Slide 1: FY25/2 Full-Year Corporate Presentation
FY25/2 Full-Year Corporate Presentation January 13, April 14, 2023 2025 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 FY25/2 Summary ‒ SRE Office: Tradepia Odaiba Occupancy FY25/2 Earnings Growth to 88% ‒ Introduction of Expanded, More Detailed Segment ‒ AM: AUM Growth on Diverse Growth Drivers Reporting +12% YOY ‒ All-In OP +17%, Cash EPS +12% (YOY) ‒ CE: Driving Stable Earnings Growth ‒ Segment Earnings
Slide 6: FY25/2 Summary
FY25/2 Summary All-In Operating Profit +17%, Cash EPS +12% YOY ̶ Cash Earnings: JPY 38.6B (+15% YOY, Record High) Stock Earnings: JPY 22.9B (+18% YOY, Record High) Flow Earnings: JPY 15.6B (+9% YOY) ̶ ROE 14.1% (+2.4% YOY), Cash ROE 18.0% (+0.8% YOY) Hotel & Hotel AM Cash Earnings +38% YOY Asset
Slide 7: Stock Earnings Significantly Exceed Fixed Expenses
FY25/2 Summary Stock Earnings Significantly Exceed Fixed Expenses Fixed Expenses Stock Earnings/Fixed Expenses JPY 210% Target: >200% Flow 10.9B Earnings Cash Earnings JPY JPY 38.6B 15.6B Stock Earnings Ratio Stock Earnings 59% Target: >60% JPY 22.9B Stock Earnings: Rental Income, Power Generation R
Slide 8: FY25/2 Earnings
FY25/2 Earnings © Ichigo Inc. All rights reserved. 8
Slide 9: Introduction of Expanded, More Detailed Segment Reporting
Introduction of Expanded, More Detailed Segment Reporting Increase Ichigo Earnings Transparency via new Ichigo Owners & Hotel Segment Disclosure Previous New Asset Asset Asset Management (AM) generates fee income via management of Ichigo Office (8975), Ichigo Hotel (3463), Ichigo Green (9282), Ichig
Slide 10: All-In OP +17%, Cash EPS +12% (YOY)
All-In OP +17%, Cash EPS +12% (YOY) Cash Earnings 1.3X Accounting Earnings Due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders ROE 14%, Cash ROE 18% (JPY million) FY25/2 FY24/2 FY25/2 YOY Full-Year Forecast Operating Profit 12,960 16,309 +25.8% 16,000 All-In Operating Profit 21
Slide 11: Segment Earnings Details
Segment Earnings Details – AM: Hotel & Security Token Stock Earnings & Performance Fee Growth – SRE: Stock & Flow Earnings Growth – Stock Earnings Up on Rental Income Growth at Existing & New Assets – Ichigo Owners: Decreased Asset Sales & Rental Income – Hotel: Flow Earnings, Rental Income, & Opera
Slide 12: Powerful Value-Add Business Model & Sustainability Focus
Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 12
Slide 13: Stock + Flow Earnings
Stock + Flow Earnings Record Cash Earnings (+15% YOY) Cash Earnings (JPY billion) ■ Flow Earnings ■ Stock Earnings (Stock Earnings Ratio) Record High 38.6 +15% YOY 37.0 33.7 28.9 15.6 18.5 24.7 14.3 20.9 13.3 9.7 5.8 22.9 18.4 19.4 (59%) (50%) 15.0 14.9 15.5 (58%) (72%) (60%) (54%) FY20/2 FY21/2 FY2
Slide 14: Highly Secure Stock Earnings
Highly Secure Stock Earnings Record Stock Earnings (+18% YOY) ̶ Hotel Segment Driving Growth (+39% YOY) (JPY billion) Stock Earnings by Segment (YOY % Change) Record High ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) ■ Ichigo Owners (Rental Income) 22.9 +18% YOY ■ SRE (Rental In
Slide 15: Embedded Forward Earnings
Embedded Forward Earnings Full Economic Earnings From Value-Add Exceed Accounting Earnings Value-Add Thus Generates Significant Unrealized Gains That Are an Earnings Bank for Future Periods (JPY billion) 72.5 73.1 65.2 67.8 63.9 56.2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Third-Party Appraisal Va
Slide 16: Value-Add Drives Durable Value Growth
Value-Add Drives Durable Value Growth Third-Party Appraisal Value-Based Unrealized Gains Actual Gains on Sales (JPY billion) 2.8X 1.5X 1.8X 2.1X 2.0X 17.1 13.8 1.9X 11.6 10.1 9.4 8.7 6.1 5.7 6.3 4.7 4.7 3.0 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Note: Self-storage assets sold in FY24/2 (36 assets
Slide 17: Robust Cash Generation
Robust Cash Generation Economic Operating Cash Flow Exceeds Net Income Net Income Economic Operating Cash Flow 3.6X (JPY billion) 2.1X 1.3X 2.4X 1.5X 29.4 2.2X 25.3 19.8 15.6 14.3 15.1 11.1 12.1 8.2 9.4 5.0 6.4 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Economic Operating Cash Flow = Cash Flows from
Slide 18: Strong Financial Base
Strong Financial Base Weighted Average Loan Period Average Interest Rate & Loan Term Weighted Average Remaining Loan Maturity (Interest Rate) Weighted Average Interest Rate (Loan Term, Years) 2.5% 12 10.0 years 10.0 years 10.1 years 10.0 years 9.3 years 8.9 years 2.0% 9 7.6 years 7.2 years 6.5 years
Slide 19: Significant Benefits From Sustainable/ESG Financing
Significant Benefits From Sustainable/ESG Financing Ichigo’s Sustainability Execution Driving Attractive Financing Terms Strengthening Financial Base via Diversified Borrowings ESG Loans as % of Total Borrowings (as of FY25/2-end) ESG Loans (JPY billion) ■ ESG loans (including green bonds) ■ ESG loa
Slide 20: Driving Sustainable Growth
Driving Sustainable Growth © Ichigo Inc. All rights reserved. 20
Slide 21: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Acquisitions: JPY 75.4B (+9% YOY) – SRE + Hotel: JPY 26.4B (+1% YOY) Installed sophisticated design, low-cost Ichigo Ready to Move In offices in 4 office assets – Ichigo Owners: JPY 49.0B (+13% YOY) Robust investor demand for residential assets – acquisitions =
Slide 22: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Real Estate Acquisitions & Sales (JPY B) Left: Acquisitions Right: Sales ■ Ichigo Owners ■ Hotel 75.4 ■ SRE 69.5 69.6 64.8 63.0 60.6 8.4 55.1 50.7 49.0 28.5 45.8 43.2 50.3 37.9 18.0 41.4 38.2 28.0 18.1 31.0 36.0 12.4 24.3 31.1 2.6 5.1 8.8 9.1 34.1 26.7 17.8 25.0 16.
Slide 23: Strong Growth via Meeting Clients’ Diverse Needs
Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Creating High-Quality PASEO Brand Residential Assets in Prime Locations – Strong Ichigo partnerships with developers (share know-how & client needs data) – Extensive Ichigo transaction experience & market presence Ichigo Owners Acquisiti
Slide 24: Strong Growth via Meeting Clients’ Diverse Needs
Ichigo Owners Strong Growth via Meeting Clients’ Diverse Needs Prime Location Residential Assets Tailored to Tenant & Investor Needs – Further growth via expanding sales channels, including Ichigo Residence Tokens Ichigo Owners Operating Profit (JPY B) 5.4 5.6 3.8 3.5 3.2 2.1 1.3 0.1 0.9 1 FY18/2 FY
Slide 25: Ichigo Residence Tokens: FY25/2 AUM JPY 42.6B
Ichigo Owners x Asset Management Ichigo Residence Tokens: FY25/2 AUM JPY 42.6B FY26/2 AUM Forecast JPY 60~80B – Superior Ichigo assets & strong & diversified sales channels spanning institutional to high-net-worth investors driving Ichigo Residence Token AUM growth Ichigo Residence Token AUM (JPY bi
Slide 26: Hotel & Hotel AM Cash Earnings Growth +38% YOY
Hotel x Asset Management Hotel & Hotel AM Cash Earnings Growth +38% YOY Hotel & Hotel AM Cash Earnings (JPY billion) ■ Hotel Rental Income & Gains on Sales 14,218 ■ Ichigo Hotel (3463) AM Fees ■ OneFive Hotels Operator & PROPERA Income (+21%) 11,718 13.3 (+38%) RevPAR (JPY) 8,565 7,256 9.5 9.6 3,807
Slide 27: Hotel Operator OneFive Hotels Growth
Hotel Hotel Operator OneFive Hotels Growth Number of Rooms under Operation 3.4X vs. FY20/2 Establishment – Have newly won operating contracts for 2 external hotels (242 rooms), driving non-asset Stock Earnings growth OneFive Hotels Rooms under Operation (Number of Hotels) 2,467 (18) 1,882 1,567 (15)
Slide 28: THE KNOT Utsunomiya Rebranding & Reopening (Dec 2025)
Hotel THE KNOT Utsunomiya Rebranding & Reopening (Dec 2025) Full-Scale Hotel Renewal in Utsunomiya, Largest City in Northern Kanto – Radically improve hotel guest experience and refurbish and strengthen structural engineering and functionality – Create cultural hub connecting hotel guests & local co
Slide 29: Cocoro Kanda Building: 1.9X NOI
Sustainable Real Estate: Office Cocoro Kanda Building: 1.9X NOI Introduced sophisticated design, low-cost Ready to Move In Offices at Rent Renewals & Vacancies – Divided each floor into 3 function-based areas (tenant office spaces, meeting rooms, individual workspaces), enabling diverse work styles
Slide 30: Tradepia Odaiba: Occupancy Growth to 88%
Sustainable Real Estate: Office Tradepia Odaiba: Occupancy Growth to 88% – Expansion by existing tenants – very high tenant satisfaction – Introduced sophisticated design, low-cost Ready to Move In offices Tradepia Odaiba Occupancy Tradepia Odaiba Ready to Move In Offices Views of Rainbow Bridge, To
Slide 31: AUM Growth on Diverse Growth Drivers +12% YOY
Asset Management AUM Growth on Diverse Growth Drivers +12% YOY Driving Non-Asset Stock Earnings via Accelerated AUM Growth AUM ■ Ichigo Realty Management (Private REIT) ■ Ichigo Green (9282) ■ Ichigo Residence Tokens ■ Ichigo Hotel (3463) ■ Private Equity Fund ■ Ichigo Office (8975) 3.7 3.9 Fee Earn
Slide 32: Driving Stable Earnings Growth
Clean Energy Driving Stable Earnings Growth – Stock Earnings +3% – Below Forecast on Power Purchase Suspensions & Bad Weather – FY26/2 Forecast Reflects One-Off Decrease on Large-Scale Maintenance & Projected Expansion of Power Purchase Suspensions – Exploring Battery Storage Entry as New Growth Dri
Slide 33: Shareholder Returns
Shareholder Returns © Ichigo Inc. All rights reserved. 33
Slide 34: Flexible Buybacks: FY25/2 JPY 5.5B + New JPY 5B Buyback
Shareholder Returns Flexible Buybacks: FY25/2 JPY 5.5B + New JPY 5B Buyback FY25/2: Buyback JPY 5.5B (FY24/2 Buyback Portion of JPY 1.2B + FY25/2 Buyback of JPY 4.3B) FY25/2: Canceled 60 million shares (12% of shares outstanding) FY26/2: New JPY 5B Buyback – Buyback Period: March 3, 2025 ~ August 29
Slide 35: Dividend +17% YOY (JPY 10.5), FY26/2 +10% (JPY 11.5)
Shareholder Returns Dividend +17% YOY (JPY 10.5), FY26/2 +10% (JPY 11.5) 4 Consecutive Years of Dividend Increases on Back of Strong Cash Generation – DOE 4.1%, Total Payout Ratio Including Buybacks 67% Progressive Dividend is Maintained or Raised every year, Dividend underscoring Ichigo’s commitmen
Slide 36: Ichigo J.League Shareholder Program
Shareholder Returns 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 & listed solar power producer that it manages, in its shareholder program (104,60
Slide 37: Working to Protect Our Global Environment
Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 37
Slide 38: Selection as CDP 2024 Double A List Company
Selection as CDP 2024 Double A List Company Selected as A List Company for Both Climate Change (2nd Consecutive Year) & Water Security (First Time) – Achieved Highest Scores for Disclosure, Environmental Transparency, & Actions Achieved Both Third-Party Evaluation Environmental KPIs – KPIs: Be Selec
Slide 39: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition RE100 Progress (as of February 28, 2025) Non-Fossil Certificate Tracking for Ichigo Power Plants 39% 100% 61% Renewable Energy Switch Ichigo 2030 RE100 KPI to work for a sustainable planet: 100% renewable electricity across all Ichigo operations by 2025 ©
Slide 40: Ichigo CO2 Reduction = 8X CO2 Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions Ichigo CO2 Reduction = 8X CO2 Emissions CO2 Reduction 104,502 CO2 Emissions 13,000 tons tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plant Production (Ichigo + Ichigo Office + Ichigo Hotel + Ichigo Green)
Slide 41: Ichigo Climate Positive: CO2 Reduction vs. Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reduction vs. Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichigo CO2 Emissions (Scop
Slide 42: FY26/2 Forecasts
FY26/2 Forecasts © Ichigo Inc. All rights reserved. 42
Slide 43: FY26/2 Forecast: Record High Earnings
FY26/2 Forecast: Record High Earnings All-In OP +14%, Cash EPS +10% (YOY) ROE 14.0%, Cash ROE 17.9% (JPY million) FY25/2 FY26/2 YOY (Actual) Forecast Operating Profit 16,309 19,500 +19.6% All-In Operating Profit 24,864 28,400 +14.2% Recurring Profit 13,764 14,800 +7.5% All-In Recurring Profit 22,319
Slide 44: FY26/2 Forecast Details
FY26/2 Forecast Details – AM: Down on Drop Off of FY25/2 IHR/IOR Performance Fees (JPY 1.3B) – SRE: Up on Stock & Flow Earnings Growth – Ichigo Owners: Up on Asset Sale Growth – Hotel: Down on Hotels Temporarily Closed for Rebranding & Asset Sale Decrease – CE: Down on One-Off Large-Scale Maintenanc
Slide 45: Forecast 2nd Consecutive Year of Record High Cash Earnings
Forecast 2nd Consecutive Year of Record High Cash Earnings Forecast Record High for Both Flow & Stock Earnings & Continued Double-Digit Earnings Growth (JPY billion) Record High Cash Earnings 43.0 (+11%) ■ Flow Earnings ■ Stock Earnings 38.6 37.0 33.7 19.5 28.9 15.6 18.5 24.7 14.3 20.9 13.3 9.7 5.8
Slide 46: Forecast 3rd Consecutive Year of Record High Stock Earnings
Forecast 3rd Consecutive Year of Record High Stock Earnings SRE Revenue Up, Hotel Down on Temporary Rebranding Closures ̶ SRE: Ready to Move In Offices & Tradepia Odaiba Rental Income Growth ̶ Hotel: 2 Hotels Closed for Rebranding, Full-Year Contributions From FY27/2 (JPY billion) Stock Earnings by
Slide 47: Appendix: KPIs
Appendix: KPIs © Ichigo Inc. All rights reserved. 47
Slide 48: 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) 60 29,492 18.0% 30,000 17.2% 15.1% 50 13.0% 14.1% 25,317 10.8% 11.7% 44.51 10.0%
Slide 49: Shareholder Returns
Shareholder Returns DOE (Dividend on Equity) >4%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy (JPY billion) 24 4.5% ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend 19.3 20 4.1% DOE Target 4% 4.0% 3.8% 15.3 3.6% 16 17.8 3.4% 13.0 3.3% 3.5% 3.3% 15.3 12 13.0 10.7 3.0
Slide 50: Ichigo 2030 KPIs: Grow Shareholder Value
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 51: Ichigo 2030 KPIs
Ichigo 2030 KPIs High Capital Efficiency & High Earnings Stability High Cash Flow Generation Stock Earnings/Fixed Expenses Target >200% Cash ROE Target >18% Fixed Expenses ROE Target >15% Flow Cash Earnings Earnings Economic Operating Cash Flow Exceeds Net Income Stock Earnings Ratio Target >60% Cas
Slide 52: Ichigo 2030 KPIs
Ichigo 2030 KPIs Ichigo Shareholder Distribution Policy: Growth, Durability, & Certainty – DOE (Dividend on Equity) Payout Ratio of >4% • Durable & growing dividend not impacted by short-term earnings volatility – Flexible Deployment of Share Buybacks • Optimize capital structure & drive shareholder
Slide 53: Ichigo 2030 KPIs
Ichigo 2030 KPIs Ichigo Climate Positive RE100 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 Renewable Completed 100% Energy Re
Slide 54: Appendix: Powerful Value-Add Business Model & Sustainability Focus
Appendix: Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 54
Slide 55: 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 at FY20/2-end Real Estate for Sale & Fixed Assets Fixed Assets (SRE & Hotel) Real Estate for Sale (SRE & Hotel) Fixed Asset Ratio 15% 30% 84% 84% 85% 84% 72%
Slide 56: Post-GFC Shift in Earnings Base & Financial Position
Post-GFC Shift in Earnings Base & Financial Position FY09/2 FY14/2 FY25/2 vs. GFC GFC Start of Shift Up MTP Stock Earnings/ Fixed Expenses 75% 140% 210% 2.8X Coverage Ratio 9.3 years Loan Maturity (Weighted avg., 5.6 years 5.6 years 3.3X corporate + non-recourse loans) 2.8 years 2.8 years 2.8 years
Slide 57: Appendix: Financial & Operational Data
Appendix: Financial & Operational Data © Ichigo Inc. All rights reserved. 57
Slide 58: All-In Disclosure for Increased Earnings Transparency
All-In Disclosure for Increased Earnings Transparency – All-In disclosure allows for transparent tracking of full profitability contribution of Sustainable Real Estate (SRE) & Hotel – SRE & Hotel are core businesses, and Ichigo executes value-add on SRE & Hotel assets regardless of whether they are
Slide 59: Consolidated P&L: Segment Breakdown
Consolidated P&L: Segment Breakdown (JPY million) All-In Gross Profit All-In Operating Profit Segment FY25/2 FY24/2 FY25/2 YOY FY24/2 FY25/2 YOY Forecast Asset Management (AM) 2,482 3,963 +59.7% 1,496 2,613 +74.6% 1,750 BaseAM Fees 2,260 2,600 +15.1% 1,372 1,779 +29.6% – Acquisition/Disposition Fees
Slide 60: Strong & Diversified Cash Earnings
Strong & Diversified Cash Earnings Cash Earnings by Segment (%) (JPY billion) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income + Gains on Sales) ■ Ichigo Owners (Rental Income + Gains on Sales) ■ Sustainable Real Estate (Rental Income + Gains on Sales) ■ Asset Management (AM Fees) R
Slide 61: Robust Cash Flow Generation
Robust Cash Flow Generation Key Ichigo Strength: Robust Cash Generation to Fund Growth – Maximal use of depreciation allowances to lower accounting earnings & increase cash flow – Majority of cash earnings are Stock Earnings – Stock Earnings are significantly higher than Fixed Expenses (JPY million)
Slide 62: Consolidated Balance Sheet: Segment Breakdown
Consolidated Balance Sheet: Segment Breakdown (JPY million) Cash and Operational Operational Real Estate Fixed Intangible Securities Other Segment Cash Loan Securities Total Assets for Sale Assets Assets Investments Assets Equivalents Investments Investments Asset Management (AM) 126 – – – – 433 – 2
Slide 63: Risk-Based Balance Sheet
Risk-Based Balance Sheet Mark-to-Market Consolidated Balance Sheet: JPY 479.8B (Book Value JPY 406.7B + Unrealized Gains JPY 73.1B) Cash & Cash Equivalents JPY 31.5B Non-Recourse Loans & Related Liabilities Risk-Based Consolidated Balance Sheet: JPY 398.7B Non-Recourse Loans JPY 49.5B (Book Value JP
Slide 64: Appendix: Sustainable Real Estate & Ichigo Owners & Hotel Details
Appendix: Sustainable Real Estate & Ichigo Owners & Hotel Details © Ichigo Inc. All rights reserved. 64
Slide 65: Sustainable Value-Add
Sustainable Real Estate & Ichigo Owners & Hotel 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 S
Slide 66: Ichigo Value-Add Earnings Example
Sustainable Real Estate & Ichigo Owners & Hotel 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 67: Value-Add Robust to Changes in Market Environment
Sustainable Real Estate & Ichigo Owners & Hotel Value-Add Robust to Changes in Market Environment Office/Hotels/Retail Ichigo Owners Build strong tenant relationship NOI GPM GPM Improve assets +25% 32% 11% Improve soft services Normal Avg. Hold: Avg. Hold: Market 3.2 Years 0.8 Years Sustainable Real
Slide 68: Ichigo Owners Value-Add
Ichigo Owners Ichigo Owners Value-Add Advantaged Ichigo Capabilities & Cost Competitiveness Build upon Ichigo’s Strong PASEO Residential Brand & Deep Developer Support & Synergies – Development, Marketing, & Branding Tailored to Diverse Buyer & Tenant Needs – Eliminate Development Risk & Cut Costs v
Slide 69: Growing Real Estate Security Token Market
Ichigo Owners Growing Real Estate Security Token Market AUM Expected to Grow to 3rd Largest Market After J-REIT (JPY 20T) & Private Equity Fund (JPY 30T) – Driving liquidity & convenience via secondary market (START) launch Security Token Market Size (AUM) JPY 2.6T JPY 308.9B JPY 158.5B JPY 5.4B JPY
Slide 70: 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 Appraisal NOI Cap Rate Appraisal Value Unrealized Gains Location Feb 28, 2025 (B) (B)/(A) (C) (C) – (A) (A) Tokyo 98,255 5,845 5.9% 137,606 +39,351 Outside
Slide 71: Asset Sales Gross Profit Margin (GPM)
Sustainable Real Estate & Ichigo Owners & Hotel Asset Sales Gross Profit Margin (GPM) Ichigo Sustainable Value-Add Supports Ongoing High GPM FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 GPM 13.9% 20.6% 21.1% 14.6% 21.3% (vs. Revenue) GPM 16.2% 26.2% 27.1% 16.8% 26.7% (vs. Book Value) Revenue 41,430 45,830 55,
Slide 72: Ichigo-Owned Real Estate Portfolio
Sustainable Real Estate & Ichigo Owners & Hotel Ichigo-Owned Real Estate Portfolio Actively Acquiring Mid-Size Assets with Value-Add Potential, Focused on Prime Location Offices, Hotels, Retail, & Residences in Tokyo & Major Cities Ground Lease Total Ichigo-Owned Assets: JPY 279.8B By Asset Type 1%
Slide 73: Real Estate Asset Breakdown (1)
Sustainable Real Estate & Ichigo Owners & Hotel Real Estate Asset Breakdown (1) 125 Assets, JPY 279.8B, Annual NOI JPY 12.5B (6.1% Yield) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment M
Slide 74: Real Estate Asset Breakdown (2)
Sustainable Real Estate & Ichigo Owners & Hotel Real Estate Asset Breakdown (2) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Multiple IRR3 35 Office Fixed Asset Minato-ku, Tokyo JPY 2B-3
Slide 75: Real Estate Asset Breakdown (3)
Sustainable Real Estate & Ichigo Owners & Hotel Real Estate Asset Breakdown (3) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 Multiple 2 3 Price Date Age NOI/Year Investment IRR 119 Retail Fixed Asset Shibuya-ku, Tokyo <JPY
Slide 76: Real Estate Asset Breakdown (4)
Sustainable Real Estate & Ichigo Owners & Hotel Real Estate Asset Breakdown (4) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location Price Date Age NOI/Year1 Investment Multiple 2 IRR3 61 Retail Operational Loan Shinjuku-ku, Tokyo JP
Slide 77: Real Estate Asset Breakdown (5)
Sustainable Real Estate & Ichigo Owners & Hotel Real Estate Asset Breakdown (5) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 Multiple 2 3 Price Date Age NOI/Year Investment IRR 185 Hotel Real Estate for Sale Osaka >JPY 3B 2
Slide 78: Appendix: Asset Management Details
Appendix: Asset Management Details © Ichigo Inc. All rights reserved. 78
Slide 79: Ichigo REITs & Ichigo Green
Asset Management Ichigo REITs & Ichigo Green (as of April 11, 2025) Ichigo Office 8975 Ichigo Hotel 3463 Ichigo Green 9282 Portfolio JPY 221.9B (88 Assets) JPY 67.7B (29 Hotels) JPY 11.4B (15 Solar Plants) Dividend Yield 6.4% 5.8% 8.8% ・ Entered FTSE Global REIT ・ Geographically diversified ・ Solar
Slide 80: Growth & ESG Support for Ichigo REITs & Ichigo Green
Asset Management Growth & ESG Support for Ichigo REITs & Ichigo Green ・ Asset pipeline, bridge fund creation, and financial support for asset acquisitions Ichigo Office ・ Providing financial support for value-add capex (8975) ・ Owning Ichigo Office shares to strengthen growth commitment ・ Providing
Slide 81: Asset Management AUM Detail
Asset Management AUM Detail FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 (12M) (12M) (12M) (12M) (12M) (12M) Ichigo Office AUM JPY 203.2B JPY 206.1B JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B (8975) Base AM Fee Gross Profit JPY 1,436M JPY 1,524M JPY 1,725M JPY 1,517M JPY 1,423M JPY 1,411M Ichigo Hotel
Slide 82: Appendix: Clean Energy Details
Appendix: Clean Energy Details © Ichigo Inc. All rights reserved. 82
Slide 83: Ichigo Solar Power Plant Portfolio
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% 10% Kansai JPY 21 3-
Slide 84: 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 85: 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 86: 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 87: Green Biomass Entry
Green Biomass Entry Fully Local Green Biomass as Ichigo’s 3rd Renewable Energy Business – 4 Plants In Development (3.2MW, JPY 3.4B in Total Business Expenses), Obtained Approval for 1 Plant (Tokushima Prefecture) – Diversify & stabilize power production – Procure biomass feedstock via Ichigo’s relat
Slide 88: Appendix: Ichigo’s Sustainability Commitment (ESG)
Appendix: Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 88
Slide 89: 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 90: 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 91: ESG Initiatives: Social
ESG Initiatives: Social Contributing to Society Contributing to Regional Revitalization Ichigo University Sports Initiatives As a top partner of the J.League Ichigo works to revitalize local communities Ichigo established Ichigo University in May professional soccer league, we support the and promot
Slide 92: ESG Initiatives: Governance
ESG Initiatives: Governance Global Best Practice Governance Early Adopter of Global Best Practice Majority Independent Director Board Annual Board of Directors Corporate Governance Structure Underpins Strong Governance Evaluation All Directors on Ichigo’s Board of Directors Of 9 members of Ichigo’s
Slide 93: Sustainability Initiatives
Sustainability Initiatives Joining Third-Party Initiatives to Accelerate Ichigo’s Sustainability Activities CDP 2024 Highest Leadership Level Joined RE100 Supporting TCFD Recommendations Climate Change: A / Water Security: A Completed 100% renewable energy Disclosure on governance, strategy, risk Ac
Slide 94: Rich ESG Content
Rich ESG Content ICHIGO Sustainable City Ichigo Sustainability Report Promoting Awareness of Ichigo’s Sustainability Introducing Ichigo’s Vision for Society’s Future Initiatives via Ichigo Sustainability Report Sustainable Infrastructure Sports Senior Management Message Sustainable Business Manageme
Slide 95: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company
Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 95
Slide 96: 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 97: Addressing Diverse Needs of Individuals & Communities
Addressing Diverse Needs of Individuals & Communities © Ichigo Inc. All rights reserved. 97
Slide 98: Appendix: Financial Statements
Appendix: Financial Statements © Ichigo Inc. All rights reserved. 98
Slide 99: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets (JPY million) FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 vs. FY24/2 Assets Current Assets Cash and cash equivalents 50,832 46,458 40,536 46,917 42,689 -4,228 Trade notes and accounts receivable 1,382 1,819 3,866 2,448 4,272 +1,824 Operational loan investments 1,324 1,324 1
Slide 100: Consolidated Balance Sheet: Liabilities
Consolidated Balance Sheet: Liabilities (JPY million) FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 vs. FY24/2 Liabilities Current Liabilities Short-term loans 4,879 2,382 962 16,726 6,520 -10,206 Bonds (due within one year) 274 274 364 3,162 232 -2,930 Long-term loans (due within one year) 9,751 9,888 8,539 2
Slide 101: Consolidated Balance Sheet: Net Assets
Consolidated Balance Sheet: Net Assets (JPY million) FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 vs. FY24/2 Net Assets Shareholders’ Equity Capital 26,888 26,888 26,888 26,892 26,946 +54 Capital reserve 11,275 11,268 11,266 10,313 10,363 +50 Retained earnings 73,160 76,310 82,438 90,967 81,396 -9,571 Treasur
Slide 102: Consolidated P&L (1)
Consolidated P&L (1) (JPY million) FY25/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Change vs. Full-Year (12M) (12M) (12M) (12M) (12M) (YOY) Forecast Forecast Revenue 61,368 56,934 68,093 82,747 83,576 +829 – – Cost of Goods Sold 45,776 40,757 48,674 61,875 58,051 -3,824 – – Gross Profit 15,591 16,177 19,4
Slide 103: Consolidated P&L (2)
Consolidated P&L (2) (JPY million) FY25/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 Change vs. Full-Year (12M) (12M) (12M) (12M) (12M) (YOY) Forecast Forecast Extraordinary Losses Loss on disposal of fixed assets – 5 23 147 100 -47 – – Valuation losses on securities investments 114 43 261 – 588 +588 – – Im
Slide 104: Consolidated Cash Flows: Operations
Consolidated Cash Flows: Operations (JPY million) FY21/2 (12M) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) Cash Flows from Operations Pre-tax income 7,610 9,595 14,234 17,962 21,784 Depreciation 4,797 5,644 5,339 4,859 4,795 Share-based compensation expenses 21 73 – – – Amortization of goodw
Slide 105: Consolidated Cash Flows: Investments & Financing
Consolidated Cash Flows: Investments & Financing (JPY million) FY21/2 (12M) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) Cash Flows from Investments Payments into time deposits -7 -7 -2 -701 -96 Redemptions of time deposits – 30 23 – 800 Payments for securities investments -547 -606 -968 -16,
Slide 106: Ichigo 2030: New Initiatives
Ichigo 2030: New Initiatives © Ichigo Inc. All rights reserved. 106
Slide 107: Top Partner of J.League, Japan’s Professional Soccer League
Real Estate x Sports Top Partner of J.League, Japan’s Professional Soccer League Promoting Community Development, Revitalizing Local Economies, & Helping People Enjoy Fuller and Healthier Lives J.League’s 100-Year Vision: Ichigo’s Mission: Promote Sports Development Serve Important Social Needs J.Le
Slide 108: J.League Tegevajaro Miyazaki: Revitalizing Local Communities
Real Estate x Sports J.League Tegevajaro Miyazaki: Revitalizing Local Communities – Growing From Consulting Business to Professional Soccer Club & Stadium Management – Acquired Ownership and Stadium Management Rights of J3 Club Tegevajaro Miyazaki Based in Miyazaki Prefecture, a Key Ichigo Area – Es
Slide 109: PROPERA: Ichigo's AI Hotel Revenue Management System
Hotel x IT PROPERA: Ichigo's AI Hotel Revenue Management System – Maximizes Hotel Revenues & Increases Labor Productivity – Solves Issues Faced by Hotels and Supports Competitiveness – Developed PROPERA-Lite* Tailored to Hotels’ Needs * Provides limited information on pricing levels Number of Lodgin
Slide 110: PROPERA: Driving Stock Earnings Growth
Hotel x IT PROPERA: Driving Stock Earnings Growth Launch of Drive Non-Asset Stock Third-Party Increase Market Share Sales Earnings Earnings Upside From Participation in Long-Term Earnings Growth Hotel Earnings Growth PROPERA Business Market Turnaround ・ Strong domestic & inbound hotel demand recover
Slide 111: OneFive Hotels Hotel Operations
Hotel OneFive Hotels Hotel Operations Non-Asset Earnings Growth Driver – Operations & Master Leases of Third-Party Hotels – Growth Exceeding Pre-Covid Levels Without Dedicated Sales & Marketing Teams – Driving Earnings & Cost Reductions via PROPERA deployment at hotels (generating 10 to 40% revenue
Slide 112: 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