Japan Stock IR Daily – September 25, 2026 (25 reports)

• Cado Co., Ltd. was listed on the TOKYO PRO Market, Fukuoka PRO Market, and Sapporo PRO Frontier Market on September 25, 2026.
• For the consolidated fiscal year ending December 2026 (January 1, 2026 – December 31, 2026), the company forecasts net sales of ¥3,614,485 thousand (up 23.9% YoY), operating profit of ¥308,767 thousand (up 39.2% YoY), ordinary profit of ¥284,585 thousand (up 4.4% YoY), and profit attributable to owners of parent of ¥247,529 thousand (up 8.8% YoY).
• For the interim consolidated accounting period ending December 2026 (January 1, 2026 – June 30, 2026), consolidated net sales were ¥1,123 million, operating profit was ¥15 million, ordinary profit was ¥3 million, and profit attributable to owners of parent was ¥5 million.
• The company conducted a stock split on August 7, 2026, at a ratio of 40 shares for every one common share.
• The full-year forecast for basic earnings per share for FY2026 is ¥157.29.

The simultaneous listing on multiple PRO Markets is a notable aspect of this announcement. The company’s full-year consolidated earnings forecast for FY2026, showing significant increases in both net sales and operating profit, could draw investor attention. The expected growth is primarily driven by enhanced sales of key products such as futon dryers and humidifiers, suggesting that future product strategies and market share trends will be important factors to monitor.

• LAYERED Inc. was listed on the Tokyo Stock Exchange Standard Market on September 25, 2026.
• The company announced its individual financial forecasts for the fiscal year ending June 30, 2027 (July 1, 2026 – June 30, 2027).
• For FY2027, the company forecasts revenue of ¥2,474 million (up 24.9% year-on-year), operating profit of ¥458 million (up 33.1% year-on-year), ordinary profit of ¥432 million (up 28.2% year-on-year), and net profit of ¥305 million (up 27.5% year-on-year).
• Actual results for FY2026 were revenue of ¥1,980 million, operating profit of ¥344 million, ordinary profit of ¥337 million, and net profit of ¥239 million.
• Medical DX recurring revenue is projected to reach ¥1,391 million (up 27.3% year-on-year) for FY2027, with the number of medical facilities utilizing their services expected to increase to 7,627 (up 28.6% year-on-year).

LAYERED’s listing on the TSE Standard Market may suggest growing investor interest in its Medical DX business, addressing critical issues in healthcare. The announced financial forecasts indicate expected growth in both Medical DX recurring revenue and initial revenue, with the increasing number of client medical facilities and average revenue per user potentially driving sustained revenue expansion. The future trajectory of DX investment within the medical industry could be a key factor influencing the company’s performance.

• G-Ai Robotics announced the details of its shareholder benefit program for the record date of September 30, 2026.
• The shareholder benefit consists of a set of six products from the company’s main skincare brand, “Yunth,” including “Namaha VC Whitening Serum,” “VA Wrinkle Eye Serum,” and three types of sheet masks. The total retail price of the set is ¥13,090 (tax included).
• Eligible shareholders are those listed in the company’s shareholder register as holding 100 shares (1 unit) or more as of both March 31, 2026, and September 30, 2026.
• The shareholder benefits are planned to be shipped sequentially to the addresses registered in the shareholder registry within approximately three months from the record date.

This announcement provides specific details regarding the shareholder benefits for the September 2026 record date, offering clarity to eligible shareholders about the products they will receive. The provision of proprietary products may aim to enhance brand recognition and product trial opportunities for its flagship “Yunth” brand. The explicit valuation of the benefits could also be viewed as a demonstration of the company’s commitment to shareholder returns.

• Wintest resolved to reintroduce its shareholder benefits program at the Board of Directors meeting held on September 25, 2026.
• The reintroduction aims to strengthen long-term trust with shareholders and enhance the attractiveness of the company’s shares as an investment.
• Eligible shareholders for the first year (as of December 31, 2026) are those holding 2,000 shares or more; from the second year onwards, the benefit is for shareholders who have continuously held shares for over one year.
• The shareholder benefit is the “Body Beat” IoT healthcare toilet seat mat, a proprietary product, offered at half its regular price to all shareholders holding 2,000 shares or more.
• The benefit can be used once during the period from the dispatch date of the “Notice of Convocation of Ordinary General Meeting of Shareholders” until the end of March of the following year, with dispatches expected around early March annually.

Wintest’s decision to reintroduce its shareholder benefits program could be seen as an effort to express gratitude to existing shareholders and attract new investors. The re-establishment of the program, which was previously suspended due to the divestiture of its music division, now features the company’s current product, the “Body Beat” IoT healthcare toilet seat mat, as the benefit, potentially reflecting its updated business focus. The condition of continuous ownership for over one year from the second year onward may suggest an aim to promote long-term shareholding and foster a stable shareholder base.

• Mandarake Co., Ltd. has announced partial changes to and the introduction of new aspects of its shareholder benefit program.
• The existing shareholder discount vouchers will now be usable for purchasing the manga magazine “Mandarake ZIN.”
• A new “Annual Subscription Discount Voucher” for “Mandarake ZIN” will be introduced as a shareholder benefit.
• The annual subscription discount voucher will be eligible for shareholders holding at least one unit (100 shares) listed in the company’s shareholder registry as of July 31st each year.
• The revised shareholder benefit program will apply to shareholders listed in the shareholder registry as of July 31, 2024.

The announced changes to Mandarake’s shareholder benefit program, including the expanded usability of existing vouchers and the introduction of a new discount, suggest an aim to strengthen shareholder returns. The “Mandarake ZIN” subscription discount voucher, in particular, may offer enhanced value to shareholders with an interest in the company’s core manga and subculture business. This move could potentially attract new investors and encourage long-term holdings among existing shareholders.

• Toho Bank announced on September 25, 2026, a revision (increase) to its interim and year-end dividend forecasts for the fiscal year ending March 2027.
• The revised forecast for the interim dividend per share is ¥13.00, and the year-end dividend per share is also ¥13.00.
• This results in a total annual dividend forecast of ¥26.00, an increase of ¥5.00 from the previously announced forecast of ¥21.00.
• The previous fiscal year’s (March 2026) actual annual dividend was ¥17.00.
• The reasons for the revision are an upward revision of the earnings forecast for the second quarter (cumulative) and full year of FY2027, primarily due to an increase in net interest income, and alignment with the shareholder return policy.
• With this revision, the annual dividend will be ¥26.00, and the dividend payout ratio against profit attributable to owners of parent is expected to be 40.6%.

This dividend increase aligns with the company’s stated commitment to enhancing shareholder returns, a core principle of its long-term management plan “TX PLAN 2030.” The upward revision of earnings forecasts, driven by increased net interest income, appears to be a key factor in this decision, potentially indicating improved profitability. The projected payout ratio of 40.6% is consistent with Toho Bank’s shareholder return policy aiming for a payout ratio of around 40%.

• 33 Financial Group Co., Ltd. announced on September 25, 2026, revisions to its consolidated earnings forecast for the fiscal year ending March 2027.
• The consolidated ordinary profit for the second quarter (cumulative) of FY2027 was revised upward to ¥10.5 billion (a 9.4% increase from the previous forecast of ¥9.6 billion), and net income attributable to owners of the parent to ¥7.4 billion (an 8.8% increase from ¥6.8 billion).
• For the full fiscal year ending March 2027, consolidated ordinary profit was revised upward to ¥24.5 billion (a 14.5% increase from the previous forecast of ¥21.4 billion), and net income attributable to owners of the parent to ¥17.0 billion (a 13.3% increase from ¥15.0 billion).
• The primary reason for the upward revision is attributed to the expectation that funding income at its subsidiary, 33 Bank, Ltd., will exceed previous forecasts.
• The annual dividend forecast was also revised, with the year-end dividend increased from ¥22.00 to ¥28.00 per share, resulting in an expected annual dividend of ¥50.00 per share.

The upward revision of the earnings forecast is primarily driven by stronger funding income from a subsidiary, which may suggest a healthy core business performance for the financial institution. The increase in the dividend forecast, based on the company’s shareholder return policy and the revised earnings outlook, could indicate a commitment to returning profits to shareholders in line with improved performance. Investors may find these revisions noteworthy, reflecting both operational strength and a positive stance on shareholder distributions.

• Kaga Electronics has revised its full-year consolidated earnings forecast for the fiscal year ending March 2027 upward.
• The revised forecast projects net sales of 760 billion yen (an increase of 15.2% from the previous forecast) and profit attributable to owners of parent of 29 billion yen (an increase of 31.8%).
• The dividend forecast has also been revised, with the annual dividend per share expected to be 160 yen (80 yen for interim and 80 yen for year-end), representing a 20 yen increase from the previous fiscal year and prior forecast. This includes a special dividend of 20 yen.
• The company expects to record an extraordinary gain of 6 billion yen as negative goodwill in the second and third consolidated fiscal quarters of FY2027, due to the consolidation of Shinko Shoji Co., Ltd.
• The primary reasons for the earnings forecast revision are the expected performance contribution from Shinko Shoji’s consolidation (sales of 100 billion yen, net profit of 1 billion yen) and the inclusion of negative goodwill.

The upward revision of the earnings forecast is primarily driven by the contribution of Shinko Shoji’s consolidation to consolidated performance and the recognition of an extraordinary gain. The increased dividend forecast aligns with the company’s shareholder return policy outlined in its medium-term management plan, with an expected adjusted consolidated payout ratio of 33.2% and DOE of 4.7%, which may indicate a strong commitment to shareholder returns. These factors could be of interest to investors.

• Asahi Co., Ltd. announced its unaudited financial results for the second quarter of the fiscal year ending February 2027 on September 25, 2026.
• Net sales for the interim period increased by 0.7% year-on-year to ¥46,230 million.
• Operating profit was ¥3,231 million (down 14.0% year-on-year), ordinary profit was ¥3,327 million (down 15.2%), and net income for the interim period was ¥2,193 million (down 16.6%).
• Earnings per share for the interim period were ¥84.22.
• As of the end of the interim period, the company operated a total of 560 stores, comprising 541 directly managed stores and 19 franchised stores.
• The full-year financial forecasts for FY2027 (net sales ¥86,278 million, operating profit ¥4,300 million, ordinary profit ¥4,440 million, net profit ¥2,730 million) and the annual dividend forecast (¥50) remain unchanged from the most recently announced figures.

While Asahi saw a slight increase in net sales for the interim period, all profit metrics showed a decline, potentially reflecting cautious consumer spending due to rising prices and an extended bicycle replacement cycle. The company’s ongoing strategic initiatives under “VISION2028,” focusing on a circular business model less reliant on new bicycle sales and strengthening reuse functions, may be worth monitoring for their future impact on profitability.

• Lib Work Co., Ltd. (G-LivWork) announced a capital and business alliance with V3D Asia Inc.
• The alliance aims to accelerate G-LivWork’s “overseas expansion” and “cost reduction” in its 3D printer construction business.
• Key aspects of the business alliance include collaboration and joint project promotion in Southeast Asia (primarily Indonesia and Malaysia), cooperation in the Japanese market, and joint development of new products.
• Through the capital alliance, G-LivWork’s voting rights ownership in V3D Asia Inc. will be approximately 10%, and V3D Asia will not be a consolidated subsidiary.
• V3D Asia Inc. has a track record of 3D printing public buildings in Brunei and is developing residential projects in Indonesia and Malaysia, with a strength in low-cost 3D printing construction technology.

This alliance is positioned as a strategic initiative for G-LivWork to achieve its mid-term management plan “LIB EARTH SHOT 2029” goals, which include over 3% overseas sales ratio and a 40% reduction in total 3D printer construction costs. Leveraging V3D Asia’s Southeast Asian track record and low-cost technology could accelerate overseas business expansion and enhance housing price competitiveness. The company also aims for long-term revenue growth through franchise expansion and royalty income models, making future progress an area worth monitoring for investors.

• Suzuki Co., Ltd. announced the finalized financial results for the fiscal year ended July 2026 (August 1, 2025, to July 31, 2026) of its unlisted parent company (other affiliated company), Klinger Co., Ltd.
• Klinger Co., Ltd. is an affiliated company that holds 16.03% of Suzuki Co., Ltd.’s voting rights, with its primary business being securities investment management.
• For the fiscal year ended July 2026, Klinger Co., Ltd. reported a net income of JPY 155,489 thousand and ordinary income of JPY 182,886 thousand.
• According to its balance sheet, as of July 31, 2026, Klinger Co., Ltd.’s total assets were JPY 1,823,694 thousand, and total net assets were JPY 348,607 thousand.
• Ms. Sumi Suzuki serves as the Representative Director of Klinger Co., Ltd., with Mr. Noriyoshi Suzuki, the Representative Director of Suzuki Co., Ltd., also serving as a Director.

The disclosure of an unlisted parent company’s financial results can provide investors with insight into the governance of the listed subsidiary, Suzuki Co., Ltd., and the financial relationship between the affiliated entities. Klinger Co., Ltd.’s profitability and asset structure from its securities investment management business may indirectly relate to Suzuki Co., Ltd.’s business foundation and strategy. The dual role of Mr. Noriyoshi Suzuki as a director in both companies is a noteworthy point for evaluating the interconnectedness of their management.

• The Awa Bank, Ltd. announced a capital and business alliance agreement involving its consolidated subsidiary, Awagin Connect Co., Ltd., and Shikoku Broadcasting Co., Ltd.
• Awagin Connect will issue 2,000 new shares through a third-party allotment to Shikoku Broadcasting.
• Following this capital increase, Awa Bank’s voting rights ratio in Awagin Connect will decrease from 100% to 50%, resulting in Awagin Connect transitioning from a consolidated subsidiary to an equity-method affiliate.
• The alliance aims to integrate Awagin Connect’s e-commerce operation expertise and regional business network with Shikoku Broadcasting’s information dissemination capabilities and content planning/production strengths to support regional businesses in expanding sales channels and enhancing brand value.
• The payment date for the third-party allotment is scheduled for November 2, 2026.

• Aseed Holdings announced on September 25, 2026, that its Board of Directors resolved to merge consolidated subsidiaries through a simplified absorption-type merger.
• The merger will be effective January 1, 2027, with Shizuoka Roast System Co., Ltd. as the surviving company and Marusan Hagima Tea Co., Ltd. as the dissolving company.
• The purpose of the merger is to establish a solid foundation as a tea leaf processing, manufacturing, and sales business through efficient operation management and effective investment, integrating two companies within the beverage manufacturing segment.
• Shizuoka Roast System primarily engages in contract processing, manufacturing, and sales of tea leaves, while Marusan Hagima Tea focuses on tea processing, sales, and online store management.
• As this merger involves 100% owned subsidiaries, there will be no issuance of shares or allocation of cash or other assets.

This merger appears to be an internal reorganization within Aseed HD’s beverage manufacturing segment. It suggests an aim to streamline and strengthen the tea leaf processing and sales business. This move could potentially lead to the creation of synergy effects and enhanced competitiveness for the entire group, and its future impact on business operations may be worth monitoring.

• Nikke (Nippon Keori) resolved to conduct an absorption-type merger where its consolidated subsidiary, Nakashiro Co., Ltd., will be the surviving company, and Akatsuki Shoji Co., Ltd. and Sato Sangyo Co., Ltd. will be the absorbed companies.
• The effective date of this merger is scheduled for December 1, 2026.
• Concurrently with the merger, the surviving company, Nakashiro Co., Ltd., is planned to change its trade name to Nikke Mate Co., Ltd. on the effective date.
• The merger aims to address changes in the uniform market, such as declining birthrates and shifting demand structures, by accelerating decision-making and streamlining operations within the group’s uniform business to build a highly efficient management structure.
• As this merger is between consolidated subsidiaries, its impact on Nikke’s consolidated financial results is considered minor.

Nikke’s strategic merger of its three uniform business subsidiaries suggests a proactive move to adapt to evolving market conditions. The restructuring is intended to enhance business competitiveness by streamlining operations and promoting a platform-based business model, covering everything from planning to after-sales service. The renaming to “Nikke Mate Co., Ltd.” could indicate an effort to unify the brand and solidify the integrated business structure.

• Plapp Japan Co., Ltd. resolved to absorb and merge its wholly-owned subsidiary, Precision Marketing Co., Ltd., at a board meeting on September 25, 2026, and signed the merger agreement on the same day.
• The merger is scheduled to take effect on December 1, 2026, with Plapp Japan as the surviving company in an absorption merger.
• The purpose of this merger is to enhance group management efficiency and accelerate service development and provision through deeper integration of PR and digital marketing.
• A special loss from the elimination of intercompany shares is expected to be recorded in Plapp Japan’s non-consolidated financial statements, but it will be eliminated in the consolidated statements, thus having no impact on consolidated profit or loss.
• Precision Marketing Co., Ltd.’s individual performance for the fiscal year ended August 2025 showed sales of 552 million yen, operating income of 42 million yen, and net assets of 259 million yen.

This merger, involving Plapp Japan and its wholly-owned subsidiary, appears to be a strategic move aimed at improving operational efficiency and strengthening service integration. While a special loss is expected on the non-consolidated statements, the absence of an impact on consolidated earnings could be a key point for investors. The integration of a digital marketing subsidiary may suggest the company’s focus on synergistic effects for its future overall business development.

• Harlows Co., Ltd. has announced its financial results for the second quarter (interim period) of the fiscal year ending February 2027, covering March 1, 2026, to August 31, 2026.
• Operating revenue for the interim period was ¥119,023 million, an increase of 6.7% compared to the same period last year.
• Operating profit stood at ¥5,708 million, marking a decrease of 2.6% year-on-year.
• Ordinary profit was ¥5,754 million, also a decrease of 2.6% year-on-year.
• Net income for the interim period was ¥4,135 million, an increase of 1.2% compared to the previous interim period.
• Interim net income per share was ¥193.70.
• The full-year earnings forecast for FY2027 (Operating Revenue: ¥245,622 million, Operating Profit: ¥12,590 million, Ordinary Profit: ¥12,580 million, Net Income: ¥8,660 million) remains unchanged.
• The interim dividend is ¥36 per share, and the year-end dividend forecast is also ¥36, totaling an annual dividend forecast of ¥72.
• As of the end of the interim accounting period, total assets were ¥128,134 million, net assets were ¥81,154 million, and the equity ratio was 63.1%.

The interim results show an increase in operating revenue, but a decline in both operating and ordinary profits, which may suggest pressure from rising costs. However, the company managed to achieve a slight increase in interim net income. The unchanged full-year forecast indicates that management might anticipate a recovery in the second half or has already factored in the current cost structures.

• Palemo Holdings announced its consolidated results for the second quarter (interim period) of the fiscal year ending February 2027.
• Net sales for the interim period were ¥6,838 million, representing a 4.7% decrease compared to the same period of the previous year.
• Operating profit was ¥71 million, a 60.3% decrease year-over-year.
• Ordinary profit amounted to ¥58 million, down 66.8% from the prior interim period.
• Net profit attributable to owners of the parent decreased by 86.2% year-over-year to ¥15 million.
• The consolidated full-year forecast for February 2027 remains unchanged from the most recently published forecast, projecting net sales of ¥14,000 million (-0.6% YoY), operating profit of ¥110 million (-42.2% YoY), ordinary profit of ¥95 million (-46.5% YoY), and net profit attributable to owners of the parent of ¥25 million (+16.8% YoY).
• As of the end of the interim period, total assets stood at ¥6,083 million, net assets at ¥1,562 million, and the equity ratio was 25.5%.

The interim results show a significant year-over-year decline across key profit metrics, with net profit attributable to owners of the parent decreasing by 86.2%. While the full-year forecast remains unrevised, investors may scrutinize the gap between the interim performance and the full-year projections. The company’s ongoing store openings and closures, as well as the trend in existing store sales, could be relevant factors for evaluating future performance.

• TKP Corporation announced a partial change to its shareholder benefit program on September 25, 2026.
• “Washokudokoro Ise” will change its business format to “Chanko Kokonoe,” and shareholder benefit vouchers will remain usable. Washokudokoro Ise closed on September 18, 2026, with Chanko Kokonoe scheduled to reopen on October 16, 2026.
• “SHONIN PARK SHOP” has been excluded from the shareholder benefit program due to its business format change to “GachaPARK Beppu-ten.” The change for SHONIN PARK SHOP occurred on August 27, 2026.
• “Chanko Kokonoe” is located at APA Hotel Nagoya Sakae Ekimae EXCELLENT 5F, 3-15-30 Nishiki, Naka-ku, Nagoya, Aichi, offering traditional chanko-nabe from Kokonoe stable. Lunch service is scheduled to start in November 2026.
• Shareholder benefit vouchers are valid for Chanko Kokonoe’s special courses and drinks. Advance reservations are required, with reservation acceptance hours from 9:00 to 18:00 on weekdays.

This adjustment to the shareholder benefit program suggests a strategic move by the company to evolve its offerings and potentially enhance the value proposition for shareholders. The change from “Washokudokoro Ise” to “Chanko Kokonoe” could indicate a focus on unique dining experiences, which might appeal to a broader or different customer segment. Investors may monitor how these facility updates impact the overall attractiveness and utilization of the shareholder benefits.

• NIITAKA Co., Ltd. announced its consolidated financial results for the first quarter of the fiscal year ending May 2027 (June 1, 2026 to August 31, 2026).
• Consolidated net sales for the first quarter totaled ¥6,334 million, marking a 5.5% increase compared to the same period of the previous year.
• Operating profit was ¥585 million (up 0.5% year-on-year), ordinary profit was ¥608 million (down 1.2% year-on-year), and net income attributable to owners of parent was ¥415 million (down 0.8% year-on-year).
• By segment, the Chemical Business reported sales of ¥6,156 million (up 9.1% year-on-year) and operating profit of ¥574 million (up 22.7% year-on-year).
• The Healthcare Business recorded sales of ¥177 million (down 51.2% year-on-year) and operating profit of ¥10 million (down 90.8% year-on-year).
• The full-year consolidated earnings forecast remains unchanged from the announcement made on July 13, 2026.

NIITAKA’s Q1 FY2027 results show solid revenue growth, primarily driven by its Chemical Business. However, overall profitability remained relatively flat or slightly declined year-on-year, largely due to a significant decrease in sales and profit from the Healthcare Business. This divergence in segmental performance could be a key area for investors to monitor going forward.

• G-BALTES HD announced the acquisition of all shares in OPTIM Inc., making it a subsidiary, based on a resolution passed at its Board of Directors meeting on September 25, 2026.
• OPTIM Inc., established in 1999, is an SES (System Engineering Service) provider with a track record in developing core and business systems for various industries, including telecommunications, finance, and government agencies.
• G-BALTES HD will acquire 200 shares, resulting in a 100% voting rights ownership post-acquisition.
• The acquisition cost is 300,000 thousand yen for OPTIM Inc.’s common shares, plus approximately 29,900 thousand yen for advisory fees, totaling approximately 329,900 thousand yen.
• The share transfer execution date is scheduled for September 30, 2026.

This acquisition suggests G-BALTES HD’s strategic move to enhance its development talent base in the enterprise sector, complementing its existing strengths in quality improvement support. The integration of OPTIM Inc.’s system development capabilities with G-BALTES HD’s quality assurance expertise aims to establish a comprehensive, end-to-end service offering. Potential synergies include cross-selling opportunities, increased capacity for large-scale projects, and enhanced human resource recruitment and development, which could contribute to G-BALTES HD’s long-term corporate value.

• G-i-CUBE SYSTEMS announced corrections to parts of its “Financial Results for the Fiscal Year Ended June 2026 (Consolidated)” and “Full-Year Financial Results Briefing Materials,” originally disclosed on August 12, 2026.
• The reason for the correction was the discovery of an error in the reported number of corporate clients as of the end of June 2026.
• In the “Financial Results for the Fiscal Year Ended June 2026 (Consolidated),” the correction specifically applies to the description of the number of corporate clients in the CLOMO business.
• The revised figure for corporate clients (Note 7) changed from 10,741 companies (an increase of 2,121 companies, 24.6% from the end of the previous consolidated fiscal year) to 10,718 companies (an increase of 2,098 companies, 24.3% from the end of the previous consolidated fiscal year).
• Corresponding corrections were also made to the “Full-Year Financial Results Briefing Materials” on pages 16 and 12, where the figures for the number of corporate clients were revised.

This correction addresses a discrepancy in the reported number of corporate clients, which is a key performance indicator for the company’s CLOMO business. Investors may want to note that the revised figure indicates a slightly lower number of corporate clients compared to the initially released data. Such revisions, while potentially minor in scale, highlight the importance of accurate data reporting in financial disclosures and could be a point of consideration regarding data integrity.

• G-NIPPON KNOWLEDGE’s Board of Directors resolved on September 25, 2026, to enter into a capital alliance agreement with Business Brain Ota Showa (BBS).
• Based on this capital alliance, a third-party allotment of new shares will be issued to BBS.
• Through the third-party allotment and sale of existing shares, BBS is expected to hold a total of 1,056,000 common shares of G-NIPPON KNOWLEDGE, representing 20.36% of the total outstanding shares. This will make G-NIPPON KNOWLEDGE an equity-method affiliate of BBS.
• The funds raised through this third-party allotment will be allocated to a portion of the 1.7 billion JPY growth investments outlined in the medium-term management plan, including AI-related business expansion, human resource development, M&A, and business base expansion.
• The capital alliance agreement includes provisions such as BBS’s right to nominate a non-executive director candidate, prior consent/consultation on material matters, and BBS’s pre-emptive right for future share issuances.

This capital alliance appears to aim at securing funds for G-NIPPON KNOWLEDGE’s growth investments outlined in its medium-term management plan, as well as enhancing the effectiveness of its existing business alliance with BBS. BBS’s acquisition of over 20% of shares could strengthen collaboration between the two companies, potentially leading to new business synergies. The agreed-upon terms, such as the right to nominate a director, may also stabilize the relationship post-alliance.

• Business Brain Ota Showa Co., Ltd. entered into a capital alliance agreement with Nihon Knowledge Co., Ltd. on September 25, 2026.
• The company will acquire 1,021,000 common shares of Nihon Knowledge through a private placement for 936,257,000 yen and 35,000 common shares from existing shareholders for 32,095,000 yen.
• Upon completion of these acquisitions, Business Brain Ota Showa will hold a total of 1,056,000 shares, representing an estimated 20.36% of Nihon Knowledge’s voting rights.
• Nihon Knowledge is expected to become an equity-method affiliate of Business Brain Ota Showa on November 2, 2026 (scheduled).
• The capital alliance agreement includes Business Brain Ota Showa’s right to nominate one non-executive director (not an audit and supervisory committee member) to Nihon Knowledge, as well as provisions for prior consent/consultation on important matters and preemptive rights.

This capital alliance appears to build upon the existing business alliance initiated in May 2026, aiming to strengthen mutual resource utilization and collaboration from a capital perspective. The combination of Business Brain Ota Showa’s management accounting consulting with Nihon Knowledge’s software testing and AI quality assurance expertise suggests a strategic move to create new services and expand business opportunities. Becoming an equity-method affiliate could foster a more stable, long-term cooperative relationship, potentially enhancing the effectiveness of their joint ventures in the evolving tech landscape.

• ZUU Co., Ltd. resolved to abolish its current shareholder benefit program, “ZUU Premium Benefit Club,” at a Board of Directors meeting held on September 25, 2026.
• The reason for the abolishment is a careful review considering fair shareholder returns, company performance, and the costs associated with maintaining the current program.
• The current program will be discontinued after the shareholder benefit points granted to eligible shareholders as of the record date of March 31, 2026.
• Shareholder benefits for the record date of March 31, 2027, will not be implemented.
• Unused shareholder benefit points granted as of the March 31, 2026 record date will be redeemable for eligible products from mid-December 2026 to March 31, 2027.
• The company stated it will continue to work towards sustainable corporate value enhancement and shareholder returns, and will proceed with considering new shareholder benefit programs.

This announcement suggests a shift in the company’s approach to shareholder returns, moving away from the existing benefit program to potentially more equitable methods. Investors who have historically held shares for the benefit program may now closely monitor future announcements regarding new shareholder return policies. This move could also be seen as reflecting changes in the company’s financial situation or management strategy, leading to a reassessment of shareholder return methods.

• Orchestra Holdings revised its year-end dividend forecast for the fiscal year ending December 2026 from ¥30 to ¥50 per share.
• The ordinary dividend is doubled from ¥25 to ¥50 per share, with the previously announced ¥5 special commemorative dividend for the 10th anniversary now integrated into the ordinary dividend.
• The shareholder benefit program has been expanded; previously requiring continuous ownership of 200 shares for at least one year, it now applies to all shareholders holding 200 or more shares as of the record date of December 31, 2026, regardless of tenure.
• Regular benefits include a digital gift worth ¥15,000 for shareholders holding for less than one year, and ¥16,500 for those holding for one year or more.
• To commemorate the 10th anniversary of listing, an additional digital gift worth ¥10,000 will be granted to shareholders holding 200 or more shares as of December 31, 2026.

This announcement suggests Orchestra Holdings’ commitment to strengthening shareholder returns on a continuous basis, aligning with its progressive dividend policy, rather than merely offering temporary incentives. The doubling of the ordinary dividend and expansion of shareholder benefit eligibility could enhance the company’s investment appeal to a broader range of investors. Additionally, the special 10th-anniversary benefit may provide a short-term boost to shareholder value.