Japan Stock IR Daily – September 28, 2026 (23 reports)

• NISSHA Co., Ltd. announced the determination of the release date for its Q2 FY2026 (interim) financial results.
• The new financial results release date is set for September 30, 2026.
• This announcement follows the “Notice Regarding Postponement of the Release of Q2 FY2026 (Interim) Financial Results and Consideration of Application for Extension of the Submission Deadline for the Semi-Annual Report,” which was disclosed on August 4, 2026.
• The company expressed deep apologies for the significant inconvenience caused to shareholders, investors, and other stakeholders.

The confirmed release date following a postponement provides a crucial update for investors seeking to assess the company’s performance. The setting of a new date after a delay may suggest a path toward renewed clarity in financial reporting. The company’s apology for the inconvenience acknowledges its commitment to investor relations and transparency.

• beABLE Co., Ltd. reported net sales of ¥9,908 million for the fiscal year ended July 2026, representing a 10.3% increase year-on-year.
• Operating profit for the same period was ¥1,009 million (a 50.4% increase year-on-year), and net profit reached a record high of ¥735 million (a 54.6% increase year-on-year).
• Sales in the Construction Business segment amounted to ¥8,619 million (a 9.8% increase year-on-year), while the Renewable Energy Business segment recorded sales of ¥998 million (a 7.3% increase year-on-year).
• For the fiscal year ending July 2027, the company forecasts net sales of ¥11,849 million, an increase of 19.6% from the previous fiscal year.
• The company utilized remote-controlled robots for visual confirmation and radiation measurement in high-radiation environments within the reactor building during decommissioning work at Fukushima Daiichi Nuclear Power Plant.

beABLE’s strong performance in the fiscal year ended July 2026, marked by significant increases in sales and record-high net profit, suggests effective execution of its core business strategies. The robust growth in the construction business, particularly driven by decommissioning projects at Fukushima Daiichi, appears to be a key factor. Furthermore, the strategic investments in the Sano Biomass Power Plant and efforts to enhance the technical capabilities of the onshore wind power maintenance team may indicate a proactive approach to building sustainable future growth drivers.

• Pharma Foods International Co., Ltd. reported consolidated net sales of 63,223 million JPY for the fiscal year ended July 2026, a 3.1% decrease year-on-year.
• Operating profit increased by 11.2% to 2,632 million JPY, and net profit attributable to parent company shareholders surged by 439% to 1,988 million JPY.
• The increase in operating profit was primarily driven by the BtoC segment, which saw an operating profit of 4,481 million JPY (an increase of 778 million JPY year-on-year).
• Advertising and promotion expenses were reduced by 2.77 billion JPY compared to the previous year.
• BtoC segment sales totaled 55,368 million JPY (a 2.4% decrease year-on-year), supported by steady sales of the “Newmo brand” and pharmaceuticals such as “Lactron Tablets.”
• Assets increased with a 3,322 million JPY rise in tangible fixed assets, including 3,671 million JPY in construction in progress, related to the new factory construction for Meiji Yakuhin.

Pharma Foods’ strong FY2026 performance, particularly the significant increase in net profit, appears to stem from a successful execution of balancing growth investments with a strategic shift towards profitability. The efficiency improvements in advertising spending within the BtoC segment, coupled with the continued strength of key product lines, seem to have been a crucial factor in boosting operating profit. The substantial investment in tangible fixed assets for a new factory may suggest a focus on enhancing future production capabilities and supporting long-term business expansion.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

• GAIA Inc. resolved at its Board of Directors meeting on September 28, 2026, to acquire a portion of FP Bank Inc.’s outstanding shares and make it a wholly-owned subsidiary through a simplified stock exchange. Share transfer and stock exchange agreements were signed on the same date.
• GAIA plans to acquire 150 common shares of FP Bank through the initial stock acquisition, and the remaining 50 shares through the stock exchange.
• In exchange for the stock exchange, GAIA will allocate 2,800 common shares, which GAIA plans to newly issue.
• The planned completion date for the stock acquisition is October 23, 2026, and the effective date for the stock exchange is October 31, 2026.
• GAIA intends to conduct the stock exchange as a simplified stock exchange under Article 796, Paragraph 2 of the Companies Act, which does not require shareholder approval.

This acquisition appears to align with GAIA’s growth strategy of promoting capital alliances with independent FP offices and IFA firms, aiming to establish a client-first advisory model in Japan. The high affinity between both companies, which favor a fee-based business model, is highlighted, suggesting an intent to expand business scale and enhance value through mutual experience utilization. The integration process and potential synergy effects between the two companies will be worth monitoring going forward.

• Willplus Holdings Co., Ltd. announced a second re-correction to its “Consolidated Financial Results for the Fiscal Year Ended June 30, 2026 (Japanese GAAP)” on September 28, 2026.
• This re-correction follows a previous correction issued on August 27, 2026.
• The reason for the correction is the discovery of an error in the aggregation of “increase in tangible and intangible fixed assets” within the segment information during the preparation of the Annual Securities Report.
• The correction specifically pertains to the figures for “increase in tangible and intangible fixed assets” in the segment information notes to the consolidated financial statements.
• Specifically, the “increase in tangible and intangible fixed assets” for the “Imported Car Dealer Business” was corrected from 7,226,141 thousand yen to 8,657,610 thousand yen, for the “Used Car Export Related Business” from 4,567 thousand yen to 4,221 thousand yen, and the total from 7,230,709 thousand yen to 8,661,832 thousand yen.
• This correction has no impact on the consolidated balance sheet or consolidated income statement.

This re-correction primarily impacts specific figures within the segment information, and investors should note that it does not alter the company’s consolidated balance sheet or income statement. The occurrence of multiple corrections might suggest a need to review the internal control processes related to financial reporting accuracy, which could be a point of ongoing observation. For detailed analysis of capital expenditure trends across segments, it is crucial to rely on these most recently corrected figures.

• G-Kokopelli’s board of directors resolved on September 28, 2026, to acquire all shares of Santel Co., Ltd., making it a consolidated subsidiary.
• Santel, established on June 23, 1997, is located in Kurashiki City, Okayama Prefecture, and specializes in software development and website creation.
• The acquisition aims to strengthen DX support for local small and medium-sized enterprises (SMEs) as part of G-Kokopelli’s “community-based network” strategy outlined in its mid-term management plan.
• G-Kokopelli will acquire 60 shares, resulting in a 100% voting rights ownership after the transaction.
• The impact of this acquisition on G-Kokopelli’s consolidated performance for the fiscal year ending March 2027 is projected to be minor.

This subsidiary acquisition signifies a concrete step by G-Kokopelli towards realizing its “community-based network” as part of its regional economic OS concept. It suggests an intention to bolster localized consulting solutions in addition to its existing broader network. The integration of Santel’s established expertise with regional companies may indicate potential synergistic benefits for G-Kokopelli’s business expansion.

• Tobira Systems resolved to introduce a shareholder benefit program at its Board of Directors meeting on August 21, 2025.
• The initial record date for eligibility is October 31, 2025, and thereafter, shareholders listed on the shareholder registry as of October 31 each year will be eligible.
• The shareholder benefit for the record date of October 31, 2026, will also continue without change from the content announced last year.
• Eligible shareholders are those holding 100 shares (1 unit) or more as of October 31 each year.
• The benefit is a one-year free subscription to the nuisance call and SMS blocking app “Tobila Phone Mobile” (normally 2,400 yen/year including tax).
• The benefit is scheduled to be sent once a year in January, enclosed with the “Notice of Convocation of Ordinary General Meeting of Shareholders.”

The continuation of the shareholder benefit program may be viewed as a gesture of commitment to returning profits to existing shareholders. This could be a factor for investors considering long-term holdings, as it suggests an ongoing provision of value by the company. Furthermore, the provision of a proprietary product as a benefit could potentially enhance brand awareness and drive user adoption of the service.

• Atrae Co., Ltd. has issued supplementary information regarding the record date for year-end dividends, shareholder benefits, and voting rights for the 23rd Ordinary General Meeting of Shareholders for the September 2026 fiscal year.
• The record date for the September 2026 fiscal year is set for October 31, 2026 (Saturday).
• The last day to trade with rights is October 28, 2026 (Wednesday), and the ex-dividend date is October 29, 2026 (Thursday).
• The company explicitly states that its record date is at the end of October, differing from typical September-end fiscal year companies.
• The change in the record date is explained as a measure to appropriately schedule the General Meeting of Shareholders and promote constructive dialogue with shareholders.
• The company plans to hold its General Meeting of Shareholders annually in January and submit its Annual Securities Report more than three weeks prior to the meeting.

• TSUNAGU GROUP HOLDINGS released its Q&A document regarding the Q3 FY2026 financial results.
• In the RPO business, Owned Media Recruiting (OMR) has a client acquisition efficiency 2.0 times higher than Paid Media Recruiting (PMR), and its gross profit margin is approximately 10 percentage points higher than PMR.
• While improved hiring efficiency through OMR may limit advertising budget increases per client and potentially reduce sales, the company’s policy is to expand new client acquisition and service areas.
• Sales of Paid Media Recruiting (PMR) saw its decline rate narrow from approximately 20% year-on-year in Q1 to 9.1% in Q3, with expectations for it to remain within a range of 0% to minus 10% year-on-year for the time being.
• The Staffing business achieved a quarterly profit in Q3, with price revisions realized for approximately 30% of clients’ dispatch fees.
• The Alumnia business reported that the number of contracts is progressing well at approximately 130% of the plan, but sales are behind the current fiscal year’s target. A capital and business alliance with HATALUCK Co., Ltd. is expected to potentially increase registered workers by targeting approximately 10,000 stores.

This IR highlights a structural shift in the RPO business from PMR to OMR, emphasizing OMR’s higher profitability and efficiency. The staffing business’s return to profitability may suggest progress in the company’s efforts to improve its financial performance. Additionally, the partnership with HATALUCK for the Alumnia business could indicate future growth potential, making its future developments worth monitoring.

• Sanoh Industrial Co., Ltd. disclosed “Questions and Answers from Stakeholders (Q1 FY2027 Earnings)” on September 28, 2026.
• Q1 FY2027 performance was recognized as broadly in line with expectations on a consolidated basis, given the plan for profit contribution to be higher in the second half.
• The European segment recorded an inventory valuation loss of approximately 230 million yen at a Mexican facility operated by a German subsidiary, due to repeated delays in mass production start-up for a new project caused by customer circumstances.
• Key factors for the North and South American segment’s underperformance were the impact of a stronger Mexican Peso, initial costs for new project launches, and ongoing tariff cost negotiations for some Tier1 supplier projects.
• In the data center business, discussions and proposals with a wide range of domestic and international customers are ongoing, with projects aiming for mass adoption steadily transitioning from technical verification to mass production and commercialization phases.

This disclosure of Q&A sessions appears to aim at enhancing information transparency for investors, as part of strengthening fair disclosure. The detailed explanations regarding regional performance trends, particularly the one-off impairment loss in Europe, the revenue recovery outlook for North and South America, and the progress of the data center business as a mid-to-long-term growth driver, could be crucial for understanding future business strategies. The company’s current assessment against its full-year forecast and the specific measures addressing various challenges may help investors deepen their understanding of the company.

• MEIKO Co., Ltd. resolved to conduct a stock split at a Board of Directors meeting held on September 28, 2026.
• The stock split will be implemented at a ratio of two shares for every one common share, with November 1, 2026 (Sunday) as the record date. The effective date is November 2, 2026 (Monday).
• Following the split, the number of outstanding shares will increase from 26,803,320 shares to 53,606,640 shares, and the total number of authorized shares will be 70,000,000 shares.
• The dividend forecast for the fiscal year ending March 2027 has been revised due to the stock split. The year-end dividend, converted to pre-split terms, changed from JPY 80.00 to JPY 40.00, but there is no substantial change in the per-share dividend forecast.
• The interim dividend for the fiscal year ending March 2027 (JPY 80.00) remains unchanged as it will be implemented before the effective date of the stock split.

This stock split appears aimed at reducing the investment unit, potentially making the company’s shares more accessible to a wider range of investors. This move could lead to increased market liquidity and a broader investor base. The revision to the dividend forecast is a technical adjustment reflecting the split ratio, rather than a substantive change in dividend policy, which is an important distinction for investors to note.

• Shimamura Co., Ltd. has announced its consolidated financial results for the second quarter (interim period) of the fiscal year ending February 2027.
• For the consolidated operating results, net sales reached ¥357,260 million (up 4.0% year-on-year), operating income was ¥33,129 million (up 5.3%), ordinary income was ¥34,948 million (up 7.3%), and net income attributable to owners of parent was ¥24,191 million (up 5.6%).
• Interim net income per share was ¥116.51.
• The consolidated financial position shows total assets of ¥576,922 million, net assets of ¥504,740 million, and an equity ratio of 87.5%.
• The forecast for the annual dividend for the fiscal year ending February 2027 remains at ¥40.00 for the interim and ¥40.00 for the year-end, totaling ¥80.00. This considers the stock split of 3 shares for 1 effective February 21, 2026.
• The consolidated full-year performance forecast for the fiscal year ending February 2027 remains unchanged from the most recently announced forecast, with net sales of ¥729,193 million (up 4.2% year-on-year), operating income of ¥66,842 million (up 8.7%), ordinary income of ¥68,825 million (up 8.1%), net income attributable to owners of parent of ¥47,321 million (up 6.4%), and net income per share of ¥227.92.

Shimamura’s Q2 FY2027 results show solid performance with increases in net sales and all profit metrics compared to the previous year. The rise in interim net income per share, even after factoring in a stock split, may suggest a healthy underlying business trend. The reaffirmation of the full-year outlook could indicate management’s confidence in continued stable growth in the current business environment, which investors might find noteworthy.

• TOPIX Bear 2x ETF (Code: 1356) released its interim financial results for the first half of the fiscal year ending February 2027 (February 21, 2026 – August 20, 2026).
• As of the end of the interim period (August 20, 2026), net assets totaled ¥3,710 million, an increase from ¥3,183 million at the end of the previous fiscal period (February 2026).
• The composition of main investment assets was 74.9% in government bonds (¥2,778 million) and 25.1% in cash, deposits, and other assets (net of liabilities) (¥932 million).
• Outstanding units increased from 23,520 thousand at the end of the previous fiscal period to 34,570 thousand at the end of the interim period.
• The 10-unit NAV was ¥1,070 at the end of the interim period, a decrease from ¥1,350 at the end of the previous fiscal period.
• Total operating revenue for the interim period was -¥1,025,604,305, and the interim net loss was -¥1,044,632,791.

This ETF, which tracks the TOPIX Double Inverse (-2x) Index, saw an increase in net assets and outstanding units during the interim period, while the NAV per 10 units decreased. This trend may suggest the influence of the fund’s performance and market conditions. Investors might focus on the fund’s index correlation and asset allocation trends. The movements in derivatives trading gains/losses within operating revenue are also a notable factor reflecting the fund’s operational characteristics.

• 400 Bear 2x (fund name: JPX-Nikkei 400 Bear 2x ETF) released its financial results for the fiscal year ending August 2026 (August 21, 2025, to August 20, 2026).
• Net assets as of the end of the current period (August 20, 2026) were ¥169 million, a decrease from ¥253 million at the end of the previous period (August 20, 2025).
• The Net Asset Value (NAV) per 10 units for the August 2026 fiscal year was ¥1,860, representing a decline compared to ¥3,940 in the previous period.
• Major investment assets for the August 2026 fiscal year amounted to ¥119 million (70.7% of total assets), while cash, deposits, and other assets were ¥49 million (29.3%).
• The number of outstanding units increased from 643 thousand units at the end of the previous period to 908 thousand units at the end of the current period.
• The net loss for the period was ¥149,583,634.
• No distributions were paid for the August 2026 fiscal year, with the distribution per 10 units being ¥0.

The financial results for the JPX-Nikkei 400 Bear 2x ETF for the August 2026 fiscal year indicate a decrease in both net assets and the NAV per 10 units. This suggests that the performance of the fund’s underlying index, the JPX-Nikkei 400 Double Inverse Index, impacted the fund’s operations during the period. The increase in outstanding units implies continued market interest and inflows into the fund.

• Nihon Dengi announced on September 28, 2026, the completion of the interim review by certified public accountants for its Q1 FY2027 consolidated financial results (Japanese GAAP).
• This interim review was conducted in relation to the sale of the company’s shares, resolved at the Board of Directors meeting held on the same day.
• There are no changes to the consolidated financial statements that were originally disclosed on July 24, 2026.
• For Q1 FY2027 (April 1, 2026 – June 30, 2026), consolidated results showed net sales of JPY 8,696 million (+3.2% YoY), operating income of JPY 1,756 million (+39.4% YoY), ordinary income of JPY 1,911 million (+41.2% YoY), and net income attributable to owners of parent of JPY 1,298 million (+39.3% YoY).
• The Air Conditioning Instrumentation Business recorded orders received of JPY 14,776 million (+30.7% YoY), net sales of JPY 7,667 million (+1.6% YoY), and segment profit of JPY 2,829 million (+13.9% YoY).

This announcement confirms that the interim review by certified public accountants for the previously disclosed Q1 financial results has been completed, with no changes to the reported figures. The fact that the review was conducted in connection with a share offering and that no revisions were made to the financial statements initially released can be seen as factors that reinforce the credibility of the information. Investors may find this confirmation reassuring regarding the validity of the previously announced financial performance.

• Kakaku.com announced on September 28, 2026, an agreement to dissolve its capital alliance with KDDI Corporation.
• The “Capital Alliance Agreement” signed on August 2, 2018, has been mutually terminated, ending agreements such as accepting a director candidate nominated by KDDI and prior notification/explanation for important matters.
• The outside director dispatched by KDDI had already retired at the conclusion of the 29th Ordinary General Meeting of Shareholders on June 18, 2026.
• Conversely, the “Basic Business Alliance Agreement” signed on August 2, 2018, remains unchanged and effective, continuing collaborations like leveraging data/know-how and joint development of new services.
• With the dissolution of the capital alliance, KDDI will no longer be classified as a “related party” of Kakaku.com. However, KDDI’s ownership of 35,016,000 shares of Kakaku.com common stock (17.70% of total outstanding shares) remains unchanged, maintaining its position as the second largest major shareholder.

This announcement highlights the dissolution of the capital alliance with KDDI, following discussions regarding Kakaku.com’s changing capital structure and future management policy. While the continuation of the business alliance suggests practical collaboration based on past successes, the removal of KDDI’s governance influence could indicate increased independence for Kakaku.com’s management. Investors may want to monitor the implications of this change in relation to the ongoing tender offer (TOB) and its potential impact on future business strategy and performance.

• AnGes, Inc. announced details of its business alliance with Growth Partners Corporation (GP), initially disclosed on August 14, 2026.
• The partnership extends beyond capital provision to include strengthening business development activities, promoting domestic and international alliances, and enhancing corporate value.
• AnGes intends to leverage GP’s expertise and network in business development and corporate growth support to boost its domestic and international business alliances and licensing activities.
• Current initiatives involve GP engaging in discussions, hearings, and information gathering regarding AnGes’ business content, organizational management, and future growth opportunities.
• Future plans include collaborating with GP on strengthening domestic and international licensing and business alliance activities, exploring new alliance opportunities, optimizing the business portfolio, promoting business development for overseas markets, and enhancing IR activities.

This announcement suggests AnGes’ strategic move to maximize the value of its genetic medicine research and development assets and address the increasing importance of expanding into overseas markets, particularly the U.S. market. Given GP’s track record of supporting listed companies, the partnership could offer concrete assistance towards AnGes’ medium-to-long-term corporate value enhancement. The explicit mention of aiming for an early contract with a sales partner for HGF gene therapy products highlights a key area for investors to monitor for future developments.

• G-LaboroAI resolved on September 28, 2026, to enter into a business alliance and third-party allotment agreement with Material Concept Co., Ltd.
• Material Concept is a university-launched venture from Tohoku University, specializing in the research, development, and manufacturing of conductive pastes used in semiconductors and solar cells.
• G-LaboroAI will acquire 304 shares of Class C preferred stock (4.5% of outstanding shares) in Material Concept for JPY 100,320,000 through a third-party allotment.
• The business alliance focuses on optimizing material compounding recipes for conductive paste manufacturing, automating/autonomizing experimental and manufacturing processes with physical AI, and structuring tacit knowledge to improve G-LaboroAI’s technology platform.
• The agreement signing date is September 29, 2026, with the business commencement date scheduled for October 1, 2026.

G-LaboroAI’s strategic investment in Material Concept, a university-launched venture, aligns with its stated focus on the semiconductor and advanced manufacturing sectors. This move, extending beyond a typical project engagement to a capital alliance, could indicate a long-term commitment to enhancing value in these industries. The specific areas of collaboration, particularly in applying AI to the complex field of material development, may suggest potential for both technological advancement and new business models for G-LaboroAI. This partnership could be worth monitoring as the company aims to apply capital strategies more broadly to drive industry value.

• Japan Avionics Co., Ltd. announced the finalized financial results for its unlisted parent company, NAJ Holdings Co., Ltd., for the fiscal year ended June 2026.
• NAJ Holdings Co., Ltd. was established on July 16, 2019, with a capital of 1 yen, and its business involves the holding and management of securities.
• As of June 30, 2026, NAJ Holdings’ total assets amounted to 2,465,688 thousand yen, with subsidiary shares accounting for 2,249,091 thousand yen.
• According to the income statement for the period from July 1, 2025, to June 30, 2026, NAJ Holdings reported a net income of 1,814,109 thousand yen.
• Major shareholders primarily consist of investment funds, including Japan Industrial Fifth Investment Limited Partnership (24.11%), Shepherds Hill Fund III, L.P. (24.11%), Manaslu Fund III, L.P. (24.08%), and Sonora Fund III, L.P. (23.92%).

The disclosure of NAJ Holdings’ financial results provides key insights into the corporate structure and financial flow surrounding Japan Avionics. The parent company’s financial health and shareholder composition could indirectly influence Japan Avionics’ management strategies and future capital policies. Investors might find it noteworthy that subsidiary shares constitute a significant portion of NAJ Holdings’ assets and that multiple investment funds are among its major shareholders, which may suggest potential future strategic directions.

• NaITO Co., Ltd. announced its consolidated financial results for the second quarter (interim period: March 1, 2024, to August 31, 2024) of the fiscal year ending February 2025.
• Consolidated net sales reached ¥25,640 million, an increase of 18.1% compared to the prior interim period.
• Consolidated operating profit was ¥821 million (up 296.5% year-on-year), ordinary profit was ¥863 million (up 276.9%), and net income attributable to owners of the parent was ¥590 million (up 293.4%).
• By product category, sales of cutting tools were ¥14,047 million (up 29.3%), measurement products were ¥2,388 million (up 25.8%), and industrial machinery/machine tools, etc., were ¥9,204 million (up 2.9%).
• The full-year consolidated earnings forecast has been revised upwards, with projected net sales of ¥48,000 million (up 10.3% year-on-year), operating profit of ¥1,250 million (up 209.7%), ordinary profit of ¥1,300 million (up 186.6%), and net income attributable to owners of the parent of ¥900 million (up 216.6%).

NaITO’s interim financial results reveal substantial growth in both sales and profits, with operating, ordinary, and net income almost tripling compared to the previous year, which is a key highlight. This strong performance appears to be driven by price revisions of main cutting tool products and a pull-forward of demand stemming from supply concerns related to geopolitical risks. The upward revision of the full-year earnings forecast may suggest an improved outlook on the company’s future business environment.

• NSD Co., Ltd. resolved to revise its year-end dividend forecast for the fiscal year ending March 2027 at a Board of Directors meeting held on September 28, 2026.
• The year-end dividend per share for the fiscal year ending March 2027 has been revised from the previous forecast of ¥97 to ¥100.
• Consequently, the total annual dividend per share for the fiscal year ending March 2027 will be ¥100, up from the previous forecast of ¥97.
• The revision is attributed to the upward revision of the full-year earnings forecast for the fiscal year ending March 2027, also announced on the same day, and the company’s basic shareholder return policy (consolidated total return ratio of 70% or more and dividend payout ratio of 50% or more).
• As a result of this revision, the dividend payout ratio for the fiscal year ending March 2027 is expected to be 56.7%, and the total return ratio is expected to be 71.6%.

• G-PROJECT HD announced on September 28, 2026, its Board of Directors resolved to abolish the shareholder benefit program.
• This abolition is conditional on the successful establishment of a tender offer by TX1 Corporation for G-PROJECT HD’s common shares and stock acquisition rights.
• The final shareholder benefit will be for shareholders as of the record date of March 31, 2026.
• Unexchanged shareholder benefit points (for the March 31, 2026 record date) will be available for exchange from November 24, 2026, to December 31, 2026, for shareholders meeting specific conditions as of September 30, 2026.
• The tender offer is predicated on G-PROJECT HD becoming a wholly-owned subsidiary of the tender offeror and the delisting of G-PROJECT HD shares.

The abolition of the shareholder benefit program, conditional on the tender offer’s success, appears to be part of a broader process aiming for complete privatization and subsequent delisting. Shareholders with unexchanged points should be aware of the specified exchange period and conditions. This announcement suggests the company is undergoing a significant transition in its ownership structure.

• GREE Holdings, Inc. announced on September 28, 2026, an upward revision to its consolidated earnings forecast for the full fiscal year ending June 2027.
• Consolidated net sales are now projected at ¥57,000 million, an increase of ¥6,000 million (11.8%) from the previous forecast of ¥51,000 million.
• Consolidated operating profit remains unchanged at ¥3,900 million, consistent with the previous forecast.
• The upward revision in net sales is attributed to the additional acquisition of shares in RINDO Entertainment Inc., leading to its consolidation, which is expected to increase sales in the live entertainment business segment by approximately ¥6.0 billion.
• The operating profit was maintained at the previous forecast due to the assessment that the impact on consolidated operating profit, after considering M&A-related expenses associated with the share acquisition, would be limited.

This earnings forecast revision appears to reflect the concrete impact of the M&A of RINDO Entertainment Inc. on net sales. While a significant increase in projected sales is noted, the unchanged operating profit forecast may suggest that M&A-related expenses are temporarily offsetting the profit gains. Investors might consider monitoring how this change in business structure could affect future profitability and segment contributions.