Explanatory Materials for Financial Results for the Fiscal Year Ending December 31, 2025

Explanatory Materials for

Financial Results for the Fiscal Year Ending December 31, 2025

February 6, 2026

We will remain your best partner over 100 years

We are a comprehensive asset consulting firm that protects your assets and future.

Securities Code ：8929

Aoyama Zaisan Networks Co., Ltd.

Who We Strive to Be

To fulfill our management objectives, we will work on the three-year period starting in 2025 to realize our vision for each stakeholder group. As a result, by the end of 2027, we aim to be recognized as a leading authority in the high-net-worth client business.

Partners

Clients

Realize our vision for

Shareholders and investors

Vision for 2027

To be Recognized as a

Management Objectives

1

We contribute to our clients' well-being through asset succession, investment, and management services.

each stakeholder

group

"Leading Authority in the High-Net-

Worth Client Business" ２

Employees

Local society

We aim to support the holistic well-being of our team, both physically and mentally.

Contents Section 1

Financial Results for the Fiscal Year ended December 31, 2025

• Highlights of Consolidated Financial Results

• Actual PL ー In Case of Adopting the Net Amount Method

• Breakdown of Changes in Operating Profit

• Changes in Gross profits of Asset Consulting and Real Estate Transactions

• Changes in Net Sales of Asset Consulting

• Net Sales by Segment

• Changes in BS Highlights, ROE and ROIC

Highlights of Consolidated Financial Results

・Due to the impact of the tax system reform, sales of ADVANTAGE CLUB

were postponed, resulting in a year-on-year decrease in net sales.

Unit：Million yen

・On the other hand, as revenue from asset consulting, our core business, increased significantly, profit at each stage exceeded the previous year and reached record highs.

Five-Year Changes in Consolidated Financial Results Actual PL - In the Case of Adopting the Net Amount Method

Maintaining actual high level operating profit ratio

For accounting purposes, net sales of real estate transactions such as those of ADVANTAGE CLUB are generally presented as a total amount.

However, our PL based on our actual situation is as shown in the table below, and we are profitable as a consulting firm. We believe that this disclosure of actual conditions will provide useful information for investors.

* Net sales were calculated by netting the net sales related to real estate purchases and sales out of the net sales for accounting purposes (Cost of sales related to real estate purchases are offset against net sales). Cost of sales was calculated by deducting cost of sales related to real estate purchases and personnel costs recorded in cost of sales from the accounting cost of sales.

(Reference) Explanation of the Case for Adopting the Net Actual PL Method

Presented on the Previous Page

For accounting purposes, there are two methods of presenting sales of real estate transactions: gross or net. Actual PL is presented when the net method is used, where sales represent the difference between property sales and the cost of property purchases. In addition, our personnel costs are included in both cost of sales and SG&A expenses, but are shown as SG&A expenses in the actual PL to make them easier to understand. As mentioned above, the Company uses the gross amount method in its disclosures, but uses the net amount method for internal administrative purposes.

*The following reclassifications were made from the accounting PL to the actual PL.

・Real estate transaction sales of 29,943 million yen and real estate purchase costs of 26,416 million yen included in cost of sales of 33,284 million yen were offset.

・Personnel costs were included in the cost of sales and selling, general and administrative expenses in the accounting PL. In the actual PL, personnel costs of 3,342 million yen included in the cost of sales were included in selling, general and administrative expenses.

As a result, net sales were deducted from the accounting PL by 26,416 million yen, resulting in the actual PL of 15,368 million yen.

In addition, the cost of sales was deducted from the real estate purchase cost of 26,416 million yen and personnel costs of 3,342 million yen, resulting in the actual PL of 3,525 million yen. Selling, general and administrative expenses added 3,342 million yen in personnel costs included in cost of sales, and amounted to 7,985 million yen in the actual PL.

For operating profit, both the accounting PL and actual PL were the same.

Breakdown of Changes in Operating Profit

A significant increase in asset consulting revenue boosted gross profit, driving year-over-year growth in operating profit.

The contribution to operating profit from newly consolidated Chester Co., Ltd. and three other companies amounted to ¥569 million, significantly exceeding the initial budget of approximately ¥250 million.

Uni: Million yen

Increase in

personnel expenses

▲659

Increase in

personnel expenses

▲410

（

Increase in selling, general

Increase in gross profit (excluding personnel expenses)

+2,191

and administrative expenses

excluding personnel expenses）

▲770

3,858

Increase in gross Profit ＋1,532

Increase in selling, general

and administrative expenses ▲1,180

Operating profit contribution from Chester Co., Ltd. and

three other companies 569

(after deduction of goodwill, etc.)

（ Of which, increase due to newly

consolidated subsidies was ▲593）

（ Of which, increase due to newly

consolidated subsidiaries was +1,162）

FY2024 FY2025

Changes in Gross Profits of Asset Consulting and Real Estate Transactions

• Asset consulting

  Unit: Million yen FY2021 FY2022 FY2023 FY2024	FY2025
  Net sales
  CosQ of sales
  Gross profit
  Gross pofit atio

• Real estate transactions

Changes in Asset Consulting Sales

Unit: Million yen

4,032

4,008

11,842

5,545

6,204

7,082

8,121

FY2021 FY2022 FY2023 FY2024 FY2025

Asset succession

Business succession

Product composition

Increase in Asset Consulting Sales Due to Newly Consolidated Companies

82

2,319

2,237

86

8,121

3,026

2,939

2,209

Sales of existing group

companies

10,194 million yen

1,478

1,879

6,496

4,032

5,018

1,647 million yen

Unit: Million yen

11,842 11,842

FY2024 FY2025 FY2025

Asset succession

Business succession

Product composition

Financial Results by Sales Category

Asset Consulting Real Estate Transactions

Sales from asset succession consulting for individual asset owners, business succession consulting for business owners, and sales from consulting on the development of proprietary products to manage and operate clients' assets are recorded in asset consulting.

As part of asset consulting, the Company purchases real estate and develops products related to real estate for the purpose of meeting the asset management needs of its clients, and includes the sales of such products in real estate transactions. Rental income from real estate holdings is also recorded.

Unit：Million yen

Asset Succession (for Individual Asset Owners)

Unit: Million yen

7,000

4,008

4,032

2,734

2,974

6,496

6,000

5,000

4,000

• The increase in the number of contracts signed, along with the increase in the number of clients, as well as the increase in the unit price per contract compared to the previous period, resulted in a significant increase in sales.

3,000

2,000

1,000

0

FY2021 FY2022 FY2023 FY2024 FY2025

Business Succession (for Business Owners)

Unit: Million yen

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

1,417 1,442

177

1,614

153

1,879

3,026

• In addition to an increase in the number of contracts signed, sales increased due to a significant increase in the unit price per contract compared to the previous period.

  M&A (Third-party succession)

• Sales increased due to an increase in the number of deals, including MBOs following market reforms at the TSE.

  Business succession fund (Discontinuation of business)

• Three investments were recovered.

• Two investments were executed and are

FY2021 FY2022 FY2023 FY2024 FY2025

Succession to the family line M&A Business succession fund

scheduled to be recovered within FY2026.

Product Composition, etc.

Unit: Million yen

1,053

849

733

876

2,500

2,000

1,787

2,209

2,319

• Due to a decrease in the amount of ADVANTAGE CLUB formation, results were below the previous year.

  1,500

  1,000

  500

  1,392 1,459

  • Revenue was recognized following four dissolutions conducted.

    Other

0

FY2021 FY2022 FY2023 FY2024 FY2025

AD Composition AD Dissolution Other

Number of Consultants and Clients

・Regarding the number of clients, a year-on-year increase of 10%

had been anticipated; however, through strengthened collaboration with

financial institutions, the increase amounted to 449 clients (up 14.4%), exceeding the plan.

・Regarding the number of consultants, an increase of 26 had been anticipated; 3,567

however, the actual increase was 24.

Unit: Headcount

No. of consultants (existing group companies)

No. of clients

1,752

1,398

1,823 1,905

2,076

2,377

203

2,780

211

3,118

257

281

735

847 967

120

134

148

167

170

183

97 102

2014

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2025

Progress on Key KPIs Sales of Asset Consulting per Consultant

Revenue per consultant increased by 17% compared with the previous year. With the introduction of the ART system and AI-related systems, productivity

improved significantly.

We will continue to aim for further improvements in productivity.

＋17％

Sales per consultant

(Unit: Thousand yen)

25,257 23,196 26,025

29,313

33,169 33,317 34,153

30,301 30,562

33,564

11,842

Sales of asset

consulting

3,928

4,909

5,564

5,806 5,545

7,083

6,204

8,122

6,205

7,082

8,121

5,565

281

(Unit: Million yen)

No. of consultants

(Unit: person)

2,366

102

3,123

120 134

148

167

170

183

203 211

226

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Progress on Key KPIs Changes in number of clients, asset consulting sales, and

sales per client

As clients' asset values have increased and the scale of inheritance and business succession

measures has expanded, the average revenue per client rose significantly.

2.50 - 3.30 million yen

3,320

Average

Asset scale continues to trend upward, and average revenue per client is expected to increase further going forward.

Sales per

Sales per client

client

(Unit: thousand yen) 2,793

3,230

2,810 2,802

3,052 3,048

2,671 2,610 2,547 2,605

8,121

7,082

5,564

5,806

6,204

5,545

4,909

3,118

3,567

3,928

2,377

2,780

3,123

2,366

1,752

1,823

1,905

2,076

847

967

1,398

11,842

6,205

Sales of asset consulting

(Unit: Million yen)

No. of clients

(Unit: persons)

2015 2016

2017 2018 2019 2020 2021 2022

2023

2024

2025

Real Estate Transactions

Unit: million yen

40,000

35,000

30,000

25,000

20,000

15,000

37,496

7,826

29,747

2,207

29,015

29,943

1,553

5,391

18,667

2,867

27,540

29,669

28,389

23,624

15,800

• As sales were temporarily suspended due to the impact of the tax system reform, sales amounted to ¥28.3 billion against the annual sales plan of

¥34.0 billion (achievement rate: 83%).

The sales results for the period are as follows.

・Feb. AD Shinjuku Station West Exit 4.77 billion yen

・Mar. AD Mita, Minato-ku Ⅲ 4.60 billion yen

・Jun. AD Ochanomizu Ekimae7.29 billion yen

・Jul. AD Yokohama Motomachi Street 18.3 billion yen

・Sep. AD Kanda Yasukuni Street Ⅱ 61.4

10,000

billion yen

・Oct. AD Shinjyukugyoen 42.7 billion yen

5,000

0

FY2021 FY2022 FY2023 FY2024 FY2025

ADVANTAGE CLUB Other real estate transactions

• Rental income is recorded for the provision of properties other than ADVANTAGE CLUB and when the properties were owned.

(Reference) Excerpt from ADVANTAGE CLUB explanatory materials for clients

ADVANTAGE CLUB is a real estate investment product designed to clearly define exit strategies and achieve high returns. Clients purchase the product after gaining an understanding of its past track record and investment strategies.

Since 2010, we have comprehensively assessed real estate market trends, property conditions and occupancy levels, etc. 38 properties are sold by resolution of the association members and the proceeds are distributed to the association members.

Performance of property sales （Average of 38 associations dissolved due to property sales ）

Two forms of stability are achieved: exit price and periodic distributions

ADVANTAGE CLUB Yield

・Cumulative formation amount: ¥200.9 billion (2002-2025); ¥150.6 billion under management (as of the end of December 2025).

・We sell real estate located in prime central urban areas at appropriate prices based on appraised values. For the 38 projects whose operations have been completed to date, the single-year yield-calculated by adding distributions received during the operating period to capital gains from property sales at the end of operations-averaged 6.08%, and has been very well received. The four projects that completed operations in 2025 also maintained a high yield of 6.2%.

・By strengthening property management (PM), maintaining high occupancy rates, and conducting rent increase negotiations, many properties are achieving yields exceeding those at the time of formation. In addition, we focus on forming projects primarily in redevelopment areas and have built exit strategies that allow for the expectation of capital appreciation at the time of sale. The above yields target 6%, and we will continue to offer ADVANTAGE CLUB as a product that contributes to our clients' asset management.

Unit: ¥100 million (formation amount basis)

1,717.7

162.5

2,500.0

2,000.0

1,500.0

1,000.0

500.0

0.0

2020年末 2021年末 2022年末 2023年末 2024年末 2025年 末

既存

新規

End of 2020 End of 2021 End of 2022 End of 2023 End of 2024 End of 2025

Existing

New

BS Highlights (Financial Strategies)

【Policy on Cash and Deposits levels】

We maintain a policy of securing sufficient funds at all times for working capital, real estate acquisition funds, and AD security deposit refunds, and of financing any shortfall through interest-bearing liabilities.

【Policy on Inventory of Real Estate Held for Sale】

With the exception of certain businesses, our policy is not to hold inventory of real estate held for sale. As of the end of FY2025, due to the temporary suspension of ADVANTAGE CLUB sales, we are temporarily holding a property located in front of Akasaka-Mitsuke Station; however, sales began on February 4, and the property is scheduled to be sold by the end of March.

Cash and deposits

14,099

Other liabilities

8,353

（of which, the security deposit is

3,767）

Other assets 8,015

Net assets 11,712

（ Equity ratio 44.4%）

Interest-bearing liabilities

6,212

Total assets 26,278 million yen

Other assets 9,006

Net assets 9,816

（Equity ratio 42.0%）

Real estate for sale 1,192

Other liabilities

7,493

(of which, the security deposit

3,032）

Cash and deposits

13,082

Total assets 23,280 million yen

is

End of FY2024

End of FY2025

Changes in ROE and ROIC

Target: 20% level or higher Target: 10% level or higher

30.0%

25.0%

ROE ROIC

22.0%

22.0%

23.2%

17.0%

15.1%

12.7%

12.2%

12.9%

10.0%

8.0%

25.2% 25.7%

20.0%

15.0%

10.0%

5.0%

0.0%

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Section ２

Earnings Forecast

Earnings Forecast for FY2026

【Sales】

We expect asset consulting revenue of ¥12.3 billion and real estate transaction revenue of ¥26.7 billion, for a total of ¥39.0 billion.

Of asset consulting revenue, revenue from asset succession and business succession-the core business excluding product formation-is expected to increase by 8.2%, from ¥9.5 billion in FY2025 to ¥10.3 billion in FY2026. By opening multiple new locations in 2026, we expect further expansion in consulting demand.

On the other hand, real estate transaction revenue is expected to decrease from ¥29.9 billion in FY2025.

With regard to ADVANTAGE CLUB, our core product, we have been providing explanations regarding the impact of the tax system reform to all clients, as well as to our partner financial institutions and accounting firms, on a sequential basis since last year. We are prioritizing these explanations so that they can be completed by the first quarter of 2026, and we expect to be able to resume normal sales activities from the second quarter onward. As full-scale sales activities will begin from the second quarter onward, we expect a decrease in real estate transaction revenue; however, we anticipate an increase in sales volume from the fiscal year ending December 2027 onward.

【Profit】

During the period of the Medium-Term Management Plan (2025-2027), we have set a target of 10% annual growth in operating profit. For FY2026, although asset consulting revenue is expected to increase, operating profit is expected to grow by 3.7% due to the decrease in real estate transaction revenue as described above.

Regarding net profit attributable to owners of the parent company, in FY2025 the effective corporate tax burden ratio declined due to, among other factors, a substantial amount of income generated by a business succession fund (eligible for exclusion from taxable income as dividend income). In FY2026, although profit before income taxes is expected to increase, net profit attributable to owners of the parent company is expected to decrease by 3.6% due to an increase in the effective corporate tax burden ratio compared with the previous fiscal year.

2026 AD (Fractional Ownership Products) Sales Plan

In the Medium-Term Management Plan formulated in 2025, we had assumed a 10% annual increase in formation volume; however, in light of the impact of the tax system reform, the plan for 2026 has been revised to a formation amount of ¥20.0 billion (tax-inclusive).

In the first quarter of 2026, we plan to sell one property located in front of Akasaka-Mitsuke Station, while from the second quarter onward, sales are planned at levels comparable to previous years. From 2027 onward, we aim to return to the original plan and achieve normalization.

In addition, for new real estate products other than fractional ownership products, we are planning sales of ¥5.0 billion

(tax-inclusive).

2026 Real Estate Product Formation Plan Based on the Effects of the Tax System Reform

AD

(Fractional Ownership Products)

New Products Other Than Fractional Ownership*

¥29.2

billion

*Sectional ownership, co-ownership, etc.

¥20.0

billion

¥5.0 billion

2025 2026 2027

2026

2027

Final Profit (Impact of Income Taxes)

For FY2026, we expect increases in operating profit, ordinary profit, and profit before income taxes compared with the previous fiscal year; however, due to an increase in income taxes, final profit is expected to decrease. (In the previous fiscal year, the effective tax rate declined to approximately 26% due to factors such as a

substantial amount of dividend income eligible for exclusion from taxable income and the recognition of previously recorded valuation losses following the sale of investment securities.

For the current fiscal year, the effective tax rate is expected to be approximately 31%, in line with the statutory

effective tax rate, and an increase in income taxes is therefore anticipated.)

Major Tax Adjustments

FY2025

FY2026

(Forecast)

Increase in

715 income taxes:

210 million

(715 million

× approx.

250 30%)

(※)

(※)

Dividend income excluded from taxable income 665

valuation losses

(※)

Dividend income excluded from taxable income

on investment securities

250

recognized for tax purpose 300

Unit: million yen Income taxes, etc.

1,200

Income taxes, etc.

990

(tax rate approx. 26%)

(tax rate approx. 31%)

Profit before income taxes 3,756

Final profit

2,750 ※

Profit before income taxes 3,850

Final profit 2,650

FY2025 FY2026 (Forecast)

※ Final profit (net profit attributable to owners of the parent company) 2,750 million = net profit 2,766 million − net profit attributable to non-controlling interests 16 million

Section 3

Shareholder Return Policy

Shareholder Return Policy

Dividend payout ratio of 50% or more Introduction of progressive dividend policy* Maintaining DOE level above cost of equity

The cost of equity is expected to be approximately 8% based on dialogue with investors.

※The Company will consider acquisition of treasury stock in a flexible manner.

3-year average

FY2025

FY2024

FY2023

48.3% 46.0% 46.2% 46.8%

11.2% 11.5% 11.9% 11.5%