Message to Shareholders and Investors

In recent years, the very nature of system development has undergone significant change. While on-premises environments, where companies build and operate systems on their own servers, were once the main approach, the past decade has seen a major shift toward cloud-based solutions. Today, organizations can leverage packaged systems simply by subscribing to services provided by vendors. The emergence of generative AI has marked another major turning point. As AI capabilities have advanced dramatically, customer expectations have also risen, driving growing demand for AI applications in areas directly linked to business operations. Opportunities to develop AI-enabled services are increasing, particularly when customers launch new products and services. To bring business services to life, organizations now require advanced expertise in both AI and cloud technologies, making projects increasingly complex. However, at JBS, we view these changes as a significant opportunity for us to leverage our strengths and accelerate growth. As customers explore how they can best utilize AI in their operations, JBS works alongside them as an integration partner, providing guidance and support. We believe that this approach itself creates greater value for our customers while driving business growth.

As the business environment continues to evolve through the shift to the cloud and advancements in AI, JBS must further clarify and strengthen its unique value proposition in order to deliver even greater value to our customers. As an independent systems integrator, JBS has long taken a prime contractor role in customers’ system development projects. Our independence enables us to remain free from the constraints of any particular service or vendor. Instead, we maintain an objective perspective and select the solutions that best serve our customers’ needs. We believe this flexibility allows us not only to build systems according to customer requirements, but also earns JBS a reputation as an SIer that is committed to working side by side with customers.
We have also remained committed to being a co-creation partner for our customers. For example, when working with a financial institution, the customer brings deep expertise in the financial industry, while JBS contributes its technological expertise, particularly in cloud solutions. Through this collaborative approach, we work together to solve the customer’s challenges and help deliver better financial services to end users. We believe that supporting our customers’ growth through technology is what ultimately also drives JBS’s own growth. This mindset has been fundamental to the steady enhancement of our corporate value over the years. Building a successful co-creation relationship requires a fundamental understanding of our customers’ business operations and the ability to identify and address potential challenges. Throughout the course of a project, it is often necessary to engage not only with IT departments but also with business units, back-office departments, and other departments across the organization. There are many situations in which maintaining close communication with these various departments and thoroughly understanding their respective needs is required.
In such situations it is our readiness to engage in deepen dialogue that is one of JBS’s defining strengths. While our customers are experts in their own businesses, they may not always have a clear view of how system improvements can translate into better services. In many cases, their underlying needs and challenges have not yet been fully articulated. That is precisely why we believe that dialogue is so essential, because it is through ongoing conversations that we uncover challenges and clarify needs.
We see this role as one of serving as a “dialogue accelerator.” This mindset is also reflected in initiatives such as our employee cafeteria, Lucy’s. By integrating a refined dining environment within our office, we create opportunities not only for internal communication among employees but also for engagement with customers in a more relaxed setting. Through conversations over meals, we are able to encourage open dialogue and candid opinions and uncover latent needs that are not always expressed in formal settings.
We place great importance on this continuous cycle of staying close to our customers, understanding their true intentions, identifying genuinely needed IT services, and working together to drive business transformation. We believe that further refining these strengths, enabling us to support our customers’ growth more effectively, will serve as the foundation of JBS’s own sustainable business growth.

In September 2025, JBS transitioned its listing segment to the Tokyo Stock Exchange Prime Market. In a competitive landscape where major systems integrators have long been working to enhance their corporate value on the Prime Market, we recognize that becoming a company chosen by an even broader range of customers requires us to further sharpen our strengths and continue demonstrating a strong presence in society. We view this change in market classification as a new starting point to further evolve our initiatives toward growth.
To achieve sustainable growth in the Prime Market going forward, we believe it is essential to further strengthen our governance framework and establish an organization that customers can trust to “safely and reliably deliver on their commitments. Governance is a cornerstone of our corporate foundation, and JBS has continuously worked to reinforce it over time. Through these steady efforts, we feel that we have built a solid base as a listed company. Looking ahead, in addition to securing sufficient talent, we are also required to maintain a consistently high standard in how we execute our operations and in the quality of our services. By meeting the expectations placed upon us and demonstrating our capabilities through our track record, we aim to ensure that customers clearly recognize the value of working with JBS on their digital transformation initiatives. In doing so, we will continue to move forward toward our next stage of growth.

In order to ensure a trajectory for sustainable growth, transforming our business portfolio is also essential. Historically, JBS expanded its customer base by leveraging software licensing, with the Licensing & Products business serving as the core driver of revenue. Today, JBS has secured a certain level of licensing share within its key enterprise customer segment. Building on the trust we have established with our customers, we are now entering a phase in which we will further strengthen our business solution offerings that support customers’ business transformation, shifting from IT infrastructure support to deepen our cloud integration and cloud services businesses. We are already seeing a steady increase in demand, and by ensuring that each ongoing project delivers tangible results, we believe we can further expand our business domain. This will lead to a growing number of more profitable projects, creating a virtuous cycle that drives overall revenue growth for the company.
The foundation that supports this virtuous cycle is the continued expansion of highly skilled talent. From a talent development perspective, there is significant value and motivation to be found in a workplace where individuals are encouraged to think independently and proactively propose solutions. Because JBS directly engages with major enterprise customers, our engineers have ample opportunities to work closely with leading companies across various industries in Japan and to take on central roles in projects. We have consistently valued a development approach that fosters growth through these real-world experiences. In this environment, day-to-day work itself becomes a learning opportunity, enabling individuals to steadily build their capabilities through accumulated hands-on experience.
In addition, we are continuously working to enhance our working environment by leveraging cutting-edge IT equipment and cloud technologies, as well as improving employee amenities such as company housing. These efforts are steadily strengthening our position as an employer of choice in the talent market. Going forward, we aim to further clarify our approach to both talent acquisition and development, and to evolve into an even more attractive company by creating value through talent-driven growth. In particular, it is becoming increasingly critical to secure project managers capable of responding to diverse customer requirements, as well as experts with advanced cloud expertise. In business system development, there is a strong demand for professionals who can accurately understand customers’ business operations and design systems from an end-to-end perspective. However, the supply of such highly skilled talent remains limited. For this reason, we will continue to focus not only on developing engineers internally, but also on actively recruiting talent from outside the company.

Having entered a new stage of growth, JBS will continue its journey as the JBS Group, together with its subsidiaries SureBizCloud, AIexe, and Nextscape, pursuing further expansion. By engaging sincerely with our customers and deepening our dialogue, we aim to deliver outcomes that exceed expectations. This commitment is the driving force behind our growth. At the heart of this effort is each of our employees. Their continuous evolution alongside our customers is a defining characteristic of JBS and one of our greatest strengths. We remain committed to refining this strength and consistently delivering satisfaction to our customers. This is our unchanging corporate stance that we have pledged to uphold.
In addition, following our transition to the Prime Market, we recognize the importance of further strengthening our IR activities and communicating more clearly the substance of our business and our path to growth. By deepening the understanding of all stakeholders, including shareholders and investors, we aim to ensure that they can clearly envision our continued and sustainable growth. We sincerely appreciate your continued support.

Mar. 25, 2026
President & CEO
Yukihiro Makita

Presentation Materials

In particular, joint projects with our subsidiary Nextscape, as well as Nextscape’s own business expansion, contributed substantially to earnings growth. As a result, segment profit in the Cloud Integration business, where Nextscape played a key role, increased 68.7% year-on-year to 5.0 billion yen. The Cloud Services business also benefited from expanded cloud utilization among existing customers, generating revenue of 21.8 billion yen, up 15.7% year-on-year, while segment profit rose 15.3% to 3.2 billion yen. The Licensing & Products business likewise delivered strong results, with revenue increasing 25.0% year-on-year to 122.9 billion yen and segment profit rising 17.6% to 2.8 billion yen.
JBS provides customers with cloud licenses and PCs from Microsoft and other leading vendors, supports system integration during implementation, and delivers ongoing maintenance and operational services. Our business consists of three segments: Cloud Integration, Cloud Services, and License & Products. What differentiates JBS is our ability as a systems integrator to provide seamless, end-to-end services from implementation through operation and support. This strength is what has enabled us to effectively capture the surge in demand for cloud-based solutions and convert those opportunities into growth.

The emergence of new products and services in the IT sector, including generative AI, represents a significant business opportunity for JBS, whose role is to help customers adopt and utilize these technologies. For example, the use of generative AI requires high-performance PCs and servers, creating demand for hardware upgrades and replacements. In addition, customers require support for system integration, and maintenance, etc., in implementation. As a result, current market conditions provide a favorable environment for systems integrators such as JBS. Against this backdrop, JBS is pursuing a profit growth strategy focused on increasing the proportion of high-margin engineering services, particularly within its Cloud Integration and Cloud Services businesses. Through this approach, we aim to achieve a medium-term return on equity (ROE) of 20% or higher.
More specifically, our business services and AI services are centered on helping customers solve operational challenges. In our global services, we support customers’ international expansion by addressing a wide range of system-related needs. Rather than prioritizing a specific service category, we recognize that customer requirements vary significantly from one organization to another. Accordingly, we emphasize an approach to provide the services best suited to each customer’s unique needs.
To achieve these goals, however, it will be essential to expand our engineering services capabilities by securing talented professionals who can work closely with customers on-site to support the resolution of business challenges. As detailed below, ensuring a sufficient supply of such talent remains one of our key challenges going forward.

Alongside the initiatives aimed at improving business performance, we plan to further strengthen and refine our IR activities in a manner befitting a Prime Market-listed company. Historically, JBS faced challenges related to relatively low share liquidity and limited trading volume, which made it difficult for institutional investors to establish meaningful positions in our stock. To address this issue, we have continuously implemented measures to invigorate trading activity. As a result, supported in part by secondary offerings associated with our transition to the Prime Market, average daily trading volume has recently increased to approximately 200-300 million yen. We believe that our stock is now approaching a level of liquidity that allows it to be considered by a broader range of institutional investors. At the same time, we have introduced a shareholder benefit program to better meet the expectations of individual investors and are pursuing a variety of initiatives aimed at broadening our shareholder base.
That said, we believe the best approach to enhancing shareholder value is to steadily execute the initiatives we have outlined, consistently achieve our performance targets, and earn the trust of investors. Ultimately, this is a conventional approach that will drive improvements in our share price. Accordingly, we will continue to focus intensively on the business strategies discussed above and work toward sustained growth.
In addition, to further strengthen awareness of shareholder value throughout the organization, we have introduced incentive programs such as a Board Incentive Plan (BIP) Trust for executives and an Employee Stock Ownership Plan (ESOP) Trust. Through these initiatives, we aim to foster a shareholder-oriented mindset across the company and encourage all employees to contribute to the improvements in share price.

As mentioned above, the expansion of engineering services will be essential to JBS’s future growth. Achieving this objective largely depends on our ability to secure professionals who can accurately grasp customer needs and deliver optimal system solutions and services. Against this backdrop, JBS views investment in human capital as being virtually synonymous with investment in the business itself.
During the fiscal year, we introduced a more transparent and equitable personnel system and enhanced our training programs to provide learning opportunities tailored to employees’ skills and managerial responsibilities. We have also invested in creating a more attractive working environment by providing company housing in convenient locations with easy access to our offices and by further enhancing our employee dining facilities.We believe that improving both our human resources framework and workplace environment enables employees to work with greater confidence and engagement. As a result, we have maintained a low employee turnover rate, creating what we perceive as a virtuous cycle that supports both talent retention and business expansion.
In addition to supporting organic growth through continued investment in people, we are also considering mergers and acquisitions to drive inorganic growth. Where we identify opportunities that offer strong strategic alignment and meaningful synergies with JBS’s existing business strengths, we will carefully evaluate the risks and benefits and pursue such opportunities when appropriate.

Mar. 25, 2026
Managing Executive Officer and Director CFO
Corporate Group, Human Resources Strategy,General Affairs
Kohei Katsuta