Financial Results
for the Year Ended December 31, 2023
SYLA Technologies Co., Ltd.
Nasdaq: SYTForward-Looking Statements
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forwardlooking statements orally or in writing. We base these forward-looking statements on our expectations and projections about
future events, which we derive from the information currently available to us. Such forward-looking statements relate to future
events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; andour business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature,
particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,”“plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. Factors that may cause actual
results to differ materially from current expectations include, among other things, those listed under the heading “Risk Factors”
and elsewhere in the annual report on Form 20-F for the fiscal year ended December 31, 2023, that we have filed with the U.S.
Securities and Exchange Commission (the “SEC”). Forward-looking statements are only predictions. The forward-looking events
discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual
events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to
publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forwardlooking events discussed in this document and other statements made from time to time by us or our representatives might notoccur. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved.
Investments may be speculative, illiquid and there is a total risk of loss.
Risk Factors
Our business and our ability to execute our business strategy are subject to a number of risks as more fully described in the section
titled “Risk Factors” of our annual report on Form 20-F for the fiscal year ended December 31, 2023, as filed with the SEC. Theserisks are not presented in the order of importance or probability of occurrence. These risks are described in greater detail in ouraforementioned Form 20-F. If any of the risks actually occurs, our business, financial condition and results of operations could bematerially adversely affected.
Convenience U.S. Dollar Translations
Substantially all of our revenues are generated in Japan, and our functional currency and reporting currency is the Japanese yen.
While this document provides convenience translations from Japanese yen to U.S. dollars at certain exchange rates specified
herein, such translations are only provided for reference purposes. We make no representation that any Japanese yen or U.S.
dollar amounts could have been, or could be, converted into U.S. dollars or Japanese yen, as the case may be, at any particularrate, or at all.

Contents◼ FY2023 Financial Results and FY2024 Guidance➢ FY2023 Financial Highlights➢ Consolidated Financial Summary (vs. Previous Year)➢ Consolidated Balance Sheets➢ FY2024 Financial Guidance Highlights◼ Growth Strategy and Businesses➢ Growth Strategy and Mid-Term Management Targets➢ M&A Policy➢ Real Estate Business➢ Rimawari-kun Business➢ ietty Business➢ Renewable Energy Business01
FY2023 Financial Results andFY2024 Guidance©️2024 SYLA Technologies 4

FY2023 Financial Highlights
Revenue: 22,743 million yen ($161 million), Operating income: 1,441 million yen ($10 million)
Equity: 11,180 million yen ($79 million)
ConsolidatedResults✓ Delivered strong financial results

Real EstateBusiness✓ Business collaboration with BlackRock (Sale of 3 SYFORME buildings)

Rimawari-kunBusiness✓ 279,000 Members (+17.7% YoY), No.1 in Japan for 2 consecutive years

Other Businesses✓ Operating income surpassed the initial guidance (+591 million yen (+$4.2 million))✓ 7 Completed SYFORME buildings and 1 SYLA TERRACE building✓ Reached to 5,072 million yen ($36 million) GMV, launched 39 funds✓ Revenue in renewable energy business increased by 21%✓ Founding member of the Japan Image Generative AI Consortium✓ Capital and business alliance with TSE listed CUMICA (formerly RIBERESUTE)

M&A Strategy✓ Acquisition of ietty’s AI online real estate rental brokerage business✓ Acquisition of StarPaint’s painting franchise business(¥140.92=1.00USD at Dec 29, 2023)©️2024 SYLA Technologies 5

Consolidated Financial Summary (vs. Previous Year)✓ Revenue up 3.1% and net income up by 72.5% compared to previous year
✓ SG&A control, including IPO costs, contributed to profitability(¥140.92=1.00USD at Dec 29, 2023)(in millions, except per share data)

FY2022JPY

FY2023USD

JPY

YoY ChangeUSD

JPY%22,056

157

22,743

161

+688

+3.1%

Income from continuing operation

7796

1,441

10+662+85.1%

Net income attributable to SYLA Tech

39536815+286+72.5%

EBITDA*1

1,0868

1,74212+656+60.4%

EPS basic

1,650.09

11.71

2,671.99

18.96+1,021.90+61.9%+1.3pt

+19.4%

Revenue

ROE*2

6.7%

8.0%

*1 EBITDA: Income from continuing operations + depreciation & amortization expenses*2 ROE: Net income attributable to SYLA Technologies / Total equity attributable to SYLA Technologies at year-end©️2024 SYLA Technologies 6Consolidated Balance Sheets
Total Asset: 40 billion yen (+35%), Equity: 11.1 billion yen (+70%), Debt-to-equity ratio: 3.0
Raised $15 million at the IPO in March 2023(¥140.92=1.00USD at Dec 29, 2023)(in millions)
As of Dec. 31, 2022

As of Dec. 31, 2023

As of Dec. 31, 2022

As of Dec. 31, 2023

JPY

JPY

JPY

JPY

USD

USD

2,543

18

4,017

29

680

163

1

Inventories

10,51775

16,850120

Other current assets

1,172

8

1,554

Total current assets

14,300101

Property, plant andequipment

10,592Long-and short-term bonds
and borrowings

USDUSD

17,317

123

23,449

166

579

4

837

6

Lease liabilities

2,615

19

2,405

17

11

Other current and noncurrent liabilities

2,715

19

2,213

16

22,584160

Total liabilities

23,226165

28,904205

75

12,366

88

922

7

864

6

Lease assets

2,609

19

2,421

17

Total shareholders' equity

5,916

42

8,488

60

Other assets

1,370

10

1,849

13

Noncontrolling interests

650

5

2,693

19

Total non-current assets

15,493110

17,501

124

Total equity

6,567

47 11,181

79

Total Asset

29,793

211

40,084284

Total liabilities and equity

29,793211284

Cash and cash equivalents
Accounts receivable

Intangible assets

Accounts payable andaccrued liabilities

40,084©️2024 SYLA Technologies 7

FY2024 Financial Guidance Highlights➢ Revenue is expected to increase driven by completion of 14 buildings➢ Crowdfunding is expected to increase because of mezzanine finance license➢ SG&A is expected to increase due to additional audit fees for M&A, etc.
➢ Increase an investment for DX technology

Revenues Forecast

Operating Income Forecast(Unit: Million yen)

(Unit: Million yen)

27,500 – 30,000

1,441

750 – 1,100

22,0562022

779

22,7432023

2024 Forecast

2022

2023

2024 Forecast©️2024 SYLA Technologies 802Growth Strategy and Businesses©️2024 SYLA Technologies 9

Growth Strategy and Mid-Term Management Targets⚫ “Growth 2026” strategy, targeting 41 billion yen revenues in FY 2026
⚫ Expanding our business footprint through M&A and enhancing operational efficiency through DX✓ 20% Continuous growth coming from organic business
Growth 2026

✓ Additional revenue coming from Strategic M&A✓ Increase margin by improving in-house operation for real estatedevelopment and growing the crowdfunding business

Revenue

41.0
billion yen

Revenue
Revenue

34.0

Inorganic growthbillion yen

Expansion ofservices and products

27.5 – 30.0
billion yen

Organic growth
Mid-term management target period
FY 2024 - FY 2026

FY2024FY2025

FY2026©️2024 SYLA Technologies 10

M&A Strategy
2023 M&A Track Record

Criteria for M&A• Undervalued equity against
the fair value of real estateholdings (P/B ratio: less than 1x)• Synergies with our technology

Online rental
brokerage service

ietty Inc.

S ynExcell
ent supply chainergies

with core businesUnestablished markets

se sConstruction painting
franchise business

ETP Inc.

Real estatedevelopment
business

CUMICA Co., Ltd. (formerly RIBERESTE)
Stock acquisition

Business transfer

Business transfer

Introduce real estate
brokerage function throughonline customer service on
smartphones, etc.

Expand and strengthengroup business

Development and salesof family condominiums

Provide communitybased services withfranchisees

Large properties joint
projects and other joint
projects

Collaborate withfranchisees to reduce costs
and increase efficiency

Collaboration with
Rimawari-kun

Promote real estate sales
developed by the SYLAGroup and provide efficientand valuable services toboth tenants and owners

Contribute to increased
occupancy rates of ourSYFORME condominiums

Form business alliancewith a major TSE listed
paint manufacturer
through business transfer

Complementary
coverage of real estatedevelopment areas andnetwork©️2024 SYLA Technologies 11

Real Estate Business
BlackRock private fund and the capital and business alliance with CUMICA (formerly RIBERESUTE),
we aim to expand our real estate development business and enhance our coverage, whiledeveloping new products(formerly RIBERESUTE)• Strengthening family and investment condo development/sales through the capital and business alliance• Business expansion through the joint development of large properties and other joint projects

BlackRock Private Fund
• Reinforcing mutual collaboration by offering investment opportunities in Japanese real estate projects,
especially "SYFORME" series developed by the CompanyTransferred

4 buildings*

1*1 As of January 31, 2024

• Development, construction, sale, and management of "SYFORME” brand condominiums, targeting Tokyo’s
23 wards, Yokohama and Kawasaki• Offering comprehensive solutions for investment condos, from selling used units to renovating living spaces

Cumulative number ofbuildings supplied

Number of units undermanagement

84 buildings*

3,390 units *22Occupancy rate

99.8 %*

2*2 As of April 30, 2024
©️2024 SYLA Technologies 12

Rimawari-kun Business• Enhanced UX/UI (apps), mezzanine finance projects, investment using Rimawari-kun Points• Membership growth coming from ietty platform, reduced advertising costs by digital marketing

Growth Plan of Membership x GMV(Un it: Person )GMV (AUM)
Membership(Un it: Billio n yen )1,000,000

7060.660
800,000
50Points

600,00034.2
400,000

Alliance with

400,000

80,495

0.5

1.9

2021

2022

279,02940
30

340,000
237,004

200,000

500,000

17.8

2010

5.3

0020232024 Forecast

2025 Forecast

2026 Forecast©️2024 SYLA Technologies 13

ietty Business
Membership of ietty, a real estate rental brokerage app, has surpassed 400,000 as of May 8, 2024••••

Receive proposals and search for properties that are not listed online.
Complete property search and viewing at home with a smartphone or a PC.
After finding the room you like, apply and complete the contract seamlessly
Almost all properties, including those listed on other websites, are available©️2024 SYLA Technologies 14

Renewable Energy Business•••

Favorable renewable energy environment with subsidies for carbon neutrality, etc.
Expected growth in solar power plant development, as well as on-site consumption andstorage batteries construction
Planning to accelerate fund formation and leverage balance sheet for business growth*The figures in the graph are based on SYLA Solar's non-consolidated data.

Power Plant Sales(Unit: Million yen)Power Plant Sales

Increased income with affiliated loans
Purchase agreement for high-voltage
power plants
Cross-selling with Rimawari-kun andietty

Contracting Constructions

1,538

Retail Electricity
Electricity Sales
O&M
OthersContracting Constructions

1,055
Financial institution partnerships for inhouse consumption projects
Non-FIT power supply development forRe100 enterprises
Increased in-house consumption withelevated electricity cost

867

662

Electricity Sales and Maintenance
Increased electricity sales by switchingfrom low to high voltage
Increased maintenance associated withpower plant sales
Increased income by exploring highquality, low-cost suppliers

2021

2022

20232024 Forecast©️2024 SYLA Technologies 15