Please note that this document is a translation of the official announcement that was released on August 9, 2024. The translation is prepared andprovided for the purpose of the reader’s convenience only. All readers are strongly recommended to refer to the original Japanese version of the news
release for complete and accurate information.

Consolidated Financial Results for theThree Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name: Raysum Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 8890
URL: http://www.raysum.co.jp/en/
Representative: Tsuyoshi Komachi, President and Representative Director
Contact: Soshi Okino, Senior Operating Officer, General Manager of Administration Division
Phone: +81-3-5157-8881
Scheduled date of commencing dividend payments: —Availability of supplementary briefing material on financial results: Yes
Schedule of financial results briefing session: None
(Figures are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Results of Operations(% indicates changes from the previous corresponding period)

million yen%

million yen%

million yen%

Profit attributable toowners of parent
million yen%

15,615

(0.3)

1,437

(62.3)

1,335(64.9)

885(64.1)

15,663

125.0

3,812

417.9

3,806

352.1

2,467

386.8

Net sales
Three months ended
June 30, 2024
Three months ended
June 30, 2023

(Note) Comprehensive income:Operating profit

Ordinary profit

Three months ended June 30, 2024: 964 million yen (-62.2%)
Three months ended June 30, 2023: 2,548 million yen (327.8%)

Profit per shareyen

Diluted profit per share
yen

30.84

－

86.28

－

(2) Consolidated Financial Position
Total assets
million yen
As of June 30, 2024
142,325
As of March 31, 2024
130,513

Net assets
million yen
58,39462,452Three months ended
June 30, 2024
Three months ended
June 30, 2023

(Reference) Equity: As of June 30, 2024:
As of March 31, 2024:

Equity ratio
%
41.0
47.8

58,334 million yen
62,389 million yen

2. Dividends
Q1 endyen
Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
Fiscal year ending March 31, 2025
(Forecast)

－
－

yen
0.00

Annual dividends
Q3 end
yen
－

0.00

－

Q2 end(Note) Changes to the most recent dividend forecast announced: Not applicable－ 1 －Year endyen
175.00
196.00

Total
yen
175.00
196.003. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period)

Net sales
Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Profit per share

million yen%

million yen%

million yen%

million yen%

yen

115,000

22.0

23,0000.8

21,500(1.7)

14,00021.6

487.78(Note) Changes to the most recent financial results forecast announced: Not applicable*Notes(1)

Significant changes of subsidiaries in the first three months of the fiscal year under review (affecting specified subsidiaries
resulting in changes in scope of consolidation): Not applicable(2)

Application of accounting method specific to preparation of quarterly consolidated financial statements: Not applicable(3)

Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Any changes in accounting policies other than 1) above: Not applicable
3) Changes in accounting estimates: Not applicable4) Restatements: Not applicable(4)

Total number of issued shares (common stock)1) Total number of issued shares at the end of the period (including treasury shares):Three months ended June 30, 2024
29,081,400 sharesFiscal year ended March 31, 2024

29,081,400 shares2) Total number of treasury shares at the end of the period:
Three months ended June 30, 2024

379,744 sharesFiscal year ended March 31, 2024

379,744 shares

3) Average number of shares during the period:
Three months ended June 30, 2024

28,701,656 shares

Three months ended June 30, 2023

28,598,607 shares* This quarterly financial report is not subject to quarterly review by a certified accountant or auditing company.
* Explanation of the proper use of performance forecast and other note
(Note on forward-looking statements, etc.)
Performance forecasts and other forward-looking statements presented in this report are based on information currently available to
the Company and certain assumptions deemed to be reasonable, and are not to be read as guarantees of future performance by theCompany. In addition, actual performance may differ substantially due to various factors.

－ 2 －○ Contents of Appendix
1. Qualitative Information on Quarterly Financial Results ........................................................................................................................ 4(1) Explanation of Results of Operations .............................................................................................................................................. 4(2) Explanation of Financial Position .................................................................................................................................................... 5(3) Explanation of Consolidated Financial Results Forecast and Other Information on Future Forecasts ............................................. 5
2. Quarterly Consolidated Financial Statements ........................................................................................................................................ 6(1) Quarterly Consolidated Balance Sheets ........................................................................................................................................... 6(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ....................... 8(3) Quarterly Consolidated Statements of Cash Flows .......................................................................................................................... 9(4) Notes on Quarterly Consolidated Financial Statements ................................................................................................................. 10(Notes to changes of accounting policies) ....................................................................................................................................... 10(Segment Information) .................................................................................................................................................................... 10(Notes in the Event of Material Change in the Amount of Shareholders’ Equity)........................................................................... 11(Notes on the Going Concern Assumption) ..................................................................................................................................... 11－ 3 －1. Qualitative Information on Quarterly Financial Results(1) Explanation of Results of Operations
The consolidated financial results for the first three months of the fiscal year under review recorded net sales of 15,615 million
yen (year-on-year decrease of 0.3%), operating profit of 1,437 million yen (year-on-year decrease of 62.3%), ordinary profit of
1,335 million yen (year-on-year decrease of 64.9%) and profit attributable to owners of parent of 885 million yen (year-on-year
decrease of 64.1%). We were able to get off to a steady start toward achieving our full-year performance targets, thanks in partto the sale of several properties in our mainstay business of Value Creation Services.
Business results by segment are as follows.
(Value Creation Services)
In this business, we pursue the potential value of each real estate asset tailored to the individual needs of our customers. By
becoming owners ourselves, we undertake usage changes, major renovations, and attract new tenants to create and provide
valuable real estate assets for our customers. We redefine valuable, high-quality assets for our customers as rare real estate
properties that offer long-term stable profitability and high liquidity. Based on this premise, we are committed to our business.
In the first three months of the fiscal year under review, we managed to deliver to customers land with a leasehold interestin Chiyoda-ku, Tokyo, an office building in Hakata-ku, Fukuoka City, a commercial building in Suginami-ku, Tokyo, a largecommercial building located near Omotesando Station in Minato-ku, Tokyo, and other properties. In the first three months of
the fiscal year under review, Value Creation Services posted net sales of 13,572 million yen (year-on-year decrease of 3.5%)
and segment profit of 1,934 million yen (year-on-year decrease of 53.1%), getting off to a steady start toward the achievementof the full-year performance targets for the segment.
We are earnestly carrying out necessary repair works, conversion preparations, tenant leasing and sales activities, and areproceeding with the smooth procurement of properties that will lead to sales in the next and subsequent fiscal years.
(Value-Add Services)
In this business, we conduct leasing management, building management and other services to maintain and enhance thevalue of the properties we have provided to clients. We listen to clients’ requests in detail and aim to improve the long-term
asset value in ways such as proposing measures to increase property value for the future, taking advantage of opportunities
such as tenant replacement.
In the first three months of the fiscal year under review, Value-Add Services posted net sales of 1,453 million yen (year-onyear increase of 24.8%) and segment profit of 310 million yen (year-on-year increase of 14.8%). This improvement was thanks
to rental income from properties held being higher than in the same period of the previous fiscal year.
(Future Value Creation Services)
In this business, we mainly conduct businesses that address future social issues, such as community hostels, advanced
medical facilities that are indispensable in a super-ageing society and development of emergency power sources to prepare forfrequent natural disasters, under our own operation. The experience and knowledge gained through these business operations
will be utilized in conceiving and proposing ideas for Value Creation Services and Value-Add Services in the future.
While the full recovery of inbound demand and other factors contributed to sales and profit both increasing year-on-year in
the accommodation business, expenses such as hiring more personnel in the emergency gas engine generator business,
which is expected to have future potential, increased. Therefore, in the first three months of the fiscal year under review, Future
Value Creation Services posted net sales of 589 million yen (year-on-year increase of 33.9%), and segment loss of 382
million yen (segment loss of 331 million yen in the same period of the previous fiscal year).

－ 4 －(2) Explanation of Financial Position
1) Changes in Financial Position(Assets)
Current assets increased 11,690 million yen compared with the end of the previous fiscal year to 130,232 million yen. Thiswas primarily attributable to cash and deposits decreasing 5,820 million yen to 29,907 million yen, real estate for saleincreasing 14,638 million yen to 66,852 million yen, and real estate for sale in process increasing 1,373 million yen to 30,611
million yen.
Non-current assets increased 122 million yen compared with the end of the previous fiscal year to 12,092 million yen. This
was attributable to a decrease of 23 million yen in property, plant and equipment from an increase due to acquisition and adecrease due to depreciation, etc.; an increase of 14 million yen in intangible assets; and an increase of 131 million yen in
investments and other assets.
As a result, total assets as at the end of the first quarter of the fiscal year under review increased 11,812 million yen comparedwith the end of the previous fiscal year to 142,325 million yen.
(Liabilities)
Liabilities increased 15,870 million yen compared with the end of the previous fiscal year to 83,930 million yen. This wasprimarily attributable to an increase of 15,307 million yen in borrowings due to the difference between new fundraising andrepayment of borrowings, an increase of 538 million yen in income taxes payable, and an increase of 401 million yen inaccounts payable due to construction work on properties, etc.
(Net assets)
Total net assets decreased 4,058 million yen compared with the end of the previous fiscal year to 58,394 million yen. Thiswas primarily attributable to an increase of 885 million yen in retained earnings following the recording of profit attributableto owners of parent, and a decrease of 5,022 million yen due to dividends of surplus.
Furthermore, the equity ratio as of the end of the first quarter of the fiscal year under review has become 41.0%.
2) Cash Flows
Cash and cash equivalents (hereinafter, “funds”) at the end of the first quarter of the fiscal year under review decreased
5,822 million yen compared with the end of the previous fiscal year to 29,888 million yen.
Cash flows in the first three months of the fiscal year under review and the major contributing factors are as follows.
(Cash flows from operating activities)
Net cash used in operating activities amounted to 15,949 million yen. The main factor for inflow was the increase in funds
related to 13,572 million yen in net sales in Value Creation Services. The main factors for outflow were the decrease in funds
related to 26,967 million yen of payment for purchases of real estate for sale, 1,015 million yen of payment in line with theprogressing development of real estate for sale in process and payment for repair works on real estate for sale in Value Creation
Services; the expenditure of selling, general and administrative expenses.
(Cash flows from investing activities)
Net cash used in investing activities amounted to 285 million yen. The main factors for outflow were purchase of investment
Securities of 155 million yen, and loan advances of 57 million yen.
(Cash flows from financing activities)
Net cash provided by financing activities amounted to 10,326 million yen. The main factor for inflow was the difference of
15,307 million yen between new fundraising and repayment of borrowings, and the main factor for outflow was dividends
paid of 4,957 million yen.
(3) Explanation of Consolidated Financial Results Forecast and Other Information on Future Forecasts
The consolidated financial results forecast remain unchanged from the full-year consolidated financial results forecast in“Consolidated Financial Results for the Fiscal Year Ended March 31, 2024” announced on May 10, 2024.

－ 5 －2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Trade accounts receivable
Real estate for sale
Real estate for sale in process
Raw materials
Advance payments to suppliers
Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Investments in capital
Long-term loans receivable
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets－ 6 －As of June 30, 2024

35,728306
52,21429,237
13
169
31
985
△145
118,542

29,907589
66,852
30,611
29
1,317
28
1,041
△146
130,232

2,668
840
－
523
4,032

2,629
840
29
508
4,008

210
210

225
225

2,728
1,583
1,119
2,401
1,623
△1,729
7,727
11,970130,513

3,041
1,388
1,119
2,458
1,579
△1,7297,858
12,092
142,325

(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Advances received
Provision for bonuses for directors (and otherofficers)
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets－ 7 －As of June 30, 2024

990
1,475
1,051
4,222
672

8,690
1,883
1,452
4,761
979

298

0

109
1,111
9,932

39
1,136
18,942

52,353
238
5,535
58,12768,06059,552－
5,435
64,98883,930

4,242
11,04147,873△1,09862,0594,242
11,04143,735△1,09857,922

246
82
329
63
62,452
130,513

322
90
412
60
58,394
142,325

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income – First Quarter of Consolidated Fiscal Year)(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Rental income from buildings
Benefits income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission for a financial loan
Provision of allowance for doubtful accounts
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent

Three months ended
June 30, 2024

15,663
10,438
5,224
1,412
3,812

15,615
11,641
3,973
2,536
1,437

3
171
1
1
12
189

11
151
0
0
5
169

114
54
21
6
196
3,806
3,806
1,078
262
1,340
2,465
△2
2,467

200
63
－
7
271
1,335
1,335
509
△55
453
882
△2
885

(Quarterly Consolidated Statements of Comprehensive Income – First Quarter of Consolidated Fiscal Year)(Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests－ 8 －Three months ended
June 30, 2024

2,465

882

74
8
83
2,548

75
7
82
964

2,550

967

△2

△2

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Three months ended
June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in real estate for sale
Decrease (increase) in real estate for sale in process
Decrease (increase) in advance payments to suppliers
Decrease (increase) in deposits paid
Increase (decrease) in advances received
Increase (decrease) in accounts payable - other
Increase/decreasein
consumption
taxes
payable/consumption taxes refund receivable
Increase (decrease) in lease deposits received
Decrease (increase) on investments in silent partnership
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Loan advances
Proceeds from collection of loans receivable
Purchase of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Dividends paid
Repayments of finance lease liabilities
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period－ 9 －Three months ended
June 30, 2024

3,806
115
－
87

1,335
105
4
△70

－

△298

22
△3
114
46
△2,687△14,549
95
357
△117
14

0
△11
200
△282
△14,569△1,373△1,148
7
306
311

5

11

471
－
△200
△12,4222△111△4,026△16,557

△70
△77
△135
△15,75610△196△7△15,949

△498
△7
△126
2
－
△32
△662

△46
△28
△57
3
△155
△1
△285

－
12,778△6,406△1,557
△22
4,791
100
△12,329
27,511
15,182

7,700
19,108△11,501△4,957△22
10,32686△5,82235,71029,888

(4) Notes on Quarterly Consolidated Financial Statements(Notes to changes of accounting policies)(Application of the Accounting Standard for Current Income Taxes)
The Accounting Standard for Current Income Taxes (ASBJ Statement No. 27; October 28, 2022; hereinafter“2022 Revised
Accounting Standard”) has been applied since the beginning of the first-quarter period.
Revisions concerning the recognition classification of income taxes (tax on other comprehensive income) follow thetransitional treatment set forth in the proviso of paragraph 20-3 of the 2022 Revised Accounting Standard and in the proviso ofparagraph 65-2(2) of the Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28; October 28,
2022; hereinafter “2022 Revised Guidance”). This change in accounting policy has no impact on the quarterly consolidated
financial statements.
Furthermore, the 2022 Revised Guidance has been applied since the beginning of the first-quarter period to revisions related
to the review of treatment in consolidated financial statements when conducting a tax deferral of gains or losses on sale arisingfrom the sale of subsidiary shares, etc. between consolidated companies. This change in accounting policy is applied
retrospectively, and the consolidated financial statements for the previous year’s quarters and the previous consolidated fiscal
year are after retrospective application. This change in accounting policy has no impact on the consolidated financial statements
for the previous year’s quarters and the previous consolidated fiscal year.
(Segment Information)
Information on net sales and profit (loss) by reporting segment and breakdown information on revenues
I. Three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)(Millions of yen)
Reportable segments

Sales
Revenues generated
from contracts withcustomers

Reconciling items

Total

Per quarterly
consolidated
financialstatements

Value Creation
Services

Value-Add
Services

Future Value
Creation Services

14,058182

391

14,631－

14,631

－

982

48

1,031

－

1,031

Revenues fromexternal customers
Transactions withother segments

14,0581,165

439

15,663－

15,663

－

22

0

23

(23)

－

Net sales

14,0581,187

440

15,686(23)

15,663Operating profit (loss)

4,125

270

(331)

4,063

(251)

3,812

Other revenues(Note) 1. The amount of -251 million yen in adjustments of segment profit (loss) is the company-wide expenses ofadministrative expenses (-251 million yen) that are not allocated to each segment. The amount of segment profit(loss) after deduction of this adjustment is the same as the amount of 3,812 million yen of operating profit statedin the quarterly consolidated statements of income.
2. Other revenues mostly consist of rental revenue based on the Accounting Standard for Lease Transactions.
II. Three months ended June 30, 2024 (April 1, 2024 to June 30, 2024)(Millions of yen)
Reportable segments

Sales
Revenues generated
from contracts withcustomers

Reconciling items

Total

Per quarterly
consolidated
financialstatements

Value Creation
Services

Value-Add
Services

Future Value
Creation Services

13,572203

540

14,316－

14,316

－

1,250

48

1,303

－

1,303

Revenues fromexternal customers
Transactions withother segments

13,572

1,453

589

15,615－

15,615

－

27

1

28

(28)

－

Net sales

13,572

1,481

590

15,644(28)

15,615

Operating profit (loss)

1,934

310

(382)

1,863

(425)

1,437

Other revenues(Note) 1. The amount of -425 million yen in adjustments of segment profit (loss) is the company-wide expenses ofadministrative expenses (-425 million yen) that are not allocated to each segment. The amount of segment profit－ 10 －

(loss) after deduction of this adjustment is the same as the amount of 1,437 million yen of operating profit statedin the quarterly consolidated statements of income.
2. Other revenues mostly consist of rental revenue based on the Accounting Standard for Lease Transactions.
(Notes in the Event of Material Change in the Amount of Shareholders’ Equity)
Not applicable.
(Notes on the Going Concern Assumption)
Not applicable.

－ 11 －