August 8, 2024

Summary of Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2025
(Three Months Ended June 30, 2024)
Company name:
Stock code:
Representative:
Contact:[Japanese GAAP]SAN HOLDINGS, INC.
Listing: Tokyo Stock Exchange
9628
URL: https://www.san-hd.co.jp
Satoshi Harishima, President and Representative Director
Yoshiyuki Yokota, Director, Executive Officer, General Manager of Corporate Planning
Department

Tel: +(81)6-6226-0038

Scheduled date of payment of dividend:
Preparation of supplementary materials for financial results:
Holding of financial results meeting:

None
None

(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months Ended June 30, 2024
(April 1, 2024 – June 30, 2024)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable toOperating revenue
Operating profit
Ordinary profit
owners of parent
Million yen% Million yen% Million yen% Million yen%
Three months ended Jun. 30, 2024
5,518
8.6
845
11.0
863
12.7
551
10.9
Three months ended Jun. 30, 2023
5,081
4.6
761
(9.2)
766
(7.2)
497
(5.5)
Note: Comprehensive income (million yen)Three months ended Jun. 30, 2024: 551 (up 10.9%)
Three months ended Jun. 30, 2023: 497 (down 5.5%)
Net income per share Diluted net income per share
Yen

Yen

Three months ended Jun. 30, 2024
27.01
Three months ended Jun. 30, 2023
23.89
Note: SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. Net income per share has been calculated
as if this stock split had taken place at the beginning of the previous fiscal year.
(2) Consolidated financial position

Total assets
Net assets
Million yen
Million yen
As of Jun. 30, 2024
36,68733,181
As of Mar. 31, 2024
37,58532,877
Reference: Shareholder’s equity (million yen) As of Jun. 30, 2024: 33,181

2. Dividends
1Q-endYen-

2Q-endYen
23.00

Equity ratio

%
90.4
87.5
As of Mar. 31, 2024: 32,877

Dividend per share
3Q-endYen-

Year-end
Yen
12.00

Total

Yen
Fiscal year ended Mar. 31, 2024
Fiscal year ending Mar. 31, 2025
Fiscal year ending Mar. 31, 2025 (forecast)
12.00
12.00
24.00
Notes: 1. Revisions to the most recently announced dividend forecast: None
2. SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. The interim dividend for the fiscal year
ended March 31, 2024 is the actual amount before the stock split. The year-end dividends for the fiscal year ended
March 31, 2024 and afterward are the amount after the stock split.

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)
Operating revenue

Operating profit(Percentages represent year-on-year changes)
Profit attributable to
Net income perowners of parent
share%Million yen
%
Yen
(4.4)
1,030
(5.1)
50.47
0.8
2,450
3.7
120.04

Ordinary profit

Million yen%
Million yen%
Million yen
11,370
9.3
1,600
(4.3)
1,610
First half
24,300
8.3
3,820
0.8
3,830
Full year
Notes: 1. Revisions to the most recently announced consolidated forecast: None
2. Net income per share is calculated based on the average number of shares outstanding during the period, which uses thenumber of shares outstanding as of March 31, 2024 (excluding treasury shares).

* Notes(1) Significant changes in the scope of consolidation during the period: None
Newly added: -Excluded: -(2) Application of special accounting methods for presenting quarterly consolidated financial statements: None
(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: Yes
2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None(4) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Jun. 30, 2024:

23,000,000 shares

As of Mar. 31, 2024:

23,400,000 shares

As of Mar. 31, 2024:

2,990,388 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2024:

2,589,488 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2024: 20,409,934 shares

Three months ended Jun. 30, 2023:20,804,560 shares

Notes: 1. SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. The number of shares outstanding at theend of the period, the number of treasury shares at the end of the period and the average number of shares outstanding
during the period have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
2. The SAN HOLDINGS’ stock held by the Employee Stock Ownership Plan are included in the treasury shares that are
deducted from the number of shares for calculating the number of treasury shares at the end of the period and theaverage number of shares outstanding during the period (265,800 shares as of June 30, 2023 and 261,900 shares as ofJune 30, 2024).
* Review of the attached quarterly consolidated financial statements by a certified public accountant or auditing firm:
Yes (voluntary)* Explanation of appropriate use of earnings forecasts, and other special items
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available tothe management of SAN HOLDINGS at the time the materials were prepared, but are not promises by SAN HOLDINGS
regarding future performance. Actual results may differ materially from the forecasts. Please refer to “1. Overview ofResults of Operations, Etc., (3) Explanation of Consolidated Forecast and Other Forward-looking Statements” on page 4
for forecast assumptions and notes of caution for usage.

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

Contents of Attachments
1. Overview of Results of Operations, Etc.

2(1) Results of Operations

2(2) Financial Position

4(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5(1) Quarterly Consolidated Balance Sheet

5(2) Quarterly Consolidated Statements of Income and Comprehensive Income

7

Quarterly Consolidated Statement of Income
For the Three-month Period

7

Quarterly Consolidated Statement of Comprehensive Income
For the Three-month Period

8(3) Notes to Quarterly Consolidated Financial Statements

9

Framework for Financial Reporting

9

Going Concern Assumption

9

Changes in Accounting Policies

9

Significant Changes in Shareholders’ Equity

9

Quarterly Consolidated Statement of Cash Flows9

Segment and Other Information

10

Subsequent Events

11

Independent Auditor’s Quarterly Review Report on Quarterly Consolidated Financial Statements

1

13

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

1. Overview of Results of Operations, Etc.
(1) Results of Operations
During the first quarter of the fiscal year ending in March 2025, there was a slow recovery of the Japanese
economy accompanied by signs of weakness in some sectors. Earnings and capital expenditures are increasingat companies, employment and personal income are improving gradually, and consumer spending is firm
despite the negative effects of inflation. There are still many sources of uncertainty outside Japan about theoutlook for Japan’s economy and inflation. This uncertainty concerns the upcoming directions of overseas
economies and inflation, the effects of these changes on the cost of resources, wage and price revisions bycompanies, and other factors.
In Japan’s funeral industry, where we operate, the demand for funeral services is expected to continue to growuntil 2040 as the number of people in Japan who are at least 65 years old increases. There is no change in thefundamental role of funerals as a valuable place to say farewell to the deceased. However, a shift is taking
place as the types of funerals become more diverse. For example, many people prefer a funeral for only family
members and other close acquaintances or a one-day funeral. The result is a decline in average revenue per
funeral. Furthermore, funeral companies in Japan are adding more locations and there are more companies that
operate websites for selecting a funeral company. Intense competition to receive orders for small funerals is
one of the most significant results of these events. In this environment, M&A and other activities for the
reorganization of the funeral and end-of-life support business sectors are increasing.
In May 2022, SAN HOLDINGS announced a New 10-Year Vision that defines the goals for the SAN
HOLDINGS Group as the group looks ahead to its 100th anniversary in 2032. As one step for accomplishing
this vision, a medium-term management plan covering the three-year period ending in March 2025 is underway. The plan has the primary goals of achieving the growth of the funeral business and the growth of theend-of-life support business.
We launched ENDING HAUS as a brand for family funerals with outstanding quality at reasonable prices. Thisis part of core activities for the growth of the funeral business, which is one of the main goals of themedium-term management plan. We opened ENDING HAUS Imazato in Higashinari-ku in the city of Osaka
during the first quarter and plan to open 16 funeral halls during the current fiscal year including four ENDING
HAUS locations in August. During the current medium-term management plan, we plan to add 31 funeral halls
by opening new halls, mainly using the ENDING HAUS brand, and using M&A.
During the first quarter, funeral service revenue at the three funeral companies of the SAN HOLDINGS Groupwas 8.4% higher than one year earlier.
Although the average revenue per funeral was down 3.9%, which was mainly the result of smaller funerals, thenumber of funerals increased 12.9%.
In addition, sales of products and services associated with funerals increased as sales of food and commissions
received for real estate brokerage services increased.
Operating expenses increased 7.1%. One reason is higher personnel expenses to increase the number offunerals for the opening of new funeral halls and to strengthen the workforce in preparation for sales growth.
An increase in building and land leasing expenses as new funeral halls opened also raised operating expenses.
However, the increase was smaller than the increase in operating revenue. Selling, general and administrative
expenses increased 19.2%. This was attributable primarily to higher software depreciation expenses due to thestart of operations of a core IT system and an increase in personnel expenses.
Operating revenue increased 8.6% year on year to 5,518 million yen. Operating profit was up 11.0% to 845
million yen and ordinary profit increased 12.7% to 863 million yen. After taxes, profit attributable to ownersof parent was 551 million yen, 10.9% higher than in the first quarter of the previous fiscal year. The
equity-method profit associated with GRAN CEREMO TOKYO CO., LTD. was 12 million yen. This funeralcompany was established in April 2022 and is 51% owned by Kosaido Holdings Co., Ltd. and 49% owned by
SAN HOLDINGS.
2

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

The SAN HOLDINGS Group has segments based on companies, primarily the three funeral companies and
SAN HOLDINGS, the holding company. There are four reportable segments: KOEKISHA Group, SOU-SEN
Group, TARUI Group and Holding Company Group. The KOEKISHA Group segment includes KOEKISHA
CO., LTD., EXCEL SUPPORT SERVICE CO., LTD., where operations include funeral support services for thefunerals of KOEKISHA, senior care services, food services for senior care facilities and other activities, andLife Forward CO., LTD., which operates an internet platform for end-of-life services and other assistance.
Business segment performance was as follows.
1) The KOEKISHA Group
KOEKISHA CO., LTD. is the core company of this segment. The number of funerals increased 13.4% year on
year but the average revenue per funeral decreased 4.4% year on year due to lower revenue at ordinary funerals.
As a result, funeral service revenue increased 8.4% year on year. Sales of products and services associatedwith funerals were higher than one year earlier mainly because sales of food and commissions received for realestate brokerage services increased.
Operating expenses increased because of higher personnel expenses to increase the number of funerals for the
opening of new funeral halls and to strengthen the workforce in preparation for sales growth, and higher
building and land leasing expenses due to new funeral halls.
Sales in the KOEKISHA Group segment were 4,589 million yen, up 9.4% year on year, and the segment profit
was 526 million yen, up 26.7%.
2) The SOU-SEN GroupSOU-SEN Corporation is the core company of this segment. Funeral service revenue decreased 1.5% as a 7.5%
increase in the number of funerals was offset by lower average revenue per funeral compared with the highlevel of the first quarter of the previous fiscal year. Sales of products and services associated with funerals
decreased. Sales of family altars and fixtures were unchanged but sales of courtesy gifts were lower.
Sales in the SOU-SEN Group segment were 361 million yen, down 4.3% year on year, and the segment profit
was 26 million yen, down 12.4%.
3) The TARUI GroupAt TARUI CO., LTD., the number of funerals remained strong, increasing 13.6% from one year, the averagerevenue per funeral increased 3.0% and funeral service revenue increased 17.0%. Sales of products andservices associated with funerals decreased as slow sales of courtesy gifts offset strong sales involving
memorial services.
Sales in the TARUI Group segment were 476 million yen, up 14.8% year on year, and the segment profit was
97 million yen, up 57.2%.
4) Holding Company GroupOperating revenue at SAN HOLDINGS decreased because of a decrease in dividend income.
Fixed expenses were higher mainly because of building and land leasing and depreciation expenses at new
funeral halls.
Sales in the Holding Company Group segment were 3,262 million yen, down 1.1% year on year, and thesegment profit was 2,325 million yen, down 4.8%.

3

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25(2) Financial Position
AssetsCurrent assets at the end of the first quarter were 11,169 million yen, down 666 million yen from the end of theprevious fiscal year. This was mainly due to decreases in cash and deposits of 517 million yen and accounts
receivable and contract assets of 328 million yen.
Non-current assets were 25,518 million yen, down 231 million yen from the end of the previous fiscal year.
The decrease was attributable primarily to an 11 million yen increase in property, plant and equipment, the net
result of an increase in construction in progress mainly due to investments in new halls and a decrease due todepreciation, and a 258 million yen decrease in investments and other assets mainly caused by a decrease indeferred tax assets.
As a result, total assets decreased 897 million yen from the end of the previous fiscal year to 36,687 million
yen.
Liabilities
Current liabilities at the end of the first quarter were 2,467 million yen, down 1,168 million yen from the endof the previous fiscal year. This was mainly due to decreases of 344 million yen in trade accounts payable, 600
million yen in income taxes payable, and 369 million yen in provision for bonuses.
Non-current liabilities were 1,038 million yen, a decrease of 32 million yen from the end of the previous fiscal
year. This was mainly due to a decrease in lease liabilities.
As a result, total liabilities decreased 1,201 million yen from the end of the previous fiscal year to 3,506
million yen.
Net assets
Net assets were 33,181 million yen at the end of the first quarter, up 303 million yen from the end of theprevious fiscal year. The main factors include profit attributable to owners of parent of 551 million yen anddividends from surplus of 248 million yen.
Consequently, the equity ratio increased 2.9 percentage points from the end of the previous fiscal year to
90.4%.
(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
There are no revisions to the consolidated forecast for the fiscal year ending in March 2025 that wasannounced on May 10, 2024.

4

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)First quarter of FY3/25(As of Jun. 30, 2024)

FY3/24(As of Mar. 31, 2024)
AssetsCurrent assets
Cash and deposits

9,789

9,272

Trade accounts receivable and contract assets

1,362

1,034

Merchandise and finished goods

137

137

Raw materials and supplies

25

29

Other

522

695

Allowance for doubtful accounts

(2)

(0)

11,835

11,169Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

9,859

9,830

Land

12,25012,250

Leased assets, net

230

228

Other, net

183

226

22,524

22,535

233

227

Other

566

587

Total intangible assets

799

814

Long-term loans receivable

152

147

Beneficial interests in real estate trust

455

426

Investment securities

120

110

Guarantee deposits

821

847

Total property, plant and equipment
Intangible assets
Goodwill

Investments and other assets

Other

889

649

Allowance for doubtful accounts

(13)

(12)

Total investments and other assets

2,426

2,168

Total non-current assets
Total assets

525,75025,51837,58536,687

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25(Millions of yen)First quarter of FY3/25(As of Jun. 30, 2024)

FY3/24(As of Mar. 31, 2024)
Liabilities
Current liabilities
Trade accounts payable

1,029

684

Lease liabilities

88

126

Income taxes payable

685

85

Provision for bonuses

566

196

Provision for bonuses for directors (and other officers)

60

13

Other

1,205

1,361

Total current liabilities

3,636

2,467

Non-current liabilities
Lease liabilities

168

127

Asset retirement obligations

561

566

Provision for employee stock ownership plan trust

59

61

Long-term deposits received

281

283

1

1

Long-term accounts payable-otherTotal non-current liabilities
Total liabilities

1,071

1,038

4,708

3,506

2,568

2,568

Net assets
Shareholders’ equity
Share capital
Capital surplus

5,505

5,488

Retained earnings

27,03027,052

Treasury shares(2,226)(1,928)

Total shareholders’ equity

32,87733,18132,87733,181

37,58536,687

Total net assets
Total liabilities and net assets

6

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Three-month Period)(Millions of yen)First three months of FY3/24 First three months of FY3/25(Apr. 1, 2023 – Jun. 30, 2023) (Apr. 1, 2024 – Jun. 30, 2024)

Operating revenue

5,081

5,518

Operating expenses

3,948

4,230

Operating gross profit

1,132

1,287

Remuneration for directors (and other officers)

44

44

Salaries

85

107

Bonuses

11

22

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision of allowance for doubtful accounts

19

20

9

13

(0)

(2)

Depreciation

20

31

-

5

Other

180

199

Total selling, general and administrative expenses

370

442

761

845

Interest income

00Dividend income
Share of profit of entities accounted for using equity
methodMiscellaneous income

0

0

4

12

4

6

Total non-operating income

919Interest expenses

00

Miscellaneous losses

4

1

Selling, general and administrative expenses

Amortization of goodwill

Operating profit
Non-operating income

Non-operating expenses

Total non-operating expenses

4

1

766

863

Loss on retirement of non-current assets

02

Total extraordinary losses

02Profit before income taxes

765

861

Income taxes-current

63

71

Income taxes-deferred

205

238

Ordinary profit
Extraordinary losses

Total income taxes

268

309

Profit497

551

Profit attributable to owners of parent

497

551

7

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)(Millions of yen)First three months of FY3/24 First three months of FY3/25(Apr. 1, 2023 – Jun. 30, 2023) (Apr. 1, 2024 – Jun. 30, 2024)

Profit497

551

Comprehensive income

497

551

497

551

-

-

Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

8

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25(3) Notes to Quarterly Consolidated Financial Statements
Framework for Financial Reporting
The quarterly consolidated financial statements are prepared in accordance with Article 4, Paragraph 1 ofStandards for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. and accounting
standards for quarterly financial statements that are generally accepted as fair and appropriate in Japan,
applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards.
Going Concern Assumption
Not applicable.
Changes in Accounting Policies
Application of Accounting Standard for Current Income Taxes
SAN HOLDINGS has applied the Accounting Standard for Current Income Taxes (Accounting Standards
Board of Japan (ASBJ) Statement No. 27, October 28, 2022) from the beginning of the first quarter of thecurrent fiscal year.
Revisions concerning the accounting classification of income taxes (taxation of other comprehensive income)are made in accordance with the transitional treatment stipulated in the proviso of Paragraph 20-3 of thisrevised accounting standard and with Paragraph 65-2, Item 2 of Implementation Guidance on AccountingStandard for Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022). The application of thisstandard has no effect on the consolidated financial statements.
For the revision concerning the change in the treatment in the consolidated financial statements of the tax
deferral of gains or losses on sales of shares of subsidiaries, etc. between consolidated companies, SAN
HOLDINGS has applied the Implementation Guidance on Accounting Standard for Tax Effect Accounting
beginning with the first quarter of the current fiscal year. This change has been applied retrospectively and thequarterly and fiscal year consolidated financial statements for the previous fiscal year are shown after thisrestatement. This change in accounting policies has no effect on the consolidated financial statements in theprevious fiscal year.
Significant Changes in Shareholders’ Equity
Not applicable.
Quarterly Consolidated Statement of Cash FlowsA quarterly consolidated statement of cash flows for the first three months of FY3/25 has not been prepared.
Depreciation (includes amortization expenses related to intangible assets minus goodwill) and goodwill
amortization for the first three months of FY3/24 and FY3/25 is as follows.
(Millions of yen)First three months of FY3/24

First three months of FY3/25(Apr. 1, 2023 – Jun. 30, 2023)(Apr. 1, 2024 – Jun. 30, 2024)

Depreciation
Goodwill amortization

9

228

244

-

5

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

Segment and Other Information
I . First three months of FY3/24 (Apr. 1, 2023 – Jun. 30, 2023)
1. Information related to net sales, profit or loss for each reportable segment and breakdown of revenue(Millions of yen)Amounts
shown onquarterly
Adjustment
consolidated(Note 1)statement ofincome(Note 2)

Reportable segment

Net sales
Funeral service
revenue
Other
Revenue fromcontracts withcustomers
Other revenue
External sales
Inter-segment sales
and transfers
Total
Segment profit

HoldingCompanyGroup

KOEKISHAGroup

SOU-SEN
Group

TARUI
Group

3,326

325

379

-

4,030

-

4,030

859

52

35

-

948

-

948

4,186

378

414

-

4,978

-

4,978

-

-

-

102

102

-

102

4,186

378

414

102

5,081

-

5,081

9

-

-

3,197

3,206

(3,206)

-

4,195

378

414

3,299

8,287

(3,206)

5,081

415

30

62

2,443

2,951

(2,185)

766

Notes: 1. Contents of adjustment to segment profit are as follows.

Total(Millions of yen)AmountElimination of amount equivalent to dividends paid tothe holding company by consolidated subsidiaries
Adjustment of allowance for doubtful accounts related
to the netting elimination of assets and liabilities
Total(2,184)(0)(2,185)

2. Segment profit is adjusted to be consistent with ordinary profit recorded in the quarterly consolidated statementof income.
2. Information related to impairment losses on non-current assets or goodwill, etc. for each reportable segment
Not applicable.

10

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

II . First three months of FY3/25 (Apr. 1, 2024 – Jun. 30, 2024)
1. Information related to net sales, profit or loss for each reportable segment and breakdown of revenue
Reportable segment

Net sales
Funeral service
revenue
Other
Revenue fromcontracts withcustomers
Other revenue
External sales
Inter-segment sales
and transfers
Total

HoldingCompanyGroup

KOEKISHAGroup

SOU-SEN
Group

3,604

320

443

-

4,369

-

4,369

972

40

32

-

1,045

-

1,045

4,577

361

476

-

5,415

-

5,415

-

-

-

103

103

-

103

4,577

361

476

103

5,518

-

5,518

12

-

-

3,158

3,170

(3,170)

-

4,589

361

476

3,262

8,689

(3,170)

5,518

526

26

97

2,325

2,976

(2,112)863

Segment profit

TARUI
Group

(Millions of yen)Amounts
shown onquarterly
Adjustment
consolidated(Note 1)statement ofincome(Note 2)

Notes: 1. Contents of adjustment to segment profit are as follows.

Total(Millions of yen)AmountElimination of amount equivalent to dividends paid tothe holding company by consolidated subsidiaries(2,110)Adjustment of allowance for doubtful accounts related
to the netting elimination of assets and liabilities(1)(2,112)Total

2. Segment profit is adjusted to be consistent with ordinary profit recorded in the quarterly consolidated statementof income.
2. Information related to impairment losses on non-current assets or goodwill, etc. for each reportable segment
Not applicable.

Subsequent Events
Tender offer for the stock of KIZUNA HOLDINGSOn July 12, 2024, the Board of Directors of SAN HOLDINGS approved a resolution to use a tender offer topurchase all of the stock and share acquisition rights of KIZUNA HOLDINGS Corp. pursuant to the Financial
Instruments and Exchange Act (Act No. 25 of 1948 including subsequent amendments). This tender offer ispart of measures to make KIZUNA HOLDINGS a wholly owned subsidiary. The tender offer is taking placefrom July 16 to August 27, 2024.
1. Purpose of the tender offer
The tender offer will convert KIZUNA HOLDINGS from a publicly owned alliance partner into a wholly
owned subsidiary. Adding this company to the SAN HOLDINGS Group is expected to strengthen coverage ofdifferent areas of Japan, support growth in category for family and other small funerals, lower administrative
expenses, and increase opportunities for earnings by providing embalming services. Consequently, theobjective is to benefit from these synergies and take full advantage of collaboration between KIZUNAHOLDINGS and other group companies.

11

SAN HOLDINGS, INC. (9628) Financial Results for the First Quarter of FY3/25

2. Summary of the tender offer(1) Number of shares to be purchased:

7,067,476 shares(2) Minimum number to be purchased:

4,694,700 shares(3) Maximum number to be purchased:

No maximum(4) Beginning and end:

July 16, 2024 to August 27, 2024

(5) Price:
1) 2,120 yen per common share2) Share acquisition rights
i)3,240 yen per share acquisition right for share acquisition rights (the first share acquisition rights,
exercise period of June 1, 2017 to December 15, 2026) issued in accordance with resolutions
approved at the KIZUNA HOLDINGS extraordinary shareholders meeting and Board of Directors
meeting on December 16, 2016ii) 2,640 yen per share acquisition right for share acquisition rights (the second share acquisitionrights, exercise period of December 25, 2017 to December 24, 2027) issued in accordance withresolutions approved at the KIZUNA HOLDINGS extraordinary shareholders meeting and Board of
Directors meeting on December 25, 2017iii) 2,240 yen per share acquisition right for share acquisition rights (the third share acquisition rights,
exercise period of June 1, 2022 to May 30, 2029) issued in accordance with resolutions approved at
the KIZUNA HOLDINGS extraordinary shareholders meeting and Board of Directors meeting on
May 30, 2019(6) Start of payments:
September 2, 2024
3. Profile of KIZUNA HOLDINGS(1) Name:

KIZUNA HOLDINGS Corp.

(2) Location:

2-2-12, Hamamatsucho, Minato-ku, Tokyo(3) Representative:

Yasuaki Nakamichi, Group CEO, President and Representative Director(4) Business:

Determination, implementation and supervision of strategies for the KIZUNAGroup
All activities concerning services for funerals and other ceremonies(5) Capital:

165 million yen (as of May 31, 2024)(6) Established:

June 1, 2017

(7) Consolidated financial highlights of KIZUNA HOLDINGS for the fiscal year ended May 2024 (IFRS)Net assets:
6,013 million yen
Total assets:
33,788 million yen
Net sales:
12,126 million yen
Operating profit:
1,269 million yen
Profit attributable to owners of parent:
744 million yen
4. Methods for procuring funds in association with the tender offer
Necessary funds will be covered by cash on hand and bank loans.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

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