Peers Co.,Ltd.

The Group's sales dependence on the NTT DOCOMO group rose from 45.6% in FY2024 (ended September 2024) to 63.6% in FY2025 (ended September 2025), increasing the risk of concentration on a specific customer. There is no guarantee that transactions with this group will continue indefinitely, and if there is a significant change in transaction terms or a substantial decrease in transaction volume, it could have a material impact on the Group's financial position and operating results. The Group strives to maintain and expand favorable relationships by anticipating client needs and pursuing broad business development.

The Group's main businesses are specialized in the telecommunications industry, which is characterized by rapid technological innovation and intense changes in the market environment. If the Group finds it difficult or insufficient to respond to these changes, it could affect the continuity of its business and its operating results. The Group works to gather industry information daily and respond swiftly to changes.

There are numerous competitors in the field of sales promotion services for the telecommunications industry. If the Group is unable to maintain its advantage over other companies, it could affect its financial position and operating results. The Group leverages the know-how it has cultivated since its founding to promote business in response to changes in the market environment.

The Group conducts staffing/dispatch business based on the Worker Dispatching Act and is subject to regulation under this and related laws. In addition, since the Telecommunications Business Act and the Antimonopoly Act have significant effects on the Group's major clients, the Group is secondarily required to respond to related regulations. If these laws are amended in the future or if the Group's business becomes newly subject to regulation, it could hinder business development and affect the Group's financial position and operating results.

The Group is a personal information handling business operator dealing with the personal information of customers, dispatched staff, and others, and has obtained ISO27001 certification, implementing appropriate protective measures. However, should personal information be leaked externally, it could result in damage to social credibility and corporate image, as well as unforeseen losses such as claims for damages.

In the Consulting Business, it is necessary to secure personnel from partner companies; if the Group is unable to secure appropriate personnel or if outsourcing costs rise, the smooth provision of services and active order-taking activities may be hindered. While the Group focuses on internalizing personnel and building long-term, stable trading relationships with partner companies, changes in the external environment could affect the Group's financial position and operating results.

Founder and Representative Director and President Ryuji Kuwano possesses extensive experience, connections, and knowledge in the telecommunications industry and plays an extremely important role in determining and executing management policy and business strategy. If, for any reason, he becomes unable to continue his duties, it could affect business development, financial position, and operating results. The Group is working to reduce this dependence by sharing information with officers and management staff and strengthening its management organization.

The Group is actively promoting new business development aimed at reducing dependence on specific industries and outsourcing clients, and upfront business investment may lower profit margins. In addition, if new businesses do not grow as expected, it could affect performance. Under the purpose "New Normal Acceleration," the Group is promoting activities to spread new technologies and services to society.

The Group actively considers and executes acquisitions and investments in companies and businesses in the same or related business fields, aiming to improve performance through prior due diligence and post-acquisition sharing of information and sales networks within the group. However, if things do not proceed as expected due to internal or external factors, it could result in impairment of acquired assets, impairment of goodwill and fixed assets due to reduced profitability, and valuation losses on shares of affiliated companies, which could affect performance.

The Group has adopted a stock option system, and as of November 30, 2025, the number of potential shares was 1,348,200, equivalent to 13.4% of the total number of issued shares of 10,025,600. There is a possibility of future issuance of stock acquisition rights, new shares, bonds with stock acquisition rights, etc., and the issuance and exercise of these could result in dilution of per-share value and affect stock price formation.