Financial Results for Q1 Fiscal Year Ending December 2024

We will remain your best partner over 100 years

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

Explanatory Materials for

Financial Results for the Three Months Ended March 31, 2024 Fiscal Year Ending December 31, 2024

Securities Code ：8929

Aoyama Zaisan Networks Co., Ltd.

May 14, 2024

© 2024 Aoyama Zaisan Networks Group

The ideal way of doing business Aoyama Zaisan Networks is aiming for:

"To be a leading expert on the business for the wealthy"

Financial asset owners

Wealth advisors who provide advice on a holistic view of various assets.

Client partners who can consult more than anyone else and help clients solve their problems.

Contents

1 Financial Results for the Three Months Ended March 31, 2024

• Shareholder Return Policy

3 Appendix

Section 1

Financial Results for the Three Months Ended March 31, 2024

• 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

• BS Highlights

Highlights of Consolidated Financial Results

・Both asset consulting and real estate transactions steadily increased, and profits at all levels significantly increased.

Unit：Million yen

Five-Year Changes in Consolidated Financial Results

Unit: Million yen

Actual PL - In 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.

Unit: Million yen

• Net sales are calculated by netting the net sales related to real estate purchases and sales out of the net sales for accounting purposes (costs of sales related to real estate purchases are offset against net sales). Costs of sales are calculated by deducting costs of sales related to real estate purchases and labor costs recorded in costs of sales from the accounting costs of sales.

Breakdown of Changes in Operating Profit

• Significant increase in gross profit (excluding personnel expenses) due to significant increase in sales of high-margin asset consulting services.

Changes in Gross Profits of Asset Consulting and Real Estate Transactions

• Asset consulting

Unit: Million yen

975

• Real estate transactions

Unit: Million yen

645

Changes in Asset Consulting Sales

Sales were significantly higher than the previous year due to a significant increase in business succession sales.

Unit: Million yen

Business succession

Product composition