Briefing for Earnings Results for theFiscal Year Ended June 2023
August 18, 2023&Do Holdings Co., Ltd1Copyright(c)2023 &Do Holdings Co., Ltd. All rights reserved

Progress on Medium-Term Management Plan【FY6/2023-FY6/2025】

FY6/2023：Sales ¥49.5 bn, Ordinary Profit ¥3.3 bn
Sales Plan

Ordinary Profit Plan（¥bn）

Initial Mid-term Management Plan

41.3

45.749.5（¥bn）

Resuly・FY6/24 Plan

57.3
48.4

51.8

2.90
FY6/22

FY6/23

FY6/24(fct)Resuly・FY6/24 Plan

Initial Mid-term Management Plan

3.3

3.3

3.6

3.6

4.00FY6/25(fct)FY6/22

2

FY6/23

FY6/24(fct)FY6/25(fct)Copyright(c)2023 &Do Holdings Co., Ltd. All rights reserved

Real Estate Buying and Selling BusinessChanges in Operating Profit

Changes in Net Sales(Millions of yen)

(Millions of yen)

YoY change+ 7.9 %

YoY change

Operating profit

25,03916,23318,441+ 5.4 %

80.0%

70.0%

Operating margin

19,895

2,220
1,691

1,782

60.0%

50.0%

40.0%

30.0%

1,192

20.0%

7.3%

9.2%

9.0%

8.9%

10.0%

0.0%

FY6/21

FY6/22

FY6/23
FY6/23

FY6/21

FY6/24(fct.)3

FY6/22

FY6/23
FY6/23

FY6/24(fct.)

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

Real Estate Buying and Selling
Sales Breakdown in Real Estate Buying and Selling

No. of Transaction■ Sales of residential properties steadily grew, backed
by end-user demand■ No. of transactions rose, owing to anincrease in sales personnel

25,000House

Incom property・Large-scale projects

4000

No. of Sales

No. of purchaseNo. of Sales/person

No. of purchase/person（No. of section）

19,89520,000

4,489

16,2332,524

15,00032.7

350018,441

3000

5,447
2500

25.9

23.1

10,000

15.6

8,870

1,359

13,70812,994

7,511

500

00

FY6/21

FY6/22

24.9

17.6

18.6

FY6/23
FY6/23
No. of Sales Person（period average)

420.0

15.0

641

1000

5,000

FY6/2030.0

1500

15,405

35.0

25.0

24.7

2000

40.0

516
348

673

837
590

1,126

640

10.0

5.00.0FY6/20FY6/21

FY6/22

FY6/23

22.3

26.0

33.6

34.4

Note : Excludes the special factor of large-scale sale of multiple lots in FY6/2021
Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedKey Indicators by Segment :Status of Real Estate Holdings■ Real estate for sale sharply expanded as a result of aggressive procurement in the Real Estate Buying andSelling Business（millions of yen ）80,000＊Note: Based on book value excluding vacancies
Non-current assets(building+land)House-Leaseback Business

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

House-Leaseback

Change from the endof the previous period

61,22260,000+2.0bn yen

11,496

38,63940,0009,451

25,18620,00019,6693,41510,438

5,144Real Estatefor Sale

32,531

Change from the endof the previous period

15,339Commercial
Real Estate

10,928

5,815

9,113

FY6/20FY6/21

Real Estate Buying and Selling Business

13,84917,194

FY6/22

FY6/23
FY6/23+17.1

Non-current asset s(building+land)
Change from the endof the previous period

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

5

bn yenCopyright(c)2023+3.3

bn yen&Do Holdings Co., Ltd. All rights reserved

Real Estate Sales, Purchases and Liabilities

Purchase amount(based on book-value)

仕入金額（ 簿価ベース）

Sale from sales of real estate (Sellingand Buying Business + HLB Business)

不動産売却売上高（ 売買＋H LB)

Interest-baring debt
有利子負債60,66646,451

44,95837,791
22,79038,93338,26827,92230,92929,685
6,819
FY6/2013,096
FY6/21

16,246
FY6/22

FY6/23600

FY6/24(fct. )FY6/25(fct. )Copyright(c)2023 &Do Holdings Co., Ltd. All rights reserved

In Full Swing

The Age has arrived!!
for Pre-owned House
7Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedTarget : Purchase and Resale of Pre-owned House

FY6/2029： Aiming for Net Sales ¥35 bn
Socialproblem

700.0

・Vacant house
・Reduced resource

Contribute to problem
solving250

consumption

600.0Sale（¥bn）

500.0

400.0

Appox.

300.0

200.0

834.4
100.0

150
1580
29.0
2.9

40200

No. of Sales person (period average)50

12 times
200
2060

250
25300
30

350
35110

150

10090

70

50

0.0

0

FY6/23

FY6/24

FY6/25

FY6/268

FY6/27

FY6/28

FY6/29Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedStrengthening the Purchase and Resale of Pre-owned House
Breakdown of housing related sales in Buying and Selling Business（millionof yen）
20 ,000
Newly Built
新築House18 ,000

Land
土地

Pre-owned House中古戸建

マン シ ョ ン

Pre-owned
Condominium

Pre-owned House

16 ,000

1, 573

14 ,000

1, 864

12 ,000

1, 421

1, 273
1, 463

1, 42020%

approx.

10 ,000

7, 2858, 0006, 000309
547

5, 6975, 7274, 7244, 5295, 126

FY6/212021/6期

FY6/222022/6期

FY6/232023/6期

Strengthening

3, 6754, 0002, 0002, 9780

FY6/202020/6期

9Copyright(c)2023 &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)
Basic
25
20
15
10
5012 Trillion yen

2018Internal environment

Purchase and Resale of Pre-owned House

14 Trillion yen

2030

20

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

Trillion yen

Long term targetQuote: 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 mos

Note: 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・Special measures to control the occurrence of vacant houses
・Expansion and extension of special measures to control theoccurrence of vacant houses, etc.

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

10Copyright(c)2023 &Do Holdings Co., Ltd. All rights reserved

International Comparison of Pre-owned House Distribution Shares
The share of pre-owned house distribution in Japan's total housing distribution is approx.

Construction of Newly Built House （incl. rental house）

Pre-owned House transactions

Japan('18)

14.5％

U.S.('18)

England('18)

14.5%

81.0%

85.9%

Quote: Ministry of land Transport, “Revitalization of the Pre-owned House Market” 7 May, 2020

11Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedConsolidated Balance Sheet(millions of yen )FY6/22
Cash anddeposits
Inventories

14,31916,131(millions of yen )YoYchange

YoYchange

FY6/22

FY6/23

10,314 ▲ 4,005

Current
liabilities

22,807

33,849 + 11,041

44,193 + 28,062

Non-current
liabilities

28,83533,783

Shareholder’sequity ratio

21.1%

18.5% ▲2.6pt

FY6/2312+ 4,948

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

Selling, General and Administrative Expenses(millions of yen )FY6/22

FY6/23% to sales% to sales YoY change

Personnel

4,756

11.5%

4,788

9.7%

+ 0.7%

Others

3,946

9.5%

5,102

10.3%

+ 29.3%

うちCommission paid

1,400

3.4%

1,858

3.8%

+ 32.7%

tax and public dues

771

1.9%

1,322

2.7%

+ 71.5%■ Continued to actively invest in promotions, primarily for growth-driving businesses■ In other SG&A expenses, taxes and dues and commission expenses increased due to expansion of the House-Leaseback
Business and the Real Estate Buying and Selling Business
13

Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedKey Indicators by Segment: Franchisee Business■ New franchisee contracts grew steadily in the mainstay Tokyo and Kinki metropolitan areas
No. of stores by region

New franchisee contracts

114 stores

Hokkaido 46（-6）
Koshinetsu 27（+1）
Hokuriku 16 （+2）
Chugoku 45 （+1）

New franchised stores openedstores
124
Tohoku 21（±0）
Kanto 143 （+13）

Kinki 113 （+8）
Kyushu 63 （+1） Shikoku 17 （-1）
Okinawa 19 （-3）

YoY change + 2.7%

YoY change + 24.0%

Total No. of Franchised stores

692 stores

Change from the endof the previous period+9Tokai 182 （ -7 ）Total No. of Franchised stores opened

Note: Figures in parentheses indicate increase/decrease from the end of the previous period.

14623 stores

Change from the endof the previous period

Copyright(c)2023+ 21&Do Holdings Co., Ltd. All rights reservedFranchisee Business : Changes in No. of stores
At the end of June 2023, there was a total of 692 franchised storesNote: Including 69 stores preparing to open (including RENT Do)

Total no. of franchised stores

1,000

Total no. of franchised stores opened

702602

643

543

241
18911867157

FY0642
FY0789FY08128134109104

FY09

FY10180208269235616602

FY21

FY22623497377254692556468312683441378317265132
FY11

FY12

FY13

FY14

FY1515

FY16

FY17

FY18

FY19

FY20

Copyright(c)2023

FY23&Do Holdings Co., Ltd. All rights reservedHouse-Leaseback Business: Gain on investment in silent partnerships■ Assume profit distribution from HLB Funds (gain on investment in silent partnerships = non-operatingincome) is included in segment results
Changes in Operating Profit

Changes in Net Sales(Millions of yen)

YoY change+ 53.6 %6,000

Fees and others
Leasing revenue
Gain on investment in silent partnerships

Rent income
Income from sales
Profit sales

22,84015,610108
632

13,91913,879147
228
780

11,68914,866+ 84.5 %(Millions of yen)

533
587
895

333
601

5,500
5,000

12,487

Operating profit

Gain on investment in silent partnerships

4,500

533

3,500
3,000
2,000
1,500

2,132
108

2,024

1,876
147

2,051

589
447

670
773

756
1,028

FY6/20FY6/21

FY6/22

FY6/23
FY6/23

500

0

3,250

333

1,729

1,717

13.7%

13.5%

13.8%

FY6/20FY6/21

FY6/22

1,000400548

YoY3,784

4,000

2,500
19,038YoY change

16.6%

FY6/23
FY6/23

Note: Results prior to FY6/2021 are reference values reclassified to the new business segment classifications.

16Copyright(c)2023&Do Holdings Co., Ltd. All rights reserved

Property Sales to HLB Funds and Gain on Investment
in Silent Partnerships■ Gain on investment in silent partnerships grew, backed by an increase in property sales to HLB Funds
Gain on investment in silent partnerships

HLB Fund Cumulative transfers（Based on transferred price)800

48,459700

60,00050,000600

25,101

400

533
333

7,753

1000

30,00017,364300

200

40,00033,380500

0FY6/19108

20,00010,0001470

FY6/20FY6/21
17

FY6/22

FY6/23
FY6/23Copyright(c)2023 &Do Holdings Co., Ltd. All rights reserved

Total Amount and No. of Properties Owned
No. of properties
owned

Total amount ofproperties owned(Millions of yen)

14,000Total amount of properties owned

1,400

No. of properties owned

Note: Total amount of properties owned is the sum of the purchase prices (before depreciation) excluding vacancies

12,000

11,107
10,506

10,0008,803
9,1108,887
8,324
7,927

8,000

6,135 6,386
5,138
4,487
3,913

4,000

2,000
0

2,977

513
397

1,912

228
123

626

274

564

559

613

445

397

332

314

FY164Q800

5,908 685
4,924
4,342

543

343 330

4,685
486

3,410
338

285

745

645

680 658

673

FY172QFY174QFY182QFY184QFY192QFY194Q

18

FY202QFY204QFY212Q

600

541

400

448
339

200

217

167

FY162Q

1,000

6,990

6,8156,274
5,757
5,314
5,300

674595

9,6939,678
9,098

7,772

7,186

6,000

9,866

9,487

1,200

FY214QFY222Q
Copyright(c)2023

FY224QFY232QFY234Q

0&Do Holdings Co., Ltd. All rights reserved

Finance BusinessChanges in Operating Profit

Changes in Net Sales（millions of yen)

YoY change（millions of yen)- 31.5 %YoY change
Operating profit

1,094- 15.7 %Operating margin

137
116

767

525

530

120

76
22.6%

18.0%

FY6/23
FY6/23

FY6/21

FY6/24(fct.)1940.0%FY6/2220.0%

10.0%7.0%
FY6/22

50.0%

30.0%

22.1%

FY6/21

60.0%

FY6/23
FY6/23

FY6/24(fct.)0.0%

Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedKey Indicators by Segment: Reverse Mortgage Guarantees forFinance Business■ No. of new guarantees on an uptrend, with the total balance of guarantees expanding to about 1.5x that ofend-FY6/22
No. of Reverse Mortgage Guarantees and Balance
No. of New Guarantees
1,600

Balance for new guarantess（millions of yen ）No. of new guarantees

1,400
1,200

5,396

1,000
800

4,0631,075
221145FY20

FY21400

421326200

YoY change

0

FY22

FY23

Total Balance and No. of Reverse Mortgage Guarantees
Total balance of guarantees

Total no. of guateantees

8,805

117
FY182,614

3,400

237
FY19362
FY20562
FY21

case

Total Balance of Reverse Mortgage Guarantees

1,185

Change from the endof the previous period

829
FY22

Total No. of Reverse Mortgage Guarantees
Change from the endof the previous period

13,1691,470+ 32.8%
件+ 356+356（millions of yen ）5,343+ 29.1%

Balance for New Guarantees

6002,175

YoY change

FY2320+4.36

Copyright(c)2023

bn yen&Do Holdings Co., Ltd. All rights reservedKey Indicators by Segment: Alliance with Financial Institutions
in Reverse Mortgage Guarantee Business46 Alliance with（as of August 14, 2023）

Kanto Area

Financial Institutions

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

Fukushima Bank

Toyama Shinkin Bank

Resona Bank, Limited. NEW

NEW Kure Shinkin Bank

Toei shinkin bank

Kiraboshi BankThe Tokyo Star bank

Komatsugawa Shinkin BankTokyo Higashi Shinkin BankTokyo Bay Shinkin
Rakuten Bank

Tokai Area
Enshu Shinkin BankHamamatsu Iwata shinkin bank

Bisai Shinkin bank
San ju San bank
The Seishin Shinkin Bank Fuji Shinkin Bank
Mishima Shinkin BankShizuoka Bank

Chugoku/Shikoku Area
Ehime bankKasaoka Shinkumi Bank

Kawaguchi-Shinkin Bank

Showa Shinkin BankNEW Kansai Mirai Bank, Limited Nagahama Shinkin Bank
Koto Shinkin Bank

Chunan shinkin bank

The Sawayaka Shinkin BankThe Tajima Bank
The Nanto Bank

Kanagawa BankThe Saitamaken Shinkin Bank Hanno Shinkin Bank

Osaka Shoko Shinkin Bank Shiga Chuou Shinkin Bank

Keiji Credit AssociationShiba Shinkin BankNEW Saitama Resona Bank

Kansai Area
Osaka Shinkin BankAdachiseiwa Shinkin bank

Shikoku Bank
Tamashima Shinkin Bank
Chugoku Bank

Chita Shinkin bank

The Bank of Kochi

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

21

Copyright(c)2023&Do Holdings Co., Ltd. All rights reservedViews on Rising Interest Rate Concerns

Inflation Rising price Rising rate
【Housing Market】
Newly BuildHouse

A：◎
B：○
C：△～×

Pre-owned
House

A：◎
B：◎
C：△

Our purchasing area

Carea

High risk

Barea

Aarea

Low risk
22

Copyright(c)2023 &Do Holdings Co., Ltd. All rights reservedOur Group’s Views on Rising Interest Rate Concerns■ Demand increases as interest rates riseHouse-LeasebackBusiness■ Highly secure, high yields■ Interest rate increases are passed on torent, reduction in purchase price23

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

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

24

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