February 10, 2023
Company Name: Sun Frontier Fudousan Co., Ltd.
Representative: Seiichi Saito,President and Representative Director(Stock Code: 8934, TSE Prime Market)
Inquiries: Takeshi Hirahara
Executive Officer and General Manager ofCorporate Planning Department
TEL: 03-5521-1551

Notice of Upward Revision to Financial Results Forecast for FY2023
and Revision to Cash Dividend Forecast (Increase)
At the Board of Directors held today, the Company has decided to revise its forecast for consolidated
financial results and cash dividend forecast for FY2023 announced on May 13, 2022 as follows.
1. Revision of Forecast for Consolidated Financial Results for FY2023(April 1, 2022 to March 31, 2023)(“¥” indicates millions of yen.)

Net sales

OperatingprofitOrdinary
profitProfit attributable toowners of parent

EPS(yen)Previous forecast (A)¥ 84,000¥13,300¥12,800¥8,300170.76 yen

Revised forecast (B)¥82,000¥14,800¥14,500¥10,400

213.99 yen

Increase (decrease)(B-A)(¥2,000)¥1,500¥1,700¥2,100-Change (%)(2.4%)

11.3%

13.3%

25.3%

-(Reference)
Results for FY2022¥71,251¥12,127¥12,215¥7,415152.26 yenReasons
In Real Estate Revitalization Business, profit margin of properties for sale in Replanning Businessexceeded the initial plan and profits grew. As a result, the sales plan was revised. In Real Estate ServiceBusiness, the number of entrusted buildings, the number of contracts concluded in sales and leasing
brokerage, and orders received for rental conference rooms are strong, thus net sales and profit s areexpected to exceed the plan. In Hotel and Tourism Business, thanks to the recovery in domestic tourism
demand, the net sales and profits of Hotel Operation Business are expected to exceed our initial plan. On
the other hand, selling general and administrative expenses are expected be lower than the initial plan due
to a decrease in sales commission. As a result, net sales are expected to be lower than the previous forecast,while operating profit, ordinary profit and profit attributable to owners of parent are expected to be higher.
Moreover, as we have settled some property sales in Replanning Business planned for the fourth quarterahead of schedule in the third quarter, we do not plan to sell any properties in the fourth quarter that are
not included in our plan. As a result, operating profit, ordinary profit and profit attributable to the parent
for the fiscal year ending March 31, 2023 are expected to slightly exceed the results for the first ninemonths.
12. Revision of Cash Dividends Forecast for FY2023
Cash dividends per share
2nd quarter end
Previous Forecast(May 13, 2022)

Year end

23.00 yen

Revised forecast
Results for the fiscal year

23.00 yen

Results for the previous
fiscal year

21.00 yenTotal

23.00 yen

46.00 yen

25.00 yen

48.00 yen

23.00 yen

44.00 yen

Reasons
Due to the revision of forecast for consolidated financial results for FY2023, the Company estimate
expected profits will increase from the previous forecast. Accordingly, we decided to increase 2.00 yenper share for the year-end cash dividend forecast for FY2023 from the previous forecast. As a result, thecash dividends forecast will be 25 yen per share.
(Note) Forward-looking statements are based on the information currently possessed by the Company
as of the announcement date of this document. Actual results may be different from suchexpectations.

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