180	+3.8
      Advertising expenses	868	890	(21)	(2.5)
      Personnel expenses	1,917	1,814	+103	+5.7
      Commission fee	810	737	+72	+9.9
      Subcontract expenses	453	412	+41	+10.0
      Depreciation	300	336	(36)	(10.7)
      Other	523	501	+21	+4.2

      Operating results by segment are as follows.

      1. Content business

         The content business includes B2C monthly billing services (excluding the Luna-Luna healthcare service for women and the CARADA medica health Q&A service in cooperation with healthcare professionals) and the B2B original comic distribution business that offers original comic content to comic distributors.

         The number of monthly paid subscribers for this business was 3.23 million (down 10,000 from the end of September 2025). As the number of paid subscribers for security-related apps such as AdGuard continues to grow, overall paid subscriptions have remained largely stable.

         2

         Net sales amounted to ¥4,335 million (up 1.0% year-on-year).

         Operating income increased to ¥1,184 million (up 22.1% year-on-year), driven by reductions in selling, general and administrative expenses achieved through cost-saving initiatives.

      2. Healthcare business

         The healthcare business includes B2C monthly billing services under the Luna-Luna and CARADA medica brands and B2B and B2B2C healthcare services for medical institutions and local governments, such as the cloud drug record service, the maternal health record book app and the childcare DX service.

         The number of monthly paid subscribers for this business totaled 460,000 (down 10,000 from the end of September 2025). The number of pharmacies implementing the cloud-based medication history system increased to 4,166 as of the end of December 2025, an increase of 355 from the end of September 2025, driven by a continued focus on expanding adoption among medium- and large-sized pharmacies.

         Net sales increased to ¥1,850 million (up 24.0% year-on-year), primarily due to higher revenue from the cloud-based medication history system.

         Operating loss amounted to ¥152 million, (profit of ¥13 million in the previous year). While revenue from the cloud-based medication history system continued to grow, profit declined due to increased development costs related to pharmacy DX and childcare DX initiatives.

      3. School DX business

         The school DX business includes school DX business developed for educational institutions by the consolidated subsidiary Motivation Works Inc..

         Net sales increased significantly to ¥577 million (up 40.1% year-on-year), driven by higher monthly subscription revenue from the cloud-based school affairs system BLEND, whose cumulative number of implementing schools reached 1,067 as of April 2025 (an increase of 292 schools compared with April 2024). In addition, growth in initial development revenue for public schools also contributed to the increase.

         Operating income increased significantly to ¥215 million (up 113.3% year-on-year), reflecting the strong increase in net sales.

      4. Other business

         Other business includes the B2B AI business operated by Automagi Inc., a consolidated subsidiary, and the corporate DX support business and solution business.

         Net sales amounted to ¥1,430 million (down 0.8% year-on-year). While revenue in the AI business declined, this was partially offset by steady orders in the corporate DX support business.

         Operating income declined to ¥268 million (down 11.7% year-on-year). primarily due to lower profitability in the AI business.

   2. Explanation on financial position

      At the end of the first quarter under review, total assets decreased ¥1,715 million from the end of September 2025, to ¥31,632 million.

      Current assets decreased by ¥2,075 million, mainly due to a decline in cash and deposits, while non-current assets increased by ¥360 million, primarily reflecting an increase in goodwill.

      Current liabilities decreased by ¥1,695 million, mainly due to lower income taxes payable and contract liabilities. Non-current liabilities also decreased by ¥145 million, primarily reflecting a decline in longterm borrowings.

      Net assets increased by ¥125 million. Although dividends were paid, this increase was driven by the recording of ¥603 million in profit attributable to owners of parent.

   3. Explanation of future forecast information including consolidated forecast

The Company will focus on expanding sales and profits in the healthcare business and school DX business, which are expected to drive future growth. Additionally, in the content business, we will work to maintain profitability by increasing the number of paid subscribers for the security-related app AdGuard and expanding our original comics business.

The healthcare business, which the company is pursuing as a medium- to long-term initiative, has significant growth potential. As it enables the establishment of long-term relationships with clients compared with the B-to-C model, it can become a stable, stock-based business.

In the cloud-based medication history, interest from dispensing pharmacies remains strong, contributing to sustainable sales and profit growth for this business. We aim to further expand the number of adopting stores by strengthening our collaboration with our partner, Medipal Holdings Corporation. Additionally, to comprehensively promote operational efficiency across dispensing pharmacies, we will actively support the

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