Slides
Page 1
Before After English Version (Securities Code: 8919, Prime Market of TSE) KATITAS Co., Ltd. Financial Results Presentation For the First Nine Months of the 48th Fiscal Year Ending March 31, 2026 (FY2025) February 6, 2026
Page 2
（TSE Prime 8919） Presentation Highlights 2 3. Overview of Business Model 4. APPENDIX Overview of Financial Results for the First Nine Months of the FY2025 (Ending March 31, 2026)1. 2. Fourth Medium-Term Management Plan and Management Plan for FY2025 (Ending March 31, 2026) P3-P12 P14-P26 P28-P42 P44-P50
Page 3
（TSE Prime 8919） 10,867 14,248 2024/12 2025/12 96,639 112,414 2024/12 2025/12 14,757 16,160 10,121 11,343 13,127 14,060 12,672 14,222 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 89,978 97,735 101,269 121,341 126,718 129,537 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 Sales and Operating Profit Trend 3 1. (1) When calculating the CAGR for operating profit, impact from 2024/3 and 2025/3 was measured using adjusted operating profit. (1) Historical Net Sales (FY-base) Historical Operating Profit (FY-base) (JPY MM)(JPY MM) Historical Net Sales (FY2025 3Q YTD) Historical Operating Profit (FY2025 3Q YTD) (JPY MM)(JPY MM)
Page 4
（TSE Prime 8919） Highlights of Financial Results for 3Q FY2025 (October - December 2025) (3) Number of inquiries (responses): The number of inquiries to property ads posted by KATITAS (parent) on its own website or other real estate portal sites. Includes telephone inquiries, e-mails, and requests for information to stores and call centers. The lead time between the receipt of an inquiry to delivery (sales booking) is about two to three months. 4 1. Sales (JPY MM) FY2024 3Q FY2025 3Q YoY Net sales 32,629 39,998 +22.6% Number of properties sold 1,850 2,220 +20.0% Gross profit margin (%) 24.3% 23.0% -1.3pt (Ref) Adjusted gross profit margin (%) (1) 24.3% 24.3% -0.0pt Profit SG&A expenses 3,885 3,980 +2.4% Operating profit 4,046 5,237 +29.4% Operating profit margin (%) 12.4％ 13.1％ ＋0.7pt Keyindicators Inventory real estates 59,001 77,200 +30.8% ROE (LTM) (2) 23.1% 25.3% +2.2pt (1 )Adjusted gross profit margin: Gross profit margin the company would have reported if not for deductions of “differences in consumption taxes, etc.” from net sales and gross profit undertaken since a May 2025 litigation defeat. Provided as a reference to illustrate the group’s underlying competitiveness. This reference value is calculated by adjusted gross profit (JPY 9,881 million) / adjusted net sales (JPY 40,662 million). (2) ROE (LTM) = Total profit attributable to owners of parent (LTM) / average of balances of shareholders’ equity at end-December of previous FY and end-December of current FY ◼ Purchasing also continued to be strong. Ample inventory has been secured to support future double-digit growth. The long-term inventory ratio was also maintained at a level comparable to previous levels • Houses purchased in 3Q: 2,725 (+11.9% YoY) Sales were strong and the outlook was favorable, leading the company to determine that the risk of long-term inventory buildup was low and to continue actively purchasing • Purchase prices remained at a constant level ◼ The number of properties sold increased significantly, supported by a favorable business environment and ample inventory. As a result, operating profit also rose sharply, with results exceeding expectations ◼ Sales were strong. Increased costs associated with new housing due to stricter environmental regulations, as well as inflation, are structural in nature, shifting the business environment in our favor • KATITAS: The number of properties sold reached a record high, supported by ample inventory and measures including strategic inventory initiatives • REPRICE: The price advantage over new construction continues. The number of properties sold reached a record high ◼ Gross profit margin declined slightly compared with 2Q, but remained strong • The adjusted gross profit margin (adjusted for the impact of the consumption tax-related litigation; see p.9 for changes in accounting treatment) was on par with the previous 3Q. The decline compared with 2Q was due to an increase in the sales mix of REPRICE • KATITAS: Gross profit margin declined slightly compared with 2Q due to strategic inventory initiatives, but came in as expected • REPRICE: The profit-based incentive scheme has gradually taken hold, enhancing profit awareness. In 3Q, gross profit margin declined slightly compared with 2Q due to sales promotions, but was in line with expectations ◼ Operating profit reached a record high on a quarterly basis • Gross profit margin was in line with expectations, and operating profit exceeded expectations due to a higher-than-expected number of properties sold • SG&A expenses increased due to higher personnel costs from a higher number of employees and increased profit-based incentives, and brokerage fees associated with increased sales • In the previous 3Q, ￥476 million was recorded in SG&A expenses as differences in consumption tax, etc.; however, in the current period, from May 12, 2025 onward, such amounts are deducted from sales and not recorded in SG&A expenses
Page 5
（TSE Prime 8919） (1) Compiled by our company based on REINS Data Library (Real Estate Information Network System) (2) Based on the Building Starts Statistics (Housing Starts Statistics) conducted by the Ministry of Land, Infrastructure, Transport and Tourism (3) Adjusted gross profit margin: Adjusted gross profit (JPY 28,110 million) / Adjusted net sales (JPY 114,084 million) * The above information includes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Please refer to the disclaimer on the last page of this presentation. ◼ Operating profit, our most important KGI, is progressing steadily against the plan. We expect to slightly exceed the full-year forecast (revised on November 7, 2025) ✓ Properties sold: Exceeded the plan. Our price advantage has been further enhanced by rising new construction prices. Inventory remains ample in both quantity and quality, supporting continued annual growth of 10% in the next fiscal year ✓ Gross profit per property sold and gross profit margin: In line with targets. Performance is expected to continue trending favorably going forward ✓ SG&A expenses: In 4Q, SG&A expenses are expected to increase by approximately 20% compared with the previous quarter due to expenses incurred for growth investments, increased investment in human capital, and higher taxes and public charges. ✓ REPRICE: Profit-focused operations have taken hold, with gross profit margin tracking above plan. Through the continued advancement of measures such as sales channel strategies, operating profit also continued to exceed the plan ◼ For the fiscal year ending March 2027, the Company aims to achieve the fourth Medium-Term Management Plan target of ￥20,000 million in operating profit ahead of schedule, and for the fiscal year ending March 2028, it aims to achieve operating profit growth of approximately 10% ◼ The market supply of newly built houses remains limited.(1) The cumulative number of housing starts for newly built detached houses from April to December declined 7.1% YoY(2) ◼ In regional areas, the supply-demand balance for local construction contractors remains relaxed due to a continued decline in new housing starts, resulting in limited upward pressure on costs. In addition, U.S. tariff measures have not affected the cost of supplies provided by Katitas to contractors ◼ Rising interest rates have not had a notable impact on sales trends. In addition, there has been no change in the rate of cancellations after contract signing due to mortgage loan application rejections Progress Versus Management Plan for FY2025 (Ending March 31, 2026) 5 1. (JPY MM) FY2025 3Q YTD (ended December 31, 2025) FY2025 Plan (ended Mar 31, 2025) FY2024 3Q YTD (ended December 31, 2024) Results vs sales (%) Full-year Results YoY(%) vs sales (%) Plan % of plan vs sales (%) Sales 112,414 100.0% 147,500 76.2% 100.0% 96,639 +16.3% 100.0% Number of properties sold 6,284 ‐ 8,250 76.2% - 5,526 +13.7% ‐ Gross profit 26,439 23.5% 34,600 76.4% 23.5% 22,577 +17.1% 23.4% (Ref) Adjusted gross profit(3) 28,110 24.6% 36,800 76.4% 24.6% 22,577 +24.5% 23.4% Operating profit 14,248 12.7% 17,800 80.0% 12.1% 10,867 +31.1% 11.2% Ordinary profit 13,905 12.4% 17,300 80.4% 11.7% 10,616 +31.0% 11.0% Profit attributable to owners of parent 9,486 8.4% 11,900 79.7% 8.1% 7,209 +31.6% 7.5%
Page 6
（TSE Prime 8919） Progress associated with other elements of our fourth medium-term management plan’s basic strategy Brokerage of properties between KATITAS Group companies • An initiative through which sales representatives from KATITAS act as brokers for properties marketed by REPRICE • Properties under construction, including low-priced products and properties under renovation that are difficult to sell through general brokerage firms, are also seeing improved sales New graduate recruitment • We aim to accelerate workforce expansion by increasing the number of new graduate hires • For April 2026 new graduate recruitment, KATITAS achieved its plan, while REPRICE slightly underperformed Capture new customer segments 6 Progress of Various Initiatives under the Medium-Term Management Plan (1) Percentage of REPRICE sales unit brokered by KATITAS FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q KATITAS 20% 20% 20% 20% 20% 20% 25% REPRICE 15% 20% 20% 20% 20% 20% 20% April 2024 April 2025 April 2026 April 2027 Result Result Forecast Target KATITAS 100 129 150 (plan 150) 150 REPRICE 21 28 33 (plan 35) 35 FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q Group brokerage ratio(1) 7% 12% 12% 17% 18% 19% 21% Basic Strategy Progress Advance into new markets (Open stores in untapped areas・Open small stores) • Planning to open new stores in the Kansai and Kanto regions. • Small stores: Decided to open two stores (Nayoro and Masuda). Additionally, multiple stores are being considered. Diversify purchasing channels Hiring dedicated personnel respectively to promote partnerships with local governments and with other industries. M&A Undisclosed Note: All rates are approximate Number of new graduate hires 1. Sales mix ratio of low-priced products Sales mix ratio of strategic inventory FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q KATITAS - - - - 0% 2% 5%
Page 7
（TSE Prime 8919） 556 626 596 657 622 682 657 745 104 102 104 108 99 112 113 132 0 100 200 300 400 500 600 700 800 900 1,000 22/3 22/9 23/3 23/9 24/3 24/9 25/3 25/9 +120 +118 +120 877 (+10.5%) +156794765728 Number of sales staff 7 1. ◼ The number of sales staff as of September 2025 was up 10.5% YoY. Progress is tracking at or slightly above plan, exceeding the conventional growth rate ◼ In April 2026, KATITAS and REPRICE expect to welcome 150 and 32 new graduate hires, respectively. New Graduates Katitas +107 people (No. of back-office employees: 1) +102 people +100 people +129 people (No. of back-office employees: 1) Reprice +15 people (No. of back-office employees: 1) +16 people +21 people (No. of back-office employees: 1) +28 people Monthly avg Katitas 623 people 652 people 679 people ‐ Reprice 108 people 108 people 113 people ‐ FY2022 FY2023 FY2025 KATITAS REPRICE（Only sales staff） FY2024 As of 2025/9/30As of 2024/9/30As of 2023/9/30As of 2022/9/30 (1) (1) Monthly avg = The total of the number of sales employees at the end of each month / 12 (Reposted from FY2025 2Q)
Page 8
（TSE Prime 8919） 8 1. (1) Adjusted gross profit margin: Gross profit margin the company would have reported if not for deductions of “differences in consumption taxes, etc.” from ne t sales and gross profit undertaken since a May 2025 litigation defeat. Provided as a reference to illustrate the group’s underlying competitiveness. 3Q: Adjusted gross profit (JPY 9,881 million) / Adjusted net sales (JPY 40,662 million), 3Q YTD: Adjusted gross profit (JPY 28,110 million) / Adjusted net sales (JPY 114,084 million) (2) ROA (LTM) = Total operating profit (LTM) / average of total assets at end-December of previous FY and end-December of current FY (3) ROE (LTM) = Total profit attributable to owners of parent (LTM) / average of balances of shareholders’ equity at end-December of previous FY and end-December of current FY Financial Highlights (JPY MM) FY2024 FY2025 YoY 1Q 2Q 3Q 4Q 3Q YTD Full-year 1Q 2Q 3Q 4Q 3Q YTD vs Q vs Q (%) vs YTD YTD(%) Net sales 31,195 32,814 32,629 32,897 96,639 129,537 35,063 37,352 39,998 112,414 +7,368 +22.6% +15,774 +16.3% Number of properties sold 1,786 1,890 1,850 1,846 5,526 7,372 1,976 2,088 2,220 6,284 +370 +20.0% +758 +13.7% Number of properties purchased 1,777 2,152 2,436 1,958 6,365 8,323 2,163 2,573 2,725 7,461 +289 +11.9% +1,096 +17.2% Gross profit 6,975 7,670 7,931 8,124 22,577 30,702 8,415 8,807 9,217 26,439 +1,285 +16.2% +3,861 +17.1% Gross profit margin (％) 22.4% 23.4% 24.3% 24.7% 23.4% 23.7% 24.0% 23.6% 23.0% 23.5% -1.3pt +0.2pt (Ref) Adjusted gross profit margin(1) 22.4% 23.4% 24.3% 24.7% 23.4% 23.7% 24.8% 24.8% 24.3% 24.6% -0.0pt +1.3pt SG&A expenses 3,868 3,956 3,885 4,769 11,710 16,479 4,083 4,127 3,980 12,191 +94 +2.4% +481 +4.1% Operating profit 3,107 3,713 4,046 3,355 10,867 14,222 4,331 4,679 5,237 14,248 +1,190 +29.4% +3,380 +31.1% Operating profit margin (％) 10.0% 11.3% 12.4% 10.2% 11.2% 11.0% 12.4% 12.5% 13.1% 12.7% +0.7pt +1.4pt Ordinary profit 3,014 3,641 3,960 3,259 10,616 13,876 4,199 4,585 5,121 13,905 +1,160 +29.3% +3,288 +31.0% Ordinary profit margin (%) 9.7% 11.1% 12.1% 9.9% 11.0% 10.7% 12.0% 12.3% 12.8% 12.4% +0.7pt +1.4pt Net income 2,049 2,486 2,674 2,341 7,209 9,550 2,857 3,128 3,499 9,486 +825 +30.9% +2,276 +31.6% Net income margin (%) 6.6% 7.6% 8.2% 7.1% 7.5% 7.4% 8.2% 8.4% 8.7% 8.4% +0.6pt +1.0pt EPS（JPY） 26.27 31.81 34.21 29.93 92.29 122.22 36.55 40.01 44.73 121.29 +10.52 +30.8% +29.00 +31.4% vs 24/12 vs 24/12(%) vs 25/3 vs 25/3(%) Cash and deposits 21,375 22,289 16,646 18,766 13,646 12,919 10,156 -6,489 -39.0% -8,610 -45.9% Real estate for sale 35,409 34,214 36,893 39,141 41,812 44,063 46,915 +10,022 +27.2% +7,774 +19.9% Real estate for sale in process 15,734 18,863 22,108 22,394 23,186 26,758 30,285 +8,177 +37.0% +7,890 +35.2% Inventory real estates 51,144 53,078 59,001 61,535 64,998 70,822 77,200 +18,199 +30.8% +15,665 +25.5% Inventory turnover ratio (LTM) 1.87 1.83 1.73 1.74 1.74 1.69 1.63 -0.10 -0.11 Total assets 75,212 78,439 78,220 83,329 81,682 87,085 90,566 +12,345 +15.8% +7,236 +8.7% ROA（LTM）(%) 18.2% 18.6% 18.8% 17.7% 19.7% 19.8% 20.9% +2.0pt +3.2% Interest-bearing liabilities 26,500 26,500 26,500 26,500 26,500 26,500 29,500 +3,000 +11.3% +3,000 +11.3% Shareholders’ equity 40,315 42,891 43,378 45,719 46,387 49,624 50,073 +6,695 +15.4% +4,354 +9.5% Equity-to-asset ratio（%） 53.6% 54.7% 55.5% 54.9% 56.8% 57.0% 55.3% -0.2pt +0.4% ROE（LTM）(%) 22.1% 22.4% 23.1% 22.2% 23.9% 23.8% 25.3% +2.2pt +3.1% 1H 2H Full-year 1H 2H YTD vs 1H vs 2H Full-year Decrease in Inventory real estates -822 -8,462 -9,284 -9,291 -8,469 Cash flows from operating activities +2,363 ‐1,200 +1,162 -3,604 -5,967 Cash flows from investing activities -19 -132 -152 -52 -32 Cash flows from financing activities -2,081 -2,189 -4,270 -2,190 -109 Net increase (decrease) in cash and cash equivalents +261 -3,522 -3,260 -5,847 -6,109
Page 9
（TSE Prime 8919） ◼ On May 12, 2025, we received a notice from the Supreme Court stating it would not accept the appeal in the consumption tax-related lawsuit against the National Tax Agency ◼ Effective from May 12, 2025, we will adopt the calculation method prescribed by the National Tax Agency from the sales contract phase, which will result in a reduction in net sales and gross profit. However, since the difference in consumption taxes, etc. has already been recorded under SG&A expense, there will be no impact on operating profit. Cash flow has also remained unchanged since the period underdispute Consumption Tax-related Litigation: Accounting Treatment Following the Supreme Court’s Decision to Dismiss the Appeal 99 Before May 12, 2025 (during period of dispute) Since May 12, 2025 Net sales & Gross profit Calculate consumption tax using our calculation method Contract price also calculated using our calculation method Decrease(as difference in consumption tax will be deducted from sales) Operating profit Difference in consumption tax is calculated retroactively and recorded as SG&A expenses No change(Although sales and gross profit will decrease, SG&A expenses will also decrease by the same amount due to the difference in consumption tax) Cash flow Pay taxes based on the National Tax Agency’s calculation method No change(as we have been paying taxes using the method prescribed by the National Tax Agency during the litigation) Operating profit will remain unchanged even after the appeal is dismissed Gross Profit (margin) 4.0m (26.7%) Consumption Tax 0.6m Tax-exclusive sales price 15.0m COGS 11.0m SG&A 2.5m Difference in consumption taxes, etc. 0.3m Operating profit 1.5m Gross Profit (margin) 3.7m (25.2%) Consumption Tax 0.9m Difference in consumption taxes, etc. 0.3m Tax- exclusive sales price 14.7m COGS 11.0m SG&A 2.2m Operating profit 1.5m (JPY MM) 1. * Amounts are for illustrative purposes and not actual figures (Reposted from FY2025 1Q)
Page 10
（TSE Prime 8919） 26.22 27.57 27.93 28.09 30.09 31.28 16.88 17.85 18.67 18.74 18.95 18.69 14.98 15.52 16.08 16.43 16.31 16.89 0 5 10 15 20 25 30 35 40 2020 2021 2022 2023 2024 2025 Transaction Price Trends for New and Pre- Owned Homes in Regional Areas new detached houses pre-owned detached houses KATITAS 15,516 13,981 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25 New Housing Inventory in Regional Markets YoY ▲9.9% 10 ◼ The number of newly built detached housing inventory in regional markets has been declining since 2024, and recently remains consistently below pre-COVID-19 levels. ◼ The gap in transaction prices between new and pre-owned detached houses has been widening. From January to December 2025, prices of newly built houses increased by ¥5.58 million compared to pre-COVID-19 levels. ◼ Due to the decrease in new housing inventory, which limits customers’ options, and the widening price gap between new and pre-owned detached houses, more customers are likely to choose pre-owned houses. 1. Market Conditions for New and Pre-owned Detached Houses in Regional Areas (KATITAS Areas) (1) Prices for KATITAS include tax. In addition, KATITAS figures are shown on a fiscal-year basis. “2025” covers the nine-month period from April to December 2025, and “2024” refers to fiscal 2024 (April 2024 to March 2025). The same applies to other years. Source: Prepared by our company based on REINS Data Library (Real Estate Information Network System) and internal company data. Regional markets: all areas other than Tokyo, Kanagawa, Saitama, Chiba, Aichi, and Osaka prefectures. (Number of units) Price Gap: ¥9.34M Price Gap: ¥12.59M (+¥3.25 million vs. 2020) (Year) (JPY MM) (Jan-Dec) Pre-COVID-19 (Mar '20) 15,732 units Pre-COVID-19 (Mar '20) ¥25.70M (1)
Page 11
（TSE Prime 8919） 33.34 36.79 38.47 37.63 40.38 43.77 27.00 30.17 32.17 32.80 33.52 33.90 20.02 21.69 23.74 23.79 23.21 24.12 0 5 10 15 20 25 30 35 40 45 50 2020 2021 2022 2023 2024 2025 Transaction Price Trends for New and Pre-Owned Homes in Urban Areas new detached houses pre-owned detached houses REPRICE 21,897 19,361 0 5,000 10,000 15,000 20,000 25,000 30,000 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25 New Housing Inventory in Urban Markets Pre-COVID-19 (Mar '20) 24,579 units 11 ◼ The number of newly built detached housing inventory in regional markets has been declining since 2024, and recently remains consistently below pre-COVID-19 levels. ◼ The gap in transaction prices between new and pre-owned detached houses has been widening. From January to December 2025, prices of newly built houses increased by ¥11.42 million compared to pre-COVID-19 levels. ◼ Due to the decrease in new housing inventory, which limits customers’ options, and the widening price gap between new and pre-owned detached houses, more customers are likely to choose pre-owned houses. 1. Market Conditions for New and Pre-owned Detached Houses in Urban Areas (REPRICE Areas) (1) Prices for REPRICE include tax. In addition, REPRICE figures are shown on a fiscal-year basis. “2025” covers the nine-month period from April to December 2025, and “2024” refers to fiscal 2024 (April 2024 to March 2025). The same applies to other years. Source: Prepared by our company based on REINS Data Library (Real Estate Information Network System) and internal company data. Urban markets: Tokyo, Kanagawa, Saitama, Chiba, Aichi, and Osaka prefectures. (Number of units) Price Gap: ¥6.34M Price Gap: ¥9.88M (+¥3.54 million vs. 2020) (Year) (JPY MM) (Jan-Dec) Pre-COVID-19 (Mar '20) ¥32.35M YoY ▲11.6% (1)
Page 12
（TSE Prime 8919） 49,553 47,105 71,638 68,729 0 30,000 60,000 90,000 120,000 150,000 2022 2023 2024 2025 Trends in New Housing Starts （Regional and Urban Markets） regional markets urban markets 121,191 115,834 0 30,000 60,000 90,000 120,000 150,000 2022 2023 2024 2025 Trends in New Housing Starts （Nationwide） 12 1. Trends in New Housing Starts (Detached Houses in Subdivisions) YoY ▲4.4% YoY ▲4.9% YoY ▲4.1% (Year) (Number of units) (Number of units) (Year) Source: Prepared by our company based on the Building Starts Statistics Survey (Housing Starts Statistics) conducted by the Ministry of Land, Infrastructure, Transport and Tourism. Regional markets: all areas other than Tokyo, Kanagawa, Saitama, Chiba, Aichi, and Osaka prefectures. Urban markets: Tokyo, Kanagawa, Saitama, Chiba, Aichi, and Osaka prefectures. (1) There was an increase in February–March due to a rush ahead of the stricter environmental regulations implemented in April. (2) Nihon Keizai Shimbun: "740,000 new housing starts in 2025, the lowest level in the past 61 years; the 'myth of new construction' collapses." ◼ The number of new housing starts is on a downward trend, driven by structural factors, including rising construction costs for new housing and stricter environmental regulations. ◼ In 2025, the year-on-year decline continued nationwide. Although it turned to a year-on-year increase from October (from November in regional areas and from August in urban areas), the number of housing starts remains at a low level.(1) ◼ Even in terms of total housing starts, including housing other than built-for-sale detached houses, 2025 marked the lowest level in the past 61 years, amid soaring construction costs and other factors.(2)
Page 13
（TSE Prime 8919） Presentation Highlights 13 3. Overview of Business Model 4. APPENDIX Overview of Financial Results for the First Nine Months of the FY2025 (Ending March 31, 2026)1. 2. Fourth Medium-Term Management Plan and Management Plan for FY2025 (Ending March 31, 2026) P3-P12 P14-P26 P28-P42 P44-P50
Page 14
（TSE Prime 8919） Upward Revision to Earnings Forecast 14 2. (JPY MM) FY2024 FY2025 FY2025 Plan (ended Mar 31, 2026) Results vs sales (%) Initial plan YoY(%) vs sales (%) New plan vs sales (%) Variance from initial plan Variance from initial plan (%) YoY(%) Sales 129,537 100.0% 146,000 +12.7% 100.0% 147,500 100.0% +1,500 +1.0% +13.9% Number of properties sold 7,372 ‐ 8,240 +11.8% - 8,250 - +10 +0.1% +11.9% Gross profit (after consumption tax adjustment) 30,702 23.7% 34,600 +12.7% 23.7% 34,600 23.5% - - +12.7% Adjusted gross profit(1) (Reference: For comparison with previous year and plan) 30,702 23.7% 34,600 +12.7% 23.7% 36,800 24.6% +2,200 +6.4% +19.9% Operating profit 14,222 11.0% 16,200 +13.9% 11.1% 17,800 12.1% +1,600 +9.9% +25.2% Ordinary profit 13,876 10.7% 15,700 +13.1% 10.8% 17,300 11.7% +1,600 +10.2% +24.7% Profit attributable to owners of parent 9,550 7.4% 10,800 +13.1% 7.4% 11,900 8.1% +1,100 +10.2% +24.6% ◼ Prices of newly built houses have risen due to higher construction costs associated with stricter environmental regulations and inflation. The price competitiveness of the pre-owned houses sold by the group improved, leading to solid performance in 1H. As profitability is expected to continue exceeding the initial plan in 2H, the earnings forecast has been revised upward. ◼ The three main points of revision from the initial plan are as follows: ① Improvement in gross profit margin: The company assumes an improvement of approximately 1pt on an adjusted gross profit margin basis (a reference figure adjusted for the impact of the consumption tax-related litigation). We are aiming to recover from the approximately 1pt decline in gross profit margin resulting from the loss in the consumption tax-related litigation in May. ② Reflecting the consumption tax-related litigation loss: Both the gross profit margin and SG&A expense ratio were reduced by approximately 1pt, resulting in no impact on operating profit ③ Revision of investment plan: Investments in human capital not included in the initial plan have been recorded (¥200 million already recorded in 1H, with ¥200 million planned for 2H). An additional ¥200 million has been recorded for IT system investments aimed at improving productivity and for advertising and promotional activities to enhance brand awareness ◼ Operating profit is projected at ¥9.0 billion for 1H and ¥8.8 billion for 2H, totaling ¥17.8 billion for the full year (+¥1.6 billion vs. the previous plan) (1)Adjusted gross profit margin: Gross profit margin the company would have reported if not for deductions of “differences in consumption taxes, etc.” from net sales and gross profit undertaken since a May 2025 litigation defeat. Provided as a reference to illustrate the group’s underlying competitiveness. This reference value is calculated by adjusted gross profit (JPY 36,800 mi llion) / adjusted net sales (JPY 149,700 million). Offsetting the approx. 1pt impact from the consumption tax-related litigation loss in May(1) (Reposted from FY2025 2Q)
Page 15
（TSE Prime 8919）Breakdown of Profit Fluctuations Associated with the Earnings Forecast Revision 15 2. 16,200 154 965 1,170 2,200 2,200 200 200 19 17,800 ②Zero impact on operating profit from the consumption tax-related litigation loss (1)Adjusted gross profit per property sold: Gross profit per property sold the company would have reported if not for deductions of “differences in consumption taxes, etc.” from net sales and gross pr ofit undertaken since a May 2025 litigation defeat. Provided as a reference to illustrate the group’s underlying competitiveness. (1) ①Improvement in Gross Profit Margin: Expected to remain at a high level in the 2H, as in the 1H Approx. ¥800 million upswing in 1H ③Additional Investment Plans ・IT system and advertising investments: ¥200 million ・Human capital investment: ¥400 million for the year (¥200 million recorded in 1H, ¥200 million planned for 2H) (1) （JPY MM） (Reposted from FY2025 2Q)
Page 16
（TSE Prime 8919） Revision of Dividend Forecast ◼ The Fourth Medium-Term Management Plan stipulates a dividend payout ratio of 50% or more and a policy of progressive dividends ◼ Due to strong 1H performance and the revision of the full-year earnings forecast, the dividend forecast has been revised. The interim dividend will be increased by ¥4.0, and the year-end dividend will be increased by ¥4.0. Interim dividend: ¥39.0 per share; year-end dividend: ¥39.0 per share; total annual dividend: ¥78.0 per share The annual dividend of ¥78.0 per share is three times the dividend paid shortly after listing in 2017 (equivalent to ¥26.0 per year) 16 2. FY2024 FY2025 (Initial forecast) FY2026 (New forecast) Interim Year-end Interim Year-end Interim Compared with initial forecast Year-end Compared with initial forecast Dividends per share 28.0円 28.0円 35.0円 35.0円 39.0円 ＋4.0円 39.0円 ＋4.0円 Dividend payout ratio 45.8% 50.7% 51.3% Dividend payout ratio (based on adjusted net profit) 40.2% - - * The above information includes forward-looking statements within the meaning of the United States Private Securities Litigatio n Reform Act of 1995. Please refer to the disclaimer on the last page of this presentation. (Reposted from FY2025 2Q)
Page 17
（TSE Prime 8919） 6,374 16,160 1,210 5,020 13,127 14,222 2,484 4,402 6,120 7,372 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Continuing Steady Business Growth Since Launch of Current Management Team 17 ◼ Current management team established in FY2012. Achieved continuous growth while improving profitability ◼ Number of properties sold rose approx. 3x and operating profit rose approx. 12x (adjusted operating profit approx. 13x) compared to FY2011 ◼ Substantially improved employee treatment, with average age of sales staff becoming 13 years younger and average annual income increasing by 84% compared to FY2012 2. (1) At KATITAS parent for second-year employees onward. Employees on leave are excluded. (2) Conducted fair value assessment of inventory at the time of the REPRICE integration. Adjusted operating profit reflects o perating profit assuming no such assessment had been made (FY2016–2017) (3) Adjusted operating profit reflects the difference in consumption tax resulting from the loss of the consumption tax -related litigation (FY2023–2024) 31.5 years old FY2024FY2012 6.32 million yen +DC and Company housing program Average age and average annual income of sales staff REPRICE management integration ▼ IPO ▼ ▲ Lost first ruling on consumption tax Business operations under current management team (1) Number of properties sold and operating profit ● Number of properties sold ■■ Operating profit ■ Adjusted operating profit (2)(3) 3.43 million yen 44.5 years old (JPY MM) (JPY MM) (Reposted from FY2024 4Q)
Page 18
（TSE Prime 8919） Long-Term Vision and Positioning of Fourth Medium-Term Management Plan First Medium-Term Management Plan Second Medium-Term Management Plan Third Medium-Term Management Plan Fourth Medium-Term Management Plan … 2035 … Long-term Vision 17.3 18.3 19.3 20.3 21.3 22.3 23.3 24.3 25.3 26.3 27.3 28.3 Foundation-building period Reacceleration of growth COVID-19 response period Management foundation strengthening period Annual houses sold: 10,000 Operating profit CAGR: 12% Achievement of medium-term targets under current management team Medium-term targets set upon launch of current management team in 2012 • Annual number of houses sold: 10,000 • Net sales: 100 billion yen * Achieved in FY2021 • Operating profit: 10 billion yen * Achieved in FY2019 Annual houses sold: 20,000 Realized the vision of “The company to buy or sell your home through.” ◼ Our long-term vision is to become the company that enriches people's lives the most in Japan ◼ We achieved tangible results in our third medium-term management plan, which ended in FY2024, establishing a foundation for growth by improving the quantity and quality of human resources, etc. ◼ In the fourth medium-term management plan, we aim to achieve an operating profit CAGR of 12% and reach our medium-term target of 10,000 houses sold per year set in 2012 Achieve further growth and social impact Become the company that enriches people's lives the most in Japan 2. (Reposted from FY2024 4Q) 18
Page 19
（TSE Prime 8919） 19 ◼ We will deepen our existing businesses while advancing into new geographical markets and developing new products that enable us to reach new customer segments ◼ We will expand our growth potential and accelerate growth by developing new markets and new customer segments Aiming to Expand Growth Potential and Accelerate Growth In the Fourth Medium-Term Management Plan Existing markets New markets Existing products New products Advance into new markets (Potential market: 31,000 households/year) ✓ Strengthening store openings in untapped areas ✓ Advance into small but highly profitable areas with small stores Long-term vision Become the company that enriches people's lives the most in Japan Capture new customer segments (Potential market: 78,000 to 92,000 households/year) ✓ Enhance property offerings to attract customers looking to build new homes ✓ Boost planning capabilities to capture customer segments other than family households Existing markets and existing products (Potential market: 123,000 households/year) ✓ Diversify purchasing channels ⇒ Identify additional opportunities 2. (Reposted from FY2024 4Q) *See page 31 for the definition and calculation method of the number of households in the potential market
Page 20
（TSE Prime 8919） 20 ◼ With a focus on vacant houses, rural areas, and adding value to the lifestyle of middle- and low-income earners, our long-term vision is to become the company that enriches people's lives the most in Japan ◼ In the fourth medium-term plan period, we will focus on quantitative growth while prioritizing operating profit as our most important KGI. We aim to achieve growth of 10% or more. ◼ We set ROE as a new KGI and aim to maintain a minimum of 20%. In addition, we increased the dividend payout ratio from the previous 40% to 50% or more and introduced a progressive dividend policy Vision for the Fourth Medium-Term Management Plan (Financial KGI) FY2024 FY2027 Results Plan CAGR Number of properties sold 7,372 ・・・ 10,000 10.7% Operating profit 14,222 Million yen ・・・ 20,000 Million yen 12.0% ROE 22.2% ・・・ 20% or more - Dividend payout ratio 45.8% ・・・ 50.0％ or more & progressive dividend payment - 2. (Reposted from FY2024 4Q)
Page 21
（TSE Prime 8919） 21 External Environment and Challenges in the Fourth Medium-Term Management Plan ◼ Industry and business structure remains resistant to the external environment. Furthermore, changes in the external environment (society and competitive environment) creates additional growth opportunities ◼ We identified the following challenges to be addressed in order to take advantage of growth opportunities and continue the initiatives from the previous medium-term plan ⚫ Many vacant houses resulting from declining birthrate and aging population ⇒There will continue to be ample target properties available for purchase ⚫ High demand for low-priced, high-quality housing ⇒There is substantial underlying demand ⚫ Difficulty in handling regional/pre-owned/detached houses ⇒There are many new entrants, but most companies exit without scaling up, resulting in no increase in supply Industry and business structure (permanent factors) ⚫ High cost of new housing • Increased costs and reduced supply of new housing due to inflation, stricter environmental regulations, etc. • Rise in mortgage interest rates due to increase in policy interest rates ⚫ Increase in demand for low-priced products due to rising living expenses ⚫ Changes in household composition (decline in family households, increase in single-person households) ⚫ Policies to promote market circulation of vacant houses • Making inheritance registration mandatory • Revision of the Act on Special Measures for Vacant Houses • Relaxation of brokerage fee regulations for low-priced vacant houses Changes in society Changes in competitive environment Growth is driven by our own efforts as the external environment has limited impact Growth opportunities driven by changes in external environment ⚫ [Ongoing] Increase sales staff and improve productivity to fulfill substantial underlying demand ⚫ Shrinking household sizes and diversifying lifestyles: Address diversifying customer needs (acquire customers other than traditional family households) ⚫ Build a purchasing channel to acquire target properties as more vacant homes become available ⚫ [Ongoing] Explore M&A opportunities ⚫ Curb the impact of changes in the market for newly built detached houses on REPRICE business results Challenges to be addressed during the fourth medium-term management plan period + ongoing challenges from the previous medium-term management plan (third medium-term management plan) 2. (Reposted from FY2024 4Q)
Page 22
（TSE Prime 8919） 22 ◼ We formulated a basic strategy to address the challenges we will focus on during the fourth medium-term plan period and the ongoing challenges from the previous medium-term plan. We aim to accelerate growth by implementing this basic strategy. Basic Strategy in Response to Management Challenges ① Fourth Medium-Term Management Plan: Basic Strategy Overview ① Increase sales staff and strengthen training ∟Open stores in untapped areas ∟Open small stores • Aim to accelerate personnel growth by increasing the number of new graduate hires and enhancing retention efforts • Leverage our robust human capital to tap into areas without existing stores and small but highly profitable areas • Establish a Organizational Strategy Promotion Office to strengthen organizational capabilities at stores facing challenges ② Improve productivity ∟Set strategic inventory budget • Continue efforts to improve productivity by investing in various systems • Set a strategic inventory budget for inventory with high turnover potential. Aim to boost the number of properties handled while keeping sales staff workload to a minimum ③ Diversify renovation projects ∟Capture new customer segments • Shrinking household sizes and diversifying lifestyles: Enhance renovation projects that address customer needs • Continue efforts to expand construction capacity by finding new contractors ④ Diversify purchasing channels • Maintain brokerage channel while diversifying purchasing channels through collaboration with local governments and other industries ⑤ M&A • Objective is to leverage KATITAS sales capabilities and diversify purchasing channels • Currently reviewing multiple companies. Planning to fund M&A deals using debt ⑥ Improve REPRICE earnings stability • Market impact on business results decreased due to various measures implemented in FY2024 • Aim to strengthen renovation cost control capabilities by finding new contractors Challenges to be addressed during the fourth medium-term management plan period + ongoing challenges from the previous medium-term management plan (third medium-term management plan) 2. (Reposted from FY2024 4Q)
Page 23
（TSE Prime 8919） 23 ◼ During the three-year-period of the fourth medium-term management plan, we will invest in strategic inventory (properties with high turnover potential) and pursue the possibility of M&A implementation ◼ Our minimum required equity-to-asset ratio is approximately 30%. We are currently reviewing multiple M&A opportunities and will retain the shareholders' equity necessary for these investments on our balance sheet for the time being (planning to fund investments through debt). Capital Allocation Net income for three years Shareholders' equity for M&A End- FY2024 55% Equity-to-asset ratio End- FY2027 (natural state) Appx. 60% Minimum 30% Dividends for three years Shareholders' equity for strategic inventory investment 2. (Reposted from FY2024 4Q)
Page 24
（TSE Prime 8919） 13.7% 10.2% 11.0% 10.1% 11.0% 21/3 22/3 23/3 24/3 25/3 526 556 596 622 657 104 106 102 100 129630 662 698 722 786 21/3 22/3 23/3 24/3 25/3 4月入社 3月末営業員数 24 Growth Strategy at KATITAS (1): Enhance Sales Force (FY2024 Results) ◼ There’s ample supply of vacant houses in Japan and sufficient demand for low-priced houses. The potential market is sizable both for purchases and sales. ◼ KATITAS plans to expand through an increase in procured and sold homes by increasing sales staff headcount while maintaining and improving productivity. ◼ We expanded our capacity to train new graduate employees by continuing our recruitment efforts. In April 2025, we increased the number of new hires from the usual 100 to 129. Next year, we plan to hire 150 new employees 2. Sales employees(1) (average during the fiscal year) 639.5 Purchases 10.0 / sales employee Sales 8.8 / sales employee Sales Staff Productivity Capacity (FY2024 Results) Number of properties sold: 5,597 = = (1) Number of sales staff = Number of store staff (incl. contract and part-time) + number of deputy sales managers and section managers (2) Earnings presentation materials from the fiscal year ended March 31, 2021, will include properties purchased at auction, retr oactively applied in previous fiscal years. (3) Turnover rate = number of employees who resigned or retired during the fiscal year / number of employees at the beginning of the fiscal yea r (4) Award for companies with high employee engagement presented by Link and Motivation Inc.; KATITAS Co., Ltd. press release (5) Figures represent historical results of KATITAS (non-consolidated) ✓ Turnover rate in FY2024 came in as expected at 11.0%. ✓ Employee engagement survey results exceeded the benchmark “BBB” and we received the Best Motivation Company Award 2025 (4) Turnover rate(3)Number of sales staff ✓ As of April 1, 2025, our sales force had expanded 8.9% YoY. ✓ We continue to focus primarily on recruiting new graduates. Under the fourth medium-term plan kicking off this fiscal year, we plan to accelerate the pace of our personnel expansion. as of 2025/4/1 Joined in April No. of employees as of end-March Number of properties purchased: 6,364 (2) (People) as of 2024/4/1as of 2023/4/1as of 2022/4/1as of 2021/4/1 (Reposted from FY2024 4Q)
Page 25
（TSE Prime 8919） 10.1 22.1 25.4 First year Second year Third year 8.6 8.6 9.0 9.1 8.8 8.6 9.6 9.5 8.8 10.0 17.2 18.2 18.5 17.9 18.8 21/3 22/3 23/3 24/3 25/3 Sales Purchases 25 Growth Strategy at KATITAS (2): Productivity Improvement (FY2024 Results)2. Productivity of sales staff(2) (3) ✓ Growth in contracts for which renovations are underway (and also those sold in the present condition) continued ✓ We will continue improving productivity while aiming to boost gross profit per property ✓ By increasing the number of employees at store-manager level, we increased capacity for training and accelerated the time it takes until new employees start contributing to the business. ✓ Effective from FY2023, the target productivity of sales employees raised from 24 properties (purchased and sold) to 32 properties sold. (properties) ◼ Productivity continued to rise, reaching a record high in FY2024. Contributing factors included strengthening KPI management for purchasing and increasing turnover through low-priced products ◼ In FY2025, we will focus on bolstering properties with high turnover potential, enhancing our sales website, diversifying our promotional activities, and stepping up marketing automation Productivity of new graduate employees(4) Procurement via direct purchase method (1) Number of sales staff = Number of store staff (incl. contract and part-time) + number of deputy sales managers and section managers (2) Earnings presentation materials from the fiscal year ended March 31, 2021, will include properties purchased at auction, retr oactively applied in previous fiscal years. (3) Productivity= sum of the number of homes purchased and the number of homes sold by KATITAS over a period, divided by the aver age of the number of sales employees of KATITAS at the beginning and end of the period (4) Average calculated from the results of the last three fiscal years (5) Figures represent historical results of KATITAS (non-consolidated) Sales employees(1) (average during the fiscal year) 639.5 Purchases 10.0 / sales employee Sales 8.8 / sales employee Sales Staff Productivity Capacity (FY2024 Results) Number of properties purchased: 6,364 Number of properties sold: 5,597 = = (2) (properties) (Reposted from FY2024 4Q)
Page 26
（TSE Prime 8919） 15.0 13.8 16.5 16.1 16.7 12.4 15.5 17.5 16.1 18.5 27.4 29.3 34.0 32.2 35.2 21/3 22/3 23/3 24/3 25/3 Sales Purchases 113 104 104 99 113 14 14 16 21 28127 118 120 120 21/3 22/3 23/3 24/3 25/3 3月末営業人員数 4月入社 ◼ Like KATITAS, we plan to drive growth at REPRICE by increasing sales staff and maintaining or raising productivity. ◼ Sales staff headcount grew substantially as we increased hiring and stepped-up retention efforts ◼ Productivity is trending upward and reached a record high in FY2024. Contributing factors include low-priced products and changes in sales channel strategy (1) Number of sales staff = Number of sales representatives + Number of sales block managers and area managers (2) Productivity= sum of the number of homes procured and the number of homes sold by REPRICE over a period, divided by the avera ge of the number of sales employees of REPRICE at the beginning and end of the fiscal year 26 Growth Strategy at REPRICE (FY2024 Results)2. Productivity(2)Number of sales staff ✓ Reached a record high in FY2024 ✓ From FY2025 onward, we will aim to improve profit per property while maintaining productivity, as the ratio of new employees will rise due to increased hiring ✓ As of April 1, 2025, our sales force had expanded 17.5% YoY. ✓ Hired 28 new graduates in April 2025. ✓ Employee engagement survey results exceeded the benchmark “BBB,” and there were no resignations among new employees hired in April 2024 as 2025/4/1as of 2024/4/1 as of 2023/4/1 as of 2022/4/1 as of 2021/4/1 Sales employees (average during the fiscal year) 106.0 Purchases 18.5 / sales employee Sales 16.7 / sales employee Sales Staff Productivity Capacity (FY2024 Results) Number of properties purchased:1,959 Number of properties sold:1,775 = = Joined in AprilNo. of employees as of end-March (People) (properties) 141 Sales employees (1) (average during the fiscal year) 106.0 Purchases 18.5 / sales employee Sales 16.7 / sales employee (Reposted from FY2024 4Q)
Page 27
（TSE Prime 8919） Presentation Highlights 27 3. Overview of Business Model 4. APPENDIX Overview of Financial Results for the First Nine Months of the FY2025 (Ending March 31, 2026)1. 2. Fourth Medium-Term Management Plan and Management Plan for FY2025 (Ending March 31, 2026) P3-P12 P14-P26 P28-P42 P44-P50
Page 28
（TSE Prime 8919） KATITAS 89,709 REPRICE 39,945 Operating areas Suburban areas and Regional Cities Cities and Suburban areas Number of properties sold 5,597 Houses 1,775 houses Ratio of single- family detached houses 93.8% 73.5% Average price per property sold (1) 15.8MM 22.4MM KATITAS Group Business Model of KATITAS 28 SaleRenovationProcurement Seller Buyer Before After Building materials manufacturers Contractors Large-volume orders Price discounts Price discount Regular orders FY2024 Revenue (JPY millions) Ability to implement renovation work Ability to plan renovation work Ability to procure properties Ability to assess property purchase risks KATITAS (1) Excluding tax 3. ◼ KATITAS purchases pre-owned detached houses in regional areas, and renovate them to accommodate today’s living styles before selling them at half the price of newly built houses. ◼ About 80% of properties we purchase are empty, vacant houses. We create social value by resolving the issue of vacant houses and providing affordable housing. REPRICE
Page 29
（TSE Prime 8919） Business Development Areas and Building Ages of the Group ◼ KATITAS focuses on regional cities (population 50,000-300,000) and buildings with an average 30 years. It has strengths in in-house sales ability, survey ability, renovation planning ability, and renovation implementation ability. ◼ REPRICE focuses on urban and suburban areas (population 300,000-500,000) and buildings with an average 20 years. It has strengths in its broker network, speed, and pricing accuracy (1) Lightly populated areas, holiday home and sightseeing areas: Municipalities with populations under 50,000 excluding areas wit hin the three metropolitan areas (2) Regional cities: Municipalities with populations of 50,000 -300,000 excluding areas within the three metropolitan areas (3) Suburban areas : Areas within three metropolitan areas excluding Tokyo 23 wards, ordinance -designated cities same as above and municipalities with populations of 300,000 -500,000 (4) Cities: Ordinance-designated cities outside the Tokyo 23 wards and three metropolitan areas (Sapporo -shi, Fukuoka-shi, Hiroshima-shi, Sendai-shi, Kitakyushu-shi, Niigata-shi, Hamamatsu-shi, Kumamoto-shi, Okayama-shi, Shizuoka-shi) (5) Metropolitan city centers: Tokyo 23 wards and ordinance-designated cities within three metropolitan areas (Osaka -shi, Nagoya-shi, Kyoto-shi, Yokohama-shi, Kobe-shi, Kawasaki-shi, Chiba-shi, Saitama-shi, Sakai-shi, Sagamihara-shi) 3. 29 985 municipalities 15.4 million people 236 municipalities 24.7 million people 476 municipalities 48.6 million people 10 municipalities 10.6 million people 11 municipalities 27.0 million people old 40 years 30 years 20 years 10 years New50 years Building age A r e a Lightly populated areas, holiday home and sightseeing areas Regional cities Cities Metropolitan city centers (5) (4) Suburban (3) (2) (1) KATITAS populations of 50,000-300,000 Average building age 30 years Strengths: In-house sales ability, survey ability, renovation planning ability, and renovation implementation ability REPRICE populations of 300,000-500,000 Average building age 20 years Strengths: Relationships with brokers, speed, pricing Properties that are not eligible for purchasing Source: Created by KATITAS based on the Ministry of Internal Affairs and Communications’ Population Census/ -Data Table by Prefecture and Municipality 2020
Page 30
（TSE Prime 8919） 268 330 394 448 576 659 757 820 900 1,051 1,288 1,575 1,887 849 7.6% 8.6% 9.4% 9.8% 11.5% 12.2% 13.1% 13.5% 13.6% 13.8% 15.6% 18.4% 21.9% 25.6% 1978 1983 1988 1993 1998 2003 2008 2013 2018 2023 2028E 2033E 2038E 2043E 空き家戸数(万戸) 空き家率(%) Medium and Long Term Expansion with Opportunities for Procurement Based on Increased Supply of Vacant Houses 30 Abundance in Stock and Flow of Vacant Houses(1) ◼ There is a large number of vacant houses and the number is expected to increase, which provides KATITAS with procurement opportunities ◼ Although a large majority of such vacant houses cannot be distributed in the housing market on an “as-is” basis, KATITAS is capable of acquiring such houses with a low level of competition Number and Predicted Rate of Increase of Vacant Houses 3. (1) Vacant houses include pre-owned properties and rental houses. (2) Three Metropolitan Areas (defined by the Ministry of Internal Affairs and Communications): Tokyo area (Saitama, Chiba, Kanagawa and Tokyo prefectures), Nagoya area (Gifu, Aichi and Mie prefectures) and Osaka area (Osaka, Hyogo, Nara and Kyoto prefectures). (3) Tokyo 23 wards and ordinance-designated cities within three metropolitan areas (Osaka-shi, Nagoya-shi, Kyoto-shi, Yokohama-shi, Kobe-shi, Kawasaki-shi, Chiba-shi, Saitama-shi, Sakai-shi, Sagamihara-shi). (4) Areas within three metropolitan areas excluding Tokyo 23 wards and ordinance-designated cities same as above. (5) Pre-owned properties and rental houses are excluded from the calculation of vacant houses same as above. Unique Business Segment Single- family houses KATITAS Group’s focused areas ✓ KATITAS Group’s business domain is unique and has relatively high barriers to entry # of vacant houses(5): 0.766 million # of vacant houses(4): 0.220 million # of vacant houses(5): 2.056 million Condo- miniums Competitors’ focused area # of vacant houses (5) 0.363 million # of vacant houses(5): 0.432 million # of vacant houses(5): 0.345 million Source: Ministry of Internal Affairs and Communications,“2023 Housing and Land Survey (Revised Report)” Metropolitan city centers (3) Urban areas (4) Regional cities / Regional areas (Areas excluding metropolitan city centers and suburban areas) KATITAS Actual Estimate Nationwide: 9.00MM Vacant detached houses (5) : 3.04MM Other areas than the three metropolitan areas (2)(including Condominium) (5) : 2.49MM Stock of vacant houses Flow of vacant houses Annual increase in houses(estimate base) 2024 – 2028: +302k 2029 – 2033: +474k Number of akiyas(10K Houses) Source: Ministry of Internal Affairs and Communications, “2023 Housing and Land Survey Approximate Tabulation of Dwellings (Revised Report)”, Estimates are prepared by KATITAS based on the news release, “The Housing Market in 2040 and Challenges: Changing Trends in Housing Starts and Initiatives to Respond to Change (June 12, 2025)” issued by Nomura Research Institute, Ltd. Number of akiyas (10K Houses) Ratio of akiyas to houses
Page 31
（TSE Prime 8919） 334 houses 3,093 houses 687 houses 242 houses 40 houses 5.31 households 10.68 households 3.82 households 2.71 households 1.39 households 0 2 4 6 8 10 12 0 500 1000 1500 2000 2500 3000 3500 Primary Target Fourth Housing Option in Regional Areas: Pre-Owned and Renovated Single-Family Houses 31 Number of houses sold by KATITAS (non-consolidated) in FY2024 (1) Number of regional area households by annual income (JPY) (Number of sold) (Million households) 3. Large Potential Customer BaseCustomer Group by Annual Income and Macro Environment ◼ KATITAS’ primary target customer base consists of approximately 1.23 million households currently living in rental houses in regional areas, with annual income of JPY2-5 million and the intention to own a house ◼ Based on the assumption that there is demand for 123,000 units if the duration of the abovementioned families considering the purchase of housing units is 10 years. ◼ The number of properties sold by KATITAS in FY2024 was 5,597, which is equivalent to around 4.6% of the estimated market and many potential customers still exist. Number of households in Japan 55.67 million Households in regional areas 25.14 million Households with annual income of JPY 2-5 million 10.67 million Households living in rental houses 3.70 million Households with intention to own a house: 1.23 million Approx. 45% of nationwide households Approx. 43% of households in regional areas Approx. 35% of households with JPY2- 5 million annual income are living in rental residence Approx. 33% of the households living in a rental house have the intention to own a house KATITAS’ main target Sources: Ministry of Internal Affairs and Communications “2023 Housing and Land Survey (Revised Report)”, Ministry of Land, I nfrastructure, “Transport and Tourism 2023 Comprehensive Survey on Housing and Living Environments” Annual number of houses sold by KATITAS: 5,597 (around 4.6% of target) ⇒ There are still many potential customers Based on the assumption that the duration of considering the purchase of housing units is 10 years. ⇒The size of the market including potential demand is estimated at about 123,000 houses per year.
Page 32
（TSE Prime 8919） 93,383 54,541 46,035 Regional newly built Regional rental house KATITAS JPY 33.1Million JPY 16.3Million Regional newly built KATITAS Offering High-Quality Renovated Houses at Reasonable Prices 32 3. ◼ KATITAS is able to offer renovated houses at roughly half the price of comparable newly built houses, that also offer lower monthly mortgage payments compared to renting ◼ Customers can purchase a home with a mortgage within their means, in accordance with the growth of their children and other life stages. ◼ Mortgage repayments will not increase as much as newly built houses even if interest rates were to rise. Less Expensive than the Average Selling Price of Newly Built Houses Lower Payments than Rental Houses(3) Monthly payments for KATITAS houses are lower than the average monthly rent for rental housesKATITAS house prices are approximately half of the market prices of newly built houses (3) Monthly rent paid by households other than single-person households (4) Payment amounts for Regional newly built and KATITAS are calculated based on the premise assuming that a buyer pays the average sale price under a 35-year loan with no initial down payment or other incentive payments at a fixed interest rate of 1.0% for the life of the loan (5) Source: Ministry of Internal Affairs and Communications, “2023 Housing and Land Survey (Revised Report)” (5) (1)Average prices (including tax) of newly built houses are surveyed under the screening method specified below, based on the“Integrated System of Land Information” operated by Ministry of Land, Infrastructure, Transport and Tourism Timing of transaction: From April 2024 to March 2025／Timing of construction: In January 2024 and after／Type: Building lot (land and building)／Total floor area : Between 50㎡ and 200㎡ ／Use of building: Housing (2)The average sales price of KATITAS is calculated based on the sale price of properties constructed during the period between April 2024 and March 2025. (2) (Including tax) (1) (Non-consolidated) (Including tax) (4) (Non-consolidated)(4) (Including tax)(Including tax) Regional newly built KATITAS Mortgage interest rates 1.0% ¥ 93,383 ¥ 46,035 1.5% ¥ 101,289 ¥ 49,933 2.0% ¥ 109,585 ¥ 54,023 Monthly repayment amount when mortgage interest rate rise Regional newly built house Regional rental house KATITAS Total floor area (m2) 100～110 50～65 110～120 Payment per square meter （KATITAS＝100） 222 237 100 Comparison of Cost per Floor Area for Each Property (Illustrative)
Page 33
（TSE Prime 8919） 6.2% 14.0% 23.6% 24.4% 30.2% 23.0% 69.3% 55.8% 53.4% 2003年 2013年 2023年 17 16 15 16 18 18 19 20 20 19% 27% 24% 23% 22% 25% 27% 29% 31% 33% 0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 2005 2010 2015 2020 2025 2030 2035 2040 33 ◼ Increasing number of households with less preference for newly built houses and increasing preference for pre-owned houses even in the Japanese market where traditionally people tend to prefer newly built houses ◼ There is huge potential for more pre-owned houses to be distributed in the market if we can supply enough properties that are “clean and inexpensive.” ◼ The pre-owned housing market has been expanding in recent years and is expected to continue growing in the future. Source: Housing Bureau of Ministry of Land, Infrastructure, Transport and Tourism, “Comprehensive Survey on Housing and Living Environments (2018)” and “Comprehensive Survey on Housing and Living Environments (2023)” Mindset Change toward Ownership of Pre-owned Houses Survey of preference in moving to newly built or pre-owned houses from the current rental houses Newly built housesPre-owned houses No preference (ten thousands) Actual Estimate Actual Actual % of house sales(2) Estimate Estimate % of house sales (2) Increase in Transactions of Pre-owned Houses Actual and estimated figures of transactions of pre-owned houses and ratio of households which acquired pre-owned houses from 2005 to 2018 # of transactions Ratio of households which acquired pre-owned houses Estimates (extrapolated) based on the assumption that the increase during the period from 1994 to 2018 continues from 2019 onwards. 3. (1) NRI estimates / forecasts based on Census, National Social Security and Population Research Institute "Forecast of numberof Japan's households“, Ministry of Internal Affairs and Communications, “Housing and Land Survey”, and NRI Questionnaire on housing purchasers (2) Questionnaire by NRI : Ratio of households which acquired pre-owned houses (excluding newly built houses) out of householdswhich acquired a house Source: Produced by KATITAS based on data in NRI’s June 9, 2022 press release claiming that new housing starts in 2040 are expected to decline to 490,000 units, while pre-owned houses in transactions will increase to 200,000 houses in 2040 Consumer Preferences Have Shifted Toward Accepting Pre-Owned Houses E E E E E
Page 34
（TSE Prime 8919） 16.2% 63.3% 74.3% 82.4% 74.5% 83.8% 36.7% 25.7% 17.6% 25.5% 日本 首都圏マンション アメリカ イギリス フランス 既存取引/全体（既存＋新築）取引 新築住宅着工/全体（既存＋新築）取引 ◼ Lower market share of pre-owned houses compared with United States and Europe ◼ In the Tokyo Metropolitan area, there are many “clean and inexpensive” used condominiums being supplied that their distribution volume has already surpassed that of new condominiums. ◼ By supplying “clean and inexpensive” detached houses in rural areas, we have a chance of capturing the untapped market for pre-owned houses. 34 Pre-owned houses Market Share - Japan vs United States and Europe Average except for Japan 3. Pre-owned houses transaction / Total (New + Pre-owned) transaction Construction of new houses / Total (New + Pre-owned) transaction Room for Growth in the Share of Regional Pre-owned Houses in Distribution Condominiums in Tokyo Metropolitan area only (2023) (2023)(2024) (2023) (2023) * Source: Ministry of Land, Infrastructure, Transport and Tourism “Organizations Utilizing Housing and the Distribution of Existing Hou sing (September 25, 2024)" / Real Estate Economic Institute “Nationwide New Condominium for Sale Market Trends 2024 (Annual Summary)” / Real Estate Information Network for East Japan “Trends in the Met ropolitan Real Estate Distribution Market (2024)” *Ratio of pre-owned condominium units under contract to new condominium units on the market.
Page 35
（TSE Prime 8919） 35 Customer profile Business area Suburban areas surrounding regional cities (Targeting regions with populations of 50,000 – 300,000) Properties handled Mainly pre-owned single-family detached houses which have become vacant due to events such as inheritance Average selling price JPY 16.3 million (including tax) Buyers' needs Actual demand (our customers purchase the properties to live in rather than for investment) Buyers' age range 30s–50s (65.8% of the Company's sales results) Buyers' annual income JPY 2-5 million (55.3% of the Company's sales results) (home loan to annual income ratio is 4.3) * Households with annual incomes between JPY 2-5 million are the largest volume zones in rural areas, excluding the three major cities. Type of buyers' loan Mortgage Financial institutions with loan transactions Nationwide regional banks, shinkin banks, credit associations and labor banks, etc. Source of loan payments Buyer's flow income The Company’s Customer Profile3. (1) Figures for average selling price, buyers' age range, and buyers' annual income are from cumulative results for the fiscal ye ar ended March 31, 2025. (2) Home loan to annual income ratio = selling price (including tax) / annual income Annual income based on customer responses. Calculated excluding customers that pay in full in cash, customers with unknown in come, and corporations.
Page 36
（TSE Prime 8919） 5,251 1,305 375 211 190 157 111 109 109 103 2,106 1,430 1,224 1,224 1,084 1,000 970 904 894 767 0 1,000 2,000 3,000 4,000 5,000 6,000 カチタス リプライス Ｔ社 Ｓ社 Ｅ社 Ｃ社 Ｆ社 Ｃ社 Ｓ社 Ｒ社 Ｒ社 Ｓ社 Ｈ社 Ｄ社 Ｉ社 Ｈ社 Ｆ社 Ｍ社 Ｌ社 Ｆ社 Number of Houses Sold is Over 10 Times that of No.2 Ranked Company 36 ◼ No.1 among House Reselling Businesses(1) in terms of number of units sold ◼ Established unique positioning by focusing on pre-owned single-family detached houses located in regional cities and regional areas that competitors find challenging to bring to the market Number of Units Sold by Major House Re-sellers (FY2024) 3. Company S Company C Company F Company C Company E Company S Company T KATITAS Single-family detached houses (1) A “Housing Reselling Business” is defined as one conducted by certified “building lot and transactions” dealers with extensi ve know-how in renovation so as to efficiently and effectively improve the quality of existing house inventory (Requests for FY2016 Tax Reform (Special Measures Concerning Taxation)) 6,556 17.5x Source: Prepared by KATITAS based on The Remodeling Business Journal, “2025 Ranking of Number of Sales of Pre-owned Houses after Acquisition and Renovation” (issued on July 28, 2025) (YoY +189) (houses) マンション Company R Condominium units Company S Company H Company D Company I Company H Company F Company M Company F Company L Company R KATITAS Group total REPRICE
Page 37
（TSE Prime 8919） 37 3. The termite exterminator performs an inspection of the underfloor space looking for evidence of termite damage. This avoids unexpected renovation costs, and reduces the risk of procuring a property that is difficult to renovate The renovation contractor will check the entire frame of the building including the roof space looking for evidence of roof leaks and pests. These inspections increase the accuracy of renovation cost estimates. A land survey is conducted on every project. This provides comfort to the buyer. Land surveys are unnecessary for pre- owned condominiums. Examples of Pre-purchase Inspections: Inspections concerning Three Major Risks Associated with Older Detached Houses Termite Risk Rain Leakage Risk Risks Associated with Property Rights Our Greatest Strength is the Know-How We Accumulated by Selling a Cumulative Total of 80,000 Houses. We Approach Even the Tedious Details with Persistent Care, While Managing Risks to Minimize Failures. ◼ KATITAS has accumulated a stock of “failure cases” through purchasing and selling more than 80,000 houses. These cases frequently occur as a result of errors made at the time of purchasing. The company ensures timely risk management by sharing actual failure cases with all stores nationwide through weekly company-wide morning video conferences. ◼ Before purchasing a property, we conduct "three-party on-site inspections" with our renovation partners and termite control specialists. Focusing on the three major risks specific to older detached houses, we thoroughly check from the crawlspace to the attic for structural deterioration, past water damage, and renovation feasibility. We also clarify property boundaries, which are a common source of disputes. ◼ KATITAS will also carry out extensive inspections both during renovation and at the time of completion, in order to minimize failures and problems that may occur after the property has been delivered.
Page 38
（TSE Prime 8919） Examples of Post-Acquisition Failures 38 3. Examples of cases which required major repair after purchasing or after sale Unstable foundations were discovered after purchasing. This needed to be repaired before sale which led to additional costs. Case in which subsidence under the floor was discovered after purchasing. A major rebuilding of the foundation was necessary. Case in which the roof leaked after sale. A full repair was carried out under the warranty against defects. Case in which deterioration in roof materials was noticed after sale. As a partial repair was not possible, the entire roof had to be replaced. ●In some cases, unforeseen defects are discovered after purchase, and the property is deemed beyond repair, forcing the company to exclude it from resale. ●KATITAS regards these failure cases as the “assets of the company,”. They are shared with the entire company on a weekly basis to prevent recurrences (= minimize risk) Branch Turnover (days) Cause 1 Tochigi 7,245 Ownership/legal rights- related issues 2 Hirosaki 3,990 Ownership/legal rights- related issues 3 Izumo 2,979 Building-related issues 4 Oita 2,317 Ownership/legal rights- related issues 5 Okinawa 1,783 Conditions in the surrounding area 6 Fukui 1,757 Building-related issues 7 Nobeoka 1,483 Conditions in the surrounding area 8 Tsuyama 1,250 Building-related issues 9 Niigata 1,218 Building-related issues 10 Nakatsu 1,194 Ownership/legal rights- related issues A case where residential land damage caused by erosion from a nearby waterway was discovered after sale. Significant costs were incurred for erosion control measures. Properties with Extended Turnover Periods An instance where termite damage was overlooked, resulting in major restoration work including replacement of parts of the wooden structure. ◼ Detached houses tend to have highly individual characteristics, and problems can still arise even after thorough inspection. ◼ In some failure cases, the holding period becomes extended, with some properties taking over 20 years from purchase to sale. To avoid adverse impact on the profit-and-loss statement at the time of sale, we record impairment losses after a certain period from purchase, in some cases writing down the book value to ¥1. ◼ The most common reason companies exit the market for purchasing and reselling detached houses is the difficulty in handling the highly individual nature of each property.
Page 39
（TSE Prime 8919） 13.3% 4.5% 4.0% 3.8% 3.3% 1 2 3 4 5 Tokyo area 25% Nagoya area 24%Osaka area 14% Regional areas 37% Hokkaido 7% Tohoku 16% Kanto 10% Chubu 17%kinki 2% Chugoku 8% Shikoku 5% Kyushu 15% Tokyo area 9% Nagoya area 7% Osaka area 4% Nationwide Branch Network and High Brand Recognition 39 ◼ KATITAS maximizes purchasing and sales opportunities by covering geographic areas not or rarely accessed by competitors, including small- and medium-sized cities with populations between 50,000-300,000 ◼ KATITAS has No.1 brand recognition in regional areas KATITAS: Sales by area(1) (FY2024, based on number of units) Nationwide Branch Network ◼ 3 or more branches ◼ 2 branches ◼ 1 branch ◼ No branches ※e.g. Aomori prefecture： Multiple branches in cities in addition to the prefectural capital REPRICE: Sales by area (FY2024, based on number of unit) 1st 2nd 3rd 4th 5th Survey on Brand Recognition(4) Q. ”Which company comes to mind if you are asked about a company to which one could sell a house?” Source: Web-based survey without presenting answers options in February 2025 conducted by a third-party research firm requested by KATITAS. The number of samples of each survey was 1,100. 10 prefectures were selected as target survey areas and the surveys were conducted in rotation. The above chart shows aggregated results of prefectures where KATITAS TV commercials were aired High Brand Recognition in Regional Areas Branch Locations(3) of KATITAS (As of March 31, 2025) TowadaHirosaki Aomori Hachinohe *Number of properties sold (FY2024): 1,775 *”Regional areas” are other areas than the “three metropolitan areas” (2) *Number of properties sold (FY2024): 5,597 (1)Tohoku: Aomori, Iwate, Miyagi, Akita, Yamagata and Fukushima prefectures. Kanto: Ibaraki, Tochigi and Gunma Prefectures. Chubu: Niigata, Toyama, Ishikawa, Fukui, Yamanashi, Nagano and Shizuoka prefectures. Kinki: Shiga and Wakayama prefectures. Chugoku: Tottori, Shimane, Okayama, Hiroshima and Yamaguchi prefectures. Shikoku: Tokushima, Kagawa, Ehime and Kochi prefectures. Kyushu: Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki, Kagoshima and Okinawa prefectures. (2) Three Metropolitan Areas (defined by the Ministry of Internal Affairs and Communications): Tokyo area (Saitama, Chiba, Kanagawa and Tokyo prefectures), Nagoya area (Gifu, Aichi and Mie prefectures) and Osaka area (Osaka, Hyogo, Nara and Kyoto prefectures) (3) Branch list is explained in detail on P.45 (4) Surveyed areas in February 2025 were Akita, Yamagata, Niigata, Ishikawa, Nagano, Ehime, Nagasaki, Kagoshima prefectures (where TV commercials were aired), as well as Gunmaand Shiga prefectures (where no TV commercials were aired) KATITAS Company D Company C 3. Company S Company M
Page 40
（TSE Prime 8919） ✓ Form alliances with local brokers throughout Japan to gain strength of presence in local markets ✓ Stable purchase system 2,191 2,348 2,449 2,355 2,857 FY2020 FY2021 FY2022 FY2023 FY2024 ✓ Entrust renovation work to partner contractors that are knowledgeable about KATITAS quality ✓ Efficiency and quality of renovation work 941 1,037 1,173 1,289 1,292 FY2020 FY2021 FY2022 FY2023 FY2024 40 KATITAS’ Advantages in Supplying High-Quality Renovated Homes at Reasonable Prices Ability to assess property purchase risks Ability to plan renovation work ✓ Exploit renovation know-how to meet customer needs with a reasonable selling price ✓ Plan renovation to make purchased properties sellable, by addressing region specific needs ✓ Awarded by the Ministry of Economy, Trade and Industry as an Innovative Renovation Company in 2015(2) ✓ Careful inspection and leverage track record to knowledgeably assess properties that on face might seem too risky for competitors to procure ✓ Purchase price determined with strong awareness of expected renovation costs and likely selling price Ability to purchase properties Ability to implement renovation work Accumulated Knowhow based on Track Record Well-organized Third Parties Number of partner contractors(1) Number of partner intermediaries(1) ◼ Track record of dealing over 80,000 pre-owned single-family homes, leading to accumulation of know-how (Management of failure) ◼ Conducting efficient procurement and renovation by utilizing organized third parties such as builders and intermediaries ◼ Advantage in ability to procure vacant pre-owned homes that competitors are unable to acquire, utilizing our ability to judge, procure, plan and renovate (1) The number of contractors and intermediary companies are on a non-consolidated basis (2) Starting in 2014, METI has been granting annual awards to companies that address a variety of needs of consumers with the strengths of their unique business models 3. * Number of intermediary companies with which KATITAS concluded one or more purchase transaction annually
Page 41
（TSE Prime 8919） 3. 41 Vacant houses spoil the landscape and create concern over public safety ⁺ ⁺ ⁺ University students wishing to work for the community Creating employment Stimulation of the community Work-Life balance Affordable houses for people with annual household income of ¥2-5 million Resolving the vacant house issue by renovating and distributing vacant houses There are 9.00 million vacant houses nationwide, a large social problem Population concentration in urban areas Various regional social problems including the aging population, young people leaving and the hollowing out of the economy Renovation contractors *The UN’s Sustainable Development Goals website ：https://www.un.org/sustainabledevelopment/ KATITAS' ESG and SDGs : Contributing to Acquisition of Affordable Housing for Low- and Middle-Income Households
Page 42
（TSE Prime 8919） 3. 42 Scrap and build new houses KATITAS’ pre-owned house renovation business CO2 emissions volume The wooden materials used ✓ Of those, three are Independent Outside Directors. ✓ Outside Director attendance ratio: 91.7% ✓ Flat Board of Directors operations in which Directors can comment freely. Independent outside directors: 1/3 of the total Weekly video conference connecting all branches nationwide ✓ Communication including failure cases and compliance. The three reporting principles ✓ Thorough internal notifications on compliance awareness. ・Voluntary Remuneration Advisory Committee ・Monthly partner meetings held with renovation contractors (KRP Meeting) ・Regular distribution of awareness- raising materials related to human rights 1. Promptly report trouble 2. Report the bad things first 3. Do not lie (2) (3) (1) (4) Results for the fiscal year ended March 31, 2025 (5) Results for the fiscal year ended March 31, 2025 (for employees ranging from personnel in charge to sales department managers) newly built KATITAS newly built (1) Source: Kimoto, Ikaga, Hanaki, Shintani, and Noguchi (2009), "Projection of CO2 Emissions from Construction, Renovation, and Demolition of Housing to 2050” (2) Source: ”Current Status and Issues in the Forestry, Logging, and Timber Industry,” Forestry Agency (March 2021) (3) Our standard remodeling property results, constructed in December 2018 KATITAS‘ ESG and SDGs: Status of Overall Initiatives ✓ Incentives make up a small percentage of salaries, which are less likely to become contributors to unreasonable sales activities and sales. Incentives 3 0 ％ Fixed salaries and allowances 7 0% Wage system (5) Salaries of sales employees are mainly fixed salaries (4) KATITAS
Page 43
（TSE Prime 8919） Presentation Highlights 43 3. Overview of Business Model 4. APPENDIX Overview of Financial Results for the First Nine Months of the FY2025 (Ending March 31, 2026)1. 2. Fourth Medium-Term Management Plan and Management Plan for FY2025 (Ending March 31, 2026) P3-P12 P14-P26 P28-P42 P44-P50
Page 44
（TSE Prime 8919） Date Event Sep. 1978 Established as Yasuragi Co., Ltd., in Kiryu, Gunma Prefecture with ¥10 million in capital to conduct the stone quarrying business Dec. 1988 Acquired a real estate brokerage license and started the real estate sales and agency business Aug. 1998 In line with the revised Civil Execution Act, established a business model of purchasing real estate at property auctions and selling refurbished properties Mar. 1999 Opened the Takasaki Branch (later openedmore regional branches, reaching a total of 135 as of March 31, 2025) Feb. 2004 Listed on the Centrex Market of the Nagoya Stock Exchange Mar. 2012 Tender offer for the Company’s shares by Advantage Partners Inc., a private-equity fund Jul. 2012 Delisted from the Centrex Market of the Nagoya Stock Exchange Jul. 2013 Changed company name to KATITAS Co., Ltd. Feb. 2016 Received the METI Minister Award for “Advanced Rehabilitation Remodeler” from the Ministry of Economy, Trade and Infrastructure Mar. 2016 Acquired all shares of REPRICE Co., Ltd. (now a consolidated subsidiary) Apr. 2017 Formed a capital and business alliance with Nitori Holdings Co., Ltd. Oct. 2017 Received the 17th Porter Prize (sponsored by the School of International Corporate Strategy, Hitotsubashi University Business School) Dec. 2017 Listed on the First Section of the Tokyo Stock Exchange Mar. 2020 Due to stable growth post-listing, achieved consolidated operating profit of ¥10.0 billion May. 2021 Cumulative number of homes sold by REPRICE surpasses 10,000 Apr. 2022 Listed on the Prime Market of the Tokyo Stock Exchange Feb. 2025 Cumulative number of homes sold by KATITAS surpasses80,000 44 History4.
Page 45
（TSE Prime 8919） (1) The branches newly opened in FY2025. KATITAS Group Branch List（All Own Branches） 45 Branches (As of December 31, 2025) Hokkaido Sapporo Otaru Asahikawa Iwamizawa Kitami Hakodate Kushiro Obihiro Muroran Tohoku Hirosaki Towada Hachinohe Aomori Morioka Ichinoseki Hanamaki Kamaishi Sendai Osaki Natori Ishinomaki Akita Yokote Odate Yamagata Sakata Yonezawa Koriyama Iwaki Aizu Fukushima Kansai Hikone Kusatsu Fukuchiyama Fushimi Kobe Himeji Takarazuka Akaho Nara Chugoku Tottori Yonago Izumo Okayama Tsuyama Hiroshima Fukuyama Miyoshi Higashi- Hiroshima Yamaguchi Shimonoseki Iwakuni Shikoku Tokushima Takamatsu Marugame Matsuyama Saijo Uwajima Kochi Kyushu Fukuoka Kita-Kyushu Kurume Iizuka Omuta Fukuoka-Higashi Saga Sasebo Isahaya Nagasaki Kumamoto Yatsushiro Uki Oita Nakatsu Miyazaki Miyakonojo Nobeoka Kirishima Kagoshima-Chuo Satsumasendai Okinawa Kanto Mito Tsukuba Shimotsuma Hitachi Utsunomiya Oyama Nasu Tochigi Ota Midori Numata Takasaki Maebashi Kumagaya Koshigaya Kawagoe Iruma Higashi- Matsuyama Honjo Mobara Sakura Kisarazu Chiba Hachioji Hon'atsugi REPRICE Tokai REPRICE Tokyo REPRICE Kanagawa REPRICE Hokkaido REPRICE Tohoku REPRICE Kita-Kanto REPRICE Shinshu REPRICE Shizuoka REPRICE Mikawa REPRICE Kansai REPRICE Hyogo REPRICE Chugoku REPRICE Okayama REPRICE Shikoku REPRICE Kyushu ＋ ⇒ Nationwide network covering regional small- to medium- sized cities ⇒Focus on urban areas Total 137 Branches Total 15 Branches KATITAS Metropolitan city centers Regional cities(2) Rural areas Main types of house sellers ✓ Local home builders ✓ (KATITAS) ✓ Real estate brokers Urban areas(1) (KATITAS) Main types of house sellers ✓ Home builders ✓ “Power Builders” (home builders specializing in built - for-sale houses primarily targeting customers purchasing home for the first time in the price range of JPY20MM-30MM) ✓ House re-sellers (primarily condominium units) ✓ ✓ Real estate brokers (1) Primarily regional cities and suburban areas in proximity to the three major metropolitan cities of Japan (Tokyo, Nagoya and Osaka) (2) Suburban areas surrounding regional cities across Japan 4. + Koshinetsu, Hokuriku Nagaoka Niigata Joetsu Shibata Tsubamesanjo Toyama Takaoka Uozu Kanazawa Nanao Fukui Tsuruga Kofu Ueda Nagano Matsumoto Ina Suwa Tokai Gifu Tajimi Ogaki Shizuoka Numazu Iwata Fuji Nagoya Toyohashi Toyota Matsuzaka Nabari Yokkaichi *1 *1 (1) (1)
Page 46
（TSE Prime 8919） 2,402 2,895 2,504 3,336 3,205 2,001 2,504 7.9% 10.6% 8.1% 5.3% 6.3% 6.4% 7.2% 0% 2% 4% 6% 8% 10% 12% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 21/3 22/3 23/3 24/3 25/3 31,670 31,377 39,573 37,639 39,945 1,630 1,493 1,718 1,634 1,775 0 500 1,000 1,500 2,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 21/3 22/3 23/3 24/3 25/3 売上高（左軸） 販売件数（右軸） 1,216 1,067 1,248 1,140 1,305 414 426 470 494 470 0 400 800 1,200 1,600 2,000 21/3 22/3 23/3 24/3 25/3 マンション 戸建 1,239 1,589 1,717 1,553 1,857 116 89 107 77 102 0 400 800 1,200 1,600 2,000 21/3 22/3 23/3 24/3 25/3 競売仕入 買取仕入 4. 46 （properties） Number of sales by detached houses/condominiums (JPY MM) Number of Houses Procured by Procurement Method （properties） (JPY MM) Sales (Left axis) Number of Homes Sold (Right axis) Operating profit(Left axis) Operating profit Margin(Right axis) Detached housesCondominiums From Auctions From Direct Purchases Sales and number of properties sold Operating profit and operating profit margin ◼ In March 2016, we conducted a merger with REPRICE by acquiring 100% of its shares and thereby removed funding constraints, which was the biggest hindrance to REPRICE’s growth. ◼ We injected our know-how to REPRICE and have effectively switched their purchase strategy from auction to direct purchase and shifted property types from condominiums to detached houses. ◼ Both sales and operating profit have increased since the merger. Unlike KATITAS’ operations which are centered around rural areas, REPRICE’s operations are in the suburbs of the three major metropolitan areas where there are competitors. Merger and Synergies with REPRICE Adjusted Operating profit(Left axis) Adjusted Operating profit Margin(Right axis) (Reposted from FY2024 4Q)
Page 47
（TSE Prime 8919） Alliance with Nitori Holdings (Announced on April 28, 2017) ◼ Advantage Partners transferred 34% of KATITAS’ shares to Nitori Holdings for JPY23,300 MM ◼ KATITAS and Nitori entered into an alliance that aims to utilize their respective strengths to provide enriched and more comfortable living environments to their customers 47 (1) As of March 31, 2025 (2) Aggregate of “Nitori” stores, “Nitori Deco home” stores, “Nitori Express” stores and “Shimachu” stores in Japan (as of March 31, 2025) 4. Expected Synergies 135 branches(1) 7,372 units sold in FY2024 (consolidated) 1,292 partner contractors(1) 791 stores(2) Number of items sold 10,000 items / store Low-cost logistics system Private Brand materials “offering the unexpected” Contractors network Customer introduction Home-staging Materials/logistics Alliance From House Re - seller to Lifestyle Provider Value of “Offering the Unexpected”Value-add via renovation KATITAS
Page 48
（TSE Prime 8919） ◼ Pre-owned houses fitted with Nitori furniture and interior items not only convey a more concrete image of the post-move lifestyle and living space to those considering purchasing, but also have the advantage to the purchaser of incorporating the expense into the home loan, so that there is no burden associated with the new lifestyle. ◼ Buyers of KATITAS Group properties will receive two coupons that multiply reward points received through purchases at NITORI by five. 4. 48 Progress of Alliance-based Operations(1/2) Issuing coupons that can be used for purchases of Nitori products Offering and selling pre-owned houses fitted with Nitori furniture and interior items Coupons provided to buyers upon conclusion of property contracts and upon delivery Website banner announcing that coupons will be given SAMPLE Sales Service Sales Service
Page 49
（TSE Prime 8919） Progress of Alliance-based Operations(2/2) 49 ◼ "VHS (Virtual Home Staging)" virtually installs Nitori furniture in KATITAS properties. ◼ This can be implemented more easily in terms of cost and furniture delivery logistics than showing a "furnished house“. ◼ VHS increases the success rate, so using VHS before revising prices helps to curtail price reductions. 4. Switchable with one click Links to a 360° panorama allows viewers to take virtual tour of a property while moving the view around. Currently, VHS is used mainly for living rooms 1 Yokomori, Akita-shi, Akita (single-family homes) Monthly payments JPY 44,573 Selling Price JPY 15.8MM (Including tax) Land 325.98㎡ Building 125.85㎡ ( 5 bedroom ＋ 1 bathroom )
Page 50
（TSE Prime 8919） -20 -10 0 10 20 30 40 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 -20 -10 0 10 20 30 40 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 50 Trends in Land Prices - Regional Areas vs Three Metropolitan Areas ◼ As land prices in regional areas fluctuate based on actual demand, the level of volatility is lower than that in urban areas. ◼ In addition, with the trend of stable and low land prices, fluctuations in land prices have a limited influence on prices of residential properties in regional areas. ◼ As a result, buying and re-selling residential properties in regional areas is less subject to market volatility. Trends in land prices of residential districts in regional areas, compared to the previous year Trends in land prices of residential districts in the three metropolitan areas, compared to the previous year (%) (%) (Year) (Year) Source: Ministry of Land, Infrastructure, Transport and Tourism, “Survey of Land Prices by Prefecture” 4.
Page 51
（TSE Prime 8919） Disclaimer This presentation was prepared solely for the purpose of presenting general background information regarding KATITAS CO., LTD (“KATITAS”) as of the date of this presentation. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any security in the United States, Japan or any other jurisdiction and should not be treated as giving investment advice to any recipients. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and KATITAS does not guarantee that this information is true, accurate or complete. It should be understood that subsequent developments may affect the information contained in this presentation, which KATITAS is not 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 KATITAS. 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 KATITAS 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 KATITAS’ 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. The information in connection with or prepared by companies or parties other than KATITAS is based on publicly available and other information as cited, and KATITAS has not independently verified the accuracy and appropriateness of, nor makes any warranties of, such information. These materials contain non-GAAP financial measures, including adjusted operating profit, EBITDA, adjusted EBITDA, and adjusted net profit attributable to owners of the parent. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable financial measures presented in accordance with Japanese GAAP. Please refer to reconciliation tables for details. This presentation and its contents are proprietary, confidential information and may not be reproduced, published or otherwise disseminated without KATITAS’ written consent. Throughout this presentation, unless otherwise specified, FY refers to the fiscal year ended March 31 of the following year (for example, FY2025 refers to the fiscal year ended March 31, 2026). In this presentation, unless otherwise specified, references to our “homes” include single-family detached houses and condominium units that KATITAS acquires, renovates and resells as part of its business. Data presented for “homes” is on a gross basis, excluding home returns. This is a partial English translations of the original Japanese version prepared only for the convenience of shareholders residing outside Japan. Should there be any inconsistency between the translation and the official Japanese text, the latter shall prevail. On March 30, 2016, KATITAS completed the acquisition of REPRICE Co., Ltd. (“REPRICE”) and its two wholly owned subsidiaries (Comprehensive Urban Development Corporation and Arctive Co., Ltd.), and REPRICE became a wholly owned subsidiary of KATITAS as of the same date. Because the date of the acquisition of REPRICE was deemed to be March 31, 2016 for accounting purposes, the consolidated balance sheet of KATITAS as of March 31, 2016 reflects the consolidation of REPRICE but the consolidated results of operations of REPRICE for the period from March 30, 2016 to March 31, 2016 are not reflected in KATITAS’ consolidated statements of income, comprehensive income, changes in equity and cash flows for the fiscal year ended March 31,2016. On September 2, 2016, KATITAS sold all of the shares of Comprehensive Urban Development Corporation, and on September 30, 2016, KATITAS sold all of the shares of Arctive Co., Ltd. to third parties. Due to the consolidation of the results of operations of REPRICE and its subsidiaries in KATITAS’ results of operations for the fiscal year ended March 31, 2017, KATITAS’ results of operations for that fiscal year are not directly comparable to the results of operations for prior fiscal years. Further, prior to the completion of the acquisition of REPRICE on March 30, 2016, KATITAS did not have any subsidiaries.