Slide 1: FY26/2 H1 Corporate Presentation
FY26/2 H1 Corporate Presentation January 13, 2025 October 14, 2023 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 Renamed All-In Operating Profit to Business Profit ‒ Ichigo Owners: Strong Growth via Meeting FY26/2 H1 Summary Clients’ Diverse Needs ‒ Ichigo Owners x AM: Forecast FY26/2 Ichigo FY26/2 H1 Earnings Residence Token AUM Growth: JPY 20B~40B ‒ Business Profit +60%, Cash EPS +52% (YOY) ‒ AM: AU
Slide 6: Renamed All-In Operating Profit to Business Profit
Disclosure Update Renamed All-In Operating Profit to Business Profit Business Profit = Operating Profit + SRE/Hotel Gains on Sales Recorded as Extraordinary Gains Name Change Only – No Change in Earnings Definition — Business Profit Provides Tracking of Full Earnings Contribution of Sustainable Real
Slide 7: FY26/2 H1 Summary
FY26/2 H1 Summary ・ Business Profit +60%, Cash EPS +52% YOY Earnings ・ Stock Earnings +14% YOY on Office & Hotel NOI Growth Results ・ Flow Earnings +91% YOY on Hotel & Ichigo Owners Asset Sales Forecasting ・ Full-Year Net Income Forecast JPY 16B (+5% YOY) Record ・ EPS JPY 38.13 (+9% YOY) with Share
Slide 8: FY26/2 H1 Earnings
FY26/2 H1 Earnings © Ichigo Inc. All rights reserved. 8
Slide 9: Business Profit +60%, Cash EPS +52% YOY
Business Profit +60%, Cash EPS +52% YOY Cash Earnings 1.3X Accounting Earnings due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders On Track for Record Earnings (JPY million) FY25/2 FY26/2 Full-Year FY25/2 H1 FY26/2 H1 YOY Full-Year Full-Year Forecast Actual Forecast vs. FY25/2
Slide 10: Segment Earnings Overview
Segment Earnings Overview Hotel: Growth Driven by Stock Earnings & Hotel Sale Ichigo Owners: Strong Progress on Asset Sales – More to Come in H2 Business Profit (JPY million) FY25/2 FY26/2 Full-Year Segment FY25/2 H1 FY26/2 H1 YOY Full-Year Full-Year Forecast Actual Forecast vs. FY25/2 Asset Managem
Slide 11: AM: Business Profit +62% YOY
AM: Business Profit +62% YOY Stock Earnings +26% – Increased Ichigo Office & Ichigo Hotel NOI & Ichigo Security Token AUM Growth Flow Earnings +159% – Ichigo Office Significant Value-Add Generated Performance Fee on Gains on Sale (JPY million) FY25/2 FY26/2 Full-Year FY25/2 H1 FY26/2 H1 YOY Full-Yea
Slide 12: SRE: Business Profit +14% YOY
SRE: Business Profit +14% YOY Stock Earnings +15% – Increased Office NOI Driven by Tradepia Odaiba Occupancy Growth & Ready to Move In Office Higher Rents, plus Earnings Contribution from Newly Acquired Office Assets Flow Earnings +1% – Large Data Center Gains on Sale (c. JPY 2B) (JPY million) FY25/
Slide 13: Hotel: Business Profit +184% YOY
Hotel: Business Profit +184% YOY Stock Earnings +26% – Earnings Increase from Hotel NOI Growth & Newly Acquired Hotels – Outpaced Earnings Decrease from Asset Sales & Hotel Closings for Rebranding Renovations ̶ THE KNOT TOKYO Shinjuku, THE KNOT HIROSHIMA, & The OneFive Osaka Namba Dotonbori Driving
Slide 14: Ichigo Owners: Business Profit +108% YOY
Ichigo Owners: Business Profit +108% YOY Stock Earnings -21% – Rental Income Down on Acquisitions of New Unleased Residences & Sales of Leased Residences Flow Earnings +104% – Q2 Portfolio Sale – Expect Security Token Activity & Portfolio Sales in H2 (JPY million) FY25/2 FY26/2 Full-Year FY25/2 H1 F
Slide 15: Clean Energy: Business Profit -1% YOY
Clean Energy: Business Profit -1% YOY Stock Earnings +1% – Stable Business Model Underpins Steady Growth ̶ Total Power Generation: 118,164MWh (+4% YOY) (JPY million) FY25/2 FY26/2 Full-Year FY25/2 H1 FY26/2 H1 YOY Full-Year Full-Year Forecast Actual Forecast vs. FY25/2 Stock Earnings 2,692 2,707 +0.
Slide 16: Forecasting Record FY26/2 Business Profit
Forecasting Record FY26/2 Business Profit (JPY billion) Business Profit ■ Hotel Record High ■ Ichigo Owners 28.4 ■ SRE ■ Asset Management 24.8 ■ Clean Energy 6.1 21.1 9.1 5.6 16.9 6.7 15.1 1.4 (+60%) 13.2 3.3 3.5 10.3 2.0 5.2 (+184%) 5.4 9.4 13.4 3.8 6.9 8.0 1.8 2.4 (+108%) 7.6 1.1 4.9 5.4 5.1 (+14%
Slide 17: Powerful Value-Add Business Model & Sustainability Focus
Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 17
Slide 18: FY26/2 H1 Summary: Structurally Profitable
FY26/2 H1 Summary Structurally Profitable – Stock Earnings Significantly Exceed Fixed Expenses Fixed Expenses Stock Earnings/Fixed Expenses JPY 6B 212% Flow Cash Earnings Earnings JPY 9.3B JPY 22.1B Stock Earnings Ratio Stock Earnings 58% JPY 12.7B Stock Earnings: Rental Income, Power Generation Rev
Slide 19: Stock + Flow Earnings Underpin Strong Cash Earnings Generation
Stock + Flow Earnings Underpin Strong Cash Earnings Generation Forecasting Record FY26/2 Cash Earnings, with Both Stock Earnings & Flow Earnings Expected to Hit Record Levels (JPY B) Cash Earnings Record High ■ Flow Earnings 43.0 ■ Stock Earnings 38.6 33.7 Flow 19.5 28.9 15.6 24.7 14.3 22.1 (+38%) 2
Slide 20: Highly Secure & Diversified Stock Earnings
Highly Secure & Diversified Stock Earnings On Track for Record Earnings Stock Earnings by Segment (JPY B) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) Record High ■ Asset Management (Base AM Fees) 22.9 23.5 ■ Clean Energy (P
Slide 21: Strong Financial Base
Strong Financial Base Long-Term vs. Short-Term Loans Short-Term Long-Term 8% 7% 6% 21% 7% 15% (JPY 14.9B) (JPY 12.5B) (JPY 9.8B) (JPY 40.7B) (JPY 14.0B) (JPY 35.1B) 92% 93% 94% 79% 93% 85% (JPY 162.7B) (JPY 155.9B) (JPY 157.8B) (JPY 150.3B) (JPY 202.5B) (JPY 195.9B) FY21/2 FY22/2 FY23/2 FY24/2 FY25/
Slide 22: Strong Financial Base
Strong Financial Base Average Interest Rate & Loan Term (Interest Rate) (Loan Term, Years) 2.75% 12 10.0 years 10.1 years 10.0 years 9.3 years 8.9 years 8.9 years 2.25% 9 7.2 years 6.5 years 6.1 years 6.2 years 1.75% 5.7 years 6 5.2 years 1.36% 1.27% 1.25% 3 1.01% 1.00% 0.99% 0.98% Weighted Average
Slide 23: Driving Sustainable Growth
Driving Sustainable Growth © Ichigo Inc. All rights reserved. 23
Slide 24: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales Acquisitions: JPY 33.7B (JPY 68.4B Including Executed Contracts) – SRE: 1 Logistics Asset JPY 2.5B (JPY 10.7B Including Executed Contracts for 2 Logistics Assets) – Hotel: 3 Hotels JPY 11.1B (Includes 1 hotel ground lease JPY 0.7B) (Total JPY 21.5B Including 1 Execu
Slide 25: Selective on Acquisitions & Sales
Selective on Acquisitions & Sales (JPY B) Real Estate Acquisitions & Sales 75.4 FY26/2 Progress ■ Ichigo Owners 69.6 69.5 ■ Hotel 68.4 ■ SRE 64.8 55.1 50.7 Executed Left: Acquisitions Right: Sales 49.0 Contracts 45.8 43.2 34.6 37.9 41.4 50.3 38.2 28.0 18.1 34.1 31.0 36.0 24.3 31.1 2.6 5.1 19.7 25.1
Slide 26: Tradepia Odaiba: Driving Occupancy via Supportive Community
Sustainable Real Estate: Office Tradepia Odaiba: Driving Occupancy via Supportive Community Significant Occupancy Growth on New Leases & Tenant Expansions, Building Extraordinarily High Levels of Tenant Satisfaction & Engagement – Meeting Tenant Needs & Creating Supportive Tenant Community With Toky
Slide 27: Hotel & Hotel AM Cash Earnings Growth +107% YOY
Hotel x Asset Management Hotel & Hotel AM Cash Earnings Growth +107% YOY Hotel & Hotel AM Cash Earnings JPY 15,907 ■ Hotel Rental Income & Gains on Sales (+12%) ■ Ichigo Hotel (3463) Base AM Fees + Gains on Sale Performance Fee ■ OneFive Hotels Operator & PROPERA Income 14,218 11,718 (JPY B) RevPAR
Slide 28: 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 (JPY B) Ichigo Owners A
Slide 29: 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 30: Forecast FY26/2 Ichigo Residence Token AUM Growth: JPY 20~40B
Ichigo Owners x Asset Management Forecast FY26/2 Ichigo Residence Token AUM Growth: JPY 20~40B – Superior Ichigo Assets & Strong & Diversified Sales Channels Spanning Institutional to High-Net-Worth Investors Driving Ichigo Residence Token AUM Growth – 1st Ichigo Token Achieved Total Annualized Retu
Slide 31: AUM Growth on Diverse Growth Drivers
Asset Management AUM Growth on Diverse Growth Drivers Driving Non-Asset Stock Earnings via AUM Growth AUM (JPY B) ■ Private REIT ■ Ichigo Green (9282) ■ Ichigo Residence Tokens ■ Ichigo Hotel (3463) ■ Private Equity Fund ■ Ichigo Office (8975) JPY 380~400B 384.9 11.2 364.5 343.3 11.2 42.6 320.7 20.9
Slide 32: Building Out Diversified Renewable Energy Portfolio
Clean Energy Building Out Diversified Renewable Energy Portfolio Continued Focus on Delivering New Business Growth via Addressing Important Environmental Needs – Entering battery storage market in addition to initiatives in green biomass & Non-FIT solar Total Business Expenses, Power Generation/Capa
Slide 33: Shareholder Returns
Shareholder Returns © Ichigo Inc. All rights reserved. 33
Slide 34: Flexible Buybacks: Completed JPY 5B Buyback
Shareholder Returns Flexible Buybacks: Completed JPY 5B Buyback 9 Consecutive Years of Share Buybacks Bought Back JPY 33.3B (FY18/2~FY26/2 H1) Share Buybacks JPY 6B JPY 5B JPY 4.5B JPY 4.3B JPY 3B JPY 3B JPY 3B JPY 3B JPY 1.5B FY18/2 FY19/2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 © Ichig
Slide 35: FY26/2 Dividend +10% YOY (JPY 11.5)
Shareholder Returns FY26/2 Dividend +10% YOY (JPY 11.5) 4 Consecutive Years of Dividend Increases on Back of Strong Cash Generation Progressive Dividend is Maintained or Raised every year, Dividend underscoring Ichigo’s commitment to drive long- Policy term dividend growth for shareholders Sharehold
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 (106,60
Slide 37: Working to Protect Our Global Environment
Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 37
Slide 38: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition RE100 Progress 100% Non-Fossil Certificate Tracking for 41% 59% Renewable Energy Ichigo Solar and Wind Power Plants (as of FY25/2-end) Ichigo 2030 RE100 KPI: 100% renewable electricity across all Ichigo operations by 2025 © Ichigo Inc. All rights reserved
Slide 39: Ichigo CO2 Reduction = 8X CO2 Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions Ichigo CO2 Reduction = 8X CO2 Emissions CO2 Reduction CO2 Emissions 104,502 12,813 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 40: 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 41: Appendix: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company
Appendix Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 41
Slide 42: 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 43: Grow Shareholder Value: Ichigo 2030 KPIs
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 44: 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 ■ Net Income ■ Economic Operating Cash Flow (JPY) (JPY million) 60 29,492 18.0% 30,000 17.2% 15.0% 50 13.0% 14.1% 25,317 10.8% 11.7% 44.51 10.0%
Slide 45: Shareholder Returns
Shareholder Returns DOE (Dividend on Equity) >4%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy (JPY B) 24 4.5% ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend (DPS) 4.1% 20 DOE Target 4% 4.0% 17.8 19.3 15.3 3.6% 16 3.8% 3.4% 13.0 3.5% 3.3% 15.3 12 3.3% 10.7 3.0% 9.9
Slide 46: Ichigo 2030 KPIs
Ichigo 2030 KPIs Ichigo Climate Positive RE100 Ichigo CO2 reduction via clean energy Target: 100% renewable electricity (As of FY25/2) power production exceeds CO2 emissions across all Ichigo operations by 2025 (Scope 1 & 2) Non-Fossil Certificate Tracking for Ichigo Power Plants Renewable Completed
Slide 47: Appendix: Powerful Value-Add Business Model & Sustainability Focus
Appendix Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 47
Slide 48: 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 B) 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 Value-Ba
Slide 49: Value-Add Drives Durable Value Growth
Value-Add Drives Durable Value Growth Third-Party Appraisal Value-Based Unrealized Gains Actual Gains on Sales (JPY B) 1.5X 1.8X 2.1X 2.0X 13.8 3.3X 11.6 10.1 9.4 8.7 6.3 6.3 4.7 4.7 1.9 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 Note: Self-storage assets sold in FY24/2 (36 assets, JPY3.9B gains on sales
Slide 50: 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 August 31, 2025 (B) (B)/(A) (C) (C) – (A) (A) Tokyo 98,187 5,845 6.0% 137,606 +39,419 Outs
Slide 51: Risk-Based Balance Sheet
Risk-Based Balance Sheet Mark-to-Market Consolidated Balance Sheet: JPY 491.0B (Book Value JPY 420.1B + Unrealized Gains JPY 70.8B) Cash & Cash Equivalents Non-Recourse Loans & Risk-Based Consolidated Balance Sheet: JPY 403.4B JPY 39.1B Related Liabilities (Book Value JPY 332.6B + Unrealized Gains J
Slide 52: Asset Sales Gross Profit Margin (GPM)
Sustainable Real Estate & Hotel & Ichigo Owners Asset Sales Gross Profit Margin (GPM) Ichigo Sustainable Value-Add Supports Ongoing High GPM FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 GPM 20.6% 21.1% 14.6% 21.3% 18.6% (vs. Revenue) GPM 26.2% 27.1% 16.8% 26.7% 22.6% (vs. Book Value) Revenue 45,830 55,166
Slide 53: Robust Cash Generation
Robust Cash Generation Economic Operating Cash Flow Exceeds Net Income Net Income Economic Operating Cash Flow 3.6X (JPY B) 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 Operat
Slide 54: 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 FY26/2 H1-end) ESG Loans (JPY B) ■ ESG loans (including green bonds) ■ ESG loans
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 that Allow for Depreciation at FY20/2-end Real Estate for Sale & Fixed Assets Fixed Assets (SRE & Hotel) Real Estate for Sale (SRE & Hotel) Fixed Asset Ratio
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: Portfolio of Businesses Centered on Sustainable Value-Add
Appendix Portfolio of Businesses Centered on Sustainable Value-Add © Ichigo Inc. All rights reserved. 57
Slide 58: Powerful Sustainable Real Estate (SRE) Business Model
Powerful Sustainable Real Estate (SRE) Business Model Significant Synergies Between Ichigo’s Sustainable Real Estate & Asset Management Businesses Sustainable Real Estate Business Model Green Infrastructure Solar Plants Buy Ichigo Green (9282) Office Sell Real Third- Ichigo Office Sustainable Estate
Slide 59: Five Business Segments
Five Business Segments Asset Management (AM) generates fee income via management of the Tokyo Stock Exchange-listed Asset Ichigo Office (TSE REIT 8975), Ichigo Hotel (TSE REIT 3463), and Ichigo Green (TSE Infrastructure 9282), Management private real estate funds, and real estate-backed security tok
Slide 60: 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) 63 – – – – 390 – 1,
Slide 61: Appendix: Sustainable Real Estate, Hotel, & Ichigo Owners Details
Appendix Sustainable Real Estate, Hotel, & Ichigo Owners Details © Ichigo Inc. All rights reserved. 61
Slide 62: Ichigo-Owned Real Estate Portfolio
Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Total Ichigo-Owned Assets: JPY 284.6B (Including Ichigo-Managed AUM: JPY 648.5B) * Acquisition price basis * Ichigo-Managed AUM includes JPY 11.4B Ichigo Green assets By Asset Type By Location By Asset Size Balanced P
Slide 63: 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 64: PROPERA: Ichigo's AI Hotel Revenue Management System
Hotel PROPERA: Ichigo's AI Hotel Revenue Management System – Maximizes Hotel Revenues & Increases Labor Productivity – Solves Issues Faced by Hotels and Supports Competitiveness Number of Lodging Facilities Revenue Managers Number of Hotel Booking - Determine prices based on guest room in Japan rese
Slide 65: PROPERA: Driving Stock Earnings Growth
Hotel 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 recovery ・ F
Slide 66: Ichigo Owners Value-Add
Ichigo Owners Ichigo Owners Value-Add Advantaged Ichigo Capabilities & Cost Competitiveness Build upon Ichigo’s Strong GRAN PASEO Residential Brand & Deep Developer Support & Synergies – Development, Marketing, & Branding Tailored to Diverse Buyer & Tenant Needs – Eliminate Development Risk & Cut Co
Slide 67: Value-Add Robust to Changes in Market Environment
Sustainable Real Estate & Hotel & Ichigo Owners Value-Add Robust to Changes in Market Environment Office/Hotels/Retail Ichigo Owners GPM GPM Build strong tenant relationship NOI 32% 11% Improve assets +25% Normal Improve soft services Avg. Hold: Avg. Hold: Market 3.2 Years 0.8 Years Sustainable Real
Slide 68: Ichigo Value-Add Earnings Example
Sustainable Real Estate & Hotel & Ichigo Owners Ichigo Value-Add Earnings Example 4.5% NOI Yield, JPY 2B Purchase, LTV 75%, 1.0% Interest Rate, JPY 50M Capex, 25% Increase in NOI, 5-Year Value-Add Period Value-Add Measures: Improved exterior, interior, & tenant services; seismic strengthening; incre
Slide 69: Real Estate Asset Breakdown (1)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (1) 125 Assets, JPY 284.6B, Annual NOI JPY 12.7B (5.9% Yield) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 Price Date Age NOI/Year Investment Mul
Slide 70: Real Estate Asset Breakdown (2)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (2) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 42 Retail Fixed Asset Fukuoka JPY 1B-2B 2014/0
Slide 71: Real Estate Asset Breakdown (3)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (3) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 161 Hotel Fixed Asset Fukuoka >JPY 3B 2019/07
Slide 72: Real Estate Asset Breakdown (4)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (4) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 61 Retail Operational Loan Shinjuku-ku, Tokyo
Slide 73: Real Estate Asset Breakdown (5)
Sustainable Real Estate & Hotel & Ichigo Owners Real Estate Asset Breakdown (5) Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location 1 2 3 Price Date Age NOI/Year Investment Multiple IRR 188 Logistics Real Estate for Sale Sanbu-gun,
Slide 74: Appendix: Asset Management Details
Appendix Asset Management Details © Ichigo Inc. All rights reserved. 74
Slide 75: Ichigo Office, Ichigo Hotel, & Ichigo Green
Asset Management Ichigo Office, Ichigo Hotel, & Ichigo Green (as of October 10, 2025) Ichigo Office 8975 Ichigo Hotel 3463 Ichigo Green 9282 Portfolio JPY 219.7B (87 Assets) JPY 73.1B (30 Hotels) JPY 11.4B (15 Solar Plants) Dividend Yield 4.3% 5.4% 7.7% ・ Entered FTSE Global REIT ・ Geographically di
Slide 76: Growth Support for Ichigo Office, Ichigo Hotel, & Ichigo Green
Asset Management Growth Support for Ichigo Office, Ichigo Hotel, & 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 ・
Slide 77: Asset Management AUM & Base AM Fee (Stock Earnings)
Asset Management AUM & Base AM Fee (Stock Earnings) FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 (12M) (12M) (12M) (12M) (12M) (6M) Ichigo Office AUM JPY 206.1B JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B JPY 219.7B (8975) Base AM Fee Gross Profit JPY 1,524M JPY 1,725M JPY 1,517M JPY 1,423M JPY 1,41
Slide 78: Appendix: Clean Energy Details
Appendix Clean Energy Details © Ichigo Inc. All rights reserved. 78
Slide 79: 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 80: 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 81: 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 82: 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 83: 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 84: Battery Storage Entry
Battery Storage Entry Growing need for capabilities to stabilize renewable energy supply Ichigo Battery Storage Facility (Chiba, 8.9MWh) to Start Operating in FY27/2 Q1 – Ongoing business expansion to focus on areas near operating Ichigo plants Japan Energy Mix Forecast Wind 1.1% Geothermal 0.3% Bio
Slide 85: Appendix: Ichigo’s Sustainability Commitment (ESG)
Appendix Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 85
Slide 86: Released Ichigo’s First Integrated Report
Released Ichigo’s First Integrated Report Overview of Ichigo’s Sustainability-Focused Businesses, Value-Add Processes, Materiality, & Sustainability Initiatives 2025 Integrated Annual Report www.ichigo.gr.jp/ir/library/integrated_report Covers Ichigo’s value-add processes, overview of Ichigo’s busin
Slide 87: Sustainability Initiatives & Environmental Certifications & Indices
Sustainability Initiatives & Environmental Certifications & Indices Sustainability Initiatives Set SBT 1.5℃ Target Third-Party Evaluations (Environmental Certifications) Building Environmental CDP 2024 Certifications Double A List ・CASBEE ・BELS Company ・DBJ Green Building ・ Climate Change ・Tokyo Low
Slide 88: Appendix: Ichigo J.League Initiatives
Appendix Ichigo J.League Initiatives © Ichigo Inc. All rights reserved. 88
Slide 89: 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 90: 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 91: Appendix: Financial Statements
Appendix Financial Statements © Ichigo Inc. All rights reserved. 91
Slide 92: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 FY26/2 Q2 vs. FY26/2 Q1 Assets Current Assets Cash and cash equivalents 46,458 40,536 46,917 42,689 39,664 47,319 +7,655 Trade notes and accounts receivable 1,819 3,866 2,448 4,272 3,890 3,480 -410 Operational loa
Slide 93: Consolidated Balance Sheet: Liabilities
Consolidated Balance Sheet: Liabilities (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 FY26/2 Q2 vs. FY26/2 Q1 Liabilities Current Liabilities Short-term loans 2,382 962 16,726 6,520 9,888 15,583 +5,695 Bonds (due within one year) 274 364 3,162 232 162 2,162 +2,000 Long-term loans (due within o
Slide 94: Consolidated Balance Sheet: Net Assets
Consolidated Balance Sheet: Net Assets (JPY million) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Q1 FY26/2 Q2 vs. FY26/2 Q1 Net Assets Shareholders’ Equity Capital 26,888 26,888 26,892 26,946 26,947 26,950 +3 Capital reserve 11,268 11,266 10,313 10,363 10,364 10,367 +3 Retained earnings 76,310 82,438 90,967
Slide 95: Consolidated P&L (1)
Consolidated P&L (1) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 FY25/2 H1 Change vs. Full-Year (12M) (12M) (12M) (12M) (6M) (6M) (YOY) Forecast Forecast Revenue 56,934 68,093 82,747 83,576 51,024 36,295 +14,729 – – Cost of Goods Sold 40,757 48,674 61,875 58,051 35,017 25,068 +9,949 –
Slide 96: Consolidated P&L (2)
Consolidated P&L (2) (JPY million) FY26/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 H1 FY25/2 H1 Change vs. Full-Year (12M) (12M) (12M) (12M) (6M) (6M) (YOY) Forecast Forecast Extraordinary Losses Loss on removal of fixed assets 5 23 147 100 1 84 -83 – – Loss on sale of securities investments – – – – 74 –
Slide 97: Consolidated Cash Flows: Operations
Consolidated Cash Flows: Operations (JPY million) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 H1 (6M) Cash Flows from Operations Pre-tax income 9,595 14,234 17,962 21,784 12,883 Depreciation 5,644 5,339 4,859 4,795 2,319 Share-based compensation expenses 73 – – – － Amortization of goo
Slide 98: Consolidated Cash Flows: Investments & Financing
Consolidated Cash Flows: Investments & Financing (JPY million) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 H1 (6M) Cash Flows from Investments Payments into time deposits -7 -2 -701 -96 -221 Redemptions of time deposits 30 23 – 800 80 Payments for securities investments -606 -968 -16,
Slide 99: 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