Investor Relations

During the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025), although the announcement of reciprocal tariffs by the United States in April caused the Nikkei Stock Average to plummet momentarily, interest rate reductions and reduced tariff risks led to the stock market reaching a record high, and rising expectations regarding market structure reforms by the Tokyo Stock Exchange and improvements to capital efficiency contributed to further improvements to foreign institutional investors’ evaluations of the Japanese stock market. Meanwhile, activists targeting listed companies in Japan continued their activities even after general meetings of shareholders held in June and further intensified and diversified as well. Activists involved themselves in tender offers in addition to issuing shareholder proposals and conducting public campaigns. Battles to take the upper hand in capital policies and corporate restructurings grew even more heated. In addition, activists’ influence is growing as they increase their ownership stakes, leading to an increase in cases of searching for various exit opportunities by issuing proposals to carry out MBOs, privatize companies, and revise business portfolios.

Against this backdrop, as shown in the Group’s key concept, the Power of Equity®, it is becoming increasingly evident that pressure from shareholders is significantly affecting corporate sustainability and structure. In this environment, there are an increasing number of situations where the strengths of the Group, as a fully independent advisor not belonging to any financial group, can be put to good use, such as our quick and effective contingency responses, our unmatched database using data-oriented approach, and our group of professionals well versed in Proxy, TOBs, and M&As. We believe that clients are again strongly recognizing the need for the unique and highly specialized consulting services provided by the Group.

To continue contributing to the sound development of capital markets centered on the power of equity, based on proxy advisory services in which we do not take the activist side, we will support sustainable growth and corporate value improvements of listed companies as a specialist organization offering both independent equity consulting and financial advisory services.

We are sincerely grateful for the continued generous support of our shareholders.