2025.08.19 〔Delayed〕Tsukada Global Holdings Inc.Consolidated Earnings Report for the Six Months ended June 30, 2025(Japanese GAAP)

August 8, 2025

Stock listing: Tokyo Stock Exchange Securities code: 2418 URL: https://www.tsukada-global.holdings/en/

Representative: Masayuki Tsukada, President and CEO

Information contact: Masahiro Yamasaki, Manager, Finance &

Accounting Department

(TEL) 03-5464-0081

Scheduled dates:

Filing of statutory semiannual financial report (hanki hokokusho): August 13, 2025 Dividend payout: September 3, 2025

Supplementary materials to financial results available: Yes

Earnings presentation held: Yes (targeted at institutional investors and analysts)

(Amounts rounded down to the nearest million yen)

1. Consolidated Performance for the Six Months Ended June 30, 2025 (January 1, 2025 - June 30, 2025)

   1. Consolidated Operating Results (Percentages indicate year-on-year changes)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of the parent
      	million yen	%	million yen	%	million yen	%	million yen	%
      Six months ended June 30, 2025	33,748	18.2	3,871	66.1	2,312	(29.8)	4,385	44.4
      Six months ended June 30, 2024	28,549	6.4	2,330	64.4	3,292	52.1	3,037	49.1

      Note: Comprehensive income: Six months ended June 30, 2025: 3,407 million yen (17.7%)

      Six months ended June 30, 2024: 2,894 million yen (45.6%)

      	Profit per share	Diluted profit per share
      	yen	yen
      Six months ended June 30, 2025	92.44	-
      Six months ended June 30, 2024	63.68	-

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   	million yen	million yen	%
   June 30, 2025	135,397	37,995	26.1
   December 31, 2024	111,711	34,030	28.9

   Reference: Total equity: June 30, 2025: 35,363 million yen

   December 31, 2024: 32,232 million yen

2. Dividends

   	Dividend per share
   	End-Q1	End-Q2	End-Q3	Year-end	Annual total
   	yen	yen	yen	yen	yen
   Year ended December 31, 2024	-	5.00	-	6.00	11.00
   Year ending December 31, 2025	-	6.00
   Year ending December 31, 2025 (forecast)			-	6.00	12.00

   Note: No revision has been made to the latest dividends forecast.

3. Earnings Forecast for the Fiscal Year Ending December 31, 2025 (January 1, 2025 - December 31, 2025)

   (Percentages indicate year-on-year changes)

   	Net sales		Operating income		Ordinary	income	Profit attributable to owners of the parent		Profit per share
   Year ending December 31, 2025	million yen	%	million yen	%	million yen	%	million yen	%	yen
   	70,954	11.7	8,800	18.8	6,870	(11.1)	7,208	40.0	152.11

   Note: No revision has been made to the latest earnings forecast.

   *Notes

   1. Significant changes in the scope of consolidation during the period: Yes

      Newly Consolidated: Three companies (name): Victory Hotel Dunhill HN Investors LLC,

      Victory Dunhill Hotel Mezz LLC, and Victory Dunhill Hotel HN LLC

   2. Use of accounting methods specific to the preparation of interim consolidated financial statements: Yes

      Notes: For details, please refer to "(4) Notes on Interim Consolidated Financial Statements (Application of Specific Accounting Methods for the Preparation of Interim Consolidated Financial Statements)" in the section "2. Interim Consolidated Financial Statements and Main Notes" on page 11 in the accompanying materials.

   3. Changes in accounting policy, changes in accounting estimates, and retrospective restatement

      1. Changes in accordance with amendments to accounting standards, etc.: Yes

      2. Changes other than noted in 1) above: None

      3. Changes in accounting estimates: None

      4. Retrospective restatement: None

   4. Shares issued (common stock)

• Quarterly (interim) earnings reports are exempt from quarterly review conducted by certified public accountants or by audit firms.

• Appropriate Use of Earnings Forecast and Other Important Information (Cautionary Statement with Respect to Forward-Looking Statements)

Any forecasts and forward-looking statements given herein are based on information available as of this report's publication and on certain assumptions that are deemed reasonable. These forecasts are not guarantees of future performance, and actual results may differ from forecasts due to changes in the business environment. For the assumptions underlying the forecasts herein and other notice on the use of earnings forecasts, please refer to "(3) Earnings Forecast for the Fiscal Year Ending December 31, 2025" in the section "1. Review of Consolidated Financial Results" on page 4 in the accompanying materials.

Accompanying Material - Contents

1. Review of Consolidated Financial Results 2

   1. Operating Results 2

   2. Analysis of Financial Condition 3

   3. Earnings Forecast for the Fiscal Year Ending December 31, 2025 4

2. Interim Consolidated Financial Statements and Main Notes 5

   1. Consolidated Balance Sheets 5

   2. Consolidated Statements of Income and Comprehensive Income 7

      Consolidated Statements of Income 7

      Consolidated Statements of Comprehensive Income 8

   3. Consolidated Statements of Cash Flows 9

   4. Notes on Interim Consolidated Financial Statements 11

      (Note on the Going-concern Assumption) 11

      (Note on Significant Changes in the Amount of Shareholders' Equity) 11

      (Application of Specific Accounting Methods for the Preparation of Interim Consolidated Financial Statements) 11

      (Notes to Segment Information, etc.) 12

      (Revenue Recognition) 13

3. Supplementary Information 14

(Weddings Held and Orders Received) 14

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Operating Results and Analysis of Financial Condition

In the six months ended June 30, 2025, the Japanese economy was on a moderate recovery path, with improvements in corporate earnings, a pick-up in capital investment, and consumer sentiment showing signs of recovery due to improvements in the employment and income situation. However, the outlook remains uncertain because of the presence of downside risks to the economy due to the impact of U.S. trade policy and other factors, the highly volatile foreign exchange market, and other concerns.

Amidst this environment, the Tsukada Global Holdings Group ("the Group") focused on creating new value, developing high-quality and attractive outlets, and providing high-value-added services in the bridal, hotel, and wellness and relaxation (W&R) markets, and on accurately responding to diversifying customer needs, and thereby strived to expand net sales and to improve profitability.

In the Hotel business, the cumulative number of foreign visitors to Japan for 2025 in the six months through June reached 21 million (up 21.0% from the same period of the previous year: Japan National Tourism Organization "2025 Visitor Arrivals & Japanese Overseas Travelers (Preliminary figures in June 2025)"), surpassing 20 million at an unprecedented pace, and remains at a high level. As a result, domestic luxury hotels, including "Hotel InterContinental Tokyo Bay" (Minato-ku, Tokyo), remained stable on the whole. As for "Kaimana Beach Hotel" (Hawaii, U.S.) and "Kimpton Palladian Hotel" (Washington, U.S.), which the Company acquired last year, the Company worked to improve profitability through further cost control. Furthermore, in April 2025, the Company opened "ANA Holiday Inn Tokyo Bay" (Shinagawa-ku, Tokyo), its fifth facility in Japan, and acquired "W Hotel Dallas Victory" (Texas, USA) in May of the same year, focusing on expanding its business portfolio and strengthening its operating base in the U.S. market.

In the Wedding businesses, the number of weddings held was solid at 4,473 (up 4.6% from the same period of the previous fiscal year), and the spend per wedding, which had been lagging behind, continued to recover moderately. On the other hand, the number of orders received decreased to 4,929 (down 12.7% year on year) due to the closing of unprofitable outlets and temporary closures for renovation, etc., and some overseas wedding services continue to face challenging conditions due to a lag in the recovery in the number of Japanese traveling overseas resulting from the impact of foreign exchange rates.

In the W&R business, the closing of unprofitable outlets last year helped stabilize earnings and enabled us to realize a profitable business.

As a result, in the first six months of fiscal 2025, the Group posted consolidated net sales of

¥33,748 million (up 18.2% year on year). The operating income was ¥3,871 million (up 66.1% year on year), and the ordinary income was ¥2,312 million (down 29.8% year on year) due to foreign exchange losses of ¥968 million recorded in non-operating expenses, which was caused by rapid currency fluctuations. In addition, profit attributable to owners of the parent increased significantly to ¥4,385 million (up 44.4% year on year) due to the posting of ¥1,259 million in gain on step acquisitions where the Company acquired a portion of the equity interest in Victory Dunhill Hotel HN LLC, the operating company of above mentioned "W Hotel Dallas Victory," and other companies, as well as the posting of ¥1,695 million yen in gain on bargain purchase, under extraordinary income.

The results for each business segment were as follows.

1) Wedding business

In the first six months of fiscal 2025, the number of weddings held slightly increased to 4,473 (up 4.6% year on year) and the spend per wedding moderately recovered. As a result, net sales in the Wedding business increased. In terms of profitability, the recovery in spend per wedding absorbed the rise in energy costs and raw material prices, including purchase and outsourcing costs, resulting in an increase.

As a result, net sales in the Wedding business totaled ¥18,282 million (up 13.3% year on year) and segment profit was ¥2,969 million (up 70.2% year on year).

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