Ichigo Inc. · TSE:2337

Ichigo — Investor Presentation (October 2026)

87 slides from Ichigo's investor presentation, Oct 14, 2026

  1. Slide 1: FY27/2 H1 Corporate Presentation

    FY27/2 H1 Corporate Presentation October 14, 2026 Ichigo (2337) © Ichigo Inc. All rights reserved. www.ichigo.gr.jp/en

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

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

  3. Slide 3: Ichigo – 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. ©

  4. Slide 4: Contents

    Contents FY27/2 H1 Summary 5 Segment Earnings 19 • Segment Earnings Overview • Sustainable Real Estate (SRE) FY27/2 H1 Earnings 6 • Hotel • Business Profit +3%, EPS +4%, Cash EPS +17% (YOY) • Ichigo Owners • Business Profit Growth – FY27/2 Record Forecast • Asset Management (AM) • Clean Energy (CE)

  5. Slide 5: FY27/2 H1 Summary

    FY27/2 H1 Summary ・ Business Profit +3%, Net Income -2%, EPS +4%, Cash EPS +17% YOY FY27/2 H1 ・ Stock Earnings -2%, Acquisitions & NOI Growth at Existing Assets Results Offset Decline from FY26/2 Asset Sales, Exceeded H1 Forecast (YOY) Despite YOY Decrease ・ Flow Earnings +8%, Q2 Progress on Ichigo

  6. Slide 6: FY27/2 H1 Earnings

    FY27/2 H1 Earnings © Ichigo Inc. All rights reserved. 6

  7. Slide 7: Business Profit +3%, EPS +4%, Cash EPS +17% (YOY)

    Business Profit +3%, EPS +4%, Cash EPS +17% (YOY) – On Track to Achieve Record Business Profit, Net Income, & Cash Net Income – Cash Earnings 1.4X Accounting Earnings due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders (JPY million) FY27/2 FY26/2 H1 FY27/2 H1 YOY FY26/2 Full-Ye

  8. Slide 8: Business Profit Growth – FY27/2 Record Forecast

    Business Profit Growth – FY27/2 Record Forecast Business Profit (YOY) (JPY B) ■ Hotel ■ Ichigo Owners ■ SRE Record High ■ Asset Management 34.0 ■ Clean Energy 5.1 28.0 24.8 7.6 7.2 21.1 9.1 16.9 3.7 6.7 15.5 (+3%) 1.4 15.1 13.2 3.3 2.2 (-57%) 3.5 5.2 2.0 18.5 5.4 3.4 (+39%) 13.0 6.9 8.0 2.4 7.6 7.1

  9. Slide 9: KPIs

    KPIs © Ichigo Inc. All rights reserved. 9

  10. Slide 10: Structural Profitability

    Structural Profitability Stock Earnings Significantly Exceed Fixed Expenses Asset Stock Earnings/Fixed Expenses Management JPY 1.2B 196% SRE Fixed Green Energy JPY 2.4B Stock JPY Expenses Earnings 4.2B Flow JPY 6.4B Earnings JPY 12.5B JPY 10B Ichigo Owners JPY 0.8B Hotel Cash Earnings JPY 3.6B Asset

  11. Slide 11: Stock + Flow Earnings Underpin Strong Cash Generation

    Stock + Flow Earnings Underpin Strong Cash Generation Forecasting Record Cash Earnings, with Accelerated Flow Earnings from H2 Cash Earnings (YOY) (JPY B) ■ Flow Earnings ■ Stock Earnings Record High 47.8 42.2 38.6 Flow 33.7 17.8 23.9 28.9 15.6 24.7 14.3 22.1 22.6 (+2%) 13.3 9.7 9.3 10 (+8%) 24.3 St

  12. Slide 12: Highly Secure & Diversified Stock Earnings

    Highly Secure & Diversified Stock Earnings Stock Earnings Diversification Drives Stability Stock Earnings by Segment (YOY) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) (JPY B) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) ■ Asset Management (Base AM Fees) ■ Clean Energy

  13. Slide 13: Strong Financial Position

    Strong Financial Position Long-Term Debt Loan Ratio: c. 90% Long-Term vs. Short-Term Loans Short-Term Long-Term JPY 168.5B JPY 167.7B JPY 191.1B JPY 216.6B JPY 254.0B JPY 269.9B 7% 6% 7% 13% 9% (JPY 12.5B) (JPY 9.8B) 21% (JPY 14.0 B) (JPY 32.6B) (JPY 24.6B) (JPY 40.7B) 93% (JPY 202.5B) 91% 93% 94% 8

  14. Slide 14: Strong Financial Position

    Strong Financial Position Ichigo Reduces Interest Rate Risk via Fixed Rate Loans Fixed Rate Loans: 51%, Weighted Average Interest Rate: 1.69% Average Interest Rate & Loan Term (Interest Rate) (Loan Term, Years) 4.50% 12 10.1 years 10.0 years 9.3 years 8.9 years 8.9 years 8.5 years 3.50% 9 6.5 years

  15. Slide 15: Business & Asset Overview

    Business & Asset Overview © Ichigo Inc. All rights reserved. 15

  16. Slide 16: Business & Asset Overview

    Business & Asset Overview Business Profit by Segment Assets (Full-Year Forecast) (JPY B) Asset Management Total: JPY 714.1B Clean Energy 1.2 1.4 SRE Hotel Ichigo Owners Balance Ichigo Owners Sheet Assets (Book Value) JPY 330.7B 7.6 FY27/2 Clean Energy Full-Year Forecast SRE Power Plants & 34.0 18.5

  17. Slide 17: Acquisitions & Sales: FY27/2 H1

    Acquisitions & Sales: FY27/2 H1 Net Acquisitions: JPY 14.2B – Acquisitions: JPY 45.6B (+35% YOY) – Sales: JPY 31.4B (-8% YOY) (JPY million) Acquisitions Sales Difference No. of Assets Book Value (A) No. of Assets Sale Price (B) (A) - (B) Sustainable Real Estate (SRE) 3 15,675 5 15,983 -307 Office 3

  18. Slide 18: Acquisitions & Sales: FY22/2 – FY27/2

    Acquisitions & Sales: FY22/2 – FY27/2 Real Estate Acquisitions & Sales (JPY B) ■ Ichigo Owners ■ Hotel 79.5 ■ SRE 75.4 73.5 FY27/2 Progress 69.5 69.6 Left: Acquisitions Right: Sales 64.8 63.4 55.1 47.1 Executed 37.8 Contracts 50.7 17.7 49.0 45.8 43.2 44.6 37.9 50.3 28.0 Executed Contracts 18.1 13.2

  19. Slide 19: Segment Earnings

    Segment Earnings © Ichigo Inc. All rights reserved. 19

  20. Slide 20: Segment Earnings Overview

    Segment Earnings Overview Business Profit +3% YOY, with AM, SRE, & Ichigo Owners Earnings Growth Offsetting Lower Hotel & Clean Energy Earnings Business Profit (JPY million) FY27/2 Segment FY26/2 H1 FY27/2 H1 YOY FY26/2 Full-Year YOY Forecast Asset Management (AM) 1,029 1,713 +66% 2,282 1,250 -45% S

  21. Slide 21: SRE: Business Profit +38% YOY

    SRE: Business Profit +38% YOY Stock Earnings -4% – Exceeded H1 Forecast – Office Earnings Growth Offset Retail Earnings Decline on Asset Sales – Office Earnings Up on Tradepia Odaiba Occupancy Growth (FY26/2 92%, FY27/2 99%), Pro-Active Leasing, & Rent Increases – Retail Down on FY26/2 Asset Sales &

  22. Slide 22: Ready To Move In Offices Driving 1.8X NOI Increase

    SRE: Ichigo Hongo Village Ready To Move In Offices Driving 1.8X NOI Increase Increasing Initial 3 Offices on 1 Floor to 15 Offices on 5 Floors in FY27/2 – Driving Competitive Differentiation via Functionality & Design – Gradual Expansion as Space Becomes Available Rental Income 1.8X – 2.1X Previous

  23. Slide 23: Hotel: Business Profit -57% YOY

    Hotel: Business Profit -57% YOY Stock Earnings -7% – Down YOY, but Forecast Full-Year Growth – Rental Income +7% YOY, but Lower Ichigo Hotel Dividend & Operator Earnings Down on One-Off Operating Cost Increase on Increased Hotels under Management & Higher Rent Payments No Flow Earnings in Current Fu

  24. Slide 24: RevPAR

    Hotel RevPAR RevPAR -12% YOY (JPY 12,102) – RevPAR -12% YOY on Drop-Off in Osaka World Expo Demand in Osaka & Kyoto. RevPAR for Tokyo, Fukuoka, & Other +5%. – Despite RevPAR Decrease, Total Room Revenue +16% YOY on New Hotel Acquisitions & Openings (JPY thousand) 18.5 18.0 16.5 15.9 16.3 14.8 14.2 1

  25. Slide 25: Ichigo Owners: Business Profit +39% YOY

    Ichigo Owners: Business Profit +39% YOY Stock Earnings +153% – Acquisitions & Leasing On Track, Asset Sales Shifting to H2 Driving Higher Rental Income Flow Earnings +19% – On Track to Achieve Full-Year Forecast on Further Asset Sales in H2, Forecasting Record Full-Year Flow Earnings (JPY million) F

  26. Slide 26: Serving Tenants & Investors to Drive Growth

    Ichigo Owners Serving Tenants & Investors to Drive Growth Prime Residential Assets Tailored to Tenant Needs, Overwhelmingly in Tokyo High Capital Efficiency via Fabless Model that Outsources Development H1 Acquisitions JPY 30B (JPY 43.9B Including Executed Contracts, c. 76% of Full-Year Target JPY 5

  27. Slide 27: AM: Business Profit +66% YOY

    AM: Business Profit +66% YOY Stock Earnings -5% – Ichigo Office NOI Up on Value-Add & Rent Increases, Ichigo Hotel Down on Impact from Temporary Hotel Closures Flow Earnings +148% – Ichigo Office Gains on Sales Significantly Exceeding Unrealized Gains. Exceeded Full-Year Forecast on Performance Fees

  28. Slide 28: AUM Growth via Diversified Asset Management Portfolio

    Asset Management AUM Growth via Diversified Asset Management Portfolio Driving Non-Asset Stock Earnings via AUM Growth AUM ■ Ichigo Green ■ Ichigo Residence Tokens (JPY B) ■ Ichigo Hotel ■ Private Funds ■ Ichigo Office 380 – 400 384.9 366.0 42.6 357.4 343.3 37.5 20.9 37.5 38.5 21.4 28.9 21.0 11.4 11

  29. Slide 29: Clean Energy: Business Profit -17% YOY

    Clean Energy: Business Profit -17% YOY Stock Earnings -9% – Down on Temporary Shutdown at Power Plant due to Lightning Strike (JPY million) FY27/2 YOY FY26/2 H1 FY27/2 H1 YOY FY26/2 Full-Year (Forecast) Forecast Stock Earnings 2,707 2,473 -9% 4,643 4,362 -6% Flow Earnings – – – – – – Cash Earnings 2

  30. Slide 30: Building Out Diversified Renewable Energy Portfolio

    Clean Energy Building Out Diversified Renewable Energy Portfolio Continued Focus on Delivering Business Growth via Addressing Important Environmental Needs 63.4 Power Generation 161.2MW Power Capacity 289.7MWh Total Investment & Power Generation/Capacity (Ichigo-owned plants only – excludes Ichigo G

  31. Slide 31: Shareholder Returns

    Shareholder Returns © Ichigo Inc. All rights reserved. 31

  32. Slide 32: JPY 5.1B in FY27/2, New JPY 5B Share Buyback

    Flexible Deployment of Share Buybacks JPY 5.1B in FY27/2, New JPY 5B Share Buyback Completed JPY 10B Share Buyback Approved in Nov 2025 & Jan 2026 New JPY 5B Share Buyback Buyback Period Oct 15, 2026 – Apr 30, 2027 Number of Shares Purchased 15,000,000 Shares (Maximum) Amount JPY 5B (Maximum) Cancel

  33. Slide 33: Forecasting 5th Consecutive Double-Digit Dividend Increase

    Forecasting 5th Consecutive Double-Digit Dividend Increase Raised DOE from 4% to 5%, Backed by Robust Earnings Base & Cash Flows Forecasting FY27/2 JPY 15.5 Dividend (+35% YOY) Progressive Dividend is Maintained or Raised every year, 5 Consecutive Dividend underscoring Ichigo’s commitment to drive D

  34. Slide 34: Working to Protect Our Global Environment

    Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 34

  35. Slide 35: Working to Protect Our Global Environment

    Working to Protect Our Global Environment Have Achieved All Environmental KPIs Ichigo Climate Positive RE100 Ichigo CO2 reduction via clean energy 100% renewable electricity power production exceeds CO2 emissions across all Ichigo operations (Scope 1 & 2) Achieved RE100 Ichigo CO2 Reduction 11X > CO

  36. Slide 36: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company

    Appendix Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 36

  37. Slide 37: 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,

  38. Slide 38: Grow Shareholder Value

    Ichigo 2030 KPIs Embody Ichigo’s Commitment to Ichigo 2030 Vision & Drive 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 Earnings

  39. Slide 39: Capital Efficiency, Cash Flow Generation, & Earnings Stability

    Capital Efficiency, Cash Flow 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

  40. Slide 40: Shareholder Returns

    Shareholder Returns DOE (Dividend on Equity) >5%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy (JPY B) 5.5% 24 240 ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend (DPS) 5.0% DOE Target 5% 200 20 19.3 18.4 17.8 4.5% 15.3 16 160 4.1% 4.1% 13.0 3.8% 4.0% 120 12 3.6% 9.

  41. Slide 41: Powerful Value-Add Business Model & Sustainability Focus

    Appendix Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 41

  42. Slide 42: Flow Earnings Growth

    Flow Earnings Growth Growing Unrealized Gains & Gains on Sales Exceeding Unrealized Gains Unrealized Gains (Third-Party Valuation Basis) Gains on Sales (JPY B) ■ Appraisal Value Unrealized Gains ■ Gains on Sales 2.9X 1.6X 1.8X 2.1X 2.0X 83.5 14.6 74.2 13.8 67.8 72.5 5.6X 65.2 11.6 10.1 9.4 8.7 6.3 5

  43. Slide 43: 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 Aug 31, 2026 NOI Yield (B) (C) (C) – (A) (A) (B)/(A) Tokyo 94,395 5,917 6.3% 138,486 +44

  44. Slide 44: Risk-Based Balance Sheet

    Risk-Based Balance Sheet Consolidated Balance Sheet: JPY 445.6B Risk-Based Consolidated Balance Sheet: JPY 451.1B (Book Value JPY 369.2B + Unrealized Gains JPY 81.9B) Cash & Cash Equivalents Non-Recourse Loan-Related JPY 29.7B Investments JPY 19.6B Non-Recourse Loans & Related Liabilities JPY 46.6B

  45. Slide 45: 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 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 GPM 21.1% 14.6% 21.3% 21.5% 27.3% (vs. Revenue) GPM 27.1% 16.8% 26.7% 27.2% 37.5% (vs. Book Value) Revenue 55,166 69,693

  46. Slide 46: 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

  47. Slide 47: 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 FY27/2 H1) ESG Loans (JPY B) ■ ESG loans (including green bonds) ■ ESG loans (including green bonds) ■ Remaining ESG commitment line ■ Re

  48. Slide 48: Maximizing Long-Term Cash Flows for Shareholders

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

  49. Slide 49: 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

  50. Slide 50: Portfolio of Businesses Centered on Sustainable Value-Add

    Appendix Portfolio of Businesses Centered on Sustainable Value-Add © Ichigo Inc. All rights reserved. 50

  51. Slide 51: 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

  52. Slide 52: Business Segment Details

    Business Segment Details 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 real estate-backed security tokens, and private real estate

  53. Slide 53: AM Leveraging Ichigo’s Broad Capability Set

    Asset Management AM Leveraging Ichigo’s Broad Capability Set 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) Earnings

  54. Slide 54: Diverse Investment Products Leveraging Ichigo Value-Add

    Asset Management Diverse Investment Products Leveraging Ichigo Value-Add 3 Listed J-REITs, Private 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 pote

  55. Slide 55: Asset Management AUM & Base AM Fees (Stock Earnings)

    Asset Management Asset Management AUM & Base AM Fees (Stock Earnings) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 (12M) (12M) (12M) (12M) (12M) (6M) Ichigo Office AUM JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B JPY 222.5B JPY 215.6B (8975) Base AM Fee Gross Profit JPY 1,725M JPY 1,517M JPY 1,423M J

  56. Slide 56: Ichigo-Owned Real Estate Portfolio

    Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Total Ichigo-Owned Assets: JPY 330.7B By Asset Type By Location By Asset Size Balanced Portfolio Across Focus on Tokyo Metropolitan Mid-Size Assets Different Asset Types Area & Major Cities with Upside Potential Groun

  57. Slide 57: SRE: Preserving & Improving Real Estate

    SRE: Preserving & Improving Real Estate – 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 NOI & Capital Efficiency, Sold via Diverse Sales C

  58. Slide 58: 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

  59. Slide 59: 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

  60. Slide 60: Value-Add Robust to Changes in Market Environment

    Sustainable Real Estate, Hotel, & Ichigo Owners Value-Add Robust to Changes in Market Environment SRE/ Hotel Businesses Complete Sell Buy Value-Add (2-5 Years) Value-Add (or Continued Hold) Acquisition Criteria Acquire assets Build strong tenant relationship NOI GPM Improve assets with earnings Impr

  61. Slide 61: 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

  62. Slide 62: 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 7.3MW 4.5% 7.2% Tohoku 6.4% c. 188.2MW Ichigo

  63. Slide 63: 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) (As of Aug 31, 2026) By Customer (Electric Power Utility Co) By Feed-In Tariff By Years in Operation Hokkaido 3% Shikoku 2% JPY 14 Tohoku 2% 3% Kansai JPY 18 1-3 years C

  64. Slide 64: New Battery Storage Business

    Clean Energy New Battery Storage Business Business Launch On Track – First Battery Storage Plant, Ichigo Onjuku Iwawada ECO Plant (Chiba, Capacity 8.9MWh), Began Operating in June 2026 In Operation (JPY 400M, 8.9MWh), Pipeline (JPY 17.7B 280MWh) Phase 1: 2026 – 2029 Business Launch JPY 3.2B 54MWh Ic

  65. Slide 65: Ichigo’s Sustainability Commitment (ESG)

    Appendix Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 65

  66. Slide 66: Sustainability Initiatives & Environmental Certifications & Indices

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

  67. Slide 67: 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

  68. Slide 68: Sports Business & Community Revitalization

    Appendix Sports Business & Community Revitalization © Ichigo Inc. All rights reserved. 68

  69. Slide 69: 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

  70. Slide 70: Financial Statements & Data

    Appendix Financial Statements & Data © Ichigo Inc. All rights reserved. 70

  71. Slide 71: Balance Sheet: Assets

    Balance Sheet: Assets (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY27/2 Q2 vs. FY27/2 Q1 Assets Current Assets Cash and cash equivalents 40,536 46,917 42,689 42,059 34,263 39,223 +4,960 Accounts receivable 3,866 2,448 4,272 4,079 4,112 4,731 +619 Operational loan investments 1,324 1,324 1,3

  72. Slide 72: Balance Sheet: Liabilities

    Balance Sheet: Liabilities (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY27/2 Q2 vs. FY27/2 Q1 Liabilities Current Liabilities Short-term loans 962 16,726 6,520 6,421 10,700 9,907 -793 Bonds (due within one year) 364 3,162 232 2,162 2,162 162 -2,000 Long-term loans (due within one year) 8,53

  73. Slide 73: Balance Sheet: Net Assets

    Balance Sheet: Net Assets (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY27/2 Q2 vs. FY27/2 Q1 Net Assets Shareholders’ Equity Capital 26,888 26,892 26,946 27,012 27,124 27,126 +2 Capital reserve 11,266 10,313 10,363 10,429 10,546 10,548 +2 Retained earnings 82,438 90,967 81,396 81,909 80,166

  74. Slide 74: P&L (1)

    P&L (1) (JPY million) FY27/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 FY26/2 H1 Change vs. Full-Year (12M) (12M) (12M) (12M) (6M) (6M) (YOY) Forecast Forecast Revenue 68,093 82,747 83,576 92,705 39,817 51,024 -11,207 – – Cost of Goods Sold 48,674 61,875 58,051 62,586 24,564 35,017 -10,453 – – Gross Pro

  75. Slide 75: P&L (2)

    P&L (2) (JPY million) FY27/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 FY26/2 H1 Change vs. Full-Year (12M) (12M) (12M) (12M) (6M) (6M) (YOY) Forecast Forecast Extraordinary Losses Loss on removal of fixed assets 23 147 100 11 14 1 +13 – – Loss on sale of securities investments – – – – – 74 -74 – – Valu

  76. Slide 76: Cash Flows: Operations

    Cash Flows: Operations (JPY million) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 H1 (6M) Cash Flows from Operations Pre-tax income 14,234 17,962 21,784 24,499 13,815 Depreciation 5,339 4,859 4,795 4,676 2,535 Amortization of goodwill 177 97 156 131 42 Increase (decrease) in current ye

  77. Slide 77: Cash Flows: Investments & Financing

    Cash Flows: Investments & Financing (JPY million) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 H1 (6M) Cash Flows from Investments Payments into time deposits -2 -701 -96 -232 – Redemptions of time deposits 23 – 800 314 – Payments for securities investments -968 -16,567 -10,314 -40 -80

  78. Slide 78: Balance Sheet: Segment Breakdown

    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) 241 – – – – 318 – 2,421 2,981 Su

  79. Slide 79: Real Estate Asset Breakdown (1)

    Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (1) 131 Assets, JPY 325.3B, Annual NOI JPY 12.9B (6.0% Yield) *Excludes Ichigo Owners assets Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price D

  80. Slide 80: 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 NOI/Year1 Multiple 2 3 Price Date Age Investment IRR 43 Retail Fixed Asset Osaka JPY 1B-2B 2014/09 2

  81. Slide 81: 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 175 Office Fixed Asset Utsunomiya, Tochigi JPY

  82. Slide 82: 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 Price Date Age NOI/Year Investment Multiple 2 IRR3 61 Retail Operational Loan Shinjuku-ku, Tokyo J

  83. Slide 83: 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 IRR 3 191 Hotel Real Estate for Sale Chiyoda-ku, Toky

  84. Slide 84: Ichigo Clean Energy Power Plant Portfolio (1)

    Ichigo Clean Energy Power Plant Portfolio (1) Operating (Solar) Panel Output FIT Operation No. Solar Power Plant Area (MW) (Pre-tax) Start Date 1 Ichigo Tokushima Higashi-Okinosu Shikoku 2.5 JPY 40 2013/08 2 Ichigo Fuchu Jogecho Yano Chugoku 0.9 JPY 40 2014/03 3 Ichigo Yubetsu Barou Hokkaido 0.8 JPY

  85. Slide 85: Ichigo Clean Energy Power Plant Portfolio (2)

    Ichigo Clean Energy Power Plant Portfolio (2) Operating (Solar) Panel Output FIT Operation No. Solar Power Plant Area (MW) (Pre-tax) Start Date 36 Ichigo Toride Shimotakai Nishi Kanto 2.8 JPY 18 2021/01 37 Ichigo Chiba Wakaba-ku Omiyacho Higashi Kanto 0.7 JPY 14 2021/09 38 Ichigo Kasaoka Idachiike C

  86. Slide 86: Ichigo Green (9282) Clean Energy Power Plant Portfolio

    Ichigo Green (9282) Clean Energy Power Plant Portfolio Operating (Solar) Panel Output FIT Operation No. Solar Power Plant Area (MW) (Pre-tax) Start Date 1 Ichigo Kiryu Okuzawa Kanto 1.3 JPY 40 2013/09 2 Ichigo Motomombetsu Hokkaido 1.4 JPY 40 2014/02 3 Ichigo Muroran Hatchodaira Hokkaido 1.2 JPY 40

  87. Slide 87: Make The World More Sustainable

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

Ichigo — Investor Presentation (October 2026) on 6ix