CREAL Inc. · TSE:2998
CREAL — Q2 FY2027 Earnings Presentation
60 slides from CREAL's earnings presentation, Nov 13, 2026
Slide 1: Fiscal Year Ending March 2027 Q2 Financial Results Presentation Material
November 2026 Fiscal Year Ending March 2027 Q2 Financial Results Presentation Material クリアル株式会社 Securities Code: 2998 © CREAL © CREAL Inc. Inc. All Rights All Rights Reserved. Reserved. 1
Slide 2: Table of Contents
Table of Contents 01 Executive Summary 02 Company and Business Overview 03 Q2 Financial Results by Segment and Highlights 04 Earnings Forecast and Progress 05 Appendix * In this document, figures are truncated below one million yen and rounded to the nearest unit for amounts in hundred million yen a
Slide 3: Table of Contents
Table of Contents 01 Executive Summary 02 Company and Business Overview 03 Q2 Financial Results by Segment and Highlights 04 Earnings Forecast and Progress 05 Appendix © CREAL Inc. All Rights Reserved. 3
Slide 4: FY2027 Q2 Consolidated Financial Results
01 Executive Summary FY2027 Q2 Consolidated Financial Results In Q2 YTD, PRO, PB, and other businesses delivered significant year-on-year profit growth, while the core CREAL business focused on acquiring large-scale projects, and with the budget weighted toward the 2nd half, profit declined year-on-
Slide 5: Key Topics for FY2027 Q2 and Onward
01 Executive Summary Key Topics for FY2027 Q2 and Onward • Q2: Completed fund formation for "Osaka Kita Semba Hotel" in July 2026, our largest-ever GMV (¥7.21 billion), and "Tokyo Residence IV" in September Steady Fund Formation • Q3: Completed fund formation for "Tokyo Residence V" and "Hatchobori
Slide 6: 【CREAL】Crowdfunding Initiatives under a New Scheme
01 Executive Summary 【CREAL】Crowdfunding Initiatives under a New Scheme Following the basic agreement with RealVantage in August 2026, on September 16 we reached a basic agreement on a business partnership with Q Investment Partners (QIP), a Singapore-based real estate investment manager, expanding
Slide 7: 【PRO】Flexible Fund Formation with Overseas Investors
01 Executive Summary 【PRO】Flexible Fund Formation with Overseas Investors Part of the large-scale pipeline intended for real estate crowdfunding, backed by strong demand from overseas investors, is scheduled to be sold to and incorporated into CREAL PRO funds operated by the Company. Through fund fo
Slide 8: 【CREAL】Securities Subsidiary Completes Type I Registration Change
01 Executive Summary 【CREAL】Securities Subsidiary Completes Type I Registration Change (tentative) Our consolidated subsidiary, Usuki Securities Co., Ltd., applied for a change of registration for the Type I Financial Instruments Business on October 5, 2026, which was completed on October 28. The co
Slide 9: 【HOTELS】New Openings & Growing Recurring Revenue
01 Executive Summary 【HOTELS】New Openings & Growing Recurring Revenue Following the first property of CREAL HOTELS' new brand "VAYS," VAYS TOKYO STATION EAST, scheduled to open in December 2026, the second property, VAYS GINZA TSUKIJI TOKYO, is scheduled to open in January 2027 New 2026.12 Grand Ope
Slide 10: H1 Results vs. Plan
01 Executive Summary H1 Results vs. Plan H1 gross profit fell short of the initial plan, as the recognition of certain CREAL projects is now expected to shift to Q3 or later, and the formation of PRO deals was pushed to H2 or later. We are working toward revenue recognition in H2, and at this time,
Slide 11: Our Business Resilience in a Rising Interest Rate Environment
01 Executive Summary Our Business Resilience in a Rising Interest Rate Environment In a rising interest rate environment, we are strengthening our business foundation in four areas: ① a revenue structure not dependent on property sales, ② assets that can readily pass inflation through to prices, ③ a
Slide 12: Shareholder Benefit Program: Changes & Expansion
01 Executive Summary Shareholder Benefit Program: Changes & Expansion To further enhance the appeal of investing in our shares and strengthen engagement with shareholders through DX, we have changed and expanded our shareholder benefit program starting from the record date of end-September 2026. ② 1
Slide 13: Table of Contents
Table of Contents 01 Executive Summary 02 Company and Business Overview 03 Q2 Financial Results by Segment and Highlights 04 Earnings Forecast and Progress 05 Appendix © CREAL Inc. All Rights Reserved. 13
Slide 14: Transforming Real Estate Investment for a Better Future
02 Company and Business Overview Corporate Mission Transforming Real Estate Investment for a Better Future Promoting the digital transformation (DX) of the real estate investment process innovatively. Through real estate investment, we create asset management services that are accessible, user-frien
Slide 15: Company and Business Overview
02 Company and Business Overview Company Highlights Asset Real Estate Management Crowdfunding DX Company Leading Company Asset Management Platform Business Real Estate Fund Promoting the DX of the asset Online Market management Leading Company in a Growing Market process in real estate investment*1
Slide 16: Why Real Estate Investment? Why DX?
02 Company and Business Overview Why Real Estate Investment? Why DX? Japan's asset management, promoted as national policy, tends to favor high-risk, high-return stock investments. By combining DX with real estate investment—a medium-risk, medium-return option—we see a major opportunity to populariz
Slide 17: Growth of the Real Estate Online Investment Market Including Real Estate ST
02 Company and Business Overview Growth of the Real Estate Online Investment Market Including Real Estate ST The real estate crowdfunding market under the Real Estate Specified Joint Enterprise Act has grown significantly, exceeding ¥170 billion in FY2025. Meanwhile, the real estate ST market under
Slide 18: Asset Management Platform Business
02 Company and Business Overview Asset Management Platform Business Attracting a Wide Range of Investors Operating an asset management platform that leverages DX to deliver self-structured investment products to a broad range of investors. CREAL is our core growth driver, aiming to democratize real
Slide 19: Our Competitive Advantages
02 Company and Business Overview Our Competitive Advantages In addition to acquiring the FTK electronic transaction business license, our competitive advantage lies in the deep know-how and integration across system development, investment management, and marketing 1 2 1 System Engineering Team Syst
Slide 20: Executive Management
02 Company and Business Overview Executive Management Joined the Company as President and CEO in April 2017, following tenure at Accenture, Orix, LaSalle Investment Management, and Shinsei Bank. Daizo Yokota Member, Ministry of Land, Infrastructure, Transport and Tourism’s 2020 President & CEO, Comm
Slide 21: Executive Management: Outside Directors/Audit & Supervisory Board Members
02 Company and Business Overview Executive Management: Outside Directors/Audit & Supervisory Board Members Outside Directors (Independent) Mirai Murakami Satoshi Sadakata Miyuki Tani Founded somebuddy Inc. after roles at Joined The Mitsubishi Bank, Ltd. (now MUFG Began career in audit at Arthur Ande
Slide 22: Table of Contents
Table of Contents 01 Executive Summary 02 Company and Business Overview 03 Q2 Financial Results by Segment and Highlights 04 Earnings Forecast and Progress 05 Appendix © CREAL Inc. All Rights Reserved. 22
Slide 23: Gross Profit by Service Segment
03 Q2 Financial Results by Segment and Highlights Gross Profit by Service Segment As a result of focusing on acquiring large-scale projects in our core CREAL business, profit declined year-on-year. PRO/PB/Other businesses delivered significant profit growth, but consolidated gross profit was 70.2% o
Slide 24: Our Profit Structure and KPIs
03 Q2 Financial Results by Segment and Highlights Our Profit Structure and KPIs As a market leader in a growing sector, we prioritize upfront investments for growth over near-term expansion of operating profit and net income. We emphasize gross profit—an indicator of the value created on our platfor
Slide 25: 【CREAL】Overview of CREAL Fund Business
03 Q2 Financial Results by Segment and Highlights 【CREAL】Overview of CREAL Fund Business As acquiring properties such as the Garner hotels took time this fiscal year, three funds were formed in Q2 YTD, with an average fund size of ¥3.94 billion. Through continued formation of our accumulated pipelin
Slide 26: 【CREAL】Trend in KPIs ①
03 Q2 Financial Results by Segment and Highlights 【CREAL】Trend in KPIs ① GMV increased by more than ¥10 billion in Q2, driven by fund formation for projects including our largest- ever "Osaka Kita Semba Hotel". The number of investors acquired remained restrained as advertising expenses were allocat
Slide 27: 【CREAL】Trend in KPIs ②
03 Q2 Financial Results by Segment and Highlights 【CREAL】Trend in KPIs ② The repeat investment rate, supported by a highly loyal user base, had generally remained around 85%– 90%. In H1, it stayed in the 77% range in both Q1 and Q2, as few funds were redeemed, limiting reinvestment opportunities, an
Slide 28: 【CREAL】Fund Formation Policy amid Rising Interest Rates
03 Q2 Financial Results by Segment and Highlights 【CREAL】Fund Formation Policy amid Rising Interest Rates Prioritizing careful property selection and handling of large-scale deals, H1 GMV rose 10.2% year-on- year to ¥11.83 billion. We raised more GMV than the prior year with fewer investors acquired
Slide 29: 【PRO】Fee Structure
03 Q2 Financial Results by Segment and Highlights 【PRO】Fee Structure Enhanced CREAL platform’s fundraising and property volume have strengthened relations with domestic and global institutional investors and ultra-high-net-worth clients. We pursue gain on sales, transaction revenue and asset managem
Slide 30: 【PB】DX and Competitive Advantage Driven by CREAL PB
03 Q2 Financial Results by Segment and Highlights 【PB】DX and Competitive Advantage Driven by CREAL PB Achieved steady growth while maintaining and improving the gross margin on investment condominium units, through an area strategy expanding beyond Tokyo and higher fee income. Promoting DX across th
Slide 31: 【HOTELS】Target Segments
03 Q2 Financial Results by Segment and Highlights 【HOTELS】Target Segments Target segments are limited-service hotels in the mid-to-high price range, and near- future hotels that embody “more freedom, more innovative, and enhanced lodging experience value” by leveraging our core strength in DX. Limit
Slide 32: 【HOTELS】Pursuing Group Synergies
03 Q2 Financial Results by Segment and Highlights 【HOTELS】Pursuing Group Synergies By managing hotel operations within the group, we have strengthened collaboration among CREAL Group companies. Planning Capability Operational Capability Creating project Leveraging hotel opportunities aligned operati
Slide 33: 【HOTELS】Maximizing Hotel Profitability through DX, AI and Marketing
03 Q2 Financial Results by Segment and Highlights 【HOTELS】Maximizing Hotel Profitability through DX, AI and Marketing ⚫ Development of a proprietary revenue management system utilizing AI ⚫ Leveraging data-driven insights to increase hotel sales AI Hotel Revenue Growth × DX Operational Cost Reductio
Slide 34: 【HOTELS】Hotel Operations Pipeline
03 Q2 Financial Results by Segment and Highlights 【HOTELS】Hotel Operations Pipeline CREAL HOTELS' managed rooms increased from 273 across 4 properties to 791 across 7, and including the current pipeline are expected to exceed 1,200 rooms Sapporo HOTEL Hotel Operations Pipeline Hakone Sengokubara HOT
Slide 35: Short-Term Holding of Warehoused Real Estate and Financial Position
03 Q2 Financial Results by Segment and Highlights Short-Term Holding of Warehoused Real Estate and Financial Position By leveraging the FTK3&4 schemes, the off-balance treatment of assets*1 is progressing. Meanwhile, borrowings for the short-term holding (warehousing) of large hotel projects tempora
Slide 36: Table of Contents
Table of Contents 01 Executive Summary 02 Company and Business Overview 03 Q2 Financial Results by Segment and Highlights 04 Earnings Forecast and Progress 05 Appendix © CREAL Inc. All Rights Reserved. 36
Slide 37: FY2027 Progress vs. Full-Year Forecast
04 Earnings Forecast and Progress FY2027 Progress vs. Full-Year Forecast Q2 YTD progress toward the FY2027 full-year earnings forecast was 23.6% for consolidated gross profit, -12.8% for consolidated operating profit, -19.1% for consolidated ordinary profit, and -21.5% for consolidated net income. P
Slide 38: 【CREAL】Property Sales Pipelines
04 Earnings Forecast and Progress 【CREAL】Property Sales Pipelines Two properties were sold in Q2. Assets under management have grown to approximately ¥49.0 billion, providing a pipeline for future property sales and sequential profit recognition. CREAL Fund Operation and Redemption Status FY2027 FY2
Slide 39: 【CREAL】Property Acquisition Pipeline (Q3 Onward)
04 Earnings Forecast and Progress 【CREAL】Property Acquisition Pipeline (Q3 Onward) As part of the pipeline was converted to CREAL PRO deals and due to our selective funding policy amid rising interest rates, the CREAL pipeline is expected to decrease significantly * Only includes properties where ac
Slide 40: 【PRO】Deal Pipeline
04 Earnings Forecast and Progress 【PRO】Deal Pipeline Mandate accumulation for AM-mandated deals in the CREAL PRO business progressed in H1, but closing timing is weighted to H2. In addition to the pipeline shown below, we are also pursuing land acquisition for apartment hotel development on our own
Slide 41: Table of Contents
Table of Contents 01 Executive Summary 02 Company and Business Overview 03 Q2 Financial Results by Segment and Highlights 04 Earnings Forecast and Progress 05 Appendix © CREAL Inc. All Rights Reserved. 41
Slide 42: Supplementary Business Information
Supplementary Business Information © CREAL Inc. © CREAL Inc.All AllRights Rights Reserved. Reserved. 42
Slide 43: Multi-product: Product Portfolio and Customer Reach in Five Years
05 Appendix Our Aspirational Future — Product Portfolio and Customer Reach in Five Years We plan to launch new asset management products backed by real estate, such as security tokens (ST) and digital bonds. In addition, we are developing funds that target a wide range of alternative assets beyond r
Slide 44: 【CREAL】Obtaining Approval for FTK3&4
05 Appendix 【CREAL】Obtaining Approval for FTK3&4 After preparations, we obtained approvals from the Commissioner of the FSA and the Minister of MLIT under the Real Estate Specified Joint Enterprise Act (including electronic transactions). We launched fund operations using SPCs (special purpose compa
Slide 45: 【CREAL】Trend in KPIs
05 Appendix 【CREAL】Trend in KPIs Gross profit is driven by GMV and take rate. Under the FTK1&2 schemes, funds raised through CREAL are generally sold within about a year, with gains recognized in the P/L. In the FTK3&4 schemes, revenue recognition for acquisition and management fees occurs earlier,
Slide 46: Comparison of Product Characteristics: Crowdfunding vs. ST
05 Appendix Comparison of Product Characteristics: Crowdfunding vs. ST (tentative) Following the January 2025 securities company acquisition, we began entering the rapidly growing ST business. Having completed ST system development and the change of registration for the Type I Financial Instruments
Slide 47: Pursuing Business Synergies as an Asset Management Platform
05 Appendix Pursuing Business Synergies as an Asset Management Platform Starting from our core customer base of entry-level and experienced investors, we offer a wide range of products to all customer segments. In addition, by providing new alternative investment opportunities beyond real estate, we
Slide 48: DX/AI-Related Products Under Development and Operation ①
05 Appendix DX/AI-Related Products Under Development and Operation ① By internalizing development capabilities, we continuously pursue greater efficiency and productivity across all businesses through the utilization of DX and AI (tentative) Targeting Launch Development of Real Estate ST Services In
Slide 49: DX/AI-Related Products Under Development and Operation ②
05 Appendix DX/AI-Related Products Under Development and Operation ② By internalizing development capabilities, we continuously pursue greater efficiency and productivity across all businesses through the utilization of DX and AI Pilot Operation AI-Driven Revenue Management In Operation Automated Ma
Slide 50: Approach to M&A and Strategic Capital Alliances
05 Appendix Approach to M&A and Strategic Capital Alliances M&A is essential for our nonlinear, dynamic growth. We have established a top-management-led M&A team to actively pursue opportunities. Real Estate Related Companies PropTech / FinTech Expand business scale and diversify Integrate DX into a
Slide 51: Positioning of Shareholder Return Measures for Enhancing Corporate Value
05 Appendix Positioning of Shareholder Return Measures for Enhancing Corporate Value We consider and implement measures based on the following four pillars to enhance corporate value. Leveraging our business domain in a growing market, we will execute a combination of measures, including shareholder
Slide 52: Target Financial Indicators in the Medium-Term Management Plan
05 Appendix Target Financial Indicators in the Medium-Term Management Plan Due to fund operations being principally off-balance under the FTK3&4 schemes, the equity ratio is expected to gradually improve. While financial soundness will be enhanced, management will prioritize investment and capital e
Slide 53: Strengthening the Activities of the Real Estate Crowdfunding Association
05 Appendix Strengthening the Activities of the Real Estate Crowdfunding Association In December 2024, the Japan Real Estate Crowdfunding Association, chaired by President and Representative Director Yokota, integrated with other organizations to become the industry's sole trade association. In Augu
Slide 54: Quarterly Revenue and Gross Profit by Segment
05 Appendix Quarterly Revenue and Gross Profit by Segment FY2025 FY2026 FY2027 (million yen) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Revenue 13,827 7,845 4,968 15,182 10,069 6,724 12,790 8,210 7,377 5,600 CREAL 2,406 5,143 1,999 11,837 7,723 3,746 9,877 2,036 3,031 2,231 PRO 9,577 434 988 689 102 241 407 3,03
Slide 55: FAQ
FAQ © CREAL Inc. © CREAL Inc.All AllRights Rights Reserved. Reserved. 55
Slide 56: FAQ
05 Appendix FAQ This section presents questions and answers anticipated from investors Q. Finance How will rising rates affect the real estate market and our results? A. Rising interest rates can affect property acquisition and sale prices as well as investors' expected yields, and we recognize that
Slide 57: FAQ
05 Appendix FAQ This section presents questions and answers anticipated from investors Q. CREAL Do you have any competitors? A. There are not many listed companies with real estate crowdfunding as their core business. In the broader B2C "asset management × tech" category, we consider online securiti
Slide 58: FAQ
05 Appendix FAQ This section presents questions and answers anticipated from investors Q. CREAL Will the tax reform on inheritance tax valuation of small-lot real estate products affect your business? A. The CREAL business differs in nature from small-lot real estate products designed for inheritanc
Slide 59: FAQ
05 Appendix FAQ This section presents questions and answers anticipated from investors Earnings H1 fell short of plan. Why are you maintaining the full-year forecast? What if H2 falls Q. Forecast short? A. This fiscal year's plan concentrates the monetization of deals in H2, and we are working to re
Slide 60: Disclaimer
Disclaimer ■ This presentation contains forward-looking statements that are based on information available as of the date of this material. These statements do not guarantee future results or performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause act