Briefing for Earnings Results for the Second
Quarter of the Fiscal Year Ending June 2024

February 28, 2024
&Do Holdings Co., Ltd1

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Highlights of the Second Quarter FY6/2024◼ 1H results substantially exceeded initial targets Vs. initial
forecast: net sales up 25.8%, ordinary profit up 16.4%
Net Sales

Operating Profit

Ordinary Profit

35.3 bn yen 2.1 bn yen 2.0 bn yen(+39.1% YoY change)(+23.4% YoY change)
2(+13.1% YoY change)
Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

The Second Quarter of FY6/2024 Progress versus Initial Plan
Net Sales
millions of yen

60,00040,000Ordinary Profit
millions of yen

Full year

57,3708,000

Progress rate
61.7%

6,000

35,372

Full year

3,600

4,000

Progress rate
58.2%

20,0002,095

02,0000
Net Sales

Ordinary Profit■ 1H results were strong, with all indicators at about 60% of the full-year targets
3

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedConsolidated Balance Sheet 【Assets】(millions of yen)

FY6/24 2Q YoY change

FY6/23
Cash anddeposits

10,314

11,570+ 1,255

Inventories

44,193

46,298+ 2,104

Non-current
assets24,154

19,766- 4,387■Active purchasing in the Real Estate Buying and Selling business, andinventories continued to increase■ Sold large properties acquired one by one to reduce non-current assets
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Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedConsolidated Balance Sheet 【Liabilities and Net Assets】(millions of yen)

FY6/24 2Q YoY change

FY6/23Current
liabilities

33,84934,289+ 440

Non-current
liabilities

33,78330,421- 3,361Shareholder’sequity ratio

18.5%

20.0%

+1.5pt■ Interest-bearing debt decreased from the end of the previous period■ Shareholder’s equity ratio 18.5%

20.0% 1.5 point improved
5Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

The Second Quarter of FY6/24 Sales and Profit by Business Segment(growth-driving businesses)

Net Sales
Unit: millions of yen

FY6/23 2Q FY6/24 2Q

Operating Profit
YoY change

FY6/23 2Q FY6/24 2Q

YoY change

Franchisee

1,620

1,637

+ 1.1%

1,044991- 5.2%

House-Leaseback

10,413

12,851+ 23.4%

1,350

1,569+ 16.2%

296

220- 25.6%

8728- 67.9%11,186

18,946+ 69.4%1,196

1,700+ 42.1%

Finance
Real Estate Buying and Selling■ The House-Leaseback and Real Estate Buying and Selling businesses continued
contributing to overall performance
6Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedFranchisee Business : Changes in No. of stores
At the end of December 2023, there was a total of 708 franchised storesNote: Including 76 stores preparing to open (including RENT Do)

Total no. of franchised stores

Total no. of franchised stores opened

5436024681567742

FY06

FY07118 128 134
89
FY08109104

FY09

FY10189132
FY11241 254 269
180

FY12208

FY13312377643702 683 692 708
616602623

FY21

FY22

FY23632556497441378317235265

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY242Q■The number of new franchised stores grew steadily, despite upfront costs due toinvestments in human resources and promotions
7Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedHouse-Leaseback BusinessTotal amount of balance and No. of properties owned

No. of contract and Purchased
16,000No. of contract

425372

Amount of properties owned

No. of purchase616561598 608

1,600

No. of properties owned

12,00010,506 10,715
7,186

8,000

4,000

800

5,314

4,487
513

559

4,685

645

673

712

3,410
314274217

FY22 2Q

FY23 2Q

2003390

FY16

FY24 2Q
FY6/242Q

FY17FY18

FY19

FY20

FY21

FY22

FY23 FY6/24
FY242Q
2Q■Total amount of properties owned remained high, while continuing to securitize
properties every quarter
8600
4000

FY21 2Q

1,200(mn ¥)
1,000

9,098

8,324

455 436

1,400

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Finance BusinessChanges in Operating Profit

Changes in Net Sales(Millions of yen)

(Millions of yen)

‐25.6％

YoY change

YoY change‐67.9％

80.0%

70.0%

561

60.0%

446

50.0%

91296
220

87

30.0%

55

29.5%

28

20.6%

12.7%

9.8%
FY6/21 2Q

FY6/22 2Q

FY6/23 2Q

FY6/21 2Q

FY6/24 2Q
FY6/242Q

40.0%

FY6/22 2Q

FY6/23 2Q2Q
FY6/24 2Q
FY6/2420.0%

10.0%0.0%■ Sales and profit declines were due to a fall in real estate-backed loans; reverse
mortgage guarantees expanded steadily
9Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

800
Finance Business (Reverse Mortgage Guarantees)

No. of Reverse Mortgage Guarantees and Balance 700
Balance for new guarantess

Total Balance and No. of Reverse Mortgage Guarantees

No. of new guarantees

Total balance of guarantees

Total no. of guateantees

600

16,356 (mn ¥)3,646 (mn 500¥)

2,1521572,4034002728,805300

17420069410076
FY21 2Q

13,1691,4700

FY22 2Q

FY23 2Q

117

FY24 2Q
FY6/242Q

FY182,6143,400237362

FY19FY201,4155,3431,185829562
FY21FY22

FY23 FY6/24
FY242Q2Q■ The number and balance of new guarantees increased by over 50% YoY, with growthsteadily accelerating■Sales of real estate properties slowly started to begin
10Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Reverse Mortgage Guarantees for Finance Business : Real Estate Sales
Case StudyUtilization of House-Leaseback

Takeaway

Conditions of thedebtor⚫ The debtor passed, and the eldest daughter who wasliving with the debtor was the only heir (the “heir”)⚫ The heir was concerned about her retirement funds
and did not want to leave the home she was living in,so she consulted with her financial institution

Processes leading
to sales⚫ Confirmed the heir’s needs during consultation forthe sale of the property⚫ With the client’s consent, the information regarding
the case was shared within the Group, and a HouseLeaseback manager had talks with the heir⚫ House-Leaseback contract was signed in about amonth and a half after the talks, and the reverse
mortgage loan was repaid➢ This was a case in which an heir other than the spouse of thedebtor was able to continue living in the debtor’s home evenafter his/her passing
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Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Reverse Mortgage Guarantees for Finance Business : Real Estate Sales
Case Study

Purchase of the debtor’s home

Takeaway

Conditions of thedebtor⚫ The debtor passed, and there were seven heirs,
including the debtor’s brothers and heirs per stirpes(nephews and nieces) (no cohabitants)⚫ Because the heirs lived far from the debtor’s home,they wished to resolve the matter quickly

Processes leadingto sales⚫ Confirmed the heirs’ needs during consultation forthe sale of the property⚫ With the clients’ consent, HOUSEDO Groupmanagers met with the person representing the heirs
and proposed to purchase the property directly;
sales contract was signed in about a month➢ Swiftly resolved the matter while addressing the needs of all heirs➢ Supported inheritance procedures from sales contract signing topayment settlement
12

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Reverse Mortgage Guarantees for Finance Business : Real Estate Sales
Case Study

Swift sales through general brokerage
Conditions of thedebtor⚫ The debtor filed for voluntary liquidation⚫ Even after six months, no progress was made inefforts to sell the debtor’s property by a local realestate agent who was an acquaintance of the debtor
and the attorney representing the debtor

Processes leadingto sales⚫ Through the debtor’s attorney, the HOUSEDO Groupsigned a general mediation contract with the debtor⚫ The property was sold within a month of signing thegeneral mediation contract, and all receivables werecollected in fullTakeaway➢ Swiftly sold the property through mediation by theHOUSEDO Group and receivables were collected in full
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Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedKey Indicators by Segment: Alliance with Financial Institutions
in Reverse Mortgage Guarantee Business49 Alliance with（as of February 13, 2024）

Kanto Area

Financial Institutions

Note：based on head released dateTohoku・Hokuriku
The Taiko bank,Ltd.

Fukushima Bank

Toyama Shinkin Bank

Kansai Area

Asahi Shinkin bankShowa Shinkin Bank

Adachiseiwa Shinkin bank

Tama shinkin bankKanagawa Bank

Chunan shinkin bank

Kawaguchi-Shinkin Bank

Toei shinkin bank

Kiraboshi BankTokyo City Shinkin bank

Komatsugawa Shinkin BankThe Tokyo Star bank

The Saitamaken Shinkin Bank Tokyo Higashi Shinkin Bank

Osaka Shoko Shinkin Bank Shiga Chuou Shinkin Bank

Saitama Resona BankTokyo Bay Shinkin

Osaka Shinkin BankThe Sawayaka Shinkin Bank

Hanno Shinkin Bank

Shiba Shinkin Bank

Rakuten BankThe Tajima Bank

Kansai Mirai Bank, Limited Nagahama Shinkin Bank
Keiji Credit AssociationThe Nanto Bank

Koto Shinkin Bank

Resona Bank, Limited.

Tokai Area
Enshu Shinkin BankSan ju San bank
Shizuoka BankThe Seishin Shinkin Bank
Chita Shinkin bank

Chugoku/Shikoku Area
Ehime bankKasaoka Shinkumi Bank
Kure Shinkin Bank

Shikoku Bank
Tamashima Shinkin Bank
Chugoku Bank

The Bank of Kochi

Hamamatsu Iwata shinkin bank
Bisai Shinkin bank
Fuji Shinkin Bank

Mishima Shinkin Bank

Note：the syllabary order and Area is classified based on head office location

14

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Real Estate Buying and Selling
Changes in Net Sales(Millions of yen)

YoY change

Changes in Operating Profit+ 69.4 %(Millions of yen)

YoY change

18,94680.0%+ 42.1 %Operating profit

70.0%

Operating margin

60.0%

1,700

11,355

50.0%

40.0%

11,186

1,184

8,023

1,196

30.0%

583
7.3%

20.0%

10.4%

9.0%

10.0%

10.7%
FY6/21 2Q

FY6/22 2Q

FY6/23 2Q

FY6/242Q
FY6/24 2Q

FY6/21 2Q

FY6/22 2Q

FY6/23 2Q

FY6/24 2Q
FY6/242Q

Note:Figures for the period prior to FY6/21 are reference values thathave been reclassified to the new business segment classifications.

■Sales of residential properties were robust; sales and profit sharply expanded backed in partby large property sales
15

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0.0%Status of Real Estate Holdings

80,000Non-current assets(building+land)

Real Estate Buying and Selling BusinessHouse-Leaseback(Total amount including move-out based book value basis)

61,22260,00011,496

12,066

38,63940,0009,451

32,531

25,18620,00058,692

5,144(mn ¥)34,013

Real Estatefor Sale

15,33910,9289,113

FY6/21

17,19413,849

FY6/22

FY6/23

12,612

CommercialReal Estate

FY6/24 2Q
FY6/242Q

Note: All House-Leaseback properties prior to FY6/22 are retroactively assumed to be real estate for sale.

16Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Strengthening the Purchase and Resale of Pre-owned House
External environment

Distribution of Pre-owned House and Market
size of renovation
Performance Indicator for
30 Plan for Housing and Living (National Plan)
Basic2520
15105012 Trillion yen

2018Internal environment

Purchase and Resale of Pre-owned House

14 Trillion yen

2030

20Average sales period in real estate sales business
Sold in a shorter period of time than time-consuming
subdivision development

Trillion yen

Long term target

Quote: the Housing Bureau of the Ministry of land Transport, “Basic Plan for Housing and Living (National Plan)”

Newly Built House

Approx. 1 yr

Pre-owned House

Approx. 7 mos

Pre-owned Cond.

Approx. 8 mosNote: Period from purchase settlement to sale settlement

Revision of various related laws

Extensive renovation experience and know-how

Partial amendments to Act on Special Measuresconcerning Promotion of Vacant House
Expansion and extension of special measures to control theoccurrence of vacant houses, etc.

25 years of experience from the startof Renovation BusinessApprox. 1,800 cases per year andknow-how

17

Copyright(c)2023 &Do Holdings Co., Ltd. All rights reserved

【Strengthening the Purchase and Resale of Pre-owned House】
The Second Quarter of FY6/24

Breakdown of housing related sales in Buying and Selling Business

Newly Built HouseLand

Pre-owned House

Pre-ownend Condominium(Millions of yen)

Pre-owned House

11,056Pre-owned House
中古住宅比率22.8％

7,271946
711

17.7％

20.7％

6,999

6,510

1,728
1,472

427723728
719

3,502

2,771

2,922

2,112

2,586

2,629

2,954

FY6/21 2Q

FY6/22 2Q

FY6/23 2Q

FY6/24
FY6/24 2Q
2Q

184,901

YoY

20.7％

29.0

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedKey Areas of Focus⚫ Improve turnover in the Real Estate Buying andSelling Business(Procurement with an emphasis on location, pre-owned properties, small subdivisions)⚫ Stop purchasing large properties (*exceptionsexist)⚫ Step up pre-owned home purchases⚫ Strengthen guarantees for reverse mortgages
and real estate-backed loans
19Copyright(c)2024 &Do Holdings Co., Ltd. All rights reservedMid-term Management Plan (FY6/2023- FY6/2025)
Sales of ¥51.8 bn and Ordinary profit of ¥4.0 bn in FY6/25.
Sales Plan

Ordinary Profit Plan
¥bn

Initial Mid-term Management Plan

41.3

45.7

49.5

¥bn
Initial Mid-term Management Plan

Resuly・FY6/24 Plan

57.3
48.4

51.8

2.90

3.3

3.3

Resuly・FY6/24 Plan

3.6

3.6

4.00

FY6/22

FY6/23

FY6/24(fct)FY6/25(fct)FY6/2220

FY6/23FY6/24(fct)FY6/25(fct)Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Innovate the industry!
- Making the industry that benefit customers Japan 1,000 stores Asia 50,000 stores

21

Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved

Forward-looking Statements
Materials and information provided in this announcement contain forward-looking statements. These statements are based on expectations,forecasts and assumptions incorporating risk and uncertainties that may cause actual performance to differ from these statements.
Risk factors and other uncertainties include general economic conditions in Japan and other countries, such as industry and market conditions,and changes in interest rates and foreign exchange rates.
Even in the event of new information, a future event or some other event, the HOUSEDO Group has no obligation to update or revise theforward-looking statements in this announcement.
Note: Regarding the data by segment before the previous two fiscal year, the data before the segment classification review is included.
■ IR information : https://www.housedo.co.jp/and-do/en/■ For inquiry : housedo-ir@housedo.co.jp

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Copyright(c)2024 &Do Holdings Co., Ltd. All rights reserved