Results for the First Half of the Fiscal Year Ending May 31, 2026 (January 22, 2026)

Results for the First Half of the Fiscal Year

Ending May 31, 2026

H1 FY2025

(June 1, 2025 - November 30, 2025)

Pasona Group Inc.

Prime Market TSE (2168)

January 22, 2026

https://www.pasonagroup.co.jp/English

Pasona Heartful Inc. Haruka Nakamura [Hanaguruma]

H1 FY2025

Results

Pasona Heartful Inc. Haruka Nakamura 「Tori no Ichi Rake」

※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down.

• Net sales increased in all segments except BPO Solutions, resulting in increased consolidated net sales.

• Gross profit increased in all segments except Career Solutions. Gross profit margin rose by 0.8pt year-on-year.

• Ordinary profit increased by ¥625 million compared to the previous period, driven by sponsorship income and merchandise sales related to Expo 2025 Osaka, Kansai, Japan.

• Temporary expenses of ¥969 million related to pavilion operations were recorded as extraordinary losses as

  （Millions of yen）	FY24 H1	FY25 H1	Increase /Decrease
  	(%)	(%)
  Net sales	153,934	154,527	+592
  	100.0	100.0	+0.4%
  Cost of sales	120,040	119,299	(740)
  	78.0	77.2	(0.6)%
  Gross profit	33,894	35,227	+1,332
  	22.0	22.8	+3.9%
  SG＆A	33,850	35,431	+1,581
  expenses	22.0	22.9	+4.7%
  Operating profit	44	(204)	(248)
  	0.0	(0.1)	ー
  Ordinary profit	189	815	+625
  	0.1	0.5	+330.4%
  Loss attributable to owners	(3,762)	(620)	+3,141
  of parent	(2.4)	(0.4)	ー
  Gross profit margin	22.0%	22.8%	+0.8pt
  Operating profit margin	0.0%	(0.1)%	(0.1)pt

  Expo exhibit-related expenses.

  Net Sales

  Operating Profit

  (Billions of yen)

  2

  153.9 154.5

  FY24 H1

  FY25 H1

  0.04

  FY24 H1

  FY25 H1

  (0.20)

  
  
  Operating Profit

• Gross profit margin improved (+0.8pt).

• Personnel expenses increased due to higher retirement benefit expenses.

• IT infrastructure usage fees have been revised, resulting in an increase in IT-related expenses.

  Operating Profit

  Gross profit [35.23]

  +1.33

  SG＆A Expenses [35.43]

  +1.58

  (Billions of yen)

  Increase in

  net sales

  +0.13

  Increase in gross profit margin

  +1.20

  Personnel expenses

  +0.67

  IT related expenses

  +0.54

  Advertisement expenses (0.07)

  Others

  +0.44

  0.04

  FY24

  H1

  (0.20)

  FY25

  3

  H1

  	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
  Gross Profit margin	20.2%	21.5%	22.8%	23.6%	24.8%	24.5%	24.6%	23.8%	22.0%
  SG&A margin	18.6%	19.4%	20.0%	20.3%	18.8%	18.5%	20.7%	21.9%	22.4%
  Operating Profit margin	1.6%	2.1%	2.9%	3.3%	6.0%	6.0%	3.9%	1.9%	(0.4)%

  H1 FY24	H1 FY25
  22.0%	22.8%
  22.0%	22.9%
  0.0%	(0.1)%

  
  
  Non-operating/Extraordinary profit (loss)

• Non-operating profit: Recorded sponsorship money income and merchandise sales from Expo 2025 Osaka, Kansai, Japan.

  4

• Extraordinary losses: Recorded ¥969 million in temporary expenses related to pavilion operations, etc., as an extraordinary losses as Expo exhibit-related expenses.

  （Millions of yen）	FY24 H1	FY25 H1	Increase/ Decrease	YoY
  Operating profit （loss）	44	(204)	(248) ー
  Non-operating income	465	1,717	+1,252	+269.3%
  Interest income	35	177	+142	+403.1%
  Share of profit of entities accounted for using equity method	42	98	+55	+128.2%
  Sponsorship money income	86	542	+456	+529.7%
  Subsidy income	54	27	(27)	(50.2)%
  Expo product sales income	ー	531	+531	ー
  Other	246	341	+95	+38.7%
  Non-operating expenses	319	698	+378	+118.4%
  Interest expenses	175	183	+8	+4.9%
  Commitment fees	15	165	+149	+955.8%
  Expo cost of product sales	ー	269	+269	ー
  Other	129	80	(48)	(37.6)%
  Ordinary profit	189	815	+625	+330.4%

  （Millions of yen）		FY24 H1	FY25 H1	Increase/ Decrease	YoY
  Extraordinary income		61	11	(49)	(81.8)%
  Gain on change in equity		4	5	+0	+13.0%
  Gain on sale of non-current assets		56	1	(55)	(98.2)%
  Gain on sale of investment securities		ー	4	+4	ー
  Extraordinary losses		2,605	1,180	(1,425)	(54.7)%
  Loss on sale and retirement of non-current assets		34	48	+14	+42.6%
  Impairment losses		ー	161	+161	ー
  Expo exhibit-related expenses		2,571	969	(1,601)	(62.3)%
  Profit before income taxes		(2,355)	(353)	+2,001	ー
  	Income taxes-current	1,006	912	(93)	(9.3)%
  	Income taxes-deferred	124	(803)	(927)	ー
  Income taxes		1,130	109	(1,021)	(90.3)%
  Profit attributable to non-controlling interests		276	157	(119)	(43.0)%
  Loss attributable to owners of parent		(3,762)	(620)	+3,141	ー

  
  
  

  Quarterly Trend（Q1 vs. Q2 Period Comparison）

  【Q1 vs. Q2 Period Comparison】

  	Q1	Q2
  Business days	63 days（±０）	60 days（(１)）
  Gross profit margin	22.2 ％（＋0.7pt）	23.4 ％（＋0.8pt）
  Operating profit margin	(0.7) %（(0.1)pt）	0.5 %（(0.1)pt）

  • Gross profit margin +1.2pt / Gross profit +¥1.05 billion

  • Operating profit margin +1.2pt /

    Operating profit +¥ 0.9 billion

  • Non-operating income +¥ 0.2 billion /

    Ordinary profit +¥ 0.9 billion

    5

  • Loss attributable to owners of parent +¥ 0.6 billion

6

(Millions of yen)

7

(Billions of yen)

Major Item of Increase/Decrease

【Retained earnings】

・Loss attributable to owners of parent

・Payment of dividends

¥ (0.6) billion

¥ (3.0) billion

H1 FY24

Cash Flows

Major Item of Increase/Decrease

(Billions of yen)

Major Item of Increase/Decrease

8

(1.8) (4.8)

(6.6)

Increase/ Decrease

※Cash flow does not include the cash balance and increase/decrease in cash corresponding

to "deposits" from customers for projects entrusted to the Company.

Segment information

※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down.

Pasona Heartful Inc. Haruka Nakamura 「Kirin Shishi2」