Arealink Co., Ltd.
July 30, 2024

Results Briefing
Second Quarter, Fiscal YearEnding December 2024

Agenda• FY12/24 2Q Business Results

3-20• Achieving the Medium-Term Management Plan
・・・・・
21-35
• Human Capital Management and Growth
Strategies
The Future of Arealink
・・・
36-50
• Appendix・・・・・・・・・・・・・ 51-66
2

FY12/24 2Q Business Results
Yasuaki Ootaki
Director, Head of Administrative Division

3

FY12/24 2Q Summary◆Self-Storage BusinessYoY sales up 17.2% and business profit up 17.5%
・Opened a total of 4,257 new units in 2Q
compared to the target of 10,400 units for thewhole FY12/24
・Newly opened properties in 2023-2024 hadsteady utilization
・8 properties of self-storage with land weresold in FY12/24 2Q◆Land Rights Consolidation Business・Both sales and profit progressed beyond plan
while some projects have been advanced◆Company Updates
・Carried out a two-for-one share split effective
July 1, 2024
・Implement interim dividends starting FY12/24

Utilization rate

Utilization rate trends by year of openingof new properties
Containers

100.0%

80.0%

2021
2022
2020
2019

70.0%

2018
2017

2023

90.0%

2024

60.0%
50.0%

Break-even point

40.0%
30.0%
20.0%
10.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Number of months elapsed (months)

4

Past Four Years + FY12/24 Earnings Outlook and FY12/24 2Q Progress
Net Sales

In Millions of yen

30,00025,00022,477

20,572

20,878In Millions of yen

22,463

24,400Operating Income

5,000

4,650
4,155

4,000

3,742

20,00015,000

2,275
2,000

10,0005,000

11,791

10,753

10,611

11,184

12,910

2,208

2,547

2020/4Q 2021/4Q 2022/4Q 2023/4Q 2024/2Q+ 15.4% YoY, 52.9% achievement in FY12/24+ 15.3% YoY, 54.8% achievement in FY12/24

Ordinary Income
3,758

4,000

4,058

4,520

3500

3,171

3000
2500

2,883

2,821

1,592

1,544

3,080

2,225

2000

2,161

1,217

Net Income

In Millions of yen

3,009

3,000

1,000

1,255

1,671

1,926

2020/4Q 2021/4Q 2022/4Q 2023/4Q 2024/2Q

5,000

2,000

1,000
0

0

In Millions of yen

3,044

3,000

1500

1,668

1,984

2,206

2,482

0

1000
500

1,363

1,686

830

0

2020/4Q 2021/4Q 2022/4Q 2023/4Q 2024/2Q+ 12.5% YoY, 54.9% achievement in FY12/24

2020/4Q 2021/4Q 2022/4Q 2023/4Q 2024/2Q+ 9.3% YoY, 54.8% achievement in FY12/24

5

Analysis of YoY Difference in Net Sales
Overall Sales Increased by +15.4% due to Each Segment
Progressing Steadily
Increase/Decrease in Net Sales+ 1,009
11,184+ 467
Increased
revenue in SelfStorage
Management
Business

SelfStorage
Business
8,560
76.5%

FY12/23 2Q

Increased revenue
in Self-Storage
Brokerage
Business+ 186
Increased revenue in Land
Rights Consolidation
Business (Limited Land
Rights)In Millions of yen+ 63

12,910

Increased revenue
in OtherOperational
Services Business

SelfStorage
Business
10,03777.7%

FY12/24 2Q

6

Analysis of YoY Difference in Operating Income
Profits Grew Due to Continued High Utilization
Rate for Self-Storage Business, Etc.
Increase/Decrease in Operating Income+400

Increased
earnings in SelfStorage Business

2,208

FY12/23 2Q

In Millions of yen

(34)

+51

(78)

Decreased earnings
in Land Rights
Consolidation
Business

Increased
earnings in
Other
Operational
Services
Business

Decreased
earnings inheadquarters
expenses

2,547

FY12/24 2Q

7

FY12/24 2Q Results

Both Sales and Profit Made Steady Progress
Against the Full-Year Plan
FY12/23
In Millions of yen

Net sales
OperatingincomeOrdinary
incomeNet income

Full-year
ResultFY12/24
2Q

Full-year
Plan

2Q

Relative to
Plan

YoY

22,463

11,184

24,40012,91052.9% + 15.4%

4,155

2,208

4,650

2,547

54.8% + 15.3%

4,058

2,206

4,520

2,482

54.9% + 12.5%

2,821

1,544

3,080

1,686

54.8%

+ 9.3%

8

Breakdown of Extraordinary Profit and Loss
Compensation for Relocation Due to Withdrawals from
Storage Properties, Etc. Are Recorded
In Millions of yen

Increase(Decrease）

FY12/24 2Q

FY12/23 2Q

2,208

2,547

338

Non-operating income

125

127

1

Non-operating expenses

127

191

63

2,206

2,482

276

39

1

(37)

8

6

(2)

2,236

2,478

241

Income taxes ― current

597

720

123

Income taxes ― deferred

95

70

(24)

1,544

1,686

142

Operating income

Ordinary income
Extraordinary income
Extraordinary loss
Income before income taxes

Net income

Non-operating income
Compensation for relocation ¥58 million
Foreign exchange gains¥51 million

Non-operating expenses
Interest expenses
Commission expenses¥91 million¥96 million

9Breakdown of SG&A expenses
Aggressive Measures to Increase Salaries in Order to PracticeBusiness Operations with a Small Workforce.
Increase(Decrease)

FY12/23 2Q

FY12/24 2Q

Directors' Compensation

73

93

20

+27.7%

Salary and allowances

458

495

36

+8.0%

Advertising and publicity
costs

125

138

12

+10.1%

Commission expenses

381

347

(33)

－8.8%

(Sales commissions)

（218）

（163）

(54)

－24.9%

Compensation expenses

203

203

(0)

－0.2%

Taxes and public dues

112

133

20

+18.2%

Others

395

481

86

+21.9%

Total SG&A expenses

1,750

1,893

143

+8.2%

Millions of yen

Rate of change* The amount of sales commissions within commission expenses is the commission expenses for realestate transactions, etc. (variable cost).

10

Overview of FY12/24 2Q Business Results (by segment)
FY12/23 2Q
In Millions of yen

ActualFY12/24 2Q

Percent of Sales

ActualPercent of Sales

YoY

Self-Storage
Management

Net sales

8,237

―

8,704

―

+ 5.7%

Gross profit

3,080

37.4%

3,426

39.4%

+ 11.3%Self-Storage

Net sales

323

―

1,332

―

+ 312.2%

Brokerage

Gross profit

21

6.8%

227

17.1%

+ 937.6%

Net sales

8,560

―

10,037―+ 17.2%Gross profit

3,101

36.2%

3,654

36.4%

+ 17.8%Business profit

2,288

26.7%

2,688

26.8%

+ 17.5%Net sales

1,935

―

2,122

―

+ 9.6%

Gross profit

657

34.0%

538

25.4%

－18.1%

Business profit

374

19.3%

339

16.0%

－9.3%

Net sales

687

―

751

―

+ 9.2%

199

29.0%

247

33.0%

+ 24.1%Business profit

155

22.6%

206

27.5%

+ 33.3%Business profit

(609)

―

(687)

―

+ 12.8%Net sales

11,184―

12,910―+ 15.4%Gross profit

3,958

35.4%

4,440

34.4%

+ 12.2%

Operating income

2,208

19.7%

2,547

19.7%

+ 15.3%Self-Storage BusinessLand Rights Consolidation
Business (Limited Land
Rights)Other Operational Services
Gross profit
Business
Headquarters expenses
Total for All Businesses

11Self-Storage Business - Performance Overview
Steady Increase in Revenue and Profits in Management While
Stably Increasing New Units
Self-Storage BusinessIn Millions of yen

Net sales (Selfstorage
management)
Net sales (Selfstorage brokerage)

Net sales
Gross profit (Selfstorage
management)
Gross profit (Selfstorage brokerage)

FY12/232Q

FY12/24
2Q

YoY

Self-Storage Management

FY12/24Compared The utilization rate remained highto plan

Plan

8,237

8,704

+ 5.7%

ー

ー

323

1,332

+ 312.2%

ー

ー

8,560

10,037+ 17.2%

20,500

49.0%

3,080

3,426

+ 11.3%ーー

at 87.64% despite increase in thenumber of new units, andrevenue and profits increased
year on year

Self-Storage Brokerage

21

227

+ 937.6%ー

Gross profit

3,101

3,654

+ 17.8%ー Both sales and profit increasedー
due to sales of eight properties ofstorage with landー

SG&A expenses

813

966

+ 18.8%ーーBusiness profit

2,288

2,688

+ 17.5%

5,360

50.2%

12

Land Rights Consolidation Business / Other Operational Services BusinessLand Rights Consolidation Business Progressed Ahead of and Above Plan
Land Rights Consolidation Business (Limited Land Rights)
In Millions of yen

FY12/232Q

FY12/24
2Q

YoY

FY12/24Compared to
plan

Plan

Net sales

1,935

2,122

+ 9.6%

2,400

88.4%

Gross profit

657

538

-18.1%

ー

ー

282

199

-29.7%

ー

ー

374

339

-9.3%

320

106.1%

SG&A
expenses
Business
profitOther Operational Services BusinessIn Millions of yen

FY12/232Q

FY12/24
2Q

YoY

FY12/24Compared to
plan

Plan

Net sales

687

751

+ 9.2%

1,500

50.1%

Gross profit

199

247

+ 24.1%

ー

ー

44

40

-8.2%

ー

ー

155

206

+ 33.3%

300

69.0%

SG&A
expenses
Business
profitLand Rights Consolidation Business(Limited Land Rights)
 Inventory was 3,006 million yen, a decreaseof 802 million yen compared to the end of
the previous fiscal year Both sales and profit progressed beyond
plan despite some projects being settled
ahead of plan

Other Operational Services Businesses
 Steadily progressing above plan

13

Status of Balance Sheet

Stable Financial Base With Cash Deposits of 15.8 Billion Yen
In Millions of yen

Current liabilities

7,983

Cash and deposits

Current portion of
long-term debt

2,642 million yen

Long-term loans
payableLease obligations
Long-term accounts
payable - other

13,771 million yen
1,157 million yen
1,490 million yen

15,852

Real estate for sale(of which limited land
rights4,316 million yen
3,006 million yen)Land
Buildings
Tools, equipment andfixtures8,171 million yen
6,372 million yen
8,423 million yen

Total assets(YoY

Other current assets

5,795

Fixed liabilities

18,927

Total liabilities(YoY

26,911 million yen＋2,256 million yen)

Net assets(YoY

25,740 million yen＋ 719 million yen)Fixed assets

31,003

Net assets

25,74052,651 million yen＋2,975 million yen)14

Equity Ratio and Interest-Bearing Debt Ratio
Equity Ratio Remained Stable at 48.9%
Equity Ratio
Net assets
Unit: Millions of yen

Equity ratio
25,021

25,000Interest-Bearing Debt

25,740

Unit: Millions of yen

100.0%

25,00080.0%

20,00023,072

Interest-bearing debt

Interest-bearing debt ratio
100.0%

20,96320,00018,139

72.2%

68.2%

67.0%
57.0%

15,00049.7%
10,000

50.5%

50.4%

48.9%

44.6%

60.0%

15,00040.0%

10,000

60.9%
60.0%

16,755

12,3775,000

0FY12/20

FY12/21

FY12/22

FY12/23

FY12/24 YTD(2024/6)

20.0%

5,000

0.0%

0

80.0%

18,59240.0%

14,048
11,94420.0%

0.0%
FY12/20

FY12/21

FY12/22

FY12/23

FY12/24 YTD(2024/6)

Interest-bearing debt: Short-term loans payable + bonds payable (including current portion of bonds) +long-term loans payable (including current portion of long-term loans payable) + lease obligations
Interest-bearing debt ratio= Interest-bearing debt/Net assets×100

15

Status of Cashflow

Maintained Cash and Deposits of 15.8 Billion Yen and Achieved
Stable Positive Operating Cashflow.
Unit: Millions of yen

FY20232Q

FY2024
2Q

Cash flows fromoperating activities

1,443

3,849

Cash flows frominvesting activities(1,258)(3,900)Cash flows fromfinancing activities

(177)

861

Cash and cash
equivalents at theend of year

14,33015,852

Income before income taxes
Decrease in inventories
Income taxes paid

2,478 million yen
1,300 million yen(524) million yen

Purchase of noncurrent asset(2,686) million yen
Purchase of shares of subsidiaries and associates(1,150) million yen
Proceeds from long-term loans payable
3,863 million yen
Repayment of long-term loans payable(2,335) million yen
Cash dividends paid(975) million yen

16

FY12/24 Earnings Outlook

FY12/23
In Millions of yen

ActualFY12/24

Percent of Sales

Plan

Percent of SalesYoY

Net sales

22,463―

24,400―＋8.6%

Operatingincome

4,155

18.5%

4,650

19.1%

＋11.9%

Ordinary
income

4,058

18.1%

4,520

18.5%

＋11.4%Net income

2,821

12.6%

3,080

12.6%

＋9.2%

17

FY12/24 Earnings Outlook (by Segment)
FY12/23
Percent of
Sales

ActualIn Millions of yen

FY12/24
Forecast

Percent of
Sales

YoY

Net sales

17,423―20,500―＋17.7%

Operatingincome

4,563

26.2%

5,360

26.1%

＋17.5%

Land Rights
Consolidation BusinessNet sales

3,623

―

2,400

―

－33.8%(Limited Land Rights)

Operatingincome

446

12.3%

320

13.3%

－28.3%Net sales

1,416

―

1,500

―

＋5.9%

Operatingincome

345

24.4%

300

20.0%

－13.2%Net sales

―

―

―

―

―

Operatingincome(1,199)―(1,330)―＋10.9%Net sales

22,463―

24,400―＋8.6%

Operatingincome

4,155

18.5%

4,650

19.1%

＋11.9%

Self-Storage Business

Other Operational
Services Business
Management Division

Total for All Businesses

 In the Self-Storage Business, revenue and profit are expected to increase steadily
 Intend to downsize the Land Rights Consolidation Business18

EPS
Following Impact of Extraordinary Income and Loss Over Past
Three Years, Returned to Normal Starting 2023
*Before share split

250.72
Recorded extraordinary income in 2020
and 2021 from the reversal of provision
posted as extraordinary loss in 2019

227.54242.83222.50176.16
In 2022, as a special factor,
investment securities
liquidation profit and a tax
rebate of corporate tax wererecorded.

145.47
10.97*

FY12/1312.55*

126.0812.63*
93.06

FY12/14

FY12/15

FY12/16

FY12/17

FY12/18-138.81* A 10-1 reverse stock-split was conducted on July 1, 2016.

FY12/19

FY12/20

FY12/21

FY12/22

FY12/23

FY12/24 (Plan)

Posted extraordinary loss
related to provision forcontainer repurchases

19Dividends and Payout Ratio
Dividend Forecast Is 77 Yen for This Period (Interim Dividend 39 Yen, YearEnd Dividend 38 Yen) With No Decrease from the Previous Period*Before share split
Unit: Yen

The divided paid in 2023 is 77 yen, which includes
the normal dividend of 67 yen and the 20th
anniversary commemorative dividend of 10 yen.

90
80

50.0%
77

41.9%

40.0%

70
34.6%
60

31.7%

30.9%

31.6%

28.7%
50

Having paid the 2019 dividend, thedividends paid in 2020 and 2021
were based on an amountexcluded extraordinary income

22.8%

31.7%

30.3%

30.0%
Year-end
dividend
38

18.7%

40
17.6%

69

77

20.0%

30
3.9*
20

39

3.6*
2.5*

46

47
40

Dividend paid in 2019 excluded
impact of extraordinary loss
* No dividend payout ratio
because of loss

100
FY12/1340

FY12/14

FY12/15

FY12/16

FY12/17

FY12/18

FY12/19

Cash dividends per share (year-end)* A 10-1 reverse stock-split was conducted on July 1, 2016.

31

In 2022, as a special factor,
investment securities
liquidation profit and a tax
rebate of corporate tax wererecorded.

Interimdividend
39

10.0%

0.0%
FY12/20

FY12/21

FY12/22

FY12/23

FY12/24(Forecast)

Payout ratio

20

Achieving the Medium-Term Management Plan
Yoshika Suzuki
Representative Director and President (CEO)21

Medium-term Business Plan 2023-2025
2023
Projected
In Millions of yen

ProfitMarginActual2024
ProfitMarginAchievement
rate

Projected

2025

ProfitMarginProjected

ProfitMarginNet sales

21,800―22,463―103.0%

24,400―28,100―Operatingincome

4,050

18.6%

4,155

18.5%

102.6%

4,650

19.1%

5,500

19.6%

Ordinary income

3,930

18.0%

4,058

18.1%

103.3%

4,520

18.5%

5,350

19.0%

Self-storage No. of
new units*

4,700

5,800

10,40014,000*Excludes cancellations

 Growth plan －Complete structural transformation to a stock business and plan
to increase net sales through accelerated opening New units: Accelerate new openings from 2,915 in 2022 to 5,800 in 2023 and then over 10,000
in 2024
 Aim to quickly achieve an operating income ratio of 20% by steadily improving income ratio

22

Self-Storage Business – Opening Status

Change in Number of Self-Storage Units

100,000

97,88597,784

98,581

101,379

104,81250,000

New Units in 2024
0
FY12/20

FY12/21

FY12/22

FY12/23

FY12/24
YTD(2024/6)

Plan

FY12/24 2Q Actual

10,400

4,257
(251)

* Figures in parentheses are the number of units from expansionof existing locations.

23

Self-Storage Management – Trend in Utilization Rate
Utilization Rate Continues to Be High
Changes稼働室数・稼働率推移
in units in use and utilization rate
Units in use
Unit: Units

100,000

Utilization rate

82.17%

86.72%
85.86%

Existing utilization rate

90.73%
89.36%

80.66%
65.10%

67.54%New utilization rate

91.10%

91.25%

88.29%

87.64%

 The utilization rate continues to improve year by
year, and the overall utilization rate remains highOverall 87.64%
60.81%

57.01%

51.88%

50,000Existing 91.25%

 The time required for new properties to get on
track is improving every year Openings by Region
Tokyo and Three Neighboring Prefectures: 1,780 units
78,95883,96088,092

FY12/20

FY12/21

FY12/22089,50991,859FY12/23

FY12/24 YTD(2024/6)* New facilities are locations opened during and after the previous fiscal year. For FY12/24,
new facilities are those opened during FY12/23 and FY12/2024.

Kyoto, Osaka, Kobe: 730 units
Other Region: 1,747 units

24Self-Storage Management – Utilization Rate of Newly Opened
Locations by Fiscal Year

Steady Progress in Utilization After New Openings
Utilization rate

100.0%

Containers
2023

80.0%

2021
2022
2020
2019

70.0%

2018
2017

90.0%

60.0%
50.0%

 Factors contributing to the increase in theutilization rate•

Greater precision of location opening strategies(type of product, area, number of rooms, price)from use of databases (population, number ofhouseholds, income brackets, etc.)•

Development of small-scale properties in multiple
locations•

Demand for decluttering homes as remote work
becomes established•

Smaller residential spaces and rising house prices•

Greater awareness of products and services as afocus on PR activities led to wide-ranging media
uptake, mainly TV and online

2024

Break-even point

40.0%
30.0%
20.0%
10.0%
-

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Number of months elapsed (months)

25

Self-Storage Business – New Location Opening Plan
Shift to a strategy of analyzing, verifying, and utilizing past data to improvethe utilization rate for existing locations, and enhance the accuracy of new
location openings
250000200000200,000 units

150000100000100,000 units

50000

0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

26

Self-Storage Business – New Location Openings
Plan to Annually Add Around 10K Units in 2024 and 25K Units in 2029
Self-Storage Unit Addition Plan

30,00025,00020,00015,00010,000

5,000

0
2022

2023

2024

Outdoor Container Type

2025

2026

Indoor Unit Type

2027

2028

2029

Self-Storage Mini

27

Characteristics and Strengths of the Self-Storage Business in Japan –Why Barriers to Entry Are Effectively High Unattended operation allows for low cost and high profitability(some locations have staff on site)
Operations are managed centrally by the head office, so even as the number ofproperties increases, personnel and advertising costs are contained.

 Operated using leased land and buildings (some properties are owned)
Sites can be located on leased land far from train stations for a long period at comparatively
low cost.

 Small-scale properties (convenience store feeling)
Difficult for investment funds, REITs, and major companies to enter the market.

 Awareness of self-storage remains low, so stable operation takes timeLoss-making period continues for about one year.

 Possible to start operations in short period of time once the land
contract is concluded
Average time to opening is four months (container and in-building types).
契約

Contract

Construction

工事

Four months on average

Openingオープ
ン28

Self-Storage Business – Product Development & Strategies (1)屋外型
Outdoor
Type

屋内型
Indoor Types
Building TypeIn-Building Type

Purchase of landContainer Type

Lease of building floor or land

A single building designed exclusively

Remodeled floor of a building partitioned

Self-storage using shipping

for self-storage. Full range of facilities

make self-storage units. Facilities such as

containers. The site can be

including air conditioning, security

private parking, EV stations, and airaccessed by car, with parking

systems, and private parking lots.

conditioning vary depending on the property.

alongside the unit. Some locations

Yield: Approx. 8%

Yield: Approx. 18%

Yield: Approx. 18%

29

Self-Storage Business – Product Development & Strategies (2)Arealink Is the ONLY Company
In-Building TypeThat Offers Three Types of Products

Feature: Located in urban centers
No. of units: Approx. 30

Building Type
Feature: Located inresidential areas
No. of units: Approx. 50

Container Type
Feature: Located in suburban andregional areas
No. of units: Approx. 30

30

Becoming a platform for the self-storage industry
Arealink Aims to Be the Undisputed Leader in theJapanese Market, and Expand Worldwide
Creation of a nationwide database(population, number of households,
income brackets, etc.) for location
openings

Smaller-sized properties
Higher utilization rates for
new properties
Greater precision inlocation openings

Streamlined, efficientsales use

Consideration of M&A
Partner System(Systematization of agency and contract
sales)

Expansion of location
opening area

Corporate Philosophy

ProvideConvenience, Joy,and Excitement

Sales structure that does notrely on manpower

Partnerships with thinktanks
Updates to location opening database(population, number of households,
income brackets, etc.)
Collaboration with self-storage
associations around the world

Now that the stage is set, ACCELERATE location openings→ Achieve a market share of 30% within ten years with proactive openings

31

Differentiation Strategies (1)Build a Self-Storage Database to Enable Data-Driven Management
Self-Storage Database・Accumulation of information on customers and properties nationwide* Hundreds of thousands of data points, including past cancellations
・High-precision new location openings backed by detailed data
・Data-driven management that excludes personal experience and intuition

Marketing Strategy

New
Properties

Early
Monetization

Existing
Properties

Maintain High
Utilization Rate

・In consideration of long-term profitability, develop optimal products in areas
nationwide
・Optimize advertising strategies centered on web advertising to improve overall
efficiency and lower costs

Strategy Optimization
・Analyze contracts, cancellations, usage periods, rent setting, promotional
campaigns, and regional data from various perspectives

・After opening a new property, accumulate new data and further improve precision32

Differentiation Strategies (2)Two-pronged strategy of early monetization of new properties,
and maintaining high utilization rates for existing properties –We have entered the phase of accelerating store openings.

Strategy
Optimization

Early
Monetization

New Properties

Self-Storage
Database

Existing
Properties

Maintain High
Utilization Rate

Marketing
Strategies

33Differentiation Strategies (3)Arealink Is Never Satisfied, Continually Pursuing Greater Customer Convenience“Hello Home Delivery” Courier Service
RequestPack

Storage Rack Sales and AssemblyTransport IC Card Security System

Transport

UnloadCompletion
Report・Increases storage capacity, and makes organization easier・Allows items to be easily moved from home to the selfstorage unit.

Dispatch of Organization and Storage Advisors (Optional Service)・Units with storage racks are popular

・Less hassle with keycard issuance and management

・Storage rack sales and assembly services are currently

・No need to issue additional keycards for multiple users

being provided in Tokyo, Kanagawa, Chiba, Saitama,
Osaka, and Aichi.

Support for Online Contracts and Credit Card Payments

・Smartphone app can be used as a key

Future・Organization professionals consider lifestyle, family
structure, personality, and other factors to propose
organization and storage methods best suited to thecustomer.
*Customers who apply at the same time as Hello Storage receivea discount on Inbloom Co., Ltd.'s tidying concierge service.

・Ability to apply for a contract online, and register a credit
card for payment.

・Arealink is considering expanding services using digitaltechnologies for greater convenience.
・Introduction of AI tools

34Media Exposure

Jan.-Jun. 2024

Expanded Media Exposure to Boost Visibility of Self-Storage
Internet

TV Commercials

Award

Mar. – May 2024 Saturdays 21:00-21:55“Discovery Masterpiece Selection”(BS 11, during program)

TV Exposure
Mar.
“Super J Channel” (TV Asahi)

Print Media・Nikkei ESG

・Nikkan Real Estate
Economic News・KENZAI Market
・National Rental Housing
・Kabunushitecho
News・The Reuse Economic Journal

President’s Dictionary

・President’s Dictionary – Media for Direct
Connections to Company Presidents
・R.Eport

・Kabutan・tokyo chips

・Jutaku-Shinpo Web

・Magazine Summit

・BuildingAward-winning product : Hello Storage Yokosuka
SanochoMay
Received “Multi-Site Operation Store of theYear” (Japan Division) at the Self Storage
Awards Asia 2024, honoring outstanding
self-storage operators in Asia.

・Fudousan Keizai Tsushin Management Weekly
・LOGISTICS TODAY

Recognized for designs that blend in with thecityscape, and our wide variety of services.

35

Human Capital Management and Growth Strategies
The Future of Arealink

Naomichi Hayashi
Representative Director and Chairman (CEO)36

Arealink’s Management Philosophy
Management Philosophy：

Provide Convenience, Joy, and Excitement
MISSION

Change Life in Japan With
Self-Storage
By making self-storage available nationwide, we will
provide people with opportunities for nostalgia, andenrich their lives.

VISION

VALUE

Become a Platform
for the Self-Storage Industry

Create Excitement
Increase the number of Arealink fans(Thorough implementation of ourmanagement philosophy)
37

Human Capital Management (1)Training Manual Created to Implement Small-Group Management

BasicsHealth Management

・Establishing a business environment
・Chip System
・Scoresheet ・Arealink Philosophy

・Promoting the Health of Employees

Utilization of External Resources
・Capability Development
・Business Promotion
・Personal Connections Expansion System
・Topics Mail・Self-Growth Program
・Procurement Strengthening System(SF Improvement)

Plan / Implementation

Enhance employee abilities,
motivation, and productivity

Leadership Training

・Department Objective Definition Evaluation List
・Task Notebook・Solution Sheet・Team Capabilities Development Chart

Raising Employee Motivation
・Personnel Evaluation System (Twice a year)

・Arealink MasterCommunication
・Hello Circle ・Overnight training retreats
・Kickoff

Application of Principles
・Create Excitement・Guideline of 14 Principles

38

Human Capital Management (2)Arealink Ranked 26th in Toyo Keizai Online’s Ranking of the Top 500 Companies in
Operating Income per Capita** Source: Toyo Keizai Online “Top 500 companies that dramatically increase operating profit per employee,” delivered on July 26, 2022

2013

2023

Net sales

12,256 million yen

Net sales

22,463 million yen

Operating income

1,505 million yen

Operating income

4,155 million yen

No. of full-time
employees
Per capita profit98
15.3 million yen

3.4x increase in
per capita profit
in ten years
Operating income70

Per capita profit

52.7

60
50

(¥mn)

3,044

3,030
2,275

10

4,000

3,742

4,155

Per Capita Profit of More ¥50 Million

0
2018

2019

2020

2021

6,000
5,000

4,650
2,782

64.7

51.9

30
20

51.9 million yen

58.1

29.9

29.6

80

41.7

38.3

40

No. of full-time
employees
Per capita profit

2022

2023

2024

5,500

3,000

2,000
2025 Target:
Per Capita Profit of ¥64
Million (centered
1,000 oncumulative-type business)
0
2025

39

Growth Potential of the Self-Storage Market (1)Japanese Market Has Potential for Ten-Fold Growth Compared to the U.S.
Comparison With U.S.
Self-Storage Usage

Comparison of Scale With U.S.
Self-Storage Companies

13.5 million units = Used by 10.6% of all U.S. households

U.S.
Public Storage(Market Cap $50.5bn, PER 27.4 times, PBR 9.1 times)

10% of Japanesehouseholds = Six million
units

600,000 units

10x Growth

Extra Space Storage(Market Cap $32.9bn, PER 35.8 times, PBR 2.3 times)

Japan
Arealink

U.S.
アメリカ

Japan
Today
日本現状

Japan
Future日本将来

No. of units in use in the U.S. (Source Demand Study, Self Storage Association)
Current situation in Japan (Source: Arealink)
Future situation for Japan: Calculated by Arealink as 10% of all households in Japan*(*Reference: 2020 Population Census, Statistics Bureau of Japan)（Market Cap ¥44.9bn, PER 14.3 times, PBR 1.7 times
As of June 28, 202440

Growth Potential of the Self-Storage Market (2)Even Compared with the Developing Market in the U.K., Japan Has 4.7
Times More Room for Growth
Self-Storage Usage Comparison
If approx. 2.28% of the Japan
population uses self-storage, thepotential supply is 2.83 million units

Approx. 4.7x

Used by about 1.5 million people(2.28% of the U.K. population)

600k Units(*Supply)

UnitedKingdomJapan(current)Japan(future)U.K. usage: (Source: 2022 SSA UK Annual Report, 2022 FEDESSA Industry Report, Statista)
Japan (current): (Source: Arealink)
Japan (future): Calculated by Arealink, assuming one unit per person for 2.28% of Japan’s population. (Ref.: Statistics Bureau, Ministry of Internal Affairs and Communications)41

Growth Potential of the Self-Storage Market (3)Limited Living Space in Japanese Homes Creates Huge Potential Demand For Storage
Unit: ㎡

International Comparison of Residential Floor Space per Person(Wall Centerline Converted Value)

70
60
50
40

61.2

30
20

46.1

44.3

ドイツ
Germany

フランス
France

37.6

35.3

10
0
日本
Japan
(GreaterTokyo
関東大都市圏
Metropolitan Area)

アメリカ
U.S.

Ref. Ministry of Land, Infrastructure, Transport and Tourism (MLIT), “2020 Housing Economy Related Data”
International Comparison of Housing Standards, 2) International Comparison of Residential Floor Space per
Person (Wall Centerline Converted Value)

イギリス
U.K.

42

Self-Storage Business Growth Strategies (1-1)

Expand market share through the partner system
Contract for facility management with existing self-storage providers nationwide
Advantages for Arealink◆ Revenue comprising commission of 10% of rent + administrative fee◆ Contract management has no initial opening cost or loss-making period◆ New location openings support for existing business operators→ Acceleration of location openings through contract management

Operational StructureMarketing

Data Analysis
Rent

End Users

・Hello Storage official website
・In-house call center・Advertising・ Portal site・Big Data with records on
more than 100,000 units
・Dynamic pricing
・BI (business intelligence)
tools

Services

New location openings support
90% of rent

Outsourcing
Property
Management

・Nationwide administrative structure
・Delinquency guarantee
・Maintenance know-how

PartnerCompanies

43

Self-Storage Business Growth Strategies (1-2)
Location
Openingand Sales◆ The only company with a comprehensive nationwide network of Container, In-Building, and Building
type locations◆ Reach the break-even point faster through analysis of Big Data

◆ Encompasses container, in-building, and building type locations
Construction◆ Experience with more than 1,300 applications for verification of container-type locations◆ Nationwide construction management system

Marketing◆ Operation of an in-house website with two million page views (PVs) annually (listings for more than
100,000 units nationwide)◆ Handling of more than 2,000 applications, cancellations, inquiries, and customer interactions per month,
management know-how, and outcall sales◆ Operation of the leading portal site in terms of number of listings (more than 12,000 facilities)◆ Comprehensive network of Container, In-Building, and Building type locations nationwide

Property
Management◆ Operational and maintenance know-how based on 25 years of experience◆ Possession of Big Data on more than 300,000 customers
Data Analysis◆ Boost earnings through dynamic pricing and rent increases◆ Visualization of Big Data by introducing BI tools

44

Self-Storage Business Growth Strategies (2)Utilization of “3UP” Racks
Before

After

After

1.2 tatami mat

0.5 tatami mat

Before

After

After

2 tatami mat

2 tatami mat

1.5 tatami mat

Value UP!!
◆Know immediately where everything is, and prevent
wasteful shopping◆Ability to store everything in a smaller unit with lower
rent

1.2 tatami mat

Capacity UP!!
◆Dead space is eliminated and limited space is usedefficiently

Usability UP!!
◆Entire space is immediately visible, making storage andretrieval easier45

Sustainable Management and ESG
Basic Policy
Based on our management philosophy of “Provide Convenience, Joy, and Excitement,” we at Arealink value
dialogue with all stakeholders, including customers, business partners, shareholders and investors,
employees, and local communities, and will strive to play an active role in building a sustainable society, andwill strive to play an active role in building a sustainable society, and enhance our corporate value.

Consideration for the Environment
・Organize one’s home by using self-storage, and promote a comfortable and affluent
society that values objects (Recycle and reuse to reduce waste)・Implement the “Container Building 100-Year Utilization Project”
・Reduce paper waste from offices (paperless operations)Contribution to Society
・Human resource development (Increase per capita profit by utilizing the Arealink
method)・Support for diverse working styles
・Self-storage utilization in times of disaster

Governance・Appointment of two outside directors (of a total of six) and four outside Audit &Supervisory Board members
・Establishment of compliance and risk management systems
・Stable shareholder returns with a target dividend payout ratio of 30%

46

Consideration for the Environment
 Utilize self-storage to allow people to experience the uplifting feeling of organization,and encourage a society without excess

 “Container Building 100-Year Utilization Project”
Arealink makes additional efforts such as painting container at the time of
installation, and performs regular maintenance.
Containers can be used over the long term, saving valuable resources.
 Long-term use of self-storage mini (Building Type) properties, as they do not haveplumbing facilities Reduction of paper waste in offices

47

Containers and Buildings 100-Year Utilization ProjectIntroduction of a new self-storage design, and establishment of amaintenance system to support utilization for 100 years
 Color scheme of gray and orange to blend with residential areas
 Plans to change all properties to the new design nationwide over the next decade

Example ofmaintenance work
BeforeAfter

48

Contribution to Society Time, Space, Money, and Peace of Mind
Greater use of self-storage is environmentally friendly and leads to joyful living
 Human Resource Development
Working style reforms through systematic implementation of the Arealink Method
to bring out the true abilities of ordinary people
 Support for Diverse Working Styles (Remote work, shortened hours, hourly wage
system, etc.)
 Utilization of Containers in Times of Disaster
Arealink’s self-storage units can be used to support reconstruction efforts in the event of alarge-scale disaster.
System established to provide self-storage units free of charge to those affected by disaster.
49

Governance Appointment of Two Outside Directors, or One-Third of the Directors
Number of outside Audit & Supervisory Board members increased to four
persons
 Compliance Committee Established Risk Management in Preparation for an Inevitable Economic Downturn or Natural
Disaster Stable Shareholder Returns with a Target Dividend Payout Ratio of 30%, and No
Year-on-Year Decrease in Dividend Dialogue With Shareholders and Investors
・Semi-annual results briefings and small meetings
・Individual interviews and IR seminars held as needed, with the president anddirectors attending50

Appendix

51

Business Segments
Self-Storage Business

Net Sales and Operating Income by Segment▶ Management: Rental income from operation of rental storage
spaces (trunk rooms)

6%
16%

2023
Net Sales¥22.5bn
Container typeIn-building type

Building type (self-storage mini, interior)

78%▶ Brokerage: Contracts and sales of self-storage facilities (landand buildings)

Land Rights Consolidation Business
Problem resolution service for both landowners andleaseholders through the purchase and sale of leasehold
land with complex rights relationships

Building owned by
the leaseholder

Leasehold land

Other Operational Services Business
Rental income from serviced offices, real estateholdings, etc.

Land owned by
the landowner

7%
8%

2023
Operating
Income¥4.2bn85%

Serviced office52

Characteristics of Business Segments
Cumulative-Type Business Accounted For 98% Of Earnings in 2023
Business Segments and Association with Cumulative-Type or Flow-Type Business

Self-Storage Business

Cumulative-Type Businesses Self-Storage Management(core business)▶

Self-Storage Management▶

Self-Storage Brokerage

Land Rights
Consolidation Business

19%
2022年
2023
売上高
Net
Sales
¥22.5bn
208億円

 Other Operational Services
Business

Flow-Type (Sales) Businesses Self-storage Brokerage

Other Operational
Services Business

Ratio of Cumulative-Type Business Net Sales
and Operating Income Land Rights Consolidation
Business

81%

2%
2023
2022年

Operating
営業利益
Income37億円¥4.2bn98%

53

About Self-Storage

 Self-Storage Is the Partitioning of Containers or Buildings Into Individual Units, andProviding These Units as Rental Storage Spaces
Known as “self-storage” in the United States, and commonly called “trunk rooms” in Japan

 Arealink Provides Self-Storage Units Under the “Hello Storage” Brand
Arealink is a leading company in the domestic market, with locations in 47 prefectures nationwide and a market shareof approximately 17%

Arealink Has 2,250 Properties With approximately 104,000 Units, theMost in Japan54

Self-Storage Business – Product Types

New Design for Both Container and Indoor Types Adopted in 2022

Chic Design That Retains Arealink’s Dark Gray and Orange Color Scheme55

Land Rights Consolidation Business (Leasehold Land)

Aim to Resolve Problems by Coordinating Rights Relationships Through the
Buying and Selling of Leasehold Land and Leasehold Land Rights
Leaseholder Rights
 Need to continue to pay land rent every month Landowner consent required for building extension
or renovation

Leaseholder rights (70% ownership)

Leasehold land rights (30% ownership)

Leasehold Land Rights
 Land cannot be used freely
 Low liquidity, making it difficult to sell
 Low income compared to inheritance valuation

Image of the rights relationship for leasehold land

Basic Policy(1) Arealink purchases leasehold land from landowners facing difficulties,
such as inheritance of leasehold land
(Acquisition of the rights shown in orange above)(2) After adjusting the rights relationship, leasehold land is sold to theleaseholder(Rights shown in brown become 100%)

Ownership
Image of the Final Goal

56

Other Operational Services Business
Cumulative-Type Business Comprising Mainly Real Estate Holdings and Serviced Offices
 Asset Business・ Mainly rental income from real estate holdings

 Serviced Office Business・ Operation of Hello Office, small offices in city centers
・ Market with many competitors since the covid-19 pandemic
Example of owned property(Kanda BM Bldg.)◆ Business Selection and Concentration
・Dec. 2020: Withdrawal from
conference room rental business・ Mar. 2021: Withdrawal from parking
business

Hello Office Entrance and Interior

57

Net Sales
Fluctuations in Businesses Other Than Self-Storage Management
Were a Major Factor Affecting Revenue Until 2019
Unit: ¥mn

Revenue from core self-storage
management business has
increased for 21 consecutive
periods

30,000■Self-Storage Management (cumulative-type business)■Other businesses (Self-Storage Brokerage, Land Rights

Consolidation Business, Other Operational Services Business)

20,00010,000

0
1995

1999

2000

2003

2004

2005

2006

2007

2008

Focus on real estate buying andselling

2009

2010

2011

Recovery fromfinancial crisis

2012

2013

2014

2015

2016

2017

2018

2019

Focus on self-storage brokerage(buying and selling)

2020

2021

2022

2023

Shift to cumulativetype business58

Business Segments – Quarterly Results
In Millions of Yen

FY12/23
Full-year
16,668

1Q
4,316

2Q
4,388

FY12/24
3Q

4Q

Cumulative

8,704

Self-Storage
Management

Net sales
Gross profit

6,227

1,696

1,730

3,426

Self-Storage
Brokerage

Net sales

755

848

483

1,332

Gross profit

61

167

60

227

Net sales

17,423

5,165

4,871

10,037Gross profit

6,288

1,863

1,790

3,654

Business profit

4,563

1,389

1,298

2,688

Net sales
Land Rights
Consolidation Business Gross profit(Limited Land Rights) Business profit

3,623

1,346

775

2,122

828

383

154

538

446

243

95

339

Net sales

1,416

371

379

751

Gross profit

435

121

126

247

Business profit

345

102

104

206

Business profit(1,199)

(330)

(357)

(687)

Net sales

22,463

6,883

6,026

12,910

7,552

2,369

2,071

4,440

4,155

1,405

1,141

2,547

Self-Storage Business

Other Operational
Services Business
Management Division

Total for All Businesses Gross profit
Operating income

59Status of Hello Storage Facilities

Cumulative total exceeded 100,000 Units at End of FY12/23,
Significant Increase Expected Going Forward
Total Units, Units in Use, and Utilization Rate
Unit: Number of units

120,000

100.00%75.00%
90,00050.00%
60,00025.00%

30,000

2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
4Q
2Q
FY15 FY15 FY16 FY16 FY17 FY17 FY18 FY18 FY19 FY19 FY20 FY20 FY21 FY21 FY22 FY22 FY23 FY23 FY24
Total Units
59,802 62,325 66,923 70,651 75,440 81,555 85,005 91,545 93,372 96,067 98,289 97,885 97,836 97,784 97,657 98,581 99,677 101,379104,812
Units in Use
44,603 47,796 50,739 53,786 56,742 59,748 64,432 69,169 70,064 73,815 76,743 78,958 81,583 83,960 85,504 88,092 88,907 89,509 91,859
Utilization Rate (%)
74.58% 76.69% 75.82% 76.13% 75.21% 73.26% 75.80% 75.56% 75.04% 76.84% 78.08% 80.66% 83.39% 85.86% 87.56% 89.36% 89.20% 88.29% 87.64%
Existing Utilization Rate (%) 84.90% 85.19% 84.03% 84.97% 83.45% 83.48% 83.24% 84.46% 81.10% 82.40% 80.68% 82.17% 84.03% 86.72% 88.46% 90.73% 90.96% 91.10% 91.25%
New Utilization Rate (%)
41.63% 53.84% 46.04% 51.69% 42.43% 44.36% 43.57% 48.20% 39.14% 50.73% 51.26% 65.10% 64.78% 67.54% 56.58% 60.81% 53.92% 57.01% 51.88%

0.00%※ New facilities are locations opened during and after the previous fiscal year. For FY12/24, new facilities are those opened during FY12/23 and FY12/2024.

60

Storage Business ： Openings by Region
Containers

In-Building
Trunk

Self-Storage
Properties
with Land

Hokkaido

1,084

414

137

1,635

1.56%

Shiga

381

0

0

381

0.36%

Aomori

80

0

48

128

0.12%

Kyoto

1,956

152

62

2,170

2.07%

Iwate

20

0

0

20

0.02%

Osaka

4,735

907

402

6,044

5.77%

Miyagi

1,853

32

38

1,923

1.83%

Hyogo

4,198

146

46

4,390

4.19%

Akita

31

0

0

31

0.03%

Nara

736

0

0

736

0.70%

Yamagata

102

0

0

102

0.10%

Wakayama

27

0

0

27

0.03%

Fukushima

186

45

0

231

0.22%

Tottori

115

0

0

115

0.11%

Ibaraki

1,212

27

0

1,239

1.18%

Shimane

92

0

0

92

0.09%

Tochigi

577

0

0

577

0.55%

Okayama

251

0

0

251

0.24%

Gunma

1,160

0

0

1,160

1.11%

Hiroshima

449

0

0

449

0.43%

Saitama

8,643

681

1,646

10,97010.47%

Yamaguchi

283

0

47

330

0.31%

Chiba

10,337255

1,412

12,00411.45%

Tokushima

83

0

0

83

0.08%

Tokyo

17,547

9,754

2,760

30,06128.68%

Kagawa

284

100

0

384

0.37%

Kanagawa

9,228

2,744

1,319

13,291

12.68%

Ehime

223

0

0

223

0.21%

Niigata

381

0

42

423

0.40%

Kochi

90

0

0

90

0.09%

Toyama

207

0

0

207

0.20%

Fukuoka

2,607

0

0

2,607

2.49%

Ishikawa

316

0

0

316

0.30%

Saga

106

0

0

106

0.10%

Fukui

143

0

0

143

0.14%

Nagasaki

144

0

0

144

0.14%

Yamanashi

262

0

0

262

0.25%

Kumamoto

397

0

0

397

0.38%

Nagano

543

0

0

543

0.52%

Oita

198

0

0

198

0.19%

Gifu

636

0

0

636

0.61%

Miyazaki

235

0

48

283

0.27%

Shizuoka

1,958

45

0

2,003

1.91%

Kagoshima

382

0

0

382

0.36%

Aichi

5,476

441

440

6,357

6.07%

Okinawa

160

0

52

212

0.20%

Mie

406

50

0

456

0.44%

Total

80,52015,7938,499

104,812100.00%

Proportionof Total

Total

Containers

Self-Storage
Properties
with Land

In-Building
Trunk

Proportionof Total

Total

As of June 30, 2024

61

Entire Business– Quarterly Results
In Net Sales and Gross Profit Margin
In Millions of yen

12,0009,000
6,000

29.0% 29.9% 30.3%

27.5%
23.2% 23.7% 21.7%

32.2% 31.9% 31.6% 33.0%

34.5% 36.2% 33.3%

28.3%

40.0%

34.4%34.4%
30.2%

22.7% 23.6% 23.4%

20.2%

20.0%

9,634 10,511

3,000

5,113 4,074

6,523

5,267 5,362 5,323 5,321 5,431 4,526 5,293 5,145 5,466 5,220 5,046 5,088 6,095 5,911 5,367

6,883 6,026

0

0.0%
1Ｑ

2Ｑ

3Ｑ

4Ｑ

1Ｑ

FY2019

2Ｑ

3Ｑ

4Ｑ

1Ｑ

FY2020

2Ｑ

3Ｑ

4Ｑ

1Ｑ

FY2021

2Ｑ

3Ｑ

4Ｑ

１Ｑ

FY2022

2Ｑ

3Ｑ

4Ｑ

１Ｑ

FY20232Ｑ

3Ｑ

4Ｑ

FY2024

In Operating Income and Operating Income Ratio

In Millions of yen

2,000

14.7%

13.3% 12.9%

16.4%

18.2% 18.1% 17.3% 18.1%

15.4%

18.9%

20.0%

14.9%
12.8%

12.2%

1,000

20.4%

19.8% 19.7% 19.4%

8.7%

10.3%

8.7%

10.0%

6.5%

1,278 1,355 333

1.5%
62
795

460

554

465

781

890

697

675

936

989

901

914 1,005 1,202 1,147 799 1,405 1,141

0

0.0%
1Ｑ

2Ｑ

3Ｑ

FY2019

4Ｑ

1Ｑ

2Ｑ

3Ｑ

FY2020

4Ｑ

1Ｑ

2Ｑ

3Ｑ

FY2021

4Ｑ

1Ｑ

2Ｑ

3Ｑ

FY2022

4Ｑ

1Ｑ

2Ｑ

3Ｑ

FY2023

4Ｑ

1Ｑ

2Ｑ

3Ｑ

4Ｑ

FY202462

Enhancement of IR
Main Implementation Measures This Year
Issue
Improve Visibility

MeasureImplemented seminars for individual investors
Implemented small meetings
Published external report

Help Investors Get To Know
Arealink

Published self-storage monthly results

Implemented 1-on-1s
Delivered IR emails
Gave property tours
Published a detailed report written by an external company

Approach Foreign Investors

English translation of financial results (full text)

English translation of earnings presentation materials
Published report written by an overseas company
Implemented 1-on-1s with foreign investors
Overseas IR Road Show
Late May to early June 2024 in 4 countries/7 cities(San Francisco, Chicago, Boston, New York, London, Paris, Frankfurt)

63

Enhancement of IR
Enhancing Information Dissemination to Domestic and Foreign Investors
 Shared Research (Japanese/English)
Information dissemination for domestic andforeign investors

https://sharedresearch.jp/ja/companies/8914

 Fisco (Japanese/English)
Information dissemination for domestic andforeign investors
https://www.fisco.co.jp/service/report/

 StormResearch (English)
Information dissemination for foreign institutional investors
https://stormresearch.co.uk/

64

Information
IR Email Distribution
IR E-mal Distribution is a service that provides timely IR information, including the latest news releases, via email.
Emails will be sent to your registered email address through the RIMSNET service operated by the Transfer
Agent Department of Mitsubishi UFJ Trust Banking Corporation.
Access here to sign up → https://rims.tr.mufg.jp/?sn=8914

Information Site On Living and Storage “kurasul”
Continuously proposing affluent lifestyles through self-storage
https://kurasul.hello-storage.com/

Scan this QR code
to visit “kurasul”

65The earnings forecasts, predictions, strategies, and other information presented in thisreport are as of the time of preparation. The report was prepared based on information
reasonably available to the Company, with determinations made within foreseeable bounds.
However, there are risks that that actual performance may differ from the earnings
forecasts in this report as a result of unforeseeable events and results.
The Company makes an effort to proactively disclose information considered important
to investors, but readers are strongly advised to avoid decisions that place undue reliancesolely on the earnings forecasts presented in this report.
This report may not be duplicated or forwarded without permission for any purpose.

Inquiries
IR Office Administrative Division
Arealink Co., Ltd.
TEL ：+81-3-3526-8556 E-mail：info@arealink.co.jp

66