Ichigo Inc. · TSE:2337
Ichigo — Q1 FY2026/2 Earnings Presentation
113 slides from Ichigo's earnings presentation, Jul 15, 2025
Slide 1: FY26/2 Q1 Corporate Presentation
FY26/2 Q1 Corporate Presentation January July 15,13, 2023 2025 Ichigo (2337) © Ichigo Inc. All rights reserved. www.ichigo.gr.jp/en
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.
Slide 3: © Ichigo Inc. All rights reserved.
© Ichigo Inc. All rights reserved.
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. ©
Slide 5: Contents
Contents FY26/2 Q1 Summary ‒ Ichigo Owners: Strong Growth via Meeting FY26/2 Q1 Earnings Clients’ Diverse Needs ‒ All-In OP -20%, Cash EPS -12% (YOY) ‒ Ichigo Owners x AM: Forecast FY26/2 Ichigo Residence Token AUM Growth: JPY 20~40B ‒ Segment Earnings Overview ‒ AM: AUM Growth on Diverse Growth Dri
Slide 6: FY26/2 Q1 Summary
FY26/2 Q1 Summary All-In Operating Profit -20% & Cash EPS -12% YOY – Q1 Light, but On Track for Record Full-Year Earnings ̶ Stock Earnings: +12% YOY – On Track for Record Stock Earnings (26% Q1 Progress vs Full-Year Forecast) ̶ Flow Earnings: -45% YOY – On Track for Record Flow Earnings on Accelerat
Slide 7: FY26/2 Q1 Earnings
FY26/2 Q1 Earnings © Ichigo Inc. All rights reserved. 7
Slide 8: All-In OP -20%, Cash EPS -12% (YOY)
All-In OP -20%, Cash EPS -12% (YOY) Cash Earnings 1.6X Accounting Earnings Due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders (JPY million) FY26/2 FY25/2 Q1 FY26/2 Q1 YOY Full-Year YOY Forecast Operating Profit 4,221 3,468 -17.8% 19,500 +19.6% All-In Operating Profit 5,880 4,6
Slide 9: Segment Earnings Overview
Segment Earnings Overview AM & Hotel Earnings Up Significantly SRE & Ichigo Owners Down – Accelerated Earnings from Q2 Onwards All-In Operating Profit (JPY million) FY26/2 Segment FY25/2 Q1 FY26/2 Q1 YOY YOY Forecast Asset Management (AM) 404 629 +55.5% 1,800 -31.1% Sustainable Real Estate (SRE) 2,7
Slide 10: AM: All-In OP +56% YOY
AM: All-In OP +56% YOY Stock Earnings +11% – Up on Increased Ichigo Office & Ichigo Hotel NOI & Ichigo Residence Token AUM Growth Flow Earnings +151% – Up on Ichigo Office & Private Fund Performance Fees (JPY million) FY26/2 Change FY25/2 Q1 FY26/2 Q1 YOY Full-Year (YOY) Forecast Ichigo Office 323 3
Slide 11: SRE: All-In OP -29% YOY
SRE: All-In OP -29% YOY Stock Earnings +11% – Up on Increased Office & Retail NOI, with Office NOI Driven by Tradepia Odaiba Occupancy Growth Flow Earnings -45% – Growth on Accelerated Assets Sales from Q2 Onwards (JPY million) FY26/2 Change FY25/2 Q1 FY26/2 Q1 YOY Full-Year (YOY) Forecast Office Re
Slide 12: Hotel: All-In OP +47% YOY
Hotel: All-In OP +47% YOY Stock Earnings +34% – Strong Growth Despite 2 Hotels Closed for THE KNOT Rebranding Renovations ̶ Led by Continued THE KNOT TOKYO Shinjuku NOI Growth & Earnings Contribution from Hotels Acquired in FY25/2 ̶ OneFive Operator + PROPERA Income +21% YOY on Strong Hotel Performa
Slide 13: Ichigo Owners: All-In OP -99% YOY
Ichigo Owners: All-In OP -99% YOY Stock Earnings -78% – Down on Increased Leasing Costs to Lease Up Newly Built Assets Flow Earnings -74% – Growth on Accelerated Assets Sales from Q2 Onwards (JPY million) FY26/2 Change FY25/2 Q1 FY26/2 Q1 YOY Full-Year (YOY) Forecast Stock Earnings (Rental Income) 2
Slide 14: Clean Energy: All-In OP +3% YOY
Clean Energy: All-In OP +3% YOY Stock Earnings +3% – Total Power Generation 57,855MWh (+3.3% YOY) (JPY million) FY26/2 Change FY25/2 Q1 FY26/2 Q1 YOY Full-Year (YOY) Forecast Stock Earnings (Power Generation Revenue) 1,216 1,247 +31 +2.6% 4,500 Flow Earnings (Gains on Sale) － － － － － Depreciation -4
Slide 15: Powerful Value-Add Business Model & Sustainability Focus
Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 15
Slide 16: FY26/2 Q1 Summary: Stock Earnings vs Fixed Expenses
FY26/2 Q1 Summary Ongoing Structural Profitability – Stock Earnings Significantly Exceed Fixed Expenses Stock Earnings/Fixed Expenses Fixed Flow Expenses 206% Earnings JPY 2.9B JPY 2B Cash Earnings JPY 8.1B Stock Stock Earnings Ratio Earnings 75% JPY 6.1B Stock Earnings: Rental Income, Power Generat
Slide 17: 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) Record High Cash Earnings 43.0 ■ Stock Earnings ■ Flow Earnings 38.6 33.7 19.5 28.9 15.6 24.7 14.3 20.9 13.3 9.7 5.8
Slide 18: Highly Secure & Diversified Stock Earnings
Highly Secure & Diversified Stock Earnings Stock Earnings by Segment (JPY B) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) Record High ■ Asset Management (Base AM Fees) 22.9 23.5 ■ Clean Energy (Power Generation Revenue) 19.4
Slide 19: Durable Long-Term Borrowings & Strong Financial Base
Durable Long-Term Borrowings & Strong Financial Base Short-Term vs. Long-Term Loans Short-Term Long-Term 8% 7% 6% 21% 7% 8% (JPY 14.9B) (JPY 12.5B) (JPY 9.8B) (JPY 40.7B) (JPY 14.0B) (JPY 20.1B) 92% 93% 94% 79% 93% 92% (JPY 162.7B) (JPY 155.9B) (JPY 157.8B) (JPY 150.3B) (JPY 202.5B) (JPY 217.4B) FY2
Slide 20: Durable Long-Term Borrowings & Strong Financial Base
Durable Long-Term Borrowings & 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 9.1 years 8.9 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 1.36% 1.27% 1.25% 3 1.01% 1.00
Slide 21: Driving Sustainable Growth
Driving Sustainable Growth © Ichigo Inc. All rights reserved. 21
Slide 22: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Acquisitions: JPY 17.8B (JPY 45B Including Executed Contracts) – SRE: 1 Logistics Asset JPY 2.5B (JPY 10.7B Including Executed Contracts for 2 Logistics Assets) – Hotel: 1 Hotel JPY 1.8B – Ichigo Owners: JPY 13.0B (JPY 32.1B Including Executed Contracts) Sales: JPY
Slide 23: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Real Estate Acquisitions & Sales 75.4 (JPY B) Left: Acquisitions Right: Sales 69.6 69.5 ■ Executed Contracts ■ Ichigo Owners 64.8 ■ Hotel ■ SRE 55.1 50.7 49.0 45.8 43.2 45.0 37.9 41.4 50.3 38.2 28.0 18.1 31.0 Executed 36.0 Contracts 27.2 24.3 31.1 2.6 5.1 8.8 91 26.
Slide 24: High-Quality Ready to Move In Offices Tailored to Tenant Needs
Sustainable Real Estate: Ready to Move In Offices High-Quality Ready to Move In Offices Tailored to Tenant Needs Supporting Growth of Startups & SMEs – Productive & versatile spaces with sophisticated designs – Radically reduce tenant initial move-in costs & time High Affinity with Ichigo’s Mid-Size
Slide 25: Ichigo Hongo 3 Chome: Ready to Move In Office = 1.8X Rent
Sustainable Real Estate Value-Add Case: Ready to Move In Office Ichigo Hongo 3 Chome: Ready to Move In Office = 1.8X Rent Introduced Ready to Move In Offices to Serve Area Tenant Needs – Providing office space to support tenant growth in area popular with startups – Divided 1 floor into 3 Ready to M
Slide 26: Tradepia Odaiba: Occupancy Growth to 92%
Sustainable Real Estate: Office Tradepia Odaiba: Occupancy Growth to 92% Growing Occupancy by Building Extraordinarily High Levels of Tenant Satisfaction & Supportive Tenant Community with Tokyo Bay Village Branding Tradepia Odaiba Occupancy 97% 92% As of July 15, 2025 81% Meet The Neighbors! Bay Vi
Slide 27: Hotel & Hotel AM Cash Earnings Growth +33% YOY
Hotel x Asset Management Hotel & Hotel AM Cash Earnings Growth +33% YOY Hotel & Hotel AM Cash Earnings 18,065 (JPY B) ■ Hotel Rental Income & Gains on Sales (+27%) ■ Ichigo Hotel (3463) Base AM Fees + Gains on Sale Performance Fee ■ OneFive Hotels Operator & PROPERA Income 14,218 11,718 RevPAR (JPY)
Slide 28: Ichigo Owners: Strong Growth via Meeting Clients' Diverse Needs
Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Creating High-Quality PASEO Brand Residential Assets in Prime Locations – Strong Ichigo partnerships with developers (share know-how & client needs data) – Extensive Ichigo transaction experience & market presence Ichigo Owners Acquisiti
Slide 29: Ichigo Owners: Strong Growth via Meeting Clients' Diverse Needs
Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Prime Location Residential Assets Tailored to Tenant & Investor Needs – Further growth via expanding sales channels, including Ichigo Residence Tokens Ichigo Owners Operating Profit (JPY B) 5.4 5.6 3.8 3.5 3.2 2.1 1.3 0.1 0.9 1 FY18/2 FY
Slide 30: Forecast FY26/2 Ichigo Residence Token AUM Growth: JPY 20~40B
Ichigo Owners x Asset Management Forecast FY26/2 Ichigo Residence Token AUM Growth: JPY 20~40B FY26/2-end AUM Forecast JPY 60~80B – Superior Ichigo assets & strong & diversified sales channels spanning institutional to high-net-worth investors driving Ichigo Residence Token AUM growth Ichigo Residen
Slide 31: AUM Growth on Diverse Growth Drivers
Asset Management AUM Growth on Diverse Growth Drivers Driving Non-Asset Stock Earnings via Accelerated AUM Growth AUM (JPY B) ■ Ichigo Realty Management (Private REIT) ■ Ichigo Green (9282) ■ Ichigo Residence Tokens ■ Ichigo Hotel (3463) ■ Private Equity Fund ■ Ichigo Office (8975) 380.0～400.0 384.9
Slide 32: 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 – Entering battery storage market in addition to initiatives in green biomass & non-FIT solar Total Business Expenses, Power Generation/Capa
Slide 33: Battery Storage Entry
Clean Energy 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 Q1 – Ongoing business expansion to focus on areas near operating Ichigo plants Japan Energy Mix Forecast Wind 1.1% Geothe
Slide 34: Shareholder Returns
Shareholder Returns © Ichigo Inc. All rights reserved. 34
Slide 35: Flexible Buybacks: JPY 5B Buyback in Progress
Shareholder Returns Flexible Buybacks: JPY 5B Buyback in Progress 9 Consecutive Share Buybacks (Acquired JPY 3.2B YTD in FY26/2) – Buyback Period: March 3, 2025 ~ August 29, 2025 – Up to 16 million shares (4% of shares outstanding) Share Buyback ■ In Progress ■ Completed (as of June 30, 2025) Up to
Slide 36: Dividend Forecast +10% YOY (JPY 11.5)
Shareholder Returns Dividend Forecast +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 Shareho
Slide 37: 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 (104,12
Slide 38: Working to Protect Our Global Environment
Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 38
Slide 39: Selection as CDP 2024 Double A List Company
Selection as CDP 2024 Double A List Company Ichigo Ranked in Top 0.3% of 25,000 Companies Worldwide Selected as A List Company for Climate Change & Water Security – Achieved Highest Scores for Disclosure, Environmental Transparency, & Actions Achieved Ichigo 2030 Third-Party Evaluation Environment
Slide 40: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition RE100 Progress 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 2025 © Ichigo Inc. All rights re
Slide 41: Ichigo CO2 Reduction = 8X CO2 Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions Ichigo CO2 Reduction = 8X CO2 Emissions CO2 Reduction 104,502 CO2 Emissions 13,000 tons tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plant Production (Ichigo + Ichigo Office + Ichigo Hotel + Ichigo Green)
Slide 42: Ichigo Climate Positive: CO2 Reduction vs. Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions 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 (Scop
Slide 43: Appendix: KPIs
Appendix: KPIs © Ichigo Inc. All rights reserved. 43
Slide 44: Ichigo 2030 KPIs: Grow Shareholder Value
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
Slide 45: 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 (JPY) ■ Net Income ■ Economic Operating Cash Flow (JPY million) 60 29,492 18.0% 30,000 17.2% 15.1% 50 13.0% 14.1% 25,317 10.8% 11.7% 44.51 10.0%
Slide 46: Ichigo 2030 KPIs
Ichigo 2030 KPIs High Capital Efficiency & High Earnings Stability High Cash Flow Generation Stock Earnings/Fixed Expenses Target >200% Cash ROE Target >18% Fixed Expenses ROE Target >15% Flow Cash Earnings Earnings Economic Operating Cash Flow Exceeds Net Income Stock Earnings Ratio Target >60% Cas
Slide 47: 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 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 8 5.5
Slide 48: Ichigo 2030 KPIs
Ichigo 2030 KPIs Ichigo Shareholder Distribution Policy: Growth, Durability, & Certainty – DOE (Dividend on Equity) Payout Ratio of >4% • Durable & growing dividend not impacted by short-term earnings volatility – Flexible Deployment of Share Buybacks • Optimize capital structure & drive shareholder
Slide 49: Ichigo 2030 KPIs
Ichigo 2030 KPIs Ichigo Climate Positive RE100 Ichigo CO2 reduction via clean energy Target: 100% renewable electricity power production exceeds CO2 emissions across all Ichigo operations by 2025 (Scope 1 & 2) Non-Fossil Certificate Tracking for Ichigo Power Plants Renewable Completed 100% Energy Re
Slide 50: Appendix: Powerful Value-Add Business Model & Sustainability Focus
Appendix: Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 50
Slide 51: 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
Slide 52: 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 13.8 11.6 10.1 9.4 8.7 6.3 4.7 4.7 3.7X 0.3 1.1 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 Note: Self-storage assets sold in FY24/2 (36 assets, JPY3.9B gains on sales
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
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 FY25/2-end) ESG Loans (JPY B) ■ ESG loans (including green bonds) ■ ESG loans (in
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
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
Slide 57: Appendix: Financial & Operational Data
Appendix: Financial & Operational Data © Ichigo Inc. All rights reserved. 57
Slide 58: All-In Disclosure for Increased Earnings Transparency
All-In Disclosure for Increased Earnings Transparency – All-In disclosure allows for transparent tracking of full profitability contribution of Sustainable Real Estate (SRE) & Hotel – SRE & Hotel are core businesses, and Ichigo executes value-add on SRE & Hotel assets regardless of whether they are
Slide 59: Five Business Segments
Five Business Segments Asset Asset Management (AM) generates fee income via management of Ichigo Office Management (8975), Ichigo Hotel (3463), Ichigo Green (9282), Ichigo Residence Tokens & private real estate funds. Sustainable Real Estate (SRE) preserves & improves real estate. Ichigo receives Su
Slide 60: Consolidated P&L: Segment Breakdown
Consolidated P&L: Segment Breakdown (JPY million) Cash Earnings All-In Operating Profit FY26/2 FY26/2 Segment FY25/2 Q1 FY26/2 Q1 YOY Full-Year FY25/2 Q1 FY26/2 Q1 YOY Full-Year Forecast Forecast Asset Management (AM) 722 1,045 +44.6% 3,259 404 629 +55.5% 1,800 Stock Earnings (Base AM Fees) 547 604
Slide 61: Strong & Diversified Cash Earnings
Strong & Diversified Cash Earnings (JPY B) Cash Earnings by Segment (%) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income + Gains on Sales) ■ Ichigo Owners (Rental Income + Gains on Sales) ■ Sustainable Real Estate (Rental Income + Gains on Sales) Record High ■ Asset Management (AM F
Slide 62: Robust Cash Flow Generation
Robust Cash Flow Generation Key Ichigo Strength: Robust Cash Generation to Fund Growth – Maximal use of depreciation allowances to lower accounting earnings & increase cash flow – Majority of cash earnings are Stock Earnings – Stock Earnings are significantly higher than Fixed Expenses (JPY million)
Slide 63: 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) 92 – – – – 408 – 1,
Slide 64: Risk-Based Balance Sheet
Risk-Based Balance Sheet Mark-to-Market Consolidated Balance Sheet: JPY 492.3B (Book Value JPY 419.2B + Unrealized Gains JPY 73.0B) Cash & Cash Equivalents JPY 30.9B Non-Recourse Loans & Risk-Based Consolidated Balance Sheet: JPY 411.4B Related Liabilities JPY 49.9B (Book Value JPY 338.4B + Unrealiz
Slide 65: Appendix: Sustainable Real Estate & Hotel & Ichigo Owners Details
Appendix: Sustainable Real Estate & Hotel & Ichigo Owners Details © Ichigo Inc. All rights reserved. 65
Slide 66: Sustainable Value-Add
Sustainable Real Estate & Hotel & Ichigo Owners 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 S
Slide 67: 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
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
Slide 69: Ichigo Owners Value-Add
Ichigo Owners Ichigo Owners Value-Add Advantaged Ichigo Capabilities & Cost Competitiveness Build upon Ichigo’s Strong PASEO Residential Brand & Deep Developer Support & Synergies – Development, Marketing, & Branding Tailored to Diverse Buyer & Tenant Needs – Eliminate Development Risk & Cut Costs v
Slide 70: Growing Real Estate Security Token Market
Ichigo Owners Growing Real Estate Security Token Market AUM Expected to Grow to 3rd Largest Market After J-REIT (JPY 20T) & Private Equity Fund (JPY 30T) – Driving liquidity & convenience via secondary market (START) launch Security Token Market Size (AUM) JPY 2.6T JPY 308.9B JPY 158.5B JPY 5.4B JPY
Slide 71: 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
Slide 72: PROPERA: Ichigo's AI Hotel Revenue Management System
Hotel x IT 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
Slide 73: PROPERA: Driving Stock Earnings Growth
Hotel x IT PROPERA: Driving Stock Earnings Growth Launch of 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 recover
Slide 74: 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 Appraisal NOI Cap Rate Appraisal Value Unrealized Gains Location May 31, 2025 (B) (B)/(A) (C) (C) – (A) (A) Tokyo 98,267 5,845 5.9% 137,606 +39,339 Outside
Slide 75: 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 Q1 GPM 20.6% 21.1% 14.6% 21.3% 26.8% (vs. Revenue) GPM 26.2% 27.1% 16.8% 26.7% 36.9% (vs. Book Value) Revenue 45,830 55,166
Slide 76: Ichigo-Owned Real Estate Portfolio
Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Actively Acquiring Mid-Size Assets with Value-Add Potential, Focused on Prime Location Offices, Hotels, Retail, & Residences in Tokyo & Major Cities Ground Lease Total Ichigo-Owned Assets: JPY 294.2B By Asset Type 1%
Slide 77: Real Estate Asset Breakdown (1)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (1) 132 Assets, JPY 294.2B, Annual NOI JPY 12.6B (6.0% 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
Slide 78: 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
Slide 79: 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 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 159 Retail Fixed Asset Shibuya-ku, Tokyo JPY 2
Slide 80: 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 NOI/Year1 2 3 Price Date Age Investment Multiple IRR 61 Retail Operational Loan Shinjuku-ku, Tokyo J
Slide 81: 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 Price Date Age NOI/Year Investment Multiple IRR3 188 Logistics Real Estate for Sale Sanbu-gun, C
Slide 82: Appendix: Asset Management Details
Appendix: Asset Management Details © Ichigo Inc. All rights reserved. 82
Slide 83: Ichigo REITs & Ichigo Green
Asset Management Ichigo REITs & Ichigo Green (as of July 11, 2025) Ichigo Office 8975 Ichigo Hotel 3463 Ichigo Green 9282 Portfolio JPY 219.7B (87 Assets) JPY 67.7B (29 Hotels) JPY 11.4B (15 Solar Plants) Dividend Yield 4.3% 5.3% 8.4% ・ Entered FTSE Global REIT ・ Geographically diversified ・ Solar p
Slide 84: Growth & ESG Support for Ichigo REITs & Ichigo Green
Asset Management Growth & ESG Support for Ichigo REITs & 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 ・ Providing
Slide 85: Asset Management AUM Detail
Asset Management AUM Detail FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 (12M) (12M) (12M) (12M) (12M) (3M) Ichigo Office AUM JPY 206.1B JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B JPY 219.7B (8975) Base AM Fee Gross Profit JPY 1,524M JPY 1,725M JPY 1,517M JPY 1,423M JPY 1,411M JPY 339M Ichigo Hotel
Slide 86: Appendix: Clean Energy Details
Appendix: Clean Energy Details © Ichigo Inc. All rights reserved. 86
Slide 87: 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% 10% Kansai JPY 21 3-
Slide 88: 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
Slide 89: 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
Slide 90: 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
Slide 91: 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
Slide 92: Appendix: Ichigo's Sustainability Commitment (ESG)
Appendix: Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 92
Slide 93: 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 94: 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 95: ESG Initiatives: Social
ESG Initiatives: Social Contributing to Society Contributing to Regional Revitalization Ichigo University Sports Initiatives As a top partner of the J.League Ichigo works to revitalize local communities Ichigo established Ichigo University in May professional soccer league, we support the and promot
Slide 96: ESG Initiatives: Governance
ESG Initiatives: Governance Global Best Practice Governance Early Adopter of Global Best Practice Majority Independent Director Board Annual Board of Directors Corporate Governance Structure Underpins Strong Governance Evaluation All Directors on Ichigo’s Board of Directors Of 9 members of Ichigo’s
Slide 97: Sustainability Initiatives
Sustainability Initiatives Joining Third-Party Initiatives to Accelerate Ichigo’s Sustainability Activities CDP 2024 Highest Leadership Level Joined RE100 Supporting TCFD Recommendations Climate Change: A / Water Security: A Completed 100% renewable energy Disclosure on governance, strategy, risk Ac
Slide 98: Rich ESG Content
Rich ESG Content ICHIGO Sustainable City Ichigo Sustainability Report Promoting Awareness of Ichigo’s Sustainability Introducing Ichigo’s Vision for Society’s Future Initiatives via Ichigo Sustainability Report Sustainable Infrastructure Sports Senior Management Message Sustainable Business Manageme
Slide 99: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company
Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 99
Slide 100: Go for Growth
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,
Slide 101: Addressing Diverse Needs of Individuals & Communities
Addressing Diverse Needs of Individuals & Communities © Ichigo Inc. All rights reserved. 101
Slide 102: Appendix: Financial Statements
Appendix: Financial Statements © Ichigo Inc. All rights reserved. 102
Slide 103: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 vs. FY25/2 Assets Current Assets Cash and cash equivalents 46,458 40,536 46,917 42,689 39,664 -3,025 Trade notes and accounts receivable 1,819 3,866 2,448 4,272 3,890 -382 Operational loan investments 1,324 1,324
Slide 104: Consolidated Balance Sheet: Liabilities
Consolidated Balance Sheet: Liabilities (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 vs. FY25/2 Liabilities Current Liabilities Short-term loans 2,382 962 16,726 6,520 9,888 +3,368 Bonds (due within one year) 274 364 3,162 232 162 -70 Long-term loans (due within one year) 9,888 8,539 20,878 7
Slide 105: Consolidated Balance Sheet: Net Assets
Consolidated Balance Sheet: Net Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 vs. FY25/2 Net Assets Shareholders’ Equity Capital 26,888 26,888 26,892 26,946 26,947 +1 Capital reserve 11,268 11,266 10,313 10,363 10,364 +1 Retained earnings 76,310 82,438 90,967 81,396 79,196 -2,200 Treasu
Slide 106: Consolidated P&L (1)
Consolidated P&L (1) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 FY25/2 Q1 Change vs. Full-Year (12M) (12M) (12M) (12M) (3M) (3M) (YOY) Forecast Forecast Revenue 56,934 68,093 82,747 83,576 12,487 25,096 -12,609 – – Cost of Goods Sold 40,757 48,674 61,875 58,051 6,652 18,660 -12,008 –
Slide 107: Consolidated P&L (2)
Consolidated P&L (2) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 FY25/2 Q1 Change vs. Full-Year (12M) (12M) (12M) (12M) (3M) (3M) (YOY) Forecast Forecast Extraordinary Losses Loss on disposal of fixed assets 5 23 147 100 1 4 -3 – – Valuation losses on securities investments 43 261 – 5
Slide 108: Consolidated Cash Flows: Operations
Consolidated Cash Flows: Operations (JPY million) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (3M) Cash Flows from Operations Pre-tax income 9,595 14,234 17,962 21,784 3,522 Depreciation 5,644 5,339 4,859 4,795 1,175 Share-based compensation expenses 73 – – – – Amortization of goodwil
Slide 109: 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 Q1 (3M) Cash Flows from Investments Payments into time deposits -7 -2 -701 -96 – Redemptions of time deposits 30 23 – 800 80 Payments for securities investments -606 -968 -16,567
Slide 110: Ichigo 2030: New Initiatives
Ichigo 2030: New Initiatives © Ichigo Inc. All rights reserved. 110
Slide 111: 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
Slide 112: J.League Tegevajaro Miyazaki: Revitalizing Local Communities
Real Estate x Sports J.League Tegevajaro Miyazaki: Revitalizing Local Communities – Growing From Consulting Business to Professional Soccer Club & Stadium Management – Acquired Ownership and Stadium Management Rights of J3 Club Tegevajaro Miyazaki Based in Miyazaki Prefecture, a Key Ichigo Area – Es
Slide 113: 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