CONSOLIDATED FINANCIAL SUMMARY 3Q FY 2025 (from April 1, 2025 to December 31, 2025)

（securities code： 4681）

CONSOLIDATED FINANCIAL SUMMARY

For the Third Quarter Ended Dec. 31, 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.

EPS for FY2024 (ending March 2025) is calculated reflecting the stock split. (Millions of yen)

Business Results

Overview of 3Q The Fiscal Year 2025(Ending March 31, 2026)

1. Summary of Business Results

   (Millions of Yen)

   	3Q FY2024 (Results)	3Q FY2025 (Results)	Year-on-Year Change
   Net sales	197,684	168,819	(14.6%)
   Operating income	25,786	19,862	(23.0%)
   Ordinary income	25,925	19,768	(23.7%)
   Net income	18,083	13,544	(25.1%)

   Evaluated Operating Income

   23,327

   29,393

   +26.0%

   (Year-on-year change)

   Unlike the same period of the previous year (from April to December 2024) which saw the opening of SANCTUARY COURT BIWAKO in October 2024 and the previously deferred revenue from real estate sales was recognized in a lump sum, in the period under review (from April to December 2025) there were no new hotel openings (although the opening of SANCTUARY COURT NIKKO is scheduled in the next 4Q) and consequently, lower sales and lower income were accounted for. Nevertheless, evaluated operating income, an indicator of real performance after deducting the effects of hotel openings, increased by 26.0%.

   In the same period of the previous year, Membership Operations saw strong sales of membership as a result of sales of existing hotel memberships including resale products particularly for the Baycourt series, as well as the sales of the recently opened SANCTUARY COURT BIWAKO and SANCTUARY COURT NIKKO, which has yet to open, in addition to the sales launch in August 2024 of SANCTUARY COURT YATSUGATAKE, the fourth in the SANCTUARY COURT series.

   In the period under review, 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 sales were primarily of contracts for hotels prior to opening. However, this resulted in an extremely strong performance, with the number of contracts concluded exceeding that of the same period of the previous year. Medical Operations saw an increase in membership fee income due to the growth in the number of HIMEDIC members, which, in turn, contributed to revenue, 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 year-on-year increases in evaluated net sales and evaluated operating income. Meanwhile, whereas there was a hotel opening in the same period of the previous year, no hotels opened in the period under review, and consequently, lower sales and lower income were accounted for. There are no changes to the forecast that projects increases in sales and income for the full year.

   (Reference) Evaluated Operating Income

   In the pre-opening hotel membership sales, accounting figures for the real estate component of the membership fee are 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, and it is used as a management indicator of real performance during the current fiscal year.

   During the nine-month period ended December 31, 2025, the Group implemented base increases and strengthened recruiting activitiescontinuing 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. Furthermore, unlike the same period of the previous year, which saw the opening of a hotel, in the period under review, no hotels opened, and consequently, lower sales and lower income were accounted for. Nevertheless, the company performed extremely well and achieved increases in evaluated net sales and evaluated operating income. Additionally, there are no changes to the forecast that projects increases in sales and income for the full year.

   As a result, net sales were 168,819 million yen (-14.6% year-on-year), operating income was 19,862 million yen (-23.0% year-on-year), ordinary income was 19,768 million yen (-23.7% year-on-year), and net income attributable to parent company shareholders was 13,544 million yen (-25.1% year-on-year).

2. Summary of Business Segments

   【Membership Operations】

   (Millions of Yen)

   	3Q FY2024 (Results)	3Q FY2025 (Results)	Year-on-Year Change
   Net sales	80,689	42,176	(47.7%)
   Operating income	23,654	14,178	(40.1%)

   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 same period of the previous year, when profitability improved, as a result of an increased ratio of sales of existing hotel memberships, the majority of real estate revenue was deferred in the period under review, and whereas there was a hotel opening in the same period of the previous year, no hotels opened in the period under review. As a result, while contract value increased year on year, lower sales and lower income were accounted for the period. Nevertheless, we achieved increases in evaluated net sales and evaluated operating income and continued to achieve record highs on a real performance basis.

   【Hotel and Restaurant Operations】 (Millions of Yen)

   	3Q FY2024 (Results)	3Q FY2025 (Results)	Year-on-Year Change
   Net sales	78,446	84,439	+7.6%
   Operating income	3,541	6,400	+80.7%

   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)

   	3Q FY2024 (Results)	3Q FY2025 (Results)	Year-on-Year Change
   Net sales	38,025	41,686	+9.6%
   Operating income	5,676	6,047	+6.5%

   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)

   	3Q FY2024 (Results)	3Q FY2025 (Results)	Year-on-Year Change
   Net sales	522	516	(1.2%)
   Operating income	604	603	(0.1%)

   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)

The Resort Trust Group has established a new five-year medium-term management plan covering the period from April 2025 to March 2030 and aims to establish a new membership-based business model.

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 260,000 million yen (+4.3% year-on-year), operating income of 29,000 million yen (+10.0% year-on-year), ordinary income of 29,000 million yen (+8.0% 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 only a slight increase in profit attributable to owners of parent to 20,300 million yen (+0.8% year-on-year) due to the absence of extraordinary income such as gain on redemption of bonds recognized in the previous fiscal year.

On November 13, 2025, the company, in light of recent business performance conditions such as robust membership sales, made upward revisions to its financial results forecast and dividend forecast. Furthermore, although recent performance has exceeded the upward revisions, at present, there will be no changes to the forecast for the full year. The dividend forecast has been revised to an interim dividend of 17 yen and a year-end dividend of 17 yen (forecast). The annual dividend for the current fiscal year is expected to be 68 yen (forecast), an increase of 6 yen in real terms from the same period of the previous fiscal year, on a pre-split basis, representing a new record high. (On a post-split basis, the annual dividend for the previous fiscal year was 31 yen, and for the fiscal year under review, the annual dividend is expected to be 34 yen (forecast)). In terms of the dividend policy, which sets a minimum DOE of 4.5% and a target of 5.0%, the DOE is expected to be around 4.7%.