Please note that this document is a translation of the official announcement that was released on February 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 theNine Months Ended December 31, 2023
[Japanese GAAP]
February 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 for filing of quarterly securities report: February 14, 2024
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 Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Results of Operations(% indicates changes from the previous corresponding period)
Net sales
Nine months ended
December 31, 2023
Nine months ended
December 31, 2022

Operating profit

Ordinary profit

Profit attributable toowners of parent
million yen%

million yen%

million yen%

million yen%

53,250127.9

11,597301.4

10,838

303.6

7,047

276.4

23,361(49.0)

2,889(64.9)

2,685(66.0)

1,872(62.8)(Note) Comprehensive income:Nine months ended December 31, 2023: 7,098 million yen (262.6%)
Nine months ended December 31, 2022: 1,957 million yen (-61.3%)

Profit per shareyen

Diluted profit per shareyen

249.76

－

58.77

－

(2) Consolidated Financial Position
Total assets
million yen
As of December 31, 2023
121,998
As of March 31, 2023
106,752

Net assets
million yen
57,87352,718Nine months ended
December 31, 2023
Nine months ended
December 31, 2022

Equity ratio
%
47.4
49.4

(Reference) Equity: As of December 31, 2023: 57,854 million yen
As of March 31, 2023:
52,691 million yen
2. Dividends
Q1 endQ2 endyen

Fiscal year ended March 31, 2023
Fiscal year ending March 31, 2024
Fiscal year ending March 31, 2024
(Forecast)

－
－

yen
0.00
0.00

Annual dividends
Q3 endyen－－

Year endyen
55.00
175.00(Note) Changes to the most recent dividend forecast announced: Not applicable

－ 1 －

Total
yen
55.00
175.003. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)(% 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

90,00032.5

18,00025.2

16,80030.7

11,00031.3

384.63(Note) Changes to the most recent financial results forecast announced: Not applicable*Notes(1) Significant changes of subsidiaries in the first nine 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: Not applicable2) 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):
Nine months ended December 31, 2023
29,081,400 sharesFiscal year ended March 31, 2023

29,081,400 shares2) Total number of treasury shares at the end of the period:
Nine months ended December 31, 2023

378,744 sharesFiscal year ended March 31, 2023

482,711 shares

3) Average number of shares during the period:
Nine months ended December 31, 2023

28,216,895 shares

Nine months ended December 31, 2022

31,859,532 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 ........................................................................................................................ 10(4) Notes on Quarterly Consolidated Financial Statements ................................................................................................................. 11(Notes on the Going Concern Assumption) ..................................................................................................................................... 11(Notes in the Event of Material Change in the Amount of Shareholders’ Equity) ........................................................................... 11(Segment Information) .................................................................................................................................................................... 12－ 3 －1. Qualitative Information on Quarterly Financial Results(1) Explanation of Results of Operations
The consolidated financial results for the first nine months of the fiscal year under review recorded net sales of 53,250 million
yen (year-on-year increase of 127.9%), operating profit of 11,597 million yen (year-on-year increase of 301.4%), ordinary profitof 10,838 million yen (year-on-year increase of 303.6%), and profit attributable to owners of parent of 7,047 million yen (yearon-year increase of 276.4%). The Company has achieved a steady performance in sales and profits in Value Creation Services,which is its core business, resulting in a significant increase in both sales and profits year on year. The Company is also making
steady progress toward achieving its full-year forecast.
Business results by segment are as follows.
(Value Creation Services)
In this business, we pursue the potential value of individual real estate assets in accordance with the purpose of eachcustomer. We change the use, conduct large-scale renovations and attract new tenants by becoming owners, and create andprovide real estate assets that are meaningful to customers. Our approach to this business reflects our redefinition of what weshould prioritize above all: contemplating and delivering the essence of value that allows society, the economy, and theenvironment to harmoniously coexist and continuously develop.
In the first nine months of the fiscal year under review, we were able to deliver a wide range of properties to customers,
including a large-scale commercial/office mixed use building in Kyoto City, a logistics facility in Chiba Prefecture, an
accommodation facility in Hiroshima Prefecture, a commercial facility located in one of Kyoto’s most popular tourist areas,
commercial buildings near Kichijoji Station in Tokyo and Urawa Station in Saitama Prefecture, a large commercial building
opposite Musashi-Urawa Station, and a new office building near Shimokitazawa Station. In the first nine months of the fiscal
year under review, Value Creation Services posted net sales of 47,831 million yen (year-on-year increase of 158.0%) andsegment profit of 12,349 million yen (year-on-year increase of 152.7%), representing a significant increase year on year, as
well as continuing to make steady progress toward the achievement of the full-year performance targets. The second phase of
our small-lot investment product that combines multiple large-scale properties to enable investors to invest in units of tens of
millions of yen in real estate worth as much as 10 billion yen was completely sold out during the quarter, and we have alreadystarted selling the third product.
We are earnestly carrying out necessary repair works, conversion preparations, tenant leasing and sales activities, and aresteadily procuring 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 customers. We listen to customers’ requests in detail and aim to improve the longterm 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 nine months of the fiscal year under review, Value-Add Services posted net sales of 3,792 million yen (year-onyear increase of 18.2%) and segment profit of 1,034 million yen (year-on-year increase of 103.3%). 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.
In the first nine months of the fiscal year under review, the flow of people within Japan is recovering compared with theprevious year, contributing to net sales and profit both increasing year-on-year in the accommodation business. However,results were affected by the exclusion from consolidation of the golf course business, which we divested during the previous
fiscal year (in the same period of the previous fiscal year, net sales of the golf course business were 323 million yen). Therefore,
Future Value Creation Services posted net sales of 1,625 million yen (year-on-year increase of 1.0%), and segment loss of
1,038 million yen (segment loss of 1,941 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 by 14,131 million yen compared with the end of the previous fiscal year to 110,348 million yen.
This was primarily attributable to a decrease of 661 million yen in cash and deposits to 26,862 million yen, a decrease of 4,691
million yen in real estate for sale to 40,476 million yen, and an increase of 19,770 million yen in real estate for sale in process
to 36,849 million yen.
Fixed assets increased by 11,114 million yen compared with the end of the previous fiscal year to 11,650 million yen. This
was attributable to an increase of 59 million yen in acquisition of property, plant and equipment and a decrease due todepreciation, etc., a decrease of 18 million yen in intangible assets, and an increase of 1,074 million yen in investments andother assets.
As a result, total assets at the end of the third quarter of the fiscal year under review increased by 15,245 million yen
compared with the end of the previous fiscal year to 121,998 million yen.
(Liabilities)
Liabilities increased by 10,091 million yen compared with the end of the previous fiscal year to 64,124 million yen. Thiswas primarily attributable to an increase of 11,250 million yen in borrowings due to the difference between new fundraisingand repayment of loans, a decrease of 2,448 million yen in income taxes payable resulting from the payment of income taxes,
an increase of 1,005 million yen in deposits received from tenants of the properties managed by the Company, and an increaseof 52 million yen in accounts payable due to construction work on properties, etc.
(Net assets)
Total net assets increased by 5,154 million yen compared with the end of the previous fiscal year to 57,873 million yen.
This was primarily attributable to an increase of 7,047 million yen in retained earnings following the recording of profit
attributable to owners of parent, a decrease of 1,572 million yen due to dividends of surplus, a decrease of 8,983 million yen
due to the acquisition of treasury shares, an increase of 4,142 million yen in capital and capital reserves respectively due to a
public offering and third-party allotment, along with an increase of 326 million yen due to the disposal of treasury stock as
restricted stock compensation to the Company’s executives and employees. In addition, while treasury shares decreased by
8,252 million yen due to the cancellation of treasury shares, other capital surplus and retained earnings decreased by 220
million yen and 8,031 million yen, respectively. Therefore, there was no impact on the total net assets.
The equity ratio as of the end of the third quarter of the fiscal year under review was 47.4%.
2) Cash Flows
Cash and cash equivalents (hereinafter, “funds”) at the end of the third quarter of the fiscal year under review decreased by
665 million yen compared with the end of the previous fiscal year to 26,845 million yen.
Cash flows in the first nine 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 decreased by 7,880 million yen. The main factor for inflow was the increase in funds
related to 47,831 million yen in net sales in Value Creation Services. The main factors for outflow were the decrease in funds
related to 40,348 million yen of payment for purchases of real estate for sale in Value Creation Services, 7,821 million yen of
payment in line with the progressing development of real estate for sale in process and payment for repair works on real estate
for sale, the expenditure of selling, general and administrative expenses, and payment of income taxes.
(Cash flows from investing activities)
Net cash used in investing activities decreased by 1,705 million yen. The main factor for inflow was 259 million yen inproceeds from the paid-in capital reduction of shares in affiliates, while main factors for outflow were 1,082 million yen forpurchase of shares of affiliates, 546 million yen for purchase of property, plant and equipment and 278 million yen of loan
payments.
(Cash flows from financing activities)
Net cash provided by financing activities amounted to 8,914 million yen. The main factors for inflow were the differenceof 11,250 million yen between new fundraising and repayment of borrowings and 8,285 million yen in proceeds from issuanceof shares, while the main factors for outflow were 8,983 million yen for purchase of treasury shares and payment of dividends
of 1,569 million.
(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, 2023” announced on May 12, 2023.

－ 5 －2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
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 December 31, 2023

27,524377
45,167
17,079
1,426
1,155
35
3,460
△10
96,216

26,862446
40,47636,849
927
1,161
53
3,695
△124
110,348

2,710
490
189
924
4,314

2,965
490
－
917
4,373

214
214

196
196

1,915
1,365
1,118
2,094
1,148
△1,636
6,005
10,535
106,752

2,823
1,139
1,119
2,367
1,295
△1,665
7,080
11,650121,998

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Advances received
Provision for bonuses for directors (and otherofficers)
Provision for bonuses
Provision for loss on liquidation of subsidiaries andassociates
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deposits received from tenants
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 December 31, 2023

1,359
1,048
4,052
652

1,640
1,101
1,604
556

－

80

－

105

123

－

993
8,230

1,344
6,433

41,3974,067
337
45,80354,03352,3685,072
250
57,69164,124100
6,899
45,964△473
52,490

4,242
11,041
43,407△1,09857,594

130
70
200
27
52,718
106,752

184
76
260
18
57,873
121,998

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income – Third Quarter of Consolidated Fiscal Year)(Millions of yen)
Nine months ended
December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Rental income from buildings
Benefits income
Foreign exchange gains
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
Extraordinary income
Gain on sale of non-current assets
Gain on sale of shares of subsidiaries and associates
Reversal of provision for loss on liquidation ofsubsidiaries and associates
Gain on capital reduction with compensation ofsubsidiaries and affiliates
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on withdrawal from businessTotal extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent－ 8 －Nine months ended
December 31, 2023
23,361
15,979
7,381
4,492
2,889

53,25037,122
16,127
4,529
11,597

7
4
23
130
9
175

12
4
2
116
18
154

346
5
－
27
379
2,685

428
267
142
76
914
10,838

0
5

－
－

－

123

－

67

5

190

5
0
242
248
2,442
132
419
551
1,891
18
1,872

－
－
－
－
11,029
3,793
196
3,990
7,038
△9
7,047

(Quarterly Consolidated Statements of Comprehensive Income – Third Quarter of Consolidated Fiscal Year)(Millions of yen)
Nine months ended
December 31, 2022
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－ 9 －Nine months ended
December 31, 2023
1,891

7,038

67
△0
66
1,957

54
5
60
7,098

1,938

7,107

18

△9

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
Nine months ended
December 31, 2023

Nine months ended
December 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on liquidationof subsidiaries and associates
Gain on sale of non-current assets
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on withdrawal from business
Loss (gain) on sale of shares of subsidiaries andassociates

2,442
453
－
0

11,029
358
186
143

－

△123

△0
5
0
242

－
－
－
－

△5

－

－

△67

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/decrease in consumption taxes
payable/consumption taxes refund receivable
Increase (decrease) in lease deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries and associates
Proceeds from sale of shares of subsidiaries andassociates

△7
346
△32
△16,044
9,296
△21
△119
△78
△302

△12
428
△69
4,750
△19,770
△5
188
△96
357

△663

893

228
140
△4,1186△343△5,836△10,291

1,004△406△1,211
11△420△6,259△7,880

△516
0
△192
－

△546
－
△29
△1,08233－

Proceeds from capital reduction of affiliated company
stock
Payments for investments in capital
Proceeds from withdrawal from golf course business
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds of share issuance
Purchase of treasury shares
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

－

259

△573
2,050
△458
10
△40
313

△0
－
△278
8
△35
△1,705

17,718△17,448－△7,824△1,351△67△8,97235,730△24,479
8,285△8,983△1,569
△68
8,914

41

5

△18,908
28,222
9,313△665
27,511
26,845Gain on capital reduction with compensation ofsubsidiaries and affiliates－ 10 －

(4) Notes on Quarterly Consolidated Financial Statements(Notes on the Going Concern Assumption)
Not applicable.
(Notes in the Event of Material Change in the Amount of Shareholders’ Equity)(Disposal of Treasury Shares)
The Company disposed of 108,700 shares of treasury shares as restricted stock compensation to the executives andemployees in accordance with the resolution made at the Board of Directors meeting held on June 23, 2023. As a result,treasury shares decreased by 105 million yen during the first nine months of the fiscal year.
(Acquisition of Treasury Shares)
The Company purchased the 2,841,768 treasury shares based on the resolution of the Board of Directors meeting held on
September 19, 2023. As a result, treasury shares increased by 8,982 million yen during the first nine months of the fiscal year.
(Cancellation of Treasury Shares)
The Company cancelled 2,841,700 treasury shares on November 16, 2023, based on the resolution of the Board of Directors
meeting held on November 10, 2023. As a result, other capital surplus, retained earnings and treasury shares decreased by 220
million yen, 8,031 million yen, and 8,252 million yen, respectively, during the first nine months of the fiscal year, and treasury
shares amounted to 1,098 million yen at the end of the third quarter of the fiscal year.
(Public Offering and Third-Party Allotment)
The Company has implemented a capital increase by public offering through the issuance of new shares and allotment of
new shares to third parties in relation to the public offering with a payment date of December 4, 2023 and December 22,
2023. As a result, both share capital and capital reserve increased by 4,142 million yen, respectively.
As a result, share capital and capital surplus amounted to 4, 242 million yen and 11,041 million yen, respectively, at theend of the third quarter of the fiscal year.

－ 11 －

(Segment Information)
Information on net sales and profit (loss) by reporting segment and breakdown information on revenues
I. Nine Months Ended December 31, 2022 (April 1, 2022 to December 31, 2022)(Millions of yen)
Reportable segments
Total

Reconciling items

Per quarterly
consolidated
financialstatements

Value Creation
Services

Value-Add
Services

Future Value
Creation Services

18,541481

1,463

20,486－

20,486

－

2,728

146

2,875

－

2,875

18,541

3,209

1,609

23,361－

23,361

－

66

15

82

(82)

－

Net sales

18,541

3,276

1,625

23,443(82)

23,361

Operating profit (loss)

4,886

508

(1,941)

3,453

(564)

2,889

Sales
Revenues generated
from contracts withcustomers
Other revenues
Revenues fromexternal customers
Transactions withother segments(Note) 1. The amount of -564 million yen in reconciling items of segment profit (loss) is the elimination of inter-segment
transactions (-0 million yen) and the company-wide expenses of administrative expenses (-564 million yen) thatare not allocated to each segment. The amount of segment profit (loss) after deduction of reconciling items is thesame as the amount of 2,889 million yen of operating profit stated in the quarterly consolidated statements ofincome.
2. Other revenues mostly consist of rental revenue based on the Accounting Standard for Lease Transactions.
II. Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(Millions of yen)
Reportable segments
Total

Reconciling items

Per quarterly
consolidated
financialstatements

Value Creation
Services

Value-Add
Services

Future Value
Creation Services

47,831604

1,478

49,915－49,915

－

3,188

146

3,334

－

3,334

47,831

3,792

1,625

53,250－53,250

－

74

5

80

(80)

－

Net sales

47,831

3,867

1,631

53,330(80)

53,250Operating profit (loss)

12,3491,034(1,038)12,345(747)

11,597

Sales
Revenues generated
from contracts withcustomers
Other revenues
Revenues fromexternal customers
Transactions withother segments(Note) 1. The amount of -747 million yen in reconciling items of segment profit (loss) is the company-wide expenses ofadministrative expenses (-747 million yen) that are not allocated to each segment. The amount of segment profit(loss) after deduction of reconciling items is the same as the amount of 11,597 million yen of operating profit
stated in the quarterly consolidated statements of income.
2. Other revenues mostly consist of rental revenue based on the Accounting Standard for Lease Transactions.

－ 12 －