CONSOLIDATED FINANCIAL SUMMARY FY 2024(from April 1, 2024 to March 31, 2025)

（securities code： 4681）

CONSOLIDATED FINANCIAL SUMMARY

For the Year Ended March 31, 2021, 2022, 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 The Fiscal Year 2024(Ending March 31, 2025)

1. Summary of Business Results

   (Millions of Yen)

   	FY2023 (Results)	FY2024		Year-on-Year Change	Results vs. Targets
   		(Results)	(Revision Targets)
   Net sales	201,803	249,333	247,000	+23.6%	+0.9%
   Operating income	21,119	26,365	26,000	+24.8%	+1.4%
   Ordinary income	21,807	26,848	26,300	+23.1%	+2.1%
   Net income	15,892	20,139	17,700	+26.7%	+13.8%

   Evaluated Operating Income

   23,899

   28,258

   27,800

   +18.2%

   +1.6%

   (Year-on-year change)

   In the same period of the previous year, Membership Operations saw strong sales of memberships prior to opening for hotels, primarily SANCTUARY COURT BIWAKO, which began sales in March 2022, and SANCTUARY COURT NIKKO, which began sales in October 2022. In the current period, however, sales of memberships for the Baycourt series and other existing hotels-including resale products-and sales of memberships for hotels that have opened, such as SANCTUARY COURT BIWAKO, were robust. Additionally, sales of memberships prior to opening for the hotel SANCTUARY COURT NIKKO were strong. In August 2024, we launched SANCTUARY COURT YATSUGATAKE, the fourth in the SANCTUARY COURT series, and in March 2025, we launched SANCTUARY COURT KANAZAWA, the fifth in the series, each marking new product launches. This resulted in the number of contracts concluded exceeding that of the previous year. In Medical Operations, sales of medical memberships exceeded that of the previous year, continuing their strong performance. The increase in membership fee income in line with the increased number of members contributed to revenue. 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 well as increased hotel repair and maintenance expenses. As a result, the Resort Trust Group achieved record sales and income, marking a year-on-year increase in both sales and income.

   (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.

   (Compared with plan)

   The increase in one-time benefits to be paid to employees was made in response to factors that increased profits, such as strong sales of hotel memberships and strong hotel occupancy, which exceeded the upwardly revised February 2025 earnings forecast.

   Including these factors, the Resorttrust Group as a whole, achieved its sales and income targets.

   During the the fiscal year ended ended March 31, 2025, the Japanese economy gradually recovered owing to the impact of a variety of policies while sustained wage increases helped the employment and income environment to continue improving. However, the outlook for the Japanese economy remains uncertain as there are various uncertainties overseas that are viewed as risks that may exert downward pressure on the domestic economy.

   Under these circumstances, the Group implemented base increases and strengthened recruiting activities continuing from the previous fiscal year to prepare for business expansion. The Group will offset the rise in these costs by reviewing the prices of some products and services, improvements in productivity, and increasing annual fees (operating management costs) in Hotel and Restaurant Operations starting in January 2025. During the period under review, the recruitment drive for hotel and medical memberships continued to be successful. Additionally, the launch sales at SANCTUARY COURT YATSUGATAKE in August 2024 and SANCTUARY COURT KANAZAWA in March 2025 led to an increase in membership numbers due to the effects of these new recruitment efforts. These factors, along with the increase in hotel occupancy at SANCTUARY COURT TAKAYAMA, which opened in March 2024, contributed to sales growth. And we raised the prices of certain memberships in April 2024.

   In October 2024, SANCTUARY COURT BIWAKO opened on schedule and the previously deferred revenue from real estate sales was recorded in a lump sum.

   As a result, net sales were 249,333 million yen (+23.6% YoY), operating income was 26,365 million yen (+24.8% YoY), ordinary income was 26,848 million yen (+23.1% YoY), and net income attributable to parent company shareholders was 20,139 million yen (+26.7% YoY).

2. Summary of Business Segments

   【Membership Operations】

   (Millions of Yen)

   	FY2023 (Results)	FY2024		Year-on-Year Change	Results vs. Targets
   		(Results)	(Revision Targets)
   Net sales	58,701	93,642	92,090	+59.5%	+1.7%
   Operating income	18,798	27,445	27,020	+46.0%	+1.6%

   Membership Operation Segment, sales of membership rights progressed favorably, and the increased proportion of sales of existing hotel memberships led to higher profit margins. Additionally, in August 2024, we were able to launch sales of "Sanctuary Court Yatsugatake" earlier than planned. Furthermore, in October 2024, "Sanctuary Court Biwako" opened, allowing for the lump-sum recording of deferred revenue. Moreover, in March 2025, we newly launched "Sanctuary Court Kanazawa." As a result of these factors, the contract value reached a record high, leading to increased sales and profits.

   The Group has been addressing rises in development costs and construction costs and an increase in labor costs including across-the-board pay increases by reviewing the prices of certain memberships.

   【Hotel and Restaurant Operations】 (Millions of Yen)

   	FY2023 (Results)	FY2024		Year-on-Year Change	Results vs. Targets
   		(Results)	(Revision Targets)
   Net sales	95,492	103,978	103,370	+8.9%	+0.6%
   Operating income	4,494	2,049	1,800	(54.4%)	+13.8%

   In Hotel and Restaurant Operation Segment, although SANCTUARY COURT TAKAYAMA, which opened in March 2024, contributed to increased sales, the occupancy rate of hotels has been sluggish owing to typhoons and other factors.

   "Sanctuary Court Biwako," which opened in October, has gotten off to a smooth start.

   In terms of cost, as in the previous year, we incurred additional expenses such as base increases and other personnel measures implemented from the previous year, investments made in the recruitment and development of human resources in preparation for the future opening of hotels, and expenses for hotel maintenance performed in advance. As a result, despite achieving record-high sales, the segment recorded higher sales and lower income.

   	FY2023 (Results)	FY2024		Year-on-Year Change	Results vs. Targets
   		(Results)	(Revision Targets)
   Net sales	46,899	51,001	50,900	+8.7%	+0.2%
   Operating income	7,164	7,508	7,520	+4.8%	(0.2%)

   【Medical Operations】

   In Medical Operation Segment, despite temporary costs including expenses paid to transfer some medical checkup facilities to a new building, new medical checkup facilities were added to expand operations, and the HIMEDIC Osaka Nakanoshima Course, which is based in Nakanoshima, Osaka, and the HIMEDIC Midtown East Course started providing medical checkup services in August and October 2024, respectively.

   Continuing on from last year, membership recruitment for the comprehensive medical support club "Grand HIMEDIC Club" was strong, and annual membership fee income and other income increased due to the increase in members. This resulted in the segment posting record-high sales and income, leading to increases in both sales and income.

   【Others】

   (Millions of Yen)

   (Millions of Yen)

   	FY2023 (Results)	FY2024		Year-on-Year Change	Results vs. Targets
   		(Results)	(Revision Targets)
   Net sales	710	711	640	+0.2%	+11.2%
   Operating income	767	766	830	(0.1%)	(7.7%)

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

3. Cash Flows

(Millions of Yen)

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

(Millions of Yen)

In terms of Japan's business environment, while tourism-oriented policies are being promoted, issues including "overtourism" are also becoming apparent. In the tourism industry, along with expectations for community co-creation, there is a growing demand from users for higher value-added private spaces.The number of households with financial assets of 100 million yen or more continues to grow annually, and domestic cash holdings also continue rising. High-net-worth individuals tend to place importance on "a lifestyle focused on well-being" and wish to incorporate "high-quality items, even if they are expensive." There is a growing demand for "proposals suited to the individual."

In this environment, 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."

Under this Medium-term Management Plan, for the evolution of Group management, we will continue to work as one to take on the challenge of creating further added value and expanding operation domains under the founding spirit of blazing new trails , as well as further expand our No.1 field, make each operation stronger through qualitative transformation in the management base and improvement of productivity and profitability, including human capital investment to maximize the potential of each employee, building a data platform for DX, utilizing IT technology, business portfolio reform, back office reform, and governance reform, thereby realizing long-term stable growth that is typical of the Resorttrust Group.

We believe that the raison d'etre of the Resorttrust Group is to solve various social issues related to leisure and healthcare by creating new value through the integration of the Group's leisure and healthcare services, thereby pursuing the affluence and happiness of all people involved with the Group.

We will fulfill our social responsibility in "environment, social and governance," continue sustainable management, and work to increase corporate value, as a corporate group that co-creates products and services aimed at realizing a richer and happier society, always together with our customers while keeping abreast of changes of the next generation.

Under these circumstances, the outlook for the next fiscal year is as follows: In Membership Operations, we plan to launch sales of new memberships for a membership-based hotel around summer 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. However, for the next 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 current 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 next 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).