Ichigo Green Infrastructure Investment Corp. · TSE:9282
Ichigo Green Infrastructure Investment — H1 FY26/6 Earnings Presentation
49 slides from Ichigo Green Infrastructure Investment's earnings presentation, Feb 16, 2026
Slide 1: FY26/6 H1 Corporate Presentation
Ichigo Green (9282) FY26/6 H1 Corporate Presentation January 13, February 16, 2017 2026 Ichigo Green Infrastructure Investment Corporation Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. www.ichigo-gr
Slide 2: Ichigo is a Japanese sustainable infrastructure company
Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable
Slide 3: Ichigo is a J.League Top Partner
= Ichigo is a J.League Top Partner TOP PARTNER ‘©J.LEAGUE
Slide 4: Contents
Contents FY26/6 H1 Results Ichigo’s Sustainability Commitment (ESG) ‒ Solar Power Plant Portfolio Details ‒ Ichigo Sustainability Policy ‒ FY26/6 H1 Earnings ‒ RE100: Completed Renewable Energy ‒ Progress on Ten-Year Earnings Forecast Transition ‒ FY26/6 H1 Events ‒ Ichigo Climate Positive: CO2 Redu
Slide 5: FY26/6 H1 Results
FY26/6 H1 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 5
Slide 6: Solar Power Plant Portfolio Details
Solar Power Plant Portfolio Details No. Of Power Plants Acquisition Price Panel Output 15 JPY 11.4B 29.43MW FY26/6 H1 Actual FY26/6 H1 6-Month Power Power Production CO2 Reduction Generation 16.41M kWh 8,034 Tons 5,471 Households * CO2 reduction relative to fossil-fuel-based power production of each
Slide 7: FY26/6 H1 Earnings
FY26/6 H1 Earnings No Change to FY26/6 Dividend Forecast Despite H1 Net Income 83.5% vs. Forecast (JPY million) FY25/6 H1 FY26/6 H1 FY26/6 H1 FY26/6 Full-Year vs. Forecast Actual Forecast Actual Forecast Operating Revenue 502 513 494 96.2% 1,046 Operating Expenses 411 423 416 98.4% 815 (Depreciation
Slide 8: Progress on Ten-Year Earnings Forecast
Progress on Ten-Year Earnings Forecast Achieved Forecast for 9 Consecutive Years (JPY) Forecast +303 +636 +102 Revision +305 +222 1,705 1,502 ■ Dividend per Share (excluding DEE) 1,750 1,874 1,410 1,390 1,625 ■ DEE per Share 1,375 1,715 DEE = Dividend in Excess of Earnings 869 2,360 2,383 2,180 2,18
Slide 9: FY26/6 H1 Events
FY26/6 H1 Events – Operating Revenue 96.2% Progress vs. Forecast Power Generation in Line with Forecast (+0.3%) Despite Impact from Power Suspensions & Nago Futami PID due to Geographic Diversification — Decrease due to Nago Futami PID -7.0% vs. FY26/6 H1 forecast 163.59M kWh — 12 power suspension
Slide 10: Power Generation +0.3% vs. Forecast, Power Production Revenue -0.5% vs. Forecast
Power Generation +0.3% vs. Forecast, Power Production Revenue -0.5% vs. Forecast Power Generation & Power Production Revenue In Line with Forecast FY26/6 H1 Power Generation and Power Production Revenue Forecast Power Production (left axis) Actual Power Production (left axis) (kWh) (JPY million) For
Slide 11: Actual Operating Revenue vs. Forecast
Actual Operating Revenue vs. Forecast FY26/6 FY26/6 FY18/6 FY19/6 FY20/6 FY21/6 FY22/6 FY23/6 FY24/6 FY25/6 (Forecast) H1 (Actual) Power Generation (kWh, 12 months) (6 months) Forecast (A) 34,622,503 34,473,332 34,297,964 34,122,505 33,947,048 33,771,591 33,596,134 33,420,675 33,245,216 16,359,674 A
Slide 12: FY26/6 H1 Power Suspensions
FY26/6 H1 Power Suspensions − Limited Power Suspensions in Area & Occurrence − Installed Online Grid Control Systems at All Plants to Reduce Lost Power Generation Average Number of Power Suspension Days per Area Hokkaido (7 Plants) Chubu (1 Plant) Chugoku (2 Plants) Shikoku (2 Plants) Kyushu (1 Plan
Slide 13: Power Generation by Individual Power Plant
Power Generation by Individual Power Plant Power Generation Revenue Forecast Power Actual Power Power Difference Operating Operating Generation Generation Generation No. Solar Power Plant (B) - (A) Expenses Revenue (A) (B) Revenue (kWh) (JPY thousand) (JPY thousand) (kWh, 6 months) (kWh, 6 months) (
Slide 14: Financing Details
Financing Details Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps, Loan Balance Decrease due to Scheduled Payments as of December 31, 2025 Interest Amount Fixed/ Loan Loan Lender Rate Borrowing Date Maturity (JPY million) Floating Term (%) Term Loan I Mizuho Bank, SMBC 3,104 0.760% F
Slide 15: Growth Strategy Leveraging Ichigo Strengths
Growth Strategy Leveraging Ichigo Strengths © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 15
Slide 16: Ichigo (2337) Power Plant Performance Guarantee
Ichigo (2337) Power Plant Performance Guarantee Power Generation Operating Revenue Fully Distributed to Ichigo Green Shareholders Above-Forecast Operating Revenue Also Fully Distributed − Guaranteed base revenue (FIT electricity sales revenue) from Ichigo (2337) based on the annual P85 production fo
Slide 17: Ichigo & Ichigo Green Solar Power Plant Portfolio
Ichigo & Ichigo Green Solar Power Plant Portfolio Serving Local Communities and the Environment Hokkaido Ichigo Motomombetsu 1.40MW Chugoku Total Operating Ichigo Yamaguchi Aionishi 1.24MW Ichigo Engaru Higashimachi 1.24MW Ichigo Power Plants Ichigo Yamaguchi Sayama 2.35MW Ichigo Engaru Kiyokawa 1.1
Slide 18: Ichigo J.League Shareholder Program
Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan − First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and solar power producer that it manages, in its shareholder program (104,600 shareholders total) − F
Slide 19: Driving Shareholder Value
Driving Shareholder Value © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 19
Slide 20: Mission & Deliverables to Shareholders
Mission & Deliverables to Shareholders Mission: To maximize shareholder value via a renewable energy portfolio that provides both return stability and growth potential, along with offering investors an opportunity to invest in Japan’s rapidly expanding green infrastructure asset class Ichigo Green’s
Slide 21: Customized Solar Power Plant Builds
Customized Solar Power Plant Builds Optimized to Local Climate & Topography to Maximize Power Production Efficiency − Snow (Hokkaido): High mounting racks and 30 degree panel inclination to avoid and displace snow coverage (vs. 10 degree in other areas) − High winds (Kagawa): Mounting racks closely
Slide 22: Fully-Networked Panel-Level Production Monitoring
Fully-Networked Panel-Level Production Monitoring Real-Time Monitoring System Immediately Detects Any Failures at the Panel Level Power Plant A Power Plant B Inverter Connection Unit Solar Panel Power Plant C String Monitoring Monitoring System Power Plant D Comprehensive Monitoring System Internet
Slide 23: World-Class Disclosure: Real-Time Power Production Data
World-Class Disclosure: Real-Time Power Production Data Real-Time Individual Power Plant Data on Ichigo Green Website Ichigo Green Website www.ichigo-green.co.jp/en © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 23
Slide 24: Ichigo's Sustainability Commitment (ESG)
Ichigo’s Sustainability Commitment (ESG) © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 24
Slide 25: 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 26: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition Achieved & Will Maintain 100% Renewable Electricity Across Operations – Expect RE100 Certification by FY26/2-End RE100達成率 Non-Fossil Certificate Tracking for Ichigo Power Plants 41% 100% 59% Renewable Energy Switch (as of FY25/2-end) Ichigo 2030 RE100 KPI
Slide 27: Ichigo Climate Positive: CO2 Reduction vs. Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions (1) Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reductions vs. Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Emissions
Slide 28: 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 29: ESG Initiatives: Social
ESG Initiatives: Social Contributing to Society Contributing to Regional Revitalization Ichigo University Sports Initiatives Ichigo works to revitalize local communities Ichigo established Ichigo University in May As a top partner of the J.League and promote regional economic 2013 to support employe
Slide 30: ESG Initiatives: Governance
ESG Initiatives: Governance Global Best Practice Governance Ichigo Green Asset Management Company Monitors Asset Management Company Global Best Practice Governance − All Ichigo Green Directors are Independent of the Asset − Majority of Directors (2 of 5) are Independent Directors Management Company
Slide 31: Ichigo Group Overview
Ichigo Group Overview © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 31
Slide 32: Sponsor: Ichigo, A Sustainable Infrastructure Company
Sponsor: Ichigo, A Sustainable Infrastructure Company Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy ‒ Manages Ichigo Green (9282), Ichigo Office (8975), and Ichigo Hotel (3463) ‒ Sustainable Real Estate business adds value to existing buildings by drawing upon its real est
Slide 33: Synergies Between Ichigo Green and Ichigo
Synergies Between Ichigo Green and Ichigo − Ichigo-provided solar and wind power plant pipeline − Power plant technical capabilities backed by Ichigo ECO Energy’s nationwide solar power operating track record − Ichigo Investment Advisor’s deep asset management capabilities Sustainable Real Estate Bu
Slide 34: Solar Power Plant Data
Solar Power Plant Data © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 34
Slide 35: Geographically Diversified Portfolio
Geographically Diversified Portfolio (as of December 31, 2025) Ichigo Motomombetsu Ichigo Engaru Higashimachi 1.40MW 1.24MW Ichigo Nago Futami Ichigo Abira Toasa Ichigo Engaru Kiyokawa 8.44MW 1.16MW 1.12MW Ichigo Iyo Nakayamacho Izubuchi Ichigo Muroran Hatchodaira Ichigo Nakashibetsu Midorigaoka 1.2
Slide 36: Solar Power Plant Portfolio
Solar Power Plant Portfolio as of December 31, 2025 Book Appraisal Panel Acquisition Value Value1 FIT3 Portfolio No. Solar Power Plant Location Output2 Date (JPY (JPY (JPY) Weight4 (MW) million) million) E-01 Ichigo Kiryu Okuzawa Kiryu City, Gunma Dec 2016 254 300 1.33 40 3.95% E-02 Ichigo Motomombe
Slide 37: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-01 Ichigo Kiryu Okuzawa FY26/6 H1 Actual Power Generation: +18.6% vs. Forecast Location Gunma Forecast Power Generation Actual Power Generation (kWh) 200,000 Area 27,588m2 Operation Sep 30, 2013 Start Date 150,000 Panel 1.33MW Output 100,000 FIT JPY 40 / kWh FI
Slide 38: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-03 Ichigo Muroran Hatchodaira FY26/6 H1 Actual Power Generation: +9.4% vs. Forecast Location Hokkaido Forecast Power Generation Actual Power Generation (kWh) Area 35,801m2 200,000 Operation Mar 3, 2014 Start Date 150,000 Panel 1.24MW Output 100,000 FIT JPY 40 /
Slide 39: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-05 Ichigo Iyo Nakayamacho Izubuchi FY26/6 H1 Actual Power Generation: +3.1% vs. Forecast Location Ehime Forecast Power Generation Actual Power Generation (kWh) 200,000 Area 26,260m2 Operation Apr 2, 2014 Start Date 150,000 Panel 1.23MW Output 100,000 FIT JPY 40
Slide 40: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-07 Ichigo Abira Toasa FY26/6 H1 Actual Power Generation: +8.8% vs. Forecast Location Hokkaido Forecast Power Generation Actual Power Generation (kWh) 200,000 Area 29,730m2 Operation Dec 2, 2014 Start Date 150,000 Panel 1.16MW Output 100,000 FIT JPY 40 / kWh FIT
Slide 41: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-09 Ichigo Nago Futami FY26/6 H1 Actual Power Generation: -20.1% vs. Forecast Location Okinawa Forecast Power Generation Actual Power Generation (kWh) Area 146,217m2 1,500,000 Operation Feb 2, 2015 1,200,000 Start Date Panel 8.44MW 900,000 Output FIT JPY 40 / kW
Slide 42: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-11 Ichigo Takamatsu Kokubunjicho Nii FY26/6 H1 Actual Power Generation: +12.1% vs. Forecast Location Kagawa Forecast Power Generation Actual Power Generation (kWh) 400,000 Area 79,340m2 Operation Jun 2, 2015 300,000 Start Date Panel 2.43MW Output 200,000 FIT JP
Slide 43: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-13 Ichigo Toyokawa Mitocho Sawakihama FY26/6 H1 Actual Power Generation: +11.7% vs. Forecast Location Aichi Forecast Power Generation Actual Power Generation (kWh) 300,000 Area 19,393m2 Operation 250,000 Sep 16, 2015 Start Date 200,000 Panel 1.80MW Output 150,0
Slide 44: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-15 Ichigo Yamaguchi Sayama FY26/6 H1 Actual Power Generation: +18.3% vs. Forecast Location Yamaguchi Forecast Power Generation Actual Power Generation (kWh) 400,000 Area 43,621m2 Operation Apr 6, 2016 300,000 Start Date Panel 2.35MW Output 200,000 FIT JPY 36 /
Slide 45: Appendix
Appendix © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 45
Slide 46: Ichigo Green Overview
Ichigo Green Overview Investment Corporation Name Ichigo Green Infrastructure Investment Corporation Securities Code 9282 Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Executive Director Nanako Ito Fiscal Year July 1 – June 30 (Half-Year is July 1 – December 31) Asset Management Company Name Ichigo In
Slide 47: Share Price (Dec 1, 2016 to Jan 31, 2026)
Share Price (Dec 1, 2016 to Jan 31, 2026) Listed on the TSE on Dec 1, 2016 (JPY) 90,000 Ichigo Green TSE Infrastructure Fund Index 80,000 70,000 60,000 50,000 40,000 30,000 2016/12 2017/6 2017/12 2018/6 2018/12 2019/6 2019/12 2020/6 2020/12 2021/6 2021/12 2022/6 2022/12 2023/6 2023/12 2024/6 2024/12
Slide 48: Shareholder Composition
Shareholder Composition Major Shareholders (as of December 31, 2025) Shareholdings by Shareholder Type Foreign Corporations & Individuals Domestic Financial Institutions No. of Name Share Non-Financial Domestic Corporations Domestic Individuals Shares 100% 1 Ichigo Trust Pte. Ltd. 22,677 22.0% 24,23
Slide 49: Make The World More Sustainable
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green). These materials may contain forward-looking statements regarding the intent, belief
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