• Executing on growth; near-term profitability reflects investment cycle - Q1-3 FY8/26 revenue growth is strong, driven by the first full-year contribution from KIZUNA Holdings, though operating margins are impacted by goodwill amortization, new hall opening costs, and recruitment expenses. The acquisition of Cocolonet demonstrates that M&A remains central to SAN Holdings' growth strategy. Both the KIZUNA Holdings and the Cocolonet transactions are consistent with the company's long-term vision of building a national end-of-life services platform. Margins are expected to recover over the medium term as growth-related investment tapers and M&A synergies are realized.
