Slides
Page 1
Copyright 2025 SRE Holdings Corporation SRE Holdings Corporation FY2025 2Q Financial Results Securities Code: 2980 Copyright 2025 SRE Holdings Corporation
Page 2
Copyright 2025 SRE Holdings Corporation SRE Holdings At a glance 2 A “Life Tech Company” that updates daily life and healthcare using technology AI Cloud & Consulting （AICC） Life & Property Solutions （L&P） Outside Customers Real estate Finance IT Healthcare Real business in new fields, product, etc. Cloud Consulting Business support AI cloud tools Flow income Stock incomeCollabo- ration Healthcare Logistics, etc. Issue resolution algorithm Life & Healthcare Solution (LH) Prop Tech Solutions （ＰＴ） FY2025 Operating profit 1,188 3,400 JV/Alliance Partner Asset Management Smart Property Real business Technology Monthly/ Maintenance fee Consulting fee Life & Healthcare Solution (LH) Prop Tech Solutions （ＰＴ） Investors Property owners Property buyers Asset development Asset management Property brokerage Income gain Fund Capital gain Stock income Stock income Flow income Outside Customers (¥ million)
Page 3
Copyright 2025 SRE Holdings Corporation ⚫ As disclosed in May, the L&P segment is expected to have projects concentrated in the second half of the fiscal year, resulting in a planned deficit for this quarter. ⚫ Sales and profits for this quarter are in line with the plan, and all projects are progressing smoothly. AICC Segment Executive Summary 3 Net sales 8,０95 million yen YoY -20% Operating profit 309 million yen YoY -76% EBITDA 683 million yen YoY -57% • Both sales and profits landed as initially expected （see P12） • AICC continued significant growth this quarter; L&P segment also landed as planned and is progressing smoothly • Both AICC and L&P segments are expected to accelerate profit growth in Q3 due to increased unit prices and sales brought forward （see：P１３） Net sales 3,825 million yen YoY +16% Segment profit 1,530 million yen YoY +6４% ⚫ The progress rate for the number of contracted companies is steady ⚫ LH: 55.3% (84 companies out of the planned 152 for this term) ⚫ PT: 49.2% (325 companies out of the planned 660 for this term) ⚫ In the LH area, in addition to high growth and improved profit margins through measures such as opening a Kansai base, the price revision effect in the PT area greatly contributed to profit growth. ARR 6,965 million yen YoY +43% L&P Segment FY2025 2Q Consolidated Results
Page 4
Copyright 2025 SRE Holdings Corporation (Reference) Detailed Explanation of FY2025 2Q Results 4 Category Outlook against guideline (GL) YoY QoQ Operating profit All 3.0 billion yen vs. GL of 4.05 billion yen. This term is expected to be weighted toward the second half, so it is as planned. Some profits may be brought forward from Q4 to Q3. AICC is steadily growing profits, but last year L&P had large projects in the first half, so YoY: -980 million yen Mainly due to steady profit improvement in the AICC segment, QoQ: +134.4% AICC LH 680 million yen vs. GL of 1.38 billion yen. Progress rate is 49.8%, in line with the plan due to increased unit price and number of contracts. Upside potential. Mainly due to profit growth after large contracts at the end of last year’s Q2, YoY: +152% Mainly due to increase in number of contracted companies, QoQ: +9.5% PT 840 million yen vs. GL of 2.01 billion yen. Progress rate is 41.7%, but due to seasonality, both sales and profits are concentrated in Q4 every year, so progress is as planned. Mainly due to increase in number of contracted companies and price revision, YoY: +28% Mainly due to unit price improvement from AI Home Valuation CLOUD price revision, QoQ: +2.6% L&P -940 million yen vs. GL of 1.18 billion yen for the first half. Due to the timing of property sales, this year is heavily weighted toward the second half, but some progress is above plan. Last year’s 2Q had multiple development/sale properties, but this year is weighted toward the second half, YoY: -1.46 billion yen As in Q1, limited development/sale properties, QoQ: +50 million yen ARR 6.96 billion yen vs. GL of 8.66 billion yen. Progress from Q1 to Q2 is 23.5%, and with Q4 seasonality included, it is expected to be achieved at this pace. After the launch of high unit price LH products in the second half of last year, YoY: +43% Increase in number of LH contracts and PT unit price, QoQ: +8.8% Number of contracts LH 449 companies, progress rate 55.3%. Steady progress, mainly in healthcare. Expect continued increase in solutions offered, un it price, operation staff, and decrease in churn rate. PT 4,950 companies, progress rate 49.2%. Slight stagnation compared to Q1 due to price increase, but with favorable conditions toward the second half, acquisition of contracts and unit price increase are expected to accelerate. ARPU LH 0.57 million yen/month, almost flat, but expected to improve toward the year-end GL of 0.60 million yen due to larger healthcare customers and expanded product lineup. In the first half of FY24, the ratio of high unit price financial institutions such as megabanks was still large, and the ratio of healthcare was still in the early stage, YoY: -8.7% Although the number of contracts is increasing, improvement from larger clients and product mix will become apparent in the second half, so almost flat QoQ PT 58 thousand yen/month, rising YoY and QoQ, expected to improve with Q4 seasonality included. AI Home Valuation CLOUD price revision contributed, YoY: +11.5% AI Home Valuation CLOUD price revision contributed, QoQ: +9.1%
Page 5
Copyright 2025 SRE Holdings Corporation Contents FY2025 Financial Forecast P.19 Overview of Our Businesses P.32 1 2 REF FY2025 2Q Financial Results P.0 6
Page 6
Copyright 2025 SRE Holdings Corporation １ FY2025 2Q Financial Results
Page 7
Copyright 2025 SRE Holdings Corporation FY2025 2Q HighlightsFY2025 2Q Financial Results1 7 Segment total: +16% LH: +30% increase in revenue Expansion into the Kansai region in the LH and price revisions of key products in the PT contributed to growth. Decrease in revenue: -28% Concentration of development/sale properties in the second half of the fiscal year resulted in limited property sales in 2Q Net sales ８,095 million yen YoY -20% Operating profit 309 million yen YoY -76% EBITDA 683 million yen YoY -57% AICC L&P ＋64% increase in profit Steady accumulation of recurring income Planned deficit recorded AICC L&P
Page 8
Copyright 2025 SRE Holdings Corporation FY2025 2Q Performance SummaryFY2025 2Q Financial Results1 8 ¥ million FY2024 2Q (Cumulative) FY2025 2Q (Cumulative) YoY Net Sales 10,152 8,095 -20% Operating Profit 1,289 309 -76% EBITDA 1,607 683 -57% Ordinary Profit 1,195 185 -８5% Net Income Attributable to Owners of Parent ６６３ ２６ -96% Net sales YoY -20% Operating profit YoY -76% EBITDA YoY -５７% The main AICC segment saw +64% profit growth YoY. The L&P segment, as initially disclosed, is weighted toward the second half, resulting in planned decreases in 2Q. All L&P projects are progressing smoothly, and initiatives to accelerate growth in the healthcare domain are expected to be realized in 3Q, leading to improved company-wide profit in 3Q compared to the initial plan.
Page 9
Copyright 2025 SRE Holdings Corporation Segment Performance OverviewFY2025 2Q Financial Results1 9* Both sales and profit are stated before intersegment transaction eliminations. The healthcare domain continues to grow steadily, and price revisions of key products in the PT domain contributed to increased revenue and profit. Net sales YoY +16％ Segment profit YoY +64％ ¥ million FY2025 2Q (Cumulative) YoY Total Net Sales 8,０９５ ▲20% Operating Profit 309 ▲76% AICC Sales 3,825 +16% Segment Profit 1,530 +６4% L&P Sales 5,225 ▲28% Segment Profit ▲944 - The L&P segment was affected by the concentration of real estate development/sale properties in the second half and large projects in the previous year. Net Sales YoY -28% Segment profit ‐944 million yen AICC L&Pセグメント
Page 10
Copyright 2025 SRE Holdings Corporation ARR (recurring revenue)*1 Average churn rate over last 12 months *3Contracts *2 AICC Segment Performance OverviewFY2025 2Q Financial Results1 10*1 ARR is calculated by multiplying recurring revenue in 2Q (July to September 2025) by 4. *2 No-fee contracts during the initial campaign period are excluded from the number of contracts at the end of the month. *3 Calculated as number of cancellations in the given month / number of contracts at the end of the previous month and averaged over past 12 months. In the healthcare domain, growth that began in the second half of the previous year continues, with steady growth in recurring revenue. ARR (Annual Recurring Revenue) for 2Q: 6,965 million yen The number of contracts continues to increase steadily, especially in the LH (Life & Healthcare Solutions) area.Inthe PT (PropTechSolutions) area, despite the impact of price increases on major products, the number of contracts has expanded to a total of 5,399 companies. The average monthly churn rate remains low at 0.4%, even after the price increase in PT. AICC Segment total YoY Life ＆ Healthcare Solutions (LH) Prop Tech Solutions （PT） Net Sales 3,825 +16% 2,203 1,622 Segment Profit 1,530 +64% 689 841 (1,741 million yen ) 0.4% 5,399社 (as of September 30, 2025) 6,965 million yen 49.2% 55.3% LH 449 (+ 45) Progress rate PT 4,950 (+155 ) Progress rate (as of September 30, 2025)
Page 11
Copyright 2025 SRE Holdings Corporation 360 425 0 200 400 600 800 1,000 1,200 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY23 FY24 FY25 AICC Segment Performance Overview (continued)FY2025 2Q Financial Results1 11 Segment profit LH PT ARR *1 ARR is calculated by multiplying recurring revenue in 2Q (July to September 2025) by 4. ARR (recurring revenue)*1 ARR for 2Q: 6,965 million yen, showing steady progress In LH, operating profit grew +158% YoY, driven by continued growth in the healthcare domain. PT continues steady growth throughout the year despite seasonality. Revenue recognition is expected to be brought forward compared to the initial guideline YoY +158% (1,741 million yen ) 6,965 million yen
Page 12
Copyright 2025 SRE Holdings Corporation 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q (Reprinted from the financial results for the FY2024) Quarterly Profit (guidance) FY2025 2Q Financial Results1 12 ■AICC segment profit ■L&P segment profit 1Q 2Q 3Q 4Q ■Total operating profit 1Q 2Q Segment profit (quarterly) We expect the AICC segment to see higher Net sales and profit QoQ throughout the fiscal year. Net sales and profit in the L&P segment are set to be greatest in 2H due to the usual seasonal bias, with operating loss in H1 in particular. AICC L&P
Page 13
Copyright 2025 SRE Holdings Corporation 744 1,530 3,400 ▲ 499 ▲ 944 1,18892 309 4,050 1Q （results） 2Q （results） 3Q (Cumulative Estimate) 4Q (Cumulative Plan) AICC segment profit L&P segment profit Operating Profit (Previous Forecast) Operating Profit (Updated Forecast) Quarterly Operating Profit Trends (Cumulative)1 FY2025 2Q Financial Results 13 （¥ million） * Operating profit figures include contributions from other segments. All projects for fund formation in the second half are progressing smoothly, and segment profit for the year is expected to exceed the previous year. In 3Q, profit is expected to improve compared to the initial guideline due to higher unit prices and projects being brought forward. From next fiscal year, recurring fees will increase, and profits are expected in both the first and second halves. The profit balance between the two halves will improve. L&P AICC Both LH and PT are expected to continue accumulating revenue and profit QoQ. Profitability is expected to exceed initial guidance from the 3Q onward, supported by higher unit prices and stronger sales performance.
Page 14
Copyright 2025 SRE Holdings Corporation Profit is expected to accumulate QoQ, especially in the healthcare domain due to expansion into the Kansai region and larger deals. Product expansion is expected to have an effect from 4Q onward. Price revisions for some products and the addition of major partners are expected to steadily increase profit, with a significant increase in 4Q due to seasonality. AICC Segment Profit Quarterly TrendsFY2025 2Q Financial Results1 14 Partial product price revision 415 841 2,018 328 689 1,383 1Q （results） 2Q （results） 3Q (Cumulative Estimate) 4Q (Cumulative Plan) LH segment profit PT segment profit 3,400（¥ million） 744 Demonstration experiment of AX in the healthcare domain Expansion into new domains Revenue improvement Organizational enhancement LH PT Acceleration of collaboration among industry peers (Medix) 1,530 Expansion of support area through establishment of Kansai base Addition of major partners and increase in number of contracted companies Expansion of specialized talent and sales resources in areas such as M&A and healthcare. Promotion of in-house AX
Page 15
Copyright 2025 SRE Holdings Corporation Number of paying contract companies: 449 (+45 QoQ) ARPU: 565 thousand yen/month (-2 thousand yen/month QoQ) Number of paying contract companies : 4,950 (+155 QoQ) ARPU: 58 thousand yen/month (+4 thousand yen/month QoQ) 565 thousand yen/month 58 thousand yen/month AICC Segment KPI ProgressFY2025 2Q Financial Results1 15 1 449 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY23 FY24 FY25 4,950 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY23 FY24 FY25 Contract companies (LH) ARPU Contract companies (PT) ARPU LH PT ARPU is calculated by dividing the average monthly recurring revenue for 2Q (July–September) by the average number of contracts during the same quarter.
Page 16
Copyright 2025 SRE Holdings Corporation Topic: AI Home Valuation CLOUD Price RevisionFY2025 2Q Financial Results1 16 Cloud service for real estate sales price appraisal and automatic creation of appraisal reports. Useful product based on close communication with our real estate brokerage division High customer satisfaction Price revision was implemented considering market conditions High customer satisfaction due to practical usefulness based on close communication with the company’s real estate brokerage division. Price revision was implemented considering market conditions, expecting about a 10% increase in revenue for this product. The cancellation rate due to the price revision was achieved at about 1/5 of the initially expected level, thanks to the high practical usefulness and reasonable price increase. Success Factors Behind the Price Revision Price Revision for AI Home Valuation CLOUD Revenue growth of the product About 10% increase Cancellation rate was less than 1/5 of expectations. Real estate brokerage division Cloud service division Provide candid feedback on practical issues and challenges Improve the product based on feedback to enhance practical usability ～～～～～～～～～～～～～～～～
Page 17
Copyright 2025 SRE Holdings Corporation Topic: Key Policies of the Takaichi Administration and Synergy with Our Business Domains FY2025 2Q Financial Results1 17 The business domains of our AICC business align with the key investment areas of the Takaichiadministration, providing a favorable business environment for future growth. 17 key investment areas • Aiming for economic security and technological independence • These areas are expected to drive medium- to long-term growth Our AICC business cover area • Real business domains/client industries in LH and PT 17 Priority Sectors* and Our Related Fields ※17 Strategic Areas Announced by the Cabinet Secretariat AI/semiconductors Shipbuilding Quantum Synthetic biology/Bio Aerospace digital/cybersecurity Content Food tech Resource/Energy/security/GX Disaster prevention /National resilience Drug discovery/Advanced medical care Fusion energy (nuclear fusion) Materials (critical minerals/components) Port logistics Defense industry IT(communication infrastructure, etc.) Marine 7 out of 17 fields covered by our business
Page 18
Copyright 2025 SRE Holdings Corporation Management Commitment to Business Performance and Stock Price 1 FY2025 2Q Financial Results 18 Allocation 2people 731.5 thousand shares Shares 3 achievement targets (Operating profit) ①7.75 billion yen within 5 years: 33% exercisable ②8.75 billion yen within 7 years: 66% exercisable ③10 billion yen within 10 years: 100% exercisable overview Overview of issuance Shareholder conposition ①Directors （dilution rate4.5%） * Operating profit includes the amount of goodwill amortization * Measures are being considered regarding dilution due to this stock option issuance Stock options granted to management and employees to further enhance commitment to business performance and stock price. The shareholding ratio of our officers and employees is relatively low (less than 5%) compared to other TSE Prime Market listed companies under founder CEOs. To further encourage commitment, performance-based stock options with achievement conditions have been deemed appropriate. The aim is to align management and employee interests with shareholders and further boost commitment to business growth and stock price. 11people ②Officers Directors (excluding outside directors) shareholding ratio 2.3% (Reference) Potential shares 27 thousand shares(1.65%) Current Directors (excluding outside directors) shareholding ratio 6.1% (Reference) Potential shares 27 thousand shares(1.58%) After achieving performance ①670.8 K ② 60.7 K raising the shareholding ratio of directors, executive officers, and upper management, and to further enhance commitment to business performance and stock price.
Page 19
Copyright 2025 SRE Holdings Corporation 2 FY2025 Financial Forecast （From the financial results for the FY2024 ）
Page 20
Copyright 2025 SRE Holdings Corporation Summary of Financial Forecast FY2025 Financial Forecast （From the financial results for the FY2024） 2 20 Dividend ¥18.0 per share (forecast) ¥ Million FY2024 full-year results FY2025 forecast YoY Net sales 26,690 35,000 ＋31% Operating profit 3,107 4,050 +30% EBITDA 3,813 4,842 ＋27% Ordinary profit 2,903 3,650 +26% Profit attributable to owners of parent 1,697 2,220 +31% Net sales YoY +31% ¥35 billion Operating profit YoY +30％ ¥4.05 billion Profit attributable to owners of parent YoY +31％ ¥2.22 billion (despite the fact that interest rates are expected to be somewhat stronger in response to the recent macroenvironment) (Undetermined M&A proceeds are not included in Net sales and profit) In FY2025, we anticipate ongoing Net sales growth in Life & Healthcare Solutions (LH) and steady Net sales and profit growth in PropTech Solutions (PT), driving companywide growth.
Page 21
Copyright 2025 SRE Holdings Corporation FY2025 Financial Forecast FY2025 Financial Forecast （From the financial results for the FY2024） 2 21 2 28.9 38.5 73.3 135.7 185.4 242.1 266.9 350.0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Guidance) 4.2 7.4 10.5 13.9 16.8 22.1 31.0 40.5 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Guidance) Operating profit (consolidated) （¥ 100M） （¥ 100M） Net sales (consolidated)
Page 22
Copyright 2025 SRE Holdings Corporation 6.26 8.66ARR※1 Net sales/Profit Guidance by Segment FY2025 Financial Forecast （From the financial results for the FY2024） 2 22 AICC FY2024 (results) FY2025 (guidance) Revenue Segment profit (¥ Billion) 10.00 1.03 1.18 FY2024 (results) FY2025 (guidance) Revenue 27.68 20.53 7.52 (¥ Billion) +33% +38% L&P Year-end AUM +43%115.5 165.6 +35% +14% We aim for top-line growth of 33% YoY through continued growth investment, while we also expect profit to maintain a high level of growth, rising 38% YoY. We aim to increase profit mainly with recurring Net sales from the asset management business. We also aim for a 43% YoY increase in AUM to ¥165.6 billion at the end of FY2025. AICC L&P *1 ARR is calculated by multiplying recurring Net sales in Q4 (January to March) by 4. +38% 3.402.46
Page 23
Copyright 2025 SRE Holdings Corporation Quarterly Profit (guidance) FY2025 Financial Forecast （From the financial results for the FY2024） 2 23 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ■AICC segment profit ■L&P segment profit 1Q 2Q 3Q 4Q ■Total operating profit 1Q 2Q Segment profit (quarterly) We expect the AICC segment to see higher Net sales and profit QoQ throughout the fiscal year. Net sales and profit in the L&P segment are set to be greatest in Q4 due to the usual seasonal bias, with operating loss in H1 in particular. AICC L&P
Page 24
Copyright 2025 SRE Holdings Corporation -4000 -2000 0 2000 4000 6000 8000 10000 12000 14000 FY2024 FY2025 FY2026 FY2027FY2025 Investment Strategy for FY2025-20272 24 FY2025 Financial Forecast （From the financial results for the FY2024） ■ FCF Utilize BS-light schemes, and use the CF generated for investment in AICC and M&A. Conduct temporary, concentrated investment to accelerate medium- term growth To accelerate growth in the medium term, we will concentrate investment in FY2025, which will cause deterioration in cash flow in the short term. However, from the FY2026 onwards, we expect to see significant improvement and growth in FCF through the utilization of further BS- light schemes.
Page 25
Copyright 2025 SRE Holdings Corporation Net sales/Profit Guidance in AICC Segment FY2025 Financial Forecast （From the financial results for the FY2024） 2 25 ¥ Million FY2024 FY2025 YoY Segment Net sales 7,525 10,000 ＋33% Life & Healthcare Solutions (LH) 3,590 5,315 +48% PropTech Solutions (PT) 3,935 4,685 +19% Segment profit (margin) 2,464 （32.7%） 3,400 （34.0%） +38% Life & Healthcare Solutions (LH) 921 (25.7%) 1,378 (2５.9%) +50% PropTech Solutions (PT) 1,543 （39.2%） 2,024 (43.2%) +31% Life & Healthcare Solutions (LH), which continues to have high customer spend and robust profitability, will remain the main growth driver, and the top line will maintain strong growth, rising 33% YoY. Profit growth will also remain at a high level due to an improved profit mix in the AICC segment on expansion of the LH business. * Includes intersegment transactions. Breakdown of segment business is not yet audited.
Page 26
Copyright 2025 SRE Holdings Corporation KPI Guidance for AICC Segment FY2025 Financial Forecast （From the financial results for the FY2024） 2 26 Both Life & Healthcare Solutions (LH) and PropTechSolutions (PT) will strive to increase average revenue per customer (ARPC), while LH will continue working to increase the number of contracts, mainly in the healthcare field. FY2024 FY2025 LH Contracts*1 (as of year- end) 365 +152(+42%) 517 ARPC*2 (Q4 basis) ¥565,000 /month Increased ARPC due to improved product mix ¥604,000 /month PT Contracts*1 (as of year- end) 4,625 +660(+14%) 5,285 ARPC*2 (Q4 basis) ¥61,000 /month Increased ARPC due to greater added value ¥6９,000 /month *1 No-fee contracts during the initial campaign period are excluded from the number of contracts at the end of the month. *2 ARPC is calculated by dividing the average monthly recurring revenue of Q4 (January–March) by the average number of contracts during the same quarter.
Page 27
Copyright 2025 SRE Holdings Corporation Growth Strategy ①: Accelerate Growth of Life & Healthcare Solutions FY2025 Financial Forecast （From the financial results for the FY2024） 2 27 In Life & Healthcare Solutions, we will promote the expansion of target customers in the healthcare field to include treatment centers. In terms of expanding to other industries and new customers, we are able to develop highly practical products through close collaboration with business members cultivated in our original real estate business. SaaS+BPO=BPaaS deployment to improve unit price and minimize churn rate Working closely together to develop highly practical products Horizontal expansion to other industries and new customers Real Tech Development of new products based on customer needs Consultants Engineers CustomersBusiness members Alliance partners About150,000 facilities Medical and welfare facilities Treatment centers (orthopedic, acupuncture, and other clinics) About100,000 facilities 1. Expansion of target customers (DX solutions) 2. Development advantages
Page 28
Copyright 2025 SRE Holdings Corporation Growth Strategy ②: Introduce AI Agents, Promote AX into a Generative AI-Native Organization FY2025 Financial Forecast （From the financial results for the FY2024） 2 28 To improve internal business productivity, we will introduce AI agents and promote their use in product development in our business domain, while also advancing companywide transformation (AX) into a generative AI-native organization. Current • Improved work efficiency in engineering and non-engineering areas (with AI replacing humans for some work and also operating when humans are not working) • Concentration of man-hours on high value-added tasks as engineer work efficiency improves 期 待 さ れ る 効 果 Future AI Making collaboration with AI the norm (in both engineering and non-engineering areas) • Development of solutions for healthcare, real estate, and other fields based on the group’s knowledge of AI transformation (AX)
Page 29
Copyright 2025 SRE Holdings Corporation Acquire new solutions and strengthen technology Growth Strategy ③: Accelerate Growth through M&A FY2025 Financial Forecast （From the financial results for the FY2024） 2 29 To accelerate inorganic growth, we will also use M&A, mainly targeting companies that assist us in furthering our “Highly Practical Technologies Backed by Real Business” approach. In addition to our vision readily resonating with target companies, we can obtain information on promising deals early on and increase the value of target companies through DX, AI implementation, and overall AX. For this reason, we are receiving inquiries from multiple companies looking to be acquired by us. M&A target areas Our strengths in using M&A AI / Technology Expand and strengthen real business Area 1 Our DX, AI implementation, and overall AX capabilities, including deployment of AI agents, which can increase the value of target companies Our M&A team, which provides early access to a large amount of information on promising deals Our “Life Tech Company” vision, which target companies can find easily relatable Area 2 不動産 金融 ヘルス ケア 新規領域 セキュリティ ロボティクス等 IT
Page 30
Copyright 2025 SRE Holdings Corporation Growth Direction FY2025 Financial Forecast （From the financial results for the FY2024） 2 30 Security personnel （HR Tech） robotics, etc.※1 AI / Technology HealthcareIT AI / Technology AI / Technology Founding Our visionCurrent “Highly Practical Technologies Backed by Real Business” × “Ambidextrous Management” Responding flexibly to the needs of the world at any given time and strategically expanding business areas to achieve sustainable growth Areas with large TAM and high ARPU New Real estate Phase 1 Phase 2 Phase 3 Expansion into other industries through M&A and alliances, leveraging our strength in technology Establishment of a position as an unparalleled Life Tech Company that can solve the major social issue of Japan’s declining birthrate and aging population Establishment of Real x Tech in real estate, our original business area Phase 1 Phase 2 Phsae 3 Finance Realize low churn rate and high LTV through Real x Tech collaboration *1 This is one example of our vision for medium- to long-term growth.
Page 31
Copyright 2025 SRE Holdings Corporation Sustainable continued growth through the rapid growth of the highly profitable Life & Healthcare Solutions business and the promotion of AX, etc. With the expansion of TAM, M&A, and the launch of new domains, it will be possible to raise growth expectations in the medium term. Strengthening Group’s Profitability in Mid-Term FY2025 Financial Forecast （From the financial results for the FY2024） 2 31 FY2021 FY2022 FY2023 FY2024 FY2025 (Guidance) FY2026 (Image) FY2027 (Mid-term view) Profit of L&P Profit of AICC PT Profit of AICC LH Profit of AICC New domain
Page 32
Copyright 2025 SRE Holdings Corporation REF Overview of Our Businesses
Page 33
Copyright 2025 SRE Holdings Corporation History of SRE Holdings from its FoundingOverview of Our Businesses参考 33 We are “Life Tech Company” that develops solutions with highly practical technologies backed by real business into a wide range of life stages such as Real Estate, Finance, IT and Healthcare Outline History April 2014 Sony Real Estate established October 2015 Real Estate valuation engine utilizing AI developed Real Estate business utilizing technology(=Real Estate tech company)Step 01 October 2023 Began offering DX solutions for medical and welfarefacilities April 2024 Acquired MEDIX Co., Ltd., to expand healthcare solutions Expansion of our business domain into the healthcare sector to become a Life Tech CompanyStep 04 October 2018 SRE AI Partners established, starting partnerships with financial institutions June 2019 Name changed to SRE Holdings December 2019 Listed on TSE Mothers market Start of sales of AI SaaS solutions to external customers following improvement of UI/UX in internal "real business" operations Step 02 December 2020 Listing switched to TSE 1st section January 2021 Business unit to promote DX established under President June 2021 Selected for the DX Grand Prix 2021 / DX Stocks 2021 April 2022 Listing switched to TSE Prime Expansion of AI SaaS incorporating "real business" Step 03 *1 Number of officers and employees includes seconded and contract/temporary staff (as of Mar 31, 2025). *2 AICC business personnel are the sum of the number of executives engaged in this business and the number of personnel at engineering subcontractors (as of Mar 31, 2025. Established April 2014 Listed market section Tokyo Stock Exchange Prime Market Business segments AI Cloud & Consulting Life & Property Solution Major Shareholders Sony Group Corporation (23%) Staff* 555*1 (AICC Business Operators : 336*2)
Page 34
Copyright 2025 SRE Holdings Corporation Financial Track Record （FY2018 – FY2025）Overview of Our Businesses参考 34 2 28.9 38.5 73.3 135.7 185.4 242.1 266.9 350.0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Guidance) 4.2 7.4 10.5 13.9 16.8 22.1 31.0 40.5 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Guidance) Operating profit (consolidated) （¥100 billion） （¥100 billion） Net sales (consolidated)
Page 35
Copyright 2025 SRE Holdings Corporation Population distribution transition※ Solution Our business Expansion2020 2040 Population over 65 Y/O 29% 35% Extension of Healthy Lifespan Healthcare Financial /Living Security Real Estate /Finance Working age population 59% 54% Labor Saving （AI/Robotics） AICC Sustainable Business Growth by Perceiving Social Issues as Opportunities 35 参考 Overview of Our Businesses As the aging population with fewer children progresses, expand our “Highly Practical Technologies Backed by Real Business” approach, which has been centered on the Real Estate domain, into the Healthcare/Financial domains. This allows to broaden our response to the social issue of ‘aging population with fewer children’, which represents a significant business opportunity Life Tech Company Supporting AX × Healthcare × Lifestyle * Calculated by our company based on the population pyramid data from the National Institute of Population and Social Security Research
Page 36
Copyright 2025 SRE Holdings Corporation AI Cloud＆ Consulting （AICC） ◼ Asset management and brokerage services that leverage technology to drive business innovation and efficiency ◼ Development/Construction Consulting for expanding the fund’s AUM Overview of SREHD’s BusinessesOverview of Our Businesses参考 36 ◼ Provision of packaged business support cloud tools and AX/DX solutions Life＆ Property Solution （L&P） Life＆ Healthcare Solutions （LH） PropTech Solutions （PT） Business Overview Revenue Model Recurring income Monthly license fees/ Maintenance fee Primary target domains Healthcare / IT Cloud/consulting for medical and welfare facilities (Generative AI Chatbot, Management support tools, etc) Business support tool for Real estate (Home Valuation CLOUD, MK CLOUD, etc) Transactional income Consulting fee Real estate Recurring income Asset management fee Transactional income Capital gain/Brokerage fee Target domains
Page 37
Copyright 2025 SRE Holdings Corporation FY2023 FY2024 FY2025 FY2026～ Net sales Growth of AICC Focusing on LH Business参考 37 Overview of Our Businesses FY2022 Promoting the expansion and sales of highly practical products based on “Real x Technology”, with the Life & Healthcare Solutions (LH), which have a high ARPC and profitability, as the core, and driving sustainable revenue growth Healthcare DX ¥3.3 Trillion AI ¥2.2 Trillion Finance DX ¥4.0 Trillion Real estate ¥1.7 Trillion Each TAM(By 2026)※ * Our estimation based on desktop research Our recurring revenue scale (Projection) LH PT PropTech Solutions Life＆Healthcare Solutions
Page 38
Copyright 2025 SRE Holdings Corporation Overview of Our ProductsOverview of Our Businesses参考 Digital Marketing Solution A digital marketing solution that supports new patient acquisition, branding for clinics, and strengthening customer management Management Support Tool for Clinic A cloud tool that supports the efficiency / streamlining of clinic management and tedious back-office tasks. Generative AI chatbot for Healthcare domain Always supports attentive customer service with natural dialogue, and enables nurturing such as encouraging follow-up examination / re-visit Sales Tech Tool Enables target company analysis/list extraction and KPI visualization/analysis for inside sales. Home Valuation CLOUD for Financial Industries A tool that adapts SRE Home Valuation CLOUD for financial institutions and enhances / optimizes real estate collateral valuation and other processes AI Chatbot Integrated with an Appraisal System A generative AI chatbot capable of handling specialized contents, and the first in the real estate industry to incorporate the appraisal function SRE Appraisal API CLOUD Companies can integrate their systems/websites with our real estate valuation engine via API to utilize high- precision AI appraisals SRE Contract Creation CLOUD Contracts/documents creation tool that reduces working time by 60%, in addition to lowers omission risk by referencing history and templates SRE Marketing CLOUD A one-stop digital marketing service with AI appraisal and nurturing features SRE Home Valuation CLOUD AI assesses real estate by using actual transaction data and auto-generates appraisal reports with higher accuracy than expert. Also, reducing working time from 180 to 5 minutes 38 Product lineup for PropTech SolutionProduct lineup for Life&Healthcare Solution
Page 39
Copyright 2025 SRE Holdings Corporation Horizontal development of real x technologyOverview of Our Businesses参考 39 Practical knowledge /Data AI Chatbot Integrated with Appraisal System By training a generative AI with the insights and data accumulated through the Real business, it is possible to answer customer support during outside of business hours specialized content. This enables and tech-touch customer management Generative AI chatbot for Healthcare domain Digital Marketing Solution Management Support Tool for Healthcare domain Reconfigure real estate products and solutions for healthcare and expand horizontally AI Chatbot specialized in Real estate domain Expanding our AI chatbot, which is specialized in the Real estate domain, into the Healthcare domain. In the healthcare field, in addition to AI chatbots, we offer digital marketing solutions, management support tools, and some BPO services. SaaS + BPO = BPaaS deployment enables price increases and minimal churn rates. Expansion into the healthcare domain Various solutions Consultation
Page 40
Copyright 2025 SRE Holdings Corporation Approaches in the Healthcare DomainOverview of Our Businesses参考 Generative AI chatbot for Healthcare domain Digital Marketing Solution Management Support Tool for Healthcare domain Healthcare (priority area) Continue to develop new products and strengthen cross-selling Offering products as a package AX solution Life & Healthcare solution In the healthcare field, we offer a package of multiple products so that highly specialized personnel can focus on their highly specialized work. In addition to our expertise in identifying issues and developing solutions by immersing ourselves in our customers' business environments, we create BPaaSsolutions based on the data and insights gained through the identification and resolution of those issues, and continuously enhance their added value. Our competitive advantages Specialize in getting involved in the field, identifying issues, and building solutions. Enhance the added value of BPaaS solutions by identifying and resolving issues and utilizing the data obtained. In highly specialized areas such as medical care and treatment centers, highly specialized personnel are devoting resources to other tasks. 40
Page 41
Copyright 2025 SRE Holdings Corporation In SRE Home Valuation CLOUD, AI examines a very large dataset from past transactions in a short period of time to create very accurate real estate appraisals and reports automatically. Expanding to financial institutions such as banks and insurance companies in addition to real estate agencies Overview of SRE Home Valuation CLOUDOverview of Our Businesses参考 41 Appraisal Error Rate*2 *1 Actual values measured in our operations *2 The appraisal error rate is the median deviation between the valuation results by our agents or by SRE Home Valuation CLOUD and the actual transaction price for condominiums in the 23 wards of Tokyo (as of December 2024). Task Time*1 Task Overview Before After Selecting and assessing similar case by professionals Automated assessing based on big data of real estate (Regardless the user) 100 0 200 180 5 5 0 10 5.6% 9～10% (Min) (%)
Page 42
Copyright 2025 SRE Holdings Corporation Competitive advantage of AICC segment, KPI 参考 Overview of Our Businesses 42※1 Our estimation based on desktop research ※2 ARPC is calculated by dividing the average monthly recurring revenue of the second quarter (July –September) in LH by the average number of contracts during the same quarter Competitive advantage (real x technology) Real Operations Technology Cloud Consulting In-house Group Business Partner Practical Issues Needs Refine based on feedback TAM KPI※2 4.0 trillion yen※1 3.3 trillion yen※1 Real estate LH PT Finance IT, etc. Healthcare 1.7 trillion yen※1 2.2 trillion yen※1 No. of Contracts 4,798 （＋173 QoQ） 53thousand yen/month (▲8 thousand yen QoQ） (±0 thousand yen YoY) No. of Contracts 40４ （＋3９ QoQ） ５67thousand yen/month （+2 thousand yen QoQ） Real estate Finance IT, etc. Healthcare
Page 43
Copyright 2025 SRE Holdings Corporation Churn RateOverview of Our Businesses参考 43 • Churn rate is calculated for each month as the number of cancellations in the given month divided by the cumulative number of contracts at the end of the previous month, and this is the averaged over the past 12 months. ⚫ Ability to continuously improve added value by using our unique data ecosystem ⚫ Ability to utilize knowledge and data accumulated through the implementation of technology and systemization of operations within the group to develop solutions Our competitive advantages 0.7% 0.6% 0.5% 0.4% 0.4% 0.3% 0.3% 0.4% 0.4% 0.4% Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 The average churn rate over the past 12 months has remained low at 0.4% due to the provision of solutions enhanced in terms of practical usefulness. Churn rate over the last 12 months
Page 44
Copyright 2025 SRE Holdings Corporation Recurring Revenue Expansion in L&POverview of Our Businesses参考 44 In L&P, to expand the recurring revenue, accelerating the scaling of the assets under management(AUM) of the fund, primarily through external procurement, at our asset management subsidiary Furthermore, supplying assets that carefully selected for profitability from SRE HD and differentiated by DX to the fund Since the increase in the number of personnel is moderate compared to the expansion of AUM, profitability will continue to be enhanced over the medium to long term Newly formed asset Asset supply Revenue from property sales (Consumption revenue) Asset management Personnels Fund(Off balanced vehicle) Management Fee (Recurring revenue)Asset management Existing asset procurement from the market Expanding of AUM
Page 45
Copyright 2025 SRE Holdings Corporation Manage- ment fee (Reference) Overview of Off-Balance SchemeOverview of Our Businesses参考 45 By selling real estate developed in- house to non-consolidated funds, we minimize real estate price fluctuation risks and other risks while avoiding real estate ownership, and enable our asset management subsidiary to earn monthly recurring fees as operating fees. We will invest a few percent in funds established by our asset management subsidiary, but the risk is limited to that extent. Image of a 100 billion yen fund: Asset management subsidiary Investors Fund Of which, SRE's investment (several percent) 100 billion yen Assets 60 billion yen Liabilities 40 Billion yen Net Assets Real Estate sold to Fund Invest- ment Divi- dend
Page 46
Copyright 2025 SRE Holdings Corporation Disclaimer 46 • This document has been prepared solely for the purpose of presenting relevant information regarding SRE Holdings Corporation. • This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and SRE Holdings Corporation does not guarantee that the information contained in this presentation is true, accurate or complete. It should be understood that subsequent developments may affect the information contained in this presentation, which neither SRE Holdings Corporation nor its advisors or representatives are under an obligation to update, revise or affirm. The information in this presentation is subject to change without prior notice and such information may change materially. Neither this presentation nor any of its contents may be disclosed to or used by any other party for any purpose without the prior written consent of SRE Holdings Corporation. • This presentation contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including estimations, forecasts, targets and plans. Such forward- looking statements do not represent any guarantee by management of future performance. In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “continue,” “endeavor,” “estimate,” “expect,” “initiative,” “intend,” “may,” “plan,” “potential,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target,” “will” and similar expressions to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Any forward-looking statements in this document are based on the current assumptions and beliefs of SRE Holdings Corporation in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause SRE Holdings Corporation’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking information.