Nihon M&A Center Holdings Inc.

Record operating performance (good / key beat): - 9M FY ending Mar’26: Revenue JPY 37.7bn (+26.5% YoY), recurring profit JPY 15.7bn (+46.8% YoY), recurring profit margin >40%; OP margin 41.7% (+5.8pp YoY). - Transactions closed: 810 deals (+9.8% YoY); M&A sales per deal ~JPY 45m (+15.3%). - Q3 alone: Revenue JPY 15.1bn (+34.6% YoY); ordinary profit JPY 7.1bn (+51.5%); OP margin 47.2%; 322 deals.

Progress vs full-year guidance + “return to growth cycle” (good): - Company guidance unchanged. - Sales: guided JPY 46.3bn, achieved JPY 37.7bn = 81.5% progress. - Ordinary profit: guided JPY 17.0bn, achieved JPY 15.7bn = 92.5% progress. - Management highlighted improved execution and confidence in re-entering a stable growth/closing cycle rather than one-off recovery.

What drove results (execution + pricing quality) (good but watch sustainability): - More deals closed successfully and on time via “scientific” process: early kickoff stakeholder + schedule + challenges alignment, and internal M&A audit to surface issues early; increased deal-management oversight (“every Monday” instructions). - Maintained high fee per deal primarily by capturing mid-cap mandates, supported by a mid-cap dedicated consultant team to prepare convincing proposal documents and improve closure odds. Target fee level reiterated as ~JPY 40m per deal (they view JPY 45–46m as “too high” vs sustainable target).