Ichigo Inc. · TSE:2337
Ichigo — FY26/2 Earnings Presentation
99 slides from Ichigo's earnings presentation, Apr 14, 2026
Slide 1: FY26/2 Full-Year Corporate Presentation
FY26/2 Full-Year Corporate Presentation January 13, April 14, 2023 2026 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 Summary ‒ Ichigo Owners x AM: Diverse Sales Channels FY26/2 Earnings Support Robust Asset Sales ‒ Business Profit +13%, EPS +15%, Cash EPS Flat (YOY) ‒ AM: AUM Growth on Diverse Growth Drivers ‒ Segment Earnings Overview ‒ Clean Energy: Building Out Diversified ‒ AM: Business Profit
Slide 6: FY26/2 Summary
FY26/2 Summary ・ Record Business Profit, Net Income, Cash Earnings, & Stock Earnings FY26/2 ・ Business Profit +13%, Net Income +9%, EPS +15%, Cash EPS Flat Results (YOY) ・ Stock Earnings +6% on Increased SRE NOI ・ Flow Earnings +14% on Ichigo Value-Add Driving Higher Asset Values ・ Investments for G
Slide 7: FY26/2 Earnings
FY26/2 Earnings © Ichigo Inc. All rights reserved. 7
Slide 8: Business Profit +13%, EPS +15%, Cash EPS Flat (YOY)
Business Profit +13%, EPS +15%, Cash EPS Flat (YOY) Record Earnings – Cash Earnings 1.1X Accounting Earnings due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders (JPY million) FY26/2 FY25/2 FY26/2 YOY Full-Year Forecast Operating Profit 16,309 20,449 +25.4% 19,500 Recurring Prof
Slide 9: Segment Earnings Overview
Segment Earnings Overview Record Business Profit on Ichigo Value-Add & SRE Flow Earnings Growth Business Profit (JPY million) FY26/2 Segment FY25/2 FY26/2 YOY Full-Year Forecast Asset Management (AM) 2,613 2,282 -12.7% 1,800 Sustainable Real Estate (SRE) 8,019 13,094 +63.3% 13,400 Hotel 9,166 7,224
Slide 10: AM: Business Profit -13% YOY
AM: Business Profit -13% YOY Stock Earnings +5% – Record High – Steady Growth on AUM Diversification Flow Earnings -5% – Asset Sales/Acquisitions Driving AUM Diversification – Ichigo Office, Ichigo Hotel, Private REIT Sale Performance Fees – Fee Income on Private Residential Fund Created with Ichigo
Slide 11: SRE: Business Profit +63% YOY
SRE: Business Profit +63% YOY Stock Earnings +14% – Increased Office NOI from Newly Acquired Assets – Value-Add Driving Tradepia Odaiba Occupancy Growth (97%) – Ready to Move In Office Rental Growth – Average Rent Increase +66% Flow Earnings +74% – Ichigo Value-Add Driving High Margins (JPY million)
Slide 12: Hotel: Business Profit -21% YOY
Hotel: Business Profit -21% YOY Stock Earnings +2% – Earnings Increase on Hotel NOI Growth & Newly Acquired Hotels Outpaced Earnings Decrease from Asset Sales & Hotel Closings for Rebranding Renovations Flow Earnings -46% – YOY Decrease on Drop Off of Large Gains on Sale in FY25/2, but +30% vs. FY26
Slide 13: Ichigo Owners: Business Profit +13% YOY
Ichigo Owners: Business Profit +13% YOY Stock Earnings +11% – Higher NOI on Increased Asset Base & Occupancy Flow Earnings +10% – Diverse Sales Channels Supporting Growth – Asset Sales to Institutional Investors, Cash-Rich Japanese Companies & Individuals, & Sale to Private Real Estate Fund (JPY 9.8
Slide 14: Clean Energy: Business Profit -5% YOY
Clean Energy: Business Profit -5% YOY Stock Earnings -2% – Down on Higher Operating Costs (JPY million) FY26/2 FY25/2 FY26/2 YOY Full-Year Forecast Stock Earnings 4,722 4,643 -1.7% 4,500 Flow Earnings – – – – Cash Earnings 4,722 4,643 -1.7% 4,500 SG&A -997 -1,001 +0.4% Depreciation -1,999 -1,993 -0.
Slide 15: Record Business Profit
Record Business Profit (JPY B) Business Profit (YOY) ■ Hotel Record High ■ Ichigo Owners 28.0 ■ SRE ■ Asset Management 24.8 ■ Clean Energy 7.2 (-21%) 21.1 9.1 3.7 16.9 (+13%) 6.7 1.4 13.2 3.3 3.5 10.3 2.0 5.4 13.0 3.8 (+63%) 6.9 8.0 7.6 4.9 5.4 1.8 3.0 2.6 2.2 1.4 1.4 (-13%) 1.8 2.1 2.0 1.9 1.7 1.6
Slide 16: Powerful Value-Add Business Model & Sustainability Focus
Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 16
Slide 17: Structurally Profitable – Stock Earnings Exceed Fixed Expenses
FY26/2 Summary Structurally Profitable – Stock Earnings Significantly Exceed Fixed Expenses Asset Stock Earnings/Fixed Expenses Management JPY 2.7B 195% SRE Clean Energy JPY Fixed Stock JPY 4.6B 9.0B Earnings Expenses JPY 24.3B Flow JPY 12.5B Ichigo Owners Earnings JPY 0.8B Hotel JPY Cash Earnings J
Slide 18: Stock + Flow Earnings Underpin Strong Cash Earnings Generation
Stock + Flow Earnings Underpin Strong Cash Earnings Generation Record Cash Earnings (+9% YOY) (JPY B) Record High Cash Earnings 42.2 ■ Flow Earnings +9% YOY ■ Stock Earnings 38.6 33.7 17.8 28.9 15.6 24.7 14.3 20.9 13.3 9.7 5.8 22.9 24.3 19.4 (58%) (58%) Stock Earnings 15.5 15.0 14.9 (54%) Ratio (50%
Slide 19: Highly Secure & Diversified Stock Earnings
Highly Secure & Diversified Stock Earnings Record Stock Earnings (+6% YOY) – Record Hotel, SRE, & AM Earnings Stock Earnings by Segment (YOY) (JPY B) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) Record High ■ Asset Managemen
Slide 20: Embedded Forward Earnings
Embedded Forward Earnings Record Unrealized Gains (+13% YOY) (JPY B) 83.5 72.5 74.2 65.2 67.8 63.9 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Third-Party Appraisal Value-Based Unrealized Gains © Ichigo Inc. All rights reserved. 20
Slide 21: 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) 2.9X 1.5X 1.8X 2.1X 2.0X 14.6 13.8 1.9X 11.6 10.1 9.4 8.7 6.3 5.7 4.7 4.7 4.9 3.0 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Note: Self-storage assets sold in FY24/2 (36 assets, JPY3
Slide 22: Robust Cash Generation
Robust Cash Generation Economic Operating Cash Flow Systematically Exceeds Net Income Net Income Economic Operating Cash Flow (JPY B) 2.1X 1.3X 1.1X 2.4X 1.5X 2.2X 25.3 19.8 18.3 15.6 16.6 14.3 15.1 11.1 12.1 9.4 6.4 5.0 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Economic Operating Cash Flow = Cash F
Slide 23: Strong Financial Base
Strong Financial Base Long-Term vs. Short-Term Loans Short-Term Long-Term 8% 7% 6% 21% 7% 13% (JPY 14.9B) (JPY 12.5B) (JPY 9.8B) (JPY 40.7B) (JPY 14.0B) (JPY 32.6B) 92% 93% 94% 79% 93% 87% (JPY 162.7B) (JPY 155.9B) (JPY 157.8B) (JPY 150.3B) (JPY 202.5B) (JPY 221.4B) FY21/2 FY22/2 FY23/2 FY24/2 FY25/
Slide 24: 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 8.9 years 2.25% 9 7.2 years 6.5 years 6.1 years 6.2 years 5.9 years 1.75% 6 5.2 years 1.43% 1.27% 1.25% 3 1.01% 1.00% 0.99% 0.98% Weighted Average
Slide 25: Significant Benefits from Sustainable/ESG Financing
Significant Benefits from Sustainable/ESG Financing Ichigo’s Sustainability Execution Driving Attractive Financing Terms ESG Loans as % of Total Borrowings (as of FY26/2-end) ESG Loans (JPY B) ■ ESG loans (including green bonds) ■ ESG loans (including green bonds) ■ Remaining ESG commitment line ■ R
Slide 26: Driving Sustainable Growth
Driving Sustainable Growth © Ichigo Inc. All rights reserved. 26
Slide 27: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Acquisitions: JPY 79.5B (+5% YOY) – SRE: 4 Assets JPY 10.7B (Including 3 Logistics JPY 10.4B) – Hotel: 3 Hotels JPY 20.6B, 1 Hotel Ground Lease JPY 0.8B, Total JPY 21.5B – Ichigo Owners: 39 Residential JPY 47.1B Sales: JPY 73.5B (+14% YOY) – SRE: 9 Assets JPY 23.2B,
Slide 28: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Real Estate Acquisitions & Sales (JPY B) ■ Ichigo Owners ■ Hotel ■ SRE 79.9 75.4 73.5 Left: Acquisitions Right: Sales 69.5 69.6 64.8 55.1 47.1 37.8 50.7 49.0 45.8 43.2 41.4 50.3 37.9 38.2 28.0 18.1 31.0 36.0 6.7 24.3 31.1 2.6 5.1 8.8 9.1 21.5 26.7 17.8 25.0 28.9 21.
Slide 29: Hotel & Hotel AM Cash Earnings -19% YOY
Hotel x Asset Management Hotel & Hotel AM Cash Earnings -19% YOY Stock Earnings (+5% YOY): Continued Growth Flow Earnings (-52% YOY): Down on Drop Off of Large FY25/2 Hotel Gain on Sales & Hotel REIT Performance Fee Hotel & Hotel AM Cash Earnings 15,912 RevPAR (JPY) ■ Hotel Rental Income & Gains on
Slide 30: 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, sharing know-how & client needs data – Deep Ichigo transaction experience & market presence Ichigo Owners Acquisit
Slide 31: Strong Growth via Meeting Clients’ Diverse Needs
Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Prime Residential Assets Tailored to Tenant & Investor Needs Ichigo Owners Business Profit (JPY B) 7.6 5.4 3.8 3.7 3.5 3.3 2.0 1.3 1.1 0.1 FY18/2 FY19/2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 (Establishment) Forecast Not
Slide 32: Diverse Sales Channels Support Robust Asset Sales
Ichigo Owners x Asset Management Diverse Sales Channels Support Robust Asset Sales Optimizing Sales Channels to Client Needs & Market Environment Sales by Buyer (JPY B) ■ Ichigo Private Real Estate Fund (Drives AUM Growth) 50.3 ■ Security Tokens (Drives AUM Growth) ■ Institutional Investors ■ Busine
Slide 33: AUM Growth on Diverse Growth Drivers
Asset Management AUM Growth on Diverse Growth Drivers Driving Non-Asset Stock Earnings via AUM Growth – FY26/2 AUM Down on Private REIT Asset Sales & Ichigo Residence Token Return of Capital to Investors, but Further Growth On Track AUM ■ Ichigo Green (9282) ■ Private REITs ■ Ichigo Hotel (3463) ■ I
Slide 34: Building Out Diversified Renewable Energy Portfolio
Clean Energy Building Out Diversified Renewable Energy Portfolio Continued Focus on Delivering Business Growth via Addressing Important Client & Environmental Needs – Expanding battery storage pipeline First Battery Storage Plant (Chiba Prefecture, 8.9MWh) Launch in FY27/2 Total Investment & Power
Slide 35: Conclusion of J.League Top Partner Contract
Real Estate x Sports Conclusion of J.League Top Partner Contract Leverage Experience Gained During 7-Year J.League Top Partner Tenure to Continue to Drive Initiatives to Create Social Value Initial Objectives Outcomes Next Steps ・Provide real estate ・Built networks with J.League clubs & Continued fo
Slide 36: Shareholder Returns
Shareholder Returns © Ichigo Inc. All rights reserved. 36
Slide 37: Completed JPY 10B Buybacks & Cancelled 7% of Shares
Completed JPY 10B Buybacks & Cancelled 7% of Shares Ongoing Buybacks to Support EPS & Shareholder Value Growth – JPY 15B Share Buyback Program in FY26/2 (Executed JPY 10B) Cancelled 30 Million Shares (7% of Shares Outstanding) – Cumulative Share Buybacks (Including In Progress) JPY 43.3B Share Buyba
Slide 38: Raising DOE Target from >4% to >5% & Increasing Dividend
Raising DOE Target from >4% to >5% & Increasing Dividend Strong Cash Flow Generation Supports Higher Shareholder Returns – FY26/2 Dividend +10% YOY – FY27/2 Dividend +35% YOY in Line with Raising DOE Target 5 Consecutive Progressive Dividend is Maintained or Raised every year, Double-Digit Dividend
Slide 39: Working to Protect Our Global Environment
Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 39
Slide 40: Received RE100 Certification
Received RE100 Certification (as of FY26/2-end) 100% Renewable Energy Non-Fossil Certificate Tracking for Ichigo Solar and Wind Power Plants RE100 59% 41% 100% Renewable Energy © Ichigo Inc. All rights reserved. 40
Slide 41: Ichigo Climate Positive: CO2 Reduction 9X > CO2 Emissions
Ichigo Climate Positive: CO2 Reduction 9X > CO2 Emissions Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reductions vs. Emissions (tons) ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Em
Slide 42: FY27/2 Forecasts
FY27/2 Forecasts © Ichigo Inc. All rights reserved. 42
Slide 43: FY27/2 Full-Year Forecast Summary
FY27/2 Full-Year Forecast Summary +JPY 5.9B (+21%) YOY Business Stock Earnings (-2% YOY): Down Slightly on SRE Asset Sales (Balance Profit Sheet Shrinkage) Decreasing NOI JPY 34.0B Flow Earnings (+35% YOY): Strong SRE & Ichigo Owners Earnings Cash Net Income +JPY 1.3B (+8%) YOY Net Income +JPY 5.5B
Slide 44: FY27/2 Forecast: Record Earnings
FY27/2 Forecast: Record Earnings Business Profit +21%, Cash EPS +35% YOY ROE 15%, Cash ROE 20% (JPY million) FY2 FY26/2 FY27/2 YOY Actual Forecast Operating Profit 20,449 20,600 +0.7% Business Profit 28,047 34,000 +21.2% Recurring Profit 17,095 14,900 -12.8% Net Income 16,628 18,000 +8.2% Cash Net I
Slide 45: FY27/2 Forecast Details
FY27/2 Forecast Details AM: Down on Excluding REIT AM Performance Fees from Forecast SRE: Up on Asset Sales & Real Estate Subsidiary Sale Ichigo Owners: Up on Higher Sales (FY26/2 Sales Pushed Out into FY27/2) Hotel: Down on Drop Off of FY26/2 Gains on Sale Flow Earnings (JPY 2.6B) CE: Down on Power
Slide 46: Forecast Record Business Profit
Forecast Record Business Profit Business Profit (YOY) (JPY B) ■ Hotel Record High ■ Ichigo Owners 34.0 (+21%) ■ SRE ■ Asset Management ■ Clean Energy 5.1 28.0 24.8 7.6 7.2 21.1 9.1 3.7 16.9 6.7 1.4 13.2 3.5 3.3 10.3 2.0 5.4 18.5 13.0 3.8 6.9 8.0 7.6 4.9 5.4 1.8 3.0 2.6 2.2 1.4 1.4 1.2 1.8 2.1 2.0 1.
Slide 47: Forecast 3rd Consecutive Year of Record Cash Earnings
Forecast 3rd Consecutive Year of Record Cash Earnings Forecasting Record Flow Earnings on Continuing Double-Digit Growth (JPY B) Record High Cash Earnings 47.8 (+13%) ■ Flow Earnings ■ Stock Earnings 42.2 38.6 33.7 23.9 17.8 28.9 15.6 24.7 14.3 20.9 13.3 9.7 5.8 22.9 24.3 23.8 19.4 15.0 14.9 15.5 FY
Slide 48: Stock Earnings Forecast: -2% YOY
Stock Earnings Forecast: -2% YOY Stock Earnings by Segment (JPY B) ■ Hotel (Rental Income + OneFive Hotels Operators & PROPERA Income) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) ■ Asset Management (Base AM Fees) ■ Clean Energy (Power Generation Revenue) 24.3 23.8 (-2%) 22.9 7.1 19.4 6.9 8
Slide 49: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company
Appendix Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 49
Slide 50: 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,
Slide 51: 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
Slide 52: 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) 70 17.2% 18.0% 16.2% 30,000 60 15.0% 13.0% 25,317 11.7% 14.1% 14.6% 50 10.0% 9.2
Slide 53: Shareholder Returns
Shareholder Returns DOE (Dividend on Equity) >5%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy (JPY B) 5.5% 240 ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend (DPS) 5.0% DOE Target 5% 200 19.3 18.4 17.8 4.5% 15.3 160 4.1% 4.1% 13.0 3.8% 4.0% 120 3.6% 9.9 3.5% 3.3%
Slide 54: Working for a Sustainable Planet
Working for a Sustainable Planet Ichigo Climate Positive RE100 (As of FY26/2-end) 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
Slide 55: Powerful Value-Add Business Model & Sustainability Focus
Appendix Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 55
Slide 56: 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 Feb 28, 2026 NOI Yield (B) (C) (C) – (A) (A) (B)/(A) Tokyo 91,602 5,778 6.3% 135,396 +43
Slide 57: Risk-Based Balance Sheet
Risk-Based Balance Sheet Mark-to-Market Consolidated Balance Sheet: JPY 519.3B (Book Value JPY 435.8B + Unrealized Gains JPY 83.5B) Cash & Cash Equivalents Non-Recourse Loans & Risk-Based Consolidated Balance Sheet: JPY 438.6B JPY 33.4B Related Liabilities JPY 47.2B (Book Value JPY 355.1B + Unrealiz
Slide 58: 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 GPM 20.6% 21.1% 14.6% 21.3% 21.5% (vs. Revenue) GPM 26.2% 27.1% 16.8% 26.7% 27.2% (vs. Book Value) Revenue 45,830 55,166 69,
Slide 59: 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 60: Post-GFC Shift in Earnings Base & Financial Position
Post-GFC Shift in Earnings Base & Financial Position FY09/2 FY14/2 FY26/2 vs. GFC GFC Start of Shift Up MTP Stock Earnings/ Fixed Expenses 75% 140% 195% 2.6X Coverage Ratio 8.9 years Loan Maturity (Weighted avg., 5.6 years 5.6 years 3.2X corporate + non-recourse loans) 2.8 years 2.8 years 2.8 years
Slide 61: Portfolio of Businesses Centered on Sustainable Value-Add
Appendix Portfolio of Businesses Centered on Sustainable Value-Add © Ichigo Inc. All rights reserved. 61
Slide 62: 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
Slide 63: 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
Slide 64: Segment Overview
Segment Overview Business Profit by Segment Owned Real Estate & AUM by Segment Total JPY 713.6 B Asset Management Asset Management Clean Energy JPY 2.2B JPY 1.6B Ichigo Owners AUM (Acquisition Price) JPY 366.0B JPY 3.7B SRE Assets JPY SRE SRE Hotel Ichigo Owners JPY 28.0B Hotel JPY 13.0B Owned Real
Slide 65: AM Leveraging Group’s Comprehensive Capabilities
Asset Management AM Leveraging Group’s Comprehensive Capabilities Asset Management Ichigo Investment Advisors OneFive Hotels Ichigo Estate Ichigo Office Hotel Operation (8975) Office Ichigo Retail Ichigo Hotel Non-Asset Operation Logistics (3463) Function PROPERA Stock Hotel (Revenue Management) Ear
Slide 66: Diverse Investment Products Leveraging Ichigo Value-Add
Asset Management Diverse Investment Products Leveraging Ichigo Value-Add 3 Listed J-REITs, Private REIT/Funds, & Security Tokens ■ Asset Composition ■ Ichigo Office (8975) Mid-Size Offices 3 Specialized Listed ・ Specialized in mid-size office buildings with stability and earnings growth Ichigo REITs
Slide 67: Asset Management AUM & Base AM Fee (Stock Earnings)
Asset Management Asset Management AUM & Base AM Fee (Stock Earnings) FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 (12M) (12M) (12M) (12M) (12M) (12M) Ichigo Office AUM JPY 206.1B JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B JPY 222.5B (8975) Base AM Fee Gross Profit JPY 1,524M JPY 1,725M JPY 1,517M JPY
Slide 68: Ichigo-Owned Real Estate Portfolio
Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Total Ichigo-Owned Assets: JPY 305.0B (Including Ichigo-Managed AUM: JPY 670.4B) By Asset Type By Location By Asset Size Balanced Portfolio Across Focus on Tokyo Metropolitan Mid-Size Assets Different Asset Types Area
Slide 69: SRE: Maximizing Value of Office & Retail Assets
SRE: Maximizing Value of Office & Retail Assets – Extending Building Life & Lengthening Revenue-Generating Periods, Responding to Diverse Needs of Communities & Tenants, & Maximizing Asset Value via Value-Add Know-How – Highly Competitive Assets due to High Earnings/Capital Efficiency Diverse Sales
Slide 70: Hotel: Systematically Driving Asset Value
Hotel: Systematically Driving Asset Value Seamless Integrated Business Model Spanning Ownership, Value Add, Asset Management, Operations, & DX Solutions Acquisition Sale Ownership 保有 Asset Management AM受託 Rental Income Stock Earnings Gains on Sales Flow Earnings Hotel Operator Fee Stock Earnings PRO
Slide 71: Ichigo Owners: Real Estate Tailored to Client Needs
Ichigo Owners: Real Estate Tailored to Client Needs Real Estate Planning & Development Tailored to Client Needs – Eliminate Development Risk & Cut Costs via Outsourcing Construction to Third- Party Developers – Construction Quality Control by Ichigo Engineering Organization – Controlling Sales Oppor
Slide 72: 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 73: 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 74: Clean Energy: Solar & Wind Power Plants Utilizing Unused Land
Clean Energy: Solar & Wind Power Plants Utilizing Unused Land Expanding Solar & Wind Power Plants Utilizing Unused Land Across Japan Operating Plants Regionally Diversified Portfolio Solar 48 Plants 151.4MW Okinawa Hokkaido 64 Plants Ichigo Wind 1 Plant 7.39MW Kyushu 10.2% 4.1% 6.7% Tohoku 5.9% c. 1
Slide 75: Ichigo Solar Power Plant Portfolio
Clean Energy 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% Kans
Slide 76: Diversifying Energy Sources & Strengthening Earnings Base
Clean Energy Diversifying Energy Sources & Strengthening Earnings Base Battery Storage Development Contribute to Japan’s Renewable Energy Expansion & Stable Energy Supply — Partially substitute thermal power’s electricity adjustment capabilities, growth area supporting sustainable society — Store ex
Slide 77: Ichigo’s Sustainability Commitment (ESG)
Appendix Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 77
Slide 78: 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
Slide 79: 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
Slide 80: Sports Business & Community Revitalization
Appendix Sports Business & Community Revitalization © Ichigo Inc. All rights reserved. 80
Slide 81: J.League Tegevajaro Miyazaki: Revitalizing Local Communities
Real Estate x Sports x Community Revitalization 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
Slide 82: Financial Statements/Data
Appendix Financial Statements/Data © Ichigo Inc. All rights reserved. 82
Slide 83: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 vs. FY25/2 Assets Current Assets Cash and cash equivalents 46,458 40,536 46,917 42,689 42,059 -630 Trade notes and accounts receivable 1,819 3,866 2,448 4,272 4,079 -193 Operational loan investments 1,324 1,324 1,324
Slide 84: Consolidated Balance Sheet: Liabilities
Consolidated Balance Sheet: Liabilities (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 vs. FY25/2 Liabilities Current Liabilities Short-term loans 2,382 962 16,726 6,520 6,421 -99 Bonds (due within one year) 274 364 3,162 232 2,162 +1,930 Long-term loans (due within one year) 9,888 8,539 20,878 7,
Slide 85: Consolidated Balance Sheet: Net Assets
Consolidated Balance Sheet: Net Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 vs. FY25/2 Net Assets Shareholders’ Equity Capital 26,888 26,888 26,892 26,946 27,012 +66 Capital reserve 11,268 11,266 10,313 10,363 10,429 +66 Retained earnings 76,310 82,438 90,967 81,396 81,909 +513 Treasury
Slide 86: Consolidated P&L (1)
Consolidated P&L (1) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Change vs. Full-Year (12M) (12M) (12M) (12M) (12M) (YOY) Forecast Forecast Revenue 56,934 68,093 82,747 83,576 92,705 +9,129 – – Cost of Goods Sold 40,757 48,674 61,875 58,051 62,586 +4,535 – – Gross Profit 16,177 19,418 20
Slide 87: Consolidated P&L (2)
Consolidated P&L (2) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Change vs. Full-Year (12M) (12M) (12M) (12M) (12M) (YOY) Forecast Forecast Extraordinary Losses Loss on disposal of fixed assets 5 23 147 100 11 -89 – – Valuation losses on securities investments 43 261 – 588 791 +203 – – I
Slide 88: Consolidated Cash Flows: Operations
Consolidated Cash Flows: Operations (JPY million) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) Cash Flows from Operations Pre-tax income 9,595 14,234 17,962 21,784 24,499 Depreciation 5,644 5,339 4,859 4,795 4,676 Share-based compensation expenses 73 – – – – Amortization of goodw
Slide 89: 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 (12M) Cash Flows from Investments Payments into time deposits -7 -2 -701 -96 -232 Redemptions of time deposits 30 23 – 800 314 Payments for securities investments -606 -968 -16,5
Slide 90: Consolidated Balance Sheet: Segment Breakdown
Consolidated Balance Sheet: Segment Breakdown (JPY million) Cash and Operational Operational Real Estate Intangible Securities Other Segment Cash Loan Securities Fixed Assets Total Assets for Sale Assets Investments Assets Equivalents Investments Investments Asset Management (AM) 408 – – – – 354 – 1
Slide 91: Real Estate Asset Breakdown (1)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (1) 136 Assets, JPY 305.0B, Annual NOI JPY 12.8B (5.7% Yield) *Excludes Ichigo Owners and Centro assets Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location
Slide 92: 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 Price Date Age NOI/Year1 Investment Multiple 2 IRR3 43 Retail Fixed Asset Osaka JPY 1B-2B 2014/09 23
Slide 93: 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 167 Hotel Fixed Asset Hiroshima >JPY 3B 2020/08
Slide 94: 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 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 61 Retail Operational Loan Shinjuku-ku, Tokyo
Slide 95: 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 Price Date Age NOI/Year1 Investment Multiple 2 IRR3 190 Office Real Estate for Sale Yokohama, Kanaga
Slide 96: 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 97: 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 98: 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 99: 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