Consolidated Financial Results for the Nine Months Ended December 31, 2025(full version)

January 30, 2026

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)

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

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	65,920	4.9	4,727	(13.1)	5,063	(11.7)	2,151	(44.6)
      December 31, 2024	62,842	3.4	5,442	10.3	5,734	12.6	3,885	12.3

      Note: Comprehensive income	For the nine months ended December 31, 2025:	¥	3,067 million	[	(19.7)%]
      	For the nine months ended December 31, 2024:	¥	3,820 million	[	1.3 %]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	62.42	-
      December 31, 2024	113.09	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of	Millions of yen	Millions of yen	%
   December 31, 2025	58,832	36,972	62.8
   March 31, 2025	56,032	36,470	65.1

   Reference: Equity

   As of December, 2025:	¥	36,972 million
   As of March 31, 2025:	¥	36,470 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended	-	24.00	-	27.50	51.50
   March 31, 2025
   Fiscal year ending	-	29.50	-
   March 31, 2026
   Fiscal year ending March 31, 2026 (Forecast)				29.50	59.00

   Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the financial result forecast most recently announced: Yes

* Notes

(4) Number of issued shares (common shares)

(i) Total number of issued shares at the end of the period (including treasury shares)

(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Contents of Exhibit

1. Overview of business results 2

   1. Summary of operating results for the nine months ended December 31, 2025 2

   2. Summary of financial position 3

   3. Explanation of consolidated earnings forecasts and other forward-looking statements 3

2. Quarterly Consolidated Financial Statements and Primary Notes 4

   1. Quarterly Consolidated Balance Sheet 4

   2. Quarterly Consolidated Statements of Income and Comprehensive Income 6

      Quarterly Consolidated Statement of Income 6

      Quarterly Consolidated Statement of Comprehensive Income 7

   3. Notes to quarterly consolidated financial statements 8

(Notes on segment information, etc.) 8

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

(Notes on going concern assumption) 9

(Notes to quarterly consolidated statement of income) 9

(Notes on quarterly consolidated statement of cash flows) 9

1. ‌Overview of business results
   1. ‌Summary of operating results for the nine months ended December 31, 2025

      In the nine months ended December 31, 2025, the Japanese economy continued to show a gradual recovery trend due to improvements in the employment and income environment. However, the outlook remained

      uncertain due to factors such as the uncertainty surrounding the policies of various countries, protracted

      geopolitical risks, and the impact of increased interest rates stemming from additional rate hikes by the Bank of Japan on consumer sentiment. In the retail industry, rising prices especially on food and daily necessities due to the weak yen were putting pressure on household budgets, and personal consumption was still lacking strength due to the sluggish growth of real wages. Furthermore, in the e-commerce and mail-order industries,

      although the size of the markets continues to increase, the growth rate has slowed down when compared to the rapid growth during the COVID-19 pandemic. Competition for customer acquisition between companies across industries and business categories has been further intensifying due to an increasing number of

      companies entering the industry.

      In this environment, the Group has set our Medium- to Long-Term Vision as "To become a true Marketing Solution Company (MSC), we will hone our uniqueness in Marketing Solution domain," and aims to enhance profitability by expanding our business domain without limiting ourselves to the direct marketing market

      while pursuing highly unique business models. In FY2025, we are working to improve the Group's corporate value by focusing on two main policies of "strengthening earning power by pursuing uniqueness" and

      "promoting agile 'responsibility' management" by dedicating management resources to LPB (Logistics,

      Payment, and BPO). Furthermore, during the third quarter of the current fiscal year, ¥851 million in extraordinary losses were recorded due to withdrawal from unprofitable businesses in the E-commerce Business.

      As a result, net sales for the nine months ended December 31, 2025 amounted to ¥65,920 million (up 4.9% from the nine months ended December 31, 2024). As for profits, operating profit was ¥4,727 million (down 13.1% from the nine months ended December 31, 2024), ordinary profit was ¥5,063 million (down 11.7% from the nine months ended December 31, 2024), and profit attributable to owners of parent was ¥2,151 million (down 44.6% from the nine months ended December 31, 2024).

      Operating results by segment are as follows.

      Effective from the first quarter of the current fiscal year, the Company has partially changed the classification of its reportable segments, and in the following year-on-year comparisons, figures from the same period of the previous fiscal year have been compared based on the segment classification after such change. For details,

      please refer to "2. Quarterly Consolidated Financial Statements and Primary Notes (3) Notes to quarterly consolidated financial statements (Notes on segment information, etc.)."

      Net sales for each segment include intersegment sales or transfers.

      1. Solutions Business

         In the Solutions Business, we are working to expand our market by targeting all types of businesses without limiting our service offerings to the direct marketing market, capitalizing on our strength in providing the functions essential for direct marketing business operations on a one-stop basis. In addition to this, we will strengthen our profitability by developing high value-added businesses tailored to customer needs. With regards to distribution agency services, we will contribute to enhancing profitability by acquiring new

         customers and meeting the growing demand of existing customers. In payment agency services, we continue to promote efforts to reduce the risk of bad debts. The marketing support business is showing steady growth, centered on social media marketing.

         As a result, net sales amounted to ¥27,626 million (up 22.3% from the nine months ended December 31, 2024), and segment profit was ¥1,184 million (up 52.5% from the nine months ended December 31, 2024).

      2. Mail-order Business

         In the Mail-order Business, net sales decreased compared to the nine months ended December 31, 2024 due

         not only to the increasing belt-tightening accompanying the continuous rise in prices, particularly for food, but also due to the effects of weather, such as record-setting intense and lingering summer heat and the delayed

         drop in temperature in the winter. Aiming to generate maximum profit under these circumstances, we are

         continuing to promote business efficiency by controlling inventory and reducing and restraining various costs, including sales promotion expenses.

         As a result, net sales amounted to ¥28,386 million (down 7.0% from the nine months ended December 31, 2024), and segment profit was ¥3,695 million (down 22.3% from the nine months ended December 31, 2024).

      3. E-commerce Business

         In the E-commerce Business, we are continuously promoting the completion of business restructuring, which has been underway since FY2024, and the transformation of the business model to build a new revenue base.

         As a result, net sales amounted to ¥10,712 million (down 1.6% from the nine months ended December 31, 2024), and segment profit was ¥122 million (up 124.6% from the nine months ended December 31, 2024).

      4. Group Jurisdiction Business

         In the Group Jurisdiction Business, performance remained solid, supported by the Group's rental of real estate, including its own logistics facilities, and the Group's logistics operations. In its logistics operations, we

         continued to reinforce its center operations in the Tokai, Kansai, and Kanto areas and strove to create a stable operating system. In addition to transactions within the Group, we are also engaged in sales activities to

         acquire external customers.

         As a result, net sales amounted to ¥3,006 million (up 12.9% from the nine months ended December 31, 2024), and segment profit was ¥58 million (down 62.1% from the nine months ended December 31, 2024).

   2. ‌Summary of financial position

      (Assets)

      Total assets as of December 31, 2025 were ¥58,832 million, up by ¥2,800 million compared with March 31, 2025. This is mainly due to an increase in accounts receivable - trade, an increase in other under investments and other assets, and a decrease in accounts receivable - other.

      (Liabilities)

      Liabilities were ¥21,860 million, up by ¥2,298 million compared with March 31, 2025. This is mainly due to an increase in accounts payable - other and an increase in provision for loss on business liquidation.

      (Net assets)

      Net assets were ¥36,972 million, up by ¥501 million compared with March 31, 2025, and the equity ratio stood at 62.8%.

   3. ‌Explanation of consolidated earnings forecasts and other forward-looking statements

   In the E-commerce Business segment, we are working to complete business restructuring and reorganization.

   However, after comprehensively assessing the challenging external environment-including changes in

   consumer sentiment following the COVID-19 pandemic and the ongoing weakening of the yen-as well as the usage patterns of our e-commerce sites, we have resolved to withdraw from the parallel import e-

   commerce business. Consequently, during the third quarter of the current fiscal year, we have recorded

   extraordinary losses of 851 million yen as costs associated with the withdrawal from unprofitable businesses in the E-commerce Business.

   Consequently as for consolidated earnings forecasts, we have revised the full-year consolidated earnings forecasts for the fiscal year ending March 31, 2026 announced in the "Consolidated Financial Results for the Six Months Ended September 30, 2025" as of October 31, 2025. For details, please refer to the "Notice

   Concerning Recording of Extraordinary Losses and Revisions to Full-Year Consolidated Results Forecasts" that was released today (January 30, 2026).

2. ‌Quarterly Consolidated Financial Statements and Primary Notes

1. ‌Quarterly Consolidated Balance Sheet

   		(Millions of yen)
   As of March 31, 2025		As of December 31, 2025
   Assets
   Current assets
   Cash and deposits	8,125	7,735
   Accounts receivable - trade	11,863	13,942
   Inventories	8,646	9,346
   Accounts receivable - other	10,154	8,736
   Other	1,280	1,473
   Allowance for doubtful accounts	(1,391)	(1,305)
   Total current assets	38,679	39,927
   Non-current assets
   Property, plant and equipment
   Buildings and structures, net	5,697	5,463
   Land	5,511	5,511
   Other, net	672	1,292
   Total property, plant and equipment	11,881	12,267
   Intangible assets
   Goodwill	504	410
   Other	601	542
   Total intangible assets	1,106	952
   Investments and other assets
   Other	5,099	6,940
   Allowance for doubtful accounts	(734)	(1,256)
   Total investments and other assets	4,364	5,684
   Total non-current assets	17,352	18,904
   Total assets	56,032	58,832
   Liabilities
   Current liabilities
   Accounts payable - trade	2,625	3,075
   Accounts payable - other	11,604	13,083
   Income taxes payable	1,362	542
   Provision for loss on business liquidation	-	1,002
   Other provisions	665	340
   Other	1,644	2,050
   Total current liabilities	17,903	20,095
   Non-current liabilities
   Provisions	52	54
   Retirement benefit liability	1,423	1,481
   Other	181	228
   Total non-current liabilities	1,658	1,765
   Total liabilities	19,561	21,860

   		(Millions of yen)
   As of March 31, 2025		As of December 31, 2025
   Net assets
   Shareholders' equity
   Share capital	6,116	6,229
   Capital surplus	7,045	7,158
   Retained earnings	22,019	22,202
   Treasury shares	(1)	(823)
   Total shareholders' equity	35,180	34,765
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	1,180	2,100
   Deferred gains or losses on hedges	40	46
   Foreign currency translation adjustment	69	59
   Total accumulated other comprehensive income	1,290	2,206
   Total net assets	36,470	36,972
   Total liabilities and net assets	56,032	58,832

2. ‌Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income‌

   For the Nine-Month Period

   		(Millions of yen)
   For the nine months ended December 31, 2024		For the nine months ended December 31, 2025
   Net sales	62,842	65,920
   Cost of sales	36,354	38,036
   Gross profit	26,487	27,883
   Selling, general and administrative expenses	21,045	23,156
   Operating profit	5,442	4,727
   Non-operating income
   Interest income	19	50
   Dividend income	81	111
   Foreign exchange gains	37	15
   Gain on adjustment of accounts payable	37	70
   Recoveries of written off receivables	42	37
   Other	96	68
   Total non-operating income	315	354
   Non-operating expenses
   Interest expenses	7	3
   Expense related to restricted stock	4	4
   Commission for purchase of treasury shares	－	6
   Other	11	3
   Total non-operating expenses	23	18
   Ordinary profit	5,734	5,063
   Extraordinary losses
   Loss on retirement of non-current assets	2	0
   Impairment losses	-	*1 548
   Provision for loss on business liquidation	-	*2 1,002
   Total extraordinary losses	2	1,551
   Profit before income taxes	5,732	3,511
   Income taxes - current	1,920	1,684
   Income taxes - deferred	(73)	(323)
   Total income taxes	1,847	1,360
   Profit	3,885	2,151
   Profit attributable to owners of parent	3,885	2,151

   ‌Quarterly Consolidated Statement of Comprehensive Income For the Nine-Month Period

   		(Millions of yen)
   For the nine months ended December 31, 2024		For the nine months ended December 31, 2025
   Profit	3,885	2,151
   Other comprehensive income
   Valuation difference on available-for-sale securities	(121)	919
   Deferred gains or losses on hedges	48	6
   Foreign currency translation adjustment	6	(9)
   Total other comprehensive income	(65)	916
   Comprehensive income	3,820	3,067
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	3,820	3,067
   Comprehensive income attributable to non-controlling interests	-	-

3. ‌Notes to quarterly consolidated financial statements

1. Nine months ended December 31, 2024 (April 1, 2024 to December 31, 2024)

   1. Information on net sales and profit (loss) by reportable segment

      (Millions of yen)
      	Reportable segments					Adjustment (Note 1)	Amount recorded in quarterly consolidated statement of income (Note 2)
      	Solutions Business	Mail-order Business	E-commerce Business	Group Jurisdiction Business	Total
      Net sales
      Sales to external customers	21,589	30,520	10,702	29	62,842	-	62,842
      Intersegment sales or transfers	996	0	180	2,633	3,810	(3,810)	-
      Total	22,585	30,520	10,882	2,663	66,652	(3,810)	62,842
      Segment profit (loss)	776	4,754	54	153	5,739	(4)	5,734

      (Notes) 1. The adjustment to segment profit (loss) includes unrealized profit of ¥(4) million.

   2. Segment profit (loss) is reconciled to ordinary profit in the quarterly consolidated statement of income.

      2. Information on impairment losses on non-current assets and goodwill, etc. by reportable segment (Significant changes in amount of goodwill)

      In the Solutions Business, the Company acquired all shares of BeBorn co., ltd. during the first quarter of the current fiscal year, making it a consolidated subsidiary. As a result, ¥630 million in goodwill was recorded.

2. Nine months ended December 31, 2025 (April 1, 2025 to December 31, 2025)

   1. Information on net sales and profit (loss) by reportable segment

      (Millions of yen)
      	Reportable segments					Adjustment (Note 1)	Amount recorded in quarterly consolidated statement of income (Note 2)
      	Solutions Business	Mail-order Business	E-commerce Business	Group Jurisdiction Business	Total
      Net sales
      Sales to external customers	26,710	28,386	10,607	215	65,920	-	65,920
      Intersegment sales or transfers	916	0	104	2,790	3,812	(3,812)	-
      Total	27,626	28,386	10,712	3,006	69,732	(3,812)	65,920
      Segment profit (loss)	1,184	3,695	122	58	5,060	2	5,063

      (Notes) 1. The adjustment to segment profit (loss) includes unrealized profit of ¥2 million.

   2. Segment profit (loss) is reconciled to ordinary profit in the quarterly consolidated statement of income.

1. Changes to reportable segments, etc.

   One overseas subsidiary, which was previously included in the "Group Jurisdiction Business," has been reclassified under the "Mail-order Business" in accordance with the change in the internal management classification from the first quarter of the current fiscal year. The segment information for the nine months ended December 31, 2024 has been restated based on the classification of the reportable segments for the nine months ended December 31, 2025.

2. Information on impairment losses on non-current assets and goodwill, etc. by reportable segment (Significant impairment losses on non-current assets)

In the Solutions Business, it became apparent that the Company's consolidated subsidiary ZonExpert Co., Ltd. would not yield the initially expected earnings. The business plan was therefore revised. As a result of carefully assessing the possibility of r ecovery, the entire sum of goodwill of ¥548 million was recorded as impairment loss for the second quarter of the current fiscal year.

(Significant changes in amount of goodwill)

In the Solutions Business, the Company acquired all shares of ZonExpert Co., Ltd. during the first quarter of the current fiscal year, making it a consolidated subsidiary. As a result, ¥548 million in goodwill was recorded.

As indicated above under (Significant impairment losses on non-current assets), the entire sum of goodwill of ¥548 million was recorded as impairment loss for the second quarter of the current fiscal year.

Not applicable.

Not applicable.

*1 Impairment loss

The Group has recognized an impairment loss for the following asset group. Nine months ended December 31, 2025

The Group, in principle, groups assets for the purpose of measuring impairment losses at the reportable segment level, based on the business for which investment decisions are made. For consolidated subsidiaries, assets are grouped at the company level, taking into account size and other factors. Idle assets and assets held for lease are grouped on a property-by-property basis.

It became apparent that the Company's consolidated subsidiary ZonExpert Co., Ltd. would not yield the initially expected earnings. The business plan was therefore revised. As a result of carefully assessing the possibility of recovery, the entire sum of goodwill was recorded as impairment loss for the second quarter of the current fiscal year. As the recoverable amount of the asset in question is calculated based on its value in use, it is valued at zero.

*2 Provision for loss on business liquidation

In the Group's E-commerce Business segment, expected losses due to withdrawal from unprofitable businesses are recorded as a provision for loss on business liquidation.

The Company has not prepared quarterly consolidated statement of cash flows for the nine months ended December 31, 2025. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the nine months ended December 31, 2024 and 2025 are as follows.

(Millions of yen)