Ichigo Inc. · TSE:2337

Ichigo — Q3 2026 Earnings Presentation

100 slides from Ichigo's earnings presentation, Feb 14, 2026

1. Slide 1: FY26/2 Q3 Corporate Presentation

   FY26/2 Q3 Corporate Presentation January 13, 2026 January 14, 2023 Ichigo (2337) © Ichigo Inc. All rights reserved. www.ichigo.gr.jp/en

2. Slide 2: Ichigo is a Japanese sustainable infrastructure company

   Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable © Ichigo Inc. All rights reserved.

3. Slide 3: © Ichigo Inc. All rights reserved.

   © Ichigo Inc. All rights reserved.

4. Slide 4: Ichigo – A Sustainable Infrastructure Company

   Ichigo – A Sustainable Infrastructure Company Whether developing new technologies to allow buildings to last 100 years, powering communities with clean energy, or creating new possibilities for tenants and stakeholders, Ichigo is working to build a more prosperous and sustainable society for all. ©

5. Slide 5: Contents

   Contents FY26/2 Q3 Summary ‒ Ichigo Owners: Strong Growth via Meeting FY26/2 Q3 Earnings Clients’ Diverse Needs ‒ Ichigo Owners x AM: Private Residential Fund ‒ Business Profit +25%, EPS +24%, Cash EPS +19% (YOY) Launch – Security Token Launches in FY27/2 ‒ Segment Earnings Overview ‒ AM: AUM Growth

6. Slide 6: FY26/2 Q3 Summary

   FY26/2 Q3 Summary ・ Business Profit +25%, EPS +24%, Cash EPS +19% YOY Earnings ・ Stock Earnings +9% YOY on Office & Hotel Rental Income Growth Results ・ Flow Earnings +31% YOY on Hotel & Ichigo Owners Asset Sales Forecasting ・ Forecast Full-Year Net Income JPY 16B (+5% YOY) Record Forecast EPS JPY 3

7. Slide 7: FY26/2 Q3 Earnings

   FY26/2 Q3 Earnings © Ichigo Inc. All rights reserved. 7

8. Slide 8: Business Profit +25%, EPS +24%, Cash EPS +19% YOY

   Business Profit +25%, EPS +24%, Cash EPS +19% YOY Cash Earnings 1.3X Accounting Earnings due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders On Track for Record Earnings (JPY million) FY25/2 FY26/2 Full-Year FY25/2 Q3 FY26/2 Q3 YOY Full-Year Full-Year Forecast Actual Forecast v

9. Slide 9: Segment Earnings Overview

   Segment Earnings Overview Hotel +103%: Driven by Rental Income Growth & Hotel Sale Ichigo Owners +87%: Strong Progress on Asset Sales Business Profit (JPY million) FY25/2 FY26/2 Full-Year Segment FY25/2 Q3 FY26/2 Q3 YOY Full-Year Full-Year Forecast Actual Forecast vs. FY25/2 Asset Management (AM) 1,

10. Slide 10: AM: Business Profit +24% YOY

    AM: Business Profit +24% YOY Stock Earnings +7% – AM Fee Growth on Increased Ichigo Hotel NOI & Ichigo Security Token AUM Growth Flow Earnings +78% – Performance Fee from Ichigo Office Asset Sale Monetizing Significant Unrealized Gains; Initiation Fee on JPY 9.8B Private Residential Fund (JPY millio

11. Slide 11: SRE: Business Profit -19% YOY

    SRE: Business Profit -19% YOY Stock Earnings +15% – Increased Office NOI Driven by Tradepia Odaiba Occupancy Growth (Back at Pre-Covid Level of 97%), Ready to Move In Office Rental Growth, & Earnings Contribution from Newly Acquired Assets Flow Earnings -39% – Expect Asset Sales in Q4 (JPY million)

12. Slide 12: Hotel: Business Profit +103% YOY

    Hotel: Business Profit +103% YOY Stock Earnings +11% – Earnings Increase on Hotel NOI Growth & Newly Acquired Hotels Outpacing Earnings Decrease from Asset Sales & Hotel Closings for Rebranding Renovations Flow Earnings – Sold 1 Hotel in Q2 at Significant Premium to Unrealized Gains (Gains on Sale J

13. Slide 13: Ichigo Owners: Business Profit +88% YOY

    Ichigo Owners: Business Profit +88% YOY Stock Earnings +10% – Rental Income Up on Increases in Assets & Occupancy Flow Earnings +72% – Q3 Sale to Ichigo Private Real Estate Fund (Gains on Sale JPY 1B) – Contributing to AUM Growth in AM Business (JPY million) FY25/2 FY26/2 Full-Year FY25/2 Q3 FY26/2

14. Slide 14: Clean Energy: Business Profit -0.5% YOY

    Clean Energy: Business Profit -0.5% YOY Stock Earnings -0.2% – Total Power Generation +2% YOY, but Slight Increase in Operating Costs (Inflation, etc.) (JPY million) FY25/2 FY26/2 Full-Year FY25/2 Q3 FY26/2 Q3 YOY Full-Year Full-Year Forecast Actual Forecast vs. FY25/2 Stock Earnings 3,813 3,806 -0.

15. Slide 15: Forecasting Record FY26/2 Business Profit

    Forecasting Record FY26/2 Business Profit (JPY billion) Business Profit ■ Hotel Record High ■ Ichigo Owners 28.4 ■ SRE ■ Asset Management 24.8 ■ Clean Energy 6.1 21.1 19.0 9.1 (+25%) 5.6 16.9 6.7 1.4 6.3 15.1 (+103%) 13.2 3.3 3.5 3.1 10.3 2.0 5.4 1.9 3.7 (+87%) 13.4 3.8 6.9 8.0 7.6 7.0 5.7 4.9 5.4 (

16. Slide 16: Powerful Value-Add Business Model & Sustainability Focus

    Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 16

17. Slide 17: FY26/2 Q3 Summary: Stock Earnings Ratio 62%

    FY26/2 Q3 Summary Structurally Profitable – Stock Earnings Significantly Exceed Fixed Expenses Stock Earnings/Fixed Expenses AM 202% JPY 2B SRE Clean JPY Fixed Stock 6.3B Energy Expenses Earnings JPY 3.8B JPY 9.1B JPY 18.4B Flow Ichigo Owners Earnings Cash Earnings Hotel JPY 0.6B JPY 5.5B JPY 11.1B

18. Slide 18: Stock + Flow Earnings Underpin Strong Cash Earnings Generation

    Stock + Flow Earnings Underpin Strong Cash Earnings Generation Forecasting Record FY26/2 Cash Earnings, with Both Stock Earnings & Flow Earnings Expected to Hit Record Levels (JPY B) Cash Earnings Record High ■ Flow Earnings 43.0 ■ Stock Earnings 38.6 33.7 Flow 29.5 (+17%) 19.5 28.9 15.6 25.3 24.7 1

19. Slide 19: Highly Secure & Diversified Stock Earnings

    Highly Secure & Diversified Stock Earnings On Track for Record Earnings, Growing Stock Earnings Forecast to Exceed Full-Year Forecast (78% Progress) Stock Earnings by Segment (JPY B) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) Record High ■ Ichigo Owners (Rental Income) ■ SRE

20. Slide 20: Strong Financial Base

    Strong Financial Base Long-Term vs. Short-Term Loans Short-Term Long-Term 8% 7% 6% 21% 7% 11% (JPY 14.9B) (JPY 12.5B) (JPY 9.8B) (JPY 40.7B) (JPY 14.0B) (JPY 26.9B) 94% 79% 89% 92% 93% 93% (JPY 157.8B) (JPY 150.3B) (JPY 227.2B) (JPY 162.7B) (JPY 155.9B) (JPY 202.5B) FY21/2 FY22/2 FY23/2 FY24/2 FY25/

21. Slide 21: Strong Financial Base

    Strong Financial Base Average Interest Rate & Loan Term (Interest Rate) (Loan Term, Years) 2.75% 12 10.0 years 10.1 years 10.0 years 9.3 years 8.9 years 9.0 years 2.25% 9 7.2 years 6.5 years 6.1 years 6.2 years 6.0 years 1.75% 6 5.2 years 1.43% 1.27% 1.25% 3 1.01% 1.00% 0.99% 0.98% Weighted Average

22. Slide 22: Driving Sustainable Growth

    Driving Sustainable Growth © Ichigo Inc. All rights reserved. 22

23. Slide 23: Selective on Acquisitions & Sales

    Selective on Acquisitions & Sales Acquisitions: JPY 62.6B (JPY 78.6B Including Executed Contracts) – SRE: 3 Logistics Assets JPY 10.7B – Hotel: 3 Hotels JPY 20.6B, 1 Hotel Ground Lease JPY 0.8B (Total JPY 21.5B) – Ichigo Owners: 23 Residential JPY 30B (JPY 45.9B Including Executed Contracts) Sales:

24. Slide 24: Selective on Acquisitions & Sales

    Selective on Acquisitions & Sales (JPY B) Real Estate Acquisitions & Sales FY26/2 Progress ■ Ichigo Owners ■ Hotel 75.4 78.6 ■ SRE 69.5 69.6 Executed Contracts 64.8 15.9 61.0 Left: Acquisitions Right: Sales 55.1 Executed Contracts 50.7 14.7 45.8 49.0 43.2 37.9 30.0 41.4 50.3 38.2 28.0 18.1 31.0 36.0

25. Slide 25: 3 New Logistics Launches (JPY 10.7B)

    Sustainable Real Estate: Logistics Facility Development 3 New Logistics Launches (JPY 10.7B) Contributing to Critical Social Infrastructure – Acquire Well-Located Sites with Rising Demand – Partnering with Industry-Leading Logistics Company & Executing Master Leases at Time of Asset Acquisition (Bui

26. Slide 26: Hotel & Hotel AM Cash Earnings Growth +61% YOY

    Hotel x Asset Management Hotel & Hotel AM Cash Earnings Growth +61% YOY Hotel & Hotel AM Cash Earnings JPY 16,807 ■ Hotel Rental Income & Gains on Sales (+18%) ■ Ichigo Hotel (3463) Base AM Fees + Gains on Sale Performance Fee ■ OneFive Hotels Operator & PROPERA Income 14,218 11,718 RevPAR (JPY) 13.

27. Slide 27: Ichigo Owners: Strong Growth via Meeting Clients' Diverse Needs

    Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Creating High-Quality GRAN PASEO Brand Residential Assets in Prime Locations – Strong Ichigo partnerships with developers (share know-how & client needs data) – Extensive Ichigo transaction experience & market presence (JPY B) Full-Year

28. Slide 28: Ichigo Owners: Strong Growth via Meeting Clients' Diverse Needs

    Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Prime Residential Assets Tailored to Tenant & Investor Needs – Further growth via expanding sales channels, including Ichigo Residence Tokens Ichigo Owners Business Profit (JPY B) 5.4 5.6 3.8 3.5 3.3 2.0 1.3 1.1 0.1 1 FY18/2 FY19/2 FY20/

29. Slide 29: Private Residential Fund Launch – ST Launches in FY27/2

    Ichigo Owners x Asset Management Private Residential Fund Launch – ST Launches in FY27/2 Selling Prime Residential Assets via Diverse Sales Channels – Private Fund with Ichigo Owners’ Residential Assets (7 Assets, JPY 9.8B) Launched by Ichigo Realty Management New Ichigo Residence Token Launches Pla

30. Slide 30: AUM Growth on Diverse Growth Drivers

    Asset Management AUM Growth on Diverse Growth Drivers Driving Non-Asset Stock Earnings via AUM Growth AUM (JPY B) ■ Ichigo Green (9282) ■ Private REITs ■ Ichigo Hotel (3463) ■ Ichigo Residence Tokens ■ Ichigo Office (8975) ■ Private Funds JPY 380~400B 384.9 371.1 11.2 343.3 11.0 42.6 320.7 37.5 20.9

31. Slide 31: Building Out Diversified Renewable Energy Portfolio

    Clean Energy Building Out Diversified Renewable Energy Portfolio Continued Focus on Delivering New Business Growth via Addressing Important Environmental Needs – Expanding battery storage pipeline, working towards rapid launch – Battery Storage Pipeline: Have grown to JPY 9.1B from JPY 0.8B as of Q2

32. Slide 32: Shareholder Returns

    Shareholder Returns © Ichigo Inc. All rights reserved. 32

33. Slide 33: FY26/2 Cumulative JPY 15B Buybacks plus Share Cancellation

    Shareholder Returns: Flexible Buybacks FY26/2 Cumulative JPY 15B Buybacks plus Share Cancellation 9 Consecutive Years of Share Buybacks – Cumulative JPY 43.3B – Executed Multiple Buybacks in FY26/2 Q1: Bought Back JPY 5B (Completed) Q3: Additional JPY 5B Buyback (Buyback Period: Nov 7, 2025~May 31,

34. Slide 34: FY26/2 Dividend +10% YOY (JPY 11.5)

    Shareholder Returns FY26/2 Dividend +10% YOY (JPY 11.5) 4 Consecutive Years of Dividend Increases on Back of Strong Cash Generation Progressive Dividend is Maintained or Raised every year, Dividend underscoring Ichigo’s commitment to drive long- Policy term dividend growth for shareholders Sharehold

35. Slide 35: Ichigo J.League Shareholder Program

    Shareholder Returns Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan – First Japanese company to include not just its own shareholders, but also the shareholders of the REITs & listed solar power producer that it manages, in its shareholder program (104,60

36. Slide 36: Working to Protect Our Global Environment

    Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 36

37. Slide 37: Selection as CDP 2025 Double A List Company 2 Years in a Row

    Selection as CDP 2025 Double A List Company 2 Years in a Row Selected as A List Company for Climate Change (3 Year in a Row) & Water Security (2 Years in a Row) – Double A List: 146 Companies (0.7% of Total Companies Scored) – A List: Climate Change 745 Companies, Water Security 253 Companies Achiev

38. Slide 38: RE100: Completed Renewable Energy Transition

    RE100: Completed Renewable Energy Transition Achieved & Will Maintain 100% Renewable Electricity Across Operations – Expect RE100 Certification by FY26/2-End RE100 100% Non-Fossil Certificate Tracking for 59% Renewable Energy Ichigo Solar and Wind 41% Power Plants (as of FY25/2-end) Ichigo 2030 RE10

39. Slide 39: Ichigo Climate Positive: CO2 Reduction 8X > CO2 Emissions

    Ichigo Climate Positive: CO2 Reduction 8X > CO2 Emissions Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) (tons) CO2 Reductions vs. Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Em

40. Slide 40: Tegevajaro Miyazaki Promoted to J2 League

    Real Estate x Sports x Community Development Tegevajaro Miyazaki Promoted to J2 League – Promoted 2 Years after Dec 2023 Acquisition – First J2 Team from Miyazaki – Innovating with New J.League Club Management Model to Drive Both Community & Business Value © TEGEVAJARO MIYAZAKI Tegevajaro Miyazaki W

41. Slide 41: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company

    Appendix Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 41

42. Slide 42: Ichigo as a Sustainable Infrastructure Company

    Go for Growth Grow & Expand Ichigo’s Core Businesses into New Areas, Creating New Earnings Streams and Increasing Both Earnings & Earnings Stability Sustainability Infrastructure Sustainability is integral to the health and Ichigo has a direct and critically important role in development of people,

43. Slide 43: Ichigo 2030 KPIs

    Ichigo 2030 KPIs Embody Ichigo’s Commitment to Ichigo 2030 Vision & Driving Sustainable Growth in Shareholder Value Cash ROE >18% High Capital Productivity ROE >15% Grow Shareholder Value High Cash Flow Generation Economic Operating Cash Flow > Net Income FY30/2 Stock Earnings Ratio >60% High Earnin

44. Slide 44: Capital Efficiency, CF Generation, & Earnings Stability

    Capital Efficiency, CF Generation, & Earnings Stability ROE >15%, Cash ROE >18% Economic Operating Cash Flow > Net Income ■ EPS ■ Cash EPS ● ROE ● Cash ROE ■ Net Income ■ Economic Operating Cash Flow (JPY) (JPY million) 60 29,492 18.0% 30,000 17.2% 15.0% 50 13.0% 14.1% 25,317 10.8% 11.7% 44.51 10.0%

45. Slide 45: Shareholder Returns

    Shareholder Returns DOE (Dividend on Equity) >4%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy (JPY B) 24 4.5% ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend (DPS) 4.1% 20 DOE Target 4% 4.0% 17.8 19.3 15.3 3.6% 16 3.8% 3.4% 13.0 3.5% 3.3% 15.3 12 3.3% 10.7 3.0% 9.9

46. Slide 46: Ichigo 2030 KPIs

    Ichigo 2030 KPIs Ichigo Climate Positive RE100 Ichigo CO2 reduction via clean energy Target: 100% renewable electricity (As of FY25/2) power production exceeds CO2 emissions across all Ichigo operations by 2025 (Scope 1 & 2) Non-Fossil Certificate Tracking for Ichigo Power Plants Renewable Completed

47. Slide 47: Powerful Value-Add Business Model & Sustainability Focus

    Appendix Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 47

48. Slide 48: Embedded Forward Earnings

    Embedded Forward Earnings Full Economic Earnings From Value-Add Exceed Accounting Earnings Value-Add Thus Generates Significant Unrealized Gains That Are an Earnings Bank for Future Periods (JPY B) 72.5 73.1 65.2 67.8 63.9 56.2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Third-Party Appraisal Value-Ba

49. Slide 49: Value-Add Drives Durable Value Growth

    Value-Add Drives Durable Value Growth Third-Party Appraisal Value-Based Unrealized Gains Actual Gains on Sales (JPY B) 1.5X 1.8X 2.1X 2.0X 3.5X 13.8 11.6 10.1 9.4 8.7 7.6 6.3 4.7 4.7 2.1 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q3 Note: Self-storage assets sold in FY24/2 (36 assets, JPY3.9B gains on sales

50. Slide 50: Significant Unrealized Gains on Balance Sheet

    Sustainable Real Estate & Hotel Significant Unrealized Gains on Balance Sheet Real Estate Directly Held by Ichigo (JPY million) Book Value as of Book Value Appraisal NOI Appraisal Value Unrealized Gains Location Nov 30, 2025 NOI Yield (B) (C) (C) – (A) (A) (B)/(A) Tokyo 98,221 5,845 6.0% 137,606 +39

51. Slide 51: Risk-Based Balance Sheet

    Risk-Based Balance Sheet Mark-to-Market Consolidated Balance Sheet: JPY 518.6B (Book Value JPY 444.0B + Unrealized Gains JPY 74.6B) Non-Recourse Loans & Cash & Cash Equivalents JPY 42.5B Related Liabilities Risk-Based Consolidated Balance Sheet: JPY 428.0B JPY 48.0B (Book Value JPY 353.4B + Unrealiz

52. Slide 52: Asset Sales Gross Profit Margin (GPM)

    Sustainable Real Estate & Hotel & Ichigo Owners Asset Sales Gross Profit Margin (GPM) Ichigo Sustainable Value-Add Supports Ongoing High GPM FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q3 GPM 20.6% 21.1% 14.6% 21.3% 16.5% (vs. Revenue) GPM 26.2% 27.1% 16.8% 26.7% 19.5% (vs. Book Value) Revenue 45,830 55,166

53. Slide 53: Robust Cash Generation

    Robust Cash Generation Economic Operating Cash Flow Exceeds Net Income Net Income Economic Operating Cash Flow 3.6X (JPY B) 2.1X 1.3X 2.4X 1.5X 29.4 2.2X 25.3 19.8 15.6 14.3 15.1 11.1 12.1 8.2 9.4 5.0 6.4 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Economic Operating Cash Flow = Cash Flows from Operat

54. Slide 54: Significant Benefits from Sustainable/ESG Financing

    Significant Benefits from Sustainable/ESG Financing Ichigo’s Sustainability Execution Driving Attractive Financing Terms Strengthening Financial Base via Diversified Borrowings ESG Loans as % of Total Borrowings (as of FY26/2 Q3-end) ESG Loans (JPY B) ■ ESG loans (including green bonds) ■ ESG loans

55. Slide 55: Maximizing Long-Term Cash Flows for Shareholders

    Maximizing Long-Term Cash Flows for Shareholders Maximal Use of Depreciation Allowances – Reclassified Majority of SRE Assets to Fixed Assets that Allow for Depreciation at FY20/2-end Real Estate for Sale & Fixed Assets Fixed Assets (SRE & Hotel) Real Estate for Sale (SRE & Hotel) Fixed Asset Ratio

56. Slide 56: Post-GFC Shift in Earnings Base & Financial Position

    Post-GFC Shift in Earnings Base & Financial Position FY09/2 FY14/2 FY25/2 vs. GFC GFC Start of Shift Up MTP Stock Earnings/ Fixed Expenses 75% 140% 210% 2.8X Coverage Ratio 9.3 years Loan Maturity (Weighted avg., 5.6 years 5.6 years 3.3X corporate + non-recourse loans) 2.8 years 2.8 years 2.8 years

57. Slide 57: Portfolio of Businesses Centered on Sustainable Value-Add

    Appendix Portfolio of Businesses Centered on Sustainable Value-Add © Ichigo Inc. All rights reserved. 57

58. Slide 58: Powerful Sustainable Real Estate (SRE) Business Model

    Powerful Sustainable Real Estate (SRE) Business Model Significant Synergies Between Ichigo’s Sustainable Real Estate & Asset Management Businesses Sustainable Real Estate Business Model Green Infrastructure Solar Plants Buy Ichigo Green (9282) Office Sell Real Third- Ichigo Office Sustainable Estate

59. Slide 59: Five Business Segments

    Five Business Segments Asset Management (AM) generates fee income via management of the Tokyo Stock Exchange-listed Asset Ichigo Office (TSE REIT 8975), Ichigo Hotel (TSE REIT 3463), and Ichigo Green (TSE Infrastructure 9282), Management private real estate funds, and real estate-backed security tok

60. Slide 60: Consolidated Balance Sheet: Segment Breakdown

    Consolidated Balance Sheet: Segment Breakdown (JPY million) Cash and Operational Operational Real Estate Fixed Intangible Securities Other Segment Cash Loan Securities Total Assets for Sale Assets Assets Investments Assets Equivalents Investments Investments Asset Management (AM) 21 – – – – 372 – 1,

61. Slide 61: Sustainable Real Estate, Hotel, & Ichigo Owners Details

    Appendix Sustainable Real Estate, Hotel, & Ichigo Owners Details © Ichigo Inc. All rights reserved. 61

62. Slide 62: Ichigo-Owned Real Estate Portfolio

    Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Total Ichigo-Owned Assets: JPY 302.1B (Including Ichigo-Managed AUM: JPY 672.6B) By Asset Type By Location By Asset Size Balanced Portfolio Across Focus on Tokyo Metropolitan Mid-Size Assets Different Asset Types Area

63. Slide 63: Tradepia Odaiba Occupancy Back at Pre-Covid Level of 97%

    Sustainable Real Estate (Office) Tradepia Odaiba Occupancy Back at Pre-Covid Level of 97% Significant Occupancy Growth on Tenant Diversification, Building Extraordinarily High Levels of Tenant Satisfaction & Engagement With Tokyo Bay Village Branding Tradepia Odaiba Occupancy 97% As of January 14, 2

64. Slide 64: OneFive Hotels Hotel Operations

    Hotel OneFive Hotels Hotel Operations Non-Asset Earnings Growth Driver – Operations & Master Leases of Third-Party Hotels – Growth Exceeding Pre-Covid Levels Without Dedicated Sales & Marketing Teams – Driving Earnings & Cost Reductions via PROPERA deployment at hotels (generating 10 to 40% revenue

65. Slide 65: PROPERA: Ichigo's AI Hotel Revenue Management System

    Hotel PROPERA: Ichigo's AI Hotel Revenue Management System – Maximizes Hotel Revenues & Increases Labor Productivity – Solves Issues Faced by Hotels and Supports Competitiveness Number of Lodging Facilities Revenue Managers Number of Hotel Booking - Determine prices based on guest room in Japan rese

66. Slide 66: PROPERA: Driving Stock Earnings Growth

    Hotel PROPERA: Driving Stock Earnings Growth Launch Drive Non-Asset Stock Third-Party Increase Market Share Sales Earnings Earnings Upside From Participation in Long-Term Earnings Growth Hotel Earnings Growth PROPERA Business Market Turnaround ・ Strong domestic & inbound hotel demand recovery ・ Focu

67. Slide 67: Ichigo Owners Value-Add

    Ichigo Owners Ichigo Owners Value-Add Advantaged Ichigo Capabilities & Cost Competitiveness Build upon Ichigo’s Strong GRAN PASEO Residential Brand & Deep Developer Support & Synergies – Development, Marketing, & Branding Tailored to Diverse Buyer & Tenant Needs – Eliminate Development Risk & Cut Co

68. Slide 68: Value-Add Robust to Changes in Market Environment

    Sustainable Real Estate & Hotel & Ichigo Owners Value-Add Robust to Changes in Market Environment Office/Hotels/Retail Ichigo Owners GPM GPM Build strong tenant relationship NOI 32% 11% Improve assets +25% Normal Improve soft services Avg. Hold: Avg. Hold: Market 3.2 Years 0.8 Years Sustainable Real

69. Slide 69: Ichigo Value-Add Earnings Example

    Sustainable Real Estate & Hotel & Ichigo Owners Ichigo Value-Add Earnings Example 4.5% NOI Yield, JPY 2B Purchase, LTV 75%, 1.0% Interest Rate, JPY 50M Capex, 25% Increase in NOI, 5-Year Value-Add Period Value-Add Measures: Improved exterior, interior, & tenant services; seismic strengthening; incre

70. Slide 70: Real Estate Asset Breakdown (1)

    Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (1) 125 Assets, JPY 302.1B, Annual NOI JPY 13.2B (5.6% Yield) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment M

71. Slide 71: Real Estate Asset Breakdown (2)

    Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (2) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 42 Retail Fixed Asset Fukuoka JPY 1B-2B 2014/0

72. Slide 72: Real Estate Asset Breakdown (3)

    Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (3) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location Price Date Age NOI/Year1 Investment Multiple 2 IRR3 161 Hotel Fixed Asset Fukuoka >JPY 3B 2019/07 31

73. Slide 73: Real Estate Asset Breakdown (4)

    Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (4) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location Price Date Age NOI/Year1 Investment Multiple 2 IRR3 61 Retail Operational Loan Shinjuku-ku, Tokyo JP

74. Slide 74: Real Estate Asset Breakdown (5)

    Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (5) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 188 Logistics Real Estate for Sale Sanbu-gun,

75. Slide 75: Asset Management Details

    Appendix Asset Management Details © Ichigo Inc. All rights reserved. 75

76. Slide 76: Ichigo Office, Ichigo Hotel, & Ichigo Green

    Asset Management Ichigo Office, Ichigo Hotel, & Ichigo Green (As of January 7, 2026) Ichigo Office 8975 Ichigo Hotel 3463 Ichigo Green 9282 Portfolio JPY 218.8B (86 Assets) JPY 73.1B (30 Hotels) JPY 11.4B (15 Solar Plants) Dividend Yield 4.4% 5.4% 7.1% ・ Entered FTSE Global REIT ・ Geographically div

77. Slide 77: Growth Support for Ichigo Office, Ichigo Hotel, & Ichigo Green

    Asset Management Growth Support for Ichigo Office, Ichigo Hotel, & Ichigo Green ・ Asset pipeline, bridge fund creation, and financial support for asset acquisitions Ichigo Office ・ Providing financial support for value-add capex (8975) ・ Owning Ichigo Office shares to strengthen growth commitment ・

78. Slide 78: Asset Management AUM & Base AM Fee (Stock Earnings)

    Asset Management AUM & Base AM Fee (Stock Earnings) FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q3 (12M) (12M) (12M) (12M) (12M) (9M) Ichigo Office AUM JPY 206.1B JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B JPY 216.9B (8975) Base AM Fee Gross Profit JPY 1,524M JPY 1,725M JPY 1,517M JPY 1,423M JPY 1,41

79. Slide 79: Clean Energy Details

    Appendix Clean Energy Details © Ichigo Inc. All rights reserved. 79

80. Slide 80: Ichigo Solar Power Plant Portfolio

    Ichigo Solar Power Plant Portfolio Total Operating & In-Pipeline Ichigo-Owned Solar Power Plants: 48 Plants (151.4MW) By Customer (Electric Power Utility Co) By Feed-In Tariff By Years in Operation Hokkaido 3% Shikoku 2% JPY 14 Tohoku 2% 3% JPY 18 1-3 years 11% JPY 40 Kyushu 19% 9% Kansai JPY 21 3-5

81. Slide 81: Ichigo Solar Power Plant Portfolio

    Ichigo Solar Power Plant Portfolio Operating (Solar) Panel Output FIT Operation No. Solar Power Plant Area (MW) (Pre-tax) Start Date 1 Ichigo Tokushima Higashi-Okinosu Shikoku 2.52 JPY 40 2013/08 2 Ichigo Fuchu Jogecho Yano Chugoku 0.99 JPY 40 2014/03 3 Ichigo Yubetsu Barou Hokkaido 0.80 JPY 40 2014

82. Slide 82: Ichigo Solar Power Plant Portfolio

    Ichigo Solar Power Plant Portfolio Operating (Solar) Panel Output FIT Operation No. Solar Power Plant Area (MW) (Pre-tax) Start Date 31 Ichigo Hitachiomiya Kanto 2.99 JPY 24 2020/03 32 Ichigo Hokota Aoyagi Kanto 2.48 JPY 27 2020/04 33 Ichigo Kasaoka Osakaike Chugoku 2.66 JPY 21 2020/04 34 Ichigo Min

83. Slide 83: Ichigo Green (9282) Solar Plant Portfolio

    Ichigo Green (9282) Solar Plant Portfolio Operating Panel Output FIT Operation No. Solar Power Plant Area (MW) (Pre-tax) Start Date 1 Ichigo Kiryu Okuzawa Kanto 1.33 JPY 40 2013/09 2 Ichigo Motomombetsu Hokkaido 1.40 JPY 40 2014/02 3 Ichigo Muroran Hatchodaira Hokkaido 1.24 JPY 40 2014/03 4 Ichigo E

84. Slide 84: Green Biomass Entry

    Green Biomass Entry Fully Local Green Biomass as Ichigo’s 3rd Renewable Energy Business – 4 Plants In Development (3.2MW, JPY 3.4B in Total Business Expenses), Obtained Approval for 1 Plant (Tokushima Prefecture) – Diversify & stabilize power production – Procure biomass feedstock via Ichigo’s relat

85. Slide 85: Battery Storage Entry

    Battery Storage Entry Growing need for capabilities to stabilize renewable energy supply Ichigo Battery Storage Facility (Chiba, 8.9MWh) to Start Operating in FY27/2 Q2 – Ongoing business expansion to focus on areas near operating Ichigo plants Japan Energy Mix Forecast Wind 1.1% Geothermal 0.3% Bio

86. Slide 86: Ichigo's Sustainability Commitment (ESG)

    Appendix Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 86

87. Slide 87: Released Ichigo's First Integrated Report

    Released Ichigo’s First Integrated Report Overview of Ichigo’s Sustainability-Focused Businesses, Value-Add Processes, Materiality, & Sustainability Initiatives 2025 Integrated Annual Report www.ichigo.gr.jp/ir/library/integrated_report Covers Ichigo’s value-add processes, overview of Ichigo’s busin

88. Slide 88: Sustainability Initiatives & Environmental Certifications & Indices

    Sustainability Initiatives & Environmental Certifications & Indices Sustainability Initiatives Set SBT 1.5℃ Target Third-Party Evaluations (Environmental Certifications) Building Environmental CDP 2025 Certifications Double A List ・CASBEE ・BELS Company ・DBJ Green Building ・ Climate Change ・Tokyo Low

89. Slide 89: Ichigo J.League Initiatives

    Appendix Ichigo J.League Initiatives © Ichigo Inc. All rights reserved. 89

90. Slide 90: Top Partner of J.League, Japan's Professional Soccer League

    Real Estate x Sports Top Partner of J.League, Japan’s Professional Soccer League Promoting Community Development, Revitalizing Local Economies, & Helping People Enjoy Fuller and Healthier Lives J.League’s 100-Year Vision: Ichigo’s Mission: Promote Sports Development Serve Important Social Needs J.Le

91. Slide 91: J.League Tegevajaro Miyazaki: Revitalizing Local Communities

    Real Estate x Sports J.League Tegevajaro Miyazaki: Revitalizing Local Communities – Grew From Consulting Business to Professional Soccer Club & Stadium Management – Ownership of J2 Club Tegevajaro Miyazaki Based in Miyazaki Prefecture, a Key Ichigo Area  Driving customer satisfaction as a stadium m

92. Slide 92: Financial Statements

    Appendix Financial Statements © Ichigo Inc. All rights reserved. 92

93. Slide 93: Consolidated Balance Sheet: Assets

    Consolidated Balance Sheet: Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 FY26/2 Q3 vs. FY26/2 H1 Assets Current Assets Cash and cash equivalents 46,458 40,536 46,917 42,689 47,319 51,635 +4,316 Trade notes and accounts receivable 1,819 3,866 2,448 4,272 3,480 3,931 +451 Operational loa

94. Slide 94: Consolidated Balance Sheet: Liabilities

    Consolidated Balance Sheet: Liabilities (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 FY26/2 Q3 vs. FY26/2 H1 Liabilities Current Liabilities Short-term loans 2,382 962 16,726 6,520 15,583 7,407 -8,176 Bonds (due within one year) 274 364 3,162 232 2,162 2,162 – Long-term loans (due within one

95. Slide 95: Consolidated Balance Sheet: Net Assets

    Consolidated Balance Sheet: Net Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 FY26/2 Q3 vs. FY26/2 H1 Net Assets Shareholders’ Equity Capital 26,888 26,888 26,892 26,946 26,950 26,953 +3 Capital reserve 11,268 11,266 10,313 10,363 10,367 10,370 +3 Retained earnings 76,310 82,438 90,967

96. Slide 96: Consolidated P&L (1)

    Consolidated P&L (1) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q3 FY25/2 Q3 Change vs. Full-Year (12M) (12M) (12M) (12M) (9M) (9M) (YOY) Forecast Forecast Revenue 56,934 68,093 82,747 83,576 73,017 57,227 +15,790 – – Cost of Goods Sold 40,757 48,674 61,875 58,051 50,748 40,111 +10,637

97. Slide 97: Consolidated P&L (2)

    Consolidated P&L (2) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q3 FY25/2 Q3 Change vs. Full-Year (12M) (12M) (12M) (12M) (9M) (9M) (YOY) Forecast Forecast Extraordinary Losses Loss on removal of fixed assets 5 23 147 100 10 87 -77 – – Loss on sale of securities investments – – – – 74 –

98. Slide 98: Consolidated Cash Flows: Operations

    Consolidated Cash Flows: Operations (JPY million) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 Q3 (9M) Cash Flows from Operations Pre-tax income 9,595 14,234 17,962 21,784 15,792 Depreciation 5,644 5,339 4,859 4,795 3,527 Share-based compensation expenses 73 – – – – Amortization of goo

99. Slide 99: Consolidated Cash Flows: Investments & Financing

    Consolidated Cash Flows: Investments & Financing (JPY million) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 Q3 (9M) Cash Flows from Investments Payments into time deposits -7 -2 -701 -96 -231 Redemptions of time deposits 30 23 – 800 83 Payments for securities investments -606 -968 -16,

100. Slide 100: Make The World More Sustainable

     These materials were prepared to explain Ichigo’s businesses and are not for the purpose of soliciting investment in marketable securities issued by Ichigo. Ichigo does not guarantee the accuracy of the figures, information, estimates, or other statements included herein, and accepts no responsibili

Ichigo Group Holdings — Q3 2026 Earnings Presentation on 6ix