Financial Results for Q3 Fiscal Year Ending December 2025

Explanatory Materials for

Financial Results for the Nine Months Ended September 30, 2025 Fiscal Year Ending December 31, 2025

November 13, 2025

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 Nine Months Ended September 30, 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

• BS Highlights

Highlights of Consolidated Financial Results

・A surge in client numbers and the closing of entrusted consulting projects have driven a substantial increase in asset consulting revenue.

• Focus on stabilizing quarterly performance has enabled us to achieve good progress compared to our

Unit：Million yen

full-year forecast.

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 25,298 million yen and real estate purchase costs of 27,264 million yen included in cost of sales of 22,412 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 2,391 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 22,412 million yen, resulting in the actual PL of 11,706 million yen.

In addition, the cost of sales was deducted from the real estate purchase cost of 22,412 million yen and personnel costs of 2,391 million yen, resulting in the actual PL of 2,460 million yen. Selling, general and administrative expenses added 2,391 million yen in personnel costs included in cost of sales, and amounted to 5,635 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.

Uni: Million yen

Increase in personnel expenses

▲377

Increase in

personnel expenses

▲231 Increase in selling, general

and administrative expenses

（excluding personnel expenses

▲565

Increase in gross profit (excluding personnel expenses)

+2,373

Increase in gross Profit ＋1,995

Increase in selling, general

and administrative expenses ▲796

（ Of which, increase due to newly consolidated subsidies was ▲438）

（ Of which, increase due to newly consolidated subsidiaries was +793）

3,611

）

FY2024 Q3

FY2025

Q3

Changes in Gross Profits of Asset Consulting and Real Estate Transactions

• Asset consulting

  FY2021 FY2022 FY2023 FY2024 Unit: Million yen Q3 Q3 Q3 Q3	FY2025 Q3
  Net sales
  CosQ of sales
  Grow profit ratio

  
  
  

• Real estate transactions

Changes in Asset Consulting Sales

Unit: Million yen

8,821

1,691

5,922

2,616

1,425

4,106

4,393

911

1,269

4,588

1,042

1,513

673

1,158

1,171

4,513

2,871

2,983

2,036

1,952

FY2021 Q3

FY2022 Q3

FY2023 Q3

FY2024 Q3

FY2025

Q3

Asset succession

Business succession

Product composition

Increase in Asset Consulting Sales Due to Newly Consolidated Companies

Unit: M1

0,00 illion yen

8,821 8,821

48

41

964

1,054 million yen

5,922

FY2024 Q3

FY2025 Q3

FY2025 Q3

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

5,000

4,513

4,000

3,000

• 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.

2,000

1,000

0

FY2021

Q3

2,871

2,983

2,036

1,952

FY2022 Q3

FY2023 Q3

FY2024 Q3

FY2025 Q3

Business Succession (for Business Owners)

Unit: Million yen

3,000

2,500

2,000

1,500

1,000

500

1,158 1,171

673

8

1,513

458

450

624

40

2,616

• 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)

• Two investments were recovered.

0

FY2021 Q3

FY2022 Q3

FY2023 Q3

FY2024 Q3

FY2025 Q3

Succession to the family line M&A Business succession fund

Product Composition, etc.

Unit: Million yen

2,000

1,500

1,425

1,691

493

667

661

• Sales increased due to an increase in the amount of ADVANTAGE CLUB composition.

  1,000

  500

  911

  1,269

  1,042

  • Revenue was recognized following two dissolutions conducted.

    Other

0

FY2021 Q3

FY2022 Q3

FY2023 Q3

FY2024 Q3

FY2025 Q3

AD Composition AD Dissolution Other

Number of Consultants and Clients

3,478

Unit: Headcount

No. of consultants (existing group companies)

No. of consultants (newly consolidated companies)

No. of clients

1,752

1,398

1,823 1,905

2,076

183

2,377

203

2,780

211

3,118

257

31

272

33

735

97 102

847 967

120

134

148

167

170

226

239

2014

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2025

Q3

Real Estate Transactions

Unit: million yen

30,000

25,000

20,000

15,000

10,000

23,640

25,987

25,298

• Against the composition target of 34 billion yen , we composed 24 billion yen(Percentage of progress: 71％).

  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 60.9 billion yen

  Other real estate transactions

5,000

0

21,111

13,852

24,061

21,602

21,629

15,871

12,586

FY2021 Q3

FY2022 Q3

FY2023 Q3

FY2024 Q3

FY2025 Q3

ADVANTAGE CLUB STO Other real estate transactions

BS Highlights (Financial Strategy)

【 Cash and deposits level policy】The policy is to always secure funds for working capital, real estate acquisitions, and AD security deposit repayments, and to procure any shortfalls with interest-bearing debt.

We expect the required cash level at the end of 2025 to be approximately 16 billion yen, and have secured cash at this level.

【 Inventory policy for properties for sale 】

The composition of ADVANTAGE CLUB will be expanded, but the policy of completing the recruitment process in advance and composition ADVANTAGE CLUB on the same day as the purchase and settlement of the property, and the Company continues to follow a policy of no real estate inventory holding.

Total assets 22,392 million yen

Real estate for sale 1,192

Net assets 9,816

（ Equity ratio 43.6%）

Other assets 5,194

Goodwill 2,922

Other liabilities

6,604

（ of which, the security deposit 3,032）

Cash and deposits

13,082

End of FY2024

Total assets 24,743 million yen

Other assets 4,883

Goodwill 2,702

Real estate for sale 1,154

Other liabilities

6,602

（ of which, the security deposit 3,494）

End of FY2025 Q3

Section 2

Shareholder Return Policy

Shareholder Return Policy

Dividend payout ratio of 50% or more 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.

Changes in Dividends

Dividends have already increased for 14 consecutive years.

We are aiming to increase dividends for "15 consecutive years" this fiscal year.

41.0

（Unit : yen)

51.0

46.0

35.0

31.0

Year-end dividend Interim dividend Commemorative dividend

7.5

9.0

11.5

7.5

15.0

9.5

19.5

12.5

25.0

2.5

14.0

26.5

16.5

28.0

17.0

22.0

13.0

26.0

15.0

28.0

18.0

20.0

5.0 6.5

4.0

5.5

7.0

8.5

10.0

11.0

2.5 2.5

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Dividend payout ratio

※ On September 1, 2021, a stock split (two-for-one stock split) was implemented, and the dividend amount was replaced by a dividend amount that takes the split into account.

Shareholder Benefit Schemes

Shareholder benefit for shareholders at the end of June

NEW

1,000 or more shares less than

QUOcard worth 1,000 yen

Granted to those who held 0 to 999 shares as of the end of the previous fiscal year and their holdings decreased to 1,000 or more and less than 2,000 shares by the end of June.

2,000 shares

More than 2,000 shares In addition

Continuously owning

10,000 shares

for at least 2 years

Gifts worth 3,000 yen

or choose 1 item out of donated 2 items

Common meal vouchers for Ukai Groupvor Ukai special beef

Each worth 20,000 yen

Shareholder benefit for shareholders at the end of December

No. of shares owned 1,000 or more shares less than 2,000 shares

2,000 or more

Details of special offers

QUOcard worth 2,000 yen

※ Conceptual image

NEW

NEW

shares less than

3,000 shares

More than

3,000 shares

In addition

Gifts worth 3,000 yen

or choose 1 item out of donated 2 items

Gifts worth 5,000 yen

or choose 1 item out of donated 2 items

Common meal vouchers for Ukai Group

Owning more than

30,000 shares

or Ukai special beef or

Vouchers to use facilities of Ukai Group

Each worth 30,000 yen

Section 3

Appendix

Company Overview

Company Profile

Corporate History

History of the Company

1990s

1991

1999

Sep.

Apr.

Funai Zaisan Dock Inc was established as a group company of Funai Research Institute Co., Ltd.

It changed its name to Funai Zaisan Consultants Co., Ltd.

2008

2011

Oct. Jan.

Management integration of Progest Holdings Co., Ltd. Established Aoyama Wealth Management Pte. Ltd.

2010s

2020s

Dec.

Chester Administrative Scrivener Corporation.

Merged Chester Corporation, Chester Life Partners, Chester Consulting, and Urbancrest.

Management Objectives and Business Description

Management objectives

Business description

Contributing to the happiness of our clients through the succession, operation, and management of their assets

Consultation on achieving optimal asset composition and maximizing cash flow

〈 Comprehensive Asset consulting 〉

Client types

Solutions

Individual asset owners

(Landowners and financiers)

Average assets: 1 billion yen

Business owners

(Managers)

∎ ADVANTAGE CLUB, regional development projects and overseas asset management, Financial product consulting by IFA*

*Provided by Aoyama Financial Service Co., Ltd. (Kinchu) No. 939, a group company

Business for Individual Asset Owners

1st year

Wishing to make

effective use of land

Problem Solving Solutions

3rd year

Wishing to

recombine my assets

Compensation for problem solving

1Xth year

Having trouble

with inheritance division

Individual asset owner

Monthly advisory contract fee

Ongoing support through advisory contracts

Business for Business Owners

1st year

Having trouble with

stock consolidation or business succession policy

Problem Solving Solutions

3rd year

Having trouble

with growth strategy

Compensation for problem solving

1Xth year

Having trouble with

managing financial assets obtained through M&A.

Business owner

Monthly advisory contract fee

Ongoing support through advisory contracts

Features of the Business Model

Solving clients' problems and building long-term relationships

Current generation

Next generation

The generation after next

Individual asset owners

Business owners

Succession, operation and management of assets, Business succession

Succession, operation and management of assets,, Business succession

The business model that generates profit over the long term

by consulting from the current generation to the next and beyond