Earnings Report FY2024 Consolidated 3Q

2. Cash dividends

Notes: 1. Revisions to the forecasts of cash dividends most recently announced: None

2. For the fiscal year ending March 31, 2025, the dividend for the second quarter-end and fiscal year-end (forecast) each include a special dividend of 8.00 yen (total of 16.00 yen for the fiscal year).

3. Consolidated earnings forecasts for the fiscal year 2024 (from April 1, 2024 to March 31, 2025)

(Percentages indicate year-on-year changes.)

2. On May 13, 2024, PRONEXUS INC. (hereinafter the “Company”) made a separate announcement, “(Update on Disclosed Matter) Notice Concerning Changes in Associates Accounted for by the Equity Method (Share Transfer), Recording of Gain on Sale of Shares of Subsidiaries and Associates, and Other Information.” In conjunction with this share transfer, the Company recorded gain on sale of investments accounted for using equity method of 1,411 million yen in the first quarter of the fiscal year ending March 31, 2025.

* Notes

1. Significant changes in the scope of consolidation during the period: None
2. Changes in accounting policies and changes in accounting estimates
1. Changes in accounting policies required by IFRS: Yes
2. Changes in accounting policies due to other reasons: None
3. Changes in accounting estimates: None
3. Number of issued shares (common shares)
1. Total number of issued shares at the end of the period (including treasury shares)

c. Average number of shares during the period (cumulative from the beginning of the fiscal year)

• Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None
• Proper use of earnings forecasts, and other special matters (Caution regarding forward-lookingstatements and others)
  The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, any statements herein do not constitute assurances regarding actual results by the Company. Actual business and other results may differ substantially due to various factors. Please refer to the section of “(3) Explanation of consolidated earnings forecasts and other forward-looking statements” of “1. Review of operating results and others” on page 5 of [Attached Material] for the suppositions that form the assumptions for earnings forecasts and cautions concerning the use thereof.
  (Means of access to contents of supplementary material on earnings and earnings performance review)
  The supplementary material on earnings will be available on the Company’s website. The Company holds presentations for analysts regarding the six-month and year-end results. Distributed presentation materials as well as video recordings of the performance reviews will be available on the Company’s website.

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1. Review of operating results and others

1. Review of operating results for the first nine months

1. Condition of Japanese economy
   In the first nine months, the Japanese economy showed a gradually recovery trend in economic conditions, backed mainly by improvement in the employment and income environment. However, the future of the economy remains unclear due to surging resource prices caused by the war in Ukraine and conflicts in the Middle East, primarily in Gaza, becoming prolonged, an increase in prices, the Japanese yen depreciation in foreign exchange markets and other factors.
   Furthermore, in the securities markets of Japan, to which the business of the Company is closely linked, although the Nikkei Stock Average fell to the 31,000-yen level at one point in the first nine months due to concerns about the slowing of the U.S. economy and the rapid appreciation of the yen, expectations for a domestic economic recovery resulted in it trading mostly around the 38,000-yen level, compared to the 32,000-yen level in the same period of the previous fiscal year.
2. Review of performance
   In the first nine months of the current fiscal year, orders for web services, English translation services and other IR-related services increased against the backdrop of the growing need for the promotion of dialogue with shareholders and investors and the requirement for companies listed on the Prime Market to simultaneously disclose timely disclosure information, etc. in Japanese and English starting in April 2025. In addition, orders increased for finance-related products for listed companies and, in the investment trust-related business, for promotion tools, mainly for sales company websites. The business of preparing the shareholder convocation notices, one of our mainstay products, saw the number of their printed pages decrease due to the system for the electronic provision of convocation notices that was implemented starting from the general meetings of shareholders held in March 2023. However, sales were almost at the same level year on year, as the shift to electronic provision has been more gradual than expected, as well as due to an increase in the number of printed copies, accompanying the increase in the number of individual shareholders, and the provision of services aimed at supporting electronic provision.
   In addition, starting from the first nine months of the current fiscal year, the accounting for the annual fees for the practical information provision services for our client companies was changed from recording a lump sum at the beginning of the fiscal year previously to recording monthly installments. Although there will be no impact on the performance for the full year as a result of this change, both revenue and profit for these services for the first nine months decreased by 31 million yen. The aforementioned factors contributing to increased revenue more than offset these. As a result, consolidated revenue in the first nine months was 24,590 million yen, an increase of 599 million yen, or 2.5%, year on year.
   In terms of profit, due in part to efforts to offset initial costs incurred to address the system for electronic provision of shareholder convocation notices and a decrease in sales promotion expenses, operating profit came to 3,261 million yen, an increase of 317 million yen, or 10.8%, year on year. In addition, as a result of recording gain on sale of investments accounted for using equity method of 1,411 million yen in conjunction with the share transfer of associates accounted for using equity method, profit before tax was 4,715 million yen, an increase of 1,698 million yen, or 56.3%, year on year, and profit attributable to owners of parent was 3,206 million yen, an increase of 1,114 million yen, or 53.3%, year on year.
1. Sales performance by business
   
   In conjunction with the expanding adoption of the system for the electronic provision of convocation notices that was implemented starting from the general meetings of shareholders held in March 2023, the number of printed pages for shareholder convocation notices, one of our mainstay products, decreased. However, as the shift to electronic provision has been more
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gradual than expected, as well as due to an increase in the number of printed copies, accompanying the increase in the number of individual shareholders, and the promotion of orders for new services in response to the introduction of the new system, the negative impact has been negligible and the results exceeded our plan at the beginning of the fiscal year.

In addition, orders increased for finance-related products against the backdrop of robust stock markets, and revenues increased for outsourcing services for the preparation of disclosure documents due to strong demands for operational streamlining. As a result, revenue of the listed companies disclosure-related business was 10,098 million yen, an increase of 239 million yen, or 2.4%, year on year.

Orders increased for web services and support services for preparing tools for non-financial information, backed by growing needs and societal demands for the promotion of dialogue with shareholders and investors. Furthermore, revenues increased for English translation services in anticipation of the requirement for companies listed on the Prime Market to simultaneously disclose information in Japanese and English starting in April 2025.

However, revenue from business reports for shareholders decreased as the number of companies preparing such reports has declined. In addition, starting from the first nine months of the current fiscal year, the accounting for the annual fees for the practical information provision services for our client companies was changed from recording a lump sum at the beginning of the fiscal year previously to recording monthly installments. Although there will be no impact on the performance for the full year as a result of this change, the sales for these services for the first nine months decreased by 31 million yen. As a result, revenue of the listed companies IR and events-related, etc. business was 8,563 million yen, an increase of 240 million yen, or 2.9%, year on year.

In the investment trust-related business, orders increased for promotion tools, mainly for sales company websites, against the backdrop of the increase in the number of individual investors following the introduction of the new NISA (Nippon Individual Savings Account) scheme. In the meantime, in the real estate securities business, despite a decline in orders for related products due to a decrease in financing compared to the same period of the previous fiscal year, factors contributing to increased revenue more than offset these. As a result, revenue of the financial instruments disclosure-related business was 5,154 million yen, an increase of 116 million yen, or 2.3%, year on year.

In the database-related business, although there were some decreases in unit prices during contract renewals for existing customers, we worked to increase unit prices mainly from universities, who are the main customers, and acquire orders from new customers. As a result, revenue of the database-related business was 775 million yen, an increase of 5 million yen, or 0.6%, year on year.

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Revenue by product areas

(Thousands of yen with fractional amounts discarded, unless otherwise noted)

Note: Amounts are based on sales prices.

1. Earnings summary
   In the first nine months, revenue increased by 599 million yen year on year, with revenue in all product areas exceeding the same period of the previous fiscal year. Cost of sales amounted to 15,182 million yen, an increase of 385 million yen, or 2.6%, year on year, despite a decrease in costs for paper as a result of the expanding adoption of the system for the electronic provision of shareholder convocation notices. Factors causing this cost increase included continued rises in unit purchase prices, such as the cost of materials, including paper, and increases in labor costs and outsourcing expenses caused by the expansion of orders. The cost-to-sales ratio was 61.7%, remaining at the same level year on year, as a result of efforts to offset initial costs incurred to address the aforementioned system for electronic provision, and to implement operational streamlining. As a result, gross profit was 9,408 million yen, an increase of 214 million yen, or 2.3%, year on year. Selling, general and administrative expenses amounted to 6,229 million yen, a decrease of 76 million yen, or 1.2%, year on year mainly due to a decrease in sales promotion expenses. The ratio of selling, general and administrative expenses was 25.3%, a decrease of 1.0 percentage points year on year. As a result, operating profit was 3,261 million yen, an increase of 317 million yen, or 10.8%, year on year.
   In addition, as a result of recording finance income of 69 million yen, finance costs of 26 million yen, and gain on sale of investments accounted for using equity method of 1,411 million yen in conjunction with the share transfer of associates accounted for using equity method, profit before tax was 4,715 million yen, an increase of 1,698 million yen, or 56.3%, year on year. As a result, profit attributable to owners of parent was 3,206 million yen, an increase of 1,114 million yen, or 53.3%, year on year.
   In conjunction with the finalization of the provisional accounting treatment for business combinations, the figures for the first nine months of the fiscal year ended March 31, 2024 reflect the finalization of the provisional accounting treatment.
1. Seasonal factors of the third quarter
   The Company and its subsidiaries (the “Group”) owe approximately two-thirds of its revenue to Japanese listed companies. Because roughly 60% of these companies close their books in March, orders for products related to account settlements and shareholders’ meetings peak in the first quarter (from April to June). Consequently, as shown in the table below, revenue during the first quarter accounts for approximately 40% of the year total, while that during the third quarter (from October to December) is limited to around 20%.
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1. Explanation of financial position
   As of December 31, 2024, total assets increased by 1,480 million yen from the previous fiscal year-end to 40,064 million yen. The main components included an increase of 3,589 million yen in cash and cash equivalents, a decrease of 345 million yen in right-of-use assets, a decrease of 974 million yen in investments accounted for using equity method, and a decrease of 417 million yen in other financial assets (non-current assets).
   As of December 31, 2024, total liabilities decreased by 344 million yen from the previous fiscal year- end to 12,657 million yen. The main components included a decrease of 526 million yen in trade and other payables, and an increase of 432 million yen in contract liabilities.
   Equity totaled 27,407 million yen as of December 31, 2024, an increase of 1,824 million yen from the previous fiscal year-end. The main components included an increase due to the recording of 3,206 million yen in profit attributable to owners of parent, a decrease due to the recording of a loss of 264 million yen in other comprehensive income, and a decrease due to dividends of surplus of 1,122 million yen. As a result, the ratio of equity attributable to owners of parent to total assets became 68.3%.
2. Explanation of consolidated earnings forecasts and other forward-lookingstatements
   No changes have been made to the full-year consolidated earnings forecasts announced on May 13, 2024.

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2. Condensed quarterly consolidated financial statements and significant notes thereto

(1) Condensed quarterly-consolidated statement of financial position

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