The core Human Resources and Education Business made contribution to growth as some segments performed better than others. In the Manufacturing HR Business, performance remained steady in the semiconductor sector. The Real Estate Business also contributed to earnings steadily due to an increase in the number of projects compared to 1Q 2024.
Sales and profits increased YoY. Sales were lower than planned but profits were higher. In the Human Resources and Education Business, sales and profits were above the plan. In the Real Estate Business, sales were below the plan as sales of some properties were pushed back to later in 2025.

Sales and profits increased. Performance in the semiconductor sector was strong, mainly involving AI, and one-time expenses for shifting personnel that held down profits in the 1Q of 2024 have ended. More efficient recruiting activities also contributed to profits, which were higher than one year earlier and above the plan. Increasing activities targeting domestic demand by using our coverage of many market sectors due to the uncertain outlook for the business climate in the second half of 2025 and afterward.
The Kumamoto Technical Center, which specializes in semiconductor technology training, started operating in April 2025. Also, an academia-industry alliance was established with Kaishin Gakuen in Kumamoto. The goal is to give students semiconductor technology skills.
TOHO TECHNICAL SERVICE CO., LTD., a manufacturer of titanium processed products, joined the World Holdings Group. Also, World Holdings and two other companies established SUBARU nw Sight.

Sales increased due to the strong performance of e-commerce, Yamato Staff Supply and other operations in the logistics sector. Profits were lower in part because of up-front expenditures for a new warehouse owned and operated by World Holdings.
Sales and profits were higher than planned. Higher productivity at warehouses, the consistent performance of HR Support and other factors supported profits.
The warehouse owned and operated by World Holdings that started operations in September 2024 is performing well. A second company warehouse is expected to start operating in September 2025.
In the face-to-face sales and tourism sectors, preparations were made to provide staffing services at Expo 2025 in Osaka that opened in April 2025. These services are expected to contribute to sales and profits beginning in the 2Q.

This business maintained a cautious stance, amid persistently high real estate prices.
Sales and profits were up sharply. The number of sales increased, real estate prices are higher, and properties were sold with the best possible timing by using accurate marketing activities. Larger than anticipated cost reductions also contributed to profits.
Sales were below the plan because the sale of BIZIA KOKURA and some other properties were pushed back to later in 2025. profits were in line with the plan. Many highly profitable properties were sold during the 1Q and expenses were lower than planned. There are no revisions to the 2025 plan for sales and profits in this business.

Sales and profits increased YoY and exceeded the plan. The performance of mobile phone shops has improved due to the benefits of using a scrap-and-build approach, and measures to strengthen marketing activities raised the sales volume of these shops.
The strong performance of small and midsize company energy consulting service of the corporate solutions sector and the call center sector contributed to strong profit growth.

The first quarter was challenging as the number of visitors at these parks were down in February from one year earlier, when temperatures were mild, as cold weather and heavy snow forced weekend closures and other problems. Despite these challenges, sales increased because of higher sales per visitor resulting from the addition of more parks, major renovations and measures to improve the appearance at directly operated facilities, upgrades of numerous activities and other initiatives. Profits were sluggish due to increases in the cost of sales and selling expenses but generally as planned.
The grand opening of Shiojiri Tirolean Forest Park took place on April 26. This is the fifth directly operated park (see page 16). In addition, in April this business started the operation of Akaiwa City Yoshii Ryuten Auto Campground and Akaiwa City Ryuten Observatory Park as a new designated manager.

			YoY
Net sales	63,493	Million yen	+15.8%
Operating profit	2,499	Million yen	+292.8%
Ordinary profit	2,408	Million yen	+298.0%
Profit attributable to owners of parent	1,207	Million yen	-

YoY	Against estimate
+15.8%	-7.3%

YoY	Against estimate
+292.8%	+31.0%

YoY	Against estimate
+9.7%	+7.3%

YoY	Against estimate
+202.6%	+102.9%

Net sales

Segment profit