Financial Results for the Fiscal Year Ended December 31, 2024

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Explanatory Materials for

Financial Results for the Fiscal Year Ended December 31, 2024

Securities Code ：8929

Aoyama Zaisan Networks Co., Ltd.

February 13, 2025

© 2025 Aoyama Zaisan Networks Group

Agenda for the Fiscal Year Ending December 31, 2025 in the Briefing on Financial Results for the Fiscal Year Ended December 31, 2024

Contents

1. Financial Results for the Fiscal Year ended December 31, 2024
2. Earnings Forecast
3. Shareholder Return Policy
4. Appendix

Section 1

Financial Results for the Fiscal Year ended December 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
• Changes in BS Highlights, ROE and ROIC

Highlights of Consolidated Financial Results

Net sales and profits at each stage reached record highs

Unit：Million yen

Five-Year Changes in Consolidated Financial Results

We have achieved increased sales and profits for four consecutive fiscal years.

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.

(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.

Unit: Million yen

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

・Real estate transaction sales of 25,987 million yen and real estate purchase costs of 23,412 million yen included in cost of sales of 27,050 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 1,990 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 31,909 million yen, resulting in the actual PL of 8,496 million yen.

In addition, the cost of sales was deducted from the real estate purchase cost of 23,412 million yen and personnel costs of 1,990 million yen, resulting in the actual PL of 1,646 million yen. Selling, general and administrative expenses added 1,990 million yen in personnel costs included in cost of sales, and amounted to 4,437 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

• Significant increase in gross profit (excluding personnel costs) due to significant increase in sales of high-margin asset consulting services.
• Personnel expenses increased due to increase in salary and headcount

Changes in Gross Profits of Asset Consulting and Real Estate Transactions

• Asset consulting

Unit: Million yen

2,642

• Real estate transactions

Unit: Million yen

3,248