Please note that this document is a translation of the official announcement that was released on August 10, 2023. 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, 2023
[Japanese GAAP]
August 10, 2023
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, Operating Officer, Deputy Division Manager of Administration Division
Phone: +81-3-5157-8881
Scheduled date for filing of quarterly securities report: August 10, 2023
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, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated Results of Operations(% indicates changes from the previous corresponding period)
Net sales
Three months ended
June 30, 2023
Three months ended
June 30, 2022

Operating profit

Ordinary profit

Profit attributable toowners of parent
million yen%

million yen%

million yen%

million yen%

15,663

125.0

3,812

417.9

3,806

352.1

2,467

386.8

6,959

65.8

736

－

841

－

506

－

(Note) Comprehensive income:Three months ended June 30, 2023:2,548 million yen (327.8%)
Three months ended June 30, 2022: 595 million yen (－%)

Profit per shareyen

Diluted profit per share
yen

86.28

－

13.85

－

(2) Consolidated Financial Position
Total assets
million yen
As of June 30, 2023
111,754
As of March 31, 2023
106,752

Net assets
million yen
53,69452,718Three months ended
June 30, 2023
Three months ended
June 30, 2022

(Reference) Equity: As of June 30, 2023:
As of March 31, 2023:

Equity ratio
%
48.0
49.4

53,668 million yen
52,691 million yen

2. Dividends
Q1 endyen
Fiscal year ended March 31, 2023
Fiscal year ending March 31, 2024
Fiscal year ending March 31, 2024
(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
55.00
175.00

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 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: 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):Three months ended June 30, 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:
Three months ended June 30, 2023

486,461 sharesFiscal year ended March 31, 2023

482,711 shares

3) Average number of shares during the period:
Three months ended June 30, 2023

28,598,607 shares

Three months ended June 30, 2022

36,601,814 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 .................................................................................................................................................... 4(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 on the Going Concern Assumption) ..................................................................................................................................... 10(Notes in the Event of Material Change in the Amount of Shareholders’ Equity) ........................................................................... 10(Segment Information) .................................................................................................................................................................... 10－ 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 15,663 million
yen (year-on-year increase of 125.0%), operating profit of 3,812 million yen (year-on-year increase of 417.9%), ordinary profitof 3,806 million yen (year-on-year increase of 352.1%), and profit attributable to owners of parent of 2,467 million yen (yearon-year increase of 386.8%). This was the best first-quarter performance we have recorded since our listing. We were able to get
off to a good start toward achieving our full-year performance targets, thanks in part to the sale of several large-scale 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 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 three months of the fiscal year under review, we managed to deliver to customers a large-scale commercial/office
mixed-use building in Kyoto City (Please see the news release titled “Notice Concerning Sale of Real Estate For Sale” (June22, 2023) for more details.), a logistics facility in Chiba Prefecture, an accommodation facility in Hiroshima Prefecture, andother properties. In the first three months of the fiscal year under review, Value Creation Services posted net sales of 14,058
million yen (year-on-year increase of 163.3%) and segment profit of 4,125 million yen (year-on-year increase of 269.4%),
getting off to a smooth start toward the achievement of the full-year performance targets for the segment.
We are earnestly carrying out necessary repair works, conversion preparations, tenant leasing and sales activities, and arenegotiating 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 1,165 million yen (year-onyear increase of 5.8%) and segment profit of 270 million yen (year-on-year increase of 31.0%). 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.
The flow of people within Japan is recovering compared with the previous year, contributing to sales and profit bothincreasing year-on-year in the accommodation business. However, results were affected by the exclusion from consolidationof the golf business, which we divested during the previous fiscal year (in the same period of the previous fiscal year, net salesof the golf business were 153 million yen). Therefore, in the first three months of the fiscal year under review, Future Value
Creation Services posted net sales of 439 million yen (year-on-year decrease of 15.5%), and segment loss of 331 million yen(segment loss of 374 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 4,856 million yen compared with the end of the previous fiscal year to 101,072 million yen. Thiswas primarily attributable to cash and deposits decreasing 12,327 million yen to 15,196 million yen, real estate for saleincreasing 2,769 million yen to 47,936 million yen, and real estate for sale in process increasing 14,549 million yen to 31,628
million yen.
Non-current assets increased 145 million yen compared with the end of the previous fiscal year to 10,681 million yen. This
was attributable to an increase of 230 million yen in property, plant and equipment from an increase due to acquisition and adecrease due to depreciation, etc.; a decrease of 11 million yen in intangible assets; and a decrease of 72 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 5,002 million yen comparedwith the end of the previous fiscal year to 111,754 million yen.
(Liabilities)
Liabilities increased 4,026 million yen compared with the end of the previous fiscal year to 58,059 million yen. This wasprimarily attributable to an increase of 6,371 million yen in borrowings due to the difference between new fundraising andrepayment of borrowings, a decrease of 2,953 million yen in income taxes payable due to the payment of income taxes, anincrease of 771 million yen in deposits received from tenants of the properties managed by the Company, and a decrease of
269 million yen in accounts payable due to construction work on properties, etc.
(Net assets)
Total net assets increased 975 million yen compared with the end of the previous fiscal year to 53,694 million yen. This wasprimarily attributable to an increase of 2,467 million yen in retained earnings following the recording of profit attributable toowners of parent, and a decrease of 1,572 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 48.0%.
2) Cash Flows
Cash and cash equivalents (hereinafter, “funds”) at the end of the first quarter of the fiscal year under review decreased
12,329 million yen compared with the end of the previous fiscal year to 15,182 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 16,557 million yen. The main factor for inflow was the increase in funds
related to 14,058 million yen in net sales in Value Creation Services. The main factors for outflow were the decrease in funds
related to 23,841 million yen of payment for purchases of real estate for sale, 2,717 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, and payment of income taxes.
(Cash flows from investing activities)
Net cash used in investing activities amounted to 662 million yen. The main factors for outflow were purchase of property,
plant and equipment of 498 million yen, and loan advances of 126 million yen.
(Cash flows from financing activities)
Net cash provided by financing activities amounted to 4,791 million yen. The main factor for inflow was the difference of
6,371 million yen between new fundraising and repayment of borrowings, and the main factor for outflow was dividends paidof 1,557 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, 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 June 30, 2023

27,524377
45,167
17,079
1,426
1,155
35
3,460
(10)
96,21615,196330
47,936
31,628
1,322
1,060
32
3,576
(11)
101,072

2,710
490
189
924
4,314

3,041
490
－
1,012
4,544

214
214

203
203

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

2,023
1,063
1,118
2,221
1,163
(1,657)
5,933
10,681
111,754

(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 June 30, 2023

1,359
1,048
4,052
652

1,559
779
1,098
534

－

26

－

60

123

123

993
8,230

1,158
5,342

41,3974,067
337
45,80354,03347,5694,839
308
52,71758,059100
6,899
45,964(473)
52,490100
6,899
46,859(473)
53,385

130
70
200
27
52,718
106,752

204
78
283
25
53,694
111,754

(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, 2022
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 (loss)
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
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, 2023

6,959
5,014
1,945
1,209
736

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

2
200
1
23
2
230

3
171
1
1
12
189

115
1
－
7
124
841

114
54
21
6
196
3,806

4
4
837
8
324
332
504
(2)
506

－
－
3,806
1,078
262
1,340
2,465
(2)
2,467

(Quarterly Consolidated Statements of Comprehensive Income – First Quarter of Consolidated Fiscal Year)(Millions of yen)Three months ended
June 30, 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－ 8 －Three months ended
June 30, 2023
504

2,465

93
(2)
91
595

74
8
83
2,548

598

2,550

(2)

(2)

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Three months ended
June 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Loss on retirement of non-current assets
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 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
Payments for investments in capital
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
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, 2023

837
154
2
0
4
(2)
115
82
2,335
(3,598)
200
(142)
(65)
749

3,806
115
87
22
－
(3)
114
46
(2,687)(14,549)
95
357
(117)
14

(300)

5

(143)
(241)
(12)
1
(113)
(1,161)(1,286)471(200)(12,422)2(111)(4,026)(16,557)

(472)
－
(200)
(169)
3
0
(838)

(498)
(7)
－
(126)
2
(32)
(662)

8,180
(9,259)(1,309)(22)(2,410)76(4,459)28,222
23,763

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

(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)
Not applicable.
(Segment Information)
Information on net sales and profit (loss) by reporting segment and breakdown information on revenues
I. Three months ended June 30, 2022 (April 1, 2022 to June 30, 2022)(Millions of yen)
Reportable segments
Reconciling items

Total

Per quarterly
consolidated
financialstatements

Value Creation
Services

Value-Add
Services

Future Value
Creation Services

5,338

160

471

5,970

－

5,970

－

940

48

988

－

988

5,338

1,100

520

6,959

－

6,959

－

22

7

30

(30)

－

Net sales

5,338

1,123

528

6,990

(30)

6,959

Operating profit (loss)

1,116

206

(374)

948

(211)

736

Sales
Revenues generated
from contracts withcustomers
Other revenues
Revenues fromexternal customers
Transactions withother segments(Note) 1. The amount of -211 million yen in adjustments of segment profit (loss) is the company-wide expenses ofadministrative expenses (-211 million yen) that are not allocated to each segment and the elimination of intersegment transactions (0 million yen). The amount of segment profit (loss) after deduction of this adjustment is
the same as the amount of 736 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. 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.

－ 10 －