Cuc Inc. · TSE:9158
Cuc — H1 FY3/2027 Earnings Presentation
64 slides from Cuc's earnings presentation, Oct 29, 2026
Slide 1: Financial results for the six months ended September 2026
Financial results for the six months ended September 2026 CUC Inc. October 29, 2026 ©︎ 2 0 2 6 C U C I n c .
Slide 2: Consolidated Financial Results
Consolidated Financial Results ©︎ 2 0 2 6 C U C I n c .
Slide 3: Consolidated Financial Results
Consolidated Financial Results Expansion of domestic client medical institutions drove overall results. New-facility occupancy in Hospice and In-home Nursing user growth progressed steadily vs. Q1. While revenue fell short of the plan due to lower revenue per resident in Hospice following the medica
Slide 4: First Half Results and Second Half Outlook
First Half Results and Second Half Outlook Operating profit is expected to improve in H2 FY3/27. Medical Institution (Japan) leads, well above plan due to the expansion of client medical institutions; Hospice is narrowing the gap to plan as occupancy gains and cost control offset lower revenue per r
Slide 5: Consolidated Financial Results
Consolidated Financial Results Revenue grew steadily across all segments, while EBITDA and EBITDA margin declined due to lower revenue per resident in Hospice and upfront investments in US OBLs and In-home Nursing incurred in Q1. ｜Revenue ｜ EBITDA and EBITDA margin (Million yen) (Million yen) 3,713
Slide 6: Consolidated Financial Results (Quarterly)
Consolidated Financial Results (Quarterly) Quarterly revenue reached a record high. EBITDA and EBITDA margin improved QoQ, driven mainly by higher monthly fees from client base expansion in domestic medical institutions and user growth in In-home Nursing. ｜Revenue ｜ EBITDA and EBITDA margin (Million
Slide 7: Summary of Consolidated Statement of Financial Position
Summary of Consolidated Statement of Financial Position (Million yen) 26/3 26/6 26/9 26/3 26/6 26/9 Current assets 30,132 32,333 30,022 Current liabilities 14,840 14,639 15,321 Cash and cash 1 Trade and other equivalents 15,835 18,327 16,120 3,629 3,508 3,278 payables Trade and other Borrowings 3,68
Slide 8: Financial Results by Segment
Financial Results by Segment ©︎ 2 0 2 6 C U C I n c .
Slide 9: Financial Results of Medical Institution Segment
Financial Results of Medical Institution Segment Medical Institution (Japan) performed steadily, driven by higher monthly fees from the expansion of client medical institutions. Medical Institution (Overseas) revenue grew, driven by more US locations, while EBITDA turned negative due to upfront inve
Slide 10: Financial Results of Medical Institution Segment (Quarterly)
Financial Results of Medical Institution Segment (Quarterly) Medical Institution (Japan) revenue and EBITDA grew QoQ, driven by higher monthly fees from a growing client base and M&A advisory projects. Medical Institution (Overseas) EBITDA and margin improved QoQ on more locations and patients at hi
Slide 11: Financial Results of Hospice Segment
Financial Results of Hospice Segment Revenue grew steadily, driven by more facilities, while EBITDA declined YoY due to lower revenue per resident following the June 2026 medical fee revision. ｜Revenue ｜ EBITDA and EBITDA margin (Million yen) (Million yen) (25.1%) Contribution from 14 new openings 8
Slide 12: Financial Results of Hospice Segment (Quarterly)
Financial Results of Hospice Segment (Quarterly) Revenue and EBITDA are expected to bottom out, supported by higher new-facility occupancy and cost control from optimized operations mitigating the impact of lower revenue per resident. (Million yen) ｜Revenue ｜ EBITDA and EBITDA margin (Million yen) 7
Slide 13: Financial Results of In-home Nursing Segment
Financial Results of In-home Nursing Segment Revenue grew steadily, driven mainly by new stations, while EBITDA and EBITDA margin declined YoY due to upfront hiring for business expansion in Q1 and startup losses from 7 new openings. ｜Revenue ｜ EBITDA and EBITDA margin (Million yen) (Million yen) (3
Slide 14: Financial Results of In-home Nursing Segment (Quarterly)
Financial Results of In-home Nursing Segment (Quarterly) Quarterly revenue reached a record high. EBITDA and EBITDA margin recovered to normal levels, driven by user growth as staff hired early in Q1 reached higher utilization. ｜Revenue ｜ EBITDA and EBITDA margin (Million yen) (Million yen) • New op
Slide 15: Financial Results of Medical Care Residence Segment
Financial Results of Medical Care Residence Segment Revenue and EBITDA grew YoY, driven by price increases (rent, common service fees, etc.) at Noah Konzer facilities and steady monetization of Amulife Nijigaoka Field. ｜Revenue (1) (Million yen) ｜ EBITDA and EBITDA margin (1) (Million yen) +19.4% 57
Slide 16: Financial Results of Medical Care Residence Segment (Quarterly)
Financial Results of Medical Care Residence Segment (Quarterly) Quarterly revenue and EBITDA both reached record highs, driven by price increases at Noah Konzer facilities, monetization of Amulife Nijigaoka Field, and more day-care users. ｜Revenue ｜ EBITDA and EBITDA margin (Million yen) (Million ye
Slide 17: Quarterly Trends in Key Operating Drivers (1/2)
Quarterly Trends in Key Operating Drivers (1/2) 26/3 Q1 26/3 Q2 26/3 Q3 26/3 Q4 27/3 Q1 27/3 Q2 Medical Institution segment (Japan) Clients' major medical facilities(1) 158 162 163 163 165 171 Annualized revenue per clients‘ major medical facility(2) (¥ mm) 62 59 60 75 63 67 Medical Institution segm
Slide 18: Quarterly Trends in Key Operating Drivers (2/2)
Quarterly Trends in Key Operating Drivers (2/2) 26/3 Q1 26/3 Q2 26/3 Q3 26/3 Q4 27/3 Q1 27/3 Q2 In-home Nursing segment # of stations 91 91 95 95 102 102 # of users(1) 14,878 15,012 15,123 15,216 15,445 15,866 Total care hours(2) (Thousand hours) 317 324 320 313 330 342 Full-time equivalent of nurse
Slide 19: Q2 FY3/27 Topics
Q2 FY3/27 Topics ©︎ 2 0 2 6 C U C I n c .
Slide 20: Q2 FY3/27 Topics
Q2 FY3/27 Topics 1 Strengthening public-private ophthalmology partnership in Indonesia • Strategic partnership with Dr. Cipto Mangunkusumo National General Hospital (RSCM), Indonesia's largest hospital, in the ophthalmology field focusing on refractive correction • Introducing the latest refractive
Slide 21: Progress Towards Guidance
Progress Towards Guidance ©︎ 2 0 2 6 C U C I n c .
Slide 22: Progress Towards Guidance (1/2)
Progress Towards Guidance (1/2) Summary of progress 27/3 27/3 Q2 Consolidated (Million yen) Progress (Plan) (Actual) • Upfront costs in line with the plan; revenue Revenue 64,600 28,735 44.5% fell short of expectations, profit largely in line. Medical Institution 20,800 9,544 45.9% Medical Instituti
Slide 23: Progress Towards Guidance (2/2)
Progress Towards Guidance (2/2) 27/3 27/3 Q2 (Million yen) Progress (Plan) (Actual) Operating profit (loss) 3,800 947 24.9% Medical Institution 2,450 1,353 55.2% - Japan 3,050 1,778 58.3% - Overseas (600) (425) - Hospice 450 (227) - In-home Nursing 1,000 422 42.2% Medical Care Residence 450 (73) - O
Slide 24: Appendix
Appendix ©︎ 2 0 2 6 C U C I n c .
Slide 25: Analysis of Increase/Decrease
Analysis of Increase/Decrease ©︎ 2 0 2 6 C U C I n c .
Slide 26: (For Reference) Analysis of Revenue Increase/Decrease (YoY)
(For Reference) Analysis of Revenue Increase/Decrease (YoY) Revenue grew steadily across all segments. Medical Care (Million yen) Medical Institution Hospice In-home Nursing Residence 430 28,735 163 Japan Overseas 158 589 57 675 61 288 22 26,291 ©︎ 2 0 2 6 C U C I n c . 26
Slide 27: (For Reference) Analysis of EBITDA Increase/Decrease (YoY)
(For Reference) Analysis of EBITDA Increase/Decrease (YoY) EBITDA declined due to US OBL upfront investments, lower Hospice revenue per resident, upfront hiring and 7 new station startups in In-home Nursing. Medical Care (Million yen) Medical Institution Hospice In-home Nursing Residence Japan Overs
Slide 28: (For Reference) Analysis of Revenue Increase/Decrease (Quarterly)
(For Reference) Analysis of Revenue Increase/Decrease (Quarterly) More varicose vein clinic locations in the US offset the shortfall in podiatry clinic patients. Hospice declined QoQ due to lower revenue per resident but is expected to bottom out. Medical Care Medical Institution Hospice In-home Nur
Slide 29: (For Reference) Analysis of EBITDA Increase/Decrease (Quarterly)
(For Reference) Analysis of EBITDA Increase/Decrease (Quarterly) Upfront hiring in In-home Nursing grew users, improving EBITDA and margin. Existing Hospice declined QoQ due to lower revenue per resident but is expected to bottom out. Medical Care (Million yen) Medical Institution Hospice In-home Nu
Slide 30: Company Overview
Company Overview ©︎ 2 0 2 6 C U C I n c .
Slide 31: Creating Hope through Healthcare.
Mission Creating Hope through Healthcare. Hope for Patients Hope for Hope for Healthcare Workers Society ©︎ 2 0 2 6 C U C I n c . 31
Slide 32: Successful High Growth Track Record
Successful High Growth Track Record CUC has achieved rapid and continuous growth with its business area expansions. ｜Business expansions and segment revenue(1) ¥64.6bn Unaudited IFRS ¥54.4bn CAGR (FY3/21-FY3/27) Medical Institution segment (Existing Services (2)) Consolidated Hospice segment ¥47.0bn
Slide 33: Medical Institution Segment Overview (Japan) (1/2)
Medical Institution Segment Overview (Japan) (1/2) Sending indispensable management support personnel for expansion and efficient operation. ｜General medical institutions ｜Client medical institutions Chairman Chairman Support for strategy Administrative Administrative formulation Manager Manager Str
Slide 34: Medical Institution Segment Overview (Japan) (2/2)
Medical Institution Segment Overview (Japan) (2/2) Achieving continuous high growth through medical institutions operations support with high retention rate, as well as revenue growth assistance which expands CUC client base. Fee structure Service offerings CUC’s support Advantage for CUC’s clients
Slide 35: Medical Institution Segment Overview (US / Podiatry) (1/3)
Medical Institution Segment Overview (US / Podiatry) (1/3) Operates our “Lower Limb Healthcare Platform” through podiatry and varicose vein clinics, serving as the patient acquisition base for the highly profitable OBL business. ◆ Business overview ✓In the US, podiatrists specialize in conditions be
Slide 36: Medical Institution Segment Overview (US / OBL) (2/3)
Medical Institution Segment Overview (US / OBL) (2/3) Leveraging our podiatry service platform to enter the low-cost, highly profitable vascular surgery field. Expanding the business base with convenient same-day surgery. ◆ Business overview ✓Provides cutting-edge, minimally invasive catheter-based
Slide 37: Medical Institution Segment Overview (US) (3/3)
Medical Institution Segment Overview (US) (3/3) Operates “Beyond Podiatry,” a multi-brand podiatry platform in the US Midwest, and plans to open “Soris” OBLs mainly in states where it is already established. Michigan ➢ Podiatry • Great Lakes Foot & Ankle Institute Ohio • Michigan Foot & Ankle Center
Slide 38: Medical Institution Segment Overview (ASEAN)
Medical Institution Segment Overview (ASEAN) Providing management support and related services tailored to local healthcare needs in Vietnam and Indonesia. Vietnam • Management support for hospitals and clinics • Oct. 2023: opened the first Tokyo Family Clinic, operated by CUC group Indonesia • Sept
Slide 39: Hospice Segment Overview
Hospice Segment Overview Operating hospices, which are residences for patients in the terminal stages, and provide round-the-clock nursing and care services for patients. ｜Business overview ｜KPI (as of September 30, 2026)(1) Hospices Capacity • Operating hospices 68 3,106 beds • Providing nursing an
Slide 40: In-home Nursing Segment Overview
In-home Nursing Segment Overview Nurses and therapists visit users’ home and provide in-home nursing and rehabilitation service. ｜Business overview ｜KPI (as of September 30, 2026) Nursing Stations (1) (2) Users Total care hours • Providing in-home nursing 15,974 1,305k hours and rehabilitation servi
Slide 41: Medical Care Residence Segment Overview
Medical Care Residence Segment Overview Providing regular on-demand in-home care and in-home nursing care for residents at facilities, and day care services. ｜Business overview ｜KPI (as of September 30, 2026) Facilities Capacity • Operating facilities 27 2,052 beds • Providing nursing and care servi
Slide 42: Vertically Integrated Platform (1/2)
Vertically Integrated Platform (1/2) CUC has established a vertically-integrated platform across 4 segments to provide significant value to patients, healthcare workers, and society. As a result, CUC can address a broad TAM(1) that is not limited to a single business. ｜Vertically integrated key busi
Slide 43: Vertically Integrated Platform (2/2)
Vertically Integrated Platform (2/2) CUC group has built a unique platform that covers regional medical and caregiving needs through the strong relationship of 4 segments. | Coordination within CUC group and client medical ｜Case study: area dominance(1) institutions Hospital Medical Care Residence 1
Slide 44: Recruitment Record and Turnover Rate
Recruitment Record and Turnover Rate CUC’s strong recruitment and measures for improving turnover rate sustain rapid growth of all businesses. | Track record (FY3/26)(1) | Turnover rate (FY3/26) Medical Institution segment 30% Supported doctor hiring 286 Supported healthcare professional (2) (excl.
Slide 45: Differentiated Platform that Facilitates Recruiting
Differentiated Platform that Facilitates Recruiting Healthcare professionals are not looking for compensation alone. They are devoted to their mission of providing healthcare. CUC secures human capital by providing the work environment they are looking for. | CUC’s unique platform | Major awards rel
Slide 46: Diversified Revenue Sources of CUC group (1/2)
Diversified Revenue Sources of CUC group (1/2) Medical Institution segment receives fees from medical institutions in Japan and has revenue sources from users, private and public medical insurance in the US. Users(1) Medical Institution segment Medical institutions Medical insurance (Japan) Long-ter
Slide 47: Diversified Revenue Sources of CUC group (2/2)
Diversified Revenue Sources of CUC group (2/2) Hospice, In-home Nursing and Medical Care Residence segments generate revenue from users, medical insurance, and long-term care insurance. Hospice segment also generates revenue from disability support benefits. Users(1) Hospice segment Medical insuranc
Slide 48: Market Environment / Growth Strategy
Market Environment ／Growth Strategy ©︎ 2 0 2 6 C U C I n c .
Slide 49: Operating Environment and Necessity for Structural Reform
Operating Environment and Necessity for Structural Reform Transforming market challenges into growth opportunities: Strategic shift toward a resilient business portfolio. ✓ The reduction in medical/nursing Political ✓ Creation of new businesses not fees and tightening of facility (Regulatory depende
Slide 50: Growth Strategy by Vertically Integrated Platform
Growth Strategy by Vertically Integrated Platform CUC has expanded its footprint nationwide and will continue to accelerate growth with area dominance strategy and group synergy. ｜Current footprint (as of September 30, 2026) ｜Facility launch strategy of the 4 segments Kanto A Strengthening area domi
Slide 51: Market Environment of Medical Institution Segment (Japan)
Market Environment of Medical Institution Segment (Japan) Due to rapidly aging population, growth in medical spending, shrinking labor force, increasingly complicated revision of medical fee and lack of successors in medical institutions, demand for management support service is expected to grow ste
Slide 52: Growth Strategy of Medical Institution Segment (Japan)
Growth Strategy of Medical Institution Segment (Japan) # of clients’ major medical institutions has been growing by retaining existing clients and steadily acquiring new clients. CUC aims to improve efficiencies through standardization of operation know-how and to increase # of clients. ｜Clients’ ma
Slide 53: Market Environment of Medical Institution Segment (US)
Market Environment of Medical Institution Segment (US) Evolving beyond traditional podiatry into a comprehensive healthcare platform. Monetizing a >$300B massive market opportunity within the US healthcare system. TAM SAM SOM High-Acuity Patient Base with Maximizing Value of Existing US Lower Limb C
Slide 54: Growth Strategy of Medical Institution Segment (US / Podiatry)
Growth Strategy of Medical Institution Segment (US / Podiatry) Aiming for further expansion in the US, especially Michigan, Ohio and Illinois through increase in revenue of existing clinics and acquisition of small clinics. ｜Current footprint ｜Growth strategy A Increase in revenue per doctor • Incre
Slide 55: Market Environment of Hospice Segment
Market Environment of Hospice Segment It is expected that individuals lacking appropriate terminal care will reach 490,000 in 2040 while capacity of hospice facilities that provide deliberate care to patients with cancer and intractable diseases is limited at the moment. ｜Trends in mortality and loc
Slide 56: Growth Strategy of Hospice Segment
Growth Strategy of Hospice Segment Improve profitability through optimized operations and cost control, along with higher occupancy driven by strengthened resident acquisition activities. Overview of FY3/26 Initiatives for FY3/27 onwards Annualized revenue per resident (¥ mm) • Opened a record-high
Slide 57: Market Environment of In-home Nursing Segment
Market Environment of In-home Nursing Segment In-home nursing expenditure is increasing at CAGR 13.4% due to aging population and increasing medical expenditure. Small-scale nursing stations operated by fewer than 5 nurses account for 57%, highlighting a growing demand for nursing stations capable o
Slide 58: Growth Strategy of In-home Nursing Segment
Growth Strategy of In-home Nursing Segment Continue new openings resumed in FY3/26. Secure human capital for sustainable growth, building a business foundation through early acquisition and development of manager candidates. Overview of FY3/26 Initiatives for FY3/27 onwards # of users(1) • Increase
Slide 59: Market Environment of Medical Care Residence Segment
Market Environment of Medical Care Residence Segment Sapporo medical area, where Noah Konzer operates its facilities, is expected to see growing demand for medical and long-term care services toward 2050. This demand is anticipated to be higher than the national average. ｜Medical and nursing care de
Slide 60: Growth Strategy of Medical Care Residence Segment
Growth Strategy of Medical Care Residence Segment Strengthen patient acquisition and accelerate acceptance of patients with high medical and care dependencies. Overview of FY3/26 Initiatives for FY3/27 onwards Annualized revenue per resident(1) (¥ mm) • Accelerate acceptance of patients 16.7% with h
Slide 61: Capital Policy / Governance
Capital Policy / Governance ©︎ 2 0 2 6 C U C I n c .
Slide 62: Capital Allocation
Capital Allocation Supporting current earnings by maximizing profitability in existing businesses and optimizing costs, while carefully rolling out and validating the US OBL model to enhance shareholder value through phased growth. 1 OPEX｜Fixed cost control and higher productivity • Hospice upfront
Slide 63: Substantive Independence and Minority Shareholder Protection
Substantive Independence and Minority Shareholder Protection Maximizing all shareholders' value through autonomy and effective governance. Oversight by independent outside directors and the Audit and Supervisory Committee Board oversight Verification of transactions Oversight of executives • Audit a
Slide 64: Disclaimer
Disclaimer This document was prepared by CUC Inc. solely for informational purposes. This document does not constitute an offer to sell or a solicitation of an offer to buy any security of CUC Inc. in Japan or any other jurisdiction. This document is based on the information available to CUC Inc. as