Slides
Page 1
October 14, 2026 © Ichigo Inc. All rights reserved. www.ichigo.gr.jp/en FY27/2 H1 Corporate Presentation Ichigo (2337)
Page 2
© Ichigo Inc. All rights reserved. Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable
Page 3
© Ichigo Inc. All rights reserved. Ichigo – A Sustainable Infrastructure Company Whether developing new technologies to allow buildings to last 100 years, powering communities with clean energy, or creating new possibilities for tenants and stakeholders, Ichigo is working to build a more prosperous and sustainable society for all.
Page 4
© Ichigo Inc. All rights reserved. 4 Contents FY27/2 H1 Summary 5 FY27/2 H1 Earnings 6 • Business Profit +3%, EPS +4%, Cash EPS +17% (YOY) • Business Profit Growth – FY27/2 Record Forecast KPIs 9 • Structural Profitability • Stock + Flow Earnings Underpin Strong Cash Generation • Highly Secure & Diversified Stock Earnings • Strong Financial Position Business & Asset Overview 15 • Business & Asset Overview • Acquisitions & Sales: FY27/2 H1 • Acquisitions & Sales: FY22/2 – FY27/2 Segment Earnings 19 • Segment Earnings Overview • Sustainable Real Estate (SRE) • Hotel • Ichigo Owners • Asset Management (AM) • Clean Energy (CE) Shareholder Returns 31 • Flexible Deployment of Share Buybacks: JPY 5.1B in FY27/2, New JPY 5B Share Buyback • Forecasting 5th Consecutive Double-Digit Dividend Increase Working to Protect Our Global Environment 34 Appendix 36
Page 5
© Ichigo Inc. All rights reserved. FY27/2 H1 Summary 5 ・ Business Profit +3%, Net Income -2%, EPS +4%, Cash EPS +17% YOY ・ Stock Earnings -2%, Acquisitions & NOI Growth at Existing Assets Offset Decline from FY26/2 Asset Sales, Exceeded H1 Forecast Despite YOY Decrease ・ Flow Earnings +8%, Q2 Progress on Ichigo Owners & SRE Asset Sales, On Track vs. Full-Year Forecast FY27/2 H1 Results (YOY) ・ FY27/2 Business Profit JPY 34B (+21% YOY), Net Income JPY 18B (+8% YOY), EPS JPY 45.1 (+13% YOY) – EPS Growth Exceeding Net Income on Buybacks ・ ROE 15.0%, Cash ROE 20.0% ・ Dividend JPY 15.5 (+35% YOY), DOE 5.1% FY27/2 Earnings Forecast ・ AM Flow Earnings (JPY 1.1B) Significantly Exceeding Full-Year Forecast ・ Asset Acquisitions On Track, JPY 63.4B (Including Executed Contracts) ・ New JPY 5B Share Buyback, All Shares to Be Cancelled ・ Cancellation of 14M Treasury Shares (3.4% of Shares Outstanding) Highlights Business Profit = Operating Profit + SRE/Hotel Gains on Sales Recorded as Extraordinary Gains Adding SRE & Hotel Fixed Assets Gains on Sales, which are accounted for as Extraordinary Gains in J-GAAP, to Operating Profit provides greater transparency on SRE & Hotel core earnings
Page 6
© Ichigo Inc. All rights reserved. FY27/2 H1 Earnings 6
Page 7
© Ichigo Inc. All rights reserved. 7 Business Profit +3%, EPS +4%, Cash EPS +17% (YOY) (JPY million) Business Profit = Operating Profit + SRE/Hotel Gains on Sales Recorded as Extraordinary Gains – On Track to Achieve Record Business Profit, Net Income, & Cash Net Income – Cash Earnings 1.4X Accounting Earnings due to Ichigo’s Focus on Maximizing Long-Term Cash Flows for Shareholders FY26/2 H1 FY27/2 H1 FY26/2 FY27/2 Full-Year Forecast YOY Operating Profit 11,261 10,621 -639 -6% 20,449 20,600 +1% Recurring Profit 9,047 8,952 -94 -1% 17,095 14,900 -13% Extraordinary Gains (SRE/Hotel Gains on Sales) 3,867 4,893 +1,025 +27% 7,597 13,400 +76% Net Income 8,624 8,462 -162 -2% 16,628 18,000 +8% Cash Net Income 11,034 12,119 +1,085 +10% 18,442 24,000 +30% EPS JPY 20.56 JPY 21.47 +JPY 0.91 +4% JPY 40.11 JPY 45.13 +13% Cash EPS JPY 26.31 JPY 30.75 +JPY 4.44 +17% JPY 44.49 JPY 60.17 +35% Business Profit (Core Business Profit) 15,128 15,514 +385 +3% 28,047 34,000 +21% Operating Profit 11,261 10,621 -639 -6% 20,449 20,600 +1% Extraordinary Gains (SRE/Hotel Gains on Sales) 3,867 4,893 +1,025 +27% 7,597 13,400 +76% ROE 14.6% 15.0% – Cash ROE 16.2% 20.0% – DOE 4.1% 5.1% – YOY
Page 8
© Ichigo Inc. All rights reserved. 8 Business Profit Growth – FY27/2 Record Forecast Business Profit (YOY) ■ Hotel ■ Ichigo Owners ■ SRE ■ Asset Management ■ Clean Energy Record High 34.0 2.1 2.0 1.9 1.7 1.6 1.2 1.0 (-17%) 1.4 1.8 3.0 1.4 2.6 2.2 1.0 1.7 (+66%) 1.2 7.6 6.9 5.4 8.0 13.0 5.1 7.1 (+38%) 18.52.0 3.5 5.4 3.3 3.7 2.4 7.6 -0.4 1.4 6.7 9.1 7.2 5.2 2.2 (-57%) 5.1 28.0 13.2 16.9 21.1 24.8 (JPY B) 3.4 (+39%) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY26/2 H1 FY27/2 H1 FY27/2 Full-Year Forecast 15.1 15.5 (+3%)
Page 9
© Ichigo Inc. All rights reserved. KPIs 9
Page 10
© Ichigo Inc. All rights reserved. Structural Profitability 10 Stock Earnings: Primarily Rental Income, Power Generation Revenues, & Base AM Fees plus Depreciation (Non-Cash) Flow Earnings: Primarily SRE, Hotel, & Ichigo Owners Gains on Sales Fixed Expenses: Fixed SG&A + Interest Expenses Cash Earnings: Stock Earnings + Flow Earnings Stock Earnings Significantly Exceed Fixed Expenses Stock Earnings/Fixed Expenses 196% Stock Earnings Ratio 56% Stock Earnings JPY 12.5B Fixed Expenses JPY 6.4B Flow Earnings JPY 10B Cash Earnings JPY 22.6B SRE JPY 4.2B Hotel JPY 3.6B Ichigo Owners JPY 0.8B Green Energy JPY 2.4B Asset Management JPY 1.2B Stock Earnings JPY 12.5B SRE JPY 5.4B Ichigo Owners JPY 3.4B Asset Management JPY 1.1B Flow Earnings JPY 10B
Page 11
© Ichigo Inc. All rights reserved. 11 Cash Earnings = Stock Earnings + Flow Earnings (JPY B)Cash Earnings (YOY) ■ Flow Earnings ■ Stock Earnings Forecasting Record Cash Earnings, with Accelerated Flow Earnings from H2 14.9 15.5 19.4 22.9 24.3 12.7 12.5 (-2%) Stock 23.8 9.7 13.3 14.3 15.6 17.8 9.3 10 (+8%) Flow 23.9 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY26/2 H1 FY27/2 H1 FY27/2 Full-Year Forecast 42.2 22.6 (+2%)24.7 28.9 33.7 38.6 Record High 47.8 22.1 Stock + Flow Earnings Underpin Strong Cash Generation
Page 12
© Ichigo Inc. All rights reserved. 12 Highly Secure & Diversified Stock Earnings Stock Earnings by Segment (YOY) ■ Hotel (Rental Income + OneFive Hotels Operator & PROPERA Income) ■ Ichigo Owners (Rental Income) ■ SRE (Rental Income) ■ Asset Management (Base AM Fees) ■ Clean Energy (Power Generation Revenue) (JPY B) 0.6 (+10%) Stock Earnings Diversification Drives Stability 4.3 4.5 4.5 4.7 4.6 2.7 2.4 (-9%) 4.3 2.0 2.0 2.2 2.6 2.7 1.3 1.2 (-5%) 2.5 7.2 5.9 6.4 7.9 9.0 4.4 4.2 (-4%) 8.1 0.2 0.5 1.0 0.7 0.8 0.3 0.8 (+153%) 0.71.0 2.4 5.0 6.9 7.1 3.9 3.6 (-7%) 8.0 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY26/2 H1 FY27/2 H1 FY27/2 Full-Year Forecast 12.5 (-2%) 14.9 24.3 15.5 19.4 22.9 12.7 23.8
Page 13
© Ichigo Inc. All rights reserved. 13 Long-Term vs. Short-Term Loans Short-Term Long-Term 93% (JPY 155.9B) 94% (JPY 157.8B) 79% (JPY 150.3B) 93% (JPY 202.5B) 87% (JPY 221.4B) 91% (JPY 245.3B) 7% (JPY 12.5B) 6% (JPY 9.8B) 21% (JPY 40.7B) 7% (JPY 14.0 B) 13% (JPY 32.6B) 9% (JPY 24.6B) FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 JPY 269.9BJPY 254.0BJPY 216.6BJPY 191.1BJPY 167.7BJPY 168.5B Long-Term Debt Loan Ratio: c. 90% Strong Financial Position
Page 14
© Ichigo Inc. All rights reserved. 0.99% 0.98% 1.00% 1.27% 1.43% 1.69% 10.1 years 10.0 years 8.9 years 9.3 years 8.9 years 8.5 years 6.5 years 6.1 years 5.2 years 6.2 years 5.9 years 5.8 years 0 3 6 9 12 0.50% 1.50% 2.50% 3.50% 4.50% FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 (Interest Rate) (Loan Term, Years) 14 Average Interest Rate & Loan Term Weighted Average Remaining Loan Maturity Weighted Average Interest Rate Weighted Average Loan Period Note: Weighted Average Interest Rate is after Ichigo interest rate hedge. Ichigo Reduces Interest Rate Risk via Fixed Rate Loans Fixed Rate Loans: 51%, Weighted Average Interest Rate: 1.69% Strong Financial Position
Page 15
© Ichigo Inc. All rights reserved. Business & Asset Overview 15
Page 16
© Ichigo Inc. All rights reserved. Business & Asset Overview 16 Business Profit by Segment (Full-Year Forecast) (JPY B) Assets Total: JPY 714.1B SRE Ichigo OwnersHotel JPY 330.7B Balance Sheet Assets (Book Value) Clean Energy JPY 25.9B Power Plants & Battery Storage (Book Value) Asset Management JPY 357.4B AUM (Acquisition Price) FY27/2 Full-Year Forecast 34.0 (Total Investment JPY 43.0B) SRE 18.5 Hotel 5.1 Ichigo Owners 7.6 Clean Energy 1.4 Asset Management 1.2
Page 17
© Ichigo Inc. All rights reserved. Acquisitions & Sales: FY27/2 H1 17 Net Acquisitions: JPY 14.2B – Acquisitions: JPY 45.6B (+35% YOY) – Sales: JPY 31.4B (-8% YOY) (JPY million) Note: “Other” includes sale of real estate subsidiary No. of Assets Book Value (A) No. of Assets Sale Price (B) Sustainable Real Estate (SRE) 3 15,675 5 15,983 -307 Office 3 15,675 1 2,273 +13,402 Retail – – 2 3,635 -3,635 Logistics – – – – – Other – – 2 10,074 -10,074 Hotel – – – – – Ichigo Owners 21 30,005 7 15,446 +14,559 Total 24 45,681 12 31,429 +14,251 (Book Value) 22,501 +23,180 Acquisitions Sales Difference (A) - (B)
Page 18
© Ichigo Inc. All rights reserved. 4.3 25.0 14.6 21.9 8.3 3.2 17.5 17.7 10.7 28.9 15.6 15.9 2.6 5.1 17.8 16.0 8.8 9.1 21.5 6.7 26.7 18.1 36.0 28.0 43.2 50.3 49.0 37.9 47.1 37.8 30.0 Executed Contracts 17.7 Executed Contracts 13.2 Acquisitions & Sales: FY22/2 – FY27/2 18 (JPY B) Left: Acquisitions Right: Sales Real Estate Acquisitions & Sales ■ Ichigo Owners ■ Hotel ■ SRE Note: FY27/2 H1 SRE includes sale of real estate subsidiary 31.0 45.8 50.7 55.1 69.5 69.6 75.4 64.8 63.4 44.6 FY27/2 Progress 79.5 73.5 FY24/2 FY25/2 FY26/2FY22/2 FY23/2 FY27/2 H1 15.4
Page 19
© Ichigo Inc. All rights reserved. Segment Earnings 19
Page 20
© Ichigo Inc. All rights reserved. 20 Business Profit +3% YOY, with AM, SRE, & Ichigo Owners Earnings Growth Offsetting Lower Hotel & Clean Energy Earnings Segment Earnings Overview (JPY million)Business Profit Segment FY26/2 H1 FY27/2 H1 YOY FY26/2 FY27/2 Full-Year Forecast YOY Asset Management (AM) 1,029 1,713 +66% 2,282 1,250 -45% Sustainable Real Estate (SRE) 5,147 7,115 +38% 13,094 18,550 +42% Hotel 5,290 2,250 -57% 7,224 5,150 -29% Ichigo Owners 2,496 3,463 +39% 3,765 7,600 +102% Clean Energy (CE) 1,211 1,006 -17% 1,648 1,450 -12% Adjustment (inter-segment transactions) -47 -34 – 32 – – Total 15,128 15,514 +3% 28,047 34,000 +21%
Page 21
© Ichigo Inc. All rights reserved. 21 Stock Earnings -4% – Exceeded H1 Forecast – Office Earnings Growth Offset Retail Earnings Decline on Asset Sales – Office Earnings Up on Tradepia Odaiba Occupancy Growth (FY26/2 92%, FY27/2 99%), Pro-Active Leasing, & Rent Increases – Retail Down on FY26/2 Asset Sales & Temporary Tenant Vacancies Flow Earnings +63% – Further Asset Sales in H2 SRE: Business Profit +38% YOY (JPY million) * Includes gains on sale of real estate subsidiary FY26/2 H1 F FY27/2 H1 YOY FY26/2 FY27/2 Full-Year Forecast YOY (Forecast) Office Rental Income 1,511 1,703 +13% Retail Rental Income 1,670 1,318 -21% Logistics, Ground Leases, etc. 1,274 1,275 – Stock Earnings 4,455 4,297 -4% 9,025 8,142 -10% Office Gains on Sale – 663 – Retail Gains on Sale 782 1,875 +140% Logistics Gains on Sale – – – Other* 2,554 2,906 +14% Flow Earnings 3,336 5,444 +63% 9,579 15,358 +60% Cash Earnings 7,792 9,741 +25% 18,605 23,500 +26% SG&A -1,861 -1,742 -6% Depreciation -688 -773 +12% Adjustment (inter-segment transactions) -94 -110 – Business Profit 5,147 7,115 +38% 13,094 18,550 +42%
Page 22
© Ichigo Inc. All rights reserved. 22 Increasing Initial 3 Offices on 1 Floor to 15 Offices on 5 Floors in FY27/2 – Driving Competitive Differentiation via Functionality & Design – Gradual Expansion as Space Becomes Available Rental Income 1.8X – 2.1X Previous Rent (Signed Leases), Forecasting 1.8X NOI SRE: Ichigo Hongo Village Ready To Move In Offices Driving 1.8X NOI Increase Before Common Area After Conference Room Before Entrance on Each Floor After Entrance on Each Floor Number Outcome 11 Buildings, 54 Offices Rental Income 1.8X (Average) Ichigo Ready To Move In Offices (FY27/2 H1-end Cumulative) Ichigo Hongo Village (formerly Ichigo Hongo 3 Chome Building) Location: 2-38-16 Hongo, Bunkyo-ku, Tokyo Access: 2-min walk from Hongo Sanchome Station on Toei Oedo Line Structure: SRC, 8F/B1F, 5,877m2 ▲ Converted common areas to tenant areas, increasing leasable area per floor by 20% Note: The number of offices is cumulative and includes assets under management and sold assets. Post-installation outcome represents the average for leased sections, including sections in sold assets.
Page 23
© Ichigo Inc. All rights reserved. 23 Hotel: Business Profit -57% YOY (JPY million) Stock Earnings -7% – Down YOY, but Forecast Full-Year Growth – Rental Income +7% YOY, but Lower Ichigo Hotel Dividend & Operator Earnings Down on One-Off Operating Cost Increase on Increased Hotels under Management & Higher Rent Payments No Flow Earnings in Current Full-Year FY27/2 Forecast FY26/2 H1 F FY27/2 H1 YOY FY26/2 FY27/2 Full-Year Forecast YOY (Forecast) Hotel Rental Income 2,643 2,823 +7% OneFive Hotels Operator + PROPERA Income 989 696 -30% Other (Ichigo Hotel Dividend) 297 121 -59% Stock Earnings 3,931 3,641 -7% 7,150 8,045 +13% Flow Earnings 2,636 – – 2,635 – – Cash Earnings 6,568 3,641 -45% 9,786 8,045 -18% SG&A -701 -699 – Depreciation -557 -679 +22% Adjustment (inter-segment transactions) -18 -12 – Business Profit 5,290 2,250 -57% 7,224 5,150 -29%
Page 24
© Ichigo Inc. All rights reserved. 24 Hotel RevPAR RevPAR -12% YOY (JPY 12,102) – RevPAR -12% YOY on Drop-Off in Osaka World Expo Demand in Osaka & Kyoto. RevPAR for Tokyo, Fukuoka, & Other +5%. – Despite RevPAR Decrease, Total Room Revenue +16% YOY on New Hotel Acquisitions & Openings RevPAR (Revenue per Available Room): Average Daily Rate x Average Guest Room Occupancy 10.2 8.4 9.0 6.7 8.5 1.8 2.0 2.8 2.4 2.5 3.2 3.4 3.9 4.6 3.8 5.9 6.4 7.8 8.8 7.2 11.8 10.4 12.7 11.7 11.7 13.3 12.4 16.5 14.8 14.2 18.0 13.7 18.5 13.4 15.9 16.3 12.1 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 (JPY thousand) ( -12% YOY)
Page 25
© Ichigo Inc. All rights reserved. 25 Ichigo Owners: Business Profit +39% YOY Stock Earnings +153% – Acquisitions & Leasing On Track, Asset Sales Shifting to H2 Driving Higher Rental Income Flow Earnings +19% – On Track to Achieve Full-Year Forecast on Further Asset Sales in H2, Forecasting Record Full-Year Flow Earnings (JPY million) FY26/2 H1 FY27/2 H1 YOY FY26/2 FY27/2 Full-Year Forecast YOY (Forecast) Stock Earnings 340 862 +153% 838 788 -6% Flow Earnings 2,876 3,414 +19% 4,323 8,402 +94% Cash Earnings 3,216 4,276 +33% 5,162 9,191 +78% SG&A -719 -743 +3% Adjustment (inter-segment transactions) – -69 – Business Profit 2,496 3,463 +39% 3,765 7,600 +102%
Page 26
© Ichigo Inc. All rights reserved. 0.1 1.3 0.9 3.8 2.1 3.5 5.4 3.3 3.7 26 Prime Residential Assets Tailored to Tenant Needs, Overwhelmingly in Tokyo High Capital Efficiency via Fabless Model that Outsources Development H1 Acquisitions JPY 30B (JPY 43.9B Including Executed Contracts, c. 76% of Full-Year Target JPY 58B) 5.4 2.6 11.713.7 28.5 8.4 24.3 31.1 26.7 18.1 36.0 28.0 43.2 50.3 49.0 37.9 47.1 37.8 30.0 58.0 71.013.9 12.5 FY19/2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY27/2 H1 FY27/2 Full-Year Forecast (JPY B) Note: FY18/2 & FY19/2 figures are Operating Profit. JPY 13.9B in FY27/2 H1 Acquisitions & JPY 12.5B in FY27/2 H1 Sales are executed contracts. FY18/2 (Establishment) FY25/2 FY26/2 Ichigo Owners Acquisitions, Sales, & Business Profit PASEO & GRAN PASEO Series: 271 assets, 7,524 units (Cumulative, as of October 14, 2026) ■ Acquisitions ■ Sales ● Business Profit 43.9 Ichigo Owners Serving Tenants & Investors to Drive Growth 27.9 7.6 15.4
Page 27
© Ichigo Inc. All rights reserved. 27 Stock Earnings -5% – Ichigo Office NOI Up on Value-Add & Rent Increases, Ichigo Hotel Down on Impact from Temporary Hotel Closures Flow Earnings +148% – Ichigo Office Gains on Sales Significantly Exceeding Unrealized Gains. Exceeded Full-Year Forecast on Performance Fees AM: Business Profit +66% YOY (JPY million) FY26/2 H1 F FY27/2 H1 YOY FY26/2 FY27/2 Full-Year Forecast YOY (Forecast) Ichigo Office 675 764 +13% Ichigo Hotel 462 342 -26% Ichigo Green 41 36 -11% Private Real Estate Funds/ Private REIT 56 31 -44% Security Tokens 96 90 -6% Other 30 34 +11% Stock Earnings 1,362 1,299 -5% 2,741 2,546 -7% Ichigo Office 276 1,068 +286% Ichigo Hotel 17 70 +312% Ichigo Green – – － Private Real Estate Funds/ Private REIT 149 31 -79% Security Tokens 28 – – Flow Earnings 472 1,170 +148% 1,289 228 -82% Cash Earnings 1,834 2,470 +35% 4,030 2,775 -31% SG&A -991 -1,042 +5% Adjustment (inter-segment transactions) 186 285 – Business Profit 1,029 1,713 +66% 2,282 1,250 -45%
Page 28
© Ichigo Inc. All rights reserved. 28 Driving Non-Asset Stock Earnings via AUM Growth Asset Management AUM Growth via Diversified Asset Management Portfolio 212.1 224.5 222.5 215.6 69.8 67.7 73.1 71.7 11.4 11.4 11.4 11.4 28.9 38.5 21.4 21.0 20.9 42.6 37.5 37.5 FY24/2 JPY 2.4B FY25/2 JPY 3.9B FY26/2 JPY 4.0B FY27/2 H1-end (6M) JPY 2.4B FY27/2 (Forecast) 357.4 343.3 384.9 366.0 380 – 400 (JPY B) Non-Asset Stock Earnings: Asset management & other operating earnings on behalf of investors & other external clients. No asset ownership by Ichigo results in highly capital-efficient & secure earnings stream. Fee Earnings (Stock + Flow) AUM ■ Ichigo Green ■ Ichigo Hotel ■ Ichigo Office ■ Ichigo Residence Tokens ■ Private Funds
Page 29
© Ichigo Inc. All rights reserved. 29 Clean Energy: Business Profit -17% YOY (JPY million) Stock Earnings -9% – Down on Temporary Shutdown at Power Plant due to Lightning Strike FY26/2 H1 FY27/2 H1 YOY FY26/2 FY27/2 Full-Year Forecast YOY (Forecast) Stock Earnings 2,707 2,473 -9% 4,643 4,362 -6% Flow Earnings – – – – – – Cash Earnings 2,707 2,473 -9% 4,643 4,362 -6% SG&A -496 -460 -7% Depreciation -999 -1,006 +1% Adjustment (inter-segment transactions) – – – Business Profit 1,211 1,006 -17% 1,648 1,450 -12%
Page 30
© Ichigo Inc. All rights reserved. 4.5 4.7 4.6 42.5 158.8MW 42.5 158.8MW 42.5 158.8MW Operating Plants JPY 43.0 49 Solar/Wind 158.8MW 1 Battery Storage 8.9MWh 17.7 6 Plants 280.8MWh 2.6 3 Plants 2.3MW FY24/2 JPY 31.6 FY25/2 JPY 31.6 FY26/2 JPY 31.6 FY27/2~ (Forecast) Stock Earnings Clean Energy Building Out Diversified Renewable Energy Portfolio 30 Continued Focus on Delivering Business Growth via Addressing Important Environmental Needs (JPY B) 63.4 Power Generation 161.2MW Power Capacity 289.7MWh Battery Storage • Supplementing renewable energy generation with highly flexible real- time energy provision • Building battery storage plants near Ichigo solar/wind power plants in anticipation of end of FIT • Selective on transactions based on market conditions going forward Total Investment & Power Generation/Capacity (Ichigo-owned plants only – excludes Ichigo Green) 2.6 3Plants 2.3MW Green Biomass (FIT JPY 40) • Effective use of domestic feedstocks • Provision of emergency power sources FIT:
Page 31
© Ichigo Inc. All rights reserved. Shareholder Returns 31
Page 32
© Ichigo Inc. All rights reserved. 32 Completed JPY 10B Share Buyback Approved in Nov 2025 & Jan 2026 Ten Consecutive Years of Share Buybacks JPY 3B JPY 3B JPY 3B JPY 3B JPY 1.5B JPY 4.5B JPY 6B JPY 4.3B JPY 9.8B As of FY27/2 H1 JPY 5.1B FY18/2 FY19/2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 New JPY 5B Buyback Buyback Period: Oct 15 – Apr 30 Oct 15, 2026 – Apr 30, 2027 15,000,000 Shares (Maximum) JPY 5B (Maximum) Buyback Period Number of Shares Purchased Amount New JPY 5B Share Buyback Cancelling 14M Treasury Shares (3.4% of Shares Outstanding) & All Shares Acquired via New Buyback Flexible Deployment of Share Buybacks JPY 5.1B in FY27/2, New JPY 5B Share Buyback
Page 33
© Ichigo Inc. All rights reserved. JPY 1 JPY 1.1 JPY 1.3 JPY 3 JPY 5 JPY 6 JPY 7 JPY 7 JPY 7 JPY 7 JPY 8 (+14%) JPY 9 (+13%) JPY 10.5 (+17%) JPY 11.5 (+10%) JPY 15.5 (+35%) FY13/2 (Resume Dividend) FY14/2 FY15/2 FY16/2 FY17/2 FY18/2 FY19/2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 (Forecast) 33 * Adjusted to reflect 200:1 stock split Dividend Shareholder Return KPI DOE >5% Deliver Dividend Durability, Certainty, & Growth Progressive Dividend Policy Dividend is Maintained or Raised every year, underscoring Ichigo’s commitment to drive long-term dividend growth for shareholders Raised DOE from 4% to 5%, Backed by Robust Earnings Base & Cash Flows Forecasting FY27/2 JPY 15.5 Dividend (+35% YOY) 5 Consecutive Double-Digit Dividend Increases Forecasting 5th Consecutive Double-Digit Dividend Increase
Page 34
© Ichigo Inc. All rights reserved. Working to Protect Our Global Environment 34
Page 35
© Ichigo Inc. All rights reserved. 35 Working to Protect Our Global Environment Ichigo Climate Positive Ichigo CO2 reduction via clean energy power production exceeds CO2 emissions (Scope 1 & 2) RE100 100% renewable electricity across all Ichigo operations CDP Double A List Climate Change A List (Highest Level) Water Security A List (Highest Level) Achieved CDP Double A List 2 Years in a Row Renewable Energy Switch CO2 Emissions 9,690 tons CO2 Reduction 103,954 tons Ichigo CO2 Reduction 11X > CO2 Emissions Achieved RE100 Have Achieved All Environmental KPIs
Page 36
© Ichigo Inc. All rights reserved. Appendix Ichigo 2030: Ichigo as a Sustainable Infrastructure Company 36
Page 37
© Ichigo Inc. All rights reserved. 37 Go for Growth Grow & Expand Ichigo’s Core Businesses into New Areas, Creating New Earnings Streams and Increasing Both Earnings & Earnings Stability Sustainability is integral to the health and development of people, society, and the environment. Ichigo’s current core business of preserving and improving real estate is a highly sustainable business model that combines high efficiency with low environmental impact. Under Ichigo 2030, Ichigo will continue its long- standing commitment to sustainability while developing new technologies to extend the lives of key social infrastructure beyond 100 years. Ichigo has a direct and critically important role in preserving and improving the social infrastructure that supports the quality of people’s lives. By expanding its current real estate and clean energy businesses into other infrastructure areas, Ichigo will integrate the “hard” physical elements and “soft” service elements of infrastructure to serve broad client needs. Critical to success will be unifying Ichigo’s Sustainable Value-Add and IT capabilities. Ichigo will work to deliver first-in-class and best-in-class solutions to drive significant value for clients and society across a diverse set of infrastructures. Being one of many is not enough. Ichigo needs to lead. Ichigo as a Sustainable Infrastructure Company Sustainability Infrastructure
Page 38
© Ichigo Inc. All rights reserved. 38 Ichigo 2030 KPIs Grow Shareholder ValueHigh Capital Productivity High Cash Flow Generation High Earnings Stability Shareholder Return Policy Work for a Sustainable Planet Cash ROE >18% ROE >15% Economic Operating Cash Flow > Net Income FY30/2 Stock Earnings Ratio >60% Stock Earnings/Fixed Expenses Ratio >200% DOE >5%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy Ichigo Climate Positive Achieve RE100 Maintain CDP Leadership Levels Embody Ichigo’s Commitment to Ichigo 2030 Vision & Drive Sustainable Growth in Shareholder Value
Page 39
© Ichigo Inc. All rights reserved. 39 Capital Efficiency, Cash Flow Generation, & Earnings Stability ROE >15%, Cash ROE >18% Economic Operating Cash Flow > Net Income (JPY million) Stock Earnings Ratio >60% ■ Stock Earnings ■ Flow Earnings Stock Earnings/Fixed Expenses Coverage Ratio >200% ■ Stock Earnings ■ Fixed Expenses ● Stock Earnings/Fixed Expenses Coverage Ratio ■ Net Income ■ Economic Operating Cash Flow■ EPS ■ Cash EPS ● ROE ● Cash ROE 10.48 13.81 20.45 26.89 34.86 40.11 20.82 27.79 33.30 39.70 44.51 44.49 5.0% 6.5% 9.2% 11.7% 14.1% 14.6%10.0% 13.0% 15.0% 17.2% 18.0% 16.2% 0 10 20 30 40 50 60 70 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 (JPY) (JPY million) 5,027 6,473 9,409 12,108 15,187 16,628 11,103 15,645 14,378 25,317 19,827 18,372 0 10,000 20,000 30,000 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 72.0% 60.4% 53.8% 57.6% 59.5% 57.8% 28.0% 39.6% 46.2% 42.4% 40.5% 42.2% 0% 20% 40% 60% 80% 100% FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 15,065 14,912 15,598 19,417 22,975 24,399 7,723 7,819 8,087 9,060 10,955 12,506 195.1% 190.7% 192.9% 214.3% 209.7% 195.1% -50% 0% 50% 100% 150% 200% 0 5,000 10,000 15,000 20,000 25,000 30,000 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2
Page 40
© Ichigo Inc. All rights reserved. DOE (Dividend on Equity) >5%, Flexible Deployment of Share Buybacks, & Progressive Dividend Policy Shareholder Returns 40 3.3 (JPY 7) 3.2 (JPY 7) 3.6 (JPY 8) 3.9 (JPY 9) 4.4 (JPY 10.5) 4.6 (JPY 11.5) 3.0 1.5 4.5 4.8 5.5 9.8 9.9 13.0 15.3 17.8 19.3 18.4 3.3% 3.3% 3.6% 3.8% 4.1% 4.1% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 0 40 80 120 160 200 240 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 (JPY B) ◆ DOE ■ Share Buybacks ● Cash Net Income ■ Total Dividend (DPS) Initial Announcement in FY20/2: DOE >3% April 2024 Update: DOE >4% DOE Target 5% 24 20 12 8 16 4
Page 41
© Ichigo Inc. All rights reserved. 41 Appendix Powerful Value-Add Business Model & Sustainability Focus
Page 42
© Ichigo Inc. All rights reserved. 42 Flow Earnings Growth Growing Unrealized Gains & Gains on Sales Exceeding Unrealized Gains 65.2 67.8 72.5 74.2 83.5 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 Unrealized Gains (Third-Party Valuation Basis) (JPY B) Unrealized Gains = Appraisal Value - Consolidated Book Value. If no appraisal has been obtained, the consolidated book value is deemed to be theappraised value. For certain renovated or rebranded properties, if a post-renovation appraisal has not yet been obtained, the unrealized gain prior to the renovation is used. FY27/2 H1 Gains on Sales of Assets do not include unrealized gains or gains on sale recognized by real estate subsidiary. Gains on Sales ■ Appraisal Value Unrealized Gains ■ Gains on Sales 4.7 6.3 4.7 8.7 4.9 1.0 9.4 11.6 10.1 13.8 14.6 5.9 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 1.8X 2.1X 1.6X 2.9X 5.6X 2.0X
Page 43
© Ichigo Inc. All rights reserved. Sustainable Real Estate & Hotel Significant Unrealized Gains on Balance Sheet Real Estate Directly Held by Ichigo (JPY million) Note: Excludes Ichigo Owners assets (book value JPY 89.7B) 43 Location Book Value as of Aug 31, 2026 (A) Appraisal NOI (B) Book Value NOI Yield (B)/(A) Appraisal Value (C) Unrealized Gains (C) – (A) Tokyo Outside Tokyo Total 94,395 122,299 216,695 +44,091 +31,899 +75,990 5,917 7,023 12,940 6.3% 5.7% 6.0% 138,486 154,198 292,685
Page 44
© Ichigo Inc. All rights reserved. Note: Risk-Based Balance Sheet excludes client and non-recourse assets & liabilities and nets out Cash & Cash Equivalents. Consolidated Balance Sheet: JPY 445.6B Debt JPY 330.9B Debt JPY 254.5B Shareholder Equity Ratio 25.7% Risk-Based Shareholder Equity Ratio 37.9% Risk-Based Consolidated Balance Sheet: JPY 451.1B (Book Value JPY 369.2B + Unrealized Gains JPY 81.9B) Risk-Based Balance Sheet 44 Other JPY 43.1B Fixed Assets JPY 107.9B Shareholder Equity JPY 114.7B Real Estate for Sale JPY 198.5B Other JPY 14.2B Non-Recourse Loans & Related Assets JPY 66.3B Corporate Loans (including Bonds JPY 12.5B) JPY 269.9B Cash & Cash Equivalents JPY 29.7B Non-Recourse Loans & Related Liabilities JPY 46.6B Unrealized Gains JPY 81.9B Tax JPY 25.8B Other JPY 43.1B Post-Tax Unrealized Gains JPY 56.1B Fixed Assets JPY 107.9B Shareholder Equity JPY 114.7B Real Estate for Sale JPY 198.5B Other JPY 14.2B Non-Recourse Loan-Related Investments JPY 19.6B Corporate Loans (including Bonds JPY 12.5B) JPY 240.2B
Page 45
© Ichigo Inc. All rights reserved. Sustainable Real Estate & Hotel & Ichigo Owners Asset Sales Gross Profit Margin (GPM) Ichigo Sustainable Value-Add Supports Ongoing High GPM 45 Includes SRE & Hotel Fixed Asset Gains on Sales. FY24/2 does not include SRE gains on sale of Storage Plus & FY27/2 H1 does not include SRE gains on sale of a real estate subsidiary. FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 GPM (vs. Revenue) GPM (vs. Book Value) Revenue (JPY M) Gross Profit (JPY M) 21.1% 27.1% 55,166 11,648 21.3% 26.7% 64,811 13,837 14.6% 16.8% 69,693 10,155 27.3% 37.5% 21,806 5,963 21.5% 27.2% 67,861 14,609
Page 46
© Ichigo Inc. All rights reserved. Economic Operating Cash Flow Systematically Exceeds Net Income 46 Robust Cash Generation Net Income Economic Operating Cash Flow Economic Operating Cash Flow = Cash Flows from Operations - Net Change in Real Estate & Power Plants for Sale + SRE & Hotel Extraordinary Gains on Sales (JPY B) 5.0 6.4 9.4 12.1 15.1 16.6 11.1 15.6 14.3 25.3 19.8 18.3 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 1.5X 2.2X 2.4X 2.1X 1.1X 1.3X
Page 47
© Ichigo Inc. All rights reserved. 47 Ichigo’s Sustainability Execution Driving Attractive Financing Terms Significant Benefits from Sustainable/ESG Financing ESG Loans ■ ESG loans (including green bonds) ■ Remaining ESG commitment line (JPY B)ESG Loans as % of Total Borrowings(as of FY27/2 H1) ■ ESG loans (including green bonds) ■ Remaining ESG commitment line ■ Other corporate loans & bonds (excludes short-term loans) Total ESG Loans (Cumulative) JPY 151.2B (JPY B) ESG Loans 30% 2.9 8.2 8.6 30.8 27.7 33.0 22.4 4.2 13.1 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 H1 68.3 13.1191.6
Page 48
© Ichigo Inc. All rights reserved. 48 Maximizing Long-Term Cash Flows for Shareholders Real Estate for Sale & Fixed Assets Fixed Assets (SRE & Hotel) Real Estate for Sale (SRE & Hotel) (JPY B) Note: Excludes Ichigo Owners, Centro, & self-storage assets Fixed Asset Ratio Use of Depreciation Allowances Increases Non-Cash Depreciation Expenses Decreases Accounting Income & ROE, but Increases Cash Flows to Fund Growth Investments & Shareholder Returns Maximal Use of Depreciation Allowances – At FY20/2-end Reclassified Majority of SRE Assets to Fixed Assets that Allow for Depreciation 60.4 167.1 173.2 162.8 159.2 147.9 138.9 131.9 140.1 30.9 31.9 29.4 29.7 56.3 77.4 104.2 FY19/2 FY20/2 FY21/2 FY22/2 FY23/2 FY24/2 FY25/2 FY26/2 84%30% 84%84% 85% 64%72% 56%
Page 49
© Ichigo Inc. All rights reserved. Post-GFC Shift in Earnings Base & Financial Position FY09/2 GFC FY14/2 Start of Shift Up MTP FY26/2 vs. GFC 49 2.8 years 5.6 years 8.9 years 75% -0.79pt 140% 195% 93% 28% 24% 2.22% 1.96% 1.43% Stock Earnings/ Fixed Expenses Coverage Ratio Loan Maturity (Weighted avg., corporate + non-recourse loans) % of <3 Year Loans (corporate + non-recourse loans) Interest Rate (Weighted avg., corporate loans) 3.2X 2.6X <3 years 28% >3 years 72% <3 years 93% >3 years 7% 2.8 years 5.6 years 2.8 years <3 years 24% >3 years 76% -69pt
Page 50
© Ichigo Inc. All rights reserved. 50 Appendix Portfolio of Businesses Centered on Sustainable Value-Add
Page 51
© Ichigo Inc. All rights reserved. Significant Synergies Between Ichigo’s Sustainable Real Estate & Asset Management Businesses Third- Party Investors Sustainable Real Estate Business Model Solar Plants Buy Sell Sustainable Value-Add 不動産 Sell Buy Real Estate Real Estate Preserve & Improve 51 Powerful Sustainable Real Estate (SRE) Business Model Green Infrastructure Ichigo Green (9282) Office Ichigo Office (8975) Hotel Ichigo Hotel (3463)
Page 52
© Ichigo Inc. All rights reserved. Business Segment Details 52 Asset Management Clean Energy Sustainable Real Estate Hotel Asset Management (AM) generates fee income via management of the Tokyo Stock Exchange-listed Ichigo Office (TSE REIT 8975), Ichigo Hotel (TSE REIT 3463), and Ichigo Green (TSE Infrastructure 9282), real estate-backed security tokens, and private real estate funds. Clean Energy (CE) is utility-scale solar & wind power production that produces clean energy & brings productive use to idle land. Sustainable Real Estate (SRE) preserves & improves real estate. Ichigo receives rental income during the period in which it carries out its value-add, along with earning gains on sales that reflect the real estate’s higher value after the value-add is complete. Hotel leverages Ichigo’s deep value-add expertise and management capabilities as a hotel owner and operator. Ichigo improves hotel functionality, aesthetics, and guest services to drive higher guest comfort and satisfaction, develops and operates Ichigo brand hotels, and deploys PROPERA (Ichigo’s AI-based hotel revenue management system) to drive significant increases in hotel cash flows, earnings, and asset value. Ichigo Owners Ichigo Owners develops high-quality real estate assets for Japanese real estate owners via a highly capital-efficient, asset-light business model. Ichigo outsources construction to third-party developers, focusing on design and planning, construction engineering quality control, and post-construction leasing tailored to tenant and investor needs. Main Asset Types Offices, Hotels, Retail, Residential, Ground Leases Main Asset Types Offices, Retail, Logistics, Ground Leases Main Asset Type Hotels Main Asset Type Prime New Residential Assets in Central Tokyo Main Asset Types Solar/Wind Power Plants, Battery Storage Plant
Page 53
© Ichigo Inc. All rights reserved. 53 Asset Management AM Leveraging Ichigo’s Broad Capability Set Residential Solar/Wind Power Plants Battery Storage Plant Power Plant Operation Contract Hotel Operation Financing SRE Sustainability Promotion PROPERA (Revenue Management) Office Retail Logistics Hotel Private Funds Security Tokens Ichigo Office (8975) Ichigo Hotel (3463) Ichigo Green (9282) Asset Management Ichigo Investment Advisors Ichigo Realty Management Ichigo Estate Ichigo Owners Ichigo ECO Energy Asset Supply OneFive Hotels Ichigo Ichigo ECO Energy Operation Function Flow Earnings Non-Asset (Fee Income) Stock Earnings/Flow Earnings Ichigo Sponsor Support Non-Asset Stock Earnings
Page 54
© Ichigo Inc. All rights reserved. Asset Management Diverse Investment Products Leveraging Ichigo Value-Add 54 3 Listed J-REITs, Private Funds, & Security Tokens ■ Ichigo Office (8975) ・ Specialized in mid-size office buildings with stability and earnings growth potential ・ Only listed J-REIT implementing no-fixed fee, performance-fee only structure sharing investment returns with investors ・ Included in the FTSE EPRA Nareit Global Real Estate Index ・ JCR Long-term Issuer Rating A+ (Stable) / Bond Rating A+ ■ Ichigo Hotel (3463) ・ Regionally diversified portfolio primarily comprising stay-only hotels ・ Only listed J-REIT implementing no-fixed fee, performance-fee only structure sharing investment returns with investors ■ Ichigo Green (9282) ・ Provides stable earnings for the long term ・ Regionally diversified portfolio nationwide centered on solar power plants ■ Ichigo Residence Token (ST) ・ Digital real estate assets with strong market growth potential ・ 3 securities listed on “START,” Japan’s first secondary market for security tokens ■ Private Funds ・ Real estate products for institutional investors across diverse asset types ・ Utilized as a bridge vehicle to support asset supply to REITs Note: A security token is a digital asset that represents ownership of an underlying asset, which can be transferred using anelectronic information processing system such as a blockchain. Mid-Size Offices Hotel Solar Power Plants Prime Tokyo Residences JPY 215.6B 83 Assets JPY 71.7B 29 Assets JPY 11.4B 15 Plants JPY 37.5B JPY 21.0B JPY 357.4B As of Aug 31, 2026 ■ Asset Composition 3 Specialized Listed Ichigo REITs JPY 298.9 B Multi-Asset
Page 55
© Ichigo Inc. All rights reserved. Ichigo Green Base AM Fee Gross Profit (Actual) includes operator fees. Private real estate funds exclude consolidated funds FY27/2 H1 (6M) FY22/2 (12M) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) AUM Base AM Fee Gross Profit JPY 215.6B JPY 764M JPY 205.4B JPY 1,725M JPY 212.1B JPY 1,517M JPY 212.1B JPY 1,423M JPY 224.5B JPY 1,411M JPY 71.7B JPY 342M JPY 51.9B JPY 95M JPY 54.7B JPY 201M JPY 69.8B JPY 528M JPY 67.7B JPY 740M Subtotal JPY 298.9B JPY 1,143M JPY 268.8B JPY 1,898M JPY 278.4B JPY 1,797M JPY 293.4B JPY 2,025M JPY 303.7B JPY 2,223M Private Real Estate Funds JPY 21.0B JPY 31M JPY 49.3B JPY 144M JPY 37.2B JPY 207M JPY 28.9B JPY 124M JPY 38.5B JPY 151M Ichigo Residence Tokens (Security Tokens) JPY 5.1B JPY 5M JPY 20.9B JPY 53M JPY 42.6B JPY 161M JPY 357.4B JPY 1,265M JPY 318.2B JPY 2,042M JPY 320.7B JPY 2,010M JPY 343.3B JPY 2,203M JPY 384.9B JPY 2,535M JPY 11.4B JPY 36M JPY 11.4B JPY 77M JPY 11.4B JPY 78M JPY 11.4B JPY 73M JPY 11.4B JPY 71M Listed Private ST AUM Base AM Fee Gross Profit AUM Base AM Fee Gross Profit AUM Base AM Fee Gross Profit AUM Base AM Fee Gross Profit AUM Base AM Fee Gross Profit AUM Base AM Fee Gross Profit Ichigo Office (8975) Ichigo Hotel (3463) Ichigo Green (9282) FY26/2 (12M) JPY 222.5B JPY 1,350M JPY 73.1B JPY 972M JPY 307.0B JPY 2,393M JPY 21.4B JPY 99M JPY 37.5B JPY 185M JPY 366.0B JPY 2,678M JPY 11.4B JPY 70M – – Total 55 Asset Management Asset Management AUM & Base AM Fees (Stock Earnings) JPY 37.5B JPY 90M
Page 56
© Ichigo Inc. All rights reserved. <JPY 1B 11% JPY 1B-5B 46% JPY 5B-10B 24% >JPY 10B 19%Office 28% Hotel 28% Retail 12% Residential 27% Logistics 4% Ground Lease 1% By Asset Type Tokyo 53% Osaka 13% Fukuoka 10% Tokyo Metro (Ex Tokyo) 8% Nagoya 6% Sapporo 5% Sendai 2% Other 3% By Location By Asset Size 56 Total Ichigo-Owned Assets: JPY 330.7B Balanced Portfolio Across Different Asset Types Focus on Tokyo Metropolitan Area & Major Cities Mid-Size Assets with Upside Potential Sustainable Real Estate & Hotel & Ichigo Owners Ichigo-Owned Real Estate Portfolio Owned assets is on FY27/2 H1 book value basis, excludes Ichigo power/battery storage plants.
Page 57
© Ichigo Inc. All rights reserved. SRE: Preserving & Improving Real Estate 57 THE VILLAGE OSAKA Ichigo Original Brands dot. Retail Building Brand dot.harajuku 4 Flexibility to choose optimal ownership/sales strategies backed by Ichigo network & strong financial position Strategic Ownership/ Sales 取得 Developing Ichigo brands, renovations, facility upgrades, Ready to Move In offices Soft: Building communities with tenants & community events Value-Add Earnings Model: NOI +25 – 40% (Holding Period 3-5 years) Sourcing assets with significant value-add potential via long-standing expertise and network Third-Party Sales (Flow Earnings) Sell to Managed REITs/Funds (Flow & Stock Earnings) Continue Ownership (Stock Earnings) SRE Value Creation Model Value Add Asset Acquisition THE VILLAGE OSAKA VILLAGE Community Office Brand – Extending Building Life & Lengthening Revenue-Generating Periods, Responding to Diverse Needs of Communities & Tenants, & Maximizing Asset Value via Value-Add Know-How – Highly Competitive Assets due to High NOI & Capital Efficiency, Sold via Diverse Sales Channels
Page 58
© Ichigo Inc. All rights reserved. Hotel: Systematically Driving Asset Value 58 Seamless Integrated Business Model Spanning Ownership, Value Add, Asset Management, Operations, & DX Solutions Hotel Operator Fee PROPERA License Fee AM Fee AM受託 Rental Income 保有 Stock Earnings Asset Management Business Stock Earnings Stock Earnings Stock Earnings Hotel Brand THE KNOT, The OneFive Pioneer of Japanese boutique hotel market Features the highest level of omotenashi, Japan’s tradition of hospitality and services AI Revenue Management System PROPERA Expertise of revenue managers with 15+ years of experience & achievements at over 100 hotels 10~40% annual revenue growth Ownership Asset Management Acquisition Sale Flow EarningsGains on Sales Hotel Operator OneFive Hotels Operates a wide range of hotels, from full-service to casual hotels. Hotel operator of 21 assets (3,102 rooms) Flow Earnings
Page 59
© Ichigo Inc. All rights reserved. 59 GRAN PASEO Series 271 Buildings (7,524 Units) As of Oct 14, 2026 GRAN PASEO Shibakoen GRAN PASEO Nakameguro East/West Real Estate Planning & Development Tailored to Client Needs – Eliminate Development Risk & Cut Costs via Outsourcing Construction to Third- Party Developers – Construction Quality Control by Ichigo Engineering Organization – Controlling Sales Opportunities via Diverse Sales Channels & Product Structuring Capturing Market Opportunities Ichigo Owners: Real Estate Tailored to Client Needs Product Planning Real Estate Product Planning Based on Client Needs High-Quality, Central Tokyo Residences GRAN PASEO Provide Real Estate Products Construction Quality Control (QC) Earnings Stability Assessment (Investment QC) Quick Lease-Ups to Attractive Tenants Client Needs (Investors/Tenants) Real Estate Developers SRE Engineering Organization PM/BM Companies Lease Management Companies Use of Marketing Know-How Technical Support Cooperation Real Estate Product Development Model AQL Collateral Stable Provision of Assets Cooperation Basis of Model Ichigo AUM ・Ichigo Residence Tokens ・Real Estate Co-Ownership ・Private Equity Funds ・Private REIT Diversified Sales Channels (Clients) External Investors ・Single Real Estate Asset ・Real Estate Portfolio ・Digital Real Estate ・Small-Lot Real Estate Products Fabless Model Land Acquisition Planning Construction Fabless: Product planning conducted in-house, manufacturing (construction) outsourced to third party. Allows companies to develop original products while reducing construction risk and costs. AQL (Acceptable Quality Limit): QC method allowing for efficient testing while maintaining a certain level of quality
Page 60
© Ichigo Inc. All rights reserved. Sustainable Real Estate, Hotel, & Ichigo Owners Value-Add Robust to Changes in Market Environment 60 Build strong tenant relationship Improve assets Improve soft services Hold 3-5 Years NOI +25-40% GPM 30-50% ・Confirm earnings stability (service quality control) ・Product Planning Hold c. 1 Year Rapid Lease-Ups to Attractive Tenants SRE/ Hotel Businesses Ichigo Owners Creating high-value assets via know-how provision (partner with external developers) GRAN PASEO High-Quality Residences in Central Tokyo Develop Products Buy Value-Add (1 Year) Complete Value-Add Sell Acquisition Criteria Acquire assets with earnings upside driven by Ichigo value-add GPM c. 10% Earnings Structure/Financial Base Stock Earnings/Fixed Expenses > 200% Rental Income During Holding Period Average Loan Period c. 10 years Sell Asset at Optimal Timing Value-Add Minimizes Downside Risk Buy Value-Add (2-5 Years) Complete Value-Add Sell (or Continued Hold)
Page 61
© Ichigo Inc. All rights reserved. 4.5% NOI Yield, JPY 2B Purchase, LTV 75%, 1.0% Interest Rate, JPY 50M Capex, 25% Increase in NOI, 5-Year Value-Add Period Value-Add Measures: Improved exterior, interior, & tenant services; seismic strengthening; increased energy efficiency; new tenant leasing, etc. Asset JPY 2.0B Debt JPY1.5B Equity JPY 0.5B NOI at Acquisition (JPY 90M NOI/year) － (JPY 15M interest/year) ＝ JPY 75M NOI/year NOI÷ Initial Investment ＝15% NOI return during investment period . NOI after Value-Add (JPY 112.5M NOI/year) － (JPY 15M interest/year) ＝ JPY 97.5M NOI/year NOI ÷ Total Investment (JPY 500M + JPY 50M) ＝17.7% NOI return during investment period . Capital Gain The 25% increase in NOI at an equivalent cap rate increases the exit price by 25%: JPY 2B * 125% = JPY 2.5B JPY 2.5B – (JPY 2B + JPY 50M) = JPY 450M capital gain . Outcome JPY 550M investment generates JPY 825M over 5 years → 30% p.a. Value-Add (Capex JPY 50M ) 61 Sustainable Real Estate, Hotel, & Ichigo Owners Ichigo Value-Add Earnings Example
Page 62
© Ichigo Inc. All rights reserved. Expanding Solar & Wind Power Plants Utilizing Unused Land Across Japan Clean Energy: Solar & Wind Power Plants Utilizing Unused Land 62 Operating Plants Solar 48 Plants 151.4MW Wind 1 Plant 7.3MW Solar 15 Plants 29.4MW Regionally Diversified Portfolio Efficient land sourcing via collaboration with local governments and strong relationships with local real estate and construction companies Leveraging expertise cultivated in real estate development to ensure execution of approval procedures while building strong relationships with local communities Establishing maintenance system backed by operational expertise from Ichigo and Ichigo Green owned power plants countrywide Sourcing & Revitalization of Local Communities Development Operation & Maintenance Hokkaido 7.2% Tohoku 6.4% Kanto 36.5% Chubu 10.0%Kansai 5.0% Chugoku 16.1% Shikoku 3.3% Kyushu 11.0% Okinawa 4.5%64 Plants c. 188.2MW Ichigo Ichigo Green Sourcing & Development Capabilities Capitalizing on Connection with Local Communities via Group Businesses
Page 63
© Ichigo Inc. All rights reserved. Total Operating & In-Pipeline Ichigo-Owned Solar Power Plants: 48 Plants (151.4MW) 63 By Customer (Electric Power Utility Co) By Feed-In Tariff By Years in Operation By Output By Solar Intensity Solar Intensity Rank A: ≥4.00 B: ≥3.75, <4.00 C: ≥3.50, <3.75 D: <3.5 Unit: kWh/m2 per day Panel Output & FIT by Customer TEPCO 45% Chugoku 18% Kyushu 13% Chubu 11% Kansai 6% Tohoku 3% Hokkaido 3% Shikoku 2% JPY 40 19% JPY 36 43% JPY 32 10% JPY 27 2% JPY 24 7% JPY 21 7% JPY 18 11% JPY 14 2% >5 years 82% 3-5 years 9% 1-3 years 9% A 50%B 40% C 10%<2MW 16% 2-10MW 38% >10MW 46% Operating Panel Output (MW) FIT (Pre-Tax) (JPY) Area TEPCO Chugoku Kyushu Chubu Kansai Tohoku Hokkaido Shikoku Total 67.4 26.6 19.3 17.0 9.3 4.6 4.4 2.5 151.4 14-40 18-40 32-40 14-36 18-32 36 40 40 － Clean Energy Ichigo Solar Power Plant Portfolio (As of Aug 31, 2026)
Page 64
© Ichigo Inc. All rights reserved. Clean Energy New Battery Storage Business 64 Business Launch On Track – First Battery Storage Plant, Ichigo Onjuku Iwawada ECO Plant (Chiba, Capacity 8.9MWh), Began Operating in June 2026 Phase 1: 2026 – 2029 Business Launch JPY 3.2B 54MWh Ichigo Onjuku Iwawada + Pipeline JPY 2.8B 45MWh Phase 2: 2029 – 2031 Potential Additional Expansion JPY 14.8B 235MWh In Operation (JPY 400M, 8.9MWh), Pipeline (JPY 17.7B 280MWh) Contributing to Japan’s Renewable Energy Growth & Stable Energy Supply — Partially replace the balancing function of thermal power generation, supporting a sustainable society — Store surplus daytime electricity to reduce renewable energy curtailment and facilitate the expansion of renewable energy — Help prevent future power supply shortages and stabilize the electricity supply-demand balance and market prices Ichigo Onjuku Iwawada ECO Battery Storage Plant
Page 65
© Ichigo Inc. All rights reserved. 65 Appendix Ichigo’s Sustainability Commitment (ESG)
Page 66
© Ichigo Inc. All rights reserved. Sustainability Initiatives & Environmental Certifications & Indices 66 CDP 2025 Double A List Company ・ Climate Change ・ Water Security Set SBT 1.5℃ Target Building Environmental Certifications ・CASBEE ・BELS/ZEB ・DBJ Green Building ・Tokyo Low-Carbon Small and Medium-Sized Model Building Sustainability Initiatives Third-Party Evaluations (Environmental Certifications) Third-Party Evaluations (Indices) S&P/JPX Carbon Efficient Index 2026 MSCI Japan Empowering Women Index (WIN) THE INCLUSION OF Ichigo Inc. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF Ichigo Inc. BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES. The Morningstar Disclaimer is provided on the final page. Ichigo Office Ichigo Hotel
Page 67
© Ichigo Inc. All rights reserved. Released Ichigo’s First Integrated Report 67 2025 Integrated Annual Report www.ichigo.gr.jp/ir/library/integrated_report Other Sustainability-Related Data GRI Standards Comparison Chart/ESG Data Collection www.ichigo.gr.jp/esg/initiatives/esg_data_collection.html Overview of Ichigo’s Sustainability-Focused Businesses, Value-Add Processes, Materiality, & Sustainability Initiatives Covers Ichigo’s value-add processes, overview of Ichigo’s businesses, strategies, and sustainable growth initiatives. Currently Japanese only – English forthcoming.
Page 68
© Ichigo Inc. All rights reserved. 68 Appendix Sports Business & Community Revitalization
Page 69
© Ichigo Inc. All rights reserved. – Grew From Consulting Business to Professional Soccer Club & Stadium Management – Ownership of J2 Club Tegevajaro Miyazaki Based in Miyazaki Prefecture, a Key Ichigo Area – Driving customer satisfaction as a stadium manager by improving ticketing operations, creating new VIP area, & developing merchandise – Establishing Community-Based Program to Promote Youth Soccer Development, Partnering With Ichigo Tennis & Track & Field Teams 69 Tegevajaro Miyazaki Website www.tegevajaro.com(Japanese only) Real Estate x Sports x Community Revitalization J.League Tegevajaro Miyazaki: Revitalizing Local Communities © TEGEVAJARO MIYAZAKI Promoted to J2 League 2 years after acquiring ownership, a first for Miyazaki Prefecture New Terrace Seats at Ichigo Shintomi Soccer Stadium Introduced Europe-inspired terrace seats where guests can eat & drink while watching matches. Food & drinks provided by Ichigo subsidiary Ichigo Potager participating in Miyazaki Prefecture’s Local Food Project.
Page 70
© Ichigo Inc. All rights reserved. 70 Appendix Financial Statements & Data
Page 71
© Ichigo Inc. All rights reserved. Balance Sheet: Assets 71 (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY27/2 Q2 vs. FY27/2 Q1 Assets Current Assets Cash and cash equivalents 40,536 46,917 42,689 42,059 34,263 39,223 +4,960 Accounts receivable 3,866 2,448 4,272 4,079 4,112 4,731 +619 Operational loan investments 1,324 1,324 1,324 1,324 1,324 1,324 – Operational securities investments 47 14 10 3,180 383 219 -164 Real estate for sale 79,151 103,721 143,993 176,904 198,684 198,537 -147 Other 3,197 3,720 4,197 8,303 11,008 8,171 -2,837 Less: allowance for doubtful accounts -66 -401 -490 -59 -59 -49 +10 Total Current Assets 128,057 157,746 195,998 235,792 249,718 252,158 +2,440 Fixed Assets Property, Plant, and Equipment Buildings and structures (net) 54,039 45,568 41,983 43,829 49,869 49,380 -489 Solar and wind power plants (net) 26,862 29,234 27,529 25,611 25,119 24,996 -123 Land 114,431 105,368 97,798 88,432 85,161 84,245 -916 Other (net) 3,990 5,060 7,200 8,162 3,801 3,489 -312 Total Property, Plant, and Equipment 199,323 185,232 174,511 166,035 163,952 162,111 -1,841 Intangible Assets Goodwill 717 989 857 460 438 417 -21 Leasehold rights 1,397 1,332 1,332 827 426 428 +2 Other 283 176 158 83 105 109 +4 Total Intangible Assets 2,398 2,498 2,348 1,371 970 955 -15 Investments and Other Assets Securities investments 4,455 17,086 24,300 22,149 20,152 19,337 -815 Long-term loans receivable 240 838 3,993 267 329 340 +11 Deferred tax assets 341 682 918 2,220 894 481 -413 Other 3,937 3,766 5,469 9,068 10,227 11,420 +1,193 Less: allowance for doubtful accounts -133 -835 -826 -1,084 -1,146 -1,157 -11 Total Investments and Other Assets 8,840 21,537 33,856 32,621 30,457 30,422 -35 Total Fixed Assets 210,562 209,269 210,717 200,028 195,380 193,489 -1,891 Total Assets 338,619 367,015 406,715 435,820 445,099 445,648 +549
Page 72
© Ichigo Inc. All rights reserved. FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY27/2 Q2 vs. FY27/2 Q1 Liabilities Current Liabilities Short-term loans 962 16,726 6,520 6,421 10,700 9,907 -793 Bonds (due within one year) 364 3,162 232 2,162 2,162 162 -2,000 Long-term loans (due within one year) 8,539 20,878 7,340 24,082 20,010 14,534 -5,476 Long-term non-recourse loans (due within one year) 4,218 6,413 4,478 18,062 15,273 15,209 -64 Income taxes payable 949 4,039 4,592 6,040 835 3,205 +2,370 Current year employee bonus accrual 112 136 282 300 431 671 +240 Other current liabilities 4,053 4,805 5,696 5,777 8,691 4,256 -4,435 Total Current Liabilities 19,200 56,162 29,143 62,848 58,104 47,947 -10,157 Long-Term Liabilities Bonds 5,239 4,306 7,074 7,812 7,771 12,430 +4,659 Long-term loans 152,624 146,043 195,477 213,596 232,664 232,914 +250 Long-term non-recourse loans 38,012 35,265 40,991 25,090 28,076 27,405 -671 Deferred tax liabilities 1,589 1,323 1,445 1,479 1,179 1,219 +40 Long-term security deposits received 7,163 7,229 7,614 7,587 7,596 7,692 +96 Other long-term liabilities 396 404 2,261 651 650 644 -6 Total Long-Term Liabilities 205,026 194,572 254,865 256,218 277,940 282,308 +4,368 Total Liabilities 224,226 250,734 284,009 319,066 336,044 330,255 -5,789 Balance Sheet: Liabilities 72 (JPY million)
Page 73
© Ichigo Inc. All rights reserved. Balance Sheet: Net Assets 73 (JPY million) FY23/2 FY24/2 FY25/2 FY26/2 FY27/2 Q1 FY27/2 Q2 vs. FY27/2 Q1 Net Assets Shareholders’ Equity Capital 26,888 26,892 26,946 27,012 27,124 27,126 +2 Capital reserve 11,266 10,313 10,363 10,429 10,546 10,548 +2 Retained earnings 82,438 90,967 81,396 81,909 80,166 85,748 +5,582 Treasury shares -17,914 -22,446 -7,212 -5,467 -10,298 -10,605 -307 Total Shareholders’ Equity 102,678 105,727 111,493 113,884 107,538 112,818 +5,280 Accumulated Other Comprehensive Income Valuation gains (losses) on other securities 296 -1,143 -399 1,664 217 1,182 +965 Deferred gains (losses) on long-term interest rate hedges 51 44 136 547 645 709 +64 Foreign currency translation adjustment – – -241 – – – – Total Accumulated Other Comprehensive Income 347 -1,099 -505 2,212 862 1,891 +1,029 Stock Options 814 879 724 559 555 585 +30 Minority Interests 10,552 10,772 10,992 97 97 97 – Total Net Assets 114,393 116,281 122,706 116,754 109,054 115,393 +6,339 Total Liabilities and Net Assets 338,619 367,015 406,715 435,820 445,099 445,648 +549 Equity Ratio 30.4% 28.5% 27.3% 26.6% 24.4% 25.7% +1.3% Net D/E Ratio 1.6X 1.8X 2.0X 2.2X 2.6X 2.4X – ROE 9.2% 11.7% 14.1% 14.6% – – – Cash ROE 15.0% 17.2% 18.0% 16.2% – – – Dividend JPY 8 JPY 9 JPY 10.5 JPY 11.5 – – – Dividend on Equity (DOE) 3.6% 3.8% 4.1% 4.1% – – –
Page 74
© Ichigo Inc. All rights reserved. P&L (1) 74 (JPY million) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 H1 (6M) FY26/2 H1 (6M) Change (YOY) FY27/2 Full-Year Forecast vs. Forecast Revenue 68,093 82,747 83,576 92,705 39,817 51,024 -11,207 – – Cost of Goods Sold 48,674 61,875 58,051 62,586 24,564 35,017 -10,453 – – Gross Profit 19,418 20,872 25,524 30,119 15,252 16,006 -754 – – SG&A 6,926 7,911 9,215 9,670 4,630 4,745 -115 – – Operating Profit 12,492 12,960 16,309 20,449 10,621 11,261 -640 20,600 51.6% Business Profit 16,908 21,194 24,864 28,047 15,514 15,128 +386 34,000 45.6% Non-Operating Income Interest income 46 36 58 79 40 30 +10 – – Dividend income 38 361 16 26 2 12 -10 – – Mark-to-market gains on long-term interest rate hedges 790 109 1,324 2,910 1,382 517 +865 – – Other 103 218 324 77 31 28 +3 – – Total Non-Operating Income 979 725 1,724 3,093 1,456 588 +868 – – Non-Operating Expenses Interest expense 2,165 2,349 3,069 4,347 2,676 2,050 +626 – – Mark-to-market losses on long-term interest rate hedges – 330 4 166 153 159 -6 – – Debt financing-related fees 171 262 423 204 117 15 +102 – – Other 285 351 771 1,729 178 576 -398 – – Total Non-Operating Expenses 2,622 3,294 4,269 6,447 3,125 2,802 +323 – – Recurring Profit 10,848 10,391 13,764 17,095 8,952 9,047 -95 14,900 60.1% Extraordinary Gains Gains on sale of fixed assets 4,416 4,376 7,943 7,756 1,887 3,422 -1,535 – – Gains on sale of securities investments – 89 608 1,259 – 407 -407 – – Gains on sale of shares in affiliates – 3,960 – – 3,017 – +3,017 – – Other 205 551 289 402 29 119 -90 – – Total Extraordinary Gains 4,621 8,978 8,841 9,418 4,934 3,949 +985 – –
Page 75
© Ichigo Inc. All rights reserved. P&L (2) 75 FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 H1 (6M) FY26/2 H1 (6M) Change (YOY) FY27/2 Full-Year Forecast vs. Forecast Extraordinary Losses Loss on removal of fixed assets 23 147 100 11 14 1 +13 – – Loss on sale of securities investments – – – – – 74 -74 – – Valuation losses on securities investments 261 – 588 791 – – – Impairment loss 803 – 25 435 – 35 -35 – – Other 146 1,259 107 777 57 1 +56 – – Total Extraordinary Losses 1,235 1,406 821 2,015 71 113 -42 – – Pre-Tax Income 14,234 17,962 21,784 24,499 13,815 12,883 +932 – – Total Income Taxes 4,578 5,626 6,370 7,655 5,348 4,144 +1,204 – – Pre-Minority Interest Net Income 9,656 12,335 15,414 16,843 8,466 8,739 -273 – – Net Income Attributable to Minority Interests 246 227 226 215 4 114 -110 – – Net Income 9,409 12,108 15,187 16,628 8,462 8,624 -162 18,000 47.0% Cash Net Income 15,327 17,878 19,391 18,442 12,119 11,034 +1,085 24,000 50.5% Net Income per Share (EPS) JPY 20.45 JPY 26.89 JPY 34.86 JPY 40.11 JPY 21.47 JPY 20.56 +JPY 0.91 JPY 45.13 47.6% Cash EPS JPY 33.30 JPY 39.70 JPY 44.51 JPY 44.49 JPY 30.75 JPY 26.31 +JPY 4.44 JPY 60.17 51.1% Stock Earnings 15,598 19,417 22,975 24,399 12,574 12,798 -224 – – Flow Earnings 13,371 14,315 15,671 17,828 10,030 9,321 +709 – – Cash Earnings 28,970 33,733 38,646 42,228 22,604 22,119 +485 – – Stock Earnings Ratio 53.8% 57.6% 59.5% 57.8% 55.6% 57.9% -2.3% – – Fixed Expenses 8,087 9,060 10,955 12,506 6,426 6,027 +399 – – Stock Earnings/Fixed Expenses Coverage 192.9% 214.3% 209.7% 195.1% 195.7% 212.3% -16.6% – – (JPY million)
Page 76
© Ichigo Inc. All rights reserved. Cash Flows: Operations 76 (JPY million) FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 H1 (6M) Cash Flows from Operations Pre-tax income 14,234 17,962 21,784 24,499 13,815 Depreciation 5,339 4,859 4,795 4,676 2,535 Amortization of goodwill 177 97 156 131 42 Increase (decrease) in current year employee bonus accrual 73 31 145 17 399 Increase (decrease) in allowance for doubtful accounts 134 1,036 80 -173 62 Interest and dividend income -85 -397 -74 -106 -43 Interest expense 2,165 2,349 3,069 4,347 2,676 Losses (gains) on sale of shares in affiliates – -3,960 – – -3,017 Losses (gains) on sale of securities investments – -89 -584 -1,184 – Losses (gains) on removal of fixed assets 23 45 100 11 – Losses (gains) on sale of fixed assets -4,416 -4,273 -7,943 -7,756 -1,873 Impairment loss 803 2 25 435 – Valuation losses on securities investments 261 – 588 791 – Decrease (increase) in trading notes and receivables -2,096 1,469 -1,724 193 -663 Decrease (increase) in operational securities investments 3,178 1,229 3 -204 3,083 Decrease (increase) in real estate for sale -10,114 -25,238 -40,430 -32,910 -22,873 Valuation losses on SPC capital contributions 3 1 – – – Decrease (increase) in advances paid -6 -615 322 303 – Decrease (increase) in accounts receivable -62 -21 -57 -164 7 Increase (decrease) in accounts payable 462 395 3 659 -1,573 Increase (decrease) in accrued expenses -38 168 178 -184 -35 Increase (decrease) in advances received -908 40 91 94 21 Increase (decrease) in security deposits received 413 193 385 -26 300 Other -1,859 945 -730 -2,947 453 Sub-Total 7,682 -3,769 -19,816 -9,498 -6,679 Interest and dividends received 85 397 74 106 43 Interest expenses paid -2,051 -2,161 -2,827 -4,091 -2,630 Income taxes paid and refunded -5,462 -3,043 -5,880 -8,376 -7,671 Net Cash from (Used for) Operations 254 -8,577 -28,449 -21,859 -16,938
Page 77
© Ichigo Inc. All rights reserved. FY23/2 (12M) FY24/2 (12M) FY25/2 (12M) FY26/2 (12M) FY27/2 H1 (6M) Cash Flows from Investments Payments into time deposits -2 -701 -96 -232 – Redemptions of time deposits 23 – 800 314 – Payments for securities investments -968 -16,567 -10,314 -40 -80 Proceeds from sale of securities investments – 133 7,813 407 2,200 Acquisitions of property, plant, and equipment -10,516 -8,203 -5,044 -10,180 -6,141 Proceeds from sale of property, plant, and equipment 14,065 18,384 19,016 21,628 3,693 Acquisitions of intangible assets -24 -114 -85 -85 -48 Payments of SPC capital contributions -6 – – – -250 Redemptions of SPC capital contributions 97 8 – – – Payments of security deposits – -127 -99 -2 -1 Acquisition of subsidiary shares resulting in change of consolidation scope – – -114 – – Proceeds from sale of subsidiary shares resulting in change of consolidation scope – 3,356 – – 8,098 Acquisition of equity-method affiliate shares – – -2,259 – – Proceeds from sale of shares in equity-method affiliates – – – 2,289 – Other -33 1,306 -4,257 628 853 Net Cash from (Used for ) Investments 2,635 -2,524 5,358 14,726 8,323 Cash Flows from Financing Net increase (decrease) in short-term loans -1,419 15,764 -10,206 -98 3,486 Proceeds from bond issuance – 2,221 2,984 2,887 4,681 Repayment of maturing bond principal to bondholders -274 -364 -3,162 -232 -2,081 Proceeds from long-term loans 41,834 64,043 96,037 82,241 40,662 Repayment of long-term loans -40,385 -54,996 -60,504 -47,547 -30,766 Proceeds from long-term non-recourse loans 3,000 4,600 11,700 – 3,000 Repayment of long-term non-recourse loans -1,633 -5,152 -7,908 -2,317 -3,538 Proceeds from employee exercise of stock options – 7 92 113 198 Share buyback -4,499 -4,771 -5,564 -9,836 -5,163 Payments to minority interests – – – -11,101 – Dividends paid to minority interests -6 -6 -6 -8 -4 Dividends paid -3,197 -3,553 -3,893 -4,392 -4,538 Net Cash from (Used for ) Financing -6,582 17,791 19,567 9,708 5,936 Economic Operating Cash Flow 9,962 25,317 19,827 18,372 10,527 Cash Flows: Investments & Financing 77 (JPY million) *Economic Operating Cash Flow = Cash Flows from Operations - Net Change in Real Estate and Power Plants for Sale + Post-Tax Gains on Sales of Sustainable Real Estate & Hotel Assets Recorded as Extraordinary Gains
Page 78
© Ichigo Inc. All rights reserved. Cash and Cash Equivalents Operational Loan Investments Operational Securities Investments Real Estate for Sale Fixed Assets Intangible Assets Securities Investments Other Assets Total Assets Asset Management (AM) 241 – – – – 318 – 2,421 2,981 Sustainable Real Estate (SRE) 10,868 1,324 203 60,012 91,814 269 15,175 7,141 186,809 Hotel 4,964 – 15 47,533 42,924 221 3,326 1,448 100,434 Ichigo Owners 230 – – 90,991 – 5 87 390 91,705 Clean Energy (CE) 4,287 – – – 26,837 112 104 3,264 34,606 Company-Wide Assets 18,630 – – – 535 28 642 9,272 29,110 Total 39,223 1,324 219 198,537 162,111 955 19,337 23,938 445,648 Segment Balance Sheet: Segment Breakdown 78 (JPY million)
Page 79
© Ichigo Inc. All rights reserved. No. Asset Type Classification Location Acquisition Price Acquisition Date Building Age Forecast NOI/Year1 Ichigo Equity Investment Forecast Equity Multiple2 Forecast IRR3 1 Retail Fixed Asset Matsudo, Chiba JPY 2B-3B 2005/06 54 years – JPY 1,900M – – 2 Retail Fixed Asset Minato-ku, Tokyo JPY 2B-3B 2005/10 57 years JPY 136M JPY 1,033M – – 3 Retail Fixed Asset Minato-ku, Tokyo >JPY 3B 2006/03 41 years JPY 165M JPY 1,356M – – 5 Office Fixed Asset Sendai, Miyagi >JPY 3B 2006/10 18 years JPY 240M JPY 1,042M – – 6 Office Fixed Asset Fukuoka >JPY 3B 2006/12 18 years JPY 350M JPY 1,339M – – 10 Retail Fixed Asset Chiyoda-ku, Tokyo JPY 1B-2B 2007/06 46 years JPY 103M JPY 240M – – 11 Retail Fixed Asset Chiyoda-ku, Tokyo JPY 1B-2B 2007/06 45 years JPY 154M JPY 233M – – 14 Ground Lease Fixed Asset Atsugi, Kanagawa JPY 2B-3B 2011/06 – JPY 172M JPY 147M – – 17 Retail Fixed Asset Toshima-ku, Tokyo >JPY 3B 2013/03 15 years JPY 243M JPY 340M – – 18 Retail Fixed Asset Shibuya-ku, Tokyo <JPY 1B 2013/05 40 years JPY 57M JPY 154M – – 19 Retail Fixed Asset Chofu, Tokyo JPY 1B-2B 2013/06 41 years JPY 136M JPY 310M – – 29 Ground Lease Fixed Asset Fujisawa, Kanagawa JPY 1B-2B 2014/03 – JPY 113M JPY 273M – – 30 Retail Fixed Asset Shibuya-ku, Tokyo <JPY 1B 2014/03 42 years JPY 51M JPY 108M – – 35 Office Fixed Asset Minato-ku, Tokyo JPY 2B-3B 2014/05 17 years JPY 144M JPY 434M – – 37 Retail Fixed Asset Minato-ku, Tokyo <JPY 1B 2014/07 53 years JPY 45M JPY 77M – – 40 Retail Fixed Asset Fukuoka <JPY 1B 2014/09 41 years JPY 49M JPY 252M – – 41 Hotel Fixed Asset Utsunomiya, Tochigi JPY 1B-2B 2014/09 39 years JPY 355M JPY 400M – – 42 Retail Fixed Asset Fukuoka JPY 1B-2B 2014/09 25 years JPY 59M JPY 177M – – Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (1) 131 Assets, JPY 325.3B, Annual NOI JPY 12.9B (6.0% Yield) 79 *Excludes Ichigo Owners assets 1 Forecast NOI/ Year is based on the business plan of each asset and is the forecast NOI after value-add is completed. 2 Forecast Equity Multiple is based on the business plan of each asset and is the sum of forecast rental income and gains on sales divided by Ichigo Investment. 3 Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow.
Page 80
© Ichigo Inc. All rights reserved. No. Asset Type Classification Location Acquisition Price Acquisition Date Building Age Forecast NOI/Year1 Ichigo Equity Investment Forecast Equity Multiple2 Forecast IRR3 43 Retail Fixed Asset Osaka JPY 1B-2B 2014/09 24 years JPY 114M JPY 301M – – 57 Residential Fixed Asset Minato-ku, Tokyo JPY 1B-2B 2014/12 22 years – JPY 186M – – 63 Retail Fixed Asset Meguro-ku, Tokyo JPY 1B-2B 2014/12 20 years JPY 82M JPY 129M – – 64 Retail Fixed Asset Shinagawa-ku, Tokyo <JPY 1B 2015/01 – JPY 26M – – – 68 Retail Fixed Asset Shibuya-ku, Tokyo <JPY 1B 2015/04 24 years JPY 48M JPY 79M – – 110 Hotel Fixed Asset Fukuoka >JPY 3B 2016/03 41 years JPY 273M JPY 905M – – 114 Hotel Fixed Asset Fukuoka >JPY 3B 2016/04 36 years JPY 182M JPY 550M – – 119 Retail Fixed Asset Shibuya-ku, Tokyo <JPY 1B 2016/06 39 years JPY 42M JPY 136M – – 120 Hotel Fixed Asset Shinjuku-ku, Tokyo >JPY 3B 2016/09 46 years JPY 554M JPY 349M – – 121 Office Fixed Asset Minato-ku, Tokyo >JPY 3B 2016/10 25 years JPY 1,540M JPY 3,450M – – 147 Hotel Fixed Asset Kyoto >JPY 3B 2018/08 8 years JPY 327M JPY 1,666M – – 151 Office Fixed Asset Fukuoka <JPY 1B 2018/10 27 years JPY 36M JPY 38M – – 157 Office Fixed Asset Chiyoda-ku, Tokyo <JPY 1B 2019/04 43 years JPY 52M JPY 210M – – 159 Retail Fixed Asset Shibuya-ku, Tokyo JPY 2B-3B 2019/05 46 years JPY 123M JPY 210M – – 161 Hotel Fixed Asset Fukuoka >JPY 3B 2019/07 32 years JPY 488M JPY 1,636M – – 162 Hotel Fixed Asset Fukuoka >JPY 3B 2019/07 28 years JPY 353M JPY 1,170M – – 167 Hotel Fixed Asset Hiroshima >JPY 3B 2020/08 6 years JPY 306M – – – 172 Office Fixed Asset Sapporo >JPY 3B 2026/04 1 year JPY 624M JPY 954M – – Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (2) 80 1 Forecast NOI/ Year is based on the business plan of each asset and is the forecast NOI after value-add is completed. 2 Forecast Equity Multiple is based on the business plan of each asset and is the sum of forecast rental income and gains on sales divided by Ichigo Investment. 3 Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow.
Page 81
© Ichigo Inc. All rights reserved. No. Asset Type Classification Location Acquisition Price Acquisition Date Building Age Forecast NOI/Year1 Ichigo Equity Investment Forecast Equity Multiple2 Forecast IRR3 175 Office Fixed Asset Utsunomiya, Tochigi JPY 2B-3B 2022/09 19 years JPY 203M JPY 217M – – 177 Retail Fixed Asset Matsudo, Chiba JPY 1B-2B 2023/01 21 years JPY 69M JPY 283M – – 182 Retail Fixed Asset Nanto, Toyama <JPY 1B 2024/02 2 years – JPY 63M – – JPY 132,325M JPY 132,811M (Book Value) 39 Fixed Assets JPY 8,015M JPY 22,347M – – Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (3) 81 1 Forecast NOI/ Year is based on the business plan of each asset and is the forecast NOI after value-add is completed. 2 Forecast Equity Multiple is based on the business plan of each asset and is the sum of forecast rental income and gains on sales divided by Ichigo Investment. 3 Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow.
Page 82
© Ichigo Inc. All rights reserved. Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (4) 82 1 Forecast NOI/ Year is based on the business plan of each asset and is the forecast NOI after value-add is completed. 2 Forecast Equity Multiple is based on the business plan of each asset and is the sum of forecast rental income and gains on sales divided by Ichigo Investment. 3 Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow. No. Asset Type Classification Location Acquisition Price Acquisition Date Building Age Forecast NOI/Year1 Ichigo Equity Investment Forecast Equity Multiple2 Forecast IRR3 61 Retail Operational Loan Shinjuku-ku, Tokyo JPY 1B-2B 2014/12 63 years JPY 120M JPY 57M 15.26X 51.7% 89 Office Real Estate for Sale Musashino, Tokyo >JPY 3B 2015/07 37 years JPY 131M JPY 670M 1.72X 13.3% 143 Retail Real Estate for Sale Fukuoka JPY 1B-2B 2017/09 41 years JPY 105M JPY 223M 3.78X 19.9% 163 Retail Real Estate for Sale Nagoya >JPY 3B 2019/08 29 years JPY 481M JPY 1,146M 3.47X 17.0% 166 Retail Real Estate for Sale Shibuya-ku, Tokyo <JPY 1B 2020/03 20 years JPY 39M JPY 83M 3.23X 13.5% 168 Office Real Estate for Sale Koto-ku, Tokyo JPY 1B-2B 2020/11 36 years JPY 105M – 3.17X 53.6% 174 Office Real Estate for Sale Meguro-ku, Tokyo JPY 2B-3B 2022/08 36 years JPY 106M JPY 344M 3.25X 41.2% 176 Office Real Estate for Sale Fukuoka <JPY 1B 2022/09 21 years JPY 41M JPY 65M 3.85X 36.7% 178 Retail Real Estate for Sale Shibuya-ku, Tokyo <JPY 1B 2022/12 17 years JPY 35M JPY 28M 7.96X 44.6% 181 Logistics Real Estate for Sale Sanbu-gun, Chiba JPY 1B-2B 2023/11 2 years JPY 55M – – – 183 Office Real Estate for Sale Sapporo >JPY 3B 2023/12 38 years JPY 194M JPY 696M 2.10X 46.9% 184 Hotel Real Estate for Sale Sendai, Miyagi JPY 2B-3B 2023/12 16 years JPY 165M JPY 20M 4.51X 88.7% 185 Hotel Real Estate for Sale Osaka >JPY 3B 2024/02 29 years JPY 1,063M JPY 2,062M 2.11X 28.7% 186 Office Real Estate for Sale Osaka JPY 2B-3B 2024/04 30 years JPY 190M JPY 427M 1.20X 61.2% 187 Office Real Estate for Sale Nagoya >JPY 3B 2024/04 34 years JPY 232M JPY 623M 2.03X 43.8% 188 Logistics Real Estate for Sale Sanbu-gun, Chiba JPY 1B-2B 2024/06 2 years JPY 57M JPY 129M 2.13X 45.1% 189 Office Real Estate for Sale Bunkyo-ku, Tokyo >JPY 3B 2024/07 35 years JPY 273M JPY 830M 1.81X 24.5% 190 Office Real Estate for Sale Yokohama, Kanagawa JPY 1B-2B 2024/11 39 years JPY 61M JPY 37M 3.61X 61.0%
Page 83
© Ichigo Inc. All rights reserved. No. Asset Type Classification Location Acquisition Price Acquisition Date Building Age Forecast NOI/Year1 Ichigo Equity Investment Forecast Equity Multiple2 Forecast IRR3 191 Hotel Real Estate for Sale Chiyoda-ku, Tokyo >JPY 3B 2025/01 8 years JPY 375M JPY 1,819M 1.52X 57.9% 192 Logistics Real Estate for Sale Higashi Matsuyama, Saitama JPY 2B-3B 2025/03 1 year JPY 123M JPY 186M 1.75X 31.9% 193 Hotel Real Estate for Sale Nara JPY 1B-2B 2025/04 20 years JPY 146M JPY 179M 4.54X 61.5% 194 Hotel Real Estate for Sale Osaka >JPY 3B 2025/07 5 years JPY 497M JPY 1,519M 3.92X 65.0% 195 Logistics Real Estate for Sale Kuki, Saitama >JPY 3B 2025/09 1 year JPY 329M JPY 225M 1.73X 31.1% 196 Hotel Real Estate for Sale Osaka >JPY 3B 2025/10 7 years JPY 539M JPY 1,876M 2.60X 43.7% 197 Logistics Real Estate for Sale Toyokawa, Aichi JPY 2B-3B 2025/11 1 year JPY 106M JPY 215M 1.44X 20.1% 198 Office Real Estate for Sale Chiyoda-ku, Tokyo JPY 1B-2B 2026/03 36 years JPY 85M JPY 145M 5.64X 41.6% 199 Office Real Estate for Sale Shinjuku-ku, Tokyo JPY 2B-3B 2026/04 36 years JPY 117M JPY 650M 3.13X 70.1% JPY 103,661M JPY 108,240M (Book Value) JPY 235,987M JPY 241,051M (Book Value) No. Acquisition Price Forecast NOI/Year1 Ichigo Equity Investment Forecast Equity Multiple2 Forecast IRR3 A Ichigo Owners (Residential) 65 Assets JPY 89,380M JPY 3,443M JPY 20,252M – – B Ichigo Owners (Other) – – – – – – C Centro (Primarily Office & Residential) – – – – – – JPY 325,367M JPY 330,738M (Book Value) Assets acquired in FY27/2 H1 (6M) Total 24 Assets JPY 45,681M JPY 1,961M JPY 10,447M – – JPY 36,603MSubtotal 66 Assets 27 Real Estate For Sale JPY 13,788M JPY 5,772M JPY 14,256M 2.59X 42.7% Total 131 Assets JPY 17,231M JPY 56,855M – – -JPY 563M Asset Type vs. FY26/2 +JPY 17,858M -JPY 6,061M Sustainable Real Estate, Hotel, & Ichigo Owners Real Estate Asset Breakdown (5) 83 1 Forecast NOI/ Year is based on the business plan of each asset and is the forecast NOI after value-add is completed. 2 Forecast Equity Multiple is based on the business plan of each asset and is the sum of forecast rental income and gains on sales divided by Ichigo Investment. 3 Forecast IRR is the forecast internal rate of return based on each asset’s actual cash flow.
Page 84
© Ichigo Inc. All rights reserved. 84 Operating (Solar) Ichigo Clean Energy Power Plant Portfolio (1) No. Solar Power Plant Area Panel Output (MW) FIT (Pre-tax) Operation Start Date 1 Ichigo Tokushima Higashi-Okinosu Shikoku 2.5 JPY 40 2013/08 2 Ichigo Fuchu Jogecho Yano Chugoku 0.9 JPY 40 2014/03 3 Ichigo Yubetsu Barou Hokkaido 0.8 JPY 40 2014/04 4 Ichigo Maebashi Naegashima Kanto 0.6 JPY 40 2014/04 5 Ichigo Kijo Takajo Kyushu 0.8 JPY 40 2014/04 6 Ichigo Betsukai Kawakamicho Hokkaido 0.8 JPY 40 2014/10 7 Ichigo Toyokoro Sasadamachi Hokkaido 0.6 JPY 40 2014/10 8 Ichigo Higashi-Hiroshima Saijocho Taguchi Chugoku 2.7 JPY 40 2015/01 9 Ichigo Akkeshi Shirahama Hokkaido 0.8 JPY 40 2015/03 10 Ichigo Hamanaka Bokujo Tsurunokotai Tohoku 2.3 JPY 36 2015/12 11 Ichigo Yonago Izumi Chugoku 2.6 JPY 40 2016/01 12 Ichigo Kasaoka Takumicho Chugoku 1.1 JPY 32 2016/03 13 Ichigo Toki Oroshicho Chubu 1.3 JPY 36 2016/06 14 Ichigo Toride Shimotakai Kita Kanto 1.0 JPY 32 2016/07 15 Ichigo Toride Shimotakai Minami Kanto 0.5 JPY 32 2016/07 16 Ichigo Hamanaka Bokujo Kajibayashi Tohoku 2.3 JPY 36 2016/10 17 Ichigo Sera Tsukuchi Chugoku 2.5 JPY 32 2017/02 18 Ichigo Sera Aomizu Chugoku 2.8 JPY 32 2017/08 19 Ichigo Showamura Ogose Kanto 43.3 JPY 36 2017/09 20 Ichigo Memuro Nishi-Shikari Hokkaido 1.3 JPY 40 2018/02 21 Ichigo Kure Yasuuracho Nakahata Chugoku 2.9 JPY 36 2018/03 22 Ichigo Tsu Chubu 2.9 JPY 24 2018/03 23 Ichigo Kasaoka Iwanoike Chugoku 2.6 JPY 24 2018/03 24 Ichigo Toki Tsurusatocho Kakino Chubu 1.3 JPY 24 2018/04 25 Ichigo Itoshima Iwara Kyushu 1.4 JPY 36 2019/01 26 Ichigo Sakahogi Fukagaya Chubu 2.8 JPY 21 2019/05 27 Ichigo Sennan Kitsuneike Kansai 2.8 JPY 21 2019/07 28 Ichigo Minakami Aramaki Kanto 12.0 JPY 36 2020/01 29 Ichigo Takashima Kutsuki Kansai 3.7 JPY 32 2020/01 30 Ichigo Toki Tsurusatocho Kakino Higashi Chubu 1.6 JPY 21 2020/02 31 Ichigo Hitachiomiya Kanto 2.9 JPY 24 2020/03 32 Ichigo Hokota Aoyagi Kanto 2.4 JPY 27 2020/04 33 Ichigo Kasaoka Osakaike Chugoku 2.6 JPY 21 2020/04 34 Ichigo Minokamo Hachiyacho Kamihachiya Chubu 1.2 JPY 18 2020/09 35 Ichigo Seto Jokojicho Chubu 1.4 JPY 18 2020/10
Page 85
© Ichigo Inc. All rights reserved. 85 Ichigo Clean Energy Power Plant Portfolio (2) Operating (Wind) Ichigo Solar & Wind Power Plant (Operating) Total: 49 Plants 158.8MW Battery Storage Total: 1 Plant 8.9MWh No. Solar Power Plant Area Panel Output (MW) FIT (Pre-tax) Operation Start Date 36 Ichigo Toride Shimotakai Nishi Kanto 2.8 JPY 18 2021/01 37 Ichigo Chiba Wakaba-ku Omiyacho Higashi Kanto 0.7 JPY 14 2021/09 38 Ichigo Kasaoka Idachiike Chugoku 2.6 JPY 18 2021/10 39 Ichigo Komagane Akaho Minami Chubu 0.7 JPY 14 2021/11 40 Ichigo Komagane Akaho Kita Chubu 0.3 JPY 14 2021/11 41 Ichigo Chiba Wakaba-ku Omiyacho Nishi Kanto 0.7 JPY 14 2021/11 42 Ichigo Tatsunomachi Sawasoko Chubu 0.7 JPY 14 2021/12 43 Ichigo Miyakonojo Takazakicho Tsumagirishima Kyushu 2.9 JPY 32 2021/12 44 Ichigo Kobe Pompuike Kansai 2.7 JPY 18 2022/01 45 Ichigo Obu Yoshidamachi Chubu 1.0 JPY 18 2022/03 46 Ichigo Sera Shimozuta Chugoku 2.9 JPY 18 2022/03 47 Ichigo Ueda Yoshidaike Chubu 1.1 JPY 18 2022/11 48 Ichigo Ebino Suenaga Kyushu 13.9 JPY 40 2024/01 Total (Operating) 48 Plants 151.4MW Operating (Solar) Operating (Battery Storage) No. Battery Storage Plant Area Battery Output (MW) Battery Capacity Operation Start Date 1 Ichigo Onjuku Iwawada Kanto 1.9 8.9 2026/06 Total (Operating) 1 Plant 1.9MW 8.9MWh No. Wind Power Plant Area Panel Output (MW) FIT (Pre-tax) Operation Start Date 1 Ichigo Yonezawa Itaya Tohoku 7.3 JPY 22 2021/03 Total (Operating) 1 Plant 7.3MW
Page 86
© Ichigo Inc. All rights reserved. 86 Ichigo & Ichigo Green Power Plant (Operating) Total: 64 Plants 188.2MW Operating (Solar) Ichigo Green (9282) Clean Energy Power Plant Portfolio Reference: Japan’s Feed-In Tariff (FIT) • A policy mechanism to encourage investment in renewable energies by guaranteeing a fixed purchase price for electricity over a 20-year contract period • The fixed price for new contracts is adjusted every year, but locked in for the duration of the contract period Purchase Prices (Agency for Natural Resources and Energy, Japanese only): www.enecho.meti.go.jp/category/saving_and_new/saiene/kaitori/fit_kakaku.html No. Solar Power Plant Area Panel Output (MW) FIT (Pre-tax) Operation Start Date 1 Ichigo Kiryu Okuzawa Kanto 1.3 JPY 40 2013/09 2 Ichigo Motomombetsu Hokkaido 1.4 JPY 40 2014/02 3 Ichigo Muroran Hatchodaira Hokkaido 1.2 JPY 40 2014/03 4 Ichigo Engaru Kiyokawa Hokkaido 1.1 JPY 40 2014/03 5 Ichigo Iyo Nakayamacho Izubuchi Shikoku 1.2 JPY 40 2014/04 6 Ichigo Nakashibetsu Midorigaoka Hokkaido 1.9 JPY 40 2014/11 7 Ichigo Abira Toasa Hokkaido 1.1 JPY 40 2014/12 8 Ichigo Toyokoro Hokkaido 1.0 JPY 40 2014/12 9 Ichigo Nago Futami Okinawa 8.4 JPY 40 2015/02 10 Ichigo Engaru Higashimachi Hokkaido 1.2 JPY 40 2015/02 11 Ichigo Takamatsu Kokubunjicho Nii Shikoku 2.4 JPY 36 2015/06 12 Ichigo Miyakonojo Yasuhisacho Kyushu 1.4 JPY 36 2015/07 13 Ichigo Toyokawa Mitocho Sawakihama Chubu 1.8 JPY 32 2015/09 14 Ichigo Yamaguchi Aionishi Chugoku 1.2 JPY 40 2015/12 15 Ichigo Yamaguchi Sayama Chugoku 2.3 JPY 36 2016/04 Total (Operating) 15 Plants 29.4MW Battery Storage Total: 1 Plant 8.9MWh
Page 87
© Ichigo Inc. All rights reserved. These materials were prepared to explain Ichigo’s businesses and are not for the purpose of soliciting investment in marketable securities issued by Ichigo. Ichigo does not guarantee the accuracy of the figures, information, estimates, or other statements included herein, and accepts no responsibility for damages or losses arising through the use of the figures, information, estimates, or other statements contained herein. These materials are based upon information available as of the publication date, and may contain forward-looking statements pertaining to Ichigo’s expectations, targets, plans, and strategies. Such forward-looking statements are not facts, but are the result of management’s judgment based on information currently available. Actual operating results or developments concerning Ichigo may differ substantially from those indicated by forward-looking statements. The information enclosed is subject to revision without prior notice. This document is a translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. Contact: Ichigo (TSE Prime 2337) Investor Relations TEL: +81-3-4485-5221 E-mail: ir@ichigo.gr.jp www.ichigo.gr.jp/en 87 Ichigo is Japan’s first zero-carbon listed real estate company. We are taking responsibility for our environmental footprint by offsetting our carbon emissions and investing in low-carbon technologies such as solar energy. Make T he World More Sustainable Morningstar, Inc., and/or one of its affiliated companies (individually and collectively, “Morningstar”) has authorized Ichigo I nc. to use of the Morningstar® Japan ex-REIT Gender Diversity Tilt Index Logo (“Logo”) to reflect the fact that, for the designated ranking period, Ichigo Inc. ranks within the top group of companies comprising the Morningstar® Japan ex -REIT Gender Diversity Tilt Index (“Index”) on the issue of gender diversity in the workplace. Morningstar is making the Logo available for use by Ic higo Inc. solely for informational purposes. Ichigo Inc.’s use of the Logo should not be construed as an endorsement by Morningstar o f Ichigo Inc. or as a recommendation, offer or solicitation to purchase, sell or underwrite any security associated with Ichi go Inc. The Index is designed to reflect gender diversity in the workplace in Japan, but Morningstar does not guarantee the accuracy, completeness or timeliness of the Index or any data included in it. Morningstar makes no express or implied warranties regarding the Index or the Logo, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index, any data included in it or the Logo. Without limiting any of the foregoing, in no event shall Morningstar or any of its third-party content providers have any liability for any damages (whether direct or indirect), arising from any party’s use or reliance on the Index or the Logo, even if Morningstar is notified of the possibility of such damages. The Morningstar nam e, Index name and the Logo are the trademarks or services marks of Morningstar, Inc. Past performance is no guarantee of future result s.