Ichigo Inc. · TSE:2337
Ichigo — Q1 2027 Earnings Presentation
89 slides from Ichigo's earnings presentation, Jul 15, 2026
Slide 1: FY27/2 Q1 Corporate Presentation
FY27/2 Q1 Corporate Presentation January July 15,13, 2023 2026 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 – 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 4: Contents
Contents FY27/2 Q1 Summary 5 Segment Earnings 19 • Segment Earnings Overview • Sustainable Real Estate (SRE) FY27/2 Q1 Earnings 6 • Hotel • Business Profit +45%, EPS +32%, Cash EPS +70% (YOY) • Ichigo Owners • Business Profit Growth – FY27/2 Record Forecast • Asset Management (AM) • Clean Energy (CE
Slide 5: FY27/2 Q1 Summary
FY27/2 Q1 Summary ・ Business Profit +45%, Net Income +24%, EPS +32%, Cash EPS +70% YOY FY27/2 Q1 Results ・ Stock Earnings +2% on Increase in Ichigo Owners Assets (YOY) ・ Flow Earnings +102% on Sales of Value-Add Retail Asset & Real Estate Subsidiary ・ Opening of 2 Tenant Community-Focused THE VILLAG
Slide 6: FY27/2 Q1 Earnings
FY27/2 Q1 Earnings © Ichigo Inc. All rights reserved. 6
Slide 7: Business Profit +45%, EPS +32%, Cash EPS +70% (YOY)
Business Profit +45%, EPS +32%, Cash EPS +70% (YOY) – On Track for FY27/2 Record Profits – Cash Earnings 2.1X Accounting Earnings due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders (JPY million) FY27/2 FY26/2 Q1 FY27/2 Q1 YOY FY26/2 Full-Year YOY Forecast Operating Profit 3,46
Slide 8: Business Profit Growth – FY27/2 Record Forecast
Business Profit Growth – FY27/2 Record Forecast Business Profit (YOY) (JPY B) ■ Hotel ■ Ichigo Owners ■ SRE Record High ■ Asset Management 34.0 ■ Clean Energy 5.1 28.0 24.8 7.6 7.2 21.1 9.1 16.9 3.7 6.7 13.2 1.4 3.5 3.3 2.0 18.5 5.4 13.0 6.9 8.0 6.8 (+45%) 7.6 5.4 4.6 1.2 (-23%) Ichigo Owners 1.5 4.
Slide 9: KPIs
KPIs © Ichigo Inc. All rights reserved. 9
Slide 10: Structural Profitability
Structural Profitability Stock Earnings Significantly Exceed Fixed Expenses Asset Stock Earnings/Fixed Expenses Management JPY 0.6B 196% SRE Clean Energy JPY Fixed JPY 1.3B Stock 2.0B Flow Expenses Earnings Earnings JPY 3.1B JPY 6.2B JPY 4.1B Ichigo Owners JPY 0.3B Hotel Cash Earnings JPY 1.9B JPY 1
Slide 11: Stock + Flow Earnings Underpin Strong Cash Generation
Stock + Flow Earnings Underpin Strong Cash Generation Forecasting Record Cash Earnings, with Accelerated Flow Earnings from Q2 Onwards Cash Earnings (YOY) (JPY B) ■ Flow Earnings ■ Stock Earnings Record High 47.8 42.2 38.6 Flow 33.7 17.8 23.9 28.9 15.6 24.7 14.3 13.3 9.7 24.3 10.3 (+27%) Stock 22.9
Slide 12: Highly Secure & Diversified Stock Earnings
Highly Secure & Diversified Stock Earnings Stock Earnings Diversification Driving Stability Stock Earnings by Segment (YOY) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) (JPY B) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) ■ Asset Management (Base AM Fees) ■ Clean Energ
Slide 13: Strong Financial Position
Strong Financial Position Long-Term Loan Ratio: c. 90% Long-Term vs. Short-Term Loans Short-Term Long-Term JPY 168.5B JPY 167.7B JPY 191.1B JPY 216.6B JPY 254.0B JPY 273.3B 7% 6% 7% 13% 12% (JPY 12.5B) (JPY 9.8B) 21% (JPY 14.0 B) (JPY 32.6B) (JPY 32.8B) (JPY 40.7B) 93% 93% 94% (JPY 202.5B) 88% 87% (
Slide 14: Strong Financial Position
Strong Financial Position Reduce Interest Rate Risk via Fixed Rate Loans Fixed Rate Loans 56%, Weighted Average Interest Rate 1.53% Average Interest Rate & Loan Term (Interest Rate) (Loan Term, Years) 2.75% 12 10.1 years 10.0 years 9.3 years 8.9 years 8.9 years 8.6 years 2.25% 9 6.5 years 6.1 years
Slide 15: Business & Asset Overview
Business & Asset Overview © Ichigo Inc. All rights reserved. 15
Slide 16: Business & Asset Overview
Business & Asset Overview Business Profit by Segment Assets (Full-Year Forecast) (JPY B) Asset Management Total JPY 725.3B Clean Energy 1.2 1.4 SRE Hotel Ichigo Owners Ichigo Owners Balance Sheet Assets JPY 333.6B 7.6 (Book Value) Clean Energy FY27/2 Full-Year Forecast Power Plants & 34.0 SRE Batter
Slide 17: Acquisitions & Sales: FY27/2 Q1
Acquisitions & Sales: FY27/2 Q1 Net Acquisitions: JPY 22B – Acquisitions: JPY 34.1B (+92% YOY) – Sales: JPY 12B (+186% YOY) (JPY million) Acquisitions Sales Difference No. of Assets Book Value (A) No. of Assets Sales Price (B) (A) - (B) Sustainable Real Estate (SRE) 3 15,675 3 12,078 +3,597 Office 3
Slide 18: Acquisitions & Sales: FY22/2 – FY27/2
Acquisitions & Sales: FY22/2 – FY27/2 Real Estate Acquisitions & Sales (JPY B) ■ Ichigo Owners ■ Hotel 79.5 ■ SRE 75.4 73.5 69.5 69.6 Left: Acquisitions Right: Sales 64.8 FY27/2 Progress 55.1 47.1 37.8 50.7 49.0 49.0 45.8 43.2 37.9 50.3 Executed Contracts 28.0 14.9 18.1 31.0 36.0 6.7 29.1 2.6 5.1 18
Slide 19: Segment Earnings
Segment Earnings © Ichigo Inc. All rights reserved. 19
Slide 20: Segment Earnings Overview
Segment Earnings Overview 2.5X Increase in SRE Earnings Will Accelerate Ichigo Owners Earnings from Q2 Onwards Business Profit (JPY million) FY27/2 Segment FY26/2 Q1 FY27/2 Q1 YOY FY26/2 Full-Year YOY Forecast Asset Management (AM) 629 309 -51% 2,282 1,250 -45% Sustainable Real Estate (SRE) 1,970 4,
Slide 21: SRE: Business Profit +144% YOY
SRE: Business Profit +144% YOY Stock Earnings +1% – Office Earnings Up on Tradepia Odaiba Occupancy Growth (from 80% last period to current 97%), Pro-Active Leasing, & Rent Increases – Retail Down on FY26/2 Asset Sales & Temporary Tenant Vacancies Flow Earnings +214% – Sold Ichigo Value-Add Retail A
Slide 22: THE VILLAGE OSAKA Tenant Community-Focused Office
SRE THE VILLAGE OSAKA Tenant Community-Focused Office Community-Focused Offices that Meet Startup & Growth Company Needs – Renovated Existing Office to Launch First Ready-to-Move-In Office Building in Osaka, Reducing Tenant Move-In Burden & Delivering High Functionality & Flexibility – Supporting Te
Slide 23: THE VILLAGE SAPPORO Tenant Community-Focused Office
SRE THE VILLAGE SAPPORO Tenant Community-Focused Office High-Spec Office Providing High-Function Work Environment & Communication & Collaboration Spaces Smart Building with Outstanding Transportation Access, BCP Functionality, & Environmental Performance WeWork = Tenant, the First WeWork in Hokkaido
Slide 24: Hotel: Business Profit -23% YOY
Hotel: Business Profit -23% YOY Stock Earnings -14% – Q1 Down, but Forecast Full-Year Growth – Rental Income Up on THE KNOT TOKYO & THE KNOT HIROSHIMA H2 Full Contribution from THE KNOT UTSUNOMIYA & THE KNOT FUKUOKA – Operator Earnings Down on Higher Costs – Other Down on Lower Ichigo Hotel Divide
Slide 25: RevPAR
Hotel RevPAR RevPAR -10% YOY (JPY 16,300) – RevPAR Decrease on New Hotel Openings (Initial Room Rates at Special Discounts) & Drop-Off in Osaka World Expo Demand – Newly Opened Hotels Will Drive Earnings Growth (JPY thousand) FY26/2 Q1 18.5 18.0 16.3 16.5 (-10% YOY) 15.9 14.8 14.2 13.7 13.3 13.4 12.
Slide 26: Opened THE KNOT FUKUOKA & UTSUNOMIYA Boutique Hotels
Hotel Opened THE KNOT FUKUOKA & UTSUNOMIYA Boutique Hotels 6 THE KNOT Hotels (c. 1,300 Rooms) Across Japan, Conducting Renovations for THE KNOT launch in Osaka in 2028 High-Quality Hotel Experience with Outstanding Aesthetics, Food, Culture, & Community – Open to Both Hotel Guests & Local Community
Slide 27: Ichigo Owners: Business Profit Flat
Ichigo Owners: Business Profit Flat Stock Earnings +514% – Rental Growth on Increase Assets due to Asset Sales Carried over into FY27/2 & Higher Occupancy Flow Earnings Flat – Asset Sales from Q2 Onwards, Forecasting Record Flow Earnings (JPY million) FY27/2 FY26/2 Q1 FY27/2 Q1 YOY FY26/2 Full-Year
Slide 28: Serving Tenants & Investors to Drive Growth
Ichigo Owners Serving Tenants & Investors to Drive Growth Prime Residential Assets Overwhelmingly in Tokyo Tailored to Tenant Needs High Capital Efficiency via Fabless Model that Outsources Development Q1 Acquisitions JPY 18.4B (JPY 33.4B Including Executed Contracts, c. 58% of Full-Year Target JPY
Slide 29: AM: Business Profit -51% YOY
AM: Business Profit -51% YOY Stock Earnings +7% – Earnings Growth due to Ichigo Office NOI Growth, More than Offsetting Impact of FY26/2 Asset Sales Flow Earnings -92% – Down YOY due to Drop-off of Large-Scale FY26/2 Performance Fees (JPY million) FY27/2 FY26/2 Q1 FY27/2 Q1 YOY FY26/2 Full-Year YOY
Slide 30: AUM Growth via Diversified Asset Management Portfolio
Asset Management AUM Growth via Diversified Asset Management Portfolio Driving Non-Asset Stock Earnings via AUM Growth AUM ■ Ichigo Green ■ Private REIT (JPY B) ■ Ichigo Hotel ■ Ichigo Residence Tokens ■ Ichigo Office ■ Private Funds 380 – 400 384.9 11.2 366.0 365.6 0.4 343.3 42.6 37.5 37.5 20.9 27.
Slide 31: Clean Energy: Business Profit +15% YOY
Clean Energy: Business Profit +15% YOY Stock Earnings +5% (JPY million) FY27/2 FY26/2 Q1 FY27/2 Q1 YOY FY26/2 Full-Year YOY Forecast Stock Earnings 1,247 1,311 +5% 4,643 4,362 -6% Flow Earnings – – – – – – Cash Earnings 1,247 1,311 +5% 4,643 4,362 -6% SG&A -249 -240 -4% Depreciation -499 -499 – Adju
Slide 32: Building Out Diversified Renewable Energy Portfolio
Clean Energy Building Out Diversified Renewable Energy Portfolio Continued Focus on Delivering Business Growth via Addressing Important Environmental Needs Total Investment & Power Generation/Capacity 56.0 (Ichigo-owned plants only – excludes Ichigo Green) Power Generation 161.5MW Power Capacity 191
Slide 33: New Battery Storage Business
Clean Energy New Battery Storage Business Business Launch On Track – First Battery Storage Plant, Ichigo Onjuku Iwawada ECO Plant (Chiba, Investment JPY400M, Capacity 8.89MWh), Began Operating in June 2026 In Operation (JPY 400M, 8.9MWh), Pipeline (JPY 10.2B 183MWh) Phase 1: 2026 – 2028 Business Lau
Slide 34: Shareholder Returns
Shareholder Returns © Ichigo Inc. All rights reserved. 34
Slide 35: Flexible Deployment of Share Buybacks: JPY 5.1B in FY27/2
Flexible Deployment of Share Buybacks: JPY 5.1B in FY27/2 Completed JPY 10B Share Buyback Approved on Nov 6, 2025 & Jan 14, 2026 Buyback Period Nov 7, 2025 – Jun 5, 2026 Number of Shares Purchased 22,284,000 Shares Amount JPY 10B (JPY 5.1B Acquired in FY27/2) Ten Consecutive Share Buybacks As of Jun
Slide 36: Forecasting 5th Consecutive Double-Digit Dividend Increase
Forecasting 5th Consecutive Double-Digit Dividend Increase Raised DOE from 4% to 5% Backed by Robust Earnings Base & Cash Flows Forecasting FY27/2 JPY 15.5 Dividend (+35% YOY) Progressive Dividend is Maintained or Raised every year, 5 Consecutive Dividend underscoring Ichigo’s commitment to drive Do
Slide 37: Working to Protect Our Global Environment
Working to Protect Our Global Environment © Ichigo Inc. All rights reserved. 37
Slide 38: Working to Protect Our Global Environment
Working to Protect Our Global Environment Have Achieved All Environmental KPIs Ichigo Climate Positive RE100 Ichigo CO2 reduction via clean energy 100% renewable electricity power production exceeds CO2 emissions across all Ichigo operations (Scope 1 & 2) Ichigo CO2 Reduction 9X > CO2 Emissions Achi
Slide 39: Ichigo 2030: Ichigo as a Sustainable Infrastructure Company
Appendix Ichigo 2030: Ichigo as a Sustainable Infrastructure Company © Ichigo Inc. All rights reserved. 39
Slide 40: Go for Growth
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 41: Ichigo 2030 KPIs
Ichigo 2030 KPIs Embody Ichigo’s Commitment to Ichigo 2030 Vision & Drive 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 Earnings
Slide 42: Capital Efficiency, Cash Flow Generation, & Earnings Stability
Capital Efficiency, Cash Flow 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) 70 17.2% 18.0% 16.2% 30,000 60 15.0% 13.0% 25,317 11.7% 14.1% 14.6% 50 10
Slide 43: Shareholder Returns
Shareholder Returns DOE (Dividend on Equity) >5%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy (JPY B) 5.5% 24 240 ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend (DPS) 5.0% DOE Target 5% 200 20 19.3 18.4 17.8 4.5% 15.3 16 160 4.1% 4.1% 13.0 3.8% 4.0% 120 12 3.6% 9.
Slide 44: Powerful Value-Add Business Model & Sustainability Focus
Appendix Powerful Value-Add Business Model & Sustainability Focus © Ichigo Inc. All rights reserved. 44
Slide 45: Flow Earnings Growth
Flow Earnings Growth Growing Unrealized Gains & Gains on Sales Exceeding Unrealized Gains Unrealized Gains (Third-Party Valuation Basis) Gains on Sales (JPY B) ■ Appraisal Value Unrealized Gains ■ Gains on Sales 2.9X 1.6X 1.8X 2.1X 2.0X 83.5 14.6 74.2 13.8 72.5 65.2 67.8 11.6 10.1 9.4 8.7 6.3 4.7 4.
Slide 46: 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 Book Value Appraisal NOI Appraisal Value Unrealized Gains Location May 31, 2026 NOI Yield (B) (C) (C) – (A) (A) (B)/(A) Tokyo 95,813 5,977 6.2% 140,286 +44
Slide 47: Risk-Based Balance Sheet
Risk-Based Balance Sheet Consolidated Balance Sheet: JPY 445.0B Risk-Based Consolidated Balance Sheet: JPY 455.8B (Book Value JPY 372.8B + Unrealized Gains JPY 82.9B) Non-Recourse Loan-Related Cash & Cash Equivalents Investments JPY 19.2B JPY 24.6B Non-Recourse Loans & Related Liabilities Non-Recour
Slide 48: 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 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 GPM 21.1% 14.6% 21.3% 21.5% 50.0% (vs. Revenue) GPM 27.1% 16.8% 26.7% 27.2% 106.1% (vs. Book Value) Revenue 55,166 69,693
Slide 49: Robust Cash Generation
Robust Cash Generation Economic Operating Cash Flow Systematically Exceeds Net Income Net Income Economic Operating Cash Flow (JPY B) 2.1X 1.3X 1.1X 2.4X 1.5X 2.2X 25.3 19.8 18.3 15.6 16.6 14.3 15.1 11.1 12.1 9.4 6.4 5.0 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Economic Operating Cash Flow = Cash F
Slide 50: Significant Benefits from Sustainable/ESG Financing
Significant Benefits from Sustainable/ESG Financing Ichigo’s Sustainability Execution Driving Attractive Financing Terms ESG Loans as % of Total Borrowings (as of FY27/2 Q1) ESG Loans (JPY B) ■ ESG loans (including green bonds) ■ ESG loans (including green bonds) ■ Remaining ESG commitment line ■ Re
Slide 51: Maximizing Long-Term Cash Flows for Shareholders
Maximizing Long-Term Cash Flows for Shareholders Maximal Use of Depreciation Allowances – At FY20/2-end Reclassified Majority of SRE Assets to Fixed Assets that Allow for Depreciation Real Estate for Sale & Fixed Assets Fixed Assets (SRE & Hotel) Real Estate for Sale (SRE & Hotel) Fixed Asset Ratio
Slide 52: Post-GFC Shift in Earnings Base & Financial Position
Post-GFC Shift in Earnings Base & Financial Position FY09/2 FY14/2 FY26/2 vs. GFC GFC Start of Shift Up MTP Stock Earnings/ Fixed Expenses 75% 140% 195% 2.6X Coverage Ratio 8.9 years Loan Maturity (Weighted avg., 5.6 years 5.6 years 3.2X corporate + non-recourse loans) 2.8 years 2.8 years 2.8 years
Slide 53: Portfolio of Businesses Centered on Sustainable Value-Add
Appendix Portfolio of Businesses Centered on Sustainable Value-Add © Ichigo Inc. All rights reserved. 53
Slide 54: 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 55: Business Segment Details
Business Segment Details 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 real estate-backed security tokens, and private real estate
Slide 56: AM Leveraging Ichigo’s Broad Capability Set
Asset Management AM Leveraging Ichigo’s Broad Capability Set Asset Management Ichigo Investment Advisors OneFive Hotels Ichigo Estate Ichigo Office Hotel Operation (8975) Office Ichigo Retail Ichigo Hotel Non-Asset Operation Logistics (3463) Function PROPERA Stock Hotel (Revenue Management) Earnings
Slide 57: Diverse Investment Products Leveraging Ichigo Value-Add
Asset Management Diverse Investment Products Leveraging Ichigo Value-Add 3 Listed J-REITs, Private Funds, & Security Tokens ■ Asset Composition ■ Ichigo Office (8975) Mid-Size Offices 3 Specialized Listed ・ Specialized in mid-size office buildings with stability and earnings growth Ichigo REITs pote
Slide 58: Asset Management AUM & Base AM Fees (Stock Earnings)
Asset Management Asset Management AUM & Base AM Fees (Stock Earnings) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 (12M) (12M) (12M) (12M) (12M) (3M) Ichigo Office AUM JPY 205.4B JPY 212.1B JPY 212.1B JPY 224.5B JPY 222.5B JPY 222.5B (8975) Base AM Fee Gross Profit JPY 1,725M JPY 1,517M JPY 1,423M J
Slide 59: Ichigo-Owned Real Estate Portfolio
Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Total Ichigo-Owned Assets: JPY 333.6B By Asset Type By Location By Asset Size Balanced Portfolio Across Focus on Tokyo Metropolitan Mid-Size Assets Different Asset Types Area & Major Cities with Upside Potential Groun
Slide 60: SRE: Preserving & Improving Real Estate
SRE: Preserving & Improving Real Estate – Extending Building Life & Lengthening Revenue-Generating Periods, Responding to Diverse Needs of Communities & Tenants, & Maximizing Asset Value via Value-Add Know-How – Highly Competitive Assets due to High NOI & Capital Efficiency, Sold via Diverse Sales C
Slide 61: Hotel: Systematically Driving Asset Value
Hotel: Systematically Driving Asset Value Seamless Integrated Business Model Spanning Ownership, Value Add, Asset Management, Operations, & DX Solutions Acquisition Sale Ownership 保有 Asset Management AM受託 Rental Income Stock Earnings Gains on Sales Flow Earnings Hotel Operator Fee Stock Earnings PRO
Slide 62: Ichigo Owners: Real Estate Tailored to Client Needs
Ichigo Owners: Real Estate Tailored to Client Needs Real Estate Planning & Development Tailored to Client Needs – Eliminate Development Risk & Cut Costs via Outsourcing Construction to Third- Party Developers – Construction Quality Control by Ichigo Engineering Organization – Controlling Sales Oppor
Slide 63: Value-Add Robust to Changes in Market Environment
Sustainable Real Estate, Hotel, & Ichigo Owners Value-Add Robust to Changes in Market Environment Office/Hotel/Retail Ichigo Owners GPM GPM Build strong tenant relationship NOI 30% 10% Improve assets +25-40% Normal Improve soft services Avg. Hold: Avg. Hold: Market 3-5 Years 1 Year Sustainable Real
Slide 64: 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 65: Clean Energy: Solar & Wind Power Plants Utilizing Unused Land
Clean Energy: Solar & Wind Power Plants Utilizing Unused Land Expanding Solar & Wind Power Plants Utilizing Unused Land Across Japan Operating Plants Regionally Diversified Portfolio Solar 48 Plants 151.4MW Okinawa Hokkaido 64 Plants Ichigo Wind 1 Plant 7.3MW 4.5% 7.2% Tohoku 6.4% c. 188.2MW Ichigo
Slide 66: Ichigo Solar Power Plant Portfolio
Clean Energy Ichigo Solar Power Plant Portfolio Total Operating & In-Pipeline Ichigo-Owned Solar Power Plants: 48 Plants (151.4MW) (As of May 31, 2026) By Customer (Electric Power Utility Co) By Feed-In Tariff By Years in Operation Hokkaido 3% Shikoku 2% JPY 14 Tohoku 2% 3% Kansai JPY 18 1-3 years C
Slide 67: Ichigo’s Sustainability Commitment (ESG)
Appendix Ichigo’s Sustainability Commitment (ESG) © Ichigo Inc. All rights reserved. 67
Slide 68: 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 2025 Certifications Double A List ・CASBEE ・BELS/ZEB Company ・DBJ Green Building ・ Climate Change ・Tokyo
Slide 69: 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 70: Sports Business & Community Revitalization
Appendix Sports Business & Community Revitalization © Ichigo Inc. All rights reserved. 70
Slide 71: J.League Tegevajaro Miyazaki: Revitalizing Local Communities
Real Estate x Sports x Community Revitalization J.League Tegevajaro Miyazaki: Revitalizing Local Communities – Grew From Consulting Business to Professional Soccer Club & Stadium Management – Ownership of J2 Club Tegevajaro Miyazaki Based in Miyazaki Prefecture, a Key Ichigo Area – Driving customer
Slide 72: Financial Statements & Data
Appendix Financial Statements & Data © Ichigo Inc. All rights reserved. 72
Slide 73: Balance Sheet: Assets
Balance Sheet: Assets (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 vs. FY26/2 Assets Current Assets Cash and cash equivalents 40,536 46,917 42,689 42,059 34,263 -7,796 Accounts receivable 3,866 2,448 4,272 4,079 4,112 +33 Operational loan investments 1,324 1,324 1,324 1,324 1,324 – Operationa
Slide 74: Balance Sheet: Liabilities
Balance Sheet: Liabilities (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 vs. FY26/2 Liabilities Current Liabilities Short-term loans 962 16,726 6,520 6,421 10,700 +4,279 Bonds (due within one year) 364 3,162 232 2,162 2,162 – Long-term loans (due within one year) 8,539 20,878 7,340 24,082 20,0
Slide 75: Balance Sheet: Net Assets
Balance Sheet: Net Assets (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 vs. FY26/2 Net Assets Shareholders’ Equity Capital 26,888 26,892 26,946 27,012 27,124 +112 Capital reserve 11,266 10,313 10,363 10,429 10,546 +117 Retained earnings 82,438 90,967 81,396 81,909 80,166 -1,743 Treasury shares
Slide 76: P&L (1)
P&L (1) (JPY million) FY27/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY26/2 Q1 Change vs. Full-Year (12M) (12M) (12M) (12M) (3M) (3M) (YOY) Forecast Forecast Revenue 68,093 82,747 83,576 92,705 10,497 12,487 -1,990 – – Cost of Goods Sold 48,674 61,875 58,051 62,586 5,553 6,652 -1,099 – – Gross Profit
Slide 77: P&L (2)
P&L (2) (JPY million) FY27/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY26/2 Q1 Change vs. Full-Year (12M) (12M) (12M) (12M) (3M) (3M) (YOY) Forecast Forecast Extraordinary Losses Loss on disposal of fixed assets 23 147 100 11 14 1 +13 – – Valuation losses on securities investments 261 – 588 791 – – –
Slide 78: Cash Flows: Operations
Cash Flows: Operations (JPY million) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 Q1 (3M) Cash Flows from Operations Pre-tax income 14,234 17,962 21,784 24,499 5,642 Depreciation 5,339 4,859 4,795 4,676 1,255 Amortization of goodwill 177 97 156 131 21 Increase (decrease) in accrued bon
Slide 79: Cash Flows: Investments & Financing
Cash Flows: Investments & Financing (JPY million) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 Q1 (3M) Cash Flows from Investments Payments into time deposits -2 -701 -96 -232 – Redemptions of time deposits 23 – 800 314 – Payments for securities investments -968 -16,567 -10,314 -40 -80
Slide 80: Balance Sheet: Segment Breakdown
Balance Sheet: Segment Breakdown (JPY million) Cash and Operational Operational Real Estate Intangible Securities Other Segment Cash Loan Securities Fixed Assets Total Assets for Sale Assets Investments Assets Equivalents Investments Investments Asset Management (AM) 313 – – – – 336 – 1,453 2,104 Su
Slide 81: Real Estate Asset Breakdown (1)
Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (1) 131 Assets, JPY 320.3B, Annual NOI JPY 13B (5.7% Yield) *Excludes Ichigo Owners and Centro assets Acquisition Acquisition Building Forecast Ichigo Equity Forecast Equity Forecast No. Asset Type Classification Location NO
Slide 82: 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 43 Retail Fixed Asset Osaka JPY 1B-2B 2014/09
Slide 83: 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 172 Office Fixed Asset Sapporo, Hokaido >JPY 3
Slide 84: 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 85: 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 190 Office Real Estate for Sale Yokohama, Kana
Slide 86: 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 2.5 JPY 40 2013/08 2 Ichigo Fuchu Jogecho Yano Chugoku 0.9 JPY 40 2014/03 3 Ichigo Yubetsu Barou Hokkaido 0.8 JPY 40 2014/04
Slide 87: 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 2.9 JPY 24 2020/03 32 Ichigo Hokota Aoyagi Kanto 2.4 JPY 27 2020/04 33 Ichigo Kasaoka Osakaike Chugoku 2.6 JPY 21 2020/04 34 Ichigo Minoka
Slide 88: 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 1.3 JPY 40 2013/09 2 Ichigo Motomombetsu Hokkaido 1.4 JPY 40 2014/02 3 Ichigo Muroran Hatchodaira Hokkaido 1.2 JPY 40 2014/03 4 Ichigo Enga
Slide 89: Make The World More Sustainable
Tpese 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
Ichigo Group Holdings — Q1 2027 Earnings Presentation on 6ix