Financial Results for Q2 FY2026

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

May 12, 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 to submit the Interim Report (Hanki Houkokusho): May 15, 2026

Scheduled date of dividend payment: June 19, 2026 Supplementary documents for interim results: Yes

Interim results briefing: Yes (for securities analysts and institutional investors (online))

(Figures less than one millions of yen are omitted)

1. Consolidated business results for the six months ended March 31, 2026 (October 1, 2025 - March 31, 2026)

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

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      First half of fiscal year ending September 30, 2026	15,666	5.2	1,679	2.4	2,063	19.9	1,863	6.1
      First half of fiscal year ended September 30, 2025	14,885	10.1	1,639	55.8	1,721	13.4	1,757	12.7

      (Note) Comprehensive income: Six months ended March 31, 2026: 2,002 millions of yen 9.6%

      Six months ended March 31, 2025: 1,827 millions of yen 10.7%

      	Net income per share	Net income per share/diluted
      	Yen	Yen
      First half of fiscal year ending September 30, 2026	33.58	-
      First half of fiscal year ended September 30, 2025	31.87	31.82

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio
   	Millions of yen	Millions of yen	%
   As of March 31, 2026	31,979	23,389	61.9
   As of September 30, 2025	33,347	22,446	55.2

   (Reference) Shareholders' equity: As of March 31, 2026: 19,802 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
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended September 30, 2025	-	9.00	-	10.00	19.00
   Fiscal year ending September 30, 2026	-	10.00
   Fiscal year ending September 30, 2026(forecast)			-	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

* Note:

1. Important changes of subsidiaries during the term

   (changes in specified subsidiaries resulting in change in scope of consolidation): Yes New: - Exception: -

2. Application of specific accounting treatment to the preparation of interim 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): 3/26: 60,435,200 shares 9/25: 60,435,200 shares

   2. Number of treasury shares at the end of period

      3/26: 4,895,014 shares 9/25: 4,947,414 shares

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

Six months ended 3/2026: 55,499,302 shares Six months ended 3/2025: 55,134,736 shares

• The second quarter (interim) financial results report is not subject to review by certified public accountants or audit firms.

• 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 4~5 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 financial results briefing for institutional investors and analysts on Wednesday, May 13,

2026, and will post the materials for this briefing on the Company's IR website.

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

   1. Explanation on operating results 2

   2. Explanation on financial position 3

   3. Explanation of future forecast information including consolidated forecast 4

2. Interim consolidated financial statement and important notes 6

   1. Interim consolidated balance sheet 6

   2. Interim consolidated statement of income and interim consolidated statement

      of comprehensive income 8

   3. Interim consolidated statement of cash flows 10

   4. Notes concerning interim consolidated financial statements 12

(Notes concerning going concern assumption) 12

(Notes in the event of significant changes in shareholders' equity) 12

(Segment information, etc.) 12

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1. Explanation on operating results Overview of the first half ended March 31, 2026 (Period from October 1, 2025 to March 31, 2026)

   The Group is 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 ¥15,666 million (up 5.2% year on year), driven by sales growth in both the healthcare business and the school DX business. Gross profit also increased to ¥11,459 million (up 3.3% year on year) as a result of higher net sales.

   Operating profit amounted to ¥1,679 million (up 2.4% year on year). Although gross profit increased, this was partly offset by a rise in selling, general and administrative expenses.

   Ordinary profit increased significantly to ¥2,063 million (up 19.9% year on year), mainly due to a ¥310 million increase in equity in earnings of affiliated companies.

   Profit attributable to owners of parent rose to ¥1,863 million (up 6.1% year on year). This was driven by higher ordinary profit, as well as a ¥425 million reduction in income taxes (corporate, inhabitant, and business taxes) resulting from the transfer of all shares of the consolidated subsidiary Video Market Corporation. These positive factors offset the absence of special income recorded in the same period of the previous year.

   Consolidated business results (Period from October 1, 2025 to March 31, 2026)

   	First half of the fiscal year ending September 30, 2026	First half of the fiscal year ending September 30, 2025	Change
   			Amount	Percentage
   	Millions of yen	Millions of yen	Millions of yen	%
   Net sales	15,666	14,885	+781	+5.2
   Cost of sales	4,206	3,793	+412	+10.9
   Gross profit	11,459	11,091	+368	+3.3
   SG&A	9,780	9,451	+328	+3.5
   Operating income	1,679	1,639	+39	+2.4
   Ordinary income	2,063	1,721	+341	+19.9
   Profit attributable to owners of parent	1,863	1,757	+106	+6.1

   Breakdown of SG&A (Period from October 1, 2025 to March 31, 2026)

   	First half of the fiscal year ending September 30, 2026	First half of the fiscal year ending September 30, 2025	Change
   			Amount	Percentage
   	Millions of yen	Millions of yen	Millions of yen	%
   Total	9,780	9,451	+328	+3.5
   Advertising expenses	1,774	1,876	(101)	(5.4)
   Personnel expenses	3,770	3,609	+160	+4.5
   Commission fee	1,654	1,490	+163	+11.0
   Subcontract expenses	947	839	+108	+12.9
   Depreciation	601	617	(15)	(2.5)
   Other	1,030	1,018	+12	+1.2

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   Operating results by segment are as follows.

   1. Content business

      The content business includes B2C monthly billing services (excluding the LunaLuna 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 paid subscribers for this business was 3.18 million (a decrease of 60,000 compared to the end of September 2025), due to a decrease of 60,000 paid subscribers resulting from the transfer of all shares of the consolidated subsidiary Video Market Corporation. As the number of paid subscribers for security-related apps such as AdGuard continues to increase, the total number of paid subscribers for this business has remained almost flat.

      Net sales amounted to ¥8,398 million (down 2.9% year on year) due to the exclusion of Video Market Corporation from the scope of consolidation.

      Operating profit increased significantly to ¥2,240 million (up 13.2% year on year), mainly driven by a reduction in selling, general and administrative expenses through effective cost control.

   2. Healthcare business

      The healthcare business includes B2C monthly billing services under the LunaLuna 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 paid members for this business was 460,000 (a decrease of 10,000 compared to the end of September 2025). In addition, as a result of focusing on expanding the introduction of cloud-based medication history to medium-sized and larger dispensing pharmacies, the number of such stores as of the end of March 2026 increased to 4,458 (an increase of 647 compared to the end of September 2025).

      Net sales increased to ¥3,927 million (up 24.5% YoY), mainly due to the expansion of net sales from cloud-based medication history.

      Operating loss amounted to ¥253 million (compared with an operating profit of ¥86 million in the same period of the previous year), mainly due to increased system development costs for pharmacy DX and childcare DX initiatives, as well as expenses related to "LunaLuna Mirai Support."

   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 ¥1,148 million (up 27.0% year on year), driven by growth in monthly subscription revenue as the number of schools using the cloud-based school administrative support system BLEND rose to 1,067 schools as of April 2024 (an increase of 292 schools from April 2025). In addition, sales from initial development for public schools also expanded.

      Operating profit recorded a substantial increase to ¥410 million (up 50.6% year on year), as the rise in selling, general and administrative expenses was offset by the strong growth 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 ¥3,051 million (up 5.3% year on year), supported by steady orders in the corporate DX support business.

      Operating profit declined to ¥619 million (down 1.4% year on year) due to an increase in selling, general and administrative expenses.

2. Explanation on financial position
   1. Assets, liabilities and net assets

At the end of the first half under review, total assets increased ¥1,368 million from the end of September 2025, to ¥31,979 million.

In assets, current assets decreased by ¥2,304 million, mainly due to a decline in cash and deposits, while non-current assets increased by ¥936 million, primarily reflecting higher investment securities and goodwill. In liabilities, current liabilities decreased by ¥2,023 million, mainly due to declines in income taxes payable and contract liabilities, and non-current liabilities decreased by ¥288 million as a result of a reduction in long-

term borrowings.

Net assets increased by ¥943 million, as the recording of ¥1,863 million in profit attributable to owners of the parent more than offset dividend payments.

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