Sun Frontier Fudousan Co., Ltd. · TSE:8934

Sun Frontier Fudousan — Q2 FY2026/3 Earnings Presentation

65 slides from Sun Frontier Fudousan's earnings presentation, Nov 10, 2025

Slide 1: Financial Results of the Second Quarter of Fiscal Year Ending March 31, 2026
Sun Frontier Fudousan Co., Ltd Financial Results of the Second Quarter of Fiscal Year Ending March 31, 2026 Utilize limited resources to fill the world with smiles and excitement! Becoming a corporate group that continues to challenge the creation of future value. November 10, 2025 Tokyo Stock Excha
Slide 2: Contents
Contents 1. Overview of FY2026/3 2Q P. 2 2. Growth Strategies and Business Initiatives P. 16 3. Management with a Focus on Capital Costs and Share Price P. 36 4. Philosophy and Business Initiatives P. 44 5. References Materials P. 55 Copyright © 2025 Sun Frontier Fudousan Co., Ltd. All Rights Reserv
Slide 4: Executive Summary
Executive Summary Celebrating our 26th anniversary this year, our Group has consistently operated under the corporate motto of "Altruism" .Guided by the philosophy, “We believe in helping others, as many as we can, throughout our lives,” we have focused on developing our human capital and sustainabl
Slide 5: Overview of FY2026/3 2Q
Overview of FY2026/3 2Q Sales and profit surged as property sales progressed as planned and the Real Estate Service Business and the Hotel Operation Business grew. FY2025/3 FY2026/3 YoY Forecast for FY2026/3 Increase （Unit: million yen） 2Q 2Q /decrease Change rate Forecast Progress Rate Net sales 36
Slide 6: Consolidated Income Statement
Consolidated Income Statement Sales and profit increased in all segments, and steady progress was made against the initial forecast. FY2025/3 FY2026/3 YoY Forecast for FY2026/3 Increase （Unit: million yen） 2Q 2Q Change rate Forecast Progress Rate /decrease Net sales 36,786 58,232 21,446 58.3% 117,00
Slide 7: Trends in Ordinary Profit for recent fiscal years
Trends in Ordinary Profit for recently 5 fiscal years Progress is on track toward the full-year forecast. (million yen) The full year 25,000 forecast 1Q 2Q 3Q 4Q 22,500 Initial 20,446 forecast 20,000 20,000 17,374 2Q Initial forecast 13,614 14,722 16,000 9,032 Progress 15,000 3,472 60.5% Initial 321
Slide 8: Consolidated Balance Sheet - Assets -
Consolidated Balance Sheet - Assets - Inventories increased due to increased purchases of properties for replanning and progress in hotel development. As of the End of As of the End of Increase/decrease (compared to the End (million yen) March 2025 September 2025 of March 2025) Current assets 183,70
Slide 9: Consolidated Balance Sheet - Liabilities/Equity -
Consolidated Balance Sheet - Liabilities/Equity - Interest-bearing debt increased due to purchases, but equity ratio maintained the target level. As of the End of As of the End of Increase/decrease (compared to the (million yen) March 2025 September 2025 End of March 2025) Current liabilities 26,663
Slide 10: Real Estate Revitalization Business –Summary–
Performance for Each Business Segment Real Estate Revitalization Business –Summary– Significant increase in sales and profit due to strong property sales, steady progress against the full-year forecast. FY2025/3 FY2026/3 YoY Forecast for FY2026/3 Increase (million yen) 2Q 2Q /decrease Change rate Fo
Slide 11: Real Estate Revitalization Business –Property Purchase–
Performance for Each Business Segment Real Estate Revitalization Business –Property Purchase– ※ Purchases of 50.0 billion yen have been made, including contracted and unsettled properties. Full-year target raised to 70.0 billion yen. ※ Including land, properties in non-current assets, small-lot real
Slide 12: Real Estate Revitalization Business –Indicators–
Performance for Each Business Segment Real Estate Revitalization Business –Indicators– Replanning Business sales and purchases indicators for the second quarter cumulative period Breakdown of Breakdown of Purchase amount for Replanning Properties Inventories for Replanning Properties Residential Res
Slide 13: Trends in Inventories and Gross Profit of Property Sales
Performance for Each Business Segment Trends in Inventories and Gross Profit of Property Sales Aggressively invest in diversified flow-type businesses in a balanced manner FY2022/3 FY2023/3 FY2024/3 FY2025/3 FY2026/3 (Results) (Results) (Results) (Results) (Forecast) Sales of properties 57.0 billion
Slide 14: Real Estate Services Business
Performance for Each Business Segment (Property Management, Building Maintenance, Sales Brokerage, Leasing Brokerage, Real Estate Services Business Rental Conference Room, Rent Guarantee, etc.) Sales and profit increased due to an increase of properties under management and growth in the Rental Conf
Slide 15: Hotel and Tourism Business
Performance for Each Business Segment Hotel and Tourism Business (Hotel Development, Hotel Operation, etc.) Number of hotels in operation steadily expanded to 32 with 3,649 rooms. Existing hotels also performed well, and sales and profits increased. FY2025/3 FY2026/3 YoY Forecast for FY2026/3 Increa
Slide 16: Other Business
Performance for Each Business Segment Other Business (Construction Business, Overseas Development Business, etc.) Sales and profit surged due to an increase in construction work. FY2025/3 FY2026/3 YoY Forecast for FY2026/3 Increase (million yen) 2Q 2Q /decrease Change rate Forecast Progress Rate Net
Slide 18: Business Environment Awareness
Business Environment Awareness 1. The outlook for the global economy is uncertain due to geopolitical risks and other factors although the risk of a sharp economic slowdown due to the strengthening of the U.S. tariff policy has receded. ◆While the United States strengthened its protectionist tariff
Slide 19: Long-term vision 2035 and Medium-term Management Plan 2028
Long-term vision 2035 and Medium-term Management Plan 2028 Long-term vision Utilize limited resources to fill the world with smiles and excitement! 2035 Becoming a corporate group that continues to challenge the creation of future value. Basic policy Medium-term Work to resolve social issues by prom
Slide 20: Growth Strategies
Growth Strategies Accelerate growth by expanding business domains through effective circulation and utilization of funds, while diversifying core business tie-ups based on a business model that combines manufacturing and service capabilities. Three markets Business Business domain Area Our goal to f
Slide 21: Strengthening business growth and sales structure
Strengthening business growth and sales structure 1. Diversify asset sale profits from flow-type businesses and promote the diversification of stock-type businesses. 2. Increase overall net sales while enhancing the sales composition ratio of stock-type businesses that are resilient to market fluctu
Slide 22: Aggressive Investment for Future Business Growth
Aggressive Investment for Future Business Growth Focusing on the profit margin and turnover of each segment, actively invest in growing fields while paying attention to the capital cost. Total investment in the next Medium-term Management Plan (FY2026/3- FY2028/3): will be 310 billion yen 【Cumulativ
Slide 23: Progress of Flow-Type Businesses
(Sale of properties in RP Business, Progress of Flow-Type Businesses Hotel Development Business, Overseas Development Business) Progress is on track toward the full-year forecast Trends in Net Sales Forecast Trends in Gross Profit (million yen) 81,440 (million yen) 30,000 80,000 Forecast 71,814 25,5
Slide 24: Progress of Stock-Type Businesses
(All businesses other than sale of Progress of Stock-Type Businesses properties such as Real Estate Services, Hotel Operation Business, etc.) Continued growth in revenue and profit. Both sales and gross profit reached record highs for the first half. Forecast (million yen) Trends in Net Sales 35,559
Slide 25: Coverage Ratio by Stock-Type Business (Stable Businesses)
Coverage Ratio by Stock-Type Business (Stable Businesses) Aim to cover fixed costs through gross profits from stock-type businesses at an early stage. (million yen) Fixed costs（※1） Stock-type gross profit Coverage ratio for FY2026/3 to exceed 100% （※2） 90% coverage ratio 93% coverage ratio 10,472 70
Slide 26: Continuing Our Efforts to Create Added Value in Small and Medium-Sized Buildings in Central Tokyo
Flow-type/Existing Real Estate Revitalization Business / Replanning Business Continuing Our Efforts to Create Added Value in Small and Medium-Sized Buildings in Central Tokyo The basement warehouse was also converted into a set-up office, and asset value was maximized through renovation. Before 15 b
Slide 27: Develop New Buildings Based on Expertise in Office Building
Flow-type/Existing Real Estate Revitalization Business / New Building Development Business Develop New Buildings Based on Expertise in Office Building Creating office spaces with the image that will further accelerate growth into a new era. Minami-aoyama Sold in April 2025 Shinjuku Nihonbashi Shinju
Slide 28: Promoting Development and Offering of Diverse Small-lot Real Estate Investment Products
Flow-type/Existing Real Estate Revitalization Business / Specified Joint Real Estate Ventures Promoting Development and Offering of Diverse Small-lot Real Estate Investment Products We are developing products in major cities and actively offering investment opportunities that address the diverse nee
Slide 29: Development of Value-Creating Condominiums that Connect People and Communities with Smiles
Flow-type/Existing Real Estate Revitalization Business / Residential Development Business Development of Value-Creating Condominiums that Connect People and Communities with Smiles Development of high value-added rental apartment buildings equipped with soundproofing and pet-friendly facilities is a
Slide 30: Promoting the Apartment Renovation Business in New York
Flow-type/Existing Real Estate Revitalization Business / Apartment Renovation Business in New York Promoting the Apartment Renovation Business in New York Renovate apartments over 100 years old in New York, the center of the global economy. Upgrade building facilities and interior amenities with the
Slide 31: More Buildings Under Management and Better Services
Stock-type Real Estate Service Business / Leasing Brokerage and Property Management More Buildings Under Management and Better Services In Leasing Brokerage, the Ueno Branch Office was newly established as the core of regional strategies to flexibly strengthen area collaboration. In the Property Man
Slide 32: Large-Scale Projects and Long-Term Use by Repeat Customers Contributed to Performance
Stock-type Real Estate Service Business / Rental Conference Room Large-Scale Projects and Long-Term Use by Repeat Customers Contributed to Performance Under the policy of “not just selling rooms, but ensuring the success of events,” we have focused on providing heart-warming services while expanding
Slide 33: The only hotel in the world with heartwarming services
Stock-type Hotel and Tourism Business / Hotel development and Hotel Operation The only hotel in the world with heartwarming services Expand the number of rooms under operation by actively developing new hotels and M&A, while continuing to provide a heart-warming service that impresses guests. Opened
Slide 34: List of Hotels in operation, on construction, and on planning
Stock-type Hotel and Tourism Business / Hotel development and Hotel Operation List of Hotels in operation , on construction, and on planning In operation In operation LUXURY 73rooms BUDGET 558rooms ① Oriental Hills Okinawa 14rooms ㉙ SKY HEART Hotel Keisei Koiwa Mae 102rooms ② Sora Niwa Terrace Kyoto
Slide 35: Trends in Hotel Occupancy Rate, Average Daily Rate and Segment Profit
Stock-type Hotel and Tourism Business / Hotel Operation Trends in Hotel Occupancy Rate, Average Daily Rate and Segment Profit The average daily rate rose mainly in the Kansai region and luxury hotels by maintaining a high occupancy rate driven by the inbound tourism effect and further strengthening
Slide 36: Conducted M&A to Strengthen the Foundation for the Construction Sector
Stock-type Construction Business Conducted M&A to Strengthen the Foundation for the Construction Sector Acquired 100% shares of Otake Kenso Group, which has a proven track record in the processing and construction of sashes and glass. Strengths and Synergies of Both Companies Company overviews Name
Slide 38: Return to shareholders -Dividend-
Management with a Focus on Capital Costs and Share Price Return to shareholders -Dividend- The Interim dividend is 38.0 yen as initial forecast.(Date of Interim dividend effective：December 2, 2025) With the exception of maintaining the same dividend in FY2021/3, we will have continued to increase di
Slide 39: Changes in Stock Prices (2018 to 2025)
Management with a Focus on Capital Costs and Share Price Changes in Stock Prices (2018 to 2025) Through the sustainable growth of EPS, we will simultaneously improve shareholder value and implement a stable capital policy. FY26/3 forecast 350 350円yen 2,500 yen 319 yen 2,500円 10/31 stock price 2,283
Slide 40: Amoeba management
Management with a Focus on Capital Costs and Share Price Drivers to improve ROE Permeation of philosophy and amoeba management enhances employee engagement and promotes businesses through fully participatory management approach. Improve ROE by enhancing ROIC while maintaining financial discipline. R
Slide 41: Trends of ROE and each indicator
Management with a Focus on Capital Costs and Share Price Trends of ROE and each indicator Ordinary Profit Margin Total Capital Turnover Equity Ratio Enhance added value in clients' point of view and evolve and grow highly × Increase efficiency by shortening business period and increasing stock × Mai
Slide 42: Profitability Continues to Exceed the Capital Cost
Management with a Focus on Capital Costs and Share Price Profitability Continues to Exceed the Capital Cost If ROIC continues to exceed WACC, ROE will continue to exceed the cost of shareholders' equity, and PBR will improve. ROIC ROE PBR ※1 15.0% 15.0% 1.5 15.3% 14.7% 13.9% 14.2% 1.05 0.94 10.0% 10
Slide 43: Strengthening IR Activities
Management with a Focus on Capital Costs and Share Price Strengthening IR Activities Sun Frontier IR website Engage in proactive dialogue with the capital markets https://www.sunfrt.co.jp/en/ir_info/ Actual result of main activities of IR FY2024/3 FY2025/3 FY2026/3 Presentation of financial Held eve
Slide 44: Publication of the Integrated Report 2025
Publication of the Integrated Report 2025 Expanding the disclosure of financial and non-financial information and promoting more transparent information dissemination. Front cover The Group issued its first integrated report in September 2025. In addition to the Company Philosophy we have cherished
Slide 46: Sun Frontier Philosophy
Sun Frontier Philosophy COMPASSION Company policy We believe in helping others, as many as we can, Ｃｒｅｄo throughout our lives. Management Philosophy Our mission is to look after every employee and pursue the happiness of both mind and matter. At the same time, to co- Mission create a rich and sustai
Slide 47: Sun Frontier’s Strength
Sun Frontier’s Strength Create a good corporate climate and culture based on the two wheels of Philosophy and Amoeba Management to realize our Management philosophy. Realization of the Management philosophy Corporate climate and culture Management among all employees’ participation (1) Management ba
Slide 48: Human Resource Development
Human Resource Development Desired image of human resources Human resources with both "the heart of altruism" and "frontier spirit" Human Resources Development Policy Develop human resources who can develop new fields with a frontier spirit toward the realization of a sustainable and affluent societ
Slide 49: Sustainability Management
Sustainability Management Sustainability Vision We will contribute to the realization of a sustainable society through our business activities, Sustainability Report Site Address respecting the heart of altruism that is our company policy. Important Social Issues to be Related Challenges Key Measure
Slide 50: Strengths in Office Business
Strengths in Office Business With in-house processes from procurement to development, occupancy, sales, and support, we solve various problems by getting client’s needs correctly. Clients Real Estate Utilization To be a partner for solving various problems from clients’ point of view Real Estate Rev
Slide 51: Business Model for Replanning Business
Business Model for Replanning Business Renovating the office buildings with low occupancy and in need of large-scale repairs into high-value-added properties demanded by society using “clients’ point of view.” Value-up Creativity Leasing High-occupancy Design offices in clients' A community-based si
Slide 52: Create both Customer Value and Social Value
Replanning Business Create both Customer Value and Social Value Solving social issues through supporting our clients' business. Supporting the business growth for 50年間の資源投入量の比較 Comparison of resource input over 50 years 50年間のＣＯ₂排出量の比較 Comparison of CO₂ emissions over 50 years （t-CO₂） building owners
Slide 53: Hotel Development Business and Hotel Management Business
Hotel Development Business and Hotel Management Business Selling the hotel we developed after operation After the sale, the property is leased and managed, contributing to asset formation as a profit-making property Land Land Management Sale Purchase Development Construction management Sale Purchase
Slide 54: Regional Revitalization Initiatives Centered on Hotels
Hotel and Tourism Business (Regional Revitalization Business) Regional Revitalization Initiatives Centered on Hotels Revitalizing local communities through tourism — when the regions thrive, Japan thrives. Japan offers a wide range of attractions, including beautiful natural landscapes, rich history
Slide 55: The construction of the HIYORI Aqua Tower Project in Vietnam is progressing.
Residential Development Business The construction of the HIYORI Aqua Tower Project in Vietnam is progressing. Our second condominium project is on progress. 中国 HIYORI Aqua Tower べトナムラオス Da Nang タイカンボジア Image of Building Exterior 25 floors with 2 basement floors Total floor area：24,498㎡ Interior pe
Slide 57: The Number of Corporations by Prefecture and Number of Office Buildings in Tokyo's 23 wards
Insight for Business Environment The Number of Corporations by Prefecture and Number of Office Buildings in Tokyo's 23 wards In Tokyo concentrated many companies, demand renovation and rebuilding suppressed waste of resources remains high in while small and medium-sized buildings continue to age. To
Slide 58: Insight for Business Environment
Insight for Business Environment Insight for Business Environment While the population of Japan is decreasing, the population of Tokyo is increasing as more people are moving into the Tokyo area. (Thousand people) 60 Ratio of Tokyo population to Japanese population (estimate) (Thousand people) 50 Po
Slide 59: Overseas Markets (the U.S., Vietnam)
Recognition of the business environment Overseas Markets (the U.S., Vietnam) Supplying Japan's high-quality residential real estate in the United States (New York) and Vietnam (Danang), where population growth and high growth rates continue While the population of Japan is decreasing, the population
Slide 60: Demand recovery and growth potential in the hotel market
Recognition of the business environment Demand recovery and growth potential in the hotel market The recovery in travel demand has been remarkable, and both the number of foreign visitors to Japan and their spending are expected to further expand in the future. (millions of people) (trillion yen) Tr
Slide 61: ESG Data
ESG Data Environment Social Governance As of September 30, 2025 As of September 30, 2025 Actual number Carbon Offset Ratio of male and female employees Female Directors Cumulative in managerial positions Ratio of Outside 1 out of 10 of RP buildings （people） ■Male ■Female Target ratio of female total
Slide 62: Conversion conditions of CB
Conversion conditions of CB Convertible bonds with Type Maturity 5 years Specific use of funds Amount share acquisition rights Convertible 5 years after the payment due date Issuance date October 6, 2023 However, In principle, non-convertible for 1 year Acquisition of land in conjunction with period
Slide 63: History of Sun Frontier Group
History of Sun Frontier Group Net sales (million yen) In April 2022, Listed on Prime Section of Tokyo Stock Exchange (people) Ordinary profit 150,000 In October,2018 Start New York business 3,000 the number of In October 2018, Start Specified Joint Real Estate Ventures 135,000 employees In April 201
Slide 64: Company Profile
Company Profile Company Name Sun Frontier Fudosan Co., Ltd. Location of Head Quarters 1-2-2, Yurakucho, Chiyoda-ku, Tokyo Date of Foundation April 8, 1999 Date of Listing February 26, 2007 (First Section of Tokyo Stock Exchange) Capital Stock * 11,965 millions yen Representative Tomoaki Horiguchi, C
Slide 65: Thank you for your continued support.
Sun Frontier Fudousan Co., Ltd Thank you for your continued support. ◆The purpose of this document is to provide information that can be used as a reference, not for soliciting or promoting you to purchase a specific product. Please make your decision by your own discretion and responsibility when y

Sun Frontier Fudousan — Q2 FY2026/3 Earnings Presentation on 6ix

Sun Frontier Fudousan — Q2 FY2026/3 Earnings Presentation

Slide 1: Financial Results of the Second Quarter of Fiscal Year Ending March 31, 2026

Slide 2: Contents

Slide 3: Overview of FY2026/3 2Q

Slide 4: Executive Summary

Slide 5: Overview of FY2026/3 2Q

Slide 6: Consolidated Income Statement

Slide 7: Trends in Ordinary Profit for recent fiscal years

Slide 8: Consolidated Balance Sheet - Assets -

Slide 9: Consolidated Balance Sheet - Liabilities/Equity -

Slide 10: Real Estate Revitalization Business –Summary–

Slide 11: Real Estate Revitalization Business –Property Purchase–

Slide 12: Real Estate Revitalization Business –Indicators–

Slide 13: Trends in Inventories and Gross Profit of Property Sales

Slide 14: Real Estate Services Business

Slide 15: Hotel and Tourism Business

Slide 16: Other Business

Slide 17: Growth Strategies and Business Initiatives

Slide 18: Business Environment Awareness

Slide 19: Long-term vision 2035 and Medium-term Management Plan 2028

Slide 20: Growth Strategies

Slide 21: Strengthening business growth and sales structure

Slide 22: Aggressive Investment for Future Business Growth

Slide 23: Progress of Flow-Type Businesses

Slide 24: Progress of Stock-Type Businesses

Slide 25: Coverage Ratio by Stock-Type Business (Stable Businesses)

Slide 26: Continuing Our Efforts to Create Added Value in Small and Medium-Sized Buildings in Central Tokyo

Slide 27: Develop New Buildings Based on Expertise in Office Building

Slide 28: Promoting Development and Offering of Diverse Small-lot Real Estate Investment Products

Slide 29: Development of Value-Creating Condominiums that Connect People and Communities with Smiles

Slide 30: Promoting the Apartment Renovation Business in New York

Slide 31: More Buildings Under Management and Better Services

Slide 32: Large-Scale Projects and Long-Term Use by Repeat Customers Contributed to Performance

Slide 33: The only hotel in the world with heartwarming services

Slide 34: List of Hotels in operation, on construction, and on planning

Slide 35: Trends in Hotel Occupancy Rate, Average Daily Rate and Segment Profit

Slide 36: Conducted M&A to Strengthen the Foundation for the Construction Sector

Slide 37: Management with a Focus on Capital Costs and Share Price

Slide 38: Return to shareholders -Dividend-

Slide 39: Changes in Stock Prices (2018 to 2025)

Slide 40: Amoeba management

Slide 41: Trends of ROE and each indicator

Slide 42: Profitability Continues to Exceed the Capital Cost

Slide 43: Strengthening IR Activities

Slide 44: Publication of the Integrated Report 2025

Slide 45: Philosophy and Business Initiatives

Slide 46: Sun Frontier Philosophy

Slide 47: Sun Frontier’s Strength

Slide 48: Human Resource Development

Slide 49: Sustainability Management

Slide 50: Strengths in Office Business

Slide 51: Business Model for Replanning Business

Slide 52: Create both Customer Value and Social Value

Slide 53: Hotel Development Business and Hotel Management Business

Slide 54: Regional Revitalization Initiatives Centered on Hotels

Slide 55: The construction of the HIYORI Aqua Tower Project in Vietnam is progressing.

Slide 56: References Materials

Slide 57: The Number of Corporations by Prefecture and Number of Office Buildings in Tokyo's 23 wards

Slide 58: Insight for Business Environment

Slide 59: Overseas Markets (the U.S., Vietnam)

Slide 60: Demand recovery and growth potential in the hotel market

Slide 61: ESG Data

Slide 62: Conversion conditions of CB

Slide 63: History of Sun Frontier Group

Slide 64: Company Profile

Slide 65: Thank you for your continued support.