P.9 Strengths and Competitive Advantages (Market Position)

Strengths and Competitive Advantages Market Position and Competitive Advantage In the fiscal year ended December 2025, the number of individual shareholders in Japan (total) reached 83.59 million, and household financial assets reached 2,286 trillion yen, both at record highs. Against the backdrop of the penetration of the new NISA, the shift from "savings to investment" is accelerating, and the need for digital platforms supporting IR and SR is expected to continue to expand. Under these market conditions, we estimate the potential market size for the "Premium Yutai Club" at 4,032 companies and approximately 300 billion yen, and the effective market size at 1,659 companies and approximately 100 billion yen. As of the end of December 2025, the number of client companies reached 110, and we have gained support from many companies through our unique service that supports the improvement of shareholder engagement and optimization of shareholder composition starting from shareholder benefits. Also, while the potential market size for "IR-navi" is estimated at 4,032 companies and approximately 6 billion yen, and the effective market size at 2,000 companies and approximately 3 billion yen, the number of contracted companies reached 375 as of the end of December 2025. Leveraging our long-accumulated institutional investor data and IR practical knowledge, we have built a solid position as an information infrastructure supporting constructive dialogue between companies and institutional investors. Furthermore, against the backdrop of the sophistication of sustainability disclosure, needs for integrated reports and sustainability information disclosure support are rising. We have high evaluations for our hands-on consulting and a track record of winning numerous integrated report awards. In addition, we streamline everything from value creation story construction to information disclosure using "IR-port" utilizing AI, and aim to evolve into a platform that supports the sophistication of dialogue with investors in the future. We are building a service platform that provides end-to-end support for dialogue between companies and investors across information disclosure, shareholder management, and dialogue support. By applying the data and know-how accumulated through this platform to AI, we continue to enhance our services. This circular platform is our unique competitive advantage. It serves as the "information infrastructure for capital markets" and the source of support for sustainable corporate value enhancement. * Market size of Premium Yutai Club: The potential market size is calculated by multiplying an assumed shareholder benefit value of ¥5,000 per shareholder by the average number of shareholders per company (the total number of individual shareholders divided by the total number of listed companies) and the total number of listed companies. The serviceable market size is calculated using the same assumed benefit value and average number of shareholders per company, multiplied by the number of companies offering shareholder benefit programs. * Market size of IR-navi: The potential market size is calculated by multiplying the total number of listed companies by the average selling price of IR-navi. The serviceable market size assumes that IR-navi is used by listed companies to operate financial results briefings. It is calculated by multiplying the assumed 2,000 companies holding such briefings by the average selling price of IR-navi. 9