The 2025 version of the Integrated Report is now available.

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Building on

Our Achievements in Sustainability and

Katsuyasu Ito

Chairman of the Board and CEO

Ariyoshi Fushimi

President and COO

Well-being to Step Forward

into a New Stage of Growth

Opening Remarks

Value Creation Story

Sanctuary Court Yatsugatake Residential Resort

Sanctuary Court Awajishima Island Palace Resort

Resorttrust Group

Management Philosophy

The Resorttrust Group is a dynamic organization of individuals committed to pushing the envelope, blazing new trails, and creating opportunities. We earn the trust and loyalty of our guests and stakeholders through a willingness to take on challenges and by delivering unparalleled quality,

sophistication, and hospitality.

Sanctuary Court Kanazawa Hotel & Golf Spa Resort

The Resorttrust Group

Identity

Together for a Wonderful Life

- Creating a more a uent, happy time─

Note: This is a direct translation of the Japanese-language version of the Group Identity.

CONTENTS

Introduction

Opening Remarks

Resorttrust Groupʼs Value Creation Story 02

Business Overview 04

Financial and Non-financial Highlights 05

Sustainability

Sustainability Management 42

Global Environmental Initiatives 44

Creation of Shared Value with Society 49

Corporate Governance

Message from the President 06

Roundtable Discussion: Medical Operations and the Future of Healthcare… 12 Our Value Creation Process 16

"Membership-based" Business Model of the Resorttrust Group 18

Materialities, Risks, and Opportunities 22

Value Creation Strategy

Road Map to Achieving the Long-term Vision 24

Results from the Two Years of the Previous Medium-term Management Plan… 26 New Medium-term Management Plan 27

Business Strategies by Segment 30

DX Strategy 33

Financial Capital Strategy 34

Human Resources Strategy 37

Editorial Policy

Corporate Governance 50

Directors and Executive Officers 56

Data

Financial/Non-financial Summary 58

Group Network 60

Corporate Data, Share Information, and Affiliate Companies 62

Note: An authenticity statement is posted at the end of the Message from the President (p. 11).

In FY2024, the Resorttrust Group achieved steady growth, marking its third consecutive year of increases in both revenue and profit. We also posted record highs in overall business performance and membership contract values. These accomplishments were made possible thanks to the warm support of all our stakeholders, for which we extend our heartfelt gratitude.

Building on the fact that we achieved the targets of our Medium-term Management Plan, launched in FY2023, one year ahead of schedule, we formulated a new five-year plan, Sustainable Connect ~to wellbeing~ 2.0, which begins in FY2025. This plan places the enhancement of value in our membership-based clubs at its core. By leveraging digital

build a more flexible and sustainable service structure. Focusing on "improvement" as the axis, we aim to build a more flexible and sustainable service system by leveraging digital technology, deepening data marketing, and strengthening relationships with our members.

Guided by our Management Philosophy of blazing new trails, earning trust, taking on challenges, and delivering unparalleled quality, sophistication, and hospitality, we continue to anticipate changes in society and the evolving expectations of our customers, creating new value along the way. Embracing our identity, "Together for a Wonderful Life," we will pursue both the growth of the Group and contributions to society, as we take confident steps toward the next stage

The Resorttrust Group Integrated Report is produced to describe the results and business activities of the Resorttrust Group over the reporting period (from April 1, 2024, to March 31, 2025) from both financial and non-financial perspectives. In addition to looking back on the progress of the Group, the report is designed to be easy to understand, communicating information on our future vision, the value we generate through collaborative creation with stakeholders and society, our competitive advantage, management strategies and their results and analysis, and our role in creating a sustainable society. During the editing process, we make use of reference sources including the International Integrated Reporting Framework endorsed by the IFRS Foundation and the Guidance for Collaborative Value Creation 2.0 from the Ministry of Economy, Trade and Industry, among other materials. This report is an English translation of the Japanese version issued on September 19, 2025.

Important Note Regarding Forward-looking Statements

This Integrated Report contains statements of the Resorttrust Group's future plans and strategies, as well as predictions and forward-looking statements regarding business performance. These statements are not historical facts but rather are forward-looking statements based on assumptions and beliefs judged from the information currently available to Resorttrust. In addition, these statements include an unlimited number of risks and uncertainties related to economic trends, intensifying industry competition, consumer spending, market demand, taxation, and other systems. Accordingly, note that actual results might differ from these

technologies, deepening data-driven marketing, and further strengthening our relationships with members, we aim to

of our journey.

forward-looking statements.

Note: Some images have been digitally altered.

Resorttrust Group Integrated Report 2025 01

Resorttrust Groupʼs Value Creation Story

*As of March 31, 2025 (with the number of facilities operated as of July 31, 2025)

Since its founding, the Resorttrust Group has grown from its core membership business into a hospitality company operating across a wide range of fields. In pursuit of unparalleled quality, sophistication, and hospitality, we contribute to health, longevity, and well-being. Looking ahead to the next 50 years, we will steadfastly protect the unique and distinctive brand we have built, while co-creating value together with our members, employees, and society, aiming to realize richer and more fulfilling lives.

Change in numbers of Resorttrust members and properties operated

Number of members*

205,507

Number of facilities operated*

111

(excluding those facilities under development)

Number of Group employees*

Introduction

12,706

(Members)

200,000

150,000

100,000

50,000

• Members

• Hotels

• Golf courses

• Medical facilities (including operational support)

• Senior facilities

  (Properties)

  100

  Value Creation Story

  75

  50

  25

  Value Creation Strategy

  1970s 1980s 1990s 2000s 2010s 2020s

  Social expectations and external trends

  • Momentum of rapid economic growth and increasing incomes

  • Development of transportation infrastructure

  • Heightened interest in "value-in-use" triggered by the oil shocks

    • Bubble economy

    • The burst of

      the Bubble economy

    • Maturation of the leisure market

    • Digital and IT innovation

    • Progress of an aging society

    • Global Financial Crisis

    • Digitalization acceleration of online services

    • COVID-19 pandemic

• Growing awareness of well-being and health among families and employees

• Increasing demand for infrastructure for seniors

Created value

Providing extraordinary spaces and proposing new ways to spend leisure time

Realizing "guaranteed usage days" through our timesharing system

Offering high-precision medical checkups by combining medical care

Corporate Governance

with hospitality

Renewed recognition of the value of "membership-based" services that ensure safety and security

Contributing to customersʼ well-being and helping realize their latent needs and aspirations

Resorttrust Groupʼs history

In the 1970s, when the aftereffects of Japanʼs period of rapid economic growth were still being felt and values surrounding work styles and leisure were changing, we launched our membership resort business in 1974 with the aspiration of "creating a leisure culture in Japan." To provide high-quality services comparable to leading resorts in Europe and the United States while keeping initial investment low, we devised a membership hotel system based on usage rights. This model, enabling members to enjoy resorts in various destinations as if they were private villas, attracted attention as a new style of leisure consumption and achieved steady growth.

As the number of members grew, challenges related to convenience emerged, such as members not being able to book stays on their preferred dates due to high demand. In addition, although unrelated to our company, an incident* occurred in society that significantly undermined trust in membership rights. To address these issues, Resorttrust introduced XIV, a membership product designed around the concept of a "timesharing system" based on sectional ownership, which offered both peace of mind as a tangible asset and enhanced convenience. Following the opening of XIV Toba in 1987, the brand gained strong market trust and rapidly expanded its share, driving the remarkable growth of our membership business.

As the scale of our business expanded, new strategic pillars were required to ensure the Groupʼs sustainable growth. Through repeated interviews with existing members, we identified the strongest need to be in the area of health management. In response, we opened HIMEDIC Yamanakako in 1994 as our first membership-based medical checkup facility, pioneering a new option in preventive healthcare. Furthermore, reflecting the aging of society, we launched the senior residence business in 2006, and in 2008 opened Tokyo Baycourt Club, a fully membership-based urban resort, thereby actively expanding our business portfolio.

During the COVID-19 pandemic, unprecedented changes occurred in both the tourism and medical fields. While strengthening hygiene management systems and introducing contactless services, we prioritized the safety and security of our customers. In particular, the expertise cultivated through our medical business contributed to enhancing the reliability of our services. Our membership hotels, which provide private spaces, were reappraised for their value as secure retreats akin to private villas. In addition, contracts for Sanctuary Court, a new product developed to meet emerging corporate needs such as employee benefits, grew significantly, further underscoring the strengths of our membership business model.

Sustainability

Amid the COVID-19 pandemic, we revisited the essence of our "membership-based" model and defined our Group Identity as "Together for a Wonderful Life." In an era of high volatility and uncertainty, Resorttrust has redefined the strengths of its highly sustainable membership business model and has been working to reinforce its service foundation that supports members throughout their lifetimes. Looking ahead, we are striving to establish a "membership platform" that realizes well-being and richer lives, centered on value-added services driven by digital transformation (DX) and strong relationships of trust.

Data

HIMEDIC Yamanakako Course opening press conference (1994)

Via Shirakawa (opened in 1974) Sun Members Hirugano (opened in 1974)

XIV Toba (opened in 1987)

*An incident unrelated to the Company, the "Toyoda Shōji incident," was a fraud case involving the sale of membership rights and securities.

Classic Garden Bunkyo Nezu /

Assisted living residence (operations began in 2006)

Sanctuary Court Takayama (membership sales started in 2021)

02 Resorttrust Group Integrated Report 2025 03

Business Overview (as of March 31, 2025)

Financial and Non-financial Highlights

Business Fields Based on Membership

The Resorttrust Group is a corporate group built around its unique

• Net sales by segment

  (Million yen)

  711

  Medical: 20.45%

  51,001

  FY2024

  consolidated net sales:

  249,333

  Membership: 37.56%

  93,642

  Hotel and Restaurant:

  41.70%

  103,978

  Others: 0.29%

  Financial Highlights

  
  
  

  • Net sales ■ Operating income/operating income margin

    26,365 28,258＊

    21,119

    14,707

    12,270

    8,693

    5.5

7.2

8.8

10.5

10.6

membership business model, co-creating products and services

(Million yen)

249,333

243,453＊

(Million yen) （%）

that accompany customers throughout their lifetimes and aim to realize a more prosperous and fulfilling society. The Group consists of Resorttrust, Inc., 24 subsidiaries, and eight affiliated companies, with business segments comprising Membership, Hotel and Restaurant, Medical, and Others (including real estate leasing).

Membership Segment Hotel Membership Sales Operations

We develop membership-based resort hotels, conduct activities to attract members, and provide follow-up services.

250,000

200,000

150,000

100,000

50,000

0

201,803

167,538

157,782

169,830

FY2020 FY2021 FY2022 FY2023 FY2024

30,000

25,000

20,000

15,000

10,000

5,000

0

20

15

10

5

0

FY2020 FY2021 FY2022 FY2023 FY2024

Hotel and Restaurant Segment Hotel and Accompanying Facility Management Operations

local revitalization, valuing dialogue with local governments and communities. In 2021, we launched our Sanctuary Court series of destination hotels, where the stay itself becomes the purpose of the trip. Since then, sales have remained strong, and we have achieved record sales for four consecutive fiscal years.

… Annual packages of 12 or 24 nights

• Sanctuary Court members-only resorts:

  … Annual packages of 10 or 20 nights / 8 or 16 nights

• Memberships of Grandee and other golf clubs

  (Million yen)

  36,691

  30,599

  22,981

  25,398

  22,662

  26,596

  24,285

  404

  5,755＊

  9,

40,000

35,000

30,000

25,000

20,000

39,116

（%）

20

15

10

5

15.4

12.9

6.8＊

5.3

4.8

5.6

3.2

4.4

2.8

-8.4

14.7

We operate unique hotels with outstanding hospitality.

To accurately serve the needs of customers and create heartwarming List of products and services

15,000

0

10,000

experiences for them, the Resorttrust Group ensures that all facilities it operates offer physical amenities with the highest level of refined quality and first-class hospitality services.

In addition to using digital technologies to improve convenience during

forward, we will focus further on initiatives for human capital investment and business permanence, while actively implementing unique initiatives that offer customers inspiring experiences.

facilities, as well as other restaurants

• • Operation of the Complex Biz brand of hair accessories and other items, as well as beauty salons

    (Members) 250,000

    186,032 188,161

    200,000

    150,000

    100,000

    50,000

    194,864

    200,529 205,507

    （Employees）

    8,123

    7,903

    7,943

    8,404

    10,000

    8,000

    6,000

    4,000

    2,000

    9,046

    The Resorttrust Groupʼs medical checkup program, which offers Japanʼs first PET scans, has been popular. We are also advancing research and development

    List of products and services

• GRAND HIMEDIC CLUB comprehensive

  0 FY2020 FY2021 FY2022 FY2023 FY2024

  0 FY2020 FY2021 FY2022 FY2023 FY2024

  to provide new cancer therapies employing cutting-edge technologies and AI-based personalized services for our customers.

  In addition, we are developing and selling products, including cosmetics and doctor-prescribed supplements, that are related to aging care and well-being.

  membership-based medical club: 10 courses, 13 locations

• Health checkups at Midtown Clinic and Shinkokai facilities contracted by the clinic operational support business: … 20 facilities

• MUNOAGE, SWISS PERFECTION, SUNOT, and estʼre anti-aging cosmetics

• Equol supplements, PLASMALOGEN, etc.

• Research and development into cancer treatment and cancer

  Non-financial Highlights

  • GHG emissions (Scope 1, 2) *1

  • Number of female managers*1,*2/ ratio of female managers*1,*2

    • Average rate of paid leave taken (days basis)*3

  131,270 136,522 134,245 139,338

  142,216

  treatment equipment sales

  (t-CO2)

  (Managers) （%）

  （%）

  56.2

  Medical Segment Senior Lifestyle Operations

  
  
  

  We operate high-end paid nursing homes and senior residences, and provide nursing care services.

  150,000

  120,000

  90,000

  400

  350

  300

  250

  200

  363 30 60

  323

  274

  289

  291

  17.7

  18.4

  18.3

  19.6

  20.7

  
  
  

  25 50

  20 40

  15 30

  56.0

  The Resorttrust Group is operating facilities such as Trust Garden high-end paid nursing homes for seniors and Trust Grace residences with services for the elderly, and provides nursing care services. With the arrival of a super-aging society and the era of 100-year life expectancy, we have a wide range of offerings

  List of products and services

• Trust Garden paid nursing homes with nursing care, etc.

• Trust Grace residences with services for the elderly, etc.:

… 23 facilities in total

60,000

30,000

0

45.1

48.0

50.0

FY2020 FY2021 FY2022 FY2023 FY2024

150

100

50

0

10

5

0

FY2020 FY2021 FY2022 FY2023 FY2024

20

10

0

FY2020 FY2021 FY2022 FY2023 FY2024

that include health-conscious meals, high-quality specialist medical support, and leisure services.

• Number of female managers ■ Ratio of female managers

*1 Resorttrust Group *2 As of April 1 of the following fiscal year *3 Full-time employees only on a non-consolidated basis

04 Resorttrust Group Integrated Report 2025 05

Message from the President

Continuing to Expand the Potential of Our Membership-based Business under a Framework That Brings

the Dreams of Our Members and Employees to Life

Ariyoshi Fushimi

President and COO

Cultivating New Potential

in Our Membership-based Business

Expanding Business Areas to Meet the Needs of Members

Since its founding in 1973, the Resorttrust Group has pioneered the membership-based business model in Japan, developing the market and supporting the lives of more than 200,000 membersand approximately one million customers, including their families, while steadily expanding its operations and performance. In addition to its founding Membership Hotel Operations, the Group began Medical Operationsin the 1990s to address membersʼ health needs. This not only opened new avenues for growth but also enhanced the Groupʼs social contribution̶for example, by fostering collaborative relationships with the medical community through the provision of accumulated health checkup data.

Building on these businesses, the Group continues to offer new proposals. Since the COVID-19 pandemic, we have felt more strongly than ever that individualsʼ values have diversified and that services tailored to each memberʼs personalized needs are increasingly required. Our members face a wide range of concerns beyond the areas covered by our existing businesses (including leisure, health, and other lifestyle areas), such as inheritance and their grandchildrenʼs education.

We place great importance on continuously exploring how we can support members in these areas̶ either directly or through alliances with other companies̶to provide services that genuinely meet their needs.

Strengthening Platform Functions as the Key to Business Growth

To better address the concerns and needs of our members, it is essential to enhance the functions of our platform,which facilitates two-way communication and trust with members, while enabling the sharing and visualization of ideasfor new services.

There are two main objectives. The first is to listen to a broad range of member feedback as impartially as possible and to share and consolidate these insights. For example, if a member wishes to

Group Membership

The total number of membership units exceeds 205,000. Because some members hold multiple units, the actual number of members is approximately 145,000.

Entry into Medical Operations

In 1994, the HIMEDIC

Yamanakako Course launched the worldʼs first PET

canner-based health checkup service for cancer screening. Known as the "Yamanakako System," it has become synonymous with PET-based health screening systems.

Strengthening Platform Functions

p. 33

Through the "CX Promotion for Deepening Customer Touchpoints" initiative, we aim to improve productivity and deepen our engagement with members.

▶ DX Strategy

own a private jet̶a goal difficult to achieve individually̶our business model allows us to pool such interests; if 100 members share this desire, we can invest capital and organize a shared solution to meet their needs. By increasing such examples, we expect members to submit more requests and ideas for new services.

The second objective is for our employees to propose new services and functions, using these ideas as a catalyst to uncover and address membersʼ latent needs that might not yet be apparent. Rather than asking members one-sided questions about additional hotel features, we propose specific ideas̶for example, ways to improve sleep quality during a hotel stay̶which we believe can help elicit deeper requests and reveal latent needs.

Deepening Mechanisms to Enhance Member Satisfaction and Engagement

Through this co-creation of value between members and employees, we believe that realizing the dreams and ideals of our stakeholders together represents the future of membership-based business in society. We aim to share the process of "creating together" with a greater number of members, establishing it as a distinctive marketing model unique to the Resorttrust Group, while further enhancing the significance of our membership community.

To achieve this, we must further activate two-way communication that strengthens the connection between the Resorttrust Group and our members. Even now, we receive more than 100 pieces of feedback dailythrough post-service interviews conducted by our sales staff and via surveys. I personally review all feedback, and on-site teams have incorporated it into various initiatives. However, from the membersʼ perspective, it might not always have been clear how their opinions influenced the process or how they contributed to improvements.

Going forward, we believe it is necessary to create a system that makes it as transparent as possible how many members provide feedback, what their comments are, and the processes through which decisions are made, and to share this information with members. By embedding such a system, members will be encouraged to continuously share their opinions and requests, creating a clear pathway for these inputs to be reflected in service improvements. As a result, we expect this to enhance membersʼ satisfaction, engagement, and even their attachment to Resorttrust.

Sharing Feedback

Daily feedback from members has long been widely distributed and communicated within relevant internal departments and to management executives,

and is leveraged to improve services and enhance dialogue with members.

06 Resorttrust Group Integrated Report 2025 07