Ichigo Green Infrastructure Investment Corp. · TSE:9282
Ichigo Green Infrastructure Investment — FY2025 Earnings Presentation
54 slides from Ichigo Green Infrastructure Investment's earnings presentation, Aug 14, 2025
Slide 1: FY25/6 Corporate Presentation
Ichigo Green (9282) FY25/6 Corporate Presentation January 13,2025 August 14, 2017 Ichigo Green Infrastructure Investment Corporation Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. www.ichigo-green.co
Slide 2: Ichigo is a Japanese sustainable infrastructure company
Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable
Slide 3: Ichigo is a J.League Top Partner
—— Ichigo is a J.League Top Partner TOP PARTNER @J.LEAGUE
Slide 4: Contents
Contents FY25/6 Results Ichigo’s Sustainability Commitment (ESG) ‒ FY25/6 Highlights ‒ Ichigo Sustainability Policy ‒ Solar Power Plant Portfolio Details ‒ RE100: Completed Renewable Energy ‒ FY25/6 Earnings Transition ‒ Progress on Ten-Year Earnings Forecast ‒ Ichigo Climate Positive: CO2 Reduction
Slide 5: FY25/6 Results
FY25/6 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 5
Slide 6: FY25/6 Highlights
FY25/6 Highlights Achievements Details • Impacted by Nago Futami panel failure, power suspensions, Power 32.32M kWh and inclement weather Generation (-3.3% vs. forecast) • Limited impact due to above-forecast power generation at 10 of 15 plants due to geographic diversification • Increase in leaseho
Slide 7: Solar Power Plant Portfolio Details
Solar Power Plant Portfolio Details (as of June 30, 2025) No. Of Power Plants Acquisition Price Panel Output 15 JPY 11.4B 29.43MW Actual Power Annual Power CO2 Reduction Production Generation 32.32M kWh 15,822 Tons 10,775 Households * Annual CO2 reduction relative to fossil-fuel-based power producti
Slide 8: FY25/6 Earnings
FY25/6 Earnings (JPY million) FY24/6 FY25/6 Forecast FY25/6 Actual vs. Forecast vs. Forecast Actual (A) (B) (B) - (A) Operating Revenue 1,031 1,052 996 94.7% -56 Operating Expenes 798 801 788 98.3% -13 (Depreciation) 641 654 648 99.1% -5 Operating Profit 233 251 208 82.9% -43 Recurring Profit 176 19
Slide 9: Progress on Ten-Year Earnings Forecast
Progress on Ten-Year Earnings Forecast Achieved Forecast for 9 Consecutive Years (JPY) +303 Forecast +636 +102 Revision +305 +222 ■ Dividend per Share (excluding DEE) 1,705 1,502 1,750 1,874 1,410 1,390 1,625 ■ DEE per Share 1,375 1,715 DEE = Dividend in Excess of Earnings 869 2,360 2,383 2,180 2,18
Slide 10: Actual Operating Revenue vs. Forecast
Actual Operating Revenue vs. Forecast FY26/6 FY17/6 FY18/6 FY19/6 FY20/6 FY21/6 FY22/6 FY23/6 FY24/6 FY25/6 (Forecast) Power Generation (kWh, 12 months) Forecast (A) 17,199,302 34,622,503 34,473,332 34,297,964 34,122,505 33,947,048 33,771,591 33,596,134 33,420,675 33,245,217 Actual (B) 17,532,400 35
Slide 11: FY25/6 Events
FY25/6 Events – Exceeded Forecast at 10 Plants -3.3% vs. Forecast due to Nago Futami PID & Power Suspensions – Reducing Lost Power Generation via Measures to Address Power Suspensions Online grid control systems installed at 8 of 15 plants (6 of 7 regions) To be installed for plants on Hokkaido elec
Slide 12: FY25/6 Power Suspensions
FY25/6 Power Suspensions Average Number of Power Suspension Days per Area Hokkaido (7 Plants) Chubu (1 Plant) Chugoku (2 Plants) Shikoku (2 Plants) Kyushu (1 Plant) Okinawa (1 Plant) 55 43 40 33 25 24 17 18 11 13 3 2 3 8 0 0 0 0 0 7 6 1 0 5 2022 2023 2024 2025 1 The numbers indicate area averages (n
Slide 13: Power Generation by Individual Power Plant
Power Generation by Individual Power Plant Power Generation Revenue Forecast Power Actual Power Power Difference Operating Operator Operating Generation Generation Generation No. Solar Power Plant (B) - (A) Expenses Guarantee Revenue (A) (B) Revenue (kWh) (JPY thousand) (JPY thousand) (JPY thousand)
Slide 14: Power Generation -3.3% vs. Forecast
Power Generation -3.3% vs. Forecast Impacted by Panel Failure, Power Suspensions, & Inclement Weather FY25/6 Power Generation and Power Production Revenue (kWh) (JPY million) 5,000,000 150 Forecast Power Production (left axis) Actual Power Production (left axis) 136 Power Production Revenue (right a
Slide 15: Financing Details
Financing Details Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps, Loan Balance Decrease due to Scheduled Payments as of June 30, 2025 Interest Amount Fixed/ Loan Loan Lender Rate Borrowing Date Maturity (JPY million) Floating Term (%) Term Loan I Mizuho Bank, SMBC 3,323 0.760% Fixed
Slide 16: Earnings Forecasts
Earnings Forecasts © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 16
Slide 17: FY26/6 Forecast
FY26/6 Forecast Forecast Dividend JPY 3,540, Stability in Line With 10-Year Forecast (JPY million) FY25/6 FY26/6 vs. Forecast Major Variation Factors FY24/6 Actual Actual (A) Forecast (B) (B) - (A) (vs. Forecast) Increase in Operating Revenue +49 Operating Revenue 1,031 996 1,046 +49 FY26/6 power ge
Slide 18: FY26/6 Forecast Power Generation
FY26/6 Forecast Power Generation FY26/6 Forecast Power Generation: 33.24M kWh (+2.9% YOY) (Reference) FY25/6 Actual Power Generation: 32.32M kWh FY25/6 Actual Power Generation vs. FY26/6 Forecast Power Generation (kWh) © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Cor
Slide 19: Growth Strategy Leveraging Ichigo Strengths
Growth Strategy Leveraging Ichigo Strengths © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 19
Slide 20: Ichigo (2337) Power Plant Performance Guarantee
Ichigo (2337) Power Plant Performance Guarantee Operator Guarantee at 2 Plants in FY25/6 − Ichigo Nago Futami ECO Power Plant: JPY 38.76 million − Ichigo Iyo Nakayamacho Izubuchi ECO Power Plant: JPY 543,000 Ichigo Green Revenue Based on Power Generation Revenue P50 When additional revenue is derive
Slide 21: Ichigo & Ichigo Green Solar Power Plant Portfolio
Ichigo & Ichigo Green Solar Power Plant Portfolio Serving Local Communities and the Environment Hokkaido Ichigo Motomombetsu 1.40MW Chugoku Total Operating Ichigo Yamaguchi Aionishi 1.24MW Ichigo Engaru Higashimachi 1.24MW Ichigo Power Plants Ichigo Yamaguchi Sayama 2.35MW Ichigo Engaru Kiyokawa 1.1
Slide 22: Ichigo J.League Shareholder Program
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 and solar power producer that it manages, in its shareholder program (104,120 shareholders total) − F
Slide 23: Driving Shareholder Value
Driving Shareholder Value © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 23
Slide 24: Mission & Deliverables to Shareholders
Mission & Deliverables to Shareholders Mission: To maximize shareholder value via a renewable energy portfolio that provides both return stability and growth potential, along with offering investors an opportunity to invest in Japan’s rapidly expanding green infrastructure asset class Ichigo Green’s
Slide 25: Customized Solar Power Plant Builds
Customized Solar Power Plant Builds Optimized to Local Climate & Topography to Maximize Power Production Efficiency − Snow (Hokkaido): High mounting racks and 30 degree panel inclination to avoid and displace snow coverage (vs. 10 degree in other areas) − High winds (Kagawa): Mounting racks closely
Slide 26: Fully-Networked Panel-Level Production Monitoring
Fully-Networked Panel-Level Production Monitoring Real-Time Monitoring System Immediately Detects Any Failures at the Panel Level Power Plant A Power Plant B Inverter Connection Unit Solar Panel Power Plant C String Monitoring Monitoring System Power Plant D Comprehensive Monitoring System Internet
Slide 27: World-Class Disclosure: Real-Time Power Production Data
World-Class Disclosure: Real-Time Power Production Data Real-Time Individual Power Plant Data on Ichigo Green Website Ichigo Green Website www.ichigo-green.co.jp/en © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 27
Slide 28: Ichigo's Sustainability Commitment (ESG)
Ichigo’s Sustainability Commitment (ESG) © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 28
Slide 29: Ichigo Sustainability Policy
Ichigo Sustainability Policy Harmony With the Environment and Recycling Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling. Addressing Climate Change and Shift to
Slide 30: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition RE100 Progress (as of May 31, 2025) RE100達成率 Non-Fossil Certificate Tracking for Ichigo Power Plants 41% 100% 59% Renewable Energy Switch Ichigo 2030 RE100 KPI to work for a sustainable planet: 100% renewable electricity across all Ichigo operations by 20
Slide 31: Ichigo Climate Positive: CO2 Reduction vs. Emissions (1)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (1) Ichigo CO2 Reduction = 8X CO2 Emissions (as of February 28, 2025) CO2 Reduction CO2 Emissions 104,502 13,000 tons tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plant Production (Ichigo + Ichigo Office +
Slide 32: Ichigo Climate Positive: CO2 Reduction vs. Emissions (2)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (2) Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reduction vs. Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Emissions (
Slide 33: ESG Initiatives: Environmental
ESG Initiatives: Environmental Climate Positive & Sustainability-Driven Preserve & Improve Real Estate Community-Based, Productive Use of Pro-Active Environmental to End Wasteful Demolition Idle Land for Clean Energy Certifications Ichigo's Sustainable Real Estate business Ichigo will not build powe
Slide 34: ESG Initiatives: Social
ESG Initiatives: Social Contributing to Society Contributing to Regional Revitalization Ichigo University Sports Initiatives Ichigo works to revitalize local communities Ichigo established Ichigo University in May As a top partner of the J.League and promote regional economic 2013 to support employe
Slide 35: ESG Initiatives: Governance
ESG Initiatives: Governance Global Best Practice Governance Ichigo Green Asset Management Company Monitors Asset Management Company Global Best Practice Governance − All Ichigo Green Directors are Independent of the Asset − Majority of Directors (2 of 5) are Independent Directors Management Company
Slide 36: Ichigo Group Overview
Ichigo Group Overview © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 36
Slide 37: Sponsor: Ichigo, A Sustainable Infrastructure Company
Sponsor: Ichigo, A Sustainable Infrastructure Company Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy ‒ Manages Ichigo Green (9282), Ichigo Office (8975), and Ichigo Hotel (3463) ‒ Sustainable Real Estate business adds value to existing buildings by drawing upon its real est
Slide 38: Synergies Between Ichigo Green and Ichigo
Synergies Between Ichigo Green and Ichigo − Ichigo-provided solar and wind power plant pipeline − Power plant technical capabilities backed by Ichigo ECO Energy’s nationwide solar power operating track record − Ichigo Investment Advisor’s deep asset management capabilities Sustainable Real Estate Bu
Slide 39: Solar Power Plant Data
Solar Power Plant Data © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 39
Slide 40: Geographically Diversified Portfolio
Geographically Diversified Portfolio (as of June 30, 2025) Ichigo Motomombetsu Ichigo Engaru Higashimachi 1.40MW 1.24MW Ichigo Nago Futami Ichigo Abira Toasa Ichigo Engaru Kiyokawa 8.44MW 1.16MW 1.12MW Ichigo Iyo Nakayamacho Izubuchi Ichigo Muroran Hatchodaira Ichigo Nakashibetsu Midorigaoka 1.23MW
Slide 41: Solar Power Plant Portfolio
Solar Power Plant Portfolio as of June 30, 2025 Book Appraisal Panel Acquisition Value Value1 FIT3 Portfolio No. Solar Power Plant Location Output2 Date (JPY (JPY (JPY) Weight4 (MW) million) million) E-01 Ichigo Kiryu Okuzawa Kiryu City, Gunma Dec 2016 270 300 1.33 40 4.08% E-02 Ichigo Motomombetsu
Slide 42: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-01 Ichigo Kiryu Okuzawa FY25/6 Actual Power Generation: +10.7% vs. Forecast Location Gunma Forecast Power Generation Actual Power Generation (kWh) Area 27,588m2 200,000 Operation Sep 30, 2013 Start Date 150,000 Panel 1.33MW Output 100,000 FIT JPY 40 / kWh FIT P
Slide 43: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-03 Ichigo Muroran Hatchodaira FY25/6 Actual Power Generation: +9.5% vs. Forecast Location Hokkaido Forecast Power Generation Actual Power Generation (kWh) Area 35,801m2 200,000 Operation Mar 3, 2014 Start Date 150,000 Panel 1.24MW Output 100,000 FIT JPY 40 / kW
Slide 44: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-05 Ichigo Iyo Nakayamacho Izubuchi FY25/6 Actual Power Generation: -12.6% vs. Forecast Location Ehime Forecast Power Generation Actual Power Generation (kWh) Area 26,260m2 200,000 Operation Apr 2, 2014 Start Date 150,000 Panel 1.23MW Output 100,000 FIT JPY 40 /
Slide 45: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-07 Ichigo Abira Toasa FY25/6 Actual Power Generation: +6.5% vs. Forecast Location Hokkaido Forecast Power Generation Actual Power Generation (kWh) 200,000 Area 29,730m2 Operation Dec 2, 2014 Start Date 150,000 Panel 1.16MW Output 100,000 FIT JPY 40 / kWh FIT Pe
Slide 46: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-09 Ichigo Nago Futami FY25/6 Actual Power Generation: -20.6% vs. Forecast Location Okinawa Forecast Power Generation Actual Power Generation (kWh) 1,500,000 Area 146,217m2 Operation 1,200,000 Feb 2, 2015 Start Date Panel 900,000 8.44MW Output FIT JPY 40 / kWh 6
Slide 47: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-11 Ichigo Takamatsu Kokubunjicho Nii FY25/6 Actual Power Generation: -2.9% vs. Forecast Location Kagawa Forecast Power Generation Actual Power Generation (kWh) 400,000 Area 79,340m2 Operation Jun 2, 2015 Start Date 300,000 Panel 2.43MW Output 200,000 FIT JPY 36
Slide 48: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-13 Ichigo Toyokawa Mitocho Sawakihama FY25/6 Actual Power Generation: +8.6% vs. Forecast Location Aichi Forecast Power Generation Actual Power Generation (kWh) Area 19,393m2 300,000 Operation 250,000 Sep 16, 2015 Start Date Panel 200,000 1.80MW Output 150,000 F
Slide 49: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-15 Ichigo Yamaguchi Sayama FY25/6 Actual Power Generation: +13.6% vs. Forecast Location Yamaguchi Forecast Power Generation Actual Power Generation (kWh) Area 43,621m2 400,000 Operation Apr 6, 2016 Start Date 300,000 Panel 2.35MW Output 200,000 FIT JPY 36 / kWh
Slide 50: Appendix
Appendix © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 50
Slide 51: Ichigo Green Overview
Ichigo Green Overview Investment Corporation Name Ichigo Green Infrastructure Investment Corporation Securities Code 9282 Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Executive Director Nanako Ito Fiscal Year July 1 – June 30 (Half-Year is July 1 – December 31) Asset Management Company Name Ichigo In
Slide 52: Shareholder Composition
Shareholder Composition Major Shareholders (as of June 30, 2025) Shareholdings by Shareholder Type Foreign Corporations & Individuals Domestic Financial Institutions No. of Name Share Non-Financial Domestic Corporations Domestic Individuals Shares 100% 1 Ichigo Trust Pte. Ltd. 22,677 22.0% 24,374 sh
Slide 53: Share Price (Dec 1, 2016 to Jul 31, 2025)
Share Price (Dec 1, 2016 to Jul 31, 2025) Listed on the TSE on Dec 1, 2016 (JPY) 90,000 Ichigo Green TSE Infrastructure Fund Index 80,000 70,000 60,000 50,000 40,000 30,000 2016/12 2017/6 2017/12 2018/6 2018/12 2019/6 2019/12 2020/6 2020/12 2021/6 2021/12 2022/6 2022/12 2023/6 2023/12 2024/6 2024/12
Slide 54: Make The World More Sustainable
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green). These materials may contain forward-looking statements regarding the intent, belief
Ichigo Green Infrastructure Investment — FY2025 Earnings Presentation on 6ix