October 2025 Fiscal Period Earnings

December 15, 2025

Representative: Takafumi Kagayama, Executive Director https://www.ichigo-office.co.jp/en

Inquiries: Masahiro Izumi, Head of Finance & Planning Telephone: +81-3-4485-5231

Submission of Financial Report (Yuka Shoken Hokokusho): January 28, 2026 (expected) Dividend Payment: January 22, 2026 (expected)

Supplemental Material to Financial and Business Results: Yes (Corporate Presentation) Financial and Business Results Briefing: Yes (for institutional investors and analysts)

1. Financial Results for the October 2025 Fiscal Period (May 1, 2025 to October 31, 2025)

   1. Earnings

      (JPY million; period-on-period change)

      	Operating Revenue	Change	Operating Profit	Change	Recurring Profit	Change	Net Income	Change
      October 2025	9,271	-9.4%	5,070	-16.8%	4,172	-19.4%	4,171	-19.4%
      April 2025	10,235	+11.0%	6,094	+22.1%	5,174	+26.8%	5,173	+26.8%

      	Net Income per Share (JPY)	Return on Equity (6 months)	Recurring Profit to Total Assets (6 months)	Recurring Profit to Operating Revenue
      October 2025	2,700	3.9%	1.7%	45.0%
      April 2025	3,327	4.8%	2.1%	50.6%

   2. Dividends

      	Dividend per Share (JPY)	Total Dividends (JPY million)	Dividend per Share in Excess of Earnings (JPY)	Total Dividends in Excess of Earnings (JPY million)	Payout Ratio	Dividend on Equity (DOE)
      October 2025	2,715	4,175	-	-	100.0%	4.0%
      April 2025	3,330	5,177	-	-	100.0%	4.8%

      Notes:

      1. April 2025 Total Dividends differ from Net Income because Total Dividends exclude a JPY 101 million provision to dividend reserves from unappropriated retained earnings and include a JPY 105 million negative goodwill amortization.

      2. October 2025 Total Dividends differ from Net Income because Total Dividends exclude a JPY 101 million provision to dividend reserves from unappropriated retained earnings include a JPY 105 million negative goodwill amortization.

      3. Payout Ratio is calculated by dividing Total Dividends by Net Income and multiplying it by 100.

   3. Assets and Equity

      	Total Assets (JPY million)	Net Assets (JPY million)	Shareholder Equity Ratio	Net Assets per Share (JPY)
      October 2025	244,360	104,777	42.9%	68,127
      April 2025	246,076	107,363	43.6%	69,046

   4. Cash Flows

      (JPY million)

      	Cash Flows from Operations	Cash Flows from Investments	Cash Flows from Financing	Cash and Cash Equivalents at End of the Period
      October 2025	6,486	-1,307	-5,875	26,987
      April 2025	11,853	-1,326	-4,184	27,682

2. Earnings Forecasts for the April 2026 Fiscal Period (November 1, 2025 to April 30, 2026) and

the October 2026 Fiscal Period (May 1, 2026 to October 31, 2026)

(JPY million; period-on-period change)

Notes:

1. The forecast Net Income per Share for April 2026 is JPY 2,271. The forecast Net Income per Share for October 2026 is JPY 1,993.

2. April 2026 Total Dividends differ from Net Income because Total Dividends exclude a JPY 101 million provision to dividend reserves from unappropriated retained earnings and include a JPY 105 million negative goodwill amortization.

3. October 2026 Total Dividends differ from Net Income because Total Dividends include a JPY 105 million negative goodwill amortization.

1. Other

   1. Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective Restatement

      1. Changes Accompanying Amendments to Accounting Standards: None

      2. Changes Not Listed in (i): None

      3. Changes in Accounting Estimates: None

      4. Retrospective Restatement: None

   2. Number of Shares Issued and Outstanding

      1. The number of shares issued and outstanding (including treasury shares) was 1,554,934 at the end of the April 2025 fiscal period and 1,537,965 at the end of the October 2025 fiscal period.

      2. There were no treasury shares at the end of the April 2025 and October 2025 fiscal periods.

         Completion Status of Auditing Procedures

         This document is not subject to the auditing requirements set forth in the Financial Instruments and Exchange Law of Japan. The auditing procedures in accordance with those requirements have thus not been completed as of the date of the publication of this document.

         Appropriate Use of Performance Forecasts and Other Matters of Special Note

         The forecasts presented in this document are current figures based on certain preconditions. Accordingly, the actual operating results may vary due to changes in circumstances, and these forecasts should not be construed as a guarantee of such results.

         For details on the preconditions, please refer to the "Preconditions for the April 2026 and October 2026 Earnings Forecasts" on pages 10 and 11.

         This English version is a translation of the original Japanese report and is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

Table of Contents

1. Operating Results

1. Operating Results

   1. Summary of the Current Period

      During the October 2025 fiscal period, Ichigo Office REIT Investment Corporation ("Ichigo Office") executed a share buyback in June 2025 using proceeds from asset sales conducted in the April 2025 fiscal period. As a result, Ichigo Office bought back a total of 16,969 shares during the October 2025 fiscal period (equivalent to 1.1% of the shares outstanding prior to cancellation) and subsequently completed the cancellation of these shares.

      In October 2025, Ichigo Office sold an office building located in Toyama City, Toyama Prefecture, at a price 2X its book value and 1.5X its appraisal value. Ichigo Office had been exploring options to sell this asset because value-add potential was limited, despite its high earnings stability from the residential sections comprising c. 56% of the building's leasable area leased via a master lease agreement. In light of the highly attractive purchase offer received despite the property being located in a regional city, Ichigo Office decided to proceed with the sale.

      In addition to the share buyback and distribution of gains on asset sales, Ichigo Office decided to acquire a mid-size office building located in Tachikawa City, Tokyo, and entered into a purchase agreement in October 2025. The transaction was completed in December 2025.

      Furthermore, in October 2025, Ichigo Office drew down funds from a committed JPY 1 billion loan agreement, executed in November 2024 (a first among J-REITs). The proceeds are used exclusively for value-add capex. By maximizing the use of these funds, Ichigo Office will continue to actively and flexibly invest in its assets via value-add capex, further accelerating value creation through such initiatives.

      Going forward, Ichigo Office will continue to build a portfolio focused on mid-size office assets that offer stable income and growth potential, and achieve steady growth of its managed assets.

      1. Investment Environment and Operating Results

         1. Investment Environment

            In the commercial real estate investment market, while the Bank of Japan's moves toward normalizing monetary policy is raising concern over transaction yields, these concerns are

            being offset by expectations for higher rental income due to inflation. As a result, there has been no significant increase in transaction yields, with transaction prices remaining at high levels and transaction volume continuing to be strong.

            In the mid-size office building market, expectations for rental income growth and supply constraints caused by rising construction costs are supporting the market. Yields continue to remain low, and transaction prices are staying firm.

            Furthermore, while investment opportunities in central Tokyo have become increasingly limited due to soaring prices, interest in investment in regional cities is also rising, driven by diversifying work styles. As a result, real estate prices in major regional cities remain elevated.

            Additionally, with global attention on environmental and social issues on the rise, ESG considerations are accelerating in the real estate sector and are becoming important factors in investment decisions.

            Against this backdrop of ongoing changes in the market environment, Ichigo Office will continue to strategically select and consider investments in mid-size office buildings that are expected to generate stable earnings over the long term.

         2. Operating Results

During the October 2025 fiscal period, Ichigo Office focused on improving portfolio-wide NOI, and continued to implement value-add capex to enhance the profitability of individual assets