On 19 October 2026, NAKAMOTO PACKS, a high-performance packaging manufacturer, held a results briefing for Q1 to Q2 (March–August) FY02/2027. In its mainstay IT & Industrial Materials, profitability improved substantially, supported by sales expansion in mobile-related applications and semiconductor and electronic component-related applications, as well as an improved sales mix. In Food Packaging & Containers, growth in sales of paper-related products and top seals represents an ongoing driver of growth rather than merely temporary demand brought forward. Furthermore, the PD coater commenced operations as of the end of September 2026, marking progress in establishing a structure to bring new development projects, mainly for battery-related materials, into mass production. Against the backdrop of stronger earnings power in existing businesses and an expanding foundation for new growth, expectations are rising for an acceleration of the Company’s growth potential over the medium to long term. The Company has also explicitly stated that it is considering reviewing its medium-term management plan in light of recent business performance. We plan to obtain further details through interviews with the Company’s management, while also planning to update and release our Company Report again in light of the content thereof.

On 15 October 2026, INTERLIFE HOLDINGS, which provides comprehensive services for the design and construction of commercial facilities & public facilities, announced its results for Q1 to Q2 (March–August) FY02/2027. Simple calculations based on the current Company forecast suggest a larger-than-usual decline in operating profit in Q3 to Q4 (September–February) compared with Q1 to Q2. Nevertheless, the Company aims to exceed its full-year plans. The Company expects capital investment demand to remain solid and reports an order backlog broadly in line with the previous year. Efforts to improve profitability through greater capacity to handle large-scale projects and thorough cost control also appear to be progressing steadily. Although quarterly fluctuations due to project completion timing are unavoidable, they often differ between Interior Construction and Sound & Lighting Facilities, suggesting potential complementarity between the two segments. While we plan to gain further details through interviews with the Company’s management, we also intend to update and release our Company Report based on the content thereof.

O-WELL is broadly involved in operations at manufacturing sites, starting from sales of paint-related and automotive products, and is implementing measures to expand the value it provides. In Q1 (April–June) FY03/2027, operating profit doubled YoY, driven by an expansion in sales share among automakers and other industries, the passing on of higher procurement costs to selling prices, and timely and flexible supply responses to supply-chain uncertainty arising from developments in the Middle East, as well as increased sales of car navigation software and share gains in automotive sensors and motor controllers. In light of this, the Company revised upward its full-year Company forecast. From a medium- to long-term perspective, meanwhile, the Company is pursuing a shift from a “product provision” model to a “one-stop solution provision” model, expanding into contract and processing operations through the use of OLDAS and other solutions centered on its paint film formation capabilities, while also broadening its business model overseas, expanding its sensor business and adding new functions. Furthermore, the Company has set out a policy of allocating funds secured through the reduction of strategic shareholdings, operating cash flow and other means to growth investments in areas including human capital, overseas business, technology development, M&A and CVC, thereby seeking to expand the value it provides based on its existing customer base and its technologies and functions.