Loadstar Capital Kk · TSE:3482

Loadstar Capital Kk — Q3 2025 Earnings Presentation

45 slides from Loadstar Capital Kk's earnings presentation, October 2025

1. Slide 1: Q3 FY2025 Financial Results

   Q3 FY2025 Financial Results (Nine months ended September 30, 2025) Loadstar Capital K.K. TSE: 3482 October, 2025

2. Slide 2: Mission: Real Estate X Tech to Open Up a New Market

   Mission Real Estate X Tech to Open Up a New Market © Loadstar Capital ALL RIGHTS RESERVED 1

3. Slide 3: Table of Contents

   Table of C ontents 01 Highlights of Q3 FY2025 P. 3 02 Overview of Q3 FY2025 Financial Results P. 7 03 Business Overview by Segment P. 13 04 Medium-Term Management Plan (FY2025-2027) P. 22 05 Our Strengths and Characteristics P. 33 06 Company Profile P. 39 07 Real Estate Market Analysis P. 42 “Loadst

4. Slide 4: Highlights of Q3 FY2025

   01 Highlights of Q3 FY2025 © Loadstar Capital ALL RIGHTS RESERVED 3

5. Slide 5: Highlights of Q3 FY2025

   Highlights of Q3 FY2025 ⚫ Profit is fluctuating due to the timing of property sales. Loadstar Group is driving our business forward to achieve our target profit. ⚫ The real estate held as inventory is also expected to increase further toward the end of the fiscal year. (Billions of yen) Y-o-Y % of F

6. Slide 6: Topics of Q3 FY2025: Sale of Ginza ONE Building

   Topics of Q3 FY2025 1 Sale of Ginza ONE Building In September, Loadstar sold an office property in Ginza, Chuo-ku, which was acquired in 2022, to a business corporation. During the holding period, Loadstar improved the property value by renovating common areas, addressing legal issues, and enhancing

7. Slide 7: Real Estate Market Outlook

   Real Estate Market Outlook ⚫ Office vacancy rates and rents are performing steadily, and the re-evaluation of offices is progressing. We believe that the real estate market conditions will continue to remain stable. ⚫ Global real estate investment in 1H 2025 increased by 21% year-on-year to $358 bil

8. Slide 8: Overview of Q3 FY2025 Financial Results

   02 Overview of Q3 FY2025 Financial Results © Loadstar Capital ALL RIGHTS RESERVED 7

9. Slide 9: Consolidated Sales and ROE

   Consolidated Sales and ROE ⚫ Consolidated sales increased 19% year on year to 28.8 billion yen. ⚫ Vacancy rates and rents are improving rapidly, and the real estate market is showing solid performance. Consolidated Sales and ROE (Billions of yen) 1Q 2Q 3Q 4Q ROE 37.5% 38.2% 34.8% 30.3% 29.1% 31.2% 2

10. Slide 10: Consolidated Profit before Income Taxes and Cost Controls

    Consolidated Profit before Income Taxes and Cost Controls ⚫ The consolidated profit before tax was 7.7 billion yen. ⚫ Although profit margins vary depending on the properties sold, overall progress is generally in line with the plan. Consolidated Profit before Income Taxes (Billions of yen) Cost Str

11. Slide 11: Consolidated Statements of Income

    Consolidated Statements of Income ⚫ The actual results are slightly behind schedule due to the timing of property sales, but it is becoming somewhat clear to achieve the forecast. ⚫ EBITDA and EPS are increasing steadily. EBIT DA = Operating profit + Depreciation + Share FY2025Q3 Results FY2025 (For

12. Slide 12: Consolidated Balance Sheet

    Consolidated Balance Sheet ⚫ Balance of real estate as inventory is kept at a high level, and cash on hand is also sufficiently secured. ⚫ Crowdfunding business is performing well, with over 10 billion yen of operating loans kept outstanding. As of Q3 FY2025 (Billions of yen) Amount % of toal % vs.

13. Slide 13: Return to Shareholders

    Return to Shareholders Basic Policy Loadstar strives to improve corporate value and shareholder profit by expanding business performance. Dividend Policy Loadstar aims to provide stable and continuous returns to shareholders, with a target dividend payout ratio of 18% or higher. The dividend per sha

14. Slide 14: Business Overview by Segment

    03 Business Overview by Segment © Loadstar Capital ALL RIGHTS RESERVED 13

15. Slide 15: Real Estate Investments

    Real Estate Investments Mission Real Estate X Tech to Open Up a New Market 1. Real Estate Investments 2. Real Estate Tech Corporate Funding Asset Management Crowdfunding Business Business Business Investment in real estate using internal Management of investment real estate on Japan’s first real est

16. Slide 16: Corporate Funding Business Results (Real Estate Investment)

    Corporate Funding Business Results (Real Estate Investment) ⚫ Loadstar sold four properties, resulting in net sales of 22.2 billion yen, a 9% increase year on year. ⚫ We acquired six properties, mainly office properties, and acquired large sized transactions in Ginza in October. The accumulation of

17. Slide 17: Corporate Funding Business Results (Real Estate Leasing)

    Corporate Funding Business Results (Real Estate Leasing) ⚫ Due to the return to office work and demands from travelers to Japan, the rental business performed steadily, with net sales reaching 2.5 billion yen, up 20% year on year. ⚫ The rental profit margin also maintained a high level. Net Sales（Re

18. Slide 18: Corporate Funding Business Results (Hotel Operations)

    Corporate Funding Business Results (Hotel Operations) ⚫ Hotel operating revenue was 3.09 billion yen, and operating costs were 3.13 billion yen (of which depreciation was approximately 0.5 billion yen), making it a slight deficit. ⚫ Although competition is intensifying and rising labor costs and inf

19. Slide 19: Corporate Funding Business Results

    Corporate Funding Business Results ⚫ Average acquisition amount per property is increasing, and the real estate balance is piling up smoothly. ⚫ This year, we have been acquiring properties, mainly focusing on reasonably priced offices. We will continue to acquire properties with potential for value

20. Slide 20: Asset Management Business Results

    Asset Management Business Results ⚫ As the competition for large-scale properties is intensifying, net sales was 0.4 billion yen, and AUM was 120 billion yen. ⚫ There are multiple opportunities for both acquisitions and dispositions towards the end of the year, and Loadstar Group is making efforts t

21. Slide 21: Real Estate Tech

    Real Estate Tech Mission Real Estate X Tech to Open Up a New Market 1. Real Estate Investments 2. Real Estate Tech Corporate Funding Asset Management Crowdfunding Business Business Business Investment in real estate using internal Management of investment real estate on Japan’s first real estate fun

22. Slide 22: Crowdfunding Business Results

    Crowdfunding Business Results ⚫ With favorable real estate market condition, net sales was 0.60 billion yen, up 25% year-on-year, operating loans reached 11.8 billion yen (up 25% from the end of the previous fiscal year.) ⚫ Waiving the withdrawal fee for investors when they withdraw funds from Owner

23. Slide 23: Medium-Term Management Plan (FY2025-2027)

    04 Medium-Term Management Plan (FY2025-2027) © Loadstar Capital ALL RIGHTS RESERVED 22

24. Slide 24: Basic Policy

    Basic Policy Lead real estate investment through the fusion of Basic Policy advanced expertise and IT, and become one-of-a-kind independent company. Environmental Response Policy Business Strategy Awareness Population decline and urban areas Accumulation of real estate balance and AUM Concentrated i

25. Slide 25: Management Indicators

    Management Indicators ⚫ We aim for a 74% increase in net sales and a 67% increase in profit before income taxes (with a CAGR of approximately 20% over 3 years). ⚫ Although the cost of property sales and HIRAMATSU HOTELS will increase slightly, the profit margin before tax is expected to remain betwe

26. Slide 26: Business Strategy

    Business Strategy Corporate Funding Business (Real Estate Investment/Leasing) Expansion of Real Estate Stock ■Business Development■ • While expanding investment in offices, which are attracting renewed attention due to rapidly Appraisal Value improving vacancy rates and rents, Loadstar is also looki

27. Slide 27: Business Strategy

    Business Strategy Asset Management Business Crowdfunding Business Establishing a position as an independent Opening up real estate investment mid-sized asset management company opportunities to individuals Accumulation of AUM (billions of yen) OwnersBook Investment Amount (billions of yen) 300 20 13

28. Slide 28: Capital Allocation

    Capital Allocation 有利子負債 ⚫ The majority of cash inflow from operations will be used for growth investments. 匿名組合出資預り金 ⚫ We will accumulate real estate holdings as a future revenue base and expand our balance sheet while その他負債 maintaining financial discipline. 純資産 現金及び預金 有利子負債 Capital Allocation 匿名組合

29. Slide 29: Enhancement of Corporate Value

    Enhancement of Corporate Value We aim to improve ROE/PER through various measures. ➢ Enhancement of IR activities Expected Growth ➢ Strengthening information dissemination Rate PER ➢ Reduction of performance volatility Shareholders’ ➢ Strengthening governance Equity Cost PBR ➢ Discovery of propertie

30. Slide 30: Increasing PER: Fostering Expectations for Profit Growth

    Increasing PER Fostering Expectations for Profit Growth Current Situation While investors have given a certain level of recognition for our high profitability, Assessment it is difficult to say that there are high expectations for future growth. ・Formulation and execution of growth strategies ➢ We a

31. Slide 31: Incentive Design Based on Share Price Performance

    Incentive Design Based on Share Price Performance Directors' compensation system Based on the deliberations and recommendations of the Nomination and Compensation Committee, Fixed Compensation which consists of a majority of independent outside directors, the determination is made considering the co

32. Slide 32: Shareholder Returns

    Shareholder Returns Basic Policy Loadstar strives to improve corporate value and shareholder profit by expanding business performance. Dividend Policy Loadstar aims to provide stable and continuous returns to shareholders, with a target dividend payout ratio of 18% or higher. Dividend Amount and Pay

33. Slide 33: Corporate Governance Initiatives

    Corporate Governance Initiatives 1 Strengthening Governance Strengthening of Corporate Initiatives to Date Governance Structure Outside Officers Ratio of 50% Percentage of Female Officers: 20% Items KPIs (by 2030) Establishment of the Nomination and Conducting Board Evaluation Ratio of Female Office

34. Slide 34: Our Strengths and Characteristics

    05 Our Strengths and Characteristics © Loadstar Capital ALL RIGHTS RESERVED 33

35. Slide 35: Value Creation in the Corporate Funding Business

    Value Creation in the Corporate Funding Business Why are we targeting mid-sized offices in the Tokyo's 23 wards for investment? Office conditions for small and New supply of mid-sized Positioning medium-sized enterprises (SMEs) buildings (K ㎡) 2,000 Large Buildings: gross floor area ≧10,000㎡ Central

36. Slide 36: Competitive Advantage of Corporate Funding Business

    Competitive Advantage of Corporate Funding Business Trust Strengths at Every Phase, Based on Trust phase 1 phase 3 phase 4 phase 2 Over 20 years of Information Increase Solid track experience and Acquisition Building gathering value record real estate network ⚫ Over 20 years of real ⚫ Quick decision

37. Slide 37: Asset Management Business

    Asset Management Business Experties Strengths at Every Phase, Based on Expertise Solid relationships phase 1 phase 2 phase 3 with investors Acquisition Management Sale Recurring subscription Expertise in ⚫ Formulating ⚫ Enhancing property ⚫ Formulating exit business model investment value to maximiz

38. Slide 38: OwnersBook Features 1

    OwnersBook Features 1 Differences between Loan-Type and Equity-Type and their business models Loan-Type Funds collected from investors through Loan Lending crowdfunding are lent out with real Real estate (Mortgage) Investors estate as collateral, and investors 400 million receive dividends from inte

39. Slide 39: OwnersBook Features (Loan-Type)

    OwnersBook Features 2 (Loan-Type) A Win-Win mechanism for both investors and borrowers Borrowers Investors Quick origination Financing collateral Small investment Little time & effort is capacity amounts required Faster originations than We can provide loans with a Lending Investment Easy investment

40. Slide 40: Company Profile

    06 Company Profile © Loadstar Capital ALL RIGHTS RESERVED 39

41. Slide 41: Company Profile (as of September 30, 2025)

    Company Profile（as of September 30, 2025） Company Name Loadstar Capital K.K Address Prime Ginza Yanagidori Building, 1-9-13 Ginza, Chuo-ku, Tokyo, Japan Founded March 14, 2012 Representative Tatsushi Iwano, President Number of Directors 6 (including three outside directors) Number of Officers and Em

42. Slide 42: Shareholders

    Shareholders ⚫ While the shareholder composition ratio remains stable, we are keeping the proportion of domestic and foreign institutional investors in mind. ⚫ We also continue to attend briefings for individual investors, as we value individual investors, as well. Ratio of Voting Rights by Ownershi

43. Slide 43: Real Estate Market Analysis

    07 Real Estate Market Analysis © Loadstar Capital ALL RIGHTS RESERVED 42

44. Slide 44: Real estate investment from overseas

    Real estate investment from overseas ⚫ Large-scale transactions such as Tokyo Garden Terrace Kioicho office complex and Tokyu Plaza Ginza commercial facility took place. Foreign investments in Tokyo's central five wards accounted for 61% of the total domestic investment amount. Tokyo also ranked fir

45. Slide 45: Disclaimers

    Disclaimers The contents of this document are being supplied to you solely f or your inf ormation and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, f or any purpose without our prior permission. This document is being

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