[Provisional Translation Only]
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Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

FY25/2 Q1 Earnings
July 11, 2024
Ichigo Inc. (Tokyo Stock Exchange Prime, 2337)
Representative: Takuma Hasegawa, President
Inquiries:
Takanori Sakamatsu, Executive Managing Director
Telephone: +81-3-4485-5221
www.ichigo.gr.jp/en
Submission of the Financial Report (Shihanki Hokokusho): July 12, 2024 (expected)
Dividend Payment: N/ASupplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY25/2 Consolidated Financial Results (March 1, 2024 to May 31, 2024)(1) Consolidated Financial Results

FY25/2 Q1
FY24/2 Q1(YOY = year-on-year % change)
All-In
Revenue
Operating Profit
Operating Profit(JPY million) YOY (JPY million) YOY(JPY million) YOY
25,096 +147.2%
4,221 +72.7%
5,880 +118.5%
10,152-39.0%

2,445-10.2%

2,691-1.2%

Note: Comprehensive IncomeFY25/2 Q1: JPY 4,275 million (+221.1% YOY)
FY24/2 Q1: JPY 1,331 million (-30.4% YOY)
All-In Operating Profit = Operating Profit + Gains on Sale of Sustainable Real Estate Assets
Recorded as Extraordinary Gains

FY25/2 Q1All-InNet Income
Cash Net Income
Recurring Profit(JPY million) YOY (JPY million) YOY(JPY million) YOY
3,716 +153.0%
5,376 +213.3%
3,591 +146.8%
4,487 +29.6%

FY24/2 Q1

1,469

Recurring Profit(JPY million) YOY-37.9%

1,715-27.5%

1,455-5.2%

3,462

All-In Recurring Profit = Recurring Profit + Gains on Sale of Sustainable Real Estate Assets
Recorded as Extraordinary Gains

FY25/2 Q1
FY24/2 Q1Net Income
per Share (EPS)(Basic, JPY)
8.18 +154.9%
3.21-2.3%

Net Income
per Share (EPS)(Diluted, JPY)
8.16 +154.2%
3.21-2.3%

Cash Net Income
per Share (EPS)(JPY) YOY
10.22 +33.8%
7.64+30.2%Cash Net Income = Net Income + Depreciation + Amortization +/- Valuation Losses (Gains)

1+26.4%

(2) Consolidated Financial Condition
Total Assets(JPY million)
FY25/2 Q1
378,498
FY24/2Net Assets(JPY million)
115,503

Shareholders’Equity Ratio
27.4%

Net Assets per
Share (JPY)237.12

116,28128.5%

237.57367,015

Note: Shareholders’ Equity FY25/2 Q1: JPY 103,791 million

FY24/2: JPY 104,628 million(3) Consolidated Cash Flows
Cash Flows fromFinancing(JPY million)

Cash and Cash
Equivalents
at Period-End(JPY million)

Cash Flows fromOperations(JPY million)

Cash Flows from
Investments(JPY million)

FY25/2 Q1-394

5,501

8,635

59,844

FY24/2 Q1-15,490-3,404

16,22337,642

Note: Economic Operating Cash Flow (Cash Flows from Operations, excluding net change in Real
Estate and Power Plants for Sale, plus post-tax gains on sales of Sustainable Real Estate assets
recorded as extraordinary gains)
FY25/2 Q1: JPY 2,051 million FY24/2 Q1: JPY 1,079 million
2. Dividends
Dividend per Share (JPY)First Second Third FourthQuarter Quarter Quarter Quarter Total
FY24/2
FY25/2(Forecast)–––

9TotalDividends(JPY million)
93,963–––1010Payout Ratio
33.5%
31.2%

3. FY25/2 Full-Year Consolidated Earnings Forecast (March 1, 2024 to February 28, 2025)(YOY = year-on-year % change)
All-InAll-InOperating Profit
Recurring Profit
Operating Profit
Recurring Profit(JPY million)(JPY million)(JPY million)(JPY million)
YOY
YOY
YOY
YOY
FY25/2
16,000 +23.5% 24,000 +13.2% 12,000 +15.5% 20,000 +7.4%

FY25/2Net Income
Cash Net Income(JPY million)(JPY million)
YOY
YOY
14,000 +15.6% 18,500+3.5%

Net Income
Cash Net Income
per Shareper Share(JPY) YOY
(JPY) YOY
32.10 +19.4% 42.42+6.8%2

Dividend on
Equity(DOE)3.9%

4. Other(1) Changes in significant consolidated subsidiaries(material changes in scope of consolidation): None
(2) Changes in accounting standards/principles, changes in accounting estimates, and revisions toprevious financial statements(i) Changes in accounting standards/principles:Yes (minor, no impact – see p. 12)(ii) Changes in accounting principles other than the above:None(iii) Changes in accounting estimates:None(iv) Revisions of previous financial statements:
None(3) Number of common shares outstanding(i) Number of shares outstanding (including treasury shares) at period-end
FY25/2 Q1:
445,593,918
FY24/2:505,402,018(ii) Number of treasury shares at period-end
FY25/2 Q1:
7,878,308
FY24/2:64,982,000(iii) Average number of shares outstanding (excluding treasury shares) during the period
FY25/2 Q1:
FY24/2 Q1:

439,003,159
453,388,818

Segment Information
Asset Management (AM) generates fee income via the management of Ichigo Office (8975), Ichigo
Hotel (3463), Ichigo Green (9282), and private real estate funds.
Sustainable Real Estate (SRE) preserves and improves real estate. Ichigo receives rental income during
the period in which it carries out its value-add, along with earning gains on sales that reflect the realestate’s higher value after the value-add is complete.
Clean Energy (CE) is utility-scale solar and wind power production that supplies clean energy andbrings productive use to idle land.
Note on Appropriate Use of Forecasts
Forward-looking statements contained in these materials are based on judgments regarding informationthat was available to Ichigo as of the announcement date. However, these statements involve risk anduncertainties, and actual earnings may differ significantly from the indicated forecasts.

3

Consolidated Balance Sheet (FY25/2 Q1)
FY24/2(Feb 29, 2024)(JPY million)
FY25/2 Q1(May 31, 2024)

AssetsCurrent Assets
Cash and deposits
Accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
OtherLess: venture investments writedown
Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings and structures
Depreciation
Buildings and structures (net)
Solar and wind power plants
DepreciationSolar and wind power plants (net)Land
Buildings and structures underconstruction
Solar and wind power plants underconstruction
OtherDepreciation
Other (net)Total Property, Plant, and Equipment
Intangible Assets
Goodwill
Leasehold rights
Other
Total Intangible Assets
Investments and Other Assets
Securities investments
Long-term loans receivable
Deferred tax assets

4

46,917
2,448
1,324
14
103,7213,720-401
157,746

59,961
2,981
1,324
–
104,5123,942-401
172,32158,641-13,072
45,56839,099-9,86529,234105,368

57,622-13,420
44,202
39,114-10,354
28,760102,415

3,978

4,207

134

171

2,625
-1,678947
185,232

2,643-1,750893
180,650

989
1,332
176
2,498

956
1,332
153
2,442

17,086838
682

17,773974
644

FY24/2(Feb 29, 2024)
3,766
-835
21,537
209,269
367,015

OtherLess: venture investments writedown
Total Investments and Other Assets
Total Fixed Assets
Total Assets

5(JPY million)
FY25/2 Q1(May 31, 2024)
4,526
-835
23,084
206,176
378,498

(JPY million)
FY25/2 Q1(May 31, 2024)

FY24/2(Feb 29, 2024)
Liabilities
Current Liabilities
Short-term loans
Bonds (due within one year)
Long-term loans (due within one year)
Long-term non-recourse loans(due within one year)
Income taxes payable
Current year employee bonus accrual
Other current liabilities
Total Current Liabilities
Long-Term Liabilities
Bonds
Long-term loans
Long-term non-recourse loans
Deferred tax liabilities
Long-term security deposits received
Other long-term liabilities
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares
Total Shareholders’ Equity
Accumulated Other Comprehensive
IncomeValuation gains (losses) on othersecurities
Deferred gains (losses) on long-term
interest rate hedges
Total Accumulated Other
Comprehensive Income
Stock Options
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

6

16,726
3,162
20,8789,226
3,232
14,052

6,413

6,468

4,039
136
4,805
56,162

3,085
400
3,833
40,2984,306
146,043
35,265
1,323
7,229
404
194,572
250,734

4,196
168,919
40,604
1,334
7,272
368
222,695
262,994

26,892
10,31390,967-22,446
105,727

26,931
10,34869,800-2,818104,263-1,143-527

4455-1,099-472

879
10,772
116,281
367,015884
10,828
115,503
378,498

Consolidated Income Statement (FY25/2 Q1)Revenue
Cost of Goods Sold
(Depreciation amount included in COGS)
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Foreign exchange gains
Mark-to-market gains on long-term interest
rate hedges
Government subsidy income
OtherTotal Non-Operating Income
Non-Operating Expenses
Interest expense
Mark-to-market losses on long-term interestrate hedges
Debt financing-related fees
OtherTotal Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gains on sale of fixed assets
Gains on sale of securities investments
Redevelopment up-front rental compensation
OtherTotal Extraordinary Gains
Extraordinary Loss
Loss on disposal of fixed assets
Total Extraordinary Loss
Pre-Tax Income
Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income
7

FY24/2 Q1(Mar 1, 2023 toMay 31, 2023)
10,152
5,915
1,213
4,236
1,791
2,445

(JPY million)
FY25/2 Q1(Mar 1, 2024 to
May 31, 2024)
25,096
18,660
1,140
6,436
2,214
4,221

11
14–

10
1
7–

625

16
4
48–
7651

551

679

393

–

11
67
1,024
1,469

348
127
1,156
3,716

246
85
327
46
705

1,656
–
–
17
1,673

–
–
2,175
663
1,511

4
4
5,386
1,737
3,648

56

56

1,455

3,591

Consolidated Statement of Comprehensive Income (FY25/2 Q1)(JPY million)
FY24/2 Q1
FY25/2 Q1(Mar 1, 2023 to(Mar 1, 2024 toMay 31, 2023)
May 31, 2024)
Pre-Minority Interest Net Income
1,511
3,648
Other Comprehensive Income
Valuation gains (losses) on other securities-34615
Deferred gains (losses) on long-term-145
11
interest rate hedges
Total Other Comprehensive Income-180
627
Comprehensive Income
1,331
4,275
Comprehensive income attributable to
1,274
4,218
common shareholders
Comprehensive income attributable to56
56
minority interests

8Consolidated Cash Flow Statement (FY25/2 Q1)(JPY million)
FY25/2 Q1(Mar 1, 2024 to
May 31, 2024)

FY24/2 Q1(Mar 1, 2023 toMay 31, 2023)
Cash Flows from Operations:Pre-tax income
Depreciation
Amortization of goodwill
Increase (decrease) in current year employee
bonus accrual
Increase (decrease) in venture investments
writedownInterest and dividend income
Interest expense
Losses (gains) on sale of securities
investments
Loss on disposal of fixed assets

2,175
1,267
21

5,386
1,199
32

196

263

-31

–

-26
551

-11
679

-85

–

–

4

-246

-1,656

-947

-532

47

14-16,189-791

Decrease (increase) in advances paid

-48

-36

Decrease (increase) in prepaid expenses-313-378

Decrease (increase) in accounts receivable
Decrease (increase) in consumption taxes
receivable
Increase (decrease) in accounts payable

43-79-21

39-1,164-1,273

Increase (decrease) in accrued expenses-12-134

Increase (decrease) in advances received

23180

Increase (decrease) in deposits received
Increase (decrease) in security deposits
received
Increase (decrease) in accrued consumption
taxes
Other242

50-84

42-141

93

357

-387

-14,3902,704

26

11-462-665-15,490-588-2,521-394

Losses (gains) on sales of fixed assets
Decrease (increase) in trading notes andreceivablesDecrease (increase) in operational securities
investments
Decrease (increase) in real estate for sale

Sub-TotalInterest and dividends received
Interest expense paid
Income taxes paid
Net Cash from (Used for) Operations

9

(JPY million)
FY25/2 Q1(Mar 1, 2024 toMay 31, 2024)

FY24/2 Q1(Mar 1, 2023 toMay 31, 2023)
Cash Flows from Investments:
Payments into time deposits––

Redemptions of time deposits–700-2,094

-40

100

–

-2,031

-695

1,030

5,650

-1-6

Payments of security deposits

-127

-1

Payments of loans receivable-10-141

737-277–-3,404

5,501

Payments for securities investments
Proceeds from sale of securities investments
Acquisition of property, plant, andequipment
Proceeds from sale of property, plant, andequipment
Acquisition of intangible assets

Payments received for loans receivable
Other
Net Cash from (Used for) Investments

10

(JPY million)
FY25/2 Q1(Mar 1, 2024 toMay 31, 2024)

FY24/2 Q1(Mar 1, 2023 toMay 31, 2023)
Cash Flows from Financing:
Net increase (decrease) in short-term loans
Repayment of maturing bond principal tobondholdersProceeds from long-term loans

2,537-7,500-40-40

21,26444,890-3,888-29,157

Proceeds from long-term non-recourse loans

–

5,500

Repayment of long-term non-recourse loans
Proceeds from exercise of stock options

-147

-105

–

67

Share buyback–-1,170

Dividends paid

-3,499-3,846-1-1

16,223

8,635

–

–

-2,671

13,74240,313

46,10137,642

59,844

Repayment of long-term loans

Dividends paid to minority interests
Net Cash from (Used for) Financing
Effect of Exchange Rate Change on Cash andCash EquivalentsIncrease (Decrease) in Cash and CashEquivalents
Cash and Cash Equivalents at Beginning ofPeriod
Cash and Cash Equivalents at End of Period

11Changes in Accounting Policies
The “Practical Solution on the Accounting for and Disclosure of the Issuance and Holding ofElectronically Recorded Transferable Rights That Must Be Indicated on Securities” (Accounting Standard
Board of Japan (“ASBJ”) Statement Practical Issues Task Force No. 43, August 26, 2022) has been applied
from the beginning of FY25/2 Q1 and will be applied on an ongoing basis.
There is no impact from this change.

12Revenue, P&L, and Assets by Segment (Current FY25/2 Q1)(Mar 1, 2024 to May 31, 2024)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

723

22,826

1,546

25,096–25,096

Inter-Segment
Activities or
Reclassifications

99

37–

136

-136

–

822
404

22,864
3,330

1,546
484

25,232
4,219

-136
2

25,096
4,221

–

1,659

–

1,659

–

1,659

404

4,989

484

5,878

2

5,880

318

2,283

484

3,086

–

–

862,705–

2,792––

1,665

296,480

36,153 334,298

44,200378,498

–

683

491

1,175

23

1,199–

490

52

543

5548

Total
Operating Profit
Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains2
Segment P&L(All-In OperatingProfit) 1
Segment P&L
Details
Stock Earnings(Rental Income,Base AM Fees,FIT Solar Power
Earnings, etc.)
Flow Earnings(Gains on
Sustainable Real
Estate Sales,
Gains on Solar
Power Plant
Sales, Spot AM
Fees, etc.)
Segment Assets
OtherDepreciation
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains13

2The Adjustment to Segment P&L (JPY 2 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 44,200 million) reflects corporate assets, such as cash and deposits, that werenot allocated to the segments. The Adjustment to Depreciation (JPY 23 million) reflects
depreciation of corporate assets that were not allocated to the segments. The Adjustment toIncrease in Property, Plant, and Equipment and Intangible Assets (JPY 5million) reflects
corporate assets that were not allocated to the segments.

14

Revenue, P&L, and Assets by Segment (Previous FY24/2 Q1)(Mar 1, 2023 to May 31, 2023)(JPY million)
Segment
Asset
Sustainable Clean
Management Real Estate Energy
(AM)
(SRE)
(CE)

Total

AmountRecordedin
Adjustment2
Financial
Statements

Revenue
Revenue from
External
Customers

619

8,004

1,528

10,152–

10,152

Inter-Segment
Activities or
Reclassifications

103－－103

-103

－722
386

8,004
1,480

1,528
576

10,2562,442-103
2

10,152
2,445－

246－246－246

386

1,726

576

2,689

2

2,691

361

1,420

576

2,358

–

–

24

306

－

330

––

3,643

287,770

37,038 328,452

26,746355,198

–

808

439

1,248

15

1,263

–

277

1,548

1,825

–

1,826

Total
Operating Profit
Gains on Sale of
Sustainable Real
Estate Assets
Recorded as
Extraordinary
Gains2
Segment P&L(All-In OperatingProfit) 1
Segment P&L
Details
Stock Earnings(Rental Income,Base AM Fees,
FIT Solar PowerEarnings, etc.)
Flow Earnings(Gains on
Sustainable Real
Estate Sales,
Gains on SolarPower Plant
Sales, Spot AM
Fees, etc.)
Segment Assets
OtherDepreciation
Increase in
Property, Plant,and Equipment
and Intangible
Assets1Segment P&L (All-In Operating Profit) = Operating Profit + Gains on Sale of Sustainable
Real Estate Assets Recorded as Extraordinary Gains15

2The Adjustment to Segment P&L (JPY 2 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 26,746 million) reflects corporate assets, such as cash and deposits, that werenot allocated to the segments. The Adjustment to Depreciation (JPY 15 million) reflects
depreciation of corporate assets that were not allocated to the segments. The Adjustment toIncrease in Property, Plant, and Equipment and Intangible Assets (less than JPY 1 million)
reflects corporate assets that were not allocated to the segments.

16