Briefings on Financial Results for the Fiscal Year Ended
September 30, 2021 (FY2021)

November 12, 2021

APAMAN Co., Ltd.
JASDAQ: 8889
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FY2021 Consolidated Results

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Overview of Consolidated Results (YoY comparison)(Millions of yen)

FY2020Net sales

FY2021

44,119Remarks(Major factors)

YoY change

44,419Contribution from M&A in the Platform
Business+299

Contribution from M&A in the Platform
BusinessLower revaluation on operational investment
securities (FY2020)+707Gross profit

9,678

10,385

SG&A expenses

8,837

9,029

+191
Lower revaluation on operational investment
securities (FY2020)
Increase in earnings in the Platform Business+516

Operating profit

840

1,356

Ordinary profit

8795

Increase in operating profit
Increase in equity-method profit

+787

166

602

Increase in ordinary profit
Gain on sales of shares of subsidiaries andassociates, etc.

+436

1,743

2,541

Increase in ordinary profit+798

Profit attributable toowners of parent
EBITDANote

Note: EBITDA = Ordinary profit + interest expenses + depreciation + amortization of goodwill

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2

Overview of Consolidated Balance Sheet (vs. end-FY2020)(Millions of yen)

Liabilities andnet assets

End-FY2020

End-FY2021

Current liabilities

9,190

10,202+1,012

Accounts payable-trade

1,023

1,149+125-4

Short-term borrowings Note

1,942

2,364+422

1,197-8

Other

6,224

6,688

+464

4,311

4,504+193

Non-current liabilities

20,621

18,459-2,161

19,43018,437-993

Long-term borrowings

17,787

15,892-1,894Long-term lease andguarantee deposited

1,757

1,621

-135

Other

1,076

946

-130

Total liabilities

29,811

28,662-1,149Assets

End-FY2020

End-FY2021

Current assets

14,824

14,804

-20

7,561

7,359

-201

1,746

1,742

1,205

Cash and deposits
Notes and accounts
receivable-trade
Operational investment
securities
Other

Non-current assets

ChangeChangeProperty, plant andequipment

3,733

3,275

-458

Intangible assets

9,022

9,070

+47

Goodwill

6,918

6,406

-512

Other

2,103

2,663

+559

Capital

7,983

7,983

-

Investments and otherassets

6,674

6,091

-583Net assets

4,443

4,578+135

Total assets

34,25533,241-1,013

Total liabilities and netassets

34,25533,241-1,013

Note: Includes current portion of long-term borrowings

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3

Consolidated Results of Operations

3-year Trend(Billions of yen)

Net sales
45.93

44.11

44.41

Gross profit

Operating profit

11.63

2.05
10.38
9.67

1.35

0.84

FY2019FY2020

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FY2021FY2019FY2020

FY2021FY2019FY2020

FY2021

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Consolidated Results of Operations

3-year Trend(Billions of yen)

SG&A expenses
FY201919/9

FY2020
20/9Profit attributable toowners of parent

FY2021
21/90.60

0.27

0.16(8.83)(9.02)(9.58)FY2019Copyright © APAMAN Co.,Ltd. All rights reserved.

FY2020

FY2021

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Consolidated Results of Operations Composition of Gross Profit(Billions of yen)

Constant-revenue gross profit
Property management/sub-leasing, cloud/franchiseservices, utilization fees for co-working locations(fabbit) and others

Higher gross profit due to an increase in the numberof units under management
Lower gross profit due to higher purchase price of theelectric retailing business
7.25

7.36

Other gross profit
Brokerage fees, consulting fees, operational
investment securities and others

Valuation loss on operational investment
securities (FY2020)
Online support at directly operated stores

7.47

4.38
2.90
2.31

FY2019FY2020

FY2021FY2019FY2020

FY2021

Note: Sales for businesses in the same segment that are divided between constant-revenue and other gross profit include transactions within the segment that are eliminatedin the consolidated financial statements.
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6Consolidated Results of Operations

Composition of Gross Profit

Share of constant-revenue gross profit in total gross profit

 Constant-revenue gross profit Share of constant-revenue grossprofit in total gross profit(Billions of yen)

76%

12.0

11.80

11.30

72%

11.63

70%

10.0

10.35
62%

8.0

80%

57%

60%

9.67

50%

54%

6.0

40%
30%

4.0

6.68

7.25

7.36

7.47

6.10

20%

2.0

10%
0.00%
FY2017FY2018FY2019FY2020

FY2021

Note: Sales for businesses in the same segment that are divided between constant-revenue and other gross profit include transactions within the segment that areeliminated in the consolidated financial statements.
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7

Business Domain (Constant revenue, Others)

Constant revenue business / Other business
Segment

Platform

Main business

Constant
revenue

Rental management and subleasing○

Management fee

Rental brokerage

×Brokerage fee

Cloud service○

Usage fee

Franchise service○

Royalty fee

Co-working, etc.

○

Usage fee

Metered parking○

Parking fee

Primary income source

TechnologyOthers

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8

Size of Customer Base
SegmentMain business

Customers/Market size

Rental management
and sub-leasing

91,421 units (down 1,225 units YoY)

Directly operated
stores68 stores

Platform

Cloud service
TechnologyFranchise service
OthersMetered parking(down 4 stores YoY)

StoresProperty management/Sub-leasing
Property ownerrelationships

1,036 stores
Approx. 1,030,000 units
Approx. 200,000 owners

4,320 parking spaces nationwide(up 269 parking spaces YoY)

Notes: Rental management and sub-leasing, directly operated stores and metered parking businesses include directly operated stores and cloud service, and franchiseservice includes FCs.
The number of property management/sub-leasing units (approx. 1,030,000 units) and the number of property owner relationships (approx. 200,000 owners)
are as of September 2020 using Apaman Network data.

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Change in Customer Base
Number of units undermanagement

Directly managed stores(Units)90,19887,97092,676 91,421

Metered parking(Stores)
108(Vehicles)
4,320

107

4,051

92

3,589

71,4783,0287268
2,355

FY2017 FY2018 FY2019 FY2020 FY2021

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FY2017 FY2018 FY2019 FY2020 FY2021

FY2017 FY2018 FY2019 FY2020 FY2021

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FY2021 Results by Segment

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Net Sales and Operating Profit by Segment (YoY comparison)(Millions of yen)

Platform
34,822

Technology

Others35,738

Left: FY2020
Right: FY2021

Net sales

7,573

1,819

OperatingprofitCopyright © APAMAN Co.,Ltd. All rights reserved.

7,601
2,760

1,934

(1,106)

(859)

1,994

847

919

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Platform Business (YoY comparison)
Number of units under management down 1,225 YoY;Higher purchase price of the electric retail business reduced operating profit by 100 million yen(Millions of yen)

FY2020YoY change

FY2021

Amount%Net sales

34,82235,738+915

2.6%

Operating profit

1,819

1,994+175

9.6%

StoresPM

Number of directly managed
franchised stores
72 stores (FY2020) →storesExamples of included and associated services

Number of units under management
92,676 units →units

Insurance

Rent guarantees

Emergency
assistanceElectricity/Gas

Money transfers

Telecommunications

Key exchange

Collection of feesfor NHK
subscriptions

Collection of fees
for CATVsubscriptions

Gross profit of included and associated services

1,499 million yen (FY2020) →million yen

Note: Due to measures to increase franchised stores, etc.

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13Technology Business (YoY comparison)
Termination of royalty reduction due to the COVID-19 infection(Millions of yen)

FY2020Net sales
Operating profit

YoY change

FY2021

Amount%

7,573

7,601

+27

0.4%

847

919+71

8.4%

Technology services
Automated rental
management

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Shared electronic
keys for apartmentsCore system for rental brokerage
service14Analysis of Operating Profit by Segment (YoY)(Millions of yen)

FY2020Net sales

FY2021Gross profit

Gross profit
marginNet sales

YoY change

Gross profit

Gross profit
marginNet sales

Gross profit

Gross profit
marginPlatform

34,822

8,639

24.8%

35,738

9,256

25.9%

+915

+617+1.1%

Technology

7,573

1,761

23.3%

7,601

1,825

24.0%

+27+63+0.8%

OthersAdjustment(elimination or corporate)

2,760

112

4.1%

1,934

(43)

-2.3%

-826

-156

-6.3%

(1,038)(835)-(855)(651)-+182+183-

44,119

9,678

21.9%

44,41910,38523.4%+299+707

+1.4%

Total
SG&A expenses(SG&A expenses ratio)
Operating profit(operating margin)

8,837

20.0%

9,029

20.3%

+191+0.3%

840

1.9%

1,356

3.1%+516+1.1%

Operating profit

SG&Aexpenses

Gross profit

FY2020

Platform

TechnologyOthers

Adjustment

840+617+63-156+183

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Operating profit
FY2021-191

1,35615

FY2022 Consolidated Forecast

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16

Overview of Consolidated Forecast (YoY comparison)(Millions of yen)

FY2021Results

FY2022
Forecast

ChangeNet sales

44,41945,000+580

Operating profit

1,356

1,800+443

Ordinary profit

795

1,000Profit attributable toowners of parent

602

200

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-402

17

1. Growth of online operations

Challenges
hampering growth

2. Increase the number of managed/subleased properties
3. Launch of the company-rented housingbusiness (New business)

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Challenges Hampering Growth

1. Growth of online operations

Activities for the growth of online operations
Online First
Locate and rent anapartment online

Online explanations
and contracts

Shared electronic
keys for apartments

Use of AI for
marketing activities

Automated rental
management

Automated rental
brokerage service

Online meetings

Online seminars(Property owners, franchisedcompanies, members)(Property owners, franchisedcompanies, members)

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Challenges Hampering Growth

2. Increase the number of managed/sub-leased properties
3. Launch of the company-rented housing business (New business)

Increase the number of managed/subleased properties
Results: down 1,225 properties YoY

Increase master leases for theprovision of company housing
Results: 61 contracted companies

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20

Cautionary Statements
Amounts are rounded down to the nearest million yen and percentages are rounded off to the first decimal place. Accordingly, figures calculated using mathematicalformulas and the resulting figures stated in this material may not agree. The information presented in these materials, excluding past results but including
management strategies, plans, and forecasts, is forward-looking information, based on certain assumptions deemed reasonable in light of the information available atthe time these materials were prepared. Actual results may differ significantly from these forecasts as a result of a variety of factors going forward. The information
contained in these materials is subject to change without notice.
Every effort has been made to ensure the accuracy of the information contained herein, but APAMAN makes no guarantee regarding the accuracy, usefulness, ortimeliness of such information. APAMAN assumes no responsibility for losses incurred as a result of errors in the information contained herein.
These materials were prepared for the purpose of presenting the business overview of APAMAN and its affiliates, and are not intended as a solicitation or offer forinvestment. Investment decisions are entirely those of the investors.

This presentation uses numbers that are accurate at this time and makes no guarantee regarding numbers used in past presentations concerning results of operations.
Copyright © APAMAN Co.,Ltd. All rights reserved.

Copyright © APAMAN Co.,Ltd. All rights reserved.

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