CONSOLIDATED FINANCIAL SUMMARY 1Q FY 2025 (from April 1, 2025 to June 30, 2025)

（securities code： 4681）

CONSOLIDATED FINANCIAL SUMMARY

For the First Quarter Ended June 30, 2023, 2024 and 2025

*The stock split is being conducted at a ratio of 1 share to 2 shares, with the effective date set for April 1, 2025. (Millions of yen)

Business Results

Overview of 1Q The Fiscal Year 2025 (Ending March 31, 2026)

1. Summary of Business Results

   (Millions of Yen)

   	1Q FY2024 (Results)	1Q FY2025 (Results)	Year-on-Year Change
   Net sales	50,949	52,796	+3.6%
   Operating income	4,057	4,548	+12.1%
   Ordinary income	4,062	4,504	+10.9%
   Net income	2,421	3,053	+26.1%

   Evaluated Operating Income

   6,004

   7,871

   +31.1%

   (Year-on-year change)

   In the same period of the previous year (April 2024 to June 2024), Membership Operations saw strong sales of memberships primarily for SANCTUARY COURT BIWAKO and SANCTUARY COURT NIKKO, as well as resale of memberships for existing hotels. In the period under review (April 2025 to June 2025), we began recruitment drive for memberships for SANCTUARY COURT KANAZAWA, which began sales in March 2025, and SANCTUARY COURT AWAJISHIMA, which began sales in June 2025. Although sales were primarily of contracts for hotels prior to opening, this resulted in the number of contracts concluded exceeding that of the previous year. Medical Operations saw an increase in membership fee income due to sales of HIMEDIC memberships exceeding sales of the previous year, while in Hotel and Restaurant Operations, there was contribution to revenue by newly-opened hotels in addition to a revision in operating management costs (annual fees) and utilization costs (hotel room fee). These factors offset a rise in costs such as increased labor costs caused by base increases and an increase in personnel in preparation for the opening of new facilities. As a result, the Resort Trust Group achieved a year-on-year increase in both sales and income. Given the recording of impairment loss (approximately 1.7 billion yen) including the impairment of goodwill relating to the acquisition of a site for development during the same period of the previous year, net income attributable to owners of parent increased by 26% for the period under review. Furthermore, evaluated operating income, an indicator of real performance, after deducting the effects of deferral of revenue from real estate sales and other factors, improved significantly with a 31% increase thanks to the strong sales of memberships for newly-launched hotels.

   (Reference) Evaluated Operating Income

   In the pre-opening hotel membership sales, accounting figures for the real estate cost of the membership fee is deferred until the opening of the hotel as the revenue is realized in a lump sum at the time of opening. Evaluated operating income represents income assuming that such income to be deferred had been recorded during the current fiscal year. In addition, it is used as a management indicator of real performance during the current fiscal year, taking into account the effect of Accounting Standard for Revenue Recognition for medical memberships, etc.

   During the three-month period ended June 30, 2025, the Group implemented base increases and strengthened recruiting activities continuing from the previous fiscal year to prepare for business expansion. These increases in up-front costs were offset by revising the prices of certain products (membership fees, operating management costs, hotel room fee, meal charges, etc.), promoting DX management, and enhancing productivity through the promotion of human capital management. During the period under review, the recruitment drive for hotel memberships continued to be successful, and the increase in membership numbers including medical memberships, as well as the increase in hotel occupancy at SANCTUARY COURT BIWAKO, which opened in October 2024, contributed to sales growth. However, real estate sales of pre-opening hotels are deferred until opening, therefore the increase in reported net sales remained at 3.6%. (Evaluated Net Sales, which is an indicator of real performance, increased by 11.2%)

   As a result, net sales were 52,796 million yen (+3.6% YoY), operating income was 4,548 million yen (+12.1% YoY), ordinary income was 4,504 million yen (+10.9% YoY), and net income attributable to parent company shareholders was 3,053 million yen (+26.1% YoY).

2. Summary of Business Segments

   【Membership Operations】

   (Millions of Yen)

   	1Q FY2024 (Results)	1Q FY2025 (Results)	Year-on-Year Change
   Net sales	14,182	12,865	(9.3%)
   Operating income	4,388	4,006	(8.7%)

   In Membership Operation Segment, we began recruitment drive for memberships for SANCTUARY COURT KANAZAWA, which began sales in March 2025, and SANCTUARY COURT AWAJISHIMA, which began sales in June 2025, and membership sales progressed favorably however, compared to the improved profitability resulting from an increased ratio of sales of existing hotel memberships in the same period of the previous year, the majority of real estate revenue was deferred in the period under review. As a result, the segment recorded lower sales and lower income.

   【Hotel and Restaurant Operations】 (Millions of Yen)

   	1Q FY2024 (Results)	1Q FY2025 (Results)	Year-on-Year Change
   Net sales	24,231	26,177	+8.0%
   Operating income	43	906	+2000.9%

   In Hotel and Restaurant Operation Segment, SANCTUARY COURT BIWAKO which opened in October 2024, contributed to increased sales. In addition, revisions were made to operating management costs (annual fees) and utilization costs (hotel room fee). These factors offset a rise in up-front costs such as increased labor costs caused by base increases and an increase in personnel in preparation for the opening of new facilities. As a result, the segment recorded higher sales and higher income.

   【Medical Operations】 (Millions of Yen)

   	1Q FY2024 (Results)	1Q FY2025 (Results)	Year-on-Year Change
   Net sales	12,360	13,581	+9.9%
   Operating income	1,811	1,822	+0.6%

   In Medical Operation Segment, membership recruitment for the comprehensive medical support club "Grand HIMEDIC Club" was steady, and annual membership fee income and other income increased due to the increase in members. In addition, general medical checkup operations facilities and business locations were expanded. As a result, the segment recorded higher sales and higher income.

   【Others】 (Millions of Yen)

   	1Q FY2024 (Results)	1Q FY2025 (Results)	Year-on-Year Change
   Net sales	174	172	(1.5%)
   Operating income	115	110	(4.6%)

   Others cover business segments that are not part of reportable segments and include real estate businesses.

3. Outlook for the Fiscal Year 2025 (Ending March 31, 2026)

(Millions of Yen)

Based on the results of the first two years of the five-year medium-term management plan covering the period from April 2023 to March 2028, the Resort Trust Group has established a new five-year medium-term management plan covering the period from April 2025 to March 2030. We will translate the "risks and opportunities" identified over the aforementioned two-year period into concrete strategies and drive future growth through proactive new business investments in the medical sector, expand health-related businesses such as service development contributing to healthy longevity in an ultra-aging society, and develop products and services that incorporate customer feedback in the hotel business. By working collaboratively with customers, employees, and the local community to establish a new membership-based business model, we aim to realize "true Group management" by practicing the Group's identity, "Together for a Wonderful Life: Creating a more affluent, happy time."

The outlook for this fiscal year is as follows: In Membership Operations, we launched sales of memberships for the new membership-based resort hotel SANCTUARY COURT AWAJISHIMA in June 2025. Additionally, the opening of the membership-based resort hotel SANCTUARY COURT NIKKO in February 2026 (planned) will result in the lump-sum recording of deferred real estate revenue. Furthermore, in Hotel and Restaurant Operations and Medical Operations, operating revenue is expected to grow due to an increase in memberships, registrations, and related customers, as well as higher unit prices resulting from the development and provision of new high-value-added services. Additionally, by continuing wage increases-including base increases-we aim to create a virtuous cycle aimed at further enhancing productivity and creativity. The Group as a whole expects to set new records for sales and income, with net sales of 259,000 million yen (+3.9% year-on-year), operating income of 27,500 million yen (+4.3% year-on-year), ordinary income of 27,500 million yen (+2.4% year-on-year), representing new records for net sales, operating income, and ordinary income, and the Group anticipates continued growth in both sales and income. Also, for this fiscal year, the Group forecasts a drop in profit attributable to owners of parent to 19,000 million yen (-5.7% year-on-year) due to the absence of extraordinary income such as gain on redemption of bonds recognized in the previous fiscal year.

Moreover, under the new medium-term management plan, the Group aims to achieve stable returns-including flexible shareholder returns-over the next three years. With regard to the dividend forecast for the this fiscal year, although the total annual dividend for the previous fiscal year was 62 yen (27 yen for the interim dividend and 35 yen for the year-end dividend), the highest ever for the Group, compared with dividends prior to the stock split, the annual dividend is expected to increase 2 yen from the previous fiscal year to 64 yen (forecast), representing a new record. It should be noted that, due to a two-for-one stock split effective April 1, 2025, the dividend forecast after the split is expected to be not 64 yen per year; rather, it should be 32 yen per year (16 yen for the interim dividend and 16 yen for the year-end dividend).